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financial
•
The
Oflmercjtl
INCLUDING
Bank & Quotation Section
Railway Earnings Section
VOL. 100
Railway & Industrial Section
Bankers' Convention Section
SATURDAY, JANUARY 23 1915
Witt Thronicle.
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BANK AND QUOTATION(monthly) RAILWAY AND INDUSTRIAL(3 times yearly)
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17HICAGO OFFICE-Geo.M.Shepherd,513 Monadnock Blo,k;TeLHarrison Olt
LONDON Cams
-Edwards & Smith,1 Drapers' Gardens, B.C.
WILLIAM B. DANA. COMPANY,Publishers,
P.O.Box 958. Prong. Pine and Depeyster Sts., New York.
Pubillined every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana.
Vice-Presidents; Arnold G. Dana, Sec. Addresses of all, Office of the
Company.
CLEARING-HOUSE RETURNS.
The following table, made up by telegraph, &c.,indicates
bank clearings of all the clearing houses of the Unted Statesthat the total
for
ending to-day have been 33,138.984.878, against 13,173,909,786 the week
last week
and 33,691,229,780 the corresponding week last year.
1915.
Per
Cent.
1914.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
31,383,062,783
118,707,330
124,972,692
28,077,245
265,951,089
73,851,373
21,558,418
Seven cities, five days
Other cities, five days
$2,016,180,930
580,042,674
52,485,362,707
587,942,816
-18.9
-1.3
Total all cities, five days
All cities, one day
$2,596.223,604
542,761,274
53,073,305,523
617,924,257
-15.5
-12.2
Tr,
nf oll MIA,. fnr tonal,
52 125 0121 070
52 ant non non i _
31,802,169,743 -23.3
137,061,192 -13.4
142,255,970 -12.2
29,947,759
-6.2
277,894,174
-4.3
75,913,201
-2.7
20,120,668
+7.1
le n
The full details for the week covered by the above will be given
next
Saturday. We cannot furnish them to-day, clearings being made
clearing houses at noon on Saturday, and hence in the above up by the
thelast day
of the week has to be in all cases estimated, as we go to press Friday night'
We present below detailed figures for the week ending with Saturday
noon, January 16, for four years:
Week
1915.
New York
Philadelphia
Pittsburgh
Baltimore
Buffalo
Albany
Washington
Rochester
Scranton
Syracuse
Reading
Wilmington
Wilkes-13arre
Wheeling
Trenton
York
Erie
Chester
Greensburg
Binghamton ..
Altoona
Lancaster
Montclair
ending
1914.
$
$
1,693,117,767 1.992,913,619
151,219,980 171,881,877
45,967,275
51,487.899
37,120,124
40,488,653
13,037,180
13,220,943
5,370,239
7,377,313
7,034,713
7,818,126
4,702,186
5,023,405
3,298,736
3,461,959
3,248,078
3,307,209
2,448,694
1,950,724
1,682,248
2,047,866
1,660,933
1,663,624
1,771,120
2,154,611
1,599,301
1,719,979
863,503
953,524
1,020,839
1,130,57
672.230
681,00
640,000
700,000
691,400
773,300
526,285
548,93
1,273,315
1,424,74
470,202
473.12
Jan.
1114. Or
Dec.
16.
1913.
1912.
at
$
,,,
$
-15.0 2,224,445,046 2,047,127,321
-12.0 184,701,989 162,928,984
58,532,250
-10.7
48,476,132
-8.3
35,909.081
46,917,779
-1.4
12,529,841
11,133,665
7,375,223
7,525,836
-27.2
7,534,672
-10.0
7.283,890
5,643,815
-6.4
4,380.162
3,237,174
-4.7
2,638,718
3,273,521
2,686,784
-1.8
1,808,457
+25.5
1,532,086
2,014,068
-17.8
1,660,425
1,587,382
-0.2
1,454,658
2,271,263
-29.5
1,925,948
1,661,312
-7.0
1,562,350
-9.4
946,553
883.055
1,093,297
931,744
-9.7
556,106
662,960
-1.3
687,478
501,935
-8.6
-10.6
707,600
518,500
-4.1
697.138
526,101
1,646,160
-10.6
1,067,945
472,805
-0.6
Total Middle_ 1,979,436.348
2,313,563,05 -14.4 2,570.447,783 2,343,271,426
6
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New Bedford
Lowell
Hofyoke
Bangor
le
mot Now Ens.
157,873,678
7,923.600
5,810.038
4,050,154
2,753,910
1,963,208
2,479,402
, ,
1184508
1,143,992
765,362
766,234
402,492
181,512,501
9,323,600
5,700,230
3,784,656
3,241,237
1,998,006
2,778,179
1,335,602
1,201,846
1,020,993
757,363
413,954
212 0051 1 AT
-13.0
15.0
+1.9
+7.0
-15.1
-1.8
-10.8
-11.3
-4.8
-25.0
+1.2
-2.8
204,208,918
9,756,700
5,384,500
3,825,208
2,915,117
2,049,618
2.988,846
1 307 007
1:22 :32
8
2
647,019
664,812
492,086
198,427,452
9,539.500
6,548.689
3,351,726
2,431,234
1,691,155
2,550,432
997.148
964,697
580,031
576,680
404,414
187.116_67R
_1,., 0, 100 1 mg
s
9950111
-For Canadian Clearings see "Commercial
Note.
and Miscellaneous News."
1110
Electric Railway Section
State and City Section
NO. 2587
Week ending Jan. 16.
Clearings at
-
PUBLISHED WEEKLY.
• Clearings-Returns by Telegraph.
Week ending January 23.
finitude
1915.
1914.
Inc. or
Dec.
1913.
1912.
3
3
Chicago
314.437,017 345.980,192 -- D.1 335,682,835 285,781,997
,
Cincinnati
29,862,750
33,299,900 ---10.3
27,947,000
30,746,300
Cleveland
25,890,654
28,343,362 ---8.7
27,140,918
22,218.129
Detroit
24,800,350
30.948,285 --19.9
20,892,579
27,946,649
Milwaukee
18,598,673
17,584,622 +5.8
13,475,031
16,550,284
Indianapolis __
8,941,940
8,665,719 +3.2
8,172,916
9.933.425
Columbus
6,404,300
7,315,600 ---12.5
6,083,400
6,127,500
Toledo
6,377,944
7,333,360 ---13.0
5,433,698
6.075.208
Peoria
3,269,099
3,660.450 ---10.7
3,442,938
3,681,621
Grand Rapids__ _
3,653.963
4,202,339 ---13.1
3,154,963
4,129.059
Dayton
2,294,708
2,747.514 --16.5
2,226,658
2,613,398
Evansville
1,412,713
1,725,474 --18.1
1,340,510
1,156.916
Youngstown
1.537,036
1,625,948 ---, .0
1,242,288
5
1,682.365
Kalamazoo
782,269
828,968 ---8.0
795,223
851.526
Fort Wayne
1,408,055
1,287,398 +9.4
1,175,830
1.352,670
Springfield, Ill
1,292,248
1,178,432 +9.7
1,164,768
1,223,178
Lexington
1,083,365
1,215,623 ---10.9
1,603,867
1,025,908
Akron
1,863,000
2,115.000 ---11.9
2.255.000
1.779,000
Rockford
974,911
1,008.076 ---3.4
1,005.470
747,106
Canton
1,682,205
1,800,723 ---6.6
1,751,359
1,248.028
Quincy
810,492
942,585 ---14.0
858,152
689,877
South Bend
742,790
657,142 +12.9
684,907
530,856
Springfield, 0--946,146
824,655 +14.8
725,106
620,919
Mansfield
585.570
503.621 +16.3
506,387
449,604
Bloomington
844,847
669,146 +26.2
727,630
701.566
Decatur
508,473
603,613 ---15.7
631,936
501,575
Jackson
593,916
521,759 +13.8
668.536
491,000
Danville
480,000
541,241 --11.3
519,051
384,738
Jacksonville, Ill_
285,432
345,173 --17.4
343.111
326,186
Lima
460,177
528,012 ---12.9
442.004
402,893
Ann Arbor
296,452
258,985
255,964
157,151
Owensboro
567,018
447,176 +26.
548,110
555,331
Adrian
49,141
53,148 -7.
39,016
36,037
Lansing
569,367
464,710 +22.
554,694
458,706
Tot.Mid.West. 464,287,026 510,235,98
---9.0 491,020,906 415,646,655
San Francisco_ _ _
52,474,641
64,716,64
60,193.518
--4.1
55,319,502
Los Angeles
23,405,320
27,800,32 --15.8
27,430,909
22,294,813
Seattle
12,186,80
13,924,63 --12.5
12,025,534
10,854,639
Portland
11,029,74
12,524,41 --11.9
11,779,347
10,213,992
Spokane
4,039,360
4,634.76 --12.8
4,531,195
4,192,335
Salt Lake City
6,459,71
7,036,984 --8.2
7.684,976
7,087,456
Tacoma
1,931,26
2,850,023
2,215,285 --I2.8
3,402,298
Oakland
3,631,73
3,762,474 --3.5
4,138,154
4,052,227
Sacramento
1,987,39
2,093,658 --5.1
1,684.704
2,160,815
San Diego
2,223,94
2,506,873 --11.3
2,000,000
2,870,740
Pasadena
1,046,69
1,011,020 --5.0
839.653
1,234,683
Fresno
1,013,11
1,055,997
882,137
1,413,28
Stockton
986,35
923,393 +6.8
793,938
923,21
San Jose
790,192
677,277 +16.7
681,820
750,000
North Yakima_ _
357.017
390,000 -8.5
329.066
364,16
Reno
269,162
277,263 -2.9
243,110
269,42
Long Beach
577,042 Not included in total
Total Pacific._ 123,832,459 135,641,192 -8.7 140,022,52
125.489.210
Kansas City__
80.159,486
62,187,386 +28.9
54.628,855
57,421,266
Minneapolis
32,959.664
25,876,868 +27.4
18,230.533
26,580.759
Omaha
20,010,620
18,839.511 +6.3
14,813,173
17,725.040
St. Paul
11,775,913
11,615,497 +1.4
9,460,339
9,457,667
Denver
9,685,457
8.473,650 +14.3
9,454,378
9,465,907
Duluth
4,157.064
3,613,334 +15.1
4,877,514
2.707,973
St. Joseph
8,825,228
8,316,769 +6.1
9.984,468
9,159,353
Des Moines
5,067,894
4,467,900 +13.4
3,865.076
4.595,505
Sioux City
3,494,139
3,427,526 +1.9
3,081,573
2,451,388
Wichita
4.112,937
3,421,104 +20.2
3,525,590
3,054,020
Lincoln
2,498,884
1,974,637 +31.6
1,615,829
1,735,516
Topeka
1,544,585
1.849.851 -16.5
2,192,046
1,647,116
Davenport
1,300,247
1,568,390 -17.1
1,385,749
1.531,665
Cedar Rapids_ _
1,675,775
2,233,496 -25.0
1,743,796
1,091,699
Fargo
1,243,222
532,761 +133.4
514,180
745,120
Waterloo
1,525,261
1,397,143
1,663,294
984,113
Helena
1,093,249
.1,017,801 +7.4
953,916
1,022,118
Colorado Springs.
663,689
691.065 -4.1
685,752
700,281
Pueblo
671,352
831,833 -19.2
891,535
664,709
Fremont
604,347
363,849 +69.6
235,829
269,900
Hastings
238,189
193,492 +23.1
172,051
149.384
Billings
533,002
414,996 +28.7
297,884
362,096
Aberdeen
569,565
348,789 +63.5
260.764
391,829
Tot. Oth.West. 194,409,769 163,698,859 +18.8
159,671,949 138,771,399
St. Louis
79,861,091
94,129,417 -15.2
91,465,225
83,676,588
New Orleans_ _
23,987,538
24,080,537 -0.4
23,959.715
24,703,049
Louisville
14,507,972
17,632,880 -17.7
14,240,633
18,290,725
Houston
9,124,352
12,704,642 -28.1
Galveston
5,022,888
3,991,000 +25.9
3,434,090
4,793,000
Richmond
8,869,177
8,943,330 -0.8
9,345,000
9,013,728
Memphis
8,880,116
10,915,971 -18.6
8.508,591
9,517.326
Atlanta
15,264,838
19,075,880 -20.0
13,527,111
16.408.129
Fort Worth
10,400,342
9,220,022 +12.8
7,390.878
9.035,233
Savannah
5,671,494
5,826,527 -2.7
5,727,831
5,830,325
Nashville
9.327,840 -22.8
7 209:84
4 3 00
: 00 0
5,489,731
8,057,363
Norfolk
4,654,511 -7.4
3,506,073
4,546,914
Drimingham
3 805 60
11481
:9 :
2,088,894
3,685,580 +3.3
3,913,085
Augusta
2,431,462 -21.3
2,103,609
2.266,985
Little Rock
2,429,402
1,769,459
3,061,507 -20.6
2,427,244
Jacksonville
2,900,000
3,684,542 -21.3
2,906,230
3,640,095
Knoxville
1,715,94
2,119,211 -19.1
1,691,810
1.955.408
Charleston
1,992,41
2,446,789 -18.6
2.247,109
298
1,904.
Mobile
1,150,00
1,244,901
2 534 22 - 5 2
1:538:0
1.772,051
-2 .
14
Chattanooga _ _ _
.
2,497.11
Oklahoma
2,712,01
2,043,272 +32.
Macon
4,473,148
3.980,68
5,291,636 -24.8
4,211,316
Austin
3,130,022
4,362,240
2,744,315 +14.1
2,650,000
Tulsa
735,963
1,373.583
1,825,359 -24.8
39655117273
Meridian
250,000
351,294 -28.6
Jackson
810;347
302 0 0
344,95
6
553,472
559.705 -11.1
Vicksburg
406,210
440,145 -7.7
Muskogee
696,473
906.667
Total Southern 224.827.606 256. 88:911 1.3 234, 37:83721 206,971,421
7683
1.764430, 2
368 . 37
92 344
29
12 8
8
Total all
3.173,909,716 3,592,3 TW - -1177 3,832718.7111,3,458,193.171
8
- .
Outside N. Y. 1,480.792.019 1599.471.289 -7.4 1.607.973 8A 1.411.065.
050
3
1:142.17
tglIIN
254
THE CHRONICLE
'OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the January
number of our "Railway Earnings" Section. In this
publication we give the figures of earnings and expenses for the latest month of every operating steam
railroad in the United States required to file monthly
returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statement where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year difierent
from the June 30 year, as is the case with the New
York Central Lines,the Pennsylvania RR.,and others.
THE FINANCIAL SITUATION.
The strikingly favorable statement of the country's
foreign trade for the month of December, made public the present week and showing an excess of merchandise exports over merchandise imports in amount
of $131,863,077; the announcement that the $100,000,000 Gold Pool formed during the trying times
immediately following the outbreak of war in Europe
no longer has any reason for existence and is to be
dissolved; the gradual revival of confidence on the
Stock Exchange,as evidenced by rising prices, under
the complete absence of anything suggesting liquidation on an extensive scale; the establishment here
of credits for many different foreign countries, a distinction which, prior to the war, London, the world's
money market, alone seemed able to command; the
financing in this country of the needs of foreign
governments and municipalities which formerly were
accustomed to rely upon the European money markets—all these are gratifying signs, indicative not
alone of a gradual return to normal conditions, after
the stress and storm of last summer, but also of genuine progress in entirely new directions, made possible by the opening to American enterprise of avenues of trade and finance which European countries
are obliged to surrender to us for the time being
while their energies are being consumed in a destructive war.
How much of the advantages now being acquired
will be retained after the return of peace can only be
determined by the future, and in the meantime it is
not well to encourage the notion that the United
States is going to thrive upon the miseries of Europe.
Certain immediate benefits have already accrued to
us, but whether these will outweigh some of the
serious ill-results, such as the collapse in the price of
cotton, with the paralysis of industrial activity in the
South to which this has led, time alone can tell.
In the long run we cannot hope to escape sharing to
some extent in the disastrous consequences of such
a terrible conflict as is now devastating the whole of
Europe. For the present it is encouraging to find
so many evidences going to show recovery, almost
complete recovery, from the early disastrous shock
occasioned by the outbreak of the war and the dislocation of the mechanism of the exchanges and the
crippling of all industrial activities and energies. In
these respects the worst is undoubtedly behind us
and there is occasion for rejoicing that it is. If the
demagogue and the politician will only cease in their
pernicious stand, there can be no doubt that we
will advance by degrees to new and higher planes,
[voL. 100.
notwithstanding temporary drawbacks and occasional halts and discouragements.
There is no little significance in the announcement
made simultaneously in New York and London last
Saturday saying that exchange conditions between
the United States and the United Kingdom are now
substantially normal, obviating the need for special
action such as was at one time contemplated when the
British Treasury representatives were in this country, but that "if during the continuance of the war,
or for one year thereafter, the exchanges between
the two countries should become such that gold exports from either country to an unreasonable amount
might result, committees of bankers could be appointed in the United States and in the United Kingdom, respectively, to consider plans for dealing collectively with the situation by such methods as may
seem at the time mutually desirable." There is
certainly no objection to this scheme, and indeed
from certain viewpoints it is highly desirable. The
announcement, however, suggests an interesting train
of reflections.
Since last summer the situation has entirely
changed. Then it was the United States that
wanted to prevent a further outflow of the metal
in view of the critical situation prevailing and the
large previous gold exports. Now it is Great Britain
that wants to protect its stock of the metal. Affairs have advanced to a point where this country
is in position to draw large amounts of the metal if
the Bank of England could be prevailed upon to release some of its stock. But the Bank of England
is unwilling to do this, and,besides,it would no doubt
be uncomfortable for it to part with any of the metal.
Nor would it be to our advantage to exact payment
of the gold if thereby the position of the Bank should
be weakened. Incidentally this latest development
demonstrates the soundness of the argument of those
who opposed further shipments of the metal from
this side on the ground that if we let the gold go out,
we could not count upon getting it back again.
Curiously enough, the same critics who now can
see nothing unnatural or unreasonable in an attempt
on the part of England to protect its stock of gold
and prevent a gold outflow, could last summer discern only repudiation in the suggestion of the adoption of a similar policy by the United States. The
situation was highly critical when this paper urged
that no further gold be allowed to go out. The United
States had exported nearly $100,000,000 of the metal
during June and July, practically the whole amount
having come out of the New York Clearing-House
banks, and these banks were showing a large deficiency below the cash reserve required, week after
week. Furthermore, our banks were putting out
several hundred million dollars of special issues of
paper in the shape of emergency currency and Clearing-House certificates, with practically no gold cover
of any kind. The situation was such as to render
further gold exports in the highest degree inadvisable.
The fact that, owing to the skill with which American
bankers handled the additional exports of gold, no
actual harm resulted, does not weaken the force of
the argument in the least,for at critical junctures
precarious expedients are to be avoided at all hazards.
When the international exchange mechanism broke
down, upon the precipitation of war, for every dollar
owing by us to Europe on current account, there
were at least four to five dollars owing by Europe to
JAF. 23 1915.]
THE CHRONICLE
255
us, but which we were unable to collect, owing to countries. The development is an entirely new one
the declaration of the moratoria all over Europe, here and cannot be ascribed to superficial causes.
postponing the payment of debts. But while all
While it behooves every one to speak with reserve
Europe was in default, we were told the credit of the on a matter at once so delicate and so complex as
United States would be irretrievably ruined—not, be the influences underlying foreign exchange operait remembered, by resorting to the same expedient tions, it certainly looks as if the credits being estabas these European countries and promulgating a lished here represented a growing preference for
moratorium which would legally postpone the pay- New York and Chicago over London—in other words,
ment of all obligations, but simply by declining to represented the substitution of New World centres,
ship actual gold in settlement of our obligations, for no light reason, for the Old World centres. And
and insisting, instead, upon an adjustment of our the transfer of funds would seem to be due to the
indebtedness through the exchange market; in other unfortunate experience encountered during the time
words, that credits in favor of Great Britain should that the moratorium was in force, and a desire to
be established here which would be offset by the avoid a repetition of such experience.
credits in our favor on the other side, then dormant,
One reads the English papers in vain for a suggesbut which would become vitalized the moment the mor- tion that the British moratorium has played any part
atoria expired, rendering further deferral of pay- in trade affairs, and, least of all, a disturbing part
ments of overdue debts and obligations out of the ques- while foreign exchange bankers here never gave
tion. But the Bank of England was insistent that to sufficient consideration to the subject, as was evimeet our maturing obligations we must pay in actual denced during the discussion of the question of gold
gold,even though Great Britain was not paying at all, exports. But the merchant, the banker, the busiand our bankers had no alternative but to comply. ness man, and the ordinary individual,
who had a
The sequel came in October. The first of the pre- credit in London and could not avail of it,
or had
moratorium bills of exchange fell due Oct. 17, and money coming to him or bills owing to
him and
thereafter additional amounts fell due from day to could not collect them, is not likely to forget
the
day. Sterling exchange rates at once collapsed. experience. The moratorium at first was only for
The general moratorium expired Nov. 4, but in the a month, but then it was extended for another
case of bills of exchange a month's grace was given month and then for still another month. Thus the
on bills not previously extended,up to and including experience was cumulative. Under these circumNov. 3, so that the last of the extended bills did not stances, and bearing in mind that Great Britain
run off until Dec. 3. As more and more of the pre- has of necessity been obliged to assume tremendo
us
moratorium bills fell due day by day from Oct. 17 financial burdens in connection with and as an outto Dec. 3, the exchange market grew weaker and still growth of the war,it seems perfectly natural
for those
weaker. At the same time the impediments which in need of credit at financial centre
a
to prefer New
had suddenly developed against merchandise exports
York or Chicago to London, the United States being
were by degrees removed, while merchandise imports
remote from the scene of the war, and equally rewere curtailed by the fact that Germany's foreign
mote from the possibility of a moratorium or the
trade has for the time being been practically ruined
necessity of action that would render the credit useby the war. In the circumstances the Bank of
less to the owner, as it was in London during last
England finds it necessary to exercise great care
August, September and October. No excess of
lest it be obliged to return some of the gold which it
modesty should prevent us from recognizing that
exacted in such an unrelenting fashion from us at a
in the eyes of the world the United States now occutime when we, like the rest of the world, were beset pies
a higher financial eminence than Great Britain.
with many dangers, the nature and portent of which And we
imagine that if the United Kingdom must
no one could fathom at the time. But we are now yield first
place she would rather do it to the United
on Easy Street and can well afford.to let the Bank States than to any
other country. It is easy in dealkeep the gold if thereby its own position is made ing with the affairs
of one's own country to become
secure and, through it, that of the whole financial vainglorious. And yet
is it not the simple truth
world.
that Great Britain has lost both prestige and subIt would appear that Great Britain is already pay- stance as a result of the series
of events which the
ing the penalty for having had recourse to the mora- war has forced upon
it?
torium. All the countries of the world, not excepting China and Japan, are now establishing credits in
The British Treasury regulations, announced the
the United States. Why? We are told this is be- present week,
for the control of new issues of capital,
cause these countries need to buy supplies here. In illustrates
how determined the British Government is
a measure that is true, for we possess the things the not to
let anything interfere with the financial
whole world needs. Nevertheless, that does not schemes
that may be necessary for the prosecution
furnish a sufficient reason for the creation of these of the
war to a successful conclusion. The English
credits here. The buyers could settle for their market
is to be completely closed to issues reprepurchases in the same way as in the past, that is, senting
through London. That would be entirely feasible, Fresh undertakings outside the British Empire.
issues of capital of any kind must be approved
for the sterling exchange market is again normal, by the
entirely capable of fulfilling its every function in the they Treasury before they are made, and where
are for undertakings in the United Kingdom
adjustment and settlement of trade operations be- they
will only be allowed when the Treasury is satistween all the different countries of the world—ex- fied
that they are advisable in the national interest.
cepting alone Germany and Austria, which have no Issues
for over-sea undertakings in the British Empire
foreign trade for the moment and therefore can be will only
be allowed where it is shown that they are
left entirely out of the reckoning. Hence, we must of urgent necessity
and that special circumstances
look for other and different reasons for the establish- exist. In the last analysis
.this means simply that
ment here of credits in favor of the various foreign British war financing is to be protected against
com
256
THE CHRONICLE
petition from financing of other descriptions. The
step is not open to criticism, though the effect in
further impairing London's financial control is not
to be minimized.
It will be recalled that extraordinary measures were
also adopted to ensure the success of the great.British war loan for £350,000,000 ($1,750,000,000),
brought out in November. The expedient adopted
in that instance is more open to question. We refer
to the fact that the Government entered into arrangements with the Bank of England by which the
Bank agrees to make advances to any amount up
to the full issue price of the loan. Much has been
said of the policy embodied in this scheme, but its
precise nature does not appear to be understood in
this country and the details have not been published
here. It seems desirable, therefore, to examine into
the matter and for that purpose we print in full the
official statement or "memorandum" issued by the
Bank of England, indicating what the Bank has engaged to do in the way of making these advances.
.The "memorandum" states that the Bank "is
prepared to advance to holders of the War Loan
sums not exceeding the amount paid up on their
holdings, within margin, whether such holdings
be partly paid or full paid, and holders of allotments
which are partly paid may apply for advances to
enable them to pay all or part of the further sums
payable in respect thereof." Here there is a direct
invitation to borrow the whole or part of the money
needed to pay for subscriptions to the loan. The
same invitation to borrow is extended elsewhere in
the "memorandum," for the further declaration is
made that "borrowers who have repaid their advances, in whole or in part, and those who have
only borrowed in respect of a portion of the paid-up
value of their holdings, may apply for further advances within the limit of the paid-up value of
their security."
The terms are very easy, too. Interest is to be
charged "at a rate not exceeding 1% below the
current Bank rate," varying as this Bank rate
itself varies. Most remarkable of all, while repayment of advances may be effected at any time, at
the will of the borrower, it is expressly declared that
"repayment will not be demanded by the Bank
before March 11918, provided the interest is punctually paid." The purpose of all this is clear enough.
It is to insure the success of the loan beyond peradventure and to prevent any decline in price. But
the means adopted to that end are so unusual that
one is inclined to ask, was it really necessary to go
to such extremes?
In this country we are such loyal devotees
to English finance, and accept as the superlative
of wisdom all schemes that emanate from that
financial stronghold, London, that the disposition
is to accept this arrangement as a matter of course
to meet the existing
as the best that could be devised
emergency.
any desire
No one in this country, of course, has
difficulties of the British
and
to add to the perplexities
Government in handling the huge financial undertakwar. And yet it seems cerings connected with the
other country had employed the
tain that if any
soundness and wisdom of the prosame device, the
unquestionably be challenged. The
posal would
iwould appear to take all the risks
Bank of England
none at all. The rate of interand the subscribers
issue price 95. This was sufest is 332% and the
[VOL. 100.
ficiently attractive in any event, and the need for
other extraneous aids is hardly apparent. But so
determined was the Government there should be no
slip-up that it has engaged through the Bank of England to do what practically amounts to taking back
the whole loan without loss to the subscribers if they
feel dissatisfied with their investment or for any
other reason want to part with it.
In the first place the subscriber does not have to
bother about raising the money. He can go to the
Bank of England and get the funds to pay for the
first and for all other installments. If he has a
little money of his own and uses it in part payment
he can get it back at any time by borrowing from the
Bank. He can have the money, too, for over three
years,as re-payment of advances is not to be exacted
until March 1 1918. If in the meantime things
result favorably and the loan advances, he can hold
on to his investment and make a profit on it. The
money is always to be at his command at 1% below the Bank rate. If the Bank minimum got down
to 3% he would be charged only 2% on his advances.
On the other hand, should things for any reason turn
out unfavorably, it would seem as if he might leave
his investment on the Bank's hands, since he has had
the privilege of borrowing the full amount of his subscription beforehand.
Should financial institutions make large investments in the loan, and then at any time determine to turn their investments into cash,
the arrangement offers them every facility for
so doing. All they have to do is to go to
the Bank and get the full amount of money represented by their subscription. The disturbing feature
is that the Bank might be called upon to provide
enormous sums of money at any time. This would
be sure to happen should the Allies meet with
serious reverses. Holders would seem to be protected against a decline in price unless later on the two
words "within margin" in the sentence saying the
Bank is prepared to advance to holders sums not
exceeding the amount paid up on their holdings
"within margin" should assume a significance
which thus far they have not been allowed to possess.
But possibly there is another saving contingency.
It may be that it is not intended to continue indefinitely the privilege of making advances. On that
point the declaration of "memorandum" is silent.
As the matter now stands, there would seem to be
the possibility that the obligations assumed by the
Government through the Bank of England in connection with the loan may in contingencies become
decidedly uncomfortable.
The former German steamer Dacia,,which had been
transferred to the American flag and which is loading
a full cargo of cotton destined for Bremen, is still the
subject of interest in diplomatic circles at home and
abroad. It is reported that the owners of the vessel
have resolved to send it to Rotterdam instead of
Bremen and that the ship will sail as soon as loaded.
Secretary McAdoo announced on Thursday that the
Bureau of War Risk Insurance will grant insurance
on the cargo, but not on the hull. "After careful
consideration of the matter," quoting Secretary McAdoo's official statement, "the conclusion was
reached that upon the merits of the case the insurance
should be granted. It must be understood, however,
that this does not establish a precedent and that each
case of a similar character that may arise must be
JAN. 23 1915.]
THE CHRONICLE
judged upon its merits." The official statement of
the British Embassy at Washington was issued on
Thursday and we print it on a subsequent page.
English papers recently have printed many dispatches
stating that both Greek and Italian firms are negotiating for the purchase of interned German and
Austrian ships in the Mediterranean. The British
Foreign Office has received no information on the
subject, but it is stated that Great Britain and her
allies will do everything possible to prevent any
enemy ships escaping the penalties of war by transfer
to the flag of any neutral country.
Our State Department has asked Great Britain for
an explanation of the hauling down by the British
of an American flag flying over the American steamship Greenbrier. The acts complained of were reported to the Department by our Ambassador at
Berlin and in a statement from the captain of the
Greenbrier. The principal point in the complaint is
that the United States flag was hauled down while
the British navigated the ship into Kirkwall. The
steamer was bound from New Orleans for Bremen
with a cargo of cotton, the fact that the cargo consisted of cotton having been certified to by the
British Consul at New Orleans. On arrival at Kirkwall the captain was told to take his vessel to Leith.
He refused to do this so long as the British flag was
flying. The American flag was then restored, the
vessel went to Leith, and, after a day's delay, proceeded to Bremen without further molestation. It
was believed in Washington that the British Government will disavow the action with regard to the
Greenbrier's colors.
The sensational though not necessarily the most
important event of the week in connection with the
European war was a raid upon English towns by a
fleet of German airships at night on Tuesday last.
Neither the number nor the class of the aircraft (it
is not known whether they were Zeppelins or aeroplanes) has been definitely announced. They dropped
in all about 20 bombs, killing four persons, injuring
possibly a dozen others and doing considerable damage to property. Yarmouth and King's Lynn, the
largest towns visited, suffered the greatest damage.
The aircraft also visited Cromer, which, however,
was not attacked; Sheringham, where four bombs
were dropped; Dirsingham, Grimston, Snettisham
and Heacham, each of which received one missile.
Snettisham and Heacham are within three miles of
the King's Sandringham residence, and near the
former palce Queen Mother Alexandria has a summer
bungalow. Whether by coincidence or because the
British and French authorities had knowledge of
the proposed attack, more stringent regulations as
to lighting went into effect in both Paris and London
on Wednesday night, previous notice of such regulations having been given. As a consequence of the
raid,insurance premiums against damage by aircraft
were fully doubled in England and reached as high
as 60s. per cent. This business, however, suddenly
ceased when it was announced that the Government
itself stood ready to assume losses resulting from
air attacks.
The week has seen severe fighting in the Western
war zone with apparently alternating successes.
The Germans, according to the Berlin War Office,
have entered upon a counter offensive in Alsace.
A press dispatch from London summarizes theNest
257
ern situation in the statement that the battle for
trenches in Flanders and France continues without
cessation from the sea to the Swiss border, in the
mud of Flanders, the floods of the Aisne Valley
and the snows of the Argonne and the Vosges. According to a long official report of the fighting during
the past two months, issued by the French War Staff
on Thursday, this method of siege operations has
largely favored the Allies. While they have gained
ground on almost every part of the front they have
been forced to give way in only one region—that of
Soissons. They are being put to a test, however,
similar to that which obliged them to retire from the
north of the Aisne near Soissons, because the Germans, realizing the danger to their communciation
with Metz as a result of the French advance near
Pont-a-Mousson, have sent reinforcements there and
have begun a battle for the position which they lost
during the last week. The Germans have apparently been partly successful and fighting for the remainder of the positions is now in progress.
In the more Eastern sphere of conflict the situation is becoming a test of stubborn trench work, as Is
the case in the West. The Russians have resumed their
offensive operations against Mlawa, a town which
has changed hands several times since the commencement of the war. Their object apparently is
to envelope the German forces which are holding the
line of the Mazurian Lakes and avenge themselves
for the recent defeat at Tannenburg. On the remainder of the Polish front and in Galicia the
Austro-German attacks are becoming intermittent,
according to reports from Petrograd. The Russians
are said to be making further progress against the
Austrian outposts in the mountains between Bukowina and Transylvania. Holland has asked Germany for an explanation of the report that the German airships on their way to England passed over
Dutch territory.
The Turkish Parliament has voted mobilization
credits of $190,000,000, according to the Constantinople correspondent of the Berlin "Tageblatt," and
has authorized the Government to immediately float
$25,000,000 of this amount at 6%. A new Swedish
loan, amounting to 50,000,000 francs ($10,000,000),
will, it is reported, be issued in a few days.
The British Government has been officially
informed that the Carranza Government's embargo
on shipments. petroleum from Mexico has been
of
raised. This relieves the tension caused by Carranza's arbitrary decree covering the operation and
development of oil properties in Mexico. But the
removal of the embargo only partially meets the
demands of both the American and British governments, Carranza not having modified that portion
of his decree which prohibited the development of
oil properties in Mexico without special permission
from the Carranza Government. It is difficult to
see daylight so far as the rival governments in Mexico
are concerned. Col. Roque Gonzales Garza was
on last Saturday named Provisional President of
Mexico, succeeding Gem Gutierrez, who very
recently had been elected by the convention of
generals to the Presidency to serve until Jan. 1 1916.
Garza is the seventh man to take the office since the
election of Porfirio Diaz for a six-year term in 1910.
Garza's is a temporary appointment, and the convention of generals which is now in session in Mexico
258
THE CHRONICLE
City will immediately take up the question of a new
President. General Villa is believed in well-informed
circles in Washington to be contemplating the
evacuation of Mexico City, the withdrawal of his
forces toward Torreon and the establishment of an
independent government or republic in Northern
Mexico. General Zapata is reported to have
checked the advance of General Obregon, Carranza
leader, on Mexico City.
The news feature of financial London attracting
chief attention this week has been the announcement
by the British Treasury of regulations supplemental
to those issued at the time of the opening of the
Stock Exchange at that centre. The new regulations
provide that issues of capital or the participation in
issues for undertakings outside the empire are absolutely prohibited. Furthermore, restraint is to be
placed on new financing by the colonies and new
capital issues even for them will be permitted only
where requirements are urgent. The Treasury's note
declares that all other considerations must be subordinated to the paramount necessity of husbanding
the financial resources of the country with a view
to the successful prosecution of the war. "It is
accordingly imperative for the national interest,"
says the note, "that fresh issues of capital shall be
approved by the Treasury before they are made.
Issues for undertakings in the United Kingdom
will only be allowed where the Treasury is satisfied
that they are advisable in the national interest.
Issues for undertakings in the British Empire overseas will only be allowed where it is shown that they
are of urgent necessity and that special circumstances
exist. Issues for undertakings outside the empire
will not be allowed. The Treasury will not ordinarily
insist on the foregoing restrictions where the issues
are required for the renewal of Treasury bills and
other short instruments held here and falling due in
foreign or colonial governments or municipalities,
or for railways or other undertakings."
One result of this new action will, it is believed, be
to compel even the British colonies to look to the
United States for the financial facilities they have
heretofore been securing in London. This view is
taken by the London "Times," which, in its issue
of Wednesday, contained a long editorial article on
the subject, a rather full summary of which has been
cabled to this side. The "Times" argues that the
emphasis with which the British Treasury gives
notice that neutral countries must not look to the
City of London to provide them v,ith capital is
doubtless intentional. The result presumably will be
that they will seek it, and, as we hope, find it (says
the "Times") in the United States. Continuing, the
paper in question says:
"To what extent this temporary abandonment on
our part of our historic claim as an international
money centre may ultimately affect British banking
must necessarily be a question for the present of
purely speculative interest, though the immediate
results must be felt in the city.
"There are good reasons for believing that financial
and industrial conditions after the conclusion of
peace are likely to restore all, or more than all, that
must now be sacrificed. But while the strain on
British finance continues, it is inevitable that much
of the international business we have been accustomed to do should pass to the only other country,
e United States, which is capable of doing it.
"Neutral countries are our debtors, and it is
hly important that the payment of the interest
no.
due to us on our investments there should not be
suspended during the war owing to financial embarrassment occasioned by it. Instead of our lending
them more capital to secure the continuance of our
interest payments, it will be more profitable to secure
the same results by their obtaining any further loans
needed from the United States."
London Stock Exchange brokers argue that the
restriction of new issues will benefit the Stock Exchange because existing issues will be relieved in this
way from new competition. Therefore, Great Britain will derive full benefit from the investment demand. London correspondents cable that the firmness and activity that have been features this week
on the New York Stock Exchange have been to a
moderate extent reflected on the American department of the London market. But elsewhere the
movement, either speculative or investment, has
been light and unsatisfactory. Bankers as a result
of the Treasury restrictions on new issues are said
to be considering the advisability of encouraging
moderate speculation in stocks and have in view the
employment of surplus balances to increase the facilities for stock loans. This, they argued, would not
alter the regulations of the Stock Exchange, which
permit only cash business. On Wednesday there
were 300 distinct transactions in American securities
on the London Stock Exchange, the largest total
since the reopening of the Exchange. This is exclusive of 133 transactions in Canadian Pacific.
A raid on English towns by the German air fleet
early in the week did not seem to attract serious
notice in English financial circles. One correspondent asserts that the disposition was to regard
it as "merely contemptible." At first there was an
active resultant demand for insurance against such
attacks in the future, but insurance business in this
direction was soon checked by the decision of the
Government to pay any damage that may result
from bombardment by air craft. Money at the
British centre, as at New York, is overabundant and
for the same reason, namely the lack of profitable
channels for its use. Day-to-day funds are quoted
at about 1%. The restriction as to new foreign
issues has, not unnaturally, added to the plethora
of credits. The fact that £10,000,000 in French
Treasury bills were paid for last week in London did
not apparently cause a ripple in the British money
situation. Some Stock Exchange brokers are arguing
that legislation should be enacted to prevent selling
of stocks by outside institutions below the official
minimum fixed by the Exchange. At present the
London and several provincial stock exchanges are
said to be handicapped severely, especially as to giltedged securities, by institutions whose principals
are not members of any exchange and can therefore
enter into transactions at any price they desire.
2
British consols closed at 683/. It is estimated that
the London Stock Exchange speculative position of
£80,000,000 left open at the end of July has been
reduced to about half that amount.
English home trade is declared by cable correspondents to be satisfactory, notwithstanding the
severe reductions in the foreign trade returns recently published by the Board of Trade. One chief
source of discomfort has been the scarcity of dyestuffs, which has necessarily interfered with the output of the Lancashire and Yorkshire mills. A plan
has been suggested and has received the approval
JAY. 231915.]
THE CHRONICLE
of the Government that a large company should be
formed to be partially financed by the Government
for the purpose of exploiting the dyestuff industry
in Great Britain and thus establishing a permanent
supply independent of Germany. Outside capital,
however, has refused as a broad proposition to enter
into this movement, and the original plan, at any
rate, has been abandoned. Private capital has
argued that the movement at best must prove tem-.
porary and must end with the war, when German
supplies will necessarily again become available
and undersell the new British product. On the other
hand, efforts are being put forth to induce the Government to put a high tariff upon dyestuffs and materials connected with the industry, such tariff to continue as long after the war as the necessities of the
new business require. This suggestion, of course, is
quite out of line with the British free trade policy,
and hence has thus far received comparatively slight
encouragement.
259
shall be allowed during the entire length of the
struggle and for one year afterwards.
A press dispatch, dated Berlin, Jan. 15, and received via the Hague and London, declares that the
German war loan of 4,500,000,000 marks ($1,125,000,000), which was issued at 9732, reached par on
the Berlin Bourse on the day preceding. The tendency of these war loan bonds, the dispatch added,
has been upward for some time. The bonds were
privately bought on the Bourse. Advices from
Copenhagen by cable quote a dispatch from Berlin
to the effect that Dr. Dietz, director of Wolff's
Agency, the German official bureau, has stated that
a thousand German newspapers, of which 126 were
political, have been obliged to suspend publication,
owing to the war. Cable advices from Dusseldorf
state that German manufacturers recently held a
meeting for the purpose of extending the operations
of the syndicate in steel products. The association
as it at present exists comprises only rail and construction steel manufacturers. An endeavor is being
made to include in the syndicate the makers of iron
bars, sheet iron, tubes and wire. A committee was
selected at the meeting to prepare for the formation
of a syndicate which will embrace these branches of
the industry. The German production of pig iron in
December is officially reported at 854,000 tons, as
compared with 587,000 tons in August, the first
month of the war.
. Advices cabled from Paris do not suggest improvement on the Bourse at that centre, but prices seem
to have been fairly well maintained. The French
Government seems to be taking an increasingly
broad control of the financial situation. One instance is the appointment of the ex-Sub-Governor
of the Bank of France to succeed the President of
the Societe Generale, who has resigned, giving illhealth as the reason for his retirement. It is said
that financial circles, while recognizing the beneficial
features, are inclined to resent the extension of • Official bank rates at the European centres reofficial influence into the affairs of private banking main without change, London being still 5%, Paris
institutions. With the object of preparing for the 5%, Berlin 5%, Brussels 5%, Vienna 5% and
liquidation for the end-of-July position, the Coulisse Amsterdam 5%. The private bank rate.in London
Department of the Bourse has called upon its mem- is PA@I.7
4% for short bills and 1%@2% for long.
bers to file detailed information in respect to their A week ago sixty day bills closed at 2y@.2X%
financial requirements by Jan. 25, when arrange- and ninety day bills at 21
4%. No responsible open
ments will be made for financing those requirements market rates have so far as we have been able to
through the Bank of France. French rentes closed learn been received from the Continental centres.
at 73.35 francs last evening, comparing with 73.40
francs for cash a week ago.
. The Bank of England again reports an increase in
The French Minister of Finance, M. Ribot, at the its gold supply, namely
of £559,545, following an
Budget Commission meeting on Wednesday,reported increase of £512,401
last week. The total reserve
that the amount subscribed in France, England and increased £967,000, aided
by a reduction of £407,000
the United States for the recent war loan issue in note circulation. The proportion
of reserve to
reached three milliards of francs ($600,000,000). liabilities is now 32.74%, against 32.71%
a week
The national war funds now exceed 2,700,000,000 ago and also a fortnight ago. One year ago the
francs, of which 250,000,000 francs have been taken proportion was 57.42% and two years ago 51.21%.
in England. The Minister reported that the demand Public deposits were reduced £7,244,000, while
for the six months and twelve months bonds is "other" deposits increased £10,230,000 and loans
much larger than for the three months issues. This (other securities) showed the large
increase of £2,he interprets as evidence of a desire to obtain better 044,000, presumably in connection
with the installinvestments. M. Ribot proposes to issue additional ment of the British war loan that
has just become
bonds for which the interest will be not less than 5% due. The bullion holdings
now amount to £69,and redeemable not later than 1925. A statement 920,439, which compares
with £41,928,672 a year
published in the "Officiel Journal" shows that pro- ago. Public deposits
total £37,588,000, against only
visional credits applicable to the first six months of £10,174,003 at the
corresponding date of 1914,
this year amount to 8,525,264,407 francs for the while "other"
deposits are £126,284,000, against
general budget and 473,441,262 francs for supple- £45,751,533, and
thus form a good balance for the
mentary budgets. Military expenses are estimated large increase
in loans, which now aggregate £110,at 6,030,432,162 francs (about $1,260,086,432). 264,000,
against last year's figures of £30,661,144.
The foreign commerce of France is shown by official Our special
correspondent furnishes the following
returns to have decreased 2,000,000,000 francs in details by
cable of the gold movement into and
ten months of 1914 from that of the same period of out of the Bank
for the Bank week: Inflow, £1,1913. M. Bachimont, a member of the Chamber 821,000 (of
which £1,299,000 bought in the open
of Deputies, has announced that he will introduce a market, and £522,000 received
from the interior of
bill to aid tenants. By the terms of his measure it Great Britain); outflow, £1,262,000 (of which £1,will be proposed that in all house and apartment 000,000 set aside and "ear-marked" currency note
leases made before the war a reduction of one-third redemption account and £262,000 bar gold sold).
260
THE CHRONICLE
loo.
We add a tabular statement comparing for the last loans are in process of negotiation with New York
five years the different items in the Bank of England bankers, in addition to comparatively small amounts
of Dominion municipal notes that are being quietly
return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
placed here. The City of Toronto, for instance, has
1913.
1912.
1914.
1911.
1915.
recently disposed of $1,000,000 harbor bonds,
Jan. 22.
Jan. 24.
Jan. 25.
Jan. 21.
Jan. 20.
0s,
43'7 through William A. Read & Co.
34,767,000 28,252,510 27,669,105 27,810,630 27,250,635
Circulation
37,588,000 10,174,003 13,932,729 19,657,412 11,248,252
Referring to money rates in detail, it may be said
Public deposits
126,284,000 45,751,533 39,329,264 39,213,929 41,094,052
Other deposits
that call money has been quoted as high as 2% each
Gov't securities_..__ 18,068,000 11,198,974 13,035,483 15,270,184 14,955,493
Other securities__ _ _ 110,264,000 30,661,144 31,750,816 32,977,201 28,298,482 day this week, and this figure, too, has been the
Reserve,notesdreoln. 53,603,000 32,126,162 26,561,767 28,682,457 27,176,577
69,920,439 91,928,672 35,775,872 38,043,087 35,977,242 renewal basis.
On Monday 2% was the lowest quoCoin and bullion
Proportion of reserve
tation, on Tuesday 1%%,on Wednesday and Thurs57.42%
51.21%
48.94%
51.23%
32.74%
to liabilities
4%
4%
5%
4%
5%
Bank rate
day 1%% and on Friday 1%. Meanwhile sixty4%, the
day funds have become available at 23.
The statement of the Imperial Bank of Germany closing figure, against 33j% a week ago; ninety-days
indicates an increase in gold of 17,863,000 marks, funds closed at 3% (against 3).1%), four months at
following a reduction of 19,056,000 marks the pre- 3(4),33'i% (against 33A33'%), five months at
ceding week. There is a decrease noted of 94,775,000 334 (4)3M% (against 332%) and six months at
,
marks in "cash", which includes Imperial and Loan 31 1@33% (against 332%). Commercial paper
/
Bank notes and notes of other banks as well as coin again closed without change from 3%@4% for
and bullion. Treasury bills show a contraction of sixty and ninety-day endorsed bills receivable and
12,843,000 marks, discounts a decrease of 31,874,000 for four to six months' single names of choice characmarks, loans a reduction of 24,351,000 marks, cir- ter. Names not so well known require 431@432%.
culation a contraction of 187,397,000 marks, while
deposits increased 12,331,000 marks. The gold
For sterling exchange the market at the moment
holdings now amount to 2,091,618,000 marks, against is running in a rut. Rates have been maintained
1,274,298,000 marks at the corresponding date within small fractions of the closing figures of a week
(January 18) in 1914 and 878,086,000 marks in 1913. ago, the fairly large supply of bills that have been
The Reichsbank's note circulation stands at 4,597,- available having been about offset by the demands
893,000 marks, against 2,051,100,000 marks one for remittances in connection with maturing finance
year ago and 1,983,540,000 marks in 1913.
bills as well as in payment for sales of American
securities for foreign account. These sales are
can be reported in the estimated at about 125,000 shares. Additional
No change of importance
local money situation this week, the condition of receipts of $650,000 in gold bars have been reexcessive supply continuing without interruption. ported at San Francisco, but there have been
Rates for fixed maturities, particularly near-by dates, no important direct importations of the precious
have been further reduced, and round amounts ex- metal at New York. The various credits that have
tending to ninety days have become available at been established here for European countries will
3%, while sixty-day maturities at the close are necessarily tend to delay importations of gold, alavailable at 2%%. There have been no additional though balances in favor of the United States will
receipts of gold in New York, though $675,000 necessarily accrue and must be settled for sooner
arrived on Monday at San Francisco, consigned to or later. Exports over imports for December,
the Anglo-London-Paris Bank from Shanghai, the according to a preliminary statement by the Departproceeds of which will be sent to New York, presum- ment of Commerce, was $131,863,077, compared
ably for London account. An additional $750,000 is with $79,411,271 in November, $56,630,650 in
due in San Francisco by a Japanese steamer on October, $16,341,722 in September and our import
Jan. 29, and probably will be at once transferred to balance of $19,400,406 in August. A feature of
New York. The bank statement on Saturday again interest this week is the news that Messrs. J. P.
showed an increase, this time of $15,391,200, in the Morgan & Co. have been appointed commercial
surplus above reserve requirements, making the agents of the British Government in this country.
total $135,971,010. The requirements themselves Reports have been circulated that the arrangement
showed an expansion of $5,446,800 as the result of in- involved the establishment of a $100,000,000 credit
creased deposits, so that the aggregate reserve was on which England could draw in payment for pur$20,838,000 in excess of the preceding week, and now chases and supplies. It may be denied on authority
stands at $491,392,000. One year ago the Clearing- that the arrangement has any such purpose. It is
House statement under the old form showed a surplus stated that there is absolutely no necessity for the
above requirements of $43,111,650. Loans during establishment of such a credit or for any credit at
the week increased $8,509,000 and net demand all.
With the complete change that has taken place in
deposits were $27,983,000 larger, while net time dewere increased $199,000. The reserve in "own the sterling exchange situation since the formation
posits
vaults" increased $14,010,000, to $351,592,000, of of the Gold Pool of $109,000,000, which was parwhich $273,698,000 is specie. The reserve in ticipated in by the national banks of the country
Federal Reserve banks increased $7,365,000, to to relieve the strain that followed the outbreak of
$108,103,000, and reserves in other depositaries the war, it has been decided that the Pool shall at
decreased $537,000, to $31,697,000. The demands for once be dissolved. A meeting of the Gold Fund
was held at the New York Clearing House
new capital on the local market continue light, but Committee
the investment pulse will soon yesterday, at which it was decided that the improvebankers expect that
the recent strength and ment in the situation was such that there was no
be tested, especially if
stock and bond markets on the Stock longer a necessity for the continuance of the Fund.
activity in the
decided to return promptly to subscribers the
Exchange continue without serious reaction. It is It was
a number of Canadian municipal unused portion of the Fund now in the hands of the
understood that
JAN. 231915.]
THE CHRONICLE
committee and to release subscribers from the balance
of their pledges. A letter will be sent to each participant in the Fund requesting that such participant
indicate his preference as to the method to be used in
returning the balance due him. The total Fund
pledged amounted to about $109,000,000: Of this
amount 25% was paid in. About $10,000,000 was
shipped to Ottawa for account of the Bank of England; the balance will be the amount returned to
subscribers.
The Continental exchanges have shown no pronounced movements. Bankers' sight drafts on
Berlin closed at 87 5-16, which compares with 87%
last week, while cable transfers finished without net
change from 873/2. Exchange on Paris ended at
%
5 183 , against 5 19 for check, and unchanged at
5 183 for bankers' cables. Bankers' sight drafts on
Amsterdam, closed without quotable change from
40 3-16, and bankers' cables finished at 403i,
against 40 5-16, while commercial sight at the close
last evening was 40, against 40 1-16. Italian exchange bankers' sight closed at 5 40, against 5 354
last week. In Paris the London check rate closed
at 25.20 francs, against 25.19 francs a week ago.
261
The following table indicates the amount of bullion
in the principal European banks:
Jan. 21 1915.
Banks of
Gold.
Silver.
Jan. 22 1914.
Total.
Gold.
England_ _ 69,920,439
69,920,439 41.928,672
France c__ 165,670,0
14,141,00 179,711,
140,832,320
Germany _ 105,080,15
2,600,000107,680,950 62,823,40
Russia__ 176,785,000
011
Aus.-Ifunc 51,578,000 12,140,000 63,718,141 51,791.111
Spain
23,228,000 28,365,000 51.593,000 19.284,111
Italy
47,900,000 2,761,000 50,861,000 45,590,IA I
Netherl'do 18,140,000
140,70 18,280,700 12,515,000
Nat.Beigd 15.380,000
600.00 15,980,000 8,185,333
Sweden
5,809.000
6,809,111 5,672,000
Switz'land 9,470,400
9,470.41
6,813,000
Norway
2,246,00
2,246,111 2,657,
Silver.
Total.
_
41,928,672
25.749.7 166,582,080
'
15,117,30 77,940,700
6.191,00 174,734,000
11,282.011 63,073,000
28.584.011 47,868,000
2,930,111 48,520,000
13.293,000
778,
4,092,667 12,278,000
5,672,000
6.813,000
2,657,000
Tot. week 691,207,789 65,439,70 758,647,489566,634,725 94,724,727681,359,452
Prey. week 689,389,094 64,406,7 753,795.794564,306,707 94,081,860658,388,567
a Data for 1914 for Dee. 10. c July 30. d Sept. 21.
THE AIRSHIP BOMBARDMENT.
The official German statement,regarding the airship bombardment of English towns and villages last
Tuesday night reports that "from January 19 to 20
German airships bombarded the fortified place of
Yarmouth, and other places on the English east
coast"; adding that "the attack was successful; considerable damage was done." Two things will be
observed in this official bulletin. No claim is made
that the so-called "other places" were fortified towns.
Compared with Friday of last week, sterling ex- No particulars are given as to the "considerable
change on Saturday was slightly firmer, with demand damage." It is perhaps unnecessary to add that
quoted at 4 83%@4 84, cable transfers at 4 84%@ no reference is made to the principles of international
4 843/i and sixty days at 4 81%. Increased firm- law applicable to this raid.
These details, however, are easy to supply. The
ness marked exchange transactions on Monday,
chiefly as a result of the inquiry coincident to selling other places than Yarmouth on which bombs were
of American securities for foreign account; demand thrown from German airships last Tuesday night
moved up to 4 84@4 841 cable transfers to 4 84% were the towns or villages of King's Lynn,Sheringham,
4,
@4 84% and sixty days to 4 82. On Tuesday large Dersingham, Grimston, Snettisham and Heacham.
supplies of commercial bills caused a decline to The first-named of these towns has a population of
4 833' for demand and 4 843 for cable transfers; 20,000; the others are villages of probably not more
%
sixty days remained unchanged at 4 82. On Wednes- than two or three thousand population each. It is
day the volume of transactions was small, with substantially the same case BS if, in a conflict between
trading dull and inactive; sterling rates ruled steady the United States and another Power, bombs were
throughout the day, with demand fractionally higher thrown from the sky into the small suburban villages
at 4 84 and cable transfers at 4 84 5-16@4 843'; of New Jersey, Long Island, or theupper Hudson.
sixty days continued without change at 4 82. TradEven a war bulletin would hardly claim that these
ing was practically at a standstill on Thursday, the English country villages were "fortified places,"
'
disposition being to await impending developments; and, as we have shown, the Berlin statement does
the tone was firm, though quotations ranged within not do so. Next, as to the "considerable damage,"
extremely narrow limits; cable transfers advanced to So far as reported, at least twenty bombs were
4 84 7-16@4 84 9-16 and demand to 4 83 15-16@ dropped from the sky on these little towns. Four
4 843/s, while sixty-day bills were again quoted at people were killed—one woman, one old man and
4 82. On Friday the market ruled irregular but one boy. Ten or more individuals were injured.
steady. Closing quotations were 4 82@4 823i for These people appear to have been sitting quietly in
sixty days, 4 84@4 843 for demand and 4 843/® their houses when the explosives were thrown on
4
2
4 84% for cable transfers. Commercial on banks them from the sky. Of property damage,destrucnominal; documents for payment, nominal. Seven- tion of small private houses seems
to have chiefly
day grain bills at 4 83@4 833. Cotton for pay- made up
the story; it is estimated at $15,000. A
ment, nominal; grain for payment, nominal.
small church in Yarmouth was also shattered.
One might perhaps ask how far, in describing this
The New York Clearing-House banks, in their
attack as "successful," the official Berlin bulletin
operations with interior banking institutions, have
gained $7,101,000 net in cash as a result of the cur- regards these achievements which we have recited
rency movements for the week ending Jan. 22. as a military success. Probably, however, the word
Their receipts from the interior have aggregated "success" in the official bulletin means that the air$13,201,000, while the shipments have reached ships—whether Zeppelins or other
forms of aircraft—
$6,100,000. Adding the Sub-Treasury operations, got away
without being themselves destroyed. We
which occasioned a gain of $562,000, the combined
result of the flow of money into and out of the New have no clear account as to how public opinion in
York banks for the week appears to have been a gain Germany has expressed itself on this incident. The
"Staats Zeitung" of New York, organ of the German
of $7,663,000, as follows:
sympathizers in America, merely remarks that "the
Week ending Jan. 22.
Into
Out of
Net Change in
latest air bombardment will cause the good EnglishBanks.
Banks:
Bank Holdings.
Banks' interior movement
513,201.000
56,100,000 Gain 37,101,000 man to shed many tears over the increasing moral
Sub-Trees. oper. and gold imports
27,895,000
27,333,000 Gain
562,0011
deterioration of Germany." This remark describes
Total
541,098,000 533,433,000 Gain 57.663.000
to this extent the English feeling reflected in cabled
•
262
THE CHRONICLE
comments of the London press—that the emotion
stirred up in England, at what its newspapers call
the violation of international law, has been one of
hot indignation. Our own press, and we suspect
American public opinion generally, appears to entertain a similar view of the matter.
The "Chronicle's" opinion on this question, as to
the use in war of explosives hurled from the air, has
never been disguised. Long before the outbreak of
the present European conflict, we had repeatedly
expressed the opinion that practices of this sort
should be dealt with summarily and restrained explicitly, in advance of actual hostilities, by the agreement of the civilized nations acting in behalf of
civilization itself. The experience of the present
war to date has abundantly justified thatjudgment.
Warfare in general, as at present conducted, is commonly compared to the institution of the duel; recent
wars have perhaps tended more to resemble the
personal encounters in the early medieval period than
personal encounters under the polite code of a century ago. But granting this analogy, it certainly
seems to us that the throwing of bombs from airships into populated towns, on the plan adopted in
this present war, resembles nothing with which we
are familiar in ordinary life, except the hurling of
explosives by anarchists into crowded streets and
into the hallways of crowded tenements.
We have spoken of international law as applied
to this question of bombardment from airships. The
matter has not been neglected by the Hague Conventions. Responsible international conferences, during
the past eight years, have taken in general much the
same view, regarding restrictions on bombardment
from air-craft, as we have expressed above on our
own account. In 1907 the Hague Convention proposed a declaration forbidding altogether the dropping of bombs from airships. This proposal was
ratified only by England and Be!gium among the
present belligerent Powers; therefore, by the
Hague rules it is not prohibitive, except as between
those two, and since England and Belgium are allies
in the present contest it is not in its full scope prohibitive at all. But in default of adoption of this
rule, the Hague Conference of 1907 adopted this
explicit declaration, which was approved by the
delegates of all the Powers.
"In the view of the High Contracting Parties these
provisions, the terms of which have been inspired
by the desire to diminish the evils of war so far as
military necessities permit, are designed to serve as
general rules of conduct for belligerents in their
relations with each other and with populations.
"It has not, however, been possible to agree forthwith on the provisions embracing all the circumstances which occur in practice. On the other hand,
it could not be intended by the High Contracting
Parties that the cases not provided for should, for
want of a written provision, be left to the arbitrary
judgment of the military commanders.
"Until a more complete code of the laws of war is
issued, the High Contracting Parties think it right
to declare that in cases not included in the Regulations adopted by them, populations and belligerents
remain under the protection and empire of the principles of international law, as they result from the
usages established between civilized nations, from
the laws of humanity, and the requirements of public
conscience."
What, then, are "usages established between
civilized nations"? In case of bombardment, such
usage is obviously established by the regulations,
wo.
covering land and naval warfare which have already
been unanimously adopted. These regulations
which bear the signature of the German Empire's
accredited delegates, make the following provisions,
first as to land operations:
"The attack or bombardment by any means
whatever of towns,villages, habitations, or buildings
which are not defended is prohibited.
"The commander of an attacking force, before
commencing a bombardment,except in case of an assault, should do all he can to warn the authorities.
"In sieges and bombardments all necessary steps
should be taken as far as possible to protect edifices
devoted to religion, art, science and charity, hospitals
and places where the sick and wounded are collected,
provided they are not used at the same time for
military purposes.
"As regards the rules endorsed by all the Powers
forn aval war, the convention reads as follows:
"Thus inspired by the desire to serve the interest
of humanity to lessen the rigors and disasters of
war, it is forbidden to bombard by naval forces
undefended forts, towns, villages, habitations or
buildings. A place may not be bombarded for the
sole reason that submarine automatic contact mines
are moored in front of its port."
The application of these principles to last Tuesday's airship bombardment is not in the least difficult
to make. The English villages on which explosives
were hurled from the air were not defended—even the
German War Office does not claim this. No notice
was given before commencing bombardment. The
results were obviously of no value whatever in a
military way. Further, the whole proceeding was
opposed to the "laws of humanity and the requirements of the public conscience," the criterion accepted in the Hague declaration signed by all the
Powers, and it was also as manifestly opposed to
"conscience, common sense and the sense of duty
imposed by the principles of humanity," the criterion
personally set up at the Hague Conference by Baron
von Bieberstein, the chief German delegate to • the
Hague Convention of 1907.
This phase of the matter scarcely requires further
discussion. The German airships, in their action
of last Tuesday, violated the rules of war as signed
and ratified by Germany herself. We are aware of
the excuses and explanations which are likely to be
offered. It was necessary to terrorize the enemy,
and to make him weary of war. But this rule of
warfare would equally apply to the burning down of a
coast town to the massacring of women and children;
even to the posioning of wells. It is wholly a question of degree. All of these practices, as most
people are aware, were in full and unquestioned use
during and prior to the Thirty Years' War, the last
great conflict waged Without the restrictions imposed by humanity and civilization. There is, indeed, no limit to the scope of such justification or
argument, except the limit imposed by the rules,
usages and conventions of civilized warfare, and
these we have shown to have been manifestly violated
by the raid of the German airships.
There is another possible argument—that the
atmosphere was misty, thellocalities not clearly.
known, and that the bombs thrown on these little
undefended villages were not meant to have landed
where they did. This argument has not been alleged
by the German military office, and we give it for
just what it is worth. If it had been alleged, we
should say that the obviouslanswerlis that a means
of warfare involving such/possibilities—it should
JAN. 231915.]
THE CHRONICLE
263
rather be said, such probabilities—ought to be ex- there is no use
in trying to charter additional ships
cluded and forbidden for the very reason that it to go to those
congested ports because we could not
does involve them. One of the very strongest rea- get them return
ed, for it takes under current condisons against this indiscriminate use of explosives tions eleven
steamers to do the work of five." The
from the air is that even an airship intending to con- withdrawal of
men by the war suggests the explanaduct its operations on the legitimate lines of destroy- tion, and Sir
Norman Hill, in an official report, says
ing only fortifications or army posts will usually that "the
main cause, beyond question, is the shortbe unable to direct its fire in such a way as to avoid age of labor,
not only on the quays but in the transindiscriminate and useless destruction. The ex- port service
s by which the quays are cleared."
perience of the bombs thrown down upon Paris
But suppose the shortage of shipping to be real
and Antwerp indicated clearly enough that the and without
any qualifying or explanatory considerathrowers of bombs from air craft cannot properly tions, it is still
admittedly temporary; an emergency
direct the flight of their missiles.
is pleaded, and it is urged that emergencies override
In the inferences and conclusions which we have ordinary objecti
ons. Could the emergency (even
drawn, we make no distinction between the offend- giving it the utmost
force which can be claimed for it)
ing parties. An English or French aeronaut who be relieved in the
manner proposed? Even a schoolthrows bombs on an unfortified town should receive boy knows that
ships cannot be built over-night.
the'same denunciation from the civilized world as Chairman Bush
of the Chamber of Commerce special
the German aeronaut who is guilty of the act; and committee on the
American merchant marine and
any government that now or hereafter permits or foreign trade, said
to that body on the 14th that
justifies the act, we hold to be equaly guilty. Of perhaps thirty
to sixty ships could be bought with the
one thing we are formly convinced—that the thirty million
s, "a fleet not big enough to do any
international conferences which must follow this substantial good
but just big enough to discourage
present war will be compelled to limit far more ex- private capital
and private courage." "The only
plicitly and rigidly this new addition to the inhu- vessels which could
be used to any effect," he said,
manities and ferocities of war. What can be done "are those now intern
ed"; "if" those can be taken
hereafter, by such conferences, in the way of pro- over without making trouble
, private capital might
viding for the case of any belligerents who delib- promptly take them up, but
(for large emphasis must
erately violate in war time the rules of war agreed be put on his "if") "we
do not wish to place the
to in time of peace, we do not know;that is a problem United States Gover
nment in the position of being
just now seemingly insoluble. But what explicit their purcha
ser and imposing such responsibility
treaty provisions possibly cannot do can be very upon it."
largely done by the force of that public opinion of
Viewed carefully, this scheme is all objections; but
the civilized world to which, in the case of the great
a few of them have been forcibly presented by
est neutral State,both sides have already appealed several
Senators, beginning with Messrs. Burton and
for judgment in the controversies arising from this
Root. It proposes to set Government into private
war. We are very sure, moreover, that this public
business, in direct discouragement of private initiaopinion will not, in such matters as indiscriminate
tive, which is already barred off by ancient statutes
and futile massacre from the sky, wait until
peace that should be removed instead of building fresh obreturns. Unless that kind of protest makes
itself structions; it proposes for Government that which;
felt without delay, it is difficult to say how
far the at:present, private capital cannot profitably attempt,
process of reversion, in the conduct of this
war, and to reverse all established policy in so doing; it
may revert to barbarism.
would give inefficiency and waste a new field; it is
so big with probable entanglements with belligerent
nations that the case of the Dacia alone ought to
THE SHIPPING BILL SITUATION.
be
sufficient warning.
Concerning the ugly matter of this pending bill, it
Only a few months ago the President told some
must be admitted at the outset, without need of complaining
cotton-growers that he recognized the
going into particulars, that there has been great in- seriousness
of their trouble and had been trying to
terference with shipping movements; but, as some devise some
meaRs of relief "without committing the
offset, the same causes which have withdrawn many Govern
ment, in principle, to any action which would
ships temporarily have also reduced the goods to be plague
us in the future, because the danger of the
carried. The President's declaration at Indianapolis
present situation is that, under the pressur
e of what
that ocean freights have risen ten-fold in some inappears to be necessity, we should make
some radical
stances and that the farmers "cannot get any profit
departures from sound economic practice which in
because the whole profit is eaten up by the extor- future
years we would very much regret." Is not
tionate charges for ocean carriage" is a great over- this
scheme a huge piece of the kind of hasty action
statement, as actual rates demonstrate. No defi- thus
ciency of shipping relatively to demand is indicated and deprecated as making a dangerous precedent
liable to "plague us in the future"?
by the large excess of exports in December over
If "the great voice of America" is calling
those of the same month in 1913, or by the large
for this
thing,it is calling so faintly that:only one ear able
is
excess of exports over imports in last month. Furto hear it. In general, the express
ions from business
ther, other causes than either an absolute or a relative
men and associations are opposed. The Chambers
shortage of ships may impede commerce, and there is
of Commerce in this city and Boston have gone
on
competent testimony that they are impeding it now.
record
Mr. Franklin of the International Mercantile must recently in opposition, and their influence
be admitted to be weighty, unless they are
Marine is quoted as saying that there is great conamong those of whom Mr. Wilson said recently that
gestion in the ports abroad, whereby steamers are it
had seemed to him they did not know what they
reduced one-half in the work they are able to do; it were
talking about. Senator Weeks of Massachusislimpossible to get them unloaded, he says, "hence etts
now tells the Senate that "the first evidences
264
THE CHRONICLE
[vat,. loo.
of public sentiment are always found in the press, all large ones, be seized and divided among the
and, as far as that evidence goes, there is almost people. Such violent language, very little better
universal condemnation of the project, which the than that which preceded and incited the HayPresident says must be passed; could there be a market riot of many years ago in Chicago, is a part
more violent wrench to popular government than to of the 'abuse of free speech and is unworthy of reply;
have the head of a nation, speaking to the whole its sole title to serious consideration lies in its dancountry, asserting that those who do not agree with gerous influence upon the mob material that is
him are misled, ignorant, self-assertive and mis- always in great cities.
A woman, Miss Ida Tarbell, proved a most disrepresentative"?
There is still hysteria over this subject, and we appointing witness for the Commission. She called
have already mentioned the cries of some who call herself "only a poor journalist," which she may
for ships to carry out American products and of others be in one sense of that word, but she has studied
who call for prohibition of those exports; another and has written of Standard Oil, and of the tariff
bill to that end is proposed in the House now, its as it has been wrestled over these many years, and
author wishing to put an embargo on grain, out of she contributed much clear and indisputable commonprudent regard for our own people who have a right sense to the occasion. Following Congressman
to keep themselves from starving before they con- Lewis of Maryland, who dragged in his oration on
sider foreigners. Yet, we are told again, as we were behalf of Government assumption of the telegraph
at Indianapolis, that this bill is positively going and telephone, she said that labor organization is
through; it is so decreed, and it has got to be so. A very valuable if it takes and keeps the right direcspecial session is expected, a special session will prob- tions; that efficiency "is the most democratic thing
ably not be needed, a special session will be had if imaginable;" that unions are not needed as a check
required and is probably to meet on March 5—such upon it, for "managers who understand the inare the oscillating tales that come from Washington. evitable reactions of injustice to their workmen
Now the Executive has Constitutional power to wouldn't impose upon them any more than the
summon Congress "on extraordinary occasions." If union would;" that labor unions are opposed to
refusal or neglect to enact anything proposed by him scientific management because they know so little
constitutes such a justifying and compelling occasion, about it and don't want to learn. One of the
that means that he is to originate and Congress is to Commissioners asked why the Steel Corporation
consent. If Congress is not to hold and exercise does not abolish Sunday work if it is such a leader
the "all"-legislative powers which the Constitution in welfare and scientific management, and this
commits exclusively to it in the opening sentence, woman met his ignorance by explaining the reason
in a single sentence:
why should a Congress exist?
To another Commissioner's question whether the
If "the great voice of America" has really committhe White safety expert and the efficiency expert are not "a
ted all governing to the one man now in
House, or if it is the general belief that a monarchy is form of despotism that is being established over the
on the whole better than a representative democracy, working man", she replied that it is not so, and if it
or if the majority have reached the stage of not caring were so the school teacher would be the worst despot
how things are done which they imagine they want in the country. To the question whether the gendone—why adhere to a form of procedure that has eral installation of efficiency would not "restore
lost substance and retains merely a shell? By to the employer that despotism which he possessed
abolishing Congress, the salaries and mileage of 530 before the labor unions took it away from him", she
men, the enormous waste of the (alleged) "Record" replied "not for a moment." Industrial unrest she
and other useless printing, and all the expenses of explains by the inherent desire in men to better
attendants and other parts of legislative sessions, themselves, "a wonderful expression of the desire of
could be saved at one stroke. Why longer pretend men to have more life." Popular education has
to have that which has, in fact, been abandoned and done the most for men, and if you do not want men
to desire more just keep them ignorant.
allowed to drift off to decay?
Miss Tarbell's best testimony, perhaps, if not the
We say this seriously, and not out of desire to
bring Mr. Wilson into a dilemma or to do anything best yet brought out, was her declaration that
except to project the situation before the reader as it "unionism will do more when it has more breadth
exists. If it is to remain so, and if the Executive is of view"; that union men have been trained into fear
to frame and enact legislation as well as to carry it and dislike of abundant production "in order to
out, why should not the form be adjusted to the fact keep the price of labor high." She believes that
"work makes work" and emphatically declares that
by another Constitutional Amendment?
"the fear of abundance is a most pernicious thing
THE INDUSTRIAL RELATIONS COMMITTEE and the worker must revise his ideas."
AT WORK.
No piece of political economy is sounder than
there is much agitation about votes
The Chairman of the pretentious United States this, and while
and their comparative fitness for suffrage
Commission on Industrial Relations, like the present for women
mental parity with males, many of the
Secretary of Labor, is a "labor" man in the union's and their
who are posing as reformers and are undersense of that misused term. The former is now in latter
change natural laws by mere paper ones
town in course of a professed thorough investiga- taking to
relates to it, particu- might take shame from the practical wisdom of
tion of industry and all which
woman, who sees more important matters than
larly including in the inquiry the Rockefeller and this
suffrage and thinks "the reason we don't
other large Foundations. He prefaced his work female
he denounced the very have it is the women themselves."
by an harangue in which
Very little of practical value can be expected of a
organizations which he is ostensibly to investigate
commission created for such a purpose and made
and suggested, as one remedy for troubles and insuch material as this one on Industrial Relations,
dustrial unrest, that stolen fortunes, meaning thereby of
JAN. 23 1915.]
THE CHRONICLE
265
and its manner of introducing itself to New York is con- 315 millions in 1914. Argenti
na, Brazil and Japan,
sistent; but it seems unable to exclude reason entirely. also, are
countries that largely decreased their
takings from us in the late year. In fact, mentionOUR FOREIGN TRADE IN 1914.
able gains in export trade are very few and quite
Notwithstanding the magnitude of the movement generally
due to special circumstances, such as
for December, the closing month, a considerable indirect shipme
nts to Germany by which the traffic
contraction in the volume of our foreign export to and,
therefore, the trade totals of Scandinavian
trade is to be recorded for the year 1914. This countries—De
nmark, Norway and Sweden—concame largely and yet not entirely as a result of the siderably
profited.
war that has devastated Europe since the close of
On the import side of the account there are some
last July. Even before there was any apprehension instances of
rather conspicuous increases. In this
of hostilities, a contraction in the outflow of our category Canada
continues to occupy a leading
goods, as compared with 1913, was the feature of position, the inflow
from thence into the United
the foreign trade statements, the figures for prac- States having risen
some 25 millions in 1914. From
tically every month, January to July, inclusive, Cuba, Japan, Mexico
, Argentina, Australia and
showing a more or less pronounced decrease. For the Philippines,
too, imports have appreciably inthis decline the reason is not far to seek; we find it creased. On the
other hand, diminished takings
mainly in the short crops of 1913, the business de- of goods from all the
countries involved in the war,
pression ruling here and the prevalence of a con- except Great Britain
, are to be noted.
dition of depression, and consequently reduced purThe aggregate merchandise exports in 1914 were
chasing power, in Canada, South America and $2,114,257,539,
against $2,484,018,292 the preJapan.
vious year, $2,399,217,993 in 1912 and $2,092,536,
In the latter part of the year—the last five months 746 in 1911. Breadst
uffs shipments in the late
to be exact—the decrease in our outward commerce year, due to a very
largely increased outflow of
is to be in major part ascribed to the war,for not wheat to Great Britain
, Continental Europe and
only were shipments decidedly curtailed but, as in Canada, and at enhanced
prices, covered a conthe case of so important a commodity as cotton, siderably greater value than in
1913, the contrast
there was a serious decline in price. Against this being between about $309,500,000
and $203,391,
the outflow of wheat showed considerable expansion 856. Horses, also, have been in great
demand for
at higher values, but not to anywhere near a counter- military purposes, both in Canada and
abroad, with
balancing extent. Concurrent with the drop in the result that exports from here
have doubled
exports and notwithstanding a very decided shrink- both in number and value.
Cotton exports, howage in the inflow of commodities from Germany, ever, have been
not only very much less in quantity,
Belgium and France,the imports for the year show due
to the practical embargo upon shipments for
only a very slight decrease from either 1913 or the a conside
rable period and inability to secure freight
high-record total of 1912, an outcome largely due
room except at exorbitant rates, but there has been
to greater arrivals of sugar from Cuba,
meats, a very serious depreciation in value. In other
hides, wool, &c., from Argentine,and seeds, paper,
words, the value of the 6,320,485 bales sent out in
&c., from Canada. But, with the loss in exports
1914 was only $344,000,000, whereas the 8,609,488
very much larger,the aggregate foreign trade of
the bales shipped in 1913 covered $575,488,090, the
country (inflow and outflow of merchandise cornaverage prices having been 103/ cents and 12%
bined)for 1914 was quite a little less than the record
cents per pound, respectively. The decrease in
total of 1913, reaching $3,903,279,965, against
quantity, it will be seen, is 269%, and in value
$4,276,614,772.
40%. In this one commodity, therefore, the loss
We have indicated that the falling off in exports from
1913 is nearly 232 million dollars, or quite a
before the war broke out was in part due to decreased little more
than one-half the total decline in our
shipments to Canada, South America and Japan, foreign export
trade.
but in addition there was some decline in the outPetroleum shipments were only of moderately
flow to Italy, Holland, Germany and Mexico. lessened magnitude,
but provisions dropped nearly
The beginning of hostilities placed an immediate 20 millions and
cottonseed oil 4 millions. Contracembargo upon exports to Germany, which in the tion, more or less
marked, was the order of the
matter of direct shipments, except in the case of day in the value
of the exports of many other articles,
cotton, has not really been lifted. For the seven especially
among manufactures. Iron and steel
months ended with July we sent to that country manufactures
, for instance, declined fully 90 million
goods to the value of 156 million dollars, or only dollars
from the high total of the previous year, the
10 millions less than in 1913; for the twelve months falling
off being explained in great measure by the
the total is but about 160 millions, against 352
restricted demand from Canada for steel rails and
millions. This, of course, shows the extreme effect sheets
and structural materials. Agricultural impleof the unfortunate conditions that have prevailed, ment
shipments fell behind 1913 by some 10 millions,
but there has naturally been a considerable drop in
cars for steam and other railways 13 millions, bithe flow to Belgium, France, Austria-Hungary and
tuminous coal, 10 millions (reflected in the Canadian
Great Britain. At the close of July our shipments
total); copper over 20 millions (decreased takings by
to the last-named country recorded an excess of
Germany and France); wood and manufactures,
63/2 million dollars over the previous year; for the
largely lumber, 35 millions; electrical machinery 8
twelve months the decrease approximates 10 milmillions, cotton manufactures 7 millions (principally
lions—a comparatively favorable showing, due
to China), and there were modera declines in many
te
the ability to protect British shipping. We have
other articles, including fertilizers, fruits and nuts,
already referred to depression in Canada; the extent
naval stores, oil cake and meal, and tobacco. In
of it is indicated by the fall in our exports to that
fact the only increases worthy of note are those
country from 403 million dollars in 1913 to about
already referred to.
Imports of merchandise for the year 1914 at
$1,789,022,426 were, as already intimated, of full
volume, comparing with $1,793,038,480 in 1913 and
$1,818,073,055 in 1912—the high record. Increases
over the previous year are to be found in many of
the various commodities in the schedule; in sugar
an augmentation of 26 million dollars represents
greater arrivals from Cuba and the Philippines.
Wool gained in the amount of 33 millions, wool
manufactures 26 millions, hides and skins 12 millions,
coffee 6 millions, corn 8 millions, cattle 5 millions,
seeds 6 millions, fresh meats 23 millions, raw cotton
3 millions, printing paper 4 millions (mainly from
Canada), leather 6 millions, raw silk 6 millions, and
wood and manufactures 33/ millions. Losses to any
important extent are to be found in a comparatively
limited number of articles, including diamonds, &c.,
26 millions, largely in receipts from Belgium and the
Netherlands; copper 14 millions, chemicals 11 millions, mainly nitrate of soda; tin 12 millions; art
works 9 millions; furs and manufactures 11 millions;
feathers 5 millions; India-rubber 6 millions; and
vegetable oils 4 millions.
The favorable merchandise balance (excess of
exports over imports) for 1914 was the smallest since
1910. In other words, it reached only $325,235,113,
against $691,421,812 in 1913 and $581,144,638 in
1912, and is exceeded by most earlier years back to,
but not including, 1895, when the outflow was only
23 million dollars greater than the inward movement.
As indicating the changes from year to year in some
of the leading staples of export and the relation those
principal items bear to the full outward movement of
merchandise, we insert here the following compilation, which covers the results for the last six years:
CALENDAR YEARS.
EXPORTS OF LEADING PRODUCTS FOR SIX
Ezporl2.
loo.
THE CHRONICLE
266
1914.
1913.
1912.
1911.
1010.
1909.
a
$
$
5
$
$
461,919,568
Cotton_ _ _ 344,000,000575.488,09' 623,077,43! 517,053,57'530,824,22 139,779,080
Breadstffe 309,500,000 203,391,85. 161,672,34: 135,860,34 109,093,689
Provns.dre 141,4(10,000 160,606,56 198,116,06' 160,316,84 129,522,08 151,964,537
Cat'le,sh'
1,200,000 1,580,346 4.404,042 15,071,057 9,714,743 16,616.121
& hogs_
Petrol.,&e. 140,000,000149,316,909 124,310,282 105,922,84: 94,107,022 103,838,590
934,224,67 873,261,761 874,171,396
Total __ 936,100,000 100038326' 1061580179
All other
081,249
articles_ 1178157539 1393635023 1337627814 115830207 992.997.143854.
2484018292 239921799 209252674 186625896911728198945
2114257579
mto
The foregoing is self-explanatory and calls for no
extended comment. Suffice it to say, therefore, that
a more detailed statement than is here presented
would show that in foodstuffs collectively, and with
reason under the conditions existing in Europe, the
exports for 1914 exceed those of the preceding year
by some 50 million dollars. It is manifest, consequently, that in crude materials for use in manufacturing, and in manufactured articles, there are very
considerable declines.
The outward movement of gold in 1914 was upon a
much more extensive scale than in any previous
year in the history of the United States, much the
larger part of the efflux going to strengthen the position of the Banks of England and France. Imports,
on the other hand, were of strictly normal proportions. In all, Great Britain drew from us over 130
million dollars, or over one-half of the year's aggregate exports, of which an amount in excess of 100
millions was sent to Canada to go into depository at
Ottawa for account of the Bank of England. Ship85 millions.
ments to France, moreover, were about
largely from Canada, although
The inflow was most
were moderate
Japan, South America and Mexico
Briefly, the outflow of gold for the
contributors.
year was $222,616,156 and the influx $57,387,741,
leaving an export balance of $165,228,415, against a
similar balance of $28,093,778 in 1913 and a net import of $19,123,930 in 1912. The movement of
silver in either direction in 1914 was below the average of recent years, with Mexico furnishing the
major portion of the imports and Great Britain the
chief taker of the metal. The net exports were
$25,664,251, against $26,908,812 in the preceding
year. Bringing together the various balances, we
have the appended comparative summary of the net
trade balances for a series of years.
YEARLY TRADE BALANCE.
--------Excess of—
1914.
1913.
1912.
1911.
1910.
Mdse.exports_ $325,235,113 $691,421,812 $581,144,638 $160,167,586 $303,354,753
25,694,251 26,908,812 23,560.669 21,918,075 11,482,805
Silver exports_
Total
Gold exports
8350,879,364 3718,330,624 $604,705,307 $582,085,661 $314,837,558
447,696
165,228,415 28,093,778 *19,123,930 *20,262,110
Grand total_ 3516.107.779 $746.424.402 858.5.581.377 8561.823.551 8310.389.862
* Net imports.
With all items included, the net export balance for
1914 reaches $516,107,779, or some 230 millions less
than in 1913 and nearly 693/ millions smaller than
for 1912.
RAILROAD GROSS AND NET EARNINGS FOR
NOVEMBER.
The striking feature in the exhibit which we
present to-day of the gross and net earnings of
United States railroads for the month of November is
the magnitude of the shrinkage in the gross revenues
and the extent to which this loss in gross has been
offset by economies and savings in the expense
accounts. Our compilation is very comprehensive,
covering practically the entire railroad mileage of the
country, and the totals are of corresponding size.
Stated in brief, there has been a falling off in the
gross of no less than $32,646,340, the amount of the
gross for November 1914 having been only $240,235,841, as against $272,882,181 for November 1913.
Drastic curtailment of the expense accounts was
practiced, with the effect of cutting down the aggregate of the expenses $23,067,957.
Owing to this great curtailment of the expense
accounts, the loss in the net has been reduced to
$9,578,383. Nevertheless, in ratio the contraction
in the net is somewhat heavier even than in the
gross, being 12.35%, as against 11.96%. The
showing, on the whole, is a discouraging one, and indicates the trying conditions under which the great
railroad-carrying industry labors.
November (478 roads)—
Miles of road
Gross earnings
Operating expenses
Net earnings
Inc. (-I-) or Dec.(—)
%
Amount.
1913.
1914.
1.50
+3,648
242,849
246,497
$240,235,841 $272,882,181 —$32,646,340 11.96
172.246,326 195,314,283 —23,067,957 11.81
$67,989,515 577,567,898
--9,578,383
12.35
To fully appreciate the unfavorable character of
the present exhibit, it is necessary to bear in mind
the nature of the previous year's showing, which
was of an equally dismal character. In other words,
the 1914 losses in the case of both gross and net earnings follow similar losses in November of the preceding
year. As a matter of fact, the November showing
for this preceding year was an exceptionally poor one.
In commenting upon it at the time, we noted that
returns were becoming progressively unfavorable,
gross earnings recording steady diminution, while at
the same time expenses were continuing to rise.
Stated in a nutshell, gross earnings then decreased
$9,143,593, while expenses increased $5,926,301, the
two combined producing a loss in net of no less than
$15,069,894, or 16.15%.
JAN. 23 1915.]
THE CHRONICLE
To this loss in 1913 the 1914 loss is additional. In
other words, the shrinkage now of $9,578,383 in the
net comes after $15,069,894 shrinkage in November
1913, and the present decrease of 12.35% follows
16.15% decrease in the previous year. For the two
years combined, the loss in net has been no less than
$24,648,277, so that, assuming the roads reporting
were identical in the two years (which they are not,
there being slight deviations) the net of $67,989,515
for 1914 would compare with $77,567,898 in November 1913, and with $92,637,792 in November 1912.
On the other hand, in this last-mentioned year
earnings were large and satisfactory, our totals then
registering $31,968,171 improvement in gross and
$12,701,071 in net. The improvement at that time,
however, was subject to important qualifications,
since the gain, at least as far as the net was concerned, was merely a recovery of what had been lost
in the previous two years. Thus, in November 1911
there was a small decrease in gross ($1,767,625),
attended by an increase of $1,251,242 in expenses,
producing a loss in net of $3,018,867, while in the
year preceding the showing was even worse. In
other words, in November 1910 there was a gain of
only $994,650 in gross, with an addition to expenses
of nearly 113/ million dollars, causing a loss in net in
the large sum of $10,460,960. Hence, for two successive years there were losses in net which, in aggregate amount, exceeded the gain recorded in 1912.
We may go further and say that, with the exception of November 1909, when the roads began to
recover from the effects of the panic of 1907 (as far
as the volume of business is concerned), and were
still practicing that rigid economy which the panic
had made an urgent necessity, results as to net
earnings have not been of a very stimulating character for a good many years past in November. In the
following we furnish the November summaries back
to 1896. For 1910, for 1909 and for 1908 we use the
Inter-State Commerce totals, but for preceding
years we give the results just as registered by our
own tables each year
-a portion of the railroad mileage of the country being always unrepresented in the
totals of these earlier years, owing to the refusal of
some of the roads at that time to give out monthly
figures for publication.
Gross Earnings.
Net Earnings.
Year.
Year
Given.
Year
In". (4-) or
Preceding. Dec.(-).
Year
Given.
Der.(+)or
Year
Preceding. Dec.(-).
S
Nov.
$
3
3
1896.... 55,297,917 61,137,081 -5,13.39,164 18,853,22 22.275,140 -3,421,921
1897.- 72,815,681 61,978,181 +10,837,200 27,565,529 21,737,851 +5,827,673
1898_ . 79,036,659 76,616,617 +2,470,037 28,954.644 23,533,158 +421.436
1899_
73,062,397 65,372,002 +7,190,39 27,496,343 24,882,036 +2,614,307
1900_
4-589,614
91,073,641 87,724,61e +3,349,032 33,744,165 33,151,551
1901... 107,799,028
+12,150,951 40,629,133 35,200.311 +5.428,822
1902_
06,144,534 99,638,088 +6,506,446 36,051,17 36,992,904 -941.729
1903._ _ 115,874,619 111,303,37 +4,571,24 38,380,632 38,982,778 -582,146
1
1904_ _ 126,357,962 115,108,874 +11,249,08 44,280,359 37,588,516 +6,691,843
1905... 133,104,550 120,692,062 +12,412,497 47,419,761 42.232,24 +5,137.513
1906... 140,697.123 131,123,62 +9,573.502 43,065,287 46,506,160 +1,559,127
1907 _ _ 138,079,281 133,284,422 +4.794,859 39,171,387 46,113,471 -6,942,034
1908.. 211,597,792220,445,495 -8,847,677 74,511,332 66,294,996 +8,216,336
1909_ 248,087,561 211,781,357 +36,303,204 94,531,128 74,556,970 +19,974,158
1910... 248,559,12 247,564,47
+994,65 83,922,137 94,383,397 -10,460,960
1911.. _ 241,343,763 243,111,388 -1,767,625 79,050,29.. 82,059,166 -3,018,867
1912.._ 276,430,016 244,461,815 +31,963,171 93,017,842 89,316.771 +12.701.071
1913___ 269,229.882 273,331,47. -9,143.593 78,212,966 93,232,86
15.069,894
1914...240,235,841 272,882,181-32,646,340 67.989,515 77,567,89 -9,578,383
Note.
-In 1896 the number of roads
November was 127:
In 1897, 134: In 1894, 130; in 1899, Winded for the month of
1902, 107;
In 1903, 104; In 1901, 102: In 1905, 122; In 1900, 122: In 1901. 109; n the returns
96; in 1906, 97. In 1907, 87 In 1903,
were based on 232,577 miles of road: In
241,272; In 1911
1909. 239,038; in
234,209; in 1912, 237,376; in 1913. 243,745; in 1914, 246,497.1910,
As far as the separate roads are concerned, the
losses in both the gross and the net are large and they
are general, coming from practically all sections of
the country. There are a few exceptions of increases
in both gross and net, but very limited in character,
and there are some instances where the cutting down
of expenses has been carried to such extremes that
• large loss in gross has been converted into a larger
267
or smaller gain in net. A conspicuous illustration of
the latter kind is found in the case of the New York
Central System. The New York Central proper has
$828,957 loss in gross, with $454,004 gain in net.
Adding the various auxiliary and controlled roads,.
the whole going to form the New York Central
System, we have a loss of no less than $2,688,489 in
gross but a gain of $683,523 in net. The Pennsylvania on the lines directly operated both east and
west of Pittsburgh falls behind $3,136,434 in gross,
but the loss in net is only $554,809. The Baltimore
& Ohio is another one of the great East and West
trunk lines with a striking record, having $1,187,035
loss in gross with $49,972 gain in net.
Among New England roads, the Boston & Maine,
with $291,140 decrease in gross, has $158,834 increase in net. But the New York New Haven &
Hartford has a loss in both gross and net-$609,106
in the former and $124,904 in the net. The Atchison
is one of the systems that have been able to add to
gross and net alike, the gain in the gross being
$619,834 and in the net $230,137. The Colorado &
Southern, which is comparing with the period of the
coal-miners' strike in Southern Colorado, shows a
recovery of $267,019 in gross and of $205,680 in net.
The Rock Island has added $186,255 to gross, but,
nevertheless, falls $66,048 behind in the net.
Southern roads have suffered more severely than*
those of any other group because of the low price
prevailing for cotton. The Louisville & Nashville
has lost $1,286,983 in gross and $592,544 in net; the
Atlantic Coast Line, $764,715 in gross and $436,709 in net; the Southern Railway $1,266,309 in gross
and $625,947 in net.
Among the Pacific roads, the Southern Pacific
loses $1,633,575 in gross earnings and $809,732 in
net earnings; the Missouri Pacific $440,934 in
gross and $232,127 in net; the Union Pacific
$955,926 in gross and $307,805 in net; and the
Northern Pacific $1,195,446 in gross and $217,007 in
net. The Great Northern falls behind $1,587,442 in
gross and $506,088 in net; the Milwaukee & St. Paul
$911,059 in gross and $714,672 in net; and the
Chicago & North Western $892,992 in gross and
$580,358 in net. In the following we bring together
all the changes for the separate roads or systems for
amounts in excess of $100,000, whether increases or
decreases, in both gross and net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN NOVEMBER.
Increases.
Decreases.
Atch Top & Santa Fe_ _- $619,834 Mobile & Ohio
$338,613
Colorado & Southern.,.,..267,019 St Louis Southwestern...
298.201
Rock Island
186,255 Boston & Maine
291,140
Duluth & Iron Range..
285.484
Representing 3 roads
Wheeling & Lake Erie_ _ _
277,392
in our compilation- $1,073.108 Wabash
269.454
Decreases. Lehigh Valley
261.541
Pennsylvania
(43,136,434 Chicago & Eastern
244.366
Southern Pacific
1,633,575 Yazoo & Miss Valley_
224,044
Ill_Great Northern
1,587,442 Buffalo Roch & Pittsb:
223.920
Louisville & Nashville- 1,286,983 Cleve Cin Chic & St L..221.074
Southern Railway
1,266,309 Nash Chatt & St Louis.,
220,494
Northern Pacific
1,195,446 San Pedro LA & S L....
218,030
Baltimore & Ohio
1.187,035 Cin New Or!& Tex Pac
208,471
Union Pacific
955,926 Chic St P Minn & Om
203,089
Chicago Milw & St Paul
911.059 Chesapeake & Ohio
194,059
Chicago & North West-892,992 Virginian
184.085
N Y Central & Ilud Rix_
6828,957 Texas & Pacific
180,885
Atlantic Coast Line
764,715 Internal & Grt Nor
168,460
Illinois Central
720,926 El Paso & Southwest...
162,840
Norfolk & Western
162,621
614,928 Union RR (Pa)
N Y N II & Hartford__
609,106 Trinity & Brazos Valley.
157.745
Lake Shore & Mich So__
150,715
511,870 San Ant & Aransas Pass_
Seaboard Air Line
148,264
506,336 Bessemer & Lake Erie__
Pittsburgh & Lake Erie138.186
499,456 Western Pacific
Elgin Joliet & Eastern__
138,022
476,897 Central of New Jersey
Chicago Burl & Quincy132.730
458,550 Atlanta firm & At!
Missouri Pacific
124.762
440,934 Hocking Valley
Philadelphia & Reading_
124,180
437.855 Delaware & Hudson_
Duluth Missabe & Nor__
123,680
396,909 Delaware Lack & Wost
Michigan Central
113,387
388,619 Alabama Great Southern
Minn St P&S8M
101,063
383,763 Kansas City Southern__
Si Louis & San Fran_ _ _ 100,293
365.219 Chic Ind & Louisville...
Denver & Rio Grande_ _ 356.701
Erie
Representing 62 roads
353.649
Central of Georgia
345.179
in our compliation_S29.905.059
Note.
-All the figures in the above are on the basis of the returns filed
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This Is the result for the Pennsylvania RR.. together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St Louis, the
268
THE CHRONICLE
loo.
In recent years the custom has grown up for
Pennsylvania RR. reporting $1,007,426 decrease, the Pennsylvania Com- of a merchant are assured.
Including
pany d1,353,042 loss and the P. C. C. & St. L. $775,966 loss. the Inter- merchants presenting good statements of condition to sell their notes to the
which make monthly returns to
public through the medium of commercial paper brokers. These notes are
all lines owned and controlledthe result is a loss of $3,560,343.
State Commerce Commission,
offered by the brokers to bankers all over the country and are largely emof the New York
b These figures cover merely the operations controlled roads, Central
The notes as a rule are what is
Itself. Including the various auxiliary and Four," the "Nickellike the ployed as investments for surplus funds.
Plate," termed "single name" paper, and are sold solely upon the credit standing
the Lake Shore, the "Big
Michigan Central.
&c., the whole going to form the New York Central System, the result is of the maker, the broker assuming no responsibility whatever beyond the
a loss of $2,688,489.
genuineness of the signature. In times of ease there is a very broad market
PRINCIPAL CHANGES IN NET EARNINGS IN NOVEMBER.
for paper of this description and the rates frequently fall to figures that are
Decreases. peculiarly attractive and which occasionally stimulate a tendency toward
Increases.
$232,127
moment the buyer of that paper must
N Y Cent & Hudson Riv 14151.004 Missouri Pacific
231.537 over-extension. Up to the present
302,187 Chesapeake & Ohio
Cleve Cin Chic & St L..
217,007 depend solely upon his credit files and such information as he may be able
285,110 Northern Pacific
Pere Marquette
212,040 to gather in a general way. The statements of condition furnished by the
276,336 St Louis Southwestern_
Lake Shore & Mich So_ _
206,558 makers of the paper are usually made but once a year, and, it may be said,
230,137 Elgin Joliet & Eastern
Atch Topeka & San Fe_ _
204,417
Illinois Central
205,680
Colorado & Southern__ _
the makers. In general practice it is im202,364 at the most favorable period to
158,834 Norfolk & Western
Boston & Maine
201,530 possible to know with any degree of certainty the volume of paper a maker
118,871 Seaboard Air Line
Long Island
189,546 may have outstanding at the time a purchase is made. This paper on the
102,307 Duluth & Iron Range...
Western Maryland
Yazoo & Miss Valley.._
159,536 whole has proven quite attractive and is bought with considerable freedom.
Lehigh Valley
154,361
roads
Representing 9
is very large. The paper
152,701 The total amount outstanding in ordinary times
in our compilation__ $2,131.466 San Ant & Aran Pass...
148,686 given is a plain note of hand. There is nothing to indicate the occasion
Minneap St P & S S M
Hudson _ _ _ _
and faith alone. It is to be
Decreases. Delaware
135,786 of its origin. It is bought and sold on faith
128,951
$809,732 Nash Chatt & St Louis..
Southern Pacific
having dealings with a merchant are much closer
714,672 Virginian
128.149 presumed that bankers
Chicago Milw & St Paul
hand
625,947 NY NH& Hartford...
124,904 to the conduct of his affairs than any one else, and have the means at
Southern Railway
592,544 Wheeling & Lake Erie__
117,448 to ascertain, whenever doubt may possess their minds, his exact condition.
Louisville & Nashville
580,358 Central of Georgia
113,461 There are many well-known houses which could doubtless dispose of their
West
Chicago & North
112,934
a554,809 St Louis & San Pran__ _ _
Pennsylvania
advantage and at satisfactory rates
506.088 Cent New England
110,449 paper on the open market to good
Great Northern
436,709 Chicago St PM & 0____
107,830 under practically any conditions but were the commercial paper offered
Atlantic Coast Line
370,182 Buffalo Roch & Pittsb__
107,811 to-day on the open market supplanted in a large measure by time acPitts & Lake Erie
307,805
Union Pacific
ceptances made on behalf of the merchant by the various banks with which
273.524
Representing 35 roads
Philadelphia & Reading_
In our compilation-- $9,811,003 he does business, it would stand to reason there would be comparatively
238,495
Duluth Missabe di Nor
little opportunity for a merchant to over-extend himself without the
a This is the result for the Pennsylvania RR., together with the Pennsyl- knowledge of his bankers. The banker would, for a small consideration,
vania Company and the Pittsburgh Cincinnati Chicago & St. Louis, the become the sponsor of his credit. It goes without saying that paper of
Pennsylvania RR. reporting $175,404 decrease, the Pennsylvania Company
style of commercial paper,
$319,818 loss and the P. C. & St. L. $59,587 loss. Including all lines this nature is much to be preferred to the present
owned and controlled which make monthly returns to the Inter-State Com- inasmuch as the Federal Reserve Act would not authorize the acceptance
merce Commission, the result is a loss of $674,948.
of such bills unless they were drawn to supply funds to be used in actual
S These figures merely cover the operations of the New York Central
by the banks would be prima
itself. Including the various auxiliary and controlled roads, like the commercial transactions. The acceptance
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate," fade evidence that the proceeds were to be so used. Such bills would
&c., the whole going to form the New York Central System, the result is unquestionably command in the open market a lower rate than that of
a gain of $683,523.
what we now term commercial paper, and would afford the drawer an opportunity to avail himself of the cheapest money markets, thus tending
to equalize credit all over the country.
The Federal Reserve Act, however, withheld from the business public
the privilege of acceptance by member banks of bills drawn against domestic
commercial transactions and only confers such power with regard to bills
drawn in consequence of imports and exports of goods. Whether or not
the acceptance privilege should be given member banks to cover domestic
commercial transactions is a question that has aroused considerable interSUMMARY BY GROUPS.
est, and in some quarters it has been felt that unjust discrimination has been
Gross Earnings
1913. Inc.(+)or Dee.( ) made against the domestic trade of the country.
1914.
Section or Group.
November
There are many arguments in favor of the domestic acceptance. Pri11,122,688 12,180,306 -1,057,618 8.68
Group (17 roads) New England
to some minds most important of all, the possibility of undue
59,273,227 64,753,708 -5,480,481 8.46 marily, and,
Group 2(86 roads) East & Middle_
30,714,571 36,031,305 -5,316,734 14.76 expansion on the part of the drawers of bills would be eliminated. The
Group 3(69 roads) Middle west
29,253,005 36,699,175 -7,446,170 20.29 market would be supplied with a plentiful number of bills of the highest orSouthern
Groups 4 & 5(93 roads)
62,951.726 -8,490,053 13.48
Groups 6 & 7(75 roads) Northwest__ _ 54,461,673 43,484,907 -1,883,270 4.33 der which would attract as purchasers not only the banks and investors
41,601,637
Groups8& 9(90roads)Southwest__
times of peace, foreign banks and investors as
13,809,040 16,781,054 -2,972,014 17.71 of our own country, but, in
Group 10(48 roads) Pacific Coast
well. The eligibility of such bills for rediscount with Federal Reserve banks
240,235,841 272,882,181 -32.646,340 11.96 (and undoubtedly for sale to those banks in open market transactions)
Total (478 roads)
would give them additional value. Indeed, they would form the moat
Net Earning
1913. inc.(+)orDec•( )• attractive class of investment we could have, as they would be immediately
1914.
1914. 1913.
3
convertible into cash or bank credits whenever desired. They would form
+73,455 2.73
7,809 7.854 2,767,539 2,694,084
Group No. 1
ideal secondary reserves for banks. Our discount markets would unques27,058 26,303 15,310,944 16,040,629 -729,685 4.55
Group No. 2
26,015 26,009 5,962,096 6,215,378 -253,282 4.08 tionably absorb all the high-grade bills offered at any time, and competition
Group No. 3
11,323,661 -3,679,067 32.49 would permit them to sell at figures that would prove a revelation to the
Groups Nos. 4 & 5___ 41,827 41,397 7,644,594 21,835,141 -3,060,249 14.01
Groups Nos.6 & 7... 68,396 67,291 18,774,892
-640,272 4.78 public.
Groups Nos.8 & 9... 56,982 55,792 12,745,561 13.385,833 -1.289,283 21.23
It is quite clear that a discount market is one of the most important
18,410 18,203 4,783,889 6,073,172
Group No. 10
features of a financial system. Practically all the great nations, with the
67,989,515 77,567,8989,578,383 12.35 exception of our own, enjoy such markets. The supply of acceptances
246,497 242,849
Total
based on exports and imports of goods is not sufficient in volume to provide
--Group I. Includes all of the New England States.
NOTE.
Group II. includes all of New York and Pennsylvania except that portion weal for the needs of a broad discount market, nor is it possible that it could.
of Pittsburgh and Buffalo: also all of New Jersey, Delaware and Maryland, and You cannot have a market worth the while unless there be a sufficient volthe extreme northern portion of West Virginia.
ume of bills offered to make it a tangible and steady thing, and if the
Grans III. Includes all of Ohio and Indiana: all of Michigan except the northern
reason than
peninsula, and that portion of New York and Pennsylvania west of Buffalo and privilege of domestic acceptances were accorded for no other
to create a broad discount market it would redound greatly to the benefit
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and of our country. The prime value of a discount market lies in the fact that
east of the Mississippi River.
rules against us and gold exports are threatened, investment
Groups VI. and VII. combined include the northern peninsula of Michigan, all of when exchange
as the rate
Minnesota, Wisconsin, Iowa and Illinois: all of South Dakota and North Dakota in our bills by foreign bankers is peculiarly attractive, inasmuch invariably
and Missouri north of St. Louis and Kansas City: also all of Montana. Wyoming must of necessity go high and foreign exchange coincidently
and Nebraska. together with Colorado north of a line parallel to the State line rules at rates promising a good profit in such transactions. It must be
passing through Denver.
that the protection of our gold reserve is vital to us all. Gold
Groups VIII. and IX. combined Include all of Kansas. Oklahoma, Arkansas and borne in mind
of the Federal Reserve banks, is a
Indian Territory. Missouri south of St. Louis and Kansas City: Colorado south in the vault of a bank, or in the vaults
basis of, say, $4 for $1
of Denver the whole of Texas and the bulk of Louisiana: and that portion of basis for credit and if credit be extended on the
of the State it naturally follows that with every dollar of gold exported $4 of potential
New Mexico north of a line running from the northwest corner
through Santa Fe and east of a line running from Santa Fe to El Paso.
with it, and if the surplus reserves of the counextension power goes
Group X. Includes all of Washington, Oregon, Idaho, California, Nevada, Utah credit
exports it means a contry are not sufficient to conveniently permit such
and Arizona and the western part of New Mexico,
that leaves our shores.
traction of at least $3 of credit for every gold dollar
it would be possible for a merchant
Were domestic acceptances permitted
market,
ARGUMENTS IN FAVOR OF USE OF ACCEPTANCES. in Kansas desiring to make his purchases in the cheapestletter of even
with a
credit
though there unknown, to do so if he were armed
the subject of "Acceptances" at the mid- from his banker to the effect that the bank would accept all bills drawn
In a discussion of
agreed figure, provided it is accompanied by
winter banquet of the New York Credit Men's Association against it to the extent of an
only
invoice and the original shipping documents. The
a copy
at the Hotel Astor on Thursday night, Herbert R. Eldridge, interest of the would have would be to satisfy himself of the solvency
the seller
Bank of New York, of the accepting bank and the availability of the bill for sale in the open
Vice-President of the National City
credit needed by various
offered many arguments in favor of the domestic acceptance. market. As has been said before, the period oftransact business. Backed
merchants varies with the locality in which they
In part he spoke as follows: country generally
of credit from a bank the length of time the credit asked for
permitted to accept by a letter
It is clear that were the banks of our
should run becomes a secondary consideration if the bank issuing the credit
bills in consummation of domestic commercial transactions the basis of is sound. Likewise the availability of the bill for immediate sale obviates
credit on which goods are generally sold throughout our country would be tho occasion for offering a liberal discount for cash,so that buyers and sellers
improved and a much superior type of paper offered on the discount maron a cash basis, consideration being given only to
conditions are now, the purchaser of the can operate practically
kets of the various centres. As
the rate at which the bill is available for discount.
goods is practically compelled to discount an invoice in order to hold his
It has been contended that to give the acceptance privilege to all member
he must always take into consideration the conFederal Reserve System without discrimination as to size,
own with competition, and
Money may be tight, for instance, in banks of the
dition of his home money market.
encourage the flotation of numerous ill-advised instruments of
easy in another. A merchant seeking funds with which to would
feel that the acceptance privilege should be accorded
one section and
to avail himself of the rates this character. Many
discount his invoices rarely has an opportunity
situated in the larger cities which naturally are more accusbe content to take that ruling at only to banks
prevailing in other sections, but must
in its various ramifications than those institutions of
business
make it a point to carry bank accounts tomed to
borne. There are merchants who
capital operating in small places. To a certain extent this contention
centres and to have a line of credit available at each small
In 'various banking
well grounded. But it does not appear that Congress cares to place itself
them to take advantage of the lowest rates prevail- is
attitude of allowing privileges to one bank without allowing equal
place, thus permitting
enjoy an advantage over the merchant placing inn in the
ing, and to that extent connections only. It is but natural that banks privileges to another, and therefore it has been thought best to deny the
upon his home
reliance
to all rather than to make what may be called discrimination.
of business houses should feel under obligations privilege
argument Is not well sustained. It is not probable that small banks
possessing the accounts
of credit in proportion thereto according to the re- This
any value upon the acceptance privilege, but were such bankl;
to extend certain lines
and to that extent the borrowing requirements would place
sponsibility of the borrower,
When the roads are arranged in groups or geographical divisions, every one of them records a loss in
gross and all but one a loss in the net. Our summary by groups is as follows:
JAN. 23 1915.]
THE CHRONICLE
at the discretion of the Federal Reserve Board, granted the privilege but
were required to carry a trifle larger reserve for this reason it would soon
develop what banks were anxious to have the privilege and it could be left
to the wisdom of the Federal Reserve Board to say to which it should go.
The acceptance privilege could also legitimately be applied in other
directions than in mercantile life, to the lasting benefit of the country.
Taking the South as an example and recalling the evident desire of Congress
and the country at large to assist in its problem of caring for the large
cotton crop of this season and the slow movement consequent to the lessened
demand occasioned by the war, It can be seen what degree of usefulness
the acceptance privilege would have permitted. It cannot be expected
that a northern investing bank should be familiar with the quality and integrity of the usual warehouse receipt issued in the various centres of the
South. But if such advances could be made against bills drawn by the
owner of the cotton on a bank of high standing, the situation would assume
a far different aspect. The accepting bank would protect itself by the
deposit with it of familiar warehouse receipts representing cotton in sufficient amount to amply protect it and would be further safeguarded by the
deposit of insurance policies affording sufficient fire protection, not to
speak of the obligation of the bank's client to supply the funds to retire
the bill when due. The question of the validity and goodness of warehouse
receipts would no longer be of prime importance to the buying banks and
without doubt such paper would sell to good advantage on the open market.
The domestic acceptance privilege could also be applied in financing the
sale of cotton to the spinners, of wheat to the millers, of corn to the consumers, and of the numerous products of the country to those who have to
use for them. The bills would find a ready market and the character of
the paper offered on the discount markets would be vastly improved, at the
same time affording a safe and sane method for distributing the redundancy
.
of funds of one section to others not so favored, thus doing much to equalize
rates of discounts in the various States at all times and performing a real
service to the people.
The necessity of the establishment of a broad discount market is apparent
to every thoughtful student of finance. It is the best-known protection
to the bank reserves of any country and its efficacy has been proved beyond peradventure. Not only could these acceptances be made by member banks but by all authorized State banks and private banking houses
and corporations formed for such purpose. The market would be sufficiently discriminating to separate the various classes of bills with keen
regard to their financial strength, and that discrimination would be sufficient
to eliminate rapidly from offerings all bills accepted by banks or houses
of inadequate financial strength. No banker would permit his acceptances
to be offered on an unresponsive market. The injury to his credit would
be irreparable. The amount to which member banks could legally accept
should be fixed by statute. As the law now stands in making acceptances
covering imports and exports of goods, a member bank is not permitted
to assume obligations of this character beyond one-half the amount of its
capital and unimpaired surplus. As the Federal Reserve Act now reads
member banks situated in central reserve cities must carry a reserve o18% against their net deposits; those of reserve cities 15%, and what are
termed country banks 12%. After three years have elapsed from the date
of the establishment of the Federal Reserve banks no member bank is permitted to carry any portion of its lawful reserve with a reserve or central
reserve city bank. There would be but slight objection on the part of
bankers in central reserve and reserve cities to continue to carry the same
proportion of reserves the Act now requires were the domestic acceptance
privilege given them in proper proportion, and certainly no objection could
be raised by banks not situated in reserve and central reserve cities. It
might be expedient to extend the privilege to such country banks as would
maintain enlarged reserves in keeping with those required of reserve cities.
269
Bank before March 1 1918, provided the interest is punctually paid. Borrowers who nave repaid their advances, in whole or in part'', and those who
have only borrowed in respect of a portion of the paid-up value of their
holdings, may apply for further advances within the limit of the paid-up
value of the security.
Applicants not already known to the Bank will be required to furnish a
letter of introduction and recommendation from their own bankers, or
from some person or firm known to the Bank.
Persons to whom advances may be granted against holdings represented
by allotment, letters, scrip certificates and (or) bonds will be required to
deposit such holdings with the Bank, who reserve to themselves the right
to hold the security at their option either in bearer form or as stock inscribed
in their name or in the names of their nominees. Those to whom advance
,
may be granted against holdings of inscribed stock will be required to transfe
the stock to the Bank or their nominees, and, where necessary, the transfer
will be required to furnish the usual proof of identity necessary in connection with transfers of inscribed stock..
THE COTTON LOAN FUND.
After considerable deliberation the Federal Reserve
Board, acting in its unofficial capacity, as the Central
Committee of the Cotton Loan Fund, decided not to comply
with the requests recently received to extend the time limit
for loan applications beyond February 1. Applications
mailed on that day will be the last considered.
It developed that bona fide applications to the committee
in New York in charge of the actual administration of the
fund to date amount only to about $10,000. This fact is
taken here as an indication that it is probable not more
than a few millions of the sum subscribed ever will be applied
for. In view of this showing members of the Board felt
that it was not just to keep all the money of the subscribing
banks tied up for a period beyond February 1.
RETIRING EMERGENCY CURRENCY.
The Comptroller of the Currency reported on the 16th
inst. that of the $384,485,000 emergency currency thus far
issued, $280,760,000 has been retired, leaving the amount
outstanding at close of business on the 15th $103,725,000.
All of this currency issued in the States of North Dakota
and Arizona has been retired. There remains outstanding
in the New England States $3,994,000; in the Eastern States,
$17,437,000; in the Southern States, $50,710,000; in the
Middle States, $16,742,000; in the Western States, $3,382,000; in the Pacific States, $11,460,000. The currency retired includes $10,129,000 i sued in the Southern States.
The last of the Aldrich-Vreeland currency taken out by
Cincinnati national banks was redeemed on the 13th inst.
DISSOLUTION OF THE GOLD POOL.
The dissolution of the gold pool formed last summer for HOSTILITY TO BUSINESS A DRAWBACK BUT BEthe purpose of controlling the foreign exchange situation,
COMING LESS PRONOUNCED.
was decided upon yesterday at a meeting of the Gold Fund
Ex-Judge Elbert H. Gary, Chairman of Mayor Mitchell's
Committee; the statement issued following the meeting,
Committee on Unemployment, was a speaker at the luncheon
setting out the conclusions of the Committee, said:
of the Merchants' Association of New York held at the
A meeting of the Gold Fund Committee was held to-day at the New York
Clearing House at which it was decided that the improvement in the situa- Hotel Astor on Wednesday, at which problems of the unemtion was such that there was no longer a necessity for the continuance of the ployed were discussed. In rehearsing the depression
sufgold fund. It was determined to return promptly to subscribers the unused fered by
business Judge Gary laid the blame for the adverse
portion of the fund now in the hands of the committee and to release subscribers from the balance of their pledges. A letter will be sent to each par- conditions partly on the business men themselves, who, he
ticipant in the fund, requesting that such participant indicate his prefer- asserted, "had become more or less careless in management,
ence as to the method to be used in returning the balance due him.
indifferent to the rights and interests of others,regardless of
The total fund pledged amounted to about 5109,000.000. Of this
amount 25% was paid in. About 510,000.000 was shipped to Ottawa for our responsibilities toward those for whom we had become
account of the Bank of England; the balance will be the amount returned trustees, as directors, officials or otherwise and
unmindful
to subscribers.
of the general public welfare." We take from his remarks
The members of the Gold Fund Committee are: Albert the following:
H. Wiggin, Chairman, William Woodward, James S. AlexWith our wealth, increasing productive capacity, best
ander, Francis L. Hine, Benjamin Strong Jr., Frank A. soil and vast bodies of undeveloped materials, this shouldof climate, rich
be the leading
Vanderlip and James N. Wallace; W.P. Holly is Secretary. financial and commercial nation of the world, and should be continuously
prosperous. If the
volume of business were steady and not subject to
serious changes, the capacity of the working people would adjust itself to
the necessities and demands of capital and enterprise.
During the Year
THE BRITISH WAR LOAN.
1914 business conditions throughout the United States
were perhaps the
The following is the official statement or "memorandum" worst they have been since the early nineties, but just at present the Pecuniary advantages
issued by the Bank of England, as printed in the Dec. 26 the disadvantages. to this country resulting from the war are equal to
Exports are very large and are increasing.
The tendency of the times has been opposed to business progress. There
number of the "Stock Exchange Weekly Official Intellihas been a decided sentiment, important and quite
gence," showing the liberal conditions under which the Bank,
extensive, against successful business. This
been
by arrangement with the British Government, stands ready speakers, introduction hasmany shown in publications, utterances of public
of
vicious bills into the legislative branches
to make advances against the new British War Loan for of Government, the passage of some unfavorable laws, and, in some instances, a disposition to go beyond reason and justice in the effort to ad£350,000,000.
minister the laws. As a consequence of these conditions, capital has beADVANCES AGAINST WAR LOAN.
come frightened, the investor timid, and the enterprising and aggressive
The Bank of England is prepared to advance to holders of war loan, citizen has
discontinued his efforts. There has been a disposition to wait
1925-1928. sums not exceeding the amount paid up on their holdings, until the way
should be made clear for the business man to safely embark
within margin, whether such holdings be partly paid or fully paid, and in now
enterprises or extend an established business.
holders of allotments which are partly paid may apply for advances to
The reason for these adverse conditions has been partly the fault of the
enable them to pay all or part of the further sums payable in respect thereof. business men. We
had become more or less careless in management, inAdvances will only be made in sums which are multiples of E10.
different to the rights and interests of others. regardless of our responsiInterest on advances granted under this arrangement will be charged bilities toward those
for whom we had become trustees, and unmindful
at a rate not exceeding 1% below the current Bank.rate varying, and will of the general public welfare. We did not sufficiently realize our duty
be payable on March 1 and Sept. 1. In the case of an advance repaid toward one another,toward rivals in
business,and to employees whose welbetween those dates, any balance of interest due in respect thereof will be fare we were in duty bound to
protect and promote. I make no personal
paYable forthwith.
reference and have no individual or corporation in mind. All of us failed
e.witayment of advances, in whole or in part. may be effected at any time. to measure fully up to our
obligations, and sometimes we were deserving
VI of the borrower, but repayment will not be demanded by the of unfavorable criticism.
,
0
"
THE CHRONICLE
Many of those who criticized:were actuated by the best of motives, others
by the desire lot notoriety or individual advancement. The effect was
bad and in many instances not justified.
Frequently those who knew the least about the actual facts had the
most to say by way of attack.
Now, having admitted what many of you may claim is more than the
facts warrant, I venture the assertion that these conditions which have been
referred to are disappearing. The business men of this country at the present time are on a better basis than ever before. Their management, their
conduct, their business morals are improved, their standards are higher.
We have before us promise of an era of prosperity, contentment and happiness. Undoubtedly the terrific consequences of the pending war will
for some time unfavorably affect even this great and growing nation; but
If we remain strictly neutral, refraining from interference in any respect
with the rights and interests of any of the belligerent nations,maintaining, by word and act, a feeling of friendship and concern for all of them
so that we shall not in any way becom2 involved in any controversy, we may
expect to receive an increasing measure of trade and influence, thus adding
to our wealth and improving our conditions. The extreme optimist of
to-day, if the people of this country take advantage of their opportunities,
will, ten years hence, be considered to have been very conservative in his
estimate of future prosperity.
The working people recognize considerate and decent treatment and as a
rule they are quite willing to reciprocate. It pays. in pecuniary results, to
be fait and generous with your employees. You receive better work and
more loyal support. We fully realize that labor is essential to the growth
and success of the nation; and if in such times as these we do everything
practicable to increase the number of working people it will be remembered
by them in the long future.
The year 1915 seems certain to be much better for the business man than
1914, and we should do everything practicable to evidence our faith in
future prosperity. Whatever we do. we shall perhaps be criticised for not
doing more; but this is not important to consider. Conditions in the city are
distressing and may become worse; and our efforts should be concentrated
and doubled in an effort to furnish relief, even though at some sacrifice
of time and money.
City Chamberlain Henry Bruere in addressing the gathering estimated the number of unemployed in the city at not
far from 300,000. Mayor Mitchell also had something to
say at the luncheon, his remarks dealing with the.movement undertaken by the city toward the relief of the unemployed through the establishment of a municipal employment agency.
Mr. Gary has addressed a letter to President Wilson
submitting a resolution adopted by the Mayor's Committee
on Unemployment on the 18th inst., in which is expressed as
the sense of the Committee that "Congress and the Federal
Administration be urged at this time to push actively all
public work that may have been authorized or that may be
authorized during the present session, with a view to relieving so far as possible, the situation of the unemployed."
[VOL. 100.14
FEDERAL RESERVE MATTERS.
a view to expediting the cancellation of emergency
With
currency notes in the South,'the Federal Reserve Board on
the 21st. inst. authorized a further lowering of the discount
rates in the South. The Atlanta Federal Reserve Bank,
which had maintained a rate of 43/% on maturities of thirty
days and less, 5% on maturities of over thirty days to sixty
days inclusive, and 534% on maturities of over sixty days
to ninety days inclusive, was authorized to change its rate
/
to 4% for paper maturing in sixty days or less and 432% for
longer time paper. The Richmond and Dallas Federal
Reserve banks were offered like rates. In announcing on
the 21st that lower rates had been deemed desirable, the
Board said:
The Federal Reserve Board at its meeting yesterday authorized lower
discount rate's in the Southern districts.
The Aldrich-Vreeland Act, as amended, expires by limitation on June 30
next, by which date all currency issued under the provisions of that Act
must be retired. There are still about 650,000,000 of this additional currency outstanding in the Southern districts and the Board deems it wise
that lower discount rates be established in the South so as to enable the
banks of that section, by availing themselves of the re-discount privileges
offered by their Federal Reserve banks, to retire their additional currency
without inconvenience to themselves and without disturbing credit conditions.
There is now a plethora of money in many of the Federal Reserve districts and it seems an opportune time for most of the Federal Reserve banks
to try to force their funds into use through discount operations in their
own districts. Under the Federal Reserve system it is possible, by moans
of re-discount operations between Federal Reserve banks, for reserve
money to flow from districts where it cannot be employed into those where
it can be used to advantage. It is therefore practicable for the Southern
Federal Reserve banks to discount for their members as liberally as may
be consistent with prudence, as large idle reserves carried in other districts
can be employed in readjusting.
Should conditions arise which would make it undesirable for Federal
Reserve banks in some districts to avail themselves of the opportunity of
investing funds in re-discounts in other districts, or should it be advisable
for them to discontinue such operations after engaging in them, the Federa
Reserve banks in the borrowing districts can still be kept in a comfortable
position, as the Secretary of the Treasury has indicated his willingness to
co-operate in that case by making deposits.
A call for the secondliinstallnient on their subscription to
the Federal Reserve banks has been made upon the member
banks; the New York Federal Reserve Bank,in calling upon
the 480 national banks in its membership to make the second
payment, issued the following letter:
You are advised that the second installment of your subscription to
capital stock of the Federal Reserve Bank of New York is due on or before
Feb. 2 1915 and that the amount to be paid should be one-sixth of the par
value of the amount of your original subscription.
The law requires this payment to be made in gold or gold certificates,and
far as may
you
INVESTIGATION OF' MANUFACTURING CONDITIONS gold are requested to make such payment, so the reserves be practicable, in
held in your own
certificates of large denominations from
BY SECRETARY REDFIELD.
vaults.
These should be delivered to the Federal Reserve Bank of New York at
In accordance with his advices to the Manufacturers'
No. 62 Cedar Street, New York City.
Association of Montgomery County, Pa., Secretary of ComFractional amounts which cannot be paid In gold or gold certificates may
Barclay of the Department of be paid in lawful money.
merce Redfield sent D. M.
All gold coin received by this bank will be weighed, and if the abrasion
Commerce to Norristown, Pa., to investigate the industrial
limit of tolerance, the gold will be taken at its bullion value.
depression complained of in the letters addressed to Presi- exceeds the
Unless otherwise requested, certificates of payment (which are not
C. F. Williams, transferable) will be mailed to member banks, at their risk without regisdent Wilson by officers of the Association.
President of the Association, has written Secretary Redfield tration.
A form letter to be returned with your remittance is herewith enclosed,
welcoming the proposed investigation; in this, his latest which you are rquested to complete by filling in the blanks.
or
communication, Mr. Williams says:
Please advise this bank in a separate communication of any increase
your
Norristown, Pa., Jan. 14 1915.
decrease in your capital or surplus since the date of the payment of
and second
Hon. Wm. Redfield, Secretary, Department of Commerce, Washington, D.C. first installment. The necessary changes in both the first
such advice.
Dear Sir—Your letter of Jan. 11. for which I thank you, lies before me. installments will be adjusted subsequent to the receipt of
Federal Reserve Board, this bank will
In accordance with ruling of the
Anticipating somewhat the order of your communication,I hasten to say that
the members of the Manufacturers Association of Montgomery County will, no longer pay express charges.
and all good-will the representative
I am sure, welcome with every courtesy
The first installment, amounting in the case of the New
from your Department who will come to us with the sincere and determined
York District to $3,321,950, was paid November 2.
purpose to make such investigation as will result in giving relief to the intolerable depression that now rests upon our industries. He may be assured
that in the work before him he will have, without reserve, our hearty coThe New York Federal Reserve Bank received from Washoperation.
the first shipment of $50 and $100
Turning now to the suggestions which you kindly offer as to the relation ington on the 21st inst.
of the tariff to the prosperity of this and one other country, at least, I can reserve notes. Heretofore all the notes placed in circulation
only say that, so far as a protective tariff in Brazil is concerned, I have not
were of $5 and $20 denominations.
the data at hand to enable me even to approximate a sound conclusion. I
am not acquainted with either the laws or the internal conditions of our
South American neighbor. So far as the tariff relates to our own country,
On the 18th inst. Comptroller of the Treasury George
we will have given you all the assistance at our command when we shall lay
decided that moneys obtained by the Federal
your Department proof of depleted sales, shorter hours of labor and E. Downey
before
unprofitable business in Schuylkill Valley. If we do submit this proof we Reserve Board through assessment of member banks must
will have established depression. The relation of this depression to the be deposited in a special fund in the Treasury Department
tariff must lie in facts submitted to prove destructive importations of the
charge of a special auditor of the Federal Reserve
kind of goods which many of our industries produce. This proof lies at and in
hand ready for your examination.
Board. By the opinion a special fund for this purpose was
our
And now, will you permit me again to say that I most heartily welcome the created. The opinion stated that all money should be colInvestigation you are about to make? As the purpose of this investigation
a theory, it ought to result In some- lected and deposited by a bonded fiscal officer of the Federal
is to be helpful rather than to buttress
and move merchandise.
thing being done at once to restore confidence
Reserve Board and disbursements from the fund can only
That is the kernel of this whole situation—to move merchandise. All will be made by this officer by cheek upon the fund, which is
worse than fruitless controversy which does
end in helpless discussion and
and give work to the unemployed
deposited to his credit. The accounts, the Comptroller
not end right there: move merchandise
chimneys and silent mashould be submitted quarterly, but he recommends
Academic theories which still leave smokeless
and practical men who holds,
minds of vigorous
chinery can have no place in the
be made to conform to the general praca chance to work and a chance to live up thatmonthlyreturns
result:
are after this one definite
decent standard. In a work of this kind all good citizens tice of other Government departments and auditors. All pay
to the level of a
hand.
checks and other vouchers must be approved by the Goverstand ready to lend a
We are your servants. Sincerely yours,
nor of the Reserve Board. The ruling by Comptroller
C. F. WILLIAMS,
Downey results from a recent opinion by Attorney-General
Manufacturers' Association of Montgomery County.
President
JAN. 23 1915.]
THE CHRONICLE
Gregory holding that the Federal Reserve Board is an independent board in accordance with the Act of Congress
Dec. 31 1913 and therefore should audit the financial affairs
of the reserve system. Anticipating the action of the Comptroller, the Reserve Board on Jan. 1 appointed its own
auditor and put into effect its own accounting system.
For the convenience of all concerned, the Federal Reserve
Board has determined to revise certain of its circulars and
regulations,and to re-issue such of those as it desires to retain in force; the new series to be known as the "Series of
1915." It proposes hereafter to issue circulars and regulations each yea in a new series, and there is appended hereto
a list of the previously issued circulars and regulations and
the disposition made of them. In this way, circulars and
regulations of only passing interest will be dropped and only
those of permanent importance re-issued.
CIRCULARS.
Number of
Circular.
Subject.
Data.
Disposition.
No longer applicable.
Gold fund circular of Sept.
211914. Circulars and
regulations prior to this
Issued by the Organization Committee.
Suggested by-laws
Do.
Oct. 5 1914
No.6
Do. (as amended)- Oct. 21 1914
Do.
No.6 a_ _ _ _
Proposed system of ac- Oct. 14 1914 Effective so far as apNo. 7
plicable, but not to
counting for Federal
Reserve banks.
be re-issued.
Outline of plan of organi- Oct. 17 1914
Do.
No.8
zation for Federal Reserve banks.
Procedure for meeting of
No longer applicable.
Reserve Bk.officers and
directors of Oct. 20-21.
Do.
NO. 10 --_- In regard to the deposit of Oct. 28 1914
reserves due Nov.2 1914
Do.
No. 11 ---- Reports of committees of Not dated_ officers and directors of
Federal Reserve banks
at Washington meeting
of Oct. 20-211914.
No. 12 ---- Payment of first install- Nov. 6 1914
Do.
ment of stock subscriptions of member banks
to the Federal Reserve
banks.
No. 13 -- _ Regarding commercial Nov. 10 1914 Will be re-issued in
paper eligible for resomewhat modified
discount by Federal Reform.
serve banks.
REGULATIONS.
Number of
Regulation.
Subject.
Date.
Disposition.
No. 1
Procedure in appeals from Aug. 28 1914 Effective and will be
decision of Reserve
re-issued.
BankOrganizationCommittee.
Nos.2,3.4. Dealing with eligibility of Nov. 10 1914 Effective, and will be
5 and 6.
commercial paper, acre-issued in modified
companying circular
form.
No. 13.
No.7
Definitions of "demand" Nov. 11 1914 Will be re-issued in
and "time"deposits and
somewhat modified
of "savings accounts."
form.
Covering bonds of Federal Nov. 23 1914 Effective and will be
No.8
Reserve Agents.
re-issued.
