Full text of Commercial and Financial Chronicle : January 3, 1914, Vol. 98, No. 2532

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IN C L U D IN G
Railway & Industrial Section
Bankers’ Convention Section

Bank & Quotation Section
Railway Earnings Section

Electric Railway Section)
State and City Section)

S A T U R D A Y , J A N U A R Y 3 1914

V O L . 98

«Ptje (SAxxonitlt.

N O . 2532
Week ending Dec. 27.
Inc. or
Dec.

PUBLISHED W E E K LY .

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W I L L I A M B . D A N A C O M P A N Y , P u b lis h e r s ,
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F ron t, P ine nnd D cpoy a ter S tg „
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Published every Saturday morning by W ILLIAM B. D AN A COM PANY,
Jacob Seibert J r., President and Treas.; George S. Dana and Arnold G. Dana,,
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all. Office o f the Company.
------ - ..... - .■ ________ ■r'■ J m - 1
-■ ' 1
.
■
-

CLEARING-H OU SE RETURNS.
T n e fo llo w in g ta b le, m a d e u p b y te le g ra p h , & c ., in d ica te s th a t th e to ta l
ban k clea rin gs o f all th e clea rin g h ouses o f th e U nited S tates fo r th o w eek
en d in g t o -d a y h a v e been $ 3 ,2 0 5 ,4 6 9 ,8 0 4 , against $ 2 ,8 1 7 ,4 9 8 ,7 3 3 last w eek
an d .$3,547,741,259 tho c o rre s p o n d in g w eek last y e a r.
Clearings— Returns by Telegraph.
Week ending Jan. 3.

Per
Cent.

1914.

1913.

New Y ork _
_
B o s to n ......... ..
Philadelphia .
Baltimore____
C h ic a g o .........
St. I.ouls____
New Orleans.

$1+22,862,832
130,309,540
130,614,845
27,678,294
233,764,536
68,055,449
16,348,393

$1,662,195,980
147,084,942
141,551,786
32.502.796
250,861,161
78,320,627
17.029.796

— 14.4
— 11.4
— 7.7
— 14.8
— 6.8
— 13.1
— 4.0

Seven cities, 5 days.
Other cities, 5 days____

$2,029,633,889
550,416,209

$2,329,547,088
564,987,684

— 12.9
— 2.6

All cities, 1 day.

$2,580,050,098
625,419,706

$2,894,534,772
653,206,487

— 10.9
— 4.2

Total all cities for w eek........................' 83,205,469,804 ' 83,547,741,259 1

__ 9.0

T h o fu ll d eta ils for th o w eek co v e r e d b y tho a b o v e w ill b o g iv e n next
S a tu rd a y .
W o c a n n o t furnish th em t o -d a y , clea rin gs b ein g m a d e u p b y the
clea rin g houses a t n oon o n S a tu rd a y , an d h e n c e in th e a b o v e th e last d a y
o f th e w eek has to bo in all cases estim a te d , as w o g o to press F rid a y nigh t.
W o present b elow detailed figu res fo r th o w eek e n d in g w ith S atu rda y
n o o n , D ec. 27, fo r fo u r years:
Week ending Dec. 27.

Clearings at—
1913.

1912.

Dec.

1911.

$
S
S
%
New Y ork ______ 1,573,439,46? 1,024,155,344
— 3.5 1,558,499,528
Philadelphia____
155,404,075
149,158,705
+ 4.2
140,759 J08
Pittsburgh______
48,149,792
53,900,570 — 10.7
43,332,358
B a ltim ore...........
31,528,126
33,521,420
— 5.9
29,047,599
Buffalo ...............
8,845,368
9,776,415
— 9.5
7,887,261
Albany.................
5,235,306
5,100,000
+ 2.6
5,255339
Washington.........
6,187,180
6,396,088
— 3.3
6,386,660
R och ester--------3,816,487
3,966,289
— 3.8
3,550,512
S cranton_______
2,776,567
2,750,000
+ 1.0
2 J>10[439
2,185,028
S yracuse.............
2,077,836
+807^472
1,553,068
Reading________
1,753,019 — 11.4
1,582+69
W ilm ington.........
1,775,947
1,397,485 + 27.0
1,348,310
W ilkes-B arre_
_
1,427,033
1,379,650
+ 3.5
1,380,533
2,087,550
W heeling..............
1,898,736 + 10.0
1,500,946
T renton________
1,653,689
1,630,042
+ 1.4
1,581,018
Y o r k ......... ..........
783,313
726,038
+ 7.9
889|603
E r i e _______
891,722
980,428
+ 9.9
755,488
Greensburg.........
500,000
518,739
— 3.4
541,021
Binghamton
540,200 + 10.2
595,400
449+00
Chester ...............
679,259
521,268 + 30.3
508,582
Altoona __...........
488,461
517,936
+ 6.0
431,692
L an caster......... ..
1,170,199
1,083,782
+ 8.0
812+97
M o n tc la ir ...........
597,846
399,125 + 49.8
Total M iddle. 1,851,889,065 1,904,032,534
B oston..................
Providence _____
H a rtford _______
New Haven.........
S prin gfield.........
P o rtla n d ......... ..
W orcester...........
Fall R iver...........
New Bedford_
_
L o w e ll.........
H olyoke............. ..
Bangor_________

120,447,956
7,135,700
3,840,272
2,527,476
2,134,OSS
1,695,494
2,089,768
1,116,243
965,344
586,417
561,729
331,799

,527,140,352
134,574,721
42,057,228
31,291,385
7,326,655
4,550,755
5,949,922
2,800,000
2,385,208
1,903,038
1,443,595
1,409,817
1,264,156
1,401,947
1,609,001
818,820
750,191
564,278
499,700
521,984
400,749
720,416

— 2.7 1,810,931,295 1,771,290,918

131,772,062
— 8.6
7,305,800
— 2.3
3,827,538
+ 0.5
2,260,758 + 11.9
2,012,343
+ 6.1
1,505,342
+ 8.3
2,078,186
+ 0.5
1,252,203 — 10.9
707,007 + 25.8
436,200 + 34.4
+ 7.4
523,143
507,289 —41.6

132,649,651
6,275+00
3,524,259
2,463,971
1,692,742
1,785+82
2,113,200
966,932
837,158
396,387
583,268
494,655

133,787,117
7,005,800
3,416,794
2,132,337
1,557,930
1,499,669
1,704,107
955,887
991,152
491,005
438,909

T ot. New Eng.
143,438,886
154,367,931
— 7.F
_____________________ _________________________________ . 153,783,611
.
153,980,707
Note.— For Canadian clearings see "Commercial and Miscellaneous News."




%
+ 1.4

Chicago_______
Cincinnati_____
C le ve la n d _____
D etroit .............
M ilw au k ee____
Indianapolis_
_
C olu m bu s_____
T o le d o _________
P e o r ia ________
Grand R a p id s..
Dayton .............
Evansville_____
K alam azoo____
Springfield, IllFort W ayne_
_
Y oungstow n___
A k r o n ......... .......
L exington.........
R ockford.............
Canton .............
Bloom ington___
Q uincy_________
Springfield, O ..
D ecatur________
South Bend____
Jackson ________
M an sfield _____
D a n v ille _______
Lansing________
L im a __________
Jacksonville, 1 1
1
Ann Arbor.........
O w en sboro____
A d ria n ...............
Tot.M ld.W est.

273,497,822
22,442,750
21,128,767
20,825,186
13,126,972
6,852,563
5,920,300
4,737,385
3,102,460
2.550.000
2,076,640
2,384,142
562,494
1,015,267
1,056,498
1,255,431
1.385.000
767,487
912,873
1,289,108
470,098
718,957
636,866
405,970
526,857
475.000
373,328
452,386
400.000
500,910
730,345
169,827
346,713
42.459
393,134.861

— 9.9
— 35.7
— 15.2
— 19.5
+ 17.2
568,346 — 17.2
590,841 + 21.7
705,039
— 9.8
444,258
— 8.6
621,170 — 15.3
451,801
+ 5.1
363,965
+ 2.6
447,967
+ 0.9
396,789
+ 0.8
339,345 + 47.5
324,684 + 157.4
169,796
+ 0 .0
269,532 + 28.6
36,349 + 16.8
392,691,882
+ 0.1

San F ran cisco...
Los Angeles____
Seattle.................
Spokane............. .
Salt Lake C ity ..
P o rtla n d .............
T a co m a ________
Oakland________
Sacramento_____
San D iego______
Pasadena_______
F resno_________
Stockton _______
San Jose...............
North Yakim a. .
R e n o ....................
Total P a cific-.

37,756,457
17,799,101
10,348,216
3,697,397
5,535,615
9,748,176
2,010,395
2,592,566
1,663,376
1,659,717
656,133
798,228
693,217
519,767
375.000
265.000
96,118,361

41,736,608
20,452,970 — 13.0
— 4.4
10,825,019
— 8.3
4,033,615
5,726,575
— 3.3
9,500,000
+ 2.6
3,320,240 — 39.5
— 5.3
2,737,536
+ 7.4
1,548,715
2,175,016 — 23.7
730,115 — 10.2
999,461
+ 2.1
679,166
522,686
— 4.3
391,902
+ 1.8
250,554
— 9.0
105,630,17?

Kansas C ity ___
M in neapolis___
Omaha_________
St. Paul................
D en ver.............. ..
St. Joseph______
Des M oines_____
Sioux C ity...........
W ich ita ________
D uluth________
Lincoln ______
Topeka .............
D avenport_____
Cedar R a p id s ...
F a rgo............... ..
i Iclena_________
Colorado Springs
P u eblo........... ......
W aterloo.............
Aberdeen_______
B illin g s________
F r e m o n t_______
H astin gs_______
T o t. oth.W est.

46,484,115
22,664,361
12,800,00(
9,495,375
7,732,15J
6,753,31?
3,925,707
2,700,00(
2,607,49?
3,858,539
1,626,402
2,272,236
1,425,677
1,603,874
427,169
897,290
513,817
638,358
1,042,657
370,000
491,533
308,520
170,000
130,808,600

269,832,237
25,674,800
21,510,966
18,757,752
12,862,608
7,668,327
6,622,400
4,575,727
2,934,906
2,974,476
2,054,372
2,045,031
667,487
1,029,178
1,069,729
1,392,995
2.154.000
900,036
1,134,923

—1 .6
2
— 1.8
+ 1 .0
1
+2
.1
—0
1 .6

— 10.6
+ 3.5
+ 5.7
— 14.3
+ 1.1
+ 16.6
— 15.8
— 1.4
—

12.1

1.1 0 0
0 .00

—
9

—0
2 .1
—
0.6

50,314,768
26,033,181
13,894,302
9,794,3S(
8,410,012
5,722,12;
3,850,23!
2,290,644
3,199+45
5,302,265
1,366,135
1,562,417
1,274,942
1,334,557
463,761
1,021,694
576,733
727,572
1,264,300
374,175
444,734
273,506
174,917
139,670,797

St. L o u is ...........
72,150,566
71,955,864
New Orleans____
22,282,469
18,498,762
Louisville............
13,428,488
11,969,681
Houston........... ..
9,003,701 N ot Included
9,042,000
G alveston ______
9,166,500
Richm ond______
7,342,815
7,277,781
A tla n ta ............. ..
16,317,775
14,123,828
M em phis........... ..
8,551,883
8,866,580
6,898,889
7,172,752
Fort W orth_____
5,425,219
5,544,234
Savannah ______
Nashville_______
6,983,340
6,200,499
N o rfo lk ............. ..
4,219,771
3,947,658
3,177,724
Birm ingham ____
2,824,747
2,502,301
Augusta...............
1,892,926
Little R ock_____
2,713,276
2,156,592
3,113,982
3,030,541
Jacksonville____
Chattanooga____
2,092,185
2,286,623
1,915,554
Charleston______
2,059,238
1,396,239
1,417,372
M obile_________
1+91,514
1,745,121
K n o x v ille ...........
1,855,000
1,610,413
O klahom a______
4,216,104
M a co n _________
4,595,118
1,490,113
A u s tin _________
1,300,000
V icksburg...........
376,506
297,980
266,554
M eridian.............
255,479
Jackson ________
407,043
402,395
652,730
811.336
Muskogee ______
853,339
T u ls a ....................
1,227,738
191,691,186
Total Southern 202,108,960
Total all............ 2,817,498,733 2,888,083,508
Outside N. Y . . . 1,244,059,265 1,263,828.164

— 7.0
— 12.9
— 7.C
— 3.1
— 8.1
+ 18.C
+ 1.0
+ 17.S
— 18.5
— 27.2
+ 19.0
+ 45.5
+ 11.?
+ 20.2
— 7.S
— 12.2
— 12.6
— 12.2
— 17.6
— 1.1
+ 10.5
+ 12.8
— 2.8
— 6.3

236,901,559
21,418,800
18,876,223
16,424,467
10,471,005
6,855,748
4,611,500
4,028,475
2,135,218
3,101,544
1,754,040
1,948,633
655,388
887,059
886,697
1,565,514
1,063,000
745,615
981,032
741,006
477,793
526,719
419,634
318,357
456,969
402,900
282,102
352,846
350,000
338,826
308,468
186,098
699,671
37,643
341,210,549

227,713,463
23,782,000
17,521,096
14,098,748
11,430,166
7,270,308
4,874,300
3,600,151
2,611,044
1,903,224
1,650,964
1,817,819
533,708
878,380
937,153
954,998
676,700
805,84&
791,068
738,816
530,770
575.000
373,509’
317,884
370,839
340.000
344,322
345,224
300.000
302,774
315,221
215,390
308,366
47,254
329,276,504

40,051,257
16,488,356
10,017,712
4,000,000
6,420,766
6.500.000
3,942,198
2,770,856
1,274,944
1.800.000
690,597
703,816
719,680
539,333
340.000
248.000
96,507,515

38,260,742
13,507,862
8,553,388
3,617,881
5.800.000
5,171,719
3,508,154
2,626,523
1,020,913
1.040.000
581,016
6S8.270
460,350
386,407
361,042
240,000
85,824,267

41,709,907
19,256,417
12,174,580
7,944,975
8,941,39;
5,180,12C
3,5I9.49C
1,879,784
2.773.92C
3,928.904
1,270,475
1,823,169
1,403,97?
1,102,461
6S2,08!1
855,101
560,000
544,914
1,039,336
223,063
231,119
216,534
135,647
117,397,397

46,065,368
18,449,986
12,375,950
9,179,915
7,794,873
5,516,518
3,112,218
2,089,663
2,785,689
2,657,736
1,221,575
1,731,761
1,452,169
1,114,496
632,033
790,044
525,000
554,503
813,041
308,807
101,259
241,822
164,495
119,678,921

+ 0.3
68,985,202
65,575,839
+ 20.5
20,792,272
20,122,128
+ 12.2
13,035,297
10,657,165
in total
— 1.4
8,278,000
8,309,000
7,181,352
— 0.9
5,920,257
12,962,979
+ 15.5
12,013,065
6,697,163
6,839,772
+ 3.7
— 3.8
5,409,689
6,223,208
— 2.2
5,680,355
6,362,346
4,060,254
+ 12.6
3,279,990
+ 7.0
3,422,409
3,358,012
+ 12.5
1,908,946
2,089,587
+ 32.2
2,055,535
2,708,209
1,599,904
+ 25.8
1,534,204
2,765,408
+ 2.7
2,409,438
1,517,274
— 8.5
1,860,507
1,900,092
1,598,004
+ 7.5
— 1.5
1,278,089
1,362,918
— 14.6
1,449,021
1,491,167
+ 15.2
1,814,412
1,386,247
+ 9 .0
3,836,114
4,000,000
— 12.8
883,579
1,000,000
+ 26.4
318,959
435,471
— 4.2
261,101
206,461
379,418
635,000
+ 1.1
— 19.6
605,168
447,432
+ 43.8
+ 5.4
179,440,492
171,471,927
— 2.4 2,699,270,859 2,631,523,304
— 1.6 1,140,771,3311 1.104,376.952

THE CHRONICLE

2

On subsequent pages of the “ Chronicle” we print
to-clay our usual annual review of the events and
incidents of the past year, but the elaborate tables of
'prices of stocks and bonds which in other years it was
our custom to print at the same time will not be pub­
lished until next week, owing to lack of room.
On account of the pressure on our columns occa­
sioned by the large amount of extra matter, it has
been found necessary to contract the space devoted
to our various departments, notwithstanding a con­
siderable addition to the usual size of the paper.
CHRONICLE IN D E X .
The index to Volume 97 of the “ Chronicle” — which
volume ended with the issue of Dec. 27— will be sent
to our subscribers with the number of Saturday,
J a n .10.
TIIE FIN AN C IAL SITUATION.
We have received a number of communications
with reference to our remarks of last week in which
we expressed the fear that, under the provisions of
the new Banking and Currency Bill, Clearing-House
examiners might find themselves unable to continue
their work. The difficulties apparently in the way,
as we pointed out, are two-fold. In the first place,
Section 21 contains a paragraph saying that “ no
bank shall be subject to any visitorial powers other
than such as are authorized by law, or vested in the
courts of justice, or such as shall be or shall have been
exercised or directed by Congress, or by either House
thereof, or by any Committee of Congress or of either
House duly authorized.” In the second place, there
is in Section 22 of the law another prohibitory pro­
viso also bearing on the functions of the Clearing­
House Examiner. This proviso declares that “ no
examiner, public or private, shall disclose the names
of borrowers or the collateral for loans of a member
bank to other than the proper officers of such bank,
without first having obtained express permission in
writing from the Comptroller of the Currency, or
from the board of directors of such bank, except when
ordered to do so by a court of competent jurisdic­
tion, or by direction of the Congress of the United
States, or of either House thereof, or any committee
of Congress or of either House duly authorized.
Any person violating any provision of this section
shall be punished by a fine of not exceeding §5,000
or by imprisonment not exceeding one year, or both.”
It will be observed that this is a highly punitive
proviso, making it incumbent upon the Clearing­
House Examiner to exercise great care lest he become
liable to the punishment provided. The Secretary
of the Clearing-House Section of the American
Bankers’ Association writes us, however,expressing
the view that certain words inserted in the clause at
the instance of the Clearing-House Section will make
it possible for the Examiner to continue his functions
unmolested and without fear of punishment. We
give the letter herewith in full.
C L E A R IN G -H O U S E S E C T IO N ,
T IIE A M E R IC A N

B A N K E R S ! A S S O C IA T IO N .

Neiu York, Dec. 27 1913.
Editor Commercial tfc Financial Chronicle, F. 0 . Box 958,
New York City.
Dear Sir.— In your issue of Dec. 27 in an editorial you havo
called attention to the fact that Section 22 of the Federal
Reserve Act seems to admit of the construction that it will
eliminate Clearing-House examinations.
As tho paragraph in question originally read, this probably
would havo been tho rosult, but through tho offorts of tho




[ V o l . XCVIII.

Clearing-House Section of the American Bankers’ Associa­
tion the words “ or from tho directors of such bank” were
added, which will make it possible for evory bank member
of a Clearing House to file with the Examiner the written
permission of tho board of directors of such bank, allowing
tho Clearing-House Examiner to make his reports os at pres­
ent. W e wero assured by tho framers of tho bill that there
was no intention whatover to eliminate Clearing-House
examinations.
As a matter of fact, tho office of tho Clearing-House Ex­
aminer will become more important than over under tho new
bill. This official is not an oxaminor in tho ordinary sense
of the word, since it is his particular duty to prevent unsafe
conditions which may arise, whereas tho Fodoral Examiner
merely criticizes these Conditions aftor they have arisen.
The Clearing-House Examiner pays particular attention to
tho bank’s assets and since such assets under tho now bill
m ay, to a large extent, become the basis of now currency, it
will bo seen that the plan of Clearing-IIouso examinations
or some similar plan will need to bo extended rather than cur­
tailed. Every financial measure seeks to insure bank solvency
and there has boen no systom devised which is more cortain
to bring about a healthy state among tho banks employing
it than that of the Clearing-House examination systom now
in operation in twenty citios in tho Uni tod States.
Yours very truly,
O . H o w a r d W o l f e , Secretary.

It will be observed that what is here urged is that
the board of directors of a bank can give permission
in advance to the Examiner to disclose any derogatory
facts or objectionable practices that he may unearth
in the course of his investigation. It is certainly
to be hoped that this contention may be found sound,
because, as our correspondent well says, the office
of the Clearing-House Examiner will become more
important than ever under the new law. The func­
tion of the Examiner is to protect all Clearing-House
institutions against unsound banking practices on
the part of any of their members. Our correspondent
thinks that the insertion of the words “ or from the
directors of such bank,” as applied to the permission
to be obtained, will save the situation. The clause
as it now stands says that “ no examiner, public or
private, shall disclose * * * without first hav­
ing obtained express permission in writing from the
Comptroller of the Currency, or from the board of
directors of such bank,” &c. The language reads
as if it were intended that after the discovery of the
facts whose disclosure it is sought to keep secret,
permission would in each instance first have to be
obtained. But even if the language should be con­
strued in its broadest sense, so as to allow the board
of directors of any institution to remove the injunc­
tion of secrecy in advance, what becomes of the ex­
press prohibition in Sec. 21 already quoted, saying:
“ No bank shall be subject to any visitorial powers
other than such as are authorized by law.” Evi­
dently if it was the intention of the framers of the
statute to allow the Clearing-House Examiner to
make his reports as at present, they badly bungled
in their task.
That the prohibitory sections were inserted de­
signedly and were aimed at the Clearing-House
Examiner would not seem to be open to doubt.
When, during the panic of 1907, the Clearing-House
banks of this city, then without an Examiner, in
order to restore confidence in the banking situation
in this city, insisted upon the elimination of the
Thomases and the Morses from a chain of banks
throughout the city, every one applauded the act.
A few years later, however, Samuel Untermyer, in
his Money Trust inquiry, sought to make it appear
that the Clearing-House authorities had an ulterior
| purpose in view— that they went about the following

J a n . 3 1914 I

THE CHRONICLE

January with the deliberate intention of wrecking the
very banks which they had stepped in to save three
months before. Certain members of Congress have
not yet been able to get rid of the idea that the down­
fall of these institutions was due, not to bad banking
practices but to the fact that other institutions had
knowledge of these practices. Accordingly they
would make it criminal to have such knowledge
disclosed, when, as a matter of fact, it ought to be
given the widest publicity. But, though such no­
tions have found expression in the new banking law,
we do not for a moment imagine that some way will
not be found possible, in full compliance with the law,
by which present safeguards against a recurrence of
such evils can be continued and strengthened.
Much interest has been taken in Washington in
information that, according to press dispatches, has
been received by the Administration that Great
Britain and Germany have entered into an offensive
and defensive commercial alliance against the United
States. The object of the alliance— which it seems
reasonable to suppose has been exaggerated, even if
it has some substantial basis— is declared to be to
check the growth of American commerce in every
market in which it competes with German and
British interests. It is reported that our own Govern­
ment has instituted an inquiry through diplomatic
channels to determine how far-reaching is the scope
and purpose of this alliance. The evidence that
such a combination exists, it should be added, is
entirely circumstantial. One item in this respect
is the refusal of Great Britain and Germany to par­
ticipate in the Panama Exposition to be held in San
Francisco in 1915. A second item that is mentioned
is the abandonment by the National City Bank of its
plan to establish an important branch in the Argen­
tine Republic, though there appear to have been
various reasons for this. The London “ Saturday
Review” , which is credited with being well informed
on Government purposes, in its current issue declares
that the question of expense which was put forth
as the excuse for the non-participation of Great
Britain was never meant to be taken seriously. Sir
Edward Grey, the “ Review” says, would not put
forth so pitiful an excuse if he did not know that all
the great parties concerned would not take it as a
mere diplomatic fence. The real reason, the “ Re­
view” intimates, is the question of canal tolls. The
representation of Great Britain at the Exposition
would mean, it is argued, official approval of much
that is yet under discussion. The whole Panama
question, the paper continues, “ is internationally
too grave a matter for the Government to treat this
celebration altogether from the business point of
view. Sir Edward Grey is not likely to disclose the
motives of his decision.”
The attitude of England and Germany is not likely
to be without its influence elsewhere. The Italian
Parliament, for instance, has voted $400,000 for
Italy’s official participation in the Exposition, but
dispatches from Rome state that it is extremely
uncertain whether such participation will take place.
Nelson Morris, the Exposition Commissioner for
Italy, has arrived in Rome from Chicago and is
trying to arrange matters. But in the face of
Germany’s refusal to participate, all negotiations, for
the present at any rate, are at a standstill. “ Our
Government” , says the Ministerial organ, “ The
Tribuna” of Rome, “ took into account the import


3

|ance of being represented at the great festival soon
to be held in San Francisco, where one of our largest
colonies resides; but since participation is an act of
friendship, there must be a corresponding demonstra­
tion of equal sentiments on the part of the United
States.” The Marquis di San Gruliano, the same
dispatch adds, lately warned the Italian Chamber of
Deputies of the prospects that Italian emigrants
would be legally excluded from the United States.
The London “ Daily News” and the London “ Chron­
icle , which are both supporters of the Asquith
Government, severely criticized the Government for
not consenting to participate in the Exposition.
1 hey describe the reports of an Anglo-German alli­
ance against American trade as “ silly sensation”
and “ mischievous nonsense” . The “ Daily News”
adds that participation would cost only a little more
than sending a squadron of warships. “ We are
really spoiling the ship” , it says, “ for a penny’s
worth of tar.”
One of the most sanguinary battles of the Mexican
War is now in progress at Ojinaga, just across the
liver from Presidio, Texas. The revolutionists, after
attacking the Federal position for three days, are pre­
paring for the final assault. The Federal garrison
oiiginally numbered a little more than 4,000 men.
Of this number it is reported one-third have already
been slain or wounded. The survivors, in the event
of a successful rebel attack, will flee to the American
side of the river. A dispatch from Presidio yesterday
quoted M ajor M . M . McNamee of the Sixteenth
United States Cavalry in command of the border
patrol there as making the following statement: “ I
expect at any time now the greater part of the
Federal force, possibly some 3,000 men, may be
forced across the river. I have made disposition to
disarm and hold them if this takes place. One of
the interesting developments of the week has been
the visit on the scout cruiser Chester of Mr. Lind, the
President’s personal envoy in Mexico, to President
Wilson, who is now resting at Pass Christian, Miss.
M r. Lind’s visit is interpreted as evidence that an
important change of the Administration’s policy is in
contemplation. So far as the banking situation in
Mexico is concerned, there has been no improvement.
Reports have been current that the Banco de Londres
y Mexico has concluded a loan of $5,000,000 in
London or Paris for the Mexican Government.
Another report states that Lord Cowdray, head of the
Pearson syndicate, has undertaken to obtain a loan
of $12,500,000 for the Huerta Government, the loan
to be either by the Pearson interests themselves or
by a financial group composed of the friends of the oil
syndicate and to be negotiated, it is reported, in con­
sideration of Government concessions to be made in
Mexico to the oil syndicate. Twenty-six former
Mexican Deputies imprisoned by Provisional Presi­
dent Huerta last October were released from the
penitentiary yesterday. This number does not in­
clude Rodolfo Reyes, ex-Minister of Justice, nor
Jorge Vera Estanol, ex-Minister of Public Instruc­
tion. The Judge of the District Court who had
charge of the investigation into the charges against
them found there was no basis for the accusation of
rebellion, and their release was ordered.
The financial question is again becoming n serious
one in China. The Peking correspondent of the
London “ Times,” in a special cable yesterday, stated

4

THE CHRONICLE

that although,Jon the whole, the political situation in
China has shown a decided improvement in the last
fewjweeks, the financial outlook is unquestionably
dark. The Central Government, the correspondent
says, is still unable to obtain a stead}r revenue from
the Provinces. The administrative expenses are
being met by the issue of Treasury bills and short­
term loans on ruinous terms. The Provincial note
problem is fast becoming acute and will threaten the
stability of the Central Government seriously unless
it is soon solved.
The foreign financial markets this week have
been occupied with the usual year-end adjustments.
In London money conditions have become rather
easier, but the new year is starting with considerable
nervousness, owing to the urgent demands that ex­
ist in the capital market and the evidence that Paris
bankers are to be severely handicapped for some time
in their efforts to release their funds which are tied up
with private loans made during the two Balkan wars.
Financial interests of London and Paris are so
closely interwoven that it is impossible for one of
these markets to be affected without involving the
other. An idea of the depression that has been suf­
fered during the year on the London Stock Exchange
may be obtained from the usual comparisons made by
the “ Bankers’ Magazine” of that centre, as reported
by cable. At the end of December (Dec. 20) 1913,
the aggregate value of 387 representative securities
dealt in on the London Stock Exchange was £3,371,­
613,000. At the corresponding date in 1912 the
value was £3,526,850,000, representing a decrease for
the year of £155,237,000. Of this decrease £22,362,000
took place in the final month of the year.
The easier money rates in London are not surpris­
ing in view of the gradual recession that is taking
place not only in British trade but, in fact, all over the
world. It is, of course, quite necessary to differ­
entiate in this respect between day-to-day funds and
capital requirements. Brazil and Mexico are the
chief outside disturbing influences in the London'market at the moment. The State of Para, Brazil, is
reported to be defaulting on its treasury notes,'and
the entire Brazilian situation, financially, is in a bad
way. It is now definitely announced that Brazil has
sold to Turkey its “ dreadnought” that has just been
completed in England, though it is rather|difficult
to imagine where Turkey has been able to obtain the
funds, and it appears to be a case of one financial
cripple helping another. Day-to-day money in
London closed at 3 @ 3 )^ % . Market quotations of
old Balkan State issues are still being maintained,
presumably in order to favorably influence the re­
ception of the new issues. Greek M onopoly 4s, as
reported by cable, closed for the week at 53, ex­
interest, which compares with 53 a week ago,
and Servian Unified 4s and Bulgarian 6s are without
alteration from 80}^ and 103, respectively. Russian
4s are also ex-interest at 88, which compares with
89 a week ago, and Turkish 4s closed at last week’s
figures, namely, 863^. British Consols finished at
71% , against 71 15-16, and German Imperial 3s
closed at last week’s final quotation at 75.

[V O L .

XCVIII.

in^Treasury bills to finance the Government’s most
pressing exigencies. This is a large sum to be taken
out of the resources of French banks in a form in
which the latter cannot pass the burden along to in­
dividual investors, for Treasury bills|are not marketa­
ble in a popular sense. As an offset, it is understood
that the Finance Minister will permit a moderate
amount of exterior State loans to be given quotation
on the Bourse, entirely subject, however, to his su­
pervision, not only as to time of issue, but as to the
countries which are to be first favored. Agreement
has, according to Paris cable dispatches, been reached
whereby Servian, Greek and Russian State issues
shall first be marketed. The Russian loan is to be
in the form of an important railway issue. It, how­
ever, will lave the official Government guaranty.
French bankers are expecting relief toward the end of
this month, when the Russian crops begin to be mar­
keted and bring out gold. The Russian banks are
in a severely congested condition, owing to their
heavy loans on Russian industrial securities. As
these banks are in turn heavily indebted to French
banks, the funds are not unlikely to prove a source
of improvement in conditions in Paris as well as St.
Petersburg. Usually conservative Paris correspon­
dents declare if it were not for the uncertainty of
Government finance, a revival of speculative activi­
ties would seem justified. French Rentes closed at
85.12j/£ francs, which compares with 85.25 francs a
week ago.
The Berlin yearly settlements were completed, as
expected, with remarkable ease. It is evident that
German bankers, in accordance with the Kaiser’s
recommendations of two years ago, are pursuing a
policy 'of steady accumulation. An additional in­
fluence in the money situation in the Fatherland has
been the reaction in trade and industry, which has
had the effect of releasing funds. The year closed
with complete stagnation on the Bourse, owing
chiefly to the approach of New Year’s Day, when,
under the recent law, investors were called upon to
declare their holdings of securities for the new army
income taxes. The taxes will be assessed on the basis
of quotations of Dec. 3. Money in Berlin closed at
6% .
On Wednesday it touched 6 % % for the
settlement. At the close of last week 4% was the
rate.
While no changes have been reported in the official
bank rates of Europe, London cable dispatches sug­
gest an early reduction in the Bank of England’s
minimum quotation. In Lombard Street short bills
closed yesterday at 4 )4 % an(-l three-months’ bill,
at 4 % @ 4 % % . A week ago the quotation was
4 15-16% for sixty days and 4 13-16% for ninety
days. In Paris the open market rate has been re­
duce d}/8% to 3 % % ,and 3 % % is in instances available.
In Berlin the private bank rate is 3)/£%, against 4 % %
last week. The Vienna open market rate is % %
lower at 5 j^ % ; Brussels is still 4 7-16% and Amster­
dam is )4 % lower at % 4 % . Official bank rates at
the leading foreign centres are: London, 5% ; Paris
4% ; Berlin, 5% ; Vienna, 5 % % ; Brussels, 5% , and
Amsterdam, 5% .

The new year has opened on the Paris market with
distinct nervousness. Plans for Government financ­
Owing to the holidays the Bank of England has,
ing appear to be changing almost daily. The latest since last week’s issue of the “ Chronicle,” presented
reports suggest that the policy of M . laillaux is to two statements, that which was due on Christmas
provide for an immediate issue of 500,000,000 francs Day not having appeared until the following Satur-




J an . 3 1914.]

THE CHRONICLE

day. To keep the record complete we refer to the
figures of each of these statements. In that pub­
lished on Dec. 27 a decrease in gold coin and bullion
holdings of £2,322,184 was reported and of £2,888,000
in the reserve. The proportion of reserve to liabili­
ties was given at 43.07% , against 55.10% the pre­
ceding week. Note circulation increased £566,000,
public deposits increased £1,393,000, other deposits
expanded £4,608,000, while loans (other securities)
showed the large expansion of £8,912,000, repre­
senting in this respect the demands on the Bank for
the holiday requirements and the usual window­
dressing operations incidental to the closing year.
This week’s statement appeared on Thursday, as
usual, which was Jan. 1. It registered an increase
of £1,884,684 in bullion, of £16,207,000 in loans (for
the same reason noted above for the preceding week’s
expansion) of £1,638,000 in reserve, of £246,000 in
note circulation, of £19,014,000 in ordinary deposits
and £835,000 in public deposits. The Bank, how­
ever, still makes a favorable comparison with the
figures of a year ago, the proportion of reserve to
liabilities being 33.39%, comparing with 30.65% one
year ago and 35.85% two years ago. The Bank’s
bullion holdings now amount to £34,983,149; one
year ago they were £31,300,487 and two years ago
£34,421,228. Note circulation stands at £29,607,­
000, against £29,200,000 a year ago. The total of
the loans is £52,137,000, against £49,629,000, and
deposits total £61,086,000, against £52,954,000.
Our special correspondent furnishes the following
details by cable of the gold movement into and out
of the Bank for the Bank week: Imports, £775,000
wholly bought in the open market; exports, nil, and
receipts of £1,109,000 net from the interior of Great
Britain.
•
In its weekly return, published yesterday, the
Bank of France reported a decrease of 9,707,000
francs in gold and of 1,486,000 francs in silver. Note
circulation, however, registered the large increase of
321.050.000 francs, and discounts an increase of
449.950.000 francs. General deposits arc 137,275,­
000 francs higher for the week. The Bank now holds
3.507.696.000 francs in gold, against 3,194,625,000
francs in 1912 and 3,170,925,000 francs in 1911.
Note circulation stands at 6,034,590,000 francs,
against 5,933,432j680 a year ago, and discounts total
1,978,387,000, against 2,152,946,333.
The weekly statement of the Imperial Bank of Ger­
many, published on Saturday, showed a decrease of
10.970.000 marks in gold and of 6,347,000 in gold and
silver. There was an expansion of 112,825,000
marks in note circulation, of 46,010,000 marks in
deposits and of 110,931,000 marks in discounts, while
loans were reduced 8,408,000 marks. Total cash
holdings showed a large increase to 1,486,682,000
marks from 1,036,340,000 marks in 1912 and
1.057.460.000 in 1911. Loans and discounts com­
bined indicate corresponding improvement aggre­
gating, according to the current statement, only
1.065.617.000 marks, against 1,744,020,000 marks in
1912 and 1,45/ ,860,000 marks in 1911. Outstanding
circulation stands at 2,042,307,000 marks, against
2.041.280.000 marks in 1912 and 1,804,060,000 marks
in 1911.

5

view of the necessity of preparing for the January
payments. The highest figure, 10%, was touched
yesterday, though Stock Exchange renewals at no
time exceeded 6% . The firmness did not, however,
extend to rates for fixed maturities, which closed
fractionally lower last evening, comparing with a
week ago. The Bank statement on last Saturday
was also such as was to be expected at the end of the
year. The loans registered an increase of $11,719,­
000. Deposits increased only $3,648,000, while
there was a reduction of $6,911,000 in cash. The
surplus above reserve requirements (which are still
being maintained by the Clearing House on the old
basis) decreased $8,066,600, reducing the surplus
above such requirements to $9,372,750, which com­
pares with $6,396,600 a year ago. The outlook for
money, it seems to be quite generally agreed, is for a
period of ease. Mercantile and industrial require­
ments are still making unusually light demands upon
the loanable funds of the banks and the Stock Ex­
change demand is almost negligible. Meanwhile, there
has as yet been no indication on the part of investors
of any improved disposition to take new capital issues.
The January dividend and interest disbursements
will soon return to circulation. No specific indica­
tion is apparent of any active re-investment of these
payments in the market for securities. There is
also somewhat of a reactionary tendency being shown
in foreign trade, which may be considered a part of
a world-wide movement in this respect.
For call money the extreme figures of the week
have been 2 and 10%. On Monday the highest was
6% and the lowest and ruling rate 33^%. On Tues­
day 6% was the highest as well as the renewal fig­
ure and 2% was the lowest; Wednesday’s highest
and renewal rate was again 6% Avith 3% the
minimum; Thursday, New Year’s Day, was a
holiday. On Friday 10% was the maximum, 4J^%
the minimum and also the ruling rate. For time money
closing quotations were 4}/£@ 5% for sixty days
(against 4 % @ 5 % a week a g o ),4 )^ @ 5 % for ninety
days (against 4 % @ 5 % ), 43^@ 5% for four months
(unchanged),4J^@5% for five months (unchanged),
and 4)/£@ 5% for six months (unchanged) . Mer­
cantile paper is in rather better demand and discount
rates have been fractionally reduced, closing at 5}4
@ 5 % for sixty and ninety day endorsed bills receivjj
able and for four to six months’ names of choice
character. Others are quoted at 6 @ 6 )^ % .

For sterling exchange the market has ruled firm.
This has been due to the comparatively easy money
situation at home that accompanied the year-end
payments. There have been the usual demand for
remittances in connection with the January dividend
and interest payments of securities owned abroad
but specifically payable here. This demand is likely
to continue for a few days more. A feature of the
week has been the narrowing down of the difference
between demand and sixty-day bills which usually
takes place at this season, owing to the completion
of the year-end settlements abroad. Operators in
sterling exchange on this side are disposed to await
developments before attempting to take advantage of
the current concededly low level of rates. The
apparent international trade balance has moved so
strongly in favor of this country that there is likely
to be a continued handicap in favor of this country
Local money rates for demand loans naturally should gold be required. On the other hand, the
showed some firmness at the close of the year, in demands upon the capital markets all over Europe



[Von. xcvm.

THE CHRONICLE

6

for the new year promise to be particularly active,
which means high rates of interest abroad at a time
when prospects of similar demands upon the home
market certainly do not promise to be, at least imme­
diately, active. One feature of the week was the
selling of demand bills immediately before the closing
of the year and the covering of these sales by pur­
chases of cable transfers yesterday. The object of
these double transactions was to provide increased
cash balances over the year-end for the institutions
conducting them.
The Continental exchanges have become rather ir­
regular.
The
sterling check rate in Paris
closed at 25.30 francs, which compares with 23.32
francs a week ago. In Berlin demand on London
closed at 20.51% marks, against 20.51 marks last
week. Marks in Paris finished at 123.27% francs,
comparing with 123.47% francs on Friday of last
week.
Compared with Friday of last week sterling ex­
change on Saturday was much firmer and demand
advanced to 4 8520@4 8530, cable transfers to
4 8605@4 8615 and sixty days to 4 81 @ 4 8110. A
weaker tone was evident on Monday, when demand
suffered a slight decline, due chiefly to the rise in call
money, to 4 8515@.4 8525; cable transfers, however,
held firm and advanced to 4 8610@4 8620, as did
sixty days to 4 8110@4 8125. On Tuesday the con­
tinued firmness in local money rates caused further
ease in sterling, demand being quoted at 4 8515@
4 8520 and cable transfers at 4 8605@4 8610; sixty
days advanced to 4 8125@4 8135; trading was dull
and professional. The downward trend was checked
on Wednesday, when the anticipated flurry in call
money failed to materialize, and the sterling market
ruled strong, with an advance of 25 points for demand;
the range was 4 8540@4 8550 for demand, 4 8610@
4 8620 for cable transfers and 4 8135@4 8150 for
sixty days. Thursday was a holiday. On Friday
the market ruled firm and 10 points higher for de­
mand and 15 points higher for 60-day bills. Closing
quotations were 4 8150@4 8175 for sixty days, 4 8550
@ 4 8560 for demand and 4 8610@4 8620 for cable
transfers. Commercial on banks closed at 4 7 9 % @
4 80% , documents for payment finished at 4 80% @
4 81% and seven-day grain bills at 4 8 4 % @ 4 84 9-16.
Cotton for payment closed at 4 8 0 % @ 4 81, grain
for payment, 4 8 1 % @ 4 81% .
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $13,256,000 net in cash as a result of the
currency movements for the week ending Jan. 2.
Their receipts from the interior have aggregated
$18,647,000, while the shipments have reached
$5,391,000. Adding the Sub-Treasury operations,
which occasioned a loss of $3,197,000, 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 $10,059,000, as follows:
Week ending Jan. 2.

Into
Banks.

Out o f
Banks.

Net Change in
Bank Holdings.

Banka’ Interior m ovem ent_________
Sub-Treasury operations......................

$18,647,000
18,054,000

$5,391,000 Gain $13,256,000
21,251,000 Loss
3,197,000

T o ta l.....................................................

$36,701,000

$26,642,000 Gain $10,059,000

The following table indicates the amount of bullion
n the principal European banks.




Jan. 2 1913.

Jan. 1 1914.
Banks o f

E n gland..
France___
Germany .
R u ssia___
Aus.-Hun.
S p a in -----Ita ly-------Neth'lands
N a tB e lg ..
Sweden . .
Sw ltz’land
N o r w a y ..

Gold.

|

£
34,983,149
140,307,400
59,887,600
167,358,000
51,666,0001
19.169.000
45.587.000
12.541.000
8.330.000
5.689.000
6.813.000
2.577.000

Silver.

,

Total.

£

Gold.

Silver.

£
£
\ 34,983,149 31,300,487
25.543.000 165,850,400 127,784,600 26,831^080
13,950,000]] 73,837,600 i 38,832,400 13,019,350
5.826.000 173,184,000 158,374,000 6.338.000
10.784.000 62.450.000 50.398.000 9.971.000
28.660.000 47.829.000 17.489.000 29,501,000
2.950.000 48.537.000 42.619.000 3.400.000
673,500
798,600 13,339,600 13.481.000
4.165.000 12.495.000 7.658.000 3.829.000
5.689.000 5.570.000
6.813.000 6.939.000
2.577.000 2.316.000 1 ................

1

1

Total.

£
31,300,487
154,615,680
51,851,750­
164,712,000
60,369,000­
46,990,000
46.019.000
14,154,500
11.487.000
5.570.000
6.939.000
2,316,000-

T otal week 554,908,149 92,676,600 647,584,749502,761,4871 93,562,930 596,324,417
Prev .week |554,285,096 93,080,813 647,365,909(502,127,500j 95,039,02^597,166,527

FIRST PROBLEMS UNDER THE BANKIN G LA W .
With the Banking and Currency Act on the statute
books, the first problem to arise was, naturally, the
arranging of the new machinery for the regional
banks. The law provides that the Organization
Committee, consisting of the Secretary of the Treas­
ury, the Secretary of Agriculture and the Comp­
troller of the Currency, “ shall designate not less than
eight nor more than 12 cities to be known as Federal
reserve cities, and shall divide the continental United
States, excluding Alaska, into districts, each dis­
trict to contain only one of such Federal reserve
cities” . It is further provided “ that the districts
shall be apportioned with due regard to the con­
venience and customary course of business.”
This Board has already begun its investigations,
though without the Comptroller of the Currency in
its membership; that office still remaining vacant,
as it has done since the incoming of the present
Administration. The Secretary of the Treasury
would, naturally, be one of its members; the
appointment of the Secretary of Agriculture, not­
withstanding that officer is no longer placed on the
permanent membership of the Federal Board, is
clearly understood to have been due to confidence
on the part of the law makers in the knowledge of
the subject and the conservative financial views as­
cribed to the present incumbent of that office.
Even before the beginning of the hearings, the
natural result of the organization provisos has been
that different cities in different parts of the United
States have begun urgently to submit their rival
claims to the possession of a Federal reserve bank
for the continguous district. Pressure from these
quarters bids fair to become very great before the
Organization Board has completed its hearings.
It by no means follows that ill-grounded claims may
get consideration; but it is clearly unfortunate that
the law, as passed, allowed latitude in choice as
between eight Federal reserve districts and twelve.
Temptation to choose the larger number, regardless
of the actual merits of the case, will undoubtedly be
strong; simply for the reason that more of the rival
applicants could be satisfied through that expedient.
Mr. Warburg pointed out clearly some time ago,
in arguing that only four regional banks should be
stipulated, that it is easy to increase a given number
if future development of the system were to show
such increase to be advisable, but not at all easy
to reduce a number already fixed— which would
necessitate the depriving one or more cities of a
coveted prestige already bestowed upon them.
Conflicting claims of the greater cities for a place
on a group of four regional banks would be easily
settled by the well-known circumstances of the case;
allotment of eight such reserve centres would be
considerably more difficult, and the allotment of
I twelve extremely confusing.

J a n . 3 1914.]

THE CHRONICLE

7

Behind all these considerations stands the fact that
The same is true, and in a high degree, of the
the more districts the Organization Board creates, provision authorizing the National Board “ to require
the greater must necessarily be the relative weakness Federal reserve banks to re-discount the discounted
of certain interior districts as compared with dis­ paper of other Federal reserve banks, at rates of in­
tricts containing such powerful commercial and terest to be fixed by the Federal Reserve Board.”
financial centres as New York, Philadelphia or This, like the others, ought to be regarded as purely
Chicago. If, on the other hand, an effort were to an emergency provision. It was so recognized in
be made to harmonize such disparity through divid­ the House bill, which not only stated that its exer­
ing the territory which is naturally tributary to one cise was reserved for emergencies, but which re­
of our largest financial centres, the result might quired the vote of five members out of the seven on
easily be the construction of such districts in defiance the board before the power could be applied. This
of the normal relations of trade and capital in the restriction the Senate Committee removed, but it
territory affected. That the influence and power of was restored by the Conference Committee and now
the accumulated resources of capital and trade, at stands in the law. That is a hopeful sign.
any one great business centre of the sort, could be
There is in the bill at least a discretionary power
impaired or diverted by such an artificial process, is for the Federal Reserve Board to overrule a regional
naturally out of the question. But what might bank in the matter of that bank’s official discount
easily occur would be the serious hampering, through rate. In the first draft of the bill, it was provided
an ill-judged experirhent, of the convenience of bank­ that the National Board should fix the rate for every
ing, and, with it, the impeding of the successful opera­ regional bank. The absurdity of that provision was
tion of the new banking machinery.
so clearly set forth that the House Committee struck
When this preliminary and highly important the provision from the law, which now provides that
machinery shall have been arranged, and the new each Federal bank shall “ establish from time to time”
system shall have got fairly into operation, rapid the official rate of discount for its own district, but
progress in the conservative readjustment of our which adds that such rate shall be “ subject to review
banking methods may not be unreasonably expected and determination of the Rederal Reserve Board.”
as a result of the control of the regional bank boards No doubt it is possible to imagine an occasion on
by a majority membership named by the banks in which the action of a regional bank on its own dis­
the several districts. It will then remain for the count rate would be such as to call for a veto by the
powers conferred on the National Board to be tested National Board. But the occasion is certainly dif­
by experience. Two theories have arisen in the ficult to conceive, and if any prospect were to arise
discussion of these large supervisory powers. One of constant use of such overruling powers, its influ­
has been that such powers were devised and pre­ ence would be highly disturbing to ordinary business.
scribed purely for use in a grave financial emergency.
Again, as to the note issues. The National Board
The other was that they may be applied, under ordin­ has the right, under the law, “ to grant in whole or in
ary circumstances, at the will of the National Board. part or to reject entirely the application of any Fed­
On that Board’s own use of these powers will un­ eral reserve bank for Federal reserve notes.” The
doubtedly depend the question whether the national exercise of this provision, while it might doubtless
supervision, as arranged, is to become, what it .control a tendency to inflation, would also open up
should be, merely a necessary link between the the possibility of blunders or favoritism in the al­
regional banks—whereby the functions which a lotment of the new circulating notes to different sec­
single central bank could perform may still be exer­ tions of the country. The proper working of a cur­
cised in an emergency which requires immediate rency system requires that the conditions of issuing
united action— or whether it is to become a source of circulating notes should be plainly understood at all
annoying, meddlesome and, at times, dangerous times. We hope that this will be the practical
interference with the general money market.
outcome of the provision to which we have
This is true, notably, of the power conferred upon referred.
the National Board to suspend all reserve require­
All these considerations emphasize again the ne­
ments of the Act for a period of thirty days, and to cessity for a choice of proper members by the Presi­
extend such suspension by fifteen-day intervals. dent, in his selection of the five outsiders who are to
In its essence, this apparently sweeping power does man the Federal Reserve Board along with the Secre­
not differ from the authority possessed, and which has tary of the Treasury and the Comptroller of the Cur­
on certain occasions been exercised, by the British rency. It is conceivable that the complete success
Exchequer in suspending the Bank of England Act— of the new system will stand or fall according to the
that is to say, in allowing the Bank to issue notes not |character, ability and administrative wisdom of the
covered by gold. But the use of that power by the Board which introduces it. It is wholly doubtful
English Government has consistently been reserved what part, in the vicissitudes of time, will be played
for high emergencies, such as the panics of 1857 and by the so-called Federal Advisory Council. That
1866. Offered by the Government to the Bank in
body, which consists of delegates appointed, one by
the Baring panic of 1890, the recourse was refused by
each regional bank board, was created by the House
the Bank itself. In the vicissitudes of finance, it is
Committee in answer to the criticisms of the too
not inconceivable that some such exercise of dispens­
sweeping powers of the National Board. The law
ing authority might become necessary in the case
of our own banking system. But if the Board were now provides that this Council shall have power “ to
to apply its powers, as a Secretary of the Treasury confer directly” with the National Board on business
did in 1902, when the customary reserve require­ conditions; “ to make oral or written representations”
ment against Government deposits was arbitrarily concerning matters of policy, and “ to call for infor­
and suddenly suspended by him because of a passing mation and to make recommendations in regard ta
money squeeze in Wall Street (the New York banks discount rates, re-discount business, note issues,”
refusing to com ply), this function also might become and other topics which will come up for that Board’s
decision.
a factor of great and constant danger.



8

THE CHRONICLE

[ V o l . XCVIII.

This maintenance of the volume of trade was de­
ceptive and misleading, inasmuch as it was based on
old orders. Mills and furnaces and factories were
kept employed on contracts placed a long time previ­
ously, when the outlook still appeared settled, or
when there was still confidence that the situation
would in due time become serene. Even, however,
while trade activity apparently continued unchecked,
there was evidence that industrial affairs were be­
coming moribund. The aggregate of unfilled orders,
for instance, of the subsidiaries of the Steel Corpora­
tion showed a marked reduction month by month,
and the decline for the twelve months as a whole
reaches almost startling proportions, the total Nov.30
being only 4,396,347 tons, against 7,932,164 tons
Jan. 1. The last half of the year, when old orders
had been nearly exhausted, the indications of trade
reaction became very manifest to even superficial ob­
servers. It was then urged that tariff legislation was
the cause— with this removed, trade activity would
again spring up. On the contrary, with the comple­
tion of tariff legislation, the reaction ran into depres­
sion of a very pronounced type. At the close of the
twelve-months’ period it was admitted on every hand
that trade activity was now at a very low ebb, and all
RETROSPECT OF 1913.
The year 1913 was one of disturbing incidents and accounts agreed in saying that idleness and unemploy­
events. It marked the advent to control of the ment among the laboring classes were a more serious
Federal Government of a most radical Administra­ feature than for many years past.
No doubt tariff legislation and likewise banking
tion— an Administration, too, that was determined
to emphasize and to flaunt its adherence to radical and currency legislation played their part in bringing
doctrines. From beginning to end a propaganda of about a halt in business activity, but the most influ­
that kind was carried out. It found expression in pro­ ential cause in engendering despondency and gloom,
posals of such an extreme type that the mere sugges­ which alone must be held responsible for the complete
tion that they were being seriously entertained fur­ absence of tone which developed as the year pro­
nished occasion for the deepest anxiety. Everywhere gressed, was the disturbing legislative and Govern­
iconoclasts were at work demanding change, destroy­ mental proposals that came galore lrom Washington,
ing faith in everything that had long endured, ques­ and, indeed, the general attitude ot all those in any
tioning the soundness and the wisdom of every usage way connected with the Administration and with
and of every practice and of every law that had stood Congress. As already indicated, every one seemed to
the test of time. The spirit of discontent which has be in favor of an upheaval of one kind or another. It
been rife through the ages was in the seat of power, was not so much what was done as the spirit in which
determined to work its way and its will in recon­ it was done and conceived, not so much what was
structing the organism of trade and business, to re­ actually accomplished as what was proposed, not so
constitute society and to level inequality, lhe much what was carried into effect as what was
effect, very naturally, was to bring to the front the threatened. In a word, politics was the disturbing
element.
malcontents and the discontents.
To be entirely candid, we had in 1913 a repetition
As stability and security lie at the basis of the
social and economic structure, the fact that stability of the country’s experience during the closing years of
and security appeared to be threatened— no one being the Roosevelt regime and which eventuated in the
able to say for certain that what prevailed to-day panic of 1907. In a word, in 1913, as in 1907, we had
would be tolerated and allowed to-morrow— produced a radical propaganda which was urged with great
a feeling of the deepest distrust, under the blighting vehemence and force and which was pushed on with­
effects of which enterprise came to a halt, progress out regard to consequences. There was this differ­
was checked in the mercantile and industrial world, ence in the later period, that while it entirely lacked
the pace slackened in all the avenues of business and originality, it had many more exponents. In the
the volume of business was reduced to shrinking pro­ Roosevelt era Mr. Roosevelt himself was the most
portions. To say this is to say that 1913 furnished active agent, though he had one or two able recruits,
a striking contrast with 1912. The year 1912, it will such as Attorney-General Bonaparte. In 1913, on
be recalled, was marked by uninterrupted trade ex­ the other hand, while President Wilson set the exam­
pansion from beginning to end— this, too, notwith­ ple and in honeyed words and in an engaging literary
standing the existence of many untoward events, cir­ style insisted on pressing the new doctrine, nearly
cumstances and developments. In 1913, on the every member of the Cabinet and many Congress­
other hand, unfavorable events came piling up in men and Senators espoused the cause and really out­
such rapid succession and seemed so pregnant with did their chief, availing of every opportunity to pro­
dangerous possibilities, that confidence was almost claim ideas of change which were little short of
completely destroyed. For a good part of the year, revolutionary.
The utterances of President Wilson himself in
the volume of trade was well maintained, giving a
deceptive idea of the underlying conditions which in­ trying to impress the public that he was committed
dicated deep-seated distrust, assuming steadily in­ to radical policies and meant to carry them out, were
very disquieting, but still more so were those of other
creasing dimensions as the year progressed.

It will be seen that these powers of conference, of
inquiry and of recommendation, are vaguely defined.
It is not provided, either, that the Advisory Council
shall sit with the National Board in its deliberations
on such questions, or that it shall have any actual
power for ratifying the decisions of that Board, or
holding them back for reconsideration. It may be
argued, therefore, that its functions will be purely
nominal. Yet, on the other hand, it is only fair to
observe that the Central Committee of the Imperial
German Bank, similarly appointed— though in that
case by the choice of the shareholders in the bank,
ratified by the Emperor— has in practice been allowed
to sit at all important meetings with the Managing
Committee of the Ileichsbank. The testimony of
that institution’s officers to the Monetary Commis­
sion was to the effect that the advice of this outside
committee, which possessed no right to vote, has been
generally accepted on questions of the Bank rate, of
discount policy, and of restrictions on the general
operations of the Bank. But these are practices
and traditions which are established only through the
gradual process of experience.




J a n . 3 1914.1

THE CHRONICLE

prominent personages in the political world. The
year opened under the depressing influence of certain
speeches made by the President-elect just before the
close of 1912. It will be recalled that at the annual
dinner of the Southern Society of New York on Dec.
• 17 1912, M r. Wilson went out of his way to allude to
the possibility of some one provoking a panic, against
which he issued a solemn warning by saying: “ If
any one attempts it, I promise you that I will build
the gibbet for him as high as Haman’s.” On Dec.
28 1912, at Staunton, Va., he asserted that “ a large
part, too large a part, of the fortune-making of re­
cent decades has consisted in getting something for
nothing,” and declared that “ this (the Presidency)
is an office in which a man must put on his war paint.”
This was followed at the beginning of the new year
(in January) by some very remarkable utterances in
an address before the Commercial Club of Chicago.
Here he asserted that he could not deal with business
men because of the selfish policy they were pursuing
and because they were not ready to merge their in­
dividual interests for the common welfare— that they
were under suspicion by reason of all their acts and
doings. He added that “ the people of the United
States do not have nightmares.
They do not
dream things that are not so. They do not come with
deeply rooted convictions with no cause and pro­
vocation.” He said, furthermore, that “ the bank­
ing system of this country does not need to be in­
dicted. It is convicted,” and asserted that “ the
credit of this country must be open upon equal terms
and with equal readiness upon the same terms to
everybody.” In another speech, delivered at Tren­
ton, N. J., on Jan: 13, he declared that he had re­
ceived a commission from the people to carry out
radical policies and that he would only appoint socalled progressives to office. At this time the old
Congress was still in session, and in this and the-next
month added to the feeling of disquietude by contin­
uing the “ money trust” inquiry.
In March Mr. Wilson assumed office and named his
Cabinet and delivered his inaugural. True to his
promise, M r. Wilson selected for advisers only men
in thorough sympathy with his policies and who could
be depended upon to carry them out. William J.
Bryan was named for Secretary of State, James C.
McReynolds, formerly Mr. Wickersham’s right-hand
man, was made Attorney-General; Franklin K . Lane
was taken from the Inter-State Commerce Commis­
sion and made Secretary of the Interior, while Al­
bert S. Burleson, who had been active in Congress
in urging repressive legislation, was put in as Post­
master-General. The inaugural message was brief,
but every line of it indicated a purpose to foster an
industrial and economic revolution, as was indicated
by this statement: “ No one ca j mistake the purpose
for which the nation now seeks to use the Democratic
Party. It seeks to use it to interpret a change in
its own plan and point of view. * * * Our duty
is to cleanse, to reconsider, to restore, to correct the
evil without impairing the good, to purify and human­
ize every process of our common life,” &c.
In April Vice-President Marshall got busy and
out-Wilsoned the President. He hinted at laws to
seize large private fortunes and warned rich men
against adding to their possessions lest they invoke
the wrath of the people and induce a repeal of the law
which makes it possible for fortunes to be handed
down to their offspring. He declared that extensive
travel and close observation led him to believe that



9

were a vote taken on a proposition that all estates
over $100,000 should revert to the State upon the
death of the owner, it would be carried 2 to 1. In
this month also the new Congress was convened in
extraordinary session and Congressman Underwood,
in presenting the tariff bill to the House, showing
very drastic reductions in duties on the general line
of manufactured goods, made bold to say that the
principles that had guided the Democratic majority
of the Committee on Ways and Means was to invade
the domain of the protection of profits, since “ the pro­
tection of any profit must of necessity have a tendency
to destroy competition and create monopoly, whether
the profit protected is reasonable or unreasonable.”
The next month (M a y ), Congressional leaders and
Cabinet members alike talked freely of an intention
to investigate the acts of business men who should
shorten their labor forces or reduce wages if tariff
legislation made the step necessary. Congressman
Underwood said that the Bureau of Foreign and D o­
mestic Commerce had “ the power to walk into their
offices and ascertain whether there is real reason
for their cutting the rates of wages of their labor
or whether it is merely a selfish attempt to
put money into their own pockets.”
Senator
John Sharp Williams made a similar pronunciamento, and declared that the Sherman Anti­
Trust Law, with its criminal provision, would be in­
voked against manufacturers who might venture to
reduce wages because of tariff reduction. Most
startling of all, however, were the remarks of Secre­
tary William C. Redfield of the Department of Com­
merce, who said that an efficiency test would be ap­
plied by all the various departments and bureaus hav­
ing the power of investigation and inquiry, and indi­
cated half a dozen different reasons why a manufac­
turer might be condemned in such a test, these being
(1) operating with bad equipment; (2) with unscien­
tific treatment of material; (3) with antiquated meth­
ods; (4) in poor locations; (5) with insufficient capi­
tal, and (6) generally ineffective management. He
argued in effect that if any of these defects existed,
the manufacturer would be deemed culpable if he
curtailed output or wages.
Strangely enough, in June Attorney-General M c­
Reynolds, at a time when his associates in the Cabi­
net were advocating tariff reductions in order to pro­
mote efficiency of operations, undertook to suggest
that efficiency of management in the case of large
corporations be condemned and penalized. He
recommended a graduated internal revenue tax on
tobacco, with a view to giving the independent to­
bacco manufacturers a chance to compete with the
American Tobacco Co. The suggestion was so pre­
posterous that it met with instant condemnation
on the part of the press and the public. The Ad­
ministration thereupon disavowed the plan, but in
the meantime much disturbance had been caused and
on the Stock Exchange a severe break in prices had
been precipitated.
Disturbing incidents and events of this kind fol­
lowed each other in quick succession. In July the
Banking and Currency Bill was introduced and new
cause for disquietude arose, as the immediate effect
was to ocasion a drop in the price of Government
bonds. In October, the President indicated his
purpose to undertake trust legislation with the
beginning of the regular sesssion of Congress in
December and urged Chairman Clayton of the Com­
mittee on the Judiciary of the House of Representa-

10

THE CHRONICLE

tives to give up his intention of entering the United
States Senate and instead to remain in the House to
aid the Administration in carrying out its anti- trust
policy. In November Secretary of Labor, William
B. Wilson, in commenting upon the strike at the
Michigan copper mines, made the statement that if
any owner of property “ fails to take into considera­
tion the fact that the title has only been conveyed
to him as a trustee for the welfare of society, then he
is creating a condition that will cause society to
modify or change these titles to property, as it has a
perfect right to do whenever in its judgment it
deems it for the welfare of society to do it.” This
was not only disturbing in itself but was taken as
conveying a hint of possible Government ownership
of mines. There had already been intimations that
the Government would favor taking over the tele­
graph and telephone lines and in December the Post­
master-General made recommendation to that effect.
A bill was also then introduced into Congress pro­
viding for a valuation of the telegraph and telephone
properties and providing for the payment in the
meantime of 4 % on the telephone stock, now in
receipt of dividends of 8 % . It may be noted, too,
that on October 31 Commissioner Joseph E. Davies
of the Bureau of Corporations, emulated the example
of other Government officials in making novel re­
commendations and suggestions, by saying: “ Our
theory of Government is wrong if our laws shall not
decree that the few men who are trustees for society
and should be fairly and abundantly compensated
for the services they render, should also be prevented
from putting their feet in the trough if they become
animated by the fundamental greed that lies in
human nature.”
Certainly all this was calculated to deter new
ventures, since no one could feel certain as to the
condition under which such ventures would have to
be carried on. There were also various new trust
prosecutions, among them the suit in July against
the American Telephone & Telegraph Co. Here
an agreement was reached in December under which
the company pledged itself to part with its holdings
of Western Union stock and made other concessions
to appease the Government. It then Avas suggested
that the Administration might welcome similar
settlements outside the courts in other cases.
To add to the general feeling of uneasiness, the
condition of the railroads gave cause for grave
anxiety, owing to the demands for increases in wages,
the rise in operating expenses generally and the in­
ability of the carriers to find a remedy in advances in
rates because of the attitude of the Inter-State
Commerce Commission. Twice during the year a
general strike of certain classes of employees was
narrowly averted by invoking arbitration, to which
the railroads gave their consent reluctantly, because
they feared public sentiment would not support
them in the event of a strike, even though revenue
results did not warrant further additions to expenses.
In February railroad managers waived their ob­
jections in this respect in the case of the demands of
the firemen and enginemen after they had most
emphatically declared that revenue results forbade
further increases in wages and that arbitration under
methods Avhich made some kind of an increase in
wages inevitable in every proceeding Avas out of the
question. In April the arbitration board announced
its conclusions, the carrying out of Avhich involved
an addition to railroad expenses of about 83,000,000



[ V o l . X C V 1 I I.

per annum. In July the railroads Avere again con­
fronted Avith the possibility of a strike, this time in
the case of the demands of the conductors and train­
men. That involved some 80,000 to 100,000 con­
ductors and trainmen and in order to avert a strike
the President, together with Congressional repre­
sentatives, agreed on July 14 to have the Erdman
Arbitration L aA V amended inside of 24 hours, a
promise Avhich Avas faithfully carried out. The
amendment made provision for the creation of arbi­
tration boards of six members, as well as three mem­
bers, Avith Avhich latter railroad managers and the
representatives of railway labor organizations had
alike become dissatisfied. In November the aAvard
under this abritration proceeding Avas handed doAvn.
It Avas of the same character as the preceding ones,
— adding 86,000,000 to the permanent yearly out­
lays of the railroads east of the Mississippi and north
of the Ohio and Potomac rivers. ToAvards the close
of the preceding calendar year these same roads had
to submit to an aAvard in the case of the locomotive
engineers Avhich increased expenses about 82,000,000
a year.
It early became evident that a iicav effort to secure
soneAvhat higher transportation rates would have to
be made if the railroads Avould maintain their credit,
Avhich a 'Us fast becoming impaired, and improve the
a
margin of net income. In M ay a petition Avas pre­
sented to the Inter-State Commerce Commission
asking for the re-opening of the rate cases brought
before the Commission in 1910 and decided adversely
to the carriers in February 1911. The next month
the Commission denied the request on technical
grounds, but stated that in due course it Avould insti­
tute an investigation of its OAvn into the sufficiency
of current rates. As this left the matter up in the
air, the railroad managers decided upon a neAV course
of action, and in October began to file Avith the Com­
mission neAV freight schedules proposing a general
advance in freight rates of about 5 % . On the last
day of October the Commission folloAved its usual
course and suspended the operation of the proposed
advances until March 12 1914. It also announced
that Louis D . Brandeis of Boston, Avho had represen­
ted the shippers in opposing the advance in 1910, and
Avho had from time to time since then declaimed bit­
terly against railroad management, Avould noAV be re­
tained by the Commission itself to develop facts in
opposition to the views of the railroads. Hearings
Avere begun in November and then Avere put over
until 1914. A t one of these hearings President
Daniel Willard of the Baltimore & Ohio presented
statistics to sIioav that the railroads in the territory
affected had, during the preceding three years, spent
some 8600,000,000 in neAV property investments, but
that operating expenses had increased so fast that
these carriers earned in the year ending June 30 1913
816,311,321 less net than for the year ending June 30

1910.
It should also be noted that the old Congress, be­
fore its adjournment on March 4, enacted a law for
the physical valuation of all the raihvays of the
United States, most of the legislators being apparent­
ly actuated by a belief that such a valuation Avould
s Iioav that current earnings A ^
A ere sufficient to yield a
proper return on actual investment. The latter part
of the year it appeared that Commissioner Charles A.
Prouty of the Commerce Board, Avho had invariably
assumed an attitude of hostility to railroad interests,
Avas to resign his place on the Board in order to

J a n . 3 1914.]

THE CHRONICLE

11

-conduct the physical valuation test. There were also being disposed of the next two months. The same
some decisions of the United States Supreme Court month, also, it was announced that the syndicate
that served to intensify apprehensions regarding the which had underwritten $63,250,000 of convertible
railroad situation. The most noteworthy of these 4% s of the Baltimore & Ohio not subscribed for at
were the decisions in what were known as the State 95% by the shareholders had been formally dissolved
railroad cases, but these were given an exaggerated and been obliged to take about $47,000,000 of the
importance, and when it appeared that the Court had bonds. The price paid by the syndicate was said
enunciated no new principles or doctrines, apprehen­ to have been 92% , but the subscription receipts for
the bonds sold on April 30 at only 91% .
sion was allayed.
In the first six months of the year the adverse
Confidence continued at such a low ebb that the
effects on net earnings of the steady augmentation in railroads had to resort over and over to the issue
expenses were not so plainly visible as they became of short-time obligations to provide for their most
during the last six months. Gross earnings then still pressing needs or to meet previous issues of short-time
kept expanding in a substantial way— business ac­ notes now falling due. Early in the month referred
tivity being maintained in full volume. The last six to (April) $10,000,000 New York Central 1-year
months, however, with industrial activity sensibly 5% notes were offered on an interest basis of 5 % %
slackening, gross revenues began to contract, and as in London, and later in the month another $10,000,­
it was found impossible to meet the decrease with a 000 was offered in this country at 99%,, making
corresponding reduction in expenses, large losses in return to the purchaser over 5 % % ; allowing for the
net earnings resulted. The half-yearly tabulation of bankers’ commission, the cost of the money to the
the gross and net earnings of United States railroads company in this last instance must have been in the
published in the “ Chronicle” of Aug. 30 showed an neighborhood of 6% . Considerable amounts of Lake
addition to gross earnings of $136,168,743 for the six Shore notes were also sold at rates nearly as high,
months, of which no less than $109,369,074 was con­ and this situation was not modified greatly for the
sumed by augmented expenses, leaving only $26,799,­ better in subsequent months. For instance, in July
669 gain in net earnings. It appeared, too, that the the Northern Pacific Railway put out $10,000,000
bulk even of this relatively small improvement in net one-year 6% notes, which were offered at 99% to
had been contributed by the anthracite coal carriers, the public, showing that the cost of the money to the
which were comparing with a period in the previous company, including bankers’ commission, must have
year when there had been a suspension of mining in been over 6 % % . Other companies fared no better,
the anthracite regions during the whole of April and the General Electric Co., having sold $8,000,000 9the greater part of M ay, and that some other roads, months’ notes through bankers, on a 6 % % basis,
too— the Illinois Central, in particular— were also com­ the interest being discounted in advance.
paring with a period of large losses in the previous
One effect of a disturbance of railroad credit was to
year, the 1913 gains, therefore, in their case, being increase the cost of municipal borrowings, municipal
merely a recovery of such antecedent losses under the bond issues appealing to much the same class of
absence of the conditions which had produced them. investors as the best kind of railroad obligations.
The last six months there were losses in net earn­ On April 29 New York City announced that it would
ings in each and every month. As a matter of fact, invite proposals for $45,000,000 long-term bonds
even in the first half, June also recorded a decrease in the next month. Previous emissions had been at
net. Some of the leading systems suffered losses in 4 % % - In view of the experience of the railroads
net in the face of very substantial gains in gross long and the decline in the prices of municipal bonds, the
before the beginning of the second six months. The rate was now raised to 4 % % . When the bids were
Pennsylvania on its lines directly operated east and opened the next month, it was found that the offerings
west of Pittsburgh and Erie for the eleven months had met with merely indifferent success, the City
ending Nov. 30 reports an increase of $18,952,239 in having realized an average of only 100.159. The
gross but a decrease of $10,373,925 in net; and the next day some of the bonds actually sold on the
New York Central System Lines for the same ten Stock Exchange at a trifle below par. It now became
months show $19,234,319 gain in gross with $7,­ increasingly difficult to float new issues of municipal
175,230 loss in net.
bonds. Confidence in the stability and security
With the outlook for the railroads becoming of all classes of investment obligations seemed to be
steadily worse as the year progressed, railroad credit, waning. The demand for municipal bonds fell off
which had previously suffered seriously, naturally along with the demand for others. Very naturally,
became still more impaired. This means that the municipal bond buyers insisted on higher rates of
railroads elould obtain the new capital for their interest and better returns. In March 15% millions
development only at a high cost. Many were the of municipal bond offerings proved unsuccessful, in
evidences of this throughout the year. One mani­ April the aggregate reached 18 millions, in May 19
festation which came quite early had the effect of millions, in June 25% millions, in July 15 millions,
bringing about an almost immediate readjustment of after which conditions became more favorable, or
security values. This was the announcement in rather there came general recognition of the fact on
April that the Milwaukee & St. Paul had placed the part of municipal officers that in order to market
$30,009,000 general mortgage bonds— a prime secur­ the bonds higher rates of interest would have to be
ity— but had raised the rate of interest to 4 % % , paid. In August the unsuccessful offerings reached
as against 4 % when the preceding issue was made, only 7 millions, in September no more than 5% mil­
somewhat over three years before. The syndicate lions, in October but 2% millions, while in November
purchasing the bonds offered them at 99% and yet less than half a million bonds ($434,000) failed to
even this gilt-edged offering of 4% s below par failed , find takers.
at the time to find subscribers for its full amount, ! One outgrowth of this difficulty on the part of
though the subscriptions reached a substantial figure, ^municipalities in floating new bond issues was that
aggregating $20,000,000, the remaining $10,000,000 some of the States were obliged to resort to the same



12

THE CHRONICLE

expedient in financing their needs as railroads and
industrial corporations had already been obliged
to adopt, namely they had to have recourse to short­
term obligations. This was an absolutely new de­
velopment. In June both New York State and
Tennessee put out short-term notes. The New York
State authorities recognized that they could not
place 4 % bonds, so they sold $27,000,000 notes dated
June 10 and maturing in February 1914. While
the loan was oversubscribed the interest basis was
4.87% . Tennessee on its part, failed on June 17,
to place 4 % 40-year refunding bonds, and as it had
$9,222,000 of 3s maturing July 1 1913, the State
authorities got legislative permission to issue $9,­
401,000 5 % one-year notes to take up the old bonds.
As these notes were sold at 98.10, the cost of the
money to the State was about 7 % . In December
New York State arranged to make provision to take
up the short-term obligations floated in June and
invited proposals until January 21 1914 for $51,­
000,000 50-year 4 % % bonds.
Foreign affairs also had a disquieting aspect at
times, though the situation changed very much for
the better towards the latter part of the year. In
this last we refer to the situation in Europe. On the
American continent the political upheaval in Mexico
brought about a state of things closely approaching
absolute chaos. In February the Madcro govern­
ment was overthrown and Madero himself assassin­
ated after a week’s battle in the streets of the City
of M exico. Since then a Dictator and military despot
has been in control in the person of Victoriano Huerta,
who went so far as to have members of the Mex­
ican Congress arrested and thrown into prison.
In Europe there were occasions of much anxiety
arising out of the unexpected prolongation of the
war in Southeastern Europe. When the year
opened it was supposed that terms of peace would
be quickly reached between Turkey and the Balkan
Allies. But a revolution in Constantinople instigated
by the Young Turk Party shattered all hopes of
peace, and hostilities were resumed on a more des­
perate scale than before. In March Adrianople sur­
rendered to the allied forces. In April an armistice
was agreed on between Bulgaria and Turkey, but
Montenegro proved obstinate, and it was not until
May 30 that a preliminary treaty of peace between
Turkey and the Balkan allies was reached. Then the
allies began to quarrel among themselves with refer­
ence to the division of territory and finally a conflict
of the most ferocious character took place with Bul­
garia on one side and the Servians and the Greeks
on the other. Roumania, which had taken no part
in the war against Turkey, now stepped in and
joined with the Greeks and the Servians. Bulgaria
was quickly humbled, and it was not until August
that definite peace among the former allies was
reached, Bulgaria being shorn of much of her pre­
vious conquest. In the meantime the Turks were
not slow to avail of their opportunity to regain some
of the territory of which they had been deprived,
while her enemies were still working in concert. In
the end Turkey got back Adrianople and was also
permitted to extend the frontier line so as to include
Kirk Kilisseh, which Bulgaria had captured at such
an appalling loss of life.
It will be observed that the period of conflict con­
tinued throughout the first nine months of the year
and during all of this time it was charged with most
dangerous possibilities. On numerous occasions a



[Vol.

X CVIII.

crisis in the relations between the great Powers
seemed imminent. In this state of things Germany
and France were led to enlarge their military estab­
lishments, enormous additions being made to the
sizes of the standing armies in both countries. Aus­
tria in turn added to her military strength. The
additional burdens caused by these tremendous new
expenditures, together with the destruction of life
and property occasioned by the bloody warfare in
the Balkan country, produced considerable tension
at times at the European money centres. All the
countries involved in the series of wars were in need
of extensive new loans, but on account of the pro­
longation of the conflict, it was found impossible to
finance the needs of any of them. France had fur­
nished extensive temporary assistance to some of the
countries, and now was unable to liquidate the
indebtedness by floating new public loans. Lon­
don felt the strain as well as Berlin and Paris. The
new capital demands upon the British centre were
enormous. The bankers bringing out new capital
issues of various kinds on numerous occasions found
the greater part of the offerings left on their hands.
As a result of this situation, London bankers quite
early in the year came to a tacit understanding not
to press new offerings upon the market until condi­
tions became more favorable and the public displayed
greater avidity to absorb new offerings. This agree­
ment appears to have been brought into play whenever
there appeared to be a glut of new security issues.
Germany and France had to resort to the same tac­
tics. In June the Prussian Minister of Commerce
issued a formal protest against the flotation of for­
eign loans in Germany, owing to the poor success
that had attended the placing of German Government
loans. In the autumn the French Government im­
posed similar restrictions upon the placing of foreign
loans in Paris. The effect altogether of the disturb­
ing state of things abroad was to depreciate very
considerably the market value of Government funds.
English 2 % % Consols in December made a new low
record and closed Dec. 31 1913 at 71% , against 75%
on Dec. 31 1912, and French Rentes were quoted at
85.37%, against 89.40. The large losses upon Mexican
investments and the depreciation of Brazilian se­
curities, owing to the low prices prevailing for Brazil’s
chief products, coffee and rubber, added to the
troubles abroad.
To the other discomforting circumstances of the
year there was added a material -reduction of the
agricultural yield. As 1912 had been a period of ex­
ceptionally plenteous yield, so 1913 was a season of
unusually lean production. Over the Middle West­
ern States, and still more in the Southwest, the
heated term, attended by drought, was one of the
very worst experienced in the country’s history. All
the leading crops suffered seriously as a result, but
the greatest damage was done in the case of corn, due
to the fact that the heat and drought area embraced
in its sweep all the States of largest corn production.
The country’s foreign trade continued exception­
ally large and the merchandise balance in the coun­
try’s favor was of huge dimensions. Nevertheless,
we were obliged to ship big blocks of gold abroad.
These gold shipments, too, were made frequently
when exchange rates apparently did not warrant the
movement. And this gives a key to the foreign ex­
change market during the year which was controlled
more by conditions abroad— by European necessities
for the metal— than by the ordinary current rates of
exchange. In January a sharp rise occurred in ster­
ling, due mainly to the ease in money here and the fact
that money abroad did not show a corresponding
reduction; $10,000,000 gold was shipped to Paris and
$7,500,000 to Argentine. Exchangejlid not warrant

J an. 3 1914.]

THE CHRONICLE

gold exports to Paris, but the Bank of France paid
a virtual premium for the metal by allowing interest
on the gold while in transit. In February $10,­
000,000 more gold went to Argentine (all the ship­
ments being on Paris account), but only $1,000,000
went direct to Paris. Rates of exchange closely
approached the normal gold-export point at this time.
Higher money rates here brought prompt response in
lower sterling, but gold exports continued. The
latter part of the month exchange again turned up­
ward. During March the outflow of gold continued
week by week, the metal going to Paris, to Berlin
to Brussels, to Venezuela and to the Argentine
Republic. Altogether, over $17,000,000 was shipped
in that month. The engagements for Europe were
all looked upon as special transactions and they con­
tinued even after exchange declined, France and
Germany evidently buying the gold and assuming
the loss in exchange.
In April the Bank of England reduced its discount
rate from 5 to 4)^ % . With easier money abroad
sterling here declined. In M ay gold exports to
France were renewed on a large scale, notwithstand­
ing rates of exchange did not justify the operation
and in fact in face, for part of the time, of a continued
decline in exchange. Over $12,000,000 gold was
shipped to France.
Below we bring together some general statistics for
1913 and 1912, affording an interesting contrast be­
tween the two years. The data for 1913 are neces­
sarily largely estimates, as the year has only just
closed. The same table is incorporated in our annual
“ Financial Review,” and there the 1913 figures will
appear in their final corrected form.
G E N E R A L S U M M A R Y FOR T W O Y E A R S .
1913.

1912.

Coin and currency in U . S. D ec. 3 1 --------- $ 63,767,082,704
3,719 046,567
Rank clearings in United States--------------- $ 169,200,000,000 173,952 914,911
Business failures-----------------------------------------$
262,639,008
198 695,091
Sales at N . Y . Stock Exchange-------shares
83,470,693
131 128,425
Imports of merchandise (11 m onths)____ $
1,608,829,114
1,663 977,611
Exports o f merchandise ( 11 m onths)-------$
2,260,929,617
2,148 902,186
N ot exports of gold (11 m onths)--------------- $
22,594,642
*8 383,627
Gross earnings (10 m onths)----------------------- $
2,576,920,540
2.417 225,967
Railroad constructed---------------------------miles
(? )
3,000
W heat raised________________________ bushels
763.380,000
730 267.000
Corn raised---------------------------------------bushels
2.440.988.000
3,124 716.000
Oats raised---------------------------------------bushels
1.121.768.000
1.418 337.000
Cotton raised---------------------------------------bales
a 13,677,000
14 ,128,902
l ’ ig iron produced (tons of 2.240 lb s .)____
31,000,000
29 ,726,937
Steel rail production (gross tons)_________
31 ,251.203
(?)
Lake Super.oro ship'ts by rail (gross tns)
49,070,478
47 ,435,777
Copper production in United S ta te s .-lb s . csM 618,000,000
1,568 ,104,478
Anthracite shipm ents. . (tons of 2,240 lbs.)
69,500,000
63 ,610.578
534 .466,580
Coal of all kinds_______(tons of 2,000 lbs.)
560,000,000
Petroleum production (whole U .S .) ..b b ls .
222 ,538,604
(?)
1 ,026,360
Immigration into United States---------N o .
d l ,375,000
♦Net imports, a Agricultural Department’s estimate, which does not
includo 1Inters. 6 D ec. 1. d Partly estimated, x Estimates of “ R ailway
Ago G azette.”

J A N U A R Y .— Current Events.— Anxiety regarding the
political developments to bo oxpected with the change of
Administration on Alar. 4 was the most prominent featuro
in affairs during January, though there were also other dis­
quieting happenings. The uttorances of the President-elect
wero studied with close intorest, and unfortunately thoy wero
not reassuring. Two speeches made by him the provious
month— one at the annual dinner of tho Southern Society
of Now York at the Waldorf-Astoria on Dec. 17 when, re­
turning from a long sojourn in the Bermudas, and tho other
at his birthday celebration at Staunton, V a ., Dec. 28— had
caused great concern as to tho policies to bo pursued under
his Administration. I lis further remarks during January
gave riso to gloomy forebodings. In tho Waldorf-Astoria
speech ho had made unpleasant allusions to the possibility
of some ono provoking a panic and had issued a warning,
saying: “ If any ono attempts it, I promise you that I will
build tho gibbet for him as high as Hainan’s .” In tho speech
at Staunton ho said that in tho nineteenth century “ wo got
drunk with the mere wine of prosperity and for a little while
forgot that our mission was not to pile up great wealth, but
to servo mankind in humanity and justice” , and that “ this
(tho Presidency) is an office in which a man must put on liis
warjpaint.” lie also then asserted that “ a large part, too
largo a part, of the fortune-making of recent decades has
consisted in getting something for nothing.” W hat M r.
Wilson said in January was of like nature. Ilis address on
Saturday night, Jan. 11, before tho business mon of Chicago
at tho dinner of the Commercial Club was, porhaps, tho most
disturbing and was certainly a most remarkable deliveranco.
In this ho indulged in a sharp characterization of business
methods. He declared ho could not deal with business mon
becauso of tho selfish policy thoy were pursuing and bccauso
thoy wero not ready to merge their individual interests in the
common welfare— that thoy engaged in monopoly and sup­
pressed competition and that thoy wero under suspicion by
reason of all their acts and doings. Tho address was full of




13

striking statements, calculated to produce consternation.
A t points in his speech he commented upon the fact that liis
remarks were not eliciting applause and expressed surprise
thereat.
Ho ventured tho opinion that the rank and file of
tho people of tho United States did not believe “ that men of
every kind are upon an equality in their access to tho re­
sources of the country, any more than they believe that
everybody is upon equal terms in their access to the justice
of tho country.” He said it was “ believed in this country
that a poor man has less chance to get justice administered
to him than a rich m an.” He indicated that he thought it
incumbent to address business men just as ho had crooked
politicians by saying to them: “ I cannot deal with you until
you make the general public understand your motives, be­
cause their belief that you are not acting upon high motives
is tho fundamental, underlying, governing belief of the way
thoy vote, and you have got to clear yourselves before tho
general jury” . Ho did not undertake to adduce proof, but
deemed it sufficient to say: “ Tho peoplo of the United States
do not have nightmares. They do not dream things that
are not so. Thoy do not come with deeply rooted convic­
tions with no cause and provocation. And then, in addition
and on top of all this, we must see to it that the business of
tho United States is sot absolutely free of every feature of
monopoly.” As regards banking methods, M r. Wilson mado
tho following daring assertion: “ Tho banking system of this
country does not need to be indicted. It is convicted * * *
There is reason to believe from things said under oath that
there are inner circles and outer circles of credit in this
country. There are regions of chilly exclusion and there are
regions of warm inclusion. You cannot get into tho game in
somo instances unless you are upon certain terms with the
gentlemen who are running the gam e.” He also declared
that “ the credit of this country must be open upon equal
terms and with equal readiness upon the same terms to every­
body.” Still another speech afforded him opportunity to
emphasize the policies he intended to pursue. A t a luncheon
in his honor at Trenton, N . J ., on Jan. 13 given by tho New
Jersey Electors, the members of the Democratic State Com­
mittee and the Democratic members of tho New Jersey State
Senate and House of Representatives, he declared emphatic­
ally that ho had received a commission from tho peoplo to
carry out radical policies and that he would only appoint
so-called Progressives to office, saying: “ I am bidden to
interpret as well as I can the purposes of tho people of the
United States, and to act, so far as my choice determines the
action, only through the instrumentality of persons who also
represent that choice. Therefore, I shall not be acting as a
partisan when I pick Out progressives and only progressives.”
Another step in the development of Air. W ilson’s policies and
ideas camo with tho introduction in the New Jersoy Legisla­
ture on Jan. 20 (he was still holding the office of Governor of
New Jersoy) of seven bills, which he affectionately dubbed
the seven sisters, containing drastic provisions intended to
promote competition and prevent the formation of trusts
and monopolies under the laws of New Jersey. The bills
wore drafted by Chancellor Edward It. Walker and ex-Judge
Bonnet Van Syckel at the direction of and with the assistance
of tho Governor. These became laws the next month. Ono
makes unlawful any combination or agreement between two
or more corporations, firms or persons to create restrictions
in trade, to limit production or increase prices, to prevent
competition in manufacturing, transporting or selling any
commodity, to fix any standard or figure whereby prices to
tho public shall in any manner be controlled, & c., & c., and
makes the penalty for violation imprisonment to a maximum
of three years, or a fine not exceeding $1,000, or both com­
bined. Another Act provides similar punishment for dis­
crimination in prices between different sections and com­
munities, a third makes holding companies unlawful, a fourth
forbids the holding by one company of stock in another, a
fifth makes it a misdemeanor for any persons to organize any
corporation under the laws of New Jersey with intent to
promote or conduct any unlawful object, or designed to re­
strain trado, & c., & c., a sixth Act provides that before the
merger of any corporation the approval in writing of tho
Board of Public Utility Commissioners of New Jersey must
bo obtained, and a soventh bill is directed against fictitious
stock issues. A t the same time certain U . S. Supreme Court
decisions mado it apparent that the Federal Anti-Trust
statute was being given a steadily widening application. On
Jan. 0, in tho Un. Pac.-So. Pac. merger case, the Court re­
fused assent to a distribution of the Un. Pac. holdings of
So. Pac. stock to U n. Pac. shareholders because of the possi­
bility that this might leave the same parties in control and
thus prevent real competition between the two systems. Tho
modo of distribution of assets allowed in other similar cases
was rejected as not permissible. Justice Van Devanter,
who spoko for tho Court, said that each case under tho
Sherman Act must stand upon its own facts and tho Court
was unable to regard the decrees in tho Northern Securities
Co. case and the Standard Oil Co. case as precedents to bo
followed in this instance, in view of the different situation
presented. Another decision rendered Jan. 0, also dealt
with tho application and scope of tho Anti-Trust law, and
emphasized tho fact that tho law was broad enough to reac
all acts interfering in any way with tho freedom of trad
Tho caso related to the corner in cotton which certain opera­
tors had undertaken to engineer in 1910. On this occasion
there was general rejoicing that the law could bo construed
as applying to reprehensible attempts of this kind to advance

14

THE CHRONICLE

the price of articles of wide necessity. Justice Van Devanter
said that “ control and enhancement of price were features
of the conspiracy, upon the attainment of which it is con­
ceded its success depended. Upon the corner becoming
effective there could be no trading in the commodity, save
at the will of the conspirators, and at such prico as their
interests might prompt them to exact.” From the nature,
object and scope of the conspiracy, he asserted, it was “ al­
together plain that, by its necessary operation, it would
directly and materially impede and burden the due course of
trade and commerce among the States, and therefore inflict
upon the public the injuries which the Anti-Trust Act is de­
signed to prevent.” That there was no allegation of a
specific intent to restrain trade, the Court did not think of
any consequence, since in previous decisions the Court had
laid down the rule that “ the conspirators must be held to
have intended the necessary and direct consequences of their
acts and cannot be heard to say the contrary.” A sudden
sharp break in copper seemed to be indicative of the abridge­
ment of business enthusiasm, resulting from the many un­
settling developments. One feature in December had been
the purchase by the U . S. Steel Corporation of 7,000,000 lbs.
of electrolytic copper at 1 7 % c . a lb. In January there was a
drop of l % c . a pound, and after the break it was stated that
some 10,000,000 lbs. of electrolytic copper had been sold
f.o .b . at New York at 1 5 .8 0 @ 1 6 % c . Domestic stocks of
copper during December had increased from 86,164,059 to
105,312,582 lbs. Quotations at the close of January were
1 6 % @ 1 6 % c . for electrolytic and 1 6 % @ 1 6 % c . for Lake
copper. Outside of the copper trade there were very few
indications of halting activity.
In accordance with previ­
ous announcement many of the subsidiary companies of the
U . S. Steel Corporation made adjustments in wages to begin
about Feb. 1 and involving advances in the pay of the work­
men receiving the lowest daily wages. It was computed that
the aggregate increase would be about 81,000,000 a month.
The independent steel companies adjusted their wage scales
to conform to that of the Steel Corporation, the increase
generally averaging about 1 0 % . The monthly statement of
the Steel Corporation, issued Feb. 10, showed a reduction
during January in the unfilled orders of the subsidiary cor­
porations from 7,932,164 tons to 7,827,368 tons. The Cali­
fornia fruit crop was damaged severely by a cold wave at the
beginning of the month, the loss being estimated high in the
millions, and a deep snowfall was reported in dispatches from
Seattle, W a sh ., on Jan. 8 at the summit of tho Cascado
mountains, interrupting operations over the Puget Sound
line of the M il. & St. Paul and some other roads. Generally
speaking, however, tho month was on© of the mildest on
record and it furnished a striking contrast with Jan. 1912,
when the winter had been one of the very severest ever ex­
perienced. This contrast was reflected in the returns of rail­
way earnings, gross revenues showing noteworthy increases,
while, owing to the more favorable operating conditions, the
ratio of expenses, as compared with the preceding year, was
reduced. Because, however, of occasional sharp drops in
temperature in the W est and Southwest, fears prevailed of
damage to winter-wheat which, over large areas, was un­
protected by snow. This and a large export demand caused
the M a y option for wheat at Chicago to rise from 91 Hots.
Jan. 3 to 9 5 % cts. Jan. 16, but the close Jan. 31 being only
9 3 % cts. The export demand for corn was also good and
here the M a y option rose from 4 8 % Jan. 2 to 53 Jan. 16, with
the close Jan. 31 5 2 % cts. Maj'- oats at Chicago advanced
from 3 2 % Jan. 3 to 3 4 % Jan. 15, with the close Jan. 31 3 4 %
cts. Cotton showed a downward tendency after an early
advance. Middling upland spot cotton in this market sold
up from 13.20 cts. Dec. 31 1912 to 13.40 cts. Jan. 2 1913, but
by Jan. 23 was down to 12.85 cts.; thero was a recovery to
13.15 cts. by Jan. 28, with the close Jan. 31 13.05 cts. Print
cloths at Fall River held at 4 1-16 cts. up to and including
Jan. 17, after which there was a drop to 4 cts. As a result of
an agreement between the Department of Justice at Washing­
ton and the Brazilian Government, the entire stock of socalled “ valorization” coffee held in this country amounting
to 950,000 bags, and valued at something abovo $17,000,000,
was sold. In consideration for this the suit instituted in
1912 to break the so-called monopoly in coffee was later (on
M a y 29) withdrawn. The sale in this country did not involve
abandonment of the entiro Brazilian valorization scheme,
3,300,000 bags of coffee remaining in warehouses in Europe
The Bankers’ Committee, managing the scheme, however,
decided to sell also 300,000 bags of tho foreign holdings, tho
next month— Feb. 3. N o. 7 Rio coffee declined from 1 4 % @
1 4 % cts. per lb. to 13% cts. The next month (February)
there was a further decline to 1 2 % cts. by Feb. 28 and to
1 1 % cts. in March. Other varieties of coffee also declined.
On the other hand, one of the most noteworthy features of the
month was the sharp rise in petroleum. In the case of Penn­
sylvania crude, which forms the basis of oil values, tho ad­
vance was from $2 a bbl. to $2.40, the greater part of tho
advance occurring the last week of the month. This rise
followed an advance from $1 30 to $2 between tho beginning
and the close of 1912. According to tho “ Oil, Paint & Drug
Reporter” , of this city, the price of $2 40 marked the highest
point reached since April 1895, when a flurry brought an
extreme of $2 69, this having been the first time tho $2 point
had been passed since 1877. Tho demand for oil seemed to
be in excess of the supply, but it was also suggested that
manipulation was in part responsible for the sensational rise.
A strike of the garment workers in this and other cities was




[Vol. X C V I I I .

one of the events of the month and lasted throughout Janu­
ary and February, and at some points much longer. In the
drygoods trade the effect was to cause a cancellation of orders
and to depress the dress-goods and men’s wear divisions of the
market. Nevertheless, tho dry-goods trade generally re­
mained very active. There was a pronounced shortage of
spot supplies of all fabrics. Government money holdings
were reduced from $371,245,294 to $365,239,877. Govern­
ment deposits in the national banks were $46,524,543 Jan. 1
and $46,580,889 Feb. 1. National bank circulation secured
by bonds increased slightly— from $729,778,823 to $729,­
931,621. The U . S. Court in New York by the unanimous
vote of Judges Lacombe, Coxe, W ard and Noyes on Jan. 9
granted the petition of the Government for a permanent
injunction under the Sherman Anti-Trust Law against the
Eastern States Retail Lumber Dealers Association, the
N ew York Lumber Trade Association, tho Building Material
M e n ’s Association, the New Jersey Lumbermen’s Protective
Association, the Retail Lumbermen’s Association, the Lumber
Dealers’ Association of Connecticut, the Massachusetts
Retail Lumber Dealers’ Association, tho Lumber Dealers’
Association of Rhode Island, the Retail Lumbermen’s Asso­
ciation of Baltimore, the Lumber Exchange of the District of
Columbia and their officers, directors, members and dele­
gates. The Government’s petition had been filed in M a y
1911; the complaint charged conspiracy to restrain inter­
state trade in that the defendants sought to prevent the
wholesaler from dealing directly with the consumer and
established arbitrary rules for buying, selling and shipping
lumber from one State to another. This, it was charged was
accomplished through so-called “ black-lists,” or “ official
reports” . The injunction enjoined them from continuing
the practice. In view of the suit of the U . S. Government
against the International Harvester C o ., the latter decided
that for tho purpose of carrying on its business in foreign
countries and in the so-called “ new lines” jin tho United States,
it would be advantageous to keep this separate and distinct
from the domestic business in the Harvester lines. Accord­
ingly, the company caused to be organized in New Jersey the
International Harvester Corporation and transferred to it
certain of its products, plants and assets. Approximately
one-half in value of the old company’s assets were transferred
and the new company was also estimated to have an earning
capacity one-half of that of tho old company. Stockholders
voted next month to reduce the capitalization one-half and
to give shareholders cash for tho other half, or stock of the
new company, at their option. In Europe things again took
an unfavorable turn. The settlements at the close of 1912
had been effected without serious disturbance at any of the
financial centres, and with the advent of the new year the
tension at the European financial centres was naturally re­
lieved. Y e t, stiff rates for money wore quite generally main­
tained. Franco drew heavily upon tho United States for
gold. The hope of a definite conclusion of peace between the
Balkan countries and Turkey was shattered by the end of the
month on account of the refusal of Turkoy to givo up Adrianople and the Aegean Islands. Though hostilities romainod
suspended, except as between Greece and Turkey, where
naval warfare continued (Greece having refused to sign the
armistice, though taking part in tho peaco negotiations),
the siege of Adrianople was maintained, the Allies allowing
no food supplies to bo taken in. Owing to the failure of
Turkey to offer satisfactory terms of settlement or to accept
those proposed by the Alii os, the peace delegates adjourned
sine die on Friday, Jan. 10. They remained in London,
however, because the Great Powers wore engaged in bringing
pressure to bear on Turkoy. On Jan. 17 tho Powers sub­
mitted a joint note to tho Ottoman Government calling its
attention to the grave responsibility it would assume, if, by
resistance to their counsels, it should prevent the re-establish­
ment of peace. Tho Powers advised Turkey to consent to
the cession of Adrianople and to leave to thorn the decision
of the fate of the Aegean Islands. On Jan. 22 the Turkish
Government decided to yield to the Powers, but in the night
of Jan. 23 a revolution was inaugurated by tho Young Turk
Party, and the Grand Vizier and Cabinet were overthrown,
while Nazim Pasha, Commander-in-Chief of the Turkish
Arm y, was killed. Tho new Government declarod that
Turkey would not cedo Adrianople but would fight to the
end. This seemed to make further peace negotiations useless
and at 7 o’clock on tho evening of Jan. 30 the Balkan Allies
formally denounced tho armistice. Under its terms four
days had to intervene before hostilities could bo resumed,
and these conditions wore observed. Promptly, however,
on M onday evening, Fob. 3, tho war was renewed. Tho
armistico had lasted exactly two months. Tho inability
of the Mexican Government to quell tho uprisings in various
sections of the Republic became moro and more apparent and
the United States found it desirable to send gunboats to
protect American interests. Raymond Poincaro, Premier
of France, was elected President of tho French Republic and
Aristide Briand, Minister of Justice, was commissioned by
President Fallieres to form a new Cabinet. M . Poincare
was inaugurated as President the next month. Tho treaty
of trade and commerce between the United Statos and
Russia, which expired at the beginning of tho new year and
which had been in effect since 1832, was not replaced by a
new treaty, contrary to general expectations; Russia’s re­
fusal to recognize passports issued to Amorican Jews was tho
stumbling block. Tho Irish Home Rulo Bill passod its third
reading in the British House of Commons on Jan. 16 by a

J a n . 3 1914.]

THE CHRONICLE

15

vote of 367 to 257, and Premier Asquith and John Redmond, in character are void if a hearing was denied; if that grante
the Irish leader, wero accorded a remarkable ovation. On was inadequate or manifestly unfair; if the finding was con
the other hand, in Belfast tho Bill was burnt in riotous trary to the indisputable character of the evidence.” Th
demonstrations of disapproval. The House of Lords on Inter-State Commerce Commission on its part laid down
Jan. 30 rojected the Bill by 329 votes to 69. This had been new doctrine regarding the physical condition of a railroa
accepted as a foregone conclusion and been provided for as an element in determining the cost of operation for th
under the now Parlimentary Act by giving tho Lords power purpose of determining the reasonableness of rates: T h
only to delay tho passage of the measuro. Tho British Louisville & Nashville was a party concerned in this cas
National Insurance Act went into effect on the day fixed also and the proceeding involved the reasonableness of pro
(Jan. 15) and tho British medical mon finally decided to posed increased rates on coal and coke on a portion of th
recedo from their original decision not to servo under the Cumberland Valley division east of Middlesboro, K y . Th
A ct, which, among other tilings, provides for modical attend­ Commission held that the defendant carriers had not sus­
ance to the working classes during sickness. The Suf­ tained the burden cast upon them by law to show the reason­
fragettes in London committed further depredations in the ableness of the proposed higher rates and said: “ W ith the
shapo of window smashing and the destruction of mails and constant increase in wages and no effort by the carrier to
other property. They were incensed because the Speaker improve the efficiency of the line over which the traffic is
of the House of Commons ruled that if any of the amend­ moved, tho inevitable result is an increase in the cost of move­
ments to the Franchise Bill, then under consideration, giving ment. If the carrier, for reasons of its own, does not see
women tho right to voto should bo adopted, he would be proper to make the character of improvements that will
obliged to hold that such amendments mado the bill sub­ reduce the cost of operation, it hardly lies with it to then claim
stantially a new measure, which would compel its with­ that it may raise the rates because the cost approaches or
drawal, and tho resulting announcement by M r. Asquith that overtakes the revenue.” Penalties to an aggregate amount
under such circumstances no attempt would bo mado to deal of 8620,000 wero asked
The U . S. Supreme Court rendered
with the subject. The suffragettes looked upon the move a number of decisions holding State laws void because they
as a studied trick played upon them by tho politicians and came in conflict with the Federal law. Thus, on Jan. 6, it
accordingly indulged in renewed hostilo demonstrations. reversed tho judgment of the Nebraska Supreme Court,
Secretary Knox of the Stato Department at Washington which had affirmed a verdict awarding damages to a shipper
submitted his reply to the British protests against the ex­ who had lost a valuable horse in an inter-State shipment
emption of American coastwise shipping from Panama Canal
a rajIroad. The Court hold that since the passage in
tolls. The note assured tho British Government that lJOo of tho Carmack Amendment to the Inter-State Com­
domestic coastwise trade would not bo permitted to extend merce Law, the States had ceased to havo power to annul
operations into foreign competitive fields and that increased contracts between railroads and shippers limiting liability
tolls would not bo made on foreign shipping to offset the for loss on inter-State shipments. Previous to the passage
remission to coastwise ships. M r . Knox contended that or tho Carmack Amendment, the Court had upheld State
Sir Edward Grey’s protest being mado in advance of tho issue statutes limiting damages in such cases. Tho U . S. Supreme
of the President’s proclamation fixing foreign tolls was in­ Court on Jan. 6 also reversed the Minnesota Stato Supreme
applicable to existing conditions, and in any event was Court and held invalid tlio Minnesota Reciprocal Demurrage
prematuro. Ho suggested that the mattor was entirely Law, which imposed a penalty on railroads of $1 a day for
suscoptiblo of adjustment by diplomatic means and without failuro to supply cars to shippers on demand. The Court
recourse to arbitration, but expressed his willingness that a said that the Hepburn Law of 1906 expressly fixes the duties
special commission of inquiry bo created for ascertaining the of carriers to furnish cars and declared that that precluded
exact facts in regard to tho effect upon British shipping of the States from acting further in tho matter. In a case
tho Panama Canal Tolls A ct. In Paris a 3 % % loan for involving the Adams Express C o ., the Kentucky Supreme
500.000. 000 francs was offered by tho Credit Foncier on Court was reversed, it being held that the Carmack Amend­
Jan. 9. A similar loan made tho previous year was put out ment governing tho issuance of bills of lading and fixing
at 3 % interest and was subscribed nearly twenty times. liability superseded Stato law because of the paramount
Tho now issue was subscribed for only 2 % times. Herr authority of Congress to regulate inter-State commerce.
Rudolf Havonstein, President of tho Imperial Bank of The Pujo Banking and Currency Committee of the House of
Germany, in a statement before tho Budget Committee of Representatives continued its investigations of the so-called
tho Reichstag, laid stress upon the insufficiency of tho Bank’s M oney Trust, but tho public hearings wero concluded on
gold reserve. His statement was understood to bo largely Jan. 24. Among those called up to testify during tho month
confidential, but bo was represented as having said that the were George F . Baker, Chairman of the Board of Directors
rule laid down in 1906 forbidding the issue of 20 and 50-mark of the First N at. Bank of this city, II. P . Davison of J. P .
notes to an amount exceeding 300,000,000 marks would liavo Morgan & C o., Jacob II. Schiff of Kuhn, Loob & C o ., Geo.
to be abolished, in view of tho requirements of trade and M .
Reynolds, Pres, of tho Continental & Commercial N at.
exchange, tho increase of population and other considera­ Bank of Chicago, and George W . Perkins. Elaborate state­
tions. The Bank’s stock of gold, ho thought, ought to bo ments showing bond purchases for a long series of years and
brought up to 1,500,000,000 marks, or still hotter, to 1,­ joint participations and syndicate transactions were filed on
875,000,000 marks. Its gold holdings at tho time wero about behalf of J. P. Morgan & C o ., Kuhn, Loeb & C o. and the
800.000. 000 marks. A t tho end of tho month President First N at. Bank. H . P. Davison also filed a statement deny­
Ilavenstein explained that, although tension had becomo less ing the existence of anything resembling a money trust and
extremo, for the first time during tho month of January tho demonstrating that the statistics which had been presented
Bank had not escaped tho taxation limit in regard to its claiming a concentration of money power which enables a few
notes. In Great Britain, British bankers also argued in individuals to control assets aggregating 25 billion dollars
favor of larger gold reserves. Sir Felix Schuster, President were erroneous and misleading. On Jan. 25 tho N . Y . Stock
of tho Union of London & Smith’s Bank, at tho half-yearly Exchange filed with the Committee an elaborate defense of
meeting of shareholders on Jan. 22, urged very emphatically its business and methods prepared by John G . M ilbum and
tho necessity for strongor bank reserves. This, ho behoved, W alter F . Taylor and also intended to show that Congress
was necessary in England as well as in other countries, and had no power of legislation with reference to matters affecting
ho suggested that tho Joint Stock Banks co-operato with tho or relating to the Exchange— that such authority if it exists
Bank of England s:> that tho burden should not fall on tho rests entirely with the State Legislature. On Jan. 27 Gov.
latter alone. Later in the month Sir Edward Holden, Chair­ William Sulzer sent a special message to the New York Legis­
man of tho London City & Midland Bank, agreed with tho lature urging upon that body legislation for correcting alleged
remarks of Sir Folix. He said Europo was trading with a abuses in Stock Exchange operations. The Governing Com­
greatly increased credit that could readily becomo dangerous mittee of tho Exchange responded, saying, “ tho Governor’s
owing to tho absenco of a corresponding increaso in gold characterization of the government of tho Exchange is un­
reserves. On Jan. 20 the U. S. Supreme Court roversod tho justified by tho facts” , and earnestly protesting against it.
U . S. Commerce Court, which had annulled an order of tho Thoy requested a hearing from the Governor which tho latter
Inter-State Commerce Commission readjusting (in offect granted and a special committeo had a conference with him
reducing) certain class rates from New Orleans, L a., to at Albany on Jan. 31. Simultaneously renewed manipula­
Mobilo, A la., and Pensacola, Fla., and New Orleans to tions of American Can Co. shares com. and pref. elicited much
Montgomery, Ala. B ut, while tho decision was in favor of unfavorable comment. Amer. Can com. in 1912 had been
tho Commission, tho Supreme Court sustained tho company boosted up from 11 hi in Feb. to 4 7 % in Oct. and then in
in regard to tho methods of procedure of tho Commission, December had been allowed suddenly to drop to 26. Now
rejecting, in particular, tho argument advanced by tho enormous transactions wero suddenly recorded and the price
Government that an ordor of tho Commission holding a rate raised from 2 5 % Jan. 14 to 4 6 % Jan. 31. In the 8 days
unreasonable is conclusive and cannot bo attacked. Justice from Jan. 23 to Jan. 31, inclusive, aggregate sales of Amer.
Lamar, who wrote tho opinion, used tho following significant Can com. were 529,935 shares, while the whole amount of
words: “ A finding without ovidenco is arbitrary and baseless, com. stock outstanding was only 412,333 shares. There were
and if tho Government’s contention is correct, it would mean rumors (which later proved true) that back dividends on the
that the Commission had a power possessed by no other pref. shares were to bo in part liquidated by a new bond issue.
officer, administrative body or tribunal under the Govern­ G ov. Sulzer was informed that the movement was under in­
ment. It would mean that wliero rights depended upon vestigation. The next month Pres. Mabon of the Stock
facts, tho Commission could disregard all rules of ovidence Exchange sent a letter to the Governor saying that further
and capriciously make findings by administrative fiat. Such inquiry had confirmed the statement previously made th a t
authority, however beneficently exercised in one caso, could the largo transactions recorded in Amer. Can shares were
bo injuriously exerted in another, is inconsistent with rational bona fide on the part of the members of the Exchange. H e
justice, and comes under tho Constitution’s condemnation of said examination showed that of 366 firms doing an active
all arbitrary exercise of power. In tho comparatively few business on Jan. 30 1913, 222 had transactions in Amer. Can
cases in which such questions have arisen it has been dis­ stock and on Jan. 31 of 408 firms 251 had transactions. M r.
tinctly recognized that administrative orders quasi-judicial Mabon claimed this revealed widespread activity on the part




16

THE CHRONICLE

[ V o l . X C V III.

of many firms representing many different interests and cus­ surplus cash reserves of tho Clearing-House banks increased
tomers. Ho said the orders were received in the regular heavily. From $385,132,000 Dec. 28 1912 the money hold­
course of business with no evidence pointing to manipulation. ings (according to the actual figuros of condition at the close
A change in the method of choosing the nominating commit­ of each week) increased to $439,920,000 Jan. 25 with a re­
tee of the N . Y . Stock Exchange was provided for in an cession to $436,311,000 on Fob. 1. Surplus cash reserves
amendment to the constitution of that organization adopted increased from $6,396,600 Dec. 28 to $21,465,400 Jan. 25
by the Governing Committee on Jan. 8, and which becamo and wero reduced to $16,125,200 Feb. 1. Loans roso from
operative Jan. 1G. The next month more striking measures $1,852,379,000 Dec. 28 to $1,995,955,000 Fob. 1 and doof reform were inaugurated by the Stock Exchange authori­ posits moved up from $1,676,736,000 to $1,855,820,000.
ties. Judge Robert W . Archbald, of the U . S. Commerce M oney holdings of tho State banks and trust companies not
Court, was found guilty Jan. 13 by the U . S. Senate, sitting in the Clearing House (according to tho averagos of condition
as a High Court of Impeachment, of “ high crimes and mis­ for the week, no other figures being available) were $68,981,­
demeanors.” This removed him from office and forever 500 D ec. 28 and $69,264,500 Feb. 1. Tho loans of these
disqualified him from holding or enjoying any office of honor, institutions between the same dates wore reduced from
trust or profit under the United States. On Jan. 30 the $564,689,600 to $561,133,300.
Foreign Exchange, Silver, &c.— A sharp rise occurred in
Federal Grand Jury returned a new indictment against Pres.
Mellon of the New Haven road and Pres. Edson J. Chamber­ exchange rates. The main influences were the ease in monoy
lin and Alfred W . Smithers, Chairman, of tho Grand Trunk here and the fact that money abroad did not show a corre­
R y . of Canada, charging violation of the Sherman Anti-Trust sponding reduction. A t tho samo time extensive remittances
Law. The new Parcel Post system in the United States were found necessary to cover finance bills, which had been
drawn in considerable volume after the outbreak of tho Bal­
was put into operation Jan. 1.
Railroad Events and Slock Exchange Matters.— In the stock kan W ar in October to aid in paying for tho mass of Ameri­
market the accumulation of unfavorable happenings at one can securities that was at that time so suddonly thrust upon
time brought about an important decline. A t the beginning the N ew York market. These bills now matured. As the
of the month the tone was strong, though even then there result of all this, large shipments of gold wero made from
were weak features, such as Amer. Beet Sugar, which took a Now York week by week. A t first tho gold went only to
further downward turn, owing to the passing of tho dividend Paris, but later large amounts wore also taken for Argentine.
on the common shares. W ith the adverso decision in the I These latter, however, wero on Paris account. Exchange
U n. Pac.-So. Pac. case and the fears engendered by tho ! did not warrant gold exports to Paris, but the Bank of Franco
speech at Chicago on Jan. 11 of President-elect Woodrow virtually paid a premium for tho metal by allowing interest
Wilson, the market becamo depressed and a general and large on the gold while in transit. Altogether $10,000,000 gold
break in prices occurred. A period of dulness then inter­ was shipped to Paris and $7,500,000 to Argentine. W ith
vened with a slow upward movement under which tho losses tho steady advance in Sterling, rates tho latter part of the
previously experienced wero in most instances .recovered. month got close to tho normal gold export point, though the
The latter part of the month sharp upward manipulation of last few days an easier tendency developed, owing to tho
Amer. Can shares occurred and excited much unfavorable pressure of bills and soiling by a prominent exchange opera­
comment. It appeared that tho basis for tho rise was tho tor. Tho low point for bankers’ sight bills was 4 8570 @
contemplated issue of debenture bonds with a view to pay­ 4 8580 Jan. 2 and the high 4 8 7 7 0 @ 4 8790 Jan. 24, with the
ing up some of tho accumidated divs. on tho pref. shares. close Jan. 31 4 8 7 2 0 ® 4 8730. Open market discounts at
M il. & St. P . com. opened Jan. 2 at 11334> advanced to London Jan. 31 were 434 for 30-day spot bills and 434 for
116)4 Jan. 9. dropped to 1 1 1 /4 Jan. 14 and closed Jan. 31 3 mos. spot bills. Bills to arrive wero 4 3 4 % f ° r both long
at 114; Reading com. opened at 16734 and tho same day got and short maturities. This compared with 434 and 4 13-16,
up to 168J4, then dropped to 16034 Jan. 17 and closed at respectively, for spot bills and 434 for bills to arrive lor both
maturities at tho close of tho preceding month. A t Pans the
z 16534 Jan. 31; Un. Pac. com. opened at 161, rose to 16234
Jan. 6, declined to 15534 Jan. 14 and closed at 16034JSo. Pac. open market rate Jan. 31 was 4 % for all maturities, against
opened at 10634> touched 10434 Jan. 16, advanced to 110 4 34 % for financial bills and 4 % for commercial bills on Dec .31.
Jan. 30 and closed at 10834; N o . Lac. opened at 122, sold at A t Berlin tho open market rato was 4 3 4 % f ° r spot and 4 34%
12234 Jan. 6, declined to z ll7 3 4 Jan. 25 and closed at 11934; for bills to arrive, as against 534 for spot bills and 5 3 4 @
N . Y . Cent, opened at 109 and closed at 109 34 >after having 534 for bills 1° arrive at the end of December. Silver in
been 10634 Jan. 17 and 10934 Jan. 30; Steel com. opened at London, after opening at 29 5-16d. Jan. 2 and touching
6834 and sold the same day at 6934> then fell to 6134 Jan. 17 29344- Jan. 7, declined to 28344- by Jan. 31.
with tho close Jan. 31 65; Am al. Cop. dropped from 8034
F E B R U A R Y .— Current Events.— Disturbing events an4
Jan. 2 to 7034 Jan. 20, with tho close Jan. 31 z7334; N a t. Lead
com. fell from 5634 Jan. 2 to 4834 Jan. 21 and closed at 53; incidents came both from domestic and foreign sources.
B . & O. authorized 863,250,000 4 3 4 % 20-yr. conv. gold bds. W ar between Turkey and tho Balkan Allies was renowed;
and offered them to shareholders at 9534> the issuo being in Moxico there was a revolutionary uprising, attended by
underwritten; bankers offered 810,000,000 3-yr. 5 % mtg. armed warfare in tho stroets of tho City of Mexico, and re­
notes of the Chic. & W . Ind. R R .; 111. Cent, placed $8,000,­ sulting in the overthrow of the Madero Government. The
000 4 3 4 % equip, tr. ctfs.; Maine Cent, increased its stock seven anti-trust bills favored by Woodrow Wilson passod the
from 815,000,000 to $25,000,000, and offered tho new shares New Jersey Legislature and became laws. G ov. Wilson
to stockholders at par; Chic. & Northw. sold $5,700,000 equip, would brook no delay and they were rushed tlirough in short
tr. 434s and $3,620,000 of 4 3 4 % divisional bonds; Boston & order, but not before an additional section had been added in
M e . sold $10,000,000 l-y r .5 % notes; bankers offored $12,540,­ one of the bills designed to exclude labor combinations from
00 0434 % oquip. certfs. of the N .Y . Cent. Lines on a basis of tho prohibitions imposed. In New York G ov. Sulzor sent
4 .6 5 % ; So. R y . sold $5,000,000 new 5 % 3-vr. notes to pro­ to the Legislature the draft of seven bills to correct alleged
vide, with other funds, for $10,000,000 5 % deb. notes duo abuses on the N . Y . Stock Exchange. Some of those did
Feb. 1 1913; bankers offered at 95 the unsold portion ($4,­ not meot with much opposition, but tho one seeking to ex000,000) of an additional $10,000,000 1st mtg. 4s of the Kans. tablish a maximum of 1 5 % per annum for call loans aroused
City Terminal R y ., tho remainder of the issue having been considerable objection. On Feb. 12 three additional bills
placed in Europe. Amor. Tel. & Tel. Co. offered to share­ were introduced. Tho most important required the incor­
holders at par about $67,000,000 20-year conv. 4 34s; bankers poration of exchanges after Sept. 1 1913. Subsequently
offered at 9734 $4,000,000 3-yr. 5 % notes of Union Type­ there camo still another proposal which created the most
It provided for an increase
writer C o.; tho Moline Plow Co. placed $7,500,000 cum. 1st serious apprehension of all.
pref. stock; bankers placed in advance of a public offering in tho tax on the transfers of stock from 2 cents
$5,500,000 of the 7 % pref. stock of the newly organized for each $100 of face value of stock sold or transferred to
Continental Can C o. of N . Y .; the East Ohio Gas Co. placed 4 cents— raising the transfer tax from $2 per 100 shares to $4.
$5,000,000 1st mtg. 5s; bankers placed at prices to net 534% » Even the real estato interests feared serious conscquonces
5 3 4 % and 6 % the unsold portion of tho initial issuo of $6 ,­ from this proposed doubling of tho tax. A t a mooting of
000,000 col. tr. 5 % notes of the Agricultural Credit Co.; realty men on Feb. 24 the proposal was opposed on tho
bankors placed on a 5 .8 5 % basis the available portion ($3,­ ground that it would seriously impair tho income from Now
000,000) of the $6,000,000 6 % cum. pref. stock of the new York City real estato and would, in consequence, “ reduce
Griffin Wheel Co. In addition to tho passing of tho div. on its salablo and taxable value and greatly militate against tho
Amor. Beet Sugar com ., as noted above, tho W est. Maryland credit, prosperity and supremacy of this city.” In tho mean­
R y . omitted the quar. div. on its $10,000,000 4 % non-cum. time tho Stock Exchange went ahead promulgating measures
pref. stock; tho N . Y . Chic. & St. L. made tho annual div. of roform on its own initiative. On Fob. 5 tho Governing
on com. 4 % , against tho previous 3 % ; the Lack. Steel Co. Committee of tho Exchange adopted a resolution intended
made an initial div. of 1 % on com. Parke, Davis & Co. to bar “ matched” orders and to eliminate manipulative
practices by providing “ that no Stock Exchange mombor, or
declared a stock div. of 3 0 % .
The Money Market.— Pronounced ease occurred with the member of a Stock Exchange firm, shall givo, or with knowl­
large return flow of funds from tho interior and this easo was edge execute, orders for tho purchaso or salo of securities
On Fob. 13
maintained throughout the month notwithstanding "the large which would involvo no change of ownership.”
takings of gold for export. The year-end settlements were three new rules recommende4 by a special committee ap­
effected without trouble and the highest rate for call money pointed in December, were adopted by tho Board of Govern­
Jan. 2 was 6 % , tho highest figure Jan. 3 5 % and thereafter ors of the Exchange. These wero directed against (1) the
low figures obtained. Tho range on call for tho month was acceptance of an account for a customer without atlequato
2 @ 6 , with the rango Jan. 31 2 3 4 @ 3 . Time money Jan. 31 margin, (2) the improper use of a customer’s securities by a
was 3 34@ 3 3 4 per annum for 60-day loans, 3 3 4 @ 4 for 90 Stock Exchange houso and (3) reckless or unbusinesslike
days, 4 % for 4 mos. and 5 mos. and 434 for 6 mos. Paper dealings. An amendment to tho constitution of tho Exchange
closed at 4 34 @ 4 3 4 for 60 and 90-day endorsed bills receiv­ was at tho samo time proposed, and later adopted, providing
able and also for 4 to 6 months’ single names of choice charac­ for the creation of a Committee on Business Conduct. The
ter. Others wero quoted at 434 @ 5 34- M oney holdings and Pujo Monoy Trust sub-division of tho Conunittoo on Banking




J a n . 3 1914.1

THE CHRONICLE

17

and Currency of the House of Representatives continued its the decree entered against the “ Grocers’ Trust” on Oct. 17
activities. The examination of William Rockefeller, which 1911, the defendants had employed coercion, threats, in­
the Committee insisted on making, notwithstanding it had timidation and persuasion to prevent manufacturers, whole­
been advised he was seriously ill, was undertaken on Feb. 7 salers and retailers from reducing prices. On Feb. 11 the
by Chairman Pujo and Samuel Untermyer, they having gone Government filed a suit in Chicago against the Chicago
to Jekyl Island, G a., for that purposo. After 12 minutes Board of Trade, charging violation of the Anti-Trust Law
the attempt had to bo abandoned. M r. Pujo then gavo out by arbitrarily fixing the prices of wheat, corn, oats and rye
a statement, saying: “ M r. Rockefeller’s condition is simply to be received in Chicago. The suit was directed par­
pitiable. He not only shakes like a leaf all over his body, but ticularly against the practice of fixing the so-called “ call
after the first question he began to cough convulsively, and price” of grain each day after trading hours. A suit was filed
it was evident that he was laboring undor great excitomont at Trenton, N . J ., against the United Shoe Machinery Co. of
and on the verge of collapse.” M ost of the rest of the month N . J ., the Keighley C o ., Inc., of N . J. and five directors of
M r. Untermyer spent in preparing the report of the Com­ the corporations, in which it was alleged that inter-State and
mittee, and rumor had it that the legislative recommenda­ foreign trade in the “ sale and lease of inseam trimming ma­
tions of the Committeo would be very drastic. This proved chines was being monopolized and restrained. The object
true, but the report did not appear in the newspapers until of the suit was said to be to determine whether the agreement
the first of the following month. In the meantimo, under date between the two concerns made Sept. 21 1912 granting
of Feb. 25, J. P. Morgan & Co. submitted a letter to tho Com ­ exclusive rights in leasing inseam trimming machines to the
mittee intended to show that the allegations of the existence United C o. by the Keighley Co. was valid. A t Cleveland,
of a money trust, or of any monopoly in money, were baseless O . , i e b . 20 the McCaskey Register Co. and 21 individuals
and absurd. In the controversy between the Eastern railroads were charged with violation of the Anti-Trust Law in the
and the locomotive firemen and enginemen, a striko was sale of account registers, appliances and systems for keeping
averted, but not in a way to cause satisfaction. The men credit accounts. Fob. 13 a suit was begun in Trenton, N . J .,
had insisted on arbitration under the Erdman Law, whoro agam stthe Del. Lack. & W est. R R . and the Del. Lack. &
each party to tho controversy (under tho law as it then
W est. Coal
C o., charging not only a violation of the
existed) was allowed to appoint one member of the arbitra­
Sherman Anti-Trust Law, but likewise violation of the
tion board and these two then chose a third member (or, if
commodity clause of the Inter-State Commerce A ct. The
they wero unable to agree, the selection was made by the federal Court at Cleveland, on Feb. 11 decided in favor of
presiding Judge of tho Commerce Court and the Commis­ the Government the suit brought in June 1910 for the disso­
sioner of Labor), while the managers of the roads insisted lution of the Great Lakes Towing C o ., on the ground of
on a larger board, such as had passed upon the demand for violation of the Sherman Anti-Trust Law . A t Cleveland on
higher wages of tho locomotive engineers the previous year. l e b . 12 a bill was filed for the dissolution of the Cleveland
Tho railroads urged that under the Erdman Law ultimate Stone Co. and numerous subsidiary companies, it being al­
decision depended practically upon one man, and there was leged that, to acquire a monopoly in the building, paving,
too much at stake to impose so much responsibility upon a curbing and grindstone business, the so-called Stono Trust’
single individual. In tho end tho managors yielded, after
by a money consideration or by conferring favors,” had in­
having repeatedly declared that they would never abandon duced architects to order in their building plans that Cleve­
their decision on that point. They said “ they only agreed
land Stone Co. materials be employed. Suit for an injunc­
to arbitration under the Erdman Act when it seemed the
tion was begun Feb. 24 against two vviiiucM unions or tnfi
of the
..
"
uwu Chicago
fo
only way to avert the calamity of a striko.” Tho railroads t i
International Brotherhood of Electrical Workers, with a view
selected W . W . Atterbury, Vice-Prest. of Pennsylvania R R .,
to restraining the labor men from interfering with the trans­
as their representative, and the firemen selected Albort
mission of messages of the Postal Telegraph & Cable Co
Phillips, Vice-Prest. of the Locomotive Firemen and EngineIn the Federal Court at Detroit on Feb. 7 a decree was en­
men. These two found it impossible to agree upon the third tered by consent in the suit against tho “ Boot and Shoe Last
man, and accordingly Judge Knapp of tho Commerce Court
the Government against the Krentlerand Acting Commissioner of Labor Hanger the noxt month ! rUSm ’ t r egUI}
Arnold Hinge Last Co. of Detroit and various other compan­
(M ar. 3) appointed William L . Chambers as the third mem­
ies, firms and individuals, terminating license agreements so
ber of the Board. M r. Chambers had actod as tho third tar as they fixed the price of unpatented lasts. On Feb 17
member of an arbitration board in M a y 1910, when the
a decree enjoining the Philadelphia Jobbing Confectioners’
railroads west of Chicago had a controversy with the BrothorAssociation and its members from combining or conspiring
hood of Locomotive Firemen and Enginemon. There was a
to rostram trade, was signed in the U . S. District Court in
further break in copper, the Copper Producers’ Association
Philadelphia. Indictments found in Texas against the
return for January having shown another heavy increase in
stocks, with production continuing large. Tho price dropped Standard Oil interests for alleged violation of the Sherman
below 15 c ts ., as against tho top figuro of 17% cts. at tho Law, were dismissed at Austin, Tex., on Fob. 25, on orders
from the Dept, of Justice at Washington. Under a resoopening of the year; closing quotations were 1 4 % @ 1 4 % cts
for Lake copper and 1 4 % @ 1 4 % cts. for electrolytic. In the lutmn of the House of Representatives, Attorney-General
iron and steel trade tho feature was a slackening in now orders Wickersham was directed to furnish the House all documents
and tho Steol Corporation in its statement issued Feb 10 relative to the indictments and to his order instructing the
showed unfilled orders of 7,827,368 tons Jan. 31, as against U. b Marshal for the Southern Dist. of New York not to
7,932,164 tons Dec. 31 1912. Tho January mako of iron execute bench warrants for the arrest of John D . Archbold,
proved tho largest on record, reaching 2,795,331 tons, but W C Teagle and Henry C . Folger Jr. M r. Wickersham
stated the indictments were dismissed because there was no
^ o lr,°^ S °.cec
following M a y , whon tho product was
2,822,217 tons. President-elect Woodrow Wilson announced basis for the charges. In tho U . S. D ist. Court at Detroit,
S
n
S
Pn
aggregating $51,000 against the Standard
Fob. 12 that he would resign as Governor of New Jersey
March 1 and Feb. 24 stated ho would call the new Congress Samtaiy M fg . Co. and other companies and individuals, who
, “ J re-trud of tho criminal suit, had been found
P
together in extra session April 1. Attornoy-Gonoral Wicker- s
sham brought a large numbor of new trust p iusocunons in guilty of violation of the Sherman Law in organizing the
................ ...................................yn—o
n u s t prosecutions n so-called Bath Tub T rust.” The Mexican revolution
____ 1 . _ O _ _
j i
i
T r n h im r n n r o t w l in
T .n n T P W M i r
February and m tho few days remaining before the close of
his term on March 4
I hero wore also some convictions began at the very commencement of the month. That
undor tho A n ti-1 rust Law; in the case of the officials of the reports from Madero sources had been unreliable was made
manifest on Feb. 3, when Manuel Calero, formerly a M exi­
National Cash Register Co. prison sentences wore imposed
can Ambassador to the United States, made a speech in the
Mexican Senate. While discussing preparations for a new
loan, ho used the following remarkable words: “ I lied to the
American Government for ten months, telling it that the
employees received sentences varying from three months to
one year. An appeal, however, was allowed to tho U . S. Mexican revolution would bo over in six weeks. I was forced
Circuit Court of Appeals. Further snags developed in tho to invest m y diplomatic mission with a domino and mask.
effort to bring about a separation between tho Union Pacific 1 no truth is that the situation is desperate.” The following
R R . and the Southern Pacific C o., in accordance with tho Saturday, I eb. 8, the Federal troops composing tho garrison
Supromo Court decision tho provious December
A t tho ot tlio City of Mexico revolted. Next morning Col. Felix
nephew of the former President, was released by the
beginning of the month a plan had been finally agreed upon
providing for the purchaso by tho Un. Pac. from tho So. Pac. military cadets from prison and at once assumed command of
of the entire capital stock of the Cent. Pac. (consisting of the revolutionary forces, one of whose first acts was to seize
$67,275,500 par value of com. and $17,400,000 par value of the arsenal, a large quantity of artillery and ammunition
thelr hari(Js. It was found impossible to
prof.) for $104 189,941, being the cost of tho stock upon the
books of the So Pac. Co
Tho wliolo $126,650,000 par dislodge Col. Diaz, who day after day appeared to be
valuo of So. Pac. Co. stock held by tho Un. Pac. was to be strengthening his position. In the vigorous assaults be­
offered at 9 8 % and accrued dividends to Un. Pac. and So. tween the two contending armies, enormous destruction of
Pac. shareholders alike. The U . S. Attorney-General had I t0 and Property ensued. On Feb. 18 Gen. Victoriano
assented to this arrangement and the salo of tho stock had Huerta, Commander-in-Chief of the Madero Government
been underwritten, but tho Calif. R R . Comm, raised objec­ forces, and Gen. Blanquet, another of the leading generals,
desortod Madero and arrested tho President and his brother
tions, one of these being at the instanco of the Western Pac
against granting to tho Cent. Pac. a 999-yr. exclusive lease Gustavo. Huerta then assumed tho role of military dictator
.G e n . Diaz, his recent opponent, as Commander-in­
of tho So. Pac. line between Oakland and Sacramento, via
Chief of the allied forces; and on Feb. 19 Gen. Huerta was
Bonecia, known as tho Bonecia Short Lino, a comparatively
new lino, which would save the Un. Pac. about 80 miles over formally elected Provisional President. Huerta, just before
tho Cent. Pac.’s own main lino into Oakland. Contempt the plot for the deposition of President Madero had been
proceedings were instituted in the U . S. District Court in carried out, had been dining at the Central Restaurant with
Birmingham, A la., against the Southern Wholesale Grocers’ Gustavo Madero, a brother of the President, but had
kept him in ignorance of what was going on. After going to
Association and 59 individuals. It was declared that, dospito
the Palace and finding that the plot had succeeded, he re-

„




18

THE CHRONICLE

[Vol. xcvin.

