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The
INCLUDING
Railway & Industrial Section
Bankers' Convention Section
Bank St Quotation Section
Railway Earnings Section
Electric Railway Section
State and City Section
SATURDAY, JANUARY 24 1914
VOL. 98
Tixt Thronicle.
1914.
Terms of Subscription-Payable in Advance
Chicago
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Cincinnati
.
Cleveland
.
.
Detroit
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Milwaukee
Indianapolis __ .
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Columbus
Toledo
Peoria
Grand Rapids_.
Dayton
Evansville
Youngstown
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Kalamazoo _ _
Terms of Advertising -Per Inch Space
Fort Wayne_ -- .
Transient matter per inch space(14 agate lines)
$4 20 Springfield, Ill_ ,
Two Months
(8 times)
22 00 Lexington
•
29 00 Akron
Three Months (13 Unice)
Standing Business Cards
(28 Unice)
50 00 Rockford
Six Months
I. Twelve Months(52 times)
87 00 Canton
CHICAGO OFFICE-Geo.M.Shepherd,513 Monadnock Bla ,k;TeLllarrison 4012. Quincy
South Bend
LONDON OFFICE-Edwards .3!, Smith,1 Drapers' Gardens, E. C.
Springfield, Ohl
WILLIAM 13. DANA COMPANY, Publishers,
Mansifled
Bloomington__
P.0.Box 958. Front, Pine and Depeyster Ste.,
New York.
Decatur
Published every Saturday morning by WILLIAM B. DANA COM.FANY. Jackson
Jr.,
President
and Treas.; George S. Dana and Arnold CI. Dana, Danville
lacob Seibert
Vice-Presidents: Arnold CL Dana. Sec. Addresses of all, Office of the Company. Jacksonville, Ill
Lima
•
Ann Arbor
•
Owensboro
CLEARING-HOUSE RETURNS.
•
Adrian
The following table, made up by telegraph, &c., indicates that the total Lansing
•
bank clearings of all the clearing houses of the United States for the week
Tot. 11,11d.Wes;
ending to-day have been $3,711,035,928, against $3,587.103,138 last week
and 23,442,695,285 the correspond ng week last year.
San Francisco__
Los Angeles
Seattle
Per
Clearings-Returns by Telegraph.
Portland
1914.
1913.
'Cent.
Week ending Jan. 24.
Spokane_ _ _ _
Salt Lake City
New York
$1,802,169,743 $1,630,376,690 +10.5 Tacoma
•
Boston
-7.1 Oakland
147,536,087
137,061,192
+4.3 Sacramento
Philadelphia
136,383,422
142,255,970
Baltimore
29,947,759
34,241,508 -12.5 San Diego
Chicago
277,894,174
+3.5 Pasadena
268,597,987
St. Louis
73,766,494
75,913,201
+2.9 Fresno
New Orleans
21,549,202
20,120,668
-6.6 Stockton
San Jose
Seven cities, 5 days
$2,485,362,707 $2,312,451,390
+7.5 North Yakima_
Other cities, 5 days
600,247,986
560,241,469
+7.1 Reno
$1.0 00
Nor One Year
6 00
For Six Months
European Subscription (including postage)
13 00
European Subscription six months (including postage)
7 50
Annual Subscription in London (including postage)
22 its.
Six Months Subscription in London (including postage)
11 lls.
Canadian Subscription (including postage)
$11 50
Subscription includes following SupplementsBANK AND QUOTATION (monthly) I RAILWAY AND INDUSTRIAL(3 times yearly)
RAILWAY EARNINGS(monthly)
ELECTRIC RAILWAY(3 tames yearly)
STATE AND CITY(semi-annually) BANKERS'CONVENTION (yearly)
Total all cities, 5 days
All cities, 1 day
$3,085,610,693
625,425,235
lVeek ending Jan. 17.
Clearings at
-
PUBLISHED WEEKLY.
$2,872,692,859
570,002,426
+7.4
+9.7
Total Pacific__
NO. 2535
1913.
Inc. or
Dec.
1912.
1911.
i
$
345,980,192 335,882,835
33,299,900
30;746,300
28,343,362
27,140,918
20,948,285
27,946,649
17,584,622
16,550,284
8,665,719
9,933,425
7,315,600
6,127,500
7,333,360
6,075,208
3,660,450
3,681,621
4,202,339
4,129,059
2,747,514
2,613,398
3,450,948
2,681,020
1,635,948
1,682,365
828,968
851,526
1,287,398
1,175,830
1,178,432
1,223,178
1,215,623
1,603,867
2,115,000
2,255,000
1,008,076
1,005,470
1,800,723
1,751,359
942,585
858,152
657,142
684,907
824,655
725,106
503,621
506,387
669,146
727,630
603,613
631,936
521,759
668,536
541,241
519,051
345,173
343,111
528,012
442,004
256,985
255,964
447,176
548,110
53,148
39,016
464,710
554,694
511,961,455 492,361,416
%
$
$
+3.1 285,781,997 265,915,072
+8.3
27,947,000
25.901,900
+4.4
22,218,129
20,152,497
+10.7
20,892,579
18,778,631
+6.2
13,475,031
13,952,165
--12.8
8,172,916
8,529,872
+19.4
6,083,400
6,354,300
+20.7
5,433,698
4,957,611
---0.6
3,442,938
3,445,433
1-1.8
3,154,963
2,654,995
A-5.1
2,125,404
2,226,658
1-28.7
2,313,833
2,473,836
---2.8
1,242,288
1,321,078
-2.7
7 95,223
816,134
+9.5
1,352,670
999,561
--3.7
1,164,768
1,015,329
-24.2
1,025,908
1,147,673
---6.2
1,779,000
998,865
+0.3
747,106
725,700
+2.2
1,248,028
991,197
d-9.8
689,877
642,297
---4.0
530,856
531,974
d-13.7
620,919
600,054
-0.5
449,604
451,887
---8.0
701,566
636,435
-4.5
501,575
405,338
--22.0
490,000
470,000
+4.2
384,738
393,872
+0.6
316,256
326,186
d-19.5
402,893
396,098
+0.4
157,151
151,386
-18.4
555.331
701,516
1-36.2
36,037
27,349
-16.2
400,000
458,706
1-4.0 416,803,572 389,261,715
54,716,645
60,193,578
27,800,322
27,430,909
13,924,634
12,025,534
12,524,418
11,779,347
4,634,769
4,531,195
7,036,984
7,087;156
2,215,285
2,850,023
3,762,474
4,138,154
2,093,858
2,160,815
2,506,873
2.870,740
1,101,200
1,234,683
1,055,997
1,413,280
923,393
923,219
677,277
750,000
390,000
364,168
277,263
269,420
135,641,192 140,022,521
-9.1
48,034,721
55,319,502
1-1.4
22,294,813
17,477,692
1-15.8
10,854,639
9,097,100
10,213,992
9,528,084
+6.3
+2.3
4,192,335
4,116,527
---0.7
7,684,976
6,912,506
--22.3
3,402,298
3,026,506
---9.1
4,052,227
3,862,406
---3.1
1,414,284
1,684,704
--12.7
2,000,000
1,443,284
839,653
840,712
--10.8
---25.3
882,137
755,770
1-0.02
661,584
793,938
---9.7
681,820
448,147
+7.1
320,066
451,693
1-2.9
243,110
208,825
--3.1 125,469,210 109,723,135
62.187,386
57,421,266 1-8.3
Kansas City___ 58,798,832
54,628,855
25,876,868
26,580,759 -2.7
18,230,533
20,832,580
Total all cities for week
$3,711,035,928 $3,442,695,285
+7.8 Minneapolis _
18,829,511
17,725,040 1-6.2
14,813,173
14,726,502
Omaha
The full details for the week covered by the above will be given next St. Paul
11,615,497
9,457,667 1-22.8
9,460,339
9,475,328
Saturday. We cannot furnish them to-day, clearings being made up by the
8,473,650
9,465,907 -10.5
9,454,378
Denver
9,968,058
Clearing houses at noon on Saturday, and hence in the above the last day Duluth
3,613,334
4,877,514 ---25.9
2,707,973
2,453,997
of the week has to be in all cases estimated, as we go to press Friday night. St. Joseph
9,984,468 -16.7
9,159,353
8,318,769
9,333,889
A AC, nnn
A xiIK KnK
____o o
o Oar 11,0
.11 cco go,
We present below detailed figures for the week ending with Saturday Des Moines
,
2,451,388
noon, Jan. 17, for four years:
2,824,680
3,427,526
3,081,573 +11.2
Sioux City
3,054,020
3,250,000
3,421,104
3,525,590 ---2.9
Wichita
1,659,708
1,615,629
1,974,637
1,735,516 +13.8
Lincoln
Week ending Jan. 17.
2,168,952
1,647,116
1,849,851
2,192,046 -15.7
Topeka
Clearings at
1,568,005
1,531,665
1,568,390
+13.2
1)avenport
1,385,749
Inc. or
1,321,679
1,091,699
2,233,496
Cedar Rapids__
1,743,796 +28.1
Dec.
1912.
1914.
1913.
1911.
Fargo
646,895
532,761
745,120
5 14,180 +3.8
1,397,143
1,169,305
1,663,294 -16.0
984,113
Waterloo
1,094,846
1,017,801
1,022,118
953,916 +6.7
1,992,913,619 2,224,445,046
10.4 2,047,127,321 1,975,511,559 Helena
New York
706,294
700,281
691.065
685,752 +0.8
171,881,877 184,701,989 -6.9 162,928,984 157,642,678 Colorado Springs
Philadelphia 629,262
831,833
891,535 -6.7
Pueblo
664,709
58,532,250
51,487,899
12.0
48,476,132
Pittsburgh
51,304,027 Fremont
363,849
269,900 +34.9
281,750
235,829
46,917,779 -13.7
40,488,653
35,909,081
Baltimore
36,813,631 Hastings
193,492
172.051 +12.5
196,108
149,384
13,220,943
12,529,841
+5.5
Buffalo
11,133,665
13,483,008 Billings
414,996
362,096 +14.6
297,884
132,961
7,375,223 -10.5
8,600,000
Albany
7,525,836
6,610.910 Aberdeen
400.000
391,829 +2.1
260,764
318,747
7,534,672 +3.8
7,818,126
Washington
7,283,890
7,263,131
163,698,859
+2.5
Tot.
oth.West_
159,671,949
138,771.399
5,643,815
147,058,378
-11.0
5,023,405
4,380,162
Rochester
4,410,664
3,237,174 +6.9
Scranton
3,401,959
2,638,718
2,800,958
94,129,417
91,465,225 +2.9
83,676,588
83,216,520
3,273,521
+1.0
Syracuse
3,307,209
2,686.784
2,436,756 St. Louis
23,959,715
24,080,537
24,703,049 --2.5
23,153,069
Reading
1,808,457 +7.8
1,950,724
1,532,086
1,362,625 New Orleans__
14,240,633
17,632,880
16,290,725 +8.2
15,722,207
Wilmington
2,014,068 +1.6
1,660,425
2,047,866
1,511,371 Louisville
12,704,642 Not incL in total.
Wilkes-Barre__ _
1,587,382 +4.8
1,663,624
1,454,658
1,515,213 Houston
Wheeling
10,414,500
10,793,000 --3.5
9,434,000
8,883,500
2,271,263 +10.7
2,514,611
1,925,948
1,453,681 Galveston
8,943,330
Trenton
9,345,000
9,043,728 --1.1
7,504,699
1,661,312 +3.5
1,719,979
1,562,350
1,416,697 Richmond
10,915,971
9,517,326 4- 14.7
York
8,508,591
8,706,636
946,553 +0.7
953,524
883,055
880,167 Memphis
16,408,129
13,527,111
19,075,880
Atlanta
13,663,217
+16.2
Erie
1,093,297 +3.4
1,130,571
931,744
785,337
9,220,022
9,035,233 +2.0
7,390,878
Chester
7,387,731
662,960 +2.9
681,004
556,106
570,375 Fort Worth
5,826,527
5,830,325 -0.1
5,727,831
5,615,220
Greensburg
687,478 +1.8
501,935
700,000 Savannah
700.0q0
9,327,840
8,057,363 +15.8
5,489,731
4,230,311
Binghamton
707,600 +9.3
578,500
481,900 Nashville
4,654,511
4,546,914 +2.4
3,506,073
2,789,746
Altoona
511005
697,138 -21.3
526,101
554,403 Norfolk
1,424/715
3,685,580
2,088,894
3,913,085 -5.8
2,653,748
Lancaster
1,087,945
1,044,670 Binghamton
1,640,100 -7.4
2,431,462
Augusta
2,266,985 +7.3
2,749,944
2,103,609
Montclair
473,120
472,805 +0.07
2,427,244 +28.1
Little Rock
3,061,507
1,769,459
1,939,401
3,684,542
3,640,096 +1.2
2,906,230
2,713,275
Total Middle_ 2,312,785,693 2,570,447,783 -10.0 2,343,271,426 2,270,553,761 Jacksonville
2,119,211
1,693,810 +25.2
Knoxville
1,901,659
1,955,408
2,446,789
2,247,109 +8.9
1,964,298
1,886,247
181,512,501 204,208,918 --11.1 198,427,452 208,459,632 Charleston
Boston
1,538,239
1,772,051 -13.2
1,224,901
1,662,538
9,323,600
9,539,500
Providence
9,756,700 --4.4
10,519,200 Mobile
2,534,000
2,512,042
3,128,368 -19.0
2,148,005
5,700,230
Hartford
6,548,689
5,381,500 +5.9
4,155,548 Chattanooga_
2,013,272
1,976,237 +3.4
1,613,492
2,400,000
3,784,656
Now Haven
3,351,726
3,825,208 -1.1
3,049,895 Oklahoma
4,473,148
5,291,636
4,211,316 +25.6
3,241,237
4,500,000
2,431,234
Springfield
2,915,117 +11.2
2,333,753 Macon
2,744,315
4,362,240 -37.1
2,650,000
1,562,790
1,998,006
Portland
1,691,155
2,049,618 ---2.5
1,964,636 Austin
735,983
621,223
1,825,359
951,473 +91.9
2,778,179
2,550,432
Worcester
2,988,816 -7.0
2,446,146 Tulsa
351,294
Meridian
300,056
365,727 -3.9
302,348
1,335,602
Fall River
1,307,007 +2.1
997,148
1,227,558
559,705
660,731 -15.3
812,940
600,000
1,201,846
1,228,322 --2.1
961,697
New Bedford
1,273,778 Jackson
440,145
344,357
433,367 +1.6
520,425
1,020,993
Lowell
617,019 +57.7
580,031
691,933 Vicksburg
969,341
696,473
1,044,868 -7.2
757,363
664,812 +14.0
576,680
Holyoke
621,383 Muskogee
413,954
492,086 --15.9
404,414
Bangor
375,200
Total Southern 249,947,772 240,787,7.22 +3.8 212,971,421 209,655,410
Total
all
3,587,103,13813,839,759,544,
-6.6
3,465,350,188
3,361,954,09*
Tot. New Eng. 213,068,167 235,468,153 -9.5 228,083.158 237.118.662
Outside N. Y. 1,594.189,51911,615,314,498 -1.3 1,418,222.867 1.386,442,539
Note.-For Canadian clearings see "CoacimerJial and Mlsoellaneous News,"
258
THE CHRONICLE
THE FINANCIAL SITUATION.'
There have been some pleasing developments the
present week which have tended measurably to
strengthen the tone in financial circles and, with the
aid of manipulation, have also produced a sharp rise
in security prices on the Stock Exchange. Among
these favorable developments we do not count the
President's message, as will be seen from our analysis
of that document on subsequent pages. The overwhelming success, however, of New York State's
offering of $51,000,000 432% bonds is an event from
which great comfort and satisfaction may legitimately be derived. It is an ill wind that blows no
good to any one, and as railroad securities have become discredited, as a result of the action of the
Inter-State Commerce Commission, and industrial
securities have never been in great favor, and are
likely to fall completely under the ban if Congress
shall undertake to exercise jurisdiction over them in
the same manner that it has over the railroads, municipal obligations seem about the only large body
of funds left for safe investment. Sentimentally,
also, the Federal Income Tax Law,in exempting from
tax State and municipal bonds, has likewise served
to create a preference for this class of obligations
over other classes. As it happens, too, deposits in
the New York savings banks have greatly increased
since the first of the year, giving the trustees of these
institutions added funds to invest.
All this, however, would hardly suffice to ensure
the unqualified success of such a large bond offering
as that of New York State the present week, if the
underlying tone in financial circles had not very
much improved during the last few months—an improvement which has been greatly aided by easier
monetary conditions abroad, as emphasized the present week by the action of nearly all the European
banks in reducing their discount rates. One has
only to contrast the outcome of this week's sale with
the result of the State's sale last June of $27,000,000
8 months' notes. These notes were placed on an
interest basis of 4.87%. The present week's $51,000,000 41As went on an interest basis of 4.208%,
showing a great change for the better in the short
interval of seven months. The aggregate of the
subscriptions this week reached over $290,000,000
and the syndicate buying the bonds paid an average
of 106.077 for them. The bonds immediately advanced to a premium above this figure and at the
close yesterday were quoted at 1074
7.
Of course, a 41 2% New York State long-term bond
is about as choice an investment as is to be found
anywhere in the world. One would expect the
bonds, therefore, to be taken with great avidity,
just as has actually happened. Only two and ahalf years ago, that is, in June 1912, the State was
still able to place 4% bonds and to sell them at a
slight premium. There is hence room for much
further improvement as compared with this earlier
period of quite recent date. The fact of chief importance, however, is that we appear to have emerged
from the situation of extreme gloom which prevailed
during the spring and summer of last year. Of course
some of the neighboring States are able even now to
negotiate bonds on better terms than the Empire
State, Connecticut having in November placed 4%
[VOL. xcvm.
bonds on an interest basis of 3.983%, but that loan
was for only $4,000,000, and the Nutmeg State does
not have to make such frequent and such large appeals to the money market as our own State.
It is to be remarked that views regarding bond
values on the part of competent judges appear to
differ widely, indicating very unsettled conditions.
Apparently neither bond houses nor investors are
entirely agreed as to the outlook or satisfied that current tendencies may not produce disturbing conditions if continued unchecked. Reference to a few
of the bond sales of the present month will illustrate
our meaning. On Thursday of last week the authorities at Washington opened bids for $700,000
Porto Rico long-term 4% bonds. Before the sale,
it was announced that the bonds would be accepted
at par as security for public deposits and also be accepted at par as security for postal savings deposits;
$50,000 of these bonds went to a banking house in
Indianapolis at 101.31 and the Commercial National
Bank of Washington obtained $25,000 at 100.01.
The next highest bid was that of Muller, Schall &
Co., who obtained $100,000 at 97. The remainder
of the issue, namely, $525,000, went to the National
City Bank of New York and the Fletcher-American
National Bank of Indianapolis at 96.52. Here is a
difference of nearly 5 points between the high point
of the award and the low point—an absolutely unique
situation; and we may note, furthermore, that the
Guaranty Trust Co. of New York, which also proposed for the bonds,and got none,bid no more than
91.78. Hartford last Friday placed $1,220,000 41As
at 103.851 (a total premium of $46,982). From this
figure the prices tapered down, with the Aetna Insurance Co. of Hartford bidding only 101.60 for the
$570,000 municipal building bonds and 101.85 for
the $650,000 high school bonds (a total premium of
only $21,145). Newark on Monday of this week
awarded $400,000 45-year dock 4s at 105.22,
$100,000 30-year water-shed 4),s at 104.501 and
$3,376,000 of school and other 30-year 4sat 103.37.
Sucha good judge of bond values as Kountze Bros. of
New York bid only 101.781 for the $976,000 school
bonds. Troy, N. Y., on Monday sold $350,000
4s at $355,279 (101.508), while Hallgarten & Co.
bid only $351,444. Usually the bids of bond houses
and other good judges accord very closely, and the
fact that such wide variations exist is evidence that
confidence in the serene course of values is not yet
firmly established.
On Tuesday delegates from fourteen nations for
mally signed a convention laying down a large
number of rules intended to promote safety in ocean
navigation. This international conference began its
work in November and the full text of its agreement
is not yet public, but it chiefly relates to the number,
strength and height of bulkheads, with appliances for
their control; to lifeboats and rafts; to wireless
equipment to maintenance of watches; to arrangements for lighting and for fire protection; to drills,
to speed during thick weather, to dealing with
derelicts, to dangerous cargoes, to signal codes, to
observing and reporting ice, to determining and
following lanes of travel.
Still there is no absolutely unsinkable ship, nor is it
safe to assume that one can ever be constructed
JAN. 241914.1
THE CHRONICLE
which will be indestructible; safety must remain
relative, by sea or by land. Yet there are reasons
for rejoicing in this international study for concerted
action towards making safety greater and the
sources of danger less in number and potency. It is
now almost two years since the Titanic disaster, and
perhaps that great shock wrought a good in projecting into strong light the subject of safety, which
had been somewhat forgotten in the competition for
size and luxury. When a steamboat disaster cost
a great number of youthful lives, close to land within
.our own waters here, in the summer of 1904, excurSion travel by local boats sustained a shock from
which it has not since recovered, but without producing any very marked improvement in methods;
perhaps the dead of the Titanic will not similarly
seem to have died in vain.
Moreover, there is'a pleasant encouragement in
an international agreement upon any kindly and
orderly subject. If nations can come together on one
subject, why not upon the overpoweringly greatest
one of dealing with all problems in some court of just
reasonableness and laying war forever by? Why
,cannot disarmament replace the secret watching
jealousy which talks of peace but goes on wasting in
Dreadnoughts? The voice of the strong man armed
is always heeded, once said a man whose mischievous
influence has survived his official power. The voice
of right and reason should be, and one day or another
will be, more potent internationally than all armaments which successively move a notch past the last
previous achievement in their destructive line.
That farming or the utilization of soil for agriculture is, comparatively speaking, yet in its infancy
in the United States is indicated by a very interesting monograph issued last week by the Department
of Agriculture. Basing its estimates upon reports
from some 35,000 correspondents, which were obtained for the purpose of gaining information as to
the tillable area of the country, the amount of land
that cannot be used for crops that have to be plowed,
but available for pasture or fruits, and the acreage
that never can be used for agricultural pursuits,the
Department announces that only about 27% of the
tillable land is actually under cultivation. The entire United States, excluding foreign possessions,
it is stated, contains about 1,900,000,000 acres, of
which about 60%, or 1,140,000,000 acres, is estimated to be tillable. That total includes, of course,
land already being utilized for agriculture and that
which in the future by being cleared, drained, irrigated, &c., may be brought under cultivation. Of
the 760,000,000 acres of untillable soil, 361,000,000
.acres, or nearly one-half, are reported as valuable
for pasture or fruits, and the remaining 399,000,000
acres are stated to be of no use for agriculture,
present or future.
As against this, 1,140,000,000 acres of tillable land,
it is to be noted that the Census of 1909 returned
only 311,000,000 acres in crops, or 27% of the potential tillable area of the United States. Therefore,
as the Department remarks, for every 100 acres that
are now tilled about 375 acres may be tilled when the
-country is fully developed. The further statement
is made that "in the development of the agriculture
,of the country the land which was most easily brought
259
into a state of cultivation, as the great Mississippi
Valley, was the first to be brought into such use.
Extension of tilled area will be at greater expense for
clearing, drainage, irrigation, &c. The increased
production of the future will be the result of increase4
yields per acre as well as extension of area."
The monograph is not confined to a mere statement of the situation as disclosed above, but contains
a detailed tabulation by States which deserves careful analysis and study, and to enable the reader to
do this we present it to-day in our breadstuffs department. It is interesting to observe the wide
variation in the percentages of the tillable area that
was under crops in 1909. In the important grain
States the percentages range from 27 in Michigan
to 63 in Illinois and Iowa, denoting that even in
those localities very important extension of crop production is possible. In Texas only 16% of the available land had been brought under cultivation down
to 1909, and in some of the Far Western States,
such as Arizona, New Mexico, Montana, Utah,
Nevada and Wyoming, the percentage ranged from
a little above 1 to 5. In Florida, too, less than 5%
of the potentially tillable area had yet been utilized.
Naturally, with such a report as this under discussion surprise is felt that more is not being done
to decidedly extend crop areas and thus more readily
supply the rapidly increasing demand for products
of the soil. With the large immigration to these
shores it should be possible to accomplish much
under intelligent direction, governmental or otherwise. It is a well-known fact that too great a proportion of the arrivals from abroad cling close to the
seaboard and to a certain extent become a menace
instead of a benefit, whereas if they took up agricultural pursuits they would be of distinct assistance
in the development of .the country. Instead of
attempting to restrict immigration by imposing educational tests, would it not be better to devise some
workable plan to place those who arrive where their
presence will conduce to the general good and their
own as well?
That the cotton crop of 1913-14 will finally turn
out to be quite a little in excess of the estimate given
out by the Department of Agriculture on Dec. 12
last seems to be well assured by the Census Bureau's
report on the amount ginned to Jan. 16, issued yesterday. That report showed that between the 1st
and 16th of January 235,802 bales had been put in
marketable shape, making the total for the elapsed
portion of the season 13,589,171 bales, against 13,088,930 bales for the same period of 1912-13 and 14,515,799 in 1911-12. The current season's ginning
at the average gross weight of bales to the close of
December (517.50 lbs.) would equal 14,064,792 bales
of 500 lbs. average gross, this comparing with the
Department's estimate (not including linters) of a
yield of 13,677,000 bales of the last-mentioned average weight. On the weight basis, therefore, it will
be seen that the estimate has already been exceeded,
with more or less of the staple remaining to be ginned
in every State. In fact,the amount ginned in earlier
years subsequent to Jan. 16 has been quite an important item, ranging all the way from 285,139 bales
in 1910 to 1,037,274 bales in 1913.
Confining ourselves, however, to the realm of
facts and making no allowance for differences in
260
THE CHRONICLE
weight, the Census Bureau report furnishes convincing evidence that the Department's estimate was
too low. Already the amounts credited to North
and South Carolina, Georgia, Louisiana, Oklahoma
and Arkansas have been overreached and in some cases
to a quite substantial extent, and only a very limited quantity remains to come forward in Mississippi,
Alabama and Tennessee to bring the totals for those
States up to the Department's figures. Consequently only in Texas is there now any mentionable
amount to be put in shape for market to equal the
December estimate. With the facts before us, it
seems safe to assume that the 1913-14 crop, including
linters, will be above rather than below 143/
2 million
bales, and show a gain of approximately a half million bales over 1912-13.
On the surface at least, President Wilson has not
deviated from his original policy of "watchful waiting" which he has steadfastly maintained in respect
to the Mexican situation ever since he took office.
Suggestions appear in press dispatches that Huerta
is about to resign. One report from Vera Cruz
yesterday stated that the Dictator was prepared to
compromise to the extent of asking the Mexican Congress to grant him "leave of absence," but he was
still determined that he would not resign. Provided
the former covers a sufficiently extended period so
that he may have no reasonable prospect of returning to office, the exact point of difference does not
appear especially important. Willard D. Straight
of New York, as the representative of J. P. Morgan
& Co., Kuhn, Loeb & Co. and other bankers and
investors interested in Mexican bonds and securities
amounting to perhaps $50,000,000, was a visitor
at the State Department at Washington on Friday
of last week and conferred with officials there in
respect to Huerta's recent action announcing default
of interest on the Mexican national debt. There
were no definite results following the conference. In
fact, Mr. Straight stated that it was not his intention
to attempt to precipitate action by the Government
or in any way embarrass the Administration. His
visit had merely the object of inquiring as to the
Department's information concerning Mexican finances. The French Government on the other hand,
has cabled an official protest to Huerta against the
proposed default of interest payments. The French
note differentiates between the loans of 1910 and
1913. The first of these, secured by 62% of the
Mexican customs dues, received the formal approval
of the French Government, which authorized the
listing of the bonds on the Paris Bourse. The Foreign Office, therefore, protests on its own account
against the default of interest on that loan. The
second protest is made on behalf of and at the request of French bankers in regard to the loan of 1913
which was secured by 38% of Mexican customs dues,
but which did not receive the recognition o f the
French Government. It is stated that the note to
President Huerta mentioned in careful terms that
the French Government will not now exercise its
privilege of forced collection of the Mexican customs
duties,and the document is framed in such a way as
to imply tacit support of the Mexican policy of
the United States. Flores Magon, Mexican exMinister of the Interior, who admits that he is the
[VOL.
unofficial representative of Huerta, has had a number of conferences with John Lind at Vera Cruz.
The result of the discussions, according to press
dispatches, are "reported on good authority" to be
very satisfactory. There have been no important
military operations reported. It was stated early
in the week that Torreon had fallen, but this was
subsequently officially denied by the Minister of
the Interior, who declared that the garrison of 9,000
troops had recently been partly paid, which he believed insured the safety of the city. A dispatch
from Juarez declares that 20,000 rebels will be under
Pancho Villa's orders when the attack on Torreon
begins within the next ten or fifteen days.
The so-called Dublin strike which for several
months has been the source of unrest in English
labor circles has finally quietly collapsed, the men
returning to work without any attempt at compromise. The municipal elections in Dublin were held
on Saturday last. They resulted in the overwhelming defeat of "Jim" Larkin, the labor agitator who
started in an unsuccessful campaign to raise "the
fiery cross in England." Even in Wexford, which
was regarded as one of the strongest Larkin towns,
his candidates were defeated. This seemed to be the
deathblow to the strike.
Meanwhile the other chief source of unrest,
namely the revolt of the inhabitants of Ulster against
their county being included in the provisions of the
Home Rule bill, continues active. The leaders
of the Ulster Unionists assert that they have enrolled
more than 100,000 volunteers who are to act as an
army to fight Home Rule. The Orange leaders
have arranged a postal service for every town of any
importance, and medical and nursing services have
been created. Seven hundred women have qualified
as members to the first-aid-to-the-injured organization in Belfast alone. Other women meet regularly
and make bandages and other hospital appliances.
Two big hospitals have been arranged for Belfast
and small clearing hospitals for other places.
But interest in the Home Rule struggle has been
largely overcast this week by reports that a serious
split is approaching in the British Cabinet. The
London "Daily Telegraph" explains that a point of
disagreement in the Cabinet, aside from the amount
of the new navy estimates, arises from the fact that
the Board of Admiralty has already overspent the
sum voted at the last session of Parliament. In
consequence of the agitation caused among Cabinet
Ministers by the anti-armament group of Radical
members of Parliament, the board has been forced
to discontinue all expenditure except such as cannot
be stopped. The board, moreover, still quoting the
"Telegraph," has decided under Treasury pressure
to make no increase of stores and equipment until
the Cabinet has come to a decision on the future
provision of the fleet. It is asserted that the original
draft estimates for the new financial year, as prepared by the various naval departments, were dealt
with by the Board of Admiralty in a more careful
spirit of economy—in some cases reductions of as
much as 25% being made. These revised estimates were then sent to the Treasury, which insisted
on further large reductions, bringing them down to a
point which the Board of Admiralty considers abso-
JAN. 24 1914.]
THE CHRONICLE
lutely inconsistent with the national safety. Definite reports are in circulation that Winston Churchill,
First Lord of the Admiralty, has decided to resign
owing to the criticisms of Chancellor Lloyd George.
The Cabinet at a meeting on Thursday postponed
its final decision on the naval estimates until next
week, but naval circles are confident that Mr.Churchill will get the four dreadnoughts he is insisting
on. In the meantime, according to the Unionists,
Mr. Lloyd George's championship of the "little
navy" faction has brought into line a strong contingent of the Non-conformist supporters of the Government who are showing restiveness at the forcing
of Protestant Ulster under the rules of a Catholic
majority in Ireland.
Lord Strathcona, High Commissioner of Canada in
London, died on Wednesday morning from exhaustion following a severe attack of catarrh. He was
born in Archleston, Morayshire, Scotland, in 1820,
and after a common school education went to Canada
as a cadet of the Hudson Bay Company in 1838.
For thirty years he remained in the active service of
that corporation, then he moved to the Northwest,
in those days almost unexplored. As to his political
life, he first entered the Manitoba Legislature and
then became a member of Parliament at Ottawa.
That period of his career was marked by the great
part he took in the construction of the Canadian
Pacific Railway from Montreal to the Pacific Coast.
In 1880, when he was still known as Donald Smith,
he formed a syndicate with George Stephens, and
with the aid of such men as Sir William Van Horne
and James Ross, triumphed over every obstacle and
in five years had the main line completed. For this
he received the order of Sir Michael and St. George
in 1886, and the next year was elected President of
the Bank of Montreal. Having then become Sir
Donald, he went to London with high commissions
from Canada and was raised to the Peerage in 1897,
continuing in the British centre his active work for
Canada until within a short time of his death. Lord
Strathcona never really recovered from the shock
of his wife's death on Nov. 12. At his own request
he will be buried at Highgate Cemetery beside the
body of his wife, and not in Westminster Abbey,
notwithstanding a very general movement among his
friends in favor of the latter.
As stated in a previous column, delegates from fourteen nations at the International Conference of
Safety at Sea, which ended in London on Jan. 20,
signed a convention laying down regulations for the
future. The full text of the convention, which will
not be officially published until Feb. 15, will first
be submitted to the various governments. It contains 74 articles. Lord Mersey, the President of the
Conference, said that the most difficult point dealt
with was the division of ships into water-tight compartments, and he declared that it was imperative,
in the view of the Conference, that captains of ships
should never relax their vigilance on the supposition
that any vessel was unsinkable. Other countries
may join in the convention up to Jan. 31, and the new
rules will go into force on July 11915, after ratification by the different States. Lord Mersey made no
mention of proposals to arbitrate disputes. The
261
practice by which routes across the Atlantic are fixed
by agreement between the steamship companies has
been left unaltered, and the governments undertake
to impress all shipowners with the desirability of following these routes as far as possible.
A war in the world's steamship trade is imminent.
Delegates to the North Atlantic Shipping Conference
at a meeting in Paris on Wednesday reorganized the
combination by leaving out the Hamburg-American
Line. As the line in question has services to many
parts of the world, it is evident that the contest is
to spread still further. After the conference, the
following official statement was issued: "At the conference of the Continental lines interested in the North
Atlantic passenger trade, held in Paris on Jan. 21,
the demands of the Hamburg-American Line, which
did not see fit to appear in order to explain its justification of its claim for an increased proportion of the
steerage passenger traffic, were fully considered.
The lines were unanimously of opinion that neither
past nor present conditions warranted these demands
put forward by the Hamburg-American Line; but
that, on the contrary, they were in flagrant contradiction of the position the Hamburg-American
Line has emphatically maintained in similar instances
toward other companies. The lines, therefore, refuse to recognize these claims, and resolve to carry
out the existing agreement among themselves, but
without the Hamburg-American Line, with the object of upholding an organization which has given entire satisfaction during the long period of twenty
two years, and thus protecting the recognized position of the various lines toward each other."
With the lowering of discount rates at all important
European centres, excepting only Paris and Amsterdam, and with corresponding reductions in interest
rates, a distinct improvement in the London market
for securities has developed this week. Day-to-day
loans at the British centre are quoted at 2%
and London cables state that Lombard Street is
confident that there will be a further reduction in
the Bank of England minimum rate—probably next
Thursday—from this week's :new basis of 4% to
332%. Paris has continued selling quite freely on
the London market and the fact that the Governors
of the Bank of France have not joined in the general
movement of European centres by reducing their
bank rate seems to imply that the French situation
under the surface is not quite as strong as it should
be. British home securities and American stocks
seem to have been the chief favorites on the London
Stock Exchange. These closed at substantial advances for the week. London & Northwestern, one
of the standard of English railroad stocks, closed, as
reported by cable last evening, at 134%, which
compares with 131% a week ago. Southeastern deferred closed at 58%, against 583/2, the Great
Western finished at 1163/2, against 115%, and the
Great Eastern at 50, against 49. British Consols
also have experienced a sharp recovery. They
closed yesterday at 73 13-16, which compares with
723
4 on Friday of last week. Balkan securities on
the London market have been well maintained, but
have developed very little animation. Bulgarian 6s
finished without change at 983/2, Greek monopoly 4s
262
THE CHRONICLE
[VOL. xanu.
also remain without alteration at 52 and .Turkish a more formidable competitor than ever before,
not
4s continue at last week's price at 863'. Russian 4s only as regards international commerce,
but as
have advanced M point to 883/
2,following a half-point regards London's position as the centre of internaadvance last week. German Imperial 3s are also tional banking." Incidentally it may be mentioned
1 point higher at 76.
that Sir Felix was particularly optimistic as regards
There have been no important new issues of conditions in this country. "If," he said,"as appears
securities announced on the London market during probable, the differences between the United States
the week, although it is hardly probable that under- Government and large trading corporations which
writers will permit the present remarkable ease in have been weighing so heavily on enterprise for some
British funds to continue much longer without ap- years past can be adjusted in an equitable manner,
pealing to investors. The few small capital applica- a new era of progress and development seems to be in
tions that have been made this week have been well store for the United States which cannot fail to be
received. The City of Calgary offered a £700,000 of vast importance to British markets and to the
5% loan that was fully subscribed and the City of money markets of Europe."
Gothenburg applied for a 43'% loan which also was
successful. The Government of Victoria, Australia,
Paris, as we have already noted, is, if we exclude
has issued a £1,000,000 432% loan at 97. The previ- Amsterdam,
the only one of the important European
ous loan was in September of last year,and was only financial centres
whose official Bank has not this
a 4% one, but was offered at 98. The current loan week reduced
its discount rate. This is significant
was on Monday oversubscribed in two hours—a fact of the nervousness existing at
the French centre,
that was regarded as indicating a distinct improve- which has taken an additional
$2,000,000 in gold
ment in investment sentiment,as the loan offered by from New York the present
week, and will, we
New South Wales about three weeks earlier, although are informed, still further draw supplies from this
cheaper and considered more attractive, was only city next week. Reports from Paris received
here
10% subscribed. The better result in the present in- state that the authorities of the Bank of
France
stance is due, of course, entirely to the greater have decided as a definite policy to increase their
abundance of money. The Pacific Great Eastern gold supplies 200,000,000 francs net during the year
Ry. is arranging for a loan of £1,500,000 in 5 per 1914. Their insistence upon their 4% minimum
cents at 95. This issue will be guaranteed by the discount rate may, perhaps, be regarded as incidental
British Columbia Government.
to this policy. The more general idea, however, in
There does not appear to be the same promise of a banking circles at this centre that are in close touch
continuance of ease in the London market as is the with French affairs is that the financial situation at
prospect at home here. Sir Felix Shuster, Governor Paris is, under the surface, in a position of greater
of the Union of London and Smiths Bank, in his strain than is generally supposed. The uncertainty
usual half-yearly address to the stockholders on that still exists in regard to the huge volume of
Wednesday, argued, as reported by cable, that indi- financing that has been made necessary by the corcations were for a greater monetary ease for the respondingly monumental military and naval exnew half-year than had existed for the half-year that travagances necessarily exert an unsettling influence
has just closed. Still it was not logical to expect on the great French banks and bankers, whose funds
very low rates for money. The increased gold re- are tied up in private Balkan loans that they have
serves of the banks of Germany, France and England thus far not been able to place in funded form for
during the last year had been a distinct drain upon distribution among individual investors.
The only
the supply of the precious metal. This drain would external loans that M. Caillaux, the Minister
of
not in all probability be continued during the current Finance, will permit in advance of the National
year. Aside from the revenue collections, large Government financing are the Servian loan and
government loans were impending, especially those the new issue by Russian railways, both of which the
of Germany, France and the Balkans. These, Sir former Ministry had committed itself in favor of.
Felix declared, would soon absorb the floating sup- The Servian loan has already been successfully neplies of funds. Thus there was an excellent demand gotiated. The Russian railroad issue will call for
in sight for money, a feature that furnished good 500,000,000 francs and will appear on Feb. 12.
basis for optimism, as the proceeds of the loans Public subscriptions, as we announced last week in
would stimulate trade. The speaker did not antici- the "Chronicle," are to be opened on Jan. 31 at 98
pate any serious diminution in mercantile or indus- for 200,000,000 francs in 4% bonds, forming part
trial activity. British commerce, he argued, was so of an issue of 1,800,000,000 francs guaranteed by the
world-wide in extent and was on such solid founda- French Government for the improvement of the
tion that any retrogression was hardly probable. Western State Railroad System. It is of interest to
Furthermore, vast enterprises, such as the Panama note that, acording to the official report for 1912,
Canal and the Canadian trans-continental railway which the cables have just brought from Paris, the
lines which had been responsible for great demands revenues of the two State-owned railway systems
for money over long periods were nearing completion. were: Southwestern, revenue, $13,707,950; cost of
Expenditures were to be curtailed and the time of management, $12,541,415. Western system, revefruition of these great enterprises was approaching nue, $48,880,639; cost of management, $43,334,364.
at a period when industrial and international peace The net profit of both systems is declared by the
was present. Sir Felix referred especially to the new report to be steadily decreasing. In 1908, the year
United States Tariff Act and the Banking Law. before the Western Railroad was taken over by the
Both measures, he said, "must have far-reaching State, its net profits exceeded $14,000,000, which
consequences, for both have made the United States compares with $5,400,000 in 1912. The Southwest
JAN. 241914.]
THE CHRONICLE
ems' net profit was $2,600,000 in 1909 and slightly
over $1,000,000 in 1912.
Turkey is trying to raise a large loan in Paris and
has sent Djavid Bey as envoy to that centre. He is
meeting great difficulties, as the French Government
is insisting on guaranties regarding the use to which
the money is to be put and is also asking guaranties
of peace. One reason for the nervousness on the
Paris Bourse, we are told by cable advices, is the fear
that Turkey contemplates a renewal of war with
Greece, now that it is in a position to meet that
country single-handed—the object of the war to be
the re-capture of the Aegean Islands. The Greek
Premier, as we showed in the "Chronicle" last week,
is much disturbed at the purchase by Turkey of the
Brazilian Dreadnought,Rio Janeiro, as the purchase
makes the Ottoman Government stronger on the sea.
Furthermore, Greece has slight hope of enlisting her
former allies in her aid in case she is attacked. Indeed, the Vienna correspondent of the London "Daily
Telegraph" reported yesterday that Bulgaria and
Turkey have concluded an offensive alliance against
Greece. Djavid Bey is reported to have told
M. Caillaux that he was not over-anxious to obtain
his desired loan in France, as he had assurances that
American bankers would raise it in consideration of
valuable concessions to be granted in Turkey-in-Asia
to them if his negotiation in Paris fails. It is evident that this claim of American support was intended
as a shrewd move by the Turkish envoy. The
London "Daily Telegraph's" Constantinople correspondent, wiring under date of Jan. 22, however,
sent official denial of American negotiations. The
correspondent said: "I learn from an authoritative
source that news from Vienna relating to the offer
of a loan of 600,000,000 francs, alleged to have been
made to Turkey by an American syndicate, supported
by Mr. Morgenthau, the United States Ambassador
here, in return for important concessions in Asiatic
Turkey, is absolutely without foundation."
Towards the close of the week the Paris Bourse
was reflecting a better feeling, bank and industrial
shares in particular leading in this respect, while the
short selling by professional operators seemed to have
ceased. Mexican shares were also somewhat better
as a result of the protest forwarded by cable to
Huerta by the French Foreign Office. The protest
was on behalf of the French bondholders against the
proposed default of interest on Mexican securities.
A general meeting of European bankers associated
with Mexican finance was held on Tuesday in Paris.
A strong protest was drawn up and also was communicated to Huerta by cable. These bankers
pointedly intimated that their governments would
do whatever was necessary to back the protest.
French rentes closed at 85.85 francs. A week ago
2 francs. Call money in
the quotation was 85.323/
Paris closed at 4%, against 33'1@3% last week.
In Berlin money conditions have reached a state
of genuine ease. Day-to-day loans are available at
13/2% and the Governors of the Reichsbank had apparently no reasonable option whether they should
make a further reduction in their official discount.
The money conditions in Berlin have, in fact, gradually been easing since early last fall. On Oct. 27 a
reduction in the discount figure from 6 to 53/2% was
263
made by the_Bank; on Dec. 12 a further concession
to 5% was announced, and on Thursday of this week
a still further decline to 432% was declared. The
Berlin Bourse has had one rather• severe shock this
week in the form of the sharp decline in shipping
shares that has followed the open declaration of war
by the North German Lloyd and the English, French
American and other lines, forming the Atlantic Conference, against the Hamburg-American Company,
which has refused to further recognize Conference
rules and Conference rates. We referred last week
to the fact that Prussia was negotiating an issue of
about 500,000,000 marks in 4% Treasury notes,
running from ten to sixteen years, to be offered at 97
on Jan. 29. Additional details show that for the first
time Prussia has introduced the lottery feature in
its bonds. The first redemption will be in April
1915 and continue annually thereafter. But the
holders have the right of conversion into 4% bonds.
The Berlin banks report active preparations to subscribe to this new issue, which portend the success of
the offering. Notwithstanding the persistent reports that were current during the greater part of
last year regarding German industrial activity, the
official returns of German foreign trade do not fully
bear out the unfavorable statements. For the year
1913 German importations amounted to $2,673,750,000, as compared with $2,672,750,000 in 1912;
exports were $2,520,000,000, as compared with
$2,239,250,000.
As we have already shown, the Bank of England
reduced its minimum discount rate on Thursday to
4%,and on the same day the Imperial German Bank
announced a reduction to 432% from 5%. It has,
in fact, if we exclude the Bank of France and the
Bank of the Netherlands, been a week of general reduction in European bank rates. The Bank of
Belgium has given notice of a reduction from 5 to
the National Bank of Sweden from 53/2 to 5%,
the Bank of Denmark from 6 to 5% and the Bank
of Switzerland from 43/2 to 4%. These announcements were all made on Thursday. On Tuesday the
Austrian }lank reduced its minimum from 5% to
5%. Private bank rates quite naturally have sympathized with these official reductions. Short bills in
Lombard Street closed at 23@2 13-16%, against
33/2% a week ago, and three-months' bills finished at
2 13-16®2%%, against 332@3 9-16%. In Paris the
outside rate is 33/2%, against 35
4% a week ago. The
Berlin rate closed at 291%, against 3%%. The
Vienna rate is 4%, against 43/2%; Brussels is 3%%,
against 04%,and Amsterdam 4 8%,against 49%.
Official rates at the leading foreign centres are: London, 4%; Paris, 4%; Berlin, 43/2%; Vienna, 5%;
Brussels, 4
and Amsterdam, 5%.
The weekly statement of the Bank of England,
which was published on Thursday, was such an exceptionally strong document that London cables intimate that a still further reduction in the Bank's
discount rate is likely in the near future—probably
next Thursday—to 33/2%. Threadneedle Street's
gold coin and bullion holdings increased £2,037,805
bringing the total gold holdings up to £41,928,672,
which compares with £35,775,872 one year ago.
The nearest approach in recent years to this total_is
264
THE CHRONICLE
that of 1912,F.when £38,043,087 was reported. The
reserveX increased £2,257,000, and now stands at
£32,126,000, which" compares with £26,561,767 in
1913 and £28,682,457 in 1912. The proportion of
reserve to liabilities advanced during the week to
57.42%,from 55.58%, and compares with 49.10% a
year ago. We have, in fact, to go back to the year
1896 for a larger proportion. In that year the percentage was 62.50 and in 1895 65.75. The Bank
this week reports an increase in loans of £938,000,
an increase in public deposits of £2,526,000, but a decrease in other deposits of £314,000. There was a
decrease in note circulation of £219,000. The total
of the.loan item is £30,661,900, which compares with
£31,750,816 in 1913 and £32,977,201 in 1912. Our
special correspondent furnishes the following details
by cable of the gold movement into and out of the
Bank for the Bank week: Imports, £495,000, wholly
bought in the open market; exports, nil, and receipts
of £1,543,000 net from the interior of Great Britain.
The Bank of France in its current report registers
an increase of 8,946,000 francs in gold holdings and
of 8,400,000 francs in silver. Note circulation indicates a contraction in the large sum of 134,075,000
francs, and there was a reduction also of 53,300,000
francs in discounts. On the other hand, general deposits increased 61,550,000 francs. The Bank's gold
now stands at 3,520,804,000 francs and compares
with 3,199,225,000 francs in 1913 and 3,189,200,000
francs in 1912. Its silver stock is 651,365,000 francs,
against 647,875,000 francs one year ago and 804,300,000 in the year preceding. Note circulation is still
ahead of recent years, amounting to 5,877,324,000
francs, which compares with 5,766,760,935 francs a
year ago and 5,321,833,385 francs in 1912. General
deposits total 638,102,000 francs, against 627,774,832
francs in 1913 and 790,871,700 francs in 1912. The
discounts now aggregate 1,554,344,000 francs, against
1,931,099,026 francs one year ago and 1,494,967,656
francs two years ago.
The German Bank statement, which was published
last Saturday, registered an increase of 70,210,000
marks in gold and 91,162,000 marks in cash, including gold. Note circulation decreased 251,962,000
marks. Loans were reduced 6,498,000 marks and
discounts declined 274,188,000 marks. There was
an increase of 2,235,000 marks in deposits. The
Bank's total cash holdings are 1,566,917,000 marks,
comparing with 1,158,400;000 marks in 1913 and
1,136,180,000 marks in 1912. The loans and discounts combined are only 992,743,000 marks which
.compares with 1,538,580,000 marks in 1913 and
1,340,380,000 marks in 1912. Circulation aggregates 2,051,093,000 marks and compares with 1,983,540,000 marks one year ago and 1,776,740,000
marks in 1912.
[VoL. xovin,
ceptions, have also precipitately declined, has not
unnaturally added to the weakness here, as the prospects for a foreign demand for American funds have
correspondingly diminished. Even the payment on
Thursday for the $51,000,000 State of New York
432% gold bonds by the Kuhn, Loeb & Co. and
William A. Read & Co. syndicate failed to exercise
a steadying influence on money rates,for on that date
funds for sixty days were offered at 234%. The
market seems to have been cleared of its supply of
commercial paper by the competition for this class
of security that developed soon after the new year
opened. High-grade four months' names have sold
this week at 4%. It is not improbable that the great
success that attended the sale of the New York State
bonds will encourage further appeals to the invest- ,
ment market. Another source of encouragement in
this same direction is the announcement that was
made on Thursday by Lee, Higginson & Co., Harris,
Forbes & Co. and Kissej, Kinnicutt & Co., syndicate
managers of the Interborough Rapid Transit Co.,
that the $30,000,000 first and refunding 5% bonds
handled by the syndicate have all been sold and the
syndicate itself has been closed. Gold is continuing
to arrive from Canada, which shows that conditions
in the Dominion are correspondingly as easy as on
this side of the border. In fact New York exchange
in Montreal closed yesterday at 783'e. per $1,000
premium, which suggests that a continued movement
of the precious metal southward can reasonably be
expected. Thus far $3,000,000 has reached this city
from Montreal since the first of January. Last
Saturday's Clearing-House statement was another
exceptionally favorable one,and was, in fact,a fitting
preliminary for the weakness in money rates that
subsequently developed. An increase of no less
than $23,024,000 in the cash reserve was reported.
An expansion of deposits of $48,609,000 called for an
increase of $12,101,450 in the reserve requirements,
so thatthe surplus above requirements increased only
$10,922,550. Nevertheless, the latter now stands
at $43,111,650, which is the largest at this season for
many years. A year ago the surplus was only
$21,104,300; two years ago it was $42,074,700.
There was an increase of $25,584,000 in loans. The
gain in cash on the part of the banks was $24,495,000;
the trust companies lost $1,471,000.
Referring to call money rates in detail,the range for
the week has been 134@23/2%. On Monday the extreme figures were 2 and 23/2%, the latter being the
ruling rate; on Tuesday, Wednesday and Thursday
13
4 and 2% were the lowest and highest, respectively,
with 2% on each day the ruling quotation. Friday's
highest was2%,lowest 13
4%and renewal basis 134%.
For time money closing quotations were 2%@3% for
sixty days (against 332% a week ago), 334@332%
for ninety days (against 33@334%), 332% for four
months (against 334%), 334% for five months
(against 4%) and 4% for six months (against 4@
43%). Commercial paper closed at4@,43/2% for sixty
and ninety-day endorsed bills receivable and for four
to six months' names of choice character. Others
4@5%. In each instance these
are quoted at 43
figures represent a reduction of M% for the week.
The local money market has become so completely
overwhelmed with supplies of funds that rates are
largely a matter of negotiation,with the advantage
entirely on the part of the borrower. A disposition
has been shown by lenders to regard 2% as the
minimum for call loans, but this has not been observed invariably, and some loans have been made
every day this week except Monday at 13
4%. The
The week has been a comparatively quiet one in
fact that rates all over the world, with very few ex- foreign exchange circles. The weakness in money
JAN. 24 1914.]
THE CHRONICLE
rates at home has been fully compensated by similar
weakness abroad, and slight incentive has existed
for a speculative movement on either side of the account. Meanwhile, the supply of merchandise and
produce bills has ruled comparatively light. The
simultaneous reduction of discount rates by most of
the European official banks has exerted somewhat
of a sustaining influence, but the entire situation
hardly merits any other description than that the
market is a nominal one. Sixty-day bills have ruled
comparatively firm throughout the week, but both
demand bills and cable transfers declined during the
first three days, subsequently partially recovering
their early losses, however. Another engagement of
$2,000,000 of gold for Paris was arranged on Tuesday
for immediate shipment, and we are informed that an
additional amount will go forward next week. However, the supplies of gold abroad in the official banks
are becoming so great that it should soon prove
quite as profitable for the Bank of France to take its
future supplies from the Bank of England as from
this centre. Ease in money abroad, however,
hardly promises to prove as protracted as at home.
New capital demands will undoubtedly appear very
soon in the London market, while at home conditions
are still so completely upset from the investment
standpoint, especially as regards the issue of new securities by our railroads, that any urgent demand for
funds from this source is not yet in sight. Meanwhile the demand for new capital in all sections of
Europe is 'likely to develop more than usual activity
in the near future. No further serious troubles seem
to be expected from the Transvaal,,and it is not likely,
therefore, that any interference will develop with the
weekly shipments of gold from the Cape to London.
The Continental exchanges are moving steadily
against London. The sterling check rate in Paris is
25.21 francs (about 25.20 is usually calculated to
be par), which compares with 25.253/2 francs a week
ago and 25.27 francs a fortnight ago. In Berlin demand sterling has further declined. It closed at
20.483/
2 marks, against 20.50 marks last week. Berlin exchange in Paris finished at 123.06 francs,
against 123.15 francs on Friday of last week.
Compared with Friday of last week, sterling exchange on Saturday was firmer for demand and sixtyday bills, which were quoted at 4 8645@4 8655 and
4 8325@4 8350, respectively; cable transfers remained without change at 4 8680@4 8690. On
Monday the lowering in English discount rates
caused a weaker undertone here and demand declined to 4 8635@4 8645 and cable transfers to 4 8670
@4 8680; sixty days, however, held firm and advanced to 4 8350@4 8375. Announcement of another engagement of gold for export and the increasing ease in discounts abroad brought about a further
recession on Tuesday in demand and cables; the range
of quotations was 4 8620@4 8630 for demand and
4 8650@4 8660 for cable transfers; sixty days was
unchanged at 4 8350@4 8375. On Wednesday the
downward trend was checked and the tone became
firmer; cable transfers advanced 10 points to 4 8660
@4 8670, as did demand to 4 8630@4 8640, though
sixty days ruled without change; the day's ruling
factors were active speculative buying and a scarcity
of commercial offerings, which counteracted the effects of continued weakness in London discounts.
265
On Thursday, opening quotations were firm, but
weakness set in as a result of the reduction in the
Bank of England official discount rate from 432% to
4%, and the close was at the lowest for the day;the
range was unchanged at 4 8630@4 8640 for demand,
4 8660@4 8670 for cable transfers and 4 8350@4 8375
for sixty days. On Friday the market ruled irregular
and easy. Closing quotations were 4 8345@4 8370
for sixty days,4 8615@4 8625 for demand and 4 8655
@4 8665 for cable transfers. Commercial on banks
closed at 4 823j@4 833, documents for payment
finished at 4 82Y
1@4 83% and seven-day grain bills
at 4 8531@4 85%. Cotton for payment closed at
4 823/@4 82%,grain for payment at 4 82%@4 83.
The New York Clearing-House banks, in their operations with interior banking institutions, have
gained $21,104,000 net in cash as a result of the currency movements for the week ending Jan. 23.
Their receipts from the interior have aggregated
$27,194,000, while the shipments have reached $6,090,000. Adding the Sub-Treasury operations and
the gold exports, which together occasioned a gain
of $1,236,000, the combined result of the flow of
money into and out of the New York banks for the
week appears to have been a gain of $22,340,000,
as follows:
Week ending Jan. 23.
Banks' interior movement
Sub-Treas. opeens and gold exports_
Total
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
$27,194,000
38,058,000
$6,090,000 Gain $21,104,000
36,822,000 Gain 1,238,000
$65,252,000
$42,912,000 Gain $22,340,000
The following table indicates the amount of bullion
in the principal European banks.
Jan. 16 1914:
Jan. 23 1913.
Banks of
Gold.
England__
France _ _ _
Germany _
Russia a__
Aus-Hunb
Spain ____
Italy
Neth'Ian
Nat.Beigd
Sweden __
Switzland
Norway_ _
41,928,672
140,832,320
63,714,950
168,543,000
51,791,000
19,284,000
45,590,000
12,515,000
8,185,333
5,672,000
6,813,000
2,657,000
Silver.
Total.
Gold.
Silver.
£
41,928,672 35,775,872
25,749,760 166,582,080 127,969,200
14,300,000 78,014,950 43,902,300
6,191,000174,734,000 155,295,000
11,282,00 63,073,000 50,473,000
28,584,00 47,868,000 17.552,000
2,930,000 48,520,000 42,919,000
778,00 13,293,000 13,276,000
4,092,667 12,278,000 7,562,000
5,672,000 5,558,000
0,813,000 8,793,000
2,657,000 2,223,00
Total.
I
£
I 35,775,872
25,914,920,153,884,120
14,017,450' 57,919,750
6,691,000 161,986,000
10,079,000 60,552,000
29,617,000 47,169,000
3,521,000 46,440,000
792,700 14,068,70ff
3,781,000 11,343,000
5,558.000
6,793,000
2,223,000
Tot. week 567,526,275 93,907,427 661,433,702509,298,372 94,414,070603,712,442
Prey.week 561,687.797 92,864,600 654,552,397508,248,577 94,302,023602,550,600
a The total of gold in the Bank of Russia includes the balance held abroad—
that Is, the amount held for Russian account in other Continental banks.
b The Austro-Hungarian bank statement is now issued in Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cetns, our cable correspondent In
London, in order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 24 instead of 20.
d The division (between gold and silver) given in our table of coin and bullion In
the Banks of Italy and Belgium Is made from the beet estimates we are able to
obtain; it Is not claimed to be accurate, as the banks make no distinction in the
weekly returns, merely reporting the total gold and silver: but we believe the
division we make is a close approximation.
THE PROGRAM OF CONGRESS.
As pointed out in another article, what may
properly enough be called the response of the financial
markets to President Wilson's message on company
regulation, last Tuesday, is recognized by every one
as due rather to the conciliatory tone of that document than to its detailed proposals. It is also reasonable to keep in mind that the financial community
was in a mood to welcome anything, in the developments of the day, which might be interpreted as
encouraging. The greatly changed condition of
the investment markets, illustrated on the one hand
this week by the remarkable success of the New
York State bond sale and on the other by the numerous reductions of official discount rates at the great
European banks,has created a situation in which the
financial mind is plainly predisposed to cheerfulness.
266
TI1E CHRONICLE
[VOL. xcvm.
We do not wish to detract from any significance particular bill which he endorses repeats verbatim
which may attach to the President's assurances of the most mischievous proposals contained in the
friendliness and good-will toward business. It may bill drawn up by Mr. Untermyer for the Pujo combe wise, however, to point out that much still re- mittee regarding regulation of the stock exchanges.
mains to be determined as to the precise attitude of Among other things, it provides that "any person
the legislators and as to the precise nature of the bills who shall knowingly deposit, or cause to be deposwhich will come before Congress. In the first place, ited, in the mails, or who shall knowingly send, or
there will not be an altogether plain and easy path cause to be sent, by mail any letter, package, circuin carrying out, even with the most conservative lar, pamphlet, post card, newspaper or other form
purposes, the recommendations of Tuesday's Presi- of printed or written statement, or partly printed
dential message. The problem of "delimiting the or partly written statement, concerning transactions
debatable area" covered by the anti-trust law pro- in securities sold or offered for sale, or executed or to
hibitions is one which some of the most experienced be executed on any stock exchange, which shall not
jurists have pronounced insurmountable. The ques- conform to the requirements of section one [namely
tion of fixing individual guilt and imposing personal compulsory incorporation under the laws of the State
punishment for violation of the law borders on pos- in which it is located] shall be deemed guilty of a
sible tyranny and injustice at every turn. The misdemeanor, and on conviction shall be fined not
powers and functions of the proposed Inter-State more than one thousand dollars, or imprisoned not
Trade Commission will be most difficult to define. more than two years for the first offense; and for
Not only will there be obstacles encountered in deal- any subsequent offense shall be imprisoned not more
ing justly and reasonably with the matter of inter- than five years."
This extraordinary list of crimes and penalties
locking directorates, but the message contained a
provisions closing the mails, telegraph and
follows
the
at
hint
seemingly
impossible
indefinite
wholly
not
undertaking of prohibiting interlocking investments telephone to the use of any stock exchange thus
unincorporated. It is hard to imagine that such wild
by private individuals.
Aside from the working out of these precise rec- provisions as those thus cited can meet with cordial
ommendations, it also remains to be tested how response from the general body of Congressmen.
Congress itself will act in the matter of legislation. Such plans for regulation of financial institutions were
The remarkable personal influence of the President not referred to in the President's address to Conin restraining radical legislators of the particularly gress, were not suggested in the Democratic platform
wild-eyed sort was abundantly illustrated during of 1912, and we certainly hope that the influence of
the banking and currency legislation. It must, the Administration will be against them, as newshowever, be remembered that many aggressive Con- paper reports indicate is likely to be the case. This
gressional reformers of the sort were restrained from would necessarily be so if the President were to
interference, during the extra session, by the argu- redeem his promise of good-will toward business and
ment that to press their measures then would imperil of a purpose not to disturb or unsettle legitimate inthe currency bill, which was the one remaining object dustry.
We do not refer to this bill of Senator Owens or
of the session, and that they received, in return for
such self-restraint, the virtual promise of a full to the other measures which we have mentioned, for
Congressional hearing on their projects during the the purpose of throwing cold water on the hopes of
subsequent winter session. Those bills are now on the financial community. We trust that the rethe calendar. It is impossible as yet to say whether turning good-will between Government and business,
all of them will even emerge from the committees as stated by the White House, will be sufficiently felt,
to which they have been referred; but it must at least in Congress as a whole, to put a quietus on wild
be admitted that some of them have, or lately have propositions of this sort. But the bills are in the
had, an element of Congressional support behind meantime on the calendar, and if they were by any
possibility to run successfully the gauntlet of the
them.
Congressional committees, they would be thrown
Stanley's
Representative
is
there
instance,
For
proposed amendment to the anti-trust law itself, necessarily into an open Congressional discussion
changing the phrase "restraint of trade" to "re- which might revive disquieting considerations.
As we have said, it also remains to see the actual
straint of trade in any degree." This, it will readily
into legislative proposals of the President's
framing
be seen, is clearly designed either to modify or nullify
The most genuinely rerecommendations.
own
in
forth
set
reason"
of
important
Supreme
the "rule
Court decisions on the matter. Exceedingly drastic assuring fact, so far as regards this part of the situaand,in their nature,unreasonable and unjust penalties tion, is that full publicity of committee proceedings
for personal violation of the anti-trust law have been on these bills has been officially promised, and that
proposed. The measures hastily concocted by the this includes ample public hearings before the
"Money Trust Committee," in the last hours of the committee of experts and business men, together
preceding Congress, have been revived and formally with publication of all tentative drafts of the consubmitted by Senator Owen, Chairman of the Sen- templated measures. This is the policy which, consistently pursued in the prolonged deliberations over
ate Banking and Currency Committee.
It is true that Mr. Owen's individual power and the Banking and Currency Bill, had exceedingly
standing in the Senate are more or less undetermined. salutary results—not only in securing much-needed
A certain prestige undoubtedly accompanies the fact improvements in the measure but in compelling
of his chairmanship of the committee through whose Congress to exclude from it certain dangerous proeffective amendments the currency law was even- visions which appeared in the original draft. All of
tually enacted, and although, in reality, his own us will hope that a similar,good influence will prevail
contribution to that Act consisted rather in what in the Congressional discussion over the measures
he was prevented from doing than in what he did, now proposed entirely irrespective of their original
nevertheless his official position carries weight. The character.
JAN. 24 1914.]
THE CHRONICLE
THE PRESIDENT ON THE TRUST QUESTION.
We can find little of an assuring nature in this
week's message of President Wilson on the trust question and kindred subjects. Considering the views
advanced and the doctrines advocated, together with
the steps immediately taken in the two Houses of
Congress to give effect to the President's desires,
it becomes evident that the message marks merely
another forward movement in the carrying out of
radical and extreme ideas of a most pronounced type.
We know that in saying this we are out of harmony
with prevailing sentiment. As was the case with
the message which the President read to Congress at
the opening of the regular session last month, he displays an accommodating spirit and uses language that
is intended to disarm criticism. But he goes no further than this. The tone alone is changed. The purpose remains and is the same as before.
It is impossible not to notice the complete change
in the tone of his declamations. This is in sharp
contrast with the spirit that marked his utterances
twelve and thirteen months ago. What he said in
December 1912 as President-elect when he threatened
to build the gibbet as high as Haman's and what he
said in Chicago just a year ago the present month
before the Commercial Club of Chicago, when he
lectured business men, still rings unpleasantly in
the ears. Hence to find him now saying that "the
Government and business men are ready to meet
each other half way, in a common effort to square
business methods with both public opinion and the
law," produces a very agreeable impression and makes
one feel that the President must have experienced
a change of heart. But let no one deceive himself
on that point, for he has not.
It is not of course surprising that, accepting the
altered tone and language as evidence of an altered
spirit, current comment should be favorable and that
new hope and new courage should have quickly
sprung up everywhere. Nor is it the least bit surprising that every one should be inclined to make the
most of the more complacent character of the Presidential utterances and seek to aid in promoting a
spirit of optimism. Business has been so depressed
in recent months and everybody has suffered so
seriously as a consequence that it is human nature
to wish to put an end to the existing situation. It is
neither popular nor profitable to preach pessimism
or to seem to be an apostle of doleful creeds.
But we are simply inviting further danger by
attempting to suppress the facts or evading the
truth. That the President no longer indulges in
language which in itself tends to create disquietude
is a favorable development, to this extent that it is
evidence that the President recognizes and is aware
of the fact that the public mind is in an extremely
sensitive state and that it is the part of wisdom for
him not to do anything calculated further to intensify the prevailing uneasiness. Beyond this,
the change in phraseology is of little consequence.
It possesses no more significance than did the appearance of similarly assuring language in the
messages of President Roosevelt, whom Mr. Wilson
is so closely copying. Mr. Roosevelt was incapable
of adopting the winning style to which Mr. Wilson
now essays, but everyone will recall with what
267
emphasis Mr. Roosevelt used to declare that "honest
business" had nothing to fear from his action or
from his policies. Mr. Wilson yields nothing,
concedes nothing. He does not deviate an iota
from the position previously assumed by him. With
a sublime degree of assurance he takes it for granted
that the business community is disposed to make
abject and unconditional surrender. Indeed, his
entire message is predicated on the assumption that
the business world is prepared to admit that radical
and revolutionary legislation is a necessity and that
all the aims of the Administration to that end must
have unqualified support. It is in that belief, and
only in that belief, that the President declares "the
antagonism between business and Government is
over." Evidence of this belief runs all through the
message and appears in every line and sentence,
the President at one point abandoning every reserve
and saying: "At last the masters of business on a
great scale have begun to yield their preference and
purpose, perhaps their judgment also, in honorable
surrender."
In these circumstances it seems highly perilous for
the community to assume that nothing hurtful is
going to be done, that no political party can afford
to do anything that is likely to injure the larger
interests of the country, since such a policy must
react disastrously upon itself. The answer to this is
that all the different political parties are vying with
one another in catering to the radical elements, and
that if the business interests of the country do not
stand up in defense of their rights, they will in the end
be deprived of those rights and left utterly helpless.
Suppose investors .in the railroads had taken a
resolute stand in defense of their rights a few years
ago, instead of being indifferent to what was going
on, could the Inter-State Commerce Commission
have received the increased powers which it has ever
since wielded so recklessly to the detriment of railroad interests, and would the railroads be in the
hapless state in which they to-day find themselves?
The President now advocates further legislation
for the railroads. He proposes "a law which will
confer upon the Inter-State Commerce Commission
the power to superintend and regulate the financial
operations by which the railroads are henceforth to
be supplied with the money they need for their proper
development." This is taken to mean the regulation of the security issues. There has long been
regulation of security issues by the States, and it has
availed absolutely nothing to prevent bad management or to save the railroads thus placed under
Governmentsurveillance from financial disaster. In
Massachusetts there has been the strictest kind of
regulation, so much so that the Railroad Commission
has fixed the premium at which new stock could be
sold, and yet the Boston & Maine has nevertheless
lapsed into a state bordering on insolvency.
With the power to regulate security issues handed
over to the Inter-State Commerce Commission,
wedded as it is to slow methods, it would become
impossible for the railroads to finance their needs
with any reasonable promptness. The delay is
serious enough under present conditions where each
State undertakes to supervise merely the security
issues of the railroads within its borders. Conceive
what the situation would be with the . Commerce
268
THE CHRONICLE
Commission the supervising body and covering all
the States of the Union. The Commission would
then have constantly before it applications from hundreds of roads all over the country, and the delay
would become intolerable. Thus there would eventuate a species of railroad strangulation; and new
work would be arrested and kept within the smallest
confines.
Note also, now, how the President's suggestions regarding the regulation of security issues is likely to be
carried out. One of Mr. Wilson's adjutants and advisers is Representative Adamson, the Chairman of
the House Inter-State and Foreign Commerce Committee. The President has been in frequent consultation with Mr. Adamson this week, and the latter
secured the enactment of the Physical Valuation Bill,
which became a law at the close of President Taft's
Administration. The "New York Times" on Wednesday morning, in reporting the President's message, also reported the Railway Securities Bill proposed by Chairman Adamson, and which, according
to news dispatches, is to be the basis of the Administration bill. It amends the twentieth section of
the Act to Regulate Commerce, and contains among
other things the following striking requirement:
"If at any time the outstanding stocks and bonds or
floating indebtedness of any carrier subject to the
Act to Regulate Commerce shall exceed the value of
the property of the carrier, the Commission shall pass
an order, after due hearing, requiring the carrier corporation to retire and reduce the surplus outstanding
stock and bonds to such value of the property." Is there
anything comforting or assuring in such a possibility?
Imagine what would happen to security values on
our Stock Exchanges with such a power conferred
upon the Inter-State Commerce Commission.
The President now also recommends an Inter-State
Trades Commission. At the outset this body would
have only very limited functions, but this would be
simply an entering wedge, and by degrees the powers
of this Commission would be extended just as the
powers of the Inter-State Commerce Commission
have been extended. In the end we may be sure it
would exercise the same despotic powers over industrial concerns that the Commerce Commission now
exercises over the rail carriers. Imagine our great
industrial concerns obliged to plead for their subsistence, for their very life,the same as the railroads.
Representative Adamson last month introduced a
bill for regulation in another direction, and this has
just been denounced in unqualified terms by the
Committee on Legislation of the New York Board
of Trade and Transportation, as may be seen from
the Committee's report, printed by us to-day on
page 270.
The most radical suggestion made by the President
remains to be mentioned. It has been passed over
almost unnoticed in the daily press, but is a part
of the message and bodes no good. What we have
reference to is that the President argues, not only
against interlocking directorates, but also against
interlocking ownership. If an individual or set
of individuals shall hold common ownership in
different properties "which ought to be independent
of one another," the President would deprive them
of their rights of ownership except as to one of the
properties. Here isiwhat he says on that point:
[VOL.
xcvm
"Enterprises, in these modern days of great individual fortunes, are oftentimes interlocked, not by
being under the control of the same directors but
by the fact that the greater part of their corporate
stock is owned by a single person or group of persons
who are in some way intimately related in interest.
"We are agreed, I take it, that holding companies
should be prohibited, but what of the controlling
private ownership of individuals or actually cooperative groups of individuals? Shall the private
owners of capital stock be suffered to be,themselves,
in effect, holding companies? Shall we require the
owners of stock, when their voting power in several
companies which ought to be independent of one
another, would constitute actual control, to make
election in which of them they will exercise their
right to vote? This question I venture for your
consideration."
We do not recall ever having seen such an extreme
suggestion as this, which proposes to restrict rights of
ownership by the same individual or the same group
of individuals to a single property. It should be
noted, too, that in the bill to prevent interlocking
directorates it is distinctly provided that if, after
two years from the date of the approval of the Act,
any two or more corporations, engaged in whole or in
part in inter-State or foreign commerce, have a
common director or directors, the fact of such common director or directors shall be conclusive evidence
that there exists no real competition between such
corporations; and such elimination of competition
shall constitute a combination in restraint of commerce under the Anti-Trust Law.
In concluding his message, which lacks the literary
grace of his earlier messages, but possesses the same
distinctive style, the President winds up with this
declamatory statement: "We are now about to
write the additional articles of our constitution of
peace, the peace that is honor and freedom and
prosperity." For ourselves we are not prepared to
deny that should all the things recommended by the
President be enacted into law there will be peace,
but we are very much afraid it will be the peace of
the graveyard.
THE PRESIDENT'S SELF-CONFIDENCE.
Aside from its other characteristics, the feature
of the President's message which stands out with
pre-eminent distinctness is Mr. Wilson's confidence
in his own obligation and ability to adjust all troubles
in the business world. Upon the present condition
of business there are dissenting opinions, naturally,
and it is only a little time since we had a dispute in
the House of Representatives, running pretty nearly
along party lines, one side declaring that woes are
coming and the other insisting that it is all psychological, and the country is really prosperous if it
would only think so. Well, prosperity and confidence, like individual health or ill-health, may be
deemed largely a state of mind; but if the number of
persons out of work is really larger than usual at
this season, there can be only one explanation: capital
has been denounced and assailed into timidity, and to
the sufficient ordinary uncertainties of the future
are now added the positively insoluble uncertainties
of benevolent regulation. Operations move from
hand to mouth, for they must do that; but men who
possess business plants or funds hold both as quiet
as possible, out of sheer anxiety.
Even Mr. Wilson perceives this, for he tells us
that "nothing hampers business like uncertainty,
JAN. 24 19144
THE CHRONICLE
269
nothing daunts it like the necessity to take chances." are as large as they can rightfully grow; to do justice
His reassurances are in very honeyed phrases. The "where the processes of courts or the natural forces
object, he says, "is not to unsettle business or any- of correction outside the courts are inadequate to
where seriously to break its established courses adjust the remedy to the wrong."
It is the same old problem: to define and warn of
apart." Government and business are now ready
to meet each other half-way. "The antagonism be- the lines which bound restraint of trade. It brings
tween business and Government is over." The ex- us back to that debatable ground which is in its natraordinary self-confidence of the President in his ture indefinite. What is it to restrain trade? Is
own understanding of the entire subject, including there a purchase, or a neglect to purchase, or a busi•the real needs of business and the views of business ness undertaking or agreement, possible in human acmen, is shown in this:"We are now about to give ex- tion or conceivable in the human mind, which cannot
pression to the best business judgment of America, be taken as, in the most literal sense, restricting or
to what we know to be the business conscience and restraining or interfering with the trade of somebody?
The better article or the more efficient service comhonor of the land."
"thoughtful
the
mands choice everywhere, upon discovery of it; inmoderation".
spirit,"
"new
The
and "the bulwarks and safeguards of industry" evitably it crowds or suppresses the inferior. Surwhich are offered as reassuring are mainly to have the vival of the fittest is extinction (or improvement) of
Inter-State Commerce Commission regulate the pro- the unfittest; this is progress, and this alone. To discesses and purposes of money-raising by the rail- pute this, or to argue over it, seems as idle as to disroads; to have a new Inter-State Trade Commission, cuss or deny the figures of simple arithmetic. This
to tell business men what to do and not to do and a crusade of talk, mingled with far too much attempted
statement, in clear-cut terms, of things forbidden, action, on behalf of the weak, the vicious, the sloththereby to "practically eliminate uncertainty, the ful, whereby he who pushes ahead shall be overtaken.
law itself and the penalty being made equally plain." and have a weight tied to his leg, that there may be a
As to the first of these, there might be encourage- brotherhood of equality in the labors of life—is not
ment in a certainty that the money for railway bet- this a futile attempt to undo the laws of creation?
terment and extension will be raised, but has the However the flowers of rhetoric be garlanded around
Commission's past justified a faith that its members it, is it not visionary, though mischievous, when the
have more financial ability than railway managers substantive meaning of it is reached?
have and will be able to command capital when they
cannot, and on better terms than they can make acTHE QUESTION OF DISCIPLINE.
ceptable? However men may applaud and join the
week's disturbance on the Delaware & HudThis
capital,
accumulated
there
is
not
of
berating
general
one, from the President himself down to the owner of son RR. is an unhappy one in any aspect, and it is
a savings-bank account, who will fail to reason self- possible that the discipline applied to the conductor
ishly when a railroad asks him for money. Will the and engineer of a freight train over whom the coninvestor—who must be reckoned with, after all the troversy arose was sharper than either justice or
so-called constructive and peaceful legislation is good policy required. It is alleged on their behalf
finished—be led by contemplation of it to think better that it was scarcely possible, in the haze of early
of railway loans? Will he not be more likely, in his morning, to discover that a car which was twentycapacity as investor, to deem this legislation of nine cars away from the caboose and twenty-one
ominous tendency, and not the least ominous the cars away from the engine, had got off the rail and
impossibility of foreseeing when it has really come to that hauling this partly derailed car more than three
its end? There is an ancient notion, at least as far miles actually caused no considerable,damage. But
back in the world's history as the events narrated in to dismiss the case as one of injustice in the action
the Book of Genesis, that ownership and control of complained of and as only restoring justice when the
property belong together; reform has been industri- road was coerced into submission is to overlook the
ously laboring to dissociate them, but will the investor crux of the case, namely the question of discipline.
approve what the virtuous citizens may think he Suppose the action were harsh and injudicious, with
does? When he contemplates this latest suggestion whom shall the power of decision rest? •
To organized labor it appears a simple matter.
that owners of stocks may possibly be required to
submit to deprivation or restriction as to their right After reviewing the case, "we were satisfied," says
of voting, will he be disposed to accept easier terms the Vice-President of the Order of Railway Conducin loaning? Will men voluntarily put their savings tors that the accident was an unavoidable one which
in places where they are warned they cannot follow should not subject the men to discipline; then the
committee of five brotherhoods went over the case
with control?
The business men of the country, Mr. Wilson tells anew, concurred in the opinion, and submitted it to
us, "desire the advice, the definite guidance and in- the employees; then 98% of the employees voted to
formation which can be supplied by an administra- strike at a few hours' notice unless the men were
tive body, an Inter-State Trade Commission." This reinstated. Mediation was called in and the road
recalls Secretary Redfield's hinted Governmental surrendered.
It is not a simple question of whether two emschool of efficiency for producing concerns, and it is
very strange. When did the business men of the ployees were too severely judged; were that all, it
country discover their need of advice from a body of ought to be feasible to arrange some orderly and
political appointees? The President is as confident rational method of re-hearing. If organized labor
of this deisre as of some other things he announces. desires to present argument and remonstrance in
The country, he tells us, demands this "as an indis- such matters, there should be no objection; but
pensable instrument of information and publicity, organized labor undertakes to investigate, decide,
as a clearinghouse for the facts," &c. That is, this and then force the company by the usual threat
clearing house is to say when producing industries which immediately brings the public to demand, in
270
THE CHRONICLE
the interest of public convenience, that the company
shall avert a strike by submission. The larger and
permanent question is overlooked as against present
disturbance. But when calamity comes, an outcry
at the apparent or the assumed defective condition
of discipline is raised, and quite sound homilies are
printed upon the absolute necessity of maintaining
a discipline akin to that of the military, where as to
the rank and file it is "theirs not to reason why."
Power must always and everywhere vest finally with
one man, for otherwise there is no holding to responsibility. It is not long since orders looking to
a stiffening or to restoring certain rules which had
fallen somewhat into laxity, on an important line
where a succession of calamities had occurred in a
brief time, were met by a rebellious disposition. A
sympathetic public that gives at least tacit aid to
successive wage demands largely overlooks the
natural result of impairing the ability of railway
managers to enforce the discipline that is necessary
for public safety.
ADAMSON BILL GOVERNING TRANSACTIONS OF
INDIVIDUALS,PARTNERSHIPS AND
CORPORATIONS.
The bill introduced in Congress by Representative Adamson some weeks ago (referred to in these columns December 20)
providing for a commercial directory, to be published by
the Secretary of Commerce, and the regulation of transactions of individuals, partnerships and corporations engaged in inter-State commerce is the subject of adverse
criticism by the Committee on Legislation of the New York
Board of Trade and Transportation. Its strictures are
embodied in a report which was submitted by the Chairman
of the Committee, Charles F. MacLean, at a meeting of the
Board on the 14th inst., and which is quoted as follows in
the "Board of Trade Journal.":
A NOTABLE BILL.
A notable bill (H. R. 9,763, substituted for II. R. 9,576) introduced by
Mr. Adamson would have an ntimate Federal account-keeping of the
situation and affairs—hitherto in this country considered personal and not
generally to be pried into—of every partnership and corporation engaged in
inter-State commerce, and this not for purposes of taxation or other admitted public concern, but for exposure to the curious or covetous.
It is entitled :
A BILL
To provide for a commercial directory and the regulation of transactions of
partnerships
and
individuals,
corporations engaging in inter-State
commerce :
Thereunder, if it becomes a law:
The Secretary of Commerce must prepare and publish, year by year,
The Commercial Directory of Inter-State and Foreign Commerce in the
United States (s. 1)•
Note.—The Committee's report sets forth at length the provisions of the
bill, which for lack of space we have omitted, but explained below.
The tasks of self-searching and disclosure for the sake of others,1 mposed
upon partnerships and partners, upon corporations and their managers,
are as repugnant to independence and true enterprise as they are novel.
The facts demanded and to be published would expose to unscrupulous and
predatory manufacturers and traders the ripened fruits of methods,acumen,
probity, care, diligence and experience—acquisitions of good will and
custom and customers, to safeguarding which the possessor has rights as
have designers and inventors to the protection of patents and trade-marks.
Such disclosures will encourage unfair competition now concerning economists and sought to be prevented by legislation abroad. It will swell the
ranks and help the raids of producers and sellers of inferior wares to be
palmed off as "just as good" as the products of manufacturers of reputation
gained by long courses of praiseworthy workmanship, fair dealing and
good business.
It will enable great concerns to obtain the trade secrets of the smaller,
and utilize them to crush out less potential rivals. It will make easy
acquisition of processes and methods, pursuit of which has provoked more
hostility between two great commercial nations than has the competition
of their vast armaments on land and sea.
Infused, or not, with animus against corporations, it overlooks American
aptitude and inclination for co-operation, long ago remarked by an acute
French observer. It ignores the measureless benefits corporations bring
and have brought to the country, whose development and prosperity would
have been impossible save for the aggregation of the savings of many unwilling to chance their all in single ventures, and in protection of the public
against monopolies of great enterprises of public utility, which, if attempted
at all, would be lodged in the hands of the country's few of vast capital and
credit, were the participation excluded of persons of small means, without
time, training or ability to look after large affairs.
Exaggerating to a fetish "competition", not defined or referred to any
standard, it forbids any director or stockholder, in one corporation to be a
director in another of like character, if the two are so situated that they
naturally should be competitors.
This repudiates the observation of economists and the lessons of common
experience that wages of superintendence, expenses of incidentals and the
upkeep of plants maintained as separate establishments, but which might
lie united, are at the cost of consumers and the general public.
Application of coal to iron-making benefitted the whole Union, though
It drove woodburning States out of iron-making.
[VOL. XCVIII.
Heedless or unaware of the exigencies of industries, the importance or
credit to purchasing power and the varied incidence of over-head charges
of wholesale and retail business (the latter often bringing loss rather than
gain to the manufacturer) it forbids selling commodities at different prices
to different persons and localities, except in so far as affected and justified
by difference in cost and transportation.
The bill puts a construction upon the clause of the Constitution empowering Congress to regulate commerce among the several States, not
divined by its framers, as appears from Madison's writings in the "Federaist," and not anticipated by the people on the submission of our great
charter.
As if under operation of the Congressional power to regulate commerce
among the several States, tne proposed law encroaches upon the reserved
rights and privileges of the States. It exacts from every partnership whose
transactions of any kind or amount exceed the limits of a single State.
disclosure of its business in its whole extent,so that in border towns partnerships of grocers or butchers, milkmen or icemen and the like, making sales
and deliveries, however petty, just over a State line will needs, as well as
the owners of a great mail order house or of a huge department store, fully
exhibit their financial strength and condition for listing and rating, or on a
week's default be liable for forfeitures far exceeding all their capital, plant
and stock in trade.
It imposes upon State officers and officials tasks for which they were not
chosen by election or appointment, and for which, however admirable theirfitness for the duties they undertook, they may not he qualified. It asks
these functionaries to issue, without compenstaion, certificates of particulars for which they must rely upon persons interested to mislead, under
liability on falsity in any essential particular of imprisonment for ten years,
besides a fine of $10,000.
It breaks down the power of a State, based in this Commonwealth upon
the agitation begun in 1883, to subject foreign corporations doing business
here to something of its control over corporations of its own creation, by
providing that any corporation complying with the provisions of this Act
may extend its operations and business into any other States without
license, tax, registration or restriction, except conformity with police laws
and regulations.
It overrides the policy of this State, approved by experience, that corporations created by it may, under prescribed conditions, begin business
without the full payment of their entire capital stock at par, that they may
stand on the same footing as other borrowers by issuing bonds based upon
good will and upon business, or for working capital, with purchasing power
bringing what they will fetch, and not sold solely for cash.
Breaches of the varied requirements of this enactment are visitable at
each turn by forfeitures, pains and penalties.
The affiant to a false statement is guilty of perjury, and so, "as is prescribed in the statute of the United States", liable to five years' imprisonment and a fine of $5,000. A partnership failing to file its statement forfeits $1,000 for each day of its default. Failure from any cause duly to
file the official certificate, perhaps unobtainable from an official unwilling
to sign what he does not know or reluctant to perform what he is not paid
for, creates a forfeiture of $1,000 for each day, besides the penalty of im
prisonment for ten years and a fine of $10,000 for the issue, acceptance or
filing of a certificate false in any essential particular. Each day's failure
of the chief officer of a corporation to file his subsequent certificate also
creates a forfeiture of $1,000.
An interlocking director is fineble $1,000 besides imprisonment for a
Year, and the offender may be tried and punished for each day's incumbency
as for a separate offense.
Discrimination in sales mulcts the corporation $100 for the person discriminated against, besides his reasonable attorney's fees and actual damages, and makes the agent or officer offending guilty of a misdeameanor
punishable by ninety days' imprisonment and $100.
Medievat-like, it brands as criminal a merger or combine resulting, without aforethought, in lessening competition, whether hurtful or helpful to
a single soul, or in one person's being director, manager or officer of more
than one such corporation, pronounces a ban upon its business by excluding
its wares from inter-State transportation lines, its products from the post
and its correspondence from the mails, renders its officers and agents, from
president to porter and forwarder, liable to imprisonment for ten years and
a fine of $10,000, and by excluding the resulting combination from all the
benefits of participation in inter-State commerce.
This puts a premium upon dummy directors and factitious stockholders.
It will atrophy a thriving industry in States fostering incorporations for
extraneous usage, but requiring a citizen as formal director and hostage.
The stated public forfeitures, imprisonments, penalties and prosecutions
seem copious. More so are the opportunities, attractions, even, for proceedings by or at the instigation of private persons; to the litigious for
aggressive defenses on technalities; to informers who, seeking the informJr's price and lawyer's costs, have brought about discriminating sales,
and to the blackmailer. Not to facilitate such proceedings, but conveniencing such worthies, wide distribution of the Directory is provided. Two
hundred copies are allotted to each Member of Congress; five hundred to
each Seantoriten thousand to the Secretary of Commerce; as many as may
be deemed advisable are to be on sale, and shall be sent to each one mentioned in the Directory. whoever would harry a corporation will be relieved of preliminary proof by having for the asking certified copies of the
certificate of the State authority over corporations, and of the sworn
statement of tne corporation's chief officer, which shall be admissible as
evidence in any court or proceedings to show the facts of issue, acceptance
and filing of the documents of which they are copies.
Ominous Indeed is the introduction of this notable bill by reason of the
eminence of its sponsor, distinguished and potential by services of over
a decade and a half, membership in all Congresses since the Fifty-fourth
and Chairman of the Committee having it in charge, supposably withal,
representative in such behalf of the Administration itself.
Respectfully submitted.
CHAS F. MACLEAN,
Chairman Committee on Legislation.
FRENCH DUTIES UPON FOREIGN SECURITIES.
An error occurred in our article under the above caption
last week. The transfer duty on securities payable to bearer
is 25 centimes per cent annually, not 20 centimes, as stated
by us.
This increases the amount to be paid into the French
treasury accordingly in the example cited by us. In other
words, as the transfer duty is calculated on the average
price of the shares during the preceding year, if we suppose
the price to be 520 francs the payment on an issue of 10,000
shares of 500 francs each (with one-half supposed to be in
ooze,25)
:
circulation) would be 6,500 francs,figured thus (521],[5
THE CHRONICLE
JAN. 24 1914.]
BONDS WHICH ARE AND BONDS WHICH ARE NOT
TAX-EXEMPT.
[TENTH ARTICLE.
We add still another to our series of articles classifying the
bonds of United States railroads so as to show which issues
contain tax provisions binding the companies themselves
to assume or pay any taxes they may be called upon to
deduct in making payments of interest and which issues are
without provisions of that kind. The matter is of importance in view of the Federal Income Tax Law, just enacted,
under which the Government undertakes to collect the
normal income tax of 1% at the source of the income, and
the companies are called upon to withhold the tax in making
Interest or coupon payments unless the holder of the bond is
exempt from the tax.
We began the series of articles in the "Chronicle" of Nov.22
pages 1467-1470. The second contribution appeared Nov.
29, pages 1549-1552; the third, Dec. 6, pages 1627-1629; the
fourth, Dec. 13, pages 1700-1702; the fifth, Dee. 20, pages
1788-1791; the sixth, Dec. 27, pages 1862-1864; the seventh,
Jan. 3, pages 43-45; the eighth, Jan. 10, pages 109-111, and
the ninth, Jan. 17, pages 201-203. The following shows the
companies whose securities were classified in these nine earlier
numbers:
Ala. Great Sou. RR.,Jan. 17, P. 201. East Carolina By., Dec. 27, p. 1863.
Ala. Tenn.& Nor.Ry.,Jan. 10,p.110. E. Tenn. & W. Nor Caro. RR.,
Ala.& Vicksburg ity.,Dec.27,p.1863.
Jan. 10, p. 111.
Allent'n Term. RR., Dec. 20,p.1790. El Paso & N.E.Co„ Dec.6, p. 1628.
Amador Central, Dec. 20, p. 1790.
El Paso Union Passenger Depot Co.,
Ann Arbor RR., Dec. 27, p. 1863.
Dec. 27, 13• 1863.
Ark. La.& Gulf By.,Jan. 10, p. 110. Fitzgerald Ocilla & Broxton RR.,
Ashland C.& I. Ry., Jan. 10,P. 110.
Dec. 27, P. 1863.
Atch. Top.& S. Fe, Nov.22, p. 1468. Florida Central RR., Dec.13.p.1700.
Athens Term. Co., Dec. 27, p. 1863. Florida E.Coast Ry.,Dec.13,p.1701.
Atl. Birm.& Atl. RR.,Jan. 17, p.201 Fonds John.& 0lov.,Dec.27,p. 1863.
Atlantic Coast Line Co. (of Conn.) Ft. Smith & West.,Jan. 17,P.202.
Fort St. Union Depot,Dec.13,p.1701.
Dec. 6, p. 1627.
Atl. Coast Line RR.,Dec.27,p. 1863. Galveston Wharf Co.,Dec.27.p.1863.
Atl. & Danville Ry., Jan. 10, p. 110. Georgia & Florida Ry.,Jan.10,p.111.
Atlanta Term. Co., Dec. 27, p. 1863. Georgia Fla.& Ala., Dec. 27, p. 1863.
Augusta South. RR.,Jan. 10, p. 110. Georgia RR.& Banking Co.,Dec.13,
p. 1701.
Augusta Un. Sta., Jan. 10, p. 110.
Gr.Rap.& Northw.,Dec.13,p.1701.
Bait. & Ohio. Nov. 22, p. 1468.
Bangor & Aroostook,Dec.13,p.1700. Great Northern By.,Nov.22.p.1469.
Bangor & Aroostook RR. (correc- Green Bay & W.RR.,Dec.27,p.1863.
Greenw.& Johnsonv.Jan. 10, p. 111.
tion). Dec. 27, p. 1863.
Belfast & Moorehead Lake, Dec. 20, Gulf Fla.& Ala. By. bee.6,p. 1628
Gulf
& Sabine Riv., Dec. 13, p. 1701.
p. 1790.
Bellefonte Cent.RR.,Jan. 10,p. 110. Gulf & Ship Isl., Dec. 13, p. 1701.
Belt By. of Chatt., Jan. 17, p. 202. GulfTex.& West.Ry.,Dec.27,p.1863.
Belt RR.& Stock Yards of Indianap- Hampshire South.. Dec. 13. D. 1701.
Hocking Valley By.,Jan. 3,P. 44.
olis, Dec. 13. p. 1700.
Hoosac Tun.& Wilm.,Jan 10,p. 111.
Bing.& Garfield, Dec. 20, p. 1790.
Birm.& Northw.Ry.,Dec.27,p.1863. Houston Belt & Ter.,Dec.27,P.1864.
Southeast.,
Jan. 17, p. 202. Huntingdon & Broad Top Mtn.RR.
Birm. &
& Coal Co., Dec. 13, p. 1701.
Bloomsb.& Sullivan, Jan. 10, P. 110.
Boca& Loyalton RR.,1)ec.27,p.1863. Ida.&Wash.Nor.RR.,Dec.20.p.1864.
Boston & Alb. RR., Dec. 6, p. 1627. Illinois Central RR. Jan. 3.P. 44.
Illinois South. Ry., bee. 27, p. 1864.
Boston & Maine, Dec. 20, P. 1790.
Boston Term. Co., Dec. 6, p. 1627. Illinois Term. RR., Dec. 13, p. 1701.
Indiana Harbor Belt. Dec.20,p.1789.
Brinson By., Dec. 20, p. 1790.
Buffalo Creek RR., Dec. 6, p. 1627. Indianan. Union Ry.13ec.27,p 1864.
Buff. Roch. & P.. Nov. 29. p. 1551. Interboro-Met. Co., bee.13,p.1701.
Cairo & Thebes RR.Dec. 13.p.1700. Interborough R.T.. Dec.13. p.1701.
Caro. Clin. & Ohio, Dec. 13, p. 1700. Int.& Grt. Nor. Ry., Dec.6. P.1628.
Central of Georgia. Dec. 13, p.1700. Joplin Un. Dep. Co.,Dec.27, p. 1864.
Central RR.of N.J., Jan. 10, p. 110. Kanawha Bridge & Terminal Co.
Dec. 27, P. 1864.
Central RR.of S.0,Jan. 10, p. 110.
Charleston Term., Dec.20, P. 1790. Kanawha & Mich.. Dec. 13, p. 1701.
Charleston Un. Sta.. Dec. 20.p.1790. K. C. Shr.& Gulf Ter„Jan.17,p.202.
Charl.& W.Car.Ry.,Jan. 10,P. 110. Kan. City Sou. By., Dec. 27. p.1864.
Chattahoochee & Gulf,Jan. 3, p. 43. Kan. City Term. Ry.,Jan. 17,p. 202.
D
Ky.& Ind. Term., Dec. 13, p. 1701.
ChattahoocheeV.Ry.,ec.27.p.1863.
Chattanooga Sta. Co.,Jan.10,p.110. Keokuk & Hamilton Bridge Co..
Dec. 13,P. 1701.
Ches. & Ohio By., Jan. 3, p.43.
Chested.& Lanc.RR.,Jan. 10, p.110. Kewaunee Gr.B.&W.,Dec.27,p.1364.
Chic.& Alton RR.,Nov. 29. p. 1551. Lake Erie & West., Dec. 20. p. 1789.
Chic. Burl. & Q.. Nov. 22. P. 1469. Lake Shore & M.S., Dec.20, p.1789.
Chic.& E. Ill. RR.,Dec. 27,P. 1863. Lake Sup. & Ishp., Dec. 13. p. 1701.
Chic. Grt. Western, Dec. 13,p. 1700. Laramie Hahn's Peak & Pacific Ry.,
Dec. 13, p. 1701.
Chicago Heights Terminal 'Transfer
Lehigh Coal & Nav.Co.,Jan.17,p.202
RR., Dec. 13, P. 1700.
Leh.& Bud. River, Dec. 13. p. 1701.
Chic. & Ill. West., Jan. 17, P. 202.
Chic. Ind.& Lou. By. Jan.10,p.110. Leh.& New Eng. RR.,Jan.17,p. 202.
Chic. Ind. & Sou.. Dec. 20, p 1789. Lehigh Valley RR.,Nov.29. p. 1551.
Chicago Junction RR.,Jan.10, p.110. Lime Rock 12R., Dec. 27, p. 1864.
Litchi. & Madison, Dec. 13, p. 1701.
Chic. Mil.& Gary. Jan. 10, p. 110.
Chic.Milw.& St.P., Nov.29,p.1551. Live Oak Perry& G.,Dec.27, p.1864.
Chicago & N. W., Nov. 22,P. 1469. Long Island, Dec.20,p. 1789.
Ch.Peo.& St.L.RR„Dec.27,p. 1863. Lorain Ashl. & Sou.,Dec.27, po.1864.
Chic. Rh'. & Ind.. Dec. 20. p. 1790. Lorain & W.Va., Dec. 13,p. 1701.
Chic. R. I.& Pac., Nov. 29. P. 1551. La.& Ark. Ry., Jan. 3, p. 44.
Ch. St. P.M.& 0.. Nov.22. p. 1469. La.& Northw. RR.,Dec.27,P. 1864.
Chic. T.H.& S.E.,Dec.13 p.1700. La. Ry.& Nay. Co., Dec. 27, p.1864.
Chic.& W.Ind.RR. Jan. 10, p. 110. Louisiana Sou. Ry.,Dec. 27, P. 1864.
C.0.C.& St. L.. lice. 20. p. 1790. Lou.Irend. & St. L. Jan. 10, p. 111.
Lou.& Jeff. Bdge., Dec. 13. p. 1701.
Cincin.-Nashy. Sou., Jan. 3,p.44.
Coal & Coke By., Dec. 20, p. 1790. Louisv. & Nash., Nov. 22, p. 1469.
Colo. Eastern RR.,Dec. 27, P. 1863. Macon & firm. By., Jan. 10, p. 111.
Colorado Midland, Dec. 20. P. 1790. Macon Dub.& Say., Jan. 10, p. 111.
Colo. & South. By., Jan. 10, p. 110. Maine Central RR., Dec. 6, p. 1628.
Columbia Newberry & Laurens RR., Manhattan(Elev.) Dec. 13, p. 1701.
Manistee & N.E.RR.,Dec.27,p.1864.
Jan. 10 p. 110.
Combination Bridge. Dec.20,p. 1790. Manistique & Lake Superior RR.,
Dec. 27,13. 1864.
Copper Range, Dec. 20, p. 1790.
Coudersp.& Pt. Alleg.,Jan.10,p.110. Manitou & Pike's Pk.,_Dec.27,p.1864.
Cripple Cr. Cent. By. Dec.6,p. 1627. Marshall & E. Tex. lD
1864.
Cumb.& Penn. RR. Dec.13,p.1700. Maryland & Penn., Dec.
bee. 13. p. 1701.
Cumberland Corp., Dec. 13, p. 1700. McCloud River RR..Jan. 10,p. 111.
Cumberland RR., Dec. 13, p. 1700. Mom.Dallas & Gulf, Dec.27,p. 1864.
Del.& Hudson Co., Dec. 20. p. 1790. Mem.Un.Sta, Co„„Dec. 13, p. 1701.
Del. Lack.& West.. Nov. 29,p. 1551. Michigan Central, Dec. 20, p. 1789.
27, p. 1863. Midland Continental,Dec.27,p.1864.
Den. Boul. & W. Dec.D
Den. Lar. & N. W.,Dec. 27, p. 1863. Midland Valley RR. Dec.13.p 1701.
Denver & Rio Grande and subsidi- Mineral Range RR.,Jan. 3, p. 44.
aries. Nov. 22, p. 1469.
Minn. & St. L., Nov. 29, p. 1551.
Deny. & Salt Lake, Jan. 10, p. 111. Minn. Red L.& Man.,Jan.17,p. 202.
Des Moines Union, Dec. 13, p. 1700. Minn. St. P.& 8.5. M.,Jan.3, p.44.
Dot. Bay Cy. & W., Jan. 10, p. 111. Mississippi Cent.. Dec. 13. p. 1701.
Detroit & Mackinac,Dec.13. p.1700. Mo.& N.Ark. RR.,Dec.27, p.1864.
Dot.& Tol. Sh. Line. Jan. 10, p. 111. Miss. Ark. & West., Jan. 17, p. 202.
Dul. Sou. Sh. & Att.. Jan. 3. i3. 44. Missouri Kansas & Texas By., and
proprietary cos., Jan. 17, p. 202.
Dunkirk Alleg. Valley & Pittsburgh,
Dec. 20, P. 1790.
Mo. Pee., incl. St. L. I. M.& Sou.,
Durham Un. Sta.Co..Dec.27.p.1863.
Nov. 22, p. 1469.
Bast Broad Top RR. & Coal Co.. Mobile & Ohio RR.. Dec. 6. p. 1628.
Mont. Wyo.& Sou..Dec.13,p.1701.
Dec. 13, p. 1700.
27t
Salt Lake City Union Depot & RR.:
Montour RR., Jan. 17, p. 202.
Dec. 13, p. 1701.
Morgantown & Kingw.,Jan.17,p.202
Salt Lake &L.A.,Jan. 10,p.111.
Munising By.. Dec. 13. p. 1701.
Nash.Chatt.& St. L.,Nov.29,p.1551. San Ant. Uvalde & Gulf,Jan. 3,9.44.
Nashville Term. Co., Jan. 10, p.111. San LuLs Southern Ry., Jan. 3,p. 44.
Nev.-Cal.-Ore. Ry.,Dec. 13, p.1201. S.S.Marie Bdge. Co.,Dec.13.p.1701.
Nev. Copper Belt, Dec. 27, P. 1864 Sayan.& Statesboro,Jan. 10, p. 111.
New Mex.Cent. RR.,Jan.10, p. 111. Savannah Un. Sta. Co.,Jan.10,p.111.
N.0.Grt. Nor. R R.,Dec.27.p. 1864. Seaboard Alr Line, Jan. 10,p. 111.
N.0. Mob.& Chic.,Dec.27,p. 1864. Shannon Arizona. Dec. 20. P. 1790.
N.O.& N.E. RR.,Dec.27, p. 1864. Sierra By. of Calif., Jan. 3, P. 44.
N.Y. Central & Hudson River So. Caro. Pac. Ry., Jan. 10, p. 111.
So. Caro. & West., Dec. 13. p. 1701.
Nov.•22. p. 1469.
N. Y. Central Lines West of Buffalo. South Georgia By., Jan. 3, p. 45.
Dec. 20, p. 1788.
So. Ill. & Mo.Bdge. Co..Jan.3,p.45.
N. Y.Chic.& St.
Dec. 20,p.1789. Southern Pacific Co. and proprietary
N. Y. N. H. & II. RR., and subsidicompanies. Dec. 6. p. 1628.
ary companies. Jan. 17, p. 202.
Southern By., Dec. 6, p. 1629.
N. Y. Ont.& West.. Nov. 29.p.1551. Southwestern By.(Tex.)Jan.3,p.45.
Nezperce & Idaho, Dec. 27, p. 1864. Spokane Internat. By.,Jan. 3, p.45.
Norfolk & Portsmouth Belt Line RR. Spok.Int.(correction),Jan.10,p.111.
Dec. 27, p. 1864.
Spok.Port.& Seat. Ry.,Jan. 3,13.45.
Norfolk Southern RR.,Jan.10,p.111. State Line & Sullivan.Dec.13,p.1701.
Norfolk Term. By., Jan. 17, P. 202. Tampa & Gulf Coast,Jan. 17,P.202.
Norf.& West. By., Nov. 29. p. 1552. Tampa & Jacksonv., Jan. 17, p. 202.
Nor. Pacific By., Nov. 22, p. 1469. Tampa Northern RR., Jan. 3. p. 45.
Nor. Pac. Term. Co., Jan. 3, p. 44. Tenn. Ala.& Ga. RR.,Jan. 17, p.202
Norwood & St. Law.,Dec.13,p. 1701. Tenn. Central RR., Jan. 17. p. 203.
Ohio & Kentucky, Dec. 13. p. 1701. Tenn.& No.Caro.. Dec. 13, p. 1701.
Oil Belt Ry., Jan. 3, p. 44.
Tennessee Ry., Dec. 20, p. 1790.
Oklahoma Cent. By., Jan. 3, p. 44. Term.RR.Assn.of St.L.,Jan.3,p.45
Opelousas Gulf& North Eastern By.. Term. By.of Buff., Dec. 20, p. 179
Jan. 10, p. 111.
Texas & Pac. Ry., Nov. 29. p. 155
Oregon & Southeastern,Jan. 3,p.44. Tol. & Ohio Cent., Dec. 20, p. 178
Pacific & Eastern By., Jan. 3, p. 44. Tol. St. L.& W.,Nov. 29, p. 1552.
Pac. & Idaho Nor., Jan. 10, p. 111. Tonopah & Goldf., Dec. 20, p. 179
Paris & Mt.Pleasant RR.,Jan.3,p.44. Tor. Ham.& Buff.. Dec. 20. p. 178
Pennsylvania RR.and Affiliated Cos. Transylvania RR.,Jan. 10, p. 111.
East of Pittsburgh,Dec.20.p.1789. Tremont Sc Gulf Ry.,Jan. 3, p.45.
Pennsylvania Lines West of Pitts- Ulster & Delaware RR..Jan.3,p.45.
burgh, Dec. 6. P. 1628.
Union Pacific and subsidiaries,
Nov. 22, p. 1470.
Pensacola Mob.& N.0.,Jan. 3,p.44.
Peoria & Pekin Union. Jan. 3. p. 44. Union Terminal Co. of Jacksonville,
Jan. 17. p. 203.
Peoria By. Term. Co.,Jan. 17,p.202.
Pitts. & Lake Erie, Dec. 20, P. 1739. U. S. Steel Corporation and subsidiaries. Dec. 13. P. 1702.
Pitts. Lisb. & West., Jan. 17,P. 202.
Pitts. Shaw.& Nor.,Dec.13.p. 1701. Va.& Caro. Sou. RR.,Jan. 3, p. 45.
Pittsburgh Terminal RR.& Coal Co.. Virginian By.. Dec. 13, p. 1701.
Vick. Shr.& Pac.Ry.,Dec.27.p.1864.
Dec. 20. D. 1790.
Pueblo Un. Dep.& RR.,Jan.3.p.44. Wab.Ches.& West., Jan.3,9.45.
Puget Sound & Winona Harbor Ry.. Wabash-Pitts. Term.,Dec.20,p.1790.
Wabash RR., Nov. 29.p. 1552.
Jan. 10, p. 111.
Railroad ecur. Co., Dec.20. p.1790. Wabash (correction), Jan. 10, p. 111.
Raleigh & Charleston, Jan. 10, p.111. Wash. & Col. Riv.. Jan. 17, p. 203.
Rap.Cy.,BlackH.& W Jan.3.p.44. Washington Term. Co.Jan.17.p.203
Western Maryland By..Jan.3. p.45.
Raritan River RR, Jan. 3,p. 44.
Western Ry.of Ala.,Dec.13,p.1701.
Reading Co., Dec.6. p. 1628.
Wheel.& Lake Erie, Dec.20.p.1791.
Rockingham RR.,Jan. 3. p. 44.
Roscoe Snyder & Pac., Jan.10,p.111. White & Black River Valley, Dec.20.
Rutland RR.. Nov. 22, P. 1469.
p. 1791.
Wichita Un.Term. Ry..Jan.3,9.45.
St. Jos. & Gr. Isl., Jan. 3. p. 44.
St. L.Rocky Mt.& Pac..Jan.3,p.44. Williamsy.Greenv.&St.L.,Jan.3.p.45.
St. L.& S. Fr. RR.,Nov.29. p. 1551 Wisconsin Central Ry.,Jan.3, p.45.
St. L.& S. F.(correc'n).Jan.17,p.202 Wise, & Mich. By., Jan. 17, p. 203.
St. L. Southw.. Nov. 22. p. 1470.
Winona Bridge Ry., Jan. 3..p. 45.
St. Paul Br. & Term.. Jan. 3, p. 44. Wrightsv. & Tennille. Jan. . p. 45.
St. Paul Union Dep.Co.,Jan. 3,p.44.
To the foregoing we now add 20 additional companies,
as follows:
Atchison & Eastern Bridge Co.
Bellingham & Northern By.
Buffalo & Susquehanna RR. Corporation.
Buffalo & Susquehanna By.
Cincinnati Hamilton & Dayton By.
Cincinnati New Orleans & Texas Pacific By.
Coeur d'Alene & Pend d'Oreille By.
Durham & South Carolina RR.
Elkin & Allegheny Ry.
Erie RR. and subsidiaries.
Georgia Coast & Piedmont RR.
Harriman & Northeastern RR.
Jonesboro Lake City & Eastern RR.
Kansas City & Memphis Ry.
Niagara Junction By.
Pere Marquette RR.
Quanah Acme & Pacific By.
San Pedro Los Angeles & Salt Lake RR.
Tavares & Gulf RR.
Virginia & Southwestern By.
ATCHISON & EASTERN BRIDGE.
Issurd with Tax-Exemption Clause,
Int. Maturity Date. Outstand'y
First mortgage 4s
July 1 1928
J-J
9469,000
BELLINGHAM & NORTHERN RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Data, OutstandV.
Bell. Bay & Brit. Col. 1st mtge. 55
J-D
Dec. 1 1932
8619.000
BUFFALO & SUSQUEHANNA RAILROAD CORPORATION.
Issued with Tax-Exemption Clause.
Int, Maturity Date. Outstand'g.
J-J Jan. 1 1964 abt.$6,559,000
First mortgage 4s
BUFFALO & SUSQUEHANNA RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Otastand'g.
A-0 April 1 1953 *$6,000,000
First mortgage 4348
Equipment trusts—
To Jay 191
Series A 5s idue $43,000 semi-ann.
215 000
Series B 5s due $27,000 semi-ann. ____A-0 To Apr. 191
189,0
Series C 5s due $45,000 semi-ann. ____F-A• To Aug. 191
360,0
To Aug. 191
Series D 5s due $15,000 semi-ann. .._....F-A
120,0
* In default.
• CINCINNATI HAMILTON & DAYTON RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Dap. Outstand',
Second (now first) mtge. 4348 (RR.)—__J-J
Jan. 1 1937 $2,000,11 t
J-D
Gen. mtge. 55 (RR.) ($7.800.000)
June 1 1942 3,000,1
First and ref. mtge.4s(Ry.)(875.000.000) J4
July 1 1959 a15.941,0••
July 1 1939 b20,000, ii
Gen. mtge. (var.) (Ry.) ($20.000.000) J-J
A-0 April 1 1942
Cin. Dayton & Chicago 1st mtge. 4s
1,200.i I I
M-N May 1 1941
Cin. Dayton & Ironton 1st mtge. 5s
3,500.00
Cin. Findlay & Ft. Wayne 1st mtge.4s__M-N Nov. 1 1923
1,150,00
J4
Jan. 1 1935
Indiana Decatur & West. 1st mtge. 55
3,162.00
Jan. 1 1953
4,722.11 •
Cin. Indianap.& West. 1st & ref. mtge 48_.74
M-N Nov. 1 1939
Piqua & Troy first mortgage 4s
250.000
Equipment trusts434% notes ue $54,000 semi-anntA-0 To Apr.11910 270.II,
semi-ann.
A-01
$92.000
To
notes
due
Oct.
1914
184,I I I
434%
J-D
To June WO 1.608.II
Series A 5s (due $116.000 semi-ann.
272
THE CHRONICLE
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
J-J
Jan. 1 1931 $2,728.000
Dayton & Mich. first mortgage 4%s
a Includes June 30 1913, $447,000 in treasury and $6,317,000 collateral
for temporary loans. b Includes $2,264,000 in treasury and $207,000
collateral for temporary loans.
CINCINNATI NEW ORLEANS & TEXAS PACIFIC RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Eq. trust 4%s, Ser. B (due $97,000 s.-a.) _M-N To May 1916 $485,000
Eq.trust 4%s,Ser.0(due $50,000 s.-a.)M-N15To May 1921
750,000
COEUR D'ALENE & PEND D'OREILLE RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s
J-J
July 1 1960 *$544,000
*Free of United States taxes. Bonds are guaranteed, principal and interest, by endorsement, by the Spokane International Ry., which leases
the road for 50 years.
DURHAM & SOUTH CAROLINA RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s
J-J
July 1 1935
$300,000
ELKIN & ALLEGHENY RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
First mortgage 6s
July 1 1941
$144,000
Income mortgage (to 6%)
Oct. 1 1941
120,000
ERIE RAILROAD AND PROPRIETARY COMPANIES.
'
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-.)Prior lien 4s ($35,000.000)
Jan. 1 1996 $35,000,000
J-J
General lion 4s ($110,000,000)
Jan. 1 1996 35,885,000
IA-0 Apr. 1 1953 10,000,000
Cony. M.4s, her. A 1$50,000,000
1A-0
Cons'. M.4s, Ser. B
Apr. 1 1953 11,015,000
J-J
Buff. & S. . Div. 2d M. .).s
July 1 1918
1,000,000
Feb. 1 1951 34,000,000
Penna. coll. tr. mtge. 4s ($36,000,000)_ _ _ _F-A
Collateral trust 6% notes
A-0 8 Apr. 8 1914 12,500,000
A-0 Oct. 1 1914
Three-year 5% notes
4,550,000
A-0 Apr. 1 1915 10,000,000
Three-year 5% collateral notes
M-N May 1 1947
N.Y.& Erie 1st M.(ext. 1897)4s
2,482,060
J-D
5th mtge.(extended 1888) 4s
June 1 1928
a709,500
Buff.& S. W. lsc, M.(extended 1908) 5s_ J-J
July 1 1918 b1,500,000
Newburg & N. Y. 1st M.(ext. 1889) 58
J-J
Jan. 1 1929
e250,000
Equipment trustsJ-D
To June 1915
Series 11 4s (due $100,000 s.-a.)
300,000
J-D
Series I 48 (due :3350,030 s.-a.)
To June 1916 1,750,000
J-J
Series M 5s (due $29,000 s.-a.)
To July 1917
203,000
Series N 58 (duo $152,000 s.-a.)
A-0 To Oct. 1917 1,316,000
Series 0 5s (due $50,000 8.-a.)
A-0 To Oct. 1917
400,000
Series Q 43s (due $230,000 s.-a.)
F-A
To Aug. 1921 3,450,000
F-A. To Aug. 1922 1,836,000
Series It 44s (due $108,000 s.-a.)
J-D
Series S 4%8 (due $5100,000 8.-a.)
To Dec. 1922 1,800,000
Series T 4s (dua $63,000 s.-a.)
J-D15 To J'ne 1523 d1,254,000
J-D15 To J'ne 1523 d1,000,000
Series V 5s (due $100,000 yearly)
M-S To Sept. 1923 1,120,000
Series AA (due $56,000 s.-a.)
Controlled PropertiesBergen Co. 1st M.(extended 1911) 5s
A-0 Apr. 1 1921
200,000
_A-0 Apr. 1 1919
2,800,000
Jefferson 1st M.(extd. 1909) 5s
July 1 1927
204,000
Honesdale Branch 1st M.(extd. 1887)4s J-J
Jan. 1 1929
Second mtge.(extd. 1889) 6s
96,000
J-J
N.Y.& G'wood Lake prior lien 58_ _
M-N May 1 1946
1,471,000
400,000
New Jersey & N. Y. 1st M.(extd. 1910) 5s M-N May 1 1950
Jan. 1 1933
J-J
Gen. mtge. 5s ($1,200.000)
629,500
7,500,0n0
Long Dock Co. consol. M.6.s (now Ist)A-0 Oct. 1 1Q.'
July 1 1915
J-J
Blossburg Coal Co. 1st M.5s
e400,000
Jan. 1 19:38
J-J
Clev.& Mah. Val. 1st cons. M.5s
2,936,000
Jan. 1 2000
Nor. RR.of N.J. gen. M.4%s($1,000,000)J-J
154,000
J-D
June 1 1919
Sharon Ry. 1st mtge. 4%s
164,000
July 1 1917
J-J
New Castle & Shen. Val. 1st M.6s
250,000
Co.
(exImpt.
Dock
&
N. Y. L. E. & W.
J-J
July 1 1943 13,396,000
tended 1913) 58
New York Susquehanna & Western RR.Apr. 1 1940
Midland RR. 1st M.(extd. 1910) 5s___ _A-0
3,488.500
Paterson Ext. lst M.(extd. 1910) 58_ _ J-D
June 1 1950
200,000
Dec. 1 1940
Passaic & N. Y. 1st M.(extd. 1910) 5s_ _J-D
70,000
'Terminal 1st M.5s
M-N May 1 1943
2,000,000
Eq. tr. 4%s,Ser. A (due $40,0008.-a.) F-A
To Aug. 1921
600,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
M-S Sept. 1 1919 $2,149,000
N . Y. & Erie 2d M.(extd. 1879) 5.s
M-S Mar. 1 1923
Third mtge. (extd. 1883) 4%8
4,617,000
A-0 Oct. 1 1920
Fourth mtge.(extd. 1880) 58
2,926,000
J-J
July 1 1931
Erie By. 1st mtge.48(Buffalo Branch)
182,400
M-S Sept. 1 1920 16,891,000
First consol. M.7s ($30,000,000)
M-8 Sept. 1 1920
N.Y.L.E.& W.1st cons. M.7s
3,699,500
J-D
June 1 1916
Buff. N.Y.& Erie 1st M.7s
2,380,000
M-N May 1 1982 12,000,000
Chicago & Erie 1st M 5s
Oct. Oct. 1 1982 010,000,000
Income 58 (non-cum.)
J-J
Chic. & Atl. Term. 1st M 5s
July 1 1918
300,000
Equipment trustsM-N To Nov. 1916 302,000
Series J 48 (due $47,000 s.-a.)
F-A
To Feb. 1917
Series K 4%s (due $29,000 s.-a.)
174,000
J-J
To July 1917 749.000
Series L 58 (due $107,000 8.-a.)
Series U 5s(due$117.0000r$118,000s.-a.)J&J To Jan. 1 1923 2,233,000
Controlled PropertiesJ-J
July 1 1928
Goshen & Deckertown 1st M 6s
186,500
M-N Nov. 1 1929
Second mtge. 68
60,000
Montgomery & Erie 1st M.(extd.'86) 5s_ _M-N May 1 1926
130,000
A-0 Oct. 1 1927
Second mtge. (extd. 1887) 5s
40.500
J-J
July 1 1917
• Nor. RR.of N. J. 3d (now 1st) M.6s
654,000
J-D
June 1 1919
Bath & Hammondsport 1st mtge. 58
100,000
A-0
Apr. 1 1923
Second mortgage 5s
200,000
N. Y. L. E.& W.Coal & RR. 1st M.6s_ _ _M-N May 1 1922
1,100,000
M-S Mar. 1 1935
N.Y.Pa.& Ohio prior lien 4%s
8,000,000
M-N Nov. 1 1915
Tioga RR. 1st M.(extd. 1882) 5s
239,500
New York Susquehanna & Western RR.
J-J
Jan. 1 1937
First refunding mtge. 58
3,745,000
F-A
Feb. 1 1937
Second mtge.438 ($1,000,000)
447,000
General mtge. 58 ($3,000,000)
F-A
2,552,000
Aug. 1 1940
June 1 1942
Wilkes-Barre & Eastern 1st M 58
J-D
3,000,000
a The coupons state that the amount called for therein shall be payable
"free of all taxes, wheresoever imposed."
b Company promLses to pay interest "free from and without any deduction for any income or other tax which may now or hereafter be imposed,"
company "agreeing to assume and pay any such tax."
c Principal and interest payable 'free of all tax levied thereon by the
Government of the United States ."
d Principal and interest payable without deduction under any present
or future law of any State,county or municipality.
e Principal and interest payable free from all taxes imposed by the United
States or Pennsylvania.
f Principal and interest payable free from all taxes imposed by the United
States or New Jersey.
g All of this issue except $98.000 is owned by the Erie RR. and pledged
under its first consol. mortgage of 1996.
[VOL. xovxu.
HARRIMAN & NORTHEASTERN RAILROAD.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 6s
J-J
Jan. 1 1916
$300,000
JONESBORO LAKE CITY & EASTERN RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
M-S Sept. 1 1925
First mortgage 5s ($1,000,000)
$550,000
KANSAS CITY & MEMPHIS RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date, Outstand'g.
M-N May 1 1961
First mortgage 5s
$496,000
J-J
Jan. 1 1947
Ark. Okla. & West. 1st mtge. 65
300,000
NIAGARA JUNCTION RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 58
Aug. 1 1922
F-A
$175,000
PERE MARQUETTE RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
Refunding mortgage 4s
Jan. 1 1955*$10,106,000
_J-J
Impt. & ref. gen. mtge. 5s ($60
Mar. 1 1961 116,000,000
Collateral 6% notes (foreclosed)
8 000:000
1‘1
JJan
Mar.