No.9
Loans on farm lands__ Dec. 31 1914
Do.
The Executive Committee of the Advisory Council of
the Federal Reserve Board—J. B. Forgan, J. P. Morgan,
D. G. Wing, L. L. Rue and W. S. Rowe—met in Washington on the 18th in a conference preliminary to a meeting of
the entire Council. At the suggestion of the Reserve Board,
the commit ee devoted some attention to the question of
regulations for acceptances. The full membership of the
Advisory Council met with the Reserve Board on the 19th
to consider the recommendations made by the Executive
Committee concerning bank balances, clearances and acceptances. The admission of State banks to the regional
Reserve system was also taken up in order that a clear concensus of opinion of financial interests generally could be
obtained. The Governors of the Reserve banks were also
in conference in Washington this week, but no details have
been made public as to the deliberations.
A delegation of Northern New Jersey bankers was given a
public hearing by the Reserve Board on the 20th inst. on their
petition for alliance with the New York Federal Reserve
Bank instead of the Philadelphia Reserve District, in which
that section of New Jersey is included. The delegation included Edward I. Edwards, banker and State Comptroller;
Walter M. VanDeusen of Newark,representing the New Jersey Bankers' Association; H. C. Parker of New Brunswick,
William J. Field of Jersey City and I. Snowden Haines of
the New Jersey Bankers' Association. In his argument Mr.
VanDeusen said:
Our relations with the New York district are almost inseparable. If we
are forced to remain in the Philadelphia district a hardship will be imposed
upon us. North New Jersey is a natural tributary to New York, and if it
is true that our inclusion in the Philadelphia district was done through a
territorial equalizing process, we wonder why Buffalo and other Western
,
New York cities 201. or 300 miles distant were also included in the New York
CUstriet
271
We have on hand petitions filed by 123 New Jersey banks protesting
against their inclusion in the Philadelphia district. The banks have aggregate deposits of $156,000,000. The nine banks which did not sign the
petition are located on the Delaware River and are in close touch with
Philadelphia. We understand that a poll taken by the Organization Committee showed that a large majority of New Jersey banks, and practically
all the North Jersey banks, wished to be included in the New York district.
We admit that South Jersey is in closer touch with Philadelphia than with
New York, but the reverse is true of North Jersey. Philadelphia never
asked that North Jersey be included in its reserve district. It is possible
that Philadelphia was as much surprised as we were to find Northern Jersey
Included in its territory. This geographical arrangement was made by
the Organization Committee, I believe, without a due familiarity concerning the banking relations between New York and Philadelphia.
At a meeting of the Philadelphia Clearing-House Association on the 15th inst., the national banks, members of the
Association, went on record in favor of free check collections for member banks in the Philadelphia Federal Reserve
District, and, with proper time allowances, in other Reserve
districts. A joint reply was approved to a list of seven questions bearing on the subject of clearances, which was sent
out by Charles J. Rhoads, Governor of the Federal Reserve
Bank of Philadelphia, on Jan. 11. According to the Philadelphia "Ledger," the Clearing-House favored the Reserve
bank crediting checks and paying drafts of member banks
in the district or on any Federal bank immediately on receipt of same, and that members should be permitted to
count such items in their reserves at once. On the other
hand, disapproval was expressed of a suggestion that checks
drawn against the member banks be charged against their
reserve accounts by the Reserve Bank immediately on receipt of same, the recommendation being that they be collected through the Clearing-House as at present. The Association favored giving immediate credit at the Reserve
Bank for checks on other bank deposited, because immediate
payment of all checks is made through the Clearing-House.
Provided the clearing feature is confined to checks received
from member banks in this reserve district, and that checks
are collected through the Clearing-House, and that not more
than one day's time is required by the Reserve Bank for
transit, the Clearing-House favored crediting both debit and
credit cheek items at once by the Reserve Bank,on the understanding that sufficient balances were maintained by the
members to protect all items. With proper time allowance
for checks to reach their place of payment, the local banks
felt that i ems outside Reserve District No. 3 should take
the same course as items within the district. The local banks
declared it would not be reasonable for the Reserve Bank to
charge for collecting items outside the district, in view of the
large balances carried by he member banks. It was also
asserted that no charge for collection should be made by
member banks either on items within or from without the
district.
VAPORINGS OF CHAIRMAN WALSH OF THE
FEDERAL INDUSTRIAL COMMISSION.
Preliminary to the investigation by the Federal Commission on Industrial Relations into the workings of the Rockefeller Foundation and similar organizations, which was begun
in this city on Monday, Frank P. Walsh, Chairman of the
Commission, undertook to express his views on industrial
unrest and the causes therefor. Mr. Walsh gave voice to
his opinions before the East Side Forum last Sunday night.
One of the chief reasons of unemployment throughout the
country, according to Mr. Walsh, is the fact that half the
employing power in America is lodged with persons living
on Manhattan Island. Four means of relief were suggested
by him for the existing industrial depression and unrest, as
follows: "First, we must restore to the people the natural
resources which have been embezzled from them. Second,
an administrative board where grievances could be redressed
should be established. Third, there should be a minimum
wage law and an eight-hour law on the railroads. Fourth,
there should be a minimum wage of $10 per week for telephone operators." "Autocratic control of industry," said
Mr. Walsh, "is close to tyrannical control of government,
and it is the belief of the Commission that the United States
is fast drifting in that direction. We have just come from
Colorado a State torn by the mostsanguinary and deepestconflict between capital and labor ever seen in this country. It is
the intention of the Commission," he added, "to go to the
bottom of these problems. We believe firmly in the conservation of the national resources of this country. The
greatest of these are her men, women and children, who are
now being exploited. No man is better than a slave until
he has a voice in all the conditions which apply to his work.
Nor do I believe that approximate justice will be reached
272
THE CHRONICLE
[Vol,. 100.
autocracy in business. The fact that a majority
until the captains of industry be animated by a desire of We cannot go on with in America is lodged in Manhattan Island is a
the employing power
to produce the greatest service for the greatest number, menace to the perpetuity of our institutions, for it is but a step from the
autocratic control of industry to tyrannical control in Government.
rather than for personal profits."
Mr. Walsh, according to the report of the address given in the New York
In his reference to the Rockefeller Foundation, the Car- "Times," described a "walled in', industrial town in Colorado where even
negie philanthropies, the Russell Sage Foundation and the the literature the people read was, he said, censored for them in advance.
of the people in such times might
Cleveland Foundation, all of which the Commission pro- He said the control of the votesEight out of the fifteen directors ofin a crisis
the coma Presidential election.
poses to look into, Mr. Walsh characterized them as possible swingoperating such company-owned towns, he said, lived in Manhattan.
pany
institutions, and suggested that the
find out," he said. "what they know about the atromenaces to democratic
"And I propose to
Government might take over such accumulations of wealth cious way their properties are managed. Do these directors do any more
than count their dividends? Do they intentionally disregard the laws of
"by taxation, similar to the income tax, and that it might ad- nature which give men and women the simple right to earn a living by the
minister them for purposes in the usefulness of which all sweat of their brows? If these directors do these things, then we shall proto be
tactics. What right
the people agree." In indicating the object of the investi- pcse SOMP legislation to change their this country abroad tohave they
a foreign nation
sending shiploads of food produced .11
gation, Mr. Walsh stated that it was intended to furnish a while millions in our own land starve?"
study of the purposes and spirit of the absentee ownership.
The newspapers have commented in caustic terms upon
In further outlining the purposes of the Commission, Mr. the foregoing utterances. Here is an editorial article from
Walsh said:
"The Evening Post" of this city:
"It is the purpose of the Commission to bring before it in this city the
men whose names are most closely associated with our great basic industries
and through this means; to obtain a full, frank discussion of the relation
that exists between the centralization of wealth and power in their hands
and a feeling of unrest among wage-earners.
"Whether rightfully or wrongfully, a very large number of wage-earners
complain that their interests are prejudiced by the fact that the industries
in which they are employed are owned and controlled by men who live at a
distance and who have no personal knowledge of the conditions under
which the employees work and live.
"Large employers and stockholders in industrial corporations are more
and more turning their attention to organized efforts toward social betterment. The Commission will seek to find out whether or not these efforts
are undertaken because their authors feel a responsibility for conditions
which create need of such effort, and if so whether the various schemes
of welfare work and philanthropy can be considered adequate to meet the
needs.
"Our work in the Industrial Relations Commission is a work along the
line of conserving our national resources. The greatest of all our national
resources are the men, women and children who toil in industries.
"We have to realize in our problem that toil, and toil alone, produces
wealth, and the toiler is no better than a slave unless he has for himself a
compelling voice in fixing conditions under which he is compelled to work,
his wages, his hours of labor, and conditions as to safety and sanitation.
Low wages and the resulting evils that arise from them are at the heart
of our problems to-day. These problems are economic in their nature
and results.
"The chief purpose of our Commission is to show forth conditions as to
the earning power of the toilers and as to the wages which they receive for
their toil. We see unions working hard for more wage rewards, but we
also see great concentration in industry.
his
"The tenant farmer gets less than the underpaid section hand for
day's toil, yet he is a dangerously increasing class in our nation. Through
are
the land monopoly, through the power of the employer to fix prices, we
getting to a condition where the worker hardly receives wages at all, in the
sense of receiving a value for his work.
"Rather, the condtion is so that the boss says to him on Saturday night:
'Here's $20 in your pay envelope; hold it for me till Monday morning, when
I'll get it all back.'
"I do not believe approximate Justice will ever be reached while mankind is animated with the motive that industry must be pressed harder and
harder to produce its highest reward in dividends. Would I be too radical if
I should say we can never expect a proper fiscal policy so long as the banks
handle the wealth of the nation purely to make it pay the largest dividends?
In all those great industries that make the basis of our life the ideal must be
to deliver to the people the largest possible service at the lowest possible
cost. The redemption of the people will not come until they are in active
control of a democracy which brings this about. Our great transportation
systems grind out large profits for the few, but they can be placed in
control of men who claim the rewards of their fellows not for the money they
turn to the dividend account, but for the service they give at the lowest
practicable figure.
Even without changes in the laws as they are to-day, we can do much
to solve the problem of unemployment and the kindred problems that go
with it. We can, for instance, take back for the people vast fortunes that
have been embezzled from the people. I mean the fortunes taken from
coal lands illegally filed upon in the West. A thief never gets a true title.
Some companies have said they make no profits, or only a dividend profit
of 1%. yet in years when there was no change in ownership and very little
increase in actual investment en these properties the value of them was
raised on the books by many millions. One $19,000,000 corporation I have
in mind dodged taxes to the sum of $18.000.000 through control of a local
government. To the value of 818,000,000 the Government owns that property and could get it. It ought to take it back.
There was a Colorado coal miner who said something very vital to me.
He noticed in the papers that 3250,000 had been set aside from the funds of
a certain foundation to provide a safe retreat for migratory birds, lie
found out that $2,500,000 of the funds of that foundation came from the
Industry in which he toiled. He protested against this apportionment
of the wealth to the migratory birds. He said he wanted first to see established a safe retreat for his babes and his wife.
Is there any person who will not challenge a $100.000.000 foundation,
exempt from taxation and to be used in a way the people as a whole do not
doarinate? There are $300,000.000 now invested in these foundations,
and there are no limitations on those funds. Suppose all of these foundations should concentrate their resources in the securities of one industry,
where the toilers were making a fight for democratic control? They could
They bring
crush down the defenses of the fight for industrial justice.
control.
the great necessities of life under their
have instituted this inquiry, and it is not too much for me
Therefore we
very bottom of these great bequests
to say that we propose to go to the
of wealth.
in mind. One is that we so phrase our
I have three definite suggestions
more than a mere promise from its
tariff law that we will have something
workmen. So that we can
beneficiaries to pass the rewards along to the
from any employer who overworks his emtake the tariff benefits away
women or children.
or exploits
ployees or beats down wages
get back into the hands of the people the resources
The second is that we
embezzled, and a Supreme Court decision along the lines of
that have been
easily make this possible. The third is that we
recent legislation would
where the aggrieved person in
of Congress establishing a forum
pass an Act
his right to his share of the proceeds af his toil
Industry can come and have
safeguarded and protected.
WALSH'S WISDOM.
One could be forgiven a feeling of hot indignation at some of the talk
yesterday by Frank P. Walsh, Chairman of the United States Commission
on Industrial Relations. Here is a man about to preside over a quasijudicial inquiry beginning in this city to-day. In advance he lashes wildly
at those who are to be investigated. He condemns them before they are
heard. If a real judge were to do this, he would be ashamed to go home
and look his wife in the face. But it is impcssible to be long angry with
Chairman Walsh. As you go on watching wisdom bubble from him, you
ae moved rather to wondering laughter. Where has this wise man been
hidden all these years? We are told merely that, before taking office, be
was a St. Louis lawyer. But how was it that lai ge hotels were not built
near him,in order to accommodate people hastening from all parts of the
land to sit daily at his feet and drink in wisdom? Why did not the St.
Louis railroads increase their revenues by running excursion trains loaded
with passengers carrying social "problems" to Frank P. Walsh for solution?
For, evidently, nothing is beyond his powers. He comes to New York
and goes over to the East Side Forum, and in a single hour's speech he disposes of question after queztion that has for years tried the brain and heart
of philanthropists and reformers and statesmen. But they never had the
advantage of hearing Walsh. Familiar as his garter. he unlooses one
Gordian knot after another. Unemployment? Bless you, he can tell you
In five minutes what to do about that. Banks, corporations, taxation,
tariffs? He has a neat little formula for each. While you wait, he reaches
into the capacious pigeon-holes of his mind, and pulls it out, all docketed
and labeled. It's a thousand pities that the Germans never heard o,
Chairman Walsh. They would have surely made him their Chief of Staff
and then the story of the war would have been different.
It is difficult to study Mr. Walsh in detail, as the grand and general few
of him so fascinates the mind. He showered his pearls of wisdom so profusely about him that it is hard to pick up one and say that it is more
beautiful than the rest. For ourselves, we greatly like his tariff pearl; it is
so large, so shiny, so obviously made of paste. Among his "definite suggestions," Chairman Walsh puts first his plan to take "tariff benefits" away
from "any employer who overworks his men or beats down wages or exploits women or children." So easy, so simple. All that Mr. Walsh would
have to do would be to draft a tariff Act, necessarily general in terms,
that would yet be so minute that it would exactly fit the case of John Anderson. of Liberty Corners, who compelled one of his blacksmiths to nail on
a tariff
-protected horseshoe after six o'clock. Then we could promptly
take away John's tariff benefits. So with the banks. They ought not
to be run to earn dividends, but to tender the largest amount possible of
"social service"; and the finest form of social service, according to Mr.
Walsh's way of thinking, would be to take away the dividends of all banks
and of all corporations that were not conducted as he believes they ought to
be. But there is really no end to the things he would do, if given half a
chance. He passes lightly from closed door to closed door, to unlock each
one of which he has a skeleton key all ready. Again we ask, where has this
miracle of knowledge, this fountain of social wisdom been so long concealed
from the admiring gaze of Americans?
Somehow, we fear that he will not long be with us. We don't mean that
he will run dry. It is of the nature of Walshes to flow on forever. But
like
his little day of publicity will soon draw to a close. We have seen his
his function,
before. There was Terence Powderly, for example. It was
as it seems now to be that of Chairman Walsh, to
for a few brief months,
upon his words, and
rebuke and instruct the nation. Congressmen hung
changes he would
asked him, with the greatest deference, what particular
Constitution. And Powderly, too, like Walsh,
make in the United States
honest workingman,he
was very strong on the duty of"making work." No
bottle in the house. He would
used to maintain, would keep an empty
to a glass-blower and a brother. Simismash it, so as to give employment
for those now out of work" by
larly. Chairman Walsh would "make places
of those who are at work.
reducing the hours and increasing the wages
Columbus's egg was nothing to this.
Mr. Walsh cut in his remarks yesterday,
Ridiculous as is the figure which
which were reckless and half-baked, in addition to being grossly improper
be so rash as he is. It does not seem
for one in his position, we must not
come from him and his inquiry, yet somebody
as if anything good could
would be a thorough discrediting of his entire
may. One good thing
be thought that, by asking fifty-seven
method of investigation. It seems to
elicit
questions of A and thirty-nine questions of Z, you are certain to
profound truths. All that you bring out, however, may be only ignorance
your own and further confuse you. In fact, this
and prejudice, to match
akin to the Inquiries
whole Commission on Industrial Relations seems to be
into the relations between religion and
of which we used to hear so much
by the solemn affirmation that
science. One exhaustive report concluded
And we are sure that Chairman
such relations undoubtedly existed.
Walsh would make oath that there are such things as Industrial Relations.
"The Evening Sun" of this city takes Mr. Walsh to task
in the following:
Our Latest Golden-Goose Killer.
When a person in official position, such as Frank I'. Walsh, Chairman
of the United States Industrial Commission, boldly and baldly makes public
demand for the confiscation of private fortunes, it is difficult to understand
how any one with property, ambitions, a family,or a will to work,can fail to
repudiation
take warning. Here is a man deliberately calling for the
has
of all those obligations of the Government in virtue of which capital
men of capacity have been induced to toil and
been drawn to this country,
resources, and the ground has been prepared for the prodigious
build up its
human crop which now forms the nation's chief strength.
JAN. 23 19154
THE CHRONICLE
273
Mr. Walsh's demand for the confiscation of the great fortunes made without organization, the owners of the properties are helpless to regain
under the guaranty of American laws shows that he and those numerous control. Even if they were disposed to do so this control by the banking
persons who constantly press the same views have absolutely no conception houses has been largely acquired, as above stated, as the result of our deof the binding nature of an obligation. Yet, without a recognition of the fective laws for reorganizing insolvent corporations.
principle of obligation, all Government is impossible. Even the rankest
despot must have servants whom he can trust; in other words, agents
Concerning the Rockefeller and other Foundations, Mr.
conscious of their obligations to give him a fair return for his pay. In fact,
Mr. Walsh, in denying the obligation of the United States to make good its Untermyer had the following to say:
Constitutional guaranties to great property-owners, is Just as genuinely
I do not share the fear and distrust of these Foundations. I believe
and sincerely denying his own duty to keep the trust reposed in his office them to be prompted by the highest ideals of patriotism and unselfish
by the nation.
public spirit. They are magnificently managed by the best intellect of
Quite apart from the obliquity of proposals to bleed our wealthiest indi- this country—far better than would be possible with any public instituvidual citizens stands the fatal impolicy of such a course of golden- tion.
goose killing. Strangely enough, many a man with a hundred thousand
The genius and resourcefulness to which their founders owed their ma
of property thinks it no concern of his what iniquity is practised upon the terial success have been unselfishly expended by these men upon these
multi Foundations, which are to be the monuments to future generations of their
men with a hundred million. He forgets that what is done to
millionaires to-day can, and in logical course must, be practised upon usefulness to society. They are doing incalculable public good and no
successively smaller fortunes in years to come. In the fate of the very rich harm. Happily, their conduct does not to any appreciable extent reflect
the moderately successful can read their future twenty years ahead.
the devious methods by which these fortunes were accumulated, nor the
The thought is paralyzing to the man who thinks of attaining ease views or policies of their founders on economic questions.
through a lifetime of pains; to the father who looks on his children as
In every case in which the hope or expectation of future endowments
something more than objects for a State education; to the public-spirited may possibly be influencing the polcies of the institutions, the effect will
observer who realizes that the nation needs workers, strivers, men of pur- be at most temporary. It will pass away with the life of the founder if
pose and ambition, and not office-holders or false suitors of the people.
there is any such present restraint. I can see great benefits and no appreIn short, the remarks of Mr. Walsh form a splendid occasion for the ciable danger from the existence of these Foundations, except from the
silent, pre-occupied busy men who make the nation thrive and are too much forms of their organization.
taken up to keep abreast of politics, for these men who work at creating
work for the rest, to do their thinking on the subject of national confiscation.
Roger W. Babson was also one of the witnesses heard
on the opening day. Although Mr. Babson's testimony
was displeasing to the labor interests, he certainly tried to
teach the Commission a good fundamental economic lesson
when he insisted that labor must be subject to the law of
supply and demand, the same as is iron, copper, land or
money. Mr. Babson also insisted that capital is not opposed to labor getting all it deserves. "In fact," said Mr.
Babson,"I think that labor is already getting all it deserves.
It is brains, and not labor, that makes the profits. The only
thing which labor has on capital is the "absentee control"
feature which exists in certain industries. Moreover, I
sometimes think it would be to the interest of capital, as
well as of labor, to prevent this from spreading further."
"Wages and prices cannot be controlled in the long run by
legislation. Minimum wage legislation is sure to fail when
tried," insisted Mr. Babson. Apparently this testimony
THE INVESTIGATION INTO THE ROCKEFELLER AND was not to the liking of the Commissioners, as shown by
OTHER FOUNDATIONS.
the following:
"Do you believe that the law of supply and demand applies to labor as
The public hearings in connection with the Commission's
It does to commodities?" asked Commissioner Lennon.
investigations into the various foundations were begun at the
"Yes," replied Mr. Babson," and social workers make a great mistake
City Hall on Monday; the inquiry had originally been slated in refusing to recognize it."
"Then
to start on the 11th, but was subsequently postponed a week. sioner. thank God that they are making mistakes!" replied the CommisSamuel Untermyer, who was counsel to the Pujo "Money
Mr. Babson closed his testimony by appealing for indusTrust" investigating committee, was the first witness trial education and certain profit-sharing plans that have been
examined. Mr. Untermyer in his testimony charged that described in these columns from time to time.
two groups of bankers control many of the railroad systems,
Miss Ida Torben and Congressman David J. Lewis,
submitting a list of such roads reorganized by J. P. Morgan
were on the
& Co. and Kuhn, Loeb & Co. In voicing what he conceived Chairman of the House Committee on Labor,
stand on Tuesday. Mr. Lewis, who incidentally had someto be the evil of the proxy:system,he declared that "incorporaGovernmental
tion laws should provide for minority representation on board thing to say in support of his advocacy of
of directors. Stockholders should have right to vote in ownership of the telephone and telegraph lines, dwelt upon
stated
person or by mail. To the proxy system may be attributed what he termed "coal-mining sociology." Mr. Lewis
that he had spent fourteen years in the coal mines of Pennsylcorporate control by interests with exceedingly small actual
vania and had "come to the conclusion that our whole
ownership in the stock companies. The financial interest
theory of private property as applied to coal mining under
controlling the United States Steel Corporation probably. certain
conditions had broken down." In describing the
actually owned less than one-tenth of 1%, and seldom do relations between the
mine workers and the operator, Conthe controlling interests own 10% of the stock of the com- gressman Lewis said:
panies which they control." He advocated laws which
The mine owner first gets employees, he takes them to the district, he
would compel company managements to send out lists of builds homes for them, he sells them supplies, he provides doctors, he procandidates for directors, and also the lists of candidates vides saloons, he provides everything. It is essential that he establish
these relations because no one else will do it.
submitted by stockholders other than those identified with
Trouble arises between the operator and his men and the right of the conthe management. He advocated a minimum wage for em- troversy may be on one side or the other. But when all these relations have
ployees of inter-State public service corporations, such as suddenly been broken off,the employer keeps his property, the home of the
the doctor, the
telephone girls and boys, track walkers, and the lower-paid, miner, the place where he gets his supplies, service from saloon and what
not; they are his and he can withhold their
his employee. No
unorganized classes of railroad employees, and thought that matter if the employer is right,there is bound to be violence in such a situasuch legislation would be Constitutional. He urged a na- tion. Then society faces two theories of right--the right to be employed
right
one desires with
tional system of unemployment, sickness invalidity, and and thewe canto do as things in such his own property. •
Now
do two
circumstances. We can modify the
old-age insurance, instituted for employees of public service right of private property or we can socialize that property. I do not believe
corporations and the employees of private businesses in inter- we are ready for the latter alternative; but I think it is worth while for this
Commission to inquire whether or not the Public
State commer e. In the course of his testimony Mr. Unter- the various States might in such circumstances beUtility Commissions of
called in to determine
myer said:
the merits of the controversy, and to make known with that vigor which
The question will be asked, who are the members of the
Industrial Relations Commission and who is responsible for
their appointment. The Commission was appointed by
President Wilson in June 1913 under an Act passed in 1912
during President Taft's administration. Mr. Wilson, it
would seem, took care to appoint only such persons as could
be depended upon to follow in his footsteps and advocate,
like himself, novel and startlingly radical theories and proposals. Frank P. Walsh of Kansas City is Chairman of the
Commission; the other members are Prof. John R. Commons of Madison, Wis.; Mrs. J. Borden Harriman of New
York City; Harris Weinstock of San Francisco; S. Tlumston
Ballard of Louisville; John B. Lennon of Bloomington, Ill.;
James O'Connell of Washington, D. C., and Austin B.
Garretson of Cedar Rapids, Iowa.
"We can never have effective corporate reform until we get a national public opinion has what the voice of society on that
subject is.
corporation law. A complete change in our methods of governing corporations is required so that their control can be taken from the handful of
men who now dominate the corporations in which they have no substantial
Jacob H. Schiff, in his capacity as a trustee of the Baron
interest and be given back to those who own them. Such a law should
provide compulsory proportional or minority representation; voting by de Hirsch Fund, was on the witness stand on Wednesday.
proxy should be abolished; the reorganization of insolvent inter-State When the attention of Mr. Schiff was drawn to Mr. Unterrailroad and industrial corporations must be placed under the control of the myer's
remark that most of the railroads are controlled by two
courts and of the appropriate Government commission.
"If we want to stop dishonesty and exploitation in our great corporations, groups of bankers, Mr. Schiff described the allegation as
we must give our commissions power and impose upon them the duty "sheer nonsense," saying:
of inaugurating suits to secure the restitution of moneys diverted by officers
There is absolutely no control of the railroads, except such as is exercised
and directors from their corporations. Under the present legal restrictions, Indirectly by officers and directors for the time being, who send out proxies.
there is no way of securing restitution.
which the stockholders can return if they wish or let alone. When share"With very few exceptions, the great railroad systems of the country, holders are neglectful and are not watchful, then things go wrong. Whenand especially the control of their finances, are dominated by one or two ever there is railroad mismanagement, it is due to the neglect of the sharegreat banking houses. With their widely scattered stockholders, who are holders.
274
THE CHRONICLE
If stockholders would make it a business to exercise their rights there
would be very little railroad mismanagement. The difficulty Is not with
banking interests which reorganize railroads. The difficulty is that the
banking interests can't rid themselves of the control. I am quite certain
that most banking interests, having to make themselves responsible for the
first year's management of a road after reorganization, would much rather
give that responsibility over to the stockholders.
Asked as to what he thought of the right of employees to
organize for their own protection and advancement, Mr.
Schiff said: "I believe that the organization of employees
for their own benefit, which means for the benefit of the State,
should be encouraged in every way. I believe that it would
be of benefit morally and financially and should be encouraged." He is also quoted as saying:
I believe that there is much advantage to labor to deal with large organizations. I believe it would be more advantageous to labor to deal with one
body of men who may be in the lime-light, than if the laboring man has to
deal with many small employers who may be selfish and often are and may
not be amenable to public opinion. Public opinion is always wise. The
disadvantages to this plan are that the small employer cannot hold out as
long in case of trouble. The large corporation can, as a rule, with much
more strength and force, hold out.
As a solution of the unemployment problem, Mr. Schiff
said:
I suggest a permanent Federal employment agency. I do not think
employment agencies honestly conducted can be successful, except those
supplying domestic help, unless the United States runs them. There is
too much congestion—a superabundance of unemployed labor—in this
city and along the whole Atlantic Coast. This should be prevented. There
should be some one to point out where workers are needed. There is always
in this country some place where laborers are wanted.
On the question as to the creation of the Baron de Hirsch
Fund, Mr. Schiff stated that Baron de Hirsch had left about
twenty-five years ago a nucleus of $2,400,000, and that this
had since increased by legacies and gifts to about ,000,000.
The funds, which are managed by a board of trustees
are invested in bonds and New York real estate
mortgages. The fund is intended to aid Jewish immigrants from Russia and other places, and it has been used
to subsidize Jewish industrial and educational institutions
and to establish Jewish farmers throughout the country by
making advances on farm and chattel mortgages. In addition it has a manual training school.
"Our average] expenditure," said Mr. Schiff, "is $175,000
a year. We founded a town at Woodbine, N. J., as a farming settlement and we have put a good deal of money in the
venture. The town has been self-governing for the last
ten years." As to the appointment of the trustees, Mr.
Schiff said: "The first trustees were named by the Baron
de Hirsch before he died in 1894. We are a self-perpetuating
body and the trustees are now chosen for their high-mindedness,conscientiousness and known good qualities as citizens."
In reply to the question of Chairman Walsh as to whether
it "would be a good idea to democratize such funds as these
by bringing outsiders to help administer them, such outsiders
to include Government or other municipal officers," Mr.Schif
answered: "I am sure that the managers of every foundation that I know of have every desire to bring in the most
influential men and women that they can—many of them
we might speak of as comparatively poor—to aid and guide
them."
"I am convinced," said Mr. Schiff, "that he creators of
these great foundations have no higher desire than to employ the most able men for trustees and managers, whether
rich or poor. Most of them are what you call poor in these
days. I do not think it would be proper to bring in what
we call the political element and by this I mean representatives of governments and States. I believe proper organization of employees for their own benefit ought to be encouraged in every way."
August Belmont, Chairman of the Interborough Rapid
Transit Co., also testified before the Commission at Wednesday's hearing.
[VOL. 100.
I have long believed that co-operation through large industrial units,
properly supervised and regulated by the Federal Government, is the only
method of eliminating the abuses from which labor has suffered under the
competitive method. I believe in this for both labor and capital; but as in
both cases the result places large power in the hands of a few men, I believe
that such organizations should be under the strict regulation and control of
the Federal Government in order that they may give the public the maximum amount of good and the minimum amount of evil.
I do not take any stock at all in the idea that our present industrial difficulties are due to absentee ownership. So long as there is the telephone and
the telegraph people are going to do business of all kinds and have social
relations of all kinds on the absentee basis.
You asked me whether the large resources of endowed foundations
constitute a possible menace. In my Judgment no concern whatever need
be felt on that score, provided the Government will but require that al
their transactions, in the minutest detail, be made public once or twice
a year.
You ask to what extent industrial warfare, unemployment, poverty and
delinquency are the result of defects and maladjustments of American
industry. My answer is that ten years ago such defects and maladjustments were responsible to quite a considerable extent; but a great change
has taken place in this respect in recent years, and it is my deliberate Judgment that at the present moment our industrial depression, unemployment, &c., are almost wholly due to the defects and maladjustments of
Federal laws and administration. I believe that the economics that our
political leaders have been trying to force American business men to accept
are altogether antiquated and unsound in this day of universal intercommunication, of steam, electricity and the wireless. Germany has long
since discarded them and won out commercially. In our struggle to retain them we have been losing out. There could be no more useful inquiry
at this moment on the part of our Federal Government than a commission
on economics.
The Sherman Law has done nothing whatever to eradicate the evils that
have existed in business and has done much to seriously hinder the industrial
development of this country. I can recall scarcely a piece of national legisaation that has had as its honest purpose the promotion of business and the
protection of investor, labor and consumer or that has been based on sound
twentieth century economics and morals
Mr. Perkins was again before the Commission yesterday
when he read from the report on labor conditions in the
United States Steel Corporation made by the company in
1914. He advocated a law compelling a corporation to file
reports on internal labor conditions as is done with respect
to a corporation's financing. He described the profit-sharing
plan within the Steel Corporation, pointing out the matters
taken into consideration in perfecting the plan, and expressed
the hope that eventually corporations doing business outside the State would be required to go to Washington and
get a charter.
Henry Ford, President of the Ford Motor Co., was also
examined by the Commission yesterday. Mr. Ford explained in detail the profit-sharing plan of his company, and
statistics concerning his business given by him were received
with amazement; he stated that on a.capital of $2,000,000
his concern did a business of from 0.000,000 to $90,000,000
during the year, and that its annual profits were from
$25,000,000 to $28,000,000. Eight men, he stated, are the
only stockholders. Another of his statements which attracted attention was that his company "would guarantee
to take every man out of Sing Sing and make a man of him."
There are, it is stated, ex-convicts in the employ of thecompany, all of whom are reported to be "making good."
DETAILED STATEMENT CONCERNING CLEARINGHOUSE LOAN CERTIFICATES.
The detailed report of the Clearing-House Committee
dealing with the issuance and cancellation of Clearing-House
certificates by the Association has been made public. The
report was submitted to the Association at a meeting on
Dec. 21. The certificates were all retired on Nov. 30 and
a statement concerning this action and embodying other
facts incidental to their issuance was published in our issue
of Dec. 5, page 1637. We print below the report just
issued setting out in detail the transactions of the Committee
regarding the issuance of the certificates and presenting data
concerning the earlier certificates of the Clearing House:
To the Members of the New York Clearing-House Association:
Gentlemen—The Clearing-House Committee, acting as a loan committee,
submit the following report of its
Daniel Guggenheim, President of the American Smelting begs tounprecedented situation created by transactions: of hostilities in
the outbreak
The
& Refining Co.; Edward J. Berwind, of the Berwind-White Europe, causing the suspension of business in the stock and other exchanges
Mining Co., and George W. Perkins were examined abroad and in America in the last week of July 1914, made it necessary for
Coal
banking interests instantly to meet a crisis based on conditions unlike
by the Commission on Thursday. Mr. Guggenheim ex- the which previously had come to the financial and commercial interests
any
it as his conviction that only when the Federal and of the country.
pressed
Your Committee, in its annual report to the Association in October, reState Governments take up the matter of the unemployed
hearsed at length the measures adopted to avert the impending panic,
the care of the unfit will conditions improve; Mr. Gug- including the raising of a fund of $100,000,000 by the banking institutions
and
genheim declared his belief in the democratization of in- of New York, for the payment of the city's obligations-880,000,000 of
fund of $100,which was due abroad in gold coin; the establishing of a
dustry, and further declared that philanthropy must be 000,000 contributed by banks of this and other citiesgoldsupply foreign
to
democratized.
exchange, and the operations of the National Currency Association of the
Mr. Perkins, in declaring his belief in co-operation, City ef New York.
Committee began its sessions as a loan committee on the morning
through industrial units supervised by the Federal Govern- ofThe 3 1914, immediately after its appointment at a meeting of the
Aug.
Association held on that date, in accordance with the provisions of the folment, said:
competition is any longer the life of trade. It is
I do not believe that driven to its logical end, gave us the sweatshop, lowing resolution:
competition,
"Resolved. That the Clearing-House Committee, with the President of
clear that
hours of labor, unsanitary labor conditions, and bred the Association, be authorized to receive from members cf the Association
child labor, long
bills receivable and other securities to be approved by said committee,
employee.
and
strife between employer
THE CHRONICLE
JAN. 23 1915.]
therefor to such depositing members
who shall be authorized to issue
per annum, and such loan certifiloan certificates bearing interest at 6% the market value of the securities
be in excess of 75% of certificates shall be received and
cates shall not
and such
or bins receivable so deposited at the Clearing House. and all rules and
paid in settlement of balances
the issue of such certificates shall be in
regulations heretotore adopted incommittee shall have power to associate
Said
force in the present issue. of members as it may judge necessary."
with it such other officers
paragraph of the resolution the committee
In accordance with the closing
to assist in handling the mass of collatappointed the following associates
for loan certificates:
eral which would be offered
Corn Exchange Bank;
Messrs. WALTER E. FREW,President
National Park Bank;
GILBERT G. THORNE, Vice-President
York Trust Co.;
OTTO T. BANNARD, President New
National Bank;
WILLIAM A. SIMONSON, President Second
Bank of Commerce.
HERBERT P. HOWELL, Vice-Pros. National
its appreciation of the value of the
This committee desires to express
of the very efficient and businessassistance rendered by the associates and
responsible work.
like methods employed in their
on Aug. 3 1914, and from that date
Loan certificates were first issued
of $124,695.000 was authorized
until the last issue. Oct. 15, an aggregate
cancellation was Aug.26 and the last Nov.28.
by the committee. The first
any one time was $109.185.000 on Sept.
The largest amount outstanding at
in collateral was held by the committee.
25, on which date $158,327,000
was $57,625,000, on Oct. 5, on which
The largest amount in circulation
to the amount of $101,265,000.
date there were outstanding certificates
of the sixty-one members of the
Certificates were issued to forty-four
interest, amounting to $1,497.534 16. which
Association, who paid 6%
holding said certificates.
was disbursed to members
hands of the committee, including origina
There passed through the
both withdrawals and deposits, collateral
deposits and substitutions,
of which $234,465,000, or 50.7%, consisted of
amounting to $462,174,000,
of bonds and securities, and
commercial paper; $163.873,000, or 35.5%,
loans. The highest amount of se$63.836,000, or 13.8%, of collateral
$25.553.000; the average daily amount
curities handled on any one day was
was about $4,865,000.
to final cancellation, 118 days. comThe period of time from first issue
and 132 days in 1903.
pares with 154 days in the panic of 1907-08
certificates outstanding, $109.The percentage of maximum amount of
1914), to total net deposits of Clearing-House members,
185,000 (Sept. 25
$1,983,246.000, was 5.5 as compared with 8.28 in the panic of 1907-08.
to capital and net
The percentage of maximum amount outstanding
profits in 1914 was 22.9 and in 1907-08 29.8.
The percentage of aggregate amount of certificates issued, 3124,695,000,
in 1907-08.
to deposits as above was 6.3 as compared with 9.38
and net profits was 26.1,
The percentage of aggregate issue to capital
as against 34.1 in 1907.
Clearing House as
Loan certificates wore used to pay balances at the
follows:
Per
Loan Certificate
Total
cent.
paid in.
balances,
.67
3176,055.000
$263.743,757 08
August (25 days)
.19
59,455,000
316.351,051 56
September
.05
17,110.000
344,860.649 98
October
.01
3.900.000
318,679,277 68
November
31.243,634,73630
3.128 loan certificates were issued, as follows:
605 at $100.000 each
734" 50,000 "
971 " 20,000 "
797" 10,000 "
5.000 "
21 "
$256,520,000
held that the Banking Board could not be copsidered the
State, while in the latter case the Eastern District Court of
the State held the contrary. Appeals to the U. S. Supreme
Court followed, which now decides that an action will not
lie against the Board. The Dallas "News" outlines the
prevailing opinion as follows:
In case of the Platt Iron Works,a Maine corporation, holding two certificates issued by the Farmers & Merchants' Bank of Sapulpa, the majority
opinion intimates that in exercising an official function as a part of the State.
it cannot be assumed that the State Banking Board would decline to recognize claims over which there is no question. It was only upon the point of
sueability, however, that the Court sustained the contentions of the
State's counsels.
The State of Oklahoma,it was held, was a necessary part of the system o
guaranteeing bank deposits, because of its interest that the fund it caused
to be created in pursuance of its policy shall be administered by officers
the State has appointed. The Court cited the Oklahoma Supreme Court
case of the State against Cockrell, Bank Commissioner, in which decision
it appears to have been the intention of the law to give the State a definite
title to the depositors' guaranty fund. The Court also cited the Oklahoma decision in the case of the Creek County Commissioners against the
Banking Board, to compel administration of the guaranty fund, and held
by the Oklahoma Court to be a suit against the State without the State's
consent.
Contention of the Platt company was that the State merely acted in
fiduciary capacity, and administered the depositors' guaranty fund as a
trust fund for the banks, with the duty outlined by law of paying depositors in failed institutions, and, the duty being thus fixed, the officers
could not seek refuge behind the State. The majority opinion dismisses
this contention with the statement that it rests upon an incorrect version of
the statute.
.205
360,500.000
36.700,000
19,420,000
7.970,000
105.000
$124,695,000
While loan certificates were outstanding the committee hold seventy-two
-26in August; 21. In September;15in October,and 10in November.
meetings
A summary of the transactions of all loan coriumittees of the New York
Clearing-House Association, 1860 to 1914, is appended.
New York, Dec. 17 1914.
Respectfully submitted,
ALBERT H. WIGGIN, Chairman; •
,
WILLIAM WOODWARD
JAMES S. ALEXANDER,
Clearing-House
CLARENCE H. KELSEY,
Committee.
STEPHEN BAKER,
FRANCIS L. HINE,
N. Y. Clearing-House Assoen.
Es-Off. Pres't
LOAN CERTIFICATES OF TIIE NEW YORK CLEARING DOUSE.
Loa n1
Corn.
of
Date of
First
Issue.
Date of
Last
Issue.
Maximum
Date of
Date of
Aggregate Amount
Final
First
Cancellation Cancellation. Issue. Outstandv.
s
$
Mar. 9 1861 7,375,0 1 i 6,860,000
186 Nov.23 1860Feb. 27 1861 Dec. 12 1860 April 28 18112 22,585,00021,960,000
. 7 1861
1861Sept. 19 1861 Feb. 17 1862Oct
Feb. 1 1864 11,471,000 9,608,000
186. Nov. 6 1883Jan. 6 1864
13 1864 17,728,000 16,418,000
18 Mar. 7 1864 April 25 1864 Aprll 20 1864June 14 1874 26,565,00022,410.000
1873Jan.
3
1873Sept.22 1873 Nov. 20 1873Oct. 19 1884Sept.23 1886 24,915,00021,885,000
May 15 1884June 6 1884 May
•18
16,645,000 15,205,000
189 Nov. 12 1890 Dee. 22 189 Nov.28 189C Feb. 7 1891 41,490,00038,280.000
1
189 Juno 21 1893 Sept. 6 1893July 6 1893 Nov. 28 1893 101,060,000,38,420.000
1907Oct. 20 19071Jan. 30 190 Nov. 14 1907 Mar. 190F 124.695,000109185000
191 Aue. 3 1914,0et. 15 1914 Ana. 26 1914 Nov. 28 1014
Issued to the
*All certificates were canceled by Aug. 25 1834 except part of those
Metropolitan National Bank, which were gradually retired as the bills receivable
became due and were paid.
A STATE BANK GUARANTY BOARD CANNOT BE
SUED WITHOUT THE STATE'S CONSENT.
A decision bearing upon the bank deposit guarantee law
of Oklahoma was handed down by the United States Supreme Court on Jan. 5. By a vote of five to four the Court
decided that the holder of a claim as a depositor against an
insolvent bank in the State cannot bring an action in the
courts to recover from the State Banking Board, since suits
against the Banking Board are in effect suits against the
State. The Board as an administrative body of the State
claimed the right to pay off such depositors as it saw fit and
to refuse to pay other depositors. Among the depositors
of the failed Oklahoma banks whom the Board refused to
pay off were the Platt Iron Works Co. of Dayton, Ohio,
and the American Water Softener Co. of Philadelphia. In
the former case the Western District Court of Oklahoma
275
Justice McKenna read the majority opinion, which was
concurred in by Chief Justice White and Justices Hughes,
Holmes and McReynolds. The dissenting opinion was read
by Justice Pitney and concurred in by Justices Day, Van
Deventer and Lamar. In the dissenting opinion Justice
Pitney shows that the State has no property interest in the
fund, no part of the fund is raised through general taxation,
that none of it can lawfully be devoted to the general purposes of government, and that the State's management of
the fund is for the sole benefit of depositors in failed banks.
He also points out that the State's credit was in nowise
pledged, and that depositors are given to understand that
they are protected by the fund and not by the State The
opinion outlines the procedure for paying claims against a
defunct institution, under the law, which was to be made
without regard to the ultimate outcome of the liquidation of
the failed bank. The dissenting opinion adds: "It savors
of repudiation to read into the scheme an unexpressed condition that renders the promise unenforceable by any means
within the command of the promise."
The deposit guarantee law of Oklahoma was also the subject of a decision of the State Supreme Court on the 5th
inst. The question decided in this case concerned the liability for the payment of assessments by State banks converted to the Federal system. Justice Willard R. Bleakmore, in handing down the opinion of the Court, held that
"a State bank by converting into a national bank, places itself beyond State control and ceases to exist as a State
corporation, but does not thereby escape liabilities incurred
by it during its continuance as a State bank." The opinion,
which was in the case of the State Bank Commissioners
against the Farmers' National Bank of Cushing, affirmed
judgment rendered by Judge A. H. Huston of the District
Court of Logan County. One hundred other former State
banking institutions, which nationalized between 1909 and
1913, are said to be affected by Justice Bleakmore's ruling.
USE BY GOVERNMENT OF PARCEL POST IN SHIPPING
GOLD—ROBBING THE RAILROADS.
The following comes to us from an official source. It furnishes a striking illustration going to show how the railroads
are being deprived of their own through lack of scruple on
the part of the Government:
Not long ago, through the erdgencies of the financial situation, the United
States Treasury Department found it necessary to transfer $50,000,000 in
gold double eagles, weighing about 100 tons,from the Mint in Philadelphia
to New York City. Prior to the Parcel Post Law, this treasure would have
been turned over to an express company and the railroad carrying the gold
for the express company would have shared in the payment made for the
service. In this case, taking advantage of the Parcel Post Law, the Treasury officials merely parceled out the gold into sacks to bring it under the
weight limit of the law, paid the ordinary parcel post rates and mailed it
to New York. To carry these 100 tons of gold to New York required four
special railroad cars. The gold was sent in three installments on successive
days, and in each instance, at the request of the postal authorities, the treasure cars had to be detached from the regular trains some miles from their.
destination and hauled the remainder of the way by special locomotives.
More than 100 postal clerks and inspectors went with this gold as guards.
For each the railroad carrying the gold was compelled to assume the same
liability as for a passenger paying full fare. The railroad in this instance
got nothing for its treasure trains beyond the regular monthly payment for
the routine mail service.
In all, nearly 200 tons of gold, worth about $99,000,000, have been
shipped in this manner from Philadelphia to New York since last August.
This gold was sent over the railroad in 19,800 sacks, each weighing a trifle
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THE CHRONICLE
under 19 pounds, and worth $5,000 a sack. The postage which thej Government shifted from one pocket to the other in these transactions
amounted to $4,554. Between Boston and New York the Government
in a similar manner not long ago shipped 35.000.000 in gold double eagles
the weight of this gold being approximately 9ji tons. The gold was shipped
in 167 bags, each bag containing something over 100 pounds of gold coin.
The Parcel Post Law prescribes 20 pounds as the weight limit for this zone.
. but the Government got around this by putting the gold up in 20
-pound
packages and then putting the packages in the bags, contending that in
this way it was shipping 20
-pounds at a time. From New York to Ottawa.
Canada, $840,000 more goldwas sent by parcel post recently, bringing the
total in gold shipped by the Government by mail and carried at the railroad's expense to $104.800.000. The operation of treasure trains by the
railroad for the Government without cost for railroad transportation appears to be one of the current phenomena attributable to the Parcel Post
Law and the failure to provide extra compensation for the railroads for the
increased service they must perform under the law.
The mail contract under which the extraordinary service of transporting
200 tons of gold between Philadelphia and New York was performed provided compensation on a basis of weight at fixed rates of pay, based on the
mail carried in the spring of 1913. At that time nobody, apparently, had
thought of gold shipments as coming within the legitimate scope of the
Parcel Post Act.
One interesting experience with the parcel past affecting the railroads
comes from West Virginia, only in thhisase It was flour and not gold. Having received an order for four barrels of flour from a customer living 26
miles away, the keeper of a general store in that State, who was also the
fourth-class post-master, conceived the idea of mailing the flour. First,
as the storekeeper, he loaded his flour into 32 sacks. Then, stepping into
his post office, he sold himself $11 69 worth of stamps. Under the system
by which fourth-class postmasters are remunerated, he had a right to the
face value of all stamps canceled 'through his office, so that in this case
he
merely refunded to himself as storekeeper the money he had paid
himself
as post master, which meant that he shipped his flour for nothing.
The
railroad could not carry this flour in a freight train, because it was mail.
It had to load it with other mall on a passenger train, which was
delayed
ten minutes by the unloading of the 32 sacks of flour. The railroad
had to
carry the flour as mail, without any supplementary payment, under
its
four-year contract, made in 1913, and was out the freight revenue it
would
otherwise have received on the flour. The Government was out
nothing,
because it paid nothing for the service. The postmaster-storekeeper
was
n the transportation charge. There are 50,000 fourth-class
postmasters.
Many of them are also general storekeepers. They could secure similar
delivery for their goods under present conditions without loss to any one
but
the railroad.
Unless the Senate refuses to concur withlthe House in passing Chairman
Moon's railway mail pay rider, in the Post Office Appropriation Bill, the
railroads, according to Ralph Peters, President of the Long Island RR..
and Chairman of the Committee on Railway Mail Pay, will be forced to
carry the mails for whatever the Postmaster-General chooses to pay under
a penalty of $5,000 for:each refusal. Commenting on the authority given
to the Postmaster-General by this measure. Mr. Peters said recently:
'Even should he (the Postmaster-General) in all cases allow the maximum
rates permitted by the Moon rider, railway mail pay will be heavily cut
and the present underpayment and Injustice to the railways increased.
Chairman Moon told the House during the debate that his rider would enable the Post Office Department to 'save' $8,000.000 annually out of the
already inadequate payments to the railroads for carrying the mails.
'The greatest wrong would be done in the case of the parcel post, for
the carrying of which the railroads are to-day underpaid not less than 50%.
at a loss which will probably exceed $8,000,000 in the present fiscal year.
Chairman Moon apparently wishes to make this underpayment 100% for
he announced in the Hones of Representatives that his rider would provide
the Post Office Department with machinery whereby railroad transportation could be obtained for all the parcel post 'probably without any
additional compensation.'
We believe that the Senate has no more important duty in the present session than to see that justice is done in this
matter."
THE SHIP-PURCHASE BILL.
The Administration's Ship-Purchase Bill has been the subject of several caucuses during the week; while President
Wilson is insistent that the bill be passed at the present
session, it has encountered material opposition in the Senate.
On the 16th the Democratic members of the Senate held a
caucus with a view to forcing action on the bill, but with the
failure to come to any definite conclusions, another caucus
was set for Monday night,'the 18th inst.; this caucus likewise failed in so far as an agreement as to action on the ShipPurchase Bill was concerned, the caucus finally concentrating its deliberations on the question of rural credits,
and unanimously adopting the following resolution in the
matter presented by Senator Robinson:
Resolved, That the Committee on Banking and Currency be requested
to report a bill providing a system of rural credits and that it is the sense
of the caucus that said bill be considered by the Senate at the earliest
practical moment.
A number of amendments were proposed to the Ship-Purchase Bill during the caucus; one of these, offered by Hoke
Smith,stipulated that ships purchased or built by the United
States should first be offered for lease to private citizens, firms
or corporations of the United States, and that they be leased
at not less than 4% of the value of the ships. An amendment
by Senator Bankhead called for the establishment of a merchant shipping bureau in the Department of Commerce,
presided over by a merchant shipping board, to be composed of the Secretary of Commerce, the Secretary of War,
the Postmaster-General and four others to be appointed by
the President, with the approval of the Senate, at an annual
salary of $6,000. Two of these four shall be experienced
shipping men, one experienced in building merchant vessels
and one a naval architect. This board would be given authority to engage all the employees for the Government
loo.
shipping corporation and is to take the place of the shipping
board originally provided for in the bill. Senator Stone's
amendment, providing for inspection and routing of vessels,
was also considered and it was suggested that if this is retained in the bill (it has already been inserted in the bill by
the Committee on Commerce) it might result in tieing up
the ships and cause great delay to American shipping generally. Senator Stone stated finally that he would not insist upon the amendment and if the committee decided it
advisable he would ask that it be withdrawn. All of the
amendments were referred to the Commerce Committee.
A third caucus of the Senate Democrats on the measure
had been scheduled for Tuesday night, the 19th, but was
postponed until the following night, and the Commerce Committee decided to await further discussion and to consider
all proposed amendments on Thursday. Wednesday night's
caucus was no more fruitful than its predecessors, an adjournment being taken without any tangible action having
been taken.
The Democratic Senators held their fourth caucus on
Thursday night, meeting soon after the Senate had recessed.
The caucus adopted an amendment limiting the capital
stock which the Government-owned shipping corporation
shall issue.to $20,000,000. An amendment also was aopoted
providing that the corporation should be chartered under
the laws of the District of Columbia. The original bill
permitted it to be organized under the laws of any State.
The caucus on Thursday also agreed to limit the membership of the proposed shipping board to five members, two
of whom shall be Cabinet officers. The Cabinet officers
will be the Secretary of the Treasury and the Secretary of
Commerce. The three ()tiler to be selected from civil life
by the President and appointed with the approval of the
Senate.
The Republicans of the Senate, at a formal conference
on the 21st determined to strenuously fight the bill, and to
continue the opposition indefinitely—until March 4 or in
an extra session; following the conference, called by Minority
Leader Gallinger, the Republicans began concerted action
in the Senate. Senator Smoot moved that the Senate
adjourn. This was defeated, Democratic members, most
of whom had been absent while Senator Weeks concluded a
speech against the ship bill, having made their appearance
on a quorum call. Senator Kern, the majority leader,
Senator Fletcher, in charge of the bill, and other Administration leaders were aroused by the action of the Republican
conference. They insisted that the ship bill would be
kept before the Senate, regardless of consequences.
In the Senate itself, on motion of Senator Fletcher, it
was decided on the 18th inst., by a vote of 39 to 24, to proceed with the consideration of the bill.
The Chamber of Commerce of New York, the Philadelphia
Maritime Exchange, the Boston Chamber of Commerce and
the New Orleans Chamber of Commerce are among the organizations which have placed themselves on record as opposed to the Government ship bill.
THE NAVAL APPROPRIATION BILL.
The Naval Appropriation Bill, agreed on by the House
Naval Committee on the 13th inst., was reported to the
House on the 16th inst. The bill provides for the construction of two battleships, six torpedo boat destroyers,
sixteen fleet submarines, one seagoing submarine, one tank
oiler, one transport and one hospital ship. It calls for a
total appropriation of $148,560,769, and embodies legislation for the abolition of the "Plucking Board", the creation
of a naval reserve, a bureau of operations to handle all naval
strategy matters, an increase in the number of officers of
the Marine Corps and makes liberal appropriations for
aeroplanes. In committee on the 13th inst. a motion of
Representative Hobson for provision for four battleships
was defeated by a vote of 17 to 3, and a motion for three
battleships was lost by a similar vote; the proposal for two
battleships was carried by a vote of 16 to 4.
MEXICAN EMBARGO ON OIL RAISED.
Following the lodging of a protest on behalf of both the
British and American Governments against the embargo
placed by Gen. Carra,nza on oil exports from Tampico, the
British Embassy at Washington was advised on the 16th
inst., through a dispatch from the British Consul in Mexico,
that the embargo had been raised by the Carranza Government The removal of the embargo, it is understood, only
.1 AN. 23
1915.]
THE CHRONICLE
partially meets the demands of both the American and British Governments. The information received at Washington is saAl to have indicated that Gen. Carranza had not
modified that portion of his decree which prohibited the development of oil properties in Mexico, without.special permission from the Carranza Government. The message, it
is reported, did not go further than to state that for the
present the Aguila Petroleum Co., the Huasteca Oil Co.
and other concerns would be permitted to ship oil from the
Tampico region.
THE WOOL EMBARGO.
With regard to the Australian embargo on merino wool,
which was lifted conditionally early in the month—that is,
so far as to permit the shipment of wool to the United States
in British ships under a shippers' guarantee against the reexport of the raw or manufactured product—the "Journal
of Commerce" reported under date of the 15th inst. that
bona fide American ships would be permitted to carry merino
wool from Australia to the United States upon the same
terms which this wool is carried in British ships, according
to official information received at Washington from
Sydney, Australia. The only grade of wool allowed to be
exported is the merino. The telegram is said to state that
the Australian Comptroller of Customs advises that when the
Collector is satisfied as to the bona fides of the ship, shipments of merino wool, hides and skins to the United States
will be allowed in American ships under the same condition
as in British ships. Itis said that at the present time thereis
one American ship on hand ready to load with Australian
merino. This is said to be a Boston ship, the Aryan. This
information, it is believed at Washington, vitiates the report
put out by certain American interests that no wool would
be permitted to come to the United States unless it goes
through London.
On the 16th inst. the British Embassy notified the State
Department of arrangements made to facilitate the shipment of wool to this country and lifting the embargo on the
exportation of this product from British ports. The British Ambassador made the following announcement in the
matter:
277
that arrangements have been completed to allow shipments of British-grown
rubber to come to the United States under acceptable conditions. The
British Government informs us, through B. G. Work, President of the
B. F. Goodrich Co.,who is now in London, that two weeks will be required
to complete the machinery for operating this plan. The trade will be
notified as soon as the exact procedure is determined upon by the British
Government.
The United States Rubber Co., it was announced on the
15th inst., has received permission from the English Government to resume the shipments of plantation grades of crude
rubber from London to New York, the company having
furnished the required bond and fulfilled the other requirements called for by the British Government to prevent the
re-shipment of the rubber to enemy countries.
ATTITUDE OF GREAT BRITAIN TOWARD THE DACIA.
Advices to the effect that Great Britain would not consent
to allow the steamer Dacia, recently transferred from German to American registry, to proceed to Rotterdam from
Galveston under safe conduct with her cargo of cotton destined to Germany, were conveyed to the State Department
at Washington from London on the 19th inst. It is reported
.that the British note does not undertake to assert the right
of Great Britain to interfere with ships purchased and
transferred to the American flag in a legitimate way. The
objection to the transfer of the Dacia, according to the
British view, is that it was not genuine, it being intimated
the British Government believes, that the American purchaser was really acting for German principals.
in confirmation of the reports to the effect that the British Government would seize the vessel if she proceeded to
undertake the trip, the following statement was made
public by the British Embassy on the 21st inst.:
In connection with the transfer of the Dacia from the German to the
Amcrican flag, the British Government, while anxious to avoid causing loss
to the shippers of the cargo, have found it impossible to agree that the transfer, in the circumstances in which it has been effected • is valid in accordance
with the accepted principles of international law. If, therefore, the Dacia
should proceed to sea and should be captured, the British Government
will find itself obliged to bring the ship (apart from the cargo) before the
Prize Court.
It is stated that the cargo of the Dada is to consist solely of cotton
owned by American citizens.• If this is so, and if the vessel should be captured, the British Government will guarantee either to purchase the cargo
at the price which would have been realized by the shippers if the cargo had
Licenses to export merino wool from the United Kingdom to the United reached its foreign destination, or, if preferred, they will undertake to forStates will in future be issued fairly frequently, provided sufficient steps are ward the cotton to Rotterdam without further expense to the shippers.
taken by shippers to assure themselves that consignees will not export it to • The Dacia was purchased from the Hamburg-American Line
any destination outside the United States. Intending shippers will be required to make statutory declaration that the consignee is known to them. last month by Edward N.Breitung of Chicago and Marquette,
and that they have obtained adequate assurances that none of the merino Mich., and a group of Michigan bankers, and on the 4th inst.
for which license is sought will be exported from the United States to any
it was announced that the vessel had been granted admission
destination. Subject to such declaration, and if there is no reason to doubt
the bona fides of the declarant, we do not for the present propose to restrict to American registry by the Department of Commerce after
the amount to be shipped. The Governments of Australia and South all the facts regarding the purchase had been laid before the
Africa have been informed accordingly.
On the 14th inst. advices that the Indian wool embargo
had been raised were received at Washington, from Calcutta, these advices stating that "the export of wool other
than Thibet and Madras, black and gray varieties, is now
permitted by the Indian Government."
THE RUBBER EMBARGO.
Ori the 8th inst. announcement that arrangements had
been practically completed whereby dealers and manufacturers of the United States could obtain supplies of rubber
from Great Britain was made by the British Ambassador
at Washington as follows:
Arrangements have been practically completed whereby dealers and
manufacturers in the United States can obtain supplies of rubber from the
British Empire.
Manufacturers wishing to obtain large shipments will be required to
give a bond through their agents in London. In other ca.ses shipments
will be allowed to approved manufacturers and dealers who signify their
willingness to sign a guarantee. Shipments will be made to New York,
but there will be no delivery of rubber until the purchaser has signed and
deposited a guarantee with his Majesty's Consul
-General in New York and
he sanctions the delivery.
Manufacturers' guarantee will be an undertaking not to export any raw
waste or reclahned rubber except to the United Kingdom or British possessions; not to sell rubber now delivered, but to use it in their own factory;
to execute orders for manufactured goods from neutral European countries
from stocks in the United Kingdom; not to sell manufactured goods to any
person in the United States without ascertaining whether he has no intention to export the same to Europe, except through the United Kingdom;
to give notice to His Majesty's Consul
-General of shipments to non-European countries, and to put a distinctive mark on all mnaufactured goods
exported or sold for export.
Dealers' form will be shorter. Shipment to manufacturers who have
given a bond will be allowed direct.
officials at Washington; indications that the British Government viewed the transfer unfavorably had been evident ever
since the purchase was announced; on the 14th inst. it was
reported that the War Risk Insurance Bureau had refused e
to insure the Dacia and her cargo, its action, it is stated,
being based on the ground that as Great Britain had indicated
objections to the steamer engaging in trade with Germany,
her arrest on the high seas was virtually a certainty.
On the 20th inst., following conferences between Director
DeLanoy, of the Federal War Risk Bureau, and Secretary
McAdoo, it was agreed to issue a war risk insurance policy
on the cotton cargo carried by the Dacia. It was indicated that no policy would be written by the Government
on the ship, although the owners are reported to have
sought such insurance on the vessel in addition to that already carried through business sources. Secretary McAdoo
in announcing on the 21st inst. that the Federal Bureau of
War Risk Insurance would grant insurance on the cargo,
said:
After careful consideration of the matter the conclusion was reached
that upon the merits of the case the insurance should be granted. It must
be understood, however, that this does not establish a precedent, and that
each case of a similar character that may arise must be judged on Its merits.
It is tmderstood that in seeking to ascertain the attitude of the British Government toward the steamer, the
United States inquired whether the Dacia would be permitted to deliver her cargo at Rotterdam or Bremen without
establishing a precedent, or whether she would be allowed to
proceed under bond after she had been seized and permitted
to deliver her cargo. In declining to waive its right of
seizure in the case, Great Britain is said to have refused the
The Embargo Committee, representing the Rubber Club request of the United States Government that the Dacia be
of America and the Rubber Trade Association of New York permitted to make one voyage with cotton from the United
made the following statement with the issuance of the above States to Germany without the voyage being considered a
precedent establishing the right ofAGerman ships to be
announcement:
We are glad to advise that we have received positive assurances from the transferred to the American flag. Ambassador Page at
British Ambassador, which are confirmed by our representatives in London, London stated that the British Foreign Office refused to
278
THE CHRONICLE
make an exception in the Dacia case on thelbroad ground
that it would be setting a dangerous precedent, despite the
suggestion of this Government that the Dacia would discharge her cargo at Rotterdam, Holland, instead of Bremen,
as was originally planned.
Notwithstanding the announcement of Great Britain's
position, the loading of 11,000 bales of cotton on the Dacia,
which had been suspended when the controversy arose, was
resumed at Galveston on the 19th.
THE WHEAT INVESTIGATION.
An investigation into the recent unprecedented price of
wheat was formally directed by President Wilson in a letter
to the Department of Justice on the 18th inst. AttorneyGeneral Gregory is called upon by the President to "actively"
investigate "any sort of combination," whether "a corner or
otherwise," which may have affected the price of the commodity at this time. The President, it is stated, has included pooling agreements in the possible causes for the recent rise in the price of wheat and flour which he has directed Attorney-General Gregory to investigate. President Wilson's action followed a petition addressed to him
under date of the 15th inst. by Mrs. Julian Heath, President
of the National Housewives' League, in which he was besought, "in view of the situation regarding wheat and flour,
to take drastic measures at once to protect your people;
even if necessary to place an embargo on these products."
Active preparations toward the investigation to discover
the cause of the recent rise in the price of wheat
and flour was begun by the Attorney-Qeneral on the 21st,
when the Departments of Agriculture and Commerce
were called upon for all information relating to wheat
and flour production in,the last two years and for data
on the export and import • of these two articles.
With the unusual rise in the commodity witnessed in Chi
cago during the past few weeks, Representative Farr ofPennsylvania introduced a resolution in the House on the 9th
inst, asking the Secretary of Agriculture for information as
to production, consumption and exportation of certain food
products. The resolution calls for:
First. The total production in the United States of each of the prinicpa
food cereals for each year from 1904 to 1914, inclusive.
Second. The total production in the United States of wheat flour, cornmeal, rye flour and preparations of cereals for table food for each year
from 1904 to 1914, inclusive.
Third. The total number of cattle, sheep and hogs in the United States
suitable for food for each year from 1904 to 1914, inclusive.
Fourth. The total production in the United States of fresh beef and
veal, fresh pork, mutton and lamb, bacon and hams,for each year from
1904 to 1914. inclusive.
Fifth. The total quantity and value of each of the articles mentioned in
the four preceding paragraphs consumed in, and the total quantity and
value thereof exported from the United States in each of the years from
1904 to 1914, inclusive.
Sixth. The residue or surplus, if any, of the yield, production or matmacture, as the case may be, of each of said articles,after deducting the quantity consumed in and the quantity exported from the United States in each
of the years from 1904 to 1914, inclusive.
Seventh. The price of wheat on the Chicago market on the 1st or 15th
day of December in each of said years.
100.
to 8,000 loaves a day, the labor being furnished by the
prisoners.
The proposal to place an embargo on wheat is criticized
by James W. Warner, President of the New York Produce
Exchange; declaring that the Belgian Relief Committee is
the greatest bull factor in the wheat market to-day, Mr.
Warner on the 18th inst. said:
The reason why the Belgian Relief Committee is the greatest bull factor
in the wheat market is because it buys at almost any price. The committee
doesn't care how much it pays for the staple because it is giving it away.
Other buyers for export would be more careful because of the possibility of
selling at a loss.
It is the farmers and the small dealers 'holding back for higher prices
who are the real cause for the present price of wheat. There is no danger of
a grain famine in this country, despite the predictions of would-be investigators, which are apparently based on hearsay rather than on a knowledge
of the real conditions.
If an embargo should be placed on grain exports, which I do not expect
will happen, the Democratic Administration would be hitting at the very
people whom it pretends to defend so staunchly—that is, the American
farmer. He would be the one who would suffer, and I do not think it would
take him long to decide who to vote for at the next election if the Democrats were so foolish as to put through legislation of this character.
The Commission which the Canadian Government appointed at the outbreak of the war to investigate the rise in
prices has been ordered to inquire into the causes of the
recent tremendous advance in the price of wheat and flour.
Flour, which advanced fifty cents a barrel on the 8th inst.,
took another jump of twenty cents on the 11th inst. It is
stated that there is a strong suspicion that the cost of wheat
and flour is being unduly enhanced. The Commission which
will inquire into the matter is composed of Deputy Minister
of Trade and Commerce O'Hara, R. H. Coats and John
McDougall, Commissioner of Customs. It has power to
prosecute any one found guilty of unreasonably enhancing
prices for private gain.
LATIN-AMERICAN TRADE DEVELOPMENT.
Roger W. Babson of Boston sailed on the Red Star liner
Kroonland, which left New York on the 20th for an extended
trip around South America to inaugurate a confidential
service for United States manufacturers and merchants.
The Kroonland, which flies the American flag, will make an
82
-day cruise, touching at the West Indies, sailing through
the Panama Canal into the Pacific, crossing through the
Straits of Magellan and up the east coast, returning here
April 13. Stops will be made at 21 different ports, allowing
from two to five days' stay at each place. The steamer carries two hundred and seventy-two passengers.
MOVEMENT FOR ESTABLISHMENT OF LEAGUE
WHICH WOULD LIMIT ARMAMENTS.
The meeting on the 18th ult. of those identified with the
movement to bring about the formation of a National anti
armament association resulted in the perfection of plans
for the organization of the American League to Limit
Armaments. Dr. Nicholas Murray Butler was chosen to
preside as Chairman of the meeting, which was held at the
On the 15th inst. Representative Farr announced his in- Railroad Club, 30 Church Street; Bishop David H. Greer
tention of submitting another resolution placing an embargo served as temporary chairman, with the opening of the
on wheat exportations until the close of the European war. meeting. Bishop Greer, in addressing the gathering, stated
Mr. Farr is quoted as saying:
that the movement was not actuated by sentiment, nor
While we are increasing in population we are decreasing in productive- were its organizers moved by political purposes, but that
ness. I was amazed to-day to learn that in 1907 we produced 51,000.000
meeting were organizing for "the
cattle, valued at $881,500,000, while in 1914 we produced but 38,500,000, those responsible for the
with a valuation of $1,216,000,000, showing a decrease in number but a truly American purpose of voicing our approval of the attimarked increase in value. Our crops show a big falling off in recent years. tude President Wilson has taken in the question of our
The European countries at war and the neutral ones are conserving their
and to take such action as will enable others
food supply. This year's Australian crop was a failure, and we can expect National honor
little from that part of the globe. England,of course,controls the Canadian to share our convictions." Dr. Butler is quoted as saying
crop. Germany will not permit the exportation of any of her foodstuffs. at the meeting:
situation, from our point of view, is so serious that something
must be
The
done. I believe the rapid rise in wheat prices is due entirely to speculators.
the Agricultural Department furnishes the information we
Just as soon as
desire, some action will be taken. If this v.cssion of Congress falls to deal
with the situation I am convinced the American people, in the event prices
continue to soar, will force the President to convene Congress in extraordinary session to solve the problem confronting us.
On the 21st inst. Representative Porter, of Pittsburgh,
introduced a resolution in the House prohibiting the exportation of grain and all products thereof from the United States
until otherwise ordered by Congress.
In anticipation of action at Washington, United States
District Attorney Charles F. Clyne, at Chicago, on the 9th
inst.,took preliminary steps toward an inquiry into the flour
and bread situation, placing Assistant District Attorney
Hopkins in charge of the investigation. The high'price of
flour issaid to have brought about the closing of a number of
all bakeries in Chicago; one of the incidents of the situation has been the turning out by a municipal bakery in
Chicago of bread at three cents a loaf, standard size, for use
in the city institutions; the bakery, it is said, turns out 7,000
In the first place, we are opposed to militarism, but unless we make
ourselves perfectly clear,there will be some misunderstanding of our pur
Pose. This is what we must avoid. This must be an American, patriotic
organization entirely devoid of partisan politics.
I believe that the people of the United States should have the fullest
possible opportunity to inquire into public affairs. I,for one, am in favor
of a full inquiry into the military and naval expenditures of the country.
Of course, protection is our duty. But why this frenzied treed toward
militarism? The experience of one hundred years shows that we know
how and have been very able to protect ourselves Without following a policy
of competitive armament.
A resolution adopted at the meeting says:
Resolved, That the true policy of this country is not to increase its land
and sea forces, but to retain for productive and humanizing outlay the
vast sums demanded for armaments, and to wait steadfastly for the day
when we may offer our disinterested aid in helping the nations of Europe.
crippled and prostrate by excess of militarism, to free themselves and the
world from the waste and the terror of heaped-up instruments of destruction.
And be it further,
Resolved. That there shall be, and hereby is, founded a permament
organization, to be known as the American League to Limit Armaments,
to which any one believing in the principles of the organization shall be
eligible, and that a committee of seven be appointed by the chair to draft
aLsimplelform of organization.
JAN. 23 1915.1
THE CHRONICLE
The following committee of seven was named by Dr.
Butler to draft a form of organization: Nelson S. Spencer,
Oswald G. Villard, Charles C. Burlingham, L. Hollingsworth Wood (who was named as Secretary), Miss Lillian D.
Wald, Mrs. Anna Garland Spencer and Mrs. William H.
Baldwin Jr.
THE STOCK AND OTHER EXCHANGES.
The following changes were made this week in minimum
prices for stocks below which transactions are not allowed
on the New York Stock Exchange. We give the successive
changes made in each stock where more than one change has
been made during the week, and also the previous minimum.
Previous --Changes with Dates—
Minimum
When Effective.
Stock—
86
Adams Express
80 Jan. 22
95
American Express
93 Jan. 19
60 55 Jan. 19 50 Jan. 22
Crex Carpet
67
Detroit United Ry
62 Jan. 19
Interborough-Metropolitan, preferred_ _ _ _ 50
48 Jan. 19
15
Internat. Agricul. Corp., preferred
12 Jan. 19
23
National Rys. of Mexico, 18t prof
21 Jan. 19
9
Free Jan.20
Rumely (M.), preferred
17
15 Jan. 19
St. Louis Southwestern
58
Southern Hy.,preferred
57 Jan. 19
A New York Stock Exchange membership was posted for
transfer this week, the consideration being $38,000, the
same price as the last preceding transaction.
279
NEW PIPE LINE ACCOUNTING SYSTEM.
All pipe lines subject to the Inter-State Commerce Commission have been required to adopt, beginning the 1st inst.,
a new system of accoun ting and classification of investments,
operating revenues and operating expenses. In explanation,
the Commission said:
The accounts for investment in pipe-line property contained herein are
the first issue by the Commission of uniform accounts for such investment.
The accounts for operating revenues and operating expenses supersede
those contained in the classification of operating revenues and operating
expenses of pipe line companies, first issue, effective Jan. 1 1911.
The accounts for the maintenance of physical property have been arraged to correspond, as nearly as practicable, with those for the investment
in such property. A single primary account has been provided for the
current depreciation of fixed improvements and equipment. It is provided
that these charges shall be kept in such manner that the depreciation charges
may be reported classified in accordance with the classification of investment
in pipe-line property.
The general and special instructions contain a comprehensive statement
of the principles underlying the classification, indicating generally the
application of the accounting rules. The attention of accounting officers
is called to the importance of requiring all employees who are assigned to
accounting work in connection with property investment,operating revenues
and operating expenses to familiarise themselves thoroughly with these instructions.
The classification, in tentative form, has been presented for criticism
and suggestions to the chief accounting officers of the several pipe-line companies. All suggestions received from such parties have been given careful
consideration, and many of them have been incorporated in the classification as here issued.
WILL THE GOVERNMENT PROTECT THOSE WHO
ENGAGEIN SOUTH AMERICAN TRADE.
The Special Committee of the Philadelphia Stock Exchange,
with a view of gradually removing, as conditions may warNew York, January 16 1915.
rant, all minimums on prices of securities, announce the Editor of the "Commercial and Financial Chronicle,"
following changes of minimum prices on the stocks named,
138 Front Street, New York Street.
effective Monday, January 18 1915:
Dear Sir—
Prey. Pres.
Prey. Pn-s.
Fom time to time there have appeared in your "Chronicle"
Min. Min.
Min. Min. Stock—
Stork—
70 statements supposed to have been made by Mr. Redfield,
35 Lehigh Coal & Nay. tr. colts_ _72
40
Cambria Steel
21
20
Philadelphia Electric
Elec. Stor. Battery,common__ 401'_i 35
11
10 Secretary of Commerce, advising the manufacturers and
General Asphalt, common
32
30 Phila. Rap. Tran. stock
10
Preferred
65 Phila. Rap. Tran. stk. tr.etts 11
66
Lake Superb, Corporation_ _10
38
36 merchants of the United States to avail themselves of the
9 Union Traction (Phila.)
.
Lehigh Coal & leavtgation
78
75 exceptional opportunity of capturing the South American
72
70 United Gas Impt
The Securities Committee of the Pittsburgh Stock Ex- trade.
With the lamentable conditions in Mexico before our eyes,
change established the following minimum prices to take
and being impressed more and more every day that the ineffect Jan. 23 1915: Natural Gas of West Virginia, 125;
Union Natural Gas Corporation, 130; Pittsburgh Brewing vestments of the manufacturers and merchants of the United
preferred, 23; Consolidated Gas preferred, unrestricted; States in Mexico will not receive any protection whatever
by the United States Government, and that American lives
Union Storage, anrestricted.
and property are left to the mercy of savages or half-savages,
The Cincinnati Stock Exchange resumed business last is it right for the Secretary of Commerce of the United States
Saturday having been closed since August 31.
to encourage citizens of this country to engage in business
with South American republics without guaranty that their
The "Journal of Commerce & Commercial Bulletin" has interests will be protected and looked after by our Governthe following regarding the re-opening of the Toronto Stock meat?
Exchange:
An expression of opinion by yourself or one of your readWall Street heard a report yesterday (Jan. 18) that business will be comers would be greatly appreciated by
menced on the regular basis of trading on the Toronto Stock Exchange
Very respectfully yours,
within the next two weeks, the only restriction being a minimum price
list, the minimums to be reduced from those at present in effect. Si. B.
G.BOK.
Freeland, President of the Toronto Exchange, was quoted as saying:
'There has been an agitation for the elimination of the present restrictions
and that they will be abolished when it seems advisable to do so," but he
could give no indication as to when that would be. He added that trading
as being conducted through the committee was proving quite satisfactory.
THE IMMIGRATION BILL.
The Immigration Bill, as agreed on in conference, was
adopted by the Senate on the 14th inst. and by the House
on the 15th inst. In the latter case the conference report
was agreed to by a vote of 227 to 94. The bill, which retains the literacy test, passed the House originally on
February 4 1914 and the Senate on January 2 1915. While
hearings had already been given by President Wilson two
weeks ago to protests against the bill because of the literacy
test, he decided before taking final action to accord a further
hearing to those opposed to it,and this hearing took place yesterday (Friday). The bill as it came from the conferees and
was finally approved is free from the Senate provisions
which would have excluded all members of the African or
black race and would have exempted Belgian farmers from
the literacy test. The provision affecting polygamists,
as carried in the bill in its final form,stipulates that an alien
might be excluded who believes in polygamy, whether he
admits it or not, in contradistinction to his exclusion on
account of an abstract article in his creed. The bill increases the head tax of aliens from $5 to $6, exempting therefrom children under sixteen years of age accompanied by
their parents; the Senate struck out the provision which
would have freed from the levy aliens who have in accordance with law declared their intention of becoming citizens
of the United States; the conferees agreed to this amendment.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week amount to only
15 shares and were all made at auction. No trust company
stocks were sold.
Shares. BANKS—New York.
10 State Bank
5 Union Exch. Nat. Bank
Low. High. Close.
Last previous sale.
132
132H 1325—Aug. 1913— 190
145
145
145
May 1914— 145
By way of London, through Morgan, Grenfell & Co.,
announcement was made on the 16th inst. that J. P. Morgan
& Co. had been appointed commereial agents for the British
Government. The announcement stated that the appointment was made "with the view to affording departments
means of negotiating in America such contracts and purchases as they need to make in that country." A member
of the firm, in commenting on the announcement on the 16th
inst., was quoted as saying:
Yes, we have received word from London that some arrangement has
been concluded between the Government departments and Morgan, Granfell & Co. under which we may be asked here to render service along various
commercial lines. It is impossible for the moment to say decisively what
the arrangements will involve.
This is the first time,it is stated,that GreatBritain has ever
designated any American banking house as her commercial
agent. Reports that the arrangement involved the establishment of a $100,000,000 credit in the United States for the
British Governmen twere declared to be without foundation.
Mr. Morgan, as a member of the Advisory Council of the
New York Federal Reserve Bank, was in Washington this
week, and during his visit on the 18th inst. had a brief conference with President Wilson. Mr. Morgan talked with
the President regarding the establishment by the Russian
Government of a credit balance of $12,000,000 in the United
280
THE CHRONICLE
States through his firm, explaining that his firm had not
arranged for a direct loan of money to Russia, but that debts
owing by Russia in this country for the purchase of supplies
would be met through Morgan & Co. Satisfactory assurances,it is said, were received by Mr. Morgan that the establishment of a credit balance of this nature by the Russian
Government did not constitute a loan to a belligerent of the
soft to which objection was registered by the President at
the outbreak of the war, when Mr. Morgan sought permission
to float a French Government bond issue, and was not objectionable to the Administration.
The Board of Governors of the Investment Bankers Association of America held a meeting at the Waldorf yesterday,
presided over for the first time by the newly lected President, A. B. Leach. At the conclusion of the meeting it
was stated that only routine business was transacted. The
entire Board of Governors were the guests of local members
of the board at a dinner tendered to them at the Lotos Club
last night.
In its circular of "January Investments" which is being
distributed by the Fulton Trust Co. of New York (149
Broadway) to its friends, President Henry C. Swords comments as follows on security purchases:
"There is an old saying that 'The time to,pick berries is when they are
ripe.' which could be applied to the stock market, but at present the war in
Europe is a great factor, and what it will bring forth in the way of demands
for money for reconstruction and government loans. &c., no one can tell.
Also in this country we have been through a period when the politicians
of all parties, believing that they were obeying the public demands, have
passed laws which have had their effects upon corporations and their
earnings. The movement could almost be put down as partly Socialistic.
The last election, and also the recent decision advancing rates by the
Inter-State Commerce Commission, would look as if the hostile feeling
of the public is passing away, but, be that as it may, the situation is some
what political as well as a business one. If corporations are to be attacked,
and their earnings are to be curtailed, It does not seem worth while to add
to one's holdings; in other words, to buy trouble, but if any one believes
that this feature of the situation is bound to pass away, it would then look
as if securities might be carefully purchased where the recovery of business
would make greater earnings and prosperity. The hard times, accompanied by a large number of unemployed and reduction of dividends by
railroads whose stocks are held largely by the public, have had their effects
upon political sentiment. The sufferers are the innocent bystanders who
had no chance to make money in the past out of the corporation except to
buy stock at a high price and hold to a low point minus dividends. It
has somewhat been lost sight of that when you punish the corporation
you hit the stockholders and they are largely the middle class investors."
Charles H. Sabin, Vice-President of the Guaranty Trust
Co. of this city, was this week elected President, succeeding
Alexander J. Hemphill, who was chosen Chairman of the
board. At the annual meeting President Hemphill recommended that, on account of the multiplication of administrative duties and responsibilities occasioned by the large and
continuous growth of the company, the office of Chairman
of the Board be made an active one with powers and authority similar to those of the President. Acting on this recommendation the by-laws were amended accordingly. Levi
P. Morton, formerly held the latter office in an honorary
capacity, but, with the election of Mr. Hemphill the Chairman becomes an active officer of the company. At the
same meeting of the board Charles M. Billings was elected
Vice-President and L. D. Stanton an Assistant Treasurer.
Mr. Hemphill is a former successful railroad man; he joined
the Guaranty Trust Co. in 1905 and has been President
since 1909, when its capital, surplus and profits were $10,600,000 and deposits $79,500,000. During his administration the company has consolidated with the Morton,
Fifth Avenue and Standard trust companies, bringing about
an expansion in deposits to over $200,000,000 and increasing
the capital, surplus and profits to $31,360,000. Mr. Sabin
was born in Williamstown, Mass., is forty-six years old and
has had an unusually rapid and successful career in the
banking business. Starting in 1887 in the National Commercial Bank of Albany, he was made Cashier of the Park
Bank of Albany in 1898, Cashier of the Albany City National Bank from 1898 to 1902 and Vice-President of the
National Commercial Bank when the latter consolidated
with the Albany City National. In 1907 Mr. Sabin was
elected President of the National Copper Bank of this city
and after its merger with the Mechanics' National Bank in
1910. he was made Vice-Pre ident of the institution and in
July 1910 was elected Vice-President of the Guaranty Turst
Company.
—4
-John E. Parsons, one of the most prominent lawyers of
the city and distinguished for his activity as a philanthropist,
economist and financier, died on the 16th inst. in his eightysixth year. Mr. Parsons was one of the original members
[Vol,. 100.
of the Bar Association and was counsel of the Association
in the proceedings against Judges Barnard, McCann and
Cardozo. He was perhaps best known through his connection with the American Sugar Refining Co., with whose
organization and development he was actively concerned;
Mr. Parsons was counsellor for this—one of the earliest socalled trusts—from the time of its incorporation in 1891
until 1910. He carried it successfully through long litigation, but in 1909, following an investigation of the company's affairs, he was indicted with several others under
the Sherman Anti-Trust Act for conspiracy in restraint of
trade. The jury before whom the case was tried in 1912
disagreed, and there was no retrial; at the instance of United
States Attorney Wise the indictment was later dismissed.
Mr. Parsons was born in this city in 1829. He was graduated from New York University in 1848 and was admitted
to the Bar four years later. In January 1854 he formed a
partnership with Lorenzo B. Shepard and three years later
the name was changed to Man & Parsons. The firm of
Parsons, Shepard & Ogden was formed in 1890 and reorganized in 1902, then becoming, and since continuing as, Parsons, Closson & McIlvaine. Mr. Parsons at the time of
his death was a director of the Metropolitan Trust Co. and
a trustee of the Bank for Savings.
The Metropolitan Trust Co. has elected two new directors
to fill vacancies on the Board; Herbert Parsons of Parsons,
Closson & McIlvaine, was chosen to fill the place made vacant by the recent death of his father, John E. Parsons;
Harold I. Pratt of Chas. Pratt & Co., 26 Broadway, was the
additional director elected. Mr. Parsons represented the
Thirteenth New York City District in the 59th, 60th and
61st Congresses. He was President of the New York
County Republican Committee during the years 1905-1909
inclusive. He was formerly prominent in the National
Guard, where he served as Judge Advocate. He is President
of the Greenwich House Settlement and is interested in
various charitable institutions. Mr. Pratt is interested
either as director or officer in the following concerns:Brooklyn Trust Co., Brooklyn Savings Bank, the Thrift, Union
Mortgage Co., Chelsea Fibre Mills, Self Winding Clock
Co., Morris Building Co., and Paint Creek Coal & Land
Co. He is President of the Brooklyn Hospital and a trustee
of the Pratt Institute.
The directors of the Garfield National Bank of this city
appointed John W.Peddie as an Assistant Cashier.
Otis A. Glazebrook Jr., was this week appointed an
Assistant Cashier of the Metropolitan Bank of this city.
The private banking house of Joseph S. Marcus & Sons
at Madison Avenue corner of 116th Street, was taken over
as a branch of the Bank of United States of 77 Delancey
Street on the 19th inst. Joseph S. Marcus, senior member
of the firm, is President of the bank.
George E. Ide, President of the Home Life Insurance
Co., was elected director of the Title Guarantee & Trust
Co. on the 19th inst., succeeding Paul M. Warburg.
George P. Davis of the staff of the Mechanics' & Metals,
National Bank of this city reached his fiftieth year of service
with the institution on the 21st inst., and was called before
the board of directors to receive a money purse and aletter
of commendation for his faithful performance of duties.
The 1915 edition of "Practical Questions and Answers
Covering the Income Tax," the useful hand-book as issued
last year by the Broadway Trust Co., Woolworth Building,
this city, has been revised to date by counsel, and is being
distributed by the institution. The booklet is a practical
guide for•making the individual, corporation, partnership,
executor, trustee, &c.,income tax return to the Government.
Free copy may be obtained from the company on request.
The Kings County Trust Co. of Brooklyn has declared a
quarterly dividend of 5%,payable Feb. 1 to holders of record
Jan. 25. This is an increase in the quarterly distribution of
1% and places the stock on a 20% per annum basis, as against
16% paid previously.
The following officers of the Hudson Trust Co. of West
Hoboken and Hoboken, N. J., were elected Jan. 12 1915:
JAN. 23 1915.]
THE CHRONICLE
28 1_
Myles Tierney, President; Geo. W. Butts, Jas. R. Ferens elected Cashier. Harry Parsons Cross takes the place of
and J. H. P. Reilly, Vice-Presidents; August T. Pupke, the late R. I. Gammell on the board.
Assistant Secretary; Geo. A. Young, Assistant Treasurer
and Arthur M. Seitz, Assistant Secretary. Messrs. Ferens
At the annual meeting of the Merchants' National Bank
and Reilly had been, respectively, Treasurer and Secretary. of Providence on the 12th, Horatio N. Campbell
declined reelection as Vice-President; no action was taken toward electJ. William Clark has resigned from the board of the ing a successor to Mr. Campbell.
Essex County National Bank of Newark to comply with
the requirements of the Clayton Anti-Trust Law prohibiting
Olaf Olsen, for the last five years Assistant Cashier of
interlocking directorates. Mr. Clark is a director of several
the First National Bank of Boston, was elected a ViceNew York banking institutions, the Howard Savings InstiPresident of the institution at last week's annual meeting.
tution of Newark and several insurance companies.
Newly elected directors of the First are Frederick Ayer Jr.,
Carl P. Dennett, Levi H. Greenwood, Charles P. Hall and
Charles Niebling, a director of the American National Everett Morss. Palmer E. Presbrey retires from the
direcBank of Newark, N. J., has been chosen President of that torate.
institution in place of Emile C. Bataille, who has resigned
to go to Panama. Mr. Bataille will maintain, however, his
Benjamin Joy, Cashier of the National Shawmut Bank of
membership on the board of directors.
Boston, has become a Vice-President of the bank; Mr. Joy
will continue in the cashiership. The Shawmut has two
A consolidation of much importance in financial circles new directors in John Joyce of the Gillette Safety Razor Co.
occurred last Saturday in Jersey City when the Commercial and J. Franklin McElwain of the McElwain Shoe Co.
Trust Co. took over the Third National Bank and the Jersey Harry L. Burrage and Charles A. Locke have retired from
City Trust Co. of that city. The Third National is to be the board.
known in future as the Grove Street Branch of the Commercial Trust and the Jersey City Trust will be known as the
W.E.Jones of Hallowell, Jones & Donald has been elected
Commercial's Five Corners Branch. The enlarged Com- to the board of the Second National Bank of Boston; the
mercial Trust Co. of New Jersey opened for business on directorate of the institution now numbers thirteen as comMonday morning of this week with deposits of $17,226,240 pared with eighteen a year ago; during the year Henry
B.
and total assets of $20,995,072, making it one of the largest Day, Neal Rantoul and John E. Liggett resigned,
while
financial institutions in New Jersey. John W. Harden- Lucius Tuttle, Jacob W. Seaver and Charles F. Fairbanks
bergh is the President of the company; Robert S. Walsh and died.
William J. Field, Vice-Presidents; Jay S. Perkins, Secretary
and Treasurer, and J. R. Tennant, Assistant Secretary.
The American Trust Co. of Boston has the following new
The officers of the Grove Street Branch were formerly iden- directors on its board: Arthur B.Chapin, Louis A.Coolidge,
tified with the Third National Bank and the officers in charge Charles E. Cotting Jr., William R. Driver Jr., Wilmot R.
of the Five Corners Branch were officials of the Jersey City Evans Jr., John F.Perkins, Frederick R. Sears Jr. and Roger
Trust. The new institution has a capital of $3,500,000.
F. Sturgis.
The resources of the State Trust Co.of Plainfield aggregate
over $1,000,000 ($1,010,744) in its latest statement—that
for December 31 1914 and its deposits are shown to have
reached 54,060 at the close of the year, the company
having begun business on September 10 1910. Only a
year ago (December 31 1913) the deposits were but $606,552,
while on December 31 1912 they stood at $572,851. The
institution has a capital of $100,000 and surplus and profits
of $56,019. Its officers are R. Henry Depew, President;
E. F. Feickert and M.C. Van Arsdale, Vice-Presidents; and
H. C. Nash, Secretary and Treasurer.
James M. Aikman, Cashier of the Union National Bank
of Atlantic City, N. J., tendered his resignation on the 6th
inst., to take effect January 12. August F. Bolte, Assistant
Cashier of the Second National Bank of Atlantic City has
been elected as his successor.
It is reported that the directors of the Aetna and Hartford
National banks of Hartford, Conn., have appointed a joint
committee to formulate plans looking toward a consolidation of these two well-known institutions. As announced
in these columns last week, Harold W. Stevens, President of
the Hartford, has resigned and Charles E. Chase has been
elected in his place as a temporary arrangement. In the
event that the merger goes through it is understood that
Alfred Spencer Jr., the present head of the Aetna, will assume
the Presidency of the enlarged bank, which will have resources of $14,000,000 and be the largest bank in New England outside of Boston.
Stephen G. Pierce was elected Assistant Cashier of the
National Exchange Bank of Hartford at the annual meeting
last week. Mr. Pierce entered the service of the bank as
messenger in 1902, but two years later left it to accept a
post with the Phoenix National; he returned to the National
Exchange Bank in 1906; in 1907 he was appointed Discount
Clerk and since 1908 had been Teller. He has been active
in the affairs of the American Institute of Banking and was
President of the Hartford Chapter in 1911.
The directors of the Boston Safe Deposit & Trust Co.,at a
meeting on the 4th inst., elected the following new officers:
Herbert D. Heathfield, Secretary; William E. Nutting,
Manager of the safe deposit department, and Edward C.
Burrage, Assistant Manager.
A new banking institution opened in Philadelphia on the
1st inst. under the name of the Peoples Bank of Pennsylvania. It was chartered in November and has an authorized
capital of $50,000. The institution succeeds the private
banking business of Lipschutz & Wurzel, located at Seventh
Street and Girard Avenue. It started under the management of Charles Lipschutz, President; Maurice L. Wurzel,
Vice-President; J. C. Wurzel, Cashier, and Morris Haber,
Chairman of the Board. Cashier Wurzel committed suicide
on the 3d inst. by shooting himself, as a result, it is thought,
of a nervous collapse. An immediate auditing of the books
of the bank followed by the bank's chief accountant,
who
reported the assets correct and intact. Cashier Wurzel was
a cousin of Vice-President Wurzel. Anthony (1.
Felix,
who has been connected with the Central National
Bank,
and is Secretary of the Philadelphia Chapter,
American
Institute of Banking, has been elected as the new Cashier
of the People's Bank.
J. William Middendorf, of Middendorf, Williams
& Co.
of Baltimore, recently celebrated his forty-first
active year
of service in the banking field. He is perhaps
the oldest in
point of continuous service among the private
bankers of
Baltimore. Mr. Middendorf began his career Jan. 2 1874
as a partner of William B. Oliver.
Middendorf & Oliver
was continued until 1904, when Mr. Oliver
retired and the
new firm of J. William Middendorf & Co. was formed. The
present Comptroller of the Currency, John Skelton Williams,
was a member of the firm, but withdrew when the present
firm of Middendorf, Williams & Co:was organized, his place
being taken by his brother, R. Lancaster Williams. Mr.
Middendorf was closely associated with John Skelton
Williams in the formation of the Seaboard Air Line.
E.H. Jennings has been elected to succeed R. J. Davidson,
resigned, as President of the Columbia National Bank of
Robert H. Ives Goddard Jr. has been elected President
Pittsburgh. Mr. Jennings is also President of the Colonial
of the Providence National Bank of Providence, R. I., to Trust
succeed the late Robert I. Gammell, William Gammell has from Co. of Pittsburgh. Mr. Davidson has also retired
the board of the Columbia National.
been elected Vice-President and Earl G. Batty has been re-
282
THE CHRONICLE
Philander C. Knox, formerly Secretary of State, and
Thomas Morrison have entered the board of the Mellon
National Bank, filling the vacancies caused by the death
of Thomas Lynch and the resignation of B. F. Jones Jr.
J. I. Buchanan, President of the Pittsburgh Trust Co.,
has resigned as a director of the Keystone National Bank;
J. D. Rhodes takes Mr. Buchanan's place on the bank's
directorate.
C. E. Griffin and J. H. Schloter have been elected,respectively,Secretary and Treasurer of the Real Estate Trust Co.
of Pittsburgh; both had heretofore been Assistant Treasurers.
[VOL. 100.
efforts, if any, as might have been made by the Comptrollers' office to
require him to obey the law and conform to the regulations of the office
had been apparently fruitless.
Mr. Thompson and several other officers of the bank were required
to come to Washington, and the condition of the bank was discussed with
the Secretary of the Treasury, the Asisstant Secretary in charge of fiscal
bureaus and the Acting Comptroller of the Currency, and energetic measures were adopted to save the situation and protect the interests of the
bank's depositors.
As a result of these efforts, which have been unremitting during the
past eighteen months, the bank was made to reduce the loans upon which
Mr. Thompson was either maker or guarantor from $1,227,000 in April
1913 to $65,000 in August 1914. Meanwhile, other reckless and unlawful
practices which had been in force for a period of years were stopped; the
depositors were enabled to collect from the bank 31,318.000 of the $2,689,000 held in April 1913, so that the total deposit liabilities at the time
of the failure had been reduced to $1,371,000 and the loans to Mr.Thompson
on his direct paper and endorsements, as appears at the present time, to
approximately $100,000.
There has probably been no bank in the country which has received closer
attention from the Comptroller's office for the past eighteen months than
the First National Bank of Uniontown. Had it not been for these earnest
and diligent efforts of this office, the $1,318,000 of deposits paid off since
April 1913 might now be tied up or dissipated, and the $1,371,000 on deposit at the time of the closing of the bank,and which there is reason to hope
will be eventually paid in full, would also have been Jeopardized.
Several promotions occurred in the Farmers' Deposit
National Bank of Pittsburgh at the recent annual meeting.
J. W. Fleming, Cashier, was given the additional title of
Vice-President. M. A. Kendall was also elected a VicePresident and George C. Moore and J. H.Jones were apOn the 19th inst. in the United States District Court at
pointed Assistant Cashiers. All have been connected with Parkersburg, W. Va., Judge Mston G. Dayton, on the apthe bank for years.
plication of Attorney John J. Coniff, of Wheeling, appointed
William H. Hearn, a Wheeling lawyer and financier, as reThe First National Bank of Uniontown, Pa., closed its ceiver for the West Virginia properties of Josiah V. Thompdoors on the 18th inst. by order of its directors, after a con- son. On the same date the following receivers were apference between the board, Bank Examiner Smith and a pointed in Uniontown, Pa., for Mr. Thompson by Judges
representative of the Comptroller of the Currency. The J. Q. Van Swearingen and R. E. Umbel in Common Pleas
'suspension of the bank came as a surprise; only six months Court: Andrew Thompson, a son; William G. Laidley of
ago a dividend of 700% was declared by the institution on its Carmichaels, a business associate of Thompson, and John P.
capital of $100,000, the action, it was said, having been Brennan of Scottdale, President of the Producers' Coke Co.
taken in order to lower the amount of its subscription to and of the Thompson-Connellsville Coke Co. Josiah V.
stock in the regional reserve bank, the law requiring the Thompson entered the bank of his father in November 1871
national banks to subscribe therein to the extent of 6% of as a clerk, was advanced to the position of teller in April 1872,
their capital and surplus. Before the special dividend decla- to Cashier June 5 1877 and was made President of the instiration the surplus of the bank was said to have amounted to tution in March 1889.
$1,650,000. The President of the instutution, Josiah V.
Thompson, is reported to be one of the largest individual
George Walters has been appointed State Superintendent
coal land owners in the United States. Recently it was of Banks in Ohio, succeeding Emery Lattaner, who resigned
announced that he was negotiating for the sale of an extensive Jan. 1. Mr. Walters has been in the service of the Banking
tract of land to the United States Steel Corporation, and in Department since its organization in 1908. He is apaddition two important coal land deals were understood to pointed to fill the unexpired term of Mr. Lattaner to
be pending. It was said that as a result of these negotiations July 5 1916.
an effort was made to float a loan of $2,000,000, and when
Emery Lattaner, late State Superintendent of Banks in
this failed the closing of the bank was inevitable. The land
comprises a large part of 200,000 acres. The transaction Ohio, has acquired large holdings in the Colonial Savings
was to have involved $34,000,000, it is said. The total value Bank & Trust Co. of Fremont, Ohio, and has become Viceof the Thompson coal lands has been estimated as high as President of the institution. Controlling interest in the
$80,000,000. A statement issued at the office of the Comp- institution has been secured by Rush J. Christy, who has
troller of the Currency on the 18th inst. concerning the been elected President. Mr. Christy is a manufacturer
closing of the bank said:
of Fremont.
The sworn statement of the First National Bank of Uniontown, Pa., to
the Comptroller's office on Dec. 31 1914 reported a capital of $100,000.
surplus of $1,000,000 and undivided profits of $42,724. Demand deposits
at that time were reported at $1,282.000 and certificates of deposit $323,000.
Its loans and discounts, including overdrafts, on the date mentioned were
given at $2.093,000. It is understood that about $200,000 of its deposits
have been paid off since the Dec. 31 statement, reducing them to about
11.350,000 at this time.
By resolution of the board of directors this bank failed to open its doors
this morning, and is now in charge of National Bank Examiner Sheri11
Smith.
The First National Bank of Uniontown has been in an unsatisfactory
condition since prior to March 1912. Its liabilities have been largely reduced and liquidated as the result of earnest efforts on the part of this office
during the past 18 months, and it is hoped that its depositors may be
eventually paid in full. Its directors are trying to arrange for the reopening of the bank, but as to whether these efforts will succeed will probably not be known for several days.
At a meeting of the directors of the Guardian Savings &
Trust Co. of Cleveland last week, Judge Wm. B. Sanders
and John H. Farley, a former Mayor of the city, serving as
inactive Vice-Presidents, resigned, and George F. Hart and
H. C. Robinson were appointed active Vice-Presidents in
their stead. W. D. Purdon was advanced from Assistant
Secretary to the treasurership to fill the vacancy caused
by the advancement of Mr. Hart; A. G. Stucky, formerly
Assistant Treasurer, was made Assistant Secretary, and
W. R. Green was elected Assistant Treasurer. H. P. McIntosh Jr., Assistant Treasurer, was added to the board of
directors.
The State of Pennsylvania is said to have $45,000 on deAn increase of $400,000 in the capital of the Union Naposit in the institution, these funds being protected by a tional Bank of Cleveland was authorized by the stockcorporate surety bond of $45,000. Supplementing the
holders at their annual meeting on the 12th; the proposed
statement of the 18th inst., Comptroller of the Currency
ssue will raise the capital from $1,600,000 to $2,000,000;
Williams issued the following further announcement on the
the new stock will not be put out for several months; the
21st bearing on the affairs of the bank:
price at which it is to be issued will be determined later.
In the spring of 1913. soon after the beginning of the present Adminisadvanced from the post of Assistant
tration, the acting Comptroller of the Currency, Mr. Kane. brought to E. E. Creswell has been
my attention as the Assistant Secretary of the Treasury in charge of fiscal Cashier to a vice-presidency in the Union National. Mr.
bureaus the matter of the First National Bank of Uniontown. Pa.
Creswell and Cashier W.C. Saunders have been made direcI found that the situation VMS a serious one and promptly made a searchtake the places on the board of Leonard
ing investigation into its conditions and management. I found that the tors of the bank; they
bank was conspicuously a "one-man bank" dominated and run by J. V Schlather and B. G. Tremaine, resigned.
Thompson, prominent as a coal operator and dealer in coal lands in Pennsylvania.
An examination by a National Bank Examiner in April 1913 showed that
a surplus of $1.531,000, the dethe bank claimed a capital of $100.000 and
posits amounting to 32,689,000. The Examiner reported, however, that
direct and indirect loans to the President of the bank. J. V. Thompson,
aggregated $1,227.000,and that,in addition to this, the bank had discounted
were given to Mr. Thompson for $120,000
aper, the proceeds of which
making the total direct and indirect loans to Mr. Thompson
interests $1,347,000, or more than one-half of the entire
and his Immediate
deposits of the bank.
thermore, it appeared that these direct and indirect loans to Mr.
at approximately $1,000,000 or more—ten
Thompson had been running
during the preceding ten years, and that such
times the bank's caldtal--
Carl R. Lee has been elected an Assistant Cashier of the
Bank of Commerce N. A. of Cleveland.
L. A. Murfey, heretofore Vice-President and Cashier of
the National Commercial Bank of Cleveland, has relinquished
the cashiership, in which office he is succeeded by S. C.
Payne, Assistant Cashier. H. C. Hutchinson and E. T.
Shannon have been made Assistant Cashiers.
JAN. 23 1915.]
THE CHRONICLE
283
— —
J. S. Rawson, Vice-President of the Central Trust Co. of
J. H. ViThitelaw, Cashier of the National City Bank of
Cleveland, has been elected to the directorate to fill the Des Moines, Ia., was elected President of that institution
on the 5th inst., to succeed J. D. Whisenand, who died revacancy due to the death of O. K. Brooks.
cently. Mr. Rawson is succeeded in the vice-presidency
H. S. Pickands has been elected a director of the First by Charles L. Gikrest, who was also elected a director.
National Bank of Cleveland and the First Trust & Savings
Frank W. Merrick has been appointed to succeed Edward
Bank. T. P. Robbins has also been elected to the board
H. Doyle as State Bank Commissioner of Michigan. Mr.
of the last-named institution.
Doyle's term expired on Jan. 18. Mr. Merrick has been
Charles W. Dupuis has been promoted from the post of Cashier of the Pigeon State Bank of Pigeon, Mich., for
Cashier to a vice-presidency in the Second National Bank eighteen years.
of Cincinnati; J. G. Gutting, heretofore Assistant Cashier,
Charles R. Talbot and Samuel R. Kingston were elected
has been advanced to the cashiership; C. A. Bosworth was
re-elected President and F. L. Cook continues as Vice- additional Vice-Presidents of the National Bank of Commerce of Detroit at the annual meeting of directors, and
President.
W. H. Courtaine was chosen Assistant Cashier. Both
A new vice-presidency has been created in the First Na- Mr. Talbot, who was Assistant to the President, and Mr.
tional Bank of Toledo and Harold S. Reynolds, son of Presi- Kingston, formerly Assistant Cashier, have been with the
dent Frederick J. Reynolds, has been elected to fill the new institution since its organization. Mr. Courtaine was
office. The bank now has four Vice-Presidents, the other previously Assistant Cashier of the Commerce, but resigned
three being Rathbun Fuller and John N. Willys and Joseph about a year ago to take a similar position with theAmerican
State Bank.
M. Spencer, Vice-President and Cashier.
Authority was granted on the 5th inst. to the Dime Savings Bank of Toledo, 0., to increase its authorized capital
stock from $200,000 to $300,000.
——
•
The Indiana State Bank of Indianapolis has been converted
into a national bank under the name of the Commercial
National Bank. It began business under its new name on
Dec. 28. The officers of the new bank are Brandt C.
Downey, President; Francis I. Galbraith and H. H. Woodsmall, Vice-Presidents; W. J. Flickinger, Cashier and Henry
M. Cochrane, Assistant Cashier. The capital of the bank
'remains unchanged at $300,000.
— —
Bert McBride was elected President of the National City
Bank of Indianapolis at the annual meeting on the 12th inst.
Mr. McBride has been President of the Security Trust Co.;
as President of the bank he succeeds James M. McIntosh,
who has become Chairman of the bank's board.
— —
Mord Carter has retired as Vice-President and director
of the Continental National Bank of Indianapolis. Thomas
Richards has been made Auditor of the Continental.
J. B. Whitnall, President of the German-American Bank
of Milwaukee, retired from that position at the recent annual
meeting, and Edward A. Farmer was elected to succeed him.
Mr. Farmer has been connected with the bank for the past
fourteen years, the last four years of which he has been its
efficient Cashier. L. E. Kilian, Assistant Cashier, was
chosen Cashier.
A. V. Ostrum, Cashier of the Northwestern National Bank
of Minneapolis, was made a Vice-President at the annual
meeting on the 12th. Robert E. Macgregor, Assistant
Cashier, has been promoted to the Cashierslaip. W. E.
Briggs, formerly Vice-President of the Stockyards National
Bank of South St. Paul, was formally installed as a VicePresident of the Northwestern National at the annual
meeting. Mr. Brigg's election to his new post was announced last month. Vice-President °strum entered the
Northwestern National as Assistant Cashier at the time of
the absorp lion by the Northwestern in 1908 of the SwedishAmerican National Bank, of which he had been Assistant
Cashier. He was made Cashier of the Northwestern National in 1912. The new Cashier of the Northwestern,
Mr. Macgregor, has attained his present post after seventeen
years of service with the Northwestern, rising to the office
When a man under two score is elected Vice-President of through successive steps from a clerkship. W. G. Northup
an old-established financial institution of the foremost rank, has resigned as a director of the Northwestern National beone of two courses is certain: he is either a heavy stockholder cause of his other directorships.
or one to whom circumstances and opportunity have served
only to emphasize character and ability. In the latter class
Mr. Northup, who was already a director of the Minneis John F. Hagey,elected Vice-President of the First National apolis Trust Co., has
been elected to the board of its affiliated
Bank of Chicago at the meeting of the board of directors institution, the
First National Bank of Minneapolis.
on the 12th inst. Mr. Hagey entered the employ of the bank
in December 1901, having graduated from the Chicago ColJoseph R. Byers, heretofore Assistant Cashier of the Minlege of Law the preceding year, and continued in the legal
nesota Loan & Trust Co. of Minneapolis, has been made
department, becoming an officer of the bank with the title
Cashier, succeeding S. S. Cook, who resigned with his
of Assistant Attorney in 1909. The following year brought appointment as Cashier
of the Minneapolis Federal Reserve
the marked change in the career of Mr.Hagey,for it was then Bank. P. C. Van Dusen has
been made a director of the
he gave up the profession of the law for that of banking, trust company to take the
that
place which had been vacant
being elected Assistant Cashier. In the First National's since the death of William H.
Dunwoody.
official organization the accounts of banks and bankers are
"Division F,"
handled exclusively in one group, known as
Otto M. Nelson has been advanced from the post of
and in this division Mr. Hagey assumed his new position
under Vice-President August Blum, whom he now succeeds. Cashier to that of Vice-President of the First National Bank
Mr. Hagey was born in Ottawa, Canada, Oct. 11 1876, but of St. Paul. C. H.Buckley succeeds Mr. Nelson as Cashier.
spent his school days in Iowa, graduating from high school New directors on the board of the First National are P. L.
in Davenport. He is a graduate of the University of Chi- Howe, of the Imperial Elevator Co.; Otis Everet, President
cago, a member of the University Club and the Homewood of the Northwestern Trust Co.; J. M. Hannaford, President
of the Northern Pacific RR.,and M.R.Brown,of the Great
Country Club.
Northern RR.
Frank Ransford has been elected President of the Ogden
E. H. Moulton, a trustee of the Farmers' & Mechanics'
Avenue State Bank of Chicago, succeeding B. J. Glaser, Savings Bank of
Minneapolis for forty years, and one of the
who recently resigned owing to ill health. Mr. Glaser still founders of the
bank, has resigned his trusteeship, his action
director of the bank.
remains a
being due to his decision to reside permanently in California.
At the annual meeting of the North Avenue State Bank of
Chicago on the 5th inst. Jacob Mortenson resigned as VicePresident and J. T. Emery was elected to succeed him.
C. E. Stimming was also elected an additional Assistant
Cashier. It was also voted to reduce the number of directors
from thirteen to seven.
George F. Orde, the well-known Minneapolis banker, was
elected President of the Twin City Bankers' Club at the annual meeting held on the 15th inst. Henry von der Weyer,
Vice-President of the Merchants' National Bank of St. Paul,
was elected Vice-President, and Robert E. Macgregor,
Cashier of the Northwestern National, was chosen Secretary. Mr. Orde, who is Vice-President of the Scandinavian-
284
THE CHRONICLE
[VOL. 100.
American National Bank, has long been active in the affairs latter continues as a member of the Executive Committee
of the bank. The following are new directors of the instiof the Club.
tution: T. B. Armistea-I, President of the Red Diamond
Victor B. Caldwell, Vice-President of the United States Clothing Co.; William M. Sloan, General Manager of the
National Bank of Omaha, and Milton T. Barlow, President McElroy-Sloan Shoe Co., and Louis F. Lumaghi, President
have exchanged places, Mr. Caldwell taking the presidency of the Lumaghi Coal Co.
and Mr. Barlow assuming the vice-presidency. With regard to the change Mr. Caldwell is quoted as saying: "Mr.
Three new directors have been elected to the board of
Barlow and myself have worked together here in the bank for the National Bank of Commerce of St. Louis, viz.: Heman
twenty-five years, and the change now made was initiated J. Pettengill, John T. Milliken and F. H. Britton.
and absolutely insisted upon by him. It involves no change
whatever in the management of the bank, no retirement at
Edward Beisbarth, heretofore Vice-President and Cashier
all on Mr. Barlow's part and no lessening in any way of his of the Broadway Bank of St. Louis, Mo., has been elected
activity in the business. He simply has insisted upon my President of the institution, succeeding F. Ernest Cramer,
trading positions with him and I have consented."
resigned. George F. Rueckoldt succeeds Mr. Beisbarth in
the vice-presidency. Walter Junghaus and Henry WichSeveral new officials have been recently appointed in the mann have been elected directors, succeeding E. Wachter
Utah State National Bank of Salt Lake City. Rodney T. and Eugene Freund, resigned. The acquisition of controlBadger, Cashier, was elected Vice-President to succeed ling interest in the institution by Mr. Beisbarth was noted
Charles S. Burton, who resigned to accept the presidency in our issue of Dec. 5.
of the new Farmers' & Stockgrowers' Bank. Henry T. McEwan was advanced from the office of Assistant Cashier to
Charles Nagel, Secretary of Commerce and Labor in
that of Cashier, and George H.Butler, previously note teller, President Taft's Cabinet, was added to the board of directors
was made Assistant Cashier.
of the St. Louis-Union Trust Co. at the late annual meeting.
Mr. Nagel was the only new director of the eight elected
The distribution of $600,000 among stockholders of the for three-year terms.
Lafayette Bank will be a feature of the consolidation of that
institution and the South Side Bank of St. Louis, which has • Jacob H. Graves has been elected President of the Second
been formally agreed upon and announced on the 15th inst. National Bank of Lexington, Ky., succeeding the late David
The two banks when united will be succeeded by a new insti- H. James. Walter K. Patterson was elected to the vicetution to be known as the Lafayette-South Side Bank of St. presidency made vacan by Mr.James' advancement.
Louis with a capital of 00,000, surplus of $400,000 and
undivided profits of $48,000. Louis J. Nicholaus, TreasA consolidation was effected on the 7th inst. of the Union
urer of the Altheimer & Rawlings Investment Co. of St. Trust Co. of Nashville and the State Bank & Trust Co.
Louis, is said to have been instrumental in arranging the The enlarged institution operates under the title of the lastmerger, he having represented the Anheuser-Busch interest named company. The uniting institutions each had a capiin the transaction. August A. Busch will be President of tal of $100,000. R. E. Donnell is President of the State
the new institution, which, it is expected, will open with total Bank & Trust Co.
deposits of nearly $9,000,000 and total resources of nearly
$10,000,000. All the directors of the consolidating banks
In its new statement under date of Dec.31 1914 the Fourth
will be on the board of the new institution, and it will erect & First National Bank of Nashville, Tenn., reports deposits
and occupy a modern one-story building for the exclusive of ,731,786 and aggregate resources of $14,504,837. The
use of the bank, to be located on Broadway between Park bank has a capital of $1,100,000 and surplus and undivided
and Russell avenues. The stockholders of each of the con- profits of 64,973. The First Savings Bank & Trust Co.,
solidating banks will put up a fund of $100,000 to guarantee an affiliated institution, has deposits of $1,191,914 and total
their assets, which will be paid into the new bank at par. At resources of $1,518,636.
the end of three years the two funds, with interest at 5%,
will be distributed among the original stockholders pro rata.
William F. Reilley, heretofore Assistant Cashier of the
The capital of the South Side Bank is $500,000 and that of Commercial Bank of Savannah, Ga., was elected Cashier
the Lafayette Bank $200,000. The latter figure will be on the 5th inst., succeeding the late Charles Edmondston.
increased to $300,000 for the purposes of consolidation, and
the amount of surplus will be adjusted so as to make the same
Samuel M. Inman, merchant, philanthropist and "Atratio there as between the stocks of the consolidating banks.
It is believed that fully $600,000 will then remain to be dis- lanta's First Citizen," died in that city on the 12th inst. in
tributed among the stockholders of the Lafayette Bank. his 72d year. Mr. Inman was the senior partner in the wellHolders of Lafayette stock will receive 1M shares of stock known cotton firm of S. M. Inman & Co., which in the
in the new bank for each share of their present holdings, '70s and '80s did the largest cotton business in the South;
while holders of South Side stock will exchange share for at one time it was said to be the largest in the world, the
name "Inman" being universally known to the cotton
share in the stock of the new institution.
industry. Mr. Inman was particularly well known in
Atlanta he was
In the Mechanics-American National Bank of St. Louis Georgia, the State of his adoption. In
beloved not only for his loyalty to the city, but for his greatthe only change made at the annual election of officers was
character and his generosity to all public enterprises,
the changing of positions by Jackson Johnson and Frank 0. ness of
never refusing to donate liberally of his wealth to a worthy
Hicks, respectively First and Second Vice-Presidents,
said he was the best friend of education the
Mr. Hicks taking the rank of First Vice-President. The cause. It is
known, his gifts to the various schools and
other officers were re-elected as follows: Walker Hill, Presi- South has ever
colleges being numerous. Mr. Inman was on the direcdent; Ephron Catlin, Third Vice-President; Joseph S.
number of boards; he was a staunch friend of
Calfee, Cashier, and Charles L. Allen, James R. Leaven, torate of a
was a director of the Lowry National
H. Miller and William H. Hettel, Assistant Cashiers. Colonel Lowry and
Philip
Bank up to the time of his death. The Atlanta Chamber of
Commerce and the Retail Merchants' Association of that
F. K. Houston, Assistant Cashier of the Third National city both passed resolutions of condolence. During the
Bank of St. Louis, and Walter W. Smith have been elected period of his funeral, from 10:30 a. m. to 12:30 p. m., all
Vice-Presidents of the bank. Mr.Houston entered the Third business in the city was suspended out of respect to his
National two years ago. Like President F. 0. Watts, Mr.
memory.
Houston came from the old First National of Nashville.
Beverley D. Harris withdrew on the 12th inst. as First
Julius W. Reinholdt, Vice-President of the Boatmen's Vice-President of the South Texas Commercial National
Bank of St. Louis, has been elected Acting Cashier, E. M. Bank of Houston as a result of his election as a Vice-President
Hubbard having resigned the cashiership. Assistant Cashier of the National City Bank of New York. To fill the vaC. R. Laws has been elected Vice-President.
cancy in the South Texas Commercial National created by
the retirement of Mr. Harris, J. A. Pondrom,formerly ViceJ. R. Curlee, Secretary of the Carleton-Ferguson Dry President of the Texarkana National Bank, was elected
Goods Co., has been elected Vice-President of the Central First Vice-President and a director. S. M. McAshan,
National Bank of St. Louis, succeeding J. L. Griswold; the Cashier of the South Texas Commercial National becomes
JAN. 23 1915.]
THE CHRONICLE
a director and is promoted to the position of Vice-President
and Cashier. P. J. Evershade and Paul G. Taylor continue as Assistant Cashiers, and Geo. Ellis Jr., in recognition
of efficient services, was elected an additional Assistant
Cashier. James A. Baker is President of the institution.
J. T. Scott, who has been instrumental in the upbuilding
of the First National Bank of Houston, Tex., was elected
last week as President of that well-known institution, succeeding the late 0. L. Cochran. Mr. Scott, who has been
the senior Vice-President of the "old" First for many years,
is considered one of the ablest bankers in the South and his
advancement has received popular endorsement. The
other officials elected at the annual meeting in addition to
Mr. Scott, were F. M. Law and W. S. Cochran, VicePresidents. F. E. Russell, Cashier, and George G. Timmins, J. L. Russell, J. W. Hazard and H. B. Bringhurst,
Assistant Cashiers.
January -February _
March...._
April
May
June
July
August
September
October _
November
December.
285
EXCESS OF EXPORTS OR IMPORTS.
Merchandis
1914.
1913.
1912.
1914.
1913.
+349,324 +$63,970 +558.860 -33.528+311.028
+25,875 +44.083 +84,656 +5.870 +7,016
+4,944 +31,981 +47,835-5,210+13,696
-11,209 +53,619 +16,729 -3,053 -1,004
-2,549 +60.883 +19,682 +14,862 +7,906
-457 +32.159
+7,203 +44,290 -2.818
-5,538 +21,929
+218 +30,278
+795
-19.401 +50,257 +13,088 +15.081 -4,609
+16,341 +47,155 +54.858 +19,125 -4,131
+56,631 +138,912 +76,646 +44,357 -4,907
+79,411 +97,303 +125,149 +7,135
-378
+131,863 +49,170 +98,221 +3,978 +5,500
Total.... +3325,235+3691,422+3381.145+165,2288+28,094
+ Exports - Imports.
Saver
1914.
+$1,692
+1,678
+1,314
+2,329
+3,090
+2,817
+2,713
+1.630
+3.526
+1.248
+1,133
+2,573
1913.
1+2,235
+2.834
+2,353
+3.164
+2,236
42,367
-1 2.317
+1.507
+2.758
+2,326
+1,834
+1.648
325,644 +826.909
Totals for merchandise,gold and silver for twelve months:
Merchandise.
Twelve
Months.
(000s
wanted)
Gold.
Excess
of
ExExports ports.
Excess
Imof
Ks
ports. Exports porn.
Excess
linof
ports. ExportS
$
1914_ 2,114.257 1.789,022321,235 222,616
1913.- 2,484,018 1,792;596691,421 91,799
2,399.218 1,818,073581,145 47,425
1911._ 2,092,527 1,532.359560,168 37,183
1910... 1,816,250 1,582,904303,354 58,775
1909._ 1,728,199 1,475,121252,678 132,881
I Excess of Imports.
57,388 165,228
63,701 28,094
68,549119,124
57,445 /20,282
59,222
PIC
44,087 88.794
25,959
35,86
48,401
43,746
45,878
48.18
(0008
mined)
Excess
Insof
Exports. Exports ports.
Exports.
Iris.
ports.
51,603
62,777
71,962
85.664
57,361
57,592
$
25.644
26,909
23,561
21,918
11,488
11,404
The vacancy in the offici-al staff of the American National
Bank of San Francisco due to the recent resignation of
Russell Lowry, Vice-President, to accept the position of
Deputy Governor of the Federal Reserve Bank of San Francisco, has been filled by the appointment of D. B. Fuller,
Cashier, as Vice-President; I. H.Sanborn,formerly Assistant
Cashier, has been promoted to the cashiership.
1914 _ _ _
1913._ _
1912 _ _
1911._
1910_ _ _
1909_ _
Etports.
$
1,087,414
1,317,736
1,299.602
1,104,706
1,061,500
940,225
Insports.
of
ExExports ports.
$
$
1
808,106259,308 138,642
913.010404,726 28,065
933,422366,180 14.028
769,513335,193 23,931
763,480298,520 9,258
757.523 182.702 69.046
Ca Ca o&CJCa
C90
Crt Ca
Co 00- -nAt-a..
0
J. Howard Ardrey, the popular Cashier of the City National Bank of Dallas, Tex., has been given the additional
office of Vice-President, succeeding E. 0. Tenison, who
resigned some time ago to become Chairman of the board of
Similar totals for the six months since July 1 for six years
the National Reserve Bank of Dallas. It is understood that
make the following exhibit:
this arrangement is only temporary, as a new Cashier is to
be appointed when Mr. Ardrey will become Active ViceMerchandise.
Gold.
Silver.
Six
President.
Months.
Huns
$
111,998
17.73
/27,256
259
130,576
45.094
$
26,093
29,456
38,293
31,221
30,307
28.233
Itll-
ports
Excess
of
Pxports
$
$
13,369 12,724
17,736 11,720
23,137 15,156
21,706 9,435
23,977 6,330
23.317 4.916
I Excess of imports.
Jesse W. Lilienthal Jr., w- ho has been identified with the
DEBT STATEMENT OF DECEMBER 31 1914.
bond department of the Anglo & London Paris National
The following statements of the public debt and Treasury
Bank of San Francisco since its inception, has been appointed
an Assistant Cashier of this progressive institution.
cash holdings of the United States are made up from official
figures issued Dec. 31 1914. For statement of Nov. 30 1914
George Burn, General Manager of the Bank of Ottawa
(Ottawa, Canada), was honored the past week by being see issue of Dec. 26 1914, page 1886; that of Dec. 31 1913,
elected President of the Canadian Bankers' Association at see issue of Jan. 17 1914, page 212.
its meeting held in Montreal. C. A. Bogert, General ManINTEREST-BEARING DEBT DEC. 31 1914.
ager of the Dominion Bank, was elected additional ViceAmount -Amount Outstanding
---President of the Association to fill the vacancy caused by
Interest Issued.
Registered. Coupon.
Total.
Title of Loan
-Payable.
Mr. Burns' promotion. The other Vice-Presidents of the
$
$
$
Q.
-J. 646,250,150 643,185,650 3,064,500 646,250,150
Association are Sir Frederick Williams-Taylor of the Bank 25, Consols of 1930
3s, Loan of 1908-18
Q.
-F. 198,792,660 46,485,420 17,460,040 63,945,460
of Montreal, E. L. Pease of the Royal Bank of Canada 4s. Loan of 1925
Q.
-F. 2162,315,400 101,279,400 17.210,500 118,489,900
2e, Pan. Canal Loan 1906..Q.
and Alexander Laird of the Canadian Bank of Commerce
-F. 54,631.980 54,611,420
20,560 54,631,980
2s, Pan. Canal Loan 1908.Q.
.
-F. 30,000,000 29,687,520
312,480 30,000,000
IMPORTS AND EXPORTS FOR DECEMB
The Bureau of Statistics at Washington has ER.
issued the
statement of the country's foreign
for
from it and previous statements trade haveDecember, and
we
prepared the
following interesting summaries:
FOREIGN TRADE MOVEMENT OF THE
UNITED STATES.
(In the following tables three ciphers (000) are
in all cases omitted.)
MERCHANDISE.
Exports
Imports
1914.
1913.
1912.
1914.
1913.
1912.
January
204.067 $227,033 $202,446 $154,743 $163 063
$143,686
February._
173,920
193,997
198,844
148,045
149,914
134,18s
March
187,499
187,427
205,412
182,555
155,446
157,677
April
182,553
199,813
179,300
173,762
146,194
162.571
May
161,733
194.607
176.380
164.282
133,724
155,698
June
157.072
163,403
138,234
157,629
131,246
131,031
July
154,139
160,991
148,885
169,677
139,062
148,667
August
110.367
187.909
167.845
129.768
137,652
154,757
September... 156,052
218,240
199,678
139,711
171,086
144,820
October
194.
271,861
254,634
138.080
132,949
177,988
November
205.878
245.539
278,244
126,467
148,236
153,095
December
246,266
233,196
250,316
114,403
184,026
154,095
Tots
$2.114,257 52.484.018 32.399.218 $1,789,022 31.792.596 31.818.07
5
GOLD.
Exports
Imports
1914.
1913.
1912.
1914.
1913.
1912.
January
86.914
$17,238
$1,915
$10.442
86,210
$5,141
February......
9.079
12,373
10,589
3.209
5,357
2,937
March
2.632
18.077
7,454
7.842
4,381
4,336
April
407
3,010
1.817
3,460
4,014
3.893
May
16,835
12,467
4,451
1.973
4,561
3,847
June
48.107
569
7,171
3,817
3,387
6.611
July
33,669
8,654
7.265
3,392
7,839
3.748
August
18.126
1.195
2,498
3,045
5,804
5,677
September.21.887
496
568
2,762
4,627
4,201
October
50,302
484
330
5,945
5,391
11,887
November...
14,527
6.663
2.710
7,392
7,041
4.474
December
131
10,573
657
4,109
6,073
11,897
Total
3222.616
$91,799
$47,426
$57.388
383.705 388.649
SILVER
-Exports
Imports
1914.
1913.
1912.
1914.
1913.
1912.
January
$4,010
$6,436
36,028
32,318
14.201
34,358
February
3,592
5,315
5,122
1,914
2,481
3,781
March
3,882
5,537
5,806
2,567
3,184
3,712
April
4,543
5,972
4,941
2,214
2.808
4,189
May
4,845
5,329
6,726
1,755
3,093
4,345
June
4,639
4,732
5,046
1,822
2,365
4,880
July
3,953
4,936
6,591
1,240
2,799
3,436
August
3,627
4,908
8.077
2,097
3,401
3,952
September.....
5,390
5,856
6,011
1,864
3,098
3,649
October
3,972
4,874
6,172
2,724
2,538
4,684
November
3,838
4,423
5,834
2,705
3,089
3,417
December ___
5,312
4,458
7,608
2,739
2,810
3,998
Total
$51,603
$62,776
171,962
$25,959
$35,867
148.401
3s, Pan. Canal Loan 1911.Q.
-S.
2 is,Post.Say.bds.'11-'13.2.-J.
2Sis.Post.Say. bds.1914.J.
-J.
50,000,000 40,432,300 9.567,700 50,000.000
4,635,820
4,016.920
618,900 4,635,820
872,240
769,580
102,660
872,240
Aggregate lot.
-bearing debt__ 1,147,498,250 920,468,210 48.357,340 968,825,550
*Of this original amount issued, $132,449,900 has been
Consols of 1930 and $2,397,300 has been purchased for therefunded Into the 2%
sinking fund and canceled. r Of this original amount issued,
$43,825,500 has been purchased for the
sinking fund and canceled.
DEBT ON WHICH INTEREST HAS CEASED
SINCE MATURITY.
Nov. 30.
Dec. 31.
Funded loan of 1891. continued at 2%,called
May 18
1900,interest ceased Aug. 18 1900
Funded loan of 1891, matured Sept.2 1891
Loan of 1904, matured Feb.2 1904
Funded loan 01 1907. matured July 2 1907
Refunding certificates, matured July I 1907
Old debt matured at various dates prior to
Jan. 1 1861
and other items of debt matured at
various dates
subsequent to Jan. 1 1861
4,00000
23,650 00
13,05000
568.250 00
13,130 00
34,000 00
23,650 00
13.050 00
561.330 00
13.08000
903.550 26
903,540 26
Aggregate debt on which interest has ceased
since
maturity
31,525,630 26 51,518,670 26
DEBT BEARING NO INTEREST.
Nov. 30.
Dec. 31.
United States notes
1346,681.01600 5348.681,01600
Old demand notes
53,152 50
53.15250
National bank notes, redemption
15,269,37550
15.192,43300
Fractional currency, less 38,375,934 estimated
as
lost or destroyed
6,851,797 90
6,851,797 90
Aggregate debt bearing no interest
5368,855,341 90 3368,778,399 40
RECAPITULATION.
Increase(+)or
Dec. 311914.
Nov. 30 1914.
Decrease (-).
Interest-bearing debt
8968,825,550 00 8968,825,550 00
Debt interest ceased
1,518,670 26
1,525,630 26
-56,960 00
Debt bearing no Interest....
368,778,399 40
368,855,341 90
-76,942 50
Total gross debt
31.339,122.61966 31,339,206,522 16
-383,90250
Cash balance in Treasury
233,951,927 76
238,771,219 32 -4,819,291 56
Total net debt
31,105,170,691 90 $1,100,435,302 84 +34,735,389 06
• Includes $151,988,820 11 reserve
fund.
a Under the new form of
statement adopted by the United States Treasury on
July I. the item "national bank
the "debt bearing no interest," notes redemption fund" is not only included in
but appears as a current liability in the TreasurY
statement of "cash assets and liabilities."
In arching at the total net debt, therefore, and to avoid duplication,
the amount is eliminated as a current liability.
increasing to that extent the cash balance
in the Treasury.
The foregoing figures show a gross debt on Dec. 31 of
$1,339,122,619 66, and a net debt (gross debt less net cash
in the Treasury) of $1,105,170,691 90.