turned to the restaurant and arrested the whole party of ports and the diminution in the money holdings and surplus
diners, including Gustavo Madero. The latter was subse­ reserves of the Clearing-House banks. Berlin bid all the
quently killed— reports say under the so-called fugitive law, way from 4 % to 5 % % for 30-day funds, but there was no ex­
where a prisoner is shot on the pretense that he was attempt­ ceptional activity at this centre. A t the close the calling of
ing to escape. Francisco I. Madero, the deposed President, loans in preparation for the March disbursements was an
was at first held a prisoner in the National Palace, and the influence in causing a firmer tone. The range for call loans
understanding was that he would be taken to Vera Cruz and Feb. 28 was 3 @ 4 % and for the month 2 % @ 4 % . Time
allowed to leave the country, the same as Porfirio Diaz had. money at the close was 4 % @ 5 for 60 days and 4 % @ 5 for
B ut after midnight Sunday morning, Fob. 23, while ho and 90 days to 6 mos. Commercial paper was 5 @ 5 % for dou­
the Vice-President, Pino Suarez, were being conveyed to ble names and choice single names; others were 5 % @ 5 % .
jail, they were both killed. The situation being an extremely M oney holdings of the Clearing-House banks and trust cos.
critical one, the United States sent warships and marines to were reduced from $436,311,000 Fob. 1 to $412,989,000
Vera Cruz and considerable numbers of troops to Texas; but M ar. 1; surplus cash reserves fell from $16,125,200 Feb. 1
President Taft adhered steadfastly to a policy of non-inter­ to $8,257,350 Feb. 8, increased to $13,173,650 Feb. 21 and
vention. M oney holdings in U . S. Sub-Treasuries increased dropped to $2,690,250 M ar. 1. Loans were $1,978,856,000
from $365,239,877 to $367,950,468; G ovt, deposits m the M ar. 1, against $1,995,955,000 Feb. 1, and deposits $1,823,­
781,000 against $1,855,820,000. The State banks and trust
national banks rose from $46,580,889 to $49,068,483. N a
tional bank notes, secured by bonds, diminished from $729,­ cos. not in the Clearing House increased their money hold­
931,621 to $728,246,755. The M a y option for wheat at ings from $69,264,500 to $73,210,300. The loans of these
Chicago fluctuated between 94 % c . Feb. 7 and 92c. Feb. 14, institutions were $574,129,300 M ar. 1 against $561,133,300
^ ,
and closod Feb. 28 at 9 2 % c .; the M a y option for corn at Feb. 1.
Foreign Exchange, Silver, &c.— Exchange was irregular, but
Chicago was 5 4 % o . Feb. 8 and 51 % c . Feb. 14, and closed
at 5 3 % c .; M a y oats in Chicago fluctuated between 3 3 % c . there were large further gold shipments to the Argentine
Feb. 3 and 3 5 % c . Feb. 10 and closed at 3 4 % c . Middling Republic— $10,000,000, roughly, going during the month and
upland ootton in this market declined from 13.05c. Feb. 10 $1,000,000 to Paris. The first week sterling recovered
to 12.50c. Feb. 20 and closed Feb. 28 at 12.70c. On Feb. 25 from the downward reaction at the close of January and again
closely approached the normal gold-export point. This was
Secretary of State Knox issuod an announcement declaring
that the Income Tax Amendment, known as Article X V I ., due mainly to the firmness of discounts in London and the
was now a part of the Federal Constitution, having been rati­ covering of maturing finance bills by purchases of demand
fied by the legislatures of three-fourths of the States. The bills. Higher money rates here brought prompt response in
Immigration Bill, as passed by tho House Jan. 30 and the lower sterling, but gold exports continued. Tho latter part
Senate Feb. 1, was vetoed by President Taft Feb. 14, mainly of the month, with discounts maintained abroad and the
because of tho literacy test it carried. In the Senate on usual preparations for remitting March dividend and inter­
Feb. 18 the bill was passed over tho veto by 72 to 18, but in est payments on American securities held abroad and a de­
the House it was found impossible the next day to get quite mand also to remit for the transfer of funds to Germany, in
the two-thirds vote necessary to override the veto, there response to borrowings here by the Berlin banks, an upward
being 213 yeas to 114 days. Undor a Treasury order effec­ turn in exchange again occurred. Sight bills advanced from
tive Feb. 1, the accounts of U . S. disbursing officers wore 4 8730 @ 4 8740 Feb. 1 to 4 8775 @ 4 8780 Feb. 7, then de­
made payable by national banks as well as by the Treasury clined to 4 8 7 2 0 @ 4 8740 Feb. 20 and closed F eb. 28 at 4 8745
and Sub-Treasuries. James A . Patten pleaded guilty Feb. 11 @ 4 8755. Open market discounts at the European centres,
in tho U . S. District Court at New York to the 6th count in except at Paris, where the rate eased off from 4 to 3 % , wore
the indictment handed down in the Cotton Pool case in A u g . strong and higher. A t London Feb. 28 60-day bills wore
quoted at 5 % and long bills at 4 % @ 4 13-16 for spot bills,
1910 and was fined $4,000.
Railroad Events and Stock Exchange Matters.— There was a with bills to arrive 1-16 lower. A t Berlin the rates were
further severe break on the Exchange. M any leading stocks 5 % @ 5 % for all maturities. Silver in London further de­
touched lower prices than any recorded in 1912, including clined, and reached 27 l-16 d . Feb. 28.
Atchison, N . Y . Cent., Penn., N orf. & W e st., Sou. Pac., &c.
M A R C H .— Current Events.— Besides the inauguration on
Confidence was apparently deeply disturbed, owing to the
prospective change in Administration and the many other M ar. 4 of Woodrow Wilson as President of the United States,
unsettling influences. The continued shrinkage in values this month was marked by tho death of J. P . Morgan. To­
occurred in face of extraordinarily favorable comparison of wards the close exceptionally disastrous floods and storms in
railroad earnings, both gross and net, in the statements com­ tho United States were also a feature. The death of M r .
ing to hand for January, due mainly to the extremely mild Morgan brought extraordinary tributes of respect and admir­
weather, as contrasted with the extremely severe winter ation, in recognition of his massive genius and the command­
weather in Jan. 1912. Penn. R R . shares were at times de­ ing part he had played in the financial world for over a genera­
But the event was without disturbing influence. M r.
pressed by rumors of new capital issues, either stock or notes. tion
When the market was weakest, the declines in some of the Morgan died in Rome, Italy. The fact that he was in a
newer industrial shares were really sensational. The last critical condition was not made public until Sunday, M a r .30,
week thero was some recovery, the feeling being that future but it was known that ho had suffered a sharp attack of
unfavorable happenings had been liberally discounted. indigestion in February while traveling up the Nile from
Can. Pac. fell from 241 Feb. 1 to 2 2 7 % Feb. 17 and closed at Cairo. Because of this attack he was forced to return to
rc231 Fob. 28. M il. & St. Paul com. declined from 11 4% Cairo, where he remained until M ar. 10. He then proceeded
Feb 4 to 106x Feb. 25, and closed at 10 9 % ; Reading com. to Italy, arriving at Naples M ar. 13, going thence to Rome.
fell from 16 6 % Feb. 3 to 1 5 3 % Fob. 25 and closed at 15 6% ; On Easter Sunday (M ar. 23) ho attended services at the
U n . Pac. com. was 1 6 2 % Feb. 3, 1 5 2 % Feb. 25 and closed American Protestant Episcopal Church, but immediately
at x l53 ; So. Pac. from 10 8 % Feb. 1 fell to 9 8 % Feb. 2 4 and afterwards was obliged to go to bed. His strength thereafter
closed at 9 9 % x ; N o . Pac. was 1 2 0 % Feb. 3, 1 1 3 % F o b .26 ebbed away rapidly. Tho end came slight y after midday
on Monday M ar. 31— that is, at 12:05 o clock, equal to
and closed at 1 1 5 % ; N . Y . Cent, was 109 Feb. 4, 10 4 %
6 15 a. m . New York time. The physicians said his ner­
Feb. 13 and closed at 1 0 6 % ; Penn, declined from 12 2 %
vous energy had become utterly exhausted and the Pujo
Feb. 1 to 1 1 7 % Feb. 19 and closed at 1 1 9 % ; Steel com. from
money investigation was generally ascribed as the cause.
6 5 % Feb. 1 fell to 5 9 % Feb. 25 and closed at 6 0 % x; Amal.
Ho was on the witness stand part of one day and the whole
Cop. from 7 3 % Feb. 3 declined to 6 5 % Feb. 25 and closed
of another day, and though he apparently stood the ordeal
at 6 8 % . N orf. & W est, stockholders were offered $18,353,­
well and gave a splendid display of mental and moral vigor,
000 new 4 % % conv. deb. at 1 0 2 % to provide for double­
tracking, coal branches, &c. Bankers offered $6,000,000 in defense of his character and namo, the strain was of a kind
and nature such as few men even forty years younger
1st & ref. 50-yr. 5 % bonds of N orf. & So. at 99. Seaboard
would have been able to endure; and for a man nearly seventyAir Lino placed $6,000,000 3-yr. 5 % notes (secured by $10,­
six years of ago it proved too much to bear, sapping his
000 000 refund, mtge. 4s), and the notes were subsequently
nervous energy, which in turn impaired his digestive organs.
publicly offered at 9 8 % . J. P. Morgan & Co. placed
It appeared he had been far from well whon ho loft New York
privately on a
5%
basis
$4,000,000
4% %
1-yr.
1 he change of Administra­
unsecured notes of the M ich. C ent., this being in effect an for the Mediterranean on Jan. 7.
tion was, of course, of momentous importance. President
extension of an issue of notes made a year previously.fi Nash.
Woodrow Wilson’s inaugural was generally commended for
C h . & St. L . offered shareholders $6,000,000 new stock at par
to provide for taking up $6,300,000 7 % notes due July 1. literary qualities, but could hardly be considered reassuring.
It was evident the President felt he had received a commis­
Bankers placed $5,822,000 1st lien 6 % 5-yr. bonds of Toledo
sion to bring about an industrial and ecomomic revolution.
Trao., L t. & Pow. M . Rumely C o. placed $10,00 0,0 002-yr.
6 % conv. gold notes. A m . Can Co. authorized $15,000,000 He said: “ N o one can mistake the purpose for which the
15-yr 5 % gold deb., of which $14,000,000 was sold and the nation now seeks to use the Democratic Party. It seeks to
proceeds used (in April) to pay 2 4 % of accumulated div. on use it to interpret a change in its own plans and point of viow.
*
*
* Our duty is to cleanse, to reconsider, to restore,
pref. shares.
Montgomery Ward & Co. placed $5,000,000
7 % cum. pref. stook, half being sold in London. Cluett, to correct the evil without impairing the good, to purify and
Peabody & C o. placed $8,000,000 7 % cum. pref. stock. Cal. humanize every process of our common life without weakening
He spoke with almost religious
& Hecla Mining C o. reduced its quar. div. from $12 per share or sentimentalizing it.
(48%) to $10 per share (4 0 % ). A m . Steel Foundries re­ fervor, saying: “ M en’s hearts wait upon us; men’s lives hang
sumed dividends by declaring a quar. div. of one-half of 1 % . in the balance; men’s hopes call upon us to say what we will
Col. Fuel & Iron declared 3 5 % div. on account of accumula­ do.” His indictment was found in the following statement:
tions on pref. shares. Pitts. & Lake Erie declared an extra “ W e have been proud of our industrial achievements, but we
div. of only 5 % , against 1 2 % in March 1912, 2 5 % in 1911 have not hitherto stopped thoughtfully enough to count the
human cost— the cost of lives snuffed out, of energies over­
and 4 0 % in 1910.
J
.
. , ,
axed and broken, the fearful physical and spiritual cost to
The Money Market.— Money advanced somewhat both o
he men and women and children upon whom the dead weight
call and for time loans. This was due mainly to the gold ex




J an. 3 1914.J

THE CHRONICLE

19

and burden of it all has fallen pitilessly the years through. entered on a policy of tremendous military expansion.
The groans and agony of it all have not yet reached our Germany planned to increase the peace strength of her army
ears, tho solemn, moving undertone of our life, coming up by 136,000. The initial outlay was figured at $250,000,000
out of tho mines and factories and out of every home whero and the necessary money was to be obtained by a graded tax
the struggle had its intimate and familiar seat.” A s to op. fortunes. France, on its part, to meet the German move,
currency reform, M r. Wilson was rather vague, but he spoke similarly arranged to add to its OAvn military strength.
of the country’s customs system as “ a tariff which cuts us From Vienna the news came that the annual levy of Austrooff from our proper part in. tho commerce of the world, vio­ Hungarian recruits would be increased by 30,000, adding
lates the just principles of taxation, and makes tho Govern­ 300,000 in all to the effective war strength.
Very early in
ment a facile instrument in the hands of private interests.” the month— M ar. 6— the Turkish fortress of Yanina, the
H e also hinted at changes in other directions and made refer­ key to the possession of the Province of Epirus Avith its
ence to “ an industrial system which, take it on all its sides, garrison of 30,000 men, surrendered to the Greek army, after
financial, as well as administrative, holds capital in leading a defense which formed a very brilliant episode of the war.
strings, restricts the liberties and limits the opportunities of , . n M ar. 26 Adnanople, after a valorous defense lasting
.
labor and exploits without renewing or conserving the 155 days, surrendered, Shukri Pasha, the Turkish Comman­
natural resources of the country.”
His Cabinet appoint­ der-in-Chief, yielding the fortress to General Ivanoff, the
ments were of a radical type, including hardly a single man
? i r a !} O
fmm? f (ler' 7 ho
tle Ieadin2 to the capture had
likely to call a halt upon extreme ventures of any kind. continued Cfor three days.ba‘Before surrendering, Shukri
William J. Bryan was made Secretary of State; James C . Pasha carried out his threat and destroyed the arsenals and
M cReynolds, formerly M r. Wickersham’s right-hand man, all the stores and a great part of the town itself. The M on­
was mado Attorney-General; Franklin IC. Lane was taken
tenegrin army continued its bombardment of the fortress of
from the Inter-State Commerce Commission and made Secre­
an throu? 1 . lle month, notwithstanding that Austria
t
tary of tho Interior, while Albert S. Burleson, who had been
and the Powers insisted that Scutari must form part of A l­
active in Congress in urging legislation against the Stock and
bania and the latter be made an autonomous State. An
Produce exchanges, was mado Postmaster-General. Ono
Austrian fleet was started for Montenegrin and Albanian
of the first acts of President Wilson was to make a declara­
coasts the latter part of the month, ostensibly to carry out
tion of policy concerning the Administration’s attitude re­
maneuvers but chiefly it was believed, to impress M on­
garding tho South and Central American States. This was
tenegro and Servia Avith the determination of Austria to
understood to be for the purpose of making it clear that the
prevent further attacks on the civilian section of Scutari a n d
new Administration, like the previous administrations,
to obtam satisfaction for the alleged forcible c o n v S n „ f
would have no sympathy with revolutionary uprisings and
Cathohcs, and interference with the Austrian steamer
would give its support only to government founded upon
Subscriptions were received in Berlin M ar. 7
respect for popular rights. Anothor important stop was
for $25,000,000 Prussian 4s and $12,500,000 German Im ­
the announcement of a change of policy in the Government’s
perial 4s, not redeemable before 1925 at 98.60, and fully
attitude toward tho Chinese loan. When the now Adminis­
taken by the public. A t the same time $100,000,000 4-year
tration came into office a committee of bankers, representing
treasury notes were also offered, but went largely to the
the American banking syndicate, called upon William J
underAvnting sundicate, which, however, took them at 98 50
Bryan, Secretary of State, and notified him that, at the
or only V2% below the issue price. The King of Greece’
request of tho previous Administration, they had under­
George I , Avas shot and killed, while walking the principal
taken to participate in a loan of about $125,000,000 to the street of Salomca, by an Anarchist on M ar. 18
He was
Government of China by tho Six-Nation Group. They
succeeded by the Crown Prince, Constantine. The French
stated that the Taft Administration asked American partici­ Premier Bnand resigned, together Avith his Cabinet, on M ar 18
pation in the loan because it desired that the good-will of tho
alter defeat in the Senate of a vote of confidence bv 128
United Statos toward China should be exhibited in this
ayes to 161 noes. The Chamber of Deputies had passed the
practical way; that American capital should have access to
bdl providing for electoral reform and proportional repre­
that groat country and that the United States should be in
sentation by a vote of 339 to 217. The Senate amendment
a position to share with the other Powers any political re­
on which the Cabinet Avas defeated proposed that the ma­
sponsibilities that might bo associated with tho development
jority should receive the whole of the representation, instead
of the foreign relations of China in connection with her
of its being decided by proportional vote. Jean Barthou
industrial and commercial enterprises. M r. Bryan was
became Premier to succeed him. He proposed the appoint­
informed that the American bankers would withdraw from
ment of a joint committee to prepare an electoral reform bill
connection with tho proposed loan unless the now Administra­
providing for proportional representation of majorities and
tion also desired that thoy should continue participation. mmonties. Winston Spencer Churchill, First Lord of the
President Wilson promptly reversed the policy of his prede­
British Admiralty, in submitting the Naval estimates in the
cessor and stated that the new Administration did not approve
House of Commons on M ar 26, suggested a general cessation
the conditions of the loan or the implications and responsi­
of naval construction Avork for a year. He said the proposal
bility on its own part which it was plainly told would be
Avas addressed to all nations “ and to no nation Avith more
involved in the request. One effect of tho new policy was
profound sincerity than to our great neighbor over the North
that Huntington Wilson, First Asst. Sec. of State, and tho
The proposal did not appear to arouse any enthus­
active promoter of the plan for American participation in the Sea .
iasm in tho German Empire. Earlier in the month Premier
Six-Power loan, insisted upon tho immediate acceptance of
Asquith announced in the House of Commons that ho hoped
his resignation, not alone because he was not in accord -with
to be able in a short time to propose a plan for making the
the new policy, but also because of the President’s abrupt­
House of Lords a true impartial judicial authority and to
ness m deciding on a reversal without previous conference
abolish every vestige of the hereditary principle. Some
with him. Another incident in connection with the new
possibility of friction between the United States and Cuba
Administration’s advent to power, was that Secretary of
developed over the passage by the Cuban Legislature of what
State Bryan, in a St. Patrick D ay speech, made some comAvas known as the Amnesty Bill, Avhich would have granted
mont upon Irish Homo Rule policy that elicited unfavorable
pardon to many prisoners, including well-known criminals
comment in Groat Britain. He spoke of the “ degradation”
m the Cuban jails. The new Secretary of State, William J
° •V1 t , se , L?r.ds in opposing the Home Rule Bill and Bryan, sent a note to President Gomez of Cuba protesting
^
said it had resulted in an amendment to tho English Consti­
against the measure and the earlier reports were that the note
tution shearing tho Lords of their powers. He avorrod tho
of protest had been ignored and the bill signed by Gomez
Irish could point to this as one of tho greatest achievements
fortunately, this proved erroneous. Mexican affairs con­
in history, having thereby brought to a virtual ond hereditary
rule in tho British Empire. Much uneasiness was felt be­ tinued very much disturbed, Avith uprisings against the
iluorta Government in various parts of Mexico. The floods
cause of tho policy of military expansion pursued by Germany
France, Russia and Austria. There were also financial and tornadoes in tho Western and Middle Western States the
apprehensions owing to tho monetary strain for which m te r part of the month did enormous damage. On Sunday
Gormany had to prepare in anticipation of tho quarterly night, M ar. 23, Omaha was visited by a tornado considered
It des­
settlements at tho end of March. The result was large en­ the most disastrous m tho history of the country
gagements of gold at New York for export. The first half of troyed either Avholly or partially, a number of small toAvns in
Nebraska and neighboring States, the property loss in Omaha
tho month there were fears lest a crisis involving tho greator
European Powers should ariso when peace between Turkey being estimated high in the millions, Avhile a considerable
and tho Balkan League should be definitely concluded
In number of lives was also lost. The floods, Avhich began
London, M ar. 10 and M ar. 11, there Avas such depression Tuesday, M ar. 25, destroyed property in tho States of Ohio
estimated as Avorth not less than
that usually conservative correspondents spoke of it as a « 9 ?nnnnnn
$25,000,000, and caused the loss of several hundred lives- thev
semi-panic, though this Avas apparently an exaggeration
also did more or less damage in Western Pennsylvania and
In Berlin, on M ar. 11 (tho Berlin Bourso having beon closed
on M ar. 10 to commemorate the 100th anniversary of the Western Now York and in Kentucky and W est Virginia.
I h o brunt of the disaster was borne by the city of Dayton
deliverance of Prussia from Napoleonic rule), the opening
of business was attonded by many spectacular declines^ where the levees broke and the entire business section and a
large part of tho residential district was inundated; fire sub­
though for some of these special causes existed. The latter
sequently started and created additional havoc
Among
part of the month, fortunately, a decided change for the bet­
tor occurred, as it became evident that no serious financial some of the other cities severely damaged Avere Piqua,
crisis would develop in Germany, owing to the extensive Mianusburg, Columbus, Cincinnati, Massillon, Delaware
Middletown, Sidney, Hamilton, Tippecanoe, Tiffin and i W
preparations made beforehand for the settlement. The war
mont in Ohio; and Indianapolis, Peru, Brookville, Newcastle
in Southeastern Europe resulted in further decisive defeats
Lafayotto, I ort Wayne and Noblesville in Indiana
For a
for the Turks. This was favorablo in ono sense in foreshadoAving an early termination of tho conflict, but on the timo rail connection between the East and Chicago Avas entire­
ly cut off, except over the Vanderbilt lines— the L S & M
other hand each added victory seemed to raise furthor appre­
So- and the M ,ch Cent. Gov. Cox of Ohio, on Wednesday,'
hensions among the Great Powers, and Germany and Austria
M a r. 26, telegraphed to President Wilson that 250,000 people




20

THE CHRONICLE

l VOL XOVItl.

were unsheltered that night and the Federal Government sont for January. Among other now laws passod by Congress
tents, supplies, rations and physicians. On account of the and approved, was one providing for tho physical valuation
destruction of bridges and road-beds and the work in repair­ by tho Inter-State Commerco Commission of all the property
ing the samo, railroad operations remained interrupted to a owned or used by every common carrier subject to tho Inter­
greater or lesser extent for a long while, with the result of State Commerce law. The text of tho law will be found in
causing heavy losses in traffic and earnings the last week of V . 96, p. 833. On M ar. 3 Congress also mado a change in tho
March and throughout April on the lines running through or regulations governing tho use of certified checks for payments
connecting with the afflicted districts. A ten-day holiday to tho Government. Tho law previously in force (approved
throughout tho flooded district was declared by Gov. Cox on M ar. 2 1911) made it “ lawful for collectors of customs and
M ar. 27 on behalf of the financial institutions in the locality of internal revenue to receive, for duties on imports and in­
affected which might be handicapped in caring for maturing ternal taxes, certified checks, & c.” Under tho now Act
notes and paper. Genoral trade throughout the United collecting officers are authorized to accept certified checks in
States continued active, but there was a slackening in new pay h i g h t for duties on imports, internal taxes and, all 'public
orders. The Steel Corporation, after the close of the month, dues. The Government on M ar. 4 filed a suit in tho U. S.
reported unfilled orders M ar. 31 of 7,468,956 tons, against District Court at St. Louis to dissolve the St. Louis Coal
7,656,714 tons Feb. 28, 7,827,368 tons Jan. 31 and 7,932,164 Traffic Bureau as a combination in restraint of trade and
tons Jan. 1. The Department of Agriculture’s report on the enjoin it from making and enforcing railroad rates on bitumin­
reserves of cereals in farmers’ hands on March 1 was issued ous coal from tho Illinois fields to St. Louis. On M ar. 3
M ar. 10 and showed that supplies were much tho largest of the Government began suit in tho U . S. District Court in this
any recent year at the same date. M a y wheat at Cliicago city, alleging violation of tho Sherman Anti-Trust Law on
declined from 93c. M ar. 1 to 88 H c . M ar. 17, but the dose the part of tho American Coal Products C o. ol N . J ., tho
M ar. 31 was 9 0 H c . The M a y option for corn at Chicago Barrett M fg. Co. of W est V a ., tho National Coal Tar Co.
It wiis
fell from 5 3 H e. M ar. 1 to 51 H e. M ar. 15, but a sharp up­ and various other corporations and individuals.
ward movement raised tho price to 54c. M ar. 24, with the alleged that a combination had been formed with intent to
close M ar. 31 5 3 H e. M a y oats at Chicago fell from 3 4 H e. monopolize the supply of coal tar and to restrain tho trade
M ar. 1 to 31 % c . M ar. 17, with a recovery M ar. 31 to 3 4 H e. in coal tar and the manufacture of tarred roofing felts, coal­
Tho final cotton ginning report for the season of 1912-13 was tar pitch and other coal-tar products. In this caso it was
issued M ar. 20 and served to confirm the opinion that the agreed, in order to prevent serious loss and injury, not to
year’s yield would be in excess of 14,000,000 bales. Middling oppose tho entry of a decreo requiring tho defendants to re­
upland in this market, advanced from 12.70c. M ar. 1 to form their organizations and tho conduct of their business.
12.75c. M ar. 4, then declined to 12.40c. M ar. 10, advanced On M ar. 3, also, the Government began suit in tho U . S.
again to 12.90c. M ar. 29 and closed at 12.60c. M ar. 31. District Court at Trenton, N . J ., against the Amor. Thread
Print cloths at Fall River were roduced M ar. 26 from 4c. to Co. and numerous other companies and individuals, alleging
3 H e. The dry goods trade, and particularly textile goods, a conspiracy in restraint of trado in tho thread business.
began to feel the influence of tariff revision. Complaints of On M ar. 1 the Government proceeded in the U . b. District
tho slowness of mills in making deliveries continued, but now- Court in New York against tho Corn Products Refining C o.,
business was confined entirely to purchases to meet immedi­ the National Starch Co. of N . J ., the St. Louis Syrup &
ate requirements. Government money holdings in sub­ Preserving Co. of Missouri, tho Novelty Candy Co. of N . J.,
treasuries decreased from $367,950,468 to $363,982,650. and Penick & Ford, Ltd., of Louisiana, and 23 individuals
Government deposits in tho banks were reduced from $49,­ charging a conspiracy to destroy competition in starch and
068,483 to $47,731,531. National bank circulation secured glucose and in mixed syrups. All these suits, it should be
by bonds increased from $728,246,755 to $729,400,001. The observed, were begun beforo the expiration ol tho term of tho
In W est \ lrgirua a law was
62d Congress expired M ar. 4 at noon. President Taft re­ old Administration on M ar. 4.
fused to sign, on tho closing day, tho Sundry Civil Appro­ passed designed to prevent consolidations among raihoads,
priation Bill because it contained a provision that no part doing business in that State. It prohibits directors, officers
of an appropriation of $300,000 for tho enforcement of the agents, representatives, or attorneys of any road in trio btato
Anti-Trust Law should bo used to prosecute offending labor from acting or serving for any railroad which controls, or is
I lie distinc­
unions or farmers’ organizations.
Under tho ovonts for interested in, any parallel or competing line.
Juno it will bo found that when the bill was again passed with tive feature of tho law is that any two or more residents ol
tho same provision by the now Congress President Wilson any county in which a road owns property or transacts busi­
saw fit to sign it. President Taft characterized tho provision ness may initiate a suit to restrain violations ot trie law, and
as “ class legislation of the most vicious sort.” In tho dying it is not necessary for them to show any special injury. It is
hour of tho old Congress tho House of Representatives also provided that no suit shall bo dismissed for want ol
(V. 96, p. 1201). On account of the attitudo ot tho
passed the bill over tho voto by a vote of 270 to 50. In tho parties.
Senate, however, a filibuster by Senator Poindoxter frus­ Railroad Commission of California tho plan for tho segre­
trated action on the bill. Prest. Taft signed with consider­ gation of the Un. Pac. and So. Pac. had to be abandoned.
able hesitation, tho bill creating a Department of Labor, with Sec. of Treas. jVIacVeagli accepted $123,000 in setileinont oi
a Cabinet officer, inasmuch as he thought tho nine depart­ the Government’s reported claim of $1,200,000 against
ments already existing enough for the proper administra­ Chicago packers and others for taxes alleged to bo due on
1 he Secretary
tion of tho Government. He signed tho bill to avoid having colored oleomargerino sold as uncolored.
his motive misunderstood, since lie had no objection to a stated that theso were not fraud cases and that the only
Department of Labor per se. W ith tho creation of tho new point at issue was whether under a special process in tho
Department of Labor tho Department of Commerco and refining of cotton-seed oil, one of tho chief ingredients ol
Labor became the Department of Commerce. The Bureau oleomargerino, artificial coloring had been used. Judge
of Immigration, tho Bureau of Naturalization and tho Chil­ Landis, however, who had started a Grand Jury investiga­
dren’s Bureau wero all mado part of tho Department of tion tho provious January, but had suspended the same pend­
Labor. The Seaman’s Bill (for tho improvement of tho con­ ing tho action of the Treasury Department, insisted on re­
ditions under which seamen labor) M r. Taft refused to sjgn, suming the inquiry, and this Grand Jury in its findings the
becauso it conflicted with tho treaty obligations of the United following Juno recorded that instead of a claim of only
States and was otherwise defective. Tho Naval Appro­ $1 200 000 tho aggregate of the amount involved was really
priation Bill, as signed by the President, provided for one more than $2,000,000. Tho jury stated, howover, that there
now battleship, tho same as that of tho provious yoar. The W e is no evidence to show tluxt tlie nicinutcicturors of the
Senate had inserted an amendment to build two new ships, cotton-seod oil were a party to a schemo to defraud tho
but tho House refused to agree to tho amendment. W hat Government. They recommended that tho statute confer­
was known as tho W ebb Bill, prohibiting the shipment in ring upon the Commissioner of Internal Rovonuo authority
inter-State commerce of intoxicating liquor intended for sale to make compromises of this kind should bo modified or
in prohibition States, was vetoed by President Taft on Fob. 28, repealed. The jury in the second trial of Clarence S. Darrow,
but passed over tho veto by tho Senate tho samo day and by who was charged with having bribod a juror in tho trial of
the House on M ar. 1. President Taft approved a bill pro­ J. B . McNam ara, for whom Darrow served as counsel (in
viding that in tho taking of testimony for use in any suit the celebrated cases growing out of tho dynamiting of tho
brought undor the Anti-Trust Law tho proceedings shall bo Los Angeles “ Times” Building), on M ar. 8 announced its
open to tho public, as are trials in opon court. Tho bill grow inability to amree. Tho U . S. Commorco Court, in tho caso
out of an order of a U . S. Court in Massachusetts to hear of tho Prairie Oil & Gas C o ., on M ar. 12 granted an injunction
privately tho Government caso against tho United Shoe temporarily restraining tho enforcement of tho order of the
Machinery Co. A provision was incorporated in the Post Inter-State Commerco Commission tho provious Juno direct­
Office Appropriation Bill authorizing tho Postmaster- ing pipe line companies to file schodulos of rates and comply
General to add not exceeding 5 % to the compensation paid tho with the provisions of the Inter-Stato Commorce A ct. Tho
railroads to represent tho increased weight of mails resulting Court held that Congress lacks tho Constitutional authority
from tho adoption of the parcel-post system. It was stated to designate pipo lino companies doing private business as
that this would add baroly $2,000,000 to tho pay of tho rail­ common carriers. Full-crow laws (requiring increased tram
roads. Tho previous month a law was enacted oxtonding crows on railroads) were passed in both Now York and Now
somewhat tho scopo of tho provisions of tho Anti-Trust Law Jersey and also in somo other Statos in Missouri, for in­
of 1890, as mado applicable to imported goods in tho Tariff stance, tho next month. Thoro was a goneral movomont to
Bill of 1894, so as to enable the Government to proceed pass “ blue sky” laws rogulating tho salo of stocks, bonds and
against those who had been acting in this country as agont other securities by different States, but in Indiana tho
or principal in carrying through tho Brazilian valorization Governor votood such a measure and this had tho effect of
scheme and soizo tho coffee held hero as a result of that ar­ checking hasty propositions olsowhoro. In New York State
rangement. It was not found necessary, however, to avail the Goldberg bill, patterned on tho Kansas “ blue sky” law,
of this new law, since an agreement was reached with tho enacted March 1 1911 (in which Stato tho idea originated),
Brazilian Government by which tho accumulations of coffee actually passed tho Assembly without much discussion, but
in this country wero actually sold, as noted under the events it failed in tho Senato. Tho Investment Bankers’ Asso-




J an. 3 1914.J

THE CHRONICLE

21

ciation reported at the time that bills with a similar purport 000 went ($4,000,000 going to Paris, $950,000 to Germany
were then pending in no less than 36 States, but the veto in and $100,000 to Venezuela); the 3rd week $6,000,000 was
Indiana and the grounds upon which it was put, served to shipped, all to Paris; the last week only a small amount went,
ensure groator consideration for such propositions. As it $100,000 to Venezuela and $300,000 to Canada. W ith con­
was, not a few States put measures of that kind on their tinued firmness in money abroad, sterling early in the month
statute books. An increase in the price of oil in New Jersey reached a point very close to the figure where gold could be
was announced by the Standard Oil Co. of N . J. as a result oxported as a routine exchange operation. The engagements
o f tho now anti-trust laws of that State. As one of these for Europe, however, were all looked upon as special trans­
laws makes it a misdomeanor to soli a commodity at a lower actions and they continued even after exchange declined,
rate in one section than in another, after making allowance France and Germany evidently buying the gold and assuming
for tho difference in transportation costs, some prices had tho loss in exchange. The latter part of the month, with
to bo raised. For instance, the price of tank wagon wator- tho completion of preparations for the April settlements, the
wliito kerosene oil was 8 % cents per gallon at Bayonne, tho demand for remittances moderated and exchange rates
manufacturing point; accordingly, tho price at Newark dropped to a lower level, though some recovery occurred
could not bo rotainod at the same figure and was advanced again at the very close. Sight bills were 4 8750 @ 4 8760
to 8.56 cents per gallon. Tho U . S. Supreme Court refused M ar. 1, roso to 4 8790 @ 4 88 M ar. 6, declined to 4 8675 @
to grant an order restraining the Stato officials of Kansas 4 8690 M ar. 14, recovered again to 4 8740 @ 4 8750 M ar. 24
from enforcing the bank-deposit guaranty law of that State. and closed at 4 87 @ 4 8720 M ar. 31. Open market discounts
Railroad Events and Stock Exchange Matters.— Tho stock at London wero a trifle easier at the very close at 4 % for
market was decidedly weak at ono time, but an upward 60-day bills and 4 7 -1 6 @ 4 % for 90 days, both for spot and
reaction tho latter part of tho month carried prices in many to-arrive. The open market rate at Berlin was 5 % @ 5 % ,
instances abovo tho opening figures. Tho depressing influ­ after having been at one time 6 % for spot bills and 6 % % for
ences woro tho change of Administration, tho largo gold bills to-arrive. The open market rate at Paris at the close
exports and the monetary and political strain abroad. In was 4 % . Silver in London declined still further and M ar. 25
tho industrial and miscellaneous shares tho declines at times touched 26 l-1 6 d ., but was 2 6 % d . M ar. 31.
assumed spectacular dimensions. The latter part of tho
month tho tromendous floods in tho Middlo Western States,
A P R IL .— Current Events.— Congress convened at Wash­
with tho largo loss of life, tho great destruction of property ington in extra session on Apr. 7 and the bill for a complete
and tho interruption of railroad communication woro a fur­ revision of the country’s system of tariff duties was at once
ther adverse influence. This, however, was without much introduced
It was found to embody exceedingly radical
effect, as a small campaign was then being conducted against proposals, providing for drastic reductions in the general
the shorts. The death of M r. Morgan on M ar. 31 also line of duties on manufactured goods, though there wero
failed to interpose any obstacle to the recovery; supporting also considerable reductions in foodstuffs. It included,
orders wero, no doubt, in part responsible for this; but besides what seemed likely to prove a very vexatious income
another reason was that the improved financial conditions tax provision, the tax to be collected in each case at the source
abroad had served to create a more cheerful feeling on our | of the income. This tax on incomes was for the purpose of
Stock Exchango. Among the railroad shares N . Y . N . I I . making good the loss of revenue to result from the cut in
& H . suffered a severe break on fears that tho dividond might tho duty on sugar and its ultimate complete abolition. The
have to bo reduced. Can. Pac. from 2 3 1 % M ar. 1 foil to existing duty on sugar yielded the Government over $50,000,­
2 1 8 % M ar. 10, rose to 2 3 5 % M ar. 28 and closed at 2 3 4 % 000 a year. The key note of the principles that guided the
M ar. 31; M il. & St. P . com. from 109 M ar. 1, foil to 1 0 7 % Democratic majority of tho Committee on W ays and Means
M ar. 10 andthon advanced to 1 1 1 % M ar. 31; Reading com ., in preparing the bill was indicated in the statement made by
from 156% sold down to 15 2% M ar. 10, and advanced to Chairman Underwood in presenting the bill to the House, as
1 6 1 % M ar. 31; U n. Pac. com. from 15 3% M ar. 1 advanced follows: “ When tho duties levied at the custom house are
to 15 5 % M ar. 3, dropped to 14 5 % M ar. 19 and closed M a r.31 high enough to allow tho American manufacturer to make a
at 1 5 2 % ; So. Pac. from 9 9 % M ar. 1 got up to 101% M ar. 12, profit before his competitor can enter the field, wo have in­
touchod 9 8 % M ar. 15 and closed at 10 0% M ar. 31; N . Y . vaded the domain of the protection of profits. In tho Com­
Cont. from 1 0 7 % M ar. 3 , declined to x l0 4 % M ar. 20, and mittee’s judgment, the protection of any profit must, of
closed at 1 0 5% M ar. 31; Penn, was 12 0 % M ar. 3 , 118 M a r .18 necessity, have a tendency to destroy competition and create
and closed at 1 1 8 % ; Steel com. from 63 M ar. 3 declined to monopoly, whether the profit protected is reasonable or
5 8 % M ar. 10 and closed at 6 1 % ; Am al. Cop. dropped from unreasonable.” Raw wool was placed on the free list, as
6 8 % M ar. 1 to 6 6 % M ar. 19 and thon advanced to 7 3 % also meats, potatoes, flour, besides quite a list of other food
M ar. 29. Rumely com. fell from 71 M ar. 3 to 41 M ar. 27; products, as likewise boots and shoos, lumber, &c. It was
M ox. Pot. com. from 7 1 % M ar. 3 to 6 1 % M ar. 20; Sears, at once recognized that the drastic reductions in the duties
Roebuck & Co. com. from 200 M ar. 3 to 178 M ar. 20, but on manufactured goods would involve radical, if not revo­
recovered to 18 6% M ar. 31. It was announced that stock­ lutionary, changes in the methods and conditions under which
holders had taken 9 5 % % of tho $13,957,400 conv. 4 % s domestic manufacturing would have to be carried on. After
offered in Jan. by the M il. & St. P .; J. P. Morgan & Co. the bill had been introduced in the House, it was submitted
purchased and resold an issue of $12,000,000 1-yr. 4 % %
to detailed consideration by a caucus of the Democrats
notes of tho L. S. & M . S .; C . B . & Q. sold $5,000,000 gen. of tho House, schedule by schedule of the bill being taken up
mort. 4s to retire 5 % debentures duo M a y 1; M o . Kan. & from day to day with the view to enabling the Democrats
Tex. sold $19,000,000 2-yr. 5 % notes (secured by $24,500,000 to present a united front. The work was not completed
cons. mort. 5s) to take up $17,500,000 notes duo M a y 1 and until Saturday, April 19, but only minor changes were made
for other corporate purposes; bankers offered $0,500,000 and the provisions regarding wool and sugar, which were the
10-yr. 6 % conv. bonds of tho Consolidation Coal Co. Amal. particular objects of attack, were left entirely unaltered.
Cop. placed $12,500,000 2-yr. 5 % gold notes. Both. Steol The bill was then reintroduced in tho House on Apr. 21.
Corp. resumed divs. on its prof, shares, declaring 5 % , pay­ Some remarks of Vice-President Marshall also proved dis­
able 1 % % quar.; Railway Steol Spring Co. resumed on com. turbing. M r. Marshall hinted at laws to seize large private
declaring 2 % .
fortunes and warned rich men against adding to their pos­
The Money Market.— Money rates ruled distinctly higher, sessions, lest they invoke tho wrath of the people and load
both on time and on call, owing to tho largo gold oxports and to tho repeal of the law which makes it possible for their
tho demand for tho first of April payments. On M ar. 31 fortunes to be handed down to their offspring, “ until some
call loans touched 7 % and as early as M ar. 12 tho high point reckloss descendant shall have dissipated it.” Ho asked the
of 6 % was recorded. Germany kept bidding for funds here, following question to illustrate the thought running through
and at ono tiino offered 6 % % for 30-day accommodation, his mind: “ Supposo a Governor and a General Assembly in
but secured comparatively little. This was tho rate bid for tho State of Now York should repeal the statute of descents
“ mark” loans, meaning that tho loans wore to bo repaid in for real and personal property and tho statute with reference
marks, tho lender thus taking tho risk of tho fluctuations in to tho making of wills, on thoir death how much vested inter­
exchango. Time money at tho close was 5 @ 5 % for 60 and est would any relative have in the property which fell from
90 days and 5 @ 5 % for 4, 5 and 6 mos. Papor was quoted thoir (tho rich men’s) nerveless hands at tho hour of dissolu­
at 5 % @ 6 for 60 and 90-day double names and tho best singlo tion?” Ho then added that “ the right to inherit and the
names. Other grades were quoted % % higher. M oney right to devise are neither inherent nor Constitutional, but,
holdings of the Cloaring-IIouso banks and trust companies upon tho contrary, they are simply privileges given by the
furtlior diminished from $412,989,000 M ar. 1 to $404,394,000 Stato to its citizens.” He said that “ Karl Marx and hunger
M ar. 22, but recovered to $411,341,000 M ar. 29. Surplus and a longing for happiness are abroad in the land. They
cash reserves steadily increased from $2,690,250 M ar. 1 to are speaking on every street corner. They are sitting as un­
$15,762,600 M ar. 29. Loans were reduced from $1,978,856,­ known guests at every frugal meal. They are perturbing the
000 M ar. 1 to $1,897,595,000 M ar 22 and then increased to waking hours and coloring tho dreams of millions of Ameri­
$1,912,213,000 M ar. 29. Deposits fell from $1,823,781,000 cans, who, after all, have the right to say what shall or shall
M ar. 1 to $1,738,588,000 M ar. 22 and recovered to $1,760,­ not bo.” He asserted that “ tho belief that there is an un­
136,000 M ar. 29. The State banks and trust companies equal distribution of wealth in this country has been supple­
not in tho Clearing House, after first increasing thoir loans, mented by the belief that much of it has been obtained
then reduced thorn, so that tho amount M ar. 29 was $568,­ through special privileges, that it did not come by labor, skill,
775,000, against $574,129,300 M ar. 1. Tho money holdings industry, barter or trade, but through watered stocks and
of these institutions woro $73,747,800 M ar. 29 and $73,­ bonds, through corners on commodities, through corruption
210,300 M ar. 1.
of legislatures, through the sale of impure foodstuffs, through
Foreign Exchange, Silver, &c.— Vory largo gold ongago- wrecking railroads, through all the devices known to man
monts for export wero the feature of exchange during March. whereby the law is not abrogated but chloroformed.” He
Tho 1st weok $6,135,000 was taken ($2,000,000 being for expressed the opinion, much as M r. Roosevelt had done in
Paris, $500,000 for Berlin, $200,000 for Brussels and $3 ,­ many past utterances, that unless this situation should be
435,000 for tho Argentine Republic); the 2d week $5,050,- changed, tho masses would turn to Socialism and all stimulus




22

THE CHRONICLE

[Vol. xcvm

to private endeavor be gone. These things were all said at a plan for tho complete separation of the two companies.
the Thomas Jefferson dinner of the National Democratic Club Tho Attorney-General, howover, opposed an extension be­
at the Waldorf-Astoria Hotel on Saturday night, Apr. 12. In yond July 1. On account of the radical chango proposed
a nowspaper interview given the following Wednesday, in the tariff, thero was a notable slackening of business
i
The volume of trade continued large, but
Apr. 16, he amplified his views and declared that extensive enthusiasm.
travel and close observation had led him to the conclusion it was on old orders and to supply immediate wants.
that, were a vote taken on a proposition that all the estatos Thero was a weakening in pig iron prices; for finished pro­
over $100,000 should revert to the State upon the death of the ducts of iron and steel premiums for prompt deliveries began
owner— the $100,000 being exempt— it would be carried 2 to 1. to disappear. The Steel Corporation showed a further dimi­
On Apr. 23 the award of the Arbitration Board selected under nution in the aggregate of unfilled orders. In tho copper
the Erdman Act to settle the controversy over wages and trade, however, there was decided improvement. The
working conditions of the firemen and hostlers employed on statement for the month of March, issued April 8, showed
the railroads east of Chicago and north of the Ohio and Poto­ stocks of the metal reduced during the month from 122,302,­
mac rivers, was announced, and was filed in the office of the 198 lbs. to 104,269,270 lbs. The price of copper advanced
Clerk of the U . S. D ist. Court. It was not entirely in favor so that Lake copper at the close of tho month was quoted at
of tho employees, and yet was, like previous arbitrations in 1 5 % @ 1 5 % e ., against 1 4 % @ 1 5 c . at tho beginning, and elec­
railroad controversies in being a compromise and involving a trolytic copper at 1 5 .6 0 @ 1 5 .6 5 c ., against 1 4 .85@ 14 .95 c. A
substantial addition to tho pay-rolls of the railroads. About very gratifying feature in the general situation was the en­
31,000 firemen and enginemen on 54 roads were concerned couraging outlook for the winter-wheat crop. The report
with aggregate wages in 1912 of, roughly, $29,000,000, and it of the Department of Agriculture, issued Apr. 8. showing
was estimated that the award would mean an increase in the condition Apr. 1, made the average for the whole coun­
wages of 10 to 1 2 % . The increase was effected by granting try 91.6; furthermore, according to private advices, thero
the contention that rates and wages should be standardized, had been practically no winter killing. M a y wheat at Chi­
those below the standard being leveled upward. The fire­ cago on Apr. 16 got down to 8 9 % c . (after having been up
men also won their contention that there should bo a specifi­ to 93c. Apr. 7 ), but on strong foreign markets moved up
cation of 10 hours or less, or 100 miles or less, as constituting again to 9 3 % c . Apr. 25 and closed Apr. 30 at 9 2 % e. M a y
a day’s pay in all classes of service. Firemen under the corn at Chicago rose from 5 3 % c. Apr. 2 to 5 6 % c . Apr. 9
award were relieved of the cleaning of engines, but the de­ and closed Apr. 30 at 55 % c . M ay oats in Chicago moved
mand that tho award bo made retroactive from July 1 1912 up to 36 % c . Apr. 10 but declined to 34 % c. Apr. 26 and closed
was denied and it went into effect 10 days from the dato on Apr. 30 at 3 5 % c . Middling upland cotton in New York
which it was filed. N o reference whatever was made in the declined from 12.60c. Apr. 1 to 11.70c. Apr. 28, and closed
award to the ability or inability of the roads to pay increased Apr. 30 at 11.80c. Print cloths at Fall River wero rcdueod
wages, and the arbitrators evidently did not consider the Apr. 28 from 3 % to 3 % c . Foreign affairs again developed
question at all. Evidence multiplied on every side that rail­ some unfavorable features. The 1st of April settlements in
road credit was becoming seriously impaired. Early in tho Berlin wero completed without serious troublo, aside from a
Consequently tho
month announcement came that the Chic. M il. & St. P. R y. few minor failures of various kinds.
had placed $30,000,000 gen. mtg. 4 % s , this being in addition monetary tension was relieved and there was a goneral easing
to $13,957,400 conv. bonds sold by the same company in Jan. off in discount rates at all tho leading European contros.
General attention was directed in tho press to tho fact that On April 17 tho Bank of England doomed it prudent to re­
this was tho first issue of bonds under that mtg. at 4 % % — the duce its rato of discount from 5 % to 4 % % . All through the
immediately preceding issue of $25,000,000, made in Dec. month, however, moro or less norvousness prevailed regarding
1909, having been at 4 % . Tho syndicate purchasing tho possible complications growing out of tho war in Southeastern
bonds was understood to have paid about 96 for tho same. Europe, and at the close of tho month a decidedly acuto
They were subsequently offered for public subscription at situation in that regard developed. Tho tension arose out
9 9 % , but (as indicating the conditions prevailing abroad) of tho attitude of defiance assumed by Montenegro. This
London bankers reported that they were “ not interested” little kingdom refused to ceaso hostilities against Scutari.
even in this gilt-edged offering of 4 % s below par. Altogether, Tho Powers had decidod that Scutari must be annexed to
howover, subscriptions reached a substantial figure, aggregat­ tho new Principality of Albania, but Montenegro kept up
ing over $20,000,000. Early in tho month th o N . Y . Cent, sold its assaults upon this well-fortified place, despite all warnings.
in London £2,000,000 ($10,000,000) of 1-yr. 5 % notes on Tho Powers thereupon began a blockado of tho Montenegrin
an interest basis of 5 % % . On Apr. 21 J. P . Morgan & Co. coast. The little kingdom still remained obdurate. Servia
and other bankers offered in this country another $10,000,­ later withdrew its troops from co-oporation with Montenegro,
000 N . Y . Cent. 1-yr. 5 % notes at 9 9 % , making tho return but loft its powerful guns behind, which tho Montenegrins
to tho purchaser over 5 % % . Tho issue was largely over­ continued to use to great advantage. An armistice was en­
subscribed, but, adding tho commission of the bankers, the tered into between Bulgaria and Turkey (it being loft to the
money must have cost tho company in tho neighborhood of Powers to decide certain unsettled questions still at issuo
6% .
On Apr. 28 announcement was made that tho L. S. & between tho Turks and tho Balkan Allies), and, except for
M ich. So. had sold $10,000,000 1-yr. 5 % notes to Morgan, the attitude of Montenegro, causo for further anxiety would
Grenfell & Co. of London on a 5 % % basis, the notes to be have disappeared. Finally, tho fortress at Scutari capitu­
dated M a y 15; early in March the road had sold $12,000,000 lated to the Montenegrins. As soon as Austria learned
1-yr. notes, but the rate of interest was then only 4 % % . what had happened, it sent dispatches to tho conference of
N . Y . Cent, the hitter part of April also sold in Paris 10,­ Ambassadors at London, calling upon tho Powers to tako
000,000 francs ($2,000,000) 1-yr. notes, on an interest basis, united action to force Montenegro to vacate Scutari, threat­
it was understood, of about 5 % % — tho bonds being dis­ ening in default of such action to proceed itself against Monte­
counted and bearing no interest. M o . Kan. & Tex. made negro. Tho threat caused great alarm throughout Europe.
an issuo of $19,000,000 2-yr. 5 % notes secured by $24,516,­ Panicky conditions developed Apr. 29 as a result, and se­
000 5 % cons. mtge. bonds, the greater part of the proeeods curities wero thrown over without much regard to price by
going to retire outstanding maturing notes. The bonds were European holders— Can. Pac. stock in particular declining
offered for public subscription at 9 8 % , making tho invest­ abroad several points on extensive sales for Berlin account.
ment yield about 6 % % .
On Apr. 7 the syndicate which had A bill introduced in tho California Stato Legislature, seeking
underwritten the $63,250,000 of conv. 4 % s of the Balt. & to prevent tho holding of land in that State by aliens who
O. not subscribed for at 9 5 >2 by the shareholders, was form­ are not eligiblo to citizenship in the United States (and
ally dissolved. It was understood tho syndicate was obliged therefore applying to the Japanese) led to much irritation in
to tako about $47,000,000 of the bonds, tho price paid by it Japan. A t the request of President Wilson, Secretary of
being, it is said, 9 2 % . The subscription receipts for these State Bryan the latter part of tho month started for Sacra­
bonds sharply declined and sold Apr. 30 at 9 1 % . Tho mento to endeavor by conference with tho Governor and the
announcement Apr. 9 that the directors of the Pennsylvania California Legislature to arrango a satisfactory solution.
R R . had authorized 1 0 % increase in stock, calling for about In this he was not successful, as is noted under tho events
$45,000,000 new stock, also had a depressing effect, a de­ for M a y . Before starting for Sacramonto, M r. Bryan pre­
cline of several points occurring in tho shares. Tho high sented to tho diplomatic representatives of the various na­
rates of interest that had to be paid on borrowings of such tions accredited to the United States a plan designed to pro­
companies as N . Y . Cent, and M il. & St. Paul had a very mote the maintenance of tho international peace. The plan
decided depressing effect upon high-grade investments of ail is intended to provent hasty and impulsivo action and pro­
kinds— not only bonds but also shares. Concurrently, thero vides that questions in dispute must first bo submitted for
came announcements that both New York Stato and Now investigation and report to an international commission,
York City would presently bo in tho market for largo sums. tho contracting parties agreeing not to declaro war or begin
The New York City bond offering was announced Apr. 29. hostilities until such investigation has been completed. W e
The city invited proposals (until M a y 20) for $45,000,000 refer to tho matter more at length in our narrativo for M a y.
bonds; and, as expected, tho rate of interest was raised from Some trivial but unfortunate incidents fitted in excellently
4 % to 4 % % . Tho market for existing bonds of the city with the movements in France and Germany for increased ar­
proved weak along with all other security issues, and tho maments. On Sunday Apr. 13 a party of French students
4 % s of I960 declined from 9 8 % to 9 5 % and tho 4 % s of 1962 insulted a number of German travelers in a place of amuse­
from 9 8 % to 9 5 % . The fact that no progress was being made ment at Nancy and followed them to tho railroad station,
in arranging an acceptable plan for disposing of tho Union meanwhilo repeating tho insults. Another incident was
Pacific’s holdings of Southern Pacific stock was also an un­ the landing of a German war balloon on French soil near
toward event. New plans wero submitted by tho company, Nancy, 30 miles from tho German bordor, while a regiment
but wero not acceptable to Attorney-General McReynolds. of French soldiers was at drill. The Germans said they were
Tho company on Apr. 24 petitioned tho U . S. Supremo Court forced to land because of broken machinery, and did not know
to authorize the U . S. District Court for Utah to extend in they were in France. The French held the officers and bal­
its discretion tho time which had been allowed (to expiro loon captive overnight and then released them. Somo time
M a y 12) by tho Supremo Court in its mandate for submitting subsequently another similar balloon incident occurrod. Tho




J an. 3 1914 I

THE CHRONICLE

German Chancellor, Doctor von Bethmann-Hollweg. on
Apr. 7, in submitting in the Imperial Parliament the Govern­
ment’s bills increasing the army and introducing new forms
of taxation, delivered a strong speech in which he stated that
thoro was no likelihood of a European conflagration, “ but
if outside forces should threaten us, Germany must stand
roady with her last m an.” The warlike sentiment in
France and Pan-Slavism had to bo reckoned with, he urged,
although he credited the French and Russian governments
with the best intentions. The conditions of Europe, ho ar­
gued, had been radically changed by the Balkan War, which
has substituted for the passive European Turkey other Statos
of feverish political activity. In the Reichstag some startling
allegations were made, charging that war sentiment had been
deliberately manufactured by the German makers of guns,
munitions and other war material in order to increase the
sales of these wares to the German Government. One fea­
ture of tho European bourses during the month was the
continued weakness in Paris of French Rentes. This was due
to rumors of preparations for a large new issue of Rontes.
They closed at 8 5 .3 7 % Apr. 30, against 87.75 M ar. 31 and
89.50 Jan. 2. David-LIoyd George presented in tho House
of Commons on Apr. 22 what was considered as probably the
most optimistic speech ever delivered by a British Chancellor
of the Exchequer. The budget showed an expenditure of
£195,640,000, while tho revenues for the year then just closed
had been only £188,802,000. Nevertheless, ho proposed
no new taxes, saying he had no fear but that the exist­
ing taxes would produce the needed revenue. He felt justi­
fied in forecasting tho revenue on the assumption that Great
Britain had entered the most glowing year British trade had
ever seen. A t the same time he felt that tho greatest danger
of a possible European war was over. In Belgium a great
strike of the workingmen was inaugurated Apr. 14, over 500,­
000 men being engaged in the movement, tho object of which
was to forco tho Government to grant manhood suffrage on
tho basis of “ one man, one vote.” Undor tho Belgium laws
certain classes have two votes and certain other men three
votes. Under this system of plural voting tho Cloricals had
kept in power for 20 years. On Apr. 22, tho G ov t., on the
advice of the King, accepted tho compromise proposed by the
Liberal leader, F. Masson, and tho strike was abandoned and
the men ordered to return to work on Apr. 24. The compro­
mise proposition stipulated for a commission to draft tho “ one
man voto” demanded by tho Socialists, but it was not believed
tho reform proposal would take effect until 1916. In Mexico
increasing pessimism and nervousness developed regarding

23

companies from ceasing to write new business on Apr. 30 was
denied by the Court. The following Aug. all differences were
adjusted and the suits dismissed, the State Attorney-General
giving an opinion that the section of the new law which had
precipitated the trouble was unconstitutional. On Apr. 24
the Senate Codes Committee at Albany refused to report the
bill designed to prevont alleged discrimination by the N . Y .
Stock Exch. in the listing of securities engraved by the N . Y .
Bank Note Co. This was the bill out of which the bribery
charges against Sen. Stilwell, Chairman of the Codes Com­
mittee, had arisen. The bill introduced at Albany in Feb.
under which it had been proposed to increase the tax on trans­
fers of stock from 2c. to 4c. on each $100 of face value was by
agreement, allowed to die in committee; this decision was
reached, inasmuch as G ov. Sulzer, at whose instance the bill
had been prepared, had come to the conclusion that the tax
would be too burdensome. On Apr. 10 a law was passed di­
rected against the manipulation of prices of securities. Refer­
ence will be found under M a y to several other laws passed for
Stock Exch. reforms by the N . Y . Legislature. The Gover­
nors of the N . Y . Stock Exch. on Apr. 24 suspended for 6 mos.
two of the members of the Exch. for a violation of the rule
prohibiting the taking or carrying of speculative accounts for
employees of financial institutions. The Salt Lake Clearing­
House Assn, rescinded its rule prohibiting the payment of int
on open or checking accounts. The practice of this Associa­
tion in that respect was referred to during the Money Trust
investigation. It was stated that the abrogation of the rulo
was due to the belief of some of the members that it might be
construed as a violation of the Sherman Anti-Trust Law. The
Atlantic N at. Bank of Providence suspended Apr. 14. Two
Norwich, Conn., institutions also closed on the 16th inst— the
First N at. Bank and the Thames Loan & Tr. Co. Both these
latter were ascribed to the difficulties of the U . S. Finishing
Co. Franklin S. Jerome, formerly Treas. of the Finishing
G o., was Pres, of both the Norwich institutions. Indirectly,
also, tho Finishing Co. was believed to have contributed to the
downfall of the Atlantic N at. of Providence. Tho committee
of tho Ohio Senate designated in Feb. to investigate the strike
among tho rubber workers at Akron, fifed its report Apr. 18.
The report mado no recommendations for any specific legisla­
tion It stated that wages paid in general by rubber companies
of Akron compared favorably with those paid in other indus­
tries and expressed the opinion that the strike might have
been averted had there been a reasonable amount of time for
conference and deliberation between tho date when notice of a
readjustment of wages was given and the time it would take
4 1» . . < l \ l ] 1 i .r /-VP
1
1 /N . . .
1 .. * _ *1
1
11
.
effect. ^ I ho Industrial Workers of the World were criticised
for their activities, the committee expressing the opinion that,
instead of being a help to the striking employees, they wero
increased from $47,731,531 to $48,239,524. National bank
largely responsible for the failure of tho same to obtain redress
circulation secured by bonds moved up from $729,400,001 to
for wrongs. “ Tho doctrine of ‘sabotage,’ as taught by the
$731,044,591. Sec. of the Treas. M cAdoo, “ to prevent the I. W . W . loaders,” said the report, “ is a matter of grave im­
" _
n
fiitrinm A I f A 1 1 r Al»m O f 1A
*
il
T 1
r» _ _ _l — 1 •
r _ 'v _ 1
-w
portance and public concern, not only in the State of Ohio but
in the nation at largo, and the line of demarcation between tho
doctrine and anarchy is so indistinct as to be almost impercep­
ted that the practico of the N at. City Bank of N . Y . in tible. ’ The U . S. Supreme Court on Apr. 28, in a case relat­
employing a clerk of its own who had been given a desk ing to the reorganization of the old N o. Pac. Railroad, sold at
in tho office of the Comptroller of tho Currency for tho foreclosure and reorganized as tho N o. Pac. Railway Co.
purpose of copying the returns of condition of the national enunciated some important principles regarding the claims of
banks as mado under the calls of the Comptroller, be discon­ unsecured creditors where a property is sold at foreclosure and
tinued. Some surprise was occasioned by tho action of the reorganized without satisfying such claims. The Court held
U . S. G ovt, in asking permission from the Supremo Court to that the claims of unsecured creditors cannot be ignored when
file in the Minnesota rato cases, in which a decision was looked the old stockholders are given an interest in the reorganized
for momentarily, a brief amicus curiae which the Govt, had company.
already filed with the U . S. Commorco Court in what wore
Railroad Events and Slock Exchange Matters.— The month
known as the Texas-Louisiana freight rate cases. This was opened in a very hopeful way but closed in gloom after largo
on Apr. 21. As it happened, a decision was handed down and extensive declines in prices.
The advance at the be­
Apr. 25 by tho U . S. Commorco Couit in these Texas-Louisi- ginning was of large proportions, but there was an element of
ana freight rate eases sustaining the ordor of the Intor-Stato
artificiality to it because prices were put up in face of tho tre­
Commorco Comm, setting asido the rates. The point at issue
mendous damage and interruption to railroad operations
in this last instanco was the right of a State to regulate rail­
caused by the great floods experienced in tho Middle Western
road rates on traffic moving wholly within its borders in a
States in the closing days of March, and in face of tho death
manner and with a desire to affect traffic to a competing point
of M r. J. P. Morgan, which had occurred the very last day
outside of the State. The Commerce Comm, held that this
of March. Tho rise appeared to be engineered by a bobtail
could not be done and the Commerce Court sustained it in
pool, and was apparently predicated on a belief in the early
that view. Tho U . S. Supreme Court on Apr. 7 in tho caso of
termination of tho war in Southeastern Europe. The higher
the Reading Co. granted a modification of the decreo rendered
lovol of values was not long maintained. The tariff bill,
on Dec. 16 1912 so as to except from the condemnation of tho
introduced Apr. 7, was considered to be devoid of conserva­
Court some of tho so-called 6 5 % anthracito coal contracts
tive features. Then came the various now security issues
made with tho independent coal-mining companies. The
for largo amounts at rising rates of interest, precipitating a
lower Court was directed that in tho excepted instances tho
sharp downward movement in bonds and also in high-priced
Court dotermino the actions on their morits. Tho U . S.
shares. The latter part of the month, tho award in tho de­
Commerce Court on Apr. 25 denied tho application of the
mand of Eastern firemen and enginemen for higher wages was
Lehigh Valley R R . in what was known as the Meoker caso to
announced, and involved a further addition to operating
restrain the lnter-Stato Commerce Comm, from enforcing its
cost. Tho failure of the Attorney-General to approve tho
order reducing rates on antliracito from tho Wyoming region
new U . P . dissolution plan also exercised an unfavorable in­
in Pennsylvania to tidewater at Perth Am boy, N . J. A now
fluence. A t the very close the European situation again took
insurance law in Missouri led tho leading fire insurance com­
an acute turn, leading on Apr. 29 to very extensive sales on
panies df the U . S. and Europe to decide to cease on Apr. 30
European account. Certain of the newer industrial securi­
to grant insurance on property in Missouri “ until some safe
ties, like Rumely com. and pref., were under tremendous
and practical method for doing business in that Stato shall
pressure all through the month, while N . Y . N . II. & II
have been devised.” Proceedings were then instituted by the
among railroad shares, also suffered a most serious decline’
State authorities against the companies. Two soparato ac­ getting down to 106 Apr. 30, against 1 1 8 % Apr. 1 and 12 9 %
tions wore filed, one against the 106 companies embraced in
Jan. 10; subsequent months, unfortunately, wero to see still
tho Western Union of Firo Underwriters and tho other against
lower prices for those shares. Can. Pac. ran up from 2 3 5 %
the 74 companies in the Western Insurance Bureau. On
Apr. 1 to 24534 Apr. 17, then dropped to 2 3 3 % Apr. 29 and
Apr. 28 tho Missouri Supreme Court issued an order restrain­ closed Apr. 30 at 2 3 5 % ; Reading com ., starting at 162, got
ing tho 180 companies comprised in tho two organizations up to 16834 Apr. 9, fell to zl5 8 Apr. 29 and closed at 15834;
from canceling any firo insurance policy then in forco. Tho | M il. & St. P. com. opened at 1 1 1 % .touched 11 3% Apr. 4,
request of tho Attorney-General for an order enjoining the fell to 1 0 5 % Apr. 29, which was also the close; U n. Pac. com.




24

THE CHRONICLE

(V O L . X C V llL

was 1 5 2 % Apr. 1, 1 5 6 % Apr. 4 , 1 4 5 % Apr. 29 and closed at East. III., controlled through stock ownerhsip, was also
1 4 6 % ; So. Pac. opening at 1 0 1 % , touched 1 0 3 % Apr. 5, fell placed in the hands of receivers. W ith railroad credit al­
ready seriously impaired, the financial involvomont of tlus
to 9 5 % Apr. 30, closing at 9 6 % ; N . Y . Cent, opener. at 1 0 5 % ,
sold at 108 Apr. 4, fell to 1 0 0 % Apr. 26 and closed at 101; system of 7,500 miles exercised a seriously depressing in­
fluence. Tho event was considered particularly unfortunate
Penn fluctuated between 1 1 9 % Apr. 5 and 1 1 3 % Apr. 15
as bearing upon American railroad credit abroad, owing to
and closed at i l 4 % ;Steel com. dropped from 6 4 % Apr 4
tho large amounts of tho company s securities held in Iimropo,
to 5 8 % Apr. 29 and closed at 5 8 % ; Am al. Cop. from 7 9 %
French investors holding about $28,000,000 ($3,000,000 ot
Apr. 9 fell to 7 0 % Apr. 29 and closed at z 7 1 % ; Kumely com. the gen. lien 5s having been placed there only the previous
fell from 4 5 % Apr. 4 and 9 2 % Jan. 7 to 2 1 % Apr. 2% and March) and some of the bonds also being held in Germany.
Rum ely prof* from 8 6 % Apr. 4 and J 9% Jan. 4 to 49 A p r. 20. Bitter comment upon tho receivership was made abroad,
W e have referred above to a large number of the new loan esneciallv in France. A tremendous decline in the prices
flotations. Bankers sold $6,500,000 equip, gold certificates of the company’s securities occurred. The 1st pref. dropped
of Louisv. & Nashv. They also offered $4,500,000 Atl. from 50 to 1 4 % , the 2d pref. from 2 1 % to 6 % and the corn
Knoxv. & Cine. D iv. 4 % bonds of the same road. It was from 1 4 % to 3 % . The gen. lien 5s fell from 7 7 % to •%%
announced that bankers had closed negotiations for a large and the ref .4 s from 73 to 65. The difficulty of formulating
block of St. Louis & San Francisco gen. lien 5s for account ot a dissolution plan satisfactory to all concerned in the U . p
Paris bankers, and that these bankers had made a suc­ So. Pac. properties also exerted an untoward influence. On
cessful issue of the bonds in Pans
$12,000 000 4-yea* 6 % M ay 5 the U . S. Supreme Court granted the U n. la c . until
coup, notes of the United Fruit Co. were offered at 9 8 % . July 1 in which to present to tho lower Court an accoptab e
J P Morgan & Co. as head of the underwriting syndicate tor plan. Tho timo would otherwise have expired M a y 12.
I tie
$i7 0,00 0,00 0 5 % 50-yr. bonds of Interb. Rap. Tran. Co , sent
company had asked that tho lower Court bo allowed to oxout a call to the syndicate members for 1 2 % % ot the un­ tend tho timo at its discretion, but Attornoy-Gonoral M cderwriting or $21,250,000; $15,000,000 notes maturing M ay
Reynolcls would not agree to this. On M a y 29 the U n. Pac.
1 wero paid at that date. Mexican Potroleum Co. increased
directors approved two alternative plans for tho disposition
its quar. div. on com. from 1 % to 1 % % ' later in the year the
of tho $126,650,000 So. Pac. stock held. A move which was
div. on both com. and pref. was passed. The semi-ann. regarded with much favor was tho formal application to ttio
div! on Penn. Steel pref. was reduced from 3 % to 1 % % , mak­ Inter-State Commerco Commission on jVIay 14 by a com­
ing 5 % for the year. It was announced as likoly that the noxt mittee representing tho Eastern trunk lines fo ra ro-openmg
semi-ann. d iv ., duo in July on Intern. Agricul. Corp. pref. of the case for an incroaso of freight rates, which had been
would bo passed. The div. on Prairie Oil & Gas was discon­ decided against tho roads in Feb. 1911. The suggestion was
tinued; also the quar. div. on Intern. Steam Pump pref. U .S . that a general increase of 5 % bo allowed. The genoial feeling
Rubber Co. increased the quar. div. on com. from l to 1 % / 0. of anxiety was further heightened by political ovents and
& The Money Market.— Following the slight flurry at tho close utterances
The Underwood Tariff Bill passed tho House of
of M arch, ease again developed in April. From an extreme C r o s e n ta tiv e s on M a y 8 by 281 to 139 in substantially the
of 7 % M ar. 31, the high point Apr. 1 for call was 6 and Apr. 2 shape in which it was introduced in the Houso after tho auction
onlv 4 % . Thereafter tho rate did not get above 4 and Apr. of the Democratic caucus on it, and with all tho provisions
30 all loans were at 2 % @ 3 . Time money at the close was which had been tho special subject of controversy retained
3 % @ 4 for 60-days, 4 % for 90 days, 4 @ 4 % for 4 mos. and such as tho incomo tax, froo wool and ultimate freo sugar.
4 % @ 4 % for 5 and 6 mos. Commercial paper was 5 @ 5 %
W hat occasioned particular dismay, ho wover, w®™ uHerfor choice doublo namos and the best single names and 6 @
ancos from Administration circles and from tho halls of Con­
6 % for good singlo names. Monoy holdings of ^ C l e a r ­ gress threatening manufacturers and others affected by tariff
ing-House banks and trust companies rose from M 0 5 | 0 1 .- changes with investigation and punishment, if, after the enact­
000 Apr. 5 to $418,087,000 Apr. 26, and were $41b,9o8,000 ment of tho now tariff schedules, these manufacturers
M av 3
Surplus cash reserves increased from $10,222,800 should undertake to reduce wages or close up thoir plants.
A m 5 to $19,085,850 Apr. 19, and were $15,955,650 M ay 3. Congressman Undorwood in closing tho dobato on tho bill
Loans and deposits both fluctuated, and the former were made his declaration in unequivocal terms, saying:
I give
$1,938,551,000 M a y 3, against $1,911,625,000'A p r . o, and you notice now that when tho men from whom you bring that
deposits $1,778,415,000 M ay 3, against $1,751,440,000 message (that the tariff changes will act on labor and affect
Anr 5
Tho State banks and trust companies not in the the wages of tho laboring man) endeavor to grind labor in tho
Clearing-House showed money holdings of 373,229^,500 M a y 3 interests of Republican politics, there is a bureau of this Gov­
against $73,003,600 Apr. 5, and loans of $568,023,300 ernment that is going to ascertain tho reason why.
Ho said
against $569,905,200.
, ,
.
. the bureau referred to, namely tho Bureau of . oreign.and D oF
Foreign Exchange, Silver, &c.— Tho completion of tho Apr. 1 mesti^ Commerce, had “ the power to walk into their offices
settlements abroad without serious ombarrassmont and tho and ascertain whether there is real reason for their cutting tho
decline in money and in discount rates at tho European fi­ rates of wages of their labor, or whether it is merely a selfish
nancial centres, caused a drop in sterling bills after the first attempt to put monoy into their own pockets.
bon. John
few days of the month. Buying of Amoncan securities on Eu­ Sharp Williams, of tho Senato Financo Committee, followed
ropean account also tended to weaken exchange. The Bank this up on M ay 12 with a statement to newspaper correspondof England’s discount rate was reduced from 5 to 4 % Apr. I 1 , dents that the Sherman Anti-Trust Law with itscnm inalprobut with growing ease in money here sterling bills again be­ visions would bo invokod against manufacturers who might
came firmer tho latter part of tho month. Wlnlo no gold venture to reduco wages because of tariff reductions
Most
went to Europe, over $ 2 ,0 0 0 ,0 0 0 was taken hero for Canada. amazing of all wero tho declarations of Secretary William U.
Sight bills advanced from 4 8 7 0 5 @ 4 872.j Apr. 1 to 1 8 7 1.>
(a)A 8725 Apr. 3, and then declined to 4 8625 @ 4 8640 Apr.
18 with the close Apr. 30 4 8 6 7 5 @ 4 8685. Open market
discounts eased off at all tho European centres and^atLon- ^aphers onuMay 14 he said the public “ would not approve re­
don at tho closo were 3 % for 60-day bills and 3 % for long ductions of wages for the sake of maintaining profits, and
bills for both spot and to arrivo. A t Pans a bankers com­ expressed tho belief “ that a reduction of wages is tho easy re­
bination maintained the rate at 4 % , while at Berlin the open sort of tho inefficient and tho hall-mark of poor management.
market rato at one timo got down to 4 % , but was fractionally Ho added that “ as therefore tho reduction of wages had direct
higher at tho close. Silver in London enjoyed a sharp re­ social effects and as tho public has the right to efficiency in its
covery, and on Apr. 28 got up to 28 l-1 6 d ., with tho close factory servants, tho Department has undertaken to find out
Apr. 30 27 15-16d.
whether tho facts do or do not justify tho threatened reduc­
tion ’ ’ M r. lledfield wont a stop further and declared the
M A Y — Current Events.— Further unfavorable develop­ Government would not consider “ tho facts as they are but tho
ments occurred. N . Y . City succeeded in selling the whole facts as they ought to bo.” He said (wo number tho proposi­
of its $45,000,000 4 % s , tho subscriptions aggregating $76,­ tions laid down by him): “ (1) Operating with bad equipment;
124 780 but realized an averago of only 100. lo 9, making the (2) with unscientific treatment of material; (3) with antiprice the lowest obtained by tho city on any long-term sale auated mothods; (4) in poor locations; (5) with insufficient
m recent times. The next day some of the bonds actually capital; and (6) generally ineffective management, would not
sold on tho Stock Exchange at 9 9 % , and large amounts sold be esteemed a satisfactory reason for reducing wages.
M r.
from day to day thereafter at 1 0 0 @ 1 0 0 % . The salo sorved Redfield went on to indicato how fully tho Government was
to omphasizo tho unfortunate investment conditions prevail­ authorized and equipped to mako inquiries of that kind. Ho
ing . M any municipalities in other parts of the country had said that “ on tho scientific sido of such an inquiry tho groat
difficulty in effecting sales at all.
1 ho N.. Y N . H . & H . R R . Bureau of Standards is of primo use.” Thon tho Bureau ot
on M a y 16 reduced its quar. div. from 2 % to 1 % % .
trou­ Foreign and Domestic Commorco “ has broad powers ot m bles besran piling up against tho company on every sido. On ouirv into tho cost of production, wagos, gonoral factory con­
M a v 8g Attorney-General McReynolds at Washington an­ ditions and tho like.” He added: ‘. The Bureau of Corpora­
‘
nounced that a special attorney would be appointed to con­ tions also has broad scope in studying accounting and cost­
duct an investigation for tho Department of Justico into the keeping mothods with tho right of subpoena which it has in
matters upon which the Inter-State Commerce Commission times past found somo need to exorcisp. If these throe are
h-id iust had hearings. President Mellon succeeded on not enough, tho Bureau of Labor Statistics in our sister de­
M a y 17 (through J- P. Morgan & C o.) in selling $12,000,000 partment of labor has powers of inquiry on tho labor sido
& M o 6 % 1-yr. notes to provide for a similar amount which can bo made effective.” . In a speech at Rochester at
of 1 - y r 4 % notes duo June 10, and on M ay 24 sold an addi­ tho Chambor of Commerco Cabinet dinner (at which also
tional $5,000,000 of tho same notos. He also placed $2 ,­ W . L . Mackenzie King, who was Ministor of Labor in tho
000 000 5 % Conn. River R R . 1-yr. notes. Pho most serious Cabinet of Sir Wilfrid Laurior, spoke), M r. Redfield elabor­
advorso event, however, was tho placing or the St. L. & San ated his views still further, saying: a If it is truo that those
Fran. R R . in receiver’s hands. The lmmetliato cause was profits are oxcessivo. havo wo not— wo who create corpoiatho difficulty experienced in providing for $2,2o0,000 2-yr. tions— the right to know?” adding: It isn t worth hav5%
notes due Juno 1 1913. On tho same day the Chic. &



J a n . 3 1914 ]

THE CHRONICLE

ing your beautiful houses in East Avenuo and your men
of genius and of power if thero lios down bolow a groat
mass of poverty. It isn’t worth it. There is no Roman
law in free America for povorty in mill and prosperity
in the office. It can’t stay. It will not stay.” When tho
Tariff Bill reached tho Senate it was referred to tho Commit­
tee on Finance, which on tho 16th defeated a proposal to have
public hearings on it. On M a y 26 Pres. Wilson called atten­
tion in a public statement to tho ‘ ‘extraordinary exertions be­
ing made by tho lobby in Washington to gain recognition for
certain alterations of tho Tariff B ill,” and declared that tho
Government ought to bo relieved “ from this intolerable bur­
den.” IIo said that “ Washington has seldom seen so numer­
ous, so industrious or so insidious a lobby. The newspapers
are being filled with paid advertisements calculated to mislead
not only tho judgment of public men but also tho public
opinion of the country itself.” His pronouncement was on
tho 27th made tho subject of a resolution introduced by Son.
Cummins (Republican), and on M a y 29 tho Scnato Commit­
tee on tho Judiciary was authorized to hold a sweep­
ing investigation into tho existence and activities of tho
lobby denounced by President Wilson. It also appeared
that tho Administration was very anxious to enact legis­
lation for tho reform of tho currency. This, under or­
dinary circumstances, would have beon considered a de­
cidedly reassuring evont. But somo misgivings as to tho
nature of tho proposed legislation were aroused by outgiv­
ings from timo to time of persons connected with Congress
or tho Administration. On M a y 31 a letter was made pub­
lic which tho President had written on M a y 27 to Senator
Tillman, in reply to a communication from the latter on tho
subject. In this tho President spoke of attempts to create
“ artificial disturbances,” and tho necessity for coping with
the same “ by a freo system of credit.” _Tho Balkan War
situation developed some decidedly assuring features, but
also disclosed now elements of uneasiness. On M ay 5 it
was definitely announced in tho British House of Commons
that King Nicholas of Montenegro had sent a message say­
ing tho little kingdom would yield to tho Powers and evacuate
Scutari. On M a y 30 a definite preliminary treaty of peaco
between Turkey and the Balkan Allies was signed in London
by tho delegates from all tho countries which had been en­
gaged in the war. It was left to tho AmbassadorialConferonco (consisting of Ambassadors from tho great Powers) to
sottlo certain disputed questions— the devising of a consti­
tution for Albania, tho delimitation of tho southorn frontier
of Albania and tho status of tho Aegean Islands. Tho Bul­
garian and Turkish delegates also signed a protocol provid­
ing for tho immediate removal of their respective armies from
tho scone of operations. On the other hand, friction among
the Balkan Allies thomsolves steadily increased, and the
Bulgars became repeatedly involved in hostilities, somo very
bloody in character, with the Servians and the Greeks. Tho
trouble arose out of disagreements over tho participation of
tho conquered territory. This occasioned renewed uneasi­
ness at tho leading European financial contros, whore ten­
sion was also increased by tho failure to float now loans.
A Brazilian loan for £11,000,000 in 5 % bonds, issued pub­
licly in London and offered privately in Paris, and brought
out at 97 by the Rothschilds, was subscribed for to less than
1 0 % , the underwriters themselves being obliged to take up
the remainder. M any other new bond offerings had but
little bettor success. On the other hand, tho now Chinese
loan for $125,000,000 proved a spectacular success. The
bonds wore 5s and wero offered at 90 in London and on the
Continent, excopt at Paris, whero tho issue prico was 91,
becauso of tho official French tax. Tho Fivo-Nation group
of bankers was understood to have paid only 84. President
Wilson on M a y 2 formally recognized the new Republic of
China. In tho United States, tho California Anti-alien
Landholding Bill at times was the occasion for somo anxiety
because of the attitude of Japan. The visit of Secretary of
Stato Bryan to Sacramento apparently had little effect in
modifying the contemplated State legislation. Tho bill as
re-drawn by the California Attorney-General was passed by
tho California Senate Saturday morning, M ay 3 , by 36 to 2
after nearly ten hours of debate.
Later in tho same day it
also passed the Assembly by an overwhelming vote. Gov.
Johnson of California delayed signing tho bill so as to givo tho
Administration at Washington opportunity to offer objec­
tions, but on M ay 14, in a telegraphed letter to Secretary of
State Bryan, ho announced that he considered it his duty
to sign tho bill unless some ^ “ absolutely controlling
necessity demands contrary action.” lie signed on M a y 19.
The bill provides that aliens eligible to citizenship may ac­
quire and hold land to the same extent as citizens, while all
other aliens are limited to the specific rights conferred upon
thorn by the existing treaties between the United States and
tho nations of which such aliens are citizens or subjects.
G ov. Johnson argued that in this form tho bill was fully
within the treaty obligations of tho United States. After
Secretary of State Bryan had verified unofficial dispatches
from Sacramento that the bill had been signed, he personally
read to Viscount Chinda, the Japanese Ambassador at Wash­
ington, the roply drafted by the Stato Department officials,
in co-operation with President Wilson, to tho Japaneso ob­
jections. Tho nature of tho reply was not disclosed. In
Japan tho ovent gavo rise to considerable political ferment.
Secretary of Stato Bryan mado soveral allusions during the
month to a schemo for international peace proposed by Presi­
dent Wilson. On M ay 9 he stated that two weeks before,




35

at the President’s direction, he had presented simultaneously
to the representatives of 36 nations represented at Wash­
ington a proposition for averting international collisions.
He defined the Administration’s position as follows: “ The
President expresses not only his willingness, but his desire,
to enter into agreement with every other nation, great or
small, that, so far as our nation and that contracting nation
are concerned, thero will be no war, no declaration, no an­
nouncement of hostilities until the question in dispute has
been investigated by an international tribunal and its report
made known.” On M a y 31 the general arbitration treaty
between Great Britain and the United States, which would
have expired June 5, was renewed by a convention signed by
Sir Cecil Spring-Rice, the British Ambassador, and Secretary
of State Bryan. This formal step had been agreed upon
several months before when M r. Knox was still Secretary of
State and M r. Bryce British Ambassador. The treaty pro­
vides for the arbitration by The Hague Court of any differ­
ences not affecting “ the vital interests, the independence or
tho honor of tho two contracting States.” A form of special
agreement, covering the dispute to be arbitrated and subject
to the Senate’s approval, is prescribed. Similar arbitration
treaties had previously in tho year been renewed with France,
Italy and Spain. The British House of Commons on M a y 6
rejected (on tho second reading) by a vote of 266 to 219 the
Dickinson bill which would have enfranchised women.
Premier Asquith voted against the bill, as did also six other
members of the Ministry, namely M cKenna, Pease, Samuels,
Churchill, Ilarcourt and Hobhouse. On the other hand,
Sir Edward Grey, Lloyd-George, Birrell, Runciman, Buxton,
Ackland, W ood, MacNam ara, Sir Rufus Isaacs and Sir John
Simon voted in favor of tho bill. The militant suffragettes
kept up their acts of lawbreaking and many new outraages
wero reported. The U . S. Steel Corp. reported further re­
ductions in unfilled orders. Prices of iron and steel showed
a weakening tendency, and tho payment of premiums for
prompt deliveries became a thing of tho past. National
bank circulation outstanding secured by bonds increased
from $731,044,591 to $733,754,815. Government money
holdings in Sub-Treasuries were reduced from $359,714,090
to $353,612,436; this was mainly tho result of an increase in
Government deposits from $48,239,524 to $52,314,252.
The Department of Agriculture at Washington made the
general average of winter-wheat M ay 1 as- 91 .9, and it was
stated that only 4J ^ % of tho area planted the previous
autumn had been abandoned, leaving under the crop 30 ,­
938,000 acres, as against only 26,571,000 acres harvested in
1912.
Tho latter part of the month there wore reports of
serious damage, particularly in Kansas, from extremely hot,
dry weather. In Chicago the July option for wheat declined
from 9 2 ^ c . M a y 1 to 87 Ljc. M a y 15, but got back against to
925^c. M ay 31. July corn at Chicago, aftor declining from
56c. M a y 1 to 55c. M a y 6, advanced to 58)^c. M a y 26 and
closed at 5 7 H e- M ay 31. In tho case of oats a good many
unfavorable crop accounts were received and tho July option
for oats in Chicago, after declining from 35c. M a y 1 to 34)4c.
M a y 7, sold up to 39 A a . M a y 31. Middling upland cotton
x
in New York fluctuated within a narrow range and closed
M a y 29 (the Cotton Exchange being closed M ay 30 and M ay
31) at 11.80 cents, the same as April 30. Print cloths re­
mained at 3 % cents. Secretary of the Treasury McAdoo
announced that, commencing Juno 1 1913, all Government
deposits, both active and inactive, would have to receive
interest at 2 % per year, the interest to be credited Jan. 1
and July 1. Previously interest had been exacted only on
inactive accounts. He also declared it his purpose to add
$10,000,000 to Government deposits in the banks and
furthermore announced that the national banks would be
required to secure only 7 0 % of these deposits with Govern­
ment bonds— high-class municipal bonds being acceptable
for the remaining 3 0 % at 7 5 % of their market value, but
not to exceed par. Later in tho month the Secretary accorded
authority to the banks to withdraw U . S. 2s placed as security
for Government deposits and to substitute therefor Philip­
pine, Porto Rican, Hawaiian or District of Columbia bonds
on condition that the 2 % bonds withdrawn be used as secur­
ity for additional circulation by banks which had not as yet
taken out the full amount of circulation authorized by law.
On M a y 31 Secretary of State Bryan made official promul­
gation that tho 17th Amendment to the U . S. Constitution
providing for tho direct election of U. S. Senators by tho
people had been ratified by the legislatures of the required
three-fourths of the wliolo number of States, and now formed
part of the Constitution. The Court of Appeals of the
District of Columbia on M ay 5 affirmed the judgment of
contempt against the labor leaders (Samuel Gompers, John
Mitchell and Frank Morrison, respectively President, Vice­
President and Secretary of the American Federation of
Labor) for violation of an injunction issued in 1907 restrain­
ing the American Federation of Labor and its officers from
conducting a boycott against the Bucks Stovo & Range
Company of St. Louis, but reduced the sentences im­
posed— that of Gompers being cut from twelve months to
thirty days, while Mitchell and Morrison, whose original
sentences wero nine months and six months respectively,
were let off with a fine of $500 each. A jury in the U . S.
District Court for the Western District of Oklahoma on
M a y 13 found the Hunter Milling C o ., tho Blackwell M ill
& Elovator Co. of Blackwell, Okla., and Frank Foltz of the
latter company guilty of conspiracy to restrain trade among
the States in violation of the Sherman Anti-Trust Law; after

26

THE CHRONICLE

severe price-cutting of flour in 1910, some arrangement had
been arrived at by which the Hunter Milling Co. discon­
tinued its agency at Blackwell. The indictment was found
in June 1912 under the Taft Administration. Judge Hazel
in the U . S. D ist. Court at Rochester, N . Y . , on M a y 27
imposed fines aggregating $81,500 on six corporations and
eleven individual defendants under an indictment containing
8 counts handed down on Jan. 9 1912 against the members of
the Association of Coaster Brake Licensees, controlling, it was
claimed, about 8 5 % of the brakes manufactured in the U .S .
The U .S . Supreme Court on M a y 26 rendered a decision in a
case involving the right to fix prices on patented articles and
made it evident that the doctrine laid down by the Court in
M ar. 1912 in the Dick mimeograph case did not apply. In the
latter case A . B . Dick Co. sold a patented “ rotary mimeo­
graph” under conditions that the device must be used only
with ink and other materials for its operation supplied by the
makers of the machine. The Court held that this was a re­
striction well within the rights of the owner of the patent.
In the present instance the Court declared that a patentee
cannot control the sale price after the article has left his
hands. The case was that of Bauer & Cie and the Bauer
Chemical Co. vs. Jamos O’Donnell. The Bauer Chemical
Co. manufactures and sells a patented water soluble known
as Sanatogen. The company issued its patented article in
packages warning druggists that they must sell at not less
than $1 a package and that sales at lower prices infringed its
patent rights and would render the seller liable to injunction
and damages. Justice D ay, who wrote the opinion, cited
numerous previous cases where price restrictions had been
condemned and declared that the right to vend conferred
by the patent law had been exercised when the company
sold to the jobber and the added restriction was beyond the
purpose and protection of the patent A ct. A libel suit
brought by former President Theodore Roosevelt against
George A . Newett of Ishpeming, M ich ., editor of “ Iron
Ore,” resulted in a complete vindication of M r . Roosevelt
from the charge of intemperance, which was the basis of the
action. M r . Newett had accused the ox-President of “ get­
ting drunk, and that not infrequently.” Tho trial of the
suit for libel, in which damages of $10,000 were asked, was
begun at Marquette, M ich ., on M a y 26. M r . Roosevelt
brought an imposing array of witnesses who testified to his
sobriety and on M a y 31 after M r. Newett had stated that
during the progress of tho trial he had been profoundly im­
pressed by tho naturo and extent of the evidence produced
to the effect that M r. Roosevelt did not in fact use liquor
to excess on any occasion, and after M r. Roosevelt had asked
that merely nominal damages be imposed, the jury, acting
under the instructions of Judge Flannagan, returned a ver­
dict for nominal damages (6 cts. under tho laws of Michi­
gan) in favor of M r. Roosevelt. The Appellate Division of
the N . Y . Supreme Court M a y 16 set aside the conviction
the previous November of Charles H . Hyde, former City
Chamberlain of N . Y . C ity, on the charge of having accepted
a bribe as a public officer. Stato Senator Stephen J. Stilwoll
was on M a y 24 found guilty of bribery in tho criminal branch
of the N . Y . Supreme Court and on M a y 28 was sentenced
to not less than 4 years nor more than 8 years in Sing Sing.
The trial grew out of the charge of attempted extortion made
against him by George H . Kendall, President of the N . Y .
Bank Noto C o ., who testified that $3,500 had been demanded
by Stilwell to insure a favorable report by the Senate and
Assembly Codes Committees on tho bill designed to prevent
tho N . Y . Stock Exchange from discriminating against M r.
Kendall’s company by refusing to approve securities engraved
by it. The State Senate had acquitted him of the charge on
April 15 by a voto of 28 to 21. The bill compelling tho in­
corporation of the N . Y . Stock Exchange was killed at Albany
by an adverse report of the Senate Judiciary Committee aftor it
had passed the Assembly the previous March. On the other
hand, the bill designed to prohibit the Stock Exchange from
preventing its members from dealing with members of other
exchanges (the Consolidated Stock Exchango being particu­
larly in mind) became a law. W o have already roferred
under April to the passage of the bill providing penalties
for tho manipulation of securities. Several other laws wore
passed for the regulation of dealings, one having reference to
tho publishing of fictitious transactions in securities and
making it a folony to report as a purchase or sale of stock,
bonds, & c., transactions in which there is no actual change
of ownership. Another makes it a felony to indulge in false
representations concerning securities— that is, to issue or pub­
lish any statement or advertisement as to securities or as to
the financial condition of any corporation, company or asso­
ciation which has issued or is issuing or is about to issue
stocks, bonds or other evidences of debt; another law for­
bids trading by brokers against customers’ orders; another
requires tho delivery to customers of memoranda of transac­
tions by brokers requiring the broker to state from whom the
security was bought or to whom it was sold and the day and
tho hours between which the transaction took place, and
still another law makes it a felony for a brokor to recoivo
orders from customers after he is insolvent and forbids brok­
ers from hypothecating the securities hold for customers for
more than the amount due thereon without the customer’s
consent. All these laws were printed in tho “ Chronicle”
of M a y 24, p. 1461, and Sept. 27, p. 848 and 849.
Railroad Events and Stock Exchange Matters.— Further de­
clines in prices occurred, but mostly in special stocks. On
May|l[there£was[ah important upward reaction and it seemed




V o l . X CVIII.

as if the long downward movement had come to an end.
Then the market became very dull and prices for a time
fluctuated over a narrow range. But certain stocks, like
N . Y . Cent, and N . Y . N . H . & H ., declined to the lowest
figures reached in recent years up to that time. Tariff
legislation and the utterances of Secretary of Commerce
Redfield, Congressman Underwood and others, threatening
wholesale investigation into the question of businoss profits,
were considered as involving serious possibilities of Govern­
ment interference with the course of trade. The latter part
of the month the St. L . & San Fran, receivership exerted a
distinctly depressing effect. Can. Pac. declined heavily on
extensive liquidation for European account, but the lowpriced specialties seemed to bo in special disfavor. Brooklyn
Rap. Tran, was one of the exceptions to the rule and reached
its highest figure of the year under the increase in the quart,
div. from 1)4 to 1 % % .
Can. Pac. rose from 236 M a y 1 to
24 3)4 M a y 6, sold down to x 2 2 5 % M a y 29, closing tho same
day at 2 2 7 )4 ; Reading com. was 157)4 M a y 1, 163 M a y 24
and closed M a y 29 at 16 0% ; M il. & St. P. com. was 105)4
M a y 1, 1 0 8 % M a y 26 and closed at 107 bid; Un. Pac. was
1 4 6 % M a y 1, 1 5 5 % M a y 26 and closed at x l4 8 % ; So. Pac.,
after declining from 9 6 % M a y 1, to 9 3 % M a y 7, advanced
to 9 9 % M a y 24 and closed at 9 5 % ; N . Y . Cent, from 1 0 2 %
M a y 5 declined to 9 8 % M a y 12 and closed at 9 9 % ; Penn,
sold down from 1 1 4 % M a y 3 to x l0 9 % M a y 28 and closed
at 1 0 9 % ; Steel Corp. com. was 5 8 % M a y 1, 6 1 % M a y 5 and
closed at 6 0 % ; Am al. Cop. was 7 0 % M a y 1, 7 5 % M a y 8
and closed at 7 3 % M a y 29; Kuhn, Loob & Co. offered at 98
$5,000,000 equip, trust 4 % s of the So. Pac. C o.; bankers
offered $4,410,000 5 % equip, notes of the Chic. R. I. & Pac.
Tho M . Rumoly Co. passed the div on its pref. shares. NilesBement-Pond Co. omitted the div. on com. Tho Quincy
Coppor Mining Co. reduced its quar. div. from $1 50 por
share to $1 25 (5 % ) . H ock. Val. R y. declared 4 % % extra
in addition to the regular 1 % quar. Interb. Rap. Tran.
Co. declared 2 % extra.
The Money Market.— M oney was slightly firmer towards
the close of M a y , the fact being reflected mainly, however, in
fractionally higher rates for time loans for the longer maturi­
ties. The range for call loans during the month was 2 @ 3 ,
time loans at the close were 3 % @ 4 for 60 days, 3 % @ 4 for
90 days, 4 © 4 % for 4 m os., 4 % @ 4 % for 5 mos. and 4 % @ 5
for 6 mos. Paper was 5 % @ 5 % for choice double-names and
prime single names; good single names wero 5 % @ 6 . Money
holdings of the Clearing-House banks and trust companies
were $424,621,000 M a y 31, against $416,958,000 M a y 3 and
surplus cash reserves $27,208,500, against $15,955,650. Loans
were $1,915,355,000, against $1,938,551,000 and deposits
$1,763,928,000, against $1,778,415,000. Money holdings
of the State banks and trust companies not in the Clearing
House were $74,452,000, against $73,229,500 and loans
$567,190,000, against $568,023,300.
Foreign Exchange, Silver, &c.— Gold exports to France were
renewed on a large scale, notwithstanding current rates of
exchange did not justify the operation and in face for part
of tho time of a continued decline in exchange; $6,000,000
gold was taken for Franco in the week ending M a y 10,
$4,000,000 in the week ending M a y 17 and another $2,000,­
000 in the following week, making $12,000,000 for the month.
Sight bills were highest M a y 2 at 4 8 6 7 0 @ 4 8680, from which
there was a decline to 4 8595 @ 4 8605 M a y 12. Open mar­
ket discounts at this time wore easier abroad and the bills
offered against the gold exports also had a weakening effect.
After the 12th, exchange again advanced, discounts abroad
becoming firm once more and tension being manifost at
Berlin. On M a y 31 sight bills were quoted at 4 8 6 4 5 @
4 8655. Open market discounts at the close wore 3 % for
both short and long bills at London, 3 % at Paris, whilo at
Berlin the rate was 5 % @ 5 % . Silver in London was irregular,
fluctuating between 28 3-16d. and 2 7 % d ., which latter was
the price M a y 31.
J U N E .— Current Events.— Unfavorable events came in
quick succession during .June. Wednesday morning, Juno 4,
the daily papers reported that Attornoy-Genoral McReynolds
was dissatisfied with the results of the dissolution plan of the
American Tobacco C o ., as carried out during the previous
administration, and had rocommendod a graduated internal
revenue tax with the view to giving the independent tobacco
manufacturers a chance to compote with their largo rival.
He was .quoted as having said that ho had always regarded the
final decree dissolving tho Tobacco “ Trust” as an “ obvious
subterfuge and a miscarriage of justice,” and it appearod to
him that, in suggesting a graduated excise tax, in addition to
all other existing internal revenue taxes, on manufactures of
tobacco, cigars, cigarettes and snuff, ho was recommending
precisely the remedy best adapted to meot tho onds desired.
The next day, Juno 5, Senator Hitchcock of Nebraska in­
troduced an amendment to the pending tariff bill, which, it
was stated, was intended to carry out the suggestions of tho
Attorney-General, and would have tho effect, not only of
raising additional rovenuo from the “ overgrown” tobacco
concerns, but would so handicap them as to permit successful
competition from outside concerns. The rate of the tax was
to be increased so fast on amounts above certain aggregates
of production as to be absolutely prohibitory for the excess.
It was difficult to comprehend the logic of this, inasmuch as
tho Administration was urging the lowering or abolition of
tariff duties with the view, as claimed, of promoting effi­
ciency in manufacturing, while now it was proposed, in of-

J a n . 3 1914.]

THE CHRONICLE

feet, to tax efficiency. The plan met with such general dis­
approval that it was quickly disavowed by the Administra­
tion. The following Monday (Juno 9) tho U . S. Supreme
Court handed down the long-awaited decision in the Minne­
sota rate cases. When the purport of these decisions became
known, which was not until after tho Stock Exchange had
closed for tho day, a feeling of consternation developed in
railroad and financial circles. Tho succeeding two days tho
stock market experienced such a slump in values as has hap­
pened on only rare occasions in the history of tho Exchange.
A wholly exaggerated importance was given to tho decisions;
confidence had been so soriously disturbed, as a result of
a long serios of blows, that the investment and financial
world for tho moment took cognizance of only one thing,
namely that the railroads had suffered still another defeat
as a time when the carrying industry Avas already in a very
precarious condition. As a matter of fact, the Court laid
doAvn no iioav rules and enunciated no new principles. The
only point at issue Avas the right of a State to regidate rates
on traffic moving Avholly Avithin State borders. That right
had ahvays been upheld and Avas again upheld. The facts
of tho case Avere that back in 1906-07 freight rates in Minne­
sota were largely and generally loAvered by legislative act,
and by ordor of tho Railroad Commission, and passenger
rates Avere reduced from a maximum of 3 cents a mile to 2
cents. Stockholders of the Northern Pacific R y. and tho
Great Northern R y. brought suit to enjoin the adoption of
these loAver rates. It Avas contended that these State rates
if put in effect would involve a complete readjustment of
inter-Stato rates, and that, therefore, thoy must be held un­
constitutional, inasmuch as tho regulation of inter-State
commerce rests ontirely Avith Congress. In the U. S. Circuit
Court, Avhore tho issues Avero tried, Judge Sanborn, after
referring the matters to a special master, avIio made an
extended investigation into the facts, held that tho rates
were a burden upon and interfered with inter-State
commerce, and that tho action of tho State Avas in con­
flict Avith tho provisions of tho inter-State commerce laAV. Tho
U . S. Supremo Court by an absolutely unanimous decision re­
fused to sustain this vieAv. Judgo Sanborn had also hold that
tho rates Avere confiscatory. Tho Supremo Court assertod
that this Avas the only ground on which tho rates could be set
asido at all and refused to sustain Judge Sanborn’s judgment
oven in that regard except in tho case of tho M inn. & St. L.
R R . Justice Hughes, in expressing the unanimous vieAv of
the Supremo Court, said: “ Tho authority of tho State to pro­
scribe Avhat shall be reasonable charges of common carriers for
intra-Stato transportation, unless it bo limited by tho oxertion
of tho Constitutional poAver of Congress, is State-wide. As a
poAvor appropriate to tho territorial jurisdiction of tho Stato,
it is not confined to a part of the Stato, but extends through­
out tho Stato to its cities adjacent to its boundaries as well as
to those in the interior of the Stato.” IIo referred to tho fact
that in tho contests that had beon Avagod over State Iuavs dur­
ing the last 25 years, tho question of interference Avith inter­
state commerce in tho establishment of State-Avido ratos for
intra-Stato traffic had seldom been raised, and said this fact
itsolf attested the common conception of tho scopo of Stato
authority. And, furthermore, that “ tho decisions recogniz­
ing and defining tho Stato poAver Avholly refute tho contention
that tho making of such ratos either constitutes a direct burden
upon inter-State commerce or is repugnant to the Federal
statute.” In prescribing rates, hoAvever, a Stato must always
observe the requirement that tho rates are just and reasonable
and properly compensatory. In tho present instance the
Court found that as far as the M inn. & St. L . Avas concerned,
tho facts clearly showed that tho rates did not yield proper
compensation, and, accordingly, could not be upheld.
In tho
case of the Great Northern R y ., hoAvever, and tho N or. Pac.
R y ., tho Court refused to accept tho master’s valuation of tho
respective properties of the tA O roads, deeming these valua­
V
tions greatly inflated, and also found data lacking going to
s Iioav convincingly the cost of intra-Stato transportation as
distinguished from inter-Stato transportation. It Avas held
that tho burden of proof to s Iioav that tho prescribed rates are
not compensatory is upon tho carriers, and tho carriers, hav­
ing failed to establish to tho satisfaction of tho Court that tho
rates do not yield a proper roturn, the Court Avill not tako it
for granted that they aro vulnerable in that respect, as to such
carriers. Tho Minnesota decision ombraced only three cases.
Tho folloAving Monday (June 16) tho Supremo Court an­
nounced its conclusions in no less than 22 cases, 17 of which
came from Missouri. Thoy were all controlled by tho rules
laid doAvn in tho Minnesota cases;—that is, tho Court declared
it Avould not set asido or declare invalid ratos prescribed by a
Stato for traffic moved Avithin its borders if no objections
could bo urged, save that, indirectly, such ratos might operate
to disturb ratos on inter-Stato traffic. Tho Stato Iuavs of M o .,
Ore., Ark. and W est Va. Avere all upheld, oxcopt that in M o .,
in the caso of a fcAv minor roads, it Avas found tho application
of tho rates assailed would result in confiscation, and accord­
ingly tho rates Avere enjoined as to these roads, it being oxpressly provided, hoAvever, that tho Stato might at any timo
apply to tho Court for a noAV decroo Avhenovor it should appear
that, by reason of a change in conditions, tho rates proscribed
by tho State Avero iioav sufficient to yield reasonable compen­
sation for tho services rendered. Another ad verso develop­
ment Avas tho denial by the Commorco Commission of tho re­
quest of tho roads in Official Classification Territory to re­
open tho caso of tho Eastern roads for an increase in freight
rates. This occurred on June 21. The Commission an­




27

nounced, however, that in due course it Avould institute an in­
vestigation of its own into the sufficiency of current rates.
One event which had the effect of improving sentiment in fi­
nancial circles was the action of the Secy, of the Treasury in
announcing that ho Avas prepared to issue emergency currency
under the Aldrich-Vreeland Act of 1908 up to tho legal limit,
namely $500,000,000. The Secretary’s announcement was
simply that he “ would not hesitate to issue emergency curren­
cy to any bank making application and qualifying under
the A c t.” N o one supposed that there Avas the least likeli­
hood that any of this emergency currency would be applied
for and the prevailing ease in the money market showed that
there was not the slightest need for it, but the announcement
had been Avholly unlooked for and it appeared in the daily
papers Thursday morning, June 12, when the stock market
the preceding tAvo days had been in a state of utter demorali­
zation as a result of the Supremo Court decisions adverse
to tho railroads in the Minnesota rate cases. It happened
that tho daily papers tho same morning also contained the
announcement that the National City Bank had determined
to abandon its policy of not loaning on call at less than 3 % .
The combined effect of the tAvo events Avas to bring about
a marked upward reaction in prices on the Stock Exchange.
Nevertheless, the difficulty of floating neAv loans continued.
Both N oav York State and Tennessee had to resort to short­
term issues. The New York State offering consisted of
$27,000,000 notes dated Juno 10 and maturing in Feb. 1914.
The loan was oversubscribed, but the interest basis was
4 .8 7 % . Tennessee failed on June 17 to place $11,458,000
4 % 40-year refunding bonds, and as it had $9,222,000 of 3s
maturing July 1 1913, tho State authorities got legislative
permission and issued $9,401,000 5 % 1-yr. notes to take up
the old bonds. These notes Avere sold at 98.10, making the
cost of the money about 7 % . Including the $11,458,000
Tennessee bonds, about 2 5 % millions of municipal bonds
failed to sell in Juno; in M a y tho bonds offered without suc­
cess aggregated $19,000,000, in April $18,000,000 and in
March $15,500,000. The general trade situation became
steadily less favorable. In the copper trade, Avhile the gen­
eral statistical situation continued quite satisfactory, prices
declined 1 cent a pound, tho quotation for Lake copper at
tho end of the month standing at 1 4 % cts, for electrolytic
copper at 1 4 % cts., against 1 5 % cts. and 15.60 cts. respec­
tively at tho close of M a y . Crop conditions in the United
States became unfavorable. From 11.80c. M ay 29 middling
upland cotton in this market advanced to 12.50 cts., with the
closo Juno 30 12.40 cts. Grain prices also moved higher.
Tho Government report on Avinter Avheat issued Juno 9 made
tho average June 1 only 83 .5, as against 91.9 on M a y 1.
All through June there Avero complaints of dry Aveather and
tho last ten days extremely high temperatures Avere also
registered all through the Central and Western sections of
tho country, the thermometer even at Chicago ruling close
to 100 degrees for several days. September Avheat at Chi­
cago after declining from 92 Juno 2 to 89 June 10, then rising
to 9 3 % Juno 16, declined again and closed at 90 cts. June 30.
Sept, corn in Chicago rose from 58 cts. Juno 2 to 6 4 % cts.
Juno 17 and closed at 6 2 % cts. The extremes for Sept, oats
at Chicago Avere 3 7 % cts. June 5 and 4 3 % cts. June 19, with
the closo 4 2 % cts. National bank circulation secured by
bonds increased from $733,754,815 M a y 31 to $737,065,050
Juno 30. Government money holdings in Sub-Treasuries
decreased from $353,612,436 to $351,176,444, but G ovt, cash
in national banks increased from $52,314,252 to $79,749,299.
Those engaged in draAving up a banking and currency reform
bill in conjunction Avith President W ilson, namely Senator
Robert L. OAven, Chairman of tho Senate Banking and
Currency Committee, Congressman Glass, Chairman of the
House Committee on Banking and Currency, and Secretary
of tho Treasury M eAdoo, finally reached an agreement upon
tho provisions of the measure and it Avas introduced as the
Administration Bill in both Houses of Congress on Thursday,
Juno 26. In anticipation of its introduction, tho President
delivered a Message on the subject to Congress on M onday,
Juno 23. Ho read it in person. A complete draft of the bill
had beon prematurely published tho previous Thursday,
Juno 19, but it Avas then denied that this Avas authentic or
correct, and to allay misapprehensions Representative Glass
furnished a general outline of the main features of the bill
that night, some features of Avliich, hoAvever, Avero further
changed tho folloAving Aveek. Secretary of State Bryan, who
Avas held responsible for some of tho main provisions of the
measure, spoke enthusiastically of it as ending banking con­
trol and placing control Avith the people— that is the Govern­
ment acting for tho people. But the bill Avas not at all
favorably received. As indicating the motives of those Avho
framed it, Senator Owen, who hails from Oklahoma, in a
speech made before the Virginia Bankers’ Association at
Old Point Comfort said: “ The time has come in this country
Avlien tho big banks of NeAv York, Chicago, Boston and
Philadelphia shall get out of the governing business. When
a foA men control tho credits of this country and can place
V
their OAvn hands on your reserves, speculate with them on
tho N oav York Stock Exchange, exploit issues which are
ultimately proved to be rotten and Avliich are used as a
sponge Avith Avliich to steal from the producing elements of the
nation vast amounts of property, then it is time for the
Government to tako control.” Another depressing influence
Avas tho difficulty experienced in effecting a dissolution of the
merger of the Union Pacific and tho Southern Pacific. The
previous tAvo plans having failed of acceptance a third plan

38

THE CHRONICLE

[VOL. XCVIll.

was offered and after Attorney-General McReynolds and another period of five years her arbitration treaty with the
President Wilson had given their approval, was definitely United States, which was to expire in August. A contract for
ratified on Juno 30 by Judges Walter H . Sanborn, William C . a Mexican G ovt, loan underwritten by an international syndi­
H ook and Walter I . Smith, sitting as the District Court of cate of bankers, of which J. P. Morgan & Co. and Kuhn, Loeb
the United States for the District of Utah. The date for & Co. were the New York representatives, was entered into.
action would have expired on July 1. Under the plan The loan was in 6 % 10-year treasury notes for an authorized
$38,292,400 of So. Pac. Co. stock owned by the U n. Pac., amount of £20,000,000, or $97,000,000, with the present issue
through the Oregon Short Line, was exchanged for $42,547,200 only £6,000,000. The bonds were offered at the opening of
of B alt. & Ohio stock, owned by the Pennsylvania R R . This the next month and in London loss than 1 5 % of the portion
gave the U n. Pac. 2 0 .4 % of the outstanding share capital allotted to England was said to have been subscribed for. The
of the B alt. & Ohio and as it previously held 1 8 .2 6 % of the offering of the French portion of tho loan seemed to have met
same stock, its ownership in that property was increased to with considerable success. N o information was furnished as
3 8 .6 6 % . The remaining $88,357,600 of So. Pac. stock held to the subscriptions for the American part of the loan. Tho
was transferred to a trust company and certificates of interest offering price here was 9 2 % . An incident of tho month was
issued against the same. These certificates were then of­ the announcement of tho Belgium Premier in the Senate at
fered to Un. Pac. shareholders, com. and pref., at 92. The Brussels on June 10 that tho Belgium G ovt, intended to raise
holders of the certificates have no voting rights and receive a loan of $56,800,000 for military expenses. This was because
no dividends until the certificates are converted into the of fear that in tho event of war Belgium would again become
underlying So. Pac. stock, such conversion to be made only the battlefield of Europe. The Turkish Grand Vizier, M a d upon affidavit that the applicant is not interested in the Un. muh Skevket Pasha, was shot down and killed by two young
Pac. Foreign affairs also continued to exercise depressing men as ho was proceeding to the Sublime Porte in his motor
influence. In tho early part of the month, when depression car. His aide was also wounded and subsequently died. An
in London was quite as acute as here, in part because of a indictment was returned June 7 in the Federal Court at
fear that a now crisis had arisen in the Balkan regions, the Charleston W . V a ., against John P. W hite, Pres, of tho Uni­
relations between the former Balkan Allios became exceeding­ ted M ine Workers of America, and 17 other national and dis­
ly strained. On Saturday, June 7, King George of Great trict officials of the organization for violation of tho Anti­
Britain entertained the peace delegates at luncheon at Trust Law. The action, however, it was stated, had been
Buckingham Palace and warned them against the peril of taken without tho knowledge of Attorney-General M cR ey ­
nolds. Tho U. S. Supreme Court upheld tho Newspaper Pub­
fresh struggles among themselves, taking occasion to
say that another war would bo a crime against humanity. licity Clause embodied in the Post-Office Appropriation Bill
Only an hour later a'meeting of the peace conference was held. passed tho previous August requiring semi-annual statements
After four hours it broke up, tho sole result having been to from newspapers, magazines and othor periodicals concerning
further embitter the relations between the Allies. A final their ownership, stock and bond holders, editorial manage­
session was held at St. James Palace tho following M onday, ment, &c. Chief Justice W hite, who wrote tho opinion, said
but neithor Bulgaria nor Servia was represented. On Tues­ these requirements could not be looked upon as an exertion
day, June 10, a dispatch from Belgrade announced that actual | of legislative power to regulato the press or to curtail its free­
hostilities had broken out and that a serious encounter had dom, but must be regarded simply as imposing supplemental
occurred between Servian and Bulgarian troops near tho small conditions under which privileges to second-class mail service
town of M akres, to the north of Istip. On Juno 12 tho sit­ may bo enjoyed; that the failuro to comply with this provision
uation was improved by the report that both the Servian and does not bring about exclusion from tho mails generally, but
the Bulgarian governments had agreed to submit their dif­ only prevents participation in second-class mail privileges at
ferences to Russian arbitration. It appeared tho next month reduced rates. Tho U . S. G ovt, on Juno 9, in the U. S. Dis­
that Russian intervention had not been successful in pre­ trict Court at Buffalo, began a suit under the Shorman Anti­
venting actual conflict. A t the opening of the month con­ Trust Law against the Eastman Kodak Cos. of N . J. and N . Y .,
ditions on the London Stock Exchange and the Continental and against Geo. Eastman and othor parties interested in the
bourses were disorganized and liquidation was active and same, demanding dissolution of the alleged monopoly in photo­
persistent. Vague rumors were then also current of dis­ graphic supplies. It was charged that tho two companies
sensions among important groups of London bankers. On controlled 7 2 % of tho business in tho U . S. and that the Gen.
June 5 an important confidential meeting of international Paper Co. of Germany, the greatest producer of raw photo­
bankers was held, at which it was decided, according to Lon­ graphic paper in the world, sold raw paper in the U . S. at a
don press cables, that the dissensions must cease at once. It discount to the Eastman Cos. and refused to supply any other
was also stated that terms had been arranged whereby fu­ manufacturer or dealer in this country. Tho Assistant A t­
ture maturities would be met by powerful firms, but that no torney-General on June 11 announced that tho companies in
new issues not absolutely imperative were to be made for their answer would agree to all demands except that of disso­
the time being. In the French market conditions also re­ lution. In particular it was stated they would abandon their
mained strained, notwithstanding that a meeting had been terms of sale whereby dealers handling their goods wero not
held the previous week at which it was decided to support tho allowed to handle any other and also that the rotailer could
market. These efforts, however, did not prove entirely ef­ sell the Eastman goods at any price ho might wish instead of
fective, for on June 1 1 a sensational break occurred in the at a price fixed by the Eastman peoplo. On Juno 11 tho Gov­
prices of Russian industrial securities. Subscriptions to ernment filed a suit in the Federal Court in Chicago against
two new German loans on Juno 12 proved very disappoint­ tho Quaker Oats C o., tho Great Western Cereal Co. and 10
ing, an issue of $12,500,000 Imperial German 4s being sub­ individuals, claiming that a combination oxisted for controlling
scribed to tho extent of only 8 0 % and an issue of $35,000,000 9 0 % of tho oatmeal products and by-products of tho U . S.
Prussian 4s to the extent of but 4 0 % . Both wero offered at Tho U . S. Supreme Court in a suit against tho Adams Express
97.9 and at 97.7 for bills not negotiable until Apr. 15 1914. Co. held that express companies are subject to tho Inter-State’
In Berlin a number of banking failures occurred, one of them Commerce Law, even though they bo joint associations and
a house which had dealt extensively in Canadian Pacific and not corporations. In a case against tho Omaha & Council
other American securities in London. Owing to tho non­ Bluffs R y. & Bridge Co. tho U . S. Supremo Court, reversing
success of the German Government loans and a continued tho decision of the U. S. Commerce Court, hold that tho Inter­
scarcity of funds, tho Prussian Minister of Commerce issued State Commerce Commission has no authority over distinc­
a formal protest to German bankers against the further flota­ tively street railways, and therefore was without powor to
tion of foreign loans in tho German market under the pre­ make a reduction of tho faro from Council Bluffs, la ., to
vailing conditions. Ho notified tho banks interested in Omaha, N eb ., from 15c. to 10c. Justice Lamar who wrote
financing new loans for tho National Rys. of Mexico and tho the opinion, said: “ When theso (street) railroads carry pas­
Mexican G ovt, that theso could not bo listed on tho Bourse. sengers across a Stato lino thoy are, of course, engaged in
All through the month Germany continued to tako consid­ intor-State commerce, but not tho commerco which Congress
erable amounts of gold in London with a view to being pre­ had in mind when legislating in 1887. Streot railroads trans­
pared for the half-yearly settlements on Juno 30, and the port passengers from stroet to street, from ward to ward, from
latter part of tho month, when it appeared that this task city to suburbs, but tho commerce to which Congross referred
had been satisfactorily accomplished, the tone of tho foreign was that carried on by railroads engaged in handling passen­
markets was considerably improved, notwithstanding mul­ gers and freight ‘between States,’ ‘botween States and Terri­
tiplying evidences of renewed rupture in tho relations be­ tories,’ and ‘between tho U . S. and foreign countries.’ ”
tween Bulgaria on tho one side and Servia and Greece on tho William M . W ood, President of the American Woolen C o .,
other. On Juno 19 Bulgaria delivered a voluminous note was on June 7 acquitted by a jury of tho charge of having
to the Servian Government, practically declining tho lat­ conspired to “ plant” dynamito in January 1912 during the
ter’s request for a revision of tho antebellum treaty which Lawrence mill strike, for tho purpose, as alleged, of throwing
had been entered into by tho Allies. On Juno 25 cable dis­ discredit upon the men engaged in tho prolonged strike at
patches assorted that a serious engagement, lasting from 1 thoso mills. The jury declared M r. Wood “ not guilty” on
o’clock in tho morning until 6 in tho evoning of that day, all six of tho counts against him. In tho case of the other
had taken place in Northwest Macedonia botween Servian two persons who were tried with him, tho jury was unable
and Bulgarian troops. Viscount Chinda, Japanese Ambassa­ to agree on the fivo counts against Fred. E . Attoaux, a dealer
dor, presented to our Government early in tho month Ja­ in dye stuffs and chemicals, but found Donnis J. Collins,
pan’s counter response to tho answer of our Government to who had turned State’s ovidneco, guilty on two counts and
tho Japanese protest against tho California Alien Land Law. not guilty on four. Cortain special dovolopments sorvod to
In his call upon President Wilson, Viscount Chinda oxor- give a now turn to tho so-called Lobby inquiry instituted
cised his prerogative in appearing as “ tho other self” of his at the close of M a y , following President Wilson’s chargospf
sovereign. As that is a privilege seldom exercised, tho act the existence of an “ insidious” lobby at Washington to influ­
was interpreted as indicating the importance that tho Japan­ ence legislation. Theso now dovolopments had tho offect of
ese Ambassador attached to the answer of tho Japanese Gov­ broadening and greatly extending tho scopo of tho investiga­
ernment. Later in tho month tho Japanese Ambassador ad­ tion. One of these grew out of the offort to dispose of tho
vised Secretary Bryan that Japan was willing to ronow for Union Pacific’s holdings of Southern Pacific stock. On




J a n . 3 1914.J

THE CHRONICLE

June 17 Robert S. Lovett, Chairman of the Executive Com­
mittee of the Union Pacific, stated publicly that he and his
associates had been approached by emissaries claiming to be
ablo to exert great influence ovor Congress and public officials
in connection with the dissolution suit. The Senate the
next day adopted a resolution directing the issuance of a
subpoena for the appearance of M r. Lovett and the making
of an inquiry into the charges. Judge Lovett testified on
June 25 that the previous December, shortly after the Union
Pacific decision, ho had received a telephono message from
someono representing himself falsely as Congressman Itiordan
and was told in substance that as a good deal of difficulty
would be encountered in Washington in carrying out the
plans for conforming to the dissolution decree, it might be
well for tho Union Pacifc to employ a certain lawyer, namely
Edward Lauterbach. M r. Lovett having terminated tho
interview abruptly, Otto H . Kahn was subsequently ap­
proached on behalf of the same individual, and similar] over­
tures were made to various other persons connected directly
or indirectly with tho Union Pacific and Southern Pacific.
Whon M r. Lauterbach testified, it appeared that a Wall
Streot operator, David Lamar, by name, had been engaged
to reinstate M r. Lauterbach in the good graces of leading
financial interests. Lamar’s testimony early the next
month (July 2) was startling. He not only admitted im­
personating Congressman Riordan and Representative
Palmer in telephone conversations with Union Pacific inter­
ests, but declared that he had drafted the resolution calling
for tho investigation of tho so-called “ Steel Trust” . He
asserted that Representative Stanley “ didn’t oven know of
tho resolution until it was handed to him” . Ho said ho had
given tho resolution to Henry B . Martin, Secretary of the
American Anti-Trust League, who brought about its intro­
duction. To help his friend, M r. Lauterbach, Lamar stated
ho had usod tho names of various other persons. Henry B .
Martin, tho Secretary of tho American Anti-Trust League,
was a witness July 3 and also stated that Lamar had drafted
tho Steel Trust resolution, saying that final agreement be­
tween thorn as to its form had beon dolayed somo time before
its introduction. Representative Stanley on his part was
emphatic in saying that neither M r. Martin, nor anyone olso,
had anything to do with the Steel resolutions more than
furnishing data on which they were based. In rising to a
uestion of personal privilege in tho House on July 12 M r.
tanloy repeated his denial, saying among other things:
“ Martin offered mo quite an amount of information. Ho
brought in a balo of it. Ho may have brought mo in a dozen
resolutions. All I know is that ho brought me no resolution
that I introduced.” Martin, who testified on July 3, made
many other sensational statements. While many of his
allegations woro vague and indefinite, he claimed to have
presented to tho Secretary of the N avy evidences of frauds
in armor-plato contracts; to have given information to other
Government officials regarding violations of the law by the
“ Railroad Trust” , the “ Coal Trust” , tho “ Steel Trust” , tho
“ Harvester Trust” and the “ Elevator Trust” . He also
claimed to have been active in preparing resolutions for tho
“ Monoy Trust” and “ Steel Trust” investigations. Ho
claimed , too, to have framed sovoral important labor bills.
. Anothor ovont which served to add to and oxtend tho Lobby
inquiries wero allegations printed in the Now York “ W orld”
towards tho end of tho month by “ Col’ .’ Martin M . M u lhall of Baltimore, that a Lobby staff had boon maintained
at Washington by tho National Association of Manufacturers.
Mulhall, who had formerly boon in the employ of tho Asso­
ciation, sought to make it appear that tho Association had
resorted to devious and underhand mothods in promoting
tariff, labor and general business legislation favored by it. He
named many present and formor Congressmen and Senators
as having been influenced in one way or another through tho
Association, but one and all denied tho charge. Ho allegod
that tho Association had been active in politics and named
many labor loaders as having boon in its pay. All his asser­
tions, however, met with genoral and sweoping denials.
Early tho noxt month the House of Representatives resolved
to make an investigation of tho alleged activities of the
Association, entirely independent of tho Senate inquiry.
Tho Senate Lobby Committee on its part, on July 10, de­
cided to oxtend its inquiry into all tho disputes botwoen labor
and capital during tho previous ten years and into all legis­
lative matters which concerned either.
Railroad Events and Stock Exchange Matters.— Utter de­
moralization prevailed during the first ten days of June.
Tho furthor decline was of such startling proportions that the
markot might havo boen said to have been on the vorge of
panic on soveral occasions. Prices in numorous instances
dropped to tho lowest level since tho panic of 1907 and in a
few cases to oven lower figures than registered at that timo.
Tho markot opened M onday, Juno 2, extremely weak, aftor
having boon closed tho previous Saturday and Friday on
account of tho Momorial Day holidays. A decided fooling
of j 'uneasiness prevailed, ascribablo in no small moasuro to
tho pulic utterances of high Government officials. In
Germany tho now Government loans acted to unsettle tho
Berlin monoy market and caused furthor liquidation of
securities in London on German account, particularly Canad­
ian Pacific. This last opened in our market all the way
down from 219 to 218 % , as against 2 2 7 % at tho close
Thursday, M a y 29. Later in tho weok the recommenda­
tion of Attorney-Gonoral McRoynolds that a graduated
exciso tax bo placed on manufactures of tobacco had an




29

exceedingly disturbing effect on values. On June 9 there
came the U . S. Supreme Court decision in tho Minnesota
rate cases. The slump in prices which followed the next two
days has rarely been equaled.
As it happened, too, the
Boston & Maine passed its dividend June 10, after an un­
broken dividend record of 73 years. On June 12 the morning
papers reported the readiness of the Secretary of the Treas­
ury to issue $500,000,000 of emergency currency should the
occasion require it and the banks apply for it. Before the
market opened that day no one could have felt certain how
this would be received, but there was a large short interest
and the market responded with a sharp upward rebound in
prices. It also became apparent that foreign selling had
been overdone and Can. Pac., which in the break June 11,
had got as low as 2 1 0 % , now sold close to 219. The rest of
the month many stocks made substantial recoveries. The
further State rate decisions by the U . S. Supreme Court the
following M onday, June 16, were without much effect. On
Saturday, June 21, prices again took a downward plunge
on tho news that the Inter-State Commerce Commission had
refused to grant the application of the trunk-line railroads
to open the cases for an advance in rates. This loss in prices,
however, was recovered the following M onday, when it
appeared that the Commission purposed, nevertheless,
making an investigation into the subject in its own way.
The latter part of the month a rise in Un. Pac. shares took
place on evidence that an agreement would bo reached with
the Government for disposing of the U n . P ac.’s holdings of
So. Pac. shares. The copper shares became weak on the
declino in the price of the metal. M il. & St. P . com. from
10 6% June 2 got down to 9 8 % June 10 and closed June 30
1 0 2% ; Reading com ., from 15 9 % June 2, dropped to 1 5 1 %
June 10 and closed at 1 5 7 % ; U . P. from 1 4 7 % June 2 sold
down to 13 7 % June 11, then advanced to 1 4 9 % June 28 and
closed June 30 at 146. So. Pac. from x93 % June 2 dropped to
8 9 % June 11, then touched 96 Juno 25 and closed at 9 3 % .
N . Y . Cent, was 10 0% Juno 14 ; 9 5 % June2 7 ,and closed at
9 6 % ; Penn, from 10 9% June 2 got down to 1 0 6 % June 4
and advanced to 11 1% Juno 30. Steel com. from x 5 8 %
June 2 dropped to 4 9 % June 11 and closed at 5 2 % . Am al.
Cop. from 72 June 2 fell to 6 1 % June 10 and closed at 64.
N at. Rys. of Mexico placed $26,730,000 2-yr. 6 % gold notes,
mainly to provide for $10,000,000 notes due June 1 and $13,­
000,000 duo N ov. 15. Bankers offered $20,000,000 Balt. &
Ohio 1-yr. 5 % secured notes at 9 9 % . Erio sold $5,000,000
equip, trusts. Kuhn, Loeb & Co. offered, to yield 5 % ,
$19,700,000 Penn. R R . equip, trust 4 % s , and also at 99
$20,000,000 1-yr. 5 % notes of So. Pac. Co. National City
Bank purchased and resold, to yield 6 % % , $15,000,000 6 %
8-mos. notes of Consol. Gas Co. of N . Y . Bankers offered
at a price to yield 5 % % $4,410,000 5 % equip, notes of Chic.
R. I. & Pac. The syndicate which tho previous year had
underwritten $9,892,000 collat. tr. 5s of Intern. Agric. Corp.
was dissolved by limitation, the members being obliged to
take $2,950,000 of the bonds; the company omitted the s.-a.
div. on its pref. stock. The syndicate which earlier in 1913
had underwritten $14,000,000 deb. 5s of Amer. Can was
dissolved with 5 3 .6 % of the issue still on hand. It was
reported tho syndicate had paid 95 for tho bonds and had
beon offering them at 9 7 % . The N . Y . Ont. & W . resumed
dividends, declaring 2 % .
Kan. & M ich. R y . declared 1 %
extra besides the regular 2 % s.-a. Va.-C ar. Chom. omitted
tho div. on com. Amer. Zinc, Lead & Smelt. Co. also passed
its div. Empire Steel & Iron C o ., after resuming in Jan.,
decided to pass in July.
The Money Market.— M oney was distinctly lower the latter
half of June. The action of tho Secretary of the Treasury
regarding emergency currency and the National City Bank’s
change of policy in no longer adhering to a minimum of 3 %
for call loans were mainly responsible for this. Call money
at ono timo dropped to 1. Germany had bids in this market,
but did not offer more than 6 % % p.-a. on 30-day “ mark”
loans. Such loans were not considered attractive here,
inasmuch as they threw tho burden of fluctuations in ex­
change upon tho lenders. Time money at tho close was 3 %
@ 3 % for 60 days, 3 % @ 4 for 90 days, 4 % @ 4 % for 4 mos.,
4 % @ 5 % for 5 mos. and 5 % @ 5 % for 6 mos. Commercial
paper was 5 % @ 6 for double names and prime single names
and 6 % @ 6 % for others.
Money holdings of tho ClearingHouso banks and trust companies increased from $424,621,­
000 M a y 31 to $442,862,000 June 21 and woro $441,515,000
June 28. Surplus cash reserves rose from $27,208,500 M ay
31 to $43,809,650 June 21 and wero $35,272,250 June 28.
Loans woro reduced from $1,915,355,000 M a y 31 to $1,­
894,164,000 June 21 and then rose to $1,922,657,000 June28.
Deposits decreased from $1,763,928,000 M ay 31 to $1,­
752,896,000 June 7 and then increased to $1,791,801,000
Juno 28. M oney holdings of the State banks and trust
companies not in the Clearing House fell from $74,452,000
M a y 31 to $73,109,900 June 28 and loans were reduced from
$567,190,000 to $553,814,000.
e
Foreign Exchange, Silver, &c.— Exchange was irregular,
with numerous ups and downs. In the early part of the
month London and the Continent wero quite active sellers
of American securities in New York, adding correspondingly
to the inquiry for remittance. Firm discounts abroad also
mado it attractive to remit. W ith a suspension of foreign
selling of securities, exchange displayed a woaker tendency.
The last half of Juno the customary preparations to remit
for July interest and dividend payments wore an influence
and this brought exchange rates to tho highest figures of the

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month. The last few days, however, with this demand
satisfied and with considerable re-buying here of American
stocks for European account, exchango again eased off.
Bankers’ sight bills advanced from 4 8650 @ 4 8660 June 2
to 4 8675 @ 4 8685 June 5, then declined to 4 8635 @ 4 8660
June 11, then rose again to 4 8685 @ 4 87 June 23 and closed
June 30 at 4 8 6 7 0 @ 4 8680. Open market discounts at
London closed at 4 ^ @ 4 % for short bills and 4 5-16 for long
bills. A t Berlin the open market rate at one time was 5 % ,
with the close 5 ]4,@
5
At Paris the rate remained at 3 %
throughout. Silver in London moved sharply downward,
again, touching 2 6 % d . June 24, with the close June 30
26 15-16d.
J U L Y .— Current Events.— A sharp drop in the price of
U . S. G ovt, bonds proved disturbing. Tho 2 % consols of
1930, which at tho beginning of July were 100 bid, on Satur­
day, July 26, sold down to 95
and very little recovery oc­
curred, $40,000 being sold July 31 at 96. The decline fol­
lowed as a result of the unfavorable view taken of the new
Banking and Currency Bill. In the draft of the bill as sub­
mitted to tho two Houses of Congress the previous month,
it was provided that the 2 % bonds (of which $604,379,350
were held to secure national bank circulation on June 30
1913, in addition to $81,660,000 of Panama 2s of 1936 and
1938) bearing the circulation privilege and deposited as se­
curity for outstanding bank notes, might be exchanged for
3 % bonds without the circulation privilege, payable after
20 years from date of issue, but it was also provided that not
more than 5 % of the bonds on deposit for circulation might
be thus exchanged in any one year, and likewise that in pro­
portion as the outstanding 2s should be exchanged or refunded,
the power of the national banks to issue circulating notes se­
cured by U . S. bonds should cease. N o national bank was
to be entitled to issue circulating notes in excess of the amount
of such notes outstanding at the time of the passago of the
A ct, and no national bank which might reduce its circulation
was to be allowed to regain what it surrendered. These con­
ditions were calculated to take away from the 2 % bonds
their main element of value, and accordingly tho market price
at once began to decline. The sponsors for the bill then
recognized that a mistake had been made, and on July 9
Secretary M cAdoo announced that, after consultation with
Senator Owen and Congressman Glass, respectively Chair­
man of the Banking and Currency committees of the Senate
and House, an amendment to the bill had been agreed upon
so as not to impair the right of the banks to take out circu­
lation against any 2s owned or which might be acquired by
them up to the full amount of their capital as provided by
existing law. The bonds continued to decline nevertheless.
The reason undoubtedly was that it was felt not a few banks
might in any event leave the national banking system, and,
having no further use for their Government 2s, these would
come upon the market. W ith the depreciation in the bonds,
it became a question whether the banks might not be called
upon to put up additional security to make good the defi­
ciency below par. On July 28 the Secretary issued a state­
ment, saying that, “ while the law conferred such discre­
tionary power upon the Comptroller of the Currency, it was
not the intention to require the banks to charge off "the pres­
ent nominal depreciation below par.” But the Secretary
went further, and virtually accused the leading banks in this
city of being engaged in a conspiracy to depress the price of
the bonds. H e said the decline was due, “ not to any im­
pairment of their intrinsic value, but almost wholly to what
appears to be a campaign waged, with every indication of con­
certed action, on the part of a number of influential New York
C ity banks, to cause apprehension and uneasiness about these
bonds in order to help them in their efforts to defeat the
currency bill.” Yet it was palpably evident that the framers
of the proposed law were themselves responsible for the
shrinkage. On July 31 M r. M cAdoo made another unex­
pected move, and this had the effect of bringing a recovery
the next month. Tho Secretary announced that, to facili­
tate the movement of the crops, he would deposit $25,000,000
to $50,000,000 of additional Government cash with the banks
in the W est and in the South. As security for the deposits, the
Secretary stated he would accept primo commercial paper
(approved by the local clearing houses) in addition to U . S.
Government and high-class State, municipal and other bonds.
As Government bonds were to bo accepted at par, bankers
saw in this an attempt to restore the value of U . S. 2s. A
similar purposo was seen in tho condition imposed that only
banks which had taken out at least 4 0 % of their authorized
circulation would be entitled to receive any of these special de­
posits. This made it necessary, of course, for banks whose cir­
culation fell short of 4 0 % to purchase additional G ov’t bonds.
Municipal and other bonds, it was stated, would be accepted
at 7 5 % of their market value and commercial paper at 6 5 %
of its face value. The decision to accept commercial paper
was a decided innovation, as never before had such obliga­
tions been considered permissible as security for deposits.
M r . M cAdoo construed tho provisions of law even moro
liberally than had Leslio M . Shaw, who was tho first Secre­
tary to accept anything but U . S. bonds to secure public
deposits. The Act of March 4 1907 provides that tho
Secretary of the Treasury shall require national banks “ to
give satisfactory security by the deposit of U . S. bonds and
otherwise for tho safekeeping and prompt payment of tho
ublic money deposited with them .” M r. Shaw, when
ecretary, construed the words “ and otherwise” as if they




[Vol.

XCVII1.

read “ or otherwise” and thus derived authority for accepting
State and municipal bonds. Secretary M cAdoo, evidently
adopting the same interpretation, proceeded a step further
and found warrant for accepting commercial paper. M any
crude suggestions for amending the Banking and Currency
Bill were submitted in the consideration of tho measure by
the Democratic members of the Banking and Currency
Committeo of the House. Some of these were voted down
in committee, but others had to be taken up with the Presi­
dent in the effort to reconcile the differences between the
radicals and a still more extreme faction. The chief expon­
ents of the extreme wing were Congressmen Ragsdale and
W ingo. On July 22d a proposal of Representative Rags­
dale making cotton warehouse receipts re-discountable in
the Federal reserve banks was rejected by a vote of 9 to 4.
So much friction developed, however, between the two wings
that repeated conferences with President Wilson wore found
necessary in the endeavor to smooth out tho differences.
On July 24 what was practically a substitute for the Adminis­
tration Bill and embodying the ideas of tho extreme wing,
including Representatives Henry and Ragsdale, was pre­
sented in the House by M r . Ragsdale. It was prepared by
Congressman Henry and provided for the issuance of cur­
rency on warehouse receipts for cotton, corn and wheat.
Representative Henry was quoted as saying that, “ after
sincere and most exhaustive study, I am brought to tho
deliberate conclusion that the bill as now written is wholly
in tho interests of the creditor classes, tho banking fraternity
and the commercial world, without proper provision for the
debtor classes and those who toil and produce and sustain
the country.” Ho proposed to increase the Fedoral Reserve
Board from 7 to 9 members so as to make room for a repre­
sentative of labor and a representative of agriculture, and to
have $300,000,000 of “ commercial currency” , $200,000,000
of “ industrial currency” and $200,000,000 of “ agricultural
currency” . Tho President’s plan appeared to be to induce
the insurgent element to agree to bring up their propositions
for consideration as separate pieces of legislation at the
regular session of Congress in December. Congressman
Henry kept urging a renewal of the “ money trust” investiga­
tion, which had terminated with the expiration of tho old
Congress on March 4. After Secretary M cA doo’s accusation
of an attempt to depress Government bonds, M r. Henry
returned to the subject and declared it was now the impera­
tive duty of Congress to resume the “ money trust” inquiry
and investigate tho charges mado by M r. M cAdoo. On
July 30 still another step was taken when Senator James
Hamilton Lewis of Illinois introduced a resolution authorizing
the Secretary of the Treasury to withdraw tho Government
deposits and to cancel the charters of national banks which
might be found guilty of the offenses charged by M r. M e
Adoo. It was eventually agreed to let a caucus of the Demo­
crats of the whole House of Representatives pass upon the
bill the next month and decide matters in dispute. One
important amendment agreed upon by the Democrats of the
Banking and Currency Committee provided for the appoint­
ment of an Advisory Council of Bankers. This was to meet
tho criticism that the Federal Reserve Board would bo a
political body and wholly without qualification to regulate
banking affairs. The Tariff Bill was reported to the SenateJuly 11, after the Democratic caucus of the Senate and the
majority members of the Finance Committeo had completed
their labors on tho samo. It contained the amendment
of Senator Clarke of Arkansas levying a tax of one-tenth of
a cent per pound on dealings in contracts for the futuro
delivery of cotton and the fear that this amendment might
be retained in tho bill occasioned no little anxiety. Another
unfavorable event of tho month was tho suspension on July 7
of the newly-consolidated First-Second N at. Bank of Pitts­
burgh, controlled by the well-known banking firm of
J. S. & W . S. Kuhn, Inc.
The bank had a capital of
$3,400,000, surplus and profits of $1,900,000 and de­
posits of over $30,000,000, and took rank as the second
largest bank in Pittsburgh.
Receivers wero at the
samo timo appointed for J. S. & W . S. Kuhn, Inc.,
in order to conserve the interests of tho firm, and likowise
for the American Water Works & Guarantee C o ., in which the
firm was so largely interested. The suspension of tho FirstSecond National brought about the temporary closing, as a
precautionary measure, of the First National Bank of M c ­
Keesport, P a., of which James S. Kuhn was President. The
latter gave up his connection with the institution on its fail­
ure, and the bank reopened July 15 with new officials in
control. The possibility of a strike of the conductors and
trainmen on Eastern railroads, which appeared imminent at
the close of the previous month, was averted. A t a meeting
in New York on Sunday, July 13, tho General Committee
of 1,000, representing the Brotherhood of Railroad Train­
men and the Order of Railway Conductors, ratified the strike
order, which had been authorized at a referendum vote of
the 80,000 to 100,000 trainmen and conductors involved.
The date for the strike was left open pending the outcome of
a conference which President Wilson had called for tho'next
day at the White House. The conference was attended not
only by the presidents of the different railroads, and the rep­
resentatives of the two railway brotherhoods, but also by
Secretary Wilson of the Department of Labor, by Senators
Newlands and Kern and by Congressmen Clayton and M ann.
In order to avert a strike, tho President, together with the
Congressional representatives present, promised to have tho
> Erdman Arbitration Law amended inside of 24 hours. The

J a n . 3 1914.]