.1
11
186
2
13:
Cellateral trust mortgage 4s
000
Consolidated mortgage 4s ($50,000,000 J-J
8,382,000
Jan. 1 1951
Debenture 6s
J-J
July 1 1912 *5,01)0,000
Lake Erie & Dec,. Rh'. Div. coll. tr. 4%s_F-A
3,000,000
Aug. 1 1932
Chic. & West. Michigan 1st mtge. os
J-D
5,758,000
Dec. 1 1921
Chic. & North Mich. 1st mcge. 58
M-N May 1 1931 a1,667,000
Dot. Grand Rap.& West. 1st consol. M.4s A-0
April 1 1946
5.379,000
Flint & Pere Marg. 1st mtge. 4s and 6s_ _A-0
Oct. 1 1920 a5,000,000
First consolidated mortgage 5s
M-N May 1 1939 a2850,000
Pere Marq. of Ind. 1st mtge. 4s
M-N May 1 1943
675,000
Grand Rapids Belding & Sag. 1st mtge. 5s_M-S Mar. 1 1924
260,000
Equipment trustsSeries A 54 (due $64,000 somi-ann.)_ __ _A-0 To Apr. 1919
704,000
Series B 5s (duo $68,000 semi-ann.)_ _ _ _A-0 To Apr. 1919
748,000
To June 1921
5% equip. notes(due $44,000 semi-ann.) J-D
660.000
R.Winthrop&Co.4%s(due$76,000s.-a.) A-0 To Oct. 1914
152,000
s.-a.)_A-0
Am. Car & Fdry. 6s (due $40,000
April 1914
40,000
Kleybolte equip. 4%s (duo part s.-a.)A-0
April 11910
206,230
Issued without Reference to
Int.
F. & P. M. Pt. Huron Div. 1st mtge. 5s_ _A-0
Toledo Div. first mortgage 54
J-J
Saginaw Tus. & Huron 1st mtge. 44
F-A
Taxes.
Maturity Date. Outstand'g.
April 1 1939 $3,325,000
400,000
July 1 1937
Aug. 1 1931
1,000,000
* In default. I Denosited under collateral notes of 1911 and sold at
auction on Mar. 25 1913 to the committee representing the note holders.
a Principal and interest payable free of U. S. Government tax
QUANAH ACME & PACIFIC RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g •
$958,000
A-0 Oct. 1 1939
First mortgage 6s
SAN PEDRO LOS ANGELES & SALT LA.KE R ILLR AD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
July 1 1961 $55,155,000
J-T
First mortgage 4s ($70,000,000)
TAVARES & GULF RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'o.
$299,003
J-J
July 1 1915
First mortgage 54
VIRGINIA & SOUTHWESTERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
J-J
Jan. 1 2003 $2,000,000
First mortgage 58
A-0
April 1 1958
5,000,000
consol.
mtge. 5s ($7,000,000)
First
M-N To Nov. 1921
400,000
Eq. tr. 4%8,ser. E (due $25,000 s.-a.)
403,000
Eq.tr. 5s,ser. F(due $22,000&$21,000s.-a.)J-D15 ToJunel5'23
PRESIDENT WILSON'S MESSAGE ON TRUST
LEGISLATION.
President Wilson's long-heralded message on the question of trust legislation was read by him at a joint session of
Congress on Tuesday afternoon last, Jan. 20. In his message
the President advocates laws which will effectively prohibit
and prevent interlockings of the personnel of the directorates
of corporations; a law which will confer upon the Inter-State
Commerce Commission power to superintend and regulate
financial operations of railroads; further and more legislative
definition of the policy and meaning of the Anti-Trust Law;
the creation of an Inter-State Trade Commission; the prohibition of holding companies,and the giving to private individuals the right to claim redress in anti-trust suits won by
the Government. The President goes so far as to suggest
whether owners of stock in several companies "which ought
to be independent of one another" should not be compelled
to choose in which of them they will exercise their voting
right. We give below the message in full:
Gentlemen of the Congress:
In my report "on the state of the Union," which I had the privilege of
reading to you on the 2nd of December last, I ventured to reserve for discussion at a later date the subject of additional legislation regarding the
very difficult and intricate matter of trusts and monopolies. The time
now seems opportune to turn to that great question; not only because the
currency legislation, which absorbed your attention and the attention of
the country In December, is now disposed of, but also because opinion
seems
to be clearing about us with singular rapidity in this other great
GEORGIA COAST & PIEDMONT RAILROAD.
field of action. In the matter of the currency it cleared suddenly and very
Issued with Tax-Exemption Clause.
happily after the much-debated Act was passed; in respect of the monopoInt. Maturity Date. Outstand'g. lies which have multiplied about us, and in regard to the various means
M-S Mar. 1 1946
irst mortgage 40-year 5s
$140.000
A-0
April 1 1962
lrst mortgage 50-year 5s_
2,000.000 by which they have been organized and maintained, it seems to be coming
come Debenture
Sept. 1 1932
250,000 to a clear and all but universal agreement In anticipation of our action,
JAN. 24 1914.1
THE CHRONICLE
as if by way of preparation, making the way easier to see and easier to set
out upon with confidence and without confusion of counsel.
Legislation has its atmosphere, like everything else, and the atmosphere
of accommodation and mutual understanding which we now breathe with
so much refreshment is matter of sincere congratulation. It ought to make
our task very mucn less difficult and embarrassing than it would have been
had we been obliged to continue to act amidst the atmosphere of suspicion
and antagonism which has so long made it impossible to approach such questions with dispassionate fairness. Constructive legislation, when successful, is always the embodiment of convincing experience, and of the mature
public opinion which finally springs out of that experience. Legislation is
a business of interpretation, not of origination; and it is now plain what
the opinion is to which we must give effect in this matter. It is not recent
or hasty opinion. It springs out of the experience of a whole generation.
It has clarified itself by long contest, and those who for a long time battled
with it and sought to change it are now frankly and honorably yielding to
it and seeking to conform their actions to it.
The great business men who organized and financed monopoly and those
who administered it in actual every-day transactions have year after year,
until now, eitner denied its existence or justified it as necessary for the effective maintenance and development of the vast business processes of the
country in the modern circumstances of trade and manufacture and finance; but all the while opinion has made head against them. The average
business man is convinced that the ways of liberty are also the ways of
peace and the ways of success as well; and at last the master of business on
the great scale have begun to yield their preference and purpose, perhaps
their judgment also, in honorable surrender.
What we are purposing to do, therefore, is, happily, not to hamper or
interfere with business as enlightened business men prefer to do it, or in any
sense to put it under the ban. The antagonism between business and Government is over. We are now about to give expression to the best business
judgment of America, to what we know to be the business conscience and
honor of the land. The Government and business men are ready to meet
each other half way in a common effort to square business methods with
both public opinion and the law. The best informed men of the business
world condemn the methods and processes and consequences of monopoly
as we condemn them; and the instinctive judgment of the vast majority,
of business men everywhere goes with them. We shall now be their spokesmen. That is the strength of our position and the sure prophecy of what
will ensue when our reasonable work is done.
When serious contest ends, when men unite in opinion and purpose.
those who are to change their ways of business joining with those who ask
for the change, it is possible to effect it in the way in *which prudent and
thoughtful and patriotic men would wish to see it brought about, with as
few, as slight, as easy and simple business readjustments as possible in the
circumstances, nothing essential disturbed, nothing torn up by the roots,
no parts rent asunder which can be left in wholesome combination. Fortunately, no measures of sweeping or novel change are necessary. It will
be understood that our object is not to unsettle business or anywhere
seriously to break its established courses athwart. On the contrary, we
desire the laws we are now about to pass to be the bulwarks and safeguards
of industry against the forces who have disturbed it. What we have to do
can be done in a new spirit, in thoughtful moderation, without revolution
of any untoward kind.
We are all agreed that "private monopoly is indefensible and intolerable,"
and our program is founded upon that conviction. It will be a comprehensive but not a radical or unacceptable program and these are its items,
the changes which opinion deliberately sanctions and for which business
waits.
It waits with acquiescence, in the first place, for laws which will effectultily prohibit and prevent such interlockings of the personnel of the directorates of great corporations—banks and railroads, industrial, commercial and public service bodies—as in effect result in making those who borrow and those who lend practically one and the same, those who sell and
those who buy but the same persons trading with one another under different names and in different combinations, and those who affect to compete in effect partners and masters of some whole field of business. 'Sufficient time should be allowed, of course, in which to effect these changes
of organizations without inconvenience or confusion.
Such a prohibition will work much more than a mere negative good by
correcting the serious evils which have arisen, because,for example, the men
who have been the directing spirits of the great investment banks have
usurped the place which belongs to independent industrial management
working in its own behoof. It will bring new men,now energies, a new spirit
of initiative, new blood into the management of our great business enterprises. It will open the field of industrial development and origination to
scores of men who have been obliged to serve when their abilities entitled
them to direct. It will immensely hearten the young men coming on
and will greatly enrich the business activities of the whole country.
In the second place, business men as well as those who direct public affairs now recognize, and recognize with painful clearness, the great harm
and injustice which has been done to many, if not all, of the great railroad
systems of the country by the way in which they have been financed and
their own distinctive interests subordinated to the interests of the men who
financed them and of other business enterprises which those men wished
to promote. The country is ready, therefore, to accept, and accept with
relief as well as approval,a law which will confer upon the Inter-State Commerce Commission the power to superintend and regulate the financial
operations by which the railroads are henceforth to be supplied with the
money they need for their proper development to meet the rapidly growing
requirements of the country for increased and improved facilities of transportation. We cannot postpone action in this matter without leaving the
railroads exposed to many serious handicaps and hazards; and the prosperity of the railroads and the prosperity of the country are inseparably
connected. Upon this question those who are chiefly responsible for the
actual management and operation of the railroads have spoken very plainly
and very earnestly, with a purpose we ought to be quick to accept. It
will be one step, and a very important one, toward the necessary separation
of the business of production from the business of transportation.
The business of the country awaits also, has long awaited and has suffered because it could not obtain, further and more explicit legislative definition of the policy and meaning of the existing Anti-Trust Law. Nothing
hampers business like uncertainty. Nothing daunts or discourages it
like the necessity to take chances, to run the risk of falling under the condemnation of the law before it can make sure just what the law is. Surely
we are sufficiently familiar with the actual processes and methods of monopoly and of the many hurtful restraints of trade to make definition persible, at any rate up to the limits of what experience has disclosed. These
practices, being now abundantly disclosed, can be explicitly and item by
item forbidden by statute in such terms as will practically eliminate uncertainty, the law itself and the penalty being made equally plain.
And the business men of the country desire something more than that
the menace of legal process in those matters be made explicit and intelligible. They desire the advice, the definite guidance and information which
273
can be supplied by an administrative body, an Inter-State Trade Commission.
The opinion of the country would instantly approve of such a commission. It would not wish to see it empowered to make terms with monopoly
or in any sort to assume control of business, as if the Government made itself responsible. It demands such a commission only as an indispensable
instrument of information and publicity, as a clearing house for the facts
by which both the public mind and the managers of great business undertakings should be guided, and as an instrumentality for doing justice to
business where the processes of the courts or the natural forces of correction outside the courts are inadequate to adjust the remedy to the wrong
in a way that will meet all the equities and circumstances of the case.
Producing industries, for example, which have passed the point up to
which combination may be consistent with the public interest and the freedom of trade can not always be dissected into their component units as
readily as railroad companies or similar organizations can be. Their dissolution by ordinary legal process may often-times involve financial consequences likely to overwhelm the security market and bring upon it
breakdown and confusion. There ought to be an administrative commission capable of directing and shaping such corrective processes, not only
in aid of the courts, but also by independent suggestion, if necessary.
Inasmuch as our object, and the spirit of our action in these matters, is
to meet business half way in its processes of self-correction and to disturb
its legitimate course as little as possible, we ought to see to it, and the judgment of practical and sagacious men of affairs everywhere would applaud
us if we did see to it, that penalties and punishments should fall, not upon
business itself, to its confusion and interruption, but upon the individuals
who use the instrumentalities of business to do things which public policy
and sound business practice condemn. Every act of business is done at the
command or upon the initiative of some ascetainable person or group of
persons. These should be held individually responsible and the punishment should fall upon them, not upon the business organization of which
they make illegal use. It should be one of the main objects of our legislation to divest such persons of their corporate cloak and deal with them
as with those who do not represent their corporations, but merely by deliberate intention break the law. Business men the country through would,
I am sure, applaud us if we were to take effectual steps to see that the officers and directors of great business bodies were prevented from bringing
them and the business of the country into disrepute and danger.
Other questions remain which will need very thoughtful and practical
treatment. Enterprises, in these modern days of great individual fortunes,
are oftentimes interlocked, not by being under the control of the same directors but by the fact that the greater part of their corporate stock is
owned by a single person or group of persons who are in some way intimately related in interest.
We are agreed, I take it, that holding companies should be prohibited,
but what of the controlling private ownership of individuals or actually cooperative groups of individuals? Shall the private owners of capital stock
be suffered to be themselves in effect holding companies?
We do not wish, I suppose,to forbid the purchase of stocks by any person
who pleases to buy them in such quantities as he can afford, or in any way
arbitrarily to limit the sale of stocks to bona fide purchasers. Shall we require the owners of stock, when their voting power in several companies
which ought to be independent of one another would constitute actual control, to make election in which of them they will exercise their right to vote?
This question I venture for your consideration.
There is another matter in which imperative considerations of justice
and fair play suggest thoughtful remedial action. Not only do many of
the combinations effected or sought to be effected in the industrial world
work an injustice upon the public in general; they also directly and seriously
injure the individuals who are put out of business in one unfair way or another by the many dislodging and exterminating forces of combination.
I hope that we shall agree in giving private individuals who claim to have
been injured by these processes the right to found their suits for redress
upon the facts and judgments proved and entered in suits by the Government where.the Government has upon its own initiative sued the combinations complained of and won its suit, and that the statute of limitations
shall be suffered to run against such litigants only from the date of the conclusion of the Government's action. It is not fair that the private litigant
should be obliged to set up and establish again the facts which the Government has proved. He can not afford, he has not the power, to make use of
such processes of inquiry as the Government has command of. Thus shall
individual justice be done while the processes of business are rectified and
squared with the general conscience.
I have laid the case before you, no doubt, as it lies in your own mind.
as it lies in the thought of the country. What must every candid man say
of the suggestions I have laid before you, of the plain obligations of which I
have reminded you? That these are new things for which the country is
not prepared? No; but that they are old things, now familiar, and must
of course be undertaken if we are to square our laws with the thought and
desire of the country. Until these things are done, conscientious business
men the country over will be unsatisfied. They are in these things our
mentors and colleagues. We are now about to write the additional articles of our constitution of peace, the peace that is honor and freedom and
prosperity.
The legislation designed to carry out President Wilson's
ideas in bringing about trust reforms, as embodied in the
foregoing Message, is to be comprised in five bills, embracing
the following provisions:
1. The creation of an inter-State Trade Col/mission, of five members,
with inquisitorial powers into corporations, save common carriers, and to.
act as an advisory board to the Attorney-General and the courts, with the
additional function of assisting the Government in preventing violations
of the Sherman Act and in aiding the Attorney-General to terminate alleged
unlawful conditions by agreements.
2. Prohibition of interlocking directorates in inter-State corporations
railroads and banks and trust companies, members of a reserve bank.
3. A Sherman Law definitions bill, defining the terms and expressions
used in the Sherman Anti-Trust Law.
4. A trade relations measure designed to prohibit "cut throat" competition through price discrimination, discounts, rebates, territorial restrictions.
&c., and giving to individuals injured by reason or anything forbidden in
the Sherman Act, the right to bring suits in equity against corporations
against which decrees have been obtained by the Government.
5. Empowering the Inter-State Commerce Commission to regulate the
issuance of railroad stocks and bonds.
The text of the first four of these bills was made public
on Thursday night and we publish them in full below.
INTER-STATE TRADE COMMISSION.
A bill to create an Inter-State Trade Commission, to define its powers
and duties, and for other purposes.
274
THE CHRONICLE
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled:
That a commission is hereby created and established, to be known as the
Inter-State Trade Commission, which shall be composed of five members,
not more than three of whom shall be members of the same political party,
and the said Inter-State Trade Commission is referred to hereinafter as
"the Commission."
Sec. 2. That on the taking effect of this Act the Bureau of Corporations
shall cease to exist, and is hereby transferred to, and merged in, and becomes a part of the Commission; and all officers and employees of the
Bureau of Corporations shall hereafter be the officers and employees of
the Commission and with the transfer there shall pass to the possession of
the Commission all the records and papers of said bureau, and the Commission shall hereafter exercise all the powers and perform all the duties
heretofore conferred or imposed upon the said bureau.
All appropriations heretofore made for the support and maintenance of
the bureau shall stand as appropriations to be expended by the Commission
In the exercise of the power and in the performance of the duties which the
law, prior to the passage of this Act,conferred or imposed upon said bureau.
And the person who at that time shall be the Commissioner of Corporations
shall become a member of the Commission and the Chairman thereof for
the term of seven years. The other four Commissioners, and a fifth Commissioner, upon the retirement or expiration of the seven-year term of the
former Commissioner of Corporations, shall be appointed by the President,
by and withthe advice and consent of the Senate. The term of the Commissioners shall be seven years, provided, that the term of the Commissioners first appointed by the President shall date from the taking effect of
this Act and be as follows: One for a term of three years, one for a term of
four years, one for a term of five years, and one for a term of six years; and
the successor to the former Commissioner of Corporations, when appointed,
shall be appointed for a term of seven years; and thereafter all appointments shall be for a term of seven years. Upon the retirement from the
Commission, from whatsoever cause, of the person who at the time this
Act shall take effect shall be the Commissioner of Corporations, the Commission shall elect one of its members Chairman. The Commission shall
elect a Secretary and Assistant Secretary, said Chairman to hold his office
as Chairman and said Secretary and Assistant Secretary to hold their
offices or connection with the Commission at the pleasure of the Commission. The members of the Commission shall each receive a salary of $10,000 per annum. the Secretary of the Commission shall receive a salary of
$7,200 per annum, and the Assistant Secretary shall receive a salary of
$4,500 per annum. In case of vacancy in the Commission during the term
of the Commissioners, an appointment shall be made by the President,
with the advice and consent of the Senate, to fill such vacancy, and shall
be for the unexpired term. The office of the Commission shall be in the
City of Washington, but it may at its pleasure hold meetings elsewhere.
The Commission shall have such clerks, examiners, experts and other employees as may be necessary and as may be, from time to time, appropriated for by Congress.
Sec. 3. That all corporations, engaged in commerce among the several
States or with foreign nations, excepting common carriers, whether required by general rules and regulations for regular information or information specially asked in special instances, shall, from time to time, furnish
to the Commission such information, statements and records of their organization, business, financial condition, conduct, management and relation to other companies at such time, to such degree and extent, and in
such form as may be prescribed by the Commission. The Commission,
at all reasonable times, or its duly authorized agent or agents, shall have
complete access to all records, accounts, minutes, books and papers of
such corporations, including the records of any of their executive or other
committees. Failure or neglect on the part of any corporation subject
to this Act to comply with the terms of this section within such time after
written demand shall have been made upon such corporation by the Commission requiring such compliance as shall be fixed by the Commission shall
constitute a misdemeanor, and upon conviction such corporation shall be
subject to a fine of not more than $1,000 for every day of such failure or
neglect.
Sec. 4. That the information so obtained shall be public records, and the
Conlmission shall, from time to time, make public such information in such
form and to such extent as it may deem necessary.
Sec. 6. That the district courts of the United States, upon the application of the Commission alleging a failure to comply with any order of the
Commission for the furnishing of information, shall have jurisdiction to
issue a writ or writs of mandamus or other order enforcing such order of
the Commission and to punish the disobedience thereof, as in other cases
of contempt of court.
Soc. 6. That for the purpose of this Act the Commission shall have the
power to require by subpoena the attendance and testimony of witnesses
and the production of all books, papers, contracts, agreements, documents,
or other things of every kind and nature whatsoever relating to any matter
under investigation by the Commission. Such attendance of witnesses
and the production of such documentary evidence may be required from any
place in the United States at any designated place of hearing, and in case of
disobedience to a subpoena the Commission, or any party to a proceeding
before;the Commission, may invoke the aid of any court of the United
States in requiring the attendance and testimony of witnesses and the production of books, papers and documents under the provisions of this section.
And any of the district courts of the United States, within the jurisdiction
of which such inquiry is carried on, may, in case of contumacy or refusal
to obey a subpoena issued to any corporation subject to the provisions of
this:Act, or other person, issue an order requiring such corporation or other
personito appear before said Commission and produce books, documents
and papers as so ordered and give evidence touching the matter in question;
and any failure to obey such order of this court may be punished by such
court as a contempt thereof. The claim that any such testimony or evidence:may tend to incriminate the person giving such evidence shall not
excuse such witness from testifying.
Witnesses whose testimony is taken under the provisions of this Act
shall severally be entitled to the same fees as are paid for like service in the
courts of the United States.
No person shall be excused from attending and testifying or from producing books, papers, documents or other things before the Commission, or in
obedience to the subpoena of the Commission, whether such subpoena be
signed or issued by one or more of the Commissioners, on the ground or for
the reason that the testimony or evidence, documentary or otherwise, required of him may tend to incriminate him or subject him to a penalty or to
forfeiture. But no natural person shall be prosecuted or subjected to any
penalty or forfeiture for or on account of any transaction, matter, or thing
concerning which he may testify under oath or produce evidence, documentary or otherwise. before said Commission in obedience to a subpoena
Lssuedibylittin a proceeding instituted other than upon his own initiative.
Provided, that no person so testifying shall be exempt from prosecution and
punishment for perjury committed in so testifying. The purpose of this
provision is to give immunity only to natural persons who under oath testify
xcvm.
in response to a subpoena of the Commission in any inquiry instituted by
the Commission.
Sec. 7. That any person willfully making or furnishing to said Commission any statement, return or record required by this Act, when knowing
such statement, return or record to be false in any material particular, shall
be guilty of a misdemeanor and upon conviction shall be fined not more than
$1,000, or imprisoned not more than one year, or both.
Sec. 8. That the Commission is hereby given authority, upon complaint
made to it in such manner as it may by general or specific regulations provide, or on its own initiative, to institute and conduct an investigation to
determine whether or not any corporation subject to the provisions of this
Act was organized or has established such relations with other individuals
or corporations, or is conducting its business in whole or in part in violation of the provisions of the Act approved July 2 1890, entitled "An Act to
Protect Trade and Commerce from Unlawful Restraints and Monopolies,"
or any existing or future amendments thereof, or any of said• provisions.
If the Commission shall find any such violation, the matter shall be submitted by it to the Attorney-General, to the end that the said violation be
proceeded against, prosecuted and terminated in accordance with the provisions of said Act of July 2 1890, and the amendments thereof or supplemental thereto, as aforesaid.
Sec. 9. That the Commission shall at any time, upon the request of the
Attorney-General or any corporation affected, investigate any corporation
subject to the provisions of this Act, with all the powers of investigation
heretofore bestowed on the Commission, for the purpose of ascertaining
whether there has been in the conduct of said corporation, or is in the organization of such corporation or its relations to other corporations or individuaLs, a violation of said Act of July 2 1890, and the amendments thereof
as aforesaid, and in case the Commission shall find such violation it shall
make a finding fully stating the same and prescribing the acts, transactions
and readjustments necessary in order that said corporation may thereafter
comply with the terms of said Act and the amendments thereof as aforesaid,
and shall transmit a copy of the said finding as aforesaid to the AttorneyGeneral, as advisory to the Attorney-General in terminating, by agreement
with the corporation affected or by suit, as provided in said Act aforesaid,
the said unlawful conduct or condition. Said finding shall become a public
record of the Commission, as provided in Section 4, only upon the direction of the Attorney-General or the President.
Sec. 10. That in suits of equity brought by or under the direction of the
Attorney-General, as provided in the Act of July 2 1890, as aforesaid, the
court in which said suit is pending may,at any stage in the litigation, at its
discretion, refer to the Commission any aspect of the litigation or any pro
posed decree, whereupon the Commission shall investigate the question or
questions referred to it with all the powers of investigation hereinbefore
bestowed on the Commission, and shall report its findings to the court,
with a copy of the evidence upon which said findings or recommendations
are based. Said evidence, findings and recommendations shall be public
records, as provided in Section 4 hereof.
Sec. 11. That the said Commission shall, on or before the first day of
January of each year, make a report, which shall be transmitted to Congress.
This report shall contain such information and data collected by the Commission as it may deem of value in the determination of questions connected
with the regulation of commerce, together with such recommendations with
reference to additional legislation relating thereto as the Commission may
deem necessary.
Sec. 12. That, with the exception of the Secretary and Assistant Secretary and one clerk to each of the Commissioners, and such special agents
as may be employed from time to time, all employees of the Commission
shall be a part of the classified civil service and shall enter the service under
such rules and regulations as may be prescribed by the Commission hereby
created and by the Civil Service Commission. The Commission shall also
have the power to rent suitable rooms for the conduct of its work, paying
therefor such rent as may be provided for by appropriation.
Sec. 13. That nothing contained in this Act shall be construed to prevent
or interfere with the Attorney-General in enforcing, according to the provisions thereof, the said Act of July 2 1890, and the amendments thereof as
aforesaid, nor to amend or modify otherwise the provisions of said Act and
the amendments thereof.
BILL PROHIBITING INTERLOCKING DIRECTORATES.
A bill to prohibit certain persons from being or becoming directors.
officers, or employees of national banks, or of certain corporations.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled.
That from and after two years from the date of approval of this Act,
no person who is engaged as an individual, or as a member of a partnership,
or as a director or other officer of a corporation in the business, in whole
or in part, of manufacturing or selling railroad cars or locomotives, or
railroad rails, or structural steel, or mining, or selling coal, or the conduct
of a bank or trust company, shall act as a director or other officer or employee of any railroad or other public service corporation which conducts
an inter-State business.
Sec. 2. That from and after two years from the date of approval of this
Act no person shall at the same time be a director or other officer or employee in two or more Federal reserve banks, national banks, or banking
associations, or other banks or trust companies, which are members of any
reserve bank, and are operating under the provisions of the Act approved
December 23 1913, entitled "An Act Providing for the Establishment of
Federal Reserve Banks, to Furnish an Elastic Currency, to Afford Means
of Re-discounting Commercial Paper, to Establish a More Effective
Supervision of Banking in the United States, and for Other Purposes,"
and a private banker and a person who is a director in any State bank or
trust company, not operating under the provisions of the said Act,shall not
be eligible to be a director in any bank or banking association or trust
company operating under the provisions of the aforesaid Act.
See. 3. That any person who shall violate Section 1 or Section 2 hereof
shall be guilty of a misdeameanor, and shall be punished by a fine of $100
a day for each day of the continuance of such violation or by imprisonment
for such period as the court may designate not exceeding one year, or by
both, in the discretion of the court.
Sec. 4. That if, after two years from the date of the approval of this
Act, any two or more corporations, engaged in whole or in part in interState or foreign commerce, have a common director or directors, the fact
of such common director or directors shall be conclusive evidence that
there exists no real competition between such corporations; and if such
corporations shall have been theretofore, or are, or shall have been, by
virtue of their business and location of operation, natural competitors,
such elimination of competition thus conclusively presumed shall constitute a combination between the said corporations in restraint of interState or foreign commerce under the provisions of and subject to all the
remedies and penalties provided in an Act approved July 2 1890, entitled
"An Act to Protect Trade and Commerce Against Unlawful Restraints
and Monopolies."
JAN. 24 1914.1
THE CHRONICLE
BILL DEFINING THE SHERMAN LAW.
A bill to include within the meaning of every contract, combination in
the form of trust or otherwise, conspiracy in restraimt of trade or commerce among the several States or with foreign nations, and within the
meaning of the word "monopolize". certain definite offenses, and to prohibit the same.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled:
That the words "every contract". "combination in the form of trust or
otherwise," and "conspiracy in restraint of trade or commerce," and the
word "monopolize", as used in the Act entitled "An Act to Protect Trade
and Commerce Against Unlawful Restraints and Monopolies," approved
July 2 1890, and in any Acts supplementary thereto or amendatory thereof, shall be deemed to include any company, combination or agreement
between corporations, firms, or persons or any two or more of them engaged in trade or business carried on in the United States between the
States, or between any State or Territory and the District of Columbia,or
between the District of Columbia and any Territory, or between any State,
Territory, or the District of Columbia and our insular possessions, or with
foreign countries for the following purposes:
First—To create or carry out restrictions in trade or to acquire a monopoly in any inter-State trade, business, or commerce.
Second—To limit or reduce the production or increase the price of merchandise or of any commodity.
Third—To prevent competition in manufacturing, making,transporting,
selling, or purchasing of merchandise, produce, or any commodity.
Fourth—To make any agreement, enter into any arrangement, or arrive
at any understanding by which they, directly or indirectly, undertake to
prevent a free and unrestricted competition among themselves or among
any purchasers or consumers in the sale, production, or transportation
of any product, article, or commodity.
Sec. 2. That any such contract, combination in the form of trust or
otherwise, conspiracy in restraint of trade or commerce, or monopoly, is
hereby declared to be unlawful.
Sec. 3. That any person, firm or corporation violating any of the provisions of this Act shall, upon conviction, be adjudged guilty of a misdemeanor and be punished by a fine of not exceeding $5,000 or imprisonment
not exceeding one year, or by both, said punishment in the discretion
of the court.
Sec. 4. That whenever a corporation shall be guilty of the violation of
any of the provisions of this Act, the offense shall be deemed to be also
that of the individual directors, officers and agents of such corporation
authorizing, ordering, or doing any of such proscribed acts, and upon
conviction thereof they shall be deemed guilty of a misdemeanor and
punished as provided in the preceding section.
Sec. 5. That nothing contained in this Act shall be taken or held to limit
or in any way curtail the meaning and effect of the provisions of the Act
approved July 2 1890. entitled "An Act to Protect Trade and Commerce
Against Unlawful Restraints and Monopolies."
TRADE RELATIONS BILL.
A Bill to supplement an Act entitled An Act to Protect Trade and
Commerce Against Unlawful Restraints and Monopolies, approved July 2
1890.
Be it enacted by the Senate and House of Representatives of the United States
of America in Congress assembled:
That the Act approved July 2 1890, entitled An Act to Protect Trade
and Commerce Against Unlawful Restraints of Monopolies, is hereby
supplemented to amend by adding thereto the following:
Sec. 9. That it shall be deemed an attempt to monopolize trade or commerce among the several States, or with foreign nations or a part thereof,
for any person in any State or foreign country to discriminate in price
between different purchasers of commodities in the same or different
sections or communities, with the purpose or intent to thereby injure
or destroy a competitor, either of such purchaser or of the seller: Provided
that nothing herein contained shall prevent discrimination in price between
purchasers of commodities on account of differences in the grade, quality,
or quantity of the commodity sold, or that makes only due allowance for
difference in the cast of transportation: And provided further, that nothing
herein contained shall prevent persons engaged in selling goods, wares or
merchandise in Inter-State or foreign commerce from selecting their own
customers, but this provision shall not authorize the owner or operator
of any mine engaged in selling its product in inter-State or foreign commerce
to refuse arbitrarily to sell the same to a responsible person, firm or corporation who applies to purchase.
Sec. 10. That it shall be deemed an attempt to monopolize trade or commerce among the several States, or with foreign nations or a part thereof,
for any person in inter-State or foreign commerce to make a sale of goods,
wares or merchandise or fix a price charged therefor or discount from or
rebate upon such price, on the condition or understanding that the purchaser thereof shall not deal in the goods, wares, or merchandise of a competitor or competitors of the seller.
Sec. 11. That nothing contained in Sec. 9 or Sec. 10 hereof shall be
be taken or held to limit or in any way curtail the meaning and effect of
the provisions of Sec. 2 of this Act.
Sec. 12. That whenever in any suit or proceeding, civil or criminal,
brought by or on behalf of the Government under the provisions of this Act,
a final judgment or decree shall have been rendered to the effect that a
defendant, in violation of the provisions of this Act, has entered into a contract, combination in form of trust or otherwise, or conspiracy in restraint
of trade or commerce among the several States or with foreign nations, or
has monopolized or attempted to monopolize, or combined with any person
or persons to monopolize, any part of the trade or commerce among the
several States or with foreign nations, the existence of such illegal contract,
combination or conspiracy in restraint of trade or of such attempt or conspiracy to monopolize, shall, to the full extent to which such judgment or
decree would constitute in any other proceeding an estoppel as between the
Government and such person, constitute as against such defendant conclusive evidence of the same facts and be conclusive as to the same issues of law
in favor of any other party in any other proceeding brought under or involving the provisions of this Act. In all cases whore any person who shall
have been injured in his business or property by any person or corporation
by reason of anything forbidden or declared to be unlawful under the provisions of the Act entitled "An Act to Protect Trade and Commerce Against
Unlawful Restraints and Monopolies," approved July 2 1890, and who at
the time or previous to the institution of any such suit by the United States
as aforesaid has a cause of action under Sec. 7 of said Act or under Sec. 13
of this Act against any defendant in a suit wherein a decree or judgment has
been obtained as aforesaid, the statutes of limitations applicable to such
oases shall be suspended during the pendency of such suit and shall not
again become operative until after the date of the final decree or judgment
in such cause.
Sec. 13. That any person, firm, corporation or association shall be entitled to sue for and have injunctive relief, in any court of the United States
.havingijurisdictionlover the parties, against threatened loss or damage by
275
a violation of this Act, and under the same conditions and principles as injunctive relief against threatened conduct that will cause loss or damage
is granted by courts of equity, under the rules governing such proceedings,
and upon the execution of proper bond against damages for an injunction
improvidently granted and a showing that the danger of irreparable loss
or damage is immediate a preliminary injunction may issue.
The fifth bill, it is stated, has not yet been perfected, but
according to the New York "Times" it will be based on the
bill drawn up by Representative Adamson.'s Committee on
Inter-State and Foreign Commerce; the text of this bill
(which would amend Section 20 of the Act to Regulate Commerce), as printed in the "Times", on Wednesday was as
follows:
RAILWAY SECURITIES BILL.
If at any time the outstanding stocks and bonds or floating indebtedness
of any carrier subject to the Act to Regulate Commerce shall exceed the
value of the property of the carrier, the Commission shall pass an order,
after due hearing, requiring the carrier corporation to retire and reduce the
surplus outstanding stock and bonds to such value of the property. Said
order shall direct the manner by which said reduction shall be made, and
shall be enforced as provided by law for the enforcement of other orders
of the Commission. If it shall appear at any time to the Commission that
more than one competing carrier or carriers which in the nature of things
ought to compete have the same director or directors, or officer or officers.
the Commission shall issue an order requiring said carriers to eliminate
such common officers or directors from all but one of the boards and such
order shall be enforced as other orders of the Commission.
Sec. 2. That no carrier engated in inter-State commerce shall increase its
capital stock or bonded indebtedness or issue certificates of evidences
thereof, although permitted by the authority creating the corporation,
until the proposition and plan therefor, setting out all the details, reasons
and purposes,and the uses to which the money is to be applied, have been
submitted to the Inter-State Commerce Commission and received the
approval of the Inter-State Commerce Commission, which shall issue an
order specifying whatever conditions and limitations said Commission
may deem proper as to such issue and use of the money, and such order
shall be enforced as provided by the law for the enforcement of other orders
of the Commission.
Sec. 3. That it shall be unlawful for any person to hold the position
of officer or director of more than one carrier which do or should compete with one another, or for any officer to issue any certificate of
stock or issue and deliver any bonds until the approval of the Inter-State
Commerce Commission shall have first been secured. It shall also be
unlawful for any officer, director or directory of any carrier to appropriate,
pay or receive as salaries or dividends, any money resulting from the sale
of stocks or bonds, or from any other source except from the earnings of the
carriers, and from the earnings only after proper provision shall have been
made therefrom for the upkeep of the roadbed, its equipment and facilities.
Any violation of this provision shall be a misdemeanor, and,on conviction
in any United States court having jurisdiction, shall be punished by a fine
or imprisonment, or both, in the discretion of the court.
The President's program for solving the trust problem is
sharply criticised by former Attorney-General Wickersham,
who himself played an important part in the anti-trust proceedings during President Taft's term. Mr. Wickersham's
views respecting the policy of the present Administration
appeared in the New York "Sun" of yesterday, from which
we take the following:
After the first pleasant impression, produced by the literary excellence
of President Wilson's message to Congress on the subject of "Business
Legislation," evaporates, the inquiry arises in one's mind whether, after all,
the message carries a reliable quality of "sweet reasonableness" or if its
sweetness is not rather that of a species of intellectual chloroform, calculated to lull the critical faculties into more or less insensibility to the really
radical and far reaching suggestions embodied in the somewhat nebulous
and agreeable language of the message.
At the outset, it may be naturally asked what it is that has brought the
masters of business on a great scale, in the President's opinion, to yield their
preference and purpose—perhaps their judgment also—"in honorable surrender" to the Government.
One who during four strenuous years was called upon to direct the enforcement of the Sherman Anti-Trust Law may be pardoned if he points to the
accomplishments of that period as the probable reason for this spirit of surrender referred to by the President. In his opinion, the decision secured
by the Government from the Supreme Court during the last national Administration in the cases against the Standard 011 combination, the Tobacco
combination, the Union Pacific-Southern Pacific combination, the St.
Louis Terminal Association and the so-called Bath Tub trust, as well as
the decisions in the suit against the anthracite coal combination and in
affirming the unlawfulness of pools and corners in the prosecution of the
members of the so-called cotton corner pool, are responsible for this "honorable surrender," for those decisions made very clear and certain the meaning of that law. The voluntary submission to the requirements of the Department of Justice embodied in the decrees entered in the Circuit Courts by
consent of the defendants during the Taft Administration against the electric lamp manufacturers, the Pacific Coast Plumbing Supply Association.
the Southern Wholesale Grocers' Association, the Aluminum Company of
America, the manufacturers of ready print and print plate manufacturers,
the manufacturers of shoes and shoe lasts, the Burrough's Adding Machine
Co. and the American Coal Tar Products Co., besides the voluntary dissolution without decree of the National Packing Co. and the distribution
of its more than sixty millions of assets, indicate a pretty clear idea in the
mind of a very large number of business men of the effective character of
the law. If any further demonstration were necessary, it was furnished
by the voluntary submission to the sentence of the court upon the indictments of members of the Imperial Window Glass combination in November
1910; members of the various wire pool associations in June 1911; members
of an association of fruit producers in Oregon in February 1913, and the
conviction by juries of members of the so-called Bath Tub trust in Detroit
in January 1913, and of the officials of the National Cash Register Co. in
Cincinnati in February 1913, followed by sentences to terms of imprisonment and heavy fines.
The Supreme Court of the United States in November 1912 referred to
its previous decisions as having demonstrated "the comprehensive and
thorough character of the" (Sherman Anti-Trust) "law," and "its sufficiency to prevent evasions of its policy "by resort to anydisguise or subterfuge ofform"or the escape of its prohibitions "by any indirection." (Standard Sanitary Manufacturing Co. v. U. S., 226 V. S., 20, 49.)
276
THE CHRONICLE
xcvm.
In the face of this history, how can it be said with accuracy that the busi- depends very much on the nature of the transaction, the means of information possessed by the parties and their relative situation and conduct
ness of the country is suffering because it cannot obtain "further and more toward
each other." (Bigelow, C. J., in Reynolds v. Reynolds, 3 Allen
explicit legislative definition of the policy any meaning of the existing anti- (Mass.) 606.)
And in a New Jersey case(Wise v. Fuller,29 N.J.Eq.257)the court said:
trust law?"
"No definition of fraud can be framed which will serve as a safe test in
The President, however, considers the time ripe for additional legislation.
every case. The best effort in that direction must
"Fortunately," he says,"no measures of sweeping or novel change are neces- case must be determined on its own peculiar facts." prove abortive. Each
sary." Thereupon he recommends the passage of
The same reason applies with equal force to restraint of trade and at(1) Laws to prohibit and prevent interlocking of the personnel of the di- tempt at monopoly. The acts by which these prohibited results are
are infinite in variety—sometimes in themselves innocent, somereached
commercial
rectorates of great corporations, banks and railroads, industrial,
times malignant—and any attempt at exact definition must fail from the
and public service bodies.
nature of the case.
The suggestion that the various practices by which hurtful restraints of
(2) A law conferring on the Inter-State Commerce Commission the power
to be accomplished can be
to superintend and regulate the financial operations by which railroads are trade and monopoly of commerce are sought
"explicitly
and item by item forbidden by statute in such terms as will
developproper
their
henceforth to be supplied with the money they need for
practically eliminate uncertainty," is but a delusion and can only lead to
ment, &c.
introducing into the law, now reasonably clear and certain, elements of
(3) A law "explicitly and item by item" forbidding things which experi- uncertainty which will compel a new process of judicial interpretation
and
lead to a new era of worse uncertainty than anything which went beence has shown have resulted "in restraint of trade and effort at monopoly
fore it.
in such terms as will practically eliminate uncertainty, the law itself and
the penalty being made equally plain."
(4) The creation of an Inter-State Trade Commission, which is apparINCOME TAX RULES AND REGULATIONS.
ently to be a sort of clearing house for information and publicity, and also
We furnish below the form of income tax return to be used
to act in the dissolution of unlawful combinations and which is also to give
the business men of the country definite guidance and information, but by fiduciaries and the instructions governing the same,
which shall not be empowered to "make terms with monopoly or in any
issued by the Treasury Department in the nature of a foursort to assume control of business as if the Government made itself repage folder. We print first the regulations, following with
sponsible."
(5) A law imposing penalties, not upon corporations nor necessarily the blank on which the return is to be made:
upon officers of corporations, but upon those individuals at whose comRETURN OF INCOME TO BE FILED BY FIDUCIARIES.
mand or upon whose initiative acts are done by corporations in violation
INSTRUCTIONS.
of the Sherman and the new anti-trust laws. (The general conspiracy
(Page 4 of Circular.)
statutes and the laws against accessories to crime would seem to meet this
when
the annual interest of any beneficiary in income
shall,
Fiduciaries
1.
case without need of any new legislation).
accruing and payable through said fiduciary is in excess of $3,000, make
(6) A law prohibiting holding companies.
return
on
this
form of such income of the person or persons
and
render
a
(7) Some law whereby one who owns stock in two or more competitive
for whom they act, to the Collector of Internal Revenue of the district in
corporations may be compelled to vote as stockholder in but one of them;
which the fiduciary resides. The return shall be made as provided herein,
and,
(8) A law providing that a judgment against an unlawful combination whether the income is distributed or not. See Treasury Decision 1,906.
2. The list return required from fiduciaries by regulations provided in
at the suit of the Government shall be available to any private litigant
suing for damages by reason of the unlawful acts of the combination, and Treasury Decision 1,906, issued Nov. 28 1913, shall be made on page 1 of
that the statute of limitations shall not run against him, except from the this return, giving thereon the name of each beneficiary of the trust or
estate, the amount ofincome paid or accrued to each beneficiary,the amount
date of the recovery of such judgment.
These are the suggestions of which the President says, "Fortunately, no of exemption claimed by each beneficiary, if any, the amount of income on
which fiduciary is liable for tax, and the amount of income withheld
measures of sweeping or novel change are necessary."
Alexander Hamilton, who first formulated the doctrine of the implied for tax.
3. Where several individuals act jointly in a fiduciary capacity, when this
powers of the Federal Government, for more than a century has been the
object of systematic attack by members of the Democratic Party, although return is required it may be made and executed by one of two or more.
organization it shall be signed and executed by
only by the consistent application of his theory of implying from the express When the fiduciary is an
Treasurer of said organization.
grant of enumerated powers to Congress in the Constitution such ad- the President, Secretary or
filed
with the Collector of Internal Revenue for
shall
be
return
This
4.
ditional powers as were necessary to carry out those expressly granted has
fiduciary resides if he has no other place of business,
the national Government been enabled effectively to meet and solve the the district in which the
which he has his principal place of business.
national problems arising with our expanding growth and progress. But otherwise in the district in
5. This return must be filed on or before the first day of March succeedHamilton himself would long have hesitated to present a program of Federal
year for which return is made.
legislation such as our Democratic President submits to a Congress largely ing the close of the calendar
6. The penalty for failure to file the return within the time specified by
controlled by Southern Democrats, involving the enactment of laws
of refusal or neglect to render the return
case
In
$1,000.
prohibiting any individual to be at once a director in a State railroad cor- law is $20 to
(except in case of sickness or absence) 50% shall
poration, and in a bank or banking institution, State or national, and in within the required time
assessed. In case of false or fraudulent return
an industrial corporation organized under a State law, or in any two of such be added to amount of tax
and a fine not exceeding $2,000 or impriscorporations; prohibiting one State corporation to hold stock in another, 100% shall be added to such tax
year
or both may be imposed.
one
onment
not
exceeding
and restricting the right of a citizen to vote shares of stock owned by him
7. When the return is not filed within the required time by reason of
in one State corporation because he also owns that of another State corsickness or absence of the fiduciary, an extension of time not exceeding
poration which may be competitive in its business with the first.
return may be granted
In all of these cases the President's suggestions deal with corporations 30 days from March 1, within which to file such
made by the fiduciary
organized under State laws, and he proposes that the Federal Government by the Collector, provided an application therefor is
shall, by legislation, exercise control over their corporate powers, the per- within the period for which such extension is desired.
8. This return properly filled out must be made under oath or affirmasonnel of their officers and stockholders, and the exercise by the stockholders
tion. Affidavits may be made before any officer authorized by law to
of their voting rights.
before a justice of the peace of magistrate not using
What Emilie Faguet calls "L'IIorreur de la Responsabilite" seems to administer oaths. If
clerk of the court as to the authority of such
restrain the President from recommending the adoption by Congress of a a seal, a certificate of the
should be attached to the return.
law for the incorporation of companies to engage in inter-State commerce. officer to administer oaths
so far as applicable, are to be considered by
instructions,
following
The
As a part of such a law all of the provisions suggested by the President
amount of income coming into his custody
might be enacted, but, considered as independent legislation, it certainly the fiduciary in determining the
which should be reported in this return.
is open to serious doubt whether an Act of Congress would be constitutional or control and management,
attendance,
store accounts, family supplies,
medical
Expense
for
9.
which should undertake to regulate the stock ownership and internal manwages of domestic servants, cost of board, room or house rent for family
agement of State corporations in the manner suggested by the President.
expenses that can be deducted from gross income.
The regulation of stock and bond issues by inter-State railroad com- or personal use are not
own residence he cannot deduct the estipanies was first recommended by the Republican national platform of 1908 In case an individual owns his
neither shall he be required to include such estimated
value
of
his
rent,
and was embodied also in President Taft's message to Congress in 1910
income.
and again in December 1911. Provisions designed to carry out these mated rental of his home as
10. The farmer,in computing the net income from his farm for his annual
recommendations were embodied in the railroad bill of 1910, but because
received for produce and animals sold,
moneys
of the great complexity resulting from endeavoring so to frame legislation return, shall include all
slaughtered, provided such wool and
for the future as not to impair the value of enormous issues of stock and and for the wool and hides of animalstherefrom the sums actually
paid as
bonds already in the hands of the public the legislation failed and a com- hides are sold, and he shall deduct
slaughtereed during the year.
or
sold
mission, of which President Arthur Hadley was Chairman, was authorized purchase money for the animals
and are sold or slaughtered,
owner
the
by
When
raised
animals
are
by Congress and appointed, and after months of study made a report to
or loss. He may deduct the monej
Congress in which they pointed out the great difficulties of such legislation shall not deduct their value as expenses any farm products, live stock,
&c
actually paid as expense for producing
and advised against it.
property the amount deducted
farm
on
repairs
for
The matter would be comparatively simple were Congress to assume the In deducting expenses
expended for such repairs during
responsibilty of itself incorporating companies to operate inter-State rail- must not exceed the amount actually
The cost of replacing tools or maroads, but taking, as it has in the past and as the President now recom- the year for which the return is made.
that the cost of the new articles
extent
mends, the form of legislation restricting the corporate activities of State chinery is a deductible expense to the
railroad corporations, no one who has not been concerned with the draft- does not exceed the value of the old.
11. In calculating losses, only such losses as shall have been actually
ing of such legislation can well understand the difficulties, if not the imbeen definitely ascertained during
possibility, of framing legislation which will carry out the President's pur- sustained and the amount of which has
the year covered by the return can be deducted.
pose without doing enormous harm to vast private interests.
12. Persons receiving fees or emoluments for professional or other servIn many of the States there are now public service commissions clothed
should include all actual rewith power to regulate the issue of stocks and bonds of railroad companies. ices, as in the case of physicians or lawyers,
which the return is made, toIf without displacing them there is super-added a Federal regulation it may ceipts for services rendered in the year for
for
services
or contingent income
charges
accounts,
with
all
unpaid
gether
be readily imagined that the railroads can hardly regard the suggested
due for that year, if good and collectible.
legislation as "additional articles of our constitution of peace."
tho
year for which return is
13. Debts which were contracted during
But the most unfortunate suggestion is that the results of twenty-five
years' construction ofthe anti-trust law by the courts should be thrown away made, but found in said year to be worthless, may be deducted from gross
be
cannot
regarded
as worthless until
debts
for
said
year,
such
income
but
and that a statute shall undertake to define and specify the various acts
same have proved fruitless, or it
whereby inter-State commerce may be restrained or an attempt made to after legal proceedings to recover the
If
due
to the taxpayer
insolvent.
debts
monopolize it. The suggestion is based upon a misconception of the law. clearly appears that the debtor is
return is made were included
The thing prohibited is the restraint of inter-State commerce and the effort -and contracted prior to the year for which
debts were contracted, and such
to monopolize. The attempt to enumerate the methods by Which trade as income in return for year in which said
worthless, they may be deducted
may be unlawfully restrained or monopoly attempted would be like an debts shall subsequently prove to be
the year in which such debts
for
return
under the head of losses in the
attempt to define fraud.
One of the greatest American Judges is authority for the statement that were charged off as worthless.
14. Amounts due or accrued to the individual members of a partnership
"it would be difficult, if not impossible, to lay down any general rule or
whether apportioned and distribdefinition which would comprehend all cases coming within the range of from the net earnings of the partaership,
the annual return of the individual.
the legal import of the word 'fraud.' * * * An inquiry into the fraudu- uted or not, shall be included in
15. United States pensions shall be included as income.
lent intent and conduct of parties necessarily involves an investigation of
16. Estimated advance in value of real estate is not required to be refacts; and as no two cases are precisely alike in their circumstances it follows ported as income unless the increased value is taken up on the books of
that the question whether fraud exists sufficient to vitiate a contract always the individual as an increase of assets.
JAN. 24 1914.]
THE CHRONICLE
17. Costs of suits and other legal proceedings arising from ordinary
business may be treated as an expense of such business, and may be deducted from gross income for the year in which such costs were paid.
18. An unmarried individual or a married individual not living with
wife or husband shall be allowed an exemption of $3,000. When husband
and wife live together they shall be allowed jointly a total exemption of
only $4,000 on their aggregate income.
19. In computing net income there should be excluded the compensation
of all officers and employees of a State or any political subdivision thereof,
except when such compensation is paid by the United States Government.
277
Page 3 of Circular.)
DEDUCTIONS.
1. The amount of necessary expenses actually paid in
carrying on business, but not including business
expenses of partnerships, and not including personal, living or family expenses
$2. All Interest paid within the year on personal indebtedness of taxpayer
3. All United States,State,county,school and municipal taxes paid within the year (not including those
assessed against local benefits)
4. Losses actually sustained during the year incurred
(Page 1 of Circular.)
•
in trade or arising from fires, storms or shipwreck,
and not compensated for by insurance or otherwise_
To be filled in by
To be filled in by
(Form 1041.)
Collector,
Internal Revenue Bureau. 5. Debts due which have been actually ascertained to
Income Tax.
be worthless and which have been charged off withList No
File No
The Penalty.
in the year
6. Amount representing a reasonable allowance for
For failure to have
the exhaustion, wear and tear of property arising
_ _ _ _District of
this return in the hands Assessment list
out of its use or employment in the business, not to
of the Collector of Inexceed, in the case of mines, 5% of the gross value
Line
Date received
ternal Revenue on or be- Page
at the mine of the output for the year for which the
fore March 1 is $20 to
computation is made, but no deduction shall be
made for any amount of expense of restoring prop$1,000.
erty or making good the exhaustion thereof, for
which an allowance is or has been made
UNITED STATES INTERNAL REVENUE.
7. Total amount of income derived from dividends on
the stock or from the net earnings of corporations,
Return of Annual Income by Fiduciaries (As provided by Act of Conjoint-stock companies, associations or insurance
gress approved October 3 1913).
companies subject to like tax (same as entry on
Return of income received or accrued during the year ended Dec. 31 191-line 10, Page 2)
8. Amount of income on which the normal tax of 1%
(for the year 1913, from March 1 to Dec. 31)•
has been deducted and withheld at the sciurce (see
(Name of fiduciary), acting in the capacity of
Filed by
page 2, line 8, Column A)
(state whether trustee, executor, &c.), for the beneficiaries of
(fill in pages 2 and 3 before making entries 9.
the estate or trust of
Total deductions (to be entered on line 2 of
first page)
on this page).
$1. Gross income (see page 2, line 11)
2. Total deductions (see page 3,line 9)
3. Amount ofincome paid or payable to beneficiaries on which the normal tax of 1%
has been deducted and withheld as
listed below
Names
of
Addresses.
beneficiaries.
Amount of
Amount of
Income paid Amount of income on Amount of
or accrued
exemption which fidutax
to
claimed. ciary is liable withheld.
beneficiaries.
for tax.
Totals
(Page 2 of Circular.)
AFFIDAVIT TO BE EXECUTED WHERE FIDUCIARY IS AN
INDIVIDUAL.
(state whether
I solemnly swear (or affirm) that I am the
trustee, executor, &c.)for the beneficiaries of the estate or trust of
;
that the foregoing return, to the best of my knowledge and belief, contains
a true and complete statement of all gains, profits and income coming into
my custody or control and management during the year for which the
return is made; that said beneficiaries are entitled, under the Federal Income Tax Law of October 3 1913, to all the deductions entered or claimed
therein; that all certificates claiming personal exemption, presented by
the beneficiaries,are herewith inclosed; and there is contained there in a true
and complete list of the names and addresses of all beneficiaries to whom
any part of the amount stated on line 3 of the first page thereof has been
paid or is payable.
(Signature of fiduciary.)
Address J
in full.),
191..
Sworn to and subscribed before me this
day of
Seal of officer1
'taking affidavit J
GROSS INCOME.
AFFIDAVIT TO BE EXECUTED WHERE FIDUCIARY IS AN
This statement must show in the proper spaces the entire amount of gains.
ORGANIZATION.
profits and income coming into the custody or control and management o.
(state official posiI solemnly swear (or affirm) that I am the
the fiduciary, for the benefit of the beneficiaries of the trust or estate' tion) of the
(state name of fiduciary organization) of
during the year specified on page 1 [of circular].
(address in full), which organization is the duly authorized or appointed
(state whether trustee, executor, &c.) for the beneficiaries of
A.
B.
the estate or trust of
; that I am duly authorized to act for said
Amount of income Amount of income fiduciary; that the foregoing return;to the best of my knowledge and belief,
Description of Income.
on which tax has on which tax has not
been deducted and been deducted and contains a true and complete statement of all gains, profits and income
withheld at the source withheld at the source coming into the custody or control and management of said organization
In its fiduciary capacity as stated during the year for which the return is
1. Total amount derived from salmade; that said beneficiaries are entitled under the Federal Income Tax
aries, wages or compensation for
Law of October 3 1913 to all deductions entered or claimed therein; that
personal service of whatever kind
$_
and in whatever form paid
all certificates claiming personal exemption, presented by the beneficiaries,
2. Total amount derived from proare herewith inclosed; and there is contained therein a true and complete
fessions, vocations, businesses,
list of the names and addresses of all beneficiaries to whom any part of
trade,commerce or sales or dealproperty,
whether
real or
ings in
the amount stated on line 3 of the first page thereof has been paid or is
personal, growing out of the
payable.
ownership or use of or interest
in real or personal property, in(Signature of officer representing fiduciary.
cluding bonds, stocks, &c
Address'
3. Total amount derived from rents
in full.1
and from interest on notes,mortgages and securities (other than
191-day of
Sworn to and subscribed before me this
reported on lines 5 and 6)
5Seal of officerl
4. Total amount of gains and prof'taking affidavit J
its derived from partnership
business, whether the same be
divided and distributed or not._
5. Total amount offixed and deterRETURNS OF NET INCOMES FROM MARCH 1 1913 TO DEC.31 1913.
minable annual gains,proffts and
An income tax regulation affecting individuals whose net
income derived from interest
upon bonds and mortgages or
income for the ten months from March 1 to Dec. 31 1913
deeds of trust or other similar
obligations ofcorporations,jointamounted to 82,500 was given out as follows by the Commisstock companies or associations,
and insurance companies,whethmissioner of Internal Revenue on the 17th inst.:
er payable annually or at shorter
Section 2, Act of Oct. 3 1913, provides that on or before the first day o
or longer periods
March
1914 and the first day of March in each year thereafter, a true and
of
income
derived
amount
6. Total
from coupons, checks or bills of
accurate return under oath or affirmation shall be made to the Collector
exchange for or in payment of
of Internal Revenue by each person of lawful age who may be subject to
interest upon bonds issued in,
the tax imposed by this section who has a net income of $3,000 or over
foreign countries and upon forfor the taxable year.
eign mortgages or like obligations
in
the
United
(not payable
It is further provided that for the year ending Dec. 31 1913 the tax
States), and also from coupons,
shall be computed on the net income accruing from March 1 to Dec. 31
checks or bills of exchange for or
both dates inclusive, after deducting five-sixths only of the specific
1913,
updividends
in payment of any
exemption and deduction allowable for an entire taxable year.
on the stock or interest upon
the obligations of foreign corpoSince the return of annual net income for the year 1913 as applied to
rations, associations and insurndividuals is for but five-sixths of the calendar year, and as the law proance companies engaged in busivides that returns shall be made on the basis of five-sixths of the year,
ness in foreign countries
7. Total amount of income derived
it is held that individuals whose net income is $2,500 or more for the ten
from any source whatever, not
months constituting the taxable period of 1913 shall make returns of annual
specified or entered elsewhere
net
income in accordance with the general provisions of the law covering
on this page
the 1913 taxable period.
Totals
8.
SNote.-Enter total of Column A on line 8 of third page.
9.
Aggregate totals of Columns A and B
$10. Total amount of income derived from dividends on
the stock or from the net earnings of corporations,
joint-stock companies, associations or insurance
companies subject to like tax
S(To be entered on line 7 of third page.)
11. Aggregate total of "Grass Income"(to be entered
on line 1 of first page)
3-
The law firm of Bowers & Sands of this city has obtained
from the Treasury Department at Washington some important rulings regarding the operation of the Federal Income
Tax. These rulings appertain to the application of the
phrase "accrued income" and the treatment of the matter
of profits on the sale of property. The rulings are contained in the following letter:
[VOL. XCVIII.
THE CHRONICLE
278
ACCRUED INCOME.
TREASURY DEPARTMENT.
OFFICE OF COMMISSIONER OF INTERNAL REVENUE.
Washington, Jan. 20 1914.
Bowers & Sands, 46 Cedar Street, New York, N. Y.:
Gentlemen: In reply to your letter of Dec. 15, in which you state that
you requested of Charles W. Anderson, Collector of Internal Revenue
of your city, information relative to the interpretation of the phrase "accrued income" as used in the Income Tax Law,and several other questions
pertaining to income,and how much shall be reported for the year, you are
advised that this office holds, personal service rendered prior to March 1
1913, and the period of the service being completed prior to that date, but
payment is not made therefor until after March 1, such income is not returnable for the income tax.
If an individual renders service, a part of which is prior to March 1 1913
and the balance subsequent to that date, the individual shall include in
his annual income return only the pay for such portion of the services as
were rendered on and after March 1. if the payments are made upon an
annual, monthly or weekly basis. Where the services are of such character
as are paid for by fee, or in such manner that no portion of the amount
becomes due until the service is completed,then the total amount received
for the services, if received after March 1, shall be accounted for as income
for that year.
This office holds relative to the Income Tax Law that "accrued" means
due and payable, and the word "accruing" means having arrived at an accrued state during the year, and not in a process of accruing.
This relates particularly to interest and dividend payments. With respect to dividends,they are not income to the individual until such dividends
are declared and payable, and the portion of time during which the money
was earned by the corporation which pays the dividends has no bearing
whatever upon the status of the time of accruing income to the individual.
The same is true of interest payments where the individual who receives
the interest payment, whether upon coupon, registered interest or demand
notes, shall have the interest period fall upon March 1 1913, or any date
thereafter, then the year the income received from such securities shall
be returned as income for the taxable year of 1913, because the amount received by the individual becomes due and payable within the taxable
period.
THE MATTER OF PROFITS.
With respect to property sold. it is held that if the property has been
owned for a number of years and the presumption may be fairly made
that the increase in value has been constant during those years, then the
profit received from the sale of the property sohuld be prorated and such
portion as shall belong to the period of time in which the income tax was
in operation should be reported as income for the year during which the
sale was made. The same would be true of the losses.
With respect to corporations in this matter, the period would be carried
back to Jan. 1 1909, where there is an annual adjustment of the values of
real estate, property or securities, then each return would be made upon the
basis of the adjusted values in case of sale or otherwise.
Respectfully,
L. F. SPEER, Deputy Commissioner.
Shares. BANKS-New York.
*465 Commerce, Nat. Bank of__
*110 Corn Exchange Bank
BANK-Brooklyn.
35 Flatbush, Bank of
Law. High. Close.
170
173
172A
318
320
318
Last previous sale.
Jan. 1914- 170
Jan. 1914- 320
110
Aug. 1913- 115
110
110
* Sold at the Stock Exchange.
-+-Three New York Stock Exchange memberships were reported posted for transfer this week, the consideration in each
case being $50,000. This is an advance of $5,000 over the
last preceding transaction.
Rudolph Keppler has been elected Chairman of the Law
Committee of the New York Stock Exchange and H. K.
Pomeroy Vice-Chairman. Charles M. Newcombe has been
elected a member of the committee to succeed F. K. Sturgis.
The latter's resignation as a memver of the Governing Committee was announced last week. A silver bowl, made in
England in 1716, was presented to him by his associates on
the Governing Committee on the 22d inst.
William A. Greer has been elected a member of the Arbitration Committee to succeed Ira A. Kip Jr., resigned.
The nomination of John Skelton Williams as Comptroller
of the Currency, which was sent to the Senate by President
Wilson on the 13th inst., was confirmed by that body on
the 19th. It is reported that Mr. Williams, who is at present
Assistant Secretary of the Treasury, will not assume the
duties of Comptroller until Feb. 19. The only opposition
to the confirmation of the nomination came from Senator
Bristow of Kansas and William Alden Smith of Michigan.
Senator Bristow's remarks dealt with the action of Mr. Williams in depositing Treasury funds with the Munsey Trust
Co. of Washington when it took over the United States
Trust Co. Senators Reed of Missouri, Martin of Virginia
and Chilton of West Virginia spoke in commendation of
Mr. Williams; the committee's findings in regard to the trust
company proceedings were read to the Senate by Mr. Reed,
and in the opinion of the Democrats that report completely
nullified the grounds of attack on Mr. Williams.
The Forest Service of the Department of Agriculture has
issued, under date of the 21st inst., the following circular
Acting Secretary of the Treasury Williams gave out the
respecting the income tax and its effect on timber lands:
following statement last night (Jan. 23) concerning the
TIMBL2. LANDS NOT SUBJECT TO INCOME TAX UNTIL applications for admission to the Federal reserve system.
TIMBER IS CUT AND MARKETED.
"Exactly one month ago to-day the Federal Reserve Act
Washington, Jan. 21.-Foresters and lumbermen see in a decision of the
Since its approval 5,007
Treasury Department in regard to the administration of the income tax was. approved by the President.
a strong argument for forestry. As they interpret the opinion of the national banks, whose capital aggregates approximately
Treasury officials, they understand that no timber lands shall be subject 75% of the total capital of all the national banks in the
to the tax until the timber is cut and marketed, and that then the profit
only will be subject to an income tax assessment. In other words, all costs country, have filed with the Department formal resolutions
will be deducted before the tax is levied, and these will cover the cost of their directors accepting the provisions of the Federal
of growing the timber, including the cost of planting where necessary Reserve Act,and 169 additional national banks have indiand of protecting the growing crop from fire and other depredation.
This decision was based upon a request for information made by P. S. cated informally their intention to accept the provisions of
Ridsdale, Secretary of the American Forestry Association. He asked if the new law. 106 State banks and trust companies have
there would be a tax on the value of the yearly growth of timber whether it also informally notified the Department of their
acceptance
was cut or not, and also whether an income tax would be assessed on the
value of the timberland. In reply,the Treasury Department said that "the of the provisions of the Act. The form prepared by the
gain from the cutting and disposal of stumpage is realized in the year Department containing resolutions to be adopted by the
during which the timber is cut and disposed of, and that the amount directors of State banks has just been prepared and is being
received in excess of the cost of such timber is profit, and should be so
sent out to-day. The Acting Comptroller of the Currency
accounted for as income for that year."
reports that since the approval of the new Act 75 State orprivate banks have indicated their intention to nationalize.
THE HEARINGS ON THE APPLICATION OF THE EAST- During tho same period last year similar notifications were
ERN ROADS FOR HIGHER RATES.
received from only 17 State or private banks. The total
The Inter-State Commerce Commission will begin on number of national banks in the United States at this time
Monday next, Jan. 26, a series of hearings, continuing until is 7,005.
March 5, in the Eastern freight rate advance cases. The
period mentioned will be devoted to the consideration of
The selection of L.P. Hillyer, Vico-President of the Amerirates on particular commodities which have a bearing on the can National Bank of Macon, Ga., as a director of the reapplication of the roads for incresaed revenue; the dates gional reserve bank to be established in the southeastern
assigned for these are as follows:
section of the country, is being urged by the bankers and busiJan. 26, petroleum; Jan. 27, ice; Jan. 28, tile, brick and clay; Jan. 29,
boots and shoes; Jan. 30,flour; Jan. 31, peanuts; Feb. 2-4, bituminous coal; ness men of the South. A resolution endorsing him for the
Feb. 5, linseed oil, corn oil, &c.; Feb. 6, glucose, starch and other corn by- post was adopted by executive council of the Georgia
products; Feb. 7, wooden barrels, pails, tubs, &c.; Feb. 9,sand and gravel;
Bankers' Association on the 19th.Mr. Hillyer has been an
Feb. 10,cement; Feb. 11,iron and steel articles, cast iron pipe and raw materials entering into the manufacturing process of same; Feb. 12-14,lake and officer of the Association ever since it was established twentyrail rates; Feb. 16. glass; Feb. 17, coffee; Feb. 18, pulp and paper; Feb. 19, three years ago; he was for twenty years its Secretary, later
plaster; Feb. 20-21, lumber and forest products; Feb. 24, packing house
for two years Vice-President,and was made President at the
products; Feb. 25, lime-stone; Feb. 26, salt; Feb. 27, fruit; Fob. 28,stone,
marble, granite; March 2, hides and leather; March 3, sugar, molasses and annual meeting last May. He has also been actively idensyrup; March 4,truck farm products and fish; March 5, hay and grain.
tified with the work of the American Bankers' Association.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public sales of bank stocks this week aggregate 610
shares, of which 575 shares were sold at the Stock Exchange
and 35 shares at auction. National Bank of Commerce
stock was dealt in to the extent of 465 shares, the price advancing from 170 to 173, and closing at 1723/
2.
Hearings on the question of the location of the proposed
Federal reserve banks have been held this week by the
Organization Committee in Chicago, St. Louis and Kansas
City. Delegations from Minneapolis and St. Paul were in
attendance at the Chicago hearing held on the 19th and
2C1t12..inst-., -to enter- their-pleas for- a regional bank for the
JAN. 24 1914
THE CHRONICLE
Twin Cities, and representatives from cities of other neighboring States were also present to indicate their reserve
bank preferences. James B. Forgan, President of the First
National Bank of Chicago, and George M. Reynolds, President of the Continental & Commercial National Bank, were
among the Chicago bankers submitting arguments for the
establishment of a reserve bank in that city. Mr. Forgan
suggested reserve bank centres at New York, Boston,
Chicago, San Francisco, St. Paul or Minneapolis, St. Louis,
Kansas City, and Baltimore or Philadelphia. In dealing
with the bank to be created in his territory, he started by
showing the size of the institution if the district were
confined to Chicago alone. He stated that while there are
more than nine banks in Chicago, there would be but nine
contributing banks, as there are only that number which
conform to the requirements. These nine banks, he said,
would contribute $20,707,000 to the deposits and $4,143,000
to the capital. "If we take in the rest of Illinois, Mr.Forgan
said, "we would have 450 national banks added, with
$9,046,000 added to the deposits and $3,100,000 added to
the capital." Continuing, he said:
279
going to a bank and borrowing on their note the tradesmen give their
notes to one another. In this country we have practically developed entirely away from that practice. Any little business that does not go to its
bank for its credit and pay its bills in cash is blacklisted. The strongest
houses now go to their banks,get cash,pay cash for their purchases and get
the advantage of the cash discount. This is the policy of the best firms. It is
much better than the old way-and it is this status of things which should
continue rather than that we should go back to the old policies. Is England this old practice is still carried on to such an extent that no tailor ever
expects to be paid in less than a year. But here we have reached a different
basis of business. Americans pay their bills; we do a cash business.
A statement offered by Mr. Reynolds, which he said
had been prepared by some one in his office, and with which
he remarked he only partially agreed, would provide for the
following as reserve cities: Boston, with a capital of $11,000,000; New York, with a capital of $28,700,000; Chicago,
$24,000,000; St. Louis, $11,000,000; New Orleans, $5,000,000; Denver, $2,100,000; Seattle, $2,400,000; and San
Francisco, $5,400,000. Personally, Mr. Reynolds, like Mr.
Forgan, favors the establishment of reserve banks in Chicago, New York, Boston, San Francisco, St. Paul or Minneapolis, St. Louis, Kansas City, and either Baltimore or
Philadelphia. In submitting his views, Mr. Reynolds said:
The whole scheme of the regional banks as I look at it is somewhat of an
experiment, and I have not complete confidence in the scheme as yet.
If, therefore, we had a district that was confined to our own State we
I believe we should start with the smallest number of banks possible and
would have 459 banks—however, this is based. I may say, on national
banks alone, and would have to be increased by the number of State banks let the additions grow as a matter of evolution. Chicago serves to a large
which would come in, in proportion—the State would have 459 national extent the whole country financially and commercially. The Chicago
banks with $29,753,000 deposits and $7,243,000 of capital. If you extend banks, for instance, have more correspondents in Pennsylvania than any
into the State of Indiana we have got to divide each State in accordance other city in the country, save possibly Pittsburgh, thereby breaking the
with the reserve cities, and the rest of the State, because the reserve cities rule that the trend of business is from west to east. The natural territory
have to contribute in a different proportion to the deposits from the rest which should be given to Chicago should be along east and west lines
of the State, so each State is divided into the two classes of banks, reserve rather than along north and south lines. The trend the other way is from
city banks and the outlying banks. Indianapolis would contribute five the south to the northwest.
Assuming that the Twin Cities do not have a bank, that territory should
banks with $1,522,000 deposits and $565,000 to the capital, and the rest
of the State would contribute 251 banks with $5,122,000 of deposits and be included in what we would call the "outer circle." The inner circle
$1,185,000 of capital. Then if we go into Iowa we find four reserve cities would be Illinois, Iowa, Indiana, Michigan, Wisconsin and the southern
there—Cedar Rapids, Des Moines, Dubuque and Sioux City—which would part of Minnesota. We would give part of southern Illinois to Missouri
contribute the figures shown there. I do not think I need read them; but and receive part of Missouri in our territory. The outer circle should inthe whole State of Iowa would contribute $7,328,000 to the deposits and clude the west half of Ohio, west half of Michigan, north half of Indiana
$1,963,000 to capital. If we extend them into Michigan we find Just the and the line run west along the northern line of Missouri to the Rocky
one reserve city there—Detroit—and it would contribute $6,482,000 to Mountains.
the deposits and $1,379,000 to the capital. Taking in Wisconsin, we would
Joseph Chapman Jr., Vice-President of the Northwestern
get $6,621,000 added to the deposits and $1,553,000 added to the capital.
Now we think that there would rest our district probably, if there are to National Bank of Minneapolis, C. T. Jaffray, Vice-President
be more than eight banks. If there are to be more than eight, we probably
would not be able to extend beyond that. But we are of the opinion that of the First National Bank of Minneapolis, and F. A. Chamwe should.
berlain, President of the Security National Bank of Minne-
Asked at this juncture whether in that case he would in- apolis, were some of the Twin City delegates present at the
clude the whole of Illinois and Indiana, Mr. Forgan said:
Chicago hearing. Mr. Chapman in opening the argument,
Yes, sir, we think that there is not any occasion for dividing either Illi- discussed the growth of the Northwest—its railroad developnois or Indiana. We are getting letters, two of which I received this morning since I came over here, which came in the morning mail,from two banks ment, increasb in population, production of farm products,
in the Southern part of Illinois, which are quite close to St. Louis, saying and its banking growth, and said:
that they do more business with Chicago than St. Louis, and urging upon
us to urge that the whole State be brought into this district.
In that vast new and growing territory extending from Minneapolis and
St. Paul to the Puget Sound, amounting in area to more than one-fifth of
the United States and consisting of about one-sixth of the arable lands, with
a variety and extent of resources not exceeded by any other territory in
the United States, there is a general and universal desire and even eagerness
on the part of the banks to enter the system provided by the new currency
bill. No other section of the country will give It a more cordial welcome or
heartier support.
Mr. Forgan excepted East St. Louis, which, he stated, is
practically part of St. Louis. In addition to the other localities included, he stated that if Minneapolis or St. Paul is
not to have a regional reserve bank,"we would think Minnesota would be brought into our district, and in that ease we
would have 1,555 banks, with total deposits of $67,497,000
At the hearings of the Philadelphia interests before the
and total capital of $17,096,000." Mr.Forgan furthermore Organization Committee in Washington last week, the
said:
claims of that city for a Federal reserve bank were conThen if there is to be no reserve city in Nebraska we think we would be vincingly set
forth in a report prepared by the bankers'
entitled to the whole of Nebraska. And we think that both these States,
Nebraska and Minnesota, if they are not to have a Federal reserve bank committee named by the Philadelphia Clearing-House
for themselves, would agree with us that this would be the natural place Association. The report was read by Levi L. Rue, Chairfor their reserve bank to be located. If Nebraska were brought in it would man of the. Committee,
and President of the Philadelphia
increase the deposits by $5,306,000 and the capital by $1,477,000 on the
same line. If Minneapolis and St. Paul do not have a reserve bank we National Bank. The establishment of not less than ten
would think North and South Dakota should be brought into our district, districts was proposed in the report, with the centres at
which would give us 2,046 banks with $75,870,000 deposits and $19,350,000
Boston, New York, Philadelphia, Atlanta, Chicago, St.
capital. Then we think that we might have a good claim on at least a
large part of Ohio. The figures for the whole State of Ohio would bring Louis, New Orleans, Minneapolis, Denver and San Franup the number of our banks to 2,436 and the deposits to $92,826.000 and cisco. This arrangement, the report said, should accomcapital to $24,984,000.
plish the following objects:
Mr. McAdoo pointed out that with all the States enumerMore than the minimum capital is provided for all districts save that
Chicago
the
district would take in around Denver. As many districts as possible contain self-supporting
ated by Mr. Forgan,
about one-fourth of the available banking capital of the banks by reason of varied industries, diversified business and accumulated
banking resources, with ample funds in creditor areas to care for normal
entire Federal reserve system, so that the remaining seven needs of borrowing areas. Each head office is located
in the principal city
divided
among the remaining three- of its district, and therefore upon established routes of trade currents,
banks would have to be
mail
superior
accessibility
effecting
for
the
entire
district
to head office or
quarters of the available capital. He also ventured the
branches.
renark that New York suggested that they ought to have a
The districts about New York, Chicago, Philadelphia and St. Louis will
predominant bank which would take from 45 to 50%,adding each contain population ranging from 12,000,000 to 20,000,000. The other •
will each have considerably smaller population. The Federal
districts
that "if that were conceded, between Now York and Chicago reserve banks
in Boston, New York, Chicago and Philadelphia will be larger
you would have 75%,and that would not give the rest of the than the others and can extend assistance to Federal reserve banks in AtNew
Orleans,
lanta,
Minneapolis and possibly St. Louis, which probably
country much of a show." Mr. Forgan admitted that it
will borrow heavily during the seasons of crop preparation and crop-moving.
would not, saying:
The district thus defined about Philadelphia will embrace a region in which
That is the difficult problem that you gentlemen have got to solve, and are the following activities: Exceptionally diversified manufacturing,
It Is pretty hard for us to decide upon it. From our point of view, you know, highly varied farming, extensive mining, timber and trucking operations.
if we are just going to look upon it territorially we are really the centre and
It was suggested that the Philadelphia district include
New York is on the circumference of the circle.
During the hearing, Mr. Forgan, in urging that a broad Pennsylvania, Southern New Jersey, Delaware, Maryland,
definition of commercial paper be given by the Federal the District of Columbia, the northeastern half of West
Virginia, Virginia and North Carolina, with branches of the
Reserve Board, said:
The fact of the matter is that the committee in framing this law took Philadelphia reserve bank at Pittsburgh, Baltimore and Richabsolutely foreign ideas on the term "commercial paper." Commercial mond. In lieu of this arrangement,it was proposed that the
paper used to be a note given by one firm to another in connection with
goods purchased by one or the other firm. It was a matter of exchange district might be limited to Pennsylvania, Southern New
of credit by notes. That practice:still prevails in England. Instead of Jersey, Delaware and Eastern Maryland. Some 0 the sta
280
THE CHRONICLE
[VoL. xcvm.
Unless diverted by arbitrary, artificial means, the financial trend of trade
must follow these same lines. This is as inevitable as the laws of gravity.
This line of least resistance has, therefore, concentrated in and through
The total banking resources of the State of Pennsylvania comprise 67% Baltimore a very large part of the regular commercial,banking and credit acof the total banking resources of the district of which Philadelphia would tivity of the great Southeast.
be the natural centre.
As this large section by long usage is accustomed to regard Baltimore as
The Philadelphia national banks reported to the Comptroller of the Cur- its financial centre—and commerce and banking are adjusted to this condirency on Oct. 21 $22,000,0o0 capital, $40,000,000 surplus, $184,000,000 tion—it would be an economic mistake to disturb it.
We submit that, if a vote could be taken of all the commercial and bankindividual deposits. The State of Pennsylvania leads every other State
in the number of its national banks, having 838 with capital of $116.000,000. ing institutions throughout this area, their choice, aside from the natural
surplus $136,000,000 and individual deposits $802,000,000 as of June 4 1913. local pride of other cities ambitious to have a bank, would be Baltimore.
There are in the State of Pennsylvania 492 banking institutions operating This is measurably indicated by the hundreds of letters from business
under State charter, having a capital of $118,270,080, surplus and profits houses and banks which are to be filed with your committee.
$202,780,453,individual deposits $885,765,643, as of June 4 1913.
Banking is the servant of commerce—hence banking fachities must folAn opinion as to whether the State banks of Illinois are at
low commercial transactions. Philadelphia has more important trade relations with this district than any other city. At all hours trains are moving liberty to avail of the provisions of the new Federal Bank Act
towards Philadelphia, bearing raw material which Philadelphia industries has been given by State Attorney-General Lucey to State
have bought from all parts of the district and the entire South and West,
and are manufactured into finished product and then distributed through- Auditor Brady. Mr. Lucey says:
From the consideration I have been able to give the subject. I am inout the world, total value exceeding $800,000,000 per annum. The total
Philadelphia tonnage as taken from three of our great trunk lines is 30,- clined to the opinion that there exists no substantial reason why State banks
357,561. A vast amount of exchange is created by purchases of cotton in may not avail themselves of the provisions of the Federal Reserve Act
the form of drafts against cotton dealers in this city, and this is the method and become "member banks" thereunder. .
of financing, even though the cotton may be shipped for export from Galveston, New Orleans, Savannah, Charleston, Norfolk or Baltimore, conseA series of amendments to the banking laws of Ohio has
quently a large amount of Philadelphia exchange is created in the South,
and this has made desirable the opening of a large number of bank accounts been drafted by State Representative R. A. Black, to enable
in Philadelphia by banks in almost all the principal cities and towns of the the State banks to take advantage of the new national bankcotton States. These banks should have the facility of a ready transfer of
the balances, which this exchange creates, through a Federal reserve bank ing law. Some weeks ago Mr. Black advised Gov. Cox that,
located here.
in his opinion, the enactment of new legislation was necessary
No small part of the foreign exchange created by such deposits is sold
to permit the State institutions to enter the proposed system.
in Philadelphia. As an evidence of this, the foreign exchange turn-over
by the banks of Philadelphia last year amounted to over $350,000,000, Another bill, which it is stated will accomplish the same purcovering all classes of business.
pose as Mr. Black's proposals, has been drawn by Frank S.
tistics bearing on Philadelphia set out in the report were,
according to the Philadelphia "Press," as follows:
Arguments on behalf of Pittsburgh as a reserve bank
centre were presented to the Organization Committee on the
16th by Charles McKnight, President of the Pittsburgh
Clearing-House Association; W. H. Stevenson, President of
the Pittsburgh Chamber of Commerce, a number of the
city's bankers and the State's representatives in Congress.
The Pittsburgh region, it was suggested, should include the
western portion of New York, the western part of Pennsylvania, Western Maryland, West Virginia and Ohio. Some
of the arguments embodied in Mr. Stevenson's statement
are given as follows in the Pittsburgh "Dispatch":
The United States Census compiles statistics for metropolitan districts
(a 10-mile radius), and in manufactures, population and area Pittsburgh is
outranked by only New York, Chicago and Philadelphia. The Pittsburgh
industrial and business district, exclusive of other territory included in the
financial district to be considered in the location of a regional bank, would
give it an industrial and business supremacy second to none in this country.
Pittsburgh is the iron and steel centre of the world. It is also the centre
of the world's largest supply of the best bituminous coal.
Pittsburgh is the natural gateway between the East and West, and its
strategical position for this reason was early recognized by the nations of
white men who first occupied this country; it holds the same advantage today. Pittsburgh is within 12 hours of the Mississippi Valley. Nearly half
the population of the United States dwells within a night's ride from Pittsburgh, wnich cannot be said of any other city. The value of the manufactured products alone for the Pittsburgh metropolitan district, as shown by
the Federal Census for 1909, is nearly $600,000,000. The pay-roll of the
Pittsburgh district is approximately $1,500,000 for each day--$45,000,000
per month. One of our banks alone provided over $7,000.000 last month.
From these stupendous figures it must not be concluded, as is too often the
impression among the uninitiated, that Pittsburgh's industries are confined
to the manufacture of iron and steel and the production of fuel. The region
Is full of diversified industries.
Pittsburgh's retail merchants reach 5,000,000 consumers beyond the
city. In its statements of the 13 metropolitan districts, the Federal Census
shows the average wages paid in the Pittsburgh district to be the greatest
of any district east of the Missouri River, establishing the high purchasing
power of the people of this region.
Pittsburgh's bank clearings in 1912 were $2,798,990,215. In the last
fiscal year 2.050 corporations in the Pittsburgh district paid taxes on net
earnings of $213,520.000. This is nearly 14% of the net earnings of the
corporations of the entire United States.
The Chamber of Commerce of Pittsburgh has, within the last few days,
made direct inquiry as to the business of the banks in the territory. This
inquiry was sent to 917 banks in Western Pennsylvania, Eastern Ohio
and West Virginia, representing a capital and surplus of $170,000,000, and
replies have already been received from 260, representing a capital and
surplus of over $100,000,000. These replies show that of the $86,000,000
worth of business done with other banks, $48,000,000 was with Pittsburgh
and $32,000.000 with all others, or about 10% more with Pittsburgh alone
than with all others combined. A regional bank located in Pittsburgh
would be an economy and convenience to a very large proportion ofthe coun
try's people and business interests, insuring the retention of their reserves
under Federal supervision in a strong financial centre at their very doors.
Davis, special attorney for the State Banking Department,
under the supervision of Attorney-General Hogan. A
query as to whether the examinations of the State Banking
Department would be accepted by the Comptroller of the
Currency has been put to acting Comptroller Kane for answer by State Superintendent of Banks Lattanner. In
Mr. Lattanner's opinion many State banks which might
otherwise join the Federal system would be deterred if they
had to submit to both State and national examinations.
According to James M. Parsons, attorney for the Iowa
Bankers' Association, the Iowa State banks are barred from
entering the Federal system by the law, which prohibits
a banking institution operating under the State laws from
investing its funds in another corporation.
The assertion that the Inter-State Commerce Commission
will never be efficient until it has the power to regulate freight,
passenger and express rates was made by Charles A. Prouty,
a member of the Commission, before the Traffic Club of
Chicago at a luncheon at the Hotel La Salle on the 16th inst.
In his discussion of the subject of the regulation of the railroads by the Government, Mr. Prouty is said to have dedared that the latter "has a right to regulate them, and does
so whether it has any right or not." He is also quoted in
the Chicago "Record-Herald" as saying:
While the Government should regulate the railroads, it should leave the
private capital invested just as free as it can be left consistent with the public interests. There can be no such thing as competition so long as you
must publish your charges and adhere to them. It is a very different thing
to say that a rate is a voluntary rate of a railroad than to say that it is the
rate established by the Federal Government. I think, therefore, that if
these rates were made by the Federal Government; it would simplify the
process. When the Inter-State Commerce Commission makes rates and
classifications, those schedules and classifications will occupy the same position with respect to State rates and State classifications as do the decisions
of the Supreme Court of the United States to the decisions of the State
courts. They will not be binding upon the States, but they will be precedents which the States will be inclined to follow.
According to Mr. Prouty, "stability is of more importance
nowadays in the determination of railroad rates than is
elasticity." "The great mass of our rates," he stated,
"ought, in my judgment, to be the same year after year.
Hasn't the time come when the Inter-State Commerce Commission should be given the same authority in the making of
rates which is given to many and perhaps most of the State
commissions?" Mr. Prouty argued that the Commerce
Commission now regulates the railroads "in spots," and an
The Baltimore interests had a delegation present in order made in one case may create a discrimination in another
Washington on the 15th inst. to urge their claims. Waldo case; until the Commission proceeds in some broad and comNewcomber, President of the National Exchange Bank, prehensive way it never "will come into its own."
mentioned as the logical area for the Baltimore district,
Maryland, Delaware, the District of Columbia, West
The establishment in New York State of a land bank, to
Virginia, Virginia, North and South Carolina, Georgia, act as a clearing-house for mortgages on farms is planned in
Florida and parts of Alabama and Pennsylvania. At the a proposed agricultural credit-system which is being furthered
hearing Mr. Newcomber said:
by Governor Glynn. With a view to forming such a system
We are convinced that Baltimore is the natural location of one of these
conference was held at Albany on the 14th inst. between
a
great banks, by reason of her geographical, commercial and financial importance in the large territory where the greater part of her trade lies and the Governor and experts on farming questions. In adfor which territory she has for many years been the recognized commercial dition to the plans with respect to the land bank it is also
capital. This position is due largely to the well-known economic law that
market commission to handle the
trade, like the wind and other natural phenomena, invariably follows the proposed to create a
tine of least resistance.
farmers' products. This commission, it is stated, is in-
;JAN. 24 1914.1
THE CHRONICLE
tended to act as the agent between the producer and the
consumer and to eliminate the middleman. Through the
land bank it is proposed to afford a medium for the facilitation of long-term credits for farmers seeking to use borrowed
funds for the development of their lands—the institution
issuing debenture land bonds, carrying the State's guarantee;
it is furthermore intended, it is stated, to have savings and
loan associations, merged into co-operative unions, supply
the farmer with small loans for the purpose of moving his
crops and purchasing cattle and implements. In a statement
made by him on the 13th inst. concerning the prospective
plans, Governor Glynn said:
One of the greatest problems confronting New York is that of increasing
the amount of its cultivated land, and establishing a system whereby the
products of its farms may be brought to the consumers of its cities. In the
last 10 years the urban population of New York increased 25%, while the
increase in rural population has been less than 1%. Where in 1900 New
York had 226,720 improved farms, in 1910 it had but 215,597, a decrease
of 5%. Where, in 1900, there were 15,600,000 acres of land under cultivation,in 1910 there were but 14,888,000 acres,and there are no considerable influences at work to halt the exodus from the farm to the cities or
to turn the flow of population from the cities to the farm.
We are going to start here, if we can, something like the loan banks in
Germany and Franco. They have a bank there which is used by the
building and loan associations. They regulate it by law and they have
been successful, Germany more than any other nation. France has been
quite successful and in Italy it has been fairly successful.
Last week's conference was a preliminary to the meeting
of the State Agricultural Society in Albany on the 20th and
21st. inst. when the several subjects affecting farmers were
further discussed and resolutions were adopted indorsing the
rural credit policy urged by Governor Glynn.
—4-In a special message dealing with the business of small
loans, submitted to the New York Legislature by Governor
Glynn on the 19th inst., the following recommendations for the revision of the law applying thereto are made:
First—That the small loan business is a necessary business and should
be recognized as such.
Second—That the first essential to the regulation of small loans is that
the rate of interest should be no greater than that which permits a reasonable return to those engaged in the business.
Third—That instead of making it difficult to secure small loans the
Legislature should endeavor to make matters easy for those who urgently
need temporary accommodation.
Fourth—That the scandalous conditions under which usurious lenders
have been able to extort interest, out of all proportion to the loans made,
should be immediately changed.
Fifth—That a criminal prosecution as well as a fine should be made the
penalty for violation of the small loan law.
Sixth—That the State Supervisor of small loans should be clothed with
power not only to enforce the law, but to discover in the first instance
whether the law is being violated.
Seventh—That it is for the best interests of employer and employees that
the employer be notifed whenever an employee Is obliged to hypothecate
part of his future wages for a temporary loan.
Eighth—That some means should be found to provide evidence of all
transactions under the small loan law so that violations may be immediatelr
detected and easily prosecuted. •
Ninth—That all charges over and above interest, such as charges 'for
Investigation of the applicant for a loan, shall be as carefully watched as the
rate of interest itself.
There is no Justice so real as that which follows the broader dictates of
humanity. Justice and humanity alike urge the Legislature to shield the
honest borrower from the clutches of the loan shark.
281
Nathaniel Mills Jr., heretofore Assistant Cashier of the
West Side Bank of this city, has been elected Cashier of the
institution. He is succeeded as Assistant Cashier by John
H. Meyerholg Jr.
—4-Daniel Schnakenberg of the insurance firm of Hagedorn &
Co. has been elected a new Vice-President of the GermanAmerican Bank, Broad Street, this city.
The annual banquet of Group VIII., composed of the
bankers of New York City, which was held at the WaldorfAstoria on Tuesday evening last, took on the appearance of
an international event on account of the prominence of its
speakers, who came over from Europe especially for the
occasion. The flags of Great Britain,France and Germany,
entwined with those of the United States,composed the principal decorations. Representatives of practically every
banking institution in the city, as well as a large number
of the leading financiers from distant points, railroad officials, &c., were among those who, to the number of nearly
one thousand, sat down to dinner. James S. Alexander,
President of the National Bank of Commerce in New York,
and Chairman of the Group, acted as toastmaster. In his
opening remarks he referred in particular to the workings
of the new reserve bank law and promised to it the full cooperation of New York's largest banks. "The Relations
Between German Banks and German Industries" was the
subject of the address delivered by Prof. Dr. Jacob Riesser,
President of the Central Association of German Banks and
Bankers, who is considered one of Germany's leading financiers. He described in detail the Reichsbank, which is the
central bank of issue, and the supervision of the same by the
Government.
The second speaker of the evening, M. Robert Masson,
Sous-Directeur du Credit Lyonnais, took for his subject
"The Bank of France." He gave a very interesting account
of its workings and spoke particularly of the wonderful
elasticity of the French banking system.
The remarks of James H. Simpson, the General Manager
of thd Bank of Liverpool, on "Some Leading Features of the
London Money and Discount Markets" were received with
much enthusiasm. In referring to the new banking law, he
stated that the United States must now participate in the
international money market. He wanted, he said, to see it
and believed other foreign countries expected it, too.
The plans for the absorption of the business of the Washington Trust Co. of this city by the Corn Exchange Bank
were ratified by the stockholders of the two institutions on
the 19th inst. The merger is to go into effect on Monday
next, the 26th inst., when the office of the trust company
will become a branch of the bank. The proposal to increase
the capital of the Corn Exchange Bank from $3,000,000 to
$3,500,000 was endorsed by the stockholders at last Moncolumns
As indicating the present situation in the building trades day's meeting, and, as was indicated in these
stock of the trust company (capital
in this city, we quote the following striking remarks from the on the 10th inst., the
$500,000) is exchanged, share for share, for that of the bank,
"Engineering & Mining Journal," of the 17th inst.
The building trades in New York started the now year with a new wage after the distribution by the company to its shareholders
scale. About 12,000 bricklayers received an advance from 15 60 to $6 of $50 per share, thus making the book value of its stock
a day. About 5,500 stone setters advanced to the same figures; 3,000 practically the same as that of the bank. Francis A. Page,
composition roofers received an advance from $3 25 to $3 50 a day; about
3,000 electrical workers got an advance from $4 50 to 34 80 a day. This President of the Washington Trust Co.,and identified with
Beale was put into effect although a large number of building mechanics it since its inception, has become a Vice-President of the
are reported idle in consequence of slack times. The principles of econoCorn Exchange Bank, and David M. Morrison, Chairman
mics do not rule in these trades in Now York. But $6 per day for a bricklayer! The idea will occur to many engineers that they might well become of the board of the Washington Trust, has been elected a
bricklayers, but they can't, because they haven't got union cards.
director of the bank to succeed the late William A. Havemeyer.
The stockholders of the Union Exchange National Bank
of this city voted on the 20th inst. to apply for admission
Charles E. Rushmore has been elected a director of the
to the Federal reserve system. The stockholders of the Fidelity Trust Company to succeed Gerrish Milliken.
National Park Bank are to hold a special meeting on February 17 to act on the question; the stockholders of the First
Beverly Chew has been made First Vice-President of the
National Bank and of the Importers' & Traders' National
Metropolitan Trust Company to take the place of Anton A.
Bank will meet on February 20 to act in the matter, and a
Raven,retired. Mr. Chew had heretofore been Second Vicespecial meeting of the stockholders of the East River National
and his successor in that position is Edwin F.
President
Bank will be held on February 13 to take similar action.
Rorebeck, formerly a national bank examiner and at present
the Van Tuyl Commission revising the State
At the annual meeting of the Fifth National Bank of this Secretary to
New directors on the board of the institulaws.
banking
city Stephen Kelly, President, was elected Chairman of the
Camp,Charles W.Ogden, and William
Board, and E. E. Watts, previously First Vice-President, tion are Theodore C.
that George C. Van Tuyl Jr.,
rumored
is
It
Proctor.
R.
B.
Kelly
adRichard
was
the
presidency.
was chosen to
Banking Department, may
State
the
of
Superintendent
vanced from the office of Second to First Vice-President,
company as President.
and Andrew Thompson was made Second Vice-President. shortly head the
W. S. Beckley continues as Cashier and G. J. S. Taylor as
The American Exchange National Bank of New York, of
Assistant Cashier.
which Lewis L. Clarke is President, is announcing to the
282
THE CHRONICLE
publio both in Its advertisements and in printed statements,
that its board of directors have accepted the full terms and
provisions of the new Federal Reserve Act and have so notified the Reserve Bank Organization Committee. A special
meeting of the bank's stockholders is called for Feb. 11 next
to formally pass on the resolution as adopted by the board.
The new statement of the American Exchange shows resources of over seventy millions dollar, the exact figures being
$72,849,042. Its deposits are in excess of $57,000,000.
Henry W. Pollock has been elected a Vice-President of
the Cosmopolitan Bank of this city to succeed Charles A.
Berrian. Mr. Berrian, who is a Vice-President of the
Bronx Borough Bank, continues on the directorate of the
Cosmopolitan Bank.
[VOL.
xcvtli.
and the Boylston National. The stockholders of the Second
National will act on the question at a special meeting on
Feb. 9. The Puritan Trust Co. decided to leave the matter
to the directors' discretion.
James M. Prendergast has been elected a Vice-President
of the Second National of Boston, to succeed Wallace L.
Pie,ce, who, while resigning the vice-presidency, continues
as a director.
Charles P. Curtis has been elected President of the Mutual
National Bank of Boston, Charles H. W. Foster having
declined re-election.
George B. Wason, President of the Liberty Trust Co. of
Boston, has been made Chairman of the company's board
of directors.
Arnold Whittaker has been elected Assistant Treasurer
of the Massachusetts Trust Co.
Eli H. Bernheim has been elected a Vice-President and director of the Columbia Bank of this city.
F. A. Day, head of the Boston banking house of R. L.
Day & Co., died on the 15th inst. at St. Augustine, Fla.,
Samuel Armstrong has been made Assistant Secretary of where he went about a month ago. Mr. Day was in his
the Equitable Trust Company.
sixty-second year; he was the son of Robert L. Day, the
founder of the firm.
J. L. Williams and A. E. Van Doren have been appointed
The proposal to change the par value of the stock of the
Assistant Cashiers of the Irving National Bank of this city.
Mr. Van Doren has been manager of the bank's credit de- Penn National Bank of Philadelphia from $50 to $100 a
partment. Mr. Williams was Cashier of the South Side share was approved by the stockholders at the annual
meeting on the 13th inst.
Bank of Wilkes-Barre, Pa.
Gen. Louis Wagner, President of the Third National Bank
The following new directors have been elected to the board
of the Mutual Alliance Trust Company fo fill vacancies: of Philadelphia, and for years prominent in the civic life of
G. Osgood Andrews, Wilbur L. Ball, T. T. Wells, C. None the city, died suddenly on the 15th inst. Although his health
had recently been impaired, Gen. Wagner on the day before
Miller and S. Stanwood Menken.
•
his death attended a meeting of the Board of Trustees of
Eldredge G. Snow and John H. Flagler have been elected the New York Life Insurance Co. in New York, and later in
the day presided over a meeting of the Board of City Trusts.
directors of the Broadway Trust Co. of this city.
Gen. Wagner was in his seventy-sixth year; he was born in
Germany
in 1838 and came to this country with his parents
John H. McClement has been elected to succeed the late
Louis Windmuller as a director of the Title Guarantee & when he was eleven years of age. During his lifetime Gen.
Wagner had served in nearly every department of the city
Trust Co. of this oity.
government. He had been a member of the Board of City
The following advices have been received by Wade Trusts for forty-three years and was its President at the
Gard'ner, New York agent for the Hong Kong & Shanghai time of his death. He had served as President of the ComBanking Corporation, from the head office of the institu- mon Council, had been a member of the Board of Education, Recorder of Deeds, Chairman of the Sinking Fund
tion at Hong Kong:
Subject to audit,the bank dividned for the half-year ended Dec. 31 1913 Commission, Director of the Department of Public Works,
will probably be 40s. a share; bank bonus of 5s. per share in addition to &c. He had also been President of the Masonic Homo of
dividend; added to silver reserve fund, $200,000, IIong Kong currency; Pennsylvania and Treasurer of the
State Soldiers' Home
written off bank premises account, $300,000 Hong Kong currency;
carried forward to next half-year, $2,050,000, Hong Kong currency. at Erie, Pa.
Including the above,the capital and reserve funds of the bank now stand as
follows: Paid-up capital, Hong Kong currency, $15,000,000; reserve funds,
sterling reserve, £1,500,000 2s., $15,000,000; silver reserve, $17,650,000:
carried forward to next half-year,$2,050,000. In addition there is a reserve
liability of proprietors of $15,000,000. Hong Kong currency.
(4
Daniel V. B. Hegeman was elected President of the
Nassau National Bank of Brooklyn last Tuesday, succeeding
Edgar McDonald, who served as President since 1911.
Mr. McDonald, who has been associated with the Nassau National Bank of Brooklyn for half a century, declined,
on account of ill-health, re-election as President at the annual
meeting on the 20th inst. He will continue with the institution, however, in an advisory capacity, having been made
Chairman of the board of directors. The new President,
Mr. Hegeman, is still a young man, forty-four years of age,
well known in Brooklyn business and social circles and is
favorably regarded in New York and Brooklyn as a conservative banker. He has been connected with the Nassau
National Bank since 1889, having worked his way up from
the ranks, becoming in turn Assistant Cashier, Cashier,
Vice-President and President. Mr. Hegeman is Treasurer
of the Brooklyn Institute of Arts and Sciences and the
Brooklyn Eye and Ear Hospital and is also a member of
many Brooklyn clubs. A resolution authorizing the officers
to make application for membership in the Federal reserve
system was adopted by the directors at the meeting.
Henry L. Crandell has resigned as Vice-President of the
Bank of Lond Island at Jamaica to enter the investment
banking business in New York.
The following national banks of Boston voted at their
annual meetings last week to enter the Federal system: The
National Shawmut, the First National, the Merchants' National, the National Union, the Fourth Atoantie National,
National Bank of Commerce, the Webster & Atlas National
*Levi G. Fouse, President and founder of the Fidelity
Mutual Life Insurance Co. of Philadelphia, died on the 16th
inst. Mr. Fouse was sixty-three years of age. Memorial
cards issued by the company announcing his death state that
in point of continuous service he was, at the tithe of his
death, dean of the life insurance presidents of America. He
had completed his thirty-fifth year as President of the
Fidelity and had just been elected for the thirty-sixth time.
Although stricken with paralysis four years ago, Mr.Fouse
had continued at business up to within a few weeks of his
death. He was a director of the Third National Bank and
of the Central Trust & Savings Co. of Philadelphia.
A number of changes occurred at the annual meeting of
the Baltimore Trust Co. of Baltimore, Md., on the 13th.
Charles D. Fenhagen resigned as Third Vice-President and
director; Harry Ridgely Warfield was elected Second VicePresident to fill the vacancy which was created some time
ago by the death of George C. Morrison; Edwin W. Poe,
heretofore Secretary and Treasurer, was made Third VicePresident; Howard N. Lecke, Assistant Secretary, was
chosen Secretary; H. Gale Turpin, Assistant Treasurer,
was promoted to the office of Treasurer; Charles D. Fenhagen Jr., teller, has become Assistant Secretary and
Treeasurer, while G. Roy Mueller has been made Trust Officer. Mr. Warfield, the only one of the above who had not
heretofore been connected with the trust company, was
formerly General Manager and later President of the Utilities Properties of Morgantown, W. Va., which have been
consolidated with the West Virginia Traction & Electric Co.
of Wheeling. He is Vice-President of the Farmers' & Merchants' Bank of Morgantown and a director of the American
National Bank of Washington, D. C. Mr. Poe, the new
Third Vice-President of the Baltimore Trust, has succeeded
Mr. Fenhagen on its board, and Mr. Warfield and Donald
JAN. 24 1914.]
THE CHRONICLE
283
F. S. Hebard, heretofore Secretary of the Hibernian
M. Liddell, associate editor of the "New York Engineering
Banking Association of Chicago, has been elected Cashier
ik Mining Journal," have been elected additional directors.
to succeed the late John W. MacGeagh. Mr. Hebard's
At the annual meeting on the 13th inst. the stockholders place as Secretary is taken by E. R. McFadden, previously
of the Old Town National Bank of Baltimore ratified the Assistant Secretary, and J. P. V. Murphy, who was Assistant
proposal to increase the capital from $200,000 to $250,000. Cashier, has been made manager of the savings department.
The selling price of the new stock is $13 50 per share (par
The stockholders of the People's State Bank of Detroit
$10); the premium of $17,500 is to be added to the surplus.
authorized the issuance of $500,000 of new stock at their
John P. Baer retired as President of the Park Bank of annual meeting on the 13th, the capital thereby being inBaltimore on the 20th inst. because of the pressure of his creased from $1,500,000 to $2,000,000. The surplus will
other business interests. Mr. Baer is a member of the firm be similarly increased from $1,500,000 to $2,000,000, the
of Hambleton & Co. He will continue in the bank's manage- new shares being sold at $250 each, $100 of the premium
ment as Vice-President. His successor in the presidency is being placed to the credit of the surplus fund and the other
$50 per share being added to the undivided profits. James
Webster Bell.
T. Keena has been elected a Vice-President of the bank to
F. N.Iglehart has been elected an additional member of the take the place of B. S. Colburn, who resigned several months
ago on account of ill health. J. R.Bodde, Assistant Cashier,
board of directors of the Maryland Trust Co. of Baltimore.
has also been given the additional title of Assistant to the
President.
distribution
of
25%
on
its
$600,000
was
made
by the
A
Safe Deposit & Trust Co. of Baltimore during the past twelve
Alexander I. McLeod has been elected Vice-President of
months,an extra dividend of 5% having been declared on the
the Central Savings Bank of Detroit, succeeding William T.
5th inst. in addition to the semi-annual payments of 10%
Gage, resigned.
each.
The First National Bank of Chillicothe, Ohio, celebrated
its fiftieth anniversary on Nov. 18. The institution started
with a capital of $100,000 and in November 1864 the amount
was increased to $150,000; fifteen years later, July 1879,
it was raised to $300,000, through the declaration out of
surplus earnings of a stock dividend of 100%. In 1894 it
was decided to change the capital to the former amount of
$150,000, the stockholders, through this action, having thus
had returned to them their original investment. The capital has since remained at $150,000, while the surplus and
profits aggregate $215,906. Deposits amount to $984,973
and resources to $1,458,873. In a sketch of the history of the
institution, it is stated that it was one of the first to take advantage of the National Bank Act of 1863, and the fourth
bank in Ohio and the 128th in the United States to come under that Act, having purchased the appurtenances, property, good-will and transfer of deposits of the Old Valley
Bank. Of all of those identified with the bank at its inception, E.R.McKee,the present Vice-President,alone remains.
He was a clerk at the beginning of the bank and had been for
six years a clerk in the Old Valley Bank, so that he is rounding out 56 years of banking experience in the same banking
house. Alexander Renick is President of the institution.
D. R. McLennan has become a director of the Continental
4% Commercial National Bank of Chicago, succeeding W.
Irving Osborne, who retired as a member of the board of
both this institution and the Continental & Commercial
Trust & Savings Bank. His successor in the directorate of
the latter is R. J. Dunham of Armour & Co. William G.
Schroeder retired as a Vice-President of the Continental &
Commercial National on account of ill health.
Walter J. Hayes, Cashier of the American State Bank of
Detroit, has, in addition to continuing in that capacity, been
made a Vice-President.
The new National Bank of Commerce of St.Paul,organized
by W. A. Miller and F. A. Nienhauser (formerly of the First
National Bank of St. Paul), commenced business on the 12th
inst. in temporary quarters at Fifth and Jackson streets.
Mr. Miller is President of the institution and Mr. Nienw
hauser is Cashier. Edward A. Webb and John A. Reagan
are Vice-Presidents and William H. Miller is Assistant
Cashier. The bank has a capital of $400,000 and a surplus
of $100,000.
E. F. Mearkle, who has been in the service of the Security
National Bank of Minneapolis for thirty years, resigned as
Vice-President at the annual meeting, having decided to
retire from active business.. Mr. Mearkle plans to go
abroad next month. He continues as a director of the institution. The office which he vacates has not been filled.
John G. McLean, in charge of the bank's credit account,
has been made an Assistant Cashier.
John Crosby, Secretary and Treasurer of the WashburnCrosby Co., has been elected a director of the Northwestern
National Bank of Minneapolis. Mr. Crosby has also been
made Assistant Treasurer of the Farmers' & Mechanics'
Savings Bank of Minneapolis.
H.P. Gallaher, Vice-President and Manager of the Northwestern Consolidated Milling Co., has been elected a director
of the First National Bank of Minneapolis.
James Ford Bell, a director of the Washburn-Crosby Co.,
The plans to increase the capital of the South Chicago
Savings Bank of Chicago from $200,000 to $300,000, in has sueceeded W. H. Dunwoody, resigned, as a director of
accordance with the announcement in our issue of Dec. 20, the Minneapolis Trust Co.
were ratified by the stockholders at the annual meeting on
In addition to all the national banks of Minneapolis which
the 13th inst.
have applied for membership in the Federal reserve system,
At the annual meeting of the stockholders of the Union the shareholders of the German-American Bank of that city
Trust Co. of Chicago on the 13th inst. two additional direc- have authorized the directors to seek admission to the systors were elected, viz.: Frank C. Caldwell, President of the tem. The bank, it is stated, has sought from the State
H. W. Caldwell & Son Co., and Howard Elting, Secretary Attorney-General an opinion as to eligibility to join the
of the Adams & Elting Co. Mr. Caldwell's concern is one Federal association.
of the largest in the world for the manufacture of machinery
The Scandinavian-American Bank of St. Paul has under
and conveyors. Mr. Caldwell and his company have been
depositors of the trust company for 25 years and he is also consideration plans for its nationalization and for a $100,000
a stockholder. Mr. Elting has gained a wide acquaintance increase in its capital, raising it to $200,000.
through his activity in the Chicago Association of Commerce,
of which he was President in 1913. C. B. Hazlewood, forThe resignation of Charles Godchaux as President of the
merly Assistant Secretary of the trust company, has been Whitney Central National Bank and the Whitney Central
made Assistant to the President, and John B. Gleason has Trust & Savings Bank of New Orleans occurred at the
been elected an additional Assistant Cashier.
annual meeting on the 13th inst. Mr. Godchaux withdraws
from the management of the two institutions in order to give
Bowman C. Lingle has been elected a Vice-President of his entire time and attention to the affairs of the Leon
the Harris Trust & Savings Bank of Chicago, to,succeed Godchaux Co., Ltd., and also to the study of problems
affecting sugar planters. His successor as President of the
the late Albert G. Farr.
Whitney Central National is Sol Wexler, who had been
THE CHRONICLE
284
• Vice-President of the institution since the organization of
the consolidated bank in 1905. The only other change in
the national bank's official staff is the election as a VicePresident of J. D. O'Keefe, formerly of the firm of Woodward, Wight & Co., and at present receiver in Louisiana of
• the St. Louis & San Francisco RR. Mr. Godchaux remains
as a director of both the Whitney Central National and the
Whitney Central Trust & Savings Bank; as President of the
clatter he is replaced by John E. Bouden Jr., heretofore VicePresident. As a token of their esteem for Mr. Godchaux,
his co-directors presented him with a loving cup on the occasion of his resignation from the presidency.
The depositors of the defunct Union National Bank of
Oakland, Calif., received an additional dividend of 5% last
month. It is stated that with this payment they have been
paid 90% to date. The bank suspended in November 1907
(during the panic), reopened in January 1908 and suspended
again in April 1909.
,VOL. Kevin.
Commercial andrAiscellanconsB.enrs
Breadstuffs Figures brought from page 318.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at- Flour.
Corn.
Wheat.
Oats.
Barley.
Rye.
bbls.196Ibs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs bu.56 lbs.
454,000
402,000 1,547,000 1,935,000
140,000
57,000
Chicago- - 221,000
118,000
417,000
89,000
67,000
34,000
Milwaukee_ _
60,000
41,000
10,000
6,000
389,000
Duluth
302,000
483,000
331,000
2,222,000
48,000
Minneapolis
13,000
152,000
Toledo
73,000
26,000
81,000
Detroit
7,000
16,000
115,000
Cleveland __
2,000
13,000
18,000
4,000
42,000
St. Louis--617,000
13,000
69,000
455,000
378,000
Peoria
87,000
62,000
8,000
245,000
72,000
289,000
Kansas City.
330,000
854,000
249,000
Omaha
274,000 1,228,000
285,000
Tot. wk.'14.
Same wk.'13
Same wk.'12
316,000
366,000
238,860
4,326,000
8,428,000
2,759,499
4,049,000 1,473,000
4,741,000 2,345,000
851,052
1,862,537
5,054,000
8,132,000
4,895,420
191,000
220,000
158,970
Aug. 1
A petition for the dissolution of the American Savings Bank Since
1913-14_ _ 10,578,000 200,974,000 115,635,000 127,962,060 58,505,000 9,328,000
1912-13___ 9,144,520 244,027,986 101,839,228 138,733,688 61,009,336 11788842
of Los Angeles, Cal., was filed in the Probate Court late last
1911-12_.. 5,632,382 136,990,188 88,901,356 78,210,789 47,037,074 5,664,739
month. In June it consolidated with the Home Savings
Total receipts of flour and grain at the seaboard ports for
Bank of Los Angeles. The American was organized in
the week ended Jan. 17 1914 follow:
1905 with a capital of $300,000.
Receipts al-
Flour,
bbls.
Wheat,
bush.
Corn,
bush.
Oats,
bush.
Barley,
Rye,
bush.
bush.
The 82d annual report of the Bank of Nova Scotia for New York
394,000
459,000
166,000
314,000 168,000
93,000
4,000
32,000
80,000
Boston
10,000
2,000
the year ended Dec. 31 1913 shows total assets of 0,151,- Portland,
789,000
43,000
176,000 67,000
Me
82,000
576,000
33,000
168,000
2,000
829, as compared with $71,279,298 at the end of 1912. The Philadelphia
97,000
223,000
29,000
54,000
Baltimore
75,000
138,000
42,000
33,000
immediately available assets are $39,073,108, being. 62% New Orleans
- 69,000
103,000
10,000
Newport News- _ _
. of the total liabilities to the public. The deposits are now Galveston
27,000
95,000
5,000
6,000
7,000
$55,976,385, as against $51,039,468 at the end of the pre- Mobile
1,000
9,000
7,000
10,000
18,000
Montreal
40,000
1,000
vious year. The net profits for the year, after providing for Halifax
- all bad and doubtful debts, amounted to $1,210,774, from Total week 1914__ 446,000 2,651,000 812,000 837,000 285,000 77,000
Jan. 1 1914_ _1,260,000 8,682,000 3,461,000 2,500,000 888,000 179,000
which dividends at the rate of 14% per annum were paid Since
444,000 4,056,000 2,335,000 1,451,000 500,000 57,000
Week 1913
quarterly; $50,000 was contributed to the officers' pension Since Jan. 1 1913_1,278,000 12,702,400 6,846,000 3,002,000 1453,000 224,000
Receipts do not include grain passing through New Orleans for foreign ports
fund, $150,000 written off bank premises account, $110,000
through bills of lading.
transferred to reserve fund and a balance of 1,124 carried on
The exports from the several seaboard ports for the week
forward. The reserve fund is now $11,000,000, which, with
undivided profits of $41,124, is over 184% of the present, ending Jan. 17 are shown in the annexed statement:
Oats,
Rye, Barley,
Corn, Flour,
Wheat,
Peas,
paid-up capital of $6,000,000. The bank was incorporated
bush.
bush.
bbls.
bush.
bush.
bush,
bush.
Exports from94,848
89,808
11,799 91,792
in 1832 and has 147 branches throughout Canada, New- New York
490,546
2,799
43,169 178,488
66,666
Me-- _ 788,781
foundland, Jamaica, Cuba and Porto Rico; also in Boston Portland,
37,741
658,101
Boston
9,000
___ 762,000
and Chicago, as well as an agency in New York City, 48 Philadelphia
29,306 39,935
410,003
Baltimore
100
Wall Street. The head office of the bank is in Halifax, New Orleans_ _ __ 32,000 14,500 23,871
9,787
Newport News __ 103,935
N. S., and the General Manager's office is in Toronto, Ont. Galveston
1,200
80,000
5,500 6,580
H. A. Richardson is General Manager and D. Waters, Mobile
Montreal
45,787
188,000
St. John
Assistant General Manager.
643
40,000
Halifax
111
9 tt:.iiCttt
.F.; lig Iisix4,e/us
61,105 309,495
Total wek _ _ _ _3,553,368
4,475,972 2,083,508 184,746
Week 1913-
271,236
156,474
471,021 30,348 509,993
2,799
7,345
The destination of these exports for the week and since
English Financial Markets-Per Cable.
July 1 1913 is as below:
The daily closing quotations for securities, &c., at London,
Wheat
Corn-Since
Since
as reported by cable, have been as follows the past week:
Since
July
Week
Week
July
London.
Sat.
Week ending Jan. 23.
d 26%
Silver, per oz
d Consols, 2% per cents__ 7231
d For account
73
d Frenoh Rentes(1a ParLs) _ tr. 85.95
Amalgamated Copper Co
7631
69
Am. Smelt. & Refining Co
b Anaconda Mining Co
734
&
Topeka
Santa
Fe
Atch.
9931
Preferred
10034
Baltimore & Ohio
9434
Preferred
83%
Canadian Pacific
21831
Chesapeake & Ohio
85%
13
Chicago Great Western
Chicago Milw. & St. Paul_ 105
18%
Denver & Rio Grande
Preferred
3031
Erie
3131
First preferred
49
Second preferred
40
Great Northern, preferred_ _132
Illinois Central
11331
Louisville & Nashville
13931
Missouri Kansas & Texas
2131
Preferred
5631
Missouri Pacific
2831
Nat. RR. of Mex., 2d pre
1031
Y.
N.
Central & Hud. Riv
9334
N. Y. Ont. & Western
28%
Norfolk & Western
10831
Preferred
88
115%
Northern Pacific
a Pennsylvania
57%
a Reading Company
8731
a First preferred
45
a Second preferred
48
Rock Island
15
Southern Pacific
5631
Southern Railway
2631
Preferred
8331
Union Pacific
162%
Preferred
87
U.S. Steel Corporation
6431
Preferred
112%
Wabash
334
Preferred
9%
Extended 4s
5734
Mon.
Tues. Wed,
Thurs.
Fri.
299-16 2631
267-16 2634
2831
73 13-16 73 11-16 73 13-16 74
73 1316
74 1-18 7331
7331
7331
7331
86.12% 85.82% 85.77% 85.72% 85.85
7734
7631
7831
7931
7731
6831
704
714
7031
7031
734
734
731
734
734
99%
100%
101%
102%
993',
101
102
102
102
102
95
9531
96%
9734
9834
83%
84
84
84
8331
219
21731
218%
218%
21631
66
mg
69
6731
69
13%
14
14
14
14
105
106
107
107%
108
1831
1931
19%
1831
2031
29
3031
30
3131
3131
3131
3131
3231
3131
3231
4831
4831
49
50
4931
40
40
40
41
41
13131
132
132
133
133%
118
11431
116
118
11631
140
142
143%
143
144
2231
2331
2231
2331
2431
5631
5631
5634
59
60
29
2834
2931
30
3031
1031
12
1134
13
1231
9331
9531
9431
964
97
2831
2931
3031
31,4
3231
106%
106%
107
107
10731
88%883i
1154
1184
118%
117%
119%
5731
58%
58
58%
5931
87
87
88
8734
8831
45
45
45
45
46
46
1431
48-i.6% 1531 154. 1631
5631 9631 9831 9934 10031
2831
28%
2631
2731
2731
8331
8331
8431
8331
85
183
164%
162%
164%
165%
87
87
87
87
87
8634
67%
6431
6531
6631
112
112%
11231
11331
11531
334
334
3%
4%
331
10
10
10
1231
1331
58
5531
60
6931
60
a Price per share. b .£ sterling. 0 Ex-dividend. d Quotations here given are
flat prices.
1913. Jan.17
1913.
Exportsfor week and Jan.17
bbls.
bush.
bush.
bbls.
since July 1 to-United Kingdom_ _169,112 3,312,576 2,528,731 60,410,021
69,523 1,723,098 1,018,804 62,170,414
Continent
924,019
Sou. & Cent. Amer_ 23,615 651,218
84,427
44,239 969,888
West Indies
69,842
565
Brit. Nor. Am. Cols.
132,609
5,831
90,481
Other Countries_ _ _ _ 2,441
Total
Total 1912-13
Week
Ja n.17.
bush.
2,911
57,557
837
July
1913.
bush.
297,259
479,472
318,461
949,944
6,017
23,669
309,496 8,859,206 3,553,366 123079,342
81,105 2,072,812
184,746 5,977,317 4,475,072 98,457,417 2,083,508 6,947,190
The world's shipments of wheat and corn for the week
ending Jan. 17 1914 and since July 1 1913 and 1912 are shown
in the following:
Wheat.
Exports.
Week
Jan. 17.
Corn.
1912-13.
1913-14.
Since
July 1.
Since
July 1.
1913-14,
Week
Jan. 17,
1912-13.
Since
July 1.
Since
July 1.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
Bush&.
North Amer. 6,232,000 177,074,000 146,978,000
,57408:000000 6,301,000
Russia
1,968,000 92,894,000 69,651,000 3-0-5-0566
6,126,000
38,335,000
31,756,000
Danube..-2,184,000
1,258,000 15
9,876,000
Argentina
816,000 13,994,000 36,074,000 1,965,000 128
34
66
33%
000 157,235,000
Australia
3,284,000 21,752,000 13,058,000 ....
40,528,000
25,032,000
...
India
0th.countr's 160,000 6,210,000 4,942,000
Total_-- 14624000 367,712,000 349,564,000 3,528,000 148,385,0001,179,638,000
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
earn.
Total.
Bushels.
Bushels.
Bushels.
Jan. 17'1914.. 16,800,000 16,680,000 33,480,000
Jan. 10 1914__ 14,032,000 15,040,000 29,072,000
Jan. 18 1913... 15,152,000 14,144,000 29,696,000
Jan. 20 1912_ 19,588,000 8,968,000 28,538,000
United
Kingdom. Continent.
Total.
Bushels,
Bushels.
Bushels.
5,460,000 8,900,000 14,368,000
8,183,000 9,053,000 16,218,000
8,169,000 17,238,000 25,407,000
3,681,000 6,188,000 9,889,000
THE CHRONICLE
JAN. 241914.]
NICARAGUA CUSTOMS REOEIPTS.-As a matter of
interest to many of our readers we append a statement showing the Nicaraguan customs receipts for the first ten months
of 1913, compared with 1912.
1912.
Increase. Decrease.
1913.
$44,885 72 $149,945 98 $105,060 26
46.858 79
80,098 46 126.957 25
31,077 29
108,441 45 139,518 74
January
February
March
First quarter
April
May
June
Second quarter
July
August
September
Third quarter
October
November
December
Fourth quarter
$233,425 63 $416,421 97 $182,996 34
$91,684 26 $154,767 38
133,723 49 150,718 94
160,730 64 150,006 12
$63,083 12
16,995 45
$386,138 39 $455,492 44
$69,354 05
$121,483 37 $181,629 84
56,372 64 140,051 16
30,890 36 153,623 17
$60,146 47
83,678 52
122,732 81
$10,724 52
$208,746 37 $475,304 17 $266,557 80
$105,704 01 $125,801 40 $20,197 39
102,769 56
135.611 30
$344,084 87
$1,172,395 26
Total
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week _are printed in italics.
Name of Company.