TREASURY CURRENCY HOLDINGS.
-The following
compilation, based on official Government statements, shows
of
the currency holdings of the Treasury at the beginning
on the first of October, November and December
business
1914 and January 1 1915.
ou. 1 1914. Nov. 1 1914. Dec.1$1914. Jan. 11915.
3
8
Holdings in Sub-Treasuries272,336,020
Net gold coin and bullion
16,057,609
Net silver coin and bullion
5,211
Net United States Treas. notes
9,706,776
Net legal-tender notes
27,015,607
Net national bank notes
21,493,978
Net subsidiary silver
2,497,958
Minor coin,dm
3
256,214.219
18,471,559
8,611
11,777,297
37,949,831
21,174,024
2,056,317
251,082,788
34,999,130
9,155
27.703,240
69,950,581
21,015,502
2,306,702
263.650,970
44,779,612
9,759
36,268,000
65,208,492
20,670,681
1,792,234
Total cash in Sub-Treasur1es...349,113,159 345,651,858:907,047,038
150,000,000 150,858,106 151,324.889
Less gold reserve fund
balance in Sub-Treasuries_199,113,159 194,995,752 255,722,149
Cash
Cash In national banks
To credit Treasurer of U. S__ - 65,887,139 65,742.795 72,931,350
6,854,322 8,773,733
To credit disbursing officers_ _ _ 8,854,322
432,375,748
151,988,820
280.390,928
69,631,331
8,248,498
72,741,461 72,597,117 81,705,083 77,879,829
5,021,680
3,474,247
4,874,294
3,821,730
Total
Cash in Philippine Islands
Net cash in banks, Sub-Trer9s_275,676,350 272,467,163 342,448,892 361,745,004
147,705,198 154,124,559 155,335,779 142,757,761
Deduct current liabilities a
127,971,152 118,342,604 187,113,113 218,987,243
Balance
National bank redemption fund_ 15,766,843 28,702,628 113,611,269 152,216,568
112,204,309 91,639,976 73,501,844 66,770,675
Available cash balance
a Chiefly disbursing officers' balances. x Includes $3,379,945 Silver bullion
and 81,729,234 16 minor coin, &c., not included in statement "Stock Of Money."
TREASURY CASH AND DEMAND LIABILITIES.
The cash holdings of the Government as the items stood
Dec. 31 are set out in the following:
LIABILITIES,
ASSETS.
Trutt Fund Liabilities:
Trust Fund Holdings:
967,974,869 00
coin and bullion_ _ 967,974,869 00 Gold certificates
Gold
480,259,000 00
480,259,000 00 Silver certificates
Silver dollars
2,351,000 00
2,351,000 00 neasury notes
Silver dollars of 1890_
Total Trust Liabilities1,450,584,869 00
1,450,584,869 00
Total trust fund
Gent Fund Liabilities:
General Fund Hold'gs:
In Treasury Offices
In Treasury Offices:
Disbursing officers'
64,405,030 57
Gold coin
61,970,265 33
balances
47,257.120 00
Geld certificates
586,903 47
Outstanding warrants
Standard sliver dollars 16,341,375 00
Outstanding Treasur25,058.292 00
Sliver certificates_ _
2,836,766 98
er's checks
36,268,000 00
United States notes
Outstanding interest
9,75900
Treasuiy notes of 1890
289,188 61
checks
Certified checks on
3,187,199 13
P.0. Dept. balances_
274.322 67
banks
2,134.740 52
Postal savings bats_ .._
65,208,491 08
National bank notes_
Judicial officers' bal20,670,680 52
Subsidiary silver coin_
9,676,000 02
ances, e‘c
150 05
Fractional cutrency_
Redemp'n fund, Fed1,517,761 44
Minor coin
370,635 00
eral Reserve notes_
3,379,945 00
Silver bullion
National bank notes
•15,192,433 00
Redemption fund_
280.3110,928 23
Total
Retirem't of additi
In Nat. Bank Deposit's:
circulating notes
62
.831,
To credit Treas. U.IL
Act May 30 1908_ 137,024,134 80
postmasters,
To credit
National bank 5% Id. 35,592,606 04
19
8,248,498
judicial officersoko.
Assets of failed na1.406,679 07
tional banks
81
Total In banks____
Miscellaneous (ex4
In Treas. Philippines:
12,045,578 73
changes, dm.)
To credit Treas. U.S. 11,127,668 86
To credit of disburs282,313,130 70
Total
2,346,578 12
ing officers
In National Bank depositariesL 3,474,246 98
Total in Philippines
Judicial officers' bal.
8,248,498 19
ances, &c
1.343,12535
Outstanding warrants
4,77,879,828
• Total in banks_
In Treasury Philippines:
Disbursing officers'
balances
Outstanding warrants
9,591,623 54
2,346,578 12
722,997 01
3,069,575 13
Total
Tot, liabilities against
294,974,329 37
cash
Cash Bal. en Reserve.
218,759,494 76
Total cash reserve
Made up ofAvallable_S66,770,879 65
and
Reserve Fund:
Gold and
Reserve Fund Hold'gs:
bull_ _151,988,820 11
Gold coin and bullion__ 151,988,820 11
Grand total
1,964,318,693 13
Grand total
1,964,318,693 13
founnerciat andAtiscellantonsB.ews
FOREIGN TRADE OF NEW YORK-MONTHLY
-In addition to the other tables given in
STATEMENT.
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House:
Merthandise Movement to New York.
onth
[voL. wo.
THE CHRONICLE
286
Imports.
1914.
1913.
-
Customs Receipts
at New York.
Exports,
1914.
1913.
1914.
I
Silver-New York.
Gold Movement at New York.
Imports.
Month.
1914.
1,301,532
659,423
1,254,386
575,917
822.149
806,392
732,984
973.114
905,196
712.573
1,756,403
1,072,523
January -February _
March
April
May
June
July
August _
September
October _
November
December
Total
Imports.
Exports.
1913.
1914.
1914.
17,154.21
12,242,98
17,588,89
477,24
13,032,39
395,59
7,814,08
47,58:
35,35'
85,10'
477,505
290,74
$
1,145,93
779,43
1,450,16
1,045,90
888.39
769.45
492,13
1,266,03
854,15
1,651,73
1,777,70
1,480.15
3,488.643
3,137,258
3,755,700
3,543,309
4.355,424
3,936,024
3,239,331
3,322,939
4,301,269
3,895,853
3,131,379
4,949,048
13,601,19
44,836,177
Exports.
1914.
1913.
2,831,377 6,788,486
1,215,237 8,982,204
2,080,332 2,582,056
60,25
1,567.157
1,399,920 16.700,846
1.942,672 47,593.306
2,627,049 32,732,361
949,341
2,645,087
766,499
2,259,301
244,837
3.117.777
190,398
4,583,990
4,1 I I
2.786,709
11,572,552 29,066,608 117,594,484 69,641,59
-The followSTOCK OF MONEY IN THE COUNTRY.
the country,
ing table shows the general stock of money inamount in as
cirthe
well as the holdings by. Treasury and the
culation on the dates given:
in Circulation
-SIN* of Money Jan 2'15- -Money
In U. S. Held in Treas.aJan. 2 1915. Jan. 2 1914,
$
$
$
S
1,815,976.319 216,393,851 631,607,599 633,940.156
bullion
Gold coin and
47,257,120 1920,717,749 1.027,977,519
Gold certidcates_b
74,405,220
69,321,103
Standard silver dollars_ _-_ 865,921,478 16,341.375
25,058,202 v455,200,708 477,705,022
Silver certificates_ b
163,862,948 164,269,940
184,533,627 20,670,681
Subsidiary silver
2,550,053
2,311,241
9,759
2,351,000
Treasury notes of 1890....
340,040,870
346,681,016 36,268,000 310,413,016
United States notes
*17,191,225
17,199,225
Federal Reserve notes
d1,039,711,021 65,208,492 d974,502,529 726,479,575
National bank notes
3 972,373,686 427,207,570 3,545,166,116 3,447,368,355
Total
cirPopulation of continental United States Jan. 2 1915 estimated at 99,875,000;
culation per capita, 335 50.
Government does
a This statement of money held In the Treasury as assets of the to the credit of
not include deposits of public money In national bank depositaries
the Treasurer of the United States, amounting to 369,631,330 62. is amount of the
b For redemption of outstanding certlfietaes an exact equivalent in the account
appropriate kinds of money is held in the Treasury,and is not included
Of money held as assets of the Government.
Act of May 30
d Includes additional circulating notes issued under authority of
1908,as amended by Acts of Dec.23 1913 and Aug.4 1914.
a Amount issued Federal Reserve banks.
agents for retirement of Fedf Includes 311,952,30010 hands of Federal Reserve
eral Reserve notes.
agents for retirement of Federal
g Includes $300,000 in hands of Federal Reserve
Reserve notes.
-CHANGES IN TOTALS OF, AND IN
BANK NOTES
-We give below tables which
DEPOSITED BONDS, &c.
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
Bonds and Legal Tenders
on Deposit for
1913-14.
Bonds.
Legal
Tenders,
Circulation Afloat Under
Bonds.
Legal
Tenders, I
Total,
Dee.31 1914__ 897,148,922 168,541,618 d871,169,905 168,541,616 1,039,711,021
Nov.30 1914_ _ 1,017,177,241 101,420.019 c1010.579,057 101,420.019 1,111,999,076
Oct. 31 1914_ 1,109,989,685 20,632,278 81100,836,633 20,832,278 1,121,488,911
Sept.30 1914_ 1,089,281,290 15,766,893 a1062,117,883 15.768,893 1,077,884,776
Aug.31 1914_ 870,289,600 15,447,138 *862,093,143 15,447,138 877.540,281
July 31 1914_ 740,220,660 15,684.220 735.222,801 15,684,220 750,907.021
June 30 1914__ 740,796,910 15,142,939 735,528,980 15,142,939 750,671,899
- 740,818,360 16,131,271 735,423,425 16,131,271 751,554,606
May 30 1914
April 30 1914_ 741,213.210 15,585,726 738,180,040 15,585,726 751.765,766
Mar.31 1914_ 740,603,400 16.605,018 735,445,281 16,605,018 752,050,299
Feb. 28 1914_ 741,445,500 16,658.993 736,509,838 16,658,993 753,168,831
Jan. 31 1914._ 741,645,500 17,828,533 738,194,233 17,828,533 754,022,768
Dec. 31 1913__ 743,088.500 17,209.318 740,633,645 17,209,316 757,842,961
•Of which 3126,241,760 miscellaneous securities. Act of May 30 1908.
a Of which $325,007,900 miscellaneous securities, Act of May 30 1908.
b Of which $361,119,940 miscellaneous securities. Act of May 30 1908.
,
C Of which 5270,078.236 miscellaneous securities, Act of Alas 30 1908.
1908.
d Of which 3150,836,692 miscellaneous securities. Act of May 30
bonds
The following shows the amount of each class of public
secure
held against national bank circulation and to 31.
moneys in national bank depositaries on Dec.
U. S. Bonds Held Dec. 31 go Secure
Bonds on Deposit
December 31.
2%, U.S. consols of 1930
3%, U. S. loan 01 1908-18
4%,U.S. loan of 1925
2%,U.S Panama 01 1936
2%,U.S. Panama of 1938
3%,U.S. Panama of 1961
3.65%, District of Columbia
4%,Philippine loans
4%,Philippine Railway
4%, Manila Railroad
4%,Porto Rico loans
Various, Territory of Hawaii dze_
Various, State, city, railroad,
Total
Miscellaneous securities (approved
Issue value)
Total bonds and 0th. securities...
Bank
Circulation.
607,109,450
21.233,980
34,076,300
53,060,180
28,967,640
744.447,550
Public Deposit
in Banks.
S
12,216,700
5,022,400
3,767,200
1,183,500
549,000
13,606,400
633,000
5,722,000
918,000
10,000
1,993,000
2.027,000
42,956,434
S
619,326,150
26,256,380
37,893,500
54,243,1380
29,516,640
13,606,400
633,000
5,722,000
918,000
10,000
1,993,000
2,027,000
92,956,934
90,604,634
835,052,184
90,604,634
987,751,558
152,699,372
152,699,372
897,146,922
Total
Held.
1913.
$
$
72,872,302 83,086,109 16,643,013 18,769,817
January__ 82,330,513 92,838.834 64,934,639 74,536,674 13,023,068 17,158,304
February_ 85,323,968 86,490,088 72,798,453 84,214.738 17,964,690 17,476,298
89.456,045
March ___ 101,855,994 82.562,178 66.338,8:1 77,483.831 14,713,576 14,646,212
93,600,199
April
87,518,551 73.910.220 67,909,905 79,803,347 13,224,913 12,455,024
May
81,336.584 75,062,918 62,630,190 88,108,228 14,889,990 15,498,990
June
.501,705
84,561,785 79,578,905 59,218,383 68,009,103 12,803,286
July
77,577,21
19,864,108
63,804.412 78,844,081 33,559,424 74,475,939 12.143,093 18,365,383
August
81,895,608
96,037.169
September 76,118,541 71,691.438 88,199,144 84,386,597 11,622,465 20,270,021
77,153,765
October
79,234,06 86,761,617 72.334,649 124=478 15.751,257
November 73,767,970 103,447,909 98,394,825 82,061,629 10.:1T77,254 14,883,057
December 66,021,283
1008973846 833,613.148926.078,042 166,344.2 203.620,178
Total __ 973,198.560
Importsand exports ofgold and silverfor the twelve months:
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits Dec. 1 and
Jan. 1 and their increase or decrease during the month of
December:
-Total Afloat
National Bank Notes
Amount afloat Jan. 1 1914
December
Net amount retired during
Amount of bank notes afloat Jan. 1 1915
-Tender Notes
Legal
bank notes Dec. 1 1914
Amount on deposit to redeem national
Net amount of bank notes issued in December
$1,111,999,076
72,288,055
$1,039,711,021
$101,420,019
87,121,597
$168,541,616
Amount on deposit to redeem national bank notes Jan. 1 1915...._
JAN. 231915.]
THE CHRONICLE
287
GOVERNMENT REVENUES AND EXPENDITURES.
Total receipts of flour and grain at the seaboard ports for
-Through the courtesy of the Secretary of the Treasury, we the week ended Jan. 16 1915 follow:
are enabled to place 'before our readers to-day the details
Rye,
Flour,
Oats, Barley,
Corn,
Wheat,
bush.
bush.
bush.
Recetpts atbush.
bush.
this.
of Government receipts and disbursements for December New York
36.000
584.000 98,000
290,000
287,000 1,462,000
1914 and 1913 and for the six months of the fiscal years Boston,
15,000
30,000
64.000
45,000
12,000
349,000
Portland, Me
192,000
8,000
1914-15 and 1913-14.
Philadelphia
7.000
184.000
126.000
Receipts-Dec. 1914.
Dec. 1913.
Revenues:
$
$
Customs
14,890,981 99 21,510,139 99
Internal revenue
Ordinary
32,384,396 05 27,451,111 05
Corporation & income tax
505,153 88
146,605 60
Miscellaneous
3,648,830 49 4,044,579 25
Total
Postal savings
6 Mths. 1914. 6 Mths. 1913.
$
2
107.732,933 53 158,607,918 44
164,547.169 37 164,101,129 75
9,237,441 60 2,808,606 70
35,569,614 23 25,651,665 40
51,429,362 41 53,152,435 89 317,087.158 73 351,189,320 29
2,246,700 00
1,129,820 00
Grand total of ree'ts_51.429,362 41 54,282,255 89 317,087,158 73 351,169,320 29
Disbursements
Ordinary:
Legislative estab'm't 1,277,597 01
Executive office-84.247 87
State Department__
331,817 47
Treasury Departm't,Excl. Public Bides. 4,809,284 75
Public Bides
1,616,789 15
War Department
8,270,946 72
Military
Civilian
177.848 45
Rivers & Harbors_ 3,949,335 17
Dept. of Justice_ _ 1,016,331 63
Post Office Dept.150,736 90
Excl. Postal Serv_
Navy Department
12,399,683 16
Naval
73,715 14
Civilian
Interior Departm•tExcl. Pensions and
2328,173 06
Indians
14,215,414 18
Pensions
1,827,445 07
Indians
Dept. of Agriculture 2,059,385 76
Dept. of Commerce_ 1,401,092 02
Dept. of Labor
500,001 69
Independent offices
399,288 29
and commissions
828,292 77
Dist. of Columbia
Int, on public debt_
455,359 06
980,165 03
31.622 25
327.833 42
7,293,253 20
2,219.631 59
2,260.086 35
6.609,485 78
349,016 55
2,561,338 91
3,091.650 26 25.023,71904 22,666,050 24
1,284,855 76 10,388,835 40 6,224,783 42
7,606,045 59 71,845,490 04 65,789.769 76
1,177,714 45
1,137,386 28
175,979 14
5,423.133 38 27,448,066 71 30.071.16321
5,920,613 05 5.796,901 84
1,098,209 17
160,261 12
983,796 55
1,085,030 00
14,327,964 89 70.776,904 53 71,025,079 43
76,431 96
441,043 97
428,807 69
1,590,933 19
14,058,362 88
2,058,522 18
1,317,789 57
1,526,544 21
353,388 80
16,282,053 73
82,836,46500
12,244,449 68
14,677,45935
6,358,36255
2,056,95235
13,502,536 18
87.095,779 61
10,757,698 04
12,101,220 49
6,263,691 73
1,929,387 51
219.710 16 2,537,47660
1,475,819 73
1,386,953 76
7,478,168 15
7,480,187 88
510,549 27 11,441,67639 11,438,218 86
Total pay warrants drawn__ _57.963,785 32 57,606,905 99 381,649.890 51 365,829,681 31
Public Debt:
Bonds,notes and cer6,06000
5,479 00
34,565 00
18,569 00
tificates retired. _ _
Panama Canal:
1,158,589 40 4,126,926 91 16,647.049 90 20,886,684 31
Pay war'nts issued
Total public debt&
Pan. Can. disb_ 1,165,549,40 4,132,405 91
16,681,614 90 20,905,253 31
Grand total of dIsburs_58.160,531 58 61,894,049 35 306,507,616 89 385,429,881 15
Net excess of all disbursements
6,731,169 17 7,611,793 46 79,420,458 16
Baltimore
New Orleans*
Newport News_
Gatveston
Mobile
Montreal
Bt. John
Port Arthur
66,000
43,000
53,000
10,000
12.000
12,000
Total week 1915__ 536,000
Since Jan. 1 1915..1,840,000
Week 1914
446,000
SinceJan. 1 1914-1,260,000
946.000
931.000
1,531,000
188,000
1,001,000
89,000
193,000
263,000
603,000
125,000
12.000
5,000
642,000 639,000 236,000
74,000
188,000
39,000
7,145,000 1,173.000 1,775,000 789,000 294,000 .
19,417,000 4,607,000 3,322.0001,840,0001.047,000
837.000 265.000 77,000
812,000
2,551,000
8,582,000 3,461,000 2,500,000 868,000 179,000
*Receipts do not include grain passing through New Olreans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Jan. 16 are shown in the annexed statement:
Wheat,
Exportsfrombush.
New York
1 084,368
Portland, Me__
192,000
Boston
128,878
Philadelphia ____ 808,000
Baltimore
875,527
New Orleans_ .I,992,000
Newport News__ 188,000
Galveston
812,000
Mobile
St. John
193,000
Port Arthur
263,000
Corn, Flour,
bush.
bbls.
.569,868 153,352
8,000
110 21,679
86.000 54,000
636,419
37,000 16,000
Rye, Barley,
Oats,
bush.
bush.
bush.
74,619 77,845 155,809
157,435
1,167
570,396 147,474 95,052
180,000
12,000
10,000
12,000
Total week_ _ _ _6,536,773 1,341,397 275,031
Week 1914
3,553,366
61,105 309,495
825,015 225,319 409,463
271,236
156,474
Week ending Jan. 16.
Canada
Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
I3rantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
Peterborough
Total Canada
1914.
Inc. or
Dec.
1913.
43.810.979 48.815.460 -10.2 59.567,196
34,714,866 38,360.891 -9.5 44,696,061
24,345.052 27,140,263 -10.3 30,561,035
5,220,839 9,218,134 -43.4 12.017.023
3.479.512 3.821,509 -8.9 4,394,072
2,944,488 2,967,982 -0.8 3,209,261
1.969,815 1,951,175 +0.9 2,168.423
2,522,254 2,857,877 -11.7 3.786.482
1,628,817 1,373,799 +18.6 1,680,816
2,867,873 3,830,747 -25.1 4,688,995
1,616,963 1,782,043 -9.3 1.896,973
1,045,013 2,504,474 -34.3 4,028,536
2,033,903 3,591,297 -43.4 3,874,988
1,284,251 2.015,273 -36.3 3,332,733
483,857 -17.4
399,238
642.052
334,613
450,246 -25.8
499,445
753,060 1,278,425 -41.1 1,957,888
484,515
546,521 -11.3
608,093
672,518
862,458 -10.4 1,355,919
347,412
718.779
704,567 -50.7
387.440 -32.3
262,636
597,793
219,669
374,413 -41.4
407.935 Not Include d in tot al.
1912.
47,559,457
38.044,425
22,951,004
10,479,880
5,259,470
2,276.675
1,802,145
2,801,137
1,302,459
3,969,459
1,477,168
2,477,554
3,002,914
1,473,301
547,660
598,123
1,393,371
515,755
912,510
548,443
133,558,286 155,318.851- 14.0 186,283,463 149,392,910
Breadstuffs Figures Brought from Page 320.
-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts
Flour.
1Vheat.
Corn.
Oats.
Barley.
Bye.
bbls.1961b5. bush. 60 lbs. bush. 56 lbs. bush. 32 tbs. bush.461bs. bu.56 lbs.
218,000 1,374,000 5,545,000 3,144,000
Chicago -__
510,000 138,000
Milwaukee _
80.000 1,122,000
19,000
435,000
413,000
93,000
I166,000
Duluth
187,000
166,000
29,000
33,000
Minneapolis I2,526,000
707,000
392.000
616,000 140,000
Toledo
117,000
230,000
53,000
1,000
1,000
Detroit ___
66,000
8,000
311,000
79,000
13,000
Cleveland
39,000
104,000
117,000
St. Louls..J
90.000
674,000
630,000
695,000
56,000
10,000
Peoria
55,000
87,000
546,000
1
298.000
102,000
8.000
Kansas Cit
631,000
857,000
140,000
Omaha
206,000 1,625,000
212,000
Tot.wk.'l5
435,000 5.834,000 11,864,000 5,731,000 1,727,000 423,000
Samewk.'l41 315,000 4,326,000 5,054,000 4,049,000 1,473,000 191,000
Same wk.'131 366.000 6,428,000 8,132,000 4,741,000 2.345,000 220.000
Since Aug. 1
1914-15 10,271,000 282,779,000 131,255,000 163,723,000 57,335,000 14979000
1913-14_ 10,235,000 192.483.000 113,287,000 123.927,000 57,790,000 9
.044,000
iolO-11_I 8.879.394 247.489.777 00 817.252 Ina nil ass an 7R4 MR 119ninnn
1.449
2,799
The destination of these exports for the week and since
July 1 1914 is as below:
----nour
-1Vheat
-Corn
Since
Since
palace
Week.
Jule 1
Week.
July 1
July 1
Week.
Exportsfor week and Jan. 16.
1914. Jan. IA.
1914. Jan. 16.
1914.
since July 1 tothis.
bbls,
bush,
bush,
bush.
bush.
United Kingdom-- 77,912 3,141,669 2,074,888 83,679,450
11,998
210.059
Continent
128.901 2,615,572 4,456,310 98,742.079 1.256,231 7.781,760
So.and Cent. Amer_ 37.016 832,204
5,575 2,701,002
805,101
West Indies
26,433 813,873
32,883
67.023 1,052,348
Brit. No. Am. Cols_ 2,135
51,248
110
5.078
Other countries__- 2,584 148,969
92,687
1,035
16,695
Total
Total 1913-14
275,031 7,603.535 6.536,773 185248,101 1,311,397 9,871,041
• 309,495 6.859,206 3,553,366 123679,342
61,105 2,072,812
The world's shipments of wheat and corn for the week
ending Jan. 16 1915 and since July 1 1914 and 1913 are shown
in the following:
Corn. •
Wheat.
1915.
Peas,
bush.
1,449
32,013,860 86
Canadian Bank Clearings.
-The clearings for the week
ending Jan. 16 at Canadian cities, in comparison with the
same week in 1914, show a decrease in the aggregate of
14.0%.
Clearings at
-
22,000
Exports.
1913-14.
1914-15.
Week.
Jan. 16.
Since
July 1.
Since
July 1.
1914-15.
Week
Jan. 16.
Since
July 1.
1913-14.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
746.000
North Amer. 9,504,000 246,416,000 177,074,000 1,440,000 9,466,000
4.813,000 8,667.0,,
12.074,000 92,894,000
Russia
2,347,000 31,756,000
Danube_ __ _
•
9,431,009 15,519,000
Argentina__
72.000 4,675.000 13,994.000 3,553.000 96.997.000 123,433,000
8,996,000 21,752,000
Anitralia _
India
240.000 16,752.000 25,032,000
0th.eountr's 196,000 4,817.000 5.210.000
Total ____ 10012000 296,077,000 367,712,000 4,993,000 120.707.000 148.365,000
•Not available •Ince August I.
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. CominmU.
Bushels.
Corn.
Toted.
United
Kingdom. Continent
Tots!.
Bushels.
Bushels. Bushels. Bushe:s. Bushels
Jan. 16 1915_
36.728.000
26,725,000
Jan. 9 1915_
38,736,000
27,022,000
Jan. 17 1914.. 16.800.000 16,680,000 33.480,000 5,466,000 8.900,000 14,366,000
Jan. 18 1913__ 15,152,000 14,144,000 29,696,000 8.169,000 17,238,000 25,407,000
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO CONVERT APPROVED DEC. 30 TO JAN. 4.
The State Bank of Newport, at Newport Beach. Cal., into "The First
National Bank of Newport Beach." Capital, $25,000.
The First State Bank of Baudette, Minn., into "The First National
Bank of Baudette." Capital, $25.000.
The Camas State Bank, Camas, Wash.. into "The First National Bank
of Camas." Capital, $25,000.
The Bank of Elloree, S. C., into "The First National Bank of Elloree."
Capital, $42,000.
The Bank of Holly Hill, S. C., into "The First National Bank of Holly
Hill." Capital. $25,000.
CHARTERS ISSUED TO NATIONAL BANKS DEC. 31 TO JAN. 12.
-The First Nat. Bank of Talihina, Okla. Capital. $25,000. John
10,672
T. Bailey, Pres.; T. L. Francis, Cashier. (Conversion of the First
State Bank of Tallhina.)
10,673
-The First Nat. Bank of Gladwin. Mich. Capital,$30,000. Wm.
H. Altidn, Pres.; Charles G. Goodrum, Cashier. (ConverEdon of
the State Bank of Gladwin, Mich.)
10,674
-The People's Nat. Bank of Orangeburg, S. C. Capital. $100.000.
D. 0. Herbert, Pres.; J. W. Culler, Cashier. (Conversion of the
People's Bank of Orangeburg. S. C.)
10.675
-The Roundup Nat. Bank, Roundup. Mont. Capital. $25.000.
R. A. Palmeter, Pres.; E. F. Fuhrman. Cashier.
10.676
-The First Nat. Bank of Gardiner, Ore. Capital, $25,000. 0. B.
Hinsdale, Pres.; H. L. Edmunds, Cashier.
10,677
-The People's Nat. Bank of Lodi, Ohio. Capital,$50,000. James
A. Hower, Pres.; B. H. Starbird. Cashier.
10,678
-The First Nat. Bank of Bardwell, Tex. Capital. $40,000. M.W.
Wright, Pres.; C. W. Brown, Cashier. (Succee(Is the Bardwell
State Bank and the Farmers' Guaranty State Bank of Bardwell,
Tex.)
288
[VOL. mo.
THE CHRONICLE
-The First Nat. Bank of Elloree, S. C. Capital, $42,000. Robert
10,679
Lide, Pres.; P. P. IIungerpiller, Cashier. (Conversion of Bank
of Elloree, S. C.)
-The First Nat. Bank ct Holly Hill, S. C. Capital, $25,000.
10,680
W. L. De Hay, Pres.; J. Francis Folk, Cashier. (Conversion of
Bank of Holly Hill, S. C.)
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam) Concluded.
Lewiston, Augusta & Waterville Street
14 Feb. 1 Holders of rec. Jan. I6a
Ry., preferred (guar.) (No. 19)
Milwaukee Elec. Ry. & Lt., pref. (quar.) 144 Feb. 1 Holders of roe. Jan. 258
VOLUNTARY LIQUIDATION.
24 Feb. 1 Jan. 27 to Feb. 1
Monongahela Valley Traction, pref
244 Feb. 1 Holders of rec. Jan. 15
-The Dickson Nat. Bank, Dickson, Tenn., Jan. 4 1915. Liqui- Montreal Tramways (quar.)
10,577
2
Jan. 30 Jan. 21 to Jan. 31
dating committee, A. B. Crow and Oury Harris, Dickson, Tenn., New Hampshire Electric Railways
and W. L. Cook, Charlotte, Tenn. Consolidated with the First Northern Texas El. Co.,corn. (gu.)(No.22) 14 Mar. 1 Holders of rec. Feb. 13
3
Mar. 1 Holders of rec. Feb. 13
Nat. Bank of Dickson, No. 6930.
Preferred (No. 19)
-The Alhambra Nat. Bank, Alhambra, Cal., Jan. 11 1915. Liqui- Philadelphia Co., corn. (quar.)(No. 133) 14g Feb. 1 Holders of rec. Jan. 18a
9,966
Feb. 1 Holders of rec. Jan. 15a
dating committee, C. E. Stetter and H. H. Hammond. Alhambra. Public Service Investment, corn (No. 11) $2
$1.50 Feb. 1 Holders of rec. Jan. 15a
Consolidated with the First Nat. Bank of Alahambra, No.8490.
Preferred (guar.) (No. 23)
Feb. 1 Holders of rec. Jan. 15a
Railway dr Light Securities,corn.(No. 11) 3
INSOLVENT NATIONAL BANK.
Feb. 1 Holders of rec. Jan. 15a
3
Preferred (No. 20)
First Nat. Bank of Islip, N. Y., was placed in the hands of Rio de Janeiro Tram.,L.& P.,Ltd.(qu.) 144 Feb. 1 Holders of rec. Jan. 15
-The
8,794
a receiver on Dec. 30 1914.
,Light & Power,Ltd.(qu.) 24 Feb. 1 Holders of rec. Jan. 15
Tram.
Sao Paulo
14 Feb. 1 Holders of rec. Jan. 23
Sierra Pacific Elec. Co., pl. (gu.)(No.22)_
Electric Co. (quar.)(No.40_ _ _ $2.50 Feb. 15 Holders of rec. Feb. la
-Among other securities, the following, TampaPower & Transportation
Auction Sales.
51.54 Jan. 29 Holders of rec. Jan. 12
United
not usually dealt in at the Stock Exchange, were recently sold York Railways, pref. (payable in scrip)_ _ 234g Jan. 30 Holders of rec. Jan. 209
Banks.
Feb. 1 Jan. 26 to Jan. 31
at auction in New York, Boston and Philadelphia:
3
Bowery (guar.)
Feb. 1 Jan. 28 to Jan. 31
3
Extra
By Messrs. Adrian H. Muller & Sons, New York:
Feb. 1 Holders of rec. Jan. 30
4
Corn Exchange (guar.)
Per cent. Bonds.
Per Geri:.
Stocks.
Shares.
Feb. 1 Holders of rec. Jan. 27a
3
German American
$100,000 Colonial Paper Co interim
5 Union Exch. Nat. Bank_ __ _145
244 Feb. 1 Holders of rec. Jan. 28a
Lincoln National (guar.)
1st 6s, Ser. F. 1921
78
15 Childs Co.,common
Feb. 1 Jan. 14 to Jan. 31
2
Pacific wrier.).
$100,000 Colonial Paper Co.interim 10
100 Liberty Trust Co.of Newark 100
Feb. 1 Jan. 27 to Jan. 31
3
Twenty-Third IVard
let 132. Ser. 0, 1922
160 Mines Co. of Amer.,$1 each,
Trust Companies.
$234 per sh. $20,000 Barrington Mills 1st 55,
Feb. I Holders of rec. Jan. 258
2
Astor (guar.)
1931
Goldfield Consol. Mines Co.,
$5,000 Broadway (guar.)
200
14 Feb. I Jan. 22 to Jan. 31
$14 per sh._ $5,000 Barrington Mills 26 6s, 1921-8100
$10 each
14 Feb. 1 Jan. 22 to Jan. 31
(quar.)
Broadway
10
$2,000 Jay C. Wemple Co.6s, 1918.
10 Illinois Surety Co
Feb. I Holders of rec. Jan. 250
3
Hamilton, Brooklyn (guar.)
July 1914 coupons attached
40 Greene Canarma Copper Co_ 2414
$105 Kings County, Brooklyn (guar.)
Feb. 1 Jan. 26 to Jan. 31
5
300 Internat. Nickel Co., corn_ 10994 $2,000 Dry Dock E. B. & Batt.
Fire Insurance.
RR.certf. of indebtedness
154
1,100 No.butte Ext. Copper
010 Feb. 1 an. 22 to Jan. 31
Westchester Fire (guar.)
$20 lot $3,750 Hocking Valley Products Co.
Co., $5 each
Miscellaneous.
1st 5s, 1961
39 Automatic VaudevilleCo.$1,000 lot
25
34 Feb. 23 Holders of rec. Jan. 300
Amalgamated Copper (guar.)
1324 $8,500 Lindesy Water Co. 1st & ref.
10 State Bank
Feb. 20 Holders of rec. Feb. 15a
1
American Chicle, common (monthly)
5s, 1929. Dec.'14 coup. attached 10
2 German Alliance Ins. Co_..250
14 Feb. 1 Holders of rec. Jan. 15a
Cigar, common (quar.)
American
4 Cent. N.J. Land Imp. Co_ _ill lot 85,500 Big Run Water Co. 1st 5s,
Jan. 29 Jan. 17 to Jan. 28
1
Amer. District Telegraph of N. J. (qu.)_
& Gas Co., $5
Dec. 1914 coup. attached_ 10
1942.
100 Wayland 011
Amer. Gas & Elec.. pref.(quar.)(No.32) 14 Feb. 1 Holders of rec. Jan. 20
each
$334 per sh. $6,000 Benwood & McMechen Con.
Feb. I Jan. 18 to Feb. 2
4
American Glue, preferred
Water Co. 1st 58. 1941. Nov. 1914
25 Hocking Valley Products Co.,
Amer. Graphophone, pref. (qu.)(No. 67) 14 Feb. 15 Holders of rec. Feb. 1
$31 lot
common
10
coupons attached
24 Feb. 1 an. 16 to Jan. 31
Amer. Light & Trete., common (quar.)_ _ _
$70,700 Amer.Round Bale Press Co.
2,264 Amer. Round Bale Press Co.,
24/ Feb 1 Jan 16 to Jan 31
Common (payable in common stock)_ _
$10 lot
1st 60, ctts. of dep. and $10 do
common
14 Feb 1 Jan 16 to Jan. 31
Preferred (quar.)
scrip
S25 lot_
Feb. 1 Holders of rec. Jan. 20
Amer. Pipe & Construction Secure., pref. 4
44 Feb. 15 Jan. 31 to Feb. 15
American Sewer Pipe
By Messrs. R. L. Day & Co., Boston:
14 Feb. 15 Holders of rec. Feb. 1
American Soda Fountain (guar
$ per sh. Shares.
Stocks.
Stocks.
Shares.
$ per sh. American Utilities, preferred (guar.)
144 Feb. 10 Holders of rec. Jan. 300
202
39 Adirond. El. Pow. Corp., corn. 124 American Window Glass, preferred
5 Nat. Shawmut Bank
128 Jan. 30 Jan. 24 to Jan. 30
1 Fifty Associates
4200
3 First National Bank
430
ni 94 April 1 Holders of rec. Mar. 16
Bethlehem Steel, pref. (guar.)
305 Lawrence Gas Co., rights _ 1.60 Borden's Condensed Milk, corn.(No. 39)_ _
3 Old Colony Tr. Co., ex rts_ __ _265
Feb. 15 Feb. 2 to Feb. 15
4
Per cent. Brill (J. G.) Co., preferred (guar.)
Bonds.
107
10 Pacific Mills,ex div
Feb. 1 Jan. 26 to Jan. 31
1
984 Brown Shoe. Inc., preferred (quar.)
8
1 Central Vermont RI
$1,000 United Fruit 5s, 1916
144 Feb. 1 Holders of rec. Jan. 23a
114 Feb. 15 Holders of rec. Feb. I
Burns Bros., common (guar.)
Messrs. Francis Henshaw & Co., Boston:
By
144 Feb. 1 Holders of rec. Jan. 15
Preferred (guar.) (No. 8)
1 4g Feb. 15 Holders of ree. Jan. 300
$ per sh. Cambria Steel (guar.)(Payable in scrip)_ _ _ _
Stocks.
$ per sh. Shares.
Shares.
Stocks.
14 Feb. 16 Feb. 1 to Fob. 10
(No. 20)
Canada Cement, Ltd., pf.(g)
7 Boston Co-op.Bldg. Co., $25
2 Old Lowell N. Bank,Lowell__ _ 98
Feb. 1 Holders of rec. Jan. ha
3
25
each
3544
Central Leather, common
3 Amer. Trust Co., rights
Jan. 25 Jan. 16 to Jan. 25
1
70
1 P.0. Square Bldg. Trust
85
5 Pemberton Co
Chicago Pneumatic Tool (qua?.)
1.61 Cluett, Peabody & Co., Inc., corn.(qu.). 1
Feb. 1 Holders of rec. Jan. 258
20 Berkshire Cot. Mfg. Co
15044 48 Lawrence Gas Co., rights
Per Cent. Commonwealth Edison (quar.)
Feb. 1 Holders of rec. Jan. 15a
2
12434 Bonds.
2 Boston Belting Co
144 Jan. 30 Holders of rec. Jan. 23a
$10,000 Massachusetts.State, 3455,
Consolidation Coal (quar.)
100 Bleelow Hart. Carpet, pref.,
934 Distilling Co. of America, pref. (quar .)_ _
1931
34 Jan. 30 Holders of rec. Jan. 110
10344-1034
114 Feb. 15 Holders of rec. Jan 30
Dominion Bridge, Ltd. (guar.)
344 Feb. 1 Holders of rec. Jan. 6
By Messrs. Barnes & Lofland, Philadelphia:
Dominion Coal, Ltd., pref. (No.
3 per sh. Dominion Steel Corp., Ltd.. pref.(guar.) 134 Feb. 1 Jan. 16 to Jan. 31
$ per sh. Shares. Stocks.
Stocks.
Shares.
270
(qu.) 14 lan. 25 Tan 16 to Jan. 25
duPont (E.I.) de Nemours Powd., of.
5 Manayunk Nat. Bank
34
25 Mutual Tr. Co.,$50 each
Feb. I Holders of rec. Jan. 18
145
Edison Elec. III. of Boston (qu.)(No. 103) 3
5 Guaranty Tr.& S. D. Co
194
200 Riv.& Harbor Impt. Co
101
Electrical Securities Corp., pref. (guar.) 14 Feb. 1 Holders of rec. Jan. 28
35 Phil. Warehouse Co
Continental-Equit. Tr. Co.,
10
154 Fob. 1 Holders of rec. Jan. 200
10 People's Nat. F. Ins., $25 each 154 Electric Bond de Share, pref. (guar.).
92
$50 each
Feb. 1 Holders of rec. Jan. 15
6
85
Eureka Pipe Line (quar.)
10 Amer. Dredging Co
20 Mechanics' Ins. Co.,825 each_ 44
3414 Federal Sugar Refining, pref. (quar.)-134 Fob. 1 Holders of rec. Jan. 29a
4 J. B. Stetson, common
2 Fire Aesoe. of Phil., $50 each.
Ft. Worth Pow. & Lt., pl. (qu.)(No. 14) 144 Feb. 1 Holders of rec. Jan. 20
10 Franklin Institute of State of
326-327
344
Feb. 1 Holders of rec. flea. 310
5
General Chemical, common (extra)
Pa., 1st class
75 Land Title & Trust Co_ _ _500-5004
Ific. Feb. 27 Holders of rec. Jan. 300
Goldfield Consolidated Mines
13 Pennsyl. Co.for Ins., &c_ _620-621
Per Cent. Hercules Powder, prof. (quar.)
154 Feb. 15 Feb. 6 to Feb. 15
5 Farmers & Mech. Nat. Bank 13534 Bonds.
$8,000 Mariposa Mining 1st 58, 1942 10
Homestake Mining (monthly) (No. 483) 65e. Jan. 25 Holders of rec. Jan. 200
1 City Nat. Bank,Salem, N. J_ _300
Feb. 1 Jan. 23 to Jan. 31
3
Houston Oil, preferred
By Messrs. Samuel T. Freeman & Co., Philadelphia:
134 Feb. 1 Jan. 20 to Jan. 31
Illinois Northern Utilities, pref. (quar.)
Spec sh. Illuminating & Power Scours.. p1. (qu.) 13.4 Feb. 15 Holders of rec. Jan. 30
• $ per sh. Shares. Stocks.
Stocks.
Shares.
44 Indiana Pipe Line (quar.)
$2 Feb. 12 Holders of roe. Jan. 23
8 Phila. Bourse,common
4 Amer. Assurance, par 810--- 10
144 Feb. 1 Jan. 15 to Feb. 1
International Nickel. pref. (qua?.)
9 United Gas& Elec. Copr., pref. 26
100
9 The Insinger Co., par 550
Island Creek Coal, coin. (guar.)
50o. Feb. 1 Holders of rec. Jan. 23
824
2 Lehigh Valley Coal Sales.
Jumbo Extension Mining (No. 3)
5c. Mar. 1 Holders of rec. Feb. la
Kayser(Julius)ii Co., lit & 2d pref. (qu.) 14 Feb. 1 Holders of rec. Jan. 210
Kellogg Switchboard & Supply (quar.)........ 3
Jan. 30 Holders of rec. Jan. 28
DIVIDENDS.
Kelly-Springfield Tire, common
14 Feb. 1 Holders of rec. Jan. 15
1
The following shows all the dividends announced for the Loose-Wiles Biscuit 2d pref.(qu.)(No.11) 1% Feb. I Tan 16 to Feb. 200
Feb. 1 Holders of rec. Jan.
Lowell Elec. Lt. Corp. (qu.) (No. 75)
$2
future by large or important corporations.
Feb. 1 Jan. 22 to Jan. 31
1
Maryland Coal of West Virginia
Dividends announced this week are printed in italics.
$1.25 Feb. 1 Holders of rec. Jan. 15a
Massachusetts Gas Cos., Corn. (quar.)
Montreal Lt.. Ht. & Pow.(gear.)(No.55) 24 Feb. 15 Holders of rec. Jan. 30
Jan. 15 Tan. I to Jan. 15
2
Montreal Telegraph (guar.) (No. 202)When
Per
Books Closed
14 Feb. 15 Jan. 27 to Feb. 15
National Carbon, preferred (oar.)
Cent Payable
Days Inclusive
Name of Company
144 Apr. 1 Holders of rec. Mar. 18
North American Co. (guar.)(No.44)
(lb Feb. 1 Jan. 3 to Jan. 31
Ohio Oil (special)
Railroads (Steam).
$2.50 Feb. 1 Holders of rec. Jan. 200
3
Feb. 23 Holders of rec. Jan. 23a Omaha Electric Light & Power, pref
Alabama Great Southern, preferred
Feb. 1 Jan. 29 to Feb. 1
1
14 Mar. 1 Holders of rec. Jan. 29a PacificCoast Co., common (guar.)
Atchison Topeka & Santa Fe, corn.(qu.)_
144 Feb. 1 Jan. 29 to Feb. 1
First preferred (guar.)
Ateb.Topeka & Santa Fe. pref.(No.33). 24 Feb. 1 Holders of rec. Dec. 31a
Feb. I Jan. 29 to Feb. 1
1
Second preferred (guar.)
24 Mar. I Holders of rec. Feb. la
Baltimore & Ohio, common
(No. 18) 14 Feb. 1 'Holders of rec. Jan 23
2
Mar. 1 Holders of rec. Feb. la Pacific Power it tight, peel. (gu.)
Preferred
Feb. 15 Holders of rec. Feb. 5
1
Penmans, Limited, corn.(quar.)
1
Jan. 16 Jan. 16 to Jan. 20
Bangor & Aroostook
144 Feb. 1 Holders of rec. Jan. 21
Preferred (guar.)
14 Feb. 1 Holders of reo. Dec. 31a
Canada Southern
Feb. 1 Holders of rec. Jan. 15a
2
Penn Traffic
24 Mar. 1 Holders of rec. Jan. 29a
Chicago Milwaukee & St. Paul, common_ _
Feb. 25 Holders of rec. Jan. 20
2
344 Mar. 1 Holders of rec. Jan. 29a People's Gas Light & Coke (guar.) .)__ _
Preferred
Jan. 25 Holders of rec. Jan. 20a
2
(guar
pref. 34 Feb. 20 Holders of rec. Feb. la People's Natural Gas & Pipeage
Chic. St. Paul Minn.& Om.,cons.&
IA Jan. 21 Holders of rec. Jan. 15
3
Feb. 1 Holders of rec. Dec. 31a Pittsburgh Coal, pref. (quar.) (No.20) IN Feb. 1 Holders of rec. Jan. 23
Cuba RE.. preferred
& C..PI. WO
234 Mar. 20 Holders of rec. Feb. 25a Portland (Ore.)Gascommon (guar.)
Delaware & Hudson Co. (guar.)
4 Feb. 15 Holders of rec. Jan. 300
Procter & Gamble,
144 Feb. 1 Holders of ree. Jan. 58
Great Northern (quar.)
154 Feb 1 Holders of rec Jan 150
24 Feb. 10 Holders of rec. Jan. 258 Public Service Co.of Nor.Ill., corn. WO 14 Feb 1 Holders of roe Jan 15a
Louisville & Nashville
Preferred (guar.)
$5 Feb. 1 Holders of rec. Jan. 8a
RR ,common
Mahoning Coal
2
Feb. 15 Holders of rec. Jan. 30
192)
Jan. 29 Holders of rec. Dec. 31a Pullman Company (guar.) (No.
1
Michigan Central
14 Feb. 27 Holders of rec. Feb. la
Quaker Oats, preferred (quar.)
2.4 Feb. 1 Jan. 24 to Feb. 1
Nashville Chattanooga & St. Louis
144 Feb. 15 Holders of rec. Jan. 300
Feb. 1 Holders of rec. Jan. 8a Sears, Roebuck & Co., corn. (guar.)
Railroad
134
New York Central
1 Feb. 15 Holders of rec. Feb. 80
1
Feb. 19 Holders of rec. Jan. 30a Silversmiths Company (guar.)
Norfolk & Western. adL Pref.(quar.)
13.4 Feb. 1 .Tan. 24 to Jan. 31
-Wharton iron de Steel. pref.(qu.)Taylor
m34 Feb. 1 Jan. 22 to Jan. 31
North Carolina
14 Feb. 1 Holders of rec. Jan. 25
1 Holders of rec. Jan. 9a Texas Power & Light, pref. (guar.)(No.11) 4
144 Feb.
Northern Pacific (guar.)
Feb. 1 Holders of rec. Jan. iRa
Torrington Co., common
24 Jan. 25 Holders of rec. Jan. 15
plush. Cin. Chicago & St. L., met
1
Jan. 25 Holders of rec. Jan. 210
pref. (gu.)_ _
$2.50 Feb. 1 Holders of rec. Jan. 258 Trenton Potteries, non-cum. (quar.)_ _ _ _
Pittsburgh & Lake Erie
1
Feb. I :fan. 20 to Feb. 4
Clear Mfrs., common
Feb. 11 Holders of rec. Jan. 25a United
2
Reading Company,common (gnarl
Amer., COM. (qu.) 14 Feb. 15 Feb. 2 to Feb. 15
Mar. 11 Holders of rec. Feb. 23a United Cigar Stores of
1
Reading Company,first preferred (guar.)_ _
I
Feb. 1 Holders of rec. Jan. 21a
U.S. Realty & Improvement (quar.)..
Street and Electric Railways.
144 Feb. 1 Jan. 21 to Jan. 31
14 Feb. 15 Holders of rec. Jan. 30a U.S.Bobbin & Shuttle, pref.(guar.)
American Railways. pref. (guar.)
134 Jan. 30 Holders of rec. Jan. 15a
United States Rubber,common (quar.)_ _
Chicago RR.. pref.(qu.). 134 Feb. l Holders of roe. Dec. 23
Jan. 30 Holders of rec. Jan. 15a
2
Aurora Elgin Ac
First preferred (quar.)
4 Feb. 1 Holders of rec. Jan. 26
Bangor By.& Electric, cont. (guar.)(No.4) 3
134 Jan. 30 Holders of rec. Jan. 15a
Second preferred (guar.)
Feb. 1 Holders of rec. Jan. 22
134 Jan. 28 Holders of rec. Jan. 1
Bay State Street Ry,first pref corn. (gu.) 14 Mar. 1 Holders of red. Jan. 30
Warner (Chas.) Co.. let & 2d prof. (qu.) 1
Jan. 30 Holders of rec. Dec. 310
Brazilian Ti,Li. & Pow., Ltd..
Feb. 1 Holders of rec. Jan. 23a Westinghouse Elec. & Mfg.. oom.(quar.)
2
(guar.)
Bristol & Plainville Tramway
White (J. G.) & Co., Inc., Pf.(gu.)(No.47) 154 Feb. 1 Holders of rec. Jan. 22
(qu.) 154 Feb. 8 Holders of rec. Jan. 27
14 Feb. 1 Holders of rec. Jan. 230
Columbus Ry.,Power & Light, corn
Willys-Overiand, common (quar.)
14 Feb. 8 Holders of rec. Jan. 27
144 Mar. 1 Holders of rec. Feb. 8a
Preferred, Series B (quar.)
(No.11)
Feb. 1 Holders of rec. Jan. 18a Woolworth (F. W.), corn. (guar.)
1
Commonwealth P., R. & L., corn. (qu.) 14 Feb. 1 FIolders of rec. Jan. 18a
Preferred (guar.)
books not closed for this dividend. b Less British income tax. d CorHolders of rec. Feb. la
a Transfer
Feb. 15
1
(gu.)
in common mock. g Payable in scrip.
Connecticut Ry. & Ltg., corn. & pf.(v.),_
134 Feb. 1 Holders of rec. Jan. 16a rection. e Payable in stock. f PayableI Being a
dividends.
Cumberland Co. Power & 14.. pref.
distribution oro rata of 200,000
4
(011.)(Ne. ) 14 Feb. 1 Holders of rec. Jan. 20a h On account of accumulated
capital stock of the Illinois Pipe Line Co. Certificates representing
East St. Louis & Sub. Co., • (NO.57).. 144 Feb. 1 Holders of rec. Jan. 15
shares of the
(guar.)
Grand Rapids RP., Pref.
sald stock will be mailed on or before Feb. 1. m Also 334% payable Aug. 11915.
Feb. 15 Feb. 2 to Feb. 15
pref. (No. 5) 2
Internat. Traction (Buffalo), (No. 16)
14 Feb. 1 Holders of rec. Jan. 18a n Declared 7%, payable in quarterly installments beginning April 1. o Do
Jacksonville Tract., pref. (gu.)
laced a semi-annual dividend of 20%,Payable 10% Feb. land 10% May 1.
JAN. 23 1915.]
THE CHRONICLE
289
Imports and Exports for the Week.
-The following are and since Jan. 1 1915, and for the corresponding periods
the imports at New York for the week ending Jan. 16; also 1914 and 1913:
totals since the beginning of the first week in January:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
FOREIGN IMPORTS AT NEW YORK.
For Week ending Jan. 16
Exports.
$
32,737,213
15,159,752
Dry goods
General merchandise
Total
1913.
1914.
1915.
$
$3,548,653
13.785,938
$
$3,598,445
13,015,504
1912.
$8,644,474
27,764,202
$6,066,500
29.194.656
Total 2 weeks
36.608.355
29,762,835
Week ending Jan. 16.
Gold.
3
$3,642,491
16.915,645
517,896,965 $17,334,591 $16,643,949 $20,558,136
Since January 1.
Dry goods
General merchandise
36.116,382
27,363,921
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Imports.
Since
Jan. 1.
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 16 and from Jan. 1 to date:
51,000
$225,000
225,000
$225,000
2,558,304
5,157,807
EXPORTS FROM NEW YORK.
1915.
I
1914.
1913.
1912.
For the week
Previously reported
$30.168,854 822,162.995 $21,989,565 S15,202.831
23,272,618' 17,773,581 24,499,338 17,669,105
Total 2 weeks
853,441,472 $39,936,579 $46,488.903 $32,871,936
Total 1915
Total 1914
Total 1913
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since
Jan. I.
Week.
$226,000
2,563,102
7,289,625
$35,261.156 $36,408,876 336.371,190 333,480,303
Week ending Jan. 16
111
$52,729
792.107
278,394
155,813
$4,534
. 300
93.130
41,501
8139.465 31,279,043
887,925
114,449
762,362
266.293
8503,080 $1,845,403
$45.560
7,800
111.101
29,722
$45,560
7,800
126,507
93.272
8510,959 $1,883,702
747,072 1,475,398
1.156,8771 2,357,369
Total 1915
Total 1914
Total 1913
37,879
$194,183
171,851
208,944
$273,139
561,609
634,325
420
37,879
The following table shows the exports and imports of
Of the above imports for the week in 1915,$6,220 were
specie at the port of New York for the week endingJan.16. American gold coin and $52,800 American silver coin.
The Federal Reserve Banks.
-Following is the weekly statement issued by the Federal Reserve Board on January 16:
As compared with last week the statement shows a gain of over 2 million dollars in the cash resources and of almost four million dollars
in the gold
resources of the banks. Loans and discounts increased during the week over 214 million dollars. Nearly 50% of the paper held by the
banks matures
within thirty days and 83.5% within sixty days. Investments in public securities are reported by six banks. By far the larger part of the securities
bought are municipal and State warrants maturing within six months. The amount of United States bonds bought by one bank is $925.000.
All other resources, composed mainly of national bank notes and Federal Reserve notes on hand, also amounts due from sub-treasuries for mutilated
currency shipped for redemption,shows a gain of about one million dollars due to the larger amounts of national bank notes in the hands of the Federal
Reserve banks.
Deposits show a gain of almost 10 million dollars, New York and Boston reporting the largest increases for the week. The amount of Federal Reserve
notes in circulation reported by the Federal Reserve Agents was 317,487,000, which is slightly larger than the amount reported last week. The net liability of the reserve banks on account of their outstanding notes shows, however, a decrease of about 320,000 because of the larger amounts of gold held
by the agents for the retirement of these notes.
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE UNITED STATES OF AMERICA
AT THE CLOSE OF BUSINESS JANUARY 15 1915.
RESOURCES.
Jan. 151915. Jan. 8 1915. Dec.311914. Dec.24 1914. Dec.18 1914. Dec. 111914. Dec. 4 1914. Nov.27 1914. NO .30 1914
Gold coin and certificates
$236,516,000 $232,553,000 $229,069,000 8232,568,000 $233,279,000 $232,073,000 3230.912.000 3227,840.000 $zuo,s15.000
Legal-tender notes, silver certificates and
subsidiary coin
16,228,000
26,578,000
25,748,000
34,630,000
25,008,000
28.170,000
32,020,000
17,997,000
37,308,000
Total
Bills discounted and loans:
Maturities within 30 days
Maturities within 60 days
Other
$252.744,000 $250,550,000 3255,647,000 $258,316,000 3258,287,000 3260,243,000 $262,932,000 $262,470.000 $240,723,000
$6.049,000
4.344,000
2,049,000
$4,632,000
4,215.000
1,746,000
$4,102,000
2,750,000
1,700,000
35.049.000
2,266,000
1,728,000
36.466.000
1.960,000
1,831,000
37.724.000
1,025,000
1,095,000
35,857.000
1,097,000
429.000
59,876,000 $10,593,000
6,467,000
255,000
$8,552,000
$9,043,000 810,257,000
39,844,000
87,383,000
308,000
165.000
95,000
5297,098.000 3287,301,0130 8277.844,000 5271.683.000 $269,990,000 $272,476.000 5273,084.000 3270,018,000
LIABILITIES.
Capital paid in
818.075,000 318,058,000 818,051,000 818,050,000 318,050,000 $18,047,000 818,047,000 $18,050,000
Reserve deposits
277.185,000 267,389.000 6256,018,000 6249,786,000 6248,084,000 b250,937,000 251,067,000 249,268,000
Federal Reserve notes in circulation (net
amount)
a1.838.000 .1,854,000 .3,776.000
a3,847,000 .3,858,000 .3,492,000
a3,970,000
2,700,000
Total liabilities
$297,098,000 5287,301,000 8277,844,000 $271,883.000 3269.990,000 8272,476,000 8273.084.000
$270,018.000
Gold reserve against net liabilities_ b
87.1%
88.5%
88.2%
91.7%
92.6%
91.6%
90%
90%
Cash reserve against net liabilities_ b
93.1%
95.3%
98.4%
101.8%
102.3%
102.5%
103%
104%
Cash reserve against liabilities after setting
aside 40% gold reserve against net
amount of Federal Reserve notes in
circulation _
95.7%
99.3%
93.5%
102.8%
103.5% •
103.1%
104%
105%
Jan. 15 1915 Jan. 8 1915. Dec.31 1914. Dec. 24 1914. Dec. 181914. Dec. 111914. Dee.41914.
(a). Federal Reserve notes in circulation
$16.804,000 316,530.000 516,027.000 *$12,412,000
88,869,000
36,702,000
35,105.000
Deduct: Gold and lawful money in hands
of Federal Reserve Agents for retirement of outstanding notes
14,676.000
12,252.000
14.966.000
8.565.000
5.013,000
3,210,000
1,135,000
Net liability of Reserve Banks upon
outstanding notes
$1,838,000
$1,854,000
33,775.000 *83.847,000
33.856,000 $3,492,000
$3,970.000
(b) After deduction of items in transit between Federal Reserve Banks, viz
57,595,000 *36,249,000
37.930,000
35.663.000
$5,169,000
$2.919,000
3246,425.000
Total
$12,442,000
Investments
9,173,000
Due from Federal Reserve banks: Items in
transit
7,595,000
All other resources
15,144,000
84,410.000
3,686,000
1,780,000
6,249,000
14,159,000
11,349,000
4,815,000
2,660,000
1.976,000
Total resources
35.607,000
318.072,000
227,138,000
1,215.000
3246,425,000
89%
105%
105%
• Corrected figures.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
BANKS AT CLOSE OF BUSINESS JAN. 15 1915
Boston.
New York. Philadera. Cleveland. Richmond. Atlanta. Chicago. Si. Louis.
Aftnneap. Kan. City.
RESOURCES.
$
8
$
8
13
8
3
8
$
$
Gold coin and certificates
14.658.000 87,713,000 19,060,000 17,004.000 8,710,000 3.144,000 32,733,000
9,338,000 9,814,000 10,734,001
Legal-tender notes, silver certificates and subsidiary coin
1,897,000 4,139,000 3,853,000
917.000
112.000 2,356,000
800,000
877.000
7,000
580,001
Total
16,555,000 91,852,0W 22,913,000 17,921.000 8,822.000 5.500,000 33,533,000
10,215,000 9,821,000 11,314,000
Bills discounted and loans
119,000 1,683,000
402,000
414,000 3,223,000 1,547,000 2,078,000
547.000
194.000
137,0''
Investments
285,000 5,261,000 1,025.000
1,925,000
677,000
Due from other F. R.bks.-net _
22,000 18,466,000
2,330,000
927,000
All other resources
1.479,000 3,829,000 2.833,000
740.000
78,000 1.209,000 1.404,000 1.959,000
503.000
68.001
_
Total resources
18,460,000 121,091,000 27.173,000 19,075,000 12,123,000 8,256,000 41,270.000
13,643,000 11,195,000 11.519,000
_
LIABILITIES.
Reserve deposits
16,841,000 117.769.000 21,255,000 16,818.000 7.703,000 5,738,000 39,068,000
12,702,000 8,836,000 9,742,001
Due to other F.R. banks
-net_
3,829,000
82,000 2,577,000 1,300,000
777,000
1,545,000
Rederal Reserve notes in circu
Intim-net amount
141,000
747.000
430,000
23,000
72,000
Capital paid In
1,619,000 3,322,000 2,089,000 2,034,000 1,096,000
788.000 2.202,000
923,0001
928,001
814.000
Total liabilities
18,460,000 121.091.09027,173,000 19,075,000 12,123.000 8,256,00041,270,000
13,648,000 11,195,000 11.519.0001
I
Dallas.
San Fran.
$
6,369,000 17,239,000
617.001
73,000
6,986,001 17.312,000
860.000
1,233,001
788,601
4
-Is- :666
9,012,001 18,426,000
6,424,00 14.289.000
1.201,00 2.839.000
425,001
962,001 1.298.000
9.012.000 18.426,000
Statement of New York City Clearing-House Banks and Trust Companies.
-The following detailed statement
shows the condition of the New York City Clearing-House members for the week ending January 16. The figures for the
separate banks are the averages of the daily results. In the case of the totals, actual figures at the end of the week are
also given:
[VOL. 100.
THE CHRONICLE
290
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
Nos
Week Ending
Jan. 16 1915.
(003 omitted.)
Loans,
Discounts,
Inveson'ts,
&c•
(Nat.Banks Dec.31)
(State B'ks Dec.24)
Capital.
Net
Profits.
Members of Federal
$
S
Reserve Bank.
1 Bank of N. Y., NBA.. 2,000,0 4,480,9
2,000,0 2.006,5
3 Merchants' Nat. Bank__
6,000,0 9,408,0
4 Mech. & Metals Nat___
8 National City Bank__ _ _ 25,000,0 34,503,9
3,000,0 7,785,3
12 Chemical National Bank
762,3
1,000,0
13 Merchants' F-xeh. Nat_
300,0
68,0
15 Nat. Butchers & Drov__
21 American Exchange Nat. 5,000,0 4,7139,8
of Commerce 25,000,0 16,480,5
23 Nat. Bank
2,250,0 1,371.8
30 Chatham & Phenix Nat_
3,000,0 15,228,6
33 Hanover National Bank
2,550,0 2,393,2
36 Citizens' Central Nat.__
1,000,0 1,971,5
42 Market & Fulton Nat__
1,500,0 7,508,7
Importers' & Traders'__
53
5,000,0 15,002,0
54 National Park Bank____
64,7
250,0
59 East River National____
1,000,0 3,009,9
63 Second National Bank__
65 First National Bank... 10.000,0 21,595,1
4,000,0 3,653,0
67 Irving National Bank__
500,0 1,902.5
71 N. Y. County National_
5,000,0 9,173,3
74 Chase National Bank_ _ _
Lincoln National Bank. 1,000,0 1,822,0
80
1,000,0 1,227,6
81 Garfield National Bank_
404,8
250,0
82 Fifth National Bank....
1,000,0 2,733,4
85 Seaboard National Bank
1,000,0 2,760,4
91 Liberty National Bank_
638,7
1.003,0
99 Coal & Iron Nat. Bank_
966,3
1,000,0
100 Union Exch. Nat. Bank_
118 Nassau Nat., Brooklyn. 1,000,0 1,103,9
Gold.
Legal
Tenders.
Silver.
Nat.Bank Nat.Bank Federal
Reserve
Notes
Notes
Bank
[not
[reserve
Notes
for State counted
[not
as
Institureserve], reserve].
lions].
Reserve
with
Legal
Depositaries.
Average. Average. Average. Average. Average. Average. Average.
$
$
$
$
$
$
$
1,894,0
16,0
595,0
1,684,0
617,0
28,0 1,668,0
15,0
230,0 1,030,0
1,048,0
10,0 5,691,0
48,0
5,901.0 1,172,0 3,383,0
247,0 25,849,0
147,0
29,774,0 24,533,0 6,521,0
15,0 2,101,0
59.0
1,521,0 1,664,0
1,012,0
588,0
4,0
34,0
310,0
196,0
343,0
148,0
10,0
116,0
32,0
99,0
9,0 5,275,0
386,0
3,743,0 2,384,0 2,077,0
46,0 11,082,0
137,0
12,802,0 5,580,0 7,329,0
37,0 1,543,0
155,0
902,0
1,261,0
404,0
57,0 6,245,0
348,0
11,358,0 2,208,0 2,216,0
24,0 1,637,0
418,0
56,0 1,581,0
1,433,0
759,0
2,0
147,0
865.0
636,0
845,0
1,962,0
205,0
1,166,0 1,847,0
523,0
7,064,0
519,0
5,798,0 1,882,0 4,128,0
181,0
24,0
135,0
40,0
114,0
36,0 1,000,0
168,0
1,231,0
201,0 1,244,0
5,0 8,162,0
189,0
11,797,0 1,719.0 5,348,0
52,0 3,690,0
92,0
760,0 2,542,0
4.037,0
765,0
264,0
55,0
359,0
362,0
28,0 9,333,0
465,0
11.021,0 4,236,0 4,432,0
8,0 1,620,0
149,0
1,567,0
851,0 1,173,0
744,0
5,0
142,0
698,0
695,0
929,0
287,0
12,0
327,0
111,0
85,0
2,0 2,219,0
31,0
2,330,0 1,116,0 1.880.0
28,0 1,983,0
23,0
1,160,0
496,0 2,640,0
500,0
56,0
136,0
475,0
242,0
702.0
68,0
134,0
234,0
869,0
461,0
3,0
14,0
245,0
122,0
363,0
Average.
$
27,279,0
23,653,0
84,841,0
220,683,0
31.865,0
8.693,0
1,921,0
54,838,0
139,344,0
23,743,0
82,629,0
23,089,0
8,447,0
27.638,0
101.347,0
1,754,0
15,679,0
119,479,0
47,710,0
10,357.0
111,676,0
14,256,0
8,171,0
4,280,0
22,894,0
24,398,0
6,639,0
10,041,0
7,698,0
Net
Demand
Deposits.
National
Bank
Net
Circula- bra
Time
Deposits. lion.
Average. Average. Average.
8
$
$
799,0 1
240,0
24.582,0
2,000,0 3
21.782,0
78,355,0 1,346,0 5,100,0 4
224,0 3,913,0 E
239,509,0
532,0 li
27,050,0
496,0 13
87,0
7,581,0
50,0 11
125,0
1,826,0
704,0 3,948,0 21
52,195,0
7,598,0 23
126,854,0
109,0 1,612,0 3(
22,462,0
345,0 K
85,945,0
133,0 1,555,0 31
21,836,0
203,0 45
8,443,0
50,0 53
24,067,0
528,0 3,580,0 54
94,555,0
50,0 51
1,962,0
685,0 63
13,581,0
5,077,0 61
109,218,0
233,0 1,440,0 61
49,645,0
495,0 71
8,686,0
450,0 74
126,820,0
890,0 8,
,..
(
16,138,0
350,0 61
,..'
8.743,0
366,0)
6
10,0
4,120,0
405,0 1_ .
11.1
26,920,0
500,0 ..,U,
1
650,0
26,175,0
400,0 .u1
6,205,0
(
400,0 .+2
150,0
9,591,0
267,0 10
6,554,0
Totals, avge. for week 112.600,0 174,795,6 1,265,042,0 113,643,0 54,179,0 55,494,0
4,341,0
646,0 105,153,0 1,251,400,0
4,539,0 43,556,0
Totals, actual condition Jan. 16
Totals, actual condltio n Jan 9
Totals, actual conditio n Jan. 2
Totals, actual conditio n Dec. 26
Totals, actual conditio n Dec. 19
3,934,0
5,669,0
4,714.0
4,289,0
4,566,0
637,0 108,1C3,0 1,270.485,0
567,0 100,738,0 1,229,406,0
455,0 100,297,0 1,224,912,0
543.0 98,499,0 1,201,953.0
527,0 95,313.0 1,193.799,0
4,541,0
4,949,0
5,268.0
6,448,0
7,048,0
1,273,922,0 114,402,0
1,260,365,0 107,826,0
1,265.830,0 113,509,0
1,255,007,0 115,481,0
1,253.307,0i115,134,0
56,723,0
52,548,0
49,038,0
48,257,0
51.910,0
59.981,0
52,494,0
46,224,0
48,533,0
47,172,0
4,867,6
6,328,8
1,124,2
1,004,7
460,7
1,827,2
6,979.3
778,7
691,6
2,227,1
820,7
999,0
2,110,5
714,7
856,1
687,0
301,8
37,060,0 10,440,0
29,864,0 4,590,0
946,0
9,743.0
327,0
5,115,0
256.0
1,998,0
13,006,0 1,199,0
70,419,0 4,623,0
268,0
3,675,0
793,0
4,406,0
14,481,0 1,692,0
485,0
3.414,0
621.0
5,772.0
12,642,0 1,152,0
303,0
4,325,0
10.148,0 1,556,0
17,543,0 1,140,0
626,0
10,465,0
1,937,0
1,685,0
195,0
445,0
72,0
288,0
2,232,0
19,0
80,0
576.0
76.0
137.0
486,0
149,0
193,0
427,0
79,0
2,709,0
995,0
591,0
424,0
223.0
1,124,0
5,085,0
47,0
206,0
1,744,0
168,0
153,0
1,187,0
159,0
827,0
711,0
324,0
674,0
560,0
300,0
243,0
53,0
124,0
2,566,0
80,0
8,0
58,0
68,0
220.0
403,0
53,0
141,0
569,0
200,0
14,0
Totals, avge. for week 16,450,0 32,779,7
254,076,0 31,017,0
9,076,0 16,767,0
Totals, actual conditio n Jan. 16
Totals, actual conditio n Jan. 0
Totals, actual conditio n Jan. 2
Totals, actual conditio n Dec.26
Totals, actual conditio n Dec. 19
254,645,0
251,173,0
246,895,0
246,825,0
245,294,0
102
103
104
10
10
10
10
11
11
11
11
11
11
11
11
2,050,0
1,500,0
500,0
500,0
200,0
2,000,0
3,500,0
250,0
750,0
100,0
200,0
200,0
1,000,0
200,0
1,000,0
1,500,0
1,000,0
Trust Companies.
Not Members of
Federal Reserve Bank.
1,500,0 3,349,0
Brooklyn Trust Co
10,000,0 12,451,5
Bankers Trust Co
U. S. Mortgage & Trust 2,000,0 4,226,9
1,250,0 1,038,8
Astor Trust Co
Title Guarantee & Trust 5,000,0 11,652,1
10,000,0 21,360,8
Guaranty Trust Co
1,000,0 1,330,3
Fidelity Trust Co
4.000,0 5,083,2
Lawyers Title Ins. & Tr_
Columbia Trust Co.... 2,000,0 7,094,1
1,000,0 1,376,7
People's Trust Co
New York Trust Co.... 3,000,0 11,647,6
1,000,0 1,036,9
Franklin Trust Co
545,2
1,000,0
Lincoln Trust Co
2,000.0 6,123,4
Metropolitan Trust Co_
875,2
Broadway Trust Co_. 1,500,0
1,150,0
548,0
4,0
5,0
3,000,0
192,0
189,0
274,0
81,0
21,0
2,0
3,231,0
6,320,0
23,0
5,769,0
274,018,0
3.300,0
7,876,0
9,327.0
9,861,0
9,017,0
9,871,0
15.837,0
17,485.0
19,119,0
16,012,0
17,245,0
6,273,0
6,077,0
5,174,0
5,853,0
6,509,0
19,0
27,0
3,0
2,0
3,0
5,907,0
5.725,0
5,534,0
5,732,0
5,712,0
272,998,0
271.752,0
268,119,0
261,932,0
262,375,0
3,295,0
3,252,0
3,486,0
3,455.0
3,451.0
29,641,0 1,455,0
134,959,0 9,735.0
41,339,0 3,882,0
19,953,0 1,182,0
35,604,0 1,967,0
195,578,0 13,666,0
439,0
7,836,0
952,0
17,786,0
58,913,0 4,506,0
17,819,0 1,224,0
46,536,0 3,767,0
556,0
13,409,0
656,0
10,751.0
30,314,0 1.332,0
14,358,0 1,257,0
202,0
243,0
12,0
17,0
80,0
1,390,0
141.0
109,0
97,0
69,0
174,0
37,0
37.0
438,0
152,0
454,0
1,051.0
135.0
187,0
138,0
1,082,0
92,0
119,0
511,0
231,0
144,0
141,0
199,0
840,0
443,0
279,0
8,0
110,0
179,0
250,0
569,0
30,0
20,0
467.0
231,0
41,0
332,0
116,0
127,0
288,0
5,0
1,163,0
5,507,0
1,708,0
792,0
1,106,0
7,543,0
325,0
502,0
2,259,0
872,0
1,599,0
533,0
483,0
1,141,0
740,0
23,269,0 5,266,0
110,138,0 20,325,0
34,156,0 6,925,0
15,886,0 4,089,0
579,0
22,128,0
150,864,0 18,001,0
79,0
6,513,0
254,0
10,038,0
45,186,0 12,570,0
600,0
17,456,0
31,941,0 5,765,0
10,660,0 2,206,0
9.668,0 1,087,0
22,823,0 3,607,0
55,0
14,794,0
200,0
337,0
129,0
23,0
17,0
7,0
5,0
68,0
4.0
3.0
Totals. avge. for week 46.250,0 89.191,7
674,796,0 46,576,0
3,198,0
5,767,0
3,047,0
68,0
668,841,0
677,361,0
678.774,0
677,265,0
679,785,0
47,376,0
47,239,0
45,828,0
45.171,0
45.000,0
4,144,0
2,599,0
2,260,0
1,979,0
3,536,0
5,014,0
8,141,0
6,162,0
4,025,0
7,169,0
2,878,0
2,999,0
3,063,0
3,786,0
4,205,0
73,0
131,0
51,0
Grand Aggregate, avge_ 175,300,0 297,767,0 2,193,014,0 191,236,0 66,453,0 7/3,0213,0
+9.708.0 +8,895,0 +2.170.0 +2,397,0
Comparison, prey. week
9,367,0 4,409,0
+693,0 -1.426,0
Grand Aggregate, actual condition Jan. 16_ 2,197,408,0 192,8136,0 68,743,0 80,832,0
+8,509,0 +6.954,0 +4,269,0 +2.712.0
Comparison. prey. week
9,151,0 4,007,0
+75,0 -1,993,0
condition
condition
condition
condition
condition
,.,,miiii,,,,
i
1
1'
21
3
4,
4:
71
7:
71
7'
71
8:
8
,
9:
91
9'
46,0
31,088,0
30,847,0
29,939,0
30,302,0
30,936,0
Totals, actual conditio n Jan. 16
Totals, actual condltlo n Jan. 9
Totals, actual condition Jan 2
Totals, actual condition Dec. 26
Totals, actual conditio n Dec. 19
Grand Aggregate, actual
Grand Aggregate, actual
Grand Aggregate, actual
Grand Aggregate, actual
Grand Aggregate,actual
.. .,,..,,,51
.. .
46,600,0
29,970,0
10,449,0
5,015.0
2,449,0
11,786,0
78,766,0
3,187,0
4,330,0
15,933,0
3,334,0
5,056,0
12,667,0
4,150,0
11,022,0
19,266,0
9,138,0
335,0
Jan. 9_ 2,188,899,0 185,912,0
Jan. 2_ 2,191.504,0 180,276,0
Dec. 26. 2,179,097,0 190,954,0
Dee. 19. 2,178,386,0 101,070,0
Dee. 12_ 2,122,758,0 188,151,0
Tie,.4 9 ign ion 0 100 004 n
64,474,0
61,259,0
59,253,0
65,317,0
61,644,0
63 OAR n
78,120,0 9,076,0
71,505,0 8,237,0
118,570,0 9,639,0
71,586,0 10,714,0
73,350,0 10,414,0
71 And 0in 0950
6,000,0
5,102,0
4,418.0
4,566,0
5,685.0
4.584.0
64.0 26,273,0
52,0
83,0
69,0
88,0
107,0
25,790,0
26,509,0
26,456,0
25,740,0
25,975,0
-
525,520,0 81,408,0
515,780,0
530,122,0
529,134,0
516,294,0
519,502.0
10
10,
3
4
10.
10
10,
107
10S
110
11
11
114
11
11
117
11
-
82,017,0
81,453,0
82,182,0
83,577,0
83,259,0
733.0 137,195,0 2,050,938,0 89,247,0 43,556,0
+82,0 +6,112,0 +33,854,0 -1,306,0 -3,983.0
050=01M. +-1
11,
CO
WOWWW-Q
OW -4W-4..4
"o7mIn -00
State Banks.
Not Members of
Federal Reserve Bank.
2 Bank of Manhattan Co.
'
6 Bank of America
17 Greenwich Bank
28 Pacific Bank
31 People's Bank
44 Metropolitan Back
45 Corn Exchange hank...
70 Bowery Bank
72 German-American Bank
76 Fifth Avenue Bank
77 German Exchange Bank
78 Germania Bank
83 Baal;qf the Metropolis.
84 West Side Bank
92 N. y.Produce Exch._
96 State Bank
97 Security Bank
42.946,0
46,216,0
48,569,0
52,576,0
56,837.0
139,800,0 2,059,2(13,0 89,853,0 42,946,0
+6,828,0 +27,983,0 +199,0 -3,270,0
132,972,0 2,031,280,0
132,287,0 2,022,165,0
129,971,0 1,980,179,0
127,000,0 1,975,67(1,0
„1,975,33(1.0
.
122,774.0 1.969,047,0
89,65470 4 ,216,0
6
91,936,0 48.869,0
93,480,0 52,576,0
93,758,0 56,837,0
91,500,0 60,0(17,0
90,543.0 65.216,0
STATEMENTS OF RESERVE POSITION.
Averages
Actual Figures.
Inc.07 dec.
Inc. or dec.
aReserve
Surplus
Total
from
...Reserve
Surplus
Total
Cash reserve Reserve in
from
Cash reserve Reserve in
required.
reserve, previous wk.
required.
reserve, previous wk. in vault. depositaries reserve.
in vault, depositaries reserve,
--f
$
$
$
$
$
Members Federal
105.153.000328,409,000 225,478,900 102,990,050 +17147940 231,106,000 102,103.000 339,209,000 228,914,350 110,294,650 +18229 180
Reserve Bank__ 223,316,000 5,7E9,000 68,940,000 49,223,240 19,625,760 -2,286,960 61,074,000 5,007,000 66,981,000 49,139,640 17,841,360 --2,704,280
63,180,000
State banks
58,588,000 26,273,000 84,861,000 78,828,060 6,033,000 -792,750 59,412,000 25,790,000 85,202,000 77,367,000 7,835,000 --133,700
Trust coMpanleS
,
137.195,000 482,279,000 353,630,190:124,648,410 +14104230 351.592,000 139,800,000 491,392,000 355,420,990 135,971,010 + 15391200
Total Jan. 36..1345,084.000 131,083,000 462,012,000 347,471,420 114.540,580 -2,632,160 337,562,000 132,972,000 470,554,000 349,974.190 120,579,810 +6,494,890
330.929,000
Total Jan. 9-- 330,900,000 130,852.000 461,752,000 344,579,260117,172,740 -4,701.770 330,177,000 132,287.000 462,464,000 348,379,080 114,084,920 -3,036,280
Total Jan. 2__ 333,978,000 129,252.000 463,223,000 341,353,490 121.874,510 +890,930 328,416.000 129,971,000 458,387,000 341,265,800 117,121,200 -8,176.780
Total Dec. 26__ 335,113,000 125,736.000 460 449.000 330,265,420 120,983,580- 281:970 338,687,000 127,000,000 465,687,000 340,380,020 125,297,080 +8,305,580
+1:6 1 0
7890
Total Dec. 19__ 335,731.000 123,947,000 459,678,000 339,975,590 119.702,410
333,559,000 123,911.000 457,470,000 340,477,600 116,992,400 -2,473.230
Total Dec. 12._ 341,108,
123,712,000 464,910,000 337,517,690 127,392,310 -5,031,89 336,116.000 122,774,000 458,890,000 339,424,370 119,465,630 -11710,46
Total Dec. 5-of Members of the Federal Reserve Bank it
on Nct Demand Deposits in the case of State Banks and Tr 1st Companies but in the case
*This is the reserve required required on Net Tlme Deposits, which was as follows:Jan. 6,8226.950: Jan.9 2248,750; Jan. 2, 2277,300: Dee. 26 5332,750:
Includes also the amount of reserve Net Demand Deposits in the case of State Banks and Trtint Companies but in the ease of Members of the Federal Reserve Bank it
required on
a This is the reserve
required on Net Time Deposits, which was as follows:Jan. 16, $227,050: Jan. 9,$247,450; Jan. 2, 2263,400: Dec. 26, 2322,400.
ncludes also the amount of reserve
THE CHRONICLE
JAN. 23 1915.]
291
In addition to the returns of "State banks and trust comThe State Banking Department reports weekly figures
showing the condition of State banks and trust companies panies in New York City not in the Clearing-House" furnished
In New York City not in the Clearing House, and these are by the State Banking Department, the Department also
shown in the following table:
presents a statement covering all the institutions of this
SUMMARY OF STATE BANKS AND TRUST COMPANIES INGREATER class in the
whole State. Thefigures are compiled so as to disNEW YORK, NOT INCLUDED IN CLEARING-HOUSE STATEMENT.
tinguish between the results for New York City(Greater New
(Figures Furnished by State Banking Department.)
3555,130.900 Dec.86,277.400 York)
Loans and investments
and thosefor the restof the State,as per thefollowing.
43,218,900 Dec.
Gold
383,100
Currency and bank notes
11,241.400 Dec.
978,600
For definitions and rules under which the various items
Total deposits
644,302,700 Dec.
792,700
Deposits, eliminating amounts due from reserve deare made up, see "Chronicle," V. 98, p. 1661.
positaries and from other banks and trust comThe provisions of the law governing the reserve requirepanies In New York City, and exchanges
555,720,900 Dec. 7,763,000
Reserve on deposits
146,997,200 Inc. 6,658,700
ments of State banking institutions were published in the
Percentage of reserve, 27.3%•
RESERVE.
"Chronicle" March 28 1914 (V. 98, p. 968). The regula-State Banks-Trust Companies
311,149,300 12.26%
Cash in vault
343,311,000 9.68% tions relating to calculating the amount of deposits and what
13,057,400 14.35%
Deposits in banks and trust co.'s
79,479,500 17.78% deductions are
permitted in the computation of the reserves
524,206.700 28.61%
3122,790,500 27.46% were given in the "Chronicle" April
Total
4 1914 (V. 98, p. 1045).
The averages of the New York City Clearing-House banks
STATE BANKS AND TRUST COMPANIES.
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
State Banks
Trust Cot
Trust Cos.
State Banks
Week ended Jan. 16
in
In
outside of
outside of
Clearing House,compare as follows for a series of weeks past:
Greater N. F. Greater N. F. Greater N. F. Greater N. 1.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES
GREATER NEW YORK.
We omit ciphers in all these figures.
_
Week Ended
- Loans and
Investments
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov.21
Nov.28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Jan. 2
Jan. 9
Jan. 18
$
2,721,140,7
2,718,080,6
2,705,062,3
2,893,549,1
2,725.762.7
2.716.296.6
2,727,144,8
2,739,891,7
2,736,668,6
2.741,417,1
2,744.806.5
2,745.614,3
2.749.071,9
Demand
Deposits.
$
2,477,085,3
2,472,481,5
2.478,226,5
2,475,878.3
2,489,479,2
2,105,515.9
2,510,353.2
2,525,517.5
2,527,814,4
2,537,104,2
2,560,108,2
2,580,567,9
2,805,658,9
Specie.
Other
Money.
3
380,955,5
386.000,5
386,205,2
381,795,4
115,807,6
117,255,6
118,853,6
115.869,5
307,801,5
305,509,9
303,984,6
303,090.4
305,702.3
303,354,2
301,574,0
312,482,9
94,044,4
00.093,1
86,175,0
86,774,8
83,229,3
83,404,1
85.177,0
87,081,4
Capital as of Sept. 12_ _ _
. $24,550,000
Total
Entire
Money Reserve on
Holdings. Deposits.
496,763,1
£0.3,256,1
105,058,8
497,664,9
404.600,2
401.845,9
395,603,0
390,159.6
389,815,2
388,931,6
386,758,3
388,751,0
399,544.3
633,662,2
645,745.2
C52,656,2
643,626,3
612,901,6
008,533,3
608,010,0
002,362,3
605,880,7
611,698.5
607,295,8
602,350,5
629,276,2
$67,300,000
$10,758,000
Surplus as of Sept. 12_ ___
IN
151,148,900
13,894,000
11,702,800
328,280,600 1,127,783,700
+5,685,700 -9.690.300
132,043.200
-8,100
190,663,100
+428,300
Loans and investments__
Change from last week_
39,119,300
$11,300,000
Specie
Change from last week_
41,394,200
-523,400
84.842.100
-927,500
Legal-tender dr bk. notes
Change from last week_
32,937,700
-1,847,200
17,197.400
-1,112,600
Deposits
Change from last week_
422,640,800 1,247,021,000
+126,600 -6,955,100
138,615,600 198.642.600
-37.500 -1,780,300
Reserve on deposits
Change from last week_
102,428,200 252,886,700
-205,700 +15.393,000
22,266.200
26,352.700
+139.400 -1,841.70n
P. C. reserve to deposits_
Percentage last week
25.2%
23.9%
28.8%
29:5%
18.3%
18.2%
15.9%
16.8%
+ Increase over last week. -Decrease from last week.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING-HOUSE.
Total
Loans,
Discounts,
Nat. banks Dec. 31) Invest(State banks Dec. 24 runts.&c.
360,600 1,584,000
477,800 6.403,000
731,700 6,734,000
694,700 6,384,000
183,000 1,134,000
478,500 5,880,000
288,400 3,302,000
514,000 5,126,000
727,500 15,809,000
186,900 3,009,000
62,000
473,000
286,000
436,000
108,000
521,000
172,000
348,000
738,000
143,000
3,800,000 4,643,10655.365,060 3,287,000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hatnliton Tr.Co..13kn
Meehan. Tr.,Bayonne
Total
500,000 1.020,700 6,684,000
50.000
317,300 3.559,000
550,000 1,338,000 10,243,000
Grand aggregate
Comparison, prev.wk.
Excess reserve,
Grand aggr'te Jan. 9
Grand aggr'te Jan. 2
Grand aggr'te Dec. 26
Grand aggr'te Dec. 19
Grand aggr'te Dec. 12
Silver.
Nat. Bank
Notes
Nat. Bank Federal
[Reserve for Notes [Not Reserve
State Insti- Counted Bank Notes
tutions]. as Reserve] [Nollies'vel
Average. Average. Average. Average. Average.
$
$
$
$
$
$
5
200,000
128,100 1,908,000
77,000
36,000
31,000
300,000
670,600 4,378,000
108,000
27,000
158,000
300,000
579,200 4,810,000
176,000
55,000
115,000
400,000 1,259,100 4,502,000
249,000
309,000
82.000
250,000
800,800 3,329,000
78.000
15,000
71,000
200,000
396,300 2,362,000
50.000
9,000
51,000
220,000
670.300 4,970,000
123,000
19,000
51,000
125,000
291,400 4,067,000
71,000
58,000
94,000
1,995,000 4.795,800 30,326,000
932,000
528,000
653,000
State Banks.
Not Members of the
Federal Reserve Bank.
Bank of WashM IIgts,
100,000
Century Bank
500,000
Colonial Bank
400,000
Columbia Bank
300,000
Fidelity Bank
200,000
Mutual Bank
200,000
New Netherland Bank
200,000
Yorkville Bank
100,000
Mechanics' Bk., BM 1,600,000
North Side Bk., Rein
200,000
Total
Gold.
Legal
Tenders.
Reserve
with
Legal
Deporttat-let.
6,345,000 10,776,900 95,934,000
+213,000
8322,910 decrease
6,345,000 10,864,100 95.721.000
6,345,000 10.792,20696.623.006
6,345,000 10,792,200 96,658,000
6,345,000 10,702,20000,180,000
6,345,000 10,792,200 95,692,000
7,000
100,000
182,000
179,000
10,000
34.000
34,000
80,000
137,000
42,000
69,000
159,000
427.000
303,000
30,000
121,000
135,000
187,000
565,000
121,000
245,000
23,000
569,000
73,000
14,000
20,000
18.000
84,000
642,000
34.000
102,000
23,000
39,000
70,000
109,000
4,861,000 1,347,000 2,872,000 1,734,000
+82,000 -40,000 -108,000 -271,000
4,779,000
4,779,000
4,769,000
4,855,000
4,921,000
1,387.000
1,303,000
1,298,000
1,172,000
1,284,000
2,980,000
2.956,000
2,922,000
3.080,000
3,045,000
2,005,000
2,068,000
1,894.000
1.786,000
1,921,000
Net
Time
Deposits.
Average. Average. Average.
$
$
$
1,663,000
200,000
28,
300,000
3,665,000
119,000
4,389,000
391,000
4,008,000
198.000
2,198,000
200,000
2,350,000
217,000
1,888,000 2,605,111
1,720.000 1,774,111
99.000
1,112,000
6,805,000
7,175,000
7,039,000
1,033,000
5,876,000
3,190.000
5,492,000
16,480,000
3,168,000
3,409,000 57,370,000
70,111
311,11,
150,111
105,00
15,000
651,t t I
3,000
314,000
235,000
250,000
222.000
270,000
273,000 5,460,000
578,111
73,000 1,465,000 2,038, i t
3,000
268,000
-46,000
National
Bank
Circutattoo.
13,000 2,746,000 21,681,000 4,407,000 1,724.000
289,000
189,000
192,000
9,000
121,000
74,000
105.000
596.000
50,000
785,000 2,117,000 1,625,000
Net
Demand
Deposits.
Average. Average. Average.
$
$
$
200,000
5,000
1,000
460,000
21,000
4,000
545,000
23,000
8,000
41,000
480,000
264,000
76,000
282,000
30,000
289,000
35,000
14,000
226,000
1
Members of
Fed'i R
Bank.
Retry Park Nat. Wit
First Nat. Bk., Bklyn
Nat. City Bk.,Bklyn.
First Nat.Ilk.,Jer. C.
Huds'nCo.N.Bk...I.C.
Third Nat. Bk., J. C.
First Nat. Ilk.. llob'n
SecondNat.13k.,Hob'n
Net
Profits.
1
Week Ending
Jan. 16 1915.
Capital.
..,w.co *.o.a...
coa*.acotowo..1
oow.rww.w.
§§§§§§§§g§
CLEARING
NON-MEMBERS.
346.000 6,925,000 2,614,111
16,000 6,501,000 85,976,000 7
7,672,01 i
+5,000
-2,000 -203,000 +831,111
11.000
10,000
6,000
5,000
6.000
6,503,000 86,179,000
6.505,000 87.000,C00
6,488,000 86,457,000
6,365,001)811,638,000
6,460,000 85.932,000
7,041,000
7,343,111
7,285,000
7,312,000
7,304,'''
1,724,000
-3,000
1.727.00
0
1,748,000
1,774,000
1,776.00
0
1,794,000
Philadelphia Banks.
-Summary of weekly totals of
Boston Clearing
-We give below a sumClearing-House banks and trust companies of Philadelphia: mary showing the -House Banks.
totals for all the items in the Boston ClearWe omit too ciphers (00) in all these figures.
ing-House weekly statement for a series of weeks:
Capital
and
Surplus.
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dee. 26
Jan. 2
Jan.
Jan. 16
103,684,3
103,684,3
103,684,3
103,684.3
103,684.3
103,684,3
103,684,3
103,684,3
103,684,3
103.684,3
103,684,3
BOSTON CLEARING-HOUSE MEMBERS.
Loans.
Reserve. Deposits.
$
3
395,705,0 96,430.0 432,391,0
305.058.0 95,099,0 428.512,0
393.182,0 00,251,0 428,089,0
390,844,0 87,948,0 425,332,0
389,633,0 85,738,0 427,516,0
396,719,0 76,641,0 426,510,0
307,010,0 73,357,0 427,709,0
395.929,0 68,608,0 422,876,0
393,452,0 75,010,0 431,039,0
393,545,0 78.158,0 434,191,0
395,052,0 79,909,0 437,435.0
Omutalion.
Clearings.
16,233,0
16,069,0
15.210,0
14,278,0
13,316,0
12,972,0
12,886,0
12,418,0
12,178,0
11,789,0
11,647,0
148,524,4
152,173,6
158,692,1
124,747.4
163,149,8
141,291,2
152,095,9
133.478,5
131.233,4
178,536,7
151,220,0
•Includes Government deposits and the item "due to other banks" (Jan. 16,
6123,014,000): also "Exchanges for Clearing House" (Jan. 16, $14,389.000). Cue
from banks Jan. 16, $51.790,000.
Changefrom
Jan.1619I5 previous week. 1 Jan. 9 1915 Jan. 2 1915
Circulation
39,851,000
Loans. disc'ts & investments_ 234,848,000 Inc.
Indlrid. deposits, Incl. U. S. 180,489,000 Dec.
Inc.
Due to banks
82,158,000 Dec.
Time deposits
4,237,000 Inc.
Exchanges for Clearing House 13,580,000,Inc.
Due from other banks
25,074,000,Inc.
Cash reserves
21,753.0001Ine,
Reserve in Fed.Reserve Bank 8,832,000 Inc.
Reserve with other banks__ - 25,251,000'Inc.
Reserve excels in bank
8,977,000 Inc.
Excess with reserve agents
12,475,000 Inc.
1 .•Cef"Va with Peel. Res. Bank_
7
2.444.000 Inc.
$3,000 59,848,000 512,174.000
1,309,000 236,157,000 237,744,000
5,386,000 175,103.000 178,969.000
778.000 82,934,000 76,473,000
22,000 4,215.000 4,095,000
1,366,000 11.914,000 13.043,000
642,000 24,432,000 24,008,000
737,000 21.016,000 21,291,000
1,141,000 7,691.000 7,280,000
2.143,000 23,108.000 21,037,000
726,000 8,251,000 8.607,000
2,132,000 10,343.000 8,353,000
938.000
1.136,000 1,308.000
Imports and Exports for the Week.
-See second page
preceding.
loo.
THE CHRONICLE
292
Vanittre
azette.
Wall Street, Friday Night, Jan. 22 1915.
-BusiThe Money Market and Financial Situation.
ness at the Stock Exchange has broadened, increased in volume and in all departments throughout the week displayed
a vigor such as has not been seen for many months. These
conditions are stimulated by exceptionally easy money markets, by signs of increasing industrial activity and by the
steadily accumulating foreign trade balance in our favor.
The excess of exports in December amounted to $131,863,077, which is the largest for any corresponding month and
has been exceeded but once in any month in our history.
Shipments during the first half of January are larger than
last month, and it is evident that Europe will require an
enormous amount of supplies from this country for some
time to come. It seems quite likely, indeed, that this movement will be limited only by our ability to supply the demand.
Wheat has attracted wide attention this week by advancing to 145%, and if a recent estimate of our surplus, 280,000,000 bushels, is correct, it may readily be seen that from
the sale of this surplus, at or anywhere near present prices,
somebody will be greatly benefitted. At the same time,
a considerable proportion of the one hundred millions of
people in this country who are with difficulty, if at all,
procuring a sufficient supply of bread for daily needs, are
wondering, to use a slang phrase, "where they get off."
This shows how disturbing a war may be, even to those far
removed from its scenes.
The open market rate for call loans on the Stock Exchange
on stock and bond collaterals ranged from 13% to 2%.
The rate to-day was 1%02%. Commercial paper closed at
33%@4% for sixty to ninety-day endorsements and prime
four to six months' single names. Good single names
4%@4%%.
:
ForeigrL Exchange.
-The market for sterling exchange
has ruled irregular, a large supply of bills having in part been
offset by the demand for remittances in payment of foreign
sales of securities in this market.
To-day's (Friday's) actual rates for sterling exchange were 4 8204 82 X
for sixty days, 4 8404 84X for cheques and 4 84X @48434 for cables.
Commercial on banks nominal and documents for payment nominal.
Cotton for payment nominal and grain for payment nominal.
There were no rates for sterling posted by prominent bankers this week.
To-day's (Friday's) actual rates for Paris bankers' francs were nominal
for long and 5 2105 2134 for short. Germany bankers' marks were
nominal. Amsterdam bankers' guilders were 40040 1-16 for short.
Exchange at Paris on London, 25f. 20c.; week's range, 25f. 1834c. high
and 25f. 20c. low.
Exchange at Berlin on London not quotable.
The range for foreign exchange for the week follows:
Cheques.
Sixty Days.Cables.
Sterling. Actual48434
4 84X
High for the week__ _4 8235
48434
4 83X
Low for the week_ _ _4 81%
Paris Bankers' Francs
5 18
5 1834
High for the week_ _ _
5 1834
519
Low for the week__ _
Germany Bankers' Marks
8734
8734
High for the week__ _
87 5-16
8734
Low for the week ___
Amsterdam Bankers' Guilders
403-16
403-16
High for the week__ _
40 5-16
40 1-16
Low for the week_ _
-Chicago, 15c. per $1.000 premium. Boston,
Domestic Exchange.
par. St. Louis. 10c. per $1,000 premium. San Francisco, 50c. per 51,000
premium. Montreal. 55 00 per $1,000 premium. Minneapolis. 50c. per
51.000 premium. Cincinnati, par. Mexican exchange, 12c. to the peso.
Some of the industrials have covered a wide range. Bethlehem Steel preferred advanced 7 points on the announcement of an advance in its dividend rate from 5 to 7%.
Mexican Petroleum is 934 points higher on the prospect of
a freer movement of its product, and all the copper stocks
have been strong on better demand for the metal.
For daily volume of business see page 301.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
Week ending Jan. 22.
Sales
for
Week.
Range for Week.
Lames,.
Highest.
100 80 Jan 22 80 Jan
Adams Express
200 93 Jan 20 93 Jan
American Express
100 8 Jan 21 8 Jan
Assets Realization
70 39 Jan 19 39 Jan
Brown Shoe
Chic 31 & St Paul rights. 3,000 5-32 Jan If 5-32 Jan
450 7 Jan 18 10 Jan
Duluth SS & Atl pref._
42 10% Jan 21 12% Jan
Green Bay & W,deb B_
100 112 Jan 20 112 Jan
Helme (G W), pref_ _ _ _
200 12% Jan 19 mg Jan
Int Agric Corp, pref.__ _
100 125 Jan 19 125 Jan
Nash Chatt & St Louis_
400 35 Jan 21 36 Jan
N Y Chic Je St Louis._ _
4 158 Jan 2z 158 Jan
Pitts Ft Wayne & C._ _ _
Jan
100 21 Jan 22 21
Preferred
Union Pacific warrants. 2,600 28% Jan 16 29% Jan
200 5 Jan 21 5 Jan
Detinnln7
Vulcan
100 85 Jan 22 85 Jan
Weds, Fargo & Co
1,400 30 Jan 16 36 Jan
West Maryland, prel
Range Year 1914.
Lowest.
22 91
20 99%
21 5
19 39
It
IS 8
22 10%
20 110
19 13
19 135
21 35
22
22 21
19 26%
21
22 78
21 30
Highest.
Feb 110
Mar
July 110% Jan
Dec 29% Jan
May 48% May
July 11
Jan
Apr 14% Jan
Mar
Jan 115
Jan
May 36
July 144
Jan
July 45
Jan
40
Jan
July 30% July
MAY
Dee 105% June
July 58
Jan
-Trading on the "curb" this week was
Outside Market.
more active and sharp advances were recorded in some of the
higher class of industrial shares and also the oil shares. Of
especial note among the former was Kelly-Springfield Tire
corn., which advanced from 78 to 9434, the close to-day being
at 9234. The 1st pref. gained over 3 points, advancing to
83; the 2d pref. sold up from 101 to 107. Willys-Overland
coin. rose from 90 to 9234, ex-div. Intercontinental Rubber also figured prominently in the trading, advancing from
National
634 to 9, with the final transaction to-day at 8. the pref.
Cloak & Suit corn. improved from 4634 to 493%,
gaining 3 points to 97. United Cigar Stores new corn.
4
ranged between 94 and 93 , the close to-day being at 9%.
Corporation of Riker & Hegeman eased off from 734 to 7,
recovered all the loss, then sold finally at 734. Sterling Gum
3
4
moved up from 334 to 33 and down to 3%. United ProfitSharing, new, receded from 434 to 334 and ends the week at
4. Sensational advances were recorded in several of the oil
stocks. Atlantic Refining sold up some 60 points to 650 and
closed to-day at 645. Standard Oil (Indiana) ran up 15
points to 485 and ends the week at 481. Standard Oil
(Kansas) advanced from 360 to 400 and reacted to 382.
Standard Oil (California), after a loss of about 10 points to
301, moved back to 311 and was traded in finally at 308.
Standard Oil of New Jersey advanced from 399 to 404 and
closed to-day at 403. A feature of the trading was the initial
transactions in the new Prairie Pipe Line, "when issued,"
the company organized to take over the transportation business of the Prairie Oil & Gas. It rose from 170 to 180 and
closed to-day at 173. Prairie Oil & Gas old stock sold down
from 467 to 460 and up to 472. The stock "ex-rights" was
traded in to-day at 225. In bonds Chic. & N. W. 5s advanced from 1085 to 10934 and ended the week at 109%.
%
Western Pacific 5s, after early advance from 3434 to 35,
dropped to 3334,but moved upward again,resting finally at
353. Mining stocks were active, with price changes narrow.
Braden Copper advanced from 634 to 73% and closed to-day
at 734. Kerr Lake gained half a point to 5.
Outside quotations will be found on page 301.
-Sales of State bonds at
State and Railroad Bonds.
the Board include $28,000 New York 434s at 1083/2, $26,000
N. Y. Canal 43/25 at 108% to 109, $1,000 N. Y. Canal 4s,
1960, at 10034; $1,000 N. Y. Canal 4s, 1961, at 10034,
818,000 N. Y. Canal 4s, 1962, at 100 to 10034 and $179,000
Volume of Business at Stock Exchanges
Virginia 6s at 53 to 60.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
Virginia 6s to-day covered the range noted above on the
DAILY. WEEKLY AND YEARLY.
announcement of progress in the long-continued litigation
in regard to these bonds.
'
Railroad,
Stocks.
'
U. S.
State
dtc..
The market for railway and industrial issues has been
Week ending
Bonds.
Bonds,
Bonds.
Value.
Par
Shares.
Jan.22 1915.
more active and stronger than at any time since trading
321,000 $27,000
in them at the Exchange began on Nov. 28.
104,355 $9,333,625 $1,570;500
Saturday
2,496,500
68,500
10,000
255,022 21,350.130
Total sales to-day were nearly 43% millions, par value, and Monday
2,997,000
103,000
380.293 32,734.600
3,787,000
79,000
for the week have averaged more than 3% millions. These Tuesday
302,227 26,232,550
Wednesday
3,915,000
71,000
386.101 34.460,350
transactions have included a large number of issues and the Thursday
255.000
3,970,500
343,224 29,617,850
tendency of prices has been upward. Of a list of 35 active Friday
$597.500 337.000
1.771.222 3153,739,105 $18,736,500
issues, 5 for special reasons have declined and 5 are unchanged. Of the 25 which have advanced, several are
Jan. 1 to Jan. 22.
ending Jan. 22.
Week
Sales at
from 234 to 434 points higher. This movement has been so
New York Stock
1914.
1915.
1914.
1915.
general that comment in specific cases seems needless.
Exchange.
7,050,027
3,444,589
2,862,775
1.771,222
-No. shares.. _
-Sales of Government bonds at Stocks
United States Bonds.
$615,221,990
3295,954,975
8153,739,105 3246,941,450
Par value
$3,600
$57,500
$95,100
the Board are limited to $10,000 3s, coup., at 102; $10,000 Bank shares. par
Bonds.
Panama 3s, coup., at 102, and $27,000 2s, coup., at 98 to Government bonds_ _ _
344,500
33,000
$41,000
837,000
1,407,000
2,709,500
597.500
4,078,500
983. For to-day's prices of all the different issues and for State bond
40,341,500
58,897,900
bonds. 18.736,500 23,944,500
RR. and misc.
yearly range see third page following.
319,371.000 $26,657,000
$41,793,000
$67,017,400
Total bonds
-The stock marRailroad and Miscellaneous Stocks.
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
ket has continued active and at times buoyant throughout the
BALTIMORE EXCHANGES.
week. On Wednesday and again to-day there was some reactionary tendency, but these lapses are lost sight of in the
Boston.
Baltimore
Pkiladelphia.
Week ending
general upward movement, which otherwise continued withShares. Band Sales. Shares. Bond sales. Shares. Bond Sales.
Jan. 22 1915.
interruption.
out
shares and Saturday
328,300
1.434
355,000
427
10,893
$20,625
On Thursday the transactions included 386,100
34,200
37,000
5.404
25,407
44,691
888
since the Exchange opened Monday
32,200
45,600
5,575
623
25.776
33,862
in most cases the highest prices Pacific was 73 points Tuesday
4
29,600
50,500
254
Then Canadian
21,043
6,019
66.622
Wednesday
were recorded.
70,400
251
41,000
7,102
67,786
30,267
the close last week, Reading 534, St. Paul Thursday
54,000
higher than at
1,309
36,300
6,610
33,762
19,904
Pacific and Friday
and Missouri Pacific 438, Lehigh Valley, No. as much.
3.762 5248.700
32.144 3267.3414
133.290 3265.400
'ild
Pennsylvania from 3 to 4 and many others nearly
New York Stock Exchange-Stock Record, Daily, Weekly and Year
ly
OCCUPYING TWO PAGES.
293
For record of sales during the week of stocks
usually inactive. see preceding page.
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
aturday
ran. 16. 1
Monday
Jan. 18.
Tuesday
Jan. 19.
-
Wednesday
Jan. 20.
-
Thursday
Jan 21
Friday
Jan 22
Sales of
the
Week
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Year 1914.
On basis 0/ 100 share lots.
Lowest
Highest.
Range for Precious
Year 1913.
Lowest.
Highest.
Railroads
20,520 Atchison Topeka & Santa Fe__
8913 July30 100's Jan 23
9014 Nov 1063 Jan
8
400 Do pref
z961 Dec 31 1013 June29
4
96 July 10214 Jan
1,766 Atlantic Coast Line HIS.
*9918 Dec 30 126 Jan 23 112 June 1333
8Jan
25,646 Baltimore & Ohio
67 Dec 24 983a Jan 26
9058June 1093 Jan
7,296 Do pref
69 Dec 21 83s Jan 29
7714 June 88 Jan
8,550 Brooklyn Rapid Transit
79 July30 9414 Mch 6 :833 June 92 4 MaY
4
3
26.710 Canadian Pacific
153 Dec 24 22012 Feb 4 204 Dec 26634Jan
233 Central of New Jersey
300 July14 310 Jan 12 275 June 362 Jan
20,800 Chesapeake & Ohio
40 Dec 28 68 Jan 22
511s July 80 Jan
3,330 Chicago Great West tr &fa
914 July30 1514 June23
1018 June 17 8Jan
7
3,500 Do pref trust ctfs
25 July30 4112June23
23 June 35 Jan
13,362 Chicago MIlw & St Paul
4
843 Dec 26 10718 Feb 4
963 Nov 11614Jan
4
1,800 Do pref
126 Dec 23 143 Feb 6 13113 Nov 145 Jan
2,200 Chicago & North Western
122 Dec 28 1367 Feb 14 z123 Dec 138 Jan
8
-Do pref
130 *_
132 *
170
_ 130 *125 132 ._ __ -. 132 •_ _ _ _ 132
Chicago St Paul Minn & Om_ 125 Jan 5 180 Jan 24 17118 Nov 1189 Jan
150 *
_ 150 •
150 •
May30 1314 July I 11912 Aug 125 Mch
_ 150 *
150 •
150
Do prof
21
40
121
21
*21
40
*22
39
*22
39
*22
40
10 Cleve CM Chic & St Louis_ 132 May 2 132 May 2 130 June 150% Jan
50
60
*50
60
22 July17 40 Jan 5 3478 Aug
_ _ 156
58
*50 -- _ _ *50
54 Jan
___
75 Do pref
2412 2512 25
25
*50-*25
40 July21 70 Feb 9
26
*2514 26
943 Jan
4
*25
26
257 257
60 Oct
8
8
200 Colorado & Southern
13
____
45
45
*45
20 Mch20 28'2 Jan 27
*45 _
*4514
*45 __ __
4
233 June 33 Jan
200 Do 1st pref
33_ . 37
37
*35
378 July24 62 Jan 28
_._ *35
7
_
*35
_ _ •35
60 Dee
69 Mai
100 Do 2d pref
51 151
- -18 15012 152 *147 15212 *147 152"
29 Dee 21 35 Mch26
15118 151
6513 Apr
55 July
-18 151 151
1.050 Delaware & Hudson
15 415
418 420
425 425 •415 450
421 425
425 425
1.064 Delaware Lack & Western_ 13834 Dec 24 15913 Feb 4 14712June 167 Jan
•412 612
512 512
388 Jan 6 4063
612 6N *6
4June 6 380 Dec 445 Jan
62
7
7
711
714
1,100 Denver & Rio Grande
9
9N
912 11
4 July28 1914 Jan 31
1214 1212 1114 1212 1212 13% 125 13
133 June 23'8 Jan
8
4
5,530 Do pret
2212 2278 2228 2278 2234 2318 227 2314
8 July27 3118 Feb 4
8
23
4 2228 2328 66.820 Erie
233
23 June 41 Jan
353 3612 35
4
35
2018 July30 3212Jan 23
353
4 3512 35
3612 3
614 3714 3614 3712 15,910 Do let preferred
20'4June 3213Jan
28
28
*29
32 July30 493
30
*29
2912 2912 2912 30
30
4Jan 27
33l2June 4012 Jan
30
1,000 Do 241 preferred
1412 11428 11428 11514 11512 11614 11618 1167 11612 11714 30
2614 July30 4014 Jan 23
8
2814 June 41 Jan
117 118
14,080 Great Northern pref
2314 30
2934 3014 2912 3018 30
1115 Dec 23 13434 Feb 4 11512 June 13258Jan
8
334 35 4 3318 347 35,450 Iron Ore properties
34
3
07 1034 *107 10812 10814 10314 108 10818 109 109
2212 July30 3914 Jan 19
25l3June 4114 Jan
10912 110
1,000 Illinois Central
103 1028 1034 11
3
10312 Dec 7 115 Jan 26 10234 Dec 1237 Feb
11
11
1118 1128 1112 12
1218 1212 6.896 Interboro-Metropolitan
8
50
v t etf 10 4 July30 1638Jan 24
50
50
50
49
3
4934 493* 4934 50
521: 5128 5178 10,400 Do pref
8Jan
l23
eJune 195
2212 2212 223 2312 2314 2334 2318 2428 244 25
4
50 Dec 22 653
8Junel0
6538Jan
45 Jun
2414 2518 8,700 Kansas City Southern
54
58
56
2014 July30 2812July 3
57
57
57
*5212 573
4 5712 572 5712 5752
213 June 233
3
700 Do pref
8Jul3
*618 712 *6
713
4913 Dec 4 62 Jan 24
6
612 *6
67
7
7
7
56 June 6112 Jan
718 1,610 Lake Erie & Western
_
*12
5% julyll
___ *14
.. *14
20
*15
20 .15
9 Jan 23
7 May
1112 Feb
Do
3412 1343 1343 126
1312- -4
4
137 1
17 Apr 3 21'!Jan 28
-3812 136% 13814 13714 13418 137% 13918 17,700 Lehigh pref
16 Nov35 Jan
Valley
33
40
*34
40
118 July30 15614 Jan 23 14114 June 1633
3812 3812 39
39
3 '2 3412 37t3 3712
8Jan
450 Long Island
153 117
4
118 1181, 11812 120 z119 119
28 Jan 15 36 Feb 5
120 120
121 12113 2,050 Louisville & Nashville
30 Jun
4318Jan
24 129 •124 129 *125 128
125 Dec 12 1417s Jan 19 12614 Jun 14214Ja
128 128 *126 130 .127 130
100 Manhattan Elevated
11
1114
1184 1134 12
128 Jan 5 133 Feb 7 127 June 13258Fen
12
1212 13
13
14
13
13
b
3.225 Minneapolis & St Louis
_ _ 25
25
25
018 July30 1614 Jan 31
25
26
2414 27
2612 27
2514 2514 2,218 Do pref
12 June 2314 Jan
13 11318 1123 11312 115 1157 1157 116
2712June30 3512Jan 22
4
8
11514 116
28 June 47 JAI)
1143 11513 2,050 Minn St P & til 5 Marie
4
26 12713 12612 12612 128 128 *127 133 *12612
101 Dec 2 137 Feb 5 11514 June 14214
132 *127 130
200 Do prof
*914 10
130 June25 145 Feb 2 131 Nov1150 Jan
9% 1014 10
1012 1018 1153 1118 1128 Ill: 1212 28,040 Missouri Kansas & Texas
Jan
27
29
818 Dec 29 24 Jan 26
2778 2813 30
3028 2978 33
,
313 33
1818 Jun
*3212 34
291s Jan
2.700 Do pref
26 Dee 3P 60 Jan 30
828 101
914 1114
11
1312 1228 1518 131: 1514
52 June 6412 Apr
1218 14 175.729 Missouri Pacific
_
7 Dee 31 30 Jan 27
23 *23 ._ _
22 *_
2114 Dec
22
_
22 ._ _
4358Ja3'
211
:
Nat Rys of Mexico 1st pref.._
*:lis 7
30 Jan 10 34 Feb 6
7
7
7
31 Dec
;. 58
1
14 7
59 Mcl
*,7
Do 24 preferred
885 89
5 Dec 14
8
89
891g 883 8912 89
4
8 4 Dec
3
3914 8912 905
2712 Jan
8 9114 923 19,575 NY Central & Hudson River.. 77 July30 14 Jan 26
,
5312 5413 5314 54's 5414 57
9628 Jan 31
9038 Dec 103 Jan
5512 56
55
56
14
54
56
6,200 N Y N H & Hartford
22
495 ..tuly16 78 Jan 2
2218 2212 223
8
i 227 233
6558 Dec 1297 Jan
8
231. 23
4 23
2414 233 2438 3,720 N Y Ontario & Western
4
•
1834 Dec 5 3128 Jan 23
2612 *____ 261 •_ _ __ 2612 *_ _ 2612 *_ ._
2518 Jun
33% Jan
2612 *
2612
Norfolk Southern
02 10218 10212 1021 103 103 *102
2518 July29 43 Jan 12
39 Dec
4712 Apr
103
1023 103
4
10312 2,600 Norfolk & Western
84
87
9612 Dec 3 1057
*85
8July 6
87
98 June 11312Jan
*84
87
*84
87
§85
85
*35
11
Do adjustment preferred. 85 Jan 7 90 Apr 29
86'8
0128 102
102 1033 104 105
8014 Aug
4
87 Feb
10428 1047 10453 10534 10512 107
s
26,700 Northern Pacific
053 106
4
963 Dec 24 11812 Feb 4 10134 June 122% Jan
8
10578 10614 10618 1063 10612 107
4
1065 10838 1074 10312 15,304 Pennsylvania
8
*5
6
6
10211 Dec 23 11512Jan 31 106 Dec 123%Jan
6
7
7
612 6t2 *612 10
*612 10
300 Peoria & Eastern
70
71
5 July14
71
8 Jan 22
72
6 Nov
*70
12 Jan
78
*71
85
-------- -71
78
200 MUM CM Chic & St Louis
___ 105 •____ 105 •
6418 July30 91 Feb 4
7718 Dec 104 Jan
105
4714 14734 14712 14918 14914 105 •.___ 105
Do pref
95 June23 101 Mch25 100 June 1100 Sep
15114 1507 152
15113 153% 151% 153o 172,980 Reading
8
90
137 July30 17214 Jan 22 1513
*83
90
*84
8June 1713 Dec
90
4
*84
90
*84
90
*84
90
lot preferred
'83
85
87 July28 8938 June24
85
85
8212 Oct
*85
8614 85
9212 Apr
85
187
87
*85
87
650 24 preferred
%
z80 Dee 22 93 Jan 28
%
3,
54
%
7
8
84 June 95 Apr
7
8
%
1
7
8
7
8
% 3,673 Rock Island Company
I%
138
113
113
13g
28 Dec 24 1628 Jan 23
115 Oct
8
247 Feb
113
8
IN
1
112
13*
114
112 4,012 Do pref
*112 2
*112 .212 *112 212 4
1 Dec 24 25 Jan 16
443 Jan
4
1712 Oct
.112 2% *112 212
218
650 St Louis & San Francisco
*8
23*
12
*6
12
2 Apr 7
*6
53* Jan 15
12
.6
21 June 1914 Jan
12
11
11
*10
15
100 Do 1st preferred
•23
4 314
3
3
8 May 5 1712Jan 13
3
3
13 June 69 Feb
*212 312
33* 33*
3
3
720 Do 2d preferred
17 •___ _ 17
24 Dec 14
*15
93 Jan 26
4
5I2June 29 Jan
16
16
17
17
*1612 193
.___ 37 •___ 37 ._ _ _ 17
4
200 St Louis Southwestern
177 July17 263
8
4Jan 26
37
3512Jan
20 Dec
36
36
37
37
*35
38
9.21
400 Do pref
: 1312 1312 1312 1;1
36 July17 651g Jan 26
1412 1412 147
5614 Dec
75 Jan
14 4 15
3
1413 143
2,000 Seaboard Air Line
39
33
39
38
1014 Dec 24 223* Feb 5
3834 3814 3914 3812 40
1412 June 20 4 Api
3
39
85
3918 4,365 Do pref
8512 8514 857
8 855 863* 853 8713 87
453
4Jan 2 58 Feb 4
4
38 June 49% Sell
8718 8678 8312 40,330 Southern Pacific
•--- ---- ---- ---- --__ ____
Co
81 Dec 24 9912 Jan 23
83 Nov110 Jan
-153 1512 15 8 161s
s
_
Certificates (when Issued).- 927 Dec 26 10612 June22
5
163 17
8
1634 17
8
17% 17 8
8814 Nov99 Set
3
1738 1734 11.100 Southern v tr Ws stampe
11
53
53
• --59
6018 61
d
14 Dec 24 2814 Feb 4
60
603
4 6012 608 61
1918 June 28583811
1214 1214
611/ 2,900 Do
12
preferred
1234 1312 13
123*
do
53 Dec 24 854 Feb 4
14
1314 133
4
72 June 8112Me
131. 131- 4,700 Texas & Pacific
42
427
43
433* 43
4334 4212 4312 42
IIN Dec 26 173 Apr 1
3 43% 43
4
*1
1014 June 2248 Jet
4314 17,545 Third Avenue (N Y)
312 .1
313 *1
2
*1
33 July30 4534 Jan 13
2 *____
2 •__
27 2 June 43 2 Set
*712 912 *75
1
1
2
Toledo St Louis & Western._ _ I
912 *73
4 94 *713 91* *73
2 Dec 26
1214 Jan 24
718 July 13 Jan
912 *712 913
9912 9912 99
Do pre(
993
3 99
434 Dec 24 23 Jan 26
99
99
1514 June 291 Jan
119 1194 1194 119 8 1197 9914 .9813 991; 99 99
1,050 Twin City Rapid Transit
7
8 121
12014 12114 121 1224 12113. 1227
947 July30 10812 Jan 19 10113 June 109 See
8
.803 81
8
75,933 Union Pacific
803* 8118 804 8118 8114 811 1 81
112 July30 16433Jan 31 1373 June 1623 Jai
81
8118 3118 1,000 Do pref
4
4
1318 134 13% 133
8 1313 133
1312 1312 13
4 133 144
7712 Dee 5 86 Feb 4
4
13
793 June 9312Jar
4
2,000 United Railways Investment_
32
3214 3254 321
33
35
3312 34
713 Dec 29 233
3312 3418 323 323
4Feb 6
4
4 2,400 Do pref
16 June 3512 Jot
*78
IN
I
1
14
13*
1
22 July30 4914 Mcla24
I%
114
112
112 15
8 6,000 Wabash
30 June 6312 Jat
*2
214
13
4 13
4
214
212
2
27
7
212 2
12 July13
27
45
8Jan 23
33* 5,600 Do pref
2 June
6 AU
1614 1714
17
174
1612 17
13 Dec 12 13 Jan 23
4
*15
17
17
2028 20
•214 314
211, 11,800 Western Maryland
64 July 1718 Au
3
33
4
3
3
3
33
1034 Dec 31
33*
313
35 Jan 22
314
355 2,050 Wheeling 41 Lake Erie
28 8 Dec
7
46 Jaz
*12
15
15
IR
143 147 *1313 15
212 July30
15
15
1513 1512
63
8Jan 7
3 4 Oct
1
630 Do let preferred
8 Jaz
*4
413
414 6
5
6
814 July29 21 Jan 23
5
512
54 53
578 57
13 June 2818 Jai
2,525 Do 24 preferred
*31
3313 33
33
*33
36
35
3 Dec 14 11 Jan 24
35
•38
397 *38
8
40
5 8 Dec
5
1.000 Wisconsin Central
14 Jas
29% July30 48 Feb 4
40% June 5312 A p
Industrial & Miscellaneous
2818 283* 2312 283 . 2812 291g
4
283 29
4
287 29
8
% 231 2918 12,950 dAlaska Gold Mining_Par 910
4
10
10
3 2 10
1
$1912 July30 928 8 May18
11
11
•10
11
•10
7
11
1012 103
4
900 Allis-Chalmers Mfg v t c
Nov
2
37
37
*3412 38
6 July30 1414 Feb 20 918 Dec $241 OC
37
*35
37
3631 37
*35
33
55
5588 5588 5638 .34
758
300 Do preferred v t C
9 De
5684 58
57
3212 July30 49 Jan 26
5773 573* 5318 5613 SR
69.295 Amalgamated Copper
40 Nov. 4312 De
49
49
497 507
8
8 51
523
4834 Dec 24 7818 Feb 4
5214 5228 525 5228 5112 5113
8
615 Jund 8013 Sel
1,900 American Agricultural Chem_
8
.90
921: .9012 92
473
*91
4Jan 2 5912 Mahn)
93
*92 100
*90
_ *110
4114 Sep
57 Jai1
35
Do pref
3514 353* 36
9014 Dec 28 9712Jan 23
3614 35
35
3528 347 3638 34 -3558
90 Nov 99 Jai1
American Beet Sugar
.80
84
*80
84
19 July30 3312 Dec 28
*80
84
*80
*30
84
84
*(()
84
4
.37
193 June 5012Jal
Do pref
07 .87
97
66 May 4 80 Dec 14
*37
97
087
9312 *87
97
*37
65 Oct
9312
114
134 13712 *134 13713 *134
86 MI
Amer Brake Shoe & Foundry_ 80
Apr 25 97'2 Feb 11
101) Do pref
3012 31
9614 Jai
891 Oct
305 3114 303* 1371 *134 13712 •134 13712 1373 1373
12913 Jan 12 1467 Feb
318 3018 303
3013 3118 30
8
31
34,400 American Can
0412 9428 9.5
20 1273 Nov 13653 Jal3
4
9512 954 06
1914 July30 3518 Jan 27
06
9618 96
973
8 991 I 97
4,425 Do pref
21 June 4878 Jai2
4758 4728 477 4812 47% 43
4712 48
80 July30 93 Jan 24 18012June 12912Ja 1
4713 4712 471 1 474 2.
1127 1143* *11212 115 *11212
32' American Car & Foundry_ _ _
8
l
4214 Dec 12 5312 Feb 4
1143* 115 115 *1147 120 *1147 114
8
100 Do pref
3612 June 5638 Jai3h
-- -- 59 *,,,, 59 •- ___ 60 *_ _
112 July30 118 8 July24 108
59 ... ___ 59 •____ 59
7
American Cities pref
June 117 MI
8314 162 2 8218 *
,
_ 83
5912 J uly30 68 Jan 26
82
82
132
82 • .
125 American Coal Products
6014 June 7813 Jai
104
•I04
___ 904 10512 *104 10513 *104 10512 110512 84
182 Jan 5 18612 Mch24
10512
10 Do prof
80 Jul • 94 Jai3
45 4614 4614 4718 4612 473 *4513 47
1102 Jan 16 107 July 6 100 No
465 4712 4578 47
10914 Jai3
7,385 American Cotton 011
*95
9712 *93
975 •95
073 .95
4
075 .95
32 July30 4612 Feb 0
8
97% *95
973*
3312Junr 5738 Jai3
*434 518
Do pref
5
5
5
5
15
54
518 .54
9328 June 5 973* M ch30
54 53* 2.940 American Hide & Leather..
231 24
9212 Sep
98 MI 7
3
2313 233
4 231 241
....
34 July30
2418 5,600 Do
2412 2.554 2513 26
24
514 Feb 6
2313 2312 237 2512 2412
312 JulY
prof
5 Ja1
8
%
253* 2412 25
17 July30 2534 Feb 6
2413 25
2412 6,950 American Ice
24
10% 1112 103 107
1518 June 2814 FeII
4
Securities
8
103 1012
913 912 10
197 July30 323 Feb 20
10
10
10
2,300 American Linseed
30
4
30
17 June 273 AP
4
3014 30N *29
*2712 30
31
*27
712 July30 115
30
*27
30
.27
8Jan 28
500 Do pref
28
6% June 1213 N4
2714 2814 28
234 2712 2318 28
24 Dec 16 313 Jan 16
2414 27
277
8 4.250 American Locomot
20 Oct
90
3333N(
96 *
96
9514 96
ive
96
96 ._ .. _ 96 *___ _ 99
2014 July30 374 Jan 31
*3
400 Do pref
5
27 June 4412 Jai
*3
5
*4
512 *3
6
96 Jan 6 10213 Mch25
15
5
6
6
110 American Malt Corpora
30
3
94 Oct 106 4 Jai
29
2912 *28
30
2813 2812 2913 30
tion
414 Dec 16
3018 3013
*78
914 Jan 26
13 Jai
900 Do pref
79 *__ __ 79
514 Oct
78
73 *
30 Dec 16 50% Jan 24
80
80
5913 601, 601, 6113 6114 6212 613 80 •_627, 64 ._ _
1(17 Amer
6112 Jai
o
417 Oct
4 63
621. 6312 12,200 Amer Smelters See pref B_.._
794 July28 85 Jan 19
10012 10112 410112 10111 10112 10112 10178 102
7912 June 86 Jai
Smeltin
10284 103
1031.7 10314
740 Do prof g & Refining- 504 July30 7111 Feb 4
144 14412 145 147
5812 June 7434 Jai
149 150 *143 150
14778 149 1150 150
9712 Apr 25 105 Jan 27
1,030 American Snuff
___ 1103 103
97 June 107 Fe
103 101 *103
_ _ 104 1043 •105 106
8
148 Dec 15 172 Jan 31 150 July 193 Jai
103*30
3112 3128 32
433 Do prof (new)
530
32
31 31 *30
997 Jan 9 1063
3112 31
31
4July 2 100 June 105 Jai
600 Amer Steel Foundr
102 105
105 105
1047 1053 *103 106
8
8
105 107
y (new)._
10614 1073
2712 July30 3713 Feb 16
25 June 4012 Fe
7,450 American Sugar Refinin
110 114 *111 114
11278 1127 *112 114
2
1138 1137 /114 114
4
g
g
97 Mch12 1097 Jan 24
997 Dec 118 Jai
8
8
335 Do prof
11814 11812 1183 118 8 119 11912 1193 12112 1203
8
7
3
4 12112 1203 12118 10,400
4
s
227 227
225 225
Amer Telephone & Telegraph_ 10778 Mc1331 115 Dec 16 11018 Jun• 1163 Jai
228 23034 230 232
2301 2303 23012 231
,
4
114 July30 12414 Jan 30 110 Dee 140 Jai
106 107
107 107
107 107 *106 107
1061 1063 106 106% 2,630 American Tobacco
215 Apr 25 256 Mch23 200 June 2943 Jai
4
4
Ann Preferred, new
17
*17
17
19
*17
27
*1712 20
*17
20
1013
*17% 25
4Jan 7 109 June 9
96 July 106% Jai
7912 79% 179
100 American Woolen
79
793 795
7912 7912 179% 793 *79
12 July30 20 Jan 28
4
2312 Se]
1412 Dec
sn
7
455 Do pref
721* Mch 4 83 Jan 26
74 May 82 Se
• Bid and asked prices: no sales on this day.
1 Ex-rights.
dollars per share. e First Installment paid. z Ex-div. s Full (Less than 100 eharee. a Ex-dly. and rights. 0 New stock.
paid.
'Ex 24% &mum. div. a Quoted
1414 943
8 94
9412 9414 9518 9412 9518 95
0538
17
9711 9712 98
*98
9812 9813 9812 9812 9812
100 8 101
10 101
7
102 103
103 103
1043 105
4
1114 7112 7114 72
7134 7312 73
74
733 7418
8
1112 7112 7112 72
7214 723
4 7212 7314 725 723
8
4
263 863
3 8612 87
8
8714 8818 8712 8818 88
885
8
193 16014 161 1643 1643 16758 16514 16712 167 16834
8
4
8
.__ 320 ._ _ _ _ 325 *_ _ __ 325 •___ _ 325 •_ _ __
325
1212 4211 4234 44
4312 45
4378 4414 44
4514
1034 103
4 103 1034 11
4
12
1128 1128 117o
12
18
28
2828 2914 293 30
4
293 31
4
3112 32
2812 8812 883 8914 8914 9013 9012 023* 92
4
93
2512 12512 12513 12512 12714 12714 12712 12712 128
129
257 1257 126 12628 12634 1273 128 128
8
s
4
128 12318
*iis
clis
9,53 0518
8
*93 100
1063 107
4
7312 744
7212 727
8
88
887
8
165 8 16712
5
324 325
4518 4618
12
1228
313 32
4
92% 9312
12812 130
129 12912
•ii*
laid
New York Stock Record-Concluded-Page 2
294
week of stocks usually nactive. see second page preceding.
For record of sales during the
-
Range for Previous
Range for Year 1914.
STOCKS
Sales of
Year 1913.
-HIGHEST AND LOWEST SALE PRICES.
On basis of 100 share lots.
STOCKS
the
NEW YORK STOCK
Week.
EXCHANGE
Friday
Thursday
Lowest.
Highest.
Wednesday
Highest.
Tuesday
Lowest.
Monday
Shares.