THE CHRONICLE

31

promise was faithfully carried out, aud tho President was* treaty, nor did it suggest any solution of the difficulty.
ablo to attach his signature early in tho evening of the next. Secretary of State Bryan submitted to the Senate Foreigh
day— Tuesday, July 15. The law provides for arbitration Relations Committee the outlines of a treaty proposing a virboards of 6 as well as of 3, so that ultimate decision need no' tual protectorate over Nicaragua. The plan in its general
longer depend on tho vote of a singlo individual. The law scope was similar to that imposed on Cuba by the Platt
also creates tho U . S. Board of Mediation and Conciliation, Amendment, after that country was freed from Spanish
composed of a Commissioner of Mediation and Conciliation, domination following the Spanish-American W ar. It was
having a tenure of office of 7 years, together with not morei proposed: (1) That war should not be declared without the
than two other officials of tho Government to bo appointed consent of tho United States. (2) That no treaties would be
by the President. Where this board is unable to induce made with foreign governments that would tend to destroy
tho disputants to agree, tho controversy is referred to the Nicaraguan independence, or that would give those govern­
arbitration boards. In the case of a board of 3 ,tho employ­ ments a foothold in the republic. (3) That no public debt
ers and tho employees each name one arbitrator and these would be contracted beyond the ordinary resources of the
two select the third member, providing they can agree; Government, as indicated by the ordinary revenues. (4)
otherwise, tho selection is made by tho Board of Mediation That the United States should have the right to intervene
and Conciliation. In tho case of a board of 0, the employ­ at any time to preserve Nicaraguan independence, or to pro­
ers and the employees each name two and these four select tect life or property. (5) That the United States should have
tho other two, but failing an agreement, tho appointment is tho exclusive right to build a canal across Nicaragua, and
mado by tho Mediation Board. President Wilson acted should have a 99-year lease to a naval base in the Bay of
very promptly and nominated William L. Chambers to bo Fonseca and to the Great Corn and Little Corn Islands in
tho new Commissioner of Mediation and Conciliation; tho Caribbean, with the privilege of renewing the lease.”
Chief Judge Martin A . Knapp of the U .S . Commerco Court It was also intimated that offers of a somewhat similar
was also named as a member of tho board. In Southeastern agreement had been mado to Honduras and Salvador, but
Europe war of tho most ferocious kind occurred botween tho that the governments of those Central American States had
former Balkan Allies. Tho Greeks and Servians joined in not taken kindly to the proposal. Early the next month
attacks on tho Bulgarians. Tho losses by all tho partici­ (Aug. 2) the Senate Committee on Foreign Relations dis­
pants were enormous, and tho Bulgarians were completely approved the plan. The feeling seemed to bo in favor of
vanquished. When tho Roumanians saw what was going on, modifying the treaty so as to leave it substantially as was
King Charles ordered genei’al mobilization and finally Rou- proposed by Secretary Knox during tho Taft Administration
inania (which had taken no part in tho war against Turkoy, (that is, embodying mainly the fifth of the conditions above
hor troops hence being in prime condition) joined in tho con­ enumerated, Nicaragua to receive in consideration S3,000,000
flict and formally declared war against Bulgaria. The Rou­ to be used in public works and for educational purposes).
manian troops crossed the Bulgarian frontier on July 10, Aug. 4 Secretary Bryan gave out a statement, saying: “ The
and no check whatever was intorposed to their advance. President has not changed his views as to the main features
Tho closo of tho month saw tho Bulgarian capital at Sofia of the Nicaraguan treaty, an outline of which has been be­
completely isolated, railroad communication having been fore tho Foreign Relations Committee of the Senate for con­
cut off on all sides. Turkey on its part availed of tho oppor­ sideration informally, but, owing to the fact that the Senate’s
tunity to regain possession of some of tho territory which tho time is occupied with tho tariff and currency bills, further
victorious Balkan Allies had wrested from the Ottoman consideration of the treaty with Nicaragua, together with
Empiro beforo they fell to fighting among themselves. a number of other important matters, will be deferred until
Tho Turkish army mot with no resistance and re­ the regular session.” M uch comment was occasioned by a
occupied Adrianoplo and finally also entered Philippopolis. statement given out by Secretary of State Bryan regarding
Tho Moxican situation became very tense during the month. tho insufficiency of his salary of $12,000 a year. This state­
Tho uprisings against President Huerta kept gaining in force ment was mado in explanation of the extensive lecturing tour
and a state of absolute chaos threatened. Ambassador for which he had been engaged. He stated that he found it
Honry Lane Wilson was summoned homo from Mexico City necessary to lecture in order to supplement the salary he re­
to mako a personal report on Moxican affairs. In a conver­ ceived from tho Government, this salary not being sufficient
sation with tho newspaper men on July 17, President Wilson to cover his expenses. A sarcastic and biting resolution re­
expressed tho belief that demonstrations in Mexico against ferring to the matter was introduced in the Senate, the reso­
tho United States, which had been reported, and also certain lution asking that “ the President bo requested, if not in­
foreign representations to the United States in favor of Prest. compatible with the public interest, to advise the Senate what
Huerta, had been manufactured, or “ staged,” and were with would bo a proper salary to enable tho present Secretary
tho view to bring pressure upon this country to recognize tho of State to live with comfort and to enable him to give his
Huerta Government. Ambassador Wilson arrived in Now time to the pursuit of his duties.” M r . Bryan then stated
York July 25 and gave utterance to some exceedingly un­ that “ my earning capacity has been large, and I have made
diplomatic and indiscreet remarks in criticism of a proposal not only an income sufficient for my immediate needs, but
to have the United States mediato between the contending have saved on an average something more than $10,000 a
factions in Mexico, which our Government was understood year,” to which he added that, while he was “ willing to
to have under consideration. Tho President did not seo forego whatever advantage I might derive from the acquir­
him until tho following M onday, July 28, but remained un­ ing of $40,000 more for the privilege of serving the country
moved. A curious incident was that Gen. Felix Diaz, who in this office during the coming four years, I do not believe
had played such a conspicuous part in overthrowing tho M a ­ that fair-minded people will ask it of m e.” The Western
dera Government, and who, it was supposed, would bo the grain movement proved of extraordinary dimensions, the
most promment candidate for election as Mexican President wheat deliveries in particular being enormous, but the latter
at the election the ensuing October, was named by President part of the month withering heat did enormous damage to
Iluerta as special Ambassador to Japan, to convoy tho thanks the growing corn crop in the Mississippi Valley and caused a
of Mexico to the Japanese Government for tho participation sharp rise in corn. Early in the month all grain prices
of tho latter'in tho Mexican Centennial in 1910. In China, tended downward, and Sept, corn in Chicago, from 6 3 HjC.
eight Southern provinces revolted against tho Government of July 3 , declined to 5 9 K c . July 12, but July 31 the quotation
Yuan-Shi-Kai, at the evident instigation of D r. Sun Yat-Sen. was 66j^c. Wheat declined almost uninterruptedly, the
For a time the uprising appeared very formidable, but tho price dropping from 9 0 % c . July 3 to 8 5 ^ c . July 30. " Sept,
Shanghai arsenal successfully resisted tho rebel attacks. oats in Chicago fell from 43)^c. July 3 to 38c. July 15 and
Nanking was after a time relieved, tho IIu-K ow forts wero then recovered to 4 0 % c. July 31. The Government crop
recaptured and tho rebellion suppressed. Tho next month report, issued after the close of the month, showed the condi­
D r. Sun Yat-Sen was obliged to flee to Japan. Tho French tion of corn in Kansas Aug. 1 down to only 30, that of Okla­
Chamber of Deputies on July 7 passed tho now military ser­ homa 44, that of Nebraska 67, that of Illinois and Kentucky
vice bill and tho next month (Aug. 7) it was also passed by tho 72, that of Missouri 70, & c., & c., and the next month, under
French Senate. The bill, by increasing tho term of sorvico a prolongation of the heat and drought, tho situation be­
from two years to three years, is supposed to add 210,000 came even worse. The general average of corn for the whole
to tho peaco footing of tho French army, bringing it up to country Aug. 1 was reported 75.8, against 86.9 July 1.
nearly 800,000 men. Just a week beforo (Juno 30)" tho Ger­ Spring-wheat condition was a trifle better at 74.1, against
man G ov’t, secured from tho Imperial Parliament tho entiro 73.8 July 1, but comparing with 90.4 on Aug. 1 of the pre­
army increase it had demanded, including six new cavalry vious year. Oats during the month suffered a further re­
rogimonts. It was stated that tho bill increased tho peaco duction, from 76.3 to 73.7. Further advances in wholesale
strength of tho German general army by approximately prices of beef cuts here and in the W est wero noted. The
4,000 officors, 15,000 non-commissioned officers and 1 1 7 ­ next month, however, cattle were rushed to market on ac­
000 privates, bringing the total of tho permanent forco up to count of the drought, and this led to a sharp downward
nearly 870,000 men. The Irish Homo Rule Bill was passed reaction in prices. In cotton, also, some deterioration oc­
for tho second time in the House of Commons on July 7 by curred, but it was relatively small, and middling upland cot­
a vote of 352 to 243. In tho British House of Lords the bill ton in New York declined from 12.40c. June 30 to 11.95c.
was rejected for a second time by a majority of 238. A t tho July 26, with tho close July 31 12c. In the copper trade an
same time Prime Minister Asquith announced definitely important development at tho closo of the month was a strike
that a bill to abolish the House of Lords would bo presented of the miners in the Lake Superior ore region, which had the
at tho next session of Parliament. Tho American roply to effect, the next month, along with the strong statistical po­
tho last two Japanese notes on tho California Anti-Alien Law sition of the metal, to cause a material advance in price.
was delivered on July 16 by Secretary of State Bryan to On July 23 a strike of the miners was called by the Western
Ambassador Chinda. Tho contents of tho communication Federation of Miners; largo numbers of tho Michigan mines
were not made public but advicos from Tokyo stated that wero obliged to shut down, including the Calumet & Hecla,
deep disappointment was felt in Japan over the roply, in- although it was estimated that less than half of the miners
;
asmucli as it did not accopt any of tho Japanese con­ belonged to tho union.
It was stated that nearly
tentions that tho bill violated tho Japaneso-Amorican 18,000 men were idle becauso of the strike.
The




32

THE CHRONICLE

Governor of Michigan found it necessary to order
out the Michigan National Guard so as to quell disturbances.
The strikers demanded an eight-hour day, a higher wage
scale, abolition of the one-man drilling machine and recog­
nition of the union. On the other hand, some other import­
ant labor troubles were definitely adjusted.
One of these
was the strike at the silk mills in Paterson, N . J. This
strike was officially declared off on July 28 and 25,000
strikers wont back to work on the old terms. The struggle
had lasted 149 days and it was estimated that the strikers
had lost in wages $5,500,000 and that the total loss, including
that sustained by the manufacturers and by landlords and
merchants had aggregated $10,000,000. Some strikes of
long standing in the W est Virginia coal fields were also
terminated, bringing restoration of peace in all_ the mines
throughout the Kanawha and New River fields. The
miners in the Transvaal gold fields of South Africa ordered
a general strike at all the mines in the Rand district on
July 6, and this threatened seriously to reduce the new gold
supply of the world. Fortunately, it was quickly terminated,
lasting only about 24 hours, but during its brief existence
anarchy reigned in Johannesburg, where there was much
bloodshed, the casualties being estimated at about 100. The
July gold output was considerably reduced. Government
money holdings were increased from $351,176,444 to $370,­
965,934, notwithstanding Government expenditures
(as
represented by the pay-warrants drawn) exceeded Govern­
ment receipts in amount of $12,896,043. But Government
deposits in the banks were reduced from $79,749,299 to
$64,369,295. National bank circulation secured by bonds
was increased from $737,065,050 to $738,502,408. Con­
tinued difficulty was experienced in floating new bond issues,
except at high rates of interest. The Nor. Pac. R y. found
it advisable to pay over 6 % % interest (including bankers’
commission) for $10,000,000 1-yr. 6 % notes. The offering
to the public was at 9 9 % , at which figure the whole issue was
sold.
Gen. Elec. Co. sold $8,000,000 9 mos. notes
through bankers on a 6 % % basis, the interest being dis­
counted in advance. One of the ovents of the month was
the resignation of Charles S. Mellon, as president of the
N . Y . N . H . & II. R R (after having previously resigned as
President of the Boston & Maine and the Maine Central).
Howard Elliott (then President of N or. Pac. R y .) was elected
to succeed M r. Mellen to take office Sept. 1.
The
report of the Inter-State Commerce Commission, dealing
with its investigation into the affairs of the N . Y . N . II. & I I .
R R ., was made public. The report, which was by Com­
missioner Prouty, stated that while the financial operations
of the company had resulted in heavy losses, there was
nothing to indicate that the company’s solvency had been
impaired. The Commission found that the company had
expended in nine years upon its road and equipment over
$50,000 por mile, “ a sum almost equal to the average capital­
ization of the railroads of the Unitod States at the beginning
of that period.”
It was also stated that while this expendi­
ture had been made with a free hand, there was nothing to
show that it had not been wisely mado and much to indicate
that the result had fully justified the outlay. The Com­
mission found that approximately $40,000,000 had been
expended during the preceding nine years in obtaining tho
ownership of additional mileage previously held under lease
and that during the same nine years tho company had ex­
pended $96,000^000 for betterments and equipments “ making
a total of $136,000,000 devoted to its railroad property.”
The passenger service of both the New Haven road and tho
Boston & Maine was spoken of in high terms. It was stated
that “ the records show that in passenger train performance
the New Haven for the past two years has distinctly sur­
passed any other line terminating in New York C ity .” Tho
passenger equipment, however, was stated to be inferior to
that of other lines. The Commission reached the conclusion
that the sum of $204,000,000 had been expended by tho
company in operations outside its railroad sphere. Further­
more, that the outside properties had been acquired at ex­
travagant prices, but that “ they are for the most part of
substantial value and in many instances are a kind of
property the value of which should improve.” Tho Com­
mission expressed the opinion that the New Haven should
divest itself of its trolley lines and that tho Boston & Albany
should be kept entirely free from New Haven control. The
following declaration was also made: “ W hat is needed first
of all to improve the railroad situation in Now England is
rest and an opportunity for constructive work. There is
much truth in the claim of these carriers that they have been
so occupied with investigations and so criticised by the public
that no fair opportunity has been given for the operation of
their railroad properties.” The U . S. Senate adopted a
resolution directing the Inter-State Commerce Commission
to investigate and report on the N . Y . Cent, proposed new
bond issue of $167,102,400 to take up $109,914,400 “ collateral
3 % s ” secured, respectively, by Lako Sh. & M ich. So. and
Mich. Cent, shares, and also $57,188,000 debentures. The
Southern Wholesale Grocers’ Association and its President
and two other individuals were fined in the U . S. Dist. Court
at Birmingham, A la., for contempt of court in violating an
anti-trust decree entered Oct. 17 1911. Suit was filed in the
U . S. District Court at Portland, Ore., against the Amer.
Tel. Co. and 16 of its subsidiaries and 25 individuals, alleging
violation of the Anti-Trust Law in monopolizing telephonic
communication in a number of Western States. Patrick
Quinlan, one of the leaders of the Industrial Workers of the




[V O L . X C V III.

W orld, was sentenced in the Court of Special Sessions, Pater­
son, from two to seven years in State’s prison and to pay a
fine of $500 for having incited the strikers in tho Paterson
silk weavers’ strike to violence in a speech made by him on
Feb. 25. Tho operation of the U . S. postal savings system
was extended under an order of Postmaster-General Burleson
announcing that deposits and withdrawals of savings by
mail would be permitted in the future.
Railroad Events and Stock Exchange Matters.— A substantial
recovery in prices occurred after tho great broak the previous
month. Up to July 10 there was still more or less weakness,
but after that a more cheerful tone developed. A t the same
time it became evident that the antecedent liquidation
had been on a very extensive scale— that, apparently, the
market had been sold to a standstill and that further price
changes were likely, for the time being, to be upward. The
fact that at the close of the previous month Court approval
had been obtained for the dissolution plan of the So. Pac.Union Pac. had a beneficial effect on the shares of these com­
panies. The latter part of the month there was again some
weakness. The splendid exhibit of earnings for the June
quarter made by the Steel Corporation in its statement
issued after tho close of business on July 29 proved an ele­
ment of strength. On the other hand, the announcement of
a cut in tho s.-a. div. of 111. Central from 3 % to 2 % , making
6 % for the year, against the previous 7 % , occasioned weak­
ness not only in that particular stock but likewiso to some ex­
tent in the general market. Can. Pac. opened July 1 at
2 1 5 % , declined to 2 0 8 % July 9, advanced to 220 July 22 and
closed July 31 at 2 1 5 % ; M il. & St. Paul com. opened at
1 0 2 % , sold at 10 1% July 9, rose to 10 6 % July 28 and closed
at 1 0 5 % July 31; Reading com. was 1 5 7 % July 1, 155%
July 9, 163 July 28 and closed July 31 at x l5 8 % ; U n. Pac.
com. from 1 4 6 % sold down to 143 July 9, then up to 1 5 0 %
July 25 and closed at 1 4 8 % ; Southern Pacific from 9 4 %
July 1 declined to 9 0 % July 11, and closed July 31 at
9 1 % ; N . Y . Cent, from 9 5 % July 1.1 sold up to 9 9 % July 28
and closed at 99; Penn. R R . from 1 1 0 % July 8 rose to 114 %
July 28 and closed at 11 3% ; Steel com. was 5 1 % July 9
and 6 0 % July 31 and closed at 5 9 % ; Am al. Cop. from 6 2 %
July 9 rose to 71 % July 28 and closed at 6 9 % . _ W o havo re­
ferred above to some of the difficulties attending tho nego­
tiations of new loans. $14,000,000 ono-yoar 6 % receiv­
ers’ certificates of the Wabash Railroad wore offored at
99.05, yielding 7 % .
Bankers offered at 9 9 % $7,500,000
1st and ref. M . 5-yr. 6 % bonds of tho Louisv. Gas & Elec.
Co. Besides the 111. Cent, reduction in div., the Bangor &
Aroostook reduced its s.-a. div. from 2 to 1 % as a result of
a strike of the enginemen early in 1913. Tho Vuloan D e­
taining Co. omitted the div. on its prof, stock. Pac. Gas
& Elec, omitted tho div. on com.
The Money Market.— Thero were no new features in money
during July! After the middle of the month some London
money was offered on the basis of 5 % % per ann. for 100 days,
representing the proceeds of foreign exchange financo bills
drawn against London credit, and sold here, but tho rate
appeared to be above the views of borrowers and no important
transactions occurred. Later the offerings were withdrawn.
The range for call money was 1 % @ 2 % % for the month.
Time loans stiffened and at the close were 3 % @ 4 for 60
days, 4 % @ 4 % for 90 days, 5 @ 5 % for 4 mos. and 5 % @ 6 for
5 and 6 mos. Commercial paper was 6 @ 6 % % for double
names and prime single names and 6 % @ 7 for good single
names. Money holdings of the Clearing-House banks and
trust companies fell from $441,515,000 Juno 28 to $423,878,­
000 July 5, then increased to $433,399,000 July 26 and wero
$429,368,000 Aug. 2. Surplus cash reserves foil from $3 5,­
272,250 June 28 to $19,414,800 July 12, recovered to $28,­
157,700 July 26 and wore $26,208,100 Aug. 2. Loans in­
creased from $1,922,657,000 June 28 to $1,932,843,000 July
12 and were $1,919,236,000 Aug. 2. Doposits fluctuated
considerably from week to week and were $1,779,692,000
Aug. 2, against $1,791,801,000 June 28. Money holdings
of the State banks and trust companies not in the Clearing
House wero $71,639,400 Aug. 2, against $73,109,900 Juno 28,
and loans wero $546,061,200, against $553,814,000.
Foreign Exchange, Silver, A c.— There was much irregu­
larity in exchange, but with tho tendency downward towards
the close. Sight bills were 4 8 6 7 5 @ 4 $695 July 1 and ad­
vanced to 4 8 7 0 5 @ 4 8710 July 5, which was the high figure
for the month, then declined irregularly to 4 8 6 4 5 @ 4 8650
July 17, advanced again, and then moved downward, clos­
ing at 4 8650 @ 4 8660 July 3 1 . There was a ronewal of gold
engagements for Franco, notwithstanding that difficulty was
experienced in obtaining a supply of gold bars. The ship­
ments were not justified as an exchange operation, but the
Bank of Franco granted special facilities to further tho move­
ment and $8,000,000 altogether was taken. Open-market
discounts in London July 31 wero 4 % for 60 days, 4 % for
90 days. A t Paris they wero 3 % and at Borlin 4 % . Sil­
ver in London advanced again and sold July 31 at 27 % d .
A U G U S T .— Current Events.— The relations botween the
United States and Mexico at times assumed a disquieting
aspect and a marked deterioration in tho condition of the
growing crops occurred. Prolonged heat and drought over
tho great corn-producing bolt in the middle and central parts
of the United States did enormous damago. D ay after day
terrific heat and utter absence of moisture was reported.
Temperatures above 100 wero of daily occurrence in Kansas,
Oklahoma, Missouri and Nebraska; and Illinois also sus-

J a n . 3 1914.]

THE CHRONICLE

33

tainod serious damage, and, to a lesser extent, likewise Iowa. reported as saying that Great Britain, in recognizing the
About the middle of the month relief in the shape of rain and Huerta Government, had done so only after Ambassador
scattered showers came over the northern part of the belt, Wilson had praised Huerta in a speech in the City of Mexico.
improving tho prospects in that part, but in the lower half Ambassador Wilson characterized this statement as a “ sub­
of the belt tho heat and drought remained unabated. A t terfuge unworthy of the British Foreign Office” . Secretary
St. Louis on Aug. 28, according to a telegraphic dispatch, the Bryan at once sent a cablegram to U . S. Ambassador
maximum temperature at 101, as reported by the Weather Page in London, saying that the President wanted him to
Bureau located on top of a “ skyscraper” (on the street tho call at the British Foreign Office and say to Sir Edward Grey
mercury mounted still higher) was stated to bo tho highest that the President disclaimed all responsibility for A m ­
record for that day since 1836. In Kansas and Oklahoma bassador Wilson’s action in the matter “ and for the language
the crop was literally burnt up. Under tho narrative for employed by him in his interview and that he regrets exceed­
July wo have indicated that the condition of corn was very ingly that a diplomatic official in the employ of this Govern­
low in those States when August opened. In New York and ment should have been guilty of such an impropriety” .
the Now England States very di*y weather was also reported, The following week considerable nervousness developed as
though hero temperatures were not unduly high. In Chicago regarded the possible outcome of M r. Lind’s mission. On
the December option for corn, which had moved up from M onday, Aug. 18, an Associated Press dispatch from the5 5 % July 12 to 64 July 30, jumped still higher, and Aug. 18 City of Mexico declared that President Huerta had replied
touched 70% c.,w ith the close Aug. 30 (Aug. 31 being Sunday) to the note presented by M r. Lind and had given the United
69 )4 c. In parts of Kansas, Missouri and Nebraska corn States Government until midnight to recognize the Huerta
commanded higher figures than wheat. On account of the Government; otherwise M r. Lind would have to take his
largo winter-wheat crop raised the course of wheat prices, departure. President Huerta, it was stated, refused to
after an early advance, was, on the wholo, downward. The accept American mediation in Mexican affairs and was em­
December option in Chicago, after rising from OOJ^c. Aug. 1 phatic in saying he would tolerate no interference, even though
to 9 2 % c . Aug. 4, closed Aug. 30 at 8 9 H c . The December it came in the guise of a friendly act. There was dispute as
option for oats at Chicago from 43)4c. Aug. 1 rose to 46)^ to whether an ultimatum actually accompanied the Mexican
Aug. 18, but closed Aug. 30 at 4 3 % . W heat and oats reply. W ell authenticated accounts said that the ultimatum
receipts at the Western p r im a l markets continued very actually did form part of the reply, but that M r. Lind, recog­
heavy. Cattle was rushed to market in great quantities in nizing what serious consequences might result from the same,
view of the scarcity of water and the difficulty that would bo took it upon himself to make a personal visit upon President
experienced in feeding stock. As a result, prices of beef Huerta and prevailed upon the latter to recall the ultimatum.
cattle in the W est moved sharply downward. In cotton tho It was generally agreed at this time that M r. Lind had failed
most harm was done in the Southwest and in tho States to accomplish what he had set out to do and the announce­
along tho Mississippi. The Agricultural Bureau report, is­ ment came from Washington that President Wilson would
sued Sept. 2, and showing tho condition Aug. 25, reported a deliver a special message in person to Congress, laying before
decline in tho general average of the crop for all the Southern the latter all the facts of the situation. A t first it was stated
States since July 25 from 79.6 to 68.2. On Aug. 1 middling that the President would appear before Congress on M onday,
uplands in this market rose from 12 to 12.10c., but by Aug. 14 Aug. 25, and then the date was changed to Tuesday, Aug. 26.’
the quotation was down to 11.90c. From this therowasan Then it was announced that President Huerta had asked
advance to 12.70c. by Aug. 28, with tho close Aug. 29 (the for delay, and that M r. Wilson had consented to defer his
last business day of the month) 12.50c. Print cloths at Fall communication to Congress just 24 hours and no longer.
River were reduced Aug. 2 from 3 % c . to 3 % c . The Fall The message was read on Wednesday, Aug. 27, The Presi­
Iliver Iron Works plant of the Borden peoplo resumed opera­ dent stated that these terms had been urged upon the Mexican
tions on Aug. 25, after a shutdown of 15 weeks caused by a authorities : (a) immediate cessation of fighting throughout
glut of goods. In the metals trade irregular conditions were Mexico, a definite armistice solemnly entered into and
reported. About tho middle of tho month reductions in the scrupulously observed; (b) security given for an early and
price of wire products were announced and prices of sheets freo election in which all will agree to take part; (c) the con­
and pipe woro also lower. Tho “ Iron Ago” roportod that sent of General Huerta to bind himself not to be a candidate
tho now prices wore 81 a ton lower than those prevailing for for election as President of the republic at this election, and
somo weeks previously and 83 lower than tho figure reached (d) the agreement of all parties to abide by the results of the
on M ar. 19, following an advance of 81 a ton. The now election and co-operate in the most loyal way in organizing
quotation for wiro nails was 81 65 at Pittsburgh and for and supporting the new Administration. The President
plain wiro 81 45. Generally steel prices were off from 81 announced the position of the United States to be as follows:
to 82 per ton from the high figures of tho year. In copper, (I) no armed intervention; (2) strict neutrality, “ forbidding
on the other hand, owing to an activo demand and a reduc- the exportation of arms or munitions of war of any kind from
tmn m output through tho continuation of tho strike in tho the United States to any part of the Republic of Mexico” ;
Lake Superior ore regions, values moved upward and electro­ (3) the U . S. Government not to take sides with either faction
ly s e copper went to 16c. Lako copper was quoted at 1 6 @ in Mexico or to act as umpire between them; (4) all Ameri­
lb /g C ., an advance of fully a cent a pound. A favorable cans to be urged to leave Mexico at once and to be assisted
event was the definite conclusion of peace between Bulgaria, to get away in every way possible; (5) every one in Mexico
Sorvia, Greece and Montenegro and Roumania. As all tho who assumes to exercise authority to know that “ this Govern­
other countries mentioned were now in league against Bul­ ment shall diligently watch the fortunes of those Americans
garia,_ the latter had no alternative but to accept without who cannot get away and shall hold those responsible for
qualification the terms offered as the price of peace
As a their sufferings and lossess to a definite reckoning.” In
result, Bulgaria was stripped of a considorablo portion of tho concluding his address President Wilson predicted that the
territory she had gamed in her conquost of Turkey while “ steadying pressure of moral force will before many days
Greeco and Servia, and even Montonegro, m a d e’ gains
break the barriers of pride and prejudice down, and we
Roumania got a slice of coveted territory from Bulgaria
shall triumph as Mexico’s friend sooner than we could tri­
Turkey, liowover, stubbornly held on to Adrianoplo and umph as her enemy.” The reply of Foreign Minister
insisted on stretching the Enos-Midia lino established by tho Gamboa was published at the same time. The Mexican
Treaty of London, when peace was concluded between Tur­ Government had been asked to make counter proposals in
key and tho formor Balkan Allies, so that it should includo case the American proposals were not considered satisfactory,
Adrianoplo and Kirk Kilissoh. Mexican affairs, at times
and, accordingly, Senor Gamboa suggested as an alternative
had a very disturbing look. On Aug. 4 Secretary of State policy for this country: (1) That the United States send a new
Bryan announced that the resignation of Henry Lane Wilson
Ambassador to Mexico without restraints; (2) that strict
as Ambassador to Mexico had been definitely accepted, to observance of the neutrality laws be adhered to and that the
take effect Oct. 14. M r. Bryan gavo out a statement saying United States “ see to it that no material or monetary assist­
that ‘ tho part which he (Ambassador Wilson) felt it his duty ance is given to rebels” ; (3) unconditional recognition of the
to take in the earlier stages of tho recent revolution in Mexico Huerta Government. A t the time the President read
would make it difficult for him to represent tho viows of tho his message it was known that a second reply had been re­
present Administration, in view of the situation which now ceived from Gamboa and hopes were then entertained that
oxists.” On the samo da^ John Lind, ex-Governor of Minne­ this meant an acceptance of the American proposal. M r.
sota, was appointed advisor to the American Embassy in Lind meanwhile had departed from the City of Mexico and
the City of Mexico and immediately doparted to attempt proceeded to Vera Cruz. He evidently expected to be called
to carry out the policy of the Washington Government. back to Mexico City, in which expectation he was dis­
Telegraphic advices from Mexico indicated that tho appoint­ appointed. This second reply showed no weakening in the
ment of M r. Lind was resented thero and that President attitude of the Mexican Government. It developed that
Huerta in a formal note had announced that M r. Lind would M r. Lind had suggested that if General Huerta accepted the
not bo received by tho Mexican Government unless ho came American proposals, our Government would not be averse
as a properly accredited envoy. M r. Lind arrived at Vera to his obtaining a loan from American bankers. In his note
Cruz on Sunday, Aug. 10, and immediately left that port for Gamboa intimated that this loan had been held forth as the
tho City of Moxico, where ho mot D r. William Bayard Halo, price of acceptance of tho American terms and he insisted
who was also in Mexico on behalf of tho State Department! that no material consideration would be sufficient to influ­
Ho was unofficially received Aug. 12 by Froderico Gamboa, ence those intrusted with the control of Mexican affairs
the Moxican Minister of Foreign Relations. Tho Moxican to sacrifice what they thought to be their public trust. Public
Government continued to insist that it would not deal with opinion in this country generally supported President Wilson’s
M r. Lind officially or listen to any suggestion from him as policy, but foreign opinion suggested that it was impractic­
to mediation or to any proposal omanating from his Gover- able.
M oney holdings in Sub-Treasuries increased from
ment. In tho meantime President Wilson found occasion 8370,965,934 to 8372,112,911, but Government deposits in
to reprimand Ambassador Henry Lano Wilson for having the banks were reduced from $64,369,295 to $60,747,275.
given an interview to tho press in which the British Foreign National bank notes secured by bonds increased from $738,­
Office was criticised. Tho British Foreign Office had been 502,408 to $740,029,948. The Administration Banking and




34

THE CHRONICLE

[Vol. xcvm.

Currency Bill was under consideration most of the month by of large gold importations from South America. Ratos of
a Democratic caucus of the House of Representatives. This discount in London as a consequence gradually eased off and
caucus completed its labors Aug. 28, after amending the this had a weakening effect on exchango rates hero. Sterling
bill in a number of particulars. One of the amendments adop­ was also depressed by liberal offerings of finance, merchan­
ted was reducing the reserves required to bo maintained by dise and produce bills. An engagement of $500,000 gold
country banks from 1 5 % to 1 2 % and also reducing the reserve in Argentine for exportation to New York was reported. On
requirements to bo held by banks in reservo and central re­ the other hand, the last week of tho month $1,500,000 gold
serve cities. Another amendment struck out the provision re­ was taken here for shipment to Canada. This latter was
quiring the Federal reservo banks to pay interest on Govern­ the result of free sales of Canadian grain bills in this market
ment deposits. The Secretary of the Treasury held a num­ against exports of Dominion grain. Kuhn ,Loob & Co. wero
ber of conferences during the month with Southern and credited with having sold exchango quite freely tho latter
Western bankers to arrange the details of the special Govern­ part of the month, presumably against foreign subscriptions
ment deposits, which it was announced on July 31 ho would to So. Pac. shares. Sight bills advanced from 4 8 6 5 0 ©
make to facilitate the movement of the crops.
Up to Aug. 2b 4 8660 Aug. 1 to 4 8665 @ 4 8675 Aug. 4 and then declined
$24,700,000 had been apportioned to 14 Western States to 4 8 5 7 5 @ 4 8585 Aug. 30. Open market discounts abroad
and $21,800,000 to 13 Southern States. It became known Aug. 30 were 3 % @ 3 9-16 for short bills and 3 11-16 @ 3 % for
that the U . S. District Court in New York had on M a y 29 long bills at London, 3 % at Paris and 5 at Berlin. Tho price
entered a decree (the trial having resulted in an equally of silver in London was well maintained, with tho quotation
divided court) dismissing the suit brought by the Government Aug. 30 2 7 % d .
in Juno 1911 against the Periodical Publishing House, the
S E P T E M B E R .— Current Events.— Tariff legislation was
so-called “ Magazino Trust” , and others, including Harper
B ros., to enjoin the alleged violation of the Sherman Anti­ advanced nearly to completion. This was a favorablo cir­
cumstance in affording relief from doubt and uncertainty,
Trust Law.
.
,
Railroad Events and Stock Exchange Matters.— Iho upward but it happened that in the conference agreement botween tho
reaction in prices was carried still further during August, and two Houses many of the changes mado in the bill by the Sen­
a noteworthy recovery established from the extreme low ate, providing much moro radical reductions in duties than
points reached in June. The upward movement was con­ even those proposed by the Houso, prevailed. In the cop­
tinued in face of tho damage to the growing crops by heat and per trade, under the continuance of tho strike in tho Lalco Su­
drought and in face, also, of the cut in steel prices, the re­ perior ore regions and a further decline of stocks on hand,
duction in the Ches. & Ohio quarterly dividend from l % t o the price rose still higher, touching 17c. por pound. In tho
1 % and the passing of dividends on Bost. & M o. pref. and iron and steel trade, however, a distinct weakening occurred
Clov. Cin. Chic. & St. L . pref. M uch was made of tho all around, especially towards tho close of tho month, on a
betterment of tho foreign financial situation. Tho improve­ lessoned demand and the radical reductions in tariff duties
Iho
ment in the price of copper was used as a basis for advancing on iron and steel products presently to go into ofteet.
tho copper shares. The good income statement for tho Juno N . Y . N . II. & H artf. R R . on the morning of Sopt. 2 had an­
quarter made by the Steel Corp. towards tho close of July other serious accidont. A disastrous rear-end collision oc­
served to boost the Steel shares. The possibility of the curred at North Haven, Conn., between the first section of
United States becoming embroiled in a conflict with Mexico tho White Mountain Express and tho second section ol the
occasioned a downward reaction in prices at times, but such 13ar Harbor Express, resulting in tho loss ot 21 livos and in
losses were almost immediately recovered. Tho market bore injuries to double that number, and all through the month
all the evidences of a campaign against the shorts where the Mass. R R . Comm, had under consideration the question
success was mado possiblo by the thoroughness of tho ante­ of approving the proposed $67,000,000 bond issue to relieve
cedent liquidation. N . Y . N . II. & H . 11R. was almost the company’s financial needs. M uch anxiety was iolt
continuously weak by reason of conditions pecidiar to itself. lest the Commission should fail to grant authority to issue
Can. Pac. advanced from 2 1 4 % Aug. 7 to 2 2 2 % Aug. 13 and the bonds. The latter part of the month the Inter-State
closed Aug. 29 x218% ; M il. & St. P. com. advanced from Commerce Commission, as a result of its investigation ot the
1 0 4 % Aug. 2 to 10 9% Aug. 11 and closed at x l()7 % ; Reading New Haven accident, sweepingly condemned the manage­
com ., from 158 Aug. 2, moved up to 16 3 % Aug. 29, closing at ment of tho company in a roport which showed much bitter­
1 6 2 % ; U .P . com. advanced from 14 7% Aug. 1 to 156 Aug. 13 ness of feeling. Commissioner McChord, who wrote tho
and closed at 1 5 4 % ; So. Pac., from 92 Aug. 1, got up to 9 4 % report, admitted that the accidont was duo to negligence on
Aug. 13 and droppod to 8 9 % Aug. 27; N . Y . Cent, got up tho part of tho employees, saying: ‘ ‘N o matter how many con­
to 100 Aug. 13, then dropped to 9 6 % Aug. 27 and closed at tributing causes there may bo for which others may properly
9 7 % ; Steel com. moved up from 5 8 % Aug. 2 to 6 6 % Aug. 13 bo held answerable, tho direct and proximate cause ol this
and closed Aug. 29 at 6 5 % ; Am al. Cop. rose from 6 8 % Aug. 2 disaster was tho failure of those members of these train crews
to 7 6 % Aug. 29. Tho quar. div. on Hocking Val. was in­ to obey rules and to oxercise tho degree of care under tho
creased from 1 % to 2 . N a t. Rys. of Mexico omitted its circumstances which was commensurate with tho grave re­
s.-a. div. on 1st pref. M ex. N o Western R y . decided to sponsibility resting upon them at tho tim e.” Nevertheless,
defer payment of int. due Sopt. 1 on tho 1st mtge.bonds, but the blame was put on the directors. The Commission used
the coupons duo on the prior lien bonds was paid. Cal. & sensational language in expressing its conclusions on that
Hecla declared $6 per share quarterly against tho previous point. It charged that the directors did nothing more than
$10 per share. The div. on Va.-C ar. Chem. com. was to pass resolutions and then to throw tho entire responsi­
omitted; also that on Amer. Writing Papor prof. Mich. bility for enforcing discipline on the operating officials. In
Cent, placed $2,000,000 1-yr. 6 % notes and L. S. & M . So. connection with its characterization of tho directors, tho
names of the members of tho board wero givon at length
placed in London £420,000 1-yr. sterling notes. Pitts. Cin
(including J. Pierpont Morgan, George F . Baker, William
Chic. & St. L . sold $7,000,000 4 % % consols. It was an
nounced that N . Y . N . II. & H . stock would havo tho right Rockefeller and other prominent individuals), and thoso wero
held up to public contempt in tho following words: “ On this
to subscribe at par for a new issue of $67,552,400 6 % 20-yr.
conv. debentures. Chic. & N . W . sold$ 4 ,0 0 0 ,0 0 0 4 % % equip, directorate were and aro men whota tho confiding public
trusts. W est. E l. & M fg . sold $3,250,000 2-yr. 6 % coll, notes. recognize as magicians in tho art of finance and wizards in
The Money Market.— Call loans during August ranged the construction, operation and consolidation of great sys­
between 1 % and 2 % . Tho action of tho Secretary of the tems of railroads. The public, therefore, rested secure that,
Treasury in agreeing to help Western and Southern banks with the knowledge of tho railroad art possessed by such men,
with additional Government deposits seomod to romovo fears investments and travel should both bo safe. Experience has
of possible strain, and consequently time loans for tho longer shown that this reliance of tho public was not justified as to
maturities were now entered into with considerable freedom either finance or safety.” In tho meantime, tho manage­
and rates for such maturities were materially lower. The ment of tho company sought to conciliate public opinion and
impression prevailed that the demand upon tho N . Y . banks to guard against a recurrence of like disasters in the future.
from the interior for funds had been greatly reduced as a In the measures to this end, Howard Elliott, tho new execu­
result of tho Secretary’s action, but as it liapponed both tho tive of the companv, who assumed offico on tho very day of
money holdings and tho surplus reserves of the banks woro the disaster, took a very prominent part. Now rules wero
heavily reduced for no vory well known reason tho last promulgated for regulating advancement of engineers and
Saturday of tho month. Time loans Saturday, Aug. 30, firemen. Theso provided in substanco that rights to pre­
wero 3 % @ 3 % for 60 days, 4 % @ 4 % for 90 days, 4 % for ference in runs Avoro in tho future to bo governed not merely
4 mos. and 5 % for 5 and 6 mos. Commercial papor was 5 % by seniority, but by fitness and previous service. A t the
@ 6 for choice doublo names and prime single namos and same time, in filling vacancies in tho board of directors,
6 % @ 6 % for good singlo names. Money holdings of the President Arthur T . Hadley of Yalo University Avas elected
Clearing-House banks dropped from $430,525,000 Aug. 9 to membership on tho board. In foreign affairs, also, thore
to $415,619,000 Aug. 30 and surplus cash reserves from $26,­ were disturbing incidents and developments. W ith tho for­
208,100 Aug. 2 to $5,089,100 Aug. 30. Deposits increased mer Balkan Allios disunited, Turkey continued to press her
from $1,779,692,000 Aug. 2 to $1,813,184,000 Aug. 30 and advantage to the utmost. Bulgaria having boon reduced to
loans from $1,919,236,000 to $1,964,241,000. The money a state of helplessness, as a result of her conflict Avith S o m a
holdings of State banks and trust companies not in tho Clear­ and Greeco, Avas forced to agree to tho terms domanded by
ing House decreased from $71,639,400 Aug. 2 to $70,646,600 Turkey in tho negotiations for tho conclusion of peace con­
V
Aug. 30 and the loans of these institutions fell from $546,­ ducted directly botAveen tho tA O countries. N ot only did
Turkey get back Adrianoplo, but she Avas permitted to extend
061,200 Aug. 2 to $541,569,600.
Foreign Exchange, Silver, &c.— Tho course of oxchange was tho frontier line so as to include Kirk-Killisseh, Avhieli Bul­
In
steadily downward aftor the first fow days of August. W ith garia had captured at such an appalling loss of life.
the definite termination of the conflict in Southeastern Albania a new uprising occurred, and many serious ongagoEurope, the financial situation at the European financial ments Avith tho Greeks and Servians Avere reported. Financentres greatly improved. All tho great European banks eial affairs in the Balkans remained highly complicated and
wero ablo to add to their gold holdings, in part as the result overstrained, and many of the countries involved in the con-




J a n . 3 1914.]

THE CHRONICLE

35

flict found it necossary to oxtend still further the moratorium The U . S. G ovt, filed a now suit at Phila. against the Reading
previously granted. Turkey, however, did not proclaim Co. and allied railroad and coal companies, alleging violation
any delay in payment. It was stated that during the wholo of both the Sherman Law and the Commodities Clause of the
duration of the war full liability to pay had been enforced Inter-State Commerce Law and demanding the dissolution of
in that country. In London weakness in the rubber shares tho alleged “ Hard-Coal Trust.” Later in the month Pres.
became a pronounced feature. In cotton a noteworthy ad­ Samuel Rea of tho Penn. R R . announced that the directors
vance in prices took places. Middling upland in this market had decided to sell the securities held by the company in the
rose from 12.50c. Aug. 29 to 14.30c. Sept. 27 and closed Susquehanna Coal Co. and other anthracite coal companies,
Sept. 30 at 14.20c. The drought in the Southwest was re­ which for nearly 40 years had been attached to the system.
lieved about Sept. 9 or 10, but subsequently damage was
Railroad Events and Stock Exchange Matters.— Tho stock
claimed from excessive rains over considerable portions of market continued strong the early part of Sept., but devel­
the cotton belt. Tho rise in the raw material served to bring oped weakness the latter part. Even in the early part some
about sharp advances in cotton goods. Stocks of goods were stocks were weak, particularly the anthracite coal properties
low and consumers had been purchasing only from hand to like Lohigh Valley and Reading. These declined, owing to
mouth. In business for export, tho rise was too rapid for tho new suit begun by the U . S. G ovt. But rumors that
foroign consumers to follow. Print cloths at Fall River were some kind of a distribution, either in cash or securities, was to
raised from 3 % c . to 3 % c . Sopt. 2 and to 3 % c . Sept. 22. As be mado by the Un. Pac. in connection with its sale of So. Pac.
regards grain, the G ovt, report issued Sept. 9 showed that stock sent U . P . shares sharply upward, occasioning a sym­
tho condition of corn, already quite low Aug. 1, had been pathetic rise in the rest of the market. The copper shares ad­
further reduced 10.7 points, bringing tho average Sept. 1 vanced on the diminishing stocks of the metal and its strong
down to only G5.1, as against 82.1 at tho corresponding date statistical position. Altogether a large general advance in
in 1912 and a 10-year average of 80.9. In Kansas, the con­ prices was established, tho poor crop yield being for the time
dition Sept. 1 was reported as only 10, in Nebraska 37, in ignored. People’s Gas stock was boosted on roports of an in­
Oklahoma 39, in Missouri 41 and even in Illinois no higher crease in tho div. New Haven stock was weak most of the
than 62. Oats, barley, potatoes and spring wheat all suf­ time. The latter part of the month, however, tho trend of
fered a considerable reduction in yield, though in the last- tho market was strongly downward. N o substantiation was
mentioned instance tho shortage was moro than made up by obtained of tho rumors of a special distribution by Un. Pac.,
the bountiful crop of winter wheat. Further damage from while the steel trade manifested weakness both bv reason of
heat and dry weather was experienced the early part of Sept., the lessened demand for steel products and tho action of the
but about the 9th or 10th cooler weather and rain brought to Senate and House conferees on the Tariff Bill in accepting the
a close what the weekly weather bulletin termed “ ono of the reductions in iron and steel duties which the Senate had made,
severest heated periods that has occurred in tho Middle West those reductions being more radical even than those proposed
since that of 1901.” Grain prices made now high records tho in the bill as it passed the House. Can. Pac. opened Sept. 2
early part of the month, but sharply declined the latter part. at 2 2 1 % , sold Sept. 4 at 2 1 9 % , rose to 2 3 5 H Sept. 16 and
Tho December option for corn in Chicago rose from 6 9 % c . closed Sept. 30 at 228H i M il. & St. P. com. got up to 1 0 8 %
Sept. 2 to 7 4 % c . Sept. 8, but by Sept. 27 had got back to Sopt. 19 but dropped to 1 0 4 % Sept. 30; Reading com ., from
6 9 % c ., and tho close Sept. 30 was at 7 0 H e. Decembor 1 6 3 % Sept. 2, dropped to 158% Sopt. 4 on the Anthracite Coal
wheat in Chicago from 8 9 H e. Aug. 30 moved up to 9 2 H e. suit, then advanced to 171 Sept. 23 and closed Sept. 30 at
Sept. 4, then declined to 8 6 H e. Sept. 27 and closed Sopt. 30 1G6H; U . P. com. was 1 5 2 % Sopt. 2, 149 Sept. 4, 1 6 2 %
at 8 7 H e. Decembor oats at Chicago got up to 46J4c. Sopt. Sept. 29 and closed at 157% ; So. Pac. was 91 % Sept. 2, 8 9 %
4, dropped to 41 H e. Sopt. 25 and closed at 4 2 H c . Very Sept. 3, 95 Sept. 13 and closed Sept. 30 at 9 0 % ; N . Y . Central
quick work was done on tho Administration Currency Bill. opened at 9 6 % , sold at 9 3 % Sept. 3, got up to 9 8 % Sept. 12
It was roported to tho House by Chairman Glass of tho Bank­ and closed at 9 5 % ; Steel com ., from 6 6 % Sept. 13, got down to
ing and Currency Committee on Sept. 9 and was taken up 5 8 % Sopt. 30; Am al. Cop. advanced from 7 7 % Sept. 2 to
for general debate in Committeo of the Wholo on Sopt. 10. 8 0 % Sept. 16 and then sold down to 7 3 % Sept. 30. Owing to
It was accompanied by both a majority and a minority roport, tho change in management, J. P. Morgan & Co. on Sept. 5
tho latter being from the Republican mombors on tho Com­ gave to tho N . Y . N . H . & H . tho necossary 90 days’ notice of
mittee. These latter critieizod tho bill very soveroly. They their intention to terminate tho agreement under which they
argued that the amendments called for wero comparatively had acted as fiscal agents for the company for many years.
few in number, but wero fundamental. They objected to the It was announced that Un. Pac. shareholders had subscribed
provision making purchase of stock in tho Federal reservo for over 9 0 % of tho certifs. of int. in $88,357,600 stock of the
of district banks compulsory upon all national banks in the So. Pac. C o., which had been offered to them at $92 per share,
country. They also objected to tho issuanco of Federal being 88 and accrued divs. Tho St. L. & San Fr. defaulted in
reserve notes as obligations of tho United States, and in tho tho semi-annual int. duo Sept. 1 on $28,582,018 of N . O. Tex.
third place they argued that tho powers to bo lodged in the & M ex. D iv. 4 % s and 5s. Tho St. Louis Soutlnv. reduced
Federal Resorve Board wero altogether too great. They quar. divs. on pref. from 1 % to 1 % . St. Joseph Lead Co.
contended that “ should the national banks of tho coun­ reduced its quar. div. from 1 % to 1 % . Copper Range re­
try, or oven a large majority of them, elect to forfeit duced quar. div. from % % to % % . Quincy Cop. M in. fur­
their present charters rather than come into the new sys­ ther reduced its quar. div. from $1 25 (5 % ) to $1 (4 % ). Cal.
tem,
our currency supply would
be greatly
cur­ Petroleum Co. omitted the div. on com. The Texas Co. in­
tailed, all business would bo disastrously affected and creased quar. from 1 % to 1 % % . Kuhn, Loeb & Co. an­
our national banking system would bo destroyed.” Those nounced that all of an issue of $19,700,000 of Penn. R R .4 % %
criticisms remained unhooded. On Sept. 18 tho bill passed freight equip, tr. certs, had been sold. Bankers offered at
tlio House by a voto of 286 to 84; only 3 Democrats voted 9 5 % $11,800,000 Cleveland Short Lino 4 % s , guaranteed
against it, while 24 Republicans and 14 so-called Progressives by Lake Shore & M ich. So., due in 1961, of which $7,500,000
joined with tho Democrats in voting for it. The bill as passed wero sold. J. P. Morgan & Co. placed on a 5 % % basis
by tho House differed but slightly from that adopted by the a now issue of $5,000,000 5 % 1-yr. notes of N . Y . Central.
House Democratic Caucus on Aug. 28. A provision, liow- Bankers sold $10,000,000 B . & O. equip, ccrtfs. on a 5 % %
ovor, was incorporated in it saying that nothing in tho bill basis. Bankers also sold on a 5 % % basis $7,130,000 addi­
should bo construed to repeal tho Gold Standard Act of tional equip, tr. 4 % s of So. Pae. $4,500,000 6 % notes dated
M ar. 14 1900. This was inserted, owing to tho sharp criti­ July 1 1913 and duo June 25 1914 of Pac. Gas & El. at 9 9 % ,
cism of tho provision with regard to the payment by the Govt, making the yield about 6 % % , were offered.
of Federal reserve notes; as tho bill originally stood, tlieso
The Money Market.— Call loan rates Sept. 4 touched 4 % ,
would havo been payable in gold, but under an alteration in and thero was also some stiffening in time loans. Tho firm­
tho phraseology of tho bill they wero now made payable in ness, however, was not long maintained. It followed mainly
gold “ or lawful money.” [Beforo tho bill became a law this
from a very jargo loss in money holdings and surplus reserves
provision was altered for the bettor in somo respects.] From by the Clearing-House banks tho previous Saturday (Aug.30)
the llouso tho bill went to tho Senate, and there tho public which was not fully explained, but was supposed to have been
hearings on tho measuro, which had begun Sept. 2, wore con­ duo mainly to tho enormous cash subscriptions on tho Un.Pae.
tinued. Tho President continued to urge quick action. Ho offering of certifs. of int. in $88,357,600 of tho So. Pac. stock.
referred to tho matter in expressing gratification over tho pass­ Over 9 0 % of the certifs. wero subscribed for and the greater
age by tho Somite on Sopt. 9 of tho Tariff Bill. Tho N . Y . part paid for in cash, aggregate payments reaching about
Clearing House on Sopt. 23 took its first formal stop concern­ $68,000,000. Tho making of additional G ovt, deposits with
ing the bill in tho appointment of a committee to consider tho tho banks of the South and West had the effect of reducing
measuro in all its bearings. Money holdings in Sub-Treasur­ somewhat the interior demand for funds upon N . Y . The
ies wero reduced from 8372,112,911 to $346,531,127. This range for call loans was 2 @ 4 % for the month. Time loans at
was tho result of tho addition made to G ovt, deposits in tho tho close wore 4 % @ 4 % for 60 days, 4 % for 90 days, 4 % @ 5
banks, which increased from $60,747,275 to $85,206,999. N a­ for 4 mos. and 5 mos. and 4 % for 6 mos. Commercial paper
tional bank circulation secured by bonds diminished from was 5 % @ 5 % for choice double namos and prime single names
$740,029,948 to $7 38 ,4 6/,06 8. IVIexican affairs continued and 6 @ 0 % for good single names. M oney holdings of i ho
highly disturbed. Tho second session of tho old Mexican Con­ Clearing-House banks and trust companies fell from $415,­
gress convoned Sept. 15, but brought no change either in the 619,000 Aug. 30 to $410,581,000 Sept. 6 and then rose to
attitude of President Wilson or of Provisional President $416,629,000 Sept. 27. Surplus cash reserves after the drop
Huerta. There wero a number of resignations from the Mexi­ to $5,089,100 Aug. 30 declined still further to $4,631,350
can Cabinet, including that of Froderico Gamboa, tho Mexi­ Sept. 6 and then recovered to $11,044,050 Sept. 27. Loans
can Minister of Foreign Affairs, who resigned in order to be­ were $1,951,631,000 Sept. 27, against $1,964,241,000 Aug. 30
come tho candidate of the Catholic Party for tho Mexican and deposits $1,790,643,000, against $1,813,184,000. Money
Presidency. The policy of our G ovt, was to await tho outcome holdings of the State banks and trust companies not in the
of tho Presidential election, which was scheduled to take place Clearing House wero $71,523,300 Sopt. 27, against $70,61 »,Oct. 26, and to see that such election was untrammelod and 600 Aug. 30 and loans were $565,515,200, agst. $541,­
that Huerta might eliminate himself as a possible candidate. 569,600.




36

THE CHRONICLE

[ V o l . X C V III.

could not be given without impairing the stipulations of
existing treaties between tho United States and various other
Powers, and that, consequently, the clause, by ite express
terms, was inoperative. Accordingly customs oificials were
instructed to make no allowance of discount m any case.
The maximum and minimum provision of the I ayno law
was repealed, and instead tho President was authorized to
negotiate trade agreements with foreign nations wherom
mutual concessions might be made “ looking toward free trade
relations and further reciprocal expansion of trade and com­
merce, provided, however, that said trade agreements, bofore becoming operative, shall bo submitted to tho Gongrqss
of the United States for ratification or rejection.
1 ho legis­
lative situation at Washington gave occasion for further anxi­
ety. W ith the tariff bill disposed of, the President renewed
his insistence upon banking and currency legislation.
Alter
signing the tariff bill ho said: “ W e aro now about to take tiio
second stop, which will bo tho final stop in setting tho busi­
ness of this country free— that is what we shall do in tho cur­
rency bill which the House has already passed and which I
have the utmost confidence the Senate will pass much sooner
than some pessimistic individuals bolieve.
* *
. .W e
have set the business of the country free from those conditions
which have made monopoly not only possible but in a sense
easy and natural. But there is no use taking away the con­
ditions of monopoly if wo do not take away also the powor to
create monopoly, and that is a financial rather than a merely
O C T O B E R .— Current Events.— The new tariff measure circumstantial and economic power. The power to control
became a law on Friday night, Oct. 3. It passed the House and guide and direct the credits of tho country is tho powor to
Sept. 30 by a vote of 255 to 104 (four Democrats voting say who shall and who shall not build up the industries of the
country, in which direction they shall bo built and in which
against it, namely, Morgan, Broussard and Lazarro of
direction they shall not be built.” The President also indi­
Louisiana and Donahuo of Pennsylvania), and tho Senate
cated his purpose to undertake trust legislation with the bo­
Oct. 2 by 36 to 17, Senators Ransdell and Thornton of
ginning of the regular session of Congress in December.
Louisiana, Democrats, voting against it. Neither tho con­
On Oct. 11 in a letter written by him to Chairman Claytcmof
ferees of tho two Houses of Congress nor the two Houses
the Committee on Judiciary of the House of Representatives,
themselves were able to agree on the amendment of Senator
he urged M r. Clavton to give up his intention of entering the
Clarko, imposing a tax of 1-10 of a cent a lb. (or 50c. a bale)
United States Senate and asked him to remain in tho House
on cotton sold for future delivery, and this amendment was
to aid tho Administration in its anti-trust policy. M r. Clay­
finally dropped. In the sugar schedule the only change from
ton acquiesced. A few days later the daily newspapers nathe bill as it passed the House was that the time of the taking
nounccd that the President had approved the plans ol Sec­
effect of tho reduced rates on sugar and molasses was post­
retary of Commerce Redfield for investigation ot tho acts
poned until M ar. 1 1914, and that tho Dutch standard was
of manufacturers who might close their factories or reduce
abolished. The House provision for free sugar in M ay 1916
wages on the plea that such curtailment was made necessary
was left unchanged. In tho case of tho metal schedule,
most of the Senate proposals reducing tho rates on iron and by tho new tariff law. It was stated that an appropriation
steel products were approved by tho Conference Committee, was to be urged upon Congress for the carrying on or work
of that character. This was interpreted to mean that
with the effect of making the rates in this schedulo consider­
ably lower on the average than those of the original House things wero to bo kept stirred up, and that a period ot rest
bill. There were various changos of one kind or another and quiet was not yet near. Secretary Redfield subsequently
in the wool schedule, which was made effective Jan. 1 1914, himself took occasion in some speeches to emphasize tho same
with wool becoming free on Dec. 1 1913. In tho free list, point. The American Bankers’ Association at its annual
countervailing duties were placed on potatoes, wheat and convention at Boston took a pronounced stand against the
wheat products imported from any country that imposes a pending banking and currency bill. Tho general convention
duty on those articles when coming from the United States. of the bankers did not take place until Wednesday, Oct. 8,
The Senate had placed a provision in the bill taxing bananas but to get a consensus of tho views of tho small bankers and
1-10 of a cent a lb ., but receded from the amendment. Tho to define their attitude on tho bill, a separate and indepen­
Income Tax provision of the House bill was retained in all dent meeting of these small bankers was held on M onday,
Oct. 6. The opinion had been expressed in Administration
its essential features, but the additional or super-tax rates
were increased as to income of $75,000 and upwards, the circles and by the President himself that opposition to the
normal tax of 1 % per annum applying on amounts up to provisons of the bill emanated almost entirely from the largo
banks and from the chief financial centres. B y the action
$20,000, with additional taxes ranging from 1 % up to 6 %
per annum upon sums in excess of $20,000, the maximum of the small banks, it was made evident that they disliked
rate of 7 % (normal 1 % plus additional 6 % ) applying upon the proposition just as much as tho larger banks. Only rep­
tho amount by which tho total net income exceeds $500,000. resentatives of institutions having capital ranging from $25,­
Considerable vexation and troublo was occasioned by the pro­ 000 to $250,000 wero allowed to attend. Moro than 2,000
vision for collection of tho tax at the source, and although country bankers attended, and with almost absoluto^ una­
the House provision was modified to tho extent that this nimity resolutions wero adopted against certain provisions
method of collection did not become operative until N ov . 1 of tho bill and appointing a committee to go to VVashington
and present to the Senato Banking and Currency Committee
1913, there was barely time for tho Treasury Department to
the objections urged. Four main propositions wero urged
get out its regulations in that regard before the dato named.
on behalf of tho country bankers. N am ely, (1) l hat if
Representative Underwood, in presenting the Conferonco
national bank notes are to bo retired, there should bo ex­
Report in tho House, pointed out that tho measure as finally
changed for these bonds a new security that would so 1 upon
agreed upon fixed lower taxes than either tho bill that passed
its own merits at 100 cents on the dollar in tho maikets of
the House or the bill that passed the Senate. To all intents
the world, and that banks which desired to liquidate their
and purposes, said M r. Underwood, tho bill provides an
circulation should bo given tho right to have thoir bonds re­
average of lower taxation than any that has been presented
(2) 1 hat unnecessary
in three-quarters of a century. “ The Wilson bill carried an tired at not less than thoir face value.
restrictions upon the acceptance and investment of savings
average rate of duty of 3 9 .9 5 % . Tho Payne bill carries an
deposits should be avoided, and tho proposed segregation
average rate of duty of 4 0 .1 2 % , as compared with about 2 6 %
of savings deposits abandoned. (3) That tho small banks
that this bill will carry.” A provision was incorporated in
should not be deprived of their profits from tho collection
the law allowing a discount of 5 % from all duties on goods
of country checks, since “ exchange profits represent a largo
imported in vessels admitted to registration under tho laws
part of the total not earnings of country banks and aro a prop­
of the United States— that is, imported in American ships—
er charge for a fair service rendered, and (4)
that what­
but this was hedged about by tho proviso “ that nothing in
ever percentage of reserves is agreed upon should carry with
this sub-section shall bo so construed as to abrogato or in
any manner impair or affect tho provisions of any treaty it the right to keep not less than one-third of such reservo with
approved reserve agents in fiscal centres.
When the gen­
concluded between the United States and any foreign nation.”
Almost immediately after the law became operative, con­ eral convention of the bankers convened on Oct. 8, the same
unanimity of sentiment was rovealed, tho resolutions, in­
cern developed as to tho meaning of the provision, and pro­
test against the clause camo from nearly all the leading coun­ deed, being adopted with but one dissenting vote. Tho work
tries. On Oct. 8 Attorney-General McReynolds was called of the Currency Commission of tho American Bankors’
upon by Secretary M cAdoo for an interpretation of the clause, f Association was ratified and Congress urged to incorporate
and pending his decision customs collectors wero notitied to . into the proposed law tho amendments recommended at
withhold the 5 % differential in all cases. It was stated that | the Chicago conference of bankors held the previous August
23 nations had treaties with tho United States under which . at the instance of tho American Bankers’ Association.
they claimed that their ships would have a right to tho dif- | Early in tho month there was a renowod declino in Govern­
ferential in common with American ships. The following ' ment bonds, tho 2 % consols selling Oct. 9 as low as 9 4 ^ .
month (N ov. 8) Secretary M cAdoo notified collectors and This, and some inquiry regarding tho policy to bo pursued by
other customs officers that the Attorney-General had given the Administration concerning the same, brought a lengthy
an opinion holding that tho 5 % discount to American vessels, letter from Secretary of the Treasury McAdoo on tho subject.
only, which was the primary object of the discount clause, Ho contended that tho bonds wero well protected under the

Foreign Exchange, Silver, &c.— Exchango was irrogular but
with a tendency towards weakness most of the time. Sight
bills Sept. 2 were 4 8 5 0 0 @ 4 8575 and Sept. 30 4 8 5 6 5 ®
4 8575, and the high point was Sept. 20 at 4 8 5 7 5 @ 4 8 5 8 5 ,
and the low point Sept. 29 at 4 8 5 3 5 @ 4 8550, showing a very
narrow range. There was on occasions active selling of bdls
in this market against foreign subscriptions for So. Pac. certs,
by U n . Pac. shareholders. A t tho low points exchange was
only a shado above the figure at which gold could be imported
without loss, but conditions on the other side were such as to
make it inadvisable to attempt to engage gold for importation
to N . Y . Germany was an active bidder for the metal and
secured a large part each week of the SoutiqAfrican offerings
in London and also obtained extensive supplies of the metal in
other quarters. Firm discounts resulted at tho European fi­
nancial centres from the German efforts to reinforce gold sup­
plies and from the preparations making for the end of the
quarter settlements. Such recoveries in exchange as occurred
from time to time were due mainly to these circumstances.
The latter part of the month some shipments of gold to Can­
ada were reported. Open market discounts at London
Sept. 30 were 434 for 60-day bills and 4 3 4 @ 4 ^ for 90-clay
bills, while tho rate at Paris was 3 % and at Berlin 534, the
latter at one time having been as high as 534- buyer at
London was decidedly firmer and advanced to 28 ll-1 0 d .
Sept. 22, with the close Sept. 30 28 5-16cl.




J a n . 3 1914.]

THE CHRONICLE

ponding bill. A t the same time, however, ho repudiated
suggestions that had been made to him that tho Government
ought to maintain the 2s at par and said the Government
was under no legal or moral obligation to do this. Subse­
quently tho prico improved and on Oct. 31 tho quotation was
97 bid and 99 asked. One of the developments in connec­
tion with tho consideration of the bill by tho Senate Banking
and Currency Committee was tho presentation on Oct. 23
by Frank A . Vanderlip, President of tho National City Bank
of New York, of an entirely new bank plan, providing for
a central bank operated and controlled by tho Government.
B y reason of the fact that it provided for absolute Govern­
ment control great fondness for it was expressed by many
Sonators, and, indeed, it was said to reflect their views.
Tho consequence was that for the time being the proposal pro­
duced considerable confusion and there were not wanting
those who hinted that that was its object. Congressman
Carter Glass, tho Chairman of tho House Committeo on
Banking and Currency, went so far as to allege that M r.
Vanderlip had drawn a red herring across the path of cur­
rency legislation. M r. Vanderlip, however, said he had been
asked by three Senators to ongago his mind with tho problem
as to whether or not a plan for a Government controlled
central bank could be worked out and accordingly had
worked out such a plan. President Wilson was prompt in
expressing his disapproval. In a statement issued from the
White House on October 24, it was announced, with much
emphasis, that tho position of the Administration remained
unchanged and that M r. Wilson “ warmly and unqualifiedly
endorsed all the main features of tho Glass-Owen Bill” .
Hoarings on tho Administration Bill by tho Senate Com­
mittee were formally concluded on Oct. 25. Executive
consideration of tho bill began Oct. 28 and it soon became
evident that there was to bo a struggle between the advooates of a Government-controlled central bank like that pro­
posed by M r. Vanderlip and the Administration Bill as it
might bo altered by some radical amendments. Tho rail­
road situation also gave renewed cause for solicitude. Ex­
penses kept increasing very much faster than gross receipts,
bringing further reductions in net earnings. About the
middlo of October tho companies in Official Classification
Territory, comprising tho roads east of tho Missisisppi
and north of tho Ohio and Potomac rivers, began filing
now freight tariffs with tho Inter-State Commerco Com­
mission, proposing a moderate general advance in rates
— approximately about 5 % .
President Daniel Willard of
tho Balt. & O ., as Chairman of the Committee of Railroad
Presidents, in presenting the petition pointed out that since
tho hearing of tho Commission in 1910 (and which was
decidedly adverse to tho railroads in Feb. 1911) the increases
in wages granted to railroad employees, as well as tho in­
crease in other expenses and taxes, had seriously reduced
tho return on capital invested and had so lessened the margin
of income as to render it difficult to seo how investors could
bo induced to provide tho money that would be needed to
keep tho transportation facilities up with tho requirements.
An advance in rates, M r. Willard insisted, was absolutely
necessary. Beforo the railroads could get their rovised
froight schedules on file, announcement camo from Washing­
ton that Louis D . Brandeis of Boston, who had represented
the shippers in opposing the advance asked for in 1910, and
who then mado the suggestion that the railroads, by intro­
ducing economies, could save -$1,000,000 a day in expenses
and who had antagonized tho railroads before the Commerco
Commission on various other occasions, was now to be re­
tained by tho Inter-State Commerco Commission itself to
represent the opponents of tho proposed advance in rates.
Commissioner Harlan, who gave out the announcement,
argued that the railroads would be represented at tho hearing
by able attorneys and “ will fully develop tho concrete prop­
osition that tho carriers are in need of more revenue” , and,
therefore, it would appear to bo only proper that tho Com­
mission should “ take steps to develop tho other side of tho
broad question.” This action of tho Commission occasioned
gloomy forebodings. Another discouraging piece of news
was tho report that Charles A . Prouty was to retire as a
member of the Intor-Stato Commerce Commission, with tho
understanding that he was to becomo director of the Bureau
of Physical Valuation of Railroads to be created by tho
Commission. As Commissioner, M r. Prouty had always
shown strong bias against tho roads, so it was felt ho was
hardly well qualified to undertake a physical valuation of tho
railroads. On the last day of tho month announcement camo
that tho Commission had decided to follow its usual custom
and suspend tho proposed increase in freight rates (until
March 12 1914) pending an investigation into the facts of tho
caso. As it happened, Chairman E . E . Clark of tho Com­
merco Commission, in an address delivered Oct. 28 beforo tho
25th annual convention of tho National Association of Rail­
way Commissioners, made tho declaration that an ideal
transportation situation could not be attained without an
advance in rates, though this was a general statement and
had no reference to the case in hand. “ An ideal transporta­
tion situation” , ho Avas quoted as saying, “ can be attained
only by largo additions to the facilities and great improve­
ment in methods. The added facilities can be secured only
through expenditures from surplus earnings or from expan­
sion of credit. In either way the total cost to purchasers
of transportation would bo increased.” Somewhat earlier
in tho month a striking illustration was furnished of the
valuo attached by tho community to slightly better rates




37

for the railroads. On Tuesday morning, Oct. 21, prices of
Jstocks on the N . Y . Stock Exchange unexpectedly opened
1 @ 3 points higher than the closing sale prices the day
before. The reason was found in advices from Washington
saying the Inter-State Commerce Commission had given
consent to advances in certain commodity rates between
Missouri River points. The matter proved, on investigation,
to be quite inconsequential. In this instance carriers operat­
ing between Missouri River points had a long time previously
proposed to advance a number of commodity rates, but upon
protests of commercial bodies at Kansas C ity, M o ., Omaha,
N eb ., and St. Joseph, M o ., tho schedules naming the in­
creased rates were suspended until M a y 1 1913 and later
were re-suspended until N ov. 1 1913. The roads involved
were the Chic. Burl. & Q ., the Chic. Gr. W e st., the Rock
Island, the M o . Pac. with the Iron Mountain and the W a ­
bash. As the result of a conference between the protestants
and the carriers, held prior to the hearing, it was agreed that
certain of tho existing rates be continued, some modifications
mado in a few of the advances, and the protest withdrawn
as to practically all of the other increases, excepting those
upon blue vitriol, furniture and linseed oil to and from Kan­
sas City. The Commission gave its approval to what had
been done, and as the protesting shippers failed to back up
their objections to the items still in dispute, the Commisssion
found itself “ constrained to allow the increased rates to be­
come effective when the modifications agreed upon between
the protestants and respondents shall have been m ade.”
The amount involved was comparatively small, and it was
only because it showed the advantages to the railroads of
co-operation with shippers that the case possessed any im­
portance. Affairs in Mexico became very critical. In the
uprisings in various parts of Mexico against tho Huerta
Government, Federal successes and Federal defeats seemed
to bo about even; but the Federal troops sustained an im­
portant loss at Torreon, which passed into the hands of the
rebels or Constitutionalists on Oct. 2. A t tho same time
Provisional President Huerta became more and more high­
handed in his actions and established a virtual dictatorship.
On Oct. 10, by his orders, all members of tho Chamber of
Deputies with the exception of those of the Catholic Party
were arrested. In all 110 members were put in jail. Subse­
quently, both branches of tho Mexican Legislature were dis­
r
solved and a proclamation issued calling for new elections of
Senators and Deputies on Oct. 26, the date fixed for the Presi­
dential election. Tho arrested Deputies were charged with
being revolutionists.
As soon as the Government at Wash­
ington became acquainted with tho state of things, Secre­
tary Bryan, by direction of the President, sent telegraphic
instructions to the American Charge d ’Affaires in Mexico
to inform the Mexican Government that in view of President
Huerta’s assumption of the role of dictator of tho republic,
the President would bo unable to recognize as legal and con­
stitutional the election of President set for Oct. 26. Presi­
dent Wilson sought to secure tho co-operation of Great
Britain in a decision to refuse to recognize the results of
the election on Oct. 26, but, as it happened, Sir Lionel
Carden, the new British Minister to Mexico, presented his
credentials on tho day after Huerta dissolved the
Mexican Congress, and, furthermore, was guilty of some
very indiscreet remarks in an interview with Mexican news­
paper reporters in which ho made some severe strictures
upon the policy of the U . S. G ovt. Huerta on Oct. 23 sum­
moned tho Diplomatic Corps at Mexico City and informed
them that under no circumstances would he" be a candidate
at the election on Sunday, Oct. 26. A t the same time, it was
general rumor that he had directed that ho himself be
elected President and Gen. Blanquet Vice-Pres. Gen. Felix
Diaz, who was also a candidate but who had been sent on a
foreign mission, arrived at Vera Cruz a few days before the
date of the election, but was ordered to return to Havana
aboard the Mexican gunboat Zaragoza. This put Gen.
Diaz in a dilemma as the Mexican Constitution provided that
a candidate for President must be on Mexican soil at the time
of his election.
Gen. Diaz after resigning from the army
received an invitation to proceed to Mexico City, but refused
to go, distrusting Huerta’s sincerity. He sought the shelter
of one of the legations and on M onday night, Oct. 27,
applied to tho American Consulate at Vorz Cruz for protec­
tion on tho ground that he was to bo shot. H e was subse­
quently taken on board the U . S. warship and carried to
Cuba. Tho elections on Oct. 26 proved a farce. Very few
votes wero cast and many of theso were for Gen. Huerta,
notwithstanding his statement that lie would not lie a candi­
date and notwithstanding the provisions in the Mexican Con­
stitution which do not allow the Provisional President to
bo a candidate. Pres. Wilson in speaking at Mobile on
Oct. 28 beforo the Southern Commercial Congress declared
that tho U . S. would not seek one additional foot of terri­
tory by conquest, and that- morality, not expediency, would
govern this country in its relations with other nations of the
Western hemisphere. On the same day Sec. Bryan mado tho
announcement that the three European nations, Great
Britain, Germany and France, had agreed to adopt no new
policy toward Mexico until the G ovt, of the U . S. could sub­
mit for their consideration a definite plan for the future
treatment of the Mexican Republic. In the Balkan region
of Europe there were no important now developments of
moment. Turkey and Bulgaria had signed a peaeo treaty
at the close of tho previous month, Sept. 29. It seemed to
remain for the French G ovt, to finance tho noods of the va­

38

THE CHRONICLE

rious Balkan countries, but the French G ovt, gave notice
that it would oppose foreign loan offerings of any kind in
Paris before the French national and the Moroccan loans
had been placed the next month. The Paris market was
depressed by the Mexican situation and in both London and
Paris unfavorable developments in Brazil proved a depressing
influence. Brazilian securities were under severe pressure,
owing to the low prices for rubber and coffee, and some fears
were entertained that some of the public securities of the
Republic might be defaulted on. Bank and other failures
in India proved an added source of discouragement. On
Oct. 22 the Stock Exchange at Bombay remained closed,
following several days of panic, due to failures of native
banks, chief of which was the Credit Bank of India, which had
closed on Oct. 3 . It appeared that mill shares had been
wildly speculated in, but the trouble also extended in other
directions, several dealers in pearls and other gems going to
the wall. In Berlin steamship shares suffered, owing to
lower freight rates and the warfare between the different
lines. In London the new loan offerings were attended
with such poor success that a formal agreement was again
entered into by the important underwriting concerns at
the British centre not to bring out anv more new issues for
the present. In China Provisional President Yuan ShiKai on Oct. 6 was formally elected President of the Chi­
nese Republic by a majority of two-thirds of the members
of the two Houses of the Chinese Parliament sit­
ting in joint assembly in Peking. The term of office was
made 5 years with but one re-election permissible. Pros.
Yuan announced that all treaties, conventions and other en­
gagements with foreign governments vfould be strictly ob­
served. The foreign diplomats at a meeting held in Peking
on Sept. 30 had unanimously adopted a resolution in favor
of the recognition of the Chinese Republic. Winston Spencer
Churchill, First Lord of the British Admiralty, renewed his
proposal to tho German Govt, for “ a naval holiday” — that is,
he offered to delay the fulfilment of Great Britain’s naval
construction program in 1914 if Germany would similarly put
off carrying out its own naval plans. The Steel Corporation
in its statement for Sept., issued Oct. 10, showed a furthor re­
duction in unfilled orders from 5,223,468 tons to 5,003,785
tons, and the decrease during Oct. proceeded at an accelerat­
ing pace, so that on Oct. 31, as shown in the statement issued
N o v . 10, tho aggregate of unfilled orders was only 4,513,767
tons, or the smallest amount since N o v . 30 1911. The de­
cline in prices was general among all classes of finished pro­
ducts, steel billets, for instance, being down 82 a ton, steel
bars, beams and hoops the same, and sheets and wire nails 81
a ton, all these being quotations at Pittsburgh. Copper was
somewhat higher for Lake at 1 6 % c ., against 1 6 % @ 1 6 % c . at
the opening of the month, notwithstanding some increase in
the unsold stocks of the metal, as shown by the statement
given out N o v . 7; but metal prices generally were lower— in
particular, lead and tin. A receiver was appointed for the
Pope M fg . Co. (making automobiles). Tho Secy, of the
Treasury, in pursuance of his previously announced policy,
added still further to the total of G ovt, deposits in the banks,
making the aggregate N o v . 1 898,069,012, against only 885,­
206,999 Oct. 1 and 860,747,275 Sept. 1, and tho Sub-Treasury
holdings of cash were reduced to 8342,313,840, against 8346 531,127 Oct. 1 and 8372,112,911 Sept. 1. National bank
notes secured by bonds increased from 8738,467,068 to
8740,063,776. Grain prices declined tho first half of the
month, owing to extensive liquidation, but recovered the
latter part of the month because of unfavorable weather in
the W est and freezing weather in the Southwest. Tho Dec.
option for wheat at Chicago moved down from 8 7 % Oct. 2 to
8 1 % Oct. 17, but closed at 8 6 % c . Oct. 31. Dec. corn at
Chicago fell from 7 0 % Oct. 2 to 6 6 % Oct. 17, but closed at
7 0 % Oct. 31.
Dec. oats at Chicago declined from 4 2 %
Oct. 2 to 3 6 % Oct. 17 and closed at 3 8 % c . In cotton there
were sharp fluctuations. Middling uplands in this market
moved up to 14.30 Oct. 3, then declined to 13.50 by Oct. 14,
owing to heavy long liquidation and a tondoncy to increase
crop estimates, then advanced to 14.50c. Oct. 22 because of
quite general killing frosts nearly all over the South, but
weakened again and closed Oct. 31 at 14.10c. Print cloths at
Fall River were marked up Oct. 4 f r o m 3 % to4c. Gov. W m .
Sulzer of N . Y . was on Oct. 17 removed from office bv the
High Court of Impeachment by a vote of 43 to 12. All of tho
Judges of the Court of Appeals, with the exception of Chief
Judge Cullen, who was excused from voting, stood for con­
viction on tho final vote. The Governor was found guilty on
Articles I, II and IV of the eight charges which had been pre­
ferred against him by the Assembly. The testimony proved
vory damaging. Sulzer did not appear as a witness in his
own defense. By a unanimous vote the High Court of Im ­
peachment decided against disqualifying Sulzer from holding
public office in the future, as it had the right to do. He
promptly availed of this advantage and ran for Assembly in
a Jewish district on the East Side of this city, where tho sen­
timent was overwhelmingly in his favor and the next month
he was triumphantly elected from this district.
Railroad Events and Stock Exchange Matters.— The stock
market was depressed most of the time during October. Un.
Pac. and the Steel shares wore weak features at tho very be­
ginning of the month, the latter because of the diminution in
steel orders and the enactment of the new Tariff law with its
lower duties. On Oct. 9 there came official announcement
that the Un. Pac. directors had decided it was inexpedient to
deal with tho subject of a distribution at the present time of




[Vol.

X C V III.

the money derived from the sale of Sou. Pac. shares, and fur­
thermore that it was never contemplated that if there should
be a distribution, the old rate of divs. on U n. Pac. would be
continued. This occasioned a further sharp break in U . P .
shares and Steel stock also continued weak for tho reason al­
ready given. The next week the news that tho M ass. R R .
Com m , had approved the proposed issue of 867,552,000 conv.
debs, of the New Haven R R . had a strengthening effect on
that stock, which, however, weakened again tho latter part of
the month on intimation by Chairman Howard Elliott that
the New Haven div. might have to be further reduced. The
market continued more or less depressed until Tuesday,
Oct. 21, when a sharp upward turn occurred, due to short
covering on the news that tho Inter-State Com . Comm, had
withdrawn objections to certain proposed advances in com­
modity rates between Missouri River points by Western
roads. The action was soon found to be of little consequence
and prices gradually eased off again. The latter part of the
month tho market was extremely dull, with no decided ten­
dency to prices except in the case of a few specialties, which
were rather weak. Steel shares improved on tho prospect of
a favorable statement of earnings for the Sept, quarter, but
after the publication of the figures on Oct. 28 tho price again
fell off. Can. Pac. opened at 2 2 9 % Oct. 1, sold up to 2 3 4 %
Oct. 4, then dropped to 2 2 2 % Oct. 17, and closed at 2 2 5 %
Oct. 31. M ilw . & St. P. com. from 1 0 5 % Oct. 2 declined to
9 8 % Oct. 17 and closed Oct. 31 at 101. Reading com. from
1 6 8 % Oct. 2 fell to 1 5 8 % Oct. 17 and closed at 1 6 0 % . U . P.
com. dropped from 1 5 9 % Oct. 2 to 147 Oct. 17 and closed at
1 5 0 % . So. Pac. from 9 1 % Oct. 2 declined to 8 4 % Oct. 17
and closed at 87. N . Y . Central, after selling down to 9 3 %
Oct. 17, moved up to 9 7 % Oct. 29 and closed at 9 5 % . Penn.
R R . fell from 11 2% Oct. 1 to 10 7 % Oct. 24 and closed at
1 0 8 % . Steel com. from 6 0 % Oct. 2 dropped to 5 3 % Oct. 16
and closed at 5 6 % . Am al. Copper was 7 7 % Oct. 2, 6 9 %
Oct. 14 and closed at 7 2 % . People’s Gas of Chicago in­
creased quar. div. from 1 % to 2 % . It was announced that
out of the 830,000,000 1st & ref. 5s of the Interb. Rap. Tran,
offered by bankers, 827,000,000 had been disposed of. A m .
Tel. & Tel. placed 810,000.000 6-m os. notes of its subsidi­
aries, the money costing the company about 5 % % p. a.
Ch. & N orth W est. sold 810,000,000 St. L . P. & Northw. 1st
5s. Hock. Val. placed 84,000,000 1-yr. 5 % gold notes to
retire the same amount of 2-yr. 4 % % notes. J. P. Morgan
& Co. purchased and re-sold at 9 9 % 812,000,000 N . Y . Cen­
tral 1-yr. 5 % notes.
The Money Market.— There was an advance in rates for
both call loans and time loans. The Clearing-House return
for Oct. 3 proved unexpectedly poor, and the banks wore also
called upon to ship currency quite freely to tho W est, not­
withstanding the aid derived by Western and Southern in­
stitutions from the increase in Government deposits. Surplus
reserves of the Clearing-House banks subsequently improved,
but on Oct. 31 the call-loan rate, which had been gradually
advancing, again touched 1 0 % . The bank statement for
Saturday, N o v . 1, actually showed a small deficiency in
reserves. Time loans at the close wore 4 % @ 5 % for 60
days, 5 @ 5 % for 90 days and for 4 mos. and 4 % @ 5 % for
5 and 6 mos. Commercial paper closed at 5 % @ 5 % for
choice double names and prime single names and 6 @ 6 % for
good single names. M oney holdings of the Clearing-House
banks and trust companies fell from 8416,029,090 Sept. 27
to 8397,008,000 N o v . 1, and surplus cash reserves, after
dropping to 83,695,150 Oct. 4 , increased to 812,671,350
Oct. 18 and then were turned into a deficit of 8117,050 N o v .l.
Loans were reduced from 81,951,631,000 Sept. 27 to 81,905 ,­
036,000 Oct. 18, and then increased to 81,935,697,000 N ov . 1.
Deposits fell from 81,790,643,000 Sept. 27 to 81,740,849,000
Oct. 25, and then increased to 81,760,525,000 N ov . 1.
Money holdings of the State banks and trust companies not
in tho Clearing House declined from 871,523,300 Sept. 27
to 869,583,400 N ov . 1, and loans of these institutions fell
from 8565,515,200 Sept. 27 to 8551,583,600 Oct. 25, and were
8555,598,300 N ov . 1.
.
^ Foreign Exchange, Silver, (fee.— In foreign exchango the
feature was tho advance in tho Bank of England rate on
Oct. 2 from 4 % % to 5 % , owin£ to the largo demand for gold
for Egypt and a simultaneous inquiry for gold for American
account. The advance in the Bank rate was preceded by a
rise in open market discounts and it was evident that tho
Bank would resist to tho utmost an outflow of gold to tho
United States. Tho effect here was to cause a sharp ad­
vance in sterling at the beginning of tho month, which put
an end to the American inquiry for the time being. The
Bank of England in its weekly statement for Oct. 2 roported
a loss in its gold holdings of no less than £3,084,091, of which
£2,000,000 represented shipments to Egypt and £40,000 to
India. On Oct. 9 the weekly return showed a further loss
in gold of £1,885,492, of which £1,195,000 was for Egypt
and £20,000 for India.
After that the weekly returns
recorded gains. Open market discounts remained very firm,
however, and the talk of a possible advance in tho Bank of
England rate to 6 % was renewed the latter part of the
month, when 82,000,000 in gold bars were engaged for ship­
ment to the United States. Exchango developed increasing
weakness. Commercial bills, both grain and cotton, wore
very liberally offered, and the salo of 85,000,000 Interb. Rap.
Transit bonds abroad was also a factor in the decline, besides
which money rates at this centre stiffened very materially.
The Bank of Germany reduced its official rate from 6 % to
5 % % on Oct. 27. 82,300,000 gold was taken here for Can

JAN. 3 1914.]

THE CHRONICLE

39

City of New York, neutral arbitrators; W . W . Atterbury,
Vice-Pres. of the Penn. R R ., and A . H . Smith, Senior VicePros. of the N . Y . C ent., as representatives of the railroads,
and Lucius E . Sheppard, Senior Vice-Pres. of the Order of
Railway Conductors, and Daniel L. Cease of Cleveland,
editor of the “ Railway Trainman,” as representatives of the
employees. On N ov. 24 and 25 the Inter-State Com . Comm,
began hearings on the petition of the railroads east of the
N O V E M B E R .— Current Events.— The improvement in M iss. River and north of the Ohio and Potomac rivers for
business which in certain quarters had been counted upon as an advance of 5 % in freight rates, which, the examination
likely to follow the enactment of the new tariff law with the developed, was intended to apply to intra-State as well as
definite ending of uncertainty as to the precise rates of duties inter-State rates, and likewise to import and export rates,
to be imposed thereby, failed to come. On the contrary, a and was estimated to yield $40,000,000 to $50,000,000 addi­
very pronounced and widespread reaction in trade and busi­ tional gross revenues. Two days were devoted to the rail­
ness set in. Reports from the iron and steel industry were road side of the case and adjournment was then taken by the
particularly gloomy, and a big slump in prices occurred on Commission until Dec. 10. Pres. Daniel Willard of the
top of the decline in October. A t the close of the month the Baltimore & Ohio, in presenting the case for the rail­
Steel Corporation was reported as running its mills at only roads, showed that during the previous three years the rail­
6 0 % of capacity, while the new orders booked were said to be roads in the territory affected had spent in property in­
equal to only about one-third the capacity of the mills. The vestment some $600,000,000, but that operating ex­
had
increased
so fast
that
these
carriers
independent steel concerns were reported to be operating at penses
less than 4 0 % of their capacity, and more employees were earned in the year ending June 30 1913 less by $16,311,321
stated to be out of work than at any time within five years. thanfor the year ending June 30 1910. TheP en n ., tlie N . Y .
A s it happened, Europe suffered from trade recession, too, Cent, and the B alt. & Ohio had added over $422,537,000 to
especially Germany. Bessemer billots at Pittsburgh further their property investment, and though their combined gross
declined $2 a ton, to $20 50, at which figure comparison was earnings in the three years had increased $109,000,000, the
with $27 per ton at the close of N ov . 1912. W ire rods at net operating income had actually diminished $8,573,507.
Pittsburgh fell away another $1 per ton, to $25 50, which Mexican affairs became steadily more disquieting, though
compared with $30 per ton N ov . 30 1912.
Steel bars one pleasing development was an address by Premier As­
at Pittsburgh dropped to $1 25, which compared with quith at tho Lord M ayor’s banquet at the Guild Hall in
$1 60 per .100 lbs. in November 1912.
The copper mar­ London on N ov . 10. M r . Asquith denied that England had
ket also became depressed, and Lake copper, which had entered upon a policy deliberately opposed to that of the
sold close to 17c. at one time the previous month, got down United States, and stated that the British diplomatic rela­
to 15c., with electrolytic copper as low as 1 4 ^ c . Certain tions with the United States were such that both countries
large failures were also unfavorable events. In this city felt the fullest assurance that nothing could disturb their
II. B . Hollins & C o., one of the oldest and at one time one of common resolve to attain and maintain a friendly and sym­
the most prominent W all Street banking houses, succumbed, pathetic understanding. This speech was regarded as
with liabilities estimated at between $4,000,000 and $5,000,­ removing tho Mexican question from the position of a possi­
000. In this caso the origin of the trouble appeared to date a ble international problem to one of much smaller calibre.
considerable way back, as the firm had been experiencing a In Mexico itself, however, things went from bad to worse.
sort of dry rot under the great shrinkage in Stock Exchange On N o v . 7, John Lind, President W ilson’s confidential agent,
and investment business. The Pope M fg . Co. of Hartford, returned to the City of Mexico from Vera Cruz, where he
Conn., making automobiles, admitted its inability to meet its had been staying since the failure of his original negotiations
obligations at the close of October and went into the hands of with General Huerta. On N ov . 12, however, M r. Lind
receivers. The latter part of the month an involuntary peti­ suddenly returned to Vera Cruz, and it was announced that
tion in banktuptcy was filed against the N . Y . Real Estate all negotiations between the United States and the Huerta
Secur. Co. of this city. The liabilities were estimated at Government had now been ended. Information was to the
about $20,000,000, the chief item being real estate mort­ effect that M r. Lind before leaving had forwarded a message
gages and obligations of like character. The arbitration to General Huerta informing the Provisional President that
award in the case of the conductors and trainmen of the East­ unless the Mexican Congress to be shortly convened in Mexico
ern railroads was also an event of the month. The men had City were dissolved and assurances to that effect given
asked for 2 1 % increase in wages and were awarded about 7 % by General Huerta by 6 o’clock in the evening, the United
increase, dating back to Oct. 1. The increaso meant an addi­ States would have no further communication with the
N o answer having been received
tion of $6,000,000 to the yearly expenses of the roads. It Mexican Government.
was the third of a series of blows suffered by the railroads of from Huerta, M r. Lind left for Vera Cruz. The Mexican
the Eastern District within about a year. The locomotive Congress met N o v . 20 and Huerta in his message entirely
engineers were awarded an increase of about $2,000,000 ignored the demands made upon him by the U . S. Govern­
a year in N o v . 1912 and the firemen an increaso of ap­ ment. Twenty-seven of the members, mostly of the Catholic
proximately $3,000,000 per annum on April 23 1913. A s’ Party, failed to appear, the Catholic members at a meeting
had happened in previous cases the award was a com­ having decided not to take part in the session. It was then
promise, nearly all of the questions that were involved announced that President Wilson’s policy was one of “ in­
being decided by
a vote of 4 to 2— that is, the two finite patience” . Conferences had previously been held at
neutral arbitrators would, as each question came up, side Nogales, in the State of Sonora, Mexico, between Dr. W il­
oither with the two representatives of the railroads or the liam Bayard Hale, a personal representative of President
two representatives of the employees. The board expressed Wilson and General Carranza, chief of the Constitutionalist
no opinion as to the propriety of giving the roads permission forces. These latter gained increasing successes and the
to advance rates, saying it had no authority to determine latter part of the month appeared to be in possession of the
rates, nor was it in a position to say “ whether such an in­ whole of the northern part of Mexico. Juarez, on the
crease is justified as a matter of fact by all the circumstances.” United States border, was captured on Sunday, N ov . 16.
The board said it believed it must make its findings as to In an attempt to recapture Juarez, the Federals again met
the proper rato of pay without any reference to the matter of disastrous defeat. This battle ended on N o v . 26, the Con­
rates, since “ to take any other view of the question would stitutionalist forces under General Villa gaining an over­
be to decide that no increaso of pay, while tho laws remain whelming victory. The Constitutionalist armies then pro­
as they are, can ever be mado except voluntarily by the rail­ ceeded to move southward, with tho view to taking Chi­
roads,” and “ such a decision would render arbitrations like huahua C ity, an important stronghold, which, it was sup­
this valueless.” The board, however, commented on the posed would make a valorous defense; but on N ov . 30 it was
low basis of existing freight rates, remarking that “ at the announced that the Federal troops had evacuated the city.
present time a ton of freight is moved in Eastern territory Financial affairs in Mexico became more and more involved
more than 3 miles for tho value of a 2-cent postago stamp. and various new taxes of an oppressive kind were imposed.
This is the cheapest railroad service to the shippor to bo found Congressional and Governmental activity also exerejsed a
on the face of tho globe. In the face of such a fact, it would continued disturbing influence, intensifying the feeling of
be unjust to say that tho railroad employees must continue depression prevailing. Sec. of Labor William B . Wilson on
to bo satisfied only with what can be paid from freight rates N ov . 12 addressed the Amer. Federation of Labor, and in
as low as this. The Inter-State Commerce Commission, and condemning particularly the attitude of the Michigan copper­
not this Arbitration Board, has tho duty of determining mining companies in dealing with their employees, who had
whether the railroads can earn in addition to their other for some months been engaged in a strike, took occasion to
charges, without an increaso of freight rates, tho rates of warn them that a new conception of titles to property was in
pay that this Board believes to bo clue at the present time process of forming. After aggregating the figures to show
to tho conductors and trainmen.” The representatives of what profits one of the leading copper-mining companies in
the railroads, in a vigorous dissenting opinion, directed at­ the Michigan district had made since its organization in
tention to the fact that the $6,000,000 increase in wages was 1870— a period of 43 years— he went on to say: “ If any in­
in addition to $4,000,000 recently added to railway expenses dividual or corporation takes the ground that the property
t hrough extra-crew laws passed in the same territory at tho is his own, that ho has the right to do with it as he pleases,
behest of these labor organizations, and that “ the sum of and fails to take into consideration the fact that the title has
$6,000,000 represents the annual interest at 5 % upon $120,­ only been conveyed to him as a trustee for the welfare of so­
000,000 capital, and this annual burden is thrust on the rail­ ciety, then he is creating a condition that will cause society
road companies at a time when tho public should havo in­ to modify or change these titles to property, as it has a per­
creased and improving facilities and when tho difficulties fect right to do whenever in its judgment it deems it for the
of raising now capital are daily increasing.” Tho Board welfare of society to do it .” This was disturbing on its own
consisted of Seth Low, Pres, of the N at. Civic Federation, account, and also as conveying a hint of possible Government
Chairman, and John H . Finley, Pres, of the College of tho ownership of mines. It followed a somewhat similar deelara-

ada. Bankers’ sight bills were at their highest on Oct. 2
at 4 8 6 0 5 @ 4 8615 and at their lowest Oct. 31 at 4 8 5 @
4 8510. Open market discounts Oct. 31 were at 4 15-16@
5 % for 60-day bills in London and 5 % for 90-day bills. A t
Paris the open market rate was 3 A and at Berlin 4 % % .
Silver again turned downward and declined to 27 A d . Oct. 30,
with the close Oct. 31 27 A d .




40

THE CHRONICLE

tion made in an address delivered by Comm. Joseph E . Davies
of the Bureau of Corporations at Atlantic City on Oet. 31
before the N a t. Assoc, of Hardware Dealers. M r. Davies
announced that it was the purpose of the Bureau of Corpora­
tions to enter upon an extensive investigation to determine
whether in industry a competitive system of large units or a
monopolistic system is the most advantageous. He indi­
cated that there should be Government supervision with the
view to regulating prices, saying: “ Our theory of Government
is wrong if our laws shall not decree that the few men who are
trustees for society and who should be fairly and abundantly
compensated for the services they render should also be pre­
vented from putting their feet in the trough if they become
animated by the fundamental greed that lies in human na­
ture.” On N o v . 20 President Wilson began a series of con­
ferences on phases of the trust question, and it was stated
that the different Administration leaders were actively en­
gaged in drafting measures for dealing with the matter at the
regular session of Congress to begin in December. A t the
close of the month the Government began a suit under the
Sherman Anti-Trust Law for the dissolution of the American
Can Co. On N o v . 18 suit was also filed in the U . S. D ist.
Court at N ew York against the N a t. Wholesale Jewelers’
Association and the N a t. Association of Manufacturing
Jewelers, these being commonly known as the Jewelers’
Trust. The two associations were said to comprise about
200 members, doing business in 22 different States, most of
them in Rhode Island and Massachusetts. In this case, it
was stated, the aim of the proceedings was to destroy the
restraint alleged to have been exerted by the defendants
upon the free action of manufacturing jewelers in dealing
with retailers by restricting sales through wholesalers or
jobbers. Reports had it that 8 0 % of the defendants had al­
ready consented to discontinue the practices complained of,
and that the Government had reached the conclusion
that a dissolution of the Association was not necessary but
that the demands of the Sherman Law would be met by a
decree of stringent injunctions. The U . S. Senate on N o v . 6
adopted a resolution calling for an investigation by the Inter­
State Com . Com m , of the relations between the Louisv. &
Nashv. and its allied lines to determine whether there had
been any violation of the anti-trust law. In the considera­
tion of the Banking and Currency Bill by the Senate Banking
and Currency Committee, sharp cleavage developed between
different members of the Committee, and finally deadlock
ensued. The Committee consisted of 7 Democrats and 5 Re­
publicans, but 3 of the Democrats, namely Senators O ’Gor­
man, Reed and Hitchcock, had been opposing the measure as
received from the House. After the result of the N ov. elec­
tions became known, M r. Reed and M r. O ’Gorman came to
the support of the House bill, but Sen. Hitchcock continued
in opposition, and, acting with the 5 Republicans, produced a
tie which it was found impossible to break. The outcome
was the presentation of two reports, one by the 6 Democratic
members and the other submitted by the 5 Republicans act­
ing in conjunction with Sen. Hitchcock. The House bill was
returned to the Senate without recommendation and with the
two drafts prepared by the divided Senate Committee. The
Senate, accordingly, had three bills before it. This occurred
Saturday, N o v . 22. While the House bill provided for 12
regional banks, the Democratic Senate bill allowed for only
8 and the Hitchcock-Republican bill for only 4 regional banks.
Sen. Owen, in making the report for the 6 Democratic mem­
bers, pointed out that both wings of the Committee had
agreed on certain great fundamentals, more particularly that
there should be a regional Federal reserve bank system instead
of a central bank, that the system itself was to be controlled
by the G o v t., that the Federal notes should be the obligations
of the U . S ., that there should be provision for an open dis­
count market and for the mobilization of reserves, but that the
two sections of the Committee disagreed upon certain other
things. Debate in the Senate began on M onday, N ov . 24,
and though the Senate adjourned from Wednesday, N o v . 26,
to Saturday, N ov . 29, the Democrats in the Senate held
lengthy conferences among themselves and decided that with
the beginning of the regular session of Congress on M onday,
D ec. 1, every effort was to be made to hasten the passage of
some kind of bill. G ovt, deposits in the banks were further
increased from $98,069,012 to $99,472,167 and G ovt. Cash
in Sub-Treasuries was diminished from $342,313,840 to
$336,275,915. National bank circulation secured by bonds
was diminished from $740,063,776 to $739,677,565. The
D ec. option for wheat in Chicago declined to 83 % c . N o v . 5
but recovered to 8 7 % c . N o v . 26. D ec. corn at Chicago, after
declining to 6 7 % c . N ov . 5, advanced to 7 2 % o . N o v . 17 and
closed N o v . 29 at 7 0 % c . Dec. oats at Chicago were at their
lowest N o v . 5 at 3 7 % c ., then advanced t o 3 9 % c . N ov. 17 and
closed N ov . 29 at 3 7 % c . Middling upland cotton in N . Y .
declined from 14.10c. N ov . 1 to 13.30c. N o v . 26 and closed
N o v . 29 at 13.40c. The U .S . District Court at Columbus,
O ., on N o v . 10 in the G ovt, suit against the Ches. & Ohio and
the L . S. & M ich. Sou., held that these companies must relin­
quish their holding of Kan. & M ich. R y. stock. The U . S.
Supreme Court on N ov . 1 affirmed the decision of the U . S.
District Court for the Eastern District of Texas, holding that
in a violation of the Federal hours of Service Act regulating
the employment of railway employees in inter-State com­
merce, a railroad company may be liable for a separate penal­
ty for each employee who is required to work overtime.
Railroad Events and Stock Exchange Matters.— Further
depression resulted in November as a result of the unfav­




[V O L .

XC\ III

orable influences detailed above.
Early in the month sharp
declines in prices occurred, a number of stocks touching
lower points even than recorded the previous Juno. Sub­
sequently, however, the tone improved and the whole or
a part of the decline was recovered in many instances.
Business, on many days fell to the smallest figures reached
in years. New Haven stock made a new low record up to
this time. On N ov . 11 Judge Sheldon, in the Supreme
Court at Boston, denied the application for a preliminary
injunction restraining the company from issuing its $67,­
500,000 debenture bonds, but to cover the financial necessi­
ties of the company during the delay in issuing the deben­
tures the company sold to a syndicate of bankers at 9 9 %
$45,000,000 6 % notes, payable on or before six months from
their date, N ov . 18 1913. The notes were re-sold at 9 9 % .
This enabled the company to redeem its $40,000,000 1-yr. 5 %
notes due Dec. 1 . The latter part of the month the tendency
of Stock Exchange prices was towards a higher level. On the
last business day (N ov. 29) Amer. Can shares were adversely
affected by the suit of tbe Government. This also caused
some weakening in the general market. Can. Pac. foil from
2 2 4 % N o v . 1 to 220 N ov . 10, then advanced to 2 2 6 % N ov . 25
and closed at 2 2 5 % N ov . 29. M ilw . & St. P . com. declined
from 1 0 1 % N o v . 1 to 9 6 % N o v . 10 and closed at 9 7 % N ov.
29. Reading com ., from 16 1% N o v .5 fell to 15 6% N ov . 10
and closed N ov . 29 at 1 5 9 % . U . P . com ., after declining
to 14 6 % N ov . 10, advanced to 152 N ov . 28 and closed
N ov . 29 at 1 5 1 % . So. Pac. fell from 8 6 % N ov . 1 to 83
N ov. 10, then advanced to 8 7 % N o v . 25 and closed N o v . 29
at 8 7 % . N . Y . Cent, moved between 94 N o v . 10 and 9 6 %
N o v . 25. Steel com ., from 57 N o v . 1 fell to 5 3 % N ov . 10
and closed at 5 5 % . Amal. Cop. from 7 3 % N ov . 1 got down
to 6 7 % N ov . 10 and closed at 69. A m . C ot. Oil passed its
div. on com. Mexican Pet. also passed on pref. Amer.
Exp. Co. likewise reduced its dividend. Gen. Chom. Co.
declared a stock div. of 5 % . Bankers offered $4,000,000
cons. 4s of Chic. & W est. Ind. Bankers offered at 9 4 %
$11,000,000 1st 4 % s of N . Y . Connecting R R . guar, by
Penn. R R . and N . Y . N . H . & II.
The Money Market.— The high call-money rates experi­
enced the latter part of October were not repeated during the
early part of November. Following the deficit shown in the
Clearing-House bank statement for N o v . 1, normal condi­
tions were quickly restored, and by N o v . 15 a surplus of
$18,404,850 was reported. The last week in the month,
witb large gold shipments to Canada, call money once more
stiffened, and 1 0 % was touched N o v . 28. The Clearing­
House bank statement for N o v . 29 again showed a small
deficit. Time loans at the close were 5 % for 60 and 90 days
and 4 % @ 5 % for 4, 5 and 6 mos. Commercial paper closed
at 5 % @ 5 % for choice double names and prime single names
and 6 @ 6 % for good single names. M oney holdings of the
Clearing-House banks and trust companies, after increasing
from $397,008,000 N ov . 1 to $413,234,000 N ov . 15, dropped
to $389,875,000 N ov . 29. Cash reserves, from a deficiency
of $117,050 N ov. 1, increased, as already stated, to a surplus
of $18,404,850 N ov . 15, only to drop back again to a defi­
ciency of $995,950 N o v . 29. Loans decreased from $1 ,935 ,­
697,000 N ov . 1 to $1,902,040,000 N o v . 8 and were $1 ,911 ,­
122,000 N o v . 29. Deposits were $1,760,525,000 N ov . 1
and $1,730,233,000 N o v . 29. M oney holdings of the State
banks and trust companies not in the Clearing House were
$69,112,900 N ov . 29, against $69,583,400 N ov . 1, and loans
were $559,126,000, against $555,598,300.
Foreign Exchange, Silver, &c.— Foreign exchange was
largely influenced during November by relative conditions
in the money markets here and abroad, which underwent
frequent changes. The early part of the month there was
weakness, due to liberal offerings of bills against shipments
of cotton, grain and general merchandise; $500,000 gold was
then engaged in London for import to the United States.
Tho Bank of England, however, discountenanced the move­
ment and renowed intimations were given that any extonsive
import movement for the United States would bring a further
advance in tho Bank rate. But no objection was made to
the purchase of $1,000,000 more gold on Canadian account.
The feature the last ten days was the large shipments of gold
from New York to Canada, the total reaching no less than
$13,600,000. This represented the proceeds of Canadian
grain bills and also the proceeds of Canadian municipal bond
issues. Exchange here was at or very close to tho point at
which gold could bo imported from London, but the Canadian
banks found it more convenient to draw on their New York
balances than to draw gold from London, particularly in
view of the attitude of tho Bank of England. Bankers’ sight
bills were at their lowest at 4 8480 @ 4 85 N ov. 7 and at their
highest, 4 8 5 5 5 @ 4 8565, N o v . 19 and closed at 4 85 25@
4 8530 N ov . 29. Open-market discounts at London N ov . 20
were 5 % for short bills and 4 13-16 for 90-day bills. A t
Paris the open market rate was 3 % and at Berlin 4 % . Silver
in London declined still further and touched 2 6 % d . N o v . 22,
with the price N ov . 29 26 7-16d.
D E C E M B E R .— Current Events.— Tho trado depression
becamo greatly intensified. M uch idleness was reported in
many different lines of trade and many of tho railroads laid
off hands in large numbers. The number of idle cars greatly
increased and the Amer. R y . Assoc, reported an increase in
car surpluses between Dec. 1st and Dec. 15 from 67,466
cars to 107,513 cars, this latter comparing with a surplus of
only 26,614 cars on Dec. 14 1912. The extra session of

J a n . 3 1914.]

THE CHRONICLE

Congress was merged in the regular session on D ec. 1.
President Wilson’s message, contrary to his previous utter­
ances, contained little of a disturbing nature. On the other
hand, many of the reports of the department chiefs made
rery radical suggestions. The message was free from harsh
words, except in the allusions to Mexico, regarding which
the President spoke with great frankness. He said: “ Mexico
has no government. The attempt to maintain one at the
City of Mexico has broken down, and a mere military despot­
ism has been set up which has hardly more than the sem­
blance of national authority.
It originated in the usurpa­
tion of Victoriano Huerta, who, after a brief attempt to play
the part of Constitutional President, has at last cast aside
oven the pretense of legal right and declared himself Dictator.
As a consequence, a condition of affairs now oxists in Mexico
which has made it doubtful whether even the most elementary
and fundamental rights, either of her own people, or of the
citizens of other countries resident within her territory, can
long be successfully safeguarded, and which threatens, if
long continued, to imperil the interests of peace, order and
tolerable life in tho lands immediately to the south of us.
Even if the usurper had succeeded in his purposes, he would
have set up nothing but a precarious and hateful power.
But he has not succeeded. Little by little, he has been com­
pletely isolated. B y a little every day his power and prestige
are crumbling and the collapse is not far away. W e shall
not, I believe, bo obliged to alter our policy of watchful
waiting.” In tho meantime, things drifted from bad to
worse and banking troubles in Mexico became very pro­
nounced. Tho Mexican Congress adjourned on Dec. 15th,
after having confirmed all of Huerta’s acts and after having
declared tho October election for President without result.
President Wilson, in his message, referred to the trust
question, but said ho would submit a special message on tho
subject later and that he thought “ we should let the Sherman
Anti-Trust Law stand unaltered as it is with its debatable
ground about it” but also that wo “ should as much as pos­
sible reduce the area of that debatable ground by further and
more explicit legislation.”
Ho made an unexpected recom­
mendation on another matter, namely a suggestion for
nation-wide Presidential primaries.
Ho urged “ the prompt
enactment of legislation which will provide for primary
elections throughout the country at which the voters of the
several parties may choose thoir nominees for the Presidency
without the intervention of nominating conventions. This
legislation should provide for the retention of party con­
ventions but only for tho purpose of declaring and accepting
tho verdict of tho primaries and formulating the platforms
of the parties, and I suggest that these conventions should
consist not of delegates chosen for this single purpose, but
of the nomineos for Congress, tho nominees for vacant seats
in the Senate of tho United States, the Senators whose
terms have not yet closed, the national committees and
the candidates for the Presidency themselves, in or­
der that platforms may bo framed by those responsible
to tho peoplo for carrying them into effect.”
On
Dec. 0 the Inter-State Commerce Commission announced
its approval of Postmaster-General Burleson’s proposal
to increase the woight limit of parcel-post packages in the first
and second zones (or within 150 miles of the starting point)
from 20 to 50 lbs., and to reduce the rates in the third, fourth,
fifth and sixth zoues. This was the second change made in
rates and the weight limit of packages since the parcel-post
system had been put in operation tho previous Jan. 1. The
first change went into effect Aug. 15 and increased from 11 to
20 lbs. the maximum weight of parcels in the first and second
zones and reduced the rates in theso two zones. Tho later
changes wore scheduled to go into effect Jan. 1 1914. They
also increased tho maximum woight of parcels beyond the
second zone from 11 to 20 lbs. Tho matter was of importance
as involving further encroachments upon the profits of the ex­
press companies, which
were announcing reductions
o f dividends, and as adding further to tho burdens
o f.t h e railroads which would have to carry the additional
packages without any arrangement having been made to conpensate them for the increased service to bo performed— Con­
gress having made very inadequate provision even for the
added weight of postal matter to bo handled when tho system
was inaugurated with 11 lbs. as the maximum weight of pack­
ages. Some slight comfort was extracted by railroad mana­
gers from tho statement made on bohalf of the Post-Office
D ept, on tho present occasion, namely that the D ept, was
“ engaged in gathering the necessary statistics for Congress to
enable it to fix a correct basis for a just, fair and adequate
compensation for tho service rendered.” In his annual re­
port, transmitted to Congress Dec. 17, M r. Burleson took
occasion to say that “ tho successful operation of the parcelpost has demonstrated the capacity of the G ovt, to conduct
the public utilities which fall proporly within the postal pro­
vision of the Constitution.” He also made the further state­
ment that “ since Juno last the Dept, has been conducting
an investigation to determine the desirability and practica­
bility of extending the G ovt, ownership and control of the
means of communication, with a view to tho acquisition by
the G ovt, of the telegraph and telephone facilities, to be oper­
ated as an adjunct to the Postal Service.” Concurrently
bills made their appearance intended to carry out tho Ideas
of the Postmaster-General. One introduced by Representa­
tive Lewis, “ the father of the parcel-post legislation,” pro­
vided that all telephone lines be purchased at a valuation to be
fixed by the Inter-State Commerce Commission, and pro­




41

posed that while the property was undergoing appraisement
the G ovt, should pay 4 % int. on the stocks of the telephone
lines. As Amer. Tel. & Tel. stockholders were getting 8 %
divs., this was, naturally, a very disturbing proposal, and in­
dicated what was responsible for the sharp decline in the
shares of that company. Fortunately, here some measure of
relief from apprehension was afforded by the making public
on the evening of Dec. 19 of some correspondence which had
passed between the G ovt, authorities and the officials of th«
Amer. Tel. & Tel. Co. From this it appeared that an agree­
ment had been entered into with A tty .-G en . McReynolds to
dispose of the company’s stockholdings in the W est. U n. Tel.
C o ., and binding the company not to acquire control of any
additional independent telephone properties and to give the
independent companies toll rights over the long-distance tele­
phone lines. This was taken to mean that the proposition to
have the G ovt, take over the telephone properties would be
shelved. On the Stock Exch. there was immediate response
to the news. The stock had sold down to 110 Dec. 15; it now
advanced to 124K Dec. 20. M ost significance of all, how­
ever, was attached to the letter that Pres. Wilson sent to
A tty .-G en . McReynolds. After thanking M r. McReynolds
for letting him see the communication from the Amer. T . & T .
Co. the President said: “ It is very gratifying that the com­
pany should thus volunteer to adjust its business to the con­
ditions of competition. I gain the impression more and more
from week to week that the business men of the country are
sincerely desirous of conforming with the law, and it is very
gratifying, indeed, to have occasion, as in this instance, to
deal with them in complete frankness and to be able to show
them that all that we desire is an opportunity to co-operate
with them. So long as we are dealt with in this spirit,
we can help to build up the business of the country upon
sound and permanent lines.” The conclusion drawn from
this was that the Administration would welcome adjustments
outside the courts of large business concerns whose status it
deemed needed to be changed. Somewhat earlier the report
of Secy. Redfield of the D ept, of Commerce had appeared, in­
dicating that very extended investigation of different phases
of the “ trust” problem was planned by the Government.
He suggested a law providing that there shall bo a presump­
tion that all restraints of trade are unreasonable, and plac­
ing the burden of establishing the reasonableness of such re­
straint upon the party engaged in it. He also urged legis­
lation prohibiting stock “ watering” and forbidding corpora­
tions and persons from owning stocks in or controlling com­
peting companies. Some remarks made by Commissioner
Charles A . Prouty of the Inter-State Commerce Commission
at a dinner given by the Lotus Club of New York in honor
of Howard Elliott, the new executive of the N . Y . N . II. & II.,
also proved disturbing. M r. Prouty expressed the opinion
that the railroads could not look for any increaso in rates
until there was Government regulation of security issues,
though he disclaimed any intention of referring to the pend­
ing application of the Eastern roads for permission to raise
freight rates 5 % . A series of 79 questions propounded by
the Commission, however, at the close of the month, for
answer by the carriers, indicated a disposition to go into
many irrelevant questions likely to confuse the main issue.
These questions concerned the financial history of the com­
panies, the methods of purchasing equipment, materials and
supplies, the interests of directors, officers and employees in
transactions in which the carriers are also parties, &c., &c.
Banking and currency legislation was pushed rapidly to con­
clusion, and tho bill became a law with the President’s signa­
ture on Tuesday, Dec. 23. The Senate continued in session
until 11 o’clock at night, day by day, in order to expedite the
passage of the measure. A vote was reached in the Senate
on Dec. 19, and it appeared that the Democrats had ample
strength to put through the Owen bill, which on final passage
received 54 votes, with only 34 against. The true test had
come when the Hitchcock bill had been offered as a substitute
for the Owen bill and beon rejected by a vote of 44 to 41.
Before being taken up in the Senate, the Owen bill had been
changed in a number of particulars by a caucus of the Senate
Democrats. Caucus action was completed Sunday night,
N ov. 30, and the bill thus agreed upon was offered in the
Senate by Senator Owen at the opening of tho regular ses­
sion on Dec. 1 as an amendment to the House bill.
It
embodied a clause for the guaranty of deposits of failed na­
tional banks, and provided that there should bo not less than
eight nor more than twelve regional reserve banks, that the
Federal Reserve Board should consist of the Secretary of the
Treasury and six members to be appointed by the President,
that the minimum capital of the regional banks might be
$3,000,000, instead cf $5,000,000; that national banks should
have to subscribe to the capital of the reserve banks of their
j district to the extent of one-sixth of their own paid-up capital
and surplus, and changed the reserve requirements so that
only 5 % reserve would have to bo kept against time deposits
by the banks everywhere, and that the reserves against the
demand liabilities should be 1 2 % for the country banks, 1 5 %
for the banks in the ordinary reserve cities and 1 8 % for the
banks in the central reserve cities— New York, Chicago and
St. Louis, all eventually to be held in vault and in the Fed­
eral reserve banks, this as against 15 % required by the coun­
try banks; under the existing law, of which only 6 % had to
be kept in vault, 2 5 % required of the banks in reserve cities,
of which 12>4% had to be in vault, and 2 5 % required of the
banks in central reserve cities, all to be held in vault. W ith
the passage of the bill by the Senate, Conference Committees

42

THE CHRONICLE

of the two houses of Congress took up the matter and, after
continuing in session all of Sunday night, were able to report
an agreement M onday, Dec. 22. The IIouso adopted the
Conference Report the same day and the Senate adopted it
the next day. Concessions were made by both the IIouso
conferees and the Senate conferees. The Senate provision
for the guaranty of deposits was eliminated. The House
conferees restored the Secretary of Agriculture and the Comp­
troller of the Currency to the Organization Committee. The
House conferees restored the Comptroller of the Currency
to the Federal Reserve Board, giving the President power to
appoint five members with ten-year terms instead of six
with six-year terms. The House conferees struck out the pro­
vision from tho Senato bill authorizing domestic acceptances.
The House altered the Senate reserve features so as to ex­
tend the transition period from two to three years, as was
provided in tho House bill. Tho IIouso so altered the Senate
reservo provision as to require that at least ono-third (1-3)
of the reserves of country banks should be held in the vaults
of tho local banks, whereas the Senato provision permitted
all tho reserves to be held in tho vaults of the reserve bank.
Tho IIouso conferees practically restored tho House restric­
tion in the matter of requiring one Federal resorvo bank to
re-discount for another Federal reserve bank. The House
conferees limited the denominations of the notes to bo issued
to a $5 minimum, striking out tho $1 and $2 provision of tho
Senate. The Senate provision fixing tho number of re­
serve banks at not less than eight nor more than
twelve was allowed to stand as against tho IIouso
provision making tho number not less than twolvo.
There was a compromise on tho minimum capital of tho re­
serve banks, this being finally fixed at $4,000,000. During
the discussions in the Senate, Senator Root of Now York
had criticized tho measure as authorizing dangerous infla­
tion. Accordingly tho gold reserve requirement of the
reserve banks had been strengthened and in the conference
the Senato increase of gold reserve to 4 0 % was retained and
a provision for a graduated tax on amounts below 4 0 % in­
serted. Tho Senate provision authorizing tho offering of
the capital stock of the Federal reserve banks for public
subscription in case the banks should fail to take it all, and
authorizing also the taking of the stock by the U . S. Treasury
in the event that both bank subscriptions and public sub­
scriptions should be insufficient, was likewise retained.
The price of cotton further declined under the influence
mainly of the largo amounts of cotton shown to havo been
ginned by the Census ginning reports. Middling upland
in this market sold down from 13.50 cts. Dec. 1 to 12.50 cts.
D ec. 22 and closed Dec. 31 at 12.60 cts. Print cloths at
Fall River were reduced Dec. 27 from 3 % cts. to 3 % cts.
Iron and steel prices continued weak, with tho demand very
light, but copper was in good demand with Lako copper at
about 15 cts. The strike at the copper mines in Michigan
still continued, and one feature was the forcible expulsion
from the district of Chas. II. M oyer, President of the W est­
ern Federation of Miners, following a panic on Christmas Eve
at Calumet, M ich, (induced by a false alarm of fire), at which
72 lives were lost, mostly those of children. Receivers were
appointed for two large department stores and an allied bank­
ing firm and an express company— namely the SimpsonCrawford C o ., Tho 14th St. Store, tho Merchants’ Express
Co. and Henry Siegel & Co. A t the close of the month the
garment workers in Phila. who had been on strike for over
five months voted to roturn to work. G ovt, money holdings,
which were $336,275,915 Dec. 1, were $327,228,749 Dec. 29.
G ovt, deposits in the banks were $99,472,167 Dec. 1 and
$92,572,238 Dec. 29. National bank notes secured by bonds
were $739,677,565 N o v . 29 and $------------------- Dec. 31.
Grain prices after advancing early in the month subsequently
declined, though wheat was firmer again at the close with the
M a y option at Chicago Dec. 31 9 1 % cts., against 9 0 % cts.
N ov . 29. M a y corn at Chicago was 6 8 % cts. Dec. 31,
against 70 cts. N ov . 29, and M a y oats were 4 0 % cts., against
4 1 % cts. The French Ministry under Premier Barthou was
on Dec. 2 defeated as a result of its refusal to agree to amend
the provision for the issue of 1,300,000,000 francs in new 3 %
rentes so as to render them subject to taxation. It was suc­
ceeded by a new Ministry under Gaston Doumergue, one of
tho most influential members of the Socialist-Radical Party
in France; Joseph Caillaux became Minister of Finance.
M . Caillaux at once announced the postponement of tho
1,300,000,000-franc loan. It was at first reported that the
new Ministry would remove the restraint which tho former
Government had placed upon the issuo of new exterior
(foreign) loans, but on Dec. 16 M . Caillaux issued a fresh
circular addressed to the banks and to tho public amplifying
the notice sent out by the G ovt, in 1907 concerning foreign
loans. It was officially declared that none of these might
now be listed on the Bourse unless it had first received tho
Minister’s approval. Tho action is said to havo been due to
attempts to arrange loans in Paris for Mexico and for sev­
eral of the Balkan States. On Dec. 4 the German Reichstag
by a vote of 293 to 57 expressed its lack of confidence in tho
Imperial Chancellor, D r. von Bethmann-IIollweg, and its
disapproval of the Government’s support of tho military
against the civil authorities in Alsace-Lorraine. Tho trouble
was tho outcome of martial law, which had been declared in
Southern Alsace as a residt of a renewed outbreak of tho anti­
German and anti-military sentiment among tho Francopliilo
population of Zabern. After the vote against tho Ministry j
the Kaiser ordered that tho garrison at Zabern bo trans­




[Vol.

X C V III.

ferred indefinitely to Ragenau, about 20 miles distant.
British Consols made new low records several times during
the month and touched 71 1-16 Dec. 19 and closed Dec. 31
at 71 % . A t the beginning of the year tho prico was above 75.
Tho House of Representatives at Washington on Dec. 8 by a
vote of 317 to 11 passed a resolution endorsing the proposal
of Winston Churchill, the First Lord of the British Admiralty,
for a “ naval holiday” of one year— that is, a suspension of
naval construction programs for that period. The formal
annexation of tho island of Crete to Greece took place on
Sunday, Dec. 13.
Tho U . S. Supreme Court on D ec. 1
decided in favor of R . II. M acy & Co. in their action against
tho American Publishers’ Assn, and the American Book­
sellers’ Assn. The gist of the decision was that agreements
entered into between publishers and booksellers not to sell
copyrighted books to those who re-sell to the public at less
than the price fixed by the publisher are a violation of tho
Sherman Anti-Trust Law. Several more of tho defendants
in the cotton pool case pleaded nolo contendere and were
fined $4,000 each, these including Col. Robert M . Thompson
of this city, Eugene G . Scales of Texas, Frank B . Ilayno and
William P. Brown of New Orleans and Morris II. Rothschild
of Woodville, M iss.; James A . Patten had pleaded guilty
the previous Feb. and been fined the same amount. On
Dec. 18 the judgment awarded D . E . Loowo & C o ., hat manu­
facturers, of Danbury, Conn., by tho U . S. District Court at
Hartford in Oct. 1912, in tho suit agianst tho United Hatters
of North America, was sustained by tho U. S. Circuit Court
of Appeals at N . Y . On Dec. 1 25 indietmonts wero handed
down by tho Federal Grand Jury at Pueblo, Colo., against
the national officers of the United Mino Workers of America.
The jury also condemned tho methods of tho association and
said these methods were an insult to conservative and lawabiding labor. Tho indictments wero tho outgrowth
of the strike of the coal miners in Southorn Colo­
rado, all efforts to settle which proved unsuccessful.
Railroad Events and Stock Exchange Matters.— While tho
tone at the very beginning of December was better than for
somo time previously, weakness soon developed as the
result of a variety of unfavorable influences. Amcr. Can
shares were depressed from the start, owing to tho dis­
solution suit brought by tho Government at the close of
N ov . The suspension of dividends by N . Y . N . II. & I I .,
which was announced Wednesday ovening, Dec. 10, not only
caused a further drop in the price of that stock (which Dec. 12
sold down to 6 5 % , against 129% Jan. 10) but had a serious
ad verso effect upon tho entire market. A t the samo time
continued decline in American Tel. & Tel. stock, as noted
above, intensified the feeling of uneasiness. The latter part
of the. month, however, the announcement that tho
telephone company had reached an understanding with the
Government with reference to tho matters in litigation com­
pletely changed tho trend of prices and also had tho effect
of improving market sentiment on tho idea that the policy
of the Government to settle suits under the Anti-Trust Law
outside the courts would, in all probability, bo extended to
other large corporations, provided these latter proved respon­
sive. A general rise in prices occurred tho latter half of the
month. Can. Pac., however, continued weak to tho end.
It sold down from 2 2 9 % Dec. 8 to 204 Doc. 29 and closed
Dec. 31 at 2 0 6 % ; disappointment was expressed with refer­
ence to the special distribution which had been looked for on
the shares. It proved to bo simply an offering of $52,000,000
6 % note certificates offered pro rata at 8 0 % to shareholders,
d u e M ch .2 1924, but subject to prior redemption at par from
land funds. M il. & St. P . com ., from 9 6 % Dec. 15, sold up to
101 % Dec. 23 and closed Dec. 31 at 100; Reading com. was one
of the strongest features of tho month and sold up from 15 9%
D ec. 1 to 171% Dec. 26, with tho close Dec. 31 1 6 8 % ; U . P .
com ., from 14 8% Doc. 1, advanced to 157 Dec. 26 and
closed Dec. 31 at 155; So. Pac. declined from 8 7 % Dec. 1
to 85 Dec. 16, then moved up to 9 0 % Dec. 26 and closed at
8 8 % ; N . Y . Cent., opening at 9 5 % , advanced to 97 Dec. 4,
dropped to 9 0 % Dec. 15 and closed at 92; Penn. R R ., from
10 8% Dec. 1, fell to 106 Dec. 13, rose to 110 Dec. 26 and
closed at 1 0 9% ; Steel com. was 5 4 % Dec. 1, 6 0 % Dec. 26
and closed at 5 8 % ; Am al. C op., from 6 8 % Dec. % advanced
to 7 5 % Dec. 26 and closed at 7 3 % . Bankers offered $5 ,­
000,000 111. Cent, and Chic. St. L . & N . O. Co. joint 1st ref.
5s, series “ A ” at par. Thero wero also offered $10,000,000
Lehigh Val. gen. cons. 4 % s at 9 3 % . Quincy Mining C o .,
Copper Rango and Union Oil Co. all omitted their dividends,
while Amer. Exp. reduced. Guggenhoim Exploitation de­
clared 2 % extra and Cent. Leather Co. made an initial div.
of 2 % on com. and Cambria Steol declared 1 % extra.
The Money Market.— After tho spurt to 1 0 % in call-loans
at the close of November, thero was firmness in the call-loan
branch for tho first 10 days of December, with the maximum,
however, not above 8 % and on most days no higher than 6 % .
After the 12tli tho highest figure was 4 until Dec. 29, when the
maximum was again 6 and tho rate did not got above that
figure on Dec. 30 and Dec. 31 . Time loans at the close wero
4 % @ 5 for 60 days, 4 % @ 5 for 90 days and for 4, 5 and 6 mos.
Commercial paper was 5 % @ 5 % for choice double names
and the best single names and 6 @ 6 % for others. Tho money
holdings of the Clearing-House banks and trust companies
were reduced to $386,991,000 Dec. 6, increased to $400,­
204,000 Dec. 20 and were $393,293,000 Dec. 27. Cash
reserves, from a deficit of $995,950 N ov. 29, increased to a
surplus of $17,439,350 Dec. 20 and were $9,372,750 Dec. 27.
Doposits fell from $1,730,233,000 N o v . 29 to $1,677,646,000

J a n . 3 1914.]

THE CHRONICLE

D ec. 13 and then recovered to $1,096,097,000 Dec. 27.
Loans wero reduced from $1,911,122,000 N o v . 29 to $1,849,­
192,000 Dec. 13 and wero $1,805,562,000 Dec. 27. M oney
holdings of the State banks and trust companies not in the
Clearing-House wero $68,443,900 Dec. 27, against $69,­
112,900 N ov. 29 and loans of these institutions were $552,­
344,400, against $559,126,000.
Foreign Exchange, Silver, &c.— Exchange was stronger the
first tliree days of tho month, but thereafter declined, and
most of tho time was close to the gold-import point. There
wero, however, no special features. Bankers’ sight bills
were at their highest Dec. 3 at 4 8 5 5 0 @ 4 8565 and at their
lowest Dec. 26 at 4 8 5 © 4 8510. Tliero was an upward
reaction again at the close, raising the rates to 4 8 5 4 0 ©
4 8550 on Dec. 31. The Bank of Germany on Dec. 12 re­
Open market dis­
duced its discount rate from 534> to 5 % .
counts at tho close were 4J^ for 60-day bills and 4 % for 90day bills; at Paris tho open market rate Dec. 31 was
and
at Berlin it was 3
Silver in London did not fluctuate
vei’y widely and the price Dec. 31 was 26 9-16d.
BONDS W H I C H ARE A N D BONDS W H I C H ARE NOT
T A X -E X E M P T .
[S E V E N T H A R T IC L E .]

W o 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. Tho matter is of import­
ance in view of tho Eederal Income Tax Law, just enacted,
under which tho Government undertakes to collect the
normal income tax of 1 % at tho source of tho income, and
the companies are called upon to withhold the tax in making
interest or coupon payments unless the holder of tho bond is
exempt from tho tax.
The further additions we make to-day serve to extend very
considerably the list of companies whose securities we have
presented in classified form. W o began the series of articles
in the “ Chronicle” of N o v . 22, pages 1467-1470. The
second contribution appeared N o v . 29, pages 1549-1552; the
third, Dec. 6, pages 1627-1629; the fourth, Dec. 13, pages
1700-1702; the fifth, Dec. 20, pages 1788-1791, and the sixth
D ec. 27, pages 1862-1864. Tho following shows the com­
panies whoso securities wero classified in these six earlier
numbers:
A la . & Vicksburg Ity .,D e c .2 7 ,p .l8 6 3 .
Allont’n Term . I t lt ., Dec. 2 0 ,p. 1790.
Am ador Central, D ec. 20. p . 1790.
Ann Arbor It It., Dec. 27, p. 1863.
A tch . T o p . & S. Fe, N ov. 22, p. 1468.
Athens Term . C o ., Dec. 27, p. 1863.
Atlantic Coast Line C o. (of Conn.)
D ec. 6 , p. 1627.
A tl. Coast Line R lt ., D ec.2 7 ,p. 1863.
Atlanta T erm . C o ., D ec. 27, p. 1863.
B alt. & Ohio. N o v . 22, p. 1468.
Bangor & Aroostook, D ec. 13, p.1700
Bangor & Aroostook R lt. (correc­
tion), D ec. 27, p. 1863.
Belfast Sc Moorehead Lake, D ec. 20,
. 1790.
Bo\t ItR . & Stock Yards o f Indianap­
t
olis, D ec. 13, p . 1700.
B ing. & Garfield, Dec. 20, p. 1790.
B irm .& Northw. Ity .,D ec. 2 7 ,p .1863
Boca & Loyalton R R .,D e c.2 7 ,p .1 8 6 3
Boston Sc A lb . R R ., Dec. 6 , p . 1627.
Boston & M aine, D ec. 20, p. 1790.
Boston Term . C o ., D ec. 6 , p . 1627.
Brinson Ity ., D ec. 20, p. 1790.
Buffalo Creek ItR ., Dec. 6 , p. 1627.
B uff. Roch. Sc P .. N o v . 29. p. 1551.
Cairo Sc Thebes R It. D ec. 1 3 ,p .l7 0 0
Caro. Clin. & Ohio, Dec. 13. p. 1700.
Central of Georgia, D ec. 13, p .1700.
Charleston T e rm ., D ec. 2 0 , p. 1790
Charleston U n. S ta ., D ec. 2 0 ,p . 1790.
Chattahoochee V .I t y .,D e c .2 7 ,p. 1863
Chic. Sc Alton R R ., N o v . 29, p. 1551.
Chic. Burl. Sc Q .. N o v . 22. p. 1469.
Chic. Sc E . 111. R R ., Dec. 27, p. 1863.
Chic. G rt. W estern, Dec. 13, p. 1700.
Chicago Heights Terminal Transfer
R R . , D ec. 13, p . 1700.
Chic. Ind. Sc Sou., D ec. 20, p. 1789.
Chic. M ilw . & St. P ., N o v . 2 9 ,p .1551
Chicago Sc N . W ., N o v . 22, p. 1469.
C h. Peo. & S t.L .I tlt.,D e c .2 7 ,p . 1863
Chic. R iv. Sc In d ., Dec. 20. p . 1790.
Chic. It. I. & Pac.. N o v . 29. p. 1551.
C h. St. P. M . Sc O .. N o v . 22, p. 1469.
Chic. T . II. Sc S. E ., Dec. 13 p. 1700.
O . C . C . Sc St. L ., D ec. 20, p. 1790.
Coal Sc Coke Ity ., D ec. 20, p. 1790.
Colo. Eastern ItR ., Dec. 27, p. 1863.
Colorado M idland, D ec. 20, p. 1790.
Combination Bridgo, D ec.2 0 ,p. 1790.
Copper Range, D ec. 20, p. 1790.
Cripple Cr. Cent. R y, Dec. 6 , p. 1627
C um b. & Penn. Itlt. Dec. 13, p . 1700
Cumberland C orp., Dec. 13, p. 1700.
Cumberland R R ., D ec. 13, p. 1700.
D ol. Sc Hudson C o ., Dec. 20, p. 1790.
D el. Lack. Sc W e st., N ov. 2 9 ,p. 1551.
D en. Boul. S W ., Dec. 27, p. 1863.
c
D on. Lar. & N . W .,D c c . 27, p. 1863.
Denver S Rio Grande and subsidi­
c
aries, N o v . 22, p. 1469.
Dos Moines Union, Dec. 13, p. 1700.
Detroit & M ackinac, Dec. 13, p . 1700
Dunkirk Allcg. Valley Sc Pittsburgh,
D ec. 20, p. 1790.
Durham U n. S ta .C o ..D e c.2 7 ,p.1863.
East Broad Top Itlt. & Coal C o .,
D ec. 13, p. 1700.
East Carolina Ity ., D ec. 27, p. 1863.
E l Paso & N . E . C o ., D ec. 6 , p . 1628.

S




El Paso Union Passenger D epot C o .,
D ec. 27, p. 1863.
Fitzgerald Ocilla & Broxton R E .,
Dec. 27, p. 1863.
Florida Central R R ., D ec. 13. p . 1700
Florida E . Coast R y .,D e c . 13, p.1701
F ondsJ ohn .& G lo v .,D e c .2 7 ,p . 1863.
Fort St. Union D e p o t,D e c .1 3 ,p .1701
Galveston W harf C o .,D e c .2 7 ,p.1863.
Georgia Fla. & A la ., D ec. 27, p. 1863.
Georgia R It. & Banking C o ., D e c .13,
p. 1701.
G r. R ap. & N orthw ., D ec. 13, p . 1701
Great Northern R y ., N o v . 22, p.1469
Green Bay & VV. R R .,D e c .2 7 ,p .l8 6 3 .
G ulf Fla. & A la. R y ., Dec. 6 , p. 1628.
G ulf * Sabine R iv ., D ec. 13, p . 1701.
G ulf Sc Ship Is l., D ec. 13, p. 1701.
G ulf Tex. Sc W e s t .R y .,D e c .2 7 ,p.1863
Hampshire South., D ec. 13, p. 1701.
Houston Belt & T e r.,D c c .2 7 , p. 1864.
Huntingdon & Broad Top M t n .R R .
& Coal C o ., D ec. 13, p. 1701.

M in n . & St. L ., N o v . 29. p. 1551.
Mississippi C en t., D ec. 13, p. 1701.
M o . & N . Ark. R R ., D ec. 27. p.1864.
M o . P ac., inch St. L . I . M . & Sou.,
N o v . 22, p. 1469.
M o b i l e * Ohio R R ., D ec. 6 . p. 1628.
M o n t. W y o . & Sou., D ec. 1 3 ,p . 1701
Munising R y ., D ec. 13, p. 1701.
N ash. C hatt. Sc St. L .,N o v .2 9 ,p.1551
N ev .-C a l.-O re. R y ., D ec. 13, p. 1701
N c v . Copper B elt, D ec. 27, p. 1864.
N . O . G rt. N or. R R .,D e c .2 7 ,p . 1864.
N . O . M o b . & C h ic.,D ec.2 7,p . 1864.
N . O . & N . E . R It., D ec. 27, p. 1864.
N .Y . Central
Sc
Hudson River
N o v . 22, p. 1469.
N . Y . Central Lines W est of B uffalo,
D ec. 20, p. 1788.
N . Y . Chic. Sc St . L ., D ec. 2 0 ,p .1789.
N . Y . Ont. Sc W e s t., N o v . 2 9 ,p.1551.
Nezperce & Idaho, D ec. 27, p. 1864.
Norfolk & Portsmouth Belt Line R R .
D ec. 27, p. 1864.
N orf. & W est. R y ., N o v . 29, p. 1552.
N or. Pacific Ity ., N o v . 22, p. 1469.
Norwood & St. L a w .,D ec . 13,p. 1701.
Ohio & Kentucky, D ec. 13, p. 1701.
Pennsylvania R R . and Affiliated Cos.
East o f Pittsburgh, D ec. 20.P.17S9
Pennsylvania Lines W est o f Pitts­
burgh, D ec. 6 , p. 1628.
Pitts. Sc Lake Erie, D ec. 20, p . 1789.
Pitts. Shaw. * N o r ., D ec. 13, p. 1701
Pittsburgh Terminal R It. & Coal C o.,
D ec. 20. p . 1790.