I Per
When
iCent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great Southern, preferred
3
Feb. 23 Holders of rec. Jan 31a
Atch. Top.& S. Fe, corn. (qu.)(No. 35). 134 Mar. 2 Holders of rec. Jan. 30a
Preferred (No. 31)
_
234 Feb. 2 Holders of rec. Dec. 31a
Baltimore & Ohio, common
3
Mar. 2 Holders of rec. Jan. 31a
Preferred
2
Mar. 2 Holders of rec. Jan. 31a
Bangor & Aroostook
134 Jan. 21 Holders of rec. Jan. 20
Brazil Ry„cum Anon-cum ,pf.,end.(qu.) 134 Feb. 10 Feb. 1 to Feb. 9
Bellefonte Central
50c. Feb. 15 Holders of rec. Jan. 31a
Extra
50c. Feb. 15 Holders of rec. Jan. 31a
Canada Southern
154 Feb. 2 Holders of rec. Dec. 26a
Central RR.of New Jersey (guar.)
2
Feb. 2 Holders of rec. Jan. 23a
Ch. St. Paul Minn. & Om., corn. & pref. 334 Feb. 20 Holders of rec. Feb. 2a
Cuba RR., preferred
3
Feb. 2 Holders of rec. Dec. 310
Great Northern (guar.)
IX Feb. 2 Jan. 9 to Feb. 2
Lake Shore & Mich. Southern
6
Jan. 29 Holders of rec. Dec. 26a
Guaranteed stock (Mich. Sou.& N. I.) 6
Feb. 2 Holders of rec. Dec. 26a
Louisville & Nashville
334 Feb. 10 Jan. 21 to Feb. 10
Mahoning Coal RR., common
Feb. 2 Holders of rec. Jan. 9a
$5
Michigan Central
Jan. 29 Holders of rec. Dec. 26a
3
Nashville Chattanooga & St. Louts
334 Feb. 2 Jan. 24 to Feb. 2
N. Y. Chic. & St. L., 1st di 2d pref
234 Mar. 2 Holders of rec. Jan. 30a
Norfolk & Western, adj. pref. (quar.)... 1
Feb. 19 Holders of rec. Jan. 31a
North Carolina RR
354 Feb. 2 Jan. 23 to Feb. 1
Northern Pacific (quar.)
134 Feb. 2 Holders of rec. Jan. 9a
Oswego & Syracuse
434 Feb. 20 Holders of rec. Feb. 100
Passaic & Delaware
234 Feb. 2 Holders of rec. Jan. 26a
Pitts. Cin. Chic.& St. L.,corn.& pf.(qu.) 134 Jan. 26 Holders of rec. Jan. 15a
Pittsburgh & Lake Erie
82.50 Feb. 2 Holders of rec. Jan. 23a
Reading Company, corn. (guar.)
Feb. 12 Holders of rec. Jan. 26a
2
Reading Company,first preferred (guar.)_
Mar. 12 Holders of rec. Feb. 24a
1
St. Louis Rocty Mt. & Pac. Co.,com.(No.2)
54 Feb. 15 Feb. 3 to Feb. 14
Seaboard Air Line, preferred
Feb. 16 Feb. 7 to Feb. 15
1
Syracuse Binghamton & N. Y. (guar.).__ _
Feb. 2 Holders of rec. Jan. 24a
3
Union Pacific, common (special)
April 1 Holders of rec. Mar. 2a
s3
Street and Electric Railways,
American Railways, preferred (quar.)___.
134 Feb. 14 Holders of rec. Jan. 31a
Bay State Street Ry., first preferred__
3
Feb. 2 Holders of rec. Jan. 17
Binghamton Ry
2
Feb. 28 Feb. 15 to Mar. 1
Brazilian Tr., Lt. & P., ordinary (qu.).. 134 Feb. 20 Holders of rec. Jan. 31
Chicago Rye., partic. Ws., Ser. 1
$4 Feb. 10 Holders of rec. Jan. 26
Participation certificates Ser. 2
32 Feb. 10 Holders of rec. Jan. 26
Columbus (0.) Ry., pref. (qu.)(No. 57). 134 Feb. 2 Holders of rec. Jan. 15
Commonwealth Pow., Ry.&Lt.,com.(qu.) 1
Feb. 2 Holders of rec. Jan. 16a
Preferred (guar.)
134 Feb. 2 Holders of rec. Jan. 16a
Connecticut Ity. dr Ltg., corn. & pr. (qu.) 1
Feb. 15
Cumberland Co.(Me.) Pow. & Lt.,pf. (qu.) 134 Feb. 2 Holders of rec. Jan. 20a
East St. L.& Sub. Co., Pf.(411.)(No. 31). 134 Feb. 2 Holders of rec. Jan. 15a
Grand Rapids Ry., pref. (qtr.)(No. 53)- _
114 Feb. 2 Holders of roe. Jan. 15
Harrisburg Traction
Feb. 1 Jan. 1 to Jan. 31
3
Illinois Traction, common (guar.)
X Feb. 15 Holders of rec. Jan. 31
Internat. Trac. (Buffalo), pref.(No. 3).
2
Fob. 1 Holders of tee. Jan. 24a
Jacksonville Trac., corn. (quar.)(No. 12) IX Feb. 2 Holders of rec. Jan. 22a
Preferred (quar.) No. 12)
134 Feb. 2 Holders of rec. Jan. 22a
Lewiston (Me.) Augusta & Waterville
Street Ry., pref. (qu.) (No. 15)
134 Feb. 2 Holders of rec. Jan. 15
Milw. Elec. Ry.& Lt, pf.(qu.)(No.57)_ _ _
154 Jan. 31 Holders of rec. Jan. 20
Monongahela Valley Tract, preferred
234 Feb. 1 Jan. 28 to Feb. 1
Montreal Tramways (guar.)
234 Feb. 2 Holders of rec. Jan. 15
New Hampshire Electric Rys., pref
Jan. 31 Jan. 21 to Feb. 1
2
Philadelphia Co., corn. (qu.) (No. 129). 154 Feb. 2 Holders of rec. Jan. 2a
PublicService Investment, corn. (No. 9) $2 Feb. 2 Holders of rec. Jan. 15a
Preferred (quar.) (No. 19)
$1.50 Feb. 2 Holders of rec. Jan. 15a
Railway & Light Secur., corn. (No. 9)_ _
3
Feb. 2 Holders of rec. Jan. 15a
Preferred (No. 19)
3
Feb. 2 Holders of rec. Jan. 15a
Railways Co. General .(quar.)
1
Feb. 1 Jan 22 to Jan. 31
Rio de Janeiro Tram., L. dr Pow.(quar.)
134 Feb. 2 Holders of rec. Jan. 15
Sierra Pacific Elec. Co., PI. (qu.)(No. 18). $1.50 Feb. 2 Holders of rec. Jan. 22a
UnionStreet Ry.(New Bedford) (quar.)__ _
2
Feb. 2 Holders of rec. Jan. 22a
United Power & Transportation
31 52 Jan. 30 Jan. 14 to Feb. 3
West Penn Rys., pref. (guar.)(No. 33)_._ _
134 Feb. 2 Jan. 27 to Feb. 19
York Railways, preferred
$1.25 Jan. 31 Holders of rec. Jan. 24a
Banks.
Bowery (guar.)
3
Feb. 2 Jan. 29 to Feb. 1
Extra
3
Feb. 2 Jan. 29 to Feb. 1
4
Corn Exchange (quar.)
Feb. 2 Holders of rec. Jan. 17a
German-American
3
Feb. 2 Holders of rec. Jan. 27a
2
Pacific (quar.)
Feb. 2 Jan. 14 to Feb. 1
Twenty-Third Ward
3
Feb. 1 Jan. 27 to Jan. 31
Trust Companies.
Astor Trust (guar.)
2
Feb. 1 Holders of rec. Jan. 28a
134 Feb. 2 Jan. 22 to Feb. 1
Broadway (guar.)
1234 Feb. 2 Jan. 25 to Feb. 1
Farmers' Loan & Trust (guar.)
Hamilton, Brooklyn (guar.)
3
Feb. 1 Holders of rec. Jan. 26a
4
Kings County, Brooklyn (guar.)
Feb. 2 Jan. 25 to Feb. 1
2
Nassau, Brooklyn (guar.)
Feb. 2 Jan. 29 to Feb. 2
Fire Insurance.
Northern Insurance
3
Jan. 20 Holders of rec. Jan. 20
Pacific Fire
5
Jan. 22 Holders of rec. Jan. 20
Westchester Fire
20
Feb. 1 Jan. 16 to Jan. 31
Miscellaneous.
Amalgamated Copper (quar.)
I% Feb. 23 Holders of rec. Jan. 24a
American Cigar, common (quar.)
134 Feb. 2 Holders of rec. Jan. 15a
Amer. Dist. Teleg. of N. .1. (guar.)
1 • Jan. 29 Jan. 18 to Jan. 28
Amer. Gas & Mee., COTO. (111.) (NO. 16)2
April 1 Mar. 22 to April 1
preferred (guar.) (No. 28)
134 Feb. 1 Holders of rec. Jan. 210
American Glue, preferred
Feb. 2
4
Amer. Graphophone, prof. (qu.)(No. 63)
134 Feb. 15 Holders of rec. Feb. 1
American Light & Traction, corn. (quar.) 234 Feb. 2 Jan. 16 to Feb. 1
Common (payable in common stock)_
2)4 r Feb. 2 Jan. 16 to Feb. 1
Preferred (quar.)
134 Feb. 2 Jan. 16 to Feb. 1
Name of Company.
285
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Amer. Pipe & Construction Secur., pref.- 4
Feb. 2 Holders of rec. Jan. 21
American Window Glass, preferred
8
Holders of rec. Jan. 21
Bethlehem Steel, preferred (guar.)
1W April 1 Holders of rec. Mar. 16
Binghamton Light, Heat & Pow.,coin.(qu.)
,i Jan. 15 Holders of rec. Jan. 1
Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. 1
Bond & Mortgage Guarantee (quar.).
4
Feb. 15 Holders of rec. Feb. 8
Borden's Condensed Milk, common
4
Feb. 14 Feb. 6 to Feb. 15
Brill (J. G.) Co., preferred (guar.)
134 Feb. 2 Jan. 28 to Feb. 1
Brown Shoe, common (No. 1)
1
Feb. 1 Holders of rec. Jan. 24
Preferred (guar.)
154 Feb. 1 Holders of rec. Jan. 24
Burns
common (quar.) (No. 2)..134 Feb. 15 Holders of rec. Jan. 31
Preferred
Bros.,
(quar.) (No. 4)
134 Feb. 2 Holders of rec. Jan. 15
Cambria Steel (guar.)'
134 Feb. 14 Holders of rec. Jan. 31
Canada Cement, Ltd., preferred (quar.)......
134 Feb. 16 Feb. 1 to Feb. 10
Canadian Car di Foundry, pref. (guar.).
154 Jan. 26 Holders of rec. Dec. 31a
Canadian Converters, Ltd.(quar.)
1
Feb. 15 Holders of rec. Jan. 31
Central Leather, common (No. 1)
2
Feb. is Holders of rec. Jan. 12a
Chicago Pneumatic Tool (guar.)
1
Jan. 26 Jan. 16 to Jan. 26
Cities Service Co., common (monthly)
34 Feb. I Holders of rec. Jan. 15a
Preferred (monthly)
4
F meab.
r. 11 Holders of rec. Jan. 15a
Cities Service, common and pref. (monthly)
Holders of rec. Feb. 15a
Challis(H.B.), lst pref. (guar.)
134 Jan. 31 Holders of rec. Jan. 23a
Second preferred (quar.)
Holders of rec. Jan. 23a
Cluett, Peabody & Co., Inc., tom.(No. 1)- 1F
".i jaenb.
. 311 Holders of rec. Jan. 20
Commonwealth Edison (quar.)
2
Feb. 2 Holders of rec. Jan. 15a
Consolidation Coal (quar.)
134 Jan. 31 Holders of rec. Jan. 24a
Cuyahoga Telephone, pref. (quar.)
134 Jan. 31 Holders of rec. Jan. 15
Diamond Match (glair.)
I% Mar. 16 Holders of rec. Feb. 28a
Extra
1
Mar. 16 Holders of rec. Feb. 28a
Distilling Co. of America, pref. (guar.).% Jan. 31 Holders of rec. Jan. 10a
Dominion Coal, Ltd., pref. (No. 42). _
3% Feb. 2 Holders of rec. Jan. 17
Dominion Steel Corp., pref. (qu.)(No. 8)
Jan. 16 to Feb. 2
duPont (E.I.) deNem. Pow., pref. (qu.)1
Jan. 26
2 Jan. 16 to Jan. 26
Edison Elec.III.Co.of Bost.(qu.) (No. 99) 3
Feb. 2 Holders of rec. Jan. 15
Electrical Securities Corp., pref. (quar.)
Holders of rec. Jan. 28a
Elec. Bond Ai Share, pref.(quar.)(No.35) Wi..
Fe
et 2 Jan. 22 to Feb. I
Emerson-Brantingham, pref. (quar.)_ _
Jan. 17 • to Jan. 31
Eureka Pipe Line (quar.)
10
1% F
Feb.
. 2
1 Holders of rec. Jan. Ilia
Fall River Gas Works (guar.) (No. 77)..
3
Feb. 2 Holders of rec. Jan. 23a
Federal Sugar Refining, pref. (guar.).- -_
134 Jan. 31 Holders of rec. Jan. 29a
Ft. Worth Pow.& Lt., pref.(qui(No.10,
134 Feb. 2 Jan. 21 to Feb. 1
m General Chemical, common (quar.)
Feb. 2 Holders of rec. Dec. 31a
5
Gorham Mfg., corn. (guar.)
234 Feb. 13 Holders of rec. Feb. 1Ia
Guanajuato Pow. & Eke., p1.(qu.)(No.22) 134 Jan. 31 Jan. 18 to Feb. 1
Harrison Bros. & Co., Inc., pref. (quar.)1
Feb. 2 Jan. 29 to Feb. 1
Homestake Mining (monthly)(No. 470). 65c. Jan. 26 Holders of rec. Jan. 20a
Houston Oil, preferred
3
Feb. 1 Holders of rec. Jan. 26
Illinois Northern Utilities, pref.(guar.).- 1% Feb. 2 Holders of rec. Jan. 19a
Ilium. & Pow. Sec., pref. (qu.) (No. 6).. 134 Feb. 16 Holders of rec. Jan. 31
Indiana Pipe Line
Feb. 19 Holders of rec. Jan. 24
$4
Internat. Nickel, common (quar.)
234 Mar. 2 Feb. 15 to Mar. 2
Preferred (quar.)
134 Feb. 2 Jan. 16 to Feb. 2
Wand Creek Coal, corn. (guar.)
50c. Feb. 2 Holders of rec. Jan. 23
Jefferson & Clearfield Coal & Iron, pref.- 234 Feb. 16 Holders of rec. Feb. 6a
Kayser (Julius) & Co., 1st & 2d pf.(qu.)
134 Feb. 1 Holders of rec. Jan. 20a
Kellogg Switchboard & Supply (quar.).... 3
Feb. 3 Holders of rec. Jan. 31
Special (payable in stock)
Holders of rec. Jan. 26
25I
La Belle Iron Works, common (quar.)-54 Jan. 31 Jan. 21 to Feb. 1
Lackawanna Steel, preferred (guar.)
134 Mar. 2 Holders of rec. Feb. 28
Loose-Wiles Biscuit, 2d pf. (qu.) (No. 7) 134 Feb. 1 Jan. 21 to Feb. 1
Lowell Elec. Light Corp.(qu.) (Igo. 71).. $2 Feb. 2 Holders of rec. Jan. I9a
Massachusetts Gas Cos., corn. (quar.)
$1.25 Feb. 2 Holders of rec. Jan. 17a
Miami Copper (quar.) (No. 8)
50e. Feb. 16 Holders of rec. Jan. 31a
Montreal Light, Hcat & Power (quar.).... 234 Feb. 16 Holders of rec. Jan. 31
MunIcipal Gas, Albany (guar.)
234 Jan. 31 Holders of rec. Jan. 24a
Municipal Service, pref. (quar.)
134 Feb. 2 Holders of rec. Jan. 24
National Carbon. pref. (quar.)
134 Feb. 14 Jan. 28 to Feb. 16
Omaha Elec. Light dc Pow., pref. (guar.).234 Feb. 2 Holders of rec. Jan. 20a
Osceola Consolidated Mining (altar.)---. $1 Jan. 31 Holders of rec. Jan. 140
Pacific Coast Co., corn. (guar.)
134 Feb. 2 Jan. 24 to Feb. 2d
First preferred (quar.)
134 Feb. 2 Jan. 24 to Feb. 2d
Second preferred (guar.)
134 Feb. 2 Jan. 24 to Feb. 2d
Pacific Power & Light, pref. (qu.)(N0.14) 134 Feb. 2 Jan. 21 to Feb. 1
Penman's, Limited, common (quar.)
1
Feb. 2 Holders of tee. Jan. 21
Preferred (quar.)
134 Feb. 2 Holders of rec. Jan. 21
Peoples Gas Light dc Coke (quar.)
2
Feb. 25 Jan. 21 to Feb. 10
Portland(Ore.)Gas& Coke,Pf.(gu.)(No.16) 134 Feb. 2 Jan. 21 to Feb. 1
Pressed Steel Car, preferred (guar.) •
134 Feb. 25 Feb. 5 to Feb. 24
Procter & Gamble, common (guar.)
4
Feb. 14 Holders of rec. Jan. 31a
Public Service Co. of Nor. 111., corn.(qu.) 134 Feb. 2 Holders of rec. Jan. 19a
Preferred ((War.)
134 Feb. 2 Holders of rec. Jan. 19a
188)
(guar.)
Company
(No.
Pullman
2
Feb. 16 Holders of ree. Jan. 31a
Quaker Oats, preferred (quar.)
134 Feb. 28 Holders of rec. Feb. 2a
Rhode Island Perkins Horseshoe, pref.(P.) 1
Jan. 15 Holders of rec. Jan. 2a
Sears, Roebuck & Co., corn. (guar.).- - 134 Feb. 14 Holders of rec. Jan. 31a
Silversmith's Co. (quar.)
134 Feb. 16 Holders of rec. Feb. 13a
Southern Cal. Edison, coin. (qu.)(No. 16). 154 Feb. 15 Holders of rec. Jan. 31
Standard 011 (California) (quar.)
2% Mar, 16 Holders of rec. Feb. 2a
Standard Oil (Indiana) (guar.)
3
Feb. 28 Feb. 3 to Mir. 1
Extra
4
Feb. 28 Feb. 3 to Mar. 1
Standard Oct (Kansas) (guar.)
3
Feb. 28 Holders of rec. Feb. 11
Extra
7
Feb. 28 Holders of rec. Feb. 11
Standard Oil (Kentucky)
42000 Feb. 14
Taylor-Wharton Iron & Steel, pf. (quar.) 154 Feb. 2 Jan. 16 to Feb. I
Texas Power & Light, pref. (guar.)(No. 7) 154 Feb. 2 Jan. 25 to Feb. 1
Torrington Company, common
4
Feb. 2 Jan. 18 to Feb. 10
Trenton Potteries, n.-c. pf.(qu.)(No. 56) 1
Jan. 24 Holders of rec. Jan. 15
United Breweries of Chicago, preferred.- 3
Jan. 31 Holders of rec. Jan. 26
United Cigar Mfrs., corn. (quar.)
1
Feb. 1 Jan. 21 to Feb. 5
Un. Cigar Stores of A m.,com.(qu.)(No.5) 154 Feb. 16 Jan. 31 to Feb. 16a
United Dry Goode Cos., common (quar.) 2
Jan. 31 Holders of rec. Jan. 23a
U. S. Bobbin & Shuttle, preferred (quar.)
134 Feb. 2 Jan. 21 to Feb. 1
U. S. Realty & Impt. (quar.)
134 Feb. 2 Holders of rec. Jan. 22a
U. S. Rubber, common (quar.)
134 Jan. 31 Holders of rec. Jan. 15a
First preferred (quar.)
2
Jan. 31 Holders of rec. Jan. 15a
Second preferred (quar.)
134 Jan. 31 Holders of rec. Jan. 15a
Utilities Improvement, corn. (monthly)....
X Feb. 2 Holders of rec. Jan. 154
Preferred (monthly)
34 Feb. 2 Holders of rec. Jan. 15a
Westinghouse Elec. di Mfg. corn.(quar.) I
Jan. 30 Holders of rec. Dec. 31a
Willys-Overland, common (quar.)
134 Feb. 2 Holders of rec. Jan. 23
Woolworth (F.W.), corn. (qu.)(No. 7)
154 Mar.d2 Holders of rec. Feb. 10a
1)1 Feb.
a Transfer books not closed for this dividend. b Less income tax. d Correction,
Payable in stock. h On account of accumulated dividends. I Payable in scrip.
m Stockholders are given the privilege of subscribing to common stock of the company to the extent of 5% of their present holding. 0 In connection with this $200
cash dividend stockholders are given the privilege of subscribing to the $2,000,000
Increase in the capital stock of the company. r Payable in common stock. a A distribution of Baltimore & Ohio stock to be made, vla., $12 par value of B. & 0.
pref. and $22 60 par value B. & 0. corn. for each share of Union Pacific common
stook held. 1 Declared 5% payable in quarterly installments.
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent. Bonds.
Per Cent.
35 Bank of Flatbush
110
$5,000 Pere Marg. RR. deben. 6s,
5 Internat. Elevating Co
1912, July '12 coup. on. $400 lot
53
Bonds.
Per cent. $7,000 Internat. Indus. Corp., Ltd.,
$5,000 Studebaker 5% notes, 1916;
coll. tr. 58, 1918; J. & J. $50101
M.& S
95
By Messrs. R. L. Day & Co., Boston:
Shares.
$ per sh. Shares.
$ per :h.
5 Androscoggin Mills
13534 1 Mass. Cremation Society,$10 par 5
2 Bates Manufacturing Co
100
21934 10 Merrimac Chemical Co
5 Dartmouth Mfg. Co., common 128
5 Cambridge Gas Lt. Co. rights_ 534
[VOL. xcvm.
THE CHRONICLE
286
By Messrs. Barnes
LS;
DETAILED RETURNS OF TRUST COMPANIES.
Lofland, Philadelphia:
125
1 lama* Trust Co
1,100 Nineveh Coal (SC Coke Co.,
1
$50 eaek
54
20 Amer. Pulley Co.,$50 each
100 Ohio Central RR. Co
$5 lot
10 Pennsyl. Fire Ins. Co
3903%
25 Amer. Dredging Co
1023%
4 Metropolitan St. Ry. Co__ _82 lot
75 N. Y. & Middle Coal Field
_
RR.& Coal Co.,$25 each _ 223%
5 Amer. Acad. of Music
2503%
26 Lykons Vail. RR.& Coal Co_ 13
125 Elea. Stor. Battery Co., pref.,
49A-49%
75 Bait.& Phila. Steamboat Co.,
25
$20 each
3
5 Phila. Bourse, common
1 2d & 3d Streets Pass. Ry_ _ _ _240%
1 Bridgeton (N. J.) Nat. Bk 375
200
30 First Nat. Bank, Phila
115
3 Quaker City Nat. Bank
15 Com'wealth T. I. & T. Co_ _ _234
901
1 Girard Trust Co
5 Phila. Trust, S. D.& I. Co_ _715
10 Provident Life de Tr.Co.850-851
100
2 Amer. Fire Ins. Co
$ per sit.
Shares.
30 People's Nat. F. Ins. Co.,
$25 each
1634
34 Camden & Burl. Co. RR.,
3434
$25 each
8 Amer. Pipe & Constr. Co. 48-493.4
43%
5 German Theatre Realty Co_
213%
1 Pennsy. Acad. of Fine Arts
20 Big Black Creek Impt. Co.,
20
$10 each
3
100 Pratt Food Co.,$1 each
100 Keen-o-Phone Co., 810 each. 134
463%
10 People's Trust Co
Per Cent.
Bonds.
$1,000 Amer. Gas Co. coll. tr. 68,
100%
1914
$1,000 Pitts. Coal Co.,1st 5s,1954_1083%
$1,000 Phila. & Garretta. St. Ry.,
9134
1st 5s, 1955
$1,000 Phila. & W. Chester Trac.
gen. 4s, 1914
7934
$1,700 No. Spring. Wat. Co. 5s,
1928
90-903%
$500 Springfield Wat. Co. 5s,'26 903%
$5,000 Citizens' St. RR., Ind., 1st
cons. 5s, 1933
983%
$2,800 Amer. Gas & Elec. 5s, 2007_ 833%
Canadian Bank Clearings.-The clearings for the week
ending Jan. 17 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate of
16.8%.
Trust Cos.
005 omitted.
On Dep.
Net
Loans. Specie. Legate. williC.H. Deposits.
Average. Average. Average. Banks. Average.
Surplus.
Reserve.
$
$
$
$
$
8
%
703,0 2„ 18167,0 14.8+12.3
3,659,4 24,144,0 2,112,0
Brooklyn
148,0 13,371,0 82,903,0 15.0+13.$
14,462,9 113,0:32,0 12,359,0
Bankers ___
362,0 3,031,0 27,553,0 15.0+12.2
U.S.altge.&T_ 4,350,4 32,697,0 3,774,0
36,0 2,337,0 13,342,0 14.3+14.6
1,152,7 19,551,0 1,884,0
Astor
Title Gu.& Tr. 11,614,4 33,461,0 2,144,0 1,002,0 3,231,0 20,916,0 15.0+131
23,827,2 147,214,0 15,007,0 1,168,0 13,484,0 101,714,0 15.9+11.7
Guaranty
244,0
655,0
813,0 5,674,0 15.8+10.9
1,362,9 7,260,0
Fidelity
262,0 1,3(12,0 0,949,0 16.1+11.5
LawyersTI&T 5,463,4 14,815,0 1,348,0
550,0 4,732,0 38,784,0 15.0+10.8
7,153,7 45,299,0 5,236,0
Col.-Knicker
399,0 2,042,0 15,112,0 15.0+11.6
1,544,5 16,223,0 1,879,0
People's
608,0 3,503,0 31,069,0 15.0+10.1
12,015,2 44,584,0 4,051,0
New York
16:3,0 1,002,0 7,457,0 15.0+11.8
959,0
1,179,3 9,255,0
Franklin
219,0 1,093,0 8,728,0 15.0+11.1
545,9 10,056,0 1,098,0
Lincoln
9,0 2,204,0 13,448,0 15.2+13.8
Metropolitan _ 6,721,5 21,709,0 2,048,0
587,0 1,404,0 12,031,0 15.0+10.4
827,7 12,500,0 1,212,0
Broadway....
Totals, average 95,881,1 551,800,0 55,766,0 6,460,0157,149,0 407,737,0 15.2+12.2
Actual figures Jan. 17_ 552,064,0 54,246,0 7,054,050,532,0408,154,0 15.0+12.7
I
The capital of the trust companies is as follows: Brooklyn, $1,000,000; Bankers',
$10,000,000; United States Mortgage & Trust, $2,000,000; Astor, $1,250,000; Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000; Fidelity, $1,000 000;
Lawyers' Title Insurance & Trust,$4,000,000; Columbia-Knickerbocker, 82000,000:
People's, $1,000,000; New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1,000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,250,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week ending Jan. 17.
Clearing* a.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
Calgary
London
Victoria
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Brantford
Moose Jaw
Fort William
New Westminster
Medicine Hat
inc. or
Dec.
1914.
1913.
$
48,815,460
38,360,891
27,140,263
9,218,134
3,821,509
2,967,982
1,951,175
2,857,877
1,373,799
3,830,747
1,782,043
2,504,474
3,591,297
2,015,273
483,857
450,246
1,278,425
546,521
862,458
704,567
387,440
374,413
$
59,567,196
44,696,061
30,561,935
12,017,023
4,394,072
3,209,261
2,168,423
3,786,482
1,680,816
4,688,995
1,896,973
4,028,536
3,874,088
3,332,733
642,052
499,445
1,957,888
608,093
1,355,919
718,779
597,793
Not incl. in
%
-18.0
-14.2
-11.2
-23.3
-13.0
-7.5
-10.0
-24.5
-18.3
-18.3
-6.0
-37.8
-7.3
-39.5
-24.8
-9.8
-34.7
-10.2
-36.4
-2.0
-35.1
total.
1912.
1911.
$
15
47,559,417 42,877,032
38,044,425 33,6:33,033
22,951,004 17,177,590
10,479,880 8,606,011
5,259,470 5,012,853
2,276,675 2,409,446
1,802,145 1,749,381
2,801,137 2,000,938
1,302,459 1,414,688
3,069,419 2,680,443
1,501,262
1,477,168
2,477,554 2,121,571
1,331,541
3,002,914
891,331
1,473,301
547,660
487,891
598,123
516,628
757,547
1,303,371
515,755
504,554
912,510
548,443
Week
ending
Jan. 17.
Loans.
Capital. Surplus.
$
$
$
Specie.
On Dep.
Net
Legal with C.11.
Tenders. Banks. Deposits.
I $
$
$
Averages.
1,382,711,0
Banks_ _ _.133,650,0212,133,3 1,347,777,0,301,550,0 81,759,0
Trust cos_ 46,250,0 95,881,1 551,800,01 55,766,0 6,460,0 57,149,0 407,737,0
Total __ 179,900,0308,014,4 1,899,577,01357,316,0 88,219,01 57,140,0 1,790,448,0
Actual.
1,361,000,0,315,859,0 79,037,0,
1,407,445,0
Banks....
I 552,064,01 54,246,0 7,054,0 59,532,0 408,154,0
Trust cos_
1
Total.
1,913,064,0370,105,0 86,001,0 59,532,0 1,815,599,9
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
Now York) and those for the rest of the State, as per the
154,944,438 186,283,463 -16.8 149,392,910 125,678,643 following:
Total Canada
For definitions and rules under which the various items
Statement of New York City Clearing-House Banks
and Trust Companies.-The detailed statement below are made up, see "Chronicle," V. 86,.p. 316.
shows the condition of the New York City Clearing-House
STATE BANKS AND TRUST COMPANIES.
members for the week ending Jan. 17. The figures for the
separate banks are the averages of the daily results. In
Trust Cos.
Banks.
Trust Cos.
Slate Banks.
the case of the totals, actual figures at the end of the week Week ended January 17. Statein
outside of
in
outside of
are also given:
Greater N. F. Greater N. F, Greater N. T. Greater N. Y.
various
items
the
are
under
which
For definitions and rules
made up, see "Chronicle," V. 85, p. 836, in the case of the Capital as of Dec. 9
22,900,000
08,400,000 *10,528,000 *10,150,000
banks, and V.92, p. 1607, in the case of the trust companies.
39,080,200 163,600,500
*11,436,248
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) in all cases.
Banks.
00s omitted.
New York__
Manhattan Co
Merchants'...
Mech. dr Met_
America
City
Chemical
Merchants'Ex
Butch.&Drov.
Greenwich
American Ex_
Commerce
Pacific
Chat. & Phen.
People's
Hanover
Citizens' Cent.
Nassau
Market & Full
Metropolitan.
Corn Exchange
ImP.&Traders
Park
East River_ _ _
Fourth
Second
First
Irving
Bowery
N.Y.County_
German-Amer.
Chase
Fifth Avenue_
German Exch.
Germania
Lincoln
Garfield
Fifth
Metropolis
West Side
Seaboard
Liberty
N.Y.Prod, Ex
State
Security
Coal & Iron
Union Exch.
Nassau, Bklyn
Cay4Sai. Surplus.
$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000.0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250.0
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000.0
1,000,0
1,000,0
Loans.
Average.
$
$
21,974,0
4,338,1
5,090,3 29,070,0
2,234,0 19,436,0
9,006,8 52,015,0
6,475,8 25,619,0
32,723,1 180,013,0
7,802,4 30,881,0
6,611,0
544,2
1,872,0
121,9
9,358,0
1,119,1
4,889,0 44,516,0
16,533,9 130,950,0
4,962,0
995,6
1,333,5 19,126,0
1,984,0
478,0
14,640,9 72,427,0
2,383,8 23,680,0
485,2 10,125,0
8,846,0
1,929,4
1,856,5 13,044,0
5,934,6 55,293,0
7,945,0 27,402,0
14,353,9 87,709,0
1,331,0
65,3
5,884,3 28,436,0
14,407,0
2,761,9
22,229,3 104,126,0
38,732.0
3,382,1
3,234,0
779.9
8,505,0
2,086,5
3,993,0
700,7
10,214,4 90,715,0
2,233.3 13,652,0
3,171,0
833,7
5,033,0
1,021.5
1,773,7 15,332,0
9,620,0
1,298,7
3,823,0
494,4
2,345,2 13,261,0
3.826,0
883,5
2,525,5 24,170,0
2,850,1 22,557,0
8,816,0
908,6
561,7 19,235,0
379,0 11,511,0
6,122,0
564,8
9,503,0
997,3
7,753,0
1,139,9
Specie. Legals. Net Depos- Re,Average. Average. its, Aver. serve.
$
$
$
%
4,297,0
978,0 20,351,0 25.8
7,112,0 1,705,0 32,600,0 27.0
4,339,0
752,0 19,393,0 26.2
9,242,0 3,650,0 48,495,0 26.5
4,377.0 2,057,0 25,214,0 25.5
42,110,0 5,195,0 170,969,0 27.6
5,470,0 1,900,0 28,113,0 26.2
6,659,0 26.7
286,0
1,495,0
2,032,0 25.0
63,0
444,0
200,0 10,514,0 25.4
2,471,0
10,326,0 1,681,0 44,503,0 26.9
23,079,0 9,168,0 112,430,0 28.6
4,830,0 26.7
604,0
690,0
2,962,0 2,003,0 19,461,0 21.4
2,295,0 23.4
146,0
391,0
21,232,0 4,598,0 84,795,0 30.4
612,0 23,257,0 25.8
5,410,0
2,114,0 1,135,0 11,526,0 28.1
9,086,0 29.2
823,0
1,835,0
270,0 13,548,0 25.3
3,167,0
9,531,0 7,119,0 65,873,0 25.2
5,340,0 2,304,0 26,408,0 28.9
22,409,0 1,942,0 91,462,0 26.6
1,757,0 31.7
449,0
109,0
5,064,0 2,886,0 29,316,0 27.1
3,355,0
124,0 13,550,0 25.6
22,969,0 6,428,0 98,000,0 30.0
7,539,0 2,720,0 39,896,0 25.7
3,443,0 25.0
800,0
63,0
8,972,0 26.3
1,574,0
787,0
803,0
224,0
3,818,0 26.9
27,564,0 7,149,0 110,642,0 31.3
3,172,0
817,0
15,403,0 25.9
563,0
372,0
3,726,0 25.0
1,143,0
255,0
5,727,0 24.8
3,167,0 1,106,0 16,028,0 26.6
2,520,0
362,0
10,399,0 27.7
427,0
585,0
3,802,0 26.6
2,193,0 1,197,0 13,361,0 25.3
852,0
320,0
4149,0 25.7
6,169,0 2,199,0 29,010,0 28.8
6,177,0 1,935,0 26,447,0 30.6
2,157,0
389,0
10,181,0 25.0
5,803,0
414,0 24,819,0 25.0
2,472,0 1,042,0 13,858,0 25.3
1,168,0
456,0
6,080,0 26.7
2,039,0
350,0
0,534,0 25.0
1,654,0
193,0
6,549,0 28.2
Totals,average 133,650,0 212,133,3 1347,777.0 301,550,0 81,759,0 1382,711,0 27.7
Actual figures Jan. 17_
1361,000,0 315,859,0 79,037,0 1407,445,0 28.0
Circulation.-On the basis of averages, circulation of national banks in tile Clearing
House amounted to $44,749,000, and according to actual figures was $44,531,000.
•13,729,425
Surplus as of Dec.0
Loans and investments
Change from last week.
303,240,300 1,019,219,800
+734,700
-664,000
Specie
Change from last week_
55,869,100
-1,267,900
107,708,900
122,200
Legal-tender & bk. notes_
Change from last week.
21,934,500
-439,200
9,695,000
+187,900
123,713,100
-789,100
176,461,400
-270,600
352,152,300 1,098,687,200
+105,800 +18,943,300
130,059,000
+87,000
186,284,800
+85,500
Reserveon deposits
Change from last week.
95,851,900
+301,600
125,005,900
-359,300
24,570,700
+925,800
26,086,200
+815,600
P. C. reserve to deposits_
Percentage last week
28.0%
28.0%
16.4%
16.4%
20.1%
19.3%
15.0%
14.6%
Deposits
Change from last week
from last week. • As of Sept.9 1913.
+ Increase over last week. -Decrease
undivided profits. "Reserve on deposits" includes
Note.-"Surplus includes" all
banks, not only cash items but amounts d
for both trust completes and State
in New York State are required by law to
from reserve agents. Trust companiesdeposits, the ratio
varying according to lotheir
keep a reserve proportionate to
of reserve required is computed on the
percentage
The
cation as shown below.
moneys held in trust• and not payable within
aggregate of deposits, exclusive of time deposits not
payable within thirty dyne,
thirty days, and also exclusive of
exclusive of deposits secured by bonds or
represented by certificates, and also
York, and
obligations of the State or City of Newof bonds or exclusive of an amount equal to
par)
obligations of the State or City
the market value (not exceeding
held in trust gor it by any public departmen
of New York owned by the bank or
keep a reserve
The State banks are likewise required towhole amount ofvarying according to locadeposits exclusive of time
tion, the reserve being computed on the
days, represented by certificates (according
deposits not payable within thirty
exclusive of deposits secured (according to amendto the amendment of 1910), and
of the City or State of New York, and exment of 1911) by bonds or obligations
market value (not exceeding par) of bonds or
clusive of an amount equal to the
obligations of the State or City of New York owned by the company or held in trust
for it by any public department.
-Trust Cos.- -Stale BanksTotal
Of
Total
01
Reserve Required for Trust Compantess
Reserve which
Reserve which
and State Banks.
Required. in Cash. Required. in Cash.
Locationo
15%
25%
15%
Manhattan Borough
107
10%
20%
Brooklyn Borough (without branches in Manhat.)15%
Manhattan)15%
15%
734%
10%
Other Boroughs (without branches in
Manhattan-15%
in
15%
20%
20%
branches
with
Borough,
Brooklyn
15%
15%
15%
Other Boroughs, with branches in Manhattan-15%
10%
5%
Cities of the first and second class
10%
3%
Cities of the third class and villaget
Elsewhere in State
-6%
The Banking Department also undertakes to present
separate figures indicating the totals for the State banks and
trust companies in Greater Now York, not in the Clearing
House. These figures arc shown in tho table below, as are
also the results (both actual and average) for the Clearing-
TILE CHRONICLE
JAL 24 19144
t87
House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.-Below is a summary
eombined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
*hus affording an aggregate for the whole of the banks and and Philadelphia:
We omit two cipher (00) in all these figure .
*rust companies in Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Capital
and
Surplus.
Banks.
Loans.
Specie.
Legal*. Deposits.
a
Circulation.
Clearfats
Clear.-House Clear.-House Slate Banks and Total of all
Members. Trust Cos. Not Banks &Trust
Members.
Average. in C.-H. Aver. Cos. Average.
ActualFigur
Boston.
$
$
$
Nov. 29_ 60,735,0 232.246,0 26,311,0 3,754,0 266.321,0 9.774,0 138,567,7
Dec. 6_ 60,735,0 230,414,0 25,827,0 4,007,0 260,898,0 9,826,0 168.147.5
Dec. 13_ 60,735.0 228,883,0 25,749,0 3,803,0 260,160,0 9,811.0 158.596.5
$
Dec. 20_ 60,735,0 225,244,0 23,778,0 3,878,0 254,764,0 9.771,0 157,316,4
iNattoaal hanks
Dec. 27_ 60,735,0 225,785,0 22,567,0 3,942,0 251,161,0 9.734,0 120,448.0
179,900,000
29,600,000 209,500,000 Jan.
Capital
179.900,00
Oct. 21 and
3_ 60,735,0 226,128,0 24,116,0 4,135,0 259,038,0 9,713,0 174,091,2
State banks
Jan. 10_ 60,735,0 224,195,0 26,007,0 4,015,0 254,529,0 9,760,0 160,082,7
308,014,400
74,202,600 382,217,000 Jan,
308,014,40
Surplus
Deo.9
17- 60,735,0 221,103,0 28,817,0 3,889,0 270,994,0 9,671,0 181,512,6
PhIla
540,383,700 2,445,960,700
Loans and invest:mats__ 1,913,064,0001,899,577,000
90,939,0
*428.213,0 11.302,0 139.182,4
-1,273,100 +18,871,900 Nov. 29_ 103,684,3 381.526,0
Change from last wee +25.584,000 +20,145,000
Dec. 6_ 103,684,3 382.916,0
88,678,0
*429,430,0 11,305,0 192,220.7
1,815,599,0001,790,448,000 a550,944,000 2,341,392,000 Dec. 13. 103.684,3 379,857,0
87,519,0
*420,061,0 11,307.0 158,699,4
Deposits
88,637,0
*421,126,0 11,307,0 175,013,1
T-1,015,000 +44,954,000 Dec. 20_ 103,684,3 374,903.0
Change from last wee +48,609,000 +45,969,000
Dec. 27_ 103,684,3 372,114,0
88,096,0
*417,722,0 11,281,0 155,404,1
96,405,0
*432.374,0 11,435,0 175,589,5
370,105,0001 357,316,000
60,189,600 417,505,600 Jan. 3_ 103,084,3 372.915,0
Specie
99,083,0
*432,744,0 11,504.0 177,524.7
-435,500 +23,018,500 Jan. 10_ 103,684,3 378,257,0
Change from last wee +24.661,00 +23,454,000
Jan. 17_ 103,684,3 378,039,0
106,249.0
*440,403,0 11,527,0 171,881,9
80,091,003 88,219,000
b7,875,800
Legal-tenders
96,094,800
-1,637,00
+4,492,000
Change from last wee
-351,500 +4,140,500
a Includes Government deposits and the item "due to other banks." At Button
Government deposits amounted to $1,532,000 on January 17,
against $1,482,000
294,896,00
383,309,000
Banks: cash in vault_ _ _
12,891,300 390,200,300 on January 10.
Ratio to deposits____
28.05%
27.72%
14.21%
* "Deposits" now include the item "Exchanges for Clearing House," which were
reported on January 17 as $16,321,000.
Trust cos.: cash in vault'
61.300,00
62,226,000
55,174,100 117,400,100
Week ended Jan. 17-
.Aggete money holdings
Change from last wee
Money on deposit wit
other bks. & trust cos_
Change from last wee
Total reserve
Change from last wee
456,196,000 445,535,000
+23,024,000 +27,946,000
59,532,00
+7,410,000
515,728,000 502,684,00011
+30,434,00 +34,476,000
Surplus CASH reserv
Banks (above 25%)_..
Trust cos.(above 15%
Total
Change from last wee
57,149,000
+6,530,0001
43,034,750
76,90
68,065,400 513,600,400
-787,000 +27,159,000
16,873,500
+1,348,400
FOREIGN IMPORTS AT NEW YORK.
74,022,500
+7,878,400
84,938,900 587,622,900
+561,400 +35,037,400
37,631,250
1,065,4501
For Week.
Total three weeks
of cash reserves of
t cos.
Cash in vault
15.01%
Cash on dep. with bks
12.72%
15.26%
12.29%
15.24%
1.26%
27.73%
27.55%
16.50%
+Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City": with this item included,
deposits amounted to 5610,681.700, an increase of $6,695,300 over last week. In
the case of the Clearing-House members, the deposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.
I
1914.
Dry goods
General merchandise
Total
Since Jan. 1.
Dry goods
General merchandise
38,696,700;
43,111,050
+10,922,55 +16,448,050
Total
Imports and Exports for the Week.-The following are
the imports at New York for the week ending Jan. 17; also
totals since the beginning of the first week in January:
1913.
$3,548,653
13,785,938
1912.
1911.
$3,642,491
16,915,645
$3,598,445
13,045,504
$3,013,422
11,987,729
$17,334,591 516.643,949 $20,558,136 $15,001,151
$12,302,955 610,435,969
39,832,291 44,547,770
$9,990,455
41,516,850
$9,797,420
36,307,924
$52,135,246 $54,983,739 $51,507,305 $46,105,344
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. 17 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1914.
For the week
Previously reported
1913.
1912.
1911.
$22,162,995 $21,989,565 $15,202,831 $11,880,085
32,876,144 39,554,165 37,942,902 32,432,611
The averages of the New York City Clearing-House banks
Total three weeks
$55,039,139 $61,543,730 $53,145,733 $44,312,696
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
The following table shows the exports and imports of
Clearing House,compare as follows for a series of weeks past: specie at the port of New York for the week ending Jan. 17
and since Jan. 1 1914, and for the corresponding periods in
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
1913 and 1912:
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loess and
Week Ended- Investments
Nov.
Nov.
Nov.
Dec.
Dee.
Deo,
Dec.
Ian.
Ian,
Ian.
15-2229---6-13-___
20__
27....
3____
10....
17____
$
2,460,101,3
2,468,186,1
2,478,354,0
2,436,310,0
2,407,434.3
2,401,991,7
2,416,845,4
2,428,218,3
2,427,088,8
2,445,960,7
Deposits.
$
2,299,281,3
2,313,964,0
2,310,016,0
2,256,047,0
2,231,664,7
2,233,530,2
2,253,989,0
2,272,039,9
2,296,438,0
2,341,392,0
Specie.
$
478,139,8
482,711,9
469,981,9
454,700.9
459,177,9
465,190,9
463,194,9
467.597,9
486,441,4
513,000,4
$
541,373,1
548,150,0
533,920,1
514,203,2
518.144,2
527,023,6
525,019,1
534,704,0
552,585,5
587.622.9
Reports of Clearing Non-Member Banks.-The following is the statement of condition of the clearing non-member
banks for the week ending Jan. 17, based on average daily
'results:
We omit two ciphers (00) in all these figures.
Capt..
tit.
Banks.
Surplus.
Loans,
Legal
On
Disc'ts
Tender Deposit
and
Specie, and
with
Net
InvetsBank
C.-II. Deposits.
meats.
Notes. Banks.
New York City.
$
$
$
3
.Manhattan and Bronx.
Washington Heights_ 100,0
362,6 1,584,0 162,0
Battery Park Nat_ _ ,
1,670,0
123,1
331,0
200,0
_
'Century
500,2 6,219,0 586,0
500,0
Colonial
-4 400,0
708,3 0,780,0 1,000,0
Columbia
300,0
742,7 6,108,0 672,0
'Fidelity
200,0
49,0
182,6 1,145,0
Mutual
200,0
486,0 5,051,0 557,0
New Netheriand
, 200,0
314,5 3,329,0 378,0
Twenty-third Ward _ ..., 200,0
108,9 1,796,0 252,0
'Yorkville
.. 100,0
507,4 4,324,0 505,0
Brooklyn.
'First National
300,0
703,1 3,820,0 402,0
Manufacturers' Nat
252,0
932,2 6,222,0 824,0
Mechanics'
1,000,0
503,4 9,940,0 1,262,0
National City
300,0
589,5 4,690,0 535,0
-. 200,0
North Side
191,9 2,676,0 199,0
Jersey City.
400,0 1,398,0 4,099,0 312,0
First National
Nat..
County
250,0
Hudson
826,9 3,037,0 224,0
200,0
Third National
441,2 2,709,0 103,0
Hoboken.
,
220,0
First National
676,5 4,813,0 304,0
125,1
Second National
298,2 3,383,0 211,0
$
74,0
51,0
445,0
184,0
545,0
131,0
383,0
125,0
105,0
307,0
$
221,0
42,0
499,0
890,0
788,0
142,0
736,0
308,0
278,0
840,0
$
1,296,0
1,694,0
6,204,0
6,857,0
7,253,0
1,084,0
5,277,0
3,324,0
1,976,0
4,707,0
53,0
641,0 3,265,0
139,0
713,0 5,868.0
016,0 1,883,0 12,031,0
111,0
742,0 4,648,0
200,0
392,0 2,796,0
263,0 2,118,0
64,0
772,0
132,0
465,0
60,0
70,0
549,0
541,0
3,087,0
1,665,0
1,357,0
Imports.
Gold.
Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Since Jan.1
Week.
Since Jan.1
$2,007,304 $2,007,304
401,000
100,000
50,000
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
$19,300
405,298
100,000
50,000
500
$26,995
66.682
24,772
597,050
82.245
106,220
83.110
$2,558,304 $2,583,102
5,157,807 7,289,625
1,076 1,323,023
$118.449
266,293
151,315
$887,925
762,362
1.146,865
$3,000
$3,000
117
280,921
150,706
126,865
$559,624 $1,230,226
173,490
115,768
45,564
26,116
45.566
26,116
$747,072 $1,475,398
1,156,877 2,357.369
1,236,001 2.105,734
94,773
59,333
14,748
$171,854
208,944
95,562
$561,609
634,325
697,280
, EU
Of the above imports for the week in 1914, $200 were
American gold coin and $850 American silver coin.
ganiting and g_TinanciaL
Municipal Bonds
Ask us to send you Circular No. 615 describing Canadian
and American Municipal Bonds.
Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK
Albany
Boston
Chicago
1,970,0
1,416,0
Totals Jan, 17- 5,847,0 10,597,2 83,455,0 8,958,0 4,058,0 13,560,0 77,775,0
5,847,0 10,597,0 83,780,0 8,795,0 4,337,0 13,214,0 78,382,0
.Totals Jan. 10
Totals Jan, 3....__,5,847,0 10,697,0 83,712 0 8,635,0 4,074,0 13,557,0 78,454,0
rftartealia.mcat=mancseeresa.
Exports.
Tot Money EntireRes
Holdings. onDepost
Legals.
$
$
390,933,1 87,206,7
396,859,2 85,852,7
385,357,6 84,624,3
369,628,3 85,072,6
371,901,5 87,276,4
378,490,1 86,700,8
376,316,8 86,878,1
378,264,7 89,333,2
394,487,1 91,954,3
417,505,6 96,094,8
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
White, Weld & Co.
Bonds and Investment Securities,
4 WALL STREET
NEW YORK
THE ROOKERY
CHICAGO
111 DEVONSHIRE Brit& ET
BOSTON
xcvm.
iTHE CHRONICLE
288
Van'has' Ganitt.
Wall Street, Friday Night, Jan. 23 1914.
The Money Market and Financial Situation.-The
most optimistic champion of the new Banking and Currency
Law or of the President's policy as outlined in his latest
message to Congress, could scarcely have expected a more
decided and substantial result in any quarter than has been
seen this week in Wall Street. This is assuming that the
revival of business and the advance in prices at the Stock
Exchange and the eagerness with which the offering of
$51,000,000 New York State bonds has been sought are the
expression of a very general belief that our banking system
will be greatly improved when the new law is in operation,
and that the attitude of the Government towards the larger
business interests of the country is of a less disturbing
character than was recently feared.
The expansion of business at the Stock Exchange and elsewhere is, as is well known, greatly facilitated by the accumulation of funds at practically all important money centres
of the world. At least six of the large European banks have
reduced discount rates this week,including those of England,
Germany, Sweden, Denmark, Belgium and Switzerlandthe Bank of England from 43/2 to 4 and the German Bank to
43/2%. It will be noticed that the Bank of France is not
included in this list. The open market rate at Paris
has, however, declined to 3%, and British Consols have advanced over 2 points within the week. Saturday's bank
statement showed that the New York banks held over
$43,000,000 surplus reserve and call loan rates in this market have been quoted as low as 13
4%•
The open market rates for call loans on the Stock Exchange
during the during the week on stock and bond collaterals have
ranged from P%@23/2%. Friday's rates on call were 1%@
2%. Commercial paper on Friday quoted 4@4%% for
60 to 90-day endorsements and prime 4 to 6 months' single
names and 4%@5% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £2,037,805, and the percentage of
reserve to liabilities was 57.42, against 55.58 the week before.
The rate of discount was reduced on Jan. 22 from 4%%,as
fixed Jan. 8, to 4%. The Bank of France shows an increase
of 8,946,000 francs gold and 8,400,000 francs silver.
the Exchange has been in low-priced speculative issues. All
classes of bonds, however, have been strong, and an advance
of 2 points or more is noted in a considerable number of cases.
United States Bonds.-Sales of Government bonds at
the Board are limited to $3,000 4s, coup., at 113. For to,
day's prices of all the different issues and for yearly range see
third page following.
Railroad and Miscellaneous Stocks.-The stock market has, for reasons noted above, been decidedly more active
and buoyant than for many months past. The movement
in progress has carried several important issues 3 points or
more above last week's closing prices and there is only one
single exception to the general trend of the market.
The only individual cases worthy of note are those which
have exceeded the average advance mentioned. To-day's
market, although not as active as that of yesterday, continued strong in tone, only Canadian Pacific of the railroad
list showing a reactionary tendency. On the other hand,
Southern Pacific gained 1% points during the day and closes
5% points higher than last week. Union Pacific is 43 points
3 Baltihigher, Northern Pacific 4%, New York Central 4%,
more & Ohio 5%, Chesapeake & Ohio 4, St. Paul nearly 4
and Pennsylvania 3.
Industrial stocks have generally moved within a narrow
range, although all in the same direction as the railway list.
United States Steel has been by far the most active issue on
5 points higher than at
either list and at 663/i to-day was 3%
the close last week.
For daily volume of business see page 298.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending Jan. 23. for
Week
Allis-Chal Mfg v t c_...
Preferred v t c
Amer Brake Shoe & F.._
Preferred
Amer Coal Products
Preferred
American Express
Cent Sr So Amer Teleg
Chicago & Alton
Preferred
Chic St P M & Omaha...
Colorado & Southern....
First preferred
NEW YORK CLEARING-HOUSE BANKS.
Crex Carpet
(Not Including Trust Companies.
Detroit United
General Chemical
1913.
1912.
1914.
Preferred
Averages for Averages for
Differences
Averages for
Gt Nor subs 3d paid_
week ending week ending
from
week ending
Green Bay & W,deb -13..
Jan. 18.
previous week.
Jan. 20.
Jan. 17.
Homestake Mining
Int Agrie Corp v t e_ _ _ _
Preferred v t c
133,650,000 135,150,000 Iowa Central
133,650,000
Capital
202,480,100 198,340,600 Long Island
212,133,300
Surplus
Inc.
18,474,000
1,347,777,000
1,360,081,000
1,395,220,000 Mackay Companies
Loans and discounts.._ _
536,000
44,749,000 Dec.
46,699,000
50,837,090
Circulation
Preferred
1,382,711,000 Inc. 46,026,000 1,385,097,000 1,454,800,000 Mexican Petrol pref........
Net deposits
23,331,000
287,526,000 313,887,000 M St P & S S M leased 1..
301,550,000 Inc.
Specie
80,361,000
81,759,000 Inc. 4,190,000
85,343,004 Nashv Chatt & St L._
Legal-tenders
N Y Chic & St Louis_ _
383,309,000 Inc. 27,521,000 367,887,000 399,230,000 Norfolk Southern
Reserve held
345,677,750 Inc. 11,506,500 346,274,250 363,700,000 Northern Ohio Trac dc L
25% of deposits
Ontario Silver Mining
21,612,750
35,530,000 Pacific Tel & Tel pref....
37,631,250 Inc. 16,014,500
Surplus reserve
Note.-The Clearing House now issues a statement weekly show ng the actual Peoria & Eastern
condition of the banks on Saturday morning as well as the above averages. The Pettibone-Mulliken
figures, together with the returns of the separate banks and trust companies, also Pittsburgh Steel pref
the summary issued by the State Banking Department giving the condition of Sears, Roebuck Sr Co pf_
State banks and trust companies not reporting to the Clearing House, appear on So Pius subs 1st paid__ _
United Cigar Mfrs
the second page preceding.
United Dry Goods
Foreign Exchange.-Thero was slight incentive for any United States Express
S Indus Alcohol pref
U
large international movement of funds this week, owing to Virginia
Iron, Coal & C_
the sharp declines in money rates that have taken place on Wells, Fargo & Co
Maryland, prof_ _
each side of the Atlantic. An additional $2,000,000 gold West
Wnatinohnlvan All. nt,..i,
was shipped to Paris.
To-day's (Friday's) actual rates for sterling exchange were 4 83450
4 8370 for sixty days, 4 861504 8625 for cheques and 4 865504 8665 for
cables. Commercial on banks 4 823 04 833 and documents for payment
% and grain for pay/s. Cotton for payment 4 82%04 823
4 82%64 833
ment 4 82%64 83.
The posted rates for sterling, as quoted by a representative house, declined Mc. on Wednesday.to 4 84 for sixty days and 4 87 for sight, and
continued at these figures during the remainder of the week.
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21%
less 14605 21y1 for long and 5 18% less 3-3205 18% less 1-16 for short.
Germany bankers' marks were 943 ©94 9-16 for long and 95 less 1-32095
for
for short. Amsterdam bankers' guilders were 403 less 1-320403
short.
Exchange at Paris on London, 25f. 21%c.; week's range, 25f. 2234c. high
%c. low. Exchange at Berlin on London, 20m. 49pf.; week's
and 25f. 203
range, 20m. 50pf. high and 20m. 48%pf. low.
The range for foreign exchange for the week follows:
Cheques.
Cables.
Sixty Days.
Sterling, Actual4 8690
4 8655
High for the week__ _4 8375
4 8650
4 8615
Low for the week___4 8325
Paris Bankers' Francs
5 1834 less 1-32 5 1714 less 3-32
High for the week___5 21
5 1834 less 3-32 5 1834 less 1-32
Low for the mmek___5 21/i
Germany Bankers' Marks95 1-16
95
High for the week__ _94 9-16
94 15-16 less 1-3295
Low for the week......94 7-16
Amsterdam Bankers' Guilders40 5-16 less 1-32
403I plus 1-32
High for the week.._ _40
40g less 3-32 40%
Low for the week.._..40 less 1-16
premium.
Boston, par.
Domestic Exchange.-Chicago,15c. per $1,000
St. Louis, 10c. per $1,000 premium. San Francisco, 50c. per $1,000 premium. Montreal, 78Ac. per $1,000 premium. Minneapolis, 60c. per
premium.
$1,000 premium. Cincinnati, 10c. per $1,000
State and Railroad Bonds.-Sales of State bonds at the
Board include $1,674,000 New York 43/2s, "w. i.," at 107M
to 107%, and $16,000 Virginia 6s deferred trust receipts at
58 to 59%.
•The volume of business in bonds, like that in stocks, has
increased day by day until nearly 7% millions par value was
reached, and the advance in prices noted last week has continued. Demand of an investment character has been a feature, although much the larger portion of transactions at
Range for Week.
Lowest.
4,985 1036
1,600 45%
520 91
300 130
8 83
10 10511
200 106
194 105
100 934
432 19
230 128
420 28
500 59
100 80
200 72
245 17634
25 10734
200 129
26 1335
100 116
1,225 5
200 30
200 7
600 28%
400 80
100 6735
400 8044
100 83
260 143%
200 41
100 40
100 62
100 234
300 8636
300 634
200 26
300 92
80012236
1,000 100%
500 x47
395 90
600 56
300 84%
606 45
250 89
100 58
1A25fl
Highest.
Jan 19 1336
Jan 22 47%
Jan 19 94
Jan 17 134
Jan 20 8434
Jan 22 105%
Jan 19 108
Jan 19 106
Jan 20 934
Jan 22 19
Jan 22 130
Jan 19 28%
Jan 22 6034
Jan 20 80
Jan 17 7234
Jan 22 180
Jan 21 10745
Jan 20 129
Jan 22 1336
Jan 19 116
Jan 19 9
Jan 23 35
Jan 17 745
Jan 17 32
Jan 21 8334
Jan 20 6734
Jan 20 82
Jan 21 83
Jan 21 144
Jan 19 4145
Jan 17 40
Jan 23 62
Jan 17 23,5
Jan 19 89
Jan 17 10
Jan 23 2634
Jan 17 92
Jan 19 13234
Jon 21 101%
Jan 20 49
Jan 19 91
Jan 17 58
Jan 20 8534
Jan 23 46
Jan 21 90
Jan 22 58
256
Jan
Range for Year 1913.
Lowest.
Highest.
Jan 22 7% Dec 9
Dee
Jan 23 40
Nov 4334 Dec
Jan 23 8934 Oct 96% Jan
Jan 22 127% Nov 136% Jan
July 94
Jan 23 80
Jan
Nov 10934 Jan
Jan 22 100
Dec 175
July
Jan 21 95
Dec 11234 Feb
Jan 22 100
Jan 20 734 June 18
Jan
Jun 22 1731 Aug 25% Feb
Jan 22 11934 Aug 125
Mar
Jan
Jan 23 23% June 33
Dec 69
Mar
Jan 22 60
July 77
Jan 20 74
Feb
Jan 19 6735 June 80% Feb
Jan 23 170 June 18534 April
May 109% Jan
Jan 21 104
Aug
Jan 20 11641 June 128
June 1734 Jan
Jan 22 11
Mar 121
Nov
Jan 19 100
Jan
Jan 23 5 June 39
Jan
Jan 23 23 .July 90
734 July 1034 Jan
Jan.21
Jan 21 30 • June 43% Jan
Jan
Jan 23 7534 July 87
Dec 69 April
Jan 20 62
Nov 09% Jan
Jan 23 69
Oct 83% Mar
Jan 21 79
Jan
Jan 21 13234 June 170
Dee 63% Jan
Jan 22 47
Dec 4734 April
Jan 17 39
Jan 23 54 , Dec 7534 Jan
Jan 17 2 April 3% Oct
Jan 23 82
Dec 95 April
Jan
Jan 22 6
Nov 12
Sept
Jan 23 15 June 29
Jan 20 90
Jan
Nov 100
Jan 23 97% Feb 2544 Jan
Jan 22 90
Oct 9934 Sept
Jan 19 4031 June 50% Feb
Jan 19 87
July 101
Jan
Jan 21 38
Dec 66
Jan
Jan 20 85 June 97
Mar
Jan 23 36
Dec 54
Jan
Jan 19 85
Dec 125 April
Jan 22, 5334 June 67% Jan
Jan 231265
Nov 280
Jan
Outside Market.-Business on the "curb" opened the
week dull and with declining prices, but under the stimulus
afforded by the heavy trading and strength in the new N. Y.
State 43o% bonds the market developed'a better tone. The
Standard Oil stocks were especially notable for substantial
advances. Atlantic Refining from 787 fell to 781, advanced
to 815 and ends the week at 800. Buckeye Pipe Line moved
up from 176 to 184 and closed to-day at 182. Ohio Oil was
off at first from 153 to 148, but sold up to 159. Pierce Oil
improved from 84 to 93 and finished to-day at 92. Prairie
Oil & Gas lost about 12 points to 430 but afterwards moved
up to 451. Southern Pipe Lino advanced from 251 to 288.
South Penn Oil gained 25 points to 310, with a final reaction
to 302. Standard Oil (California), after a drop from 282
to 269, ran up to 291 with the final figure to-day 286.
Standard Oil (Indiana) went down from 465 to 451 and recovered finally to 460. Standard Oil of N. J. gained about
10 points to 430, dropped to 412 and moved upward again,
resting finally at 419. Vacuum Oil receded from 208 to 197
and sold up to 215. Tobacco stocks were dull. United
Cigar Stores corn. moved up over a point to 94 and closed
to-day at 94. Houston Oil corn, improved from 143/i to 17.
2s commanded the most
In bonds the new N. Y. State 43/
attention and under heavy trading "w. i." advanced from
106 to 108%. The bonds were listed on the Stock Exchange
on Thursday, where they closed on Friday at 1073/8. Cana% to 1023. Chicago
dian Pacific 6% notes rose from 1013
Elev. 5% notes were up from 97 to 98%. Copper stocks improved. Braden sold up from 73g to 73'. British Columbia went up from 2% to 23/2. Greene Cananea gained almost 10 points to 429. and closed to-day at 40.
Outside quotations will be found on page 298.
289
New York Stock Exchaup-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocks usually inactive, see preceding page
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Baturday
Jan 17
Monday
Jan 19
Wednesday
Jan 21
Tuesday
Jan 20
Thursday
Jan. 22
Friday
Jan. 23
Sales at
the
1Veelc
Shares.
STOC.CS
NEW YOLK l'l'OCK
el:N.-CHANGE
Range for Previous
Year 1912.
Range for Year 1913
On basis of 100-share lots.
Lo -est
Railroads
9014 Nov10 10638 Jan e
9918 9913 9934 9958 10038 22,170 Atchison Toeeka & S F__
98
9634 9714 9718 9712 9678 98
9(3 J'iy 9 10214 .lan 2.
950
Do ore.
0878 9012 *98 10018 0912 9912 9958 100
*9734 99
99
99
J'ne 11 13333 Jan it
112
125
2,400
At;antic
RR.
12534
126
Coast
Line
12414
12414
124
124
123
12358
12312
123
12378
905
8 J'ne 10 10638 Jan 22
9512
9814
9573
31,950
Z.
8
Baltivore
945
Onto
9513
9:378 94
9214 9234 9212 93
93
7714 Jew 1- 88 Jan 10
8212 8212 8217 1,000
Do pre(
*82
82
*80
82
81
81
8178 8178 82
28334 .Inc It' 9214 Mite26
9112 9134 9212 9112 9238 27,130 llrooklyn Rapid Transit
90
8934 90
8934 8934 8958 90
201 Dee 29 26634 Jan I
21058 21212 21238 21378 21158 21314 21234 21334 21218 21318 21038 21178 66,820 'anatl.an Pacific
273 ,J'nelI 362 Jan 13
110 Centre) ef New letsee
*300 320 *300 320 *300 320 *300 320 §308 308 *316 320
5118 J'ly 11 80 Jan k
16,500 Chesapeake & Ohio
67
68
67
68
6512 67
64
6414 6412 6558 6434 6514
1718 Jan u
10t8 J'ne 4
1418 1412 2,100 Chicago Gt West tr ctfs
1438 1418 1418
14
1334 1414
1338 1388 *1338 1334
23 Inc 10 35 Jan e
32
Do prof trust ctfs
32
3212 1,332
*31
33
*31
3412 3118 3118 3138 3212 31
Jan 9
Nov
10
9614
11614
10412
10512
Chicago
11111w
1047
10614
30,110
8
Paul_
&
St
4
1043
4
1033
104
102 10218 10238 10338 10234
13112 Nov10 144 Jan 30
130 pref
14013 14114 14114 14112 1,060
140 140 *13812 14012 140 140
*137 140
134 11458 13412 135
4,765 Chicago &. North Wenern z123 Dec 1 138 Jan 11
13338 13312 1337s 134
13312 13312 13314 134
1/118 Nov19 8189 Jan 6
Do pref
172
173 173
*170 174 *168 175 *167 171 §171 171 *171 173
200 Cleve ('in Chic & St L__ _ 3473 A ug 26 54 Jan 21
*3812 44
*39
44
40
40
3814 3814 *3818 40
44
.36
60 Oct 16 9434 Jan 16
Do pref
300
67
67
67
67
67
*65
67
*04
65
65
65
*64
14717 .1'ne II 167 Jan 8
800 1leia. are &
157 159
15414 15114 *15412 15712 156 156
155 155
15434 155
Dec '26 445 Jan 13
Weer
380
De,aware
&
950
Lack
405
395 402 *400
395 395
390 390
*386 395 *390 395
2318 Jan 9
.333 J'ne 11
300 Denver & Rh; Grande
21
*1912 21
18
18
1858 183, *18
19
*17
18
*16
J'neli
41 Jan 10
23
Do
pref
700
31
3012
2934
3014
*29
30
3
4
29
29
2958
*27
2934
*28
812 Jan k
4 Dee 19
Duluth So Shore & Atlan
*5
*5
714 *5
714 *5
714 *5
714
714 *5
714
1(3 J'ly Ii
1614 Jan 2
Do pref
10
*10
11
12
*8
1912 912 *812 1112 10
12
*8
10
3217
Jan (1
2014
J
ne
Erie
3213
72,000
30'!
3058
3112
3114
3018
3034
315
8
8
3118
303
3038 3012
Do In reel( rt ed..___. 3312 J'ne 10 4912 Jan 30
4834 4814 4912 14,000
4712 4714 4714 4714 4858 48
4714 47
47
2314 J'ne 10 41 Jan It
De 2d preferred
3812 3812 39
3912 *3812 3912 3912 40(4 2,000
*3812 39
39
39
12734 12814 12734 12838 12812 12938 129 12934 12913 12978 12,430, Great Northern pref____ 11512 Jeae 10 13258 Jan
12778 128
2512 J'ne
4114 Jan :4
Iron Ore properties__
14,900
3812 3914 3738 3812 38
39
38
39
38
3834 3814 39
10234 Dec 16 12878 Feb 5
114 114
114 11412 1,300 Illinois Central
11112 11134 11212 11314 11234 11234 114 114
4
J'ne
1958 Jan 30
1238
interloro-Metrep
v t ctf_
1518 1538 1518 1512 15
1514
1538 1558 1512 1534
1511 1578 8,360
6538 Jan 3t)
45 J'ne 4
De pref
10,000
6034 6034 6034 61,4 6034 61
6114 6178 6118 6238 6158 62
2138 J'ne 5 2838 .J'ly 28
4,400 Remits Cit Southern_
2614 265s 2612 2658 2612 2634 2634 27
2634 27
2634 27
56 J'nell en,Jan 7
Do nre
1,120
160
60
60
60
*5934 61
62
6034 6114 6112 6158 *60
7 May 1112 Feb
700 Lake Ere & Western
*7
8
*7
8
812 812
712 712 *741 ' 9
9
9
16 Nov10 35 Jan 61
Do pia
900
18
18
2114 2114
*17
20
20
1814 1814 19
1978 20
Jan '2
J'nelO
16838
11114
Lehigh
Valley
15258 15314 15258 1531 1 15258 15333 15358 155
15414 15538 15518 15614 40,300
12614 J'ne 11 14214 Jan 10
13912 140
14114 14178 213338 13912 139 13912 13914 14058 14014 14058 5,705 Louisville & Nashville
17 J'ne 9 13258 Feb 71
300 Manbattan Elevated_
*125 130
130 130 *125 130
130 130 *130 132 *130 132
12 Josh
2314 Jan 2
1,165 Minneapolis & fit Louis_
16
16
1418 1412 *1412 13
1512 1512 1512 16
*1412 16
30 Dec 4 47 Jan 20
Do pref
457
40
3512 *35
35
*30
35
43
*30
§35
35
*32 • 35
Jetell 14214 Jan 9
11514
Minn
St
P
&
S
2,620
S
Marie
13138
13114
132
13012
130
12914
12818 12838 12814 129
4
12814 1283
131 Nov 12 1150 Jan 22
Do preferred
200
14212 14212 14212 14212 *140 144
*140 150 *140 150 *140 150
1818 Jnt 10 2918 Jan 7
5,800 Missouri lean & Texas..
2358 24
2214 2212 2234 2278 24
2112 2112 22
2218 22
52 J'ne 10 tele, Apr 11
Do
preferred
2,000
59
59
58
56
5714
58
5518
5518
55
5514 5518 5518
Dec 23 4358 Jan 9
2114
Missouri
22,200
Pacific
2834 2912 29151 2934 2918 2934
2738 2712 2712 2834 2814 29
31 Dec 8 59 Melt 3
100 Nat lies if Mee 1st pref.
*30
35
*30
35
*25
35
*26
32
35
30
30
*26
Dec 26 27(2 Jan 2
834
Do
2d
vefeet
ed
_
900
1278
1333
1212
1314
1212
1212
113
s
113
8
*1014 12
*1014 12
9038 Dec 15 10034 Jan 30
9518 34,241 N Y Central & H R
9478 9334 9478 94
9034 91
9034 9214 9178 9278 93
6558 Dec 12 12978 Jan 10
7534 7612 7534 7614 9,710 NYNH& Hartford
7618 7614 7613 7714 7614 7678 7618 77
3378 Jan 11
2518 J'ne 11
31
3158 5,105 N Y Ontario & Western_
2818 2812 2314 2812 2834 2912 2934 31
*2712 28
98 J'ne 10 11312 Jan 3
10334 10414 101 10438 10418 10458 10458 10514 15,445 Norfolk & Western
10334 104
10312 104
up
stanclie
rin pref_ _ 8014 Atte 16 87 Feb 13
8812 *8514 8812 *8514 ___ *8512 8812 28,55
9
200
8514 *85
*8312 8812 85
10134 J'ne 1U 12258 Jan 6
Northern
po ad Pacific
11478 11612 11534 11612
11218 11232 11212 11334 11278 11312 114 115
106 Dec 13 12334 Jan 7
11213 11258 11212 113t1 11278 11312 11334 11478 11412 11518 11412 11514 31,580 Pennsylvania
7718 Dec 11 104 Jan 11
808 Flttab Cln Chic & St L
80 *88 93
*8534 93
8712 180
87
87
*8534 95
87
100 J'ne25 §109 Sep 18
1)o preferred
*____ 11712
11712
1171e*____ 108 * _ __ 108
11712
15138 J'ne 10 17134 Dec 26
16834
17214 17138 17214 402,000 Reading.
16834 16912 16873 170
8212 Oct 14 9212 Apr 10
1st preferred
250
88
88
*86
88
*86
*87
88
8734 88
*86
88
*86
84 J'ne 10 95 Apr 1)..'
2d precerred _
1,100
92
9014 9014 *90
9112 9134 9212 9212 *9212 94
*9014 92
1158 Oct 17 2478 Feb 4
1512 1658 11,390 Rock Island Company
1478 1514
1458 1458 1412 1434 1414 1458
1478 15
1712 Oct 17 4434 Jan 2
Do preferred
24
2338 2414 23
2373 23
2358 2438 2358 2414 2384 2458 26,115
234 J'ne 17 1934 Jan 11
Leuis
&
St
San
Francisco
1,210
5
478 478
*4
453 478
412 478
*414 5
434 5
13 J'ne 28 59 Feb 11
Do 1st pleten ed
100
*18
22
*16
20
20
*16
22
*16
20
•15
20
*16
512 J'ne 17
29 Jan 11
Do 2d preferred
938 912
600
914
*8
e
*8
914
9
9
9
*812 9
400 St Louis Southwestern.... 20 Dec 19 3512 Jan 13
27
27
*24
*24
''!7
*2234 2334 2334 2334 24
*24
24
5614 Dec 27 75 Jan 9
300
Do preferred
6612
*59
*5712 -___ *58
58
Ws 5,433 *5778 CO
6612 58
10 2034 Apr 1
1412 J
1814 1834 1814 1034 1938 1034 3,500 Seaboard Air Line
1838 1858
1812 1858 *1812 19
Do preferred
38 J'ne 12 4938 Sep 23
51
5012 5112 16,125
49
49
49
4914 4812 4912 49
4938 49
83 Nov10 110 Jan 30
9658 9614 9758 9738 9912 159,337 Southern Pacific Co
95
9338 9313 9312 941s 9334 95
8814 Nov10 9912 Sep 13
Certificate.;(wh. iss.)_
9,729
9978 10033 10078 10212 10238 10338 10338 105
9914 9938 9958 100
2634 2718 25,620 Southern v tr ctfs strum'. 1918 J'ne I2 2858 Jan 2'
2578 2638 2612 27
2558 26
2558 2614 2514 26
Do preferred
72 J'ne 10 8112 Mch 26
do
3,630
8278 83
8214 8178 83
82
18112 8112 8112 8112 8112 82
1014 J'ne 4 2258 Jan 8
1612 1634 1638 1638 1,100 Texas & Pacific
1(334
16
*1514 1612 16
1578 1578 *15
fbild Avenue (le
2778 J'ne 10 4338 Sep 23
4384 9,385'
4212 4234 43
43
4314 4318 4358 4312 4378 43
42
718 J'ly 9 13 Jan 9
100 Toledo St L & Western_ _
12
*1034 1214
12
121 *10
•10
1212 *1034 1214 *1034 1214
1514 J'ne 4 2934 Jan 9
Do preferred
250
24
2214 2214 *20
*20
23
24
2134 2134 2134 *20
•19
10113
J'ne 6 109 Sep 6
Twin
City
Rapid
Transit
750
/
4 *10712 109
10812 10812
108 10812 *10712 10812 10812 1081
*10738 108
13734 J'ne 11 16234 Jan 6
15914 16038 15934 16134 16058 16238 216,085 Union Pacific
15778 15814 158 15914 15818 159
7034 J'ne 10 931 Jan 6
Do preferred
8434 8434 8438 8458 8438 8438 8412 8434 8412 8412 8414 8412 1,985
1
3.51g Jan 3
16 J
600 United Rys Inv't of S
22
*20
22
21
2112 *20
2134 2112 22
21
21
*20
30 J'ne 11 6317 Jan 2
2,400 - Do preferred
42
*40
42
42
4212 42
43
42
41
4234 43
41
6 Aug 12
2 J'ne 11
338 1338 338 *314 312
338 *3
*3
312 438
414 458 4,941 Wabash..
613 J'ly 8
1718 Aug 13
Do :;referred
1012 1118 1234
938 978 10
1258 13
3,900
*812 10
87s 878
2878 Dec 12 46 Jan 2
34
34
*33
34
34
35
*33
35
1,000 Western Maryland
*3014 3514 *3034 34
334 Oet 24
8 Jan 3
638
600 Wheeling & Lake Erie
6
*514 6
6
*5
6
*5
6
*5
6
*5
Do 1st preferred_ _
13 J'ne 11 2818 Jan 13
19
*17
19
*15
20
*16
19
19
21
*15
700
19
*15
558 Dec 19 14 Jan 3
Do 2d preferred
10
*9
10
*5
10
*6
10
10
1078 2,500
*7
10
*7
4018 'ne 11
5812 Apr 23
47
*4512 4912
47
300 Wisconsin Central
*4514 4634 *4514 4634 4634 47
47
*45
industrial tee Miscell.
2278 22(4 2278 2212 2358 2314 2334 2318 2312 37,450 dAlaska Gold Min Per 510 518 Nov22 52438 Oct 2
2112 2112 22
6158 J'ne 10 8012 Sep 16
7358 7414 7438 7538 7458 7512 7538 7612 7612 7714 27513 7618 159,050 Amalgamated Copper
4,000 American Agricul Chem_ 4114 Sep 5 57 Jan 3
*5212 5312 *5212 5314 5214 5514 5534 5634 5514 57
53
53
90 Nov 5 99 Jan 2
Do preferred
700
95
94
94
95
95
*9512 96
96
9712
*93
95
*93
1934 J'Ile 10 54)12 Jan 2
2812 2758 2833 7,350 American Beet Sugar..__
2714 2612 2634 2713 2754 27
2634 2714 27
65 Oct 31 86 Mch 6
100
Do preferred
*69
74
72
72
72
*70
*70
74
74
*70
*6934 73
21 J'ne 11 4678 Jan 31
3212 3318 3234 3338 3258 3314 3318 3438 3334 3458 3334 35 123,875 American Can
Do preferred
/8012 J'ne 10 12912 Jan 30
9434 0478 5,100
9414 9412 9414 9458 9334 0412 0412 9558 9458 95
*4738 48
48
4914 4914 5012 5018 5058 7,300 American Car & Foundry 3612 J'ne 10 5638 Jan 2
4758 4758 4734 48
108 J'ile 10 117 Mch
Do preferred
600
114 11458 *110 115
115 11518 *113 116
*11278 115 *1127s 115
3314 J'ly 2 4834 Jan 6
200 American Cities
*36
38
*36
38
*36
37
37
*36
37
*36
38
.36
6014 J'ne 28 7813 Jan 2
Do preferred
1,100
6714
65
67
0334 6334 6313 6414 6414 6414 6414 6412 65
3312 J'ne 12 6738 Jan 2
5,275 American Cotton Oil
43
43
43
4312 42
4018 4018 4038 4038 4038 4038 41
9212 Sep 2 98 May 8
1)o preferred
*93
_
*93
*9412
*94 100
*93 100
618 Jan 8
312 J'ly 9
*414 -412
600 American Hide & Leather
412
412 412
412 412
*4
*4
412
418
418 *93Do preferred
1518 J'ne 10 2814 Feb 10
800
23
2312 2412 25
•22
2412 2412
23
*2214 24
*22
23
American
J'ne
10
2734
Apr 4
Ice
17
Securities__
4,765
25
2478 2478 2478 25
2514
2514
2512
2512
25
2578 2538
678 J'ne 10 1218 Nov 7
2,610 American Linseed
*1058 11
12
1012 1058 1078 llet 1114 1133 1114 1158 *11
Do preferred
20 Oct 17 3338 Nov 7
220
*3014 31
3212
31
*30
*3014 3134 31
31
*2934 3218 31
*3414 35
3483 35
3412 3434 35
3534 3612 6,550 American Locomotive...... 27 J'ne 10 4413 Jan 6
3.558 3538 36
94 Oct 10 10644 Jan 2
Do preferred
*9812 99
99
99
9912 9912 100 10078 10018 10118 10012 10034 1,865
American Malt Corp---*6
10
814 Oct 17 13 Jan 3
1012 *712 1012
1012 *6
1012 *7
*7
1014 *7
4178 Oct 24 6112 Jan 3
preferred
*42
Do
55
700
*47
50
46
50
50
49
50
47
4612 4612
*82
400 Amer Smelters Sec pref B 7912 J 'fic 12 85 Jan 9
85
86
8412 8412 8412 8412 *83
85
86
85
6658 6714 6712 ege 6738 6834 6812 69
6912 23,700 Amer Smelting & Refin'g 5812 J'ne 10 7434 Jan 30
6812 6912 69
97 J'ne 6 107 Feb 7
Do preferred
10112 10112 10112 1011* 10138 10112 *10114 102
102 10312 10312 10438 1,810
150 J'ly 9 193 Jan 22
310 American Snuff
163 163 1166 163 - *162 167
164 164 *162 167 *162 166
1,078
17112 17013
Lewes:
Highest
40314 Feb
10158 Jan
z13034 Dec
10114 Feb
661s Aug
7634 Jan
22.;12 Mee
305 Jan
0814 Feb
1358 Dec
3012 Dec
9938 J'ly
13914 Dec
134,8 Dec
188 Nov
4514 Dec
95 Dec
162 Dec
530 Aug
1812 J'ly
5.4e J'ne
8 Sep
14 Dec
30 Dec
4712 Dec
33 Dec
126 Jan
30 Jan
1203 May
1614 Dec
5338 Jan
22e, May
50 - May
1112 Jan
30 Jan
15578 Feb
138 Dec
12878 Dec
1/51: J'ly
140 Feb
129 Feb
146 Dec
2512 Dec
4,7z4 May
35 J'ly
62 3 Oct
26's Oct
10618 Dec
126 Dec
2978 J'ne
10734 Feb
88 J'ne
1158, Jan
11978 Dec
9813 Jan
10812 Jan
14818 Jan
87(2 J'ne
92 Dec
2238 Dec
42(4 1)ec
1712 Dec
5812 Dec
3612 Dec
2934 Jan
6812 Jan
18 Dec
4434 Dec
10312 Dec
11134 Oct
10414 Feb
14412 Aug
11178 Ape
91 Jan
0112.1'1y
283 Aug
395 Apr
8514 Oct
'20,
4 Oct
3912 Apr
11758 Nov
146 Jan
145 Apr
108 Itch
6212 Apr
10112 Apr
17512 Feb
507 Dec
24 Itch
4014 Jan
II. May
23 May
3918 Apr
577, Apr
48 Apr
143'14 Aug
53 Sep
14118 Jan
22 J'ly
6738 Oct
3114 Sep
6553 Pilch
18 Apr
40 May
18534 Jan
/0 Aug
13834 Mch
2712 Jan
157 Jan
15112 Aug
153 Aug
3158 Mch
66 Apr
4734 etch
71 Jan
3672 Jan
12112 Apr
14214 Apr
4138 Apr
11914 Aug
92 Feb
13112 Aug
12614 May
11112 Sep
117 Feb
17914 Apr
9314 Apr
10112 Apr
3012 Apr
5958 Apr
2012 Mch
69(2 Jan
4334 Apr
4058 Oct
8058 Oct
2712 Apr
5612 J'ne
11512 Apr
'2(912 Jan
6814 Feb
2012 Jan
3312 Dec
1012 Dec
28 J'ne
103 Dec
15034 Dec
14 Oct
"
28 J'iy
37 J'ly
334 J'ne
1238 J'ne
45 Dec
4 Jan
11 Jan
6 Jan
48 Feb
.52 Sep
86781 Oct
2612 Nov
4934 Jan
1638 Mch
36 Apr
11118 Sep
17634 Sep
9812 Dec
3978 Dec
6912 Dec
934 May
2278 Apr
6414 hide
1134 Oct
3612 Oct
1712 Oct
6212 Aug
60 Feb
5418 Dec
98 J'ly
4612 Dec
90 Nov
1114 Feb
908 Feb
49 Feb
115 Feb
30'14 Oct
7514 Aug
4512 Jan
95 Jan
3 Feb
20 Feb
18 Jan
9 Mch
30 Feb
3134 Feb
103 Jan
434 Jan
42 Jan
84 Dec
6611 Deo
1021/
1
4 Jan
123 Mole
9234 Oct
133% Meh
10414 lick
7/ Sep
10114 J'ne
47% Oct
12814 Sep
83% Sep '
120 May,
13012 Dee
8334 Dee
8014 Nov
994 Feb
714 sap
34 Sep
3034 May
1772 Apr
43 Apr ;
4712 Nov.
11012 Aug
194 Aug;
13914 Aug
8912 J'ne
91 Sep •
10938 Sep
2034 Dee
3ANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
New York
I-Amer Exch._
Battery Park
' Bowery7-___
Bronx Borol
Bronx Nat_
Bryant Park1
Butch & Dr.
Century 1_
Chase
ilia
550
200
135
425
225
175
150
120
190
600
Ask
:at
Ask
Uani...
172
Chat & Men. 169
560 Chelsea Ell- 148
153
206
Chemical ___ 400 410
145
180
CItIzens' Cen 175
- - City
300 370
163
26-0 - Coal & iron_ 158
190
Colonial 1...... 430__
315
Columbia 1 _ 2e0
1-35- Commerce -. 3170 3173
205 Corn Excel T. t318 3320
625
106
Cosmcporn e 86
East rtIver... 60
60
Bid
Banks
Fideety1____ 165
4500
Fifth Ave 1__
300
Fifth
875
First
168
Fourth
Garfield ___ 220
Germ-Amer 1 130
German Ex 1 375
Germanlal_ 450
Gotham.___ 100
Greenwich 1_ 280
danover ....... 630
Ask
176
__
325-900
173
250
140
425
475
.....
640
Banks
Harriman __
Imp & Trad..
_America
Irving
Liberty
Lincoln
Manhattan 1
Mark & Fult.
Nicoll & Met_
Merch EzellMerchants'...
Metropolis 1.
Metroporn 1
Bid
275
485
178
610
325
300
245
218
160
185
300
173
Ask
285
505
182
630
345
315
255
225
165
175
310
185
Bunke
Mutual 1 _
Nassau
New Nethl....
New York Co
New York
Pacific 1.._
Park
People's 1_
Prod Exch 1Publice
Reserve
eid
290
185
210
850
370
225
358
230
160
200
86
Ask
1-9-5
225
875
380
250
365
250
165
250
93
Banks
Bid
SeelOnd d--Security 7-Sherman-State.
"
23d WardlUnion Exch.
Unit States
Wash Irte
Westeh A West 814e 1York•We 1..
1;2
116
iii130
140
500
174
Ash
425'
400
135
..
135 !
200
140
150 i
iyi.,
450 475
---- 500 1
•Bid and asked pricex no sales on tilts day, j Ex-rights. 1 Leas than 100 shares. 7,1 State banks. a Ex-it.. a rights. (1 New stook /Ea 35% mean. SY)
7
_t tiale at Block Bzehange.or_at *lotion 441a week. s First lastalhweit Dodd. As Sold st Pqrs14 stl• 133 34.81 03155......8 511-51v• _i roll paid.
290
[voL. xcvni.
New York Stock Record-L-Concluded-Page 2
For record at gales during the week of stocks usually inactive. see second paw., preceding
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan. 17
Monday
Jan. 19
Tuesda
Jan. 20
:Vednesday
Jan. 21
Thursday
Jan 22
Friday
Jan 23
Sales of
the
1Veek
Shares
STOCKS
NEW YORK STOCK
EXCHANGE
Range for Year 1913
On basis of 100-share lois
Lowest
HloAest
Industrial & Mlse (Con
100 J'ne 6 105 Jan 21
•100 10112 .9913 101 .100 10112 10113 10112 .100 ____ .100 104
100 Amer Snuff pref (new5
.32
33
3213 33
3333 3378 3413 3413 31
1,400 Amer Steel Found (new)_ 25 J'ne 9 4012 Feb 3
35
35
35
.
105 107 .105 10812 .105 10612 10512 10612 10(358 10738 10718 109
2,100 American Sugar Reining 9972 Dec 9 118 Jan 31
11053 inc 12 11653 Jan 28
•111 113
11138 11158 11014 11014 .110 113
Do preferred
700
11238 113
112 11212
12014 12012 12014 12034 11934 12114 12138 12214 12212 12314 12313 12334 14,875 Amer Telephone & Teleg 110 Dec 15 140 Jan
200 Jan, ti 29434 Jan 10
24278 2437g *240 245 *241 245
24312 24434 24478 24473 245 24534 1,050 American Tobacco
90 J'ly 11 10618 Jan 27
630 Preferred ,_new
10318 10318 10318 10318 §10412 10412 .10314 10412 4105 105
10413 10412
1413 Dec 3 2312 Sep 27
•13
16
1512 1512 1514 1514 17
17
17
1734 1813 1812 1,100 Amer,can Woolen
74 May 7 82 Sep 19
Do preferred
580
.77
80
§79
79
78
7914 7912 7978 7973
79 .7712 80
•13
17 .14
750 Amer Writing Paper pref 1178 Nov14 3214 Jan 2
17 .15
1738
17
17
17
17
17
17
35
35
351g 3534 3513 3578 3534 38
361g 3612 3613 3612 16,125 aAnaconda Cop Par $25 3078 J'ne 10 4112 Jan 2
22 Dec 23 120 Jan 7
650 Assets Realization
22
22
30
2114 22 .23
29 .21
29
29 .23
29
3612 Dec 13 5312 Jan 8
1,700 ialdwin Locomotive
4212 4213 4212 4212 42
45
4413 4512 45
4314 4414 45
10014 J'ne 25 10512 J'ne 6
•10278 104 .103 104
iPrcerred
104 104 .104 __ 1041g 10418 .104
70 Bethlehem Steel
6,9
200
38
25 J'ne 10 4113 Jan 9
3534 30
36
3818 38
3638 3534 3613 3634 37
37
ug 12
Do preferred
6214 Joe 10 74
7514 7534 7531 7634 75
7618 7613 7612 7614 7612 3,300
7512 70
725 Brooklyn Union Gas
120 Oct 17 13773 Jan 27
*12313 126 .123 126 *123 126
12414 12414 12578 12578 128 129
100 Butterick Co
.2613 2714 *2613 2714 .261/3 2712 2714 2714 .2813 2712 .2812 2712
25 Mch 27 31 Feb 8
7,950 California Petrol v t ctfs_
2634 2634 28317 2713 2713 2878 28
2878 2778 2834 2818 29
10 Aug 7 5612 Feb 3
•6314 68
Du preferred
66
*6313 6412 6412 6617 6534 6612 6534 6534 65
3,685
45 J'ly 23 86 Jan 30
9412 9413 9378 9378 .91
.91
9338 9338 9312 9273 9334 1,100 Case(JI)ThresliMpftr cfs 9014 Dec 16 10338 Feb
95
27
2778 2738 2778 14,770 Central Leather
2633 2638 2633 2812 2(113 2633 2834 27
17 J'ne 10 3018 Feb 5
9613 9614 9612 9612 .96
9553 9533 9534 96
9558 98
z88 J'ne 10 9714 itch 3
9612 2,120 Do preferred
3912 3934 3958 4038 3913 4018 40
4118 4118 4134 4138 4134 38,585 dChino Copper___Par $5 3038 J'ne 10 4753 Jan 2
.3112 32
3234 3214 3258 3213 3312 33
32
3312 3314 3334 6,800 Colorado Fuel & Iron
2413 J'ne 10 4113 Feb 3
13331 13334 134 13412 13312 13412 134 13512 13412 13512 13434 13833 11,310 Consolidated Ga,(N
12518 J'ne 10 14238 Jan 9
1118 11
1034 1118 11
1113 Ills 1158 115 1214 1173 1218 15,630 Corn Products Refining_
738 J'ne 10 17t2 Jan 31
69 .66
.67
68
6812 .67
69
168
6113 J'ne 10 7914 Jan 31
69
69
410 Do preferred
6938 0912
9113 Dec 27 10013 Jan 18
*90
9812 .9618 9812 *90
9912 9818 0818 .9714 9912 98
310 Deere & Co prof.
9812
.
1713 18
1814 5,250 Distillers' Securities Corp
934 J'no 10 2134 Jan 2
1712 177,3 17
1714 1712 1834 1814 1858 18
Federal Nlining & Smeit'g 11 Dec 17 18 Jan 22
.5
14 .____ 14
.7
17 .1034 15
*9
15
.9
15
33 alch 19 44 Jan 2
Do preferred
3514 3513 3558 3534 3578 40 .38
41
4014 4014 4014 4012 2,810
12934 J'ne 10 187 Jan 2
14413 145 14434 14512 14534 146
2,923 General Electric
146 14734 147 14714 14612 147
25 May15 40 Aug 18
4414 4414 46
1,500 Gen Motors vot tr ctfs
4514 4514 4534 457.2 *4513 47
40
4558 46
70 May 8 8134 Sep 30
84
84
85
8534 8478 8473 8458 8478 8412 8478 8412 8412 1,200 1)0 pref v t ctfs
1518 Nov29 68 Jan 2
1938 2014 20
2234 2434 2373 2412 8,970 Goodrich Co(B F)
2114 2013 2034 2113 22
7334 Nov29 10514 Jan 7
88
8713 8734 1,400 Do preferred
82
82
8213 8212 81.12 8112 8314 8414 86
49
48
•4513 46
46
4634 *4513 4613 4638 48
4853 4912 9,800 dOuggenh Expior Par $25 4014 J'ly 11 5333 Jail 9
1513 1513 1538 1513 1.514 1538 1534 1612 1633 1634 1634 1738 9.776 a Insp'n Con Cop ParS20 1378 Deo 4 2033 Jan 3
11013 11313 112 11214 5,200 Internal Irarvester of N J 96 J'ne 10 11112 Sep 15
10913 110
10812 10878 10813 109
108 109
116 116
.
11313 116
111 May12 116 Oct 7
116 116 .11313 116 *11313 116 .11313 116
200 Do preferred
*107 10834 .105 10812 10731 10734 10858 10858 109 11134 11114 11138 2,194 Internet Harvester Corp_ 9512 J'ne 111 11014 Sep 17
lit alayi2 11434 Sep 19
.11312 116
116 110 .11312 116 .11312 115 *11313 115
115 116
300 Do preferred
458 Jan 2
*3
4
278 J'ne 10
314 314
314 314
312 31i *318 4
*313 4
300 int Mer Marine stk tr cts
1212 J'ne 4 1912 Jan 7
.
1338 1434 1413 15
1453 1434 15
15 .14
16 .14
16
500 Do prof stk tr ctfs
012 Oct 9 1258 Jan 30
*812 9
834 914
9
918
9
938
934 934
978 978 4,070 International Paper
3218 Oct 15 4812 ,.an 30
3712 3812 3834 3873 3878 40
.36
38
3978 3978 3934 3934 1,800 Do preferred
413 Deo 8 1812 Jan 9
.812 912
012 912
10
1,200 Internet Steam Pump
973 973
934 078
034 078 *9
1572 Deo 16 70 Jan 9
•24
30
29
29 .25
30 .25
30 .25
30 .25
100 Do preferred
30
77 Dec 31 94 Feb 3
.79
82
80
80 •79
82 .79
82 .79
82
200 Kayser & Co (Jullus)_
82
82
.104 10812 .104 10817 .10213 10813 .104 10813 .104 10812 .104 10813
Do 1st preferred_ _-- 10612 Oct 10 110 Jae 2
58 J'ne 9 83 Sep 15
.83
86
1,000 Kresge Co (5 5)
*8312 86 .8312 86
88
8834 91
86
*8313 86
97 J'ne 10 102 Jan 4
9913 9913 .99 103 •9913 103
*9912 103 .9912 103 .9912 103
200 Do preferred
2978 J'ne 7 4972 Feb 4
.
30
38
*30
37 .30
35 •30
37 .29
35
35
600 Lackawanna Steel
304
00
981g .98 100
97
9712 9718 .97 100
950 Laclede Gas (St L)coin- 91 J'ne 4 1O41 Jan 8
9678 9673 07
J'ne 6 235 Mch 6
Liggett
220 220 .213 224 *221 227
222 222 *221 226 .221 226
195
Sc
Myers
300
Tobacco
10612 fly 22 11612 Jan 23
115 115 *11413 115
*11113 112
11134 11218 §115 115 .11213 115
650 Do preferred
1,500 Loose-Wiles Bis tr co ctfa 21 J'nell 3973.Lat 0,
3414 3.114 3412 3434 *3412 3713 *35
37
3513 37
37
37
Do 1st preferred____ 89 Aug 4 105 Jan 9
.101 105 .101 105 .102 105 .103 105 .101 105 .101 105
.8618 ____ *8813 ____
84 J'ly 18 95 Jan 8
90
90 .91
91
•887s --__ 91
200 Do 2d preferred
rio
llarp
dre
z150 J'ne 13 200 Ja: 28
Cro
err
.164 168
(l
'
e)
d
166 166 .16414 170 .16414 170 .16414 1-70 100 Lop
103 J'ne 10 111 Feb 19
.111 11112 *11013 11113 .111 11113 .111 11112 .111 11112
-6- -61-4 .05 70 .65 70 §68 68 .65 70 .65 70
450 May Department Stores.. 65 Oct 14 7078 Jan 2
9712 J'ne 10 10513 Jan 2
Do preferred
•98 102 .98 102 .98 102 .98 102 .98 102 .98 102
4134 Nov13 7814 Feb 4
6113 6118 6212 611s 63
5618 56
62
60
5713 57
68
9,740 Mexican Petroleum
2334 24
2314 2338 2314 2338 2314 2313 2333 2334 2338 24
11,150 dMiaml Copper_ __Par $5 2032 J'ne 10 2012 Jan 4
104 J'ne 11 130 Sep 18
12713 128 .12613 123
1,125 National Biscue;
12078 12678 126 12713 *12573 129 .126 129
110 J'ne 4 12478 Jan
Do prefJrred
•12078 125 .120 125 .120 125 .120 125 .125 128 •120 125
9 J'ne 5 1914 Jan 30
13 .13
1234 1234 13
1312 *1212 1312 1314 1378 1334 1334 1,100 Nat Enamel'g & Stamp'g
7414 Oct 21 9214 Jan 30
82
Do preferred
82 •75
.74
82 .75
8
82 .72
82 •75
43 Oct 20 5614 Jan 2
*4713 49
4713 49 .4713 4912 4913 5118 5112 5112 51
5118 1,525 National Lead
100 J'ne 6 108 Oct 6
10613 10612 100 100 .10013 10814
.
104 108 *104 103 .104 108
203 Do preferred
16
1614 1014 1612 1633 l01
1514 1538 1514 1558 1534 16
7,600 allovada Cons Cop Par $5 13 J ne 10 20 Jan 2
56 J'ly 16 8212 Jan 8
'60
67 .62
68 •60
67
1,030 New York Air Brake
6713 68
65
67
467
67
7258 .71
7234 1,100 North American Co(new) 60 J'ne 9 81'2 Jan 14
71311 7138 7113 7134 7113 7134 7153 7258 72
16 J'ne 10 3113 Jan 22
2814 29
2734 29
2558 2614 2613 277e 2613 27
2814 2.533 7,100 Pacific Mail
22 Nov18 46 Jan 4
2812 2913 2914 2934 2913 31
2,165 Pacific Telep & Teleg. _ _
28
•28
29
2814 2814 28
123 12412 124 12438 124 12412 3,320 People's 0 L & 0(Chic)_ 104 J'ne 10 12934 Sep 23
12313 12414 124 12413 .122 124
2112 7,300 Pittsburgh Coal
2013 2013 2133 01
1413 Joel! 2438 Jan 2
20
20
1913 1912 1934 1934 .19
8914 9034 9013 9013 3,200 Do preferred
88
89
73 J'ne 11 95 Jan 9
89
89 •867s 8812 .87
.
87
32
1812 J'ne 10 36 Jan 7
3378 35
8138 3158 3112 3134 3178 32
3434 351i 11,550 Pressed Steel Car
3414.100 104 .100 104
-100 101
3812 4'ne 1 10118 Jan 7
•98 100 *93 100
250 Do preferred
.106 ____ *106
105 Deo 12 118 Jan 21
Pub Sere Corp of N J
.106 ____ .106 ____ .106 ___
158 158
149 Sep 5 165 Jan 2
158 15812 1,245 Pullman Company
15434 15434 15478 15478 155 15518 157 157
28
2734 2878 2813 31
28
2214 J'ne 11 35 Jan
28
2734 28
•27
3014 3078 14,200 Railway Steel Spring99 .94
9014 J'ne 10 100 Jan 13
09 .96 100 .96 100
*94
*95
Do preferred
09
.94
99
19
1938 1914 1938 14,650 dltay Cons CopperPar$10 15 J'ne 10 22 Jan 2
1812 1838 1813 1873 1858 1834 1834 19
2434 2414 2434 14,230 Republic Iron & Steel
2413 2378 2414 2413 2458 24
2338 23
23
17 J'ne 10 2838Jan 31
8613 83
8753 88
72 J'ne 11 9214 Sep 13
851s 8634 8612 87
85
.84
88
8818 3,400 Do preferred
1634 1613 1678 1638 1634 1613 1678 6,810 Rumeiy Co(M)
1714 16
16
14 Nov2, 9214 Jail 7
16
10
33 Dec 18 1193 Jan 4
3,300 Do preferred
3714 3012 3713 37
3714 37
3613 3614 3614 3938 37
38
180 189
190 100
191 19112
.18578 187 *18513 18612 185 185
800 Sears, Roebuck & Co
. 15434 J'ne 12 21312 Jan 2
*31
33
32
3253 3213 3258 3212 3338 3372 3413 •33
38
1,300 Sloss-Sheffield Steel & Lr 23 J'ly 8 4512J tri 28
33 3412 •34
31 Deo 9 4012 Jan 31
35
*31
36 .34
300 Standard Milling
35 .31
•31
3578
35
6212 May 1 6873 Feb 4
10
Do preferred
65 165 65
65
•60
65 .60
65
65 .64
060
66
2512 2434 25
000 Studebaker Corp (The).- 1534 Dec 1 36 Feb
24
24
2513 .23
25
25 .23
25
2514
6413 Nov10 9314 Jan 13
76 •7312 7512 *7313 7512 7513 7512
100 Do preferred
7512 .73
073
75 .73
34
3418 3414 3458 3414 3434 3458 35
3458 3513 3472 3514 18,250 dTenntssee Cop_ _Par 825 32534 J'ne 10 3917 Jan 4
145 14713 17,975 Texas Company (The)
139 14012 139 14113 14113 14234 14213 147
13814 139
89 J'ne 10 13213 Dec 31
90 .83
90 .83
90 .83
90 .83
pc writer
90
100 U nderwood
.
83
86
86
78 J'ne 10 995 Jan 3
109 109 .108 110 §10914 10912 110 110
*108 110 .108 109
104 J'iy 10 113 Jan 21
220 Do preferred
• .2584 g
.54 6
734 Jan 3
538 538 •51
*518 6
5
4 Nov14
6
614 1,200 Union Bag & Paper
1812 Nov20 4134 Jan 3
2511 25
25
2538 2534 2538 25 .23
25
25 •24
Do preferred
27
600
12
12
12
914 J'ne 10 1034 Jan 30
12
12
1178 1178 12
13
13
13
1312 1,400 US Cast Iron Pipe & Fdy
*40
45 .4012 47 .40 4545 4512 §4634 4634
600 Do preferred
40 Doc 31 5634 Jan 31
5612 5612 56
(5
5678 *5512 5612 -8.
.
4 -i6.34 .53 58 *55 57
710 U 8 Realty & Improv't- 4934 Nov28 77 Jan 9
5934 5934 5913 5934 5914 5917 5913 6014 59
5912 5914 6073 10,160 United States Rubber,.,.,. 51 Nov10 6912 Apr 4
10212 10273 10214 10212 10212 10253 2,720 Do 1st pr,ferred
10234 10234 10234 103 §10234 103
98 J'ne 10 10934 Apr 0
Do 2d preferred
7038 Jan 3 8112Jan 0
6238 8234 6234 6378 6n 6338 6378 6458 6438 66
4978 J'ne 11 6913 Jan 2
6538 6618 479,940 United States Steel
109 10914 10914 10938 109 10913 109 1101s 11038 11212 11153 1121.1 11,725 Do preferred
10213 J'ne 10 11034 Jan 30
54
54
53
5112 53
5078 52
5412 5373 5438 30,100 dUtah Copper___Par $10 3958 J'ne 10 6033 Jan 2
5058 51
3314 3234 33
3173 3214 3213 3212 32
3214 32
3278 33,8 3,100 Virginia-Carolina Chem_ 22 Ply 1 4318 Jan 3
10378 104 .101 105 .102 10412 104 104
.
103 105
10:378 104
500Do preferred
93 J'ne 30 114 Jan 3
6214 64
6313 85
5914 59
6453 6412 15,850 Western Umon Teleg_
5914 59
62
59
5418 Dco 22 7518 Jrn
6934 6913 70
6814 68
6814 6814 6914 69
8734 8773 08
19,450 Wastb.g...ouse El & Mfg_ 5358 J'ne 10 7914 Jan 2
11578 110
11612 117 .11713 11913 117 117
116 116
•11514 116
Do let pref,rred._...... 10772 Joe 13 11084 Jan 17
1,400
97
98% 9714 9912 99
9714 .97
98
97
9718 98
8112 J'ne 20 112 Jan 2
9912 4,700 Woolworth (F W)
.11313 11413 .11113 11412 *11312 11413 11413 1141 .11413 115
300 Do preferred
109 J'ne 11 1151,.1a3 8
'ioa-
Range /'r Prevlous
Year 1912
Lowest
Highest
09 Feb
26 J.tn
ile12 Dec
11512 Jan
13758 Jan
24113 Feb
10114 Jan
18 Nov
79 Dec
2513 Jan
$34 Feb
10512 Feb
49 Deo
10234 Feb
2734 Feb
5612 Feb
13713 Mch
28 Nov
4914 Dec
84 Dec
9978 Deo
1613 Feb
80 Feb
525 Jan
231 Feb
13534 Dec
10 Jan
75 Dec
0938 Dec
20 Deo
1114 Feb
3718 Jan
155 Jan
30 Feb
701 1 May
6014 Deo
105 Deo
847 Deo
$1638 Dec
105 Aug
4438 Oct
13312 May
124 Sep
14913 Mch
32412 J'ly
10038 Jan
31 May
0412 itch
4138 May
818 Oct
12712 Oct
6014 Aug
10813 J'ne
511s Oct
80 Sep
149 Aug
4018 Apr
7212 Oct
9512 Oct
10113 Deo'
3358 Sep
10019 Oct
85018 Nov
4314 Sep
11912 Aug
2213 Oct
8912 Oct
10014 Deo
3614 Aug
2134 Sep
5234 Sep
18810 J'IY
4273 sop
8234 Sep
81 Sep
10013 Sep
r$0273 J'ne
$2113 Oct
4 Aic-hT
1511 J'ly
938 Jan
X4578 Jan
12 Deo
63 Deo
90 Dec
107 Dee
71 Sep
100 Oct
29 M eh
10218 Deo
156/8 Jan
10512 Jan
3613 Dec
10212 Oct
90 J'ly
167 itch
10734 Jan
69 Apr
105 Deo
6234 Apr
$2318 Feb
114 Deo
122 Deo
1214 Feb
88 Feb
5118 Jan
10512 Feb
$1814 Jan
50 Feb
7417 Jan
2834 Dec
45 Deo
103 Jan
1634 Meh
77 Feb
2834 Feb
96 Feb
10634 Feb
15813 Feb
2712 Feb
9814 Dee
$18 Jan
1534 Feb
(1412 Feb
8914 Deo
0913 Dec
110 Jan
3914 Jan
161,1 Jan
53 Jan
30 J'ly
9012 J'ne
$3412 Feb
81 Jan
95 Dec
110 J'ne
438 Jan
3518 Dec
13 Feb
50 Jan
07 Jan
4514 Feb
10552 J'ly
75 Jan
5814 Feb
10714 Dec
$5212 Jan
4034 Deo
11478 Dec
7184 Deo
6614 Jan
11478 Jan
11212 J'ly
ett,e17.
778 Melt
26 itch
1934 May
8273 may
34 Jan
8133 Apr
9534 Oct
104 Oct
8912 Oct
10512 Oct
5512 Sep
10334 Jan
225 Oct
118 Aug
4713 J'ly
10538 Nov
9234 Oct
21512 Oct
118 Aug
88 Oct
112 Jan
9013 Oct
$3014 Sep
161 Apr
131 J'ne
20 Oct
9513 Jan
68,4 Oct
11078 Nov
$2413 Sep
85 Nov
8778 Aug
38 Sep
5538 Apr
12212 Oct
2714 Aug
10034 Aug
4078 Sep
10334 Aug
12073 Aug
115 Aug
4014 Sep
105 Aug
$2418 Sep
35 (Sot
9318 Oct
101 Nov
10:812 Got
221 Now
51)34 Sep
30 Dee
66 Oct
4913 Aug
9818 Aug
8171.1 May
13058 Sep
11514 J'n11
11413 Sep
1773 may
6734 May
2212 May
5438 Oct
8613 J'ly
6778 May
118 May
8513 May
8014 Sep
117 Sep
38713 Sep
5714 Jan
122 men
8614 Jan
8915 Aug
126 Aug
11778 OeS
11634 J'1Y
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bank
Brooklyn
Coney Lied
Blest
Inatbush
Greenpoint
Rllislde Homeetead
Manufacers MechanicelMontauk
Nassau
Bia
Ask
150
210- 300
t110
155
125
16- 100
400 425
140
125
140
2bi- 220
Bid
Ask
273
175
145
285
200
155
N Y City
Astor
350
Bankers' Tr 450
B'way Trust, 150
360
455
155
Banks
Brooklyn
National City
North Side 1 _
People's --Trust Co's
Trust Co's Did
Ask
N Y City
Central Trust 1000
ColumbiaKnIckerboc 430 440
Commercial _
85
Empire
300 310
Equitable Tr 430 440
Farm L & Tr 1100 1130
Fidelity
210 225
Fulton
275 300
Guaranty 'Yr 570 580
Trust Co's
N Y City
Hudson .._
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Muei (Westchester)
Bid
Ask
130
145
120
350
138
155
130
375
140
147
130
140
Ask
Bid
Trust Co'
N Y City
1000
985
YLife&Tr
N
N Y Trust-- 590 600
Title Gu & Tr 425 430
Transatlantic 200 220
Union Trust_ 370 330
USMtg & Tr 410 425
United States 1030 1050
130 140
Westchester
Trust Co', Bid
Ask
Brooklyn
490
Brooklyn Tr- 480
Citizens' -- 130 140
Franklin --------250
280
Hamilton
27
100 110
Home
K11379 County 570
185
Nassau
125
People's
285 28:
Queens Co
90 1
i •Bid and asked prices; no sales on this day.
Leas than 100 shares. § Ex-rights. a Ex-dtv & rights.
New stook. d Quoted dollate pet ahar•.• t Bali
,1 1100it Attauanze or as auction mu week. I Ex-stook dividend. ¶j Banks marked with a paragraph (1) art Pate hankh
ZiollYidend.
291
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. 1 1009 the Exchange Aelhod 01 suotino bonds was chart7ert, and wices are now a/l—"and intereet"—except for income ana delauded bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan.23.
S
b
Price
Friday
Jan. 23
Wee/i's
Range or
Last Sale
Range
Year
1913.
93
C
---5
Range
Year
1913.
Week's
Ranit or
Lan Sale
High No.4,Low High
Bid
Ask Low
Chesapeake & Ohio—
Gen funding & impt 5s___1929
99 -___ 9834Jan '14
101 110 I
1st consol gold 5s
106 -___ 10578 Jan '14
1939
10212 103 '
103 Jan '14
10278
1939
Registered
4 9038 101
9678 Sale 9434
907
1902
General gold 43s
9912 9912
91 ___. 9912 Melf13
1992
Registered
84 Sale 8114
1930
Convertible 4 34s
841 944 7712 921,
854 854
Big Sandy 1st 4s
—. 8614 8518 Feb 13
1944
Oct
Coal River My 1st gu 4s 1945
9 2 _ _ 9612 Dec '13
9612 10134
Craig Valley 1st g 5s
1040
I7:1: -_-_-_-_ 88483142
1946san
8434 8434
'132
Potts Creek Br 1st 4s
86 9312
It & A Div 1st con g 48_1989
8612 _ _ 8718 Dec '1
. 87 Mch'13 ___ 37 88
2d consol gold 4s
—__ 85
1989
Greenbrier Ry let gu g 4s_1940
8314 ---_ 95 Oct 'le
5 -Oars 613
Chic & Alton RR ref 39_1949
65
65 Sale 65
14 50 634
55
65 Sale 55
Railway 1st lien 3 s_
1950
Chic B & Q Denver iv 48_1922
9834 __ _ _ 9934Jan '14 84 98 101:18
35 8118 8534
85
Illinois Div 33is
85 Sale 8314
1949
Registered
8112 84 8614 Aug 12
1949
Illinois Div 4s
9478
9334
1949
9478 63 -55 91334
93 93
Registered
1949
--- Sale_ 93 J'ne'13
Iowa Div sink fund 5s
10114 10338
102 ____ 10158 Nov'13
19I9
Nu
Sinking fund 4s
9512 9912
1919
0812 Sale 9812
Nebraska Extension 4s
1927
9612 Sale 9558
9612 18 93 97
Registered
9658 Sep '12
1927
Southwestern Div 4s
1921
-6./1
4 -.. --- 98 Dec '13
-5734 98'iJoint bonds. See Great North
General 4s
94 Sale 9314
90 8934 964
94
1958
Chic & E III ref & imp 4s g_1955
6512 67 664
1 66 80
6678
10718 ___. 10714 Jan '14
1st consol gold 6s
107 119
1934
1937
96
General consol 1st 5s
06 108
9534
06
---- ---- 10612Jan '13
1937
10612 1061s
Registered
9734 98
—. 96 9734 Feb '13
Pur money 1st coal 58
1942
Registered
100" fai;
--'13
(
-)31-2 iiii - id512 Ply
Chic & Ind C Ry 1st 5s___ 1936
74 222 70 7152
7378 Sale 7234
Chic Great %Vest 1st 4s_---1959
2 1164 125
1174 ____ 118
118
Chic Ind & Louisv—Ref 6s_1947
10212 10514
1024 ____ 10212 Oct '13
1947
Refunding gold 5s
___ 91 954 Apr 11
Refunding 4s Series C
1917
Ind & Loulsv 1st gu 4s_1956
. ... 804 86 J'ly '1'
828712 9014 Aug 12
Chic Ind & Sou 50-year 48_1956
Chic L S & East 1st 4%s
1969____ 104 Dec 11
Chic Mll & St I'terml g 5s 1014
-id78 10018 1004 Jan '1 -992 1664
Gen'l gold 4s Series Ame1089
9414 Sale 04
9414 75 894 99
Registered
e1989
*9212 ____ 9814 Feb '13
97 9812
Gen'i gold 3As Ser 13._e1089
824 16 79 85
82 8234 821
e198986 J'ne'li
Registered
25-year deben 4s
1934
891
"id" "853:1 89
1032
1021 904 100
10212 Sale 1014
Convertible 43-is
ss
100 1 2.
---- ___ . 101 J'ne'13 .
Convertible 4 hs (wit issued).Gen 43-is Ser C
11:
0 111800
9
103 Sale 10173
052
6
9
2
13351;4;
1
110
:
0000
°J085
:
6
3
4i
4413
44
10314 -3
e 1980
10234 ___ _ 10238 Sep '1' .
Chic & L Sup Div g 5s1921
Chic & 5Io Riv Div 5s__1926
10358 ___ 10338 Nov 'I' .
1023
10
10234
10212 _
1921
Chic & P W let g 5s
CM & Puget Sd 1st gu 48-1949
913 146
91 9134 9014
10()12 101
Dalt & Grt Sou gold 5s
10014._ _ _ 10034 Nov'13 .
1916
106 11062
108 ___ 108 Jan '14 ,
Due,.que Div 1st 3(6_..1020
110 110
Far (e. 60U assum g 63
11078 ___. 110 J'ne'13 .
1924
10112 10211
La Crosse & D 131 5s
1919
102 ____ 10218Jan '1.
10212 Dec '13 .
%Via & Minn Div g 53..
10258
1021
10
073s
1 11013
Wis Vail Div lot Os
1920
10712 1123-4 1e71 Sep '13
4
4
Mil & No cons ex 4),5,s _1934
9958 100
9934 10118 9934 Dec'1 .
5)934 __
9978 987a
1st extended 4 .is
....9934Jan '1 .
1934
(12
24
3 1,
Chic & Nor %Vest cons 7s 1915
102 t.
06
514
5 10
10214 10258 1021
Extension 43
1885-1920
04 --- 9212 Oct '13,
9212 Oct '13.
9314 _
91% 96;
Registered
1886-1928
84
General gold 3
1987
90 78I
8334 Sale 8218
_ _ _ _ _ 73l Jan '14,
p1987
Registered
General 4s
95
1987
95 Sale 95
10
986
24 10
Sinking fund 63____1879-1929
9886
5
841414,
10618 ____ 106 Sep '1 .
10512 105%
10512 ___ 10512 Dec '13.
1870-1929
Registered
10
02
4 106
Sinkjng fund 5s
1
10414 _ _ _ 10412 N ov'13.
1879-1929
Registered
1879-1929
1021 ___ 102 'Jet '13.
10112 ____ 10118 Jan '1' .
Debenture 58
994 103 '
1921
Registered
1921
98 __ 101 Dee '1' .
1021
Sinking fund deb 5s
1033
i55711-614
10213 Sale 10212
___ ___ 10018 Aug'13 .
Registered
1933
10078 1004
Frem Elk & Sin V 1st 6s_193:
117 1214
11738 ____ 117 J'Oe'l .
1
Man Ur B & N %V 1st 3-4s 1941
_ . __ 9012 Sep V.).
Milw & 8 L 1st gu 33-28_1941
11111 L 8 & %Vest 1st g 63_1021
10878 ____ 1 3 2 Dcc '13,
10713 ffiri
Ext & imp. s(gold 5s_1929
104 10712 104 Sep '13.
104 10714
111 ____ 11418 1,et)'13.
Ashland lily 1st g 6s
11118
1925
Mien lily 1st gold 6s1924
11114 _ __ 111 Nov'13 .
111 1134
Mil Spar& N %V 1st gu 4s_1947
8312 94
__ _ 173 0234 Jan '14.
10f18
14)17
___ 115 J 'ty '11 .
Northw Union 1st 7s g
10614
Winona & St P 1st ext 7s_1916
10638 Nov'13.
fa;
10312 10613
104 105 10412 Nov,4 _
Chicago Rock Is'& Pee 6s_1917
1917
101 1044
Itegistered
10334 105 104 Oct '13.
1988
8714 ..3ale 86
8714 11 8212 944
General gold 4s
_ _ eel, 91 Dec '12 _
1988
Registered
ggi 10170" W1934
Refunding gold 4s
781:Sale 764
1932
763 303 71 90
20-year debenture 5s
763 hale 7514
97 Sep '11 _
1914
Coll trust Series L 4s
1'4s
1918
-- —0234 9434 J'ne'11
63 i731 4334 688
2002
Chic R I & Pac RR 4s
53 Sale 51
50 641,
2002
Registered
--. 5134 Jan '1...
--"
"; 84 85 fly '13 _
It I Ark & Louis 1st 4 es_1934
85 874
102 10834
Bur(3 It & N—Ist g 53
1934
i1511.
-3-4 104 102 Dee '13.
0 R I F& N IV 1st gu5s-1921
997g 104 1054 Sep '11 _
51 & St L 1st gu g 7s„ 1927
--- -- 994 1004
Choc Okla & 0 gen g 53_01919
.100 997-s Ma-fli.
.....
984 __ 106 Jan '13 _
1952
106 106
Consol gold 5s
91 98
Kook & Des Moines 1st 55.1923
93 95 91 Dec .1 _
St Paul dc K 0Sh L Ist 4 As'41
75 89
_ 85 75 Nov'13.
Chic St P 51 & 0 con 6s
1930
11134 12137a
117 1204 11738 Nov'13 _
Cons evs reduced to 3)-0_1930
81 ___ 804 Dee '12 _
---*
Debenture 5s
1930
10234 Sale 1014 10234 58 93 1024
Ch St P & Minn 1st g 63_1918
2 11538 1191s*
11612 --- 11618 11612
He% ___ 1294 May 09 _
North Wisconsin let 68
1930
-.1
St P & S City 1st g 613.__1919
107
--i 155 ION.
10'7 Sale 107
Superior Short L 1st 5sgg1930
3'llic & West Ind gen g Os_q1U32
iii"
::NE' DeC-'i :
824 8912
Cousol 60-year 4s
84
1952
8414 ____ 84
,:7„,in 77777977777''
Railroad.