Saturday
Jan 22
Jan 21
Jan. 20
Jan. 19
Jan. 18
Jan. 16
Industrial & Miss (Con)
3214
10 Apr 22 1738Jan 23 1178 Nov $4113 Jan
Amer Writing Paper pref
16
•8
Jan
7
Feb 3 $30 3 June
10 *_ 10 •____ 11
._
s_ _ _ 10 •__ 10 5 . 27
9,580 dAnaconda Copper Par 125 $2414 Dec 23 83814 Mch 5 3612 Dec
5312 Jan
a
277 2818 2752 28
8
4
1
/
275 28
4
1
/
2
4 2634 2714 i'71
3812 Jan 7 52
ifpr 263
600 Baldwin Locomotive
4
1
/ 3812
*3612 3912 38
3
10212 Jan 16 110 June 8 10014 June 10512June
*3612 3912 *3612 3612 377 38 *101 10412 *101 10412
600 Do prof
*____ 3914
4
1
10112 10112 102 102
612 Apr 24 E114 Feb 18 El Jan El/Jan
103 103
1
/
dllatopllas Mining-Par ;20
*4 I
1
•10112 104
•12 1
•fr
•13 1
3
291z Jan 5 462 Dee 31 25 June 4112Jan
1
•II
•12 1
4
4
1
/ 5034 5238 4933 503 48,300 Bethlehem Steel
3
68 Jan 10 913 Dec 31 6214 June 74 Aug
5153 5433 5134 5314 5112 52
5212 5353
7
101 10258 103 10412 10353 105 '8,200 Do pref
9812 98 101
118 Dec 24 130 Jan 24, 120 Oct 137 8 Jan
98
98
98
450 Brooklyn Union Gas
4
4
1
/
6 June 83 Mch
128 128 *12713 12912 129 129
53
8 Feb 2
125 125
4
1
/
5 July29
Brunswick Term & R S
*122 130 *123 126
3 712 *512 712
543
712 *433 712 ' 8 712 •43
71.•
26 Jan 13 2912 June23 25 June 31 Feb
100 Butterick
2813
2712 2712 *27
:Feb
561
29
*27
5
29
*27
30
1513 Deo 18 30 8 Feb 6 16 Aug
•27
28
•26
16
53 8,360 California Petroleum v t ctfs
18
1712 1712 1858
4 17
183
50 July30 68 Meh20 45 July 86 Jan
4
/
151 1533 1812 17
15
5,140
Do Prof
8
5012 503 5312 5012 52
*50
Dec 29 9513 Jan 16 9014 Dec 10353 Feb
4 4914 50
503
47
47
•
50 Case (J I) Thresh M pf tr etfe. 177
85
*80
80
180
1
/
85
85 •80
*80
4
1
/
25 Jan 14 3814 Dec 18 17 June 304 Feb
•_ _ __ 85 *-___ 85
1
/
354 3512 12,230 Central Leather
4
343 36
4
1
/
4
8
947 Jan 6 104 July15 88 June 97 Mch
4
/
351 3512 3473 3512 343 35
35
35
Do prof
1,472
4
10213 1023 10214 10214 103 103
6 110912 Feb 18 100 Dec 11212 Feb
102 102
102 102
102 102
40 Cent &Sou Amer Tel par 16 1103 Jan 10 E44 Feb 4 830 June E472 Jan
3
4
1
/
111 1112 112 .110 112 *111- __
63112 Dec
1110 110 1110 110 §11I
3712 24,850 dChino Copper
4 3614 4 3614 363
7
3 35 3 363
4 3512 357
6812 Feb 25 70 Feb 13
3 341/ 353
3414 343
75 Cluett, Peabody dr Co, Inc___
10412 Feb 14
e__ 67 *__ 67 •____ 67 •-__- 67 *.- -- 67
99 July29
•_ _ _ ... 67
210 Do pref
100 100 •100 101
98
19912 9912 98
2012 July30 3412 Feb 5 2413 June 4112 Feb
*97 101
*97 102
2.600 Colorado Fuel dr Iron
27
27
3Jan
s
263 27
26
112121De0 23 13912Jan 24 12518 June 1423
2514 2514 2512 2614 26
25
(NY
25
4
/
1
/
4
121
12012 1203 1214 1221 12112 12112 3,765 Consolidated Gas
7
3712 June26 4514 July 8
412012 12012 12014 12012 120 3
1,170 Continental Can
49
48
52
4
1
/ 4912 4912 4913 •48
49
49
48
84 July28 9184 July 6
4678 47
1
/
1
/
1
/
914 914 1,300 Do pref
93
3
7 8 June 174 Jan
9212 9212 9212 93
92
7 July30 1313Jan 31
3
90 4 91
3
90
*90
6,710 Corn Products Refining
10
10
10
7914 Jan
10
1014
4
1
/ 10
1
/
1
/
4
1
/
58 July30 72 Jan 29 6112 June
1033 104 104 1013 10
10
Do pref
180
*6712 6912
1
/
68
4
6912 6912 *6813 6978 168
70
4Jan 2 993 Feb 3 9112 Dec 1004 Jan
913
70 .69
•69
100 Deere & Co pref
4Jan
3
9 4 June 213
9 "- 7.7 88
-f
.,.. _ 89 r_
8812 8812• f- 8
8834 •____ 89
11 July30 2012 Mch 4
12
18 Jan
12
ju.2 3312 3,000 Distillers' Securities Corp
12
12 1112 12
ilia 12
714 May 2 15 Jan 28 11 Dec
12
•ii
Mining & Smelting200 Federal
•912 17 *____ 17
*913 17
3
9 4 10
10
4
1
/
28 Dec 30 43 Jan 27 33 Moh 44 Jan
•____ 10 *---Do pre/
100
30
30
33
•28
31
•28
31
*28
35
160 Apr 27 180 Jan 23 170 June 1851s Apr
33 •26
•26
7 General Chemical
4Jan
1
/
.160 166 1165 165
13
107 Feb 2 110 June13 104 May 109 Jan
•160 165 •160 168 •I60 166 *160 166 *10812 110 *10812 110
50
DO prof
4
5
110 .10812 110 *10812 110
13712 Dec 4 150 3 Feb 20 1293 June 187
4110 110 *10712
3
1447 14514 1,330 General Electric
145 145
5 May 40 Aug
3
2
37 3Jan 3 99 May27
*14312 1441 *14314 14312 1447 14514 14434 14434 8914 89
General Motors vot tr ctfs_
4
/
4
1
/ 8914 911 4,625
4
89
89
95 Feb 19 70 May 813 Sep
90
*86
90
8712 87
87
Do pref voting trust ctfs- 70 July30 284 Apr 17 154 Nov 68 Jan
9512 2,745
95
95
1
/
1
/
9412 9412 9412 9412 9412 195
94
3Jan 17
195
941
94
3
Jan
3
3114 3012 3153 3012 313 13,700 Goodrich Co (13 F)
3014 3213 30
1
/
794 Jan 2 95 Dec 16 73 4 Nov 10514
3112 3212 3113 32
Do pref
500
08
9612 9612 *9613 0715 4,06
s
3
97
Apr 2 840 4 July $533 Jan
*95
98
*94
96
96
3 7,210 dGuggenheim Explor_Par 125 E4012 July30 E5713 Mch20 100 Mch 121 Nov
1
/
5134 5113 5213 514 622
50
4July29 112212
1093
4878 4914 4913 5034 5014 5012
89 LTomestake Mining
3
§118 118 *116 118
4
1
/
E1914 July17 313 Dec 820 8Jan
•117 118 *117 118 *11712118 1118 118
11,250 dInspiration Con Cop_Par 120 $1414 July30 113'2 Jan 22 96 June 11112 Sep
1812 19
4 19
4
1914 1913 1914 1952 1914 1912 183 1914 183 9712 *9612 98
200 International Harvester of NJ 82 July30 118 July14 111 May 116 Oct
9712
9812 *9613 98
4
1
/
11312Jan 3
*9513 9811 9814 9814 *96
pref
Do
100
117 117 *115 117 *115 117
22 9512 June 11014 Sep
4
/
•115 117 *115 117 *11513 117
International Harvester Corp_ 82 Dec 16 1111 Jan
1
/
734
4
5_
•____ 73 •____ 78 ' _ -- 7318 •____ 7318 *---- 7318 *---- 1144
11414 May15 118 July17 111 May 1143 Sep
Do pref
41 Jan
1
/
33 Jan 27
27s June
1
/
4
/
53 Dec 28
•__ _ 1141 •__ _ 11418 •__..- 1141 •____ 1144 *__-_ 11418 •____4 212 10,450 Int Mere Marine stock Cr Ws_
13
4
13
4
13
3 112
13
173
1
1
i
Dec 28 1514 Jan 30 1213 June 1911 Jan
3
1
1
Do pref stock trust ctfs_
5
12 8Jan
3
5 4 812 5,400
612 Oct
412 512
4 6
53
414 558
3
518
*3
634 July29 107 Feb 2
4
4
1,600 International Paper
878 873
3
4
1
/ 87
8
4812Jan
814 812
4
1
/
9
9
913
914 9
4
1
/ *9
30 Dec 4 41 Jan 31 32 Oct
900 Do pref
36
•35
18'z Jan
36
413 Dec
*35
36
3
97 Jan 20
4
1
/ 35 4 36
*35
3
3678 35
3 30
367
3 June29
International Steam Pump__
70 Jan
3
11 June24 29 Jan 19 157 Deo
Do prof
94 Feb
10
;a
9
;a
9
9
*a
8
80 Jan 19 94 June 8 77 Dec 110 Jan
1
1
;a
23 Kayser & Co (Julius
80
4
1082 May18 10612 Oct
8212• - 80 *
106 Mch12
80 *____ 84 • _
180
• . 84
Do 1st pref
__
__
83
81 Jan 6 105 Feb 25 58 June 102 Sep
*HI& _ _ *____ 106 *____ 105 *jai 116_ *i6 Ii _ *iiiii4 1914 __ _ 106 Kresge Co (S 13)
Jan
4
1
/ *97
•97
•97
99 Jan 13 105 Mch 3 97 June
*97 100
99
9912 99
*9712 Do prof
•10012 102 *10112 105
101 Feb 4 91 June 10412 Jan
1
/
85 July30
*10012 105 •10013 10412+10012___ *1004 ___
467 Laclede Gas (St Louts
05
19312 9313 *93
96
*93 95
20712 Dec 28 231 Mch 1 195 June 235 Mch
93 .91 93
93 93
Liggett & Myers Tobacco
150
220 220
225
8Jan 6 11812July 8 10612July 11612Jan
1113
•209 ____ *210 225 0210 225 .212 225 *210 11912 11812 11812
Do pref
400
26 Dec 24 38 Jan 26 21 June 39 Jan
11812 119 91712 12212 11912
•11412 _ _ •11412
200 Loose-Wiles Biscuit tr co Ws_
2812 2812 2812 2812
31
.26
101 Apr 22 105 Mch16 89 Aug 105 Jan
31 •26 -32 •26 31 1104 104 10012 10012 100 100
Do 1st preferred
.26 350
89 Jan 2 9514 June12 84 July, 95 Jan
Do 2d preferred
*100 105 *100 104 •100 104
_ 94
•94 • . 94 •
160 July30 190 Apr 7 2150 June! 200 Jan
1,000 Lorillard Co (1')
FIE
7
no
110 Jan 6 117 3July 8 103 June 117 Feb
pref
iii2 i 2 i77i4 fiii4 *--_-_ 120 177I80 *11514 178
Do
*166- iii550
11814
118 118
61 July30 873s Feb 20 753 July 87 Jan
115 118 *11512
*114 118
200 Mackay Companies
*114
75
*73
69 Apr
75
*70
7413 7413 75
65's Jan 2 70 Jan 27 62 Dec
*73
75
Do pref
75 •73
*73 467
4
1
/
*6712 69
*6712 70
4
693 *6712 70
68
Motor Inc tr Ms- 1412 Dec 24 1514 Dec 31
68
168
68
*67
8 1714 1714 3,255 Maxwell
1714 175
Dec 24 44 Dec 31
4112
4 1753 11318
,
183f 181 183
Do 1st pref stk Cr ctts
1812 18
•18
5614 5414 5412 13,415
4 55
4
17 Dec 24 1712 Dec 31
543 563
4
Do 2d pref stk Cr etfs__
5412 5412 5713 563 59
54
4
203 2112 6,600
*
767 Jan
2234 2112 22
4
1
/ 22
5112 June25 6914 Jan 17 65 Oct
23
2338 23
May Department Stores
2134 2134 22
12
. 58 *__ _ _ 56
4
58 •_ _ _
9712 June25 1013 Feb 9 97 June 10512Jan
5-----____
Do pref
•_ _ _ _ 58 ' *97 100
4
*97 100
*97 100
4612Jan 2 7312 Feb 9 413 Nov 7814 Feb
97
97
____ 97
Mexican Petroleum
•_ _ _ _ 961.
4
6212 6414 22,650
3
67 May 2 87 Feb 4 69 Nov 993 Jan
4 60 4 6134 6112 63
603
et
5912 59
D
57 - 56
56
74
73 .68
3
73
3
72
Pas §5 $1612 Dec 12 $243 Feb 16 $20 8 June $2612 Jan
-------- 72
68 *___ _ 68
*66
1
/
4
/
4
1
/ 181 184 3,900 dMiami Copper
4
1
/
1814 1818 18
41 Dec 19 52 June 5
8 18
Montana Power
4
173 1813 1818 183
3
1734 17 4
4614 4512 4534 4,200
46
4614
7
45
101 Apr 27 103 3 June 4
3
4414 4412 4512 452 46
Do pref
44
815
101 101
101 101
120 July30 139 Feb 3 104 June 130 Sep
10012 101 *10013 10114 101 101
100 100
1,500 National Biscuit
12712 13112 131 132
3
11914 Jan 13 128 June29 116 June 247 Jan
125 125 •125 12712 *12414 12712 12312 12312 124 124
Do pref
360
124 124
9 June 194 Jan
9 July29 14 Feb 3
Enameling d: Stamping
124 121 *122 12512 .122 126
•121 124
1214 1214 1214 1214 1,060 Nat
9214Jan
414 Oct
12
1
/
3 12
80 June 6 864 Mehl°
1
/
4
Do pref
*115 1214 124 1212 1218 123
50
90
*80
90
6614 Jan
*80
90
90 •79
*78
40 July29 52 Jan 26 43 Oct
79
179
90
*79
520 National Lead
4612 47
*4614 4712 *4612 48
48
47
105 Jan 13 109 Feb 18 100 June 108 Oct
48
48 .47
•46
Do pref
400
5
4 108 8 10858 10813 10818
4
4
Cons Cop...Par 15 81014 July30 $1612 Jan 26 813 June 120 Jan
10814 10814 10314 1093 1093 *10712 1093
*107
4
1
/ 4,436 dNevada
1314 13
1314 1314
3 1318 13IA
133
58 July30 69 Jan 28 56 July 8212Jan
131s 13
13
7
12 3 13
500 New York Air Brake
58
4 58
5712 5712 5712 573
6418 July30 7914 Mch14 60 June 8112Jan
•____ 60 *--- _ 65 •___ _ 58
500 North American Co (new)
87
66
6412 a412 •6433 69
64
64
1714 July29 29 Jan 21 16 June 3112 Jan
•__ _- 65
•____ 65
4 1,250 Pacific Mail
4
2134 213 213
21
22
22 Nov 46 Jan
3
20 4 2212 22
22
•19
21
*19
105 Pacific Telephone & Telegraph 20 July30 31 Jan 24 104 June 12934 Sep
33
*29
33
*29
35
•29
31
131
33
106 July30 125 Jan 5
3112 3112 *28
Gas Lt & C (Chic)
1,250 People's
4
3
1
/
4
12012 12013 1203 111912 11912 1192 1193 11914 11912 3,360 Pittsburgh Coal
Dec 23 2312 Feb 4 1412 June 244Jan
15
12073 12078 12012
1818
7
1712 1812 17 8 1812 18
8
1712 1712 177 1814
79 Dec 30 9312 Feb 4 73 June 95 Jan
18
18
Do pref
8514 1,800
8412 8512 85
85
4
7
4
833 8373 83 8 1343 •83
82 Apr 27 93 Feb 3 8913 Dec 100 Jan
84
*80
Pittsburgh Steel pref
36
82 •_ _ _ _ 82
4
263 Jan 5 46 Feb 14 1812 June 1011s Jan
*__ _ 92 •_ _ _ _ 90 •_ _ __ 92 •.-- 82 •_,__
540 Pressed Steel Car
Jan
34
33
3512 3313 34
8
4Jan 15 10514 Mob 5 8812 June
8
355 3612 357 3814 33
973
7
35 8 36
Do pref
350
Dec 118 Jan
2
_ 1017 10178 •101 103 *101 103
10114 10114 ____
J___ 107 Jan 13 114 Apr 7 105 Sep 165 Jan
•10012 10114
Public Service Corp of N
._
_ _ _. 106 •_ 106 5 ___ 106
159 Jan 28 149
5_ . 150 Dec 17
5_
•_ _ 106 '.__ 106 ' _ _ 106 •
43 May
3
1 Dec
15514 16512 1,300 Pullman Company
155 155
7
8
2 3 Jan 28
7
4
1
/June24
7
153 8 153 8 1537 154
15314 154
*153 154
8 May
300 Quicksilver Mining
4
2 Dec
13
4 *1
4 Jan 27
4 '114 13
13
4
/
112 June 3
11 *1
4 *1
4
/
11 13
4
13
*1
Do prof
300
214
2
214
3 Feb 2 2214 June 35 Jan
214 *112 214 *112
2
4
193 July30 343
214
*114
*114 214
100 Jan
300 Railway Steel Spring
26
2312 2312 *24
25
*24
88 Dec 24 101 Feb 14 9014 June E22 Jan
*2413 26
2412 25
26
*24
Do prof
3 $15 June
90 •_ _ _ _ 90
*87
90
*87
90
-Par 110 $15 Dec 23 $2212 Apr 27 17 June 283
*___ _ 90 *__ 90 •87
8.1an
Jan
4
1
/ 1753 1712 1414 20,920 dRay Cons Copper
17
18 Dec 12 27
1712 171s 1712
1614 1714 17
Iron & Steel
1613 1614
SeP
2178 2112 2178 2114 2134 4.100 Republic
75 Dec 16 9114 Mchll 72 June 9214 Jan
s 21
22
223
22
21
2078 21
Nov 9214
Do Prof
1,985
7712 78
4
763 77
4
1
/
3 Dec 23 18 Jan 14 14 Dec
4
783
77
4
9934 Jan
1
/
*754 7614 7614 7614 773 78
9,839 Humely Co (M)
Jan 13 33
4
1
/ 114
118
1
113
3
20 4 Apr 24 41
1
112
118
4
/
11
5
13
4
pref
112 13
21312Jan
4
614 1,570 Do Roebuck & Co
6
414 612
17014 July30 19712July 3 1543 June 12412Jan
3
212 3 4
9
9 *-- _ 9 •--__
•____
June
400 Sears,
4
18612 187 *185 189
120 Dec 24 1243 June 5 116
*____ 187
184 184 *184
•____ 186
Do pref
Jan 26 23 July 4512 Jan
___ *121
_ *121
1912 July30 35
2- *12212 _r _ *12212 ___ •12212
*1221
200 Sloss-Sheffield Steel It Iron40':Jan
34
32 Jan 7 45 Dec 17 31 Dec
273 2i 4
9 3 26
27 *27 -2 7' -30
614 *2
27
27 30
*27 4
1
/
400 Standard Milling
47
47
49
5912 Dec 4 6712 Dec 31 5212 May 66 Feb
2
1/
_ _ 4714 4714 4734 47 4 473 4733 *47
•47
800 Do prof
3
15 4
36 Feb
70
3 3614
69
4
/
*6712 70 6913 691 69 69 69 4234 *6812 4313 11.870 Studebaker Corporation (The) 20 Jan 5 92 Mch31 6412 Dec 9314 Jan
76
69 NOV
May15
4112
42
70 Jan
7
4
1
/ 40 8 42
43
4
1
/
42
44
4118 4218 42
Do pref
4
1,310
4
4JulY30 3363 Feb 11 25263 June 33912jap
3
9614 95 4 9814 9.554 9512 9412 95
Copper-Par 125 E243
9412 9412 9514 9512 96
8
4
/
3113 311 3012 3112 6,635 dTennessee
112 July30 1497 Mch 5 89 June 13213 Dec
4
4
s 313 3214 313 32
Company (The)
3114 3114 3112 317
June26 88 Jan 31 78 June 991z Jan
13412 13413 13412 13312 13312 1,700 Texas
7314
13413 13412 13412
4
Underwood Typewriter
*___ 13512 1333 134
5_
5_
103 Dec 17 113 Apr 15 104 July 113 Jan
70 ' _ _ _ 70 ' _ __ 70
•____ 70 *-- -- 70 *____ 70 *____ 101 *.
Do pref
3
4 Nov 7 4 Jan
4Feb 3
101
83
353 June16
101 *_
101 *_
101 •__
101 *...
4
.2_
700 Union Bag di Paper
6i8 6
.
1814 July28 3212 Feb 3 1812 Nov 418 Jan
8
4i2 63
i l2 612 ;
612 ' i
lii4 614
4
1
/
*67s 6
300 Do prof
4
1
/
28
*22
4
1
/
29
39 Dec 7 50 Feb 9 4014 June 5012 Feb
2853 *26
27 •24
27
28
2813 28
*27
300 United Cigar Mfrs
45
8
•43
44
*42
45
99 June2 1037 Feb 19 96 Sep 103 May
*42
45
*42
4312 43 43
Do prof
4
1
/
43
4
914 June 163 Jan
1312 Jan 23
3
7 4 June25
Fdy*100 10312 *100 10312 *____ 10312 •____ 103
4Jan
563
•100 10312 *100 10312
200 US Cast Iron Pipe &
1213
30 July29 49 Feb 6 40 Dec
*912 1312 *10
814 10
*
10
12 912 10
9
10
*9
66 Jan
150 Do pref
35
35
50
*31
46. Jan 7 87 Mch10 38 Dec
50
8
45 .307 40 •30
Express
45 •30
•30
IN u 8 Industrial Alcohol
71 *____ 72 *-__- 71
15 Dec 30 20 Apr 21 25 June 44 Jan
71
_ 71 •__ 71 •____ 71
US
•
25
*15
25
*15
25
75 Dec 18 851s Jan 20 85 June 97 Met
25 •15
25 .15
*15
23
Do pref
*j5
110
3
63 4 Mch10 4934 Nov 77 Jan
73 *---- 73
§73
5112 Dec 1
73 •____ 73
73
US Realty & Improvement
•__ __ 73 •_-_- 73
48
_ •4412 July30 63 Mch14 51 Nov 6912 Apr
50 •_ _ 49
49 ...
States Rubber
_ 40 i'..
•
4
3
6 aii2 58
9513 July30 1045 Jim 14 98 June 1093 Apr
h'7 5712 iii4 "6- 10312 104 4,000 United 1st preferred
561
.
13f3
Wg 57
Do
:88 67
1,390
4
1
/
48 Dec 23 6714 Jan 31 49 June 6913Jan
4
8
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10212 1023 10212 1023 10234 103 103
4
1
/
4Jan
4
1
/ 5218 53 127,145 United States
4
*102 1025* 10212 515
4
1
/ 5212 53
10314 Dec 24 1123 Jan 31 10212 June 1103
4
4 513 52
5114 523
8
Do prof
5114 5118
8 4,440
108 10g7
51
8
5
3
,5
3
4
Par 110 845 3 Dec 2 $593 June22 8395 June 560 3Jan
10802 10818 1083 10712 10 2 5 105 109
M
5534 45,500 dUtatt Copper
3
*10712 10814 10814 54
1
/
5433 544 55
17 Dec 24 347 Mch20 22 July 4313 Jan
4
1
/ 5438 53
53
-Carolina Chemical-5134
8
515 52
4 2,600 Virginia
223
96 May 7 10712 Mch20 93 June 114 Jan
22
4
/
4
/
221 21
211 22
2012 22
400 Do prof
1812 1912 2013 2013
87
54 Jan
*83
87
*84
35 July28 52 Mehl0 36 Dec
88
88 •85
88
88
Virginia Iron, Coal &Coke
*83
8712 88
1
/
75'l Jan
3
53 8 July30 664 Feb 18 5418 Dec
Union Telegraph
Western
64
53
64 Jan 3 7912July21 53 June 7914 Jan
ii 8
siii- - .,- -iii4 - 3li- -6iI2 iiWestinghouse Elea & Mfg
---75 -- - 2
4
0
6 - 61I8
s
1157 Jan 19 12412 June 8 1077 June 11934Jan
7214 7112 7212 7,817
72
8
7212 717 721
72
72
Do 1st preferred
3
7113 7214 70 4
*11813 125 *119 125
4
1
/
89 July30 103 Feb 5 8113 June 112 Jan
125 *119 125 *11812 125
2,900 Woolworth (F W)
95
*93
95
•93
8
94
4
1
/
112 Jan 5 1187 Mob 6 109_ June 115IsJan
*119 124 *118
3
943 *92
_
9412 94
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92
____
92 ...A ion •1111
____ *116 -__- *116
*91
____ •116
Ex-stock
Ex-div. and rights. Is New stock. d Quoted dollars per share. a
. a
this day. I Less than 100 shares. t Ex-rights
prices: no sales on
•Bid and asked
-dividend.
dividend. x Ex
»a
,
-aii -61-7- -iiiig
'a
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
295
Jan. 1 1909 the Exchange method Of quoting bonds was changed, and prices are now all
-"and interest"--,excepl for income and defaulted bonds.
'
S
BONDS
N. V. STOCK EXCHANGE 0
8
Week Ending Jan. 22.
.
"
Price
Friday
Jan. 22
Week's
Range or
Last Sale
in
Range
Year
1914.
BONDS
Price
Week's
13
Range
N. Y. STOCK EXCHANGE
Range or
_4:
Year
Friday
b
Week Ending Jan. 22.
,
11I.
Jan. 22
1914.
Last Sale
".
U. S. Government.
Bid
Ask Low
High No. Low High Chesapeake & Ohio (Con.)
Bid
Ask Low
High No. Low High
US 2s consol registered_41930 Q - 2 9814 9914 98 Jan '15 -- 963 983
/
1
4
4
4
General gold 430
1992 m- s 901 -_-- 89
/
4
91
12 85
9812
41930 Q - 2 9814 9914 98
U S 23 consol coupon
9814 27 963 99
4
Registered
1992 81- 5 ----_-_ 9312 Feb '14 __ 9312 93
/
1
4
kI918 Q - F 101
U S 35 registered
_ 10114 July'14 --- 99 10214
/
1
4
Convertible 430
1930 F - A 76
Sale 72
7612 501 67 86
/
1
4
/
1
4
7c1918 Q- F 10112 102 102
TY 838 coupon
102
10 100 102
/
1
4
Big Sandy 1st es
1944 .1 -13 82
8712 83
83
/
1
4
/ 20 8314 8314
1
4
1925 Q - F 10912 _- 109 Dee '14 ___- 108 11212
U Ei es registered
Coal River Ry 181 gu 4s1945 J -D 80
8212 83 July'14 -__ 83 85
1925 Q - F 110
U 84* coupon
110 Dec '14 --- 10912 11314
Craig Valley 1st g fet
1940 .7 - J 95 ____ 9612 Dec'13 ____ --- -- - U 8 Pan Canal 10-30-yr 25_11936 @ - F 973 ___. 95 July'13 ____ ____
12
4
Potts Creek Br let 4s_...1946 J - J --------843 Jan '13 -----------4
ly s Panama Canal 38 g
1961 @-M 102 Sale 102
102
10 99 10212
___It & A Div let con g 48-1989 J - J 83
90
883 July'14 ____ 88 883
4
4
2d consul gold 45
1989 J - J 74 - _ 82 Apr '14 ____ 82 8518
Foreign Go•ernment
Greenbrier Ry let gu g 4s-1940 M- N --------90 Apr '14 ____ 90 90
Argentine Internal 58 of 1909-- IR- 8193
96
97 Jan '15 _--- 95
98
Chic & Alton RR ref g 311_1949 A -0 56 ---- 56 Jan '15 __ 58 67
Chinese (Hukuang) BY 511£
88 July'14 ---- 88
85
J -D I-90
Railway 1st lien 330
1950 J - .1 40 -___ 38
38
1 3212 5512
Imperial Japanese Government
Chic B & Q Denver Div 4s 1922 F - A 981
___ 99 Dec '14 _- 99 100
Sterling loan 430
___ 8412
1925 F - A 3 81
8412
5 81
903
4
Illinois Div 330
1949 j _ j 82 4Sale 82
80 85
82
/
1
4
24 Series 430
1925 J - .1 079 Sale 87512
80
67 78
8912
Registered
1949 J - J 80 ---- 8614 Aug '12 -___ -_-- --- •
Sterling loan 48
1931 J - J t - - 7512 78 June'14 ---- 75 4 80
/
1
4
3
Illinois Div 48
1949 .7 - 2 94
Sale 937
8
21 93 94
96
Republic of Cuba 5s exten debt__ M11- S I 963 Sale 9618
4
964 22 9512 10112
/
1
Registered
1949 J - .1
-__ 93 June'13 -----------External loan 410
1949 F - A 2---- 944 93 June'14 ____ 93
/
1
9312
Iowa Div sink fund 54-1919 A -0 1013 4
---- Sale 1013
4
8
10218
5 1027 103
al. 8 /..-_ 82
Tokyo City loan of 19125*
82 Jan '15 -- 83
90
Sinking fund 48
1919 A -0 9712 ---- 963 Jan '15 ___ 96 4 9912
4
3
US of Mexico 8f g 5801
1899 Q - J f-_.... 82
7914 Apr '14 ---- 77
85
Nebraska Extension 48
1927 M-bi 9514 98
9512 Jan '15 __ 9434 98
Gold 4s of 1904
-- 83 65 July'14 -- 65
1954J -D
68
Registered
192781-N --------9653 Sep '12 -----------rhese are y rices on the basis of 15 to £.
Southwestern Div 45
1921 M- 5 9612 ---- 99 July'14 --- 9814 99
/
1
4
/
1
4
State and City Securities.
Joint bonds. See Great North
NY City 430
1960 RI- S 10018 1003 10014
8
10038 14 97 102
/
1
4
/
1
4
General es
1958 I11- 23 91
Sale 89
/
1
4
118 89
91
/ 94 3
1
4
7
430 Corporate stock... 1963M- 5 10518 Sale 1047
8
10518 21 1027 107
8
/ Chic & E Ill ref dr imp 48 6_1955 .1 - J 2612 32
1
4
29
29
3012 68
4% Corporate stock
1959 M-N 964 97
/
1
963
4
97
13 95 10018
1st consol gold 68
1934 A -0 10212 106 102 Dec '14 ____ 102 11212
1958 M.N 964 9714 964
/
1
4% Corporate stock
/
1
97
12 95 1001
/
4
General consol 151 55
1937 M- N 77 --- 75 Jan '15 ____ 69 10012
4% Corporate stock
1957 111-N 964 971 964
/
4
97
/
1
/
1
6 95 1004
/
1
Registered
1937 M- N ---- 80
98 Feb '14 ___ 98 98
4% Corporate stock
1956 M-N 95 ____ 954 Jan '15 ____ 96
/
1
4
/
1
99
/
1
4
Fur money 1st coal 5s
1942 F - A ---_ 92
973 Feb '13 --- -,,.. -,4
New 430
1957 M- N 1047 105 1047
8
8
105
11 10314 10712
Chic & Ind C Ry let 5s
1936 .1 - .1 27
/ 33
1
4
2712 July'14 __-- 27 911
New 430
1917 M- N 1004 10118 10114
12
/
1
10114
3 100 102
/
1
4
Chic Great West let 48
1959 M- S 7312 Sale 703
734 8. 68
/
1
76
1957 111-N 1044 Sale 1044 1047 -18 1033 1075
/
1
431% Corporate stock
/
1
/
1
8
4
8 Chic Ind & Louisv-Ref 68_1947 J - .1 113 117 121 4 July'14 __ 11744 1214
434% Assessment boncle 1917 51-N 101
Sale 101
101
4 100 1023
/
1
4
8
Refunding gold 58
1947J -2 ---- ---- 103 Mar'14 ---- 10318 103
/
1
4
/
11
4
1954 111-N 8518 ____ 853
334% Corporate stock
4
853
4
1 841 883
/
4
8
Refunding 43 Series C
1917 J -2 ---- ---- 955 Apr '11 __---- --8
.
1961 M- 5 100 ____ 9934 Dec '14 ____ 993 102 8
N Y State 48
4
5
Ind dr Louisv 1st gu 423. _1956 J - J --------86 July'12 ____
__-- ---1961 2 - J 100 ___ 10018
Canal Improvement 4s
10018
1 9718 10258 Chic Ind & Sou 50
-year 45_1956 J - J --------9014 Aug '12 ____ __-- -Canal Improvement 4s..1962 J - 2 10018 Sale 100
10018 18 99 10214 Chic L S & East 1st
434s._1969 J -13 --------104 Dec '11
Canal Improvement 4s-- -1960 J - J
__ 10018
10018
1 10012 102
Chic Mil & St P terml g 6e 1914 J - J --------100 June'14 ____ _-- --____ 100 100
Canal Improvement 430-1964 2- J 100/
1
4
10812 Sale 108
/ 103
1
4
26 106 1107
/
1
4
8
Gen'l gold 48 Series A
e1989 J -3 91
/ 9634
1
4
11 89
Sale 9013
91
Highway Improv't 430_1963 M- S 10814 10612 10812 10812 28 10612 11014
Registered
e1989 Q893 --- 923 July'14 ____ 9212 94
4
4
South Carolina 430 20-40 1933 J - J --------10352 July'10 ---- ___ ____
Gen de ref Ser A 430
2014 A -0 8912 8954 189 893 90
Sal 8912
Virginia funded debt 2-38-1991 J - J ---- --_ 844 July'14 ---- 8414 85
8
/
1
Gen't gold 330 Ser B
e1989 J - 3 76
sO
8014 Jan '1' ____ 80
68 deferred Brown Bros MN__ __ 58
83 4
3
Sale 53
60
179 4814 67
Registered
e1989 J - •---- 80
88 June'll ____ _- --,
General 4lie Ser C
e1989 J - J 101
Sale 10018
101
33 97 103
/
1
4
Railroad.
/
1
4
25
-year deben 48
1934 J - 2 90
Sale 8913
901j 27 88
A nn Arbor 1st g 45
93
81995 Q- J 65
70
65 Jan '15
6212 74
Convertible 430
19322 -D 9714 Sale 951
9714 387 94 a 1033
/
4
3
8
rl•tch Top & S Fe gen g 0_1995 A -0 951 Sale 9312
/
4
9534 120 9014 9614
Convertible Sc Series B ----------10234 Sal 1011
/ 1023 2753 ____ -......
4
Registered
1995 A-0 8714 93
92 Jan '15 ---- 9212 95
/
1
4
Chic & L Sup Dive bs
1921 J- .1 10212 ---- 102 Sep '13 __ __ --/
1
4
Adjustment gold 48
801 1
8614 Sate 85
81995 Nov
3 81
884
Chic & Mo Riv Div 5s
/
1
1926 J - 2 10414 ___ 107 June'14 ____ 10534 107
Registered
81995 Nov --------86 Maelt
Chic & P W let g 55
1921 J Sale 103
103
103
16 10058 10412
Stamped
8199 M-N 867 Sale 8.5
8
/
1
8618 12 814 8811
C M & Puget Sd 1st gu 4s_1949 J - J 8912 ___
89
89'±
6 88 93 a
7
Cony gold 48
Sale 95
19552 -D 95
95
10 8918 100
Dak dr Oft Sou gold 58...._1916 J - J 10014 --__ 10014 Jan '16 __ ___ ___
Cony 45 Issue of 1909
19552 -D ---- - 9912 May'13 ____ ___-___
Dubuque Div lst 51 6s
1920 J - .1 107 ---- 1083 May'14 ---- 108 108
4
/
1
4
Cony 4s (issue of 19101.-1960 J -D 9514 Sale 937
8
954 214 893 99
4
Far & Sou aseum g 68
/
1
4
1924 2 -J 110 ---- 110 June'13 ____ ___ ____
10
-year gold 5*
1017.2 -D 1011 Sale 10038 10118 28 99 10214
/
4
La Crosse & D 1st 58
/
1
4
1919.7 - .1 1011 ___ 102 Jan '14 ---- 10218 1 21
/
4
/
1
4
0/
4
East Okla Div Mg 4s
192 M- B 9312 ._-_ 93 Jan '15 __-- 913 9512
Wis & Minn Div g 5s
4
/
1
4
19213 - J 102 ___ 10158 Jan '15 ---- 1014 104
/ /
1
1
4
Short Line let 4s gold
Sale 864
/
1
195 J - .1 89
89
4 861A 92
Win Vali Div let 68
1920 J - .1 1063 --- 10914 Mar'14 ---- 10914 10914
4
Cal
-Ariz 1st & ref 414s_ _196 M- S ---- 99
99 JU1y'14 _-__ 9714 99
Mil & No 1st ext 430
1934 J -D 10014 -- 10212 July'14 ____ 9934 10212
S Fe Pres & Ph 1st g 5s__194 111- s 10112 ____ 10112 Dec '14 ____ 10114 109
Cons extended 454e_...1934.2 -D 100 10011 102
/
1
4
/
1
4
Chic & St Louis 1st(3a....1915RI- S 1001 -___ 10112 June'14 ..--- 10118 10112 Chic dt Nor West cons 7E3_1915 Q- F 100 1001 100 July'14 ___ 101 102
/
4
/ Jan '15 ---- 10014 102
1
4
/
1
4
Atl Coast L 1st gold 4s___ _8195 M- 5 9012 Sale 883
4
9012
Extension 4s
8 85
/ 95
1
4
1886-1926 F - A 93
/
1
4
9212 Jan '15 ___ 9412 9612
Registered
8195 M95 Jan '13 ------------Registered
1886-1926 F - A 9112 - 943 July'14 ....-- 94 8 96
2
3
50
-year unified 45
195 J -0 85 _. 9214 July'14 ____ 92
General gold 331e
93
1987 M- N 803 Sale 801
4
/
4
81
40 7778 84
Ala Mid 1st gu gold 5s__1928 M- N 101 ____ 10512 June'14 ___ 103141051
Registered
p1987 Q - F --------7853 Jan '14 ---- 7812 78
*
/
1
4
Bruns & W 1st gu gold 48.19382 - J 9014 ____ 91 Jan '15 .-_ 89
General 48
945
8
1987 M- N
9114
914 27 89 97 4
911 ___
/
4
/
1
3
Charles & Say 1st gold 78.19362 - J 130 134 __
____ ____
____
Sinking fund 6s___ A879-1929 A -0 108 ___ 10812 May'14 --108 108
12
L& N colt gold es
01952 M-N 87
Sale 86
87
36 ___- 95
847
Registered
8
1879-1929 A -0 --------10552 Dec '13 ____ ___ ____
Say F & IV 1st gold 6s____1934 A -0 1155 .__ 115 Dec '14 ___ 115
8
Sinking fund 55
121
1879-1929 A -0 10114 -105 July'14 ---- 1841 105
8
1st gold 55
1934 A -0 10314 10618 1105 May'll ------------Registered
8
1879-1929 A -0 --------102 Oct '13 ___ ___ ---S11 Sp Oca dr G gu g 48--1918 J - 2 964 ____ 98 May'14 _--- 96
/
1
Debenture 5.5
98
1921 A -0 101 ---- 101
101
7
5 99 3 102 e
7
alt & Ohio prior 330
1925 I - .1 91
92
897
92
8
140 88 92
Registered
1921 A -0 --------101 Dee '12 ____ ___ ____
/
1
4
Registered
81925 Q - J
8812
8812
1 89
Sinking fund deb 5e
/ 90
1
4
/
1
4
1933 IVI-N 100 -___ 102
10212 14 112 104
/
1
4
Gold 45
81948 A -0 91
Sale 9018
91
35 87
/ 96
Registered
1
4
4
1933 M-N --------1018 Apr '14...- 101841015*
Registered
81948 Q- J ---- 8812 8712 Jan '15 ____ 90 8 94
7
Frem Elk & Mo V 1st 68 1933 A -0 11618 ____ 122 May'14 ____ 120 122
20-yr cony 430
1933
Sale 8634
88
134
392 8312 94
Man GB & NW 1st 330_1941 J - J ---- ---- 9012 Sep '09 ---- ---- ---/
1
4
Pitts June let gold 68
1922 J - J --,- -_ 112 Jan '12 ____ ...... .._.
Milw & S L let gu 330
1941 J - J ---- ---- --- ------ ---- --- ---P Juno & M Div 1st g 35841925 M-N
/ 883; 875
1
4
8
875
8
1 S102 90
Mil L S & West 1st g 68
1921 M- S 10818 ____ 10618 Dec '14 ---_ 10618 11012
FL E & W Va Sys ref 4s1941 M- N 87
8212 Sate 8114
84
16 78 8912
Ext de imp St gold 58-1929 F -A 10212 ___- 1061 Mar'14 ____ 1064 1061s
Southw Div 1st gold 330_1925 J - .1 9012 Sale 89
/
4
/
1
/
1
4
9012 14 8618 9112
Ashland Div isle 6s
/
1
4
1925 Pli- S 10712 ____ 11318 Feb '14 --- 11318 113
Cent Ohio R 1st la g 430 1930 M- S
____
Apr '13
Mich Div 1st gold 6s
1924 J - .1 10312 ---- 11314 Mar'14 ___ 113 11314
Cl Lor & W con 1st g 58._1933 A -0 10318 ____ 100 June'14 _-- ---- - _ _ _
/
1
4
-__10511
____ 10512 10512
MU Spar & NW 1st gu 49_1947 RI- S 89
Monon River lst gu g 58 1919 F - A
90
9 91
94
/ 9112 90
1
4
____ 10214 June'12 _ --- ---- _ _ _ _
Northw Union 1st 78 g_1917 M- S 1033 ---- 1073 May'14 __-- 107 1081
Ohio River RR let tr 58-1936 .3 -D 101 -___ 10534 June'14
4
8
/
1
4
_______ 1053 10534
4
St L Pm & NW let gu 59-1918 J - J 104 ____ 104 Jan '15 ____ 10134 1074
General gold 58
1937 A -0 10012 ---_
8
____ 1043 1044
a
1
Winona & SIP 1st ext 78_1916 J -0 10212 ____ 10614 July'14 ____ 10614
Pitts Clev & Tol isle 68__1922 A -0 -_ -___ 1043 May'14 --------- /
/
4
11312 Feb '12
___
Chicago Rock lel es Pac 68-.19173 -J 102 ____ 1014 Dec '14 __-_ 1013 1061
Pitts & West 1st g 48
/
1
1917 J - J 95 ____ 9634 Mar'14
4 105
4
Ite•Istered
Stat Isi Ry 1st gu g 434s_1943 J -D --------91 June'12 ___- 9614 963
19173 - J 10153103 1043 Mar'14 __-_ 104 10 /
8
/ 41
1
4
4
____ ___ __ -General gold 48
Bolivia Sty 1st 55
19882 - J 83 85
823 Jan '15 ____ 8012 90
8
1927 2 -.7_ _
Registered
1988.2 - J Buffalo It & P gen g 58
- 87
/ 87 June'14 ____ 8412 87
1937 M- 5 104 _
1
4
110 July'14 _ _ 108 110 Refunding gold 48
1934 A -0 71
Consol 454s
Sale 687
s
1957 M-N 103
53 6412 81
71
Sale 10034
103
16 984 104
/
1
20-year debenture 55
1932 .1 - J 5512 Sale 5518
All & West lst g 48 gu
1998 A -0 ____ 100 94 Jan '14 ____ 94 94
174 51
57
80
/
1
4
Coll trust Series P 4s
1918 51-N ---- --- 94 4 June'll -___ ---- -,Clear & Mah 1st gu g 521_1943 J - J 103 107 112 Apr '14 ____ 111
3
112
Chic R I & Pac RR 48
2002 M- N
24
Sale 2238
Koch & Pitts 1st gold 68_1921 F - A 105 ____ 109 July'14 ____ 109
25
109 183 53_
4
110
Registered
2002 M- N ____ -___ 231±
Consol isle 68
2312 10 26 611
1922 J - D 106 ____ 1115 July'14 ____ 110 8 112
/
1
4
8
1
3
RI Ark & Louis 1st 4;0_1934 81-S ---- 78
85 July'13 ____ ___ -..-anada Sou cons gu A 58-1962 A- 0 102 ---- 10314
.
/
1
4
10314
5 101 1064
/
1
Bur C R & N lst g 5s_ 1934 A -0 '
0 Registered
59912 ---- 1004 July'14
/
1
1962 A -0 --------1067 Apr '14 ____ 10214 1064
/
1
4
4
/
1
C R IF& N W 1st gu 58.1921 A -0 ___. ---- 1007 May'14 ____ 100 1023
8
Car Clinch di Ohio 1st 30-yr 55'38 J -D --- 9712 100 July'14 ---- 97 100
____ 10078 103
31 & St I 1st gu g 75
29272 -D _ _ ____ ___
__ -__ ____ ....- Central of Ga 1st gold 5s___p1945 F -A 10212 __ 10714 July'14 ____ 10714 108
Choc Okla & Ci gen g 58.01919.7 - .1 ------- 9978 May'13 _ ___
Consul gold 5s
1945 M- N 1001 10212 1023
8
/
4
102
/
1
4
2 9912 105
Consol gold 58
1952 51-2( ____ 95 9914 June'14 ____ 99 ---Registered
1945 M- N --------10614 Mar'13 -__-- ____
99
/
1
4
Keok de Des Moines 1st 5* 1923 A -0 -___ 93
92 Mar'14 _
/
1
4
Chatt Div par money g 48 1951 J -D 84
/
1
914 92
/
1
4
86
87 Mar'14 ____ 85 87
St Paul & K C Sh L 1st 430'41 F - A
75
6812 Dec '14 __-_ 6812 80
Mao & Nor Div 1st g 58_1946 J - J 100 ___ 10714 Jan '12 -__-_ ___
Chic St P 31 &0 eon Gs_
1930 J -D 1163- ---- 116 Jan '15 ____ 11414 120 4
4
Mld Ga & Atl Div 58
19472 - J --------10412 Apr '14 ____ 10412 1041
3
Cons 6s reduced to 330-1930 2 -D --------8924
Mobile Div 1st g 55
Dee '12
1946 J - J 10114
_ __ _ -1091 MaY'll -----------/
4
Debenture Ea
1930 Mden RR de B of Ga col g 58_1937 31-N ---- 9712 9712 Dec '14 ____ 9712
1013 10214 10134
4
/
1
4
10134 --2 99 103
100
/
1
4
Ch SIP & Minn 1st g 68.._1918 111-N 114
Cent of NJ gen'i gold 5s
11612 Jan '14 ____ 11612 11612
1987 J - .3 114 115 1143
4
115
20 112 118
North Wisconsin 1st 6s
1930 2 - 3 112 ____ 1293 May'09 ----------Registered
h1987 Q- J 113
8
_ 112 Jan '15 __
/
1
4
_
_
St P & S City 1st g 681919 A -0 1043 ---- 1051 Jan '15 ____ 104 108
Am Dock & Imp gu 5s._1921 J - J 1027 if1412 103 Jan '15 ___ 112 117
4
/
4
8
/
1
4
10212 104
Superior Short L 1st 58 841930 M-::_-__----J 100 -.._100 Jue'13
3_
--__--___ChicTII&So-east1st5s___1960J -D
-Ii Leh&HudRicgn581920J Jan '14
NY & Long Br gen g 4s__1941 M- 5 9312 ____ 10012 Jan
- 86
85
ii
'13
r
Cent Vermont 1st gu g 4s e1920 Q - F 65 --. 80 May'14 ---_ _--_ ____ Chic & West Ind gen g 63_41932 Q-M 105 ---- 105 Jan '15 ___ 105 106
/
1
4
/
1
4
____ 80 861
/
4
Consol 50
-year 4s
Chem &0fund & impt 5s__1029 J - J 95
1952 J -.3 ___ 84
78
94 95 Dec '14 __-- 91 10014 Cmn 11
78
I 831a 87
& D 2d gold 415e
1st consol gold 58
1937 J - J --------96 Mar'14 ____ 93 98
1939 111-N 10214 1045 1013
8
4
1013
4
1 10134 1077
8
1st & refunding 48
Registered
1959 J - J __-- 88 __-- __ -- __ ---- ---- --1939 111-N *10212 ____ 105 June'14 ____ 103
/
1
4
10512
1st guaranteed.0
1959 J - .1 --------8814 Jne '12 ---- ---- ---__
S BONDS
-Continued on next page. '
Street Railway
5
Railway
Brooklyn Rapid Tran g 5s-1945 A -0 1025 Sale 10212
8
•
1025
8 19 9912104
Bud & Manhat 58 Ser A____1957 F - A 79
let refund cony gold 4s_2002 J - .1 82
83
/ 8512 Jan '15
1
4
/ Sale 7514
1
4
911
4
797
8 14 75
86 934
Adjust income 58
8
-year secured notes _ _1918 J- J 997 Sale 9912
1957
8
2834 Bale 273
4
100
283 193 24 4 8
4
133 9618100
3
9
N Y &Jersey let 6s
Bk City 1st con 58_1916-1941 J - J 101
5s1932 F - ------------------------------- A
Sale 1001
/ 101
4
2 1001210218 Interboro-Metrop
Bk Q Co & S con gu g 5e__1941 51-N 90 ____ 98 Apr '14
coil 430_1956 A -0 743 Sale 733
8
4
---- 263 717 791
a
/
4
98 98
Interboro Rapid TransitBklyn Q Co & S 1st 5s---_1941 J - .1 96 ____ 101 May'13
1st & refunding
Bklyn Un El 1st g 4-58--1950 F - A 10014 10112 100
19662 - J 97
/ Sale 973
1
4
186 96 9914
10012
98
4
4 98 10314 Manhat Ry(NY)58
Stamped guar 4-55
cons g 0_1990 A -0 8912 00
1950 F -A 101
881
39
(
3 87 93
993 Jan '15
4
100 102
Stamped tax-exempt
Kings County El 1st g 48.1949 F - A 8212 ____ 8212
1990 A -0 9014 Sale 8911
8212
9014 18 8818 93
9 83 84
Metropolitan Street Hy
Stamped guar 4s
1949 F - A
8234 Sale 823
4
82
/
1
4
2 81 8412
Bway & 7th Av let c g 58..1943 J -0 95 -_-_ 1013 July'14 -_-- 101 1031
Nassau Elec guar gold 48_1951 J - J 74
78
4
4
77
77
1 74 80
Col & 9th Av 1st gu g 5s 1993 M- 5 --_ 101
Chicago Rys 151 55
1927 F -A 9618 961 9618
9912 July'14 ____ 9913 101
/
4
9614
2 963 9914
4
I.ex Av dr P F 1st gu g 58_1993 M- 5 97 100 101 Apr 14_'--- 98 8 101
Conn Ity & L 1st & ref g 430 1951 J - J 92 ____ 1017 June'12
3
8
Met W S El(Chic) 1st g 4s1938 F - A --------80 Mar'14 --__ 80
Stamped guar 430
1951 .1 - J 9214 97
80
3614 June'14
9614 9614
111w Elee Ry & Lt cons g Ls 1926 F -A 1004 ---_ 10018 Dec '14 ____ 1001a 1021
Del United 1st cons g 4318.._1932 1 - J 72
/
4
/
1
/ Sale 71
1
4
724 29 64 764
/
1
/
1
Refunding & exten 4;0_1931 .3 -3 91 ____ 91 Apr '13 -----------Ft Smith Lt& Tr 1st g 5s
1936 M- S -------- 84 Jan '14
84 84
Mbaneap St 1st cons g &L.. _1919 J - J 99 ---- 102 Nov'12 __---- ---Grand Rapids Ry isle 5s...._1916 J -D 99 .._ 100 June'14
/
1
4
99 100
Montreal Tramways 1st -Atz ref
Havana Elec consol a 58-1952 F - A _- 8912 92 Apr
'14
9112 95
30
-year 5s SertA
1941J - J 93 _ _ _ 941
9418
5 97 99
14
/
4
•No price Friday; latest this Week. 4 Due April. oDue May. gDuelune,
hDue.July. k Due Aug. oDue Oct. 75 Due Nov. q Due Deo. iOptloflaals. .'German
stamped."
B
11
c
296
BONS
D
N. Y. STOOK EXCHANGE
Week canting Jan. 22
livoL. 100.
New York Bond Record—Continued—Page 2
Price
Friday
Jan. 22
Range
Year
1914.
Week's
Range Of
Lan Sale
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 22
Week's
Range or
Last Sale
Price
Friday
Jan. 22
Range
Year
1914.
Mos No Law High
Ask Low
asa
Hsok No. Low High St PM & M (Continued)—
Ask Low
Bul
Oln Ham & 1)ay (Con.)—
1361, May'06 -1937 J-J
10012 10012
Registered
10012 Mar'14
1941 81-N
CinDdsllstgug 5s
10634 Feb '14 .--- 10634 107
1937 J-J 10258 1st guar gold 55
88 Melt 11
0 Vint)& iI W ist gu 48 g.1923 M-14
1937 J -J
66 Id
.
Registered
65 Fly '14
3
Cin & W lst gu g 49—.195 J -J
9438 9438
Will & S 8' 1st gold 58-1938 J-1)
8
943 Dec'14
Day& Mich 1st cons4 448-1931 J-J
16 12
'
n-e- 11
601- ec 1
i94
84
I8
(
65 100 Gulf& 8 1 1st ref& tg 58_01952 J
65 J'ly '14
1935 J-J
- Ind Dec & W 1st g 5s
_
81952 J -J
Registered
1074 Dec '02
1935 J-J
.
1st guar gold Is
61 Rif
94 'Jan '15
94
T_Tock Val 1st eons g 4%9_1999 -J - 72 85
74
J-1) '74"Saie 7234
Cleve Cln C & St L gen 4s 1993
9658 973
9784 Jan '14
4
1999 J-j
82 8712 AA' Registered
82 J'ne'14
1931 J -J
20-yr deb 4 4.fis
85l Jan '15 .--1948 A-0 ▪ 83
Col & H V 1st ext g 4s
80 8212 8434 J'ne'14
4
843 86
1939 J -J
Cairo Div 1st gold 4s
9012 J'ne'14
1955 F-A
Col & Tol 1st ext 4s
83 83
83 Feb '14
Oin W & M Div 1st g 48_1991 J -J
10014 Dec '12._
82 85 4 Hous Belt & Term 1st 58-1937 J -J
83 Dec'14
3
St L Div1st coil tr it 48-1990 M-N
8214 8214 Illinois Central 1st gold 431-1951 J -J 8018 100
824 Mch'14
1990 M-N
Registered
0 F
8 Ji
97 S lp '35
1
1951 J-J ▪ - 96 0; jen: •14
A Registered
85
85
85 Men'14
1940 M-S
Spr& col Div lstg 48
34
ig
1951 J-J
1st gold 33s
91 Apr '12
1940 J -J
W W Val Div 1st g 4s
1951 J-J
Registered
10534 Apr '14
3*
105'a 105
1920 M-N
0 I St L & C consol 6s
7814 Dec'14
1951 A-0
Extended 1st g 345
91 92
92 May'14
-F
.
k19381 F
1st gold 4s
1951 A-0
90 Men'13
Registered
k1936
Registered
16-.7%1'6
1951 M-23
1st gold 35 sterling
103 May'14
103 10314
Cln S & CI con 1st it 5s___1923
1951 M-13
10534 11958
Registered
4.1'1y '14
1053
C C C & 1 gen con g 6s -_1934 J -J
-8714 8 85 Vi"
1952 A-0 87- Sale -8614
Coll trust gold 45
1934 J -J
Registered
951, Sep 12 -1952 A-0
Registered
94 J'ly '08
Ind B & W 1st peel 48_1940 A-0
8741 73 'OF 94
8712 8634
1955 SI-N
7
1st ref 4s
0 Ind & W 1st pref 5s___d1938
82 Feb '14 -- 79 82
1952 J -J
72 84
Purchased lines 3548
-j
1940 X-(1 71 -70
Peo & East 1st cot 4s
86 91
86 Dec'14
1953 M-N 80 _
8 2
L N 0& Tex gold 4s
22
0
20 30
21
23
1990 Apr
Income 4s
84 84
5E; 84 May'14
1953 M-N
9012 9614
Registered
Cleve Short L 1st gu 4128_1961 A-0 93 9534 92 Dec '14
90 90
90 Apr '14
1950 J-D
1 14 193
Cairo Bridge gold 48
15
15
17
4
11147 J J
Cu, Mid and 1st it 4s
74 74
74 Feb '14
1951 J-J
Litchfield Div 1st g 3s
14
15 20 15 Dec'14
17
Teti.' Co. cents. of deposit __
Louisv Div & Term g 354s 1953 J-J "ff"= 81a May•13
8812 44 8518 93
-1929 Y J1 8812 Sale 8712
Colorado & Sou 1st 4s
831 Aug'12
1053 J 5 72 934
Registered
802
1935 21.-N 84 86 8412
Refund & ext 4 449
123V May'99
1921 F-A
4 100 107
Middle Div reg Os
4 10112
Ft W & Den C lst g 68_1921 .1-D 10112 Sale 1003
7218 Feb '14
1951 F-A
Omaha Div 1st g 3s
Conn & Pas Rho; 1st g 413-1943 A-0
754 ileh'12
38_1951 J -J
1004 Or • may%
St Louis Div & term g
1952 J -J
Cuba RR 1st 50-yr 5s it
1951 J -J
Registered
Western—
nal Lack &
13
iflt See ;
1951 J • J
Gold 3545
M &Es 1st con gu 75-1915 J -ll 1004 ___ 1007 Jan'15.-- 10234 10314
10112 Oct 'DO
1951 J..)
Registered
103 Nov•13
1915 J -1)
Registered
7888 7888
7858 Meh'14
J-J
Spring Div 1st g
8512 8818
88 Fly •14
2000 J -D
1st ref gu g 3%s
1951 J-J
Registered
1097 J'ly '14 -- 10814 1103
8
s
1921 J-J
N Y Lack & W 1st 6s
"OC 91
91 Feb'14
1951 F-A
Western lines 1st g 48
10412 Feb '14 -- 1044 1044
1923 F-A 10012
Construction 5s
1951 F-A
Registered
943 953
4
4
1923 el-N 9514 96
Term & Improve 4s
-.
ma.716
1923 J-D
Bellev & Car 1st 68
92 4
10518 Feb 5 4 -.2
903
'
Warren 1st ref gu g 348_2000 F-A
9412 Ply '12
1932 M-8
Carb & Shaw 1st g 4s
1
Del & Bud 1st Pa Div 78_1917 M-S 1Ei'nil; 10833 Mch'14-- igis 1684
jai- III"
108 J'ly '14
1951 J-D 10714
St L & N 0g 5s
Chic
149 Aug '01 M-S
RegIstered
114 Feb '11
1951 J-D
Registered
9938 32 973 9914
2
1916 J-D 9932 9912 994
10-yr cony deb 48
90 Oct '09
1951 J-D
Gold 3%s
I 9912 101
99
-J 9814
99
1922 J
1st lien equip g 4%s
1951 J-D
30 9012 9712
Registered
95
1943 M-N 95 Sale 9414
Ist & ref 45
Augii
1951 J-D
Memph Div 1st g 4s
1 8134 87
8458
8
2
1946 A-0 845 Sale [845
Alb & Sus cony 3;4s
•
1951 J -D
Registered
11512 Feb '14 ---- 115 11512
1921 M-N 11314
Rens & Saratoga lst 7s
9812 98 Fly '08
1931 M-S
St L Sou 1st gu g 48
7712 Sale 76
7712 18 75 85
Deny & R Or 1st con g 48_1936 J-J
5612 8815
1950 J-J
- 88 8312 Jan '15
87 9034 Ind III & la 1st g 4s
.
88 J'ly '14
1936 J-J
Consol gold 4%s
,
99 4 104
9934 Dec'14
1919 M-N
6 76 9212 int & Great Nor 1st g 6s
80
1928 J -D 78 84 80
Improvement gold 5s
0112 924
9112 Mch'14
James Frank & Clear 1st 48 1959 J-D
28 4112 74
45
1955 F-A 45 bait 3912
1st & refunding 58
6818 11 664 70
14 an
' City Sou lst gold 38 1950 A-0 674 Sale 6738
Dec '12-109
Rio Gr June 1st gu g 58_1939 J-D
63 Oct '00
_1950 A-0
.1.3.• Registered
6112 Apr '11 -2
1940 J -J
23 -13812 981Rio Or So 1st gold 4s
90
Apr 1950 J-J 90 92 89
Ref & impt 15s
74 85 itch'98
1940 J -J
92 954
Guaranteed
93 93 Dec'14
1 7512 844 Kansas City Term 1st 48__1960 J-J 71
1939 J -J 71 73 71
100 10334
Rio Or West 1st g 4s
5s___1937 J-J 9834 loo 101 J'ly '14
I
60 rly '14 -- 60 7214 .11-4ake Erie & W 1st g
1949 A-0
9434 95
Mtge& col trust 48 A
9434 May'14
1941 J-j
2d gold 58
90 Apr '14 -- 90 90
98 98
Utah Cent. 1st gu g 48_a1917 A-0
1945 A-0 _95 98 bleb'14
North Ohio 1st gu g 5s
110 Sep '04-.-1917 M-N
1 9658 10112
4
Des Mol Un Ry 1st g 5s
993
4
..
OO 1014 993
4348_1940 J-J
Leh Vail NY 1st gu g
84 May'14 -- 84 86
1995 J-D
101 J'ly '14 ____ 101 101
Det& Mack 1st lien g 4s
1940 J-J
Registered
82 84
82 J'ly '14 -1995 J-D 75
8712 1)03
AO J'ne'14
4
Gold 48
9314 97 Lehigh Vail (Pa) cons g 48_2003 MN 85 _973-4 974 Jan '15
3
9612 995
8
Det Ely Tun-Ter Tun 4%8_1961 M-N g____ 93 4
M-N 1)811
2003
General cons 454s
'14
____ 10534 Jan '15
4
11041113
Dul Missabe & Not gen 56_1941 J-J 10012 104 104 Fly: 5 -- 10314 105
A-0
a
J lY
j n 14 -----_-_ 9918 10412 Leh V Ter Ry 1st gu g 581941 A-0 106
0 4
1937 A -0 9812 101 19033'4
11118 Dec '11
Dui & Iron Range 1st 59
1941
Registered
1064 Mch'08 ---1937 A-0
10414 fai;
10414 10414 Mch'14
-J
Registered
Leh Val Coal Co 1st gu g 541_1933 j
104 Feb '11 -1916 J-J
105 Oct '13
2d 68
1933 J-J
Registered
ai
Fly '14 -101
1937 J-J
Du So Shore& At g 5s
193$ J-J
1st int reduced to 4s
10412 Apr '14 -- 10412 10412
ii
-8812 FebVIgin Jol & East 1st g 55-1941 M-N 1.971;
0;
1945 MS 5 11118 112 Leh & N Y 1st guar g 4s
10978
8
1097
s
1945 M-S
5,4rle 1st consolgold 78__1920 M-S 1097 Sale 9712 J'ne'14
Registered
9712 98
_
Feb '10
NY & Erie 1st ext g 48_1947 M-N 8412 10138 102 J'ne'14
1914 A-0
El C & N 1st pref 68
102 10212
1919 M-S 10114
s
997 Nov'13
2d ext gold 55
1914 A-0
Gold guar Os
984 Jan '15 -- 9912 100
s
1923 M-S 987
106 10658
3d ext gold 4%s
106 Ply '14
3
0 14
1813
D
i 10012 10258 Long Isld 1st cons gold 5s_3s1931 Q-J RIF _
1920 A-0 10114 10132 10114
4th ext gold 58
51931 Q-J 89
984 Meh'12
lst consol gold 45
9358 May'14-- 9358 935s
1928 J -D
5th eat gold 45
"5513 1/2"1;
1938 J-D 87 89 8.54 Dec'14
General gold 48
1104110
5s
110/2 J'ne'14
102
95 97
N Y LE& W Ist g fd 75-1920 M-S
1922 M-8 L9212 5512 9514 May'14
Ferry gold 44s
7934 8714
8334 Sale 82
1996 J-J
Erie 1st con g 45 prior
1932 J-D
Gold 4s
--- 9914 Oct '06
83 83
83 Jan '14
1996 j-3 80
Registered
86 8713
1949 M-13 ---- 893 8612 May'14
4
Unified gold 4s
6912 32 644 7612
1996 J-J 6818 6812 6814
1st consol gen lien g 4s
1004 101
9518
1934 J-D
9518
Debenture gold 5s
77 Apr '12 1996 J-J
Registered
89 92
1949 M-S ISO 88 84 Jan '15
Guar ref gold 45
8734 92
87 8712 8712 Jan '15 -1951 F-A
Penn cod tr g 4s
95 Jan '11
1949 81-8
Registered
634 124 59 773
8
1953 A-0 63 Sale 018
-year cony 48 A
50
10014 lOOlg
10014 Jan '14
NY 1)& MB lstcong 5s_1935 A-0
6614 82 62 76
.
4
1953 A-0 6534 'P,.' 642
B
Series
do
10212 10212
10212 Jan '14
1927 M-S
N Y & R I) lag 5s
1 164 10414
103
Buff N V & Erie 1st 78_1916 J -D 103 Sale 103
102 102
102 J'ly '14
Nor Sh LI 1st con g gu 58_01932 Q-.1
1 102 108
103
Chic & Erie 1st gold 58_1982 M-N 10212 10.5 103
914 911a
9112Feb '14
Louisiana & Ark 1st g 58_1927 M-S
103 Feb1.4-- 103 103
1938 J -3
Clay & Mahon Va. g 5s
11112115
112
112
1930 J-1)
12113 123
Loulsv & Nash Gen 6s
12212 May'14
Long Dock rouse! it 68-1935 A-0 lir
10534 110
3
1937 M-N 1054 107 109 5 Mar14
Gold 59
100 Dec '12-Coal & RR 1st cur gu 68..1922 M-N
3
9014 96 s
9312
1940 J -J 9312 Sale 924
10184 103
Unified gold 45
10134 Dec'14 -1943 -J 10114
Dock & imp 1st ext 5s
9334 95
1940 J -J 9114 ---- 95 J'ne'14
Registered
•- 1034 Aug'12 ....
1946 M-N
N Y& Green L gu g 58
105 10514
10314 Jan '15
1931 M-N 103
Collateral trust gold 5s
W 1st ref58_1937 J-J 85 100 93 Fly '14 -- 93 99'
N Y Sus &
10838 108%
8
1083 May'14
1919 J-D
E H& Nash 1st g 6s
10014 Dec '06
1937 F-A
2d gold 4 448
10018 10238
10258 J'ly '14
1931 M-N
L Cln & Lex gold 4%s
5 75 75
70
70
1940 Er-A
General gold 58
11338 Jan '15
-J 11414
1930 j
N 0& M 1st gold 6s
101 103 102 Jan '14 -- 102 102
1943 M-N
Terminal 1st gold.5s
111 111
lid 111 Feb '14
1930 J-J
N 0& M 2d gold 6s
11112 May 12 1940 A-0 99
Mid of N J 1st ext Is
84 89
92 84 Dec'14
Paducah& Mem My 48_ _1946 F-A
1942 J-D 85 90 92 J'ly '14 -- 92 0812
Wilk & Ea 1st gu g 5s
1083 1083
2
s
10614 Jan '15
St Louis Div 1st gold 6s 1921 M-S 10712
06 May•12
1926 J-J
Ev & Ind lst con gm g 8s
694 Sep 12
198081-S .63 _
2d gold 38
85 907
*
Evans & TB 1st cons 68_1921 J-J 98 100 00 Dec'14 ---- 100 100 87
8612
AU Knox & Cin Div 48_1955 M-N 85 OI 111 Jan •13
5
993 Deo'13-.1942 A-0
let general gold 59
Atl Knox & Nor 1st g 5s...1946 J-D 107
08 Nov'11 ---iii4" (Jr
Mt Vernon 1st gold 68...-1923 A-0
lea Jan '14
'lender Bdge 1st s f g 6s1931 M-S 104 _
95 J'ne 12-84 9014
Bull Co Branch Ist g 5s-1930 A-0
1987 J -J 8512 89 86 Jan '15
Kentucky Cent gold 4s
4 88 94
90
100 101
plorida E Coast 1st 4 Sis_1959 J-D ir &We' 90
L&N&M&Mlstg448 1945 M-S 9812 ____ 101 May'14
92 Aug'10 ----J
80
8034 83
ort tit 1.1 D Co 1st g 4%s-1941 j
J -J 80 8314 79
L& N-South M joint 4s 1952
62 Apr '14 ....- 5812 64
1928 J -J
95 Feb '05
Ft W & Rio Gr 1st it 4s
h1952 Q-3
Registered
104(4106
2.reat Northern—,
106 J'ly '14
1937 F-A
g 55
N Fla& S 1st gu
2
965 181 9418 98
97 100
07 Dec'14
%-x C B & 1.) coil trust 48_1921 J -j 9612 Sale 9614
N & C Bdge gen gu g 44s 1945 J -J 10811 Sale 10812 1012
3 9412 973
2
9618
9612 Sale 9618
1921
Registered h
10858 110
1921 F -A
Pens& Atl lst gu g 6s
8 9912 10138
101
107 Mch'14
1054 107
1s8& refunding 446 ser A 1961 -J 10012 101 01
1936 F-A 10434
8 & N Ala con gu g 5s
96 Fne'13
1961
Registered
101
Gen cons gu 50-yr 55_1963 A-0 10012 102 10034 Mch'14 14 Ms 105
9714 May'14
7
1933 :7 .1
8312
83 85
St Paul M & Man 48
M-8
4
t1934 1223 L& Jeff Bdge co gu g 4s-1945 M-N
17'2 Jan '15
1933 J-j 119
1st consul gold Os
42_1936
sox Mt—Sou ones
1
.
174 Aug'13
1933 J -J
77 Mch'i0
Registered
.
a
1E1; -'lea Internal 1st con g 481977 M-S
ioF
00'4 Jan '15
79 Nov•10
Reduced to gold 448_1933 J -J
stamped guaranteed... 1977 M-8 5____ 119 124113 Oet '12
1933 J -J --.... 10218 0834 J'no'09
Registered_
1927 J-D
1 "ea" I5144 dinn & St L 1st gold 7s
J4) 9112
14
94
Mont est 1st gord
1921 A-0 913 103 1104 Aug'11
Ex t 1st gold 66
Pacific
9412 9412
9412 Apt '14
1937 J-D
Registered
•
89
--Z IV WI;
1934 M-N 89 Sale 89
1st consul go d 5s
!940 J -J
5
92 8 Mch 11
40
Pacific ext guar 48 £_
4734
443
1949
494s lig- 1st and refund goldgu 48_1935 M-S 46 Sale 60 4 J'ne'14 29 80 61
69
E Minn Nor Div 1st it 4s 1948 A-0 89 -tiE 95 May'14,,.,_ 11012 1104
J-J
1st
Des At & Ft D
. 11013 Jan '14 --1922 J-j
Minn Union 1st g 6s
Ill.. 1.4s
1937 J -J lir 120 125 Fne'14
Mont C 1st gu e6s
(nued on Nest Ps e
NEOUS BONDS--Cont
14
1...
----
...
...-
....
-
--------
----
Jai.;
Jai
...-
___.
...-
iar::::
Street Railway
J-J
New On Ry & Lt gen 4 45_1935 j
1942 -J
Y Itys 1st R kt & ref 4s
N
(11942 A-0
inc 55
30-year ad)
4 4s262 M-N
N Y State Itys 1st cons
Portland Kg 1st & ref 5s--_1930 ).4-N
Portland ft v Lt & l'ow 1st1942 F -A
& ref convsf5
J -J
Portland Gen Elec 1st 58-1935 M-N
581957
Jos By L, 11 & P 1st g55_1937 j-3
St
Cab cons g
St Paul City
1960- J
Third Ave 1st ref 45
al960 A-0
Ad) Inc 55
-1937 J -J
Third A ve y 1st g 5s 5s-1923 A-0
*f
Tr -City By & Lt 1st454s,,_1933 J-'
Undergr of London
194$
Income 8s
4
5s-1549 -C-I5
Union Elev (Chic) 1st g Imp 1926 M-N
eltcd It vs toy 5s Pitts
old and asked
•No price Friday: latest
....
Street Railway
68 6934 Dec'14
89 724
J -J
81
United Rys St List g 4s___1934 A-0
_ 65 6512 Dec'14
6512 7114
7918
St Louis Transit gu 5s--1924 A-0 lir 53 53
5334 40 49 611a
f 49_1927
6312 United ERs San Fr s
-J 90 907 9212J%,'14
8
0212 9412
90
Va Ky & Fow 1st & ref 5s__1934 J
9914
(ins and Electric Light
1011. May'14
10112 10112
Atlanta U L Co. 1st g 58-1947 J-D 101
614
10414
1021210612
4
92 10012 Bklyn U Gas 1st con g 5s__1945 M-N 104 115 - 1033
54 J•ne'13
1947 A-0
Buffalo Gas 151 g 58
Columbus Gas 1st- it 5._ .1912 J -J 115
:127e 11414
.'
11538 .585 109 lilt,
Oonsol Gas cony 61 when issued
98 102 984 Dec'14
1923
9812 10012
ir Detroit City Gas it 55
85
,
115 e Sep '08
205 72 844 Det Gas Co.con Isle 5s_1918 F-A 102
RIF fdir4
Waif; 1014 102
coil tr 5s-1933 J-J
10611 10912 Det Edison 1st
1932 2510812 Oct '12
Eq 0 L N V 1st eon it 5s
6 96 98
100 Feb '13
Gas& Elec Berge° c 53-1949 )4) 97
94 96
100 Oct '09
1915 F-A 9612
4
843 9214 Or Dap 0 L Co 1st it 5s
,
10114 Jan '15
ioF 1613:
1949 M-N 10114
Hudson Co Gas 1st it 5s
91 92
• Mcli 14
Gas 1st it 5s 192 A-0
Kan City(Mo)
Fl Due July. k DUO Aug. 0 DUO Oct. a Option sale.
Due Feb d Due April.
8055
81 May'14
7232 32 70
7235 Sale 7134
5538 184 45
5514 Ssle 6252
87
---- 8814 88i2.Ply '14
99
09 100 9914 Dec'14
89 92 Mcb'14
4
983 ---_
9512 ---- -94' N
10312 Feb '13
8214
"9274 "ale 8158
7912
793 Sale 78
2
105 107 109 Fly '14
974
951: _-__ 9714
94 9612 J'ly '14
65 70 8712 J'ly '14
84 Oct '08
71 J'ne'13
a Due Jae
&Ole wee/
-
JAN. 23 1915.]
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 22
New York Bond Record-Continued-Page 3
11'34
.
... a.
Price
rFriday
Jan. 22
Wears
Range or
Law Sate
4
C M.,
.
410
Range
Year
1914.
I.
BONDS
N. Y. STOCK EXCHANGE 11
Week Ending Jan. 22
....o.
297
Price
Friday
Jan. 22
1
's
Week
Range or
4
Las/ Sale0
I
Rance
Yea ;
1914.
Minn & St Louis(Con.)
Eto
Ask Low
High No. Low High N Y N H & Hartford (Con.)High No. Low 114.8
Ask Low
Bia
Iowa Central 1st gold 59_1938 J-D 8434 Sale 84
88
7 88 94
B & N Y Air Line 1st48_1955 F-A --- - . 9912 J'ne'12-- ---- -Refunding gold 4s -----1951 M-13 4412 sale ,140
4512 127 39 5712
---- 81 83
80 81
hi stpstssm con g 4sI ntgu 1938 J -.1 9228 94 91 Jan .15 ..... 90 9514 Cent New Rug 1st gu 4s-_1961 J-J -- ___12 10658 Mch'14 ---- 10658 1064
Housatonic R cons g 5s_.,1037 M-N 1031
;
Apr 14
1st Chic Term Is f 4s
1041 M-N - - __ 974 J'ne'12 ---- ____ __
NY W'ches&B 1st ser 1 4 3gs'46 J -J 693 701 6838
70
4
33 53 s 83
5
M 8 S & A 1st g 4s Int go-1926 J-J 94 . - 96 Nov'13 ---- --__ ___
9534
N H & Derby cons cy 5s__1918 M-N 100 --- 107 Aug 09 -----------Nlississippi Central 1st 513-1949 J-J 82 ____ 91 J'ly '14 ---- 91 914
New England cons 59-___1945 J -J ---- --..,
- „---- --- ---blo Kan & Tex 1st gold 4s 1990 J-D 7812 Sale 75
79
23 75 9178
Canso' 4s
1945 J-J ---- ---.: -,9912 Mc13'12 ---- --_,- ---2d gold 4s
59
14 52 77
4
01990 F-A 571 Sale 55
Providence Secur deb 4:: 1957 M-N 58 70 60 May'14 ...._ 55 60
1st ext gold 55
1944 IVI-N 89 Sale 89
1 90 99
89
N Y 0di W ref lstg 4s_-91992 M-13 80 81 80
2 78 88
80
1st& refund 45
2004 M-S 5034- 47
12 4818 71
47
Registered 55.000 only___01992 88-13 _ --- 9212 J'ne•12 -----------Gen sinking fund 4 3gs
1936 .1-J ---- 71 693
4
6934
1 70 85
General4s
1955 J-D 75 ____ 8112Mch'14 ---- 814 8314
St Louis Div 1st ref g 415-2001 A-0 ---- -_-_ 7814 Apr •13 ___ __ ____ Norfolk Sou
1st& rot A
84 94 inc'14 .... 92 9712
1961 F-A
Dal& Wa 1st gu g 58
4
993 Dec '13 ____ _ .
_ Noll & Sou 1st gold 55 5s 1941 M-N ....... Sale 102
1940 M-61 90 9 100 10114
102
102
Kan 0& Pac 1st g 4s
1990 F-A --------78 J'ly '14 ---- 78 8212 Norl & West gen
gold Os
1931 M-N 117 ____ 116 Dec'14 -- 116 120 8
5
Mo K & E 1st gu g 5s
1942 A-0 ---- 1110 104 Apr '14 --- 10314 10414
Improvement& ext g 6s1934 F-A 115 ____ 123 Jan 13 -----------88 K & Ok 1st guar 5s
1042 M-N ---- 92 98 J'ly '14 ____ 9652 9812
New River lst gold 69
1932 A-0 114 120 120 J'ly '14 --,_ 118 120
51 K & T of T 1st gu g 59_1942 M-S gl Sale 80
81
8 90 964
N & W Ry 1st cons g 49
33 92 98
94
1996 A-0 934 937 :927
8
8
Sher Sh & So 1st gu g 5s 1942 J-D --------96 May•13 ____ ____ -_
Registered
1996 A-0 --------94 May'14 ---- 94 94
Texas& Okla 1st gu g 59-1943 M-S --- 90 9913 Jan '14 _-__ 97 991;
Div'l
list l& gen g 49
1944 J -J 8712 90 8712
8712 2 8102 91 4
1
Missouri Pac 1st cons g 8s 1920 M-N 1011; 1013 10012 10112 13 100 105
4
cony
1932 J-D 98 102 10212 Apr '14 ---. 101 103 5
5
Trust gold 58 stamped_a1917 M-8 9412 Sale 93 PII 9412 11 gg
l- 4 year 932
i 2--- --2
ma1cony 4489
M-S 98 102 9934Jan '15 --- 9612 10514
Registered
a1917 M-8
_ ____ 97 May'12 --... ____ ___
Convertible 4 3g8
1938 M-S 102 103 103
3 9812 105 4
103
1
1st collateral gold 55
9012
1920 F-A 89 91 99
8 85 9512
Pocah C & C Joint 48_1941 J-D 90 Sale 90
90
8 8614 90
12
1920 F-A ---- -__. ----U-----,- -,,- - Registered
CO & 'I' 1st guar gold 581922 J-J
4Jan '13 ---- -- ....,40
-year gold loan 4s
4912 171 36 .- NSc thern i eifiz i riu g, 4.1939 M-N --------1051
664
1945 M-8 44 Sale 44
orio V & t E lsp g jr 4:;
85 --- 944 J'ly '14 .. __ 90 8 _
5 9414
1st & ref cony 58
4778 320 36 774
1959 M-S 42 Sao. 41
1997 -J 923 sale 9114
9318 170 8838 96
4
3d 78 extended at 4%-19381M-N 774----78
78
2 86 86
Registered
1997 -J 91_ 88 Jan'15 ---- 88 954
Cent Br Ry 1st Rug 49_1919 F-A ____ 91 887 May'14 ---- 887 9238
8
14
General lien gold 38
92047 -It 85 'kale 6414
99 624 684
65
Cent Br U P 1st g 45
774 Dec '13 ---1948 J-D
_
Registered
o'047 -F 6212 Sale 6212
1 6514 87
6212
Leroy & C V A L 1st g 59_1928 J -11 __ ...... 110 Mch'05 ____ __ ____
St P..ul-Duluth Div g 49_1996 s -D .---- 97 90 Jan '14 -_ 90 90
Pac R of Mo 1st ext g 49 1938 F-A 8.51g ____ 8912J •ne-14 ____ 8912 9018
Dui Short L 1st gu 5s____1916 M-S ---- -- __ 1004 Sep '13 ...... ____ --2d extended gold 58
1938 J -J --------97',J'ly .14 ____ 9712 100
St P & N P gen gold 69_1923 F-A 109 11118 111 J'ly '14 - 11078 11211
St L 1r 51&8 gen con g 59_1931 A-0 100
l 100
100
1 974 105
Registered certificates_1923 g-F __,__
Amen
Gen con stamp gag 59_1931 A-0 --------102 J'ly '14 ____ 102 103
St Paul & Lk .luth 1st 5s__1931 F-A lui __pm*Jan '12 ---- ---- --107
--- .....-- - Unified & ref gold 4s
1929 J -J 7034 Sale 6514
71
13 65 82
2d 58
1917 A-0 100 1001; 1014 A)ay'14 ..... 101 10114
-Registered
.
8
1929 J -J . . _ 807 Oct '12 --__ ____ _
lst consol gold 48
1968 J-D -------- -1 -87 Feb 14 --- 87 87
My & G Div 1st g 49
1933 M-N 67 ____ 674Jan '15 ____ 65 - 4
817
Wash Cent 181 gold 4e
1948 Q-M -------- - 8112 Dec '13.- .
Verdi V I & W 1st g 59
9212 Dec'13 -___
_ Nor Pac Term
1926 M-8 ---- --1
Mob & Ohio new gold 69_1927 .1-D 111 11812 1184.1'1y '14 ____ Hai,fil Oregon-Wash Co 1st g 6s.._1933 J-J 110 112 .12 Dec'11 --. Hi flit;
85 86 85
9 8834 92
85
1st extension gold 6s____/11927 -J 100 ____ 1124 Apr *14 ___ 11211 1124 pacific Coast1st & rei 4s 1961 J-J
Co 1st v 58. _1948 J-D -__ C712 9814Jan '15 _.-- 991410312
General gold 4s
1938 -S 7412 - - 75 Jan '15 ...._ 75 82
a ennsyly RR 1st g 49_1923 M
-N- 98 Dec'14 ---- (98 100
Montgom Div 1st g 5s
1947 F-A locus nii 10414.1'1y '14 ---- 104 10614
Consol gold 5s
102 May'14 ..... 102 102
1919 m-s WI:
St Louts Div 58
95 Dec'13 ---1927 .1-D
Consol gold 49
1943 M-N 9812 -___ 1004 J'ly '14 --_- 991410014
St L & Cairo guar g 4s____1931 J -3 •85 ---- 87 Jan :15 ---- 8814 9114
Convertible gold 33ga_01915 J:1) 9978 Sale
4 . ap 220 9738 993s
.
kl ashvilleCh & St L 1st 5131928 A-0 1U45
$.-. 10412Jan 15 -__- 10314 10818
Registered
-___ 9918J ne 14 _.-1
o1915 J D ' Jasper Branch 1st g 01923 J-J ____ -- Ill Jan '13 ...... ____ __
1
Consol gold 49
1948 NI-N igr, __._ 98 Jan '15 ---- 9812 99
9812 1024
McM 51 W & Al 1st 6s_1917 J-J ____ --- 10334Jan '14 ---- 1033 1033
Alleg Val gen guar g 0_1942 M-8 9314 ____ 94 Jan 15
4
4- 9312 97
T & P Branch 1st Is
_
D R It R & B'ge 1st gu 48 g '36 F-A 9134 -___ 91 Mch'14 --- 91 91
1917 J -J -------- 113 J'ly '04 ____ ___
_.
Nat Rys of klex pr lien 43-031957 J -J ____ 80 58 J'ne'14 --- 58 - 1.
Phila Balt& W lstg 49_1943 M-N 97 ---. 9918 Ply '13 ---- ____ ___
8Guaranteed general 48_1977 A-0 --------77 Feb '13 ____ ____ __
Sod Bay 5: Sou Ist g 5s
2
2924 J-J -------- -10 Jan '03 --- __-_ _Nat of Mex prior lien 43g5-1926 J-J ....---- 967 Feb '13 _--- _ _
_
8
Sunbury & Lewis 1st g 0-1936 J -J -- -- ------- --- ---1st consol 48
U N J RR & Can gen 49_1944 M-13 9818 -- 10112 May'lg --- ---- ---1951 A-0 --------60 Apr '14 ...... 55 -ici
__ ___
N 0 Mob & Chic 1st ref 55_1960 J-J
3112 35 3114 Jan 'l5._ 3912 58 Pennsylvania Co
NO & NE prior lien g 6s_p1915 A-0 --------101 J'ne'14 ---- 101 1014
Guar 1st g 4 3g8
10114
1921 .I-J 9084102's 1004
3 9934 1028.
New Orleani- Perm 1st 4s..._1953 J-J ---- ----7913 Mar13 --------- ___
1921 y...i 993 ____ 99 Dee'14 --- 99 10114
8
Registered
N Y Central & H It g 3 3513-1997 .1-J 8034 Sale 8034
8134 10 7814 84
Guar 33gs coil trust reg_1937 M-S 85 ____ 844 Apr'14 ___ 8412 86
1997 .1-J
8012 781g Jan '15 --- 78 84
Registered
Guar 334s coil trustser B_1941 F-A 84 -- 874 J'ly '14 ---- 85 874
Debenture gold 48
Trust Co ctfs gu g 330_191881-N 97 -___ 9814 J'ly '14 --- 974 98gs
863
4 15 88 924
1934 M-N -_-_-_ 88 864
Registered
Guar 3349 trust ctfs C
8J'ne•14 -- 8978 8978
1934 M-N _- 87 897
1942 J0 83 -___ 85 May'14...... 83 gips
Lake Shore coll g 3%9
21 73 84
73
Guar 3348 trust ctfa D
1998 F-A 73 Sale 73
1944 J-D 83 85 84 J'ly '14....
84 85
Registered
76 7812 J'ne'14 ____ 7612 8318
Guar 15-25-7ear g 48
1998 F-A
1031 A-0 9212 ___ 9212Jan 15 -.. 02 954
J P M & Co ctfs of dep.___ _ _ ___ -_- 79 Dec '14 __-- 79 79
Cin Leb& Nor gu 49 g
1942 M-N ---- __I 9312 Apr '14 ---- 93 9334
Mich cent coil gold 33gs-111911 F-A 8812 --- 70 Jan '15 --__ 7314 78
Cl & Mar 1st gu g 4 30_1935 M-N --- ----1 98 May'14 ---- 98 98
-Registered
Cl& P gen gu g 434s ser A 1942 J-J 981;.....,1013 N ov'13 --- ____ ___
1998 F-A ____ 741 75 J'ne'14 -.. 72 75
8
Beech Creek 1st gu g 49_1936 .1-J 90 .....- 9514 Apr '14 ---- 9514 9514
Series 13
.... ..... ....
1942 A-0 9814 ---- l093g J'ly
Registered
Int reduced to 3 Ms
1038 J -J --------99 May'll ___ ____ ____
1942 A-0 844 ____ 9114 Feb '12 ____ ___ ____
2d guar gold 5s
1938 J -J
Series C 33s
1048 M-N 8234 ...... 9018 Det '12 ___ _. ____
Registered
1936 J-J.,SeriesD 3hs
1950 F-A 821g.... 841s Dee '13 ---- - ,Beech Cr Ext 1st g 33g13-61951 A-0 ...... ---. __ ____ ____ ____
Erie& Pitts Rug 3348 B.1940 J -J 84 ____ 8614 May'14 ---- 861 8614
4 ,.Cart & Ad 1st Rug 4s
1981 .3-0 --------88 OctOct'12 --__ ___ .._
_Series C
1040 -1-J 84 ,...,- 9018.1'1y '14 ___ ____ ____
Gouv & Oswe lstgu g 58_ 1942 J-D 104 .._ ..
__ ____ . _
..
Gr KR I ex 1st gu g 40_1941 J -J 95
951
---- ---- ---Mob & Mal 1st go g 49-1991 M-S P.- 9212 9512J'n - --__ i
..e'14
"Eli Pitta Y 5; Ash 1st cons 58_1927 M-N 10114 100 _ 109 8 Dec 13-- .....- --___
May 10
N J June 11 guar 1st 4s
1986 F -A ---- ---_ 86 Jan '15___ 92 92
T01 W V& 0 gu 43is A-1931 J -J 97s...- 99 J'ly '14 --__ 9812 99
N Y & Harlem g 33gs
2000 511-N ---_ ---- 874 Den '12 ____ ____ ____
Series B 43
-is
11
1938 J -J gips ____ 9612J 118 14...... 9812 98
Registered
2000 M-NSeries
048
---- 9312 J'iy '14 _- 9318 9312
1942 M-S
N Y & Northern 1st g 5s_.1927 A-0 10218 ____ 10178Jan '15 _-_- 102 102
P00& St L gu 43g8 A_._1940 A-0 .-- ____ 99 Jan '15 ...... 99 103
9918
1 A. I u 1st cons gu g .43_1993 A-0 ____ 89 92 Oct 143 ____ ____ ___
Series B guar
9912
1 99 10211
1942 A-0 9958 ___ 9912
Nor & Mont 1st gu g 0_1918 A-0 ___. ---.._- ---- __
Series0 guar
194288-N 99 ____ 101 J'ly 14.... 101 101
Pine Creek reg guar 6s
1932 .1-D --------116" Feb '14 ____ he fitf"
Series 1) 4s gum1945 M-N 93 -_ 94 J'ne'14.... 93 94
It W & 0 con 1st ext 58_61922 A-0 1011 10358 10134
10134
2 10212 105
Series E 31s guar g
1949 F-A ---- 9112 92 .1 'ne'14 ___. 9014 92
Oswe & lt 2d gu g 59
e1915 F-A --- ---- 1,00.8 Jan '16 _-__
Series F gu 4s g
1953 J -D 93 -- . 9514 Jan '14 ..... ...- --R W & 0T It 1st gu g 59_1918 M-N 99 -__ 104 J'ne'10 - 9912 10014
.
Series048 guar
1957 M-N 93 ---- 9712Jan 13 .... _-- -,..
Rutland 1st con g 43gs_ _1941 .1-J ---_ --- 90ig Apr'13 ____ -----__ _ _
C St L & P 1st con g 58_1932 A-0 102 ____ 10612 May'14 --- 1064 10611
Og & L Cham 1st gu 48 13 1948 J.,) -___ 76 80 Sep '13 ____ ___ _-_:.
1921 Q-F ---- -__- 1014 May'14 „.... 10114 10114
Itut-Canad 1st gu g 45-1949 J-J --------92 J ne'09 -____ . _ Peo & Pek Un 1st g Cs
2d
61921 I14-N --------89 Feb '14 -___ 89 89
St Lawr& Adir 1st g 58-1996 J -J --------108 Sep '12 - _ ___ _:__ Peregold 43gs
Marquette
-Ref 4s
1955 J-J ---- 20 25 May'14 ___ 25 25
2d gold as
1096 A-0 --------11912 klch'12 ...Refunding guar 45
1955 J-J ____ 19 40 Dec •13 ____ --,- ....
Utica & 1311; lily gu g 49-1922 .1-J 9312 --- 95 Dec'13
___
Ch & W 5858
1921 J-D 55 .._ 73 May'14 ..... 73 73
Lake Shore gold 3 Hs
1997 J-D 83 86 8314 Dec '14 ____ 82 88
Flint & PM g 68
1920 A-0 87 -___ 85 Dec'14 ____ 85 104
Registered
1997 J -D--------851* May'14 ____ 8312 8512
1st consol acid 58
1939 M-N 67 ---- 65 J'ly '14 ___ 65 90
Debenture gold 48
1928 51-S 9234 Sale 9212
9234 17 8914 9478
Pt Huron Div 1st g 5s 1939 A-0 ---- 654 75 Apr '14 ..
75 9011
25-yr gold 49
9158 48 884 934
1931 M-N 9134 9234 9138
Sag Tus & I-I 1st gu g
-- Registered
4
1931 M-N Ill's.--- 917 J'ne'14 --__ 9078 9178 Philippine Ry 1st 30-yr49_1931 F-A s f 48'37 J - J ---- -60 - -65 - bliiii -_-_-_-_ -iiirs lig
Ka AR 13 It lstgu c59_1938 J-J ---- ---- .
10--r
---- --- ---- --- Phts MI& L E 1st g in
1940 A-0 -_-- -__ _ 10812May'14 _._ 10841081i
Mahon C'l RR let 5s
1934 J -J ..- ---- 714 Ape '14 --__ 10714 10714
1st consol gold 5s
1943 .1 -J
. 11314 Noy'll
Pitts & L Erie 2d g 5s_11928 A-0 103 ---- 103 Jan '15 ____ 105 105
1)eading Co gen g 4s
1997 J-J ___-9418 93
94
9418 138 -ii- -ail
Pitts McK & Y 1st gu 69_1932 J -J ---- ---- 13018Jan '09 __-- ---- --- AA Registered
'
1997 J-J
____ 9212
9212
1 94 8 9411
3
..... 12314 Mch'12 ____
2d guaranteed Gs
1934 J -J
_ _.
Jersey Cent coil g 0
1951 A-0 ___- ____ 91
9112
9112
4 91 96
NIcKees& 13 V 1st g 69_1918 J -J ---- -.-- -....
--- ---- ---- -___
Atlan City gu 49 g
1951 J -J ---- - -.
Michigan Centre. 5s ......-1931 M-8 101 ...... 10514J 'ne'14 ..--- 10514 10514 Q tJo & Or
•
1811st g 4s
1947 J-.1
M
Registered
1931 Q-04 --- ..... 1034 May'14 --__ 10312 1034 .--1t Louis& San Fran gen 691931 J -J -__ ;. igi; miiii -_-_-_ "iiik 71
1071;Sale 10612 1074 - 2 108 112
ls
1940 J-J 85 ---- 98 Apr '12 __
General gold 5s
1931 J -J 9912 101
99-14
Registered
1940 J-J --------87 Feb '14 -- 87 87
St L & S F RR cons g 0-1996 .1 -J--------75 Jan '15 _. 100 103
J L & 8 1st gold 30_1951 M-S ------ 9 J'ne'08 --__
J'ly '14 ____ 734 8
0
0
Gen 15-20-yr 5s
192704-14 35 ____ 40
1st gold 3 1-gs
41
17 27 5
1s 4
8
1952 M-N 797 831/1 797 Deo '14 ____ 7978 8318
Tr Jo certfs of deposit_
20
-year debenture 4s
'15 __ 3114 55;
363 J
1929 A-0 80 82 784 Dec '14 ____ 7812 87
do
Stamped___- __ 37 -. 3634
N Y ('hic& St L 1st g 48_1937 A-0 93 Sale 93' 93
19 284 4
37
5
4 9234 97
Southw Div 1st g 59
1947 A-0 ........93 Dec '13 __.. ---- ---Registered
1937 A-0 .. ---- 923
.4.1'1y '14
9234 9412
Refunding g 48
1951 J -J 68 ---- 66 Jan '15 ____ 59 7814
Debenture 45
1931 M-N 79 82 82 Dec '14 ___ 82 87
Registered
1951 J-J .... ____ 80 4 Nich'll --------West Shore 1st 49 guar_2361 J-J 9012 92 90
3
90
30 89 95
Trust Co ctfs of deposit__ .._ 68 --__ 64 Jan '15 -- 574 63
Registered
8714 89 8938Jan '15..... 88 9218
2361 J-J
do
.4' y Cent Lines eq tr 4 34s 1922 J-J --------1001 .1'1y '11 -___ ____ ____
Stamped-- - - 65 -___ 64
10 56 6111
64
K C Ft RI& M COL); 98
11)Z8 - IN
hi
N Y New Haven & liartf3 1074 112;
10912
KU Ft8 & IQ Ry ref g 49_1036 A-0 10913 Sale 109
Non-cony deben 4s
1955 J -J 72 73 72
72 ___ 714
7238 39 6778 7711
72
5 75 8012
140 & NI R & 13 1st gu 59_1929 A-0 ____ 95- 96 Mch•14
Non-cony 48
1958 M-N 72 73 72
--- 95 9
72
_
5
3 76 81
St L 8 W 1st g 45 bd ctfs
1989 14-N 76 --- 77 Jan '15 __ _ 7 "
Cony debenttue3 348
1956 J-J 6314-- 64 Jan '15 _-, 61 75
4
2d g 45 Inc bond gigs
1989 J - J •
()any debenture69
1948 J-J 10578 Sale 10434
70 60 Dee'14 -- 60 75
10578 43 96 11712
00;1801 gold 45
Harlem ft-Pt Chris 1st 49_1954 M-N ___ ____ 994 Nov'12 ...--------P1932 J-D -------- 61 68 J'ly 'l4__..
-77
4
Gray's Pt Ter let en g 59-1947 J -0 -------. 9812 Jan '14 ____ 68 981:
9812
MISCELLANEOUS BONDS
-Continued on Ne., ogge.
Gas and Electric Light
Gas ..nd Elect. ic Light
111:18• -0.1siL& Pg
A-0
10234
103
4 10114 105
Purchase money Gs
114 117ss
1997 A-0 11012..- 10912 Dec'14 .--- 109:2 11412 Peo Gas& 0 let con 4 0_1943 A-0 11112 116 110 Jan '15
Refunding gold 59
Convertible deb in
9834 1011s
1947 M-S 101 Sale 10078
11125 M-8 114 -___ 11334 Sly '14 ____ 113 11334
101
Registered
Ed k111113kn 1st con g 49-1939 J-J
1947 M-S
99 Sep '13
8714 J'ly '14 ---- 88 89
Ch a-L a, Cke 1st gu g 59_1037 J -J 1011k 10314 10114 10114
Lac Gas L of St L 1st g 5s_e1919
1.557
81OW
101 -___ 1004 1003
4
7 9914 10218
Con CI Co ofCh DHOW g 581938 .1-D 9912 102 10112 May'14
Rel and ext 1st g 58
9914 10112
1934 -0 98 sale 9712
9812 13 9858 10114
Ind Nat Gas & 011 30-yi 58 '311 M-N ------ 93 Mch'12
Milwaukee Gas L 1st 0-1927 M-N 904 9012 90 8
5
9058
1 8813 allz
mu Fuel Gas 1st gu g 58_1947 M-N 9912
t19 1001,5
Newark Con Gas g 55
19 sin :15
0 .lt v 13
6 e
0
1948 .1-D 10058 ---- 10184 Jan '14.... 10134 10134
Philadelphia Co cony 59_1919 F-A 95 97
N YU ELII&Pg59
1948 T-0 103 Sale 103
10312
9 100410518
Cony deben i: 5s
"WI lor
9634 J'ne'14
1922 M-N
Purchase money g 4s
1949 F-A 854 Sale 8418
8512 36 8212 874, Stan Gas
88 931
9
Ed 1:1 III 1st cons g 5s
1995 J -J
109 J'ly '14 --_ 108 109 Syracuse & El cony 8168_1926 .1 -0 85 93 8812 Jan '15
100 1001y
NY&QEIL & P 1st con g 59 1030 F-A
101 Feb '14 .... 101 101EAyracuse Lighting 1st g 58-1951 J-D 9714 ---- 1440 Mcn'14
L & P 55
854 J'ne'12
1954 J-J
Gas let g 5s-1921 Al-N
N Y & Rich
9212 J'ly '09 ---- ....- -- Trenton G & E
1014J'ne'14
10112 1011i
let g 5
1949 M-8 9853
Pacific G & ElCo Cal G & E
Union Elec L & P 1st g 098 10012
1937
•ying& ref 5s
1932 M-S 98 100
Corp unll
93 Sale 9258
9314 10 90 9514
Rel & ext 5s
9 12 Fry 44
14
9412 9412
8
4
1933 M-N
Pac P3W& Lt1st& ref 20-yr
Utica El L & P 1st g 59.-1950 J-J
96 Jan '15
101 101
1930 F-A
9018 8834 J'ly '14
5s Internet Series
8834 9018 Utica Gas & E ref 58
10914 Dee '11
1957 J -J
5s.-1949 91991.__ 100 Jan '14
Pat& Passaic G & E
100 100
Westchester Ltg g 59
10212
1950 J-D Mira 10214 10212
io;;.fg"
'No price Friday: latest bid and baked. a Due Jan, 0 Due Feb. e Owe May. 9 Due June. o Due July.
Due Nov. a 09 9 age.
110
0 Due Oct-
[VOL. 100
New York Bond Record-Concluded-Page 4
298
's
Week
I
n
t
Rage
Price
Range
1..1
Week's
BONDS
Price
tl
gi
Range or
Year
Friday
2
g3
Range or
N. Y. STOCK EXCHANGE 11
Year
Friday
N. Y. STOCK EXCHANGE j Jan. 22
1914.
Last Said
..a. Jan. 22
85.e.
,
-. s
1914.
Week Ending Jan. 22
Last Said
..,9„
22
Week Ending Jan.
litoh No. Low High
Bid
Ask Low
Nigh No. Low High Wabash (Concluded)Ask Low
Bia
565e 665
5658Jan '14 .
8
7814
1 77 84
8quit Truet Co Ars
4
J-J 7734 793 7814
8 A& A Paso 1st gu g4s-__1943
2438 997 27 5714
22 Sale 19
_
_
_
'09 ...104
Do Stamped
S F& N P lst sink .g 5s-1919 J-J ___- ___ 75 Oct '14 ____ ii, 27y52
Dec
Det & Oh Ex t 1st g 59-1941 '-J --------109 Nov'13 _
Air Line g 4s----1950 A-0 7814 82
Seaboard
.
8012 10 8312 86
Des Moth Div 1st g 48_ 1939 J- J -------80 Aug 12
1950 A-0 8012 Sale 79
Gold 45 stamped
14 so Jan '15 i65 Sor, "ii1941 A-0 ---Om Div 1st g 3 As
• 1950 A-0 ....... _
Registered
7318 may'14 _--, 70 80
1941 M-S 85
70
35 62 80
Tol & Ch Div 1st g 4s
4
e1949 F-A 693 Sale 69
Adiustment 55
3 712 12
8 _-- 831
4
83
1959 A-0 ---- 7138 7312 Dec'14 _-.- 7311 7814 Wab Pitts Term 1st g 4s 1954 J-D
Refunding 45
4
9 203 63 14%
7
8 8 Sale 8
Cent and Old Col Tr Co certs. -___
Atl-BIrm 30-yr 1st g 4s__e1933 M-S 82 8412 82 Jan '15 .--- 84 8514
614 1314
7 Ply '14 ____
Columbia Tr Co ctfs
1949 J-J 8433____ 851 Mell'14 ---. 85 8518
Dar Cent 1st con g 49
713 Dec'14 --- 614 14%
--------8
_,
Fla Cent & Pen 1st g 5s 1918 .1 -J 10014 ---- 10314 Jan '13 ---- ____ „.... Col tr ate for Cent Tr ctfs 1954 J-D
%
%
8
7 J'ly '14 ....
12 258
2d gold 48
1930 J-J --------104 Nov 12 ---.
1st land gr eat g 58
12
2
14 114
12
8
3 232)
Dec'14 ---- 100 1017
Trust Co serifs
8
1943 J-J
Consolgold 58
Jan .15 ___, 100% 1012 Wash Tenn/ 1st gu 35551-1945 F-A ____ __-- 8312 J'ne'14 ....._ 8114 84
8
165 1014
Ga & Ala 8,y lstcon 58_01945 J J 101 2 ____ 10012
.
1945 F-A --------100 Sep 12 ___ _ ___ ---.
I 10318 10354
10012
1st 40
-year guar 4s
Ga Car& No 1st gu g 5s 1929 J-J 10112
60 5314 80
67
6314
86
:
1926 J -J 1011 ----10033 Dec 14.--- 10058 10058 West Maryland 1st g 49_1952 A-0 101 Sale 10278
Seab & Roa 1st 5s
10278 10 101 10515
_
1937 J-J
West N Y 6.: Pa tat g 5s
Southern Pacific Co1943 A-0 78 80 7734 Dec '14 - 75 82
8534
8614 33 8213 94
Gen gold 4s
Gold 4s (Cent Inc coll)-k1949 J -D 8814 Sale 90 Feb '14 --- 90 90
d1943 Nov - - 35 34 Feb '07 ____ __ ___
__-Income 52;
81949 J -D
Registered
102 J'ly '14 __ 100 102
8334 825 7978 92
8
:
Wheeling_& L E 1st g 59_1926 A-0 9512_
831
91929 M-8 -.„.- Sale 815
cony 4s
20-year
95% Nov13 -----------9934 532 04 103
4
8
Wheel Div 1st gold 5s___1928 J - J 90
1934 JD 993 Sate 973
%
20-year cony 5s
91 ---- 91 Feb '14 ____ 91 91
90 128 8814 9412 Eaten & Impt gold 58.-1930 F-A
4
Cent Pac 1st ref gu g 49-1940 F-A 90 Sale 883
6 68 go
6512
1949 M-S 6534 __ 6513
RR let consol 45
1949 F-A -..-- --- 9412 J'ly '12 -.„
Registered
14 .......
8858 18 8712 9134
20
-year equips (5,.,1922 J-J -_-- ____ so Apr 14W. 90 90
Mort guar gold 3 titi_k1929 ."-D 89 90 88
88 88
J -J -------. 88 Feb
8712
84 ____ 88
Through St L 1st gu 49_1954 A-0 10213_ _ 102% Dee'14 --.-8534 1033 Winston-Salezn El B 18t4s_1960 J -j 87 Sale 85
87
12 8314 8914
4 Wis Cent 50-yr 1st gen 4s_1349
Dec'14 __ 02%
1st 59_1931 MN
0 H & S A M :. P
'36 MN 84 _--- 8843'ne'14 ____ 86 89%
4
Sup&Dul div & term 1st 411
Gila V G & N 1st gu g 58_1924 MN 9912 10i 1023 Apr '14 ---. 101 10234
Roils E & W T 1st g 59_1933 M-N 9818 100 10238 J'ly '14 ---- 10238 10238
1933 M-N 98 -_ 10412.1'1y '14 ---- 101 10412 Manufacturing at Industrial
1st guar 58 red
El & T C 1st- 58 lot eiti-1937 3-j 105 10973109 J 'ne'14 -__ 109 109
10012 20 9734 102
1928 A-0 10012 Sale 100
1921 A-0 94 95 93 Jan '15 ---- 9334 9512 Am Ag Chem 1st c 58
Gen gold 48 int guar
4 96 9933
9978
8
Am Cot 011 ext 4 As ____51915 Q-F 997 Sale 998
„
Waco& N W div 1st a Os 1930 M-N -_ - 115 108 Mch'14 ---108 108
3 89 95%
93
1931 MN 92 9212 9212
Debenture 58
1941 J -J 100 102 103 Mch'I4 --- 10112 103
A&NW1stgug5s
1
5 100 19 i
10314
4
78_1918 A-0 ----..--- 10712 J'Ily '14 ---- 10612 1073 Am Hide& L 1st s(g fis-1919 M-8 10314 Sale 10314
Morgan's La & T 1st
12 7814"
8.5
A-0 84 85 85
1925
1920 J -J 102 -__ 10614 ny '14 ___ 10614 10718 Amer Ice Secur deb g 6
1st gold 6s
26 101 105
8 104
_ Am Smelt Securities if 69_1926 FA 104 Sale 035
1938 A-0 --------112 Feb '07 ---- _
No of Ca I guar g 58
1915 MS ---- 94 9434 J'ly 14 ___ 94 99
5 Oa- 1111-12 Am Spirits Mfg g Gs
10078
Ore & Cal 1st guar'58_1927 J -J 101 ---- 00%
.---- ----94 J 'ne'14 __-- 93 941
1919 J-J
So Pac of Cal-Gu a 59_1937 M-N 101 --- 10112 NOV 13..... __. ____ Am Thread 1st col te 45
1944 A-0 120 ---- 1207 Jan '15...., 117%123
g_1937 J -J 88 ..-- 91% Seri '12 ---, ____-__ Am Tobacco 40-yr g 6s
Sc. Pac Coast 1st gu 45
--- ____ 2134 marl-) ........ 12134 1204
1944 A-0
83 8214
8214
2 78 88
Registered
San Fran Terml 1st 49_1950 A-0 82 1951 F-A 96 ____ 9734 Jan '15 ____ 97 9833
Gold 45
Tex & N 0 con gold 5s 1943 J-J ---- 97 96 Apr '14 ---- 96 96
1951 P-A --------98 J'us 14..... 98 98
Registered
4
89
181 837 93 8
5
8
So Pac RR 1st ref 48 __1955 J-J 883 Sale 8714
7 8414 78
62
4 10058 198 9778 106
Am Writg Paper 1st s f 59_1919 .1-J 62 Sale 61
Southern-1st cons g 58_1994 J -J 10058 Sale 984
__ Baldw Loco Works 1st 59_1940 M-N 1003i__.. 104 J'ly '14 -___ 102 10418
1994 J -J --------100 Aug 13 ---. ____
Registered
46 931310034
4
1926 J-J 993 Sale 9934 100
159 62 7614 Beth Steel 1st ext s f 5s
6714
5
Develop & gen 48 Ser A 1958 A-0 86 4 Sale 647
8778 147 8133 8833
1942 M-N 8738 Sale 8733
1st & ref 58 guar A
Mob & Ohio coll tr g 48_1038 M-S 74 78 78 J'ly '14 ---- 77 8312
:
991 299 98 100
A-0
Mem Div 1st g 4 S6-58-1996 J-J --------100 Dee .14 __ _ 100 10412 Cent Leather 20-year g 59_1925 F-A _99 Sale 9834 J'ly '14 .-- 97% 9833
___ - - 9812
1951
.- 8358 8612 Conseil Tobacco g 49
1951 J -J S412 86 861: J'ly '14
St Louis div 1st g 48
1931 M-N 96 ___ 9434 Jan '15____ 9312 981k
4
,
4J
1918 J -J 102-- 1043 'ne'14 --__ 10412 1043 Corn Prod Ref s(g fis
Ala Cen R 1st g Os
4
9318 11 9113 961
1934 M-N 93 94 93
1st 25-years f 58
9712 9934 May'14-- 9934 190
Ala (It Sou 1st Cons A 58-1943 J -D
95 9134 Dec'14 __90 93
A-0
1948 J - J 86 9712 8518 Jan '15 ---- 8618 8812 Cuban-Amer Sugarcou tr 681918.3-0 9312 Salt 5112
Atl & Danv tifit 0 4s
68
.
65 521
56
8
557
-__ Distil Sec Cot cony 1st g 56_1927
- 8214 Feb 12 ---3-J ---1948
2d 4s
4 8238 891a
8412
3
7534 7514 R I du Pont Powder 430_1936 JD 8412 8514 8413.7'1y '14 ____ 8712
AM & Tad is/cc guar 49_1949 A-0 --------75 Dec'14 ---- _---90%
was
General Baking Ist 25-yr 68_1936 J-D --------8713
1916 J-J --------- 10033 J'ly '14 ____ 10438 19158 Gen
Col az Greens 1st Os
,
5
106
Electric deb g 33-25._1942 F-A 73 8238 79 J'ly '14 ___- 77 80 4
i -- - - 108 J'ne'14 ---E T Va & Ga Div z 5s
1930 J -J 1,U3
1 10112 10612
___ 103
103
1952 M-S 105
Debenture 5s
10812
1956 m-N 19314 105 103'3 Jan '15 ---- 103%
Con 1st gold 5s
10112 40 9812 10144
1915 A-0 10114 Sale 10114
lien 68
---- 1031:10312 Gen'l Motors
1938 M-E3 98 ---. 10312.1'1y '14 ------------Ill Steel deb 41st
E Ten reor Lien g 58
861: 16 82% 89
1940 A-0 86 Sale 85
SO
1946 A-0 --------6413 May'13
Ga Midland 15t 38
10012 95 97 1021s
1952 M-N 100% Sale 9978
__
1922 J -J 107 ...... 10612 Jan '15 ---- 108 109 Indiana Steel 1st 5s
Ga Pac Ity 1st a 65
110o, May'14 -... 109 1104 Ingersoll-Rand 1St 55-----q1935 J-J 100 _ 100 Oct '13 _ ---- ---1925 J -j 10618
Knox & Ohio is/c4 6s
10112 46 100 103
Nov 12 ___ ___ ____ Int Paper Co 1st con g 138_1918 F-A 10114 10112 10114
Mob & Bit prior lien g 59-1945 J -J --------10513 Mch'13 ------------ --Consul cony a f g 55
80
5 75 8484
1935 J-J 80 82 80
1945 3-J - - - - 79.
Mortgage gold 48
40
2 35 67%
1921)M-S 4014 4234 40
t St Pump
f
I915 J -3 1111 _-. 10078 J'ly '14 --. 100%10114 Lackaw Steel1st sg 59
Rich & Dan con g 68
4 87 97
9012
1923 A-0 9012 Sale 89
1st 84
Feb '14 ---- 10314 10314
1927 A-0 --------10314
Deb 5s star aped
70
1 89 78%
1930 M-S 66 703 70
1st con 55 Series A
12 ___ _ _ ____
- 73
Meek 1st g 4s_1948 MN -------- 100 Sep 'Di ____ Elf) 102
Rich &
41 9312 99
1915 M-S 9978 Sale 9934 100
5
-year convertible 58
Dec
1919 M-N ---101
So Car & Ga 1st g 55
5 120 1271/
112 Oct •06 ____ ____ ____ Liggett & Myers Tobac 78-1944 A-0 12312 124 12312 12418
1916M-S -------Virginia Mid set a 9s
34 9634 10258
1951 F-A 10014 1011 101% 102
58
1921 M-S --- --- 10334 Nov 12 -----------Series D 4-58
8 14 11914 1265
s
1235
1944 A-0 12214 12312 12313
Lorlliard Co (P178
1920 FA- S 10012 ____ 102 Dec'13-Series E 5s
4 9658 1021k
102
1951 F-A 101 10134 10134
------------5s
104 Mch 13
1931 M-S -.-Series F 58
92 98 90 J'ly '14 __ 90 97
Ltd
1936 M-N 101 __ 10413 May'14 ___ 10212 10412 Meidean Petrol6s coy Os A..'21 A-0 95 -_-- 971:Jan '15.
General 59
93 9714
1st lien & ref series0 1921 A-0
'15___
Va & So'w'n 1st gu 58 2003 J-J 91)34____ 10014 Jan '14 ___ 10312 105
9212
5 91 94
861z 9314 Nat Enam & Stpg 1st 5s 1929 J-D 9212 9314 9212
8612 Dec
-year 55-1958 A-0 8612 __-. 92 J'ne'13 ____ ____
1st cons 50
8
_ Nat Starch 20-yr deb 5s
1930 J-J 83 __- 8434.1'1y 'PI ___ 815 85
49_1924 F-A 91 --- * 0 & W Ist cy go
8 10 9612 10014
997
1952 M-N 99 9972 9938
0
-- 12
1914 J - J --------10014 May'14 .--- 1001810 - National Tube 1st 59
West N C 1st con g .,s
9612 9834 N Y Air Brake 1st cony 08-1928 MN ---- 93 94 Jan '15 _-__ 97 99%
ipokane Internat lat g 58_1955 J -J ---- 98 9611J 'ne'14 --- 100 101
Railway Steel Spring96 __-'Per A if St L let 4 4 tis_1939 A-O 10012 105 101 J'ly '14 --- 10014 107
Latrobe Plant 1st 8 f 59_1921 J-3 96 97 96 Jan '15 -- 9312 9814
1
102
102
'. 1St con gold 5s___1894-1944 F-A
I 894 9314
93
Inter-ocean P 1st s f 58_1931 A-0 93 Sale 93
1953 J -J 84 86 8814 May'14.... 8514 9012
s( a 4s
Gen refund
7
A-0 ---- 101 102 J'ne'14 --- 10134 102 Repub I & 8 Ist& col Sr 55_1934 A-0 ___ ____ 104 J'ly '14 .__ 102 8 104
St L M Bge Ter gn I 5s_1930
8 21 90 948
927
-30
10 -year 521 8 f
1940 A-0 9214 93 92
4 9412 104
9534
8
2000 J -D 955 9712 9512
Cex & Pac 1st g 'Id 58
3 84 8912
90
q2000 51ch ---- 40 51 Nov12 --__ __ ___ Standard Milling 1st581930M-N 8912 Sale 3912
2d gold Inc 58
95 The Texas Co cony deb 68_1931 J-J 9958 Sale 9912
9934 148 94 100
1931 J -J --------95 May 14_.. 95 La Div B L 1st 4 5s
_ Union Bar & Paper 1st 58_1930 J-J 74 ____ 90 Feb '13
W Min W& NW lst m 58_1930 F-A --------10612 Nov 04 --__
1930 J -J 74 ___. 9114 Jan '13 ..---- ---- -4
io5 16i14 stamped1905 j- j -------10413 J'ly '14
Col & 0 C 1st g 59
'fir
-- 101 Aug'13 ____ ____ _ _ U 8 Realty & I cony deb g 5s_'24 J -J ___- 75 7512 Jan '15 __-_-_
1935 A-0 100
Western Div 1st g 58
18 20
1935 j
-D 100 ____ 10112 Apr 14.__ 98 10112 U 8 Red & Refg 1st g 66_1931 J -J . _ ___ 20 Jan '15 ._
General_ gold 58
i
.
'ne'14 ......_ 8514 8714 U S Rubber 1 0-yr coil Er 68.1918 3-D 10218 Sale 10154 102% 3 19038 104
Kan & M 1st 5511 a 49-1990 A-0 --------8714J
9912 10314
3
1927 3-J 96 --- 9814 J'ly '14 ---- 95 4 9834 U 8 Steel Corp-Jcoup _81963 M-N 10218 Sale 10134 10218 275 9912 1034
2d 20
-yeas 58
3
66
1 75 80
S f 10-60-yr 58 I reg ___d1903 M-N 10134 102 10158 102
Col P & W 1st gold 48-.1917 J -j 68 Sale 60
11 90 98
93
59.1923 J -D 9312 9512 52
Va-Car Chem 1st 15-yr
4
rol 8:L & W or lien g 3t68-1925 J -J 7433____ 803 J'ly '14 --__ 8034 82
8 14 9913 10214
1018
14 40 60
48
West Electric 1st 5s Dec 1922 3-3 10114 10158 10034
1950 A-0 46 Sale 4212
-year gold Is
50
9312 29 89 9612
Westinghouse E & M s(5.9_1931 J-J 931: sale 93
1917 F-A ..-- 39 43 Joe '14 -_ 43 50
Coll Er 45 cc Ser .
9
4
2 963 995
9812
5
59_1917 3-0 98 4 9912 9812
10-year coll In notes
('in Ham & Buff 1st g 4s__h1948 J -D 80 ---- 8518 J'ne 14.__ 85 8558
4
Ulster & Del 1st con g 58_1928 J -D 100 101 01 Jan '15 ..... 100 1013
miscellaneous
4
1952 A -0 ---- 74 76 Apr '14 -___ 74 78
Is
1-* 1st refund
5 70 808
73
1948 M-S 73 Sale 71
Adams Ex coil Erg 43
Jnien Pacific4 57 8912 931j
923
4
923
79 94 9834 Armour & Co 1st real est4598 '39 J-D _- Sale 92
8
97
lst RE & land grant g 4s..1947 .1 .1 97 Sale 955
-612J'ne 14 .._. 3018 88
91
1952 A-0
Terminal 1st 45
3 951: 9814 Bush
95
1947 J -J 95 Salt 95
Registered
86 8812 87 Jan '15 ____ 87 93
1955 J-J
Cons& 55
101 8514 9338
91
4
1927 3-J 9018 Sale 893
..:0-year cony 48
1960 A-0 8412 85 83 Jan '15 ____ 85 884
Bldgs 56 guar tax ex
9038 18 88 95
8
92008 MS • 9018 905 8913
1st & tel 45.
150 166
1st cony 69_ 1921 J -J _ _ ____ 166 Apr •14
Chino Copper
Jre Ry' Nay ton g 49_1946 J -D 9012 ---- 9034Jan '15 ____ 8618 94
9854 14 95 10512
Salt 0834
5
4
2 107 110 4 Granby Cons M SR Pcom 6.8 A'28 NI-N 084 Sale 99
1075
Ore Short Line 1st a 69_1922 F-A 1071/ 108 0712
8
997 110 95 103
Inspir Cons Cop 1st convels 1922 M-8 9914 Sale 33
1946 J - j 105 103 10434Jan '15 ____ 10234 108
1st louse! 581
38 100 2934 61
9113 49 8558 9414 Int Mercan Marine 4s_1922 A-0 38 55
1929 J -D 9118 Sale 9038
Guar refund 45
'15
8
715 7711
1926 J -J 100 .. 108 MaY'll ---- ---- ---- Int Navigation lilts f 58-1929 F-A ____ Sale 57 Jan91
Utah & Nor told St
9018
40 90 94%
1943 .1-J 91
Power 1st 5s. A
_ _ _. ____ ____ ___ Montana
1933 J - J .-- --__ ..
1st extendet. 45
88% 8833
3-J _--- ---- 881:Jan '14 .
s
cons '45 Ser A_1955 F -A 87 ____ 93 Apr '13 --- ____ ___ Morrie & 001st 8 r4 ser 2 1333 3-0 --------83 Apr '14 _. 83 83
Jandalia
1966
9254 May'14 ____ 9214 9214 NI tge Bond(NY)4s
8 Consol its Series B _1957 m-N 87 ____
8._ 100 J'ly '14 .. 100 100
1932 J -J 937
10-20-yr 58 series 3
12
1/7 94
J -J
'era Cruz '• I 1st fru 4 s_1934 M-N ---- Sale 97 Oct9712-- -___-... N Y Dock 50-yr let g 49_1951 F-A --------70 4 Dec '14 ._ 77 7833
20 9514 100%
9712
1982
Series A
l'IrgInIao 1st Is
5 99 10115
101
1932 J- J 101 Sale 101
26 9612 105
Falls l'Ow 1st 5s
9978
Nitta
1939 ni-N 99% Sale 97
imams') 1st gobo es
N lag Lock &0 Pow 1st Gs_ _1054 51-N ____ 90 92 May 14._928 93
92
98 87 100
1939 F -A 92 Sale 86
f; 915 9514
95
IT 2d gold 5s
Ontario Power N F 1st 58...1943 F-A 95 ____ 9413
1939 J -J --------90 J'ne'12 ___ _ _ _
Debenture Series B
92
98 Ontario Transmission 59-1945 M-N ____ 90 90 Jan '15 ._ . 861 95
1921 M-fi --- 90 90 J'ly '14 ._. 90 91
let lien iquip s fd a 5s
8914 18
A-0 8914 Sale 877
8
Pub Serv Corp NJ gen 58-1959
1954 J -J 66 ____ 75 Apr 14 ...... 27 78
1061: 78 10018 11714
lst lien 50-yr g term 4s 1956 3-J 2614 'sale 2514
30 213 2734 6114 RaYConsCopper 1st cony 681921 2- J 106 Sale 104
.214 9214
Ist tel and ext 45
1st 531-1949 9' - A _--- 9312 9214 Feb '14
30 5014 May'14 .... 491p 551 Sierra & S F Power
Cent Trust Co ctfs
1035, 1031,
53 Apr 14 ____ 50 5612 Wash Water Pow 1st 5s_ I939 J -J 97 ____ 1134 Jan 14
Do 8ta0.0oll
-Concluded
MISCELLANEOUS BONDS
BONUS
l,_100
iick
...
Telegraph ae Telephone
4-ou,. Iron
92 92 Am Temp & Tel coil Er 4s-11129 J-J
92 J'ly '14
59...__1932 J-D
1936 M-8
Dun .S& sum Iron - 1
80 80
Convertible 4s
8f) 80 J ly '14
a1926 M-S
Debenture .5s
`.1-8
86 99
20-yr convertible 4%s
513-1943 F-A 87 99 87 • Dec'14
Jol & I C)o gen s f
105 105
105 J ly '14
Cent Dist Tel 1st 30-yr 59_1943 J -D
1919
Col File' gen Os
73
6 71 82 Commercial Cable 1st g 45_2397 Q-J
7712 72%
1934 F -A
gu
2397 Q.
Col Indus 1st & col I 5s
73 79
73 Mch'14
Registered
58-1935 J -D
3
j
89 9012 Ournb'd T& T 1st& gen 58_1937
Cons Ind Coal Me 1st )1 5s '.950 J -D 8734 9218 8915 J'ly '14
Cons Coal of Md Istair 55_1952 F-A 89 97 9918 Feb '14
991s 991s Keystone Telephone 1st 59_1945 J -J
Continental Coal let g
MetropolTel&Tel 1st s f59.1918 M-N
9812 10258 Apr '06
g 88-61919 A-0 1st
1924 F-A
93 9333 Mich State Telep 1st 5s
93 Mch 14
Or Riv Coal&
g 59_1951 J J
84 8814 N Y & N 3 Telephone 58 g_1920 M-N
Kan & II C & C lets I f 59-1957
-g14 88 Jan .15
J
77 82
78 J'iy 14
NY Telep 1st& gen f4 101939 M-N
Pecah Con Collier 1st s
59-1955 J -J
1937 J -J
100
974 10312 Pac Tel & Tel 1st 5s
St L Rock Mt& I' 1st
1951 J -J 166- KJ; 100
10112 10 9954 103 South Bell Tel& T lets f 5s 1941 J -J
Tenn Con, gen 55-c 6s-1917 J -J 10118 10152 10114
-J
101 102
Birm Div 1fit consol ____a1917 A-0 101 10114 101 Jan '15
West Union col Er CU, 54_1938 j
Tenn Div 1st g Gs_
101 10114
Fd and real est g 4;29___..1950 M-N
101 Deo '14
Gs-1922 J -D
73 73
Mut Un Tel gu ext 58-.1941 M-N
73 Apr 14
Cab C M C. 1st gv
1953
Victor Fuel is/cs 55
86
90 9512
Northwest Tel gu 4 54a g_1934 J -J
85 90 86
Va Iron Coal&Ceke 1st g 845949 IADigitized -NoFRASER steel bld and asked. 0 Due Jan. a Due April. e Due May. o Due June. Due July. 8 Due Aug. oDue Oct
for price Friday
'far,
8
7
8e
,
88% 64 85 89t
95
95
14 9134 97
9712
9978 1329 114 1007.
9838
99
4 9734 991
'
8158 as
Mike J'ne 14
84 71; Apr 14
77% 79i.
1W1- Sale 97
8
";
9718 20 1141s 981
_ 89% Dec '14
8918 89;
100 10112 100-1 Jan15
8
1003 100•4
98 10014 97%
1 8638 100
9714
100 105 101 Dec '14
101 101.
9514 66 9412 Wt.
9614 Sale 05'34
9754 Sale 9758
9778 25 04 9954
5
29 95 4 100
98 Sale 9718
98
v3 9812
-__ 97 97 Jan '15
8 10 '4682 93
913
91% Sale 9014
'II
_ 104 I
93 Ian '13
- 17Due Nov. / Due Dec *Option sale
8812 8834
90 9512
9934 Sale
99 Sale
•
bOSTON STOCK EXCHANGE-Stock Record seelt7Page
SHARE PRICES
-NOT PER CENTUM PRICES.
Saturday
Jan. 18
Monday
Jan. 18
Tuesday
Jan. 19
Wednesday
Jan. 20
Thursday
Jan. 21
Friday
Jan. 22
Sal 3
oft c
Week
Shar,
73.
STOCKS
BOSTON STOCK
EXCHANGE
Range for Year 1914.
-share lots.
On basis of 100
Lowest.
Highest.
8814 N ov 11
973
8Jan 15
175 Nov12
77 May 8
150 Dec 16
30 J'ly 20
12
225 May I
7 Mch 2
50 July10
100 July 8
10138 Feb 10
195 Jan 5
10114 Juiy15
179 Feb 9
55 Jan 12
255 Jan 27
712Feb 13
60 Jan 19
Last Sale 62 isro- v'ia
41
L441 Sale 160 Mar'14
•io5i2
10412 10412 105 105
•
165
1441 Sale 165 Jan'15
164
70
_
66
70
70
66
61
60
60
61
80
60
O11712 - -- - *11712
Last Sale 118 Jan'15
*118
*118 121
*8513 8712 *8512 8712 *8612 88
87 87
*87
88
*98
98
98
7
*97
*97
98 •
98
98
97
98
4712 8
712 *812
712 712 a_ _ _ _
712 712
•__ _ _ 54
4612 49
47
5012 52
50
51 • __ 50
48
53
63
5412 5612 5514 553
53
54
553
553
4 54
4
4 55
Last Sale 10313 July14
'Ho" ::::
150 150
*1511
*150
25
*20
25
20
•20
*20
25
*20
25
20
•119 11912 •119 8 1197 12012 12012 *121 1213 121 12214 1233, 1238*
5
8
8
Last Sale 8314 June'14
*al
122 122 '115 122 *115 122
7113 7122
71
6912 70
8912 70
71
70 70
71
70
90
90
904 *90
90
904 9014 *__ -- 90
Railroads
38 Atch Topeka & Santa Fe_ _ 100
50 Do pref
100
175 Boston & Albany
100
422 Boston Elevated
100
__ Boston & Lowell
100
1,158 Boston & Maine
100
__ Boston de Providence
100
__ Boston Suburban Eiec Cos_
30 Do pref
__ Boston & Wore Electric Cos
50 Do prof
Chic Junc Ry de U S Y___100
20 Do prof
__ Connecticut River
100
75 Fitchburg prof
100
__ Georgia Ry de Elec stmpd-100
26 Do prof
100
25 Maine Central
100
85 Mass Electric Cos
100
91
Do pref stamped
100
63 NY N II de Hartford
100
_ Northern New Hampshlre_100
1 Old Colony
100
2 Rutland, pref '
100
36 Union Pacific
100
Do pref
__
100
6 Vermont& Massachusetta_100
'28 West End Street
50
97 Do pref
50
35 July17
160 Mc1223
103 Dec 29
162 Nov18
75 July 3
1i512 Dec 16
83 Jan 3
90781an 5
9 Apr 22
54 Dec 16
497 July16
8
100 May 6
140 JulyI7
19 May 8
1103 NovIl
4
82 Apr 17
115 Jan 9
65 Nov10
82 Dec 23
40 Jan 26
163 Jan 15
107 Junel1
200 Jan 24
93 Jan 28
124 May 1
8878 Apr 6
99 Meh28
14 Jan 23
6612Jan 24
77 8 Jan 2
7
112 Feb 6
165 Jan 30
30 Jan 8
1833 Jan 31
4
85 Jan 6
130 Feb 5
75 Jan 23
95 Mch12
49
4912 50
52
53
52
5211
5012 52
5314 52 52
924 923
9012 907
3
92
8 90 4 90 4 91
93
93
3
4 9113 93
212 213 *24 3
2% 213
•214
*213 258
*1812 19
*1812 19
1811 1812 •I8
1834 19
19
8
1043 105
10434 105
1043 105
10434 105
4
105 106
53 10624 10714
113 113
113 113
113 11312 113 113
11212 11312 11314 1133
4
11914 11914 1214 1203 12112 1207 12114
118% 11812 118% 119
119
4
8
• 16 •____ 18
*16
*16
Last Sale 15 Mar'14
18
18
i' 8j4 7914 79
.