43
Railroad Secur. C o ., D ec. 20, p. 1790
Reading C o ., D ec. 6 , p. 1628.
Rutland R R ., N o v . 22, p. 1469.
St. L. Sc S. Fr. I tR ., N o v . 29, p. 1551.
St. L . Southw ., N o v . 22, p. 1470.
Salt Lake C ity Union D epot & I t R ..
D ec. 13, p. 1701.
Shannon Arizona, D ec. 20, p. 1790.
S. S. Mario Bdge. C o .,D e c .13,p .1701
So. Caro. & W e s t., D ec. 13, p. 1701.
Southern Pacific C o. and proprietary
companies, D ec. 6 , p. 1628.
Southern R y ., D ec. 6 , p. 1629.
State L i n e * Sullivan, D ec. 13,p.l701
Tenn. & N o . C aro., D oc. 13, p. 1701.
Tennessee R y .. D ec. 20, p. 1790.
T erm . R y . of B u ff., D ec. 20, p . 1790.
Texas & Pac. I ty ., N o v . 29, p . 1552.
T o l. Sc Ohio C en t., D ec. 20, p . 1789.
T o l. St. L . Sc W . , N o v . 29, p . 1552.
Tonopah Sc G old f., D ec. 20, p. 1790.
T o r. H am . & B u ff., D ec. 20, p. 1789.
Union
Pacific
and
subsidiaries,
N o v . 22, p. 1470.
U . S. Steel Corporation and subsidi­
aries, D ec. 13, p. 1702.
Virginian I ty ., D ec. 13, p. 1701.
Vick. Shr. & P a c .R y .,D e c .2 7 .p .1 864.
W abash-Pitts. T e rm ..D e c .2 0 ,p .1790.
W abash I tR ., N o v . 2 9 .p . 1552.
Western R y . of A la ., D ec. 13, p . 1701
W heel. & Lake Erie, D ec. 20. p . 1791
W hite & Black River Valley, D ec. 2 0 ,
p. 1791.

To the foregoing we now add 45 additional companies,
as follows:
Chattahoochee & G ulf Railroad.
Chesapeake Sc Ohio Railway.
Cincinnati-Nashville Southern R ailw ay.
Duluth South Shoro & Atlantic Railw ay.
Hocking Valley Railway.
Illinois Central Railroad.
Louisiana & Arkansas Railway (Correction).
Mineral Range Railroad.
Minneapolis St. Paul & Sault Ste. M arie Railw ay.
Northern Pacific Terminal C o.
Oil Belt Railway.
Oklahoma Central Railway.
Oregon & Southeastern Railroad.
Pacific Sc Eastern Railw ay.
Paris & M t . Pleasant Railroad.
Pensacola M obile & New Orleans.
Peoria & Pekin Union Railway.
Pueblo Union D epot Sc Railroad.
Rapid C ity Black Hills & W estern Railroad.
Raritan River Railroad.
Rockingham Railroad.
St. Joseph & Grand Island R ailw ay.
St. Louis Rocky Mountain Sc Pacific C o.
St. Paul Bridgo Sc Terminal R ailw ay.
St. Paul Union D epot C o.
San Antonio Uvalde & G ulf Railroad.
San Luis Southern Railway.
Sierra Railway o f California.
South Georgia Railway.
Southern Illinois & Missouri Bridge C o.
Southwestern Railway (Texas).
Silokane International Railway.
Spokane Portland & Seattle Railway.
Tam pa Northern Railroad.
Terminal Railroad Association of St. Louis
Trem ont & G ulf Railway.
Ulster & Delaware Railroad.
Virginia & Carolina Southern Railroad.
W abash Chester & Western Railroad.
Western M aryland Railway.
W ichita Union Terminal Railway.
Williamsvillo Greenville S St. Louis Railway.
c
Wisconsin Central Railway.
W inona Bridge Railway.
Wrightsville Sc Tennille Railroad.

Id a.& W ash .N or. R I t., D e c .20,p .1864.

Illinois South. R y ., D ec. 27, p. 1864.
Illinois Term . R R . D oc. 13, p. 1701.
Indiana Harbor B elt. D ec. 20, p.1789
Indianap. Union R y .,D e c .2 7 ,p 1864.
lnterboro-M ot. C o ., D ec. 13, p. 1701
Interborough R . T . , D ec. 13, p. 1701
Int. Sc G rt. N or. Ity ., D ec. 6 , p .1628.
Joplin Un. D op. C o ..D e c .27, p. 1864.
Kanawha Bridgo & Terminal C o.
D ec. 27, p. 1864.
Kanawha & M ic h ., D ec. 13, p. 1701.
K an. C ity Sou. R y ., D ec. 27, p .1864.
K y . & Ind. T e rm ., D ec. 13, p. 1701.
Keokuk Sc Hamilton Bridge C o .,
D ec. 13, p . 1701.
K ew au n e o G r.B .& W .,D e c.2 7 ,p . 1864
Lake E rio& W e st., D ec. 20. p. 1789.
Lake Shore & M . S ., D ec. 20, p.1789.
Lake Sup. & Ishp ., D ec. 13, p . 1701.
Laramio Hahn's Peak & Pacific R y .,
D ec. 13, p. 1701.
L °h . & H ud. River, D ec. 13, p . 1701.
Lehigh Valley R lt ., N o v . 29. p. 1551.
L mo Rock, R It., -D ec. 27, p. 1864.
o ,
..
7
Q
Litchf. Sc M adison, D ec. 13. p. 1701
Live Oak Perry Sc G .,D e c .27, p.186'
1864
Long Island, D ec. 20, p. 1789.
Lorain Aslil. Sc Sou., D ec. 27, p. 1861
Lorain & W . V a ., D ec. 13, p. 1701.
Louisiana & A rk . E y .,D e c . 2 7 ,p .1864
La. & N orthw . I tlt., D ec.27, p. 1864.
La. Ity.. Sc N a v . C o ., Dec. 27, p.1864.
Louisiana Sou. Ity.,D ec. 27, p. 1864.
Lou. Sc Jeff. B dgo., D ec. 13, p. 1701.
Louisv. Sc N ash ., N o v . 22, p. 1469.
Maine Central I tlt., Dec. 6 , p. 1628.
M anh attan!E lev.) , D ec. 13, p. 1701.
M anistee & N .E . ItR ., D ec.2 7 ,p. 1864.
M anistiquo Sc Lake Superior I t lt .,
D ec. 27, p. 1864.
M anltou & Pike's P k .,D ec.2 7,p . 1864
Marshall S E . T e x ., D ec.2 7 ,p. 1864.
c
Maryland Sc Penn., Dec. 13, p. 1701.
M em . Dallas & G ulf, D ec.27,p . 1864.
M em . U n. Sta. C o .,D e c . 13, p. 1701.
Michigan Central, D ec. 20, p. 1789.
Midland Continental,Dec. 2 7 ,p. 1864
M idland Valley R R .,D e c .l 3 ,p . 1701.

C H A T T A H O O C H E E Sc G U L F R A I L R O A D .
Is s u e d w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a te . O u tsta n d ’g
First mortgage 5s ($2,000,000).......................J-J
July 1 1930 Sl$286,000
C H E S A P E A K E & O H IO R A I L W A Y .
Iss u e d w itli T a x -E x e m p tio n C lause.
I n t . M a t u r it y D a te . O u tsta n d 'g .
M a y 1 1939 $29,858 ,000
First cons. m tge. 5s ($30,0 0 0 ,0 0 0 )................. M -N
M
General mortgage 4 H s ($70,0 0 0 ,0 0 0 )_____ M -S
~ ' a r. 1 1992 48.12 9 .0 0 0
'
~
Richin. Sc Alleg. D iv . 1st consol. 4 s _______J-J
Jan. 1 1989
6.000,000
Second mortgage consol. 4 s_____________ J-J
Jan. 1 1989
1 . 000,000
Craig Valley Branch first mtge. 5s.......... ..J - J
July 1 1940
650.000
W arm Springs Branch first m tge. 5s_____ M -S
M a r. 1 1941
400.000
Paint Creek Branch first mtge. 4 s________ F -A
Feb. 1 1945
539.000
Coal River R y. first mortgage 4 s_________ J-D
Juno 1 1945
2.915.000
Greenbrier R y . 1st M . 4s ($3 ,0 0 0 ,0 0 0 )___ M -N
N o v . 1 1940
1.841.000
Big Sandy R y . 1st M . 4s ($5 .0 0 0 ,0 0 0 )____T-D
June 1 1944
4 .788.000
Potts Creek Branch 1st M . 4s ($ 1 ,000,000)J-J
July 1 1940
600.000
Virginia Air Line first mortgage 5s_______ M -N
M a y 1 1952
900.000
Raleigh & Southw. 1st M . 4s ( $ 1 ,5 0 0 ,0 0 0 ).J-J
July 1 1936
886.000
G en. fund & im pt. mtge. 5s ($11,0 0 0 ,0 0 0 )-J-J
Jan. 1 1929
3 .698.000
Convertible 4 M s ($ 3 7 ,2 0 0 ,0 0 0 )..................... F -A
Feb. 1 1930 31.39 0 .0 0 0
First lien & im pt. m tge. 5s ($125,000 ,000 )______ D ec. 1 1930 See’ note a
Secured gold 4 ) 4 % notes________ _________.J -D
June 1 1914
2 5 ,000,000
One-year 5 % secured note________________ J-D
June 1 1914
3 .500.000
Norfolk Term . & Trans. 1st M . 5s guar___ F -A
Feb. 1 1948
500.000
Western Pocali. Corp. 1st M . 4 A s , g u a r ..F -A
A u g. 1 1945
750.000
Extension N o . 1 first m tge. 4 A s , g u a r ..F -A
A u g. 1 1945
183.000
Extension N o . 2 first m tge. 4 'A s , g u a r ..A - 0
O ct. 1 1946
51.000
Equipm ent Trusts—
Series F 4s (due $35,000 s .-a .) ............... . . J - D 15 T o D ec.15'14
f ' 70,000
Equip. 4s, Ser. G (due $90,000 s .-a .) ____A -O
T o A p r .1915 Uf-. 270,000
Equip. 4s, Ser. H (due $ 8 0 ,0 0 0 s .-a .) ____A -O
T o A p r .1916
400.000
Series I 4s (due $50,000 s .-a .) _________ J -D
T o J u n e l9 1 6
250.000
Series J 4s (due $95,000 s . - a . ) . . ............F -A
T o A u g .1916
570.000
_________A - 0 1 5 T o O ct.15'16
Series K 4s (due .$80,000 s .-a .)
480.000
Series L 4s (due $112,000 s .-a .) _______ J-J
T o Jan. 1917
£ 672,000
Series M 4s (due $113,000 s .-a .) ________F -A
T o Feb. 1917
791.000
M . R . C o . 443s (due $22,000 s .-a .) _____ M -N
T o M a y 1915
66.000
H . B . C . C o . 4s (due $12,696 s .-a .) ......... M -N
T o M a y 1916
63,480
C . & O . o f Ind. 1st M . 5s ( $ 3 0 ,0 0 0 ,0 0 0 ) -.J-J
July 1 1930 b 6 ,289,000
K* i
a O f these bonds $32,586,000 have been Issued and deposited as security
behind the two note issues, b The bonds aro all owned by the O .'Sc O. and
deposited under its "first lien and improvement” mortgage o f 1911. ‘

THE CHRONICLE

44
Issu e d w ith o u t Reference to
In t.
G . & O. Terminal first m tgo. 6 s _____________ J -D
Kineon Coal C o. first mortgage 5s_________ A -O
C . & O . Grain Elevator first mtgo. 4s, guar.A -O
Second mortgage income 4s, guar________ A -O

Taxes.
M a t u r it y D a te . O utsta n d 'g .
Juno 1 1922
§ 1 42,000
O ct.
1 1915
200,000
O ct.
1 1938
820,000
O ct.
1 1988
86,500

C I N C I N N A T I -N A S H V I L L E S O U T H E R N R A I L W A Y .
Is s u e d w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a te . O u ts ta n d ’g.
First mortgage 5s____________________________A - 0 1 5 O ct. 15 1937
$150,000
D U L U T H SO U TH SH ORE & A T L A N T IC R A IL W A Y .
Issu e d w ith T a x -E x e m p tio n Clause.
In t.
M a t u r it y D a te . O utstand'g .
First mortgage 5s__________________________ J-J
Jan. 1 1937
$ 3 ,816,000
Car trust 4s o f 1912_______________________ F -A
A u g. 1 1917
46,400
Oar trust 4 H s (duo 831,000 sem I-an n .)-_J -D
T o D ec. 1917
248,000
Car trust 4 H s (duo $11,000 s e m i-a n n .)--A -0
T o Apr. 1923
209,000
Is s u e d w ith o u t reference to
In t.
First consolidated mortgage 4s------------------F -A
Income cert. 4s______________________________ — •
C ar trust 4 !^ s of 1909________ _______ ______ M -S
C ar trust 4s o f 1910_____ ___________________ A-O
M a rq . H ough. & Onton. 1st m tge. 6 s ------ A -O

Taxes.
M a t u r it y D a te . O utstand'g .
A ug. 1 1990 $15,107 ,000
D ec.31 1912 *3,000,000
M ar. 1 1914
20,000
April 1 1915
66,000
April 1 1925
1,077,000

* Held by Canadian Pacific R y.
H O C K IN G V A L L E Y R A I L W A Y .
Issu e d w ith T a x -E x e m p tio n C lause.
I n t . M a t u r it y D a te . O utstand'g
O ct.
1 1948 $1,401,000
Colum bus & Hocking Valley 1st &I. 4 s____A -O
Colum bus & Toledo first mtgo. 4 s ________F -A
A u g. 1 1955
2,441,000
First consol, m tge. 4 ^ s ($2 0 ,0 0 0 ,0 0 0 )....... I-J
July
1 1999
16,037,000
Equipm ent Trusts—
Series A 4s (due
$23,000 s .-a .) ..... F -A
T o Fob. 1917
161,000
Series B 4s (duo
$48,000 s .-a .) ___F -A 15 T o Fob.15’ 17
336,000
Series O 4s (due
$37,000 s .-a ) ___A -O
T o Apr. 1 9 1 7 -.
259,000
Series E 4 s (duo
$25,000 s .-a .) ___F -A
T o A u g .1917
200,000
Series I 4s (duo
$25,000 s .-a .) _ F -A 15 T o Feb. 15 T 8
_
225,000
E q . trust 5s o f 1913((luo $100,000 a n n .)_F -A
T o Aug. 1923
1,000,000
One-year 5 % notes (N o v . 1913)__________ M -N
N o v . 1 1914
*4,000,000
* Freo of all taxes except Federal income tax.
.

[ V o l . X C V 1II

M IN N E A P O L I S S T . P A U L & S A U L T S T E . M A R I E R A I L W A Y .
Is s u e d w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a te . O u ts ta n d ’g
First consolidated mortgage 4s_______
.J-J
July 1 1938 $52,991 ,000
Second mortgage 4s ($ 5,000,000)..................J-J
Jan. 1 1949
3 ,500,000
Chicago Terminal joint 1st mtgo. 4s_______M -N
N o v . 1 1941
6 ,000,000
Equipm ent trusts—
Series A 5s (duo $96,000 som i-ann.)____ J-J
591.000
T o July 1917
Serios B 4 H s (duo $61,000 s e m i-a u n .)._ A -0
793.000
T o Apr. 1920
Series C 4 ^ s (duo $60,000 s e m l-a n n .)..M -S
900.000
T o M ar. 1921
Series D 443s (duo $51,000 se m i-a n n .)_.J -D
867.000
ToJun el922
Series E 443 s (due $159,000 sem i-ann.).J-J
2,8 6 2 ,0 0 0
T o J a n .1923
Is s u e d w ith o u t Reference to Taxes.
...
„ .
... ,
In t.
Minneapolis & Pacific 1st mtgo. 4s_______ J-J
M in n . Sault Sto. M . & A tl. 1stm tgo. 4 s ..J -J

M a t u r it y D a te . O u ts ta n d 'g .
Jan.
1 1936
$286,000
Jan.
1 1926
8.1 3 6 .0 0 0

N O R T H E R N P A C IF IC T E R M I N A L C O M P A N Y .
Is s u e d w ith T a x -E x e m p tio n Clause.
I n t . M a tu r ity D a te . O utstand’g.
...J - J
Jan.
1 1933 $3 ,2 0 6 ,0 0 0
First mortgage 6s.........................
O IL B E L T R A I L W A Y .
Is s u e d w ith T a x -E x e m p tio n Clause.
I n t . M a tu r ity D a te . O u ts ta n d ’g .
First mortgage 5s ($ 2 ,500,000)--------------------J-J
Jan.
1 1943
$300 ,00 0
O K L A H O M A C E N T R A L R A IL W A Y .
Is s u e d w ith T a x -E x e m p tio n Clause.
I n t . M a tu r ity D a te . O utstand’g.
D ec. 1 1945 *$3,180,000
First mortgage 5s ($10,0 0 0 ,0 0 0 )------------------ J-D
* In default.
O R E G O N & SO U T H E A S T E R N R A IL R O A D .
Is s u e d w ith T a x -E x e m p tio n Clause.
I n t . M a tu r ity D a te . O utstand’g.
First mortgago 5s___________________________ A -O
A p r. 1 1922
*$295,000
* In default.
P A C IF IC & E A S T E R N R A I L W A Y .
Is s u e d w ith T a x -E x e m p tio n Clause.
I n t . M a tu r ity D a le . O utsta n d 'g .
First mortgage 6s___________________________ J -D
Juno 1 1937
$300,000

IL L IN O IS C E N T R A L R A I L R O A D .
P A R IS & M T . P L E A S A N T R A IL R O A D .
Issued w ith T a x -E x e m p tio n Clause.
Is s u e d w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a le . O utstand'g .
Springfield Division first mtgo. 3> 4s_______J-J
Jan. 1 1951*a$2,000,000
I n t . M a tu r ity D a te . O utstand'g .
S t. Louis IMv. & Term . 1st M . 3s & 3 H s . -J-J
July 1 1 9 5 1 *a l3,37 5,0 00
First mortgago 6s___________________________ J-J
July 1 1932
$600,000
Purchased Lines 1st M . 3J^s ($20,000,000) J-J
July 1 1952 b l2 ,0 0 0 ,0 0 0
Refund, mtgo. 4s (N or. lines,$ 1 2 0 ,00 0,00 0)M -N
N o v . 1 1955 b35,740 ,00 0
P E N S A C O L A M O B IL E & N E W O R L E A N S .
O h. St. L . & N . O. cons. mtgo. 3M s & 5 s ..J -D 1 5 Junel5 1951 c l7 ,9 9 4 ,0 0 0
Iss u e d w ith T a x -E x e m p tio n Clause.
Louisville D iv . & Term l. first mtgo. 3> ^S -.J -J
July 1 1953*a23,888,000
I n t . M a t u r it y D a te . O utstand'g .
Omaha Division first mortgago 3 s __________ F -A
A u g. 1 1951 b 5 ,000,000
Litchfield Division first mortgago 3s_____ J-J
Jan. 1 1951 b 3,235,000
First mortgage 5s___________________________ F -A
Fob. 1 1933
$350,000
Equip, tr. 4 H s S e r . A (due $400,000 s .-a .) _ F -A
T o F o b .1923 d 7 ,600,000
Equip, tr. 5s Ser. B (due $175,000 s . - a . ) - . F - A
T o A u g .1923 d 3 ,500,000
P E O R IA & P E K IN U N IO N R A I L W A Y .
Secured 4 hj % notes_________________________ J-J
July 1 1914 b 15.000,000
Is sued w ith T a x -E x e m p tio n Clause.
Jari. 1
1940 b735,000
Chicago M em phis & G u lf first m tge. 5s___J-J
Equipment trust 5s, Series A ____________ J-J
T o July 1921
d47,000
I n t . M a t u r it y D a te . O u ts ta n d ’g.
First mortgage 6s___________________________ Q -F
Fob. 1 1921 a $ l,4 9 5 ,0 0 0
Issu e d w ith o u t Reference to Taxes.
Second mortgage 443s______________________ M -N
Fob. 1 1921
a l , 499,000
M a tu r ity D ate. O u lstandg’ .
In t.
Illinois Central 1st mtgo. (Sterling 4 s ______ A-O
Issued w ith o u t Reference to Taxes.
Apr. 1 1951 $2,500,000
o f 1874 secures all Sterling 3> ^s___ J-D
D ec. 1 1950
1 , 000,000
I n t . M a t u r it y D a le . O utstand’g.
equally ($ 1 5 ,0 0 0 ,0 0 0 ). Dollar 3 H s & 4s.J-J
Jan. 1 1951
3.999.000
Debenture 5s (duo $50,000 yearly)_______ F -A
T o A u g. 1923
$408,500
Sterling 3 s ............ M -S
M a r. 1 1951
£500,000
1924 to 1930
300,000
Debenture 5s (due $60,000 yearly)_______ M -N
Dollar 3 H s ____ A-O
Apr. 1 1951 $3,000,000
Storling tr. 3 K s (C .S t .L .& N .O . cons.coll.)J-J
July 1 1950
5.266.000
a “ Principal and Interest is payable without relief from valuation an
Cairo Bridgo 4 s ______________________________ J-D
D ec. 1 1950
3 ,000,000
appraisement laws and free from all United Statos taxes.”
Bellevillo & Carondelet first mortgage 6 s . . J-D
Juno 1 1923
470.000
St. Louis Southern first mortgago 4 s ----------- M -S
Sept. 1 1931
538.000
P U E B L O U N IO N D E P O T & R A IL R O A D .
Collateral trust 4 s__________________________ A -O
Apr. 1 1952
1 5.000.
000
Is s u e d w ith o u t Reference to Taxes.
Collateral trust 4s (L . N . O . & T . ) ________ M -N
N o v . 1 1953 2 5 .0 0 0 .
000
Western Lines first mortgago 4 s ___________ F -A
A u g. 1 1951
5.425.000
I n t . M a tu r ity D a te . O u ts ta n d ’g.
M em phis Division first mortgago 4 s _______ J-D
D ec. 1 1951
3 .500.000
Sopt. 1 1919
$400,000
First mortgage 6s___________________________ M -S
Kankakee & Southwest first m tge. 5s____ F -A
A ug. 1 1921
968.000
Carbondalo & Shawniut first mtgo. 4 s ____ M -S
M ar. 1 1932
241.000
R A P ID C I T Y B L A C K H IL L S & W E S T E R N R A IL R O A D .
111. C e n t.-C . St. L . & N . O.
Is sued w itli T a x -E x e m p tio n Clause.
joint 1st ref. m tgo. 5s Ser. A D o lla r.J -D
D ec. 1 1963 e 5 ,000,000
( $ 1 2 0 , 0 0 0 ,0 0 0 .
dated Ser. B SterlingJ-D
Dec. 1 1963 e£ 1 ,0 0 0 ,0 0 0
I n t . M a tu r ity D a te . O utstand'g .
D ec. 1 1913...................... ..
First mortgago 5s------------------------------------------M -N
M a y 1 1939
$350 ,00 0
Loasod lino stock trust cert ficates 4 s _____ J-J
$
,
Iowa Falls & Sioux C ity first mtgo. 7 s____ A -O
O ct. 1 1917
2.800.000
R A R I T A N R IV E R R A IL R O A D .
Iss u e d w ith o u t Reference to Taxes.
a Th e clause in the security reads substantially as follows: “ Principal and
I n t . M a t u r it y D a le . O u ts ta n d ’g.
intorest payable without deduction for United Statos, State, municipal or
First mortgago 5s___________________________ J-J
Jan.
1 1939
$400,000
other taxes under any present or futuro law .”
b Tho clause in tho socurity reads substantially as follows: “ Principal and
R O C K I N G H A M R A IL R O A D .
interest payable without deduction for any taxes which the company m ay
Is sued w ith T a x -E x e m p tio n Clause.
be required to pay or retain therefrom undor any present or futuro law of
tho United States, or of any State, county or municipality therein.”
I n t . M a tu r ity D a te . O utstand'g .
c The clause in tho security reads substantially as follows: "Principal and
$250,000
First mortgago 5s___________________________ J-J21 July 21 1940
interest payablo without deduction for any tax or assessment imposed upon
said corporation or its property, or said bonds, tho Interest thereon or tho
S T . JO SE PH & G R A N D IS L A N D R A I L W A Y .
holder thereof.”
Is s u e d w ith T a x -E x e m p tio n Clause.
d Tho clause in tho security roads substantially as follows: “ Covenants
to pay any taxes which m ay by law bo deductible from tho principal of said
__I n t . M a tu r ity D a te . O utstand'g .
certificates or dividends payable thereon.”
First mortgage 4s ($ 5 ,0 0 0 ,0 0 0 )------------------J-J
Jan.
1 1947 $4,000,000
e I*rincipai and interest payablo without deduction for United States,
State, Territory, county or municipal taxes (oxcept Federal income taxes).
S T . L O U IS R O C K Y M T . & P A C IF IC C O .
*N o te .— W o are informed that tho interest on tho bonds marked thus (* ),
Is sued w ith T a x -E x e m p tio n Clause.
togother with that on all the bonds listed under tho heading “ without
reference to taxes” , Is payablo s u b je c t to d e d u ctio n o f the normal inconio
I n t . M a tu r ity D a te. O utstand'g .
tax. Payment o f tho normal income tax on the interest on tho remaining
First mortgago 5s------------------------------------------J-J
July
1 1955 $7,606,000
bonds listed as containing a "tax-exem ption clause” is assum ed by tho
company.
ST . P A U L B R ID G E & T E R M IN A L R A IL W A Y .
Is s u e d w ith o u t Reference to Taxes.
L O U IS IA N A & A R K A N S A S R A I L W A Y .
I n t . M a tu r ity D a te . O utsta n d 'g .
[Correction.]
First mortgago 6s ($500,000 )----------------------J-J
Jan.
1 1929
$400,000
The first mortgago 5 % bonds contain tho following provision with
S T . P A U L U N IO N D E P O T C O .
reference to taxes: “ Tho principal and interest of this bond aro payablo
Is s u e d w ith o u t Reference to Taxes.
without deductions for any and all tax or taxes or stamp duties which tho
I n t . M a tu r ity D a le . O utsta n d 'g .
Railway, its successors or assignees, m ay bo required to pay thereon or
First mortgago 6 s___________________________ M -N
M ay
1 1930
$250,000
deduct or to retain therefrom, under or pursuant to any present or future
Second mortgage 4s and 5s--------------------------M -N
M a y 1 1944
250,000
law of the United States of America, or of any State, county or municipality
S A N A N T O N IO U V A L D E & G U L F R A IL R O A D .
therein, tho Railway hereby agreeing to pay such stamp duties, tax or taxes.”
Is s u e d w ith T a x -E x e m p tio n Clause.
In our issue of D ec. 27 last (page 1864) it was stated that tho bonds are
In t.
M a tu r ity D a te . O utstand’g.
payablo “ without reference to taxes.” Tho error is due to tho fact that an
First mortgago 5s ($13,500,000)................... F -A
A ug. 1 1943 $3,663,000
official, instead of quoting the above language from tho face of the bond,

10 000,000

cited
from
bond
than

merely tho usual provision in the mortgago exempting the security
tho property tax, thus naturally leading us to infer that neither the
nor tho mortgago contained any provision with reference to other
property taxes.

S A N L U IS S O U T H E R N R A I L W A Y .
Is sued w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a le . O utstand'g .
First mtgo. 6s ($1 ,0 0 0 .0 0 0 )............................. -J-J
D ec. 1 1939
$335,000

M IN E R A L R A N G E R A IL R O A D .
Issu e d w ith o u t Reference to Taxes.
I n t . M a t u r it y D a te . O utstand’g.
Jan.
1 1931
$593,000
-Consolidated mortgago 4s and 5s_________ J-J
'General mortgage 4s.......... ...........................
J-J Jan.
1 1951
1,000,000
JIancock & Calumet consol, m tge. 5s______J-J
Jan.
1 1931
325,000

S IE R R A R A I L W A Y OF C A L I F O R N IA .
Is sued w ith o u t Reference to Taxes.
I n t . M a tu r ity D a te . O utstand’g.
First mortgago 6s___________________________ A-O 12 Apr. 1 2 ’37 $1,239,000
Second mortgage 5 s _________________________M -S 1 5 S o p t. 1 5 ’44
633,000
Yosomlto 8h . Lino 1st M . 443s (to b og u ar.)M -S
Sept. 1 1945
None




S O U T H G E O R G IA R A I L W A Y .
Issu e d w ith o u t Reference to Taxes.
I n t . M a t u r it y D a te . O u ls ta n d 'g .
First mortgago 5s___________________________ J-J
Jan. 1 1923
$204,000
S O U T H E R N IL L IN O IS & M IS S O U R I B R ID G E C O M P A N Y .
Iss u e d w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a te . O utstand’g.
First mortgago 4s___________________________ M -N
N o v . 1 1951 $ 3 ,000,000
S O U T H W E S T E R N R A I L W A Y ( T E X A S ).
Iss u e d w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a le . O utstand’g.
O ct. 1 1937
$354,000
First mortgago 5s___________________________ A -O
SP O K A N E IN T E R N A T IO N A L R A IL W A Y .
Iss u e d w itli T a x -E x e m p tio n Clause.
I n t . M a tu r ity D a te . O u lstand’g.
July 1 1955 $4,200,000
First mortgage 5s___________________________ J-J
N o te .— The mortgage provides that prin. and int. shall be “ free from all
U . S. taxes.” Th e company is advised by counsel that the terms o f the
bond or the mortgage do not require it to assume the burden of the in­
com e tax.
SP O K A N E P O R T L A N D & SE A T T L E R A IL W A Y .
Issu e d w ith T a x -E x e m p tio n C lause.
I n t . M a t u r it y D a te . O utstand’g.
First mortgage 4s ($ 125,000 ,000 )..................M -S
M a r. 1 1961*$61,000,000
* Bonds are jointly guaranteed by N or. Pac. and Great N or. and are
held in their treasuries.
T A M P A N O R T H E R N R A IL R O A D .
Iss u e d w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a te . O utstand'g .
July 1 1936
$1,258,000
First mortgago 5s ($ 5 ,0 0 0 ,0 0 0 )____________ J-J
Three-year 5 % notes guaranteed_______________ Juno 1 1915
200,000
T E R M I N A L R A I L R O A D A S S O C IA T IO N O F S T . L O U IS .
Issu e d w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a te . O utstand'g .
First consol, m tgo. 5s ($ 1 2 ,0 0 0 ,0 0 0 )______ F -A
A u g. 1 1944 $5,000,000
General mortgage 4s ($ 5 0 ,0 0 0 ,0 0 0 )...............J-J
Jan. 1 1953
22,312,000
St. Louis Bridgo first mortgago 7 s_________ A -O
April 1 1929
5,000,000
Issu e d w ith o u t Reference to Taxes.
In t.
M a t u r it y D a le . O utstand’g.
First mortgage 4 H s ______________ - ................ A -O
O ct. 1 1939
$7,000,000
St. Louis M erch. Bridge first mtgo. 5s___ A -O
O ct. 1 1930
3 ,500,000
St. Louis M erch. Bridgo first mtgo. 6 s ----- F -A
Fob. 1 1929
2,000,000
N o te .— The company will pay tho normal Federal income tax on the first
throe issues named, which contain tax-exemption clauses.
T R E M O N T & G ULF R A IL W A Y .
Issu e d w ith T a x -E x e m p tio n C lause.
I n t . M a t u r it y D a te . O utstand'g .
First mortgage 5s ($ 5 ,0 0 0 ,0 0 0 )......................F -A
Feb. 1 1948 $ 1 ,550,000
U L ST E R & D E L A W A R E R A IL R O A D .
Iss u e d w itli T a x -E x e m p tio n C lause.
I n t . M a t u r it y D a le . O utstand’g.
Consolidated mortgago 5 s ................................_J-D
Juno 1 1928 *$2,000,000
Refunding mortgage 4s ($ 3 ,2 0 0 ,0 0 0 ).......... A -O
O ct. 1 1952
1,000,000
* N o t free o f income or other tax imposed upon tho holders of tho bonds
or coupons.
V IR G IN IA & C A R O L IN A SO U T H E R N R A IL R O A D .
Issued w itli T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a te . O utstand’g .
First mortgago 5s ($ 2 ,0 0 0 ,0 0 0 )......................J-J
Jan. 1 1958
$417,000
W A B A S H C H E S T E R & W E S T E R N R A IL R O A D .
Issu e d w ith o u t Reference to Taxes.
I n t . M a t u r it y D a te . O utstand’g.
First mortgago 5s------------------------------------------ J-J
July 1 1 9 1 8
$300,000
First consolidated mortgago 5s------------------ J-J
Jan. 1 1928
390,000
• W E S T E R N M A R Y L A N D R A IL W A Y .
Issu e d w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a te . O utstand’g.
First mortgago 4s ($50,0 0 0 ,0 0 0 )-----------------A -O
O ct. 1 1952 $46,633,000
Equip, trust certifs. 5s (duo $27,000 s .-a .)_ J -J
T o Jan.1919
270,000

Secured 5% notes--------------------------------

.J -J July j 1915

B alt. Bid. Warehouse gen. mtgo. 5s.......... _J-D
Hazard W harf first mortgage 5s.................. A -O

Juno 1 1915
O ct.
1 1924

i o ,000,000
285,000
115,000

Issu e d w ith o u t Reference to Taxes.
, .r ,
„ ,
I n t ■ M a t u r it y D a te . O utstand’g.
B alt. & Cum b. Val. R y. 1st M . 6 s, int.rent.J-J
July 1 1929
$48,500
B a lt .& C u m b . Val. R R . 1st M . 6 s do
J-J
July 1 1929
72 800
B alt. & C . Val. R R . ext. 1st M . 6 s do
J-J
July
1 1931
230,000
B alt. & Harrisb. R y. 1st M . 5s guar----------M -N
N ov.
1 1936
690,000
B alt. & Iiarrisb. R y . W . ext. 1st M . 5 s ,g u .M -N
M a y 1 1938
240,000
A u g.
1 1920
1,000,000
Coal & Iron Ity first mtgo. 5 s --- ----- F -A
P o t o m a c Valley R R . first m o rtg a g e 5s------J-J
j an .
1 1941
1,300,000
W est. M aryland Term . (W inans m tgo.) 6 s . J-J
Jan.
1 1918
500,000
W . M d . 6 % notes (Jan. 1 1914, $ 5 ,000,000)J-J
July 1 1915
3,000,000
N o te .— The com pany, we are informed, will pay tho full amount of interest
without deduction o f tho income tax on all bonds containing “ tax-freo”
clauses, while in tho case of bonds which do not contain such clauses the
company will not assume such tax.
W I C H I T A U N IO N T E R M I N A L R A I L W A Y .
Issued w ith T a x -E x e m p tio n Clause.
I n t . M a t u r it y D a te . O utstand'g .
First mortgage 4 M s.............................................M - N
N ov.
1 1941 $2,500,000
W I L L IA M S V IL L E G R E E N V I L L E & S T . L O U IS R A I L W A Y .
Issued w ith o u t Reference to Taxes.
I n t . M a tu r ity D a le . O utstand’g.
First mortgago 5s..................................................J-J
July
1 1937
*$525,000
* In default.
W IS C O N S IN C E N T R A L R A I L W A Y .
Issued w ith T a x -E x e m p tio n Clause.
I n t . M a tu r ity D a te . O u tstand’g.
.............J-J
July
i 19 4 9 $23,585,000
I iit tgen. m ortgagees
1 intand ref. mtge. 4s ($60,000,000)............A -O
Apr.
1 1959
5,666,000
t i l .& D ul. D iv .& T e r in . 1st M tg o . 4 s . ._ M - N
M a y 1 1936
7 ,500,000
Chicago W ise. & M inn. 1st M . 6 s .................M -S
M a r.
1 1916
776,000
M arsh field * S. E . D iv . 1st M . 4s.......... . . . M - N
M a y 1 1951
. 383,000
W IN O N A B R ID G E R A IL W A Y .
Issued w ith o u t Reference to Taxes.
I n t . M a t u r it y D a te . O utstand'g .
I list mortgage 5s_________ ________ _________M -S Sept. 1 1915
$384,000
W R IG H T S V I L L E & T E N N I L L E
Issu e d w ith o u t Reference to
In t.
I intm ortgage 5s...................... ........................... J-J




45

THE CHRONICLE

J a n . 3 191d.]

R A IL R O A D .
Taxes.
M a t u r it y D a te . O utstand'g .
Jan. 1 1 9 5 8
$200,000

I N C O M E T A X REGULATIONS.
Regulations respecting the income tax exemptions of
husband and wife were issued by the Treasury Department
on Tuesday. These latest rulings concern paragraph C ,
Section 2, of the Income Tax Law, and supersede those in the
matter issued on October 31a nd published in these columns
November 8 last, page 1326. In the case of husband and
wife living together the regulations permit an exemption of
gO O O only from the aggregate net income of both, but
where husband and wife are separated and are living perman­
ently apart, each is held to be entitled to $3,000 exemption.
The following are the regulations as announced this week:

DEDUCTIONS ALLOWED FOR HUSBAND AND WIFE.

Every single person and every married person, not living with husband
or wife in tho sense below defined, who has a net income exceeding $3,000
per annum , is liablo to pay the normal income tax, under this law, but in
making return for such tax m ay claim an exemption of $ 4,000 from their
total net income.
Husband and wife living together are entitled to an exemption of $4,000
only from the aggregate net income of both , which m ay be deducted in
making the return of such aggregate income for taxation. However, when
tho husband and wife are separated and living permanently apart from
each other, each shall be entitled to the exemption o f $ 3 , 0 0 0 .
I f the husband and wife, not living apart, have separate estates, the in­
come from both m ay bo made on one return; but the am ount of income o f
each, and the full name and address of both, must bo shown in such return.
Th e husband as the head and legal representative of the household and
general custodian of its income, should make and render the return o f tho ag­
gregate income of himself and wife, and for tho purpose of levying tho in­
come tax it is assumed that he can ascertain the total amount o f said income.
I f a wife has a separate estate, managed by herself as her own separate
property, and receives an income of more than $ 3 ,0 0 0 , she m ay make
return of her own income, and if the husband has other not income, making
the aggregate of both incomes more than $ 4,000, tho wife's return should
bo included in her return, in order that a deduction of $4,000 m ay bo made
from the aggregate of both incomes. Tho tax in such case, however, will
bo imposed only upon so much of the aggregate incomo o f both as’ shall
exceed $4,0 0 0 .
If either husband or wife separately has an incomo equal to or in excess
of $3,0 0 0 , a return o f annual net income is required under the law, and
such roturn must includo tho income o f both , and in such case the return
m ust bo m ade, even though tho combined incomo of both bo less than
$4,0 0 0 .
I f tho aggregate net Incomo of both exceeds $4,0 0 0 , an annual return of
their combined incomes m ust bo made in the manner stated, although
neither one separately has an income of $3,000 per annum. T h ey arejointly and separately liable for such return and for tho payment of tho tax.
Tho single or married status of tho person claiming the specific exemption
shall be determined as o f the time of claiming such exemption, if such claim
be made within the year for which return is made; otherwise tho status
at tho close of the year.
These regulations hereby supersede the regulations relative to Paragraph
C o f the Incomo Tax Law, as prescribed on Pago 4 o f Regulations, Part 2,
issued under date of October 31 1913.

A further announcement of the Treasury Department on
Tuesday concerned the printing in a foreign language of the
text of certain forms of certificates of ownership. The in­
structions in this case are as follows:

LANGUAGE OF FOREIGN CERTIFICATE OF OWNERSHIP.

Certificates of ownership required to bo filed with interest coupons or
orders for registered interest by non-resident foreigners on Form 1004, by
foreign partnerships on Form 1 0 1 4 ,and by foreign organizations on Form
1 0 1 6 ,shall be printed, as prescribed by regulations, in tho English language,
and directly under each lino of the English text on each of the abovementioned certificates there m ay be printed tho text of said certificate in a
foreign language.
In executing these certificates, however, all blanks to bo filled in witk
amounts shall be filled in using United States dollar values.
These certificates shall be of the samo size as prescribed by regulations ■
for all certificates of ownership.

BANKING, FINANCIAL AND LEGISLATIVE NEWS.
The public sales of bank stocks this week reach a total of
only 15 shares and were all made at tho Stock Exchange.
N o trust company stocks were sold. Extensive tables re­
porting bid and asked quotations, deposits, surplus, & c., of
banks and trust companies in all important cities in the
United States are published monthly in tho “ Bank and
Quotation Section,” tho January issue of which accompanies
to-day’s “ Chronicle.” Bid and asked quotations for all
New York City bank and trust company stocks are also
published weekly in another department of the paper, and
will be found to-day on pages 55 and 56.
Shares. B A N K S — N e w Y o rk .
Low .
10 Commerce, National Bank o f . 172
5 Corn Exchange B ank_________ 300

H ig h . CI0 S6 . L a s t Previous Sale.
172
172
Doc. 1913— 172
300
300
D ec. 1913— 300

A New York Stock Exchange membership was reported
posted for transfer this week, the consideration being given
as $45,000, which is an advance of $4,500 over the last
preceding transaction.
Announcement of the resignations of members of the firm
of J. P. Morgan & Co. from the directorates of a number of
organizations was mado yesterday. J. P . Morgan retires
as a director from some eighteen organizations, chiefly rail­
road properties; Charles Steele, H . P. Davison, W . H .
Porter and Thomas W . Lamont are tho other members of

46

THE CHRONICLE

the firm who have given up some of their directorships, the
three last named relinquishing some, of their bank connec­
tions also. The statement given out by M r . Morgan says:
The necessity of attending m any board meetings has been so serious a
burden upon our time that we have long wished to withdraw from the direc­
torates of m any corporations. M ost of these directorships wo have ac­
cepted with reluctance and only becauso we felt constrained to keep in
touch with properties which we had reorganized or whose securities we had
recommended to the public, both here and abroad. A n apparent chango in
public sentiment in regard to directorships seems now to warrant us in
seeking to resign from some of these connections. Indeed it m ay be, in
view of the change of sentiment upon this subject, that we shall be in a
better position to serve such properties and their security-holders, if we
are not directors. W e have already resigned from the companies men­
tioned, and we expect from time to time to withdraw from other boards,
•upon which wo feel there is no special obligation to remain.
L is t o f C om panies where M em b ers o f the F ir m have a lrea dy S ubm itted th e ir
R e signa tions as D ire c to rs .
M r . J. P . M organ—
N ew York Central & Hudson River R R . C o.
W est Shore Railroad C om pany,
Rake Shore & Michigan Southern Railway,
M ichigan Central Railroad C om pany,
N ew Y o rk . Chicago & St. Louis Railroad,
Cleveland Cincinnati Chicago & St. Louis Railway,
N ew York New Haven & Hartford Railroad,
Central New England Railway,
N ew York Westchester & Boston Railway,
Harlem River & Port Chester Railroad.
M illbrook Com pany,
N ew England Navigation Com pany,
N ew England Steamship Com pany,
Rhode Island Com pany,
Rutland Railway Com pany,
Hartford & Connecticut W estern,
New York Ontario & Western Railway,
W estern Union Telegraph C om pany.
M r . Charles Steele—
Jersey Central Railroad C om pany,
United States Steel Corporation.
M r . H . P . Davison—
American Telephone & Telegraph Com pany,
Astor Trust Com pany,
Guaranty Trust Com pany of Now York,
Chemical National Bank.
M r . W . II. P o r t e r Bankers Trust Com pany,
Guaranty Trust Com pany of N ew York.
M r. T . W . Lamont—
Westinghouso Electric & Manufacturing C om pany,
Utah Copper C om pany.
Astor Trust C om pany,
Bankers Trust C om pany.

Hearings on the question of dividing the country into
Federal reserve districts, in accordance with the new bank­
ing law, are to begin in New York next M onday. It had
been planned -to open the hearings yesterday (Jan. 2) but
the illness of Secretary of the Treasury McAdoo caused a
change in the date. Under the Act the Secretary of the
Treasury, the Secretary of Agriculture and the Comp­
troller of the Currency constitute the Organization Com­
mittee, but inasmuch as the latter office has not been filled
since Lawrence O. M urray’s term expired last April, the
organization work devolves entiroly upon Secretary M cAdoo
and Secretary of Agriculture Houston. For the purpose of
learning the views of the bankers and business men as to
the location of the Federal reserve districts, the Committee
plans to make a tour of fifteen cities, as follows: Now York,
Boston, Chicago, St. Louis, Denver, Seattle, Portland (Ore.),
San Francisco, Los Angeles, Houston (T ex.), New Orleans,
Atlanta, Cincinnati, Cleveland and Kansas C ity, M o . The
last-named city was not in the list as originally announced,
but was added this week at the behest of its bankers. The
Committeo points out that tho cities which it is to visit have
been chosen because of their accessibility and convenience,
and it must not be inferred that it has determined upon
any one of them as a location for tho Federal reserve banks.
It also states that opportunity will bo given for representa­
tives of other sections of the country to present their views.
Tho A ct provides that there shall be not less than eight nor
more than twelve Federal reserve cities, and it is thought
that the committee will decide upon ten at tho the outset.
Tho Committee’s announcement respecting tho hearings
was given out on D ec. 26 and reads as follows:
A meeting of the m ajority members of tho Federal Reserve Organization
Com m ittee, consisting of tho Secretary of tho Treasury and tho Secretary
of Agriculture, was held t o d a y .
T h e committeo decided to forward immediately to every national and
State bank and trust company a copy of tho Federal Reserve A c t, together
with tho form of application for membership in tho Federal reserve system.
Under tho provisions of the Federal Reserve A c t, all national banks aro
required to signify their acceptance of its terms and provisions on or before
Feb. 22 1914, and all eligible Stato banks and trust companies aro permitted
to signify their acceptance within the samo timo.
It was determined that tho Organization Com m itteo will have hearings
in various important cities in the country for tho purpose of securing tho
views of bankers and business men as to tho division of tho country into
Federal reserve districts and tho location in each district of tho head office
of the Federal reserve banks which aro to bo established under tho Federal
Reserve A ct.




[Vol. xcrviu.

The following cities will be visited: New Y o rk , B oston, Chicago, St. Louis,
Denver, Seattle, Portland (O re.), San Francisco, Los Angeles, Houston
(T e x .), New Orleans, Atlan ta, Cincinnati and Cleveland.
It will not be possiblo for tho committeo to hold sessions in any other
cities, but amplo opportunity will be given for representatives of various
sections of tho country contiguous to these cities to appear beforo tho com­
m ittee and present their views. It m ust not bo inferred that the committee
has determined upon any one of these cities as a location for tho Federal
reserve banks; they have been chosen as places for holding sessions of the
committeo solely becauso of their accessibility and convenience.
The committeo will sit at the Custom House in New York C ity on Jan. 2
and 3; in Boston on Jan. 5 and 6 , and return to N ew York for additional
sessions on the 8 th and 9th. The committeo will sit in W ashington from
Jan. 12 to 17; in Chicago Jan. 19, 20 and 21; St. Louis Jan. 22, 23 and 24:
Denver Jan. 26. Hearings for the other cities will be between Jan. 28 and
M arch 1. Wherever possiblo the hearings will be in Government build­
ings.
Tho committee desires to be informed particularly upon the following
points, which are considered primary factors in determining tho boundaries
of the proposed districts and the location of Federal reserve banks:
1. Geographical convenience, which involves tho transportation facilities
and rapid and easy communication with all parts of tho district.
2. Industrial and commercial development and needs of each section,
which involves consideration of the general inovoment of commodities and
of business transactions within the districts and tho transfer of funds and
exchanges of credits arising therefrom.
3 . Th e established custom and trend of business, as developed by the
present system of bank reserves and checking accounts. In laying out
the districts and establishing tho headquarters for reserve banks, every
effort will bo made to promoto business convenience and normal move­
ments of trade and commerco.
Political considerations will not be permitted to influence the committee
in determining these important questions.
W hile tho committee appre­
ciates the local pride and sentiment which are prompting m any cities to
urge their claims, the committee, nevertheless, must appeal to tho patriot­
ism of the country to assist it in arriving at sound conclusions through
consideration of fundamental and vital factors. Purely local sentiment
and pride must yield to tho common good in. order that the system itself may
accomplish tho purpose for which it was des gned, namely, to secure to the
business o f the country tho elastic system of credits and the stability of
conditions so long imperatively demanded.
The committee will not, therefore, bo ablo to receive delegations urging
tho claims of particular cities for preference as tho headquarters of tho
reserve banks. The claims o f all cities will bo considered upon their merits
in view o f all tho facts which will bo developed through tho investigations.
Tho purposo o f tho committeo is to go about this work in a thoroughly
practical and businesslike w ay, to accomplish it at tho earliest possiblo
m om ent, but without undue haste, and only after full consideration of the
needs of every section of tho country.
The work will, of necessity, bo arduous, and tho committeo has deter­
mined upon public hearings as tho quickest and most direct method of
obtaining the necessary information to enablo it to arrivo at prompt and
satisfactory conclusions.
Th e committeo will, from timo to timo, make announcements concern
ing its procedure.

The postponement of the hearings until Jan. 5 because
of the illness of M r. M cAdoo (who has been suffering from
tho grippe since last week), will affect only New York and
Boston, tho dates as originally sot in the other cases re­
maining unchanged. The statement announcing the change
in the dates was issued on Monday and said:
“ Secretary M cA d o o ’s condition is greatly improved to-day, but his
physician, Surgeon-General Blue, has ordered him to take a rest for tho
remainder of tho present week. For this reason tho Reservo Bank Organi­
zation Com m itteo has determined to chango tho dates for tho hearings in
N ew York and Boston as follows: New Y o rk , Jan. .5, 6 , 7 and 8 ; Boston,
Jan. 9 and 10. This change will not affect tho dates previously announced
for other cities.”

A t the New York hearing noxt weok representatives of the
various commercial bodies of Rochester, Buffalo, Syracuse,
Albany, Newark and Jersoy City will bo heard in addition
to tho local interests.
Philadelphia, Pittsburgh and Baltimore, which aro all
bending their efforts to securing a Federal reserve bank, are
not included among tho cities tho Committeo is to visit,
but in tho cases of Philadelphia and Pittsburgh a hearing
will bo had in tho capital city on Jan. 16. Tho Baltimore
claims will also bo heard in Washington at a date to be
announced later. A t a special meeting of tho Philadelphia
Clearing-House Association on Monday resolutions were
adopted setting out the reasons why tho city should be
chosen as a Federal reservo district, and a committee
of five was named to present tho city’s claims to tho Organi­
zation Committee at Washington. Tho resolutions also
urged upon tho banks of tho city tho desirability of entering
the new system. The resolutions stated in part that—
"W h erea s, Philadelphia stands first in manufacturing, second in banking
resources and third in population of tho great cities of tho United States; and
“ W hereas, Tho Commonwealth of Pennsylvania, of which Philadelphia is
tho metropolis and tho natural financial centro, lias a greater number
of national banks than any other Stato in tho Union; and
“ W hereas, Tho banks of Philadelphia, by a broad and liberal policy, havo
mado this city a financial centre not only for Pennsylvania and States
contiguous thereto, but also a channol through which tho ‘customary course
of business’ of a vast section of tho United States naturally flows,
“ Tliercforo, bo it Resolved, T h at if tho broad purposes and spirit of the
A ct aro to bo fulfilled, a Federal reserve bank should bo located in Phila­
delphia.”

The Committeo which 1ms been appointed to take up tho
matter with tho Organization Committee, consists of Levi L .
Rue, President of tho Philadelphia National Bank, Chair­
man; William A . Law, First Vice-President of tho First N a ­
tional Bank; Joseph Mooro Jr., President of tho National

J a n . 3 1914.J

THE CHRONICLE

Bank of the Northern Liberties; J. R . McAllister, President
of the Franklin National Bank, and Joseph W ayne Jr., Vice­
President of the Girard National Bank.
The Pittsburgh Clearing-House Association and the Pitts­
burgh Association of Credit M en , are also co-operating in
an endeavor to have one of the regional banks located in
that city. The following is the resolution of the Pittsburgh
Clearing House:
“ Resolved, T h at It is the unanimous opinion of the members of the
Pittsburgh Clearing-House Association that the city of Pittsburgh should
be designated as the location of one of tlio regional reserve banks, believing
that Pittsburgh’s location, geographically, its position from the standpoint
of population, banking capital and deposits, as well as tho fact that the
city is tho centre of tho greatest commercial and manufacturing district in
tho United States, entitle it to such an honor.
" I t is tho opinion, also, of tho Pittsburgh Clearing-House Association that
all public and civic institutions of the city and State should join in efforts to
have tho city of Pittsburgh designated as a location of a regional reserve
ban k.”

Tho Pittsburgh Association of Credit M en, through its
Banking and Currency Committee, in a resolution states
that “ Pittsburgh is the commercial centre of a metropolitan
district which has a population in excess of 1,000,000” and
ranks third in the value of manufactured products; it also
states that “ Pittsburgh lies within 12 hours’ ride of one-half
of the total population of the United States.”
An endeavor is also being made to have Cincinnati named
as a regional reserve bank city. A committee of tho Clear­
ing House Association, which is striving to accomplish this,
consists of W . S. Rowe, President of the First National Bank;
Bank; Charles A . Hinsch, President of tho Fifth-Third N a ­
tional Bank, and Caspar II. Rowe, Vice-President of tlieMarket
National Bank. The movement has tho co-operation of the
other commercial organizations of Cincinnati. Tho presi­
dents of tho eight national banks of tho city, members of the
Association, have agreed to recommend that their directors
join tho now systom.
The St. Paul and Minneapolis bankers havo also united
in an effort to have one of the Twin cities chosen as a Federal
reserve district.
The Clearing IIouso Association of Dallas, T ex ., has like­
wise begun a campaign to have that city selected as one of the
reservo city centres. It has appointed a committee of five
to confer with the Organization Committee in tho matter,
this committee consisting of R . II. Stewart, President of tho
Clearing-House Association and President of the City N a­
tional Bank; F . D . E . Waggoner, President of the Guaranty
State Bank & Trust C o.; W . Wright, President of the Common­
wealth National Bank; Royal A . Ferris, President of the
American Exchange National Bank, and George W . Riddle,
President of the First State Bank. According to the Dallas
“ Nows” all the Dallas banks, State and national, have ad­
vised Secretary M cAdoo of their purpose to apply for par­
ticipation in the regional reserve bank system.
In New York the Chase National Bank is tho first of the
larger institutions to signify its intention to become a member
of the now system. The Chase has a capital of S5,000,000
and surplus and profits of over 510,000,000; its deposits
exceed 5100,000,000. Other New York institutions which
havo already applied for membership aro the Ilarriman
National Bank, tho Gotham National Bank and tho Hudson
Trust Co.
The National City Bank of Brooklyn has also taken action
toward entering the system, its directors having on Tuesday
of this week unanimously resolved to accept tho provisions
of tho A ct. Although it has beon announced by the Organ­
ization Committee that it is not necessary for stockholders
of subscribing banks to take formal action, it is stated that
tho stockholders of the National City Bank will ratify tho
directors’ proceedings.
Tho Treasury Department’s decision that tho vote of tho
directors would fulfill tho requirements was mado known on
Tuesday, when tho following announcement was issued:
The Federal Reserve Bank A ct provides for membership of banks oper­
ating under State charters as well as membership of national banks. N o
now charter is contemplated in either caso. Eligible banks becoino members
by becoming stockholders in Federal reserve banks when their applications
havo been properly approved and stock has been allotted to them. Such
subscription to tho capital stock of tho Federal Rcscrvo bank appears to bo
a m atter within the province of tho board of directors of tho subscribing
bank. The Organization Com m ittee, therefore, deems it unnecessary to
require a condition precedent to membership that tho stockholders should
take any formal action.
Inasmuch, however, as tho stockholders of a bank have tho legal right by
necessary voto to force a solvent bank to liquidate, and if dissatisfied with
tho action of tho board in becoming members might exerciso this preroga­
tive, banks desiring to tako the precautionary resolution of their boards
should submit tho questions to tho stockholders at tho next regular meeting
or at a specially called meeting. This course is, however, not insisted upon I
b y tho Organization Com m ittee.
'




47

Those national banks passing resolutions of non-acceptance on or before
Feb. 22 1914 should, as soon thereafter as convenient, and before the
expiration of the twelve months prescribed in the Federal Reserve A c t,
submit their action to the stockholders for confirmation, since non-accep­
tance of the provisions of the Federal Reserve A ct will ultimately involve
the liquidation of such national bank.

The procedure to be followed by the banks as a prelimi­
nary to entering tlio new system was indicated by the Or­
ganization Committee on the 27th ult. in the following:
T h at every national bank shall submit to its board of directors alternative
resolutions accepting or rejecting the provisions of the Federal Reserve
A c t, and shall filo with this committee within the sixty days prescribed by
said A ct the resolution adopted by said board as the method of signifying
the intention of said bank In the premises. All other banks eligible to mem­
bership m ay use substantially similar form of resolution o f acceptance and
intention to subscribe to the capital stock o f Federal reserve banks to be
organized.

The following form of resolution has been prepared by
the committee for adoption by the directors in accepting the
provisions of the Act:
A t a meeting of the board of directors o f t h e ------------national bank of
------------, duly called and held o n -------- -— day o f ----------- , 19— , the following
resolution was offered, seconded and duly adopted:
“ W hereas, under Section 2 of tho Federal Reserve A c t, passed by the
Congress o f the United States on the 23d day o f Decem ber, 1913, it is
provided that:
Under regulations to be prescribed b y the Organization Com m ittee,
every national banking association in the United States is hereby required
and every eligible bank in the United States and every trust com pany within
the District o f Columbia is hereby authorized to signify in writing within
sixty days after the passage of this A c t its acceptance of the terms and pro­
visions thereof: and
W hereas, after due consideration of the terms and provisions of said A c t
it is the opinion o f this board that said terms and provisions shall be ac­
cepted: now. therefore, bo it
"Resolved, T h at the Cashier of this bank be and he hereby is authorized,
empowered and directed to notify the Reserve Bank Organization C om ­
mittee of tho acceptance by this association o f the terms and provisions of
tho Federal Reserve A c t and of tho intention o f this board to subscribe on
behalf of this bank to the capital stock o f the Federal reserve bank to be
organized in the district In which this bank will be located after the geo­
graphical limits to be served by such Federal reserve bank have been fixed
by tho Organization Com m ittee.
I hereby certify that the foregoing is a true and correct copy of a reso­
lution passed by the board of directors of this association on the date speci­
fied, and pursuant thereto I hereby notify the Reserve Bank Organization
Com m ittee of the action of said board and intention o f this association in
tho premises.
“ ------------------------------------— — — , Cashier.
“ ----------- National Bank o f -------------.
“ T o the Reserve Bank Organization C om m ittee, W ashington, D . C . ”

The question as to whether the State banks of New York
would bo prevented from joining the new Federal system be­
cause of the existence of a law prohibiting them from holding
stock in a corporation has been raised during the week. On this
point State Superintendent of Banks George C . Van Tuyl
has given assurances that if it should be found that this
serves as a barrier, an amendment to remedy the situation
would be enacted. As to the reserve requirements, those
exacted under the State banking law aro expected to be
changed to agree with the Federal regulations, the Van Tuyl
commission which is now engaged in revising the State law,
recommending, it is understood, this course. The New York
Clearing-House Association is also expected to shortly take
up the question and decide whether its reserve requirements
shall be revised to conform to those under the Federal sys­
tem.
Besides the places enumerated above, which are working
to secure one of the regional banks, the Los Angeles bankers
aro actively promoting the interests of San Francisco to
this end.
The Central Trust Company of Illinois, Chicago, is said
to be the first State institution in Illinois to seek admittance
to the Federal system, and the Central National Bank of
Columbus is credited with being the first bank in the city of
Columbus to take the step. The stockholders of the Central
Trust Company of Illinois have been advised by President
Charles G . Dawes that the directors have unanimously voted
that application bo made for membership in the Federal re­
serve system, and in his letter he says:
B y becoming a member o f tho Federal reserve banking system , the Central
Trust C om pany of Illinois will not lose any essential powers now possessed
under State laws, and will have the following advantages:
1. Improved exchange facilities.
2. Tho opportunity to enter the field to secure on equal terms with na­
tional banks the deposits of member banks.
3 . The opportunity to secure Federal reservo bank notes by ro-discounts,
if desirable.
4. Tho supervision and examination of tho National Government in ad­
dition to that of the State of Illinois.

The National Shawmut Bank of Boston, the largest bank
in Boston, has indicated to the Treasury Department its
purpose to become a member of the Federal reserve system,
and six of the eight national banks of Providence, it is re­
ported, havo made known their decision to enter the system.
Tho State Bank Commissioners of Connecticut aro send­
ing out a letter to the national banks of the State relative
t their incorporation as State institutions in case they should

48

THE CHRONICLE

decide to drop out of the national system as a result of the
enactment of the new bank A ct. This letter is as follows:
T o the N a tio n a l B anks o f C o nnecticut:
G entlem en— Th e State Banking Departm ent has prepared such forms as
aro necessary to conform to the requirement of the law concerning the
Incorporation of State banks and trust companies. Theso forms will bo
furnished to any bank which now or later desires to incorporate under
State law.
Tho time required to conform to the law and complete the
organization of a bank or trust company is about two months.
Tho department will gladly co-operate w ith, and render any assistance
in its power to , banks desiring to avail themselves of this opportunity.
Such national banks as were originally State banks and organized under
State charters m ay resume their State powers.
(See Conn. Gen. Statutes,
Sections 3418 to 3 427 , inclusive.)
F R E D F . II O L T ,
N O R R IS U . L I P P I T T ,
B a n k C o m m issioners.

An inquiry into tho peanut trade conducted by the De­
partment of Justice is said to have resulted in the conclusion
that there is no peanut trust and that its price is largely de­
termined by the size of the crops in the United States and
Spain. The investigation, it is reported, failed to prove the
charges made to Attorney-General McReynolds that deal­
ers in Virginia and North Carolina controlled the market and
fixed prices, consequently no suit is contemplated, it is
stated, under the Anti-Trust A ct.
Exhaustive data in addition to that already submitted is
required of the Eastern railroads in the consideration of their
petition for a 5 % advance in freight rates, under an order
issued by the Inter-State Commerce Commission on Dec. 27.
In all, the roads are callod upon to answer seventy-nine ques­
tions concerning their physical and financial operations, in
the latest edict of the Commission and the replies aro re­
quired to be filed by Jan. 31. W ith regard to the additional
information which it thus seeks, the Commission says:
Elaborate and helpful contributions from the carriers’ accounts have been
submitted by the railroads with a view to diminishing net returns from
operations and lessoned net income. These statements do not furnish
fully the data deemed by tho Commission to bo necessary to determine the
general course to bo pursued. Th e carriers are therefore further ordered
and directed to furnish tho Coinndssion at the earliest date possible the in­
formation called for and to verify such information under the oath of the
officer under whoso direction and supervision the returns are mado.

The inquiries are divided into seven groups, and tho naturo
of tho data sought is indicated in an announcement of the
Commission, which we give in part as follows:
Questions regarding revenues and tho conservation thereof are designed
to secure data concerning tho possibility of increasing revenues otherwise
than through a general increase of freight rates. Tho questions relate in
part to tho terminal allowances mado by railroads, particularly to the larger
Industries, and to the free service, tho legality or propriety of which has
been from time to time questioned. These services and allowances include
allowances to terminal railways owned by industries, free switching, light­
erage, loading and unloading freight, free warehousing, ro-consignment,
especially favorable rates and special train service, billing-in-transit priv­
ileges.
Questions relative to economy aro designed to secure data concerning the
possibility of increasing the net revenues through economies in operations.
Theso include possible savings in tho purchase of materials and supplies
through standardization and otherwise: also possible savings in the use of
materials and supplies and particularly In the consumption of coal.
There are also questions designed to secure further information as to tho
causes of increased operating costs and means of avoiding them. Certain
o f the questions aro designed to securo data with a view to determining to
what extent and under what circumstances the increase in the size and
weight of equipment results in economy and greater net operating income.
The group of questions under “ Financial” is designed principally to
securo data concerning tho character o f the capital expenditures made by
railroad corporations.
The companies are requested to show to what extent stock and bond
Issues have been applied to purposes other than the development of the rail­
road properties, In other words, It is desired to determine what part of tho
capitalization of the railroads represents the purchase of bonds and stocks
in industrial or mining corporations or in other railroad companies, and to
what extent tl»e railroads might secure new capital for improvement and
development by disposing of the bonds and stocks of other corporations so
held.
Under tho group "Conflicting Interests,” it is designed to secure data to
determine the extent to which the directors and officials of the railroads have
other financial interests in tho transactions of tho carriers. It is desired
to determine to what extent conflicting and intertwining interests commonly
described as interlocking directorates pervail, and what influence, if any,
this practice has had in increasing railroad costs.
It is also proposed to inquire to what extent, if any, diminishing net rev­
enues of railroads m ay be attributable to inadequate passenger rates, in
view of large expenditures relating specifically to passenger service.

The hearings of tho Commission are to bo resumed on
Jan. 7.
Secretary of Agriculture David F . Houston proposes to
inquire into “ tho various factors which have brought about
tho present unsatisfactory conditions with respect to meat
production in the United States, especially in reference to
beef, with a view to suggesting possible methods for improve­
m ent.” A committee which he has named to conduct tho
investigation consists of:
D r. B . T . Galloway, Assistant Secretary of Agriculture, Chairman;
D r. H . J. W aters, President of tho Kansas State Agricultural College:
Prof. O . F . Curtiss, dean and director of Iowa Stato College;
Prof. H . W . M um ford, professor of animal husbandry, University of Illi­
nois




[ V o l . XCVIII.

D r. A . D . M elvin, Chief of tho Bureau of Animal Industry, United States
Departm ent of Agriculture;
D r. T . N . Carver, Director of Rural Organization Service, United States
Department of Agriculture.

According to Secretary Houston’s announcement, “ the
work of the committee will centre largely on tho study of the
economic questions involved in the production, transporta­
tion, slaughter and marketing of meat. As tho first step,
tho committee will investigate the changes within tho last
two or three decades which have increased the cost of pro­
duction, and the centralizing of the moat industry. Among
important considerations to be inquired into will be the
taking up of public lands, the effect of the capacity of the
range, especially on the remaining public lands and forest
resorves, with a view to suggesting changes in the laws to
make the public lands of greater use in cattlo raising. The
committee also will give special attention to tho economic
changes in moat production and distribution brought about
through the centralizing of slaughtering and meat prepara­
tion in largo packing establishments, and the changes in
transportation and similar matters which have resulted from
this centralization and other causes.” Tho economic possi­
bility of communal and community effort in cattle raising
and tho advantages of establishing local or municipal
abbatoirs also will bo investigated.

That the oleomargarine law of Now York Stato is uncon­
stitutional is the finding of the Court of Appeals in a decision
handed down at Albany on Dec. 16 by Judge Cullen. The
Court affirmed the dismissal of tho action brought by the
Stato against John J. Guiton of Albany on tho chargo of
manufacturing oleomargarine as an imitation of buttor in
violation of Section 33 of tho Stato Agricultural law. The
law was enacted upon tho recommendation of tho agri­
cultural interests of tho Stato with a viow to prohibiting
for the purpose of sale tho conscious production of a color of
natural butter in oleomargarine by a choice of ordinary
ingredients. Whon tho Stato Agricultural Department
sought to enforce tho law, tho question was raised by the
manufacturers of oleomargarine as to the real intention of tho
Legislature. Attorney-General Carmody contended that
while tho legislation did not attempt to prohibit the sale of
oleomargarine in tho slightest degree, it was designed to
compel tho uso of ordinary ingredients, so as to produco a
color not rosembling butter. M r. Carmody hold this regu­
lation was a proper exercise of legislative power for tho pro­
tection of tho dairy interests and was essential for that pur­
pose; that the regulation was aimed to prevent tho designed
and deliberate production of a commodity to simulato and
resomblo the product of tho dairy for tho purposo of getting
tho commodity upon tho market as butter and thereby
creating an additional domand and procuring a widor market
by reason of the alleged deception.
Supremo Court Justico Cochrane of Hudson declared against
tho contention of the State authorities, but tho AppellateDivision, Third Department, rovorsod Justico Cochrane;
tho latest decision, that of tho Court of Appeals, reverses
tho Appellato Division and sustains Justico Cochrane.
In
deciding that tho law does not compel the makors of oleo­
margarine to consciously choose tho ingredients having a
shado of color which will not produce that of butter, Judge
Cullen says:
W o m ay assert, as in offoct tho Attornoy-Gonoral does, with cloar con­
fidence, that absolute prohibition was not within tho legislative intention.
Tho Legislature m ay, however, onact laws to provont fraud and deception.
W e think, however, that a shado of yollow given oloomargarino through
tho uso of tho recognized substantivo ingredients in a natural and primary
condition, identical, without predetermination or design, with a shade of
yellow possessed by natural butter does not effect, within tho legislative
intention or the purview of the statutory provisions, a deception or false
pretense, and is not prohibited.
T h e purpose of Section 38 was to forbid tho uso of either of these two
ways (artificial coloring or selecting colored ingredients) or any other
analogous way of causing oloomargarino to be in imitation or semblance o f
butter. It was not intended to and it doos not prohibit in oleomargarine
tho semblance in color to buttor which results, not from Imitation, but from
a selection of ingredients disassociated with tho design or intention to pro­
duco it. It does not compel tho makers of oloomargarino to consciously
choose tho ingredionts having a shado of color which will not produco that
of butter.

Announcement was made this week that tho board of
directors of tho Chemical National Bank of this city, Josoph
B . Martindale, President, have transferred $1,000,000 from
undivided profits to tho surplus fund, raising the surplus from
$6,000,000 to $7,000,000. W ith its $3,000,000 capital and
$7,000,000 surplus, tho institution has a working capital of
$10,000,000; in addition, it has undivided profits of $650,000.
Last year at this time tho directors of tho Chemical National

J a n . 3 1914.]

THE CHRONICLE

Bank also added $1,000,000 of its undivided profits to sur­
plus.
The receivership proceedings this week against the Four­
teenth Street Store and the Simpson-Crawford Co. of this
city have resulted in tying up the funds of depositors doing
business with Henry Siegel & C o ., bankers, with offices in
the Fourteenth Street Store. The receivers of the dry goods
•enterprises have been authorized by the Court to continue
the business with the exception of the banking business car­
ried on by Henry Siogel & Co. A separate receiver has been
appointed for that firm to liquidate its assets with a view
to paying off the depositors as soon as possible. The re­
ceiver, Henry Melville, states that the books of the banking
firm are being audited by the American Audit C o ., and until
the auditors’ report is received, he will be unable to give any
definite information to the depositors. It is stated that the
business is in the nature of a provident bank, and as such
does not como under the jurisdiction of the State Banking
Department. The firm has 15,000 depositors, their ac­
counts, it is understood, totaling $2,500,000. The counsel
for the Siogel interests state that for tho protection of deposits
the individual members of tho firm hold $3,500,000 of the
par value of the common stock of the Siegel Stores Cor­
poration. Although there is no connection between the
Siegel enterprises and the Greenhut-Siegel Cooper C o., the
latter’s bank was called upon to meet more than ordinary
withdrawals this week. It was estimated on Wednesday
that about $250,000 had been paid out, following Tuesday’s
announcement concerning the Henry Siegel interests. The
demands upon the banking firm of the Greenhut-Siegel Cooper
Co. were promptly met, effectively checking further anxiety
and bringing about a return to normal conditions.
Samuol M . Jarvis, Vice-President of the National Bank
of Cuba, Havana, with offices at 60 Broadway, this city, died
at his residence in N ew York on Dec. 26 after a brief illness.
M r. Jarvis was born in Illinois in 1853. H e was one of the
organizers and the first President of the North American
Trust Co. of this city, a branch of which he established in Cuba.
In recognition of the services he rendered to the United States
Government after the American occupation in Cuba in 1898,
M r. Jarvis was offered the post of fiscal agent of the United
States in Cuba, but at his request that appointment was given
to the Cuban branch of the trust company. M r . Jarvis was
President of the United Construction C o. and the Jamaica
Sea View Realty C o. and a director of several corporations,
including the Country Estates C o ., the Jamaica Estates Co.
H e was also a member of the American Museum of Natural
History and tho Metropolitan Museum of A rt.

49

four indictments charging him with forgery and having
obtained $20,000 under false pretences from the brokerage
firm of Charles T . Brown & Co. of Philadelphia. H e was
sentenced on Dec. 30 to not less than five nor more than ten
years in the Philadelphia penitentiary. Foye’s arrest was
referred to in these columns N o v . 29.
The new Hamilton Trust Co. of Boston, which takes over
the business of the South End National Bank and the New
England National Bank, began operations on the 1st inst.
Preparatory to merging their business into the trust company,
the stockholders of the New England National voted on
Dec. 17 to place their institution in voluntary liquidation
and similar action was taken by the stockholders of the South
End National on Dec. 18. The latest advices state that the
South End National will be liquidated at $149 per share and
the New England National at $195 per share. Further
particulars concerning the plans were given in our issue of
N ov . 22. The Hamilton Trust C o. has a capital of $200,000
and a surplus of $100,000. Josiah II. Goddard, President
of the South End National, is President of tho company;
Arthur P . Stone, President of the New England National, is
Vice-President of the new organization; W . F . Snow, Cashier
of the New England National, is Secretary; J. Arthur Ben­
ner, Assistant Cashier of the N ew England National, is
Treasurer, and Frank Cornell, Cashier of the South End
National, is Cashier of the new trust company.
A t a reception to the children in its neighborhood on
Christmas Eve, the Tioga Trust Co. of Philadelphia presented
each youngster with a Christmas Saving Club card entitling
them to a credit of ten cents toward the opening of an
account with the institution. The company began business
on June 19 last and on Dec. 24 reported deposits of $182,039
and resources of $319,039. It has a capital of $125,000.
Charles W . Rueter is President.
The North-Western Trust & Savings Bank of Chicago
made a semi-annual distribution of 5 % on its stock on Jan. 1
1914, placing it on a 1 0 % per annum basis. The previous
yearly rate was 8 % .
— The Kaspar State Bank of Chicago paid on Dec. 22 1913
an extra dividend of 5 % , making 1 5 % paid in 1913, as
against 1 0 % paid previously. The usual semi-annual divi­
dend of 5 % was also paid in January of this year.
— An extra dividend of 3 % in addition to the regular quar­
terly disbursement of 2 j ^ % was paid on the stock of the
First National Bank of Englewood (Chicago) on Dec. 31
1913 to holders of record Dec. 22 1913. In December 1912
the extra payment was only 2 } 4 % .

Warner Van Norden, formerly President of the National
Bank of North America of this city, died on tho 1st inst. in
Clem S. Baxter, formerly a State bank examiner of Ohio,
his seventy-second year. Born in this city in 1841, M r. Van
Nordon was a descendant of Dutch and Huguenot families was found guilty on Dec. 20 by a jury in the Common Pleas
which had settled in New York early in 1600. M r. Van Court at Columbus, Ohio, of having embezzled $3,140 from
Nordon entered the produce business after leaving the pre­ tho funds of the failed Columbus Savings & Trust Co. The
paratory school of the New York University, but retired from indictment against him was handed down last February and
that field in 1876 and engaged in a private banking business. grew out of a discrepancy, said to have been found in the
Ho later became interested in tho Plymouth Gold Mine accounts of the institution on the day (Feb. 26 1912) it was
of California, of which ho was made President. Ho was at taken over by the Banking Department. The brother of the
the head of the National Bank of North America from 1891 accused, Frank E . Baxter, who resigned as Ohio State Su­
to 1902, his retirement from the presidency marking his perintendent of Banks last March, is said to have been
withdrawal from active business. He served as a director acquitted of the alleged wrongful use of $35,000 of the funds
of tho Van Norden Trust C o ., but resigned from the board in of the defunct institution.
1910, when his sons, Warner M ., President, and Theodore
J. R . Cain Jr., President of the Nebraska Bankers’ Asso­
L . , Vice-President, severed their relations with it. Although
formerly identified both as an officer and director with a ciation, has become Vice-President and a director of the State
number of financial and other organizations, M r. Van Bank of Omaha.
Norden at the time of his death hold a directorship in but
The Citizens’ National Bank of Wheeling, W . V a ., or­
few companies, viz.: The Fifth Avenue Estates, the Land &
River C o .,th e London & Edinburgh Co. and the Standard ganized with a capital of $100,000 and a surplus of $25,000,
Milling Co. He was also prominent in religious circles, began business on December 20. The institution is under
having been President of the Board of Trustees of the the direction of G . C . Reppetto, President; George M . Ford,
Presbytery of New York, President of the Presbyterian Vice-President and R . R . Barrett, Cashier.
Union, a member of the Board of Foreign Missions of the
The Executive Council of the California Bankers’ Associa­
Presbyterian Church, &c.
tion has selected Oakland as the meeting place for the 1914
A . Augustus Healy, President of A . Healy & Sons, 88 Gold convention, and has fixed Wednesday, Thursday and Fri­
Street, was recently elected a director of tho Nassau National day, M a y 27, 28 and 29 as the dates. The meeting of the
Executive Council was held at the Oakland Clearing House
Bank of Brooklyn in place of Carl II. D e Silver, deceased.
on December 20. It was also decided at the m eeting;to
James E . Foye, formerly employed as a clerk by the maintain at the American Bankers’ Convention at Rich­
Farmers’ Loan & Trust Co. of Now York, pleaded guilty in mond next fall headquarters for the convenience of the
the Quarter Sessions Court at Philadelphia on D ec. 22 to California delegates. The California bankers are endeavor-




50

THE CHRONICLE

ing to get up a special trip to the convention in which it is
hoped the delegates from the neighboring States will join.
After the business conference of the Executive Council the
visiting bankers were entertained at luncheon at the Hotel
Oakland as guests of the local bankers, about twenty of
whom wero present as hosts; the luncheon was followed by
an automobile ride.
The Bank of Daniel Meyer in San Francisco, founded in
1851, has decided to discontinue operations. Since the
death of the founder of the institution, Daniel M e ye r.it had
been in charge of Albert and Henry M eyer, and the ill-health
of the former is in part responsible for the winding up of the
affairs of the bank. The institution had for thirty years
been Treasurer of the San Francisco Stock and Bond Ex­
change.
Continued expansion in the business of the Canadian Bank
of Commerce (head office Toronto) is reflected in its annual
report for the year ending November 29 1913. The net
profits of the institution for the twelve months wero the
largest in the history of the institution, reaching $2,992,951,
and comparing with $2,811,806 in the year to November 30
1912 and $2,305,409 in the year to November 30 1911.
In the two years a growth of nearly $80,000,000 lias been
witnessed in the total assets, now $260,030,720, against
$246,571,290 in November 1912 and $182,389,984 the
previous year. While the deposits at the latetst date, at
$192,813,715, are slightly under the figures shown in the 1912
statement— $197,617,462— they nevertheless
exceed
by
more than $46,000,000 those of 1911, when they stood at
$145,965,735. As to the increase between 1911 and 1912, it
was pointed out at last year’s meeting that a considerable
part of the gain thon recorded was due to the accession of
special amounts, and it was intimated that theso would
shortly bo withdrawn. In addition to the regular 1 0 %
dividend on the paid-up capital of $15,000,000, the stock­
holders have received during tho year two bonuses of 1 %
each, or altogether $1,800,000. A 1 0 % bonus to the employ­
ees was also recently authorized. The rest account, to which
$1,000,000 has been added out of the profits of the year, now
amounts to $13,500,000. B . E . Walker is President of the
institution, Z. A . Lash is Vice-President and Alexander
Laird is General Manager.
Tho Standard Bank of Canada (head office Toronto) has
declared a dividend for the current quarter ending Jan. 31
1914 of 3 K % . being at tho rate of 1 3 % per annum upon tho
paid-up capital stock of tho bank and which will be payablo
on and after Feb. 2 to shareholders of r cord as of Jan. 23.

English Financial Markets— Per Cable.




__

Breadstuffs Figures brought from page 82.— Tho
statements below are prepared by us from figures collected by
the New York Produce Exchango. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of tho last three years have been:
Receipts at—

j

Flour,

Wheal.

Corn.

Oats.

Barley.

Rye.

bbls.lQGlbs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bushASlbs. bu.it6 lbs.
Chicago____
145.000
382.000
4.489.000
1,740,000
560.000
41.000
M ilw aukee..
213.000
33.000
610,000
966.000
421.000 113.000
_
D uluth_ __
971.000
15.000
18,000
1,000
Minneapolis.
3,201,000
660.000
575.000
487.000 107.000
T o le d o_____
222,000
36.000
106.000
D etroit_____
7,000
78.000
121,000
34.000
Cleveland . .
69.000
184.000
755.000
39.000
1,000
3.000
St. Louis_
_
394.000
472.000
57.000
434.000
40.000
6.000
139.000
Peoria . . . .
30.000
439.000
42.000
49.000
14.000
Kansas City.
240.000
1.387.000
320.000
Omaha_____
225.000
1.709.000
166.000
T o t. wk. ’ 13
Same wk. ’ 12
Same wk. ’ l l

1,039,000
342,000
308,830

5,826,000
8,113,000
3,461,002

i
Since Aug. 1
1913......... 9,707,000 188,436,000
1912......... 8,105,520 223,794,966
1911......... 5,012,034 129,454,828

10,649,000
7,786,000
2,715,445

4.191.000
5.384.000
2,509,424

285.000
265.000
152,965

1.576.000
2.658.000
1,044,519

96,214,000 115,531,000 54,399,000 8,658,000
78,458,328 124,016,688 54,146,336 10596642
74,887,110 73,302,806 44,810,720 5,364,300

Total receipts of flour and grain at tho seaboard ports for
tho week ended Dec. 27 1913 follow:
Receipts at—
New Y o rk ______
Boston__________
Portland, M e____
Philadelphia____
Baltimore_______
New Orleansa___
Newport N e w s..
G a lv e s to n ______
M o b ile .................
M ontreal________
St. John________

Flour,
bbls.
201,000
37.000
1.000
34.000
59.000
59.000
2.000
...........
15.000
10.000
42,000

Total week 1913.
460,000
Since Jan. 1 1913.13,606,000
Total week 1912.
451,000
SincoJan. 1 1912.18,754,024

Wheat,
bush.
971,000
585,000
274,000
491,000
1,561,000
108,000
24,000
57,000
______
28,000
246,000

Corn,
bush.
257,000
1,000

Oats,
bush.
433,000
76,000

Barley,
bush.
282,000
24,000

Rye,
bush.
2,000
8,000

122,000
308,000
66,000

186,000
85,000
15,000

53,000
1,000

57,000

9,000
1,000

31,000

63,000

4,345,000
764,000
826,000 423,000 67,000
207189,000 51,003,000 54,070,000 3340,000 3031,000
3,279,000 1,399,000 1,245,000 461,000 67,000
157025,08334,480,295 77,742,034 9256,010 1154,183

* Receipts do not Include grain passing through New Orleans for foreign ports on
through bills of lading.

The exports from the several seaboard ports for tho weok
ending Dec. 27 are shown in tho annexod statement:
Wheat,
Exports from—
bush.
New Y o rk . ___ .1,070,543
Portland, M e___ . 274,000
B oston_________ . 247,765
Philadelphia_ . 595,000
_
Baltimore______ . 210,749
New Orleans___ .
24,000
Newport News. .
24,000
Galveston______ .
48,000
M obile................
I 240,006
Port Arthur____

Corn,
bush.
2,760

600
12,000
9,000

Flour,
bbls.
61,503
1,000
24,950
4,000
5,740
9,500
1,500
15.000
42.000

Rye,
bush.

Barley,
bush.
65,013

Peas,
bush.
242

.....

.....

.....

.....

.....

..........

------ -

.........

.....

65,043
17,000 241,437

242
964

Oats,
bush.
87,606

......

800

1,000

...........
24,360 165,198
810,118 227,522

89,406
496,834

Tho destination of these exports for tho week and since
July 1 1913 is as below:

The daily closing quotations for securities, & c., at London,
as reported by cable, have been as follows tho past week:

__

XCVl t J .

Com m ercial a nclIB iscclLuieous JJrms

Total week_ .2.690,057
_
Week 1912......... .2,745,693

Utouetavvi jj(Commercial ii
London,
•
Tues.
M on.
Sat.
Wed.
Week ending Jan. 2.
Thurs.
26 9-16
2644
Silver, per o z _____________ d. 26 11- 16 2644
71 9-16 71H
d Consols, 2'A per cents------ 71 15- 16 7144
72
7145
d For account.................... 72
7144
d French Rentes (in Paris). fr 85.25
85.0744 85.3744 85.3744
7045
Amalgamated Copper C o— 76 «
7644
7544
06 1
\
66
65
Am. Smelt. & Refining C o .. 67
b Anaconda Mining C o ------744
745
744
7H
97
9645
Atch. Topeka & Santa F e— 96 H
9645
102
102
Preferred_________ _______ 102
10244
95 H
9444
9444
Baltimore & Ohio....... ............ 9544
84
83
83
Preferred............. ............ .. 8344
21344
212 H
Janadlan Pacific---------------- 22044 c215 44
62
6244
Chesapeake & O hio------------- 6244
6144
12
Chicago Great Western......... 12
11.'-4
1144
103
102)5
103
Chicago M ilw. < St. Paul — 10344
fc
17
16,q
Denver & R io Grande______ 164s
1644
27
27
27
Preferred.............................. 27
29
29 45
2845
E r ie ------------------ ----------------- 2944
4544
First preferred.................... 40 4
4544
4
4544
Second preferred — ......... 37
37
37
3645
>
■
131
130 H
130 ‘ 4
Great Northern, preferred.. 13144
lit
Illinois Central_____________ 111
11044
11044
l.oulsvllle & Nashville......... 138
137
13744
13744
Missouri Kansas & Texas— 2044
1944
1945
2044
G
54
55
55
Preferred----------- -------------- 55
H
H
25
Missouri P acific____________ 23
2344
2444
10
Nat. R R . of M ex., 2d p ref.. 944
1044
10J5
90
9 4 '2
N . Y . Central & ilu d . R Iv .. 9644
9444
N . Y . o u t . & W estern______ 28
2744
2744
2744
105
N orfolk & W estern________ 10444
1044-4
10544
88
Preferred......... ...... .......... .. 88
112
Northern P a c ific ......... .......... 11344
11344
112 44
a Pennsylvania_____ ________ 5644
5644
5644
5645
a Reading Com pany----------- 8744
8744
8745
8644
45
45
a First preferred--------------- 45
4444
____
46
a Second preferred_______ 47
Rock Isla n d _______________ 1344
1344
1344
1344
92
Southern Pacific____________ 9244
9244
9144
24
Southern Railway.................. 2344
2345
2344
79
79
Preferred________________ 7944
7844
Union Pacific______________ 16144
15944
10044
15944
Preferred________________ 871s
8744
8744
8744
61
U. S. Steel Corporation......... 6144
6044
6044
Preferred________________ 10944
10945
10944
10944
3
3
3
W abash------ -------_ ._
2 44
Preferred ________________
744
744
744
844
50
52
52 H
Extended Is-------------------- 50
a Price p jr share, b £ sterling. c Ex-dlvldend. d Quotations he o
flat prices, e Ex-rtghts.

l V OL.

Frl.
20 7-10
7144
72
85.1245
7544
66
7X
9644
100)5
95)4
83
213J5
62) ;
1144
103
17
26
29
45
37
130
110)4
13744
19 44
55
25)4
1045
95
2744
105)4
88
11244
5644
8745
45
4644
13 44
9144
2345
79
16044
8744
00 44
109
244
8
52
given are

■Flour------------------------ WheatSince
since
Week
July 1
Week
July 1
Exports for week and Dec. 27.
1913.
Dec. 27.
1913.
since July 1 to—
bbls.
bbls.
bush.
bush.
United Kingdom _ 64,788 1,911,676 1,613,391 53,923,009
_
Continent........... ......... 19,590 .,519,292
697,113 56,410,622
Sou. & Cent. Am cr. 15,107
563,017
69,103
893,393
West Indies.............. 34,767
865,098
.............
84,427
Brit. Nor. Am. Cols. 1,393
6.8,684
______
______
Other Countries____ 29,553
130,128
10,450
84,630

■CornWeek
Dec. 27.
bush.
1,075
23,225
00

T o t a l . . ................. 165,198 6,058,495 2,690,057 111402,081
Total 1912________ 227,522 5,331,565 2,745,698 85,335,120

24,360
810,118

Since
July 1
1913.
bush.
227,270
458,044
312,355
805,011
6,017
21,312
1,830,009
2,773,408

The world’s shipments of wheat and corn for the weok
ending Dec. 27 1913 and since July 1 1913 and 1912 are shown
in tho following:
Corn.

Wheat.
Exports.

1913.
Week
Dec. 27.

|

Since
July 1.

1912.

|
Since
1 July 1.

1912.

1913.
Week
Dec. 27.

Since
July 1.

Since
July 1.

Bushels. ! Bushels.
Bushels.
Bushels.
Bushels. \ Bushels.
24,000
North Amcr. 4.696.000 158,066,000 129,482,000
663,000
1,847,000
162,000
Russia.......... 2.536.000 85,918,000 67,067,000
7,996,000
5,981,000
D anube____ 2.096.000 25,828,000 36,039,000 1.411.000 11,889,000
9,037,000
A rgen tina...
512.000 12,818,000 32,714,000 1.748.000 117,030,000 148,274,0U()
Australia___
616.000 15,760,000 10,888,000
India............
........... ! 24,072,000 38,472,000
Oth. countr’s 104.000
4,794,000
4,006,000
T o ta l____ 10560000 327,856,000 318,668,000 3,345,000 137,578,000 165,739,000

Tho quantity of wheat and corn afloat for Europo on dates
mentioned was as follows:
Wheat.
United
Kingdom.

Continent.

Bushels.
D ec. 27 1913.. 13.120.000
Dec. 20 1913.. 13.368.000
D ec. 28 1912.. 14.184.000
r>w. an i » i i
19.702. non

Bushels.
14.160.000
15.528.000
13.216.000
in 136.000

Corn.
Total.

| United |
1
! Kingdom. ; Continent.1 Total.

Bushels. | Bushel’ .
Bushels, | Bushels
27.2.80.000 4.845,000 8,002,000 13,447,000
28,890,000. 5,415,000 7,565,000 12,980,000
27.400.000 8,067,000 18,819,000 26,886,000
39 928.000 3.647.000 7.378.000 11025 000

THE CHRONICLE

J a n . 3 1914.]
DIVIDENDS.

The following shows all tho dividends announced for the
future by large or important corporations.
Dividends announced this week are -printed in italics.
Name of Company.
R a ilroad s (Steam ).
Alabama Great Southern, preferred_____
Atch. Topeka A Santa Fe, pref. (N o. 31) Atlantic Coast Line R R ., com m on...........
Belt Hit. A Stk. Yds., Irtdlanap., com. (gu.)
Canada Southern_____________ _________ .
Central of Georgia Ry., preferred_________
Central lilt, o f N . J . (guar.)______________
Cincinnati Lebanon A Northern_________
Cuba R lt., preferred. _ _______ _____
Delaware Lack. A Western (quar.)------Detroit Hillsdale A Southwestern----------Georgia R R . A Banking (quar.)------------Harrisburg Portsm. M t. Joy A Lancaster
Kansas City Southern, pref. (quar.)-----Lake Shore A M ich. S outhern-------------Lehigh Valley, common and preferred--.
Little Schuylkill Nav. R R . A C oal--------Louisville Bridge Co........... ...........................
Louisville A N a s h v ille.--........................ ..
Mahoning Coal H R., com m on--------------Michigan Central-----------------------------------Mine Illll A Schuylkill Haven- ------------N . Y . Cent. A Hud. Riv. RR . (quar.)_
_
Norfolk A Western, adj. pref. (q u a r .)..Northern Central............. .......................—
Northern Pacific (quar.)----------------------Northern Securities Co. (annual) ------Philadelphia A Trenton (quar.). . . . ----Pitts. Cln. Chic. A St. L., com . A pf. (qu.)
Plttsb. Ft. Wayne A Ch., reg. guar, (qu.)
Reading Company, com . (quar.)----------Reading Com pany, 2d pref. (quar.).........
St. Louis Southwestern, pref. (quar.)-----United N. J. HU. A Canal Cos. guar.(qu.)
Street and E lectric Railw ays.
Athens Ry. A Electric, pref. (guar.)--------Aurora Elgin A Chic. RR., com. (guar.)..
Preferred (guar.)................. .. . .
----Pay Stale Street Ry., common.------------- . _
Boston Suburban Elec. Cos., pref. (q u .).
Cln. Newport A Cov. Lt. A T r., com .(qu.)
Preferred ( q u a r . ) . .. ........... ............ ........
Citizens’ Trac. Co. (OH City, P a .), pref.
Commonwealth Pow ., R y.A Lt.,coin.(qu.)
Preferred (quar.)------------------------- . . .
Consolidated Traction of N. J ___
..
Denver A Northwestern Ry. (qu ar.)___
El Paso Electric C o., pref. (N o. 2 3 )_____
Germantown Pass. Ry., Phila. (q u a r .)..
Green A Coates Sts., Phila., Pass. Ry. (gu.)
Kentucky Securities Corp., pref. (guar.)_
_
London (Canada) Street Ry_______________
Manchester T rac., Lt. A Power (quar.) .
M etropolitan West Side Elev. (Chic.), com.
Preferred (guar.)___________ ________ .
Omaha A Council Bluffs St. Ry., common
and preferred (guar.)__________________
Ottumwa Ry. A Light, pref. (guar.)----------Philadelphia C o., com . (qu.) (N o. 129).
I’hlla. A Gray’s Ferry Pass. Ry............. ..
Republic Ry. A Lt., pref. (qu.) (N o. 10).
Scioto Valley Trac., 1st pf. A pf. (guar,)..
South Side Elev., Chicago (guar.)________
Virginia Railway A Power, preferred____
Western Ohio Ity., 1si pref. (guar.)_______
Second preferred (g u a r .)..........................
Youngstown A Ohio River RR., pf. (g u .)..
Banks.
Fifth National (guar.) (No. 154)________
New York County National......... .................
Public_____
. . . ___________________
Fire In su ra n ce.
Hanover Fire Insurance (guar.) (No. 129).
M iscellaneous.
Amor. Agricul. Chem., coni.fqu.) (N’ o. 9 ).
Preferred (quar.) (N o. 34)--------- -------American Chicle, com . (m onthly).........Common (extra)--------- -----------------------Preferred (quar.)-------------- ----- -------Amer. Gas & Elec., coin, (qu .) (N o . 16)Preferred (quar.) (N o. 2 8 )----------- - American Locomotive, pref. (quar.)
Amer. Seeding Machine, com . (q u a r.)..
Preferred (quar.)------------------------------Amer. Telephone A Telegraph (quar.) .
Amer. Type Founders, common (quar.) _
Preferred (quar.)........... ...........................
American Woolen, pf. (quar.) (N o. 59).
Anaconda Copper Mining (qu.) (No. 53)
Anglo-American Oil, Interim............... ........
Extra Interim .--------- ----- ----------- -----Associated Merchants, 1st pref. (g u a r .)...
First preferred (extra)_________________
Second preferred (guar.)...... .....................
Second preferred (extra)........... ................
Bell Telephone of Canada (quar.)--------Bell Telephone of Pennsylvania (guar.)----Bonbrtght (W m .P.), Inc., 1stp f.(gu.)(N oA)
Brltish-Amcr. Tobac. Ltd., ord’y (final)
Ordinary (Interim) - ............. - ................
Brown Shoe, common (N o. 1)...................
Preferred (quar.)-------------------------------Bush Terminal, cgmmon................................
Preferred---------------- ---------------------------Cambria Steel (extra). . ................... ........
Canadian Car A Foundry, pref. (quar.).
Canadian Cottons, L td., pref__________
Canadian Westlnghouse,Ltd.(qu.) (No.36)
Bonus.
----- ----------------------- -------------Central Coal A Coke, common (q u a r.)..
Preferred (quar.)-------------------------------Central Leather, common (N o. 1) . .
Cent. A So. American Telegraph (quar.)
Chicago Pneumatic Tool (guar.)---------------Cities Service C o., common (m on th ly)._
Preferred (m on th ly).............. - .......... ..
Consolidated Car Heating............. ............
Corn Products Refining, pref. (q u a r.)..
Dayton Power A Lt., pref. (quar.)......... ..
Delaware Lackawanna A West. Coal (guar.)
Detroit Edison (quar.)________ ________Distilling Co. of America, pref. (q u a r .)..
Dominion P.ATr., Ltd., pf. (qu.) (N o. 29)
Dominion Textile, pref. (quar.)________
duPont (E .I.) deNem. Pow ., pref. (q u .).
Edtson Elec. III. Co. of Boston (gu.) (No. 99)
Elec. Light A Power o f Ablngton and
Rockland. He .S . (No. 4 1 )______ ______
’
> leetrlcal Securities Corn., pref. fouar.)




When
Per
Cent. Payable.
3
S3.25n
244
344
4
IX
A
1 44
3
2
2
5
3
244
2
3
144
344
1
6
6
$2.50
S I.25
4
344
$5
3
$1.25
144
1
*2
1H
2
244
144
1H
2
1
1
$2.50

Feb. 23
5
Feb. 2
Jan. 10

Books Closed.
Days Inclusive.
Holders of rec. Jan. 31a
Holders of rec. Jan. 2
Holders of ree. D ec. 31a
Dec. 20
to
Jan. 11

2 Holders of rec. D ec.
1 Holders of rec. Jan.
2 Holders o f rec. Jan.
30 Holders of rec. D ec.
31 Holders of rec. D ec.
2 Holders of rec. Dee.
20 Holders of rec. Jan.
to
Jan.
5 Dec. 21
Jan.
15 Jan. 2 to
2 Jan. 9
to
Feb.
10 Holders of rec. D ec.
15 Holders of rec. D ec.
29 Holders of rec. D ec.
2 Holders of rec. D ec.
10 Holders of rec. Dec.
15 Dec. 11
to
Jan.
2 Holders of rec. Deo.
10 Jan. 21
to
Feb.
2 Holders o f ree. Jan.
29 Holders of ree. D ec.
to
Jan.
15 Dee. 20
15 Holders of rec. D ec.
19 Holders of rec. Jan.
15 Holders of ree. D ec.
2 Holders of rec. Jan.
10 Dec. 21
to
Jan.
10 Jan.
1 to
Jan.
26 Holders of rec. Jan.
6 Dec 14
to
Jan.
12 Holders of rec. Jan.
8 Holders of rec. D ec.
15 Holders of rec. D ec.
10 Dec. 21
to
Jan.

26a
la
23a
2ta
30a
31a
3a
5
14
2
20a
31a
26a
26a
27a
14
21a
10
9a
26a
14
19a
31a
31a
9a
11
11
15a
6
26a
23a
31a
1

144 Jan.
44 Jan.
144 Jan.
3
Dec.
Jan.
•1
$
l!4 Jan.
144 Jan.
Jan.
SI
1
Feb.
144 F eb.
2
Jan.
1
Jan.
Jan.
3
81.31 44 Jan.
81.50 Jan.
144 Jan.
Jan.
3
Jan.
2
1 2-10 Dec.
144 Dec.

1
10
10
31
15
15
15
12
2
2
15
10
12
6
7
15
3
15
30
30

H olden of rec.
Dec. 24
to
Dec. 21
to
Holders of rec.
Holders of ree.
Jan.
1 to
Jan. 1 to
Jan.
1 to
Holders of rec.
Holders of rec.
Jan.
1 to
Holders of rec.
Holders of ree.
Dec. 17 to
Holders of rec.
Holders of rec.
Dec. 21
to
Holders of rec.
Holders of rec.
Holders of rec.

D ec.
D ec.
D ec.
Dec.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
D ec.
Jan.
Jan.
Jan.
D ec.
D ec.

31a
26
26
31a
la
15
15
13
16a
16a
14
la
3a
5
3L
3
2
1
27
27

D ec.
Jan.
Feb.
Jan .
Jan.
Jan.
Dec.
Jan.
Jan.
Jan.
Dec.

31
15
2
7
15
1
30
21
10
10
31

Dec. 21
Holders
Holders
Holders
Holders
Dec. 27
Holders
Holders
Holders
Holders
Holders

Jan.
D ec.
Jan.
D ec.
D ec.
D ec.
D ec.
D ec.
D ec.
Dec.
D ec.

12
31
2a
31
31
31
27
24a
23a
23a
26a

144
134
13-4
S2
144
144
134
244
134
144
1

Feb.
Jan.
Feb.
Dec.
Dec.
Feb.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.

to
rec.
rec.
rec.
rec.
to
of rec.
of rec.
of rec.
of rec.
of rec.

of
of
of
of

Jan.
Jan.
Jan.

2
1 Dec. 30
to
Jan. 3
2 Holders of ree. Dee. 31

1
144
1
1
134
2
144
144
1
144
2
1
134
144
75e.
(P)
(P)
144
44
144
H
2
144
144
7
6
1
lH
2
3
i
144
144
144
2
144
114
2
144
1
44
J4
244
144
144
244
134
A
X
134
144
144
3

Jan.
Jan.
Jan.
Jan.
Jan.
April
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
F eb.
Fob.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
F eb.

15 Holders of rec. D ec. 19a
15 Holders of rec. Dee. 19a
20 Holders of ree. Jan. 15
20 Holders of rec. Jan. 15
15 Jan. 11
to
Jan. 15
1 Mar. 22
to
April 1
1 Holders of rec. Jan. 21a
21 Jan. 6
to
Jan. 21
1.« Holders of roc. D ec. 31a
15 Holders of rec. Dec. 3 la
15 Holders of rec. D ec. 31a
15 Holders of rec. Jan. 10a
15 Holders of rec. Jan. 10a
15 Dec. 24
to
Jan. 4
14 Holders of rec. Jan. 3
15 Holders of coupon N o. 6
15 Holders of coupon No. 6
15 Holders of rec. Jan. 7a
15 Holders of rec. Jan. 7a
15 Holders of rec. Jan. la
15 Holders of rec. Jan. 7a
15 Holders of rec. Dec. 24
15 Holders of rec. Jan. 5
10 Holders of rec. D ec. 31
7 See note (k)
7 See note (k)
1 Holders ol rec. Jan. 24
1 Holders of rec. Jan. 24
15 Holders of rcc. D ec. 31a
15 Holders of rec. Dec. 31a
20 Holders of rcc. D oc. 31a
26 Holders of rec. Dee. 3 la
b Dec. 23
to
Jan. 2
10 Holders of rcc. Dee. 31a
10 Holders of rcc. D ec. 31a
15 Jan. 1 to
Jan. 15
15 Jan.
l
to
Jan. 15
? Holders of rec. Jan. 12a
9 Holders of rec. Dec 31a
26 Jan. 16
to
Jan. 26
1 Holders of rec. Jan. 15a
1 Holders of rec. Jail. 15a
15 Holders of rec. D ec. 31
15 Holders of rec. Jan. df>a
15 Holders of rec. D ec. 31a
15 Holders of rec. D ec. 31a
15 Holders of rcc. Jan. 2a
31 Holders of rec. Jail. 10a
15 D ec. 15 to
D ec. 31
15 Holders of rec. Dec. 31a
26 Jan. 16 to
Jnn. 26
2 Holders of rec. Jail. 15

$1
1 '<

Jan.
F eb.

1 Holders of rec. D ec. 29a
2 Holders of ree. Jan. 28a

3
20
5
4

Holders of rec. Jan.

2

Name o f Company.
M iscella n eou s (C o n c lu d e d ).
Eureka Pipe Line (quar. ) ...............................
m General Chemical, com mon (q u a r .)..
General Electric (quar.)________________
Illinois Hrick........... ........ ...............................
Illinois Northern Utilities, pref. (q u a r .)..
Indiana Pipe Line______________________
Inter. Huttonhole Sew. M . (qu .)(N o. 65)
Intcrnat.IIarvesterCorp.,com.(qu.) (No.4)
lilt. Harvester o f N .J., com .(qu.) (No.16)
Internat. Nickel, com mon (quar.)______
Preferred (quar.)_____________________
International Paper, preferred (guar.)____
Island Creek Coal, com . (quar.)..... ..........
Kayser (Julias) A C o., 1st A 2d pf. (qu.)
La Belle Iron Works, common (q u a r .)..
La Rose Consolidated Mines (quar.)____
Extra ............... ............................................
Lehigh Valley Coal Sales________________
Lehigh Valley Coal Sales (quar.)______
Loose-W iles Biscuit, 2d pf. (qu.) (N o. 7)
MacAndrews & Forbes, com . (q u a r .)..
Preferred (quar.).......................................
M frs.’ Light & Ilcat, Plttsb. (quar.)_
_
Massachusetts Gas Cos., com . (q u a r .)..
Massachusetts Lightg. Cos.,old com .(qu.)
New com m on________________________
New preferred_________________________
Mexican Telegraph (quar.)_____________
M ountain States Telep. A Teleg. (quar.)
National Biscuit, common (quar.) (No62)
National Carbon, common (qu ar.)______
National Fireproofing, preferred (quar.)
National Licorice, common (No. 2 3 )______
N. Y . Mutual Gas Light________________
New York Transit (quar.)..........................
Niagara Falls Power (quar.)____________
Nlpissing Mines C o. (quar.)____________
E x tr a ____________ ____________________
Northern Ontario L. A P ., Ltd., preferred
Not them States Power, preferred (guar.)..
Nova Scotia Steel A Coal, Ltd., com . (qu.)
Preferred (quar.)........... ...........................
Otis Elevator, common (quar.)_________
Preferred (quar.)_______ _____________
Pacific Telep. A Teleg., pref. (quar.)____
Penman’s, Limited, common (quar.)____
Preferred, (quar.)______ ______ ________
Penn Central LI. A Power, pref....................
Pennsylvania Lighting, preferred (gu ar.)..
Pennsylvania Salt M fg. (quar.)_________
P r o c t e r * Gamble, pref. (quar.)................
Public Securities Co., preferred........... ......
Public Service Co. o f Nor. Ills., com. (gu.)
Preferred (guar.)_______ _______________
Quaker Oats, common (q u a r .).................
Preferred (quar.)............. .........................
Realty Associates (N o. 22)_____________
Extra (N o. 6 )_______ _________________
Reece Buttonhole M ach, (qu.) (N o. I l l )
Reece Folding Machine (qu.) (N o. 1 9 )..
Securities Com pany__ __________________
Securities Corporation General, pf. (qu.)
Shawlnlgan Water * Power (quar.)_____
Singer M fg. (guar.)_____________________
Southern Calif. Edison, pf. (gu.) (No. 18).
Southern N. E. Telephone (quar.)______
Spring Valley Water (guar.) _____________
Standard Oil (K entucky)............................
Stetson, John B ., com m on______________
Preferred_ ______ ___________________
_
Taylor-W harton Iron jfc Steel, pf. (quar.)
Union Nat. Gas Corp. (qu.) (N o. 4 2 ) - -Union Switch & Signal, com . & pf. (qu.)
United Dry Goods Cos., common (guar.)..
United Fruit (quar.) (N o. 58)__________
United Gas * Electric C o., preferred____
United Gas Improvement (quar.)______
United Shoe Machinery, com. (quar.)_
_
Preferred (quar.)_____________________
U. S. Indus. Alcohol, pf. (qu.) (N o. 29)
U. S. Smelt., Ref. A Mining, com . (quar.)
Preferred (quar.)......... ................ ............
Va.-Carollna Chem., pref. (qu.) (N o. 73)
Wells, Fargo A C o______________________
Western States Gas A Elec., pref. (guar.)..
Western Union Teleg. (quar.) (N o. 179).
Westlnghouse Air Brake (quar.)...........
Westlnghouse Elec. A M fg., com . (quar.)
Preferred (quar.)......... ...........................
Young (J. S.) C o., common (quar.)_____
Preferred (quar.)......... ................ ............

51
Per
When
Cent. Payable
10
5
2
3
144
S4
1
144
144
244
144
44
50c.
144
44
244
2
25
81.25
144
244
144
154
S I.25
SI .75
25c.
S I.50
244
154
154
144
1
3
4
10
2
5
244
3
154
144
2
1
144
144
1
144
1
144
3
2
3)4
144
144
244
144
3
2
3
1
244
144
144
4
144
154
6244 c.
S200o
15
4
154
244
S I.50
2
2
2 44
$1
50c.
37t4c.
154
75c.
8744c.
2
5
154
V
\
82
1
154
244
154

Books Closed.
Days Inclusive.

Feb.
Feb.
Jan
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
M ar.
Feb.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
F eb.
Jan.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Fob.
Feb.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

2 illolders o f rec.
2 Holders of rec.
15 Holders of rec.
15 Jan. 4
to
d2,Holders of rec.
14 Holders of rec.
15 Holders o f rec.
15 Holders o f rec.
15 Holders of rec.
2 Feb. 15
to
2 Jan. 16
to
15 Holders of rec.
2 Holders o f rec.
1 Holders of rec.
31 Jan. 21
to
20 Jan. 1 to
20 Jan.
1 to
17 Holders of rec.
10 Holders of rec.
1 Jan. 21
to
15 Holders o f rec.
15 Holders of rec.
15 J a n .
1 to
2 Holders of rec.
15 Holders o f rec.
15 Holders o f rec.
15 Holders o f rec.
16 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 Jan. 6
to
15 Holders of rcc.
6 Holders o f rec.
10 Holders of rec.
15 Holders of rec.
15 Holders of rec.
20 Jan. 1 to
20 Jan. 1 to
15 Holders of rec.
15 Holders o f rec.
15 Holders of ree.
15 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 Jan. 1 to
2 lloblers of rec.
2 Holders of rec.
12 Holders o f rec.
15 Jan. 4
to
15 Holders of rec.
15 Holders of rec.
1 Holders of rcc.
2 Holders of rec.
2 Holders of ree.
15 Holders of rec.
28 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 Holders o f rec.
15 Holders of rec.
15 Holders of rec.
15 Holders of rec.
20 Holders of rec.
Holders o f rec.
Jan. 15 Holders of rec.
Jan. 15 Jan.
1 to

Jan. 15
D ec. 31a
N ov. 29a
Jan. 15
Jan. 19a
Jan. 24
Jan. 5
Dec. 26a
D ec. 26a
Mar 2
Feb. 2
Jan. 6a
Jan. 23
Jan. 20a
Feb. 1
Jan. 18
Jan. 18
N ov. 17
Jan. 2
Feb. 1
D ec. 31a
D ec. 31a
J a n . 15
Jan. 17
D ec. 26a
D ec. 26a
D ec. 26a
Dec. 31a
D ec. 31a
D ec. 27 a
Jan. 15
Jan. 3
Jan. 2
D ec. 27a
D ec. 27
D ec. 31a
Jan. 18
Jan. 18
D ec. 31a
D ec. 31
D ec. 31a
D ec. 31a
D ec. 31
Dec. 31
Jan. 15
Jan. 21
Jan. 21
Jan. 2
Jan. 15
D ec. 31a
D ec. 31a
D ec. 29a
Jan. 19a
Jan. 19a
D ec. 31a
Feb. 2a
Jan. 5
Jan. 5
Jan. 5
Jan. 5
D ec. 31
Jan. 3a
Jan. 7a
D ec. 15
D ec. 31
Jan. 15

Feb.
Jan.
Jan.
Feb.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.

Jan.
Jan.
Feb.
Jan.
D ec.
Jan.
D ec.
D ec.
D ec.
D ec.
D ec.
Jan.
Dec.
Dee.
D ec.
Jan.
Dec.
Dec
Deo.
Dec.
D ec.
Jan.
Jan.

14
15
15
2
15

Holders of rcc.
Holders of rec.
Jan. 16
to
Jan.
1 to
10 Holders o f rec.
31 Holders of rec.
15 Holders of ree.
15 Holders of rec.
15 Holders of rec.
5 Holders of rec.
5 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15 Holders of rec.
15,Holders of rec.
15'Jan. 1
to
15 Holders of rec.
15 Holders of rec.
15 Holders of rec.
30 Holders of rec.
15 Holders of rec.
15 Jan.
1 to
15 Jan. 1 to

1
1
1
15
31
23a
24a
31
31a
16
16
8a
31
31
31a
15
31
20a
31a
31a
31a
5
5

a Transfer books not closed for this dividend, b Less Income tax. d Correction.
/P a y a b le In stock, h On account of accumulated dividends. (P ayab le In scrip.
k Transfers received In London not later than Dec.23 will be In time to be passed
tor payment of dividend to transferee, m Stockholders are given the privilege o f sub­
scribing to corn, stock of the company to the extent o f 5% of their present holding.
n Dividend declared at same rate as previous years (S3 45), but 20c. deducted to
pay com pany’s income tax under the Act of 1913.
o In connection with this 8200 cash dividend stockholders are given the privilege
of subscribing to the 82.000.000 Increase In the capital stock of the com pany.
p Interim and extra interim dividends each I shilling per share, payable at the
rate of St 86 2-3 to the pound sterling.

— Kean, T ajior & Co. of 30 Pine S t., this city, have opened
a branch office at 134 South La Salle S t., Chicago. The
firm has prepared a circular containing a list of municipal,
railroad and corporation bonds, yielding 4 .2 0 % to 6 .7 5 % ,
which they own and offer as suitable for the investment of
January funds. This circular will be furnished on appli­
cation.
A u c tio n Sales.— Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold at
auction in Now York, Boston and Philadelphia:
B y Messrs. Adrian II. Muller & Sons, New York:
Shares.
Per cent. Shares.
Per cent.
100 Kentucky Coal C o _________
54$
2 Gouchcr El. Purifying C o _
_
6
13 Lustral Oil C o ..............
$21
Ponds.
Per cent.
14 So. Shore Amusement C o ___ 25
$20,000 D et. T ol. A Ir. R y . C o. gen.
2,300 Beatson Copper C o., $5
Hen A div. 1st 4s, 1955, ass’ t
each........... ............ ........ $1.70 persh.
8100 perSI,000 paid. Ctf. of
10 Lawyers’ W ’ches'r M tge. A
d e p o s it......... ............................... $180 lot
Title C o .................................... 94

B y Messrs. Francis Ilenshaw & C o., Boston:
Shares.
§ persh. Shares.
$ per sh.
5 Cambridge Gas L t. Co. rts. 544
1,200 Butte Central Copper C o _
_
30 Nashua A Lowell R l t ........... 180
100 East. Ore. L.A P . C o ., com J$2 75
Ponds.
Per Cent. S3,200 Butte Cent. C o p . Co.inc. 6s lot
SI,000 N . Y . A Jersey R R . 1st 5s, ’32 97 $2,000 Butte Cent. Cop. C o. synd.

By Messrs. R . L. D ay & C o., Boston:
Sh " A .
$ per sh. I Shires.
$ per sh.
10 Nat. Union Bank, cx-dlv........... 210
74 Cambridge Gas L. Co. rights_ 5-5 A
_
2 Worcester, Mass., .\ai. Bank. .23544 I

52

[Vol. xcvm.

THE CHRONICLE

D E T A IL E D R E T U R N S OF T R U S T C O M PA N IE S

B y Messrs. Barnes & Lofland, Philadelphia:
.Shares.
$ per sh.
150 King-Lawson Car C o ____S5.000 lot
10 Amer. Dredging C o..................... 100
120 Delancey School, pref________ 25c.
11 Farmers’ * M ech. Nat. B a n k .. 130
5 First N at. Bank, Phtla_______ 200
11 N at. Bank of Germantown, par
$50_____________
141
12 Com'vveaith T . Ins. * T r. C o . . 234
5 Fidelity Trust C o ......... ............... 600
1 Girard Trust C o ........... ...............900
5 Hamilton T r. C o., par $50___ 48
20 M utual T r . C o., par $50.-4043-4043
100 West End T r. C o _____ ________ 168

Shares.
$ per sh.
1 Amer. Fire Ins. C o ........... ............. 90
4 Green & Coates Sts. Pass. R y . 120>g
3 13til & 15th Sts. Pass. Ity _____2404s
13 Amer. Pipe & Constr. C o — 48-49
10 Harrison Bros. & C o ., Inc..
com m on......... ........................
12
15 People’s Nat. Fire__________ 17
Bonds.
Per cent.
$25,000 Northwestern Lumber Co.
1st 6s, 1917_______________ _____ 3043
S4.000 John C. Winston C o. deben.
6s, 1918_________________________ 8543

B y Messrs. Samuel T . Freeman & C o ., Philadelphia:
Per cent.
Shares.
_______ ____________ $ per sh. Bonds.
$500 C ity of Phlla. school loan 4s,
200 W arrior Copper C o., com ., par
1930 ____________________ 10043
$10
_________________________*1.05
$1,000 Springfield Water C o. 5s,
118 W arrior Copper C o., pref., par
1926
_______ ___________ 9043
$ 1 0 ___________________________ 1.25
14 Northern Trust C o-----------------$450

T ru s t C os
00s omitted.

$
3,659,4
14,462,9
4,350,4
1,152,7
11,614,4
23,827,2
1,362,9
5,463,4
7,153,7
1,544,5
12,015,2
1,179,3
545,9
Metropolitan . 6,721,5
827,7
B road w ay____
B rooklyn_____
Bankers______
U .S .M tge.& T Astor _ _ _____
TitleG uar.& T .
Guaranty_____
F id e lity ______
Lawyers T I&T
Col.-Knickor_ _
People’s ______
New Y ork____
F ra n k lin _____

muling D ec. 27 at Canadian cities, in comparison with the
same week of 1912, show a decrease in the aggregate of

8 .8 % .

$
$
23,602,0 2,029,0
115,421,0 14,049,0
33,224,0 3,491,0
20,100,0 2,056,0
34,391,0 2,169,0
146,551,0 12,545,0
612,0
7,156,0
15,368,0 1,373,0
43,938,0 5,102,0
16,216,0 1,959,0
43,276,0 4,017,0
943,0
8,8.86,0
10,242,0 1,159,0
20,862,0 1,768,0
12,316,0 1,232,0

$
661,0
109,0
415,0
38,0
1,001,0
982,0
259,0
186,0
590,0
425,0
321,0
158,0
210,0
9,0
574,0

$
2,376,0
10,482,0
3,649,0
1,203,0
2,170,0
11,250,0
699,0
1,103,0
4,375,0
1,735,0
3,252,0
848,0
1,040,0
1,676,0
1,326,0

$
18,177,0
93,735.0
25,986,0
14,090,0
20,855,0
92,704,0
5,505,0
9,995,0
37,837,0
15,716,0
29,047,0
7,073,0
9,203,0
11,960,0
11,836,0

Reserve.
%
14.8 + 11.5
15.1 + 10.0
15.0 + 12.2
14.8 + 7.8
15.2 + 9.3
14.5 + 10.8
15.8 + 10.6
15.6 + 10.0
15.0 + 10.3
15.1 + 9.7
15.0 + 10.0
15.5 + 10.6
14.8 + 10.0
14.8 + 12.2
15.2 + 10.0

Totals, average 95,881,1 551,549,0 54,504,0

5,998,0 47,184,0 403,719,0 14.9+ 10.9

Dec. 27 519,074,0 54,703,0

6,115,0 47,149,0 401,040,0 15.1 + 10.5

Actual figures

Canadian Bank Clearings.— Theclearings for the week

Net
On Dep.
Loans.
Specie. Legals. withC.H. Deposits.
Average. Average. Average. Banks. Average.

Surplus.

The capital of the trust companies Is as follows: Brooklyn, $1,500,000; Bankers,
$10,000,000; United States M ortgage & 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, S4,000,000; Coiumbia-Knlckerbocker, $2,000,000;
People’s. $1,000,000; New York, $3,000,000; Franklin, $1,000,000: Lincoln, $1.­
000,000; Metropolitan, $2,000,000; Broadway, $1,500,000: total, $46,250,000.

Week ending Dec. 27.
S U M M A R Y C O V E R IN G BOTH BA N KS A N D T R U S T C O M PA N IE S.
1913.
Canada—
M on treal-..........................
T oronto--------- ---------- —
W in n ip eg ........................V a n cou v er......... ............ C a lg a ry .-........................
V ic t o r ia .-..........................
Edmonton - - --------------Ottawa — ........... ............
H a m ilto n ............. ............
Quebec - - - ......... ............
S ask atoon --......................
Regina— - - - ...............
St. Joh n ............................
H a lifa x ..............................
London............................ Ft. W illiam ................. ..
Brandon . ..........................
Lethbridge______ _____

Inc. or
Dec.

1912.

$
5
45,068,025 46,517,804
35,542,386 38,000,000
30,473,157 32,697,600
8,780,392 10,949,857
4,845,401
3,758,285
2,549,476
4,870,459
3,420,001
4,059,538
3,847,332
3,420,635
3,496,841
3,228,517
2,793,620
2,797,264
2,481,600
1,482,915
2,303,346
2,260,800
1,386,305
1,913,346
1,870,783
1,690,875
1,165,509
1,632,268
1,585,727
1,575,115
905,117
823,207
577,858
705,007
495,648
690,718
673,664
517,928

1911.

1910.

$
S
%
— 3.1 38,557,825 34,360,452
— 0.5 35,921,569 27,540,518
— 6.8 26,451,557 17,459,936
— 19.8
9,360,746
8,213,827
— 22.4
4,597,090
3,163,340
— 47.7
2,576,837
1,850,641
— 15.7
2,581,075
1,390,109
— 10.9
3,971,034
3,011,807
+ 8.3
2,660,149
1,947,093
— 0.1
2,495,814
1,989,974
— 40.3
777,720
1,352,989
+ 1.9
1,427,639
1,131,785
— 27.6
1,494,863
1,242,480
+ 10 .6
1,591,550
1,501,791
— 28.6
935,226
1,408,509
1,247,676
+ 0.7
+ 10 .0
483,396
696,709
— 18.2
578,605
— 28.2
558,505
532,108
582,919
— 23.1

N ot include d in tot al

M edicine H at......... ..........

Total Canada________ 151,599,954 166,266,448

— 8.8 139,706,001 107,849,862

Statement of New York City Clearing-House Banks
an d Trust Companies.— The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending D ec. 27. The figures for the
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of the week
are also given:
For definitions and rules under which the various items are
made up, see “ Chronicle,” V . 85, p. 836, in the case of the
banks, and V . 92, p. 1607, in the case of the trust companies.
D E T A IL E D R E T U R N S OF B A N K S.
W e omit two ciphers (00) in all cases.
B anks.
00s omitted.

Capital.

Surplus.

Loans.
Average.

Specie.
Legals. Net Depos­ Re­
Average. Average. its, Aver. serve.
%
26.1
27.3
25.1
25.3
25.4
25.7
25.7
24.4
25.9
25.1
25.6
25.2
26.3
25.4
28.8
27.8
25.9
20.8
28.8
24.4
25.9
26.2
25.8
26.2
27.6
25.0
24.1
26.0
26.0
24.4
25.4
25.6
26.1
25.1
26.6
25.2
27.5
25.3
25.9
25.0
29.4
24.1
25.7
25.2
25.8
25.2
25.3
25.5

Totals, average 133,650,0 212,133,3 1312,952,0 261,318,0 '72,931,0 1292,449,0

25.8

........... j 1316,488,0 258,407,0 74,068,0 J
1295,057,0

25.6

C ity _________
Chemical_ _
Merchants' Ex
B u tch .* Drov_
American E x.
Commerce —
Chat. A Phen.
People’s______
Citizens’ Cent.
N a ssa u --------Metropolitan Corn Exchange
Im p.& Traders
East River—
First ________
Irving _______
B ow ery --------N . Y . CountyFifth AvenueGerman IOxch.
Lincoln ______
F if t h ________
M etrop olis_
_
West Side____
N .Y .Prod. E xS e c u r ity _____
Coal A Iro n ..
Union E xch ._
Nassau, Bklyn

Actual figures D ec. 27-

S
3,202,0
8,055,0
3,620,0
8,241,0
3,796,0
36,512,0
4,305,0
1,311,0
461,0
2,466,0
7,567,0
16,942,0
509,0
3,193,0
534,0
18,722,0
4,960,0
1,893,0
1,732,0
3,579,0
9,064,0
3,739,0
19,547,0
351,0
4,950,0
2,990,0
20,266,0
6,865,0
819,0
1,405,0
671,0
20,963,0
2,807,0
565,0
1,193,0
2,697,0
2,255,0
170,0
1,831,0
846,0
5,726,0
5,143,0
2,342,0
5,872,0
2,141,0
979,0
2,069,0
1,452,0

Circulation.— On the basis of averages, clrculation'of national banks in the CicarlngHouso amounted to $44,842,000 and according^tolactuai flgures.iwa.sJ[$44,798,000-




Capital.

Surplus.

Loans.

Specie.

On Dep.
Legal with C M .
Tenders. Banks.

Net
Deposits

j
S
$
$
A verages.
$
'
$
1,292,449,0
Banks____ 133,650,0 212,133,3 1,312,952,0 261,318,0 72,931,0
Trust cos. 46,250,0 95,881,1 551,549,0 54,504,0 6,998,0 47,184,0 403,719,0
T otal- .'179,900,0 308,014,4 1,864,501,0 315,822,0 78,929,0 47,184,01,696,168,0
A ctu a l.
............ 1,295,057,0
i
'1,316,488,0258,407,0 74,068,0
Banks____
........... I 549,074,0, 54,703,0
6,115,0 47,149,0 401,040,0
Trust cos.
J l , 865,562,0313,110,0 80,183,0 47,149,01,696,097,0

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
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see “ Chronicle” , V . 86, p. 316.
ST A T E BA N K S A N D T R U S T C O M P A N IE S.

Week ended December 27.

Trust Cos
State Banks,
Trust Cos.
Stale Banks,
outside of
outside of
in
in
Oreater N . Y. Greater N . Y . Oreater N . Y . Greater N . Y .

Capital as of D ec. 9 _____
Surplus as of D ec. 9 _____

$
$
1,200,0
16,847,0
1,615,0
35,300,0
750,0
17,380,0
3,122,0
44,794,0
1,704,0
21,575,0
4,730,0 159,731,0
2,291,0
25,630,0
267,0
6,453,0
80,0
2,082,0
195,0
10,578,0
2,327,0
38,607,0
8,282,0
99,856,0
728,0
4,094,0
1,944,0
20,225,0
149,0
2,369,0
3,566,0
80,051,0
611,0
21,441,0
1,212,0
11,577,0
798,0
8,770,0
262,0
15,617,0
7,107,0
62,380,0
2,475,0
23,610,0
1,950,0
83,252,0
112,0
1,770,0
2,400,0
26,540,0
173,0
12,632,0
3,010,0
96,266,0
2,287,0
35,140,0
68,0
3,408,0
703,0
8,636,0
236,0
3,558,0
4,707,0 100,053,0
815,0
13,874,0
379,0
3,751,0
255,0
5,427,0
847,0
14,029,0
351,0
9,463,0
791,0
3,787,0
1,466,0
12,695,0
306,0
4,595,0
2,549,0
28,134,0
780,0
24,480,0
308,0
10,280,0
419,(
24,876,0
1,430,0
13,836,0
631,0
6,372,0
350,0
9,544,0
193,0
6,448,0

New Y ork____
Manhattan Co
M erchants’ —
M ech. & M et-

$
*
$
2,000,0
19,628,0
4,338,1
2,050,0
5,090,3
30,670,0
2,2.34,0
18,311,0
2,000,0
50,208,0
9,006,8
6,000,0
6,475,8
23,138,0
1,500,0
25,000,0 32,723,t 175,044,0
7,802,4
29,429,0
3,000,0
6,594,0
544,2
600,0
1,898,0
121,9
300,0
9,400,0
1,119,1
500,0
40,768,0
4,889,0
5,000,0
25,000,0 16,533,9 125,975,0
995,6
4,902,0
500,0
1,333,5
19,711,0
2,250,0
478,0
1,957,0
200,0
71,573,0
3,000,0 14,640,9
22,575,0
2,383,8
2,550,0
10,413,0
485,2
1,000,0
1,929,4
8,687,0
1,000,0
14,781,0
1,856,5
2,000,0
51,992,0
5,934,6
3,000,0
26,404,0
7,945,0
1,500,0
82,827,0
5,000,0 14,353,9
1,447,0
250,0
65,3
26,964,0
5,000,0
5,884,3
13,830,0
1,000,0
2,764,9
10,000,0 22,229,3 108,621,0
35,231,0
3,382,1
4,000,0
3,257,0
250,0
779,9
8,654,0
500,0
2,086,5
3,897,0
750,0
700,7
90,209,0
5,000,0 10,214,4
12,448,0
2,233,3
100,0
3,309,0
200,0
833,7
4,706,0
200,0
1,021,5
14,138,0
1,000,0
1,773,7
9,040,0
1,000,6
1,298,7
3,866,0
494,4
250,0
12,739,0
2,345,2
1,000,6
3,868,0
200,6
883,5
23,273,0
l,000,C
2,525,5
22,982,0
2,850,1
1,000,C
8,981,0
908,6
1,000,6
19,300,6
561,7
1,000,C
11,483,0
379,6
1,000,0
6,443,0
564,£
1,000,6
9,527,0
1,000,0
997,S
7,854,0
1,139,9
1,000,0

Week
ending
D ec. 27.

Loans and investm ents..
Change from last week.

$
22,900,000

$
68,400,000

$
*10,528,000

S
*10,150,000

39,080,200

163,600,500

*13,729,425

*11,436,248

300,725,100 1,023,516,700
+ 3,410,900
+ 173,900

125,337,300
— 591,100

178,048,000
— 545,300

315,668,200 1,069,006,200
+ 1,330,100
+ 6,916,300

129,724,400
— 1,215,300

184,198,000
— 263,600

122,647,300
+ 288,800

22,520,400
— 566,800

22,460,500
+ 174,800

" Change from last week.

55,503,300
+ 553,400

106,584,300
+ 514,700

Legal-tender & bk. notes.
Change from last week.

22,105,200
+ 144,000

9,308,900
— 242,300

Change from last week.
Reserve on deposits_____
Change from last week.
P. C. reserve to deposits.
Percentage last w e e k ..
+ Increase over last week.

93,182,800
+ 814,400
27.7%
27.6%

16.1%
16.2%

— Decrease from last week.

18.5%
18.9%

13.1%
13.0%

* As of Sopt. 9 1913.

Note.— “ Surplus’* Includes all undivided profits. “ Reserve on deposits” Includes
for both trus 'com panies and State banks not o l ' v cash Items but amounts due
from reserve agents. Trust companies In New York State are required by law to
keep a reserve proportionate to their deposits, the ratio varying according to lo­
cation as shown below. The percentage of reserve required Is computed on the
aggregate of deposits, exclusive of moneys held In trust and not payable within
thirty days, and also exclusive of time deposits not payable within thirty days
represented by certificates, and also exclusive of deposits secured by bonds or
obligations of the State or City of New York, and exclusive of an amount equal to
the market value (not exceeding par) of bonds or obligations of the State or City
of New York owned by the bank or held In trust for it by any public department.
The State banks are likewise required to keep, a reserve, varying according to loca­
tion, the reserve being computed on the whole amount of deposits exclusive of time
deposits not payable within thirty days, represented by certificates (according
to the amendment of 1910), and exclusive of deposits secured (according to amend­
ment of 1911) by bonds or obligations of the City or State of New York, and ex­
clusive of an amount equal to the market value (not exceeding par) of bonds or
obligations of the State or City of New York owned by the company or held in trust
for it by any public department. . .
— Trust Cos.—
— State B a n k s Reserve Required for Trust Companies
Total
Of
Total
Of
and State Banks.
Reserve
which
Reserve
which
Required, in Cash. Required, in Cash
Location__
Manhattan Borough_____________________________15%
15%
25%
15%
Brooklyn Borough (without branches in Manhat.) 15%
10%
20%
10%
Other Boroughs (without branches In Manhattan) 15%
10%
15%
743
Brooklyn Borough, with branches In M anhattan-15%
15%
20%
20%
Other Boroughs, with branches In M anhattan— 15%
15%
15%
15%
5%
-------------Cities of the first and second class_______________ }0 %
Cities of the third class and villages------------------- 10%
3%
---...
Elsewhere In State______________________ ____________
____
so%
6%

The Banking Department also undertakes to present sepa­
rate figures indicating the totals for the State Banks and
trust companies in Greater New York, not in the Clearxnyt
House. These figures are shown in the table below, as are
also the results (both actual and average) for the Clearing-

House banks and trust companies. In addition, we have
combined each corresponding item in the two statements,
thus affording an aggregate for the whole of the banks and
trust companies in Greater New York.

Boston and Philadelphia Banks.— Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
We omU two ciphers (00) In a ll these flnures.

Clear .-House Clear .-House State Banks and Total of all
Trust Cos. Not Banks & Trust
I embers.
I embers.
In C .-H . Aver. Cos. Averape.
Acerape.
ActualFlgures

$

%

$

$
National banks
Oct. 21 and
State banks
Surplus
Doc. 9 ______

179,900,000

29,600,000

308,014,400

209,500,000

74,202,600

179,900,000

308,014,400

Capital

382,217,000

1,865,562,000 1,864,501,000
+ 11,719,000 + 12,726,000

552,344,400 2,416,845,400
+ 2,127,700 + 14,853,700

1,696,097,000 1.696.168,000
+3,648,000 + 13,620,000

a557,821,000 2,253,989,000
+ 6,838,800 + 20,458,800

313.110,000
— 7,904,000

315,822,000
— 2,270,000

60,494,800
+ 96,700

376,316,800
— 2,173,300

80,183,000
+ 993,000

78,929,000
+ 372,000

67,949,100
— 194,700

86,878,100
+ 177,300

332,475,000
25.67%

334,249,000
25.86%

13,051,500
14.50%

347,300,500

Legal-tenders .

Ratio to deposits.

60,818,000

60,502,000

55,392,400

115,894,900

393,293,000
— 6,911,000

394,751,000
— 1,898,000

68,443,900
— 98,000

463,194,900
— 1,996,000

47,149,000
— 694,000

Trust Cos.: Cash In vault

47,184,000
— 10,000

14,640,200
+ 31,500
83,084,100
— 66,500

525,019,100
— 2,004,500

440,442,000
k — 7,605,000

441,935,000
— 1,938,000

8,710,750
602,000

11,136,750
def.55,850

—

....... ............

9,372,750
— 8,066i600

11,080,900
— 5,030,000

...........

...........

t cos.--15.16%
10.51%

14.98%
10.46%

15.26%
1.14%

25.67%

25.44%

16.40%

Burplus CASH reserve—

Cash In vault.

Boston
Nov. 8 .
Nov. 15.
Nov. 2 2 .
Nov. 29.
Dec.
6.
Dec. 13.
Dec. 20 .
Dec. 27.
Phtla.
Nov. 8 Nov. 15.
Nov. 2 2 .
Nov. 29.
6.
Dec.
Dec. 13.
Dec. 2 0 .
Dec. 27.

Specie.

$
233,383,0
233,218,0
231,127,0
232,246,0
230,414,0
228,883,0
225,244,0
225,785,0

$
26,146,0
26,786,0
26,913,0
26,311,0
25,827,0
25,749,0;
23,778,0!
22,567,0

382,580,0
382,598,0
380,474,0
381,526,0
382,916,0
379,857,0
374,903.0
372,114,0

T o ta l.

The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past:
COM BINED RESULTS OF BANKS AN D TRUST COMPANIES IN
GREATER N E W YORK.
We om it two ciphers In a ll these fInures.

Week Ended—

Loans and
Investments

Deposits.

Specie.

Lenals.

92,141,0
91,600,0
92,702,0
90,939,0
88,678,0
87,519,0
88,637,0
88,096,0

25____
1 ____
8 ____
15____
2 2 ____
29____
6 ____
13____
2 0 ____
27____

$
2,455,756,6
2,475,040,3
2,466,185,3
2,460,101,3
2,468,186,1
2,478,354,0
2,436,310,0
2,407,434,3
2,401,991,7
2,416,845,4

$
2,292,689,6
2,306,105,0
2,296,512,9
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

$
388,526,9
386,720,9
384,247,7
390,933,1
396,859,2
385,357,6
369,628,3
371,901,5
378,490,1
376,310,8

$
86,000,5
83,841,5
84,323,1
87,206,7
85,852,7
84,624,3
85,072,6
87,276,4
86,700,8
86,878,1

$
474,527,4
470,562,4
468,570,8
478,139,8
482,711,9
469,981,9
454,700,9
459,177,9
465,190,9
463,194,9

$
541,171,0
535,262,8
533,422,3
541.373,5
548,159,0
533,920,6
514,203,2
518,144,2
527,023,6
525,019,1

Reports of Clearing Non-Member Banks.— The follow­
ing is the statement of condition of the clearing non-member
banks for the week ending Deo. 27, based on average daily
results:
We omU two ciphers (00) in a ll these / Inures.

Banks.

Capi­
tal.

Sur­
plus.

Loans,
Dlsc’ts
and
Invest­
ments.

New York City.
M anhattan and Bronx.
Washington Helghts.
Battery Park N at-----Century........................
Colonial............. ..
Columbia_____ ______
Fidelity.........................
M u tu al........................
New Netherland-------Twenty-third W ard ..
Yorkvllle-----------------Brooklyn—
First National.............
Manufacturers' N a t..
Mechanics’ .............. ..
National City......... ..
North Side...................
Jersey City.
First National_______
Hudson County NatThird National______
Hoboken.
First National_______
Second National.........