6 70 7978
7114
71 7334 7034
nn Arbor 1st g 4s
/11995 Q-J
9534 190 9178 984
tch Top & S Fe gen g 4s..1095 A-0 9514 Sale 9414
0234 11 9158 98
*_
9334 9212
Registered
8634 10 83 8814
Nov
0 gji 87 8614
Adjustment gold 4s
/Mg P
813 blch'13
86 86
h1995 Nov
Registered
8734 55 83 88
Stamped
/11995 M-N -£373-4 Sale 8618
9918 May'13
_
9912 9912
Cony 4s issue of 1909____1955 J-1)
963
4
100
165
37 9214 10534
Sale
Cony gold 43
1955 J -D
99% 406 92 10358
1960 J-1) 9953 Sale 9634
Cony 4s (issue of 1910)
10134 14 98 10553
1917 J-D 10134 Sale 101
10-year gold 5s
, Debentures 4s Series L
0834 9958
1914 F-A 984 ---- 9834 J'ly '13
0214
01 0312
East Okla Div 1st g 4s
1028 M-S 92 -- 9214
89
• Short Line 1st 4s gold
854 92
1058 J -J 89 Sale 874
9734 61 944 1004
; Cal-Ariz 1st & ref 4%s
1962 M-S 9734 9812 9714
103 107
8 Fe Pres & Ph lot g 51942 M-S 105 109 104 Jan :14
1014
1014
Jan
'14
10114 10318
Chic & St Louis 1st 65_1915 M-8
0312 —55 87 9514
All Coast L 1st gold 4s_ —//1952 MS 934 Salo 9278
95 95
---- 05 Jan '13
Registered
/11052 M-S
50-year unified 4s
1059 J-D ---- -fa"Dc;;i5
16112 1064
Ala Mid 1st gu gold 5s
1928 MN 10234
8814
— 95 Aug'12
Bruns & %V 1st gu gold 4s_1938 J -J
Charles & Say 1st gold 7s..1936 J -J 12534 --56 -555 04 '9'11;
..L & N coil gold 45
01952 M-N 9334 Sale -55
.1231s .7'ne'12
Say F& %V 1st gold 6s____1034 A-0 11534
1934 A-0 10434 ____ 11058 May'll
; 1st gold 5s
1918 J-J 9438 100 97 Oct '12
811 Sp Oca & G gu g 4s
9234 20 88 *-1:113-4
1925 J -J 9213 Sale 0114
Dalt & Ohio prior 3%s
8078 01 8914 J'ly '13
88 9012
Registered
/11925 Q-J
9434 63 891s 9778
Gold 4s
h1948 A-0 9418 Sale 9314
92 Jan '14
8912 97
h1943 Q-J
Registered
04
4
923
1880 8812 071i
04 Sale
30-yr cony 4 3is
1933
112 Jan '12
1922 J -J 105
Pitts June 1st gold 6s
8312 Dec'13
-8512 161-2
PJuuc& M Div lst g 3%s1925 '11-N 8512
87
10 8212 9014
PLE&W Va Sys ref 4s_1941 51-N 87 Sale 8(338
0012 14 8612 9014
Southw Div lot gold 3'%s_1925 J -J 004 Sale 89
100 101
gent Ohio It 1st c g 4%s_1930 '11-S 93 -- -- 100 Apr 113
103 10612
101 Lor & W con 1st g 5s 11.133 A-0 103 ____ 103 DE ov'13
10214 J'no.12
Mormon River 1st gu g 5s 1019 F-A 10038
155" 163-1-2
Ohio River nit 1st g 5s__ lilac J -D 10214 -- 102 Nov'13
0853 9858
General gold 5s
11)37 A-0 100 __ 9838 Oct '13
11312 Fel)'12
Pitts Cloy & Tol 1st. g 6s 1922 A-0 105
_
97 May'13
Pitts & West 1st g 4s
11117 J -J 954
9612 97
91 J'nu'12
Stet Is! ay let gu g 4 Ms 1943 J-1)
Bolivia My lot 5s_
1027 J-J
105;34 Dec
;
i5
Buffalo It & P gen g 58
1937
103 IC(74
10314 Ant '13
195761-N 9912 103 10434
Consol 4s
1098 A-0 87 94 9534 Meh'13
9534 9534
All & West 1st g 48 gu
103 J'ly '08
1943 J -J 10112 _
Ci & Malt 1st gu g 5s
157 11-1/18
Roeh & Pitts 1st gold 6s-1921 F-A 10918-- 111734 Oct '13
10814 11178
1922 J -D 10918 -- 10938 Dec '13
Consol 1st g Gs
10512 19 103 10614
anada Sou cons gu A as_19132 A-0 10518 Sall 105
10034 Jan '11
1962 A-0
Registered
9912
2 9612 98
CarClinch&Ohiolst 30-yr5s1933 J-1) 09 9912 9918
110 110511
Central of Ga 1st gold 5s_pli)45 F-A 105 —_ 11058 Mch 13
10112 109
Consol gold 5s
1945 111-N 104 Sale 10313 104
10614 10614
Registered
1945 11-N ---- 103 10614 Meh'13
— _ 103 Dee '11
1st prof income g 5s_._p1945 Oct
105 Boo -11
2d pref income g 5s____plU
ct
96 Noy'll
stamped.....Olt
2d pref income g
107 Dec '11
3d pref income g 5s____011)45
3d pref income g Is stamped_
. - - 854 Oct '11
90 "iiii8512 90 85 Jan '14
Chatt Div pur Ilion g 4s_1951
. 10714 Jan '12
Mac & Nor Div 1st g 5s_1946 J-J 1014
1947 J -J 10158 _ 10212 Sep '13
-55" 162-1-2
/vIld Ga & AU Div 5s
10934 May 11 —5
1946 J-J 10153
Mobile Div 1st g 5s
100
100
004 10135
Cen RE & B of Ga col g 5s_1937 M-N 997a
1987 J -J 11512 .
11534 28 11212 11938
Sale 11518
Cent of N J gen'i gold 5s
11212 11812
h1987 Q-J 11414 -- 11334 Jan '14
Registered
Am Dock & Imp gu 5s___1921 J -J 103 105 103 Nov'13
10134 19512
Leh & Bud It gen gu g 53_1920 J-J 10034 10112 100 J'ne'13
100 100
N Y & Long Br gen g 4s_1941
9314
_ 10011 Jan '13
10012 10012
Cent Vermont 1st gu g 48_61920 Q-F
82
82
82 90
Price
Friday
Jan. 23
2,z-441A.
High No. Low High
Ask Low
Bid
U. S. Government.
80413 1014
98% 9918 9812 Jan '14
S 2s consol registered_d19:10
0512 10114
9834 9912 985 Jan '14
S 23 consul coupon
d1930 T
-j
J
10214
Jan
'14
103
10134 10312
102
B 3s registered
k1918 Q-F
10234 Jan '14
10214 _
10134 10334
8 3s coupon
k1918
10912 11418
11132 lii4 11214 Jan '14
S 4s registered
1925
113
3 109 11412
113
S 4s coupon
F 112
1925
9512 10014
- 9512 J'ly '13
-F
S Pan Canal 10-30-yr 23 k1036 209 1034
S Panama Canal Is g---1961 Q-M 10012 i51712 101 Jan '14
Foreign Government.
98
Jan
'14
95 9918
Argentine—Internal 5s of 1900_ M-S t 0658 9812
85 92
Chinese (Hukuang) ity Is E____ J -D I 8818 91 8818 Jan '14
Imperial Japanese Government
18 834 90%
89
1925 F-A t 8858 Sale 88%
I Sterling loan 4 3is
881: 42 8213 8914
1925 J -J t 8812 Sale 8712
2d Series 4s
80 Jan '14
7512 83
1931 J -J 1 78 —
Sterling loan 4e
100
19 9912 1024
Republic of Cuba 5sexten debt_ M-S I 9034 Sale 99%
'13
Oct
9412
9312
9714
0412
F-A
1949
_
External loan 4
8634 29 84 8912
Tokyo City loan of 1912 58---- M-S t 864 874 8614
78 7912 8414 Jan '14
8712 954
1899
U S of Mexico s(C 5s of
71 85
-j _. 73 71 Dee'13
1954 ?-D
Gold 4s of 1004
These are p rices on the b est, of $5 to £
State and City Securities.
1960 M-S 10138 Sale 10012 10138 50 0538 10034
N Y City-434s
10512 6081 0958 10518
1963 M-S 10514 Sale 104
4!;s Corporate stock
9734 90i 9034 97%
1959 el-N 9714 Sale 9678
Corporate stock
4
963
4
9612
9712
9714 13, 0012 9734
M-N
11)58
Corporate
stock
4%
221 9134 9734
97
9634 9714 9634
Corporate stock
4
2 9978 10512
10514
New 4 3,6s
1 .7MN 10514 Sale 105
127
10112 Jan '14
1024
100 102
New 4%s
6 100 10512
10533
105 10534 105
4 ;.6 % Corporate stock
17
199 5
100 102
4 3-6% assessment bonds 1017 MN 1024 ---- 102 Dec'13
8514 104 8034 86
% Corporate stock- 1954 fel-N 85 8512 85
07 Dee '13
97 10112
ho Y State-4s
1061 M-S 97
eels
974 Jan '14
97 10134
Canal Improvement 4s
1061 J -J
09 Jan '14
9738 10178
Canal Improvement 4s
1962 J -J
99 10134
0934 Nov'13
Canal Improvement 4s
1960
1077s iaii
16/78 Sale 10713
50-year 4 3;is (wit iss) _1963-64
10318 J'ly '10
South Carolina 4%s 20-40_1933 JJ
8112 Sep '13
8112 8112
8112
Virginia funded debt 2-3s 1991
594 16 42 69
Os deferred Brown Bros etfs___ - - -- 50 5912 53
U
U
U
U
U
U
U
U
lit,
BONDS
N. Y. STOCK EXCHANGE d
4'.'; a.
Week Ending Jan. 23.
!-
ioaT8
_ ;Loa 1074.
MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rapid 'Fran g 5s..1945 A-0
1st refund cony gold 4s_....2002 J -J
6-year secured notes Is., 1018 J -J
Sk City 1st con 58_1916-M1 J -J
Bk Q Co & con gu g 5s_1941
Bklyn Q Co & 8 1st. 58_1941 J -J
Bklyn Un El 1st g 4-5s___1950 F-A
Stamped guar 4-5s
1950 F-A
Kings County El 1st g 48_1940 F-A
_ Stamped guar 4s
1049 F-A
Nassau Is lee guar g'Id4s_1951 J -J
_ 1927 F-A
Chicago It wys 1st 5s
Conn My & L lst&ref 5g 4 3is '51 J-J
1051 J
' Stamped guar 4
'Pet United lst cons g 4 3-es_1932 J -J
It Smith lvt & Tr 1st g 58_1936
Grand Itapkis My 1st g 5s-1916 J-D
•No pries Friday: latest this week. 4 Duo April.. e Due May
Street Railway
i Iayana Elec consol g 5s_ _1952 F-A5
..
9312Nov '13
9
73
15i 98
814,
Al
;Sale 771s
Interboro-etrop
coil 4 30-1956 A-0 -787
794 la
luterboro Rapid Transit9378 164 98 9874
1st & refunding 64
1966 J-J 9858 Sale 0838
91
46 861s 95 .4
Manhat My(N Y)cons g 40_1990 A-0 9012 91 9018
91
7 8784 951t
Stamped tax-exempt
1990 A-0 91 93 00
Metropolitan Street Ry—
.. t
100 1v.114
Sway & 7th Ay 1st c g 5s-1943 J -D 10112 ---_ 101 Jan '14
Col & 9th Ay 1st gu g 58-1993 M-S 99 100 9812 Nov 13
9812 99 ,
Lex Ay & P F 1st gu g 53_1993 4.-S 99 --0
.- 0
93
85s
12 j
Jly
an'
06
14 ---- 974 101 1
Met W S El (Chic) 1st g4s_1938 F-A
2.
.
16
.634 fee
102
Milw Elec fly & Lt.cons g 5s1926 F-A i(i2-- Sale 102
91 91 1
94 91 Apr '13
Refunding & exten 43is_1931 J -J
— ----102 Nov'12
NI inneap St lot cons g lis...-1919 J -J ---Montreal Tramways 1st & ref
5 97 97 1
98
30-year 5.3 Ser A.
1941 J-J 9812 —... 08
83 861$
-5ii- iii- Aew On Ry & Lt gen 450-1935 J-J __— 85 8534 Feb '13
44
41
)
o Due Jun:. Is Due July k gm* Ang. _l_ Due Oct,.p Duo No', _iy Dun_ Dee, 4 C,1181011,1 8311111i,
10212 10314 10318
10312
8
9112 Sale 89J2
92 284
9812 Sale 9758
9812 596
10158
_ _ 101
101
2
0712 98 Apr '13 ____
101 May'13
10034 58
1663-4 Sale 0934
10034 Sale 10t)
10034
4
8214 Nov'13
83
_ 83 Jan '14 ::::
75 Sale 7412
75
16
e
9878
09
9878
19178 J'ne '12 ___
9512 J'ne'13
7334 Sale 7034
7334
84 Jan '14 __
99 __ US J'ne'13 ____
094 10314
8458 9234
06 9658
0914 10212
08 98
101 101
9812 10112
9858 10131
814 824
8114 86
73 78
9534 9812
_
_
-9512 -11-97-8
6734 7514
BONDS
N. Y. STOCK EXCHANGE
Week E'nclIng Jan. 23
ivoL.
New York Bond Record-Continued-Page 2
292
Ea
'I"
Z
t
.... ci.
Prict
Friday
Jan. 23.
Week's •
Range or
Last Sate
',.
PI
Range
Year
1913.
High No.
Bid
Ask Low
Oln 11 & 1.4 2t1 gold 4 34s____1937 J -J 9012 ____ 10034 Oct '12 .....
._ _
1st & refunding 4s
1959 J -J
1959 J -J
8614 J'ne'12..1st _guaranteed 4s
--___ 97 Oct '13 _--_
Cin D & 1 1st gu g 5s_., 1941 .11-N -------88 Mch II
C Find & Ft W let gu 4s 44_1923 514.
1953 J -3 --_- 90 86 Jan '14
Chi 1 & W let gu g 4s
Day& Mich lstcons4 21..1931 J -J
1935 J -J -- -- 100 153 De'12
lnd Dec & W 1st g 5s
_
1935 J -J
10712 Dec '02
1st guar gold 5s
85 9238
Cleve Cin 0& St L gen 4s 1993 J -D 8212 8434 84 Jan '14 8612 8834 13712 Jan '14
1931 J -J
8712 9238
20-yr deb 45.s
1939 J-3 85 8734 8778 Dec '13
877s 90
Cairo Div 1st gold 4s
Gin W & M Div 1st g 4s 1991 J -J 8014 -__ 8914 Feb '13
8914 894
83
2 83 91
St L Divlst coil tr g 48_1990 MN 834 8512 83
_ . ---- 91 Oct '07
1990 M-N
Registered
1940 54-S 84 85 82 Sep '13
-if 82
Spr & Col Div lstg4s
91 Apr '12 ......
1940 J -J 8218
W W Val Div 1st g 4s
1044 105'4
1920 Iii-N 105 _.10518 Jan '14
C 1 St L& C consol 6s
90 0414
41936 Q-F 89 9412 90 Dec '13
1st gold 4s
- 00 Mch'13
90 90
41936 1.4-F --Registered
Cin 8 & Cl con 1st g 5s___1923 J-J 101 ___ 102 Oct '13 ____ 102 103
__
10114 Oct '13 --- 10014 10112
1914 J -I) 10038
(300& I consol 7s
____
_ _ _Consol sinking fund 7s 1914 J -D ---Mch-'13-. lid - 120
_
General consol gold 68_1034 J-J ---- ----120
1934 J -J
Registered
1940 A-0 8314 -- 4)4 J'iy '08 -__.
Ind 13 & W 1st pref 4s
__
95
0 Ind & W 1st pref 58_81938 Q-J
79 -a;
1940 A-0 84 85 84 Jan '14
Peo & East 1st col 48
30 32 30
4 35
30
1990 Apr
Income4s
4934
19 2012 15 Dec '13
1947 J -J
15 3614
Col Mid and 1st g 4s
16
22 26 J'ly '13
25 2612
Trust Co. certfs. of deposit_
92
31 89 9475
Colorado& Sou 1st g 4s
1929 F-A 92 9212 9113
9214 11 0014 9412
Refund & ext 4 34s
1935 M-N 9214 Sale 9134
Ft W & Den C 1st g 6s
1921 J -D 106 10612 105 Jan '14 --- 102 108
___ ---Conn & Pas Rivs 1st g 4s 1943 A-0 ---- ---- ---_
Cuba RR let 50-yr 5s g _1052 J -J --------100 MaY '10 _..
1-1el Lack & Western3 10053 10318
1J01 Morris & Essex lst7s_1014 Pil-N 10054 Sale 10053 10058
_.
103 10512
1915 J-D 103 1035 103 Jan '14
1st conso+ guar 7s
. 103 103
Nov'13
1915 J -D -------- 103Registered
84 84
2000 J-D 84 88 84 Dec '13
let ref gu g 3;6s
10812
__-_
'14
Jan
108 11138
1921 J-J 10858
N Y Lack & W 1st Os
1923 F-A 10212 ---- 104 Dec '13
10212 10613
Construction 5s
94 97
1923 MN 9413 ---- 94 Dec '13
Term & Improve 4s
Warren 1st ref gu g 3 34s 2000 F-A 70 ____ 10218 Feb '03 _.
1917 M-S 10813 ---. 108's Jan '14
Del & Bud 1st Pa Div 7s
iff1-2 11055
--. 149 Aug 01 .......
1917 M-S
Registered
9812 Sale 98
9812 41 9534 98
1916 J -1) ---10-yr cony deb 4s
1922 3 -J 98 100 10012Jan '14 _
1st lien equip g 4;48
OVA 10113
1 9338 094
947s
1943 M-N 9478 Sale 9414
let & ref 48
8614 21 83 8834
1946 A-0 8514 8614 8512
Alb & Sus cony 33
,s
1921 M-N 11412 116 12112 Ma}'12 ....
Rens & Saratoga 1st 7s
84
-881-2 -851-2
Deny & R Gr 1st con g 4s1936 J-J 8312 ---- 83
90 9578
1936 J-3 9012 -..-_ 9012Jan '14
Consol gold 4 513
85
pp
` Improvement gold 5s1928 J-D -,- 93 9034 Oct '13
7312
4
6814
1955 F-A 7312 Sale
.1st & refunding 5s
67 8414
Rio Or Junc lst gu g 5s__ _1939 J -D -------109 Dec '12 _.
_
Rio Or Su 1st gold 4s_1940 J -J --- 7712 6112 Apr '11 ..._
1040 J -J ----- 85 Mcli'cli _.
, Guaranteed
8034 1,
Rio Gr West 1st g 4s
1939 J -J 8034 Sale 8012
- -8514
074 81
' Mtge& col trust 4s A_1949 A-0 70 7458 6713 Dec '13
Utah Cent 1st gu g 48_81917 A-0 --------97 Jan '08._
Des Moi Un Ry 1st g 5s_1917 M-N --------110 Sep '04
1995 J-D 84 ---- 84 J'ne'13 --Det & Nlack 1st lien g 48
- -88
82 8218
1995 J -D 83-- 8218 Oct '13
Gold 4s
t Det Itiv Tun-Ter Tun 4 As_1961 M-N --. 973- 97 Jan '14_.,. 9534 9938
Mehl3
_
10414
--J
103
J
5s_1941
Missabe
gen
1044 10414
& Nor
I Dul
11 100 100
101
iDtu & Iron Range 1st 5s_ 1937 A-0 101 ioi 101
1937 A-O - - --_ 10612 Mch'08
,+ Registered
104
Feb
'11
98
1016
J-3
I 2d Cs
9933 ---- 994 Dec '13 --1937 J-J
1Du So Shore& At g 5s_
1038
41Gligln Jol & East 1st g 5s 1941 M-N 103 ____ 110 Aug'12 .._
1920 M-S 11112 -_-_ 11113 Jan '14 s i661,E.rie 1st consul gold 7s
4 HE____
10112 J'ue'11
1947 M-N 92
4 N Y& Erie 1st ext g 4s
W - 103
1919 M-S 10058 ---- 101 Dec'13
2d ext gold 5s
1923 M-8 9714 -_-_ 100 Oct '13 -_ 100 10014
, 3c1 ext gold 43.s
1920 A-0 10034 102 102 Oct '13
4th ext gold Os
101 10312
1928 J -D 92 ____ 100 Jan '12 .....
5th ext gold 4s
N Y I. E & W 1st g fd 7s 1020 5I-S ------109 Aug'13 --, 109 109
8634 Sale 85
1906 J -J
8634 4' 817k 87
Erie 1st con g 4s prior
83
1991' J-J *---13 83
80 84
' Registered
4 Sale 74
7537534 17+ 6673 76
1996 J-J
1st consol gen lien g 4s
1006 J -J --------77 Apr '12
Registered
11 8538 00
91
1951 F-A 9011 Sale 00
Penn cod tr g 4s
7738 225 66 8214
1053 A-0 7758 Sale 75
50-year cony 4s A
7512 153 65 774
1053 A-0 754 Sale 7312
Series 13
do
10334 104
1916 J-D 103 10934 104 Nov'13
Buff N Y & Erie 1st 7s
106 Jan '14
10418 111
Chic & Erie 4st gold 58_1982 M-N 106
Clev & Mahon Va. g 5s_1938 J -3 10112 1091-2 101 May'12
12112 124
1935 A-0 122 ____ 1214 De.:'13
Long Dock consol g 6s
10712
100 Dec '12 _Coal & RR 1st cur gu 6s 1022 M-N 99
1943 J -J --- 10178 101 Dec'13 _ 10013 102
Dock & Imp 1st ext 5s
1946 M-N 100 ___ 10312 Aug'12
N Ili & Green L gu g 5s
1937 J-J
9712 100 9912
NY Sus & W 1st ref 5s
- idb-2
0012
1937 F-A 74 90 10014 Dec '06
• 2d gold 4 3.s
81 87
1940 F-A 70 80 81 Aug'13
, General gold 5s
1943 M-N 102 ____ 102 Jan '14
Terminal let gold 5s
10738 108
1940 A-0 10012 ____ 11112 Mav'12 ___
Mid of N J 1st ext 58
1942 J -D 0412 9812 94
9213 99
94
Wilk & Ea 1st gu g 5s
1926 J -3 100 108 106 May'12 ___
Ev & Intl 1st con gu g 6s
Evans & T II 1st cons 6s___1921 J -J 10418 108 104 Dec'13- 104 iio
1942 A-0 93 99 9953 Dec '13
1st general gold Os
9872 101l2
i Mt Vernon 1st gold 68_1923 A-0 --------108 Nov•ii
i Sull Co Branch 1st g 5s-1930 A-0 --------- 95 J'ne'12Florida E Coast 1st 4 34s__1959 J-1) 91 02 91
90 -6134
91
ort St U D Cu 1st g 4;48_1941 J-J --------92 Aug '10 ..„
Ft W & Rio Gr 1st g 4s____1928 J-J 63 72 59 Jan '14 ..63l 762
reat Northern97 31
0 13 & Q coil trust 4s...._1921 J -J 9634 Sale 0534
93 9614
Registered it
1921 Q-J _-,_. -_,--- 9612
9012 1 9278 90
10058 2 964 10053
1st & refunding 4 Ms ser A 1961 J-J 10053 Sale 100
96 J'ne'13
1961 _
Registered
96 56
1933 J---J 93 9614 9412 Oct '13
St Paul M & Man 4s
9312 9814
_ 11934
118 12412
1st consol gold 6s
1933 J -J 11912
11034
Registered
1933 J -J 110 - _- 11712 A1111.13 --„, 11712 11914
4 10114
Reduced to gold 40_1933 J -J 102 104310114 2 9934 10412
Registered
1933 J-J 99 ..- 10854J'ne'09
1
t
BONDS
N. Y. STOCK EXCHANCIL
Week Ending Jan. 23.
i7A
Pr
Enda*,
Jan, 23.
111'e.4'
han4t Of
Slit
Range
Year
1113.
As 1,011
Ohl
hill
titah
St P M & M (Cotzttrittea)7 92 9014
934
Mont ext lat gold 4s____1937 J -L 94 ___ _ 93
J-1)
92
1937
9412 98 J'ne'll
Registered
9253 Alch '11
s512 .
Pacific ext guar 4s £._ 1940 J -J
-iid' 97 Sep '12 .
11 Minn Nor Div 1st g 4s 1948 A4-' 91
- -11012
11012
2
1922 J -J 109 __
Minn Union let g 6s
11812 Dec '13 _- 11813 12415
1937 J -J 11918 __
Mont C 1st gu g as
13614 11111
_
1937 J -J
Registered
10513 11g.'13 ---- 10113 109
1937 J -J iod
1st guar gold Os
1937 J -J
Registered
1541-2 J de-'1
108 in;1Vill & 8 F 1st gold 5s-1938 J"1-) idd
89
85 9512
84 Sale 89
cldst ref& t g 5s-01952 J -J
Glutlefg&
isteri
2
ioti
-66 10134
J -J
59
2j
-.1 100 Sale .664
99
I
llocig
te1
'
giasltelrsetdcons g 4 34s_19
9658
9613 97,14 9658
1998 J -J
92 92
92 Apr '13
(
C
30
011 && ,
filoVi .
11stte
.
ext,t4gs4s_ _11148 A -C 6434
923,
8434 - • 9218 Apr 13
12
Boas Belt & Term 1st 5s_ _1993575 b
s'i 1 ---- -- 1)1014 12ee
'
10
idis;
Illinois (Jentrr.I let gold 4s_1951 J-3 9534 99 94124 an '14
L Registered
. - luu ben '11
1951
1341k 8S7
8418 Oct '13
1st gold 3%s
8233
j
J ---- j
3
J
8812 8812
_ 8812 Feu '13
Registered
'09
Alas
1313
1951 A-0 8112
Extended let g 334s
--Registered
195
1951 A--S
-U
1st gold 3s sterling
19.41 li-S
Registered
2
-86 -6611052 A-0 786 92 - 'JO Nov'13
Coll trust gold 4s
9514 Sep '12
Registered
88's 96
Mg
9134
ft
--1
,
)
4 911, _
let ref 4s
9134
79 84
77 83
1952 J -J
Purchased lines 33-is
1953 M-P1 -- 9717 9
79
01z Dec
7913 27 87 97
L N 0& Tex geld 4s
9512 6
1153 M-R 1
Jeln
y :12
943,48 j
Registered
1959 J -D 85 ___.
-Cairo Bridge gold 4s
0713
754 Nov'12
Litchfield Div 1st is 35_1951 J -J
75 84
-if- -gf
Li
otueig
eivaD
eried
v & Term g 3348 1953 J - J
5
83
1. M
Au
1953 J -J
agY:113
2
-4
123 Ma'99
1221 F-A 1.561,
Middle Div reg 58
1951 F-A 701s 7218
70 70
Omaha Div 1st g 3s
7512
10 .1
.11.1cYli'12
3
St Louis Div & term g 3s_1951 J - J __-- 77
1951 J -J
Registered
7712
:7:8:8_
82
Sej-4-*-11
.
3
7712 "fil;
1951 J -J
Gold 71;4s
1014 Oct '99
1951 J -J
Registered
78
Nov'13
7b8---78 78
3).,,_,._1951
J-J
SPrReinggistperiedv 1st g
1951 J-3
- -1
87 94
1951 F-A 80 90 -857-8 De-c'
Wit
ee
stgeis
rtner
lied
nes 1st g 4s
1051 F-A
11)23 JD idg •-.Bellev & Car 1st 65
- 9412 'ly '12
1932 iil-S 8712
c
Ca
hricbs
dct L
Sh&
aw
N lo
stgg5s
4s
10214 Mir
1951 JD 107 108 10214 Aug'13
114
Feu
'11
1951 J-1) 10218 ---Registered
10 Oct '09
1951 J -D 77
Gold 71;4s
.-..-11)51 J-D
Registered
....
8338 - . -01-2 Au-2-'12
1951
3
-L)
eg
P
le
h
te
D
re
ld
v
1"
g
1ViR
em
19:3
51
0 11,
,I1-1LI
j
j
S
J 89 0512
St I. Sou Ist gu g 42
"
8714 10 86'4 937k
87 874 87
Ind Ill& la 1st g 48
1142.4 107
Int & Great Nor 1st g 6s
1919 M-N 102 105 10213 Nov'13
3 8634 993s
8012
91
95
91
Iowa Central 1st gold 5s......1938 J-D
55
5712 •24 50 644
iRefunding
g go
l,r
ld
an4ko
si -a 11).51 oi-P3 5712 Sale
9312 9078 Sep '13
1950
-D
t) 6834 70 6834 Jan '14 34
0
,j
A1(
1
1.9:
631,
3 Oct9947
'0
014
A-0
- - 0
9612 -' 96
Ref & impt 5s
Apr 1950
15
94 97
J
1950 j-j
Kansas City Term 1st 4s_P_r_1960
8
103
103 Sale 100
T ake Erie & W lst g 521-1937
"
1)5
95
__
104
1041 J -J
I, 2d gold 5s
_ 10013
1945 A-0
North Ohio 1st gu g 5s
10034
04 J'n
4
an°:112
LR
ehegVis
atle
l rN
ed1( 1st gu g 4 As_1940 J -J iddls - - 100 4 j
Dec'13
1940 J -J 100 -.- 91 Nov'13
Lehigh Vail (Pa) cons g 42_2003 041-N 8612
10714 Dec '13
1941 A-0 1085s Leh V Ter fly 1st gu g 5s
11118 Dec '11
1941 A-0
Registered
104 Nov'13
Li
etteg
Via
stleC
red
oal Co let gu g 5s_1933 J-3
1933 J-J 102 ---- 105 Oct '13
1933 J-J
1st int reduced to 4s
93 xn17.12
1945 M-S 84
Leh & N Y 1st guar g 4s
1945 M-S
Registered
j011a Feb '10
-1)
.10
14
4
1 c2A
AEl(3 & N 1st pref 6s
1
196
131
- 91,3 Nov'13
100
Gold guar Os
.10312 -- 101 hIch'13
Long Isld 1st cons gold 53-h
8914 --- 9614 M en'12
01931 14- J
1st consol gold 4s
82
812 I)
IN c
ocv:13
1138 .1 -D 89 . - 9
General gold 4s
8 _ .. id
-D
32 .151192
Ferry gold 4 Ms
0
99
514 0
11e
ct :0
13
6
83
Gold 4s
86
6
8611
S 86
j-D
44
9 ofl
Unified gold 4s
93
16
05 10014
Debenture gold 5s
A:0 1018 9134
5 ai8
Guar ref gold 4s
39
59..19
194
10
9
19
5
0:
: j
Ja n9.
9114
1
2
1940 0/1-S
Registered
N Y B i1k MB let con g
10212
10212 Sale 10212
NY&RB1stg 52
27
2M
Q-1 1004 -„„ Nor Sh 13 1st con g gu 5s_oll93
N
AP
:v:13
1927 51-S 87 914
Louisiana & Ark 1st g 5s
Louisville & Nashvillc11112
'14
Jan
11414
8
1117
JD
1930
General gold Os
Gold 5s
1937 fil-N 100 -- 10534 Jan '14 _9514 94
9514 Sale 1378
1040 J -J
Unified gold 4s
1940 J -J 93 ---- 9212 Nov'13
Registered
1931 5I-N 104 - 101 Nov'13
Collateral trust gold 5s
1084 -- 10833 Dec'13
1910J
E 11 & Nash let g 6s
N 9918 -- 10434 May'12
119931
19 -D
L Cln & Lex gold 4 348
1930 J-J 11418 _ 12014 Mch'13
N 0& M 1st gold 6s
111 Dec '13
N 0& M 2d gold 6s
-91 J'ne'13
Paducah& Mem div 4s
F-A
j
39 j
1946
1054 Mch'13
Pensacola Div gold 6s
1920 M-S
St Louis Div 1st gold 68_1921 M-S 1067 109' 10814 Nov'13
2d gold Is
- 6138 Sep 12
1980 M-S 58
24
89
Atl Knox & Cin Div 4s
1955 M-N 89 Sale 8812
ALI Knox & Nor 1st g 5s 1946 J -D 105 --- 111 Jan '13
- 103 Jan '14
Bender Bdge lets f g es.._1931 M-S 10518
Kentucky Cent gold 4s_.._1987 J -J 89 if 8812 Jan '14
L& N& M& M lstg 43481945 NI-S 9912 10312 901 Oct '13
8312
2
L& N-South M joint 4s_1952 J -J 832 86 8312
95 Feb '05
Registered
h1
19
93
57
2 I.J
F-A
3
10314
Nov'13
N Fla& S 1st gu g 5s
10312
N& C Bilge gen gu g 4;is 1945 J -J 10012 -7-- 90a Jan '14
Pens & Atl 1st gu g 68
1921 F-A 10814 110 1O84 Jan '14
8& N Ala con gu g 5s
1936 F-A 104 -.107 Nov'13
L& Jeff Bdge Co gu g 4s
1945 NI-E3 82 ---- 83 Jan '14
0 Clearfield 1st, 4s
KarittC
ee
l
te
Sroeudlet gold 32
-di
181
9072 94
68 72
11414 "tir
90 9014
lops 10612
07 1024
fati- 104714
too 10014
91 9712
10714 11114
i5A-4
105 103
•••
10058
107 108
..66
1
8
"tiff'
92
1)4
92 ,
-89 -84
95 93
8912 98 +
103 103
101 104 I
86 935.
11014 11454
10554 III ;
11111 994
9213 93 ,
103 10882
10.j 108.s
12014 Ha;
111 1144
91 91
10512 10534
10814 109
7iddi -04
110 111
105 105
87 9214
9912 10314
81 90
1061; 1754i.
.
4
9712 1014
108 10842
107 107
8314 834
MISCELLANEOUS BONDS-Continued on Next Page.
Street Railway
N Y Rys 1st R E & ref 4s 1942 J-3 7878 Sale 7714
79 240
30-year adj inc 58
+81942 A-0 6014 Sale 584
6058 1094
Portland Ey 1st & ref 5s___1930 M-N 97 __ 101 Jan '13
Portland Ity Lt & Pow let
& ref cony s f Os
1942 F-A ---- 9212 05 Mch'13
Portland Gen Elee let 58_1935 J -J
St Jos 1'0%1..11 & P 1st g 5s 1937 11,1-N
98 Nov'08
St Paul City Cab cons g 58_1937 J-J
105 10312 Feb '13
Third Ave let ref 4s
1960 J-J -_8312 243
8312 Sale 8238
Adj Inc 5s
81960 A-0 8012 Sale 7818
8138 577
Third Ave Ry let g 5s --1937 J-J 10718 10712 10658Jan '14
TM-City Ity & Lt 1st s f 58..1923 A-0 9653 Sale 965s
4
97
Underground of London1933 0334 9412 94'2 Jan '14
43.s
Income 68
1048
90 ____ 8534Jan '14
Union Eiev (Chic) let g 5s..1945 7
84 Oct '08
1c-15
United Rys Inv let lien coll
trust Sc Pitts issue
1926 M-N •__-_ 80 71 J'ne'13
7212 79
5178 61
101 101
93
Street Railway
72
United Rye St L let g 4s.-.1934 J-J ____ 7212 72
St Louis Transit gu 5s____1924 A-0 ___ 7012 69 Sep '13
5814
United RRs San Fr 8 I 4s__11127 A-0 5814 Sale 5033
9412
Va Ity & Pow 1st & ref 5s_1934 -J 90 9412 9412
73/
1
4
96
Gas and Electric Light
Atlanta (3 L Co. 1st g 5s___1947 J-D
Bklyn U Gas 1st con g 58_1945 M-N
Buffalo Gas 1st g 5s
1947 A-0
Columbus Gas let g 5s
1932 J -J
Detroit City Gas g 55
1023 J-4
Det Gas Co.con let g 5s
1918 F-A
Det Edison 1st coil tr 5s- _1933 J -J
9212 96
Ey 0 L N 1 let con g 5s
1932 M-8
854 9312 Gas & Elec Berg Co c g 5s1949 J -D
Gr Rap 0 L Co let g 5s
1915 F-A
Hudson Co Gas let g 5s1949 M-N
71 83
Kan City(Mo)Gas let ic 58 1922 A-0
10313 10312
7712 8252
6313 79
10213 10734
95 9912
100 _- 1024 Dec'13
10312 Sale 10312 10312
54 J'ne'13
90 _._
Rid
100 Sale ioti 955s Sep '08
102
fol71-2 102 - 102
_- 10612Oct '12
100 Feb '13
98 _ _ 101 100 Oct '09
10112-- 10112Jan '14
914 ---- 94 Aug'13
•No pries Friday: latest bid sad esked 1811 weak. a Des Jae. • Dee Fob. 4 Des ADM. is Des Jab'. S Due Auk. 5 Due Oft. t Opt on sale,
69
69 72
53 5012 07
2 9278 95
_ 1024 1024
0012
6
1 15
00
112 15
3 -9834100
i 99 iffs;
'
1
Jar 156
-
101 10358'
94 94 1
JAN. 24 1914.1
293
New York Bond Record-Continued-Page 3
Ittae
Friday
Jan. 23
BONDS
t
N. Y. STOCK EXCHANGE
Week Ending Jan. 23.
Bid
So
lst:c
lines
lionn,
4s_1036 M-N
R
erRna t
-S
S
Stamped guaranteed__ _1
10
977 1M4Minn & St L 1st gold 75____1927 J -D
PacificExt 1st gold Gs____1921 A-0
let consol go d 5s
1934 SI-N
1st and refund gold 41949 M-S
Des 111 &
D 1st gu 48_1935 J -J
M StP&SSM con g 4sintgu 1938 J -J
1st Chic 'fcrni ii 14s
1 JJ
M S& A 1st g 4s int gu_1
26
194
Mississipp i Central 1st 5s_1949 J -J
Mo Ran & Tex 1st gold 48_1090 J
9199e F-A
2d gold 4s
1st ext gold Is
!
1. 391
let& refund 4s
Gen sinking fund 4
36
St Louis Div 1st ref g 4s_ _2001 A-0
1040 N1-K
Da.& IVa 1st gu g 5$
1942
1900 F-C3
Ran C & Vac 1st g -is
1st
AMo K &
g 5s
L1-1%
M E & Ok 1st gm.r
M K & T of '1 1,t, u g 5s_1942 M-S
Sher Sh & So 1st go g 5s_ _1042 J -D
Texas& Okla lot .;u g 5s_1943
Missouri Pac 1st cons g gs_1920
Trust gold 5s sta:oped_a1917 M-S
a1917 M-S
Registered
1920 F-A
1st collateral gold as
1020 F-A
Registered
1045 WI-S
40-year gold loan 4s
341 7s extended at 4%
1938
1959 M-S
1st & ref cony 5s
1019 F-A
Cent Br Ity 1st en 4s
1941 J-1)
Cent Br U P 1st g 4s
Leroy & C V
L 1st g 5s_1026 J -J
Lac It of Mo 1st ext 4s 1938 F-A
2d extended gold 5s
1038 J - J
St L ir'i&3 gen con g 5s_1931 A-0
Gen con stamp gu 1: 5s 11)31 A-0
Unified & ref gold 4s___ _19211 J -J
Registered
1029 J J
Riv& (1 lily lstg 4s
1033 M-N
V erdi V 1& W 1st g 5s
1926
Mob & Ohio new gold 6s
1927 J -D
1st extension gold 6s_ ___h1927 Q-J
1938 M-S
General gold 4s
1947 F-A
Montgom Div 1st g 5s
1927 J -D
St Louis Div 5s
1931 J-J
St L & Cairo guarg 4s
23 A-0
ashvilleCh & St L 1st Is 19:
Jasper branch 1st g 6s1023 J-3
McM M W & Al 1st Gs_1917 J-3
1917 J -J
T& P Branch 1st Gs
Nat ltys ol igex pr den 4 3•ejs 1957 J -J
Guaranteed general 4s_1977 A-0
Nat of Meg prior lien 4%s_1926 J-J
1951 A-0
let consol 4s
N 0 Mob & Chic 1st ref 53_1960 J -J
NO& NL prior lien g Gs_p1915 A-0
New Oilcan, Term 1st 4s 1953 J -J
N 1' Central & II It 14 3 y,s_1997 J -J
1997 J -J
Registered
1934 M-N
Debenture gold 4s
Hegistered
1934 M-N
Lake IJIiore coil g 33is
1993 F-A
Registered
1093 F-A
Mien Cent coil gold 3 Y,s_1998 F-A
Registered
1908 F-A
Beech Creek 1st gu g 4s 1936 J -J
Registered
1936 J -J
2d guar gold 5s
1036 J -J
Registered
1936 J -J
peeeli Cr Lxt 1st g 306_3;1951 A-0
Cart & Ad 1st )414 g 4s
1081 J -D
Gouv & Osu e 1st gu g 5s 1942 J-1)
1991 M-S
Mob & Mal 1st gu g 4s
1986 F-A
N J June it guar 1st 4s
1086 F-A
Registered
N Y & Harlem g 35s,
2000 M-N
2000 ff-N
. Registered
N Y & Northern 1st g 5s_ _1927 A-0
N Y& Pu 1st cons gu g 4s_1093 A-0
11/16 A-0
Nor& Mont lstgug 5s
1032 J -D
Pine Creek mg guar Gs
R W & 0 con 1st ext 5s_h1922 A-0
Oswe & R 2d gu g 5s____c1915 F-A
16 W & 0,119lstgu g 5s_1918 M-N
6s_ _1941 J -J
Rutland 1st con g 43,
Og & LCham 1st gu 4s g 1948 J -J
Eut-Canad 1st gu g 4s-1940 J-J
A
J
St Lawr& Adir 1st g
loOt
2d gold 6s
Utica & Blk Itiv gu g 4s_1922 J -J
As
1997
J -D
Lake Shore gold 3
1997 J -I)
Registered
1928 M-S
Debenture gold 9s
1931
M-N
25-yr gold 4s
1931 M-N
Registered
ha A& (1 It lstgu 58_1938 J -J
1034 J -J
Mahon C'l ItIt 1st 5s
Pitts& L Erie 2d g 5s_a1928 A-0
Pitts !Niel< & Y 1st gu 6s_1932 J -j
1934 J-J
2d guaranteed Gs
McKees& 11 V lstg 6s_1018 J -j
1931 M-S
Michigan Centro.. Is
1031 Q-M
Registered
1940 J-J
45
1940 J -J
Registered
• J L & S 1st gold 33•5s
1951 M-S
1052 M-N
1st gold 3s
1929 A-0
20-year debenture 4s
N Y Chic& StL lstg 4s 1AN
Registered
1031 M-N
Debenture 4s
2361 J-J
West Shore 1st 4s guar
2361 J-J
Registered
NY Cent Lines eq tr 4%s 1922 J -J
Manhla
Range
.
9'713rsc
Week's
&nee or
Lan Late
Ask Low
Htgh No. Low High
77 mc-h-.16
79 Nov '10
12412 Oct '12
mos 108 11018 Aug '11
9212
9212
5
0212 100
61
50
6038 Sale 5418
69 Jan '14
68 76
9212
9112 9212 0212
-- ---- 9714 J'ne'12
06
Nov'13
---- ----_- - 9312 Mch '11
0012
i
9012 91 9012
9
76
7612
7612 __
6
95
9578
957s
6814
1
6814
71
67
82.4
8412 27
84 -7811 Apr '13 -0934 Dec '13 -1568214 Nov'13 ___10212 i66 104 Jan '14
mu 10212 9912 Oet 13
0614 100 96 Jan '14
96 104
96 May'13
100 __
__
9912Jan '14
10358 104 104
104
4
055s 9934 951, Jan '14 ---97 May'12
2
-61-2 -66 - 95
95
661-2 Sale -6-41-4
-661; 44
73
_
78
86 Jan '14 --77
775-8 76
77
5
8814 -- 89 Dec '13 -_ -7518 _
7712 Dec '13 --__
-- 110 Mch '05
88 __ 8812 Nov'13 .--.
10038 - --- 1(10 Jan '14 ---103
16
103 Sale 1021.1
104 (Jet '12
_
803s 28
81 83 79
8078 Oct '12
34
81
81 Sale 78
0212 Dec'13
9258 _
114
_ 11312 Jan '14
_
iff 11234 Jan '13
8134
- 8134
10712 J'ne'13
105
93 ---- 05 Dec'13
861.1 _ _ _ _ 89,
4
8934
10534 10612 10)12 Jan '14
10812 _
111 Jan '13
10334 _ _ _ 10334
10334
10314-113 J'ly '04
63 80 52 Dec '13
83
71 Feb '13
9673 Feb '13
---- 86
_ 70
55 Aug '13
;if 60 55 Jan '14
10034 10114 10118 Oct '13
7912 May'13
84 Sale 8278
47
84
82 _ _
2
8112
8112
8712 8934 87'4 Jan '14
93 may'12
1Ô2
- Kt-1J 7934
81
3
8012 __ 79
79
75
ig12 75
75
15
0
73 7512 74
74
9514
9012
9512 10
99 May'll
_
80
10212
110
89 __
89 ____
8318 ____
083i Jaha '13
105 Oct '02
161-14 log
82 96
102 Jan '14
92 Oct '13
88
-
88 100
50 6276
89
97
96
-66.
8612 9514
71
8134
9512 9934
6714 7712
7912 87
7712 7814
9934 102
82
8778
101 108
98 10412
97 101 14
96 103
10112 10112
102 10612
95 100
90 - -664
-6678
67
89
72
-7034
78
88
02
7712
8812 9318
10134 103
100 106
_
-7414 -iis;
7612 8312
9212 96
11218 11714
11234 11234
7958 8578
10712 109
95 95
8814 89
10412 10814
111 111
10512 10512
52 8812
7614 78
9678 0678
55
7612
. 4212 8?
10118 10118
7912 8712
80 8714
7912 8634
83 9112
"761-2
7512 81
80
77,3
76
1
98
98
Oc'l2
8712 Dec'12
i6i - 107
92 92
112
13113 Jari
1027
8- 10213 Jan '14
4
166- 16619912 11(-i 0912 Jan '14
9712 9878
10118
104 J'ne'10
90 Apr '13
-66- -66
---- 7412 80 Sep '13
76 84
02 J ne'09
_
103 Sep '12
105 ____ 11912 :dell'12
06 _. 05 Dec'13
- 9512
84 if 8012
1 85 8812
8612
84 84
84
1 8312 88
9212 Sale 9178
9212 27 8812 0312
9134 _
9034
9134 33 88 9258
93 Oct '12
ioi
10334 11012 11112 Mc-h-'il
10012
105 Apr '12
115
130l Jan '09 110
12314 Mch'12
10014 -10218 ___ 111 Jan '12
10012
119 J'ne'06
87
98 Apr '12
9812 Nov '11
90 J'ne'08
82
82 Nov'13
86 87
8514
8112 89
86
9512 98 9512
2 9312 0912
9512
_
9712 9712
9712 Jan '13
1 8312 89
_ - 90 8412
8412
93 -„ 9212
93
5 90 9918
9712
9014 913-4 9014
9138 11 89
9534 -_ 10012 J'ly '11
BONDS
N. Y. STOCK EXCHANGE t
t
Week Ending Jan. 23.
Price
Friday
Jan, 23.
An Low
Ski
N Y New Haven & HartfNon-cony deben 45
1955 J -J
Non-cony 4s
1956 1111-N
Cony debentuge3 368
1956 J -J
Cony debenture 65
20-yrc Any deb es (wh is
1s9
)
48 •-j--j
Harlem 11-Pt Ciies 1st 4s_1954 81-9
Ii & N Y Air Line lst4s_1955 F-A
Cent New Eng 1st go 4s 1961 J -J
Housatonic It cons g 5s
1937 111-E
N Y Ircges&B 1st ser I 4%8'46 J -J
N II & Derby cons Cy 5s_ _1918 M-N
New England cons 5g
1945 J -J
Cons,, 4s
1945 J -J
Providence Seem'deb ii _1957 M-N
N Y 0& IV ref 1st g 4s__01992 81-S
Registered 55.000 only_g1992 M-S
General 4s
..(Wolk Sou 1st& ref A 5s _ 1961
955 j
F-A
D
Noll& Sou 1st gold 5s
1941 -A-N
Norf & West gen gold 6s
1931 M-N
Improvement & ext g 6s_1934 F-A
New River 1st gold Gs
1932 A-0
91 & W fly lst cons - 4s
19116 A-0
Ite-;istered
1096 A-0
Div'. 1-St I& gen g 4s
11144 J -J
10-25-Year cony 4s
1932 J -D
10-20-year cony 4s
11132 M-5
1938 kl-S
Convertible 4 i-s
Pocali (1 S..: C joint 4s
1941 J -D
C C & '1' 1st guar gold 5s 1922 J -J
Scio V & N b. 1st gu g 48_1939 1I-N
Northern Pacific pri.Jr ig 4s 1907 Q-J
Registered
1997 Q-J
General lien gold Is
a'047 Q-F
Registered
a'047 Q-F
•
St P-ui-Duluth Div g 4s_10116 J -D
Dub Short L 1st Ku 5s
1916 M-S
St P & N P gen golg 6s
1923 F-A
Registered certificates_ _1923 Q-F
St Paul & D luth 1st 5s 1931 F-A
2d 5s
1917 A-0
1st consol gold 4s
1968 J-1)
Wash Cent 1st gold 4s
1948 O-M
Nor !'ac Term Co 1st g 6s.._1933, J -J
Oregon-Wash 1st & ref 4s 10611 J-J
pacific Coast Co 1st g 58. _1946 J -D
L ennsy.vania RRlet real est g 4s
19231 M-N
Consol gold Is
1019 IM-S
Consol gold 4s
1943 M-N
Convertible gold 33in___.91915 J -I)
Registered
o1915 J -D
Consol gold 4s
1948 M-N
Allog Val gen guar g 4s
1942 M-S
D lt L. R & B ge 1st gu 4s g 36 F-A
Phila Bait& W 1st g 4s..„1943 M-N
Sod Bay & Sou 1st g 5s
1924 J -J
Sunbury & Lewis 1st g 45_1936 J -J
U NJ RR & Can gen 4s 1944 M-S
Pennsylvania CoGuar 1st g 43's
Registered
1921
921 3
J -.1
Guar 33is coil trust reg 1937 M-S
Guar 33is coil trust ser 13_1941 F-A
Trust Co ctfsgu g 3355_1916 M-N
Guar 33.6s trust ctfs C
1942 J-D
Guar 33is trust etfsD
1944 J-D
Guar 15-25-year g 4s
1931 A-0
Cin Leb & Nor gu 4s g
1942 M-N
CI & Mar let gu g 4 As 1935 M-N
C1 &Pgengug4355erA 1942 J -J
Series B
1942 A-0
Int reduced to 33is
1942 A-0
Series (.9 33is
1948 M-N
Series D 33-s
1950 F-A
Erie& Pitts gu g 33.is 13_1940 J -J
Series C
1940 J -J
Gr R & 1 ex 1st gu g 4 3.0_1941 J -J
Pitts Y & Ash 1st cons 5s_1927 M-N
Tol W V & 0 gu 4 1is A
1
1.6
033
1 ...T - J
Series B 4
Series C 4s
1942 M-S
POO& StLgu 43isA
196
11944
422
0 A-O
-Series 11 guar
Series C guar
1945 M-N
Series 1.) 4s guar
104
959
3F
J -D
A
Series E 3 3.is guar g
Series F gu 4s g
Series(1 4s guar
16.12
5
3
22
119
7
1M
Q
A
J -O
0 St L & P 1st con g 5s_ 1
N
DF
Peo & Pek Un 1st g 6s
2d gold 41is
6102
955
1 lIJI-J
N
Pere Alarquettc-Ref 4s__1955 J -J
Refunding guar 4s
Ch & W M 5s
Flint & P M g 6s
1920 A-0
1st consol geld 5s
1939 M-N
Pt Huron Div 1st g 5s 1939 A-0
Sag Tus & .11 1st gu g 4s_1931 F-A
Philippine By 1st 30-yr s(41
8'
63
40
7A
J-0
.1
PiAs Sh& LE 1st g 5s
1943
1st consol gold Is
eng4s
Rlegsei
eacrtg?
Jersey Cent coil g 4s
AtlanCitygu4sg
11 J -J
17I
J-J
-I
t10dGrIsl1stg4s
t Louis& San FranciscoGeneral gold 6s
General gold 5s
1697
6 61
'it L & S I' RR cons g 4s_192
.1 --J
N
Gen 15-20-yr 5s
Tr Co certfs of deposit-Southw Div 1st g 5s
1947195 Airl:(5.1
1951 J-J
Refunding g4s
Registered
7612
76 -75 Sale
11611) Sale
-------- --8212 ____
106 _ _ _
8138
/WW1
Year
1913.
Week's
Range or
Last Sale
High No. Lou High
78
78
76 Jan '14
73
75
112
117
10378 Jan '14
9914 Nov '12
91)12 J 'tie '12
83
83
110 Feb •13
80
8014
107 Aug'09
8912
79
77 8814
25 68 87
55 1023..128
10178 1073s
10
27
911-2 %14-11-'12
. _
8314 Feb '13
___ 72
33
88
88 Sale 851s
9212 J•ne'12
8978 Feb '12
9718 33
Sale 95
9914
- - 9912 Dec '13
117 11958 11634 Nov'13
118. 123 Jan 13
117 ii6 11512 J'ne'13
9538 115
953s Sale 9412
----;- 93 Jan '11
42
90
8978 Sale 8878
10312 105 101 Jan '14 ---7
4
10.119
10418 Sale 10418
10476 213
104;8 sale 104
2
9U
8934 0012 90
10013
10511Jan '13
4
9118
903804 91
05
9458 Sale 9312
9012 _ _
9412 Oct '13 6778 ;1
6778 Sale 6712
- - 66 65 Aug '13
5
90
8812 ____ 90
10012 Sep '13
116z; Hi 11014 Dee '13
11538 Aug '11
_
i6f3s ._ _ 107 Jan '12
ioo58 _ _ 100380,A '13
85 ....-. 91 .1 ne '12
80
8112 Dec '13
113
111 Oct '13
11
Ou
11(1734 9014
9034
98 09(4 9914 Jan '14
-
_261
97 Dee '13
110 Mell'12
99 Dec '13 ._
98.8 329
9814
97 Dec 'Er -9914 10058 10013
2
10012
96 10018 95 Nov '13 _.
8734 ---- 100 Sep '12 -.
9918 Ply '13 -----_102 Jan '03 _._.
88
ma7y-Ti
"9314 -9612 _ _
101 104
99 _
_
985s Sale
10058
10058 101 10058
100
100 Sale 100
86
83 8614 86
8312 __-- 8314 Oct '13
-- 97'2 Jan '14
8314 ---- 83 Jan '14
8412 Nov'13
---93
933s 95 93
85 -- 9212 Feb '13
9512 ____ 110 Jan '05
10012
1013s Nov'13
10934.3'1y '09
10038
9114 Feb '12
-_ 9018
&its
(11t '12
85 ---- 8418 Dec '13
8678 Sep '13
-9018 J'ly '12
953 166 9538 Dec '13
10314 -- 109 May'10
9514 -- 10218 J'ne'12
10238 Nov'12
9514
9214 -__ 9512 Sep '13
10058
10114
10038
10014 Jan '14
10114 10114 -- 105 J'ne'11
9112 9634 9412 Oct '13
8812 92 90 Apr '13
92 _- 9514 Jan '13
91 97'2 Jan 13
10534 ---- 100 J'ne'13
--- _ 106 Feb '13
____ 9012 9312 Jan '11
54 Jan '13
40 Dec'13
____ 50
98 Oct '12
100 104 100 Jan '14
87 ---- 90 Jan '14
87 - - 89 Dec '13
-65 -6E- Au-g-.15
108 Apr '13
11314 Nby'll
10514 - 95
9412 Sale 0338
92 J'ly '13
95
-iE - Sale 9414
ho838 _
10012
7512 77
54 Sale
5312 Sale
9234 7618 Sale
80's 0014
110 110
75 9814
_ _
817 -83.1;
84 9212
--- -95
9912
9912 100
11634 120
123 123
11512 12014
88 99
8 -03;
"ii1
104 11278
99 11112
98 197
83 02
10514 10514
8412 9538
90 98,
8
9111 97/
1
4
631: 69/
1
4
65 68
90 9212
10012 10012
108'2 113
16632
foil1(h 831k
11034 ups
9114
86
98 10112
96 1064
99 16612
9578 9712
96i8 97
98 10234
95 9914
_
99 100
-
_
10 100 104
5 10038 10234
2 8334 87
8334 8614
97 9778
8438 Ws
8214 85
5 9212 963s
9212 9212
Rif" 102
WI;
8613 86%
8 jail;
-6E3-
_
_
95 9512
10012 10315
99 103
-9212
90 90
9514 9514
9715 971t
106 108
106 106
54
40
64
MA
2 WI;
i66187 96
9612
89
-Jg 5314
108 108
t76
,
71 -65;
92 9612
3 914 9884
"if Jan '14
-fj14 84
10814 Dec'13
101
10114
7313 Jan '14
54
5334
52
5534
93 Dee '13
7412
7618
8034 Mch'll
105 11414
93 10434
7212 75
5012 8214
52 59
93 100
65
7634
14
38
52
90
M SCELLANEOUS BONDS-Continued on Next Page.
Gas and Electric Lig:
Kings Co Ei L & P g 5s____1937 A-so
1997 A-0
Purchase money 6s
1922 M-8
Convertible deb Gs
Ed 1,111113kn 1st eon g 4s-1939 J-J
Lac Gas I. of St I. 1st g 5s_e1919 Q-F
1934 A-0
Rel and ext 1st g 5s
Milwaukee Gas L 1st 4s-1927 M-N
1948 J -D
Newark Con Gas g 5s
1948 -D
NYUELII&Pg5s
1940 F-A
I'urchase money g 4s
Ed El III 1st cons g 5s
1995 J -J
NY&QEI
P 1st con g 58 1930 F-A
N Y & Rich Gas 1st g 5s
1921 M-N
Pacific G & El Co Cal G&
Corp unifying & ref5s
1937 M-N
Pact ow & Lt 1st& ref 20-yr
1030 F-A
Is Internet Series
1949 M-8
Pat& Passaic0& E 5s
" No price Friday; latest bid and asked.
Gas and Electric Light
112 Nov'13
Peo Gas & C 1st con g 6s_1943 A-0 11112
9938
1947 M-s 9952 Sale 9938
Refunding gold 5s
99 Sep '13
1947 M-S
Registered
10114
10114
Ch (J-L& Cke 1st gu g 53_1937 J -J
100 Oct '13
Con G Co of Ch 1st gu g 581936 J -D 99 88 93 93 Mch'12
Ind Nat Gas & 011 30-yr 58 '36 m-N
9812 Dec'13
98 -Mu Fuel Gas 1st gu g 58_1947
95 Sep '13
1919 F-A
Philadelphia Co cony 5s
1922 M-N 9512 9612 9618 Dec '13
Cony deben g 5s
Stan Gas & El cony s f 6s 1926 J -D
i .
9278 9418 Nov'13
101 Dec '11
Syracuse Lighting 1st g 5s 1951 J-D 100
8512 J'ne'12
1954 J -J
Syracuse L & P 5s
100 Feb '01
Trenton G dc E let g 53....„1949 M-S 161-:
97 J'ne'13
Union Elec L & P 1st g 5s 1932 M-S 9812
94 Nov'13
1933 M-N
Ref & ext 58
9078 96
1950 -J
Utica El L & P 1st g 5s
10014 Dec
;
11
1957 J-J
9412 9412 Utica Gas & It ref 58
1
103
1950 J-D 5212 lO, 1025s
Westchester Lzg g 58
102
1 10112 10434
102 Sale 102
113 118 11212
11212
3 107 114
12458 122 Dec '12 - -8813 8812
8434 ____ 8818 Apr '13
10012 ___ 10058
101
4 9912 10212
9812 100 9813 Jan '14 ____ 9712 102
8812 00 8812
8812
2 883s 9058
10178 ___ 10134 Jan '14 ____ 101 10214
10312
10278
10278
5 10058 10358
8612 56 80 8612
8614 Sale 85
101 107 10658 Apr '13._ 1065g 10812
100 101 101 Oct '13
_ 991 1011
9212 J'ly '09 -----------9412 9478 9312
9458
93 9412 Melt 13
981s _ _.. 100 Jan '14
Due Jan. b Due Feb
41
e Due May. a Witt June. h Due July. o Due Oot.
Jaen;
MI6, 8 09tiolk Ws.
112 11614
33 987s 102
_ 99 99
1 98 1031s
9912 102
-9812 -or
95 9712
92398
93 10018
97 10
92 94
8 Mirk
Me
i
294
BONDS
!N. Y. STOCK EXCHANGE g
Week Ending Jan. 23.
New York Bond Recora-Concluded-Page 4
Price
Friday
Jan. 23
Week's
Range or
Las Sale
;
E
Range
1Y,e1a3r.
z> 2
BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan. 23.
tiff.
[VOL. xo nu.
Price
Friday
Jan. 23
111(ek's
Range or
Last Sale
Range
Year .
1913.
gt4
.1 4
St L & San Fran (Con)
High No. Low High
Ask Low
Bid
Bla
As4 Low
High No. Low High
K
Ft & M con e• 6s___1928 77I-N 109 ___ 110
4 105 11314 iVanash 1st gold 5s
1939 NI-N 104 Sale 10234
11014
101
66 101 10612
KU
T T 2d gold Is
76
33 65 78
S & M Ry ref g 43_1036 A-0 76 Sale 75
1939 F-A 971
9612
08
22 9213 994
774 J'iy '12 ____-_-. -Registered
Debenture Series 13
1939 J -J --- - ----90
_
103 A-0
J'ne'12 2.:.
K C & Al 1i& B 1st gu 5s_1029 A-0 90 __ 10312 J'ly '12
1st lien equips fd g 5s
1921 M-S 97 98 99 May'13
-4)4.1-2"IN'
' Ozark & Ch (.) 1st gu 5s g_1912 A-0 --- --- 9914 May'13 ____ -47
1st lien 50-yr g term 4s-1
5
i6
78012 s_
81-s 1(1
5,
4 JJ .1
_ a_le... 7
95
1,
55
0 Nov.
80
01-8
5913 _3
_5i 7
4512
0 0
80
272
26
'It L S W 1st g 4s bd etfs
8614
8314
85
8712
1st ref and ext g 4s
1989 M-N 8012
90
-J
4 2d g 4s Inc bond ctfs----P1989 J -3 ____ 7712 75
78
1
Cent Trust Co ctfs
5012Jan '14 ______ .
46_ .
54
...
7612 27 7412 81
()onsol gold 4s
1932 J-D 784 Sale 7513
Do Stamped
_-_- -iii- YaitT 51
51
la 4713 51
Apr
Gray's it Ter 1st gu g 53_1947
Equit Tru 3Co ..:tfs
---------- 64 Nov'12
le 1080114
-0
- -iS- -tii3-4
II A & A Pass 1st
2 -1
r82
J -1
017
1: - 11943 j
..34 ml!: 514
Do Stamped
5434 279 -431-2 -0132
IS F & N P 1st sinkgu- gg 4s
1919 J -J -------.194 Oct '04)
Det & Oe Egg 1st g 5g___1941 .
5s
.T -J - 103 Nov'13 ____ 10212 107
i -ii- -8.E1-2
Seaboard Air Line g 4s
1950 A-0 83 85 8338
Des Moin Div 1st g 45-1939 J -J - 831s
80 Aug 12
•. Gold 4s stamped
8414 19 7912 88
1050 A-0 8414 Sale 844
Om Div 1st g 3;is
1041 A-0 62 -__ 65 Oct '13 -_. -6E - -iii' Registered
1950 A-0 -----.
Tol & Ch Div 1st g 4s
1941 M-S 69____ 70 Jan '14
70 80
Ad)ustment Is
0.949 F-A 79 Sale -fil8 -alo "661; -fil; Wab Pitts Term 1st g 43-1954 J -D --- . ___ 1114 Dec.13 ____ 1114 Ms
-7614
Refunding 4s
1959 A-0 75,4 78 75
2 7213 79
75
13
Cent and Old Col Tr Co certs- ____ 1212 Sale 12
95 10 2712
Ati-Birm 30-yr 1st g 45--e1933 M-s 82 8512 84
84
1114 Dec'13 ____ 11
1 82 88
Columbia Tr Co ctfs
23
Car Cent 1st con g 48
8438 ---- 90 J'ne'13 ---- 00 914
2d gold 4s
8
1949 J -J
4 Dec '13 ____
4 3
1054 J -15 ::::. --11Ina Cent & Pen 1st g 5s-1918 J.J 10038 _•.._.2. 1034 Jae '13 _-_- 1.0314 103,4 vias0
34
114 Salo
178 27
Trust Co certfs
12 3
1st land gr ext g 5s
1930 J-J 101,2 102 104 Nov'12 -8213
8012
'
0
11eyrea
mr1 1gm
40
83
8113
Sale
83
stagru4s
33.0-1945 F-A
. Conso I gold 5s
1943 J -J 10134 103 10134 Dec'13- 1011-2 1011,
1st 4
05
45
4
2 F-A 87 --_- 100 Sep '12 -__
19
Gs & Ala EV 1st con 5s_o1945 J-J 10312 108 103 Jan '14--.- 102 105
West Mary
.
80
27 73 8378
land 1st g 4s--A-0 79 804 77
Ga Car & No 1st gu g 53_1929 J-J 102 --_ 102 Deo '13 --- 10173 1034 Wues
et
n NgoY
idc42
Pa 1st g 5s
1937 J-J 104's...-- 103 Jan '14 ___ 103 10714
Scab
& Boa 1st Ss
(
1926 J-J 10132
10114 Oct '13 ---- 10112 10112
1943 A-0 --__ 80 75 Jan '14 -_ 75 834
Southern Pacific CoIncome 5s
34 Feb 07
3 Nov
.1
19
04
26
52_4
Gold 4s (Cent Pac cot1)_k1049 J -D 93 Sale 9212
Wheeling L E 1st g
9338 123 877a 98
iiii10018 lg
idi"
A-0 i6i1-4 101
Jan '14
.
1 Registered
90 Noel8 --- 8612 9513
k1949 J -D ---Wheel Div 1st gold 5s
1928 J -J 97 -_ 954 Nov'13 -..------ 94 100
20-year cony 4s
92 662 84 9358
g1929 ft,1- 8 92 Sale 8934
Itiltxust
ter&Impt sid 5s__ 1930 F-A 00 -_-- 99 Feb 13 _
002
35
9
79
0 18
9334 81 8938 9612
Cent Pac 1st ref gu g 4E1_1949 FA 93 9338 9218
7714
consol 4s
1949 5,1-S 77 ---_ 774
i
• Registered
1949 FA 8012-- 0412 J.ly '12 ---20-year equips f 5s
90 -___ 9534 Nov'13 ___ 9514 9534
1922 J -J
Mort guar gold 3;is_k1029 .1 -D 914 92 91 Jan '14 ---- -fig- -sic - IVInston-Salem S B 1st 4s 1960 J -J ____ 80 87 Oct '13 ____ 8078 9034
Through St L 1st gu 4s_1954 A-0 854 8634 8534Jan '14 ---- 83 9112 %Us Cent 50-yr 1st gen 4s 1049 J -J 88 Sale 8712
88
0 84 9138
la li & 8 A M & P 1st 5s..1931 1111-N 1004 10212 101 Dec'13 -- 101 10434
Sup&Dul div & term 1st 45 '36 NI-N 8732 89 88 Jan '14 ___ 874 901 2
I Gila V 0& N 1st gu g 56_1924 M-N 09
- 10212 J'iy '12 ---How,E & W T 1st g 51-1933 M-N 10112 iiii 102 Sep '13 -- •_ al- 162 - Manufacturing & industrial
102
1933 M-N 1014 Sale 10112
8 10178 103
Am Ag Chem 1st c 55
i 1st guar 5s red
1928 A-0 10034 Sale 100
10034 12 04 101%
1 H & 'PC 1st g Is int gu_1037 j-J 1084 ---- 108 Dec '13 --- 103 108
(2-F 9714 971; 9712
Am Cot Oil cat 4;is
9712
1 95 9714
f Gen gold 4s int guar_ -1921 A-0 9312 96 93 Nov'13 ---- 024 94
Debenture 5s
1031 M-N 913s Sale 9138
0134 26 8912 95
. Waco& N W div 1st g68
Am Hide& Lists fg 6s-1019 84-8 10112 Sale 1014 10112
- 1930 M-N 108 110 11914 Mch'102 9834 1034
1941 J-J 100 10112 lova
1011
' A & N W 1st gu g Is
8012
i 156 - 1063
; Amer Ice Secur deb g 6 _1925 A-0 8012 Sale 80
8 70 80
Morgans La & T 1st 721_1918 A-0 1064 103 10634 Jan '14 --- 10634 110
Am Smelt Securities s f 612_1926 F-A 10438 Sale 10112 10134 33 101 105
1st gold 65
1920 J -J 104
Am Spirits Mfg g Gs
04
10514 J'iy '13 1 9912 0913
1915 yi-s 94 Sale 94
10514 107
No of Cal guar g Is
1938 A-0 108 --- 112 Feb '07 ---Am Thread 1st col tr 49_1919 J -J 88 93 93 Dec 1.3
9014 9354
Ore & Cal 1st guar g 58-1927 .1 -,j 10014 104 10118 May'13 ____ idils ioi - Am Tobacco 40-yr g 6s
9
Jant 13
1
1944 A -0 --------11611712
110 12014
So Pac of Cal-Gu g 58_1937 M-N 10234 ---- 1014 Nov'13-- 10112 10112
Registered
1044 A-0
110 1174
So Pac Coast tat go 4s g_1937 J -J 88 ---- 9112 Sep '12
Gold 4s
93 90 Dec'13
1051 F-A
91 974
San Fran Terml 1st 4s...1950 A-0 8538 Sale 8434
78
J A
J -----J nne97:
_11 10
90735
881
1,4
5
04 J
2
3
8538
1951 F
Registered
-tia; -96 ,Tex & N 0 con gold 518_1943 J -j
Am Writg Paper 1st s f 53_1019
96 Jan .14 -7033 -6(1);
C So Pac RR 1st ref 4s
- Yale- 0138
1955 J -J -6
9234 70 -Si- -941-2 Baldw Loco Works 1st 5s 1940
IN% 1034
Sale
SouthernBeth Steel 1st au s f 5s
21 92
1926
9634
ti-N
Nj 19
0
85
821: Sale 8314
1st consol g Is
A
8513
1994 J -J 1044 Sale 10372 10434 126 101 107,8
1st & ref Is guar A
1042 Paj-120 7334 8684
9814 Sale 97
,
97
3,
Registered
12
4 91 9173 074
1094 J -J __ ____ 100 Auri3 -__. 100 10434 Cent Leather 20-year g 53_1925 A-0 -------9715
9512 9714
• Develop & gen 4s Ser A 1956 A-0 78 Sale 7472
76 662 7214 7812 Consol Tobacco g 44
1951 F-A
12
9312 Dec'13
I Mob & Ohio coil tr g 49_1038 11-S 83 Sale 82
10 7812 81312 Corn Prod Ref a f g 5s
83
1931 M-N 113;
9312 9814
03
Mem Div 1st g 41i-58_1996 J-J 10312 ---- 104
104
1st 25-year s f 5s
1 941 934
1 102,4 107
1934 M-N 93 Sale 03
9313
92
'14
93
Jan
J
-J
8338 --- 8338
9414 96
; St Louis div 1st g 431
833s
1951
2 794 884 Cuban-Amer Sugar coil tr 6s 1018 A-0
6514 131 5412 70
Distil Sec Cor cony 1st g 53_14)27 A-0 6514 Sale 6312
1 Ala Con It 1st g Gs
1018 J -J 103 ..... 10514 Sep '12 --8714
8713 37 794 90
1 -WI; -871t Atl & Danv 1st g 45
8618
1948 J -J 854 ---- 864
4 E 1 du Pont Powder 4348_1936 J -D 8/12 Sale 01
Dec
'13 ____ 01 96%
I 2d 4s
General Baking lst 25-yr 612_1936 J -D
1948 J -J -_-- __ 8214 Feb '12 ---7514 82
, At'& Yad 1st g guar 4s 1949 A-0 77
Gen Electric deb g 3ha._1042 F-A 79 80 77 Jan '14
104
11 101 10511
• Col & Greenv 1st 65
- -fi:7: 1.(1112 iin-t2
Debenture Is,
1916 J-J 1014 ---- 1011; De-c'
1952 M-S 1034 10438 104
10353
___ 103 J'ne'13 ......i 10452
79 97 100
! E T Va & Ga Div g 58_1030 J -.I
03 1
,
09
64 Gen'i Motors 1st lien 66_1916 A-0 9912 100 9934 100
8738 52 8112 894
III Steel deb 41is
1 Con 1st gold 5s
1956 M-N 10714 Sale 1064
10738
1940 A-0 8712 Sale 8733
10112 70 93 1014
i E Ten reor lien g Is
1938 M-S 100 ...„- 10518 .Tly '12 ......Indiana Steel 1st 5s
1952 M-N 101 Sale 994
t Ga Midland 1st 3s
-. 0412 6412 May'13 ---- 63 6412 Ingersoll-Rand 1st 5s____/1935 J-j 100 ---- 100 Oct '13 __ 100 100
1946 A-0
( Ga Pac By 1st g Os
1022 J-J III/18 ---- 10614 Nov'13 _--. 100 110
int Paper Co 1st con g 8s_1918 F-A 10114 Sale 1014 10114 11 100 105
1925 J-J 1094 --- 11012 Jan '14 .-_ 1074 112
• Knox & Ohio 1st g 6s
83
2 80 904
8012 8312 82
Consol cony s f g 5s
1035 J-J
Int St Pump 1st s f 52
Mob & fir prior lien g 511_1945 J -J 1004 ---- 10512 Nov '12--- -674 12 57 asq
1929 5,i_s 6712 Sale 651s
70 78 79 Mch'13 1945 J -J
Mortgage gold 4s
44 9018 95%
95
-79 - -79 - Lackaw Steel 1st g Is
1923 A-0 05 Sale 9278
1915 J-J 10038 Sale 10038
1st con Is Series A
' Rich & Dan con g 6s
6 10014 10212
7812 46 71 8014
10038
1050 M-S 7832 Sale 734
1027 A-0 10012-- 101 Dec'13-- 10012 10312 5-year convertible 15s
, Deb 5s stamped
9012 37 93 90
1015 M-S 9814 9612 954
1948 M-N 70 -,.„ 73 Sep 12 --, Rich & Meek 1st g 4s
121
38 1164 1224
Liggett & Myers Tobac 75_1044 A-0 121 Sale 120
1919 M-N 99 10231 9978 Dec '13 --- -9832 101
So Car & Ga 1st 1s
9934 46 94 9934
Is
1931 V-A 9934 Sale 9834
1916 al-8 10114 .._ _ 112 Oct 116 ---Os
, Virginia Mid ser
12012 19 115 1224
Lorillard Co (1') 7s
1044 A-0 120 12012 120
1921 al-S 10134 -- 10334 Nov'12
, Series 1) 4-55
0978 81 9412 9971
Is
1051 P-A 9912 ',ale 99
1026 NI-S 10134 ---- 102 Dec.13 _- 102 hii34 Mexican Petrol Ltd cnv Os A_'21
t Series E 5s
91 100
8
98
3
1112 J
8
2
5
-0
jD
O
J 9
raenb9.
9_2
0
..12 -9
1031 11-S 10234 ...- 104 Mch'13 _--- 104 105
85 9513
. Series P Is
313
4
Nat Enam & Stpg 1st 6s 1929 A
1936 M-N 103 ---- 10323 Jan '14 ____ 10134 10814 Nat Starch 20-yr deb 53-1930
• General 65
88l3 8811
8 Sale 9812
f• Va & So'w'n 1st gu 5s 2003 J-J 1024 ..-- 10212 Dec'13 _- 10212 10858 National'rube 1st 55
09
71 91 994
1952 11-N -0871,
' 1st cons 50-year 5s
1958 A-0 91 95 9112 Jan '14 ____ 8912 9572 N Y Air Brake 1st cony 6s-1928 M-N 9714 93 9813 Jan '14
0814 103
W 0 & W 1st cy gu 4s
1924 F-A 904 ---- 92 ,J'ne'13 ---- 92 02
Railway Steel Springf' West N 0 1st eon g 03_1914 J -J 100 ..- 100 Aug'13____ 9938 101
9712 10 9514 984
Latrobe Plant 1st s f 55'...1921 J -J 97 Sale 97
Spiokane Internet let g 58-1955 J-J ------ 10212 Apr '11 --9238 35 89 89
Inter-ocean P 1st a f 5s-1931 A-0 9214 Sale 91
11 er A of St L 1st g Ois_1939 A-0 9938 ---- 9914 Dec'13 -- -tii itii - Repub I & S 1st & col tr 55_1934 A-0 10278 ---- 10234 Deo '13 ____ 102 103
Sale
1-1- 1st con gold 5s__-1894-1944 1r-A 10434 1004 10334 Jan '14 ...... 10412 10414
10-30-year Is 3 f
0114
1940 A-0 92
9214 104 8314 921s
Gen refund 3 f g 4s
1953 J-J
1930 M-N 874 8104 8712
86 87 8514Jan '14 ____ 88 8934 Standard Milling 1st 5s
88
3 8334 8911
,• St L 11 Bge Ter gu 1' 58-1930 A-0 101 ____ 10818 Sep '12
jjj :8
1_0.__614
Jrj J
The Texas Co cony deb 136-1931 j
433 974 1014
S8
Tex & Pac 1st gold Is
6
6
719 100
2000 J -D 101 102 1004
3
1:
j42 lraen
1b9:
1 -1iti- 1-0i14 Union Bag & Paper 1st 53_1030
5133:
00 93
10114
'2d gold Inc Is
q2000 Mch 20 40 51 Nov'12
1930
Stamped
8912 9114
Sale 84
. La Div 11 L 1st g Is
1931 J.J0-J
A 00 -.. 9913 Apr 'II ---- --- --- - U S Realty& I cony deb g
8478 10 79
gg
20
20
W AlinW& N W 1st gu 53-1030
20
U S Red & Refg 1st g 60-1931 J-J
10612 Nov
1 25 27
Sale 1027s jselp
Tol & 0 C 1st g Is
1935 J-J id71y0
93
3 •-•::-.. 10334 Jan '14
:81114
33 30 103 103%
'°4 -_-_---- iiii- ig1-4 IJ 8 Rubber 1 0-yr coil tr 6s_1918 J -D 10314 Sale
10138
Western Div 1st g 53,
.
,1 -00 10214- 101 Aur13-- 101 101
10218 433 964 103
U S Steel Corp--;coup _•41963 13.4-N 102
1935,
,1 General gold Is
10214
1935 -D 100 1011-2 98 Jan '14
1 974 102
f 10-80-yr 5streg -(11903 M-N 10214 Sale 102
_ 00 03 2
Kan & M 1st gu g 4s
1900 A-0 8614 -- 8534
8534 ---1 1834 1914 Va-Car Chem 1st 15-yr 53_1923 J -D 9518 Sale 9434
96
60 9014 98
• 2d 20-year Is
1927 J -.I 9534 ---- 95'14
10178
West Electric 1st 5s Dec 1022 J -J 1014 Sale 1013s
6 9934 10184
4 94 09
0534
92
9234 42 87 94
1017 J -J 85 91 85 Dec '12 ____ 80 9112 Westinghouse E & 54 s f 5s_1031
.Tol P & W 1st gold 4s
92335a10
!Tol St L& W prlieng 33,0_1925 J -J 814 85 82 Jan '14 ____ 80 8112
10-year coil tr notes 53-1917 A-0 96 9714 9634 Jan '14 _
944 97
; 10-year gold 4s
1050 A-0 60 Sale 59
4 4.1
60
84 474 60
! Coil tr 4s g Her A
1917 F-A 50 56 68 Deo '12 ____
Telegraph & Telephone
8812 85 8373 90
.Tar Ham & Buff 1st g 4a-01946 J -D 85 -___ 84 Dee.13
_ -iii - 11- Am Telep & Tel coil tr 4s....1020 J-J 8812 Salo 1'8714
ister & Del 1st con g 6s..1928 J -D 10012 101 10032
Convertible 4s
10034 -2 100 10412
1936 81-5 944 --7- 98 Deo '13 ..._ 8914 110%
9834 776 8933 104%
•4-) let refund g 45
1952 A-0 74 7934 75 Jan '14
20-yr convertible 4
14133 NI-8 ; 9834 Sale 964
-,Union PacificChicago Telephone 1st 5s1923
;1712
-3112
, 1st RR & land grant g 418_1947 J -J 97 Sale 96114
DeO'
Commercial
-12
Cable
97
89 04 9938
1st g 48-2397(
"
j-I_.
7
1 *7752 __ 8312 Nov9'
;
Registered
1947 J -J
Registered
711
2397 j
9612 9812
Oct '13
.t 20-year cony 4s
97
102 J -J 9234 Sale 9114
Cumb.d T& T 1st& gen 5s_1937
04 iedi
9234 087 8633 97
14
• 1st & ref 4s
g2008 84-S 924 9334 9134
9212 19 8878 9512 Keystone Telephone 1st 59_1035 pa
01'4 9114
j
Fa N
A
j ,
7
84
9 9
12
3f
. 0
9
090
1
38
Ore By & Nay Ion g 43_1940 J-D 9273 Sale 9214
MetropolTel&Tel 1st s f 53_1918 A
9278 49 86 94
100 101%
Ore Short Line 1st g 63_1922 F-A 11018 ____ 10934 1101
8 10812 1124 Mich State Teiep 1st 5s__ _1924
964 toit4
1st consol •{ 5s
1940 J -J 10714 Sale 10714 10712
NY &NJ Telephone Is i_11120
May'11
9 10312 109
. Guar refund 4s
1929 J -0 9233 Sale 9072
Y Telep 1st& gen s f4;is 1939 84-N 9734 Sale 9614
9234 47 884 934
9734 111 -64:" Ws;
Utah & Nor gold 5s
9913 58 95 101
1928 J -J 1014___ 108 May'll __ _....-_
1037 j-J 9334 Sale 98
Pac Tel & Tel 1st Is
1st extended 4s
1933 J -J 874 --South Bell Tel& T lets f 5s 1041
984 101
j 98
andalia cons g 4s Ser A-1955 F-A
511 S9a9le 0
98
54
99
5, 12
-ii"-ii- West Union col tr cur Is.. _,.1938 j:J
-di- Ap-r-.15
6 05 1024
Consol 4s Series B
-- 93 Meh'13
1957 M-N ---- --1950 81-N 9112 9434 90
911
141 and real est g 4;is
10 87 9011
93 93
Vera Cruz & P 1st gu 41is-1934 J-J
.87
---- 104 J'ne'll
94 Oct '12
1941 NI-N
Mut Un Tel gu ext
yirginian 1st Is Series A _1962 M-N WI;Nile 99
93 Jan '13
93 73
9934 60 -(78.- -6/13-4 1 Northwest T
Tel gu 4;is g..1934 J-J
.
•
--•_.
U
:V
MISCELLANEOUS BONDS-Concluded.
Coal & Iron
Bun & Susq Iron s 1 5s____1932 J-D
Debenture 5s
a1926
S
VolP & I Co gen s f g 5s-1943 F-A
Col Fuel gen 6s
1919
ol Indus 1st & coil 5s gu.._11)34 IP-A
ons Ind Coal Me 1st 58-1935 J -D
cons Coal of11d lst&rel 5s1950 J -D
r lily Coal& 0 1stg 6s_h1919 A-0
an & It C & 0 1st s f g 58_1951 J -J
ocah Con Collier 1st s f 5s_1957 J -J
Et L Rock M t& 1' 1st 5s
1955 -J
wenn Coal gen 5s
1051 J -J
1 firm Div 1st consol 6s,. 1917 J -J
t Tenn Div 1st g 6s
(41017 A-0
I Cali C AI Co 1st gu ,; 6s_1022 J -D
taliFuel 1st g 5s
1031 ,VI-S
ictor Fuel 1st s I 55
1953 J -J
S Iron Coal&Coke 1st g 55 1940
S
f
90 Sep '13
00 90
80 Sale 80
80
1 74 75
9614 Sale 03
0014 19 90 9018
104 10612 10714 J'ne'12
8012 15 75 85
8012 Sale 7914
76 Auct'13
76 70
76 76
89 92 8734 Dec '13
8'7 8'734
-_- ___
- 10238 Apr '06
91 -- 9214 Dec'1391 98
84
8418
--.5
85 8778
8414 8512
Jan '14
73 8012
7714 7912
101
101 Sale 1077034
8 96 103
10112 103 10112 Jan '14
10018 103
10'12 _
101 Jan '14
10014 102
,'13
103 103
101 ___ 103 Xi)
__ 84 -8
.6- Ma-ti'-13
-79-3-4 -id 95
5 92 98
9414 Sale 94
Miscellaneous
S
Adams Ex coil tr g 4s
Armour & Co 1st real est4M1
94
389 ..11-D
s'
1952 A-0
Bush Terminal 1st 9s
1055 J -J
Consol Is
1060 A-0
Bidgs Is guar tax ex
Chino Copper 1st cony 63_1921 J -J
inspir Cons Cop 1st es (rects)-- - „.
0
1922 A-1
Int Mercan Marine 4 Ms
lot Navigation 1st s f 53-1029 F-A
Mge Bond (N Y) 4s ser 2-1966 A-0
1932 J -J
10-20 yr Is series 3
1939 J • J
Morris & Co 1st s f 4 Yis
1951 F-A
N Y Dock 50-yr 1st g 4s
Niag Falls Pow 1st
5s-194
5s19
35
2j
Al-N
Ontario Transmission
JI
Pub Serv Corp N J gen 513-1050 A-0
RayConsCopper 1st cony 6s1021 J -J
1939 J -J
Wash Water Pow 1st 5s
774 ---- 754
02 Sale 0034
_8_13 N. r1
7714
6 73
92 122 88
9
Ailf:134----
8712 Sale 87
8712
-6.6. 7tic;. 150 Jan '14 -_
34
77
100
9734
6012 61 6014
30
01
7613 Sale 7812
65
77
8278
8
99
3121
894 96
85 94
122 190 ,
944 108%,
584 664 •
75 7914 f
---------9912
- ma-i•-15 -...-•:: -64)-12 74;
8512 88
8112 /412 J'ne'13.- 8612 8910'
78
78
2 82 84 •
90_34_ 1_022! 100 Deo '13 _ - 100 10234
-89 Dec'13 --- 87 89 •
0034 Sale 8038
9034 29 88 911
11012
8 974121 .
10912 11012 1094
____ 10312 102 Dec '12 ---------
No pries Friday; latest bid and asked. a Due Jan. d Due April, o Due May, 0 Due June, 0 Due July. k Due Aug, o Due_0_01.'Pus N97,11 P94 PPPt...AWII01111410h35
295
CHICAGO STOCK EXCHANGE-Stock Record.
•
STOCKS-HIGHEST AND LOWEST BALE PRICES
Saturday
Jan. 17
Monday
Jan. 19
25
30
85
475
96
96
3314 3238
71
: 712
3
42
1912 415
35 s___
413 412 *4
*---- 80 4--425
475
96
3234
74
•2
415
Tuesday
Jan. 20
25
420
85
475
06
06
33
3278
734 474
3
42
my 415
35 4____
413 *4
80 4.__.
Wednesday
Jan. 21
27
23
85
70
9612 9612
3318 3234
8
*712
3
*2
1912 *15
35 *--412
412
30 4----
Thursday
Jan. 22
Friday
Jan. 23
27
23
420
85
70
470
9634 0634 97
33% 3234 3314 -5ii, 33
*64 712
7
7
8
3
3
218 218
3
Jan'14
Last Sale 17
1012
Last Sale 3512 Nov'13
35
413
412 412
412 *414
Last Sale 25 Dec'13
25
3478
8218 3318 3234 3314 3234 3314 3318 3414 3378 3412 34
9512
9413 9112 9412 9412 9414 944 05
9512 0418 0418 95
Last Sale 406 Jan'14
•4400
4400
_ 4400 ____
Last Sale 130 Dec'13
•125 133 4125 133 •128
4400133
-- *129 133
Last Sale 34
Jan'14
*35
434 ____ 43518 42 .3518 42
90
83
83
48214 -- 8212 8212 85 14'7'- 483
12012 12012 12012 12012 12012 12012 12112 12112
4912 504 1.0172 50
50
*49
440
50
449
60
81
8112 8214 80
82
8114 8114 481
481
82
Last Sale 50 Dec'13
61
446
51
.46
51
446
51
446
54
5313 5312 54
53
55
45212 53
5212 5212 45212 53
Last Sale 21212 Jan'14
4210 21212 4210 21242 *210 21212 *210 21212
135 13612 135 13612
135 135
135 135 4133 135
, 135 135
Last Sale 212 Dec'13
4 '11 1112
115 1118 ;ill" 117
11
11
Last Sale 77 Feb'13
;55" 94 "e314 131-4 9314 6374 "ii 05 97 9712 98 100
420
22
*21
21
419
23
21
Last Sale 20 Dec'13
•19
*102 1021 102 202 4102 10212 *102 10212 10212 10212 103 103
63
63
63 63
6412 644 66
: 63
63
601
6612 68
Last Sale 10214 Dec13
e::::
•
77
Last Sale 7634 Aug'12
5125 128 4125 128 '125 128 •125 128
Last Sale 127 Jan'14
-4119 122 4119 122 •119 122 4119 122
Last Sale 116 Dec'13
15514 156
164 151
154 155
15512 156
157 158
157 158
4110 135 4119 135 4117 125 4117 125 4117 125
118 118
43
425g 4218 42
*1112 4212 *4112
440
4112
12412 1241 124 124
12212 12212 12212 12434 1243g 12412 1241g 1-243-8
Last Sale las Dec'13
*7313 1W- ;i8T2 80
80
80
79
79
79
' 97 97 *95 97 *9434 9514 9434 05 *77
9513 9512
W1-2
,-4-- 18 4-__ 18
18 *--- 18
Last Sale 1734 Jan'14
:•___ 42
3978 3978 *
40 4____ 40
186 186
18612 1864 1815r2 18614 18612 18912 18912 100
100 1011k
4122 123 4122 123 •122 123 4122 123
123 123
123 123
25
423
; 423
423
423
25
25
Last Sale 164 Nov'13
2512
*73
75
473
75
*73
75
473
Last Sale 66 Nov'13
7512
105% 1053 10518 10512 10518 10538 10513 10512 105% 10534 10534 107
4230 245 4230 215 4230 245 4230 245
Last Sale 230 Jan'14
.•103 104 4103 104 4103 104 4103 10418 10418 10118
j 149 149
14712 14712 14712 14812 148 14812 14612 14778 14714 14812
July'13
Last Sale
-65- 63 -a- -a-2 64 Ii1-8 6418 6512 14
10958 1095& 10918 10918 10912 10912 10012 10918 10918 10934 iio" fici"
*04 7
, 612 612 *014 7
.0
10
46
10
46
10
Last Sale 9134 May'13
.-
-air, 621
Sales
of the
Week
Shares
STOCKS
CHICAGO STOCK
EXCHANGE
Lowest
Railroads
76 Chicago Elev Rys com100 2412 J'ne 4
2 Do pref
100 70 Ply 16
527 Chic Rys part ctf "l"___ 88 Jan 14
5,216 Chic Rys part ctf "2"... 18 Pne 10
170 Chic Rys part ctf "3"___
512 J'ne 6
35 Chic Rya part ctf "4"--2 'rue 9
Kansas City Ity & Lt_100 1614 Ply 24
1)o pref
100 3512 Nov10
92 Streets W Stable C L_100
438 Dec 31
Do pref
100 25 Sep 22
Miscellaneous
2,165 American Can
100 2112 .I'ne 10
700 Do pref
100 81 Pne 10
American Radiator- _100 400 Oct 16
Do pref
100 125 Dec 2
Amer Shipbuilding
100 28 Nov 6
106
Do pref
100 78 Nov13
200 Amer Telep & Teleg_100 11034 Dec 15
15 Bcoth Fisheries corn. 100 4913 Dec 12
93 Do 1st pref
100 7312 J'ne 10
Cal Sc Chic Canal & D 100 40 J'17 8
692 Chic Pneumatic Tool_100 4712 J'ne 12
Chicago Title & Trust 100 200 Apr 26
1,295 Commonw'th-Edison.100 3412412 Dec 17
Do rights
2% Nov18
165 Corn Prod Ref Co com100
8 Pne 10
Do pret
100 77 Feb 11
440 Diamond Match
100 90 Oct 24
Goodrich (B.F.) com_100 1512 Nov29
195 Hart Shaft & Marx pf100 94 1•Ich22
1,396 Ilinois Brick
100 58 Nov 6
Internat Harvester Co100 100 J'ne l2
Knickerbocker Ice pf_100
National Biscuit
100 105 J'ne 12
Do pref
100 116 Dec 1
1,323 National Carbon
100 113 J'ne 2
12 Do pref
100 11112 J'iy 14
110 Pacific Gas & El Co_ _100 33 Nov 3
1,118 People's Gas L&Coke.100 104 Pne 10
Do
100
rights
1 Nov22
25 Pub Serv or No Ill con)100 65 Ply 10
110 Do pref
100 8934 Dec 8
Rumely common
100 19 Aug 29
15 Do pref
100 4012 Aug 4
3,524 Sears-Roebuck com 100 155 J'ne 11
122 Do pref
100 117 blay19
Studebaker Corp com.100 1614 Nov17
Do pref
100 66 Nov 8
1,440 Swift & Co
100 101 J'nell
The Quaker Oats Co_100 195 J'ne l2
50 Do pref
100 9934 .1'ne 24
1,271 Union Carbide Co
100 3142 Dec 18
Unit Box Bd & P Co_100
1 Jan 17
790 U S Steel corn
100 50 J'ne 11
535 Ward, Montg'y & Co pref 10513 Feb 19
10 Western Stone
100
9 Ply 22
Woolworth.corn
100 8714 MO)24
Chicago Banks and Trust Companies
NAME.
LI&I/MGM& KM.C114
,
NAME,
Capital Burp. &
stoca.t Profits t In
In
Per(00s om (iled.)
1012. 1913. iod.
.
Last Paid.
% Bid. As?:.
Rang for Previous
Year (1912)
Rangefor Year 1913
Lowest
Highest
30 Jan 3
91 Jan 20
102 J'ne 28
3314 Se:: 5
9 Sep 2
418 Apr 5
37 Sep 28
38 Oct 31
912 Jan 3
45 Mch18
4612 Jan 31
12914 Jan 30
500 Feb 11
135 May 1
55 Jan 13
10312 Jan 2
13914 Jan 3
71 Jan 3
8978 Jan 6
55 Jan 29
5512 Sep 16
221 Sep 11
155 Sep 29
312 Nov11
1612 Jan 31
77 Feb 11
1104 Feb 3
53 Feb 13
10012 Dec 26
7612 Jan 31
115 Jan 23
25 Nov
90 Mar
83 Dec
1934 Nov
6 J'ne
3 Oct
1414 Aug
40 Oct
6 Mch
35 Jan
Highest
40 Apr
93% Jan
10438 Jan
38 Jan
11 Jan
5% Jan
25 Sep
504 Jan
1178 Apr
52 Jai'
1112 Jan
47 Oct
91 Feb 126 Sep
325 Feb 405 J'ly
131 Jan 135 Apr
45 Aug
61 Oct
i00 Feb 10638 Oct
138 Dec 19878 Nich
89 Mch
70 Dee
77 Mch
95 Pm)
49 Feb
6518 May
44 Mch
5512 Oct
184 Jan 222 J'ne
13514 J an 150 Mob
"id" Feb
-2112 Oct
87 Oct
87 Oct
103 Ply 11134 Feb
63 Dec
801: Sep
97 Dec 1021: Mch
56 Jan
734 Sep
10512 Dec 12678 Sep
67 Ma
7638 Aug
114 Dec 1614 Apr
12214 Oct 13014 May
103 Mch 135 Sep
115 Feb 120 Jan
s 61 Ply s 67 Apr
10312 Jan 122% Oat
130 Sep 15
123 Jan 14
137 Dec 30
118 Jan 25
63 Jan 27
130 Sep 23
2 Dec 22
85 Aug 14 z 80 Dec s 9412 Apr
10118 Jan 13 z 98 Dec 210712 Apr
69 Feb 21
9412 Dec
9878 NOV
97% Feb 6 s 994 Apr 21034 Oct
21434 Jan 2 140 Jan 22112 Nov
12434 Feb 17 12112 Jan 12514 J'ne
3078 Ply
34 Feb 13
49 Aug
92 Dec
70 Nov 5
9713 Aug
10778 Mch 6
984 Jan 10914 Apr
215
Jan 397 Nov
280 Feb 15
10812 Feb 15 10512 Jan 110 Jan
218 Nov 4 313514 May 234 Nov
38 May
112 Feu 10
178 Jan
58% Feb
6834 Jan 2
804 Sep
111 Sep 17
1412 Jan 2
9 Sep
15 Nov
112 Jan 3
Dividend Record
Capital Burp. dt
Stock. (Profits t In
In
Per- Last Paid.
om
Wed.)
(00s
1912. 1913. god.
%, Bid. Ad•
Southwest Tr & 5 $200,0
$30,9 Org. J uly 5
Standard Tr &Say 1,000,0 :427,1 __
6
Stockmen's Tr &8
200,0
56,6
6
6
Union Trust Co__ 1,200,0:1,701,7
8
8&341
WestSideTr&Say
400,0 2138,0 8&24
12
Woodlawn Tr & 8
200,0 s119,1
10
10
'12.
Q-M
J-J
Q al
Q-M
Q-J
V. 95, p. 18. 120
Dec.311.3.131 153
Jan. '14, 3 1145
Dec.31'13,2 __
Dec.31'13 3 300
Jan. 14, 2% 215
I
125
157
150
....
.....
222
American State-- w$200,0 3200,1
21,6 5)-6w ____ Dec31'13 112w 24() 250
Calumet National
100,0
y72,0 None
6
An Jan '14, 8 150
Capital State__
200,0
20,6 Org. J an. 27 13. V.05, p. 1585 107 111
Central Mfg Dist250,0
227,1 Beg, b us.Oct 7'12 V. 95,p, 944 139 142
Cont & Corn Nat_ 21,500,0 710821 8 10
1136 Q-J Jan.'14, 3 287 289
Corn Each Nat_ 8,000,0 y6,467,6 16
16&8y Q-.1 Jan. '14, 4 417 425
Drexel State
300,0 2145,8
Q-J Jan. '14,21m 215 __
6
6
Drovers' National
750,0 y389,7 10
10
Q-J Jan. '14, 25,1 250 260
Englewood State_
200,0
263,4
Q-J Jan. '14, 2 174 180
8
8
First National_ 10,000,0 2121253 17
17 Q-M Dec.31'13,414 424 427
BONDS
FirstNatEnglew'd
150,0
243,0 125,6 10&3e Q-M Dec31'13512ni 350 CHICAGO STOCK
Interrds
Week's
Price
Range
Foreman Bros- 1,000,0 3523,3 l'rly ate 13a nk
EXCHANGE
Sold
Range or
est
Friday
for
Ft Dearborn Nat_ 2,000,0 14182,9 8
8
Q-J Jan. '14, 2
Week Ending Jan. 23,
Year 191$
Period Jan. 23.
Last Sale
Halsted St State_
200,0
28,8 Org. N oy 25 1012
125 130
Illbernian13k Assn 2,000,0 21,248,0 Not pu bibbed -see note (%)
Higi
High No. Low
Ask Low
Bid
ID
Hyde Park State_
200,0
:48,9 Beg. b us Aug '12. V.95, p. 273. 130 135
01 Feb
Am Tel & Tel coil 41„....1929 J - J
Irving Park Nat-100,0
h12,5 Orga n. Feb '12; V. 04, p 465. 116 118
'13 --11939 J -D -11IT4 -111-3:i 9114
0 9
Armour & Co 45is
89
1% 9174
9134
Kasper State...
400,0 8200,8 10 10&583 J-J Jan. '14, 5 235 245
1928
8214 April'12
74
Auto Elea 1st al 68
I 70
Lake View Stale_
200,0
28,7 -14( Q-J Jan '14, 13-1 106 112
-_.
97
9613 May '12
Cal Gas & El unit & ref 58 1937 81-N 8
Lawndale State_
200,0
60,1 ___
6 Q-M Dec.31'13, 2 215 225
09
N
7n4 18
10038 29 -991927 F - A 10014 Sale 10014
Chicago City Ry 55
Live Stk Each Nat 1,250,0 y649,1 10&2e
12 Q-81 Dec.31 '13,3 249 253
7714 Dec'13
Chic City & Con Rys 588-d1927 A -O t 7858 80
Mech&TradState
200,0
:59,9 Beg. b 1.08.Aug 26'1 2 V 05, t) 593 128 131
9711
97
Chicago Elev Ity 55
a
1914 J - J 07 Se
8
Nat Bk of Repub. 2,000,0 y1,451,2
8
Q-J 1)ec.31'13,2 203 212
98
00 Dec'13 --_- 8
2's 94
98's
Chia Pneu Tool 1st 5s-a1921 J - J t 91
6
National City__ 2,000,0 y768,4
6
Q-J ran. '14, 156 162 165
9918 51 96 10014
Chicago Rys 58
6
250,0 2118,2
National Produce
6
Q-J Jan. '14, 131 167 171
8 ___ 894 0434
Chia Rys 58
98
11: Jan'14
A 994 S
series'
aes 9
19A27
'F
A -- O
2122,7
7
200,0
7
Q-J
Jan. 14, 15( 144 147
North Ave State54 774 84
series "13" J -D 814 Sale 80
Chic Rys 4s
6
:23,8
Q-J Jan. '14, 151 130 133
6
200,0
North Side St Say
93
Chic Itys 41
series "C" P - At 93
93 Sep '13 -....-- 93
95
6
63,6
7
Q-J Jan '14
300,0
134 182 185
North West State
.
Chic Itys coil 68
_.
J 17000
- --7i- _ii
an '12
1913 F - A
'12.
V.05, p. 1944 100 104
11,0 Org. N ov. 27
Ogden Ave State_
200,0
Chic Ry Pr m M g 45_21927 J - J:
-1
-70- -7-312
70
10
Q-J Jan '14, 412m 256 266
500,0 :133,4 10
People'eStkYdsSt
68
5112 24 43
Chic Ry Adi In° 48_21927 Mayl 5112 Sale
50
21,7 Beg. b us Nov I'll V.03, p. 1233
200,0
Second SecurityChicago Telephone 68_1923 J -D 10018 Sale 10012
6 99 101%
10018
7)a Q-3 Jan. '14, 2 ai1.
2.ii
6
171,5
Becurity
400,0
Cicero Gas Co ref G m_1932 J - J:90
93
9518 Dec'12 -8
8&26 Q-J Jan.'14, 4rn 230 .....
Booth Chicago Say (200,0 :148,0
7 -ISA
10134 25 -60
Commonly-Edison 58-1943 AI- 8 10158 Sale 101%
6
:31,0
Q-J Jan.'14, 156 130 135
6
South Side State_
200,0
Commoner Elea 51_11943 NI- S :10058 _____ 10014 Jan'14 --__ 9918 1024
Btate Bank of Chic 1,500,0 :2,802,4 12
12
(1-./ Jan. '14, 3 393 398
Cudahy Pack lit M 63.....1924 81-N :100
93% 10011
z54,4 Bea. b tuhAug 10,1 2 V,95.13.523 141 145
State Bank ol Italy
200,0
1)1a Match Con deb 68_1020
104
:... 10112 10612
,
4 Ajj
uriairly
n
t0
11
.11i:...
1
9:
itie 190
Stock Yards Say_
250,0 :249,5 10
15 Q-M Dec.31'13,4 300 Gen Mot 6% 1st L notes-1915 A -0:98
99
Linton 13k of Chic_
500,0 y170,5
6
6 M-N Nov'13, 3 179 183
lot liar 3-yr 5% g notes-1915 F - A ---- ---99 99
Washingt'nPkNat
100,0
227,6
(SU 10&3e Q-J Jan. 14, 55,6m 229 231
Inland Steel 1st al g 68_1928
1054 April'12 -OentralTrCootIll 4,500,0:2,161,1
8
0
Q-J Oct.'13, 251 228 232
Kan City Ry & Light Co
408,5 10&22 12&12 J-J Jan. '14, 6 205 315
600,0
Chicago City B&T
1913 Ii-N ____ ____ 99 Oct '12 -6
clIticago Say 13 &T 1,000,0 :265,2
6
Q-J Jan. '14, 131 140 144
75 Sep' 13 --.-73- - W
.
LI St 11-1st Ss
4
1928 J - J 2.-_. 75
8
Chicago Title &Tr 5,600,0 12,886,9
856 Q-J Jan'14, 254 210 21212
Metr W Side El 1st ts....-1938 F - A j 774 778 7712 Jan'14 --- 7714
(o)
()Weals! Tr dr Say 1,000,0 :406,4 8&2e
Q-J Jan.'14, 2 169 171
Extension g 48
1938 J - J t___ 77
77 Nov'13 -- 764
Cont&ComTr&S 3,000,0 21,769,2 Not pu bibbed -se e note (11)
alll El Ry & Lt 1st g 58-1926 F - A :103 10112 1047 Aprif12 ---(11)
250,0 2183,3 10
10
Drovers Tr & Say
Q-J Jan. '14, 246 260 --.
Morr
dois &re0
9412 95 Aprial2 --__
et &
oi
ezet 44M-1931 J - J:04
First Trust & Say 5,000,0 23,732,0 None None Q-M Dec30'11,4 --- 1939 J - J t 8634 Sale
86334 ay
80,
31 .._3_ -8ir3-iir,
:31,5 Beg. b us.Apr 3'11 V.92, p.029 - .-_
250,0
I
DearbornTr&S
Nat Tube 1st g 53
----- ....up
:130,5
_
162
165
300,0
Q-J Jan. '14, 151
anklin Tr & Bay
Nor Shore El 1st g 5s.....-1:2 A-1 t-iirs
99
3
reenebaum Sons 1,500,0 2343,3 10
10
Q-J Jan. '14, 251 ___ ___
do
96 Aug'13 ---- 90
1st & ref g 68-1940 A -0 j___ 98
6
J-J Jan. '14 33,6 150 155
56,4
6
200,0
uarantee Tr & S
Nor Sh Gas 01 131 1st 53-1037 F - A ____ _____ 0512 Sept '12 -anis Tr & Say- 1,500,0 :2,471,7 12 12.52102 Q-J Jan. '14, 71 450
North West Ita lit 48-1911 11- S
10014 July '11 -- ome Bank &Tr300,0
:88,3 Beg. b us.Apr 10'1 1.V.92.p.1004 150 155
N W G L & Coke Co 58-1928 Q -M 8-98T4 -rifi
100 Sep '13-- --9913-AI
Oriels Tr & Say- 5,000,0 s100630 16&4e 1133842 g Oct. '13, 4 475 485
2 92
954
1945 II-N 9514 Sale
9514
97
Ogden Gas 55
nwoodTr &Say
200,0
113,3 7&22
7
Q-J Oct. '13, la( 180 185
11512 Sept '12 --Peop Gas L & C let 68-1943 A -0
109,3
300,0
eVIewTr&13av
Deo 31'13,1 li 169 173
6
Refunding gold 5s
1947 li- S -Ws §Wie 994
9958 37 --9Ws -for
302,2 13eg, b us.8ala yQ4'10
100 102
SalleStTr&Bay 1,000,0
10114 37 100 103
Chic Gas L & C let 58-1937 J - J 110114 Sale 10114
Liberty Tr & Say_
100
8 99 1004
:op
275,0
176
24,5 Org.D so. 6 '12.
Consum Gas 1st 58-1938 J -I):9912
Market Tr & Say_
231,3 Org. S opt. 5 '12. V. 95, p. 1593 116 119
200,0
Mutual Fuel Gas lit 58 1947 Ai-N :9812 __ 100 Sep '13 ---- 9914 10014
925
alere'ntileTr&Say
63,4 Beg. b us.J'ly 1'12 V. 94, p. 481 160 165
250,0
Pub Barry Co let ref g 6s-1956
22 887 97%
9231 Sale 9214
Merchants'L& T 3,060,0 27,353,1 16
934
16
Q-J Jan. '14, 4 437 440
9013 Jan'14 .--- 89
South Side Kiev 454s----1924 J - J:001: 92
Michigan Ave Tr:73,8....
200,0
5
Q-J Jan.'14, 154 129 134
Swift & Co lit g Si
1914 .1 - J 10014 Sale 10014
10034 55 99 1004
Mid-City Tr &Bay
500,0
131,8 Com.b us. Ap 10,1 1.V.92,p.1004 216 218
Trl-City Ry & Lt coil
Northern Tr Co__ 1,400,0 22,031,9
8
8
Q-J Dcc.31'13,2 312 316
1923 A -0
trust lien a 1 Si
Kor-West Tr &S. 84255,0
8
-- i- -7-5
160,2
J-J Jan.'14, 5 315 325
8
1945•-0
Union Elsa (Loop) 5s
Old Colony Tr & 8
ecrq.:11i
200,0
52,2 Beg. b us.Pne 111 V.92, p.1537 110 116
.
i- --_-_---.--. 134 :tfa
141- S q
U 8 Gypsum 1st g 62...J922 I/
People's Tr & Say
500,0 8241,9
-gra"for ;
8 Striae ti-J Jan. '14, 254 285 290
19234 - .1 :100- ___ 9058 Dec'13
Western Elm Co M
Pullman Tr & Say
300,0
8
Q-J Oct. '13, 2 180 -248.8
8
:
, 1
Sheridan Tr & Say
200,0
:50.4
3
6 (1-.1 Jan.' 14.118 149 153
Note--Accrued interest mus t be added to all Chicago price s.
I
e •Bid and ask prices; no sales were made on this 0131'. t Oct- 21 (close of business) tor national banks and Oct. 22 (open ng of business) for State irustitutions.
NC
price Friday; latest price this week. 1 Sept. 1 1011. 11 Dividends not published; stock all acquired by the Continental & Commercial National Bank. a Due Dee. 31.
4 Due June. c Due Fob. a Duo Jan. 1. e Extra 811v- I Capital to be increased to $300,000. Bee V. 97, p. 1799. k New stock. 1 4% of this 13 extra. Is-Stock. I
holders to vote Jan. 13 1914 upon Increasing capital to 3300,000, the additional stock to be distributed as *20% stock dividend. V. 97, p. 1799. Z Sales reported
ginning April IS. f Dividends are paid Q.-J. with extra payments Q.-F. 8 Dec. 31 1913. a Ex 24% acoumulated dividend. w Increase in capital to $400,004
authorised Sept. 24, a cash dal. of 75% being paid in connection therewith. V. 07, p. 1000, 574. ns Includes ex dly. s Ex-div. and ex-stock dlr. IN Is
maid. a Paid 9% roil. And 13.4 extra on old oapital stook of $600.000 and 151% 0000w capital $1,000,000,
s Jan. 13 1914. r Jan 13 1914.
Chicago Bond Record
iaa iaa
In
:::: iN m
lor
,
l
BOSTON STOCK EXCHANGE-Stock Record.
296
SHARE PRICES-NO2 PER CENTUM PRICES
Saturday
Jan. 17
9834
*98
187
8912
+165
51
*250
*7
Monday 1
Jan. 19
9634 *9732
9814 *99
188 *188
9034 88
*165
-5213 5112
*250
-1-5
*7
60
Tuesday
Jan. 20
Wednesday
Jan. 21
Thursday
Jan. 22
.Fr:lay
Jan. 23
99
99% 9934 *100 100!4
Last Sale 9738 Jan'14
9918
190 190
189 190
190
8812 VO
8812 89
89
List Sale 163 Jan'14
_
52
5312 51
.13 - 52
Lut Sale 250 Jan'14
__
Dec'13
Lan Sale 7
-1-5
65
*60
65
*60
65
Lrst file 612 Nov'13
;39- 16- .55,16- wao- 16- ;55- 16- Last Sale 39 Jan'14
Last Sale 163 Jan'14
*163 165 .163 165 *163 165 *163 165
*105 __ *105 ___ 10513 10512 *____ 10512 *--7
, 105
'
,*;,.:-- 10113
*175
_ *182
_ *175
_ _ *178
1,7:31 sal,: 160 Jan'14
__
87
85
85
8034 -if
81 if *80 .-8i
81 -81 - *83
Last Sale 11912Nov'n
+120
___ *120 12118 +120 121 *12014 ___
*8314 8414 8378 83/
1
4
*8314 -84
8334 8334 *8313 8413 83 -83
95/
1
4 9512
*9512 97
*95
95
95
95
95
95
+____ 95
14
1312 13
1313 .13
*1212 1334 +____ 1334 *12
1313 *12
6412 65 68
6412 64
84
6413 6412 6412 6412 6412 64
7618 7714 7534 7612 7534 7614
1
4 7612 77
7634 7638 77/
76
105 105 *105 112 *108 113 *109 113 *110 115 *110 113
15513 156 *156
153 153 *153 155
+154 155
155 155
*25
30
30
*25 -30 *25
*25
30
+25
30
30
30
/
4 15918 15934 16113 *1621
*15734 15818 15818 15834 15818 15818 1591
/
4 16238
Last Sale 85 Jan'14
*8412 85
*8414 85
*8433 85
*8413 85
Last Sale 115 Jan'14
*115 120 *115 120 *115 120 *115 120
73
7314 7314 74
7434 75
7212 73
73
73
73
75
90
90
89
*90 ...._ 90
90
90
89
*9012 _
*89
8752 *9752
9914 *9834
188
190
89
90
_ _ +105
52
-52
__ *250
15
*7
60
*60
9774 99
9914 *9834
190
18934
90
8814
_ _ *167
-52-12 52
__ *250
*7
15
65 *60
53
531
/
4 53
5338 53
53
53
55
94
94
94
94
94
94
94
9514
*234 3
*234 3
*212 3
*2/
1
4 3
1514
*1713 18
18
*1734 18
18
18
103 103
10534 108
10513 1061
/
4 108 10612
/
4
11112 11112 111 112
111 11112 111 1111
1201
/
4 12012 12033 121
121 12214
12C1 121
_
_ _
_ _
_ +15
..
71/
io '-7918
ii F7r2 1/12 77 If;
__ 60 80
.._ *60
*60
+60
*99 1912 *99 -9912 *9914 -.9913 *991
/
4 9913
/
4 812
*814 812 *81
*8
10
10
*8
1614 1614 1558 1534 *1534 1613 *1534 1614
1014 4.1014
.01014 1114 4.104 1114 lo
257 259 259 25-9
255 258
249 251
145 14512 14412 14512 145 14534 148 148
10012 101
101 101 *100 101
101 101
92
92
9114 9112 9134 92
92
92
9112 91
91
9134 9114 9114 9113 9112
21214
*212 214 *212 214 *212 213
212
3 *___ _
3 *_
3 *____
3
30
*25
30 *27
30
30
30 *25
1
4
-__ *6812 ___ *68/
,.-- *68
*68
135 1-35
134 1-35
134 1-34
135 1-35
+153 154
15414 15512 155 15514 15513 157
17
17
*17
18
___
18
1778 18
105 1051 105 10513 10514 10512 10514 10534
*27/
1
4 28
28
28
*2713 28
*2713 28
.28 __ *29
2912 *2812 2912
__ 29
1%-l% +1
*1
-1-14
114
114 114
16612 18? 16712 16813 16734 168
16734 168
56
5618 56
5614 55/
1
4 5618 5512 56
2812 2812 2812 2812 28/
1
4 2812 2812 2834
6212 6258 6234 6334 6278 6312 6378 6434
109 10912 109 10912 109 10912 108/
1
4 110
134 134
134
134
172
172
11
/
4 178
*285 300 *285 300 *290 300 *290 300
2258 2214 2278 221
2158 2178 22
/
4 2334
138 134
11
/
4 112 *112 134
1
112
3613 3612 3712 3712 3712 3734 3712 38
7418 7418 7412 7514 7412 7514 7512 7638
2014
20
2014 *1934 20
*1934 2014 20
45% 412
413 413
413 434
414 413
7
1
4 ----3
4
3/
1
4 3/
3314 3358 3312 3312 3278 3318 33
3458
65
0512 6512 66
6512 66
6613 67
420 420 *420 425 425 425 425 425
1514 1534 16
17
17
17
1634 1634
3934 3934 3958 4012 3934 40
4038 4114
39/
1
4 40
3813 3312 39
39
3934 40
212 212 *21
212 213
/
4 212
214 214
12
12
12
1214 1214 1212 12
1212
314 312
312 3/
1
4 *35% 334
1
4
334 3/
77/
1
4 7814 8018 80
8114 81
77
8214
33
33
33
35
35
3512 3612 3912
1
4 18
1712 17/
18
1712 1778 1758 18
*29
30 *29 ____ *29 ____ 29
29
.35 .35 *.35 .50
*.35 .50 +.35 .40
434 434
513
5
5
5/
1
4
512 6
+4712 4812 48
4812 4713 48
4734 4933
8512 88
85
85
8512 85
85
*85
20
2012 21
21
2112 21
211
/
4 22
458 43:
434 5
5
5%
5
5%4
2% 212
2% 2%
212 234
234 3
1
4 1014 10 • 10
934 10
1
4 .9/
934 9/
4/
1
4 478
5
5
478 4/
1
4 *434 5
3/
1
4 378
312 334
3/
1
4 378
353 3%
*3
313 *2/
1
4 318
3% 35%
3
3%
712 712
712 734
753 734
773 812
2314 2312 2314 2358 2313 2358 2334 233.1
114
"4
1
1
1
1
*.95 1
45
46
*4334 45
*4334 45
44
45
1
4 16
16 'Mg
1512 1512 1512 1512 15/
3
3/
1
4
338
3/
1
4 338
3
238 278
8
8
8 8%
8 8%
8
8
28
1
4
28/
1
4 28
2812 2812 2834 2813 28/
214 214
*134 2
2
2
*134 2
.95 .99
*.75 .95 '0.75 .95 *.90 .95
414 414
438 412
4% 5
4% 4%
511
/
4 52
*5114 52
511
/
4 5212 5212 5234
77/
1
4 7714 79
7912 80
80
78
78
1934 20
1934 20
1912 2014 1934 2018
6312 64
*6212 63
6313 64
64
*62
*1812 1834 1853 1878 1834 1834 1873 19
35
33
35
34
34
34
34
34
*11
/
4 2
158 11
/
4
11
/
4 158
134 134
834 634
612 612
6/
1
4 634
6/
1
4 658
29
28
29
29
2812
2712
2712
2853
+.20 .25 4..20 .25 '1..20 .25 +.20 .25
27
27
28
2812
28
28
28
28
238 238
214 238
2/
1
4 238
2% 2%
30
30
30
3034 31
3034 3178
31
412 412
414 414
412 412 *412 454
•.55 .65 '1..55 .65 *.60 .65 *.60_
3934 3934 40
214
40
401
/
4 4114 4112 147/
1
4 4712 4714 4712 4712 4712 47/
1
4 48
1% 1%
178 178
134 178 *134 11
/
4
1014 10
10
10
10
1
4 10
934 9/
5133 5258 5212 5334
5078 511
/
4 5114 52
*118 114
118
114
138 138
112 134
3
3
+258 3
3
3
*3
313
43
48
48
/
4 4013 4712
4613 4612 461
..75 .95 *.75 .85 *.75 .85 *.75 .85
Sales
cd (ha
Week
Shares.
STOCK.,
BOSTON STOCII:
EXCHANG...
Range for year 1913.
On basss of 100-share lots
Lowess
:-Air° ds
125 Atch ''op & Santa e'e_l06 9112 Oct 16
100 9514 J'IY 9
Do pref
100 133 Dec 23
290 Boston & Aloany
100 82 Nov 5
1,381 Boston Elevated
106 150 Dec 13
Boston a% Lowell
100 :15 Dee 12
1,024 Boston & Maine
Boston & Providence_100 23812 Dec 26
7 Sep 2
.3ostor Suburban El Cos_
5712 J'ne t,
30 Do pref
5 Feb 95
Boston & Wore Elec C ss_
3612
Dec 29
Do prof
Chic June Ity & USY _100 162 Sep 29
5 Do pr3f
10112 J'ne 20
Connecticut River__ _100 '00 J'ly 9
80 Fitchburg pref_ ___100 63 Dec 12
Ga My & ElPc stmp.1_100 8115 Aug 8
60 Do pref
100 8212 J'1Y 11
65 Milne Central
100 91 Dec 20
330 Mass Electric Cos_ _100 1012 Dec 1
723•,.. Do pref stamped _100 63 Dec 22
1,867 N Y N Il & Hartford_100 6534 Dec 12
10 Northern N II
100 100 Dec 15
120 Old Colony
100 150 Dec 22
2 Rutland. pref
100 25 Aug28
235 Union Pacific
100 13912 J'ne 12
/
4 J'ne 10
Do pref
.__100 801
Vermont & Mass-___100 105 Dec 13
155 '‘iest End St
50 6714 Dec 16
Do pref
103
50 85 J'ly 15
Highest
hewes;
HO; est
10614 Jan 2
1011
/
4 Feb 4
215 Jan 2
11414 Jan 30
905 Jan .:7
97 Jan 3
290 Jan 3
1912 Oct 31
Oa Men 7
714 Merl 0
45 Jan 24
169 Feb 14
107 Itch b
260 Jan 13
123 Feb 8
120 Feb 10
83 Sep 20
110 Men 13
1938 Feb 4
79 Feb 5
130 Jan 9
130 Feb 21
17612 Feb 11
31 Mch25
16214 Jan 6
901
/
4 Jan 9
150 Feb 27
811
/
4 Feb 8
100 Jan 3
10378 Feb
10114 Nov
31112 Sep
112 Dec
202 Nov
94 Dec
290 Dec
10 Dec
70 Dec
7 Dec
50 Aug
195 May
10713 Oct
999 J'ly
119 Dec
134 J'ne
83 Dec
125 Dec
16 Dec
7238 Dec
126 Dee
12813 Oct
17.1 J'ne
41 Jan
152 Dec
8:118 Sep
170 Dec
80 Oct
16 Nov
11114 Oct
10414 Feb
22212 Apt
13414 Mel%
218 Jan
10012 Jan
300 Apt
1.
may
80 J'ne
1212 Jan
57 Jan
170 Jan
112 J'ne
272 Jan
128 Jan
z179 Apr
9112 Jan
14738 May
2318 Jan
83 Feb
14238 Apr
143 Jan
187 Jan
70 Jan
17614 Sep
9378 Dec
164 Jan
8873 Feb
10312 Melt
idiscclIzneous
2,260 Amer Agricul Chem_100
/
4 57
551
57
56
100
9578 9712 4,112 Do pref.