7918, 79
793
8 79
793
4 794 793
7912
4 79
_ 59% 591.8 .5913 593
4
T1112 99
..
.
98
98
98
5114 53
4 *63
578 5 8
7
4
12
124 1214 1213 1212
12
1213 1214 1214 12 "fil
e
10
10
• 7 10
98
*93 10
4
10
93 10
4
*94 1012 10
255 257 x255 258
256 257
256 256
2587 58
258 280
3
14314 14312 14314 1433 14314 1445 144 1443 14413 1443 1443 145
8
4
4
4
4
10018 10014 •100 101
101 101
101 101
101 101
101 101
843 843
4
8
8
8413 843
4 8413 843
4 845 843
4 845 85
53 844
4 84
90
*90 _ _ _
90
9012 91
91
91
_
•91
_ -- *91
1904 1901 19113 192
191 191 • _ _ 191
190 190
•
_
3
Last Sale 3 - July'14
15
*12
15
Last Sal 12
15
15
•12
Jan'15
•12
•.._ _ 421 *_ _ 421
Last Sale 55 July'14
421 •____ 421
•____ 20 •____ 20 *__ 20 *.._ 20
Last Sale 20 July'14
•
_ 40 *___ _ 40 *____ 40 *_ _ 40
Last Sale 38 Dee'14
15i 13558 13513 137
136 136
1384 1363 1364 1371 13713 1374
1523 1523 15234 1531 152 15312 153 1531 154 15414 155 155
4
*1612 171
174 171
1718 1718 1712 171 "1814 17
17
17
106 1061 107 1081 107 108
10714 1073 10712 1073 10712 108
30
30
x29
29
29
29
29
*2813 29
29
29
29
_ _ 271
•
2714 271
27% 2712 274 271
27
2713 2712
271
*.75 .9
.95 .9
.95 .95 *1
*1
II
II
121 122
1213 1223 12213 123
4
12212 123
12012 1221 120 1211s
5512 58
56
5512 681, 55 8 56
563
8 553 564 56
4
581
5
28 8 29
7
*283 29
4
283 29 . 4 29
4
283
283 283
4
4
4 283 253
5118 511
5IN 513
5112 52 8 513 5218 5212 5314 5212 53
4
5
•108 1081 109 109
10813 10812 10813 10812 108 108
1083 108%
4
Miscellaneous
24 Amer Agricul Chemical_ 100 4724 Jan2
ao Do pref
100 89 Dec 21
35 Amer Pneumatic Service
50
2 Dee 14
75 Do pref
50 17 Jan 2
108 Amer Sugar Refining
100 9714 Mehl]
65 Do prof
100 108 Meh30
6, 50 Amer Telep de Teleg
100 112 Nov14
__ American Woolen
100 14 Mch 4
164 Do pref
100 723 Mcb 4
4
9 Amoskeag Manufacturing-- 574 Dec 12
14 Do pref
973 June25
4
60 All Gulf & WI SS Lines_ 100
5 Feb 19
154 Do pref
100 1312 May27
460 East Boston Land
913 Dec 31
10
l69 Edison Electric Illum
100 234 Nov10
196 General Electric
100 137 Dec 24
107 McElwain (W H) 1st pref _100 9812 Nov10
19 Massachusetts Gas Cos_ 100 764 Nov 4
100 85 Nov18
138 Do pref
92 Mergenthaler Linotype_100 200 Dec 23
.__ Mexican Telephone
10
214 May13
.__ Mississippi River Power 100 18 July27
100 55 June28
Do pref
.__
100 20 Apr 9
._ New Eng Cotton Yarn
Do pref
100 38 Dee 15
313 New England Telephone_100 128 Nov 2
100 148 Dec 10
760 Pullman Company
110 Reece Button-Hole
10 16 Jan 7
100 10112 Nov 4
1,370 Swift & Co
25 27 Feb 24
170 Torrington
163 Do pref
25 27 Mch24
300 Union Copper L & M
25 .95 Dec 28
100 x113 Dec 24
791 United Fruit
2,624 United Shoe Mach Corp.. 25 5214 Dec II
562 Do pref
25 28 Jan 9
1,
100 48 Dec 23
619 U S Steel Corporation_
205 Do pref
100 10314 Dec 24
5914 Mch19
98 June15
4 Jan 31
22 Jan 31
11014 Jan 2
115 Dec 16
124 Jan 24
15 Mob 4
83 Jan 26
67 Feb 13
10012Junel8
9 Jan 23
163
4Jan 16
1412 Feb 11
265 Mch 4
15012 Feb 20
102 Jan 23
9438 Feb 17
98 Mch18
2163
4Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
2018July 2
10734 Mob 9
31 May21
29I2Jan 20
2 Feb 4
173 Feb 13
613 June 4
4
3018 July23
67 Jan 31
14
1123
8Jan 28
944
.
*97
190
95
▪
_
25
*220
9458 9413
4 9714
973 •
190
190
95
95
130 *__ __
2512 21
*225
945 *943 9524 94%
8
4
98
*98
9812 9814
19014 190 19014 1004
4
95
943 95
9434
130 •____ 130 "100
22
25
247
8 2112
*225
50
50
wiirz 16" ;5i" ::::
*lig•____ 164
__ 163
*1
138
250 250
28% 283
8
•
.50 .90
*364 37
55
5514
183 19
4
4
41
4
2
2
4112 423
8
5334 5334
*355 385
•I5
1512
34
3414
313 32
8
•
2
83
4 83
4
*5
512
61
61
24
24
•11
1112
•
27
30
•.25 .35
*34 312
4712
46
•883 90
4
•1713 1812
•4 A 4%
(
3
3
•513 6
319 314
*1
153
*33
4 38
7
*43
4 514
173 173
4
4
•
.60 .75
4613 4612
*127 13
8
6 4 6,
,
2
*534 5%
23
2314
*114 112
•I•
13
8
250 250
2812 287
*.55 .7
37
3714
5513 5612
183 193
4
8
4!2', 418
224 224
42 4 4414
3
54
5412
366 366
1512 153
4
347 3578
8
3212 33
2
•85
8 83
4
.434
54
61
623
4
24
24
11
11
*27
30
•.25 .40
•314 4
4614 4612
88
89
1812 1912
4.4 4.
8
•2 8 3
7
53
4 54
1
*314 3 2
,
1
18
3
9312
518 518
•1778 181,
*
.50 .75
48
48
123 1318
4
63
8 612
5,
2 53
4
2314 23%
•114
112
414
-7 - -if;
4
4212 4212 4313 4312
*
8713 69
68 6813
1413 1512 15
15 8
5
50
50
50
50
1614 163
8 1612 17
2814 2812 29
293
4
118
112
I% 2118
*413 478
434 5
213 22
8
22
2212
•
.12 .20 *.12 .20
*24
2414 2414 213
'13
:3
15
8 *IN
112
24
2714 2712
.27
•217
8 314 *27
8 3
.22_
•.19 .22 •
2112 2214 2034 - - 213
4
4 3912 40
3818 393
212' 218
218 218
8
*978 10
10
1014
538
52
52
52
8 ill
13
8
13
8 •13
917
8 214
13
4
17
s
37
35
38
36
•.50 .65 •.50 .75
oBld and asked prices
9478 *9518 95 8 9618 9618
5
9814 *984 9 4
83
19014 191 192
95
95
95
95 95
Last Sale 150 Dec'14
130
2114 22
2134 22
23
Last Sale 225 Jan'15
____
Last Sale 7
July'14
_
39
31)
4,3813
1,
299
Range for Previous
Year 1913.
Lowest.
Iltaaasi
.
9112 Oct 10814Jan
953 July1013
4
8Feb
183 Dec 215 Jan
82 Nov 11424 Jan
150 Dec 205 Jan
97 Jan
35 Dec
23813 Dec 290 Jan
7 Sep
1612 Oet
5713 June 65 Mob
5 Feb
714 Meli
45 Jan
3812 Dec
162 Sep 188 Feb
10112June 107 Mch
200 July 260 Jan
68 Dec 122 Feb
x115 Aug 126 Feb
8212July 88 Sep
91 Dec 110 Meta
8Feb
193
1012 Dec
79 Feb
63 Dec
653 Dec 130 Jan
4
100 Dee 130 Feb
150 Dec 17612Feb
25 Aug
35 MO
13912 Jun 16214Jan
8018 June 9021 Jan
105 Dec 150 Feb
8113 Feb
6714 Dec
85 July 100 Jan
41 Sep
8913 Dec
212 June
16 Nov
994 Dec
10818 Dec
11014 Dec
1514 Dec
74 May
59 May
92 4Ju1y
3
5 Jan
10 Jan
9 June
234 Dec
130 June
95 May
87 Apr
86 June
209 June
3 Jan
30 Nov
70 Dec
17 Apr
8378 Apr
127 Dec
149 Dec
1412 Apr
101 June
26 Sep
28 Sep
3 June
4
147 June
4112 June
263 June
8
50 June
10212 June
57 Jan
9914 Jan
421 Jan
2334Jan
11812 Jan
1174 Feb
14012Jan
21 Apr
7
83 Seri
75 Jan
100 Jan
1218 Aug
1911 Aug
15 Feb
28812Jan
1868* Jan
104 Jan
9312Jan
9553 Met
220 Sep
322 Feb
4114 Sep
7012 Dec
50 Apr
9112Jan
180 Jan
18618 Jan
18 Sep
108 Mcl
2813 Jan
281* Jan
2 Jan
182 Jan
551 Feb
4
2812Feb
69 Jan
111 Jan
Mining
5 Adventure Con
1 Apr 14
25
2 Jan 22
1 May
6 Jan
91 Ahmeek
25 23934 Apr 22 300 Meh24 23() Nov 330 Jan
11 895 Alaska Gold
10 19 July30 2534 May18 w83 June
4
24 2036
3
50,Algomah Mining
12 Dec 22
25
214Jan
13
4Jan 20 .15 May
3351Allouez
25 3412Jan 8 4384 Feb 18
29l1June 4214Jan
2 710 Amalgamated Copper_ _100 49 Dec 10 7814 Feb 4
62 Jun
80 381e9
3
10 995 Amer Zinc, Lead & Smelt_ 25 1214 Nov23 2153 Jan 30
327 Feb
1514 Dec
3 140 Arizona Commercial
212 Nov17 We Mch 4
5
214 June
512Sep
160 Butte-Balakiava Copper- 10
1 Nov17
418 Feb 2
6 Oct
114 July
28 425 Butte ar Sup Cop (Ltd) _ 10 24 Nov 7 40 4 May18
3
1814 June 45 Jan
1 340 Calumet A Arizona
10 53 Dec 24 7018 M ch25
5611June 7212Jan
14 Calumet & Hecht
25 350 Dec 12 460 Feb 13 388 Dec 555 Jan
90 Centennial
25 14 Jan 9 19 Feb 4
10 June 18 Jan
941 Chino Copper
5 3014 Dee 23 4312 Feb 4
3014 June 4712 Jan
963 Copper Range Cons Co_..100 29 Dec 10 4034 Feb 4
32 Dee
53 Jan
50 Daly-West
20
113 Nov18
3 Feb 6
2 Sep
4 Jan
454 East Butte Copper Min
10
8 Dec 10 13 Jan 26
914 June 1513 Jan
206 Franklin
25
2 Nov30
778 Apr 6
212 Dec
9 Jan
1 267 Granby Consolidated
100 80 Dec In 91 Feb 4
51 June 7814 Sell
321 Greene-Cananea
100 2114 A nr 215 42 8Feb 4
3
27 3 Oct
5
3512 A ul
320 Hancock Consolldated
26 11 Dec 10 22 Feb 4
12 Nov 25 Jan
10 Medley Gold
10 28 July28 30 Mch24
27 8 Jan
35 Ap
7
Helvetia Copper
25
.25June12
l3 Jan 8
4Jan
3
14 May
240 Indlana Mining
25
3 Apr 24
6 Feb 20
12
3 Oct
17 Jan
737 Island Creek Coal
1 4412 Dec 21 504 June10
4414 June 59 Jan
70 Do pref
1 81 June 2 8912 June20
79 July 8712 Jan
755 Isle Royale Copper
25 16 Dec 26 24 Feb 4
16 June 33 8 Jan
7
460 Kerr Lake
5
378 M ch28
618 J uly IR
.
25 Jan
8
01( No V
460 Keweenaw Copper
25
213 May 5 4% Feb 18
. 338 Fet
1 Aug
1 745 Lake Copper Co
25
43 Nov16 1012Jan 16
4
5 Nov 2613 Jan
50 La Salle Copper
25 31 4 Dec 21
,4
513 Feb.19
314 June
54 Jan
Mason Valley Mines
5
114 Dec 31
4 Jan 16
10'2J50
3 8 Nov
,
70 Massachusetts Consol
25
2 Mch 7
e512 May23
512 Jac
13
4Nov
385 Mayflower
25
3 4Junel6
3
9 Jan 28
153, Jan
5 Nov
25 Miami Copper
8 183 Dec 29 24% Feb 16
4
2014 June 2612las
50 Michigan
25
.50July 2
114 Feb 1g
2 AO
12 Dee
659 Mohawk
25 39 Apt 22 4912 Dec 17
38 Nov 65 Jan
880 Nevada Consolidated
5 10 Dee 11
16 8 Feb 4
5
4Jac
13 June 193
2 030 New Arcadian Copper
25
178 Jan 14
712 Dec 16
212 Jam
12 June
735 NiptssIng Mines
5
5 July3(
94 McII.
8'* Jan22
714 Nov
2 422 North Butte
15 1934 Dec 10 3034 Feb 4
213 June 3412 Jar
4
30 North Lake
25
.95 Apr 25
2 8 Feb 4
5
2 4 Jar
3
.99 May
011bway Mining
25
3 Apr 22
4
2 Jan 23
12 June
314 Jan
192 Old Colony
25
258 Nov13 57 Jan 2g
8NJar
4
3 Apr
180 Old Dominion Co
25 44 Dec 28 54 Feb 4
413 June 56 Jar
4
253 Osceola
25 64 Dec 24 84 Feb 4
6714 Dec 107 Jar
5 598 Pond Creek Coal
10 12 4 Dec 24 207 Jan 22
3
8
15 June 2814 Jar
150 Quincy
25
80 Jar
s
5214 Dee
986 Ray Consolidated Copper_ In 517 Dec 19 68 Feb 5
15 Dec 23 2212 Apr 6
1514 June 22 Jac
3g5 St Mary'a Mineral Land
25 28 Dee 23 40 Feb 25
30 Nov 46 Jar
835 Santa Fe Gold a, Copper
10
1 Jan 7
4
214 Jan 27
1 June 31 Am
128 Shannon
10
4 Nov23
1312 Jar
712 Feb 16
5 Dec
400 Shattuck-Arizona
10 18 Dec 26 2934 Feb 4
31 Set
21 Feb
South Utah MA S
.10 June 1
6
.23 Feb fl
.15 Aug
.35 Jan
817 Superior
25 22 Nov25 32 Feb 14
21 Nov 404 Jar
630 Superior & Boston Copper_ 10
114 Nov19 2% Jan 23
e48, Fet
1% Jan
535 Tamarack
25 2413 Dee 12 43 Feb 2g
21 June 38 Jac
270 Trinity
25
23 Nov19
4
512 Jan 23
3 May
6 Jai:
600 Tuolumne Copper
34 Jac
.50 Dec
.23 Dec 28
.85 Mehl9
2511 U S Smelt, Refin & Min._ I
50 2414 Dec 23 4312 Feb 4
34 June 434 Jar
1 562 Do pref
7
so 4012 Apr 23 48 Feb 6
4512 JulY 50 Jax
,750 Utah-Apex Mining
5
14 Nov18
118 MaY
27 Set
3
2 8 Feb 5
5
345 Utah Consolidated
74 May 1114 Jan
5
83
4Jan 6 14 Feb 13
,I26 Utah Copper Co
10 4518 Nov ID
40 June 60 Jar
59 June22
200 Victoria
2 Jar
25
.90 June
1 Meh 2 a% May 4
510 Winona
47 Feb 25
3 Sep
4
412 Jar
I% Dec 11
2
5
88 Wolverine
25 30 Dec 23 473 Feb 20
394 Nov 78 Jar
*Yandott
25
30.1,,,, 2
11. Jan 24
.40 June
112 Jai
•Assessment paid. 9 Ex-stock dividend. S Ex-rights. a Ex-dividend
and rights. a Onstamped
w Halt paid.
2d paid
13
8 *114
•114
138 *114
138
1
1
250 251 *245 250
250 250 *245 255,
28% 2914 283 29
287 2913 2834 291,2
4
.50 .75
.50 .50 •
.50 .75 •
.50 .75
3714 3713 3813 37
*36
37
3634 37
56% 58
57
577
8 5738 5818 5612 58
19
1912 18% 20
20
2013 1934 2014
414 414
44 44
412 47
412 43
*2
24
2
2
2
2
*2
214
4312 4418 4313 4434 4412 4514 447 4558
544 553
5434 5518 5458 56
4
5412 55
375 375 *365 375 *366 375
375 375
•1512 16
16
*1512 16
16
*1512 16
367
357 368
8
354 38
36
363 3718
8
323 33
4
324 33
3212 33
3253 3278
•134 2
*13
4 3
17
8
17
•13
2
87
4
87
83
8
2 9
9
84 83
914
•
478 5
5
5
5
5% *4% 5
63
64
6213 63
63
64
63
6312
25
25
2434 247
24
8 24
2313 243
4
1113 12
111 115
1112 12
1112 12
8
293 293 *27
4
2912
__
27
2912 •
4
*.25 .40 •
Last Sale .27 Jan'15
.25 .40
3
214 23
3
4
214
314 3,
213
4
46
48
4612 x4512 4513
*4512 46
46
8813
88 88
*
88
8812 88
1914 1911 1913 1913 1918 20
193 194
3
458 43
2
*412 4%
412 43
4
4% 43
4
3
3
3
3
3
*27
3
8 318
gig 812
•
618
8
6
6%
614
•34 312
34 3,
312 312
,
4 *3 4 34
*I
1, Sale 13
,,s1
13
8 *118
13
8
4 Jan'15
*322 37
8 *3 3 33
3% 4
*378 4
,
4
538 53
5
5
8
5
5
*5
512
6
.1818 1812 18
18
•I8
1814
- .50 .75
•
.75 .75 •
.60 .00 •
.60 .00
4734 49
4814 4812 4834 4918 4914 513
8
13
133
8 1318 1318 1338 .133
8 1318 1318
612 612
67
4 82
,
6
814
53
4 514
512 512
*512 5
%
•
55
3 *5,4 6
%
2312 2378 23
2338 23
2312 2314 24
11
14
•114
114 *1
112 *1
112
1
Last Sal( 3
"4
4
Dee'14
41 42.4
*44 02
414 41 1 •4
414
44
44
424 4212 4312 4312 43
4314
6813 6914 67 67
67
67
67
67
15
1514 143 18
4
1518 1638 1512 1812
*5013 52
50
5013 81
51
5112 52
174 1714
1714 17 2 1 714 1714
,
173 1814
3
2914 2913 29
294 29
2912 29
29
114
13
8
114
114
114
114
111
114
4% 4%
47
434 4%
8
*43
4 5
23
2312 23
243
s 234 2312 23
2313
*.12 .20 •.12 .20
Last SNe .12 July'14
253 26
4
2512 2512 2512 2512 2512 251
13
8
112 •13
3 14
112 I%
113 11
28
2814 27
28
*2712 28
*27
271
3
234 23
4
3
3
212 23
.22 .22 '.23 .28
.22 .22
.20 .20
204 2112 2012 21
2013 21
21
2118
3914 393
4 39
3913 30
393
3912
8 39
21.4 214
8
214 23
2 23
23
8 21
8
23
1014 1014 1014 1012 101.4 1014 103 103
8
8
5312 54 4 5312 537
5418 55
,
5412 5512
•13
8 11
*13
8
112
1 4 1'4
7
174 174
I% 2
1%
218
214
214
214
214
39
39
38
38
*37 . 38
*35
37
,go .75
•.50 .75'
T/rst .gals .715 Jan"15
Outside Exchanges-Record Transactions
-Complete record of transactions
Boston Bond Record.
in bonds at Boston Stock Exchange Jan. 16 to Jan. 22, incl.
Bonds.
[Vo . 100.
THE CHRONICLE
300
Sales/ac
Week's
Week.
Friday
Range.
Sales. Low. High. Shares.
Am Agile Chem lit 5:51928
88%
Am Tel & Tel coil 48 1929_
9934
-year cony 4%8 1933_ _
20
95
Atch Top & S Fe 4s_ _ _1995
Atlan G & W I SS 581959.
Gt Nor-C BS,Q coil 4s 1921 96%
96%
Registered 1921
Mass Gas 434s 1929
Deben 455s 1931
Miss River Pow .B8 1951_ _ _
NE Cot Yarn 5$ 1929_ _ _ _
101
N E Telephone 59 1932_
N YNH & 11 cony 681948
Pond C Coal 69 1923
West End St 45 1916
Western Elec 5s 1922
96
West Tel & Tel 58 1932_
100
8734
97%
95
60
9634
96%
97
93
72
76
10034
10.534
9554
9934
100%
95
100
89
99%
95
62
9655
9634
97
93
72
76
101
105%
98
9955
100%
96
Range for Year 1914.
Low.
$4,000 9955 Dec
31,000 8455 Nov
63,000 9155 Nov
1,000 9034 Dec
15,000 59 Dec
47,000 9435 Dee
21,000 9455 Jan
1,000 9534 Jan
5,000 91 Dec
2,000 81 Jan
3,000 72 Dec
8,000 99 Nov
1,000 100 July
30,000 96 Dec
1,000 9855 Jan
1,000 101% June
31,000 9455 Nov
High.
101 May
8955 Feb
9955 June
95% Apr
68 Jan
%
975 Mar
9734 Apr
9754 Apr
9534 Apr
8554 Feb
83 Feb
10134 Feb
117 Feb
107% Jan
9835 Apr
10154 June
9955 Jan
-The complete record of
Baltimore Stock Exchange.
transactions at the Baltimore Stock Exchange from Jan. 16
to Jan. 22, 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.
Week's
Salesfor
Week.
Friday
Range.
Par. Sales. Low. High. Shares.
Stocks
154
Cigar Machine Corp
151 1%
106 10755
Consol Gas, EL & P_ _100 106
100 112
112 112
. Preferred
92
92
Consolidation Coal_ _100 100
1155
11
Houston Oil trust etfs_ _100 1134
54
Preferred trust etfs_ 100 55
55
8555
50 8534 85
Northern Central
25
25
50 25
United Ry & Elec
Wash n & Annan. pref 50 3154 3134 3154
315 4
355
Wayland Oil dr Gas
5
Bonds100 10034
Anacostia dr Potomac 53_
85
85
Atl CL RR cony deb 48'39
Do email 1939
8534 8534
------ 100 100
Allan CL (Conn) ctfs Ss
Bait Flee stamped 5s. __--------9834 9835
96
96
______
Bait S P & Chesap 4558
85
85
Carolina Central 49
9354 94
94
Chariest COM Ry 0& E 58
Chicago City Ry 58_ _ .1927 9834 9834 9834
9634 9634 9634
Chicago Ry 1st 5s 1927._ _
102 102
City & Suburban let 55'22
10034 wog
City & Sub (Wash) 1st 55_
10154 10154
Cleveland St Ry 58 1931_ _
105 105
Consol Gas 53 1939
9334 94
94
Genera14%s 1954
Congo! Gas E & P 4%91935 8734 8754 8754
8854
8854 88
Consort) Coal ref 5s 1950_
Do convertible 63 1923 10055 100 10055
10154 10134
& Pa 5s. 192L
Cumberland
97
97
Davison Chemical 65 1932
92% 9234
Elkhorn Fuel 55
102 102
. eons5s'43
,
Fla Cent & Penh
8734 8715
Florida South lit 43 1945
10134 102
Georgia & Alabama coot 58
101% 102
Ga ('ark Nor lit Si 1929_
10134 10134
Georgia So & Fla 1st 5s_
23
23
GB S Brewing 4n
9855 9855
lingers & Fred Os 1944_ _ __
9055 90%
Jacksonville Gas 58 1931_ _
10354 103 10334
Knoxville Traction 5s
9855 9754 9834
Maryland Electric let 5s
102 102
Minn St dr St PC Joint 5s.
35
35
Mt Vernon C D ctfs
33
33
NO Mobile & Chle 1st 58
95
95
N News&0Pt 1st 5511938
84 h 8434
Nor!& Portsm Trac 58._
9654 9654
Norfolk Ry & Light 5s____
103 103
Norfolk St Ry .5s 1944____
104 104
No Bait Trac 58 1942
No Central 4158 1925_ _ _ _ _____ 101% 10155
Series A 5s
1926 10434 10434 104%
1926 103
103 103
Petersburg A 55
Petersburg class B 69 1926
110% 11055
Beaboard Air Line stmpd 49
7934 7955
100 100
Tampa \Vat \V 13s 1915_ __
8354 8234 8334
United Ry & Electric 48_
62% 6254 62%
Income 4s
8655 86
8634
Funding 5$
8755
8734 87
Do small
100 100
Notes 5s 1916
9954 9934
Do small 1918
8034 80%
Wash B & A 5s 1941
Wil & Weldon 58 1935_ _ _ _ ______ 10534 10514
9:144 0544
12
von dy 1,
Rangefor Year 1914.
Low.
155 Apr
100
100 10234 Dee
25 105 July
175 9134 Jan
447 10 Dec
349 53 Apr
361 8255 Dec
1,262 2434 Jan
10 32 Jan
460
334 Dec
$3,000
1,000
1,200
2,000
3,000
1.000
2,000
8,000
2,000
17,000
1,000
2,000
1,000
1,000
8.000
7,000
4,000
11,000
3,000
1,000
1,000
2,000
3,000
5,000
2.000
1,000
2,000
400
1,000
11,000
7,000
1.000
1,000
2,000
1,000
1,000
1,000
2,000
1,000
1,000
2.000
1,000
1,000
3,000
1,000
30,000
14,000
12,600
2,000
3,000
1,000
1,000
5,000
R.nnn
High.
2% Jan
10834 May
11555 July
9754 July
1954 Feb
60 Jan
129% June
2854 May
3434 Jan
635 Apr
9734 Jan
83 Dec
83 Dec
100 Apr
96% Dec
9454 Jan
86 Jan
9134 Jan
9835 Dec
95% Dec
Dec
101
5955 Jan
10134 Apr
102 Dec
92 Dec
85% Jan
8654 Dec
99 Dec
10134 Jan
99 Jan
93 Jan
wog Dec
88 Feb
101 Dec
10054 Dee
10254 Jan
24 Apr
9835 Dec
90 Dec
101 Jan
9634 Jan
100 Dec
2934 June
48 May
9854 June
86 Jan
96 Dec
10151 Dee
104 Jan
Dec
101
10654 Mar
104% Mar
112% Jan
8255 Jan
10054 July
9554 Jan
95% Jan
100 July
9954 Feb
98 June
89 Feb
96 Jan
10034 June
99% Jan
103% July
101% Apr
10134 Apr
106 Apr
9554 July
90 Feb
9034 May
102 Mar
10255 May
100 Jan
9534 June
10455 Feb
9055 July
105 Mar
104 Feb
105 May
4134 Jan
9835 Dec
90 Dec
103 June
9955 Mar
10255 June
414 Jan
58% Jan
9854 June
88 Mar
98 Jan
104 Mar
1055.4 July
102 Apr
106% Mar
105 Jan
113% Feb
86 Feb
8154 Dee
59 Dec
8554 Dec
8554 Dec
99 Dec
99 Dec
8055 Jan
105% Jan
09 4.4 Pfth
84%
6555
8854
8854
10035
10054
85
10814
0:144
Mar
May
June
June
June
June
Jan
July
An,.
-The complete record
Philadelphia Stock Exchange.
of transactions at the Philadelphia Stock Exchange from
Jan. 16 to Jan. 22, 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.
Salesfor
Week's
Week.
Range.
Friday
Par. Sales. Low. High. Shares.
Stocks.
10134
American Gas of N J_ _ 100 10155 100% 36
36
American Railways ___ _50
Locomotive_ _ 100 38% 38% 40
Baldwin
10255 10355
100
Do preferred
50 4455 4355 45
Cambria Steel
54
54
50
Catawissa let pref
7254
7254 72
Consol Trac of N J_ ..100 49
48% 49%
Flee Storage Battery--100 67
6754
67
General Asphalt, pref--100
2154
21
Insurance Co of N A.-10 2134 31% 31%
International Powder_ __50 3154
13% 13%
_50 13%
Telephone
Keystone
6254 6234
50
Do preferred
13% 13%
Do voting trust ctfs _50 13%
Range for Year 1914.
Low.
14 100 Dec
5 36 Dec
426 41 Dec
208 101% Jan
1,618 40 Dec
2 53 Jan
665 7134 Jan
182 4234 July
485 66 Dec
142 2055 Dec
50 20 Jan
9% Apr
95
20 49% Jan
198
High.
104
June
3934 Feb
52 Mar
110 Mar
5154 Jan
5434 Mar
74 June
5554 Jan
82 Feb
23 June
2734 Dec
1454 Dec
6155 Dec
Stocks.
Sales/or
Week's
Iveut.
Range.
Friday
Par Sales. Low. High. Shares.
Lake Superb; Corp_ _ _ 100
50
Lehigh Navigation
50
Do trustee ctfs
50
Lehigh Valley
Lehigh Valley Transit...50
50
Do preferred
50
Little Schuylkill
50
Minehili & S H
50
Northern Central
50
Penn Salt Mfg
50
Pennsylvania
Philadelphia Co (Pitts).50
Do pref (cum 6%0)-50
Philadelphia Electric_2234
PhIla Rapid Transit_ _ _ 50
Voting trust recta... 50
Philadelphia Traetion50
50
Reading
50
lit preferred
Pono-Belmont Devel__ 1
1
Ponopah Mining
50
Linton Traction
100
United Cos of N J
50
United Gas impt
United Rys Invest__ _100
U 8 Steel Corporation_100
Warwick Iron dr S____ 10
Westmoreland Coat__ 50
Wm Cramp & Sons t c_ 100
Scrip.
3ambria Steel
Philadelphia Co
Bonds.
tmer Gas & Elec 5c_ _2007
2007
Do small
Baldwin Loco 1st 5s..1040
Bethlehem Steel p m 6s '98
Flee & People's tr ctts4s'45
1945
Do small
:len Asphalt deb 53_ 1916
[nterstate Rys coil 45_1943
Keystone Teieph lit 58 '35
:Ake Superior Corp fis 1524
Ahigh Coal & Navigation
1954
Consol 4348
:.eh Vail cons reg Os...1923
Do Gen consol 49_2003
r,ehigh Val Coal let 5s 1933
'..eh Val Transit 1st 5s 1935
'hiladelphla Co 1st 5s 1949
Ndia Eelectric tr etfs 59'48
1948
Do small
Do Trust ette 48_ _ 1950
1950
Do small
1997
leading gen 4q
;Danish-Am Iron 65...1927
Rated Rys q tr Mr 4s '49
hilted Rye Invest 58_1926
Vaal NI V A. Pa tqt AR 1037
934
74%
7455
69
16
28%
90
53%
39
23%
1054
10%
78
76
4 74.
7%
36%
82
5235
954
59
9734
Range for Year 1914.
Low.
High.
23% jai,
934 3,010 10 Dec
9
275 72 Nov
85 Jan
7534
74
84% Jan
576 72 Dec
7455 75
526 60 July
7834 Jan
6734 6955
61 14 Dec
2055 Feb
1634
16
41 26 Dec
34 Jan
2855 29
5414
34 5334 July
57 Mar
53
61 55 Jan
59 Feb
55
55
356 8134 Dec 130 July
8555 8554
19 95 Dec 108 Feb
90
90
52% 54% 1,597 5134 Dee
5754 Jan
60 33 Dee
4634 Feb
33
3334
6 39% Dec
39
39
46 . Feb
2754 Feb
233-4 2334 3.129 21 July
790 11 Dee
10%
10
20 Jan
11 11. 355 11 Dec
10
2055 Jan
131 7834 Dec
78
8354 Jan
78
791 6934 Dee
7634
74
8855 Jan
5 43 Mar
44 Apr
424 4255
4% Dec
4% 455 3,614
84 Feb
632
5% July
7% Dec
754 754
47 Jan
3855 5,881 3834 Dee
36
5 218 Dec 230 Feb
22355 22335
701 80 Dee
86 Jan
82%
82
25
13% 13%
6754 Jan
5134 5354 5,336 48 Dec
954 Dee
255
934 9%
1135 May
32 58 Dec
6355 Mar
5855 59
29 15 Feb
15 Feb
1854 1834
973-4 9734
91
91
793
1,329
9634 Dec
90 Dee
9754 Dec
91
Dec
8534
8554
101%
117
117
77% 7734
8055 8055
98
58
91
45
45
8555
8534
10115
117
7754
81
98
58%
9134
45
$6,000 82 Dec
1,000 82 Dee
10,000 1015.5 Dec
2,000 114 Dec
42,000 78 Dec
400 78 Dec
1.500 9634 Jan
5,000 56 Dec
16,000 8934 Dec
500 67 Jan
8654
86%
10435
117
8554
8555
9834
6034
9255
71
98
110
88
104%
102
97
101%
10155
7754
80
9355
100%
73
65
10252
9854
110
88
104%
102
97
10134
102
78
80
94
101
73
65
10954*
5,000
1,000
3,000
1,000
2,000
5,000
3.000
3,400
26,000
600
27,000
5,000
1,000
13,000
11.900
99% June
112 June
92% Feb
106 Feb
104 July
10134 Mar
10355 Jan
10355 Jan
83 May
83
May
9555 Apr
10234 Jan
75% Mar
785-4 Feb
ins tz 'pm,
8554
102
102
78
93%
165-4 July
1104 May
8754 Jan
102 Dec
102 Dec
97 Dec
100 Dec
100 Dec
7755 Dec
774 Dec
9254 Dee
10034 Jan
70 Jan
66 Dec
104 .Tan
Mar
Mar
Feb
Mar
Feb
Feb
Mar
Jan
May
Feb
• Ex-dividend.
-Complete record of transacChicago Stock Exchange.
tions at Chicago Stock Exchange from Jan.16 to Jan.22,both
inclusive,compiled from the official sales lists, is as follows:
Week's
Salesfor
Friday
Range.
iVeek.
Par. Sales. Low. High. Shares.
Stocks.
American Can corn_ _100
American Can pref__ _100
Amer Radiator pref _ _ _ 100
Booth Fisheries pref_ 100
.
Chic Pneumatic Tool_ 100
Chic Rys part et("1"
Chic Rye part ctf"2"
Chicago Rya part ctfs "4"_
Chicago Title & Trust_100
Commonw'Ith Edison-100
100
Diamond Match
Hart Scharr & Marx pf 100
100
Illinois Brick
Kansas City Ry & Lt _100
Kansas City Light Ctf __ __
National Biscuit com_ _100
100
National Carbon
100
Do preferred
Pacific Gas & Elm Co_ _100
People's Gas L& Coke.100
Pub Sery of No III com_100
100
Do preferred
Quaker Oats Co pref 100
-Roebuck com__ _100
Bears
100
Swift & Co
100
Union Carbide Co
Union Switch & Signal_ _ 50
100
U 8 Steel common
Ward, Montg'y & Co pref.
Bonds.
Armour & Co 4558-1939
Chicago City Ry 5s_ __ 1927
1927
Chicago Ry 59
Chic Ry Atli Inc 49._ _1927
Chicago Rys Is. Series B__
Chic Ry pur money g 9s'27
Chicago Telephone 58_1923
Commonw-Edison 58_1943
Commonw Elee 5s...1943
Cudahy Pack 1st M 591924
Mara Match con deb 68'20
.
Morris & Co 455s _ _ 1939
1945
Ogden Gas 58
Peo Gl Lde C ref g 55._1947
Pub Ser Co lst ref g5s_ 1956
,....,.......... ,....•.. Ka 1044
5355
27
2
137
9755
25
130
11955
98
1044
18555
10754
156
Low.
High.
30% 3034
9$54 9534
132 132
72
72
5234 5355
90
90
2634 2755
2
2
205 205
136 137
94
98
10655 107
615-4
61
2554 25%
25
25
125 125
124 130
121 12134
4154 4114
s119 121
x7734 7754
98
07
103% 10434
18554 187
10655 108
154 15815
9854 98%
5155 53
110% 110%
100 21 Nov
100 89 Dec
1 123 June
10 61 July
299 4634 July
150 88 Dee
990 2554 Dec
2
2 Jan
25 204 Dec
235 127 July
156 90 Dee
200 10034 Jan
155 5755 July
30 17 Jan
120 14 Mar
15 120 Nov
305 0105 Apr
410 11554 Jan
2 35 Jan
413 110 July
5 7354 July
144 89 July
117 102 Jan
1,427 16854 Nov
1,234 102 Nov
839 130 July
50 105 July
151 49 Dec
107 109
Jan
34% Jan
95% Jan
13255 Feb
8434 Jan
60 Feb
99% June
3
534 July
4 Jan
218 Mar
140 Mar
102 Jan
106 Mar
70 Jan
37 July
36 JulY
138 Feb
161 Feb
122 July
4754 Feb
125 Jan
Mar
81
100 Feb
107 Feb
19754 July
10755 Feb
158% Mar
107 July
6755 Feb
114 Mar
92
99
96%
4355
76
67
101
102
100
10035
102
8634
92
100%
8855
9484
51,000 89% Jan
39,000 9754 Dec
36,000 9534 Dec
11,000 40 Dec
4,000 7755 July
5,000 67 Jan
63,000 9954 Dec
21.000 9855 Nov
50,000 08% Nov
3,000 9934 Jan
1,000 10155 Dec
:3,000 8634 Dec
23,000 92 Dec
5,000 9954 Jan
18,000 90 July
13000 9414 Nn,,
93 Mar
101
Feb
9934 Jan
5454 Feb
8134 Feb
7054 Mar
10155 Mar
10254 July
101% June
10034 Apr
10555 Feb
89 Feb
96 Jan
10134 June
9354 Jan
core A ....
92
0854
9655
42
76
67
67
100
101
10155
100
10034
102
102
8655
92
100% 10055
87%
94 t4 045-'t
59
96%
42
Range for Year 1914.
a Ex 50% stock dividend. x Ex dividend.
-Following sales were rePittsburgh Stock Exchange.
ported Jan. 16 to Jan. 22,both inclusive. Like records will
be found in previous issues.
Bonds.
-Jan. 19, 53,000 at 61: Jan. 20. $1,000 at 61.
Independent Brewing 60, 1955
-Jan. 19, $3,000 at 9654.
Millvalc Etna & Sharpsburg St. Ry. 58, 1923
-Jan. 20, 31,000 at 65.
Pittsburgh Brewing 6n, 1949
Pittsburgh Coal deb. 55, 1931-Jan. 16, 51,000 at 90: Jan. 19, $3,600 at 90: Jan. 22,
58,000 at 9055.
Westinghouse Electric & Mfg. cony. 58, 1931-Jan. 16, $1,000 at 9355; Jan. 19,
$1,000 at 9355.
Stocks.
-Jan. 16, 60 at 1855 @1834; Jan 18. 70 at 183434
American Sewer Pipe (par 5100)
18h; Jan. 20, 20 at 1855; Jan 21. 10 at 18%.
JAN. 23 1915.]
301
THE CHRONICLE
American Window Glass, pref. (par 8100)—Jan. 18, 30 at 12254: Jan. 20,60 at 123'
Jan. 21, 10 at 123.
Citizens' Traction (par 550)—Jan. 21, 30 at $52.
Columbia Gas & Electric (par 5100)—Jan. 18,50 at 834; Jan. 18, 50 at 851; Jan. 20,
120 at 834.
Crucible Steel, common (par 5100)—Correction: Jan. 15 last week should read 100
at 14314414% —Jan. 16, 60 at 14% @1451; Jan. 18. 430 at 1434; Jan. 19, 10
at 14%; Jan. 20, 100 at 15: Jan. 22. 190 at 14)4@14)I.
Preferred (par 5100)—Jan. 19, 10 at 8I%: Jan. 20.65 at 8134; Jan. 21, 30 at82
@8251: Jan. 22, 80 at 82518251.
Harbison-Walker Refractories, common (par 5100)—Jan. 19, 100 at 48; Jan. 22,
100 at 47%.
Preferred (Oar 5100)—Jan. 18, 10 at 99; Jan. 21, 20 at 99; Jan. 22, 15 at 99
Independent Brewing, common (par 550)—Jan. 16, 35 at 5411; Jan. 18, 45 at
5451; Jan. 22, 30 at 5451.
Preferred (par 550)—Jan:16,40 at $2234;Jan. 18,40 at $22; Jan. 22, 100 at $2151.
La Belle Iron Works, common (Dar 5100)—Jan. 16,68 at 30.
Preferred (Par 5100)—Jan. 19, bat 10951; Jan. 20, 20 at 10951; Jan. 21, 25 at
i0936.
Lone Star Gas (par 8100)—Jan. 21, 10 al. 96.
Manufacturers Light & Hear (par 550)—Jan. 16, 10 at 54151; Jan. 18, 113 at $4934
@4954: Jan. 19, 40 at 549% ©4951; Jan. 20, 20 at 84951; Jan 21, 25 at $4951:
Jan. 22, 185 at 54934.
National Fireproofing, common (par 550)—Jan 16, 25 at 555114)534 Jan. 18, 10
at 5554: Jan. 19, 25 at 5554; Jan. 20, 50 at 5551: Jan. 21, 115 at 55)651534;
Jan. 22, 20 at 5514
.
Preferred (par 550)—Correction: Jan. 15 last week should read 30 at 522)4512234
_Jan 18, 30 at $2231: Jan. 20, 125 at 52251512254; Jan. 21, 70 at 52235;
.
Jan. 22, 40 at 52234.
.
Ohio Fuel Oil (par $1)—Jan. 18,50 at $1534; Jan. 19,35 at 815: Jan. 21,20 at stow,
Ohio Fuel Supply (par 525)—Jan. 16, 20 at $4031; Jan. 18, 15 at 54051: Jan. 19,
165 at $4054; Jan. 20,50 at 340%; Jan 21, 50 at $4034: Jan. 22, 200 at $40%.
Pittsburgh Brewing, common (par 550)—Jan. 16, 40 at $634: Jan. 18, 10 at 5631;
Jan. 19, 10 at NM:Jan. 20, 25 at 8654@634: Jan. 21, 40 at $6% 0651•
Preferred (par 550)—Jan. 16, 20 at $24; Jan. 20,40 at $24.
Pittsburgh Coal,common (par 5100)—Jan. 18.50 at 1754: Jan. 21,200 at 1854•
Preferred (par 5100)—Jan. 18. 10 at 8351; Jan. 19, 10 at 84.
Pittsburgh Oil & Gas (par 5100)—Jan. 16, 10 at 634; Jan. 21, 10 at 631; Jan. 22,
20 at 634.
Pittsburgh Plate Glass (par 3100)—Jan. 21, 100 at 108: Jan. 22,90 at 108.
Pittsburgh Silver Peak (par $1)—Jan. 16, 1,200 at 10 eta.; Jan. 20, 300 at 11 cts.;
Jan. 22.300 at 14 eta.
--Correction: Jan. 15 last week should read 125 sold.—
Pure Oil, common (par 55)
Jan. 16,230 at $1534; Jan. 18,220 at$15% Q31551: Jaa. 19,535 at 51531@l554;
Jan.20.550 at $15.51 Q1551;Jan. 21,580 at 1515% ©15%; Jan. 22, 115 at 51531
eji1554.
Union Switch & Signal, common (par 550)—Jan. 18, 50 at 59834; Jan. 19, 90 at
59834(4;99 X;Jan. 20, 10 at 599; Jan. 21.40 at 899; Jan. 22,56 at $99%
Westinghouse Air Brake (par $50)—Jan. 16, 55 at $120; Jan. 18, 20 at 5120: Jan. 19,
30 at 5120: Jan. 20,69 at $120; Jzn. 21, 175 at 5119% @120;Jan. 22, 70 at $120.
Westinghouse Electric & mfg., common (par 550)—Jan. 16, 10 at 836: Jan. 18.
20 at 53534; Jan. 19, 120 at 5365153654: Jan. 20, 70 at 836513654; Jan. 21.
20 at $36.
Westinghouse Machine (par 850)—Jan. 18,35 at $12: Jan. 21, 10 at $12.
—Robert E. Crane and Edward J. Bullwinkel have in.
corporated the new firm of Crane & Bullwinkel, to deal in
stocks and bonds, with offices at 43 Exchange Place, also
with entrance at 37 Wall St. Robert E. Crane was until
lately manager of the bond department of Hornblower &
Weeks, 42 Broadway, and Mr. Bullwinkel was a member of
the bond department.
Tobacco Stocks—Per Share.
Par Bid. Ask.
American Cigar common_100 115 125
Preferred
100 93 98
Amer Machine dr Fdry 100 65 75
British-Amer Tobac ord.. El •19 195
8
•I914 197
Ordinary,bearer
8
Conley Foil
275 300
1
Johnson Tin Foil & Met_100 125 160
MacAndrews & Forbes._100 170 180
Porto Rican-Amer Tob 100 245 260
6% scrip
165 180
Reynolds (It J) Tobacco_100 275 290
Preferred
115 118
Tobacco Products corn.
.100 100 150
Preferred
100 89 90
United Cigar Stores corn_10
96 97
Preferred
j
110 118
United Cigar Stores(new) 551*953 03
4
Young (J 8)Co
100 125 140
Short Term Notes—Per Cent.
Amal Cop 58, Mar15 '15 M S 1001 10018
Amer Locomotive 52,'15_J-J 10014 10058
5s, July 1916
J-J 9912 100
58. July 1917
J-3 9914 100
Am Tob 6% scrip, Sep 1 '15_ 10118 10112
Am T & T Sub Cos 5s, 1916_ 10038 10058
Balt dr Ohio 434s, 1915 3-D 10034 10058
BetliSteel5s,i'ne11'15 J-1)11 100.38 10058
Ches & Ohio 55 1919
9214 93
ChIc Elev Ry 55, 1916_ _J-J 941s 96
Chic & IV Ind 5s, 1915__M-S 997 1001g
Coneol Gas 68, June 25 '15._ 83.50 2.50
Erie RR 5e,April 1 1915_A-0 997 10018
58, Oct 1 1915
A-0 9918 0912
5348, April 1 1917
A-0 9712 99
General Rubber 434s,'15.J-J 100 10014
Har Riv & Pt Ch 5e.'15114-N 9612 9712
Hocking Valley 65,'15_68- 101 10114
Int Harv 55, Feb15 '15.F-A 1001s 10014
4
back Steel 5s, 1915
M-S 995 100
Lake Sh & Mich So,J'ne'15_ 84.25 3.50
Mich Cent 454e, 1915_ M-S 100 10014
New Eng Nay 6s, 1917.131-N 9211 9312
NY C&H Riv 5s,'15 A-0 10018 j9014
100 10018
434e. May 1 1915
10018 10038
5s, Sept 15 1915
58, Oct 1 1915_ _____ A-• 10014 I003
g
N YNH&H 55, 1915.81-N 9714 9814
Pac G&E.5s, Mar25'15M-S25 100 10014
Penna 3548, Oct 1 1915.J-11 997 10018
8
Pub Ser Corp N 358,'16 M-1 985 9912
5
4
Schwarz 44 Sulzb 6s,'16..3-1) 995 10014
4
Seaboard A L 511, 1916—M-S 98 100
Southern Its' 58. 1916__F-A 9
914 9958
5s, Mar 2 1917
M-22 9914 985
8
Sulz&SonsCo 6s,rnel'16M-S 993 10014
4
UnTypew 5s,Jan15 '16 J-J15 9714 9814
United Frult6e,Mayl'17M-N 10054 10114
Cold notes 58 1918_ _M-N 9784 9812
Utah Co fis. 1917
A-0 95 98
UtahSecurCorp 65,'22M-S15 7712 7811
4
Westbse El&Mfg 5s.'17 A-0 983 9912
New York City Notes
-
New York City Banks and Trust Companies.
Bid Ask
Banks
New York
America* ___ 640 560
Amer Exch._ 207 212
Battery Park 120 135
____
Bowery* __ .._ 400
Bronx Bore_ 225 260
____
Brous Nat__ 160
___
Bryant Park' 145
Butch & Dr_ 120 130
Century. ___ r __ 175
510 530
Cline
Chath &Phen 170...
Chelsea Ex*. 130 140
Chemical ___ 305 405
Citizens Cent 165 170
350 355
City
Coal & Iron_ 145 155
Colonial*.. 450
____
Columbia' -- 300 325
Commerce __ 165 170
Corn Exch._ 307 315
Cosmopolltn• 85 105
_
East River_ 70
Fidelity•____ 155 165
Fifth Ave__ 200 4700
250 300
Fifth
840 860
Met
Garfield __190 210
Germ-Amer' 130 140
German Ex._ 375
____
Germania'... 425 475
Gotham ____ 190
____
Greenwich* _ 265 280
Hanover __ 625 640
Harriman ___ 275 290
Imp & Tract. 500 515
Irving
172 177
Liberty
560 600
Lincoln
300 325
Manhattan. 300 315
Mark & Fult_ 250
____
Bank
Bid Ask
Mech & Met_ 230 235
Merch Exch_ 165
___
Merchants'„ 180 foo
Metropolis* _ 300 340
Metroporn*. 165 175
Mutual
325
__
New Neth• - 210 225
New York Co 750 SOO
New York_ 380 390
Pacific*
210 240
Park
393 400
People's* --_ 225
_
Prod Exch*_ 157 162
Public*
____ 175
Seaboard __.. 420 435
Second
400 425
Security* -------100
Sherman
....... 135
State*
t13218 ____
23d Ward*„ 100 135
Union Exch_ 3145
___
.
__
Unit States*. NO
Wash H'ts•_
___
Wextch AV'. 275160 175
%Wet Sides— 450 475
Yorkville • 540 575
Brooklyn.
Coney bird"105
First
o'_260
Flatbush
110 130
Greenpoint
140 155
Hillside._ _
___ 125
Homestead'
__. SO 100
Mechanics*. 140 150
Montauk* ------105
205 220
Na.sesu
National Clty 273 285
North Side- 175 200
People's ____ 145 155
Trust Co s
New York
Bid Ask
Astor
350 360
Bankers Tr
420 425
Biway Trust_ 145 155
Central Trust 980 995
Columbia _ 420 440
Commercial -----75
.Empire
290 305
Equitable Tr 400 410
Farm L & Tr 1090 1120
Fidelity
205 220
Fulton
275 300
Guaranty Tr 535 550
Hudson
125 135
Law TI & Tr 127 135
Lincoln Trust 105 115
Metropolitan 390 400
Mutual Aillmice
---- 105
Mutil (Westchester)- _ 130 135
NYLite I&Tr 950 1000
N Y Trust
580 595
Title Gu & '1 r 390 400
Tr'nsatlantic 200 220
Union Trust. 355 365
US Mtg & Tr 396 405
United State 1040 1060
Westchester 125 135
.
Brooklyn
Brooklyn Tr..
Citizens' __ _
Franklin ____
Hamilton ___
Home
Kings County
Peoples .......
Queens Co__
460
135
240
265
110
575
280
75
475
140
260
285
120
295
90
• Banks marked with a (*) are State banks. ?Sale at auction or at Stock
Exchange this week.
Inactive and Unlisted Securities
All bond prices are • and interest" except where marked
Standard 011 Stocks—Pe'Share
Pa Bid. Ask.
Anglo-Amer Oil new
•1474 154
Atlantic Refining
100 640 650
Borne-Scrymser Co
1
260
Buckeye Pipe Line Co-__ 50*117 275
119
Chesebrough Mfg Cons
660 675
Colonial 011
1
100 105
Continental Oil
1
230 235
Crescent Pipe Line Co
50 .40 42
Cumberland Pipe Line__ _1
50 55
Eureka Pipe Line Co__ 1
Galena-Signal 011 com_100 235 240
170 173
Preferred
1
140
Illinois Pipe Line(when iss). 135 145
138
Indiana Pipe Line Co....5 105 108
National Transit Co
25 '37 38
New York Transit Co...100 230 235
Northern Pipe Line Co..10097 99
Ohio 011 Co
25' 40 142
11
1015s 1015
4
1031410358
1045
810478
6s, Sept 1 1915
6e, Scot 1 1916
6n, Sept 1 1917
f."
Stand 011 Stke (Conc1)— Per share
Par Bid. Ask.
Pierce 011 (new)
25 *15 1512
Prairie 011 & Gas
100 470 475
Solar Refining
1
260 265
Southern Pipe Line Co 100 221 225
South Penn Oil
1
300 305
Southwest Pa Pipe Lines_100 123 127
Standard Oil (California) 1
307 310
Standard 011 (Indiana) 100 480 484
Standard 011 (Kansas) ..100 385 395
Standard 01101 Kentucky100 255 260
Standard 01101 Nebraska100 325 340
Standard 01101 New Jer_100 402 405
Standard Oil of New Y'rk100 200 202
Standard 011 of Oblo
100 430 440
Swan & Finch
100 180 170
Union Tank Line Co
100 85 87
Vacuum Oil
100 200 202
Washington 011
10 •36 40
RR. Equipments—
Baltimore & Ohio 4345
Buff Roch & Pittsburgh 434
Equipment 48
Central of Georgia En
Equipment 454e
Chicago & Alton 45
Chicago & Eastern Illinois
Equipment 4545
Chic Ind & Loutsv 454e
Chic St L & N 055
Chicago & NW 434.3
Chicago R I lo Pac 434s.,
Colorado & Southern 5e____
Erie 5s
Equipment 434s
Equipment 48
Evansville le Terre Haute 55
Hocking Valley 4e
Illinois Central 52
4545
Kanawha & Michigan 4518_,
K C Ft El & Memphis 454e__
Louisville & Nashville 58
Minn St P & El 15 M
Missouri Kansas dr Texas 58.
Missouri Pacific 5s
Mobile & Ohio 58
Equipment 45.4e
New York Central Lines 58._
Equipment 454s
N Y Ontario & West 454s,...
Norfolk & Western 4548
Equipment 45
Pennsylvania RR 4548
Equipment 45
Pere Marquette 5s
Equipment 454s
St Louis Iron Mt & Sou 511._
St Louis & San Francisco 52
Seaboard Air Line 158
Equipment 4)4e
Southern Pacific Co 454s___
Southern Railway 4501
Toledo & Ohio Central 4s
PerCi.Basis
Bid. Ask.
4.75 4.60
4.95 4.70
4.95 4.70
5.11 4.75
5.00 4.75
--.6
--- 6
6
Railroads—
West Pee 1st 55, 1933._ -M-S
4
.51; 4.75
.85 5
4.70 4.50
7
6
5.1C
514
5.10
5.10
5.II
4.80
4.8
5.35
5.90
4
4.90
4.90
6
4..60
47
5
4.60
6
13
4.75 4.50
5.301 5.00
5.79 5.20
6.00 5.00
5.10 4.90
5.10 4.90
5.1 4.90
5.1 4.90
5.10 4.75
4.75 4.55
4.75 4.55
4.75 4.50
4.75 4.60
_ 6
6
534 514
5:101 4.90
5.1
4.75
5.00
612
4.90
4.60
4.75
618
35
Street Railways—
Par
Comiwilth Pow Ry Sr L__100
Preferred
1
Federal Light & Traction 100
Preferred
100
Republic Ry & Light
100
Preferred
100
Tennessee Ry L dc P cora_100
Preferred
1 II
United Lt dr Rya com—I00
1st preferred
100
2,1 preferred
100
Wash R y & El Co
Preferred
1 II
4e, 1951
J
-D
West Penn Tr dr WatPow 100
Preferred
1
Bid. Ask.
53 55
79 81
12 17
60 55
16 18
67 69
9
8
85 37
45 48
68 69
65 87
821
_
8378 86
81 8114
—
12
Mee,Gas b. Power Cos—
Par Bid. Ask
50 *4812 8912
Am Gas & Else corn
50 *46 48
Preferred
AM Lt dr Trac common_ _100 318 321
Preferred
100 107 110
Amer Power dr Lt com_100 6012 62
81 83
Preferred
1
30 35
Amer Public Utilities croml
64 68
Preferred
1
Bay State Gas
50 •100. Do.
_
Buffalo City Gas stock....100
Cities Service Co corn....100 50 63
Preferred
100 55 57
8
Columbia Gas dc Elec__ _100
1st 59. 1027
.1,1 67 70
Flee Bond dr Share pref 100 97 100
Indiana Lighting Co___ _100 35- 40
F
-A 08 71
48, 1958 optienal
Pacific Gas & El Gem__...100 43 4312
Preferred
109 82 84
South Calif Edison com_100 74 77
Preferred
100 88 92
Standard Gas& El (Del). 50 46
7
50 •17 I 18
Preferred
United Gas & Elec Corp_100 20 I 26
1st preferred
100 58 I 63
2d preferred
100 18 I 23
Utah Securities Corp__..100 13 I 14
6% notes--See Short
-Term No
Western Power common.10( 12 la
Preferred
101 52 54
Industrial
and Miscellaneous
Adams Exp col tr 64e '47J-D 165 69
Alliance Realty
10( 75 66
Amer Bank Note coin__ ...5& •26 29
s *401 48
Preferred
American Book
100 150 160
American Brass
100 133 138
American Chicle corn....,100 19012 19212
Preferred
100 96 97
Am Gtaphoplione corn..1001 30
Preferred
100 72 77
American Hardware
100 —
Amer Malting 65 1914
Ext to 1917
J
-D 661 99
American Surety
501 160 170
Amer Typefounders com.l00I 87 40
Preferred
1001 85 90
Amer Writing Paper__ 100
1
1
Blies(E W)Co corn
50 105
Preferred
50 115
Bond dr Mtge Guar
100 280 284
Borden's Cond Milk com_100 116 117
Preferred
1001 104 105
Braden Copper Mines
5 *718 714
Casualty Co of America_100 85 100
Celluloid Co
10ll 180 134
City Investing Co
100 17 25
Preferren
100 70 80
Consol Car Heating
100 65 70
Davis-Daly Copper Co _10. •1
114
du Pont (E I) de Nemours
100 180
Powder
Preferred_
100 83 86
Emerson-Brantingham 100
5 15
100 40 50
Preferred
Goldfield Consol Mines _10 *Ds
Havana Tobacco Co__ 100 --100
5
Preferred
ft
let g 55 June 1 1922 J-D' /57 68
IntercontInent'l Rub corn 10(5 72 815
100 95 105
Internet Banking Co
International Nickel_ _ loo 1111 11212
100 1011 10212
Preferred
International Salt
100 14 17
A-0 /57 60
1st g 58 1951
International Silver pref_100, 95 100
let 13s 1948
J-Di 103 106
Kelly Springfield Tire-1051 03 94
let preferred
1051 811 82
2d preferred
100 105 108
51 0
4%
Kerr Lake Mining
Langton MonotYPe
1051...
ci
.13
La Rose Consol Mines
Lawyers' Mtge Co
1001 186 190
Lehigh Val Coal Sales-50 165 175
*38
as
Manhattan Transit
Marconi Wireless of Am..
*25 278
8
Mortgage Bond Co
100_ 1 07 102
Nat Cloak & Suit com
10Q 48 4912
Preferred
100j 96 98
N Y Mtge dr Security_1001 130 140
N Y Title Ins Co
100 50 60
Niplesing Mines
554
5 e51
0160 COPOO2 Co
10 *90. 12o.
Otis Elevator corn
100I 67 6912
Preferred
100, 90 9111
Pittsburgh Brewing
5( *6
61%
Preferred
5(5*24
Producers Oil
100;
Realty Assoc (PRI yn)._ _100' 95 oo
Remington Typewriter
Common
101) 10 11
1st preferred
10(4 70 75
2,1 preferred
45 55
1
•7I
Riker-Ilegeman (new)
74
8
Royal Bak Powd corn....1
150 160
Preferred
100 1011 103
Safety Car Heat & Lt
I00 103 105
Singer Mfg Co
100 250 257
Standard Coupler com_1001 ...Preferred
100 --1
Sterling Gum
8i •3 8 --3 2
3
Stewart.-WarneSpeerlo'r 10 —
Preferred
1001
,
Sulzberger & Bons pref 100 90 93
Texas & Pacific Coal
100 110 4.Tonopah Extension Min___1 521
21,
Tonopah Min of Nev
8
1 •77 754
United Profit Sharing
1
35 4
7
New
U S Casualty
1001 190 210
1001 132 136
U S Envelope COM
Preferred
100 102 104
10 16
1
U lil Finishing
Preferred
100 33 38
3-.1 90 95
1st g 55 1919
.1-.1 70 75
Con g 58 1929
U S Tit Cu & Indem____101) 80 50
Westchester & Bronx Title
100 170 180
& Mtge Guar
Will Overland (*tn....100 59212 93
100 94 96
Preferred
Worthington (H R) Com100 85 45
pany Pref
a 42.6s 2s
7
Yukon Gold
•Per chain. a And accrued dividend. b BMW Flat price.
a bale price. sEx-dividend. •Ss
-Manta.
-
a Nominal.
[VOL. 100.
THE CHRONICLE
302
Anuestment and igailroad intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
ean be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
oolumns 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.
Week or
Month.
Current
Year.
Latest Gross Earnings.
July 1 to Latest Date.
Previous
Year.
Current
Year.
Previous
Year.
3
Ma N 0& Tex PacN 0& Nor East_ December _ 295,920 362,582 1,796,106 2,103,098
Ala & Vicksburg_ December _ 135,740 176,376
806.660
988,611
762.314
Vicks Stir & Pac_ December _ 119,036 171,454
945.764
43,152
35.789 1.299,275 1,337,850
2d wk Jan
Ann Arbor
Atch Top & San Fe.. November 10102017 9.784.520 51,399.418 48,768,783
202,890 335,620 1,131.517 1,492,172
Atlanta Birm & All November
Atlantic Coast Line November 2,541.495 3.306,210 11.933,646 13.823.359
154,182 190,175
Chariest & W Car November
744.385
871.578
106,903 116.969
Lou Hend & St L November
624,532
600,352
g Baltimore & Ohio_ December _ 6,674,075 8,052,972 47.138.435 53,656.845
B &0 Ch Ter RR November
119.731 157,517
710.257
801,519
316.791 327.881 1.429.423 1,485,634
Bangor & Aroostook November
Bessemer & L Erie- November
545.552 693.816 4.917.109 4,831.251
59.753
Birmingham South_ November
539.500
November_ 3.745,539 4,036,678 21,014,459 21,892,920
Boston & Maine
Butt Roch Sz Pittsb_ 2d wk Jan 170,991 200.937 5,447,575 6,595,432
122,181 144,354
Buffalo & Susq RR_ November
638.454
776,255
Canadian Northern 2d wk Jan 239.000 362,800 10,410,900 14,092,400
Canadian Pacific 2c1 wk Jan 1,321.000 1,563,000 58,452,163 78,579,836
Central of Georgia_ November .002,012 1.347,191 5.230.919 6.239.553
Cent of New Jersey November_ .524.180 2,731,253 13,926,000 14.517.844
310,055 330,171 1.590.303 1,625.068
Cent New England. November
Central Vermont._ November
303,094 326,325 1,696.321 1.861.749
Ches & Ohio Lines.. 2d wk Jan 680,278 709,679 0,760.067 20,327,869
1st wk Jan 252,538 239.828 7.792,877 8,212,085
Chicago & Alton
Chic Burl & Quincy November ,903.284 8,361.834 2.065,065 43,938.524
November 1.143.4981,387,864 6,365,015 7,187,806
Chic & East Ill
p Chic Great West_ 2d wk Jan 286,746 280,413 7,892,009 8,098.548
Chic Ind & Loulsv_ 2d wk Jan 107,224 112,064 3,621,644 3,908.645
Chic Milw & St 1 -1 November 7,379,908 8,290.968 41,507.825 42.574,709
,
ChlcMil&PugSJ
eChic & North West November 6.336,140 .191,080 38,059,447 40.022,243
eChic St P M & Om November 1,493.061 ,701.846 8,255.130 8.384.849
Chic Terre H & S E November
975,040
174,257 219.019
968,225
Cin Ham & Dayton November
773.872 816,968 4,516,978 4,599.476
870,300
Colorado Midland_ November
918.028
166.623 167,420
b Colorado & South 2c1 wk Jan 283,693 267.149 8.157,304 7,789,231
82,753
57.123
Cornwall
November
142,208
135,542
Cornwall& Lebanon November
25,440
19.850
Cuba Railroad
November
285,226 342.357 1,603.081 1,715,231
Delaware & Hudson November 1.887,395 2.011.575 10.112,775 10.648,549
Del Lack & West November 3,753.900 3,877.580 19.101,978 19.687,121
Deny & Rio Grande 2d wk Jan 340.700 372,700 12,808,975 14,139,775
87,400 3.216,987 3,754,383
70,000
Western Pacific_ 2d wk Jan
697,158
22,161 1,014,832
33.600
Denver & Salt Lake 2(1 wk Jan
696,844
915,582
Detroit Tol & Iront November.. 180.806 144.473
652,909
587,830
16,252
16,440
Detroit & Mackinac 2d wk Jan
654,795
600.166
127.440 140,242
Del & Tol Shore L_ November
85.782 371.266 2,663.010 4.677,687
Dul & Iron Range— November
52.626 1,598,063 1.949,718
53.879
Duluth So Sh & Atl 2d wk Jan
510,152 987.049 3,743,813 5,516,970
Elgin Joliet & East_ November
571.743 734,583 3.167.605 3,583.616
El Paso & Sou West November
November 4.715,2165,068,114 26.668,455 27.452,021
Erie
370.416 402,993 1,663,323 1,595.213
Florida East Coast.. November
390.430
443,959
77.257
65.592
Fonda Johns& Glov November
248.953 308,039 1.263.100 1.460.342
November
Georgia Railroad
88.570 117,044 3.074,676 4,294,893
Grand Trunk Pac 4th wk Dec
Grand Trunk Syst_ 24 wk Jan 779.745 803,919 28,035,375 31.020,770
Grand Trunk Ry 4th wk Dec 1,226.781 1,454.567 21.372.471 24,356,618
Grand Trk West_ 4th wk Dec 212,316 203,629 3,748,438 3,718,929
63,799 1,388,425 1,346,435
72,456
Det Or H & Mllw 4th wk Dec
Great North System December 4,611,743 5,660,277 40.296,140 45,893,001
704,923
895,164
124.509 161,644
Gulf & Ship Island_ November
November
527.154 651,916 3.124.8.59 3,708,188
Hocking Valley
December.. 5,212.075 5.840.761 32.580,437 34.657,517
Illinois Central
879.379 1,047.839 4,015.491 4,841,119
Internet & Oft Nor November
207.109 275.842 1,380,566 1.504,655
Kanawha & Mich..- November
Kansas City South_ December _ 839,412 926.122 5,288,577 5,429,345
208.825 169.148 1,183.989
792.324
Lehigh & New Eng_ November
December _ ,210,874 3,282,857 22,117,027 22,630,924
Lehigh Valley
728,476
731,663
Louisiana & Arkan_ November_ 130.105 148,971
s Louisville & Nash_ 2(1 wk Jan 953,905 1.132.635 28.703,696 33,924.220
12,262
16,394
78,342
82,978
Macon & Birm'ham December..
November
934.006 974,301 5,113,389 5.253,215
Maine Central
44,246
44.543
Maryland & Penna.. November
243,382
248,038
a Mexican Railways 3d wk Nov 103.600 206,500 3.852,700 3,959,600
Midland Valley...... December_ 119,559 136,138
761,652
909,470
2d wk Jan
14,328
7,311
Mineral Range
421,156
185,219
Minn & St Louis..1 2d wk Jan 222,579 209.775 5,709,499 5,420,466
Iowa Central_ __
Minn St P & S S M.. 2d wk Jan 418,330 412,643 6,238.530 17,268,214
Mississippi Central_ November
84,984
71,182
386.920
449,365
u Mo Kan & Texas.. 2(1 wk Jan 644.560 593.049 8,385,731 18.631,996
Z Missouri Pacific.._ 2d wk Jan 1,029,000 1.085.000 3,068.201 34.206,030
Chatt & St L November
Nashv
895,099 1,107,316 4,820.495 5,396,347
Nevada-Cal-Oregon 2d wk Jan
4,983
4.528
230,938
224.332
117,660 159.106
New Orl Great Nor.. November
689,711
813.906
eN Y C & Bud Riv November 7,832.080 8.485,870 2,025.208 46,042.562
Boston & Albany November 1,287,016 1,462,182 7,148,014 7,879,606
Lake Shore & M S November 3,892.158 4.404,029 2,496,635 25,161.607
422.557 464,841 2,521.462 2,596,832
nLake Erie & W_ November
341,283 402,525 1,798.731 1.830,784
Chic Ind & South November
Michigan Central November 2.526.096 2,914,716 4,546.089 15,609,513
Clev C CSr St LI
Peoria & Eastern November 2,759,200 2,980,274 5,880,673 16.705,178
130,198 130,949
719,136
683,949
Cincinnati North. November
Pitts & Lake Erie November 1,004.112 1.503,568 6,667,026 8,493,413
932.5181,028,880 4.771,954 5,181.096
N Y Chic & St L_ November
512 292
454,678 479.989
Tol & Ohio Cent_ November
above November 21581896 24257823 2i087'220 1n970.117.47)
Tot all
ROADS.
Week or
Month.
Current
Year.
July 1 to Latest Date.
Previous
Year.
Current
tear.
Previous
Year.
$
5
770,538
949,745
136,101 203.418
5,125,780 5.734.886 28.080,222 30.060.871
694.958 638.431 4.266,533 4,339,790
287.606 326.197 1.547,697 1,646,522
300.209 358,247 1.634.625 1,735.748
3,074,133 3.689,061 18,424.958 19,727.378
5.648.727 6,844.173 30,900.085 34,290,458
1.819,440 1,844.645
518,044 678.146 3,014,424 3,523,424
14825283 16978788 81,145.046 88,507,925
659.144
666.062
99.617
86.204
240.346 301.274 1.308,042 1,526.970
941.752 6,365,197 6,146.573
985.233
489,749
481,751
72,629
71.076
281,269 319,059 1,682,189 1,715,989
1.641,491 1,739,273 8,954,680 9,107,707
393,697 407,495 3,372,363 3,453,859
,057,245 5.410.286 24,885,401 0,467,708
417.636 413,050 2.453.400 2,559,226
.874,234 3.650.200 17,116,266 9,689.299
893.736 977,005 4.890.421 5.169,925
NO Mobile & Chic._ November
NYNH& Hartr__ November
NY Ont & West__ November
N Y Susq & West__ November
Norfolk Southern_ November
Norfolk & Western_ November
Northern Pacific___ November
Northwestern Pac_ November
Pacific Coast Co___ November
sPennsylvania Ric_ _ Novembar
Bait Ohm & All.. _ November
. Cumberland Yell. November
November
Long Island
Maryi'd Del & Va November
N Y Phila & Norf November
PhilaBalt & Wash November
W Jersey & Seash November
Pennsylvania Co__ _ November
Grand Rap & Ind November
Pitts C C & St L_ November
November
Vandalla
Total lines—
East Pitts & Erie November 18971347 21443396 106729883 115889718
West Pitts & Erie November 8,354,792 10611637 49,986,579 58,581,412
All East & West_ November 27326139 32055033 156716463 174471131
Pere Marquette...... November 1.484.421 1.478,980 7,929,008 7.584,980
Reading00—
Phila & Reading_ November 3,984.042 4,454.584 0,479.648 22,255.296
Coal & Iron Co_.. November 2.954,468 3.447.877 3.004,028 13.255.431
November 6.938,5107.902,461 3.483,676 35,510,727
Total both cos
218,747 237.366 1,121,028 1,131,400
Rich Fred & Potom November
421.203
438,314
Rio Grande Junc-_ October..__ 126,422 126,358
397,908
317.622
13,921
9,155
Rio Grande South... 24 wk Jan
Rock Island Lines_ November 6,084,375 5,897.561 2.348,980 30,834.203
289,724 330,137 1,592,242 1,755,046
November
Rutland
735.454
734,435
119,799 154,346
St Jos & Grand 181_ November
990,427 1,080.306
170,211 209,569
St L Brownsv & M- November
St L Iron Mt & Sou November 2,555.914 3.038.215 3,311,419 14.382,966
269,060 232,610 1,197,582 1.010,251
St L Rocky Mt & P November
St Louis & San Fran November_ 3.651.2844,016,503 8.942,876 20.475,940
St Louis Southwest.. 24 wk Jan 223,000 260,000
704,706 022,736 3,954.901 4,505.494
San Peel L A & S L_ November
Seaboard Air Line.... November 1,713,797 2.220.134 8,525,040 9,990,646
Southern Pacific.. December.. 9.997,195 11253514 7,495.082 73,420,171
Southern Railway.._ 2d wk Jan 1,056,834 1.258,330 4,768.599 39.441,748
Mobile & Ohio_.... 2d wk Jan 189,735 235,590 6,013,255 7,136,356
Cm N 0 & T P.._ 2d wk Jan 170,248 186,644 5,105.509 5,873,137
93,614 2,595,291 3,030,449
77.709
Ala Great South.. 2d wk Jan
40,196
50,672 1,278.269 1,450,513
Georgia So & Fla_ 2(1 wk Jan
355,904 431,187 2.188.653 2.394.855
Spok Port & Seattle November
52,778
39,961
1,618
1,059
Tenn Ala & Georgia 24 wk Jan
737.320
655.884
109.595 134,664
Tennessee Central.. November
2d wk Jan 345,073 373,714 0,178,321 10.924,794
Texas & Pacific
33,957
36,147
5,154
7,053
Tidewater & West.. November
731.327
649.842
16,846
17,786
Toledo Peor & West 1st wk Jan
91,490 2,462,626 2.605,602
91,614
Toledo St L & West 24 wk Jan
496,874 1,114,150
99.826 257,572
Trinity & Brazos V.. Novemberi
Union Pacific Syst- November 7,592.182 8.548,109 41.984.379 44.518,212
839,732
823.360
Virginia & Sou West November!' 137,530 160,402
November
454.629 629,917 2,618,755 3,014.226
Virginian
December.. 2.282,571 2,487,465 15.269,521 16.400,458
Wabash
634,111 652.820 3,559,359 3,634,294
Western Maryland_ November
Wheel Jr Lake Erie. December.. 321,886 577,576 2.867,831 4.497,056
158.617
116,175
25,762
Wrightsv & Tennille November
36.889
Yazoo & Miss Vail.. December.. 1.135,219 1,489.633 6,023,091 6,753.801
Various Fiscal Years.
Period.
Jan
Delaware & Hudson
N Y Central & Hudson River_e- Jan
Jan
Boston & Albany
Lake Shore & Michigan South Jan
Jan
Lake Erie & Western_n
Chicago Indiana & Southern_ Jan
Jan
Michigan Central
Cleve Cincin Chic & St Louis Jan
Jan
Cincinnati Northern
Jan
Pittsburgh & Lake Erie
New York Chicago & St Louis Jan 1
Jan 1
Toledo & Ohio Central
Jan
Total all lines
Jan 1
sPennsylvania Railroad
Chesa_p & Atlantic_ Jan 1
Baltimore
Jan
Cumberland Valley
Jan
Long Island
Maryland Del & Virginia.-- Jan
N Y Philadelphia & Norfolk_ Jan
Phila. Baltimore & Washing'n Jan
Jan 1
West Jersey & Seashore
Jan
Pennsylvania Company
Jan 1
Rapids & Indiana
Grand
Jan
Pitts Cin Chic & St Louis
Jan
Vandalia
lines—East Pitts & Erie Jan
Total
—WeetPitta & Erie Jan
—All lines E & W.. Jan
Dec
Rio Grande Junction
Jan
Rutland
sgsgsgssaggsgsgsssgsggssgsssgs
Latest Gross Earnings.
ROADS.
Current
Year.
Previous
Year.
Nov 30 20869,281 22,397,671
95,892,645
:
Novi 3087:947 251.
Novi 30 15,206,463 16,326,209
Nov 3047,477.36854,802.890
Nov 30 5,206,724 5.473.088
Nov 30 3.872,029 4.037.899
Novi 3030.808.377 33,617.712
Nov;30 32.464.518 34.496,944
Nov 30 1,356,737 1.298,989
Nov 30 14,662,603 18,463.741
Nov 30 10.334.857 11,328.505
Nov 30 4.568.241 5,525.72a
Nov 30 253906066 281264339
Nov 30 172932495 188474670 .
Nov 39 1,167,405 1,151,414
Nov 39 3.016.504 3.297,653
Nov 30 12.320,449 12.160.238
878.650
874,127
Nov 30
Nov 39 3.475,251 3,627,443
Nov 30 18.773,606 19,433,984
Nov 30 6,088.694 6,182,159
Nov 30 51,317,382 62,008,080
Nov 30 4,992.069 5,143,094
Nov 30 36,150,509 40,865,992
Nov 39 10.021,128 10,445,329
Nov 30 223345007 210750119
Nov '31 103901799 119911217
Nov 30 327246866 360661336
946.699
Oct 31
923.294
Nov 30 3.272.292 3.466.792
AGGREGATES OF GROSS EARNINGS—Weekly an 1 4o=ithlv
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
$
$
$
$
Mileage. Cur. Yr. Prep. Yr.
A-660.166 0.27
245.200 243.184 250.174.357 249.514.091
March _
(37 roads)____ 12,222.722 15.243.348 —3.020,626 19.82
243.513 241,517 236.531.600 245048.870 -.8.517.270 3.48
April
(37 roads)..__ 11,975.539 14,863.074 —2,887,535 19.43
246.070 243.954 239.427.102 265.435,022---26.007,920 9.73
(36 roads)____ 11,577.904 15,010.869 —3,432,965 22.87
222.001 219,691 230.751,850 241.107.727 --10,355,877 4.30
June
(35 roads)____ 14,517.713 17,915,795 —3.398,082 18.99
235,407 231.639 252.231,248 261.803.011 —9.571.763 3.67
(37 roads)____ 11.191,969 13,645.289 —2,453.320 17.98
230.831237,159269.51)3.446 280.0 1..858.-11.326,412 4.01
August
(37 roads)____ 11.008,619 13,301,723 —2.293,104 17.22
September_ _242.386 238.698 272.992.901 285,850.745--12,857,844 4.50
(34 roads)____ 10,347,462 13,174,223 —2,826,761 21.46
October.... _..244.917 241,093 269.325.262 298,066.118---28.740,856 9.6t
(37 roads)___- 15.140.798 18,121.396 —2,980,598 16.45
November _..246,497 242.849240,235,841 272,882.181 --32,646.340 11.96
(35 roads)_-__ 9,417.808 10,844.847 —1,427,039 13.10
92.479, 68.986,422 83.625,162-14.638.740 17.61
--978.667 8.911
93.956
December
iqg madql____ 9.918.756 10.897.423
earnings of Colorado Springs & Cripple Creek District Illy. from Nov. 1 1911. e Includes the New York &
Mexican currency. b Does not include the Ottawa & New York Ry., the latter of which. ,being a Canadian road, does not make returns to the
a
Adirondack and
Ottawa. the St. Lawrence &
Commission. IIncludes Evansville & Terre Haute and Evansville & Indiana RR. o Includes the Cleveland Lorain & Wheeling
Inter-State CommerceIncludes the Northern Ohio RR. p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes
n
By.in both years.
& Cincinnati. u Includes the Texas Central and the Wichita Falls Lines. o Includes not only operating revenues.
Louisville & Atlantic and the Frankfort St. Louis Iron Mountain & Southern. z Includes the Northern Central beginning July 11914. *We no longer
but also all other receipts. x Includes
any of our totals.
nclude the Mexican roads in
1st week Nov
Ld week Nov
3d week Nov
4th week Nov
1st week Dec
24 week Dec
Id week Dec
ith week Dec
1st week Jan
., ----, r...
THE CHRONICLE
J.23 1915.]
Latest Gross Earnings by Weeks.
-In the table which
follows we sum up separately the earnings for the second
week of January. The table covers 35 roads and shows
8.98% decrease in the aggregate under the same week last
year.
303
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
Brock & Pim St Ry_ December
8,071
7,688
121,757
114,403
Bklyn Rap Tran Syst
___ 2273.180 2185,735 22,890,504 22,258.104
29,796 36.171
349.894
380,952
Second week of January.
Increase. Decrease. Cape Breton Elec Co December
1915.
1914.
Chattanooga Ry & Lt November
84.896 97.032
996.08h 1,104.553
Cleve Painesv & East November.. 30.998 30,188
395,902
392,398
$
$
$
3
November
Alabama Great Southern
77,709
93,614
15,905 ,Cleve Southw & Col_ December 100,184 98.490 1.158,384 1.149.872
Columbus(Ga) El Co
59,938 56,904
681,606
608,636
Ann Arbor
43,152
35,789
7,363
Buffalo Rochester & Pittsburgh
170,991
200,937
29.946 gComwth Pow,Ry&L November_ 1239,728 1237,366 13,270.755 12.758,595
November_ 601,801 624.272 7,364.810 7,521.275
Canadian Northern
239,000
362,800
123,800 Connecticut Co
Consum
Canadian Pacific
•
1,321.000 1.583,000242,000 Cumb Pow (Mich). November 303,692 291.035 3.079,902 2.830,186
Co(Me)P & L November 196,249 195.100 2,310,109 2,149.252
Chesapeake & Ohio
680,278
709,679
29,401 Dallas Electric
Co
December
186.414 203,919 2,208,878 2,193,500
Chicago Great Western
286,746
280,413
6,333
Detroit United Lines
Chicago Ind & Louisville
107,224
112.064
4.840 DDEB& Bat (Roe) 4th wk Dec 313,029 308.073 12,182.268 12,659.123
October__ 43.464 48,955
Chic New On & Texas Pac
428,008
500,705
170,248
186,644
16.396 Duluth-Superior
Trac November 104.457 109,263 1,200.59 1.165.829
Colorado & Southern
283,693
267,149
16,544
East St
Denver & Rio Grande
340,700
372,700
32,000 El Paso Louis & Sub_ November 207.713 236.850 2,409.829 2,428.243
Electric Co December
88,388 87
.722 1,041,792
Western Pacific
886.880
70,000
87,400
17,400 42d St M & St
N Ave October___ 173,800 173.976 1,556,382 1,584,752
Denver & Salt Lake
33,600
11,439
22,161
Galv-Hous Elec Co December
192,137 203,562 2.424,119 2,373,065
Detroit & Mackinac
16,440
16,252
188
Grand Rapids Ry Co November
98.208 101,387 1,160.653 1,178.942
Duluth So Shore & Atlantic-_53,879
52.626
1,253
Harrisburg Railways. November_
77,197 79.953
Georgia Southern & Florida--908.83
903.106
40.196
10,476 Havana El Ry.
50.672
L& P
Grand Trunk of Canada
(Railway Dept)
Wk Jan 17 51,584 50,633
Grand Trunk Western
151,056
160.863
779,745
803,919
24,174 Honolulu R T &
Land October... 52,949 52.618
Detroit Gr Hay & Milw__503.437
508,280
Houghton Co Tr Co_ December
21,485 24,833
Canada Atlantic
276,633
296.853
Louisville St Nashville
178,730 0 Hudson & Manhat_ November 458.574 470,204 5,067,032 5,010.291
953,905 1,132,63
Illinois Traction
November 706.342 729,946 7,479.121 7,188,041
Mineral Range
14,328
7,311
7,017
Interboro Rap Tran_ December. 3000.364 3035.729 33.786.643 32.760,152
Minneapolis & St Louis} 222,579
209,775
12,804
Jacksonville Trac Co December
56,143 64,484
Iowa Central
715,255
679,622
Key West Electric
December
10,026 13.245
Minneapolis St Paul & 5 SM _
142,958
132.252
418.330
412.643
5,687
Lehigh Valley Transit November 149.939 191.198 1.700.506 1.634,292
Missouri Kansas & Texas
644,560
593.049
51,511
Lewis
49,437 51,794
Missouri Pacific
626,850
625.134
1,029,000 1,085,000
56,000 Long Aug & Watery_ November
Island Electric- October _ -- 18.989 17.873
Mobile & Ohio
212.864
211,762
189.735
235.590
45,855 Louisville
Railway
November 244,690 260.943 2.906.655 2,862.359
Nevada-California-Oregon
4,983
4.528
455
Rio Grande Southern
13,921
9,155
4,766 Milw El Ry & Lt Co_ November 501.273 521.558 5,470.399 5,480,379
Milw Lt, Ht & Tr Co November 114.833 120,429 1.379,153 1.326.7043
St Louis Southwestern
223,000
260,000
37,000
Southern Railway
511,124
1.056.834 1,258,330
552.251
201,496 N Y City Interboro October- _ _ 59.225 56,552
NY
Tennessee Alabama & Georgia_
349.709
1.059
351.264
1.618
559 NY & Long Island October-- 37.224 32,838
Texas & Pacific
345,073
143,317
373,714
138,517
28,641 NY & North Shore October... 14.562 13.680
& Quenns Co... October... 116,513 113.761 1,148.054 1.170,381
Toledo St Louis & Western
91,614
91,490
124
New York Railways_ November_ 1061.863 1138,477 12,365,914 13.005,022
Total (35 roads)
9,918,756 10,897,423 120,718 1,099,385 N Y & Stamford Rys November_ 23.967 24.312
351.671
349.519
Net decrease(RAM)
O7R.ER7 NY Westches St Bos- November_ 37,849 33,790
382,742
340,762
Northampton Trac October _ _ _
1.5.494 15,830
155.905
158.352
Nor Ohio Trac & Lt_ November 286,732 265.096 3.319.704 2.989.152
Net Earnings Monthly to Latest Dates.
-In our "Rail- North Texas Electric December 162,563 184.878 2.071.099 2.132.201
Northw Pennsylv By November_ 27,320 28.844
way Earnings " Section or Supplement, which accompanies Ocean Electric (L I)_ October __ - 7,151 6.735 330,739 340.70C
150,041
142,90€
Paducah Tr & Lt Co_
to-day's issue of the "Chronicle", we give the November figures of Pensacola Electric Co December 29,460 29,503 303,514 296.562
December
20,106 26,292
264,840
285,752
earnings of all steam railroads which make it a practice to issue PhBa Rap Transit... December- 2074,522 2141,522 23,961,390 24,240,581
monthly returns or are required to do so by the Inter-State Port(Ore)Ry,L&PCo. November 494,626 578,244 5.758,679 6.116,261
Portland (Me)
November
76.066 75,113
963.782
956,442
Commerce Commission. The reader is referred to that Supple- Puget Sound TrRR__ December 717,551 790,306 8,450,974 8,613.60€
L&P
ment for full details regarding the November results for all the Republic Ily & Light November 244,251 251,827 2.756.557 2.702.532
Rhode Island Co.... November_ 397,016 412,576 4.921.984 4,964,202
separate companies.
Richmond Lt & RR- October-__ 31,492 27,752
336,703
332,602
In the following we give all statements that have come in St Joseph(M0)HY.Lt.
Heat & Power
December.
the present week covering a later or a different period from Santiago El Lt & Co_ November_ 119,892 117.830 1.294.124 1.252,909
Tr_
that to which the issue of the "Railway Earnings" Section Savannah Electric Co December 37.117 38,325 423,593 417,312
71,679 74,506
842,639
827,78(
is devoted. We also add the returns of the industrial com- Second Ave (Rec)_ _ _ October _ _ - 82,893 90.787 780,859 883,431
Southern Boulevard_ October... 19,713 19,108
188.685
175,242
panies received this week.
Staten Isl Midland__ October __ - 24,026 21,940
280.987
271,842
Electric
85,501 88,107
931,000
844.94(
-Gross Earnings- -Net Earnings
- TampaAvenue Co__ December
Third
October... 334,044 351,321 3,302,502 3,391,44(
Current
Previous Current
Previous
Toronto Street By... December. 497,524 523,829 6.034,609 6.026.40:
Roads.
Year.
Year.
Year,
Year.
Twin City Rap Tran_ 1st wk Jan 170,200 164,584 9,449,942 9,01.9,392
Union Ry Co of N Y C October _ __ 237,162 233,185 2.428,194 2,308.06:
Kansas City South-b-__Dec 839,412
926,122
285,757
338,822 United Rys of St L. November 978,994 1062,951
July 1 to Dec 31
5.288,577 5,429,345 1,896,008 2,083,356 Virginia Ry & Power_ December. 443,650 450.486 11,457.945 11.605.53:
5.169,633 5,037.50(
Lehigh Valley_b
Dec 3,210,874 3.282.857 * 622,812
752.707 Wash Bait & Annap_ November_ 64,169 67,724
754.505
763.12:
July 1 to Dec 31
22,117.027 22.630.924 6,570,536 6.855.798 Westchester Electric_ October... 49,662 46,696
514.804
503,931
Southern Pacific_a
19,752 19.655
Dec 9,997,195 11,253,514 2,488,339 2,872.083 Westchester St RR November_
238,561
231.891
Western Rys & Light November 218,777 217.994 2,448,427 2,333,571
July 1 to Dec 31
67.495,082 73.420,171 19,908,004 23.009.245
Yonkers Railroad
October _ __ 63,461 60,673
602,566
583,29
Wheeling & Lake Erie b Dec 321.886
577,576
2,406
187.969 York Railways
November_ 65.547 66,676
725,035
702,03:
July 1 to Dec 31
2.867,831 4,497.056
827,915 1.435,067 Youngstown & Ohio_ November
232.96
23.603 21.548
,
248.018
V.,....,...,,, I. C-...1.1,Teuvremr•IN.-.••
10 con I, '7117
100•101
1 KU CA.
INDUSTRIAL COMPANIES.
Cities Service Co
Dec 404.808
413.862
392,763
409.965
b Represents income from all sources. c These figures are for consoliJan 1 to Dec 31
3.934.453 2.172,411 3.817,545 2,087,063 dated company.
Earnings now given in mitre's. g Includes constituent
Detroit Edison a
Dec 714,422
583,173
359,619
275,096 companies.
Jan 1 to Dec 31
6,495,814 5.546,587 2,821.063 2,324.360
Montana Power (including
Electric Railway Net Earnings.
all subsidiary cos) -The following table
.a
Oct 1 to Dec 31
918,451
962,799
624,181
656,823 gives the returns of ELECTRIC railway gross and net
Jan 1 to Dec 31
3,731,218 3,536,788 2,597.280 2.454,148 earnings reported
this week:
Pacific Tel & Tel Co System
-Gross Earnings--Net Earnings
Oct 1 to Dec 31
4,890,197 4.667,512 1.131,931 1.134,085
Current
Previous
Current
Previous
Penn Central Lt & Pow bDec
70,523
80.650
34,730
Roads.
39,048
Year.
Year.
Year.
Year.
Jan 1 to Dec 31
814,453
382.347
$
$
$
$
Atlantic Shore Ry_b___Dec
23,721
24.607
a Net earnings here given are after deducting tams.
1.480
3.893
Jan 1 to Dec 31
360,137
373,914
b_Net earnings here given are before deducting taxes.
70,904
90.694
Citizens' Traction Co b_Dec
30,293
31,746
13,224
.
Jan 1 to Dec 31
371,165
362,955
141,788
116,279
Interest Charges and Surplus.
Dayton Power & Light__Dec
97,107
84,963
44,787
37,119
INDUSTRIAL COMPANIES.
Interboro Rap Tr _a ____Dec 3.000.364 3.035,729
1.635.168 1.702,981
July 1 to Dec 31
-Int., Rentals, &c.- -Bat, of Net Earns.
16,270,705 15,999,453 8,866,526 8,613.958
Current
Previous
Monongahela Vail Trac_bCurrent Previous
Companies.
Year.
Year.
Jan 1 to Dec 31
Year.
Year.
968.389
960,261
552,665
613,549
$
$
$
$
Philo, Rap Transit
Dec 2,074,522 2.141.522
892,662
871:869
Cities Service Co
Dec
40,833
July 1 to Dec 31
29,167
351,930
380,798
11,945,123 12,239,537 5,046,402 5,103,503
Jan 1 to Dec 31
420,000
123,060 3,397,545 1,964,001 Philadelphia & Western_Dec
32,509
31.149
13.087
15,556
Detroit Edison
Dec
81,748
63,431
277,871
211,665 Third Ave System a____Doc 889,930
Jan 1 to Dec 31
916,843
882,312
275,801
273,192
695.702 1,938,751 1,628,658
July 1 to Dec 31
5,602,313 5,653,864 1.735,197 1.817.972
Montana Power (including
Virginia Ry & Power b_ _Dec 443,650
all subsidiary cos)
450,486
231,436
242,162
Juy 1 to Dec 31
Oct 1 to Dec 31
2,632,705 2,619,118 1.370.685 1,355.463
230,361
106,572
393,820
460.251 York
Jan 1 to Dec 31
Railways
949,578
Nov
865.974 1,647,703 1,588,174
65,547
66,676
22.175
28,441
Dec 1 to Nov 30
Pacific Tel & Tel Co System
796,645
767,162
352,896
371,588
Oct 1 to Dec 31
589,225
549,971
542,706
584,114
a Net earnings here given are after deducting taxes.
Penn Central Lt & Pow_Dec
23,848
b Net earnings here given are before deducting taxes.
21.290
10,881
17,756
Jan 1 to Dec 31
283,418
98,928
Interest Charges and Surplus.
z After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
a
$
Jan. 1 to latest date.
Current
Year.
$
Previous
Year.
a
American Rys Co___ December _ 467,973 462,149 5,407.429 5,247,331
Atlantic Shore Ry___ December. 23,721 24,607
360,137
373.914
cAur Elgin & Chic By November 160,928 171.074 1.871,718 1.861,397
Bangor IV & Electric November
64,570 65,372
712,243
698,441
Baton Rouge Elec Co December
17,128 16,385
178,825
163,128
BeltL RyCorp(NYC)
67,146 69,931
618,531
634,666
Berkshire Street Ry_ November_ 72,066 76.206
900,514
927,459
Brazilian Tree.L & P November /592973016009487 167340.988 /65932,152
Roads.
-Int., Rentals, &c.- -Bat, of Net Earns.
Current
Previous
Previous
Current
Year.
Year.
Year.
Year.
la
$
$
$
Citizens' Traction Co__ _Dec
6,529
5,988
5.702
6.695
Jan 1 to Dec 31
76.279
65.804
50.475
65,509
Dayton Power & Lt_ __Dec
17,925
z20.929
z27.649
17.302
Interboro Rap Tran____Dec 913,035
913,149 z776.416 z843.904
July 1 to Dec 31
5,459,819 5,668,125 z3,689.954 z3.272.574
Monongahela Vail Trac..
Jan1 to Doc 31
315.501
308,642
244,023
298,048
Phi's Rapid Trans
83.999
Dec 807.016
64.853
808.663
July 1 to Dec 31
307.342
198.447
4.847,955 4.796,161
Philadelphia & Western_Dec
3,057
689
12.499
12,398
Third Avenue System__Dec 212,427
z62,238
212,197
z80.732
July 1 to Dec 31
1.278,211 1.276201 z498.285 z578,909
[VOL. 100.
THE CHRONICLE
304
-Int., Rentals, &c.--Bal. of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
3
$
$
135,433 x105.007 x113.613
Virginia By & Power___Dec 132.637
802.818 x600,876 x600.271
810,563
July 1 to Dec 31
695
7,094
21.479
21.347
Nov
York Railways
95,917
108,494
256,978
263,094
Dec 1 to Nov 30
x After allowing for other income received.
New York Street Railways.
-Gross Earnings- -Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
.
$
$
$
$
323.477 c176,718 c178,213
Hudson & Manhattan_a_Oct 317,986
3,105,952 3,072.928 1,687,286 1,648,922
Jan 1 to Oct 31
934,255
Interboro R T (Sub)_a__Oct 1,560.722 1,480,082 1,026,930
14,728,233 13,897.920 9,297.644 8,214,941
Jan 1 to Oct 31
664,706
1,374,812
662,912
Interboro R T (Elev)-a_Oct 1,375,495
13,224,136 13,005,010 6,241.192 6.072,315
Jan 1 to Oct 31
Total Interboro R T.a.Oct 2,936,217 2,854,894 1,691,636 1,597,167
27,952,368 26,902.928 15,538,838 14,287,254
Jan 1 to Oct 31
808,342
749,020
Brooklyn Rap Tran-a--Oct 2,273,180 2,185.735
22,890,504 22,258,104 8,245,833 7,947,875
to Oct 31
Jan 1
371,432
425,240
York Railways-a__Oct 1,204,395 1,264,953
New
11,304,051 11,866,551 3,084,132 3.801.055
Jan 1 to Oct 31
Oct
9,802
69.931
67,146
22,736
Belt Linea
618,531
634.666. 112,968
156,234
Jan 1 to Oct 31
Oct
90,787
82.893
23,033
26,820
Second Avenue-a
780,859
182,107
883,430
233,753
Jan 1 to Oct 31
Oct 334.044
118,922
351.321
144,431
Third Avenue_a
3,302.502 3,391,446 1.252.050 1,364,121
Jan 1 to Oct 31
48,955
43.464
5,295
12,094
D DE Bway & Batt_a__Oct
428,008
40,835
500,705
Jan 1 to Oct 31
125,802
173,800
173,976
82,770
71,022
428 St M & St N Ave_a_Oct
1,556,382 1,584,752
Jan 1 to Oct 31
686,320
608,389
59,225
56,552
11,448
21,744
NY City Interboro_a___Oct
552,251
Jan 1 to Oct 31
164.933
511,124
86,705
19,108
19,713
Southern Boulevard-a__Oct
1,870
6,615
Jan 1 to Oct 31
175,243
188,685
22,885
48,265
Union By of NY City_a-Oct 237,162
41,646
32,465
233,185
Jan 1 to Oct 31
2,428,194 2,308,062
496,818
453,013
49,662
8,674
8,203
46,696
Westchester Electric-a__Oct
Jan 1 to Oct 31
117,463
503,938
514,804
86,374
Oct
12,503
15,933
60,673
63,461
Yonkers RR-a
Jan 1 to Oct 31
157,608
107,301
583,291
602.566
38 def2,323
Long Island Electric_a_Oct
17,873
18,989
24,555
12,528
Jan 1 to Oct 31
211,762
212,864
2,207
8,615
32,838
37,224
NY & Long Isl Trac_a__Oct
23,180
65,216
349,709
Jan 1 to Oct 31
351,264
2,829
4,310
13,680
14,562
NY & North Shore_a___Oct
24,336
36,214
138,517
143,317
Jan 1 to Oct 31
15,364
4,518
113,761
NY & Queens Co_a____Oct 116,513
164,166
85,899
1,148,054 1,170,381
Jan 1 to Oct 31
6,735 def4,846 def2.242
Oct
7,151
Ocean Electric_a
52,523
67,834
142,906
150,041
Jan 1 to Oct 31
269 def23,713
27.752
31,492
Richmond Lt & RR_a__Oct
4,312 def51.347
332,602
336,703
Jan 1 to Oct 31
2,898
5.133
21,940
24.026
Staten Isl'd Midland_aOct
53,073.
66,753
271,843
280,987
Jan 1 to Oct 31
a Net earnings here given are after deducting taxes.
c Other income amounted to $86,635 in Oct. 1914,against $83,385 in 1913.
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 be
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 appear in that of Jan. 30.
Minneapolis & St. Louis Railroad.
(Report for Fiscal Year ending June 30 1914.)
Pres. Newman Erb, N. Y., Nov. 30 wrote in substance:
-Expenditures for additions and betterments to
Capital Expenditures.
the property amounted to $203,882. Two chair cars were converted into
combination cafe and chair cars for use in St. Paul-St. Louis service and
electric head lights were placed on 170 locomotives at a cost of 344,901.
Equipment costing 3135,661 was vacated because of being worn out and
other minor changes were made, resulting in a credit to the equipment
account of $93,678. which leaves a net amount charged to additions and
betterments of $110.204.
-As it will soon be necessary to replace some 15 old
Improvements, &c.
locomotives, 15 locomotives of modern type have been ordered since the
close of the fiscal year. A material addition should also be made to the
freight car equipment by the purchase of additional box and other freight
cars at an early date. Such an addilion to the equipment would enable
the management to greatly reduce the rentals now paid for the use of cars
of other companies, and it would also serve to materially increase the earnings through ability to provide cars promptly to shippers whenever needed.
The policy of improving the property was continued during the year.
Gravel ballast was applied to 84.90 miles of track, and 61.56 miles of track
were relaid with new steel rail of 85-1b. sections.
-The decision of the U. S. Supreme Court in the "Minnesota Rate
Rates.
Case"(V. 96, p. 1702) was rendered in favor of this company, but against
the other common carriers who were parties to the proceeding. At competitive points in Minnesota, where the company's lines are brought in
competition with those of other companies, it was found necessary to readjust the rates in order to meet the reductions made by such companies
in conformity with the decree mentioned. Both freight and passenger
earnings were thus, in a measure, adversely affected by this readjustment
of rates. Notwithstanding this, however, the average revenue received
per ton per mile increased .036 cent, but this is solely due to carrying increased tonnage of superior character.
The Inter-State Commerce Commission in July last granted a small increase in rates to the Eastern trunk lines, but this company will not be
materially benefited by the slight increase. In Sept., however. the Commission granted the petition of these Eastern roads for a rehearing of their
application for a uniform increase of 5% in freight .ates. The rehearing
was held in October, land favorable decision thereon was handed down
Dec. 18 1914. V. 99, p. 1787.1
In common with other carriers in the Western trunk line territory, the
company is now engaged in readjusting the rates carried in its tariffs with
the view of ultimately increasing its revenues. It is hoped that this re-S. C. Commission
adjustment will be expeditiously considered by the I.
and a general increase in rates granted. By reason of existing conditions
public are far
gross earnings derived from an increased service to the [The Western
the
inadequate to meet the cost attending the service rendered.
roads have filed application to increase rates and hearings have been set.
1V. 100. p. 175.1
Outlook -The ensuing year's crops in the territory served promise a
much larger yield than was realized from last year's crops. This will tend
to increase both local and through traffic, and it is expected, unless business
is seriously affected by the present European conflict, that the deficit sustained in this year's operations will be entirely recovered in the ensuing
year. Development of the industrial enterprises along the lines has been
continued. A number of new enterprises were located at various points.
and these, as well as the older establishments, will continue to enlagge
their facilities with the view of expanding their output.
-BRIDGES, BALLAST, RAILS, JUNE 30
ROLLING STOCK OWNED
-Locomotives- Pass. -Freight Equipl- Work
No. Cap.(tons). Equip.
Tractive Power. Equip.
No.
329
226,445
7,367
139
5,484,329 lbs.
213
1913-14
365
230.045
7,506
139
5,628,305 lbs.
224
1912-13
Rails (miles)
Bridges &c.(ft) -Ballast(miles)
Steel. Trestles. Gravel. Cind. Soil. 85-1b.80-lb.70-16.66-lb.60-lb.Other.
59,383 92 320 708 33 256 140
13-14-14,588 86,264 1,088
74,399 30 323 726 33 289 146
'12-'13-14.588 86,589 1,056
-PRODUCTS OF (TONS).
CLASSIFICATION OF FREIGHT
Agriculture. Animals. Mines. Forests.Man'fres. Misc.
1,866,698 218.009 1.610,059 329,665 692.606 865,530
1913-14
1,891,616 202,123 1,711,821 356,467 606,084 863,843
1912-13
OPERATIONS, REVENUES, EXPENSES, &c.
1910-11.
1911-12.
1912-13.
1913-14.
1,586
1,586
1,646
1,646
Average miles operatedNo.passengers carried,... 2.479,602 2,418,388 2.366,727 2,454,304
one mile__ 92,125,649 87,713,142 84,129.559 93,759,513
Pass. carried
Rate per pass. per mile.. 2.084 eta. 2.127 cts. 2.032 cis. 1.895 cts.
Revenue freight, tons__ 5,582,567 5,631,954 4,747,163 4,692,981
Rev.frt. car. 1 m.. tons_850,221,217 905,720,718 755.890,137 789,744,019
Rate per ton per mile.... 0.840 cts. 0.804 eta. 0.758 eta. 0.802 eta.
$0.97
$0.93
$1.00
$1.03
Earns, per pass. tr. mile
$2.27
$2.07
Earns, per frt. tr. mile_
52.45
$2.45
$5,427
$5,016
$5,896
$5,843
Gross earns, per mile.._302.89
307.34
337.67
Tons per train mile_ --345.31
$
Earnings$
1,709,1091
1.865,958
1,920.273
Passenger
5,732,103 8,605,554
7,142,498 7,283,061
Freight
512,904)
557,985
558,113
Mail, express, &c
Total operating rev__
ExpensesMaint. of way, &c
Maint. of equipment..
Transportation expenses
Traffic expenses
General
Taxes
Outside open balance
9,620,884
1,300,283
1.415,997
3,721.030
214,126
240,378
440,521
538
9,707,004
7,954,116
1,249,821
1,208,865
3,784,633
215,797
248,273
382,242
362
987,0861
1,165,079
3,552,400
217,292
252,172
338,379
406
8,605,554
8,194,389
-Like many other railways in the Northwest, we operated during
Results.
346,470
the year under very adverse conditions, but, despite these conditions, the
418
company sustained a loss in gross operating revenues of only $86,119, although the earnings for the preceding year were the largest for any year
7,089,993 6,510,814 6,541,277
7,332,871
in the history of the company. The loss is due entirely to a reduction
Total expenses
1,443,302 2,064,277
2,288,013 2,617,011
in freight revenues caused by the partial failure of crops in South Dakota Net operating revenue
57,223
57,201
64,172
57.432
and to the diminished crop yield in Illinois. There was an increase of $184.- Interest on bonds
4,144
4,160
42,150
14.144
600 in operating expenses, due in part to a greater number of units receiving Divs. on stocks owned
63,463
46,410
49,376
37,571
repairs and in part from increased cost of labor; but also from higher prices Net rent.,lease of rd.,&c
679
750
income
paid for materials. Taxes increased 15.25%, or $58,278. In the last two Miscellaneous
years tax payments have increased from $336.379 to $440,521, or 30.96%
125,509
108,521
155,698
109,147
other income___
net increase in interest on funded debt was $57.090, and there was
Total
The
1,551,823 2.189,786
2,397,160 2,772,709
an increase of$159.002 in paymentsfor hire of equipment. There is charged Total net income
Deductto the year's income 830,930 for discount. &c., on securities sold. [After
fixed and other charges there was a deficit from the operations of Int. on funded debt__.... 2,109,128 2,052,038 2.038,498 2,003,723
meeting
95,557
91.724
71,157
88,459
the year of $153,392, contrasting with a surplus of $451,894 for 1912-13.1 Int., diset & exchange_
10,187
30.930
-In further explanation of the loss sustained in the year's gross Miscr11. charges
General.
163,033
88,642
55.050
322,035
crop production for last year was ex- Hire of equip., bal
earnings, it should be stated that the
ceptionally large, and in consequence the earnings for that year were larger
2,320,815
2,129.930
for any previous year since the company began operations. But for
Total fixed, &c.,chgs. 2,550,552 sur.451,894 2,218,864 sur.59,866
than
deL667.041
the year just closed the crop conditions were just the reverse, and, besides Balance, sur. or def---def.153,392
this handicap, the communities in the territory contiguous to the lines of
BALANCE SHEET JUNE 30.
the effects of the general industrial depression which prethe system felt
vailed throughout the country and which grew steadily worse as the year
1914.
1913.
1913.
1914.
progressed. On the other hand, the growth of through and inter-line traffic
Mantes
this year there
A sselsis best indicated by the statement that for previous year. was an increase
62,616,792 common stock-15,370,200 15,370,200
The Peoria line Road & equip't__a62,652,925
of 6.35% following a gain of 14.97% in the
Preferred stock... 5,917,500 5,917,500
continues to grow in importance and during the year a steadily expanding Sec. of ann., dre., 1,771,878 1,271,678 Bonds& notes (see
-Pledged__
this gateway. As said
cos.
volume of inter-line freight traffic passed through a measure
*127,600 *623,600 "Ry.&Ind."Sec)43,698,095 42,982,095
Unpledged
adversely afboth freight and passenger earnings were in
below,
227,345 Equip, trust notes 859,000 1,004,000
202,418
Cash
fected by the adjustment of rates following the decision of the U.S. Supreme See. iss'd or assu'd*2,197,382 *2,948,382 Bala payable
1,027,025 1,438,000
Court in the Minnesota Rate Case. and bills payable during this year Other securities_ 629.336
629,336 Vouchers & wages 1,461,354
981,793
serial note obligations
-The
Notes.
270,011 Traffic, Ste., bus.. 137,467 deb23,748
against which we have in Agents & conduc_ 360,058
were reduced from $5,442,000 to S4.386,025, obligations will be further Cos. & individuals 492,487
539,644 Agents' drafts__
54,166
52,884
treasury $7,447,000 available bonds. These
the
401,876 Waren. accounts_ 561,322
558,773
year.
Material &supplies 358,852
reduced during the ensuing ing debt increased net,
20,722 Matured interest..
19,668
98,931
95,737
viz.:
miseen. accounts.
-Fixed interest-bear
Debt.
114,071 Taxes accrued
277,597
294,204
$571,000..
lined). frt. claims 133,777
ed___Refunding and Extension 5% gold bonds(V. 98. p. 913,
Accrued interest.- 499,272
503,588
Unexting. dLsc't on
6% gold notes. $500.000; for addi1316) to retire one-year $90,000; to retire equipment trust
89,890
705,850 Oper. reserves
101,073
securities sold._ 1,314,156
betterments,
tions and
1,668
118,690 Misc, def. credits.
2,320
D. RR. 2d M. bonds deposOther def. assets._ 103,513
notes. $126,000; for D. M.& Ft.
Profit and loss_ _ _ 281,721 1,238,070
$1,216,000
$500,000
ited under Ref. and Ext. M. p. 304) for retirement of onegold notes (V. 98.
Two-year 6%
70,363,650 70,488,027
70,363,650 70,486,027 Total
Total
2,500,000
year 5% goldnotes
$145,000
trust notes
Retired during the year-EquiP, through issue of 6%
a After deducting reserve for accrued depreciation of equipment,8582.retired
One-year 6% gold notes Ref. and Ext. M.bonds--3,000,000
-V. 100, 1). 55.
430. • At par.
gold notes and $500,000
THE CHRONICLE
JAN. 23 1915.1
Tanana Valley (Alaska) Railroad.
(Report for Fiscal Year ended June 30 1914.)
Pres. Falcon Joslin,60 B'way,N.Y.,Nov.10 wrote in sub.
-The number of passengers carried was 27,832. as against 41.682
Results.
for the preceding year; tons of freight, 10,231. as against 13.210. In spite
of reduced expenses, income account, after deducting interest and sinking
fund charges, shows a deficit of $15,010, as against a surplus of $8,203 for
the former year. The persistent decline in business going on for the past
two years is the result partly of the gradual depletion of the rich Bonanza
mines in that district and partly of a general stagnation in the Territory
by reason of theconservation policies, of the Government in withdrawing
the coal and other resources from development. 10,000 ties were renewed
at a cost of 84,150 and bridge timbers were renewed to the value of $2.060.
During the next two years there must be larger expenditures for ties and
bridge timbers.
New Policg of Government.
-In March 1914 there was passed by Congress and approved a bill for the construction by the U. S. Government
of approximately 1,000 miles of railroads in Alaska at a cost estimated
at 835,000,000 (V. 98. p. 658. 809). In July another Act of Congress,
s
.s
e
for which the writer labored, was approved relieving the railroads in M.kt
of the burdensome $100 per mile per year license tax; a tax of 1% on gross
earnings was substituted therefor. There has also just been passed a bill
for the leasing of coal lands in Alaska, which have been withdrawn from
use for the past eight years; this is expected to result in the opening of coal
mines and greatly aid in a general revival of business.
-The decline in revenues left the company without sufficient
Default.
funds to meet the semi-annual bond interest due June 11914. but in May
a bank loan of $10,000 was secured at Fairbanks, endorsed by the President, to meet this interest. Unfortunately the revival of business did not
come. There was also a most unfavorable season. Rains were incessant
throughout the summer and fall, with severe floods, causing the loss of one
bridge and the injury of others, and greatly increasing the cost of track
maintenance. The high water in the river also enabled the steamboats
to come directly into Fairbanks, and no steamboat freight whatever between Chena and Fairbanks was secured, which in former seasons produced
a substantial part of the annual revenues.
The company, therefore, finds itself wholly unable to meet its semiannual bond interest due Dec. 1 1914. In fact. its revenues have not
been sufficient to pay the loan at Fairbanks, though up to Oct. 1 it had been
reduced to 86,000. On Jan. 1 1914 the balance ($33,000) of the collateral
trust note; was paid off, the company borrowing 820,000 in N. Y. upon
pledge of the $91,000 bonds formerly securing the note issue; on July 1 1914
this loan was reduced to $15,000.
Outlook.-Whtle the days of rich Bonanza mining have greatly declined,
there are, undoubtedly, very large reserves of low grade placer gravel yet
to be worked. It has been estimated these low-grade gravels contain more
gold than has yet been produced in the district. They cannot be worked,
however, except with the investment of considerable capital and at much
lower cost for transportation,fuel supplies and wages. These will undoubtedly come with the completion of the Government railroad to Fairbanks,
and then will begin a new era of mining with much longer life than the
Bonanza days. The year 1914 will probably show a production about the
same as 1913. Development is proceeding very slowly because of the lack
of capital as well as the high cost of fuel, labor and supplies.
The past season has again demonstrated the surprising fertility of the
soil of the Tanana Valley. More than 800 tons of potatoes of excellent
quality were produced this season in the vicinity of Fairbanks, some crops
going as high as 300 bushels per acre. Oats, barley, rye and wheat were
ripened, but these crops are mostly cut for hay. As high as four tons to the
acre of oat hay were produced. Farming is proving a profitable businesb
and land clearing Is proceeding steadily but slowly.
During the season just closed the U.S. Alaska Railroad Engineering Commission has had 12 surveying parties in the field, mapping routes preparatory to construction. One route was surveyed into Fairbanks along the
Tanana River from the mouth of the Nenana River, following our tracks
from Chena to Fairbanks, 10 miles. Another route into Fairbanks was
surveyed along the lower Goldstream Valley and follows the tracks of the
Tanana Valley RR. from Happy Station to Fairbanks, 7 miles. The beginning of this construction must result in the long-expected, long-delayed
increase in population and business in the Fairbanks district. It seems
quito certain that a connection on some satisfactory basis will be made
with our line.
Wages and salaries have been rdduced, and every possible economy put
into effect. The writer's salary Is duly credited but payment postponed.
With reasonable patience and co-operation of the bondholders and creditors it is believed that the interests of the security holders will not suffer.
RESULTS FOR YEARS ENDING JUNE 30 1914 AND 1913.
1913-14. 1912-13.
1913-14. 1912-13.
Pass'ger(inc.mall) $46.944 $66,591 Gross income__ $21,889 $56.916
Freight
67,559
96,532 let M.bd.interest 34.525
34,635
Miscellaneous_ _ _ _
2,077
4,636 Other Interest_ _
2,025
3.040
Sinking fund on
Gross earnings_8116,580 $167,759
1st M. bonds_
349
2.228
Operating expens- $94,260 8110,609
Coll. tr. notes,&c
8.810
Net earnings_ -- $22,320 857,150
Total deductions $36,899 $48,713
Balance, surplus
Outside operat'ns
or deficit_ _ _ _def.$15,010 sur$8,203
234
(net), deficit _ _ _
431
Gross income- 821,889 $56,916
BALANCE SHEET JUNE 30 1914.
1914.
Liabilities1913.
1913.
1914.
linen-Freely & equipl.$2,119,116 $2,120,612 Common stock-31,000,000 $1,000,000
300,000
22,125 Preferred stock__. 300,000
17,788
Materials& suppl_
576,000
575,000
528 Funded debt
512
Unexpired insur_
1,798 Three-yr. 8% cell.
1,798
Wash. Alaska Bk_
33,000
trust notes
13,516
2,273
Cash
30,000
3,194 Notes payable__ _
2,287
Agents' balances__
2,542
4,108
5,207 Miscellaneous,_.
Accounts receiv_
4,657
3,540
3,779
Accrued interest__
Fire ins. recov'ble..
3,000
29.873
1,476 Redemp.fd. lst M. 30,122
Cash for skg. ids_
132
43,211
44,548
do coll. tr. note_
180,290
164,006
Surplus
Total
$2,151,563 82,168,456
V.
- 05, D. 1123.
Total
$2,151,563 82.168,456
New York State Railways.
(Statement for Fiscal Year ending Dec. 31 1914.)
305
Gary 86 Interurban (Electric) Railroad.
(First Annual Report Year ended June 30 1914.)
The report of the directors, dated at Gary, Ind., on
Sept. 1 1914, says in substance:
barnings.-Results for the year were disappointing. Since Aug. 1913
the Gary district has suffered from an unprecedented business depression.
Thousands of men have been laid off and mills and factories have either
been entirely closed or operated at greatly reduced capacity, in some instances hardly over 50%. Steel in its various forms constitutes the greater
share of the business of the cities of Gary, Indiana Harbor East Chicago
and Hammond, and probably no other industry in the United States has
suffered greater stagnation. These disturbing factors have heavily decreased our revenues, particularly the net revenues, in the cities of Gary,
Hammond, East Chicago, Indiana Harbor and La Porte. On the other
hand, there has been a steady and very considerable increase in the recelpts of the interurban lines east of Gary. [The gross earnings of the
"Interurban Lines East" were for the month of June 1914 $11.215. against
$8.565 in June 1913.1
In addition to the increased pas,senger revenue on the interurban lines,
there has been a promising increase in the freight business, including milk
and farm produce.
Below are the earnings of the Gary & Interurban Ry. Co. prior to the
consolidation and a statement [in the official report month by month]
for the Gary & Interurban RR. since the consolidation about Feb. 1 1913
(V. 96, ro. 1422, 359): "Lines east of Broadway" include the divisions from
G
Iary to Valparaiso Chesterton and La Porte, formerly operated by Goshen
South Bend & Chicago RR. Co., Valparaiso Sc Northern Ry and Gary
Connecting Railways Co., these companies having been absorbed in the
aforesaid merger. "City lines" include the street railway in Gary and
Hammond, formerly Gary & Interurban Ry. Co. "Indiana Harbor division" includes the Gary to Indiana Harbor, and Kennedy Ave. extension
embraces 3)4 miles from Indiana Harbor, to Hammond.
Additions, etc.
-The 3
extension from Indiana Harbor to Hammond on Kennedy Ave. was opened in April 1914. In May the Gary
Hobart & Eastern Traction Co. began operating into Gary over 5 miles of
our Broadway lines from Hobart, a town of 3.000 inhabitants, paying us
2c. per passenger and cost of electric current. With various other improvements, we have laid about 175 carloads of cinder ballast and over 13i miles
of pavement between rails.
-In 1913 we secured (a) additional franchises upon important
Franchises.
streets in Gary not yet occupied, with liberal time allowance for construction of its extensions'(b) a franchise from East Chicago and Whiting
providing for a 314-mlle extension to Whiting, having some 10.000 in,
habitants, as a link in the through-service route from Gary to Chicago. in
conjunction with connecting lines controlled by the Chic. City Ry. Co.
-A minority stockholder undertook to test the legality of the
Litigation.
,
consolidation. This suit has been a serious hindrance to proper financing
although we have full confidence that the consolidation will be upheld
9 was 1 51
Fas 4t . p 7 theaserior Court at Valparaiso, Ind., on Nov. 10. See
V.
-The rapid growth of the Gary district has
-Assessment.
Re-financing.
heretofore required heavy expenditures for increase of car equipment,
double tracking portions of the lines, paving in the cities, &c. After we
had procurred funds for the 11-mile extension to Indiana Harbor and had
nearly completed the line, the Baldwin Locomotive Co. discontinued the
construction of its great plant at that place pending the return of normal
conditions. This extension has not, therefore, up to this time, produced
more than its operating expenses. Since Oct. 1912. and Just after the
financing of the extension to Indiana Harbor and East Chicago by an issue
of$350,000 three-year 6% notes(V.95, p.890).the security market throughout the world has been greatly restricted. At the present time [Sept. 1914)
It is impossible to secure even ordinary extension of credit, owing both to
our unfortunate earnings the past year and the break down of the world's
system of credits, occasioned by the war.
The directors on Aug. 24 determined that it was essential to pay a considerable part of the floating debt antralsoto reduce annual interest, charges,
and they therefore voted, as the only practicable method, to call a 10%
assessment on the capital stock. This assessment, aggregating 8470,000.
was made payable in five monthly installments subject to forfeiture, re-sale
or cancellation of the delinquent stock in accordance with Revised Statutes
of Indiana (1908) Section 5693. It was estimated that we could thus
provide for such of the floating debt as must be paid now and in the near
future, and take care of any deficiency of earnings until a restoration of
normal business conditions. [The company was unable to meet promptly
the interest due Sept. 1 1914 on its 8350.000 6% convertible notes, and it
Is supposed that other int.payments are delayed pending a readjustment.]
Outbok.-We have about 85 miles of well equipped modern street and
Interurban railroad, serving directly and fully a population of over 150,000
people in the cities of Gary. Hammond, La Porte, East Chicago, Indiana
Harbor, Valparaiso and Chesterton, and the rich and fertile agricultural
section east of the city of Gary. This Gary district is nothing more than
the extension of the city of Chicago southward around the shores of Lake
Michigan. The future of your company, therefore, appears certain.
Already,in spite of the business depression,the gross earnings for the fiscal
year were over $332,000. We have some 50 cars. including 28 pay-as-youenter, double truck cars. Our bonded debt, about $25,000 per mile, is
small compared with that of many similarly situated electric railways.
There is every evidence that as soon as business conditions are normal'
a number of large industries will erect plants upon sites already purchased
in the Gary district. These include the National Tube Co., Amer. Locomotive Co., tin plate mills for the Amer. Sheet & Tin] Plato Co., Baldwin
Locomotive Works, &c. The U. S. Steel Corp. completed and placed in
operation, In July. a $2,000,000 steam driven slab mill and last winter
there was constructed on our Gary-Hammond division freight yards for
the New York Central Lines, costing about $1.500,000. and employing
250 men. There is already noted by the U. S. Steel Corporation a distinct
increase in the orders of the company in Gary.
The pay of officers has been reduced 50%. although the salary of the
General Manager, the largest pald, was only $400 per month.
[Signed by directors F. N. Gavit (President), A. C. Miller, L. E. Woodward, E. W. Poe, F. IL Wood and C. W.Chase.
EARNINGS OF GARY & INTERURBAN RY. CO. PRIOR TO CONSOL.
Gross.
Net.
Net.Gross.
1909
841,340 $11,53111911
8154.310 862,008
1910
111,745 50,416 1912
206,971 93.795
EARNINGS FOR 17 MONTHS ENDING JUNE 30 1914.
Total
5 Mos. to
Year
Gross Earnings17 Mos.
June 30 1913.
1913-14.
Interurban lines east of Broadway__
$119,139
$29,845
$89,294
Lines west of Broadway, excluding
hid.
311,442
& Kennedy Av.lines_ _ 216,968
94,474
Indiana Harbor line
34,395
24,127
10,268
Kennedy Ave. Line (4 mos. ending
2,229
June 30 1914)
2,229
SUMMARY OF OPERATIONS FOR YEARS ENDING DEC. 31.
[Making necessary allowances for inter-company charges and including
$467.206
Total for periods
$332,618
$134,587
proportion of Schenectady Ry. Co. and Ontario Light & Traction Co. Total operating expenses for 17
$368,474
months
surplus applicable to New York State Railways.
1911.
1912.
$98,731
Net earnings
1913.
1914.
Gross earnings
185,761
$7.595,002 57,796.228 $7,542,195 87,123,511 Interest and taxes
4.269,145
Expenses & deprec'n
4,600,573 4,848,413 4.666,839
887.030
Balance, deficit, for 17 mos.ending June 30 1914
Net earnings
-Inter82.994,429 $2,947,815 $2,875,356 82,354,366
Percentage of operating expenses based on motor car mileage:
Taxes
452.654
407,608 urban lines east 29%; all dty lines 71%.
502.779
496,660
JUNE 30 1914.
Net(after taxes)
$2,497,769 $2.445,036 $2,422,702 $2,446,758 BALANCE SHEET OF GARY et INTERURBAN RR.
Net non-oper. revenue
Assets (57.518,291)173.434
169,079
Liabilities ($7,518,291)
165,467
170,100
$4.720,870
Cost of road
$5,598,131 Stock ($997,995 pref.)
x1,850,000
Gross income
13,334 1st M. 5% bonds
$2.615,136 $2,596,136 $2,615,837 Note discount, &c
82,663,236
238.875
Inc. ded. (int. & rent),.... 1,355,466
1.119,588
1.166,260 Securities other companies__ 2,500 Coll, tr. notes 20-yr. 4%
1,240,640
Supplies
48,433
3-year 8%,(Sept. 1915)____ 350.000
Net income
81,476,548 $1,449,477 East Chicago Street Ity
M. 2-yr.8% notes(Nov.1915) 100,000
350,000
$1,307,770 81.374.496
44.000
G.& I. RR.Co. stock
Prop.to Nolt•S•R s
278,500 Car trust notes (1915 & 1018)
'
421,905
ec
Schentady RT.,i coy,
61,151
50,969 Stock premium on notes, Ste
75.007
18,993
88,000 Bilis & accts. payable
12,398
Ont. L.& '1 r. Co., 100%
taxes
3,356
Cash and receivables
5,270
4,447
49,924 Accrued int. &
2.453
10.243
Profit, loss
87,030 Miscellaneous
Total net income
$1,329.216 81.453,950 $1,541.055 31.505.716 Miscellaneous
2,435
Divs, on pref. stk.(5%) $193,125
$193,125
$193,125
$193,125
Divs, on corn. stock_ _ _ (5)997,350 (6)1,196,820(6)1,196.820 (6)1,196.820
x Includes, it Is understood, in addition to First & Ref. M. 5s of 1910
$400,000 Gary Connecting Ry. 1st M.5s (V. 93, p. 1386) and 8250,000
Balance, surplus
$151,110
$138,741
$64.005
$115.771 Valparaiso & Northern Ry. 5s. (V. 98, p. 612.) The $100,000 mortgage
-V. 99, p. 894.
2-yr. notes were issued by Goshen So. Bend & Ind.(V. 98, p. 610).
THE CHRONICLE
306
loo.
Armour & Co.(Meat Packers), Chicago.
(Report for Fiscal Year ending Oct. 31 1914.)
Treasurer F. W. Cro11 is quoted as saying:
EARNINGS FOR CALENDAR YEARS.
1913.
1914.
Deduc's (con.)- 1914.
1913.
Net sales
313,109,442 313,515,305 Res.for conting.
847,417
5,400 Prof. dive_ - (77)3560,000 U)420,000
Other income
5,400
(5
Common divs.
(4.0720,000
Gross business in 1914 amounted to $375,000,000. against $350,000.000
Total Income_313,114,812 313,520,705
in 1913, an increase of $25,000,000. Net earnings, $7.509,907, are 63'% Oper., &c., exp. 11,385.830 11,272,136
Total deduc'ns $1.517,861
$705,292
upon the net capital invested of$109,733.117,or about 2% of the total sales.
Balance,surplus $211,148 31,543,277
The company has largely increased its business in South America and AusNet income__ $1,729,012 $2,248,559 Bal. carr. forw'd 1,622,421
79,144
tralia during the last fiscal year, owing to the live-stock shortage in this Bond.dre.,int__
315,281
329,768
country.
Depreciation.__
208,107
222,583
Total surplus_ 31,833,569 31,622.421
INCOME ACCOUNT.
BALANCE SHEET DECEMBER 31.
Year endingOct. 31 '14. Nov. 1 '13. Nov. 2 '12. Nov. 4 '11.
Gross business (about)-375,000,000 350,000,000 285,000.000
1913.
1914.
1911.
1913.
(7)
Net profits on manufacAssets
Liabilities$
$
tures and sales
WI est.,plants,&c..*3,190,333121,155,566 Common stock._ _18,000,000 18.000,000
11.148,654
9.236,782 8,655,873
5,611,101
Net Armour car lines_l 2,455,046
Good-will,pat.,&c.18,000,000f
Preferred stock_ ._ 8,000,000 8,000,000
1,922,293
1,353,0775
486,726
Net from allied cos____
1
460,000
436,016 Workinprocess,&e. 1,492,522 1,931,237 Notes payable_
Miscellaneous
460,041 Accounts payable_ .42,647
531,112
103,931
197,018
121,357
76,204
104.734 Cash
Manuf'd goods._ _ 2,530,339 2,441,265 Res've for coating.
40,663
77,417
Total net income__-- 13,707.631 11.356,093 10,130,307 6,638,577 Customers' accts *1,890,020 •
1,944,336 Res. for taxes,&c..
19,759
ExpendituresMfg. & oper. supSurplus
1,333,563 1,622,421
Int. on borrowed money 2,213,066
292.341
6286,144
Plies, dm
1.538,747
916,969
725,992
Interest on bonds
1,346,301
16,118
11.235
1.346.301
1,346,301
1.398,082 Notes receivable
Administrative expenses 1.578,361
1,419,234
1,410.169
1,295,794
Taxes, insurance, &c
Total
27,936,633 28,236,042
Total
1,059,996
27,936.638 28,236,042
1,023,615
755,221
708,656
Surplus for the year._ 7,509,907 6,028,196
5,701,647
2.510,053
Out of the surplus earnings yearly there was paid $2,000,000(10%) yearly
dividends.
BALANCE SHEET OCT. 31.
1914.
1913.
1914.
1913.