$

$

$

Leya
On
Tender Deposit
with
Specie. and
C .-H .
Bank
Notes. Banks.
$

$

362,6 1,645,0
149,0
123,1 1,692,0 318,0
500,2 6,245,0 558,0
708,3 6,592,0 1,026,0
742,7 6,402,0 653,0
182,6 1,086,0
60,0
486,0 5,149,0 604,0
314,5 3,098,0 418,0
108,9 1,937,0 239,0
507,4 4,409,0 521,0

91,0
81,0
467,0
175,0
493,0

703,1 3,947,0 351,0
932,2 5,975,0 648,0
503,4 10,255,0 1,276,0
589,5 4,596,0 522,0
191,9 2,766,0 200,0

$
151,0

Net
Deposits.
$

391,0
138,0
103,0
291,0

1,364,0
1,778,0
6,184,0
6,681,0
7,204,0
1,029,0
5,449,0
3,148,0
2 , 102,0
4,826,0

65,0
125,0
638,0
126,0
194,0

605,0
739,0
1,371,0
707,0
378,0

3,224,0
5,404,0
12,359,0
4,555,0
2,877,0

100,0

353,0
61,0
158,0

3,443,0
601,0
555,0

3,132,0
1,732,0
1,450,0

254,0
190,0

53,0
61,0

544,0
363,0

1,952,0
1,576,0

Totals Dec. 27____ 5,847,0 10,597,2 83,697,0 8,561,0 4,176,0 13,522,0
Totals Dec. 20____ 5,847,0 10,597,0 83,788,0 8,762,0 4,162,0 12,173,0
Totals Dec. 13____ 5,847,0 10,531,6 84,502,0 9,015,0 4,291,0 10,757,0

78,026,0
78,334,0
79,248,0




200,0
200,0
200,0
200,0
100,0

300,0
252,0

1
,000,0
300,0

200,0

400,0
250,0
200,0
220,0

125,0

1,398,0 4,146,0
826,9 3,041,0
441,2 2,581,0
676,5
298,2

$
188,588,8
164.440,3
162,731,4
138,567,7
168,147,5
158,596,5
157,316,4
120,448,0

11,287,0
11,299,0
11,288,0
11,302,0
11,305,0
11,307,0
11,307,0
11,281,0

169,540,3
167,346,6
173,199,8
139,182,4
192,220,7
158,699,4
175,013,1
155,404,1

Imports and Exports for the Week.— The following are
the imports at New York for the week ending D ec. 27; also
totals since the beginning of the first week in January:
FOREIGN IMPORTS AT N EW YO R K.
For Week.

1912.

1913.

Dry Goods________________
General Merchandise. 1___

$3,687,048
18,817,928

1911.

j

$3,329,152'
19,873,962

1910.

$3,305,406
17,253,586

$3,514,220
14,790,851

T o ta l..................................... 522,504,976 $23,203,114 $20,558,992] $18,305,071
Since Jan. 1.
O
Dry Goods______________ _ _ S160.lS7.71n SIfiS.QfiS.7SS S149 732 fi93 SIfiO fiO SQ2
General Merchandise........... 834,841,120 867,961,428 744,538,396. 750,257,908

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending D ec. 27 and from Jan. 1 to date:
EXPORTS FROM N E W YO R K .
1913.
For the week_____________ _
Previously reported________

1912.

1911.

1910.

$13,175,597
850,880,419

512,312,616
839,325,760

$10,916,792
777,207,701

$14,429,506
676,818,121

Total 52 weeks___________ $864,056,016 $851,638,876 $788,124,493 $691,247,627

The following table shows the exports and imports of
specie at tho port of New York for the week ending D ec. 27
and since Jan. 1 1913 and for the corresponding periods in
1912 and 1911:
•

EXPORTS AN D IMPORTS OF SPECIE AT N E W YO R K .
Exports.

4,723,0
3,412,0

285,0
189,0

122,0

112 ,0

Week.
Great Britain_______ _____________
France......................................... ..........
Germany__________________________
West Indies_______________________
M exico..______ __________ _________
South America______ _____________
All other countries......... ............ ........

Im ports.

[Since Jan. 1

Week.
$4,121
12,381

................$43,575,270
714,000
$50,000
601,827
265,171
22,495,639
1,717,015

6,159
27,413
85,474
37,631

Silver.
Great Britain_____________ _____ _
France.......................... - .............. ........
Germany.......................... ............ ........
West Indies...........................................
M exico........................ .......................South America........... .........................
All other countries________________

$680,895 $40,946,752
6,735,336

$4,899
2,109

43,848

'* ‘ ‘ 555
86,304
67,016
2,560

7,909
285,750
$680,895 $48,019,595
1,136,497, 58,135,796
1,328,1551 20,894,483

Since Jan. 1
$2,523,706
1,024,778
13,081
2,818,095
12,008,359
5,035,082
2,215,638

$173,179 $25,638,739
537,063 33,390,981
787,604 15,667,704

$50,000 $69,368,922
106,560 33,423,025
217,0761 10,502,003

Total 1913.
Total 1912.
Total 1911.

Total 1913.
Total 1912.
Total 1911.

733.0
870,0
639,0
108,0
421,0
270,0
237,0
675,0

500,0
400,0
300,0

S
9,876,0
9,820,0
9,815,0
9,774,0
9,826,0
9,811,0
9.771,0
9,734,0

a Includes Government deposits and the Item “ due to other banks.” At Boston
Government deposits amounted to $1,815,000 on December 27, against $1,587,000
on December 20.
* "Deposits" now Include the Item “ Exchanges for Clearing House,” which were
reported on December 27 as $17,731,000.

Tot Money Entireties
Holdlnps. onDeposlt

100,0
200,0

$
271,123,0
274,553,0
266,170,0
266,321,0
260.89S.0
260,160,0
254,764,0
251,161,0

Total 52 weeks.................... $995,028,830 $1021930,216 $887,270,919.$909,758,800

+ Increase over last \yeck. — Decrease from last week.
a These are the deposits after eliminating the Item “ Duo from reserve depositories
and other banks and trust companies In New York City” : with this Item Included,
deposits amounted to §001,271,900, an Increase of $4,105,000 over last week. In
the case of the Clearing-House members, the deposits arc "legal net deposits” both
for the average and the actual figures, b Includes bank notes.

Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.

Clearings

$
4,198,0
4,324,0
3,993,0
3,754,0
4,007,0
3,803,0
3,878,0
3,942,0

103,684,3
103,684.3
103,684,3
103,684,3
103,684,3
103.684,3
103,684,3
103,684,3

Circu­
lation .

Lenals.

$
60,735,0
60.735,0
60,735.0
60,735,0
60,735,0
60,735,0
60,735.0
60,735,0

Deposits.
a

*431,735,0
*431,208.0
*430,504,0
*428,213,0
*429,430,0
*420,061,0
*421,126,0
*417,722,0

Loans.

61,824,200
— 8,500

l

Total reserve.

Capital
and
Surplus.

Banks.

NEW YORK C IT Y BANKS AND TRUST COMPANIES.

Week ended Dec. 27—

53

THE CHRONICLE

jA X 3 1914.]

$27,309
74,854
23,592
108,869
6,296,964
2,685,811
1,679,431
'

$163,443 $10,896,830
343,855 10,104,464
121,6001 6,924,256

Of the above imports for the week in 1913, $16,452 were
American gold coin and $433 American silver coin.

gautoug mul financial*
Municipal Bonds
Ask us to send you Circular No. 61S describing Canadian
and American Municipal Bonds.

Spencer Trask & Co.
43 EXCHANQE PLACE— NEW YORK
Boston
Chicago
Albany

White, W eld & Co.
Bonds and Investment Securities
4 WALL STREET THE ROOKERY 111 DEVONSHIRE 8 r « 3 4 P
NEW YOPK
CH1CAOO
BOSTON

54

THE CHRONICLE

^Ktxkevs’ $kxzf>tU.
Wall Street, Friday Night, Jan. 2 1914.
T h e M oney M arket an d F in an cial S itu a tio n .— The
outlook for general business at the opening of the now year
is admitted on all sides to be decidedly more hopeful than for
many months past. Liquidation has been sufficiently
thorough to eliminate many weak spots in different depart­
ments. Trade and the various manufacturing industries
affected are gradually becoming adjusted to revised tariff
schedules. The new Banking and Currency Law has yet
to be tried out, but many of those best qualified to form an
intelligent opinion believe that it will be an improvement on
the old system with which the business interests of the
country have long been handicapped. The year now entered
upon will, of course, see these important changes in our
economic status completely inaugurated and fairly well
tested as to their practical effect. A t the moment there is,
however, no disposition to haste, but rather a tendency to
caution and to await developments.
From Chicago and further west reports of current business
are far more satisfactory than could be made here, so that
there are grounds other than those of an anticipatory charac­
ter for the more hopeful feeling mentioned. N ot the least
of these are the satisfactory financial conditions at home and
abroad. These conditions are reflected in unusually low
rates and substantial reserves held. Rates were, indeed,
less disturbed over the year-end than is frequently the case
at other seasons.
Current reports of railway earnings, on the other hand,
continue to be discouraging and there seems to be little hope
of improvement in this particular before spring at least.
Business must revive and perhaps rates must be increased
before any satisfactory net results of railway operations may
be expected. Needless to say both are eagerly looked for.
An interesting development of the week has been the sale
of two Stock Exchange memberships at an advance of $4,500
from the last previous sale. The price now paid is, however,
about $50,000 below the market value a few years ago.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2 @ 1 0 % . Friday’s rates on call were 4 x 2 @ 1 0 % . Com­
/
mercial paper on Friday quoted 5 34 @ 5 M % f or 60 to 90-day
endorsements and prime 4 to 6 months’ singlo names and
6 @ 6 % % for good singlo names.
The Bank of England weekly statement on Saturday of
last week, Dec. 27, showed a decrease in bullion of £ 2 ,­
322,184 and the percentage of reserve to liabilities was 43.07,
against 55.10 the week before. On Thursday of this week,
Jan. 1, it showod an increase of £1,884,684 and the per­
centage of reserve to liabilities was 33.39, against 43.07 the
week before. The rate of discount remains unchanged at
5 % , as fixed Oct. 2. The Bank of Franco shows a decrease
of 9,707,000 francs gold and 1,486,000 francs silver.
N E W Y O R K C L EA RIN G -H O U SE BA N K S.
_________________________ (Not Including Trust Companies.)____________
1913.
Averages for
week ending
Dec. 27.

Differences
from
■previous week.

1912.
Averages for
week ending
Dec. 28.

.

1911.
Averages for
week ending
Dec. 30.

S
$
S
$
133.650.000
C apital..... .....................
133.650.000
135.150.000
212,133,300
Surplus_______________
201,897,600
197,808,700
Loans and discounts— 1.312.952.000 Inc. 11,818,666 1.285.660.000 1.310.847.000
44.842.000 Inc.
212,000
46.874.000
Circulation-----------------50.807.000
N et deposits— ........... 1.292.449.000 Inc. 10,890,000 1.259.223.000 1.312.825.000
261.318.000 D ec. 2,385,000 245.981.000 265.725.000
Specie_________________
72.931.000 Inc.
526,000
73.824.000
Legal-tenders------------77.684.000
Reserve held_________
25% of d e p o s its ...........

334.249.000 D ec. 1,859,000
323,112,250 Inc. 2,722,500

319.805.000
314805,,750

343.409.000
328,206,250

11,136,750 D ec. 4,581,500
4,999,250
Surplus reserve-------15,202,750
Note.— The Clearing House now issues a statement weekly, showing the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department, giving the condition of
State banks and trust companies not reporting to tho Clearing House, appear on
the second page preceding.

Foreign Exchange.— Tho market for sterling exchange
has been a steady one. The close was firm, notwithstanding
the sharp rise to 1 0 % that yesterday took place in call
money rates.

T o -d a y ’s (Friday’s) actual rates for sterling exchange wero 4 815 0 @
4 8 1 % for sixty days, 4 855 0 @ 4 8560 for cheques and 4 8 6 1 0 @ 4 8620 for
cables. Com m ercial on banks 4 79% @ 4 80% and docum ents for paym ent
4 SOM @ 4 81 % . C otton for paym ent 4 80% @ 4 81 and grain for paym ent
4 8 1 % @ 4 81% .
T he posted rates for sterling, as quoted b y a representative house, were
not changed during the week from 4 82 for sixty days and 4 86 for sight.
T o -d a y ’s (Friday’s) actual rates for Paris bankers' francs were 5 23 % @
5 23% plus i-32 for long and 5 20% less 1-32@ 5 2 0 % for short. Germany
ban kers’ marks were 0 1 % @ 9 4 3 16 for long and 94 11-16 less 1-32@ 94 11-16
f o r short. Amsterdam bankers’ guilders were 40 1-16 plus 1-10@ 40 1-16
filus 3-32 for short.
Exchange at Paris on L ondon, 25f. 30c.; week’s range, 25f. 32c. high
and 25f. 2 9 % c. low.
Exchange at Berlin on L ondon, 20m . 5 1 % p f.; week’s range, 20m . 52pf.
high and 20m. 51pf. low.
T he range for foreign exchango for the week follows:
S te rlin g A c tu a l—

High for tho week___
L ow for the week___

S ix ty B a y s .

4 8175
4 81

P a ris B ankers' F ra n c s —

High for the week___
Low for the week___

5 2 3%
5 24 % less 1-16

G erm any B a nkers' M a rk s —

H igh for the week___
Low for tho week___

94 3-16
94

A m s te rd a m B ankers' G u ild e rs —

H igh for the week___
L ow for the week___

Cheques.

4 8560
4 8515

5 205-3
5 21% less 1-16
94 11-16
94%

Cables.

4 8620
4 8605

5 20
5 20% less 1-32
94%
94%

39%
40 1-16 plus 1-16
39 11-16 less 1-32 40 plus 1-16
40% less 3-32
10c. per $1,000 premium. B oston,
par. St. Louis, 30c. per $1,000 premium. San Francisco, 60c. per $1,000
premium. M ontreal, 3 1 % c. per $1,000 premium. M inneapolis, 70c. per
$1,000 prem ium . Cincinnati, 5c. per $1,000 premium.
D om estic E x ch a n g e. — C hicago,




[ V o l . X C V III.

S tate and Railroad B o n d s.— Sales of State bonds at tho
Board include $25,000 New York Canal 4s, 1961, at 97 to
9 7 H and $59,000 Va. 6s, dof. trust receipts, at 5 5 % to 7 5 % .
The market for railway and industrial bonds has continued
active and been relatively stronger than the market for
stocks. Advances aro generally fractional, but much the
larger portion of a list of 35 active issues has moved to a
higher level.
Among the exceptional features A m . Tel. & Tel. conv. 4 % s
are conspicuous for a decline of ovor 2 points. New Haven
deb. 6s and Rock Island 4s are down a point and Union Pacific
convertibles, Erie convertibles and Inter-Mets are lower.
On the other hand, Wabash ref. and ext. 4s, Chesapeake
& Ohio gen. 4 % s and Green Bay & Western dob. certificates
are substantially higher than last week.
U n ited States B on d s.— Sales of Government bonds at
the Board are limited to $22,000 4s, coup., at 1 1 2 % to 1 1 2 % .
For to-day’s prices of all the different issues and for yearly
range see third page following.
R ailroad and M iscellan eou s S to ck s.— Beginning on
Saturday, the stock market roversed the tendency then noted
and has since been continuously weak. Liquidation has,
however, been on a limited scale, the total transactions on
Wednesday falling below 200,000 shares and to-day were
the smallest of the week._ Evidently a large proportion of
the business recorded has interested only tho trading element
on the floor of tho Exchange and, therefore, such changes
in quotations as have taken place attract little attention.
Of a list of 28 active issues 20 aro lower. Of these Canadian
Pacific has taken the lead in a deelino of nearly 3 points.
Lehigh Valley has lost 2 % points and St. Paul, Great North­
ern, Northern Pacific, Now York Central, Reading and
Southern Pacific are a point or moro lower. In contrast
with this movement New Haven has made further recovery
of its recent decline and Third Avo. advancedover a point.
A few of the industrial list have, as usual, been erratic.
Texas C o ., for example, has moved up 1 0 % points within
the week and Tennessee Copper over 3. A m . Tel. & Tel. is,
ex-dividend, down 3 % points and U . S. Steel 1 % .
or daily volume of business see page 64.
The following sales have occurred this week of sharos not
represented in our dotailed list on the pages which follow:
STOCKS.
Week ending Jan. 2.
Adams Express................
Allis-Chat M fg v t c -----Preferred — --------Am Brake Shoe & F, pref
Amer Coal Products___
American Express______
Colorado & Southern —
First preferred_______
Gt N or subs, 3d paid —
Green Bay & W , deb B_
Ilelme (G W) pref--------Hocking Valley --------Homestake M ining. -K C Ft S & M em p re f-.
M ackay Cos, pref--------Mexican Petrol., pref—
M orris & Essex..............N Y C & St Louis______
Norfolk & Southern____
Nor Ohio Trac & Light.
Pacific Tel & Tel pref- _
Pittsburgh Steel pref_
_
United Dry G oods prefU S Express............. ........
Wells, Fargo & C o . _
_
Weyman-Bruton pref_
_

Sales
for
Week.
20
600
600
250
50
585
200
100
100
71
100
200
128
to o

600
100
29
710
100
100
210
50
200
730
121
100

Range for Week.
Lowest.
99
9
42%
127 %
80
100%
26%
60
128
12%
ill
125
114%
61%
05
79%
102
42
39%
54
88
89%
97%
40
89
116

Highest.

Dec 30 99
Jan 2 9
Dee 29 43
Dec 27 128
Dec 29 80
Jan 2 103
Jan 2 20%
Dec 29 60
D ec 30 128
Dec 29 14%
D ec 29 111
D ec 27 125
D ec 27 116%
Dec 31 61%
D ec 27 65%
Jan 2 79%
Jan 2 162
Jan 2 48
Jan 2 39%
Dec 27 54
Dec 29 88
Doc 30 89%
Dec 29 98
Dec 27 46
Jan 2 93
Dec 31 116

Dec 30
Jan 2
Dec 31
Dec 27
D ec 29
Dec 29
Jan 2
D ec 29
D ec 30
Dec 30
D ec 29
D ec 27
Jan 2
Dec 31
Dec 30
Jan 2
Jan 2
D oc 30
Jan 2
D ec 27
D ec 29
Dec 30
Deo 29
Dec 30
Dec 30
Dec 31

Range for
Lowest.
99
7%
40
127%
80
95
23%
60
116%
11
105%
125
100
53%
62
69
161
47
39
54
82
89%
95
38

85
111)

Year 1913.
Highest.

Dec 150
Dec
9
43%
Nov 136%
July 94
Dec 175
June 33
Doc 69
Juno 128
June 17%
Mar 113
June 125
Mar 121
Sept 78
Dec 69
Nov 99%
June 103
Dec 63 If
Dec 47%
D ec 75%
D ec 95
Dec 100
Dec 105%
Dec 66
Dec 125
M ar 117

Jan
D ec
D ec
Jan
July

April
Jan
D ec
Jan
Apr
Jan
April
Jan
Jan
Jan
April
Jan

O utside M arket.— Tho markot for outsido securities
with the close of tho year showed a generally firm tono,
though trading was quiet. Tho Standard Oil stocks mo­
nopolized tho attention. Trading in the latter was active,
though there was some irregularity in tho movoment of prices.
A particularly notable gain was mado by Standard Oil
(Nebraska), which sold up somo 120 points to 500, tho close
to-day being at 485. Atlantic Refining was down about 25
points to 781, but recovered finally to 790. Indiana Pipe
Lino went up from 139 to 151. Southern Pipe Line finished
the week at 255, which is an advance of 11 points. South
Penn Oil roso from 277 to 278, dropped to 266 and onds the
week at 269. Standard Oil Co. of N . J. gained 8 points to
409 and closed to-day at 407. Standard Oil (Ohio) was con­
spicuous for a rise of 64 points to 406, tho final figure to-day
being 392. The lower-priced issues came in for substantial
gains. Anglo-Amer. Oil sold up from 1 2 % to 1 4 % and
closed to-day at 1 3 % . Pierce Oil rose from 47 to 69; Wash­
ington Oil 10 points to 51, and Vacuum Oil from 146 to 198.
Among the Tobacco issues United Cigar Stores com. fluc­
tuated between 95 and 9 4 % and closed to-day at 9 4 % .
Tobacco Products pref. improved from 83 to 8 4 % and rested
finally at 8 4 % . British-Amer. Tobacco was quiet, tho old
stock selling up about half a point to 24 and back to 2 3 %
finally. Riker-Hegeman was activo and moved up from
7 % to 7 % , the close to-day being at 7 % . Maxwell Motors
stocks were comparatively activo, tho common advancing
from 3 to 3 % . Tho 1st pref. weakened from 2 2 % to 22 and
ended the week at 2 2 % , while tho 2d prof, was off half a
point to 7. Bonds were quiot, with N . Y . Stato 4 % s , “ w.
i .,” up from 105 to 105 11-16 and down finally to 1 0 5 % .
In mining stocks, Braden Copper moved down from 7 % to 7
and up to 7 % . Groeno Cananoa sold up a point to 3 0 % .
Nipissing declined from 8 % to 7 % , ox-div., the close to-day
being at 7 % .
Outside quotations will be found on pago 64.

55
New York Stock Exchange—Stock Record, Daily, Weekly and Yearly
O C C U P Y IN G T W O P A O E S

For record of snles during the week of stocks usually Inactive, see preceding page
STOCKS— H IG H E S T A N D
Saturday
Dee 27

.Monday
Dec 29

Wednesday
Dec. 31

Tuesday
Dee 30

Thursday
Jan. 1

30U
*90
4 Vs
•112
•36
•60*g
*35%
•021
2
•4
22
23U
*9*4
•28
30*4
*97

21*<
74/«
47
02
24
72*.|
307
8
91
44'/8
115
38
64 U
38
05
412
22
2312

2U2
737g
*44
0012
*22
*____
291*
89U
44U
•111
*36
560*4
*30
*92l2
♦3*4
*2 U2
23U
*9l2
1012
30
*27l2
3U*
31U
08*4 *90

2H2 21*8
74/fi
7278
48
46
00l2 907
8
24
23*8
72*4 *_ _
_
30*8
29U
00b
8912
4412 4412
11412 114*8
*36
38
61
01
*36*8
38
*9212
05
41?
*3*2
22*4 ♦21
22*4
23*4
♦9I2
101?
♦27*2
30
32
31*4
97*8
98

2H?
74'/s
4<>*s
907
s
23*8
72*4
30>2
90l4
441?
1141S
38
01
38
95
4*2

21*8
72*4
*46l2
*90
•22
29*3
89*2
441,

*U 17
8
36
*60
*36
•92U
•3*4

22

♦20

23

23U
♦9U
•27
•3H*
96U

10 l2

29/g
32*8
97*4
9
*6
*6
*0
10
8
*42
49
*43
♦42
48
47
•80U 821? ♦801* 821? ♦80*2 82*2
641g 641*
63*2 64
04*8 64*4
a
99U 99U ♦98U 99 U 987 99
•150 162 *166 162 *150 162

*6

Friday
Jan. 2

STOCKS
N E W Y O R K ST O C K
EXCHANGE

Range tor Precious
Year 1912.

Range for Year 1913
On basis of 100-sftare lots.

Lowest

Highest

R ailroads
103l4 Feb
90U Nov 10 106*8 Jan
5,900 Atchison Topeka & 8 F __
8312 94U
101*8 Jan
98 J'ly 9 102 U Jan 2
Do
pref_______ _______
200
*07 lOOh
rl30*4 Dec
200 Atlantic Coast Line U H . 112 J ’n e ll 133*8 Jan
*116 117
90*8 J’nelO 106*8 Jan 2_ 1IOU4 Feb
Onio
2,700 Baltimore
02*8 927
s
88 Jan 10
86 is Aug
7 7*4 J’ ne is
Do
pref
200
*79
81
92*4 May 20
76*4 Jan
*83*4 J’ nelO
2,330 Brooklyn Rapid Transit
88
R 's
8
81,250 Canadian Pacific________ 204 Dec 29 266*4 Jan 9 22 j12 Met)
20612 2087
8
10 Central of New Jersey___ 275 J'ne 11 362 Jan 13 305 Jan
*290 320
68 I4 Feb
80 Jan
5 Ug J’ly H
3,200 Chesapeake & Ohio_____
6 O 4 60h
I
15*8 Dec
lO'gJ’ne
177 Jan
g
200 Chicago G t West t r c t f s ..
•11U 1 1
22
30i 2 Dec
35 Jan
23 J’nelO
D o pref trust c t f s . . .
100
*2712 29
96*4 Nov 10 11GU Jan .
993g J’ly
4,160 Chicago Milw & St P aul.
0934 IOOI4
D o p r e f _____________ 13U2 Nov 10 145 Jan 30 139U Dec
2,525
*135 140
134ig Dec
138 Jan 1
6,800 Chicago & North Western rl23 Deo
128 1295s
188 Nov
D o p r e f ........................ 171>a Nov 19 5189 Jan
10
165 170
45U Dec
54 Jan 2 .
34(g Aug 20
100 C lere Cin Chic & St L ___
40
40
95 Dec
94*4 Jan 16
60 Oct 16
D o pref____________
120
01l2 6 U2
850 Dela./are A Hudson____ 147i2 J’ nc 1 1 167 Jan b 162 Dec
*151 155
125 Delaware Lack & W e s t .. 380 Dec 26 445 Jan 13 530 Aug
*372I2 390
.3*8 J’n e ll
23<g Jan 9
18U J’ly
100 Denver A Rio Grande___
*16
19
o4u J’ne
23 J’ n e ll
41 Jan 10
D o pref_________
100
267 267
g
8
8 Sep
4 Dec 19
8*2 Jan 2
Duluth So Shore & Atlan
*4
10
14 Dec
16U Jan 2
10 J’ly 11
D o pref.
" ‘ 75
♦81*
9*4
30 Dec
20U J nc 10 32i2 Jan 6
277 283 14,500 E r ie ______ ______________
s
8
49i2 Jan 30
33i2 J’nelO
47U Dec
D o 1st preferred_____
700
41 Jan 30
38 Dec
28U J'nelO
D c 2d preferred_____
300
■§5' *35
3,710 Great Northern pref____ 115i2 J’ne 1U 132*8 Jan y 126 Jan
12618 12612
41*4 Jan l
25i2 J’ne 10
36 Jan
Iron Ore properties___
2,450
3412 341.
10234 Dec 16 1287 Feb 6
120*s May
g
1,100 U.inois C en tra l..
108 108
19*8 Jan 30
16U Dec
1238 J ’no
3,000 1 n terboro-M et rc p’ v ~t"ct f '
15
15l8
45 J’nc
65*8 Jan 30
Do
pref
63*8 Jan
60*2 60i2 6,300
21*8 j U
O
2 2 i* May
>
800 Kansa C ity Southern
2434 243|
56 J’n u ll
66 May
61i2 Jan 7
D o ^ pref.
240
{5034 6634
7 May
1112 Jan
11*2 Feb 6
100 Lake Erie & Western
*6
7
16 Nov 10
35 Jan 6
30 Jan
D o pref.
•15U 20
I 4 H4 J ’ne 10 168*8 Jan 2 1557 Feb
Lehigh Valley_______
8
149U 1497 12,100 Louisville & Nashville___ 126*4 J 'n e li 142U Jan 10 138 Dec
8
400
*133 135
g
35 Manhattan Elevated____ 127 J ’ne 9 132*8 Feb 7 1287 Dec
*125 130
12 J n e li
23U Jan 2
I 3 i2 J'ly
Minneapolis & St Louis. .
*10
13
47 Jan 29 $40 Feb
30 Deo 4
Do
pref______________
*25
40
ll 142U Jan 9 129 Feb
825 Minn St P & S S M a r ie .. 11514 J’n e 12 5150 Jan 22
*124 126
131 Nov
146 Dec
D o preferred_________
'132 145
29U Jan 7
18*8 J’nelO
25U Dec
1,235 Missouri Kan & Texas___
191g 19*8
64*2 Apr 11
52 J'n elo
673s May
D o preferred_________
410
53
53
43*g Jan u
21*4 Dec 23
35 J’ly
24U 247g 10,050 Missouri Pacific_________
6213 Oct
69 Alch 3
31 Dec 8
*21
30
50 N at Kys of M ex 1st pref.
26*s Oct
8*4 Dec 26
27U Jan 2
Do 2d preferred_____
3,500
10
10
90’s Dec 15 109*4 Jan 30 l06<g Dec
90*4 92*4
2,018 N Y Central A H It_____
g
65*8 Dec 12 1297 Jan 10 126 Dec
33,868 N Y N H A Hartford____
7 O 4 78
I
337 Jan 11
g
297 J'ne
8
25*8 J’n e ll
200 N Y Ontario A W estern.
*26*t 27
98 J’ne 10 113i2 Jan 3 110734 Feb
102*4 102*4
2,700 Norfolk & Western______
83 J’ne
87 Feb 13
SOU Aug 10
D o adjustment pref__
*85
87
> 115*3 Jan
101*4 J'nelo 122*8 Jan t
7,675 Northern Pacific_____
109 109*4
g
106 Deo 13 123*4 Jan 7 1197 Deo
9,404 Pennsylvania____ I
109t4 109*8
98i2 Jan
77U Dec 11 104 Jan 11
625 Pittsb Cin Chic & S t 'L l I
*811a 84
100 J’ne 26 {109 Sep 18 IOSI2 Jan
Do preferred..___
*____ 11712
161*8 J’nelo 171*4 Dec 26 148ts Jan
1681s 169*8 287,900 Reading_______________
87U J’ne
82*2 Oct 14 92i2 Apr 10
1st preferred_______
2,200
88
88
92 Dec
84 J’ne 10 95 Apr 10
2 d preferred___________
*89
02
22*8 Dec
11*8 Oct 17 247g Feb 4
1,450 Rock Island Com pany__
131* 1314
42u Deo
17U Oct 17 44*4 Jan 2
D o preferred_________
1,400
20>s 21
2*4 J 'n e l/
19*4 Jan 11
17U Dec
St Louis A San Francisco
325
412
54l2
69 Feb 11
13 J’ no28
6 8 i2 Deo
D o 1st preferred...
*14
16
29 Jan 11
6 i2 J'nel7
26i2 Deo
D o 2d preferred_____
400
•7
8
20 Dec 19 35i2 Jan 13
29*4 Jan
100 St Louis Southw estern..
21
21
75 Jan 9
68>2 Jan
66U Dec 27
D o preferred_______ _
300
68
14U J ne 10 20*4 Apr 1
18 Dec
1,300 Seaboard Air Line_______
16*4 17
49*g Sep 23
44*4 Dec
38 J’ne 12
D o preferred_____ _
585
45*4 45*4
83 Ncv 10 110 Jan 30 103U Dec
88*4 89*8 40,160 Southern Pacific C o ______
88U Nov 10 99U Sep 13
Certificates (wh. iss.)
635
94*8 9514
28*g Jan 2
26i2 Jan
19ig J’ne 12
23*8 23*8 4,700 Southern v tr ctfs stm p d .
8 U 2 Alch 26
72 J ’ne 10
D o preferred
do
68 U Feb
576
*76
78
22*8 Jan 8
20i2 Jan
10U J’ne 4
100 Texas A Pacific_________
•131* 15
277 J'ne 10 43*s Sep 23
g
33 > Dec
2
42i2 43*8 21,600 Third Avenue (N Y)
13 Jan 9
10i2 Dec
7 u J ’iy 9
60 Toledo St L & W estern ..
*8
D o preferred___
16U J’ne 4
29*4 Jan 9
28 J’ ne
*18
1912
132 Twin C ity Rapid Transit 101U J’no 6 109 Sep 6 103 Dec
*10512 107
137*4 J’n e ll 162*4 Jan 6
160*4 Deo
1645g 165*4 99,000 Union Pacific_________
79*4 J’ nc 10
D o preferred_______
9 3 U Jan 6
8 SU Oct
85
85l»| 2,020
16 J’n e ll
35UJan 3
28 J’ly
22
700 United Itys Inv’t o f S F__
*20
30 J’n e ll
D o preferred______
63i2 Jan 2
67 J’ly
2,535
*88
40
W abash____ _____________
2 J’no 11
6
Aug 12
3*4 J’ne
3
•3
28
12*3 J’ne
6 U J’ly »
17U Aug 13
D o preferred_________
•7*4
600
8 's
287 Dec 12 46 Jan 2
g
45 Dec
*33
400 Western Maryland______
31
54
8 Jan 3
3*4 Oct 24
4 Jan
*4>j
200 Wheeling A Lake Erie___
512
13 J’n e ll
28'g Jan 13
11 Jan
D o 1st preferred____
*14
615
17
14 Jan 3
5*s Dec 19
6 Jan
D o 2d preferred_____
*6
12 812
4o>g J 'n e li
Wisconsin Central___ __
68 U Apr 23
48 Feb
•42*4 46
In d u stria l & M iscell.
*207 2112
g
800 (/Alaska Gold Min Par $ 1 0 *18 N ov 22 $24** Oct 2
7234 7338 127,450 Amalgamated Copper
61*t J'nelo
80U Sep 16
60 Feb
41U Sep 5
67 Jan 3
47*4 47*4
300 American Agricul Chem
64U Dec
D o preferred_________
90 Nov 6
99 Jan 2
300
•90
92
98 J’ly
*22
24
19*4 J’no 10
6 0 i2 Jan 2
100 American Beet Sugar____
46U Deo
D o preferred______
•-----72*4
65 Oct 31
86 Alch 6
90 Nov
21 J’n e ll
467 Jan 31
g
29*8 SOI4 20,360 American C an_______
IH 4 Feb
D o preferred_________ /80U J'ne 10 129U Jan 30
893g 89*8
2 ,1 0 0
90*3 Feb
900 American Car A Foundry
36U J’ne 10
66*8 Jan 2
45
45
49 Feb
D o preferred______
110
{112 112
108 J’nelo 117 Alch 6 115 Feb
100 American Cities______
*36
33
33U J’ly 2 48*4 Jan 6
30*4 Oct
D o preferred_________
60U J'ne28
220
78U Jan 2
*60
63
75U Aug
American Cotton O il.___
33it J’ne 12
67*8 Jan 2
45*2 Jan
*36*8 33
D o preferred_________
92i2 Sep 2
98 May 6
95 Jan
♦92*e 95
3i2 J’ly 9
American Hide A Leather
412
6 U Jan 8
3 Feb
*3*2
D o preferred_______
200
15ig J'ne 10
2,314 Feb It)
*2 0
2U 2
20 Feb
2412 8,600 American Ice Securities..
17 J’nelo
27*4 Apr 4
24
18 Jan
American Linseed____
*9U 10t2
67g J’ne 10
12ig Nov 7
9 Mch
D o preferred_____ ___
20 Oct 17 33*g Nov 7
*27
30
30 Feb
315g 32l4 2,300 American L o c o m o tiv e ...
27 J’ne 10
44i2 Jan 6
3134 Feb
D o preferred_____ _
94 Oct 10 106*4 Jan 2 103 Jan
415
97
97
American M alt Corp____
*6
6*4 Oct 17
13 Jan 3
434 Jan
*42
D o preferred_________
4 1 7 Oct 24
8
6 U2 Jan 3
42 Jan
Amcr Smelters Sec pref B
*801* 82l2
79i2 J'ne 12 86 Jan 9
84 Dec
2,200 Amer Smelting & Refin’g
635g 63*4
68*2 J'ne 10
66 U Deo
71*4 Jan 30
D o preferred______
600
97 J'ne 6 107 Feb 7 102*8 Jan
987 99
g
950 American Snuff______
160 163
150 J’ly
193 Jan 22 123 Mch

937 04U
g
93*2 93*4
03*2 94U
94
94U
*987g 100
*08l2 99l2
99*4 99*4 *95U 97*2
1161? 116 1 1 0
116*2 116*2 *116 117
• 110
917g 92l2 92
92*8 92*8
92*4
0214 92*4
81
81
*80
81
*80
80*4 80*4 ♦80
87*4 88
8 8 U 88 U
877g 88
877 8 8 )*
s
205U 20H7g
,107*8 209U 204 206*8 205U 208
*295 Y20 *290 320 *285 320 5290 290
60*8
60
60
60l2 60U 6 U 2
6012 607
s
11* 1 11*4
•11*4 1 2 1 ?
11*4 11*4 •11*4 12*2
*277 28*2
8
g
*277 29
g
28U 28U *277 29
9934 1 U
U
99l2 1001g
10 0
10 0 1 ?
99*8 10 0 U
1397g 140 5140 14U
140 14012 1397 140
s
1271? 127 127*2
126*4 126*4 12512 126'2 127
*165 170 *105 170 5167*2 167*2 *165 170
40
♦36
40
+m m
m m 46 *
40 *
♦611* 76
♦on"? 75
♦oil* 76
*6iia 75
151 153
151** 151*s 151U 151U 150*4 161
382 382 *382 390 5388
•379 390
17*2
18U *16
18l2 *17
•10
17
17
*24U 26*2
23
*2312 26*4 *25
29
•25
10
*4
10
*4
10
*4
10
•4
9*4
*81*
9*4
59*4
9*4
9*4
•8U
{9U
27*8 28
28*8
27U 28*8
8 28
28*s 287
44
44
44
44
44
44
44*8 44*8
36*2
37
36*4
*35
35*8 35*2 * 3 5
•35
126U 126*4
126*8 127
127
I27U 126*8 127
34U 34*4
34
34
34U 341?
33*4 3412
109
107l2 108U ♦106 109 *10612 108*4
109
g
147 147
8
14*4 15*3
1S>8
15
15*8 15i2
60
6 OI4 60*2
6 H4
6012 61U
61U 62
24*4 24*4
24*4 25
24l2 241?
*24U 24l:
x58*4 60*4
68
58
*5712 5912
•5712 59
*6
7
7
*6
71?
7*2
*6
71?
20
20
20
*15
*15
*15
20
*16
140*1 160*4 149U 150U
149*4 151*4 149 150
1331* 133*2
13312 133i2 133*2 134
•133 135
•125 130 $125 129 *125 130 *125 130
14
*12
*1212 14
*1212 14
* !2 7 14
s
40
43
43
*30
*28
*30
40
*30
126 126
124 125 ♦123U 126
1251* 125*2
*135 145 *132 145 *132 145 *135 145
191g
19
191a 20
187S 19*8
*1812 20
64
53
53
63
553
52U 621? *52
241* 24*8
241g 25
22*4 23U
23U 23*4
35
*26
*____
30
30
530
*25*2 31
10
10
97
s
9lg
9>s 10
9/J
«U
92 lg
92 U 9 2
92
91*4 92U
92l2 925s
77U
781?
75*8 7612 76
75
75
78U
27
27
•261* 28U
27*4 27*4 *26*2 27*4
102 102U 102U 1027g
101*8 102
101U 102
•85
88
87*2
88
*85
*85
•85
88
8
110*8 110*8 109*8 1097 109*8 109*4 109 109U
1091* 109*4 109*8 109*4 109*8 109*4 109*8 10968
84
83
83 U 63
83U 584
' *S3U 86
_
•____ 1171? *_
11712 ♦___ 1171* ____ ____
. 109 170*8 1681* 169*8 1677g 17012 1677* 169
90
90
*88
871?
•86
*80
87U 83
92
92
♦80
92
•89
*901* 91*2 •86
13U 13*8
8
•13U 14
131* 137 *13U 14
21
21
20U 21
21
21l2 21U 21U
4*g
4
4
4*8
4U
*31*
*3*2
4U
20
•13
*13
19
♦12
16
•131* 18
*7
7*8
7*4
71*
71?
*7
7*8
7*8
2U 2 *2012 21l2 •20U 211? •201* 21*2
•20
68
’ 66'4 66U
66*4 66*4 * _
67*4 57*4
16*2 16*2
•16*4 171?
17
17
10l4 17
45*4
4 57, 457
«
45'g 46U *45
• « u 45*4
g
1 89i2 897
88»g 887
887 89*8
*
s
88*4 89*8
*9518 95*4 *95
947 94'/g
g
051?
04*4 94*4
1 23*8 23l2 23*8 23U
23
23*8
23U 23 U
•76*4 77*8
76U 70U
761* 761?
70*8 76*8
13U 13U *13*2 15*8
*12*4 15*8 •12*4 16*8
411* 42 lg 41U 41*4
a
41l2 421?
41*2 427
9
{9U
9l«
*8
*8
♦8
9 '4
«U
•___
20 *
20
19
♦121* 18*4 *10
106 •105*4 107*2 5105 105
•106U 10712 l 66
1 165*3 1561S 1541a 155*8 154*8 156
154*8 155*8
85
1 85 U 85U
85
85
85
85
85
21
21
211?
21
22
22
21U 22
40
4012 39
39
39
40*4
39
40
3
> *2*8
•21*
3U
3's
3U
*2*2
*2*s
8
8
*71*
K
8
8*8
8
*613
34
34
34
34
•34
35U
•34U 35U
*4l2
5
*4
6
6
*4*8
5
6U
16
*14
10
17
•14
15*2 101? *15
9
9
*7
*7
*6l2 9
*012 8
•4212 46*4 *42*4 4C4 *42*4 46*2 *4234 45
21*4
74U
•44
*89
*22

Sales of
the
Week
Shares.

LO W EST SALE PRICES.

28*8 J ’ly 38

9U

21U
73*8
48
92
237
g
72*4
297
8
89*8
44U
116
36
61U
38
95
41?
22

25
10 U
29U
3212
96U
8

42
42U
•801* 821?
64
64U
98*8 9S*s
160 100

Highest

111*4 Oct
10414 Feb
14SU Aug
1 h 78 Apr
91 Jan
94 i2 J’ly
283 Aug
395 Apr
85U Oct
20*4 Oct
3912 Apr
1175s Nov
146 Jan
145 Apr
198 Mch
6212 Apr
1011* Apr
176i2 Feb
697 Doc
24 Mch
46 I4 Jan
11*4 May
23 May
39U Apr
57"„ Apr
48 Apr
143*4 Aug
53 Sep
1411s Jau
22 J’ly
6733 Oct
31U Sep
65">s Alch
18 Apr
40 May
185*4 Jan
170 Aug
138*4 Mch
27i2 Jan
$57 Jan
15 U2 Aug
158 Aug
31*8 Alch
66 Apr
4734 Alch
71 Jan
367 Jan
j
12Uo Apr
142i4 Apr
41*8 Apr
IBJI4 Aug
92 Feb
O lio Aug
12614 May
11U2 Sep
117 Feb
179U Apr
93U Apr
101i2 Apr
30i2 Apr
69*8 Apr
2912 Alch
69i2 Jan
4334 Apr
403s Oct
80*8 Oct
27U Apr
66i2 J ’ne
115 * 2 Apr
32

Sep

86 7 Oct
a

2612 NOV

4934 Jan1

16*8 Mch
36 Apr
111*8 Sep
176*4 Sep
961* Dec
397 Deo
g
69U Deo
9*4 May
227j Apr,
6414 MCh
H U O ct
3612 O q| .
1712 Oc*
62U Aug

1
9234 Oct

63*8 Mch

10414 Alch

7/ Sep
IOH4 J’ne
473S O ct j
126i4 Sep j
63*3 Sep !
120
May
60U D eo:
83*4 Deo,
60U Nov
99U Feb
7U S e p :
34 Sep,
30*4 Alay
177 Apr,
8
43
Apr
47U N ov
110l2 Aug
19U Aug
69l4 Aug
89i2 J’no
91 Sepj
109*8 S e p ,
208U Deo

B A N K S A N D T R U S T C O M P A N IE S — B R O K E R S’ Q U O T A T IO N S.
Banks

Bid

New York

America Y___
Amer Exoh._
Battery Park
Bowery 1)-----Bronx BoroY
Bronx N a t..
Bryant ParkY
Butch A Dr.
Century 1 ___
Chase

540
200

135
425
225
175
150
120

....

675

Bank.
Bid
Chat A Phen. 108
Chelsea ExY. 140
650
Chemical . . . 380
205
Citizens’ Cen 176
145
City------------- 335
260 ' Coal A Iron. 160
450
190
Colonial Y—
Columbia Y .. 285
Commerce — 1172
135
195
Corn Excb Y - f 300
625
Cosmopol'n 1
1 85
60
East River—

Ask

__

Ask

175
150
400
180
345
165

__
__
__

300

105
60

Bid
Banks
Fidel-tyY____ 105
Fifth AveY— 4500
Fifth _____
300
First .............. 910
Fourth_____ 166
Garfield____ 220
Germ-Amer Y 130
German Ex Y 375
Germania Y— 450
Gotham ____ 190
Greenwich Y- 260
flanover ____ 020

Banks
flarrlman___
Imp A Trad.
Irving
__
325
930
Liberty _____
Lincoln _
_
171
250
Manhattan Y
140
Mark A Fult.
425
Mcoh A Met.
475
Merch Exch.
Merchants'..
____ Metropolis Y_
630
Metropol'n Y
Ask

Bid

Ask

175

265
490
170
610
325
300
245
214
140
105
300
173

285
605
181
630
345
315
255
217
150
175
310
185

__

Banks
Mutual Y . . .
Nassau_____
New N eth i..
New York Co
New York
Paciflo Y ..I I
Park_______
People’s Y___
Prod Exch Y PubilcU.........
Reserve— . —

Bid

290
180
210

850
380
225
345
230
160
200

84

Ask
iss'

225
875
390
250
350
250
165
230
83

Banks
Seaboard....
Second _____
Security ? aaa
'JvvlU
itJr 1
Sherman m m
vU l U
O lttU m m
State ^
23d Ward Y—
Union Exch.
Unit StatesH.
Wash li'ta Y .
Westch AvU_
West SIdeY.
York vine Y—

. * Bid and asked prloes; no sales on this day. (Ex-rights. $ Less than 100 shares. H State banks, a Ex-dlv. A rights. 0 New stock. / E x
IJ a lf atBtpofc Exohangs or at austion this week. . « First installment paid, n Sold at private sale at this price, g Ex-dlv. I Foil paid*




24%

Bid

A*1

430
S ib

115
180 "
130
143
600
275
160
450

400**
125 1
135 i
200 i
140 ,
150 j

—1
175*1
475 j
800

56

New York Stock Record— Concluded— Page 2

[ V O L . X C V II I.

For record of sales during the week of stocks usually Inactive, soo second page preceding
STOCKS— H IG H E S T
Saturday
Dec. 27
♦98%
-----107*2
♦110
123*3
*245
103
*14
*75
*14
35%
*25
*37
*101%
*29
*68
*121
*25%
17%
50
*907g
2673
05
39

Monday
Dec. 29

AND

Tuesday
Dec. 30

LO W EST

S A LE

Wednesday
Dec 31

1

lOU
-----1077
j
115
123*2
249
103
18
78
15
36
30
39%
..
30%
71
123
27%
17%
50
91%
27
95*4
3934

*98% 10H
*9S% 10U
*98% io n
*27
28
27% 271 *27
28
107% 108
108 1094. 109 1101.
*109 115
114 114 *110 114
122% 123
123 1231 018% 12D
242 241
243 245% §245% 215%
102% 102% 102% 102% *102 102%
♦-----18
*14
18
*14
18
*75
76% *75
77
75% 76
*14
15
14% 14% *14
15
35% 35%
35% 36
35% 35%
24
25
*21% 35
*20
30
*37
39% *37
39% *38
39
*101% ____ *101% ____ *101% ____
29% 291
29% .30
29% 30
*68
71
68% 68%
08
68
*120 123 *120 12.3 *121% 12.3
*25% 27% *25% 271 *25% 27%
*10% IS
17
19%
19
193.
*47
49150
51
61
51
90% 90%
90% 90% *89% 90%
271.8 27%
26% 27%
27
27
♦94% 95% *94% 95%
95
95
39
40
39
39%
39ls 39%
28% 28% *28% 29
27% 28
131 131 *130 131% *130 131% *130 131
973 1
(J
9%
9%
93,
9%
9%
9%
*63*2 57
*63% 07
*63
67
*63
67
91*2 911o *92
95
92
92
*91% 92%
1734 17^4
17
17%
17% 18
177g 18%
*10
14
*10
14
♦9
14
*10
14
*32% 38
§35
35
*32
38
*32% 38
*140 141
140% 140% 138% 111
138% 139%
*35*2 38^4 ♦36
38% *36
38% ♦36% 33%
*76
78
77
77
*76
78
*70
78
21
2234 22% 23%
2.3
2.3%
23% 23%
791.1 79l.|
78
79
79% 80
79% 79%
*4414 45*4 §44% 45
*44% 45
44
44%
15
15*8
15
15
15% 15%
15% 15%
102 10.J*4 101% 101% 101 101% 101 101%
*—
n o *____ 115 *112 114 *113% 114
10134 10134 *____ 101% 101 101
101 101
*------ 115 *____115
♦112 115 *113% 115
*3%
4
*3%
4
*3%
4
*3%
4
*13
14
*1.3
14
14
14
♦13% 14
8%
8%8
8
8%
8%
8
8%
*36
39
*30
40
*38
39
*35
38
*5%
6%
§6%
0%
§6%
6%
*5%
6%
*17% 21
*17
21
*17% 21
*17
21
*77
80
*77
SO
*77
80
77
77
*100 107 *100 109 *100 107 *100 107
. *80
81
*80
81
*80
81
*80
81
♦97 102
*90% 100
*98
98% *98 100
*30
34
*30
34
*30
34 *-----34
*93
96
*92
90
*92
96
90
96
*213 218 *212 218 §217 217 *212 220
*110% 112
111% 111% 111 111 *110% 112
*30
33
*31
3.3
*31
33
*31
33
*97 105
*95 105 *100 105 *100 105
*88% 91
*89
91
89
89 * ____ 91
♦168 165 *153 165 *158 ISO * 15S 180
♦U'8% n o
110 110% *109 111 *109 111
*58% 70
*03% 09
*55
70
*64
70
♦97 102
*07 102% *97% 103% *97% 101
40
46
46% 46%
45^3 453
4 45% 46%
22
22
21% 21%
2 1 % 22
21% 21%
*118% 123 *118% 123% *110 122
122 122
*117% 119% *117% 110% *117% 119% *117% 119%
*10% 12
11% 11%
11% 11% *11% 12
*72
82
*72
82
*72
82
*72
82
*44
40% *44
46%
40% *44
46% *44
*104 100 §105 105 *104 100 §104 104
15% 15%
15
15%
15% 15%
15% 15%
*00
65
*60
63
*53
63
*00
08
*60
68
*60
08
*05
67
07
07
*24
24% *23% 21%
*23% 24%
24
24
*26
28% *27
20% 27
23
2S% *27
120% 120% *120 121
120 120% 119% 121%
*}8
20
IS
18
17% 18%
IS
18
*S0
88% *86% 88% *80% 88
80% 80%
27% 27%
27% 27%
27
27
27
27%
*94
93
*95
97
*94
97
*94
97
*105 111 *106 10S-% 109% 109% 109% 109%
♦151% 153 §152% 152% *152 153 *151% 153
25% 25% *25
20
25% 25% *25
25%
♦91
97N *91
96% 90%
97% *91
97%
1S% 18%
18% 18%
18% 18%
18% 18%
*20
20%
20
20
20
20% 201, §20
*80% 83
80% 80%
80% 80%
80
80%
17
17%
17
10% 10% *15
16% 17%
30
30
30
.30
35% 35%
36
36
*181 183
180 180 §180% 180% *170 185
*20
29
28
28
*26
30
*20
30
*32
34
*31% 32% §32% 32% *31% 32%
*02
04
*02
04
64
*62
6.3% *02
18% 18%
19% 19%
18% 18%
18% 19%
*68
70
69% 69%
♦66% 70
69
69
30% 30%
30% 31
.31
32%
32
33%
121 121
123 120
120 129% 126% 132%
♦82
85
*31
85
*81
85 '
§82
82
*106% 109% *100 109% *i0G% 109% *100 109%
*5
5%
5%
5%
5*2
5*2
534 5%
*26% 29% *26% 29% *20% 29%
27
27
*9% 11
10% 10%
*10
11
*10
11
*40
45
40
40%
*10
45
*40
45
*53
50
54
61%
*53
54
54
54
56% 50%
561., 58
56*2 50*2
50% 56%
100 % 100 % 100 % 100 % 101 101
101% 101%
59%
*1001.,
SO1!
♦27%
984,
67%
60
*110
91%
112%

00 %
107
51*3
28%
98%
58
66%
110%
91%
112%

58U
1061,
50%
23%
98%
57
*64%
*112
92
*110%

PRICES.

Thursday
Jan. 1

58%
593
s
106% 1061.,
51%
50
28%
27%
98% *98
57%
57
66
65%
116% 116%
92%
91%
112% •111

58% 59
59%
100% 106 106%
61
50% 50%
26% 27%
28
99
*90
99
57% 58%
57
64%
66% z04
116% *114% 116%
92
91% ♦91
112% 112% 112%

•
1
!
1
1
1
■
«
1
:

1
1

!
!
1
t
1
1
l
1
1

1
l
1
1
1
1
1
1
1
1
1
1
1
l
1
l
l
1

1
1

53

E
s
H
3
1
1
1
1
•
1
1
1
1
1
1
1
1
1
1
1
1
I
1
1
1
1
1
1
•
1
1
1
1
1
1
1
1
1
1
•
I
1
•
1

Sale* i f

Friday
Jan 2

Week
Shares

STOCK S
N E W Y O K E STOCK
EXCH ANGE

Range fo r Year 1913
On basis o f HsYshare lots

Range r r Previous
Year 1912

Highest

In d u stria l & Misc (Con)
100 J’ ne
)0f Jan 21
100 Anier Snuff pref (newi . .
100 100
25 O ne 9
40% Feb 3
220 Amer Steel Found (new ).
*27
28
99% Dec 9 118 Jan 31
3,100 American Sugar Kef nin
100% 1091
200
l)o preferred___
11 0 % J'ne 12 1'-(!% Jan 28
*109 l i t
117% 1184 20,871 Amer Telephon; & Teles n o Dec 15 I t) Jan 3
1,530 American Tobacco_______ 200 J 11c 1 294% Jan 16
245% 246%
93 J’ ly 11 106 % Jan 27
600
102% 102%
Preferred, n e w ..
"
14% Dec
*14
2-1% Sep 27
18
A m e r e n W o o l e n ..!___
71 May
82 Sep 19
70
400
Do preferred_________
70
11% Nov 14 32% Jan 2
*14
15
100 Amer writing Paper pref
41% ,7an 2
307s J’ne 10
*34% 34%
6,300 aAnacunda Cop P a r 525
22 Dec 23 120 Jan 7
*21% 30
300 Assets Realization
361* Deo 13
*37
53% Jail 8
39
taidwin l.occmotive___
*101
105% J ne 6
10014 J’ne
Do pre, erred_________
25 J'ne 10
29% 30
41% Jan 9
1,000 Bethlehem Steel_____
74 Aug 12
6214 J ne 10
*67% 71
L)o preferred________
300
*121 123
Brooklyn Union G as____ DO Oct 17 1377a Jan 27
25 Mch 27
Butterick C o ____
*25% 27%
31 Feb 8
16 Aug
18
56% F®b
2,600 California Petrol v't'ct'fs
18%
50!% 51
45 J’ly 23
SO Ja<i
l)o preferred_________
1 100
90U Dec 16 103% Fell
91 " 91
400 Case(JDThreshM pftr cfs
17 J’ne 10
27% 27%
30% Feb
4 ,soo Central Leather________
jr83 J ’nolO
Do preferred____
*94% 951,
300
97% Mch
30% J’ne 10
38% 39% 15,100 dChino Copper___ P a r ' $5
47% Jan
24% J’ne 10
2S% 29
700 Colorado Fuel & Iron
41% Feb
129% 130
1,200 Consolidated Gas (N Y ) ’ 125% J’ne 10 142% Jan „
9%
9%
2,G05 Corn Products Refining!
7% J’ ne 10
17% Jan 31
*63
67
D o preferred___
61% J’ne 10 79% Jan 31
91% 92
'
91% Dec 27 100% Jan 16
400 Deere «& Co pref.
17% 18%
9% J’nclO
4,270 Distillers’ Socurities'Corp
2 1 % Jan 2
*9
14
11 Dec 17
federal Mining & Sm elt’g
18 Jan 22
*32
35%
33 Alch 19
10
D o preferred..
44 Jan "
*139 141
12934 J’ne 10 187 Jan _
1,700 General Electric___ ! ! ! ! !
37% 37%
25 May 16
100 Gen M otors vot t r 'e t f s !!!
40 Aug 18
70 May 8 8F% Sep 30
♦76
D o pref v t ct.s
’
78
100
15% Nov29
*23
24
68 Jail "
4,950 Goodrich Co (B F )_____ !
73% N ov 29 105% Jan
79% 79%
D o preferred..
1,000
4034 J’ly 11
*43
63% Jan
45
260 dGuggenh lixplor P a r 525
13% Dec 4 20% Jan
15% 15is
1,650 a Insp’n Con Cop P a r i 'i0
96 J’nelo 111% Sep
101 101 1,500 Internat Harvester of N J
May 12 116 Oct
1137. 1137«
D o preferred_________ i l l
05>2 J’ ne 10 110% Sep
101 101
700 Internat Harvester C orp.
111 May 12 11434 Sep
*113% 115
Do preferred_________
27g J’ne 10
4% Jan
*3
4
Int M er M ar.ne stk tr cts
12% J’no 4
19% Jan
14
14
200
D o pref stk tr e t t 's ...
6% Get 0
12% Jan
§8%
8%
2,000 International Paper_____
32% Oct 15
48% Jan
D o preferred_________
38% 38%
100
4% Deo 8
18% Jan
6N
75 Internat Steam Pum p.
15% Dec 16
70 Jan
D o preferred.. .
19
19
200
94 Feb
77 Deo 31
*74
80
100 ICayser & Co (Julius)____
*100 107
D o 1st preferred____ 100i2 Get 10 110 Jan .
iresge Co (S S )_________
83 Sep 15
58 J’ne 9
*80
81
D o preferred_________
*98
99
97 J’nelO 102 Jan 4
*
297s J’ne 7
4978 Feb 4
34
91 J’ne 4 104% Jan 8
95
95
200
*214 220
195 J’ne 6 235 Mch 0
50
111% 111%
D o preferred.
106% J’ly 22 116% Jan 23
400
21 J’u e ll
*31
33
397g J .,11 6
D o 1st preferred____
*100 105
89 Aug 4 105 Jan 9
D o 2d preferred_____
80
84 J’ly 18
89
200
95 Jan 8
*158
rl50 J’ ne 13 200 Ja. 28
110% 110%
D o preferred,
103 J’no 10 •17 Feb 19
310
*63% 70
lay Departmenl
65 Oct 14
767 Jan 2
8
D o preferred.
*97% 102%
97% J’no 10 105% Jan 2
46% 47
41% Nov 13
78% Feb 4
1,700
20% J’ne 10 26% Jan 4
21% 22%
2,250
104 J’ne 11 130 Sep 18
*118 121U
100
110 J’no 4 1247s Jail 8
119% 119C
lOO1 Do preforred.
9 J ne 5
19% Jail 30
*11% 11%
3001 at Enam el’g &
74% Oct 21
*72
Do preferred.
92% Jan 30
82
43 Oct 20
50% Jan 2
*44
46%
*101 106
601 D o preferred_________ 100 J’ne 6 108 Oct 6
J'ne 10
20 Jan 2
15
15
3,10 0 Nevada Coins Cop P a r J5
J’ly 16
82% Jan 8
ow York Air Brake____
*59
68
00 J ’na 9 81% Jan 14
65
65
I cific M ail.
’.
*23
15 J’nelO 31% Jan 22
24
*25% 28
40 Jan 4
22 N ovlS
500
121% 121%
104 J ’ne 10 12934 Sep 23
2,200
*17% 19%
14% J’ne 11
243g Jan 2
600
*80% 87%
D o preferred.
73 J ’no 11 95 Jan 9
100
27% 27%
18% J’nelO
900
36 Jan 7
D o preferred________ _
*95
88% J’no 10 101% Jan 7
93
105 Deo 12 118 Jan 21
*100
200
119 Sep 6 165 Jan 2
*151% 153
50
22% J’ne 11
*25
26
700
35 Jan 9
Do preferred
90% J'nalO 100 Jan 13
♦91
97%
100
15 JnaiO
18% 18%
5,700
22 Jail 2
17 J’nelo
20% 20%
28% Jan 31
645
72 J ’n e ll
92% Sep 13
k u preferred,
SO
80%
720
14 Nov 24
921.1 Jail 7
*15
17 '
1,800 lamely Co ( M ) .
33 Dec 18 993.1 Jan 4
D o preferred.
30% 30%
600
15434 J ’ne >2 213% Jan 2
184 184
210
23 J'ly 8 46% J ,11 28
*26
23
100
31 Dec 9
40% Jan 31
*32
32%
30
52% May 1 067g Feb 4
Do preferred_________
*G2
63
15% Dec 1 36 Feb 6
*19
20 %
' r Corn ( T h e ) ..
1,200
93% Jail 13
04% Nov 10
Do prefer
*67
70
f erred_________
200
39% Jan 4
x2 ;• J’ue 10
%
33% 34% 20,000 •
132% Doc 31
89
J ’n e io
130 131% 15,800 ’
99 % Jan 3
73 J ’neiu
*82
85
50
*106 109%
Do preferred,
le i J ’ly 10 113 Jan 21
4 Nov 14
734 Jan 3
*5
6%
300 nion Bag & Paf
41% Jan 3
D o preferred.
18% N o v 20
*26% 29%
200
1634 j an 30
9% J’ne 10
*10
11
300
5634 Jan 31
Do preferred.
40 Dec 31
*39
45
200
77 Jan 9
*53
49% Nov 28
55
400
61 Nov 10 69% Apr 4
58
58%
3,100 1
D o 1st pr ferred____
98 J’nulO 1093.1 Apr 9
101% 101%
1,400
Do 2d preferred_____
81% Jan 9
7638 Jan 3
69% Jan 2
49% J’u o ll
58% 59% 207,335 1
Do preferred.
106% 106%
102% J’ne 10 1103.1 Jan 30
1,520
50% 50% 13,800 1
00% Jan 2
3953 J’ne 10
43% Jan 3
*20
28
SO '
O
22 J’ly 1
*90
93 J'nt30 l i t Jan 3
98
D o preferred________ !
200
75%Jr,n 9
53
604,
3,400
5418 Deo 22
791.1 Jan 2
64% 64%
53% J’no 10
1,300
*112
16%
Do 1st preferred.
100
10778 j ’no 13 U934 Jail 17
92% 92%
81% J’ ne20 112 Jan 2
1,145 '
*111
113
109 J’ ne 14 115% Jan 8
200
Do preferred.

99 Feb 105 Aug
26 Jan
44% Oct
ilo% Dec 133% May
115% Jan
121 Sep
137% Jail
149% Mch
211% Feb 324% J’ly
1011 ., Jan
1063s Jan
18 Nov
31 May
79 Dec
94% Mch
25% Jan
4 133 May
$34 Feb 548 Oct
105% Feb 127% Oct
49 " Dec
00% Aug
1023, Feb 108% J’ne
2734 Feb
51% Oct
56% Feb
80 Sep
137% Mch 149 Aug
28 Nov
4018 Apr
49% Deo
72% Oct
84 Deo
95% Oct
997g Dec 101% Deo
16% Feb
33% Sep
50 Feb 100% Oct
$25 Jan
$50% N oy
23% Feb
43% Sep
13534 Dec
149% Aug
10 Jan
22% Oct
75 Dec
89% Oct
99% Dec 100% Deo
20 Dee
361., Aug
11% Feb
2 1 % Sep
37% Jan
52% Sep
155 Jan
188% J’ly
30 Feb
42% Sep
701., May
8234 Sep
00% Dec
81 Sop
105 Dec
109% Sep
$623,3 j'n e
$47 Dec C
$16% Dee $2 1 % Oct

4 Mch
15% J’ly
93,3 Jan
*4578 Jan
12 Deo
63 Dec
90 Dec
107 Dec
71 Sep
100 Oct
29 Mch
102% Dec
15678 Jan
105% Jan
30% Dec
102% Oct
90 J’ly
107 Mch
107-% Jan
69 Apr
105 Dec
02% Apr
$23% Fob
114 Dec
122 Dee
121., Feb
88 Feb
5U8 Jan
105% Feb
$18% Jan
60 Feb
74% Jan
2834 Deo
45 Dec
103 Jan
10% Mch
77 Feb
28% Feb
96 Feb
100% Feb
158% Feb
27% Feb
08% Dec
S16 Jan
15% Feb
64% Feb
89% Deo
09% Dee
140 Jan
39% Jan

7% Alch
26 Mch
1934 May
627s May
34 Jan 1
84% Apr j
95% Oct
109 Oct I
89% Oct ,
105% Oct
55% Sep |
108 % Jan
225 Oct I
113 Aug
4 7 % J’ly I
10533 Nov
9234 Oct j
215% Oct i
118 Aug
83 Oct |
1 1 2 Jnn J
90% Oct I
830% Sep j
161 Apr
131 J'ne
20 Oct j
95% Jan
681., Oct I
n07„ Nov
$24% Sep ,
85 Nov
8773 Aug
38 Sep |
5538 Apr
122% Oct |
27% Aug
100'% Aug
40% Sep |
1033., A u g ,
1207s Aug
175 Aug
40% Sop i
105 A u g ;
$24% Sep |
35 Got
93% Oct I
101 Nov
103% Oot i
221 NOV

5934 sep !

lot., Jon

36
66
49%
98%
817%

53
30

Jan
J’ly
00 % j ’ne
$34% Feb
81 Jan
95 Dec
110 J’no
4% J4n
35% Dec13 Feb
50 Jan
07 Jan
15% Feb
105% J’ly
75 Jail
68% Feb
107% Deo
$52% Jan
40% Deo
114% Dec
7134 Dec
601., Jan
l l l ? Jan
8
112% J’ly
93% J’ly

Deo
Oct |
Aug 1
Aug
May

130% sep |

115% j ’ne
U l% Sep I
177s May
67% Atay
22% May
6 t% Oot
86% J’ly I
6773 May
116 May
85% May
80% Sep
117 Sep
$67% Sep
57% Jan
122 Mch
86% Jan
89% Aug
126 Aug
1177S Oct
1163.1 J’ly

B A N K S A N D T R U S T C O M P A N IE S— B A N K E R S ’ Q U O T A T IO N S.
ma
Bank
Brooklyn
Coney Isl’d \ _
F irst_______ 280
Flatbush . . .
Grecnpoint-mini del]____
Homestead '.
80
Manulact’rr. 400
Mechanic:” ;. 115
Montauk " . ..
Nassau------- 205

Ask
150
300
145
155
125
100
425
130
140
220

Bid
Banks
Brooklyn
National City 273
North Side 11. 175
People’s ____ 145

Ask
285
200
155

1'rust Co's
N Y CUy
Bankers’ Tr.
B'way Trust.

350
403
150

360
415
155

Trust Co’s
N Y CUy
Central Trust
ColumbiaKnlckerboc
Commercial .
Empire_____
Equitable Tr.
Farm L & Tr

Bid

Ask

985

1000

430

410
85
310
450
1100
220
285
520

300
410
1050
210
Fulton........... 270
Guaranty Tr. 510

Bid
Trust Co’s
N Y CUy
Hudson ___ 130
Law T 1 A Tr 140
Lincoln Trust 120
Metropolitan 335
Mutual Aliiance______ 140
Mut’l (WestChester)-.. 130

Ask
133
150
130
355
145
140

Trust Co’;
N Y CUj
N Y LlieA'iV
N Y Trust_
_
Title Gu A Tr
Transatlan tie
Union Trust.
U S M tg & T r
United States
Washington .
Westchester.

-B id

Ask

935
590
390
200
365
400
1010
345
130

1000
000
400
220
370
415
1035
305
140

Trust Co’s
Brooklyn
Brooklyn Tr.
Citizens’ ____
Franklin____
Hamilton_
_
H om s______
Kings County
Nassau_____
People’s ____
Queens Co . .

o,
'Gkocl prleest no salai on thl3 day. § Lei; than 100 siiarei. t Ex-rights, a Ex-;llv. A rights. 0 Now stock, it Quoted dollars poi
StlvX Exchange 0 . at auction this ivee.s. s Ex-stock dividend, 'j Bank] marked with a paragraph (if) are State banks, e iilx-dl vklentk




450
140
270

470
150
250
280

530
125
285
90

295
100

hs.ro.

100

110

185''

t Sale at

57
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Price
Friday
Jan. 2

llbei’s
Range or
Last Sale

■
3
Si
SO
QQ

Range
Year
1913.

N.

BONDS
Y . ST O C K E X C IIA N G I
Week Finding Jan. 2.

Price
Friday
Jan. 2

Week's
Rangt or
Last Sale

Range
Year
1913.

I Bonds
\ Sold

BONDS
Y . ST O C K E X C I1
Week Ending Jan.

I Interest
Period

N.

Interest
Period

Ja n . 1 190!) the Exchange method >: quoting bonds was changed, and prices are now a l l— " and in te re s t"— ezcevl.tor incom e and defaulted bonds.

Hie . No. Low High
Bid
A 5 Low
Low High Chesapeake & Ohio—
>
93*4 Dec T 3 ------ 05 102
Gen funding & irnpt 5s___192 i j - j ____ 9or
39412 101 >
3
1047s 1U
5* 104*3 Dec ’ 1 * ____ 103 110
1st consol gold 5s_________ 193 .Vi-I
s!)5b 101b
IOD4 1031;
Registered______________ 193 .Vi-A 10278 . . . 103 Dec ’ 13 ___ 102>2 103
U S 3s registered________
V
93»4 Sale 91*2
General gold 4*^s________ 199 s i- 8
9334 00 903s 101
lOPfl 10334
9912 OOlj
Convertible 4 t ^ s _______1931
75 7712 921j
F-A
79
797
79
80
1121
22 109 114l2
5 Q -F 1 1 2 b ____ 11212
85*3 85*a
82
8Gb 85*8 Feb 1 —
Big Sandy 1st 4s_________ 194/ J-)
I'g;2 J’ly t ; . . . 95l2 loot,
G Q-F
97:2 . .
___
99 103b
J 1 ..................
100 Dec 'K
Q-M
Craig Valley 1st g 5s_____ 1941 J -J
9612 101J
4
97*2 1C
0*4 96b Dec ’ 1 —
84 8 84 S
4
4
J -„
___
Foreign G o v e rn m e n t.
2 86
93*2
R & A D iv 1st con g 4s___ 1981 J -J
87
91
90 >
3
OS's
98i«
29 95
87b
87*
Argentine— Internal Os of 10
Wl-S . 00b 97
87 iMch'l ; ------ 87
88
92
J -J
891.
2d consol gold 4s_______ 1981
-------85
Chinese (Hukuang) l{y Os £____ J-I , 86
H
SU 88
t 85
Greenbrier ity 1st gu g 4 s . 104 1 M-N
81 ____ 95 Oct 1 1. . . .
Imperial Japanese Government
88
6 S31 903s C h i c * Alton R R ref g 3 s . .1941 A-C
8
61
67
61 Dec '1. ____ 60b * * **
68
881 88
2
Sterling loan 4 ^ s _________10 2 F -A :• S3
K a ilu a y 1st lien 3 H s ____ 1906 J-J
87R Dec *15
82is S9b
50
63^4
53
55*2 51*8 Dec '1, —
2d Series 4 ^ s ___________ 10 2 J - J
Chic B & Q Denver D iv 4 s . 1922 F-A
us-b Dec 1 ; —
98 100*8
75Q S3
99*4___
Sterling loan 4s___________ 193 l J - J ; 7 8 b ____ 80 N o v ’ i:
Illinois D iv 3 bis.
1941 J -J
4
82
11 Si's 8534
9912 102*2
82 Sale 813
Republic of Cuba 5s ex ten debt iW-S t 99 100 100 Dec ’ ll
94l2 97b
Registered______________ 1941 J - J
80b Aug K
Externa! loan 4 ^ ? ,________ lu 4 t F -A } ____ 03b 9ii2 Oct ’ ll
853.)
S912
2 84
Illinois D iv 4 s___ __
93
1941 J - J
5
93 Sale 927S
98*4
T okyo City loan or 1012 0 s ___ M- H J 853s 86s4 8534
88 Dec ’ ll
Registered___
________ 1941 J -J
93
87*2 95'a
93 J’n e 'i:
O -J ) ____ 84
71
85
Iowa D iv sink fund 5 s . ..191 1 A -O 10134 102b I01*s N o v ’ l! ___
J -D ____ 7234 71 D o c ’ IS
963
4
Sinking fund 4 s............... .1919 A -O
9634 Sale 9634
0 96l2 99>2
1 These are p rices on the 6 as is of 35 to £
93
07
Nebraska Extension 4s___ 1921 M-N
94*4 9434 94b D e c ’ ll
S ta te and C ity S ecu rities.
100i2 44 9533 10034
Registered___ __________ 1927 M-N
N Y C ity— l ) f s ..................... 106 M -S IOOI2 Sale 100
8
1037a 101 995a 1051s
M -S 1037 Sale 103iS
Southwestern D iv 4 s .
1921 M -S
97 ____ 98 Dec '13
9734 9 g
81
M-N
96
05*2 Sain 9512
3 9034 975S
Joint bonds. See Great North
** Y V
O v
9618
2 9012 9734
General 4s____
m s f M -S
M-N
96*a Sale 90
4% C
57 8934 9QIj
91*4 Sale 90*2
91b
90
M-N
957s sale 9534
8 9134 9734 C hic& E 111 ref & Imp 4s g_1955 J -J ------- 63
4 % Corporate
C
80
G
O
67*
5 66
10314
2 997S 105*2
New
M-N 103l2 104 IO3 I4
1st consol gold 6 s. .
1934 A-C 107 ____ 108*4 Dec 'll ____
102
M-N I 0 it2 102 102
3 100 102
General consol 1st 5s____ 1937 M-N
96 108
03*2 90*4 96 Dec '13
103*s 31 100 105>2
R egistered........................ .19 3 7 M-N ____ 95
M-N 103b 104 10312
____ IO I2 1061;
6
M-N 101*2 10134 102 D e c ’ IS
Pur money 1st coal 5s____ 1942 F -A ____ 96
100 102
9734 98
973 Feb ’13
4
847s 27 8034 86
R egistered________ ___________
M-N
8 ib 83ci 847g
97 Dec ’ 13
Ctiic & Ind C Ry 1st 5s___ 1936 J -J
97 101*2
rc-s
9 3 b ____ 105b j ’ly 'l; ____
703j
7733
J -J l 90*4 S7‘s 97
97*8 25 97 10184 Chic Great West 1st 4s____ 1959 M -S
12 70
70*4 Sale 70*2
11638
9733 10l78 Chic Ind & LouiTv— R ef 6s. 1947 J -J 1163S ____ 11638
2
6634 ____ 97i2 Dec '13
J -J
Refunding gold 5 s ________ 1947 J -J 102 .
102*2 Oct 'll ____
J -J
99 101»4
9334 ____ 9931 N o v ’ 13
95*8 Apr 11
Refunding 4s Series O ____ 1917 J -J ____ 91
10312 J’ly TC
J -J
83 J’i y i 2
J -J
81b Sep '13
____ 80b
82
■- J
T
90b Aug'12
Chic ln d & Sou 5 0 -y e a r 4 s ..1950 J -J ____ 91
07 12 59 42
59
57 Sale 5534
6s deferred Brown Bros ctfs.
104 Dec 11
Chic L S & East 1st 4
1909 J -D
99i2 100»4
Chic M il & St P terml g 5 s . . 1914 J -J I6d ____ 100*3 D e c '13
R ailro ad.
9234
6 S U 99
O
92 Sale 92
Gen’l gold 4s Series A ___ el989 J -J
70
71
70U Dec '13
70
7973
Q -J
931.1 114 9178 USh
07
98*2
Q -J
9314 Sale 9234
A -O
80 D o c '13
79
85
G en’l gold 3 ^ s Ser B ___ el989 J -J
____ SO
91*4____ 9 Da Doc T3
915 98
8
A -O
84
84
5
86 J 'n e'U
R egistered_____________ elU89 J -J
86
917,
25-year deben 4s ___
,1934 J -J
88
i
86
86
Registered_____________ /ilOOl N ov ------ 83b 36 Mch'13
88*4 90*2 83
84l2 13 S3
54‘4 847g S4R
Convertible 4 ^ s ________ 1932 J -D 101b Sale 10034
M-N
88
101*3 06 1
9912 May’ 13
1
9919 99lo
J -D
9438 12 92 14 10534
101
Gen 4 ^ s Ser C _________ e 1989 J -J 101 Sale 10078
94 Sale 94
61 99U 103
Conv gold 4 s _____________ 195! J -D
9434 08 92 10358
Chic & L Sup D iv g 5s___ 1921 J -J 102*4____ 1023g Sep '13 ___ 1
J -D
94b Sale 94l2
9978
100
907s 100
Chic & M o Riv D iv 5 s . . .1926 J -J 1 0 3 b ____ 103*8 Nov '13 ___ 1
J -D
7 98 1055s
4
Chic & P W 1st g 5s_____ 1921 J -J 102*2____ 102b Dec '13 ____1
98*4 995s
F -A
9Sa ____ 9S3 J’ly '13
4
O M & Puget Sd ls tg u 4 s . 1949 J -J
§9*2
913a 921? 91 Dec '13 - 89*2 Sale 8834
4
M -S
91
9312
87 Dec '13
Dak & Grc Sou gold 5 s _ . 1916 J -J 100*4____ 100*4 NOV'13 ___ 1
J -J -------87
80 b 92
Dubuque Div 1st s f 6 s . . . 1920 J -J 10734 ____ 103*4 Dec '13
.
1
M -S
04*2
9412
9312 97
3 94b 10012
F ar& Sou ossum g 6s____ 1924 J -J 1 1 0 b ____ 110 J 'n e‘13 . . 1
M -S 103 109 103 D ec ’ 13
103 107
La Crosse & D 1st 5s____ 1919 J -J 101*3 102b 101*8 Dec '13 . . . 1
iVl-H 1 0 1 13 102 101fiN ovT3
101b 103ia
W is & M inn D iv g 5s____ 1921 J -J 102b ____ 102*2 Dec '13
1
91'8
M -S
oib Sale 00-'s
20 87
95b
IVis Vail D iv 1st 6s_______1920 J -J 107*4____ 107-s Sep '13
1
98 Oct '06
Registered____________ /i 10 5 M -S
95
95
M 1 & N o cons ex 4
1
___ 1934 J -D
9934 100
99*4 Dec '13
50-year unified 4 s _______1950 J -D
9934
1st extended 4>£s_______1934 J -D
9934 Sale 9U34
*0*2*12____ 104 Dec '13
1
M-N 1
102*2 1G 34
G
Chic & Nor b est cons 7 s . .1915 Q F 102 *8 10234 L02b
102b
5 1
8718 . . . 95 A u g '12
J -J
Extension 4 s________ 1886-1926 tf-A
91*2____ 92b Oct '13
J -J 12R2 . . .
R egistered________ 1886-1926 F -A
90
92b 92b Oet '13
877s 19 853.J 921;
M-N
873.1 Sale S7i2
General gold 3 U s ________ 1987 M-N
12
80 Sale 80
80*3
A -O U4'3 . .
8434
Registered_____________ p i 9871 Q -F
11013 May 11
1st gold 5s__________ I I I l 034 A -O
94
General-is_________________1987 M-N
03 Sale 93
97 Oct 12
18
.) - j
1
99
003a • 27 88
a
1 0 6 b ____ 106 Sep '13
0*RVl Sinking iund 6s____ 1879-1929| - 0
j - j
1
R egistered________ 1879-1920IA-Q A05*2___- 105*2 Dec '13
891.1 J’ly '13
88
t-b'|
R egistered__________ /«1 025 Q -J
1
om km g iuitd 5s____ 1879-1929 A -O 104*4____ 104*2 Nov '13
01*2
92
Gold 4s........ ..................... ill048 A -O
59 89 b 6773
1
R egistered________ 1879-1929 A -O 102*8____ 102 Oct '13
89 > D e c '13
2
R e g is t e r -_________
/{io<ii'. Q -J
83b V7
Debenture 5s_____________ 1921 A -G 100b Sale 100*2
100*2
ill
5
to (3 Sale 0J*i
20-yr conv 4 y2s . . ................ 1033
319 88b 07b
_
Registered______________ 1921 A-G
98 ____ 101 Dec ’ 12 _ __
Pitts June 1st gold 6 s ____ 10 2 2 J - J 105 ____ 112 Jan T2
1
Hinkuur fund deh 5 s . ........1933 W-N 100*4____ 101*2 Dec '13
83l2
P June & M D iv 1 st g 3 H s l0 2 5 M-N ♦ 3312____ 83l2
83b 89b
1
Registered______________ 1933 tfi-N
83Q S412 84b
8412
100*8 Aug '13
1 82U 90b
P L E & W Va 8 ys ref 4 s ._ 1 0 4 1 M-N
1
Ite m Elk & M o V 1st 6s 1938 A -O iig" ____ 117 J 'u*- '13
87*a
S758
12
Southw D iv 1 st gold 3 Kls. 1025 J -J ------- 88
03 _
M an G B & N W 1st 3 y2s 1941 J " J
90*2 Sep '09
Cent Ohio R 1 st c g 4 U s . . 1030
103 N o v '13
J -J
Cl L or& W con 1st g 5 s . .1933 A -O 1021?
M il L tl & W est 1st g’ O s .. 1921 vi-a 108*4____ 108b Dec '13
I
Monon River lstg u g 5 s . .1010 K -A
99*2____ IO214 J'lie 12
1
Ext & im p. s f gold 5 s ..1929 F-A 103*4 107*2 104 Sep '13
Ohio River It It 1st g 5s___ 1030 J -D 102 ____ 102 Nov '13
102 103b
1
<
Ashland D iv 1st g Cs___ 1925 vi-a 110*3____ 114*8 1 cb '13
9Sa ____ 983a Oct '13
4
98^3 985
#
General gold 5s__________ 1037 A -O
1
M ich D iv 1st gold 6s___ 1924 J -J 111 ____ 11 N o v ’ 13
Pitts Clev & Tol 1st g 6S ..1022 A -O 105 . . . H3i2 Keh '12
-".liiyp ar& N W ls t g u 4 s . 1947 A - a
91
91 Sale 91
l ’itts & West 1st g 4 s____ 1017 J -J
1
95*3 ____ 97 May’ 13
96b 97
Noittnv Union 1st 7s g ___ 1917 vi- a 1 0 7 b ____ 15 J'ly 11
Stat Isl Iiy ls tg u g 4 H s ..l 0 4 3 J -D
I
Winona & a t P 1st ext 7 s . 1916 J -D 106*4____
Bolivia Ity 1 st 5s.................... 1027 j - j
1
Buffalo R & P gen g 5 s ------ 1037 M -S 105la 1063s 10534 Doc ’ 13
103 11038 Chicago Rock Isl & l'a c 6s. 1917 J -J 104 105 t04b N o v '13
.. 1
Registered______________ 1917 .i-J 104 106 104 Oct '13
103 1043,
Consol 4 J ^ s _______________ 1057 i.l-N ------ 100b 103i4 Apr ’ 13
87 ____ 9034 M cll’ 13
General gold 4s___________1988 J -J
83*2 12
83*4 84b S3
All & West 1st g 4s gu____ 1008 A -O
0 o3 9534
4
91 Dec '12
103 .J’l y ’O
K
J -J ____ 83
Cl & Mali 1st gu g 5s____ 1043 J -J 1013s .
7234 53
Refunding gold 4s________ 1934 rt-O
89
723g Sale 72
ltoch & Pitts 1st gold 6 s . . 1021 F-A 10S>4____ 1073.1 Oet '13
107b 1107
s
90
20-year debenture 5s
. .1932 J -J
74
75
71
71
14
Consol 1st g 6 s__________1922 J -D 109 ____ 1095a Deo '13
108b 1117
8
Coll trust beries L 4s____ 1914 Vi-N
97 Sep 'l l
103b
anada Sou cons gu A 5 s . 1962 A -C 103*4 10412 1031.1
P 4 s........................................ 1918 Vl-N ____ 92b 94*4 J’n e’ U
Registered_____________ 1902 A -O
4934 Sale 49
Chic R 1 & Pac R R 4s____ 2002 Vt-N
9 6 Q ____ 07
50*8 114
971.1
CarClinch&Ohiolst 30-yr5sl938 J -D
8 90b 98
643s
50 Dee '13
Registered______________ 2002 Vl-N
a
110 1105a
Central of Ga 1st gold 5 s ../;1 0 4 5 F -A 103«2____ L10a Mcll 13
80 J'ly '13 .
87«4
R 1 Ark & Louis lst4JbS -1934 a - a ____ 84
101l2
Consol gold 5s____________ 1045 M-N 101*2 10312 101*2
3 101b 109
.. 1
C
02 Dec '13
L U4 Mch'13
OI
llur C R & N — 1st g 5s___ 1934 ^-tl 10133 103
106b 100b
Jtegistered___________..1 0 4
M-N ____ 103
O R 1 F & N W Istg u 5 s .l9 2 1 A -O
[03 D e c ’l l
99 b 10034 05b Sep 11
1st pref income g 5s____ ;;1045
105 Dec 11
J -D
2d pref income g 5s____ p l045 Oct
06 N o v 'll
Choc Okla& G gen g 5 s ..o l9 1 9 J -J *98 ____ 9973 M ay'13 . . .
2d pref income g 5s s ta m p ed ..
107 D e c 'll
Consol gold 5s___________1952 V1-N __________ 06 Jan '13 . . . . 1
*
3d pref income g 5s____ pl045 Oct
85's Oct 'l l
Keok & Des Moines 1st 5 s . 1923 A -O
91 D e c '13
3d pref income g 5s sta m p e d ..
90
95
at Paul & K O 8h L l s t 4 H s ’41 F-A ____ 79
75 N o v ’ 13
90 Feb '13
90
90
Chatt D iv pur mon g 4 s . .1951 J -D
83
90
Chic bt P M & O con 6 s . ..1 9 3 0 J D 117 118
173 N'ov’ 13 . . 1
8
M a c & Nor Div 1st g 5s_.).04C
101*4
89b Dee '12
M id Ga & Atl D iv 5s____ 1047
98 102b
J-1)
Debenture 5s_____________ 1930 M-S 100*2 ioib 00*8
100*8
M obile Div 1st g 5s----------- 1046 J -J 101*4
109:*4 May 11
1
11
Oh bt P & M inu 1st g 6 s . . 1918 «1-N 115*4____ 157 Nov '13 .
8
Cen ltR & B of Ga col g 5s. 1037 R1-N 98*2 100
1 9934 1013S
0934
9934
j
May 09
Cent of N J gcn’l gold 5s___ 1087 J -J
28 1121? 1193*
J -J 1153
106 109>4
at P & S City 1st g 6s____ 1919 A-G 106*4 103
00 'NOV'13 . . . ic
Registered_____________ h 1087 Q -J 113l2 114 ' 113 D e c '13
112b 118*2
10134 105*2
Am Dock & Imp gu 5s-----1021 3 - j
,1-S
103 N o v ’ 13
Ohic& W est Ind gen g 6s..</1932 Q-M 108 ____ 05 Dec '13 . . . I*j
Rub & ilu d R gen gu g 5 s . 1020 j - j 1003a ____ 100 J'no'13
100 100
Consol 50-year 4s_______ 1952 J -J
N Y & Long Br gen g 4 s . .1041 M -S
16
93
33 ____ 83*4
83b
L00>2 Jan '13
100b 100*2
Cent Vermont 1 st gu g 4 s_ .e l0 2 0 Q -F
82
90
80*3 83
83 Dec T3 —
U. S. G overn m en t.

1 O-J
0 O-J
S Q -F
8 Q-F

Bid
/Is.
93
99
03 . .
102 > 103
4
102U 103

Low
H lqi N o
S9412 Oct T. I ___
98 sep '1 ___
1021.1 N o v ’ l ____
1023a Dee ’ 1 ■___

_

C

M ISC E L L A N E O U S B O N D S— C o n tin u e d on N ext Page.
S treet R ailw ay
Brooklyn Rapid Tran g 5 s .1945
1st refund conv gold 4s___ 2002
6 -year secured notes 5s___1018
Bk City 1st con 5 s . .1016-1041
Bk Q C o & S con gu g 5 s . .1041
Bklyn Q C o & S 1st 5s— 1041
Bk.lyn U 11 El 1st g 4-5s___ 1050
Stamped guar 4-5s______ 1050
Kings County El 1st g 4 s . 1940
Stamped guar 4s________ 1949
Nassau Elec guar g ild 4 s . 1051
Chicago Rwys 1st 5 s ______ 1927
Conn Ity & L lst& ref 5g 4 H s '51
Stamped guar 4 )^ s _______ 1951
D et United 1st cons g 4 H s .1 9 3 2
Ft Smith Lt & T r 1 st g 5 s . .1036
Grand Rapids Ry 1st g 5s__1916

A -O

*9 0*13 11II
*

d Duo April,

e Duo M ay.

M-N

J-J

100

------

.

97i2

F -A
F -A
F -A
F -A

*80*12 827g

F -A

____ 74
90U 97

J-J

J-J
J-J
J-J

vl-S
J -D

1N o price Friday; latest this week,




00 i2 Sale
88 Sale
O I4 Sale
6

99U
OS
Og
87i2
88's
06
O fi
O
100 Dec ’ 13
98 Apr ’ 13
101 May 13
0912
0934
0934 Dec '13
82i4 N o v ’ 13
8234
8234
73 Dec '13
06> Dec '13
s
1017S j 11 0 12
0512 J’ne’ 13
68
69
03 Apr '12
08 J’u e ’ 13

J-J
J -J
J- J

99i2 Sale
.-

09

83

Sale

S tree t R ailw ay
99 IO314 Havana Elec consol g 5s___ 1052
843g 923s
nterboro-Metrop coll 4 */4s_1956
96
965g Intcrboro Rapid Transit—
1st & refunding 5s_______ 1966
90 14 102l2
Manhat Ry (N Y) cons g 4 s . 1990
98
98
101 101
Stamped tax-exempt_____ 1990
9812 IOH2 Metropolitan Street R y—
9 8 s 10134
.’>
Bway & 7th Av 1st c g 5 s . 1943
8 U4 8214
Col A 0 th Av 1st gu g 5 s . .1903
c
Lex Av & P F 1st gu g 5 s. 1993
81 14 86
73
78
M et W S El (Chic) 1st g 4 s . 1938
06
O I2 Milw Elec Ry A Lt cons g 5sl926
8
c
Refunding & exten 4}$s._1931
95l2 9978 Minneap St 1st cons g 5s___1010
6734 75l.| Montreal Tramways 1st & ref
30-year 5s Ser A _________ 1941
->ew url Ry & Lt gen 4>$s-1035
g Due V-JCt ./> Du.i J -l.T.

* Due Aug.

F -A
A-O

J-J

A-O
A-O

____ 937S 93*2 NOV '13
70 Sale 75*8
70 b 293

93b 98
71
81U

31

98
987*
86*2 95
87*4 95*i

98*2
9Sb Sale 98*3
87% Dec '13
85
90
8
837
8
887 Sale S87
8

J-D ____ 101
M -5
1-S
F-A
F -A

97 100
97
985s
____ 80
100*2 102*;
____ 93

J- J
J-J

96
____

J-J
J-J

100*2 Dec T3
98*2 Nov 13
98b Dec '13 . . . .
93b J'ly 06
102 Oct '13
91 Apr 13 . . . .
102 N o v '12

97 Nov'13
98
807 85*4 Feb '13
8

Dus Nov.

2

g Due Dec.

100 103*4
98b 99
97*a 101
100*4 102
91
91
97
85

97
854*

s Option sals.

New York Bond Record— Continued— Page 2

58
N.

Price
Pr Ulan
Jan. 2.

BONDS
Y . ST O C K E X C H A N G E
Week Ending Jan. 2

Range
Year
lvl3.

Week's
Range or
Last Sale

Low High

97

100':

86% 864

85
87%
877s
89%
83

92%
92%
90
89%
91

81

82

10434 105%
90
94%
90
90
102 103
100% 101%
120

120

89
49%
36%
26%
947*
90% 94%

102 108

100% 103%
103 10 5 %
193 103
84
84
108 111%
102% 106%
94
97
107% 110%
95%
96%
93%
83

98
101%
99%
8834

80%
90
85
67

80%
957g
99
84%

78
85%
67% 81
84
82

88
82%

9534 09%
104% 104%

100 100

99% 103%
109% ns’ '
101

103

101

103%

100 100%
109 109
817* 87
80
84
667* 7a
85%
66
65
103%
104%

90
82%
77%
104
111

121%124

io'o‘ % 102“
96 "101%
81
87
107% 108
92% 99
104 110
987* 101%

I
G

90

96%

63% 76%
93
96%
927* 96
067* 100%
96
06
93% 98%
118 124%
117% 110%
9934 104%

Low
High
03% N o v ’ 13
98 J’ne’ l l
925* M ch 'll
97 Sep 12
114% Sep '12
118% D e c ’ 13
136% May'0b
105%____ 105% May’ 13

ina
Ask
____ 94
90% 04%
8512 .
_
90% 90
108% ____
118 ____

St P M & M (C o n tin u e d )—
M ont ext 1st gold 4 s____ 1937
Registered______________1937
Pacific ext guar 4s £ _____1040
F Minn N or D iv l s t g 4s 1948
I
Minn. Union 1st g 6 s____ 1922
M o n t C 1st gu g 6 s ______1937
Registered......................... 1937
1st guar gold 5s_______ 1937
R egistered___________ 1937
Will & S F i s t gold 5 s . . . 1»38
G ulf& S 1 1st ref& tg os._& 1052
R egistered_______________ 6 1 0 5 2
F lo c k Val ls tc o n s g 4 F 5 s __1999
IJ- R e g i s t e r e d ......
. 1999
C o l& H V 1st ext g 4s '
1948
C o l& Tol l s t e x t 4 s ______ 1955
Ilo u sB elt& Term 1 st 5 s ___ 1937
I lllnois Central 1st gold 4 s . 10 5 1
* Registered______________ 1951
1st gold 3 ^ s ______________ 1051
Registered___________ I .I 1 0 5 1
Extended 1 st g 3 ^ s _____ 1 9 5 1
Registered______________ 1051
1st gold 3s sterling_______1951
Registered__________ __ 1951
Coli trust gold 4 s__
"1952
Registered____
1952
1st ref 4s____
1955
Purchased lin e s 3 iis
1952
L N O & Tex gold 4 s " ‘ 1953
Registered....................
1953
Cairo Bridge gold 4 s ____ '1 9 5 0
Litchfield D iv 1st g 3 s . . . 1951 j
Louisv D iv & Term g 3 V s 1053 j
4
Registered_______________ 1053 j
M iddle D iv reg 5 s .
1921 f
Omaha D iv l s t g 3 s _______ 1951 F
St Louis D iv & term g 3 s_l*5 1 j
Registered_______________ 1951 J
Gold 3>4s................
1951 J
Registered______________1951 J
Spring D iv 1 st g 3 J4s____ 4951 J
Registered_______________ 1951 J
Western lines 1st g 4 s____ 1951 F
Registered_______________ 1951 F
Bellev Sc Car 1st 6 s . _ . . . . l 923 j
Carb & Shaw 1st g 4s____ 1032
Chic St L & N O g 5s...........1«51 J
Registered_____
1951 J
Gold 3 > is..............................1951 J
Registered____
1951 j
M em ph D iv 1st g 4 s '
1951 J
Registered________
'1 9 5 1 J
St L Sou 1st gu g 4s_______103 1 m
lnd 111 Sc la 1st g 4s_______ 1950 j
ln t & Great N or 1st g 6 s ___ 1019 M
Iowa Central 1st gold 5 s ___ 1038 j
Refunding gold 4 s________ 1951 fci
amestown Franklin &
Clearfield 1st 4 s ................1959 J
an City Sou lstg o ld 3s__1950 a Registered_____________ 1»50 a
R ef & impt 5s_______Apr 1950 J
Kansas C ity Term 1 st 4s___ 10 60 j
r ak eE rie& W 1st g 5s___ 1037 j
2d gold 5s......................... 1«41 J
North Ohio 1st gu g 5s___ 1045 A
Leh Vail N Y 1st gu g 4>$s_1040 J
R egistered________________ 1940 j
Lehigh Vail (Pa) cons g 4 8 .2 0 0 3 M
Leh V Ter R y lsbgu g 5s___ 1041 A
R egistered________________ 1041 A
Leh Val Coal C o 1st gu g 58.1933 j
R egistered________________ 1933 j
1st lnt reduced to 4s______1933 J
Leh & N Y 1st guar g 4s___ 1945 M
R egistered________________ 1045 M
E l C & N 1st pref 6s...........1014 A
Gold guar 5s____________ 1914 A
Long lsld 1st cons gold 5s./»1031 Q
1st consol gold 4s________ /jl031 Q
General gold 4s___________ 1938 J
Ferry gold 4 > js ___________ 1922 M
Gold 4 s . . . ..............................1932 j
Unified gold 4s.......................1040 M
Debenture gold 5s________ 1934 j
Guar ref gold 4s___________ 1940 M
Registered_______________ 1040 m
N Y B & M B 1st con g 5S.1U35 A ­
N Y Sc R B 1st g 5s.............1027 MN or Sh B 1st con g gu 5s_ol032 q
Louisiana & Ark 1st g 5s___ 1927 MLouisville & Nashville—
General gold 6s__________ 1930 J
Gold 5s..................................1 9 3 7 M
Unified gold 4s____________ 1940 J
Registered...................... ..1 0 4 0 J
Collateral trust gold 5s___ 1931 M
E 11 & Nash 1st g 6s______1919 J
L Cin & Lex gold 4 Y $ ____ 1931 M
N O & M 1st gold 6s...........1»30 J
N O S M 2d gold 6s.............1030 J
c
Paducah & M em div 4s___ 1946 F
Pensacola D iv gold C3____ 10 2 0 M
St Louis D iv 1st gold 6s__1021 M
2d gold 3s..............................1980 W
l
A tl Knox & Cin D iv 4s___ 1055 M
A tl Knox Sc N or 1st g 5 s . .1046 J
Bonder Bdge l s t s f g 6 s . .1931 M
Kentucky Cent gold 4s___ 1987 J
L & N & M & M 1st g 4 )%s 1045 M
L & N -South M joint 4 s . .1952 J
Registered_____________ hl952 Q
N F la& S 1st gu g 5s______1037 F
N & C Bdge gen gu g 4J^s 1945 J
Pens & A tl 1st gu g 6s____ 1021 F
S & N Ala con gu g 5s____ 1936 F
L & Jeff Bdge C o gu g 4s___ 1045 M

Si

Range
Year
1913.

No. Low H ig h
. . . . 92
96%

___
~ ~
....

105%------ 104% J’ne ’ 13 ___
80
93
90 Oct ’ 13 —

iw l m ij
105% 109
104K 110
85
95%

■ ' * Sale'
97
95
95%
8 2 % ____
82 % ____

*97*
*97*% *2 06 * 101*34
100% Sep ’08
_
92 Apr ’ 13 _
92
92
92% Apr '13 . . . .
92% 9234
100% Dec '12
100 102*34
*04% ‘ O'J" 100 M a r '13
100 Sep 'll H I*
8 1 % ------ 84% Oct ’ 13 .I I I '84*% *887*
88% Feb '13 . . . .
88% 88%
'8i% m i 93% M ay’09
80
____ 92
89"
89%
70
79%
____ 97%
■
____ 95%
85 ____
0 7 % ____
75
80
99 ____
7 0 % ____
;____ 77

J ’ly ’09

90 N o v ’13 . . . .
95% Sep ’ 12
89% D ec '13 . . . .
78 N o v '13 . . . .
90% Dec '13 . . . .
94% Jau ’ l l
94% J'ly '12
76% NOv’ 12
81 M ay’ 13 . . . .
83 Aug ’ 12
123 M ay’99
70 J’ly ’ 13
75% M ch’ 12

*76% m i "77% Sep ’ lS i n .
101% Oct ’90
75 ____ 78 N o v ’13 . . . .
85% 90
►
____ 95
105 ____
8 7 % -----106% -----101 104%
83% I I I I

_
89% Dec ’ 13 _
117% M ay'10
94% J'ly '12
102% A u g ’ 13
114 Feb 'l l
90 Oct ’09
92% Aug*’ 12

90

96%

88% 96
77
83
87
97

81

81
O

D

Week'.
Range or
Last Sale

Price
Prtaay
Jan. 2

BONDS
Y. STOCK E X C H A N G E
Week Ending Jan. 2 .

O

Ota
Ask Low
High
9012___ 100% Oct -12
C in 11 & D 2d gold 4 ^ 3 _____1937 J - J
l s t & refunding 4s________ 1059 J -J
86% J’n e ’ 12
1st guaranteed 4s_______1959 J -J
Cin D < I 1st gu g 5s____ 1941 M-N
&
97 Oct ’ 13
88 M ch 'll
C Find & Ft V 1st gu 4s g . 1923 M-N
Y
____ 90
86% Feb ’ 13
Cin 1 & V 1st gu g 4s____ 1053 J -J
V
D a y * M ich 1 s tc o n s4 H s -1931 J -J
____ 100 103 Dec ’ 12
lnd Dee & V 1st g 5s____ 1035 J -J
V
107% Dec ’02
1st guar gold 5s__________1935 J -J
85 D e c ’ 13
Cleve Cin C & St L gen 4 s ..l 9 9 3 J -D ____ 84
20-yr deb 4 K s .......................1931 J -J
87l2 89*2 89 Sep ’ 13
877
a
8778
____ 88
Cairo D iv 1st gold 4s.......... 1939 J -J
89% Feb ’ 13
79% 84
Cin V & M D iv 1st g 4 s _ . 1991 J -J
V
81
8512 83 Dec ’ 13
St L D iv ls t coll tr g 4s___ 1990 M-N
91 Oct ’07
R egistered_______________1900 M-N
82 Sep ’ 13
82
85
Spr & Col D iv l s t g 4 s ____ 1940 M -S
82 ____ 91 Apr ’12
W V Val D iv 1st g 4s____ 1940 J -J
V
104%
C I St L & O consol 6s____ 19 2 0 M-N 1047* 10518 104%
90
91>2 90 D e c ’ 13
1st gold 4 s . . . .............................. *1936 Q -F
00 Mch ’ 13
Registered__________________ *1036 Q -F
Cin S & Cl con 1st g 5 s . . . 1923 J -J 101 ___ 102 Oct ’ 13
C C C & 1 consol 7s_______1914 J -D 100 % ___ 101% Oct ’ 13
Consol sinking fund 7S --1914 J -D
120 M ch’13
General consol gold 6 s . .1934 J -J
Registered_______________1934 J -J
82 ____ 94 J’ly ’08
ln d B & V 1st pref 4s___ 1940 A -O
V
V
O lnd & V 1st pref 5s___ dl938 Q -J
80
84
81 Dec ’ 13
Peo & East 1st con 4s_____1940 A -O
30
35 J ’ly 13
Incom e4s_____________________ 1990Apr25
15
15
17
25
Col M id and 1st g 4s_______ 1047 J -J
26 J’ly ’13
____ 24
Trust t o. certfs. of d eposit.- 90
90 Sale 89%
Colorado & Sou l s t g 4s____ 1929 F -A
01
91 Sale 90%
Refund S e x t 4 )^ s ________ 1935 M-N
c
F t V Sc Den C 1st g 6s___ 1921 J -D 1031* 106 103 D ec T3
V
Cvinn & Pas Rivs 1st g 4 s . .1943 A -O
100 M ay’ 10
Cuba RR 1st 50-yr 5s g ..1 9 5 2 J-J
el Lack S W e s t e r n c
1007S
el Morris & Essex I s t 7 s .l 9 l 4 M-N 1007* Sale 1007S
103%
1st conso. guar 7s_____1915 J-D 103% Sale 103%
103 N o v ’ 13
R egistered__________1915 J-D
84
88
84 D e c ’ 13
1st ref gu g 3 ^ s ........... 2000 J -D
N Y Lack S V 1st 6s_____1921 J-J 108% ____ 108% Dec ’ 13
c V
Construction 5 s . . . ........... 1023 F -A 102% 105% 104 Dee ’ 13
93 ____ 94 Dec *13
Term & Improve 4 s_____1923 M-N
70 ____ 102% Feb ’03
Warren 1st ref gu g 3 > $ s ..2 0 0 0 F -A
Del Sc Hud 1st Pa D iv 7 s . . .1917 M -S 108%____ 108 N o v ’ 13
Registered_______________1017 M -S 107 ____ 149 A u g '01
97% Sale 07%
97%
10-yr conv deb 4s________ 1916 J-D
100
1st lien equip g 4 Y s ______ 19 2 2 J-J 100 Sale 100
94% Sale 04%
1st Sc ref 4s________________ 1043 M-N
94%
8478 Sale 84%
8478
A lb & Sus conv SY j S______ 1946 A -O
Rens & Saratoga 1st 7s___ 1921 M-N 114% 116 121% May’ 12
80
82% 81% D e c ’ 13
Denv & R Gr 1st con g 4 s ..l 0 3 6 J-J
93 N o v ’ 13
Consol gold 4 f i s __________1936 J-J ____ 90%
00% Oct ’ 13
Improvement gold 5s_____1928 J-D ____ 91%
68 Sale 68
68%
1st Sc refunding 5s________ 1955 F -A
109 Dec ’ 12
R io Gr June 1st gu g 5 s . . .1039 J-D
R io Gr So 1st gold 4s_____1940 J-J ____ 77% 61% Apr ’l l
85 Mch’08
Guaranteed_____________ 1940 J-J
79% 80
79% D e c ’ 13
B io Gr W est l s t g 4s______ 1939 J-J
68
75
67% Dec T3
M tg e & col trust 4s A . ..1 0 4 9 A -O
97 Jan ’08
Utah Cent 1st gu g 4 s .a l9 1 7 A -O
110 Sep ’04
Des M oi Un R y 1st g 5 s . . .1017 M-N
84 ____ 84 J’ ne’ 13
D et & M ack 1st lien g 4s___ 1995 J-D
83 ____ 82% Oct ’ 13
Gold 4 s _________
1995 J-D
D et RIv Tun-Ter Tun 4J^s. 1061 M-N ____ 97% 06 Sep ’ 13
9 9 % ____ 104% M ch'13
Dul MIssabe & N or gen 5 s . 1941 J-J
Dui & Iron Range 1st 5s___ 1937 A -O 100% 103 100 N o v ’ 13
10612 Mch '08
R egistered________________ 1937 A -O
104 Feb ’ l l
2d 6 s . ....................................... 1916 J-J ’9 8 "
9 9 % ____ 09% Dec ’ 13
D u So Shore & A t g 5s_____1937 J-J
! ‘Lj'lgin Jol & East 1st g 5 s . . 1941 M -N 103 . . . 110 A u g ’12
• -'rie 1st consol gold 7s____ 1020 M -S 110% 112 111% D e c ’ 13
L
101% J’ ne’ l l
N Y & Erie 1st ext g 4s___ 1947 M-N
2d ext gold 5s___________ 1919 M -S ido% III. 101 D e c ’ 13
9 7 % ____ 100 Oct ’ 13
3d ext gold 4)^ 3................1923 M -S
4th ext gold 5s__________1920 A -O 100% 102 102 Oct ’ 13
5th ext gold 4s............. . . 1 9 2 8 J-D 92 ____ 100 Jan '12
N Y L E Sc V l s t g fd 7 s - . 1920 M -S 108% ____ 109 A u g ’ 13
V
83 Sale 83
84
Erie 1st con g 4s prior_____1996 J-J
80 D e c ’ 13
R egistered_______________1996 J-J
71% Sale 71%
71%
1st cons.ol gen lien g 4s___ 1906 J-J
77 Apr ’ 12
Registered_______________1906 J-J
89 Sale 88%
89
Penn coll tr g 4s___________ 1951 F -A
73 Sale 73
73%
50-year conv 4s A ________ 1953 A -O
71% 71% 71%
71%
do
Series B _______ 1953 A -O
B uff N Y & Erie 1st 7 s . . . 1 9 1 6 J -D 102% 109% 104 N o v ’ 13
104%
Chic & Erie 1st gold 5s___ 1982 M -N 104% 104?8 104%
,C Ie v & Mahon Vai g 5 s . .1038 J-J 101% 109% 109 M ay'12
Long Dock consol g 6s___ 1935 A -O 121% _____ 12 1 % D e c ’ 13
99 107% 108 Dec ’ 12
Coal & Hit 1st cur gu 6s__1922 M-N
D ock & Imp 1st ext 5s___ 1043 J-J 100% 101% 101 D o c '13
9 8 % ____ 103% A u g ’ 12
N Y & Green L gu g 5s___ 1946 M -N
N Y Sus & W 1st ref 5 s . . .1937 J-J
95% 98% 96% Oct ’ 13
74
00 100% Dec ’06
2d gold 4 Y s______________1037 F -A
70
80
General gold 5s__________1940 F -A
81 A u g ’ 13
Terminal 1st gold 5s_____1943 M-N 100 108 107% Feb '13
99 ____ 111% M a y 12
M id o f N J 1st ext 5s........... 1040 A -O
92% 97% 92% D c c ’ 13
W ilk & Ea 1st gu g 5s_____1942 J-D
E v & lnd 1st con gu g 6s___ 1926 J-J 100 108 106 May’ 12
Evans & T H lstco u s 6s___ 1021 J-J 104 106 104 D e c ’ 13
99% Deo ’ 13
1st general gold 5s________ 1942 A -O ____ 99
M t Vernon 1st gold 6s___ 1923 A -O
108 N o v ’ l l
95 J’n c ’ 12
Sull C o Branch 1st g 5s___ 1030 A -O
90 D ec ’ 13
Florida E Coast l s t 4 H s - - 1 9 5 9 J-D ------ 91
• ort S t U D Co 1st g 4 ^ s .1941 J-J
92 A u g '10
F t W & Rio Gr 1st g 4s_____1928 J-J *68" ’ eg" 63% NOV’13
reat Northern—
C B & Q coll trust 4 s . . .1021 J-J
0478 Sale 94%
05
Registered h ____________ 1021
-------95
94%
94%
l s t & refunding4 Josser A 1961
99 100% 98% D e c ’ 13
Registered_______________ 1961
06 J’ ne’ 13
St 1’aul M & M an 4s........... 1933 j - j ------ 99% 94% Oct ’ 13
1st consol gold 6s_______ 1033 j - j 118% ____ 119 Oct '13
Registered......................... 1933 j - j 115 . . . 117% A u g ’ 13
100%
Reduced to gold 4 > ^ s.l933 j - j 100 103% 100%
09 ____ 108% J’ne ’09
R egistered____________ 1933 j - j

N.

[V O L. XCVIII.

*77% *77%
78

78

87

94

102% 105%
....

...................

87
95% 98 J’ly ’08
9 86% 937*
86%
87
89% 86%
102 105 102% Nov '13 . . . . 102i4 107
8634 Dec ’ 13 ____ 86% 993*
____ 88
2 50
64%
50%
60
50% 50%

J
K

907* 94
_
90% Sep ’ 13 _
68
72
08% Dec ’13 —
63 Oct '00
4 94% 99
95
*0 5 " '96* 95
96%
5 90
92
90
94% 02
5 101% 106%
100
100 Sale 100
97 10234
-------100
100 A u g ’ 13 —
------ 90
100% Sale 1003*
10034
2 100 104%
100 ____ 100 D e c ’ 13 . . . . 100 100%
8 8 % ____ 91 N ov'13 - . 1 . 01
97%
107%____ 107% Dec ’13
107% 111%
_________ 111% Dec ’ l l
103%____ 104 N o v ’ 13 -I I I 1*0234 105%
102 ____ 105 Oct '13 ____ 105 105
—
........... .......
"84% I I I I 93 J’n"e"’i 2
____ 93%
08% 70

101% Feb i o
9 9 % ____ 09% N o v ’13
997* 100 %'
101 ------ 107 M ch ’ 13
107 108
89 ------ 06% Mch’ 12
8 0 % ------ 88% Dec ’ 13
86
94
____ 90
02 N o v ’ 13
92
02
83 ____ 99% Oet '00
_
85 Nov'13 _
85
90
84
89%
_
____ 100% 95 Oct ’13 _
05
05
90 N ov'13 —
____ 89%
89% 06
05 Jan ’l l
100% ------ 110% N o v '06
9 8 % ____ 103 Jan ’ 13 ____ 103 103
_ 104 104
100 ____ 104 A p r ’ 13 _
89 N o v ’ 13 —
86
93%
____ 94%
111% 114%
105% Sale
92% Sale
9 1 % -----102% 104%
108 ____
99 ____
113%____
..................

111% D e c ’ 13

110% 114%
105%111
91% 99%
92% 93
103 1063*
105 1083*

i 03 % m i
9 7 % ____
108% 109%
104 ____
83
86%

10534 * " " i
92
92% 40
92% N o v ’ 13
104 N o v ’ 13
108'% D e c ’ 13 I -I I
10434 May’ 12 .I I I
120 % M ch’ 13 . . . .
H I Dec ’ 13 —
91 J 'n e’ 13 . . . .
105% M ch’13
108% N o v ’ 13
693* Sep 12
873*
89
35
i l l Jan ’ 13
105 Deo ’ 13 - I l l
873 N o v ’13
4
99% Oct ’ 13 -I I I
83 Sep '13 —
95 Feb '05
103% N o v ’ 13 . . . .
97% Oct ’ 13 . . . .
108% D o c ’ 13 . . . .
_
107 N o v ’ 13 - m
83%
83%
2l

100%
97%
108
107
83%

70
____
62 Sale
90
94%

69 N o v ’ 13
69 Sep ’ 13 I I I I
51%
62 ” 37
04% N o v ’12

69
69
50%
93%

106% 109
68 ____
85% 88%
105 ____
105% ____
86
91
98%103%
____ 80

10534

120*% 130*%
111 114%
91
91
105% 105’4
198% 109
86% 92%
110 111
105 105
87
02%
09% 103%
81
90
104%
101%
108%
107
83%

M IS C E L L A N E O U S B O N D S— C o n tin u e d on N ext P age.
S tre e t R ailw ay
N Y R ys 1st It E & ref 4s 1942
30-ycar adj Inc 5s_______a l942
Portland R y 1st & ref 5s___ 1930
Portland By L t Sc Pow 1st
Sc ref conv s f 5s________ 1942
Portland Gen Elec 1st 5s_1935
St Jos R y . L , 11 & P l s t g 5s 1937
St Paul C ity Cab cons g 5 s . 1937
Third Ave 1st ref 4s_______I960
Adj inc 5s________________al960
Third A vo R y 1st g 5 s ____ 1937
T ri-C ity R y S Lt 1st s f 5S.1023
c
Underground of London—
4 ^ s ............................................1033
Income 6s_________________ 1948
Union Elev (Chic) 1st g 5 s .l
United R ys Inv 1st lien coll

J-J

A -O
M-N

75% 108 72% 79
75% Sale 74%
603* sale 58%
61 1139 517* 61
07 ------- 10 1 Jan ’13
101 101

F-A ____ 01%
J-J

M-N

J-J
J-J

A -O

J-J

A -O

J-J

____ 105
80% Sale
76% Sale
106% 107
95% 96%

Mch’ 13

-—

98 N o v '08
103% Feb ’ 13
80
80 % " 9 0
7534
767* 311
106%
107
4
86%
96%
2

a*-*
o

94 D e c ’ 13
8534
86 ‘ *35
84 Oct ’08

M-N

71

03

____

8534 Sale

• No price Friday; latest bid and a3ked thU week,




95

J ’n e ’13

a Duo Jaa.

95

96

Street R ailw ay
United R ys St L 1st g 4s___ 1034
St Louis Transit gu 5s____ 1024
United R lts San Fr s f 4s__1927
Va R y & Pow 1st Si ref 5s__1034

G a s and Electric Light
Atlanta G L C o. 1st g 5 s . ..1 9 4 7
103% 103% Bklyn U Gas 1st con g 5s__1945
77% 82% Buffalo Gas 1st g 5s________ 1947
63% 79
Columbus Gas 1st g 5s____ 1032
102% 107% Detroit C ity Gas g 5s______1923
95
99% D et Gas C o . con 1st g 5s___ 1018
Det Edison 1st coll tr 5s___ 1933
92% 90
Eq G L N Y 1st con g 5s___ 1932
857* 93% Gas & Elec Berg C o c g 5s__1040
Gr Rap G L C o 1st g 5s____ 1915
Hudson C o Gas 1st g 5s___ 1040
71
83
Kan C ity (M o) Gas 1st g 5s 1922

0 Due Feb.

d Due A dHI.

h Due July,

J-J

A -O
A -O

J-J
J -D
M-N
A -O

J-J
J-J
F -A

J-J

M -S
J -D
F -A
M-N
A -O

k Due Aug.

__

102% D o c ’ 13
100
102% 104" 102% D o c ’ 13
54 J ’n o ’ 13
—
"on
U
U
99 i o o ' '9834 No'v’i3
053* S*p '08
100
100 100
* _ . . . . 106 % Oct ’ 12
_ _ 100 Feb ’ 13
*98 '
rdf 100 Oct ’09
’ 13
-99% 101U 10234
____ 94 A u g’ 13

0 Due Oat.

.* Oe£«j sale.

....

—
....

73%
72 ,
67
05

102% 102%
101% 106%
54
54
***1io o "
983

3 90 102%
___ . . . . . . . .
100 100
101
04

103%

04

1

J a n . 3
.
j

1
j

j
1

1
|
1
j
|

!
j

1

1
1

i
j
1
|
j

i
j

|
j
1
j

i
j
j

1 9 1 4 .1

N e w

Y o r k

B o n d

Va
iN .
|

BONDS
Y . STOCK EXCH AN G E
W eek E n d in g J a n . 2.

£

T\,| anila IIK — S ou lin es 4s_193C M-N
2-VT ex in t e r n a t 1st c o n g 4s 1977 M -S
M -S
J -D
A -O
\ 1st c o n s o l g o .d 5s_________ 1934 M-N
1 s t a n d refu n d g o ld 4s
194! M-H
D e s M & F t D 1st gu 4s 1935 J - J
M S tP & S S M c o n g 4 s i n t g u 1938 J - J
M-N
M S S & A 1st g 4s ln t g u .l9 2 ( J - J
J -J
J -D
2d g o ld 4 s ______
(,199( F -A
1st e x t g old 5 s ___________11944 M-N
ls t& r e fu n d 4 s ..
2004 M -S
J -J
A -O
D a i & W a 1st gu g 5s
1940 M -N
P -A
M o K & E 1st gu g 5 s ____ 1942 A -O
M-N
M K & T o f T l s t g u g 5 s _ 1 9 4 2 M -S
J -D
M -S
M is s o u r i l ’ a c 1st co n s g ( i s . . 1920 M -N
T r u s t g o ld 5s s t a m p e d ._ a l9 1 7 M -a
M -S
1st c olla tera l g old 5s_____ 1920 P - A
P -A
4 0 -y e a r g old loan 4 s_____ 1945 M -a
Cd 7s exten d ed a t 4 % ____ 1938 M -N
1st & r e f c o n v 5 s_________ 1959 M -S
C e n t H r R y 1st gu g 4 s___ 1919 F -A
C e n t B r U P 1st g 4 s _____ 1948 J -D
L e r o y & C V A L 1st g 5s 1920 J - J
P a c It o f M o 1st e x t g 4 s __1938 P - A
2d e x ten d ed g o ld 5 s____ 1938 J - J
S t L I r M & S gen c o n g 5 s . 1931 A -O
A -O
J -J
R e g is te r e d _______
_ 1929 J - J
R i v & o n i v iRt.cr dn
inan M-N
V e r d i V 1 & W l s t g 5s___ 1 0 2 0 IM-S
M o b & O h io new g old Gs___ 11)27 J - D
1st exten sion g old 6s____ /il9 2 7 Q -J
G en era l g old 4 s ___________1938 M -S
M o n t g o iu D iv l s t g 5 s ____ 1947 F -A
J -D
J -J
K la s h v ille Cli & S t L 1st 5s 1928 A -O
IV Jasper llran cli 1st g 0 s l9 2 3 J - J
M c M ivl W & Al 1st Cs
1917 J - J
T & P B ran ch 1st Os.
1917 J - J
N a t I ty s o f M c x pr lien 4
1957 J - J
A -O
J -J
A -O
J -J
A -O
N e w O rleans T erm 1st 4 s . .1 9 5 3 j - j
N Y C en tra l & 11 It g 3 ^ s . l 9 9 7 j - j
lte g is te r e d _____________ 1997 j - j
D e b e n tu r e g old 4 s________ 1934 M-N
M-N
L a k e S h ore c o ll g 3 J^s____ 1993 F -A
'
lte g is te r e d _____________ 1993 f - a
M ic h C e n t c oll g old 3 ^ 8 .1 9 9 8 F -A
'
lte g is te r e d _____________ 1998 F -A
J -J
J -J
J -J
J -J
A -O
C a r t & A d 1st gu g 4 s ____ 1981 J - D
G o u v & O sw e l s t g u g 5 S ..1 9 4 2 J - D
M o h & M a i 1st gu g 4 s ___ 1991 M -S
N J Jun e It guar 1st 4 s ___ 1980 F -A
. R e g is t e r e d .......................... 1980 F -A
N Y & H arlem g 3*^ s____ 2000 M -N
■ R e g is t e r e d ______________ 2000 M -N
N Y & N o r t h e r n l s t g 5 s _ _ 1 9 2 7 A -O
N Y & P u 1st co n s g u g 4 s . 1993 A -O
N o r & M o n t l s t g u g 5 s___ 1910 A -O
P in e C reek reg gu ar Gs___ 1932 J - D
It W & O c o n 1st ext 5s__/il9 2 2 A -O
O s w e & it 2d gu g 5s____ cl9 1 5 P -A
It W & O T It l s t g u g 5 s . .1 9 1 8 M-N
R u tla n d 1st c o n g 4 % s ___ 1941 J - J
O g & L C h a in l s t g u 4 s g 1948 J - J
ltu t-C a n a d l s t g u g 4 s . .1 9 4 9 J - J
S t L a w r & A d ir l s t g 5 s___ 1990 J - J
2d gold Cs________________199i, A -O
U tic a A 151k R iv gu g 4 s . .1 9 2 2 J - J
c
L a k e S hore g o ld 3 ^ s -------1997 J - D
J -D
D eb en tu re g old 4s-----------1928 M -S
2 5-yr gold 4 s------------------ 1931 M-N
R e g is te re d _____________ 1931 M-N
K a A & U It l s t g u c 5 s . . 1938 J - J
M a h o n C ’ i It It 1st 5 s . ..1 9 3 4 J - J
P itts & L E rie 2d g 5s____0 9 2 8 A -O
P itts M c K & Y l s t g u 6 s . .1 9 3 2 J - J
2d gu aran teed (is________ 1934 J - J
M e lt CCS & 11 V 1st g C s . . 1918 J - J
M ich ig a n C en tra . 5 s ____ 1931 M -a
R e g is te re d ---------------- .1931 Q-M
4 s .......... - --------- --------------- 1940 J - J
R e g is te re d -------------------- 1940 J - J
J 1. & B 1st g o ld 3 ^ s ___ 1951 M -S
1st g old 3 }^ s ------------------ 1952 M -N
20-year d eb en tu re 4 s___ 1929 A -O
N Y C h lc it S t L l s t g 4 s . .1 9 3 7 A -O
A -O
D eb en tu re 4 s ------------------ 1931 M -N
W e s t Sh ore 1st 4s g u a r . . .2301 J “ J
R e g is t e r e d ---------------------- 2301 J - J
N Y C e n t L ines eq tr 4*^s 1922 J-J

Pne*
Friday
Jan. 2

Week's
Range or
Last Sale

AS) Low

Bid

lllg)

R e c o r d —

1*
»

la
tq

Range
Year
1913.

No

00i2
02
0
78 D ec ’ 13 —
69
70
14
89 D e c ’ 13 ____
77i2 D ec T3 ____
110 Mch ’05
8658 ____ 88>2 N o v ’ 13 ____
975a 100 101*4 J ’ n o ’ 13 ____
10 1
3
101 10U2 1 0 1
10-4 O ct T2
75>2
7512
6
76*2 77
807 O ct T2
8
2
70*3
76*2
2
921
2
1
92l2 ____ 921
_
113 ____ 114 N o v ’ 12 _
11234 Jan ’ 13
-------I l l
____
795a D e c ’ 13
7934 80
lOiFs____ 107k! J ’ n e ’ 13
93 ____ 95 D e c ’ 13
88k D e c ’ 13
105 105-1; 105 D eo ’ 13 ___
1083a____ 111 Jan ’ 13
105>2 Jail ’ 13
103
113 J ’ ly ’04
103
52 D ec ’ 13
77 F e b ’ 13
62
75
907a P eb T3
65 A u g ’ 13
. - 70
48
55
18
101*a O ct ’ 13
79i2 May T3
813S
83
8134 83'
30
79>a D e c T3
____ 84
86
13
80 Sale 83
93 May ’ 12
____ 90
78
48
78 Sale 77U
77
77 ____ 77
1
73>4 85
73U Sale 73
77*2 M a y ’ 13
____ 80
90l2 ____ 98 A p r ’ 13
99 M a y ’ l l
io o ____
00l2 Sale
78 ____
70 Sale
88 ____
75*a____

83>a____

88

O ct T2

983* J an ’ 13
105 O ct ’ 02
87l2 D ec T2

10012 io s

82

80

102
92

112
102io
98*4
10lia

____
Sal ft
99*2
____

131*2 Jan ’65
102*2
1021"
2
987S D ec ’ 13
104 J ’ ne TO
90 A p r T3
80 Se'p T3
92 J ne ’09
108 Sep T2
119*2 M ch ’ 12
95
95
1
85
80
17
83*2 D eo T3
89
S9*2 ” 33
88*2
8S
3.| 15
93 O ct T2

-------7512
fo'o . .
. . . 105
95 ____
80 Sale
____ 85
89>2 Sale
88*2 Sale
103 ____
10312 110*2
100 ____
li43a ____
n o ____
1 0 0 1 4 ____
10 2 ____
100*2 .
...
89
82 ____
837S Saie
95 Sale

P a g e

3-a
BONDS
Y . STO C K EXOH ANGJ ; S c
W eek E n d in g Ja n . 2 .

O ct ’ 13
O ct T3

111*2 M c h ’ l l
105 A p r T2
I30ia Jan ’09
123U M ch ’ 12

10 0

89

97

90

96

50

627,

86*2 95U
71
8134
95*2 99J4
07*4 77*2
79*2 87
77*2 78*4
9934 102
82
877S
101 108
98 10412
97 101*4
90 103
101*2 101*2
102 106*2
95 100
90

993s

-j
M-JN
j - j
j -j

. 195

2 0 -y rc o a v d e b Gs (w h Iss)
H arlem R - P t d i e s 1 s t 4s 195'
B & N Y A ir L in o l s t 4 s
195£
C e n t N e w E n g l s t g u 4s__1961
H o u s a t o n ic R co n s g 5s
193"
N Y W ’ches& B l s t s e r 1 4 U s '4C
N e w E n g la n d c o n s 5s____ 1941
C o n s o i 4 s ___
194E
P r o v id e n c e S ecur d e b 4s__195 "
N Y O & W ref l s t g 4 s ____ ol992
R e g iste re d S 5 .000 o n lv p lo o i
G eneral 4 s _____
_ * " i 95r
N o r lo lk Sou l s t & r e f A 5s_ 196:
N o r i & S o u 1st g o ld 5s_
194:
N o r f & W est gen g o ld 0 s . ..1 9 3 1
Im p r o v e m e n t & e x t g 6 s . 193N e w R iv e r i s t g o l d Gs____ 1932
N & W R y l s t c o n s g 4 s ___ 1990
R e g is t e r e d ________
1996
D i v ’ l 1st 1& gen g 4 s ____ 194^
1 0 -2 5 -y ca r c o n v 4s
, ,11)32
C o n v e r tib le 4 ^ s ___

193f

62
78
07
89
72

7034
C C & 1 1st gu a r g o ld 5 s . . 1922
78
_ S c lo V & N E 1st g u g 4 s . .1936
88
N o rth e rn P a c ific p rio r Ig 4s 1997
92
lte g is t e r e d ___
1997
77*2
G eneral lien gold 3s_____ <721147
R e g is t e r e d .
<i?n47
88*2 93*a
St P -u l-D u lu t h D iv g 4 s . .1 9 9 0
10134 103
D u l S h o rt L 1st gu 5s____ 1 9 1 0
100 100
St P & N P gen gold 6s___ 1923
74*4 825«

j

M-N
F -A
J -J
M -r
j -j
M-N
J -J
J -J
M-N
M -8
M -S
J -D
F -A
M-N
M-N
F -A
A -O
A -O
A -O
j -j
J -L
M -S
M -S
J -J
M -N
Q -J
Q -J
Q -P
(J J -D
M -S
F -A
O -F
F -A
A -O
J -l)
Q-M
J -J
J -J
J -D

St P a u l& D .luth 1st 5s **1931
2d 5s_____________
16 17
1st con sol gold 4s
1963
76*2 83*2
W ash C e n t 1st g r n f c l l . m s
92*2 90
112ia 117*4 N o r P a c T e rm C o 1 s t k Gs. 1032
11234 11234 O regon-W ash 1 st & rer 4s 1901
795S 857S p a c i f i c C o a s t C o l s t g 5s 1946
en n syivan ia l t R —
107*2 109
95
95
1st real cs t g 4 s________
1922 M -N
C o n s o l g o ld 5s_______
1 9 1 £ M -S
88*4 89
C o n s o l g o ld 4 s___
1 9 4 3 M -N
104*2 108*4
111 111
C o n v e r tib le g o ld 3 ^ s .
o l9 1 5 J - D
R e g is t e r e d ____
.
ni u l5 J - D
105*2 105*2
C o n s o l g o ld 4 s_______
1948 M -N
A lle g Val gen gu a r g 4s___ 1942 M -S
52
88*2
70*4 78
P -A
P h ila H alt A W l s t g 4 s
1943 M -N
0G7S 9678
S o d B a y & Sou 1 s t g 5s
1924 J - J
65 ' 70*2
H unbury & L ew is 1 rY p 4s” l93fi J - J
.
4212 87
M -S
70*2 87*2 P en n sylva n ia C o —
G u a r 1st g 4 H s ___________1921 J - J
80
87*4
R e g is t e r e d _______
1921 J - J
79*2 8034
G u a r 3 ^ s coil trust r e g . .1 9 3 7 M -S
83
91*2
O u a r 3 ^ s co il trust ser R_1941 F -A
T r u s t C o c t fs g u g 3 ^ s ___ 1916 M -N
70*2 83
G u a r 3 ^ s trust c tfs G ____ 1042 J - D
7512 81
G u a r 3 s trust c tfs D .
1944 J - D
71
80
G u a r 15-25-year g 4 s ____ 1931 A -O
70
77*2
C iu L e b & N o r g u 4 s e
1042 M -N
98
98
C l & M a r 1st gu g 4“t4s 1935 M -N
C1& P g en g u g 4 ^ s ser A* 194 2 J - J
Series B _____
1042 A -O
l n t red u ced to Z l^s
1942 A -O
Series C 3 ^ s ____
1948 M -N
Series D 3 H s ________
1950 P - A
E r io & P itts g u g 3>4s 13 ..1 9 4 0 J - J
983a 983a
Series O ______
1940 J - J
G r R & 1 ex 1st e u g 4 kjs 1941 J - J
P itts Y Sc A sh 1st eons 5s 1927 M-N
T o l W V & O gu 4 LJs A ” 1931 J - J
Series 1 1 4 14s
"
1033 J - J
102 107
Series C 4 s___
1942 M -S
92
92
P O G & S tL g u 4 H sA
1940 A -O
Series 11 g u a r ________
1942 A -O
Series O g u a r ____
1942 M-N
10 2 IOGI4
Series D 4s g u a r . .
1945 M -N
97*2 987
a
Series 1 3 * -3 s g u a r g ____ 1940 F -A
-1
Series P gu 4s g
___1 053 J - D
90
od
Series G 4s gu a r_________ 1957 M -N
70
84
C S t L <c P 1st co n g 5s___ 1932 A -O
5
P e o & l ’ ek Un l s t g Gs_____ 1921 Q -F
M-N
95
0512 P e rc M a rq u e tte — R e f 4 s ___ 1905 J - J
R e fu n d in g gu ar 4 s ________ 1955 J - J
85
88*2
C h & W M 5s
1921 J -D
F lin t & P M g Os
1920 A -O
88*2 93*2
1st co n so i geld 5s_______1939 vi-N
88
925a
A -O
F -A
P h ilip pin e R y 1st 3 0 -y r s f 4s '37 j - j
P i.tS S h & L E 1st g 5s
1940 A -O
1st co n so l gold 5s _
1943 J-J
.I-.I
R e g iste re d ________ ____ 1097 J-J
Jersey C e n t coll g 4 s_____ 1951 A -O

------ 90
O P a ____

8534 D ec T3
91*4
9Na
90
91
9 4 U ____ 100I2 J ’ly ’ l l

6
0

80
80**2
81*2 89
93*2 99*2

J -J
G eneral g o ld 5s___________1931 j - j
St I. & S P R R co n s g 4 s ..l9 U 6 j - j
G en 15-20-yr 5 s _________ 1927 M -N

6
30

83*2 89
90
99*8
89
97*2

Sou th w D iv 1st g 5s____ 1947 A -O
R e fu n d in g g 4 s __________ 1951 J - J

J-J

As Low

___
____ 76

79
77
68

106 Sail 105
103*8 Sail 103

Hlg)

l l

Range
Year
1913.

No

Low High

O ct ’ ll ___
79
89*2
NOV’ K ____ 77
88*4
S7 ’
691 1 2 1 68
1071
58 10234 126
1033 627 1017S 1073a

-------83
80*8 O ct ’ ll ____ 80*8 90U
.
104*2 . . 110 F e b ’ K
110 110
78*2 79*. 78
78
"
75
98*4
107 A u g ’ 01
99*2 M ch ’ ll
83*4 F e b ’ ll ____
84
84
:

____ 72
84 Sale

82
87
897 P eb ’ ll
8
-------95
95 D e c ’ ll
99 ____ 99*2 D ec ’ ll
117 1195; 116*4 N o v ’ ll
118*2____ 123 Jan 11
110*2 118 115*2 J ’ne ’ ll
94 ____ 9334
94
98 Jan T
87
88*2 87*8
875;
102 104 104 A p r ’ l l
103*2 D e c T:
1025j
10258 Sale 102*8
881* 881?
100 ____ 105*4 Jan '13
88
90l2 90 N o v ’ll
9234 Sale 92*2
927*
90*2____ 94*2 O ct 'l l
64*2
64*4 Sale 04*4
____ 66
____ 90
90 A p r ’ 13
100*2 Sep ’ l l
110*8 H 2 110*4 D ec ’ ll

817g 83*4
84
92**

____ 95
99*j
____ 99*2 100
____ 11634 120 j
____ 123 123
____ 115*2 12034
99
3) 88
7 87*8 9284
____ 104 1127S
99 l l l l j
7 98 107 ”
10534 105*4
84*2 95*8
90
985g
91*2 97*8
17 63*2 697s
G5
68
90
921f
100*2 100*t
108*2 113
50

10034 ____
100=8____ 1003a O ct '13
83 ____
8 P 2 D eo T3
111 O ct T3
87
87*2 897g 87
99*4 Sale 98
99*4

j
:

10038 1023*

4
3

81*2 837a
11034 1113,
86
91U
98 IOU 2

94
98
101 104
99 ____
9733 9758

97 D ec ’ ll
90 106U
110 M c h '12
99 D e c T3
99 10018
97*4
97*2 171 057g 97*8
97 D eo ’ 13
90*s 97
99*i Sale 99*a
99*8
3 98 102*4
____ 100*i 95 N o v ’ 13
95
99*4
87*2____ 100 Sep T2
99*a P ly T3
99 IOO j
102 Jau ’03
____ . . . .
88 ____
93 ____ 10 1* 2 M ay’ 12
100
100
2 100 104
1003S
1003a
3 10038 102*4
83*4 87
•
84*2 Sep T3
83*4 (Jet '13
83*4 86 I4
97*2 N o v T3
97
977s
_
8438 85*8
84*8 J ’ly T3 _
__ 82*4 85 :j
84*2 N bv T3
92*8 90%
9212 N o v T 3
92 i2 P eb T3
92*8 92*8 i
110 Jan '05
i0T 102 J
1003s____
1003g____ 10934 J 'ly ’09
853g ____ 91*4 P eb T2
84*8____ 90*a (le t T2
84*8 84*t |
85 ____ 84*a D eo T3
S678 Sep T3
86*8 8078'
90*a J ’ ly T 2
95*8 Deb T3
95*4 100
95*8 101*8
102**____ 109 M ay’ 10
94 ____ 102*8 J 'n o T2
94 ____ 1023s N o v ’ 12
95
95*8
95 ____ 95*2 Sep '13
100*2 103i2
•9953____ 10034 O ct T3
1 99 103
99*2
99*2
100 J ’n c ’ l l
92*2 941a
91*2 96*4 94*2 O ct T3
90
90
88*4 ____ 90 A p r T3
92 ____ 95*4 Jail '13
95*4 95%
92 ____ 97*2 Jan 13
97*2 97*2
100 108
105*8____ 100 J 'n e ’ 13
106 P eb '13
108 103
____ 95
____ 40
54
54
54 Jau T3
40
40
547s
38
40
3 40
98 O ct T2
100 101 100*2 D ec T3
10012 101*2
87
88
85
02
98
2 87
85 ____ 89 D ec T3
89
96*2

.