9512 98
200 Amer Pneu Service- 50
3
3
3
3
171
1512 19
Do prof
50
1812 1812
720 Amer Sugar 1tefin_100
10612 10758 10634 10834
100
577 1)0 pref
11112 113
111 112
12212 12312 1233, 1237, 7,171 Amer Telep. & Teleg_100
American Woolen
Last Sale 1514 Dec'13
100
7938 80 80 8014
100
343 Do pref
5 Am0e„,,
a manufacturing
*61
61
_-.,.. 61
100 1-UK1
4 Do pref
+9914 9912
*814 813
1 AU Gulf SG W 1 s S L_100
9
9
161
/
4 1614 *18
235 Do pref
100
1614
10
*1014 ,-_,.2-- 11
1114 2,785 East Boston Land
258 259
704 Edison Mice Illum_100
25734 258
14712 143
501 General Electric
100
14612 14678
101 101
275 McElwain(W11)1st_pf 100
102 102
885 MassachusettsGasCos100
92
9273 9234 93
100
237 Do pref
9134 9212 92
9212
46 Mfmgenthaler Lino
100
213 214
214 214
10
Mexican Telephone
Last Sale 3
Nov'13
100
*25._. +25
5 N E Cotton Yarn
35
Do prof
100
Last Sale68 Nov'13
100
484 N E Telephone
135 136
136 13912
320 Pullman Co
100
15612 15714 15714 15813
653 Reece Button-Hole
184 18
18
10
18
100
625 Swift & Co
10512 10534 10534 10714
95 Torrington
'
,5
28
*2712 28
28
*28 .2._ *28 . _
25
65 Do pref
138 112 1,300 Union Copper L & M 25
114 -1(4
167 168
167 16734 1,311 United Fruit
100
5512 56
5512 56
3,444 Un Shoe Mach Corp_ 25
*2814 2812 2813 29
219 Do pref
25
6412 6534 6533 66
100
14,881 U S Steel Corp
110 11114 11112 11112
100
Do pref
371
41 Sep 4
8912 Dec 22
212 J'ne 11
la Nov 3
9912 Dee 12
10318 Dec 9
11014 Dec 15
1514 Dec 13
74 Msy 8
59 May27
0234 J'ly' 23
5 Jan 10
10 Jan 1
9 J'ne 5
234 Dec 18
130 J'ne1,0
95 May26
87 Apr 28
86 J'ne 16
209 J'ne 14
3 Jan 16
17 Apr 0
637, Apr '7
127 Dec 19
149 Dec 18
1412A pr 15
101 J'ne 12
26 Set) 15
28 Sep 25
34 J'ne 6
147 J'ne'24
4112 J'ue 10
2638 Joe 24
50 J'ne 11
10212 J'ne 10
57 Jan 11
54 Dec
9914 Jan 2
98 Dec
3 Aug
4'Z Jan 3
2334Jan 11
14 Itch
1181
/
4 Jan 3 11334 Dec
1171
/
4 Feb 1 11414 Dec
14012 Jan 3 13713 Jan
21 Apr 30
22 Nov
831
/
4 Sep 23
7914 Nov
75 Jan 14
75 Nov
100 Jan 23 19014 J'ne
Aug
22
121
/
4
5 Aug
1913 Aug25
101
/
4 Aug
1034.100
15 Feb 8
Jan
10
21212
28812
Sep
181134 Jan 2 155 Jan
104 Jan 13 103 .ry
Apr
Jan
22 18818
932
93 Dec
9558 A1ch24
220 Sep 4 21412 Dec
212 Mch
3/
1
4 Feb 8
10 Dec
59 Apr 2
90 Dec
1)115 Jan 11
160 Jan 11 11414 Om
1651
/
4 Jan 2 158 Feb
1334 Jan
18 Sep 27
9812 Jan
103 Mch 5
1./ May
28I5 Jan 15
28 Jan
281
/
4 Jan 20
2 Jan 4 .85 Jan
182 Jan 3 /1171 Sep
4014 Jan
55)4 Feb 4
:712 Dec
2812 Feb 3
1
4 Feb
68/
69 Jan 2
/
4 Feb
111 Jan 30 1071
6334 Mch
105 Mch
514 J'n"
24(2 Nov
13358 May
12334 Aug
149 Mch
30 Mch
9414 Mch
84 May
105 Mch
9 Feb
20 Jan
1714 May
300 Men
189 Deo
19
05
7 Jan
Mining
25
134 178 1,350 Adventure Con
11
/
4 2
Last Sale 290 Jan'14
23
Ahrneek
2314 23/
1
4 2314 2358 21,310 Alaska Gold
10
25
245 Algomah Mining
158 158
*114 134
3834 3834 3812 3812
984 Allouez
/
4 7778 z7518 76
781
7,487 Amalgamated Copper 10
5
20
2,255 Am Zinc Lead & 8m_ 25
20/
1
4 21
2014 21
4/
1
4 5
5
513 5,005 Arizona Commercial_ 5
Last Sale'.60
13os&CorbCop&SI1Alg 5
Nov'1310
4
4
2,165 Bu'te-Balaklava Cop
378
4
34
3434 3312 3418 6,946 Butte& Sup Cop(Ltd) 10
4,771 Calumet & Arizona__ 10
6712 68
67 68
425 430 432 433
78 Calumet & Ilecla-- 25
25
1,340 Centennial
17
1634 17
17
41
4173 4112 4112 1,438 Chino Copper
5
3913 3934 3912 3912 1,828 CopperRange Con 00 100
212 212
214 212
20
335 Daly-West
1214 1212 1213 1234 3,293 East Butte Cop Min_ 10
25
772 Franklin
334 4
378 4
10,267 Granby Consolidated_100
8112 8414 8312 85
38
4078 3,695 Greene-Cananea
42
40
100
1,155 Hancock Consolidated 25
18
191
/
4 1912 21
10 Medley Gold
*29 --__ *29 ____
10
25
350 Helvetia Copper
.35 .35
.35 .35
25
490 Indiana Mining
5/
1
4 6
12 51
1
Coal
49
4913 ------801
Creek
Island
-219
Do pref
88
87
86
863-4
1
2134 2212 2134 2134 1,359 Isle Roya1e Copper_ 25
2,045 Kerr Lake
5
5
5
5%
5
3
3%
25
312 334 4,127 Keweenaw Copper
10
10
1018 1014 2,219 Lake Copper Co
25
640 La Salle Copper
5
5
25
*478 5
745 Mason Valley Mines_ 5
3/
1
4 312
313 312
3
3
305 Mass Consol
*278 318
25
25
2,280 Mayflower
8
833
734 8
2334 2373 24
491 Miami Copper
24
5
25
275 Michigan
*34 112
*34 114
45
48
452 Mohawk
45/
1
4 46
25
161
/
4 1814 1614 1612
720 Nevada Consolidated_ 5
3
3
35% 5,570 Nev Arcadian Copper 25
35%
8
8/
1
4
2,933 Nipissing Mines
773 8
5
15
2878 2914 2834 2912 10,245 North Butte
214 214 _
300 North Lake
25
.98 .98
565 0 lbwa Mining
lilt -2
25
25
4/
1
4 518
3,170 Old Co ony
5
5
5212 5314 5234 53
25
1,565 Old Dominion Co
25
7973 55
7912 80
242 03^eola
2014 2078 201
/
4 2058 2,720 Pond Creek Coal-.... 10
64 65
6413 6512
300 Quincy
25
10
593 Flay C00301 Copper
19
1938 1934 1934
35
3512 36
36
795 St Mary's Min Land_ 25
1% 1%
900 Santa Fe Gold & Cop.. 10
1% 1%
612 634
715 4hannon
634 634
10
28/
1
4 2834 2878 2878 1,422 Shattuck-Alizona-..... 10
Last Sal .20 Jan'14
South Utah M & 3_..... 5
2813 2812 29
2934 1,275 Superior
25
2% 234
213 2% 6,352 Superior dr Boston Cop 10
3113 32
3113 3112
782 Tamarack
25
25
413 47F
5
512 1,938 Trinity
Last Sal .60 Jan'14
Tuolumne Copper
1
42
4234 42
4314 5,035 U S Smelt Ref et Min.. 50
4814 4812 4852 4852
844 Do pref
50
173 178
1/
1
4 173
455 Utah-Apex Mining
5
10
1018
9/
1
4 101
/
4 1,355 Utah Consolidated
5
541
/
4 5413 84
713 Utah Copper Co
5412
10
11
/
4 11
/
4
112 112 1,220 Victoria
25
3
314
338 338
'
,is
675 Winona
4634 4712 47
398 Wolverine
4712
25
.75 .80
.85 .99 1,050 Wyandott
25
6 Jan 4
5 Dec
1 MaY12
230 Nov24 330 Jan 3 300 Apr
to834 J '(16 10 2438 Oct 2
214 Jan 3
2 Dec
.15 May20
40
88
2;4 Janep 3
35 Dec
° 1101
Sep 16
9'2 Joe
60 Feb
0
22
2412 Feb
1514 Dec 2 3278 Feb 10
512 Sep 17
214 J'ne 6
2 Jan
7 Feb 3
.05 J'ne 5
413 Dec
114 J'Ily 14
6 Oct 23 Vbto J'ly
1814 J'ne 10 45 Jan 2
1912 Feb
5612 J'ne 11 72'2 Jan 2
5712 Feb
388 Deo 1 555 Jan 2 905 Feb
10 J'ne 10 13 Jan • 6
1512 Dec
3014 J'ne 10 4712Jan 2
2514 Feb
32 Dec 1 53 Jan 2
4812 Dee
2 sep 10
4 Jan 27
312 Oct
/
4 J'ne 10 16 Jan 2
91
1214 Jan
9 Jan 2
078 Sep
212 Dec 9
33 Feb
51 J'uelO 7814 Sep 16
113 Feb
2758 Oct 24 3512 Aug 29
2
25
Jan
Nov29
22
Oct
12
13 May
2778 Jan 10 35 Apr 28
34 Jan 3
14 may 8
.70 Dec
2
1113
Jan
3 Oct 17 17
Sep
4012 Jan
4414 J'ne 12 59 Jan 4
85 Jan
79 J'iy 1 871s Jan 10
337
Jan
2
2034 Jan
16 J'ne 10
2 Apr
258Jan 14 4% Nov24
333 Feb 4 .80 Jan
1 Aug 14
3
Jan
Nov20
2234 Dec
2812
5
413 Feb
64 Jan 3
314 J'ne 4
1014 Dec
1
4 Nov24 1012 Jan 2
3/
5 Dec
6I2 Jan 2
134 Nov19
234 Jan
5 Nov25 1514 Jan 2
2333 Jan
/
4 J'ne 10 26'1 Jan 3
201
2 Apr 8
11
/
4 Dec
12 Deo 18
5012 Jan
38 Nov25 05 Jan 7
1814 Jan
13 J'ne 10 11)34 Jan 4
212Jan
2
'2
Dec
12 J'ne 10
912 Mch29
534 Jan
714 Nov 5
2234 Feb
2134 J'ne 10 3423 Jan 2
2/
2)4 Jan 2
1
4 Dec
.99 May 17
112 Dec
3/
1
4 Jan 4
/
1
4 J'ne 6
258 Jan
853 Jan 2
3 Apr 30
58 Jan 2
44 Jan
4134 J.130 10
671
/
4 Dec 16 107 Jan 2 100 Dec
15 Mch
15 J'ne 10 2814 Jan 2
7212 Deo
1
4 Dec 4 80 Jan 3
52/
1618 Jan
151
/
4 J110 10 22 Jan 3
43 Dec
30 Nov 28 48 Jan 3
1 Jan
1 J'ne 12 31% Aug 13
9 Jan
5 Dec 15 1312Jan 2
17 Feb
21 Feb 19 31 Sep 23
14 Dec
.15 Aug 12 .35 Jan 18
24 Feb
21 Nov24 4010 Jan 2
1 Dec
1% Jan 2 8438 Feb 4
26 Jan
21 J'ne 10 38 Jan 3
3 may16
6 Jan 9
4 Dec
312 Jan 28
21313e0
.60 Dec 22
34 Jan
34 J'ne 10 433 Jan 2
47 Jan
/
4 J'ly 7 60 Jan c
451
278 Sep 24
1 Nov
118 May 6
912 J'ly
71
/
4 May 6 1114 Jan 2
5212 Jan
40 J'ne 10 60 Jan 2
2 Jan 2
134 Dec
.90 J'ne 10
4(3 Jan 2
84 Sep 12
818 Dec
65 Dee
39/
1
4 Nov25 73 Jan 3
123 Jan 9
.40 J'ne 12
1 Dec
1114 Apr
370 J'Iy
814 May
/
4 J'ne
501
9258 Oct
35 Oct .
673 Apt
914 J'ne
534 Apr
6134 J'ne
8312 Aug
615 Sep
2712 Apr
5014 Nov
6613 Apt
712 Mch
1634 Sep
1614 Apr
7734 Nov
1113 Oct
37 J'ne
30 Nov
2 May
23 Apr
6534 J'ne
9114 Aug
3714 Nov
318 Feb
3 May
49 Apr'
8 Apr:
1412 J1141
914 Jan 1
1812 Apr ;
3038 Sep i
612 Apr I
73 J'ne
2433 Sep j
014 Apr 1
9114 Dee .
3938 Oct ,
834 Apr.
8634 Jan '
1314 May
64 Oct 1
13012 J'ne,
29 Nov.
93 J'ne
2413 Sep
.37 Apt
4/
1
4 May
1778 Aug
3412 Nov
114 Apt
48/
1
4 J'ly
478 Jan .
61 Apr
912 Apt
48114 Mc*
z5058 Sep
5234 Sep
Vile Feb?
2038 Apt
6733 Sep
673 Jan
734 liell
1334 t
ipa.
17
+13 I An 1 asked prices. •Assaament paid. b Fla-stock dividend. is Ez-r ants. a Ex-dividend and rights.- s Unstamped.
II,inge fir - reotous
Year 1912
ipald. to Half paid..
98/
1
4 Feb
229 Aug
41
/
4 J'ne
105 Jan
107 Mch
164 Mch
184 Aug
1733 Apt
10918 Sep
32 Jan
WI Apr
334 Apr
20813 J'ne
V12 Aug
2934 Sep
8058 Sep
11638 Oct
JAN. 24 1914.1
Boston Bona P.13,-)r-i
Prue
Friday
Jan. 23
BOSTON STOCK
X 1'
'
NG.
W eat ..n.
Jan. 23
Week's
Range or
1.ast Sate
A;.
Range
Year
1913.
217
BONDS
1105TON :.TUCK 1.X 11
ttieek Ending .7aa . 23
'
-('Cs
rsaw,
Jan. 23
ti.
N.InQf
:.ange
Year
1 113.
II
Lam :84/8
Act Lou,
ata
H(g/ No Low llisi.
tp/s
ask Low
Ills'
Agricul Chem 1st 5,___1128 A-0
19 102 General Motors 1st 5-yr 68_14.. A -C 9934 100 994 Apr '13 • _ .
9914 Apr '13
914
Am Teen & Tel -o.1 tr 4s__1029 J -J 8818 Sale 875.8
8858 69 8414 891: (it Nor C B & (4 col. yr 4s__1921 J -J 9634 Sale 954
9334 37 •••;'
114
Convertible 4s
:ULU II-13
10338 Mch'13
10212 106
Registered 4s
9512
1921
9512
9614 Sale
7 1,3572
20-year cony 4 As
1933
99 Sale 9618
72 8934 10414 Houston Flee 1st s c gen 59_1')2:, -A
99
-•
Am %Telt Paper 1st s I' 5s g.„.11/11) J --J
8278 Oct '13
8278 8278 La Falls & Sioux C 1s1.. 7s_1917 A -C
08
Apr
117
Am Zinc & S deb Is
1'.;1 NI-1N
Kan C Ciin & Spr 1st 39_1925 A -C
100 Jan '14
104 104
91 92 Feb 13 - .12
Atcli Top &i e gen
a 1995 A -C 05 96 9434
6 92 98 Han C Ft Scott & Alen] 6s_ _1928 .81-N lid Sale 10938 110
9434
5
-4:(1)31,:tnient
1901 Nov
8334 84 K (1 Ft S & Silty re. 4s g0_1936 A-C
8538 Jan '14
76s Jan 13
1,9 ;38
Stamped
July 19115 M-N
8414 Aug '13
8414 851. lien (1 NI & B gen 48
1934 :VI- S 85 9012 Feb '13
.11112 .101g
511-year cony 4s
1955 J-1)
97 97
Assented income 5s
S _
948 Jan '14
1934
80 78 Nov 13
73 .1
I 0-year cony 59
1017 J
10014 10014 Ran C & 51 By & Sr 1st 55_1929 A-C 96 9712 97 Oct '13
10014 Dec '13
95 13138
Ati Gut
1 SO Lines 58_1959 J -J 66 Sale 66
6634 85 59 67 Marry liough & Out 1st Gs_ 1925 A-0
115 .Pne'Os
Bos dr Corb 1st cony s f 6s 1 923 M-N
50 May'13
50 85 Mass Gas 4 Xs
1920 J -J
9558 Sale 9512
•
9558
3
; Boston Elev 3 -yr g 4s
1935 M-N
8312
Deb9n 4 Xs
8312
Lee 1931 J -J 95 Sale 95
12
95
;
Boston & Lowe I 4s
10014 Mch'09
1916 J -J 9714 --- Mich Telephone 1st 54
1917 .1 - .1
97 Aug •13
.112
.7
Bost n 5c Maine 4 Xs
10417 Oct
Miss River Power 1st 5s_ 1951 J - J 8318 _ _ 8114
1944 J -J ------8112
7
31
792
, 1",ain 48
95 Feb '12
New Eng Cotton Yarn 5s_ _1920 - A
1942 F-A
_ 88 8912 Dec '1:3
8912 93
• Bur Is Mo Itiv cons Is
101 J'ne'13
101 102 New Fog Teleph 5s
191E J - J
1915 A-0 idd _ _ _ 100 Jan '14
114 191
_
Butte El St Pow 1st 5s
Is
1051 J -D
1932 A-0 10118 Sale 1014 10112
8 9812102
1•Cedar Rap & Mo Fly 1st 76 1916 M-N
10414 10414 New River (The) cony 5s 1934 J -J
- - 101514 3rne'13
79
79
3
67 80
.Cent Vormt 1st g 4s_ _May 1920 Q-F 83 Sale 8214
83
82 893: N Y Nil dr II con deb 3 Xs_1956 J -3
6912 Jan '14
73 73
0 B 4 Q Iowa Div 1st 5s
1919 A-0 ------ 11(13 Oct '07
Cony deb Os
—
1948 J 10654 Not '13
1064 12512
1919 A-0
Iowa Div 1st 45
95 98 Oreg Sh Line 1st g Os
-- -- 98 1Iay'13
1922 F-A
10958Jan
'14
1922 F-A 97 -- 0814 Nov '13
' Denver Eaten 44
9814 100 Pond Creek Coal 1st 6s _ _11123 J
107 Sale 10612 107
8 103
1927 tt-N 9458 9512 954 Jan '14
Nebraska Exten 4s
Puget Sd Floc fly 1st 5s_ _1032 F-A
88 Jan '14
88 33
1921 M-S
B&SW isf 4s
1/812 Dec '12
Repub Valley 1st s f 6s
1919 J -J
103 Jan •11
1949 J-.3 _
Illinois Div 33.s
-- 83 J'ly '13
83 85' Savannah Flee 1.1 cons 5s_1952 J -J
•11
Dec
7014
Chic Jet Ry & Stk Yds 5s 1915 J -J 9958 9978 9958
9958
9.814 DNA Seattle Elee 1st it Is
1930 F-A 1661; -- _ 10018 Jan '14
100 1031
Coll trust refunding g 4s_194C A -C 81 Sale 81
81
79 801: liannon-Ariz 1st ,7g ir
1911, .-1. 9314 9434
-- 9314 93:
:0 92
.0h Milw & St P Dub D 69_1920 J -J - - ---- 107 J'ne '13
11.17 1105 rerre Haute Elec g Is
1929
_
-J
.7
Apr
07
68_192c
M&StP
Wis
V
J
div
-J ____
Ch
_ 11358 Feb 11
Torrington Is'. :: 59
i•t1'
1918 1-S
1 003t
i `I;
Ch & No M tell 1st gu 5s
1931 ,1-N 79 83 80 Dec '13
,7 • 80 Union l'ac 1,
-.12 & Id 1;r g 49_1047 -J
---- 9514 Noy'13
9.3.4
'Chic & W Mich gen Is
1921 J -D 90 01 90 Nov'13
90 98
20-year cony 4s
90 J'IY '11
1927 J -J ____
I I
9,1
'Concord & Mont cons 4s
1921, J -D
9712 Sep '11
United Fruit gen :_. f4 1,s
1923 .1 -J 95
_ 95
95
1 ! .1 1314
Copper Range 1st Is
1940 A-0 90 92 95 Meh '13
95
90
Debenture
4 Xs
1921 .1 -J 04 Sale 94
11 92 '51
94
Cudahy Pack (The) lstg 5 1924 M-N
1001. Aug'12
U S Steel Co 10-60-yr Is Apr1963
1014 10112
2
I 114
Current River 1st 58
1026 A-0 78 79 92 J'ly '13
-di- -di West End Street fly 49_ _ _ _1915 1-N
9813 Jan '14
Det Or Rap & W 1st 4s
11141 A-0 9812
73 Jan '14
_
Gold 4 358
1914
99,8 Dec '13
S
9914 )134
Dominion Coa, 1st s t 5s
104( -N
2 07 091;
Gold deoenture 4s
1916
9814
0814
If ',/f8
---- 97 (let '11
Fitchburg 48
1027 M-S
95 Oct 11,
Gold 4s
1917 F- A ---- ---- 964 Nov'13
958 W34
Fremt Elk & Mo V 1st 69_1 933 A-0
122 122
Western 'relent] & Tel 5s
122 Feb '13
1932 J -J -_— 98 98
9318 11 93 )90511
Unstamned let Or
1933 A-0
Wisconsin Cell! 1st wen 4s_ _1041' J -J
122 3.•h '12
_
9358 Feb '12 ___•
NOTE.—Buyer pays accrued Interest in addition to the purchase price for all hostas bonds. * No prize Friday: latest Oil an 1 a9:tel.
Flat arizes.
----
---
---
----
.-___.
---„-
Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
PR10ES—NOT PET CENTUM PRICES
SIJA
Saturday
Jan 17
Monday
Jan 19
104 104_
*109 ____ *110
1412
•14
5812 ;5812
*5712 ::::
.....ii_
iir4
Tucsdell
Jan 20
i
Vednesday
Jan 21
*40r2 50
.- -49-1-2
-49
38
38
7712
*77
*1234 13
22 22
*8334 847
7632 708
19
19
3218 3218
5618 565A
*41
42
2633 2612
1914 1912
84% 8434
733 7%,
4612 4658
8414 8414
Friday
Jan. 23
10334 10334 10312 104
104 104
104
104
____ ---- ---- ---- ---- *-- 114 *110
1412 1412 1412 1434 1514 15
1512 1578
5934 5934 5934 501 5912 5912 5912
GO
:______ ;.iw. ________ 1_1512 11_51_2 111)
i5 12 ...i5i4
4.4834 ____ *4812 __ *49 ---- ---- -___
2518 2518 2514 2514 2514 2514 2514 2538
-ail, -383-.1 -5834
Thursday
Jan 22
-3831
4978 494
-55- -id - ;3812 391.1
50
5012r 5012 5134
-,-151-2 163-4 -461-2
4934
1511ILADELP1lIA
Bid
10414
505
16
5912
_1_63_4
2,760
'705
29
105
175
2,556
50 50
2514 2512
51
5112
2512 2558
3914 394
61
5112
3943 3938
5034 51
55- '-e01-4 -4934 16- -&-:1 -8-612
-
3773 3778 *3712 38
*3778 3814 384 '3814
77
77
*7634 7714 77 77
7712
77
1273 13
1234 1234 • *1234 13 *1234 13
22
22 *22
2211 2211 2234 2234 23
8414 8414 8414 8414 8414 8413 8413 8434
7633 7658 7614 7658 7714 7738 7714 7712
19
19
1918 1914 *1918 1912 19
1914
3214 3214 3214 3214 3212 3212 3212 3212
5614 5658 5612 56% 5678 57% 5714 5712
4112 42
4114 4112 4134 42
4213 4218
2638 2617 2638 2612 2638 2612 2638 2638
1912 1912 19
1914 1038 1938 1878 19
8438 8478 8514 85% 85%86%,
844
7 85
738 77
/4
714 738
714 7%,
7
738
4638 4638 4638 4638 4512 464 46
46
844 844 8414 8414 8413 8412 8458 85
Ask
3814
7714
13
2234
8413 8434
77% 78
1914 1914
3212 33
571
)07%
4158 42
2638 2612
1834
18
8534 8618
714 714
4514 46
8434 85
38
77
*1234
2234
PHILADELPHIA
Inactive Stoc
Bonds
—_
Prices are all "and
Amer Gas warrants......
American al Wing
10
1
interest"
;Amer Itys pref
100 10134 10212 Alt & L V Flee 43,68'33F-A
50 4214 4234 Am Gas & Flee Is'07_F-A
Cambria Iron
:Central Coal & Coke-100 -- _. Am lty8 Is 1917_-___A-0
100
All C Gas 1st at 5s '60 J-J
• Preferred
Consol Trac of N J......100 7214 ____ Berg&EBrew 1508'21 J-J
100 --- ._ Bethleh 8%1 6s 1998_Q1-F
'Harwood Electric
50 ..--- ...... Ch Ok & G gen 5s 1919 J-J
: Huntington & 11 T
50
Con Trac of N J 1st 5s '33
l'referred
'Insurance Co of N A_.. 10 -His -224 Del Co Rys tr ctfs 43'49J-J
Inter Sm Pow & Chem 50 --- --- Edison Flee 5s 1946—A-0
- - - _ Flee & Peoples Tr tr ctfs_
'Kentucky Securities-100
'Keystone Teiep, pref- 50 -564 5613 Fr Tee & II 1st 55 '40..J-J
Gen Asphalt 55 1916_M-S
'Keystone Watch Case 100
10 -ids; :::: Harw Elec 1st Gs 1942 M-S
;Lit Brothers
50 ---- ---- Interstate 4s 1943___F-A
'Little Schuylkill
Kentucky Tra&T 58'51F-A
MinehIll & Schuyl ii.. 50
Nat Gas Flee Lt & 1' 100 30 ---- Keystone Tel Is 1935__J-J
- Lake Sup Corp Inc 55'24 0
100 80
l'referred
Lehigh Nay 4.3•68 '14.Q-J
;North Pennsylvania
50
Gen M 4 3,5s g 1924_0-F
• Pennsy receipts $30 paid_
Pennsylvania Salt
50 Hi- Rid: Leh V 0 1st 55 g 1933_1-J
Leh V ext 45 1st 19413.J-D
Pennsylvania Steel
100
' Preferred
Consol 6s 1923_ _J-D
100 -di - -61
Phila. Co(Pitts)5% prf 50 42 4212
Consol 43is 1923__J-D
6% cumulativepref. 50 4434 45
Annuity as
J-D
, Flints German & Norris 50
Gen cons 4s 2003__M-N
, Phila Traction
50 82 -821-2 Leh V Tran con 4s'35 J-D
Railways General
lst series A 43 1935_M-S
10
834
734 -; Tonopah Belmont Dev 1
778
1st series B 58 1935 M-S
'United ('Os of N J_._.100 —_
MarketStEl 1st 4s'55M-N
United Trac Pitts pref 50 - — ......- NatLH&P serB 5s '19 J-J
• Virginia Ry & Power 100 ---- ...... New Con Gas 5s 1048_J-D
100
N Y Ph & No 1st 43'39 J-J
! Preferred
;Warwick Iron & Steel. 10 "io 1012 Income 48 1939___M-N
100 ---- -- Penn Steel 1st Is'17..M-N
Washington-Va Ry
100 --- -- People's Tr tr ars 4s_1943
Preferred
- P Co lst&coll tr 58.49M-S
Welsbach Co-------_100 .......
54
Con & coil tr 8s'51 M-N
1 West Jersey & Sea Sh_ 50
, Westmoreland Coal__ 50 'Er 01 Phil Elec gold tr ctfs_A-0
Trust ctfs 45 1949__J-J
Wilkes Gas & Elec__100
.1-2 P Ss IC ,gen Al as g '20_A-0
York Railway
50 -161-4 -10
Preferred
Gen M 48 g 1920
50 3458 35
A-0
.._10 MIits4 maid:so sales 913 11114 dor. - MIA-dividettd._ I 116 0.14.
.
Sales
Of the
11'eek
Shares
Bid
ACTIVC STOC CS
Range for Year 1913
(For rends and 'nadir(
Sfocks see below)
.owes
E...west
Paltimore
Con Gas El L & Pow_100 101 J'ne 10 120 Jan 16 90 Jan
Do
pref
100 101 J'ne 12 12034Jan 31 141 Jan
Houston 011 tr ctfs_ _.100
1212 Dec 18 2512 Nov 14
Si, Jan
Do
pref tr ctfs_100 5612 J'Iv 28 68 Jan 9 53'4 .fan
Northern Central
50 10612 Dec 22 123 Apr 2 121 Der
Seaboard Air Line
100 1412 J'ne 11 21 Jan 311 18 Dec
Do
pref
100 4112 J'ly 19 4912 Sep 23 4512 NMI
United Ry & Electric_ 50 23 Jan 6 274 Apr 3 1,14 Jan
Philadelph:a
American Cement
2 Feb 6
50
50 37 J'ne 11
318 American Railways
3,722 Cambria Steel
50 41 J ne 10
Electric Co of America 10
1114 J•ly 29
---iiii Elec Storage Battery_100 42)2 JudO
431 Gen Asphalt
100 33 J'ne 10
Do
pref
100 704 J'ne 10
232
225 Keystone Telephone_ 50
934 J'ne 10
1,122 Lake Superior Corp 100 21 Dee 16
Leh
Nay
C
&
tr ctfs
355
50 81 J'ne 10
420 Lehigh Valley
50 7053 J'ne 10
358 Lehigh Valley Transit 50 1534 Jan 4
Do
168
pref
50 294 J'ne 12
50 53%,Dec 13
4,400 Pennsylvacia ItR
1,407 PhIladel Co (PIttsb)
50 37 J'ne 10
4,871 Philadelphia Electlf.._ 25 12012 J'ne 10
3,465 Phila It T 'rot tr ctfs
50 18 Nov19
11,373 Reading
50 7553 Joe 10
4,016 Tonopah Mining
1
4 .11)
, 22
1,153 Union Traction
50 4154 Nov18
1,302 United Gas Impt
50 8034 J'ne 10
Ask
11tohesc
Range we Prcv.ous
Year (1912)
PHILADELPHIA
Ph & Read 2d 53 1933 A-0
Ex Imp M 4s 1947_A-0
Terminal 5s g 1941 Q-F
...... P W & B col tr 48 '21__J-J
-1313-4 84 Read Trac 1st 68 '33__J-J
Hoch Ry & Leon 58'54J-J
Spanish-Am Zr Os'27_J-J
Stan'd Gas & El 68'26 J-D
1161-2 ____ Stand SU Wks 11458'28 J-J
98 U Trac Ind gen 51; '19...W
iOi- _.. Un Rys tr ctfs 45 '49 _J-J
United Rys Inv lst colt tr
-_-5 f 5s 1926
M-N
84 -8"5 - Weisbach s f 58 1930__J-D
WII-13 GAR con 5s'55_34
0612 ____ York Rys 1st 58 1937_J-D
101
0
-1..
-2
-6
..
60 ..
BALTIMORE
Inactive Stocks
91Atlan Coast L(Conn)_100
69 -i_i
.
" Canton Co
100
_ .. Consolidation Coal___100
idd- ____ Georgia Sou & Fla
10
00
0
1st preferred
104 ___
2d preferred
10014 --100
0-B-S Brewing
111
100
Bonds
10012
3958 10112
Prices are all "and
____
interest"
—_
8812
Balt City 3 3411 1930
J-J
_
45 1954-1955....Yarious
55 1916
.31024 10
DI-N
9338 ____ Anacostia & Potom 58 A-0
All O'st cony deb 45..M-N
—_- - — Atl Coast L(Ct)ctfs Os J-13
5-20-yr 4s 1925
J-J
B S P & 0 1st 4 3•56'53 F-A
--- idd- Balt Trac 1st 55 '29_M-N
--No Bait DIY 55 1942J-D
8614
-997
;10014 Cent Ry cons 53'32_M-N
Ext & Imp Is 1932 M-S
87 8712
103 10312 Chas City Ry 1st 58'2.1J-J
8112 82 Chas Ry 0 & El 5s'99M8
104 - _ City & Sub 1st 55 1922 J-D
City&Sub(Was) 1st Os '48
1 $1/M DAC __UV'pad.
Bid
Ask
2 Feb 6
z4912 Feb 24
5339Jan 9
1218 Jan 9
5414 Jan 9
424 Feb 4
78 May13
1312 May10
3117 Jan 9
'4312 Jan 3
84'4 Jan 3
2378 Mob 28
3712 bleb 28
61% Jan 9
50 Jan 8
112613 Dee 1
2813 Jan 3
85% Dec 26
7%, Dec 30
61I Jan 9
914 Feb 3
117 May
116 Apr
2518 Nov
7212 J'ly
130 Apr
2714 May
5934 J'ne
25'8 Sep
7
Jan
1 inc
4012()et
17 Sep
4112 Men
5518 Oct
1112 J•ly
1212 J'ly
5214 Jan
5838 Aug
18 Apr
3912 Dec
59's Apr
7312 Deo
6 Apr
13 Sep
27 Feb
3514 Sep
8e178 Men 100 Seta
781g Feb
9278 Jan
812 Jan
1678 Sep
3212 Deo
23 Jan
60 Dec 63!.f4 Apr
4434 Dec
56,4 Feb
111878 Jan
2434 Sep
2218 May 29 Sep
7414 Jan
8914 Apr
6 Dec
814 Apr
53 Sep
4934 Feb
8614 Jan
9238 Aug
BA LT la10:;E
Coal &014 1st Is'19A-0
Coal & I Ity 1st 53'20 F-A
Col St Gray 1st Os 1916 J-J
Consol Gas Is 1939__J-D
Gen 4 Xs 1954
A-0
Cons E-dc P 4 3-is '35 .7-4
10117
Consol Coal 5s 1950_ _J-D
Fair & CI Tr lst 58'38 A-0
Oa & Ala 1st con Is '45 .1-4
Ga Car&N 1st l's g '29 J-J
73 74 Georgia P 1st Os 1922....14
Oa So & Fla 1st 55 '45..1-.1
741 75 G-B-S Brew 3-45 '51_M8834 Houston Oil div ctfs F100 102 Knoxv Trac lit 5s'28 A-0
934 MaconRy&Lt 1st 5s'53J-J
Md Flee Ry 1st 5s '31 A
Memphis St let as '45..1-.1
Monon V Trac 5s '42 J-D
254 25712 Mt Ver Cot Duck 1st 58__
___ _ 162 NptN &0P 1st 53'38M-N
NA A Terml 53
25
8
97
3
Nor&Port Tr 1st 5s'36 J-D
Norf Ry & L Os'49__M-N
70
North Cent 4%5 1925 A-0
114 3
Series A Is 1926____J-J
Series B 58 1926--J-.1
Pitt Un Trac 58 1997—.1-J
Polo Val 1st 55 1941___J-J
911 9214 Say Fla & West 55'34 A-0
Seab Air L 43 1950_A-0
9614
10114
Seab & Roan 56 1926__J-J
South Bound 1st 53 A-0
9734
U El LAP 1st 4 Ms'29M-N
100
M-S
Un Ry & El 1st tit
Income 45 1949—J-D
Funding 53 1936.-J-D
103
Cony notes 5s 1914 .1-J
104
Va Mid 3d ser 65 '16.111-8
103
4th ser 3-4-15 1921 51-8
103
5th series Is 1926 M-8
1024 104 Va (State) 36 new '32,.J-J
91 92
Fm I debt 2-38 1991 J-J
102 -- — We(..0 con Os 1914.3-4
100 110014. 'Wil & Weld 58 1035.......1-.1
97 98
113
---
11tyhes:
Bid
Ask
92 94
9734 99
101
104
9318 -dirk
8734
8912
100
103
10212
10634
103 10338
39
7713 78
102 103
95
9734
943, 964
3934
9612
9212 9313
-- 88
0634
101
105
105
103
104
84 nit;
102
104
91 92
824 6212 63
87
9912
100
102
102 ..1.04,111;
•-••••
166105
THE CHRONICLE
298
[VOL. scvn!
A sk
Indust and Nliscell-(Con) Bta
Am Steel Ftly 6s 1935.A-0 9912 100'sF-A 6912 72
Deb 4s 1923
50 162 167
American Surety
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
6
American Thread pref____5 *4
DAILY, WEEKLY AND YEARLY.
43
Amer Typefounciers com.100 42
Preferred
100 93 95
96 100
Deb g Cs 1939
M-N
Stocks.
Railroad,
114
1
Amer Writing Paper____100
U. S.
State
Week ending
Barney & Smith Car corn 100 10
Bonds.
Bonds.
Bonds.
Shares,
Par Value.
Jan.23 1914.
75
Preferred
100
8(1
E
,0rde(f&
11ss
B0
eidt
er.NrW
)Co com
50 83
$36,000
146,089 312,689,800 $1,519,000
Saturday
50 115 125
84,500
2,943,500
348,998 29,559,425
Monday
280
290
Mtge
Guar
e
100
$3,000
193,500
3,016,500
359,019 31,566,075
Tuesday
Borden's Cond Milk com.100 118 11912
Short-Term Notes
398,000
5,158,000
626,235 51,761,450
Wednesday
100 10712 10812Preferred
Amal Copper Is 1015__M-C 10014 10012
082,500
6,341,000
773,045 66,128,050
Thursday
Balt° & Ohio Is 1914„..1-1 10014 10012 British Col Copper Co __5 .214 21$4,963,500 1,015,000
609,389 55,236,650
Friday
52
100 47
Bklyn Rap Tr-See NY Stk Ex list. Brown Shoe coin
91
100 91
Preferred
$3,000 Ches & Ohio 4 tis 1914__J-D 9934 100
2,862,775 4240,941,150 $23,944,500 $2,709,500
Total
110 120
America.100
of
Co
Casualty
9712
ChicElev Itys 58 1911___J-J 96
128
132
100
Erie Os April 8 1914__A-08 10014 10012 Celluloid Co
Jan. 1 to Jan. 23.
Sales at
Week ending Jan. 23.
25
100 20
Coll Is Oct 1 1914...A-0 10014 10012 City Investing Co
New York stea
85
100 80
Preferred
Coll Is April 1 1015__A-0 9938 9934
1914.
1914.
1913.
1913.
Exchange.
72
list e Clafi
10
leCo com_100 70
e lstinpirl-lir
fed
Gen'i Niotors 6s'15-See NY
85
100 80
preferred
10 I4
7,050,027
1,762,361
2,862,775
6,568,520 Hocking Valley 431,814 NI-N S110E1
Stocks-No.shares___
85
100 80
e 20 preferred
J-J 100 10014
$246,941,450 3161,904,800
$615,221,990
$606,691,800 III Cent 43-is 1914_
Par value
69
64
con1100
Co
Cluett.Peabody&
97
95
1914__F-A
lot
&
Gt
Is
Nor
$4,800
$57,500
$05,100
$13,800
Bank shares, par
100 9912 10114.
1001s 10038
Preferred
'15..F-A
Is
Inter
Harvester
Bonds.
75
90 Consol Car Heating....100 68
1912_11,1-S / 85
$2,000
$3,000
$41,000
$59,000 K C fly & Lt 6s So
Government bonds...
35
100 32
4129.14 100 10018 Continental Can com
Mich
466,000
1,811,000 Lake Sh &Central
4,078,500
2,709,500
State bonds
84
88
412s_ 1914 100 10018
Preferred
Michigan
40,393,500 Minn & 811. g Gs 1914__F-A
58,897,900
RR. and raLso. bonds.. 23,944,500 10,865,000
9934 100 e Crucible Steel coin-A(3°0
° 1614 1634
9212 _
9512
e Preferred
Kan & Tex Is 1915_51-N
11.178 2
$42,263,500 Mo
$63,017,400
Total bonds
526,657,000 $11,333,000
2 98 Davis-Daly Copper Co__10
01112
0
10
Missouri Pacific Is 1014_J-D 9
135
130
4.80
5.05
b
duPont(EI) de Nom Pow 100
eN YC Lines Eo Is 1913-22
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
e Preferred
4;is Jan 1914-1925...J4 b 5.05 4.80
100 8734
EXCHANGES.
30
43,6s Jan 1914-1927...J4 5 5.05 4.80 Emerson-Brantingham_11000 25
80
74
Preferred
N Y Cent 43,
0 1914____M-S 100 1001s
Philadelphia.
Boston,
13
4128 1915_ _
-__M-N 9914 9958 Empire Steel & Iron corn 1°
°
00
Week ending
20
27
Preferred
Is Apr 21 1914 _..A-021 10018 1003s
Bond
Unlisted
Listed
Bond
Listed Unlisted
e General Chemical com_1°°
Jan. 23 1914.
00 175 180
St L & 5 F Is 1913 opt_J-D
Sales.
Shares.
Shares.
Sales.
Shares. Shares.
e Preferred
100 10712 1084
6s Sept 1 1914 opt_ _NI-S
10 •112 154
.8-1-2 -6612 Goldfield Consol NI
Air L Ity53'16 NI-S -9
$45,600 Seaboard
2,686
2,530
$23,000
4,061
5,714
Saturday
South Pao Co 5s J'ne 15 1914 10014 10012 k Hackensack Water Co8,236
8,396
51,900
34,000
15,396
15,621
Ref g 4s '52 op 1912.__J-J 0312 _
.Monday
Southern Ry Is 1910_ F-A 9934 10014
43,400 West Maryland 5s 1915.34 95
5,579
8,030
11,861
68,000
35
17,867
Tuesday
98 Hale & Kilburn com__100 30
80 90
10,881
142,200 WestIngh'so
61,300
10,158
21,678
25,682
1st preferred
Wednesday
El & NI Os 1915 10034 10114
8,197
23,463
125,800
90
96,000
22,210
29.363
2d preferred
Thursday
5% notes Oct'17-See N Y Stk E x list
2
4
61,700
104,000
8,046
16,304
17,487
26,634
00
000
Havana Tobacco Co____1110
rriday
9
la
Preferred
100
Railroads
69,604 $473,600 I Chic & Alton corn
67
120,884
92,696 $389,300! 42,902
938 1112
1st g 55 June 1 1022.-7-D 1 62
' Total
100
Hecker-Jones-Jewell Milling
20
100 15
e Preferred
M-S 97 100
1st Os 19"9
e Chic St P M & Om...._100 128 135
5
15
e Preferred
100 135 165 Herring-Hall-Marvin - 100
Hoboken Land & Improvel
• Colo & South corn
100 2838 29
100
M-N
1930
Nov
1st Is
62
6 1st preferred
100 60
All bond prices are now "and interest" except whe:e mar:.ed'f"
312
1;
.
--4
70 Hocking Val Products_100
e 2d preferred
100 50
45
.14 40
42
1st g 5s 1961
Street Railways-(Con ) Bid Ask
N Y Chic & St L com 100 41
79
e Ingersoll-Rand com___100 120
Bid Ask United Lt & Rys com_ 100 77
•1st preferred
100 9312
Street Railways
92
100
77
100 75
83
e Preferred
1st preferred
62d preferred
100 65
8,4 91
73
100 70
20 preferred
New York Cify
Northern Securities Stubs_ 103 105 Intercontin Stub corn.. 100 95 105
30 Internal Banking Co.._100
25 United Rys of St LPitts Bess & Lake Erie_ _10 .26
Bleeck St & Ful Fy stk_100 18
100 115 116
1114 12
100
65 International Nickel
Common
71
.14 67
50 .56
Preferred
1st mtge 4s 1950
100 103 104
3814 e Railroad Securities Co100 38
Preferred
e Preferred
100 156 170
B'y & 7th Ave stk
3
4
100
100 8912 9012
78 International Salt
Ill C stk In ctfs Ser A
J-J 9834 100 Wash Ry & El Co
2d mtge 58 1014
A-0 4912 52
9012 West Pao 1st Is 1933__M-S 73
100 90
1st g Is 1951
74
Preferred
Broadway Surface RR115 120
pref.100
s
797
J-D
80
Silver
10212
International
1951
4s
share
Per
100
J-J
Standard
Oil
Stocks
1st 58 1924
J-D 107 109
1st 133 1918
•1412 15
10 West Penn Tr&WatPow 100 11312 15
Anglo-American 011 new
Cent Crosstown stock..100
107 112
100 -__ 57
Preferred
Atlantis Refining
100 803 808 Internal Smelt & Refg-100 51
9712 10212
1st mtge 68 1922_ ___M-N
54
-100
Co.
Power
Tire
&
Springfield
Gas
290
300
125
100
Electric,
Kelly
115
Co
Borne-Seryraser
Christopher & 10th St stk10
100 118 119
New York City
Proferred
Buckeye Pipe Line Co.__50 .181 184
Dry Dock E B & BattA-0 / 683 6914
0
30
9
ostylp9o51
mon4
Debenture
Lans4on
J-D 9912 10112 Cent Un Gas 5s 1927._ J-J 101 103
Chesebrough Mfg Cons.100
1st gold Is 1932
84
Lawyers.
100 83
35 e Kings Co El L & P Co_100 120 12112 Colonial Oil
135
2
0 6
5
20
2
17
2
100 6
F-A /28
1 Scrip Is 1914
100 185 190
Mtge Co
100
100 280 310 New Amsterdam GasContinental 011
Eighth Avenue stock
J-J 100 10012 Crescent Pipe Line Co.._I0 •60 83
1st consol Is 1948
Lehigh Val Coal Sales...50 190 195
F-A / 99 10012
Scrip Os 1914
60
100 40
70
Manhattan Shirt
Cumberland Pipe Line_100 65
1120 & (Jr St Fy stock...100 220 240 N Y & E It Gas 1st Is'44 .14 102 104
98 10318
J-J 99 101
Consol Is 1945
100 .14
Preferred
Eureka Pipe Line Co_ _100 335 340
42d St M & St N Ave
114
55
20
Manhattan Transit
N Y& CI El L & Pow Co..100 45
Galena-Signal 011 corn..100 180 183
1st 138 ext at5% to'40_64-S
97
100 70
80
Preferred
100 94
Mortgage Bond Co
170
100 135 140
100
Preferred
Ninth Avenue stock
30
100 160 165
3 N Y & Richmond Gas. 100 20
Indiana Pipe Line Co....50 •140 143 •National Surety
Second Avenue stock-100
-45 s New York Dock corn 100
27 North'n Un 1st Is 1927-M-N 99 101
20
25 .43
National Transit Co
•••• Consol Is 1948 etfs_F-A
100 2434
s Preferred
New York Transit Co...100 320 325
Math Avenue stock....100 111 116 Standard G L let Is '30 M-N 100 103
N Y Mtge & Security-100 158
Other Cities.
J-J 8912 100
Northern Pipe Line Co._100 124 128
Sou Donley Is 1945
73
83
100
N Y Title Ins Co
81
98 Am Gas & Eleo coin__ 80 *77
Ohio 011 Co
25 *157 159
A-0 90
Bo Far 1st Is 1919
"0 *434
60 .47
4812 Pierce 011 Corp
92 N Y Transportation
Preferred
88
.
Tarry WP & M Is '28_111-S /75 80
70
78
100 335 340
16 Am Lt & Trao corn
100 448 453 Niles-Bem-Pond com._100
Prairie 011 & Gas
4.25
2$ & 20th Sts 55 '96 ctis A-0 / 7
1*
10
100 100 108
Preferred
Solar Refining
100 365 375 Ohio Copper Co
,Twenty-third St stock._100 230 270
214
212
Silver
Ontario
100
e
65
com100
Lt
255
Amer
&
Power
250
100
104
Southern Pipe Line Co
Union Ry let Is 1942__F-A 10012
74
76
100
100 79
Preferred
South Penn 011
100 304 309 Otis Elevator coin
• Westchester 1st Is '43_J-J 89
*38
96
Preferred
100 94
50
Bay State Gas
Sou West Pa Pipe Lines 100 158 162
Yonkers St ItR 58 1040_A-0 90
30
112 812 Standard Oil (California)100 285 290 e Pettibone-Mulliken Co 100 25
Buffalo City Goa stock 100
99
eferred
100 87
grh
1sbturp
8 pitet8
80
0 45
74
Stand Oil (Indiana) ___100 45
Cities Service Co corn.. 100 08 100
Brooklyn
•1184 117s
Brewing
50
74
100
76
_100
011
Standard
(Kansas)
Preferred
102
99
'31A-0
Is
con
AUan Ave RR
Preferred
50 .314 324
97 Columbia Gas & Eleo.....100 1214 1234 Stand 011 of Kentucky. 100 1220 230
B 13 & WE Is 1933_ __A-0 94
-100 9212 94
72
.14 70
Stand 011 of Nebraska 100 480 500 e Pittsburgh Steel pref.
1st Is 1927
10 164 167
Brooklyn City RR_
100
corn
Co
Mfg
Pope
100
100
7
0
1
0
(old)
3
J
N
96
of
011
of
14
1936_14
Stand
Gas
Is
Con
NJ
101
99
1.A-0
--194
Bklyn Ilgte 1st Is
bO
15
100
Preferred
CI 100
Stand Oil of N J
100 90 100 Consumers' L II & PowConey Isl & Bklyn
9912 102
Pratt & Whitney pref.
J-D 95 -- Standard 011 subsidiarles___ .925
Is 1938
83
J-J 78
'.1st cons g 48 1948
..100100 130
011
Producers
fig
185
100
Y
N
of
Oil
Consumers
Power
Standard
(Minn)
82
77
.14
Con g 4s 1955
Realty Assoc (Bklyn)___100 105 blO
1st dr ref Is'29 opt'14M-N 87
89
Standard 011 of Ohlo...100 370 380
J-J 08 100
Brk C & N 58 1039_
30
86
9012 Swan & Finch
100 295 305 RemingtonTypewt'r com100 94
Nassau Elea 1st Is 1044 A-0 100 102 Denver 0& El Is 1949_M-N
96
100
100
1st preferred
100
a9712
102
100
Line
Electric
100
Tank
Co...
pref
Union
Bond
Share
Wmsburgh & Flatbush95
100
preferred
2d
325
100
214
210
95 Elizabeth Gas Lt Co......100
92
Vacuum Oil
• 1st 43is July 1941...F-A
185
10 *58
62 Royal Bak Powd corn-100 107 190
Washington Oil
Steinway 1st 68 1922.......14 99 103 Essex de Hudson Gas.....100 127 130
109
100
Preferred
90
100 3000
Gas & El Bergen Co._100 87
Waters-Pierce 011
10412 108
&
Heat
8012
Car
8212
Safety
Gr't West Pow Is 1948....J
Tobacco Stocks
Other Cities.
E
Stk
list
x
Y
Sears,Roebuck&Co--SeeN
(See also Stock Exchange List)
1111 St Ry 1st con 58'31F-A 100 103 Hudson County Gas......110 128 130
Ex Us
100 140 145
42
s Preferred-See Chic Stk 300 t.
Amer Cigar corn
57 Indiana Lighting Co....100 38
orn'w'Ith Pow Ry & L-100 56
305
100
Co
100
Mfg
Preferred
93 Singer
71
87
4s 1958 opt
F-A 69
79
100 78
Preferred
25
aa
doupler corn..
efaer"deC
rnrd
334 Sta
25
7
67
Amer Machine & Fdy_100 .231
50 100
66 Indianapolis Gas
105 111
•Conn Ry & Ltg corn.. 100 60
92
British-American Tobac.£1
A-0 88
1st g Is 1952
75
65
10
s Preferred
68
71)
100
pref
Bros
94
241s
*2334
Stern
New stock
100
100 71
75 Jackson Gas be g 1937._ A-0
i Detroit United Ry
100 275 295 Sulzberger & Sons Co pf.100 9112
Conley Foil
preferred..100
98
rederal Light & Trao-100 22 25 eLaclede Gas
Coal...100 96
Pacific
eorn..100
W)
&
108
180
(Geo
150
Texas
•Helm°
68
Gas
1026
Madison
A-0
74
71
100
Preferred
100 107 115 s Texas Pacific I,and Tr..100 9712
92
e Preferred
tHavana Elea Ry L & P 100 8012 831 Narragan (Prov) El Co. 60 .89
Johnson Tin Foll&Metal 100 160 180 TonopahMin(Nev)--SeePhila Stk E
91 Newark Gas 6s Apr '44..Q4 118
100 91
s Preferred
312
100 180 190 Trenton Potteries corn..100
Forbes
&
90
MacAndrews
Consol
Gas
Newark
100
1011
103
J-J
•Louis's,St be 1030
ta 66 ,
Preferred new
Porto-Rican-Amer To13.100 220 240
No Ilud L H & P58 1938A-0 95
New ON Rys & Lt com.100 27
7
100
15 1
40J
Reynolds (It J)Tobaceo.100 240 250 Trow Directory
100 40
100 6214 65 Pacific Gas & E com
t.I Preferred
100
United Copper
Tobacco Products corn..100 100 130
100 86
Preferred
8/
73
68
Y State Rys
6 ,
2
100
Preferred
100
86
Preferred
100 85 -84
65 Pat & Pas Gas & Eleo
eNor Ohio Tr & Lt com.100 61
00
60 e United Dry Goode-100
90
J4 85
s United Cigar Mfrs corn 100 48
Serv Corp of N J See Stk E x list St Joseph Gas Is 1937
•
90 18
t
*7
Preferred
e
100
102
Preferred
s
50
98
(Del)
El
dr
Gas
Standard
104
105
▪ it otis 6% perpetual_
100 190 20
1 29
United Cigar Stores oom.100 937s 944 U S Casualty
60 *27,
Preferred
7712 78
No ,tr St 1st 1s 194814-N
100 144
100 110 115 U 5 Envelope corn
Preferred
73 United Electric of N J-100 85 ........
100 72
, Cons i tact of N J
d
ss
e
r
r
100 10012
ep
x
ef
rE
s
P
u
100
Co
6
0
7
12
2
J-D
Weyman-Bruton
•
4
5
1
2
1
2
80
1949
48
g
79
1st
101
102
J-D
1st 5s 1933
.
5518
100
25
•Preferred
United Gas &Eleo Corp-100 33
New'k Pass Ry Is '30.J4 102
10
96
100 10
t ign ash1:
1 F
8
100 140 160 U .
76
10
70
Young (J 13) Co
Preferred....
Rapid Tran St Ry....100 230
Preferred
80
100
100
20
18
Corp_
Securities
Utah
A-0 100
1st Is 1921
J-J 90
Industrlal&MIscelleneous
65
6% notes Sep 16'22M&S15 81
781
7612 -_JO Hob & Pat 48'49 M-N
J-J 70
Con g Is 1929
100 90 100
100 22
25
I Adams Express
. So J Gas El & Trao-100 125 128 Western Power com
00 21
Indus
-1
Alcohol
S
U
J-D
•
1947
100
is
g
tr
74
Col
62
60
71
Preferred
M'S 9814 991
Gu g 58 1953
I Preferred
100 86
90
Alliance Realty
No Hud Co Ry 551928 J-1 101 1021 Western States Gas & ElU S Steel Corporation44
com.....60
*43
op...1-D
Note
Bank
87
Amer
1941
92
Is
g
ref
&
lit
95
.....M-N
1924.
Is
Ext
Col s f 58 Apr 1951 oP 1911 113
60 '61
53
Preferred
Ferry Companies
. Pat Ry con 68 1931 J-D 108 _
Col f be Apr 1951 not opt 113
100 160 185
.14 105 110
American 1300k
B & N Y 1st 68 1911
A-0 100
,.,_. 2d 68 1914 opt
S Tit Go & Indem...-100 40
U
100
18
10
136
Brass
American
133
stock-100
Ferry
NY&ER
20
22
Light-100
&
11epubllo fly
Iron C & C....100 43
Virginia
s
100
44
202
com
Chicle
198
American
M-N
62
1st Is 1922
75
100 72
Preferred
100 3013
100 97 100 s Wells Fargo & Co
Preferred
Tennessee Ry L&P com 100 1512 181 N Y & Hob Is May '48....J-D 99 100
se&Afr
BroBnx
gt:
rakT
es
1tle
e.
chn
eati
est
w
100
W
e
100
Express
110
M-N
American
106
106
•
1946
be
let
Fy
Hob
70
68
100
• Preferred
166
Guar
Mtge
1
&
95
100
com
20
.14
Graphophone
Am
100 ---- 20 NY&NJ 58 1948
,ZOlodo Tract L & P
*12952
100 52 100 20
26
Preferred
80 10th & 23d Ste Ferry
100
Preferred
Willys-Overland
com....1
46
43
l2J
Hardware-100
118
J-D
American
1919
Is
mtge
1st
-D
-J
Trent P & H 58 1943
1
Preferred
Amer Malting 8s 1914__J-D 9914 top
100 81
32
Union Ferry stock
46
100 40
Worthington(HR)C0 Pf-I
M-N 100 102
Amer Press Assoo'n
lit as 1920
111
•Per share, a And accrued dividend. 0 Basis. R Listed on Stook Exchange but usually Inactive. I Flat price. a Nominal. s Sale Woe. 1 New stet*.
subsidiaries. s Ex-div. p Ex-righta. s Includes all new stook dividend* and subscriptions. • Listed on Stook Mohan° but Infrequently dealt Int mord of
1;4400% stook dividend _
.111413 VII 2019%4 on a preceding DO"
Volume of Business at Stock Exchanges
Telegraph and Telephone B.d Ask
63
'Amer Teleg & Cable__ _100 57
e Central & South Amer_100 105 106
Cornm'l Un Tel (N Y)___25 99 101
72
Empire & Bay State Tel_ WO 00
50
100 40
Franklin
e Gold St Stock Teleg„ 100 110 120
85
100 83
e Mackay Cos corn
100 6712 6912
e Preferred
e Northwestern Teleg.......50 105 112
72
25 65
Pacific & Atlantic
7 95
80
0
e Pac Telep & Teleg pref_100 8
25
Southern & Atlantic
Inactive and Unlisted Securities
150
"tia'
4
Dir
83 ,
;list
1
1
JAW. 24 1014.1
THE CHRONICLE
299
lltirestirtent and ttaitroati tntellitlence,
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular
weekly or monthly returns
can be obtained. 'the first two columns of figures give the gross earnings for
the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week
or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin
period. The returns of the electric railways are brought together separately on a subsequent with July, but oovers some other
page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date.
Current
Year.
Previous
Year.
Latest Gross Earnings.
ROADS.
1Veek or
Month.
Current
Year.
July 1 to Latest Date
Previous
Year.
sgs-saggn-gs.aggEggsssssgssgssss-
Current
Previous
Year.
Year.
Ala N 0& Tex Pao.'
$
^$
$
X
N 0 & Nor East_ December_ 362,582 316,063 2,103,098 1,918,869
N 0 Mobile & Chic_ November
203,276 253,371
948.941 1,039,478
Ala & Vicksburg.. December_ 176,376 173,881
988,611
957,566 NYNH& Hartf__ November 5,669,683 5,920,068 29.744,393 30.945,140
Vicks Shrev& Pac December_ 171.454 160,857
945,764
889,483 N Y Ont & West__ November
667,685
710.419
4,237,361
4,334,820
Ann Arbor
Jan
35,624
1st wk
43,782 1,266.061 1,235,431 N Y Susq & West__ November
326,197 311.861 1.646,522 1,536,951
Atch Topeka & S Fe November 9,784.520 10828886 48,768,783 50,808,117 Norfolk Southern
_ _ November
317,275 291,301 1,532.709 1,463,942
Atlanta Dirm & Att. November
335.620 294,273 1,492.172 1,375.098 Norfolk & Western.. November 3,675,055
3,550,503 19,654,449 18,572,426
Atlantic Coast Line November 3.306,210 3,071,228 13,823,359 13,466,077 Northern Pacific..... November
0,698,544 7,136,247 33.364.283 :33,365,961
Chariest & W Car November
190,175 170,227
871,578
761,138 Northwestern Pan_ November
295.872 286,645 1,844,646 1,792,718
Lou Hend & St L. November
116,095 107,125
595,951
534.995 Pacific Coast Co.. _ _ November
678,146 710.202 3,523.424 3.664,433
'Baltimore & Ohio_ December_ 7.909,925 8,303,097 52,653.964
52,449,338 Pennsylvania RR.._ November 15350971 15467102 81,116,704 77,584,091
B & 0 Ch Ter RR November
154.354 160,854
782,083
807,657
iralt Ches & At!.. November
21.603
23,806
197,904
173,291
Bangor & Aroostook November
327.881 287,019 1.485,634 1,327,807
Cumberland Vail. November
300,047 295,869 1,521,291 1,478,454
Bessemer & L Erie.. November
690.483 679,849 4,821.670 4,582.829
Long Island
November
903.425 869,370 5,944.149 5.475.368
Birmingham South.. November
97,267 103,917
539,500
Maryi'd Del & Va November
478,591
11,597
10,851
84,274
85,706
Boston & Maine
November
4,175,661 22,532,850 22,720,037
N Y Phila & Norf November
319,059 286.790 1,715,989 1.581,809
Buff Roch & Pitts 2d wk Jan 4,153,622
201,952 212,286 6,540.577 6,173.884
Northern Central November 1,145,032 1,133,298 5,898,321 5,694,834
Buffalo & Susq__
November
188,365
Phila Bait &Wash November 1,739,273 1,763,413 9.107,706 9,112.499
Canadian Northern 2d wk Jan 362,800 209,266 1,034,726 1,041.809
359,000 14,092,400 12,940.100
W Jersey & Seash November
393,601 400.490 3.374,210 3,341,838
Canadian Pacific.... 2d wk Jan 1,563,000
1,996,000 78,579,836 77.550,913 Pennsylvania Co..... November 5,346,664 5,993.572 30,109,801 30,149.889
'Central of Georgia.. November 1,337,006
1,255,811
6,190,664
Grand Rap & Ind November
443,046 455,265 2,545,763 2,481,088
Dentral of New Jers November 2,570,054 2,584.591 13,740,417 6,079,076
Pitts C C & St L. November 3,648,680 3,862,678 19,680,049 19,463.254
14,021,459
.'lent New England_ November
329,926 310,713 1,024,573 1,617,414
Vendetta
November
977,005 978.529 5,169.925 4.944.460
Central Vermont_ November
323,668 339,637 1,842,248 1.862,017 Total LinesChes & Ohio Lines_ 2d wk Jan 687,269 573,119 19,876,246
10,067,169
East
Pitts
&
E
November 21401709 21637639 115679478 112223376
Chicago & Alton_ 2d wk Jan 250,629 280,918 8,467,209 8,830,375
West
Pitts
&
E
November
10611636 11473372 58,581,413 58,034,988
MI° Burl & Quincy November 8,296,282 8,617,535 43,565.412
All East & West_ November 32013346 33111013 174260894 170258368
f Chic & East III.. November 1,381,897 1,432,647 7.153.196 42,685,271
Pere
7.045,559
Marquette
_
November
1.548.917 7,375,756 7.683,202
1.439,060
s Chic Great West..
.. 2d wk Jan 275,938 261,978 8,031,241 7,774,683 Reading Co-Chic Ind & Louisv.. 2d wk Jan 112,066 101,600 3,914,079 3,889,497
Phila & Reading_ November 4,272,090 4,479,306 21,391.909 21,999,581
Chic Milw & St P..1 November 8,161,618 8,670,291 41,694,803 42,189,463
Coal & Iron Co November 3,447,877 4.365,766 13,255,430 18,958.153
Chic Mil& PugS,
Total both cos... November 7,719,967 8,845,072 34,647,339 40,957.731
Chic & North West November 7,093,444
39,504,182 38,470,068 Rich Fred & Potom November
237,350
1,131,343 1,099,648
Chic St Paul M&O November 1,674,295 7,335,104
1,589,749 8,225,716 7,831,869 Rio Grande June_ _ October... 126,358 228,580
142.183
421,203
451.263
)hic Terre H & S E November
218,093 180,219
971,508
841,665 Rio Grande South 2d wk Jan
13,921
9.938
397,908
364.374
Din Ham & Dayton November
816,968 945,753 4,599,476 4,718,935 Rock Island Lines November 5,864,496
6,333,893
30,615,769
32,107,301
Dolorado Midland.. November
166,892 177,161
862,855
961,776 Rutland
November
328,819 313,746 1,749.259 1,695.757
, colo & Southern.... 2d wk Jan 248,379
277,776
St
Jos
7,774,249
8,555,531
&
Grand
Isl..
November
154,287 120.459
733,63'
741.056
3ornwa11
November
15,160
19,337
82,754
100,867 St L Iron Mt & Sou November 3,029,830 3,081,465 14.339.040 14,676,247
)ornwall& Lebanon November
25,440
31,947
142.208
173.991 St L Rocky Mt & P November
232.610 198,951 1,010.251
865.616
)uba Railroad
November
342,357
278,968
St
Louis
1.715,231
&
San
Fran
1,536,543
)elaware & Hudson November 2,003,186 1,928,507 10,592,615 10,313,773 St Louis Southwest_ November 4,016,503 4,248.706 20,475,940 20,081,292
2d wk Jan 255,000 234,000 7,388,953 7,543,570
)el Lack & West November 3,575,259
18,110,013 17,807.322 San Pod L A & S L. November 909,032 893.139 4,419,293 4,291,530
3env & Rio Grande 2d wk Jan 367,500 3,665,305
373,300 13,861,510 14,222,907 Seaboaro Air Line 2d wk Jan 458 082 460,449 13,144,691 12,674,303
Western Pacific... 2d wk Jan
85,700
83,500 3,661,008 3,502,185 Southern Pacific..._ November 1189d350 1265141863,496.603
Denver & Salt Lake 1st wk Jan
14,134
15.383
676,460
684,875 Southern Railway 2d wk Jan 1,209,660 1,196.10038,635.387 37,611,442
3etroit Tol & Iront November
144,473 155,043
696,844
Mobile & Ohio
766,580
2d wk Jan 230,085 223,139 7,068,455 6,573,291
Detroit & Mackinac 2d wk Jan
16,252
18,315
652,908
667.607
CinNO&TexP_ 2d wk Jan 186,644 181,998 5,832,715 5.540.417
Dul & Iron Range November
360,290 372,064 4,621,700 4,422,037
Ala Great South_ 2d wk Jan
93,614
87.81 3,011.849 2.798,363
Duluth So Sh & Ati 2d wk Jan
52,625
51,876 1,949,717 1,850.480 • Georgia Sou & Fla 2d wk Jan
46,191
51,36 1,417,801 1,369,511
Elgin Joliet & East.. November
987,049 1,137,645 5,516,970 5,535,867 Spok Portl & Seattle November
451.400
2,355,995 2,362,753
427,144
II Paso & Sou West November
732,241 704,033 3,570,720 3,443,964 Tenn Ala & Georgia 2d wk Jan
51,574
1,309
2,557
73,773
Erie
November 5,068,114 5,447,117 27.452,021 27.794.148 Tennessee Central_ November
134,664 146,793
737,320
713.381
Florida East Coast.. November
392,982 367,992 1,577,967 1,475,687 Texas & Pacific_ _ _ _ 2d wk Jan 349,650 312,922 10,747,595 10,529,219
Fonda Johns & Glov November
443,959
441,810 Tidewater & West_ November
73,693
77,257
7,938
39,958
5,155
44,251
3eorgia Railroad
November
308,039 290,496 1.460.342 1,278,191 Toledo Poor & West 2d wk Jan
25,442
742,268
18,613
769,634
3rand Trunk Pac.._ 4th wk Dec 117,044
4,294,893 ---- Toledo St L & West
wk Jan
.624 2,591,948 2,291.776
90,675
3rand Trunk Syst_ 2d wk Jan 803.919 860,353 31,020,770 30,446,234 Union Pacific Syst_ 2d
November
8,548,109
8,731.119 44,518,212 43.737,121
Grand Trk 'West_ 4th wk Dec 203,629 242,590 3,718,929 3,746,473 Virginia & So West.. November
160,402 154,861
839.732
753,261
Det Or Hay & M 4th wk Dec
63,799
67,731 1,346,444 1,328,114 Virginian
November
629,917 488.459 3.014,226 2.371.609
Canada Atlantic.. 4th wk Dec
57,701
64,164 1,230.703 1,265,813 Wabash
December. 2,480,866 2,672,613 16,302.366 16.879.944
3reat North System December. 5,676,561 6,548,454 45,103,722 44,110,727 Western Maryland_ November' 652 820 640 128 3 634 294 3.197,468
3ulf & Ship Island_ November
161,644 171,402
840,562 Wheel & Lake Erie_ December. 576,274 606,081 4,484,957 4,367,738
895,152
locking Valley...-. November
651,916 688,796 3,708,188 3.576,870 Wrightav & Temillie November
36,889
28,450
158,617
133.488
filinois Central.... December_ 5.722,064 5,700.980 34,538,820 33,413,641 Yazoo & Miss Vail. December. 1.463.343
1,146.455 6,727.512 5,692.365
nternat & Grt Nor 2d wk Jan 182,000 196,000 5,955,878 6,827,845
tInteroceanic Mex. 2d wk Jan 169.106 138,388 5,033,852 4,659.183
Current
Previous
Kanawha & Mich__ November
275,819 270,405 1,504,395 1.466,721
VariousFiscal Years.
Period.
Year.
Year.
Kansas City Sou... December- 928,402 916,957 5,443,755 5,510,720
Ahigh & New Eng.. November
169.148 156,584
792,324
755,600
3
Lehigh Valley
November 3,549,899 3,744,285 18,131,319 19.081,324 Delaware & Hudson
Jan 1
Nov 3 22,284.087 20,422,783
r,ouislana & Arkan_ November
148,971 138,274
731,663
681,893 N Y Central & Hudson River_e_ Jan 1
Nov 30 107734894 100130351
I Louisv & Nasky 2d wk Jan 1.129,200 1,160,060 33,746,465 32,179.695
Lake Shore & Michigan South Jan 1
Nov 30 53,452,951 49,264,241
VIacon & Birm'ham December
17,023
14,173
82,452
Lake Erie & Western_n
85,727
Jan 1
Nov 30 5,473,088 5,309.190
Waine Central
November
992,244 966,791 5,295,486 5.182,984
Chicago Indiana & Southern_ Jan 1
Nov 30 4,014,614 3,840,862
VIaryland & Penna. November
44,246
40,528
248,038
225,407
Michigan Central
Jan 1
Nov 30 33,009,000 29.860.918
8 Mexican Railways 4th wk Dec 270,200 268.900 4,918,900 4,268,900
Cleve Cin Chic & St Louis.... Jan 1
Nov 30 31,017.765 29.675.873
Slineral Range__ 2d wk Jan
15,729
185,219
7,311
459,407
Peoria & Eastern
Jan 1
Nov 30 3,121,510 3,084,245
Kinn & St Ioul__i 2d wk Jan 204,743 215,066 5,405,176 5,541,692
Cincinnati Northern
Jan 1
Nov 30 1,293,979 1,279.564
Iowa Central_ _
Pittsburgh & Lake Erie
Jan 1
Nov 30 18,421,547 16.585.1g
l!innStP&8SMl 2d wk Jan 412,643 563,611 17,268,214 18,271,216
New York Chicago & St Louis Jan 1
Nov 30 11,280,312 11.141,2
Chicago Division
Toledo & Ohio Central
Jan 1
Nov 30 5,512,646 4.921.3
Wississippi Central.. November
84,984
421.283
Total all lines
83,187
449,365
Jan 1
Nov 30 274337306 2.55092987
4 Mo Kan & Texas_ 2d wk Jan 563.964 566,139 18,279.441 18,726,865 Pennsylvania Railroad
Jan 1
Nov 30 170370126 159614207
8 Missouri Pacific 2d wk Jan 1,086,878 1,066,231 34,055,942 35,005,776
Baltimore Chesan & Atlantic_ Jan 1
Nov 30
326,728
285,967 gashv Chatt & St L November 1.107,316 1,131,081 0,396,347 5,522.901
Cumberland Valley
Jan 1
Nov 30 3,285,685 3.012,758
2 Nat Rys of Mex_t 2d wk Jan 485,363 895,910 18,405,257 34,502,328
Long Island
Jan 1
Nov 30 11.317.443 10,393,43
Nevada-Cal-Oregon 2d wk Jan
4,245
4,712
Maryland Delaw & Virginia Jan 1
250,247
221,234
Nov 30
146,024
133,1
New On Great Nor November
158.982 131,203
693,803
813,439
N Y Philadelphia & Norfolk.. Jan 1
Nov 30 3,627,443 3,277.95$
811 Y 0 & Hud lily_ November 9.532,298 9,711,794 51,872.657 49,658,477
Northern Central
Jan 1
Nov 30 12,399,150 11,705.437
Lake Shore & M 13 November 4,298,225 4,723,153 24.418,596 24,218,322
Phila Bait & Washington
Jan 1
Nov
30 19,433,984 18.615.097
n Lake Erie & W_ November
464.841 505,533 2,596,832 2,655,630
West Jersey & Seashore
Jan 1
Nov 30 6,020.926 6.032.674
. Chic Ind & South November
400.053 380,191 1,817,186 1,815,069 Pennsylvania Company
Jan 1
Nov 30 61,237,450 57.649.612
Michigan Central November 2,857,627 2.898,480 15,303,863 14,623,526
Grand Rapids & Indiana...... Jan
Nov
30 5,125,284 4.976.807
Clev 00 & St L_ November 2,659,622 2,995,368 15,053,887 14,981,057
PittsCin Chic & St Louis
Jan 1
Nov 30 40.845,249 39.721,635
Peoria & Eastern November
293,933 313,909 1,476,431 1,577,798
Vendetta
Jan 1
Nov 30 10.445,329 9,764,169
Cincinnati North. November
130,948 132,159
683,946
662,811
Total lines-East Pitts & Erie Jan 1
Nov 30 240356821 22'71403
Pitts & Lake Erie November 1,499,954 1,622,499 8,472,720 8,514.746
-West Pitts & Erie Jan 1
Nov 30 119911216 1141754
NY Chic & St L_ November 1,024,983 1,178,225 5,156,135 5,413.933
-All lines E & W__ Jan 1
Nov 30 360268038 34131580
Tol & Ohio Cont.. November
478,705 503,857 2,783,875 2,502,300 Rio Grande Junction
Dec 1
Oct 31
946,699
960. ooTot all lines above November 23641189 24965168 129636126 126623669 Rutland
Jan 1
Nov 30 3,461,0011 3,313.012
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
*Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
*A
$
$
$
Mileage. Cur. Yr. Prey. Yr.
S
3
$
let week Nov 34 roads _. 14,595,947 14,175,460
+420,487 2.97
March
240.510 237.295 249,230.551 238,634.712 +100595.839 4.45
15,431,971 15,344,974
24 week Nov 38 roads
+86,997 0.57
Aprll
240.740 236.515 245.170,143 220.981.373 +24.188.770 10.90
8d week Nov 30 roads __ 15.554,843 15,111.345
+443.498 2.94
239.445 236,619 263,496,033 232.879.970 +30,616.063 13.14
May
-825,859 4.22
4th week Nov 39 roads __ 18,733,467 19.559.326
June
230.074 227.242 259.703.994 242,830,546 +16,873.448 6.95
1st week Dec 38 roads __ 14.137.264 14,457,280
July
-320,016 2.21
206.084 203.773 235,849.764 223.813.52 +12.036.238 5.38
roads
37
....... 13.445,789 14.122.476
24 week Deo
-676,687 4.79
August
"19:492 216.709259,835,029 255,493.023 +4.342.006 1.00
8d week Dec 38 roads ---- 14.259,979 14.778,757
-518,778 3.51
September__242 097 239,050 285.050,042 275 244.811 +9.805.231 3.57
4th week Dec 35 roads -- 18,715,282 19,524,994
-809,712 4.15
October -___243:690 240886 299195.006 300,476.017
2
-1 81011
i
week
let
Jan 38 roads --- 11,340,880 12,082,189
-741.309 6.13
November__243.745 241.452 269.220.882 278.364.475 -9,143.6_93
24 week Jan 37 roads ---- 11.572.457 12.121.817 -549.360 4.51
December
90.622 88.941 76,376,380 79.398.41 -3.022.03
a Mexican currency. b Does not include earnings of Colorado Springs & Cripple Creek District Railway from Nov. 1 1911. a Includes she Bow,
ton & Albany, the New York & Ottawa, the St. Lawrence & Adirondack and the Ottawa & New York Railway, the latter of which, being a Canadian
road, does not make returns to the Inter-State Commerce Commission. f Includes Evansville & Terre Haute and Evansville & Indiana RR. g Includes the Cleveland Lorain & Wheeling Ry. In both years. n Includes the Northern Ohlo RR. p Includes earnings of Mason City & Ft. Dodge and
Wisconsin Minnesota & Pacific. s Includes Louisville & Atlantic and the Frankfort & Cincinnati 8 Includes the Mexican International. is Include*
the Texas Central In both years and the Wichita Falls Lines in 1912. beginning Nov. 1.
Includes not only operating revenues, but also all other
saselats. s Includes SI. LtQuls Lf.911 Mouii1aJa
BOuthprn. *We ue longer /Delude the gezizauxualls_LnAPi_a_oUt WWI*,
%rm. xcvm
THE CHRONICLE
300
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 37 roads and shows
4.51% decrease in the aggregate under the same week last
year.
Latest Gross Earnings.
Na m e of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
712.092
799,159
El Paso Electric Cos -November 80,761 75.011
Federal Light & Trac October___ 194,206 184,087 1,909,848 1,745,741
42d St M & St N Ave.. October.. _ _ 173,976 172,704 1,584,752 1,503,533
Galv-Hous Elec Co.... November 211,612 181,074 2.169,504 1,844.264
Grand Rapids Ry Co November 100,791 100,776 1,172,618 1.126,610
$
79,953 73,921
905,694
836,927
Harrisburg Railways.. November
5,804
87,810
93,614
Alabama Great Southern
10,334 Havana El Ry,L & P
201,952
212,286
Buffalo Rochester & Pittsburgh
160,863
156,218
Railway Dept____ Wk Jan 18 50,633 50,670
3,800
359,0.10
362,800
Canadian Northern
Rapid Tran
433.000 Honolulu
1,563,000 1.996.000
Canadian Pacific
562,978
48,420
512,387
&
50,425
Land
Co
November
573,119 114,150
687.269
Chesapeake & Ohio
272,020
281,085
Co Tr Co November
21,701 24,110
30,289 Houghton
280,918
250.629
Chicago & Alton
Hudson & Manhattan October_ __ 323,477 320,571 3,072,928 2,976,716
13,960
261,978
275,938
Chicago Great Western
7,188,041 6,784,818
679,483
Traction_
Illinois
729.946
November
7.466
104,600
112,066
Chicago Ind & Louisville
Interboro Rap Tran_ December 3035,729 2962,828 32,760,151 32,132,639
181.998
4,646
186.644
Chic New On & Texas Pacific_ _
513,913
615,138
Trac Co November
58,235 17,214
29,397 Jacksonville
277,776
248.379
Colorado & Southern
Shore Elec Ry_ November 105,942 104,789 1,299,534 1,213,814
373,300
5,800 Lake
367,500
Denver & Rio Grande
Lehigh Valley Transit November 191,199 184,852 1,587,643 1,394,536
83,500
2,200
85,700
Western Pacific
626,801
570,672
Lewis Aug & Watery_ November
51.794 47.844
18,315
2,063 Long
16.252
Detroit & Mackinac
190,027
211,762
Island Electric_ October.. _ _
17,873 16.814
749
51,876
52,625
Duluth South Shore & Atl
Railway
December_ 275,321 270,360 3,226,275 3,130,492
5,178 Louisville
51,369
46,191
Georgia Southern & Florida__ _
5,480,379 5,165,252
November
Co._
Lt
&
Ry
El
Milw
494,081
521,558
Grand Trunk of Canada
Milw Lt Ht & Tr Co.. Novmeber 120,429 96.397 1,326,706 1,139,350
860,353
56,434 Monongahela
803,919
Grand Trunk Western
847,896
960,216
Val Tr.. December _ 87.790 71,731
Detroit Or Hay & Milw_ _
Nashville
By & Light November 189,660 181,156 2,009,352 1,885,952
Canada Atlantic
376,698
.._ _
511,124
October
56,552
Interboro
City
Y
N
46,098
14,00
182,000
196,000
Internat & Great Northern __
333.523
349,709
& Long 1st Trac_ October - 32,838 34,131
31,760 NY
1,129,200 1,160,960
Louisville & Nashville
130,287
October_ _ _
13,680
138,517
Shore
NY
North
&
13,349
15,729
8,418 N Y & Queens Co_
7,311
Mineral Range
October_ _ _ 113,761 114,430 1,170,381 1,122,205
1,),323 New York Railways_ November 1138,477 1154,418 12.975,031 12,690.755
215,066
204,743
Minneapolis & St Louis
Iowa Central
33.791 23,722
N V Westches & Bos_ November
150,968 N
563,611
Minneapolis St Paul & S S M.. _
412,643
24.312 24.705
Y & Stamford Ry_ November
2,175 Northam
566,139
563,964
Missouri Kansas & Texas
180,366
15,210 14,520
December
NV
188,879
&
Easton
20,647
1,086,878 1,066.231
Missouri Pacific
November 265.097 239,141 2,989,155 2,736,156
Lt..
&
Trac
Ohio
Nor
6.946
223,139
230,085
Mobile & Ohio
Texas Elec Co November 197.719 169,150 1,947,322 1,619,828
467 North
4,712
4,245
Nevada-Catifornia-Oregon
28,844 29,170
317,324
340,700
Northw Pennsyl Ry_ November
3,983
13,921
9.938
Rio Grande Southern
6.735
5,727
131,748
142,906
Ocean Electric (L I)_ October......
234,000
21,000
255,000
St Louis Southwestern
26,659 25,550
258.657
267,042
& Lt Co November_
458,082
460,449
2,367 Paducah Tr
Seaboard Air Line
24,560
259
22,696
261,591
November
.466
Co
Electric
Pensacola
13.560
1,209,660 1,196,100
Southern Railway
Co.. December 2142,522 2065.830 24,241,590 23,283,005
2,557
1,248 Phila Rap Trans
1,309
Tennessee Alabama & Georgia_
Port(Ore)Ry L&P Co November 576,244 570,863 6,116,265 6.055,452
312,922
36,728
349,650
Texas & Pacific
75,113 76,071
956,448
904,359
_ November
RR_
(Me)
Portland
6,829
18,613
25,442
Toledo Peoria & Western
Sound Tr,L&P November 752,983 710,308 7,823,294 7.588,208
90,675
94,624
3,949 Puget
Toledo St Louis & Western_ __ _
282,300 264,561 2,997,670 2,655,602
Republic By & LightiDecember
Rhode island Co_ _ _ _ November 412,576 409,313
11,572.457 12,121,817 255,639 804,999 StJoseph
Total (37 roads
Ry.Lt.
549,360 • Heat &(Mo)
Net decrease (4.51%
Power Co._ November 110.092 100,787 1.134.071 1.068.965
total)
in
incl,
(not
Mexican rds.
457.690
40,378 36.936
404.225
& Tr_ December
Lt
El
Santiago
138,388
30,718
169,106
Interoceanic of Mexico
752,864
71,497 63.440
678,608
Electric Co November
410,547 Savannah
485,363
895.910
National Railways of Mexico_ _ _
883,430
824,511
90,787 86,747
Second Avenue (roe).. October.. _ _
175,243
125,241
19,108 14,952
Southern Boulevard_ October__ _
761,833
62,146
687,038
Net Earnings . Monthly to Latest Dates.-The table Tampa Electric Co November 75,743 332,420
3,391,446
3,190,819
__ 351.321
October_
Avenue
Third
STEAM
of
earnings
net
gross
the
and
shows
following
330,498
304,432
Twin City Rap Tran_ 2d wk Jan 165.914 152,049
railroads and industrial companies reported this week:
Underground Bloc By of London
-Gross Earnings- -Net Earnings
London Elec Rr__ Wk Jan 3_ £15.185 £14,810
Current
Previous
Previous
Current
Metropolitan D st_ Wk Jan 3_ £13.346 £13,230
Year.
Year.
Year.
Year.
London Gen Bus.._ Wk Jan 3_ £54,052 £58,065
Roads.
2,308,062 2,130,953
.
Union By Co of NYC October._ __ 233,185 218,310 11,605,532
$
Baltimore & Ohio b_ _ _ _Dec 7,909,925 8.303,097 2,107,112 20324,479 Wilted Rys of St L.._ November 1062,951 1029,746 5,038,313 11,201.256
4.670.747
417,817
450,487
52,653,964 52,449,338 14,586,781 16,024,229 Virginia Hy & Power.. December
July 1 to Dec 31
831,940
778.287
68,819 59,995
90,267
216,269
81,827 Wash Balto & Annap December_
•_ _Nov 249,733
Brazil Railway
503,?38
495,551
46,632
46,696
__
October..
Electric_
950,600 1,006,377 Westchester
2,591,600 2,356,876
Jan 1 to Nov 30
18,369
19,655
November
Westchester St RR
916,957
341,102
342,214 Western Rys & Light November 215,819 194.766 2,309.237 2,056,530
Kansas City Southern b Dec 928,402
681.51i
620.634
5,443,755 5,510,720 2,097,766 2,170,256 Wisconsin Gas & Elm: November.. 68.372 65.025
July 1 to Dec 31
583,291
613,452
60,673 65,533
861.159 s167,801
s240,681 Yonkers Railroad_ __ October.. _ _
Minneapolis& St Louis allov 811,510
768,940
715,238
71,609 65,128
December
4,218,473 4,310,745 s1,132,447 s1,269,785 York Railway._
July 1 to Nov 30
231,708
219,420
21.548 20,040
Youngstown & Ohio.. November
144,481
139,307
INDUSTRIAL COMPANIES.
15,063 14,611
Youngstown & South October ..__
212,455
230,352
Nov
cos)
114,682
(sub
Util
113,790
Pub
Amer
additional
stocks
the
on
only
2,249,707
996,421
a Includes earnings from May 1 1913
Dec 1 to Nov 30
of
as
that
date
acquired
134.067
413,861
Dec
409,964
128,722
Cities Service Co
c These figures are for consolidated company.
2,172,411 1,190,766 2,087,063 1,113,732
Jan 1 to Dec 31
479,300
Dec 583,174
275,097
230,358
Detroit Edison
Electric Railway Net Earnings.-The following table
5,546,587 4,385.615 2,324,361 1,858,435
Jan 1 to Dec 31
ELECTRIC railway gross and net
809,484
646,687
615,931 gives the returns of
°Mexican Lt & Pow___ _Dec 880,494
9,689,416 8,918,790 7,085,228 6,478,088 earnings reported this week:
Jan 1 to Dec 31
-Gross Earnings- -Net Earnings
81,754
64,519
35,885
28,121
Penn Central Lt & Pow_Dec
Previous
Previous
Current
Current
519.712
623,551
264,971
233,610
Mar 1 to Dec 31
Year.
Year.
Year.
Year.
Roads.
a Net earnings here given are after deducting taxes.
$
$
$
$
b Net earnings here given are before deducting taxes.
145,204
57,783
63,994
Ft Wayne & Nor Ind Tr_Nov 157,492
g These results are in Mexican currency.
1,550,878
578,191
633,716
1,649,963
the
for
income
additional
month
of
Nov.
total
to
1
Jan
1913,
Nov
for
30
allowing
s After
net earnings were $136,20'7, against $252,743 last year, and for pperiod from Interborough Rap Tran aDec 3,035,729 2,962,828 1,702,981 1,597,520
July 1 to Nov. 30 were $1,082,739 thls year, against $1,261,479 last year.
15,999,452 15,737,169 8,613,958 8,139,355
July 1 to Dec 31
270,360
127,078
122,261
Louisville Railway_b__ _Dec 275,321
Interest Charges and Surplus.
3,226,275 3,130,492 1,377.757 1,340,455
Jan 1 to Dec 31
INDUSTRIAL COMPANIES.
653,102
325,153
356,103
611,673
-Int., Rentals, &c.- -Bal. of Net Earns.- °Mexican Tramways_ __Dec 6,949,478 6,813,046 3,715,486 3.606,146
Jan 1 to Dec 31
Current
Previous
Current
Previous
3,120
11,771
261
12,755
Year.
Year.
Year.
New York & North Sh_a Dec
Year.
Companies.
892,661
2,065,830
844,300
$
$
$
$
Phila Rapid Transit_ ---Dec 2,142,522 11,926,124
5,103,503
4,839,350
Nov
50,230
z64,547
Amer Pub Util(Sub cos)
12,239,537
July 1 to Dec 31
578,162
z452,478
Dec 1 to Nov 30
329,503
710,308
324,134
Puget Sd Tr. Lt & P a_ _Nov 752,983 7,588,208
3,250,044 3,232,611
29,167
Dec
380,798
128,722
Cities Service Co
7,823,294
Jan 1 to Nov 30
123,062
1,964,001 1,113,733 Republic By & Lt a_ -__Dec 282,300
. Jan 1 to Dec 31
264,561
105,542
99,778
96,705
Dec
111,635
178,392
118,723
2,997,670 2,655.602 1,153,706 1,045,031
Detroit Edison
Jan 1 to Dec 31
1,205.702 1,172,926 1,118.659
685.509 Virginia Ry & Power_ __Dec 450,487
Jan 1 to Dec 31
233,830
417,817
221,495
17,857
13,051
18,028
15,070
Penn Central Lt & Pow_Dec
2,619,117 2.440,010 1,305,963 1,236,033
July 1 to Dec 31
117.127
170,946
94,025
Mar 1 to Dec 31
116.483 York Rys Co_ b714,701
352,896
332,591
767,162
z After allowing for other income received.
Dec 1 to Nov 30
65,128
33,521
31.714
71,609
December
Second week of January.
1914.
1913.
Increase. Decrease.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
American Rys Co___ December 461,719 431,492 5,223.116 4,871,153
25.797 22,756
349,307
Atlantic Shore Ry___ November_
337.149
155,213
1,842.370 1,757.572
e Aur Elgin & Ch By.. November 164.571
65,372 61,681
698.442
Bangor By & Elec By November
649.695
146,742
15.481 12,494
Baton Rouge Bloc Co November
132,995
69,931 55.604
Belt LRyCorp(NYC) October _ _ _
634.666
540,355
76,206 72,620 __
Berkshire Street Ry_ November
Brazilian Trac, L & P November 1959,267 1773,623 21,537.429 18,728,477
8,051
7.671
116,715
Brock & Piym St Ry_ November
112,160
Bklyn Rap Tran Syst October__ 2066,841 2103,071 20,815,847 20.371,208
344,781
34,849 34,563
Cape Breton Elec Ry November
325.789
97,032 91,293 1,104,552
Chattanooga Ry & Lt November
969,220
30.187 30,862
392.397
Cleve Painesv & East November
370.525
98,489 100,352 1,149.871 1,084,979
Cleve Southw & Col.. November
551,732
58,858 47,937
Columbus(Ga) El Co November
492,187
Com'th Pow By & Lt November a288,996 149.420 al.816,752 1.065.318
Coney IsI'd & Bklyn_ October_ __ 118,894 120,053 1,442,257 1,368,738
Novmeber 624,272 606,441
Connecticut Co
Consum Pow (Mich)_ November 291,035 263,903 2.830.186 2-.-4-9-0-.r1.
46
Cumb Co(Me)P & L November 195.100 176,866 2,149,544 1,953,328
Dallas Electric Corp.. November 198,259 163,751 1,989,584 1.647,321
197,245
Detroit United By.. 1st wk Jan 197.245 205,788
205,788
500,705
48,955 52.818
DDEB& Batt (rec) October _ _ _
517,510
Duluth-Superior Trac November 109,263 91,687 1365,828
980 113
1Pea. fat T.nnice A. Sinh
Trnvarnhar
9.4K 1M'
99A 1105
9 AR')'7AK
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These results are in Mexican currency.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat, of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
$
$
42,562
19,020
15,221
44,974
Ft Wayne & Nor Ind Tr_Nov
466,972
152,369
481,347
111,219
Jan 1 to Nov 30
923.054 z843,904 z719,914
Interboro Rapid Transit Dec 913,150
5,668,126 5,518,427 z3,272,574 z2,826,972
July 1 to Dec 31
66,000
74,012
78,229
70,167
Dec
Louisville Railway
837,833
779,333
736,738
796,007
Jan 1 to Dec 31
762,640
83,999
81,660
Dec 808,662
Phila Rapid Transit_
307,342
278,428
4,796,160 4,560,921
July 1 to Dec 31
150,779
176,380
173,355
153,122
Puget Sound Tr, Lt & P Nov
1,616,081
1,570,420
1,616,530
1,679,623
Jan 1 to Nov 30
44,084
62,153
55,694
43,299
Dec
Republic By & Lt
528,935
617,442
516,096
536,264
Jan 1 to Dec 31
123,166
135,435
5105,280
z104,933
__Dec
Power_
Virginia Ry &
741,792 z552,271 z538.672
802,818
July 1 to Dec 31
York Rys Co252,328
256,978
95,917
80,264
Dec 1 to Nov 30
21,431
21,091
10,623
12,090
December
Roads.
z After allowing for other income received.
JAN.24 1914.)
THE CHRONICLE
New York City Street Railways.
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Roads.
Year.
$
$
$
$
320,571 c178,213 c192,296
Hudson & Manhattan a Oct 323,477
Jan 1 to Oct 31
3,072,928 2,976,716 1,648,912 1,721,218
934,255
Interboro R T (Sub) aOct 1,480,082 1,508,531
910,155
Jan 1 to Oct 31
13,897,920 13,400,583 8,214,941 7,636.931
662,912
Interboro R T (Elev) a_Oct 1,374,812 1,411,406
698,860
Jan 1 to Oct 31
13,005,010 12,957,707 6,072,315 6,102,957
Total Interboro R T a_ -Oct 2,854,894 2,919,937 1,597,167 1,609,015
Jan 1 to Oct 31
26,902,926 26,358,282 14,287,254 13,739,886
7101,586
786,581
Brooklyn R T a
Oct 2,066,841 2,103,071
Jan 1 to Oct 31
20,815,847 20,371,208 7,445,563 7,402,005
425,240
466,415
New York Rys a
Oct 1,264,953 1,255,203
11,836,554 11,536,337 3,801,455 3,798,755
Jan 1 to Oct 31
55,604
22,736
4,890
69,931
Belt Line a
Oct
540,355
156,234
28,869
634,666
Jan 1 to Oct 31
86,747
26,820
17,702
90,787
Oct
Second Ave a
824,511
233,753
-140,128
883.430
Jan 1 to Oct 31
332,420
144,431
125,907
Oct 351,321
Third Avenue a
3,391,446 3,190,819 1,364,211 1,393,150
Jan 1 to Oct 31
48,955
52,818
12,094
15,118
D D & B'way & Bat a__Oct
500,705
517,510
125,802
105,904
Jan 1 to Oct 31
172,704
71,022
64,301
42d St M & St N Av a__Oct 173,976
1,584,752 1,503,533
686,320
464,260
Jan 1 to Oct 31
56,552
46,098
11,448
16,559
N Y City Interboro a_Oct
511,124
376,698
86,705
80,439
Jan 1 to Oct 31
19,108
Southern Boulevard a_ _Oct
14,952
1,870 def2,634
175,243
Jan 1 to Oct 31
125,241
26,779
15,100
Union Ry of N Y C al.._Oct 233,185
218,310
41,646
46,417
Jan 1 to Oct 31
2,308,062 2,130,953
496,818
528,743
Westchester Elect a_ _ __Oct
46,696
46,632
8,674
3,394
Jan 1 to Oct 31
503,938
495,551
117,463
68,472
Yonkers a
Oct
60,673
65.533
12,503
20,876
Jan 1 to Oct 31
583,291
613,450 , 157,608
94,516
Long Island Elect a_ __ _Oct
17,873
16,814
def2,323
169
Jan 1 to Oct 31
211,762
190,027 • 24,555
26,539
N Y & Long Isl Trac a- _Oct
32,838
34,131
2,207
4,508
Jan 1 to Oct 31
349,709
333,523
54,343
23,180
New York & No. Sh a_Oct
13,349
2,829
1,667
13,680
Jan 1 to Oct 31
130,287
24,336
138,517
26,132
N Y & Queens Co a___ _Oct 113,761
114,430
15,364
12,848
Jan 1 to Oct 31
164,166
1,170,381 1,122,205
9,926
Ocean Elect a
6,735
def2,242
5,727
Oct
def 285
Jan 1 to Oct 31
142,906
131,748
52,523
63,554
120,053
Coney Island & Bklyn a Oct 118,894
32,434
32,699
1,442,257 1,368,738
Jan 1 to Oct 31
502,314
393,013
27,752
30,406 def23,713
Richmond Lt & RR a___Oct
def2,335
21,940
Staten Isl'd Midland a__Oct
21,675
2,898
4,392
a Net earnings here given are after deducting taxes.
c Othre inc, amounted to $83,385 in Oct. 1913, against $79,350 in 1912*
ANNUAL REPORTS.
Minneapolis & St. Louis RR.
(Report for Fiscal Year ending June 30 1913.)
On subsequent pages are given extended extracts from the
remarks of President Erb. Below will be found the usual
comparative tables compiled for the "Chronicle."
ROLLING STOCK OWNED-BRIDGES, B ALLAST, RAILS, JUNE 30
---Locomotives- Pass.
-Freight Equipl- Work.
No.
Tractive Power. Equip.
No. Cap.(tons). Equip.
224
1913
5,628,305 lbs.
139
7,506
230,045
365
219
1912
5,277,535 lbs.
143
7,710
234,795
349
Bridges, &c.(ft) -Ballast (milesRails (miles)
Steel. Trestles. Gravel. Cind. Soil.85-lb.80-lb. 70-lb. 66-lb.60-lb Other
1913 -14,588 86,589 1,056 74 309 30 323 726 33 289 145
1912 -14,522 87,070 1,026 78 426
-- 299 753 33 311 152
CLASSIFICATION OF FREIGHT-PRODUCTS OF (TONS).
Agriculture. Animals.
Mines.
Forests. ManTres. Misc.
1913
1,891,616 202,123 1,711,821 356,467 606,084 863,843
1912
1,503,867 209,371 1,570,332 280,967 448,124 734,502
301
New York State Railways.
(Statement for fiscal year ending Dec. 31 1913)
SUMMARY OF OPERATIONS FOR YEARS ENDING DEC 31.
[Making necessary allowances for inter-company charges and including
proportion of Schenectady Ry. Co. and Ontario Light & Traction Co.
surplus applicable to New York State Railways.
1912.
1913.
1911.
1910.
Earnings from oper____ $7,796,228 $7,542,195 $7,123,511 $6,729,051
Exp. of oper.(incl. depr.) 4,848,413
4.666,839
4,269,145
4,157,458
Netearns.from RR.oper$2,947,815 $2,875,356
Taxes
502,779
452,654
Net earnings
$2,445,036 $2,422,702
Net non-oper. revenue._
170,100
173,434
Gross income
$2,615,136 $2,596,136
Inc. dad. (int. & rent.)_ 1,240,640
1,119,588
Net income
81,374,496 $1,476,548
Prop. to N. Y.S. RysSchenectady Ry., 50%_
75,007
61,151
Ont. L.& Tr. Co..106%
4,447
3,356
$2,854,366 $2,571,593
407,608
394.775
$2,446,758 $2,176,818
169,079
167,814
$2,615,837 $2,334,632
1,166,360
912,315
$1,449,477 $1.422,317
50.969
32,268
5,443
5,270
Total net income..___ $1,453.950 $1,541,055 $1,505,716 $1,460,028
Divs. on pref. stk. (5%) $193,125
$193,125
3193,125 *$249,354
Divs. on corn. stk.(6)- _ _ 1.196,820(6)1,196,820
(6)1,196.820(43)897,517
Balance, surplus
$64,005
$151,110
$115.771
$313,157
* Includes dividend on 2d pref. stock, which stock
was changed for
common May 1910.-V. 96, p. 790.
Lehigh Valley Transit Co., Allentown, Pa.
(Report for Fiscal Year ending Nov. 30 1913.)
The remarks of President H. R. Fehr regarding the property and its operations, together with the company's comparative statement of income account for three years past,
and also the general balance sheet of Dec. 1 1913, will be
found under heading "Reports and Documents." The importance of the system has been much increased during the
past year by the acquisition of the Easton Consolidated Electric Co., the completion of the new Allentown Bridge and the
establishment on Dec. 12 1912 of an hourly high-speed
limited service between 69th St. Terminal, Philadelphia,
and Allentown.-V. 97, p. 1426, 951.
Morris & Co. (Packers), Chicago, Ill.
(Report for the Year ending Nov. 1 1913.)
Yearend.
Yearend.
Yearend. 11 Mos.end.
Nov. 1'13. Nov. 2'12. Oct. 28'11. Oct. 1 10.
Net profits on manufactures and sales
$3,983,398 $3,873,160 $3,017,599 $2,907,190
Miscellaneous earnings
396,566
207,811
92,106
87.616
Total income
54.379,964 34,080,971 $3.109.705 32,994.806
DeductInt. on borrowed money_ $542,733
$366,556
$315.013
$159,670
Interest on bonds
532,500
541,500
550,500
515.625
Administrative expenses_ 951,855
957,496
815,452.
616,690
Taxes, insurance, Sec.__ _ 435,879
402,766
391,993
300,320
Net earnings
Dividends
$2,462,967 $2,268,318 $2,072,958 S1,592,305
$1,916,997 $1.812,653 $1,036,747 $1,402,501
360,000
180,000
180,000
345,000
Balance,surplus
$1,556,997 $1,632,653
$856,747 $1,057,501
GENERAL BALANCE SHEET.
Nov.1'13. Nov. 2'12.
Nov. 1 '13. Nov. 2'12.
Assets,
Liabilities$
Pack. h'se,real est. 650,489
497,839 Capital stock____ 3,000,000 3,000,000
do bidgs., mach.,
Bonds
11,700,000 11,900,000
&c
12,058,273 10,452,583 Bills payable
9,814,942 7,365,832
Br.mkts.,b1dgs.,&C 2,851,142 2,823,180 Accts. payable
1,640,536 1,896,784
2,282,972 1,986,981 Bond in accrued_ 176,962
Car equipment
185,365
3,432,632
Cash
3,359,487 Res.for depr., &c_ 3,552,871 3,220,361
Products dr supp_16,823,724 17,024,231 Sur. to Oct. 31 '0820,228,588 20,228,588
Marketable invest. 7,514,352 6,178,534 Sur. since Oct. 31
'Accts.& bills rec 10,454,910 9,871,694
1908
5,954,595 4,397,598
Total
56,068,494 52,194,528
Total
56,068,494 52,194,528
--N. 97, P. 1508.
Western 'Union Telegraph Co., New York.
(Official Statement Jan. 21 1914.)
Pres. Theo. N. Vail has made the following statement
giving the facts regarding the position of this company,which
was misrepresented in remarks alleged to have come from a
member of the House of Representatives in Washington:
OPERATIONS, REVENUES, EXPENSES, &C.
1912-13.
1911-12.
1910-11.
Average miles operated
1,586
1,586
1,586
Number passengers carried
2,418,388
2,366,727
2,454,304
Passengers carried one mile
Rehabilitation.-When the American Telephone & Telegraph Co. acquired
87,713,142 84,129,559 93,759,513
Rate per passenger per mile
2.127 cts. 2.032 eta.
1.895 eta. its interest in the Western Union and took part in its management, twoRevenue freight, tons
5.631,954
4,747,163 4,692,981 thirds of the directors and about the same proportion of the executive
carried
freight
one
mile,tons 905,720,718 755.890,137 789,744,019 committee, representing the other shareholders, remained. The Western
Revenue
Rate per ton per mile
0.804 eta. 0.758 cts. 0.802 cts. Union Co. was experiencing very strenuous times, its earnings had been
Earnings per passenger train mile
1.00
$0.93
$0.97 impaired, its operating force demoralized, its dividends reduced. In the
Earnings per freight train mile
$2.45
$2.07
$2.27 preceding 15 years its capital had been increased some $50,000,000 for conGross earnings per mile
$6,122
$5,016
$5,427 struction without any increase in net revenues from telegraph business.
Tons per train mile
Immediately after the American Telephone & Telegraph Co. acquired its
345.31
307.34
302.89
interest, the Western Union directors had a thorough examination of the
Earningsplant made, and a thorough investigation of its position from every standPassenger
$1,865,958 $1,709,109
point. It was found that though the earnings had been
its
Freight
7,283,061
5,732,1031
$ 8,605,554 outstanding capital was well represented by property, but impaired,
not all of it
Mail, express, &c
557,985
was in as good condition as it should be.
512,904)
probable
The
earnings of the future were carefully
into and it was
Total operating revenues
$9,707,004 $7,954,116 $8,605,554 estimated that the 3% dividend could be continued andgone
a very considerably
increased amount put into maintenance, improvement, renovation and reExpensesconstruction;
also
that the operating organization should be strengthened,
Maintenance of way, &c
$1,249,821
$987,086
wages improved, and operating condhions bettered. It was thought that
Maintenance of equipment
1,208,865
1,165,079
these improvements and renovations could be completed in from five to
Transportation expenses
3,784,633 3,552,400 $6,194,389 seven
years
from that time.
Traffic expenses
215,797
217,292
This policy was adopted: substantially all surplus over and above the
General
248,273
252,172
3% dividend was set aside for these purposes. The amount so set aside
Taxes
382,242
336,379
346,470
was distributed over different quarters in different amounts, so that no
Outside operating balance
362
406
418 three-months' period should show
either a deficit or any considerable surplus
dividends. This has been fully set out in the annual reports.
Total expenses and taxes
$7,089,993 $6,510,814 $6,541,277 over
The results of the working for the three years ending Oct. 311913, as
Net operating revenues
$2,617,011 $1,443,302 $2,064,277 compared
with the three years ending June 30 1910, are as follows:AAA.,
Interest on bonds
$64,172
$57,223
$57,201
Dividends on stocks owned
Total.
Increase.
42,150
4,160
4,144 Gross cable and land lines
revenue $125,190,000 $38,805,000 or 45% I/NI
Net rentals, lease of road, &c
49,376
46,410
63,463 Wages paid,
not including cable
Miscellaneous income
750
679
• 4..;
maintenance,construction or rew.)Ps
cv
construction wages
Total other income
48,000,000 16,566,000 or over-56'7.
$155,698
$108,521
$125,509 Construction,
excl.
real
income
estate_
Total net
3,791.000
360,000 or.10.5%
$2,772,709 $1,551,823 $2,189,786
Amount set aside out of earnings
Deductfor maintenance, improvement,
'irsiVi
Interest on funded debt
renovation and reconstruction_ 22,624.000 8,200,000 or nearly/57%
$2,052,038 $2,038,498 $2,003,723
Interest, discount and exchange
95,557
91,724
71,157
Of
this
last
amount
$2.660,000
is
unexpended
and
carried
in reserve.
Miscellaneous charge.
10,187
Of the total amount expended for maintenance, renovation, reconstrucHire of equipment, balance
163,033
88,642
55,050 tion, $2,847,000 could properly have been charged to construction, and will
have
to
be
charged
so
under
the
present
accounting
regulations of the InterTotal fixed and other charges
$2,320,815 $2,218,864 $2,129,930 State Commerce Commission, which are now in effect,
with the
Balance, surplus or deficit
shc.S451.894 def.$667,041 sur.$59,856 current year. This will,if conditions remain unchanged,beginning
increase the divisi-V. 98. P. 236.
ble surplus by that amount during the continuance of abnormal outlay,
Outlook for Increased Dividends-Settlement with Amer. T. & T. Co.
It is estimated that these abnormal expenditures will be completed in 2%
to 3 years, when the property will be in good going condition and can be
so maintained by normal expenditures. The benefits of the rehabilitation
work are beginning to be realized in efficiency and economy of operation.
If these benefits continue under existing conditions, based on experience of
the last three months of 1913,it is expected that at the very least 81.000.000
a year will be saved in operation (V. 98, p. 242).
The litigation between the Western Union and affiliated companies and
the American Telephone & Telegraph Co., in respect to the interpretation
of the contract of 1879, which has been in the courts for the last thirty
years, and was in the first instance decided in favor of the American
Telephone & Telegraph Co., has been finally decided, partially in favor
of the Western Union,and that company received Dec. 16 1913 $3,300,000
as its share. This sum Is nothing but deferred earnings and could be distributed to the shareholders either in one dividend or spread over the years
during which abnormal expenditure:i will continue on renovation, etc.
The financial condition of Western Union was never better. It has
liquid assets in cash, demand and time bills receivable, less current liabilities
of some $15,000,000 sufficient to take care of all construction demands for
some years to come if the surplus revenue is not adequate for that purpose.
Unless conditions change very much for the worse, the shareholders of
Western Union are on the eve of getting some return for their patient waiting, and this return should be continuous and increasing.
Improvement in Character of Service, &c.-Whatever decrease there has
been in the Western Union revenue from private line leases has come from
the discontinuance of leasing lines to those who put them to questionable
uses, and to the fact that in case of a general interruption the Western Union
was compelled, when such lines were restored, to use them for its commercial
business, and thus deprive the lessees of their use for a time.
The telegraph business had been carried on entirely on the basis of immediate transmission and delivery. This naturally called for operating staff
and facilities equal to the peaks of normal demands, and it naturally
followed that there were considerable intervals when this operating force
and these facilities were idle. New services, not requiring immediate transmission and delivery, were gradually introduced to fill in these idle intervals,
with beneficial results both to the public and to the company.
The new services, in spite of adverse criticism and charges of unfair competition from some quarters, have been revenue-producing and profitable,
and of great benefit to the public, and have not in any way affected adversely the regular business at regular rates. These were introduced in
spite of the belief on the part of many that they would largely affect the
long-line telephone business.
The results have demonstrated that there is a field for them; that with
equally available facilities for both, the telephone and telegraph are not
competitive but each has its own distinctive field. If telephone and telegraph facilities are equally available, the public will use that which is best
adapted for the particular purpose for which it is used. In case of unequally
available facilities, it will use one or the other as an alternative.
Can any misrepresentation or misleading argument possibly harmonize
this with the statement that "the telephone trust has reaped the cream
of the business"? On the contrary, it has left the cream to be gathered
by others.-V.98, p. 242. •
United States Express Co.
(Report for Fiscal Year ending June 30 1913.)
INCOME ACCOUNT.
1912-13.
1911-12.
1910-11.
1909-10.
$21,292.190 $20,808,974 320,035,7651817,680,237
328,519
322,534
328,309f
RevenuesExpress
Other sources
Gross oper. revenue.. _321,620,709 $21,131,508 $20,364,074 $17,680,237
Express privileges
$10,446,376 $9,927,777 $9,717,523
Maintenance
432.782
404,335
366,776 $17,232,205
Transportation & traffic 10,062,131 10,131,505
9,262,024
General and taxes
788,933
728.904
637,097
Operating income.._ _def.$109,512 def.$61,013sur.3380,654sur.$448,032
Other income
356,760
340,615
415,638
387,824
Gross income
Income charges
Dividends (6%)
$247,248
$24,280
$279,602
$46,373
600,000
$796,292
$45,471
600,000
$835,856
$39,966
600,000
Total deductions....__
$646,373
$24,280
$645,471
$639,966
Balance
sur.3222.968 def.3366.771 sur.3150,821 sur.3195,890
BALANCE SHEET JUNE 30.
1912.
1913.
1913.
1912.
Liabilities-Assets$
Prop. & equipnft-x3,017,295 2,920,550 Capital stock
10,000,000 10,000,000
588,157 Wages and salaries
Physical property. 643,678
468,145
4,547,488 4,701,203 Notes payable_
Bonds
735
372,861
371,661 Traffic balances__ 141,403
Stocks
263,213
46,690
Unpledged securs_
47,540 Money orders,trav727,281
808,373
Cash
eler's checks,&c. 379,721
430,774
Adv.to system corp 2,705,894 2,681,853 Vouchers & accts.. 710,431
282,473
Traffic balances._ 131,370
185,554 Unpaid accounts..
6,572
Individuals & cos..
104,321 Express privileges_ 1,493,052 1,720,422
Due from agents._ 1,190,425 1,319,851 Reserves
68,139
113,819
80,869
Materials & supp_
56,888 Def. credit items.._ 269,000
67,882
Loans & bills rec__
27,785
29,764 Profit & loss, surAccr. Inc. not due_
70,995
77,260
plus
1,186,895 1,170,858
B.& 0.contract
516,687
Ohio Elec. contr't _
69,167
Adv.pay'ts on cent 425,833
88,044
Miscellaneous.... __ 280,177
Total
[VOL. xcvni.
THE CHRONICLE
302
14,248,641 14,524,893 Total
14,248,641 14,524,893
Property and equipment consists in 1913 of: real estate and buildings, $1,144,058; equipment, $2,675,194; buildings and leased roads, $172,840: and buildings
on railroad peoperty, $85,131; less $1,039,927 reserves for accrued depreciation.
Note.-The company has a contingent liability as guarantor of a mortgage of the
U. S. Express Realty Co., $1,000,000, held by U. S. Mtge. & Tr. Co.-V. 97, P.
1903, 959.
Sherwin-Williams Co., Cleveland, Ohio.
(Balance Sheet Sept. 1 1913.)
1913.
AssetsPlant and equip4,022,591
ment
Cash
195,987
Bills receivable_ _ _ 258,655
Accts. receivable.. 1,672,576
Merchandise
3,136,225
Securities owned.._ 1,870,898
Prepaid insur., &c.
25,271
1912.
3,716,120
441,923
798,852
1,634,159
2,721,444
1,808,148
18,927
Total
11,182,203 11.139,573
-V.97, p. 1290.
1913.
1912.
Liabilities$
$
Prof.stock (6%)- _ 1,409,400 1,409,400
Pref.stock (7%).... 500,000
500,000
Common stock___ 5,987,000 5,968,200
Accts. payable__ 606,517
643,514
Bills payable
100,000
Accrued taxes, &c.
64,392
50,816
Res'ved for depr'n 140,535
116,552
Undivided profits.. 2,374,359 2,451,091
Total
11.182,203 11,139,573
Rotary Ring Spinning Co.
(Balance Sheet Dec. 31 1913.)
AssetsLiabilities1913.
1912.
1913.
1912.
Pat'ts & mach'y_a$584,165 $581,709 Capital stock_ __ _3775,880 $775,880
Securities owned.. 151,200 151,200 Acc'ts payable___ 12,746
6,942
Inventory
15,571
14,089
Cash,loans&acc'ts b22,447
30,267
Profit and loss..
15,243
5,557
Canadian Car & Foundry Co., Ltd., Montreal.
(Fourth Annual Report-Fiscal Year ending Sept. 30 1913.)
The results of operation and other data as appearing in
the pamphlet reports were given in the "Chronicle' of Jan. 3
last, page 69. Additional facts as given in an advertisement follow:
Years ending Sept. 30
1912-13.
1911-12.
1910-11.
Approximategrosssales_320,300,000 $16,500,000 $12,500,000
Net profits
$2,126,253 $1,322,732 $1,217,137
Deduct-Bond interest_
$280,506
$212,800
$210.000
Sinking fund
70,000
124,094
11Mos.end.
Sept. 30,10.
$10,250.000
$1,007,530
$175,000
Balance for dividends *$1,721,653 $1,039,932 $1,007,137
3423,500
$458,500
$385.000
Preferred divs. 7%
_
Common dividends__ (4)159,000 (4)155,000 (4)155,000
$832.530
$320,833
(2)77.500
Balance. surplus
$1,104,153
$461,432
$467,137
$434,197
* After deducting $350,000 transferred to special reserve fund, the profits
available for dividends were $1,371,653, as shown in the pamphlet report.
No similar deduction was made in previous years.-V. 98. p. 69.
Russell Motor Car Co., Ltd., Toronto.
(Report for Fiscal Year ending July 31 1913.)
The report read at ann. meeting Oct.31 1913 said in subst.
Motor Cars.-The patent arrangements for manufacturing the Knight
motor in Canada required important changes in the design of our cars,
and we had also to make provision for electric lighting and electric starting,
for inflating the tires by use of the engine, and for the change from right to
left-hand drive with centre-gear shift. These changes were so marked that
it practically resulted in our having to re-design every detail. On this account, we had to hold back orders, and as a result we lost many orders
through failure to deliver on date specified. Later in the season, when we
were in position to deliver cars, business was quiet. The general financial
condition of the country, 'particularly in the West, was such that motor
sales were seriously curtailed, and we were unable to realize the volume of
business which had seemed easily passible at the beginning of the year.
Bicycles.-The bicycle business again showed an increase throughout
Canada. Our business in this branch seems to become more firmly established year by year.•
Plant.-The crowded condition of our machine shops led us to provide
for a new automobile machine shop and assembling departments. This
building was completed during the year, and while it affords first-rate
premises, it led to so much re-arrangement that it very considerably hampered our manufacturing operations during the winter months.
Year's Operations.-The items of repairs, &c., and also reserve and depreciation on plant, were larger than usual on account of the changes in
plant, and actually amounted to $120,633. The experimenting and developing work on the new models was also charged against the year's expenses. After making deductions as above, the result for the year shows a
net loss of $152.826, which was further increased by the dividends paid
[33.6% on common stock and 7% on pref.] to 8264.826, leaving a total
profit and loss surplus $38,307. This showing as above has been a deep
disappointment.
Outlook.-Our real estate holdings are all in our books at original cost,
which is considerably below their present value. This is borne out by the
fact that since July 31 we have sold our garage in Ottawa at a profit of
$30,000. Our plant is in practically complete form, and no changes or
additions of importance are considered necessary for this year's business.
The bicycle business promises a year of steady growth. Our travelers report first-class opening orders for next year. In the motor business we are
now delivering our 1914 models, and indications are at present that the
business in this department for the year will again be normal. [The Nov. 1
1913 dividend on the 7% cum. pref. stock was not paid.]
INCOME ACCOUNT YEAR ENDING JULY 31.
1910-11.
1909-10.
1911-12.
1912-13.
Net profits (after depre$177,529
$180,128
$144,351
cia'n, bank int., &c.)def.$152,826
Divs. on pref. stock__-(3%)28,C00 (7)68,215 (M)11,382
Divs. on corn. stock_....- (7)84,000 (7)56,000 (14)14,000
Balance, sur. or def_def.$264,826 sur.$55,913sur .3152,147sur .3144,351
BALANCE SHEET JULY 31.
1913.
1912.
1912.
1913.
LiabilitiesAssets$
$
800,000 800,000
Common stock
Property, equipm't,
1,200,000 1,200,000
&c
a951,339 724,278 Preferred stock
46,038 Adv. by bankers __ _ _ 902,999 401,670
Cash
41,304
Stock on hand_ .__ 61,671,899 1,233,638 Accounts payable__ 569,720 203,903
35,000
Accts. & bills rec
677,181 743,191 Divs. payable Aug. 1 21,000
16,075
Contingent account.. 16,078
Patents, trade-mks.,
49,082
57,772
264,151 261,719 Plant reserve
good-will,&e
38,307 303,134
Profit and loss
Total
3,605,874 3,008,864
Total
3,605,874 3,008,864
a Includes in 1913 real estate and buildings, $522,214, less amount not
Yer due on purchases during year, $57,850, and machinery, tools, patterns,
furniture and fixtures, 8612,561; total, $1,076,925, less depreciation,
$125,586. b includes bicycles, motor vehicles, parts, accessories and
skates, $700,687; stock manufactured and in process, raw materials and
supplies, $954,427, and insurance, stationery and office supplies, $16,786.
-V.97, p. 1219.
Northern Securities Co., New York.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. J. J. Hill, Jan. 10, wrote in substance:
The investments have not been changed during the year.
The regular dividends of 8% per annum have been received from the
Chicago Burlington & Quincy RR.
No dividends have been received upon our holding of stock in the Crow's
Nest Pass Coal Co. We are informed by the officers of that company that
its operations during the past year have been satisfactory, but that it has
been considered b .st to apply its net earnings to reduction of floating debt.
Our net income has been slightly larger than for 1912. The net income
for 1913 will, however, be chargeable with the 1% income tax of the U.S.
Govt. This tax will be payable in 1914 and will appear in the accounts for
that year. The directors have declared a div. of 2%,payable on this date.
RESULTS FOR CALENDAR YEARS.
1912.
1911.
1910.
1913.
Divs.from C. B.& Q. RR.
$119,704
$119,704
$119,704
(reg. 8%)
$119,704
(1%)27,552 (2%)55,104
Divs. Crow's Nest Pass C.
34
Interest
40
40
Total receipts
$119,704
Deduct-Taxes
$3,477
Administration expenses. 12,909
Interest on loans
4,918
Dividends
(2%)79,068
$119,738
$147,295
$174,848
$3,477
$3.679
$3,512
15,521
20,609
20,952
5,615
5,438
5,427
(2)79,068 (3)118,590 (4)158,116
$103,681
$148,316
$188,007
Total deductions
$100,373
Balance
sur.$19,331 sur.$16.057 der.$1.020 def.313359
BALANCE SHEET DECEMBER 31.
Debits1913.
1912.
1912.
Credits1913.
585,048 Capital stock _ - -$3,954,000 $3,954,000
Organization exp. $85,048
Total
5
a6,599,954 a6,599,954 Div. unclaimed___
$788,626 $782,822
Total
$788,626 $782,822 Investments
61,585 Bills payable
160,000
140,000
60,922
Cash
Surplus
62,651,919 2,632,587
a Includes patents, $572,793; machinery, $11,372; b Includes cash,
$125; loans, $13.595, and accounts receivable, $8,727.
Total
Total
$6,745,924 $6,746,587
The balance sheet of the American Worsted Machinery Co. (controlled
$8,745,924 $6,746,587
by stock ownership) of Dec. 31 1913 shows total assets (incl. cash, $18;
a The itena"of investments includes in 1913 14,963 shares Chicago Buracc'ts receivable, $2,098, and profit and loss deficit, $8,480),$113,595, lington & Quincy RR., valued at $2,858,788; 27,552 shares Crow's Nest
offset by capital stock, $100,000, and accounts payable, $13,595.-V. 96, Pass Coal Co., Ltd., $3,741,166.
p. 284.
b Before deducting 2% dividend paid Jan. 10 1914.-V. 97. p. 1734.
THE CHRONICLE
JAN. 24 1914.1
Victor-American Fuel Co., Denver, Colo.
(Fourth Annual Report-Year ending June 30 1913.)
V.-Pres. W. J. Murray, Denver, said in substance:
303
International Milling Co., Ltd., Canada.
(Report for Fiscal Year ending Aug. 31
1913.)
1913.
1913.
Trading profits
$155,158
a$498,837 Total deductions
The net income was $591,542. After providing for fixed charges and Sundry profits
$356,785
13,106
Balance,
surplus,
for
year
depreciation reserves, a balance of $257,107 (being $101,357 less than in
93,332
Previous surplus
1911-12) was carried to credit of profit and loss. On Nov. 5 1912 a diviTotal net profits
$511,943
dend of 1%% on the capital stock for the six months ending June 30 1912 Interest on bonds
$450,117
$46,536
Total
balance,
surplus
was paid, and on June 3 1913 a further 134% for the half-year ending Dividends on preferred stock_ _
_b108,3221
Dec. 30 1912. After making allowances for these dividends and other
minor adjustments, the credit balance in profit and loss account June 30
a The net earnings for the year ending Aug. 31 1912, after providing for bank
1913 was $198,513. The decrease in tonnage of coal produced was 73.390 interest and bad debts, were $162,807, against $131,280 in 1910-11.
tons; in tonnage of coke, 10,981 tons.
b Dividends on preferred stock include accrued
to March 1 1913,
The decrease in surplus income was brought about by a number of causes, $73,496, and accrued dividend to Sept. 1, $35,126. dividend
mainly of a temporary character. On April 1 1912 an advance in wages
into
effect,
and
on
March
5
1913
in
put
was
to all mine employees of 10%
BALANCE SHEET.