Assets
Liabilities$
S
Lands, bldgs., maCapital stock_.._ 20,000,000 20,000,000
chinery, &e_ _ _ _49,916,729 47,850,084 Bonds
30.000,000 30,000,030
Refrig. & oth. cars10,872,298 11,243,352 Bills payable
40,913,600 25,815,100
Inv. in allied cos_ _ 20,344,640 17,653,957 Acc'ts payable__ _ 5,023,415 4,988,537
Math & supplies_44,672,448 41.130,842 Reserve for bond
Misc. mark. Inv__ 9,830,640 9,601,466
Interest
567,739
Bills receivable__ _ 5,745.334 4,338.512 Profit and loss_._ 4 89,733,1174 571,438
'
'84,223,209
Acc'ts receivable_37,770,199 28,365,362
Cash
7,085,581 .5,409,710
Total
186,237.869 185598,285
Total
186,237.869 165598,285
* Before deducting div paid Jan.following ($2,000,000).-V. 100,
p. 231.
Morris & Co. (Packers) ,Chicago, Ill.
(Report for the Year ending Oct. 31 1914.)
Year end.
Year end.
Year end.
Od.31 '14. Nov. 1 '13. Nov. 2'12.
Net profits on manufactures and sales
$4,289,347 $3,983,398 $3,873,160
Miscellaneous earnings
345,238
396.566
207,811
Total income
$4,634,585 $4,379,964 $4,080,971
Deduct
Interest on bonds
$523,500
$532,500
$541,500
Administrative expenses_
957,496
951,855
924,518
Int. on borrowed money' 980,8945
542,733
366,556
Taxes, insurance, &c___ f
1
435,879
402.766
Net earnings
Dividends
Year end.
Oct.28'11.
$3,017,599
92,106
$3.109.705
$550,500
815,452
315,013
391,993
$2,428,912 $2,462,967 $2.268,318 $2,072,958
$2,205.673 $1.916,997 $1,812.653 $1,036,747
(15%)450,000 (12)360,000 (6)180,000 (6)180,000
Balance, surplus
*Includes real estate, buildings, machinery, vehicles and equipment at
Troy, Rochester, Waterford and Corinth, N. Y.; South Norwalk, Conn.,
Leominster. Mass., and St. Johns, Quebec; together with furniture and
fixtures at sales-rooms.
a After deducting amount held in reserve for cash dic'ts & sundry debtors.
b Includes manufacturing and operating supplies and deferred charges to
operations, including advances applicable to spring season of 1915.
c Including taxes in 1914.-V. 100, p. 232.
Northern Securities Company, New York.
(Report for Fiscal Year ending Dec. 31 1914.)
President James J. Hill, Jan. 11, wrote in substance:
There has been no change during the past fiscal year in the investments
of the company. The net income is substantially the same as last year,
the slight decrease shown being due to the payment last year of the U. S.
Income tax for 1913. The bills payable have been reduced $20,000 to
$120,000 on Dec. 31 1914. The directors have declared a dividend of 2%
on the capital stock, payable on this date.
The regular dividend of 8% per ann. has been received from the Chic.
Burlington eb Quincy RR. Co.
The Crow's Nest Pass Coal Co. has paid no dividend during the year upon
Its capital stock. The officers advise us that its operations during the
earlier part of,the year were on a satisfactory basis, but subsequently were
reduced, owing to the general depression in business. Following the
previous policy, the net earnings have been applied to the improvements
and betterments and to the continued reduction of its floating debt.
RESULTS FOR CALENDAR YEARS.
1914.
1913.
1912.
1913.
Divs.from C. B.& Q. RR.
(reg. 8%)
$119,704
3119,704
3119.704
3119,704
Divs. Crow's Net Pass C.
(1)27,552
Interest
34
40
Total receipts
$119,704
Deduct-Taxes
$4,461
Administrat n expenses
12,592
Interest on loans
4.795
Dividends
(2)79.072
3119.704
33.477
12,909
4.918
(2)79.072
1119.738
$147,296
$3,477
$3,679
15.521
20.609
5.615
5,438
(2)79,068 (3)118.590
$1.755,673 $1,556,997 $1,632,653
$856.747
Total deductions____
$100,920
$100,377
$103.681
$148,316
GENERAL BALANCE SHEET.
Balance
sur$18,784 sur$19,327 sur$16,057
def$1,020
Oct. 31 '14. Nov. 1 '13.
Oct. 31
1.13.
Nov.
BALANCE SHEET DECEMBER 31.
Assets
Liabilities
1914.
1913.
Debits1914.
1913.
Pack. h'se,real est. 650,489
650.489 Capital stock____ 3.000,000 3,000,000 Organization exp. $85,048
$85,048 Capital stock_ _ _ .S3,951,000 $3,954,000
do bldge.,mach.,&c12.234,736 12,058,273 Bonds
11,500,000 11,700,000 Investments
.6,599,975 0.599,954 Div.unclaimed,..
5
5
Br.mkts.,blrigs.,&c 2,880,656 2,851,142 Bills payable
10,133,851 9,814,942 Cash
59,757
60,922 Bins payable
120,000
140,000
Car equipment__ 2,351,568 2,282,972 Accts. payable_ _ _ 1.838,895 1,610,536
U.S.Income Tax_
72
3,476,217 3,432,632 Bond Int. accrued_ 172,500
Cash
176,952
Surplus
62,670,703 2,651,919
Products & supp_ _ 19,297,166 19,823,721 Res.for depr.,&e_ 3.861,398 3,552,871
Marketable invest. 7,336,918 7,514,352 Sur. to Oct.31'08_20.228,588 26,228,588
Total
36,744.780 36,745.924
Total
36,744,780 36,745,924
Accts.& bilis rem _10,217,750 10,454,910 Sur.sineeOct.31'08 7,710,268 5,954,595
The item of investments includes in 1914 14,963 shares Chicago Bura
lington & Quincy RR., valued at $2,858,788; 27,552 shares Crow's Nest
Total
58,448,500 56,058.491
Total
58,448,500 56,068,494 Pass Coal Co., Ltd.,
33,741.166 and $21 N. S. fractional scrip $22.
-V. 98, p. 301
b Before deducting 2% dividend paid Jan. 10 1915.-V. 98. p. 302.
Childs Company, New York.
(Report for Fiscal Year ending Nov. 30 1914.)
Gross profits
Dividends paid
Surplus for year
Previous surplus*
1913-14.
$731,049
593,091
1912-13.
$863,606
657,782
1911-12.
$881,103
609,436
1910-11.
$957,479
474,998
$137,958
188.721
$205,824
263,006
$271,667
239.719
$482,481
984,428
Total surplus
3326.679
$468.830
$511,387 $1,466,909
*After amounts transferred to reserve and depreciation accounts and
also, in 1911-12, common stock dividends of 33 1-3% •
Dividend Record (Per Cent) of Common Stork-Calendar Years.
1902. 1903. 1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911 to 1913. 1914.
134
3
3
336 434 534
6
734 834
10
734
Also 33 1-3% paid in stock Dec. 1911. V. 93, p. 1728. yearly
1791.
BALANCE SHEET NOV. 30.
Assets1914.
1913.
1912.
1911.
Estab. plants, leaseholds, &c
47.934,851 $7,657.408 $6,823,049 $6,274.274
Res. fund, real estate
and cash in banks..
607,984
511,564
472,109
391,170
Cash on hand and in bks.
454,204
507,236
445,945
367,827
Stocks owned
730,100
730.100
730.100
767,700
Notes rec.,open accts.,&c.
316.256
414,181
423.477
254,747
Merchandise inventory_
83,466
186,914
73.805
69,609
207,500
Real estate, less mtges
107,500
105,000
95.000
Total
$10,334,361 310,044.903 $9,073,485 $8,220,327
Liabilities
$3,999,755 $3,999,755 $3.999,755 $3.000,000
Common stock
4,374,200 3.916,900
Pref.(7% cum. stock)
3,000,000 2,500,000
Notes & accts. payable_ 1,025,743
1,117,854
1,090,235
862,248
607,984
541,564
Reserve account
472,108
391,170
326,679
468,830
Surplus
511.387
1.466,909
310,334,361 310,044,903 $9,073,485 $8,220,327
Total
rafter deducting depreciation of $1,260,635.-V. 100, p. 232, 57.
Cluett, Peabody & Co., Inc. (Collars, &c.), Troy, N. Y.
(Report for Fiscal Year ending Dec. 31 1914.)
Prest. F. F. Peabody, Troy, N. Y., Jan. 15, wrote:
The general lansiness conditions of the country during 1914 are reflected
In the second annual balance sheet and income account. The principal
causes of decreased earnings are the overhead expenses, due to manufacturing and selling organizations being advisedly kept intact through a year
number
of reduced business activity, and the greatly increasedonly 3% and amount
of mercantile failures. That the sales have declinedthe sound and the colcondition of
than 2% is a matter of satisfaction; and
lections less
the company is shown in the absence of all bills payable. We have no
bonds or mortgages.
American Brake Shoe & Foundry Co., New York.
(13th Annual Report Year ending Sept. 30 1914.)
Pres. Otis H. Cutler says in substance :
Results.
-Notwithstanding the general depression in business,the results
shown are fairly satisfactory and we were able to pay 8% on the pref. stock.
7% on the common stock and carry $301.572 to surplus. The net profits
of $1,023,572 (a reduction of $256,015) have been arrived at after making
the usual liberal charges for depreciation and reserve accounts.
Except at Uniontown, all the plants were operated throughout the year,
the average being 61% of capacity. Fortunately the decrease in tonnage
has been accompanied by a decrease in the cost of production.due to dedining market prices of material, more efficient management of labor and
generally improved methods of operation.
-The reduced volume of business and consequent diminuInvestments.
tion of profits proceeding from direct operations have been to a considerable extent offset by the larger income derived from investments. With
large cash balances on hand and only current liabilities,the company was
in a position during the last few months of the year to invest advantageously,
under the capable advice of its Finance Committee, in certain high grade
securities yielding liberal interest returns. These investments appear on
the general balance sheet as "short term notes and loans" under and included in current assets.
-The plants have been maintained in efficient condition
Additions, &c.
and about $98,000 has been spent for additions and betterments, including
the purchase of a desirable manufacturing site in Los Angeles in anticipation of probable need for a plant in that district.
-This subsidiary company's operations were satisSouthern Wheel Co.
factory,though ,on account of the general depression in business,the volume
of orders was not as great as had been expected. Out of the year's profits
6% was paid as dividends anti, after making liberal charges for depreciation, a satisfactory balance was carried to surplus.
The Atlanta plant was destroyed by fire on Feb. 26 1914, but it was
fully insured and a new plant of steel and concrete is now under construction on the old site and will probably be in operation by Feb. 1915. Its
cost will be met within a few thousand dollars by the insurance collected.
In the meantime our customers are supplied from the other foundries.
-Early in the year the business of the Lancaster
American Malleables Co.
plant was fairly satisfactory, both in volume and profits, but in succeeding
months it was necessary to reduce operations to a minimum. The result,
however, showing for the first time net profits of more than 6% on capitalization, indicate that on a resumption of normal business conditions this
company may be relied upon to make reasonable dividend payments. A
small malleable foundry advantageously located at Owosso, Mich., with
reference to automobile trade was completed. in August last, and is capable
of turning out 225 tons of castings per month whenever needed.
Edgar Allen American Manganese Steel Co.
-This company's business,like
all affiliated linos, suffered from the general depression, but the diversity
of its product materially assisted in enabling it to earn and pay pref. dividends at the usual rate after a liberal addition to reserve funds, and left
a balance for surplus.
Depression in Railroad Equipment Lines.-Thls may be fairly estimated
from the published records that in eleven months ending with Nov. 1914
only 956 locomotives and 70,957 new cars were purchased, compared with
an average annual demand of about 3,700 locomotives and 188,000 cars.
For the last 15 years the previous low annual record was In 1908, when
1,182 locomotives and 63.988 cars were ordered. (Compare "RR. construction, &a." V. 100. p. 142.)
JAN. 23 1915.]
THE CHRONICLE
INCOME ACCOUNT YEARS ENDING SEPT. 30.
1913-14.
1912-13.
1911-12.
1910-11.
*$1,059,745 $1,316,579 $1,052,719 $1,028.808
36,173
36,992
38,271
39.541
Net profits
Interest on bonds
Net profits
Divs. paid-Pref
Common (7%)
Balance of profits
$1,023,572 $1,279,587 $1,014,448
(8)400,000(74)370.000 (7)280,000
322.000
304.500
252,000
$301,572
$605,087
$989.267
(7)280,000
252,000
8482.448
•Includes earnings from operation of plants, after deducting
turing, administrative and selling expenses and depreciation, and
other income and earnings of subsidiary companies.
BALANCE SHEET SEPT. 30.
1914.
1013.
1914.
Assets
Liabilities
Plants, patents,&c. 8.206,338 8,092.777 Preferred stocks__ 5,003,030
a Inveetmenrs____ 3,444.165 3,467.705 Common stocks__ 4,600,000
Cash
714,005 1,238,828 First mtge. bonds_ 710,000
Accts. & bills rec. 1,566,951 1,521,087 Reserve funds_ ___ 1,087,914
Short-term notes,
Accounts payable_ 471.221
&c
770,381
Accr'd bond int.__
2,958
Inventory stores_ _ 981,756
945,390 Surplus
4,302,918
Manufac. stock
491,415
521,367
Total
16,175,011 15,787,154
Total
$457,267
307
crossing elimination was $5,840,000, and there is now under construction;
made necessary by law, other eliminations which, if carried out, will cost
us about $3,800,000. To replace the present wooden passenger equipment
on the road with steel equipment would cost upward of 322.000,000. Out
of 1,972 passenger-train cars owned by the B. & M. more than 43% are
20 years old and over.
-V. 100. p. 138. 53.
Brazil Railway Co.-Bondholders's Committees.
-In view
of the receivership and interest defaults made or expected,
the following committees were recently announced:
Brazil Railway 4%% 1st M. Bonds.
-William Plender (Chairman) Herbort Jekyll, Thomas Aitken, Claud P. Serocold. Depositary, Union of
London & Smith's Bank, Ltd., London.
Brazil Railway 5% Convertible Debentures.
-Lord Ritchie of Dundee
(Chairman). Arthur Hacking, Geoffrey Marks, F. Wise. Depositary,
Glyn, Mills, Currie & Co. London.
1913.
Madeira-Mamore Ry. 18'1 M. Bands.
-Sir William Haggard(Chairman),
5.000,000 G. Watson, A. M. Hawthorn, Henry A. Vernet. Depositary, London
4,600,000 County & Westminster Bank, Ltd.. London. Compare V. 100, p. 53.
729,000
Canadian Northern Ry.-Listed.-The London Stock
953,552
490,218 Exchange has listed the initial £3,000,000 4% guaranteed
3,038 debenture stock guaranteed by Government
of Dominion of
4,011,346
manufacincluding
16,175.011 15,787,154
a Investments Include American Malleables Co.. Edgar Allen American
Manganese Steel Co., Southern Wheel Co. and miscellaneous mortgages.
V. 100, p. 142.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Baltimore & Ohio RR.
-Orders.
-The company has
placed contracts for 2,000 freight cars for immediate delivery, divided between the Cambria Steel Co.and the Mt. Vernon Car Mfg:Co. of Mt. Vernon, Ill.
The company, it is said, may order 2,000 more cars from the same corn
ponies. It is also in the market for 25,000 tons of steel rails and it is expected that the order will be given out shortly. An order has been placed
for 2,500 tons of standard section rails and 30,000 kegs of spikes.
Mortgage by Subsidiary.
-The Sandy Valley & Elkhorn
Ry., whose stock is owned (V. 95, p. 889), has filed a mortgage to secure an auth. issue of $5,000,000 bonds.
Canada (see V. 99, p. 1450).-V. 100, p. 139.
Chicago & Eastern Illinois RR.
-Committee Asks Deposits of Purchase-Money Coal Bonds-Purchase .of Coupons
Feb. 1.
-Receivers having been appointed for the coal properties securing the $5,167,000 5% purchase-money first lien
coal bonds of 1912-(V.99, p. 1596), and default in the payment of interest maturing Feb. 1 1915 being anticipated, the
protective committee named below urges, by adv. on another
page, the deposit of these bonds with the Metropolitan Trust
Co.,49 Wall St., on or before Feb. 5. The com. says in part:
It is essential for the committee forthwith to make necessary financial
arrangements to secure funds for the operation of the properties In order to
avoid the large loss which would ensue should mining be discontinued.
Prompt and concerted action is, therefore. imperative.
The committee has arranged with bankers
enable it to advance to any depositing holder for the necessary funds to
the Feb. 1 1915 coupon (should the same not beso requesting the amount of
the security of the bonds and coupons depositedpaid by the company), upon
by such holders. and which
payment will be noted on the certifs. of deposit held by them respectively.
Committee: George C. Van Tuyl Jr., Chairman, Frederick II.
Jerome J. Hanauer, Arthur B. Leach and William II. Williants, NewEckel',
York,
and Maurice Hely-Hutchinson, London, with James F. McNamara as
Sec.,49 Wall St., and Alfred A. Cook as counsel. Compare
V.99,9.1596.
1748, V. 94, p. 629; V. 95, p. 1039, 1122. 1393.----V. 100. p. 228.
Chicago Milwaukee & St. Paul Ry.-Option to Subscribe
for Bonds.
-All shareholders of record, common and pref., at
close of business Jan. 29 will be permitted to subscribe at the
Boston & Maine RR.
-Proposed Legislation to Permit office, 42 Broadway, N. Y., on or before March 1 1915, at
Reorganization.
-Gov. Walsh of Massachusetts, in a special par and int., for the authorized issue of $29,141,300 55 convertible General & Refunding Mtge. gold bonds, Series B,
message to the Legislature yesterday, said:
2
In my address to the General Court of Jan. 7, I called your attention in amounts equal to 12y% of their respective holdings.
to the pressing need of legislation to enable the Boston & Maine to readjust Warrants issuable about Jan. 29. Circular of Jan. 15 shows:
its
The bonds thereunder, as far as issued, have been given to the B. & 0.
to reimburse it for construction expenditures. The mortgage was erroneously reported in the newspapers as having been made by the B. & 0.V. 100, p. 228.
relations with subsidiary lines leased and operated by it and thereby. to
relieve its shareholders from an intolerable situation and avert the disintegration of the system, harmful alike to the public and to the leased companies. The trustees of the railroad will shortly present to you a request
for such enabling legislation as they consider desirable and practicable; I
rgee iati andther
um uxo eyou
imett tt
airiaggance of giving to their recommendations your
n
t
Plan, &c.
-As indicated above, a financial readjustment
plan is in preparation. This plan, it is believed, will provide
for unifying the system by offering pref.stock at various rates
.
for the shares of most, if not all, of the numerous subsidiary
companies. These companies comprise a large and important part of the system and are now receiving regular dividends under the terms of leases. The outstanding $27,000,000 ofB.&M. %notes will mature March 1. There has been
6
a rumor as to the possibility of a receivership, but no official
announcement on the subject.
At the hearing before the Mass. P. S. Commission on
Jan. 7 on the question of raising passenger fares, President
Hustis as quoted said in part:
Notwithstanding some of the leased-line rentals are based on 8% and
10% on capital stock and 5% and 7% on bonds, yet by reason of premiums
received from sale of stocks, the average carrying tate of all is lower than
the guaranteed dividend rate. It is safe to say that the net earning power
of these leased lines would be less now, if °petaled separately, than before
they were leased to B. & M. There is no power by which the company
may modify these leases except by mutual consent. But whether the
Boston & Maine is to continue as a system, or whether because of its failure to meet its obligations its leased lines are again to become separate entities depends very largely on the attitude of the holders of the leased-line
securities.
The situation will probably show some Improvement with the increased
revenue under the higher rates of tariffs recently approved by the State
and I. S. C. commissions. Theotetically, these advanced rates. including
the 5% increase on through trunk-line(might traffic, should yield an additional revenue of $1,500,000 _per year. The increase from express revenue
should yield upwards of $225,000 per year. These estimates. however,
are predicated on the earnings of 1913, the year of greatest gross earnings.
With the smaller volume of traffic now moving, it is doubtful if the expectation will be met, and even if the full amount is realized, the additional
revenue will be sufficient only to enable the road to pay interest charges,
rentals and other fixed charges and thus maintain its solvency.
Even with the increased freight and passenger rates which have been authorized. and those which have been included In this application [estimated
to yield a net increase of $300,0001, undet present conditions B. & M. will
not cant its fixed charges for the present fiscal year. The return of prospet ity, however, should be of material as.sistance in overcoming this deficit.
The reports for the six months ended Dec. 31 (last month estimated)
show about the same results as for the same period in 1913, notwithstanding
the fact that tiw strictest economies have been practiced and all work not
necessary for safety and reasonable service stopped. There has also been a
substantial curtailment of passenger-train service. Estimates that $16.000,000 should be spent within the next five years for nece*sary improvements, I should say are by no means extravagant.
Our average receipts per passenger mile were: In 1901, 1.763 eta., and in
1914. 1.769 cts. The average receipts per ton mile were:In 1901. 1.134 cts.,
and in 1914, 1.057 cts. At the same time
RO that gross revenue shows an increme the volume of traffic has grown
of 56%.
operating expenses show an increase of 83%. FromAgainst this, however,
1901 to 1910 the operating ratio increased from 6e.8% to 72.3%.
In 1911 the operating ratio
was 78.4; 1912, 76.3; 1913. 78.5;
1914, 80.8. The 1914 operating ratio of
80.8% is 12 points higher than in 1901. The corresnonding increases in the
ratio for B. & 0.. Pennsylvania System
and N. Y. C. lines combined average 12.2 points.
The increase in operating costs on the
a reflex,
Boston & Maine is
although possibly in a more acute form,of what has taken placebut railroads
on
generally. It is estimated that the Increase in the 1914 wage rates as
compared with 1901 rates added more than $5,000,000 to our annual
payroll. Safety appliances'. inspection of boilers, hours of service law, number of men on trains. Federal liability laws, physical valuation accounting,
requirements, and other matters directly traceable to the effect of Government control, have added several hundred thousand dollars per annum to the
road's operating costs. From 1901 to 1914 net cost to the road for grade-
The bonds referred to will be issued under the General & Refunding
Mtge. and will be dated Feb. 11915. payable Jan. 1 2014. Int. payable
semi-annually F. & A. except the last payment, which will be payable
Jan. 1 2014. On and after Feb. 1 1916. and on or before Feb. 11928. the
bonds, at the option of the holder, will be convertible at par into full-paid
shares of the common stock, with adjustment of accrued interest and current dividends. Denom. c* $1,000. $500 and $100: 1,$1,000.
Subscription warrants may be subdivided (but not into fractions less than
$100) on or before Feb. 27 1915. Fractional warrants to be entitled to
subscribe must, on or before Feb. 27, be exchanged for warrants in denom.
of $100 or a multiple thereof.
Sub•criptions are payable either (a) in full on March 11915;or(b)March 1
1915 30% and May 3 1£15, 70%; or (c) March 1 1915. 30%, May 3 1915.
35%, and July 30 1915, 35%. All payments will include accrued Interest
from Feb. 1 1915 at the rate of 5% per annum, which will, for each $1,000
bond be as follows:$0ution a, March 1 1915,81,004 17; Option 6, March 1
1915, 3301 25 and May 3 1915, 3708 94; Dutton c, March 11915, $301 25,
May 3 1915, 8354,47, and July 30 1915. $358 70.
The engraved bonds, bearing interest from Feb. 1 1915. will be delivered
on July 30 upon surrender of full-paid receipts.
Official Data Regarding 5% Convertible den. & Ref. M. Gold Bonds.
A direct lien on all the railroad properties of the company,including about
9,579 miles directly owned, 102 miles jointly owned, valuable terminal
properties In Chicago, Milwaukee, Seattle, Tacoma, Spokane and other
cities, and upon the entire equipment, subject to $184.421,000 prior liens,
at the rate of $19,150 per mile, for the retirement of which at or before
maturity, Gen. & Ref. M. bonds are reserved. The prior liens may not
be extended and no further issues thereof may be made. except Gen. Mtge.
bonds for refunding. The total funded debt in the hands of the public.
Including the present issue of 329,141.300, is at the rate of $37.482 per mile,
and in addition the mortgage covers the valuable terminals and rolling stock.
The company has outstanding $116,274,900 pref. stock and $116.855,400
common stock, having a present market value of $248,000.000. Dividends
have been paid uninterruptedly for 21 years, the present rate being
7% per
annum on pref. and 5% per annum on common.
The earnings for the year ended June 30 1914, applicable
to interest.
rentals, &c., amounted to $30,081,656, while
said period amounted to only $14,605.370. the total of such charges for
These $29,141,300 bonds are part of
company in exchange for a like amount$154,489,500 bonds issued to this
of 1st M. bonds of
Puget Sound Ry. Co., which latter bonds, 8154,489,500 out Chic. Milw. &
of a total issue
of $181,664,500, are pledged as additional security for the Gen. & Ref.
Mtge. bonds, thus making the latter to that extent a
on about 2.026 miles of railroads and other properties first mtge. Indirectly
covered
Milw. & I'uget Sound mtge. There have been previously sold by the Chic.
818,089,000
of Gen. & Ref. Mtge. non-convertible 4%% bonds,
and after this issue of
829,141,300 convertible 5% bonds, there will still remain $107,259,200 of
said bonds, which, together with $16,424,000 issued
on account of additions, improvements and betterments, makes a
& Ref. 111. bonds held in the treasury. There aretotal of $123.683.200 Gen.
.
also reserved $184,421,000
of the bonds to retire a like amount of prior liens and
retire
outstanding debentures and convertible bonds which $132.007,000 to
the Gen. & Ref. Mtge. with the bonds issued and are equally secured by
to
The authorized total issue under the mortgage is be issued thereunder.
limited to an amount
which, together with all outstanding prior debts, after deducting therefrom
the bonds reserved to retire _prior debts, shall at no time exceed three times
the then outstanding capital stock; moreover, when
the aggregate amount
of the bonds issued and the bonds
times the capital stock outstandingreserved for refunding shall equal three
on Nov.
onlyertyssi auquia . to the extent of 75% 1 1913, additional bonds may
prop be
ced rUear
of the cost of the work done or
We are advised that these bonds are a
legal investment for savings in
New York. Massachusetts and Connecticut.
Tunnel-Electrification of Rocky Mtn. Division, &c.
The company will begin using on Jan. 24 the Snoqualmie tunnel line, which
was constructed at a cost of about $2,000,000 at a distance of about 40
miles from Seattle, eliminating snow trouble and a 4434o0t rise between
Rockdale and Keechelus, Wash.,and shortening the line 3.6 miles. (V.99,
P• 832; V. 97, p. 820.)
The "Railway Review" for Jan. 16 has an illustrated article regarding
the proposed electrification of 440 miles of the Rocky Mtn. Division, contracts ,p 22 ortion of which were let last November (V. 99, p. 1596).
v loofor p
.
a 8
-
Chicago Rock Island & Pacific Railroad.
-Receivership for Old Holding Co.
-Judge Julius M. Mayer in the
U. S. Dist. Court in N. Y. on Jan. 19 upon motion by
[VOL. 100.
THE CHRONICLE
308
-New Rates.
Fonda Johnstown & Gloversville ER.
Central Trust Co., the trustee under the 4% collateral
mortgage recently foreclosed, appointed ex.Circuit Court The company has filed a new tariff wiht the P. S. CommisJudge Walter C. Noyes receiver for Chicago Rock Island & sion, effective Feb. 1.
5 cents between Gloversville and
Local round-trip
Pacific RR., the holding company, whose entire capital Fort Johnson and fares will be increasedand Fort Johnson, Amsterdam,
between Johnstown
stock is owned by the Rock Island Company.
Cranesville, Hoffmans and Schenectady, and 10 cents between Gloversville
The bulk of the company's assets, consisting of $71,353,500 of the
$74,877,200 capital stock of the Chicago Rock Island & Pacific Railway,
was bid in for V.135,350 by the bondholders' committee at the recent sale
under foreclosure of the mortgage securing $71,353,300 4% collateral
bonds. On Jan. 15 a deficiency judgment was entered for $68,239,258,
representing the remaining amount due for principal and interest on said
bond issue. The Central Trust Co. has brought an equity suit, supplemental to the foreclosure suit, and incidentally has obtainedlthe appointment of a receiver for the purpose.it is understood, of getting hold of the
small remaining assets, chiefly, it is said, about $10,000 cash.
Of the 4% collateral bonds all except $7,576,000, or 8%, has been
deposited with the committee, and will on payment of $4 45 per bond
(for expenses) be exchanged for 100% in the stock of the Railway. The
holders of the remaining bonds have a like option on said stock in lieu
of the decree value of $98 50 per bond. The collateral stock, if any, remaining after such exchanges will be the "excess stock" referred to in last
week's "Chronicle". For this excess stock the holders of remaining
bonds and the bonellaolders' committee have the right to subscribe pro
rata at about $10 42 per share. The amount allotted to the committee
and also any of the stock set aside for the remaining bonds, but not paid
for by the holders of the latter bonds by March 5,will until March 25 be
purchasable at $10 42 per share by those who have deposited their bonds
with the committee. Prior to Jan. 21 $4,087,000 of the bonds had been
deposited with the Master, making, with the $63,777.000 held by the committee, a total of 867,864,000 deposited, out of $71,353,500. See also
V. 100, p. 229.
-trip
and Amsterdam, Crancsville, Hoffmans and Schenectady. The 54
commutation ticket between Amsterdam and Schenectady will be advanced
from $8 to $8 50. Books with 16 coupons, good in either direction between Johnstown and Gloversville (except on limited cars) between 6 and
7:45 a. m. and 5 and 6:20 p. m.(except Sundays), and between 12 m. and
-coupon work1 p. m. Saturdays, will be sold for V 00. The sale of 20
men's tickets between those cities for $1 will be discontinued. The El book
-cent ride in Gloversville and Johnstown,
24 coupons good for a 5
containing
or between these stations, will be discontinued; also the $1 book containing
-V.99, p.1292.
-cent ride within the limits of Amsterdam.
24 coupons for a 5
-Plan Again Urged.
Interstate Railways, Philadelphia.
-Pres. John A. Rigg in a circular dated Jan. 1915 urges
again the plan advanced on Mar. 28 1913 for making the
pref. stock a permanent investment. The circular says:
A period ofabout five years having elapsed since the making of the leases.
and the lessees, in the meantime having, paid all their obligations promptly,
and having expended about 84,500,000 m bettermen5s, &c., on our properties, the matter is again presented to you for consideration, and the board
of directors, after due deliberation, strongly recommend to holders of pref.
stock that the new issue of certificates to the amount of $1,000,000 be
now made, without the redemption installment clause in exchange for the
present certificates, the effect of which would be to make our $1,000,000
pref. stock a permanent investment (see V. 96, p. 1049).
[The pref. shareholders are asked to sign statements agreeing to accept
a like number of shares of the [present] par value of $10 each, without the
redemption installment clause, thus making the same a permanent invest-V. 98, p. 839.
ment."]
Cincinnati New Orleans & Texas Pacific RR.
-New
-The Superior Court of Cincinnati has appointed
Trustees.
former Mayor Henry T. Hunt a trustee of the company's
-Common Dividend
Jacksonville (Fla.) Traction Co.
lessor, Cincinnati Southern RR., to succeed the lateJoseph
-No dividend has been declared as usual on the
Omitted.
T. Carew.
Offering of Cincinnati Southern Terminal Bonds by City of $1,000,000 common stock. From May 1911 to Nov. 1914
-See "Cincinnati" in "State and City" Depart- 1%% was paid quarterly. A circular says:
Cincinnati.
After carefully considering the earnings for the quarter ending Dec. 31
ment; also advertisement.
-V. 99, p. 1594.
1914, the directors have decided not to declare the quarterly dividend of
1 l % on the common stock which would normally be paid on Feb. 1.
Concord & Montreal RR.
-Authorized.
-The P. S. Com- There is, however, as shown in the accompanying condensed financial remission recently authorized the issue of $200,000 5% deben- port [for the 11 months ending Nov. 30, as shown in the "Chronicle" of
Jan. 9, page 136-Ed.], an ample margin over the pref. stock dividend
ture bonds, to reimburse the B. & M. for advances.
requirements, and the directors have declared the regular cumulative quar-
The bonds were approved by the stockholders on Dec. 23 last. They are
dated Dec. 1 1914 and mature June 11920.
Pres. Kimball says that the debentures have been subscribed and paid
for at par in New Hampshire, largely by financial institutions, no selling
commissions or discounts being involved.
-V. 99, p. 1909.
terly dividend of 1 % on the pref. stock payable Feb. 1.
Jacksonville, essentially a commercial city with a large export business
in hunber, fertilizer and its constituents, and naval stores, has felt the
recent business depression and lack of shipping facilities to an even greater
extent than other centres of the South which depend upon agriculture and
manufacturing. For the 3 M09. ending Oct. 31 1914 exports decreased
nearly 90% as compared with the corresponding 3 mos. of 1913. Adverse
business conditions have naturally been reflected in earnings. This situation has been met by cutting operating expenses as far as possible without
injury to service, and by stopping all new construction except that required
by the city. The directors feel confident that, with a return to normal business condit ions, the situation will recover rapidly and that the earnings
-V. 98. p. 763.
will show a corresponding improvement.
-Bonds sold.
Delaware Lackawanna & Western RR.
-V. 100, p. 54.
See Morris & Essex RR. below.
Des Moines (Ia.) City Ry.-Franchise Election Invalid.
Judge Utterback in the District Court on Jan. 12 in the
suit of a taxpayer issued an injunction restraining the hold-Authorized.
-The stockLancaster 85 Quarryville RR.
ing of a special election on Jan. 16 to pass on the proposed
franchise ordinance. Application was to have been made holders on Jan. 19 authorized the sale of the road to the
on Monday to the Supreme Court for an extension of one Pennsylvania RR.
The stockholders of the Pennsylvania RR. will vote on the matter on
year from March 22 1915 in which to negotiate a new franMarch 10. The road is 15 miles in length, its stock being all owned by
chise. Judge Utterback says in part:
the Pennsylvania 101.-V. 61, p. 69.
It Is clear from the provisions of Section 34 that the proposed election
would be absolutely non-effectual and void, unless it is subsequently passed
as an ordinance by the City Council and again submitted to the people
for final decision, and that the only possible benefit that can be derived
from the holding of said election would be to advise the City Council as
to the opinion of such portion of the electors as would vote thereon. The
outcome of such election would leave both the city and the company in
the same position as at present, except that in all probability both the
city and the company would inherit serious litigation thereby. If it
were not for the act of the defendant company itself in embodying the
provisions of Section 34 in its proposed franchise, the holding of another
election to approve the franchise would be unnecessary. The calling of
an election by the Mayor is made mandatory by Section 776 of the code
providing that "The Mayor shall submit said question to such vote upon
the petition of 25 property owners of each ward, &c.", but the act of the
company in incorporating Section 34 in the proposed franchise has made
the proposed election invalid and not effectual, and at most only advisory.
[Roth sides will, it is stated, accept the decision as final. Several days
previous to Jan. 12 Judge Ayres held the notice of the election to be defective because certain proposed amendments were incorporated in it.
Judge Ayres did not pass upon the validity of the notice.-V. 100. p. 54.
Detroit (Mich.) United Ry.-Appraisal.-The Board of
Street Railway Commissioners on Monday gave out the
appraisal of Prof. Edward W. Bemis of the company's
lines required by the city in the event of municipal operation.
Prof. Bemis states that it would cost $23,000,000 to reproduce the
property within the one-fare zone, while the company says that $32,000,000
Is closer to the actual amount that would be required. The average depreciation on the property is fixed at 23% by the appraiser of the board.
With the depreciation deducted, Prof. Bemis's figures are $17,476,742.
including $1,062910 for paving which Corporation Counsel Lawson claims
belongs to the city, although laid by the company.
In the preliminary report of the Street Railway Commission to the public
the Commission fixed the reproduction value less depreciation of the
property the city proposes to purchase at about $16,000,000. This total
cannot be compared to the company's claim of $32,000,000, because the
decrease in value due to wear and tear has been subtracted: but the grand
total of 423.000,000 gives a better idea of the difference between the city's
and the company's estimates. The total of $23,000,000 is exclusive of remaining franchise values, bond discount and intangible values. Prof.
Bemis has promised the Commission to have these values ready for submission at the end of the week.
The summary of valuation of the property as compiled by Prof. Bemis
Is as follows: Way and structures, 311.364.741, less 19% depreciation.
$9,216,083: equipment, 55.730,319, less 25% depreciation. $4,322,061:
power. $2.043,394. less 35% depreciation, $1,325,688: general and miscellaneous, $2,048,000, less 25% depreciation, $1,550.000: paving, $1,771.516, less 40% depreciation, $1,062,910; total, $22,957,970, less a depreciathe other
tion of 40% on the paving and 23% on'Amain values, $17,476,742.
track and 23.941 of sidings
Prof. Bemis measured 198,066 miles
revenue cars is fixed at 1.312 and work
and yards. The total number of being approximately the number
claimed
locomotives at 108, these
cars and
by the company. In the Barcroft appraisal of 1909, only 499 single-truck
closed cars and 4
closed cars, 187 single-truck open cars, 622 double-truck of value
an average loss
of
special passenger cars were included, with divided into 58.412 miles 27%
in 3
-cent
- The company's 222.007 miles of track is
-cent lines and 23.941 in sidings. The 3
-cent line
139.653 miles in 5
lines.
tracks are valued at $11,222 a mile, or $655,470 (depreciation 30%), and
total of $2,421,652 (deprecia-cent line tracks at $17.340 a mile, or a 3
the 5
construction of the -cent lines lowers their cost.
tion 24.5%). The lighter
compared to the Barcroft appraisal beThe Bemis appraisal cannot be the other only the property within the
zone and
cause one covers the one-fare
limits. The average depreciation deduction of 23% made by Prof.
city
of dispute if the proposed purBemis will, it is thought, likely be a matter
lines should ever be thrown into the courts. Comchase of the D. U. R.
pare V. 100, P. 139.
Missabe & Northern Ry.-Called Bonds.
Duluth
seventy-three ($173.000) first consolidated mtge. bonds
One hundred and
Feb. 1 at Central Trust Co., New York, at
dated Jan. 1 1893 for paymentper bond.
-V. 98. P• 1884•
$1,055
105 and interest-saY
ficer.-C. J. Culp has been
-New Of
Lehigh Valley RR.
elected Treasurer to succeed J. M. Baxter, who resigned.
-V. 100, p. 55.
-Bonds Called.
London (Ont.) Street Ry. Co.
Thirty-five 5% First M. bonds (of $1,000 each), maturing March 8,
have been drawn for redemption on March 8 at par at the office of the
-V.94, p. 487.
Canadian Bank of Commerce at Toronto, Canada.
-Dick
-Minority Shareholders Object.
Long Island RR.
Brothers & Co., 30 Broad St., N. Y., are asking for proxies
to be used at the annual meeting on April 13. A circular
dated Jan. 20 says in brief: (See adv. on another page.)
We own and represent 11,000 shares of the common stock, the larger part
held by us for a number of years. We have affiliated with us stockholders
holding a large additional number of shares. In the 14 years the Pennsylvania RR. has controlled this property the debts have increased over
$50,000,000 and the net earnings have been reduced from a substantial s trplus to a deficit in 1913 of almost $1,000,000. We have been endeavoring
for some years to get a change in the plan of development. We solicit
proxies (1) to vote against a ratification of the acts of the directors; (2) to
minority
authorize an examination by a competent engineer selected by theexpended
been
stockholders, who shall determine to what extent money hascontracts made
the benefit of the Pennsylvania RR.and to pass upon all
for
with the Penn. RR. where the same set of directors were the contracting
-V. 99, p. 1673.
parties.
Louisville Henderson & St. Louis Ry.-New President.
-R. N. Hudson, General Manager of the Louisville & Atlantic RR. at Versailles, Ky., has been elected President,
General Manager and a director of the company to succeed
L. J. Irwin, deceased.
Jefferson D. Stewart, President of the Union National Bank, was also
caused some time
chosen as a director to fill the vacancy Ala., who was oneago by the withof the minority
drawal of Otto Marx of Birmingham,
The Louisville & Nashville, it is stated, now owns pracstockholders.
-V. 100, p. 55.
tically all of the stock.
:
Minneapolis & Northern Ry -Application to Close Road.
-The Minnesota RR.Commission is to hold a hearing Jan.
27 on petition to close for traffic this 16-mile steam road.
The road has been operated between Camden Place. Minneapolis, and
Anoka, Minn., 16 miles, and had long been insolvent when,on June 26 1914
the Minnesota Loan & Trust Co. was appointed receiver. On Dec. 8
Fred. H. Hunter became receiver, the Trust Co. having resigned. Both
company and receiver state that there is not sufficient traffic handled to
pay the cost of operation. There are outstanding lions against the property
of $87,000 and its right to enter the city of Minneapolis over the "Soo Line"
Camden Place bridge expired Jan. 17 1915.-V. 99, p. 120.
-Annual Report-Late
Minneapolis & St. Louis RR.
Earninps.-Referring to the annual report which is cited on
a previous page, Pres. Newman Erb, N. Y., wrote:
We are able to give herewith the results of operation for the five months
ending Nov. 30 1914 and the partly estimated gross earnings for December
and for the six months ending Dec. 311914. Notwithstanding the general
business recession, the earnings show most gratifying improvement, due in
part to better crop conditions in the territory served, but more largely to
the further development of tonnage movement through the Peoria gateway.
The outlook for the remaining half of the current year continues favorable.
5 Months to Dec. 1914
6 Months
Nov. 30'14. (Estimated). (Dec. Est.).
Increase.
$4,308,784
$243,895
$853,123 $5,161,907
Gross earnings
3,191,430
Oper. exp. and taxes
Net earnings
$1,117.353-V. 100, p. 55.
Jex. 231915.]
THE CHRONICLE
Missouri Pacific Ry.—Committee Asks for Proxies—Financial Requirements.—The committee named below, in asking for proxies to be used at the annual meeting on March 9
1915 (see adv.), says:
In order to enable the system to render adequate service and thereby
gain that degree of confidence, good-will and support on the part of the public in its territory which is essential for sound and lasting prosperity, three
fundamental things appear needful:
(1) An increase in certain rates and freedom from unduly burdensome
Governmental requirements.
(2) A material reduction in the existing fixed charges, which, while apparently still within the limit of the earning capacity of the properties, are
so close to the danger line as to deter the public from investing in the company's securities, thereby rendering it difficult, if not impossible, to secure
for the company's securities that degree of public support which is absolutely necessary for its credit and financial standing.
(3) Adequate provision to meet maturing obligations and provide the
future capital requirements of the property.
Among the specific measures which, in the light of our present information, seem to us requisite, we mention the following:
(a) The extension for at least one year of the $25,000.000 of 6% notes
maturing June 1 1915 and of any existing demand liabilities by the holders
thereof. This is needed in order that, before formulating a comprehensive
financial plan, the directors elected at the next annual meeting may have an
opportunity thoroughly to acquaint themselves with the company's conditions and needs.
(b) Provision of an adequate amount of capital by an issue of securities
involving no fixed interest charge (compare V. 98, p• 1537; V. 99,P.538)•
(c) Revision of certain provisions in existing mortgages, so as to permit,
among other things, the modification of the present restrictions prohibiting the extension of underlying bonds (of which over $18,000,000 fall due
within about four years and over $26,000.000 more within about tour years
thereafter, excluding over $7,800,000 of equipment obligations maturing
during said periods), such modifications having become necessary in consequence of the decline of the company's credit and the shrinkage in the margin of earnings over fixed charges which have taken place since the creation
of the mortgages containing the provisions in question.
It is the judgment of the experts who have been consulted that, with its
inherently strong position in a territory offering vast possibilities of growth
and development, the Missouri Pacific System should enjoy a sound and
lasting prosperity, provided its credit can be re-established and its financial structure adapted to its needs. It is to this end that the program
above outlined is directed. The difficultires of carrying out measures of
the kind indicated requiring,as some of them do,the practically unanimous
consent of the holders of the securities concerned, are fully realized. In
the light, however, of such information as we now possess, we believe these
measures to be essential for the protection of such securities and indispensable for the permanent safety of the stockholders. Unless remedial measures
of this nature are carried into effect, no management, however capable and
zealous, can feel confident of being able to cope in a lastingly satisfactory
manner with the problems with which the system is confronted.
In order that there may be no misapprehension on the part of the stockholders who entrust us with their proxies, we deem it proper to make the
following statement of our views upon certain fundamental questions of
policy. These views are based upon such information as has thus far been
available to us and naturally may be modified by more direct and complete
knowledge of the affairs and requirements of the company.
We believe that President B. F. Bush deserves great credit for the management of the properties in his charge, is entitled to the confidence of the
stockholders and should be continued in office; on the other hand, without
desiring to express or imply any criticism, we believe that a material change
in the present composition of the board of directors would be in accordance
with the sentiments of the great body of the company's security holders.
Committee: Alexander J. Hemphill (Chairman of Guaranty Trust Co.
of New York), Otto II. Kahn (Kuhn. Loeb & Co.), Seward Prosser (Pres.
Bankers Trust Co.), James N. Wallace (Pres. Central Trust Co.of N. Y.),
and Robert Winsor (Kidder. Peabody & Co.), with Charles E. Sigler as
Secretary, 54 Wall St., N. Y. City.
Statement by Chairman George J. Gould on Jan.21.
I have seen the call for proxies issued by Messrs. Hemphill, Kahn,
Prosser, Wallace and Winsor, and, as far as I personally am concerned,
shall be glad, if the stockholders so elect, to have these gentlemen assume
responsibilities which my family and myself have carried for so many years.
With the money which three of the largest trust companies and two of
our greatest banking houses can provide, the Missouri Pacific should not
have any trouble in paying its 825,000,000 of notes next June.
I am particularly gratified with the committee's approval of Mr. Bush's
operation of the property. I felt, when I selected him four years ago in the
face of bitter opposition, that time would justify my choice, and I am glad
the present management has been able to carry the property through the
difficult times of the last few years, especially last June, when the notes
were extended without the payment of any commission.
[The foregoing statement by the proxy committee shows that they
template the extension of the $25,000,000 notes maturing in June, butconthis
might. it is thought, be accomplished by purchasing at maturity any
notes the holders of which object to extension on terms offered.—Ed.)
Gould Family Holdings.—Press reports state that a statement just filed with the Missouri P. S. Commission shows
of the $83,251,000 outstanding capital stock only $611,800
is owned by the Gould family (formerly in control), viz.:
George J. Gould, 10 shares; Frank Gould, 214; Edwin Gould, 1; Howard,
10; Kingdon, 5; Edith, 5; Katherine, 300; John F., 10; Dr. Willis E. Gould.
45; Mrs. Helen Gould Shepard. 4,418; and Finley J. Shepard, 1,100. [The
largest Si. Louis holder of the company's shares is given as John T. Milliken, who owns 6,500. [The Jay Gould Estate and the Gould children, individually, it is said, formerly owned about one-third of the stock of the
company. The estate is still a large owner of bonds and notes of the road.]
—V.99, D. 1910.
Morris & Essex RR.—Bonds Sold.—The Delaware Lackawanna & Western RR. has sold to Kean, Taylor & Co. and
Robert Winthrop&Co.,jointly, $5,000,000 of the company's
33.% refunding bonds, due 2000, guaranteed p. & i. by the
D. L. & W. This makes $22,594,000 outstanding.
The proceeds of the bonds Fold will be used toward the payment at maturity on June 1 next of $11.677,000 77,, consolidated M. bonds. The remainder of the amount required will, it is stated, be paid from the cash resources of the I). L. & W.
The95,000,000 1st M.7% bonds that matured May 1 1914 were purchased
by the D. L. & W., provision therefor being 'made through the sale of
Morris & Essex 3%% Refunding bonds held in the D. L. & W. treasury
(V. 98, p. 682).—V. 97. p. 1427.
Mt. Tamalpais & Muir Woods Ry.—Fare Increase.—
The Calif. RR. Commission on Dec. 28 authorized the company to increase the fares between Mill Valley and Lee St.
The present single fare is 5 cents. The new fares will be : Single, 10c.;
roundtrip, 15 eta.; 4-ride commutation fare, 25 eta.; 8-ride, for children
under 12 years of age, 25 eta. The company is ordered to maintain a local
service connecting with all trains of the Northwestern Pacific Kit, at Mill
Valley. except the train arriving there at 12.35 p. m. The value of the
property, including the resorts at the 2 terminals, has been established at
about $446,000, $105,000 of this representing the value of the hotels and
surrounding grounds.—V. 99, p. 1674.
New Hampshire Electric Rys.—Sub-Company Bonds.
See Mass. Northeastern Street Ky., V. 100, p. 55.—V. 98, p. 236.
New Orleans & North Eastern RR.—New President.—
Larz A. Jones, formerly Vice-President and Comptroller, has been elected
President of the company, of the Alabama & Vicksburg Ky. and the Vicksburg Shreveport & Pacific Ry., to succeed D. D.Curran, who resigned to
accept the presidency of the New Orleans Ky.& Light Co. Tne change becomes effective Jan. 31.—V. 99. p. 1666.
North Alabama'Traction Co.—Bonds.—This company
has authorized an issue of $75,000 6% income bonds to pay
floating debt and reduce the capital stock to $75,000.
309
Incorporated in 1904 in Ala. as successor of Decatur Street Ky.Co. Owns
7 miles of track in Decatur and New Decatur. Outstanding capitalization:
$75,000 cap. stock; $150,000 1st M. 5% gold bonds dated Dec. 20 1903.
due Oct. 1 1933, int. at Federal Trust Co., N. J., trustee; $75,000 6% 10
year income bonds dated Jan. 1 1915 (callable at par and int.), interest
payable, if earned, Jan. 1, trustee, Am. Tr. & Say. Bk. Jno. B. Weanley,
Pres., Birmingham, Ala.; Sec.-Treas., W. C. Hamilton. Office. New
Decatur, Ala.
Northern Ohio Traction & Light Co.—Bonds.—Tho
$300,000 Northern Ohio Traction Co. Consol. M. 5s held
in escrow to retire $300,000 Akron Bedford & Cleveland 1st
M. 5s due March 1 have been sold to the Citizens' Savings
& Trust Co. of Cleveland (for investment), Making the entire $3,000,000 outstanding as a 1st mtge.
Favorable Decision.—The following has been confirmed:
The Ohio Court of Appeals on Jan. 13 affirmed the decision handed down
by Judge Ahern in the Court of Common Pleas at Akron in the fall of 1914.
who dismissed the suit brought by the Cuyahoga River Power Co. to condemn the site on the Big Cuyahoga River occupied by the Northern Ohio
Power Co., the company's subsidiary, for a power plant. Compare Cuyahoga River Power Co. item., V. 97, p. 1429.—V. 98. p. 449.
Ogden Logan & Idaho (Electric) RR.—New Bonds.—
The shareholders will vote at the annual meeting Feb. 1
on making a mortgage to secure not over $10,000,000 bonds:
About $2.000,000 of the bonds, it is said, will be required to provide for
present debts and improvements now in progress and the remainder will
be reserved for future extensions, &c. A. 21-mile extension to Preston
Idaho. Ls said to be tinder construction. See V.99, p. 1215. 748.
Pacific Gas & Electric Co., San Francisco.—Notes
Offered.—Bond & Goodwin and Wm. A Read & Co. have
sold the entire issue of $4,000,000 5% one-year gold' notes
(secured by pledge of $10,000,000 bonds) which they offered
a few days ago at 993 and int. These notes are dated
4
Dec. 15 1914 and due Dec. 15 1915, but subject to prior
redemption, all or part (by lot) at 1003 and hit. on 15 days'
notice. Denom.$1,000 c5 Prin. and interest (J.& D. 15)
.
payable, tax-free, in N. Y. or San Francisco. Trustee,
F. N. B. Close, V.-Pres. Bankers Trust Co., N. Y. An
adv. for record purposes appears on another page.
Data from Pres. F. 0. Drum, San Francisco, Jan. 19 1915.
Notes.—These $4,000,000 notes constitute the entire authorized issue
and in addition to beluga general obligation of the company, are secured by
the pledge of $5,000,000 General& Refunding M.59' bonds and 55,000,000
General Lien 6% bonds,series"A," being the same collateral, undiminished,
which has secured the issue of $7,000,000 5% notes authorized in 1914
The remainder of this earlier issue, reduced to $4,000,000 through sale of
First Prof.6% stock (V.99, p. 1833) will be redeemed at maturity March 25,
the proceeds of the present issue to be used for this purpose. The General
Lien bonds, pledged under these notes, are secured by a mortgage on the
entire property, subject to the General & Refunding M. and the divisional
bonds. During the life of the notes, no additional General Lien bonds
can be issued. The company agrees to pay principal and interest of the
notes without deduction for any tax charge except Federal income tax.
Properties
.—The properties of the company,all of which, with few minor
exceptions, are owned in absolute fee, are employed in the manufacture and
sale of gas and electricity for light, heat and power, in street railway operation and in the sale of water. The company does approximately 36% of
the gas and electric business of the entire State of California and ranks as
one of the four or five largest corporations of its kind in the United States.
It operates in 30 counties in Central California,embracing an area of 37,000
sq. miles with population of 1,325.000 (1910 Census). In this district
are located San Francisco and San Francisco Bay, the fertile Sacramento,
Santa Clara, Sonoma and Napa valleys, and a portion of the San Joaquin
Valley, and rich quartz and gravel mines and gold dredging fields.
Earningsfor Year end. Nov.30 1914 and Cal. Year 1913(V.98, p. 1760.1773).
Yr. 1913-14. Year 1913.1
Yr. 1913-14. Year 1913.
Gross earns.$17,155,502 $16,202,337 Present bd.int.$3,757,225 $3,757,226
Net (after
ant, on these
taxes) --- $8,257,507 $6.871,1311 notes
200,000
200,000
Bal,on basis of present int. chgs.,incl. these notes_$4,300.282 $2,913,906
The gross earnings above include $261,733 reserve for amounts charged
consumers in 1913 and $589,020 in 12 months ended Nov. 30 1914, in excess of rates allowed by city ordinances. The actual bond interest during
1913, was $3,783,197, and 12 months to Nov. 30 1914, 53,775,239.
Since the organization of the company 79%. or $17,159,368, of surplus
earnings has been reinvested in the property, applied to reduction of funded
debt or expended for other corporate purposes, and only 21% of surplus
earnings paid in dividends.
Financial Condition.—Since June 3 1914 we have sold to our stockholders
and others $9,034,600 of first pref. 6% stock at $82 50 per share which,
with the installments falling due on or before Oct. 1 1915, will net
97,453,545• amount actually received to date $5,186,939. It is anticipated that
additional sales of this stock during 1915 will increase to $10,000,000 the
new cash obtained from stockholders. This stock financing
strengthens the company's financial condition (a) by increasing the greatly
equity
underlying its bonds,including those pledged to
enabling it to reduce its one-year 5% notes from secure these notes; (b) by
97,000,000 to $4,000,000;
(c) by enabling it to pay all remaining floating debt, and
for necessary extensions, additions and improvements. (d) by providing
Capitalization Held by Public (The Various &Wang Funds Hold
$7,234,500
in Retired Bonds and Cash).
First pref. stock (full paid, $3,142,000; subscribed for
,partly
paid, $5,892,600)
$9,034.600
Original pref. stock
10,000.000
Common stock
32,109,300
General and Refunding bonds ($150,000,000
auth.)
24.976.000
Divisional bonds closed)
300
There are also 5,000,000 Gen. &
Lien 6% bonds pledged to secure theseRef. M. 5s and $5,000,000 'General
notes and $1,000.000 Gen.& Ref. 5s
otherwise pledged or held in treasury.
Physical Property and Population Served Directly or
electric generating capacity, 233,928 h. p. (of which Indirectly.—(a) Tota
123,740 h. p. Is hydroelectric). serving 214 cities and towns, total population
1,221,123; (b) 42
miles of street railway track in Sacramento,
ment, with 2,508 miles of mains, serving 51 pop. 75,602: (c) gas departlocalities, pop. 1.124.893; (d)
domestic water department, serving 28
communities, pop. 58.__905 The
first section of an important hydro-electric
development on the Yuba and
Bear rivers was completed in Nov.
1913, including an immense storage
reservoir. over 33.0011 h.p. of generating capacity, and a steel tower transmission line, 110 miles in length,the cost to date
exceeding 97,600,000. The
Ultimate capacity of this development
rights are either unlimited or extend, will be 190,000 h.p. The franchise
the
with minor
maturity of the bonds, and the transmission lines areexceptions, beyond way
on private rights of
Customers (Gas, 219,446: Elec., 147,355; Water, 9,107: Steam, 325).
1908.
1909.
1910.
1911.
1914.
1912.
197.600
214,398
239,865
376.233
272,060
320,051
349 91
1 ,.
(See map on page 118 of "El. Ky. Section.")—V. 100. 613 5 56.
p. 230,
Rates.—Agreement with Packers.—Press dispatches announce that an increase of 5% on freight rates for meat and
packing-house products will be accepted by the railroads,
some of the new rates having gone into effect Jan. 15 and
the remainder to be operative Feb. 1.
The railroads filed with the I. S. Commerce Commission tariffs showing
increases in freignt rates on meat and packing-house products, but these
wee suspended by the Commission until April 15(V.99, p. 1833), the packers having protested and said, among other things, that the increase, of
permitted, would have to be passed on to the consumer. The carriers
have, it is stated, canceled the proposed increases and decided for the
310
THE CHRONICLE
present at least to accept the flat 5% increase recently authorized by the
Commission. The packers have informed the Commission that they do
-V. 100, p. 230, 56.
not object to the 5% increase.
-Deficiency Judgment.
Rock Island Company.
-V. 99, p. 1367.
See Chicago Rock Island & Pacific RR. above.
-Receivers' Certificates.
San Antonio Uvalde & Gulf RR.
The receiver has, it is reported, been authorized to issue
$163,000 certificates for betterments and to complete the
line.
-V.99, p. 818.
South Carolina Light, Power & Railways Co., Spar,
tanburg, &c. S. C.-Pref. Stock-Earnings.
--A. B. Leach
& Co., New York, offer at 95% (par $100) a small block of
cum. pref. (p. & d.) stock, divs. Q.
the 6%
-J. Red. any
time at 115 and. divs. Auth., $1,500,000; now out,$700,000,
including $200,000 recently issued on account of improvements. A circular shows:
[VOL. mo.
Other
Net (after
Inter., Sink.
Gross
Balance'
Taxes).
Income.
Fund, &e.
Revenues.
Surplus
$273,192
$1,473
$212,427
1914_ $889,930
$62.23
275,801
17,128
212,197
916.843
1913__
80,73
Earnings of System for Six Months Ending Dec. 31.
$1,735,197
$41,299
81,278.211
1914_ _ _$5,602,313
$498,285
1,276,201
1.817.971
37,138
578,908
1913__- 5,653,864
The interest Charges and sinking fund as above include $93,900 interest
on the adjustment income bonds in December and $563,400 for the 6 mos.
President Whitridge says that it is not surprising that the earnings of the
system for December and the 6 months ending Dec. 31 last showed a falling off compared with a year ago. He called attention to the losses that
have been shown by other New York transportation companies, especially
those for December. Mr. Whitridge is quoted:
"You will note that the combined transportation revenue of all the street
railway, subway and elevated lines for December sustained a loss of more
,
than $200,000. This shows the great effect that the hard times is having
upon the transportation revenues in Greater New York.'
Mr. Whitridge further stated that the special committee appointed to
look into the affairs of the company had not yet submitted its report to the
directors. When asked if the subject of a dividend on the company's stock
,
had been discussed at the meeting on Wednesday, he replied: "No. it was
not even mentioned.'-V. 99, p. 1534.
Owns on the Broad River 28 mlles from Spartanburg a modern hydroToledo Bowling Green & Southern Traction Co.electric power plant capable of generating 12,000 h.p., and containing three
1.800 k.w. generators, one 1.200 k.w. generator and one 600 k.w. gen- Pref. Div. Omitted.
-The directors have decided to omit the
erator, with two exciter sets of 125 k.w. each. Seventy miles of transmission lines, largely on double steel transmission towers, extend thence to usual quarterly dividend paid in Feb. on the $750,000 nonSpartanburg, Gaffney, Cowpens, Woodruff, Blacksburg, &c. In 1913 cum. pref. stock.
alone about 25 miles of distribution line were added to take care of new
No payment was made in Nov.last. From Aug. 1910 to Aug. 1914 13i%
business. At Spartanburg an auxiliary steam power plant of 4,500 h.p.
-V. 91, p. 155.
capacity is owned. In addition to the entire electric-light and power busi- was disbursed quarterly.
-Deposits.
-The
ness, Spartanburg does the entire gas and street railway business in that
Toledo St. Louis & Western RR.
city, owning 21 miles of city and interurban street railway, and a gas plant
Bache, Chairof 250,000 cu. ft. daily production capacity. Also owns, in fee, undevel- shareholders' protective committee, Jules S.
oped lands and riparian rights on the Broad and Tyger rivers, capable of man, announces by advt. on another page that a subdeveloping 20,000 h.p. Population served about 55,000.
stantial amount of the stock has already been deposited.
Earnings for 12 Mos.ending Nov.30 1914,(Pref.Dividends Now $42,000 p.a.)
.
that protective measures should be taken
Gross earnings
$425,4621Bond interest
$150,000 Conditions are such
Net (after taxes)
219,9411Pref. dividends paid
30,000 at once. Further deposits without delay are therefore urged.
Balance, surplus
$39,941
Both before and since the European war the business has been excellent. Empire Tr. Co. 65 Cedar St. is depositary.
The time for making such deposits is limited to expire Feb. 1st 1915, after
The cotton mills which are supplied with power are running full time and
eases both day and night. New contracts have been closed and which date no further deposits will be received except upon such conditions
In some
arranged for which should add about $27,000 gross and $18,000 net income as the committee may impose. The committee intends to take the necesto the company's earnings. An important feature is the diversity of in- sary steps to have its certificates of deposit listed on the N. Y. Stock
-V. 100. p. 231, 142.
come; 55% is derived from electric light, gas and street railway operations, Exchange.
30% from the sale of power to cotton mills and 15% from sale of power to
Toronto Hamilton & Buffalo Ry.-Dividends.-New
other manufactories. There are now outstanding 1st M. 5% gold bonds,
-The recent omission of the dividend on the $3,500,000
$3,000,000; pref. stock, $700,000; common stock, $2,500,000. See V. 96, Line.
p. 130; V. 98, p. 1768;V. 99, p. 895.
stock resulted, it is stated, from the fact that the company
Southern Railway.
-Sale of Consols Issued for Refunding
Drexel & Co., Kean, Taylor & Co. and Kissel, Kinnicutt &
Co. announce that they have placed with investors at 98%
and int. the balance of the $4,722,000 Southern Ry. Co.
First Consol. M. 5% bonds which were not taken by the
holders of Richmond & Danville 1st M. bonds due Jan. 1
1915 under the offer of exchange.
J. P. Morgan & Co., N. Y., in December last offered to the holders of
the $4,722,000 Richmond & Danville 1st consol. M. 6s, due Jan. 1 1915,
the privilege of turning in the 6s on a 4% basis and buying in exchange a
like amount of the consol. 5s at 98% and int., at which price the net yield
is about 5.08%; 6s not exchanged were paid at maturity.
During the period since Jan. 1 1909, in which the company has retired
$13,200,000 underlying bonds through the issuance of consol. 5s (including
the bonds just issued to retire the Richmond & Danville 6s),the range of
this issue of Southern Ry. 5s on the N. Y. Stock Exchange has been from
1133i to 973',. Prior to the closing of the Stock Exchange the lowest price
recorded during this period was 101.
Digest of Statement by President Fairfax Harrison. Dec. 7 1914.
-The sale of these bonds will result in a deStatus of 1st Consol. M. 53.
crease in the company's interest charges and it marks the last substantial amount of 1st consol. 5s which will be available for issue for some
time. Disregarding the small amount reserved for the acquisition of certain leased lines stocks, the mortgage is now closed, except for refunding
underlying bonds. During the next six years the amount of maturing
underlying bonds to be refunded by the consol. 55 is only $4,025,000,
comparing with $13,200.000 similarly refunded since Jan. 1 1909.
The 1st mortgage has. since Jan. 11909, become a direct first mortgage
on 583 miles, in addition to the property so covered before that day.
Moreover, while in the last 20 years $17,900,000 of these 1st consols
have been issued for additions and improvements, the company has expended for these purposes from other sources about $91,000,000 (in addition to equipment purchases of about $38,000,000), the greater part of
which is covered by the lien of these bonds. Out of the funds raised for
improvements provision has been made for double-tracking the entire main
line between Alexandria, Va., and Charlotte, N. C., a large part of which
has already been finished, while the completion of the double-tracking of
the Atlanta & Charlotte Air Line Ry. provided for under the mortgage of
'
that company, will give the Southern Ry. system a double-track main line
from Washington. to Atlanta, 649 miles.
The 1st consol. mortgage represents a debt of about $18,000 per mile
of owned railroad covered thereby, or, including all prior bonded debt
to retire which bonds are reserved under that mtge., abt. $30,000 per mile.
Security.
-At the present time this mortgage is (1) a direct first lien upon
1,311 miles, or over one-third of the total of 3,843 miles of railroad in absolute ownership subject to the mortgage. The mileage so covered includes
lines from Charlotte, N. C., via Columbia, S. C. to Augusta, Ga., and
tne Asheville line (formerly the Western North Carolina RR.) (2) it is a
first collateral lien by direct pledge of all of the existing mortgage bonds,
upon the lines from Winston-Salem, N. C.,to Mooresville Junction, N. C.,
from Salisbury. N. C., to Norwood. N. C., from High Point, N. C., to
Asheboro, N. C.,from Toccoa, Ga., to Elberton, Ga., and from Danville.
Va., to Stuart. Va., a total of 250 miles of road;(3) and now by retirement
of the Richmond & Danville 6s it will have the security of the pledge of the
1st and 2nd mortgage bonds of the Piedmont RR. Co. upon the north and
south main line between Danville, Va., and Greensboro, N.C.,48.80 miles;
while. (4) by supplemental indentures it covers directly large and important terminal properties at Pinners Point (Norfolk) Va., Atlanta. Ga., etc.
Earnings. Averaging Twice the Rentals and First Consol. and Prior Interest.
[Also about 1A times the total charges, including Junior securities.)
1913-14.
June 30 Years1912-13.
1911-12.
Gross earnings
$69,533,697 $68,529,490 $63,590,329
19.578,364 21.221,685 21,086,961
Total net income (after taxes)
3.799,062
Rentals
3.104,086
3,180,140
3.726,955 3,730,905
Int. on 1st M.and underlying bonds_ 3,716,005
3,051.315
Interest on 1st consolidated 58
2,962,775 2,957.150
Int.on develop.M.4s and oth. charges 4.172,275 4,349,244 4,455.649
has during the last 6 months expended treasury cash in
addition to a large amount of money borrowed from the
companies in control to construct the new line of the Erie
& Ontario Ry. between Smithville and Port Maitland.
(V. 99, p. 468, 1132, 1750).
An official is quoted as saying that the principal inducement for the
construction of the new line was the great natural advantages of the Port
Maitland and Grande River harbors. The river flows over the Government dam at Dunnville, extending about 5 miles to Port Maitland, where
its waters enter Lake Erie. The records of 20 years or more show, it is
stated, that the open season at this harbor is longer than at any other on
the north shore or Lake Erie. The open season averages about 9 months
each year and this, coupled with the exceptional harbor and dockage facilities, will, it is believed, lead to the early establishment of a car ferry between
some south shore port and Port Maitland,thereby affording a short means
for handling, by lake and rail, the material from the United States required by industries to be located at Port Maitland and the heavy tonnage
to Canadian points, which is mainly moved by the all-rail route via the
Niagara frontier, subject to terminal charges and bridge toll.
The company has purchased about 2,000 acres of land fronting on the
easterly side of the river extending back far enough to provide sites for
Industrial plants and terminal and other railroad facilities,and this is being
held for the location of industries, the operation of which will require the
use of the rail and lake facilitli afforded. President Beckley recently
said :"We have already brought and will continue to bring to the attention
of American companies contemplating the installation of Canadian branches
the advantages afforded at Port Maitland harbor and we expect to bring
about its early and extensive equipment"
-V. 100. p. 142.
United Light & Railways Co., Grand Rapids, Mich.
Notes Offered.
-N. W. Halsey & Co. are placing on a 6Yi%
basis $1,500,000 6% gold coupon notes, dated Jan. 1 1915,
due Jan. 1 1918 and Jan. 1 1920, but callable, all or part, upon
4 weeks' notice at 100 and int. and 101 and int., respectively.
-year
Int. J.& J. in N. Y. Denom.: 3
-year notes, $1,000; 5
notes,$1,000,$500 and $100 c". Trustee,N.Y.Trust Co.
Digest of Letter from Pres. Prank T. Hulswit, Grand Rapids, Jan. 16.
Organization.
-Organized July 1910 and now owns or controls through
ownership of all or a very large majority of the outstanding capital stock, 14
public service companies engaged in States of Illinois, Iowa, Indiana Michigan and Tennessee, in the manufacture and sale of gas and electricity for
light, heat and power, and in street and interurban railway operation. The
1910 U.
53 communities served had a combined population by situation S. Census
excellent,
of 466,441; at present estimated 537,617.Franchise from 1921 to
1960;
as. with one minor exception, our rights expire variously1932.
the rights are indeterminate or extend beyond
73% of
Outstanding Capitalization as of Nov. 30 1914.
$7,713.6001 These 6% gold notes_ _ __$1,500,000
First pref. 6% stock
2.108.700 First & ref. M bonds_ -_ _ 7,214,000
Sond pref. 3% stock
ec
'
6.899,100 Divls. bonds evpref. sticsz18,178,500
Common stock
Incl. $8,000 Cadillac Gas Lt. Co. 5s, cash to retire which is on deposit.
-The proceeds of these notes will be used to complete payments
Notes.
and
for improveon properties heretofore acquired,The to reimburse the treasurydeposit with
notes will be secured by
ments to subsidiary properties.
M.
the trustee of $2,000,000 First Sr Ref. but 5% bonds, due in 1932. The
in addition to the present
authorized note issue is 83,000,000.
$1,500,000,notes may be issued only when and as additional of said bonds
have been pledged and for not exceeding 75% of the par value of the same.
Additional Refunding bonds may be certified only for refunding or acquiring
underlying securities, or for 75% of the cash cost of betterments, improvements and additions. During the life of the notes the company covenants
to provide a fund of not less than 123 % of the gross earnings to be expended
for maintenance, replacements or additional property, against which no
refunding bonds may be issued.
These notes precede outstanding capital stock having a present aggregate
market value of more than $9,500,000.
Earns. Jo Exp. of Co. and Subsidiaries-12 Mos. ending Nov. 30 1914.
$6,161,186 f Underlying charges
$1,335,686
Gross revenues
2,353,6591Interest on these notes..__
90,000
Net after taxes
$14,738,659 $14.143.060 814.323,844
Totalcharges
84.839.705 87.078.625 6,763,117
Surplus
Capitalization. The present outstanding amount of the.1st consol. M.
Balance for year ending Nov.30 1914 on basis of present chges_ $927,973
including those now sold to you, is $68.779,000. With the retirebonds,
The "underlying charges" here include all bond interest, including diviment of the Richmond & Danville Eis, the prior debt to be refunded will be dends on securities of subsidiary companies in hands of public; also propor$45347,000. while the outstanding securities in the hands of the public
of surplus due minority holders. Compare V. 99, p. 1362. 1453.
junior to the 1st consol. M. on the property covered by that mortgage tion
consist of $61,333,000 development 45, $15,000,000 notes, $60.000,000
-Injunction.
United Traction Co. of Albany, &c.
-V. 100, p. 231.
$120,000 corn. stock.
pref. stock and
Supreme
-Full 23/2% (Semi
-AnThird Avenue Ry., New York.
nual) Interest Declared on Income Bonds, Payable April 1.-A
has
% % been declared on the $22,semi-annual dividend of 2
536,000 5% income bonds, payable April 1 from the earnings of the six months ending Dec. 31 1914, being the same
amount as n Oct. and Apr. 1914 and Oct. 1913. In Apr.
1913 an ini I payment of 131% was made.
Court on Jan. 15 granted
Justice Cochrane in the
the company a temporary injunction, pending argument, restraining the enforcement of the order of the P. S. Commission directing the company to make improvements, purchase
equipment, &c. The Commission on Jan. 14 denied the
motion for a re-hearing.
On the same day General Manager Hewitt said in part in an address to
the improvement associations of the city:
JAN. 231915.1
THE CHRONICLE
"Our revenues are not going up. while our expense increase has been
tremendous. Between 1907 and 1914 the increase of expenditure for wages
alone was 27%. Further pressure is going to bankrupt the company at this
too critical time. There can be but one end, and that is that the company
will go into bankruptcy soon, unless your bodies give us a chance to get
the money we need. We can't got it now, and so we can't bring about the
improvements wanted now. We owe the Delaware & Hudson Co. $2,225,
000, and that company has no more preference as a creditor than the man
from whom we buy oil. The Delaware & Hudson Co. owns the United
Traction Co., and I cannot think of any other place whore we could get a
loan like that. And we can't borrow any more from the Delaware & Hudson. We haven't the necessities with which to secure a loan. We have
paid the Delaware & Hudson Co. only 4% on its money, merely bank interest. We are being attacked from every angle but everybody in the employ of the company is doing his best to give the best service we possibly
can under the conditions. During 1915 we expect to pout through Improvements of tracks, streets and other things aggregating $500.000. The order
of the Commission will mean an additional expenditure of $900.000.
Arbor Hill wants an extension that would cost $85,000. and New Scotland
one that would cost between $95,000 and $100,000. I believe in putting
up these extensions, but it is absolutely impossible to start them at this
time. We may find a way out of thisdifficulty, but it will not be in a day
or 30 days. It takes 5 or 6 months to get good cars equipped and placed
on the road. If you push us, I'm afraid we're going to find it necessary
to make an involuntary request for a receiver. As soon as we can raise the
money on a good financial basis, we will bring about the improvements.
You know what the financial conditions of the country are to-day. We
can't borrow money any easier than you can. You've got real estate: we
haven't got even that as security. I'm telling you the truth. This is no
whine for sympathy; it's merely cold facts, and they're for publication.
You can help us bring about improvements and save us from going_ into
the hands of a receiver by telling these facts to your organizations."
-v.92.
P. 1312.
311
From May 1906 to Jan. 19151% extra was paid hi-monthly in Jan.. Mar.,
May, July, Sept. and Nov.. and in Oct. and Dec. 1914 1% extra was also
paid. Compare V. 99, p. 896.
The board has been increased from 9 to 12 by the election of A. P.
Leighton of Portland, Me., Darwin R. James of New York and Frank
A. Hubbard.
-V.99. p. 896.
American Gas Co., Philadelphia.
-20% New Stock.
To payfor improvements and extensions at the various plants,
stockholders of record Jan. 25 1915 are offered the right to
subscribe at Phila. office, until 3 p. m.Feb. 17 for $1,070,440
new stock at par ($100 a share), to the extent of 20% of
respective holdings. The entire issue has been underwritten.
Subscription warrants will be mailed about Feb. 2 1915. Subscriptions
are payable either (a) 50% on Feb. 17 1915 and 50% June 1 1915. or (b)
in full on Feb. 17 1915. In either case, for all payments made on Feb. 17
1915 negotiable temporary receipts will be issued, bearing interest at 7%
per ann. until June 1 1915, when regular certificates stock will be issued:
carrying all dividends payable thereafter. This of make 56,422.640
will
stock outstanding. Morris W. Stroud is President, office West Washington Se., Phila. See V. 98, p. 1069; V. 99, p. 1132.
American Hide & Leather Co.
-Earns. 3 and 6 Months:
3 Mos.end. *Net
Bond
Sinking
Interest on
Balance i
,
or
Dec. 31- Earnings.
Interest
Period.
Fund.
S. F. Bonds
1914
$649,414
$73,860
$37,500
sur.5484,039
$54,015
1913
312,028
81,225
37,500
sur. 146,653
46,650
6 Mos.1914
$799,442
$149,970
$75,000
sur.$468.692
$105,780
1913
505.291
162,450
75,000
sur. 174,541
93,300
*After charging replacements and renewals and interest on loans.
Net current assets. $9,686,606. Bonds in hands of public, $4,924,000.
The statement has been prepared on the same accounting
the
annual statement of June 30 1914, with finished leather at the basis as
same prices,
which are below those now prevailing. If this higher range of value continues, effect will be given thereto in the account at the end of the current
fiscal year.
-V.99. p. 1216.
-This
Van Buren (Me.) Bridge Co.
-Guaranteed Bonds.
company, incorporated in Maine in the interest of the Bangor & Aroostook RR. to own the railway bridge and approaches, now *nearing completion, across the St. John
River from Van Buren, Me., to St. Leonards, N. B., has
•
American Soda Fountain Co.
made a mortgage securing an authorized issue of $250,000
-New Officers-Dividend.
-The following changes are announced:
1st M.6% sinking fund gold bonds.
Trustee, U. S. Mtge.& Trust Co., N.Y. Bonds dated Sept. 1 1914 and
due Sept. 1 1934, but subject to call, all or any part, on or after Sept. 1
1916 at 110% and int. Bonds are Entitled to benefits of sinking fund and
are subject to purchase on and after Sept. 1 1916 at 110 and int. Denom.
$1,000 (c5). Interest payable M.& S. at U. S. Mtge. & Trust Co.. N. Y.
Guaranteed as to principal and interest by endorsement by the Bangor &
Aroostook RR. Co., which owns all of the $250,000 stock and will operate
the bridge, paying sinking fund, taxes, maintenance, etc. St. Leonards is
a station on the Canadian Pacific Ry., International By. of New Brunswick (line to Campbellton. 112 miles) and National Transcontinental.
Wabash RR.
-New Joint Committee.
-The members of
the Pierce and Wallace committees for the First and Ref.
bonds, it is reported, met on Wednesday and agreed to form
a joint committee, the membership of which has not
yet been fully decided upon, to consist of 2 or 3 members of
each of the two present committees. It is understood that
Kuhn, Loeb & Co. will act in an advisory position with the
committee and that a representative of the firm may become
a member of the committee. The following is stated to be
correct by one in a position to know the facts.
Former Treas. & Gen. Mgr. Isaac J. North has been elected President to
succeed James N. North, Joseph 0. Proctor Jr. has been elected Treasurer.
A quarterly dividend of I % ha.s been declared on the $1.028,000 stock,
payable Feb. 15 to holders of record Feb. 1. An initial dividend of
same amount was paid on Nov. 16 last (V. 99. p. 1132). No dividends the
are
payable on fractional scrip certificates. In order to participate in present
and future dividends, holders of fractional scrip certificates are required
to purchase at 80% of par additional fractions to make their holdings full
shares under the plan of exchange announced a few months ago.
-V. 99.
p. 1530.
American Sugar Refining Co.
-Possible Resumption.
It was admitted at the office of the company yesterday that
the fact that the company was purchasing sugar at New
Orleans would indicate that a resumption of operations at
the Chalmette refinery, which was closed down early last
month on the advice of counsel, was contemplated. No date
has, however, been set.
Advices received late on Thursday from New Orleans report purchases
by the company of 25,000 to 30.000 bags of refining grades of local crop
at 3.95c. per lb., basLs 96 deg. test,delivered Chalmette.although New York
spot market advanced to 3.98c. for a time yesterday. Later, however, the
market re-acted to 3.95c. on sales of alfoat Porto Ricos. Compare V. 99.
p. 1912.
The renewal of active work on the reorganization was taken up at the
suggestion of a member of one of the committees, who saw in the increased
freight rates granted by the I. C. Commission the return of opportunity
American Tobacco Co.
-Application.
-Junius Parker of
to the Wabash, which of all the large railroads has, it is said, been the most
counsel for the company on Jan. 15 applied to the U. S.
seriously affected in earnings.
Progress was made toward clearing up preliminary obligations that con- District Court for instructions in regard to what shall be
fronted the railroad before a reorganization could be attempted. Arrangements to meet an equipment trust maturity due shortly are expected to done with the small amount of securities of the Liggett &
be completed soon; also the interest on the $14,000,000 5% 2d M. bonds Myers Tobacco Co. and P. Lorillard Co. that were reserved
due Feb. 1.
The earnings of the roads in Central Freight Association territory, par- under the plan of disintegration of Oct. 1911 (V. 93, p. 1122,
tictriarly those of the Wabash, have taken a turn for the better. The I. C. 1325), for exchange for the bonds and preferred stock of the
Commission recognized the plight of these roads as the most serious of
all the Eastern roads and special aid was granted to them in the decision company and the bonds of the Consolidated Tobacco Co.
of last August, as well as in the recent one. Reorganization was suddenly which have not been distributed. The 3
-years' time withhalted last fall because of the low earnings of the road. Wabash interests
in which to make the exchange expired this month. The apnow feel thet the future is hopeful.
The needs of the property for new capital are now set at $27,000,000, as plication will be heard on Jan. 26.
against the $30,000,000 mentioned in previous reorganization plans. The
Securities Unexchanged-Securities Reserved (with Cash, etc.), Therefor.
reorganizers yoropose, it is said, to raise the money in such a way that. assessments will be as little burdensome as possible. The 4% refunding bond
Reserved Securities
Old Securitiescertificates, which on Jan. 14 sold at 19, the lowest point in their history,
Originally.
Still Out.
LAM.
Lorillard.
American Tobacco 6s_-$52,882.000 $990,000 $290,324 7s $204,725 7s
on Jan. 21 sold at 23%. closing at 22.-1,. 100. D. 231.
American & Consol. 4s.. 51,345.100 1.489.000
436,660 5s
307.830 5s
Old preferred stock,._ 78.689.100
905,000
177,106 pf
124,827 pf
West Jersey & Seashore
RR.
-Stock-Bonds.
--As alAmendment to Selling Plan.
-The company recently proready announced,the shareholders will vote Feb.4 on increasing the common capital stock by $3,000,000, and on execut- posed to the Government that it be permitted to make the
Metropolitan Tobacco Co. its selling agent in the Metropoliing a mortgage to secure not to exceed $13,000,000 bonds.
Sec. Lewis Neilson, in circular of Jan. 14, says in substance: tan district as a step toward business efficiency, but with the
It Is intended to issue the additional stock and bonds from time to time express understanding that the Metropolitan Co. sell to
as the board deems it essential,first, to retire the outstanding certificate of jobbers in competition with itself at a scale of prices suffiindebtedness for $1,394,000, and to pay off the floating debt, amounting ciently lower than that
charged retailers to make it profitable
to about $600,000, an aggregate of about $2,000.000 of indebtedness, all of
which is due The Pennsylvania RR.Co.and should be funded; and, second, for the jobbers to handle the goods of the American Co.
to provide funds to complete the elevation of your tracks through the City This is a modification
of the plan mentioned in the
of Camden and for future additions and betterments to the road and equipment, and for other necessary corporate purposes. In the proposed mort- circular of April 15 1914 (V. 98, p. 1247). Pres. Hill says:
gage sufficient bonds
$6,373,000
will be reserved to retire such amount of the
First Consol. Mtge. bonds as may be outstanding at their maturity on
July 11936.-V. 100, p. 67.
Youngstown & Southern Ry. Co.
-Receiver.
--Press
reports state that on Jan. 21 Treasurer David Tod VMS appointed receiver.
-V.80, p. 2400.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Acker, Merrall & Condit Co., N. Y.
-Director.
--
The main criticism of the old arrangement seemed to be the failure to
provide a jobber's discount
-that criticism is avoided in the
ment. There is nothing novel in the matter. Tobacco present arrangemanufacturers.
especially cigar manufacturers, and, indeed, manufacturers of every kind
of trade-marked articles, have pursued exactly this
company, before taking this step, took the matter method for years. The
up
of the liepartment of Justice, both in New York and with representatives
in
fully outlined its plan. at the same time asking an opinion Washington. and
from
ment. The officials of the Department informed the companythe Departthat it was
not customary to give such opinions,
exception would be made
in this case. This did not come as aand that no the
surprise
company, but we did
not want to place outselves in a position whichto
might be interpreted by the
Government as defiance.
-V. 99, p. 1453.
American Window Glass Co., Pittsburgh.
-Dividend.
A dividend of 12% has been declared on the
Alaska Gold Mines, N. Y.
-Debentures.
-The stockhold- pref. stock. payable Jan. 30 to holders of record$4,000,000 7% cumulative
In Oct. 1914 10% was paid; in Sept. 1914,Jan. 23. in June.
ers on Jan. 21 voted to authorize an issue of $1,500,000
7%, and
20%.
making 37% thus
10
-year 6% debentures, to be dated March 1 1915 and con- ing been the first paid in 1914. In Nov. 19137% was disbursed, this havpayment since March 1903. when 3%% was paid. 7%
vertible into stook at $30 a share at any time prior to ma- was paid in each of the years 1900 to 1912,incl. The arrears now amount.
it is said, to about 24%%.-V.
turity. See V. 100, p. 142.
99, P• 1449.
Assets Realization Co., N. Y.
-Proposed Exchange of
Amalgamated Copper Co.
-A quar- Notes for Properties.
-Dividend Reduced.
-The creditors' committee, Albert H.
terly dividend of M of 1% has been declared on the $153,- Wiggins,
Chairman, 25 Broad St., recommends that,
887,900 stock, payable Feb.23 to holders of record Jan.30.
to hasten the general liquidation, the creditors fall in
This is the same amount as in November last. From Nov. 1912 to Aug.
with the suggestion of Vice-Pres. G. M. P. Murphy, in re1914 13 % was paid quarterly. Compare V. 99, p. 1834.
port of Jan. 1, that they agree:(1) To accept in lieu of semiAmerican Chicle Co., New York.
- annual interest, pro rata payments, first of the principal
-No Extra Dividend
New Directors.
-The usual monthly dividend of 1%, with- and then, if any balance remains, the interest due; (b) to
out any extra, has been declared on the ,000,000 common exchange a portion or all
of their notes for properties.
stock, payable Feb. 20 to holders of record Feb. 15.
The committee Jan. 18 wrote in substance:
J. V. Roome has been elected a director.
-V.76, p. 920.
THE CHRONICLE
312
suggestions. If the judgWe have no hesitation in recommending thesefurther
ment of the creditors coincides with our own, a be madedistribution on acforthwith [instead
count of claims of approximately $100,000 can semi-ann. int. We trust,
of waiting until $150,000 is on hand to meet the
-Compare V. 99, p. 1296.
therefore, that all creditors will act promptly.
1751.
-Yearly Dividend,7%.
Bethlehem Steel Corporation.
The directors have declared a dividend of 7% on the $14,908,000 7% non-cum. pref. stock, payable 19 % quarterly
on April 1, July 1 and Oct. 1 1915 and Jan. 3 1916 to
holders of record Mar.,June,Sept. and Dec. 16 respectively.
In the two preceding years5% was declared. The last previous payments
were in Feb. 1907 and Nov. 1906. when X% each was disbursed; 1(
quarterly was paid from Aug. 1905 to Aug. 1 1906. inclusive.
Dividend Record of Preferred Stock (Per Cent).
1913. 1914.
1915.
1908 to 1912.
1907.
1906.
1905.
5
Jan.. 1X
None.
3X
6
334
President Schwab is quoted as saying:
"I believe the worst of the depression in the steel industry is over and that
from now on we shall see a considerable improvement. As yet we have
not fully compiled the earnings statement for 1914, but it is safe to say
that last year's business will result in net earnings considerably better than
in 1913-in fact, 1914 will prove to be a record for any year. Unfilled orders are increasing and are already considerably in excess of what they were
a year ago at this time. The mills of the corporation are nearly all running
on full time." Mr. Schwab, when questioned as to whether there was any
truth in the report that he had taken an option on the Canadian Vickers
plant to manufacture submarines there for the Allies, said: "There is not
-V. 100, p. 231.
a word of truth in that report."
Bishop-Babcock-Becker Co., Cleveland.
-Financial
-Shareholders have until Jan.25 to deposit their stocks
Plan.
with the First Trust & Savings Co., Cleveland, under terms
of a financial plan prepared by the committee below named
as of Jan. 2. Salient facts from c ircular of Jan. 9 follow:
The present capital includes $3,965,700 pref. and 53,367,300 common
outstanding. The capital of the successor company will be $3,000.000 7%
pref., cum. after Jan. 1 1916, and $1,000.000 common. Common shareholders are to receive one common shsre of $100 for ten of their present
$100 shares, and pref. shareholders will receive 7 shares of new pref. and
one share of new common for each ten shares of old pref. now held.
The reorganization takes the form of the sale of all the property and
assets of the old company to the new for ttie securities of the new company,
after which the exchange for the old stock will be made in the ratios named.
The now company is to be organized with the present name under Ohio
laws and is to assume all debts of the present co. New capitalization:
Preferred Stock ($3,000,000)Common Stock 41,000.0002$396,570
To old preferred
$2,775,990 To old preferred
336,730
224,010 To old common
Unissued
266,700
Unissued
Shareholders' committee: Howard W. Yoemans. E. S. Griffiths and
John Sherwin. Over one-third of the stock had been so deposited up to
Jan. 16.-V.100, p. 231.
-S. R. Gug-New Officers.
Braden Copper Mines Co.
genheim has been elected President and John K. MacGowan has been elected a director, succeeding the late Barton Sewell as President and a director, respectively.
V. 97, p. 1428.
-The
-Bonds.
Brier-Hill Steel Co., Youngstown 0.
company,it is reported, has sold $2,000,000 6% serial bonds,
(payable at rate of $200,000 per year beginning Jan.11917),
subject to authorization by the shareholders on Jan. 26.
The proceeds it is said, will provide for short-term notes and commercial
paper (amounting last July, it is said, to $1,000,000) and for extensions, &c.
-V.96, p. 490.
-Foreclosure of Prior Liens.
Brooklyn Ferry Co. of N. Y.
-The Columbia Trust Co. of N. Y. says in substance:
Holders of Knickerbocker Trust Co. or Columbia-Knickerbocker Trust
5%
Co.certificates of deposit originally for First Consol.been50-year gold bonds
that actions have
commenced
of Brooklyn Ferry Co.are notified or enforce the alleged liens claimedin the
to be
N. Y. Supreme Court to foreclose New
deposit.•
the
York Terminal Co.. in which you
prior to the mortgage bonds ofyour
The situation
have an interest by virtue of cgon.certificates of
of Co.certificates
ater . 4
ai fn
ctioritoorjrur
Trust
i o
fullerfiner l nfa
7
. 1
.
trustee under N.Y.Terminal Co. mtge. dated Apr.1 1908.-V. 91.p.1180.
-A director is
-Earnings.
Brooklyn Union Gas Co.
quoted as saying that the gross earnings in 1914 approximated
$10,700,000, against $10,218,514 in 1913 and $9,934,602 in
1912.-V. 99, p. 1530.
-Earnings.
Butler Bros. & Co., Chicago.
Pension Dividends Balance,
Gross
Net
Dec. 31.
Profits.
YearEarnings.
Fund. (12 X %). Surplus.
$2.202.127 $20,000 $1,250,000 $932,127
1914
$8,584,333 2.185,054 20,000 1,250,000 915,054
1913
Total profit and loss surplus Dec. 31 1914. 54,483.805.-V. 99,9. 272.
-The directors on
-Scrip Dividend.
Cambria Steel Co.
%
Thursday declared the regular quarterly dividend of 1 X.
on the $15,000,000 stock, payable in scrip, as was the distribution in Nov.last on Feb. 15 to holders of record Jan.30.
Compare V. 99, p. 1217. An official statement says:
The earnings upon the capital stock for the year 1914 were 4.36%,against
13.8% in 1913. Owing to the large surplus as well as the improved outlook
the regular quarterly
for business the directors have declared for improvements and dividend.
large expenditures
The company made1914. and in order to conserve Its cash the increases
inventory during
in declared payable in scrip, redeemable in 2 years. bearing 5% dividend
interest,
was
payable annually. The annual report for 1914 will be mailed shortly
-ST. me, p. 232.
-New President.
-C. R. HosCanadian Cottons, Ltd.
mer, formerly 1st V.-Pres., has been elected President to
succeed the late David Morrice.-V. 98, p. 1764.
-Subscriptions.
Consolidated Gas Co. of New York.
The amount of subscriptions received for the $25,000,000
-year6% debentures recently offered to stockholders, aggre5
gated, we learn, about $24,600,000. The time to subscribe
expired Jan.8 (V. 99, p. 1751). Arrangements, it is understood, have been made by which any stockholder who may
have been out of the country or inadvertently overlooked the
offering will be permitted for a limited time to come in and
bonds. Payments must, howtake his pro rata share of thementioned in the original offer.
ever, be made on the dates
-v. Ex), p. 143.
-Bonds of Sub. Co.
Consolidated Lighting Co.
-V.95, p. 1334.
See Montpelier & Barre Light & Power Co. below.
h el
1peo&xhiliolitiolra
[VOL. 100.
-New
Consolidation Coal Co. (of Md.)., Baltimore.
-The shareholders will vote Jan.30 on authorizing
Securities.
-year debentures
(1) an issue of not over 37,000,000 7% 2
dated Feb. 1 1915 (interest payable upon the maturity of
the principal) and convertible (a) at maturity Feb. 1 1917
at company's option, principal and interest, into cap. stock,
$ for $, or (b) convertible prior to maturity at holder's
option as below stated. (2) To increase the auth. capital
stock to $39,190,500 (being an addition of ,000,000).
-Subject to the aforesaid authorizaOption to Subscribe.
tion, stockholders of record on Jan. 29 1915 are offered the
right to subscribe and pay for at par and int. at the Equitable
Trust Co., 37 Wall St., N. Y., between 12 m. Jan. 30 1915
-year
and 12 m. Feb 1 1915 for the $7,000,000 new 7% 2
convertible debenture bonds in amounts equal to 28% of
their respective holdings of stock. The sale of the entire
issue has been underwritten. Circular of Jan. 20 shows:
Debenture bonds, $7,000,000, to be issued pursuant to trust indenture
Bonds
dated Feb. 1 1915, to be executed to Equitable Trust Co. of N. Y. payable
Feb. 11917; interest at
dated Feb. 1 1915 and dueprincipal; both principal7% per annum,
and interest payable in
upon the maturity of the
tax.
gold coin without deduction for taxes, save the Federal income
The bonds will contain the option to the company, in the event that a
bond shall run to maturity, to pay and discharge the principal and interest
capital stock, of
then duo thereon either in cash or in full-paid The holders also a par value
to have the
equal to the principal and interest then due.
of
option at or before maturity to subscribe for capital stock to the amount to
it run
upon the bond
the principal and interest which would be due sum evidenced did the bond
by
extent of the principal
maturity, and, to the
to pay for stock by
and all interest accrued to the date of conversion, stock subscription tothe
be
the
surrender of the bond; the remainder due uponthe board on 30 days' notice;
payable from time to time in cash at the call of dividends on stock
with adjustment of interest on the bonds and Tr. Co. into negotiable reFractional receipts may be converted at Eq.
ceipts entitling holder to bonds in sums of$1,000 or multiples.-V.98,p.997.
--Decision.
Cuyahoga River Power Co.
-V.97,p. 1429
See Northern Ohio Trac.& Lt.Co.under "RIts." above.
-Dividend
Federal Sign System (Electric), Chicago.
-No payment has been declared as usual to be made
Omitted.
on Feb. 1 on the $2,045,400 7% cumulative pref. stock.
Secretary Gilchrist in a circular says:
Our board hopes on May 1 to begin quarterly dividend payments at the
rate of 5% per annum. Great curtailment of purchases by electric utility
customers,
companies of the country, which are the company's principal fiscal year,
has so affected profits during the first nine months of its present
board of directors believe it unwise to continue to distribute divithat your
-V.99. p. 46.
dends on the preferred stock at the rate of 7% per annum.
-Decision.
(B. F.) Goodrich Co., Akron, Ohio.
-V.99, p. 346.
below.
See Kelly-Springfield Tire Co.
-Pneumatic Tire Output.Goodyear Tire 85 Rubber Co.
Press reports state the company's output of these tires, viz:
1912.
1911.
1913.
1910.
1914.
1909
883,224 1,132,869 1,478.398
332.458
207,442
102,669
-V. 100, p. 144.
-Exchange of
Grand Rapids (Mich.) Gas Light Co.
-Holders of 1st M. 5s due Feb. 1 1915 who wish to
Bonds.
continue their investment in the new 1st 5s of 1939, $ for 3,
are notified to deposit their old bonds immediately with
Emerson, McMillin & Co., 40 Wall St., N. Y.; Metropolitan Trust Co., 49 Wall St., N. Y., or the Michigan Trust
Co., Grand Rapids, Mich., who own and are offering a
limited amount of the new bonds at par and int. See adv.
on another page and full particulars as to the new bonds,
the property, etc., in V. 99, p. 1913, 1751.
-Stone
-Stock Offered.
Haverhill (Mass.) Gas Light Co.
& Webster are offering at $97 50 per share (par $50)$438,750
-J.
of the company's capital stook. Dividends Q.
The shares offered have long been held by the Stone & Webster interests;
Dart of the total of $585,000 auth. and issued. No bonds or floating debt.
.
-Nov. 30 Years- Cal- Yr.
Gross Earns.- -June 30 Yeats1894-95. 1899-00 1904-05. 1911-12. 1912-13. 1913-14. 1915. est.
$89,426 $118.508 $170.755 $213,700 5233.108 5243,782 $255.500
Net earnings (after taxes) for year ending Nov. 30 1914. 566,092; est.
9% per ann., the rate established Jan. 1
1915. 577.900. Dividends at mfg. capacity 2,000,000 Cu. ft. Mains, 104
1915. call for 552.650. Daily
miles. Customers, 11.000. Price for gas. 8.0 cts.-V. 98. D. 1922.
-New Note
International Harvester Co. of New Jersey.
-The official circular,dated Jan.9 1915,saysin subst.:
Issue.
The company has authorized an issue of 520,000.000 5% gold notes dated
Aug. 15 1914 and maturing Feb. 15 1918, with semi-annual interest coupons
loans amounting to $5,000,000 due in
e
attached, for the purpose of retiringInternational Harvester Co. 3-year 5%
ry
the fall of 1914, and 15,000,000 of This
like form
1915.
gold notes maturing Feb.eb 15 indenture asissue will be ingold notes and be
the existing
issued
similar trust
covered by a
15 1915, above referred to.
Feb. 15 1912 and due Feb.to all holders of the misting 3-year gold notes
offers
The company now15 1915 the privilege of exchanging them for a like
which mature Feb. the
The exchange may be
of
amount of notes existing new issue at par. due Feb. 15 1915. togethermade
notes with coupon
with
by depositing the ownership certificate, on or before Jan.30 1915. and notes
proper income tax
coupons for interest from Feb. 15 1915 will
of the new issue with check for the interest on the existing notes be sent
for the
you, together with ato Feb. 15 1915.
period Aug. 16 1914 in New York at National City Bank, J. P. Morgan
Deposit may be made
& Co., and company's office, 17 Battery Place; in Chicago at Illinois Trust
and office of company's Treasurer, 606 S. Michigan Ave.
& Savings Bankthe company on Jan. 20 wrote: "Replying to your favor of
[An officer of $5,000,000 of notes
sue assumed by the
• the
the 16th inst.,Harvester Corporation, of the present refer, have already
to which you
International
Harvester Corporation. The
by the InternationalN. J. $20.000.000 Is issued fornew issue
been refunded
of
the purof International Harvester Co. Jan. 9-35.000000 for retiring loans due in
poses stated in circular letter of for refunding International Harvester Co.
$15,000,000
the fall of 1914 and maturing Feb. 1 1915.I-V. 100, p. 233.
3-year 6% gold notes
-No Common
International Harvester Corporation.
-The directors on Jan. 16 voted not to pay the
Dividend.
quarterly dividend on the $40,000,000 common stock usually
disbursed on Jan. 15. No distribution was made in Oct. last.
From Apr. 15 1913 to July 1914 13% was paid quarterly.
Insident
Pre asmuch
M otion chave Ysn
as endirinis k satn :o way improved and the situation,so far
interests are concerned, Is
it
as the corporation'sdirectors have decided thatpractically the same asonwas
in October last, the be paid on Jan. 15 1915. no quarterly dividend the
Compare V. 99, p. 820.
common stock will
The $5,000,000 Notes Assumed Already Refunded.
-V. 99, p. 820.
See International Harvester Co. above.
-This tele-Bonds.
Interstate Utilities Co., Spokane.
phone company, incorporated in Idaho Sept. 4 1914 has
JAN. 231915.]
THE CHRONICLE
made a mortgage securing an authorized issue of $500,000
first and refunding 6% gold bonds.
313
tax-exempt under. the Mass. Bond Registration Act, the company will reimburse him for fees of registration. Denom.,c* $1,000; r5 $100 and multiples.
-V. 100, p. 144.
Bonds dated Oct. 1 1914, due Sept. 30 1934. Mortgage trustee, MeNaumkeag Steam Cotton Co.-Earnings.chanics' Loan & Trust Co. Amount outstanding, $305,000. Par $100.
Yards
Receipts -Status on Nov. 30 1914Interest payable A.& 0.at Spokane. Of the total issue,$263,000 is reserved Noo.30. -Yards
Year- Produced.
Sold. from Sales. Assets. Liabilities.
to retire $263.000 old Interstate Telephone bonds [1st 6s of 1907, due 1914 ..11, 757,578 12.067,311 2,188,288 33.819.618 $2,415.349 Total Sur.
575
Apr. 1907, but call. at 106, int. A.& O. in Spokane and at Hanover Nat. 1913.-17,844,679 18,221,404 3,252.545 2,647,003 1,430.838 $1.404,269
1,216.165
,
Bk. N. Y.], also $42,000 for additions to plant. Auth. capital stock, $1,- -V. 98, p.
000, all common; outstanding. $305,000, par $100. This company is
000,
a consolidation of the Interstate Telephone Co., North Idaho Telephone
New York Terminal Co.
-Foreclosure Suit.
Co.and certain properties of the Pacific Tel. St Tel. Co. Pres., Philip HamSee Brooklyn Ferry Co. above.
-V.97, p. 1826.
lin; Sec. & Asst. Treas., Austin L. Hatch; Treas., Edwin T. Coman,
Niagara Falls Power Co.
-V. 99, p. 898.
Spokane, Wash.
-Earnings.
-For calendar year:
Calendar
Gross
Net
Other Int.,Taxcs, Divs. Balance,'
Y
ear- Earnings. Earnings. Income.
c*c.
(8%). Surplus.
Johnston Harvester Co.(Farm Implements), Batavia, 19m
5
p$ 1 71.
.2,67 ,974 $2,162,465 082.887 $1,275,809 $460,616 $508,927
shareholders of record Jan. 5 1915 1913
-All
-New Stock.
N. Y.
2,742,192 2,201,927 116,058 1,247,876 460,616 609,493
3
are entitled to subscribe at par ($100 a share) on or before -V. 99,
Northern Pipe Line Co.
-New Director.
Feb. 1 1915 for an additional $350,000 8% pref. stock, to
-J.P.Blackford
was elected a director to succeed F. G. Boyer, deceased.
the extent of 7-38 of their holdings, common and pref.
1, -V. 98, p. 391.
Subscriptions are payable in 5 installments of $20 each Feb. 1, March
April 1, May 1 and June 1 1915, bearing interest at 6% to June 30. No
Northwestern Long Distance Telephone Co.
-Foreallotment of a fractional share will be made. New certificates will be issued
July 1 1915 and will participate in pref. dividends beginning with the semi- closure.
-Judge Gatens in the State Circuit Court at Portannual distribution of Feb. 1 1916. There is now outstanding $850,000 land, Ore., on Jan.
13 ordered the foreclosure sale of the
common and $1,050,000 pref. (total auth. pref. $1,400,000). No bonds or
mortgage. Last dividend on common,8%.Feb. 1 1910. L. Melvin Jones, property under the mortgage to the Title Insurance & Trust
Pres.; G. A. Ferran, V.-Pres. and Gen. Mgr.; L. D. Collins, Treas. and Co. of Portland, as trustee.
-V. 81. p. 158.
Asst. Gen. Mgr.; E. C. Atwater, Sec.
The company's securities were recently sold to F. H. Crosby of San
Francisco
Telep. & Teleg.
-S. K. awarded aby the Pacific $145,000 against Co. The Northwestern Co. Is
-Favorable Decision.
Kelly-Springfield Tire Co.
Judgment for
Title Ins.
Lichtenstein, special master in the U. S. District Court in profits stated to have been illegally made theconnection & Trust Co. for
in
with the sale of
this city, has rendered a decision awarding the company stocks of the Home Telep. & Teleg. Co.of Portland and Puget Sound Home
Telep. Co. to the Northwestern Co. Compare V. 99, p. 1371.
damages against the Diamond Rubber Co., a subsidiary of
Oklahoma Natural Gas Co.
-9 Months' Earnings.
the B. F. Goodrich Co., for infringement of a patent.
Net
Bond
Deprecia- Dividends Balance,
Suits over the patent have, it is stated, been pending for over 15 years. 9 Mos.end. Gross
Nov.30. Earnings. Earnings. Interest.
tion.
A number of other cases brought by the company are said to be pending.
(3%%). Surplus.
$599,484 0339.209
$36,000 $82,769 0150.000
The patent was declared valid by SupremeCourtin 1911.-V. 99, p.1752. 1914
070,440
1913
541.855
317,229
44.859
110,418
150,000
11.952
3
otal surplus Nov. 30 1914, 062.599.-V. 9, p. 1843.
8
-Listed.
Keystone Telephone Co.
Pennsylvania Salt Manufacturing Co.
Philadelphia Stock Exchange on Jan. 4 listed $2,508,250 voting
The
-New President.
Joseph Moore Jr., who was recently elected President pro tem, has been
trustees' certificates, representing 50.165 shares of common stock deposited
under agreement dated Feb. 2 1914. with authority to list up to a total of made President (V. 99, p. 1915).-V. 100, p. 58.
05,000.000.-V. 99. p. 541.
-Dividend Reduced.
-A semiKeystone Watch Case Co.
annual dividend of 1%% has been declared on the ,000,000
stock, payable Feb. 1. This compares with 332% semiannually from Feb. 1903 to Aug. 1914, inclusive. In 1901
and 1902 6% was paid and in 1900 5%.-V. 100, p. 144.
-Thomas
-New President.
Lake Superior Corporation.
Gibson, Toronto, has been elected President to succeed
J. Frater Taylor, who resigned.
Mr. Taylor stated that, having taken over the management of the Algoma
Steel Corporation and its subsidiary companies, he could no longer undertake the duties of President of the holding company, but will continue a
director. Mr. Gibson has been a director and has been associated with the
allied enterprises for some time and has lately been active in the arrangements which the Spanish River Pulp & Paper Mills is carrying on with its
bondholders.
W.C. Franz was recently appointed President of the Lake Superior Coal
Co. and Canton Coal & Coke Co., two subsidiaries of the Algoma Steel
Corp. operating in West Virginia.
-V.99, p. 1752.
Lawrence (Mass.) Gas Co.
-A circular,
-New Stock.
dated at Boston. Jan. 9. shows:
All stockholders of record on June 4 1913 (sic) may subscribe until 12 m.
Feb. 13 for the $600,000 new capital stock at $140 per share to the extent
of one ($100) share for every 3 1-6 old shares now held, but subscriptions
for full shares or for fractions aggregating full shares only will be accepted.
Subscriptions are payable Feb. 17 1915 at office of Treasurer Robert W.
Emmons 2d, 79 Milk St. Boston. This will make $2,500,000 stock outstanding. Dividend rate is 8% per annum (F. & A.). Funded debt,
$300.000.-V. 100. p. 233.
Lozier Motor Co.
-Committee-Time Extended.
-
Sufficient claims having been assigned to make operative the agreement
.
under which the creditors protective committee is acting, notice is given
that the time within which assignments of claims may be deposited with the
Old Colony Trust Co.. Boston. as depositary, has been extended to and
including Jan. 27 1915. Committee: E. Elmer Foye, Boston: H. D.
Sharpe, Providence: E. D. Hathorne, N.Y. City: F. C. Dorn, Cleveland:
G. Jahn, Secy., 223W. 46th St., N. Y. See V. 100, p. 144.
-Earnings
Manhattan Shirt Co., New York.
Nov. 30.
Year1913-14
1921 13
-V. 95, p. 622.
Pfd. Stk. Balance,
Pref.
Total Net
Total,
Divs.
Income.
Reserve.
Surplus. Surplus.
$501,767 $201,250 $101,250 $199,267 0560,777
207,375
50,513 316,351
574.239
340.748
-Dividend.
Maryland Coal Co. of West Virginia.
-An
initial dividend has been declared on the $2,000,000 stock,
payable Feb. 1 to holders of record Jan. 21.
The Maryland Coal Co. of Maryland, which owns practically all of the
stock and the debenture bonds has not paid any dividend on its stock
($188.470) since the 10% paid in 1911 (V. 99, p. 123).
Midvale Steel Co., Philadelphia.
-Earnings.
-Years ending Oct. 31. 1913-14. 1912-13. 1911-12. 1910-11. 1909-10.
Net profits
$416,989 $767.931 $670,951 8716,518 81.311.181
Dividends
268,125 390,000 585,000 487,500
367.500
$148,864 $377.931 $85,951 $229,018 $943,681
Balance, surplus
The total profit and loss surplus Oct. 31 1914 was $3,773,990, after
deducting $150,626 for adjustment on appraisal of affixed assets.
-V.98.
p. 608.
-Bonds.
Montpelier & Barre Light & Power Co.
-Stockholders of record on Dec. 26 1914 were offered the right to
subscribe at 88 and int. until and incl. Jan. 20 for $250,000
First Ref. Mtge.5% 30
-year Convertible Gold Bonds, dated
Oct. 1 1914, to the extent of $100 par value of bonds for
each nine shares of stock, common and pref., held by him.
Price Bros. & Co., Ltd.
-Earnings.
-
Profits
Bond
Int. on Bank Sinking
Balance,
for }"ear.
Interest.
Loans,&c.
Surplus.
0692.830
$290,231
$98,819
$70,000
$23 :780
173 7
88
512.528
277.499
surplus Nov. 30 1914, after deducting for increase of reserve for
depreciation, $250,000, was 01.010,031.-V. 98. p. 528.
Nov. 30
Year.
1913-14
19T120-t1s31
Reo Motor Car Co., Lansing, Mich.
-Sales.
-
The gross sales of automobiles and parts for the 14 months ending Oct.
31 1914 amounted to 016,351,963. During this period the net profits were
$2,539,187. See V. 100, p. 228.
(M.) Rumely Co. La Porte, Ind.
-Receivership.
-Upon
application by creditors, Judge A. B. Anderson in the
U. S. District Court at Indianapolis on Jan. 19 appointed as
receiver of the property Finley P. Mount, of Indianapolis.
The representatives of all the creditors were unanimous in requesting the
appiointment of Pres. Clarence S. Funk of Chicago and Stephen B. Fleming
of -Fort Wayne as co-receivers, but the Court, following its custom in such
matters,declined to appointlMr. Funk,as he is a non-resident,and appointed
Mr. Mount, an attorney of excellent reputation and experience.
Digest of Statement issued Jan. 19 by President Funk.
If the security holders will promptly co-operate in bringing about a reorganization on sound lines. I have no doubt that by persistent effort the
business can be so re-established as to provide 100 cents on the dollar for
all the debt, and something besides. Otherwise the alternative will be
slow liquidation, serious loss to creditors and the wiping out of the stock.
Abnormal financial conditions resulting from the European war, together
with the refusal of the holders of $1,300,000 of the company's $10.000,000
debenture notes to grant an extension of the same, are responsible for the
receivership. When my associates and I took the management a year and
a half ago we reached the conclusion-which we still hold-that, notwithstanding the accumulation of an enormous and badly balanced inventory,
and the general disorganization resulting from the great and sudden expansion of the business in 1912, the business itself was fundamentally sound.
When, in the spring of 1914, the management received assurances of the
necessary support from the banks, it undertook to carry the business along
another year, with the distinct announcement. however, that it could not
be carried through 1915 unless the holders of the balance of the 2
-year
consented to the extension, as most of them have refused to do. notes
This
means that under the terms of the extension agreement the entire issue of
$10,000,000 may be declared due on March 1 next.
The banks which supplied the company[with its seasonal
3r
year by the purchase of farmers' notes from the companyrequirementslast
will not
about half of the amount of their investment has already been lose. as
realized
through collections and the balance of the notes is ample for the other
half.
In the last year and a half the management has paid off
upward of
07.000,000 of debts, and, in addition the company has compromised
and
disposed of jobbing contracts made with outside manufacturers
amounting
to nearly 03,000,000.
(The company's gross business in Western Canada in 1913,
it is said,
aggregated over $5.000,000 but in 1914 was only $1,000,00).
The South
American business also suffered from poor crops, while the
European war
led to the cancellation of orders from Russia.
The Maytag Co. of Newton, Iowa, was complainant in the
case of the
M.Rumely Co.and the Oliver Chilled Plow Works Co.for Rumely
Products
Co., placed in hands of same receiver. The allegations were
admitted by
the officers. The International Harvester Co. prior to
Issued a statement denying emphatically any connection the receivership,
whatever with the
Rumely Co. (or its management.)
Receiver's Certificates.-Receiver Mount on Jan. 21 obtained authority to issue $100,000 receivers' certificates to
provide for wages, Bte.
Committee of Bankers for Notes Secured by Farmers'Notes.
H. R.
Eldridge. Chairman; H.
Twitc.hell and Herman Waldeck.
John Quinn is counsel. [There are,K.is said,
it
outs'anding or held by the
Equitable Trust Co.. as trustee,under the purchase-agreement, $5,647,127
of farmers' notes. The subscriptions under the agreement of
aggregate $4.000.000; called for and paid up, $3,430,422.-V.Feb. 18 1914
100, p. 234.
St. Louis Breweries, Ltd.
-Listed.
-
The London Stock Exchange has listed £450,000 6% 1st M. debentures
of E100 each (V. 98, p. 767).-V. 99, p. 1601.
Shattuck-Arizona
Copper Co.
-A
-Dividends Resumed.
Subscriptions are payable to Treasures, Ellhu A. Bradley, 201 Devonshire St., Boston, either in full with accrued interest on Jan. 20 1915, on dividend of 50 cents per share has been declared on the
delivery of bonds, or in installments as follows for each $100 of bonds: $3,500,000 stock Spar $10), payable Feb. 20 to holders of
April 15 1915, $44; July 15 1915, $22: Oct. 1 1915, $22. Any installment
may be anticipated at any time after Jan. 20 1915. Receipts bear 5% int. record Jan. 30, being the first distribution since July 1914.
In January, April and July 1914 payments of 50 cents pier share each were
The bonds are part of a possible ultimate issue of $2,500,000, secured by
mortgage to American Trust Co. of Boston, as a lien upon all present and made; also in Jan., July and Oct. 1913. In Jan. 1911 $1 was paid, and in
the last half of 1910 payments amounting to $2 were made.
future properties and franchises, subject only to $1,049,000 underlying
mortgage bonds of constituent companies, to retire which $1,049,000 new
Spanish River Pulp & Paper Co.
-New Terms.
bonds are to be reserved. A further $300,000 of the new bonds will be
On Jan. 13 the bondholders of Ontario Pulp & Paper voted to accept the
reserved only to acquire the property of the Waterbury (Vt.) Lt. & Power
proposals to defer the bond interest and postpone sinking fund payments,
Co.. and $901,000 for use extensions and improvements at 75% of cost.
Out on terms modified so that the bondholders will receive during the curThe 0250.000 bonds just offered are convertible at holders' option into rnecy of
any year for
3% cum. pref. stock at par on and after Mar, 1 1916 and are callable at on the their bonds 10% of the amount allocated in River Co. dividends
preferred
Holders of
of company at 105 and int. Interest is payable without deduction the short-term and common stock of the Spanish
option
Spanish.River notes will not receive any return of principal
.on account of Federal Income Tax, and if a holder registers the bonds as until all the postponed bond
-V.100, p. 59.
interest has been paid.
314
THE CHRONICLE
[VOL. 100.
Standard Oil Co. of New Jersey.—Ncts Director.—
—George R. Martin, formerly note teller and in charge of
William H. Libby has been elected a director fo succeed the securities of the Seattle National Bank, has embarked in
W.C. Teagle, who resigned.
the bond business, having organized the new investment firm
Mr. Libby has been with the company for 36 years and is regarded'as an of Martin-Severyns Co., with offices in the 42-story
L. C.
authority on foreign trade.—V. 99. p. 1134.
Seattle, handling
Syndicate Film Corporation, Chicago.—Extra Divs.— Smith Bldg. at Martin began his bonds and mortgages exfinancial career with the
An extra div. of 25% has been declared on both the common and pref. clusively. Mr.
stocks, payable Jan. 27 to holders of record Jan. 22; 25% extra was also Merchants' Loan & Trust Co. of Chicago and was later conpaid on Dec. 10 and Nov. 23 last. An Initial payment at the rate of 7%, nected
with the Live Stock Exchange National Bank of Chialso 2% extra, was paid on Oct. 1 1914 for the period from May 1914 to
Jan. 1915. Compare V. 99. p. 1683.
cago. He has been prominently identified with the American Institute of Banking, both in Chicago and Seattle, and
Tonopah Mining Co.—Earnings—Quarters ending.—
Nov.30'14. Aug.31 '14.May31 14. Feb.28'14. Nov.30.13. Aug.31 '13.M'y 31'13 before going to Seattle was Treasurer of the Chicago Chapter.
$259,921 $248,521 $351,404 $317,720 $410,660 $309,360 $356,189
On Nov. 30 there was cash on hand, $293,310; other quick assets were: W. B. Severyns is a prominent young attorney of Seattle.
Bonds. $1,096,885; certificates of deposit, $25,000; loans on collateral, He is also connected with a large Canadian corporation.
$465,000. Deducting quarterly dividend paid Jan. 21 1915, 3250,000,
The new firm is incorporated and is capitalized for $25,000.
leaves $1,698,769.
The net earnings of the Tonopah Placers Co.. 83i% of which is owned
—The January 1915 issue of the"Hand Book of Securities,'
by the Tonopah Mining Co. of Nevada for the quarter ending Nov.30 1914,
compiled by the publishers of the "Commercial and Financial
were $101,9132.—V. 99, p. 1218.
United Cigar Stores, N. Y.—Acquisition.—The com- Chronicle," is now ready. The book contains 192 pages,
pany has taken over the chain of cigar and drug stores of the and gives very full information concerning the various
United Chemists Co.,located at Flushing, N. Y.,Perth Am- railroads and the leading industrials whose securities are
dealt in on the New York, Boston, Philadelphia, Baltiboy N. J.Asbury Park, N. J., and also in other places.
The United Chemists Co. has been operating a cigar and drug business in more, Chicago and Pittsburgh exchanges. It shows their
'
connection with each other. It is stated that for some time the United
Chemists Co. has conducted its cigar business as agent for the United Cigar earnings, dividends, &c., for a series of years, present fixed
Stores Co., which has now taken over the drug business as well. This charges, and the amount of the different issues of bonds
acquisition is not regarded as of great importance and the consideration is outstanding, the rates of interest, &c. There is also given
said to be a cash one. [The United Chemists Co. was incorp. in N. J.
Jan. 24 1906 with $10.000,000 of auth. stock in $100 shares.I—V.99, p.677. the monthly range of stocks and bonds to Jan. 1 1915,
together with a yearly range for four years. Price, one
United Profit Sharing Corp.—New Stock.—
Subscriptions for the $1,400,000 new stock offered pro rata at par ($1 dollar, or to "Chronicle" subscribers 75 cents.
a share) to the holders of the present $350,000 stock of record Jan. 11 must
—The seventh annual edition of their booklet giving the
be paid at the Guaranty Tr. Co.. N.Y., by 3 p.m., Feb. 1 1915.— V.100,11.596
highest and lowest prices of all securities listed on the AmUnited States Rubber Co.—Embargo Lifted.—
see editorial 'Rubber Embargo"on a previous page.—V. 100, p.146.
sterdam Stock Exchange has been issued from the banking
houses of Arnold Gilissen, Rotterdam, and Gilissen & Co.,
Walpole Tire & Rubber Co.—Sale March 10.—
Judge Dodge in the U. S. District Court at Boston recently set March 10 Amsterdam. The book is printed in clear style and contains
as the date for gale of the property, and also ordered payment of a fifth high and low prices for each year to and including 1905 and
dividend (3%)on claims allowed up to Jan. 4.—V.99, p. 1150.
also the prices on July 28 1914, the last day the Stock ExWestinghouse Machine Co.
-87% Stock Assents.—
was open.
Holders of more than 87% of the outstanding stock, it is change the last tenIt also contains a list of dividends paid
during
years. The book will be sent to all
announced, has assented to the agreement of Dec. 26 1914, interested on payment of twenty cents, the proceeds of the
providing for the exchange of their stock for common stock sale to be handed over to the Dutch Red Cross.
in the Westinghouse El. & Mfg. Co. at rate of three of the
—The January investment circular of Edward B. Smith
former for one of the latter.
& Co., 27 Pine St., New York, and Broad and Chestnut
No additional stock in the Machine company will be accepted by the
trust company after Jan. 26 1915 except at the option of the Electric com- streets, Philadelphia, contains a list of securities yielding
pany and subject to such conditions as It may impose. The depositories from 4% to 6%, recommended by the firm for safety of
are the Colonial Trust Co. Pittsburgh, and Franklin Trust Co., N. Y.
A meeting of objecting etockholders will be held to-day at 2P. M. in principal and certainty of income. There are one municioffices of McIlvane & Murphy, Pittsburgh.— V. 100, p. 59.
pal, four first mortgage bonds, two equipment trusts, two
Yolo Water & Power Co., California.—Bonds Offered.— secured notes of dividend-paying companies yielding 6%,
White & Co. Inc., New York, White, Fenner & Co., Lon- and a new convertible railroad bond offered for the first time
don, and White, Fellner & Elliott, Liverpool, are offering, to the public, described in the circular. The bankers will
with a bonus of common stock, the unsold portion of the mail a copy to any investor or financial institution interested.
initial $2,500,000 1st M.5% sinking fund gold bonds dated
—The "Monetary Times" of Canada, with head offices
Jan. 1 1912 and due Jan. 1 1952, but redeemable at 105 and at 62 Church St.,. Toronto, Ont., has recently published its
.
int. on and after Jan. 1 1922. Int. J. & J. in New York. 1915 Annual Review. This publication, which has been isAuthorized. Outstdg.
Capitalization—
$1,000,000 $575,000 sued yearly by the "Monetary Times" since 1872, has long
Preferred stock(6% cumulative)in $100 shares
Common stock in $100 shares
9.000,000 9,000,000 been considered of great merit, and the present number consinking fund gold bonds
10,000,000 2.500,000
1st M.5%
Mortgage trustee, Oakland (Cal.) Bank of Savings. Bonds free from tains as much, if not more, valuable data and interesting
normal Federal Income Tax. Sinking fund for annual retirement of bonds reading than heretofore. The information is conveniently
,
1% yearly, 1918-1922%134% 1923-1927; 215% 1928-1952. Denom.$1,000. classified under the following subjects:
Editorial, Banking,
Digest of Statement by Prest. R. M. Pike, San Fran. Oct. 1 1914.
'
Organization—Incorporated in California to utilize the waters of Clear Bonds and Investments, Insurance and Industrial. Single
Lake, Calif., for the generation of hydro-electric horse power, also the copies, postpaid, 50 cents.
sale of said waters in the Sacramento Valley, storing for these purposes
—Nelson G. Hollister, formerly a partner in the firm of
the rainfall during the winter months, and early spring. Clear Lake has
an area of 65 sq. miles, and lies in the mountains 1329 feet above sea level,
less than 90 miles north of San Francisco; it drains about 500 sq. miles, Julius Christensen & Co. of Philadelphia, Pa., and Richard
and is also fed by perennial springs and streams. An impounding dam Roy Carpenter, who has been residing in London, Eng., for
adding 10 feet to depth of water gives a storage of 20 billion cubic feet of the past five years and engaged in placing American securiwater, exceeding any other reservoir in California. The right to the
waters of Clear Lake for commercial purposes has been obtained from the ties abroad, have formed a co-partnership under the name of
State and riparian rights have been acquired through the ownership of Hollister & Carpenter, with offices in the National Bank of
lands and the purchase of overflow rights on over one-half of the shore
line. Under right of eminent domain, condemnation proceedings are in Commerce Bldg., 31 Nassau Street, New York, for dealing
progress to acquire the balance of the shore of the lake.
exclusively in Government and municipal securities, both
Water Power Derelopment.—The only outlet of Clear Lake Is Cache Creek,
which has a fall of 1,100 feet in 45 miles. Near the village of Rumsey, foreign and domestic.
25 miles from the impounding dam, there is an effective head of 750 ft.,
—The organization is announced of Fox, Hoyt & Co.,
which will develop about 35,000 h. p. Not exceeding $5,000,000 bonds
are reserved for this development. At Capay, 20 miles below Rumsey, a capital $100,000, with offices in the First National Bank
second water-power plant can be established, with an effective head of Bldg., Milwaukee, Wise. The company will engage in the
160 feet, which would give about 8.000 h. p. Cache Creek also drains
Ziegler Creek, Bear Creek and the North Fork of Cache Creek and Indian purchase and sale of high-grade municipal, railroad and pubValley.
lic utility bonds and real estate mortgages, devoting particuWater Distribution.—water from Clear Lake and Cache Creek has
originate in the State of
been profitably sold throughout Yolo County. California, since 1860. lar attention to securities which
There is now a demand for about 40,000,000.000 on. ft. of water. The Wisconsin. Morris F. Fox is President and Lansing W.
company has, therefore, built at Capay a dam 500 feet long and 15 feet
high, with wing walls of 135 feet to divert the waters into the Adams Canal Hoyt is Vice-President.
and the Capay-Winters Canal. respectively, and thence to a large part of
—J. K. Rice, Jr. & Co., 36 Wall St., this city, desires
Yolo County via its 90 miles of existing main line canals and 200 miles
of ditches. Yolo County is a rich agricultural section, thickly populated, to hear from investors or financial institutions who may be
yielding oranges, figs, grapes, olives and rice, as well as cereal crops.
interested in buying or selling the stocks which they offer in
Security for Bonds.—An absolute first mortgage on all property at any
time owned, now including: (a) exclusive right to use the waters of Clear our advertising columns to-day. The list of securities
outlet, Cache Creek, for power and other purposes; enumerated is very extensive and it may be to the advantage
Lake, and its only
(b) About 5,000 acres of land bordering Clear Lake, and Cache Creek;
get in touch with this banking firm,
(c) Entire auth. issues of $225.000 1st M. bonds and $1.000,000 cap, stock of holders of stock to
of Yolo County Consolidated Water Co.;(d) Entire $50.000 cap. stock of who are large traders in unlisted and listed securities.
Capay Ditch Co.; (e) All work done and properties acquired out of the
—Through an error it was announced last week that George
proceeds of the bonds sold, namely: Riparian rights of Cache Creek and
on more than half of the shore line of Clear Lake, the impounding dam, R. House was to become connected with the bond departdiverting dam at Capay and 90 miles of main line canals and 200 miles
the
Lanahan & Co. of Baltimore. The firm
of laterals in Yolo County; (f) Remaining riparian rights on Clear Lake ment of W. W.
now being acquired by condemnation.
takes occasion to state that Mr. House is no way connected
impound about twenty billion on. ft. of water
Earning Power.—We
for which there is a ready demand In Yolo County. At the prevailing rate with it.
was
of $1 50 per 44.000 Cu, ft. which rate from approved many years ago by
—Kenneth Adams,formerly manager of the bond departwater would be gross, about,
the Board of Supervisors, the revenue
$600.000; net (after taxes, &c.), $450.000; interest 5% on these bonds, ment of Hornblower & Weeks' Hart ord office, has been
balance, surplus, $325,000.
$125,000;
appointed bond manag-r of their New York office, sucThe 35,000 hydro-electric h. p., when developed, should add to the
earnings above about $1,000,000 gross (at the wholesale rate of lie. per ceeding Robert E. Crane, resigned.
power), and a net return of $750,000, or 3
k. w. hour, figured on 24-hour
—Harold G. Wallace, late London, England, manager of
reserved for power purnoses.
the
times the int. charge onPike$5.000,000 bonds
. the Dominion Securities Corporation, Ltd., branch, has
(President), James K. Armsby, 13. D. H
Dire,ctors.—Roy M.
and Louis Titus, all of n FranA
e
H. Spring,
ConnIck, W. J. Hotchkiss, J.Stephens, Woodland, Cal., A.S.
SanN.Y. been appointed manager of Aemilius Jarvis & Co.'s bond decisco; Joseph Craig and F.'W.
partment, Toronto, Canada.
—Edward B. Smith & Co., 27 Pine St., this city, will
—Coleman Wynne, for the past seven years with Redmond & Co., is now associated with Wm. A. Read & Co., move on May 1 to larger offices on the ground floor of 30
Pine St. now occupied by Kean, Taylor & Co.
28 Nassau Street.
JAN. 23 1915.1
THE CHRONICLE
The Tow-naval TniteS.
COMMERCIAL EPITOME
Friday Night, January 22 1915.
Not only is sentiment becoming more cheerful but actual
trade is beginning to increase. Exports of commodities,
including grain, cotton and war materials, are so large.
as
in a sense almost to eclipse imports,whether of merchandise
or of securities. Money continues remarkably easy. Railroad traffic is increasing. Stocks and bonds have been in
better demand. Collections in the big grain States at
least are good. Retail trade is better, partly owing to
colder weather. Wheat has advanced despite the talk of
a possible embargo on American exports, such as has been
imposed twice in American history. The South is helped
by higher prices for cotton. Copper has advanced and
mines are increasing their output; large sales have been
made to Russia. Steel mills in some cases are busier.
Textiles are in better demand; Southern cotton mills are
running on full time. The production of coal, and lumber,
of ships, automobiles and motor trucks is increasing, partly
owing to European orders. The winter-wheat belt has a
good snow covering. Ocean freights are higher in Argentine
than they are in this country, where they are still high.
Wool is active and firm, partly owing to large army contracts with Russia. On the other hand, the week's bank
clearings show plainly enough that trade is still far smaller
than it was at this time in the last two years. Collections
are still slow in the South,where extensions are necessary in
many cases and in other parts of the country they are either
rather poor or else only fair. In a word, while the feeling
is increasingly cheerful, the actual tangible results in trade
exhibit no very decided change for the better. Yet the
belief is spreading that 1915 is to bring a substantial improvement in American trade and commerce.
LARD has been quiet; prime Western 11c.; refined for
the Continent 11.45c.; South America 11.85c.; Brazil in
kegs 12.85e. Lard futures have been stronger at times,
though irregular at others, owing to the weakness of the
grain markets, but on reactions outside interests have shown
a disposition to buy. Also there has been covering of shorts
and some buying by packers. Receipts of hogs have been
rather smaller than were expected. To-day prices advanced
slightly. Packers were buying.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Sat.