100 100-ia
*____ 101*4
» ____ 83*2
. . . 84
9634____
____ 845a
____ 8334
917*-------

05 A u g ’ 13
____ 65
1063s____ .08 A pr T3
105*4____ .13*4 N o v ’ l l
92*4
925s
90*2____ 92 J ’ly T3
92*8
93*2
90

90 J ’ n e ’ 08
82 NOV’ 13
837
8
837a
94-l4
95

Week's
Range or
Last Sale

Price
Friday
Jan. 2
Bid,

N o n -c o n v d e b e n 4 s . .

88

5 9

3

Low High

77 M c h ’ ll ____
79 N o v ’ K ____
103 ____ 124i2 O ct ’ ll
1101s A u g ’ ll
89
90
0
88
90
____
7934 D ec ’ ll
2
90
90 Sale 90
U7U J ’ n e ’ ll
90 N o v ’ i: ____
____ 90
93i2 M c h ’ l
21
87
88
2
74
74
95l2 D ec ’ 13
____ 90
2
683a
65
68t) 0734
6
82*2
82*2 Sale 82U
78*4 Apr ’ i:
2
9934
98l2 993; 9934
8214 N o v ’ 13
103*8 106 103 D e c ’ 13
99*2 O ct 13
____ 100
98 D e c ’ 13 -- 95
98
90 M ay T3 —
90 104
97
98 10112 M c h ’ ll __ _
102 10512 10 2 D e c ’ 13
95
95
1
943g 96
97 M a v’ 12
92l2
92l2
1
92l2 94

N.

____ 76

80 ____
10212 ____
90 ____

C o n tin u e d —

65
10 0

____
54 90*8
92
2 1 91*2

76*2 75*4 D ec '13

108U ____
9978 ____
73 ____
51*2 62*2
92*4____
71 Sale

108*4
100*8
75
52

103*4
100*8
75
52*2

93 D e c T3
71
7158
803* M c h ’ l l

83*4
10 3

..
97*8
96%
96*4

:
;

:

i

i
|
:
*
,
r.
;
r
B
:
*
■

75*4 84
1 105 114*4
2 93 104*4
5 7212 75
10 60*2 82*4
43

93
05

’
f

IOO ?
76*4

M IS C E L L A N E O U S B O N D S — C o n t i n u e d o n N e x t P a g e .

|

G a s a n d E le c t r ic L i g h t
K in g s C o E l L & P g 5s____ 1037 A -O
A -O
C o n v e r tib le d eb 0s_______1922 vi-a
E d L l 111 Blui 1st con g 4s_1939 j - j
L a e G a s L o f S t L 1st 5s_t'1919 Q -F
lte l and ext 1st g 5 s ---------- 1034 A -O
M ilw a u k e e G as L 1st 4s — 1927 VI-N
N e w a r k C o n G as g 5s------- 1948 J -D
N Y G E L 11 & P g 5s------ . 1 4 8 J - D
P u rch a se m on ey g 4 s _____ 1 !'• F -A
>
E d E l 111 l s t c o n s g 5s____ lol/5 J-J
N Y & Q E I L & P 1st co n g 5s 1930 P -A
N Y & R ic h G as 1st g 5s___ 1921 M-N
P a c ific G Sc L i C o C al G & E
C o r p unifyingife ref 5s____ 1937 M-N
P a c P o w & l . t l s t & r e f 20-yr
5s I n te rn a t aeries________ 1930 F -A
P a tJ c P assaic G & L 5s____ 1949 M -S

1

*_No price Friday; latest bid and asked.

|
1
j
1
|
1
1
j
j
!




102 103 102 D e c T3
n o u n i 109*4 D ec T3
____ 124S8 L22 Dee T2
87>2 ____ 88*8 A p r '13
10 0 1 0 1
100 D e c T3
97ia 98l2 97E
97*2
88*2 Sale 88*2
88*2
101 .
101 D ec T3
I0 l7 Sale 10U2
a
10178
83 Sale 82
83
105 109 10058 Apr T3
-------101
101 O ct '13
92*2 J ’ ly ’09
-------92l2
____ 95
98 . .
a Due Jan

91*s

92

94*2 Moh T9
1023a J ’ ly '12
t> Duo Fob.

10
3
19
3

8

G a s a n d E l e c t r ic L i g h t
101*2 10434 P c o G as Sc C 1st c o n g 6s___ 1943 A -O
107 114
R e fu n d in g g o ld 5 s_______1947 VI- S
VI-s
88 *a 88*2
C h G - L (S C k e l s t g u g 5 s . 1937 J-J
c
99*2 102*2
C o n G C o o f C h 1st gu g 5sl03G J - D
in d N a t G as Sc O il 3 0-yr 5s ’ 36 \I-N
97*2 102
883a 90*8
M u Fuel G as l s t g u g 5 s . .1 9 4 7 M-N
101 102*4 Ph iladelphia C o c o n v 5s___ 1919 tf-A
1003a 1035s
VI-N
80
80*2 8 tan G as & E l c o n v s f 6 s . .1 9 2 0 J - D
1005, 108*2 S yracuse L igh tin g 1st g 5 s . . 1951 J - D
99*2 101*8
J-J
/l-S
U nion E le c L & P 1st g 5 S ..1 9 3 2 M -S
9078 96
R e f & e xt 5 s................. .........1933 M-N
U tica El Ldc P 1st g 5s
1950 J-J
c
1957 J-J
94*2 9412 U tica G as S E rot 5s
W estch ester L tg g 5s_______1950 J - D

« Due M ay.

a Due June.

A Due July.

0 Due O ct.

110 ____ 112 N o v ’ 13
99*8 D ec T3
98*8 99
99 Sep '13
01
101
100*2 101
98*4____ 00 O ct 13
93 M ch '12
97 ------ 98*2
98*2
95 Sep 13
96*8 D ec T3
____ 927S 94*8 N o v ’ 13
97 100 .01 D e c ’ l l
85*2 J ’n e ’ 12
____ 80*8
100 ' Feb ’ 01
101
97 J ’ n e ’ 13
94 N o v ’ 13
101
10234 104

p D ue N ov.

H 6 I4
987S 102
99
99
98 1031*
99*2 102

;
;
f■

98*2
95
925,
93

99
97%
98
105*8

:

97
92

102
94

112
2
1

101*4 D c c ’ 13 ____ 101*2 105%
* Option sale.

i f

Price
Friday
Jan. 2

Week’s
Range or
Last Sale

Range
Year
1913.

High No. Low H igh
Bid
As* I.010
St L & San Fran (Con)
4 105 113U
10812
IC O F t S & M con tr Os___ 1928 M-N 108 110 10812
25 05
78
73
73 Sale 72
K O F t B & M R y ref g 4S.1936 A-O
7712 J’ly '1 2
It egis tered_______________ 1936 A -O
90 ____ 10312 J’ly '12
Ii O & M it & B l s t g u 5 s. 1929 A -O
9914 May’ 13 —
991.8 1001.3
Ozark & Ch O 1st gu 5s g.1912 A -O
9 83U 90
8453
83-h 8434 84
St L S W 1st g 4s bd c t f s .. . l 9 8 9 M-N
80
____ 77^4 78 Oct ’ 13 ____ 78
2d g 4s inc bond ctfs____ />1989 J -J
9 7412 81
7534
7512 7534 7412
J
Consol gold 4 s ____________ 1( 32 J -D
lOPs Apr 07
G ray’s F t Ter 1st gu g 5S.1947
4 75
77
8534
77 Sale 7512
S A & A Pass 1st gu g 4 s ___ 1943 J -J
104 Oct ’09
S F & N F 1st sink . g 5s___ 1919
83
85h
81*2____ 83 Oct ’ 13
Seaboard Air Line g 4s_____1950 A -O
82 D e c ’13
82
85
7912 86
Gold 4s stamped__________1950 A-O
A-O
R egistered ________________ 1950
7534 90 6612 7714
7o3g Sale 74
Adjustm ent 5s___________ ol949 F-A
74
74
9 721 79
2
Refunding 4s______________1959 A -O ____ 74
82 ____ 82 D e c ’ 13
\T-H
82
88
Atl-BIrm 30-yr 1st g 4s__el933
8-1
86
90 J’ne’ 13
90
917
8
Car C ent 1st con g 4 s____ 1949 J -J
103i4 Jan ’13
10314 103'4
Fla Cent & Pen 1st g 5s__1918 J -J 100’3 . . .
1st land gr ext g 5s______ 1930 J -J IOIP4 ____ 104 N o v ’ 12
10134 .
10134 D e c ’ 13
Consol gold 5 s___________ 1943 J -J
10 1 l2 1014i
102 J’ly T3
102 105
G a & Ala Ry 1st con 5s__ol945 .1 - .1 10 2 U . . .
102
102
i lOHs 1031s
G a C a r & N o l s t g u g S s __1929 J -J 102 _
10133 ____ IOII4 Oct ’13 —
101*2 101*2
Seab & Koa 1st 5s_________1926 J -J
Southern Pacific Co—
90 Sale 90
91
0 877s 98
G old 4s (Cent Pac coII).A:1949 J -D
90 N oF 13
3612 9512
R egistered_____________ 11949 J -D
86*3 Sale 853
4
80^8 07 84
935s
20-year conv 4 s__________<?1U20 M -S
92
36 S9-8 90i2
9134 Sale 9 1
C en t Pac 1st ref gu g 4 s . .1949 F -A
94i2 J’ly 12
89>8 . . .
R egistered_______________ 1949 I?-A
88
91
90
9U2 897g D e c ’ 13
M o rt guar gold 3 H s . .11929 J -D
8334 85
85 D e c ’ 13
83
9 U2
Through St L 1st gu 4 s . 1954 A-O
101
1 101 10434
G H & H A M & P 1st 5 s . 1931 M-N 100 10 2 l2 101
99 ____ 1021s J’ly 12
Glia V G & N 1st gu g 5 s . 1924 .VI-N
100 102“
IIous E & W T 1st g 5 s . .19 3 3 M-N 101 102 102 Sep ’ 13
10178
1 1017s 103
1st guar 5s red__________1933 M-N lOlU 102 10173
108 108
J - J 108 ____ 108 Dec ’ 13
II & T C 1st g 5s Int g u ._193 7
93>8 95
03 N o v ’ 13
92*2 94
Gen gold 4s int guar_____1921 A-O
W a co& N W div l s t g 6s 1930 M-N 100 n o 11914 Mch TO
100 1063s
A & N W 1st gu g 5s______ 1941 J -J 100 10 112 108 Jan T3
10634 14 106*4 n o
10514 108 10034
M organ’s La & T 1st 7 S ..1 9 1 8 A -O
105*4 107
• 1st gold 6s_______________ 1920 J -J 104 ____ 105>4 J’ly T3
' N o of Cal guar g 5s_______ 1938 A -O 106 ____ 112 Pel)’07
10U8 May T3
lOPs 102"
Oro & Cal 1st guar g 5 3 ..1 9 2 7 J -J 101 .
10U2 N o v ’ 13
10U2 101I2
So Pac of Cal— Gu g 5s__1937 M-N 10234 .
9 1 's ____ 0U 2 Sep T2
So Pac Coast 1st gu 4s g.1 9 3 7 J -J
87 Oct T3
803s 90
San Fran Term l 1st 4 s . .1 9 5 0 A-O -------85
lOPs May’ l l
Tex & N O con gold 5 s . .1943 J -J
897S 78 87
8 ~ S Sale 89is
97
0418
So Pac R R 1st ref 4 s _____1955 J -J
Southern—
10258 40 101 1071s
1st consol g 5s____________ 1994 J -J 102U Sale 10213
100 A u g ’ 13
100 10434
J -.l ____ 102
Registered_______________ 1994
73*8 60 72'4 78>2
7 3 's ____ 7234
D evelop & gen 4s Ser A __1956 A-O
80
7934 8034 7934
8 7812 8(5*2
M o b & Ohio coll tr g 4 s__1938 M-r>
IO2 I4 107
M em D iv 1st g 4 H -5 s ___ 1996 j - j 10 2*2 ____ 10412 Oct T3
833
8
835s____ 835j
i 79ls 88*2
St Louis div 1st g 4 s______ 1951 j - j
Ala Cen R 1st g Os_______ 1018 j - j 10 2 12 ____ IO0 I4 Sep ’ 12
85<2____ 87*4 Jan T3
80*2 87*4
Atl & D anv 1st g 43______ 1948 j - j
82>4 Feb T 2
• 2d 4s.........................
1048 J -J
76 ____
A tl & Yad 1st g guar 4s__1949 A -O
lO P s____ i01i2
10U2 10 ioi«, idu 2
Col & Grcenv 1st 6s______ 1 0 1 6 j - j
103 100
E T Va & Ga D iv g 5 s . ..1 9 3 0 j - j 103h ____ 103 J’no’ 13
105
4 1015S 10953
Con 1st gold 5s__________ 1956 M-N 10433 10512 105
E Ten rcor lien g 5s_______ 1938 M -S 100 ____ 105is J’ly T2
63
64l2
G a M idland 1st 3 s _______ 1046 A-O ------- 6412 6412 May’ 13
100 n o
Ga Pac R y l s t g 6s..............1922 J -J 10 7 13 ____ lOGh N o v ’ 13
11012
5 107*2 112
K nox & Ohio 1st g 6s_____1925 J - J H0i 2 Sale 109
____ 10512 N ov 12
M ob & Bir prior lien g 5 s . 1945 J -J 10 0 13
70 ____ 79 M ch’ 13
79
79
M ortgage gold 4 s_______ 1945 J -J
100% Dec T3
J -J 1005a .
IO I4 102*2
O
A-O lOOh 102 lot Dec T3
10012 103*2
90 ____ 73 Sep 12
M-N
99 101
997S Dec ’ 13
M-N
93% ioi
M -S 10 1 l8 ____ 112 Oct '06
OI
Series D 4-5s____________1921 M -S IO 4 ____ 10334 N o v ’ 12
M -S IOII4 ____ 102 D ec ’ 13
102 10134
Series E 5s_____________
3
104 105
Series F 5s______________ 1931 .71-8 IO2 I3 ____ 104 M ch’ 1
102 i4
M-N 1U233 ____ 1021.1
4 10134 108 I4
102 D ____ 102U Dec ’ R
J-J
102*2 10858
903.1
A -O
90*4 Sale 9034
2 89*2 957g
901g ------ 92 J ’ne ’ li
F -A
92
92
9978 ____ 100 A u g ’ 13
993S 101
J -J
J -J
98 104
97l2 ____ 99h D c c ’ 13
A -O
1041s 104*4
F -A 10312 104 104i» N o v ’ ll
85
883s 8SI4 Dec ’ K
88
8934
J -J
St L M I3ge Ter gu ■;
A -C 101 ____ lOO's Sep T2
101
J -D 101 Sale 100 i2
Tex & Pac 1st gold 5 s.
3 99 107U
20
40
51 N o v ’ 12
Mch
90 ____ 9912 Apr 'll
J -J
F -A
10334 Dec T3
J -J 10334 . . .
102 IO6 I4
101 101
A-C 10 2 12 ____ 101 Aug ’ ll
J-L ------ 99 103B Sep ’ l:
100 103*2
83*4 91*2
85
85*2 85l2 Dec t :
A-O
4
99
9412
1 94
J -J ___ - 953 94l2
85
91
85 Dec T 2
80
91l2
J -J
8 H3
8112
8 H2
5 80
J -J ------- 81
58
59
58
58f
50-ycar gold 4s---------------- 105 A-O
5 47*2 60
68 Dec T 2
F -A ____ 5578
84
84*2 84 Dec '13
84
89
J -D
101
lster & Del
• 100 104*2
1
J-L 100 10078 101
75
80
85*2 J’ueT l
1st refund
A-C
Union PacificJ -J
97
9534 Sale 953S
993ji
45 94
943s____ U i3 Oct ’ ll
J -J
0
90*2 98*2
923< 90 8G3S 97
92h Sale 92
J -J
20-year conv 4 s .
M -S
91 ’li
9P3| Sale 90t2
29 887s 9512
J-D
91
91
94
90*2 01
• 80
1
F -A 1091s Sale IO9 I3
109's
1 10 S12 1 1218
1053;
J -J 10538 ____ 1U533
> 103*2 109
1
J -D
8938 Sale 893s
89%
t S012 93*8
J -J looks’ ___ 108 M ay’ ll
Utah & Nor gold 5s____ 102
80
99
J -J
F -A
93 Apr T2
93
94
93 M c h ’lC
M-N
93
93
94 Oct ’ ll.
j- j
M -N
9734 27 96
983
4
97*2 Sale 9733

__
__

__
__
__

BONDS

Y . STOCK E X C H A N G E
Week Ending Jan. 2.
_ 1939
VX/abash 1st gold 5 s .
* " 2d gold 5s_ _
5s______________1039
Debenture Series li _______1939
1st lien equip s fd g 5s____ 1921
1st lien 50-yr g term 4 s . .1054
1st ref and ext g 4s_______ 1956
C ent Trust C o ctfs___________
D o Stamped______________
Eciuit Trust Co ctfs_________
D o Stam ped______________
D et & Ch E x t 1st g 5s___ 1041
D es M oin D iv 1st g 4s___ 1930
Om D iv 1st g 3 k s _______ 1941
T o l fc Ch D iv l s t g 4s____ 1941
W ab Pitts Term 1st g 4 s__1954
Cent and Old Col T r C o certs
Columbia T r C o ctfs_________
2d gold 4 s_________________ 1054
Trust C o certfs_____________
Wash Term l ls t g u 3 p js ___ 1945
1st 40-year guar 4 s_______1945
W est M aryland 1st g 4 s ___ 1952
W est N Y & Pa 1st g 5s___ 1937
Gen gold 4s__________ ..1 0 4 3
income 5s______________ <11943
Wheeling & L E 1st g 5s_
1926
Wheel D iv 1st gold 5s___ 1928
Extcn & Im pt gold 5s____ 1030
R R 1st consol 4s__________1940
20-year equip s f 5s____ 1922
Winston-Salem 8 B I s t 4 s ..l 9 6 0
Wis Cent 50-yr 1st gen 4s__1049
Sup&Dul div & term 1st 4s ’36

M-N
F-A
J -J
M -S
J -J
J -J

J -J
J -J
A-O
M -S
J -D
J -D
F -A
A -O
J -J
A -O
A -O
J -J
F -A
M -S
J-J
J -J
J -J
M-N

[ Y o l . XCJV11I.
Price
Friday
Jan. 2

Bid

Week's
Range or
Last Sale

Ask Low
IOU3
943.1

1 0 1 t2 102

94*2 95

Bonds
Sold

Y . STOCK E X C H A N G E
Week Ending Jan. 2.

Bonds
Sold

BONDS

N.

Interest
Period

New York Bond Record— Concluded— Page 4

60

Range
Year
1913.

High No. Low

102

< 54
J1

High

20 101 106*2
10 92l2 99*2

99 M ay’ 13
98*2 99
75 N o v ’ 13
75
80
48*2
52
141 46*2 047
8
483s
14 40
483S
54
48 Aug 13
47 >2 51
64 N o v ’12
40
3 43*2 0134
40 Sale 4534
05
2
____ 100*2 1 1 N o v ’ 13 ____ 10‘ 12 107

____ 97
70 . . .
60*2 Sale
____ 48

65
65
65 Oct '13
80
1 70
71's
71*8
11'4 26*2
11*4 D e c ’ 13 ____
27*2
1212 32 10
11*2 12*2 1P2
7 11
n
1 P4
28
11
1
7
S 3
7s
____
1*8
3.1
34
12
’2 3
*2
34
80*2 8212
79
8 U 1 81*4 Dec '13
87 - - - 100 Sep '12
75
837g
11
757S ------ 75*4
' 76
103 107fi
102l2 103 103 Doc T3
83?3
75 D ec T3 ____ 75
____ 75
34 Feb 07
100*8 103
9978 101 101 N o v ’ 13
95 ____ 95i2 N o v ’13 ____ 94 100
99 103
99 Feb 13
90
99
70
8053
72i2 D c c ’ 13
70
73
953.1 953.1
90 ____ 9534 N o v ’ 13
807 903i
8
____ 88*2
87 Oct T3
8534 Sale 8534
857
8
91“8
7 84
8434 8734 85
85
6 87*2 90*2
70

73

M a n u fa ctu rin g & Ind ustrial
9713 98*4 98*2
98*2
6 94 10178
Am A g Chem 1st c 5s_____ 1928 A -O
97
98
96*4 Dec T 3
95
97*4
Am C ot Oil ext 4 J ^ s ____ p l9 l5 Q -F
89 Sale 89
89 14
89*2 95
Debenture 5s______________1031 M-N
M -S 101 10 1 T 101
4
1013.1
3 933 103%
7834 Sale 78*2
A -O
7
83.1 22 70
80
F-A 10334 Sale 10334
104
27 101 105
99*2 99*2
90*2 Jau T3
M -S ____ 94
88
90*2 90i2
93
2 90*4 933.1
J -J
Am Thread 1st col tr 4 s___19
117*2
3 110 12058
A -O 117*2 Sale 117*2
un Tobacco 40-yr g 6s____ 19
________ 116 Oet T3
110 117*2
A -O
R egistered________________19
96
96
4 94
97*2
F -A ____ 90
Gold 4s___________________ 10
K -A
R egistered______________ 1951
713.1 31 703i 903*
71 Sale 70
j - j
102
1 1017S 103*2
M-N 10178 1021.1 102
U634
93*2
1 92
93*8 94l2 933.1
Betti Steel 1st ext s f 5s____ 192C J-J
80180*4 813.1 SOU
12 7834 803,
1st & ref 5s guar A _______1942 M-N
9713 Sale 9 7
97*2 7(5 91'8 9712
C e n t L e a th e r 2 0 -y e a r g 5 s . 1925 A-O
95*2 Dec ’ 13
95*2 07*4
Consol Tobacco g 4 s_______1951 F -A
93
95
93*2 Dec '13
9312 96*4
Corn Prod R e f s f g 5s____ 1931 M-N
90
931*
90
91*2 U '3 Dec T3
O
1st 25-ycar s f 5s________
' M-N
9434 00
94T Feb TO
93
95
A -O
63
64
04 Sale
50 54l2 70
A -O
87
87*4 87%
87*2 12 79 '8 90
J -D
91 D e c '13
91
95*4
General Baking lst2 5 -y r 6 s . 1936 J -D ____ 91
75
77
75*2 Dec ’ 13
75 14 82
F -A
104
2 101 105*2
M -S 104 Sale 10334
Debenture 5 s ........... .........
985
8
3 97 100
98*2 9873 98*2
A -O
G cn’i M otors 1st lieu 6 s ..
83*2 8334 84
84's
(5 81*2 89*2
A -O
9834 18 98 101U
9 « 34 Sale 9812
M-N
100 100
J -J 100 -------- 100 Oct '13
F -A 101*2 102 1015 s Dec T3 ___ 100 105
01*4
8 U 2 103 80
84 Sale 80's
J -J
Si 57
88*4
63 -------- 63 Dec TO
M -S
3 90*3 915*4
91*2
90*8 91*4 90*8
A -O
80U
72 Dec T3 ____ 71
M -S ____ 73*2
90
2 93
94
93*2 Sale 93*2
M -S
A -O 119 12014 117*2 Dec T3 ___ 11013 122*3
99*4
967
8 18 94
903,1 97*4 96*2
5 s __________________________ 1951 F -A
9 115 12212
118*4
A -O 11834 120 118
‘ 634 Sale 96*2
J
9 9412 997|
9634
F -A
91 100
89
91
A -O
91 NOV’ 13
85
95*3
J -D
9 0 U ------- 87*2 N o v ’ 13
N a t Enam & Stpg 1st 5s.
88*2 88*2
J -J ____ 85
88*2 Feb '13
U I4 963., 901.1
U
M-N
99*2
4 94
96*4
965s 98*2 U I4
O
9(534
M-N
2 90*4 103
Railway Steel Spring—
95*4 98
J -J
95U 98%
Latrobo Plant 1st s f 5s.
9514 N o v ’ 13
88*2 90
89 N o v ’ 13
89
89
Inter-ocean P 1st s f 5 s . .1031 A -O
A -O 1027s 104 10234 Deo T3
102 103
A -O
89*2 913s 90
90
4
1 88 I 92 13
M-N
841- Sale 84%
84%
4 8334 8912
Standard Milling
1015s 199 97-8 101*2
J -J 101 Sale 9434
J -J ____ 80
90 Feb TO
90
92
J -J ____ 87
911.1 J a u TO
89*2 91%
83
85
8153
85
89
J -J
10 79
20
25
25 Out '13
25
27
J -J
10218 29 100 103*4
J -D 102*3 Sale 1013.,
1001S 169 9038 102
U S Steel Corp— (coup - . i l lot) M-N 1001.8 Sale 997a
1003s
2 9713 102
S f 10-60-yr 5slreg . .. d l u e M-N 1003s Sale 100
91*2 9178 91*2
915s
11 90*i 98
Va-Car Chem 1st 15-yr 5 s . 192 J -D
J -J 100*8 Sale 997s
100 l8
0 9U34 102*4
8973 Sale 89
J -J
897s 11 87
94
94
96
94*2 DOC TO
94I2 97
10-year coll tr notes 5s— 101' A-O
T e leg ra p h & T e le p h o n e

U

N Y T
Pac T<

__

J -J
M -S
M -S
1 J -D
Q -J
Q -J
J -J
J- J
M-N
1 F -A
) M-N
M-N
J -J
J -J
J -J
M-N
. M-N
1 J -J

85
94

Sale
100

9473 Salo

85
96
94IS

859
90
97

77«2-------77*2-------- 80*2 N o v 'll
93U 95
95
95
89*4-------- 91*4 Sep T3
100 102 100 JTy T 3
96 100
97 D e c ’ 13
9 5 Sale
9553 90

97*8 Sale

_____ 94
-------- 87
87 ____

95
95
9534
90
97
97*4
95 NOV’ 13
87
87
1 93

22

7
616

2

15
14
16
2

Jan TO

837S 90
89U 1107s
89*3 101%

94
91*4
100
90*4

IOOI4
91L
101*8
lOlh

94
983s
95 101
D *s 101
O
95 102*2
87
90*2
93

93'

A llSC E L LA N E O U S B O N D S— C on clu d ed .
Coal & Iron
B uff & Susq iron a f 5a____ 1932
Debenture 5s
. al92G
G ol F & 1 Co gen s f g 5s___ 1943
Col Fuel gen 6s___________1919
Gol Indus 1st & coll 5s g u _.193 4
Cons Ind Coal M e 1st 5s___ 1935
Cons Coal o f M d lst& ref 5s 1950
iGr R lv C oal& C 1st g 6s__/tl919
Kan & 11 C & C 1st s f g 5S.1051
Pocah Con Collier l s t s f 5 s . 1957
St L Rock M t & P 1st 5s___ 1955
Tenn Coal gen 5s___________1951
Birin D iv 1st consol 6s___ 1917
Tenn Div 1st g 6s_______ al917
Cah O M Co 1st ku ;■ Gs« - 1922
U tah Fuel 1st g 5s_________ 1931
Victor Fuel 1st s 1 5s_______ 1953
V a Iron Coal&Cokc 1st g 5s 1949

J -D
M -S
F -A
M-N
F -A
J -D
J -D
A -O

J- J
J -J
J-J

J -J
J -J
A -O
J -D
M -S
J -J
M -S

M iscella n eou s
Adams Ex coll tr g 4 s _______ 1948
90
Armour & Co 1st real ost4>Ss 39
75
99*8 Bush Terminal 1st 4 s_______ 1952
Consol 5 s __________________1955
Bldgs 5s guar tax ex______ 1960
85
75
7(5
Chino Copper 1st conv 6s__ 1921
70
87*4 insplr Cons C op 1st 6s (r e c ts )..
87
Int Mercan Marine 4 )^ s ___ 1922
Int Navigation 1st s f 5s___ 1929
91
98
85
87 7 M ge Bond (N Y ) 4s ser 2 . . 1966
s
10-20 yr 5s series 3 _______ 1932
73
800
90 103
Morris & C o 1st s f 4 M s ___ 1939
1003* 103
N Y Dock 50-yr 1st g 4 s___ 1951
Niag Falls l ’ow 1st 5s______ 1932
99 102
Ontario Transmission 5s___ 1945
103 103
P u d Scrv Corp N .1 gen 5 s . -1959
.tayConsOopper 1st conv 6sl921
79*4 80
2 92
•
v'asii VVater Pow 1st 5s___ 1939
93

90 Sep T3
81
74 Dec '13
9U2 91*2 Dee T3 . . . .
10(512 107U J’n e ’ 12
Sale 78
78
1
79
70 A u v’ 13
88
8734 Dec T3 . . . .
—
102*8 Apr '00
92*2
021.1 D c c ’ 13
85l2 80 Oct ’ 13
70
77
77
77
id
97's
97*s Sale 97*3
8
101 l()2i2 100*4
1003,
10
100*8 10112 101*2 D c c ’ 13
103 J Tv ’ 13

73
90's
102
78
70

84
920 Sale

80 Mav'13
92*2
92*2

90
74
90

721a 74*2 74
74
89 3 Sale 89*2
4
8034
85
88 Aug'13
92
9 1 *4 Oct '13
80
87
85 Doc '13
150 200 143 Dec '13
9734
07*4 Sale 90*2
<5 1 69*4
22
59
00
7/
—
75% D c c ’ 13

—

__

901* M a y i3
85*2 88t2 8(512 J’ne’ 13
81
82 Mav'13
___ 101*2 100 Dec T3
89 D ecT 3
88
8.334
88)3 89
10/ 109 107
10/1— 1031- 102 Dec 12

’ N o prico Friday; latest bid anil asks J. a Due Jau. J Due April. « Duo M ay. g Dae Juno, ft Due July. * Duo Aug. o Due O ct. p Duo N ov. « Due D ec.




1
35

827*
73
89
92
88
891*
89*2 06
85
94
122 190
i i 9412 108*2
11
50*2 001*
. . . . 75 79*4
99*2
80%
82
100
87
6 88
14 07*2

_ ___
_

991*
8912
81
102*4
89
93
121

Option safe.

61

CHICAGO STOCK EXCHANGE—Stock Record
STOCKS

STOCKS— H IG H E S T A N D LO W EST SA LS PRICES
Saturdai
Dec. 27.

Monday
Dec. 29.

30
*25
85
*75
92
92
2913 291*
29
*f»l2
♦617U
3
*2
*214
18
*15
18
*30
35
*30
*4
412 41?
30 *___
*25
♦25
♦75
♦90

307*
*9012
*400
*125
*31
*80U
1231*
53
81
*46
511*
♦215
128
97*
9234
*21
*100
*65

Tuesday
Dec. 30.

Wednesday
Dec. 31.

30
85
92
29
7 .1
1
3
18
35
4130

*25
*75
*90
28
6U
*2
*15
♦
412
♦____

30
85
92
2884
2734 28'4
*r,i2
6 I4
7M
*2
3
3
191?
1912 *15
*
35
35
412
43g 43g
_
30 *_ _ 30

2934 3014
89i2 89>2
*400
135
130 130
35
♦31
35
♦80U
123'* *122 123
53
53
53
81
8O 2 8O 2
I
I
65
*46
54
6U«
51
51
*2071- 215
128
128 128

2912
90
♦400
*125
*31
♦SOI♦123
52
81
*51
61's
*212
123

2934 2934
8912 89l2
„_
_
*400
133 *125 133
35
*31
35
81
♦80l2 ____
124
121U 121*4
621
2
5234 *50
81
*80
81
54
*52
64
SUg *507g 511g
*212
12912 13014 133’

307*
91i2

97*

*».

♦
*120
*116
136
*113
35
*34
12084 1211* *120
77
123
118
136

76
*92
*___
*____
181's
123
*17
*67
103*2
*225
103
150

76
93
18
38
182
123
1!)
68
1033*
245
103
15112

597* 60
108 108
0

77
124
120
130
35
121

*75
80
*92l2 93
IS
38
18U?
124
19
71
104
245
103
152

*____
180
♦121
*17
*08
10312
♦228
103
151

683* 59U
108ta 109
9
*5

30
90

934

034

92 lg
*23
24
*100
65l4 65

93
3
*9212 O I4 92
*23
24
*22
22
*100
iooi2 ♦100
65
66
6514 05

♦
*121
*116
*13412
*113
*34

*25
*75
*90

92lg
24
____
65

10

*0

10

30
85
92

9314

*_
_
*i20
*110
136
*113
*34
12014

♦
77
*120 124
*116 120
*131 136
♦115
35
*34
35
120t4 12012 122

77
124
120
137

77
03

77
95
18
*
3.3
180 1817„
*121 124
20
*18
*68
71
103^4 104
*225 245
103 103
1501s 1507«

*_ .
_

59
109
*5

59
109
9

♦75
78
94 lg 951?
* ___
18
38
*180 181
*121 124
*19
21
*68
71
104<g 10434
*222 240
*102l2 104!g
14812 150'g
583g 68Sg
109 10914
9
♦5

Thursday
Jan. 1.

Week
Shares

Friday
Jan. 2.

N AM E.

American State.. w 1200,0
Calumet National
10U.0
Capital State____
200,0
Central Mfg Dlst.
250,0
Cont A Com Nat. 21.600.0
Corn Kxoh N a t .. 3,000,0
Drexel State.........
300,0
760,0
Drovers’ National
200.0
Englewood State.
First National... 10,000,0
150.0
FlrstNatEnglew’ U
Foreman B ro s... 1,000,0
Ft Dearborn Nat. 2.000,0
200,0
llalsted St State.
Hibernian Bk Assn 2,000,0
Hyde l’ark State.
200.0
Irving Tark N a t..
100,0
Kanpur State____
400.0
200.0
Lake View Btato.
200.0
Lawndale State..
Live Stk Exch Nat 1,250,0
200,0
Mech A Trad State
Nat Bk of Repub. 2,000.0
National City____ 2,000,0
250,0
National Produce
200.0
North Avo State.
200.0
North Side St Sav
300,0
North West State
200,0
Ogden Avo State.
500,0
PeopIe'sStkYdsSt
Second Security..
200,0
Security...............
400,0
South Chicago Sav
200,0
8outh SIdo State.
200,0
State Bank of Chic 1,500,0
State Bank ol Italy
200,0
Stock Yards Sav.
260,0
Union Bk of Chic.
600,0
Washlngt’nPkNat
100,0
Central Tr Co of 1 1 4,500,0
1
600,0
Chicago City BAT
Chicago Sav B AT 1,000,0
Chicago Title A Tr 5,600,0
Colonial Tr A Sav 1,000,0
Cont A Com Tr AS 3,000,0
250.0
Drovers Tr A Sav
First Trust A Sav 6,000,0
Ft Dearborn Tr AS
250,0
300,0
Franklin Tr A Sav
Oreensbaum Sons 1,600,0
200,0
Glia'an tee Tr A S
Harris Tr A Sav.. 1,600,0
Home Bank A Tr.
300,0
Illinois Tr A Sav. 6,000,0
Kenwood Tr A Sav
200,0
Lake VlcwTrASav
300,0
LaSalleStTrASav 1,000,0
250,0
Liberty Tr A Sav.
200,0
Market Tr A Sav.
250,0
Mero’ntllcTrASav
Merchants’ L A Tr 8,000,0
200.0
Michigan Ave Tr.
60U.0
Mid-City Tr A Sav
Northern Tr C o .. 1.500,0
n‘ 55,0
2
N or-W e stT rA S .
200,0
Old Colony Tr A S
People’s Tr A Sav
600,0
Pullman Tr A Sav
300,0
Sheridan Tr A Sav
200,0

$209,1
77,5
20,6
33,9
10,751,8
0,568,7
125.4
407,6
60,1
12,149,6
243,0
568,8
904,8
28,8
1,197,4
45,6
612,5
248,4
9,8
60,1
627,3
60,2
1,615,3
743,0
117,1
104,8
19,6
63,6
11,0
139,2
21,7
171,5
143,0
31,1
2,709,2
54,4
259,0
180,3
623,2
2,211,0
403.5
262,9
<2,263,2
501,6
1,972,8
187,6
3.441,7
27,4
129,5
285,8
56,4
2,450,3
85,9
10,607,2
113,3
109,3
300,6
28,7
30,9
53,4
7,287,7
72,8
131,8
2,960,6

100,2

62,2
243,2
278,8
49,8

2K 5K«>
0
None
Org. J an. 27
Beg. b u«.Oot
10
h k
10
10A8y
6
6
10
10
8
8
17
17
12K 10A3«
l’rlv ate Ba
8
8
Org. N or 25
Notpu bllshed
Beg. b ui Aug
Orga n. Feb
10
10&56
IX
G
10A2e
12
Keg. b us.Aug
8
8
6
0
6
0
7
7
0
0
0
7
Org. N or. 27
10
10
Beg. b us Nov
6
7K
8A2e
8
0
0
12
12
Beg. b us .Aug
10
15
0
0
0M 10A3e
8
0
10A2e 12Ale
0
6
8
8H
8A2e
(0)
Notpu bllshed
10
10
None Nono
Beg. 6 us.Apr

Highest

Highest

.

Per­
iod.

Last Paid.
% Bid.

Dec31'13 1>2U 220
!
Jan 11, 8
150
V. 95, p . 1585 107
V. 05, p. 944 137
Jan. ’ l l , 3 2287
Jan. '14, 4 2424
Jan. T4,2i2w 215
Jan. '14, 2H 250
Jan. ’ l l , 2
174
Dec.31’ l'3,4i4 2420
Dec31T3 5i2m 330

An
’ IS.
7 T9
Q-J
Q-J
Q-J
Q-J
Q-J
Q-M
Q-M
nk
Q-J Jan. T4, 2
1912 _____ ___
— 86 0 note (It)
’ 12. V. 06, p. 273.
’ 12; V. 04, p 465.
J-J Jan. ’ l l , 5
Q-J J a n ’ 14, I X
Q-J Oct. '13, 2
Q-M Dec.31 '13,3
26 ’ 1 2 V 95, 0 693
Q-J Dee.31'13,2
Q-J Jan.’ l l . lH
Q-J Jan. ’ 11. IK
Q-J Jan. ’ l l , 1)1
Q-J Jan. ’ l l , 1 H
U4
Q-J Jan ’l l .
’ 12. V. 06, p. 1941
Q-J Jan '14, 4i2nj
I ’ ll V. 93, p. 1235
Q-J Jan. T4, 2
Q-J Jan.’ 14, 4m
Q-J Oct T3, 13-1
Q-J Jan. ’ l l , 3
lU’ l 2 V . 96, p.623
Q-M DCC.31’ 13,4
M-N Nov 13. 3
Q-J Jan. 14, 5 X m
Q-J Oot.’ 13, 2)*
J-J Jan. '14, 6
Q-J Jan. ’ 14, IK
Q-J Oct T3, 2K
Q-J Jan.’ 14, 21
— 83 e note (fl)
Q-J Jan. ’ l l , 2M
Q-M Dec30’ l l , 4
3 ’ l l V.U2. D.929
Q-J Jan. ’ 14, I X
10
io
Q-J Jan. *14, 2K
J-J Jan. '14 3 M
0
0
12
12A10e Q-J Jan. ’ 14, 71
Beg. b us.Apr 10’ 1 l.V .92,p.1004
16A4e 16A4e 7 Oct. ’ 13, 4
7A2e
7
Q-J Oct. T3. I X
0
0 Q-J Dec31’13,lK
Beg. b us. Ma y ’ 10
Org. D ec. 0 ’ 12.
Org. 8 ept. 5 ’ 12. V. 95, p. 593
Beg. b us .J’ly 1’12 V. 94. p. 481
10 Q-J Jan. ’ 14, 4
16
5
Q-J Jan.’ 14, IK
Com.b us. Ap 10 T l.V .92, p.1004
8
8 Q-J Dce.31’ 13,2
J-J Jan. ’ 14, 5
8
8
Beg. b us.J’ne 1 ’ l l V . 92, p. 1537
yi2A2e Q-J Jan. ’14. 2H
8
8
8
Q-J Oct. ’ 13. 2
3
6
Q-J Jan.’ 14, lig

_

Lowest

40 Apr
Last Sale 25 Nov’ 13
24ij J’ne 4 30 Jan 3
25 Nov
9334 Jan
70 J’iy 16 91 Jan 20
90 May
Last Sale 75 Nov’ 13
____ ’ ___ _
10
8S Jan 14 102 J ’ne28
83 Dec 1043* Jan
1,645
38 Jan
19*4 Nov
18 J’ne 10 33U Sep 5
28'4 2SU
3
____ - ___
11 Jan
6*s J’ne 6
9 Sep 2
6 J’ne
4
4
4
57* Jan
2 J'ne 9
43* Apr 5
3 Oct
____ ____
35 Kansas C ity Ky Sc L t.1 0 0
25 Sep
1814 J'ly 24
37 Sep 26
14U Aug
100
35l2 N ov’13
D o pref___________100
Last Sale
3512 Nov 10
50i* Jan
40 Get
38 Oct 31
____ ____
100
4% D ec:31
91* Jan 3
ID* Apr
6 Mch
Do
pref__________
Dec’13
Last Sale 25
25 Sep 22
52 J’ne
35 Jan
45 M chl8
New Year’s
M iscellaneou s
2934 30tg
690
Day.
21t2 J’ne 10
47 Oct
46i2 Jan 31
Hi* Jan
300
8912 89l2
Do
pref.
.100
81 J’ne 10 129U Jan 30
91 Feb 126 Sep
Las Sale 400 Dec’13
merican R
.1 0 0 400 Oct 16 500 Feb 11
325 Feb 405 J’ly
____ ____
20
Do
pref.
.1 0 0 125 Deo 2 135 May 1 131 Jan
135 Apr
Last Sale 35
Dec’13
mer Shlpbu
61 Oot
28 Nov 6
55 Jan 13
45 Aug
45
8012 81
Do
pref.
78 Nov 13 1031* Jan 2 T O Feb 1063* Oot
O
118 U S 14
125
138 Deo 1987* Mch
11034 Dec 15 13934 Jan 3
260
. . . . ____
79 Dec
49i2 Dec 12
71 Jan 3
39 Mch
80
80
169
D o 1st pref_______ 100
95 J’ne
73i2 J’ ne 10 897g Jan 6
77 Mch
Last Sale 50
Deo'13 ...........
653* May
40 J’ly 8
49 Feb
55 Jan 29
51
51
89
4712 J’ne 12
551* Oct
6512 Sep 16
44 Mch
212l2 212l2
50
200 Apr 26 221 Sep 11
184 Jan 222 J’ne
134 135-3g
1,955
«12412 Dec 17 155 Sep 29
135<4 Jan
150 Mch
Last Sale 2i2 Dec’13
Do rights
2 3 Nov 18
g
312 Nov 11
150
rod Kef
8 J’ne 10
16>2 Jan 31
10 Feb
21i* Oot
Last Sale 77
FebT3
p r e f..
77 Feb 11
77 Feb 11
87 Oct
87 Oct
453
91*2 92
90 Oct 24 IIOI4 Feb 3
103 J’ly 11184 Feb
Last Sale 20
Dee’ 13 ........... 1
15i2 N o v 29
53 Feb 13
63 Deo
80i2 Sep
10
10012 100l2
94 ;lch 22 100i2 Dec 20
97 Dec 10212 Mch
268
01
63
58 N ov 6
7612 Jan 31
56 Jan
73i2 Sep
...........
102l2Dec’ 13
100 J’ne 12 115 Jan 23
1051* Deo 1267* Sep
Last Sale 70’4 Aug’ 12 ...........
67 May
7633 Aug
Last Sale 122i2DecT3 ...........
105 J’ne 12
114 Deo I 8 ii* Apr
Sep 15
Last Sale 110 Dec’13
Do
prof,
116 Deo 1
122U Oct
Jan 14
13034 May
122
atlonal Ca
113 J’ne 2
103 itch 135 Sep
D ec 30
Last Sale 113 Nov’ 13
D o pref.
.100 H U j J’iy 14
115 Feb 120 Jan
Jan 25
Last Sale 3534 Dec’ 13 ...........
33 N ov 3
Jan 27 r 61 J’ly : 67 Apt
12114 1216g
960
104 J’ne 10
Sep 23
1223* Oct
103i2 Jan
Last Sale Ds Dec’ 13
Do
rights_______ lo o
1 Nov22
Dec 22
63 ub S rv o fN o IU comlOO
<
65 J’ly 10 — Aug 14
80 Deo x 9412 Apr
105
Do
pref__________ 100
89*4 Dec 8 1015* Jan 13
98 Deo Z1071* Apr
Last Sale 20 Nov’ 13
987* Nov19 Aug 29
94i2 Deo
69 Feb 21
Last Sale 45l2 Sept’ 13
Do
pref.
40i2 Aug 4
9738 Feb 6 s 99i* Apr 210312 Oot
1817g 183l2 2,288 ears-Roobm
155 J’ne 11 21434 Jan 2
140 Jan 22112 NOV
123 123
30
Do
pref.
117 May 19 12434 Feb 17
12 D2 Jan
12534 J'ne
Last Sale 16U N ov’ 13 ...........
307* J’ly
34 Feb 13
16U Nov 17
49 Aug
Do
pref.
Last Sale 66 Nov’ 13
68 N ov 8
70 N ov 5
92 Deo
971* Aug
1047* 10514
676
101 J’ne 11 1077* Mch 6
98*4 Jan
10914 Apr
Last Sale 222l2Dcc’ 13
195 J’ne 12 280 Feb 15 215 Jan 397 Nov
____
Do
pref___________100
63
99»4 J’ ne 24 1081* Feb 15
105i2 Jan
110 Jan
14912 150
870
s 142 Deo 18 218 Nov 4 213534 May 234 Nov
Last Sale lig July’ 13
1 Jan 17
17* Jan
1>2 Feb 10
33 May
720
5Si2 59
50 J’ne 11
583* Feb
68*4 Jan 2
80>* Sep
149
109U 10914
10512 Feb 19 111 Sep 17
Last Sale 10 Aug'13
9 J’ly 22
9 Sep
141* Jan 2
15 Nov
Last Sale 91»4 May’ 13
87*4 Mcb24 112 Jan 3

N AM E.

Dtvld end Iiiecord
In
1913.

Rang' fo r Previous
Year (1912)

Range fo r Year 1913

R ailroads
Chicago Kiev R ys comlOO
Do
pref___________100

Chicago Banks and Trust Companies
CapUal Surp. A
Stock, t Profits t
In
(00s om Itted.)
1912.

C H IC A G O .STOCK
EXCHANGE

As*.

110
144
290
435
260
180
425
___

2250 265
125 130
(11)
130 136
116 120
x227 232
110 116
215 225
2249 253
128 131
203 211
162 165
2167 171
2134 140
130 133
185 190
100 101
253 206
248
215
130
386
141
300
179
225
r223
295
2139

251
135
391
145
_
183

225
315
142
S212l2
2170 172
(H
>
257
161

165

150
460
147
475
180
169

155
152
4S5
185
173

100 102

176
114
160
2438
2129
215
2312
320
107
i285
180
147

110
165
440
134
218
316
330
115
291
152

Southwest Tr A 8
Standard Tr A Sav
Stockmen's Tr A 8
Union Trust C o ..
West Side Tr A Sav
Woodlawn Tr A 8

CapUal Surp. A
Stock, t P ro fit* f
In
(00s om Uted.)
1912.

Dividend Record
In
1913.

Per­
iod.

$200,0
$30,9 Org. J uly 5
424.5
1,000,0
6
200,0
56,0 ‘ *0*
6
1,200.0 1,657,2
8
8A3«
400.0
137.6 8A2e
12
200.0
114,0
10
10

T2.
Q-M
J-J
QM
Q-M
Q-J

Last Paid.
%\ Bid. Ask.
V. 95, p. 13.! 120 125
Dec.31T3.1H zl49 153
Jan. '14, 3
145 160
Dec.31’ 13.2
............. ..
Dec.31’ 13 3 |2300 . . .
Jan. 14. 2H 215 222

Chicago Bond Record
BONDS
CHICAGO STOCK
EXCHANGE
Week Ending Jan. 2
Am Tel A Tel coll l a ____1929
Armour Sc Co 4 K l ______ 1939
Auto Eleo 1st M 6*............1928
Cal Gas Sc El unlf A rel 6s 1937
Chloago City Ry 5a......... 1927
Cble City A Con Rya 53.41927
Chicago Elev tty 6a......... 1914
Ohio Pneu Tool 1st 63..al921
Chicago Rya 53.................. 1927
Chic Rya 5a___ series ’A”
Chic Rya 4a___ series " B ’’
Ohio Rya 4s___ aeries " C ”
Chic Rya coll 6a........... 1913
Ohio Ry Pr m M g 4a.«1927
Chic Ry AdJ Inc 4a...cl927
Chicago Telephone 5a...1923
Cicero Gaa Co rel G m ..l9 3 2
Commonw-Edlson 6s____1943
Commonw Eleo 6a_ HW43
_
Cudahy Pact 1st M 6 a ... 1924
Dla Match Con deb 6 s . . .1920
Geo Mot 6% 1st L notes.1915
Int Har S-yr 5% g nouw.1915
Inland Steel 1st M g 0J..192S
Kan City Ry A Light Co
6 S ..................................... 1913
Lake St Kl— 1st 6a........... 1928
Metr W Side El 1st 4s...193 8
Extension g 4s_________1938
MU El Ry A Lt 1st g 53..1926
do
rel A ext 4K I--1931
Morrl* A Co 4K «..............1939
Nat Tube 1st g 63.............. 1952
Nor Shore El 1st g 6s____1922
do
1st A ref g 6 s ...1940
Nor 8h Gas of 1 1 1st 6s..1937
1
North West El 1st 4s____1911
N W O L A Coke Co 63.-1928
Ogden Gas 6s...................... 1945
Peop Gas L A C 1st 6s...1943
Refunding gold 5s......... 1947
Chto Gas L A C 1st 5s. 1937
Consum Gas 1st 5s____1936
Mutual Fuel Gas 1st 5s 1947
Pub Serv Co 1st ref g 6s. 1956
South Side Eler 4K *____ 1924
Swift A Co 1st g 6s........... 1914
Trl-Clty Ry A Lt 00 U
trust lieu s f 6s_______ 1923
Union Klee (Loop) 5s____1945
U S Gypsum 1st g 5 s . . ..1922
Western Elec Co 5s_____ 1922

Inter­

est

Price
Friday
Jan.. 2 .
Bid

Ask Low

J - J
J - D ~89h Sale
74
t 70
M -N t ____ 97
F- A 993g Sale
A - O t 77 lg 79
9534
J - J t -----J - J t 90
K - A 9612 Sale
92
A - O t 89
J - D t 78U 79'g
V -A { ....
94i2
F -A
J - J 1*65* * * * 2
671
Mayl t ____ 47
J -D
99»4 Sale
J - J t ____
93
VI- S lOUg Sale
M - S 110012 Sale
993g
M -N t 99
1104
Sale
A- O t 98 99

__

F- A

M -N
J - J

Week'«
Range or
Last Sale

B'ds
Sold

Range
'for
Year 1913

High N o. Low

__

__
__

90 Oct '12
75
Sep’ 13
75
3
76K
76K
77U
77
Nov’ 13
761*
1047, April’ 12
95 AprU'12
85>2 Nov'13 . . . .
85<i
100*4 M ay’ 12
103>4 April' 12
96 Aug '13
03
95'2 Sept '12
100U July ’ l l
100
Sep’ 13
99i2
2 92
92
92
115*2 Sept '12
A- O
M - S 1*9834 *99>g 983g Doc '13
981*
Dec’ 13
100
J - J 1100'g 10Hg 101
99
Dee’ 13
J - D 1------ 99
99
____ 100 Sep T3
M -N 1 98*2
99b
887,
5
90
1 89>4 903g 90
5 89
J - J
90
89K
90
Sale
J - J 1 99lg —
99»4 Dec’13 —
99
....

F- A

‘ 76K Sale
J - J t .—
77
F- A 1103 10 U2
94 >
2
J - J 1 94
J - J 1 85K
M -N
A - O l I I I I io i*
99
A -O t - ~ .
F -A
M- S
Q -M 1*98* 9* **
9
M -N 1 92
93

_

__

__

....
....
_.
....

A -O
A - O l " ' - * - 7*8*
M- 8
J - J 1*9912 " " "

High

91 Fob T3
91
01
5 89b 917*
89K
8934
82>4 Apru’ 12
90'g May T2
99
993g 21
99 1017,
77U D ec’ 13 - - - 77U 89
94?g Oct '13 . . . .
92ig 98 U
90l2 D ec’ 13
83
94
963g
96l2 17 96 lOOK
90
Dec'13
89 > 94*4
g
78
Dec’ 13
77K 84
93 8 ep T3 —
93
93
100 Jan T2
74
Sep '13 ____
72
75
47
D ec’ 13 ____
45
68
99ij
9934
9
99 1017*
983* Deo’ 12
10034
101 K
45
097, 1031s
8
IOOI4
1001.
99 lg 1021,
99
Dec’ 13 . . . . .
OS7 1001*
,
12 101i2 1031*
101
104
99*4 April’ 12
99 July T3 . . . .
99
99
105'g April'12

98'4 April’ 12
75 D e c ’ 13 . . . .
100 M ay'12
995g D o c '13 —

75

87
82
81
89
100
1091*
97
102

.

103
1001*
1001*
973*
931*
100>4
75

99 lg 101

added to all Chicago price 8.

* Bid and ask prices; no sales were made on this day. t Oot. 21 (close of business) for national banks and Oct. 22 (opening of business) for State Institutions. 1 No
price Friday; latest prlco this week. | Sept. 1 1911. H Dividends not published; stock all acquired by the Continental A Commercial National Bank, a Due Dec. 31.'
ff Duo June, c Due Feb. < Due Jan. 1. e Extra dlv. 4 Capital Increased from $600,000 In September 1913, the October 1913 dlv. of 1M % being first dlv. on new
1
capital. V. 97, p. 155. k Now stock. I 4% of this Is extra, n Stockholders to vote Jan. 13 1914 upon Increasing capital to $300,000, the additional stock to be dis­
tributed as a 20% stock dividend. V. 97, p. 1799. 2 Sales reported beginning April 18.
t Dividends are paid Q.-J. with extra payments Q.-F.
t Doc. 31 1912.
* E x 24% accumulated dividend, w Incrcaso In capital to $400,000 authorized Sept. 24, a cash dlv. of 75% being paid In connection therewith. V. 97, p. 1000, 574.'
A Aug. 9 1913. m Includes ex dlv. .* Ex-dlv. and ox-stock dlv. u 14 ass’ t paid oPjJd 6% reg.and I K ex. on old cap.stk. of $600,000 and 1 K % on new cap. $1,000,000,




62

BOSTON STOCK EXCHANGE— Stock Record.
SH AR E PRICES— N O 'i

Saturday
Dec. 27

londay
Dec. 29

Tuesday
Dec. 30

*94

94if *94
l
94 k •93k
991. *987t 99k *G7i4
f
185 186
185 186
187
87i2 87 '2
86 k 86 i 2
85k
*155
—
158 160 *152
44
44k
44i.i
43
4 3k
*
*—- —
—
245
240
*7
15
*7
15
*7
63
*36*2 39
*163 165
*104 105
79

79
80
____ *120
8312 84
*8 tk
*90
91
*90
13
13
*13
*6312 64
64
777ft
75
75k
*1
l/4«
1

*155
*25
*155*3
*347g
*103
69
90

81

81

•36k 39
*163 165
105 105
83k
*120

*34
86
80
*90
91
91
13
13
13k
6414
63k 64
7.3
75k 76k
1
IX .
IX .

*84
91
*13
64
76
1

—
160 160 *155 160
156
30
*25
30
*25
30
*25
155*/ *154*4 155 *154”; 155 *155
S5*2 *85
85k *85
8512 *85
69
90

11 0
68

*S9

*110
110
69
68 k

_
+_

90

46l2 47
90
90k
2 *..
2*4
17k 17k
107 108

76
60
*97

76l4 761
2 76
61
*61
99
*97
*97

76k
60
c:>

*8

10

IC'4

16'4

*8

lk
163
55k
28
60'/
106k

83k
86

91
13k
04
77
l 1sa
156
30
15514
85k

120

* 110

69
90

120

00

90

*8

10

76 k
61
99

123
if:)*.
1 Cv
1041,;
28'ft

83k 83k
Last Sale UOkNov’ 13
*84
86
91
91
13
13
63k 63 lo
76k 777j?
1
l lA
Last Sale
Last Sale
Last Sale
NEW
Y E AR ’ S
DAY

155k 156
27
Dec’ 13
1597ft Dee’ 13
85% D -c ’ 13
*110

10

•16k

3 ft
7
•3k
31k 31k
6T2 f t
435
425 427
*15
1514
15
15
39'2 393.1 39k 397ft
36*4 37
37k 38
*2t2 3
2k
2k
11'2 11*8
I l k i lk
*3
3k
3
3
73*4 74
74
75
30
29*4 29*4
30k
17
17
10*8 17
*29
____ *29
k
*k
k
*k
4^6
•4
4l2 4k
49
4!)
43
48k
83'2 83k *83
84
20
20
19k 20
4lj
*4 'Ai *Vu
4k
*2*3
2k
2k
•2k
7 ft
7
7s
&
*7=8
7k
3%
3 ft
7
3%
3 -,
3 ft
7
•3*4 3 %
•3*4
*2'3
2'r
*2k
21?
7*/
7*/
*7
*7'l
4
22
22
*21*4 221
1
I
*%
*%
4312 4478 4412 45k
•1614 15*8
1M| l.v,s
2
2
2
8
8
8
8X .
28' 1 28k
2Sl.i 28k
* ll2 2
1*4
•lk
1
**4
.90
**4
413
4k
4>s
41*
51k
51
51
51k
75*4 78
•76k 80
19*8 19k
19
19
62
*60
*60
62
*18*8 18-k
18k 18k
33l2 33*2
33k 33k
2
2
*1*4
•i-(i
6
6
6k
0
27*8 27*8
27*4 27*4
.20
*.12
.20
.20
*26
27
27
26k
3
2*4
2*/
3073 31
30
30k
4k
*4
4's
4k
.55
.55 *.56
.60
41
41
41k
41k
48
43
48
48k
2
•1*4
1*4
1*4
9
9
9
8k
503g 51*8
50*4 51k
*1*4
1*8
lk
lk
2l2 212
3
■th
47
47
4G
46
1
*1*
*4
*4
* Bid and asked pricea.




47k 48
91
91k
*2*4
3
17
17
108k 1 1 0 k
112k 113
117k 119k
76

*8

10

99

Last Sale

16k

*68

133
*152
16*4
lOl'i
*23

133
153
16*4
10412
29

Last Sale
Last Sale
Last Sale

76*4

99
3
Dec’ 13
15k 15k
10 k 10 k
246 247
139*2 139*4
99k 99k
80*2 89*4
90'.i 90k
2 11k 2 11k
3
Nov’ 13
26 Nov’ 13
68
Nov’ 13
*132 133k
152 153
16*4 17
104k 105k
28k 28k

Last Sale 1

Dec* 13
162 k 163
55*4 57*4
28k 28k
58k 69k
106% 106%

Week
Shares

oT O C K d
BOSTON STOCK'
EXCHANGE

R ailroads
Atch T o p & Santa Fe_10G
do
prof___________ loo
l.T Boston .t: A loan / _____100
803 Soston Elevated_____ 100
28 Boston & Lnw eil_____ loo
1,281 Boston Sc M a in "_____ 100
C Boston & Providence. 100
Boston Suburban nil Cos.
Do
pref______________
1C
3oston Sc Wore Elec C is_
Do
prof______________
10
Chic June Ky Sc U S Y .1 0 0
Do
nref___
102
Connecticut Kiver ___100
241 Fitchburg pref_______ 100
J a t i y & F.lec stm p d .lou
10
Do
pref.....................100
85 VTaino (Central.............10 0
65 vlass Electric C os___ 100
149
Do
pref stamped _100
6,691 N Y N II Sc Hartford_100
Do Rights _
13,926
Northern N i l _______ ioo
60 Did Colony___________ 100
Jutland, prof_______ioo
Umon Pacific_________ioo
Do
pref........ ........... ioo
Vermont * M ass____ 100
34 W est End St___________ 50
42
Do
pref____ ________50

f
l

490
658
130
262
1,606
196
8,705
175
30
190
240
3,091
380
90
510
57
15

50
82
228
380
229
344
6,912
122

6,500
199

iJiscelln ncous
Amer Agricul Chom__100
Do
p r e f__________ 100
Amer Pneu Service-- 50
Do
pref____________ 50
Amer Sugar Kefin___ 100
D o pref___________ 100
Amer Telep Sc Teleg-100
American Woolen____ 100
Do
pref___________ 100
Araoskeag Manufacturing
Do
pref_________ _____
Atl Gulf & W 1 S H LllOO
D o pref___________ 100
East Boston Land_____ 10
Edison Elec Ilium___ 100
General Electric_____ 1.00
McEhvain( W II)ls t pf ioo
M assacnuscttsUasCos 100
Do
pref................... ioo
Iorgentbaler Lino___ 100
Mexican Telephone-_ 10
N E Cotton Yarn____ 100
Do
pref________ 100
N E Telephone_______ 100
Pullman C o___________ 100
Reece B u tto n -H o le -- 10
Swift & C o .......................100
Torrlngton_____________ 25
Do
pref__________25
Union Copper L Sc M 25
United Fruit.................. 100
Un Shoo M ach Corp_ 25
Do
prof__________25
U s Steel Corp.............100
Do
pref________ 100

Rmge fo r year 1913.
On basss o f 100-share lots

9H2 Oct 10
95 i.i J'ly
133 Dec 23
•<j Nov
150 Dec 13
35 Dee 1
238k Dec 20
7 Sep
67k J’tte 0
5 Feb 2.
36k Dec 20
102 Sep 29
10 1 i2 J’ne2(J
200 -J’ ly
os Dec 12
rl 15 Aug 8
B J’ly 11
2«2
9 1 Dec 20
10k Dec 1
03 Dec 22
65% Dec 12
.oo Nov r
10 ) Dec 15
lo0 D ec 22
25 Aug 23
139> J’ ne 12
2
H J’ nelu
O's
105 Dec 13
67k Dec 16
35 J’ly 15
41

Sep

4

391*1 Dec 22

2i2 J’ ne u
16 Nov 3
99io Dee 12
lOSig Dec 9
110*4 Dec IS
1514 Dec 18
74 May 3
59
Mav27
y2 i.i J’ly 23
5 Jan 10
Jan
J’ ne
Dec 18
J’ neio
iVlay2b
Apr 23
J’ne lo
J 'no 14
Jan 10
. . Apr 9
03% Apr 7
12 7 Dec 19
149 Dec 18
141* Apr 16
101 J’ ne 12
26 Sep 15
20 Sep 25
% J ’ ne G
147 J ne 24
4H2 J ue 10
26% J nr 24
50 J ’u e ll
102i2 J’neio

ID8U Jan 2
11)1*8 Feb 4
215 Jan .
U4i4 Jan 30
205 Jan -’ 7
97 Jan 3
290 Jan 3
15k Oct 31
05 Men
714 Meh
45 Jan 2.
160 Feb 14
107 Meh
260 Jan l
122 Feb .
120 Feb 10
88 Sep 20
110 Mch 13
19% Feb
79 Feb
130 Jan
2 % Aug 1.
130 Feb 21
170*2 Feb 11
30 Mch2.~
162i4 Jan 1
90*2 Jan 1
150 Feb 27
811 Feb
2
100 Jan

*u ,
270
21k
• lk
37
35k
727ft
74k
18*4
18k
4l2
4i2

lk
275
21k

Hi
270
21k
lk
3834
7334
19
4k

lk
lk
*270 280
21
2 1k
* 1*8
lk
35k 36
727ft 7 3 k
18k 18%
4k
4k

Rung- f i r « reotous
■
Y tar 1912

lO.F, Feb
loti 1 Nov
: ll • Sep
•
112
Dee
202 N ov
94 Dec
290 Dec
10 Dec
70 Dec
7 Dee
50 Aug
155 May
1071 O ct
2
209 J ’ ly
119 Dec
124 J’ne
«3 Dee
125 Dec
16 I)cc
72*8 Dec
120 Dec

11114 Oct

IOH4 Feb

2221 .> Apr

134 l.| Mch
218 Jan
10012 Jan
33a Apr
l
May
80 J’no
12i2 Jan
57 Jan
170 Jan

112 J’llO

272
128

Jan
Jan
Apr
9 H 2 Jan
147*8 May
23*8 Jan
83 Feb

142*8 Apr

128l2 Oct
174 ,J'ne
■ 1 Jan
1
152 Dec
sola Sep
150 Dec
80 Oct
90 Nov

143 Jan
187 Jan
70 Jan
170 I4 Sep
9378 Deo
104 Jan
s8 8 Feb
103*2 Mch

57 Jan ll
64 Deo
99i4 Jan z
98 Dec
4i2 Jan 3
• Aug
t
23% Jan ll
14 Mch
llSioJan 3 113*4 Dec
117i4 Feb l
II 41.1 Dec
140i2 Jan
1 71 Jau
B 2
21 Apr 30
22 NOV
83*8 Sep 23
79 14 Nov
78 Jan
75 N OV
100 Jan 23 29014 J’ne
1218 Aug 2^
5 Aug
19*2 Aug 25
10*2 Aug
15 Feb
1034 Jan
288*2 Jan 10 272E Sep
155 Jan
180*4 Jan
104 Jan 13 103 Apr
J’ ly
93*2 Jan 22
93 Deo
9558 Mch24
220 Sep 4 214*2 Dec
2Q Mch
3*2 Feb 8
C
O DCC
5.) Apr 2
90 Dec
91i2 Jan 11
s4
160 Jan 11 14. 1 Oci
105*2 Jan :> 158 Feb
13*4 Jan
18 Sep 27
108 Mch 6
98i2 Jan
28*2 Jan 15
■-7 May
28*4 Jan 2 i
28 Jan
2 Jan 4
.85 Jan
182 Jan 3 h 174 Sep
55*4 Feb 4
4014 Jan
28*2 Fell
27*2 Deo
09 Jan 2
68*8 Feb
H I Jan 30 107*8 Feb

03*4 Meh
105 Meh
5U J’n*
24E Nov
l33r8 May
>
123*4 Aug
149 Mch
30 Mch
94i4 Meh
84 May
105 Mch
9 Feb
20 Jan
17i.i May
300 Mcb
189 Deo
107 Jan
95 Oct
98% Feb
22.) Aug
412 J’ ne
105 Jan
107 Mch
101 Meh
184 Aug
17*8 Apr
10‘Jig Sep
32 Jan
31 Apr
3*4 Apr
208 k J’ ne
5712 Aug
29*4 Sep
80*8 Sep
110*8 Oct

. ,
Alining
1 May 12
9 Jan
50 Adventure Con_______ 2
9 Ah meek_______________ 25 230 Nov 21 330 Jan
j
24*8 Oei 2
3,035 Alaska Gold ............... 10 u 3% J’ ue 10
.15 M ay 20
2*4 Jan 3
1 Algomah M ining____ 25
291* J’ne 11
421 Jan 3
4
150 Allouez_________________ 25
02 J'nelO
80*s Sep lo
5,178 Amalgamated Copper 100
1514 Deo 2
32's Feb 10
1,210 Am Zinc Lead Sc 9 m . 25
2 i4 J’ne 6
5i2 Sep 17
800 Arizona Commercial.
7 Feb 3
Last Sale
Bos&CorbCop&SilM g 5 ,05 J’ne 5
0 Oct 28
114 J'ly H
3k
" “460 Bu'te-Balaklava Cop 10
*3i2 3*4
3k
45 Jan 2
1 SU J’ ne 10
315ft
32
4,246 Butte Sc Sup Cop (Ltd) 10
31k
31k
32k 3212
72*2 Jan 2
6334 64
56i2 J’ne l l
03*4 64
63 k 64
747 Calumet Sc A rizo n a-- 10
383 Dec 1 555 Jan 2
425 430 *J -36 430
21 Calumet Sc Hecla____ 25
*420 430
18 Jan 6
10 J’neio
15
15
15
15
Centennial_____________ 25
330
15
15
47i2 Jan 2
30U J ne 10
39k 39k
573 Chino Copper________
39 k 39*4
39
39
5
32 Dec 1 63 Jan 2
37k 33k
37k 38
1,598 CoppcrRange Con Co 100
37k 38
4 Jan 27
2 Sep 10
*2
*2
2k
2k
200 D aly-W est_____________ 20
*2
2k
9 1 4 .J’ n e 1 0
16*8 Jan 2
370 East Butte Cop M in . 10
ilk ilk
ilk ilk
ilk m i
9 Jan 2
21 * Dec 9
3
3
•3k
3k
150 Franklin_____________
*3*8
3k
61 “ J’ue 10
78*4 Sep 16
74
74k 75k
2,774 Granby Consolidated. 100
V41*
74
75
27 S Oct 24
«
35*2 Aug 29
29k 30
30
805s
293* 30
630 Greene-Cananea_____ 100
12 Nov 29
25 Jan 2
17
*16
17
17
*16
18
45 Hancock Consolidated 25
Last Sale 30
277* .ian ” 35 Apr 28
*29
*29
Dcc’ 13
Medley G old___________ 10
1, May
*4 Jan 3
.30
.31)
.25
.30
225 Helvetia Copper______25
*k
%
17 Jan 2
3 Oct
41,
414k
285 Indiana M ining_____
413
4i2 4i2
44 i4 J ’ne
59 Jan 4
*47
48k
1
75 Island Creek Coal___
48k
*48
48k
87*2 Jan 10
79 J’ly 83k 84k
843ft 85
Do
pref________
1
85
85
86
10
J lie It.
33?s Jan 2
187ft 1878
19k i«k
18
697 isle Royale Copper. _ 25
18k
25. Jan 14
4 % N o v 21
41,
4i2 •4k 4X ,
5
700 Kerr Lake____________
4 '2 4k
1
Aug 14
3*8 Feb 4
125 Keweenaw Copper___ 25
2k a x ,
2k
2k
•2k 2 %
5 NOV 2
20*2 Jan 3
7*3
75ft
758
930 Lake CopperrC o_____ 25
___
o p p e ___
7%
7%
7*s
SU J’ne .
5U Jan 3
4
4
715 La Salle Copper______ 25
4k
4k
3 > Nov 24
s
10*2 Jan 2
37a
3k
3 ft
7
37ft
3 ft
7
*3k
90 Mason Valley M ines. G
114 Nov 19
5*2 Jan 2
2k
*2i3
•2 k
2k
2*4
2k
200 Mass Consol_________
5 Nov 25
15U Jan 2
*7
*03.1
V*/
7
7
75ft
10 Mayflower_____________ 25
261 Jan 3
2
20>.i J'nelO
217ft 22
•2ik 217ft
21*4 21*4
195 Miami Copper_______ 5
i2 Dec 13
Last Sale 1
Apr 8
l
1
Michigan_______________ 20
Dec’ 13
**4
38 Nov 25
05 Jan 7
44
44
44
*43k
*43*2 44k
230 M o h a w k _______________25
13 J’nelO
19*4 Jan 4
*147ft 15
♦151# 153s
X5Xi 15%
124 Nevada Consolidated. 5
12 J’ne 10
2*2 Jan 2
*1*4
2
*1*4
2
*13.4 2
130 New Arcadian Copper 25
714 N ov 6
9*2 Mch29
•7k
8k
5
r>«
8k
7 % Vs
1,100 Nipissing Mines_____
2 1 % J’ ne 10
34*2 Jan 2
28k 28 k
3,473 North B utte___________ 15
28k 28k
28
28k
2*4 Jan 1
2
1*4
* lk
30 North Lake____________ 25 .99 May 17
1*4
*1*4
2
*34 .95
i2 J ne 0
3*4 Jan 4
.90
Last Sale *4
Ojibway M ining_____ 25
•*4
Oct’ 13
3 Apr 30
8*8 Jan 2
4
*4
4
4k
*4
4k
180 Old Colony____________ 25
50 Jan 2
41*4 J'nelO
51
61
51
51
51
51
410 Old Dominion C o____ 25
G714 Dec 16 107 Jan l
78
78
78k *77
78
79
183 O sceola________________ 25
15 J’ nelO
- 8*4 Jan 2
18*4 19
18k 18*4
390 Pond Creek C o a l . . . . 10
* 18k 19
52U Dec 4
80 Jan 3
61
61
*59
60
12 Quincy------------------------ 25
60k 61
15*4 J'nc 10 22 Jan 3
18k 18k •18k 18%
18% 18%
85 Kay Consol Copper. _ 10
30 Nov 28
40 Jan 3
33
33
33
*32k 327ft *32
120 St M ary's M in L and. 25
1 J’ue 12 3 W» Aug 15
1*4
1*4
275 Santa Fe Gold Sc C o p . 10
•IX
1*4
xx . IX .
r,
13‘z Jan 2
012
5 Dec 15
6k
*6 k
295 Shannon_______________ 10
6k
6k
31 Sep 23
271» 28
a:26*.i 27
21 Feb 19
310 Shattuck-Arizona____ 10
*27
27k
.20
*.l L .20
.20
IS Aug 12 •35 Jan is
300 South Utah M & S___
5
25k 26k
40k Jan 2
26
257a 257a
21 N ov 24
2fi'4
450 Superior________________ 25
e4*a Feb 4
1 \{%
Jan 2
2*4
2*4
306 .Superior Sc Boston Cop 10
2‘X 2 %
2*4
2*4
38 Jan 3
21 J’nelO
30
30
30k 30k
30% 30%
230 Tamarack______________ 25
0 Jan 9
*4
3 May 16
4k
4k
4%
43]
4k
690 T r in ity ........................
25
.60
3*e Jan 28
.60 *.55
.50 Deo 22
*.55
.55
.55
310 Tuolumne Copper___ l
43i* Jan 2
41
4 lk *40
40k
34 J’ nelO
40
40
1,510 U s Smelt R ef Sc M in . 50
60 Jan «
48
48k z47k 47 '4
45i2 JTy 7
47 '4 47'.!
461
Do
pref____________ 50
2
27a Sep 24
*178
li« May 0
1% 1%
60 Utah-Apex M ining___
*1*4 1 %
!)
8*4
0
714 May 6
9
9
263 Utah Consolidated___
11>4 Jan
8*4
50k 50*2
60% SIT/
40 J’nelO
6 u Jan
481 Utab Copper C o____ - 10
50k 50 k
l*s
2 Jan
*l's
lk
lk
120 Victoria________________ 25 .90 J’no 10
*1k
1%
3
3
3
3
3
*4 Sep 12
1,341 W in o n a ______________
4*2 Jan
45
45
45
45
45
45
87 Wolverine______________ 25
70 Jan
%
1
*1
*k
**4
.95
400 \Vvandott______________ 25
li? Jan 9
e Aaa’t paid, b Ex-stock illv. /» Ex-rlght3. a Ex-div. and rights. z Unstamped, r 2d paid, to Hall paid.

i’4
• iu
♦lk
1*4
lk
*260 270
265 265
275
2 1 i 2 213/
2 1k
2 1k 2 1k
•lk
1%
lk
lk
• lk
•36U 36k
Srtl2 37k
36
7414 74*4
741.1 747ft
73
*19
19i2 187S 19k
18k
45s
4j8
4i2
4k
3*4
3*4
31*2 32

120

169k 170
90
90

99

*1
lk
162 163
65*4
55
28k 28k
58k 59
106k luck

991"
87
9 ft,
90
213
3
30

•36k 39
Last Sale 164 Doc’ F
*____ 105

Last Sale

*1
*1
lk
lk
162 162
162 k 163
5478 5512
55
55k
28
28
28
28k
58*3 59*8
58k 59k
106 106*. 106*4 1063/

11

1/0

Last Sale 9412 Deo’ tr
Last Sale 99k Dec’ ll
190 19!)
86
87
155 155
44
45k
*247 250
Last Sale 7
Dcc’ l.’

76k

16k
10*4 10*4
240 247k
138k 13934
•90k 100
89k 90
90
*89
•2 1 1 k 2 1 2 k
3
*25
30

243*/

Friday
Jan. 2

76
*60
*97

16k
1L
243 k 247
140 140k
*99k 100
89
89*4
90
90
*2 1 1 k 2 12 k
0
3
*25
30
*63
133 133
153
16k 1634
104 104k
*28
29

16k

Thursday
Jan. 1

47
47
47k 47k
90*1 91
90k 91
*23.i
3
2*4
3-‘l
17
17
17k
17k
108 1093/ 108k 1 1 0 k
112*1
112
112
113
123 12334 zllS53 1213S

112
112
12 2 k 133k

16
11
11
*_
_
241k
140 140k 1397g
99k
89 % 897t
89k
90
*2 1 0 !4 2 1 1 k 2 1 1 k
3 *___
*25
30
*25
*68
____ *68
133 133 *
153
152*2
153
1612 16k *16
104
int
28k
28
*1

S3

*120

46
48
90
90
3
3
«17U 17k
108 108
112
113
123 123k

*160i2
54*8
28
59 '8
1U3‘2

Wednesday
Dec. 31

937ft •93k 93*
973 •97k 97k
18-8 190
187
86 k
84k 86
158 *155
42
4412
4334
240 *245
15
*7
15

36k 36k •36k 39
*163 165 *163 165
105 195
105 105

•12 0

PER C E N T U M . PRICES

5
300

Dec
Apr

11*4 Apr
370 J’ly

2 Dec
8*4 May
35 Dec
G I# j ’no
U
60 Feb
92% Oct
24i2 Feb
35 Oct
2 Jan
07g Apr
4i2 Dec
914 J’ no
J’ly
6*4 Apr
I'ju Feb
61*4 J’ne
57i2 Feb
83i2 Aug
405 Feb 015 Sep
)6i2 Dec
27io Apr
251.1 Feb
6 O 4 Nov
I
48 i2 Deo
00i2 Apr
si2 Oct
7*2 Meh
12f, Jan
16*4 SCP
0?8 Sep
IO 4 Apr
I
33 Feb
77*4 Nov
*2
11'8 Oct
22 Oct
87 J’ ne
10 May
30 Nov
.70 Dec
2 May
23 Apr
ll>8 Sep
05*4 J’ ne
40i2 Jan
85 Jan
OU4 Aug
20*4 Jan
37U Nov
2 Apr
3's Feb
.80 Jan
3 May
2234 Dee
49 Apr
4i.. Feb
8 Apr
10i4 Dec
14*2 J’ne
5 Deo
U4 Jan
I
2*4 Jan
18i2 Apr
23*8 Jan
30*8 Sep
1% Dec
512 Apr
73 J’no
6012 Jan
18*4 Jan
24*8 Sep
2 Dec
oi4 Apr
914 Deo
6*4 Jan
22*4 Feb
39*8 Oct
2ift Dec
8*4 Apr
li2 Dec
e6 % Jan
13L May
2*8 Jan
44 Jan
04 Oct
IOO Deo 130’ ° J’ ne
15 .Mch
29 “ Nov
72l2 Dec
9 > J’ ne
241# Sep
Ill's Jan
43 Dec •J/
Apr
47.8 May
1 Jan
177# Aug
9 Jan
17 Feb
31'2 N ov
*4 Dee
1U Apr
24 Feb
487# J’ ly
1 Dec
47# Jan
20 Jan
61 Apr
4 Deo
9*2 Apr
212Dc
o 4«is Mch
34 Jan *60*8 Sep
47 Jan
52*4 Sep
1 Nov 3,1ij Feb
91o J’ly
20** Apr
67*8 Sep
6212 Jan
67j Jan
1*4 Deo
3>g Dec
7*4 Mch
65 Dec
13*4 Apr
1 Dec
17 Mch

7 Feb

(53

Boston Bond Record

J a n . 3 1914.]
,
U ON D B
B O S T O N STOCK E X C H A N G E
l
Week Ending Jan. 2
Am Agrlcul Obem 1st 5s___ 1028
Am Telep & Tel "Oil tr 4s__1920
, Convertible 4s___________ 1936
20-vear conv 4 H s ________ 1933
A m Writ Paper 1st s f 5s g__1919
Am Zinc J & S deb 6s_______ 101
L
Atch Top & f! . e gen u, S..19U 5
Adjustm ent g 4 s ____ July 1995
S tam p ed _________ July 1995
50-year conv 4s_________1955
10-year conv 5s_________1917
A t! Gu.r & W 1 SK Linos 58.1959
Bos & Corb 1st conv s f 6 s . .1923
Boston Kiev 3 -yr g 4s______1935
Boston & Lowed 4s________ 1910
Boat n & M aine 4 H s_______1941
Plain <s_______
...1 9 4 2
Bur & M o Itlv cons Os______1913
Butte El & Pow 1st 5s_____ 1051
Cedar Bap & M o Hiv 1st 7s 1910
Cent Vcrmt 1st g 4s___ May 1925
3
C 1 & Q Iowa Dlv 1st 5 s . ..1 9 1 9
Iowa Dlv 1st 4s___________ 1019
Denver Exten 4s__________ 1922
Nebraska Exten 4s_______ 1927
B & S W s 1 4s.......... ............1921
Illinois D iv 3 ^ s __________ 1949
Chic Jet By & Stk Yds 5 s . . 1015
Coll trust refunding g 4S.194C
Ch Milw & St P Dub D G S..1920
C h M & St P W is V div 6 s ..l0 2 n
Ch & No Mich 1st gu 5 s . . .1931
Chic & W M ich gen 5s______ 1921
Concord & M ont cons 4s___ 10 20
Copper Range 1st 5s_______ 1949
Cudahy Pack (The) lstg 5 1924
Current River 1st 5s_______ 1926
D ot Gr Rap & W 1st 4s_____1946
Dominion Coal 1st s f 5s___ 1940
Fitchburg 4 s _ ............................192
Frenit Elk & M o V 1st 6 s . .1933
Unstamped 1st fls_________1933

Week's
Range or
Last Sale

Price
Friday
Jan. 2
A -C

J-J

M -S
j '- 'i

M-N

A-0

Nov
M-N
J -D
J -D

J-J

M-N
M-N

J-J
J-J
F-A
J- J

J -D
M-N
Q -F
A -O
A -O
F -A
M-N

M-8

J:J

A-O
J-J
J-J

M-N

J-D

J -D
A -O
M-N
A -O
A -O
M-N
M -S
A -O
A -O

Bid

Asi Low
High
99*4 Apr T3
s
85
8 5 " Sale" 847
lU3**Mch’ 13
07*8
95*4 Sale 95
827* Oct '13
104
104 Sale 104
93*8
93*8 Salt 9212
84 Dec '13
8 B 4 Aug '13
97 J’ly ’ 13
100*4 Dec '13
63*4
64
60 M ay’ 13
961* Feb '12
S3i2 86
10014 Mch'09
10412Oct '08
95 Feb *12
100*4------ 101 J’n e ’13
10414 104h
82
89*4

104i4 3'no '13
82*8 Dec '13
1103 Dot '07
98 M ay'IS
98l4 N ov '13
981* Mch '12
08*2 Dec *12
83 J’ly '13
98l2 98*4 98*4
99
79
82
79
79
107 J’ne'13
113*8 Feb 'll
7812 82
80 Dec '13
90 N o v ’ 13
88
91
97*2 Sep 'l l
____ 92
95 M ch'13
100*4 A u g ’ 12
" 7 8 " "SO" 92 J’ly ’13
8O 4 Sep ’ 1
I
9914 Oct T3
" 9 7 " "08
95 Oct 12
122 Feb ’ 13
122 Mch 12
____ 83

95
98
98*4 100
83
85*8
98*4 100»f
79
861;
107 110*(

95

05

'9"2" "02
07

90*;

I 22"

122 "

A Sk
9S*2 99
947* Sale
94*2 .

Bid

General Motors 1st 5-yr 6s_1915
G t N or C B & Q cob tr 4 s . . 1921
Registered 4 s____________ 1921
Houston Elec 1st s f gen 5 s . 192.
Ia Falls & Sioux C 1st 7s___ 1917
Kan C Clin & Spr 1st 5s___ 1925
Kan C Ft Scott & M em 6 s . . 1928
K C Ft S & M Ry rei 4s g u .193 6
Kan O M & 15 gen 4s_______ 1934
Assented income 5s_____ 1934
Kan C & M Ry & Br 1st 5 s . 1929
Marq Hough & Ont 1st 6 s . . 1925
M ass Gas 4££s______________1929
Deben 4 M * . . .............Dec 1931
Mich Telephone 1st 5s_____ 1917
New Eng Cotton Yarn 5 s . .1929
New Eng Teleph 5s_________1915
5 s ..............
1932
New River (The) conv 5 s . .1934
N Y N £1 & 11 con deb 3 H s .1 9 5 6
Conv deb 6s______________1948
20-year conv Os___________ 1933
Oreg Sh Line 1st g 6s_______ 1922
Pond Creek Coal 1st 6 s ___ 1923
Puget Sd Elec R.v 1st 5s____ 1932
Repub Valley 1st s f 6s____ 1919
Savannah Elec 1st cons 5 s . .1952
Seattle Elec 1st g 5s________ 1930
Sbannon-Ariz 1st 6s g ______ 1919
Terre Haute Elec g 5s______ 1929
Torrington 1st g 5s________ 1918
Union Pac R R & id gr g 4 s . 1947
20-year conv 4s___________ 1927
United Fruit gen 3 f 4 *^s___ 1923
Debenture 4J^s__________ 1925
U S Steel C o 10-60-yr 5s Aprl963
W est End Street R y 4s____ 1915
Gold 4*^ s...........
.1914
Gold debenture 4s_______1916
Gold 4 s___________________1917
Western Teleph & Tel 5s___ 1932
Wisconsin Cent 1st gen 4 s . .1940

N O TH .— Buyer pays accrued Interest In addition to the purchase price for all Boston bonds.

Lou
High
99*8 Apr M3
94*4
947*
93*2 Dec ’ 13

117 " Apr "'08
92 Feb i:
____ 91
107*8
107***------- 107*8
76*8 Jan '12
90*? Feb M3
____ 90
78 N o v 13
____ 80
95
98*2 97 Oct ' 1 :
115 I’ne'OS
95*4 Dec 'l:
"96*2 96
93*2
93*;
93*2 94
97 Aug M3
89*2 D ec ’13
101 Apr 13
99 .
100*8
100*4 Sale 997s
80
80
8
69
69 Sale 687
106*4 No\ ’ 13
103*4
103*4
11138 Oct 12
107*1
107 Sale 106
88 Aug M3
103 Jan 'l l
70*4 Dec '111
100*8 100 N o v ’ 13
92
92
92
95
97 Apr 07
100*4 Mch M3
95*4 N o v ’ 13
90 J’ly M3
93*2------- 93 Dec M3
92 ____ 92*2
92l2
99*4 100*4 99*8 Dec ’ 13
97 J’ly M3
99*8
99*8
97 Oct M3
96*8 NOV’ 13
93*4
93*4 Sale 92*8
93*8 Feb M2

____

* No price Friday; latest bid and askod.

Range
Year
1913.

Week's
Range or
Last Sale

Price
Friday
Jan. 2

BONDS
BOSTON STOCK E X C H A N G E
Week Ending Jan. 2

High
99*8 99*4
93*8 96*4
9312 957*

Urn

92
92
107*8113
76*8 76*8
9012 9012
78
80
95 101*8
94
97
93*4 96
97
99**
89l2 93
101 101
98*2 102
67
80
73
73
106*4 12512
1017S 107
10*3" ill'll
88
88
103*2
92

100

90

10 (1*4 106*4

95*4 95*8
90
90
92
96*4
92
95**
987* 101*4
97
97
99*4 99*4
97
97**
96*8 96*8
92 100**

ii Flat prloos.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
SHARP PRICES— N O T PER C E N T U M
Saturday
Dec. 27
104
108
*1212

116
*10

*45
25

104
108
15

f onday
Dec. 29
104
108
*12

116 *118*2
17*8 *16*8
*45
25
25*8

Wednesday
Dec. 31

Thursday
Jan. 1

104 *104 104*2 105*2 10512
108 *108 110 *108i2 110
13*2 * 12*2 15
* 1 2 i2 15

!
|
j

__
__
__

5
1

25*8

120

120

17
*45
25

A C T IV E S T O C

PRICES

Range fo r Year 1913

Tuesday
Dec. 30

17
46
25

j

*12012

*16%
*45
25

25

Friday
Jan. 2

Week
Shares

♦104 1041?
*108 109*2
* 12*2 13l2
*51
57

76
32

120
120
* 10*4 17*4

107

40
46
247 25
8

20
100

743

Slocks see below)

101
101

38*4
49*4

377 38
8
49
49

46*46*2 46*2 *40
37*4 371.1
37*4 37*2
76
76
76
76
1 U2 111 ?
* 11*8 12
*23
23*.| *23
23*4
84*8 847S 84
84*2
*75
75*8
747 74*8
8
*18*2 19
*18*8 19
31
31
313* 31*8
64*1 5 4 %
5 4 % 55
407 41
g
40*2 41
s
25*4 257
257 20
g
18*8 19
18*4 18*4
84*4 84 %
84% 84%
7*8
67g 7%,
7*8
45*4 45*2
45*4 45*4
84
84
84
84

PHILADELPHIA

*37*2
38
38
48*8 48*4 z48*2
46*2
*37*4
76
* 11*8
*21*4
83*8
75
*18*2
*31
54*1
40*2
25*4
18*4
84
7*8
45*4
84*4

46*i
37*4
76*4

38*2
48*2

<
0

56*2 J lv 28
103*2 Dec 22
I4i2 J n e ll
41*2 J’ly 19
23 Jan 6

40*2 40*?.
37
37*8
75*4 76

3
w

12
* 11*8 12
22
22
22*4
84
83*4 84
75*2
74*8 75*8
19
*18*4 18*4
31*4
30*4 30*4
54%
64*4 54 %
40*<
40*4 40*4
257
s
257 257
8
*
19
*18*8 187
*
84*2 84*2
85*8
Z634
7%
6*8
45*4
45
45
84*2 *83*2 83*2

Bid

M
J
1

!
•
1

|
j
j

50
50
50
L 10
47
47
70
.100
37
37
355
100
*75
76
459
100
Do
pref.
30
11*4 11*4
. 50
300
.100
21*8 21*8
734
83*2 83*4
50
74% 74%
86
50
; 50
*18*2 19
111
Do
pref.
50
30*4 30*4
54% 54%
1,813
50
362
50
z39*s 39*8
25
26
26
2,380
50
1,311
18*2 IS * *
50
8 4 % S 4 % 11,689
1
0*4 0 % 13,547 Tonopab M ining____
50
45
1,090
45*4
50
83
1 ,1 0 1
83*2
*38
48

Ask

Alt




1,446

P H IL A D E L P H IA

V

xEx-dlvldcnd.

U $15 paid.

116
98
100

06
997S
57*2

2 Feb 6
37 J ’ne 11
41 Jn elO
11U J’ly ‘ 9
J
42*2 J’nelO
33 J’ne 10
70i8 J’ne 10
9*4 J’ne 10
21 Dec 10
81 J ’nelO
70*8 J’ne 10
15*4 Jan 4
29*2 J’ uel2
53 % Dec 13
37 J’nelO
120% J’ne lc
18 Nov 19
75*8 J’nelo
4 J’ly 22
41*4 N ov 18
80*4 J’nelO

202

i
PHILADELPHIA

Bonds
Inactive Stocks
P rices are a ll “ and
Amer Gas warrants----interest”
7 1
S
American I'.liiliug---------10
& L Elec 4 H s ’33F -A
Am er R ys pref________ 100 100*4 101*4
41*2 Am Gas & Elec 5s ’ 0 7 .F -A
41
.Cambria Iron___________ 50
Am Rys 5s 1917...........A-O
Central Coal .S C oko-_100
c
\ti C Gas 1st s f 5s ’ 60 J-J
1 Preferred____________ 106
Berg&EBrew ls t6 s ’21 J-J
Consol Trac of N J___ 100
dethleh S’ tl 6s 1998 Q-F
'Harwood Electric____ 100
Ch Ok & G gen 5s 1019 J-J
Huntington & li T ____ 50
Con Trac of N J 1st 5s ’ 33
P referred____________ 50
22*4 22*2 Del C o R ys tr ctfs 4s’4UJ-J
Insurance Co of N A — 1°
Edison Elec 5s 1 0 4 6 ..A -O
Inter Sm Pow & Cliem 50
Elec & Peoples Tr tr ctfs
'K entucky Securities..100
Fr Tac & 11 1st 5s ’40.J-J
IK eystone Talep, pref. 50 "48"*i 49
Gen Asphalt 5s 1 9 1 6 .M -S
fKoystono W atch Case 100
tlarw Elec 1st Cs 1942 M -S
iL it Brothers.......................10 *16*4
Interstate 4s 1 94.1.. F-A
Llttlo Schuylkill...........50
Kentucky Tra& T 5s’51F-A
iMlnohill St Schuyl II__50
Keystone Tel 5s 1 9 3 5 ..J -J
,N a t Gas EIoc L t & P ..1 0 0
Lako Sup Corp Inc 5s’24 O
P referred___________ 100
Lehigh N av 4*.£s ’ 14_Q^J
N orth Pennsylvania__50
Gon M 4t$s g 1 9 2 4 .Q-F
Pennsy receipts S30 paid.
Leh V O 1st 5s g 1033.J-J
Pennsylvania Salt____ 50
103*2
Loll V ext 4s 1st 1 948 .J -D
Pennsylvania Steel___ 100
•
P referred_______ 100
"66 6 B4 Consol 6s 1 9 2 3 .
J-D
41
40
|Phlla C o (Pitts) 5 % prf 50
Consol 4)^ s 1 9 2 3 .. .J - D
'
6 % cumulative pref 50
43*2 44*2
Annuity 6s__________J-D
Phila German & Norris 50
Gen cons 4s 2 0 0 3 ..M - N
80*4 8 B 4 Leh V Tran eon 4s ’35 J-D
Phila Traction---------------50
8*4
(Railways General-------10
1st series A 4s 1 0 3 5 .M -S
7*8 "Hi
Tonopah Belmont D ev 1
1st series 11 5s 1935 M -S
MarketStEI 1st 4s ’ 55M -N
! Uuited Cos of N J____ 100
N atLH & P serll 5s ’ 10 J-J
United Trac Pitts pref 50
New Con Gas 5s 1 9 1 8 .J-D
! Virginia R y & Pow er..1 0 0
N Y Ph & N o 1st i s ’39 J-J
If P referred__________ 100
Income 4s 1 9 3 9 . . . M -N
j W arwick Iron & S .e e i. 10
Penn Steel 1st 5s ’ 1 7 .M -N
■Washington-Va R y ___ 100
People’s T r tr ctfs 4 s . 1943
f
Preferred__________ 100
P C o lst&coil tr 5s’48M -S
! Welsbach C o__________ 100
Con & coil tr 5s ’ 51 M -N
j W est Jersey & Sea Sh_ 50
Phii Elec gold tr c tfs .A -O
! W estmoreland C o a l .. 60
Trust ctfs 4s 1 9 4 9 ..J-J
, Wllkos Gas & Elec____ 100
•
l York Railway__________50
10
10i2 P & E gen M 5s g ’2 0 .A -O
!
P referred________ 50
flen M 4s g 1020___ A-O
34*2 35
.• J Id and asked; no sales on thu day.
B

38*2
48*2

Ph & Read 2d 5s 1933 A-O
E x Imp M 4s 1 9 4 7 .A-O
Terminal 5s g 1941 Q-F
P W & B col tr is ’21__J-J
Read Trac 1st 6s ’3 3 . .J-J
Roch R y & L con 5s ’54J-J
Spanish-Am Ir 6s ’2 7 . .J-J
Stan’d Gas & El 6s’26 J-D
Stand Stl W ks lst5s’28 J-J
U Trac Ind gen 5s ’ 1 9 .J-J
Un Rys tr ctfs 4s ’49 .J -J
United R ys I n v ls t coll tr
s f 5s 1926............... M -N
Welsbach s f 5s 1930__J-D
W il-B G &E con 5s ’0 5 .J-J
York R ys 1st 5s 1 9 3 7 .J-D

B A L T IM O R E
In active Stock s
90
00*2 Atlan Coast L (Conn) .1 0 0
09 Canton C o ____________ 100
67
Consolidation Coal___ 100
09*4
Georgia Sou & Fla____ 100
1st preferred------------ 100
2d preferred------------ 100
G -B -S Brewing_______100
111
B onds
100*2 101
P rice s are a ll “ a n d
139*4
in te re s t”
87*2
Balt C ity 3 H s 1 9 3 0 ...J -J
4s 1 9 5 4 -1 9 5 5 ...Various
5s 1916_____ ______ M -N
102
Anacostia & Potom 5s A-O
Atl C ’st conv deb 4s_M -N
Atl Coast L (C t)ctfs 5s J-D
5-20-yr 4s 1925_____ J-J
B S P & C 1st 4 Ms ’53 F-A
Balt Trac 1st 5s ’2 9 .M -N
N o Balt D iv 5s 1942J-D
83*2
Cent R y cons 5s ' 3 2 . M -N
09*4
Ext & Im p 5s 1932 M -S
84*4
Chas City R y 1st S s'2- J-J
102
Ohas R y G & El 5s ’ 9 9 MS
79
C ity & Sub 1st 5s 1922 J-D
103
Oity&Sub (W as) 1st 0s ’48
{ $17H paid.

1122*2 paid.

J’nelO
J’n e l‘
2

1212 Dec IS

P h ilad elp h ia

38*4
49

|

Lowes:

B altim ore
Con Gas El L & P ow .100
Do
p r e f _______ 100
Houston Oil tr ctfs___ 100
Do
pref tr ctfs.100
Northern Central______ 50
Seaboard Air Line___ 100
Do
pref________ 100
United R y & Electric. 50

Bta

Ask

98
96
112 113
97*8
IIII
io o " 100*2
93
in .
’ 72”

"7 3 "

70

70*4
89*4

88*4

.... ....

231 237
___ 162
"93 " 94
30
"87*2
"80 "
Vi 3

_

..

90 ____
95i2
101*2
97
91Q " 92*2
100
89
92*2 *93*
10212
103*2 I I I I
102
102 I I I I
100 I I I I
90
100 102*2
100
—

Highest
120 Jan 16
120*4 Jan 31
25*2 Nov 14
68 Jan 9
123 Apr 2
21 Jan 30
4912 Sep 23
27*8 Apr 3

Range tor Previous
Year (1912)
Ljwesl
96 Jan
lo l Jan
8i4 Jan
53*4 Jan
121 Dec
18 Deo
45i2 Mch
18i4 Jan

1 J’ne
2 Feb
z49t2 Feb 24
40i2 Oct
4 i l2 Mch
53*8 Jan 9
12*8 Jan 9
11*2 J’ly
54*4 Jan 9
5234 Jan
427* Feb 4
18 Apr
78 May 13 59*4 Apr
6 Apr
13*2 May 10
27 Feb
31*2 Jan 9
87?8 Mch
93*2 Jan 3
781* Feb
84 % Jan 3
8i2Jan
237* Mch 28
23 Jan
37*2 Mch 28
60 Dec
6 1 % Jan 9
4J*4 Deo
50 Jan 8
Ti26*g Dec 1 I 16*8 Jan
I
28*2 Jan 3
22*8 May
8 5 % Dec 26 7414 Jan
6 Dec
7 % Dec 30
49*1 Feb
61*2 Jan 9
9U? Feb 3
80*4 Jan

Highest
117
116
25*8
72*2
130
27*4
59*4
26*8

May
Apr
N ov
J’ly
Apr
May
J’no
Sep

7 Jan
47 Sep
55*8 Oct

12*2 J’ly

58*8 Aug
3Qi2 Dec
73*2 Deo
13 Sep
35*4 Sep
100 Sep
927g Jan
167s Sep
32i2 Deo
6 3 % Apr
56 (4 Feb
2434 Sep
29 Sep
89*4 Apr
8*4 Apr
53 Sep
92*8 Aug

B A L T IM O R E

Bid

A ik

Coal & C R y 1st 0s T0A -O
Coal & 1 Ry 1st 5s’20 F-A
Col & Grnv 1st 6s 1910 J-J
Consol Gas 0s 1 9 3 9 ..J-D
Gen
1954.......... A-O
Cons Q E & P 4 H * '35 J-J
Consol Coal 5s 1 9 5 0 ..J -D
Fair & Cl Tr 1st 5s '38 A-O
Ga & Ala 1st con 5s '45 J-J
Ga Gar&N 1st s g '29 J-J
Georgia P 1st 6s 1 9 2 2 ..J-J
Ga So & Fla 1st Ss ’4 5 . J-J
G -B -S Brew 3-4s '5 1 . M -S
Houston Oil div c t f s ..F -A
Knoxv Trac 1st 5s '28 A-O
.Vlaconliy&Lt 1st 5s'53J-J
.Vld Elec R y 1st 5s ’31 A-O
Memphis St 1st 5s ’4 5 . J-J
Monon V Trac 5s '42 J-D
M t Vcr Cot Duck 1st 5 s . .
N ptN i O l ' 1st 5s'38M -N
N & A Terml 5s ’2 9 . .M - S
Nor&Port T r 1st 5s'36 J-D
Norf Ry & L 5s ’4 9 . .M - N
North Cent 4 ^ s 1925 A-O
.-erics A 5s 1926____ J-J
Series B 5s 1926____ J-J
Pitt Un Trac 5s 1 9 9 7 ..J -J
Poto Val 1st 5s 1941 ... J - J
Sav Fla & W est 5s ’34 A-O
Seab Air L 4s 1 9 5 0 .. .A -O
Seab & Roan 5s 1 9 2 6 ..J-J
Jouth Bound 1st 5 s ..A -O
U El L&P 1st 4 H s ’29M -N
Un R y & El 1st 4s V.9 M -S
Income 4s 1949___ J-D
Funding 5s 1936__J-D
Conv notes 5s 1914 J-J
Va M id 3d ser 6s T 6 .M -S
4th ser 3-4-28 1921 M -S
5th series 5s 1926__M -S
Va (State) 3s new ’3 2 . J-J
Fund debt 2-3s 1991 J-J
West If O con Gs 1914.J-J
Wil & W eld 5s 1 0 3 5 . . . J-J

92
97
101
103

93*j
100
___
103*4
93
87

__

85
87*4
99
102*2 ___ _
102 ___ _
106*2 —
10212
41 ’ 4 2 "
____ 78
100

101*2

96
95
95*2 961*
94
96

" 47*2 "48* ’
____ 98
____
m
"87
97
97*2
100 . . . .
105
105

__

102 104
>
104 _
82
83
101*2 _ _ _ m
103
89
91
82t2 82*4
61*4 62
85
80
99 10018
100 —

._

102*4 I I
—
—
—
____
—

'3

I I1
i
i

THE CHRONICLE

64
W

" "■
"

---

1

'

— •

1

Volume of Business at Stock Exchanges
TRANSACTIONS AT THE N EW YORK STOCK EXCH ANG E
D AILY. W EEKLY AND YEARLY.
Stocks.
Week ending
Jan. 2 1914.
Monday_______ _____
Tuesday_____________
Wednesday_________

Total............. ..........

Shares.

Stale
Bonds.

U. S.
Bonds.

§989,500
183,403 §15,005,800
351,874
2.074.000
29,782,150
2.020.000
20,705,750
332,795
1,773,000
17,733,950
199,057
HOLT D \Y .........
2,118,500
187,711
13,029,050

§38,500
79.000
123,000
84.000

§28,981,000

3114,000

1,254,810 §105,258,700

Sales at
New York Stock
Exchange.

j

Railroad,
Ac.,
Bonds.

Par Value.

Week ending Jan. 2.
1914.

1013.

§11,000
10,000
1,000

89,500
$22,000

Jan. 1 to Jan. 2.
1914.

1913.

_
1,254,840
1,095,467
Stocks— No. shares_
Par value_________ $105,250,700 $101,802,700
Bank shares, par_____
$1,500
§5,100
Bonds.
$22,000
§22,000
State bond3_________
411,000
230,000
RR. and misc. bonds..
8,981,000
9,354,500

187,711
$10,029,050
§1,000

015,151
§57,059,100
$2,200

SS9.500
2,118,500

§22,000
100,500
4,080,500

$9,012,500

S2,208,000

$4,209,000

Total bonds_______

$9,417,000

DAILY TRANSACTIONS AT TH E BOSTON AN D PHILADELPHIA
EXCHANGES.
Boston.
Week ending
Jan. 2 1914.

Philadelphia.

Listed Unlisted
Shares. Shares.

Bond
Sales.

10,407
15,015
14,143
9,725

S31.500
57,700
43,800
56,600

3,603
4,899
4,891
5,404

Saturday____________
M onday____________
Tuesday____________
Wednesday_________
Thursday___________
Friday______________

14,731

3,771

Total........................

04,021

22,568

Listed
Shares.

11,657
11,493
11,017
3,602
DAY . . .
48,500
4,330

§243,100

42,105

Unlisted
Shares.

Bond
Sales.

2,844
7,836
8,499
4,418

§10,200
41,900
49,500
27,800

4,086 .
27,683

33,800
3169,200

Inactive and Unlisted Securities
*

All bond prices aro now “ and Interest” except where marked ‘ t "
Street Railways— (Con )
United Lt A Rys com___100
1 st preferred_________ 100
New York Citg
2 d preferred_________ 100
16
20
Blccck St A Ful Fy stk ..100
United Rys of St L—
70
65
1st mtge 4s 1950______ J-J
Common_____________ 100
B’y A 7th Ave stk______ 100 150 100
e Preferred___________100
2d mtge 5s 1914........... J-J
Wash Ry A El Co........... 100
983.J 100
Broadway Surface Rlt—
Preferred ............. ........100
1st 5s 1924......................J-J 1 C
012 102 l2
4s 1951..........................J-D
Cent Crosstown stock..100
10
West Penn TrAWatPow 100
1st mtgo 6 s 1922____M-N
97 < 10212
2
Preferred......................100
Christopher A 10th St stk 100 115 125 Electric, Gas & Power Cos
Dry Dock E U A Batt—
New York City
1st gold 5s 1932......... J-D
99X2 10 H2 Cent Un Gas 5s 1927____J-J
35 e Kings Co El L A P Co. 100
Scrip 5s 1914................K-A / 28
280 310 New Amsterdam Gas—
Eighth Avenue stock___100
Scrip 6 s 1914............... F-A / 99 100 l2
1st consol 5s 1948_____ J-J
_
42d A Gr St Fy stock_ 100 220 240 N Y & E H Gas 1st 5s ’44 J-J
Consol 5s 1945............. J-J
42d St M A St N Avo
0
1st 6 s ext at 5% to ’4 0 .M-S / 99 105 N Y A Q 1 1 L A Pow Co. 100
Preferred____________100
Ninth Avenue stock____100 150 170
3 N Y A Richmond Gas___100
Second Avcnuo stock___100
28 North’n Un 1st 5s 1927.M-N
Consol 5s 1948 ctfs.-F-A f 18
rSIxth Avenue stock____100 105 115 Standard G L 1st 5s ’30 M-N
89 12 100
Sou Iloulev 5s 1945______l-J
Other Cities.
98 Am Gas A Elec com____50
90
SoFcr 1st 5s 1919........... A-O
80
Tarry \VP A M 5s ’28..M-B / 75
Preferred____.
50
16 Am l.t A Tran com .
28 A 29th Sts 6a ’96 ctls A-C r 7
100
Twenty-third St stock..100 225 260
Preferred...................... 100
Union Ry 1st 5s 1942..F-A 100 103 Amer Power A Lt com ..100
Westchester 1st 5s '4 3 .J-J
89
Preferred..... ................ 100
90
Yonkers St RR 5s 1940. A-O
95
Bay State Gas..................50
Buffalo City Gas stock.. 100
Brooklyn
Cities Service Co com___100
09 102
Atlan Ave RR con 5s '31A-0
Preferred_____ ______ 100
94
97 Columbia Gas A E le c ... 100
B B A W E 5s 1933____A-O
104 167
Brooklyn City RR _____ 10
1st 5s 1 9 2 7 ...
J-J
99 101 Con Gas of N J 5s 1 936 ..J-J
Bklyn Hgts 1st 5s 1941.A-O
90 100 Consumers’ L II A Pow—
Coney Isl A Bklyn______ 100
83
78
5s 1938..........................J-D
82 Consumers Power (Minn)—•
77
Con g 4s 1955________ J-J
98 100
Brk C A N 5s 1939____J-J
1st A ref 5s ’29 opt ’ 14M-N
Nassau Elec 1st 5s 1944 A-O 100 102 Denver G A El 5s 1949.M-N
N Wmsburgh A Flatbush—
Electric Bond Share prof 100
92
1st 4 M h July 1941...F -A
95
Elizabeth Gas Lt Co____100
98 102
Stciuway ls f (is 1922____J-J
Essex A Hudson Gas____100
Gas A El Bergen Co____100
Other CUtes.
Gr’t West Pow 5s 1046.. >J
Buff St Ry 1st con 5s '31 F-A 101 10212 Hudson County Gas____l10
54
Com’w’lth Pow Ry A L.100
55
Indiana Lighting Co____100
76
Preferred____________100
77
4s 1958 o p t ..................F-A
G
O
t Conn Ry A Ltg com___100
66
Indianapolis Gas______ 50
e Preferred__________ 100
65
75
1st g 5s 1952............... A-O
e Detroit United Ry____100
69
75 Jackson Gas 5s g 1 9 3 7 ..A-O
Federal Light A True___100
21
24 eLacledo Gas preferred.. 100
Preferred____________100
69
71
Madison Gas 6s 1926..A-O
(Havana Elec Ry L A P 100
76
Narragan (Prov) El Co. 50
e Preferred....................100
92 Newark Gas G Apr '44.Q-J
00
s
Loulsv St 5s 1930........... J-J 100 102 Newark Consol Ga"s
inn
f New Oi l Rys A Lt com .100
35
No Hud L II A P 5s 1038A-O
27
e Preferred....................100
Pacific Gas A E com____100
01
«N Y State Rys com____100
Preferred.................. 100
73
08
eNor Ohio Tr A Lt com .100
50
54
Pat A Pas Gas A Elec.-.IUU
Pub Serv Corp ol N J— See Stk E X list St Joseph Gas 5s 1 9 3 7 ...J-J
11 ctfs 0% perpetual____ IO210 1031 - Standard Gas A El (Del) 50
N
, 1 St 1st 4s 1948 M-N
Preferred_______
50
77i2 78
Cons
Let of N J____1O
t
73
United Electric ot N J. .100
75
1st g 4s 1949............. j-D
1st 5s 1933........... ..J -D
100 101
United Gas a Elec Corp. )U0
Now’k Pass Ry 5s '3 0 .J-J 10312 105
Preferred........................juo
Rapid Tran St Ry____100
Utah Securities Corp... (O
il
1st 5s 1921_______ A-O 100
J O Hob A Pat 4s ’49 M-N
6% notes Sep 15’22MAS15
73
74
Western Power com___„;j0()
So J Gas El A T rac.-.lO t 120 120
Gu g 5s 1953______ IV
i-S
Preferred____________IO
C
USI4 0912
No Hud Co Ry 5s 1928 J-J 101 102
\ csteru States Gas A El—
\
Ext 5s 1924........... M-N
1st A ref g 5s 1941 op.J-D
95
Pat Ry eon 6s 1931.. J-D 108
Ferry C o m p a n ie s
2d 63 1914 opt____A-G 100
B A N Y 1st O 1911_____ J-J
s
C
Republic Ry A Light___100
l t l2 16 N Y A E K Ferry stock.. IO
1st 5s 1022..................M-N
Preferred____________100
64
67
1212 1312 N Y A Hob 6s May ’46..J1-D
Tennessee Ry LAP com .100
62
Hob Fy 1st 5s 1 946 ..M-N
Preferred____________100
59
N Y & N J S a 1946........... J-J
Toledo Tract L A P____100
0
12
70
10th A 23d Sts Ferry____101
Preferred........... ............ 100
Trent P A ll 5s 1943...J -D
Union Ferry stock______ 100
1st 5s 1920................. M-N
Street Railways

Bid

Ask

[Vol .

X C V III

r?

Bid
77
74
71

Ask
79
75
73

10

1012

36U

37>4

8 G4
I

87
90
7973 80
20

63
100

118

10212
12 1

9812 100
103

101

99
45
70
25
99

101

100

105

101

55
80
35

*60
63
*40
47
336 338
103 10712
68
60
75
70
*3S
2
4
SO
82
08
70
IDs 117S
70
72
95
95
87
89
a9712
325
128
85
78l2
125
38
G
O
100
87
04
102
*S9
121
92
95
3312
80
85
85
*012
2
*251
85
771
2
3412
70
15
74t2
17*2
52

89
92
100
130
88
80l2
129
42
69
91
100
90
108
92
124
93
34l2
82
00
7
26
78t2
72
7512
20
54

89

91

105
10
44
98
100
95
20
43

no
18
52
00*2

27
100

98
25
48
30
102

Telograph and Telephone B.a Ask
55
60
e Amer Teleg A Cable_ IO
_ C
.i
e Central A South Amer. 101 ion 10 U
101
Comm’l Un Tel (N Y )_ ..2 .r 99
72
60
Empire A Bay State Tel.lOi
40
50
Franklin............................ lot
e Gold A Stock T e le g ...101 112 118
XU2
e Mackay Cos com_____lot
75
e Preferred___________lilt
65
non
e Northwestern Teleg____5( 105 112
72
Pacific A Atlantic_______ 25
65
e Pae Tclcp A Teleg prcf.lut
S3E 8S12
Southern A Atlantic......... 25
85
95
Short-Term fsotes
995S 100
Amal Copper 5s 1915.-M i997„ 1001s
Balto A Ohio 5s 1914...J-J
Bklyn Rap Tr— See N Y Stk Ex list.
9 iS 1 99
J
Ches A Ohio 4 l^s 1914. . J-D
92
ChlcEtev Rys 5s 1914___J-J
95
997S loots
Erie 6s April 8 1 9 1 4 ..A-O,S
Coll 5s Oct 1 1914...A -C
99 14 9934
Coll 5s April 1 1 9 1 5 ..A-O
2
98<2 991
Gen’l Motors 63 ’ 15— Ser NY Stk Ex list.
Hocking Valley 4 J s’14 M-N
.k
99H 993t
99l2 997s
III Cent 4 ^ s 1914____J-J
Int A Ct Nor 5s 1914.. F-A
95
97
Inter Harvester 5s ’1 5 .F-A
9914 993.1
K C Ry A Lt 63 1 9 1 2 ..M-S / 83
88
Lake Sli A Mich So 4i2s . ’ ll
99i>4 100
Michigan Central 4Hs. 1914
993; 100
Minn A St L g 6s 1914..F-A
94
97
Mo Kan A Tex 5s 1915.M-N
93l2 90
Missouri Pacific 5s 1914. J-D
92
95
e N Y C Lines Eq 5s 1913-22 h 5.15 5%
4Ms Jan 1914-1925...J-J b 5.15 5%
4>3s Jan 1914-1927___J-J b 5.15 5%
N Y Cent 4J$s 1911____M-S
993.1 100
4i2s 1915..................... M-N
98>2 99
5s Apr 21 1914____A-O’ 1
2
8
997 iooi8
St L A S F 5s 1913 opt. J-D
Os Sept 1 1914 o p t...M -S
Seaboard Air L RySs’ 10 M-S
97l2 0S12
South Pae Co5s J’ne 15 1914
9973 100's
Southern Ry 5s 1916.. F-A
98l2 09l2
West Maryland 5s 1915.J-J
95
97
Wostingh’so 1 1 A M 6s 1915 100 1003S
1
5% notes Oct’ 17— See N Y Stk E X list
Kail road
033 15
e Chic A Alton com_____100
40
e Preferred___________100
17
« Chic St P M A Om____100 118 125
e Preferred__________ 100 130 MO
2012 27
e Colo A South com_____100
61
e 1st preferred............. 100
59
« 2d preferred________ 100 ’ 50
70
8 N Y Chic A St L com ..100
42
47
« 1st preferred_______ 100
921 100
2
8 2d preferred________ 100
88
74
Northern Securities Stubs.. 103 105
Pitts Ue33 A Lako Erie_ 50 *20
_
30
Preferred_____________ 50 *50
8 Railroad Securities Co—
1 1 C stk tr ctfs Ser A _____
1
78
We3t Pae 1st 5s 1933..M -S
74
75

Indust and Mlsccll— (C )
’on)
J
Am Steel Fdy Os 1035. A-O
\
Deb 4s 1923.................. F-A
American Surety___
u
American Thread prof____5
5
Amor Typefounders com.10(1
1
Preferred........... ...........100
0
Deb g O 1939___
s
Amer Writing Paper____100)
Barney * Smith Car com 100
)
Preferred ...................
1
Bliss (E W) Co com_______ )
Preferred)........................ 50
)
Bond A Mtge Guar......... 100)
)
Borden’s Cond Milk com.100
Preferred.......................100
)
British Col Copper Co____£
Broivn Shoe com.............. 1001
Preferred.......................100
Casualty Co of America. 100

e 1st preferred_______ 100
e 2d preferred............... 100
Preferred____________100
Preferred.......................100
Debenture 4s 1951___A-O
Jontinental Can com.
Preferred____________ 100
Crucible Steel com____100
e Preferred..............
100
Davls-Daly Copper Co_ 10
_
' iPont(EI) doNcm Pow 100
e Preferred___________ 100
Emerson-Bran tinytiam.-100
Preferred____________ 100
Empire Steel & Iron com 100
Preferred____________ 100
General Chemical com. 100
e Preferred___________ 100

aia
•
Is*
99! lOOtf
691 72
M2 107
*3
5
41
43
93
95
96 100
l
1>4
10
------ 75
82
85
115 125
273 282
112 1121*
105 10313
*2 >
8 238
49
47
87
92
110 120
127 130
20
15
85
80
72
70
80
85
80
85
00
57
94
97
70
72
38
101i
106 107
/ 65
07
32
35
89
85
IU 4 141j
881 89
2
2 (1
1
♦Us
130 135
_
88 >
2
22
20
82
76
____ 13
____ 27
170 181
107 109
•Ms
l'a

_

81
30
80
80
2
Preferred____________100
0
1st g 5s Juno 1 1 922 ..J-D ! 62
Ref g 4s ’52 op 1912...J-J

1st preferred_________ 100
2d preferred................. 100

1st 0s 1922....................M-S
1st 5s Nov 1930........ M-N
locking Val Products..100
1st g 5s 1901_________ J-J
e Preferred___________100

85
35
90
90
4
15
07

0712 100
15
5
100
3
38
120
92
714
105
115
103
3
/ 4S12
115
1O012
105
81
180
180

5
44

8'l
110
116
Standard Oil Stocks
Per share <
104
Angio-Amcrican Oil new_
_ *1334 14
Preferred____________ 100
4
Atlantic Refining............. 100 780 790
atcrnatlonal Salt______ 100
50
Borne-Scrymser Co_____ 100 300 310
1st g 5s 1951................ A-O
120
Buckeye Pipe Lino Co_ 50 *108 170
_
Chescbrough Mfg Cons. 100 6SO 090
10S12
1st 0s 1 9 4 8 ................ J-O
110
Colonial Oil____________100 130 140
84
Continental Oil............. .100 230 235 1
Crescent Pipe Lino Co___50 *58
185
60
190
Cumberland 1’lpo Lino.. 100
06
69
_
45
Eureka Pipe Lino Co_ 100 350 355
Galena-Signal Oil com ..100 180 183
Preferred......................ioo
98 103
Preferred ..................... 100 135 139
I 'i
•Us
Indiana Pipe Line Co____50 *150 153
.100 88 92
41
National Transit C o_____25 *40
100 105
_
New York Transit Co_ 100 330 335
20
Northern Pipe Line C o ..100 127 130
30
e Preferred....................100
25
Ohio Oil Co..........................25 *146 148
155 100
73
83
Pierce Oil Corp____________ *65
68
5*4
Prairie Oil A Gas............. 100 420 130
...2 0
*134
Solar Refining................. 100 345 355
..100 70 78
*38
Southern Pipe Lino Co.-lOO 252 255
'J
!
South Penn Oil________ 100 268 272
2>2 2‘*
Sou West Pa Pipe Linns. 100 153 160
71
63
<
Standard Oil (California) 100 261 203
93
92
Preferred____________100
Stand Oil of Indiana___ 100 420 430
25
20
Pettiboue-Mulllken Co 100
Standard Oil (Kansas) ..100 470 480
00
e 1st preferred............. 100
80
Stand Oil of Kentucky ..100 665 675
♦1U2 12
Stand Oil of Nebraska.. 100 490 500
Preferred____________ 50 ♦30l2 31
Stand Oil of N J (old).. 100 1200 ____
94
88
Stand Oil of N J............. 100 407 409
4
15
Standard Oil subsidiaries_ *860
_
10
Preferred__________ .100
Standard OH of N Y ____100 174 176
9012 102
Standard Oil of Ohio___100 390 400
130
Swan A Finch_________ 100 320 330
103 115
31
92
Union Tank Line Co____100
90
1st preferred_________ 100
Vacuum OH____________100 194 190
98 100
2d preferred_________ 100
52
98 100
Washington OH_________ 10 *50
185 190
Waters-Plerce Oil______ 100 2000 3000
Preferred..................... loo 102l2 104
Tobacco Stocks
103 1031*
(See also Slock Exchange List)
ears, Roebuck ACo— SeeN Y Stk E x list
e Preferred— See Chic Stk Ex M t.
Amer Cigar com_______ 100 140 145
s
93
Preferred____________100
87
290 293
Amer Machine A F d y..100
75
05
25
33
I’referrcd______ _____ ioo 105 111
Brltish-Amcrlcan Tobac.Dl *2333 237a
New stock______________ *2338 2414
09
71
Conley Foil_____________100 270 290
9U2 93
e llelmo (Geo W) com .. 100 145 180
'
05 100
8 Preferred__________ 1U0 107 113
93
99
Johnson Tin FollAMetal 100 100 180
'
Stk E X list
MacAndrews A Forbes..100 180 200
'
3i2 a
Preferred new_________ioo
Porto-ltlcan-Amer Tob.100 215 230
45
55
Prow Directory................ ioo
Reynolds (R J) Tobacco. 100 245 255
7
15
~'ulted Copper.................. ioo
Tobacco Products com ..100 100 130
*4
Preferred..... ................ 100
Preferred...................... ioo
85
a
84
4078 United Dry Goods____100
e United Cigar Mfrs com 100
44
90
e Preferred .................... ioo
e Preferred ............... . 100 100 103
97 101
United Cigar Stores com.100 94U 9U2 U S Casualty.................. ioo 190 200
Preferred..................... 1 (J 110 113
U
‘ S Envelopo com........... 100 144 150
Preferred____________ ioo 100l2 10312­
e YVcyman-Bruton Co_ 100 220 275
_
8 Preferred........... ........100 108 120
U S E x p re ss.._ ."III'lOO
_
43
42
Young (J S) Co............... 100 140 160
U S Finishing_______ IIIlOO
10
13
Preferred_______ I I I I 100
30
35
Indus trial & Miscellaneous
1st g 5s 1919_____ '.".".'.J-J 90
95
Con g 5s 1929..............J-J
e Adam3 Express_______ IO
O
70
90 100
75
L S Indus Alcohol____100
f
Col tr g 4s 1947........... J-O r___ 70
33
e Preferred ...................100 '83
Alliance Realty________ 1U
0
95
90
95
U S Steel Corporation—
Amer Bank Note com____50 ♦43
44
Col s f Apr 5s 1951 op 1911 113
Preferred_________ . .. 5 0 *50
521
2
Col s f Apr 6s 1951 not opt 113
American Book________ 100 157 105
(J S Tit Gu & Indem____100
American Brass________ 100 131 133
ila Iron O A C _ 100 _38"
_
American Chicle com_ 100 200 203
_
Fargo & Co......... 100
Preferred____________100
85
97 100
Westchester A Bronx Title
a American Express_____100 lOOU 103
A Mtye Guar......... ...1 0 0 105
50
Am Grapliophonc com ..100
Preferred......................100
80
»127l2 129
American Hardware____IO
C 113 120
Wlllys-Ovcrland c o m ... 100
59
02
Amer Malting 63 1914..J-D
Preferred ..................... 100
09 100
83
90
■ Amer Press Assoc’n_____ 100
40
45
55
05
Worthlngton(HR)Co pf.10 0

__

* I>er share, a And accrued dividend. 6 Basis, i Listed on Stock Exchange but usually Inactive, f Flat prloo. n Nominal, s Sale price.
New itook. u Ex.
subsidiaries, z Ex-dlv. 7 Ex-r.ghts. ? Includes all new stock d.vlJmds and subscriptions,
t Listed on Stock Exchange but Infrequently dealt la; record of sales,1
U any, wlU be Ioun.1 on a preceding page. h Ex-303 % stocl. dividend
_




J an . 31914.]

65

THE CHRONICLE
I ^ la ilw a d
R AILRO AD

GROSS

in te llig e n c e .

EARNINGS.

The following table shows the gross earnings of every S T E A M railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give tho 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. W e add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers someother
period. The returns of the electric, railways are brought together separately on a subsequent page._____________________________
J u ly 1

L a test G ro ss E a r n in g s .

noADS.
Ala N O & Tex Pac­
in' O & Nor E a st.
Ala & Vicksburg.
Viclcs Slirov & Pac
Ann Arbor_________
Atcti Topeka & S Fc
Atlanta Birm & Atl
Atlantic Coast Lino
Chariest & V Car
V
Lou Ilentl & St L
0 Baltimore Sc Ohio.
U & O Ch Ter Xtlt
Bangor & Aroostook
Bessemer & Lako K
Birmingham SouthBoston & M aino___
B uff Koch & P itts..
Buffalo & Susq____
Canadian Northern
Canadian Pacific. _
Contral of Georgia.
Central of Now Jer.
Cent Now England.
Central Vermont___
d i e s & Ohio Lines.
Chicago & Alton___
Chic Burl & Quincy
/ Chic & East i l l . . .
V Chic Great W o st.
Chic lnd & Ijouisv.
Chic Milw & St P -1
I Chic M il & PugS)
eCliic & North W est
rChlc St Paul M & O
Chic Terre II Sc S E
Cin Ham Sc Dayton
Colorado M idland.
b Colo fc Southern..
C ornw all___________
Cornwall & Lebanon
Cuba ltailroad____
Dolawaro S Hudson
c
1 D el Lack & W e s t ..
■Donv & Rio Grande
1 Western Pacific. .
! Denver & Salt Lake
Detroit Tol & Iront
Detroit & Mackinac
Dul fc Iron Rango.
Dul Sou Sh Sc A t l . .
Elgin Joliet & East
E l Paso & Sou West

W eek or
M o n th .

5

1st wk D ec
1st wk Dec
1st wk Dec
3d wk Dec
November
O ctober___
November
O ctober___
O ctober___
N ovem ber
November
October___
October___
N ovember
N ovember
3d wk D ec
O cto b e r..
3d wk D ec
3d wk Dec
N ovember
October___
October___
O ctober___
3d wk Dec
3d wk Dec
O ctober___
O ctober___
3d wk D ec
3d wk Dec
N ovember

N ovember
N ovem ber
O c to b e r...
N ovcm bor
Novom ber
3d wk Doc
November
N ovember
N ovember
O ctober___
N ovomber
3d wk Dec
3d wk Doc
2d wk Dec
O ctober. .
3d wk Dec
Novomber
.'id wk Dec
October___
October___
Novem ber
Novem ber
O ctober___
Erie________________ O ctober___
Florida East Coast 3d wk Dec
Fonda Johns & G lov 3d wk D ec
Georgia ltailroad.. 2d wk Dec
Grand Trunk P ac._ 2d wk D ec
Grand Trunk Syst. 2d wk Dec
Grand Trk W e st. N ovember
■ Dot Gr H av & M November
Canada Atlantic. O ctober___
Great North System N ovem ber
G ulf & Ship Island. 3 1 wk Dec
Hocking Valley____ 3d wk D ec
Illinois Central____ O ctob c"___
Internat & Grt Nor November
_
a Intoroceanic M e x . October_
Kanawha & M i c h .. N ovember
Kansas C ity Sou— O ctober___
Lehigh & New E n g. 3d wk Dec
Lehigh Valley_____ N ovem ber.
Louisiana Sc Arkan. N ovcm ber
s Louisv & N a s h v .. O ctober___
M acon Sc Blrin’liam 2d wk Dec
Maino Central_____ 3d wk Dec
Maryland Sc l ’ enna. 3d wk Doc

I

a Mexican Railways
Mineral Iiango-----M inn & St L o u is._ I
Iowa Contral___J
Minn St P & S S M l
Chicago Division /
Mississippi Central.
m M o Kan S Texas.
c
x Missouri Pacific..
Nashv Chatt Sc St L
a N at ltys of M o x ./
Nevada-Cal-Orogon
Now Orl Great N or.
e N V C S Hud Kiv.
c
Lake Shoro & M S
n Lako Erie Sc \V.
Chic Ind,& South
Michigan Central
Clev O O Sc St L .
Peoria & Eastern
Cincinnati North.
Pitts fc Lako Erie
N Y Chic & St L .
Tol Sc Ohio Cent.
T ot all linos above

C u rren t
Y ear.

75.000
35.000
29.000
50,717
.784,520
352,640
,306,210
215,393
127,034
,926,250
154,354
392,181
992.495
97,287
,976,979
205.968
228.710
515,400
,699,000
,337,006
,787,791
303,925
376,253
762,554
253,172
,482,484
,483,235
312.642
133,048
,161,018

W e ek ly S u m m a r ie s.

$

1,815 516
847 ,235
803 ,310
1,167 ,215
48,768 ,783
1.156 ,551
13,823 ,359
631 ,403
479 8.56
44,744 ,039
782 ,033
1.157 ,753
4,131 193
539 ,600
21,529 ,452
5,887 ,784
846 ,360
12,711 ,000
71,633 ,821
6,190, 604
11,170, 363
1,294, 647
1,518,,580
17,621, 030
7,615, 791
35,269, 130
5,771, 299
7,223, 945
3,493, 697
41,694, 803

533,863

$

,662,803
818,685
757,626
,123,538
,803,117
,080,825
,463,077
590,911
427,871
,146,241
807,657
,040,788
,902,330
47.8,5J1
,752,383
,465,074
832,543
,624,600
,550,246
,079,076
,436,888
,303,701
,522,381
,072,287
,866,031
,907,736
,012,912
,968.782
,486,875
,189,463

603,103 15,805,507116,189,095

84,984 ' 83,187
609,847 655,359
1,107,000 1,171,000
1,155,150 1,170,223
672,428 1,295,031
6,052
6,078
175,787 133,3,Si
9,532,298 9,71 1,79'
4,298,225 4,723,153
464,841
505,533
400,05'! 330,191
2,857,627 2.89.3.480
2,659,6221 2,995,368
293,933 313,903
130,948 132.153
1,499,954 1,622,499
1,024,983 1,178.235
478,705 603,857
23641189 24685163

W eek or
M o n th .

P r e v io u s
Year.

7,093,444 7,335,104 39,504, 182
,470,038
1,674,295 1,589,749 8,225, 715
,831,809
230,915 188,581
664,446
753, 415
,718,935
816.968 945,753 4,599, 476
862, 855
166,892 177,161
961,773
217,298 316,467 6,978, 651
,570,519
15,160
19,337
82, 754
100,867
25,440
31,947
142, 208
173,991
342,357 278,908 1,715, 231
,636,543
2,115,534 2,021,740 8,589, ,429
,385,206
3,575,259 ,685,305 18,110, 013
,807,322
443,900 455,200 12,542 ,245
,859,412
99.000 109,000 3,424 ,801
,197,790
11,231
22,745
614 ,834
619,353
144,091 173,457
652, ,370
611,537
19,579
23,679
596 ,754
597,758
360,290 372,054 4,621 ,700
,422,037
58,295
,619,865
55,800 1,762 ,056
1,127,865 1,149,904 4,529 ,921
,398,222
,739,93.8
791,186 767,683 2,838 ,479
,794,148
5,033,114 5,447,11.7 27,4-52 ,021
,475,687
392,982 367,992 1,577 ,937
366 ,702
368,118
80,757
79,684
987,6Ji
379,441 222.083 1.152 ,303
4,053 ,272
144,199
039,653
094,779 1,090,189 27,697 ,528
346,691
139,547 152,297 3,373, ,753
201.430
52,549 1,233, 683
50,476
157,018
38,119
44,796 1,135, 880
012,571
7,658,140 7,972,026 39.551, ,020
840,562
171,402
161,644
895, 152
888,074
739,594 734,800 3,056, 272
712,661
5,798,041 5,539,957 28,816, 756
200,000 252,000 5,285, 075
132,300
190,471
161,805 4,314, 849
115,209
311,036 293.153 1,228, 576
196,316
959,330 4,515, 352
982,303
593,763
623 ,167
183,097 179,227
599,015
3,549,890 3,744,285 18,131, 319
031,324
148,323 131,670
582, 692
543,619
1,217,330 1,222,585 30,078, 279
487,739
12,932
13,682
65, 429
71,554
063,558 940,439 5,150, ,914
014,319
50,3:: 6
203 ,792
53,760
184,885
173,20(1 162,100 4,469, 200
815,500
15,201
6,252
403.430
156, ,770
213,719 222,791 4,815, ,411! 4 942,576

3d wk D ec
November
3d wk Doc
3d wk Dec
O c to b e r..
3d wk Doc
3d wk Dec
O ctober_
_
November
November
November
November
November
November
Novomber
November
November
November
November
November

S

60,090
35.000
29.000
45,051
10S28886
313,893
3,071,228
190,760
121,397
9,040,351
160,854
315,050
961,443
103,917
4,012,033
205,547
228,091
477,209
2,865,000
1,255,811
2,881,994
329,881
389,884
732,741
283,964
9,575,518
1,480,539
329,623
140,309
8,670,291

449,365
421,283
16,275,050/16,653,879
30,251,305 31,058,961
4,289,0311 4,301,820
16,102,236 3,0746,923
212,633
236. 127
654,457'
562,599
51,872,657(49,65 1,477
~ 1,418,596 21,213,322
2,596,832 2,055,0 10
1,817,186 1,815,060
15,303,863 14,623,526
15,053,887 14,981,057
1,476,431 1,577,798
683,946
652,811
8,472,720 8,514,746
6,156,135 5,413,933
2,783,875 2,502,300
129630126 126623069

Ju ly 1

L a test G r o ss E a r n in g s .

to L a t e s t D a t e .

C u rren t
Year.

P r e v io u s
Y ear.

N O Mobile & C hic.
N Y N H & H a r t f..
N Y Ont S W e s t .. .
c
N Y Susq & W e s t ..
Norfolk Southern..
Norfolk & W estern.
Northern Pacific___
Northwestern Pac.
Pacific Coast C o ___
Pennsylvania R R . .
Balt C h m & A t l . .
Cumberland Vail.
Long Island_____
M aryl’d Del & Va
N Y Phila S N o-f
c
Northern Centra!
Phi la Balt &Wash
W Jersey & Soash
Pennsylvania Co___
Grand Rap Sc lnd
Pitts C C & St L .
Vandalia_________
Total Lino,—
East Pitts & E .
W est Pitts Sc E
All East & W ost.
Pera Marquette____
Reading Co— •
Phila & Reading.
Coal & Iron Co__
Total both cos___
Rich Fred & Potom
Rio Grando June___
Rio Grando S o u th ._
Rock Island L in e s..
R u tlan d ____________
St Jos & Grand Isl.
S t L r r o n M t & S o ..
St L Rocky M t Sc P
St Louis & San Fran
St Louis Southwest.
San Pod L A S S L .
c
Seaboard Air L in e ..
Southern Pacific___
Southern R a ilw a y ..
M obile & Ohio___
Cin N O Sc Tex P .
Ala Great South.
Georgia Sou & Fla
Sook Portl & Seattle
Tenn Ala & Georgia
Tennossea Central.
Texas oc Pacific____
Tidowater & W o st.
Toledo Peor & W est
Toledo St L & West
Union Pacific Sy st.
Virginia Sc So W e s t.
Virginian___________
W abash____________
Western /Maryland.
Wheel & Lako Erie.
Wrightsv Sc Tonnillo
Yazoo & M iss Vail.

C u rren t
Year.