Colorado and Aug. 1 1913 in New Mexico an 8-hour day was put into effect,
Aug.31'13 Feb.28'13
A ug.31'13 Feb.28'13
causing a reduction of 20% in the hours the mines were operated daily,
Assets-Liabilities$
$
On
most
of
our
wages.
steam
coal
without any corresponding reduction in
Property & plants_ _1,990,573 1,876,815 Preferred stock
1,003,60011,570,300
contracts a corresponding increase in the price of coal was secured, but the Inventory
1,060,636
1,177,127 Common stock
570,700f
price of domestic coals could only be increased gradually to meet this.
Investments
27,333 Funded debt
755,500 779,000
On June 18 1912 an explosion of gas in the Hastings mine caused the death Notes and accounts
Notes & accts. pay'le 663.967 870,019
of twelve miners and a considerable property loss, and greatly curtailed
receivable
389,015 376,377 Accr. divs. on pf.cap. 35,126
73,4t16
the production of coal throughout the year and increased the cost of the Cash and sundry
Sundry credit sects_ 25,988
48,748
smaller tonnage produced. Unusual expenditures in painting and repair
debit accounts_ _ _ 127,483 352,428 Reserve funds
62,710
51,670
of tenant houses, increase in taxes, payments for personal injuries and reProfit and loss
450,116 416,847
duced dividends from the Western Stores Co. account for fully one-h alf
of the decrease in surplus income.
Total
3,567,707 3,810,080 Total
3,567,707 3,810,080
The Stores Co. suffered a large loss in the volume of business transacted
There was also, Aug. 31 1913, a contingent liability in respect of customers' notes
in an effort to check the growing evil of credit sales, but by the close of
receivable
and
drafts
discounted
in
the
ordinary
course
of
business amounting to
the year the business had resumed its normal proportions.
During the year there was a great scarcity of mine labor, resulting in a 3694,475.-V. 96, p. 866.
loss of tonnage and an abnormal expense in shipping men into the mining
districts. This shortage of mine employees was general throughout the
United States and was to some extent occasioned by the large number of
Slays, Greeks, Bulgarians, &c., who returned home during the Balkan War.
The New Mexico mines showed a material increase in earnings, confirmRAILROADS, INCLUDING ELECTRIC ROADS.
ing the expectations expressed in the last annual report.
GENERAL INVESTMENT NEWS.
RESULTS FOR YEARS ENDING JUNE 30.
Tons (2,000 Os.)1910-11.
1909-10.
1912-13.
1911-12.
Coal produced
2,250,041
2,358,909
2,228,448
2,155,059
2,033,699
2,063,085
do sold
2,069,361
2,043,251
84,943
54,600
108,409
Coke produced
43.619
85,213
108,693
52,625
do sold
44,685
103,353
206,833
6,459
Coal purchased and sold
42,192
Gross earnings
$3,458,169 $3,457,062 $3,592,344 $3,669,070
2,832,720
2,805,471
2,788,625
2,888,602
Operating expenses..
$651,591
$836,350
Net earnings
$569,567
$803,719
'Total net income
$923,250
$641,799
$739,980
$879,610
DeductTaxes
$25,920
$20,339
$21,597
$20,152
Insurance
9,135
10,008
10,041
9,312
Miscellaneous
• 23,742
28,256
10,131
9,277
Int. on V.-A. F. bonds_
135,908
127,325
126,000
152,500
Int. on V. F. bonds__ _
91,100
95,000
92,350
93,550
Depreciation
116,580
98,887
103,238
107,603
Dividends
(3)282,000(2 Yi)258,500 (5)470,000(3p4)305,000
$640,016
$838,922
$666,692
$707,821
def$24,893 sur$99,964 sur$40,688 sur$215,429
BALANCE SHEET JUNE 30.
1912.
1913.
1912.
1913.
LiabilitiesAssets9.913,003 9,850,844 Capital stock__ __ 9,400,000 9,400,000
Real estate
2,918,796 2,691,530 1st & ref. M.68_ 2,675,000 2,153,000
Equipment
210,000 VictorFuelCo.bds. 1,822,000 1,847,000
West.StoresCo.stk. 210,000
Col.&S.E.RR.stk. 100,000
100,000 Interest accrued__ 113,577
100,900
. 300,000
300,000 Bills payable
175,000
107,900
Col.8cS.E.Ry
15,000
15,000 Vouch.&pay-rolls. 192,660
161,163
Mtn.Tel. Co.stk_
Bond redem. accts. 121,092
71,067 Taxes accr. unpaid
14,000
10,350
Development ____ 204,825
199,485 Unpaid coupons
505
195
Advance royalty.. _
44,955
42,928 Net liability to sub.
104,549
Supplies
100,561
cos. on current
130,170
50,875
57,190
Cash In banks
131,977
account
70,781
Accts.& bills rec__ 389,830
390,900 Res.for bond redem. 68,110
Treasury bonds
Disc. on V. F. Co.
53,000
14,574
10,445
bonds redeemed
(V.-A.F.Co.)--226,000
5,120
14,314 Acr'n for bond red.
851
45
Coal&coke on hand
48,330
Miscellaneous-10,227 Profit and loss
268,869
x198,513
Total deductions
Bal., sur. or def
Total
14,731,670 14,181,833
Total
14,731,670 14,181,833
x After deducting losses of $19,823 for Hastings accident; $21,465 for
general employment and $9,831 miscellaneous, and adding miscellaneous
credits of $5,673.-V. 95, p. 1539.
Price Brothers & Co., Ltd., Quebec.
(Report for Fiscal Year ending Nov. 30 1913.)
Pres. Wm.Price, Quebec, Jan. 12, wrote in substance:
Ann Arbor RR.-Earnings.-For year ending June 30:
Fiscal
Gross
Net (after
Other
Total
Balance,
YearEarnings.
Tares).
Income. Deductions.
Surplus.
1912-13_42,282,991
$465,472
$65,236
$155.343
$375.365
1911-12_ _ __ 2,120,385
525,430
51,226
396,372
180,284
-V. 96 p • 1295.
Bangor & Aroostook RR.-Dividend Increased.-A semi-
annual dividend of 13/2% has been declarod on the $3,198,600
stock, payable Jan. 21 to holders of record Jan.20,comparing
with 1% in July 1913, 2% semi-annually from July 1906 to
Jan. 1913 and 13/2% semi-ann. from Jan. 1904 to Jan. 1905,
incl. Compare V.97, p. 49, 116.-V. 97, p. 1283.
Brooklyn Rapid Transit Co.-Transfers.
See COney Island & Brooklyn RR. below.-V.98, p. 72.
Canadian Northern Montreal Tunnel & Terminal Co.,
Ltd.-New Name.-Supplementary letters patent were is-
sued by the Secretary of State of Canada Jan. 10 1914,changing the company's name to "Mount Royal Tunnel &Terminal Co., Ltd."-V.98, p. 235. .
Canadian Northern Ry.-New Name for Sub-Company.
See Can. Northern Montreal Tunnel & Term. Co. above.-V.98, p. 235.
Central Pacific Ry.-Proposed Government Suit.
See Southern Pacific Co. below.-V. 97, p. 1114.
Chicago Anamosa & Northern Ry.-Sold.-A press
dispatch announces that George B. Caldwell and Louis E.
Myers of Chicago, who held a judgment for $252,030 against
the company, have purchased the road at public auction for
the amount of their judgment.
The road is said to have had $300,000 bonds and $600,000 stock outstanding, and at last accounts extended from Anamosa to Cogan, Ia.,
19.6 miles. The Midland Ry. Construction Co. built the road. Henry
Kiene, Anamosa. Ia., was President; L. E. Myers, Vice-Pres. and Gen.
Mgr., Chicago, Ill.
Chicago Burlington & Quincy RR.-Bonds Called.
Eighty-nine bonds of $1,000 each and 20 of $100 each, issued under the
Denver extension mtge. dated Dec. 1 1881, for payment on Feb. 1 at par
at the New England Trust Co., Boston.-V.97, p. 1897.
-Debentures Equally
Chicago Milwaukee & St. Paul Ry.
Secured with New Bonds.-Burton Hanson, head of the company's legal department, is quoted:
Under the terms of the new General and Refunding Mortgage every
debenture bond of the road is secured equally and ratably with every other
bond [i. e., whether debenture or new Gen. & Ref. M. bonds-Ed.]. The
Results.-The accounts of the company (and its subsidiary companies) indenture specifies the three existing debenture issues, namely the French
convertibles and $33,for the year ended Nov. 30 last, as duly certified by the auditors, show loan of 250,000,000 francs, the $50,000,000
profits of $512,528. Deducting interest on bank loans, overdrafts, &c. 369,000 1909 debentures. It is intended as soon as practicable to have only
(net),$61,240,and bond interest, $277,499,leaves a net balance of$173,788, one mortgage obligation for the entire system. It is too early to make any
announcement regarding the initial issue of new General & Ref. M. bonds.
which increased our total surplus account to $1,026,251.
Depreciation, &c.-The directors have considered it unnecessary to carry In fact, the matter has not been definitely considered.-V.98, p. 73.
anything to reserve for depreciation on fixed assets in view, as stated in
Chicago Railways.-Operating Board.-Under the plan
last year's report, of the low figure at which they stand in the books and
the fact that a considerable part of the cost of improvements ha.s been of unified operation which will be effective Feb.1,the followpast
During
the
year
revenue.
$116,695 has been charged to ing board has
charged to
been announced for the "Chicago Surface
revenue account In respect to repairs and improvements.
New Paper Mills -The 1Conogami paper mill was not in full operation Lines" (the official title of the unified organization):
owing
to
and,
this
fact,
1913,
and
to
until May
the difficulties usually atRepresentatives of the Chicago Railways: Henry A. Blair Charles C.
tending the opening of such an extensive plant, there was a loss in operating Adsit,
John M. Roach and Wallace Heckman. Representatives of Chifor the greater part of the year, but during the latter part of the year the cago
City Ry. and allied corporations: Frank 0. Wetmore, Ira M. Cobe
this
loss,
wiped
out
but
only
mill not
turned it into a small profit. Since and Leonard
A. Busby. Messrs. Blair and Busby will serve on the executhe closing of the accounts, the output has been steadily increasing and tive committee.
J. Mitchell, President of Illinois Trust & Savings
we have every confidence of being able to fill the large contracts now on Bank, will be theJohn
umpire selected for the purpose of arbitrating interband for the supply of paper.
differences which may arise. Henry A. Blair will, it is stated, be
Lumber.-Our lumber business has shown very satisfactory results, the company
selected as Chairman and Leonard A. Busby President.-V.98, p. 235.
profits exceeding all previous records.
Bonds.-Since the last report the company has issued $889,529 1st M.5%
Cities Service Co.-Earnings for Calendar Year.bonds, making the total Issued to date $5,999,529 of the authorized issue Dec. 31.
Gross
Net
Int. on
Pref.
Corn.
Balance,
of $6,000,000 (V. 97, p. 527)•
YearEarnings. Earnings. Notes.
Div.
Div.
Surplus.
1913
$2,172,411
$2,087,063 $123,062 $908,778 $466,426 $588,797
INCOME ACCOUNT FOR YEAR ENDING NOV.30 (incl. Sub Companies). 1912
1,190,767 1.113,733
605.876 218,260 289,597
1912.
1913.
1913.
1912.
2
he 12 months' statement ending Dec. 31 1913 includes 10 months on
Profits for year
$512,528 $463,717 Int. on bank loans, &c. $61,241
the old basis and two months on the new basis after the Cities Service Co.
Bond interest
277,499 246,776 Balance, surplus
173,788 $216,941 acquired Utilities Improvement and Consolidated Cities Light, Power &
Traction companies. Pref.stocks outstanding,$27,368,426;common stock
BALANCE SHEET NOV. 30.
outstanding, 315,718,380.-V. 97, p. 1821. 1732.
1913.
1912.
1913.
1912.
Coney Island & Brooklyn RR.-New Directors.
AssetsLiabilities$
$
New Directors Elected Last Week.-Slaughter W. Huff (formerly Pres.
Real est., bigs., &c14,062,782 13,298,499 Capital stock__ _ _ 5,000,000 5,000,000
1,401,433 1,007,166 1st M.5% bonds.. 5,824,163 5,131,292 and now Vice-Pres. of the B. R. T. Co.), Charles D. Meneely (Vice-Pres.
Inventories
Acc'ts payable..._ 485,800
Paper in transit... 126.842
192,388 and Treas. of the B. R. T.), Walter St. John Benedict, C. L. Woody,
566,162 Bills payable
Walbridge. (The latter,a.s stated
Accounts receiv'le 939,507
1,575,316
841,835 Frank D. Tuttle, W. A. Day and J.
60,117
Ellis
21,325 Pay-rolls
9,139
38,616 last week, have resigned.)
Old Directors Who Retired.-Harold Fitzgerald, Geo. H. Prentiss, Allan
26,564
in banks, &c.c.
36,829 Reserves
Cash receivable_.261,599
393,836
. def.deb items 121,705
77,130 Surplus
2,556,681 2,556,681 McCulloch, Duncan C. Cannon, John A. Thake and Edward W. Clucas.
Profit and loss_
1,026,252
852,463
Transfer
434%
Total
16,738,950 15,007,111
Total
16,738,950 15,007,111
a Reserves in 1913 consist of $77 657 for general, $67.343 for special
water power and $50,000 for marine and fire insurance.
Note.-Thore was also Nov. 30 1913 a contingent liability in respect of
bills under discount, $52,918. $25,530 for lumber and pulp shipments,
$15,000 for depreciation and $26,069 for contingencies.-V.97, p. 527.
Arrangement.-It was announced by the P. S.
Commission yesterday that an agreement had been reached
by representatives of the Brooklyn Rapid Transit Co. and
of the Commission by which a system of practically universal
transfers is to be put into operation on all the surface lines
in Brooklyn, including those of the Coney Island & Brooklyn.
304
THE CHRONICLE
It was further announced that on and after Feb. 10 maps would be on
exhibition at the offices of the Commission for inspection by the public,
and that on Feb. 17 a public hearing will be held at which any further suggestion may be offered.—V. 98, p. 235.
Consumers Power Co. (of Mich.).—Bond Offering.—
Harris, Forbes & Co.and Perry, Coffin & Burr are offering $222,000 First
Lien and Ref. M.5% bonds dated Jan. 2 1911 and due Jan. 1 1936, making
$11,781,000 outstanding. See V. 95, p. 1683.
[VOL. xcvm.
The $2,500,000 new notes will be secured by the deposit
of $5,500,000 (being a majority of the $10,442,000 outstanding) of the "Refunding and Extension" Mortgage
5% gold bonds, due Feb. 1 1962. The new notes may be
redeemed at any time at par and interest, at the company's
option, upon sixty days' previous notice.
Payment of Floating Debt—Authoritative Statement Jan. 19 1914.
The company will also reduce its floating debt note obligations in the sum
of $1,000,000. The new financing reduces the debts of the company
in
the
sum of $1,500,000, which reduction has been effected during the past
Duluth Missabe & Northern Ry.—Called Bonds.—
days principally through sale of treasury bonds (4% and 5%), and
it
One hundred and sixty-four (8164,000) first consolidated mtge. bonds 60
dated Jan. 1 1893, for payment Feb. 1 at Central Trust Co., New York, leaves the co. with no additional financing to be done for the next 2 years.
Newman Erb, President, says: "The only current debts which the comat 105 and interest—say $1,055 per bond.—V. 96, p. 284. .
pany will then have outstanding, exclusive of the new serial note issue,
East St. Louis & Suburban Co.—Plan Operative.—A will be approximately $600,000, an amount that can be discharged almost
at any time and its serial note obligations are brought within means of
large majority of the $14,000,000 capital stock having been ready
control."
The company has within the past two years re-laid 129 miles with 85-lb.
deposited per plan V. 97, p. 1822, 1898, E. W. Clark & Co.
steel rails and ballasted over 200 miles of its main line, rebuilt over 3,000
announce that the plan has been declared operative. Stock- freight
cars, added to its motive power,and reduced its note obligation
holders who desire to subscribe for the convertible bond issue nearly $5,000,000, without having increased to any material degree
its
charges.
should present their interim receipts and pay the amounts interest
The entire funded equipment and other obligations will be about $30,000
due on Feb. 2, when the new bonds will be distributed. per mile, pref. stock $4,000 per mile and common stock less than $11,000
per mile. The entire capitalization, including all its fixed and other obliStock certificates will be ready for delivery in March.
will be only about $45,000 per mile.
The new East St. Louis & Suburban Co. has been incorporated in Dela- gations,
The gross earnings have increased approximately 25% above the aggreware; capitalization, 6% 5-year convertible bonds, $2,000,000; 5% cum. gate
of the constituent companies, with corresponding net results, which
pref. stock, $6,000,000; common stock, $6,000,000. Dividends on the are being
well maintained.
old pref. stock will be paid as usual on Jan. 31 for the quarter ending that
date to holders of interim receipts and shareholders of record Jan. 15.
Merger.—As the company owns 51% of the capital stook
The new convertible bonds will bear interest from Feb. 1.—V. 98, p. 155. of the Des
Moines & Fort Dodge RR. Co.,
Des Moines & Fort Dodge RR.—Merger.—
See Minneapolis & St. Louis RR. below.—V. 95, p. 109.
Federal Light & Traction Co.—New President.—Edwin
N. Sanderson, formerly a Vice-Pros., has been elected President to succeed Jas. C. Colgate.—V. 97, p. 1822.
Galveston Houston & Henderson RR.—New Bonds.—
The shareholders on Jan. 19 authorized the new issue of
$5,000,000 1st M. 5% gold bonds. See V. 97, p. 1503.
Georgia Ry. & Electric Co., Atlanta.—Bonds Offered.
—Chas. C. Harrison Jr. & Co., Philadelphia, have just purchased from the company between $700,000 and 00,000
of its ref. & impt. M.5% bonds, due 1949, and are offering
the same at 96M and int., to pay about 5.20%. On this
particular block the company agrees to refund the Penna.
State tax.—V. 97, p. 521.
Interborough Rapid Transit Co., N. Y.—Resign.—
William A. Read has resigned from the board. Two vacancies exist.
All SOld.—Lee, Higginson & Co., N. W. Harris & Co. and
Kissel, Kinnicutt & Co., syndicate managers, announced on
Jan. 22 that all the $30,000,000 First & Ref. M.5% bonds
purchased by them had been sold and the syndicate closed
(V.97, p. 1286, 1024).—V.97, p. 1898.
Mahoning & Shenango Railway & Light Co.—Bonds
—Earnings.—Lee, Higginson & Co. recently offered at
981A and int., yielding about 5.80%, First Consol. Ref. M.
5% bonds dated 1905 and due Jan. 1 1916, but red. at 105
and int. on any int. date. Tax-exempt in Pa. Circular
dated Oct. 20 1913 shows:
Capitalization Outstanding (see original offer of these bonds, V. 89, p. 1597).
Prof. stock (5% cum.)_ _ _$4,748,300 1st Consol. Ref. M. 5s_ _ _$4,746,000
6,040,400 Divisional bonds
Common stock
5,168,000
Earningsfor 12 Months ended June 30 1913 and 1912.
1911-12.
1912-13.
1912-13.
1911-12.
Gross earns_ ..$2,803,380 $2,482,931 Fixed charges $552,652 $532,878
Net(aft.tax.) $1,097,155 $986,840 Bal., surplus_ $544,503 $453,961
Earnings for Cal. Yrs. 1906 to 1912 and Year end. June 30 1913.
1910.
1911.
1909.
1906.
1912.
1912-13.
Gross_$1,670,088 $1,966,066 32,251,482 $2,375,101 $2,633,047 $2,803,379
Net - - $684,496 $860,509 3961,121 $938,252 $1,037,453 $1,097,154
served
in
the 15 cities and towns is estimated at
The population directly
over 217,000 and is increasing rapidly. [See statement and map of Republic
Railways & Light Co., the parent company, on pages 134 and 135 of "Electric Railway" Section.1—V. 97, p. 1823.
I
I
rt Mexico Tramways Co.—Dividend Omitted.—On account
committees have
been appointed by the boards of directors of the respective
companies for the purpose of agreeing upon a plan for the
absorption of the physical property and assets of the Des
Moines & Port Dodge RR. Co. by the Minneapolis & St.
Louis RR. Co. and meetings of the shareholders will be
called for an early date for the purpose of authorizing and
approving the transaction, as agreed upon by the committees.
The details of the plan will be given out later. The purchase
will involve no issue of fixed interest obligations. This will
bring the last of the associated properties within the proprietary ownership.—V. 98, p. 236.
Mount Royal Tunnel & Terminal Co.—New Name.—
See Canadian Northern Montreal Tunnel & Terminal Co. above.
New Orleans (La.) Terminal Co.—Decision.—Justice
Gavegan in the Supreme Court in this city on Jan. 17 granted
an injunction to the receivers of the St. Louis & San Francisco RR. restraining the Guaranty Trust Co., as trustee
under the voting trust agreement, from delivering one-half
of the stock in the Terminal Co., which was owned by it, to
the Southern Ry. (the latter owning the other half), pending
the determination of the suit.
The Court states that the receivers contended that the forfeiture clause
in the agreement is void because the Southern Ry. attempted to forfeit
the interest of the St. Louis & San Francisco without relieving it of the burden of paying half the interest charges for the next 40 years and might be
held to be unenforceable upon a trial. The receivers claim that the terminal
property is worth a large amount above the outstanding debt, and that the
'Frisco still has an equity of redemption in the stock.
The Southern Ry. contended that the stock is of no value except to a
solvent road and "that if offered for sale publicly on foreclosure said stock
might be bought in by an individual or corporation which would not assume
any of the obligations of the 'Frisco company under the lease and that such
purchaser would be in a position to do irreparable injury to the Southern
company." Compare V. 97, p. 1898.
New York New Haven & Hartford RR.—Syndicate Dissolves.—J. P. Morgan & Co. have informed participants in
the convertible bond syndicate substantially as follows:
Referring to your participation in the above syndicate, we beg to advise
that the company has, in accordance with the decision of the Supreme
Court of Mass., withdrawn its offer of Oct. 15 1913 of rights to subscribe
to new 6% convertible debentures. Our contract with the railroad is
thereby terminated, and we therefore hereby dissolve the syndicate.
[The committee on securities of the N. Y. Stock Exchange has ruled
that all contracts made under the plan of said company of Oct. 15 1913 are
void, and the debentures of 1913, when issued," have been stricken from
the list.J
of the disturbed conditions in Mexico, the company has decided to omit the usual quarterly dividend payable in Feb.
Director Resigns.—Laurence Minot of Boston has resigned
on the $20,000,000 stock.
as a director of the company and subordinate companies.
IF The same course was taken with regard to the dividend on the 313,585,000
The latter include the Harlem River & Port Chester RR. Hoosick Falls
common stock of the Mexican Light & Power Co., of which the Tramways
Co. owns 38,465,100, on which 1% was disbursed quarterly from April
1909 to Oct. 1913 inclusive.
Previous Dividend Record of Mexico Tramways (Per Cent).
1909.
1908.
1910.
1912.
1913.
1911.
1907.
6
6
4
7
7
7
1
The board of the Light & Power Co. states that the unsettlement which
has prevailed in that country since the payment of the last quarterly diviimprovement
and
no
that
conditions
until normal
arerestored,
dend shows
the company does not feel justified in paying dividends on the common
stock. Despite the adverse conditions, however, the company has been
results
up
to
the
present time.—V. 97, p. 1504.
showing very good
Mid-Crosstown Ry., New York.—Stock Auth., &c.—.
See Third Avenue Ry. below.—V. 97, p. 666.
RR. and the New England Steamship Co. Action on his resignation will
be taken at the next meeting of the various boards.—V. 98, p. 236, 155.
Northern Central Ry.—Favorable Decision.—The Maryland Court of Appeals on Jan. 16 affirmed the decision of the
Circuit Court of Baltimore City, rendered April 23 1913,
which held that the part of the P. S. Commission's order
which reduced rates for "connecting lines and switching"
and "intermediate switching" was illegal.
It was held that the rates fixed by the order for such services are unreasonable, but that it does not appear that the rates fixed by the companies
for yard and industrial switching are unreasonable. The Northern Central,
Baltimore Belt RR., Philadelphia Baltimore & Washington RR., Western
Maryland and the Union RR. were parties to the suit. Judge Thomas
wrote the opinion of approximately 15,000 words. The order of the Commission was made as a result of complaints by the Baltimore Drug Exchange and other trade organizations of Baltimore city against certain
class rates charged by the several railroad companies. The Court says that
the evidence produced by the companies before the Commission and the
Court below shows that their joint rate agrreements placed a higher value
upon such services, and that they also offered evidence to show that the
actual cost of the movements mentioned in the order is in excess of the rates
prescribed, which should not have been excluded by the lower Court.
The Court says further that it is difficult to ascertain with absolute
accuracy the cost of any particular service by railroad companies which
must maintain the necessary facilities for the accommodation of the business of its entire system, but that companies cannot be required to perform
services at rates less than the actual cost of such services, for that would
amount to a confiscation, and would ultimately defeat the very ends they
are designed to accomplish, namely to subserve the public good and public
convenience.—V. 97. P• 365.
Minneapolis & St. Louis RR.—Report.--See comparative tables under "Annual Reports" above, and extended
extracts from the text on a following page.
6% Gold Notes, Due Feb. 1 1914—$500,000 to be Paid and
$2,500,000 Refunded for Two Years—Option of Exchange.—
V.-Pres. and Treas. F. H. Davis announces by adv. on another page that of the $3,000,000 6% gold notes due Feb. 1
1914 (V. 96, p. 136, 360), the company has decided to pay
off at maturity $500,000 and to offer in exchange for the
remaining $2,500,000, new notes of like amount, maturing
Feb. 1 1916, with interest at 6% per annum,payable
semi-annually, F. & A. A cash payment in respect of each
$1,000 note exchanged will be made to holders accepting
Pacific Great Eastern Ry.—Bonds.—A press dispatch
the extension.
has been
Holders of the maturing notes who desire to make the from London states that an issue of £1,500,000 4
exchange must, on or before Jan. 31 1914, deposit their notes underwritten. Offering price 97.—V. 96, p. 1840.
(ex Feb. 1 1914 coupons) against temporary receipts (exPennsylvania RR.—Shareholders.—Official data show:
1'14. Inc'se '13.
changeable for definitive new notes when ready), with Speyer Total shareholders of Penna. RR. (largest numberJan.
in
& Co., 24 Pine St., N. Y. City, where the payment of $25
history of company)
13,431
88,586
per $1,000 note will be made on Feb. 2 1914. Notes not Of this total the women shareholders numbered (being
6,266
total)
42,514
almost
48%
of
deposited for extension, as above, will be paid at maturity Shareholders
6,010
in State of Pennsylvania
291:677962
1
ar
1,047
at the Central Trust Co. of New York.
Number of stockholders abroad
JAN. 24 1914.]
THE CHRONICLE
Bonds.—Kuhn, Loeb & Co. have purchased $1,962,000
Allegheny Valley Ry. 1st 4s and are offering them at 97 and
interest.—V. 98, p. 74.
Philadelphia & Baltimore Central RR.—Bonds Sold.—
Henry & West, Cassatt & Co. and Montgomery, Clothier
& Tyler of Philadelphia yesterday purchased from the Philadelphia Baltimore & Washington RR. and in less than an
hour had sold,at 93 and int.,$1,165,000 1st M. 45 of 1911,
due Nov. 1 1951, guaranteed, p. & i., by endorsement, by
the Phila. Bait. & Washington RR. Co.—V. 94, p. 1627.
Philadelphia Baltimore & Wash. RR.—Bonds.—
See Philadelphia & Baltimore Central RR. below.—V. 98, p. 237.
Philadelphia Co., Pittsburgh, Pa.—Pref. Stock Offered.
—Ladenburg, Thalmann & Co. New York, are offering,
by adv. on another page, at 894% ($44 75 per $50 share),
to yield about 6.75% on the investment, $2,000,000 6%
cumulative pref. stock. Authorized, $25,000,000; outstanding, including present offer, $6,102,000. Full paid and nonassessable. Dividends payable M.& N. Listing authorized
by N. Y. Stock Exchange. The subscription will close at
3 p. m. Jan. 26.
305
bined annual net earnings are 1% times the combined annual bond interest
charges, including all bonds proposed to be issued.
Earnings for Year ending Dec. 31 1913.
Gross earnings
$1,811,436
$8,613,600 IInterest charges
Net (after taxes)
251,583
$3,605,224'Bond sinking funds
Balance
$1,542,205
Net earnings for 1913 were about twice the annual interest charges on
the entire funded debt as it will exist on Feb. 1 1914, incl, this issue.
Security for These Five-Year 6,
7
° Mtge. Gold Bonds.—They cover substantially all properties now or hereafter owned or controlled and are a
direct lien upon the greater part of the properties, as follows: (1) A first
mtge. on substantially all the property formerly owned by Seattle-Tacoma
Power Co.. comprising a hydro-electric plant of a present capacity of
25,000 h.p., with transmission lines to Seattle, Tacoma and Everett; (2)
a mortgage, subject to the underlying mtge. bonds, on substantially all
the properties formerly owned by the Pacific Coast Power Co., the Seattle
Electric Co.,Puget Sound Power Co. and Whatcom County Ry.& Lt. Co.;
(3) a collateral mtge., through deposit of notes and practically the entire
amount of outstanding capital stocks, on the properties of the Puget Sound
Elec. By. and Pacific Northwest Traction Co., subject to their outstanding bonded debt. The last-named company, in addition to its interurban lines (Seattle to Everett and Bellingham to Mt. Vernon) owns the
stock of the corporation leasing the properties of Everett By., Lt. & Water
Co. The Puget Sound El. Ry., along with its interurban line from Seattle
to Tacoma and branches to Renton and Puyallup, owns the entire capital
stocks of Tacoma By. & Power Co. and Pacific Traction Co., Tacoma.
The generating plants of the company and its controlled companies have
a present installed capacity of 108,900 h.-p., of which 34,900 h.p. is steam
and 74,000 hydro-electric. Hasample water rightsfor development as needed.
El'uity Over Entire Funded Debt.—On basis of market value of pref. and
common stocks this is over $23 000,000.
Expiration Date of Principal Franchises.—Seattle, railway, 1934; lighting,
1952. Tacoma, railway, 1939; power, 1930. Bellingham, railway, 1941
(minor railway, 1934); electric light and power, 1940; gas. 1941. Everett,
railway, 1944 and 1950; lighting, 1950; water, 1945. The interurban railways are chiefly on private right of way.
Principal Cities Served.—The assessed valuation of Seattle increased from
$40,148,295 in 1900 to $215,362,151 in 1913; city is served by 60 steamship
lines, the aggregate commerce of the port in 1912 being $121,425,175.
Tacoma in 1912 produced lumber, flour and other manufactured products
valued at over 355,577,000. The population of Bellingham increased from
8,135 in 1890 to 24,298 in 1910 and its assessed valuation from $6,680,000
in 1905 to $10,825.876 in 1912. Everett had a population in 1910 of 24,814
(against 7,838 in 1900) and its assessed valuation increased from $2,162,191
in 1900 to $13,457,336 in 1913.—V. 97, p. 1899. 1734.
An offering of this stock is being made by the Union of London & Smiths
Bank. Ltd., London, for the account of the owners.
Data from Letter of Pres. J. H. Reed to James Capel & Co.,London
Business.-This company, one of the largest public service corporations
In the United States, is engaged either directly or through stock ownership
in supplying natural gas, artifical gas, electric light and power and street
railway service in the city of Pittsburgh and district. It was organized
in 1871 and now serves a population of over one million. All the franchises,
with unimportant exceptions, are either perpetual or granted for 999 years.
Earnings.—The average annual net income of the company for the 7
years ended Mar. 31 1913 has been in excess of $5,600,000. A summarized
Income account for the fiscal year ended Mar. 31 1913 shows:
Balance available for dividends on this pref. stock
$3,872,972
The div. requirement on the 6% pref. stock now out. calls for
366,120
The returns for the first 8 months of the present fiscal year indicate
Rapid Transit in N.Y. City.—Steinway Tube Contract.—
that the earnings available for dividends for the year ending Mar. 31 1914
The P. S. Commission on Jan. 21 approved the form of the construction
should be in excess of the balance of Mar. 311913.
contract
for the Steinway tube and the advertising for bids for the reRights of 6% Pref.
. Stock—Restrictions on Prior Liens.—The total funded
debt prior to the pref. stocks amounts to $36,817,000. The company has construction work which are to be opened on Feb. 16. The work must be
agreed not to increase its mortgage or secured indebtedness requiring done within 9 months after the contract is executed. The Interborough
authorization by its stockholders nor to create any class of stock ranking Rapid Transit Co., which is to operate the tunnel, is to be allowed to enter
with or prior to the 6% cum. pref. stock, without the consent of the hold- at any time to equip the tunnel for temporary operation. The constructtion work includes the installation of an escalator at the Manhattan end
ers of two-thirds in amount of this stock outstanding.
There is also outstanding $2,098,000 pref. 5% stock. The 6% cum. pref. of the tunnel, on the south side of 42d st., between Lexington and Third
stock is preferred over the common stock as to assets and dividends. It is ayes. The city owns a piece of property here, on which a station house, to
preferred as to assets over the (non-cum.) pref. 5% stock, subject only cover the escalator shaft, will be built. There will also be a cross-over
constructed at the Manhattan end, between the east-bound and westto the dividends to which that stock is entitled.
Equity—Dividend Record.—Following the pref. stocks, the company has bound tracks, so that trains may be switched back and either track utilized.
A station will also be built at the Queens terminus. The company will
outstanding $39,043,000 common stock, on which dividends now are being
paid at the rate of 7% per annum. Dividends have been paid regularly put in the third rail, signal system and other equipment during the progress
of the reconstruction so that operation will be possible when the reconon the common stock since 1898 and since 1910 at the rate of 7%•
struction work is finished. The tunnel has 2 tracks. While it was inListing in London.—Application will be made through tended for operation by trolley cars, it is large enough for the operation of
subway trains, and eventually will be operated by such trains, but
James Capel & Co. to list all of the 6% cum. pref. stock on regular
temporary operation will probably be by single cars. Free transfers, howthe London Stock Exchange.—V. 98, p. 237.
ever, will be given to and from the subway, but during temporary operation
passengers will have to walk the distance between the Steinway tunnel
Portland (Ore.) Ry., Light & Power Co.—Favorable entrance on 42d St. and the subway station at the Grand Central.—V.98.
Bean in the U.S. District Court on Jan. 12 p. 237, 156.
Decision.—Judge
St. Louis Rocky Mountain & Pacific Co.—Second
continued, pending the trial of the suit brought by the comof 1% has been declared on
pany, the temporary injunction granted last month restrain- Common Div.—A dividend of
ing the enforcement of the six-for-a-quarter ordinance passed the $10,000,000 common stock, payable Feb. 15 to holders
of record Feb. 12, being the same amount as on July 16, the
by the City Commission on Nov. 5 1912.
The Court held that section 81 of the City Charter under which the ordi- initial distribution on the issue.—V. 97, p. 1824.
nance was passed insofar as it gave the Commission power to regulate
St. Louis & San Francisco Ry.—To Pay Receivers' Cerrates of public utilities within the city, is void for the reason that the
section of the charter and the ordinance itself are in conflict with the Ore- tificates.—The $340,000 receivers' certificates due Jan. 1,
gon Public Utilities Act giving to the State RR. Commission power to but extended one month, will, it is announced, be paid on
regulate public service rates in the State, including those within municipal
corporations. The Court says that the public Utilities Act was passed Feb. 1 without selling any of the new certificates.
by the State in the exercise of its governmental powers, and had not only
St. Louis"Republic," Jan. 16, quoted James W. Lusk, senior receiver,
been enacted by the State Legislature, but on referendum approved by as saying: "We decided we would not deplete our money on hand by
the people of the State; and that the people of the city could not assume paying these certificates until later in the month, but I can say positively
the governmental power already exercised by the State as a whole. Only that they will be_paid before Feb. 1 and not with the proceeds of receivers'
such ordinances as are strictly municipal in their character, which do not certificates.
"The $400,000 remaining [of the recent issue of 4m0:0,00e
include the regulation of rates, may, it is stated, be enacted by cities.
certificates] will be held in the treasury until some pressing need arises.'
Under the rate schedule, filed with the State RR. Commission, the comcertificates,
$1,000,000 went to Speyer & Co. of New York
new
Or
the
pany's rates are 5 cents for a single fare, or $2 25 for a ticket book of 50
$500,000 to a syndicate of St. Louis banks. The remaining 31,100,000
fares, and the company, it is said, could not obey the ordinance and alter and
satisfy preferred creditors. This transaction is now in
to
being
used
is
these rates without violating the law creating the State RR. Commission. progress. When the $1,500,000 certificates were disposed of, money was
The city, it is intimated, will make an apulication to the State RR. Com- tight and that was the extreme sale limit at that time. It enabled the remission for a chan:ge in the rates as fixed by the ordinance and will not ceiver
to take care of interest on the first and refunding 4s which matured
appeal the case.—V. 97, p. 1824.
Jan. 1. St. L. & S. F. earnings continue to show a falling off in January,
but not as large as in December or November. The decreases are not as
Puget Sound Traction, Light & Power Co.—Offering large as the depression in general business would indicate.
of New 5-Year 6% Bonds.—Lee, Higginson & Co. and Harris,
Forbes & Co. offered publicly on Jan. 19,at 99 and int., to
yield about 63%, $7,000,000 5-year 6% mortgage gold
bonds dated Jan. 15 1914 and due Feb. 1 1919. On Jan. 20
it was announced that the entire block had been heavily
over-subscribed. A circular shows:
Callable as a whole, but not in part, at 101 and int. on any interest date
until and including Feb. 1 1917, and thereafter at par and int. Par,
c* $1,000 and $500; r, $1,000„ $5,000 and $10,000. Trustee, Old Colony
Trust Co., Boston. Interest F. & A. In Boston.
Total auth., $15,000,000, viz.: Now offered, $7,000,000; in treasury,
$500,000; reserved for additions, &c., at 75% of cost, $7,500,000.
Data from Stone & Webster Management Assn., Boston, Jan. 15 '14.
Territory Served.—Operates in the Puget Sound district, which includes
the cities of Seattle, Tacoma, Bellingham and Everett, Wash. In this
district the company, through ownership or control, does substantially all
the electric street and interurban railway, aggregating 498 miles measured
as second track, and the greater part of the commercial electric lighting and
power business. The population served exceeds 400,000 (1910 Census).
1880.
Population of(U. S. Census)—
1890.
1900.
1910.
3,533
Seattle
42,837
80,671 237,194
Tacoma
1,500
36,006
83,743
37,714
Outstanding Capitalization upon Payment of 2-Year M.Notes due Feb. 1 1914.
[Of the stock shown as out $1,554,500 common and $1,115,200 pref. are
represented by non-interest-bearing receipts.
Common stock, now paying 4%: Auth., $25,000,000; out_ _ _ _$20,112,300
Pref. stock,6% cum.: Authorized, $15,000,000; outstanding__ 14,792,100
Five-year 6% M. gold bonds, duo Feb. 1 1919: Auth., $15,000,000; this issue ($500,000 in treasury)
7,500,000
Underlying bonds and bonds outstanding on properties controlled through stock ownership—closed mortgages (excluding amounts held in sinking funds)
27,396,000
Purpose of This Issue.—To provide the greater part or the funds necessary to pay $7,500,000 two-year mortgage notes due Feb. 11914, the balance of the funds being raised from the sale of junior securities. This
issuo will not, therefore, increase the funded debt. During the two years
ending Feb. 1 1914 the company will have not only reduced its funded
debt by more than $1,000.000 through the retirement of bonds, but has
materially added to the equity for its funded debt by the sale of pref.
stock, for which it realized over $3,500,000 cash.
The final $7,500,000 5-year 6% mtge. gold bonds can be issued only
for 75% of the cost of additional property, extensions, &c., when the corn..
Suit.—The receivers, as recently directed by Federal Judge
Sanborn, on Jan. 22 brought suit in the U. S. District Court
at St. Louis, Mo., against ten men who were directors of the
company between Dec. 1909 and June 1910 to recover $14,408,921 which it is alleged was illegally caused by them to
be paid out in connection with the construction and acquisition of new lines.
The defendants include: B. F. Yoakum Chairman of the board:
James Campbell, President of the North American Co.; William K. Bixby.
a receiver of the Wabash; C. W. Hilliard, Vice-Pres. of the 'Frisco; B. L.
Winchell,former President; E. V. R.Thayer, A.S. Greig, Frank Trumbull,
Thomas H. West, Chairman of the Board of directors of St. Louis Union
Trust Co., and Hans Winterfeldt.
Of the $14,408,921 which the receivers sue to recover, $1,309,495 was
the deficit in the earnings of the St. Louis Brownsville & Mexico By.
for the 4 years ending June 30 1913, which was paid by the Frisco, and $13,099,426, the sum it is alleged the Frisco paid directly to the St. Louis Union
Trust Co. as manager for the Brownsville syndicate. The latter was composed of 99 individuals corporations and estates. The payments to the
syndicate, aggregating, it is stated,$13,099,396, were: In cash,$9,057,500,
viz. May 26 1910, 35,400,000; June 24 1910, $1,657,500; June 27 1910,
$2,600,000. Credits allowed (total $637,800), viz: For St. Louis Brownsville & Mexico equipment notes, payment assumed, $105,000; 5% on
$10,256,000 St. L. Brownsv. & Mex. 1st M. bonds, $512,800; 5% on
$400,000 St. L. Brownsv. & Mex. qst M. bonds, $20,000; balance of purchase price paid for June 1910 with $3,404,906 New Orleans Texas &
Mexico Division bonds at 90, $3.063,687; balance between the price at
which N. 0. Tex. & M. Div. bonds were delivered, namely,$3,063,687,
and the par value, $3,404,096, $340,410.
Frank Trumbull, Chairman of the Chesapeake & Ohio, says: "I was a
director of the 'Frisco for a short time, but have never participated, either
directly or indirectly, in the profit on any 'Frisco transaction. Throughout my service as director, I was a considerable holder of 'Frisco stock,
which is evidence of my good faith in acting for what I deemed to be the
best interests of the company. The trial of the case will, of course, develop all these facts."
Payment.—The receivers will deposit this week in the
Central Trust Co. $74,725 to pay the $65,000 series"N"
equipment trusts which matured Jan. 1 with interest and on
which there was 30 days of grace.
306
THE CIIRONICLE
On the $166,000 series "I" and $65,000 Kansas City & Memphis Ry.
series "A" equipment trusts which also matured Jan. 1 (amounting with
Interest to $195,000 and $70,000 respectively), there is 60 days of grace,
and payment will be made within that time.—V. 98, p. 238, 156.
St. Louis Southwestern Ry.—New St. Louis Office.—
On and after Jan. 19 1914 the general offices of this company and its
allies and Southern Illinois & Missouri Bridge Co. will be located on the
17th floor, Railway Exchange Bldg., St. Louis.—V. 98, p. 238.
San Francisco-Oakland Terminal Railways.—Control.
See United Properties Co. of Cal. below.—V. 97, p. 1899. 1824.
Seaboard Air Line Ry.—Second Preferred Dividend.--A
dividend of 1% has been declared on the $23,894,100 pref.
4% non-cumulative and participating stock, payable Feb. 16
to holders of record Feb. 6, being the same amount as on
Nov. 15 last.
As Chairman Warfield in October last stated that earnings indicated a
surplus over fixed charges and adjustment income bond interest of between
$1,900,000 and $2,000,000 for the fiscal year ending June 30 1914, it is generally assumed that the stock has been placed on a regular 4% basis.—
V. 97, p. 1899.
Southern Pacific Co.—Government Suit.—Attorney-
General McReynolds on Wednesday announced that the
proposed Government suit to compel it to dispose of its holdings of Central Pacific stock would be filed at Salt Lake City,
Utah, within 10 days.
A San Fran. dispatch to E. F. Hutton &Co.,Jan. 22 says:
A world of opposition is being shown by the people of California on account of the proposed unmerging of the Central Pacific and Southern
Pacific. Local organizations are protesting to the Washington Government that to numerge these properties would mean unmistakable loss to
the people of the States in which the Central Pacific travels. The people
are simply up in arms and will fight it to a finish. They do not believe that
the Government wants them to suffer for no purpose at all.
Chairman Kruttschnitt announced yesterday that the San Francisco
Chamber of Commerce and Home Industry League of California had
passed resolutions protesting against the proposed suit.—V. 98, p. 238, 157,
151
Third Ave. Ry., New York.—Acquisition.--Bonds.—The
P. S. Commission has authorized the Mid-Crosstown Ry.
to issue $150,000 stock and has also authorized the Third
Avenue Ry. to acquire the same, paying therefor with bonds
not exceeding $187,000 in amount, bearing 4% interest,
and to be sold at 80.
The Mk!-Crosstown is the successor of the old 28th & 29th Street Crosstown RR. Co. The engineers for the Commission reported that the
property is not worth more than $150,000. Commissioner Maltbie, who
investigated the matter, held that if any more than $150,000 should be
paid, it must not be capitalized but come out of earnings. It is provided
also that a special amortization fund must bo established to make good
the 20% discount.—V. 98, P. 238, 71.
Toledo (0.) Railways & Light.—Application for Receiver.—H. L. Doherty on Jan. 16 obtained a judgment in
the Common Pleas Court on a demand note for $84,578,
dated Dec. 8, for advances, and on the next day made
application to the U. S. District Court for the appointment
of a receiver. In the absence of Judge Killits the matter,
it is stated, may not be decided for about ten days.
The suit is described as a friendly one, directors of the company appearing as counsel for the complainant. The petition alleges that unless a
receiver is appointed to take charge of the system, the city of Toledo, by
reason of its two ordinances providing for 3-cent fares, one passed in July
1910 and the other in Nov. 1913, will enforce the same. In the ordinance
passed in 1910 a rental of $250 per day, payable weekly, is imposed upon
such lines whose franchises have expired. It is further stated that while
this penalty has never been collected and the city has made no demand
for it, it would be unlawful, excessive, unreasonable and confiscatory
exaction to enforce the ordinance. Under the later ordinance passed in
Nov. 1913, effective on Mar. 27 next, it is alleged that if the company
continued to run its cars over the lines where franchises have already expired or any of the other lines, it would indicate an acceptance by the company of the ordinance providing for 3-cen., fares and transfers. universal
An alternative bill in the hill of complaint asks that the Court may
direct the receiver, on and after March 27, and until the repeal of the
ordinance passed by the City Council "to discontinue the operation of cars
of the defendant over the tr,cks of said defendant covered by the franchises which have heretofore, or will upon that date have,expired." The
"'Toledo Blade" says that examination of the franchise ordinances discloses that all, with the exception of the Ironville line and small sections
of a few other -lines, will then have expired and that operation of the short
sections would be impms:ble as they "begin nowhere, end nowhere," and
cars could not travel to and from barns and repair shops except upon
tracks on streets in which the franchises have expired.
President Coates last week requested the City Council to take action
toward repealing the 3-cent fare ordinance. A committee, with Mayor
Keller at its head, was appointed to consider the re-opening of the whole
franchise question. Mayor Keller stated on Saturday last that a meeting
of the committee would probably be held this week.
A resolution was introduced in the City Council on Monday that the city
Solicitor be instructed to bring a suit to recover the street rentals at $250
a day, amounting to over $50.000, and for a receivership to protect the
city's interests.—V. 96, p. 1631.
Toledo Terminal RR.—New President.—
A. B. Nowell has been elected President, succeeding H. B. Ledyard
of Detroit.—V. 94, p. 1764.
xcvnr
the deal took includes the downright purchase by Moore of the contro I
of the traction companies, and the disintegration of the Properties Co.,
this will be followed by a reassembling of the properties in new combinations, in which Hanford & Tevis will retain their original interests. One •
of the principal new combinations will be that of the traction companies,
including the Key Route, Oakland Traction and East Shore Suburban
with the Tevis Sierra power project, which will be developed to supply
electric current for the railways.
Although the price which Moore pays for the pref. stock of the traction
companies is stated in the options as $50, the actual payment will be made •
on a basis of $30 a share.
Only 25,000 of the 65,000 shares held by the Smith trustees are bought
in this way, while he takes the entire 38,000 held by the United Properties
trustees. But with these go enough common stock without price or payment to make a 70% control. Thus, for $1,890,000 he secures 70% of the ownership of the valuable traction lines, and as Tevis & Hanford only
go through the motions of parting with their shares, the actual amount
required for this part of the purchase is comparatively small.
The 25,000 shares of traction stock which Moore purchases from the collateral held by the bankers' committee, or Smith advisory board, is that in •
which the Realty Syndicate holds the equity. It is for this reason that the
Realty Syndicate appears as one of the signers of the contracts.
One of those who is associated with Mr. Moore in the present project is •
B. Fitzgerald of London, who spent some time investigating the properties.
Statement front the Trustees and Advisory_ Committee.
The United Properties Co. trustees and the F. M. Smith advisory committee have this day completed the legal formalities whereby they have •
sold to George G. Moore and associates the control of the San Francisco..
Oakland Terminal Rys. Mr. Moore will immediately take over the control, management and operation of these railways.
We believe the consummation of this transaction will prove not only of
great benefit to the communities served by these properties, but will have
a wholesome effect on the local financial situation. To accomplish this,
it was found necessary to separate the railroad properties from the United
Properties Co.
The two committees wish further to inform the public that the settlement
of the trans-bay railroad situation is coincident with an arrangement whereby Mr. Moore and his associates undertake the re-financing, development
and advancement of the United Light & Power Co. and the Union Water
Co. as soon as these corporations can be segregated and detached from the
United Properties Co. of California.
This settlement disposes of all disputes existing among the three principals who consolidated these properties. [Signed J. K. Moffitt, Chairman
United Properties Co. trustees, and Frank B. Anderson, Chairman F. M.
Smith Advisory Committee. I
John Drtun, speaking for the Smith advisory committee, said that the
story published by the "San Fr. 'Chronicle" to the effect that the United
Properties Co. would be dissolved, or "unscrambled," was correct. Speaking further regarding the transaction, he said:
"The advantages gained by the creditors of Smith are: (1) The due obligations are taken care of; (2) necessary development work is taken care of:
(3) the stuck so sold, as payments thereon aro made, will liquidate that
much of the indebtedness; (4) it tends to give a fixed valuation to the stock
still remaining in the hands of Smith's creditors.
This sale also brings about (a) The settlement of the disputes between
Hanford & Tevis and Smith and the lawsuits filed by Hanford and his .
associates. (b) The segregation of the railroads from the other properties,
so that their financing could be attended to. (c) It tends to give a real
permanent value to the pref. stock of the traction companies in the hands
of the creditors.
"When Mr. Moore returns, the whole matter will be submitted to the
State RR. Commission."
Purpose for which G. C. Moore Has Agreed to Supply $9,890,000.
38,000 pref. traction shares held by Un. Prop. trustees, at $30—$1,140,000 •
25 000 pref. traction shares held by Smith trustees for his creditors, at $30
750,000
Halsey notes, to be paid Sept. 12 1914
2,500,000
Key Route Basin notes, to be paid Nov. 20 1914
1,100,000
Floating debt, traction companies
1,000,000
United Light & Power Co. of N.J. debentures
1,600,000 •
United Water Co
800,000
New work contracted for
1,000,000 •
—V.97, p. 1899, 1358.
INDUSTRIAL, GAS AND MISCELLANEOUS,
American Chicle Co.—New Officers—Earnings.—
Hoary Rowley, formerly Sec. and Treas., has been elected President,
to succeed George!!. Worthington, who resigned. F. C. Rowley,formerly
Asst. Treas. becomes Secretary, and F. A. Hubbard, Treasurer. T. L.
Louisville, Ky., was appointed Vice-Pre., succeeding J. P.
Jefferson of'
Primley, who resigned.
The board of directors has been reduced from 12 to 9, E. R. Fancher,
S. T. Britten and J. P. Primley retiring.
An official is quoted as saving: "For the year ended Dec. 31 1913, net
earnings totaled approximately $1,600,000, while the surplus after the payment of common and preferred dividends amounted to about $330,000.'
—V. 93, p. 529.
American Brass Co.—Earnings.—For calendar year:
Dec. 31 Year—
1912-13
1911-12
—V.96, p. 356.
Net Earns.
$1,917,605
2,274,738
Divs. (7%).
$1,050.000
1,050,000
Ba$
1.46S
7umro
p8
7
$
'079t:01
a184S
91e
:52r9
6094
.
1,224,738
American Hide & Leather Co.—Earns. 3 and 6 Months.
Interest on
Sinking
Balance for
3 Mos. end. *NetBond
S. F. Bds.
Fund.
Period.
Dec. 31— Earnings.
Interest.
Lur
r:32
$37,500
1:7
63
50
346
1913
53
15
46:7
0 69
$81,225
1,
28
2:0
$4
316
37,500
1912
86,145
6 Months—
stuu.
r:$4
$9
83
$75,000
17
14
7:5
913
14
2
11
8
$162,450
19
$505,291
60
0
:4
30
172,290
747,868
ls and interest on loans.
a0
el
,0
v0
* After charging replacements and re7
n5
Net current assets. $9,335,271. Bonds in hands of public, $5,415,000.
The statement has been prepared on the same accounting basis as the annual statement of June 30 1913, with finished leather at the same prices.
New President and Vice-President Elected.—
United Properties Co. of California.—Deal Arranged.—
S. Haight, formerly 1st V.-Pres., has been elected President,
At San Francisco on Jan. 17 the advisory committee repre- to Theodore
succeed T. W. Hall, deceased; Charles T. Hall, who was 4th V.-Pres.,
senting the holders of F. M. Smith in the United Properties becomes 1st V.-Pres. The position of 4th V.-Pres. remains vacant.—
Co., and the trustees of the co. completed the legal for- V. 97. p. 1665.
American Malt Corporation.—New Directors
malities whereby they sold to George C. Moore of Detroit
F. A. Russ, W. B. Franklin and Stephen N. Bond have been elected
and associates (including the Investment Registry, Ltd., directors
to succeed Thomas S. Olive, A. N. l'arlin and C. A. Stadler.—
and B. Fitzgerald, representing Basil, Montgomery, Fitz- V. 97, p. 1284.
gerald & Co., both of London) the control of the San FranAmerican Sugar Refining Co.—Circular Regarding Govcisco-Oakland Terminal Rys. and coincidently arranged with ernment Suit.—The following was sent out on Jan. 15:
the same parties for the re-financing and development of
The unwillingness of. the Department of Justice to accept the tentative by this company of a settlement of the Government suit renders
the United Light & Water Co. and the Union Water Co. as offer
necessary a brief statement of the facts to the stockholders.
soon as these properties can be detached from the Properties
Your company has been practically reorganized since 1907. In November 1910 the Government entered a suit in equity seeking tho dissolution
company. The last-named company will be dissolved.
the company for alleged violation of the Sherman Anti-Trust Law.
Provision was also made for the extension of $3,000,000 ofAfter
practically 3 years, the Government has finished taking its testinotes of N. W. Halsey & Co. to Sept. 12 and the $1,100,000 mony. The evidence shows no monopoly at present existing, no restraint
of
trade
and no act, direct or indirect, in violation of law by the present
Key Route Basin notes to Nov. 20.
management. With a feeling that every effort should be made to terminate •
The plans, however, are contingent upon the approval of the expensive litigation, your company did make an effort to adjust its
differences with the Government. It offered to make every concession it
the California RR. Commission. 10
,1411/11
could in justice to the stockholders and still maintain its self-respect.
Statement from San Francisco3"Chronicle" (Approved).
Consummating the deal, by which "Borax" Smith is eliminated from the
United Properties Co., and Tevis & Hanford secure abundant capital
from George C. Moore and his English associates for financing and developing each of the separate units of the big corporation, contracts were signed
yesterday afternoon between Moore and the two bodies of trustees which
remove the dread of bankruptcy from the San Francisco-Oakland Terminal
Rys. and the other subsidiaries of the United Properties Co.
The result is practically identical with that which it was sought to accomplish under the option recently refused R. G. Hanford. Although the form
These advances having been declined, the company proposes to defend
the interests of its shareholders with confidence and vigor.
The company is guilty of no restraint of trade; it constitutes no monopoly;
competition is absolutely free and active; it has no agreements, contracts
or obligations of any sort with its competitors; it seeks no unfair advantages
in the way of trade; it is simply aiming to produce the finest quality of sugars
and to acquire the widest field of distribution; to educate the housekeeper
and the manufacturer to the use of its brands, and to reach for and secure
by legitimate means all the profitable business it can. Its campaign Is
one of education for the consumer.
THE CHRONICLE
JAN. 241914.]
307
The effort to secure from the Government a recognition of those facts,
and thereby end a long and expensive lawsuit, having failed, the company
now proposes to defend this suit with energy and confidence, and in this
course it properly asks the co-operation and assistance of the nearly 20,000
shareholders.
son & Wolcott Co., Cleveland, Detroit and Cincinnati, are
In opening the proceedings, counsel for the company offered in evidence
the record and decision of the U. S. Supreme Court in the Knight case,
which was brought by the United States in 1892 under the Sherman AntiTrust Act against the company,in which the Court held that the company,
as it then existed, was not a monopoly and did not violate the Sherman law.
This decision, it is contended, was final and in no event can the Government or the courts in the present or in any future proceeding disturb the
status of the company as it existed in 1892 ,,r separate it from any of' the
properties it then held.
The following data, taken from the testimony, is of interest'
-% of TotalWorld's Total Consum'n American's
Mellings.
U.S. World's
in U. S.
Production.
(2,240 lbs.) Cons. Prod.
(Tons.)
(Tons.)
1,432,545
77 . 15.5
1,853,370
1891-92
9,233,981
1,249,484
60
12.4
2,070,976
10,045,880
1896-97
1,378,303
10.4
54
2,566,108
13,193,346
1901-02
1,219,820
10.6
46
2,632,216
11,513,262
1904-05
41
1,372,403
8.1
3,351,391
16,063,128
1910-11
1,404,249
9.0
3,504,182
40
15,545,000
1911-12
3,743,139
1,340,633
7.4
18,120,819
mg
1912-13
18,920,800
1913-14
---Pt esent Holdings of Beet Sugar and National Stocks-Amounts Sold and Date.
(Compare statements furnished in V. 93, p. 529; V. 91, p. 1571.1
-Now HeldSold.
Date.
(Par Values.)
$371,250 25%
Alameda Sugar Co
2,500,000 50
Spreckles Sugar Co
Utah-Idaho Sugar Co
4,650,500 49
Amalgamated Sugar Co
1,275,700 50
Lewiston Sugar Co
371,030 37
Great Western Sugar Co
7,894,400 33
$2,758,800 1908-12
Michigan Sugar Co
3,801,200 34
2,000,000 1910-12
Iowa Sugar Co
416,500 75.73
Menominee River Sugar Co
300,000 36
American Beet Sugar Co
3,480,000 -fkiiiWestern Sugar Refining Co.of Cal
Carver County Sugar Co
123138
Continental Suear Co
519,300 30
lot at option of company at interest-paying dated (J. & D.) upon 60 days'
notice, at 102 and int. Total
$2,400.000; final $900,000 bonds due
Dec. 1 1925 held by trustee to retire
auth.'bonds of Crucible Coal Co.
Data from C. C. Ramsey, Pres. Crucible Steel Co. of America.
Pittsburgh, Jan. 13 1914.
The Crucible Fuel Co. recently purchased the entire property of the
Crucible Coal Co. and the coal properties of the Midland Impt. Co. Its
nominal capital of $5,000 is all owned by the Crucible Coal Co.,a subsidiary
of the Crucible Steel Ca. of America, which has by contract agreed not to
dispose of the stock during the life of these bonds.
The Crucible Steel Co. of America, with its subsidiary companies, has
contracted with the Crucible Fuel Co. to purchase at market prices their
entire requirements of bituminous coal during the life of these bonds, and
agrees further that any new companies affiliated with it in the future shall
also purchase their coal from the same source. The annual coal requirements of the several companies are 1,200,000 tons, thus insuring a ready
market for this company's product and prompt payment of principal
and interest of its bonds.
The Crucible Steel Co. of America has assets of over $65,000,000, and its
net earnings for the year ending Aug. 31 1913 were 94,905,886, or twice the
amount of this entire bond issue.
Security.
mortgage upon 505 acres of surface and 4,520 acres of coal
in Greene Co., Pa., about 60 miles south of Pittsburgh, which property has
cost this company over $4,500,000; frontage 3 miles on Monongahela River.
Penn. RR. also has a line into this property. These bonds are a first lien
upon 2,497 acres of coal formerly owned by Midland Impt. Co., and [a
2d lien on]2,023 acres acquired from Crucible Coal Co..subject to its $900,000 50/ bonds. The new mortgage also covers the modern improvements,
consisting of store building, nouses, steel and concrete power house, steel
tipple, hoisting and air shafts and the mining machinery necessary to
handle the largest output; 2 steamers, 22 steel and 50 wooden barges.
The plant will be able within a few months to produce daily about 4,000
tons of run-of-mine coal.
Expert Appraisal-- Total Value of Property.-As reported by Crowell &
Murray of Cleveland, $4,603,000; by Samuel A. Taylor, Pittsburgh,
94.391,450. These authorities agree that the property is underlaid throughout by an excellent grade of "Pittsburgh" seam bituminous coal, estimated
amount available over 40,000,000 tons, well adapted for fuel purposes and for making coke. The property is still in the development stage,
but the underground workings are being puushed as rapidly as passible.
Sinking Fund.-Ten cents per ton on all coal mined, applicable only to
payment of principal and interest on the bonds. Company must also
retire $40,000 underlying Crucible Coal Co. bonds each year.-V.98, p. 239.
offering at par and int. the unsold portion of the present issue
of $1,500,000 of First and Refunding Mtge. 6% gold bonds,
dated Dec. 1 1913; tax-exempt in Pennsylvania. The comHearings Resumed.-The taking of testimony was resumed pany is a subsidiary of the Crucible Steel Co. of America.
Jan.20 before Special Examiner Wilson S. Brice in this city. Bonds due $150,000 annually on Dec. 1 1915 to 1924, but redeemable by
1811
Total in beet companies
National Sugar Refining Co
922,099,880
2.428,goo
Total
-V. 97, p. 446.
$24,528,780
•:•1
-
American Window Glass Co., Pittsburgh.-Dividend.
A dividend of 8% has been declared on the $4,000,000 77o cumulative
pref. stock, payable Jan. 21. In Nov. 19137% was paid, the latter having
been the first payment since Mar. 1903, when 3%% was tdisbiwsed; 7%
was paid in each of the years 1900 to 1912 inclusive. The arrears now
amount, it is said, to about 62%.
-V. 97, p. 1205, 1117.
Atlantic Mutual Insurance Co.-Earnings.-The report
of the trustees for the year ending Dec. 31 1913 will be found
in our advertising columns.
The company now has assets aggregating 913,259,024, of which 95,473,632 is in United States and State of New York stocks, city, bank and other
securities, $814,347 is cash, 91,000,000 special deposits in banks and trust
companies, $1,081,619 premium notes and bills receivable, $4,374,426 in
real estate, $505,000 in temporary investments, payable Jan. and Feb.
1914, and $10,000 loans.
-4
Crucible Steel Co., Pittsburgh, Pa.-Sub. Co. Bonds.-
See Crucible Fuel Co. above.-V.98. p. 239.
Cuban Ports Co.-Probable Settlement.The successful flotation of the 910.000,000 Cuban loan Is understood to
Indicate that an announcement of the adjustment of the controversy between the Cuban Government and the company will be made shortly.
Sperling & Co. of London,the fiscal agents of the company,were members
of the syndicate who purchased the Cuban Government bonds and the difficulty with the Cuban Ports Co., it was stated some time ago, stood in the
way of placing Government bonds with the large banking houses.-V.98.
p. 75.
Ft. Worth (Tex.) Power & Light Co.-Bonds Offered.Harris, Forbes & Co. and Perry, Coffin & Burr are offering
at 95 and int. $290,000 1st M.5% bonds, issued for extensions and additions, making $2,038,000 outstanding.
Interest Certificates Called.-Six per cent interest on the
Earning..-For cal. years and present interest charges:
1913.
outstanding certificates of profits will be paid to the holders
1913.
1912. I
Gross
$514,073[Int. on $2,038,000 1st 5s_ _ _$101,900
thereof Feb. 3. The outstanding certificates of the issue of Net, after taxes 9671,000
397,421 250,158 I Balance, surplus
295,521
Net earnings over 4 times bond interest.-V.97. P• 240, 119.
1908 will be paid on Feb. 3, from which date all interest
thereon will cease. A dividend of 40% has been declared on
General Film Co.-Texas Anti-Trust Suit.A decree was entered by Judge Davidson in the 58th District Court at
the earned premiums for the year ending Dec. 31 1913, for Beaumont,
on Jan. 13 in the suit brought by the State for violation
which certificates will be issued on and after May 5. The of the State Tex.,
Anti-Trust law. The minimum fines under the law,$50 a day,
7 1911, the day the company began doing business in the State,
total marine premiums for the year were $4,367,386, includ- from Aug.1912,
when the suit was brought, would amount to $21,900. Of
to Oct. 12
ing $767,051 not marked off Jan. 1 1913.-V. 96, p. 287.
the $25,000 paid, $1,400 was for expenses of the State in connection with
the suit. The company is restrained from violating the State Anti-Trust
Bethlehem Steel Corp.-Yearly Dividend, 5%.-The di- laws
and also pending the decision of the U.S.Supreme Court or other Fedrectors have declared a dividend of 5% on the $14,908,000 eral Court,of competent jurisdiction on the question, from
refusing to furfilms, projecting machines and
7% non-cum. pref. stock, payable 13.1% quarterly on nish any exhibitor in the State licensed
accessories handled by it because such exhibitor may use unlicensed filmsApril 1, July 1 and Oct. 1 1913 and Jan. 2 1914.
or unlicensed projecting machines made by independent manufacturers.
This Is the same amount 9.9 was declared a year ago, that being the first
declaration since Feb. 1907, when Yi % was paid, a similar distribution
having been made in Nov. 1906; 1 % quarterly was paid from Aug. 1905
to Aug. 19'6, inclusive.
New Officer.-James H. Ward has been elected a VicePresident.-V.98, p. 239.
Butler Bros. & Co., Chicago.-Earnings-Stk. Increase.
A case involving the legality of these license agreements is being prosecuted by the Federal Government against the defendants,the Government
contending that such agreements are illegal, and the defendants that they
have the right to make the same under the protection of the patent laws.
Gillette Safety Razor Co. of Boston.-Earnings.-
Net earnings for the calendar year 1913 were $1,372,273, compared with
91,155.668 In 1912, a gain of 18.7%.
The Gillette business, it is stated, was the largest in the co's history.
The combined gross sales of the American. English and Canadian companies
GT033
Dec. 31.
Balance
Dividends
Net
YearProfits.
Profits.
Surplus. Increased approximately 23.50/. During the year $460,000 pref. stock was
(12% %).
1913
$935,054 retired, leaving 96,000.000 of the 96,500,000 original issue outstanding.
$2,185,054
$1,2 0.000
1912
2,035,615
$8,040,444
1,250,000
785,615 About 650,000 razors were sold, or 50,000 more than in 1912. The bal-.
once for the $6,500,000 common stock, after deducting pref. dividends,
Compare V. 08, p. 239.
was equivalent to 14.6%,compared with 10.8% in 1912. A notable feature
British-American Tobacco Co.-Investigation.has been the increase of sales in foreign countries, the largest being in South
Cable advices state that the German authorities have been making an America, England, Australia and India. Sales in the United States
investigation into the affairs of the Goo. A. Jasmatzi Co.(which, itis said. showed a large increase, but the European end of the business has been
Is controlled by the British American Tobacco Co.),one of the largest con- growing even more rapidly. The factory in England has, it is stated, been
cerns in the tobacco business of that country, on complaints that it enlarged from time to time until it is almost as large as the Boston plant.
has been violating the law in concealing its dealings with foreign countries The Gillette Safety Razor Co., Ltd. of London, the English subsidiary,
and throttling competition. At the Berlin headquarters the charges are has $2,000,000 capital stock, and the'
Gillette Safety Razor Co. of Canada,
denied. James B. Duke, Pres, of the British-American company, denying Ltd., the other subsidiary, $500,000. The latter company's
earnings
the report that the Jasmatzi company is controlled by the American amounted, it is reported, last year to about 10% on its capital stock.
Tobacco Co., is quoted as saving that so far as he knows the American V. 97, la• 53.
company has no interests in Gerinany.-V. 97, p. 1893.
Cluett, Peabody & Co., Inc.-First Common Dividend.An initial dividend of 1% has been declared on the $18,000,000 common stock, payable Feb. 1 to holders of record Jan.
20. Checks will be mailed by the Knickerbocker Trust Co.
-V. 96, p. 1091.
Consolidated Gas Co. of New York.-Offering of Guaranteed New York & Westchester Lighting Bonds.-J. & W.
Seligman & Co. and Clark, Dodge & Co., having sold a
large portion of ,000,000 New York & Westchester Lighting Co. general mortgage 4% gold bonds, offer the remainder by advertisement on another page at 79 and int., to
yield about 5.10%. The bonds bear the endorsement of
the Consolidated Gas Co. of New York and are free of the
Federal income normal tax and secured by direct mortgage
on all the property of the company, subject to $9,325,000
prior liens. The bankers will deliver to residents of N. Y.
State bonds exempt from the N. Y. personal tax.-V.
98, p. 157.
Crucible Fuel Co., Pittsburgh, Pa.-Offering.-Ussing,
Scoville & Co., New York, Pitts. and Phila., and the Tillot
HerculesPowder Co.-Increase of Stock Approved.-
The holders voted Jan. 22 to increase the authorized stock from $10,000,000 (all of one class), of which $6,500,000 is outstanding, to $20,000,000
by the addition when and 9-9 required of $10,000,000 7% cumulative
preferred.-V.98, p. 153, 240.
Kaministiquia Power Co., Montreal.-Stock-Earnings-
The stockholders on Jan. 7 authorized an increase in the stock from
$2.000,000 to 92,500,000. Of the new stock, it Is proposed to offer stockholders of record Feb. 28 the right to subscribe for 9200,000 pro rata at par,
to the extent of 10% of their holdings, payable in 4 equal instailmenu;, at
Intervals of 2 months, the first to fall due about May 1. The proceeds of
the issue are to be used on account of the cost of the installation of 12,000
additional horse-power at the company's plant, the remainder required to
be provided from surplus earnings and sale of treasury bonds.
Gross
Oct. 31
Net
Fixed
Balance,
DiviYear- Revenue.
Revenue.
Charges.
deeds.
Surplus.
1912-13----$302,741
$262,638
(5)3100,000
$82,598
$80.040
1911-12__-- 243,886
212,197
82,401
(4) 80,000
49,796
As to increase of dividend, see V. 98. p. 158.
Kellogg Switchboard & Supply Co.-Stock Dividend.A stock dividend of 25% (1312,500) has been declared on the 51.250.000
outstanding stock, payable to holders of record Jan. 26. In Jan. 1913 a
stock div. of 25% ($250,000) was paid and in Jan. 1910 50% (5500,000).
The regular quarterly dividend of 3% is payable Feb. 3 to holders of record
Jan. 31.-V. 97, p. 363.
(S. S.) Kresge & Co. (5 and 10-Cent Stores, Detroit).
Sales for the calendar year 1913 amounted, it is stated, to about $13..358,000, against $10,325,488 in 1912.-V. 97, p. 1737.
308
Manhattan Transit Co.-Meeting of Stockholders.The stockholders' protective committee (V. 98, P. 159 gives notice that
the stockholders are urged to attend a meeting to be held at the Park Avenue
Hotel, 33d St. and Park Ave., city, to-day at 2 p. m., to receive a report
from the committee and to discuss suggestions made for the protection of
all the stockholders. It is urged that stockholders attend in person. The
committee states that it is its interpretation of the 6th paragraph of the depositary agreement that in no event shall the committee be authorized to
borrow more than 30 cents on each share of stock deposited under the agreement,and that the lien which the committee is to have upon the deposited
shares shall not in any event be geater than 30 cents on each share and that
no depositor shall be liable for any expenses; payments or liabilities of any
kind exceeding 30 cents a share.
The Empire Trust Co. of this city has been appointed registrar for the
stock.-V.98, p. 240, 159.
Massachusetts Gas Companies, Boston.-Earnings of
Controlled Companies.-Net earnings of the subsidiary companies for December and the 6 months ending Dec.31:
New England Gas & Coke
Boston Consolidated Gas
East Boston Gas
Citizens' Gas Light
Newton & Watertown
New England Coal & Coke
Federal Coal & Coke
Boston Towboat
[VOL. xcvm.
THE CHRONICLE
-December
6 Mos.end. Dec. 31.
1913
1912.
$68,565
$72,488 $367,140
.
$460,416
.
139,280
157,408
556,897
645,338
5,393
8,673
31,084
48,599
289
2,140
13,540
15.610
3,148
9,754
21,157
39,938
42,394
17,508
234,130
129,187
7,582
4,212
32,757
8,939
2,072
4,700
17,019
32,165
Total
$268,727 $276,889$1.273,727$1,320,196
Increase in Gas Output.
Boston Consolidated Gas Co_ _ _ _ 2.35%
7.10'7
2.27%
8.777
9.33%
East Boston Gas
11.91.
8.83%
16.26
Citizens' Co. of Quincy
16.75%
24.08 0
28.14
17.719
Newton & Watertown
7.88%
11.889
14.87 0
9.309
-V. 98. 13• 159.
Mexican Light & Power Co.-Common Dividend Omitted.
See Mexico Tramways under "Railroads" above.-V.96, p. 1620.
National Carbon Co., Cleveland.-Further Data-All
Pref. Stock to be Made Cumulative.-Pres. James Parmelee in
circular of Jan. 10 1914(V.98, p.240)further wrote in subst.:
Partial List of the Power Customers of the Company and Its Allies,
1. Worcester Consol. St. Ry. Co., Northern Mass. St. By., Berkshire St.
By. Co., Uxbridge & Milford St. Ry., Springfield St. By.(at Palmer).
Boston & Maine RR.(Hoosac Tunnel Section).
2. Worcester Suburban Electric Co. of Uxbridge, Northbridge, Milibtu7.
Upton, &c.;__ Central Mass. Elec. Co. of Palmer, Ware, Spencer. Monson, &c.; Worcester Elec. Lt. Co. of Worcester and suburbs; Marlboro
Elec. Co. of Marlboro, Northboro, Westboro, &c.; Gardner Elec. Lt.
Co. of Gardner, Barre, Westminster, &c.; Fitchburg Gas & Elec. Co.
of Fitchburg and suburbs; Amherst Power Co. of Springfield, Chicopee,
&c.; Twin State Gas & Elec. Co. of Brattleboro, Hinsdale, &c.; Keene
Gas & Elec. Co. of Keene, Swansea and Marlboro, N. H.; Winchendon
Elec. Lt.& P. Co. of Winchendon and vicinity; Colonial Power & Light
Co. of Claremont, N. H., and Springfield, Vt.; Bellows Falls Power Co.
of Bellows Falls, Vt., and Walpole and Charlestown, N. H.; New
Hampshire W. & Elec. P. Co. of Fitzwilliam, Troy and Jaffrey. N. H.
3. Towns of Boylston, West Boylston, Sterling, Princeton, Ashbut•nham
and Holden. Mass.
4. (a) In Fitchburg: Crocker. Burbank & Co. (paper mfrs.) 7 mills;
Parkhill Mills, Falulah Paper Co. and Louis DeJonge Paper Co. (b) In
Worcester: Amer.Steel & Wire Co.(U.S. Steel Corp.), Norton Grinding
Co., Osgood-Bradley Car Co., Morgan Spring Co., Worcester Pressed
Steel Co. and Wright Wire Co. (c) In Brattleboro: Wm. Vinton Paper
Co., Estey Organ Co. and Fort Dummer Mills. (d) In Uxbridge:
Bridgeton Worsted Co. and Wuskamet Mills. (e) Wright Wire Co.,
Palmer; L. L. Brown Paper Co.Adams; Apsley Rubber Co., Hudson;
Fisher Mfg. Co., Fisherville; Lancaster Mills, Clinton; Paul Whitin
Mfg. Co.. Northbridge; Barre Wool Combing Co., Barre.
Gross Monthly Earns.in 1913 of New Eng.Pow.Co.and Allies-Tot.$777,847
January_ -$51,885 April- - --$54,508 I July
$56.0631 October- $77,079
Feb
49,280 May
59,024 August -- 65,588 November 85,086
March_ __ 53,8261 June
64,0091 September 68,798jDecember 92,701
The gross earnings during 1914 should aggregate over 1,000,000($90,000
to $95,000 per month), based on contracts in hand.
For Month of December 1913.
$92,701 1Note interest
$2,020
Gross
$66,688 All dividend requirements_ _ _ 18,283
Net (after taxes)
27,804 Surplus for month
Deduct-Bond interest
18,580
Directors.-George B. Adams, Adams, Mass.; Charles L. Ayling, VicePres. George B. Baker and Philip Young, all of Baker, Ayling & Co.;
Stedman Buttrick, of Estabrook & Co.; Pres. George 8. Smith (ex-Pros.
Boston Chamber of Commerce), Henry I. Harriman, Dana Malone (exAttorney-Genl. of Mass.) and Roland 0. Lamb (Pres. John Hancock
Mutual Life Insur. Co.), all of Boston; George E. Gordon, John S. Phipps,
and L. H. Shearman (W. R. Grace & Co.),
(director Hanover Nat.
K. Cassatt (Cassatt & Co.) and George K.
all of N. Y. City; Robert K
Insur. Co.), both of Phila.; Vice-Pros.
Johnson (Pres. Penn Mutual
Malcolm Cl. Chace,Providence; J. Stoat Fassett. Elmira, N. Y.; Clarke C.
Fitts (ex-Attorney-Genl. of Vermont) and Charles A. Harris (Treasurer
Brattleboro Say. Bank), both of Brattleboro, Vt.; Edward T. Kimball
(director First Nat. Bank), Portsmouth, N. H.; deorge M. Kimball and
Frank S. Streeter (Streeter, Desmond & Woodworth), Concord, N. H.;
Arthur H. Lowe, Fitchburg, Mass.; Wallace L. Mason, Keene, N. H.
J. Cl. White & Co., Inc., serve as consulting engineers.-V.97,p.1588,54.
J
The directors on Dec. 17 1913 unanimously decided to ask the stockholders to increase the pref. capital stock from $4,500,000 of 7% non-cumulative pref. stock to $5,600,000 of 7% cumulative pref, stock, and to increase
the common capital stock from $5,500,000 to $12,000,000; the increased
pref. stock and a portion of the common stock to be used by the directors
to acquire new properties and new lines of business kindred to that now done.
[See also V. 98, p. 240.] This company has in its employ a large number of
faithful, capable men whom the directors desire to interest in the stock, and
they therefore ask that there be set aside $500,000 of the increased common
stock to be allotted and sold to the employees and officers by the executive
committee upon such terms as the committee shall determine.
New York Real Estate Security Co.-Majority Deposit.
[The notice of stockholders' meeting to be held Feb. 16 says that the
56,000 shares of pref. capital stock (par value $100 each) "shall be entitled
The committee of holders of 6% gold mortgage bonds, Charles H. Sabin,
to receive 7% cumulative dividends in each year before any dividends are Chairman, announces that a majority in amount of the bonds has been
paid to the holders of the common capital stock, and no more, and, in the deposited with the Guaranty Trust Co. and that after Jan. 22 bonds will be
event of the sale of the property of the company,or its dissolution, to receive received only in the discretion of the committee and upon such terms as it
the par value of their shares and all unpaid dividends thereon before any- may impose. Depositors who disapprove any plan presented will be althing is paid to the holders of the common capital stock, and no more; said lowed three weeks to withdraw on payment of their pro rata share of exstock to be in all other respects identical with the present [non-cumulative] penses, &c., not exceeding 2% of face of bonds deposited. If a majority in
pref. stock."-V.98, p. 240.
Interest of the holders of outstanding bonds or deposit certificates approve a
plan, it may be made effective.
Nevada Gas Co., Tonopah, Nev.-Assessment.Digest of Committee's Circular Dated at New York, Jan. 15 1914.
The directors on Jan. 2 1914 called an assessment(No. 1) of 4$10 per share
The committee has had most of the properties examined and finds that
upon the outstanding capital stock, payable to Secretary L. W. Pryor, while the equities appear to be substantial,there are unpaid charges for
mortgages on nearly all of the properties,
454 California St., Room 307, San Francisco, prior to Feb. 9 1914, delin- taxes and interest upon prior
quent shares to be sold Mar. 2. Capital stock at last accounts, $150,000. which the receiver is unable to pay for lack of funds. The sums unpaid are
Pres., John Martin.
very considerable. Thus far foreclosure has been prevented except in a
few unimportant instances. The situation, however, is now critical and
New England Power Co.(of Mass.).-Status.-Securities unless moneys can be raised to pay the interest and taxes upon certain of
which should be preserved, they are in danger of foreclosure.
Offered.-Baker, Ayling & Co., Boston, are offering, at 92 theInproperties
order to meet the unpaid interest, taxes and other charges upon such
and int.,$100,000 of the 1st M.5% sinking fund gold bonds of properties, the receivers will apply for authority to issue two series of oneyear 6% receiver's certificates, Series A, $150,000, and Series B,$50,000,
1911; also at 96 and accrued dividend, to yield about63%,a only
of Series A and$35000 of Series B to be issued at present.
block of the 6% cum. pref. stock (divs. J. & J.). The com- All of$90,000
the certificates w 11 be prior in lien to the general mortgage but will be
the respective properties (named In each series)
pany and its allies supply hydro-electric power from their secured primarily upondesirable
to protect at this time. All rents received
which it is particularly
large generating stations on the Connecticut and Deerfield on
the properties named in the certificates, after meeting the cost of optaxes, &c., will be retained in a seprivers (the most important developments of the kind in the erating, interest on prior mortgages,
arate fund to pay the principal and interest of such series. Series A will
U. S. east of Niagara) throughout the industrial heart of cover
primarily properties showing an estimated net annual return in exNew England, their transmission lines reaching westerly to cess of$75,000 and,according to appraisals,having an equity over and above
encumbrances, except the general mortgage, in excess of $500,000;
North Adams, northerly to Brattleboro and Keene, southerly all
Series B properties showing an estimated net income in excess of $20,000
to Fitchburg, Ware., Worcester, Uxbridge, &c., &c., and and having a net equity in excess of $300000. In each series the receiver
will reserve the right to issue other certificates which may be prior in lien
prospectively to Providence, &c. See adv. on another page. upon
properties not included in either of these issues and which shall be
The bonds are dated July 1 1911 and due July 11051. Int. J. & J. at junior in lien upon the properties so included.
New England Trust Co..Boston (the trustee) or Penn. Co.for Insurances on
If the Court approves of these issues, they will be offered to the bondLives & Granting Annuities, Phila. Entire bond issue subject to call at holders at par in denominations of not less than $500. Your committee
105 and int. on any coupon date, or callable for sinking fund at same price. has practically effected arrangements to procure a loan by which it will be
Annual sinking fund 1%, beginning July 1917, and 1).% beginning July enabled to take any certificates not taken by individual 'bondholders, pro1931. On further bonds issued from time to time similar sinking funds are vided substantially all of the bonds shall be promptly deposited. Any
provided, beginning 5 years after issuance of the bonds. Future bonds can bondholders desiring to subscribe for receiver's certificates should send
be issued only when the pref. stock is so increased as to preserve the pro- their applications to Receiver James N. Rosenberg, 42 Broadway, or to
portions of funded debt to pref. stock of 4 to 1. Denom.$1,000 c*. Total the Secretary of the committee.-V. 97, p. 1588, 1667.
authorized issue. $14.000,000 (V. 93, p. 669).
Ogilvie Flour Mills Co., Ltd., Montreal.-Bonds.Capitalization of New England Power Co. of Mass.(Allies, see V. 96, p. 719).
First mortgage 5% bonds
$3,500,000 The offering by Hanson Bros. at par of $600,000 1st M. 6s,
Pref. stock,6% cum., par $100 a share
2,250.000 Series C, is reported to have been well received.
Pref. div. No. 1, 3%, was paid July 11913; No. 2, 3%, Jan. 1 1914.
Dated Dec. 1 1913 and due June 11932, but rod. as a whole on any int.
New England Power Co. of Me.. capital $5,000,000, owns corn. stock.
date at 115 and int. on 6 mos. notice. Interest J.& D.at Bank of Montreal,
The three stations of the New England Power Co. are located at or near Montreal. Par $1,000 c* Trustee, Royal Tr. Co., Montreal. A first
Shelburne Falls, Mass., and are practically,in duplicate, each having three mortgage on the new Medicine
Hat mill and elevator, and on other proper.
generators with a
combined, of 8,000 h. p., and each operating ties, including over 30 elevators throughout Alberta, Saskatchewan and
capacity,
62 ft. The allied Connecticut River Power Co. has Manitoba. Company will pay p. & I. without deduction for any tax
under a head of about
a power station operating on the Connecticut River with an installed imposed by the Dominion or by any, province or municipality thereof
capacity of 26,000 h.p., making the total operating capacity approximately which the company may pay or retain under any present or future law.
50,000 h. p. Construction of plant No.5 of the New England Power Co.,
Total Capitalization Auth. and Issued, Including Above Bonds,
located about 3 miles above Hoosac Tunnel, is well advanced, and
M. 69' bonds (Ser. A 1902, $1,000,000, due June 11932;
should be completed during the latter part of 1914, adding about 30.000 First
Ser.
B 1908,$750,000; Ser. C., $600,000), all callable at 115_$2,35o,000
h. p. capacity. The company has in hand contracts for sale of the entire Stock (7%
cum. pref., $2,000,000; com.,$2,500,000)[par $100].. 4,500,000
amount of this power. The plan of the management contemplates ultimate
Total assets Aug. 31 1913 (with good-will at $1), $8,880,737. After
developments on these rivers to the amount of about 200,000 h. p. The deducting
floating liabilities net assets are almost3times the bonded debt.
all
Bellows Falls Power Co. (owned) is capable of profitable re-development
Directors: C. R. Hosmer, Pres.•, W. A. Black, V.-Pres. and Gen. Mgr.;
along modern hydro-electric lines.
Montagu
Allan, C.V.O., Geo. E. Drummond, Charles Chaput, Shirley
Sir
miles
200
of
distributing
system
of
over
consists
high-tension steel
The
H. S. Holt, C. B. Gordon, all Montreal; A. M. Nanton,Winnipeg.
tower transmission lines, extending on private right of way from the hydro- Ogilvie,of
Statement from Pres. Chas. R. Hosmer, Montreal, Dec. 24.
electric stations: (a) westerly to Adams and South Adams and thence Digest
Incorporated under Dominion laws in 1902 and succeeded to the successful
prospectively north to Bennington and south to Dalton and Pittsfield:
late W. W. Ogilvie, founded in 1801. Owns (a) mills with an
(b) north to Brattleboro (prospectively to Putney, Bellows Falls, &c.) and business ofcapacity
of 19,000 Ibis. a day (17,000 flour, 1,500 corn meal,
also to Keene. N. II.; (c) from a point south of Brattleboro, southeasterly aggregate
meal),
as follows: 3 Montreal (10,500), Fort William (3,000).
oat
500
(with branches to Athol and Orange, Winchendon and Troy, Gardner and
(3,500)
and
Medicine Hat (2,000); (b) two barrel factories with
Barre) to Fitchburg, Clinton. Marlboro, Worcester, Uxbridge, &c. with Winnipeg
capacity of 3,000 barrels a day at Montreal and Winnipeg; (c) 9 terminal
an extension building to Providence; (d) Shelburne Falls southerly to a
Winnipeg, Fort William and Medicine Hat, with a
elevators
at
Montreal,
Ware, Spencer and Alilbury on line "c", also to Warren,Palmer, Monson
capacity of 4,200,000 bushels; (d) 134 interior elevators throughout Canaand many intermediate points.
with storage capacity of 4,195,000 bush.; (e) warehouses
To insure an adequate supply of water in dry seasons a great storage dian Northwest,
Also maintains branch offices
reservoir has been created, with a capacity,of about 23,000,000,000 gallons, at various points; total cap. 377,000 bbls.
entire Dominion of Canada.
In the town of Somerset, Vt., through a dam 100 ft. high, 2,300 ft. long, in 11 of the principal cities, covering the
600 ft. wide, which retains the entire flow of this branch of the river, Net Trading Profits Years ending Aug. 31, after Providing for Depreciation
and Maintenance, but Not for Bond Interest.
creating a reservoir about 7 miles long [now filled to a depth of 50 ft. at the
1911-12.
1910-11.
1912-13. Avg. 5 yrs.
dam]. It is planned, later as necessity demands, to construct another 1908-09.
1909-10.
$521,431
$567,490
$481,310
reservoir which will hold back 32,000,000,000 gallons, thus giving a total $716,054
$576,734
$541,924
$141,000
storage capacity of about 55,000.000,000 gallons. The Deerfield River Total bond interest required, including this issue
These earnings do not include the profits of the new Medicine Hat mill,
falls nearly 1,800 ft. between the Somerset (Vt.) reservoir and the proposed
lowest development. Of this fall about 1,050 ft. are readily available for completed in July 1913. The cost of this new plant and of a number of
nterior elevators is being met by sale of these bonds and from profits.
hydro-electric development and are controlled by this and allied companies.
JAN. 241914.1
THE CHRONICLE
Cash Dividend Record of Common Stock (Along with 7% on Pref. Shares).
1904. 1905. 1906. 1907. 1908. 1909. 1910. 1911. 1912. 1913.
7% *7%
7%
7%
8%
8%
87o
87
o
In addition,the company paid a 100% stock div.In 1908.—V.98, p. 159.
Pacific (Bell) Telephone & Telegraph Co.—Bonds.—
Lee, Higginson & Co. offered Jan.23 at 98M and int. $3,000,000 First Mtge. and Collateral.Trust 5% sinking fund gold
bonds, .a closed issue, dated 1907 and due Jan. 2 1937, but
callable as a whole or in part on and after Jan. 2 1922 at 110
and int. Interest J. & J. 2 in N. Y. and S. Fr. Par,
0* $1,000; r* $1,000, $10,000 and $50,000.
The bonds have all been sold, but the bankers' advertisement appears for record on another page.
309
St. Louis Brewing Association.—Refunding—Exchange
Option.—The Mississippi Valley Trust Co. and Altheimer
Rawlings Inv. Co., as syndicate managers, announce that,
arrangements have been completed whereby the company
will issue $4,500,000 of new 1st M. 6% sinking fund gold
bonds, dated July 1 1914, due July 1 1939, the proceeds of
which will be used, together with additional cash, to pay off
the maturing 1st M. 6s, of which there are outstanding
$4,782,600, due July 1 1914. The bankers say:
The new issue will be $750,000 less than the original issue, while the increase in value of the property since the original issue of bonds was made
is reported by the Association at over $3,600,000. The new bonds will
have as additional security $1,000,000 in St. Louis real estate not heretoData from Letter of Pres. G. E. McFarland, San Francisco, Oct. 30. fore directly under the mortgage, and a sinking fund of $50,000 per year
retire about $1,200,000 of the issue before maturity. The busiThe American Telephone & Telegraph Co. owns $21,727,200 pref. stock will
ness shows uninterrupted success for 25 ye,
-.
,
tent capable and
and $9,027,200 common stock. The laws of California provide that stock- efficient.
The President, Henry Nicol/up Impacts that the net earnings for
holders are responsible for debts of corporations.
the past 10 years, after charging off libera. amounvs for depreciation.
Capitalization (Incl. Bonds Now Offered—Entire $35,000,000 Issued, but renewals and repairs, have averaged over $815,000 per annum. The assets
3480,000 Retired" by Sinking Fund).
are appraised at over $14,000,000.
1st M.& Coll. Tr.55,'37 334,520,000 Prof. stock,6% cum_ _ _ 432,000,000
The entire issue has been underwritten by a strong syndicate, over
Home L. D.Tel. 5s,'32_ 7,080,000[Common stock
18,000,000 one-half the issue being taken in London.
These Bonds.—Issued to refund a like amount of 5% mortgage bonds
Holders of the old bonds may exchange on the basis of 100 and int. for
heretofore outstanding on property formerly owned by Sunset Tel.& Tel. Co. the old bonds and 98 for the new bonds, the
July 1 1914 coupon on the old
Security.—(a) An absolute first mortgage on properties in city and county bond to be cashed by the bondholder. Should
of the new bonds reof San Francisco, formerly owned by Pacific States Telephone & Telegraph main unexchanged,public offering will be made atany
not less than 984 and int;
Co. (b) A first lien in effect on all other properties of the aforesaid comproperties
Sunset
of
the
Telephone
all
on
&
and
pany
Telegraph Co. and
Seaboard Portland Cement Co.—Suit Against Directors.
other companies in California, Oregon, Washington and Idaho, through 1st
F. Allen, receiver of the company,on Jan. 12 brought two suits
M.6% demand notes covering the entire properties, all owned by the com- in William
the U. S. District Court against Edwin Thomas of Catasauqua, Pa., and
pany and pledged under this mortgage. The entire capital stocks of the George
W.
Roydhouse of Philadelphia, Pa., former directors, to recover
Pacific States and the Sunset companies excepting a few shares are owned losses incurred
by the creditors and stockholders amounting to about
by the Pacific Telephone & Telegraph Co.and pledged under this mortgage.
It is alleged that the defendant directors were negligent in their
(c) A mortgage on all properties formerly owned by the Home Long Dis- $4,000,000.
duty to the company, as a result of which funds and property of the comtance Telephone Co. of San Fr., subject to the prior lien of that company's pany
were
wasted and mismanaged, causing the insolvency. This neglect
$7,080,000 1st M.5% bonds.
of duty,it is stated, consisted in failure to attend board meetings and superIt is estimated that the sinking fund, equal annually to
of 1% of total vise disbursement of
funds and investments, thus permitting officers to
bonds issued, will be sufficient to retire before maturity approximately manage
its affairs exclusively and to make large loans without security
$10,000,000 bonds.
and false and fictitious entries in the books of the corporation.—
Earningsfor Cal. Years—Telephone Stations and Miles of Wire End of Year.
Southwestern Gas & Electric Co., Chicago.—First &
Interest. Bal., Burp. 'Phones.Miles Wire
Gross.
Net.
1907- _ -_39,223,565 $2,032,813 $637,665 $1,395,148 304,557 558,982 Ref. M. 5s—Debentures—Earnings.—The William W. East1909__ __12,885,018 3,110,660 1,267,131 1,843,529 395,731 1,091,185
1911_......16,070,112 3,462,274 2,186,146 1,276,127 503,626 1,439,019 man Co., Minneapolis, recently offered at 931 and int.,
1912- -__ _18,244,786 4,261,430 2,433,658 1,827,771 595,186 1,724,802 netting over 53/2%, "First and Ref. M." 5% sink. fd. gold
In 1912 the net income was approximately 14 times the interest charges,
and the ratio is likely to be more favorable in 1913. The present issue in- bonds, dated 1912, due Aug. 11932. An adv. shows:
volves no increase in interest charges.
Coupons payable in full without deduction for Federal income tax.
The company has paid 6% dividends regularly on its preferred stock since
Capitalization Oct. 31'13(see V.95, p. 1335)—
Authorized. Outstand'g.
organization. No dividends have been paid on the common stock.
The Common stock
$3,000,000 $2,242,000
present market value of the capital stock indicates a market value for propPreferred stock
1,174,000
2,500,000
erties of $75,000,000, or $33,000,000 equity above funded
debt.—Y•
97. First & Ref. M.sink. fund 5s (this issue)
2,285.000
7,500,000
p. 1588, 954.
Underlying bonds (closed), due 1922 and 1930_
865,000
People's Coal Co., Scranton, Pa.—Suit.—
10-year 6% secured debentures
1.000,000
2,000,000
The company on Jan. 22 brought in the Dauphin County Circuit Court Escrow bonds may be issued only for 80% of cost of permanent extensions
at Harrisburg what is stated to be the first suit to test the constitutionality
and additions, under conservative restrictions.
of the Act passed by the last Legislature, providing
a tax of 24% on the
Earnings 12 Months Ending Sept. 30.
value of each ton of coal prepared for
which amounts to a little
more than 5 cents a ton. It is estimatedmarket,
1909-10. 1910-11. 1911-12. 1912-13.
that the tax will bring to the State
Gross
earnings
between $4000,000 and $5,000,000, half of which is returned to the anthra$621,857 $785,127 $862,121 $1,016,417
earnings,
Net
cite-producing counties for distribution among their civil divisions
after
expenses
$331,594
$404,028 $443,719 $460,651
accordPresent net earnings are over three times the annual interest charge on
ng to population,—V. 93, P.
1537.
the 5% bonds outstanding. Shreveport and Texarkana are the principal
Pierce, Butler & Pierce Mfg. Co.(Heating Apparatus), cities served. Pres., Henry M.Dawes. See also V.95, p. 1335, 1406.
A
Syracuse, N. Y.—Receivership.—Judge Ray in the U. S.
Dist. Court at Norwich, N. Y., on Jan. 9,upon application
of creditors in a bankruptcy:suit, placed this company in the
hands of Arthur W. Loasby, Pres. of Trust & Deposit Co.
of Onondaga, Syracuse, as receiver.
•
At
Jan. 9 Federal Judge
Chicago on
Carpenter appointed the Central
Trust Co. of Chicago and F. W. Fix as receivers for the Kellogg-Mackay
Co. on application of the Pierce, Butler & Pierce Mfg. Co., holder of claims
for $800,000, and other creditors. Philip M. Beecher has con made
receiver of the subsidiary Century Sanitary Mfg. Co. at Utica.
Committees.—There are two creditors' committees, one
headed by Richard L. Austin, V.-Pres. of Girard Nat. Bank
of Philadelphia, and the other by C. H. Sanford, Pres. of
Nat. Bank of Syracuse.
The pref. shareholders' committee named below urges deposit of the pref.
stock certificates with Spencer Trask & Co., depositaries,
43 Exchange
Place, N. Y., under agreement of Jan. 16 1914. Depositors if
dissatisfied
with any plan proposed will be allowed to withdraw on payment
of 2% to
cover expenses, &c. Committee' Erastus W. 13ulkley, Chairman;
John
H. Baker, Roy T. H. Barnes, Charles C. Cole and H. C. Dulles, with
L. A. Smith as Secretary, 43 Exchange Place. N. Y. City.
Data Furnished to Pref. Shareholders by Bankers Jan. 22 1914.
Following our letter of Dec. 15 1913, a preliminary examination of the
books of the company, and its Western distributer, Kellogg-Mackay Co.
f Chicago, was made by chartered accountants, who reported: o
Fixed
assets, $1,175,519; current and other assets, $2,118,723; total assets,
$3,294,242 against liabilities of $1,902,352 and pref. stock $1,356,700.
The plant is here entered at book value, less reasonable depreciation, and
the accounts receivable have been figured on a conservative basis, with allowance made for bad accounts. The figures, however,
, are not final and
will doubtless require material changes after further investigation.
(The aforesaid letter of Dec. 15 made known the fact that the company*,
which in Dec. 1912 apparently had no notes outstanding, had incurred
heavy indebtedness in connection with the acquisition in March 1913 of
a large interest in the Kellogg-Mackay Co. The resignations were immediately obtained of W. K. Pierce as President and of W. 11. Pierce,
Harold S. Pierce and Harry C. Pierce as directors, their successors being
W. L. Smith, Pres. L. C. Smith Bros. Typewriter Co.; Leroy B. Williams;
A. W.Loasby,Pres. Trust & Deposit Co. of Onondaga,Syracuse,and A. M.
Fox,of Spencer Trask & Co.—V. 91, p. 1098, 1028.
Springfield (Ill.) Coal Mining Co.—Default—Committee
Default having occurred on the Jan. 1 1914 coupons of the 1st M.5%
20-year bonds of 1903 (about $486,000) the protective committee named
below requests deposits of these bonds with the Central Trust Co.,54 Wall
St., depositary. Opportunity will be given to withdraw in case any plan
prepared is not approved by the depositor. Committee: George W. Davison, Chairman; Howard Bayne, Albert H.Bickmore and J. K.Newell, with
Amos J. Peaslee, Secretary, 34 Nassau St., N. Y. See V. 86, p. 1228.
Standard Oil Co. of Indiana.-4% Extra.—
A quarterly dividend of 3% and 4% extra have been declared on the
$30,000,000 stock, payable Feb. 28 to holders of record Feb. 2, comparing
with 3% and 9% on Nov. 29 last, 3% and 4% extra on Aug. 30,3% and
3% extra on May 31 and 3% and 4% extra on Feb. 28 last, 3% and 7_7o
extra on Nov. 30 1912 and 3% (without any extra) on Aug. 31 1912.—V.
97, p. 1667, 1290.
Tonopah Mining Co. of Nevada.—Earnings—Purchase.
The net income for the quarter ending Nov. 30 was $410,660, against
$309.360 and $356,189 for the quarters ending Aug. 30 and May 311913.
On Nov. 30 there was cash on hand $305,968: other quick assets were:
Bonds. $1,135,885; certificates of deposit, $25,000; loans on collateral,
$600,000; deducting quarterly dividend payable Jan. 21 1914, $250,000.
leaves $1,816,852.
It is announced that three properties, containing approximately 4,600
acres of proven placer ground with valuable water rights, three dredges,
power plant, machine shop and a number of buildings, lots, &c., have been
acquired and the Tonopah Placers Co. organized with a capital of$1,000,000
to own and operate the same as a subsidiary of the Tonopah Mining Co.
Repairs to the dredges are being made and the property will be in full operation within a few months.—V. 97, p. 1220.
Union Water Co., Oakland, Cal.—Control, &c.—
See United Properties Co.of Cal. under "RRs"above.—V.97, p. 528.
United Light & Power Co.(N. J.), Cal.—Control, &c.—
See United Prop. Co.of Cal. under "RRs" above.—V.97, p. 1360. 528.
United States Playing Card Co., Cincinnati.—Stock-Status.—"Cincinnati Enquirer" Nov. 12 1913 said:
Stockholders of the company yesterday received their tender of new
stock at the ratio of 1 new share to each 10 shares of old; also a statement of
the condition of the company as filed with Dun's Mercantile Agency. This
report showed that there is $13,014,700 common capital stock outstanding, fully paid up, but no pref.stock,and no bonds or mortgage debt. It
Portland (Ore.) Gas & Coke Co.—Bonds, &c.—
showed that the company has a large surplus. The only indebtedness
Harris, Forbes & Co.and White, Weld & Co. have sold a further $267,000 also
Is given as current obligations of $65,717. At the ratio of new stock issued
"First and Ref." M. 5% gold bonds dated 1910, making $5,388,000 out. it
will require but 13,014 shares of stock to satisfy the ratio, but probably
it
will
• Earnings.—For cal. years 1912 and 1913:
require another 1.000 shares to make up the fractional allotment to
full stock.—V. 97, p. 1434.
1913.
1912.
1913.
Gross earnings31,280,916 $1,178,772lI Int. charge,incl. above
bds_$287,950
United
States Worsted Co.—Decision.—
Net,after tax. 655,249
Balance, surplus
367,299
Judge Hammond of the Massachusetts Supreme Judicial Court on Jan. 22
Gas sales year end. Nov.30579,163
'13, 1,389,302,000 cu.ft.—V.97, p.526, 121. held that Emanuel Dreyfus
of New York was entitled to 250 shares of the
pref. stock of the U. S. Worsted Co. of Massachusetts, which was
(M.) Rumely Co.—Noteholders' Committee—Deposits.— second
organized on Nov. 18 1912 as a result of the consolidation of the'U. S. WorsThe committee named below has been formed in connection ted Co. of Maine. the Lawrence Dye Works and the Silesia Worsted Mills,
The stock is now held by the Old Colony Trust Co. The ground of
with the plan for extending to Mar. 1 1918 the maturity of Inc.refusal
was that Charles M. Kahn, the original owner of the stock now
the 810,000,000 2-year 6% convertible gold notes due the
held by Dreyfus, did not pay a subscription of $2,721 on 1,814 shares of
common stock held by him as provided by the plan of reorganization.
Mar. 1 1915, and is receiving deposits of assenting notes:
Judge Hammond says that the clause in the agreement relied upon by the
Committee: John W.Platten, President of the U. S. Mortgage & Trust respondents
refers only to
common stock and has no bearing upon the
Co., Chairman; F. N. B. Close, Vice-Pres. of Bankers Trust Co.; Allen rights of the holders of the the
preferred stock.—V. 97, p. 600.
Curtis, of Curtis & Sanger, Boston; Herbert P. Powell, V.-Pres. Nat. Bank
of Commerce; A.J. Miller,of Boissevain & Co.; A. H.S. Post,Pres. MerWestchester Lighting Co.—Bonds Offered.—
cantile Trust & Deposit Co. of Baltimore; Howard C. Smith, of IIathaway,
See Consolidated Gas Co. of N. Y. above.—V. 96, p. 731.
Smith, Folds & Co., N.Y.; Joseph Wayne Jr., Vice-Pres. of Girard Nat.
Bank of Philadelphia.
—Perry, Coffin & Burr, 60 State St., Boston, have issued
Depositary for assenting notes, (a) U. S. Mortgage & Trust Co., New
York City; (b) London agent of depositary, Glyn, Mills, Currie & Co.; a circular giving a list of attractive investment
bonds, with
(c) Chicago agent of depositary, Cont. & Comm. Trust & Say. Bank.
Secretary of committee, Chauncey H. Murphey, 55 Cedar St., N. Y. charts showing the earnings of the companies for a series of
City.—V. 97, p. 1589.
years. Copies of the circular may be had upon request.
THE CHRONICLE
310
[VOL. XC\IU
gleparts anti pacnnunts.
PUBLISHEO
ADVERF ,E.MENTS
MINNEAPOLIS & ST. LOUIS RAILROAD COMPANY
EXTRACTS FROM THE ANNUAL REPORT FOR THE YEAR ENDED JUNE 30 1913.
To the Stockholders of the Minneapolis & St. Louis Railroad Co.
New York, December 30 1913.
INCOME FOR TIIE YEAR.
The gross receipts and disbursements of the Minneapolis
& St. Louis Railroad Company and its leased lines for the
year ended June 30 1913, compared with those for the previous year, were as follows:
Average miles of road oper___
Increase(+)or
June 30 1913. June 30 1912. Decrease (-)•
1,585.62
1.585.62
Transportation OperationsGross operating revenues_ __ _39,707,003 58 $7,954,115 96 +$1,752,887 62
Operating expenses
36,707,387 86 $6,174,028 32
Outside operations-expenses
-balance
362 25
405 99
Taxes
382.242 37
336,379 17
Total
$7,089.992 48 $6,510,813 48
+3533,359 54
-43 74
+45,863 20
+3579,179 00
'Operating revenues over expenses and taxes
$2.617,011 10 $1,443.302 48 +31.173,708 62
Income Other than from Transportation OperationsInterest on bonds owned.. _
$64,171 70
Dividends on stocks owned.._
42,150 00
Net rentals from lease of road,
terminals and other facilities 49,376 47
Miscellaneous income
Total
Surplus
$155 698 17
$57,201 45
4,160 34
+36,970 25
+37,989 66
46 408 88
750 00
+2 967 59
-750 00
$108 520 67
+347,177 50
$2,772,709 27 $1,551,823 15 +$1,220,886 12
Fired and Other ChargesInterest on outstanding funded
debt
$2,052,037 51 $2.038,497 91
Interest, discount & exchange
95,557 11
91.724 16
Hire of equipment-balance_
163,033 02
88,642 40
Miscellaneous
•
10,187 20
Total fixed & other charges 32.320,814 84 $2,218,864 47
Balance-Surplus
Balance-Deficit
+$13,539 60
+3,832 95
+74,390 62
+10,187 20
+3101.950 37
+$1,118,935 75
$451,894 43
$667,041 32
It will be seen from the foregoing summary that the surplus for the year, after the payment of interest on funded
-debt and all other fixed charges, amounted to $451,894 43,
as against a deficit for last year of $667,041 32.
The gross transportation earnings increased $1,752,887 62,
or 22.04 per cent, over those for the preceding year, resulting from a general expansion in nearly all classes of traffic.
The weather conditions were most favorable for agriculture,
and in consequence the crop yield in the territory served by
the Company's lines was particularly large. The operating
.expenses increased $533,315 80, or 8.64 per cent, and operating revenues over expenses $1,219,571 82, or 68.53 per
•cent. The increase in operating expenses results in part from
a greater volume of freight carried, in part from higher wages
paid, also from the increased cost of fuel and materials used
in operations.
The transportation revenues and operating expenses are
Teviewed in detail under "Transportation Operations" in
the pamphlet report.
Payments on account of taxes were $45,863 20 more than
in 1912, largely due to laws recently enacted by the State of
Minnesota, under which the taxes assessed upon the Company's property during the year in that State amounted to
fully 14 per cent over the taxes assessed for the previous year.
The increase of $37,989 66 in dividends collected on stocks
owned is due to a dividend of $38,000 received on the stock
of the Hocking Coal Company.
The increase in interest on funded debtlresults from:
Interest on Treasury Bonds sold during the year
Five months' interest on $3,000.000 One-Year 6% Gold Notes
issued during the year
Interest to Feb. 1 1913 on Two-Year Gold Notes, lees decrease
In interest on One-Year Gold Notes,&c., retired
LessDecrease in interest on 36,250,000, face value, 5% Bonds of
Minnesota Dakota & Pacific Ry. Co., retired
Net increase in interest on funded debt
384,679 15
75,000 00
10,110 47
$169,789 62
156,250 02
$13,539 60
The increase of $74,390 62 in payments for hire of equipment results from the greater use of foreign freight cars in
moving the increased tonnage.
The charges to the year's income include $10,187 20 for
discount, &c., on securities sold during the year.
GENERAL.
In submitting the foregoing report, dealing with the year's
results from operations, the Board desires to present to your
attention in concrete form the augmentation of your Company.
The Company, on Fob. 1 1912, acquired by purchase the
Iowa Central and the Minnesota Dakota & Pacific railways,
as was referred to in last year's report, so that it now owns
and operates, or operates under trackage rights, a total of
1,585.62 miles of first, and 23.99 miles of second, main
line tracks, and 342.91 miles of side and service tracks.
The results obtained from the first full year's operation of
the consolidated company have been most satisfactory,
having in every way justified the expectations of the management.
The earnings of the Company have greatly increased.
The gross earnings amounted to $9,707,003 58, an increase
over the combined earnings for the previous year of the separately operated companies of $1,752,887 62, or 22.04 per
cent. The net operating revenue was $2,999,253 47, an
increase of $1,219,571 82, or 68.53 per cent, notwithstanding
that $306,521 more was expended for maintenance of way
and structures and maintenance of equipment. The surplus after the payment of taxes and all fixed charges amounted
to $451,894 43, equivalent to 7.60 per cent on the preferred
stock of the Company.
The Company's position as a common carrier has been
greatly enhanced. The through inter-line traffic during the
past year Increased 14.97 per cent. The management is
giving special attention to the deveolpment of this class of
traffic, which is not so susceptible to violent fluctuations
by reason of crop conditions as is the purely local tonnage.
The revenue from local traffic increased 13.55 per cent.
The industrial development along the lines of your Company
has shown a very considerable increase, merchandise traffic
having increased 31.01 per cent and manufactures tonnage
35.25 per cent. The Peoria Line has grown steadily in importance, as was predicted in last year's report, and traffic
relations were maintained with the trunk lines diverging
from that point to the East and Southeast, and reaching the
large coal-producing territory of Illinois, Kentucky and ifissouri. The traffic passing through the Peoria gateway has
shown a satisfactory development, and the expectations of
the management as to its immediate and future possibilities
are being fully realized, as the Company is building up a
through inter-line traffic which will be permanent in character.
All necessary improvements to the property have been
made during the year. There were rebuilt and restored to
service 2,089 unserviceable cars, and 12 new superheated
consolidated locomotives were added to the equipment.
Gravel ballast was applied to 104 miles of track, 64.31 miles
of track were rolaid with new steel rails, of which 30.24 miles
were of 85 lbs. per yard and 34.07 miles of 80 lbs. The management contemplates relaying during the ensuing year 60
miles of main-line tracks with new 85-pound rails, the ballasting of 100 miles of track, and the improvement of the
property in many other ways.
. The Company's improved physical condition, the additions to its equipment and its increased importance have all
greatly strengthened it at all common points where it is
brought in competition with other lines.
The serial note obligations and bills payable of the two
companies before their consolidation, on Feb. 1 1912, aggregating $7,220,200, have, in the past eighteen months been,
reduced to $5,442,000, against which the Company has in
its treasury available bonds aggregating, in par value, $8,746,000. The Company's obligations will be further reduced during the ensuing year and brought within limits to
be readily dealt with by the management.
The Minnesota Rate Cases, in which your Company was
, were decided
the principal complainant and moving party.
by the Supreme Court of the United States in favor of the
Company, but against the other common carriers, parties
to the proceeding. By virtue of this decision your Company
is authorized to maintain the passenger rate of three cents
per mile and the freight rates which were the subject of
litigation. At several points in Minnesota where the Company's lines are brought in competition with other lines, it
was found necessary to readjust and equalize the rates.
Based on business from these points in the past year, it is
estimated that the gross revenue of the Company will be
affected in the sum of approximately $150,000, equal to
1.55 per cent of the total gross revenue.
The public is beginning to be thoroughly impressed with
the fact that the best transportation conditions can be obtained only by increase of facilities, additional equipment
and improvement in operating methods. These can be
obtained only in two ways, from surplus earnings, or by resort to corporate credit. The first has,been made almost
impossible by the continual progressive increase in the cost
of operation and by contraction of rates, both through legislation and rulings of commissions. A point, however, has
been reached where it is impossible to go further in either
direction. With it has come the conviction that rates must
be increased to enable the railroads of the country to meet
part of their requirements from surplus earnings and to im-
THE CHRONICLE
JAN 24 1914.1
311
The thanks of the Board are due to the officers and emprove their credit to enable them to obtain the means necessary to meet the transportation needs of a growing country ployees of the Company for their faithful services rendered
during the year just closed.
and an increasing population.
By order of the Board of Directors.
The books and accounts of the Company have been audited
by Messrs. Price, Waterhouse & Co., and their certificate
NEWMAN ERB,
of examination is appended to this report.
President.
ASSETS AND LIABILITIES JUNE 30.
June 30 1913.
ASSETS.
-CAPITAL ASSETS:
Cost of Road, Franchises, &c
Equipment
Less reserve for accrued depreciation
$8,551,226 13
508,743 81
Securities Owned and Pledged:
Securities of proprietary, affiliated and controlled companies,
pledged
June 30 1912.
$54,574,309 86
I
8,042,482 32
38,565,975 80
499,736 47
Increase(+)or
Decrease (-).
354.446,090 06
+$128,219 80
8,066,239 33
-23.757 01
1,271,678 29
1,271,678 29
$63,888,470 47
$63,784,007 68
Total capital assets
WORKING ASSETS:
Cash in bank and on hand
Securities owned:
Securities of proprietary, affiliated and controlled companies, at
par
Securities issued or assumed, at par
Other securities
Agents and conductors
Traffic and car service-balance
Individuals and companies
U. S. Post Office Department
Loans and bills receivable
Material and supplies
3227,345 43
$265,514 78
-538,169 35
623,600 00
2,946,382 32
629.335 56
270,040 79
23,747 87
539,643 73
16,885 79
3,836 50
401.876 10
609,975 00
2,600,400 00
632,835 56
295,100 21
14,436 36
448,663 68
17,379 26
40,852 54
438.552 56
+13,625 00
+345.982 32
-3.500 00
-25,059 42
+9,311 51
+90,980 05
-493 47
-37.016 04
-36,676 46
Total working assets
DEFERRED ASSETS:
Unadjusted freight claims
Insurance premium paid in advance
Working funds
Operation of ballast pits
Estimated forwarded inter-line freight unsettled
Miscellaneous deferred charges
Unextinguished discount on securities sold
$114.071 23
3,446 40
2,721 97
16,968 85
56.000 00
39,552.03
705,850 30
5,682.694 0%
Total deferred charges
5.363,709 95
$79,633 01
3,402 82
2,666 35
15,384 05
40.000 00
41,152 01
+5318.984 14
+$34,438 22
+43 58
+55 62
+1,58480
+16,000 00
-1.59998
+705.850 30
938.610 78
Total assets
+3104,462 79
182,238 24
$70,509 775 34
+756,372 54
$69,329,955 87 +$1.179.819 47
LIABILITIES.
• CAPITAL LIABILITIES:
Capital Stock:
Common
Preferred
315,370,200 00
5,917,500 00
Mortgaged, Bonded and Secured Debt:
Merriam Junction and Albert Lea, 7%,due 1927
*950.001100
Pacific Extension, 6%, due 1921
1,382,000 00
First Consolidated, 5%, due 1934
5,282,000 00
First and Refunding, 4%. due 1949
13,244,000 00
Equipment Trust Notes
1,004,000 00
Refunding and Extension, 5%,due 1962
*4,318,000 00
Two-Year Gold Notes, 5%, due 1913
Ono-Year Gold Notes, 6%. due 1914
3.000.000 00
First Mortgage, 5%, due 1938, Iowa Central Railway Co _
7,650,094 91
First and Refunding, 4%,due 1951, Iowa Central Railway Co__I 7,156,000 00
115,370.200 00,
1 5,917.500 00
$21,287,700 00
$21,287,700 00
$950,000 00
1,382,000 00
5,282.000 00
13,244,000 00
944,000 001
2,592,000 00,
4,000,000 001
7.650,094 91
7.156,000 00
I
43,986,094 91
Total capital liabilities
WORKING LIABILITIES:
Bias payable
Audited vouchers
Unpaid wages
Agents' drafts
Miscellaneoos accounts payable
Matured interest unpaid
•,$65,273,794 91
$1.438.000 001
684,917 75
296,875 55
52,864 24
558,772 84
95.736 43
Total working liabilities
ACCRUED LIABILITIEd NOT DUE:
Taxes accrued
Unmatured interest accrued
Total accrued liabilities
DEFERRED LIABILITIES:
Operated reserves
Miscellaneous deferred credits
Total deferred credits
'PROFIT AND LOSS
Total liabilities
+$60,000 00
+1.726.00000
-4,000,000 00
+3,000.000 GO
43,200,094 91
364.487,794 91
$1,550,000 00!
410,420 73,
293,470 67
51.176 60
253,176 25
91.308 93
3.127,166 81
$277,597 08
503,588 31
I
2,649,553 27
748,313 21
$70,509,775 34
+3477.613 54
+$26,747 21
+6.124 97
392.993 62
1,66808
91.557 78
1,236,070 45
+$786,000 00
-$112.000 00
+274.497 02
+3.404 68
+1.687 55
+305.596 59
+4.427 50
$250,849 87
497,463 34
781,185 39,
$89,889 70
1,668 08
---+786.000 00
+332,872 18
-$3.103 92
94,661 70
1,349,632 78
-$3,103 92
-5113,562 33
$69,329,955 87' +31,179.819 47
* This does not Include the $6,000,000,face value,of bonds of this issue which do not drawl interest, and which are pledged with the Central Trust
• Company of New York as security for the payment of the 33.000.000 One-Year 6 Per Cent Gold Notes.
LEHIGH VALLEY TRANSIT COMPANY
ANNUAL REPORT FOR THE YEAR ENDED NOVEMBER 30 1913.
The following report of the operations of your Company
Sellersville Revision.-Thirty-six hundred feet in length.
for the fiscal year ended Nov. 30 1913 is respectfully sub- Grades and curvatures reduced.
mitted for your consideration:
Quakertown-Zion Hill Revision.-About three miles long.
Eliminated sixteen curves and several grades.
TRACKAGE.
New double track from Eighth and Hamilton streets
Exclusive of the Easton Consolidated Electric Company,
referred to later, your Company owns or controls 155 miles across the new Allentown-South Allentown Bridge to St. John
• of railway, extending from Allentown to Philadelphia Street and down St. John Street to Sixth Street was com(Chestnut Hill), Norristown, Macungie, Slatington, Egypt, pleted.
ROLLING STOCK.
Siegfried, Nazareth, the Bethlehems and Hellertown, as
• shown on the map accompanying this [pamphlet] report.
The rolling stock of your Company consists of 41 open
Many miles of track have been re-located upon private cars, 108 closed cars and 43 service cars, making 192 cars
right of way in order to eliminate and reduce curves and in all.
grades, and to shorten distances. The principal changes
Of this number 12 are modern interurban cars equipped
made are as follows:
with all the latest safety and controlling devices; 24 convertLansdale-Hatfield-Souderton Revision.-Nearly four miles ible cars of the Pay Within type; 37 cars of the St. Louis
long. Old line had twenty-two curves, mostly sharp and type, equipped with H. L. Control, Westinghouse brakes
• some right angles. Now route has only five curves, all of and Baldwin trucks, making them a most modern interurban
which have been constructed for high speed. Distance re- type of car, and 20 of the semi-convertible type. Of the
duced one-half mile.
service cars 9 are snow plows, 10 sweepers, 5 work ears, 4
[VoL. xoviu.
THE CHRONICLE
312
line cars, 1 wreck car, 4 express cars, 2 sprinkling cars and Catasauqua and Allen Township in the County of Northamp7 miscellaneous cars.
ton; the Borough of Coplay and Upper Saucon Township in
the County of Lehigh; the Townships of Doylestown, HillNEW CAR BARN.
town, Richland, Springfield, East Rock Hill and New Britain
Your Company has purchased 91 acres of land in South in the County of Bucks, and Hatfield in the County of
Allentown, on part of which is being built a concrete car Montgomery. With one minor exception all franchises are
barn, of two bays, each 400 feet long and each containing without time limit.