Mon. Tues.
Wed. Thurs.
Fri.
January delivery_cts_10.50
10.72 10.62
10.62
10.67
10.72
May delivery
10.75 10.90
10.75
10.80 10.87
10.90
PORK quiet and steady; mess $19 50(4,520; clear $21 50
(4524; family $24 50(4526. Beef, mess, $2l@$23; packet
$23@$24; family $24(4$26; extra India mess $36@$38.
Cut meats lower; pickled hams, 10 to 20 lbs., 12X(412%c.;
pickled bellies, 6 to 12 lbs., 13
(413%c. Butter, creamery
extras, 32(4323c. Cheese, State whole milk held specials,
16(416 Yic. Eggs, fresh gathered extras, 38c.
COFFEE has been quiet; No. 7 Rio, 79z to 7%c.; No. 4
Santos, 9% to 10%c.; fair to good Cucuta,
Cqfee futures have been quiet and prices have10%(4113c.
shown
tainirregularity, with something of a downward drift,a cerhowever. Stocks at New York are increasing. Hedging operations, however, have been light, and much of the time the
market has been featureless and uninteresting. To-day
prices advanced, partly owing to the scarcity of freight room
at Brazilian ports and firmer prices there. Closing quotations were as follows:
January _ _6.32 6.33c.
February __6.37 6.38c.
March _6.47@8c
April
6.56@6.57c.
May
6.65@6.66c.
June
6.55(6.56c.
July
7.55 7.56c.
August- --7.63 7.64c.
September_7.72 7.73c.
October_ 7.8®_
80c
November _7.84 7.85c.
December _7.90@7.91c.
Pennsylvania dark Si 50
Second sand
1 50
Tiona
1 50
Cabell
1 10
Mercer black
1 07
New Castle
1 07
315
Corning
Wooster
North Lima
South Lima
Indiana
Princeton..
95a.
Si 15
93c.
88c.
88c.
89c.
Somerset,32 deg.._ 90c.
Ragland
70c.
Illinois, above 30
degrees
89c.
Kansas and Oklahoma
55c.
TOBACCO has been in rather better demand and steady.
Manufacturers are not believed to be well supplied, and it is
therefore contended that it is only a question of time when
they will have to re-enter the market. A good business is
reported in Ohio tobacco at firm prices. The sales are small
of Pennsylvania. Sumatra is in moderate•demand. Cuban
leaf meets with a rather better sale at steady quotations.
COPPER has been quoted at as high as 14% to 14)40. for
Lake, with large sales. Sales to Russia are 40,000,000 lbs.
for export to Japan, to be made into munitions of war. The
production at the mines is said to be increasing. European
governments afford the principal support to the market by
their steady buying. London has been excited and higher.
Electrolytic here is quoted at 14c. Tin has advanced to
343 c. on the spot in response to a rise in London and at the
4
Straits. Sales, it is said, are not large, however, at the advance. Lead here 3.673c., with spelter up to 6.65e. In
steel and iron there have been no very striking developments,
although London advices state that the British iron market
is excited, with pig iron prices rapidly rising. There is a
slow expansion of trade in the United States. In the Pittsburgh district mill operation now amounts to 50 to 55% of
capacity. That shows quite a large gain over the previous
month. Railroad companies are buying rather freely of
spikes, bolts and angle bars, but no large quantities of rails.
Sales of cast iron pipe are larger. This causes a rather better
demand for the lower grades of pig iron, of which Philadelphia, recently has sold something like 10,000 tons. In
general, however, pig iron seems to be only moderately
active. No. 2 Eastern, $13 50 to $13 75; No. 2 Southern
Birmingham $9 50(459 75.
COTTON
Friday Night, Jan. 22 1915.1111
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
425,164 bales, against 486,875 bales last week and 380,322
bales the previous week, making the total receipts since
Aug. 1 1914 5,864,807 bales, against 7,927,056 bales for the
same period of 1913-14, showing a decrease since Aug. 1 1914
of 2,062,249 bales.
Sat.
Mon. Tues. Wed. Thurs. Fri.
Total.
Galveston
26,972 21.274 43,092 24,747 18,873 25,514 160,472
Texas City
3,919 10.307 10,609
__-_ 5,964 3.969 34.768
Port Arthur_ ___
____
____
____
____
198
198
Aransas Pass, a/Cc
-------------------- 8,742 8,742
New Orleans
10,875 7.694 19,749 13,962 12,213 5,693 70.186
Mobile
2,055
749
676 1,268
638
969 6,355
Pensacola
Jacksonville, arc_
_ __
___
__ _
-1- fit5 1.430
.,
,
Savannah
11,693 12.519
15,§5$ 15,151 9,53 10,343 75,032
Brunswick
12,000 12,000
Charleston
1,392
896 4,941
761 2,590 2,580 13,160
Georgetown
_
Wilmington
1,:i6:1 1,§i
1,1Y/8
§ii 1,5§ 1.ii f,eLe
Norfolk
3,987 7,323 2,770 4,448 2,160 4,625 25,313
N'port News, &c
-------------------3,587 3.587
-,,.
-.
New York
------lbU
40
34
274
Boston
939
79
229
660
437 2,717
3'73
Baltimore
2,897 2,897
Philadelphia _ _ _ _
------15
12
50
77
Totals this week_ 62.686 63,0441 99.114 62.128 53.707 84.485425.164
The following shows the week's total receipts, the total
since Aug. 1 1914 and the stocks to-night, comparedIwith
last year:
1914-15.
1913-14.
This Since Aug This Since Aug
Week. 1 1914. Week. 1 1913.
Galveston
160,472 2,469,225 108,417 2,641,973
Texas City
34,768 309,912 23,531 363,307
Port Arthur
198
12,894
25,124
Aransas Pass,arc- 8.742
35,590
_--New Orleans_ _ _ 70,186 897,593 56,402 131,999
1,225.996
Mobile
6,355 104,422 3.971 330,360
Pensacola
-9,337
111,678
Jacksonville, &c.. 1,430
27.368
332
27,947
Savannah
75,032 1,061,761 26,160 1,504,454
Brunswick
12,000 108,308 4,500 255.342
Charleston
13,160 254,746 2,176 390,092
Georgetown
-145
Wilmington
758ii 125,688 5,452 351,115
Norfolk
25,313
Newp't News,&c. 3,587 294,617 10,962 415,115
87,379 4,307
60,312
February-A.94 2.96c. June
3.17 3.18c. October ___3.36§3.37c. New York
274
3,134
78
4,064
March - _ _ _2.99 3.01c. July
3.24(3.26c. November _3.36 3.37c. Boston
2,717
18,718
181
11,805
April
3.04@3.06d. August__ _3.28@3.22c. December -3.35 3.36c. Baltimore
2.897
42,263 2,145
75.634
May
Philadelphia
3.11@3.13C. 8eptember-3.34 3.35c.
77
1,707
-__
739
OILS.
-Linseed steady. There was a further advance in
Totals
425,164 5.864.807 248 614 7 027 MR 1
SUGAR lower; centrifugal, 96-degrees test, 4.01c.; molasses, 89
-degrees test, 3.24c. The Cuban receipts for the
week were 48,000 tons, against 40,000 last week and 98,000
last year. The exports were 38,000 tons, while the stock
there is 71,000 tons, against 150,000 tons last year. Stocks
in the United States and Cuba combined are 244,422 tons,
against 241,216 last week and 264,306 last year. The receipts at Atlantic ports for the week were 32,577 tons, against
19,858 last week and 22,776 last year. The stock there is
111,324 tons, against 99,134 last year. Refined quiet and
steady at 4.95c. for granulated. Trading in sugar futures
has been quiet, with prices almost at a standstill. Closing
quotations for futures were as follows:
Receipts to
Jan. 22.
Stock.
1915.
1914.
580.890
136,545
339.031
42,654
6,950
371,580
57.884
636
293,575
58,189
640
328,957
44,500
148,886
2,433
118,077
14,660
42,216
53,990
70,619
29,223
52.729
102,778
9,173
2,721
2.312
103,076
5,392
5,899
2,810
ciiR 49A 1110.600
flaxseed at Duluth. City raw, American seed, 60c.; boiled,
In order that comparison may be made
61c.; Calcutta, 70c. Cocoanut steady; Cochin 14%
with other years,
(415c.,
Ceylon 10%()11c. Olive 98c.@$1 05. Castor 8%@8%c. we give below the totals at leading ports for six seasons:
Palm 8@83'c. for Lagos. Cod, domestic steady at 35@ Receipts at1915.
1914.
1913.
1912.
1911.
1910.
36o. Cottonseed oil higher at 6.90c. for winter and 7c.
3alve.ston ___
for summer white. Corn higher at 5.81@5.86c. Spirits l'exasCity,fac 160,472 108,417 52.375 111,935 48.317 49.614
43.708
23,531
26,801
8,403
24,919
44.541
of turpentine 46@463'c. Common to good strained rosin gew Orleans.. 70,186 56,402 29,528 63.308 45,082 26,238
Viobile
6,355
$3 55.
3,971
3,031
2.270
12,663
7.657
htvannah
75.032
9,446
PETROLEUM quiet and unchanged; refined in barrels Brunswick... 12.000 26,160 19,288 56,405 31.092
4,500
4,698
2,500
300
8,750
8(49c., bulk 4.50(45.50c., cases 10.50@11.50c. Naphtha, Dharleston.dm 13.160
2,176
2,655
740
1,567
6,494
Wilmington
7,956
5,452
532
6.644
1,727
10.557
73 to 76 degrees, in 100-gallon drums, 233'c.; drums $8 50 Niorfolk
25,313
4,810
10,962
10,086
6,307
16.417
'port N.,
3,587
extra. Gasoline, 89 degrees, 26c.; 74 to 76 degrees, 24c.; Alfothers_ _am
943
4,307
10,078
1,035
__
7,395
5.567
2.738
7,028
6.788
7,043
67 to 70 degrees, 22c. Crude prices remain unchanged.
Advices from Shreveport, La., state that development work rotal this wk. 425,164 248,614 159,990 319.526 207,800 108,863
in the northern part of Louisiana is active. Closing prices: 3Lnce Aug. 1_ 5.864.8077.927.058 7.783.034 8.601,979 7.110.456 5.739.430
[VoL. 100.
THE CHRONICLE
316
than a year ago, that the Government might institute an
inquiry into the reasons for the great rise in grain and actually
put an embargo on the exportation of wheat, as was done, it
appears, in 1808, and again in 1813. In other words, cotton
has been considered cheap-in fact one of the cheapest
things on the list. It has sympathized to some extent with
From Aug. 1 1914 to Jan. 22 1915.
Week ending Jan. 22 1915.
the rise in the value of stocks and bonds. Furthermore,
Exported to
Exported to
sales ofcotton goods,both at home and abroad,haveincreased.
Exports
Great
Conti
Conti
Great
Sales of print cloths at Fall River of late have reached large
fromrunt.
Total.
Britain. France. runt. Total. Britain. France.
weekly totals. On the other hand, the rise from the low
46,801 98,931 604,572 144,260 678,575 1,487,407 level touched early in Dec mber has been sonething like
Galveston_ _ 52,130
14,570 153,328
16,756 170,084 a bale
Texas City_ 14,570
Some are beginning to wonder if it is not time for
9,23
400
9,636
Pt. Arthur_
447
447 a good setback. However this may be, one thing seems to
Ar.Pass,Atc.
58,754 310,027
31,983 197,792 539,802 be clear enough, and that is that the market is heavily long,
13,42
NewOrleans 45,331
15,63
837
16,475
Mobile _
interest is in strong hands. The
9,116
400
9,516 and that not all of the long
Pensacola.
14,135 315,048 488,853 speculation has been broadening. Small operators have
25,5211 54,023 158,770
Savannah. 28,502
13,983
55,617
55,617
Brunswick _ 13,983
it. If there should be a series of sharp
20,09
47,214 67,304 been taking part in
Charleston _
6,800
36,650
43,450 declines it is argued that many stop orders will be uncovered
Wilmington
11,151
21,353
32,504
Norfolk
.
a few pyramids toppled over, Besides, it is argued
41,81
7,40
556 4,419 4,975
137,237 186,456 and not
New York_
3,347
27,216
1,842
29,058 that, however it may be figured, it is certain that supplies
3.347
Boston _ _ _ _
3,224
15,6£5
4,05
900
20,645 will be large for this season and the next. And it is beginBaltimore_ _ 3,224
29,264
26,137
3,127
PhSeders_
77,469
5,539 5,539
77,469 ning to be questioned whether the South will seriously reduce
San Fran_
8,267 8,267
85415
85,215 its acreage if prices continue to advance. And a sharp rePt. Towns'd
imperative. To-day
556 103.9701265,613 1,525,204 201, 11,
161,087
836 622,1623,349,202 duction in the acreage is considered
Total
prices declined on heavy Liverpool, New Orleans and WestTotal '13_141 74,764 9,775 58,724143,263.2,288,721 828.95412,934,1816,051.855
ern selling. Also there was a rumor, afterwards declared to
-New York exports since Aug. 1 include 4,528 bales Peruvian and 25 bales be unfounded, that Great Britain is to put cotton on the conNote.
West Indian to Liverpool. 50 bales Egyptian to Mexico.
traband list. Liverpool was depressed and sent heavy selling
In addition to above exports, our telegrams to-night also orders. The stock here is gradually increasing. On the
give us the following amounts of cotton on shipboard, not decline Wall Street and the West, as well as spot houses and
cleared, at the ports named. We add similar figures for some firms with German connections, were buyers. Spot
New York.,
cotton closed at 8.70c. for middling, showing an advance for
the week of 60 points.
On Shipboard, Not Cleared for
The official quotation for middling upland cotton in the
GetLeaving
Great
Other CoastNew York market each day for the past week has been:
The exports for the week ending this evening reach a total
of 265,613 bales, of which 161,087 were to Great Britain,
556 to France and 103,970 to the rest of the Continent.
Exports for the week and since Aug. 1 1914 are as follows:
- Britain. France. many. Foreign
Jan. 22 at
New Orleans_ _
Galveston ___ _
Savannah __ _ _
Charleston ___
Mobile
Norfolk
New York_ _.
Other ports
17,904 17.165
66.548 5,397
12,000
10,000
18,716
1.500
200
1.000
28.000
wise.
Total.
885 89,932
2,792 51,186
94,170 4.000 170,115
5,000 24.000 1,500 42.500
15.000
5,000
200 19.016
100
6.000 24,084 31.584
7,200
6,000
55,000
27,000
Stock
281.648
410.775
286,457
133,886
38,868
39,035
95,578
201,831
Total 1915._ 155,668 22,762 7,892 213,356 30.669 430,347 1,488,078
Total 1914... 85,262 29,268 102,807 49,602 27.609 294,548 816,052
Total1913.... 52,941 9.291 63,943 40,508 29,257 195.941 173,432
Speculation in cotton for future delivery has been more
active at a sharp advance, carrying prices to a new high level
for the season. One of the stimulating factors has been the
persistent buying by Europe. Manchester has been caught
short, it appears, as a result of the policy of Liverpool merchants some time ago, when the Exchanges were closed, in
granting Manchester the privilege of selling futures against
their purchases of cotton. At that time, it is pointed out,
the English cotton trade felt sure that the price would go to
60. a pound or less and stay there for some time under the
pressure of an unprecedented crop, the great European war
and general prostration of trade. But the South has held
cotton much more firmly than anybody expected it would.
The money markets have been easy. The farmer could
readily borrow heavily on his cotton. He has not sold
hedges at New York on anything like the usual scale. One
reason was that the price was low in the first place. Then
the farmer felt poor on account of the low prices,and hedging
costs money; margins must be put up and kept good. Besides, futures have been advancing faster of late than spots.
With the farmer able to borrow very liberally on his cotton,
there has apparently been little incentive to hedge at New
York, as he has been accustomed to do. This has undoubtedly relieved the market of a big burden. Then, Europe has
been a steady buyer. Germany and Austria for many weeks
past have been purchasing futures,which they could do to far
better advantage than they could buy the actual cotton.
Financing the actual cotton was no easy matter. Besides,
ocean freight room has been scarce and abnormally high, at
times being ten times higher in fact than at the same time
last season. Still another bracing influence has been the
entrance into the speculation of large outside interests,
notably,it is said, prominent _people identified with the grain,
provisions and tobacco trades. Cotton seems cheap not
only to the German merchant who has seen the price 18 to
20 cents in Bremen and Berlin, but also to the American
speculator. He saw that it was 4 to 5 cents below the prices
ruling at the same time last year, and not only that but 1 to 2
cents a pound below the cost of production. Recently, too,
the exports have increased. They were about normal in
December and the month of January, with liberal shipments
to foreign ports. Whereas, some have been inclined at
times this season to put the total world's consumption of
American cotton at not over 11,000,000 bales and at the most
not over 12,000,000 bales, there is a disposition in some quarters now to raise this estimate to 13,000,000 bales, which
would be only 1,250,000 bales less than it was last season.
The West, under the circumstances, has been a steady buyer.
market. Small
Even the Pacific Coast has been in the that
towns in the West, where it might seem beenpeople had
buying for
have
hardly heard of the Cotton Exchange,doing a good business
been
a rise. Wall Street houses have people who had become
of Western
in cotton for accountbuying wheat after the great advance
rather nervous about
is 50 cents higher
and also because of the fact that the price
Mon. Tues. Wed. Thurs. Fri.
8.70 8.70
8.50 8.60
8.50
Sat.
8.20
Jan. 16 to Jan. 22Middling uplands
NEW YORK QUOTATIONS FOR 32 YEARS.
8.70
13.00
13.00
0.50
0.90
0.70
10.00
12.10
1915_c
1914
1913
1912
1911
1910
11999908
10.90
12.25
7.15
14.75
8.95
8.25
9.88
7.88
1907-c
1906
1905
1904
1903
1902
1901
1900
6.25
5.88
7.31
8.31
5.69
7.88
9.62
7.69
1899-c
1898
1897
1896
1895
1894
1893
1892
1891-c
1890
1889
1888
1887
1886
1885
1884
9 81
10 3
.8
9.94
10.62
9.50
1..06
19 2
8
10.69
MARKET AND SALES AT NEW YORK.
Futures
Market
Closed.
Spot Market
Closed.
Saturday___
Monday
Tuesday -- _
Wednesday_
Thursday __
Friday
SALES.
Spot. Contr'ct Total.
Quiet, 10 pts. adv.... Steady
Steady, 36 pts. adv_ Firm
Steady
Steady
Steady. 10 pts. adv_ Firm
Steady, 10 pts. adv.. Steady
Easy.
Quiet
1,600
1,600
75
75
Total
1,566! 1,500
1,300 1,300
75
---- I
4,400
4,475
-The highest, lo west and closing prices at
FUTURES.
New York for the past week have been as follows:
Saturday, Monday, Tuesday, 1Ved'day, Thursd'y, Friday,
Jan. 16. Jan. 18. Jan. 19. Jan. 20. Jan. 21. Jan. 22.
Week.
NewContract
January
- Range
8.04-.07
Closing
March
8.32-.38
Range
Closing.. 8.34-.36
May
8.51-.57
Range
8.54-.55
C,osIng
July
8.69-.75
Range
Closing.... 8.73-.74
-August
Range
Closing.-.- 8.81-.83
October
Range
Closing
December
Range
Closing--..
OldContract.
January
Range
Closing__
March
Range
Closing
WayRange
8.18-.37 8.37-.45 8.29-.50 8.45-.56 8.42-.47 8.18-.56
8.38-.39 8.35-.37 8.50-.52 8.57-.59
8.46-.69 8.61-.80 8.55-.81 8.70-.88 8.62-.78 8.32-.88
8.68-.69 8.64-.65 8.79-.80 8.85-.86 8.61.63-- 8.66-.90 8.80-.01 8.75-.02 8.91-.10 8.83-.00 8.51-.10
8.88-.89 8.86-.86 9.00 - 9.06-.07 8.83-.84-8.84-.07 8.98-.19 8.93-.20 9.11-.28 9.02-.17 8.69-.28
9.05-.06 9.03-.04 9.18-.20 9.25-.26 9.02-.03--9.20 9.20
9.13-.15 9.11-.13 9.26-.28 9.33-.35 9.10-.12
8.91-.96 9.05-.29 9.22-42 9.18-44 9.32-.50 9.23-.38 8.91-50
8.94-.95 9.28-.29 9.27-.28 9.41-.42 9.46-47 9.23-.24- 9.07-.12 9.21-.43 9.38-.57 9.38-.57 9.47-.60 9.36-.51 9.07-.63
9.09-.10 9.42-.43 9.43-47 9.56-.57 9.60-.61 9.36-.38-- 8.20
8.20 7.74 - 8.08 - 8.07 - 8.21 - 8.26 ---J 8.03 - -18.20 ---- -- 8.20 7.86 -- 8.20 -- 8.18 -- 8.32 -- 8.37 -- 8.20 -- -- -- -8.56 -- 8.50 -ft 14 -- 8.48 - 8.45 - 8.59 - R.65 --a 543 ...... --..- .-..
QUOTATIONS FOR MIDDLING COTTON AT OTHER
.
-Below are the closing quotations of middling
MARKETS.
cotton at Southern and other principal cotton markets for
each day of the week.
Closing Qoutations for Middling Cotton on
Week ending
January 22
Saturday. Monday. Tuesday. Wed'day. Thursd'y. Friday.
8 1-16
Galveston
New Orleans... 7 13-16
7 9-16
Mobile
77
Savannah
Charleston
Wilmington-7
Norfolk
8
Baltimore
8.45
Philadelphia
8
Augusta
7%
Memphis
7%
St. Louis
8
Houston
7 5-16
Little Rock
8
8 3-16
8
8 5-16
8
8
8
B1
8
8
8
8.75
8
7
7
7
83'
8
83'85
8
772
7
8
7
74
8
7%
8 7-16
8%
8
81
8
8
8
8%
8.95
85-16-3'
8
7%
8 7-16
7%
7-16
%
95
6-16
1-16
%
THE CHRONICLE
JAN. 231915.1
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns,and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
January 22Stock at Liverpool
Stock at London
Stock at Manchester
1913.
1914.
1915.
bales. 915.000 1,073,000 1.462,000
6.000
5,000
31.000
91,000 102,000 111,000
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
1912.
962.000
3.000
74,000
1.037.000 1,180.000 1,579.000 1,039,000
8,000
10,000
19,000
*6,000
*90,000 442,000 546,000 358.000
218,000 439,000 474,000 281.000
2.000
2.000
2,000
2,000
16,000
26.000
25.000
34,000
30,000
49.000
42.000
130,000
3,000
16,000
*4,000
484,000
985.000 1,097.000
698,000
Total European stocks
1,521.000 2.165.000 2.676.000 1,737.000
34.000
75,000
India cotton afloat for Europe
132,000 170,000
Amer. cotton afloat for Europe
871,367 686.264 679.372 1,175,289
55.000
76,000
Egypt,Brazil,&c.,aflt.for Europe. 59,000
74.000
Stock in Alexandria. Egypt
*295.000 374,000 329,000 281.000
452.000 670,000 619.000 405.000
Stock in Bombay. India
1,918,725 1.110,660 909.373 1,306.295
Stock in U.S. ports
1,313.646 967.200 798,941 829,576
Stock in U. S.interior towns
61.526
18.451
100
U.S.exports to-day
53,344
317
----1914-15---Jan. 22Since
Shipped
-Week.Aug. 1.
Via St. Louis
19,343 314,904
Via Cairo
10,020 175,272
Via Rock Island
2.329
30
Via Louisville
81,815
4,823
Via Cincinnati
53,675
3,521
Via Virginia points
78,962
4,103
Via other routes,&c
13,207 203,534
Week.
17.802
8,667
369
3,308
3,162
4.279
10,142
Sing
Aug. 1.
327,090
246.144
4,410
72,693
77.664
113.604
261.655
Total gross overland
55,047
Deduct Shipments
Overland to N. Y., Boston. &c.. 5,965
Between interior towns
4,016
Inland. &e., from South
936
Total to be deducted
10.917
226,416
12.176
225,933
Leaving total net overland*
684,075
35,553
877.327
44.130
910,491
65,822
92,415
68,179
47.729 1.103,260
2.404
5,986
3,786
92,242
69.227
64,464
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 44,130 bales, against 35,553 bales for the
week last year, and that for the season to date the aggregate
net overland exhibits a decrease from a year ago of 193,252
bales.
----1914-15-------1913-14---In Sight and Spinners'
Since
Since
Takings.
Week.
Aug. 1.
Week.
Aug. 1.
Receipts at ports to Jan.22
425,164 5,864.807 248,614 7,927,056
Net overland to Jan. 22
44,130
684,075 35.553
877,327
Southern consumption to Jan.22.. 60,000 1,470,000 60.000 1,506,000
6,615.782 6,235.575 6.162.786 5,884,686
Total visible supply
Total marketed
529,294 8.018,882 344.167 10,310,383
Of the above, totals of American and other descriptions are as follows: Interior stocks in excess
*1,218 1,193,507
*6.112
823,732
American
Liverpool stock
bales_ 650.000 843,000 1,288.000 848,000
Came into sight during week.
..528,076
338,055
53.000
71,000
65,000
68,000
Manchester stock
Total in sight Jan. 22
9,212,389
11.134,115
*424,000 939.000 1,079,000 669.000
Continental stock
871.367 686.264 679.372 1,175,289
American afloat for Europe
1,918.425 1,110.660 909,373 1,306.295 Nor, spinners' takings to Jan. 22- 87,360 1,549,203 53.081 1,769,068
U.S. port stocks
1.313.646 967.200 798.941 829,576
U.S. Interior stocks
*Decrease during week.
18.451
100
61,526
53.344
U.S. exports to-day
Total American
East Indian. Brasil. &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt,Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay. India
Total East India, &c
Total American
5,298,782 4,629.575 4.825,786 4.942,686
265,000
31.000
23.000
*60.000
132,000
59.000
*295,000
452,000
230.000
5,000
37.000
46,000
170.000
74,000
374,000
670,000
174.000
6.000
40,000
18,000
75.000
76.000
329,000
619.000
114.000
3.000
21,000
29.000
34.000
55,000
281.000
405,000
1,317,000 1,606,000 1.337,000 942,000
5,298,782 4,629,575 4,825,786 4,942,686
Total visible sultrily
6,615,782 6,235.575 6.162,786 5.884,686
Middling Upland, Liverpool
5.50d.
6.69d.
7.21d.
5.10d.
Middling Upland, New York
8.70c. 12.90c. 13.05c.
9.70c.
Egypt, Good Brown, Liverpool.9.78d.
7.100. 10.35d. 10.300.
Peruvian, Rough Good,Liverpool 8.75d.
9.00d.
9.00d. 10.25d.
Broach. Fine, Liverpool
6%d.
634d. 59-16d.
4.85d.
Thinevelly, Good, Liverpool
4.78d.
5%d.
6%cl.
6%d.
•Estimated.
Continental imports for past week have been 125,000 bales.
The above figures for 1915 show an increase over last week
of 297,506 bales, a gain of 380,207 bales over 1913, an excess
of 452,996 bales over 1913 and a gain of 731,096 bales over
1912.
AT THE INTERIOR TOWNS the movement
-that is.
the receipts for the week and since Aug. 1, the shipmentsfor
the week and the stocks to-night, and the same items for the
corresponding period of the previous year-is set out in
detail below.
Movement to January 22 1915.
Towns.
Movement to January 23 1914,
Receipts.
Ship- Stocks
meats. Jan.
1Veek. Season. Week. 22.
Receipts.
Ship- Stocks
meats. Jan.
Week. Season. Week. 23.
Ala., Eufaula...
552 22,081 1,070 11,493
127 21,121
Montgomery
. 4,701 162,578 1,8091 85,286 1,294 143,925
Selma
2,220 107,374 4,720 48,473
456 116,987
Ark., Helena
1.769 51,579 2,401 21,018 2,525 56,534
Little Rock
10,696 147,219 7,137 63,665 5,173 147.573
128 28,189
30,064 1,112 17,700
Ga.,Albany- _
29
4,464 91.136 3,800 29,591 2,914 98,702
Athens
Atlanta
5,911 137,053 5,980 20,533 4.808 193,783
Augusta
10,711 342,252 10,721 150,578 5.676 314,936
Columbus_ __ _ 2,858 86,532 2,755, 54,162 2,960 65,852
256 43,121
Macon
701 34.111 1,748' 19,585
366 52,497
Rome
1,736 50,082 2,3991 9,945
La.,Shreveport 3,116 122,800 5,306 78,728 3,840 159,605
Miss.,Columbus
348 32.790
656 25,014 1,3251 9,126
Greenville
1,004 66,642 3,369, 28,605 2,260 73,647
Greenwood
2,197 112,636 6,8281 33,369 2,000 103,873
Meridian
1,082 32,237 1,2441 19,838 1,396 26,553
Natchez
500 18,378
900 18,285 2,400 11,000
Vicksburg_
.
756 26,443 2,377 16,330
565 28,960
Yazoo City
1,029 36,961 1,704 20,401 1,200 37,810
Mo.,St. Louis_ 21,334 337,257 19,343 39,478 19,065 346.610
N.C.,Raleigh_
554
293 11426
5,815
6121
550
450
0., Cincinnati_ 9.923 148,87
8,603 10,598 6,579 131,550
Okla.,Hugo--1t8 15,695
831 35,499
896
326
S.C., Greenw'd
73' 14,97'
200 12,045
11,618
Tenn.,Memphi 28,530 720,433 31,869257.800 26,846 838,213
Nashville _ _ _
343
8,837
3,71
874
41 1,532
Tex., Brenha.. 1,099 13,55. 1,406 1,616
87 22,133
Clarksville _ - _ 1,857 34,091 2,720 5,288 1,134 46,990
Dallas
5,925 95.21
4,831 9,073 4.497 79,276
Honey Grove_
E17 22,43'1,081 3.110 1.427 28,752
Houston
149,7712,256,04: 139,349 213,880 108,2902,308.172
Paris
6,805 92,741 5,494 8,881 5,071 95,389
Total. 33 tow
403 4,633
2,677 35,798
624 18,142
1,970 19,702
2,733 55,734
785 3,558
731 25,902
4,608 15,948
5,536 87.203
4,25 26,268
144 3,353
625 6,530
4,189 41,845
471 4,047
4,05 25,068
4,000 30.000
2,138 7,737
200 5.800
1.068 12,909
1,544 17,500
17,802 31,765
250
397
5,97 24,098
93 2,161
200
682
41,648 230,434
50 1,121
1,914
1,SS7 4,931
2.837 9,188
1,365 3,375
99.238 201,578
4,555 7,879
285,2125.463,926 286.4301313646 213,986 5,729.930 220,098967,20_
The above totals show that the interior stocks have decreased during the week 1,218 bales and are to-night 346,446
bales more than at the same time last year. The receipts at
all towns have been 61,226 bales more than the same week
last year.
•
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE AUG. 1.
-We give below a statement showing the
overland movement for the week and since Aug. 1, as made
up from tpregraphic reports Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
NEW ORLEANS CONTRACT MARKET.
-The highest, lowest and closing quotations for leading options in the
New Orleans cotton market for the past week have been as
follows:
Saturday. Monday, Tuesday, Wed'day, Thursd'y, Friday.
Jan. 16. Jan. 18. Jan. 19. Jan. 20. Jan. 21. Jan. 22.
New Contract.
Januarli•
Range
- Closing
7.79 March
Range
7.97-.02
Closing
7.99-.00
May
Range
Closing
8.23-.24
July
Range
8.39-.48
Closing
g
8.45-.46
October
Range
8.67-.75
Closing
8.72-.74
December
Range
- Closing
8.85-.86
Old Contract
Jan
- Range
Closing
7.89 March
-
'3'VI.%
May
Range
Closing
Tone
Spot
Options
8.10
8.15
8.12 - 8.10-.15 8.20 - 8.24 -- -8.14-.30 8.25-.40 8.21-.49 8.37-.54 8.24-.39
8.31-.33 8.30-.31 8.47-.48 8.51-.53 8.23-.24
8.36-.56 8.46-.65 8.43-.71 8.58-.76 8.48-.65
8.55-.56 8.53-.54 8.69 - 8.73-.74 8.48-.49
8.58-.79 8.68 - 8.64-.92 8.80-.99 8.70-.85
8.77-.79 8.75-.76 8.91-.92 8.96-.97 8.70-.71
8.85-.05 8.97-.16 8.98-.20 9.10-.24 8.08-.12
9.05-.06 9.03-.05 9.19-.20 9.23-.25 8.97-.98
9.02-.10 9.11-.20 9.11-.30 9.25-.38 9.24-.27
9.19-.21 9.17-.18 9.31-.33 9.39-.41 9.12-.14
8.15 - 8.21-.27 8.15-.38 8.33-.48 8.25-.27
8.22 - 8.25 - 8.41-.43 8.45 - 8.00 -
8.01 - 8.33 - 8.32 - 8.48-.49 8.53 - 8.25 8.21 - 8.53 - 8.51 - 8.69-.75 8.73 - 8.50 Steady
Firm
Steady
Firm
Firm
9uiet
Steady
Firm
Steady
Firm
Steady B i StdY
WEATHER REPORTS BY TELEGRAPH.-Advices
to us by telegraph from the South this evening indicate that
rain has been quite general during the week, with the precipitation rather heavy in some portions of the Gulf States.
The crop movement continues very liberal.
Galveston, Tex.
-It has rained lightly on four days of the
week, the precipitation being thirty hundredths of an inch.
The thermometer has ranged from 35 to 60, averaging 48.
Abilene, Tex.
-Dry all the week. Average thermometer
42, highest 64 and lowest 22.
Dallas, Tex.
-We have had rain on two days during the
week, the precipitation reaching forty hundredths of an inch.
Minimum thermometer 30.
Palestine, Tex.
-Rain has fallen on two days during the
week, the precipitation reaching forty-six hundredths of an
inch. The thermometer has averaged 49, ranging from
28 to 70.
San Antonio, Tex.
-Rain has fallen on one day during the
week, the precipitation reachin two hundredth of an inch.
The thermometer has ranged from 28 to 74, averaging
51.
Taylor, Tex.
-We have had fght rain on two
the week, the rainfall being twelve hundredths days during
an inch.
of
Lowest thermometer 26.
New Orleans, La.
-It has rained on two days of the week,
the precipitation reaching two inches and forty-four hundredths. The thermometer has averaged 54.
Shreveport, La.
-Rain has fallen on three days du ing the
week, the precipitation reaching seventy-one hundredths of
an inch. The thermometer has ranged from 29 to 67.
Vicksburg, Miss.
-Rain has fallen on four days of the
week, the precipitation reaching one inch and twenty hundredths. Average thermometer 45, highest 66, lowest 32.
Mobile, Ala.
-We have had rain on three days during the
week, the rainfall reaching three inches and fifty-ninEChundr dths. The thermometer has averaged 53, the highest
being 67 and the lowest 33.
loo.
THE CHRONICLE
318
-We have had rain on two days of the week,
Selma, Ala.
the rainfall reaching two inches and seventy hundredths.
The thermometer has ranged from 26 to 64, averaging 45.5.
-Rain has fallen on two days during the
Madison, Fla.
week, to the extent of four inches and sixty-five hundredths.
Average thermometer 52, highest 72, lowest 35.
Savannah, Ga.-Rainfall for the week one inch and sixtynine hundredths, on three days. Average thermometer 53,
highest 67, lowest 32.
-The week's rainfall has been three
Charleston, S C.
inches and fifty hundredths on three days. Minimum temperature 32, highest 60, average 50.
-We have had rain during the week to the
Charlotte, N. C.
extent of two inches and eleven hundredths. Lowest thermometer 23, highest 62, average 45.
-There has been rain on two days the
Memphis, Tenn.
past week, the rainfall being one inch and two hundredths.
The thermometer has ranged from 24 to 65, averaging 39.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
1914-15.
Cotton Takings.
Week and Season.
Week.
1913-14.
6,319.276
Visible supply Jan. 15
Visible supply Sept. 1
American In sight to Jan. 22 _ _
Bombay receipts to Jan. 21__
Other India shipm'ts to Jan. 21
Alexandria receipts to Jan. 20
Other supply to Jan. 20*
Total supply
Deduct
Visible supply Jan. 22
Week.
Season.
Season.
6.190.655
3,176,816
528.076 9,212.389
435,000
b55,000
87.000
b7,000
539,000
b75,000
57,000
2,000
2,581,551
338,055 11,134,115
115,000 1,243,000
160.000
3,000
865,600
22,000
163,000
9,000
6,986,352 13,507,205 6,677,710 16.147,266
6,615,782 6,615,782 6,235.575 6,235,575
370,570 6,891,423 442.135 9,911,691
Total takings to Jan.
277,570 5,593,423 352,135 7,838,091
Of which American
Of which other
93,000 1.298,000
90.000 2.073.600
*Embraces receipts in Europe from Brazil. Smyrna, West Indies, Eic.
a This total embraces the tota estimated consumption by Southern mills,
-14-takings not being
1,470,000 bales in 1914-15 and 1,506,000 bales in 1913
avallable-and aggregate amounts taken by Northern and foreign spinners,
5,421,423 bales in 1914-15 and 8,405,691 bales in 1913-14, of which
4,123,423 bales and 6,332,091 bales American.
Estimated..
CENSUS BUREAU'S REPORT ON COTTON GIN-The Division of Manufactures in the Census Bureau
NING.
completed and issued on Jan.9 its report on cotton ginned to
Jan. 1 as follows (counting round as half-bales and excluding linters):
Ginned Prior
--Ginned to Dec.
1914.
.SlageAlabama ___ 1,639,198 1,467,883
933,913
Arkansas_....914,115
65,299
85,726
Florida
2,547,747 2,193,976
Georgia
410,614
427,509
Louisiana _
Mississippi _ 1,115,817 1,142.921
759,800
815,116
North Caro_
804,313
Oklahoma. 1,096,196
South Caro_ 1,390,335 1,342,737
354,324
330,811
Tennessee _
3,959,299 3,664,496
Texas
107,445
125,754
All others. _
31
1,289,927
732,118
56,042
1,759,834
366,402
936,419
857,189
947,452
1,173,216
248,503
4,461,746
82,257
-Croix-- to Jan 1.
1914. 1913.
1912.
1912
1,483,669 1,328,297 98.967.1
770,937 89.9 95.0
1,038,293
58,833 97.9 95.3
66,700
2,346,237 1,812,778 97.8 96.9
374,793 94.0 97.9
436,865
1,251,841 1,004,376 91.3 93.2
906,351 90.7 94.6
837,995
842,499 1,005,109 95.5 94.3
1,418,704 1,224,245 94.6 95.8
267,439 96.6 92.9
366,786
3,773,024 4,645,309 97.1 96.0
90,072 89.4 91.3
120,198
14,447,623 13,347,721 12,907,405 13,982,811 13,488,539 95.5 95.7
U. S
The number ot round bales included is 44,816, against 94,265 for 1913 and 77,999
for 1912, and the number of Sea Island bales included is 76,886, compared with
74,320 for 1913 and 67,257 for 1912.
Chitlings of Sea Island Cotton by States:
South Caro.
Georgia.
Florida.
Year4,553
40,007
32,326
1914
7,386
41,768
25,166
1913
6,629
39,543
21,085
1912
63,099
4,798
38,091
1911
The next ginning report of the Census Bureau will be Issued at 10 a. m.Saturday.
Jan. 23, and will allow the quantity of cotton ginned prior to Jan. 16.
DOMESTIC EXPORTS OF COTTON MANUFAC-We give below a statement showing the exports of
TURES.
domestic cotton manufactures for November and for the
eleven months ended Nov. 30 1914, and, for purposes of
comparison, like figures for the corresponding periods of
the previous year are also presented:
Manufactures
Cotton Exported.
Month end. Nov. 30.
1914.
11 3fos. ending Nov. 30.
1913.
1914.
1913.
yards 22,789,656 35,956,929 300,053,295 429.606,683
Piece goods
value 1,958,747 $2,466,509 921,742.887 $29,567,766
Piece goods
177,743 4,225,550 2,390,351
Clothing, &c., knit goods__ _value 1,419,500
653.695 7,767,146 7,851,865
860,574
value
Clothing, eitc., all other
value
382,904 3,416,227 4,460,194
418,151
Waste cotton, &c
664,271
770,224
64,386
•
119,236
value
Yarn
487,112 6,397,903 5,911,470
727,066
value
All other
Total manufactures of
value $5,503,274 94,232,349 $44,319,937 $50,845,917
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
-The following are the receipts and shipments
COTTON.
for the week ending Dec. 16 and for the corresponding week
of the two previous years:
Alexandria, Egypt.
December 16.
Receipts (cantars)This week
w Since Aug. 1
- _ _
Exports (bales)
1914.
1913.
346,317
2.410,508
330,000
5,285,018
This Since
Week. Aug. 1.
1912.
450,000
5,167,140
-- This Since
This Since
Week. Aug. 1. Week. Aug. 1.
1
9,000,113,695 10,250 114,550
----I 97,718 8,750 119,801
13.000,180,106 12,000 149,411
3.2501 17.214 7.500; 50,468
6,956 50,203
To Liverpool
__- 48.592
To Manchester
Continent and India_ 12.318 72,171
To
5,660 41.169
To America
lift
24,934 212,135 25,250 407,733 38.500 434,230
It Total exports_
Egyptian ba es weigh about 750 lbs.
Note-.--L--A cantor is 99 lbs.
shows that the receipts for the week endPS The statement 346,317 cantars and the foreign shipDec. 16 were
ing
ments were 24,934 bales.
EXPORTS OF COTTON GOODS FROM GREAT
-Below we give the exports of cotton yarn,
BRITAIN.
.
goods, &c., from Great Britain for the month of December
and since Aug. 1 in 1914 and 1913, as compiled by us from
the British Board of Trade returns. It will be noticed that
we have reduced the movement all to pounds.
1914.
Lbs.
August_ 9,06
Sept'ber 10,942
October 9,363
1913.
Total of All.
Cloth.
Yarn & Thread.
000s
oMitted.
1913.
1914.
Yds.
Yds.
Lbs.
17,639 313,075 579,546
17,108 374,358 548,973
21,811 370,711 630,937
1st qr. 29,369 56,55 1,058,144 1,759,456
Nov'ber 11,712 19,979 306,666 563,650
,
Dec 'be, 11,45 18,884 276.015 530,692
1914.
1913.
1914.
1913.
Lbs.
58,519
69,973
69,105
Lbs.
108,326
102,612
117,932
Lbs.
67,583
80,915
78,468
125,965
119,720
139,743
197,597 328,87
57,320 105,35
99,194
51,592
226,966 385,428
69,032 125,334
63,047 118,078
453
11,124
Stockings and socks
Sundry articles
Lbs.
461
17,879
370,622 647,180
Total exports of cotton manufactures
The foregoing shows that there have been exported from
the United Kingdom during the four months 370,622,000
pounds of manufactured cotton, against 647,180,000 pounds
last year, or a decrease of 276,558,000 pounds.
-The resume of informaEGYPTIAN COTTON CROP.
tion received during November 1914 by the Alexandria
General Produce Association is as follows:
-The temperature which prevailed during the early fort,
Lower Egypt.
night of November has been favorable to the little cotton remaining on the
everywhere.
plants. At present the latter have been pulled up almostnil in several
The third picking has been inferior to that of last year, and
The ginning yield continues to be irregular and remains in genlocalities.
eral as reported last month.
Upper Egypt and Fayoum.-There remains hardly any cotton on the
plants. Generally speaking, there has been no third picking. The ginning yield remains as reported last month. We estimate, from the information sent us, that the crop this year amounts to 6 to 6% million cantars.
-The receipts of
BOMBAY COTTON MOVEMENT.
India cotton at Bombay and the shipments for the week
ending Dec.10 and for the season from Aug. 1 for three years
have been as follows:
1914.
December 10.
Receipts atBombay
Since
Aug. 1.
Week.
42,000
Week.
243,000 105,000
Bombay
1914.. __
1913_
1912._ _ _
Since
Aug. 1.
Week.
649,000 63,000
Since
Aug. 1.
298,000
Since August 1.
For the Week.
Exports
1912.
1913.
Great
Great Conn- Japan
Britain neat. &China Total. Britain.
2,000 11,000 16,000 29,000
____ 9,000 1,000 10,000
4,000 6,000 10,000
17,000
7,000
12,000
Continext.
Japan
&China
Total.
327,000
213,00
97,00
290,000 192,000 489.000
57,000 175,000
100,000
According to the foregoing, Bombay appears to show a
decrease, compared with last year, in the week's receipts of
63,000 bales. Exports from all India ports record a gain of
19,000 bales during the week and since Aug. 1 show a
decrease of 162,000 bales.
-Our report received by
MANCHESTER MARKET.
cable to-night from Manchester states that spinners do not
believe the present advance in cotton is maintainable.
Merchants are holding back pending steadier conditions.
-As shown on a previous page, the
SHIPPING NEWS.
exports of cotton from the United States the past week have
reached 265,613 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows: bales.
Total
456
-To Havre-Jan. 20. 456
NEW YORK
100
-Jan. 19, 100
To Marseilles
200
Rotterdam-Jan. 15, 200
To
100
100
To Christiania-Jan. 16.
3,347
-Jan. 20, 1.225
To Genoa-Jan. 16. 1,350-Jan. 18, 772
672
-Jan. 20, 218
-Jan. 18, 4.54
Naples
To
100
To Syra-Jan. 20, 100
-Jan.21, 12.023 .,.. 27.243
-Jan. 15, 15,220
GALVESTON-To Liverpool
24.887
-Jan. 21, 7,754
Manchester-Jan. 16. 17,133
To
19,035
-Jan. 21. 6,435
To Gothenburg-Jan. 19, 12,600 21, 11.927
27.766
-Jan.
To Genoa-Jan. 16, 15,839
14,570
-Jan. 21. 14,570
-To Liverpool
TEXAS CITY
-To Liverpool-Jan. 15, 11,304-Jan. 16. 9,228
NEW ORLEANS
38,510
-Jan. 19. 4.524-Jan. 20, 13,463
6,812
-Jan. 20, 6.812
To Manchester
7,700
-Jan. 21, 2,300
To Rotterdam-Jan. 16. 5.200
4,300
Frondheim-Jan. 16, 4,300
To
To Barcelona-Jan. 15. 1,623 16, 10,731-Jan. 20, 8,386
SAVANNAH-To Liverpool-Jan.
28,502
Jan. 1.1-9,385
-Jan,20, 5,663
To Rotterdam-Jan. 16. 7.871-Jan. 18,6,250
22,982
Jan. 21, 3,198
2,539
-Jan. 21, 2,089
To Oporto-Jan. 16. 450 -Jan. 18, 2,501-Jan. 21. 11,482
13,983
-To Liverpool
BRUNSWICK
3,347
-To Liverpool-Jan. 14, 3,347
BOSTON
3,224
-Jan. 20, 3.224
BALTIMORE-To Liverpool
5,539
SAN FRANCISCO-To Japan-ran. 15, 5,539
8,267
TOWNSEND-To Japan-Jan. 19. 8,267
PORT
265,613
Total
-By cable from Liverpool we have the
LIVERPOOL.
following statement of the week's sales, stocks, &c., at that
port:
:143
Jan .
.1300 Jan.,15
Dec. 31.
600 Jan. 22.
4,
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
16,000
200
1,000
13,000
, 9.791
63,000
830,000
559.000
166,000
147,000
358,000
304.000
1,500
2,700
34.000
6.700
128,000
901,000
623.000
204,000
172,000
452.000
377,000
1,000
2,000
36,000
21,000 21.000
125,000 94,000
932.000 915,000
659,000 650,000
1$6,000 98,000
153„000 73,000
338,000
270.000
JAN. 23 1915.]
THE CHRONICLE
319
The tone of the Liverpool market for spots and futures breadstuffs in Austria are extremely small. Country offereach day of the past week and the daily closing prices of ings at the West in this country have shown little if any
' spot cotton have been as follows:
increase. Farm reserves are estimated privately at 27.7%,
or 246,000,000 bushels, with commercial stocks 110,000,000
Spot.
Saturday. Monday.
Friday.
Tuesday. Wednesday. Thursday.
bushels, a total of 356,000,000 bushels. The consumption
and seed requirements for the next five and one-half months
Market,
12:15
Moderate Moderate Moderate
are estimated at 265,000,000 bushels. The world's wheat
Dull,
Dull,
P. M.
Dull. I
demand,
demand.
demand.
stock is put at 192,000,000 bushels, or 20,000,000 less
Mid.Upl'd
4.92
5.10
5.13
5.00
5.09
5.22
than a year ago, and 10,000,000 less than at this time in
1913. Farmers are in many cases holding for higher
3,000
4,000
Sales
6,000
7,000
7,000
7,000
Spec.6rexp.
500
prices. It is said that twice in the history of the country
1,000
300
700
700
700
more or less futile attempts have been made to lay an emQuiet,
Futures.
Quiet
Steady
Firm
Steady
Firm
bargo on the exports of wheat,once by President Jefferson in
Market 1 23t54 pts. 3©534 10 ®13 pts 334 ©6 Dts 6(87 pts. 2©3 pts.
opened J advance. pts. adv. advance, advance. advance. advance.
1808 and again by President Madison in 1813. In 1813
Market, (Very sedy Very st'dy Unsettled
Ply st'dy, it is said the farmers made such strenuous objections to the
Steady
Quiet
4
.1 73@8 pts. 12©12% % ©1 poin 2(42% pte 3% ept pts. 5%®6%
embargo that it was removed before the latter matter could
pts. dec.
P. M. : advance, nts. adv, advance, advance. advance.
be tested in the courts. In 1808, on the other hand, the
The prices of futures at Liverpool for each day are given embargo was of such short duration that it had little effect.
below. Prices are on the basis of upland good ordmary This whole matter will be regulated in the end by the natural
clause, unless otherwise stated.
laws of trade, possibly by far larger supplies of wheat being
obtainable from Argentina and India than have been exTuesday. Wed'day.Thursday. Friday.
Jan. 16 Saturday. Monday.
pected. Certainly the latest reports from both Argentina
to
and India seem to point to larger yields of wheat than at one
Jan. 22. 12% 12% 12% 4 12% 4 12% 4 12% 4 12% 4
pm. P.m Pan. p.m p.m p.m. p.m. P.m.P.m. Pin Pm.pan. time seemed possible. Also, it is intimated that the recent
big exports of corn to Europe mean that corn is beginning
d.
d. d. d. d. d. d. d. d. d. d.
d.
May-June ____ 4 7434 8234 87 04 87% 9034 90 95 93%92 87
to be used more extensively there as a substitute for wheat.
July-Aug_ ____ 4 803 88% 9234 10 9334 98% 96 01 99%98 193%
Yet the price has certainly during the'week touched a new
Oct.
-Nov --- 4 9034 98% 03 20 03% 08 053410% 09%08 04
Jan.
-Feb.. -___ 4 9434 02% 07 24 0734 10 09341434 13%12 08
high level on this crop, although the rise has been attended
with some decrease in the speculation, which is beginning to
BREADSTUFFS
be considered extra hazardous. To-day prices again advanced and the export sales were reported at as high as 800,Friday Night, Jan. 22 1915.
Flour has at times, it is understood, eased in value a little, 000 bushels. Interior markets seem disinclined to sell and
although most mills have refused to reduce quotations. stocks at the larger distributing centres are steadily declining.
Where prices have been modified it has been on re-selling It is getting more difficult to trade in May wheat, and
on the spot. In the main, trade has been very moderate. transactions are drifting to other months. The freight rate
At St. Louis recently the sales have been small. From Kap,- on wheat from Argentina to Liverpool has advanced, it is
sas City come reports that trade has recently been good in stated, to 67s. 6d. per ton, or equal to about 50 cents per
some cases, while some of the larger concerns there have bushel as against 21 cents from New York. This is no
stated that business was slow. In the main prices here doubt the secret of the persistent European buying at
have been quite well sustained despite the fact that buyers American markets.
IN
as a rule have adhered to the policy of buying only from DAILY CLOSING PRICES OF WHEAT FUTURESWed.NEW YORK
Sat. Mon. Tues.
Thurs. Fri.
hand to mouth. The question whether the Government No. 2 red
cts_154% 151% 1504 153 15134 154%
149% 149% 147
1503i i50H mom
May delivery in elevator
might possibly interfere with the export of wheat is naturally July delivery in elevator
'considered a decidedly interesting one, though many doubt DAILY CLOSING PRICES OF 131% 132% 1303 13234 1324 13294
WHEAT FUTURES IN CHICAGO.
-whether such a step will actually be taken.
Sat. Mon. Tues. Wed. Thurs. Fri.
143% 143%
cts_141% 14234 139% 143
May delivery in elevator
Wheat declined early in the week and rallied later. A fear July delivery in elevator
125 1254 12394 125% 125% 125%
that the Government might put an embargo on exports of
Indian corn declined for a time and then turned upward on
wheat had no slight influence. So had a fear that the
are
Government might institute an inquiry as to the causes of a better export demand. Argentine reportsfirm.that there
On Jan.
the recent big advance in wheat, which has put it some 50 is a good export demand there, with prices
cents a bushel above the price prevailing a year ago. These 18 the export sales in the United States were no less than
rumors, or rather these fears, have caused a good deal of 750,000 bushels. A few days later they were 500,000 bush
liquidation, and at one time a pronounced decline in prices els, after a lull of a day or two. Not only has there been a
occurred, carrying them some 8 cents below the recent level. good demand at times for corn at the seaboard, but the busiArgentina advices report large arrivals,which were not with- ness in corn flour has also been good. On the other hand,
out some effect on prices. River Plate offerings in Liver- receipts have been large and there is no doubt that American
pool have latterly been liberal. Favorable rains have oc- stocks are much larger than at this time for some years past.
curred in India, which have led to larger offerings from that The increase in the American available supply last week was
country. In Liverpool, of late, the demand has been some- 3,618,000 bushels, as against an increase of only about onewhat less active. Also new export trade at the West has third as much in the same time last year. And the available
latterly fallen off. Better weather has prevailed in Argen- stock is now put at 28,400,000 bushels, or more than 10,000,tina,and there is a tendency to increase the estimates of that 000 bushels larger than a year ago and some 18,000,000 bushcountry's exportable surplus. Still, the most depressing els larger than at this time in 1913. It has been a case of
feature has been a fear of Government interference with the big receipts and increasing supplies versus European demand.
wheat business of the country. Chiefly the fear has been Early in the week big receipts, with the weakness in wheat,
that an embargo may be put on the exports of wheat from the told most plainly. Later on the export demand made itself
United States. Chicago fears an embargo soon, or professes felt quite as distinctly. It is estimated that the consumption
it. Bull speculation has, therefore, been less aggressive. of corn in America as food for man and beast and also in
But very many seriously doubt whether there will be an manufacturing purposes takes up all but 100,000,000 bushembargo on exports. It is asserted in some quarters that els annually of a full crop. To-day prices were irregular
such an action on the part of the Federal Government would but they ended at a small net advance. Snow-storms
be unconstitutional. And as regards a possible investi- throughout the West threaten to interfere with marketing
gation of the wheat speculation by the Government, Presi- of the crop. Country offerings were much smaller at the
dent Wilson has been quoted as saying that he merely West. Export sales were reported of 200,000 bushels.
ordered the Department of Justice to .ascertain whether DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Frt.
there had been anything illegal in the recent advance No. 2 mixed
cts_ 82
82
81
81
82
82
in the price of wheat. As to the question of an
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
embargo, many considered it a matter for Congress
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts- 773' 79
77% 784 7934 7934
to take up if it sees fit to do so. At present there are no July delivery in elevator
7834 7934 78% 79% 7934 80
signs that it contemplates any such action. The statistics
Oats declined for a time and then rallied. There has
have been bullish. The total American supply decreased been at times
last week 5,081,000 bushels, a decrease of nearly double The other dayquite a sharp revival in the export demand.
that which took place in the same week last year. The seaboard. Thethree full cargoes were reported sold at the
domestic and
wheat stock of the world decreased close to 6,000,000 bush- amounted to 500,000 bushels export sales in a single day
at Chicago, so that in within
sls, as against a decrease in the same week last year of only 24 hours the total cash
sales
bushels,
320,000 bushels. In the fore part of the week,too,there was largely for export. Then amounted to 1,000,000covering
there has been sharp
quite a good export business, whatever falling off in the de- of shorts, owing
to the sudden renewal of export bu •
mand there may have been later on. From Russia, too, which found
the market oversold. But at times large
weather and crop reports are less favorable. Wheat is concerns in
Chicago have been good sellers. Country offermoving very lightly to Russian ports, as facilities for trans- ings,
too, have recently increased somewhat. Commission
portation are greatly reduced. Besides the Russian ports houses
early in the week sold freely. But, on the whole,
are ice-bound and money is scarce, so that storing grain is the
no easy matter. From Italy come reports of damage by for dominant factor has been an excellent cash demand, both
domestic and foreign markets. Argentine reports
excessive rains; also that stored grain and the area planted
suffered from the recent great earthquake. In France there offerings moderate. Prices there are strong, with a large
business.
are many complaints of excessive rains. Threshing is slow They do Buyers of oats in Argentine are very urgent.
prices
in that country and in some parts has stopped. Country advanced not mind paying high prices. To-day
slightly. There was a good export demand at
markets outside of Paris are strong, with offerings light. the seaboard
export business.
In Austria-Hungary the area seeded to wheat is small and Exporters in and Chicago also did some
bushels. Country
all
the weather has been wet and cold. Winter supplies of offerings are small. took some 200,000
320
THE CHRONICLE
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues. Wed. Thurs.
Fri.
Standards
cts_5934-60 59-5934
58 59
5934-60 5934-60
No. 2 white
604034 5934-60
59 5934 60-6034 60-6034
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
eta_ 5534 56
55
5534 5634 5634
July delivery in elevator
5334 535( 5234 5334 54
54
GRAIN.
Wheat, per bushel
-f. o. b.
Corn, per bushelcts.
N. Spring, No. 1
81 6431
No.2 mixed
f o. b.
82
N. Spring. No. 2
No. 2 yellow
c. I. f.
8334
Red winter, No. 2
1 5431
No. 3 yellow
8234
Bard winter, No. 2
1 5334
Argentina in bags
_
Oats, per bushel, newcts.
Rye, per bushel
Standard
New York
593.4@60
1 2834
No. 2, white
Western
60@6034
No. 3, white
5834 ®59 Barley-Malting
80088
FLOUR.
Winter, low grades--- -05 30@ 5 60 Spring clears
$6 40@$6 65
Winter patents
6 75 700 Kansas straights,sacks_ 6 50 675
Winter straights
6 50 6 75 Kansas clears, sacks
6 25 6 50
Winter clears
6 00 6 25 City patents
8 15
Spring patents
7 0008 7 25 Rye flour
6 250 6 75
Spring straights
67608 690 Buckwheat flour
2 85® 300
For other tables usually given here, see page 287.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Jan. 16 1915 was as follows:
In ThousandsNew York
afloat
"
Boston
Philadelphia
Baltimore
New Orleans
Galveston
Buffalo
" afloat
Toledo
afloat
Detroit
Chicago
"
afloat
M'Iwaukee
afloat
Duluth
"
afloat
Minneapolis
St. Louts
Kansas City
Peoria
Indianapolis
Omaha
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush, bush, bush, bush, bush, bush. bush.
4,100 1,129 1,040 1,050
253
117
579
70
40
89
415 - i5 -56
27 _ .._
1.24 "175 --iii
1,739
108
343
204 ___
5
50
886
63 1,725 1,105 ___:
498
165
3,103 ____
134
190
2,200 ____
8
1,816
21 1,146 1;918 -tiL
5 925
9,063 1,150 ____ 1,098____
637
1,225 ___
212
702
3
9
50 ---- ---- ---____
407 ____
450
64
--tio
2,500 ____ 11,508 12,973
63 -iiii
167 __ 2,273
792
36 ___
517
578
-115 "iii
256
9,336
114
976 1,957
8 -16 "ail --52
258
334
17,810 ____
828 4,379
"iHi :8_!!
2,674 ____
299
666
2
8,075 ____ 1,201
880
30
3 ____
193 1,275
-_-_-_-_
---293 ____
830
359
384 ____ 1,615 1,527
--27 "135
-
Total Jan. 18 1915..66,337 3,308 25,842 32.187
286
Total Jan. 9 1915 70.184 3.590 22,752 32,529
301
Total Jan. 17 1914_62,491 8,862 15,280 25,235 7,129
Total Jan. 18 1913_68,824 5,339 7,652 9,315
222
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush, bush,
In Thousands1,423 ____
Montreal
117 1,182 ____
Ft.William &Pt.Arthur 5,180 --------2,055 ____
'
283
afloat
7,508 ______ 3,iti9
Other Canadian
1,187
1,305
2,281
1,619
4,769
172
5.024
121
5,147 1.227
3,288
134
Canadian Bonded
Rye. Barley. Barlett.
bush, bush. bush.
13
302
---- --- ----
---- ----____
117 6,526
13
302 ___ _
115 6,850
__
9
297
____
19 17,157
24
464 -___
____
22 8,601
---SUMMARY.
Bonded
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley,
bush, bush, bush, bush, bush, bush, bush. bush.
68,337 3,308 25,842 32.167
288 1,187 4,769
172
14,394
____
117 6,526 ____
13
302
Total Jan. 16 1915_ _14,394
Total Jan. 9 1915_15,163
Total Jan. 17 1914 26,046
Total Jan. 18 1913_21,817
In ThousandsAmerican
Canadian
Total Jan. 16 1915-80.731
Total Jan. 9 1915__85.347
Total Jan. 17 1914_88,537
Total Jan. 18 1913_88,641
3,308
3.590
8,862
5,339
25,959
22.867
15.299
7.674
38,693
286 1,200
39,379
301 1,314
42,392 7,129 2,285
17,916
222 1,619
THE DRY GOODS TRADE.
5,071
5,321
5,611
3,346
172
121
1,227
134
[VOL. 100.
cuperate some of their losses of the past. Export business
is more active, with good inquiries at prices a shade under
market quotations,which are expected to soon result in business. India has placed small additional orders for standard
drills and Mediterranean markets are inquiring for sheetings.
Advices from China give no hope of a resumption of buying
from that quarter for some time. It is estimated that
English and French buyers have placed contracts for upwards of a million yards of cotton duck for army purposes
for shipment at regular intervals.
DOMESTIC COTTON GOODS.
-The exports of cotton
goods from this port for the week ending Jan. 16 were 11,298
packages, valued at 27,681, and since Jan. 1 1915 have
have reached 15,243 packages, valued at $1,107,576. For
the corresponding period of 1914 the totals were 13,002
packages and $891,141. The usual details that we have
heretofore given are withheld for the present under instructions of the Secretary of the Treasury.
Staple cotton goods are active and firm, with further advances announced on several limes during the week. The
advance in the cotton market served to create a better feeling
in finished goods circles, and buyers are more willing to meet
the prices asked. Many large distributers of cotton goods
are beginning to cover their requirements for the year at or
near current market levels. Print cloths and gray goods
.
have been marked up an eighth to a quarter cent during the
week and are firm at the new levels. Prominent lines of
bleached goods are well sold and are being held for higher
prices. Heavy export inquiry for cotton duck and standard
drills is causing a firmer tendency in these. Buying of wash
fabrics for spring is improving, buyers fearing that further
delay will necessitate paying higher prices. Colored goods
are still firm, owing to the scarcity of dyestuffs, as well as
the improvement in other lines of cotton goods. Gray goods,
38-inch standard, are quoted 4c. to 43'c.
WOOLEN GOODS.
-Business is confined to spring goods,
little or no attention having yet been given to fall lines.
Buying of covert cloths continues the feature of spring business, with sales in the cheaper grades the heaviest. Broadcloths, serges, gabardines and whipcords in the popular
shades are in active request. Manufacturers are holding
back on the opening of new fall lines, owing to the uncertainty which is felt concerning supplies of raw wool during
the war. Many do not believe that the lifting of the embargo
on wool shipments by Great Britain will greatly relieve the
situation, owing to the restriction which requires that ultimate destination of the material is to be made clear before
shipment will be permitted. It is known that some very
fair contracts have been placed covering fall lines, but the
particulars of these are not obtainable.
FOREIGN DRY GOODS.
-There is nothing new to report in the linen market except that arrivals of goods from
abroad continue better than expected. Every one in the
trade predicted that imports of linens would fall to extremely
low levels by the first of the year, but this prediction has not
yet been realized. Interest in offerings of spring dress goods
is not active, owing to the impossibility of getting importers
to accept contracts covering shipments that far ahead. The
better grades of housekeeping goods are selling fairly well,
though high prices are greatly restricting business. Supplies
of coarse linens are nearly exhausted, and houses having these
goods to offer are in a strong position. In view of the advices from abroad that prices for flax yarns are at an unprecedented level, as well as the small hope of securing
linens from any other source than Great Britain, the outlook
is not encouraging. Burlaps continue fairly active, with supplies light and the undertone firm. Light-weights are
quoted at 3.750. and heavy-weights at 4.50c.
Importations & Warehouse Withdrawals of Dry Goods.
The importations and warehouse withdrawals of dry goods
at this port for the week ending Jan. 16 1915 and since
Jan. 11915, and for the corresponding periods of last year,
were as follows:
New York, Friday Night, Jan. 22 1915.
Dry goods markets have shown increased activity with a
firmer tendency in prices during the past week. Staple
cottons have been placed upon a higher basis by most sellers
and are scheduled for further advances if the improvement
in the price of yarns and cotton continues. Many out-oftown buyers are in the market and, while showing active
the Week and Since Jan. 1.
interest in spot offerings, they are also more liberal in their Imports Entered for Consumption forEnding
Week
provision for the future. Orders received by jobbers and
Jan. 16 1915.
Since Jan. 1 1915.
Value.
Pkgs.
Pkgs.
Value.
commission houses through the mails are also improving. Manufactures of
Inventories taken at the close of the year revealed stocks
712
265,921
Wool
2,459
602.040
682,119
2,442
Cotton
5.293
to be at low levels in most quarters, and as there is not a
1.514,846
764
443.707
Silk
1,805
902,357
large supply of spot goods in primary markets, there is Flax
942
224,432
2.114
656,364
2,052
Miscellaneous
321,797
greater willingness to place orders for future delivery. In
4.605
653,187
consequence some very .satisfactory contracts for staple
6.912 1,937,976 16.366 4.328,794
Total 1915
10,194 2,705.501
Total 1914
goods are reported, covering deliveries running well through
23,464 6,560.098
Warehouse Withdrawals Thrown Upon the Market.
from manufacturing centres do not indi- Manufactures of
t e year.
cate any increase in production above that necessary to
785
203.946
Wool
1,605
427,268
775
Cotton
263,889
1,543
fill orders booked.Operations are, however, on a very
512,564
459
176,820
Silk
986
368,830
satisfactory scale, with many mills running at capacity in Flax
458
124,803
805
229,177
Miscellaneous
1,629
order to fill war contracts in addition to their regular busi211.949
2,605
374,297
ness. Rumors are in circulation of enormous contracts
4,101
Total withdrawals
981,407
7.544
1.912,136
arising from the war, but these are usually found to be either Entered for consumption
6,912 1,937.976
16.366 4.328,794
greatly exaggerated or jut mere rumors. In fact, numerous
Total marketed 1915
11,013 2.919.383 23.910 6,240,930
selling agents and commission men are actively seeking just
Total marketed 1914
16,430 3.862.314 36.778 9,320,536
Imports Entered for Warehouse During Same Period.
such business, but have been unable to secure any more than
they could readily take care of. The most encouraging feat- Manufactures of
Wool
295
109,423
341,584
903
ure of the dry goods situation is the tendency toward higher
Cotton
919
303.052
582,732
1,960
Silk
233
98,882
prices. Primary markets have so long labored under deFlax
372
123,732
pression of low prices, dull business and poor profits that the
Miscellaneous
7,986
5
164.148 10.13
3E, 11
22 3
improvement is welcome. Manufacturers have had an
Total
9,805
1,737.706
799.237 14,386
opportunity to provide for their requirements of raw ma- Entered for consumption
6,912 1.937,976 16,366 4,328,794
terials at very low prices, and if they can continue to obtain I
Total imports 1915
16,717 2.737,213 30.752 6,066,500
fair prices for their finished goods, they will be able to reTotal imports 1914
14,676 3,548,653 32,228 8,644,474
JAN. 23 1915.]
STATE MID CITY
THE CHRONICLE
DEPlettritENT.
MUNICIPAL BOND SALES IN DECEMBER.
We present herewith our detailed list of the municipal bond
issues put out during the month of December, which the
crowded condition of our columns prevented our publishing
at the usual time.
The review of the month's sales was given on page 153 of
the "Chronicle" of Jan. 9. Since then several belated December returns have been received, changing the total for the
month to $28,466,458. The amount of permanent bond
sales for the entire year now stands at $470,406,752. The
number of municipalities issuing bonds was 360 and the
number of separate issues 490.
DECEMBER BOND SALES.
Page.
Name.
Rate. Maturity. Amount. Price.
1847.—Akron, Ohlo (3 issues)
5
340.750 102.53
67__Akron, Ohio (3 issues)
5
119,025
1847_-Albany, N. Y. (7 issues)
434
582,000 102.71
1847_-Albany, N. Y. 3 issues)
43i
45,500 x100
1847—Allen County, Ohio
6.840 101.038
6
1765__Allentown S. D., Pa.(3 issues) 4148,500 100
1765—Alliance, Ohio
5
--Igi
7,000 102.485
1847—Anderson School City. Ind_
23,000 101.093
1924__Arcadia School District, Wis_ __
15,000
67—Astoria, Ore
-----534 --180.000 y100
244_ -Atwood, Ill
6
6,500 100
67__Auburn, N. Y
434
01925
43,535 101.29
67—Aurelia, Iowa
6
1924
7,000
99.285
67__Azusa, Cal.(2 issues)
6
1915-1954
55,000 104.569
1924__Banks School District, Ark
5
1919-1933
9.000
1924__Bastrop County, Tex
50,000
1924__Batavia, 111
434 1915-1928
10,000
99.853
1765__Batavia, N. Y
r,000 100
5.000 101.05
1765__Beacon, N.Y
5
0.000 101.725
67—Bell County,Tex
5 41934-1951
3,000
154--Bell County,Tex
5
41934-1949
6.000
1924—Bellport, N Y
4.95
3.000
1924—Beltrami County, Minn
534
237.000 100
1847_-Belvidere, Ill
5,400
1765--Benton County, Ind
434 1915-1924
11,980 100
67—Bergen County, N. J
5
1944
761,000 100
67—Bergen County, N. J
1944
5
125,000 100.376
1924—Berkeley, Cal
5
01935
500,000 102.571
154--Bethlehem, Pa
434 41924-1944
37,000 101.519
1924__Bigelow Special S. D., Ark— 6
1917-1930
10.000
154.-Billings, Mont
5 41929-1934 450,000 101.011
67—Binghamton, N. Y
434 1917-1933 148,200 101.346
11347—Blanchester, Ohio
01921
6,500 102.613
534
1924—Bloomington Sch. City, Ind
434
01923
3,000 100.933
214„Bonner Springs, Kan
534
13,290 100
1765—Boone Count ,Ind
01925
434
57,600 100.287
1924.-Brawley, C
6
1923-1942
35,000
1693_-Bristol County, Mass
434
01921
10,000 103.138
1924_-Bronson Ind, S. D., Tex
5 41924-1954
10,000 101.50
1847--Bryan, Tex
5
41934-1954
12,000 95
154—Buffalo, N.Y
4
1939
7,500 x100
1847—Buhl. Minn
6
1917-1925
55,000 100
154__Buncombe County, No. Caro- 5
1946
75,000 100
1847—Burlington, Vt
4
1934
50.000
97
68_Burlington County, N. J
434
1934
22,000 100
1 7—Butler, Mo
5
1920-1934
75,000
1924__Butler, Pa
434
90,000
1924—Cadtz, Ohio
5
01919
10,000 100.612
324„Canton, Ga. (.3 issues)
5
35,000
68—Canton School District, Ill___ 434
18,000
1766—Canton School District. Ohio_ 5
1954
50,000 105.304
1924—Canyon Co. S. D. No.46,Ida_ 6
41924-1934
1,000 100
155__Carbon County, Mont
5 41924-1934
25,009 9101.60
1924- _Cardington, Ohio
5
1929-1934
6,4601 100.467
1924__Cardington,Ohlo
5
1915-1924
5.947f
1847—Carlisle School District, Pa
4
13,000
1766—Carroll, Iowa
534
25,000 100
1244_ _Cary,
a1919
3,000 100
155—Celina, Ohio
Ohio. 1919-1928
5
10.000 100.78
244—Chatsworth, Ga
13,000
68—Chattanooga. Tenn
6
1918
6.142 101.09
244_ _Chehalis Co. S. D. 108, Wash- 5
41924-1934
10,500 100
155-01enega School District, Cal
534
01935
85,000
155__Clark County, Ind. (2 issues). 454
1,475 100
1924--Clarke County, Wash
5
419244934 250.000 y100.78
1848--Clarke County, Wash
5 41924-1934 150,000 100
1848--Clay County.Iowa(5 issues) 6
88,168 101.169
1693__Clermont County, Ohio
5
1917-1941
25,000 102.152
68—Cleveland,Ohio
1952
454
500,000 103.211
68..-Cleveland, Ohio
1924
18,000 101.022
434
68.-Cleveland, Ohio
175,000 101.238
1932
434
1848—Clinton Coimty,Ind.(4 issues) 454
01920
10,160 100
68—Clinton County. Ind.(7 issues) 434
33,440 100.369
155_0offeyville, Kan
4,000
1766-0ohoes N. Y
5.150 100
434 1915-1919
155—Colton School District, Cal— 6
01923
80,000 1(13.77
1848„Columbiana County, Ohlo___. 5
3,900 10
01919
0
.
1848—Colusa County, Cal
150.000 100.121
5
155—Concordia, Kan
63.670 100
5
155-_Cooke County, Tex
1919-1924
50,000
68—Coon Rapids Ind. S. D.,Iowa- 534
4.000
1924
5
1766__Copley Twp.Cent. S. D., Ohio 6
2,600 100
01921
68—Corydon School Town Ind
2,300 100
4)4
1766_ _Cowlitz Co. Dik. D.2, Wash__ 7
60,000 1/100
-1848__Crestline, Ohio
3,000 100
5
01918
155„Crookston, Minn
1915-1924
1,196 100
6
155__Crooksville S. D.,0.(2 issues) 5
35,000 100.342
1924__Dawson Co.S.D.No.18,Mont_ 6
1,000 100
244_ -Dawson Co. S. D. 122. Mont- 6 41919-1924
1,000
1848__Dayton, Ohio
90,000 114.444
534
1944
1848__Dayton, Ohio
15,000 105.633
5
1934
1£348_Dayton, Ohio (8 issues)
101,200 101.579
5
1924--Daytona Beach. Fla
8,500 100
6
1934
— earborn County Ind
33.000 100.309
434
68_Deep Fork Dr. Dist., Okla__ 6
1917-1924
60.000
1766—Defiance County, Ohio
28,000 100.32
5
a1920
1925—Denison, Tex.(2 issues)
55,000
5
155--Des Moines. Iowa
3,500
1925—Dixon Twp. S. D., Ohio
38,000 100.263
5
01922
155__Douglas County 8. D., Neb
67.000 102.985
534
1925__Dover. Ohio (6
106.800
5
1925__Dunellen, N.J issues)
55,000 101.185
5
01940
1848_-East Cleveland, Ohio
50,000 103.54
5
1944
245_ _East Cleveland. Ohio
171.155 102.271
1919
5X
1766—East Fork Irr. Dist.. Ore
6
25,000 90
1925-1934
1766—Eastwood. N.Y
1915-1916
5
2.000 100.05
245__Elllott. Iowa
5 41924-1934
8.000 103.125
1925—Elwood. Ind
10,000
.Eugene, Oro
245..
6
34,800
245—Fentress Twp.S. D.. No.Caro. 5
8,000
68—FergusCo.S.D.No.100,Mont__ 6
1,000 100
1766__Floyd County, Ind
434 1915-1934
4,200 100.238
1767—Forest Park. Ill
5
1918-1935
40.000 102.525
1767„Fountain County, Ind
434 1915-1924
16,300 100.156
1849__Franklin County. 0.(2 Issues) 5
48.000 100.569
1925__Frankl n S. D., N. J
i
5
45,000
1767-_Fulton County, Ind.(5 issues) 434
81,379 100.15
321
Page.
Name.
Rate. Maturity. Amount. Price.
1 5__Garrettsville. Ohio
01920
$7,654 100
5
68__GarwIn Sch. Dist., Iowa
1924
5
7,000
1925__German Flatts Un. Free S.D.
No. 2. N. Y
5
01935
40,000 103.23
1849__Gllman S. D.No. 31, Mont
5,000 100
6 41919-1924
326__Glendale, Ohio (2 issues)
5
1,769 100
1925-_Gloucester County, N. J
35,000
434 1927-1938
1925__Gloucester County, N. J
13.000
434 1916-1921
1925_01oucester County, N. J
5
1921-1926
16,500
155„Goliad County, Tex
534 1915-1944 126.000
68__Grand Meadow, Minn
5
1917-1922
5,500 100
68__Grand Rapids, Wis
1915-1928
5
80,000 101.015
68--Green Camp Twp.. Ohio
43
3,500 101.11
1849„Greenville, Miss
1919-1949
5
65.000
I694__Guernsey County, Ohio
534
01920
6,000 101.70
69—Hamilton County, Ind
434
30,300 100.382
1925__Hardin, Mont
6 41924-1934
11,500 100
1925__Harrison County,Ind
434
01925
8,460
1767__Hartford, Conn
4
50,000 100
245_ _Hartford City, Ind
434
39,000
245__Hartford Twp.Sch, Dist., O..- 6
01917
3,200 100.781
1925__Haywood, Wis
6
12.000 100
69--Hazleton Ind. S. D.,Iowa...—. 5
1924
17,000 100
1767—Hill County, Mont
5
41932-1934 150,000 10(1.67
1767__Hillsboro County, Fla
5
1944
500,000
98.09
1925„Hiram Two. S. D., Ohio
5
01928
5.000
1849—Hoboken, N.J
5
1945
60.000
156„Horten, Kan
534
01920
26,892 100.785
156__Hudson Township, Ohio
534
01921
8,200 101.902
1767—Hudson VII. S. D., Ohio
5
01943
10,000 101.05
69—Independence S. D., Wis
30,000
1925__Indianapolis,Ind
4
1926
63,000 100.01
1767—Ironton City S. D., Ohio
5
1934
5,000 102.43
1849—Isanti County, Minn
534 1921-1924
12.000 y102.666
69—Jackson Sch. Twp.. Ind
434
4.500 100
1767—Jay County, Ind.(2 issues).._ 434 1915-1919
01920
6,500 100.134
1926—Jay County. Ind.(2 issues)
434
39,800 100.291
1767„Jerome Twp. Rural S. D.,Ohio 6
01917
3.000 101.833
69„Johnstovrn, N.Y.(2 issues)_
5
14,250 100.365
156—Kansas City, Kan
125,000 100.333
69_Kaukauna, Wis
434
10,000
326_ _Kempner County, Miss
6
1934
6.000 100
69—King County, Wash
5
1934
1.000,000 103.199
1850__King Co Commercial Waterway Dist. No. 1, Wash
7 41919-1924 100.000
1767__Lake County, Ind
434
01921
19,000 100.231
I767--Lake County, Ind
434
01921
36,000 100.186
1850__Lake County Ind
434
01920
5,500 100.163
326__Lancaster, Ohio
5
1918-1922
5,000 x100
156—Lanyon Sch. Dist., Iowa
5
1924
'16.000
326—Larned, Kan
5
41924-1929
30.000 100
69__La Salle Twp.,III....---._
8,000
1767__Latrobe Sch, Dist., Pa
434
40,000 100.182
1926—Lawrence, N. Y
4.60 01931
44,000 100.753
69__Lawton Sch. Dist., Iowa
5 41918-1925
25.000
1850__Leominster, Mass
4
01921
25,000 101.039
326__Le Sueur, Minn
5
5,000 100
69—Levy Co. S. D. No 7. Fla---- 6
15,000
69.-Lewistovrn, Mont
50.000
-Licking County, Ohio
246_
Ja1922
52,a00 100.521
5
44.000 100
101917
1926__Ligonier, Pa
9,500
156__Lincoln County, Ga
1916-1935
5
30,000
156__Lincoln County Neb
12,0001 101.976
1925-1934
5
156__Lincolo County, Neb
19324934
13.000
6
1926__Lloyd, N. Y
30.000 100
434 1916-1925
156—Lodi, Ohio (2 issues)
30,000 100
434
1850__Lorain Co. Rd. D. No. 1. Ohio 5
20,000 100.125
01920
1926._Los Grlegos and Candearlas
Consul. S. D. No. 22, N M 6
4.000 100.525
41924 1934
156__Louisville, Ga
12,000
5
1944
1926__Lowell, Mass
10.000 100.591
1915-1924
4
246__Lowellville, Ohio
33,000 107.71
01932
6
1850__Lucas County, Ohio
15.000 104.535
534 1916-1929
1850_ Lucas County, Ohio
1915-1924
5
7,984 100.263
1767...Lufkin, Tex.(3 issues)
41934-1954
75.000 100
5
1926Luzerne County, Pa
550.000 103.842
01936
434
1926__Lyons, N.Y
25,000 100.06
4.80 1927-1941
327__Madison, Wis
65,000
1926„Magnolla Twp. Consol. Sch.
Dist.,Iowa
d1919-1924
5
35,000 100
246__Manning, So. Caro.(2 issues).. 534 41935-1955
40.000 100
1850—Maple Lawn S. D., Tex
10,000
69_ _Marlcopa Co.S.D.No. 1,Ariz. 5
1934
30.000 100
1768 -Marion, Ohio
01920
6
50,600 103.27
1768__Marion, Ohio
01919
6
12.500 103.44
1926__Marion, Ohio
534 1916-1925
13,909 102.575
1926_-Marion, Ohio
534 1916-1925
79,000 103.341
1926__Marion County, Ind
434
01928
300,000 102.68
1926_-Marion County, Ind
434
01925
150,000 102.207
156 Marion Ind. S. D., Iowa
5
1915-1924
21,000 100
1926—Marshfield, Ore
2,002 100
69„Martin County, Minn
534
50,000
1850—Meigs County, Ohio
534
01921
24,000 102.33
1768—Miami County, Ohio
5
01928
40,000 101.668
69_ _Middlesex County, Mass
4
1915-1924
10,000 100.74
247__Middlesex County, N.J
434 1924-1931
8,000 x100
69__Middlesex County, N.J
434
01928
33.600 100.17
327Middletown, Ohio (3 issues) 5
01920
11,724 100
1768_ -Milford, Conn
434
40,000 100
1695_ Milford, Ohio
5
1915-1924
2,500 100
1851_ _Milwaukee. Wis
434 1915-1934
60,000 101.683
1851__Mineral City S. D., Ohio
6
1916-1917
1,000 101.25
1851__Minneapolls, Minn.(2 issues). 434
01934
350.000 96.09
247__Minnesota (8 issues)
4
51,000 100
1926__Modesto Irr. Dist., Cal
6
1934-1954 585,000
90.60
1768_ _ Monroe County,Ind
434
01920
8,400 100.166
69_Monroe County,Ind
434
2,200 100.681
156_ _Monroe Twp. Rural S. D.,0- 5
01925
20,000 100.605
1768--Montague Sch. Dist., Cal__ 6
915-1926
12.000 100.841
1926_ _Montgomery County,Ark-----1915-1919
25,000
1768__Montgomery County, Ohio__ _ 5
01917
1,100 100
1926—Montgomery Co., Ohio (3 lss.) 5
1919-1922
24,880 100
327__Moorcraft, Wyo
6
01936
15.000
156-_Morgan Co., Ind.(2 issues)-_- 454
01920
6.090 100.521
1851__Morgan County, Ind
434
-Morgan County, Ind
434
156__Morningside Sch. Dist., Cal.- 534
01932
55.000
1926__Multnomah County, Ore
5
a1930
1,000,000 103.19
157„Nanticoke. Pa
5
1920-1931
60.000 101.09
1768__Newark, N. J
434
2,900,000 100
1944
1926__Newark, N. J
434 1915-1959 900,000 104.033
1 6__Newark, N. J
434 1915-1944 200.000 103.376
1768- _New Barnesville Ind. S. D.
No.60, Minn
534
1929
25.000 100
1768-New Bedford, Mass. (4 issues) 4
155,335 100.14
1768-..New Boston. Ohio (2 issues)._ 5
92,000 100
1851_..New Castle County, Del
434 1939-1949 150,000 100
1851__Newport, R. I
434 1915-1920
48,000 100.23
1. 27—Newum County, Ind
5
7.183 100.033
1768--Newton County, Miss
75,000 100.06
6
01932
157__New York City
400,0110 x100
3
1924
1927--Nez Peace Co. S. D. No. 67,
Idaho
1
x100
.
6' 41924-1934
1851- _Niles, Ohio
..
8
1925
70__Niskayuna, N.Y
845
5
01921
157__Noble County, Ind
17,040 100
444
01920
157__North Dakota (11 issues)
42,650 100
4
1927__North Plainfield, N. J
5
1935-1954
50.
000
1927_ _North Plainfield, N. J
327._Nueces County, Tex
70_0conto, Wis
101.902
70 __Old Fort S. D., No. Caro
12.000
6
1929
157 _Ontonagon Mich
3,000
327_0rion, MLA
1939
34,500 101.45,
434
ISM A185_
:TIR
1,1
g' 147:134 lag
4
Rate. Maturity. Amount. Price.
Name.
Page.
$16,983
1768--Owen County, Ind.(2 issues). 44
4.500
Mich
70__Owosso,
10,000
d1924-1934
1927__Park Co. S. D. No. 4, Mont__ 5
5.760 100.043
44 1915-1924
-Parke County, Ind
1768_
36,000 100
5 d1929-1939
1696__Parna.ssu5, l'a
3,500 100
4.89 1919-1925
248- _Patchogue, N,Y
1,500 100
248__Pend Oreille Co.S.D.13,Wash. 54 d1919-1934
4,000
6
70__Pensacola, Fla
4,500 100
1915-1913
5
70—
100.000 101.31
1944
44
erry'
70_ _PerthAmboy. N J
20,000 100.38
01920
5
1769__Pickaway County, Ohio
17,000 100
4
1915-1929
1769__Pigeon Sch. Two.,Ind
100,000
1939
6
70 Pike County, Miss
70—Pinellas Co. Spec. Sch. Tax
8,000
6
01931
Dist. No. 5, Fla
70__Pinellas Co. Spec. Sch. Tax
8,000
1939
6
Dist No 8 Fla
28,000
5
1927__Pioneer, Ohio (3 issues)
20,000 z100
431, ser. to 1942
248__Pittsburgh, Pa
44 ser. to 1942 100,000 100
248__Pittsburgh. Pa
500,000 z100
1915
4
, Pa
248__Pittsburgh
a1923
5,000 100
14
70._Pittsford. N. Y
a1917
6,500 100
4
1769__Plain City, Ohio
40,000
1934
6
1851__Plant City, Fla.(2 issues)
76,500 101.033
1927.-Plattsburgh, N.Y.(2 Issues).. 44
1934
5
130,000 1/100.98
1851_ -Polk County, Iowa
30.000
70__Portage, Wis
11,500
327- _Port Angeles,Wash
6 d1915-1924 335,045
70_ _Portland, Ore.(2issues)
a1921
15,300 100.947
1769—Posey County, Ind.(2 issues)_ 44
50.000 100
70__Poughkeepsie, N. Y.(2 issues) 44
10.000 100
5
1915-1919
1851—Preston,Idaho
1944
4
2,000,000 97.19
1927__Providence, R. I.(2 issues)
01921
44
2,340 100
1851__Pulaski County,Ind
98.02
1940
5
75,000
327—Quitman, Ga.(2 issues)
1924
7
10,000 97
248—Redmond, Ore
70-.Redondo Beach Un. H. S. D.,
54 1917-1946 150,000
Cal
70_-Richland Co. S. D. No. 86.
6
1,800 100
d1919-1924
Mont
5
75,000 100
1927_131cLunond Sch. Dist., Cal1934
10,000 100
248„Ridgeland S. D., So. Caro__ _ 6
54
a1926
40,000 102.78
1852__Rittman Vii. S. D., Ohio
6
8.000
1915-1918
70__River Fads, Wis
5
1.000 100
1919
248__Riverside, Ind
97.20
50,000
5
1915-1939
1927_ _Rock Hill. So. Caro
12,000
5 d1924-1934
157_ _Rolla, Mo
40,000 101.83
5
d1927
1696__Ross County, Ohio
65.000 100
414 1924-1933
1769__St. Louis Co., Minn
.
25,000
1934
249__Sampson County, No.Caro__ 5
72,000 103.09
5
a1927
1852__Sandusky, Ohio
50,000 104.534
1939
1927_ _Sandusky City S. D., Ohio__ - 5
150,000 101.14
a1938
1852_ _San Fernando Un. H.S. D.,Ca1.54
1852__Sanford and Deposit Jt. Un.
60,000 100
1915-1954
5
Free R. D., N. Y
18,000 11102.083
6
1934
.Scotts Bluff Sch. D., Neb
1852.
20,000 100.035
5
1928_ _Sebastapool S. D., Cal
6,000
Mich_
1852_ _Shepherd Sch. Dist.,
5.000 102.50
d19184921
5
249__Somerset, Pa
12,000 100
54 1017-1940
71__Somerset Sch. Dist., Cal
65,000 100
1944
5
1852__South Jacksonville. Fla
15,000
158_ _South Lyon Sch. Dist., Mich_
43.332
1852_ _Springfield, Ohio
3,000
5
1928_Spring Valley, N. Y
1852 Stevens Co. S. D. No. 159.
1.000 100
d1915-1924
4.940 102.783
a1920
6
1769_ _Stokes Twp.S. D.,Ohio
12,000 y103.5
a1923
6
1769—Stronghurst, III
10,000
6
(2 issues)
158„Stuart, Va.
20,000 100.513
a1925
435
1696__Syracuse, N. Y
89,795 100.378
1769„Sumrait Co., Ohio (4 issues)._ 5
20.000
Two. Okla
158__Talihina
1769—Tailmadge Twp. Rural Sch.
5.000 100.06
1915-1924
5
Dist., Ohio
1852—Taylor Co. Corn. S. D.
800
5 d1924-1934
No. 17, Tex
1852—Taylor Co. Corn. S. D.
2.300
d1924-1934
5
No. 38, Tex
10,000 y100.76
1916-1935
6
1852__Temecula Un. S. D., Cal
49.110 100
5
-Texas
928.
12,0001 100.611
1915-1934
5
158.-Tippecanoe, Ohio
5.0001
1915-1927
5
158__Tippecanoe, Ohio
1,300 100.154
a1920
4
249 __Tippecanoe County, Ind
9,200 100
4
1769__Tipton Co., Ind. (2 issues)
9,479 100
5
249_Toledo, Ohio
5.000
72...Tompkinsville S. D., Ky
.Tucker & Damascus Cons. Sch.
249.
6.000 100
6 d1919-1934
Dist., Miss
12,000
1939
5
159—UmacW1a, Ga
42,000
.Union Gap Irr. Dist., Wash_
329.
18,000 101.902
5
Ohio (2 issues)
72__Urbana,
40,000 100.945
01925
44
1697-_Utica, N. Y
1,301 100.248
44 1915-1917
1928—Utica. N. Y
50,000 100
1946
6
329__Vinton, Va
6,400
g4
1924
72.-Wadley. Ga
30,000 102.01
4
a1920
72_Waldo Twp. S. 13., Ohio
99
14.000
1919-1936
6
72__Waldron Sch. Dist., Ark
4,000 100
a1917
44
1770—Walkez Sch. T .,Ind
6.000 100.333
d1924-1934
.No.32,0re. 6
72„Wallowa Co. S.
350,000
1852__Ward Co. Irr. D. No. 1, Tex_
20,000
1954
5
1770__Warren Twp.. No. Caro
25,000
159—Warrington Twp., Pa
20,000 100.135
249 _ - Washington Co. Dist., W. Va_ 5 d1924-1939
10,750 102.511
a1920
249__WashIngton Sch. Twp., Ind__ 5
475,000 103.529
1928__Waterbury, Conn.(3 issues)__ 44
47,000 100.09
5
a1923
1928—Waterloo, N. Y
99.237
40.000
1915-1917
6
159__Waterloo Dr. D., Ark
14,500 103.087
a1920
44
73__Watertown Mass
131,500 x100
4
159__Wayne County, Mich
4.500 y100.555
44 ii1921
159__Wayne Sch. Twp., Ind
1,300 100.153
44 1920-1921
73__Wayne Sch. Two.,Ind
15,000
5
159__Wellsville. N.1r
8,000
1852_ -Wesson. Miss
20,000 100.685
a1919
1852__West Allis, Wis. (2 issues)____ 5
100,000 100
1944
54
330__West Palm Beach, Fla
13,500 104.051
6
a1923
,
1853—West Salem, Ohio
6,2348 100
5ti 1915-1916
330_ -Wheatfield, N.Y
12,500 100.096
a1921
330_ _White County,Ind.(2 issues). 44
33,000 101.545
1940
5
1770__Whitehall, N Y
1
1853—Wh tman Co. S. D. No. 130,
5,500 y100
54 d1915-1924
Wash
1929...Whitman Co. S. D. No. 47,
2,000 100
54 d1916-1919
Wash
50,000 100.552
5
1915-1939
330__Whittier Sch. Dist.. Cal
5
a1919
14,4001101.55to
1929__Wilkes-Barre. Pa
1 101.90
85,000 101.182
1917-1944
5
73__Willoughby Sch. Dist., Ohio
44 d1919-1944
16.500 100.303
S. D., Pa
1929__Wilson Two.
1915-1954 100.000 101.377
5
74__Woodland Sch. Dist.. Cal
11.000 102.654
a1920
54
1929—Wooster, Ohio
5
11,200 100.892
Minn.(2 iss.)
1770__Wright Co.,
45.000 101.68
5
d1924-1934
160—Yellowstone County, Mont
d1924-1934
32,000 101.678
5
e County, Mont
160—Yellowston
5
a1920 .1.156,650 102.33
1853__Yonkers, N.Y.(9 issues)__ — _
30,000
10, Cal.
4853_ _Yuba Co.No.
bond sales for December 1914 (360 munici- 428,466,458
Total
palities, covering 490 separate issues)
a'
maturity. d Subject to call in and after
- tem
a Average date of the later
0k Not including $10,735,
2ironr.. 0
year and mature in
and
reported
3
u
i
ls
Ifstrz Tf k 31 b
" e al a111,1 s. ybAncri ssued 1
grrarC.ITni.:1:o And other considerations.
an investment. y
[vol.. No.
THE CHRONICLE
322
nttV,72ng°In
REVISED TOTALS FOR PREVIOUS MONTHS.
The following items, included in our totals for previous
months, should be eliminated from the same. We give the
page number of the issue of our paper in which the reasons
for these eliminations may be found.
Amount.
45 0 0
$4 :00
0 0
Name.
Page.
67„Arlington Heights S. D., Ill. (July list)
324__Bakeisfield Sch. Dist.. Cal.(July list)
1847_ _Blanchester, Ohio (September list)
...Blanchester, Ohio August list)
1847
324...Bloomfield, Neb.(May list)
1847...Bristol, Va. (April list. 2 issues)
155__Cleveland, Ohio (June list)
1766__Cumberiand, Md.(November list)
..Dickenson County, Va. (March list)
245.
1925__Franklin School District, N. J. (August list
1849_ _Greenville, Miss. (July list)
156__Jamestown Un. Fr. S. Dist., N. Y.(July 1st)
1926__Jonesboro, Tenn (August list)
1850„Keewatin, Minn. (November list)
1767„Kennewick, Wash. (June list)
1850„Lyons, N. Y. (September list)
246__Madeira School District. Ohio (September list)
70__Pike County. Miss. (July list)
1769„St. Louis County, Minn. (July list)
154__Seattle, Wash. (November list)
158„Toledo. Ohio (April list)
4,000
6,500
10,000
70 0 0
100:00
150,000
32,000
24,700
65,000
70,000
15.000
3
0
2 0
8 :000
25,000
1,000
150.000
65.000
829,500
98,000
We have also learned of the following additional sales for
previous months:
Rate.
Name.
Page.
324-.Alden Un. Fr. S. D. No. 10,
5
N. Y. (September)
1923_ -Amherst, Ohio (Sept.)(9 iss.)- 5
1924.2Argenta Imp. D. No. 15, Ark_ 6
5
324-.Auburn, Ara. (Oct.)
54
1847__Audubon, Iowa
244_ _Baskin Sch. Dist., La. (Oct.). 5
4
1847—Barre, Vt
5
1847_ _Belleville School Dist., N. J
1847-13eltrami Co., Minn.(4 issues) 6 .
1847__Beltrami Co., Minn.(2 issues) 5
1847„Bethlehem Sch. Twp., Ind. (2
44
Issues)
4
1847__Biddeford, Maine
44
1647__Binghamton. N. Y
44
1765_ _Blackford County, Ind
67_ _Blaine Co. S. D.No.27, Mont.
6
(July)
1765...Bloomfield Twp. S. D., Iowa
5
(Oct.)
1847_ _Borough Twp. S. D.,Pa.(July) 5
324„Bradley County, Tenn.(May) 5
• 5
244__Bremen, Ohio
4
244_ _Brockton, Mass.(April)
4
244__Brockton, Mass.(April)
244._Brockton. Mass. (June, 4 lea.) 4
244__Brockton, Mass. (Aug., 2 iss.) 44
324__Bronxville. N. Y.(Sept.)
5
54
1924__Brookside. Ohio
5
67__Buena Vista County, Iowa_
County,Tex.(Aug.)_ 5
244__Burleson
1766_ _Byram Consol. S. D., Miss.__ 6
1924_ _California School District. Pa_ 5
7
244__Camas, Wash
1847__Cambridge, Ohio (3 Issues)...5
68_ _Cantril School District, Iowa_
5
68__Casey S. D., Iowa (Oct.)
5
154„Cattaraugus, N. Y
5
244__Cedar Creek S. Twp. Ind._
68__Champaign,Ill.(September) 5
514
68__CheLsea, Iowa (August)
4
244„Chicago, Ill. (July)
4
244—Chicago, Ill. (July)
Maturity.
1916-1925
1924-1034
1915-1925
1934
a1936
1920-1934
1920-1934
a1917
1918-1921
1915-1924
d1918-1919
Amount.
:
Price
$24.500
32,352
45.000
10,000 88
8,000 100
16.000 100
5 90
7 50
60,5 9 100.191
130,000 y102.307
101,000
5,575 100.07
25.000 100
3.350 100
18,600 100
1,000
100
1915-1919
2
0
1. 0
17. 00 100
1939
al919
1915-1929
1915-1924
1915-1941
1915-1934
19.000
9.187
15,000
4,000
49,500
:
413 28
1916-1923
2,000
d1924-1954
101.08
100.151
100.75
100
102.349
181
5
0
18 01
116,;00
100
00 1
103
1915-1920
al923
1916-1924
62,1?? 00
16.000
35.000 100
11.000 100
11,500 104.347
17:00
40 0 0
0
1916-1933 103,000
1917-1933 I 292,500
1 40,000
1915-1917 345,600
325__Chicago (Ill.) So. Pk. Dist.... 5
30.000
1924
32&_Churdan S. D., Iowa (June)__ 5
10.000
d1919-1934
5
244__Clarence, Mo
9,200
d1919-1934
6
Neb
1766__Claytonia,
38,600
1766--Clearfield, Pa.(September)- _ _ 44 d1919-1934
75,000
1944
5
.Clearwater. Fla
68.
1,000
d1924-1954
5
1766—Clifton Ind.S. D.. Tex
4,301
1915-1919
4
1848—Coldwater, Mich. (July)
2,000
d1929-1934
4
Springs, Colo
244_ _Colorado
60,000
1915-1924
6
325_ _Columbia,So. Caro
9,800
155__Commerce School Dist., Mo._ 6
36.000
Va. (Apr)._ 5
325„Culpeper County.
7.500
d1915-1924
6
1848__Dalia.s, Ore. (October)
15,000
1934
6
1766__Dallas School District, Ga
2,500
6
68-13avis City,Iowa
2,000
d1934-1944
244_ _Dedman S. D., N.Mex.(Sept.) 6
16.044
a1919
5
1849_ _Delphos. Ohio
15,000
5
1924__Delta, Ohio
:
7
1g 0
1915-1926
1766__Deposit, N. Y
al930
5
1766__Des Moines, Iowa
,
1924
155__De Soto Parish, La.(Sept.) - 5
1766_ _De Witt (T.) S.D. No.6, N.Y. 54
a1924
10,000
(October)
al924
50,000
5
88 D m a
1848__ __ Dunea nt N.
100 0
.
d1924-19341 45. 0 0
3.
.
H. S. D., No. 2, Ariz_ 6
d1924-1934
6
20,000
155._Dundee, Neb
0
: 8
1918-1922f 12957 .0
5 05000
1768..E. Bethlehem Twp. S. D.. Pa_ 5
isn6a
6^0o
5
245_ _Ennis, Texas(5 issues)
1766__Escondido, Cal
Cal
1766_ _Etna Mills,
a15-1944
191 940
245__Fall River, Mass
4
1915-1925
245 Fall River, Mass
d1915-1924
245__Falls City, Ore
54 1917-1927
325_ _Farnhamville, Iowa (June)245__Fifth Louisiana Lye. Dist.,
5
La.(March)
245__Fifth Louisiana Lev. Dist., 5
La. (April)
d1924-1934
1766__Follansbee, W. Va.(October). 5
.Ford. Mich (September)
68.
1767__Forrest Hill Cons. S. D., Miss_ 6
1849__Franklin Sch. Twp.,Ind.(Oct) 44
34
1849...Girard School District, Kan-- 5
6
--1 3
1767_ _Glendora, Cal
5
1944
1767__Gloucester City, N. J
No.119,Wash.
1849_ _Grant Co. S. D.
5
d1915-1934
(September).
4
a1919
1849- _Groton, N. 1r
1849__Grove City. Pa
44 1915-1924
1925__Hamilton, Ohio (July)
5
69—Hammondsport. N Y
d1924-1948
155—Hancock Co., W. Va. (July)._ 5
245__Hartford, Conn. (September). 4
1767__Haverhill, Mass. (5 issues).— 4
5 d1919-1934
69_ _Hillsboro,Ill
01926
1767_ _Hillsborough V.S.D..0.(Oct.)_ 5
01920
1849__Huntington Co., Ind. (Sept.).- 44
1849„Jamestown Sr. Tax. S. 13.,
5
(October)
1944
No. Caro.
•
1926_Jefferson Co. . D. No. 26,Ida 6
d1929-1934
44
1026_ -Jennings Co., Ind.(Sept.)
44
1926__Jennings Co.,Ind.(Oct.)
6
1926—Jonesboro. Tenn
d1919-1934
156__Judsonia Dr. D.. Ark. (Oct.). 8
1920-1939
514 d1924-1934
1767__Kennewick, Wash
1915-1929
156__Knob Lick S. D.52, Mo.(Aug.) 6
1926__Knox County, Ind.(October). 44
2
5
11111
100
100
98
100
100.344
100
100
100
100
100
100
100.84
93.50
183.20
100.435
110 .20
1000
00
100
7,000
50,0001 102
70,0001
3,705 100
5,000 100
5,000
100
115,000
10,000
16,000
8,000
1,350
55,000
37.500
20,000
100
100
5,400
4,000
25,000
27,583
25,000
40,000
500,000
86.000
7.000
20,000
10,132
100
100
100
100
101.108
100
100
100
100
100
100
100.105
100.349
7,500 100
3,500 100
10,800
2.500
7,500 100
90.000
23,000
4,800
6.000 100
JAN. 23 1915.]
Page.
Name.
Rate.
1926-Kosciusko County, Ind
4%
246__Lafayette, Ore.(May)
6
69_ _Lake Co. S. D.21, Fla. (Sept.) 6
69__Lake Mills, Wis
4
1926_ _Lamar County, Tex
5
1767_ _Lampasas County, Tex
5
1850_ _Larchmont, N. Y
1850__Laurel, Md.(3 issues) (July).. 5
1767__Leptondale S. D., N. Y
5
156_ _Limestone Twp.,
(Oct.) 5
1767__Little Falls Township, N. J_.... 5
1850„Lockport, N. Y.(2 iss.) (Oct.)
326Los Angeles, Cal.(Sept.)
4%
246_ _Lynn. Mass
(1%
246__Lynn, Mass.(March)
4
1768-Lyons School District, Tex..
69_ _Maeon Co. S.D. 3. Ill. (Oct.)- 5
1850_ _McIntosh, So. Dak
5
1850„Madison Co.,0.(2 iss.) (July) 5
1768„Mamakating (T.) Un. Free S.
D. No. 1, N. Y.(October)__ 4%
69..
..Manson School District, Iowa- 5
246--Maricopa Co. S. D. No. 8,
Ariz. (June)
5%
•246__Marion County, Ohio
0
69__Marshalltown, Iowa (July) - 5
69__Mediapolis,Iowa
5
1768Melstone,Mont
6
1768_ _Miami, Fla
5
327....Milos City, Mont.(June)
5
1850....Milltown, N.J
5
1768-Minersville, Utah
6
1768-Minneapolis, Minn
5
247__Minnesoia (33 issues)
4
..Monett, Me- (October)
1768..
5
1851- _Montpelier V.S.D.,0.(July)__ 4%
1851__Mowrystown, Ohio (Sept.)._ - 6
1768__MuskIngum County, Ohio---- 5
1926-Napa,Cal
5
327-Natrona Co. •S. D. No. 2,
Wyo. (July)
6
70--Neoga, Ill
6
1851_ _Neptune Tvrp.S.D.,N.J.(Oct.) 5
70_ _New Canton S. D., Ill
1768__Newfane (T.) Un Free S. D.
No. 12, N. Y
5
1927_-Newport Beach, Cal. (Oct.) 6
327__Niagara Falls. N.Y.(Feb.)_ _ _ 5
1851--Nisland, So. Dak
7
..Normal, Ill
70..
5
247_ _North Adams, Mass.(Sept.)_ _ 4%
247-North Adams, Mass
247-North Adams, Mass
n1
247-North Adams, Mass
4
1927..
..North Dakota (9 issues)
4
1927--North Haven Twp. Conn....-- 4M
70-Olmstead Twp., Ohio (Aug.).._ 5
327__Owego, N. Y.(May)
4
THE CHRONICLE
Maturity.
a1920
41924-1934
1944
1920-1928
41924-1954
41924-1954
1954
1916-1925
1917-1931
1954
a1920
1919
1934
a1920
41919-1924
1916-1924
1934
41919-1944
41924-1934
a1930
1915-1934
1921-1934
a1931
1915-1924
a1927
a1925
1918-1925
1915-1934
1915-1918
1934
1915-1919
1924-1925
1915-1924
1915-1924
1943
1924
323
Amount. Price.
BONDS OF U. S. POSSESSIONS.
$1,999 100
Page.
Name.
Rate. Maturity.
Amount. Price.
15,000 101.01
Porto Rico (Oct.)
1_Porto.Rico(Dec.)t_!.•
1951-1954 $400,000
4
95.50
35.000 102.116
153__
1923-1953 655,000
4
97.75
3,000 100
153_Porto Rico( ec.)
4 41924-1939 1,000.000 96
50,000 100
153__Porto Rico (Dec.)
4 41924-1939 1.000,000 96
14,000 100
6.000
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN
80,000
DECEMBER.
3.000 100
Page.
Name.
Rate. Maturity.
Amount. Price.
15.000 100
1929„Belleville, Out
15,000 100
1944
$90,000
160„Brampton. Out
17,898
1914-1924
5
4,173
74__Chatham, Out
6
39,000 z100
1915-1944
90,000
1929„Dartmouth, N. 8
5
39.000
1944
j 40,000
97.50
186.500
4 00
0 0
1 5 :5 8 91
160__Essex, Ont
6
1924
30,000 102.033
74„Halifax, N. S
4%
9,300 100
1939
89.50
4806
41:0677
160__Hardwick Township. Ont
6
22,000
1915-1924
160.._Herbert, Sask
6% 1915-1934
6.000 100
5.000
95
__ ontreal, Que
5
25,000
98.671
6.900.000
160__New Brunswick (Province of).. 5
1919
500,000 100
1930__Newmarket, Ont
6
8,000
1915-1929
15,000
1854 _Niagara Falls, Out
6.000
26,500 y91.538
160__Oak Bay, B. C
19,200
5;1
5
20.000 101.562 1854__Pembroke, Out
1° 4
9
3
2
1
1, 068} 92.125
251__Penetang, Out
10.000 100.035
5
1915,1924
251__Penetang, Out
5
9,000 100
1915-1934
192
5
13,403
0°
94.57
251__Peterboro,Out
4.000
5
78.802
95
74-St. Catherines. Ont
5
20,000 100
281,279
1854 _Sudbury, Out.(7 issues)
190,000 95
251_ _Sudbury, Ont
5
35,000 102.029
1932-1934
114.3°°
9 ,3701 88
251__Sudbm7, Ont
5
52,000 100
1915-1934
50.3411
160__Thorold, Ont
6
5.800 100
1915-1944
39.145
1854-Transcona, Man
5%
48,300 100
1934
35,000
160-..Victoria, B. 0
5
120,200 100
660,000
160__Victoria, B. C)
4
20,000
26.000
1854-Welland County, Ont
5
75.000
1944
150.000
331__Welland, Ont
53.4
2,500 100.933
1934
135,467
98
251__Weston, Out
53.4 1915-1934
200,000 100
22,5001
251__Weston,Ont
6
17.000 100
1915-1919
2,000) 100
251__Windsor, Out
534 1915-1934
26,162
96.554
1854__Windsor, Out
5
35,000 100
1915-1924 188,203
8,000
Total debentures sold in December
75.000
59,670,447
3,000
ADDITIONAL SALES OF DEBENTURES FOR PREVIOUS
MONTHS.
Page.
Name.
18,000 100.01
Rate. Maturity.
Amount. Price.
20,000 100.833 1770„Athens S. D. No. 1533, Sash.... 734 1915-1934
$5,000
1770__Berlin, Ont
64,000 100
534 1915-1944
7.600
1770.._Bow Island S. D. Alta
__
12.000 100
1919
3,000
1770__Chipman S. D. 1473, Alta
8
8.500 100
1915-1924
2.500
1770- _Colchester S. D.452, Alta-- - 8
1915-1924
12,500 100
1,500
1770__Delburne Sch. Dist., Alta......
1924
15,000 101.14
4.000
1930...Dominion of Canada (8 issues)
13,500 101.14
32,225
1854__Dunnsville, Ont.(Aug.)
5
6,250 100
24.500 100
1771__Forest, Ont
32.400 100
4,770
1771__Haycroft S. D. 3103, Alta
734 1915-1924
1,500
75,000
1771- _Irvine Sch. Dist., Alta
1934
10.000
8.325
1854-Kemptville, Out. (Sept.)
5
5.000 98
3,000 100
1771__McPhail S. D. 3331, Bask_
-8
1915-1924
1.800
1,000 103
1771-Manitoba Sch. Dists
6&7 1915-1934
8,500
1.000 105
1771__Maryland Sch. Dist., Alta......
1934
4.200
5,000
1771-..North Clover Bar Sch. Dist.
26,000 96
No. 3117, Alta
7
1915-1924
1,100
4.000 100
1771-_Ontario (Province of)
5
1919
2,000.000
1771-Pincher Creek S. D., Alta
__
1924
3.300
5.000 100
1771--Red Cliff Sch. Dist., Alta......
1934
25,000
29,498
1771-..Sandwich, Out
1915-1944
6
58,000
35.000 x100
1771-Sarina,Out
5
1934
16,000
50,000 x100
1771-Sarina, Ont
1924
25,902
534
6.000
1771-..Shepherd Hill S. D.3015, Alta. 8
1915-1924
1.200
100,000 100
1771__Shoal Lake S. D. 300, Alta
1915-1924
8
1,000
4,000
1771--Tollerton S. D. 2878, Alta_ 8
1915-1924
2,200
700,000 100
1771 Walkerville Out
19154924
5
13,099
12,000 100
1771-..Watkins S. D. 3300, Sask____ 8
1915-1924
2.000
19,340 100
1771__Westaskiwin Sch. Dist., Alta_ __
1934
8,500
20,000
7,180 100
All of the above sales of debentures (except as indicated)
1
1927- _Peach Orchard Sp. S. D., Ark. 6
1918-1929
1769__Pendleton,Ore
1915-1927
5
1927...Philip School Dist., So. Dak
7
1919-1925
1927_ _Pierce Co.S. D.No.37, Wash.
(September)
5% 41915-1924
1927__Piqua, Ohio (2 issues)
248__Pittsburgh, Pa.(Feb.)
0 1915-1943
248 Pittsburgh Pa
4( 1015-1944
1769_ _Ponca S. D.,Okla.(Sept.)
'
5
1934
1927__Port of Seattle. Wash
5
1915-1956
1851-Portage Twp.,Ohio (July)_
5
a1917
248_Providence, R. I. (Sept.)
4
1944
1769__Pulaski Co., Ind. 2 issues)
4
al921
1769__Pulaski Co., Ind. 3 iss., Oct.) 4
a1920
1851Pulaski Co., Ark.(Septa
6
1915-1924
1769„Putnarn County. Ind
43.4
a1921
1769-_Queensbury Un. Free S. D.
No. 1, N. Y
44
are for November. These additional November issues will
a1929
75.000
1769_Roaring Spgs. Ind. S. 0.
,Tex.. 5
al917-1954
17,000
make the total sales for that month $2,737,198.
157_Rolla S. D.. Mo.(October)___ 5 41924-1934
27,500 100
1852_ _Rome Union Free S. D., N.Y.
(September)
434
25.000 100
1769_ _Rosebud Co. S. D. 31,Mont__ 6
41922-1924
5,000 100
328_ _Ross County, Ohio
5
20,000
1852-_Royaltown, N.Y.(October)__ 6
Bellville St. Clair County, Ill.-Commission Govern15.000
1769-St. Charles, Mo
5
90,000 100
ment Defeated.
-It is stated that the question of establishing
1769__St. Mantes. Idaho
6
41924-1934
10,000
249__Safford, Ariz.(May)
a commission form of government was defeated at the election
6
41924-1929
3.000 100.666
1852_ _ Sebring.Ohio,(2 issues, Sept.).. 534
held Jan. 19. The vote is reported as 1,151 "for" to 2,299
21,000
1928__Skamania Co. S. D. No. 2,
"against."
Wash.(September)
534
7,000 100
1769-Smith County, Tex
5
41919-1954
25,000 100
Dallas County (P. 0. Springfield), Mo.-U. S.
1928__South Bend, Wash
8
1924
12.534 100
1769__Statesville. No. Caro
Court Decides Missouri Federal Court Cannot Enforce Supreme
5
1944
25,000
Payment
1852_ _Swampscott, Mass.(October)_ 434
a1920
20,000
of Judgment on Old Railroad Bonds.
-On Jan. 18 the U. S.
249....Taunton, Mass
4
39,375 100
Supreme Court, in an opinion by Justice Holmes,concurred
249„Taunton, Mass
434 1915-1924
10,000 100
1852_ _Taylor Springs, Ill. (October)_ 8
in by all but Justices McKenna and Pitney, held that
3.500 100
72_ _Tempe, Ariz
the
41924-1934
5
15,000
U. S. District Court for the Western District of Missouri
1769_ _Texarkana S. D., Tex
5
20,000
41929-1954
1769„Theresa, N. Y
has not the authority to appoint a commissioner to so
1915-1918
4.000
appor249__Toledo, 0. Feb., 5 issues)___ 5
17,918 100
tion the taxes of Dallas County, Mo., as to provide for
249_Toledo, O.March,4 issues)__ 5
21,922 100
the
249„Toledo, 0. A rtl, 12 issues)._ 5
payment of judgments growing out of the county's failure
73.312 100
249__Toledo,0.ay,7 issues)___ 5
0.(
44,352 100
to redeem certain railroad-aid bonds issued in 1871.
249_ _Toledo, 0. June, 11 issues)__ 5
101,237 100
249....Toledo, 0. July. 5 Issues)...... 5
to have such action taken was made by David Yost Effort
39,239 100
249_ _Toledo, 0. Aug., 5 Issues _ _ 5
67.874 100
burgh, Pa. who holds a judgment amounting, it is of Pitts249__Toledo, 0. Sept., 3 issues - _ 5
6,306 100
249__Toledo. 0. 3issues)
about $1,000,000. Judgments in favor of other said, to
5
6,970 100
parties
249_Toledo, Ohio(Oct.)
434
1918
180,000 100
amount to nearly or quite as much as the one held by Mr.
1852-Toone, Tenn. (August)
6 41924-1934
3,000 100
1769__Townsend Township, Ohlo
Yost. The U. S. Supreme Court did not pass on the merits
6
a1919
6,000
1852....Trenton. N. J. (5 issues)
454
of the case but merely on two propositions of
170.000 100
1769-Turner Township, Mich
5 41925-1929
law certified
15,000 100.833 by the
329-Tyrell Co., No. Car.(Jan.'14) 6
U. S. Circuit Court of Appeals for the Eighth Circuit.
1915-1918
4,000 100
1852__Vermillion Co., Ind. (Sept.)
43-4
The two categorical questions submitted by
8,500 100
1852-Vernon & Oneida S. D.12,N.Y. 6
the Appellate
1916-1918
2,500 100.40
Division were:
1852....Veteran. N. Y
5.000
1928.._Utah
4
(1) When a judgment has been rendered in the law side
1934
250,000
73__Wapello County, Iowa
5
1928-1930
60,000
of a District Court of the United States
..Warren, Ohio
1770..
5
72,000 100
against a county
73- _Washington County Sch. Dist.
of the State of Missouri, on its bonds, issued by authority
.
No. 1, Fla. (June)
6
1934
30,000
of law, may the District Court force collection through a
73--Wauchula, Fla.(Jan. 1914)..- 6
1944
11.000 101.732
73„Wauchula, Fla. (July)
6
15,000 102.633 special commissioner?"
1852__Wenden S. D. No. 19, Arlz
6
1934
4,500 100.388
(2) "Has a District Court of the United States, sitting
1770_ _West Union, W. Va. (Au.)...... 534 41924-1946
62,000 100
1853__Wheatfield S.TIV13.,Ind.(Aug.) 5
1915-1919
4,500 100.333 as a court of equity, jurisdiction of such a clause?"
73-White & Hamilton Counties
To both questions Justice Holmes answered"No."
Dr. Dist., Ill. (July)
6
1916-1925
27,000
73__Wilmington, Ohio
The decision says in part:
5
a1920
47,162
It is established that taxes of the
73-Woodhull, Ill. (Oct.)
5
3,000
nature
1553__Woodsboro Sch. Dist., Tex___ 5 41934-1954
levied, and collected in the manner provided now in question can only be
9.000 100
by the statute, and, therefore.
that it is impossible for the
1770-Yakima Co. S. D. 8l, Wash.... 534 41915-1934
3,000 100
of the one contemplated bycourts to substitute their own appointee in place
1853--Yuma Un. II. 8., Ariz
6
1934
the Act. Of course, it dos not follow from the
12.000 102.25
fact that a Court has authority to issue
a writ of mandamus to compel
Officers to
duty that it can
All the above sales (except as indicated) are for November. Authority perform theirMissouri Revised perform that duty in their place.
Is given by
Statutes, 1909, Setion 11.417.
to
"by mandamus
These additional November issues will make the total sales thethe Circuit Court to enforcetax assessed, but or otherwiseoran order to
County Court to have the
otherwise"
the words
do not authorize the
(not including temporary loans) for that month of $21,133, resort to other meansCircuit Court to collect the tax, but only allow the
beside mandamus to compel the County Court
do so. At least until the Supreme Court of Missouri says otherwise, to
we
826.
should read them in that sense. (Compare V. 98, p. 626.)
News Items.
THE CHRONICLE
324
loo.
Francisco on July 13 but later refused by them (V.99, p.766) will probably
be re-offered for sale in the near future.
-An elec-BOND ELECTION.
AURORA, St. Louis County, Minn.
tion will be held Jan. 27,it is reported, to submit to the voters the question
$40.000
of whether or not this village shall issue $25,000 water-works and
street-paving bonds.
-BOND
-In the Circuit Court here to-day Judge
-(Special.)
ELD SCHOOL DISTRICT, Kern County, Cal.
Ky.. Jan. 1.
BAKERSFI
Irvine,
-Torrance, Marshall & Co. of San Fran. have purchased, it is
Hugh Riddell rendered Judgment for the plaintiffs in a suit brought some SALE.
% 8-yr. (aver.) coup. school bonds. This Issue was
months ago by John D. Winn and other taxpayers seeking the cancellation stated, $40,000
County bonds amounting to nearly $100.000. These bonds were previously awarded on July 14 to N. W. Halsey & Co. of San Fran.(V. 99,
of Estill
of
issued in August 1888, after a bonus had been voted for the promotion A. p. 282). who later refused to accept the same.
-BOND OFInd.
the old Richmond Nicholasville Irvine & Beattyville RR.,later the L.&
BARTHOLOMEW COUNTY (P. 0. Columbus),2 p. m. Jan. 26 by
and now a division of the Louisville & Nashville RR.
-It is stated that bids will be received until
The decision has been looked for with the greatest interest by the citizens FERING.
Co. Treas., for $6,000 434% highway-impt. bonds.
Scheidt,
of the county because, if against the plaintiffs, of the large amount that John W.
0. Mt. Cleve), Colo.
BENT COUNTY SCHOOL DISTRICT NO.5 (P.
would have to be raised by taxation, the taxable value of the entire county
-This district has disposed of an issue of $4,000 school-BOND SALE.
being only $1,500,000.
record in the case has been months in preparation,and required nearly building bonds.
The
Heights), Erie County, Ohio.
two days for trial. Litigation on a different phase of the matter was pendBERLIN TOWNSHIP (P. 0. Berlin bids will be received until 12 in.
the
-It is stated that
ing in the State and Federal courts for years. a decision favorable to Su- ROAD OFFERING.
handed down some years ago by the United States
Township Clerk, for $30.000 5% 1-10-year (serial)
bondholders being
Feb. 20 by T. M. Elson,
preme Court. Among the bondholders affected by to-day's decision are road-impt. bonds. Interest semi-annual. Certified check for 5% required.
J. C. Bright of Shelbyville, James II. Stone of Louisville and T. J. Curtis
-BOND SALE.
BINGHAMTON, Broome County, N. Y. or registered -On Jan. 20
were represented by John K. Todd of
school bonds
of Richmond. The bondholders
-year (average) coupon
% 13
Shelbyville and A. R. Burnam Jr. of Richmond, and the taxpayers by the $106,000 4were awarded to Haligarten & Co. of N. Y.for $108,457 72
Judge G. W. Courley of Beattyville and Lexington. The case will be ap- (V. 100, p. 67)
Other bidders were:
(102.31) and int.-a basis of about 4.267%.
& Co.. N. Y-101.77
pealed to the Kentucky Court of Appeals.
B. Leach & Co., N.Y_102.23 Clark, Dodge Co.. N. Y----101.678
Hambleton &
-On A. R. Compton Co., N.Y_102.173 Citizens' Bank, Binghamton_101.669
Wm.
-Development of Water Resources of State.
Idaho.
N. W. Halsey & Co., N. Y__102.068 Remick, Hodges & Co., N.Y-101.666
Jan. 7 Oliver 0. Haga of the law firm of Richards & Haga, Sidney Spitzer & Co., N. Y-102.021
Geo. B. Gibbons
Boise, Idaho, delivered before the Idaho State Bar Asso- People's Trust Co., Bingh'n_102.012 Lee, Higginson dr& Co., N.Y.101.51
Co., N. Y-101.435
Millett,
ciation an address on "Needed Legislation for the Develop- RhoadesRoe & Hagen. N.Y-101.953 Harris,Forbes & Co.. N.Y-101.428
101.911
& Co., N.Y
101.775 Horriblower & Weeks, N. Y_101.40
ment of the Water Resources of the State." Mr. Haga is Estabrook & Co., N. Y
E.& S. Heller (for $15,000)-102.83
a member of the Irrigation Securities Commission appointed
Montcalm
BLOOMER TOWNSHIP SCHOOL DISTRICT NO. 2,
to investigate the situation and report its recommendations County, Mich.
-On Jan. 15 the $10,000 5% 81•6-year
-BOND SALE.
were awarded to Bolger,
to the Legislature convening this year.
(aver.) coup. bldg.-impt. bonds (V. 100, p. 154)
102.76 and int.-a basis of about 4.65%.
Willaman of
-The Netherlands Mosser &bidders were.Chicago at
-Loan Over-Subscribed.
Netherlands.
Other
of 275,000,000 guilders ($110,000,000), John F. McLean & Co., Det_$10,222 W.E. Moss & Co., Detroit $10,092
Government 5% loan
10.209 Hoehler, Cummings & PrudHanchett Bond
10,028
dated Feb. 1 1915, for which subscriptions were asked until Bumpu.s & Co., Co., Chic-_- 10.181 den, Toledo
Detroit
& Co., New York (V. 100, p. 153), Detroit Tr. Co., Detroit__ 10,175 C. H. Coffin, Chicago Tol_ 11,091
Jan. 11 by Boissevain
0
_
Rorick & Co.,
H. T. Holtz & Co., Chicago.. 10,117 Spitzer,
was largely over-subscribed.
BLOOMFIELD, Knox County, Neb.-BOND SALE NOT CONSUMMay 7 to E. H.
-A newspaper dispatch dated MATED.
-Loan.
-The sale of the $10,000 5% city-hall bonds on at par (V.99.
Newfoundland.
of Bloomfield,
Mason, Cashier of the Citizens'
Jan. 15 says that arrangements have been made between p. 766) was not consummated. State Bank
the Newfoundland Government and the Imperial authorities
-On Jan. 15
-BOND SALE.
BOLIVAR, Allegany County, N. Y.
26 at the election
by a vote
whereby the colony secures a loan of $1,000,000 from the 1.35,000 pavement bonds authorizedawarded to of 129 to Sanger, N. Y., as
Curtis &
were
99, p.
held Dec.
Imperial Treasury for the purpose of carrying out military 4.95s. A 29 (V.4.98% 1924)
was submitted by Geo. B. Gibbons & Co., N. Y.
bid of
Due Jan. 15 1916
and naval undertakings of the present war.
Denom.(1) $23,000,(1) $12,000. Date Jan. 15 1915.
owners on road to be
Of this amount about $16,000 will be paid by property
-The $65,000,- improved, about $8,000 by the traction company and about $11,000 will
-Corporate Stock Listed.
New York City.
by
be
00043%50
-year corporate stock sold last April was admitted represent the villages portion. Of this $11,000, $8,000 willandcovered
with interissue dating from Jan. 15 1916. maturing in 15 years,
to the list of the New York Stock Exchange on Jan. 16. a bond5%, payable semi-annually. The village has at present on deposit
est at
$3,200. Bonded debt, $8,000. Assessed value, $579,774.
-V. 99, p. 1157.
-Further details are at hand
-BOND OFFERING.
BOSTON,
-Special Master Files Report relative to theMass. on Jan. 26 of the following 4% tax-free bonds (V.
West Virginia.
Virginiaoffering
-Special Master Chas. E. Littlefield yesterday 100, p. 2441:
in Debt Can.
in
Dorchester tunnel bonds. This loan of 32,000,000 will be
(Jan. 22) filed in the U. S. Supreme Court his reportin the $2,000,000 Issued in coupon bonds of $1,000 each, with interest warrants
the
any
est Virginia debt case, last referred to
attached, or in registered certificates of $1,000 each, or may
Virginia-W
multiple thereof. Holders of coupon bonds of this loan
"Chronicle" of Oct. 3 1914, page 995. Mr. Littlefield's reat any time more than one year before maturity exchange same
time to
port covers 175 pages, and it is impossible at this
for registered bonds. Due Jan. 1 1960.
400,000 East Boston tunnel-est. bonds. This loan will be issued In
even summarize his findings. We are told, however, that
registered certificates of $1,000 each, or any multiple thereof.
was his
the important feature of the Special Master's report
Due Jan. 1 1960.
288,000 high school of commerce and school administration bldg. bonds.
finding that the State of West Virginia is liable for interest
Due $15,000 yrly. on Jan. 1 from 1916 to 1923 and $14,000 yrly.
for a part of the debt due from West Virginia to Virginia at
on Jan. 1 from 1924 to 1935 incl.
the time of the separation of the two States in 1861.
400,000 highway bonds. Due $20,000 yrly. on Jan. 1 from 1916 to
1935 incl.
150,000 high-pressure fire-service bonds. Due $10,000 yrly. on Jan. 1
from 1916 to 1930 incl.
The last three issues of bonds will be issued in registered certificates of
each, or
-Notice is given $1,000 for these any multiple thereof. until 12 m. on said day (Jan. 26)
-Bonds Drawn for Redemption.
Japan.
bonds will be received
Bids
Int. J. & J.
(see official advertisement on preceding page)that 10,000,000 by Chas. H. Slattery, City Treas, Date Jan. 1 1915. trust company at
of
a national bank or
were drawn for oMce of City Treas. Cert. check onfor, payable to City Treas., required.
yen of the 5% loan bonds (internal issue)
Boston (or cash) for 1% of bonds bid
bonds may, if
redemption in Japan on Jan. 20, redeemable on Feb. 8 Purchaser to pay accrued interest. Holders of registeredProposals must
by check through mail.
in Japan. For the convenience of the holders of these bonds, they so desire, receive Interest or registered bonds and the price for each.
coupon
bid is
a list of the drawn bonds will be posted by the Yokohama state whether ready for delivery Feb. 24.
for
Bonds will be
Specie Bank, Ltd. 55 Wall St., N. Y. City, about Feb.20,
-DESCRIPTION OF
Tenn.
BRADLEY COUNTY (P. 0. Cleveland), awarded on May 8 to Powell,
'
by whom they will be purchased on or after that date at the BONDS.
-The $19,000 5% school-bldg. bonds
first reported,
Garard & Co. of Chicago at 101.08 and int. (not 101.236, as May 1 1914.
current buying rate of exchange on Japan.
dated
V. 100, p. 244) are in the denom. of $1,000 each and
Int. M. & N. Due May 1 1939.
OFFERING.
BRECKENRIDGE, Wilkin
this week Proposals will be received until 8County, Minn.-BOND City Clerk,
p. m. Jan. 25 by D. J. Jones,
Denom. $1,000.
-year city-hall and jail bonds.reputable bank of
5% 20
for the $25.000
have been as follows:
Cert. check on a
Date July 1 1913. Int. semi-ann. payable to City of Breckenridge, re-On Jan. 14 the $1,500 Minnesota for at least 10% of bid,
-BOND SALE.