Novomber
O ctober___
November
November
O ctober___
October___
Novem ber
O ctober___
O ctober_
_
Novem ber
N ovember
November
November
Novomber
Novomber
November
November
November
N ovember
N ovember
N ovember
N ovember

S
203,276
6,095,535
669,481
326,197
334,592
4,139,509
6,698,544
343,534
745,097
15350971
23,803
303,047
903,425
11,597
319,059
1,145,032
1,739,273
393,601
5,346,661
443,043
3,648,680
977,005

November
November
N ovember
October___

21401709
10611636
32013346
1,611,720

November
N ovember
Novem ber
Novom ber
O ctober___
3d w k Dec
Novem ber
N ovember
Novem ber
O ctober___
November
O c to b e r...
3d wk D ec
October___
3d wk Dec
Novem ber
3d wk Dec
3d wk Dec
3d wk Dec
3d wk Dec
3d wk Dec
October___
3d wk Doc
O cto b e r..
3d wk Dec
N ovember
3d wk Dec
3d wk Dec
Novem ber
N ovember
O ctober_
_
Novem ber
October___
N ovem ber.
N ovom ber
N ovem ber

4,272,090 4,479,306
3,447,877 4,365,766
7,719,967 8,845,072
237.350 228,580
126,358 142,183
13,706
13,746
5,864,496 6.333,893
328,819 313,746
154,287 120,459
3,010,473 3,100,462
232,610 198,951
4,333,665 4,368,642
281,003 309,000
928,496 903,053
541,421 528,886
11890350 12651418
1,519,969 1,452,818
264,649 249,116
220,862 217,549
120,813
105,595
54,892
57,722
507,301 512,925
1,552
2,429
159,638 152,685
451,584 441,176
5,155
7,938
23,601
24,400
102,815 101,560
8,548,109 8,731,119
160,402 154,861
705,626 519,502
2,547,170 2,742,492
758,041 630,478
672,332 714,826
28,450
36,889
1,348,317 1,168,920

V a rio u s F is c a l Y e a r s .

P r e v io u s
Year.

8

253
6,455
715
311
307
3,888
7,136
335
746
1546;

948 .941
24,074 .710
4,239 ,402
1,646 ,522
1,215 ,434
15,979 ,393
33,364 ,288
1.548 ,773
2,845 .277
81,116 ,701
197 ,90-i
1,521 ,294
5,914 ,140
85 ,70'5
1,715 ,989
5,893 ,321
9,107 ,706
3,374 .210
30,100 ,801
2,545 .763
19,680 019
5,169 925

21

295
869
10
283
1,133
1,763
400
5,993
455
3,862
978

P re v io u s
Year.

S

,039,470
,025,072
341,120
536,951
172,641
021,923
365,961
,506,073
954.230
,584,091
173,291
,478,454
,475,368
84,274
581,809
,691,834
,112,499
,341,838
,149,889
481,088
,463,254
,944,460

21637639 115679478 112223376
11473372 58,581,413 58.034,988
33111013 174260894 170258368
1.625,536 5,936,096 6,134.285
21,391, 909
13,255, 430
34,647, 339
1,131 ,343
421, ,203
349, 110
30,615, 769
1,749, ,259
733 ,039
11,309, ,211
1,010 251
10,459 ,436
6,550 ,302
3,510 ,261
11,549 ,563
62,166 ,057
34,163 ,788
6,286 ,993
5,129 ,849
2,617, ,331
1,245 ,161
1,923, ,851
47, ,009
602 ,656
9,431 ,538
33, ,958
,,933
2,327, 489
44,518, 212
839, 732
2.384, 303
13,794, ,849
2,981, 474
3,908, 683
153, 617
5,264, 169

to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to

666

C u rren t
Year.

P e r io d .

Dolawaro Sc Hudson_____________Jan 1
N *Y Contral & Hudson R iv er.c. Jan 1
Lako Shore & Michigan South Jan 1
Lako Erie Sc Western. n _____ Jan 1
Chicago Indiana & Southern. Jan 1
Michigan Central_____________Jan 1
Clove Cin Chic & St Louis___Jan 1
Pooria Sc Eastern______________ Jan 1
Cincinnati Northern__________ Jan 1
Pittsburgh Sc Lako Erie_____ Jan 1
Now York Chicago & St Louis Jan 1
Toledo & Ohio Central_______Jan 1
Total all linos_______________ Jan 1
Pennsylvania R a ilro a d ---------------- Jan 1
Baltimore Chosan Sc Atlantic. Jan 1
Cumberland Valley___________ Jan 1
Long Island___________________ Jan 1
Maryland Delaw & Virginia.. Jan 1
N Y Philadelphia & Norfolk. Jan 1
Northern Central______________ Jan 1
Phila Balt Sc Washington____ Jan 1
W est Jorsoy Sc Seashore_____ Jan 1
Pennsylvania C o m pa ny__________ Jan 1
Grand Rapids S Indiana____ Jan 1
c
Pitt o Cin Chic Sc St Louis___Ian 1
Vandalia_______________________ Jan 1
Total lines— East Pitts & Erie Jan 1
— AVost Pitts Sc Erie Jan 1
— All lines E & AV.. Jan 1
Rio Grando Junction_____________Dec 1
R u t la n d __________________________Jan 1

to L a t e s t D a le

C u rren t
Y ear.

Oct
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
N ov
Oct
N ov

,999,581
,958,153
,957,734
,099,648
454,268
320,927
,107,301
,695,757
741,056
,594,783
865,616
,832,585
,682,403
,398,391
,087,586
,496,693
,211,690
,834,851
,828,319
,435,541
,191.024
,911,353
65,077
566.589
,310,579
44,251
672,871
,020,992
,737,121
753,261
.883,150
.207,331
,577,340
,761,657
133,488
,515,910
P re v io u s
Year.

9
31 20,280,901
30 107734894
30,53,452,951
30 5,473,088
30 4,014,614
30 33,009,000
30 31,017,765
30j 3,121,510
30 1,298,979
30 18,421,547
11,280,312
5,512,616
271337303
170370126
326,728
300,017
11,317,443
146,024
3,627,443
12,399,150
19,4;*3,984
6,020,926
61,237,450
5,125,281
40,845,249
10,445,329
240356821
119911216
360268038
946,699
3,461,004

-d

18.494.276
100130351
49,264,241
5,309,190
3,840,862
29,560,918
29,675,873
3,084,245
1,279,564
16,585,183
11,141,205
4,921,355
255092987
159314207
2.85,967
295,869
10,393,435
133,163
3,277,955
11,705,437
18,615,097
6,032,674
57,649,612
4.976,807
39,721,635
9,764,169
227140382
114175419
341315802
960,300
3,313,042

A G G R E G A T E S OF G R O SS E A R N IN G S — W eakly and M onthly.
C u rren t
Year.

P re v io u s
Y ear.

7n c r e a s e

or
D ecrea se.

%

C u rren t
Year.

P re v io u s
Year.

In crea se or
D ecrea se.

%
3 '
S
8
S
16,610,832 16,875,113
February .240,936 237,756 232,726,211 218,336.929 + 14.389.312 0.59
2d week Oct (41 roads).
— 264,281 1.56
16,663,202 17,075,931
3d week Oct (39 roads).
— 412,759 2.41
M arch____ .240,510 237,295 249,230,551 238,634.712 + 10,59.5.339
24,282,094 25,448,604 — 1,160,510 4.58
A p r i l _____ .240,740 236.515 245,170,143 220,981,373 +24,188.770 10.9)
4th week O c t (42 roads).
15,335,437 15,416,641
— 81.201 0.53
M ay _____ .239,445 236.619 263,490.033 232.879.970 +30.616.063 13.1 t
1st week N ov 36 roads) .
16,313,257 13,989,416
41 roads).
J uno______ .230,074 227,212 259.703,994 242.830,546 + 16.873.448 6.9.5
— 676,159 4.12
2 d weok N ov
16,527,733 16.719,885
3d weok N ov .42 roads) .
J u l y ........... .203,081 203.773 23.5.349,764 223,813.520 + 12.038.238 5.31
— 192,152 1.41
19.797.281 21f595t613 — 1,703.332 8.41
A u g u s t _ -219,492 216,709 259.835,029 255.493 023 + 4,342,006 1.50
_
4th week N ov (41 roads) .
15,060,149 16,069,143 — 1,008,994 6.36
Septem ber. .242,097 239,050 235,050,012 275,244,811 + 9.80.5,231 3.57
1st week D ec (41 roads) .
14,236,084 15,583.388 — 1.347,604 8.05
O cto b e r___ .243,690 240,886 299,195,006 300,476,017 — 1.281.011 0.48
2d week D ec (39 roads).
15.022,873 16,236,193 — 1,213,315 7.46
3d week Dec (40 roads).
N ovom b er. . 91.033
89,750 83.073,462 83,060.461
+ 13.001 0 . 0 1
a Mexican currency.
6 Does not include earnings o f Colorado Springs Sc Cripple Creek District Railway from N ov. 1 1911 . e Includes the Bos­
ton Sc Albany, tho New York Sc Ottawa, the St. Lawrence & Adirondack and the Ottawa Sc 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 llau le and Evansville Sc Indiana R R . 7 In­
cludes the Cleveland Lorain Sc Wheeling R y . In both years, n Includes the Northern Ohio R R . n Includes earnings o f Mason City & Ft. Dodge aud
Wisconsin Minnesota & Pacific. J Includes Louisville & Atlantic and the Frankfort & Cincinnati, t Includes the Mexican International, u Includes
the Toxas Central In both years and the Wichita Falls Linos In 1912. beginning N o v . 1. v Includes not only operating revenues, but also all other
receipts, x Includes St, Louis Iron Jdountain & Southern^




■

s

M o n th ly S u m m a r ie s.

M ile a g e.

C u r. Y r.

P rev. Y r .

66

[Vol. xcviir,

THE CHRONICLE

L a test Gross Earnings by W e ek s.— In the table which
follows we sum up separately the earnings for the third week
of December. The table covers 40 roads and shows 7 .4 6 %
decrease in the aggregate under the same week last year.
Third Week o f December.

1913.

Alabam a Great Southern_______
Ann Arbor______________________
Ruffalo Rochester & Pittsburgh
Canadian Northern_____________
Canadian Pacific________________
Chesapeake & Ohio_____________
Chicago & A lton ________________
Chicago Great W estern________
Chicago Indianap & Louisville.
Cin New Orl & Texas Pacific___
Colorado & Southern___________
D enver * Rio Grande_________
Western Pacific______________
D etroit & M ackinac____________
D uluth South Shore & Atlan tic.
Georgia Southern & Florida___
Grand Trunk of C anada_______
Grand Trunk W estern_____
Detroit Grand Ifaven & M il
Canada A tlantic____________
Internet & Great Northern____
Intoroceanic of M exico_________
Louisville & N ashville_________
M ineral Range........................ .........
Minneapolis & St Louis_______ 1
Iowa C entral________________ J
M inneap St Paul & S S M _____
M issouri Kansas & T exas_______
Missouri Pacific_________________
M obile & Ohio___________________
National Railways of M exico. .
Novada-California-Oregon_____
Rio Grande Southern___________
St Louis Southwestern_________
Seaboard Air Lino_______________
Southern R ailway_______________
Tennessee Alabam a & Georgia.
Texas & Pacific_________________
Toledo Peoria * W estern ______
Toledo St Louis & W estern____

Increase. Decrease

1912.

$
120,813
50,717
205,968
515,400
2,699,000
762,554
253,172
312,642
133,048
220,862
217,298
443,900
99,000
19,579
58,295
57,722

105,595
45,051
205,547
477,200
2,865,000
732,741
283,964
329,623
140,309
217,549
316,467
455,200
109,000
23,579
55,800
54,892

994,779

1,090,189

2 0 0 ,0 0 0

190,471
1,217,330
6,252
213,719

252,000
161,805
1,222,585
15,204
222,791

533,868
609,847
1,107,000
264,649
572,428
6,078
13,746
281,000
541,421
1,519,969
1,552
451,584
24,400
102,815

603,163
655,359
1,171,000
249,1 lfi
1,295,631
6,652
13,708
309,000
528,886
1,452,818
2,429
441,176
23,604
101,560

8

Total (40 roads)_______________ 15,022,878 16,236,193
N ot decreaso ( 7 .4 6 % ) ___________

$
15,218
421
38,200
29,813

3,313

$

166,000
30,792
16,981
7,261
99,169
11,300
1 0 ,0 0 0

2,495
2,830

4,000

95,410

28,666

15,533
38
12,535
67,151
10,408
796
1,255

52,000
5,255
8,952
9,072
69,295
45,512
64,000
723,203
574
28,000
877

234,338! 1,447,65.3
1,213,315

N et Earnings M o n th ly to L a test D a tes.— The table
following shows the gross and net earnings of S T E A M rail­
roads and industrial companies reported this week:
---------- Gross

Roads.

Earnings— •
—
Previous
Current
Year.
Year.
$

A tlantic Coast L i n e .a ..N o v 3,306,210
July 1 to N ov 3 0 ......... .13,823,359
Boston & M a in e .b _____ N o v 3,970,979
July 1 to N ov 3 0 ______ 21,529,452
Canadian P a c ific .a ___ N o v 13,407,015
July 1 to N ov 3 0 ______ 63,471,836
Central o f G e o r g ia .b ___N ov 1,337,006
July 1 to N ov 30______ 6,190,664
C hicago Great W e s t .b .N o v 1,169,845
July 1 to N ov 30______ 6,352,952
C o lo r a d o * Southern b .N o v 1,174,888
July 1 to N o v 30______ 6,358,911
Cornwall b ______________ N o v
15,160
July 1 to N ov 3 0 ______
82,754
C hic M ilw & St P a u l.b .N o v 8,161,618
July l to N ov 3 0 ______ 41,694,803
C uba R R ..............
N ov
342,357
July 1 to N ov 30---------- 1,715,231
Dela Lacka & W estern b N o v 3,575,259
July 1 to N ov 30_______18,110,013
D etroit & M ackinac a .- N o v
96,254
July 1 to N ov 30______
541,329
Erio R R . a ______________ N o v 5,068,114
July 1 to N ov 3 0 ______ 27,452,021
Fairchild & N E b _______ N o v
3,468
‘
July 1 to N ov 30---------13,460
Illinois Central a _______ N o v 5,798,014
July 1 to N ov 30_______28,816,757
g Intoroceanic o f M o x _ .N o v
761,371
July 1 to N ov 3 0 ---------- 3,805,350
M aino Central, b _______ N o v 966,558
July 1 to N ov 30______ 5,150,914
M inn St P & S S M _ a ..N o v 1,925,334
July 1 to N ov 3 0 ______ 9,477,844
Chicago D iv is io n .a ..N o v
899,504
July 1 to N ov 3 0 ______ 4,722,564
Mississippi Central b — N o v
84,984
July 1 to N ov 30---------449,365
M o Kan & T e x a s .b _____ N ov 3,073,866
July 1 to N ov 3 0 ______ 14,648,497
♦Missouri Pacific b ----- N ov 5,416,660
July 1 to N ov 30.......... .26,936,325
g N at R ys o f M ex ico— N ov 2,900,845
July 1 to N ov 30---------- 14,697,792
N Y Cent & Hud R iv .b N o v 9,532,298
Jan 1 to N ov 3 0 .......... 107,734,894
L a k e S h * M ich S o b ..N o v 4,298,225
Jan 1 to N ov 30______ 53,452,951
Lako Erio & W e s t .b .-N o v
464,841
Jan 1 to N ov 30............ 5,473,088
Chicago Ind * S o .b .- N o v
400,053
Jan 1 to N ov 30________4,014,614
M ichigan C entral. b .- N o v 2,857,627
Jan 1 to N ov 30______ 33,009,000
CIov Cin Ch & St L .b .N o v 2,659,622
Jan 1 to N ov 30______ 31,017,765
Peoria * E a s t e r n .b .-N o v
293,933
Jan 1 to N ov 30.............. 3,121,510
Cincinnati N o r .b ____N o v
130,948
Jan 1 to N ov 30______ 1,298,979
Pitts & Lake E r ie .b .-N o v 1,499,954
Jan 1 to N ov 30.......... .18,421,547
N Y Chic & St L . b - . N o v 1,024.983
Jan 1 to N ov 30.......... .11,280,312
T ol & Ohio C e n t .b .- N o v
478,705
Jan 1 to N ov 30________5,512,646
T otal all lin es.b _____ N ov23,641,189
Jan 1 to N ov 30.......... 274,337,306




$
3,071,228
13,466,077
4,012,086
21,752,383
12,362,666
61,306,913
1,255,811
6,079,076
1,176,762
6,088,473
1,514,629
6,611,067
19,337
100,867
8,670,291
42,189,463
278,968
1,536,543
3,665,305
17,807,322
99,232
537,360
5,447,117
27,794,148
3,150
12,012
4,539,957
27,712,661
723,554
3,617,682
940,439
5,044,319
2,186,505
9,848,692
949,091
4,640,350
83,187
421,283
3,293,224
14,652,794
5,501,157
27,469,775
5,482,096
26,879,540
9.711,794
100130,351
4,723,153
49,264,241
505,533
5,309,190
380,191
3,840,862
2,898,480
29,860,918
2,995,368
29,675,873
313,909
3,084,245
132,159
1,279,564
1,622,499
16,585,183
1,178,225
11,141,205
503,857
4,921,355
24,965,168
255092,987

----------- Net

Earnings— — •
Current
Previous
Year.
Year.

$
989,008
2.805,626
632,198
5.029,394
4,888,246
22,984,615
c373,838
c l ,660,284
240,528
1,685,519
348,990
1,823,728
7,007
37,902
2,770,575
14,041,846
147,147
742,944
1,514,573
7,087,862
19,987
138,879
990,313
6,044,902
1,088
1,899
1,017,105
5,101,529
263,490
1,338,935
246,649
1,381,592
724,552
3,288,084
279,583
1,427.491
31,746
185,277
/959.718
/4 ,472,070
1,592,168
7,584,487
69,623
832.216
2,065,222
27,227,173
667,994
15,183,350
90,195
1,032,330
24,996
638,693
459,913
7,964,679
166,414
3,703,332
85,552
524,339
def20,24l
defl 1,422
564,775
8,413,246
263,139
2,396.396
51,552
1,259,787
4,419,512
68,331,903

$
866,031
2,986,869
749,440
6,039,497
4,258,139
22,735,433
C364.768
c l ,797,393
332,313
1,829,282
594,960
2,312,742
12,045
59,218
3,138,412
16,328,639
87,780
611,085
1,465,277
7,126,882
22,008
127,456
1,397,576
7,876,311
1,047
def8,876
912,339
4,674,525
266,288
1,114,041
276,528
1,561,041
1,075,823
4,401,543
323,521
1,536.970
31,221
183,200
/ 1 ,270,143
/5 ,273,468
1,446,047
7,390,669
2,587,904
10.696,635
2,922,709
26,018,577
1,696,862
17,011,660
161,102
1,268,050
114,976
776,871
880,536
9,022,189
928,244
7,697,419
91,390
822,648
43,758
182,810
816,345
8,187,082
456,056
3,149,172
204,362
1,370,655
8.316,340
75,507,133

Gross Earnings— —
Current
Previous
Year.
Year.

—

Roads.

$

-N et EarningsCurrent
Previous
Year.
year.

N Y Ont & W estern a .- N o v
669,481
92,189
189,137
715,145
July 1 to N o v 30______ 4,239,402 4,341,120 1,168,111 1,460,584
N Y Susq & W e ste rn .a .N o v 326,197
79,804
80,216
311,861
July 1 to N o v 3 0 ______ 1,646,522 1,536,951
342,456
378,665
N orthern P a c ific .b ____N o v 6,098,544 7,136,247 3,001,592 3,436,813
..
_
July 1 to N ov 30----------33,364,288 33,365,961 13,635,006 14,399,125
Pennsylvania R R a ------ N o v 15,350.971 15,467,102 2,916,024 3,488,843Jan 1 to N o v 3 ----------170,370,126 159614,207 37,286,273 38.131,443
Balto Ches & A tl a ___N o v
23 806
3,808
21,603
3,511
Jan 1 to N ov 30______
3 20728
51,991
61,548
285,964
300,047
C um beiTd Valley a ._ N o v
84,466
61,181
295,869
Jan 1 to N o v 3 ---------- 3,285,685 3,012,758
941,711
948,509
L ong Island a _______ N o v
903,425
128,189
869,370
80,967
Jan l to N o v 3 0 ----------11,317,443 10,393,435
2.517,249 2,293,068
M aryland Del & Va a N o v
11,597
10,851
21 dof2 .8 98 '
Jan 1 to N o v 3 0 ______
146,024
133,163 def21,904 d e fl 2,445
N Y Phila & N o r f.a _ .N o v
319,059
61,070
286.790
43,356
Jan 1 to N o v 3 0 ______ 3,627,443 3,277,955
802,295
715,333
N orthern Central a __N ov 1,145,032 1.133,298
195,068
196,827
Jan 1 to N o v 3 0 ...........12,399,150 tl,7 0 5 ;i3 7
932,321 1,205.327
Phila Balt & W ash a .N o v 1,739,273 1,763,418
827,700
254,863
Jan 1 to N ov 3 0 _______19,133,984 18,615,097 2,632,830 3,425,562
W est Jersey & Seash a N o v
393,601
400.499 def28,655
5,478
Jan 1 to N ov 3 0 ______ 6,020,926 6,032,674
899,476 1,249,239
Penna C o m p a n y a ____N ov 5,346,664 5.993,572
___
721,917 1,306,302
Jan 1 to N ov 3 0 ______ 61,237,45057,649,612 11,754,444
14,672,171
Grand Rap & Ind a ..N o v
443,046
455,265
51,467
82,796­
Jan 1 to N ov 3 0 ______ 5,125,284 4,976,807
679,994
829,328
Pitts Cine Ch & St L a N ov 3,648,680 3,862,678
367,963
823,473
Jan 1 to N ov 3 0 ______ 40,845,249 39,721,635 5,709,293 9,548,153
Vandalia a ___________ N ov
977,005
978,529
198,990
228,410'
Jan 1 to N ov 3 0 ______ 10.445,329 9,764,169
1.761,314 2,006,284
____ ,___
T otal East P & Erie a N ov2 1 ,401.709 21,637,639 3,512,013 4,424,995.
Jan 1 to N o v 3 0 ______ 240,356,821227,140,382 46,038,857 49,770,134
T otal W est P & Erie a N ovlO.Ol 1,630 11,473,372 1,339,427 2,454,841
Jan 1 to N ov 3 0 ______ 119,911,216 114175,419 20,107,236 27,323,039
T otal all l i n e s . a . . . N ov 32,013.346 33,111,013 4,878,285 6,879,838
Jan 1 to N o v 30______ 360,268,038 341315,802 66,719,250 77,093,174
______
Reading C om pany—
Phila & Reading b — N o v 4,272,090 4,479,306 1,493,719 1,904,023
7,303,449 8,979,890
July 1 to N o v 30______ 21,391,909 21,999,581
219,525
Coal & Iron C o b ____N o v 3,447,877 4,365,766
634,384
130,709 2,244,221
July 1 to N o v 30______ 13,255,430 18,958,153
T otal both C os b ____N o v 7,719,967 8,845,072 1,713,245 2,538,407
July 1 to N o v 3 0 ______ 34,647,339 40,957,734 7,434,158 11,224,111
159,776
170,151
_______
______
Reading C om pany___N o v
825,400
832,083­
July 1 to N o v 30
1,87.3,021 2,708,560'
_______
T otal all C o s________ N o v
8,259,558 12,056,192:
July 1 to N o v 30______
______
84,753
73,922
Rlchm Fred & I’ o t o m .b .N o v
237,350
228.580
380,522
376,997
July 1 to N ov 3 0 ______ 1,131,343
1,099,648
n.37,907
n42,655
R io Grande Junction___Oct
126,358
142,183
946,699
D ec 1 to Oct 31______
rt284,0l0 n288,090960,300
R ock Island Lines b ------N o v 5,864,496 6,333,893 1,513,503 1,679,818
July 1 to N o v 30............30,615,769 32,107,304 8,432,999 9,569,414
Rutland R R b -----------------N o v
328,819
313,746
82,157
111,891
Jan 1 to N o v 3 0 ........... 3,461,004 3,313,042
839,065
816,763
St L R ock y M tn & Pac a N o v
232,610
198,951
57,468
88,164
July 1 to N o v 30________ 1,010,251
228,142
865,616
310,967
Seaboard Air Lino a --------N o v 2,212,392 2.081,382
555,368
597,708
July 1 to N o v 30______ 9,954,797 9,489,677 2,586,305 2,376,209
Southern Railway b --------N o v 6,205,656 6,044,147 2,011,862 1,885,432
July 1 to N ov 30______ 29,876,050 29,026,633
9.138,664 9,404,472­
M o b i l e * O h io .b _____N o v 1,146,350 1,052,155
268,491
289,538
July 1 to N ov 3 0 ______ 5,523,772 5,105,045 1,371,557 1,419,513
"
Cin N O * T ex P a c .b .N o v
951,598
891,707
279,577
300,780
July 1 to N ov 3 0 ______ 4,494,499 4,223,777 1,386,715 1,451,966
Ala Great S o u t h .b ____N o v 495,951
456,278
140,338
146,249
July 1 to N ov 3 0 ______ 2,324,755 2,150,597
602,494
669,928­
Georgia Sou & Fla b . -N o v
229,754
223,374
47,526
43,501
July 1 to N o v 3 0 ........... 1,078,282 1,026,352
202,810
194,141
5,155
T id e w a te r* W e stcrn .b .N o v
7,938
d e fl ,557
686
July 1 to N o v 3 0 ______
33,958
44,251
d efl,017
6,987
Union P acific a ---------------N o v 8,548,109 8,731,119 2,989,272 3,442,452
July 1 to N o v 30----------44,518,212 43,737,121 17,473,090 19,232,417
Virginia & S o u t h w .b ..- N o v
160,402
154,861
48,650
50 175
839,732
753,261
276,666
232,366.
July 1 to N o v 30...........
W rightsv & T e n n illo .b .N o v
36,889
28,450
17,163
7 971
July 1 to N o v 3 0 --------158,617
133,488
61,979
293)47
Y a zoo & M iss V a llo y .a -N o v 1,348,317
1,168,920
515,132
405,702
July 1 to N o v 30--------- 5,264,169
4,545,910 1,289,492
867,261
IN D U S T R IA L C O M P A N IE S .
-----------Gross

Companies.

Current
Year.

$

Earnings— -—
Previous
Year.

$

Ablngton & Rockland E lec
,
Light & P o w e r .a ____N o v
12,161
11,974
Jan 1 to N o v 30______
126,206
105,370
A tlantic G ulf & W est Indies
SS Lines (subsid co s ).O c t 1,582,472 1,651,333
Jan 1 to Oct 31_______16.345,353 14,914,639
Blackstono Vail G & E .a .N o v
114,204 „ 118,134
Jan 1 to N o v 30______ 1,188,207 1,116,749
Edison Elec (B roclcton)aN ov
39,847
38,360
Jan 1 to N o v 3 0 ______
395,716
353,544
Fall River Gas W o rk s.a N o v
44,295
43,160
Jan 1 to N o v 3 0 ______
453,820
421,801
H oughton C o Elec I ,t .a N o v
28,396
29,979
Jan 1 to N o v 3 0 ______
268,367
266,378
Lowell Elec Lt C o r p .a .- N o v
40,193
39,908
Jan 1 to N ov 3 0 ______
403,212
380,731
Sierra Pacific E le c .a ____N o v
54,960
57,009
Jan 1 to N o v 30______
592,508
580,190
Southern Cal Edison___N o v
391,822
366,602
Jan 1 to N o v 30............ 4,330,935 3,914,470

■------------ -Net

Current
Year.

$

Earnings---------Previous
Year.

$

2,114
24,550

3,017
17,198

280,329
2,801,114
40,973
457,008
14,879
140,811
11,238
143,799
14,940
126,435
15,969
143,316
32,064
355,662
182,520
2,152,799

296,972
2,012,660
49,703
343,123
15,519
129,473
14,880
126,307
15,510

122,279
14,517
133,395
39,447
363,754
171,703
1.752,908

♦Includes tho S t. Louis, Iron M t . & Southern,
a N et earnings hero givon are after deducting taxes,
b N ot earnings hero givon aro beforo deducting taxes,
c A fter allowing for outside operations and taxes for tho m onth o f N o v .
1913, total net earnings wero 8330,262, against 3323,575 last year, and for
tho period from July 1 to N o v . 30 were 81,444,115 this yoar, agst. $1,576,736
/ After allowing for outside operations and taxes, operating incom o for
N o v . 1913 was $797,832, against $1,149,585: from July 1 to N o v . 30 was
$3,782,883 in 1913, against 84,719,724 last year.
g These results aro in M exican currency,
n Theso figures represent 30% o f gross earnings.

J a n . 3 1914.]

THE CHRONICLE

Interest Charges and Surplus.
— I n t . , R e n ta ls , & c .— — H a l. o f N e t R a m s .—
C u rre n t
P revious
C u rre n t
P revious
Y e a r.
Y e a r.
Y e a r.
Y e a r.

Roads.

$

C olorado Sc Southern___N ov
July 1 to N ov 3 0 ______
Cuba R R ______________ N ov
July 1 to N ov 30............
Missouri P a cific_______ N ov
July 1 to N ov 3 0 ______
N Y Ont Sc Western ____ N ov
July 1 to N ov 3 0 ______
Reading C om pany_____ N ov
July 1 to N o v 30
R io Grando Junction___Oct
D ec 1 to Oct 3 1 . .
St L R ock y M t & P a e._N ov
July 1 to N o v 3 0 _____

294,131
1,451,946
66,792
333,958
1,594,718
7,888,871
115,316
591,926
848,500
4,242,500
8,333
91,667
56,119
208.462

282,413
1,413.583
66,792
333,681
1,478,342
7,544,357
119,714
601,512
839,916
4,199,580
8,333
91,667
32,173
162,868

S
S
3-87,572
2.356.672
2606,125 21,140,589
80,355
20,988
408,986
277,404
2167,532
2135,921
2621,428
2732,566
69.423
def23,127
859,072
576,185
1,024,521 1,868,644
4,017,058 7,856,612
34,322
29,574
196,423
192,343
25,295
32,045
65.274
102,505

IN D U S T R IA L C O M P A N IE S
A blngton Sc R ockland Elec
Light & Pow er. .
N ov
463
Jan 1 to N ov 30 .
3,936
A tlantic G ulf Sc W est Indies
SS Lines (subsid co s ).O c t
158,219
Jan 1 to Oct 3 1 ______ 1,464,961
Blackstono Vail G&E
N ov
17,326
184,048
Jan 1 to N ov 3 0 _____
Edison Elec (B rock ton ).N ov
2,792
Jan l to N ov 3 0 ..........
26,025
Fall River Gas W o r k s .. N ov
1,030
Jan 1 to N ov 3 0 . . ___
12,151
H oughton C o Elec L t_ N ov
_
4,561
Jan 1 to N ov 30
43,654
Lowell Elec Lt C o r p ___ N ov
201
Jan 1 to N ov 30 .
2,765
Sierra Pacific E lec____N ov
7,024
Jan 1 to N ov 30______
69,281
_
Southern Cal E dison_ N ov
75,229
Jan 1 to N ov 30______
779,799
x

257
2,152

2,760
15,046

1.651
20,614

1 2 2 ,1 1 0
133,066
163,906
1,316,288 1,336,153
696,372
16,626
23,647
33,077
113,638
272,960
229,485
2,241
12,087
13,278
21,854
114,786
107,619
763
10,208
14,117
7,501
131,618
118,803
3,682
10,388
11,828
42,611
82,781
79,638
892
15,768
13,625
16,242
140,551
117,153
5,791
25,040
33,656
60,606
286,381
303,148
61,156
2106,162
2113,676
659,498 21.381,847 21,150,663

A fter allowing for other incom e received.
E X P R E S S C O M P A N IE S .

— M o n th
of
October
1913.
1912.
$
S
Gross receipts from operationi
95,751
86,460
Express privileges— D r_____ .
36,946
33,602
C a n a d ia n N o rth e rn R x p .C o .—

— J u ly 1 to Oct. 31—

1912-13.
S
356,981
138,558

1911-12.
8

328,997
128,584

T otal operating revenue...
T otal operating expenses____.

58.805
35,102

52,857
31,031

218,423
135,631

200,412
115,611

N et operating revenuo____.
One-twelfth o f annual taxe...

23,702
551

21,826
443

82,791
2,040

84,801
1,772

Operating incom e_________.

23,151

21,283

80,751

83,029

— M o n th o f September— — J u ly 1 to Sept. 30—

1912.

1913.

1912.

Gross receipts from opei
i 2,847,776
Express privileges— D r_____. 1,399,845

2,947,868
1,434,460

8,348,373
4,100,086

8,856,122
4,307,851

Total operating rovenue. . 1,447,930
. 1,276,473

1,513,407
1,302,574

4,248,286
3,790,291

4,548,270
3,934,914

210,833
30,000

457,995
96,000

613,356
90,000

W ells, Fargo & C o.—

N et operating revenue____.
Ono-twclftli o f annual taxes..
Operating in c o m e ................

1913.

171,457
33,000
138,457

180,833

■September-

1913.
^ m
A

to w n
t o .) C / .—
e ric a n Express V 1o.—

1912.

361,995

523.356

— d u ly 1 to Sept. 30—

1913.

$

8

1912.
qoo noo
4,661,026

Gross receipts from operation 4,201,177
Express privileges— D r......... 2,037,910

4,105.515
1,940,981

T otal operating revenues. 2,163,267
T otal operating expenses— 1,993,410

2,164 533
1,941,677

6,130,328
5,942,783

6,260,996
5,706,933

222 855
32i210

187,544
93,995

554,062
94,313

N et operating revenuo-----Ono-twclftli o f annual taxes.
Operating incom e................

169,856
30,450
139,405

190,645

September-

Globe E xpress C o.— •

1913.

8

1912.

11

---- - - ­
5,805,776

93,548

11

459,749

J u ly 1 to Sept. 30—

1913.

1912.

S

Gross receipts from operation
Express privileges— D r_____

78,719
38,715

93,184
46,181

226,025
111,501

266,113
131,898

Total operating revenues
T otal operating expenses___

40,003
32,937

47,003
32,691

114,524
96,147

134,214
98,021

N et operating revenuo____
One-twelfth o f annual taxes.

7,066

14,311
800

18,377
3,600

36,193
2,400

14,777

33,793

Operating lncom o

1,2 0 0

5,866

13,511

■September

1913.
~

1912.

Gross receipts from operation
Express privileges— D r--------

3 0 6 ,0 7 4

162,347

Total operating revenues.
T otal operating expenses___
N ot operating revenue____
Ono-twelftli o f annual taxes.

N o rth e rn E xpress C o.—

Operating incom e-------------

1 3 9 ,1 9 8
9 7 ,3 1 0

4 5 7 ,6 5 3
2 9 2 ,6 3 5

4 4 2 ,0 1 9
2 8 9 ,6 8 3

4 7 ,9 0 1
4 ,5 0 0

4 1 ,8 8 8
4 ,5 0 0

1 6 5 ,0 1 8
1 3 ,5 0 0

1 5 2 ,2 3 0
1 3 ,5 0 0

Roads.

138,836

American Lt & T ra c___N o v

4 3 ,1 0 1

1913.

37,388
1912.

151,518

— J u ly 1 to Sept. 30—
1913.

1912.

S
1,120,273
547,206

3,371,267
1,680,916

3,360,362
1,657,461

$

573,067
503,916

1,690,351
1,592,282

1,702,900
1,527,402

68,468
14,285

69,150
13,207

98,069
41,628

175,497
40,006

54,182

55,943
56,440
— J t ily 1 to
"
1912.
1913.
$
$
1,834,777 5.351.251
875,015 2.651,220
959,761 2,700,031
939,934 2,675,454

-------September

1913.
v
8

Gross receipts from operation 1,831,756
Express privileges— D r_____
926,310

f 135,491
Sept. 30—

1912.
C

5,421,136
2,618,647

T otal operating revenues.
T otal operating expenses____

905,445
891,402

N et operating revenuo____
One-twelfth o f annual taxes.

14,042
8,881

19,827
10,089

24,476
29,666

4,716
33,364

5,161

9,738

— 5,190

— 28,647




2,802,488
2,797,771

P revious
Y e a r.

S

S

$

Electric Railway Net Earnings.— 'The following table
gives tho roturns of E L E C T R IC railway gross and not earn­
ings reported this week:

Aurora Elgin & C h ic .a .N o v

$

N et operating revenuo____
One-twelfth o f annual taxes.

C u rre n t
Y e a r.

a Includes earnings from M ay 1 1913 only on the additional stocks
acquired as o f that date.
c These figures are for consolidated com pany.

1 4 3 ,7 2 6
9 5 ,8 2 4

8

Previous
Y e a r.

$

uuu iyuu

947,986

J a n . 1 to latest date.

C u rre n t
Y e a r.

American Itys C o ___ N ovem ber. 436,509 404,223
,761,397 4,439,661
Atlantic Shore R y ___ November
25.797
22,756
349,307
337,144
c Aur Elgin Sc Ch R y . November
164.571 155,213
,842,370 1 , 7 5 7 , 5 7 2
Bangor R y & Elec Co October___
68.454
62.964
633.070
588.014
Baton Rouge Elec Co November
15,481
12,494
146.742
132,995
Belt L R y C orp(N VC ) September
63,111
53,174
564,735
484,751
Berkshire Street R y . October___
82,606
80.752
Brazilian Trac, L & I’ November 1959,267 1773,623
,537.429 18,728,477
Brock & Piym St R y . November
7,671
8,051
112,160
116,715
Bklyn Rap Tran Syst September 2104,796 2044,553
749.006 18,268,137
Cape Breton Elec R y November
34,849
34,563
344,781
325,789
Chattanooga R y & Lt October___
99,358
95.580
007.520
877.927
Cievo Painesv Sc East November
30,187
30,862
392,397
.370,525
Clevo Southw Sc C o l. November
98,489 100,352
149,871 1,084,979
Columbus (Ga) El Co November
58,858
551,732
47,937
492,187
C om ’th Pow .Ity & Lt November a288.990 149,420
816,752 1,065,318
Coney Isl’d & B klyn . September
144,544 145,432
323,363 1.248.685
Connecticut C o _____ October___ 658,783 638.426
Consum Povv (Mich) November
291.035 263,903
,830.186 2,490.440
Cunib Co (M e) P & I, October___
204,249 176.976
,954.444 1.776.462
Dallas Electric C orp. November
198.259 163,751
,989,584 1,647,321
Detroit United Ry__ 1st wk Dec 204.770 209.660
,877,870 10.826,483
D D E B S Batt (rec) September
c
4 9 .3 1 1
451.750
49.603
464.692
Duluth-Superior Trac November
109,263
91,68.
,165,828
980,113
East St Louis & Sub. October___ 2 48.966 227.088
,216,894 2.000,224
El Paso Electric Cos .N ovem ber
80,761
75,011
799.159
712,092
Federal Light Si Trac October___
194.206 184.08:
,909.848 1.745,741
42d St .\I & St N Ave September
161,522 158.429
,410.776 1.330.829
G alv-H ous Elec C o
November
211,612 181,074
,169,504 1,844,264
Grand Rapids Ry ( ’< November
100.791 100.776
,172,618 1,126,610
Harrisburg Railways November
79,953
73.921
905,694
836,927
Havana El R y , L & I
Railway D ept
W k D ec 28
55,331
51,925 2,804,669 2,550,107
Honolulu Rapid Tran
Sc Land C o _______ October___
52,044
49,243
512.553
463,717
Houghton C o T r Co November
21,701
24,110
272,020
281,085
Hudson & Manhattan September
297.323 281.908 2.749,451 2.656,145
Illinois Traction.
November
729,946 679,483 7,188,041 6,784,818
Interboro Rap Tran. November 2821.496 2811.523
29,724,422 29,169,811
Jacksonvillo Trac Co November
58,235
17,214
615,138
513,913
Lake Shore Elec R y . October___ 117.720 110,504 1,193,592
1,109,025
Lehigh Valley Transit November
191.199 184.852 1,587,643 1,394,536
Lewis Aug & W aterv November
51,794
47.844
626,801
570,672
Long Island Electric. September
21.372
20.301
193.889
173.213
Louisville Railway
November
260,943 258.437 2,950,955 2,860,133
M 1 w El Ry & Lt C o . October___ 510,080 489.251 4,958,821 4,671,171
1
Milw Lt lit & Tr C o . October___ 119,939 101.426 1,206.277 1.012,952
Monongahela Val Tr November
83,639
70,714
872,470
776,165
Nashville R y & Light October___ 204,178 180.608 1.819.692 1,704.796
N Y C ity Interboro. September
53,553
41,697
454,572
330,598
N Y Sc Long Isl Trac September
38,801
38.766
-316.871
299,392
N Y Sc North S h o re .. September
16,075
15,326
124,837
116,938
N Y Si Queens C o ___ September
117,682 117,054 1,056.620 1.007.775
New York Railways. October . . 1264,953 1255.203 11,836.554 11,536,338
N Y Westches Sc B os. October___
34,841
24,086
N Y Sc Stamford R y . October___
26,847
28,597
Northam Easton & W October___
15,830
15,856
1 5 8 ,3 5 7
152,037
N or Ohio Trac & L t . November
265,097 239,141 2 , 9 8 9 1 5 5
,736,156
N orth Texas Elec Co November
197,719 169,150 1 ,9 4 7 ,3 2 2
,619,828
Nortinv Pennsvlv Ry O c to b e r ...
29.571
29,434
3 1 1 856
288,154
Ocean Electric (L I ) . September
14.106
1.3,107
1 3 6 171
126.021
Paducah T r & L t Co .N ovem ber
26,659
25,550
267 042
258,657
Pensacola Electric Co November
22,696
24,560
259
261,591
Phila Rap Trans C o . N ovem ber. 2018.496 2008,400 2 2 . 0 9 9 466
068
,217,175
Port (Ore) R y L & P C o October___ 574,524 565,8.39 5 , 5 4 0 . 021
.484,589
Portland (M o) R R ._ October___
82,620
79,415
881, 335
828,288
Puget Sd T r. L & P__ October___ 744.519 715.378 7 , 0 7 0 3 1 1
,877,900
Republic R y & Light N ovem ber. 251.259 2.33,971 2 , 7 0 0 , 5 6 1
,391.040
Rhode Island C o ____ October___ 433,314 434,594
StJoseph (M o) R y .L t.
Heat & Power C o. November
110,092 100,787 1,134.071 1.068,965
Santiago Elec Lt & Tr Novem ber.
38,326
32,490
417,312
367.289
Savannah Electric Co November
71,497
63.440
752,864
678,608
Second Avenue (rec). September
92,238
89.382
792.643
737,764
Southern Boulevard. September
18.934
14,7.36
156.135
110.289
Tam pa Electric C o_. November
75,743
761,833
62,146
687,038
Third Avenue_______ September
339,394 318,677 3.040,125 2,858,399
Twin C ity Rap T ran- 3d wk Dec 175,697 167,303 8,599,741 7,966,009
Underground Elec Ry of London
London Elec R v _ . W k Dec 20 £14,725 £14,975
£697,815 £697,165
M etropolitan D is t. W k Dec 20 £13,282 £1.3,167
£663,042 £644,657
London Gen B u s .. W k Dec 20 £61.528 £60,393 £3,150,312 £2,636,800
Union R y C o of N Y C September
231,043 218,122 2,074,877 1,912,643
United R ys of St L__ October___ 1129.269 1096.445 10,542.580 10,171.510
Virginia R y & Power. Novem ber. 429.332 406,832 4,587,826 4,252,930
W ash Balto & Annap Novem ber.
67.724
67.921
763,121
718,293
Westchester Electric. September
50,539
50.580
457,242
448.919
Westchester St R R ._ October___
21,529
20,885
Westcrn Rys & Light November
215,819 194,766 2,309,237 2,056,530
Wisconsin G as& Elec Novem ber.
68.372
65.025
681,511
620,634
Yonkers Railroad___ September
60.834
63.302
522.618
547,917
York Railways_______ October___
69.278
65,183
631,341
589,092
Youngstown Sc Ohio. November
21,548
20,040
231.708
219,420
Youngstown & South October___
_______________15,063
_________14,611
144,481
139,307

1912.

600,337
531,868

Operating incom e________

Latest Gross E a rn in g s .
Week o r
M o n th .

970,507
512,853

8

Total operating rovenues.
T otal operating expenses___

U n ite d States E xpress Co.—

Nam e o f
R oad.

299,433
160,234

8

Gross receipts from operation 1,192,672
Express privileges— D r_____
592,334

Operating Income________

ELECTRIC RAILWAY AND TRACTION COMPANIES.

1913.

September

Southern E xpress Co.-

J u ly 1 to Sept. 30—

67

Baton Rouge Elec a ___ N o v
Jan 1 to N ov 3 0 ______
B rockton & Plym outh a N o v
Capo Breton Elect a _ N ov
_
Jan 1 to N o v 3 0 ______
Cleve Painesv Sc East a .N o v
Jan 1 to N o v 3 0 ______
Cleve Southw & Col b __N ov
Columbus (Ga) Elect a N ov
(K Jan 1 to N o v 3 0 ______
p
Dallas Elect C o r p .a ____N o v
Duluth-Superior T rac b N ov
Jan 1 to N o v 3 0 ______
Eastern Texas E lec____O ct
D ec 1 to Oct 31______
El Paso Elect C o a _____ N ov
Jan 1 to N o v 3 0 ______

- — Gross E a rn in g s —■ ■ — ■ N e t E a rn in g s — ■ •
—
—
—
c u r re n t
P revious
C u rre n t
Previous
Y e ar.
Y e ar.
Y e a r.
Y e a r.
S
S
$
S

424,945
3,954,604
164,571
937,135
15,481
146.742
7,671
116,715
34,849
344,781
30,187
392.397
98.489
1.149,871
58,858
551,732
198,259
1,989.584
109,263
1,165,828
45.756
399,734
80.761
799,159

404,581
3,775,330
155,213
895,032
12,494
132,995
8,051
112,160
34,563
325.789
30,862
370,525
100,352
1,084,979
47,937
492,187
163,751
1,647,321
91,687
980,113
75,011
712,092

414,324
3,841,309
54,772
368,999
6 ,1 0 2

53,901
d ef 829
25,823
16,769
152,463
12,171
180,148
29,782
453,291
34,925
276,527
82,224
828,356
45,409
482,270
15,000
158,981
40,212
368,251

395,144
3,667,723
59,755
398,634
5,166
52,741
769
28,756
18,753
147,033
13,836
162,818
40.735
451,014
26,535
245,368
72,534
653,901
'38,020
408,330
r36,320
322,255

THE CHRONICLE

68

iross Earnings------- -------- Net Earnings-------- Current
Previoud
rrent
.Precious

Roads.

(ia lv Houston Elec a __ Nov
Jan 1 to Nov 30______
Harrisburg Rys______ Nov
Jan 1 to Nov 30______
Houghton Co Tract a _ Nov
_
Jan l to Nov 30______
Illinois Traction.a____ Nov
Jan 1 to Nov 30______
Jacksonville Tract a ___ Nov
Jan 1 to Nov 30______
Key West Elect C o____Nov
Dec I to Nov 30______
Nor Ohio Trac & Lt a ..N o v
Jan 1 to Nov 30______ 2,989,155
Northern Texas Elec a. .N ov
197,719
Jan 1 to Nov 30______
Paducah Tract & L t .a ..N o v
Jan 1 to Nov 30______
Pensacola Elect a --------- Nov
Jan 1 to N ov 30--------Savannah Elect a --------- Nov
Jan 1 to Nov 30______
Tampa Elect a ________ Nov
Jan 1 to Nov 30______
761,833
Western Kys & Light— Nov
215,819
Jan l to Nov 30.......... 2,309,237
a Net earnings here given are after deducting taxos.
b Net earnings hero given are beforo deducting taxes.

Surplus Account o f Associated Companies.
B a la n c e o f u n d iv i d e d p r o f i t s a c c u m u l a t e d t o S e p t . 3 0 1 9 1 2 ------- $ 4 , 0 5 0 ,4 3 3

Less ( a p p l ic a b le t o e a r lie r y e a r s ) — I t e il u c t io n in i n v e n t o r ie s b y
s c r a p p i n g o f o b s o l o t o m a t e r ia l , & c . , $ 1 , 1 0 1 , 4 5 7 , a n d lo s s e s o n
a c c o u n t o f s u n d r y o l d c o n t r a c t s , $ 3 1 6 , 9 3 1 _______________________

Add — B a l. o f e a r n in g s f o r y e a r 1 9 1 2 -1 3 b r o u g h t f r o m i n c o m o a c c t .

Interest Charges and Surplus.
— I n t . , R entals, A c . —

Current
Year.

Roads.
A u r o r a E lg in & C h i c ____ N o v
gH
J u l y 1 t o N o v 3 0 ___ _
_
B a to n
o u g o E le c t r ic ..N o v
J a n 1 t o N o v 3 0 _______
B ro ck to n & P ly m o u t h ..N o v
Jan 1 to N o v 3 0 . . —
C a p e B r e t o n E l e c t r i c ___ N o v
J a n l t o N o v 3 0 -----------C l o v e P a in e s v Sc E a s t . . N o v
J a n 1 t o N o v 3 0 -----------C l e v e S o u t h w & C o l ____ N o v
Jan 1 to N o v 3 0 —
.
C o l u m b u s ( G a ) E l e c ____ N o v
J a n 1 t o N o v 3 0 _______
D a ll a s E l e c C o r p ____ . . N o v
J a n 1 t o N 9 v 3 0 ______
D u lu t h - S u p e r io r T r a c . . N o v
J a n 1 t o N o v 3 0 _______
E a s t e r n T e x a s E l e c ______ O c t

$
3 3 ,9 1 9
1 6 8 ,9 6 0
2 ,0 9 8
2 2 ,6 7 5
1 ,0 2 8
1 1 .9 6 5
5 ,9 9 9
6 6 ,5 4 7
1 0 ,4 8 3
1 1 4 ,6 8 4
3 2 ,0 5 9
3 4 8 ,8 4 3
2 4 ,9 5 8
2 1 9 ,2 7 5
2 6 ,7 0 2
2 7 3 ,3 4 0
2 4 ,8 4 5
2 7 4 ,6 9 2
4 .9 0 9
2 0 ,2 5 0
4 ,2 9 6
3 4 ,5 7 0
3 6 ,5 6 5
3 8 4 ,6 6 4
5 .6 4 0
6 1 ,9 8 3
1 3 ,2 2 5
1 3 0 ,8 4 6
2 ,5 8 9
3 0 ,9 9 9
6 2 ,9 9 1
6 4 9 ,1 0 8
2 4 ,0 5 2
2 6 2 ,8 6 3
7 ,6 2 5
8 1 ,3 8 3
7 ,2 5 6
7 4 ,0 4 2
2 2 ,7 0 3
2 3 9 ,2 9 3
4 ,7 7 9
5 0 ,6 9 0
5 2 ,3 5 0
5 6 5 ,1 1 2

Previous
Year.

3 2 ,9 5 2
1 6 1 ,2 9 5
1 ,7 3 0
1 9 ,0 3 4
1 ,0 3 2
1 1 ,4 7 6
5 ,6 8 2
6 2 ,4 2 5
9 ,9 9 4
1 0 9 ,2 2 2
3 1 ,7 4 5
3 4 1 ,0 4 7
1 2 ,7 4 0
1 4 7 ,5 6 3
2 4 ,6 3 5
2 6 2 ,6 1 7
2 3 ,2 3 8
2 5 2 ,4 4 2

E l P a s o E l e c C o ____ . . N o v
4 ,8 0 9
J a n 1 t o N o v 3 0 . ______
6 5 ,7 4 3
G a lv e s t o n -H o u s t o n E le c N o v
3 3 ,7 2 2
J a n 1 t o N o v 3 0 _______
3 7 1 ,9 3 4
H o u g h t o n C o T r a c ______ N o v
5 ,6 7 7
J a n 1 t o N o v 3 0 _______
6 1 ,4 9 5
1 0 ,6 0 3
J a c k s o n v il l e T r a c ________N o v
1 0 8 .2 2 3
J a n l t o N o v 3 0 _______
2 ,7 8 6
K e y W e s t E l c c C o ___ N o v
3 9 ,0 4 8
D e c 1 t o N o v 3 0 _______
N o r t h e r n O h io T r a c & L t N o v
5 2 ,6 1 0
5 2 0 ,6 6 7
Jan 1 to N o v 30 —
2 4 ,6 6 2
N orth ern T ex a s E le c t . .N o v
2 4 1 ,4 1 0
J a n l t o N o v 3 0 _______
P a d u c a h T r a c t & L t ------- N o v
7 .3 0 6
J a n 1 t o N o v 3 0 ------- 7 8 ,1 8 9
P e n s a c o l a E l e c t _________ N o v
6 ,3 7 7
J a n 1 t o N o v 3 0 -----------7 0 ,1 5 2
S a v a n n a h E l e c t _________ N o v
1 6 ,6 9 5
J a il 1 t o N o v 3 0 _______
1 7 7 ,4 4 5
T a m p a E l e c t . --------------- N o v
4 ,4 6 6
J a n 1 t o N o v 3 0 -----------4 8 ,9 6 5
W e s te rn Ity s & L ig h t — N o v
4 4 ,1 8 1
J a n 1 t o N o v 3 0 -----------4 9 1 ,5 6 0
x A f t e r a llo w in g f o r o t h e r i n c o m e r e c e iv e d .

b u s in e s s h a s r e q u i r e d n o t o n l y t h o r e t e n t io n o f t h e r e s u l t i n g p r o f i t s b u t a l s o
a d d it i o n a l w o r k in g c a p i t a l f r o m t h e A m e r i c a n c o m p a n i e s .
E v e n t s s e e m t o b e t e n d i n g t o w a r d a n e a r ly r e s o lu t i o n o f t h o u n c e r t a i n ­
t ie s t h a t h a v o s u r r o u n d e d m a n u f a c t u r in g a n d c o m m e r c i a l o p e r a t i o n s a n d
w o b e l ie v e t h a t it is r e a s o n a b l e t o l o o k f o r m o r e p r o s p e r o u s c o n d i t i o n s .
D a ta fro m S t a t e m e n t b y T r e a s . A . W . K e n w o r t h y , N . Y ., D e c. 9 191 3.
Capital Assets .— -.M irin g t h o y e a r t ile c h a r g e s t o f i x e d a s s e t s o f t h e a s s o ­
c ia t e d c o m p a n i e s f o r i m p r o v e m e n t s a n d a d d it i o n s , n o w s t a n d a r d p a t t e r n s
a n d d r a w in g s a n d m is c e lla n e o u s i n v e s t m e n t s a m o u n t e d t o $ 7 2 5 ,6 9 2 .
T h e s u m o f $ 1 0 0 ,0 0 0 f o r d e p r e c i a t io n w a s w r it t e n o f f b u i l d in g s , m a c h i n e r y ,
p a t t e r n s , d r a w in g s , & c . , a n d $ 3 6 1 ,6 3 1 w a s c r e d it e d t o t h o c a p i t a l a c c o u n t s
f o r a m o u n t r e a liz e d o n t h o s a lo o f y p u r c o m p a n y ’s h o l d i n g s in t h o D e n v e r
R o c k D r ill & M a c h i n e r y C o . ( V . 9 7 , p . 5 2 4 ) a n d f r o m t h o m a t u r i t y o f
o t h e r i n v e s t m e n t s , l e a v in g a n o t d e c r e a s o o f $ 3 5 ,9 4 2 in t h o f ix e d a s s e t s o f
t h e a s s o c ia t e d c o m p a n i e s .
T h e r e t e n t io n o f o u r h o ld in g s in t h e D e n v e r
C o . w o u ld h a v o e n t a i le d a la r g o a d d it i o n a l i n v e s t m e n t in o r d e r t o m e e t it s
r e q u ir e m e n t s f o r n e w c a p i t a l e x p e n d it u r e s a n d w o r k in g c a p i t a l.
A il e x ­
p e n d it u r e s f o r m o d e r n i z in g a n d m a i n t e n a n c e o f m a c h i n e r y , m a c h i n e t o o l s ,
p a t t e r n s a n d d r a w in g s , a m o u n t i n g f o r t h o y e a r t o $ 4 2 6 ,7 4 2 , h a v e b e e n
c h a r g e d a g a in s t o p e r a t i o n s .
A s e x p e n d it u r e s o f t h is n a t u r e h a v e h e r e t o ­
fo re b een ch a r g e d t o c a p ita l a c c o u n t b e fo re d e d u c t in g th o a p p ro p r ia tio n
f o r d e p r e c i a t io n , it w ill b e s e e n t h a t t h o a m o u n t a c t u a l ly w r i t t o n o f t f o r t h e
y e a r in r e d u c t io n o f c a p i t a l a s s e t s is c o n s i d e r a b l y g r e a t e r t h a n h e r e t o f o r e .
Bonds .— U n d e r t h o s in k in g f u n d p r o v i s io n s o f t h e m o r t g a g e s e c u r in g its
f ir s t lie n b o n d s , t h o c o m p a n y lia s d u r in g t h o y e a r p a id t o t h e t r u s t e e $ 2 !)C ,0 0 0 a n il t h o t r u s t e e h a s p u r c h a s e d a n d c a n c e l e d $ 2 9 7 ,2 0 0 o f t h e b o n d s ,
m a k i n g t h e t o t a l b o n d s r e t ir e d t o d a t e $ 5 1 3 ,2 0 0 , l e a v i n g $ 9 , 4 8 6 , 8 0 0 o u t ­
s ta n d in g .
H o l l y M fg . C o . b o n d s a l s o , $ 6 0 ,0 0 0 , w e r e c a n c e l e d .
Current Assets and Liabilities .— 'T h o b a la n c e o f c u r r e n t a s s e t s ( in c l u d i n g
m a t e r ia ls , s u p p l i e s , w o r k in p r o g r e s s , & c . ) in e x c e s s o f a ll c u r r e n t l ia b ilit ie s
w a s o n J u n e ,50 $ 7 , 3 7 1 , 0 0 5 [a g a in s t $ 9 , 1 9 0 , 1 4 8 o n S e p t . 3 0 19121.

Bat. o f Net Earns .— •
" '
Current
Previous
Year.
$
2 0 ,8 5 3
2 0 0 ,0 3 9
4 ,0 0 4
3 1 ,2 2 6
d e f 1 ,8 5 7
1 3 ,8 5 8
1 0 ,7 7 0
8 5 ,9 1 6
1 ,6 8 8
6 5 ,4 6 4

d e f 2 ,2 7 7
1 0 4 ,4 4 8
9 ,9 6 7
5 7 ,2 5 2
5 5 ,5 2 2
5 5 5 ,0 1 6
2 0 ,5 6 4
2 0 7 ,5 7 8
1 0 ,0 9 1
1 3 8 ,7 3 1
3 5 ,9 1 6
3 3 3 ,6 8 1
5 2 ,9 1 8
5 4 7 ,8 0 7
800
4 5 ,2 2 6
8 ,7 8 3
9 3 ,4 0 6
4 .0 6 5
2 5 ,2 8 4
1 8 ,1 0 4
5 1 0 ,6 8 9
6 4 ,6 3 0
6 0 7 ,0 9 0
2 ,7 5 3
8 ,1 9 8
880
1 7 ,7 0 9
62
5 ,9 2 2
2 7 ,9 3 4
2 9 4 ,0 2 9
2 3 5 ,0 7 7
2 3 1 6 ,6 9 3

$
2 6 ,8 0 3
2 3 7 ,3 3 9
3 ,4 3 6
3 3 ,7 0 7
d e f2 6 3
1 7 ,2 8 0
1 3 ,0 7 1
8 4 ,6 0 8
3 ,8 4 2
5 3 ,5 9 6
2 9 ,0 8 3
2 1 1 1 ,4 4 4
1 3 ,7 9 5
9 7 ,8 0 5
4 7 ,8 9 9
3 9 1 ,2 8 4
1 4 ,7 8 2
1 5 5 ,8 8 8
..............
3 1 ,5 1 1
2 5 6 ,5 1 2
4 2 ,5 6 6
3 9 7 ,8 4 9
4 ,0 6 7
6 0 ,8 1 7
d e f 1 5 ,8 4 0
6 0 ,3 6 0
2 ,1 8 1
1 8 ,3 5 6
4 1 ,2 0 7
6 6 3 ,5 0 1
5 9 ,4 2 6
5 2 6 ,4 8 7
1 .311
4 ,4 2 9
3 ,9 6 4
2 9 ,1 6 4
45
d e f 439
2 5 ,0 7 5
2 7 7 ,8 0 4
2 3 1 ,5 4 4
2 2 8 8 ,6 1 2

A N N U AL REPORTS.
International Steam Pump Co., New York.
(14th Annual Report— Fiscal Year ended Sept. 30 1913.)
Chairman William Guggonhoim, Dec. 9, wrote in subst.:

1 , 4 1 8 ,3 8 8
4 5 ,4 0 8

T o t a l ..........................................................................................._ .............__ $ 2 , 6 7 7 ,4 5 3
I n a d d i t i o n , t h o B l a k o - K n o w l o s S t e a m P u m p W o r k s h a s a t o t a l s u r p lu s
[u n c h a n g e d f r o m a m o u n t s h o w n in 1 2 t h a n d 1 3 th a t m . r e p o r t s ] o f $ 9 7 3 ,2 2 1 .

IN CO M E ACCOU N T.
-----------Year ending ----------- 18 M os. end.
Year end.
Sept. 3 0 ’ 13. Sept. 30 ’ 12. S e /h .3 0 ’ 11. M ar. 31 ’ 10.
P r o f i t s f r o m m a n ’ f 'g a n d
t r a d i n g , a ll c o m p a n i e s
I n c o m e f r o m P . Sc A l i n ­
in g M a c h i n e r y C o —
O th e r in t. a n d d is c o u n ts
R e c o v e r i e s o il a c c o u n t o f
p a t e n t in fr in g e m e n ts .

,3 0 7 ,2 9 8

$ 1 ,7 6 4 ,4 8 8

$ 2 , 8 6 6 ,3 8 9

$ 2 ,1 0 5 ,6 7 4

1 2 2 ,9 5 1

1 4 9 ,2 3 2

X 3 6 7 .7 0 6
2 5 2 .9 8 7

2 5 5 ,4 4 1
1 4 4 ,6 0 9

T o t a l ..............................
$ 1 ,4 3 0 ,2 4 9
Deduct— •
$ 1 0 5 ,2 9 0
In te re s t, d is c o u n t, & C -.
D e p r ’n p la n t, to o ls , & c .
4 0 0 ,0 0 0
1 .2 8 8
R o y a l t i e s __________________

$ 1 ,9 1 3 ,7 2 0

$ 3 ,4 8 7 ,0 8 2

$ 2 ,5 1 5 ,2 1 1

$ 2 2 ,9 7 2
5 9 5 ,7 0 5
3 ,3 9 8

$ 4 1 .4 2 0
7 6 8 ,1 4 2
1 ,0 7 0

$ 5 6 ,0 1 2
4 5 0 ,3 8 1
5 ,6 6 5

N e t p r o f i t s ..............
$ 9 2 3 ,6 7 0
Deduct—
I n t . o n H o lly b o n d s _____
$ 3 1 ,2 5 0
“
I n t ’l S tea m P . d e b .
“
“
1st lie n 5 % b d s
4 8 7 .9 6 1
" J e a n e s v .i.W k s .b d s .
10,000
D is c o u n t o n b o n d s , & c_
D iv s .— -In t. S. l\ , p r e f . ( 1 ^ ) 1 7 0 ,2 5 0
l l . l t . W o r t h ’ ll , p f . (7 % )
1 4 0 ,0 0 0
11. R . W o r t h ’ l l, c o m .
_______
B l a k e C o . 's c h g s . & d i v s .
3 8 ,8 0 0

$ 1 ,2 9 1 ,6 4 4

$ 2 ,6 7 6 ,4 5 0

$ 2 ,0 0 3 ,1 5 3

$ 3 5 ,0 0 0

$ 5 2 ,5 0 0

5 3 5 .0 0 0
1 2 0 ,2 5 3
1 9 2 ,8 2 3
4 ,1 6 6
6 8 ,8 3 2
(6 )6 8 1 ,0 0 0
1 4 0 .0 0 0
( 6 % ) 138
* 1 7 6 ,5 1 6

9 ,4 8 7

4 9 9 ,1 0 0
6 8 9 ,0 2 8
1 0 ,0 0 0
1 5 ,0 0 0
5 7 ,6 6 0
1 0 7 ,4 1 8
( 6 ) 6 8 1 , 0 0 0 ( 6 ) 1 ,0 2 1 .5 0 0
1 4 0 ,0 0 0
2 1 0 ,0 0 0
7 4 ,4 3 1

3 8 ,8 0 0

$ 2 ,1 6 9 ,8 7 7
$ 1 ,4 1 8 ,7 2 8
T o t a l .............. ....................
$ 8 7 8 ,2 6 1
$ 1 ,4 6 1 ,5 6 0
B a l a n c e ___________________ s u r .$ 4 5 ,4 0 9 d e f .$ 1 6 9 ,9 1 6 s u r .$ 5 0 6 ,5 7 3 s u r . $ 5 8 4 ,4 2 5
* I n c lu d e s s in k in g fu n d f o r d e b e n t u r e s ,
x I n c lu d e s g u a r , i n c o m e o n I n v e s t m e n t s d o w n t o A p r i l 3 0 1 91 1 a n d n e t
p r o f i t o n o p e r a t i o n s s in c o t h a t d a t e .
CONSOLIDATED B AL A N C E SHEET SEPT. 3 0 .
1913.
Assets —
$
R e a l e s t a t e , b l d g s . , m a c h ’ y , p la n t s &
e q u ip ., p a tte r n s , p a te n ts , g o o d -w ill
a n d i n v e s t , in s t o c k s a n d b o n d s o f
a s s o c ia t e d a n d o t h e r c o s . , & c . , o f
p r o p e r t ie s h e ld d i r e c t l y -------------------- 3 6 ,6 3 8 ,9 7 9
D is c o u n t o n b o n d s i s s u e d _____________
1 ,0 6 7 ,2 3 5
I n v e n t o r i e s o f m a n u f a c t u r e d m a t e r ia l,
5 ,3 6 1 ,1 5 2
s u p p lie s , & c . , o n h a n d _______________
T r a d e a c c o u n t s a n d b ills r e c e iv a b le ,
& e ., less r e s e r v e d f o r b a d d o b t s ____
3 ,7 0 4 ,9 3 4
A l i s c e lla n c o u s d e b t o r s --------------------------9 6 ,0 3 8
D e fic it o f In t. G a s E n g . C o . t o d a t e .
1 7 3 ,5 1 7
U n e x p ir e il i n s u r a n c e , & c ---------------------9 0 ,7 9 5
B a la n c e s in s u s p e n s e ---------------------------------------A s s o c i a t e d c o . b a ls . in t r a n s it , See. . .
3 1 ,9 5 2
C a s h in b a n k a n d o n h a n d ......................
5 8 5 ,8 6 2

1912.
$

1911.

3 6 ,6 7 4 ,9 2 1
1 ,1 6 3 ,1 4 1

3 5 ,9 8 5 ,4 2 6
1 ,2 3 5 ,8 6 3

6 ,3 5 0 ,4 7 8

6 ,2 8 8 ,2 0 1

3 ,3 9 2 ,1 6 5
352 067

3 , 5 6 4 ,6 5 3
1 4 4 ,4 4 7

1 2 2 ,6 4 2
2 5 ,8 0 4
2 8 3 ,4 7 2

7 1 ,1 0 1
3 9 ,1 0 8
8 3 7 ,8 3 7

S

T o t a l a s s e t s ................................................... 4 7 , 7 5 0 , 4 6 4
4 8 ,3 6 4 ,7 5 1
4 8 ,1 6 6 ,6 3 0
Liabilities—
,
„
, .
C o m m o n s t o c k in h a n d s o f p u b l i c — x l 7 ,7 7 3 ,3 0 0 x 1 7 ,7 7 3 ,3 0 0 x ! 7 , 7 7 3 ,3 0 0
P r e fe r r e d s t o c k in h a n d s o f p u b l i c — y L■ ,8 1 0 ,5 5 6 y 1 3 ,8 1 0 ,5 5 6 y 1 3 ,8 1 0 ,5 5 6
>
),
1 0 ,4 2 0 ,7 0 0
1 0 ,6 4 5 ,7 0 0
B o n d s in h a n d s o f p u b l i c - - - - - - - - —
10 1 0 7 ,0 0 0
9 7 3 ,2 2 0
9 7 3 ,2 2 1
9 7 3 ,2 2 1
S u r p lu s c a p it a l o f B . & K . S . 1 . C o . _
S u n d r y c r e d it o r s —
6 5 0 ,0 0 0
N o t e s p a y a b l e ------------------------------------- z l1 ,8 2 5 ,0 0 0
3 9 9 ,5 3 5
3 3 7 ,8 6 9
2 6 1 ,5 5 3
T r a d o a c c o u n t s -----------------------------1 8 4 ,3 9 9
1 7 8 ,4 2 2
3 1 1 ,7 0 7
M i s c e l l a n e o u s ______ _ — ------------1 7 0 ,2 5 0
S h a r e h o ld e r s f o r d i v i d e n d s --------1 7 0 ,2 5 0
4 , 0 5 0 ,4 3 3
S u r p lu s a c c o u n t , b a l a n c e ---------------------~ ,b i l ,4 o 4
1 ,2 2 0 ,3 4 9

Results .— T h o f ir s t q u a r t e r o f t h o y e a r p r e s e n t e d f e a t u r e s o f g r e a t e n ­
c o u r a g e m e n t , t h e v o l u m e o f b u s in e s s s h o w in g a la r g e in c r e a s e .
T h ere
i n d i c a t i o n s , h o w o v e r , d i d n o t c o n t in u e , a n d w o h a v e h a d t o s u r m o u n t c o n ­
d i t io n s o f s t r e s s g r e a t e r , p e r h a p s , t h a n a t a n y f o r m e r p e r i o d .
T h e e n t ir e
i n d u s t r y k in d r e d t o o u r s h a s f o r a n e x t e n d e d p e r i o d s u f fe r e d f r o m u n u su a l
d e p r e s s io n .
T h e d e m a n d , i n fl u e n c e d b y a c o m p l e x i t y o f c ir c u m s t a n c e s ,
T o t a l lia b il i t i e s _______________________ 4 7 , 7 5 0 ,4 6 4
4 8 ,3 6 4 ,7 5 1
4 8 ,1 6 6 ,6 3 6
n o t a b i y le g is la t iv e u n c e r t a i n t ie s a n d g e n e r a l fin a n c ia l c o n d i t i o n s , h a s b e e n
x I n c lu d e s $ 1 7 ,7 6 2 ,5 0 0 s t o c k o f I n t e r n a t io n a l C o m p a n y , $ 2 ,3 0 0 o f H e n r y
f a r b e l o w t h e c o u n t r y ’s c a p a c i t y .
C o m p e t it io n c o n s e q u e n tly h as b oon
I I . W o r t h in g t o n a n d S 8 .5 0 0 o f H o ll y A l f g . C o .
u n u s u a lly s o v e r o .
C o n t i n u e d a d v e r s e c o n d i t io n s n e c e s s it a t e d t h e s u s p e n ­
y I n c lu d e s $ 1 1 ,3 5 0 ,0 0 0 o f I n t e r n a t io n a l C o m p a n y , $ 2 , 0 0 0 , 0 0 0 o f H e n r y
s io n o f t h e d i v i d e n d o n o u r p r o f , s t o c k f o r t h e la s t t h r e e q u a r t e r s o f t h o y e a r .
I t . W o r t h in g t o n a n d $ 4 6 0 ,5 5 6 o f B l a k e & K n o w l o s ’ S t e a m P u m p W o r k s .
F o u r o f t h o c o m p a n y ’s la r g e s t p la n t s w e r e a f f e c t e d b y l a b o r t r o u b le s
z N o t e s p a y a b le in 1 91 3 i n c lu d o $ 1 ,8 0 0 ,0 0 0 c o ll a t e r a l t r u s t n o t e s a n d
in t h o f o u n d r i e s .
W h i le t h is d i d n o t o c c a s io n a n y c e s s a t io n o f t h o w o r k ,
$ 2 5 ,0 0 0 m is c e l la n e o u s .— V . 9 7 , p . 1 7 3 3 .
a n d a l t h o u g h t h e fo u n d r i e s a r e n o w o p e r a t i n g u n d e r b e t t e r c o n d i t io n s
t h a n o v e r b e f o r o , n e v e r t h e le s s t h e t r a in in g o f a la r g o n o w f o r c o o f
o p e r a t i v e s in t h o s o d e p a r t m e n t s c a u s e d a h e a v y t e m p o r a r y in c r e a s e in
o p e r a tin g e x p e n se .
T h i s w ill b o c o m p e n s a t e d fo r in t h e c h e a p e r p r o d u c ­
t io n h e r e a f t e r u n d e r p r e s e n t c o n d i t i o n s .
T o m e e t t h e b u s in e s s s it u a t io n
(Report for Fiscal Year ending Oct. 31 1913.)
a s it e x is t e d d u r in g t h o g r e a t e r p a r t o f t h o y e a r , c e r t a in v e r y d r a s t i c m e a s u r e s
EAR N IN GS FOR YEARS E N D IN G OCT. 3 1 , IN C L U D IN G S U B S ID IA R Y
w e r e a d o p t e d f o r t h e r e d u c t io n o f o p e r a t i n g e x p e n s e .
N o n -p ro d u c tiv e or
CO M PA N IE S.
i n d i r e c t e le m e n t s a t a ll o f t h e p l a n t s w e r e r e d u c e d t o t h e m in im u m p r a c t i ­
N ote .— D u r in g t h o y e a r 1 9 0 9 -1 0 a n o w s y s t e m o f b o o k k e e p in g w a s
c a b l e l im it .
O n e o f t h o p la n t s in t h e M i d d l e W e s t h a s b e e n c lo s e d , c o n c e n ­
a d o p t e d , c r e a t in g t h o in s u r a n c e f u n d a n d c h a r g in g a c c r u in g b o n d in t e r e s t
t r a t in g t h e w o r k a t a n o t h e r p l a n t , a n d a m a t e r ia l s a v i n g t h e r e b y e f f e c t e d .
m o n th ly .
U n d e r t h o o l d s y s t e m t h o .n e t p r o f i t f o r t h e y e a r 1 9 0 9 -1 0 , w h ic h
T r a d e c o n d i t io n s p r e v e n t e d t h e fu ll d e v e l o p m e n t o f t h o s m a ll g a s o lin e
is s h o w n a s $ 4 7 9 ,7 9 0 b e l o w , w o u ld h a v e b e e n $ 5 9 4 ,7 3 8 .
e n g in e b u s in e s s .
T h o lo s s , a m o u n t i n g t o 8 1 7 3 ,0 0 0 , n o t a la r g o a m o u n t f o r
Earnings A Expenses— 1 9 1 2 -1 3 .
1 9 1 1 -1 2 .
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
t h o d e v e l o p m e n t a n d e s t a b l is h m e n t o f a n e w a n d e x t e n s iv e lin o o f m a n u ­
G r o s s r e c e i p t s ____________ $ 1 0 ,4 9 0 ,6 1 6
$ 8 ,0 3 8 ,4 0 6
$ 9 ,0 0 9 ,4 7 6
$ 8 ,6 6 1 ,8 4 9
f a c t u r e , is c a r r ie d f o r t h o p r e s e n t a s a d e fe r r e d c h a r g e .
U nder fa v o r a b lo
L e s s c o s t o f m e r c h a n d is e $ 3 ,2 5 8 ,7 7 5
$ 2 ,9 4 2 ,7 3 5
$ 2 ,9 2 1 ,5 2 4
$ 2 ,9 3 4 ,1 4 1
c o n d i t i o n s , t h e p r o f it s t o b e d e r i v e d f r o m t h a t d e p a r t m e n t s h o u ld e n a b le u s
L e ss o p e ra tin g e x p e n s e s .
4 ,2 0 3 ,5 5 8
4 , 0 0 7 ,9 8 4
4 , 2 4 1 ,2 0 2
4 , 0 3 7 ,3 9 7
s o o n t o e x t in g u is h t h a t c h a r g e . A c a r e fu l a n d t h o r o u g h r e - v a lu a t io n o f a ll
o f t h e I n v e n t o r ie s a n d o t h e r l iq u id a s s e t s , r e d u c i n g t h e m t o a m o s t c o n s e r v a ­
$ 6 ,9 5 0 ,7 1 9
$ 7 ,1 6 2 ,7 2 6
$ 6 ,9 7 1 ,5 3 8
T o t a l ........................................$ 7 ,4 6 2 ,3 3 3
t iv e b a s is , h a s r e s u it e d in t h e r e d u c t io n o f t h o s u r p lu s a c c o u n t a s is s h o w n
$ 1 ,6 8 7 ,6 8 7
$ 1 ,8 4 0 ,7 5 0
$ 1 ,6 9 0 ,3 1 1
N e t ______________
$ 3 ,0 2 8 ,2 8 3
in t h o T r e a s u r e r ’s r o p o r t .
T h e f ig u r e s s t a n d i n g a g a in s t t h o i n v e n t o r ie s
1 8 ,0 1 3
2 2 ,7 9 3
9 ,1 4 4
I n c o m e f r o m i n v e s t m 't s
2 4 ,5 9 2
a r o t o - d a y r e p r e s e n t e d in v a lu e s d o l l a r f o r d o l la r .
A l t h o u g h t h e a m o u n t o f d e p r e c i a t io n f o r t n o y e a r r e c e n t ly e n d e d a p p e a r s
$ 1 ,7 0 5 ,7 0 0
$ 1 ,8 6 9 ,5 4 3
$ 1 ,0 9 9 ,4 5 5
G r o s s e a r n i n g s __________$ 3 ,0 5 2 ,8 7 5
t o b o less t h a n t h a t o f p r e c e d i n g y e a r s , it h a s a c t u a l ly b e e n s u b s t a n t i a l ly
$ 3 3 2 ,4 1 4
$ 3 2 4 ,2 7 1
$ 3 4 3 ,0 1 4
B o n d in t e r e s t , & c _______
$ 3 5 6 ,3 3 5
i n c r e a s e d , a s a r e s u lt o f c h a r g i n g v a r io u s m o d e r n i z in g a n d m a i n t e n a n c e
1 8 6 ,4 4 0
1 8 4 ,6 4 8
1 8 7 ,8 8 3
1 7 2 ,0 6 6
e x p e n d it u r e s t o o p e r a t i n g e x p e n s e t h is y e a r , w h e r e a s s u c h e x p e n d it u r e s ! R e n t e s ____________________
1 2 6 ,9 1 0
1 2 7 ,7 0 2
1 1 5 ,2 5 1
T a x e s ______________________
1 4 0 ,1 6 8
h e r e t o fo r e h a v e b e e n a d d e d t o c a p i t a l a c c o u n t .
A t t h e s a m o t im e t h e p la n t s
2 1 3 4 ,1 2 3
1 2 8 ,7 1 1
I n s u r a n c e ________________
2 1 3 4 ,7 2 4
1 3 3 ,8 9 1
h a v e b e e n m a in t a in e d in e x c e l le n t c o n d i t i o n .
5 5 6 ,5 6 7
4 3 2 ,3 5 4
5 1 5 ,0 5 1
T h o b u s in e s s o f t h o a s s o c ia t e d p la n t s in E n g la n d a n d F r a n c o h a s c o n ­
M a in te n a n c e & im p r o v .
5 9 0 ,2 6 1
t in u e d t o g r o w a n d t h e y a r e o p e r a t i n g t o - d a y a t c a p a c i t y .
V e r y r e c e n t ly
T o t a l .................................... $ 1 ,3 9 3 ,5 5 5
$ 1 ,3 3 6 ,4 5 5
$ 1 ,2 7 3 ,1 1 2
$ 1 ,2 1 9 ,6 6 5
s o m e la r g o a n d p r o f i t a b l e c o n t r a c t s h a v o b e e n s e c u r e d .
T h is in c r e a s e o f




American Ice Company.

J an . 3 1914.]

THE CHRONICLE

1 9 1 2 -1 3 .
N o t g a i n ...................................* .$ 1 ,0 5 9 ,3 2 0
N e t p r o f it s o f s u b c o s . in
e x ce ss o f d iv .f r o m s a m e
(* )

1 9 1 1 -1 2 .
* $ 3 0 9 ,2 4 5

1910-11.
*$590,431

(*)

(*)

T o t a l n e t p r o f i t - ............* $ 1 ,0 5 9 ,3 2 0
P r e f e r r e d d i v i d e n d s ___ (1 \i ) 1 8 0 ,5 0 2

* $ 3 0 9 ,2 4 5
* $ 5 9 0 ,4 3 1
- ............( 1 M H 8 0 .5 0 2

B a la n c e , s u r p lu s ----------$ 1 , 4 7 2 ,8 1 8

$ 3 0 9 ,2 4 5

$ 4 0 9 ,9 2 9

1 9 0 9 -1 0 .
* $ 4 7 9 ,7 9 0

(*)
(*)
(*)

* T h e a b o v o f ig u r e s i n c lu d e in 1 9 0 9 -1 0 $ 2 4 2 ,3 5 4 o f t h e n e t p r o f i t s f o r t h e
y e a r o f s u b s i d i a r y c o m p a n i e s w h o l l y o w n e d a n d o p e r a t e d w h ic h h a d n o t
y e t b e e n p a id in t o th e tre a s u ry o f th o c o m p a n y .
x T h o e n t ir e n e t p r o f i t s o f s u b s i d i a r y c o m p a n i e s , a ll o f w h ic h h a v e b e e n
p a i d in , a r e i n c lu d e d in t h e a b o v o f ig u r e s f o r 1 9 1 2 -1 3 , 1 9 1 1 -1 2 a n d 1 9 1 0 -1 1 .
z T h e u n e x p e n d e d b a l a n c e o f in s u r a n c e f u n d in t h o h a n d s o f t h e t r u s t e e
o n N o v . 1 1 9 1 3 w a s $ 2 0 (5 ,3 5 9 , a g a in s t $ 2 4 2 ,5 3 1 in 1 9 1 2 a n d $ 1 5 5 ,0 2 8 in 1 9 1 1 .

B A LA N C E SHEET OC T. 31 (IN C L U D IN G S U B S ID IA R Y COS.)
1913.
1912.
1913.
1912.
Assets—
$
Lia b ilitie s —
S
$
Gen. prop. acct.. 12,140,120 12,479,042 Preferred stock — 14,920,200 14,920,200
Common stock— 7,101,330 7,101,330
Good-will, water*
420,885
21,000
patent rights_ 17,105,001 17,102,478 Bills payable-------_
821,029 Underlying bonds. 1,088,440 1,075,900
Invest. securlties.nl,000,287
204,410 Collat. trust bonds
C a sh .,....................
930,103
Amer. Ice C o .. 1,709,000 1.707.000
141,025
Notes receivable..
203,3.87
13,839 1 s t* gen. M . bds. 3,055,000 3.013.000
Bonds and mtges.
19,925
378,430
472,200
10,288 Real estate mtges.
Insur. premiums..
10,044
535,932
009,120 Current accounts.
525,815
Inventory of mdse.
453,310
00,701
09,006
999,820 Acer, bond lnt.,&e.
Accts. receivable. 1,009,000
242,531 Reserve for Insur­
Fire insur. fund.. b20G,359
ance (contra)..
200,358
242,531
Profit & loss (sur.)c3,947,155 3,076,207
T o t a l ....... .......... 33,083,600 32,084,794

T o t a l .................. 33,083,606 32,0.34,794

a Investments include in 1913 stocks and bonds other than of subsidiary
companies, $269,887; underlying bonds of sub. cos., $559,400; real estate
and first and gen. mtge. bonds, $35,000; and coll, trust bonds of Amer. Ice
Co., $136,000.
b Consists of $204,000 (par) Amer. Ico Co. real estate 1st and Gen. M .
bonds; accrued int. on 62 real estate and Gen. M . bonds, $930; $695 (par)
Amer. Ico Securities Co. debenture bonds, and loan, $734.
c The profit and loss surplus Oct. 31 1913, $3,947,155 as above, is de­
rived as follows: Total surplus of American Ice Co. Oct. 31 1912, $2,801,­
641; excess of net assets subsidiary companies over book value, $274,626;
total surplus Oct. 31 1912, including subsidiaries, $3,076,267; add profit
for year ending Oct. 31 1913, as above, $1,472,818; deduct depreciation,
$599,317; good-will account, Interborough Ico Co., $15,000; add credit
$12,387, leaving balance, surplus, Oct. 31 1913, $3,947,155.
N o te . — Accrued dividends unpaid on the cumulative pref. stock amount
to $7,982,307, of which 96.2% applies to stock owned by Am. Ico Sec. Co
— V. 97, p. 804, 667.

M oline (111.) Plow C om pany.
{Report for 13 Months ending July 31 1913.)
Pres. G . A . Stophens, Moline, N ov . 15, wrote in substance:

69

P r a c t i c a l l y a ll o f t h o a b o v e p r o p e r t ie s a r e p r o v i d e d w it h a u t o m a t i c
s p r in k le r s , in s u r a n c e b e i n g c a r r ie d w it h o l d lin e c o m p a n i e s e x c l u s iv e l y .
Patents and Experimontal Work .— N o c a p i t a l s t o c k h a s b e e n is s u e d o n t h is
a ccou n t.
T h e c o m p a n y e m p l o y s a la r g e f o r c e in it s e x p e r im e n t a l d e p a r t ­
m e n t , t h e t o t a l e x p e n s e s o f w h ic h is c h a r g e d e a c h y e a r t o c o s t o f o p e r a t i o n .
W e a l s o o c c a s i o n a l l y p u r c h a s e p a t e n t s , c h a r g i n g s u c h e x p e n d it u r e s t o p r o f i t
a n d lo s s .
T h e e x p e r i m e n t a l a n d p a t e n t e x p e n d it u r e s d u r i n g t h e p e r i o d
e n d i n g J u l y 31 1 9 1 3 a m o u n t e d t o $ 6 6 ,8 0 1 .
Employees .— W e h a v e in o u r e m p l o y a t t h o s e v e r a l f a c t o r i e s a n d b r a n c h
iJ i.'S S * h n d in f o r e i g n c o u n t r ie s o v e r 4 , 0 0 0 m e n ; s a la r ie s a n d w a g e s p a i d ,
$ 3 , 6 0 0 , 0 0 0 d u r i n g t h e 13 m o n t h s .
New Stock to Build Chilled Plow Plant, A c .— T h e c o m p a n y h a s f o r s o m e
t im e f e lt t h e n e e d o f a c h i ll e d p l o w lin e t o s u p p l y t h o t r a d e in p a r t s o f t h is
a n d o t h e r c o u n t r ie s , w h e r e s t e e l p l o w s s u c h a s w e m a n u f a c t u r e a t M o l i n e
a re n o t s a la b le , a n d fin a lly d e c id e d t o b u ild a p la n t a t P o u g h k e e p s ie N . Y .
T h e c o m m o n s t o c k h o l d e r s a r o n o w p u t t i n g in $ 5 0 0 ,0 0 0 o f n e w m o n e y
( t h r o u g h t h e p u r c h a s e a t p a r o f a n e q u a l a m o u n t o f c o m m o n s t o c k , t h e is s u e
o f w h ic h w a s a u t h o r i z e d S e p t . 3 0 1 9 1 3 ), t o e r e c t a n d e q u i p t h is p l a n t a n d
t o b u i l d a s t o r a g o w a r e h o u s e a t M o l i n e , c o n s t r u c t i o n w o r k n o w b e in g u n d e r
w a y a t b o t h P o u g h k e e p s ie a n d M o lin e .
i A > h ^ K! a d d it i o n o f t h is c h i ll e d p l o w p l a n t a n d t h e b i n d e r p l a n t a c q u i r e d
t
la s t J a n u a r y , w e s h a ll b e a b l e t o fu r n is h t h e d e a l e r a f u ll lin e , c o m p r is i n g
p r a c t i c a l l y e v e r y t h i n g h o n e e d s t o s u p p l y h is t r a d e , t h u s e n a b li n g h i m t o
s e c u r e t h e a d v a n t a g e o f c a r lo a d r a t e s a n d e n a b li n g u s t o s p r e a d t h e n e c e s s a r y
s a le s e x p e n s e o v e r a la r g e r v o l u m o a n d a l s o t o w a t c h c r e d it s m o r e i n t e ll i ­
g e n t ly th a n w h e re a d e a le r b u y s f r o m s e v e ra l d iffe r e n t c o n c e r n s .
.~JP?rlSs—In a d d it i o n t o t h e e x t e n s i v e E u r o p e a n b u s in o s s w h ic h c a m e t o u s
. t n t h e b in d e r p l a n t , w o h a d a l w a y s e n j o y e d a h a n d s o m e e x p o r t b u s in e s s
in o t h e r f o r e i g n c o u n t r ie s , a n d o u r e x p o r t d e p a r t m e n t e x p e c t s m a t e r ia l l y
t o a u g m e n t o u r s a le s b y p u s h i n g a d d i t i o n a l lin e s a l o n g w it h t h o g o o d s a l­
r e a d y i n t r o d u c e d in a n y s p e c i f i c c o u n t r y .
T h e e n t i r e e x p o r t b u s in e s s is
h a n d le d d i r e c t f r o m M o l i n e , w it h a f o r w a r d i n g o f f i c e in N e w Y o r k .
.. Outlook.
1 h e t r a d e d u r i n g t h e p a s t y e a r w a s q u i t e s a t i s f a c t o r y , a n d w h ile
J{?'CidfoiiK ht in t h is a n d o t h e r c o u n t r ie s s o m e w h a t c u r t a il e d o u r s a le s d u r i n g
t n e i f ir s t - f e w m o n t li s o f t h e c u r r e n t y e a r , t h e f a c t t h a t c o l l e c t i o n s h a v e m a rrm y i m p r o v e d l e a d s u s t o l o o k f o r a n i m p r o v e m e n t in s a le s a ls o .
11 h e p a m p h le t r e p o r t c o n t a i n s ill u s t r a t io n s s h o w in g t h e le a d i n g p l a n t s .]

IN C O M E S T A T E M E N T FOR 13 M O N T H S E N D IN G J U L Y 31 1913.
G r o s s s a le s -------------------------------------------------------------------_
« in j m
O p e r a t in g e x p e n s e s , in c lu d in g $ 1 6 8 ,0 0 0 e x p e n d e d " f o r m a i n te^ '
’
’
n a n c e , r e p a ir s a n d r e n e w a ls a n d $ 1 0 1 ,7 8 7 c h a r g e d o f f f o r d e p r . 1 2 ,8 2 2 ,9 7 5
N e t i n c o m e f r o m o p e r a t i o n _____________________________

$i

Interest on bills payable (net)__________________

(527 865
$172 963

L e ? 5 i1
Avi<i e,rJ ^ a i d : 7 % l s t *, r c f - ( 3 * 1 % ) • $ 2 6 2 ,5 0 0 ; 6 % 2 d p r e f .
.(15
( 3 % ) , $ 4 5 ,0 0 0 ; c o m m o n s t o c k , $ 8 2 5 ,6 0 0 _________________________

"
’
1 ,1 3 2 ,5 0 0

B a la n c e , s u r p lu s f o r y e a r ___________________________________________
B a la n c e in s u r p lu s a c c o u n t a s o f J u n e 3 0 1 9 1 2 ______________________

$ 3 2 2 401
1 ,3 2 5 1 8 7 0

T o t a l s u r p lu s J u l y 31 1 9 1 3 , a s p e r b a l a n c o s h e e t ......... .....................$ 1 ,6 4 8 ,2 7 2

C ON SOLIDATED B A L A N C E SH EET J U L Y 31 1 9 1 3 .
P la n ts , & c ., a t M o lin e & c .
a n d s e llin g b r a n c h e s . . $ 5 ,1 5 2 ,5 4 4
I n v e n t o r i e s ________________
8 401 4 8 9
C ash
---------6 2 5 ,5 1 1
C a s h & r e c e iv a b le s , E u ­
r o p e a n . --------- ----------------1 ,0 5 2 ,5 1 6
R e c e i v a b l e s , d o m e s t i c ___
7 ,3 6 1 ,3 7 2
P r e p a id e x p e n s e s , & c __
7 2 .7 5 3
— V . 9 7 , p . 1111.

F ir s t p r e fe r r e d s t o c k _____$ 7 ,5 0 0 , 0 0 0
S e c o n d p r e fe r r e d s t o c k . .
1 , 5 0 0 ,0 0 0
C o m m o n sto ck is s u e d -. .
9 ,0 0 0 ,0 0 0
B ills p a y a b l o . . ....................
1 , 7 0 7 ,1 9 0
A c c o u n t s p a y a b l o ________
9 0 9 531
A c c r u e d t a x e s _____________
38 615
S u r p lu s
..........
1 ,6 4 8 ,2 7 2

Results. — Inasmuch as tho newly-acquired binder plant is in tho midst
of its shipping season, on Juno 30 it was decided that tho end of tho fiscal
year should be changed to July 31. Ilonco, tho balanco sheet reflects the
result of 7 months’ business in tho binder lino and 13 months’ business in our
Reserve, bad debts, & c ..
362,578
other lines. It should bo pointed out, however, that tho addition of an­
other month to the business of theso other linos should not bo interpreted
as augmenting the profits from theso other lines one-twelfth, as the expenses
Harbison-Walker Refractories Co.
during July have always very closely approximated tho earnings.
Tho sales of $14,450,840 were tho largest in our history. Exclusive of
{Report for Fiscal Year ending Sept. 30 1913.)
tho sales of tho recently acquired binder plant, tho incrcaso in volumo was
27%; including tho sales of tho binder plant the incrcaso was 11 %
President H . W . Croft, N ov . 11 says:
Stock. — The first pref. stock ($7,500,000) was issued as of Dec. 11912 and
B u s in e s s d u r in g t h e y e a r h a s b e e n f a i r l y s a t i s f a c t o r y .
C o s t s w e ro h ig h ,
sold through Kissel Kinnicutt & Co. of N. Y . and F. S. Moseley & Co. of
a t h o u g h a l a r g e r a m o u n t o f b u s in e s s w a s t r a n s a c t e d t h a n d u r i n g t h e p r e ­
Boston in Jan. 1913, proceeds being used to retire the floating debt and to
v io u s y e a r .
A n a d v a n c e o f f r o m 8 t o 1 0 % in w a g e s w a s m a d e o n A p r i l 1,
provido additional working capital. (See V. 96, p. 290.)
The second pref. stock ($1,500,000) was issued in exchango for tho capital C o s t s w e r o a l s o in c r e a s e d b y t h o s c a r c i t y o f l a b o r a n d b y t h o n e c e s s it y o f
P1,011- , 3 'h e c o m p a n y is n o w f r e e o f b o n d e d d e b t ,
stock and assets of tho binder and mower plant of Adrianco, Platt & C o.,
l h o $ 3 ,5 0 0 ,0 0 0 is s u e o f b o n d s , d u e in 1 9 2 2 , f o r t h o p a y m e n t o f w h i c h a
located at Poughkoepsio, N . Y.
The common stock ($9,000,000) issued represents actual assets, no stock s in k in g f u n d o f $ 1 7 5 ,0 0 0 p e r y e a r w a s r e q u i r e d , w a s c o m p l e t e l y r e t ir e d d u r ­
over haying been issued for trado-marks, trado-names, good-will or patents; i n g t h o p a s t y e a r , t h e r e b y a n t i c ip a t i n g t h e f in a l p a y m e n t b y n in o y e a r s .
tho book valuo of each $100 share of common stock being more than $118
PROFIT A N D LOSS A C C O U N T FOR YE AR E N D IN G SEPT. 3 0 .
on July 31 1913. Tho control of tho common stock, as well as tho manage­
ment, continues unchanged, tho Stophens family holding practically two1 9 1 2 -1 3 .
1 9 1 1 -1 2 .
1 9 1 0 -1 1 .
1 9 0 9 -1 0 .
tliirds of tho common stock.
N e t p r o f i t s _______________ $ 1 ,7 2 3 ,4 6 4
$ 1 ,3 9 5 ,9 3 3
$ 1 , 6 8 6 ,3 3 5
$ 2 ,0 7 3 ,3 4 1
All of the company’s properties are free and unencumbered.
Deduct—
W o rk in g C a p ita l. — Tho introduction of now capital, as described abovo,
E x t r a o r d . e x p . ,i m p t s ., & c
1 1 8 ,1 5 5
3 ,8 5 9
1 1 6 ,3 2 6
1 2 2 ,7 0 8
placed tho company in a strong position with respect to working capital, C h a r g e d o f f f o r d e p r e c i a ­
tho excess of current assets over current liabilities as of July 31 1913 (in­
t io n o f m in in g , & c ___
4 7 ,5 9 2
3 7 ,8 5 0
9 0 ,0 0 6
5 9 ,3 5 9
cluding inventories amounting to $ l 1,495,728. In this statement bills re­ C h a r g e d o f f f o r d e p l e t io n
ceivable shown do not include any items duo from branches, and tho $1,­
o f c la y , c o a l a n d g a n 707,190 bills payable (except for one Item of $7,190 given for goods on hand
is t e r p r o p e r t ie s _______
3 1 ,7 5 2
3 2 ,5 3 4
3 6 ,8 0 2
2 3 ,5 2 7
at one of our branches which aro to bo paid for when sold) represent bank
loans. Accounts payable represent current invoices not duo. In the in­
T o t a l d e d u ctio n s . _
$ 1 9 7 ,4 9 9
$ 7 4 ,2 4 3
$ 2 4 3 ,1 3 4
$ 2 0 5 ,5 9 5
ventories, raw materials were valued at tho market and finished goods at N e t p r o f i t s .............. ............. 8 1 ,5 2 5 .9 6 5 $ 1 , 3 2 1 , 6 9 0 $ 1 ,4 4 3 ,2 0 1 $ 1 ,8 6 7 ,7 4 6
factory cost, adequate reserves aggregating [$606,761] being set up on fin­ I n t e r e s t o n b o n d s _______
3 9 ,3 7 5
6 0 ,5 6 3
7 7 ,0 0 0
8 8 ,8 7 5
ished goods at foreign and domestic selling branches, to reduce samo to D i v s . o n p r e f . s t k . ( 6 % )
5 7 6 ,0 0 0
5 7 6 ,0 0 0
5 7 6 ,0 0 0
5 7 6 ,0 0 0
factory cost, plus freight and duty actually expended [the item of inven­ D i v s . o n c o m . stock___(2%)366,666
(2 )3 6 0 ,0 0 0
( 2 ) 3 6 0 , 0 0 0 ( 1 ,^ ) 2 7 0 , 0 0 0
tories being, as thus reduced, $8,401,489).
Reserves.— A reserve o f 5% has been mado on tho accounts and bills re­
S u r p lu s f o r y e a r . ------$ 5 5 0 ,5 8 9
$ 3 2 5 ,1 2 7
$ 4 3 0 ,2 0 1
$ 9 3 2 ,8 7 1
ceivable, to cover discounts on sales and for possiblo losses from uncollecN e t p r o f it s a r e s h o w n , a f t e r d e d u c t i n g e x p e n s e s ($ 4 6 4 ,0 1 7 in y e a r 1 9 1 2 -1 3 )
tiblo accounts. Tho records of tho company show that during tho 13 years f o r a ll o r d i n a r y r e p a ir s a n d m a i n t e n a n c e , w h ic h c o v e r s d o p r e c ’n o f p l a n t s .
sinco 1900 the losses from bad debts havo averaged 'A o t 1% of sales.
B AL A N C E SH EET SEPT. 3 0 .
D e p re c ia tio n s . — The company has always mado it a practico to keep its
properties at their maximum of efficiency, through liberal expenditures for
1912.
1913.
1913.
1912.
repairs and renewals, $168,471 having bcon exponded for this purpose dur­
Assets—
S
Lia'tU llies—
S
$
S
ing tho 13 months. In addition to this, tho following deductions for de­ Prop. & franch, of
Bonds _______
1,050,000
preciation wero mado from earnings, Buildings, 1% per annum; machinery
constituent cos.2S,495,409 28,548,166 Common stock...18,000,000 ls[666’ 66o
,
and tools, 5% per ann.; patterns, 10% per ann.; fixtures, 7 l % per aim.; Bct’m’ts completed 1,555,071 1,374,311 Preferred sto ck ... 9,600,000 9,600,000
A
stablo equipment, 10% per ann. These deductions for tho period under Bct’ts uncompleted 167,385
404,734 Interest and taxes
discussion amounted to $101,787.
Deferred chorees to
accrued
4,527
17,292
P ro p e rlie s O wned. — Tho figures shown under property accounts in the
future oper’n s .. *411,555
282,984 Depletion fund_
_
185,193
166,551
statement represent tho sound values established by the American Appraisal Inventory at cost. 1,097,232 1,374,599 Pay-rolls________
113,631
84,658
Co., tho properties at l’oughkecpsto having been appraised at the time of Cash...................
000,107
813,540 Accounts payable188,336
166,839
acquisition, viz.. Jan. 1913, and tho remaining properties as of July 31 1913. Accts. receivable.yl,881,494 1,480,289 Sundry reserves.. 048,579
400,038
Bills receivable...
28,717
44,105 Surplus.................. 6,090,777 5,540,188
A rtic le s Produced ( F lo o r Space o f F actories, 2,776,840 sq. f t . ) .
Location.
Moline, III.
(Moline Plow Co.)
Rock Island, 111.
(Moline Plow Co.)

Products.
Acreage.
Plows, planters, culti­
6.2
vators, harrows, etc.
ditto

20.95

Buildings.
20 Brick buildings,
!) Frame storage sheds.
5 Concrete buildings,
8 Lumber sheds.

Experimental Farm.
Moline, 111.
10
Experimental farm.
East Moline, 111.
50.38 I.and for future devel't.
Stoughton, Wls.
Wagons, trucks, sleighs, 34
40 Brick and frame bigs.,
scales, etc.
(Mandt Wagon Brch.)
24 Lumber sheds.
Freeport, III.
Carriages,buggies,spring 1.77 14 Brick buildings,
(a) (Ilcnncy Buggy Brch.) wagons, &c.
3 Lumber sheds.
(6) (Freeport Carr. Brch.)
ditto
4.27 11 Brick buildings,
Grain drills, seeders,
Minneapolis, Minn.
6.25 10 Brick, 13 frame, 20
&c.
(Monitor Drill Brch.)
Ironclad & c. bhlgs.,etc.
Binders, mowers, corn 18.1
roughkeepsle, N . Y .
32 Brick * 0 frame bigs.,
harvesters, &c.
(Adrlance-Platt Brch.)
12 sheds & 9 dwellings.
Chicago, (Acme Steel Br.) Acme soft-centre steel
.75
5 Brick & 2 frame bigs.

In addition wo own real estate in the following cities: Kansas City M o.;
Spokane, Minneapolis, Stockton, Los Angeles, Salt Lako City, Now Or­
leans, Sioux Falls, Bloomington, 111., Portland, Ore., Wlnnip’eg, Paris
Franco, and Omsk. Siberia.
Selling Branches (Total flo o r space 1,084,378 s q .ft.) under Management o f Head Office.
K a n .C 'y .M o. Dallas,
Salt Lake C ’y OklahomaC’yPortland, Or. Hamburg,
Omaha,
St. Louis,
Denver,
Sioux Falls, Poughkeepsie,Paris, France,
Minneapolis, Stockton,
New Orleans, Bloomlngt’n, Columbus, O .Omsk, Siberia




Invest, of reserves
Co. bonds purch.*
held In treasury
Other securities..

284,873

222,000

...........
309,200

188,000
286,807

T o ta l.................. 34,831,013 35,025,560

T o ta l..................34,831,043 35,025,566

* I n c lu d e s c l a y , c o a l a n d g a n is t e r o u t f i t s , $ 1 6 6 ,6 7 1 , a d v a n c e d r o y a l t ie s ,
s t r ip p in g , p r o s p e c t in g , u n c o m p l e t e d e x t r a o r d i n a r y r e p a ir s , & c .
y A c c o u n t s o f c o n s t it u e n t c o s . a g a in s t e a c h o t h e r o m i t t e d . — V . 9 7 , p . 1 6 6 6

Canadian Car & Foundry Co., Ltd., Montreal.
{Fourth Annual Report— Fiscal Year ending Sept. 30 1913.)
Prest. Hon. Nathaniel Curry, Dee. 15, wrote in substance:
< t ic C o o
l
g r o s s s ^ s a m o u n t e d t o $ 2 0 ,3 0 0 ,0 0 0 , a s c o m p a r e d w it h
$ 1 6 ,5 0 0 ,0 0 0 la s t y e a r .
T h o p r o fit s , a v a ila b le fo r d iv id e n d p u rp o s e s a fte r
p r o v i d i n g f o r p r o p e r d e p r e c i a t i o n , s in k in g a n d c o n t in g e n t r e s e r v e f u n d s ,
w e r e $ 1 ,3 7 1,6,> 3, a s a g a in s t $ 1 , 0 3 9 , 9 3 2 la s t y e a r .
R e g u la r q u a r t e r l y d i v i ­
d e n d s w e r e p a i d u p o n t h e p r e f e r e n c e s h a r e s a n d t w o s e m i-a n n u a l d i v i d e n d s
o f 2 % e a c h w e re p a id u p o n th e o r d in a r y sh a res.
T h e p r o p e r t ie s h a v e b e e n m a i n t a in e d in a h ig h s t a t e o f e f f i c i e n c y ; a n d a ll
r e p a ir s a n d r e n e w a ls , b o t h c o m m o n a n d e x t r a o r d i n a r y , a g g r e g a t i n g $ 3 5 0 ,­
0 0 0 in v a l u e , h a v e b e e n c h a r g e d a g a in s t e a r n in g s in a d d i t i o n t o t h e u s u a l
c h a r g e s f o r d e p r e c i a t io n a c c o u n t .
Special Reserve Fund .— T h o la r g e v o l u m o o f b u s in e s s t r a n s a c t e d h a s
c a u s e d t h e d i r e c t o r s t o o p e n a s p e c ia l r e s e r v e f u n d f o r I n s u r a n c e a n d c o n t in g e n c le s .
T h e s u m o f $ 3 5 0 ,0 0 0 w a s t r a n s fe r r e d t o t h is a c c o u n t f r o m t h e
p r o fit s o f th e y e a r a n d th e re w a s a d d e d t h e r e to th e a m o u n t s ta n d in g t o
c r e d i t o f t h e c o n t in g e n t f u n d S e p t . 3 0 1 9 1 2 , m a k i n g t h e t o t a l o f $ 5 0 0 ,0 0 0 .

l Vol. xcvni.

THE CHRONICLE

70

A d d i t i o n s . — A* the last annual m eeting the shareholders ratified arrange­
ments for the construction o f a large car plant at Fort W illiam and for the
purchase o f tho Pratt & Lotchworth C o ., L td ., o f B rantford, the largest
manufacturers o f malleablo iron products in Canada. It was also found
necessary to build a steel car shop and double the capacity o f the rolling
mills at Amherst.
W ork on the now plant at Fort W illiam has been performed throughout
tho year. On account o f tho tem porary lull in industrial activity caused
b y tho tension o f the m oney m arket.it was thought wise not to hurry the
com pletion o f tho plant. T ho plant, how ever, can be quickly placed in
com m ission, whenover operations require it.
N e w S e c u r i t i e s . - — T o pay for these capital expenditures and provide ad­
ditional working capital, tho directors authorized the sale o f $ 2 , 1 0 0 , 0 0 0 1 st
M . gold bonds and $900,000 pref. stock. All the pref. stock.so authorized
and $1,600,000 o f the bonds were sold above par, netting us a substantial
premium, which was credited to the miscellaneous reserve fund. The
remaining $500,000 bonds have been subscribed for. (V . 96, p. 1558; V . 97,
p . 178, 367 , 447.)
C a p a c i t y . — ' ho com bined output o f the com pany and its subsidiary
T
com panies for tho past year amounted to approxim ately $27,000,000 and
when tho F ort W illiam plant and extensions to other plants m entioned
above aro in full operation, tho capacity output will be about $40,000,000
in valuo. W e are, therefore, o f the opinion that no new works nor further
extensions to present works will bo necessary for som e years to com o.
I m p r o v e m e n t s a n d B e t t e r m e n t s . — In order to keep tho com pany abreast
o f general progress and developm ent, continual expenditures for now and
im proved tools and m achinery and other facilities are necessary. All
required appropriations for work o f this character were allowed your
various plants during tho year.
A m ong these general appropriations were the following m ajor items—
im proved facilities in passenger car shop departments; im proved facilities
fo r street car production, new dry kilns, .additional air compressors, im­
provem ents to wheel foundry equipm ent, additional traveling cranes, new
tanks and buildings for oil storage, now transformer houses for electric
power, now steel m ateiial runways, additional car equipment for factory
use, new railway sidings for storing and handling materials, additional

SP« ° a Pt A m h e r s t . — S t e e l C a r a n d B o l s t e r D e p a r t m e n t s .— These were
practically com pleted and steel cars aro now being produced. T he rolling
mill extension was also com pleted and was o f considerable benofit during
tho latter part o f tho year.
,
, .
„
,
R a i l w a y C o n n e c t i o n . — T ho railway connection between your Dom inion
and T u rcot W orks at M ontreal was com pleted, greatly facilitating traffic
between these works. A new locom otivo was purchased and fiv e loco­
m otives are now in dally use, at and between these tw o works.
C a n a d ia n S te e l F o u n d r i e s , L i m i t e d .

This com p a n y’s earnings were sufficient to pay its fixed charges but did
not allow for a dividend on tho capital stock, the whole o f which is owned
b y you r com pany.
,
, ,
It was necessary to expond a m uch larger sum o f m oney than had been
estim ated to place both old and now properties in condition p rom ptly and
econom ically to handle tho production. It was also found advisable at
W elland, Ontario, to doublo tho capacity o f the rolling mills, construct new
open-hearth furnaces and build a now power plant. Theso Improvements
enablod m ore efficient operation through specialization o f the various
classes o f product at the plant best adapted for their m anufacture. T h e
con trol o f these properties has proved or great advantage, having enabled
us to obtain materials for use in our shops, as and whon required.
On account o f tho difficult m onetary conditions experienced during tho
year, it was thought wise for your com pany to finance tho Steel Foundries’
requirements b y advancing tho necessary funds, on which interest has
been charged.
. „
. .
T h e P ra tt A

L etch w o rth C o .. L td .

.

T ho operations o f this com pany wero very satisfactory and the earnings,
after providing for ample depreciation and reserve accounts, were suf­
ficient to enable Its directors to declare a dividend, equivalent to 7 % upon
tho purchaso prico o f the property and to carry a substantial balance to
profit and loss. This dividend has been paid to you r com pany, which
owns all tho capital stock.
In order to supply tho demand for the product o f this com pany It became
essential to enlarge and im prove the works. This has been com pleted and
the tonnage capacity has been Increased about 5 0 % . A standard sprinkling
system for protection from fire has been installed and the property is in
first-class condition.
R h o d e s, C u r r y C o ., L t d ., B ra n ch .

N um erous im portant contracts were secured during tho past year, among
them boing the Federal post office at St. John, N . B .
The operations
o f tho year showed a profit.
O u t l o o k . — Y our order books are not as well filled as they wero a year
ago and you r directors expect several dull months; but they beliovo that,
beforo winter has passed, you business will be in a normal condition and
that tho next annual report will be found satisfactory. W e cannot consider
the vast fertile regions, still open to diversified agricultural and industrial
developm ent. In this great Dom inion, without having our faith strengthened
in tho stability and future o f Canadian industrial enterprises and particularly
o f such as those conducted b y your com pany.
IN C O M E

A C C O U N T .

Y r . end.
S e p . 30 '13.

P rofits, after In terest.-- $1,371,653
P rof. djvs. 7 % _________
458,500
C om m on d iv id en d s____ (4)159,000

(S ee

fo o t

Y r . end.
S e p . 30 T 2 .

n o t e .)
Y r . end.
S e p . 30 ’ l l .

11

M o . end.
S e p . 30 TO.

$1,039,933 $1,007,138
423,500
385,000
(4)155,000 (4)155,000

$832,530
320,833
(2)77,500

1912.

Assets—
5
5
Real est., bldgs.,
mach’y,
good­
will, &C.............. 12,476,150 10,652,748
Invest’s (at cost)_a3,573,502 2,621,299
275
Cask In sk fund..
- .........
Inventor’s (at cost)4,154,333 3,858,594
56,990
Mlsc. securs., &c.
01,072
Bills & accts. rec. 2,734,874 2,820,404
Deposits on Govt.
70,044
contracts............
58,326
295,322
Cash_____ ________
393,430
60,000
D Iv .o fP .& L .C o .
Car tr. notes (less
reserve for un­
233,139
134,307
earned interest)
188,396
98,902
Deferred charges.
T o ta l..................23,744,897 20,797,212

1913.
Liabilities—
$
Preferred stock.. . 7,000,000
Common stock___ 3,975,000
1st M . 6s, due 1939 5,441,899
P ratt* Letch. Co.
......... ..
purch. liabilities
Pur. money notes.
200,000
Bank advances
11,704,887 f
Bills payable_____ J
\
Acc’ts & pay-rolls. 1,595,935
Rentals, taxes &
interest accrued
117,776
Pref. dlv declared.
122,500
Deprec’n funds
667,429
Conting., &c.. Ids.
725,051
Profit and loss____ 2,194,420

and

Tonnage

T o ta l
S h ip m en t.

Phoenix ,B .C . 1,261.088
A n yo x , B .

9,236,282
..........

C ....—..................

D e v elo p e d .

O re
D e v elo p e d .

5,613,402
7,759,550

C opp er
(P o u n d s).

G o ld & S i l .
P er T o n .

117,881,442
340.516,150

$0.75
$0.20

T o ta l----------1,261,088 9,236,282 13,372,952 458,397.592
-----Everything at Phoenix is running sm oothly and tho shipments for tho last
year were greater than during any previous year. T ho cost per ton (75.4
cents) was less than any previous year, although extra wages were paid
during tho high prico o f copper.
A t A nyox tho mines are looking exceedingly well, and aro prepared to
supply the smelter with ore at any tim e. T he work finished during the
past year in connection with the developm ent o f tho Hidden Creek min*
com prised 8,857 linear feet o f raising, sinking, drifting and cross-cutting,
with 18,342H feet o f diam ond drilling. This work was done on the 150,
230, 385, 530, 630 and 700 fo o t levels. T h e total developm ent work now
done on the mine is as follows: Surface trenching, 2,255 jt.; drifting and
cross-cutting, 13,905 ft.; sinking and raising, 2,946 ft.; diam ond drilling,
37.518H ft. T he above work has developed ore as follows: T on s, 7,759,550;
copper contents, 2 .2 % per ton; gold and silver contents, $ 0 . 2 0 per ton.
T h e tunnel on the 385-ft. level o f tho H idden Crook mine was continued
toward the N o . 2 ore b od y, and has readied a length o f 1,678 ft , and is now
in low-grado rock and it is expected will excounter tho N o . 2 main oreb od y in a short distance. There were 72 holes drilled, chiefly to outlin*
tho N o. 1 ore ob d y on the 385-ft. level, and to outline the ore on the north
end o f both N os. 1 and 2 ore bodies. T he abovo drilling was successful
in all o f the three objects, and has m aterially Increased our oro reserves as
below indicated:
_
. _
...
H id d e n C r e ek , E s t .—
Jons.
Pounds C op p er.
N o . 1 ore b o d y _____________ 3,328,400
N o . 2 oro b o d y ______________4,431,150
188,935,600
2.13%
T o ta l, N os. 1 and 2 ............ 7,759,550
340,516,150
2.2%
228,105,300
2.3%
T otal O ct. 1 1912_________4,913,500
T he bulk o f tho ore estimated in tho H idden Creek m ine lies abovo th*
385 level, only 394,100 tons below this level being included. T o tho pre­
vious developed oro o f the N o. 1 ore b od y, 1,524,700 tons have been added;
to tho N o . 2 ore b od y 1,321,350 tons have been added. T he grade o f th*
ore remains practically tho same, 2 .2 % , against 2 .3 % . W o aro not con­
sidering any o f the low-grade ore (.5 % to .7 % ), o f which there are hug*
quantities surrounding the higher grade ore o f the N o . 2 ore b o d y . Th#
tw o oro bodies differ in their analyses as below:
A v e r . A n a ly sis—
S ilic a . I r o n . L i m e . S u lp h u r . A l u m i n u m .M a g n e s i u m .
N o . 1 ore b o d y ............... 21.4 29.2 5.0
30.0
5.6
1.3
N o . 2 ore b o d y ________ 30.3 25.7 3.3
17.8
10.6
4.1
Tho mine Is now ready to handle the 2,000 tons a day needed to supply
tho smelter.
, , _
,
,,
T o t a l D e v e l o p m e n t W o r k D u r i n g Y e a r 1912-13.
D r iftin g ,& c .
T o ta l.

D i a m 'd D r i l l .
Y ear.

A t P hoenix..............- 11,517
A t A n y o x ......... ........ 8,857

D r i f t i n g ,A c .
- ■e a r .
Y

107,848
19,106

14,996
18,343

76,141
37,518

T o t a l....................... 20.374

126,954

33,339

113,659

P R O D U C T IO N

D i a m ’d D r i l l .
T o ta l.

(IN C L U D IN G I N F IR S T T A B L E F O R E IG N O R E ).
-A ll M e ta ls P rod u ced Tons
S m elte d G o ld , O t . S ilv e r ,O z . C o p p e r ,L b s .
G ra n by.
T o ta l.

48,752 356,746 22,754,899
............................... 17,858,860
............................... 13,226.360
..............................
22,683,181
E N D E D J U N E 30.
1911-12.
1910-11.
1909-10.
13,231,121 17,858,860 22,750,111
$0.12912
$0.1232
$0.1558
355,749
343,178
225,305
$0,535 • $0.5233
$0.5906
41,707
48,804
33,932
$2,874,760 $3,219,272 $4,099,925

1910
...................1,175,548 1,197,377
___
959.563
984.346
1911
1 9 1 2 - - . ...............
721,719
739,519
1913...............
1,264,690 1,279,869
R E S U LT S

FOR

Y E A R S

1912-13.
___
S a les—
C opper, fine (lb s .)-------- 22,688,614
Average price received
$0.16039
Silver, fine (o z .)-----------324,336
Average price received
$0.61179
47,266
G old, fine (o z .) ------------Gross incom e from sales $4,782,691
W orking exp. at mines &
smelter, freight, refin­
ing, selling & gen. exp. 3,402,972
Foreign ores purchased165,120

2,710,073
291,783

3,343,150
191,828

T otal expenses............$3,568,092
N et profit ______________ $1,214,599
Surp. from prey, y e a r .. 2,516,122

$2,291,381
$583,379
2,533,305

$3,001,856
$217,416
2,464,370

$3,534,978
$564,947
2,698,687

T o t a l ................................$3,730,721

$3,116,684

$2,681,786

$3,263,634

6 100,000

DW Mends” paid______ (3% )$449.955 (1% )$148481(2% )$270000
Allowed for depreciation
829
$600,562
Interest p a i d - ......... - 1
80,666/
.....................................
Discount on shares sold/
I
-------------------

266,155
„60-674
202,485

780.000
300.000
823.459
640.000
1,901,815

$148,481
$799,264
$600,562
T otal deductions____
$531,450
T otal net sur. June 30— $3,199,271 $2,516,122 $2,533,305 $2,464,370
There was expended in the fast fiscal year in now equipment at the
smelter $19,729, and $19,145 o f old equipment sold. M ine devolopm ont,
11,517 lineal feet; diam ond drill developm ent, 14,966 lineal feet.
B A L A N C E S H E E T
J U N E 30.

1912.

S

,

3,975,000
3,933,307

89,395
106,750
411,554
295,666
1,440,267

T o ta l...................23,744,897 20,797.212

a Includes total issue o f pref. and com m on stocks o f Canadian Steol
Foundries, $1,350,000; advances on current accounts; $1,251,492; capital
stock o f Pratt * Lotchworth C o ., L td ., $830,000, advances on current
accounts, S90.000 and miscellaneous, $52,010.
N o t e . — T h o com pany guarantees $3,571,359 Canadian Steel fou n d ries
bonds which are not taken into account in tho abovo balanco sheet and
has also a contingent liability on bills under discount, $34,122.— V . 97,
p . 447, 367.

r

Granby Consol. Mining, Smelting & Power Co., Ltd.
(Report for Fiscal Year ending June 30 1913.)
Pres. William I I . Nichols, N . Y . , Oct. 7, wrote in subst.:
The ore reserves at Grand Forks [Phoenix mines, nam ely. G old Drop
and Ironsides) were not fully maintained, having been reduced during the
year from 6,403.418 tons to 5,613,000 tons. The returns from tho smelters
also show recoveries reduced to 17-68 lbs. o f copper per ton o f ore. The
net profits from operations however were $1,214,599, as against about
$600,000 for tho year previous. T he cost per ton o f ore was the lowest
in the history o f the com pany. A t A nyox [Hidden Creek mine] tho ore
reserves have been materially increased, the estimates now being 7,759,000
tons, carrying 2 .2 % o f copper, which is ample advanced provision for
the 2,000-ton smelter now approaching com pletion. It Is confidently




S h ip m en t
S h ip m en t,
Y ear.

2,128,211
163,170

Balance, surplus_____
$754,153
$461,433o
$467,138
$434,197
N o t e . — T h e profits for the year ending Sept. 30 1913 wero $2,351,325:
deduct expenditure on extraordinary renowals and repairs and provision for
depreciation o f plant $225,073; sinking fund depreciation $124,094: int. on
bonds, $280,506. and amount transferred to special reserve fund $350,000;
leaving the balance o f profits for year $1,371,653 as abovo.
B A L A N C E S H E E T S E P T . 30.
1913.

expected the smelting will com m ence early in the new year. N o adoquat*
idea can be given o f the obstacles which were m et and overcom e in estab­
lishing an enterprise o f this magnitude in an absolute wilderness.
S ta te m e n t b y J a y P. G raves, V ice*P res. & G e n . M an., S e p t. 8 1913.
I do not think it is necessary for m e to add anything to theso roporta
except to com m ent upon the successful year under review. In the opera­
tion o f the mines and smelters at Phoenix and Grand Forks, the best econ o­
mies have been effected , the largest tonnage and tho lowest costs havo bee*
obtained in the history o f the com pany. T h e H idden Creek works hay*
progressed about on schedule.
The mines have developed beyond our expectations as to tonnage o f or*
actually in sight at this dato. I believe at this writing that the original
estimate given b y our m ine superintendent, M r. Smith, will bo m oro than
realized in tonnage o f ore to be extracted; and from tho present plans now
being carried out, our costs should be as low or lower than the costs hav*
been at Phoenix or Grand Forks.
R e p o r t o f S u p e r in t e n d e n t O . B . S m ith , J u ly 1 1913.

1913.
1912.
L ia b ilitie s —
$
$
Capital stk. Issucdl4,998,515 14,998,515
30,670
19,539
.’ 15,070,787 15,081,005 Acc’ ts payablo— 519,333 First M . 0s, duo
.
513,578
May 1 1928____ 1,500,000
979,461 D iv id e n d s h eld for
889
1,604
liquidator_____
;. 2,038,186
791,790 Surplus.................. 3,199,271 2,516,122
. 1,853,758
164,191
.
259,036
1913.
$

1912.
S

.19,735,345 17,535,780
— V . 9 7 . p . 1026.

T o ta l.................. 19,735,345 17,535,780

Laconia Car Co., Boston, Mass.
(Report for the Year ending Sept. 30 1913.)
Tho net earnings for the year ending Sept. 30 1913 were $103,110; preferred divi­
dends paid (7% ), $70,000: balance, surplus, $33,110.
G E N E R A L B A L A N C E S H EE T.
Sept.30 13. A u g .31 T2.
Sepf.30T3.Aup.31T2.
L ia b ilitie s —
$
*
Assets—
$
S
Plant, machln'y, *c\ 1.485,591(1.064,852 Common stock........... 1,000,000 1,000,000
Good-will_________ J
l 370,000 Preferred stock........... 1,000,000 1,000,000
49,037
Investments_______
17,370
12,000 Accts. & notes pay. 365,952
7,238
Cash..........................1 164,616 (133,963 Taxes unpaid....... ......................
Accts.&notes recelv/
\ 65,804 Reserve for doubtful
accounts ...............
435
.
Inventories________ 717,518
414,471
35,874
6,323
Miscellaneous...........
17,166
11,508 Surplus.......................
T o ta l......... ............ 2,402,261 2,062,598
— V. 95, p. 52.

T o ta l.......................2,402,261 2,062,598

J a n . 3 1914.]

THE CHRONICLE

Cuban-American Sugar Co., New York.
(Re-port for Fiscal Year ending Sept. 30 1913.)
Pres. R . B . Hawloy, N . Y . , Doc. 12, wrote in substance:
Results. — During tho year the production o f raw sugar b y each o f tho
estates exceeded that o f tho previous year, being in total 1,363,292 bags
(218,127 tons), as against 1,143,596 bags (182,975 tons) in tho previous
yoar. T ho total tons o f cane ground was 1,956,723 tons in tho season o f
1912-13, as against 1,668,334 tons in tho season o f 1911-12. T he refined
sugar production was: Cardonas R efinery, C uba, 23,473 bbls., against
2 8 ,8 26 in 1911-12: Gramercy R efin ery, L a ., 225,798 bbls., 463,011 bags,
against 215,025 bbls., 497.552 bags in yoar 1911-12.
Tho effect o f this increased production has been a matoriai reduction in
operating costs. Thero was also a decreaso in tho cost o f “ administrationgrow n” cane, whilo “ C olonos” cano, constituting much tho larger propor­
tion o f our supplios, shows a docidod reduction in prico because o f lower
markets generally, resulting in a decrease o f 44c. per 100 lbs. in tho cost
o f raw sugar manufactured as com pared with tho provious yoar.
Those economies were o f tho utm ost importance for, as indicated in the
last annual report, the prevailing prico throughout the year for raw sugar
was extremely low, soiling at ono period below 2 c. per lb ., cost and freight,
to American ports. Thero were, how ever, m oro favorable m om ents, and
tho averago cost and freight prico received b y the com pany for its sugar
was 2.13c. per lb ., as compared with 2.73c. received in the season before.
Theso conditions were superinduced by an increased output in C uba o f a
half-million tons o f sugar and a record crop in Europe and other largo sugarproducing countries, and b y tho contem plated changes in tho tariff. N ot­
withstanding this and tho adverse courso o f tho market, it will bo seen, from
tho annexed accounts, that a m anufacturing profit o f nearly $ 1 50 per bag
og sugar was realized.
Tho unusual harvest affected labor perhaps m oro than in any former
year, and for tho purposo o f concentration tho factories o f Chaparra and
Delicias wero operated to the exclusion o f San M anuel by extending tho
grinding season o f theso two houses into September, making soven o f our raw
sugar factories operated in 1912-13, against eight in 1911-12.
Tho not profit for tho fiscal year was 5356.888, after making tho fullest
provision for doubtful Oolonas acounts, after providing 8707,172 for depre­
ciation and after writing o f f tho yearly proportion o f tho original cost o f tho
plantings and all cane fields where renowed plantings wero required. N ot
only have tho factories been fully maintained out o f operating expenses, but
expenditures amounting to $231,662 have beon charged against reservo for
depreciation and replacements.
Tho^______ „ dividends o f 1 % % on the prof, capital stock were paid at
___ quarterly
____„
regular periods during tho year, that payable Oct. 1 1913 com pleting tho
accumulated dividends on tho prof, capital stock to Sept. 30 1912.
B onds.— Thero wero retired b y tho sinking fund $144,000 6 % collateral
trust gold bonds, making a total o f $556,000 o f theso bonds retired in this
manner, and leaving, Sept. 30, $9,444,000 outstanding.
A d d itio n s , A c . — T ho capital expenditures for tho year aggregated $695,­
447, including: Chaparra R Il. and equipment, telephone lines, & c., $341,­
615: M ercedita, installations o f new m achinery, railroad extensions, & c.,
$121,069: Chaparra, Tinguaro, Unidad, Constancia and Gram ercy (L a .),
m achinery, dwellings, A c., $231,863. These expenditures have practically
com pleted our railroad lines and gonoral developm ent to a point where
further new construction on tho comprehensive scalo undertaken in tho past
will not bo needed.
O utlook. — Our fields, factories and genoral equipment are now equal to our
plans, and our ob ject will bo to maintain and im prove existing economies.
F or the year wo are now ontering we aro assured o f making a record output
at lower rclatiro operating costs.
A N N U A L OUTPUT.

1912-13. 1911-12.1910-11.
T otal bags............................. 1,363,292 1.143,596 949,077

1909-10. 1908-091,045,139 915,628

Cardenas Itof.(abt.) (bbls.)
23,473
28,826 33,101
Gramercy Rob. (abt.)
“
225,798
215,025 265,713
IN C O M E A C C O U N T .

50,668 45,817
275.000 191,924

Total in tons___________

Sugar sales

218,127

182,975 151,852

167,218 146,500

1912-13.
1911-12.
1910-11.
1909-10.
- .............$15,045,573 $16,318,836 $14,527,681 $15,269,758
303,451
aia.fi.ia
a *7 noo
ao7 oc7
313,643
357,022
327,287
812,189
609,712
512,942
220,622

Molasses sales -------------Miscellaneous In co m e ..

T o t a l . . . .................. --$16,161,213 $17,242,191 $15,397,645 $15,817,667
P rod. & m fg. costs, sell­
ing & general oxpenses 14,120,103 14,851,470 13,854,820 12,971,235
N et eitrnlngs.................. $2,041,110
D e duct—

$2,390,721

$1,542,825

$2,846,432

$579,449
$707,173
$503,563
D epreciation___________
$469,309
65,000
Discount on bonds_____
69,087
58,000
50,000
552,643
Interest on bonds______
569,869
338,240
497,965
324,742
lilt , on bills payable, & c.
338,093
209,820
211,700
llon d sinking fund_____
138,141
138,141
137,703
131,147
Preferred d iv id en d s.._(7 % )5 5 2 ,5 6 6 (7 % )5 5 2 ,5 6 6 (7 % )5 2 4 ,5 8 7 (8 ^ )55 0 ,8 1 2
Balanco .

............... .. . def .$ 3 3 3 ,8 19sur .$ 1 7 8 ,180def .$382,257sr.$ 1,08 8,667

B A L A N C E S H E E T S E P T E M B E R 30.
1913.
1912.
1913.
3 3 CjS
5
§
L iabilities—
s
Prop'ty A plants. 123,483,366 22,787,919 Common sto ck ... 7,135,600
Adv.forltK.const.
Preferred sto ck ... 7,893,800
50,374 Colonas Sug. stock
Investments......... ................
Good-will............... 3,929,340 3,929,340
not owned_____
3,100
Securities In trust.
3,100
7,600 Coll, trust bonds.. 9,444,000
bonds of sub. cos.................. ..
Advances to Colo­
nos, &c________ a l ,788,134
1,677,417 Real cst. M s., A c.
446,880
Plant .Agrow .cane. 1,291,007 c l, 155,889 bills payable......... 2,628,489
Live stock A equip.
675,525
706,388 bankers’ loans____ 2,405,126
M at’l, su p p ., raw
Accounts payable.
434,996
A ref. Bug.,mdse.
Salaries A wages..
20,683
in stores, Ac_ 2,237,526 1,613,889 Interest accrued..
_
295,542
Cash........................
527,821
902,289 Pref. dividends_
_ d 138,111
Accts. A bills rec..
573,656
548,234 Sinking fund_____
34,535
Bond discount-----271,715
341,713 Dcprec’n reserve.. 2,415,551
Other def. charges 245,394
184,077 Surplus.................... 1,730,141
Total...................35,020,585 33,935,130

1912.

S

7,135,600
7,893,800
5,100
9,583,000
5,000
446,365
1,133,990
2,992,637
382,582
31,271
309,425
d 1.38,141
34,535
1,924,972
1,918,711

Total....................35,026,585 33,935,130

a A fter deducting reserve for bad and doubtful accounts, $489,408.

c For tlirco months ending Sept. 30 191 1 paid O ct. 2 1912.

d For 3 mos. ending Sept. 30 1912, payable O ct. 1 1913.— V. 96, p . 198.

Realty Associates, Brooklyn, N. Y.
(Report for Fiscal Year ending Oct. 31 1913.)
Tlio directors on N ov. 24 reported in substance:
Results. — Tho net earnings before deducting dividends amount to $481,­
011. A dividend o f 3 % out o f earnings was paid in July [also in Januaryl
this yoar. Tho executive com m ittee has voted to recommend to tho in­
com ing board o f directors a declaration o f tho regular semi-annual divi­
dend o f 3% , and, out o f tho earnings o f tho year, an extra dividend o f 2 % ,
b oth payable in January noxt. Tho increased earnings over recent years
reflect tho Increase in values at the intersection o f Fulton St. and Flatbilsh
A v o ., where the city lias acquired a large holding o f tho com pany for sub­
way purposes. Our remaining holdings in tills section amount to onefourth or all our roal estato. The earnings on im proved property have
beon greater than in any year since 1907. On a total o f $6,000,000 o f im­
proved property, tho not return for the year on capital invested was 6 .6 % .
Boforo showing tho earnings as above, $200,000 has been written o ff out
o f tho current year’s profits for depreciation in real estate after a com pre­
hensive appraisal o f all our real estate by tho buying com m ittee, so that now
none o f its roal estato is carried on the books at moro and some o f it at loss
than its cost, and nono, it is believed, at m ore than its prosent value.
N othing was added for appreciation.
Real Estate T ra n s a c tio n s . — Tho com pany has purchased or taken in trade
during tho yoar 6 dwellings, 4 flat properties, 11 storo and flat properties,
8 vacant plots and 1 waterfront property, at an aggregate cast or $552,594.
It has expended about $180,000 in tno construction o f 14 dwellings, 2 store
properties, 1 bath and 1 hotel, and has 25 dwellings under construction.
Tho sales and properties givon in exchange com prised 6 8 dwellings, 13
flat properties, 6 storo and flat properties, 1 storo property, 1 hotel and 5
vacant plots at a total sales prico or $953,302.




71

M o rtg a g e G u a ra n tie s . — T ho com pany has invested during the year $241,­
400 in mortgages and has purchased and so ld , with its guaranty, obligations
amounting to $172,000. T he directors had authorized the making o f such
guaranties to the aggregate amount o f $500,000, as good opportunities had
offered and tho cash was available. T ho outstanding guaranties o f this
naturo amount to $251,000. Other outstanding guaranties where the com ­
pany holds subordinate liens am ount to $349,250.
There aro two foreclosures pending, the principal and interest amounting
to $2,422. There is interest In arrears on other mortgages o f $334, install­
ments unpaid $1,049. T he foregoing does not include one foreclosure
o f a mortgage interest secured b y property that has now gone to foreclosure
sale and has brought m oro than the amount o f the claim.
B u ild in g L o a n s .— T he com pany has contracted to make building loans to
purchasers o f its land amounting to $237,800. on which $69,760 has been
advanced. Loans o f $125,600 have been made on real estato collateral.
N e p o n s it R ealty Co.— N o profits have been realized b y the com pany as
yet on its investment in tho N eponsit R ealty C o ., in which it holds a threequarter interest. The N eponsit C o . had invested at the end o f its last fiscal
year over $800,000 in cash, in addition to and over and above the m ort­
gages thereon, used in acquiring, carrying and developing its land at R o ck away. 1 hough during this year tho city acquired b y condem nation and
Phldfor part o f the land owned b y this com pany, no profits wero reckoned b y
the N eponsit C o. because o f the sale o f the land taken b y the city, but tho
ontiro award was credited to the cost o f tho property, and the cash received
was used to retire a portion o f the bonds outstanding against the com pany.
Tho p rofit, if any, will appear when the entire property Is sold and the
amount o f the profit will depend upon the length o f time required to effect
its sale. T ho developm ent Is attractive, the location available, and, ju d g­
ing from tho sales already m ade, your officers believe that it will show a
fair profit upon the m oney invested.
T a x a tio n . — Some reductions in assessed valuations for 1913 wero obtained
from tho Tax Commissioners after determined efforts. T he proceedings
for court relief for over-taxation for 1911-12 were settled on the city ’s re­
bating a portion o f the over-assessment claimed: and while tho tax com ­
missioners and deputies seem more inclined to adm it the existing condition
o f real estate, nevertheless we believe m any o f the properties o f this com pany
aro still assessed at m ore than their fair market value.
S T A T E M E N T FO R Y E A R S E N D I N G O C T . 31.

Recoipts from rents____
Int. on bonds & rn tges-.
Prof itson sales o f real cs t.
D lv s., com m issions, & c.

1912-13.
$632,818
7 9 096
483,363
133,904

T otal receipts.................$1,329,180
Real cst. exp., less chgd.
to capital for b e tt’ts.
$285,712
Int. on bonds & rn tges..
224,282
General expenses______
67,115
State & Fed. taxes a ccr.
10,500
D iv id e n d s--------------------(6% )239,994
200,000
D epreciation___________
A m t.ros.forp rof.-sh a r’rs
60,560

1911-12.
$634,559
87,214
132,960
77,007

1910-11.
$639,763
97,280
185,385
41.327

1909-10.
$596,059
70,710
154,361
67,661

$931,741

$963,755

$888,791

$300,482
224,403
75,524

$283,304
233,222
75.505

$261,150
196,930
71,802

(6)239,994

(6)239,994

(7) 279^993

10,404

19,442

17,357
T otal deductions------ $1,088,163
$850,807
$851,467
$827,232
Balanco, surplus for year
$241,017
$80,934
, .....
$112,288
$61,559
As to extra dividend o f 2 % , payable Jan. 15 1914, see above and V

y» i p . lo o o .