The light and power business has been very satisfactory.
four tracks. The building will include offices for the Superintendent and Dispatcher; locker, recreation, wash and
SUMMARY.
toilet rooms for employees; also boiler rooms, storage for
The physical condition of the property has not only been
coal and sand, &c. The work is about half completed and
fully maintained, but also greatly improved. In summarizoccupancy is expected about April 1 1914.
ing the year's work, especial attention should .be called to
POWER.
the Allentown Bridge; the limited service giving quick,
The power house equipment consists of the main power economical traveling accommodations from Philadelphia to
house, located in Allentown, and ten well-equipped sub- the towns and cities of the Lehigh Valley; the installation
stations operated in connection therewith, providing proper by the Adams Express Company of agencies at all important
and economical distribution of power. The main power points on the lines of the Lehigh Valley Transit Company;
house has a maximum capacity of approximately 31,900 the increasing efficiency of the Company's freight and
horse power. It is equipped with modern steam turbines express service; the addition of six first-class high-speed
interurban cars and three freight cars; the installation of
and the latest and most efficient auxiliary apparatus.
We believe that this plant is producing current as cheaply additional power equipment; a new car barn to facilitate the
as it is produced anywhere in this country under similar handling of cars, with added comforts for the men, and
conditions, and it is being maintained in a state of the important improvements in removal of tracks from the
highways to private rights of way with consequent eliminahighest efficiency.
A 6,000 K. W. Westinghouse turbo-generator, with its tion of sharp curves and heavy grades.
The light and power business has increased substantially,
auxiliaries; a transformer sub-station, and a large brick
and very satisfactory results have been obtained.
smokestack have been added to the main station.
While these many changes have been taking place to
EASTON CONSOLIDATED ELECTRIC CO.
benefit the Company and the communities served, more than
On July 1 1913 your Company purchased 27,600 shares, normal gains in earnings have been made, as will be shown
the controlling interest in the stock of the Easton Consoli- in the statement following. The Company has the gooddated Electric Company, paying therefor 51,000 in col- will of its many patrons, due to the courtesy shown them in
all branches of the service, and the many improvements
lateral trust bonds of the Lehigh Valley Transit Company.
This Company owns and controls about 54 miles of rail- made for their safety, comfort and convenience. The
way, extending from Easton to and through Bethlehem, Company's relations with the authorities of the many
South Bethelhem, Nazareth and the town of Phillipsburg, municipalities which it serves continue to be very satisN. J. It is also the owner of the Edison Illuminating Com- factory.
Your Board wishes to take this opportunity to express its
pany of Easton. This gives your Company control of all
the trolley roads in the Lehigh Valley, from Slatington, Pa., appreciation of the faithful services rendered by your officers
and employees.
to Phillipsburg, N. J.
By order of the Board,
A through service has been established between Easton
and Allentown, doing away with the change of cars at
H. R. FEHR,
Bethlehem, and thereby materially increasing the receipts
President.
of both companies.
The surplus earnings of the Company for the year ending
STATEMENT
Dec. 31 1913 (December estimated) were $76,632 37. OPERATING REPORT OF 1913-A COMPARATIVE
OF THE COMPANY FOR THE PAST THREE FISCAL
The interest charge on the Collateral Trust Bonds, if all
YEARS ENDED NOVEMBER 30TH.
were out, would amount to $55,500, thus leaving a profit for
1911.
1912.
1913.
the Lehigh Valley Transit Company on its investment of Passenger Receipts
$1,431,395 $1,242,007 $1,141,138
592,458
650,079
$21,132 37.
740,280
Operating Expenses
The equipment of the Company is all in first-class oper- Net Earnings from Railway Operation $691,115 $591,928 $548,680
ating condition and consists of the following:
199,641
280,243
333,602
Sale of Power, &c
PASSENGER CARS.
Single truck closed cars (equipped)
Double truck closed cars (equipped)
Single truck open cars (equipped)
Single truck open cars (not equipped)
Single truck open trailers
38
9
12
23
12
Total passenger cars
94
1 Freight Car,
1 Line Car,
2 Flat Cars.
2 Trail Cars
ALLENTOWN BRIDGE COMPANY.
The Allentown Bridge, referred to in last year's report,
was completed and opened for public travel on Nov. 17
1913. This bridge makes available for residence purposes a
large area hitherto inaccessible. Its completion marks an
epoch, not only in the history of Allentown, but in the
traction world. It is the largest structure of its kind ever
erected by an electric railway company, being 2,650 feet
long and 138 feet in height.
All the Philadelphia, South Bethlehem and Macungie
cars enter and leave the city via this new bridge, thereby
eliminating the severe grades and railroad crossing on the
old South Sixth Street line. We expect a material saving
in power and wear and tear on the power station apparatus
and cars by reason of this improvement.
LIMITED SERVICE.
An hourly high-speed limited service between 69th Street
Terminal (Philadelphia) and Allentown was inaugurated
Dec. 12 1912. The revisions now being made will permit
a schedule of one hour and fifty-eight minutes between those
points. This compares favorably with the time of the steam
railroads.
FREIGHT AND EXPRESS SERVICE.
The freight service, operating to Philadelphia via Chestnut Hill, to all Lehigh Valley Transit Company points,
did a profitable business. We expect to add the Lansdale
Norristown territory this year.
The Adams Express Company continues to operate over
the lines of the Lehigh Valley Transit Company and Philadelphia & Western Railway.
LIGHT AND POWER BUSINESS.
New light companies have been organized and charters
secured during the year covering the Borough of North
Fixed
$1,024,717
578,144
$872,171
497,844
$748,321
453,645
$446,573
$374,327
$294,676
$14,132
99,566
141,660
$12,678
99,566
117,360
$9,362
49,782
106,149
Surplus
Discount on Bonds
Dividend on Preferred Stock
Depreciation Reserve
Total Deductions from Surplus
SERVICE OARS.
2 Snow Plows,
1 Sweeper,
Net Earnings applicable to
Charges, Rentals, Taxes, &c
Interest, Rentals, Taxes, &c
Net Surplus
$255,358
$229.604
$165,293
*3191,215
$144,723
$129,383
* There has been charged against this surplus, construction and other
items aggregating $111,645, leaving the total accumulated surplus on our
books as of November 30th 1913 $292,717 04.
there has been credited to an account
Beginning with the fiscal year
and Depreciation" an amount equal to
called "Maintenance, Renewal 1911'
22 per cent of the Gross Earnings of the Railway Lines. To this account
are charged all items of Maintenance and Renewal, the balance being
applicable to Depreciation. This account as of November 30th 1913
showed a credit of $128,109 14.
GENERAL BALANCE SHEET DECEMBER 1ST 1913.
LiabilitiesAssetsCapital and Funded Debt:
Plant, Franchises and
Equipment
apital Stock16,237,740 12
4,979,687 37
Preferred
Investment Real Estate
28,143 85
Common
2,997,350 00
Macungie Extension
Purchase
54,216 30 First Mortgage 4%
2,770,000 00
Gold Bonds
Montgomery Traction
Company purchase.. 242,644 69 First Mortgage 5%
2,187,000 00
Gold Bonds
Quakertown Traction
Consolidated Mortgage
Company Bond Pur354,000 00
chase (Bills Receiv4% Gold Bonds..___
able)
198,095 05 Refunding and Improvement Mortgage
Stocks and Bonds of
5% Gold Bonds__- 5,124,000 00
other Companies
owned
1,462,089 16 Collateral Trust 6%
___•__
Gold Bonds
851,000 00
CashandCurrentAssets 959,933 57
Treasury Bonds
1.009,000 00 Series A, Ten-Year
Equipment Trust 5%
Deferred Accounts_ _ _ _
332,929 38
Certificates
1913 Construction and
80,750 00
Real Estate Mortgages
Equipment Expendi41.300 00
Slatington Power Comtures held open for
pany
Property
Sales..
adjustment in 1914..
3.496 77
92 07
Bethieham & Nazareth
Equipment purchased
Passenger Railway
covered by Car Trust
Company
Property
Certificates
85,000 00
Sales
2,851 38.
South Allentown Car
MontgomeryTraction
Barn Site (Mortgage
Company Property
assumed)
21,000 00
Sales
Bethlehem & Nazareth
10,310 50
Quakertown Traction
Passenger Railway
Company Property
Co. Improvement__
12,984 80
Sales
Quakertown Traction
13,570 05.
Current Liabilities
Company Property
739,346 85
Accrued Liabilities_ _ _ _
Purchase and Con141,438 60
struction
292,717 04
13,442 75 Surplus Dec. 11913.._
Depreciation Reserve.. 128,109 14
Rittersville Hotel Company Construction
59,615 96
20,716,927 70
20.716,927 70
JAN. 24 1914.]
-Public and private investors of this country and Europe
in railroad securities should read the announcement which
Haskins & Sells, the well-known certified public accountants
of this city, advertise elsewhere in the "Chronicle" to-day.
For the information of investors the firm has reprinted at its
own expense the editorial "Railroad Audits in the United
States" from "The Accountant" of London. The editorial
discusses the radical differences between the audit which the
certified public accountants make of railway books and accounts, with the object of protecting the rights of the shareholders and bondholders, and the examinations made by the
Inter-State Commerce Commission in the interests of the
traveling and freight-paying public. The editorial in question gives some very convincing reasons why the professional
audits of railway accounts should be continued and shows
that they do not overlap the examinations made by the Commission and are not a double expense.
-Redmond & Co. in their "Investments, 1914," present
a chart of prices covering the years 1907 to 1913, from which
they conclude that some purchases at least should be made
now, say 50% of the total amount to be invested, to take
advantage of the present low range of prices, and the bal.ance, if desired, held for possible future bargains. They
hirther submit for consideration lists of investments in securities at prices to yield about the following amounts:
Railroad bonds, 4.45@,5%; convertible bonds, 3.80(0.40%;
guaranteed stocks,4.29@,5.38%;short-term notes,4@.5.50%;
public utility bonds, 5(0%. The firm have established a
-department especially equipped to assist their clients in
-solving individual problems regarding the Federal income tax.
-The January 1914 issue of the "Hand Book of Securities," compiled by the publishers of the "Commercial and
Financial Chronicle," is issued. The book contains 192
pages and gives very full information concerning the various
Tailroads and the leading industrials whose securities are
dealt in on the New York, Boston, Philadelphia, Baltimore,
Chicago and Pittsburgh exchanges. It shows their earnings,
dividends, &c. for a series of years, present fixed charges,
and the amount of the different issues of bonds outstanding,
their rates of interest, &c. There is also given the monthly
range of stocks and bonds to Jan. 1 1914, together with a,
yearly range for four years. Price one dollar, or to "Chronitele" subscribers 75 cents.
-H.M.Byllesby & Co., Chicago, have appointed George
F. Maddock as manager of their department of examinations and reports, effective Jan. 1. Mr. Maddock, has had,
it is stated, an exceptionally valuable experience in a wide
variety of engineering work, which fits him admirably for
the management of the department in question. This department offers its services not only to public utilities of all
'Rinds, but also to manufacturing and industrial plants, for
(a) Appraisals. (b) Rendering comprehensive assistance in litigation.
(c) As expert witnesses. (d) Revision of rate schedules. (e) Costfinding.
(f) Operating practice. (g) Commercial methods,&c.
-Having sold the entire issue, Lee, Higginson & Co. of
Boston, New York and Chicago, and Higgmson & Co. of
London are advertising in to-day's "Chronicle," for purposes
of permanent record only, their joint offering of $3,000,000
Pacific Telephone & Telegraph Co. 1st M. and collateral
trust 5% sinking fund bonds. These bonds are due Jan. 2
1937 and were offered to the investing public at 98'. See
the advertisement and our "General Investment News Department" for full details.
-The 54th annual statement of the Home Life Insurance
Company, of which Geo. E. Ide is President, shows that this
institution is making substantial progress along conservative
lines. Its assets were increased during the year to over
29 millions, after paying to policy-holders nearly 3 millions
of dollars, including $540,000 in dividends. The insurance
in force is over 116 millions, being an increase during the year
4 million dollars.
of nearly 53
-Kean, Taylor & Co. of 30 Pine St., New York, and
134 South La Salle St., Chicago, are publicly offering for
investment $1,250,000 City of Akron, Ohio, water-worksextension 43/2% bonds. Prices on application. These bonds
are exempt from income tax and are advertised in this issue
of the "Chronicle." Descriptive circular will be mailed on
request.
-The new firm of Morgan & Finley, 115 Broadway, this
city, started business this week, to deal in unlisted and inactive securities. The partnership includes Ralph C. Morgan,
formerly with Charles H. Jones & Co., and Alfred E. Finley, until lately connected with Eastman, Dillon & Co.
Arthur C. Turner will be associated with the new firm.
-It is announced that the business of Watkin W. Kneath
of Rochester, N. Y., will be continued hereafter under the
name of W. W. Kneath & Co., Inc. Watkin W. Kneath is
President; Howard Converse, Treasurer, and David M.
Hough, Secretary.
-William Salomon & Co. of this city and Chicago are today advertising in the "Chronicle," to yield about 5.40%,
Brooklyn Rapid Transit Co. 5% secured notes due July 1
1918. See the advertisement for the security features of
this investment.
-R. D. Small, recently manager of John Burnham &
Co.'s investment department, has withdrawn from that company and will hereafter be manager of the investment and
sales department of A. E. Butler & Co., 116 S. La Salle St.,
Chicago.
313
THE CHRONICLE
whe
Amts.
Tamutercial
COMMERCIAL EPITOME.
Friday Night, Jan. 23 1914.
There has been some irregular improvement in generaltrade coincident with easier rates for money both in the
United States and Europe. The sharp advance in stocks,
and, more significant still, the rising prices for bonds, following President Wilson's latest message in regard to business legislation have attracted wide and hopeful attention.
Rates of discount throughout most of Europe following what
looks something like a definite settlement of the Balkan
troubles and the collapse of the South African strike have
suggested a widespread release of funds and a cessation at
the same time of hoarding by the peasantry of Europe.
On the whole, trade is gradually improving and it is hoped
that nothing further in the way of legislation will occur to
check this better tendency.
LARD has been rather firmer, with a fair demand; prime
Western 11.50c., refined for the Continent 11.85c., South
America 12.25c., Brazil in kegs 13.25c. Lard futures have
shown more or less strength, owing partly to buying by stockyard interests at Chicago, though at other times there has
been a certain irregularity, owing to realizing and more or
less selling by packers. On the whole, however, the tone has
been pretty steady and there has been more or less buying
for long account. B. W. Snow's annual live stock report
shows a decrease as compared with a year ago of 1,762,000
head of cattle, other than milch cows, or 5%; a decrease of
4,062,000 hogs, or 7%, and a decrease of 2,353,000 sheep,
or 5%. To-day prices declined.
DAILY CLOSING PRICES
Sat.
January delivery___cts.11.05
May delivery
11.32%
July delivery
11.42%
OF LARD FUTURES IN CHICAGO.
Man.
Tues.
Wed. Thurs.
Fri.
11.173 11.10
11.073i 11.12% 10.97
11.40
11.3234 11.30
11.373i 11.25
11.50
11.42% 11.40
11.47% 11.35
COFFEE on the spot has been weaker. No. 7 Rio 93@
9%c.; fair to good Cucuta 133/i to 14c. Coffee futures have
declined, owing to large receipts, a suspension in Rio Janeiro
and lower foreign markets. The failure of the Brazilian
receipts to decrease, as has so often been predicted, has had
a perceptible effect on speculative sentiment, and naturally
it has been inimical to the bull side. To-day prices advanced
on covering. Closing prices were as follows:
Jan9.16
Feb
9.21
March____ 9.31
April
9.43
9.17
9.22
9.33
9.44
May
June
July
Aug
9.56
9.66
9.76
9.84
9.57
9.67
9.77
9.86
Sept
Oct
Nov
Dec
9.93
9.95
9.98 10.00
10.03 10.05
10.08 10.10
PORK on the spot quiet; mess $23 50@$24; clear $20 25@
$22 50; family $24 50@$27. Beef firm; mess $18@$19;
packet $19@$20;family $20@$22;extra India mess $28(030.
Cut meats firm; pickled hams, regular, 10@20 lbs., 13@
14 Nc. Butter easier; creamery extras, 303'@31c. Cheese
quiet; State, whole milk, held, colored, specials, 173
4(4)18c.
Eggs quiet; fresh gathered, firsts, 35@360.
OILS.-Linseed steady; City, raw, American seed,
52@53c.; boiled 53@,54c.• Calcutta, raw, 70c. Cocoanut
easier; Cochin 103
4@al Y:c.• Ceylon 10%@10Vic. Castor
steady; No. 2, 9@9%c. dorn oil steady at $6 65@$6 70
per 100 lbs. Palm quiet; Lagos 732@I3%c. China wood
quiet at 73/2@73%c. Lard quiet but firm; prime 93(05c.;
off prime 67@70c.; extra No. 1, 59()61c. Cod quiet;
domestic 38c.; Newfoundland 40c.
PETROLEUM.-Refined in moderate demand and firm;
barrels 8.75@9.75c.; bulk 5.25@6.25c.; cases 11.25@12.25c.
Crude firm; Pennsylvania dark $2 50; second sand $2 50;
Tiona.$2 50; Cabell $2 07; Mercer black $2; Newcastle $2;
Corning $2; Wooster $1 91; North Lima $1 49; South Lima
$1 44; Somerset $1 35; Illinois $1 45. Naphtha firm;
73@76 degrees, in 100-gallon drums, 243'c. Spirits of turpentine 393'c. Common to good strained rosin $4 40.
SUGAR.-Raw more active; centrifugal, 96-degrees test,
3.30@3.36c.; muscovado, 89-degrees test, 2.80@2.86c.; molasses, 89-degrees test, 2.55@2.61c. The world's visible
supply is 4,260,000 tons, against 4,000,000 tons a year ago,
showing an increase this year of 260,000 tons. Refined quiet
at 4@4.05c. for granulated. Jobbers and dealers are supposed to be carrying comparatively small stocks.
TOBACCO has been quiet but steady. Later on a good
many look for a better business, partly because stocks of binder
are far from burdensome, and even filler, which is more
plentiful than binder, is in only moderate supply, especially
as regards the better grades. For the moment, however,
business is slow. Sumatra is quiet, though there are fair
withdrawals on contracts. There is a fair business going on
in Cuban leaf at firm prices. It is believed that 1914 will see
better times in the tobacco trade, even if at the moment this
improvement is in abeyance.
COPPER has been stronger, with a moderate demand;
electrolytic 14.35c. and Lake 143'c.; London has latterly
been somewhat weaker. Tin on the spot 37.95c., showing
some advance; both London and Singapore quotations have
also risen and there has been more inquiry here. Lead on
the spot 4.07%c.; spelter 5.25c. In iron and steel sentiment
is not only more cheerful but what is more to the point,
there has actually been a somewhat larger trade. Plate
and wrought iron manufacturers have been agreeably surprised by inquiries from the Standard Oil Co. it is understood, which may involve purchases of over '
300,000 tons,
lar7ely pipe. Western pig iron has been in pretty good
demand at current low quotations; Eastern No. 2 foundry
$13 75@$14; Southern No. 2, Birmingham $10 50(01075.
314
THE CHRONICLE
[VOL. xcvm.
COTTON.
On Shipboard, Not Cleared for-
Friday Night, Jan.23 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
248,614 bales, against 272,157 bales last week and 275,070
bales the previous week, making the total receipts since
Sept. 1 19137,623,904 bales, against 7,544,434 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 79,470 bales.
Jan. 23 atNew Orleans__
Galveston ____
Savannah
Charleston ___
Mobile
:
Norfolk
New York_ _ I
Other ports_ _
Great
GerOther CoastBritain. France. many. Foreign wise.
Total.
14,163 7,143 20,704 18.218
200 60,42$
31,453 18,854 28,688 29,984 4,610 113,589
_
15,698
900 16,598
3,500
6,000
14,646 3,071 16,717
-Ri (
3.9.6
50
30
4
500
22,199
3,000 • - 1:561,666 1,400 21,699 3200
5;60
00
18.000
14,000
LeavingStock.
233,147
225,442'
101,479.
32,71623,555
30,530.
97,47671,707'
Total 1914..-1 85.262 29,268 102,807 49,602 27,609 294,548
Total 1013_1 52.941 9,292 63,943 40,508 29,257 195,941 • 816,052'
713,432!
Total 1912_1 908
9 0 44,651 85,806 46,885 18,189 286,421 1,019,874
Speculation in cotton for future delivery has been on quite.
a small scale, but a new high level for this movement was.
reached, owing chiefly to activity and strength of the South-ern spot markets and the firmness of March, which has been
New Orleans_ _ _ _
5,867 6,411 13,524 8,150 10,965 11.485 56,402 at a premium of 20 to 23 points over May. Large spot houses
Gulfport
have been good buyers. The rise in the stock market has
Mobile
314
-998 1-,456
.
-gio
-§o'i
-lio 3-,971 had a certain effect, and also
the easier money markets at
Pensacola------------------Jacksonville,&c_
___--------- ____
332
332 home and abroad. The exports, too, have been on quite a
Savannah
3,158 5.438 4,818 3,697 3,092 5,957 26,160 liberal scale. There has
been a fear, too, on the part of
Brunswick
4,500 4,500
Charleston
123
315
377
322
209
830 2,176 shorts that the ginning report to-day would be of a bullish
Georgetown
tinge. Various rumors were in circulation as to the Memphis
Wilmington
196 1,255 1,426
435
612 1,528 5,452
Norfolk
1,401 3,492 1,223 1,549 1,868 1,429 10,962 statements of the ginning for the period from Jan. 1 to Jan.16.
N'port News, &c
___-___
____
-_-_
____
4,307 4,307 A vigorous demand at the South has prevailed, according.
New York
78
78 to many reports, even for the lower grades.
Boston
33
Liverpool has:
40
'76
15
6
11
181
Baltimore
2,145 2,145 on the whole been firm, partly owing to Continental and genPhiladelphia_ _ _ _
eral buying. A lessened pressure of hedge selling there has.
Totals this week 29.201 34,838 60,691 35,693 36,187 52.004 248.614 also had its natural effect. Wall Street houses and also not.
a few Southern firms have been steady buyers here. The
The following shows the week s total receipts, the total shorts have in not a few cases covered and taken the bull side,
since Sept. 1 1913 and the stocks to-night, compared with at least for a turn. Dry goods reports have been more.
last year:
cheerful. The sales of print cloths at Fall River last week
were 200,000 pieces. Bulls have been encouraged to believe1913-14
1912-13.
that the maximum estimates of the. consumption of AmeriStock.
Receipts to
can cotton by the world this year might after all be reached,
This Since Sep This Since Sep
January 23.
Week. 11913. Week. 11912.
that is to say, something like 14,750,000 bales.
1914.
1913.
manipulation of Marchcontracts here has
Galveston
108,417 2,412,747 52,375 3,101,432 339,031 291,110 The
Texas City
23,531 361,615 19,157 598,609
42,654
30,133 been a noteworthy feature, partly, it is understood, with a
Port Arthur25,124 6,396
96,813
5,064 view of attracting cotton to this market, and as a matter
Aransas Pass,&c_
107,287 1,248
68,473
636
779
New Orleans_ _ _ 56,402 1,219,490 29,528 1,039.380 293,575 159,411 of fact the stock here since Jan. 1 has increased something
Mobile
3,971 327,333 3,031 163,952
58.189
29.823 like 8,000 bales. The mills have been buying here to some
Pensacola
111,678
87,170
have also been buying .
Jacksonville, &c_
332
27.439
_-13,653
2,433
1,800 extent also. The English spinners
Savannah
26,160 1,480,747 19,288 1.033,434 118,077 131,979 more freely in Liverpool. President Wilson's message was.
Brunswick
4,500 252,800 2,500 204,600
14,660
3,242 regarded by many of the cotton bulls as a favorable feature..
Charleston
2,176 388,275 1,567 262,125
42,216
28,035
Wilmington
5,452 350,803 1,727 302,864
29,223
15,441 Ocean freights have recently declined and this fact, toNorfolk
10,962 409.063 6,307 394,481
52,729
62,957 gether with some advance in foreign exchange coincident with
N'port News,&c_
4,307
59,256 10,078
74,386
New York
4,038
78
583
12,402 103,076 127,182 easier rates for money at home and abroad-discount
Boston
181
11,242 1,480
34,774
5,392
9,733 rates have been reduced in London, Paris and BerlinBaltimore
2,145
74,228 4.200
53,948
5;890
8,704
Philadelphia
739
525
1,938
to encourage export buying. Also it
2,810
3,980 has tended
Totals
248.614 7.623.901 150.990 7.544.434 1.110.600 000.373 appears that January engagements in any case have been
large. On the other hand, the question arises, How will the
In order that comparison may be made with other years, market act when the January export engagements are filled?
Speculation is notoriously lacking. If the spot demand falls
we give below the totals at leading ports for six seasons:
off seriously, can manipulation keep prices up? Toward the
Receipts at1914.
1913.
latter part of the week the market receded, partly, it is be1912.
1911.
1910.
1909.
lieved, because of selling by big spot interests. Also the
Galveston _ _ _ 103,417
52,375 111,935
48,317
49,614
99,215
Texas City,&
23,531
26,801
24,919
44,541
8,403
19.785 Continent sold in Liverpool, and there was some increase in
New Orleans_
56,402
29,528
63,308
45,082
26,238
66,681
hedge selling there, while it was feared, too, that the ginning
Mobile
3,971
3,031
12,663
7,657
2,270
9,784
Savannah _
26,160
19,288
56,405
31,092
9,446
38,167 figures to-day might turn out after all to be bearish. Of
Brunswick _ _ _
4,500
2,500
8,750
4,698
300
4,000
late the South has sold to some extent. And can an oldCharleston.Src
2,176
1,567
6,494
2,655
740
5,226
Wihnington_ _
5,452
1,727
10,557
6,644
532
10,382 time bull speculation be started from this level? Can
Norfolk
10,962
6,307
16,417
10,086
4,810
16,624 two bull campaigns be run in one season? Both
N'port N.,&c
4,307
10,078
1,035
943
105
All others_ _ _ _
2,736
6,788
7,043
7,028
5,567
4,787 of these queries are answered by some people in the
negative. To-day came the ginning report by the Census
Total this wk. 248,614 159,990 319,526 207.800 108,863 274.756
Bureau stating the total ginned from Jan. 1 to Jan. 16 at
Since Sept. 1- 7.623.904l7.544,434 8.287,645.6,938.927 5.636.798 7.320.672 235,802 bales, against 181,525 bales in the same time last
198,797 in 1912 and 168,632 in 1911. This made a
The exports for the week ending this evening reach a total year,up
to Jan. 16 for the season of 13,589,171 bales, against
of 143,263 bales, of which 74,764 were to Great Britain, total
13,088,930 bales last year, 14,515,799 in 1912 and 11,253,147
9,775 to France and 58,724 to the rest of the Continent. in
1911. The effect was to cause a decline. Mills bought at
Below are the exports for the week and since Sept. 1 1913.
the lower prices; also spot houses, the South and shorts.
Offerings were well absorbed until the last hour, when the
Week ending Jan. 23 1914.
From Sept. 1 1913 to Jan. 23 1914.
market was vigorously hammered. Spot cotton closed at
Exported toExported toExports
12.90c. for middling uplands, showing an advance for the
ContifromGreat
Great
Contiweek of 5 points. It was greater at one time.
Britain. France. cent. Total. Britain. France.
neat.
Total.
The rates on and off middling, as established Nov. 19 1913
Galveston__ 26,673 9,663 9,899 48,235 736,902 221,551 874,889 1,833,324
Committee, at which grades other than
Texas City_
1
3,006 22,116 73,345 318,467 by the Revision
Port Arthur --------------____
____
----------1,540
16,085 17,625 middling may be delivered on contract, are as follows:
Sat.
Galveston
Texas City
Port Arthur
Mon.
Tues.
Wed.
Ar.Pass,ctc_
25,720
NewOrleans 38,462 --__ 3,615 42,077 494,292
Mobile-----------____ 2,450 2,450 79,557
____
Pensacola______
---37,889
Savannah__ 1,500
_-_ 16,185 17,685 171,095
Brunswick _
____
____
____
---- 61,637
Charleston-___
---- 101,323
___. --Wilmington_
____
61,241
Norfolk_ 2,447
____ 9,966 12,413 29,405
New York
--112 4,880 4,992 106,638
Boston ____
408 50,211
100
306
____
Baltimore__ 2,326 -___ 2,119 4,445 28,817
Philadel'a__ 3,050
100 3,150 25,694
____
San Fran_ _ _ _ _ _ 4,856 4,856
Seattle ___
___
____ 2,586 2,586
Detroit313
Total._ _ 74,764
Thurs.
Fri.
Total.
15,275 12,779 31,436 17,169 14,626 17,132 108.417
2,834 4,113 6,415 3,536 4,512 2,121 23,531
7,824
286,758
88,548
31,145
546,598
135,996
171,084
159,715
52,820
12,482 131,901
5,512
6,718 68,620
6,151
127,230
63,208
126,583
59,538
42,644
215,742
22,954
5,030
85,365
33,544
907,633
227,643
111,678
933,435
220,587
277,437
306,321
82,225
241,021
55,723
104,155
31,845
127,230
63,208
313
9,775 58,724 143,2632,235,280 820,7232,847,4295,903,432
Tot. '12-'13 83.947 26.685 85.301 195.9332,709,207 878,7692,482.111 6.070.087
Note.-New York exports since Sept. 1 include 8,793 bales Peruvian and 75 bales
Brazilian to Liverpool.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We add similar figures for
New York.
Basis Good mid. tinged_e Even
o
Fair
0_1.75 on Middling
Strict mid. fair_ _ _ _1.50
Strict low middling.0.50 off Strict mid. tinged_0.20 off
1.30 on
on Low middling
1.25 off Middling tinged_ _ _0.40 off
Middling fair
Strict good mid.._0.90 on Strict good ord- _2.00 off Strict low mid. ting 1.25 oft
Good middling_ _ _-0.65 on Good ordinary_ _ _ _3.00 off Low mid. tinged_ _3.00 off
Strict middling.._ _ _0.32 001 Strict g'd mid. ting.0.45 on I Middling stained _ _1.25 oft
I
The official quotation for middling upland cotton in the
New York market each day for the past week has been:
Jan. 17 to Jan. 23Middling uplands
Sat.
12.90
Mon. Tues. Wed. Thurs. Fri.
13.00 13.00 13.05 13.00 12.90
NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Jan. 23 for each of the past 32 years have been as follows:
1914_c
1913
1912
1911
1910
1909
1908
1907
12.00
12.85
9.50
14.75
14.70
10.00
11.90
10.90
1906_ c
1905
1904
1903
1902
1901
1900
1899
11.90
7.00
14.85
8.95
8.31
9.88
7.88
6.38
1898..c
1897
1896
1895
1894
1893
1892
1891
5.88
7.31
8.31
5.60
7.88
9.62
7.62
9.38
1890_ c
1889
1888'
1887
1886
1885
1884
1883-,
11.00
9.88
10.62
9.50
9.25
11.12
10.62
10.12
THE CHRONICLE
JAN. 24 1914.1
315
AT THE INTERIOR TOWNS the movement-tha is,
FUTURES.-The highest, lowest and closing prices at
the receipts for the week since Sept. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
corresponding period of the previous year-is set out in
Jan. 17. Jan. 19. Jan. 20. Jan. 21. Jan. 22. Jan. 23. Week.
detail below.
Jan.Range ____
Closing____
Feb.
Range ____
Closing____
MarchRange ____
Closing____
12.26-.34 12.40-47 12.40-.44 12.44-.50 12.42-.47 12.31-.39 12.26-.50
12.34-.35 12.40-.42 12.44-.45 12.50-.52 12.45-.47 12.31-.32--Towns.
12.36-.40 12.40-45 12.44-.50 12.50-.55 12.45-.50 12.31-.35- -12.50-.60 12.61-.73 12.57-.66 12.63-.73 12.64-.71 12.53-.63 12.50-.73
12.58-.60 12.61-.62 12.65-.66 12.72-.73 12.67-.69 12.53-.54---
April-
12.44
12.36-.40 12.36-.44
Range ___
Closing____ 12.38-.42 12.44-.47 12.46-50 12.53-.56 12.48-.52 12.33-.38--MayRange ____ 12.29-.38 12.42-.51 12.37-.46 12.42-.54 12.44-.51 12.33-.43 12.29-.54
closing___ 12.37-.38 12.43 -12.45-.46 12.52-.53 12.47-.48 12.33-.34 ---
JuneRange ___
Closing__
JulyRange ____
Closing____
12.40
12.35
. 12.35-.40
12.35 -12.39-42 12.42-.45 12.49-.51 12.44-.46 12.30-.32--12.22-.33 12.36-.45 12.32-.41 12.37-.49 12.39-.45 12.27,.38 12.22-.49
12.31-.33 12.36-.37 12.40-.41 12.48-49 12.42-43 12.26-.29---
AugustRange ____ 12.11 -12.18 -12.14-.21 12.18-.25 12.17-.21 12.09-.15 12.09-.21
Closing.___ 12.11 -12.17-.18 12.20-.22 12.26-.28 12.19-.21 12.07-.09--Sept.
11.80-.85 11.84 -11.83 ----11.80-.81
Range --Closing...-. 11.77-.80 11.78-.81 11.80-.83 11.83-.86 11.82-.83 11.67-.70--Oct.
Range -- 11.65-.73 11.73-.81 11.69-.75 11.71-.79 11.68-.74 11.60-.69 11.60-.81
clins.ina____ 11.72-.73 11.73-.74 11.7r,-77 11 7R- 7n 11 74 -1 t 6n- el---
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.
1914.
1913.
bales.1,073,000 1,462,000
5,000
6,000
102,000 111,000
January 23Stock at Liverpool
Stock at London
Stock at Manchester
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
1911.
1912.
962,000 1,221,000
3,000
6,000
74,000
90,000
1,180,000 1,579,000 1,039,000 1,317,000
19,000
10,000
8,000
3,000
442,000 546,000 358,000 242,000
439,000 474,000 281,000 258,000
2,000
2,000
2,000
2,000
26,000
10,000
25,000
16,000
30,000
49,000
47,000
42.000
3,000
2,000
16,000
Total Continental stocks
Total European stocks
India cotton afloat for Europe
985.000 1,097,000
698,000
564,000
2,165,900 2,676,000 1,737,000 1,881,000
170,000
Amer. cotton afloat for Europe.. 686,264
Egypt,Brazil,&c.,afit.for Europe 74,000
374,000
Stock in Alexandria, Egypt
Stock in Bombay,India
670,000
Stock in U. S. ports
1,110,660
Stock in U.S.interior towns__.. 967,200
U. S. exports to-day
18,451
75,000
34,000
Movement to January 24 1913.
Ship- Stocks
meats. Jan.
Week. Season. Week.
23.
week. Season. Week.
Receipts.
Receipts.
Ship- Stocks
meats. Jan.
1,606,000 1,337,000 942,000 1,169,000
4,629,575 4,825,786 4,942,686 4,165,998
6.235,575 6,162,786 5,884,686 5,334,998
Total visible supply
7.21d.
Middling Upland,Liverpool
6.69d.
5.508.
8.02d.
12.90c.
13.05c.
Middling Upland,New York
14.90c.
9.70c.
Egypt, Good Brown. Liverpool.._ 10.35d. 10.30d.
97
%d. 11 5-168.
Peruvian, Rough Good,Liverpool 9.00d. 10.25d.
9.00d. 11.158.
654d.
6%d. 59-168.
Broach, Fine, Liverpool
77
/,d.
6%d.
6%d.
Tinnevelly, Good, Liverpool..._ _
5%d.
7518.
24.
Ala., Eufaula__
127
20,719
403 4,63;
100
19,753
254 7,500
Montgomery._ 1,294 139,098 2,677 35,79
1,670 140,944 2,791 36,757
Selma
456 113,785
624 18,142
561 111,02:
599 10,328
Ark., Helena.._ 2,525
56,534 1,970 19,702
572
37,402
795 13,341
Little Rock
5,173 147,190 2,733 55,734 2,421 161,786 1,582 41,145
Ga., Albany-128
27,152
100
785 3,558
23,465
157 2,400
Athens
2,914
98,631
731 25,902 1,156
91,222 2,534 23,891
Atlanta
4,808 193,444 4,608 15,948 1,840 141,203 2,704 21,130
Augusta
5,676 310,967 5,536 87,203 4,146 291,907 8,339 97,824
Columbus
2,960 65,592 4,250 28,268
68,686 2,430 31,851
870
Macon
256
43,054
200 11,085
829
744 3,353
31,451
Rome
625 6,530
44,153
366
52,185
700 9,632
418
La.,Shreveport 3,840 159,114 4,189 41,845
532 132,264 2,056 27,049
Miss.,Columb,:
348
32,790
471 4,047
23,710
953 4,290
335
Greenville
2,260
73,603 4,059 25,068
565 44,76
1,815 15,022
Greenwood..
2,000 103,873 4,000 30,000 1mq 94,687 2,000 27,000
Meridian
25,999 2,138 7,737
827 46,084
1,396
899 18,438
Natchez
84
200 5,800
17,62
18,378
253 4,135
500
434
26,221
Vicksburg28,922 1,068 12,909
565
:: 6,516
402
21,66
Yazoo City
37,758 1,544 17,500
68 7,550
1,200
Mo.,St. Louis_ 19,065 340,118 17,802 31,765 19,463 379,683 17,674 26,748
111
7,723
397
150
323
250
293
N.C.,Raleigh_
11,343
7,889 23,503
0., Cincinnati_ 6,579 -125,934 5,976 24,098 6,733 142,22
58
29,276
128 1,748
935 2,161
Okla., Hugo_
35,499
831
200
18,200
S.C., Greenw'd
682
400 4,300
200
200
11,593
Tenn.,Memphi: 26,846 833,532 41,648230,434 15,534 630,006 20,504 165,518
5,666
Nashville
25
95
591
50 1,121
874
8,827
Tex., Brenha.
70
____ 1,914
16,089
16,448
____ 1,370
87
Clarksville_ _ _ 1,134
46,990 1,887 4,931
114
44,422
286 1,588
Dallas
4,497
77,923 2,837 9,188 1,500 107,200 1,901 6,500
Honey Grove- 1,427
28,7521,365 3,3751
177
41,367
378 2,607
Houston
108,2902,110,175 99,238201,578150,6352,638,316 55,688143,291
Parts
5,071
95,389 4,555 7,879 1,436 126,779 1,452 3,970
Total. 33 towns213.9865.491.311 220.098967.2001114.99R 5.7.56.983 135.1011704.941
OVERLAND MOVEMENT FOR THE WEEK AND
SINCE SEPT. 1.-We give below a statement showing the
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for the
week and since Sept. 1 in the last two years are as follows:
January 23ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
- Via Cincinnati
Via Virginia points
Via other routes, &c
-1913-14
Since
Week. Sept. 1.
17,802 314,551
4,667 110,144
369
4.378
3,308
70,523
3,162
75,922
4.279 110,902
10,142 258,620
1912-13
Week.
17,674
6,361
300
2,276
6 012
5.243
10,984
171,000
679,372 1,175,289 683,183
76,000
55,000
61,000
329,000 281,000 290,000
619,000 405,000 455,000
909,373 1.306,295 1,032,022
798,941 829,576 707,535
100
61,526
54,258
Total visible supply
6,235,575 6,162,786 5,884,686 5,334,998
Of the above, totals of American and other descriptions arc as follows:
AmericanLiverpool stock
bales_ 843,000 1,288,000 848,000 1,083,000
Manchester stock
53,000
71,000
65,000
73,000
Continental stock
939,000 1,079,000 669,000 533,000
American afloat for Europe
686.264 679,372 1,175,289 683,183
U. S. port stocks
1.110.660 909,373 1,306,295 1,032,022
U. S. interior stocks
967,200 798,941 829,576 707,535
U. S. exports to-day
54,258
100
18,451
61,526
Total American
4,629,575 4,825,786 4,942,686 4,165,998
East Indian, Brazil, &c.
Liverpool stock
230,000 174,000 114,000 138,000
London stock
5,000
6,000
3,000
6.000
Manchester stock
37,000
40,000
21,000
17,000
Continental stock
18,000
46.000
29,000
31,000
India afloat for Europe
75,000
170.000
34,000 171,000
76,000
Egypt, Brazil, &c., afloat
74,000
55,000
61,000
374,000 329,000 281,000 290,000
Stock in Alexandria, Egypt
670,000 619,000 405,000 455,000
Stock in Bombay,India
Total East India,&c
Total American
Movement to January 23 1914.
Total gross overland
43,729
Deduct ShipmentsOverland to N.Y., Boston,&c_.._ 2,404
Between interior towns
5,986
Inland, &c., from South
3,780
Total to be deducted
Leaving total net overland*
945,040
Since
Sept. 1.
356.978
172,841
12.012
55,173
96,436
98,404
209.710
48.850 1,001.554
90,247
66,006
53,204
6,788
1,021
1,782
103,062
68,967
53,339
12,176
209,457
9,591
225,368
31,553
735.583
39,259
776,186
*Including movement by rail to Canada.
The foregoing shows the week's net overland movement
has been 31,553 bales, against 39,259 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 40,603 bales.
-1913-14- -1912 13
In Sight and Spinners'
Since
Since
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
248,614 7,623,904 159.990 7,544,434
Receipts at ports to Jan.23
31.553
Net overland to Jan. 23
735,583 39,259
776,186
Southern consumption to Jan. 23_ 60,000 1,250,000
56,000 1,168,000
Total marketed
Interior stocks in excess
340,167 9,609,487 255,249 9,488,620
*6,112
852,686 *23,193
701.905
Came into sight during week.. _334,055
232,056
10,462,173
Total in sight Jan 23
Nor. spinners' takings to Jan. 23_ 49,081
1,528,985
10,190,525
79,071
1,628.750
*Decrease during week.
Movement into sight in previous years:
Week-1912-Jan. 26
1911-Jan. 27
1910-Jan. 28
1909-Jan. 29
Bales.
396,167
239,633
177.590
361,990
Since Sept. 11911-12-Jan. 26
1910-11-Jan. 27
1909-10-Jan. 28
1908-09-Jan. 29
Bales.
10,865,935
9,266,237
7,993,569
9.946.931
NEW ORLEANS CONTRACT MARKET.-The
Continental imports for past week have been 114,000 bales.
highest,lowest and closing quotations for leading contracts in
The above figures for 1914 show an increase over last week the New Orleans cotton market for the past week have been as
of 44,920 bales, a gain of 72,789bales over 1913, an excess follows:
of 350,889 bales over 1912 and a gain of 900,577 bales over
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
1911.
Jan. 17. Jan. 19. Jan. 20. Jan. 21. Jan. 22. Jan. 23.
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.-Below are the closing quotations of middling
cotton at Southern and other principal cotton markets for
each day of the week.
Week ending
January 23.
Closinh Quotations for Middling Cotton onSaturday. Monday, Tuesday, Wed'day, Thursd'y, Friday,
JanuaryRange
Closing__
FebruaryRange
Closing
MarchRange
Closing
AprilRange
Closing
12.58-.64 12.70-.77 12.69 - 12.65-.77 12.67-.79 12.64-.71
12.64-.66 12.70-.72 12.73-.75 12.74-.76 12.78-.79 12.60-.62
12.69-.71 12.73-.75 12.76-.78 12.80-.82 12.80-.82 12.62-.64
12.70-.78 12.83-.90 12.80-.89 12.82-.93 12.83-.90 12.70-.85
12.77-.78 12.83-.81 12.88 -12.92-.93 12.88-.89 12.70-.71
12.78-.80 12.85-.87 12.90-.92 12.93-.95 12.90-.92 12.71-.73
MayGalveston
Now Orleans..
13
13
Mobile
12 15-16
Savannah
13
Charleston ___ _ 12%
Norfolk
12 11-16
Baltimore
12U
Philadelphia
13.15
Augusta
13%
Memphis
13g
St. Louis
13%
135.4
Houston
Little Rock..
12%
13
13
13
127
12.25
13
13
13
12%
12%
13
13
13
1334
12%
12%
12%
13.25
13%
13%
13g,
12%
12%
13 1-16
13
13
13%
13
13
12%
13.30
1354
13
13
13
12%
13 1-16
13 3-16
13
13%
13
13
12%
13.25
13%
13%
13%
12%
12%
13 1-16
13 3-16
13
13%
13
13
13
13.15
13%
13%
13%
12%
1234
Range
Closing
JuneRange
Closing
JulyRange
Closing
OctoberRange
Closing
ToneOptions
12.79-.89 12.93-.00 12.91-.00 19.94-.04 12.94-.00 12.81-.95
12.88-.89 12.94-.95 12.99-.00 13.03-.04 12.99-.00 12.81-.82
12.90-.92 12.96-.98 13.02-.04 13.05-.07 13.01-.02 12.83-.85
Al
12.84-.95 13.00-.07 12.98-.07 13.02-.12 13.01-.06 12.88-.01
12.95-.96 13.01-.02 13.06-.07 13.11 -13.05-.06 12.87-.88
---11.88-.90 11.80-.88 11.84-.90 11.84 -11.71-.77
11.88-.89 11.84-.86 11.88-.90 11.90-.91 11.84 -11.67-.69
Quiet. Steady. Steady. Steady.
Steady. Quiet.
Steady. Steady. Steady. Steady. V'y st'y. Steady. I
[Vora. xovni.
THE CHRONICLE
316
WEATHER REPORTS BY TELEGRAPH.-Advices
to us by telegraph from the South this evening indicate that
the weather has been dry as a rule during the week, and
temperature moderate. The crop continues to move freely.
Galveston, Tex.-There has been no rain the past week.
Minimum thermometer 52, highest 71, average 62.
Abilene, Tex.-We have had no rain during the week.
Minimum thermometer 32, maximum 54, average 43.
Dallas, Tex.-It has been dry all the week. The thermometer has averaged 47, the highest being 58 and the
lowest 36.
Palestine, Tex.-We have had no rain the past week. The
thermometer has averaged 56, ranging from 46 to 66.
San Antonio, Tex.-We have had no rain during the week.
Lowest thermometer 42, highest 60, average 51.
Taylor, Tex.-We have had no rain during the week. The
thermometer has averaged 48, the highest being 62,lowest 34.
New Orleans, La.-We have had rain on two days of the
past week, the rainfall being seventy-o4e hundredths of an
inch. The thermometer has averaged 61.
Shreveport, La.-It has been dry all the week. Highest
thermometer 78, lowest 40.
Vicksburg, Miss.-Dry all the week. The thermometer
has averaged 59, ranging from 44 to 79.
Memphis, Tenn.-There has been rain on one day during
the past week, the precipitation reaching thirteen hundredths
,of an inch. Average thermometer 52, highest 71,lowest 39.
Mobile, Ala.-We have had no rain during the week.
Lowest thermometer 46, highest 74, average 60.
Selma, Ala.-We have had rain on one day of the week,
the rainfall reaching five hundredths of an inch. Minimum
thermometer 31, maximum 72, average 51.
Madison, Fla.-There has been rain on two days during
the week, the rainfall being twenty-two hundredths of an.
inch. The thermometer has ranged from 41 to 73, averaging 57.
Savannah, Ga.-It has been dry all the week. Minimum
thermometer 39, maximum 70, average 54.
Charleston, S. C.-We have had rain on one day during
the week, the rainfall being five hundredths of an inch
Minimum thermometer 51, highest 64, average 37.
Charlotte, N. C.-We have had only a sprinkle of rain the
past week. The thermometer has averaged 48, ranging
from 28 to 68.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero
Above zero
Above zero
Above zero
Above zero
of gauge..
of gauge..
of gauge..
of gauge_
of gauge..
Jan. 23 1914.
Feet.
Jan. 24 1913.
Feet.
4.8
10.0
7.7
3.3
8.4
12.6
37.0
29.0
8.7
39.1
RECEIPTS FROM THE PLANTATIONS.-The following table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
WORLD'S SUPPLY AND TAKINGS OF COTTON.The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Sept. 1 for the last two seasons, from all sources from
which statistics are obtainable; also the takings, or amounts
gone out of sight, for the like period.
Cotton Takings.
Week and Season.
1913-14.
Week.
Stock at Interior Towns. Receiptsfrom Plantations.
Week
ending. 1913-14 1912-13 1911-12 1913-14 1912-13 1911-12 1913 14 1912 13 1911-12
Dec.
"
"
"
Jan.
"
"
"
5 358,923 437,010 458,894 895,978 774,268 912,182 423,082 476,555 504,295
12 291,330 380,202 435,157 941,508 804,204 958,913 338,860 410,138 481,8E.8
19 312,795 335,203 471,233 988,023 834,999 970,000 337,310 365,998 482,320
28 319,198 262,724 323,704 980,478 872,372 982,085 342,651 300,497 335,789
2 303,899 282,348 354,935 1005910 873,938 965,228 320,333 263,464 338,098
9 275,070 179,000 334,417 992,985 858,840 908,927 282,125 183,911 278,118
18 272,157 154,340 285,431 973,312 822,134 881,570 252,504 117,825 238,074
23 248,614 159,990 319,528 987,200 798,941 829,576 242,502 136,797 287,532
The above statement shows: 1.-That the total receipts
from the plantations since Sept. 1 1913 are 8,476,590 bales;
in 1912-13 were 8,246,339 bales; in 1911-12 were 9,016,784
That receipts at the outports although the the past week were
248,614 bales, the actual movement from plantations was
242,502 bales, the balance being taken from stocks at interior
towns. Last year receipts from the plantations for the week
were 136,797 bales and for 1912 they were 287,532 bales.
Is ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.-Through arrangements made with Messrs.
Choremi, Benachi & Co., of Boston and Alexandria, we
now receive a weekly cable of the movement of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
1913-14.
1912-13.
1911-12.
•
165,000
6,464,865
170,000
6,637,224
300,000
5,389,708
Since
This
Week. Sept. 1.
Since
This
Week. Sept. 1.
This
Since
Week. Sept. 1.
5,250 130,146
To Liverpool
128,604
To Manchester
To Continent and India_ 11,500 227,826
1,500 22,729
To America
1,500 141,252
148,664
9,500 198,064
3,500 72,652
7,500 116,338
____ 133,172
8,600 186,157
6,500 36.102
Alexandria, Egypt,
January 21..
Receipts (cantars)
Is This week
k Since Sept. I
Exports (bales)-
Total exports
18,250 509,305 14,500 560,632 22,500 471,769
Egyptian bales weigh about 750 lbs.
Note.-A cantar is 99 lbs.
The statement shows that the receipts for the week were
165,000 cantars and the foreign shipments 18,250 bales.
Week.
Season.
6,190,655
Visible supply Jan. 16
6,201,743
Visible supply Sept. 1
2,055,351
2,135,485
American in sight to Jan. 23_ _ 334,055 10,462,173 232,056 10,190,525
115,000 1,213,000
Bombay receipts to Jan. 22_ .._
98,000
860,000
3,000
124,000
Other India ship'ts to Jan. 22....
5,000
78,410
862,000
Alexandria receipts to Jan. 21.._
22,000
23,000
885,000
Other supply to Jan. 21*
135,000
9,000
10,000
132,000
Total supply
6,673,710 14,851,524 6,569,799 14,281,420
DeductVisible supply Jan. 23
6,235,575 6,325,575 6,162,786 6,162,786
Total takings to Jan. 23
438,135 8,615,949 407,013 8,118,634
Of which American
348,135 6,874,949 329,013 6,730,224
Of which other
78,000 1,386,410
90,000 1.741,000
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces tho total estimated consumption by Southern mills,
1,250,000 bales in 1913-14 and 1,168,000 bales in 1912-13-takings not being
available-and aggregate amounts taken by Northern and foreign spinners,
7,365,949 bales in 1913-14 and 6,950,634 bales in 1912-13, of which 5,624,949 bales and 5,562,224 bales American.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reasor we also add columns which
show at a glance how the market for spot and futures closed
on same days.
Futures
Market
Closed.
Spot Market.
Closed.
Saturday.... Quiet 5 pts adv
Monday _ _ _ Quiet 10 pts adv.... _ _
Tuesday _ _ _ Quiet
Wednesday.. Steady 5 pts adv _
Thursday _ _ Steady 5 pts dec_ _ _ _
Friday _--- Quiet 10 pts dee__ _
SALES.
Spot. Contr'ct Total.
Very steady _
Steady
Steady
Steady
Very steady _ _ _
Barely Steady..
Total
1,866
2,500
600
303
100
600
200
500
400
1,200
503
500
1,203
3,900
5,103
-566
EXPORTS OF COTTON GOODS FROM GREAT
BRITAIN.-Below we give the exports of cotton yarn,
goods, &c., from Great Britain for the month of December
and since Jan. 1 1913 and 1912, as compiled by us from the
British Board of Trade returns. It will be noticed that we
have reduced the movement all to pounds.
Yarn & Thread.
0005
omitted. 1913. 1912.
Total of All.
Cloth.
1913.
1912.
1913.
1912.
Yds.
Yds.
Lbs.
22,874 848,913 559,893
22,086 563,606 489,529
25,817 560,905 822,341
Lbs.
121,292
105,437
104,842
Lbs.
104,615
01,501
116,324
Lbs.
142,266
123,892
123,876
Lbs.
127,289
112,587
142,141
lit guar 58,483 70,577 1,773,424 1,871,583
331,571
312,440
390,034
383,017
April_ _ 20,449 20,880 587,553 524,131
May _
19,586 22,708 808,254 660,800
June...._ 18,832 21,883 615,558 619,885
109,823
113,319
115,058
97,963 130,272
104,82A 132,905
07,171' 133,890
118,848
127,530
118,834
2d guar. 58,667 65,251 1,809,365 1,604,798
Lbs.
Jan
20,974
Feb....__ 18,455
March _ 19,034
1913.
1912.
338,200
299,981
398,887
365,212
18,384 22,548 838,971 835,381 110,434
July _
August.. 17,839 22,812 579,546 841,782 108,326
Sept __ _ 17,108 20,730 548,973 589,822 102,612
-3d quar. 53,111 86,090 1,787,490 1,846,785 330,372
118,756
119,959
106,471
137,798
125,985
119,720
141,304
142,771
127,201
345,188
383,483 411,276
_ 21,811 24,703 830,937 866,185
_ 19,979 19,897 583,850 588,948
18,884 20,007 530,692 554,370
117,932
105,355
90,194
124,521
108,345
103,621
139,743
125,334
118,078
149,224
126,242
123,628
4th quar 60,874 84,607 1,734,279 1,789,501
322,481
334,487
383,155
399,094
--
Receipts at Ports.
1912-13.
Season.
Oct
Nov
Tot. yr.. 230,915 266,525 7,084,5588,012,825 1,322,824 1,292,074 1,553,539 1,558.599
1,074
45,330
Stockings and socks
Sundry articles
1,101
48,787
1,599,943 1,808,487
Total exports of cotton manufactures
The foregoing shows that there had been exported from
the United Kingdom during the twelve months 1,599,943,000
pounds of manufactured cotton, against 1,608,487,000
pounds last year, or a decrease of 8,544,000 pounds.
CENSUS BUREAU'S REPORT ON COTTON GINNING.-The Division of Manufactures of the Census Bureau
completed and issued on Jan. 23 its report on cotton ginned
to Jan. 16 as follows (counting round as half-bales and excluding linters):
P. C.
-Ginned
1914.
StateAlabama ___ 1,475,642
Arkansas... _ 987,729
Florida
65,754
Georgia
2,318,304
Louisiana..
420,094
1,178,826
Mississippi
North Caro.. 784,402
Oklahoma.... 825,112
South Caro_ 1,369,434
358,297
Tex
nas
nessee
3,718,725
Other States. 111,052
Prior to Jan. 181913.
,890
89
39
12
1,307,738 1,1
797,597
741,282
88,177
57,324
1,781,232 2,657,984
357,758
369,076
952,520 1,061,850
998,988
875,493
915,563
985,752
1,192,574 1,536,085
388,293
252,890
4,509,220 3,964,620
114,178
83,831
of Crop
Ginned Prior
Crop- to Jan. 16
1911.
1,1302182,297
770,937
58,833
1,812,778
374,793
1,004,378
906,351
1,005,109
1,224,245
287,439
4,845,309
90,072
1,695,284
908,014
. 94,471
2,794,295
380,826
1,189,088
1,128,276
1,016,538
1,692,146
430,027
4,137
8:a:
1
1913. 1912.
98.5
96.2
97.4
98.3
98.5
94.8
98.6
96.1
07.4
94.8
97
3..11
98.7
87.8
93.3
95.1
93.9
90.8
88.5
90.1
90.8
ggli
82.2
13,589,171 13,088,930 14,515,790 13,488,539 15,553,073 97.0 93.3
U. S
The statistics in this report include 97,034 round bales for Jan. 18 1914, 78,690 for
1913 and 97,854 for 1912. The number of Sea Island bales included is 78,182 for
Jan. 18 1914, 70,758 for 1913 and 109,887 for 1912. The distribution of the Sea
Island cotton for 1914, by States, is: Florida, 25,358 bales; Georgia, 42,850 bales
and South Carolina, 8,178 bales.
The statistics of this report for 1914 are subject to slight corrections when checked.
against the individual returns of the ginners being transmitted by mall.
The amount of linters reported, as obtained from the current crop to Dec. 31,is
stated as 398,934, bales, against 352,972 bales for the same period In the previous
year.
THE CHRONICLE
JAN. 241914.]
DOMESTIC EXPORTS OF COTTON MANUFACTURES.-We give below a statement showing the exports of
domestic cotton manufactures for November and for the
eleven months ended Nov. 30 1913, and, for purposes of
comparison, like figures for the corresponding periods of
the previous year are also presented:
Manufactures
of
Cotton Exported.
Month end. Nov. 30. 11 Mos. ending Nov. 30.
Piece goods
Piece goods
Clothing, &c., knit goods
Clothing, &c., all other
Waste cotton, &c
Yarn
All other
Yards 35,956,929 34,289,898 429,606,683 426,181,439
value $2,466,509 $2,388,460 $29,567,766 $28,405,942
177,743
190,398 2,390,351 2,094,143
value
635,312 7,851,865 7,272,700
653,695
value
382,904
330,555 4,460.194 3,500,849
value
664,271
562,100
58,067
64,386
value
557,160 5,911,470 6,234,363
487,112
value
1912.
1913.
1912.
1913.
value $4,232,349 $4,159,952 $50,845,917 $48,070.097
Total manufactures of
INDIA COTTON MOVEMENT FROM ALL PORTS.The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for the three years have been as follows:
1913-14.
January 22.
Receipts at-
1912-13.
I
Since
Week.1 Sept. 1.11Veek.
Since
Sept. 1.
115,000 1,213,0001 98,000
Bombay
For the Week.
Exports
from--
1911-12.
Since
Week. Sept. 1.
860,000 122,000
789,000
Since September 1.
317
Total bales,
2,326
BALTIMORE-To Liverpool-Jan. 15-Rowanmore, 2,326
2,019'
• To Bremen-Jan. 22-Breslau, 2,019
100
To Hamburg-Jan. 16-Bosnia, 100
PHILADELPHIA-To Liverpool-Jan. 16-Haveford, 2,650
2,650
To Manchester-Jan. 15-Manchester Spinner, 400
400
To Antwerp-Jan. 14-Marquette, 100
SAN FRANCISCO-To Japan-Jan. 14-Korea,4,856
4,856
PORT TOWNSEND-To Japan-Jan. 20-Panama Maru, 2,536
___Jan. 22-Protesilaus, 50
2,586.
Total
143,263'
The particulars of the foregoing shipments for the week,
arranged in our usual form, are as follows:
Great French
The exports to Japan since Sept. 1 have been 187,052 bales
from Pacific ports. 21,670 bales from Galveston, 20,854
bales from Savannah, 6,450 bales from Mobile and 3,490
bales from New York.
Cotton freights at New York the past week have been as
follows, quotations being in cents per 100 lbs.:
Sat.
Great
Great Conti- Japan
Britain. nent. &China Total. Britain.
Bombay1913-14_
1912-13_
1911-12I
Calcutta1913-14_
1912-13__
I911-12__
Madras1913-14_ _
1912-13_ _
1911-12_ _
All othersH
1913-14.......1912-13._
1911-12_
Total all1913
-14______1912-13._
1911-12._
1;666
15,000 41.000 56,000
10,000 18,000 28,000
3,000 56,000 60,000
-65
1,
1,000
3,000
3,000
Total.
10,000 344,000 333,000 687,000
11,000 113,000 182,000 306,000
66
1,000
67,000 242,000 310,000
2,000
2,000
1,000
11,000
7,000
6,000
1,000
10
600
14,000
9,010
7,600
700
5,000
4,000
2,000
12,000
9,000
5,000
1,000
700
700
18,000
13,000
7,700
5;665
3,000
4,000
5,000
12,000
7,000
4,000
74,000
48,000
44,000
6,000
1,400
6,000
02,000
56,400
54,000
1;666
0)
ContiJapan
nent. &China.
1;666
18,000 41,000 59,000
14,000 18,000 33,000
3,000 62,300 66,300
29,000 441,000 341,410 811,000
24,000 177,000 183,410 384,410
8,000 122,000 249,300 379,300
According to the foregoing, Bombay appears to show an
increase, compared with last year, in the week's receipts of
17,000 bales. Exports from all India ports record a gain of
26,000 bales during the week and since Sept. 1 show an
increase of 426,590 bales.
Ger- -0th.Europe- Mex.,
Britain. Ports. many. North. South. &c. Japan. Total.
New York
112 1,379
350 3,151
4,992
Galveston
26,6'73 9,663
46i) 5,210
___ 4,220 46,235.
Texas City
1,§4g
1,968
New Orleans---38,462 :::: 1,782 -4555 -§oo --- ,.-- 42,077
Mobile
2,450
10,505--------17,685.2
Savannah
1,500 --__
5
Norfolk
2,447 --_- 9,966 ---------------- 12,413
Boston
306
____
106 -------------------406.
---- ---Baltimore
2,326 -_-- 2,119
____ ____ 4,445
Philadelphia
3,050 r-_-_-166
3,150'
_
--San Francisco
____
____
-::: 47,/a
4,856
Port Townsend_ ____
---- ------ 2,586
2,586
Total
74,764 9,775 27,819 1,852 14,941
_-_14,112 143,263.
Liverpool
25®30
Manchester
25(0)30
Havre
25
Bremen
20'425
Hamburg
35
Antwerp
25
Ghent, via Antwerp
31
Reval
35
Barcelona
30
Genoa
30
Trieste
35
Japan
50
Bombay
40
Thurs.
Fri.
Tues.
Wed.
Mon.
25030 25(4+30 25030 25030
25
25
25030 25030 25030 25030
25
25
25
25
25
20025 20025 20025 20025 20025
35
35
35
35
35
25
25
25
25
25
31
31
31
31
31
35
35
35
35
35
30
30
30
30
30
30
30
30
30
25
35
35
35
35
35
50
50
50
50
50
40
40
40
40
40
LIVERPOOL.-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
Sales of the week
Of which speculators took
Of which exporters took
Sales, American
Actual export
Forwarded
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Dec. 31.
28,000
1,000
24.000
5,000
51,000
952,001
742,000
98,000
89,000
341,000
275.000
Jan. 9. Jan. 16. Jan. 23.
76,000
64,000
66,000
4,000
8,000
7.000
1.000
1,000
60,000
52,000
50,6+55
12,000
9,000
4,000
130,000
97,000 111,000
1,005,000 989,000 1,073,000
765,000 752,000 843,000
193,000
90,000 200,000
118,000
62,000 182,000
419,000 459,000 349,000
339,000 390,000 282,000
The tone of the Liverpool market for Spots and futures
MANCHESTER MARKET.-Our report received by each day of the past week and the daily closing prices of
cable to-night from Manchester states that the market is spot cotton have been as follows:
•
steady for both yarns and shirtings. The demand for
Saturday. Monday.
Tuesday.
Wed'day. Thursday.
Friday.
Spot.
China is improving. We give the prices for to-day below
Large
Fair
and leave those for previous weeks of this and last year Market, I
business
Quiet.
Quieter.
Good
business
12:15
Moderate
for comparison.
doing,
demand,
doing.
demand.
P. M.
1
1913-14.
32s Cop
Twist.
d.
Dec.
5 10%
12 104
19 10%
26 9%
Jan.
2 10
9 9%
16 9%
16 9%
834 lbs. Shirt- Cot'n 1
{nos, common Mid.
to finest.
Upl's
1912-13.
32s Cop
Twist,
s. d. d. d.
d. s. d.
8M lbs. Shirt- Corn
tags, common Mid.
to finest.
Upl's
d. s. d.
s. d. d.
Mid.Uprds
7.14
7.23
7.22
7.24
7.21
7.21
Sales
Spec.&exp
6,000
500
15,000
2,000
8,000
1,000
12,000
2,000
13,000
5,000
7,000
500
Quiet
Futures.
Market { 3 points
donne.
opened
Steady
Strong
Steady
5@6 pts. 102% pts. 1 point
decline.
advance.
advance.
Irregular
Quiet,
1@3 pts. 1@1% pts.
advance. advance.
7.33 103-16 @ 1134 83
@ 1134 83
7.11 1031 (43 1184 63
7.02 1034 0 1134 63
@II
011
@l1
011
6
6
6
6
6.99
7.06
7.11
7.18
Steady Quiet unch. Barely st'y Steady,
Firm
Market, 1 Steady
4
234 @4 pts 434@834 1@1% pts. to 2 pts. unch.to 3% 20334 pts.
decline.
pts. dec.
decline,
decline.
advance.
decline,
P. M.
1134 64
II% 64
11 63
108 63
011
011
611
@II
7%
7
6
6
7.19
7.02
6.80
6.69
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
SHIPPING NEWS.-As shown on a previous bage, the
exports of cotton from the United States the past week have
reached 143,263 bales. The shipments in detail, as made
up from mail and telegraphic returns, are as follows:
Saturday. Monday.' Tuesday. Wed'day.IThursday, Friday.
Jan. 17
to
11 4 1234 4
Jan. 23. 1284 1234 123.5 4 11234 4 1234 4 123,
p.m. p.m. p.m. p.m p.m. p.m. p.m.
p.m p.m. p.m •
• 11k4 63 @116
0115-16 6 2%011 4%
0113-16 6 2 011 4
• 107s 6 1
• 11
011 3
62 @11334
• 10% 6 1 1,0g11 3
• 10% 6 1%011 3
O 10% 6 134@11 3
7.26 log
7.05 10 7-03@
6.91 1034 0
7.16 1034 @
7.21 10
sg
The prices are given in pence and 100ths.
Total bales.
NEW YORK-To Havre-Jan. 16-Bordeaux, 112 Sea Island_
To Bremen-Jan. 21-Scharnhorst 1,279
To Hamburg-Jan. 17-President incoln, 100
To Antwerp-Jan. 20-Lapland, 350
112
1,279
100
350
2,101
1,000
50
To Barcelona-Jan. 17-Costante, 2,101
To Genoa-Jan. 21-Laconia, 1,000
To Naples-Jan. 19-Pannonia, 50
GALVESTON-To Liverpool-Jan. 19--Ikbal, 11,194-..-Jan.20___ ,_ ___ __,____
Howth Head, 1,424
_____ 12,618
-a, 14,055
To Manchester-Jan. 17-Ventura ___ Larrinag
14,055
„
9 663
To Havre-Jan. 20-Hazelwood
9,663
To Royal-Jan. 20-Howth Head, 469
To Barcelona-Jan. 17-Dora, 2,406
2,4
40
66
9
To Trieste-Jan. 17-Dora,2,804
2,804
To Japan-Jan. 22-Shimosa 4 220
4,220
TEXAS CITY-To Bremen-Jan, 21-Quito, 1,968
,
NEW ORLEANS-To Liverpool-Jan. 17-Atlantian, 21,183......
Jan. 21-Benefactor, 12,110
,,,________
_ 33,293
To Manchester-Jan. 22-Belgian, 5,000
5,000
To Glasgow-Jan. 22-Newlands, 169
169
To Hamburg-Jan. 17-Dortmund, 1,782
1,782
To Rotterdam-Jan. 22-Sargasso, 786
786
To Antwerp-Jan. 16-Frankdale, 147
147
To Barcelona-Jan. 21-Conde Wilfredo, 900
900
MOBILE-To Japan-Jan. 20-Kazembe,2,450
2,450
SAVANNAH-To Liverpool-Jan. 17-Almerian, 1,500
1,500
To Bremen-Jan. 19-Richmond, 10,505
10,505
To Barcelona-Jan. 22-Erodiade, 2,750
2,750
-Jan.
To Genoa
22-Erodiade, 1,880
1,88
To Trieste-Jan. 22-Erodiade, 1,050
1,050
NORFOLK-To Liverpool-Jan. 21-North Point, 2,447
2,447
To Bremen-Jan. 23-Lundy, 9,966
9,966
BOSTON-To Manchester-Jan. 16-Georg1an, 306
306 I
To Yarmouth-Jan. 17-Boston, 100
100
d.
d.
d.
d. I d.
d.
Thus, 6 79 means 6 79-100d.
d.
d.
d.
d.
d.
d.
January__ ____ 6 79 87 8734 8534 86 8734 86 85 8234 8534 79%.
6 79 87 8734 8534 86 8734 86 85 8234 8534 79h
Jan.-Feb
Feb -Mar. _ _ _ 6 80% 88 8834 8635 8734 883487 86 833486 80
Mar.-Apr. ____ 6 82 893490 88 89 9035 89 8834 8534 88 82
6 80% 88 8835 86% 87% 88 87 8634 84 8634 8034
Apr.-May
May-June ____ 6 80 87 8734 8534 8634 8734 86 86 8334 86 80
June-July ____ 6 7534 82 8235 8034 8134 8234 81 8134 79 181 7534
July
____ 6 70% 77 78 7535 7634 7734 76 7634 7434 7634 71
-AugAug.
6 58 63 63 61 6135 6234 6034 6134 60 62 5634
-Sep.....
6 3934 44 45 '43 4335 45 4235 4335 4234 44 40
Sep.-Oct
_
6 30% 3434 3534 33 34 35 3235 33% 3234 34 30
Oct.-Nov_
Nov.-Dec.' ____ 6 26% 30 31 2834 2934 30 27%12835 2834 29 2534
Dec.-Jan.. -_-- 6 25 2835 2934 27 28 2834 26 27 26273.4 24
Jan.-Feb_
-- 6 25 283512934 27 28 2834 26 27 26 12735124
BREADSTUFF'S.
Friday Night, Jan. 23 1914.
Flour has been steady enough, but trade has continued
to be for the most part quiet and devoid of eventful features.
Early in the week there was said to be somewhat more inquiry, but it was not enough to change the situation. At
Chicago prices have been irregular, especially for the better
grades of spring and hard winter, while stocks of flour there
not understood to be large. At St. Louis trade has been
ell, and it is said that some mills have been shading prices
ttle. Even this, however, has failed to stimulate trade
•
318
•
[VoL. wain.
THE CHRONICLE
At Kansas City much the same state of dulness exists, taking the market as a whole, though some of the mills have reported an improvement in the demand. The production
last week at Minneapolis, Duluth and Milwaukee was 334,860
bbls., against 338,205 in the previous week and 386,465 last
year.
Wheat has declined at times and in general has shown
less snap. The tone has been more or less nervous and it
has been on the whole an unsatisfactory market to both
sides. At times the tone has been steady, owing partly
to a decrease in available supplies and some falling off in
the receipts. At Chicago the contract stocks decreased for
the week 235,000 bushels, and the total is now 6,895,000
bushels against 7,494,000 a year ago. A good export demand took place on the decline in the fore part of the week.
It is said, too, that Canadian officials are opposed to a
removal of the export duty by Canada, a fact which tended
to 'steady prices somewhat on this side of the line. Total
American supplies decreased during the week 3,026,000 bushels, against a decrease in the same time last year
of only 524,000 bushels. At times colder weather in the
winter-wheat section has combined with the export demand-half a million bushels were taken, mostly in Manitoba and hard winter early in the week-to infuse at least
temporarily a little more strength into the situation. But
the world's markets have on the whole shown a somewhat
weaker tendency, owing partly to larger world's shipments.
There was a notable increase from Australia. The total
from all countries last week was 14,624,000 bushels, against
13,600,000 bushels in the previous week and 15,520,000
in the same week last year. Of this total Australia
shipped no less than 3,264,000 bushels, against
1,880,000 bushels in the previous week and 1,328,000 in the sane week last year. From the Danube, too,
the total was 2,184,000 bushels, against 1,960,000
bushels in the previous week and 1,016,000 in . the
same week last year. Liverpool authorities on the wheat
trade take the ground that the Argentina movement is sure
to increase shortly, and also that Australian shipments are
certain to continue on a large scale. They also expect fair
to good shipments from North America, Russia and the
Danube. The demand from Germany of late, moreover,
has been rather disappointing. On the other hand, some
estimates of the Australian crop are smaller. Liverpool
complains of an absence of East Indian offerings and also
reports a lack of selling pressure from this country. And
as regards Argentina, whatever the offerings may be in the
future, just now it is admitted that they are comparatively
small. Argentina shipped last week only 816,000 bushels,
which, if they were about half a million more than in the
previous week, were over half a million less than in the same
time last year. Most Continental countries have been
steady buyers of wheat. To-day prices advanced with reports of large export sales, i. e., some 700,000 bushels within
a few days, mostly hard winter. Liverpool bulls insist that
Argentina and India together have an exportable surplus
75,000,000 bushels less than that of last year.
time the American supply, as every one knows, is liberal,
reaching a total of 48,479,000 bushels, according to one computation, against 22,046,000 a year ago and 25,028,000 at
this time in 1912. To-day prices advanced in response to the
rise in corn. Argentina's exportable surplus, it is said, will
be only 29,000,000 bushels, as against a previous estimate of
43,000,000 bushels.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Mon.
Tues.
Wed.
Thurs.
Fri.
Standards cts_455,6046 453%046 443%045 4436045 44%045 443%045
No. 2 white46(4)463% 46(4)463% 450453% 450453% 450453% 450453%
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 393% 39
393% 393% 393% 393%
39
39
39
383% 393% 393%
May delivery in elevator
July delivery in elevator
The following are closing quotations:
FLOUR.
$4 00054 15
Winter, low grades..--_$3 20@$3 40 Spring clears
Winter patents
4 80 500 Kansas straights,sacks_ 4 15 4 30
Winter straights
4 20 4 35 Kansas clears, sacks__ 3 75 4 00
5 85@ 6 15
Winter clears
3 80 4 15 City patents
3 20 3 80
Spring patents
4 55 4 65 Rye flour
Spring straights_______
Graham flour
3 80 4 50
GRAIN.
Wheat, per bushel-f. o. b.
cts.
Corn, per bushelN. Spring, No. 1
No. 2
74
$1 023%
N. Spring, No. 2
No. 2 yellow
9936
new72 072%
Red winter, No. 2
1 013%
No. 3 yellow
new
71
Hard winter,No.2,arrive 1 003%
Argentina in bags
71
Oats, per bushel, newcts.
Rye, per bushelStandards
New York
443%@45
69
No. 2, white
Western
4504536
673%
44044% Barley-Malting
No. 3
67080
For other tables usually given here, see page 284.
LAND AREA IN THE UNITED STATES AND ESTIMATED PROPORTION POTENTIALLY AVAILABLE
FOR AGRICULTURE IN EACH STATE.-The following
table is referred to briefly in our editorial columns to-day:
Slates
or
Territories,
Maine
New Hampshire
Vermont
Massachusetts _
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Delaware
Maryland
Virginia
West Virginia....
North Carolina_
South Carolina..
Georgia
Florida
Ohio
Indiana
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Illinois
Sat. Mon. Tues. Wed. Thurs. Fri.
Michigan
100
100
100
cts_1003% 1003% 100
Wisconsin
No.2 red
99
99/3s 99
993% 993% 100
May delivery in elevator
97%
963% 963% 963% 963% 97
July delivery in elevator
DAILY CLOSING PRICES OF WIIEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 923% 913% 918% 92
923% 938%
May delivery in elevator
873% 873% 873% 873% 88% 883%
July delivery in elevator
Minnesota
Iowa
Missouri
North Dakota
South Dakota....
Nebraska
Kansas
Kentucky
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
Montana
Wyoming
Colorado _
..... _
New Mexico
Arizona
Utah
Nevada
Idaho
Washington
Oregon
California
Estimated Percentage of Land
Percent. Areas of.
Total Area Potentially Available Percent. estimtaed estimated
Land
for
age of
Poten- Potentially
Area
Land
daily
tillable
in
NonArea
tillable
for
miltilled
NonArea
in
Each
Tilled
Agrilions
Crops
AgriWhich
Acre In
CutCrops.
of
Cut1909
Was In
Crops.
lure,
lure. Census. Crops.
Acres.
1909.
1909.
19
6
6
5
1
3
30
5
29
1
6
26
15
31
20
38
35
26
23
36
37
35
52
36
44
45
49
49
52
26
27
33
30
29
168
44
34
94
62
66
78
73
53
70
53
43
61
100
18
27
27
19
20
28
16
26
17
7
9
12
13
10
9
9
17
32
29
29
23
22
18
13
19
8
10
13
24
11
11
10
13
9
8
7
9
13
10
0
15
14
18
21
11
13
16
14
11
8
16
16
15
30
42
33
30
36
23
17
23
24
32
20
65
41
44
52
57
50
66
61
64
85
81
75
63
79
80
81
73
87
88
89
84
79
84
91
77
80
75
72
85
79
74
77
82
76
70
74
75
50
28
37
25
23
32
17
27
50
38
30
14
4
4
44
49
56
22
24
28
57
33
35
25
35
38
24
24
22
21
12
11
27
16
2
1
4
1
4
4
7
8
6
3
8
6
7
7
4
8
10
9
7
16
14
10
10
20
30
30
45
41
45
66
50
26
30
50
13
25
47
24
22
35
42
38
43
41
38
22
19
23
33
32
• 5
50
56
63
27
31
34
63
42
44
33
49
45
30
32
29
25
16
16
36
21
4
5
11
3
8
10
21
13
12
17
28
23
27
35
30
16
12
18
26
26
7.8
4.0
2.1
4.1
4.6
2.9
2.4
2.6
2.3
2.4
2.7
4.5
5.2
4.3
3.0
3.2
20.9
2.0
1.8
1.6
3.8
3.3
2.9
1.6
2.4
2.3
3.0
2.1
2.2
3.4
3.1
3.5
3.9
6.2
6.4
2.8
4.7
25.0
21.5
9.5
31.2
76.7
22.9
28.3
8.7
6.2
10.3
6.1
Indian corn futures have also declined, partly in sympathy
with wheat and partly owing to some dulness and depression
in cash corn. There is, it is worth while to remark, a decrease in the number of hogs in the U. S., according to one
statement, of 4,062,000, or a falling off of 7% as compared
with a year ago. Contract stocks of corn at Chicago in-.
creased 110,000 bushels last week and are now 2,196,000,
against 364,000 last year. Yet, after all, the decline has
o
1
not been very marked,for shorts have covered on every little
1
4
recession. In fact, it has been remarked that shorts have,
1
4
11
3
for the most part, had to buy from each other, as there has
s
16
been no great pressure to sell. The weather at the West has
4
10
5
16
been generally soft and country offerings have, therefore,
not been large, the roads in not a few sections being as usual
19
21
60
16
27
United States. 1.903
57
in such weather in rather bad condition. The world's shipments last week were only 3,528,000 bushels, against 4,758,EXPORTS OF WHEAT AND FLOUR FROM UNITED
000 in the previous week and 5,441,000 in the same week last STATES
PORTS.-We give below a compilation showing
year. To-day prices advanced on small country offerings, the exports
of wheat and flour from United States ports
an oversold condition of the market and big buying by the during the month
of November and the eleven months of the
shorts.
calendar years 1912 and 1913:
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Man. Tues. Wed. Thurs. Fri.
cts.Nom. Nom. Nom. Nom. Nom. Nom.
Cash corn
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
653% 658% 653% 65% 663%
cts_ 66
May delivery in elevator
653% 643% 643% 643% 64% 653%
July delivery in elevator
Oats, like other grain, have been rather weaker in price,
without showing any very marked change. Cash markets
have been dull at easier quotations. Though the contract
stock at Chicago has decreased somewhat, it is still 3,451,000
bushels, or ten times as large as it was at this time last year.
The trading has been mostly "in and out" transactions,
among professionals, and has disclosed no features of particular interest. There has been an increase in estimates
of the Canadian crop of 43,000,000 bushels. At the same
November 1913.
Ports.
Wheat,
Bushels.
New York
1,342,970
Maryland
73,926
Philadelphia ___. 586,423
Massachusetts _.
74,563
Other AtlanticNew Orleans...... 247,021
Other Gulf
117,653
Oregon
808,591
Washington
599,043
San Francisco..
182
Chicago
Other border_
Total all
Flour,
Barrels.
384,984
96,618
88,141
21,132
7,995
132,470
71,760
74,511
322,711
20,286
Eleven Months 1913. Eleven Months 1912.
Wheat,
Flour,
Wheat,
Flour,
Bushels.
Barrels.
Bushels.
Barrels.
*
43,515
3.R.50.372 1.275.123 115_8:111_221 11 ini 97c
-* Not compiled.
14,562,685 3,178,718
3,083,136
567,668
4,714,613
747,320
734,298
66,633
12,698
112,287
6,026,448
562,340
7,039,696
770,602
5,238,139
633,856
4,323,707 2,405,302
27,341
364,440
581,000
17,288
4,422,613
58,924
An
mio
"874.
n A03 nao
319
THE CHRONICLE
JAN. 24 1914.]
Business in domestic cotton goods continues to improve,
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and and the firm stand manufacturers have taken as regards
prices is gradually eliminating all weak spots in the market.
seaboard ports Jan. 17 1914 was as follows:
Cotton yarns have taken on a firmer tone and buyers are
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded becoming less expectant of any further reductions in prices
Rye. Barley. Barley,
Wheat. Wheat. Corn. Oats. Oats.
In Thousandsbush, bush, bush. bush. bush. bush. bush. bush. for finished goods. In gray goods and converting cloths
329
58
419
3
110 1,065
1,815 1,786
New York
the better demand has resulted in a firmer stand on the part
13
"
afloat
4 of mills,and buyers are confining their purchases to near-by
3
4
60
7
41
Boston
9 1,830
15
103
133
Philadelphia
999
323
and
immediate requirements. Prominent lines of bleached
2
-2 5-.
289 ____
218
Baltimore
854
509
goods are also held at slightly firmer levels. Buyers are tak113
144
New Orleans
623 ____
758
Galveston
ing an active interest in offerings of wash and dress fabrics,
500 1-,182 -555 -55 -iEi -55
Buffalo
507"iii
1,757
79 1,514
665 but are insisting upon prices on a level with last season on
411 3,048
afloat
4,989 1,681
27
-iiii 442 __ __
all business for future delivery, which it is reported some mill
Toledo
1,078
-656
"
afloat
agents prefer to accept rather than experience another season
215 ---- -iii --ii __- -56
Detroit
._
of dragging trade. Good orders have been booked on napped
420 --afloat
"
424 -555
6,445 ---- 8-,15i5 11,658 -555
Chicago
cotton lines as a result of the attractive opening prices
---124
450 -"
afloat
215
642
361
which have been named. Selling agents are of the opinion
141
300
Milwaukee
2-,155 331 646 139 that these price levels
239 1,274
848
11,741
Duluth
cannot last long, as mills cannot afford
275
226
1,225
"
afloat
to turn out the quality of goods desired at the prices now
734 1,147
-iii 1,558 ____
19,630
Minneapolis
42
66
365 1,383
1,891
named for any length of time,and that to keep prices down to
St. Louis
1,247 1,166
7,380
Kansas City
current levels on high-grade napped goods would have to
20
90 1,458
125
Peoria
516
175
243
be accomplished through adulterations and poor construcIndianapolis
33
--54
1,785 1,670
816
Omaha,
tion to offset the loss. New lines of flannels displayed show
Total Jan. 17 1914..62,491 8,862 15,280 25,235 7,129 2,261 5,147 1,227 pronounced improvement in variety of designs and coloring
Total Jan. 10 1914_63,883 8,936 14,212 26,241 6,786, 2,252 5,631 1,230 over previous seasons, and are being well received. Gray
222 1,619 3,286
134
Total Jan. 18 1913..66,824 5,339 7,652 9,315
goods, 383/
2-inch standard, are quoted at 5M to 59-ic.
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
WOOLEN GOODS.-Both men's wear and dress goods
Rye. Barley. Barley.
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush. bush. bush, bush. bush. markets continue unsettled as a result of the unsteady and
In Thousands• 292 ____
19
684
24
464 ___ uncertain price situation. In men's wear the new fall season
Montreal
Ft.William&Pt.Arthur.10,321
4,027 ____
is well under way, and initial buying has been good, though
4,006
2,442
'
afloat
11,427
---_ 10,004
confined largely to serges. Some lines of fancy goods, wellOther Canadian
made and attractively-styled, have sold well. Overcoatings,
19 17,157
24
464
Total Jan. 17 1914..26,046
21 14,069
chinchillas and mackinaws have sold heavily, to the disad24
469
Total Jan. 10 1914..24,628 ____
22 8,601
50
Total Jan. 18 1913-21,817 ____
vantage of other less popular lines. The demand for both
SUMMARY.
Bonded
Bonded domestic and imported chinchillas has been very good, and
Bonded
Wheat. Wheat, Corn. Oats. Oats.
Rye. Barley. Barley. some importers are reported to have sold up their full account.
bush, bush, bush, bush. bush. bush, bush. bush.
In Thousandsdress goods the opening of the new fall season is delayed
62,491 8,862 15,280 25,235 7,129 2,261 5,147 1,227 In
American
26,046
____
19 17,157
24
464 ____ by the backwardness of the spring season. Some lines of
Canadian
cloakings have been shown and a moderate business done,
Total Jan. 17 1914..88,537 8,862 15,299 42,392 7,129 2,285 5,611 1,227
Total Jan. 10 1914...88,412 8,936 14,233 40,310 6,786 g,276 6,100 1,230 but suitings are still held up awaiting a clearer idea of what
222 1,619 3,346
134 prices will be and a livelier interest on the part of buyers.
Total Jan. 18 1913..88,641 5,339 7.674 17,916
Throughout the woolen and worsted trade the opinion is
THE DRY GOODS TRADE.
daily growing that manufacturers were too radical in their
New York, Friday Night, Jan. 23 1914.
price-cutting and that the extent of foreign competition to be
Dry goods merchants are gaining greater confidence in met was greatly overestimated.
FOREIGN DRY GOODS.-Sentiment among linen merthe future. It has long been conceded that, beyond lack of
confidence, there was nothing to complain of in the dry goods chants continues to improve and a steady volume of business
situation, and business from now on is expected to improve. is being charged up. Stocks are low at all points and on all
Manufacturers of all fabrics are in control of the situation, descriptions of goods,with little prospects of being restored
having no accumulation of stocks to dispose of,'while on the to normal levels for some time. Local merchants report a
other hand retailers and secondary distributers are carrying steady call for bleached and unbleached goods and state that
very light supplies. There is a large number of buyers in the all offerings of dress linens, particularly in solid colors, are
local market attending the annual conventions, and whlie selling in excess of supplies. A good spring and summer seathey have not given much attention to their future require- son is looked forward to, especially since the disposal of the
ments, they are taking an active interest in all offerings. currency legislation, as a much better state of finances is exSome complaint of high prices is heard, but selling agents and pected to prevail among country merchants. The market
commission houses are very firm in their views, and where for crashes is completely sold up and all descriptions of housereadjustments have been made the tendency has been toward hold wear are in steady demand. It is reported that towelhigher prices. All lines of staple cotton goods are in steady ings, tablewear and other staple household linens cannot be
request for near-by and immediate requierments, but buyers obtained in anything like the required quintities. In view
are slow in placing orders for any great distance ahead. of the change of business sentiment, distributers are not conSelling agents are warning them that mills for several months cerned about prices holding their own, and expect a rising
past have been turning out goods only against actual business, Market from now on, especially in view of the firm reports
and as a result there will not be sufficient goods on hand to received from producing centres abroad. While burlaps have
meet the demand should any pronounced improvement in developed more activity, the general undertone is easy, with
buying take place. This is borne out by the fact that as prices considerably lower. According to some reports, supsoon as demand on any of the staplc lines improves to any plies are accumulating. Light-weights are quoted at Sc.
extent, prices immediately strengthen. In the woolen and to 5.20c. and heavy-weights nominally at 6.25c.
worsted trade an active re-order demand is reported on spring Importations & Warehouse Withdrawals of Dry Goods.
and summer lines and initial business for the fall 1914 season
The importations and warehouse withdrawals of dry goods
has been good. A rather lean year is looked for as regards at this port for the week ending Jan. 17 1914 and since
manufacturing profits, but domestic lines hope to hold their Jan. 1 1914, and for the corresponding periods of last year,
own despite reductions in the tariff. It is now pretty gen- were as follows:
erally believed that manufacturers of both men's wear and Imports Entered for Consumption for the Week and Since Jan. 1.
dress goods were too radical in their price reductions, and
Week Ending
Jan. 17 1914.
Since Jan. 1 1914.
that better prices will be'witnessed as time passes, particuPkgs.
Value.
Value.
Pkgs.
larly on those lines which prove to be least affected by.foreign. Manufacturers of$
Wool
1,498
507,381
5,088
1,694,238
competition. Export inquiry for cotton goods is improving
Cotton
3,131
955,992
11,959
3,508,320
and moderate sales have been reported for China and Red
Silk
1,303
659,412
4,375
2,203,004
Flax
1,029
244,687
4,891
1,173,017
Sea account, aggregating in all about 3,000 bales. The orMiscellaneous
3,233
338,029
8,451
1,007,400
ders consisted of light-weight sheetings, which are being taken
Total 1914
10,194 2,705,501
34.764
to fill out requirements. If there is no further advance in
9,585,979
Total 1913
32,812 8,472.878
11,368 2,988,089
prices, it is expected that an improved export demand will
Warehouse Withdrawals Thrown Upon the Market.
develop in the near future.
Manufactures ofWool
1,291
302,682
11,156
2,975.773
DOMESTIC COTTON GOODS.-The exports of cotton
Cotton
329,173
2,970
1,144
860,474
goods from this port for the week ending Jan. 17 were 7,657
Silk
142,042
319
947
408.728
packages, valued at $479,351, their destination being to the
Flax
548
137,729
1,5,33
382,719
Miscellaneous
2,934
246,087
6,719
555,072
points specified in the tables below:
New York to Jan. 17Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Total
-1914Since
Week.
23
52
4,152
50
358
721
3
282
1,289
727
7,657
--1913
Since
Jan. 1.
Week. Jan. 1.
82
85
181
6
58
75
4,152
4,581
4,581
___
1,435
1,376
6501,591
..
1,045
702
2,694
3,075
1,141
22
249
27
1,216
600
1,085
2,354
502
3,659
3,082
328
3.976
16,791
7,577
20,824
The value of these New ork exports since Jan. 1 has been
1,` 88,045 in 1914, against $1,562,195 in 1913.
Total withdrawals
Entered for consumption
6,236 1,157,713
10,194 2,705,501
23,325
34,764
5,182,766
9,585,979
Tow
marketed 1914
58,089 14,768,745
16,430 3,863,214
Total marketed 1913
15,175 3,706.150 44,593 10,430,521
Imports Entered for Warehouse During Same Period.
Manufacturers of
Wool
697
242,638
3,143
1,061,902
826
255,587
Cotton
2,072
589,399
206
79.392
832
Silk
366,574
642
153,696
Flax
1,575
368.785
Miscellaneous
2,111
111,839
3,477
330,316
Total
Entered for consumption
Total imports 1914
Total imports 1913
4,482
843,152
10,194 2,705,501
11,099
34.764
2,716,976
9,585.979
14,676
14,146
45,863
45,283
12,302,955
10,435,969
3,548,653
3,598.445
320
TIIE CHRONICLE
.
,GTAT;r- AND CITY DEPAIlItirENT. 1
News Items.
Cuba (Republic of).-Bond Sale.-It was announced
last Saturday (Jan. 17) that the offer of J. P. Morgan & Co.
to pay 94 for $10,000,000 5% bonds of the Republic had
been accepted. As stated in V. 98, p. 83, proposals for the
loan were invited until Jan. 15.
The bonds will run 35 years, sinking fund to commence
on Jan. 1 1920, and the Cuban Government will pay 1023'
for drawn bonds if unable to purchase the bonds necessary
for the sinking fund upon the market at a lower figure. The
Cuban Government will also be entitled at any time after
Jan. 1 1920 to extend the operation of the sinking fund or
redeem all bonds outstanding at 105.
The bonds will be an obligation of the Republic of Cuba
and will have as special security 10% of the customs receipts.
Associated with Messrs. J. P. Morgan & Co. are Messrs.
Kuhn,Loeb & Co., the First National Bank and the National
City Bank.
Oklahoma.-Court Nullifies Referendum Petitions for Submission of Capital Appropriation Bill and Amended Election
Law.-The State Supreme Court in a decision rendered
Jan. 13 nullified referendum petitions asking for a popular
vote on the Capitol Appropriation Bill and the first six
sections of the general election law. Concerning this case,
the Oklahoma City "Oldahoman" says in part:
Both petitions were attacked on the same ground, the issues joined and
the two cases presented to the Court as one,the main contention being on
the time of the adjournment of the Legislature. It was contended that the
constitutional provisions requiring the filing of referendum petitions with
the Secretary of State within ninety days after final adjournment of the
Legislature, which passed the law sought to be referred, had not been complied with. The capitol petitions were filed on Oct. 2 and the election law
petitions were filed a few days later. By holding the Legislature adjourned
on June 30 and July 1 the Court invalidates both petitions for the reason
they were not filed within ninety days after adjournment.
The backers of the petition proceeded on the theory that the Legislature
adjourned on July 5, and filed their petitions within the required ninety
days following that date, instead of July 1, or June 30, the time the records
show the members of the Legislature actually quit work, gathered together
their personal effects, paid their hotel expenses and left for their homes,
with no intention of returning for legislative work.
It is considered certain that this decision will also invalidate the general
revenue bill, providing for raising more than $1,000,000 through special
taxes on mining property, gross revenue tax and a graduated land tax, and
perhaps will affect other legislation passed during the closing days of the
session. This does not leave the State without a revenue bill, however,
the former law continuing in full force and effect. It is necessary under
the constitution that all revenue measures be passed within five days of
final adjournment. The revenue bill was passed the day before the session
actually closed on June 30, and therefore is defeated for the reason that
the five-day constitutional limitation was not complied with. The adjournment program adopted by the Legislature, in which it sought to delegate authority to a minority to adjourn the session sine die on July 5, was
done, it was said at the time, to validate the revenue measure.
Just what effect the decision may have on other legislation remains to
be seen.
The opinion was written by Judge Stillwell Russell of Ardmore and has
the unanimous concurrence of the other members of the Court.
Early press accounts of this decision made it appear, as
stated last week, as though the Court had held invalid petitions which sought to set aside the transfer of the capital
from Guthrie to Oklahoma City.
Bond Proposals and Negotiations this week
have been as follows:
ABERDEEN SCHOOL DISTRICT NO. 5, Chehalis County, Wash.
-BONDS NOT SOLD.-No bids were received on Jan. 17 for the $96,035 55
soup. funding bonds offered on that day (V. 98, p. 174).
ACADIA PARISH (P. 0. Crowley), La.-BONDS AUTHORIZED.
According to local newspaper reports, the police jury recently authorized
the issuance of $170,000 5% 10-year good.-roads bonds.
AKRON, Ohio.-BOND SALE.-01'the nine issues of 5% street-impt.
bonds, aggregating $320,655, offered on Jan. 19 (V. 98, p. 84) seven issues,
amounting to $295,255, were awarded on that day as follows: $250,150
(4 iss.) to Breed, Elliott & Harrison of Cincinnati for $253,620 37 and
$45,105 (3 iss.) to Spitzer, Rorick & Co., Toledo, for $46,251. Other bids
were:
Bidder.
Amount.
Premium.
Breed, Elliott & Harrison, Cincinnati
$320.655
$4,738 21
Tillotson & Wolcott Co., Cleveland
320,655
3,482 00
Hayden, Miller & Co., Cleveland
320,655
3,350 00
Otis & Co., Cleveland
320,655
3,305 00
Cincinnati
Trust
Co.,
Provident Say. Bank &
2,970 01
305,705
Weil, Roth & Co., Cincinnati
252,275
3,011 60
70,605
Spitzer, Rorick & Co., Toledo
1,539 00
Koehler, Cummings & Prudden, Toledo
70,505
1,205 50
a aaaaaaaaaaa a a 27,105
666 40
0-0-0-"P' Wir aaaaa sanitary-sewer bonds
The $15.000 Rider Ave. and $115,were withdrawn.
ALBANY, N. Y.-BOND OFFERING.-Further details are at hand
relative to the offering on Feb. 18 of the following 43 % non-taxable bonds
(V. 98, p. 174):
$200,000 coupon or reg. river-front-impt. bonds, Third Series. Due
March 11964.
120,000 registered river-front-impt. bonds. Due March 1 1954.
100,000 registered water-system-ext. bonds. Due $5,000 yearly March 1
from 1915 to 1934 incl.
10,000 registered School No. 24 repair bonds. Due $1.000 yearly
March 1 from 1915 to 1924 incl.
Proposals for these bonds will be received until 11 a. m. on that day by
John M. Foil, Comptroller. Denom. $1,000. Date Mar. 1 1914. Int.
M.& S.($200.000 issue) at the City Treas.office (last 3 issues) by mailed
checks. Cert. check for 2% of bonds bid for, payable to the City Treas.
required. The legality of these bonds will be examined by Caldwell, Masslicit & Reed of N.Y.and Arthur L. Andrews, atty., Albany, whose opinions
will be furnished to purchasers. Bonds will be ready for delivery Mar. 2
1914, or as soon thereafter as possible.
W ALBANY, Shackelford County, Tex.-BONDS NOT SOLD.-No sale
has yet been made of the $20,000 5% 10-40-yr. (opt.) water-works bonds
voted in November (V. 97. p. 1444). Denom.$500. Int. ann. in Nov.
ASHLAND (TOWN), (P. 0. Elmira), Chemung County, N. Y.
BOND SALE.-On Jan. 15 $5,000 5% 1-10-year (ser.) town-hall-bldg.
bonds were awarded as follows: $4,000 for 31,005-equal to 100.125-to
E.B. Croocker. and $1,000 at 103 to Lois Lain. Other bids were:
100.10'John J. Ford ($1,500)
Henry J. Hass
100
Denomination $500. Interest F. & A. Due $500 yearly.
yWASOTIN COUNTY (P. 0. Asotin), Wash.-BIDS.-The following are
the bids received for the $35,000 10-20-yr. (opt.); old coupon tax-free high
way-constr. bonds offered on Jan. 5:
[VOL. XON1II,
Price Bid. Int. Rate.
Farson, Son & Co., Chicago
$35,661 50
5%
R. M. Grant & Co., Chicago
35,570 00
5%
Causey, Foster & Co., Denver
35,550 00
53
Smith & Pashall, Seattle
35,350 00
5% o
Hoehler & Cummings, Toledo
35,250 00
5%7
Ltunberman's Trust & Say. Bank, Portland
35,120 00
5%
Spokane & Eastern Trust Co., Spokane
35,112 00
5%
Wm. R. Compton Co., St. Louis
35.035 35
53Charles S. Kidder & Co., Chicago
35,012 00
5%
James N. Wright & Co., Denver
35,875 00
6i
Spitzer, Rorick & Co., Toledo_
35,837 00
6
H. T. Holtz & Co., Chicago
Ferris & HardgroveSpokane
35:500 00
6 o
Newspaper reports stated that these bonds were awarded to the Bank
of Asotin County for $35,001 as 5s, less $490 for attorney's fees (V. 98,
p. 250). It will be noticed, however, that this institution is not included
in the above list of bids, which was furnished us by the County Auditor.
ATKINSON, Holt County, Neb.-BOND OFFERING.-Proposals
will be received until Feb. 15 by the Vii. Board for $5,0006% water-systemconstr. bonds. Authorized by vote of 155 to 15 at an election held Sept. 9.
Denom. $500. Int. ann. on Oct. 6 at the State Treas. office. Due Oct. 6
1933, subject to call after Oct. 6 1918. Cert. check for $500 required.
No bonded debt at present. Assessed val. $157,659. D. L. Jouvenat is.
VII. Clerk.
ATLANTIC CITY, Atlantic County, N. J.-BOND SALE.-Ort
Jan. 22 the following 4%% gold coup. tax-free bonds, aggregating $675,000.
offered on Jan. 21 (V. 98, p. 175) were awarded to Adams & Co., R. M
Grant & Co. and punts & Sanger of N. Y.at their joint bid of 101 and int.
"for all or none."
$150,000 drainage bonds. Date July 1 1913. Due July 11943. .
350,000 water bonds. Date Jan. 1 1914. Due Jan. 11944.
175,000 paving bonds. Date July 1 1913. Due July 1 1938.
Other bids were:
Blodget & Co.and Remick,Hodges & Co., N.Y.,(Drainage __ _3151,191 00
joint bid "for all or none"
352,779 00
i Water
176,389 50
Spitzer, Rorick & Co., N. Y. "for all or none" at 100.275.
C. H. Venner & Co., N. Y.,for water bonds
3352,194p5a0r
Sinking Fund Commission, for drainage bonds
AVALON, Los Angeles County, Calif.-BOND ELECTION PROPOSED.-Reports state that an election will be held in March to vote on
the question of issuing $75,000 water and $12,000 gas-plant-installation bds.
BAKER, Baker County, Ore.-DESCRIPTION OF BONDS.-The
$54,751 5% pipe-line-constr. bonds offered without success on Dec. 20
(V. 98, p. 250) are in the denom. of $500 and bear date of March 1 1914.
Int. M.& S. Due in 20 years•
BOND OFFERING.-Proposals will be received until 12 m.Feb. 16 by
James Cunning, City Clerk, for $98,851 5% semi-ann. 20-year water bonds.
Cert. check for 5% required.
BANGOR, Northampton County, Pa.-NO ACTION YET TAKEN.
-The Borough Secretary advises us that no action has yet been taken looking towards the issuance of the $10,000 fire-engine-purchase bonds authorized by the Town Council on Dec. 20(V. 97, p. 1919)•
BELL COUNTY (P. 0. Belton), Tex.-BONDS VOTED.-The question of issuing the $600,000 Road-District No. 5 bonds (V. 97, p. 1838).
carried, it is stated, at the election held Jan. 15 by a vote of 1,769 to 518.
BELL COUNTY ROAD DISTRICT NO. 4, Tex.-BONDS VOTED.
By a vote of 28 to 2, the question of issuing the $15,000 road bonds(V.98.
P• 175) carried, reports state, at the election held Jan. 10.
BELLE PRAIRIE TOWNSHIP(P.O. Little Falls), Morrison County,
Minn.-BONDS DEFEATED.-The question of issuing $5,000 5% 20-yr.
bonds failed to carry at an election held Dec. 30. The vote was 20 "for"
and 56 "against."
BERKELEY SCHOOL DISTRICT (P. 0. Berkeley), Alameda
County, Calif.-BOND ELECTION.-The propositions to issue $1.080,000
grammar and $240,000 high-school bonds (V. 98, p. 175) will be submitted
to a vote on Feb. 21 (and not Feb. 1, as first reported). it is stated.
BEXAR COUNTY (P. 0. San Antonio), Tex.-BOND SALE.-The
five issues of 5% bonds. aggregating $1,000.000, offered on Jan. 15 (V. 98,
p. 175) were awarded, according to reports to a Chicago syndicate composed of the William R. Compton Co., Continental & Commercial Trust &
Say. Bank, N.W.Halsey & Co.,E. H. Rollins & Sons and A.B.Leach &Co.
BIG COLD WATER DRAINAGE DISTRICT, Cabarrus County,
No. Caro.-BONDS NOT YET SOLD.-The Co. Treas. advises us that
no sale has yet been made of the $18,325 6% 3-12-yr. (ser.) gold landpurchase bonds offered without success on Nov. 10 (V. 97, p. 1525)• He
further states that the bonds will not be re-advertised and that they will
probably be sold in the county.
BINGHAMTON, Broome County, N. Y.-BOND OFFERING.
Further details are at hand relative to the offering on Jan. 30 of the $125,000
4%% high-school-bldg. bonds (V. 98, p. 250). Proposals for these bonds
will be received on or before 10 a. m. on that day by F. M. Hopkins, Secy.
Board of Estimate and Apportionment. Denom. $1,000. Date Jan. 31
1914. Int. F.& A. at the City Treas. office. Due $25,000 yearly Aug. I
from 1930 to 1934 incl. Bids must be accompanied by cash, certified check
or N. Y. draft, payable to the above official, for 2% of the bonds, and the
balance with any accrued interest on Feb. 4, at which time the bonds
will be ready for delivery.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.-BOND OFFERING.-Geo. H. Newbauer, County Treasurer, will receive bids until 12 m.
Feb. 2. it is stated, for $12,600 43-i% road bonds.
BOONE SCHOOL DISTRICT (P. 0. Boone), Boone County, Iowa,
-BONDS VOTED.-The election held Jan. 15 resulted, reports state, in,
a vote of 489 to 90 in favor of the question of issuing not more than $10,000
school-equipment bonds (V. 97, p. 1838)•
BOSSIER PARISH (P. 0. Benton), La.-BONDS TO BE OFFERED
SHORTLY.-We are advised by the Attorney for the Road District, under
date of Jan.14,that the $175,000 5% road-constr. bonds (V. 97, 13. 1152
will be ready for sale within the next two or three weeks. Int. semi-ann.
BRADENTOWN, Manatee County, Fla.-BOND OFFERING.
Proposals will be received until 7:30 i. m. Feb. 16 by the City Council,
William Kean, City Clerk, for the $95,000 5% 20-30-yr. (opt.) water,
sewerage, drainage and street-impt. bonds voted Dec. 2 (V. 97,p. 1762).
Denom. $500. Date Feb. 11914. Int. F. & A. Cert. check for $1,000
required.
BRIDGEPORT VILLAGE SCHOOL DISTRICT (P. 0. Bridgeport).
Belmont County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. March 2 by T. W. Williams, Clerk Bd. of Ed., for the
$60,000 5% coupon building bonds voted Dec. 18 (V. 98, p. 84). Auth.
Secs. 7625, 7629 and 7630 Gen. Code. Denom. $1,000. Date "day of
sale". Int. M.& S. Due $5,000 Sept. 1 1930 and 1931 and $5,000 yearly
Sept. 1 from 1934 to 1943 incl. Cert. check for 5% of bonds bid for
required.
BRISTOW, Boyd County, Neb.-BOND OFFERING.-Thts village is
offering for sale at par and int. the $3.500 5% 5-20-yr.(opt.) electric-light
bonds voted Nov. 3 (V. 97, p. 1445). Denom. $500. Date Jan. 2 1914.
Int. J. & J. Albin Olson, Village Clerk.
BROADWAY, Rockingham County, Va.-BONDS VOTED.-This
town, it is stated, has voted 35 to 29 to issue $5,000 light-plant bonds.
BROOKLINE, Mass.-TEMPORARY LOAN.-A loan of $165,000
dated Aug. 1 1913 and due Aug. 1 1914 was negotiated, we have just been
advised, with Blake Bros. & Co. of Boston at 5%% interest.
BRUNING, Thayer County, Neb.-BONDS NOT SOLD.-No sal i
has yet been made of the $12,7005%% water and light bonds voted Oct. 29..
(V. 97, P. 1445.)
BRYAN, Brazos County, Tex.-BOND ELECTION.-An election.
will be held April 7, it is stated, to submit to a vote the proposition to issu
$12,000 street-paving bonds.
BUFFALO, N. Y.-BOND SALE.-We are advised that White, Weld'
& Co. of N. Y., who offered 104.311 for all or none of the $1,500,000 434 °)
20-yr. reg. tax-free school-building-and-equipment bonds offered yesterd iy(Jan. 23) (V. 98, P. 250) were awarded the same. Other bids for entire
issue were:
Adams & Co., New York, 103.922.
Remick, Hodges & Co., Estabrook & Co. and N. W. Halsey & Co., N e.
York, jointly, 103.833.
JAN. 241914.]
THE CHRONICLE
Lee, Higginson & Co. and Parkinson & Burr, New York, jointly, 103.789
Kountze Bros.. New York. 103.531.
CABELL COUNTY (P. 0. Huntington), W. Va.-BOND OFFERING.
-Proposals will be received until Feb. 3d for the $100,000 45. % 20-30-Yr•
road-impt. bonds (V.97. p. 1838). D.I. Smith, President County Court.
CADILLAC, Mich.-BOND ELECTION PROPOSED.-A proposition
to issue $65,000 sewer bonds will, in all probability, be submitted to the
voters the first Monday in April. No definite action had been taken up
to Jan. 17.
CALDWELL COUNTY (P. 0. Lockhart), Tex.-BOND SALE.-The
$50.000 5% 20-40-yr. (o,pt.) Road Dist. No. 1 bonds voted Oct. 14 (V. 98.
p.85) have, it is stated, been awarded to local bankers.
CAPE GIRARDEAU SCHOOL DISTRICT (P. 0. Cape Girardeau),
Cape Girardeau County, Mo.-BONDS NOT YET ISSUED.-We are
advised by the Secy. Bd. of Ed. that the $125,000 (not $12,500 as first
reported) building bonds voted Nov.. 4 (V. 97, p. 1445) have not yet been
Issued. He further states that the details of the bonds are to be determined by the Board and purchasers.
CARROLL, Carroll County, Iowa.-BOND SALE.-The $13,000
% city-hall bonds voted Nov. 7(V. 97, p. 1525) have been sold to Geo.
M.Bechtel & Co. of Davenport at par. Denom.$500. Date Dec. 1 1913.
Int. J. & D. Duo in 5, 10, 15 and 20 years.
CARROLL COUNTY (P. 0. Delphi), Ind.-BOND OFFERING.Proposals will be received, it is stated, until 2 p. m. to-day (Jan. 24) by
W.-H. Lesh, County Treas., for $5.600 4 % road bonds.
CASS COUNTY (P. 0. Logansport), Ind.-BOND OFFERING.
will offer for sale on Jan. 26 $12,800
%
M. M. Minnick, Co.
Treas.'bonds. Denom. $640. Date Jan. 15 1914.
Bell Road, Harrison Twp.
The first bond becomes due May 15 1915.
CEDAR FALLS, Black Hawk County, Iowa.-BOND ELECTION.
According to reports an election will be held Feb. 16 to vote on the proposition to issue $25,000 electric-light and power-plant-completion bonds.
(V. 98, p. 251.)
CHEMUNG COUNTY (P. 0. Elmira), N. Y.-BOND SALE.-On
Jan. 20 the $12,495 4%% 9%-yr. (aver.) coupon highway bonds (V. 98,
p. 251) were awarded to the Elmira Savings Bank, Elmira, for $12,545
(100.40) and int. Among the other bids received were:
Sawyer, Noble & Co.,Elm.$12,526 251Adams & Co., N. Y
$12,507 55
CHEVIOT (P. 0. Cincinnati), Hamilton County, Ohio.-BOND
SALE.-On Jan. 12 the two issues of 5% assessment bonds, aggregating
$7,725 04 (V. 97, p. 1762) were awarded to the Atlas Nat. Bank of Cincinnati at 101.25. The First Nat. Bank of Cheviot offered a premium
of $33 10.
CHICAGO, Ill.-BOND SALES OVER COUNTER.-or the $1,880,000
4% gold general corporate bonds being offered at par and int. "over the
counter",$938,000 had been sold up to yesterday (Jan. 23), according to
press dispatches.
CINCINNATI SCHOOL DISTRICT (P. 0. Cincinnati), Ohio.BOND OFFERING.-Proposals will be received until 12 m. Feb. 9 by Wm.
Grautman, Clerk Bd. of Ed., for $100,000 4%% 20-yr. coupon schoolsite-purchase-and-impt. bonds. Denom. $1,000. Date "day of sale"
Int. semi-ann. at the American Exchange Nat. Bank, N. Y. Cert. check
for 5% of bonds bid for, payable to the Bd. of Ed., required. Purchaser
to pay accrued interest.
CODORA SCHOOL DISTRICT, Glenn County, Calif.-BOND
ELECTION.-An election will be held to-day (Jan. 24) to vote on the
question of issuing $12,000 6% site-purchase-bldg. and equipt. bonds.
Denom.$1,000. Int. semi-ann. Due $1,000 yrly. from 3 to 14 yrs. incl.
COLLIN COUNTY (P. 0. M'Kinney), Tex.-BOND ELECTION.An election will be held Feb. 21, it is stated, to submit to a vote the questions of issuing $125,000 Celina Good Roads District No. 7 and $200,000
Farmersville District road bonds.
BOND ELECTION PROPOSED.-Reports state that a petition has been
presented to the Commissioners' Court asking for an election to vote on
the proposition to issue $100,000 Prosper Good Roads District bonds.
COLUMBIA COUNTY (P. 0. St. Helen), Ore.-BOND ELECTION.Reports state that an election will be held in this county to vote on the
question of issuing $360,000 road bonds.
COVINGTON COUNTY (P. 0. Collins), Miss.-BOND OFFERING.
Reports state that proposals will be received until 12 m. Feb. 2 by R. Norwood, Clerk. for $10,0006% road bonds. Cert. check for $500 required.
CROOKSTON, Polk County, Minn.-BOND SALE.-On Jan. 13
$13,668 87 1-10-yr. (serial) paving and $3,321 20 1-5-yr. (ser.) sewer 6%
bonds were awarded to the Minnesota Loan & Trust Co. of Minneapolis
for $17,140 07, making the price 100.882. A bid of $16,932 57 was received from the Wells & Dickey Co. of' Minneapolis.
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BONDS VOTED.-An
election held Dec. 30 resulted ,it is stated, in favor of bonding the Avon
Park Sub-School District for $25,000.
DEXTER, Stoddard County, Mo.-BOND SALE.-On Jan. 5 the
$28,000 water-works and $25.000 sewer 10-20-yr. (opt.) bonds offered
without success as 5s on Oct. 6(V. 97. p. 1060) were awarded to Wm. R.
Compton Co. of St. Louis for 5%s at a price above par. Denom. $1,000.
Date Jan. 15 1914. Int. J. & J.
DOTHAN, Houston County, Ala.-DESCRIPTION OF BONDS.
The City Clerk advises us that the $40,000 5% 10-20-year (opt.) city-hall
bonds awarded to Spitzer, Rorick & Co. of Toledo on Jan. 9 at par (V. 98,
in the denomination of $1,000 each and bear date of July 1 1913.
rn
.e.51)
. tgej.
DRESDEN, Weakley County, Tenn.-BOND OFFERING.-Proposals
will be received for the next 30 days by R. L. Suddath, Mayor,for $27,000
6% 20-yr. refunding municipal water and light bonds. Int. ann. Cert.
check for 1% required. These bonds were offered without success on
June 16 (V. 97, p. 129.)
DUVAL COUNTY (P. 0. Jacksonville), Fla.-NO ACTION YET
TAKEN.-We are advised that no action has been taken looking towards
the offering of the $150.000 5% 30-yr. gold coupon site-purchase and
armory-constr. bonds validated by the Circuit Court on Dec. 29. (V. 98.
p. 175).
ELIZABETH, N. J.-BOND SALE.-The $303,000 43% 40-year
school bonds authorized March 18 (V. 96. p. 1245) have been disposed of
at par as follows:
$75,000 awarded on June 10 to the Union County Say. Bank, Elizabeth.
53,000 awarded on June 11 to the Comnus. of the Sinking Fund of
Elizabeth.
175,000 awarded on Aug. 6 to A. B. Leach & Co., New York.
These bonds are dated July 1 1912.
ENFIELD, Hartford County, Conn.-BOND SALE.-On Jan. 15 the
$50,000 4 % 20-yr. coupon gold school bonds (V. 97, D. 1921) were
awarded to Richter & Co., of Hartford at 100.75 and int. Spitzer, Rorick
& Co. of N. Y. bid 100.675.
ENFIELD TOWNSHIP (P. 0. Enfield), Halifax
No. Caro.BOND SALE.-On Jan. 16 the $60,000 6% 40-yearCounty,
(serial) coupon road
bonds (V. 97, p. 1921) were awarded to Sidney Spitzer & Co. of Toledo at
103.005 and int. Other bids were:
90 Hoehler, Cummings & PruStacey & Braun, Toledo....$61
I den, Toledo
Spitzer, Rorick & Co.,
$61,355 00
Toledo
61,602 00 Ulen & Co., hicago
61,270 00
First Nat. Bank. Cleve__ 61,559 60 Hayden, diller&Co
60,690 00
FAIRVIEW, Bergen County, N. J.-BOND OFFERING.-Further
details are at hand relative to the offering on Jan. 28 of the $117,000 5%
30-year coupon or registered funding bonds (V 98, p. 252). Proposals for
these bonds will be received until 8 p. in. on that day by James F. Lyons,
Borough Clerk. Denom. $1,000. Date Jan. 11914. Int. J. & J. Certified check on an incorporated bank or trust company for 5% of bonds
bid for, payable to the Borough Clerk, required. These bonds will be
certified as to genuinenesss by the U. S. Mtge. & Trust Co.,and their
legality approved by Hawkins, Delafield & Longfellow of N. Y. City,
whose opinion will be furnished successful bidder. Purchaser to pay
accrued interest. Bids must be made on forms furnished by the Borough
Clerk. Bonded debt, this issue; floating debt, $12,000; assessed value,
$2,207,474.
FARMER'S IRRIGATION DISTRICT, Neb.-BOND OFFERING.
Proposals will be received until 12 m. Feb. 3 by Bd. of Directors, V. S.
Ramsey, Secy. (P. 0. Scottsbluff), for $76.500 6% serial bonds. Bids
will not be entertained for less than 95% of par value of bonds. A like
321
issue of bonds was reported sold on Aug. 5 to the Tri-State Land Co.
(V. 97, P. 466.)
FILLMORE COUNTY SCHOOL DISTRICT NO. 20 (P. 0. Exeter),
Neb.-BONDS NOT YET SOLD.-We are advised by the Sec. Bd. of Ed.
that no sale has yet been made of the $40,000 5% 5-20-yr. (opt.) coupon
bldg. bonds (V. 97. p. 1525). He further states that no action will be
taken towards the sale of the bonds for some time.
FORD CITY (P. 0. Detroit), Wayne County, Mich.-NO BONDS
AUTHORIZED.-Using newspaper reports, we stated that on Nov. 13
the issuance of about $20,000 sewer, water and light bonds was authorized
by this place (V. 97, p. 1526). We are now advised that the issuance of
bonds was merely suggested by local papers and that the village did not
authorize the same.
FORT MYERS, Lee County, Fla.-BOND OFFERING.-Proposals
will be received at any time by D. W.Sumner, City Clerk, for $30,000 5%
20-yr. municipal-street and sidewalk bonds. Denom. $1,000. Date
July 2 1913. Int. J. & .1. These bonds are part of an issue of $60,000 of
which $30,000 has already been disposed of (V. 97, p. 1368)•
FOUNTAIN COUNTY (P. 0. Covington, Ind.-BOND SALE.
On Jan. 21 the four issues of 4%% highway-improvement bonds, aggregating $65.900 (V. 98, p. 252), were awarded to the Fletcher-American
Nat. Bank of Indianapolis for $66,533 50-equal to 100.941.
Other bids were:
J. F. Wild & Co., Indianapolis
366.468 00
Miller & Co., Indianapolis
66,392 75
E. M. Campbell & Sons Co.. Indianapolis
66,240 99
Spitzer, Rorick & Co., Toledo
66,151
Denoms. $935, $830. $715 and $815. Date Nov. 15 and Dec. 15 1913.
Interest M.& N.
FRANKLIN COUNTY (P. 0. Columbus , Ohio.-BOND OFFERING.
-Proposals will be received until 10 a. in. Feb. 10 by John Scott, Clerk
Bd. of Ed., for $51.000 5% bridge-constr. bonds. Authority Secs. 5643.
5,644 and other sections of Gen. Code. Denom.$500. Date Mar. 1 1914.
Int. M.& S. at the Co. Treas. Bonds will be ready for delivery on Mar. 1
1914. Due $10,000 yearly March 1 from 1919 to 1922 incl. and $11,000
Mar. 1 1923. A deposit in cash or cert. check on a national bank or trust
company in Franklin Co. for 1% of bonds bid for, payable to the Board of
County Commissioners, required.
FRANKLIN TOWNSHIP (P. 0. Franklin), Macon County, No. Car.
-BOND SALE.-Sidney Spitzer & Co. of Toledo have, it is reported,
purchased $80,000 5h % 30-yr. road bonds. V. 98, p. 85.
FULTON, Oswego County, N. Y.-BOND SALE.-Reports state that
$50,866 4%% paving bonds have been awarded to Douglas, Fenwick & Co.
of N.Y.for $51,083 23-equal to 100.427.
GARLAND LEVEE DISTRICT (P. 0. Texarkana), Miller County,
Ark.-BOND OFFERING.-Additional details are at hand relative to the
offering on Feb. 5 of about $200,000 6% 1-20-year (serial) levee bonds
(V. 98, p. 175). Proposals for these bonds will be received until 12 in. on
that day by the Board of Directors, J. D. Williams, Secy. Denom. to suit
purchaser. Date about March 1 1914. Int. semi-annually at place to
suit purchaser. Certified check for $1,000 required. The district has no
Assessed value 1913, $210.000; real value,
bonded indebtedness.
about $1,000,000. Official circular states that there is no litigation
pending or threatened affecting the issue of bonds,the title of the officers
or the boundaries of the district.
GERING, SCOTTS BLUFF COUNTY, Neb.-BOND OFFERING.
This village will sell at private sale at par the $19,500 67o_ 5-20-year coupon
water-works bonds (V. 97. p. 1526). Denom. $500. Date Oct. 1 1913.
Int. A. & 0. at State Treasurer's office, Lincoln. T. S. Rubottom is
Village Clerk.
GIBSON .COUNTY (P. 0. Princeton), Ind.-BOND OFFERING.
Reports state that Milton Cushman, County Treasurer, will receive bids
until 1 p. m. Feb. 11 for $1,025 44 5% drainage bonds.
GILA COUNTY SCHOOL DISTRICT NO. 26, Ariz.-BOND SALE.
-The $15,000 6% 20-year tax-free bldg. bonds offered Dec. 30 and dated
that day (V. 97, p. 1763) were awarded to Owen McKevitt of Globe for
$15,475 (103.166).
GLENN COUNTY HIGH SCHOOL DISTRICT (P. 0. Willows),
Cal.-BOND ELECTION.-The question of issuing $50,0006% school-siteimpt., bldg. and equip. bonds will be submitted to a vote to-day (Jan.24).
Denom. $1,000. Int. semi-ann. Due $1,000 3-yrs.. $2,000 yrly. from
4 to 10 yrs. incj., $3,000 yriy. from 11 to 15 yrs. inci and $4,000 yrly. from
16 to 20 yrs. incl. This item was reported under the head of "Willow
School District" in last week's "Chronicle."
GLOVERSVILLE, Fulton County, N. Y.-BONDS AWARDED IN
PART.-On Jan. 19 $3,500 of the $5,300 43. % reg. tax-free local-impt.
bonds(V.98, p. 175) were sold at public auction to local investors at par.