ADA, Hardin County, Ohio.
to pay accrued int. A similar issue for $12,000 bonds
8% 3
-year (aver.) sewer-constr. bonds (V. 99, p. 1847) were awarded to quired. Purchaser
13. 282).
the First Nat. Bank of Barnesville at 100.6 and int. A bid was also re- was offered on Aug. 10(V. 99,
County, Mo.ceived from Tillotson & Wolcott Co. of Cincinnati.
BRETON TOWNSHIP (P. 0. Potosi), Washington time by Ed. T.
-Proposals will be received at any
- BOND OFFERING.
-BOND OFFERING.
ADAMS COUNTY (P. 0. West Union), Ohio.
of Two. Trustees, for $25,000 5_% 7M-yr. (aver.) road
Proposals will be received until 1 p. m. Mar. 1 by Wesley McKenzie, Co. Eversole, Chairman
Date Mar. 1 1915. Int. al. & S. These bonds
And.,for $17,5005% 20-yr. bonds. Auth. Secs.5656 and 5658, Gen. Code. bonds. Denom. $500.
success on Dec.8(V. 99, p• 1546)•
Denom. $500. Date Mar. 1 1915. Int. M. & S. at office of Co. Treas. were offered without
-BONDS AWARDED IN
BRIDGEPORT, Fairfield County, Conn.
Cert. check on a bank other than the one making the bid for 5% of bonds
-On Jan. 11 $30,000 of the $175,000 434% alms-house bonds
bid for, payable to Co.Treas.,required. Bonds to be delivered and paid PART.
(y. 99, p. 1847) were awarded to the Sinking Fund COMMIS:don at par and
for within 5 days from time of award. Purchaser to pay accrued int.
ALDEN UNION SCHOOL DISTRICT NO. 10 (P. 0. Alden), Erie Interest.
-An
-BOND SALE.
-A. B. Leach & Co. of N. Y. have been
-BOND SALE.
BRONXVILLE, Westchester County, N. Y.
County, N. Y.
Gramatan Nat.
awarded the $24,500 5% serial school bonds offered for sale on Sept. 24 issue of $3,000 5% street-impt. bonds was awarded to the
Sept. 1. Denom. $300. Date Sept. 1 1914
Bank of Bronxville at par on
(V. 99, p. 842).
-BOND SALE.-Reports Int. M. & S. Due beginning Sept. 1 1919.
ALLEN COUNTY (P.O. Fort Wayne),Ind.
ELECTION PRO6
,
BRUCE, Brookings County, So. Dak.-BOND hold an election to
state that on Jan. 13 three issues of0 % road bonds, aggregating $38,640,
-equal to POSED.
-According to reports this•town proposes to
were awarded to J. F. Wild & Co. of Indianapolis for $38,865
of a municipal watervote on the issuance of bonds for the construction
100.584.
and electric-light-plant.
ALLIANCE CITY SCHOOL DISTRICT (P. 0. Alliance), Stark works-system
-BONDS VOTED.
-Reports state
-On Jan. 18 the $50,000 5% 1014-yr.
-BOND SALE.
BURRTON, Harvey County, Kan.
County, Ohio.
100, p. 154) were awarded, it is stated, to Field. that the question of issuing $25,000 water-works-system bonds received
(aver.) school bonds (V.
a favorable vote at an election held Jan. 5.
Richards & Co. of Cincinnati at 101.95-a basis of about 4.762%.
0.
CAMBRIDGE CITY SCHOOL DISTRICT (P. 0. Cambridge)
ANDERSON-COTTONWOOD IRRIGATION DISTRICT (P. -BOND OFFERING.-Blds will be received
-BOND ELECTION PROPOSED.
Guernsey County, Ohio.
Redding), Shasta County, Cal.
district contemplates submitting to the land- until 12 in. Feb. 6 by Geo. D. Dugan, Clerk Bd. of Ed. for $25,000 5%
According to reports, this
$1,000 each six
bonds.
school bonds. Denom. $1,000. Int. M. & S. Due'
owners the question of issuing $359,350 irrigation-system
of
-Bids will be months from Sept. 5 1916 to Sept. 5 1928 incl. Cert. check for 2%
-BOND OFFERING.
Ohio.
ANNA, Shelby County, by W. S. Manahan, Vii. Clerk, for $1,000 bid required.
received until 12 m. Jan. 31bonds. Auth. Sec. 3939 et seq. Gen. Code.
-BOND OFFERING.
COUNTY (P. 0. Camden), N. J.
CAMDEN
6% electric-light-plant-impt. 1915. Due $200 yearly on Mar. 15. from Reports state that proposals will be received until 11 a. in. Feb. 10 by
Jan. 1
Denom. $200. Date deposit of $100 required. Purchaser to pay accrued Geo. H. Gornersall, Chairman of Finance Committee for $50,000 434%
1916 to 1920 incl. A
20-year asylum bonds. Interest semi-annual. Certified check for 5%
interest.
-BONDS TO BE OF- required.
Tex.
ARANSAS COUNTY (P. 0. Rockport), voted May 26(V.98, p. 20)
-The three Issues
CANTON, Cherokee County, Ga.-BOND SALE.
-The $25,000 road bonds
have
FERED SHORTLY.
of 5%, bonds. aggregating $35,000, offered on Dec. 1 (V. 99, p. 1472).
for sale in the near future.
will probably be offered
of.
-An issue of $10,000 5% been disposed
-BOND SALE.
-Bids will be
AUBURN, Lee County, Ala.
-BOND OFFERING.
Stark County, Ohio.
October at 88.
during
CANTON,
Brumbaugh, City
high-school-bullding bonds was sold
-BONDS TO received until 12 m. Feb. 15, it is stated, by E. C.
Placer County, Calif.
for .5(,,
AUBURN SCHOOL DISTRICT, County Clerk advises us that the Auditor, for $137,500 improvement bonds. Certified check
-The
SHORTLY.
-OFFERED
BE RE
to Torrance, Marshall 3c Co. of San required.
$74,000 5% building bonds awarded
Estill County (P. 0. Irvine), Ky.-Decision in Railroad
-The Louisville, Ky., "Courier-Journal" of
Aid Bond Case.
Jan. 2 prints the following concerning a decision in a suit
involving some old railroad-aid bonds of Estill County.
Bond Calls and Redemptions.
Bond Proposals and Negotiations
JAN. 23 1915.]
THE CHRONICLE
325
CASS COUNTY (P.0. Logansport),Ind.
-On Jan.20
-BOND SALE.
CROSSVILLE, White County, nis.-BONDS
-The question
the $33,076 52 5% ditch bonds (V. 100, p. 68) were 'awarded to Miller of issuing the $2,500 street-impt. bonds carried, VOTED.
it is stated, at the election
& Co. of Indianapolis at par.
held Jan. 12 by a vote of 106 to 29.
A bid of par VMS also received from Hoehler, Cummings & Prudden of
CULPEPER COUNTY (P. 0. Culpeper), Va.-BOND SALES.
Toledo. Denom. $500, $300 and $376. Date May 4 1914. Int. J. & D.
-On
Jan. 1 $12,000 5% tax-free Salem Magisterial Dist. road-impt. bonds.
Due serially to 1923.
Series No. 1, were awarded to local people at par. Denom. $500. Int.
CASSOPOLIS SCHOOL DISTRICT (P. 0. Cassopolis), Cass Coun- semi-ann. Due $1,000 yrly. Jan. 1 from 1918 to 1929 incl. District
ty, Mich.
-NO ACTION YET TAKEN.
-No action has yet been taken bonded debt, $12,000. Assess. val. real estate 1914 (district), $262,288;
looking towards the issuance of the $8,000 5% site-purchase and building personal property. $150,509. These bonds are part of an issue of
$36,000
bonds voted July 13(V. 99. p. 556.)
road bonds authorized by vote of 87 to 37 at an election held in the district
CHARLOTTE COUNTY (P. 0. Charlotte C. H.), Va.-BONDS NOT on April 18 1914.
The $36,000 unsold portion of an issue of $40,000 5% 2531-yr. (aver.)
SOLD.
-No sale has yet been made of the $8,500 5% 20-40-yr. (opt.)
coupon tax-free Catalpa Magisterial Dist. road bonds (V. 99, p. 489)
coupon jail bonds offered without success on Aug. 25(V. 99. p. 621).
were sold on Apr. 6 to Hien & Co. of Chicago at par.
CHARTER OAK, Crawford County, Iowa.
-BOND OFFERING.
CUMBERLAND COUNTY (P. 0. Bridgeton), N. J.
This town is offering for sale the $16,000 5% electric-light bonds voted
-BONDS AU-According to reports, the Board of Freeholders on Jan. 20
Aug.3(4.99, p. 1081). Int. payable to suit purchaser. Bonds to mature THORIZED.
authorized the issuance of $24,000 road bonds.
as purchaser may designate.
DALLAS, Tex.
-BOND OFFERING.
-Proposals will be received until
CHEWING COUNTY (P. 0. Elmira), N. Y.
-BOND OFFERING.
Proposals will be received until 11 a. m.Jan.30 by John C. O'Brien. County 12 m. Feb. 26 by W.T. Henderson, Commissioner of Finance and Revenue.
Treasurer, for $27,100 43.t coupon highway bonds. Denom.(1) $1.025. for $400,000 434% 27-yr.(aver.)gold coupon school bonds. Denom.$1,000.
(1) $1,075, (25) $1,000. Date Feb. 1 191b. Int. F. & A. at office of Date Nov. 1 1914. Int. M. & N. at the Chase Nat. Bank, New York.
County Treasurer. Due $1,025 Feb. 1 1916, $3,000 yearly on Feb. 1 from Due $10,000 Nov. 1 1928 and $15,000 yearly Nov. 1 from 1929 to 1954 incl.
1917 to 1922, inclusive, $1,075 Feb. 1 1923 and $7.000 Feb. 1 1924. Certi- A cert. check for 2% of bonds bid for, payable to the Commissioner of
fied check for 1% of bid required. The U. S. Mtge.& Trust Co. of N. Y. Ein. and Rev., required.
These bonds are certified as to genuineness by the Dallas Trust & Say.
will certify as to the genuineness of the signature of the County Treasurer,
signing the bonds and the seal impressed thereon. Bonded debt (not incl. Bank of Dallas. They have been approved by the Attorney-General of he
this issue) Feb. 1 1915. $105,165; no floating debt. Assessed value 1914. State, registered by the State Comptroller, and the opinion of Dillon,
Thomson & Clay of New York relative to the validity of the bonds will be
$34,595,626.
furnished to the purchaser. The official
CHESTER TOWNSHIP SCHOOL DISTRICT, Clinton County, has never defaulted in the payment of anyadvertisement states that the city
interest or principal on
Ohio.
-BONDS DEFEATED.
-At the election held Dec. 22 the question debt or otherwise. The Attorney-General of the State of Nowits bonded
Yolk has
of issuing $10,000 school-building bonds failed to carry, it is stated.
approved City of Dallas bonds as legal investments for the savings banks of
CHICAGO PARK DISTRICT (P. 0. Chicago), Ill.
-BOND ELEC- the State of New Yorif. These bonds are part of an issue of $600,000
TION PROPOSED.
school bonds (V. 99, A. 1159). The remaining $200.000 will be taken by
-Reports state that it is proposed to submit to the
voters at the April election the question of issuing $1,000,000 park-exten- the city, as stated below.
sion bonds.
BONDS TO BE PURCHASED BY CITY.
-Local papers state that the
CHICAGO (Ill.) SOUTH PARK DISTRICT.
-BOND SALES IN City Sinking Fund will purchase the following 4%% gold coupon bonds
-During the year 1914 bonds were issued on four different special (V. 99. P. 1159):
1914.
assessments aggregating $345.600, which are due on Dec. 31 as follows: $200,000 school bonds. Due $15.000 yearly Nov. 1 from 1915 to 1927 incl.
$121.700 in 1915, $127,800 in 1916 and $96,100 in 1917. These bonds
and $5,000 Nov. 1 1928. These bonds are part of an issue of
(all of which bear 5% interest) were issued at various dates under different
$600,000school bonds,$400.000 of which are now being offered for
installments, as the work was done by the contractors, and were turned
sale. See item above.
over to the contractors in payment of the work at par.
50.000 sanitary-sewer bonds. Due $2,000 yearly Nov. 1 from 1915 to
No general bonds were issued last year by the South ParkCommissioners.
1939 incl.
Denom. $1,000. Date Nov. 1 1914. Int. M.& N. at the Chase Nat.
CHICOPEE, Hampden County, Mass.
-LOAN OFFERING.
-According to reports, bids will be received until 12 m. Jan. 26 by the City Treas. Bank. New York.
DARBY SCHOOL DISTRICT (P.O.Darby), Delaware County, Pa.
for a loan of $100.000. maturing Nov. 30 1915 and issued in anticipation
-BOND OFFERING.
of taxes.
-Proposals wil be received until 8:30
by William E.Buckman. Sec. Bd.of Ed.. it is stated,for the p. m. Jan. 26
$35.000 414%
CHINOOK, Blaine County, Mont.
-BONDS NOT YET ISSUED.
-year building bonds voted Nov. 3 (V. 99, p. 1473). Int. semi-ann.
The $8,200 61 20-yr. water-works bonds voted Sept. 10 (V. 99, p. 843) 30
Cert. check for $300 required.
have not yet been issued.
DELAWARE RIVER DRAINAGE DISTRICT (P. 0. Atchison),
CHIPPEWA COUNTY (P. 0. Sault Ste Marie), Mich.
-BONDS Atchison County, Kan.
PROPOSED.
-According to local newspaper dispatches this county is cording to reports, this -BONDS TO BE OFFERED SHORTLY.-Acdistrict will shortly offer for sale $60,000 6% taxcontemplating the issuance of between $150,000 and $200,000 road bonds.
free improvement bonds.
CHURDAN SCHOOL DISTRICT (P. 0. Churdan), Greene County,
DES MOINES, Iowa.
-BOND SALE.
-Local papers state that the
Iowa.
-BOND SALE.-Geo. M.Bechtel & Co.of Davenport were awarded Valley Nat. Bank of Des Moines has purchased $25,000 fire-improvement
on June 15 the $30,000 5% 10-yr. school bonds (V. 98, p. 1788) at par. bonds.
Denom. $500. Date Aug. 1 1914. Int. F. & A.
DE
CINCINNATI, Ohio.
-BOND SALE.
-On Jan. 14 the following 4%% BONDSOTO COUNTY SPECIAL TAX SCHOOL DISTRICTS, Fla.
OFFERING.
-Proposals will be received until 12 m. Feb. 1 by
bonds were awarded to Tillotson & Wolcott Co. of Cleveland, it is stated:
James 0.
$100,000 20
-year fire-protection bonds at 102.67-a basis of about 4.30%. following Bickley, Supt. of Public Instruction (P. 0. Arcadia), for the
These bonds were offered without success on Aug. 12 (V. 99, $13,000 gold coup. Special Tax School District bonds:
5% Arcadia Dist. No. 1 bonds. Denom. $1,000. Due in 30 yrs.
P. 489).
These bonds are part of an issue of $75,000 (V. 98. p. 407).
75,000 40
-year hospital bonds at 104.076-a basis of about 4.287%•
$62,000 of which was sold to H. T. Holtz & Co. of Chicago
These bonds are part of an issue of $100,000 bonds offered withon Feb. 18 1914. Assess. val., $1,363,473; real val.. $5.out success on Oct. 22 (V. 99, p. 1240.)
000.000.
'BOND OFFERING.
-The Board of Trustees of the Cincinnati Southern
15,000 6% Nocatee Dist. No. 6 bonds. Denom. $500. Due in 30 Yrs.
Ry. will receive bids until 12 m. Feb. 23 for $90,000 4% coup. municipal
or in installments between 1917-1944, date or dates of payments with amounts to be paid to be named in bid. Assess.
bonds for terminal facilities and permanent betterments for the line of the
val. 1914. $349,497: real value, $1,500,000.
Cinc. Sou. Ry. These bonds constitute the unsold portion of Series B.
17,500 6% Sebring Dist. No. 37 bonds. Denom. $500. Due in 30 yrs.
amounting to $100,000. issued or to be issued under the corporate seal of
or in installments between 1917-1944, date or dates of paysaid city for money borrowed thereon in the aggregate not to exceed $500,ments with amounts to be paid to be named in bid. Assess.
val., $258,960; real value, $1,250,000.
000. authorized by the Act of May 17 1911 (1020 L. 111). to be borrowed by
Int. semi-ann. at office of Co. Treas. Cert. check for 2% of bid resaid Board of Trustees of the Cincinnati Southern Ry. as a fund for the
quired. Official circular states that there is no controversy or litigation
completion of the terminal facilities and permanent betterments upon the pending or threatening the existence or boundaries of any of the above
line of railway of the Cincinnati Southern Ry.-a line of railway owned by districts or the title of the present officers to their respective offices or the
the said City of Cincinnati and extending from said city to Chattanooga. validity of these bonds.
Tenn
DETROIT, Mich.
-BIDS REJECTED.
-Local papers state that the
The validity of the bonds was affirmed by the Supreme Court of Ohio following bids received for the $550,000 30-year public-school, $200,000
30
-year public-sewer, $270,000 30
and on Dec. 15 1914, in case in said Court No. 14,719. The first
-year
install- public-building and $305,000 10 -year public-building. $408,000 10
-year public
-lighting coupon or registered
ment of this issue, $100,000 Series "A." was purchased in 1912 by the
trus- tax-free bonds offered on Jan. 11 (V. 100, p. 68) were rejected:
tees of the Sinking Fund and is now held by said trustees.
Denom. of bonds $500. Date July 1 1914. Int. J. & J. at Exchange Matthew Finn, Detroit BID ON 4% RATE.
on $1,778,000 $40,204 00 disc.
National Bank, New York City. Due July 1 1965, subject to call begin
William A. Read & Co., Chicago
on 1.778.000
59.666 40 disc.
fling July 1 1954. Cert. check for 2% of bonds bid for, payable
BID ON 43% RATE.
to the
Board of Trustees of the Cinc.Sou. Ry., required. Delivery at Fifth-Third Matthew Finn, Detroit
on $1,778,000 $8,196 80 prem.
Nat. Bank in Cincinnati on any business day between Mar. 1 and Mar. 15, Harris Trust & Savings Bank, Chicago_ on 1,778,000
4,961 00 prem.
William A. Read & Co., Chicago
on 1,778,000
12,750 08 (Ilse.
The official notice of this bond offering will be found among the advertise. Detroit Trust Co., Detroit
on
300,000
301 00 disc.
ments elsewhere in this Department.
BID ON 434% RATE.
Harris Trust & Savings Bank,Chicago_ _ _on $1,778,000 $63,457 00
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Hamilton
prem.
County, Ohio.
-BOND OFFERING.
-Proposals will be received until William A. Read & Co., Chicago
on 1.778,000 55.400 80 prem.
4 p. m. Feb. 8 by Wm. Grautman, Clerk Bd. of Ed., for $200,000
,
% First & Old Detroit Nat. Bank, Detroit_ _on 1,778,000 54,744 61 prem.
20-yr. coup. school bonds. Denom. $500. Date "day of sale.' Int. Estabrook & Co., Chicago
on 1,778,000 53,802 28 prem.
semi-ann. at Amer. Exch. Nat. Bank, N. Y. Cert. check for 5% of bonds Bolger, Mosser & Willaman, Chicago__ _on
200,000
4,800 00 prem.
H. Lee Anstey, New York
bid for, payable to Bd. of Ed., required. Purchaser to pay accrued int.
on
500,000 17,100 00 prem.
COMBINATION BIDS.
CLEBURNE, Johnson County, Texas.
-BOND ELECTION PROPOSED.
-Reports state that an election will be held shortly to submit to
{$758.000 10
-year 4
First & Old Detroit National Bank, Detroit
the voters the questions of issuing sewerage and school bonds.
400,000 30
-year 4E
620,000 30
-year 43 %
CLEVELAND SCHOOL DISTRICT (P. 0. Cleveland), Cuyahoga
Will pay 100.079 per cent on above.
County, Ohio.
-BOND SALE.
-On Jan. 18 the two issues of 4%,c coup.
7
$550,000 30
-year 47
school bonds aggregating $1,000.000 (V. 100, p. 68) were awarded to HarSchool
270,000 30
ris, Forbes & Co. of N.Y. as follows:
-year 4
Building
Harris Trust Ss Savings Bank
200,000 30
-year 4
$600,000 20-yr. bldg. bonds at 101.421-a basis of about 4.392%•
Sewer
408,000 10-year 4% Building
400,000 1031-yr. (aver.) bldg.-impt. bonds at 100.601-a basis of about
-year 43 % Lighting
4.428%.
Will pay premium/of $1,405 on above. 350,000 10
CLINTON, Worcester County, Mass.
-BONDS PROPO.SED.-Local
$175,000 10
-year 4% Lighting
newspaper dispatches state that this town is contemplating the issuance
175.000 10-year 43. % Lighting
$15,000 Fyfe-property-purchase bonds in the denomination of $1,000. of
204,000 10
-year 4% Building
COLLINSVILLE, Rogers County, Okla.
204,000 10
-BONDS NOT YET SOLD. Estabrook
-year 4% Building
&c:Co
-The City Clerk advises us, under date of Jan. 19. that no sale has yet
275,000 30
-year 4% School
been made of the $5,000 6% 25
-year park bonds offered without success on
275,000 30
-year 4% School
Sept. 28 (V. 99, p. 1081).
100,000 30
Sewer
-year 4
100.000 30
COLUMBIA, Richland County, So. Caro.
-year 4% Sewer
-DESCRIPTION OF
BONDS.
135,000 30-year 4
Building
-The $60,000 paving bonds awarded on Nov.
Sidney Spitzer
& Co. of Toledo at par (V. 100. p. 155) bear interest at 2 torate of 6%
135.000 30
-year 4
the
Will pay premium of $4,978 40. bang at rate of 100.28%, on % Building
are dated June 1 1914. Int. J. & D. Due serially from 1915 to 1924 and
above.
°
.
EAGLE, Cass County, Neb.-BOND SALE.
-This village has sold
CONCORD, Merrimack County, N. H.
-BOND OFFERING.
-Bids
will be received until 12 m. Jan. 25, it is stated, by the City Treas., for an issue of $10,000 bonds.
$25.000 and $15,000 4% sewer bonds.
EATDNVILLE SCHOOL DISTRICT (P. 0. Eatonville), Pierce
County, Wash.
-BONDS VOTED.
-By
CORPUS CHRISTI, Nueces County, Tex.
-BOND SALE.
-The of issuing $45,000 high-school-building a vote of 218 to 48,the question
$300.000 5% 20
bonds carried, it is stated, at an
-year water-works system-ext. bonds voted Sept. 3
99.
p. 843) have been awarded to Powell, Garard & Co. of Chicago(V.par election held Jan. 9.
at
ELLWOOD CITY, Lawrence County, Pa.
and int.
Local newsp000aper reports state that this borough -BONDS PROPOSED.
BOND ELECTION.
Is contemplating the Issu-The election to vote on the question of issuing ance of $5,
bonds.
the $100,000 5% 20-40-yr. (opt.) street
-paving bonds (V. 100, P. 68) will
EL PASO COUNTY (P. 0. El Paso), Tex.
be held Feb. 5,
-BOND SALE.
-On Jan. 16
CRAB CREEK TOWNSHIP (P. 0. Hendersonville), Henderson the $360,000 5% court-house bonds were awarded, it is stated, to Field,
Richards &
County, No. Car.
-BOND OFFERING.
-This township is offering for (V. 99, p. Co.of Cincinnati. These bonds were offered for sale on Jan. 11.
1848).
sale an issue of $15,000 highway-impt. bonds, according to reports.
MAUS, Lehigh County, Pa.
-BONDS AUTFIORIZED.-The Born.
CRITTENDEN COUNTY (P. 0. Marion), Ark.
-BONDS NOT SOLD. Council
-No sale has yet been ma,de of the $325,000 road-impt. bonds offered on 4% 5 on Dec. 21 passed an ordinance providing for the issuance of $4.000
-20
-year (opt.) coupon tax-free water-plant-impt. bonds. Denom.
Dec. 1 (V. 99. P. 1547)•
$100. Date Feb. 1 1915. Int. F.& A.
326
THE CHRONICLE
[VOL. 100.
-BOND OFFER/NO.-Proposals
HICKORY, Newton County, bliss.
EVANSVILLE SCHOOL CITY (P. 0. Evansville), Vauderbirgh will be received until 12 m. Feb. 2 by M.G. Scarborough, Town Clerk, for
-The following are the other bids received on
-BIDS.
County, Ind.
6% 20-year coupon tax-free school-bldg. bonds V. 99, p. 1694).
Jan. 7 for the $48,000 (unsold portion of the $128,000) 4%, school-impt. $10,000 $500. Date May 1 1914. Int. M. & N. A deposit of $500,
.
page 245: Denom.
bonds, the sale of which was reported in last week's Chronicle, $48,150 00 payable to the "Town of Hickory,' required. The town has no indebtedFletcher-Ainerican National Bank, Indianapolis
48,096 00 ness. Assessed valuation 1914, $230.000.
City National Bank, Evansville
-On Jan. 19 the
-BOND SALE.
15,030 00
HORTON, Brown County, Kan.
Samuel E. Speck
12,025 20 $34,500 534% 134 to 10-year (serial) coupon special street-improvement
Chas. F. Smith,Pres. Mercantile Trust & Say. Co.,Evansville
8,008 00 bonds (V. 100, p. 245) were awarded to Sidney Spitzer & Co. of Toledo for
Martha J. Rose
8,000 00 • $34,917 50 (101.21) and interest. Other bids were:
American Trust & Savings Bank,Evansville
H.Coffin. Chicago__ _*$34,701 00
3,005 00 Joint A.Prescott & Co.,K.C.*$34,777 I
Citizens' National Bank. Evansville
Denom. $1,000. Date Oct. 15 1914. Int. A. & Oat City Nat. Bank, Commerce Tr. Co., Ran. C. *34,765 N.W.Halsey & Co.,Chic. *34,691 00
3
8, 1932, 1933 and 1934. Hanchett Bond Co.. Chic__ *34.717iHoehler. Cummings &
Evansville. Due $8,000 on Oct.15 1919.1920,192
34,627 75
Prudden, Toledo
-It is stated that bids will
-BOND OFFERING.
FALL RIVER, Mass.
* And cost of printing bonds. All ids provided for payment of accrued
be received until 10 a. m. Jan. 23 by the City Treas. for the following 4% interest.
bonds, dated Jan. 11915:
Denom. (60) $500, (10) $450. Date Feb. 11915. Int. F.,& A. at the
$150.000 water bonds. Due $5,000 yearly from 1916 to 1945 incl. incl.
State fiscal agency in Topeka.
50,000 public impt. bonds. Due $5.000 yearly from 1916 to 1925
-Up to
HUDSON, Fremont County, Wyo.-BONDS NOT SOLD.
-BOND SALE.-Geo.
FARNHAMVILLE, Calhoun County, Iowa.
-30
had been made of the $20,000 5% 15 -year (opt.) coupon
M. Bechtel & Co. of Davenport were awarded on June 1 $5,000 53 % Jan. 18 no sale
bonds at par. Denom. $500. Date June 1 water bonds offered on Dec. 1 (V. 99, p. 1614.)
-13
3 -year (ser.) electric-light
-On Jan. 11 the loan
-TEMPORARY LOAN.
INDIANAPOLIS, Ind.
1914. Int. .1. & D.
-On Jan. 19 of $75,000, dated Jan. 18 1915, and maturing May 18 1915. was negotiated.
-BOND SALE.
FITCHBURG, Worcester County, Mass.
Merchants' Nat. Bank of Indianapolis at 3% int. and
the three issues of 4% registered tax-free bonds, aggregating $168,000 it is stated, with the
(V. 100. p. 245). were awarded, it is stated, to Lee, Higginson & Co. of a premium of $100.
INDIAN CREEK SCHOOL TOWNSHIP (P. 0. Fayettville), Law
Boston at 100.81.
-Rids will be received mut
-BOND OFFERING.
Ind.
!LINT UNION SCHOOL DISTRICT(P.O. Flint), Genesee County. ranee Count*, by Wm. S. Fortner. Twp. Trustee, for $11,000 5% school
-Additional information is at hand relative 10 a. m. Jan. 30
-BOND OFFERING.
Mich.
sale". Int. semi-ann. Due $1,000
on Feb. 3 of the $70,000 5% coup. bldg. bonds (V. 100. bonds. Denom. $500. Date "day of
to the offering
1916 to 1924. Incl., and $2,000 Dec. 15 1925. Cert.
p. 245). Bids for these bonds will be received until 12 m. on that day by yearly on Dec. 15 from
bank for $250 required.
A. J. Wildanger, Sec. Bd. of Trustees. Denom. 61,000. Int. semi-ann. check on a Bedford. Ind.,
-BOND OFFERING.
incl. Cert. check for $500. payable
Due $2,000 yearly from 1916 to 1950
IRON COUNTY (P. 0. Crystal Falls), Mich.
to "Union Sch. Dist., required. Purchaser will be furnished an acceptable Proposals will be received until 10 a. m.Feb.6 by John Wall, County Clerk,
mentioned in V. 100,
legal opinion approving the validity of these bonds and the district will also for the $25.000 5% 20-year coup. road-contsr. bonds M. & N. at office of
1 1914. Int.
defray the expense of printing said bonds.
p. 69. Denom. $1,000. Date Nov.the authorizing of said bonds have
for
FLOODWOOD SCHOOL DISTRICT NO. 19 (P. 0. Floodwood), County Treas. The proceedings of Chicago. Total indebtedness (incl.
by Wood & Oakley
-An election held Jan. 14 been examined
-BONDS VOTED.
St. Louis County, Minn.
resulted in a vote of 54 to 3 in favor, it is stated, of the question of issuing this issue), $179,000. Assess. val., $34,002,661.
(P. 0. Marysville),
$13,500 4% funding bonds.
JACKSON TOWNSHIP SCHOOL DISTRICT
-Reports state that an elec-BOND ELECTION.
-BONDS NOT Union County, Ohio.
FORT BEND COUNTY (P. 0. Richmond), Tex.
16 to vote on the question of issuing $20,000 building
SOLD.
-Up to Jan. 14 no sale had been made of the $65,000 5% 20 1-3-yr. tion will be held Feb.
•
bonds.
(aver.) Drainage District No. 1 bonds offered on Sept. 14(V.99, p. 622).
JamesJABIESTOWN UNION FREE SCHOOL DISTRICT (P. 0. 44 %
-Reports
FRANKFORT, Spink County So. Dak.-BONDS VOTED.
4
-The $70,000 .
and refunding town), Chautauqua County, N. Y.-BOND SALE.
-year funding
state that the question of issuing $10,0006% 20
impt. tax-free bonds offered on Jan. 12 (V.
9 5-6-yer (aver.) reg. bldg.
bonds carried at an election held Jan. 14.
Fenwick & Co., of N. Y. for
100, p. 156) have been awarded to Douglaswere:
FRESNO COUNTY RECLAMATION DISTRICT NO. 1606 (P. 0. $70.480 (100.685) and int. Other bidders
-Proposals will be received until Harris, Forbes & Co., N. Y_100.4231A. B. Leach & Co., N. Y100.17
-BOND OFFERING.
Fresno), Cal.
2 p. m.Jan. 28,it is stated, by A. D.Ewing,County Treasurer,for $600,000 Lee, Higginson & Co., N. Y_100.364
[H. A. Kehler & Co., N. Y--100.11
6% bonds. Denom. $1.000. Date Dec. 1 1914.
Geo. B. Gibbons & Co., N.Y.100.26
-On Jan.
-BOND SALE.
-BOND OFFERINCL-ProFULTON COUNTY (P.O. Rochester), Ind.
JAY COUNTY (P. 0. Portland), Ind.
20 the two issues of 4%% highway-impt. bonds aggregating $32,000 (V. posals will be received until 10 a. m. Jan. 25 by S. W. Ruder, County
in Wayne
highway-impt.
100. p. 245) were disposed of as follows:
Treas.,for $6,200 434% Henry Bibler et al.Jan. 25, 1915. bonds M. & N.
Int.
$17,000 bonds to First Nat. Bank of Rochester at 100.5, and int.
and Noble Twps. Denom. $310. Date
the Meyer-Kiser Bank ofIndianapolis for $15,095 and int. Due $310 each six months from May 15 1916 to Nov. 15 1925 incl.
15.000 bonds:to
-John
equal to 100.633.
-BOND SALE.
HEMPNER COUNTY (P. 0. DeKalb), Miss.
The other bidders were:
-year bonds at
on Dec. 8 $6,000 20
Premium.Premium. Nuveen & Co. of Chicago purchased
par. Denom. $100. Date Jan. 1 1915. Int. J. & J.
c
$1011In liana Bank & Trust Co.,
Miller & Co., Indianapolis
-Reports
-BOND SALE.
$8650
KENDALLVILLE, Noble County, Ind.
98
Rochester
Breed, Elliott & Harrison, Ind
state that the $15.000 6% bonds authorized by the City Council on Jan. 8
All the above bids provided for the payment of accrued interest.
of.
-The two (V. 100. p. 246) have been disposed
-BOND SALE.
GLENDALE, Hamilton County, Ohio.
-On
-BOND SALE.
KENT COUNTY (P. 0. Grand Rapids), Mich.
issues of 5% coupon street-improvement (assessment) bonds, aggregating
p. 246) were awarded to John Nu60, offered on Nov. 30 (V. 99. p. 1314), have been disposed of to Jan. 8 the $100,000 road bonds(V. 100,
$1.768
& Co. of Chicago.
veen
private parties at par and interest.
-No
-BONDS NOT SOLD.
LAKEWOOD, Cuyahoga County, Ohio.
0. Glouster),
GLOUSTER VILLAGE scacicn. DISTRICT (P.the $25,000 5% bids were received on Jan. 18 for the two issues of 5% sewer (assessment)
-On Jan. 20
-BOND SALE.
Athens County, Ohio.
offered on that day (V. 100, p. 69)•
(V. 100, p. 155) were awarded, repotts state, bonds, aggregating $13,325,
coup. taxable bldg. bonds
-The Sink-BOND SALE.
LANCASTER, Fairfield County, Ohio.
to Field, Richards & Co. of Cincinnati at 101.6.
-The question ing Fund Trustees have purchased at par and interest the $5,000 5% street-BONDS VOTED.
GRANBURY, Hood County, Tex.
election held impt. bonds offered for sale on Dec. 11. Denom.$500. Date Jan. 1 1915.
at the
of issuing $25,000 water-works-constr. bonds carried near future.
Int.semi-ann.in Jan. Due $1,000 yearly on Jan. 15from 1918 to 1922 incl.
Jan. 9. These bonds will be put on the market in the
-On Jan. 15 an
-BOND SALE.
OFFERING.
LAPORTE, Laporte County, Ind.
GRANT COUNTY (P. 0. Milbank), So. Dak.-BOND court-house45 paving bonds was awarded, it is stated, to A. P. Andrew
Proposals will be received until March 1 for $75,000 434% held Nov. 3. issue of $2.249
the election
Jr. & Son of Laporte for $2,279 72. equal to 101.345.
erection bonds authorized by vote on 938 to 639 at
-The $10.000
-BOND SALE.
LARCHWOOD, Lyon County, Iowa.
Due March 1 1935, optional after 10 years.
- 20
-year municipal-electric-light and power-plant bonds (V. 100, p. 246),
GREENSBURGH (P. 0. Tarrytown), Westchester County, N. Y.
% grade-crossing-elimination have been sold to Geo. M. Bechtel & Co. of Davenport for 6s.
-On Jan. 19 the $25,000
BOND SALE.
-During the month
-BOND SALE.
bonds V. 100. p. 155) were awarded to Redmond St Co. of N.Y.at 103.194.
LARNED, Pawnee County, Kan.
-15
Other bidders were:
of December $30.000 5% 10 -year (serial) water and light bonds, dated
101.84
Son & Co., N.Y102.046 Rhoades & Co.. N.Y
the State of Kansas at par.
Farson,
July 1 1914. were purchased by
H.L. Crawford & Co.. N. Y_102.681 I Harris, Forbes& Co.. N.Y_ _101.711
101.28
-BOND OFFER.
LAUDERDALE COUNTY (P. 0. Meridian), Miss.
Sidney Spitzer & Co.. Toledo 102.511 lW. H. Cook, N.Y
Co., N.Y_ _ _ _102.31 Geo. B.Gibbons& Co., N.Y.101.140 INC.-Proposals (sealed or verbal) will be received until 2 ro. m. Feb. 3 by
A. B. Leach &
W. R. Pistole, Clerk of Chancery Court, for the $50,000 53.4% tax-free
R. M. Grant & Co., N. Y_ _ _102.26
Road Dist, No. 1 bonds. Auth. Chap. 149, Laws of 1910. Denom. $500.
Denom. $1,000. Date Jan. 1 191& Int. J. & J. Due in 1940.
- Date Mar. 1 1915. Int. M. & S. in Meridian. Due $3,000 yearly on
GREENUP COUNTY (P. 0. Greenup), Ky.-BONDS VOTED.
Mar. 1 from 1936 to
proposition to issue the $200,000 road-Improvement bonds (V. 100. Mar. 1 from 1926 to 1935 incl. and $4,000 yearly on of Board of SupervisThe
1940 incl. Cert. check for $500, payable to President never been any dep.69) carried, it is stated, at the election held Jan. 19.
-BONDS ors, required. Official citcular states that there has issues have ever
HAMILTON COUNTY (P. 0. Chattanooga), Tenn.
interest and that no previous
-Local papers state that on Jan. 11 the County Court fault in either principal ordebt (incl. this issue), $450,000. Assess. val.
AUTHORIZED.
been contested. Bonded
issue of bonds
authorized the issuance of $228.000 5% school-building bonds.
1913. $14,317,745; true val. (approx.), $28,635,489. A like
HAMILTON SCHOOL DISTRICT (P.O. Hamilton), Butler County, was offered without success on Jan.6(V. 100, p. 246).
-According to reports, the Board of Ed.
-The
VOTED.
-BONDS AUTHORIZED.
Ohio.
-BONDS
LEE COUNTY (P. 0. Sanford), No. Caro.
has authorized the issuance of $35,000 4% school-completion bonds.
-year road-impt. bonds (V. 99, p.
of issuing the $100,000 5% 40
(P. 0. Hayti), So. Dak.-BOND ELECTION.- question
the election held Jan. 16.
HAMLIN COUNTY
1850) carried by a vote of 820 to 446 at
-This village
We learn that an election will be held Jan. 26 to submit to a vote the
-BOND SALE.
LE SIYEUR, Le Sueur County, Minn. fair-site bonds at par. Int.
proposition to issue $60,000 court-house and jail-site-purchase and consold on Dec. 18 an issue of $5,000 53' coup.
debt.
struction bonds.
Bonded debt, incl. this issue, $23.000. No floating
-BOND OFiERING.- annually.
HARRISON COUNTY (P. 0. Cadiz), Ohio.
Assess. val., $558,465.
Proposals•will be received until 12 m. Jan. 30 at the office of the County
-Proposals will be
OFFERING.
-BOND
LODI, Bergen County, N. J.
Auditor, for the following free turnpike road bonds:
James A. McMahan, Boro. Clcrk.
$26,000 5% Millers Station and Centre Unity road bonds. Denom. received until 5 p. m. Feb. 8, by reg. funding bonds authorized by
or
$500. Due $1,000 Sept. 10 1915 and March 10 1916. $500 for the $70,000 3% gold coup. 100, p. 156). Denom. $1,000. Date
each six months from Sept. 10 1916 to Sept. 10 1923 incl., the Boro. Council on Dec. 16 (V'First Nat. Bank of Lodi. Due $1,000
except that on March 10 1921 and Sept. 10 1922 $1,000 is Sept. 1 1914. Int. M. & S. at
on Sept. 1 from 1917 to 1939 incl. Bond
due, and $1,000 each six months from March 10 1924 to Sept. 1 1916 and $3,000 yearly sinking fund $13,874. Assess. Val., 1914,
March 10 1932 incl., except that on Sept. 10 1924 and 1925 debt (incl. this issue), $162,000;
and March 10 1927 $500 is due.
$3,230,515.
N. J.
-On
7,200 534% Hopedale-Smithfield road bonds. Denom. $400. Due
-BOND SALE.
LONG BRANCH, Monmouth County,
$400 yearly on March 10 from 1916 to 1925 incl; $800 Mar. 10
-year beach-improvement bonds were awarded
Jan. 21 the $330.000 5% 20
1926, 1928 and 1930 and $400 on Mar. 10 1927 and 1929.
County Savings Bank of Morristown at 104.08-a basis of
Morris
30.000 534% Jewett-Scio road bonds. Denom. $500. Due $2.000 on to the 4.684%. Denom. $1.000. Date Feb. 1 1915. Int. F. & A.
Sept. 10 1915. Mar. 10 1922, Mar. 10 1923. Sept. 10 1923 about
Other bidders were: Y-103.4781Long Branch Bank Co.,L.Br..101
and Sept. 10 1924. $1.500 on Mar. 10 1916 and 1917 and
N.
each six months from Mar. 10 1918 to Sept. 10 1921 incl. and R. M. Grant & Co.,
100.66
102.05 IFarson. Son & Co., N.Y
Bank
$1,500 on Sept. 10 1922 and Mar. 10 1924, and $1,000 on Second National
-Of
-HARBOR BOND DELIVERIES IN 1914.
Sept. 10 1916 and 1917.
LOS ANGELES Calif.
-Cadiz Junction road bonds. Denom. $500. Due the $2,240,000 434 harbor-impt. bonds awarded in February last to E.II.
Jewett
12,000 53.4%
$500 each six months from Sept. 10 1915 to Sept. 10 1927 Rollins & Sons of san Francisco at 100.39 and accrued interest (V. 98, p.
incl.,'except that on Sept. 10 1926 $1,000 matures and that 853). $1,470,000 were delivered in 1914. These were taken up as follows:
no bonds mature on Mar. 10 1917 and Mar. 10 1919.
3350,000 Mar. 20, $280,000 May 13, $280,000 May 28 and $560,000 July
Auth. Sec. 7283 Gen. Code. Date Mar. 10 1915. Int. M.& S. Cert. 21. At the time of sale the purchaser agreed to accept delivery of $350,000
lots of 3280,000 each every
an Ohio bank for 5% of bid, payable to Co. Treas.. required.
check on
bonds immediately and the remainder In
-Pro- 3d month up to and including Sept. 1 1915 and $210,000 Dec. 1 1915. The
-BOND OFFERING.
HAWTHORNE, Passaic County, N. J.
purchaser was also given the privilege of anticipating any or all deliveries.
posals will be received until 8 p. m. Jan. 29 by John A. Shea, Borough This privilege having been partly exercised, the purchaser is not obligated
-year coupon or registered water bonds. Denom. to take any more bonds until June 1 1915.
Clerk,for $136.000 5% 30
-Of the $6,500,000
$1,000. Date Oct. 1 1914. Int. A. & 0. at Hamilton Trust Co.. PaterELECTRIC PLANT BONDS AWARDED IN PART.
incorporated bank or trust company for 2% 434% 40-year bonds voted May 8 1914 to finish the electric plant and build
son. Certified check on an
lines (V. 98, p. 1554), $1,482,000 were dated Aug. 1
Stone, Borough Collector. required. The or buy distributing
of bid, payable to Wm.C. Van
the "Electric Plant Election 1910 Sinking Fund" took
Co. of N. Y. will certify as to the genuineness of the 1914 and of these29 1914 at par. No more have been sold, however, as
on Sept.
U. S. Mtge. & Trust
officials signing the bonds and as to the seal im- $39,000 has been taken from the decision of the Superior Court upholding
signatures of the Borough
an appeal
of the bonds will be approved by Hawkins. the validity of the bonds (V. 99. p• 766)•
pressed thereon,and the legality
will be furnished successful
-On
-TEMPORARY LOAN. and
LOWELL, Middlesex County, Mass.
& Longfellow of N. Y., whose opinion
Delafield
1915
$30.000. Assessed value 1914. $2,779,899.
Jan. 19 the loan of $200,000 dated Jan. 20 1915, maturing Nov. 10 stated.
bidder. Bonded debt.
offering will be found among the advertise- issued in anticipation of taxes(V. 100, p. 246), was negotiated, it is
this bond
The official notice of
with Livingston Davis at 3.39% discount.
this Department.
ments elsewhere in
JAN. 231915.]
THE CHRONICLE
MACOUPIN COUNTY SCHOOL DISTRICT NO. 4, Ills.
-BOND
OFFERING.
-Proposals will be received until 12 m. Feb.1 by W.A. Brittin, Sec. Bd. of Ed. (P. 0. Virden), for 517,500 5% coup. school bonds.
Denom. $500. Due $2,500 in 5 years and $5,000 in 10, 15 and 20 years.
subject to call any interest
-paying date after 10 yeats.
MADISON, Dane'County, Wis.-BONDS TO BE OFFERED SHORTLY.
-Local papers state that within the next three months this city will
offer for sale $120,000 43 % school-building bonds.
BONDS PROPOSED.
-Reports state that this city is contemplating the
issuance of $100,000 street-improvement bonds.
BOND SALE.
-According to reports 390.000 6% and 5% street-improvement bonds have been sold over the counter since last April. The sale of
325.000 of the above bonds was reported in V. 99, p. 1241.
MENOMINEE, Menominee County, Mich.
-BOND OFFERING.
Proposals will be received until 4 p. m. Feb. 1 by F. S. Norcross, City
Clerk, for $47,500 5% tax-free refunding bonds. Denom. $500. Date
Apr. 1 1915. Int. A. & 0. at place to suit purchaser. Due 35.000 yearly
on April 1 from 1919 to 1927 incl. and $2,500 Apr. 1 1928. No deposit
required. These bonds are part of an issue of $50,500. Bohded debt
(incl. this issue), $67,500; no floating debt. Assess. val.. $5,752,909.
MIDDLETOWN, Butler County, Ohio.
-On Jan. 14
-BOND SALES.
the $8.629 70 5% 5g-year (aver.) sidewalk, curb and gutter (assess.)
bonds V. 99. p. 1850) were awarded to A. E.
& Co. of Cincinnati for
$8,660 (100.351) and int.-a basis of 4.927%. Other bids were:
Tillotson & Wolcott Co., Cleveland
$8,644 70
Rudolph Kleybolte Co., Inc., Cincinnati
8,637 70
The three issues of 5% 5g-yeaf (aver.) street-impt. (assess.) bonds, aggregating$11.723 90,offered on Dec. 17(V.99, p. 1548), have been awarded
to the Fifth-Third Nat. Bank of Cincinnati at par.
MILES CITY, Custer County, Mont.
-BOND SALE.
-The $35,000
10
-20-year (opt.) city-hall-constr. bonds (V. 98, p. 1408) were awarded
during June to McCoy & Co. of Chicago for $35,710 33 (102.029) as 55.
MILLS RIVER TOWNSHIP (P. 0. Hendersonville), Henderson
County, No. Car.
-BOND SALE.
-It is stated that $20,000 6% 30
-year
road bonds have been sold to C. N. Malone & Co. of Asheville.
MOORCRAFT, Crook County, Wyo.-BOND SALE.
-The $15,000
6% 22
-year (aver.) coup. water-works-system bonds offered on Dec. 14
(V. 99, p. 1768) have been purchased by John Sandburgh & Co. of Denver.
blOREHOUSE PARISH SCHOOL DISTRICT NO. 8 (P. 0. Doss),
La.
-BONDS TO BE OFFERED SHORTLY.
-The School Board will soon
advertise the sale of 315.000 5% high-school-bldg. bonds.
MOUNT VERNON, Westchester County, N. Y.
-BOND SALE.
On Jan. 19 the two issues of 4g% bonds aggregating $35,000 (V. 100,
p. 69) were awarded to Lee, Higginson & Co. of N. Y. as follows:
320,000 30
-year coupon fire and police-dept.
-bldg. bonds at 103.02-a
basis of about 4.316% •
15,000 29-year reg. sewerage bonds at 103.01-a basis of about 4.318% •
Other bidders were:
For $20,000
For $15,000
A. B. Leach & Co., N.Y
102.51
102.41
Geo. B.Gibbons & Co.,N.Y
102.37
102.33
Rhoades & Co., N.Y
102.19
102.14
Harris, Forbes & Co., N. Y
102.082
102.08
I. W.Sherrill Co., Poughkeepsie
102.01
102.01
Livingston & Co.. N Y
101.70
101.70
Parson,Son & Co.,N.Y
101.40
101.30
Hallgarten & Co., N.Y
100.99
100.97
Eastchester Savings Bank, Mt Vernon
100.83
100.815
H. A. Kahler & Co.. N. Y
100.287
100.26
MUSCATINE-LOUISA DRAINAGE DISTRICT NO. 13, Muscatine
and Louisa Counties, Iowa.
-BOND OFFERING.
-Bids will be received on or before 12 m.Feb.15 and opened by the Joint Board of County
Supervisors at Wapello at 1 p. m. Feb. 16 for 53 % semi-annual drainage
bonds. The amount of special assessment levied In Muscatine County for
the payment of said bonds is $104,402 54 and the amount in Louisa County
Is 5173.724: provided,however,that if any assessment is paid up to the time
of the opening of the bids It shall be deducted from the amount of the assessment levied for toe payment of the bonds, and the bonds shall
to that amount. Due one-tenth in 5 years and one-tenth yearlybe reduced
thereafter
until paid, with the privilege of payment as provided by law. Cert. check
for 5% of bid, payable to said District, required. H. W.Baker is Auditor
of Louisa County and H. C. Schoemaker is Auditor of Muscatine County.
NATRONA COUNTY SCHOOL DISTRICT NO. 2 (P. 0. Casper),
W70.
-BOND SALE.
-The 535.000 11-year (aver.)
building bonds
offered on June 6( V. 98, p. 1555) were awarded oncoupon to the State of
July 1
Wyoming at par for 6s.
NEW CORDELL (P. 0. Cordell), Washita County, Okla.
-BOND
SALE.
-On Jan. 18 the 575,000 6% 18-yr. (aver.) coup.
bonds dated Jan. 1 1915 (V. 100. p. 247) were awarded to water-works-ext.
A.
of Oklahoma City for 375.260 (100.346) and int. Payment J. McMahan
on delivery of
bonds. Other bids were:
G. I. Gilbert of Oklahoma City, par and int., less
$350.
It. J. Edwards of Oklahoma City, $75,261 and int.,
with eight months
for final payment.
Geo. W.& .1. It. Piersal of Oklahoma City, par and int.,
with eight months
for final payment.
NEW LONDON TOWNSHIP RURAL SCHOOL DISTRICT
(P. 0.
New London), Huron County, Ohio.
-BOND SALE.
-On
31.000 6% 3g-year (average) improvement bonds dated Jan. 18 the
Oct. 1 1914
(V. 100, p. 157) were awarded to L. H.Stanow of Rochester at
102.525 and
interest
-a basis of about 5.21%. Other bidders were:
Savings & Loan Bank Co.,
IC. W. Richards, New Lon-51,012 50
New London
51,020 00 First Nat. Bk., Barnesville. 1,005 56
NEWTON COUNTY (P. 0. Kentland), Ind.
-BOND SALE.
On Jan. 19 the $10,000 4g% highway-improvement bonds(V. 100, p. 247)
were awarded to Miller & Co. of Indianapolis at 100.60 and int. Other
bidders were.
J. F. Wild & Co., Indianapolis
$10,055
Breed, Elliott & Harrison, Indianapolis
10,045
Fletcher American Nat. Bank, Indianapolis
10.045
NIAGARA FALLS, Niagara County, N. Y.
-BOND SALE.
-The
Farmers' & Mechanics' Bank of Lockport was awarded at par an issue of
$64,000 5% sewer bonds on Feb. 2 1914. Denom. $1,000. Date Feb. 2
1914. Int. J. & J. Due yearly on Feb. 2 from 1915 to 1918, inclusive.
NUECES COUNTY (P. 0. Corpus Christi), Tex.
-BONDS OFFERED
BY BANKERS.
-The $165.000 5% 10
-40-year (opt.) Causeway bonds, the
sale of which was reported in V. 100, p• 157, are being offered to investors
by William R. Compton Co. of St. Louis. Denom. $1,000. Date Apr. 10
1914. Int. ann. Apr. 10 at the Nat. City Bank,
York. Total
bonded debt, including this issue, $438,590. Assess. New 1913, 317,886val.
190; est. actual value, $40,000.000.
OAKDALE IRRIGATION DISTRICT (P. 0. Oakdale), Stanislaus
County, Cal.
-BOND OFFERING.
-It is stated that bids will be received
until 10 a. m. Jan. 29 by M.P. Kearney. Dist. Sec., for $339,500 6% irrigation-system-completion bonds voted Oct. 5. Int. semi-annual.
O'BRIEN COUNTY (P. 0. Primghar), Iowa.
-BOND SALE.
-On
Jan. 21 the $140,000 5% 7 1-5-year (aver.) court-house bonds,dated May 1
1915 (V. 100, p. 247) were awarded to Geo. M. Bechtel & Co. of Davenport for $141,756 (101.254) and int.-a basis of about 4.625%.
ONONDAGA COUNTY (P. 0. Syracuse), N. Y.
-BOND OFFERING.
-Proposals will be received until 12 m. Jan. 26 at the office of Clerk of
Board of Supervisors, for the following 4g % reg. tax-free bonds:
$185,000 tuberculosis-sanatorium-bldg. bonds. Denom.(180) 31,000,
(50)
$100. Due $18,500 yearly on Jan. 1 from 1917 to
Bids for these bonds should be mailed to Chas. F. Mott,1926 incl.
Chairman
Tuberculosis Sanatorium Bldg. Committee.
65,000 men's-dormitory-bldg. bonds. Denom. (60) 31.000, (50) $100.
Due $11.000 yearly beginning Jan. 1 1917. Bids for
should be mailed to Wm.J. F. Wiegand, Chairman ofthese bonds
Committee
in Care and Supervision of County Buildings.
Date Jan. 1 1915. Int. J. & J. at Trust & Deposit Co. of Onondaga
Syracuse. Certified check for 2% of bonds bid for, payable to John J.
In
Clarke, County Treasurer, required. Bonds to be delivered to purchaser
on or before Feb. 15, unless a subsequent date shall be mutually agreed upon
In writing, and at the office of the above trust and deposit company.
Purchaser to pay accrued interest. Bids must be unconditional and upon
forms furnished by the above Chairmen. These bonds will be certified as
• to genuineness by the above trust and deposit company and their legality
327
will be examined by Hiscock, Doheny. Williams & Cowie of Syracuse.
whose favorable opinion will be furnished purchaser. Bonded debt
(Incl. these bonds) $1,665,000. Assess. val. taxable property, $188.747.600: actual val. taxable property (est.), $215,000,000. Assess. val. real
property, $173,539,239. Assess, val, special franchises, 89.334,811.
ORION, Oakland County, Mich.
-BOND SALE.
-The 834.500 25year tax-exempt water-works bonds offered on Dec. 15 as 5s have been
awarded to Bumpus & Co. of Detroit at 101.455 for 4gs. Denom.$1,000.
(1) $500. Int. semi-ann. at such Detroit bank or trust company as purchaser may designate.
OSHKOSH, Winnebago County, Wis.-BOND OFFERING.
-Bids
will be received until 2p. m. Feb. 3 by Fred. Heintz, City Comptroller, for
the $165,000 4 % coup. high-school bonds mentioned in V. 100, P. 248.
Denom. (100) $1.000, (100) $500. (100) 8150. Date Feb. 1 1915. Int.
F. & A. at office of City Treasurer or N. Y. Trust Co., N. Y. City. Due
$10,000 on Feb. 1 1916. 1917 and 1919 and 39.000 yearly on Feb. 1 from
1920 to 1934 inclusive. Certified check on a national bank for 5% of bonds
bid for, payable to City Treasurer. required. Official circular states
there is no controversy or litigation soending or threatened affectingthat
the
corporate existence, boundaries of the municipality or title of present
officials to their respective offices or to the validity of these bonds, that no
previously issued bonds have ever been contested and that the principal and
interest of bonds previously issued has been promptly paid when due.
Total bonded debt (including this issue),
water
$640,000. No floating debt. Assessed $1,202,050; 1914, bonds (incl.)
valuation
$32,323,082;
actual (est.). $32,954,392.
OWEGO Tioga County, N. Y.
-BOND SALE.
-The $5,000 4%
55
-6-year
coupon tax-free steam-roller-purchase and North Ave.
paving bonds offered on May 11
bon
as follows: 33.000 to First Nat.(V. 98, p• 1478) were awarded on that day
Bank at par,
at 103 and $1,000 to F. W.Clifford at 105. 31,000 to Mrs. W. E. Roach
OWEN COUNTY (P. 0. Spencer), Ind.
-BOND OFFERING.
-Proposals will be receivfuntil 2 p.m .Feb. 1 by Harry B. Williams, Co. Treas.
for the following 4 % semi-ann. highway-impt. bonds:
$13,473 60 Joe E. Wil iams1
et al. road bonds in Franklin Twp. Denom.
$673 68. Date Jan. 11 1915. Due 5673 68 each
months
from May 15 1016 to Nov. 15 1924 incl. and $1.347six May 15
36
1925.
3,833 60 John S. Snodgrass et al. road bonds in Wayne Twp. Denom.
$191 68. Date Dec. 8 1914. Due $191 68 each
months
from May 15 1916 to Nov. 15 1923 incl. and 8383 36six May 15
on
and Nov. 15 1924.
OWOSSO SCHOOL DISTRICT (P.0.Owosso), Shiawassee County,
Mich.
-BOND ELECTION.
-An election will be held Feb.
to vote on the question of issuing $30,000 building bonds. 3, it is stated,
PARKE COUNTY (P. 0. Rockville), Ind.
-BOND SALE.
-On Jan. 16
the two issues of 4g % 5g-year (aver.) highway-impt. bonds aggregating
$15,990 were awarded to Breed, Elliott & Harrison of Indianapolis for
516.050 (100.375) and lot.
-a basis of about 4.422%. Other bidders were:
J. F. Wild & Co., Indianapolis
$16,042
Rockville National Bank, Rockville
16,041 50
PATERSON, Passaic County, N. J.
-BOND OFFERING.
-Proposals
will be received until 4 p. m. Feb.4 by the Bd. of Finance, John J. Brophy,
Clerk, for $1,000,000 4g% 30-year gold coupon or reg. sewer funding
bonds, series 3. Denom. $1,000. Date Feb. 1 1915. Int. F. & A. at
office of City Treas., or at Hanover Nat. Bank, N. Y. Cert. check on an
incorporated bank or trust company for 2% of bonds bid for, payable to
City Treas., required. Purchaser to pay accrued interest. The U. S.
Mtge. & Tr. Co. will certify as to the genuineness of the signatures of the
city officials signing the bonds and the seal impressed thereon and their
legality approved by Hawkins, Delafield & Longfellow of N.Y. City, whose
opinion, or a duplicate thereof, will be furnished purchaser with charge.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
PELICAN RAPIDS SCHOOL DISTRICT (P. 0. Pelican Rapids),
Ottertail County, Minn.
-BOND ELECTION.
-Reports state that the
questions of issuing $30,000 high-school-bldg.
-erection and $5,000 building .
improvement bonds will be voted upon on Feb. S.
PELLA, Marion County, Iowa.
-BONDS VOTED.
-The election held
Jan. 12 resulted in favor of the proposition to issue $10,000 5% watermain-extension bonds.
PERRY COUNTY (P. 0. New Lexington), Ohio.
-BOND SALE.
On Jan. 18 the $90,000 5% 10
-year highway-impt. bonds (V. 99. p. 1927)
were awarded to the Continental & Commercial Tr. & Says. Bank of Chicago at 102.39 and hit.
-a basis of about 4.69%.
Otis & Co., Cleveland__ _492,100 00 A.E.Aub & Co.,Cincin_ _591,775 00
Sidney Spitzer & Co.. Tol_ 91,944 00 Provident Says. Bank &
Hayden,Miller&Co.,Clev. 91.944 00 Trust Co.. Cincinnati
91,467 00
Season ood & Mayer,Cin. 91.91700 Spitzer. Rorick & Co., Tot. 91.243 25
E.II. oiling& Sons,Chic. 91,818 00 F rst Nat. Bank, Cleve
90,54260
PETERSBURG. Dinwiddie County, Va.-BONDS AUTHORIZED Local papers state that on Jan. 11 the Board of Aldermen authorized .
the
Issuance of $100,000 434% school-building-construction bonds.
PHILADELPHIA, Pa.
-BOND SALE.
-The entire issue of 55,000.000
4% 30-year tax-free bonds for which subscriptions were asked at par beginning Thursday (Jan. 21) was subscribed for before the close
on that day. It is said that the loan was largely oversubscribedof business
.
PINELLAS PARK DRAINAGE DISTRICT (P. 0. Pinellas Park),
Fla.
-BOND OFFERING.
-Proposals will be received until 12 m. Feb. 4
by P. J. McDevitt, Sec. Bd. of Supers.. for $108.000
10-30-yr. (ser.)
drainage bonds.
PORT ANGELES, Clallam County, Wash.
-BOND SALE.
-We are
advised that $11,500 street bonds were issued and turned over
to contractors
on Dec. 10.
PORTLAND, Ore.
-BOND OFFERING.
-Dispatches state that C. A.
Bigelow, Commissioner of Finance, will receive sealed bids
until 11 a. m.
Jan. 28 for $410,000 semi-ann. 6% 1-10-yr. (opt.)
impt. bonds. A cert.
check for 5% is required.
PORT OF SII7SLAW Lane County, Ore.
-BONDS AUTHORIZED.
-Reports state that on Jan. 6 the Port Commissioners
authorized the issuance of $100,000 harbor-improvement bonds.
PULASKI COUNTY (P. 0. Winamac), Ind.
-BOND SALE.
-On
Jan. 16 the 39.1004% highway-improvement bonds
(V.
awarded to Breed. Elliott & Harrison of Indianapolis for 100. p. 70) were
$9,140 (100.439)
and int. Other bidders were:
J.F.Wild & Co.,Indpls-$9.131 & int. I Miller &
Co., Indpls_$9.126 & lot.
QUITMAN, Brooks County,
-The $40,000 water
and light-plant-improvement andGa.-BOND SALE.
$35,000 paving and sidewalk 5% bonds
(V. 99, p. 845) were awarded on Doc. 11 to
the
Spartanburg and John W. Dickey of Augusta at Security Trust Co. of
98.02. Denom. 51.000.
Date Jan. 1 1915. Int. J. & J. Due Jan. 1
1940.
RALEIGH, No. Caro.
-BONDS PROPOSED.
-Local papers state this
city intends issuing $100,000 bonds to take up
short-term notes.
RAPIDES PARISH SCHOOL DISTRICTS,
-BOND OFFERING.
-Proposals will be received until Jan. 27 by the La.
Board of School Directors.
it is stated, for the following high-school-bldg
. bonds:
$25,000 Glenmora District No. 27 bonds (V.
99, p. 1849).
20,000 Poland District No. 20 bonds (V.
99,
15,000 Tiogo District No. 23 bonds (V. 99, p. 1475).
p. 1475).
RECTOR, Clay County, Ark.
-Proposals will he
received until 8 p. m. Feb. 3 by -BOND OFFERING.
J. C. Rogers,
missioners,for $29,000 water-works and $27,000 Chairman Board of Comsewer6% bonds. Denom.
$500. Int. semi ann. Certified check for $500, payable to above Chair
man, required. The purchaser to
and the opinion of Wood & Oakley furnish blank bonds ready for signature
of Chicago as to the legality of the issue.
REDWOOD COUNTY (Redwood
-BOND OFFERING.
-Proposals will be received until 1 p.Falls), Minn.
County
Commissioners for 565.000 ditch andm. Jan. 26 by the Board of
Due
$50,000
one-fifth of each issue yearly after five years. road 434% bonds. $500
Certified eheck for
required. L. P. Larsons is County Auditor.
REYNOLDSBITRG SPECIAL SCHOOL DISTRICT (P.O. Reynolds burg), Franklin County, Ohio.
-No bids were
-BONDS NOT SOLD.
received on Jan. 12, it is stated, for the 35,000 5% site-purchase bonds
offered on that day (V. 99, p. 1927)•
THE CHRONICLE
328
-News-BONDS PROPOSED.
RICHMOND, Wayne County, Ind.
paper dispatches state that this city is contemplating the issuance of $150,000 permanent-impt. bonds.
-At a recent
-BONDS VOTED.
RITTMAN, Wayne County, Ohio.
election the question of Issuing $7.5.000 water-works and sewage-disposalplant bonds carried. It is stated.
-Sealed bids will be re-NOTE OFFERING.
ROCHESTER, N. Y.
ceived at the office of E. S. Osborne, City Comptroller, until 2 p.
Jan. 27 for $200,000 school-construction notes payable three months from
Feb. 1 1915. They will be payable at Union Trust Co. of N. Y.. will be
drawn with interest, and will be deliverable at said Trust Co. of N. Y. on
Feb. 1. Bidder to state rate of interest and to state whom (not bearer)
notes shall be made payable to and denominations desired.
-BOND OFFERING.
ROSS COUNTY (P. 0. Chillicothe), Ohio.
Proposals will be received until 12 m. Feb. 3 by Robert D. Alexander,
County Auditor,for $60,000 5% coupon Main St. and Rigby Bridge bonds.
Denom. 61.000. Date May 1 1914. Int. M. & N. at office of County
Treasurer. Due $4,000 yearly on May 1 from 1932 to 1946. inclusive.
Certified check for $1,000, payable to County Auditor, required. Official
circular states that there has never been any default. Bonded debt (including this issue), $301,500. Assessed value, $50,600,000; actual (est.),
$60,000,000. These bonds are part of an issue of $166.000, $40,000 of
which was sold on Dec. 1 to Seasongood & Mayer of Cincinnati (V. 99, P.
1696). and $20,000 of which had been previously sold to the Central
National Bank of Chillicothe.
-On Jan. 15 the $31.500 5% 93i-year (aver.) flood-emerBOND SALE.
gency bonds (V. 100, p. 157) were awarded to the Fifth-Third Nat. Bank
of Cincinnati for $32.234 (102.33) and int.-a basis of about 4.688%•
Other bids were.
Seasongood & Mayer,Cin.$32,215 00 E.H.Rollins & Sons,Chi_$31,988 25
A. B. Leach & Co., Chic.. 32,057 00 C.E.Denison & Co.,Clev. 31,976 80
A. E. Aub & Co., Cin---- 32,055 00 Provident Say. Bank &
Trust Co., Cincinnati- 31.941 00
Central Nat.Bk.,Chlllic'e 32,052 00
Otis & Co., Cleveland_ _
Tillotson St Wolcott Co.,
31,895 00
Cleveland
32.038 65 Spitzer, Rorick & Co.,Tol. 31,842 50
Hayden,Miller&Co-Clev. 32.037 00 Hoehler, Cummings &
Western German Bk.,Gin. 32.02500
Prudden Toledo
31,840 25
32,013 50 ROSS Co. Nat. Bk., Chilli_ 31,600 00
Well, Roth &Co., Cin
Denom.(31) 51000,(1) 5500. Date Dec. 1 1914. Int. J. & D. Due
$2.000 yearly beginning 1916.
SAGINAW, Saginaw County Mich.-BOND ELECTION.
-The
election to vote on the question of Issuing the $750.000 light
-plant bonds
(V• 99, p. 1927) will be held Feb. 17, it is stated.
ST. CLAIR, Allegheny County, Pa.-BGND OFFERING.
-Proposals
will be received until 8 p.In. Jan. 27 by Wm.Fromm,Sec. of Bono. Council
(P. 0. Pittsburgh), for $60,000 44% bonds. Denom. $1,000. Int.
semi-arm. Due $10.000 on Jan. 1 1925. 1930 and 1935 and $15,000 on
Jan. 1 1940 and 1944. Cert. check for $2.000 required.
ST. CLOUD SCHOOL DISTRICT (P. 0. St. Cloud), Stearns County, Minn.
-BOND ELECTION PROPOSED.
-Local papers state that an
election will be called to vote on the question of issuing $10,000 schoolbuilding-improvement bonds.
-BONDS
ST. FRANCIS LEVEE DISTRICT (P. 0. Mkrion), Ark.
-Reports state that the Board of Directors on Jan. 14
AUTHORIZED.
adopted a resolution authorizing the issuance of $465,000 bonds, of which
amount $200,000 is to be used in paying all certificates of the board. The
remainder of the issue will be used in paying uncompleted contracts.
[VOL. 100.
SAN BERNARDINO COUNTY (P. 0. San Bernardino) Cal.BOND OPPPRINU.-Iteports state that bids will be opened on,Feb. 15
by the Board of County Supervisors for the $500,000 highway (part of an
issue of 81,750,000) and $150,000 hospital bonds voted Oct. 20 (V. 99. H•
1316).
-BOND SALE.
-On Jan .7 the
SANDUSKY, Erie County, Ohio.
-year (aver.) Monroe St. sewer-construction (city's portion)
2
51.500 4
offered without success on Jan. 2(V. 100, p. 158) were disposed of at
bonds
par and int. as follows: 51.000 to City Cemetery Endowment Fund and
$500 to Police and Firemen's Pension Fund.
-BONDS OFFERED OVER COUNTER.SAN FRANCISCO, Cal.
Local papers state that John E. McDougald, City Treas., is offering for sale
4
"over the counter" the $550,000 3 % library bonds at prices to net 434 %.
Denom. $1,000 and $500. Date July 1 1904. Int. J. & J. Due $25,000
yrly. from 1923 to 1944 Incl. These bonds were offered without success
on Nov. 30 (V. 99, p. 1769)•
-AddiSAVANNAH, Chatham County, Ga.-BOND OFFERING.
tional information is at hand relative to the offering on Feb.6 of the 6200,000 434% gold coup. tax-free auditorium-construction bonds (V. 100. p.
249). Bids for these bonds will be opened at 12 m. on that day by R.).
Davant, Mayor. Denom. $500. Date Oct. 15 1914. Int. A. & 0. in
Savannah or N. Y. Due on Oct. 15 as follows:
$2,000- 1915 54,500-- 1920 57,000- 19251$9.500__ 1930$12,000_- 1935
0
5,000- 1921 7,500- 1926J 10.0 0.. 1931112,500__ 1936
,
3,000.- 1917 5.500- 1922 8,000- 1927110.500__ 1932!13,000.._ 1937
3,500- 1918 6,000-- 1923 8,500- 1928111.000__ 1933 13.500-- 1938
4,000-- 1919 6.500-- 1924 9.000.._ 1929111,500-.. 1934i14,000.. 1939
Certified check for 1% of bonds bid for required. These bonds have been
validated by the Superior Coi rt of Chatham County and the issue has been
approved by Storey, Thorndike, Palmer & Dodge of Boston.
SCIOTO TOWNSHIP RURAL SCHOOL DISTRICT, Pickaway
-year
-On Jan. 18 the $2.000 54% 3
-BOND SALE.
County, Ohio.
coupon taxable school-improv. bonds (V. 100,p.249) were awarded to the
National Bank of Circleville at 101.5 and int. Other bidders were:
First
Scioto Bank, Comm'l Pt_..$2,011 6011layden, Miller & Co.,Clev.$2,002 20
-Proposals will be received
-LOAN OFFERING.
SEATTLE, Wash.
until 5 p. m.to-day (Jan. 23) by Ed. L. Terry, City Treasurer,for 8500,000
temporary-loan notes at not exceeding 6% int. Denom. $1,000. Date
$300.000 Jan. 15, 5100.000 Feb. 9 and $100,000 Feb. 24 1915. Int, payable in Seattle or N. Y. Due April 15 1915. Certified check for 2% of
notes bid for, on a national bank or trust company, payable to City Treasurer, required. The legal opinion of Caldwell, Masslich & Reed will be
furnished. Notes will be delivered in Seattle. Those dated Jan. 15 must
be paid for during first banking hours, following acceptance of bid, and
remaining notes on their respective dates.
SEATTLE SCHOOL DISTRICT NO. 1, King County, Wash.-Proposals will be received until 1 p. m. Feb. 3 by
BOND OFFERING.
John A. Bennett, County Treasurer (P. 0. Seattle). for $171,000 coupon
site-purchase, construction and equipment bonds at not exceeding 6% int.
Denom. $1,000. Date April 1 1914. Int. A. & 0. at office of County
Treasurer or at fiscal agency of State of Washington in N. Y. City. Due
$9,000 yearly on April 1 from 1916 to 1934. inclusive. Certified check or
certificate of deposit for 1% of bonds bid for required with all bids except
from the State of Washington. Bonded debt (not including this issue),
$5,046.000. Assessed value 1914, $221,750,647. These bonds are part of
an issue of $684.000 voted Dec. 6 1913. 513.000 of which has already been
sold (V.99. p. 1083).
NEW LOANS
Sale of Municipal Bonds for the Line of the Cincinnati Southern Railway
SEALED PROPOSALS WILL BE RECEIVED at the office of the Board of Trustees
of the Cincinnati Southern Railway until 12
o'clock noon of TUESDAY. the 23d day of
coupon
February. 1915, for the purchase of 180 bearing
bonds, each of the face value of $500,
4 per cent interest. issued by the Board of Trustees of the Cincinnati Southern Railway.
These bonds are issued In accordance with and
under the provisions of an Act of the General
Assembly of the State of Ohio, passed May 17,
1911 (102 0. L.. 111), entitled "An Act supplementary to an Act passed April 23, 1898 (93
0. L., p. 637), entitled "An Act supplementary
to an Act relating to cities of the first class having
a population exceeding one hundred and fifty
thousand inhabitants, passed May 4, 1869
p. 80)." and to all Acts supplementary
(660.
to said Act of May 4. 1869. and authorizing the
Board of Trustees appointed under the Act of
May 4, 1869, to issue additional bonds for terminal fadlities and permanent betterments for
the line of railway," and an Act of the General
Assembly of the State of Ohio, passed March 5,
1913(1020. L.. 112). entitled "An Act to supplement "An Act supplementary to an Act passed
April 23. 1898 (93 0. L., p. 637). entitled. "An
Act supplementary to an .Act relating to cities
of the first class having a population exceeding
one hundred and fifty thousand inhabitants,"
passed May 4, 1869(660. L.,80), and to all Acts
supplementary to said Act of May 4, 1869, and
authorizing the Board of Trustees appointed
under the Act of May 4, 1869, to issue additional
bonds for terminal facilities and permanent betterments of the llne of railway, "passed May 17,
1911 (102 0. L.. 111), and to provide for ling
a tax to pay the interest and provide a sing
fund for the redemption of bonds issued under
the Act to which this Act is supplementary," and
a contract entered into by and between the Trustees of the Cincinnati Southern Railway and the
Cincinnati New Orleans & Texas Pacific Railway
Company, the lessee of the railway, pursuant to
the second Section of said Act of May 17. 1911,
whereby said lessee company agrees to pay by way
of further additional rental for said line of railway
such RUM annually as will equal the annual interest charge upon said bonds and a further sum
sufficient to provide a sinking fund for the redemption of said bonds at maturity, and the
resolutions of the Board of Trustees of the Cincinnati Southern Railway, passed November 17,
•
1913, and March 16, 1914.
The said bonds constitute the unsold portion
of Series B. amounting to 5100,000. issued or to
be issued under the corporate seal of said city for
money borrowed thereon, in the aggregate not
to exceed 5500.000 authorized by the above Act
of May 17, 1911. to be borrowed by said Board
of Trustees of the Cincinnati Southern Railway of the Sinking Fund of the City of Cincinnati.
as a fund for the completion of the terminal facil- Ohio, under the laws of the State, was taken and
ities and permanent betterments upon the line is now held by said Trustees of the Sinking Fund.
- The said bonds are to be issued under date of
of railway of the Cincinnati Southern Railway
a line of railway owned by the said City of Cin• July 1, 1914. and are payable on the first day of
from said city to the City July, 1965, at the American Exchange National
cinnati and extending
of Chattanooga, in the State of Tennessee-and Bank in New York City, with interest thereon at
each bond is equally secured by a pledge of the the rate of 4 per cent per annum, payable semifaith of the said City of Cincinnati, and a tax in annually on the first days of January and July in
addition to all other taxes for municipal purposes each year, upon the presentation and surrender,
which shall be annually levied by the Council of as they severally mature, of the interest coupons
said city on the real and personal property re- attached thereto; _payable both as to principal
turned on the grand levy sufficient to pay the and interest in lawful money of the United States.
interest and provide a sinking fund for their final Said bonds are redeemable, at the option of the
City of Cincinnati, on the first day of July, A. D.,
redemption.
The Trustees of the Sinking Fund of the City 1954. or at any time thereafter, upon payment
of Cincinnati by resolution passed July 6, 1914, of the principal and accrued interest; all of said
agreed to purchase $10.000 of said Series B as bonds are to be signed by the President of the
aforesaid. Thereupon a suit was instituted by Board of Trustees of the Cincinnati Southern
the Solicitor of the City of Cincinnati against the Railway, and attested by the Auditor of the City
said Trustees of the Sinking Fund and the Trus- of Cincinnati and registered In his office, and also
,
tees of the Cincinnati Southern Railway in the to be recorded in the office of the Trustees of the
Court of Common Pleas of Hamilton County, Sinking Fund of said city.
A certified check drawn on a national bank for
Ohio. No. 157,016, seeking to restrain said Trustees of the Sinking Fund from purchasing said the amount of 2 per cent of the par value of the
bonds and the Trustees of the Railway from issuing bonds bid for, payable to the order of the Board
said bonds or any further bonds under said Arts of Trustees of the Cincinnati Southern Railway.
shall
of May 17. 1911. and March 5, 1913. The said must accompany each bid. This checkfailure
Court of Common Pleas of Hamilton County, Inure to the benefit of the city upon the of his
bidder to comply with the provisions
Ohio, found in said case "that the bonds issued of the
at
or to be issued by the Trustees of the Cincinnati bid or to take the bondspar the amount bid.
and accrued interest
No bids for less than
Southern Railway under Acts of May 17, 1911
bonds will be acof delivery
(1020. L.. 111), and of March 5,1913(1030. L., to the day bonds to be of the
delivered to the buyer at
112), and pursuant to the agreement of date cepted; the
of
and between the the Fifth-Third National Bank in the City 1st
November 19, 1912, made by
any business day between the
said Trustees of the Cincinnati Southern Railway Cincinnati on and the 15th day of March, 1915.
and the Cincinnati New Orleans & Texas Pacific day of March
Bidders must inclose their bids in sealed enRailway Company, the lessee of said railway, as
with the Secretary
to the issuance of the bonds authorized by the velopes and deposit the same Cincinnati South(102 0. L., 111), afore- of the Board of Trustees of the Trustees of the
said Act of May 17.1911
the City ern Railway at the office of the
said are the valid and legal obligations of
Southern Railway, Ingalls Building,
of Cincinnati," and dismissed the petition of the Cincinnaticorner Fourth and Vine Streets, Cinplaintiff. On appeal the Court of Appeals of northeast
Hamilton County, Ohlo, entered the same decree cinnati, Ohio. on or before the 23d day of Februand dismissed the petition of the plaintiff. Said ary. 1915, at 12 o'clock m., and such sealed
suit was duly prosecuted to the Supreme Court envelopes must have indorsed thereon the nature
of Ohio and on December 15. 1914, in case in said of the bid, and the name and address of the
Court No. 14,719 the judgment of the lower bidder.
All bids must state the number of bonds bid for.
courts was affirmed. The result of the suit
Bids will be opened TUESDAY, the 23d day
affirming the validity of the issue confirms said
the Sinking Fund and leaves $90.000 of February, 1915, at 12 m. in the presence of
purchase by
of bonds of the series for sale as herein advertised. the bidders, at the office of the Board of Trustees
The Trustees of the Railway have heretofore of the Cincinnati Southern Railway.
The Board of Trustees of the Cincinnati Southissued a manuscript bond to the amount of 5100.000, of date December 18, 1912, under and in ern Railway reserves the right to reject any or
pursuance to the authority conferred by said Act all bids.
By direction of the Board of Trustees of the
of May 17, 1911, and the contract of November
10. 1912, it being the first of the series of bonds Cincinnati Southern Railway.
LEVI C. GOODALE,President.
under said Act of May 17,
authorized to be issued
STANLEY FERGUSON, Secretary.
1911, which bond on being offered to the Trustees
$109,000 CITY OF ORANGE, N. J., FUNDING BONDS
Sealed proposals, endorsed, "Proposals for
Funding Bonds", addressed to the Board of
Commissioners of the City of Orange. N. J., care
Clerk, City Hall,
of Mr. John J. Byrne, City at a meeting of the
Orange, N. J., will be opened
Commissioners to be held TUESDAY
Board of
AFTERNOON, JANUARY 26. 1915. at Four
o'clock, for $109,000 434% Twenty-Year Funding
bonds.
with
Bonds will be of $1,000 denomination,
semi-annually.
Interest coupons attached, payable
1915.
and will bear date of February 1,
Proposals should be accompanied by a certified
check for Two Per Cent of the amount of the par
value of the bonds bid for.
Bonds will be engraved under the supervision
of the United States Mortgage & Trust Company,
who will certify as to the genuineness of the signatures of the City officials signing the bonds,
and the seal impressed thereon, and their legality
will be approved by Messrs. Caldwell, Massllch
& Reed of New York City, whose opinion as to
legality will be furnished to the purchaser without
charge.
Bonds will be ready for delivery on or about
February 1. 1915, at the office of the United
States Mortgage & Trust Company, 55 Cedar
Street, New 'York City.
For further information address the United
States Mortgage & Trust Company, New York
City, or the undersigned.
By order of the Director of Revenue and
Finance.
FRANK G. COHGHTRY,
Comptroller.
Dated Orange, N. J., January 12. 1915
AN. 231915.]
THE CHRONICLE
SHANER, HEIGHTS, Cuyahoga County, Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Feb. 16 by Carl A. Palmer
(P. 0. First Nat. Bank), Cleveland, for the following 6% So. Moreland
Boulevard improvement coupon (assess.) bonds:
$12.254 water-main-impt. bonds. Denom. (1) $254, (12) 31.000. Due
3254 Oct. 1 1916.$2,000 Oct. 1 1917. 1921 and 1925 and $1,000 on
Oct. 1 1918, 1919, 1922. 1923 and 1924.
14,635 sanitary-sewer bonds. Denom.(1) $135, (29) $500. Due $1,135
Oct. I 1916 and $1,500 yearly on Oct. 1 from 1917 to 1925 incl.
77,330 improvement bonds. Denom.(1)$330,(77) $1,000. Due 38,330
Oct. 1 1916,38,000 yearly on Oct. 1 from 1917 to 1925 incl., except
that in 1918 and 1922 $7,000 is due.
Date "day of sale." Int. A.& 0. at office of Village Treasurer. Certified check on a bank other than the one making the bid,for 10% of bonds bid
for, payable to Village Treasurer, required. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued interest.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-On
-BOND SALE.
Jan. 20 the 33.520 4%% 6
-year (aver.) highway-improvement bonds (V.
100, p. 249) were awarded to W. II. De Prez of Shelbyville for $3,530
(100.284) and int.-a basis of about 4.446%. Other bidders were:
Breed, Elliott & Harrison, Indianapolis
$3,522
Fletcher-American National Bank. Indianapolis
$3,520
SHERIDAN COUNTY SCHOOL DISTRICT NO.2(P. 0.Redstone)
Mont.
-BOND OFFERING.
-Proposals will be received until 4 P. m.
Feb. 15 by S. E. Paul, District Clerk. for 3(0006% coupon tax-free building bonds. Denom. $100. Date Jan. 1 1915. Int. ann. Jan. I a. Redstone. Due Jan. 1 1935. opt. on or after Jan. 1 1925. Cert
for
$1,000. payable to the Dist. Clerk, required. There is no bo
bt.
Floating debt $200. Assess. val. 1914 $53,651.
SILVER CREEK, Chautauqua County, N. Y.
-BOND SALE.
Reports state that an issue of $4,000 2k-year (average) street-improvement
bonds has been awarded to N. L. Dickinson at par for 54.
SISSETON, Roberts County, So. Dak.-BOND OFFERING.
-Proposals will be received until 10 a. m. Feb. 1 by Carsten Eggen, City Auditor, for $40,000 5% 20
-year sewerage-system-constr. bonds voted Oct. 6
(V. 99, p. 1243). Bonds to be delivered and paid for within 30 days after
day of award. Cert. check for $500 on some solvent bank, payable to the
"City of Sisseton," required.
SOUTH HADLEY, Hampshire County, Mass.
-BOND SALE.
-On
Jan. 19 the 540.000 44 103i-year (average) lighting bonds date Jan. 1 1915
(V. 100, p. 249) were awarded to R. L. Day & Co.of Boston at 100.889a basis of about 3.89%. Other bidders were:
N. W. Harris & Co., Boston_100.5201E. H. Rollins & Sons, Bos__-100.288
Merrill, Oldham & Co.. Bos-100.3791Blodget & Co.. Boston
100.170
STEWART COUNTY (P. 0. Dover), Tenn.
-BOND ELECTION.
An election will be held Feb. 6, reports state, to vote on the proposition to
Issue $100.000 road-improvement bonds.
329
TATE COUNTY (P. 0. Senstobia), Miss.
-On Jan. 4
-BOND SALE.
the $20,000 8% 5 -year (opt.) coupon agricultural high-school bonds
-25
(V. 100, p. 72). were awarded, it is stated, to Elston. Clifford & Co. of
Chicago at 102.82 and interest.
TEMPLE SCHOOL DISTRICT (P. 0. Temple), Bell County, Tex.
BOND OFFERING.
-J. A. Wilkerson, Secy. of School Board will receive
bids, it is stated, for the $40,000 5% 20 -year (opt.) school-impt. bonds
-40
V. 99, p. 1852). Denom. $1,000. Date Sept. 1 1914. Int. M. & S.
TERRE HAUTE SCHOOL CITY (P. 0. Terre Haute), Vigo County,
Ind.
-BOND OFFERINCL-It is stated that bids will be opened on Feb. 13
for an issue of $300,000 4% school-bldg. bonds. Denom. $500.
TOLEDO, Lucas County, Ohio.
-Proposals will
-BOND OFFERING.
be received until 12 in. Jan. 25. reports state, by Amos McDovall, City
Auditor, for 3282,000 5% 4
-year funding bonds. Int. semi-ann. Certified check for 5% required.
TRENTON, Mercer County, N. J.
-An ordi-BONDS PROPOSED.
nance was introduced in the City Commission on Jan. 6 providing for the
issuance of $61,500 4 % 10
-year reg. funding bonds. Int. semi-ann.
TROY, N. Y.
-BOND OFFERING.
-It is reported
bids will be
received by Wm. H. Dennin, City Compt., until 10 a. m.that 29 for $100.Jan.
000
revenue bonds.
5%
TYRRELL COUNTY (P. 0. Columbia), No.Caro.-BOND SALE.
The $4,000 6% coupon funding bonds offered on Jan. 5 1914 have been
purchased by local investors at par. Denom. $1,000. Date Jan. 1 1914.
Interest annual. Due $1,000 yearly Jan. 1 from 1915 to 1918. inclusive.
UNION GAP IRRIGATION DISTRICT (P. 0. North
Yakima),
-BONDS AWARDED IN PART.
Wash.
-Up to
issue of 390,000 irrigation bonds were disposed of at Jan. 12 $42,000 of an
par as follows:
to Hess, Fiemer Co. and $3,000 to the Valley Construction Co.$39.000
newspaper reports, we stated in V. 99, p. 1928, that $65.000 had beenUsing
sold.
UPPER DARBY TOWNSHIP,Delaware County, Pa.
-BOND SALE.
-Reports state that Brown Bros. & Co. and Newberger, Henderson AtiLoeb
of Phila. have purchased $150,000 43.% 30-yr. bonds.
VENTNOR CITY (P. 0. Atlantic City), Atlantic County, N. J.
BOND OFFERING.
-Bids will be received until S p. m. Feb. 1 by E.
Royal, City Clerk, for 875,000 5% 30-yr. sewerage-disposal bonds, it S.
is
stated. Int. semi-ann. Cert. chek for 2% required.
VINTON, Roanoke County, Va.-BOND SALE.
-An issue
-year sewer and street-improvement bonds has been soldof 350,000
6% 32
at par as
follows: $23,000 to the Grand Lodge of Knights of Pythias at Indianapolis
and $27,000 to local people of Roanoke. Denom. $1,000. Date Jan. 1
1914. Int. J. & J.
WABASH COUNTY (P. p. Wabash), Ind.
-BOND SALE.
-On
Jan. 20 the $13,440 43i% road-impt. bonds(V. 100. p. 249) were
it is stated, to the La Fontaine Bank of La Fontaine for 313.480 awarded.
-equal to
100.297.
SUPERIOR, Douglas County, Wis.-BOND OFFERING.
-Proposals
WADSWORTH VILLAGE SCHOOL DISTRICT (P.O. Wadsworth),
will be received until Feb. 1 by R. E. McKeague, City Clerk, it is stated,
-130N1) OFFERING.
-Proposals will be received
for the $32,000 5% 10
-year gold coupon general sewer bonds (V. 100. P. Medina County, Ohio.
Denom. $500. Date Jan. 1 1915. Int. J. & J. Bonds to be until 12 m. Feb. 6 by Chas. E. Holbein, Clerk Bd. of Ed.,for $50,000 5%_
158).
site-purchase, constr. and equip. bonds. Denom. $1,000. Date "day of
delivered and paid for within 15 days of time of award. Certified check for sale.
depositary of Sch. Dist. Due as follows: $1.000.
' Int. M.& S. at
5% of bid required.
Mar. 1 1916; 31.000, Sept. 1 1916 and yriy. from 1918 to 1924 incl.; $1,000
SLITTER COUNTY RECLAMATION DISTRICT NO, 1001 (P. 0. each six monthsfrom Mar. I 1925 to Mar. 1 1930 incl.; 32.000,Sept. 11930.
Nicolaus), Calif.
-BOND ELECTION.
-The question of issuing 5500.000 and $2.000 on Mar. 1 and 33,000 Sept. 1 from Mar. I 1931 to
reclamation-system-completion bonds will be submitted to a vote, it is incl., and 52.000 on Sept. 1 1935 anc1111ar. 1 and Sept. 11936. Mar. I 1935
Cert. check
stated. on Jan. 30.
for $500 required.
NEW LOANS.
NEW LOANS.
NEW LOANS.
$1,000,000
City of Paterson, New Jersey
$136,000
$75,000
THE BOROUGH OF HAWTHORNE, N. J.,
WILMINGTON,DELAWARE,
WATER BONDS.
SINKING FUND 432% LOAN.
SEWER FUNDING BONDS
Sealed proposals will be received by the Board
of Finance of the City of Paterson. New Jersey,
until four o'clock P. M., on THURSDAY.
FEBRUARY 4. 1915, for the purchase of $1,000,000 Coupon Sewer Funding Bonds. Series 3,
of the City of Paterson. Said bonds will be dated
February 1. 1915, will mature February 1,
and will bear interest at the rate of four and1945,
onehalf per centum (0.6%) per annum, payable
semi-annually on the first days of February and
August in each year, both principal and interest
being payable in gold coin of the United States of
America of the present standard of weight and
fineness, or its equivalent, at The Hanover National Bank of the City of New York, or at the
office of the City Treasurer of Paterson, as the
holder may desire. Said bonds will be coupon
bonds of the denomination of $1.000 each, with
the privilege to the holder of registering the same
as to principal only, or of converting the same
into bonds, registered as to both principal and
Interest. A Sinking Fund is provided for the
payment of said bonds at matiurity, as provided
by law.
Proposals will be received for the whole or any
part of said bonds. All proposals must provide
tor the payment of accrued interest by the purchaser from the date of said bonds, February 1,
1915, to the date of delivery of said bonds, and
must be accompanied by a certified check upon
an incorporated bank or trust company, payable
to the order of the City Treasurer of the City of
Paterson for 2% of the amount of bonds bid for,
the amount of such check so to be deposited to
be credited upon the bid if accepted and to be
returned forthwith if not accepted.
Proposals should be addressed to the Board of
Finance, Paterson, New Jersey, and enclosed in
a sealed envelope marked "Proposals fol. City of
Paterson Bonds."
The right is reserved to reject any or all bids.
The validity of said bonds will be approved by
Messrs. Hawkins, Delafield & Longfellow. Attorneys, of Now York City, whose opinion, or duplicate thereof, will be delivered to the successful
bidder or bidders. The bonds will be prepared
under the supervision of the United States Mortgage & Trust Company of New York City, who
will certify as to the genuineness of the signatures
of the city officials and the seal impressed thereon.
Dated Jan. 21, 1915.
Board of Finance of the City of Paterson,
by JOHN J. BROPHY, Clerk.
Sealed proposals will be received by the Board
of Commissioners of the Borough of Hawthorne
on FRIDAY, THE TWENTY-NINTH DAY
OF JANUARY. 1915, at eight o'clock in the
evening, at the Board Rooms in the School
House. Lafayette Avenue. in said Borough, and
will then and there be opened for the purchase of
the following bonds, to wit:
Water bonds in the amount of one hundred
thirty-six thousand dollars ($136,000) of and
the
denomination of one thousand dollars (31.000)
each, to bear interest at five per cent, per annum,
payable semi-annually, dated October 1, 1914,
and payable October 1. 1944: principal and interest payable at The Hamilton Trust Company.
Paterson, N. J.
These bonds will be coupon bonds with the
privilege of registration.
Each proposal must be accompanied by a certified check upon an incorporated bank or trust
company for two per cent of the amount bid:
said check to be made payable to the order of
William C. Van Stone, Collector of the Borough,
as a guaranty that the bonds will be taken if
proposal is accepted.
Proposals should be addressed "John A. Shea,
Borough Clerk", and should be enclosed in a
sealed envelope marked "Borough of Hawthorne
Water Bonds."
The Borough has a bonded indebtedness of
330,000.
The assessed valuation of taxable property for
the year 1914 is 32.779.899.
The legality of said bonds will be approved by
Messrs. Hawkins, Delafield & Longfellow,
Attorneys, of New York City, whose opinion will
be furnished to the successful bidder.
The bonds will be prepared under the
vision of the United States Mortgage & superTrust
Company, who will certify as to the genuineness
of the signatures of the Borough Officials signing
the bonds and as to the seal impressed thereon.
The right is reserved to reject any
In case information is desired, or all bids.
address
Clerk either at 146 Rea Avenue, Hawthorne, the
or at 126 Market Street, Paterson, N.3. N.J..
JOHN A. SHEA,
Dated: January 19. 1915. Borough Clerk.
B. W. Strassburger
SOUTHERN INVESTMENT SECURITIES
MUNICIPAL AND RAILROAD
BON DS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Sealed bids will be received until 12 o'clock
noon. JANUARY 26, 1915. for a 1 or any part
thereof of $75.000 Wilmington, Delaware, Sinking
Fund 454 per cent Loan. Said bonds to date
from January 2, A. D. 1915, and to be issued in
denominations of Fifty Dollars or multiples thereof, and bear interest at the rate of four and onehalf per centum per annum, payable semi-annually
on October 1 and April 1. and to mature as follows:
$45.000. October 1, 1937:330.000. April 1. 1938.
These bonds are issued to provide funds for the
use of the Board of Directors of the Streets and
Sewer Department for curbing, guttering, grading,
widening, paving and improving of streets and
avenues and the building of sewers and conduits
In the City of Wilmington. and are issued under
authority of an Act of the General Assembly of
the State of Delaware approved March 4. A. D.
1907. and under authority of an Ordinance of The
Council of Wilmington passed December 24,
1914. and approved by the Mayor. December 31.
1914.
All proposals must be accompanied
check payable to the order of "The by certified
Connell of Wilmington" for two perMayor and
centum of
the amount of bonds bid for, the same
to be
forfeited if the bidder fails to accept and pay for
bonds awarded.
The successful bidder or bidders will be
to settle for the bonds awarded, with required
accrued
Interest from January 2, A. D. 1915, at or before
12 o'clock noon, February 16, A. D.
1915.
No bids of less than par will be accepted.
The right is reserved to reject any or all bids.
Bonds will be paid for and delivered to the
chaser at the office of the City Treasurer in purWilmington, Delaware, at the time hereinbefore
mentioned.
All proposals must be enclosed in sealed envelopes addressed to James F. Price, City Treasurer, and marked "Proposals for Sinking Fund
Loan.'
WELLER E. STOVER,
JAMES KANE,
GEORGE E. GRANTLAND,
Finance Committee of The Council.
ROBERT D. KEMP,
JOHN J. MeGOVERN,
Commissioners of The Sinking Fund.
MONTGOMERY, ALA
WANTED
Railway Earnings Section
February 21st. 1914, Issue.
Will Pay If Cents a'CoPY.
COMMERCIAL & FINANCIAL CHRONICLE
138 Front Street. NewiYork
Bolger, Mosser & Willaman
MUNICIPAL BONDS
Legal for Savings Banks.
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South La Salle St., CHICAGO
THE CHRONICLE
330
-BOND
WASHINGTON COURT HOUSE, Fayette County, Ohio.
-Bids will be received until 12 m. Jan. 25 by John McFadden,
OFFERING.
Aud., for 520,000 5% 1-20-yr. (ser.) street-impt. bonds. Int. ann.
City
Cert. check for 3100 required.
WATERTOWN SCHOOL DISTRICT (P. 0. Watertown), Jefferson
-Local newspaper dispatches state
-BONDS PROPOSED.
County, N. Y.
that this district is contemplating the issuance of school-building bonds.
-On Jan. 18 the
-BOND SALE.
WAUSEON, Fulton County, Ohio.
three issues of 5% street-impt. (assessment) bonds, aggregating $17,801 02
. 99, p. 1929). were awarded to Otis & Co. of Cleveland for $17.806 05
00.028) and interest. Other bidders were:
ov. &B.& Tr.Co.,Cin_ _$17,804 58 Spitzer,Rorick&Co.,Tol_.$17,801 02
WEEHAWKEN TOWNSHIP (P. 0. Weehawken), Hudson County,
-An issue of $60,000 4 % 20-year gold funding
-BOND SALE.
N. J.
bonds has been disposed of at par to Win. Peter of Union Hill.
-BOND SALE.-Geo. M.
BEND, Palo Alto County, Iowa.
WEST
Bechtel & Co. of Davenport have purchased $11,000 electric-light-system
bonds.
-BOND SALE.
-On Jan. 4 an
WESTFIELD, Union County, N. J.
-30
issue of $147,000 5% 10 -year (serial) improvement funding bonds was
awarded to Clark, Dodge & Co. of N. Y. at 102.623. Denom. $1,000.
Date Jan. 1 1915. Int. J. & J.
-BOND SALE.
WEST PALM BEACH, Palm Beach County, Fla.
John Nuveen & Co. of Chicago were awarded on Dec. 12 the $100,000
% 30
-year street, sewer and riparian-improvement bonds. (V. 99,
p. 1550) at par.
WHEATFIELD (TOWN), Niagara County, N. Y.
-BOND SALE.,
An issue of $6,848 65 536% highway-improvement bonds was awarded to
Thos. M. McGrath of Lockport on Dec. 12 at par. Denom. (6) $1,000.
(1) 5848 65. Date Dec. 14 1914. Interest annually on March 1. Due
$3,000 March 1 1915 and 33,848 65 March 1 1916.
WHITE CASTLE DRAINAGE DISTRICT (P. 0. White Castle),
-BIDS REJECTED.
-All bids received for the
Iberville Parish, La.
$60,000 5% 1-37-year (serial) coupon tax-free drainage bonds offered on
Jan. 12 (V. 99, p. 1853) were rejected.
-BOND OFFERING.WHITE COUNTY (P. 0. Monticello), Ind.
Proposals will be received until 10 a. in. Jan. 30 by 0. C. Middiestadt,
County Treasurer, for the following 4;4% coupon tax-free road bonds:
$13,500 Thos. Tolen et al road bonds in Big Creek Twp. Denom. $675.
Date Jan. 5 1915. Due $675 each six months from May 15 1916
to Nov. 15 1925, inclusive.
8,800 Wm. Schofield et al road bonds in Round Grove Two. Denom.
$440. Date Dec.31912. Due $440 each six monthsfrom May 15
1913 to Nov. 15 1922, inclusive.
Interest semi-annually at office of County Treasurer.
PURCHASER OF BONDS.
-The purchaser of the two issues of 4%%
63' -year (average) road-improvement bonds. aggregating 312.500, awarded
on Dec. 5, was the J. F. Wild Co. of Indianapolis, who bid 100.096. Using
newspaper reports, we stated in V.99, p. 1770, that the award was made to
the Meyer-Kiser Bank at par.
L
WHITTIER CITY SCHOOL DISTRICT, Los Angeles County, Cal.
-The Harris Trust & Savings Bank of Chicago was award-BOND SALE.
-year (average) school bonds (V. 99, p.
ed on Dec. 21 the $50.000 5% 13
1853). The price is reported at 100.552-a basis of about 4.912%. Denom.
$1,000. Date Aug. 1 1914. Interest $2,000 yearly Aug. 1 from 1915 to
1939, inclusive.
-BONDS AUTHORIZED.
WILMINGTON, New Castle County, Del.
-Reports state that the City Council has passed an ordinance authorizing
the issuance of $300,000 city-hall bonds.
WILTON JUNCTION SCHOOL DISTRICT (P. 0. Wilton Junc-BONDS VOTED.
-According to retion), Muscatine County, Iowa.
ports, the question of issuing the 327.000 high-school-bullding bonds
(V. 99. p. 1853) carried at the election held Jan. 12. The vote was 170 to
106.
WINTERS JOINT HIGH SCHOOL DISTRICT (P. 0. Woodland),
-BOND OFFERING.
-Proposals will be received
Yolo County, Calif.
until 10 a. m. Feb. 2 by the Clerk Board of County Supervisors, it is
stated, for the 350,000 5% high-school-bldg. and equipment bonds voted
Dec. 19 (V. 100, p. 160). Denom. $1,000. Int. semi-ann. Due 32,000
yearly for 25 Years.
-BOND OFFERING.
WOODRUFF,Spartansburg County, So. Caro.
-Bids will be received until Feb. 10 by J. E. Ezell, Town Clerk, for the
4-year coupon water-works and sewer-systern-in,
360,000 5% 19M-393
stallation bonds voted July 7 (V. 99, p. 220). Interest semi-annual.
Certified check for $500 required.
-NOTE
WORCESTER, Worcester County, Mass.
OFFERING.Bids will be received until 12 in. to-day (Jan. 23), it is stated, by the City
Treas., for $150,000 notes maturing Oct. 18 1915 and issued in anticipation
of taxes.
YOLO COUNTY RECLAMATION DISTRICT NO.900 (P. 0. Wood-Roy E. Cole, County Treasurer, will
-BOND OFFERING.
land), Cal.
receive bids until 9:30 a. in. Jan. 28, it is stated, for $200,000 6% bonds.
Denom. $1,000. Interest semi-annual. These bonds were previously
offered on Dec. 24 (V. 99. p. 1853).
YUBA COUNTY RECLAMATION DISTRICT NO. 10 (P. 0. Marys"
-Bids will be received until 10 a. m•
-BOND OFFERING.
vile), Cal.
Jan. 30 by H. D. Etch, County Treasurer, it is stated, for 3100.000 6%
reclamation system completion bonds. Denom. 5100, 3500 and $1,000.
Date Jan. 1 1915. Interest semi-annual. Due $10,000 yearly Jan. 1
from 1919 to 1923, inclusive: $12.000 yearly Jan. 1 from 1924 to 1926.
Inclusive, and $14,000 Jan. 1 1927.
Canada. its Provinces and Municipalities.
-Newspaper reports
ALEXANDRIA, Ont.-DEBENTURES VOTED.
state that at the election held Jan. 4 the question of issuing $5,000 waterworks and electric-light debentures carried.
-It is stated that
AMHERSTBURG, Ont.-DEBENTURES VOTED.
the question of issuing the $11,000 funding debentures (V. 99, p• 1929)
carried at the election held Jan. 4.
NEW LOANS.
$550,000
CITY OF NEW ORLEANS, LA.,
PAVING CERTIFICATES
OFFICIAL.
DEPARTMENT OF PUBLIC FINANCES, ACCOUNTING DIVISION.
NEW ORLEANS, LA.
City Hall. December 23rd. 1914.
PUBLIC NOTICE.
The City of New Orleans will sell by alternate sealed proposals at 11 o'clock a. in., TUESDAY.
JANUARY 26TH. 1915, in the office of the Deputy Commissioner of Public Finances, Accounting
.
Division. in the CUT of New Orleans, Five Hundred and Fifty Thousand Dollars (8550,000) of Paving
Certificates, issued y the City of New Orleans, under and by authority of Act No.23 of the General
Assembly of the State of Louisiana. Session of 1914, and Ordinances Nos. 1800 and 2051, Commission Council Series of said City of New Orleans. No proposals shall be considered for a price less than
Ninety-five per cent (0.95 per cent) of its par value (par value as used herein meaning principal and
interest accrued from date of Issue to date of delivery.)
Said Paving Certificates are of the denominations of One Thousand. Five Hundred and One Hundred Dollars each, and bearing interest at the rate of five (5 per cent) per cent per annum, evidenced
by interest coupons attached, payable semi-annually on the first day of January and July each year,
respectively. Sai d certificates are by law exempt from taxation. State, parish and municipal, and are
acceptable for deposit with the Treasurer of the State of Louisiana under Act No. 71 of the General
Assembly of the State of Louisiana session of 1904.
Said certificates shall mature and be made payable in annual installments, as follows. to-wit
$55.000 on the first day of January, 1922.
$55,000 on the first day of January. 1917.
355,000 on the first day of January, 1923.
$55,000 on the first day of January. 1918.
355,000 On the first day of January, 1924.
of January, 1919.
355,000 on the first day
$55,000 on the first day of January. 1925.
555.000 on the first day of January. 1920.
355.000 on the first day of January. 1926.
355.000 on the first day of January. 1921.
But the City of New Orleans may, on said dates, redeem a greater amount of said certificates,
of its intention so to do shall have been published in the official journal of the city
provided notice
twice a week for two (2) weeks during the month of the preceding November, in which event, the adtional certificates shall be redeemed in the order of the date or dates of the succeeding maturity or
maturities.
And said certificates will be issued under and subject to the laws aforementioned. All of which
are hereby referred to and make part of this advertisement for greater certainty and particularity.
Said alternate proposals shalt be received as follows:
(a) For the entire issue of Five Hundred and Fifty Thousand (5550.000) Dollars, to be delivered
to the purchaser on April 1st, 1915.
(b) For delivery of the said issue of Five Hundred and Fifty Thousand ($550.000) Dollars to
be made as follows:
One Hundred and Fifty Thousand ($150,000) Dollars on April let, 1915.
One Hundred and Fifty Thousand (3150.000) Dollars on May 1st, 1915.
One Hundred and Fifty Thousand ($150.000) Dollars on June 1st, 1915.
One Hundred Thousand (3100.000) Dollars, on July 1st, 1915.
Bids, however, for these several deliveries will be considered separately, but no adjudication
adjudication at
any of
shall be made for a lot deliverable on several the hereinbefore prescribed dates unless more than one
bids.
the
lot or
the same time be made for all ofstate in his bid theIf a bidder will bid for one wishes to be fixed for
dates of the maturities he
but not all the lots, he shall
lot,
the Commission
he
the certificates of the lot or lots for which the bids; should a bidder fail so to do and the dates of the
Council decides to adjudicate the sale of shallseveral lots to various bidders, then
be governed by and fixed in the order of the date of
for the certificates of each lot
maturities
delivery hereinbeforo prescribed. consideration and acceptance by the Commission Council which is
That no bid will be eligible for on some chartered bank in the City
certified check
of New Orleans in an amount
not accompanied by acent) per cent of the amount of the bid, which check shall be made payable to
(3 per
equal to
bidders shall
of the Commissioner of Public Finances: the check or checks of unsuccessful by the Comhe order
to them and the check of the successful bidder shall be cashed
be immediately returned
New Orleans
the fiscal
of Public Finances and by him deposited with the said agents of the City ofthe time of so
missioner
designated, and whatever Interest
deposit shall earn from
in a special account so time of release shall accrue to the successful bidder. The amount so deW the
being den ted for the purpose of guaranteeing that the bidder will in all respects comply with the
shall be
of
posited
ruovislons_nagnocesTerning the sale of the Paving Certificates herein described, and the Commissioner
pi
shall retain the said deposit and not return the same to the 'purchaser of the certiPublic
the said certificates have been delivered to and accepted by the purchaser. Should
of
ficates until allbidder fail to comply with the provisions of this ordinance, the amount deposited by
the successful
herein, shall ipso facto be forfeited to the City of New Orleans not as a penalty
him as described
wiedged liquidated damagesand without recourse to judicial proceedings. all bids.
ackno
but as Commission Council shall have the right and reserves the right to reject any and
The
and information will be furnished upon application to A. G. Ricks, CommisFurther particulars Room No. 1. City Hall, New Orleans, La.
sioner of Public Finances,
A. G. RICKS:
Commissioner of Public Finances.
[VoL. 100.
NEW LOANS.
$180.000
Parish of East Baton Rouge, Louisiana
ROAD DISTRICT No. 2
5% BONDS
Sealed bids will be received by the undersigned.
President of the Police Jury of the Parish of East
Baton Rouge, and ex-officio President of Road
District No. 2 of said 'Parish, State of Louisiana,
up to and including the 30TH DAY OF JANU
ARY, 1915, until 12:00 o'clock M. of said day,
for 180 bonds of the denomination of 51.000 00
each, issued by the governing authority of said
Road District No. 2 of the Parish of East Baton
Rouge, State of Louisiana, in accordance with
law, the same having been authorized by an elec
tion duly and legally held in said Road District
No. 2 on Saturday, the 11th day of Apr11, 1914,
the results of which election were duly promulgated according to law on the 14th day of April.
1914. said bonds aggregating the sum of $180,000 00 to run for a period of 26 years, to wit:
from the year 1916 to 1941, both inclusive, bearing interest at the rate of five per cent per annum,
interest payable semi-annually, said bonds having
been issued upon the unanimous vote of the
legally qualified taxpayers of said Road District
No. 2 under the provisions of Article 281 of the
Constitution of Louisiana and amendments
thereto for the sole purpose of constructing. improving and maintaining gravel roads in said
Road District No. 2 under the supervision of the
Louisiana State Highway Department.
Principal and interest payable at the office of
the Treasurer of said Road District No. 2, Baton
Rouge, La., or at the National City Bank,
New York. N. Y.
Full faith and credit of Parish and District
pledged to payment.
Each bid must be accompanied by a certified
check for Five Thousand Dollars, the award to
be made to the highest bidder if compatible with
the best interest of said Road District, taking into
consideration the responsibility of the bidder.
The proceeds of the sale of said bonds when paid
Into the treasury of said Road District to be
deposited in the fiscal agent of the said Road District to be chosen by the governing authority
of said Road District on the day the said bids
are opened, said fiscal agent to furnish security
In an amount equal to the sum realized from the
sale of said bonds and deposited therein in accordance with the terms of paragraphs 1 and 2 of
Act 205 of the General Assembly of Louisiana
for the year 1912, and to be situated within the
State of Louisiana.
lwAnyirbidder may couple with his bid the condition that the proceeds of the sale of said bonds
may be depositedilln some designated bank to
act as fiscal agent of the Road District No. 2,
and the saidifiscal agent, if selected, is to pay no
interest for the deposit of the proceeds of the sale
of said bonds as a part of the consideration of the
purchase thereof. the Police Jury of the Parish of
East Baton Rouge. State of Louisiana, being the
governing authority of said District, however.
is to have the right to select such fiscal agent as
in its discretion it deems best and consistent with
the safetylof saidffunds, and to require theisecurity hereinbefore named.
JOSEPH GEBELIN,
president
-of the Police Jury of the ParishUof
o
and
ci
orslidiPayish
.ji t g
sertt
Vg ohifpc:diTlii
MStateof Louisiana.
Baton Rouge, La.. Dec. 29th. 1914.
JAN. 231915.]
THE CHRONICLE
BATTLEPORD, Sask.-DEBENTURES VOTED.
-Reports state that
at the election held Dec. 28 the questions of issuing the $7,000 town-ball,
$1,000 cement crossings and $6,100 cement sidewalk debentures (V. 99.
p. 1854) carried.
BENITO CONSOLIDATED SCHOOL DISTRICT (P. 0. Benito),
Man.
-DEBENTURE SALE.-AccordIng to reports, the $3,000 6% 20
installment school debentures (V. 99, p. 1617) have been sold to H. O'Hara
.k Co. of Toronto.
BRITISH COLUMBIA (Province of).
-LOAN OFFERED TO INVESTORS.
-In an advertisement on a preceding page the Equitable Trust
Co. of N. Y. is offering to investors on a 474% basis part of the 82.700,000
4%% 1-yr. gold treasury bills, the sale of which was reported in V. 100.
p. 160. Coupon notes in $1,000. $5,000 and $10,000 denom. Date
Dec. 31 1914. Int. semi-ann. at Canadian Bank of Commerce, N. Y.
The legality of these bills has been approved by Spooner & Cotton of
N. Y., E. V. Bodwell, K.C., of Victoria, and W. N. Tilley of Toronto.
Total indebtedness (incl. this issue). $20,723,146. Sinking fund, $2,563.427; net indebtedness, $18.159,719. Revenue fiscal year ending Mar. 31
1914. $10,479,258.
BURFORD, Ont.-DEBENTURE SALE.
-It is stated that the $5,000
20-year hydro-electric power debentures voted Oct. 9(V. 99, p. 1317) have
been awarded to Hugh Boyd of Harley at 95.893.
DUNDAS, Ont.-DEBENTURES VOTED.
-The question of issuing
the $7,000 bridge debentures (V. 99, p. 1929) carried at the election held
Jan. 4, it is reported.
DUNNVILLE, Ont.-DEBENTURES VOTED.
-The question ofissuing
the $12,000 5% 20-year water-works debentures (V. 99, p. 1929) carried at
the election held Jan. 4 by a vote of 120 to 65.
ETOBICOKE TOWNSHIP, Ont.-DEBENTURES AUTHORIZED.
The Township Council on Jan. 11 passed a by-law, it is stated, providing
for the issuance of $8,680 road debentures.
HESPELER, Ont.-DEBENTURES VOTED.
-Dispatches state that
the election held Jan. 4 resulted in favor of the issuance of $35,000 waterworks improvement debentures.
HUMBOLDT, Sask.-.DEBENTURE ELECTION.
-According to reports, an election will ne held Jan. 26 to vote on the propositions to issue
$3,354 50 town-hail and $3,163 15 electric-light and power-plant debs.
ILDERTON, Ont.-DEBENTURE ELECTION.
-An election will be
held Jan. 25, reports state, to submit to a vote the proposition to issue
$3.250 hydro-electric power debentures.
JABLONOW SCHOOL DISTRICT, Sask.-DEBENTURE SALE.
Reports state that an issue of $4,000 7% 10
-installment school debentures
has been purchased by if. O'Hara & Co. of Toronto.
KINISTINO SCHOOL DISTRICT (P. 0. Kinistino), Sask.DEBENTURE SALE.
-H. O'Hara & Co. of Toronto have recently purchased, it is reported, $6,000 6% 20-installment school debentures.
LITTLE CURRENT, Ont.-DEBENTURE ELECTION.
-The question of issuing $8,000 electric-light debentures will be submitted to the
voters on Jan. 25, it is stated.
MEDICINE HAT, Alta.
-TEMPORARY LOAN.
-Reports state that
a loan of $50,000 has been negotiated with Wood, Gundy & Co. of Toronto
at 6%. The city is to give $70,000 worth of the city's bonds as collateral
for this loan.
331
OPTION GRANTED TO PURCHASE DEBENTURES.
-It is further
reported that the same firm has been given an option on the sale of $100,000
city debentures, this option to last during the life of the above loan.
DEBENTURE ELECTION.
-An election will be held Jan. 26,it is stated,
to submit to the voters the questions of issuing $3,500 Agicultural Society
loan. $16,000 land-improvement and $154,553 deficiency debentures.
OAKVILLE, Ont.-DEBENTURES AUTHORIZED.
-Newspaper reports state that a by-law was passed by the Council on Jan. 12 providing
for the issuance of $10,000 fire-hall debentures.
OTTAWA, Ont.-DEBENTURES AUTHORIZED.
-The City Council
on Dec. 21 passed a by-law providing for the issuance of $42,518 localimprovement debentures, it is reported.
PARKHILL, Ont.-DEBENTURES VOTED.
-It is stated
the
questions of issuing the $3,000 water-works debentures (V. 99, that
p. 1930)
carried at the election held Jan. 4.
ROSSLAND, B. C.
-DEBENTURE ELECTION PROPOSED.
-It is
stated that an election will be held in the near tuture to vote on the question
of issuing 820.0005% school debentures. Denom.$1,000. Date March 15
1915. 1)ue in 20 years.
ST. CATHARINE'S, Ont.-DEBENTURE SALE.
the Dominion Securities Corporation, Ltd.. of Toronto-It is stated that
recently purchased
an issue of $196.000 5% 30
-year debentures.
ST. JOHN, N. B.
-DEBENTURE SALE.
-According to reports, this
city•has sold "over the counter" at par to local investors the $280,000
5%
20-year tax-free debentures (V. 100. p. 74). Denom. $500. Interest
semi-annual.
TILLSONBURG, Ont.-DEBENTURES VOTED.
-The question of
issuing the $4,900 street-improvement debentures carried at the election
held Jan. 4.
TORONTO, Ont.-BOND SALE.
-Wm. A. Read & Co. of New York
have just purchased $1,000,000
% 40-yr. gold sinking
Commissioners' bonds, dated Sept. 1 1913. Coupon bonds fund Harbor
of $1,000 or
their sterling equivalent, with provision for registration of principal.
Int.
payable Mar. 1 and Sept. 1. Principal and interest payable
in gold in
New York and Toronto and in sterling inLondon
redeemable as a whole, or in part by lot, on any at par of exchange. Issue
int. date at 105 and int.
These bonds arc part of an issue of $2.500,000. The other 81,500,000 were
bought by Wm. A. Read & Co. in 1913.
VEGREVILLE, Alta.
-DEBENTURES AUTHORIZED.
reports, the Council on Jan. 4 passed a by-law providing -AccordIng to
for the issuance
of $15.000 current-expense debentures.
WALLACEB17RG, Ont.-DEBENTURES VOTED.
-The question of
Issuing $9,000 hydro-electric debentures carried, reports
state, at the
election held Jan. 4.
WELLAND, Ont.-DEBENTURE SALE.
-An issue of $135,466 52
-year debentures was awarded on Dec. 29 to the Canada Bond
5%% 20
Corporation, Ltd., of Toronto at 98 and int. Denom. (135)
$466 52. Date Sept. 1 1914. Interest semi-annual. Using $1.000, (1)
newspaper
reports, we stated that a similar issue of $135,000 was to have been offered
on Jan. 21 (V. 100. p. 160).
WESTON, Ont.-VOTE.-We are advised that the 'vote cast at the
election held Jan. 4, which resulted in favor of the issuance of the $6,000
-improvement debentures (V. 100. p. 251) was 219 to 111.
6% water-works
Due in 15 annual installments. J. H. Taylor is Town Clerk.
Cotton
TrUfll COMPallitIS
John D.Herklotz Chas.0.Corn Paul Schwarz
The NEW ENGLAND
August Schierenberg
Frank A. Kimball
Industrial Trust Company Herklot
TRUST COMPANY
z, Corn & Co.
Providence, R. I.
BOSTON, MASS.
CAPITAL,$1.000,000
SURPLUS,82.000,000
Safe Deposit Vaults
Authorized to act as Executor, and to receive
and hold money or property in trust or on deposit
from Caurts of Law or Equity Executors,Administrators, Assignees, Guardians, Trustees, Corporations and Individuals.
Also acts as Trustee under Mortgages and as
Transfer Agent and Registrar of Stocks and Bonds.
Interest Allowed on Deposits Subject to Check
OFFICERS
JAMES R. HOOPER, President.
ARTHUR ADAMS, Vice-Pros.
ALEXANDER COCHRANE,Vice-Pros.
GEORGE WIGGLESWORTH, Vice-Pros.
DAVID R. WHITNEY, Vice-Pros.
FRED'K W. ALLEN, Treasurer.
HENRY N. MARR, Secretary.
THOMAS E. EATON, Asst. Treas.
FRANCIS R. JEWETT,Trust Officer.
J. H.SAWYER,Mgr.Safe Dep.Vault.
BOARD OF DIRECTORS
William Endicott Jr., Chairman
Franklin W. Hobbs
Arthur Adams
James R. Hooper
Walter C. Baylles
David P. Kimball
Alfred Bowditch
Ernest Lovering
S. Parker Bremer
Theophilus Parsons
Timothy E. Byrnes
Coehr
:lames M. Prendergast
Alexander
ane
Philip Dexter
'linty H. Proctor
Herbert M. Sears
Francis W. Fabyan
William Farnsworth
Lawrence M.Stockton
Frederick P. Fish
Eugene V. R. Thayer
Prank II. Gage David It. Whitney
Morris Gray
George Wigglesworth
CAPITAL
SURPLUS
$3,000.000
3.000,000
OFFICERS
Samuel P. Colt, Chairman of the Board
Martin Brown, President
loshua H. Addeman, Vice-President
James M. Scott, Vice-President
Charles C. Harrington. Vice-President
Frank C. Nichols, Vice-President
Ward E. Smith. Treasurer
H. Howard Pepper. Trust Officer
Henry B. Congdon, Secretary
E. Eugene Chesebro, Asst. Secs
Elmer F. Seabury. Auditor ,
J.Cunliffe Bullock, Asst. Sec.
BOARD OFSDIRECTORS
Samuel P.Colt, Chairman:John W. Ellis
Joshua M. Addeman
Harold J. Gross
James M. Scott
Samuel M. Conant
H. Martin Brown
R.LIvingston Beeckman
Chas. C. Harrington
Walter S. Balloul,,,t
Louis H. Comstock
Albert H. Sayles
Herbert N. Fenner
Henry W. Harvey I
J. Milton Payne
James M. Pendleton
Eben N. Littlefield'
Thomas P. Peckham
Ezra Dixon
Everett I. Rogers
Lyman B. Gott
Frank C. Nichols
Samuel H. Nicholson
Erling C. Ostby
James R. MacColl
John S. Holbrook
41111..11•Millf ..rerAINUMVIMPOIMI•1•••
,
CHOICE INVESTMENTS
$100,000 St. Louts, Missouri,,
4s, due 1931
85,000 Hillsborough County, Fla.,
5s, due 1943
75,000 Butler, Missouri.
5s. due 1919 to 1933
100.000 St. Louis & Suburban Ry. Co.
let 55. due 1921
100,000 Cass Avenue & Fair Grounds
1st 4%s, due 1922
Prices on Application
BOND DEPARTMENT
Mississippi Valley Trust Co.
Fourth & Pine Sts.,
St. Louis, Mo.
• CENTRAL
TRUST COMPANY
OF ILLINOIS
125 West Monroe St., CHICAGO
Capital,Surplus & Profits $6,500,000
Deposits - 40,000,000
Accounts of banks and bankers
received upon favorable terms
Thoroughly equipped to handle all business
pertaining to banking, and invites the
accounts of banks, corporations, firms and
individuals.
COMMISSION MERCHANTS
15
William Street
New
York
MEMBERS OF
New York Cotton Exchange
New Orleans Cotton Exchange
Associate Members Liverpool Cotton Assn.
New York Produce Exchange
New York Coffee Exchange
Chicago Board of Trade
London Commercial Sale Rooms(Coffee Ex.)
Geo H McFadden & Bro*,
COTTON MERCHANTS.
PHILADELPHIA. NEW YORK.
Liverpool Correspondents:
FREDERIC ZEREGA & CO
Bremen Correspondents:
McFADDEN BROTHERS & CO
Havre Correspondents:
SOCIETE D'IMPORTATION ET DE COMMIS'N
GWATHMEY & CO.
20-24 EXCHANGE PLACE, NEW YORK
MEMBERS
NEW YORK COTTON EXCHANGE
NEW YORK STOCK EXCHANGE.
NEW YORK COFFEE EXCHANGE,
NEW YORK PRODUCE EXCHANGE.
NEW ORLEANS COTTON EXCHANGE.
ASSOCIATE MEMBERS
LIVERPOOL COTTON ASSOCIATION.
ROBERT MOORE & CO.
56 Beaver Street, New York.
ORDERS FOR FUTURE DELIVERY EXECUTED IN NEW YORK AND LIVERPOOL
EXCHANGES.
COTTON PURCHASED FOR SPINNERS'USE
WILLIAM RAY & CO.
Successors to
CEO. COPELAND & CO..
COTTON BROKERS.
43 Cotton Exchange
New York.
Orders for future delivery contracts executed
on the New York and Liverpool Cotton Exchanges
R. H. ROUNTREE & Co•
Commission Merchants.
COT ION, GRAIN. PROVISLON8 and COFFEE
COTTON EXCHANGE BUILDING. NEW YORK
[VoL. 100.
THE CHRONICLE
332
irinaratai
.fftnanctat
Cotton
We specialize and solicit inquiries in:
Tr -City Railway & Light 5s, 1930
Topeka Edison 1st 5s, 1930
CO:MMISSION MERCHANTS
Ft. Worth Stock Yards 1st 5s, 1922
16 to 22 William Street, New York
Springfield (0.) Ry. 1st 5s, 1935
for Future Delivery
Execute Orders
J. I. Case Threshing Machine 1st 6s
COTTON
South Side Elev. Ry. 1st 4s,1924
At the New York, Liverpool and New Orleane
Cotton Exchanges. Also orders for
Insurance Exch. Bldg. 1st 5s, 1925
Established In 1856.
Henry Hentz & Co.
COFFEE
At the New York Coffee Exchange.
GRAIN AND PROVISIONS
At the Chicago Board of Trade, and
COTTON-SEED OIL
At the New York Produce Exchange.
Hubbard Bros. & Co.
Stanwood, Taylor & Company
INVESTMENT BANKERS
Chicago
111 W. Monroe St.,
Telephone Randolph 6030
COFFEE EXCHANGE BUILDING,
HANOVER SQUARE
NEW YORK
U. S. Government Bonds
COTTON MERCHANTS
Investment Securities
ano
208 South La Salle Street,
CHICAGO.
Hopkins, Dwight & Co. Capital. 3500.000
COTTON
and
COTTON-SEED OIL.
COMMISSION MERCHANTS:
Room 52, Cotton Exchange Building,
Mountain States
Telephone
BELL SYSTEM IN COLORADO.
NEW MEXICO. ARIZONA, UTAH.
WYOMING,IDAHO AND MONTANA
No Bonds—No Preferred Shares
BOETTCIEIER, PORTER
& COMPANY
Dealers. Not Brokers
DENVER
INVESTMENT BANKERS
105 South La Salle Street
CHICAGO.
LEHMAN,STERN & CO., Limited, New Orleans
Municipal, Railroad and Public
Utility Bonds.
LEHMAN BROS.
Nos. 16-22 William Street. New York.
Members of the Stock, Cotton, Coffee
41 and Produce Exchanges, New York.
Orders executed on the above Exchanges, as well
as in New Orleans. Chicago and foreign markets.
F. H. PRINCE & CO.
BANKERS
BOSTON, MASS.
GEO. H. BURR & CO
Stephen M. Weld & Co.
COTTON MERCHANTS,
82-92 Beaver Street, New York City
PHILADELPHIA,
BOSTON,
UTICA. N. Y.
FALL RIVER,
& CO.
Liverpool, WELD
Bremen, ALBRECHT, WELD & CO.
FIRST NATIONAL BANK
RICHMOND, VIRGINIA
$3,000,000
-P.
John B. Purcell. Pres. Jno. M.Miller Jr., V.
W. H. Addison, Cashier.
Correspondence Incited.
HIGH-GRADE INVESTMENTS
BANKERS
Commercial Paper
New York
14 Wall Street . -
Members of New York do Boston Stock Exchange,
St. Louis
Boston
Chicago
Kansas City
Philadelphia
San Francisco
ginan4al.
-
CHICAGO
111 W. Monroe Street
YARD, OTIS et TAYLOR
NEW YORK.
Capital and Surplus,
AMES,EMERICH &CO.
7% STOCK
C. F. Childs and Company
Liberal Advances Made on Cotton
Consignments.
Chicago Junction Railroad is
Montana Power Company 5s
Utah Power & Light Co. 5s
Northern Elec. Co., Ltd., 5s
Bruns.-Balke-Coll.Co.7%Pfd.Stk.
W. G. SOUDERS & CO.
792-4 New Continental ec Commercial
Building
208 SOUTH LA SALLE STREET
Bank
CHICAGO
EMERY, PECK & ROCKWOOD
409-412 Continental & Commercial Bank Bldg.
CHICAGO
INVESTMENT BONDS
INVESTMENT BONDS
[Established 1863.1
1320
Of the Banks in
New York City use
NATIONAL SAFETY
PAPER
FOR THEIR CHECKS
George La Monte & Son
35 Nassau St.
W.T. HATCH & SONS
CHAS. S. KIDDER & CO.
MUNICIPAL BONDS
SEASONED GAS BONDS
Established 1898
Saccouutautti
DEVITT, TREMBLE
86 CO.
, INDUSTRIAL
AUDITORS FOR FINANCIAL
CORPORATIONS.
AND MINING
Statements,
Investigations, Financial Audits and Accounting.
Periodical
Dominick
a
Dominick
115 BROADWAY
Dealers in
INVESTMENT SECURITIES
Members New York Stock Exchange.
FIRST NATIONAL BANK BLDG.,
CHICAGO
DETROIT
PHILADELPHIA
CERTIFIED PUBLIC ACCOUNTANTS.
Watertown, N. Y., C. E. Scoville.
MEMBERS OF
YORK STOCK EXCHANGE
INVESTMENT BONDS
PARK, POTTER & CO.
i
New York, Chicago, Cincinnat and
London, England
New York
EstablisheJ 1570
H. D. Walbridge & Co.
Public Utility Securities
NEW
-
CHICAGO
New York 108 So. La Salle Street
14 Wall Street, New York
71 Broadway,
H. T. HOLTZ RE CO.
INVESTMENT
SECURITIES
39 SOUTH LA SALLE STREET
CHICAGO
We Are Specialists
in the following types of sound securities.
netting 53i to 6%.
First Mortgage Serial Bonds 1.5,9110(1 by Department Store corporations of the highest credit
standing in the large cities.
First Mortgage Serial Bonds secured by thi
highest class of improved real estate in Chicago
and other Western cities.
First Mortgage Loans secured by improved
Chicago property.
No investor has ever been compelledIrte
accept loss on any security purchased of
this house.
S.W.STRAus &Co.
ANKERS
MORTGAGe7°WiiKDB
gig YAWL.* W.
ONE WALL STREET
STRAUB BUILDING
CHICAGO
NEW YORK
@FedFRASER