GOLD HILL, Jackson County, Ore.-BONDS NOT SOLD.-No sale
has been made of the $25.000 6% 25-yr. water bonds offered on Nov. 3
(V.97, 13• 1229). An offer of 97 was received for these bonds, but the same
was rejected. Denom. $1,000. Date day of sale." Int. semi-ann.
GOLDSBORO, Wayne County, No. Caro.-BONDS AWARDED IN
PART.-Of the five issues of 5% coup, bonds, aggregating $103,000 (V.97.
p. 1839), $80,000 were awarded to the Tillotson & Wolcott Co. of Cleve.
for $80,575, making the price 100.718. Bids for the five issues offered
were as follows:
Prov.Say.Bk.&Tr.Co.,Cin_ _$102,227 I Stacey & Braun, Toledo _$101.455
Sidney Spitzer & Co.,Toledo 101.7501Hoehler,Cumming&Pruden.100,425
GOLDSBORO TOWNSHIP, Wayne County, No. Caro.-BOND
SALE.-Papers state that an issue of $25,000 road-impt. bonds has been
sold.
GREEN BAY, Brown County, Wis.-BOND SALE.-On Jan. 1
$170,000 4%% coup. bridge bonds were awarded to the First Trust & Say.
Bank of Chicago for $170,357 (100.245) and int. Other bidders were:
Harris Tr. & Say. Bk. Chi_$168,844 A. B.Leach & Co.,Chicago_$167,536
Yard, Otis & Co., Chicago_ 168,690 John Nuveen & Co., Chic__ 163,625
McCoy & Co., Chicago_ _ _ 167.767
The above bidders also offered to pay accrued int. Denom. $1,000.
Date Jan. 1 1914. Int. J. & J. at City Treas. office. Due $5,000 yrly,
Jan. 1 1919 and 1920,$10,000 Jan. 1 1921 to 1926 incl., 315,000 Jan. 1 1927
to 1932 incl. and 310,000 Jan. 1 1933.
GREENE COUNTY (P. 0. Snow Hill), No. Caro.-BOND OFFERING.-Proposals will be received until 12 in. March 2 by the Bd. of Co.
oommrs., J. 0. Sugg, Clerk, for the following road bonds, aggregating
$110,000:
$20,000 5% 20-yr. Snow Hill Twp. bonds. Auth. vote of 116 to 55 at a
election held Aug. 12 1913. Int. semi-ann.
20,000 5% 40-yr. Olds Twp. bonds. Auth. vote of 90 to 8 at an election
held Aug. 12 1913. Int. semi-annual.
20,000 5% 40-yr. Ormonds Twp. bonds. Auth. vote of 100 to 8 at an
election held Aug. 12 1913. Int. semi-annual.
20,000 5% 40-yr. Bull Head Twp. bonds. Auth. vote of 53 to 29 at an
election held Sept. 23 1913. Int. semi-annual.
bonds. Auth. vote of 69 to 1 at an election
10,000 5% 30-yr. Shine
held Sept. 23
Twp.
1913. Int. semi-annual.
bonds. Auth. vote of 58 to 3 at an election
10,000 5% 40-yr. Jason
held Nov. 11Twp.
1913. Int. semi-annual.
10,000 6% 15-yr. Hookerton Road Dist. bonds. Auth. vote of 59 to 3 at
an election held Dec. 16. Int. annual.
Denom. $100, $500 and $1,000 to suit purchaser. Cert. check for 1%
of bid required. No certified deposit to be less than $25. Bonds held by
bona fide residents of Greene County are exempt from county and municipal taxes.
GRIDLEY SCHOOL DISTRICT, Butte County, Cal.-BOND
SALE.-On Jan. 6 the $25,000 5% bldg. bonds were awarded to the
Hideout Bank, Gridley, at par. There were no other bidders. Denom.
$500. Date Mar. 11914. Int. M. & S. Due $1,500 yrly. Mar. 1 from
1915 to 1930 incl. and $1,000 Mar. 1 1931.
HADDON HEIGHTS, Camden County, N. J.-BOND OFFERING.
Further details are at hand relative to the offering on Feb.3 of the $30,000
5% 30-yr. street-impt. tax-free coup. or reg. bonds (V. 98, p. 252). Proposals for these bonds will be received until 3 p. in. on that day (Feb. 3)
and should be addressed to Wm. J. Dallas, Mayor. Int. at Haddon
Heights Nat. Bank. Cert. check for 5% of bid, payable to Boro. Treas.,
required. Purchaser to pay accrued int. Official circular states that there
Is no litigation or controversy pending or threatened concerning the validity
of these bonds. Bonded debt at present, $118,000. Floating debt, $5,800. Assessed valuation 1913, $1,565,940.
322
THE CHRONICLE
HANFORD, Kings County, Cal.-BOND OFFERING.-Proposals
will be received until 8 p. m. Feb. 2 by D. C. Williams, City Clerk, for
$80,000 5% sewage-disposal-works-construction bonds, Series No. 1.
Denom. $1,000. Date Nov. 15 1912. Int. M. & N. at office of City
Treasurer. Due $2,000 yearly for 40 years. Certified check or gold
deposit for 2% of bonds bid for, payable to City Clerk, required, except
with a bid from the State of California. Bonds to be delivered and paid for
within 10 days after the tender to him of said bonds.
HARDIN, Big Horn County, Mont.-BONDS VOTED.-By a vote
of 41 to 12 the proposition to issue $41,600 water-works bonds carried at
a recent election.
HARDWICK, Caledonia County, Vt.-BONDS NOT SOLD.-The
Village Treas. advises us that up to Jan. 15 no sale had been made of the
$56,000 4% 5-20-yr. (opt.) coup, tax-exemption electric-light bonds offered
by this village in November (V. 97. p. 1526).
HARRISON COUNTY (P. 0. Cadiz), Ohio.-BOND OFFERING.
Proposals will be received until 12 m.Feb. 14 by E.P. Hines, Co. Aud.,for
$30,000 5% Inter-County Highways construction and improvement bonds.
Auth. Sec. 1223 Gen. Code. Denom. $1,500. Int. semi-ann. Due
$1,500 each six months from March 1 1915 to Sept. 1 1923 incl. and $3,000
March 1 1924. Purchaser to pay accrued interest.
HARRISON SCHOOL DISTRICT (P. 0. Harrison), Boone County,
Ark.-DESCRIPTION OF BONDS.-The $10,000 6% building bonds
awarded on Jan. 2 to Gunter & Sawyer of Little Rock, representing the
Title & Trust Co. of Chicago, at 97.50 (V. 98. p. 252), are in the denom.
of $500 and dated Feb. 1 1914. Int. F. & A. Due $1,000 yearly Feb. 1
from 1934 to 1943, incl., subject to call after 5 years.
HARTFORD, Conn.-BIDS.-The other bids received for the two
issues of 43 % gold coup. or reg. bonds, aggregating $1,220,000. awarded
on Jan. 16 to Harris, Forbes & Co. of N. Y.at 103.851 (V.98, p. 252.) were:
BidderAmt. Bid For.
Price Bid.
Merrill, Oldham & Co., Lee, Higginson & Co.,
Blodgett & Co., BostonMunicipal building
$570,000 103.53
Additional high school
650,000 104.07
A. B. Leach & Co., New YorkMuncipal building
570,000 102.88
Additional high school
650,000 103.50
N. W.Halsey & Co.. Kissel, Kinnicutt & Co.,E. H.
Rollins & Son. New YorkMunicipal building
570,000 102.83
Additional high school
650,000 103.40
White, Weld & Co., Hornblower & Weeks, R. T. H.
Barnes & Co. New YorkMunicipal building
570,000 103.435
Additional high school
650,000 103.435
Wm.A. Read & Co., Blake Bros.& Co., BostonMunicipal building
570,000 103.41
Additional high school
650,000 103.93
Rhoades & Co., Millett, Roe & Hagen, New YorkMunicipal building
570,000 102.9495
Additional high school
650,000 103.4593
Richter & Co., Hartford; Curtis & Sanger, R. W.
Pressprich & Co., New YorkMunicipal building
570,000 103.09
Additional high school
650,000 103.09
Estabrook & Co., R. L. Day & Co., HartfordMunicipal building
570,000 103.47
Additional high school
650.000 103.47
Parkinson & Burr, HartfordMunicipal building
570,000 102.709375
Additional high school
650,000 103.217324
etna Life Insurance Co., HartfordA
Municipal building
570.000 101.60
Additional high school
650,000 101.85
Travelers' Insurance Co., HartfordMunicipal building
100,000 102
50,000 102.66
Additional high school
100,000 102.30
50,000 103.04
Robert Winthrop & Co., New YorkMunicipal building
100.000 102.92
100,000 102.78
Additional high school
100,000 103.375
100.000 103.25
100,000 103.06
Aetna Insurance Co., HartfordAdditional high school
50,000 104.62
Henry H. Pease, HartfordMunicipal building
5,000 102.674
Additional high school
5,000 103.089
HARTFORD TOWNSHIP, Trumbull County, Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Feb. 16 by A. D. Banning, Twp. Clerk (P. 0. Nutwood R. D. No. 1), for $20,000 5% Good
Roads Dist. No. 1 road-improvement bonds. Auth. Secs. 7033 to 7052
incl., Gen. Code, also an election held Mar. 25 1913. Denom. $500.
Date Feb. 11914. Int. A.& 0.at the Orangeville Say. Bank Co., Orangeville. Due $1,000 each six months from Oct. 1 1917 to April 1 1927 incl.
Certified check for $500, payable to the Twp. Treas.,required. Bidders to
satisfy themselves as to the legality of the bonds.
HAVERHILL, Essex County, Mass.-TEMPORARY LOAN.-A
temporary loan of $200,000. due Sept. 8, has been awarded, it is stated, to
Estabrook & Co. of Boston at 3.75% discount and a premium of $1 25.
HIGHLAND PARK, Wayne County, Mich.-BONDS REFUSED.Reports state that Kissel, Kinnicutt & Co.of Chicago,who were awarded
the following 434% bonds on Jan. 5, have refused to accept the same on
the grounds that they understood that all the bonds were for six years
instead of only a part.
$18,000 6-year fire-department bonds.
25,000 20-year public-works-site bonds. Denom. $1,000. Date Jan. 15
1914. Int. J. & J. at the Highland Park State Bank.
HILL COUNTY (P. 0. Havre), Mont.-BOND SALE.-On Jan. 14
the $50,000 5% 18-20-yr. (opt.) coupon funding bonds (V. 97, p. 1606)
were awarded to the Wells & Dickey Co. of Minneapolis at 101.252 and int.
Other bidders were:
Minn.Ln.& Tr. Co.,Minn_ $50,321 Chas. S. Kidder & Co., Chi...350,017
Simon Pepin, Havre
50,200 Allerton, Greene & King, Chi 50.000
Harris Tr.&Say.Bk., Chi_
50,150 State Board of Land CommisSecurit State Bank, Havre_ 50,125
stoners
50,000
Bonds are dated Jan. 14 1914.
HILL COUNTY (P. 0. Hillsboro), Tex.-BOND ELECTION.-The
voters of this county on Feb. 21 will pass upon a proposition, it is stated,
to issue $150,000 road bonds.
HUNT COUNTY (P. 0. Greenville), Tex.-BONDS VOTED.-The
question of issuing the $400,000 Precinct No. 1 good roads bonds (V. 97.
p. 1678) carried, it is stated, at the election held Dec. 27.
JACKSON TOWNSHIP (P. 0. Attica), Tippecanoe County, Ind.BOND OFFERING.-Proposals will be received until 1 p.m. Feb.9 by Geo.
A. Harvey,Twp.Trustee,it is stated,for $15,0004%% school-house bonds.
JASPER COUNTY (P. 0. Rensselaer), Ind.-BOND OFFERING.In addition to the $63,027 12 5% ditch bonds to be offered on Feb. 2
(V• 98, p. 252), $7,894 92 6% road-impt. bonds will also be offered for sale
on that day.
JEFFERSON COUNTY (P. 0. Beaumont), Tex.-BOND ELECTION
PROPOSED.-Reports state that petitions are being circulated asking for
an election to vote on the proposition to issue $140,000 hospital-construction
bonds.
KAUFMAN, Kaufman County,Tex.-BONDS VOTED.-At an
election held Jan. 13 bonds to be used for the purpose of paving certain
sections of the city were favorably voted, it is stated.
Fos KENOSHA SCHOOL DISTRICT, Wis.-BOND ELECTION.-A
resolution to submit the question of issuing $300,000 school-bldg. bonds to
the voters recently passed Council, according to local papers.
A, ,
KENTFIELD SCHOOL DISTRICA- '(.111. 0. Kentfield), Maria
County, Calif.-BOND ELECTION PROPOSED.-An election will be
held sometime in February to vote on the question of Issuing $17,000 building bonds.
KINGS RIVER SCHOOL DISTRICT, Kings County, Cal.-BOND
OFFERING.-Bids will be opened on Feb. 3 by the Board of Supervisors
[VOL. xcvm.
(P.O. Hanford), it is stated, for the $12,000(not $15,000, as first reported)
school bonds (V. 97, P. 1606)•
KINSTON, Lenoir County, No. Caro.-BOND SALE.-Reports
state that a Toledo firm has purchased at par, interest and all expenses the
$50,000 5% 20-year school bonds offered without success on Dec. 1 (V. 97,
P• 1764). Date Jan. 1 1914. Int. J. & J.
LAKELAND SUB-SCHOOL DISTRICT (P. 0. Lakeland), Polk
County, Fla.-PURCHASER OF BONDS.-The purchaser Of the 850.000
5% 20-year building bonds sold in December at par and int. less attorney's fees and printing bonds,(V. 97, P. 1922) was Well, Roth & Co.of
Cincinnati. Denom.$1,000. Date Jan. 1 1914. Int. J.&J.
LAMAR COUNTY (P. 0. Paris), Tex.-BONDS NOT SOLD.-No
satisfactory bids have been received for the $100,000 5% 10-40-yr. (opt.)
coup. Precinct No. 1 road bonds described in V. 97, P. 1526.
LANCASTER, Fairfield County, Ohio.-BOND SALE.-On Jan. 19
the $50.000 5% 634-year (aver.) hospital-site-purchase and construction
bonds (V. 98, p. 86) were awarded to the Fairfield National Bank, Lancaster. at 101.444. Other bids were:
Hocking Valley National, Farmers' & Citizens' and Lancaster
National, Lancaster,Ohio (combined bid
$50.420 00
Breed, Elliott & Harrison, Cincinnati
50,685 00
Mellen National Bank, Pittsburgh
50,445 00
Well, Roth & Co., Cincinnati
50,517 00
Hoehler, Cummings & Prudden, Toledo
50,341 00
Sidney Spitzer & Co., Toledo
50,285 00
Otis & Co., Cleveland
50,187 50
50,167 50
Spitzer, Rorick & Co., Cleveland
50,625 00
& Wolcott, Cleveland
50,205 00
The Provident Savings Bank & Trust Co., Cincinnati
50,405 00
The Fifth-Third National Bank, Cincinnati
50,295 00
Field, Longstreth & Richards, Cincinnati
Hayden, Miller & Co., Cleveland
50,330 00
Seasongood & Mayer, Cincinnati
50,533 00
LA PORTE COUNTY (P. 0. La Porte), Ind.-BOND OFFERING.
Proposals will be received until 10 a. m. Jan. 27 by Joseph Johanni, Co.
Treas., for $18.800 434 7,0 gravel road bonds. Denom.$470. Date Jan. 15
1914. Int. M. & N. Duo $470 each six months from May 15 1914 to
Nov. 15 1933 inclusive.
LAS CRUCES SCHOOL DISTRICT NO. 2, Dona Ana County,
New Mex.-DESCRIPTION OF BONDS.-We aro advised that the $25,000 20-30-yr. bldg. bonds awarded on Jan. 5 to Keeler Bros. of Denver
(V. 98, p. 176) bear 5% int. Denom. $1,000. Date Jan. 1 1914. Int.
& J.
LAURENS CONSOLIDATED INDEPENDENT SCHOOL DISTRICT,
Pocahontas County, Iowa.-BONDS VOTED.-It was recently voted to
issue $50,000 building bonds, according to local Papers.
LAWRENCE COUNTY (P. 0. Bedford), Ind.-BOND SALE.
On Jan. 15 the $3,000
% gravel-road bonds(V.98, p. 176) were awarded
to Sarah L. Carlton at 100.7 and int. Bids of 100.483 and 100.20 were
also received from local parties. Denom. $150. Date Dec. 15 1913.
Int. M.& N. Due part each six months for 10 years.
LEAVENWORTH, Leavenworth County, Kan.-BOND SALE.
An issue of $5,919 35 5% improvement bonds was awarded on Nov. 25
to the Wuifekuhler State Bank of Leavenworth for $5,947 35 and int.equal to 100.473. Denom. (1) $79 90. (1) $65 45, (10) $500, (9) $86.
Date Nov. 1 1913. Int. F. & A. Duo serially in August from 1914 to
1923, inclusive.
LEWIS COUNTY SCHOOL DISTRICT NO. 11, Wash.-BOND
SALE.-On Jan. 3 the $12,500 1-10-yr. (opt.) funding warrant bonds were
awarded to the State of Washington at par for 5s. Denom. $500. Date
Feb. 1191-I. Int. ann. in Feb.
LIVINGSTON SCHOOL DISTRICT (P. 0. Livingston), Park
County, Mont.-BONDS VOTED.-By a vote of 544 to 233,the question
of issuing $80,000 5% 10-20-yr. (opt.) bldg. bonds carried at an election
held Jan. 17. These bonds will be offered for sale in the near future.
LOCKPORT, Niagara County, N. Y.-BOND SALE.-On Jan. 19
the two issues of school-building bonds, aggregating $100,000 (V. 97, p.
1840), were awarded to Remick, Hodges & Co. of N. Y.at 100.193 and hit.
for 434s. Other bids were:
Pre- Int.
mium. Rate.
$183 434
Harris, Forbes & Co., N Y
55
Lee, Higginson & Co., N Y
Farmers' & Merchants' Say. Bank, Lockport ($55,000)_ Par 4
44:600
Adams & Co., N.Y
150
Spitzer, Rorick & Co., N Y
90 4.60%
Estabrook & Co., N Y
75 4.651
W. R. Compton Co. N Y
2,420 5%
Now York Life Insurance Co., N Y
1,270 5%
C. H. Venner & Co., N Y
LONG BEACH, Calif.-BONDS VOTED.-An election held Jan. 15
resulted, it is stated, in favor of $650,000 harbor-impt. bonds. The vote
was 4,011 to 719.
LOWELL, Mass.-LOAN OFFERING.-Proposals will be received until
10 a. m. Jan. 28, it is stated, by the City Treasurer for a loan of $200,000
maturing Nov. 2.
LUCAS COUNTY (P. 0. Toledo), Ohio.-BOND OFFERING.-Proposals will be received until 10 a. m. Feb. 6 by Chas. J. Sanzanbacker
County Auditor, for $90.697 67 5% bridge bonds. Auth. Sec. 2434 and
2435, Gen. Code. Donom.(90) $1.000,(1) $697 67. Date Feb. 16 1914.
Int. F. & A. at the County Treasurer's office. Due in ono year and six
months. Bonds will be delivered Feb. 16 1914. A deposit in cash or certified check on a bank in Toledo, for $1,000, required. Conditional bids
will not be considered.
LUCERNE SCHOOL DISTRICT, San Bernardino County, Calif.BOND SALE.-The $2,000 5% 7-10-yr. (ser.) gold school bonds offered
on Dec. 22(V. 97. p. 1764) have been awarded to the San Bernardino Nat.
Bank, San Bernardino at par and int.
LYNCHBURG, Campbell County, Va.-BOND SALE.-On Jan. 1
$150,000 4 V, 7,, refunding bonds were awarded to local parties at par.
Denorn. $1,000. Int. J. & J. Duo Jan. 1 1948.
LYNN, Mass.-BOND SALES IN 1913.-We print below as a matter of
record a description of all bonds issued by this city last year:
Purpose. Date. Bds. Date Sale. Rate. Due. Price.
Amt.
Purchaser.
pu
ec
g.
. 22
'1,3
03"
1341f i1
9
11
41
- 118
Blodget&Co_ $90,000 Municipal Aug. l'13 A
i
Biodget&Co_ 200,000 Water ___ Sept. 1'13 Aug. '13 4
Estabek&Co. 70,800
Feb. 1'13 June 3'13 4 '14-'33
17,000 School
10,000 St. Equip. Mar. 113 June 313 4
14-'16
Biodget&Co1 100.000 Municipal Mar. 1'13 June 3'13 4 '14-'23 100.18
35,000 Drainage_ Mar. 1'13 June 3'13 4 '14-'43
60,000 School _ Apr. 1'13 June 3'13 4 '14-'33
Sic. Fd. Corn.
5,000 Municipal Nov. 1'13 Nov. 1'13 43,1 '14-'23 100
LYONS, Burt County, Neb.-BONDS DEFEATED.-The queston
of issuing the $4,500 park bonds (V. 97, p. 1446) failed to carry at a recent
election.
Mc LENNAN COUNTY (P. 0. Waco), Tex.-BOND ELECTION.
On Feb. 14 a proposition to issue $1.075,000 bonds for the improvement of
the roads in Justice's Precincts Nos. 1 and 3 will, it is stated, be voted upon.
MADISON, Madison County, N. Y.-BOND OFFERING.-Proposals
will be received until 7:30 p. m. Jan. 27 by F. C. Curtis, Village Clerk,
for $14,500 registered water-system-construction bonds. Denom. $500.
Date Feb. 11914. Int. (rate not to exceed 5%) semi-ann. at the Village
Treasurer's office. Due $500 yearly Feb. 1 from 1919 to 1947 incl. Certified check or N. Y.draft for 7% of bonds, payable to the "Village of Madison," required.
MADISON COUNTY (P. 0. Anderson), Ind.-BOND SALE.-On
Jan. 20 the $93,300 434% gravel-road bonds (V. 98, p. 253) were awarded
to J. F. Wild & Co., Indianapolis, for $83,862 98-equal to 100.075. Date
Jan. 20 1914.
MANASQUAN SCHOOL DISTRICT (P. 0. Manasquan), Monmouth
County,
J.-BOND SALE.-On Jan. 20 the $32,000 5% 14-year
N. bldg. bonds (V. 98. p. 176) were awarded to the Manasquan
(aver.) coup.
Nat. Bank, Manasquan, Denom. $1,000. Date Jan. 11914. Int. J. & J.
MARICOPA COUNTY SCHOOL DISTRICT NO. 4, Ariz.-BOND
OFFERING.-Proioosals will be received until 10 a. m. Jan. 26 by James
Miller Jr., Clerk Bd. of Supervisors (P. 0. Phoenix), for $90,000 6%
JAL 241914.]
THE CHRONICLE
20-year gold bonds. Denom. $1,000. Date Feb. 16 1914. Int. F. &A.
at the County Treasurer's office. Cert. check for 10% of bid required.
MARION, Grant County Ind.-BONDS AUTHORIZED.-According
to reports, the City Council'has adopted an ordinance providing for the
ssuance of $50,000 4% 20-year bonds to meet running expenses.
MARION, Marion County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Feb. 11 by Harry E. Mason, City Aud.,for the
following 5% bonds:
$2,000 sanitary-sewer and cellar-drain-constr. (city's portion) bonds.
Denom. $500. Due $500 yearly Sept. 1 from 1914 to 1917 incl.
Cert. check for $100 required.
15,187 refunding bonds. Denom. $500 and $686. Due $1,500 each six
months from Sept. 1 1914 to Sept. 11918, incl., and $1,686 March 1
1919. Cert. check for $1,000 required.
Date Sept. 1 1913. Int. M. & S. The above checks are to be made
payable to the City Treasurer.
BOND SALE.-The following are the bids received for the three issues
of 5% bonds, aggregating $72,932, offered on Jan. 14 (V. 97, p. 1922):
$66,414 $5,018 $1,500
Issue.
Issue. Issue. $72,932
Prem.
Prem. Prem. Prem.
Hoehler, Cummings & Prudden. Toledo a$445 25
Sidney Spitzer & Co., Toledo
*152 75 *$7-75
Hayden, Miller & Co., Cleveland
a133 00 al0 00 a$3 00
10 00
Provident Say. Bank & Trust Co., Cin_ 132 83
88 50
7 25
Spitzer, Rorick & Co., Toledo
$45
Breed, Elliott & Harrison, Cincinnati_ 66 41
8
* Sidney Spitzer & Co. were awarded the bonds at their unconditional
bids. a Received too late to be considered. All bidders offered accrued
interest in addition to their bids.
The $1,500 issue will be taken, reports state, by the Sink. Fd. Trustees.
MARION COUNTY (P. 0. Marion), Ohio.-BOND OFFERING.
Proposals will be received until 12 m. Jan. 31 by V. Perle Garfield, Clerk
Board of County Commissioners, for the following 5%% coup. bonds*
$27,500 emergency refunding bonds. Due $5,000 Mar. 1 and Sept. 11915;
$2,500 Mar. 1 1916 and $3,000 each six months from Sept. 1 1916
to Sept. 1 1918, incl. Cert. eheck for $300 required.
25,000 emergency bonds,"Second Issue." Due $500 Mar. 11915,$4,000
Sept. 11915, $3.000 each six months from Mar. 1 1916 to Mar. 1
1918, incl., $1,000 Sept. 11918. Cert. check for $275 required.
53,000 emergency bonds,"First Issue." Due $5.000 Mar. 1 1915,$4,000
Sept. 1 1915, $3,000 Mar. 1 1916. $3,500 Sept. 1 1916, $3,500
Mar. 1 and Sept. 1 1917, $4.000 Mar. 1 1918, $6.000 Sept. 1 1918,
$10,500 Mar. 1 and $10,000 Sept. 1 1919. Cert. check for $500
required.
Denom. $500. Date Jan. 11914. Int. M. & S. at the County Treasurer's office. Bonds to be delivered and paid for Feb. 1 1914, or within a
reasonable time thereafter, as may be required for printing the same.
The above checks to be made payable to the Board of County Comm'rs.
MATAMORAS (P. 0. New Matamoras), Washington County, Ohio.
-BOND OFFERING.-Proposals will be received until 12 m. Jan. 26 by
R. L. Hanlon, Village Clerk, for the following 5% coupon taxable (assess.)
street-improvement bonds:
$2,000 Fourth St. improvement bonds. Denom. $200.
3,000 Third St. improvement bonds. Denom. $300.
4,000 Broadway St. improvement bonds. Denom. $400.
1,000 Cougler St. improvement bonds. Denom. $100.
Auth. Sec. 3914, Gen. Code. Date Dec. 10 1913. Int. J. & D. at the
Village Treasurer's office. Due one bond of each issue yearly Dec. 10 from
1914 to 1923 incl. Bonds to be delivered and paid for within 10 days from
time of award. Certified check for 10% of bonds bid for, payable to the
Village Treasurer, required. Purchaser to pay accrued interest. Bonded
debt, $23,000. Assessed valuation 1914, $365,000.
MEADVILLE SCHOOL DISTRICT (P. 0. Meadville), Crawford
County, Pa.-NO BONDS PROPOSED.-We are advised that the reports
in local newspapers that this district contemplated the issuance of $100,000
high-school bonds are incorrect.
MIAMI, Dade County, Fla.-BOND ELECTION PROPOSED.-Local
papers state that an election will probably be called to vote on the question
of issuing water-works bonds.
MIAMI COUNTY (P. 0. Troy), Ohio.-BOND SALE.-On Jan. 16
the two issues of 5% coupon flood-emergency bonds, aggregating $90,000
(V. 98, p. 177), were awarded to Hoehler, Cummings & Prudden of Toledo
at 101.76 and int. Other bids were:
Seasongeod & Mayer. Cin_ --$91,002 Piqua Nat. Bank, Piqua _490,928
Breed, Elliott & liar., Cin__ 90,984 Spitzer, Rorick & Co.,Toledo 90,816
Mayer, Deppe & Walter, Cin. 90,946 Hayden, Miller & Co., Cleve. 90,808
Prov. Say. Bk.& Tr. Co..Cin. 90,928 Otis & Co., Cleveland
90,770
MIDDLESEX COUNTY (P. 0. Lowell), Mass.-TEMPORARY LOAN.
-On Jan. 20 the loan of $100.000, due Nov. 6 1914, issued in anticipation
of taxes (V. 98, p. 253), was negotiated with Curtis & Sanger of Boston at
3.84% discount. Other bids were:
Charlestown Five Cents Savings Bank, Charlestown, at 4.10% discount.
Loring, Tolman & Tupper, Boston,4.12% discount.
MIDDLETOWN, Butler County, Ohio.-BOND SALE.-On Jan. 12
the $8,745 40 5% 1-10-yr. (serial) East Third St. (assessment) (V. 97,
. 1840) were awarded to the Oglesby and Barnitz Co. of Middletown for
8,746 90 (100.017) and accrued int. A bid of par and imt. was received
rom Spitzer, Rorick & Co. of Toledo.
•
MILAN, Washtenaw County, Mich.-BOND SALE.-This village
on Nov. 14 sold $8,462 91 6% paving bonds at par and int. Denom.
$462 91 and $500. Date Oct. 111913. Int. ann. in Oct. Due $2,962 91
Oct. 111914, $2.500 Oct. 11 1915 and $3,000 Oct. 11 1916.
MINEOLA, Wood County, Tex.-BONDS NOT YET ISSUED.
The $25,000 water bonds voted Nov. 8(V. 97, p. 1527) have not yet been
issued, we are advised.
MINIDO KA COUNTY SCHOOL DISTRICT NO. 6, Idaho.-BOND
SALE.-The State of Idaho on Nov. 8 purchased at par $2,000 6% 20-yr.
bonds. Int. J. & J.
MISSISSIPPI COUNTY DRAINAGE DISTRICT NO. 29, Mo.BOND OFFERING.-Proposals will be received until 12 m. Feb. 4 by Dave
F. Lee, Co. Treas., (P. (). Charleston), for $225,000 6% coupon tax-free
ditch bonds. Denom. $1,000. Date Mar. 10 1914. Int. M.& S. at the
Co. Treas. office. Due on March 10 as follows:
1920 $14,000
1920
1924 $14,000
1916 $8,000
$4 000
1921 14,000
1925 15,000
1930
1917 11,000
5.000
1922 14,000
1926 19,000
1931
9.000
1918 13,000
1923 14,000
1932
9,000
1927 13.000
1919 15,000
j 15,000
1928 13,000_ _ _ _ _1933
Delivery of bonds April 11914. Cert. check for $1,000, payable to the
Co. Treas., required. The district has no indebtedness. True value of
real estate in district $2,500,000; assessed value about $350,000. Official
circular states that there is no controversy or litigation pending or threatening the corporate existence or boundaries of this district or tbe title of any
officials authorized to administer its affairs, or the validity of these bonds.
also that no default on bonds,principal or interest, has ever occurred in this
county; and no issue of bonds has ever been contested, repudiated, or compromised in any manner. The legality of these bonds has been passed upon
by Wood & Oakley of Chicago, whose opinion will be furnished on application.
MONROE COUNTY (P. 0. Bloomington), Ind.-BOND SALE.On Jan. 19 the $4,150 4%% 634-year (aver.) highway-impt. bonds (V. 98
p 177) were awarded ,It is stated, to the Citizens' Loan & Trust Co. of
Bloomington for $4,155 (100.120) and hit.
MONTGOMERY COUNTY (P. 0. Crawfordsville), Ind.-BOND
OFFERING.-According to reports, proposals will be received by 0. P.
Everson, County Treasurer, until 10 a. m. Jan. 29 for seven issues of 44%
10-year highway-improvement bonds, aggregating $69,100.
MOULTRIE, Colquitt County, Ga.-B07VDS VOTED.-The question
of issuing the $36 000 paving $20,000 school and $4,000 sewer age-ext
bonds (V. 97,
1765) carried, reports state, at the election held Jan. 7
13. to 8.
by a vote of 392
NELSON COUNTY (P. 0. Livingston), Va.-BOND OFFERING.Proposals will be received until 12 m. Feb. 17 by E. L. Kidd, Clerk Board of
Supervisors, for $35.000 5% coup. Massies Mill Magisterial District road
impt. bonds. Denom.$1,000. Date April 1 1914. Int. A.& O. at office of
County Treas. Due $10,000 on Apr. 1 1924 and $5,000 on Apr. 1 1929,
1934, 1939, 1944 and 1948. Cert. check for 2% of bonds bid for, payable
to County Treasurer, required. Purchaser to pay accrued nit. Bonds to
F
323
be delivered on Mar. 7, unless a subsequent date is mutually agreed upon
These bonds will be certified as to genuineness by the U. S. Mtge. & Tr
Co. of N. Y. These bonds were offered without success on June 7 (V. 97
p.468).
NEWARK, N. .-BOND SALE.-On Jan. 19 Rhoades & Co. of New
York were awarded the $400,000 43 91 45-year dock bonds at 105.22 and
the $100,000 4347
° 30-year watershed-ext. bonds at 104.501, while Estabrook & Co. and Reinick, Hodges & Co. of New York, bidding in joint
account, secured the $2,200,000 funding, $976,000 school and $200,000
water-main-ext. 43.% 30-year bonds at 103.37 (V. 98, p. 177). The unsuccessful bidders were as follows:
Blodget & Co., N. Y.-103.79 for the dock bonds and 103.29 for the
rest of the issues.
Kountze Bros., N. Y.-101.781 for $976,000 school bonds.
C.H. Venner & Co., N. Y.-100.427 for the dock bonds.
Estabrook & Co.and Remick, Hodges & Co., N.Y.-103.85 for dock bds.
A. B. Leach & Co., Harvey Fisk & Sons and Kean.Taylor & Co., N.Y.$3,983.636, or a rate of 102.777 for the entire block.
C. H. Turner & Sons, N. Y.-101.91 for $500,000 school bonds.
Harris, Forbes & Co., N. W. Halsey & Co., E. H. Rollins & Sons, Bond
& Goodwin and Parkinson & Burr.-Premium of $123,295 56 for the
entire lot, or a rate of 103.10581.
Lee, Higginson & Co.-103.21 for the dock issue and 102.60 for the other
bonds.
Hallgarten & Co., N. Y.-103.01192 for the $100,000 watershed-ext. bds.
Bank for Savings, N. Y.-Offered 103.3532 and 102.50 for two lots of
$100,000 each.
National Union Bank, Monticello, N.Y.-101.66 for $200.000 dock bonds.
MARKET BONDS RE-AWARDED.-The $700,000 434% 30-year
market bonds awarded at public sale on Dec. 18 to Kean, Taylor & Co.
of New York at 103.75 were recently sold at private sale to Adams & Co.
of New York at 100.25. Kean, Taklor & Co. declined to take the bonds
after receiving the opinion of their lawyers (Hawkins, Delafield & Longfellow) as to the validity of the issue. See V. 97, p. 1841.
In the case of the five issues of bonds offered on Jan. 19 and referred to
above, the city guaranteed the favorable opinion of Hawkins, Delafield &
Longfellow.
TEMPORARY LOAN.-On Jan. 16 $1,000,000 six-months' paving and
sewer bonds were sold to the Bankers Trust Co. of New York at 43. %.
Other bidders were:
Bond & Goodwin, New York-43 % and premium of $156.
Lee, Higginson & Co., New York-4%% and premium of $10.
Kean, Taylor & Co.. New York-44% and premium of $50.
New York-434% and premium of $12.
L. Von Hoffman &
Co.,
% and premium of $5.
Estabrook & Co., NewYork-4%
Salomon Bros. & Hutzler, New York-434% (no premium.)
Guaranty Trust Co., New York-434% (no premium.)
Goldman, Sachs & Co., New York-48
%% on $500,000 (no premium).
Security Savings Bank, Newark-5% on $50.000 no premium).
National Newark Banking Co.-434% on $400,000 (no premium).
NEWARK SCHOOL DISTRICT (P. 0. Newark), Licking County,
Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Feb. 17
by James K. Dewey, Clerk Bd. of Ed., for $20,000 5% building and equipment bonds. Auth. Sec. 7629 Gen Code. Denom. $1,000. Date
Feb. 17 1914. Int. F.& A. at the Dist. Treas. office. Due $1,000 yearly
Feb. 17 from 1915 to 1934 incl. Bonds to be delivered and paid for within
10 days after date of award. Cert. check for $300, payable to the Clerk
Board of Education, required.
NEW BEDFORD, Mass.-BOND OFFERING.-Proposals will be received until 7:45 p. m. Jan. 27 by W. S. Cook, City Treas., for the following 4% registered bonds:
$396,000 Purchase St. widening bonds. Date Nov. 1 1913. Due $20,000
yearly Nov. 1 from 1914 to 1929, incl., and $19,000 yearly Nov. 1
from 1930 to 1933, incl.
128,000 Union St. widening bonds. Date Nov. 1 1913. Due $7,000
yearly Nov. 1 from 1914 to 1921, incl., and $6,000 yearly Nov. 1
from 1922 to 1933 incl.
20,000 munciipal loan of 1913 bonds. Date Aug. 1 1913. Due $2,000
yearly Au.g 1 from 1914 to 1923 incl.
Denom. $1,000. Int. semi-ann. Cert. check on a national bank or
trust company for 2% of amount bid for, payable to the "City of New Bedford," required. Legal opinion by Storey, Thorndidke, Palmer & Dodge
of Boston.
TEMPORARY LOANS IN 1913.-The following temporary loans.
aggregating $1,500.000, were negotiated by this city last year:
Due.
with whom negotiatedDate.
Amt. Disc't.
Loring, Tolman & Tupper
$100,000 3.8691, Jan. 25'13 Oct. 2413
National Shawmut Bank
50,000 3.50% Feb. 14'13 Nov. 4'13
New Bedford Inst. for Savings_ _ _ _ 100,000 3.70% Feb. 25'13 Nov. 5'13
National Shawmut Bank
100,000 3.975%Feb. 27'13 Nov. 5'13
Mar.21'13 Nov. 6'13
New Bedford Inst.for Savings_ _ 100,000 5%
Mar. 21'13 Nov. 6'13
National Shawmut Bank
100,000 595'
Boston Safe Dep. & Trust Co_ _ _ _ 100,000 4.i57 Mar. 21'13 Nov. 6'13
100,0004.5007Mar.28'13 Nov. 4'13
F. S. Moseley & Co
10,000 4.259' Apr. 29'13 Nov. 4'13
F. S. Moseley & Co
200,000 4.509 May 13'13 Nov. 13'13
National Shawmut Bank
Morgan & Bartlet, New York_ _ _ _ 100,000 4.609 June 2'13 Nov. 14'13
June 23'13 Nov. 6'13
Morgan & Bartlet, New York_ - 100,000 5%
July 19'13 Nov. 28'13
25,000 59'
New Bedford Sinking funds
July 19'13 Nov. 1'13
75,000 59
New Bedford Sinking Funds
100,000 4.90% Sept. 10'13 Nov. 28'13
First Nat. Bank, New Bedford
140,000 3.94% Dec. 8'13 Apr. 3'14
F. S. Moseley & Co
NEW BERN, Craven County, No. Caro.-BOND OFFERING.-ProFeb.
3 by F. T. Patterson, City Clerk,
will
be
12
m.
posals
received until
for the $20.000 5% 30-yr. coupon school bonds voted May 6 1913 (V. 96.
p.1378). Denom. not less than $100 nor more than $1,000. Int. J. & J. at
place to'be agreed upon. Certified check for 1% of bonds bid for required.
Bidders are invited to submit form of bonds and coupons to be used. A like
issue of bonds was offered but not sold on Aug. 5(V. 97, p. 132.)
NEW BOSTON SCHOOL DISTRICT (P. 0. Portsmouth), Scioto
County, Ohio.-BOND SALE.-On Jan. 19 an issue of $10.000 schoolimpt. bonds was awarded, reports state, to the Portsmouth Banking Co. of
Portsmouth at 100.11.
NEW HARTFORD, Oneida County, N. Y.-BOND OFFERING.
Proposals will be received until 7 p. m. Feb. 4 by Marcus Failing, Pres.
Board of Trustees, for the $5,000 sewer bonds at not exceeding 5% int.
(V. 98, p. 87). Denom. $500. Date Feb. 11914. Int. ann. Due $500
yearly Feb. 1 from 1919 to 1928 incl. Certified check or New York draft
for 2% of bonds bid for required.
NEW KENSINGTON, Westmoreland County, Pa.-BOND SALE.
On Jan. 20 the $100.000 434% tax-free street and sewer bonds(V.98, p.87)
were awarded,it is stated, to the Colonial Trust Co.of Pittsburgh at 103.153
NEWTON INDEPENDENT SCHOOL DISTRICT (P. 0. Newton),
Jasper County, Iowa.-BOND SALE.-On Jan. 19 the $40,000 5-10-year
(opt. building bonds (V. 98, p. 177) were awarded to the Continental &
Commercial Trust & Savings Bank of Chicago at par and int. for 45s.
Purchasers to be allowed $398 for expenses. Other bids were:
Geo. M.Bechtel & Co.of Davenport bid par for 4%s,less $399 for expenses.
Harris Trust & Say. Bank of Chicago bid par for 434s, less $440 for exp.
Allerton, Greene & King bid $40,312 for 5s.
Merchants' Loan & Trust Co., Chicago, bid $40,027 for 5s.
H. C. Speer & Sons Co., Chicago, bid $40,025 for 5s.
N. W. Halsey & Co., Chicago,'bid for 5% bonds, expense of blank bonds
to be allowed.
Kissel, Kinnicutt & Co. of Chicago bid $40.050 for 5s, less $100.
Spitzer, Rorick & Co. of Toledo bid for 59' bonds,less $175 for blank bonds.
Bolger, Mosser & Willaman, Chicago, bid for 5% bonds, less $400 for
blank bonds.
NILES CITY SCHOOL DISTRICT (P. 0. Miles), Trumbull County,
Ohio.-BOND OFFERING.-Proposals will be received until 12 m. Feb. 2
by L. C. Dix, Clerk Bd.of Ed.,for the $99,000 5% high-school-bldg. bonds
(V, 98, D. 253). Auth. Secs. 7625, 7626 and 7627. Gen. Code. Denom.
$500. Date Feb. 2 1914. Int. F. & A. Due $3,000 yearly Feb. 2 from
1918 to 1950 incl. Bonds to be delivered and paid for within 10 days from
time of award. Cert. check for 1% of bonds bid for, payable to the Treas..
Bd. of Ed., required. Purch. to pay accrued interest.
NORTHAMPTON, Mass.-LOAN OFFERING.-It is stated that the
Treasurer will receive bids until 12 m.Jan.27 for a loan of$80,000 maturing
October 23.
THE CHRONICLE
324
NEW YORK STATE.-BOND SALE.-At noon on Wednesday ZJan. 21)
State Comptroller Wm. Sohmer opened bids for the $51.000,000 4j.%
50-year gold coup. canal and highway bonds. The joint offer of Wm. A.
Read & Co. and .Kuhn, Loeb & Co. of this city to take "all or none of the
bonds at 106.077 (a basis of about 4.208%) was accepted. This syndicate
announced Thursday (Jan. 22.) that the bonds had all been resold. Over 480
bidders submitted offers for bonds aggregating more than 290 millions.
The only other bid for the entire lot of bonds was one of 105.537 for "all or
none." submitted by Harris, Forbes & Co.. the Guaranty Trust Co., Lee
Higginson & Co.. Potter, Choate & Prentiss, White, Weld & Co. and
Kissel, Kinnicutt & Co. The other offers for $1,000,000 or more of the
bonds were as follows:
Amount.
Rate.
BidderKuhn,Loeb & Co.and William A.Read
$51,000,000 106.077
& Co
Harris,Forbes & Co., Guaranty Trust Co.,
Lee, Higginson & Co.,Potter, Choate &
Prentice, White, Weld & Co.and Kissel,
51,000,000 105.537
Kinnicutt & Co., New York
Hodenpyl, Hardy & Co.. New York
5,000,000 104.88 to 105.7
Equitable Trust Co. and R. W Pressprich & Co., New York
5,000,000 104.87 to 105.71
Parson, Son & Co., New York
2,270,000 104.913 to 105.423
Empire Trust Co., New York
1.250,000 104.21 to 105.26
Lazard Freres, New York
5,000,000 105.41 to 105.52
Frederic H. Hatch & Co. and Gilman &
• Clucas, New York
1.000,000 105.02 to 106.03
A. B. Leach & Co., New York
10,000,000 104.779 to 106.279
Clark. Dodge & Co., New York agents
1,000,000 104.5 to 105.7
Asiel & Co., New York
1,620,000 102
tp 105.28
Salomon Bros. & Hutzler, New York
2,050,000 104
to 105.5
Fisk & Robinson, New York
5,000,000 104.781 to 106.021
Ladenburg, Thalmann & Co., New York.. 3,000,000 104.612 to 105.583
N.W.Halsey & Co., New Yrok
6,000,000 105.54 to 106.17
Kean, Taylor & Co., New York
4,000,000 104.03 to 105.03
American Exchange National Bank and
Kountze Bros., New York
20,000,000 104.75 to 105.76
Charles D. Barney & Co., New York........ 1,179,000 104.3 to 105.5
Bank of America, New York
1,000,000 105•25
Metropolitan Life Ins. Co.. New York..
1,000,000 104.7372 to 105.164
Reilly, Brock & Co., Philadelphia
2,000,000 104.019 to 105.190
Haligarten & Co.. New York
5.850,000 103.0123 to 105.76
New York Life Insurance Co., New York_ 5,000,000 104
to 106
3. S. Bache & Co.. New York
1,608,000 103.75 to 106
Bank of Manhattan Co., New York
1,750,000 105.35 to 105.95
William Salomon & Co., New York
5,000,000 105.31 to 106.02
Alexandre & Burnet, New York
1,450.000 100.27 to 105.39
Emigrant Industrial Says. Bank, N. Y
2,000,000 105.75 to 106.24
R. D. Sterling, New York
1,000,000 103.3751 to 104.502
Bernhard Scholle & Co., New York
3,000.000 104.753 to 105.376
Sutro Bros. & Co., New York
1,000,000 104.512 to 105.712
Newborg & Co., New York
1,750,000 103.961 to.105.611
Newberger, Henderson & Loeb, New York 1,030,000 104.511 to 105.631
East River Says. Institution, New York
1,250,000 104
to 105
Brooklyn Trust Co., Brooklyn
1,900,000 104,5 to 105.625
Goldman,Sachs & Co., New York
1,000,000 102.52 to 104.02
J.& W.Seligman & Co., New York
4,000,000 104.27 to 105.02
C.J. Turner & Son, New York
2,000,000 105.16 to 105.51
H.P. Goldschmidt & Co., New York..
1,125,000 105.57 to 106.07
U.S. Trust Co., New York
5,000,000 105.126 to 106.126
Seasongood & Haas, New York
2,000,000 105.38 to 105.74
.1. P. Morgan & Co., New York
5,000,000 103.75 to 104.25
William E. Cable Jr., New York
1,565,000 103.26 to 105.76
Robert Winthrop & Co., New York
1,200,000 104.125 to 105.375
Arbuckle Brothers, New York
1,000,000 105.01
Lehman Brothers, New York9
103.02 to 105.02
Heidelback, Ickelheimer & Co., New York 1,030,000 104
to 105.37
Redmond &
New York
1,500,000 104.01 to 106.26
Livingston &Co.,
Co.. New York
1,000,000 104.16 to 105.75
Edward Lowber Stokes, Philadelphia__
2,660.000 105
to 105.635
Williamsburgh Savings Bank, New York.. 1,000,000 103.675 to 104.521
Edward B.Smith & Co., New York
106.123
1.000,000
105.038
to
•
Other bids for amounts of $100,000 or over were as follows'
BidderAmount.
Rate.
First National Bank, Albany
3100.000 105.76
Morris D. Kleinzahler, Youngstown, Ohio
100,000 104.812 to 105.312
Home Savings Bank, Albany
250.000 104.25
Trust & Deposit Co. of Onondaga, Syrac_
500,000 105.3 to 105.6
Manufacturers' National Bank, Troy_ _ _ _
300,000 103
to 105
L. von Hoffman & Co., New York
350,000 104.261 to 105.761
Herzog & Glazier, New York
500,000 105.29 to 105.77
'Trowbridge & Co., New York
750.000 104.85 to 105.65
Lawyers' Title Ins. & Trust Co., N. Y......
to 105.55
500,000 105.1
W. N. Coler & Co., New York
300,000 104.875 to 105.49
D.T.Moore & Co., New York
100,000 104.675 to 105.561
Elmer B. Cooley, New York
150,000 104.03 to 105.26
Seamens Bank for Savings, New York_ _ _
500,000 105.5 to 105.25
Dry Dock Savings Institution, N.Y
800,000 105.17 to 105.76
S. W.Barasch, 77 Ridge St., New York
100,000 104.65 to 105.1
Prople's Trust Co., Brooklyn
300,000 105
to 105.50
Eastman. Dillon & Co., New York
500,000 105.125 to 105.875
Mutual Trust Co., Orange, N. J
100,000 104.5
Cutting & Co. New York
300,000 104.07 to 105.07
Gude, Winmill& Co.. ew York
100,000 104.925
German-Amer. Ins. do., New York
700,000 104.50 to 105.50
George H.Burr & Co., New York
200,000 104.125 to 105.75
Jason R. Westerfield, 616 W. 116th St.,
New York
100,000 104.5 to 105.75
N. Y. State National Bank, Albany
500,000 104.22 to 104.62
Beverly, Bogert & Co., New York
150,000 104.87 to 105.311
E.M.Farnsworth & Co.,24 Milk St.,Bos.
100,000 105.88 to 106.28
Hess& Hess, New York
500,000 100
to 105.164
Charles A. Smith,49 Wall St., N Y
600,000 105.07
Pemberton Berman,66 B'way,N.Y
250,000 104.521 to 105.213
Franz H. Krebs, 42 B'way, New York......
250,000 105.79
Columbia-Knicker. Tr. Co., New York....
640,000 103.01 to 105.8
Edw. Canfield & Bro. New York
150,000 103.761 to 105.283
Gray & Wilmerding,5Nassau
'
St., N. Y.._
250,000 105.522 to 105.772
Eugene
'
,Mauer,715 B'way, New York
100,000 105.65 to 105.85
John A. McCarthy, 149th St. and Harlem
River, New York
100,000 102.5
Hudson Trust Co., New York
100,000 101.875 to 102.125
M.& H. Clarkson, New York
200,000 104.48 to 105.81
Jas. H. Oliphant & Co., New York
600,000 105.03
B. F. Rogers,52 William St., N.Y
100,000 102.50 to 103
L. M. Prince & Co., New York
250,000 103.89 to 105.16
Irving National Bank, New York
250,000 104.28
Laidlaw & Co. 26 B'way, New York_
500,000 105.85 to 106.05
C.J. Ulman , 113 Grand St., New York
100,000 103.01 to 105.01
Michael Berardini, 34 Mulberry St.,N.Y_
150,000 104.2 to 104.6
Weil, Roth & Co., Cincinnati
250,000 103.77 to 105.02
Mechanics & Farmers Bank, Albany_ __ _
346,000 105.03125
Jos. L. Buttonwieser, 220 B'way, N.Y
200,000 104.43 to 105.39
North Side Savings Bank, New York......
100,000 104.50 to 104.75
McClure,Jones & Reed, New York
100,000 105.125
Butler, Herrick & Kip, New York
200,000 105.52
Central National Bank. Buffalo
500,000 102
Co.,
New
Gilbert Eliott &
York
500,000 104.512 to 106.06
J. DeWitt Wilde, 15 Wall St., New York..
110,000 104.91 to 105.31
Babcock, Rushton & Co., New York....
130.000 104.2 to 105.1
Seligsberg & Co., New York
110,000 105.27 to 105.51
huhn,Edey & Co., New York
300,000 104.01 to 105.26
Edey & Co., New York
100,000 105
Foster & Lounsberry, New York
203,000 103.023 to 105.29
Muller, Schall & Co., New York
500,000 104.77 to 105.77
Arthur Lipper & Co., New York
4C0,000 105.251 to 105.626
Sm.]]& Potter, New York
200,000 105.03 to 105.63
Chas.0. Harrison Jr. & Co., Phila
250 000 105.27
Philharmonic Society of New York,N.Y_
200,000 105.11 to 105.81
W.E. Booth, 67 State St., Albany
125,000 105.375 to 105.55
Coffin & Co. New York
500,000 105.376
Union Trust'
Co., Albany
125,000 104.63 to 105.7
Hamilton Trust Co. Brooklyn
210,000 103.57 to 104.096
N.Y. Produce Excliange Bank, N. Y.. _ _ _
100,000 105.26
Central National Bank, Buffalo
200,000 103.025
9
[VOL.
xcvm.
BidderAmount.
Rate.
Greenwich Bank, New York
100,000 103.3 to 104.3
National Ulster County Bank, Kingston_
100.000 105.16
Harris B.Dick, 18 Ann St., New York......
100,000 104.5
L.& E. Schafer, New York
500,000 102.136 to 104.127
Barr & Schmeltzer, New York
150,000 105.031 to 105.511
Merchants' Union Trust Co., Phila
100,000 104.9 to 105.3
Trippe & Co., New York
230,000 104.5 to 105.25
C. D. Halsey & Co., New York
150,000 104.114 to 105.182
Alfred P. Dix,822 Madison Ave., N. Y....
130,000 104.26 to 105.01
Ladd & Wood, New York
114,000 102.031 to 105.5
Jos. Walker & Sons, New York
40'),000 104.86 to 105.36
Harris, Winthrop & Co., New York
200,000 105.371 to 105.551
Day & Heaton New York
400,000 103.17 to 105.47
Coal & Iron National
'
Bank, New York_....
500100 103.71 to 105.15
Bull & Eldredge, New York
100,000 104.13 to 105.14
C.E. Mitchell & Co., New York
200,000 104.802 to 105.352
Greenpoint Savings Bank, Brooklyn
100,000 102.34 to 104.11
Zimmermann & Forshay
500,000 104.01 to 104.2
Wrenn Bros.& Co., New York
250,000 104
to 105.5
Alfred Mestre & Co., New York
200,000 105.312 to 105.75
German-American Ins. Co., New York
700,000 104.5 to 105.5
Spalding & Close, New York
100,000 104.75 to 105.625
Ifirsh, Lilienthal & Co., New York
300,000 105.21 to 105.8
875,000 105.04 to 105.886
Mabon & Co., New York
P.3. Goodhart & Co., New York
420,000 102.58 to 105.25
315,000 104.125 to 105.512
Thomas Denny & Co., New York
100,000 104.51 to 105.51
Taylor, Auchincloss & Joost, New York
Morgan B. Garlock, Little Falls, N. Y
120,000 104.125 to 105.25
Mayer, Deppe & Walter, New York
150,000 103.47 to 104.27
Dudley S. IIarde, New York
500,000 104.50 to 105.25
Fidelity Trust Co., New York
100,000 104.2 to 104.5
Procter & Borden, New York
500,000 104.57 to 105.07
Harris, Winthrop & Co., New York
300,000 104.177 to 106.177
John H.Dewes,Brooklyn
300,000 103.9 to 105.65
Freeman & Co., New York
640,000 103.77 to 106
Stout & Co., New York
to 105.625
450,000 103
Orvis Bros. & Co., New York
100,000 104.81 to 105.21
Townsend. Anthony & Tyson, New York..
175,000 103.911 to 105.79
A. B. Cramer Co., W. W.Phillips, N. Y..
500,000 104.12 to 104.52
Broadway Trust Co., New York
625,000 106.001 to 106.511
Gartenlaub, Harnickell & Joseph, N. Y
500,000 105.08 to 105.77
Rhoades & Co., New York
500,000 104.1
to 105.5
Duval, Greer & Co., New York
250,000 105.125 to 105.75
Lewisohn Bros., New York
250,000 105.28
Thomas L Manson & Co., New York_ _ _ _
250,000 100
Joseph S. Marcus & Sons, New York
100,000 103.25 to 104.375
130,000 100
H. r. Nicholas & Co., New York
to 104.88
George S. Baldwin, Boston
350,000 103.25 to 105.25
Brooklyn
Citizens' Trust Co.,
120,600 102
to 104.50
Crawford, Patten & Cannon, N Y
500,000 105.140 to 105.940
Kelley, Howell & Co., New York
150,000 101.875
Morris J. Dumont, New York
200,000 105.5
J. S. Farlee, New York
100,000 105.011
Merchants' National Bank, New York......
100,000 104.0969
Charles Graef, New York
100,000 103.875
Herbert C. Taylor & Co., New York_ _ _ _
100,000 104.5
George Leask & Co., New York
100,000 104.625
Herrick & Bennett, New York
100,000 105.79
100.000 103.25to 104.375
The Bank of United States, New York.......
300,000 103
Newburgh Savings Bank, Newburgh.._
• to 105.17
500,000 105.04 to 105.85
McGraw,Blagden & Draper, New York....
350,000 103.5 to 106.5
Emanuel Parker & Co., New York
200.000 103.51 to 105.16
Westchester County Nat. Bank,Peekskill
500,000 105.05 to 105.25
New York Savings Bank, New York
250,000 104.76 to 105.76
Mellon National Bank,Pittsburgh, Pa
252.000 105.
Security Trust Co., Rochester
100,000 103.55
E.C. Benedict & Co., New York
Excelsior Savings Bank, New York
200,000 102.02 to 103.05
100,000 105
G.S. Nicholas,41 Beaver St., N.Y
100,0O0 104.855 to 106.255
Fourth National Bank, New York
Hudson City Savings Institution, N. Y
125.000 104.1
to 105.82
NORTHFIELD, Rice County, Minn.-BONDS NOT ISSUED.
Recorder
that the $5,000 armory-bldg. bonds
We are advised by the City
(V. 97, p. 1307) havo not yet been issued. He further states that from
question
of
the
issuing
indications
the
bonds
present
will not be placed before the voters for a considerable time. If at all.
NORTH WALES, Montgomery County, Pa.-LOAN VOTED.
By a vote of 171 to 95 a loan of $40,000 for sewers was authorized at an
election held January 20.
NUECES COUNTY (P. 0. Corpus Christi, Tex.-BONDS VOTED.Reports state that an issue of $250.000 road bonds carried in Robstown
District on Jan. 17.
BOND SALE.-The $100,000 Bishop District road bonds(V.97, p. 1765)
have been disposed of, according to reports.
OGDENSBTJRG, St. Lawrence County, N. Y.-BOND OFFERING.Proposals will be received until 2 p. m. Feb. 10 by James F. Akin, City
Treasurer, for $10,000 coupon bonds at not exceeding 4%% int. Denom.
$500. Date April 1 1914. Int. semi-ann. at the City Trea.s. office in
N. Y. exchange. Due $500 yearly April 1 from 1915 to 1934 incl. Cert.
check on a national bank or trust company for 2% of bonds bid for,payable
to the City Treasurer, required.
OKEMAH, Okfuskee County, Okla.-BOND OFFERING.-This town
will offer for sale at 8 P. m. Jan. 26 $25,000 6% 25-year water-works-ext.
bonds. Cert. check or draft for $500 required. Otis L. Snow is Clerk.
ORANGE COUNTY (P. 0. Orlando), Fla.-BOND SALE.-Loca
papers state that the $50,000 Orlando District school bonds have been sold.
OSWEGO COUNTY (P. 0. Oswego), N. Y.-BOND SALE.-On Jan.
19 the 660,000 5% 9M-yr. (ay.) highway-constr. bonds dated Mar. 1 1914
(V. 98, p. 253) were awarded to A. B. Leach & Co. of N. Y. at 104.39 and
int. Other bids were.
Estabrook & Co., N. Y.__ _104.275 Oswego City Savings Bank_ _103.83
Harris, Forbes & Co., N. Y.104.201 C. H. Venner & Co., N. Y....103.627
Renwick, Hodges&Co.,N.Y.104.193 Adams & Co., N. Y
103.40
104.0319 Spitzer, Rorick & Co., N. Y..103.13
Curtis & Sanger, N Y
Lee, Higginson & Co., N.Y.103.85
Second National Bank, Os
Say.
Bank_
Co.
103.83
Oswego
wego
102.28
OTTAWA COUNTY(P.O. Grand Haven), Mich.-BONDS AUTHORIZED.-It is reported that the Board of County Supervisors has unanimously passed a resolution to sell $150,000 road bonds.
OTTUMWA, Wapello County, Iowa.-BOND ELECTION.-The
election to vote on tho question of issuing the $100.000 5% water-works and
electric-light bonds (V. 97, p. 1765) will be held Feb. 2.
PARIS, Lamar County, Tex.-BOND SALE.-N. W. Halsey & Co.
of Chicago were awarded during October $50,000 of an issue of $100,000
5% 10-50-yr. (opt.) street-impt. bonds at par and int. Denotn. $1,000.
Date Nov. 10 1913. Int. F. & A. at the Fourth Nat. Bank, N. Y.
PENN TAN, Yates County, N. Y.-NO BONDS VOTED.-The
Village Clerk advises us that the election held Nov. 25 was not to vote on
the question of issuing pumping-station bonds, as reported in V. 97. P.
1608, but to decide whether the Municipal Board make repairs and improvements to the pumping station, at an expense not to exceed $0,000, the same
to be paid, as far as possible, from the funds on hand.
NOTES NOT TO BE ISSUED.-The Clerk further advises us that the
$2,500 short-term notes for paying expenses, also voted on Nov. 25, will
probably not be issued as the debt will be cared for from the revenue of the
Water Department.
PIERPONT, Day County, So. Dak.-BOND OFFERING.-Proposals
will be received until 10 a. m. Jan. 27 by the Board of Trustees, W. L.
Almquist, Chairman, for $8,000 coup. refunding bonds at not exceeding
6% int. Auth. vote of 50 to 1 at an election held Dec. 10. Denom.$500.
Date Feb. 1 1914. Int. payable at the Treas. office. Due "option of
buyer." No deposit required. Bonded debt, incl. this issue. $12,200.
No floating debt. Assessed valuation 1913, 3297,000.
PIMA COUNTY SCHOOL DISTRICT NO. 1, Ariz.-BOND OFFERINV.-Proposals will be received until 10 a. m. Feb. 2 by B. L. Hitch,
Clerk Bd. of Co. Supervisors (P. 0. Tucson), for $45,000 53. % 20-yr. gold
coupon bldg. bonds. Denom. 31.000. Date Feb. 16 1914. Int. F. & A
at the Co. Treas. office. Cert. check for 3500, payable to the Clerk Board
of Supervisors, required.
AN. 24 1914.1
THE CHRONICLE
PLAZA SCHOOL DISTRICT, Glenn County, Cal.-BOND SALE.
The $6,000 6% 5-10-yr. (ser.) bldg. bonds voted May 27 (V. 96, p. 1648)
were awarded during July to the First Nat. Bank of Orland for $6,035,
equal to 100.583. Denom. $1,000. Date July 1 1913. Int. J. & J.
POMEROY VILLAGE SCHOOL DISTRICT (P. 0. Pomeroy), Meigs
County, Ohio.-BOND OFFERING.-Proposals will be received until
12 m. March 2 by Geo. Schwegman, Clerk Bd. of Ed.. for $40,000 5%
coupon high-school-bldg. bonds. Auth. Sees. 7625 and 7626 Gen. Code.
Denom. $500. Date "day of sale". Int. M. & S. at the Pomeroy Nat.
Bank,Pomeroy. Due $1,000 each six months from Mar. 2 1915 to Sept. 2
1934 incl. Cert. check for 2%% of bonds bid for, payable to the Clerk
Board of Education, required.
PROVIDENCE, R. I.-BOND SALES IN 1913.-Only one block of
permanent bonds was put out by the city of Providence last year. This
was a school loan of $300,000 at 4% taken by the Board of Commissioners
of the Sinking Funds of Providence at par. Date Nov. 1 1913. Due
Nov. 1 1943.
TEMPORARY LOANS IN 1913.-During the calendar year 1913 this
city issued to the Sinking Funds and Pension Funds a total of $1,558,324 56
temporary notes. The purposes for which these loans were made are as
follows: Sewer construction. $240,000: highways (special), $800,000;
harbor Improvement, $285,000; school-houses and lots loan account,
comfort sta$110,000; public playgrounds loan account, $35,000: public placing
wires
56;
tions. $28,000; W eybosset Bridge and river walls, $324
under ground, $15,000: public bath houses, $4,000; Olneyville grade crossings, $15,000, and Dexter Asylum loan account, $26,000.
PUEBLO, Colo.-BOND OFFERING.-Proposals will be received until
Feb. 23 for not exceeding $380,000 5% 15-yr warrant funding bonds voted
Nov. 4 (V. 97, p. 1528). Denom. $1,000, $500 and $100. Date Mar. 1
1914. Int. M. & S
PUTNAM COUNTY (P. 0. Ottawa), Ohio.-BOND OFFERING.
web. 18 by John E. Roose, County
Proposals will be receivnri
Auditor, for the folk wing 5% road-Imp •ovement bonds:
Denom.(6) $1,500,(1) $500.
$9,500 L. E. Rhees
Due $500 in 1918 and $1,500 yearly thereafter.
14,000 D. 0. Beck stone road impt. bonds. Denom. $1,000. Due
$2,000 yearly from 1918 to 1924, inclusive.
16,000 Herman Borgeld stone road impt. bonds. Denom. $1,000. Due
$1,000 yearly from 1919 to 1924, inclusive.
25,500 John C. Haughn stone road impt. bonds. Denom. (1) $500, (25)
$1,000. Due $500 in 1919 and $5,000 yearly thereafter.
16,500 John Rag.er stone road impt. bonds. Denom. (1) $500, (16)
$1.000. Due $500 in 1918, $1,000 in 1919 and $3,000 yearly thereafter.
28,000 Dan Sheidler stone road impt. bonds. Denom. $1,000. Due
$3,000 in 1919 and $5,000 yearly thereafter.
Date April 11914. Int. A. & 0. at office of County Treasurer. Certified check, certificate of deposit or cash on an Ottawa bank for $1,000
required. Successful bidder to furnish blank bonds.
RACINE, Racine County', Wis.-BOND SALE.-On Jan. 20 the
$35,000 43% 1-20-year (serial) school-building bonds, dated Nov. 1 1913
(V• 98. p. 254). were awarded to H. T. Holtz & Co. of Chicago for $35,150
-equal to 100.428. Other bids were:
Discount.
Premium.I
• Second Ward Savings Bank,A.B. Leach & Co., Chicago_$207 00
Milwaukee
$146 001Spitzer, Rorick & Co., Tol__ 300 00
E. H. Rollins & Sons, Chic
17 50 John Nuveen & Co., Chicago 433 50
RALEIGH TOWNSHIP (P. 0. Raleigh), Wake County, No. Caro.
BONDS DEFEATED.-The question of issuing the $50,000 school-building
bolds (V. 97, p. 1680) was defeated, reports state, at the election held
Jan. 14.
RANGE TOWNSHIP (P. 0. London), Madison County,) Ohio.
BOND SALE.-On Jan. 19 the $3,500 6% 2%-year (average) coupon
town-hall-construction bonds (V. 97, p. 1923) were awarded to the Madison
National Bank, London, for $3.553 (101.542) and int. Other bids were:
Harrisburg Bank
$3,5451J. M.Campsey
$3,535
RAYMOND, Pacific County, Wash.-DESCRIPTION OF BONDS.
funding
bonds
awarded on Dec. 10 to Morris Bros. of Portland
The $69,000
for $69,711 (101.0304) and int. (V.98, p. 87) are in the denom. of $1,000
and dated Nov. 11913. Int. M.& N. Due Nov. 1 1933.
RED BANK, Monmouth County, N. J.-BOND SALE.-On Jan. 4
$143,500 43 % refunding bonds were awarded to the First National Bank
of Red Bank at par and interest. Denom. $500 and $1,000. Date Jan. 1
1914. Int. J. & J. Due $5,000 yearly.
RENSSELAER COUNTY (P. 0. Troy), N. Y.-BIDS.-The other
bids received for the $84,000 43 % reg. 143/-yr. (ay.) highway-impt.
(Seventh Series) bonds awarded on Jan. 15 to Sutro Bros. & Co., N. Y.,
at 102.18 (V. 98, p. 254), were:
James R. Magoffin, N. Y___385,344 Mfrs.' Nat. Bk., Troy
$84,700
A. B. Leach & Co., N. Y____ 85,318 Remick, Hodges & Co., N.Y. 84,666
Estabrook & Co., N. Y
85,066 Harris, Forbes & Co., N. Y.. 84,664
C. H. Venner & Co., N. Y
84,854 Kissel, Kinnicutt & Co.,
Adams & Co.. N. Y
New York
84,840
84.529
RICHMOND SCHOOL DISTRICT (P. 0. Richmond), Contra
Costa County, Cal.-BOND ELECTION.-An election will be held
Jan. 31, it is stated, to vote on the issuance of $99,000 school-impt. bonds.
RIVERSIDE COUNTY (P. 0. Riverside), Cal.-BOND OFFERING.
-Proposals will be received until 2 p. m. Feb. 18 by A. B. Pilch, County
Clerk, for $1,125,000 5% gold coupon highway-construction bonds authorized by vote of 5,396 to 1,335 at an election held Dec. 17 (V. 98,_p. 254)•
Denom.$1,000. Date May 1 1914. Int. M.& N.at the County Treasurer's office, or at the Hanover Nat. Bank, N. Y., at the option of the
holder. Due on May 1 as follows: $30,000 yearly from 1925 to 1929, incl.;
$35,000 yearly from 1930 to 1934, incl., and $40,000 yearly from 1935 to
1954, incl. Certified or cashier's check on some responsible bank for
$20,000, payable to the Chairman of Board of County Supervisors, required. Purchaser to pay accrued interest.
ROCK FALLS, Whiteside County, Ill.-BONDS VOTED.-An
election held Jan. 7 resulted in favor of the proposition to issue $8,000
light-plant bonds. The vote is reported as 382 to 149.
ROCKY MOUNT, Edgecombe County!, No. Caro.-BOND SALE.The $49,000 sewer, $50,000 paving. $24,000 funding, $12,000 water-works
and $65,000 municipal gas works 5% 40-year bonds (V. 97, p. 1841) have
been awarded, it is stated, to Field, Longstreth & Co. of Cincinnati at 99
less $100 for engraving bonds.
ROLLA SCHOOL DISTRICT (P. 0. Rolla), Phelps County, Mo.BONDS DEFEATED.-The question of issuing $27,000 building bonds
failed to carry at the election held Jan. 8. The vote, it is stated, was 246
"for" to 196 "against." A two-thirds majority being necessary to carry.
ST. JOHNS COUNTY (P. 0. St. Augustine), Fla.-BONDS PROPOSED.-Iteprzts state that this county is considering the issuance of highway-impt. bonds.
ST. PAUL Minn.-BONDS AWARDED IN PART.-Dispatches state
that of the five issues of street-improvement (assessment) bonds, aggregating $445,320, offered on Jan. 21 at not exceeding 6% int., only $4,600
was disposed of to a local party at par.
SALT LAKE COUNTY (P. 0. Salt Lake City), Utah.-BOND
ELECTION.-Local papers state that an election will be held Feb. 25 to
decide whether or not this county shall issue $1,000,000 road-impt. bonds.
SANTA CRUZ, Santa Cruz County, Cal.-BONDS NOT SOLD.
No bids were received, it is stated, for an issue of $182,000 5% municipal
improvement bonds offered on Jan. 13.
SARATOGA COUNTY (P. 0. Saratoga Springs), N. Y.-BOND
SALE.-On Jan. 20 the two issues of 5% bonds, aggregating $80,000
V. 98 n. 178), were awarded to Harvey Fisk & Sons of N. Y. at 104.63.
Other bfds wore:
Kissel,Kinnicutt&Co.,N.Y.$83,304 00 A. B. Leach & Co., N. Y_$82,670 00
C. H. Venner & Co., N.Y_ 83,141 60 Rhoades & Co.. N. Y____ 82,625 00
N. W.Halsey & Co., N.Y. 83,027 20 Harris, Forbes & Co., N.Y. 82,569 60
Curtis & Sanger, N.Y
82,992 20 Spitzer, brick & Co. N.Y. 82,430 00
Lee, Hig'son &
N.Y.. 82,950 00 J..1. Hart, Albany, N. Y.. 82,099 00
Remick, Hodges&Co.,N.Y. 82,932 80 Jas. R. Magoffin, N. Y.. 81,600 00
Hallgarten & Co., N. Y.._ 82,787 70 Adirondack Trust Co.,
82,680 55
Adams & Co., N Y
Saratoga Spgs., N. Y.._ 80,498 00
SARPY COUNTY (P. 0. Papillion), Neb.-BOND ELECTION.
An election will be held Feb. 10 to vote on the question of issuing $60,000
5% 5-10-yr. (opt.) court-house bonds.
325
SAVANNAH, Ga.-BOND SALE.-On Jan. 20 the $600,000 43%
30-year gold coupon tax-free house-drainage and storm-sewerage-system
bonds (V. 98, p. 87) were awarded as follows:
W. V. Davis, Savannah
New York Life Ins. Co.,
N.Y.(8250,000)
101.574
(85.000)
101
W. M. Davant, Savannah
Security Trust Co.,Spartanburg($261,500)
100.5225 ($5,000)
100.875W. A. Kent, Say. ($10,000)-100.50
R. M. Marshall & Bro.,
Charleston ($65,000)__ _ _101
Albert'W 11 ($3500)
100.50
Hibernia Bank of Savannah bid for entire issue or any amount above'
$100,000. With this bid, it is said, were several conditions, one being that
if the entire issue were sold to the Hibernia that the money should be kept
on deposit there at 3% and should not be touched until the proceedsj of
any bonds sold to other bidders should be exhausted.
Savannah Trust Co. bid for entire issue, offering $610,577, but stipulating that this amount should be deposited in that institution without
interest, subject to check as the work progressed..
Security Trust Co. bid for entire issue, offering $603,135 and imposingno conditions.
National Bank of Savannah bid for entire Issue, offering $603,172, the'
money to be deposited in that bank at 2% interest, to be checked out as
the work progressed.
Sigretto & Co. of New York, Dysard Construction Co. of Atlanta. and
Sullivan, Long & Haggerty of Bessemer. Ala., bid for the entire issue.
offering $601,200. These three concerns have been recommended by theDrainage Commission to be given the contracts for putting in the drainage
Improvements.
Townsend, Scott & Son and the Mercantile Trust Co. of Baltimore bid
for entire issue, offering 100.11 and imposing no conditions.
John L. Hammond & Co. of Savannah submitted five bids, totaling
$100,000 and ranging from 100 1-32 to 1003/s.
SCOTT COUNTY (P. 0. Gate City), Va.-BOND SALE.-The three
Issues of 20-30-year (opt.) coupon road and bridge bonds, aggregating
3167,100, offered on Jan. 5 (V. 97 p. 1842), have been awarded. it is
stated, to Well, Roth & Co. of Cincinnati at par for 5%s. Purchasers to
pay cost of printing bonds and attorney's fees.
SEATTLE, Wash.-BOND ELECTION PROPOSED.-It is stated that
bills were introduced In Council on Jan. 12 asking for an election to be held:
March 3 to vote on the questions of issuing $1,750,000 bridges-construction
and $425,000 auxiliary steam light and power-plant bonds.
SEATTLE SCHOOL DISTRICT NO. 1 (P. 0. Seattle), Wash.
BOND OFFERING.-Further details are at hand relative to the offering
on Feb. 20 of the $684,000 coup. tax-free site-purchase bldg. and equip.
bonds (V. 98, p. 254). Proposals for these bonds will be received until3 p. m. on that clay by Will II. Hanna, Co. Treas. Auth. Chap. 10, Code
of Public Instruction, State of Wash.: also an election held Dec.6. Denom.
$1,000. Date about April 11914. Int. (rate to be named in bid) A.& 0.
in N. Y. or Seattle. Due $36,000 yriy. from 2 to 20 yrs. incl. On any
bonds delivered subsequent to April 1 1914 the purchaser must also pay
accrued interest from the date of the bonds. Bids may be presented'
under any one or more of the following proposals:
First-For any number of said bonds not exceeding 684 to be delivered.
April 1 1914.
Second-For same to be delivered May 1 1914.
Third-For same to be delivered June 1 1914.
Fourth-For any date or dates not later than Oct. 1 next, to be specifiedin bid.
Cert. check for,1%, payable to the "District," required. Bonded debt
$4,621,000. No floating debt. Assess. val., $217,525 180.
SEDALIA SCHOOL DISTRICT (P. 0. Sedalia), Pettis County,
Mo.-BOND SALE.-On Jan. 14 the $32,000 5% 20-yr. coup. bldg. and
impt. bonds(V. 98, 87) were awarded to N. W. Halsey & Co. of Chicago
at 103.25 and int. There
were 25 other bidders.
p.
SHELBY COUNTY COMMON SCHOOL DISTRICTS, Tex.-BONDS
AWARDED IN PART.-The County School Fund purchased at par during the month of August the $1,000 5% 10-20-yr. (opt.) Dist. No. 34
bldg. bonds(V.97. p. 469) and $800 of the 81.2005% 5-20-yr.(opt.) Dist.
No. 82 bldg. bonds (V. 97, p. 682).
BOND OFFERING.-Proposals will be received at any time by W. C.
Hurst, Co. Supt. of Schools, for the follwing 5% bldg. bonds:
$400 (unsold portion of an issue of $1,200) 5-20-yr. (opt.) Dist. No.82
bonds. Denom. $100. Date July 14 1913. Int. ann. on April 10.
800 5-20-yr. (opt.) bldg. bonds of Dist. No. 14 (V. 97. p.682). Denom.
$100. Date May 10 1913. Int. ann. on April 10.
SILVERTON, Marion County, Ore.-BOND SALE.-An issue of
$23,000 6% 1-10-yr. (opt.) street-impt. bonds was awarded on Dec. 15
as follows: $10,000 at 100.10 and int. to the People's Bank, Silverton:
$10,000 at 100.01 and int. to the Coolidge & McClaine Bank, Silverton:
$1,000 at 100.10 and int. to H. S. Van Valkenburg, and $2,000 at 100.05.
and int. to the Water Commission. Denom. $500. Date Dec. 1 1914.
Int. J. & D.
SIOUX FALLS SCHOOL DISTRICT, So. Dak.-BOND ELECTION.
-The question of issuing $175,000 bldg. and $7,000 athletic grounds 5%
20-yr. bonds(V.98, p. 255) will be voted upon on Feb. 10.
SOUTH ORANGE, Essex County, N. J.-BOND SALE.-On Jan. 19
the five issues of bonds, aggregating $357,224 (V.98, p. 178), were awarded.
to J. S. Rigel of Newark, as follows:
$250,000 4 % water bon
bonds at 100.15 and int. Due Jan. 1 1944.
50,224 % street-improvement bonds at 101.51 and int. Due yearly on.
Jan. 1 as follows: $5,000 from 1915 to 1917 incl., $6,000
from 1918 to 1922 incl. and $5,224 on Jan. 1 1923.
20.000 4%% sewer bonds at 100.42 and int. Due $4,000 yearly on Jan.?.
from 1945 to 1948 incl.
8,000 43% park bonds at 100.42 and int. Due Jan. 1 1944.
29,000 5% funding bonds at 101.51 and int. Due yearly on Jan. 1
as follows: $4,000 from 1915 to 1917 incl., $3,000 from 1918
to 1921 incl. and $5,000 Jan. 11922.
Other bidders were: A. B. Leach & Co. and John D. Everitt & Co..
it. M. Grant & Co., N. Y., Savings Investment & Trust Co., East Orange
and the Peoples Bank of East Orange, South Orange branch.
SOUTH PASADENA, Los Angeles County, Cal.-BID REJECTED.-Only one bid was received for the three issues of 57 20%-yr.
(ay.) gold coup. bonds, aggregating $50,000, offered on Jan. 12, (V. 97.
p. 1924). This offer was rejected. The bonds will be re-advertised at anearly date.
STEELTON SCHOOL DISTRICT (P. 0. Steelton), Dauphin County, Pa.-BOND SALE.-This district has sold an issue of $35,000 4 %
bonds to E. H. Rollins & Sons, New York.
SULPHUR SPRINGS, Hopkins County, Tex.-BONDS VOTED.
The election held Jan. 10 resulted in favor of the proposition to issue
$50,000 public-square paving bonds(V.97, p. 1924). The vote is reported.
as 209 to 15.
SUMMIT COUNTY (P. 0. Akron), Ohio.-BOND OFFERING.
Proposals will be received until 11 a. m. Feb. 2 by C. L. Bower, Clerk Bd.
of Co. Commrs., for $5,600 5% coup. Hudson Ditch impt. bonds. Auth.
Sees. 6489, 6492 and 6493, Gen. Code. Denom. (4) $1,000, _(1) $1,600.
Date "day of sale." Int. A. & 0. at the Co. Treas. office. Due $1,000
yriy. April 1 from 1915 to 1918 incl. and $1,600 April 1 1919. Cert. check
for 5% of bid, payable to the Co. Commrs., required.
SUNNYVALE, Santa Clara County, Calif.-BOND OFFERING.Proposals will be received until 8 p. m. Feb. 16 for $40,000 sewer and $35,000 water 5%% bonds. Authority (sewer) vote of 245 to 52 (water) vote,
of 228 to 66 at an election held Dec. 9. Due $1,000 yearly.
SUPERIOR, Nuckolls County, Neb.-BONDS VOTED.-The proposition to issue $22,000 water-works-ext. bonds carried at an election held
Jan. 17.
SYRACUSE, N. Y.-NOTE SALE.-On Jan. 21 $150,000 notes dated
Jan. 23 and due Oct. 23 1914 were awarded to Parkinson & Burr of N. Y.
at 4.45% interest and $5 premium.
TEXAS.-BONDS REGISTERED.-The following bonds were registered
by the State Comptroller during the week ending Jan. 17:
Due.
Option..
Purpose.
Int. Rate.
Amount. Place of Issue.
40 us. 5 yrs.
6
$3.990_ _Wharton County Bridge Repair
City-Hall
40
5
5
8,000_ _Yourktown
Street-Improvem't 534% 40 "
20 "
20,000Mexia
10 "
Ind. Sch. Dist.
40 "
5
16,000_ _Poteet
10 "j
125,000Jim Wells County Public Road Bonds 5% 40 "
Road Dist. No. 2
5%
40 "
20"
50,000- _Bell County
326
THE CHRONICLE
[VoL. xcvin.
SUPERIOR SCHOOL DISTRICT (P. 0. Superior), Dickinson
WASHINGTON.-BONDS PURCHASED BY STATE IN 1913.
County, Iowa.-BONDS VOTED.-The question of issuing $30,000 During the year 1913 a total of $2,565,710 school district, city, town
and
building bonds carried at an election held Jan. 17 by a vote of 129 to 17 .
county bonds was purchased at par by the various State Funds. All of
are
bonds
the
subject
to
call
after
one
year
from
their date and they were
THE DALLES SCHOOL DISTRICT (P. 0. The Dalles), Wasco
County, Ore.-BOND OFFERING.-Proposals will be received until all purchased direct from the places issuing same. The majority of the
March 4, it is stated, for the $100,000 10-20-year high-school-building purchases have already been reported in these columns at various times
throughout
the
year.
.
Those
issues
the
sales
of which have not been
bonds voted Dec. 29 (V. 98. P. 178)•
previously reported are described as follows:
TIPPECANOE COUNTY(P.O. Lafayette),Ind.-BOND OFFERING.
Date of
Date of Int.
-Harry G. Leslie, County Treasurer, will receive bids, it is reported.
Place Issuing Bonds. Amount. Purpose.
Bonds.
Purchase. Rate. Maturity.
until 2 p. m. Feb. 6 for $8,000 4%% road bonds.
Adams Co. S. D.72__ $5,000 School Aug. 1 '13 July 16 '13 534 Aug. 1 '23
TOLEDO INDEPENDENT SCHOOL DISTRICT (P. 0. Toledo),
Jan. 2 '13 Dec. 19 '13 534 Jan. 2 '23
do Nos. 89 & 103_ _ 2,000 do
Tama County, Iowa.-BOND OFFERING.-Proposals will be received Asotin Co.S.D.No.30__
600 do
Dec. 1 '13 Nov. 22 '13 6 Dec 1 '18
until 1 p. m. Feb. 2 by Charles Benesh, Dist. Pres., for the $75,000 bldg.
500 do
Mar. 1 13 Mar. 17 '13 6 Mar. 1 '23
do No. 27
bonds voted Oct. 2(V. 97, p. 1680). Denom. to be mutually agreed upon Cowlitz Co.S.D.No.106 16,500 do
Sept. 1 '13 Aug. 21 '13 5 Sept. 1 '33
Date April 1 1914. Int. A. & 0. Cert. check for $500 required. OffiAug. 1 '13 July 21 '13 534 Aug. 1 '33
4,000 do
do
do
cial circular states that there is no litigation pending or contemplated reMay 1 '13 Apr. 18 '13 534 May 1 '23
do
No. 32_ _ _ 5,000 do
garding this issue and that no previous bonds have been contested. No Douglas Co.S.D.No.74. 3,000 do
May 1 '13 534
do
do
bonded debt. Assessed val., $2,004,267; true val., approx. $5,000,000.
do
do
5 May 1'33
FranklInCo.S.D.No.107 18,000 do
Apr. 1 '13 Mar.25 '13 6 Apr. 1 '23
600 do
TROUP INDEPENDENT SCHOOL DISTRICT (P. 0. Troup), Grant Co.S. D.No.34..
Feb. 1 '13 Jan. 22 '13 6 Feb. 1 '23
750 do
do
No. 113..
Smith County, Tex.-BOND OFFERING.-Proposals will bereceived
12,000 Water May 1 '13 May 1 '13 6 May 1 '33
until Feb. 15 by W. Arnold, Pres. School Board, for the $19,000 5% 20- Ilwaco (town)
2,200 School Oct. 15 '13 Oct. 8 '13 53.4 Oct. 15 '33
40-yr. (opt.) bldg. and equip. bonds authorized by vote of 148 to 82 at the Island Co.S.D.No.21
Sept. 10 '13 Sept.18 '13 534 Sept. 10 '18
5,000 do
election held Oct. 20 1913 (V. 97, p. 1449). Denom. $500. Date Dec. 1 King Co. S. D. No. 1
June 1 '13 May 26 '13 534 June 1 '23
1913. Int. J. & J. at the Nat. Bank of Commerce, N. Y., or at State Kltsap Co. S.D.No.49_ 3,500 do
do
July 1 '13 June 12 '13 534 July 1 '23
No. 33_ _ _ 4,500 do
Treasury, Austin, or at the Depositary of Troy School, Troup, at option
534
do
do
do
No. 22_ _ _ _ 2,000 do
do
of holder. Bonded debt, $3,500. Assess. and equalized (real and perKittitas Co.S.D.No.25. 15,000 do
Feb. 1 '13 Jan. 9 '13 5 Feb. 1 '18
sonal) values 1913, $735,475. Actual val., about $1.500.000.
Klickltat Co.8.D.No.26 2,500 do
July 1 '13 June 13 '13 534 July 1 '18
TROY, N. Y.-BOND SALE.-On Jan. 19 the $350,000
% 20-ann.
do
No. 3
5,000 do
May 1 '13 May 1 '13 534 May 1 '28
install. reg. water-works bonds (V. 98, p. 178) were awarded to Kissel,
do
No. 50....
1,500 do
May 2 '13 53.4 May 1 '19
do
Kinnicutt & Co. of N. Y. for $355,279 50 (101.508) and int. Other bids
do
No. 1_ _ 1,500 do
June 1 '13 May 27 '13 534 June 1 '23
were.
Lincoln Co.S.D.No.136
750 do
July 1 '13 June 18 '13 6 July 1 '23
Estabrook & Co., N. Y....__$354.760 Bond & Goodwin, N.Y. --$352,835
No.130_ _ _ _
650 do, Oct. 1 '13 Sept.16 '13 6 Oct. 1 '28
do
Mfrs.' Nat. Bank, Troy..__ 354,300 Harris, Forbes & Co., N.Y. 352,387 Lynden (town)
3,000 Water Feb. 1 '13 Jan. 9 '13 6 Feb. 1 '33
Remick, Hodges & Co., N.Y.354,175 E. L. Stokes, Phila. ($200.5,500 do
Milton (town)
Mar. 20 '13 Apr. 1 '13 6 Mar. 20 '33
A.B.Leach & Co., N.Y...... 353,850
000)
7,500 Refund'gApr. 1 '13 Mar. 17 '13 6 Apr. 1 '18
202,170 Montesano (city)
Blodget & Co., Boston____ 353,773 C. H. Venner & Co., N. Y_ 351,844 Okanogan Co.S.D.69_
700 School Nov. 1 '13 Oct. 28 '13 6 Nov. 1 '23
Curtis & Sanger, N Y
353,190 Hallgarten & Co., N. Y___ 351,444 PendOreilleCo.S.D.11_ 3,000 do
Aug. 1 '13 July 11 '13 534 Aug. 1 '33
Par
I E• F. Moran ($1,000)
No. 20__.. 1,200 do
do
do
July 12 '13 534
do
do
1,000
4_
_
_
Nov.
No.
1 '13 Nov. 3 '13 6 Nov. 1 '23
do
TRUMBULL COUNTY(P.O. Warren), Ohio.-BOND OFFERING.
do
Sept. 1 '13 Aug. 5 '13 534 Sept. 1 '33
Proposals will be received until 1 p. in. Jan. 26 by W.R. Harrington, Aud., Pierce Co.S.D.No.75. 9,500
do
No.123_ _ 2,000 do
do
Sept. 3 '13 534
do
for $16,000 5% coup. road bonds. Auth. Secs. 1178-1231-4, Gen. Code.
May 1 '13 Apr. 19 '13 6 May 1 '23
No.120_ _ _ 1,000 do
do
Denom. $500. Date Feb. 11914. Int. A. & 0. at the Co. Treas. office.
do
112,000 Impt.
Sept. 1 '13 434 May1'14-23
Due $2,000 each six months from April 1 1915 to Oct. 1 1918 incl. Bonds Port of Seattle
Nov. 1 '13 Oct. 21 '13 534 Nov. 1 '33
to be delivered and paid for within 10 days from time of award. Cert. San Juan Co.S.D.No.30 1,300 School Feb.
1 '13 Jan. 21 '13 5 Feb. 1 '33
check for 5% of bonds bid for, payable to the Co. Treas., required. Pur- Snohomish Co.S.D.99_ 30,000 do
Nov. 1 '13 Nov. 7 '13 534 Nov. 1 '18
Spokane Co.S.D.No.48 1,500 do
chaser to pay accrued interest.
Dec. 1 '13 Nov.24 '13 534 Dec. 1 '17
No.101._ _ _ 1,600 do
do
Sept. 1 '13 Aug. 7 '13 534 Sept. 1 '33
TUCSON, Pima County, Ariz.-BOND OFFERING.-Further details Stevens Co.S.D.No.42. 3,500 do
Feb. 1 '13 Jan. 21 '13 6 Feb. 1 '28
500 do
are at hand relative to the offering on Jan. 26 of the $165,000 5% 30-yr.
No. 41_ _ _
do
July 1 '13 June 30 '13 6 July 1 '23
gold coup. water-works-impt. bonds (V. 98, p. 178). Proposals will be
No. 4_ _ _ 1,000 do
do
Aug. 1 '13 Aug. 5 '13 6 Aug. 1 '18
received until 5 p. m. on that day (Jan. 26) by L.0.Cowan, Recorder and
700 do
No. 8_ _ _ _
do
Oct. 15 '13 Oct. 7 '13 534 Oct. 15 '33
ex-officio City Clerk. Auth. Chap. 29, Laws 1912. Denom.$500. Date Thurston Co.S.D.No.1 10,000 do
Aug. 1 '13 July 12 '13 534 Aug. 1 '18
Jan. 2 1914. Int. J. & J. at Consolidated Nat. Bank, Tucson. Cert.
No.301_ _ _ _ 6,000 do
do
July 1 '13 June 19 '13 534 July 1 .16
check for 57
0 of bid required. Official circular states that default has never
1,500 do
No. 45_
do
July 16 '13 6 July 1 '18
do
be n made in the payment of principal or interest. Total debt (incl. this
800 do
No. 18_ _ _
do
Aug. 1 '13 July 30 '13 534 Aug. 1 '20
Issue). $587.000. Assess. val. (2-3 actual), $14,299,849.
Walla WallaCo.S.D. 63 4,000 do
Aug. 1 '13 Aug. 5 '13 534 Aug. 1 '23
Whatcom Co. S. D.94_ 1,500 do
TUSCOLA COUNTY (P. 0. Caro), Mich.-BOND ELECTION.
Apr. 1 '13 Apr. 5 '13 534 Apr. 1 '33
2,800 do
No. 95_ _ _
do
The proposition to issue the $100,000 court-house-constr. bonds (V. 97, Whitman
Sept. 11 '13 Aug. 8 '13 534 Sept. 1 '18
Co. S. D. 147 1,500 do
p. 1449) will be submitted to a vote on April 6. Due 35,000 yrly. from
Sept. 1 '13 Aug. 29 '13 534 Sept. 1 '33
1,800 do
No. 16
do
1914 to 1933 incl.
WILLIAMSON COUNTY (P. 0. Georgetown), Tex.-BONDS PRO
VAN BUREN TOWNSHIP SPECIAL SCHOOL DISTRICT NO. 8
(P. 0. Belmont), Montgomery County, Ohio.-BOND OFFERING.- POSED.-An issue of $120,000 road bonds is being contemplated byl this
Proposals will be received until 2 p. in. Jan. 31 by E. E. Storms, Clerk county.
Bd. of Ed., for $15,000 5%% coup. bldg. bonds. Auth. Secs. 7625, 7626
and 7627, Gen. Code. Denom. $500. Date Mar. 1 1914. Int. M.& S.
WILMINGTON, New Hanover County, No. Caro.-BOND ELECDue $1.000 yrly. Sept. 1 from 1915 to 1929 hid. Bonds to be delivered TION.-According to local papers an election will be held March 5 to vote
and paid for on Mar. 1 1914. Bids must be unconditional. Cert. check on not more than $150,000 municipal dock and wharf bonds.
for $300, payable to the Dist. Treas., required. Bidders must satisfy
themselves of the legality of the issue prior to submitting a bid.
WILSON TOWNSHIP SCHOOL DISTRICT (P. 0. Wilson), Wilson
WABASH COUNTY (P. 0. Wabash), Ind.-BOND SALE.-The County, No. Caro.-BOND SALE.-On Jan. 20 the $30,000 5% schoolLafontaine Bank was recently awarded $89,640 gravel-road bonds for bldg. bonds (V. 98, p. 255) were awarded to Sidney Spitzer & Co. of Toledo
$90,140, making the price 100.557. Higher premiums were offered, it is for $30,200 (100.666) and int., the district to be free of expenses for blank
stated, but the purchaser also agreed to take up the bonds as the con- bonds, attorney's fee, &c. Bonds to be delivered and paid for notlater than
tractors on the roads needed them, thereby saving the county interest.
April 1 1914. Other bids were:
Bolger, Mosser & Willaman, Chicago: (1) For $30,000 bonds, dated Feb. 1
WACO, Tex.-BOND ELECTION.-Reports state that an election
1914, maturing 31.000 a year, in denominations of $1,000; will pay par
will be held Feb. 16 to submit to a vote the questions of issuing the following
and accrued int., provided an allowance of $450 be made for expenses,
bonds: $150,000 school-building, $65,000 street-paving, $60,000 additional
fees, &c. This bid means 9834 on the dollar. (2) For $30,000 bonds,
ground for cotton palace, $50,000 bridges, and $25,000 sewers.
dated Feb. 11914, maturing 30 years after date; will pay par and accrued
int., provided an allowance of $300 be made for expenses, fees, &c.
WALKER COUNTY (P. 0. Huntsville), Tex.-BOND OFFERING.
This bid means 99 on the dollar.
Proposals will be received, it is stated, until 2 p. m. Jan. 27 by W. R. Hill,
Secy. Bd.of Road Comnirs.,for the $150,0006% road bonds voted Nov. 14. John Nuveen & Co., Chicago: For $30,000 bonds will pay par, if an
be made for expenses, fees, &c. Amount of allowance exallowance
V.97, p.1530.
pected not stated.
WALLER COUNTY (P. 0. Hempstead Tex.-BONDS VOTED.- Seasongood & Mayer, Cincinnati: For $30,000 bonds, to run an acceptable
The question of issuing $150,000 road bonds Carried, it is said, at a recent
length of time, will pay par and a premium, provided a suitable allowelection in Huntsville Precinct.
ance for fees, &c., can be agreed upon. No indication of what would be
considered a reasonable allowance for fees, or what premium would be
WARREN COUNTY (P. 0. Williamsport) Ind.-BOND SALE.paid, is stated.
On Jan. 19 the $11,500 41. % 10-yr. (serial) Stanley Biggs gravel-road taxToledo: For $30,000 bonds, dated Jan. 1 1914 and
free bonds (V. 98, p. 179) were awarded to the Meyer Riser Bank of Spitzer, Rorick & Co.,
maturing
Jan. 1 1944, will pay par and accrued interest, provided an
Indianapolis for $11,590 (100.078) and int. Other bids were:
fees, blank bonds, &c., be made. This bid means
for
$1,150
allowance of
Sarah J. Gephart, Pine Village
$11,586 50
a little more than 96 on the dollar.
J. F. Wild & Co., Indianapolis
11,581 00 Chas. S. Kidder & Co., Chicago: For $30,000 bonds will pay par and acMiller & Co., Indianapolis
11,578 50
crued interest, bonds to be dated Jan. 1 1914, in denominations of $500,
Breed, Elliott & Harrison, Indianapolis
11,575 75
provided an allowance of $935 be made for expenses, fees, &c. This
Evansville Securities Co., Evansville
11,575 00
means a little more than 9634 on the dollar.
Fletcher-American National Bank, Indianapolis
11,571 55 H. T. Holtz & Co., Chicago: For $30,000 bonds, dated Jan. 1 1914, or
Denom. $575. Date Dec. 5 1913. Int. M. & N.
any date prior to March 1 1914, will pay $30,017, with accrued interest,
BOND OFFERING.-Proposals will be received until Feb. 27, reports
provided an allowance of $250 be made for expenses, fees, &c. This bid
state, by David H. Moffitt, County Auditor, for $75,000 5% 10-year
means a little more than 99 on the dollar, plus the $17 premium.
bonds.
Provident Savings Bank & Trust Co., Cincinnati: For $30,000 bonds,
dated
Jan. 11014, maturing Jan. 1 1939. In denominations of 3500, will
WARRICK COUNTY (P. 0. Boonville), Ind.-BOND OFFERING.
pay par and accrued interest, provided an allowance of $350 be made for
It is reported that proposals will be received until 11 a. m. Feb. 14 by
fees,
&c. This bid means a little less than 99 on the dollar.
expenses,
Wm. H. Putler, Treasurer, for $7,346 64 5% road bonds.
H. C. Speer & Sons Co., Chicago. For $30,000 bonds, denominations of
31,000, dated Jan. 1 1914 and maturing Jan. 11944, will pay par, proWASHINGTON COUNTY (P. 0. Weiser), Idaho.-NO ACTION
vided an allowance of $400 be made for expenses, fees, &c. This bid
YET TAKEN.-The County Clerk advises us that no action has yet been
means 98 2-3 on the dollar.
taken towards the calling of an election to vote on the issuance of road- Kissel.
Kinnimat & Co., Chicago: For $30,000 bonds, dated Jan. 15 1914,
improvement and court-house bonds. (V. 97, p. 1530.)
maturing Jan. 15 1944, twenty $1,000 bonds and twenty $500 bonds, will
WASHINGTON COUNTY (P. 0. Salem), Ind.-BOND OFFERING.
nay $30,050. and will furnish blank bonds, &c.
-Reports state that proposals will be received until 1:30 p. m. to-day Tillotson & Wolcott Co., Cleveland: For $30.000 bonds, to mature in
(Jan. 24) for $4,580
% road bonds.
30 years from date of issue. in denominations of $500, will pay $30,084.
Kansas City, Mo.: For $30.000 bonds will pay $30.WASHINGTON COUNTY (P. 0. Brenham), Tex.-BOND ELEC- J. R.Sutherlin & Co.,
200 and accrued interest and will furnish blanks, &c., free
TION PROPOSED.-Petitions are being circulated asking that an election
York: For $30,000 bonds will pay par and,accrued
R.
M.
New
Granti&
Co.,
be ordered to vote $350,000 bonds for good roads in Brenham Precinct.
Interest, provided an allowance of $640 be made for expenses, &c.
WEBSTER GROVES SCHOOL DISTRICT (P. 0. Webster Groves), Farson, Son & Co., Chicago: For 330.000 bonds will pay 330.000. provided
St. Louis County, Mo.-BONDS DEFEATED.-The question of issuing
an allowance of $1.500 be made for expenses.
the $50.000 bldg. bonds (V. 97, I). 1925) failed to carry at the election
held Jan. 17.
WINCHESTER, Scott County, Ill.-BONDS NOT YET ISSUED.We are advised by the Mayor that the $30,000 5% 10-20-yr. (opt.) waterWESTFIELD, Hampden County, Mass.-BONDS VOTED.-At a works-plant
bonds voted Nov. 12(V. 97, p. 1530) have not yet been issued.
town meeting Jan.5 the voters authorized the issuance of $25,000 municipal- Denom. $500.
Int. ann. on May 1.
electric-light-system-equipment bonds, according to reports.
WORCESTER, Mass.-BOND SALE.-On Jan. 22 the following 4%
WESTMORELAND, Pottawatomie County, Kan.-BOND SALE.
On Jan. 1 315,000 5% water-works bonds were awarded to the Prudential 5 1-6-yr. (ay.) registered bonds, aggregating $280,000, were awarded
Trust Co. at 96. Denom. $500. Date Jan. 11913. Int. J. & J. Due Jointly to Adams & Co. and A. B. Leach & Co. of Boston at 101.85 and int.
$500 yearly from 1920 to 1939 incl and $1,000 yearly from 1940 to 1944 incl. -a basis of about 3.598%:
city loan bonds for land drainage. Due $10,000 yrly. Oct. 1
WEST POINT, Fayette County, Tex.-BONDS VOTED.-By an $100,000 from
1914 to 1923 incl.
unanimous vote an issue of $5,000 bonds was authorized. it is stated, at
90,000
water loan bonds. Due $9.000 yrly. Oct. 1 from 1914 to 1923 incl.
an election held recently.
50,000 water loan bonds. Due $5,000 yrly. Oct. 1 from 1914 to 1923 incl.
40,000 sewer loan bonds. Due $4,000 yrly. Oct. 1 from 1914 to 1923 incl.
WHITE COUNTY (P. 0. Monticello), Ind.-BOND OFFERING.
Int. A. & 0. Other bidders were
An issue of $12,000 4%7 road bonds is being offered for sale Feb. 14.
Perry, Coffin & Burr, Bost_ _101.55 White, Weld & Co., N. Y- _ -101.22
Bids will be received until 10 a. m. by W.P. Cooper, County Treasurer.
Estabrook & Co., Boston___101.53 E. H. Rollins & Sons, Bost--101.118
WILDWOOD SCHOOL DISTRICT (P. 0. Wildwood), Sumter R. L. Day & Co., Boston_ _101.399 N. W. Harris & Co., Boston_101.045
County, Fla.-BOND SALE.-The $.10,000 6% 5-20-yr. (ser.) coup, tax- Merrill, Oldham & Co.. Bost.101.319 Lee, Higginson & Co., Bost..101.039
free bldg. bonds offered without success on Sept. 22 (V. 97, p. 1064) have Curtis & Sanger, Boston_ _ _ _101.27 Blake Bros. & Co., Boston _ _100.97
been awarded to C. H. Coffin of Chicago at 100.11. Date Jan. r1914. , Biodget & Co., Boston
101.227 Kinsley & Adams. Worcester 100.81
Canada. its Provinces and Municipalities.
waterBATTLEFORD, Sask.-DEBENTURE SALE.-The $50,000
weeks, sewer, power-plant and electric-light debentures authorized by
vote of 55 to 0 at the election held Jan. 12 (V. 98, p. 180) have been disposed of.
BEAUSEJOUR, Man.-NO ACTION YET TAKEN.-We are advised
that no action has yet been taken looking towards the offering of the $3,000
electric-light-system debentures authorized last November CV. 97, p. 1530).
BROCKVILLE, Ont.-DEBENTURE SALE.-Reports state that this
town has disposed of $33,000 water and light debentures to A. E. Ames &
Co. of Toronto.
state
CALGARY, B. C.-NEW LOAN.-Cable advices from London
that a 5% loan of £700,000 offered at 97 has been oversubscribed.
to
.-Propositions
VOTED
COLLINGWOOD, Ont.-DEBENTURES $20,000 town-hall debenand
issue 355.000 water-works and electric-light
election.
tures carried. it Is stated, at a recent
(P. 0. Youngstown),
DIAMOND SCHOOL DISTRICT NO. 2914
of Regina were awarded on
Alta.-DEBENTURE SALE.-Nay & Jamesfor
$1,541-equal to 96.312.
Dec. 17 $1.600 8% 10-yr. bldg. debentures
Date Dec. 17 1913. Int. annually In December.
VOTED.-An issue of $3,000
EAST OXFORD, Ont.-DEBENTURES stated, at a recent election.
township-hall constr. debentures carried, it is
ELECTION.FORT WILLIAM, Ont.-RESULT OF' DEBENTURE
were recently voted: $37,000
It Is reported that the following debentures
schools, $5,000 for a ioublic market,
for water-works, $100,000 for public
$238,000 for street railway, $45.000 for McKellar
$125,000 for telephones,
for consolidated debt, $115,500 for
Hospital, 320.000 for fire-hall, $77,000
for stone quarry, $10,000 for supervised
electric-light-system, 330,000 of
issuing $40,000 debentures for city-hall
playgrounds. The question
extension was defeated.
GALT, Ont.-DEBENTURE SALE.-According to reports, the IDominion Securities Corp., Ltd., of Toronto have been awarded an issue of
$64,193 24 5% 40-yr. debentures for $62,659 20-equal to 97.60. Other
bids received for this issue were:
$62,126 00 Brouse, Mitchell & Co___$61,054 19
A.E.Ames & Co
61,799 00 W. L. McKinnon & Co__ 60.880 87
Wood,Gundy & Co
74
R. C. Matthews & Co_ _ _ _ 61,725 00 Murray, Mather & Co_- 60,373 00
61,615 00 W.A. Mackenzie & Co__.. 60,031
Ontario Securities Co
59,610 00
61,437 00 Goldman & Co
0.H.Burgess & Co
59.025 68
61,411 00 G.A.Stimson & Co
Brent, Noxon & Co
HANOVER, Ont.-DEBENTURES DEFEATED.-The question of
at
Issuing $7,000 market-site debentures was defeated, it is stated, a recent
election.
HESPELER, Ont.-DEBENTURES VOTED.-The question of issuing
the $25,000 municipal-building debentures (V. 97, p. 1925) carried at a
recent election, it is stated.
HOLLAND, Man.-DEBENTURE SALE.-We have just learned that
the $5.000 school-bldg. debentures voted in Nov. (V. 97. p. 1531) were
disposed of last fall to the Sinking Fund of the City of Winnipeg.
K1LDONAN (P. 0. Winnipeg), Man.-DEBENTURES AUTHORIZED.-This municipality has authorized the issuance of $125,000 Main
Street and $130,000 East Kildonan Road draining and paving debentures.
II. Thompson is Secretary Treasurer.
Village
327.
THE CHRONICLE
JAN. 24 1914.1
MIDDLESEX COUNTY (P. 0. London), Ont.-NO DEBENTURES
PROPOSED.-The Clerk advises us that the reports stating that this county
is considering the issuance of $700,000 road and bridge-improvement
debentures (V. 97, p. 1531) are erroneous.
MIMIC°, Ont.-DEBENTURES VOTED.-Reports state that the
question of issuing $125,000 sewerage:and water-works-system debentures
carried at a recent election.
PEMBROKE, Ont.-DEBENTURES VOTED.-Propositions to issue
$5,000 debentures to purchase a site for Harwood Specialities, $13,000 to
cover over-draft, $5,000 to purchase a playground, carried, it is stated, at
a recent election.
PETERBORO, Ont.-DEBENTURES DEFEATED.-A recent election
resulted, it is stated, in the defeat of propositions to issue $78,000 debentures for the construction of a bridge and $8,000 for the purpose of purchasing a motor-driven combination chemical engine and hose wagon.
PORT ARTHUR, Ont.-DEBENTURES VOTED.-Reports state that
the voters recently authorized the issuance of the following debentures:
$35,000 for street railway expenses, $75,000 for a court-house and jail,
$8.000 for street lighting improvement, $55,000 for improvements to the
electrical power system, $137•850 to cover shortage on city debentures,
$35,000 for telephone system, $53,740 for extensions to the sewer system,
$202.167 for the extension of the water-works-system,,j37.000 for the
purpose of building an addition to the police-station.
RUSSELL, Man.-DEBENTURES NOT SOLD.-No sale has been made
of the $18.000 5% 20-ann. installment electric-light-installation debentures
offered on July 21 (V. 97, p. 136). Date June 16 1913. Int. ann. in June
SCOTT, Sask.-DEBENTURE SALE.-It is reported that $6,000 6%
20-yr. debentures have been purchased by G.A.Stimsonlk Co.of Toronto.
SOUTH VANCOUVER, B. C.-DESCRIPTION OF'LOAN.-The proceeds of the £200,000 5% coupon consol. stock recently issued in London
by the Bank of Montreal (V. 98, P. 257) are required to redeem treasury
bills and meet expenditure on public works. Int. (April 1 and Oct. 1) and
principal (April 1 1962) payable at Bank of Montreal.
• WELLAND, Ont.-LOAN AUTHORIZED.-Reports state that at a
recent election it was voted to expend $3,000 for a new police station.
WEST KILDONAN SCHOOL DISTRICT (P. 0. Inkster), Man.
DEBENTURE SALE.-An issue of $20,000 public-school-construction
debentures voted in November has been sold to the Trustees of the City
of Winnipeg Sinking Fund at 95.
WEST VANCOUVER(P.O. Hollyburn), B. C.-DEBENUTRE SALE
-We are advised that the $40,000 55° 20-yr. wharf debentures offered on
Nov. 25 (V. 97. p. 1531) have been disposed of.
DEBENTURE OFFERING.-This municipality Is offering for sale the
$13,200 5% 40-yr. school debentures offered without success on Oct. 25
(V.97, p. 1160).
WOODSTOCK, Ont.-DEBENTURE SALE PENDING.-The City
Clerk advises us that negotiations are now being made for the sale of the
$12,000 5% gold 15-ann. installment bonus debentures, dated Jan. 1.1914
V. 97, p. 1769). Int. ann. on Jan. 1.
LOAN VOTED.-The ratepayers recently voted, it is stated, to grant
a loan of $20,000 to the Concrete Machinery Co.(V.97, p. 1926)•
YORKTON, Sask.-DEBENTURE SALE.-A. E. Ames & Co. of
Toronto have purchased ,it is stated, about $100,000 5% 30-installment
debentures.
NEW LOANS.
MISCELLANEOUS.
$19,000
BANKCRS TRUST COMPANY
of Cook, Johnson Co., Neb.
5% BONDS
DIRECTORS
The Village of Cook, Johnson County, Neb.,
will receive sealed bids until 6 P. M. MARCH 2.
1914, for their $13,000 00 Water Bonds. These
bonds will be in denomination of $500 each
bearing 5% interest, payable semi-annually, due
In 20 years, optional after 5 years from date.
Also their $6,000 Electric-Light Bonds. These
bonds will be In denomination of $500, bearing
5% interest, payable semi-annually, due in 20
years, optional after 10 years. The history of
these bonds has been approved by the State
Auditor. The village reserves the right to
reject any or all bids. Instructions to bidders
will be furnished on application to the undersigned, to whom all bids should be addressed.
L. H. FRANK,
Village Clerk.
H. E. CROFT,
Chairman.
BLODGET & CO.
BONDS
80 STATE STREET, BOSTON
30 PINE STREET, NE I YORK
STATE, CITY & RAILROAD BONDS
Bolger,fitlosser&Willaman
MUNICIPAL BONDS
Legal for Savings Banks.
Postal Savings and Trust Funds.
SEND FOR LIST.
29 South LeSalle7St.,
16 WALL ST., NEW YORK
Surplus $10,000,000
Capital, $10,000,000
CHICAGO
F. WM. KRAFT
JAMES S. ALEXANDER, President National Bank of
Commerce, New York.
STEPHEN BAKER, President Bank of the Manhattan
Co., New York.
SAMUEL G. BAYNE, President Seaboard National
Bank, New York.
EDWIN M.BULKLEY,Spencer Trask & Co., Bankers,
New York.
JAMES G. CANNON,President Fourth National Bank,
New York.
EDMUND C. CONVERSE, President, New York.
THOS. DeW ITT CUYLER,President Commercial Trust
Co. Philadelphia.
'P. DAVISON, J. P. Morgan & Co., Bankers,
HENRY
New York.
RUDULPH ELLIS,President Fidelity Trust Co., Plus.
B. HAYWARD FERRY, Vice-President Hanove National Bank, New York.
WALTER E. FREW, President Corn Exchange Bank,
New York.
FREDERICK T HASKELL, Vice-President Illinois
Trust & Savings Bank, Chicago.
A. BARTON HEPBURN, Chairman of the Board
Chase National Bank, New York.
FRANCIS L. HINE, President First National Bank,
New York.
THOMAS W. LAMONT,J. P. Morgan & Co., Bankers,
New York.
OFFICERS
E. C. CONVERSE. President.
WILLIAM C. POILLON. Vice-President
%V. N. DUNNE. Vice-President.
HAROLD B. THORNE, Vice-President.
GEORGE G. THOMSON. Secretary.
BENJ. STRONG JR., Vice-President.
D. E. POMEROY, Vice-President.
F. I. KENT. Vice-President.
F. N. B. CLOSE, Vice-President,
GEORGE W. BENTON,Treasurer.
GRAND RAPIDS
GRAND RAPIDS
WE PURCHASE
Howe,Snow,
Corridan & Berteles
Public Service Properties
which have established earnings.
LAWYER.
Specializing in Examination of
Municipal and Corporation Bonds
EDGAR L. MARSTON, Blair as Co., Bankers, N. Y
JOS. B. MARTINDALE, President Chemical Nations
Bank; New York.
GATES W /1VGARRAH, President Mechanics and
Metals National Bank, New York.
CHARLES D. NORTON, Vice-Pres. First Nat. Bank
New York.
WILLIAM C. POILLON, Vice-President, New York.
DANIEL E. POMEROY, Vice-President, New York.
WILLIAM H. PORTER, J. P. Morgan & Co.. Bankers.
New York.
SEWARD PROSSER,President Liberty National Bank,
New York.
DANIEL Cl. REID, Vice-President Liberty National
Bank, New York.
BENJ. STRONG JR., Vice-President, New York.
EDWARD F. SWINNEY, President First National
Bank, Kansas City.
GILBERT G. THORNE, Vice-President National Park
Bank, New York.
EDWARD TOWNSEND, President Importers' & Yrs&
ers' National Bank, New York.
ALBERT H. WICIGIN, President Chase National Bank
New York.
SAMUEL WOOLVERTON, Vice-President Hanover
National Bank, New York.
Kelsey, Brewer & Co.
Grand Rapids, Mich.
Public Utilities Securities.
We negotiate entire issues and purchase
Public Service properties of wellestablished earnings.
BANKERS
CHICAGO, ILL.
ENGINEERS-OPERATORS
BUFFALO
BONDS
of the
NEW ORLEANS
Grand Rapids, Mich.
International Railway System
103741 FIRST NATIONAL BANK BLDG.,
WADSWORTH &. WRIGHT
Members of New York Stock Exchange
NEW YORE
II WALL STREET
Direct Correspondents in New Orleans
WE BUY AND SELL
gintire issues of Public Utility Securities
and other
Local Securities
TELLER & EVERS
314 Ellicott Square,
Buffalo. N. T.
328
[VOL. xcvni.
THE CIIRONICLE
XattilieVS and Airoilers outSidt
PITTSBURGH
X.SU2 Novit
LOS ANGELES
SAN FRANCISCO
Pacific Coast Securities
BONDS
TORRANCE, MARSHALL & CO.
Donner, Childs & Woods
Umbers Ni York Stock Exchange. Pittaburgh
Stock Exchange. Chicago Board of Trade.
INVESTMENT SECURITIES
Union Bank Building.
PITTSBURGH. PA.
LOS ANGELES
SAN FRANCISCO
having substantial assets and
earning power.
C. M. BARR & COMPANY
OFFERED FOR BID
$11,000 Eastern Penna. Pow. Co. 5s, 1939
5,000 Central Arkansas Ry. & Lt. 5s, 1928
12.000 Hilton-Dodge Lumber Co. 6s, 1920-21
Commonwealth Bldg., PITTSBURGH, PA.
California Securities
of MUNICIPALITIES AND
CORPORATIONS
LOUIS SLOSS & CO.
WILLIAM R. STAATS CO.,
LOS ANGELES
SAN FRANCISCO
PASADENA
CHICAGO
WE WILL BUY
INVESTMENTS
ALASKA COMMERCIAL BUILDINGS
SAN FRANCISCO.
Pennsylvania Municipal Bonds
Offerings Solicited
Quotations and Information FurnIshod em
PERRIN
DRAKE & RILEY
Tayinr&Co.
NEW YORK
PITTSBURGH
(INCORPORATED
BUFFALO
Quotations and Information Furnished on
PITTSBURGH SECURITIES.
INVESTMENT SECURITIM
LOS ANGELES
BALLARD & McCONNEL
Members Pittsburgh Stock Exchange
Commonwealth Bldg..
PITTSBURGH.PA.
PHILADELPHIA
ARONSON-GALE CO.
Southern California
Securities
Herman W. Hellman Bldg.
LOS ANGELES, CAL.
W. G. HOPPER.
H. 8. HOPPER.
Members of Philadelphia Stock Exchange.
Wm. G. Hopper & Co.
SEATTLE, WASH.
STOCK AND BOND BROKERS
23 South Third Street,
PHILADELPHIA
Investments receive our special attention. In.
•,5ematIon cheerfully furnished regarding present
;aiding, or proposed investmenta.
Bonds originating in the
PACIFIC NORTHWEST
Jaeob Furth
J. W. SPAR KS & CO.
John Davis
J. B. Portia*
P. K. Struve
V. D. Miller
Poolflo Comet Securities
EstabPshed 1853
SUTRO & CO.
INVESTMENT BROKERS
Membera
San Francisco
410 Montgomery St. San Francisco Stook Asa
Bond Exchange
J. BARTH & CO.
INVESTMENT SECURITIES
Direct Wire to
& Glazier
24 Broad St.. New York
Members of the
482 CALIFORN
SAN FRANCISCO
S. F. Stock& Bowl Ex.
Herzog
G. G. BLYMYER & CO.
CALIFORNIA
MUNICIPAL BONDS
SAN FRANORSOC
The Bourse. Fourth Street.
454 California St..
Philadelphia.
DAVIS & STRUVE BOND CO.
PHILADELPHIA STOCK EXCHANGE'.
SEATTLE
MEMBERS NEW YORK STOCK EXCHANGE
PORTLAND, OM
CHICAGO BOARD OF TRADE
DENVER, COL.
p
gALTIMORE
JAMES N. WRIGHT & CO
MORRIS BROTHERS
PORTLAND
COLS i ON, BOYCE & CO.,
Members Baltimore Stock Exchange
Western Municipal
and Corporation Securities
DENVER
BALTIMORE. WASHINGTON
PHILADELPHIA
NEW YOR
Municipal and Corporatilos
BONDS
PACIFIC COAST SECURTIFIS
ATLANTA
J.
J. B. HILLIARD
& SON
LOUISVILLE, KY.
SOUTHERN
MUNICIPALS
yielding
4Y2 to 6%
Robinson - Humphrey- Wardlaw Co.
ATLANTA. GEORGIA
THE ATLANTA TRUST COMPANY
Atlanta, Ga.
Capital, Surplus and Profits, $625,000
BONDS
Georgia Municipal
Southern Public Service
PORTLAND, OREGON
LADD & TILTON BANK
PORTLAND, -
OREGON
Established 1859
Capital Fully Paid
- $1,000,000
Surplus & Undiv'd Profits $1,200,000
OFFICERS.
NV. FA Ladd, President. R.S. Howard. Asst. Cash.
E.Cookingham. V.-Pres. J. W. Ladd. Asst Cash.
W.El. Dunckloy.Cashier. W. M. Cook. Asst. Cash.
Iatertat yam on Time Deposits ana Savings Amongi
harssonts of Banks. Firms. Corporations age
individuals solicited. Ws are prepared is
aguish depositors every facility COMMIS.
tont with good banking.
A SPECIALTY
LOUISVILLE
and SOUTHERN SECURITIES
BANKERS AND BROKERS
INVESTMENT BONDS
STREET RAILWAY SECURITIES
A Specialty
Correspondents: WALKER BROS.. 71 B'way. N. Y.
CHAMBERS&CO.
HENNING,
Tennessee Railway, Light & Power
Commonwealth Power. Railway & Light
ortiand Railway. Light & Power
LOOAL SECURITIES
404 W. Main St.,
Louisville, Ky.
MEMBERS:
New York Stock Exchange
Louisville Stock Exchange
W.&
John
D. S. Green
Rochester Railway lit & 2d Mtge. Is
Buffalo Railway lit Consol Is
Buffalo Crosstown 5s
Louisville Henderson & St. Louis lit Is
International Ry. 55
Henderson Bridge Is
LOUISVILLE. KY.
HALL & LEWIS
Investment Bonds
Local Securities
Lewis Building,
PORTLAND, ORE,
AUSTIN, TEXAS.
High-Grade Texas Bonds and Investments
Splendid propositions In farming.
mineral and large ranch lands,
SMITH & FULMORE
AUSTIN TEXAS.
S. R. Fulmore
Paul H. Smith
Former Chf. Clk. and bong
Former State
certf. Clk. Atty' Genie Dept.
Bank Examiner.
elogILIE
MACARTN EY & SCH LEY
STOCKS AND BONDS.
MOBILE,
ALABAMA
NORFOLK, VA.
NASHVILLE
HENRY S. FRAZER
moTTU & Co.
Established I393.
NEW YORK
Cumber,Tel.& Tel. Co. lit Cons. 5% Bonds NORFOLK. YA.
$0 Broadway
Nashville Ry. & Lt. Co. Bonds
PARIS. 224 rue de Riven
Tennessee Power Co. Securities
BOUGHT AND SOLD
INVESTMENTS
NASHVILLE
@FedFRASER