B A L A N C E S H E E T O C T . 31.
1913.
1912.
191S.
$
L iabilities—
%
S
234,046
Cash........................
71,735 Capital stock____ 4,000,000
Real estate........... 8,317,729
8,800,740 Mortgages payable 4,745,183
22,349
Unfinished bldgs.
61,168 Notes......................
300,000
Mortgages.............. 1,585,147 1,583,791 Accrued exp. (est.)
90,234
Stocks, bonds, A c.
636,503
786,171 Sundry accounts..
21,408
Real est. deposits.
83,548
Reserved for profitReal cst. contracts
149,293
136,737
sharers......... ......
60,560
Due from tenants.
2,656
3,161 Res. on mortgage
Int. due A accrued
24,080
46,113
*204,700
owned________
Taxes, Ac., paid In
Undivided profits. 1,051,730
advance_______
29,615
Surplus.................. 1,000,000
Notes____________
350,694
23,514
Sundry accounts..
38,156

1912.

A
ssets—

T o ta
_______ l..................11,473,816 11,535,192

$

4.000.
5,018,183
500,000
80,890
20,710
10,404
94,293
810,713
1.000. 000

T o ta l.................. 11,473,816 11,535,192

* Reservo on mortgages owned includes in 1913 all b ook profits not
doomed to bo realized.— V. 97, p. 1588.

Harrison Bros. & Co., Inc., Philadelphia.
(Sixteenth Annual Report— Fiscal Year ending Oct. 31 1913.)
Pres. Robert S. Perry, Phila., Dec. 16, wrote in subst.:
During tho past year there has been an increasing hesitation In genera
business which has affected our sales to other manufacturers and large con­
sumers, resulting in some decrease both in volum e o f sales and in net profit
particularly in tho last few m onths. This hesitation is duo to the lower
tariff recently enacted and to the foar o f further radical legislation affecting
business interests. Fundamental business conditions appear to be good
and stocks o f merchandise carried b y our customers aro lass than usual
A t this season last yoar a special dividend o f 1 % was paid on the prof
stock, but in vio.v o f tho uncertain outlook for tho immediate future, your
directors feel that it is prudent to conserve our resources beyond the 1 %
quarterly which is now regularly being paid on tho pref. stock.
Plant account has been increased by another new plant for tho m anufac­
ture o f white lead by the “ Old D u tch” process: a new muriatic acid plant
and a new plant for tho m anufacture o f concentrated sulphuric acid.
Under tno head o f “ other investments” we havo beon pursuing the policy
o f acquiring control o f deposits o f our principal raw materials. In pursu­
ance o f this policy we have during the past year acquired controlling interest
In large deposits o f pyrites (sulphur ore) in Virginia. Production from these
deposits has begun, and a considerable body o f high-grade ore has been
blocked out. During the year 1914 we shall draw from this supply for the
m anufacture o f sulphuric acid, replacing ores heretofore importod by us in
full steamer cargoes from Spain. T ho investment in theso pyrites mines
will be, to a considerable extent, offset by a saving in inventory on hand
made possiblo by securing our supplios o f pyrites from near-bv mines in car­
load lots, instead o f having to import ship cargoes from Spain and carry
2.t/0C^s ah ea d .

,*t^A;:u*.«,.. .„

S T A T E M E N T O F P R O F IT A N D LO SS FOR Y E A R S E N D I N G O C T. 31.

1912-13.
Profit for tho year_________ $338,321
Depreciation______________ 1 1 0 , 0 0 0

1911-12.
$385,004

110,000

1910-11.
$341,356
106,839

1909-10.
$326,116
100,000

§228 321
Interest on 1st M . b o n d s .. $65,000
Preferred dividends---------- (5)75,000
Patent rights, good-w ill,
A c., charged o ff_______
______
A pprop. for new co n stru e .._________
______

$275,004
565.000
(4)60,000

$234,517
$65,000
(4)60,000

$226,116
S65.000
(5)75,000

180.000
_________
Surplus or deficit. ------ sur.$88,321 def.$29,996

100,146
75,000

sur.$9,371 s u r .$ l l ,l l 6
B A L A N C E S H E E T O C TO BER 31.

Assets—
Real cat., plant, Ac.2
Patent rights, trade­
marks, A c_______
Stk. In oth. cos., Ac.
Inventory _________
Bills A acc’ts rccelv.
Cash_______________
Valuo of unexplrcd
insur., taxes, A c ..

1913.
1912.
io n .
i9i2.
$
S
L iabilities—
g
$
537,942 2,410,706 Preferred stock......... 1,500.000 1,500,000
Common stock......... 1,000,000 1,000,000
250,000
250,000 First mtge. bonds.. 1.300,000 1,300,000
429,735
287,005 Accounts payable... 109,395
88,586
499,850
593,876 Accrued wages.........
14,594
15,051
412,645
423,637 Bills payable_______
90,600
______
115,960
89,473 Accrued bond Int___
32,500
32,500
Bal. of deprec. fund)
4,792 appro, for con.,Ac. [ ......... ..
4,629
8,000
Dividend account.. J
Surplus...................... 203,673
115,352

Total......................4,250,761 4,059,489

— V . 97, p. 1826.

Total...................... 4,250.761 4.059,489

000

72

THE CHRONICLE

Northern California Power Co., Consolidated.
(Fifth Annual Report— Fiscal Year ended Oct. 31 1913.)
Pres. H . H . Noble, San Francisco, N ov . 26, wrote in subst.:
Results.— Gross earnings for the year were $ 8 14 ,23 8, or an increase o f
8107,305. Operating expenses were $5,751 less than last year. Operating
surplus, including profit from store and ranch accounts, amounts to $ 213 ,­
237. This includes the sum of $67,715 carried to depreciation fund.
Th e largo increase in our interest account is due to the fact that Series A
and Series B debentures, issued to complete the purchase of the Sacramento
Valley Bower C o ., and to fund floating debt contracted in the completion
of the Coleman plant, have been drawing interest for the full year, as against
only four months in the preceding year.
A d d itio n s .— W o have connected up during the past year 1,069 customers
for light and power, increasing our connected load 3,475 h. p. in motors.
W e count on connecting up during the coming year 5,325 h . p ., part o f this
having been contracted for and part representing motors purchased and
enterprises under way that will require this amount of power.
During the year we have metered practically our entire system ; have con­
structed 50.9 miles of transmission and distributing lines and installed
transformers for a large amount o f new business which originated on lines
already installed. A t Itedding we installed a new gas generator. For the
water system in the town of Willows, it has been necessary for us to bring
in a new well, and a complete pumping plant was installed.
C ustom ers.— Due to the failure of the charcoal retorts of the N oble Elec­
tric Steel C o ., Its operations have been curtailed during the past year,
but that com pany now has two furnaces ready and are arranging to start
them up before the end of the year, using soft coke instead o f charcoal.
T h e successful establishment of this enterprise will add materially to our
profits.
W o have been greatly disappointed in the contracts with the Oro Electric
Corporation. Our three contracts with them called for a total delivery of
over 20,000 h. p ., and thus far the greatest amount they have taken during
any one month is 231 h. p.
Had they taken but one-third the amount con­
tracted for, our net income would have been more than doubled without
any additional expense.
The Balaklala Consolidated Copper C o. is actively at work putting up a
large gas plant, to try out the Hall process of eliminating the fumes from
their smelting. Tw o other copper companies are at work on an electrolytic
process for saving zinc from their ores, and have m et with gratifying success.
Ono other company is contemplating building a large concentrating plant
AH o f the above will require largo .amounts of power, which we have ready
to deliver.
E a rn in g s —
1912-13.
1911-12.
1909-10
1910-11.
Electric light and power. . .$ 7 4 2 ,4 6 2
$642,332
$582,612
$506,958
Gas and water-works___ .
68,755
64,601
5 3 ,0 3 1
56,615
3,022
M iscellaneous_____________ .
18.093
475

[ V o l . XCVIll.

| B rooklyn R apid T ran sit C o .— Acquisition.— One of the
[ constituent companies, the Transit Development C o., reeently acquired a tract of about 90 acres in the Gravesend
section of Coney Island.
New Officer.— Slaughter W . Huff has been elected Vice­
President to succeed John F . Caldorwood, who has been
Vice-President and General Manager since 1903, and who re­
signed. The position of General Manager has been abolished.
Transfers.— N o agreement has been made, as has been
reported, for the giving of transfers at intersecting points
between the lines of the company and tho Coney Island &
Brooklyn R R ., control of which was recently authorized to
be acquired by the P. S. Commission.— V . 97, p. 1897, 1285.
B u ffalo
&
S u sq u eh a n n a R R .
C orporation .— Re­
organized Company.— This company was incorporated in
Penn, on or about Dec. 30 1913, per plan in V . 97, p. 1502,
as successor of Buffalo & Susquehanna R R ., foreclosed.
Capitalization of new company: $ 4 ,0 0 0 ,0 0 0 4 % cum. prof, stock (cum.
after Jan. 1914). $ 3 ,0 0 0 ,0 0 0 common stock and an auth. issue of $10,000 ,000
1st M . 4 % 50-year goid bonds, of which $ 6 ,9 5 9 ,0 0 0 will now bo issued,
dated Dec. 30 1913; int. J. & D .; denomination $ 1 ,0 0 0 , $500 (and $100 regis­
tered bonds).
Equitable Trust C o ., trustee.
Harry I. M iller is Chairman of board and E . It. Darlow is President.
The directors are unofficially reported to include, with others, Edward B.
Smith, Charlton Yarnall and VV. Hinckte Smith, of Philadelphia; Philip
G . Bartlett, Herbert II. Dean and Jacob S. Farlee.— V . 97, p. 1662, 1582.

C en tral Mississippi V alley Electric Prop erties.— Neio
Offering.— Stone & Webster are offering $750,000 6 % cum.
pref. (p. & d.) shares (red. at 110) and 2,250 common shares
at the price of $900 (yielding about 6 % % ) for “ blocks” of
10 shares (par $100 each) 6 % pref. and 3 shares (no par valuo)
com. Dividends on pref. shares Q .-M . The companies
controlled distribute power from the Mississippi River Power
C o .’s 120,000 h. p. plant at Keokuk in a number of cities.

D igest of O fficia l C irc u lar D ated D ecem ber 1910.
Formed In Illinois by a trust agreement dated D ec. l „ 1J13, under which
thoro is deposited with trustees for tho benefit of tjio shareholders thero....................... .....
* *
“
under all the capital i
'
T o ta l____________________ .$ 8 1 4 ,2 3 9
$578,082
$706,933
$639,702
$250,000 6 % pref.
Expenses—
M adison Electric
- _____ _
0 ----------- ,
,
, , .
Operating expenses.......... . *898.083
$77,145
$89,023
$103,547
electric railway, electric lighting, power and gas business in Keokuk, la .;
.
22,190
tho electric lighting and power business in Fort M adison, l a ., anil Dallas
M aintenance--------- ------------ 30,673
50,389
47,188
78,724
c i t y , 111.; tho electric railway and electric lighting business in Hamilton and
M a ln t. & doprec. reservo. 13,933
67,715
24,809
W arsaw, 111., and operate an interurban electric railway between Keokuk,
General expenses.......... .... .
73,793
81,328
82,549
105,026
Hamilton and Warsaw. These properties havo been in successful operation
for a number of years. Population served approximates 32,000.
Total expenses_________ .$ 3 2 0 ,9 2 6
$231,472
$181,611
$312,106
N ot earnings______________ .$ 4 9 3 ,3 1 3
$408,230
$396,471
$394,827
C a p ita l— (1) C e n tra l M is s is s . V a lle y E l. P ro p e rtie s .—
A u th .
Issu e d .
Other in co m e ............. ......... .
10,372
Bonded debt
___
___ _ _
7,804
20,629
15,196
________________
N one.
N one.
Pref. (p. & d.) shares ($100 par) 6 % cu m ., red. at 1 1 0 --$ 7 5 0 ,0 0 0 $750,000
Total not earnings_____ .$ 5 0 1 ,1 1 7
$406,843
Com m on (no par value)________ ______ ____________________ 7 ,5 0 0 s h . 7,500 sh.
$415,456
$423,426
D e duct—
N o further pref. shares can bo issued without tho consent of iho noiuors
$156,403
$122,835
Interest on b o n d s ............ .$ 3 5 0 ,6 6 6
$282,788
of a majority of each class of shares outstanding, pref. and com ., and no
210,000
100,000
mortgage can bo placed on tho securities held by tho trustees without tho
Rato of dividends________
GO H % )
(5 % )
consent of the holders of a m ajority of all tho shares.
(2) U n d e rly in g O u ts ta n d in g S e curities o f C o ntrolled Cos.— A u th . ^ Is s u e d Total deductions_______ .$ 3 5 0 ,6 6 6
$256,403
$332,835
$282,788
Keokuk Elec. R y. & Pow. C o. 6 % cum . pref. stock-------$250,000 $A>0,000
Balance, s u r p lu s _______ .$150,451
$132,668
$167,023
$74,008
First mortgago 5s, duo serially 1914 to 1925------------------ closed M . 189,000
Keokuk Gas L t. A Coke C o. first 5s, due 1918------------------ closed M . 150,000
x After deducting $27,205 for undistributed adjustments.
Ham ilton Light & Power C o . 1st 6s, duo 1922------------------ closedM .
4,o00
B A L A N C E S H E E T O CTO BER 31.
E a rn in g s f o r 1913 (One M o n th E s tim a te d ) a n d E s tim a te f o r 1914.
1912.
1913.
1912.
1913.
1913.
1914.
1913.
1914.
L iabilities—
Assets—
$
S
S
S
$ 8 ,7 5 0
$ 7 ,0 0 0
Gross earnings___$289,000 $309,700 B o n d s in k in g fu n d
Capital stock_____ 10,000,000 10,000,000
Property,
plant,
15,000
N et (after taxes)-$ 107,000 $115,000 Pf. cliv. K e o .E l .C o ._______
rights, Ac_____ al7.821.725 17,649,751 Bonds......................67,107,200 67,167,200
7 6 ,0 0 0
Interest on bonds.
17,450
17,000 B a la n c e f o r y e a r -------------------85,670
85,684
Bills payable.
Material A supp..
108,564
84,447
105,170
106,009
Cash........... ............
20,590
47,449 Accounts payable.
Dividends on tho 6 % pref. shares now offered roquiro $45,000.
Bills receivable...
2,080
3,498 Accrued bond in­
P la n ts .— Tho operating companies aro under Stone & Webster manage­
148,873
144,553
terest, taxes, &c.
Taxes, Ac., paid In
ment and, except tho Dallas C ity Light C o ., will soon bo obtaining all of
100,413
38,742
advance_______
4,592
3,123 Malnt., Ac., rcs’ve
their power from tho Mississippi River Power C o. s hydro-electric develop­
399
Accts. receivable..
180,171
150,053 Miscellaneous____
ment at Keokuk, the soverat properties now embracing:
(1) A t Keokuk,
reinvestm’t.
Miscellaneous____
3,253
______ Surp. reinvestm't. C566.093
428,375
served from sub-station recontly completed (a) lighting anil power distribu­
Bal. In sink. fund.
32,843
32,843
ting system lately re-built and in excellent operating condition; (6) street
railway system with 6 .2 miles of equivalent single track within tho c ity , and
Total....................18,173,818
17,971,164
Total
18,173,818 17,971,164 and 12 closed passenger cars,
9 open
(c) gas department, daily capacity
225,000 cu. ft.
(2) A t Fort M adison now using a steam plant of 1,180
a Includes in 1913 uncompleted construction estimates, $23,164.
h. p. capacity; sub-station apparatus is being installed, and should bo in
6 Bonds outstanding include $3 ,9 6 4 ,0 0 0 N or. C al. Pow. C o. consol, ref.
use by Jan. i 1914. Distributing lines satisfactorily cover tho city, and
and consol. 5s, $866 ,00 0 N or. C al. Power C o. 1st M . 5s; $43,000 Keswick
aro being largely re-constructed in accordance with tho best practice; also
Elec. Pow. C o . 1st M . 5s; $84,000 Battlo Creek Pow. C o. 1st M . 5s; $10,000
supplies power to the street railway.
(3) Hamilton: served with light and
Redding W ater C o. 1st M . 5s; $400,000 Sacramento Valley Pow. C o. 1st M .
power from sub-station in tho city.
(4) A high-tension transmission lino, 6
5s; $500 ,00 0 1st & ref. M . bonds Sacramento Valley Pow. C o .; $800,200
miles in length, is operated to Warsaw, where a second sub-station serves
N or. C al. Pow. Scr. " A ” dobs, and $500,000 Scr. “ B ” debs.
tho city.
(5) Dallas C ity: now served from a steam plant, but eventually,
c After deducting $ 12,734 for doubtful accts .written o ff, & c.— V .96 ,p . 199.
it is expected, with power from M iss. River Power C o.
(6) Interurban lino
from Keokuk to Hamilton and W arsaw, about 7 miles In length, operated
largely on leased lino, following tho river for 5 miles. Th e cities served pos­
sess unusually good transportation facilities anil should havo their growth
stimulated by power from tho hydro-electric plant at Keokuk.

GEN ER AL IN V E S T M E N T N E W S .

RAILROADS, INCLUDING ELECTRIC ROADS.
Alabama Great Southern RR.— Mortgage Trustees.—

The trustees under the First Consol. M tgo. aro Guaranty Trust C o. .and
G uy C ary, as stated in “ Chronicle” o f Dec. 20, p. 1820, and not Bankers
Trust C o. and G uy C ary, as given in adv. last week.— V. 97, p. 1897.

Bay State Street Ry., Boston.— Dividends.— A semi­
annual dividend of 3 % was paid Dec. 31 on the §20,517,200
com. stock (practically all of which is owned by the M ass.
Elec. C os.), comparing with 2J ^ % on Juno 30 1913, 3 % on
Dec. 31 and 2 % on Juno 26 1912 and 3 % on D ec. 30 1911.
Compare V . 96, p. 1838.— V . 97, p. 442.
Belt RR. & Stock Yards of Indianapolis.— Dividend
Increased.— A quarterly dividend of 4 % was paid on or about
Jan. 1 on the $1,500,000 com. stock, comparing with 3 % in
Oct. and July last, 4 % in April and 3 % in Jan. last.
P revious D iv id e n d Record Since 1906 (Per C ent).
1907.
1908.
1909.
1910.
1911.
1912.
11
12
6
6
3
10
— V . 9 4 , p. 910.

1913.
13

Boston & Maine RR.— Segregation Plan.— Several plans
are under consideration with the U . S. and M ass, authori­
ties relative to measures for freeing this property from con­
trol by the N . Y . N . H . & H . R R . interest.

Franchises aro satisfactory in terms and free front burilonsomo restrictions.

Central Railway of Canada.— N e w Mortgage. Exchange
of Bonds.— A t the bondholders’ meeting in London on Dec. 16
it was voted to cancel tho mortgago dated July 17 1J11 and
to execute a now mortgage to secure a total issue or 1^,699,060
bonds. Of tho now bonds, about £499,090 will bo used to
take up (by exchange only) on Jan. 1 the oxistmg bonds at
£105 and int. A provisional contract has been made in
England for the purchase of tho remaining now bonds.
Tho new issuo of bonds will cover tho wliolo projected main lino between
M ontreal and M idland, tho terminal port on ta k e Huron, .anil some
branches, with ail tho properties, franchises anil grants of land now hy­
pothecated as security; also “ ail cash subsidies or bonuses received or to
bo received from tho governments of Canada or of the provinces of Quebec
anil Ontario shail be hypothecated to secure tho payment of interest on the
bonds for the said total am ount.” The interest due Juiy 1 1J13 on bonds
of 1911 held by the general public was m ot, but somo holders agreed to wait
and they will now bo paid. Tho Jan. 1 1914 interest will be funded Into
tho new bonds and probably also, it appears, tho July 1 1914 interest,
except whore the amount is less than £25, which will bo m et in cash.
D igest of S ta te m e n t a t M eetin g by V .-P res. C . N . A rm stro n g
(“ London Financial Nows ).

One plan suggested calls for tho creation of a voluntary trust to hold in­
dependent control of tho stock of the Boston Railroad Holding C o. for ten
tho m am line Detween Montreal ami
A
.
“ V ■ , > -Y.i
„
years, on tho majority stock of Boston & M aine to be sold at tho termina­
tion of tho trust and proceeds paid to New Haven or Its stockholders; necessary to go on with tho construction between Ottawa and M idland,
also possibly f or tho cancellation of tho Fitchburg lease and the purchaso it has been decided to retire the existing bonds and to replace them by a now
issue. Therefore tho present bonds will bo surrendered with tho Jan. I
by city of Boston of the freight and passenger terminals of B . & M . and
coupon attached, and tho premium and interest will bo paid in tho new bonds
leased lines, valued at $ 2 7,800 ,000 , for tho benefit of tho Port of Boston.
where the amount is iargo enough to cover the smallest issue of bonds,
G ov.-elect W alsh is reported as disapproving any plan for a State guar­
which is £25. For smaller amounts certificates will bo issued payable on
anty of B . & M . bonds so long as the road remains affiliated with tho N . V .
Oct. 1 next, with interest up to that date.
1 rovision will bo mado for cash­
N . H . & Hartford system. A s to whether tho Stato should exorciso its
ition to buy control of tho B . & M . he had not at last accounts made up . ing these certificates under discount, if tho holders nrefor to havo tho cash.
The giving of theso certificates is necessitated by tho fact that it is in­
s m ind. Tho suggestion that the B . & M . should use its M aine Central
tended to pay all interest up to Jan. 1919 from tho cash subsidies. While
stock as collateral for a note issue is said to bo blocked by a M ass, statute
that forbids tho use of a portion of a road’s assets to securo a note issuo I it is expected that tho payment on account of these subsidies will bo sutriSee Hampden Railroad Corporation below.— V . 97, p. 1897, 1818, 1820. ' cient to pay the interest due on July 1 and all subsequent payments up to

a




-Jajn. 3 1914.J

THE CHRONICLE

Jan. 1 1919, no paym ent is available for the coupon payablo on Jan. 1 next,
so that arrangements had to bo made for advancing that am ount, to be re­
paid later on from the subsidies. The whole o f tho securities now hypothe­
cated to tho present bondholders remain intact, and will bo pledged under
tho new deed and m ortgage. Tho railway has already been subsidized
in part, and thero is no reason to doubt that it will receive tho ordinary sub­
sidy o f SO,400 per mile for the remainder o f tho lino. Tho cost o f the Cen­
tral ltailway is considerably over $21,400 per mile.
W ith reference to tho land grant referred to in tho prospectus, tho c o m '
pany had the option o f constructing tho lino between M ontreal and Ottawa,
which is tho part over which tho land grant is payablo, either entirely in
tho I’ rovinco o f Quebec or partly in Quebec and partly in Ontario. If
built partly in Ontario, tho Ontario G ov t, would havo to pay its share o f tho
land grant. Ontario has been anxious to get out o f its responsibility for
tho paym ent o f these lands, and last year a meeting o f bondholders was
called to authorize a com prom ise with tho Ontario G ov t, in regard to tho
lands, tho negotiations having been com m enced on the basis o f obtaining
a guaranty on tho bonds in lieu o f the land grant. For want o f a quorum
nothing could bo done. Tho then Treasurer o f tho Province o f Ontario
died somowhar suddenly and his successor has not been disposed to com o
to any understanding with tho com pany.
N egotiations havo been going on with the Quebec G ovt, for tho last two
m onths, and a basis has been found for dealing with tho question. While
tho full amount o f land which the com pany claimed on tho section proposed
to bo built in Quebec would bo received, tho com pany agreed to have part
o f it payable in connection with a branch line which tho com pany is now
building. The question as to whether the com pany will build the remainder
o f the lino to Ottawa in Ontario or Quebec is left open and thero is no neces­
sity for taking up tho matter with tho Ontario G ov t, at present.
T he old contractors objected to tho cancellation o f their contract and
obtained an injunction to prevent tho new contractors going on with the work,
• Tho final judgm ent o f tho Court o f Appeal was only rendered about a fort­
night ago; the C ourt declared the contract at an end, dismissed the claim
o f tho contractors for damages and gavo costs to tho com pany. Tho com ­
pany will now bo able to proceed vigorously with tho work. Wo have been
held up tho whole summer on that account.
T ho financial conditions during tho past year havo been exceedingly un­
favorable for obtaining m oney for railway construction. Tho com pany has
therefore been fortunate in getting responsible financial houses to undertake
to purcliaso tho new issue, and to make such advances as m ay bo required
for construction purposes until such time as market conditions m ay be favor­
able for placing an issue before the public. It will therefore not be neces­
sary to make an early issue. The agreement has been entered into with
a gentloman who is acting for himself and tw o firms o f high standing in
London. The agreement is conditional upon authority being given at
this meeting for tho cancellation o f the present deed o f trust and the signing
o f tho new ono and o f tho delivery o f the lands being assured; but it has
been acted upon for some m onths, the com pany having been permitted to
draw m onth b y m onth for tho cost o f tho construction work, in accordance
with the terms o f the agreement. In all these matters I have acted in
consultation with Sir Frank Crisp, who knows who tho tw o firms are.
T he Quebec Legislature is now in session and it is expected that tho
necessary legislation will bo passed beforo the end o f this month. Should
the resolution to bo proposed be passed no time will bo lost in carrying it
into effect and bondholders will bo requested to send in their bonds not
later than Jan. 15 for exchange.
T ho com pany is now negotiating with an important shipping com pany,
which proposes to put on a line o f steamers on tho Great Lakes and from
M ontreal to Mritish ports, utilizing tho Central Hailway as tho connecting
link. It is likely that tw o o f the directors o f this com pany will take an
interest in the Central Hailway and join the board. N egotiations havo also
been proceeding for some time with a new railway com ing to Montreal
from the north, which proposes to obtain running rights over CO miles o f
the Central Hailway into M ontreal.— V. 97, p. 1820, 1662.

Chicago & Mil. Electric.— Earnings.— For 10 months;
10 M bs.

end. Oct. 31.

Gross
Revenues.

1 9 1 3 ._ .......... .$802,472
1912................ 818,200
— V .9 6 .P . 1700.

Net
E a rn in g s .

$310,631
333,429

Taxes
A c c ru e d .

In t.o n
Rcc's O bligs.

$44,166
42,500

$52,019
54,894

Net
Incom e.

$214,444
236,034

Chicago Milwaukee & St. Paul Ry.— Bonds, &c.—
Authority lias been obtained from tho Wisconsin R R . Com­
mission to issue $30,000,000 General Refunding Mortgage
bonds on account of double tracking, betterment work, &c.
This will onable tho company to finance its requirements
whenever tho market is considered sufficiently favorable.
A deed has boon filed at Bloom ington, 111., transferring to tho com pany
tho property o f its controlled coal lino, the Rochelle & Southern Hy. C o .,
37 miles o f main lino with branches.— V . 97, p. 1821, 1662.

Cleveland Railway.— Stock.— Tho directors on Dec. 27
authorized an issuo of $2,164,000 (or 1 0 % ) now stock.
Shareholders, it is stated, will be allowed to subscribe at par, pro rata
subscriptions to bo paid in full on April 1 or 50% April 1 and 50% July 1
T he directors on l)e c. 27 also charged o ff for obsolete cars $68,425 and
for abandoned Canal Hoad power plant, $720,241 50, making the total
deficit in the maintenance and renewal fund $1,202,082 25. This is thought
by somo to foreshadow an increaso in fares above the present 3 -cent rate.
— V . 97, p. 364.

Delaware & Hudson Co.— Dividend Rate Remains 9 % . —
Tho directors havo declared a dividend of 9 % for tho year
1914 on tho $42,503,000 stock, payablo in quarterly install­
ments of 2 ) 4 % , viz.: March 20 on stock of record F e b .25,
Juno 20 on stock of record M ay 28, Sept. 21 on stock of
record Aug. 2S and Doc. 21 on stock of record N ov . 27.
A n n u a l D iv id e n d Record Since 1885.
’89 t o ’96.
’97 to ’00.
’01 to '06.

1886.
1887.
1888.
5
5
6
— V. 97, p. 1503, 1024.

7 yearly

5 yearly

7 yearly

’07 to ’ 14.
9 yearly

Denver & Salt Lake RR.— To Vote on Tunnel Ordinance.

See “ Denver, C o lo .,” in “ S ta te * C ity " departmnt.— V. 97, p.

1 5 0 :5 ,

1024

Detroit Toledo & Ironton Ry.— Foreclosure Sale.—
Thero will be sold at auction in Detroit on Fob. 10 tho entiro
100 shares of stock of tho Toledo Southern Ry. Co. (repre­
senting the ownership of real estate in Toledo) which is
pledged under tho consol, mtge. of 1905. Upset price
$35,000.— V. 97, p. 1821.
East St. Louis & Suburban Co.— New Bonds.— Francis,
B ro., & C o ., St. Louis, are offering at 95 and int., to yield
over 7 % , a small lot of the new convertible 6 % gold bonds
dated Jan. 1 1914, due Jan. 1 1919. Int. J. & J. Par
$1,000, $500 and $100. Convertible any time prior to
July 1 1918 into an equal amount of 6 % cum. prof, stock,
with, in addition, 33 1 -3 % in common stock.
See V . 97,
p. 1822, 1898.
Evanston Railway Co.— Mortgage.—
A h opon m ortgage, it is stated, has boon filed to tho M erchants’ Loan &
Trust C o. o f C hicago, as trusteo, to securo bonds issuable at tho discretion
o f tho board, at not over 6 % interest, to provide for rehabilitation,
additions. & c. Dated D oc. 1 1913, duo A ug. 1 1933; denom . $100, $500
and $1,000; $150,000 havo boon issued. Tho com pany succeeded to tho
Lvanston proportlos o f C ounty Traction C o. See V. 97, p. 443.•v Piwt
■H

Grand Trunk Pacific Ry. Co.— Secured Sterling Notes.—
ThoTnotes offered by tho company in London Dec. 17 to 22
a t^ £97% (and 6 6 % subscribed for) are officially described:



73

Issuo o f £2,000,000 7-yr. 5% secured notes dated M arch 2 1914, due
M arch 2 1921, principal and interest guaranteed b y tho Grand Trunk Ity.
C o . o f Canada, who will endorse the notes. Int. payable Sept. 2 and M arch
2. D enom . £200 and £100(c*). Further secured b y tho deposit with the
trusteo o f £3,000,000 Grand Trunk P acific 4 % debenture stock, the value
o f w h ich, at tho present market price o f 84 % , is £2,520,000. T ho debenture
stock thus pledged will rank pari passu with that already issued. [U sted on
London Stock Exchange £7,136,980]. T ho com pany reserves the right
to redeem tho notes at 1 0 1 either as a whole, or in amounts o f not less than
£ 2 0 0 . 0 0 0 b y drawings, on any interest date upon 60 days’ notice; and in
the event o f any notes being redeemed before the date o f m aturity the trustee
will release a proportionate part o f tho debenture stock deposited with them
as security. Trusteo, Union o f London & Smiths B ank, L td.
D ig est o f S ta te m e n t Jby C h a irm a n A lfre d W . S m ith ers.
I lie proceeds will bo applied in part to repay advances made b y the Grand
Trunk R y . C o. and towards providing the com pany’s proportion o f the
expenditure required to com plete the m ountain section, and also for tho
general purposes o f tho com pany.
Gross Receipts o f G ra n d T ru n k System , not in c lu d in g G ra n d T r u n k P a c ific Ry
1903.
1905.
1907.
1908.
1910.
£ 7 ,3 0 8 ,5 0 0 £ 7 ,4 1 5 ,7 0 0 £ 9 ,2 2 4 ,4 0 0 £ 8 ,1 0 6 ,2 0 0 £ 9 ,1 1 2 ,0 0 0

1911.
£ 9 ,9 5 8 ,6 0 0

1912.
£ 1 0 ,8 6 6 ,8 0 0

'The receipts for 1913 to D ec. 7 show an increase o f £834,000 over the
record figures o f 1912. The net revenue for 1912, after providing for the
interest on the debenture stock o f the Grand T runk C o ., amounted to
£965,000, and there is every probability that for the year 1913 it will exceed
the sum o f £ 1 ,0 0 0 ,0 0 0 .
T he latest advice b y cable from President Chamberlain states that the
track o f the Grand Trunk P acific main lino has been laid east o f Prince
R upert, 315 miles, a further distance o f 22 miles being ready for grading
and that west o f Winnipeg the track has been laid for 1,231 miles, and an
additional 1 0 0 miles o f grading com pleted, thus leaving only about 80 miles
still to bo constructed. It is expected the lino will be joined up b y June 1 9 1 4
and that through com m unication with the whole o f tho Grand T runk R y .
system will be effected.
T he Grand Trunk Pacific R y . Is being worked on construction account
until it is joined up with the parent system . T he gross receipts published
since Jan. 1 1913 only represent local traffic on tho Prario Section and Lake
Superior Branch (1,104 m iles), and it is estimated that up to D ec. 31 1913
they will amount to about £1,500,000.— V . 97, p. 1898, 1822.

Grand Trunk Ry.— Guaranty.— Earnings, &c.—
See Grand Trunk Pacific R y . above.— V . 97, p. 1898, 1822.

Hampden RR. Corporation.— Securities Authorized—
Proposed Lease.— The M ass. R R . Commission on Dec. 26,
by a vote of 4 to 1, held that the lawful and proper cost of
tho completed road of 14.85 miles, single track, including
intorest charges up to Dec. 1 1913, is $3,300,000 instead of
$4,400,000, tho amount claimed.
As tho Commission had already approved the issuance o f $1,400,000 stock,
tho Commission states that if the corporation is released from all liabilities
except the outstanding stock in excess o f $1,900,000, order m ay bo entered
approving mortgage bonds to that amount to liquidate tho same. The
Boston & M aine directors voted last month to repudiate as premature the
lease entered into in 1911 b y the form er management. On D ec. 29 they
voted, however, to buy or lease the railroad on terms as to price and con di­
tions to bo approved b y the Comm ission, and also to follow tho recom m en­
dations o f the Commission that the B. & M . join with the Hampden road
in petitioning tho Legislature for relief from tho obligation to build branch
lines into Chicopee and H olyoke, which it is in no financial position to un­
dertake. Pending the application for legislation, tho B . & M . will join
with tho management of the Hampden road in taking] stops to enable
tho B . & M . to operato tho line.— V . 96, p. 1840
•

Notes Extended.— Boston bankers are quoted as saying that
an agreement has been made for an extension of the com­
pany’s notes amounting to about $2,000,000 which fell due
on Jan. 1. Tho extension, it is reported, is for a period of
six months.— V . 96, p. 1840.
H u d so n Com panies, New Y o r k .— Status.— Pres. W . G .
Oakman, in circular of Dec. 23, says in substance:
T h e r e a d ju s tm e n t o f H u d s o n & M a n h a tta n R R . C o . d e b t a n d th e p r o ­
v i s io n s in c o n n e c t i o n t h e r e w it h f o r p a y i n g t h o t h e n o u t s t a n d i n g n o t e s
( $ 2 1 ,1 5 7 ,0 0 0 ) o f H u d s o n C o m p a n ie s , o f w h ic h y o u w e r e i n fo r m e d in c ir c u l a r
d a t e d J a n . 21 1 9 1 3 , h a v e b e e n c a r r ie d o u t (s e e p l a n , V . 9 6 , p . 2 0 8 , 2 8 5 ) .

Resulting Condition o f H udson C om panies: (1) A ssets.
H u d s o n & M a n h a t t a n R R . s t o c k : p r e f ., $ 2 ,3 0 7 ,6 0 0 ; c o m m o n
$ 2 5 ,1 7 1 ,2 0 0 --------------------------------------------------------------------- ------------ -------- $ 2 7 ,4 7 8 ,8 0 0
G r e e l e y S q u a r e R e a l t y C o . 5 % b o n d s ( V . 9 1 , p . 1 7 7 3 ) __________
2 ,4 5 0 ,0 0 0
do
P r e f . s t o c k , $ 1 ,0 0 0 ,0 0 0 ; c o m m o n s t o c k , $ 1 , 0 0 0 , 0 0 0 .
2 ,0 0 0 ,0 0 0
R e a l e s t a t e , c o s t le ss m o r t g a g e , ______________________________ ________
1 2 7 ,2 5 4
A c c o u n t s r e c e iv a b le , $ 2 6 ,3 8 2 ; m o r t g a g e r e c e iv a b le , $ 1 0 , 0 0 0 . .
3 6 ,3 8 2
C a s h . j . .......................................
4 9 8 ,3 2 9
(2 ) D ebt — N o t o is s u o , 5 % ......................................................................................
1 , 5 0 0 ,0 0 0
A c c o u n t s p a y a b l o _____________________________________________________
3 3 ,0 8 1
T h o c o m p a n i e s ’ c o n d i t io n d i ff e r s f r o m t h e s y n o p s is in t h e c ir c u l a r o f
J a n . 21 1 91 3 in t w o p a r t ic u la r s : (a ) O u r 5 % n o t e is su e Ls i n c r e a s e d f r o m
$ 1 , 0 0 0 , 0 0 0 t o $ 1 ,5 0 0 ,0 0 0 ; ( 6) c a s h is in c r e a s e d b y p r a c t i c a l l y t h e s a m e
a m ou n t.
T h is a d d it i o n a l c a s h w a s p r o c u r e d in t h is w a y , in o r d e r t o p r o v i d e
f o r a p a y m e n t u p o n t h e p r in c ip a l o f t h e u n d e r ly in g m o r t g a g e s u p o n t h e
p r o p e r t y o f t h e G r e e l e y S q u a r e R e a l t y C o . , t h e c o m p a n y o w n in g t h e p r o p ­
e r t y a t 3 3 d S t . a n d B r o a d w a y w h ic h is u n d e r le a s e t o G im b e l B r o t h e r s ,
s u b j e c t t o t w o u n d e r l y i n g m o r t g a g e s a g g r e g a t in g $ 6 ,5 0 0 ,0 0 0 .

,

„

Capitalization o f Greeley Square Realty Co.

(1 )

5 % m t g e . b o n d s a u th . ( V . 9 1 , p . 1773; V . 9 0 , p . 1616; V . 9 6 ,
P - 1 9 7 ) __________________
$ 1 0 ,0 0 0 ,0 0 0
O f t h e s o b o n d s , $ 6 , 5 0 0 ,0 0 0 a r e h e ld f o r t h e r e d e m p t io n o r
p a y m e n t o f th e a b o v e -m e n tio n e d u n d e rly in g m o r tg a g e s ,
a n d $ 3 ,5 0 0 ,0 0 0 a r e n o w o u t s t a n d i n g , o f w h ic h H u d s o n
C o m p a n ie s o w n s $ 2 ,4 5 0 ,0 0 0 .
U pon any paym en t upon
t h o u n d e r l y i n g m o r t g a g e s , H u d s o n C o m p a n ie s w ill r e ­
c e i v e a n e q u a l a m o u n t (in p r in c ip a l) o f b o n d s o f t h is issu e.
( 2 ) C a p it a l s t o c k ; p r e f e r r e d , $ 1 , 000 . 000 ; c o m m o n , $ 1 ,0 0 0 , 0 0 0 .
2 ,0 0 0 ,0 0 0
H u d s o n C o m p a n ie s o w n s a ll o f b o t h is su e s o f s t o c k , a n d r o c c i v e s d i v i d e n d s
a t th o ra te o f 5 % p er an n u m th e re o n .
T h o G r e o l o y S q u a r e R e a l t y C o . r e c e iv e s a n e t r e n t a l o f $ 6 1 5 ,0 0 0 p e r
a n n u m , a ll e x p e n s e s o f e v e r y k i n d , in c lu d in g t a x e s , a s s e s s m e n t s , in s u r a n c e
a n d r e p a ir s , b e i n g p a id b y t h e le s s e e s .
T h is r e n t a l in c re a s e s p r o g r e s s iv e l y
u n t il in 192 1 it b e c o m e s $ 6 5 5 ,0 0 0 p e r a n n u m .— V . 9 6 , p . 2 8 5 , 2 0 2 .

Idaho Railway, Light & Power Co.— Receivership.—
Judge Dietrich in the U . S. District Court at Boise, Ida., on
Dec. 23, upon application by the Westinghouse Elec. & M fg .
C o., as croditor to the extent of about $40,000, placed the
property in hands of Gen. M gr. O. G . F. Markhus, as re­
ceiver. “ Idaho Statesman,” Dec. 24, said:
It is behoved that during the receivership a plan can bo worked out for
a general reorganization. Tho receiver will take direct charge o f all the
com pany’s power properties, which include the Swan Falls power plant and
its transmission linos, and tho distributing plants at N am pa, Caldwell,
M iddleton, Star and Eagle.
T ho traction properties will be operated through the Idaho Traction C o .,
as lessees, for tho Idaho R y ., Light & Power C o . T ho traction properties
are thus not directly affected b y the receivership, though possibly they m ay
bo included later. Tho com pany’s traction properties include tho local
streot-car system and the interurban lines between BoLse, N am pa and
Caldwell. See V. 97, p. 1733, 1204.

Keokuk (Iowa) Electric Co.— Stock Pledged.—

- . .. .......................

■ ■ ’

|

Sco Central Mississippi Valley Elec. Properties above.— V . 07,

08.

• Lakeside & Marblehead Ry.— New Slock.—
HJSThis com pany, owned by tho Cleveland Stone C o. (V . 94, p. 701), has
been authorized b y tho Ohio I*. U. Commission to issue $300,000 capital
stock for establishment o f a car ferryjbetween Lakeside (Sandusky) tand
Bay C ity .— V. 97, p. 299, 49.

L eh ig h & New E n g lan d R R .— Earns, for year end. June 30.
J u n e 30
Year—

[Vol.

THE CHRONICLE

74
O p e r a tin g
R even u es.

N et

(a f t e r
T a x es).

1912-13 .$1,793,785
$801,045
1911-12 .
869.292
270,942
— V. 97, p . 1663. 1583.

O th er
In com e.

In te r es t
R en ts. A c .

B a la n c e ,
S u r p .o r d e f

$2,497
26,441

$445,359
307,374

sur.$35S,184
def.9,992

M anistee & G ran d R apids R R .— Reorganized.—
Seo M ichigan East & West UK. below .— V . 97, p. 887, 365.

M ich igan E ast & W e st R R .— Successor Co.—

.

This com pany, successor Jan. 1 1914 o f the M anistee & Grand R apids
R R . (V . 97, p. 887, 365), has been authorized b y the M ich . R R . C om m is­
sion to issue S I,000,000 stock. A n extension is projected to B ay C ity
to connect with the Detroit Bay C ity & Western R R . now being built
from B ay C ity to Port Huron b y H andy Brothers.

M ilw aukee Electric R ailw ay & L ig h t C q.— Collateral.—

Touching tho com pany's application to the Wisconsin R Il. Commission
for permission to issue $3,500,000 \ ' A % Kef. & Extension M . 25-year
bonds, it is explained that theso bonds are to bo deposited as additional
security under the General & R ef. M . 5s o f 1911, as from time to time
tho Gen. & R ef. M . bonds m ay bo issued, thoso latter bonds being Issuable
• aly at tho rato o f $1,000,000 yearly. $1,000,000 of the $3,500,000 R ef.
& E xt. M . bonds have already been deposited, making the total am ount
so held to date $4,000,000. Seo V. 97, p. 1733, 521.

N a tio n a l R ailw ays of M exico.— Offer to Pay January In ­
terest with $2,460,341 6 % Three-Year Notes at Par, Secured
by Pledge of £595,580 Mexican Govt. 6 % Ten-Year Bonds—
Assent of 7 5 % Necessary by Feb. 1.— Pros. E . N . Brown, by
adv. of Dee. 30 (see another page), says:
Owing to dislocation o f the service o f tho com pany’s railways consequent
on disturbed conditions in M ex ico, resulting in interruption to traffic, loss
o f earnings, and increased expenses, tho com pany regrets its inability to
pay in cash the Interest duo Jan. 1 1914 on tho following securities:
I s s u e s [amounts supplied b y “ Chronicle” ].—
O u ts ta n d in g .
J a n . In t.
Prior lion 4 X % 50-ycar sinking fund red. gold bonds$84,819,315 $1,908,435
A
N ational R R . C o. o f M ox. prior lien 4 A % gold b d s. 23,000,000
517,500
M exican Central R y ., L td ., priority 5 % bon d s-----1,374,000
34,350
The M exican Governm ent has agreed, in order to assist tho com pany and
for tho protection o f its own interests in tho system , to advanco to tho
com pany £595,580 o f its 6 % 10-year treasury gold bonds o f 1913, authorized
under the law o f M a y 30 1913. Tho com pany proposes to deposit theso
bonds under a trust deed between tho com pany and Guaranty Trust C o. o f
N . Y ., as trustee, at the rate o f $52 94 nominal amount o f such bonds for
overy $45 notes issued, to securo an issue o f notes o f the com pany to the
aggregato am ount o f $2,460,341, tho amount o f such interest. T ho notes
will bo payable Jan. 1 1917, bo redeemable in whole or In part at tho option
o f tho com pany at par with accrued interest,on 30 days^ notico, will b o in
•amounts or $45 each, or multiples thereof, and tho equivalents thereof in
foreign currencies at tho rates o f exchange specified in tho trust d eed , and
will carry Interest at 6 % per annum, payable Jan. 1 and July l out o f the
incom ofroin the deposited securities and available revenues o f tho com pany.
Subject to tho conditions hereinafter stated, tho com pany offers to mako
paym ent o f the above-m entioned interest in thoso notes at par, fractional
scrip to bo delivered where necessary. Holders desiring to avail themselves
o f this offer aro requested to doposit their coupons not later than Feb. 1
1914 with tho Guaranty Trust C o. o f N . Y ., either at 140 Broadway, N . Y .
C ity , or at 33 Lom bard S t., London, E . C ., or at such other offices as m ay
from time to time bo designated. Tenporary receipts will bo Issued.
This offer m ay, at the election o f tho com pany, becom e effective if within
said period holders o f tho above securities to tho amount o f not less than 75%
thereof shall havo deposited their coupons or otherwise satisfactorily signi­
fied their assent .thereto. It shall becom o effective if holders shall havo
assented to tho amount o f not less than 85% thereof.— V. 97, p. 1823, 1739.

New Y o rk C entral & H u d so n River R R .— J. P. Morgan
(?: Co. Partners Resign from Directorates of Company, Controlled
Roads and Other Companies.— Soo item in “ Banking, Legis­
lative and Financial N ew s,” on a previous page.— V . 97,
p. 1898, 1823.
New Y o rk C en tral L in es.— Sold.— J. P. Morgan & C o.,
F
’irst N at. Bank and National City Bank, all of N . Y .,
offered on Deo. 29 , and have wholly sold, at prices to net
about 5 .1 5 % , an additional $2,954,000 4 ^ % gold equip­
ment trusts of 1913.
Iluo in 14 annual installments o f $211,000 each, beginning Jan. 1 1915
and ending Jan. 1 1928. Part o f a total auth. issue o f $24,000,000 dated
Jan. 1 1913 and maturing $1,600,000 annually, tho six associated companies
join tly and severally covenanting to pay tho principal and semi annual
dividend warrants in gold coin. Seo full description in V. 96, p. 286;
V . 97, p. 1733.— V. 97, p. 1898.

N orth ern O hio T raction & L igh t C o.— Pref. Stock.— To
provide for floating debt incurred for improvements, tho
company recently sold to Borton & Borton an additional
$210,000 of 6 % cum. pref. stock (subject to approval of Ohio
P . U . Com m .) leaving available of tho $3,000,000 issue only
tho $150,000 which is held for double tracking. The share­
holders, it is announced, will vote Jan. 24 on increasing the
authorized limit of tho pref. shares to $5,000,000 for the pur­
pose of financing further additions, extensions, & c., as from
time to timo requirod. “ Cleveland Finance” says:
It will bo provided that no additional prof, stock shall be sold except when
the annual net earnings applicable to dividends aro equal to three times tho
prof, dividends on tho preferred outstanding and that about to bo Issued.
T he com pany will mako no effort to sell this now stock until general market
conditions im prove. A t the meeting on Jan. 24 tho stockholders will also
be asked to approve the action o f tho directors in providing paym ent o f
the Federal incom o tax on the various bond issues o f tho com pany. [Tho
official circular states that the shareholders will also vote on acquiring title
to the property and rights o f tho Northern Ohio Power C o ., owning power
plant at Cuyahoga Falls. T ho articles o f incorporation will bo amended
to include tho limitations as to earnings with respect to pref. stock issues.
— E d . "C h ron iclo.” ] T ho com pany now has $360,000 o f the pref. stock in
its treasury and has asked the P. U . Commission for tho right to sell this
stock at 95.
[As to Cuyahoga R iv . Pow . C o. seo V . 97, p . 1429.]— V .
97, p . 1116, 1025, 803, 176.

N orth w estern P en nsylvan ia (Electric) R y .— Offering.
— Otis & C o., Cleveland, are offering at par and int. collateral
trust 6s due March 1918, par $500 and $1,000.— V . 97, p.596.
P en nsylvan ia R R — Electrification.— On Dec. 26 the
Philadelphia Electric C o. was awarded the contract to fur­
nish power for the 20-mile suburban section of the main line
between Broad S t., Philadelphia, and Paoli and any extentions thereto, including probably in the near future the
Chestnut Hill branch. Seo V . 97, p. 1287.
T he contract is for five years and calls for a minimum o f 3,750 k .w ., with
a load factor o f 25% use o f said current. Tho railroad com pany has tho
right to draw on tho electric com pany for such additional power as m ay be
necessary for its electrical requirements from timo to time, for its general
system .— V . 97, p. 1664, 1505.

People’s T raction C o ., G alesburg, 111.— New Bonds.—
T ho shareholders on D ec. 22 voted to increase tho bonded debt from
$150,000 to $300,000 and to mako a m ortgage to securo tho new bonds. In
M a y last Illinois Traction C o. interests bought con trol.— V. 96, p. 1425.

St. Lou is Electric Bridge C o.— New Mortgage.— This
subsidiary of the Illinois Traction C o. has filed a mortgage




X C V III.

to E . Bentley Hamilton of Peoria, as trusteo, to securo an
issue of $3,500,000 5 % $1,000 gold bonds, replacing tho
temporary $3,000,000 mortgage made in 1909 under which
$2,542,000 bonds had been issued. See p. 31 of “ E l. R y.
Sec.” — V . 91, p. 1328.
St. Louis & San Francisco RR.— Receiver's Certificates.—
Speyer & Co. havo purchased from tho receivers and are
offering at 99 A and int. $1,000,000 one-year 6 % receiver’s
certificates dated Jan. 2 1914. Donom. $1,000.
Receivers' Suit Authorized.— Judge Sanborn in the U . S.
District Court on Dec. 26 denied the petition of W . W .
Niles of Now York, a stockholder, to bring a restitution writ
against former officers and directors who aro alleged to have
made illegal profits in connection with the salo of feeder
lines promoted by syndicates of which they were members,
but authorized the receivers to do so. Seo statement of
Chmn. B . F . Yoakum in regard to financing, V . 97, p. 1828.
T h e C o u r t a p p o i n t e d a s s p e c ia l c o u n s e l f o r t h e r e c e iv e r s i n t h o l it i g a t io n
J o h n D . J o h n s o n a n d L o o m i s J o h n s o n , w h o w e r e a t t o r n e y s f o r M r . N il e s
a n d w h o a r e g i v e n e x c l u s iv e c h a r g e o f t h e s u it s . J a m e s W . L u s k , C h a ir m a n
o f t h e r e c e iv e r s , w h o w a s a p p o i n t e d le s s t h a n a m o n t h a g o a n d w h o p r e ­
v i o u s l y h a d n o o f f i c i a l c o n n e c t i o n w it h t h e F r i s c o , is v e s t e d w it h e x c l u s iv e
co n tro l o f th e m a tter.
T h e C o u r t s a y s t h a t t h o le g a l i n ju r y w a s t o t h o c o m p a n y a n d t h e c a u s e
o f a c t i o n a c c r u e d t o t h a t c o m p a n y b e f o r o t h o r e c e iv e r s w e r e a p p o i n t e d
a n d w a s t r a n s fe r r e d t o a n d v e s t e d in t h e m .
A l s o f u r t h e r : “ I t is t h e i r d u t y
a s r e c e iv e r s t o e n f o r c e a ll j u s t c a u s e s o f a c t i o n c o m i n g t o t h e m f r o m t h e
F r is c o c o m p a n y , t o c o l l e c t a ll m o n e y s d u o t o i t , a n d t o a p p l y t h o m o n e y s
t h u s c o l l e c t e d , f ir s t t o t h o p a y m e n t o f it s c r e d it o r s , a n d , s e c o n d , t o t h e
b e n e f i t o f its s t o c k h o l d e r s , a n d , a s t h o c o m p a n y Is I n s o l v e n t , t h e in t e r e s t
o f t h o c r e d it o r s is fa r g r e a t e r t h a n t h a t o f t h e s t o c k h o l d e r s .
In th is c a u s e
t h e y ( t h e r e c e iv e r s ) r e p r e s e n t t h a t a s in g lo s u it b y t h e m w ill a n s w e r f o r a ll
a n d m a y p r o v e n t m a n y d i f f e r e n t s u it s b y d i f f e r e n t s t o c k h o l d e r s a n d c r e d i ­
to rs fo r th e sam e c a u s e ." — V . 9 7 , p . 1899, 1828, 1824.

Seattle Renton & Southern Ry.— Decision.— Tho U. S.
Supreme Court on Dec. 22 dismissed the appeal from tho
decision of tho State courts requiring tho exchange of trans­
fers with the Puget Sound Traction, Light & Power Co.
on an equal division of tho fares.
T h e c o m p a n y c la im e d t h a t it c o u l d b e c o m p e l l e d t o is s u e t r a n s fe r s o n l y
b y d i v i d i n g t h o f a r o s o n a r o u t o b a s is , g i v i n g t h o l o n g e r r o u t e t h e g r e a t e r
sh are
J u s t i c e H o lm e s w r o t o t h e o p i n i o n , h o l d i n g t h a t n o F e d o r a l q u e s t i o n
w a s i n v o l v e d a n d , f u r t h e r , a c c o r d in g t o t h o S e a t t l e p a p e r s , t h a t t h o o r d e r
r e q u ir in g t r a n s fe r s is n o t c o n f i s c a t o r y , a s t h o r o a d is s t ill o p e r a t i n g . —
V . 9 6 , p . 1090.

Spokane Portland & Seattle Ry.— New President.—
L. C . Gilman, who has been Assistant to tho President of the
Great Northern R y ., has boon elected President of tho
company and its controlled properties, tho Oregon Trunk
R y ., the Pacific & Eastern R y ., tho United Railways, & c.,
to succeed Joseph H . Young, who resigned.
T h e l a t t e r b e c a m e t h e h e a d o f t h o N o w E n g la n d N a v i g a t i o n C o . , E a s t e r n
S t e a m s h ip C o r p o r a t i o n a n d o t h e r s t e a m s h ip lin e s o f t h # N e w Y o r k N o w
H a v e n & H a rtfo rd R R .— V . 9 3 , p . 162 8.

Third Avenue Ry., N. Y. City.— Bonds.— The P . S.
Commission will hold a hearing Jan. 7 on the application of
tho company for authority to issue $6,650,000 bonds on ac­
count of the cost of acquiring control of both the Belt Lino
R y . Corporation (V. 96, p. 946, 1020, 1295; V . 97, p. 1356)
and tho Mid-Crosstown R R . (V. 97, p. 666) and to pay for
certain construction work already carried out.— V . 97, p.
1428, 1287.
West End Street Ry .— Suit.— A bill in equity was filed
in the U. S. Dist. Court at Boston, M a ss., on Doc 31 by
Am y Curtis of Pau, France, as the owner of 35 shares of
pref. and 50 shares of common stock, against tho company
and the Boston Elovated R y ., C o ., with tho view of proventing
the salo of the former to tho latter under an A ct of tho Leg­
islature in 1911.
T h o p l a i n t if f is o n e o f t h o m in o r i t y s t o c k h o l d e r s w h o r e fu s e d t o a s s e n t
t o t h e t r a n s fe r o f t h e p r o p e r t y t o t h o E l e v a t e d C o m p a n y .
A b ill w a s
b r o u g h t s o m e t im e a g o w it h t h e s a m o e n d in v ie w b y M r s . Y o u n g , a b o n d ­
h o l d e r , a n d t h e a lle g a t io n s w e r e s u b s t a n t ia lly t h o s a m o a s t h o s o in t h e b ill
j u s t f il e d .
T h e p e t i t i o n e r in t h e la t e s t b ill a t t a c k s t h o c o n s t it u t i o n a l it y
o f t h o A c t s o f t h e L e g is la t u r e a u t h o r i z in g t h e s a le a n d c o n t e n d s t h a t t h o
A c t im p a ir s t h o c o n t r a c t b e t w e e n t h e W e s t E n d C o m p a n y a n d t h o s t o c k ­
h o ld e r s
S h e a s k s f o r a n i n ju n c t i o n t o r e s t r a in t h e t r a n s fe r o f t h e W e s t
E n d s t o c k t o t h e E l o v a t e d C o m p a n y a n d a ls o t o r e s t r a in t h e E l o v a t e d C o m ­
p a n y f r o m c a r r y in g i n t o e f f e c t a c o n t r a c t f o r t h o e x t e n s io n o f t h e u s e o f t h e
T r e m o n t S tre e t s u b w a y .— V . 9 7 , p . 173 5 , 1585.

White Pass
June 3 0
Y e ar__ _
1 9 1 2 -1 3

T o ta l
In c .

&

Yukon Ry., Ltd.— Earnings.—
F ix e d
Chgcs.

Net
A m t. to
P ro fits . S k . I u l.

£ 1 0 0 9 7 8 £ 5 9 ,9 6 0 £ 4 1 ,0 1 8 £ 1 8 ,5 9 1
1 9 1 1 -1 2
8 7 ,1 3 1
6 1 ,2 8 9
2 5 ,8 4 1
1 8 ,7 4 2
Seo V . 9 7 , p . 1899.
_
'

D io s .

Balance

(1% ). S u r.o rD e f.

T o ta l.
S u rp .

------------s u r .£ 2 2 , 4 2 7 £ 2 5 ,8 0 1
1 3 .7 5 0
d e f .6 ,6 5 1
3 ,3 7 4

Youngstown & Ohio River RR.— Dividend Reduced.—
A quarterly dividend of 1 % has been paid on the $1,000,000
5 % pref. stock (cumulative from July 1 1903), comparing
with 1
on Sept. 30 last, % of 1 % in June and March
last and l l % quarterly in 1912. See V . 97, p. 952; V .
A
96, p. 1 0 2 3 ,9 4 8 .
,
, ,

W h ile t h o fu ll r a t e , i t is r e p o r t e d , w a s e a r n e d , it w a s t h o u g h t b e s t t o
a p p l y t h o r e m a in d e r t o w a r d t h e p u r c h a s e o f n o w e q u i p m e n t . — V . 9 7 . p . 9 5 2 ,

IN D U S T R IA L , G A S A N D M IS C E L L A N E O U S.
The Adam s Express C o., N. Y .— Effect of Parcel Post.—
Dividend Decrease Probable.— Prest. W . M . Barrett, N . Y . ,
in circular of Dec. 15 1913, says in substance.:
T h e c o m p e t it io n o f th e p a r c e l p o s t b e g a n o n J a n . 1 1 9 1 3 w it h w e ig h t
l i m i t a t i o n o f 11 l b s .
I n A u g u s t t h o w e ig h t l i m i t w a s e x te n d e d t o 2 0 lb s . ,
w i t h r e d u c t io n in r a t e s , w i t h i n a r a d iu s o f 1 5 0 m ile s , w i t h i n w h ic h w e ig h t
a n d d i s t a n c e a l a r g o p a r t o f o u r b u s in e s s is e m b r a c e d .
T h is c o m p e titio n
h a s m a t e r i a l l y a f f e c t e d o u r b u s in e s s .
A f u r t h e r e x te n s io n o f t h o p a r c e lp o s t w e i g h t l i m i t t o 5 0 l b s . f o r d is t a n c e s o f 1 5 0 m i l e s a n d u n d e r a n d t h o
e x t e n s io n o f t h o 20 l b s . l i m i t t o a l l d i s t a n c e s , t o g e t h e r w i t h a f u r t h e r r e d u c ­
t io n in r a te s , w i l l b e c o m o e ffe c tiv e J a n . 1 1 9 1 4 .
M l
T h e r e w a s a n in c r e a s e l a s t y e a r o f n e a r l y 1 0 % i n o u r o p e r a t i n g e x p e n s e s ,
d u o p r i n c i p a l l y t o t h e in c r e a s e i n t h o n u m b e r o f e m p lo y e e s m a d e n e c e s s a r y
b y t h e n e w f o r m o f s in g lo e n t r y w a y b i l l a n d o th e r r o q u ir e n ie n t s o f t h o I . S . C . '
C o m m i s s i o n a n d t o t h o in c r e a s e i n w a g e s o f e m p lo y e e s a n d i n c r e a s e d c o s t
o f o u r m a t e r ia ls a n d s u p p lie s .
,,
,,
* ,
_
j* ,
T h o r e d u c e d o x p r e s s r a t e s o r d e r e d b y t h e I n t e r - S t a t e C o m m e r c e O o m m is - I
s io n w i l l g o i n t o e f f e c t o n F e b r u a r y 1 1 9 1 4 a n d w i l l l i k e w i s e p r o b a b l y l l n v o lv o a r e d u c t io n In o u r g ro s s re v e n u e .
T h e e x p r e s s c o m p a n ie s , in s p it e
o f g r a v e a p p r e h e n s io n a s t o t h o o u t c o m e , c o n c l u d e d t o p u t t h e n e w r a t e s

J a n . 3 1914.]

In fo r c e , h o p in g t o r e c e iv e t h e c o - o p e r a tio n o f t h e I . S . O . C o m m is s io n , t h e
■ t a t e C o m m is s io n e r s a n d t h e p u b lic .
T h e r e w a s a d e f i c i t f r o m e x p r e s s o p e r a t io n s d u r i n g t h e f is c a l y e a r e n d in g
J u n e 3 0 1 9 1 3 o f $ 8 9 ,8 7 3 a n d o u r in c o m e f r o m o t h e r s o u r c e s d u r in g t h a t
y e a r w a s in s u f f ic ie n t t o p a y d iv id e n d s a t $ 1 2 p e r s h a r e p e r a n n u m .
The
d e f ic ie n c y w a s p a id o u t o f a c c u m u la t e d n e t e a r n in g s .
A c o n tin u a n c e o f
th e p re s e n t r a t o o f d iv id e n d w i l l p r o b a b ly n o t h e r e a fte r b e w a r r a n te d .
T h e p re s e n t v a lu e o f t h e p r o p e r t y , h o w e v e r , in t h e ju d g m e n t o f t h o b o a r d ,
is e q u iv a le n t t o s u b s t a n t i a l l y m o r e t h a n t h e p r e s e n t m a r k e t v a lu e o f s h a r e s .
W o a re s t r iv i n g f o r a s u b s t a n t ia l r e d u c t io n in o p e r a t in g c o s t a n d i t w il l
b o a s c e r ta in e d d u r i n g 1 9 1 4 w h e t h e r t h o r e d u c e d r a t e s w i l l s u f f i c i e n t l y in
7 2 ^ 1 th o „ / ) u s ' n c s s t ° ,
a r e a s o n a b le r e t u r n f o r t h e s o r v ic e r e n d e r e d *
a f t e r D e c . 3 1 1 9 1 3 a s p r a c t i c a b l e , a s t a t e m e n t o f in c o m e a c c o u n t a n •
a b a la n c e s h e e t o f t h a t d a t e w i l l b e s e n t s h a r e h o ld e r s . S e e V . 9 7 , p . 1 5 0 l d

American Sewer Pipe Co., Pittsburgh.— N o D ivid en d —
l r e s . H i l l is q u o t e d a s r e p o r t in g t o t h o s t o c k h o ld e r s t h a t d iv id e n d s c o u ld
h a v o b e e n p a i d o u t o f t h e p r o f i t s o f t h e 11 m o n t h s e n d e d N o v . 3 0 , b u t t h a t
I t w a s d e e m e d p r e f e r a b l e a t t h i s t i m e t o s t r e n g t h e n t h o c o m p a n y ’s f i n a n c i a l
c o n d it io n b y In c r e a s in g i t s s u r p lu s . — V . 9 6 , p . 4 8 9 .

American Sugar Refining Co.— S u it.—
T h e S ta te A tto r n e y - G e n e r a l o n D e c . 2 0 b r o u g h t s u it t o o u s t th o c o m p a n y
r r o m t h e p o r t i o n o f t h e l a n d o c c u p i e d b y i t s b u i l d i n g s o n t h o w e s t s id e o f
K e n t A v o . f r o m S o u th F ir s t t o S o u th F i f t h S tr e e ts , B r o o k ly n , w h ic h w a s
r o r m e r ly b e tw e e n h ig h a n d lo w - w a t e r m a r k .
T h e o c c u p a n c y Is c l a i m e d t o
b o a v i o l a t i o n o f l e t t e r s p a t e n t g r a n t e d f r o m 1 8 6 8 t o 1 8 8 4 , w h i c h , i t is

p a r t o r t ft o p r e m is e s . '
T h e u p l a n d a d j o i n in g t h e la n d in d i s p u t e w a s p u r ­
c h a s e d b y t h o c o m p a n y in F e b . 1 9 0 5 , a n d is n o t in a n y w a y a f f e c t e d b y t h e
s u it.
T h o s a m e q u e s t i o n s a r e s a id t o c o n c e r n o t h e r la r g e c o m p a n i e s w h ic h
o c c u p y la n d a l o n g t h o B r o o k l y n w a t e r - f r o m t u n d e r s u b s t a n t i a l ly s im ila r
c ir c u m s t a n c e s .

Settlement of Government Suit Reported Imminent.—
T h e p e r s is t e n t r o p o r t s t h a t a b a s is o f s e t t le m e n t h a s b e e n r e a c h e d w it h
t h o G o v e r n m e n t a n d w ill b o m a d e p u b li c s h o r t ly , l a c k a s y e t o f f i c i a l c o n f i r ­
m a t io n .
C o n fe r e n c e s w it h t h i s e n d in v i e w h a v e , it s e e m s , b o e n h e ld
r e c e n t ly b e t w e e n J a m e s M . B e c k , c o u n s e l f o r t h o c o m p a n y , a n d A t t o r n e y G en eral M c R e y n o Id s .
P r e s id e n t A l l e n o n W e d n e s d a y s t a t e d t h a t n o r e ­
p o r t s o f p r o g r e s s h a d b e e n a u t h o r i z e d , a n d d e c l in e d t o d i s c u s s t h o m a t t e r .
T 97 ^ CC 17 2 ”r is 1 ( ir d ’ w c a d d n o ® d e n y t h a t n e g o t i a t io n s w o r o p e n d l n g . —
^

A rlin g to n M ills, Law rence, M ass.— Dviidend Omitted.—
fi ,r c c t o r s h a v e d e c i d e d t o o m i t t h o u s u a l s e m i- a n n u a l d i v i d e n d o n t h o
$ 8 ,0 0 0 ,0 0 0 s t o c k , p a y a b l e J a n . 1.
O n J u l y 1 la s t 2 % w a s p a i d , c o m p a r in g
w it h 4% s e m i- a n n u a l ly t h e r e t o fo r e s in c e 1 9 0 3 .
P r io r t o 1 9 0 3 p a y m e n t s
h a d b e e n m a d e c o n t in u o u s l y s i n c e 1 8 7 7 a t t h o r a t e o f a t le a s t 6 % p e r a n n u m .
In 1905 a s t o c k d iv id e n d o f 3 3 1 -3 % w a s p a id .
P r e s . F r a n k lin W . I l o b b s s a y s : “ U n d e r p r e s e n t c o n d i t i o n s t h e d i r e c t o r s
o f t h o A r l i n g t o n M i l l s d o n o t fe e l t h a t a d i v i d e n d s h o u l d b o p a i d , a n d s o
h a v o p a s s e d t h e d i v i d e n d u s u a lly p a id J a n . 1. b u t w it h e v e r y e x p e c t a t i o n
t h a t t h e d i v i d e n d w ill b o r e s u m e d n e x t J u l y . "
[T h e s e c o n d i t io n s a r e d u o
m a i n ly t o t h e r e - a d ju s t m e n t n e c e s s a r y b e c a u s e o f r e d u c t io n s o f t h o t a r i f f . — •
E d .]— V . 9 6 , p . 1 84 1.

C aliforn ia Petroleum C o.— Earnings.—
N e t e a r n in g s f o r t h o 11 m o n t h s e n d in g N o v . 3 0 1 9 1 3 , b e f o r e d e p r e c i a t io n
w e r e $ 1 ,9 4 2 ,2 0 9 ; m o n t h o f N o v e m b e r , $ 1 7 3 ,5 5 7 .— V . 9 7 , p . 8 0 4 , <568.

C entral L eath er C o., N . Y .— Establishment of Bond
Sinking Fund from Timber Stumpage.—
T h e d i r e c t o r s h a v e v o t e d t o e s t a b lis h a r e s e r v e f u n d t o r e -p u r c h a s e t h e
c o m p a n y ’s b o n d s ($ 3 6 ,7 0 4 ,1 5 0 n o w o u t ) a n d t h u s t o a c t a s a d e p r e c i a t io n
f u n d . T h e r e s e r v e w ill b o b a s e d n o t o n e a r n in g s b u t o n m o n o y d e r i v e d f r o m
• t u m p a g e v a l u e o f t im b e r c u t a n n u a l ly , w h ic h r e p r e s e n t s c o n v e r s io n in
r e g u la r c o u r s e o f b u s in e s s o r t h e c o m p a n y o f a s lo w c a p i t a l a s s e t i n t o c a s h
T h i s s t u m p a g e m o n e y , b e i n g a c a p i t a l a s s e t , c a n n o t b o t r e a t e d a s e a r n in g s
• r a s b e in g a v a i l a b l e f o r d i v i d e n d s . — V . 9 7 , p . 1 9 0 1 , 1 2 0 6 .
K

C hicago C on sol. B rew ing & M alting C o.— Bonds, cfee.—
86, p

171.

C ity of C hicago B rew ing & M alting C o., L td .— Stock.—
T h e s h a r e h o ld e r s w ill v o t e in L o n d o n J a n . 2 2 o n c o n f ir m i n g t h e p l a n t o
r e d u c o t h e c a p i t a li z a t i o n f r o m £ 1 ,2 5 0 000 in £ 1 0 s h a r e s in n . h » l a »
p r e f . w it h 1 3 0 % o f d i v i d e n d s a c c u m X e d t h e r e o n * t o ^ £ 0 5 6 2 5 0 tlT °o f o n e
• la ss b y e x c h a n g in g t h o p r e s e n t p r o f . , £ f o r £ . f o r £ 6 2 5 000 o r d n a r v s t o c k
a n d d e c r e a s m g t h e p m s e n t o r d i n a r y s t o c k f r o m £ 6 2 5 ,0 0 0 t o £31 2 5 0
The
l *4 M . 5 % b o n d s o f t h o A m e r i c a n C o . ( t h o C h i c a g o C o n s o l B r e w in g &
M a l t i n g C o . ) h a lv in g b e e n r e d u c e d t o $ 2 , 0 0 0 , 0 0 0 , t h o s u m o f $ 6 3 3 2 0 h e r *
t o f o r o a p p li e d a n n u a l ly t o s in k in g f u n d p u r p o s e s b e c o m e s a v a i l a b l e tor
d i v i d e n d s , a n d a s t h e m a l t i n g b u s in e s s , w h ic h h a s b e e n u n p r o f i t a b le fo r
se v e ra l y e a rs p a s t, h a s b e o n a b a n d o n e d , th o d ir e cto r s h o p e fo r a n n u a l «n r
p lu s p r o f i t s o f £ 3 0 ,0 0 0 .
L a s t d i v i d e n d o n c o m m o n w a s p a i d in D e c '18Q 3o n p r e f . in M a r c h 1 9 1 2 .— V . 9 1 , p . 1 7 7 1 .
u e c . 18JJ,

C on n ecticu t River C o., H artfo rd .— Bonds.— H . C .
Warren & C o., Now Haven, and Richter & C o., Hartford
aro offering at 105 and int. $350,000 1st M . (5% 20-yoar
gold bonds, non-taxablo in Conn. A circular shows:
D a t e d D e c . 15 1 9 1 3 a n d d u o J a n . 15 1 9 3 4 , b u t r e d . a t 1 1 0 o n a n y i n t e r ­
est d a te .
I n t e r e s t p a y a b l o J . & J . 15 a t C o n n . R i v e r B a n k i n g C o o f H a r t ­
f o r d , C o n n . , m o r t g a g e t r u s t e o , o r it s c o r r e s p o n d e n t in N . Y .
A f ir s t m o r t ­
g a g e u p o n r e a l e s t a t e a n d m ill s ite s a l o n g t h o b a n k s o f t h o c a n a l o n t h o C o n *
n e c t lc u t R i v e r , e x t e n d i n g n o r t h t o T h o in p s o n v il l e , a b o u t 5 m ile s - a ls o d a rn
a t W i n d s o r L o c k s a n d v a l u a b l e w a t e r r ig h t s ; t o t a l e s t im a t e d v a l u o SI 133
053.
T h i s m o r t g a g e p r o v i d e s f o r p a y i n g f l o a t i n g d e b t a n d f o r n iir’oh.as’n
o f a d d it i o n a l r e a l o s t a t e .
F o r 1913 t h o g r o s s e a r n in g s w e % * 3 0 7 2 2
B r o s . C h a s . H T e n n e y e s t im a t e s t h a t w it h t h o i n c r e a s e d w a t e r r a t e s l l r e a d y c o n t r a c t e d f o r , t h e i n c o m e f o r 1 9 1 4 w ill b o $ 5 1 s o n riea sos * 1 1
3 9 7 , a n d la n d r e n t , $ 1 ,1 0 0 , b o t h s a m e a s in 191,3, a n d ‘ e x t r a ’ ' w a t e r r a t e ’s
& c . , $ 3 8 .8 9 .3 , a g a in s t $ 2 7 ,2 2 5 In 19131; o p e r . e x p . , $.3 0 0 0 (o s t )• r o n a ir s
$ 2 0 0 0 ; b o n d i n t . , $ 1 8 ,0 0 0 ; b a i . . s u r ., $ 2 8 ,3 9 0 .
M u c h o f th o le a s e d w a te r
Is in d e n t u r e d f o r 5 0 y e a r s , b u t t h o s u r p lu s w a t e r a v a i l a b l o a t certain Kno­
w n ? is t o b o s o l d a t $ 2 5 0 p e r s q . i n c h ., a g a in s t $ 1 7 5 in p a s t y e a r s
1 h o n o w m a n a g e m e n t h a s v e r y c o m p r e h e n s i v e p la n s f o r t h e d o v e l o n m n n t
o f t h o w a t e r p o w e r w h ic h w ill a d d g r e a t l y t o t h o e a r n in g p o w e r o r ° t h o c o m ­
p a n y a n d t h e v a l u e o f t h o p r o p e r t y .[ M o s t o f t h e $ 2 0 3 ,5 0 0 s t o c k w a s i E c e n t i y a c q u i r e d b y t h e N o r t h e r n C o n n e c t i c u t S e c u r it ie s C o a n d C h a r lo s
I I . T e n n e y w a s e l e c t e d P r e s id e n t , F r a n c is I t . C o o l e y , V . - P m s
and J B
A n d r o s s , T r e a s ., a ll o f H a r t f o r d .
F u r t h e r p a r t ic u la r s a n o t h e r w e e k ) ’
’

C on tocook Mills C orp., H illsboro, N. H .— P r e f
O m itted. — The following notice has been issued:

’

JpDban Porta Co.— N o tic e to S ecu rity H o ld e r s .—
,™ i
W 17 ? °
D e c . 17.

I

i? r ’ . f s P ° r Ji n « * C o . , L o n d o n , f i s c a l a g e n t s o f t h o c o m p a n y .
o
n m ic o t o s h a r e h o ld e r s a n d b o n d h o ld e r s u n d e r d a t e o f
h a v e t o - d a y r e c e iv e d f r o m C a p t . E u g o n o K i a p p ( P r o s , i n

a flr t V^ n ? t a h f e a / l ° h f i ? m a g t t l r a. K t h o r o ls K ° o d r e a s o n t0 e x p e c t a s a t i s f a c t o r y
n n n r u i f f a 1 i n ? d l !n » tp !m n t
,f
tb o .c o n tr o v e r s y w it h th o G o v e r n m e n t, a n d t h a t ,
p e n d i n g a f l n a s e t t l e m e n t , i t I s c o n s id e r e d i n a d v i s a b l e f o r a n y b o n a f i d e




Tho Dean Electric Co., Elyria, O.— Status.—

,

Prest. A . G . Bean, writing D ec. 26, says: T he com pany has a capita*
stock o f $655,000 outstanding pref. stock, $1,000,000 com m on stock,
ou tstanding bonds o f $253.000 and a floating debt o f around $300,000. [A u th .
bond issue $500,000, o f which at last accounts $139,000 were in treasury.
$58,000 cancoicd b y s. f. and $50,000 uncertified.)— See also V . 97, p . 1901.
There aro tw o com m ittees: (1) Bondholders and pref. stockholders'
com m ittee, acting under agreement o f July 11 1913, consisting o f W . W .
B oyn ton , T . T . R obinson, A . E . Barker, E . F. Allen and R . W . Judd,
with Savings D eposit Bank & Trust C o. o f E lyria, as depositary; and
C . G . W ashburn o f Elyria as Secretary. (2) Creditors’ protective com ­
m ittee, acting under agreement o f N o v . 10 1913, consisting o f A . L . G arford, C . H . Gaio, J. M . Lenz, C . E . Lozier and W . M . Pattison, with
L. B . Fauver, Turner B ld g., Elyria, as Secretary, and Guardian Savings &
i rust C o ., Cleveland, as depositary.
T he tw o com m ittees are working in
co-operation with a view o f preventing forced liquidation. T ho com pany is
embarrassed b y tho lack o f an adequate working capital and b y the prose­
cution o f suits concerning patents.— V . 97, p. 1901.

^Dominion Bridge Co.— Earnings for Year ending Oct. 31 .
Y ea r—

Tot. N et I n c . B onuses. D ividends. Reserves.

W ritten O ff. B a l.,S u r.

191 2 -1 3.-.$ 8 3 2,77 8 $5,750 $565,700 $153,054
$15,714
$92,560
io t a l net Income as above includes int. and dividends received on in­
vestments.
The dividends cover m ore than one year, but do not include
the quarterly dividend to Oct. 21 1913, paid N o v . 15 1913.— V . 97, p. 885.

E. & T. Fairbanks Co., St. Johnsbury, Vt.— Guar.—

See M olin e Scale C o . below .— V . 83, p . 826.

Fort Madison (Iowa) Electric Co.— Control Pledged.—

See Central Mississippi Valley E lectric Properties under “ R R s .” above.

General Motors Co., Detroit, Mich.— Sales., &c
Comptroller W . H . Alford confirms the following data:

—

f o r F o u r M o n th s e n d in g N o v . 30 1913. (F ir s t 4 M o s . o f F is c a l Y e a r ) .
4 M o n th s —■
1913.
1912.
In c re a s e .
$20,252,389
$5,055,552 or 25%
Gross sales-------------------$25,307,941
Cars sold . N o .
18.078
13,508
4,570 [or 3 3 % )
T he principal soiling season does not begin m uch before M arch 15 ami
lasts until about Juno 15; during this tim e m ore than 50% o f a year’s sales
are custom arily m ade. Even if the remainder o f the year produces no
increase in gross the com pany should d o better than $90,000,000 o f business
in tho 12 months to end July 31 next. T he present management has sought
to make the factory operations less seasonal and m ore continuous and this
25% gain in gross is in large part due to a shorter factory susponso in 1913.
T ho cash statement o f D ec. 4 showed $6,038,658 in the bank, or $1,­
000,000 better than in 1912. The resort o f the com pany to its banksw as
less than tho cash actually in hand and also was $1,000,000 less than', in
D ec. 1912. T he outstanding 5-year notes are now $2,000,000 smaller in
am ount than in 1912, so that the cash position m ay properly be said(to be
$4,500,000 stronger than a year ago. The com pany pays spot cash whereever it can scent a discount.— V . 97, p . 949, 957, 1507.

General Petroleum Co., Calif.— Plan— Deposits Till
Jan. 7 .— Pres. E . J. de Sabla Jr. in a circular dated at San
Francisco, Dec. 18, says in substance:
After long negotiations, a plan has been form ulated w hich, if carried ou t,
will place the com pany on a sound basis. T he General Petroleum , L td .,
has beon form ed in England and offers £205 nominal value in 7 % cum .
shares, preferred (p. & d .), in exchange for each $1,000 bond o f the present
com pany , and also three £1 ordinary shares o f its stock for each share o f
stock o f tho General Petroleum C o ., an option to be given for one year to
tho English syndicate (which is advancing m oney to the General Petroleum
C o .) to purchase tho ordinary and pref. shares o f the English com pany at
prices to bo named b y tho shareholders, there being no limit specified.
Those accepting this offer will deposit their stock and (or) bonds in ex­
change for interim certificates at M ercantile T r. C o . o f San Fran, or Its
N . Y . C ity agent, the U. S. M tgo. & T r. C o ., naming the price at which they
wish to sell; and at tho end o f one year they will receive the new securities
o r now securities and cash to which they are entitled.
T he consummation o f tho plan is solely dependent on a deposit o f 51%
o f tho stock and $6,000,000 o f the bonds on or before Jan. 7 1914. Pend­
ing such deposit, tho English syndicate has advanced to General Petroleum
G o. about $1,500,000, and as soon as tho roquirod deposits are m ade,
a further like am ount will be provided. T ho $1,500,000 already advanced
is repayable practically on demand if tho requisite number o f bonds and
shares Is not exchanged b y Jan. 7. Serious financial embarrassment m ay
result should tho arrangement not bo carried out.
■
4
Tho principal bondholders and stockholders have agreed to the exchange.
Bonds exchanged will remain in tho treasury o f the English com pany, so
that no advantage will accrue to bondholders who do not exchange. See
V . 97, p. 1665, 1586.
[The stockholders and bondholders are notified by adv. that the M ercan­
tile Trust C o. of San Francisco will receive stock and bonds of General Pe­
troleum C o. and issue interim certificates therefor under offer mado by
Western Ocean Syndicate, L td ., not later than Jan. 7 1914. Th e option
on tho Union Oil C o ., we aro informed, has not expired, and tho final pay­
ment thereunder will not fall due until Jan. 1 1915. See V . 95 d . 1478
-3 V . 97, p. 1665.

Great Western Cereal Co., Chicago.— Suit.—

_ S c o Quaker Oats C o . below.— V . 97, p. 63.

Greeley Square Realty Co., N. Y . — Status.—
_J3eo H udson Companies under “ Railroads” above.— V . 91, p . 1773.

Griffin Wheel Co., Chicago.— New Officers.—

Franklin L . W hitcom b has been elected President, succeeding T hom as'A .
Griffin, jwho becom es Chairman o f the board.— V . 97, p. 120.

Hart, Schaffner & Marx, Inc., Chic.— Decrease of Stock

The stockholders will vote on Jan. 26 at New Y ork on decreasing the p ref.
stock from $4,900,000 to $4,600,000.—-V. 96. p. 865.

Imperial Glass Co., Bellaire, Ohio.— S o n * Called.—
or?,lft,'Yi,; ru0, G% coupon prom issory notes issued July 1 1910 as part o f a
dividend was paid on Jan. 1 at Security Trust C o ., W heeling, W . Va.

— V. 80, p. 1974.
f International

Steam Pump Co.— N e w D ir e c to r .—

T h o m a s B . G a n n e t t h a s b e e n e le c t e d a d i r e c t o r t o
c a u s e d b y th e r e s ig n a t io n o f L e o p o ld F r ie d r ic h s ,
P e a k o , M a r k C o n d e ll a n d W a lt e r L e h m a n f r o m
p la c e s w i l l b o f i l l e d b y t h e s e le c t io n o f s t o c k h o l d e r s
c o n s id e r s r e p r e s e n t a t i v e . — V . 9 7 , p. 1733 .

f i l l o n e o f t h o v a c a n c ie s
P h ilip K e n n e d y , H . F .
th o b o a rd .
T h o o th e r
w h o m th e m a n a g e m e n t

Kansas Natural Gas Co.— D e c is io n .—

D iv

“ T h e d ir e c t o r s u n a n im o u s ly v o te d t o p a s s t h e q u a r t e r ly d iv id e n d o n th o
$ 4 5 0 ,0 0 0 7 % c u m . p r e f. s to c k u s u a lly p a y a b lo o n J a n
1. T h e o p e m t i n g
r e s u lt s f o r t h e y e a r 1 9 1 3 h a v e b e e n u n s a t is f a c t o r y , o w in g t o a v a r i e t y o f
c a u s e s w h ic h a r e n o w b e in g r e m e d ie d , a n d i t w a s t h o u g h t f o r t h o b e s t i n t e r ­
e s t s o f t h o s t o c k h o l d e r s t e m p o r a r i l y t o s u s p e n d d i v i d e n d s a n d t o keen the
c o m p a n y in a s tr o n g f in a n c ia l p o s itio n , w h ile th e f a c to r s w h ic h h a v e p r o ­
d u c e d t h o u n s a t is f a c t o r y r e s u lts f o r 1 9 1 3 a r e b e in g r e m e d ie d .
T h o d iv s o n
t h e p r e f . s t o c k a r e c u m u la t iv e a n d i t is t h e o p in io n o f t h o b o a r d t h a t t h e
p r e s e n t s u s p e n s io n is o n ly t e m p o r a r y . ” — V . 9 2 . p . 1 7 0 4 .
th0

i«
t w

shareholder to sell his shares. C apt. K iapp states that he is officially
authorized to make this announcem ent, b u t, pending any further news,
there is nothing definite to report as to the exact lines on which the negotia­
tions aro expected to bo concluded. A ny reports that m ay have been
circulated on tho Stock Exchange or elsewhero up to the present havo only
been rum ors, and the bondholders and shareholders are advised that until
an official pronouncem ent has been m ade they should be considered as such,
w h en any further developm ent has taken place, an official announcement
will be im m ediately m ade.” — V . 97, p. 1118.

R es u lts

A n glo-A m erican Oil C o.— Interim Dividend.—
A n in t e r i m d i v i d e n d o f 1 s h illin g p e r s h a r e (p a r £ 1 ) a n d a n e x t r a in t e r im
d i v i d e n d o f 1 s h i ll i n g , m a k in g 2 s h illin g s in a l l, o r 1 0 % , h a v o b e e n d e c la r e d
f r o m t h e e a r n in g s o f t h e c u r r e n t y e a r , b o t h p a y a b l e J a n . 1 5 .
T h is c o m p a r e s
w it h a n in t e r im d i v i d e n d o f 1 5 % in J a n . 1913 a n d o f 1 0 % in A p r i l 1 9 1 2 ;
in J u l y 1 9 1 2 a n d 1 91 3 1 0 % e a c h w a s p a i d , m a k i n g 2 5 % a n d 2 0 % , r e s p e c V T ? ' y - J )a y abl0 o u t ° r t h o e a r n in g s o f t h e c a le n d a r y e a r s 1 9 1 2 a n d 1911
1 5 8 5 1205tOCk d l v l d e n d < * 1 .0 0 0 ,0 0 0 ) w a s r e c e n t ly d i s t r i b u t e d .— V . 9 7 , p .

S e e C i t y o f C h i c a g o B r e w in g & M a l t i n g C o . b e l o w . — V .

75

THE CHRONICLE

T h o M i s s o u r i S u p r e m o C o u r t o n D e c . 2 4 d is m is s e d t h e s u i t b r o u g h t b y
t h e c i t y o f K a n s a s C i t y t o c o m p e l th e c o m p a n y a t a ll tim e s t o f u r n is h s u f­
f ic ie n t g a s .
T h e e n t i r e m a t t e r i s l e f t t o t h o n o w S t a t e P u b l i c S e r v ic e C o m ­
m is s io n , w h ic h t h e C o u r t s ta te s s h o u ld b e l e f t w i t h a fr e e r e in u n t i l s u c h
t im e , i f e v e r , a s i t b e c o m e s n e c e s s a r y t o h a v o i t s a c ts r e v ie w e d b y t h e c o u r ts .
J u d g o M d h e rs o n o n D e c . 3 0 m a d o th e fo r m a l o rd e r tr a n s fe r r in g a s o f
J a n . 1 t h o p r o p e r t y f r o m t h e F e d e r a l t o t h e S t a t e r e c e iv e r s .
J u d g e M c P h e r s o n s u g g e s te d t h a t a r r a n g e m e n ts b e m a d e w h e r e b y a ll
e x c e p t o n e o f th o
F e d e r a l r e c e iv e r s
b o d is c h a r g e d ,
t h a t th e F e d e ra l
r e c e i v e r r e t a i n e d b o i n s t r u c t e d t o w o r k w i t h t h e S t a t e r e c e iv e r s i n t h e m a n ­
a g e m e n t o f t h o p r o p e r t ie s o u t s id e o f K a n s a s , a n d t h a t u n d e r t h a t p la n e v e r v
e f f o r t b e m a d e t o g e t a f u l l s u p p ly o f g a s .
T h e C o u r t o rd e re d t h a t a ll m o n e y d e r iv e d f r o m t h e c o m p a n y ’ s p r o p e r t ie s in K a n s a s h e ld b y t h e F e d e r a l r e ­
c e iv e r s b e t u r n e d o v e r t o t h e S t a t e r e c e i v e r s a s s o o n a s p o s s ib le . — V . 9 7
p . lo z o , 1 3 5 9 .

Milliken Brothers (Inc.), N. Y .— R eorganized C om p a n y.
T h is c o m p a n y h a s ju s t b e e n in c o r p o r a te d in V a . . p e r p la n in V . 9 7 , p .
9 5 3 , 1 6 6 7 , w i t h $ 4 ,5 0 0 ,0 0 0 c a p it a l s t o c k ( $ 3 ,0 0 0 ,0 0 0 p r e f . ) , t o t a k e o v e r

76

THE CHRONICLE

tho structural steel business of tho old company o f this name. Th e re­
organization provides for changes in tho equipment which will largely In­
crease the capacity of its largo plant at M ariner’s Harbor, Staten Island.
T h e now company will have about $1,00 0 ,0 0 0 working capital (including
about $300,000 from sale of part o f the rolling mills to Bethlehem Steel
C orp .), and will bo entirely free from any mortgage debt, the indebtedness
consisting of $1,000,000 1 0 -year 6 % debenture notes, of which only $ 750 ,­
000 will be issued at present.
.
Francis D ykes, who has been connected with the business^ for over 25
years, is Vico-Pres. in charge of operations; W illiam Salomon is President,
George E . Barrett, Sec., and A . A . Cannon, Treas. Directors: W illiam
Salomon and C . M c K . Lewis of W illiam Salomon & C o ., bankers: Jules
S . Bacho of J. A . Bacho & C o ., bankers; W illiam L . Saunders, Pres. Ingersoll-Rand C o .; W illiam Barclay Parsons, engineer; Thom as D enny of
Thom as D enny & C o ., bankers: Frederick G . Corning, Cornelius B . Tyler
and Francis D ykes.
[Bondholders who did not assent to the plan, it is announced, will be paid
$233 for each $1,000 bond, and will receive a dividend o f about $ 20 later
from a deficiency judgment.]—-V . 97, p. 1667.

M oline Scale C o., East M oline, 111.— Offering of Guaran­
teed 7 % Cum. Pref. Stock.— Litten & Roberts, Rock Island,
111., are offering at par and int., $250,000 7 % cum. pref.
(p. & i.) stock. Auth. $250,000, all outstanding. Red.
after July 1 1923 at $110 and div. Dividends (J. & J.)
guaranteed by E . & T . Fairbanks & C o., St. Johnsbury, V t.

[Vol.

X C V II1 .

Simpson-Crawford C o ., N . Y .: Stock (all owned by Siegel Stores
Corp.)
(V ol. 79, p . 790; V . 8 8 . p . 1563)______________________ $1,400,000
14th St. Store, N . Y . : Stock (all owned by Siegel Storos C o r p .) .. 1,000,000
Henry Siegel & C o ., Boston: Stock (not owned by Siegel Stores
C o r p .) _____________ ______ ________ _______ ______ _
________ 1,000,000
M erchants’ Express C o .: Stock ($1,000 owned by Siegel St.C orp.)
2,000
Henry M elville was appointed receiver for tho banking firm o f Henry
Siegel & C o ., consisting of Henry Siegel and Frank A . Vogel.
Tho difficulty is said to have arisen, not from poor business, but from tho
fact that tho stores, which have in tho past enjoyed largo banking credit,
havo recently had that credit greatly curtailed. Tho total liabilities o f tho
several corporations and firms are estimated at $ 7 ,5 0 0 ,000. O f this amount
$2,50 0 ,0 0 0 is duo 15,000 depositors o f tho banking firm of Henry Siegel &
C o. and $ 1 ,000,000 is due creditors of tho Henry Siegel C o. of Boston.
The assets, it is hoped, will, if properly handled, more than cover tho total
*' i Ionry Siegel is not in any way connected with tho firm o f GreenhutSiegel Cooper C o ., nor is M r . Grecnhut in any way interested in the Henry
Siegel enterprises.
Rose & Paskus, counsel for Simpson-Crawford C o ., say: “ For the pro­
tection of deposits, the individual members of the banking firm hold $ 3 ,500,­
000 of the par value of the common stock of the Siegel Stores Corporation;
This stock is believed to bo o f considerable valuo, in that, tho last-named
corporation owns substantially all of the capital stock o f the Siegel-Cooper
C o. o f Chicago, referred to above, and regarded as one o f the most success­
ful department stores in Am erica.”
.
...
The receivers have been authorized to continue the business, with the
exception of the banking business carried on by tho firm of Henry Siegel
& C o ., which will be liquidated with tho view of paying off the depositors
as soon as possible.
E a rn in g s o f Siegel Stores C o rp o ra tio n ancl I t s C o ntrolled P ro p e rtie s.
Years e nd ing Feb. I —
1912-13.
1911-12.
1910-11.
N et earnings__________________________
$650,369
$670,176
$613,348
Dividends and d e preciation ...............
*279,404
280,258
380,384

Manufactures wagon and platform weighing devices; 35 years o f success­
ful business. Present output 10,000 scales per ann. N o bonded or floating
debt. Total net assets, incl. good will, $502,457; excl.good will, $385,672.
N ot earns, for 6 mos. end. July 1 1913 $19,497: for cal. yr.1913, est., $40,000 .
Entire $250,000 common stock owned by E . & T . Fairbanks & C o ., who
have beon manufacturing weighing devices sinco 1830 and aro now the
largest manufacturers o f weighing devices in tho world. Annual output
115,000 scales o f 2 ,0 0 0 varieties, ranging in capacity from a tenth of a grain
$370,965
$389,918
$232,964
to 400 tons; has paid 4 % p .-a . on the $ 2 ,500,000 outstanding stock for past
T o t a l p r o fit a n d loss su rp . en d o f y ear $2,181,200 $1,810,236 $1,420,317
16 years. Total assets, excl. good will, $ 3 ,354,091; debt, $543 ,11 3.
President. Frank II. Brooks.
* In clu d es S im p s o n -C ra w fo rd d iv id e n d s , $105,000; Siegel S tores C o r p .
M t. V e rn on -W oodb erry C o tton D u ck C o.— Committee.— p re f. d iv id e n d s p a id , $138,404; im p ro v e m e n ts w ritten o f f, $36,000.
Assets a n d T o ta l L ia b ilitie s . & c . , Feb. 1 1913— E a rn in g s . 1912-13.
Th e following bondholders’ protective committeo has been formed for
the first mortgage bonds under an agreement approved on D ec. 31:
S im p s o n b ith Street S .C .A C o .,
Siegel
W aldo Newcomer, Pres, of tho N a t. Exchange Bank, Baltimore (Chair­
C ra w fo rd .
Store.
C hicago. StoresC orp.
m an); Frank A . Furst, representing the Fidelity Trust C o ., Baltimore;
Total assets
$3,711,051 $1,892,749 $3,852,956 See below
Charles A . W ebb, of the executive committeo of the Mercantile Trust &
Deposit C o ., Baltimore; C . J. lthoads, V .-P . & Treas. Girard Trust C o .,
^ r o i it anu loss, s u r p l u s . . - - " o K ’o oX
c m im o $l:io4:ii8
niii:
«% ■;r. .732
i
r
Philadelphia; George Cator, a director of the Continental Trust C o ., Balti­
$135,585
$23,849
$308,066
Earns, for yr. end. Feb. 1 '13 $182,869
more; John M . Nelson, Gustavus Ober and John G . llrogdon. Edwin G .
a . i?oh 1 io 1 ‘l qleirel Stores C orp. reported as assets: Cash, $43,504;
Baetjer is counsel and J. J. N elligan ,3d V .-P . of the Safo D eposit& T ru st
bills and accounts receivable, $ 4 6 1 , 0 7 4 ; fixtures, $100; s e c u r itl^
C o. of Baltimore is Secy. The Safe Deposit & Trust C o. is depositary.
Total cash held by it and its three sub. cos. was then $427,012, while tho
— V . 97. p. 1902. 1737.

N a tio n a l Gas, Electric L igh t & Power C o.— Stock.—
O f the $264 ,70 0 pref. stock recently issued (making $ 2 ,000,000 outstand­
ing), $262 ,70 0 was put out under resolution of M a y 10 1913, proceeds to
bo applied to tho payment of a like amount of 3-year 6 % notes of tho com­
pany, called for paymont on Jan. 1 1914, being part of a total of $352,000
of said notes called for payment on that date, which were issued to acquire
an equal amount of 1st M . bonds of Port Huron Gas and Port Huron Elec­
tric companies.— V . 97, p. 1667; V . 96, p. 949.

N a tio n a l R efin in g C o., C leveland.— New Stock, &c.—
The shareholders will vote Jan. 28 on increasing tho auth. capital stock
by adding thereto $3 ,0 0 0 ,0 0 0 new common stock, making tho total common
$ 5 ,0 0 0 ,0 0 0 , and $ 1 ,0 0 0 ,0 0 0 new prof., making tho total cum. pref. (all
ranking pari passu, pref. p. & d .), $ 5 ,0 0 0 ,0 0 0 . They will also vote on
amending the articles of incorp., & c., so as to prevent the making of any
mortgago or lien (other than purchaso money mortgages on now proper­
ties) or the sale of tho property as a whole, to which 3 5 % of the pref. shares
object, unless the company exercises its right to purchaso tho dissenting
pref. stock at $135 per share and div. Pres., J. I. Lamprecht.— V . 96, p .3 6 5 .

New Y o rk Edison C o .— Ordinance Held Constitutional.—
The Appellate Division of the Supreme Court on Doc. 29, reviewing tho
decision of the lowerCourt, which was rendered in July last, held consti­
tutional Section 81 of the Sanitary Code (the “ smoke ordinance” ) , which pro­
hibits a factory from allowing a denso volume of smoke to issue from its
plant. Compare V . 97, p. 4 4 8 .— V . 97, p . 1826, 448.

O hio Fuel Oil C o .— Dividend.—
A dividend of 1 0 0 % . or $1 tier share, has been declared on tho $320,000
stock, payable Jan. 20 to holders of record Jan. 9.
Distributions of tho
samo amount were made in 1913. Tho first payment, also 1 0 0 % . was
mado on A u g. 1 1 9 1 2 — V . 97, p. 822.

O hio Fuel Supply C o.— Extra Dividend.—
A dividend of 4 % lias been declared on tho stock, payable Jan. 20 to
holders of record Jan. 10, in addition to tho regular quarterly distribution of
2 % paid since Oct. 1910. Compare V . 91, p. 876.— V . 96, p. 1706.

P eople’s Gas L igh t & Coke C o., C h icago.— New Mtgc.
Tho company has filed its now mortgago with Illinois Trust &
Sav. Bank of Chicago, as trustee, to secure gold bonds dated
Dec. 1 1913. See V . 97, p. 1827, 1738, 1508, 1119.
P h iladelph ia Electric C o.— Terms of Contract.—
A s to contract with Pennsylv. lilt . C o ., see that co. under “ H its.” above.
This contract, it is stated, means additional gross revenuo to tho Electric
C o . at tho beginning of at least $150,000 a year. Tho Christian,St. power
house is reported to be producing 115,000 li.p ., and this, it is said, will bo
increased to 187,000 h .p . during the next year. Phlla. advices state that
the Phila. Itapid Transit C o. has just increased its contract with tho Electric
C o. to 3 5 ,0 0 0 k.iv., having nearly doubled its power purchases in tho last
three months.— V . 97, p. 1289.

Q uaker O ats C o., C h icago.— Suit.—
William A . Tilden and Charles D . Thom pson, receivers of tho Great
Western Cereal C o ., on Dec. 29 filed a suit in tho U . S. District Court at
Chicago, under Sec. 7 of the Sherman law, to recover triple damages (amount­
ing to about $ 1 0 ,0 0 0 ,0 0 0 ) alleged to have been sustained through the sale
of tho property of that company to the Quaker Oats C o. The latter, 10 of
its directors and 12 of tho Great Western Cereal C o. are named as de­
fendants. Tho position taken in tho complaint is described as follows:
“ Tho Great Western Cereal C o. was sold to tho Quaker Oats C o. for $ 1 ,0 0 0 ,­
0 0 0 . This $ 1 ,000,000 was seized by holders of an equal amount of tho
com pany’s gold bonds, and holders of $ 3 ,0 0 0 ,0 0 0 worth of stock were left
with worthless paper on their hands. Tho salo gave tho Quaker Oats C o.
control of 9 0 % of the cereal trade of tho United States and greatly increased
its profits, at tho expense of the defrauded stockholders."
Elmer II. Adams, counsel for tho Quaker Oats C o ., is quoted as saying
that D r. Arthur Dean Bevan, who represents, it is claimed, about 5 0 %
of tho stock put up $ 10 ,0 0 0 to securo tho receivers against loss in tho
action. M r. Adam s says: “ The sale was legal. The Cereal Com pany
was about to go into the hands of a receiver. This was averted and the
price paid was higher than would have been obtained at a sheriff’s salo.”
— V . 97, p. 1588.

Radio W ireless T elep hon e C o.— Conviction.—
James Dunlop Smith and Elmer E . Burlingamo, Pres, and stock-selling
agent of the company, rcspectiverly, were on Jan. 1 found guilty by a jury
in the U . S. District Court before Judge H unt, after several weeks’ trial, of
using the mails to defraud in tho sale of the stock. The defendants, D r.
Leo D e Forest, inventor of tho wireless telephone which the company was
formed to flnanco, and Samuel E . D arby, the Secy, of tho company as well
as its patent lawyer, were both acquitted. Approximately $ 1 ,5 0 0 ,0 0 0 of
tho stock, it was stated by tho Federal authorities, has been disposod of.

Siegel Stores C orporation , N. Y .— Receivership for
Controlled and other Properties.— Judgo Hough in tho U. S.
District Court in N . Y . City on Dec. 30, upon application
in an equity suit brought by tho Siegel Stores Corporation,
as creditor to tho extent of $475,000, placed the following
Siegel store properties in the hands of William A . Marble
and John S. Sheppard Jr. as receivers ponding reorganization:




11
)1 s1mpMnC e a l t y r^ o iVaw !d c^^w n^t<th^prem lses occupted by Simpson^
Crawf r d ’C o
l a s A b o n d issue of $600 ,00 0 (see V . 94 P.1452). The
interest due Jan. 1 on these bonds was Promptly paid and1the, company all
of whose stock is owned by tho S i m p s o n , Crawford C o ., Is not in tho hands
of receivers.
S ta tem en t by J o h n A . Ciarver o f C ou n se l for Siegel Stores C orp.
The Sieged Stores C orp. is a holding company and is a creditor of the other
companies and its relation with tho various branches o f the business are
such that its success is dependent upon tho continued success of the busi­
ness represented by the other companies, partnerships and individuals.
The credit o f the N ew York and Boston stores has been so greatly strained
that the business cannot be successfully continued without some rearrange­
ment of the finances, although none o f the companies or partnor.ships or
individuals are insolvent in tho bankruptcy s e j80
the term.
1 he ^
ceivership is a friendly proceeding, made in an effort to provent a dis untio
o f this largo enterprise and to proservo Its enormously valualMoigO'od-wiiII
for tho benefit of the creditors and customers.
(Seo p . 170 of lty & in d .
Section” ).
#

M r. Garver adds that “ the businoss of tho Siogel-Cooper
& Co. of Chicago [capital stock $1,250,000, no bonds] is a
highly prosperous ono and has been kept entirely distinct
from the New York and Boston business, and is not in any
way affected by tho temporary embarrassment of the busi­
ness in the E a st.” — V . 94, p. 1452.
Simpson-Crawford Co., N. Y .— Receivership —
See Siegel Stores Corporation above.— V. 88, p. 1563.

Simpson Realty Co., N. Y .— Interest Promptly Paid.—
See Siegel Stores Corporation above.— Y . 94, p. 1452.

Smart-Woods, Ltd., Montreal.— Acquisition— Bonds.—
The shareholders voted on Dec. 22 to acquiro tho minority stock of tho
Empiro Cotton C o ., L td ., of W elland, O n t., on tho basis, it is said, of an
oven exchange of prof, stock and of two shares of Sm art-W oods common for
five of Empire common.
The shareholders on Dec. 29 authorized an issuo of $2 ,5 0 0 ,0 0 0 6 % 1st M .
sinking fund gold bonds; $1,5 0 0 ,0 0 0 , it is said, will bo sold in the near
future to orovide for extensions and betterments.
The report of Jan. t 1913 showed outstanding: Pref. stock, $1,481,800;
com stock SI 494,000; bills payable (no bonds), $699,000; overdraft, $ 4 2 ,So«?‘ s The merged properties showed: Smart Bag C o. for 10 mos. end.
Dec 31 1012 net profit of $169,712; Woods L td ., for tho8 mos. then ended,
■Vet of so'o 407
W ith merger of Empire Cotton C o ., Itenfrow Knitting
Co aloni is controlled. Products of combined properties; Jute and cotton
bags h e ^ i a X buckrams, paddings, rope and twines lumbermen’s and
contractors’ supplies, tents, flags, awnings, tarpaulins and clothing
— V . 95, p. 1406.

Spring Valley Water Co., San Francisco— Notes.—
N W Halsey & C o. of San Francisco and associates havo
purchased and, it is understood, aro offoring at par and int.
$1,000,000 two-year 5 > 2 % secured now gold notes.
Total authorized issuo $2,0 0 0 ,0 0 0 ; now issued $1,0 0 0 ,0 0 0 , secured 6 y de­
posit with Union T r C o. of 8 . Fr. as trustee of $4 ,0 0 0 General (now 1st)
M 4 % bonds due D ec. 1 1923, against each $ 3,000 notes issued.
Status G eneral Mortgage
B o n d s . T < n a lA iU horizcd Issu c * 2 8 ,0 0 0 .0 0 0 .
f °i
u n s o ld --------------------------* c ’ 7 o-i'nnn
In hands of public---------- nnn
Pledged under theso notes 1,334,0001 Escrow b o n d s .. .
...
6,723,000
Capital stock issued and outstanding, receiving dividends of 2 % per
annum, S’ S.OOOioOO. The escrow bonds are issuable only for future con­
J
struction under conservative restrictions. See V . 97, p. 17,i4, 1589.

Dividend Increased.— San 1 ranoisco papers state that the
directors on Dec. 20 placed tho stock on an annual dividend
basis of 2 H % by increasing the quarterly dividend payable on
or about Jan. 1 from 50c. to 02 J^c.
Condemnation Suit.— See San Francisco” in ‘ ‘State and
City Department.” — V . 97, p. 1754, 1589.

Standard Oil Co. of Kentucky.— Dividend.— Option.—
Tho 2 0 0 % cash dividend, calling for $ 2 ,0 0 0 ,0 0 0 , which was declared on
Dec ’>2 is payable on Feb. 14 to holders of record Jan. 31. The latter aro
offered the right to subscribe tor tho now stock pro rata at par and to apply
the cash dividend in paymont therefor. Comparo V . 97, p . 1903, 1827,
1589.
. .

Stratton’s Independence (Mining Co.), Ltd.— Decision
The “ Engineering & Mining Journal” of D ec. 27 contains at longth the
opinion of Justice Pitney of tho U . S. Supremo Court in the case Involving
tho application of tho corporation tax to mining properties. Compare
V . 97, p. 1667.

Tobacco Products Corporation, N. Y .— Stock R educed.

Tho shareholders voted on Dec. 29 to decreaso tho authorized capital
stock from $50 000.000, consisting o f $30,000,000 common and $20,000 ,000
pref. to $ 2 6,000 ,000 . [including $16,000 ,000 common and $ 1 0 ,0 0 0 ,0 0 0 pref.;

J an . 3 1914 1

THE CHRONICLE

also to reduce the outstanding preferred Issue to $ 8 , 0 0 0 ,0 0 0 , tho $ 2 , 0 0 0 ,0 0
prof, necessary tor this having been purchased in tho open market, m ostly,
it is said, at less than $90 a share. A statement to stockholders says:
"T h e company now has'surplus cash In excess o f $1,500 ,0 0 0 , which is all
that is necessary for its present needs, and tho directors consider that tho
best interests of tho corporation will bo served by decreasing tho auth. capi­
tal stock to tho amount thereof actually issued and outstanding, thereby
effecting a substantial reduction o f taxes.” — V . 9 7 , p. 609.

United Shoe Machinery Corporation.— Rumors Denied.

Tho "B o sto n News Bureau” of D ec. 29 says: “ It is not known who is in­
spiring these rumors (as to settlement witli the Government), but tho
“ Boston News Bureau” can mako the unequivocal statement that tho com­
pany is not now and has no present intention of negotiating with tho Depart­
ment of Justice with a view to having tho dissolution suit dismissed.” —
V . 97, p. 1903, 1589.

United States Rubber Co., N. Y .— Sub. Co. Stock —
The Hartford Rubber W orks C o. filed in Conn, on Dec. 30 a certificate
of incroaso of capital stock from $ 1 ,0 0 0 ,0 0 0 to $ 2 ,0 0 0 , 0 0 0 , the new stock
being 6 % pref., all subscribed at par, to take care of the large business in
tires, tho plant now running night and day.— V . 97, p. 1827, 1754.

United States Steel Corporation.— Stock Offered.—
Tho prices at which the employees will this month bo allowed to subscribe
for stock under tho profit-sharing plan will bo $57 for the common stock and
$105 for tho pref., as against $ 6 6 and $109, respectively, in Jan 1913, when
3 6,119 employees took, on the graduated payment plan, $2 ,5 5 5 ,8 0 0 com
m on and $3 ,4 4 2 ,5 0 0 preferred.— V . 97, p. 1754, 1284.

Wheeling (W. Va.) Mold & Foundry Co.— New Pres.—

l i E Fields of Pittsburgh on Jan. 1 succeeded as President and Gen.
M a n . C . E . Blue, who resigned, but will remain a director.— V . 93, p. 1328.

Westinghouse Electric & Mfg. Co.— Note Payment.—
The $429,500 5-yr. coupon notes duo Jan. 1 1914, with interest thereon,
woro paid at m aturity at Chase N a t. B ank, N . Y . — V . 97, p. 121, 449,
9 59, 1597.

— Chandler Bros. & Co. of Philadelphia, New York, Boston,
Lancaster P a ., and London, E ng., announced yesterday that
tho old partnership composed of Frederick T . Chandler and
Percy M . Chandler has been dissolved and a new firm of the
same name has been formed, composed of Frederick T.Chanddler, Americus J. Leonard and Earl Mendenhall. This
firm will havo memberships in the Now York, Philadelphia
and Chicago Stock Exchanges, the New York Cotton Ex­
change and tho Chicago Board of Trade. Another organi­
zation, to be known as Chandler & C o ., Inc., of which
Percy M . Chandler is President, also announces that it has
taken over all the bond investment and underwriting busi­
ness of the old firm of Chandler Bros. & Co. and will conduct
a general bond investment business at all the abovo offices.
This announcement is in lino with the nows itom published
in theso columns recently, anticipating the segregation of
Chandler Bros. & Co. stock and bond business into separate
companies with distinct organizations and responsibility.
— Kissel, Kinnicutt & Co. of 14 W all S t., this city, Tho
Rookery, Chicago, and 36 Pearl S t., Hartford, Conn., are
to-day advertising a lino of very attractive January invest­
ments. A t tho prices offered, theso bonds will yield a 4.30
to 5 .2 0 % incomo return. Special circulars regarding any
one of the issues will bo furnished on request. Questions
relating to the Federal incomo tax will receive the careful
attention of Kissel, Kinnicutt & Co. Soo advertisement for
full particulars.
— Redmond & C o ., 33 Pino S t., Now York, also 35 Con­
gress S t., Boston, are advertising on another page a selected
list of January investments yielding from 4 .7 5 % to 5 % .
They will* bo pleased to furnish full particulars of any of
these offerings on request. They also include in their adver­
tisement a chart showing tho average price for the past
seven years of twonty-five standard railroad bonds.
— Leo, Iligginson & Co. of Boston and Now York aro
offering a very diversified list of bonds suitablo for the re­
quirements of tho January investment season. These bonds
woro advertised in last week’s (Dec. 27) issuo of the “ Chroni­
cle.” The interest yield ranges from 4 % % to 6 .1 0 % . Tho
firm invites inquiries and will supply full particulars of each
security featured in last week’s advertisement.
— Werner Bros. & Goldschmidt dissolved business D ec. 31
1913. Samuel Goldschmidt, formerly of the firm, is con­
tinuing in the bond business at 25 Broad S t., telephones
Broad 5380-1-2-3. Besides continuing to deal in railroad
bonds, ho has opened special departments for utilities, indus­
trials of all descriptions and United States and foreign
government and municipal bonds.
— John Parkinson retired from tho firm of Parkinson &
Burr on Jan. 1; Constantino Hutchins was admitted as a part­
ner in tho firm on that date. M r. Parkinson has boon a
member of tho Boston Stock Exchango for forty-seven
years.
— R . M oat & C o., stock brokers, Montreal, have favorod
tho “ Chroniclo” with a copy of the 258-pago appendix to the
Canadian “ Annual Financial Review,” one of Houston's
standard publications, Toronto.
— Joseph Walker & Sons havo compiled for distribution
a comprohensivo booklet on guaranteed stocks oxompt from
personal taxation and tho normal 1 % Fedoral incomo tax.
— Tho Security Bank Note C o., Philadelphia, is distribut­
ing as an advertisement copies of tho 1914 pad for “ Dando
Daily Dato Sign.”
— Hans Winterfeldt, who for family reasons will residoin
Europo, ceased to bo a partner in the firm of Spoyor & Co.
on the 1st inst.
— E . Hunt Allen has withdrawn from the firm of Estabrook & Co. of Boston and Now York.
— Richard Lauman Fox was admitted to tho Philadelphia
firm ofJMoyer & C o. on tho 1st inst.




77

$ixe (Kcrmumxxul ^xxtxrs.
COMMERCIAL EPITOM E.
Friday Night, Jan. 2 1914.
Trade has continued quiet. Bank exchanges still make
an unfavorable exhibit as compared not only with last year,
but tho year before, while railroad earnings also are unsatis­
factory. The mildness of the winter has hurt trade. The
output of iron and steel has been further reduced. Dry
goods, as usual at this time of year, have been quiet, but
certain department stores in this city have the present week
passed into the hands of receivers. On the other hand, the
country lias a large foreign balance in its favor. The ex­
ports and imports of merchandise have recently increased
very noticeably. Cotton and woolen mills have enough or­
ders on hand to keep them busy for some little time to come.
W ith the tariff and currency legislation out of the way and
with seemingly a somewhat more conciliatory tone at Wash­
ington toward the “ trusts,” it is hoped that 1914, though it
opens xvith general trade pretty near its lowest ebb, may prove
far more prosperous than the year 1913. It will if business
men are let alone.
L A R D on the spot has been quiet and easier; prime W est­
ern has been $10 85; to-day $11; for the Continent $11 30;
South American $12; Brazil, in kegs, $13. Lard futures
havo weakened somewhat. Packers have been selling M ay
on quite a liberal scale. N ot a little of the selling is said to
havo come from Milwaukee. Grain traders who bought
early in the week have latterly been selling, owing to the in­
creasing receipts of hogs. Deliveries on January contracts
at Chicago were 0,250 tierces of lard and 1,260 barrels of
pork. To-day prices declined.

CHICAGO

D A I L Y C L O S IN G B R IC E S O F L A R D F U T U R E S IN
Sat.
AI o n .
Tues.
W ed.
T liu r s .
F r i.
January delivery, .c t s . 10.57
10.65
1 0 .5 7 ^ 1 0 .6 7 M H O L I - 10.65
11.00
10 .9 2 H 11.05
DAY
11.02
M a y d e liv e r y ................. 10.90

P O R K quiet but firm. Mess $23 2 5 @ $ 2 3 75, clear
$20 2 5 @ $ 2 2 50, family $ 2 4 @ $ 2 6 . Beef products trade was
quiet and market steady. Quotations, mess $ 1 8 ® $ 1 9 ,
packet $ 1 9 @ $ 2 0 , family $ 2 0 @ $ 2 2 , extra India mess $ 2 8 @
$30. Cut meats quiet and generally unchanged. Cheese,
fancy, 1 6 % @ 1 7 c . Butter, creamery extra, 3 6 H @ 3 7 H c .;
firsts, 2 8 @ 3 4 c . Eggs 2 8 @ 3 9 c .
O ILS.— Linseed rather firmer; city, raw, American seed,
5 2 @ 5 3 c .; boiled, 5 3 @ 5 4 c .; out-of-town, raw, 5 1 @ 5 2 c .;
Calcutta seed, 70c. Cocoanut, Cochin, \ 2 % @ \ 2 % c .;
Ceylon, 1 0 H @ 1 0 H c . Castor N o. 2, 9 © 9 H c . Corn,
6 .4 5 @ 6 .5 0 c . Olive, 8 3 @ 8 5 c . Palm, Lagos, 7 % c . Chinawood, 7 } 4 @ 7 % c . Lard, prime, 9 3 @ 9 5 c .; extra N o . 1,
5 9 @ 6 1 c .; N o . 1, 5 4 @ 5 6 c .; N o . 2, 5 2 @ 5 4 c . Cod, domestic,
38c.; Newfoundland, 40c.
C O FFEE on the spot has continued quiet with N o . 7 Rio
down to 9c., fair to good Cucuta 1 2 % @ 1 3 J 4 c . Coffee
futures have declined with heavy liquidation, due partly
to the reported failure of two firms at Santos. This led to
apprehensions that there might be further troubles of that
kind impending. A new low level has been reached on this
movement. European markets have declined. It is said that
the firms involved in the reported failures at Santos are by
no means tho largest in the trade. Still the feeling has been
unsettled and uneasy. A good many discouraged bulls have
sold out. Brazilian houses have been selling. To-day prices
again declined. Closing prices were as follows:
January_____8 .7 7 @ 8 .7 8 | A p ril------------- 9 .1 3 0 9 .1 8 1 J u l y .................9 .4 9 @ 9 .5 1
F e b ru a ry ___ 8 . 9 1 0 8 . 9 2 ! M a y ------------- 9 .2 9 @ 9 .3 0 A u g u s t ---------- 9 . 5 6 0 9.58
M arch ______ 9 . 0 5 0 9.061 J u n o ------------- 9 .3 9 @ 9 .4 0 1September _ _ 9 .6 4 @ 9 .6 6

P E T R O L E U M .— Refined has been in fair demand and
firm; barrels 8 .7 5 @ 9 .7 5 c ., bulk 5 .2 5 @ 6 .2 5 c ., cases 1 1 .2 5 @
12.25c. Crude firm; Pennsylvania dark $2 50, second sand
$2 50, Tiona, $2 50, Cabell $2 07, Mercer black $2, New­
castle $2, Corning $2, Wooster $1 91, North Lima $1 49,
South Lima $1 44, Somerset, 32 degrees and above, $1 35;
Illinois $1 45. Naphtha steady; 7 3 @ 7 6 degrees in 100-gallon
drums 24 H e . Spirits of turpentine 4 5 @ 4 5 H e. Common
to good strained rosin $4.
S U G A R .— Raw quiet; centrifugal, 96-degrees test, 3 H @
3.23c.; muscovado, 89-degrees test, 2 H @ 2 . 73c.; molasses,
89-degrees test, 2 H @ 2 .48c. Tho stock of sugar in Cuba is
56,500 tons, with exports for the week of 13,000 tons. One
report makes the stocks at six ports 31,000 tons, as against
6,000 tons last year.
T O B A C C O has been quiet but steady, with supplies of
both binder and filler still small. In fact, filler is actually
scarce— so much so as to excite some uneasiness. It is not
believed that cigar manufacturers aro carrying very large
stocks. This gives rise to tho belief that in the early part
of 1914 trade will increase. Sumatra tobacco, as usual at
this time of the year, is slow of sale. Cuban leaf is steady,
but for the time being quiet.
C O PPER has been more active and firmer; lake on the
spot touched 1 5 H c ., which shows some advance as compared
with recent prices. Exports have increased. London was at
one time stronger and then weakened a little, only to rally
again. Tin on the spot here 3 7 H e ., showing some advance,
though latterly London has been weaker. Lead here 4.15c.;
spelter 5 .3 2 H c . Pig iron has been in moderate demand;
N o . 2 Eastern $ 1 4 @ $ 1 4 25; N o . 2 Southern, Birmingham,
$10 5 0 @ $ 1 1 . Some railroad equipment orders have been
received and the steel companies are somewhat more encour­
aged. Contracts have been given out for 175,000 tons of
standard sections, of which about 160,000 tons for Eastern
roads.

78

[Vol. xcvin.

iTIIE CHRONICLE
COTTON.

On S h ip b o a rd , N o t Cleared f o r —

Friday Night, Jan. 2 1914.
T H E M O V E M E N T OP T H E C R O P , as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts havo reached
303,899 bales, against 319,198 balos last week and 312,795
bales the previous week, making the total receipts since
Sept. 1 1913 6,828,063 bales, against 7,051,104 bales for the
same period of 1912-13, showing a decrease sinoe Sept. 1 1913
of 223,041 bales.

Other
F oreign

Great
Ger­
J a n . 2 at— • B r it a in . France. m a n y .
Now Orleans. _
G a lv e sto n ____
Savannah ____
C h a rlesto n ___
M o b ile.............
N orfolk_______
N ew Y o rk ____
Other ports___

17.387
13,767

Total 1 9 1 4 ..
Total 1 9 1 3 ..
Total 1912. .

2,869
6,354

7'.6o6
12,654
3.000

"1 7 5

1.0 0 0
10 ,0 0 0

64,808
63,534
86,567

12,506
28,542
342
5.000
13,614

Coast­
w is e .

L e a ving
S ock.

T o ta l.

60
2,850
700

44,055
71,449
1,042

"2 1 4
28,750

26,657
33.750
4,400
19,000

11,233
19,936

12 ,0 0 0

'2 0 0

2 .0 0 0
1,2 0 0
8 ,0 0 0

2',6 6 6
1,0 0 0

9,598
29,140
22,368

71,204
56,097
99,406

34,169
36,483
60,413

247,447
176,865
160,436
60,404
33,417
34,003
90,321
50,225

853,118
32,574 212,353
847,260
43,305 228,559
42,364 311,118 1,189,055

Cotton advanced for a time on covering of shorts and good
buying by Liverpool and spot houses. Later on prices de­
clined sharply. Y et on the whole the January notices issued
G alveston_______
6,814 21,488 27,500 14,224 10,952 13,160 94,138
on D ec. 30, though they amounted to some 50,000 bales,
___ 5,366 4,293
Texas C ity ______
6,430
1,935
18.024
produced no great effect. It is true that January gave way
Port Arthur____
4,045
4,0 4 5
Aran. Pass, & C-„
about 15 points on that day and was weaker than other
N ew Orleans____
9,511 19,194 17,198 25,891
3,345
1,134 70,273
months, but the tone became stronger later on. W all Street
M o b i l o __________
2,982
500
269 19,819
____ 8,745 5,151 2,172
Pensacola_______
shorts showed a desire to cover. Tho undertone seemed
__ _
Jacksonville, & c .
1.800
237
2,037
steady, if not rather stubborn at least for the time being.
Savannah _______ 15.649
6,282
3,053
5,382 34,611
4,245
Spot markets were reported firm. Liverpool at the opening
B ru n sw ick ______
15,000 15,000
C h arleston ______
518
294
523
392
878
2,605
of the week at least reported big spot sales, i. o., 12,000 bales.
W ilm in g to n ____
925
700
1 ,2 0 0
602
957
689
5,073
Spinners’ takings have recently been largo, and this fact
N o rfo lk __________
4,522,
4,022
5,006 22,065
4,635
3,880
N ew p ’tN ow s.& c.
4,859
4,859
excited comment and has undoubtedly encouraged the advo­
N ow York_______
350
100
325
150
925
cates of higher prices. Another factor which at one time
___ 1
B o s t o n __________
265
600
500
146
1,511
B altim ore_______
2,914
counted for not a little has been reports from the South that
2,914
Philadelphia____
—
—
—
- ..- 1
—
picking and ginning are pretty well over for the season.
Such reports at this time of the year have not always proved
T otals this week. 43,206 72.200 59,263 62,431 20,529 46,270 303,899
to be universally trustworthy; far from it. But tho recent
Tho following shows the week’s total receipts, the total firmness of Liverpool, tho steadiness of tho spot markets, the
since Sept. 1 1913, and the stocks to-night, compared with persistently largo recent spinners’ takings and tho insistence
in some quarters on the idea that tho ginning thus far this
last year:
season has been unusually rapid, all combined to impart,
for a time at any rate, a certain firmness to the market which
1913-14.
Stock
1912-13.
Receipts to
has now and then been more or less disconcerting to tho short
J a n u a ry 2.
T h is S ince Sep T h is Since Sep
interest. Big spot houses took the January notices about as
Week. | 1 1913.
Week.
1 1912.
1913.
fast as they could get them, for a timo at least, and sold M a y .
G a lv e s t o n _______ 94,138 2 093.257 111,954
Liverpool has of late reported somo falling off in hedge selling
Texas C ity _______ 18,024
289.477 22,620
and also a better trade in Manchester. The improvement in
Port Arthur_____
4,045
24,431 18,089
Aransas Pass, & c.
3,988
105.024
the financial markets at home and abroad has not been with­
N ew Orleans____ 76,273 1 ,032.790 43,115
out its effect among the W all Street element who trade in
M o b ile___________
19,819
305.529
2,074
Pensacola________
111.553
cotton. Some reports, too, are to tho effect that trade in
Jacksonville, &c.
2,037
'5 0 0
25.163
cotton goods has somewhat improved on this side of the
Savannah________ 34,611 1 ,388.875 17,488
Brunswick_______
15,000
238,600
6.000
water. On the other hand, however, thoro is a deep-seated
C harleston_______
2,605
1,974
381.822
belief in many quarters that the crop has beon under-esti­
W ilm ington_____
5,073
8,377
330,066
N orfolk __________
22,065
mated. Very many think that this view was strongthoned
371,996 13,926
N ’port N ew s, &c.
46,563
4,859,
4,824
by the recent big ginning, and that it will receive further con­
925
N ew Y o rk ______
1.434
3.257
1,511
firmation in the next report on that subject, which will be
B oston___________
9.671
3,318
69,250
Baltim ore________
2,914
2,577
issued by the Census Bureau on Jan. 9. Thoy believe, too,
P h iladelphia____
739
90
that the foreign consumption of American cotton in the
T o ta ls_________ 303,899 6,828,063 262.348 7,051,101 1,065,471 1.178.796 closing
months of 1913 decreased materially, owing
partly to tho after-effects of tho Balkan W ar
and
In order that comparison may be made with other years, financial
and
commercial
disturbances
in
other
we give below the totals at leading ports for six seasons:
parts of the world.
Also
the
local
stock here
is increasing rapidly. It is now noticeably largor than it
Receipts at— •
1914.
1913.
1912.
1911.
was a year ago. A t tho same timo it is believed that tho spot
1910.
1903.
markets as a rule are quiet, and that tho big spinners’ takings
G a lv e sto n ___
111,954
94,138
123,634
75,819
80,100
108,319
T o xasC ity,& c
22,069
44,697
recently reported do not actually measure consumption. _ A t
28,059
38,036
1,486
40,537
76,273
N ew Orleans.
43,115
59,888
70,481
38,070
6 1,242
tho same timo speculation is down to a minimum for various
M ob ilo.............
19,819
2.074
13,700
6,337
7,115
11,390
reasons. First, during the past year it has boon menaced
Savannah ___
34,611
17,488
51,316
31,528
28,585
23,332
B runsw ick___
15,000
6 ,0 0 0
20,900
23,262
19,209
580
by hostile legislation, and, second, the outside public is not
Charleston ,&c
1,974
2,605
5,764
3,798
1,237
1,227
in the habit of buying cotton for a rise in the neighborhood
W ilm in g to n ..
5.073
8,377
3,557
9,950
4,386
6,168
N o rfo lk ______
22,065
13,926
22,821
13,604
8,615
12,114
of 12 cents. It it was at all inclined to do so, tho drop from
N ’port N .,& c .
4,859
4,824
1,599
587
241
1,186
late in October to tho middle of Decoinbor of about $10 a
A lloth ors____
7,387
7,919
17,304
9,536
2,185
3,915
bale would, naturally, bo regarded as anything but encouragT o ta l this wk.
303,899
262,348
354.935
275,103
167,377
295,374
ment to buying for a rise. As a matter of fact, all tho big
Sinco Sopt. 1 . 6 ,828.063 7,051,104 7,348,271 6,268,671 5,236,608 6,549,529
bull speculations in tho past havo started from a much lower
level than the price of cotton now ocoupios. It should not be
Tho exports for tho wqok ending this evoning reach a total forgotten that tho placing of three largo department stores
of#244,110 bales, of which 143,770 wore to Great Britain, in the hands of receivers during tho past wook has also led
8,796 to Franco and 91,544 to tho rest of the Continent. a good many to hesitate about taking the bull side. R e­
Below are to exports for the week and sinco Sept. 1 1913.
ceivers were also appointed for a cotton compressing firm of
Charleston, S. C . To-day prices declined, owing partly to
rumors that tho total ginning from Deo. 13 to Jan. 1 approxi­
Week ending Jan. 2 1914.
From Sept. 1 1913 to Jan. 2 1914.
Exported to—
Exported to—
mated 500,(XX) bales, against 468,000 in tho same time last
Exports
year. Also tho week-end statistics wore bearish, and there
prom—
Great
Conti­
Great
Conti­
Total. B rita in . France.
B rita in . Trance . nent.
nent.
Total.
were disturbing rumors about other dopartmont stores here.
Spot cotton closed at 12.50c. for middling uplands, showing
Galveston.. 37.091
2 2 ,2 12 59,303 664,223 202.272 777,908 1,644,403
Texas City. 16.3U
10 ,2 11 26,529
10
___ 196,320 18,168 61,603 276,091 a decline for the weok of for points.
Pt. Arthur.
____
847
16,932
16,085
The official quotation
middling upland cotton in th«
A r. Pass, Ac.
’ L 1 iw
22,162
7,824
29,986
NewOrleans 42.50C
19,058 62,158 384,599 104,820 243,964 733,383 New York market each day for tho past weok has been:
S a t.

M obilo___
9.81C
Pensacola.. i ' __il
Savannah.. 13,54f
Brunswick .
Charleston.
Wllmlngtor 12,52(
Norfolk____
2,984
New York.
3,60;
Boston___
971
Baltimore..
1.37J
Phlladel’a ..
2,978
San Fran..
Pt.Towns’f
____

! M on.

6,89£
___:

Tues.

16,705
l
;
J
IO 13,648
C
23,456 23,456

. ._

12,529
2,984
8,550
2,984
1,26C
294
4,795 6,167
616 3,594
2,171
2,171
5,047 5,047
.

1,901

—

W ed.

T h u rs .

73,122
37,889
157,247
53,169
89,915
61,241
24.958
98,945
42,675
25,674
22,430

59,538
42,644
204,671
22,954
5 ,03C
85,365

..........

7,602
7,139
-

.....

F r i.

73,985
31,020
472,468
135,996
155,699
147,393
42,605
117,704
4,773
54,101
3,589
117,709
56,361

T o ta l.

206,645
111,553
834,386
212,119
250,644
293,999
67,563
224,251
47,448
86,914
26,019
117,709
56,361

8,796 91,544 244,110 1,955,416

1914.C ........... 12.50
1913..............-1 3 .4 0
1912.................. 9.35
1911................ 15.00
1910........... . .1 6 . 1 0
1909__________9.35
1908................ 11.80
1907................ 10.75

M ARKET

789,376 2,232,747 5,453,708

1906-C ------- . 11.75
1905---------- . 0.95
1904_______ .1 3 .5 0
1900_______ . 9.00
1902_______ . 8.44
1901_______ . 1 0 .1 2
1900_______ . 7.75
1899.......... - . 5.88

AND

Total___ 143,77C

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 tho following amounts of cotton on shipboard, not
oleared for tho ports named. W e add similar figures for
N ew York.




Spot M a rk e t.
Closed.
Saturday___
M o n d a y ___
T u e s d a y ___
W ednesday.
non
Thursday . .
Friday______ Quiet 1 0 p t s .d e c ._ _

P*o ta,l____
T

1898.C ..........
1897________
1 8 9 6 . . . ........
1895________
1894________
1893________
1892________
1891________

SALES

760,203 2,520,787 5,230,406

Tot. ’ 12-13. 044,428 47,934 142,363 334,725 2,431,585

Dec. 27 to J a n . 2—
S a t. M on. T u e s . W e d . T h u r s .
II.
M iddling uplands_____ _________12.60 12.60 12.60 12.60

AT

F u tu re s
M a rk e t
Closed.

1890.C ........... 10.25
1889............... 9.75
1888................ 10.56
1887............... 9 .50
1886............... 9 .19
1885................ 11.12
1884................ 10.56
1883................ 10.19

5.94
7.19
8.31
5.69
7.94
9.88
7.81
9.31

NEW

YORK.
SALES.

Spot.

Very steady___
Steady_________
Steady_________
DAY
Steady____ , ___

Fri.
12.5#

C o n tr'c t

11,500

3,30#
900
11.500

50

47,900

49.950

50

63.600

6 3 .6 5 “

3,366

000

J a n . 3 1914.J

THE CHRONICLE

F U T U R E S .— The highest, lowest and closing prices at
Now York for the past week have been as follows:
Saturday, M onday. Tuesday. Wed’day, Thursd’y,
Dec. 27. Dec. 29. Dec. 30. Dec. 31. Jan. 1.
Dec.—
R an ge___
Closing___
January—■
R ange___
Closing___
February—
R ange___
Closing___
M arch—
R ange___
Closing___
A p r il—
R ange___
Closing___
M ay—
R an ge___
Closing___
June—•
R an ge___
Closing___
July—
R an ge___
Closing___
August—
R an ge___
Closing___
September—
R ange___
Closing___
October—
R ange___
Closing___
November—
R ango___
Closing___

F rida y,
Jan. 2.

Week.

12.13-.19 12.17-.30 12.18-.36 11.98-.26
12.19-.20

—

11.90-.06 12.03-.15 11.90-.11 11.95-.07
12.05-.06 12.05-.07 12.00-.01 12.00-.01

A T T H E IN T E R IO R T O W N S the movement— that is,
the receipts for the week since Sept. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding period of the previous year— is set out in
detail below.

11.87-.03 11.87-.15
11.89-.90

11.98-.36
Movement to

____

11.97-.99

12.18-.35 12.34-.44 12.28-.43 12.22-.27
12.34-.35 12.39-.40 12.32-.33 12.29-.30

12.10-.31 12.10-.44
12.14-.15

12.29-.32 12.32-.34 12.28-.32 12.23-.25

12.08-.10

12.18-.30 12.29-.40 12.22—36 12.19—33 HOLI­
12.29-.30 12.32-.33 12.28-.29.12.23-.24 D A Y .

12.02-.25 12.02-.40
12.07-.08

12.29-.31 12.32-.34 12.28-.30 12.22-.24

12.05-.07

12.20-.31 12.30-.40 12.24-.39^ 12.19-.35
12.29-.30 12.21-.23

11.99-.22 11.99-.40

12.12-.23 12.10—
12.10-.12 12.14-.16 12.10—

11.83 — 11.83-.23
11.83-.84

11.79-.80 1L 75-82 1L78-.80 11.72-.75

11.59-.61

ll.flS-.70 11.66-.78 11.09-72 11.63-75
11.70-.72 11.08-.69 11.70-.72 11.64-.65

11.5011.51-

.63
11.50-.78
.53

T H E V IS IB L E SU P P L Y OF C O T T O N to-night, as made
up by cable and teegraph, is as folows. Foreign stocks,
as well as the afloat, are this week’s returns, and conse­
quently 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.
Stock at Liverpool................bales. 952,000 1,493.000
Stock at L o n d o n ..............
5,000
6,000
Stock at M anchester........................
94,000
66,000

1912.
1911.
858,000 1,088,000
2,000
8,000
68,000
96,000

T otal Great B rita in ...................... 1,051,000 1,505,000
Stock at Hamburg...........................
15,000
9.000
Stock at B rem en .................
493,000
550.000
tock at H a v r e . ............................. 452,000
419.000
Stock at M arseilles_____________
2.000
2.000
Stock at B arcelon a _____________
22,000
22,000
Stock at G e n o a ...............................
24,000
43,000
Stock at Triesto_________________
14,000

928,000 1,192,000
8,000
3.000
331.000
228,000
224.000
191,000
2,000
2.000
16,000
9.000
35,000
23,000
2,000
2.000

Jan uary 2—

T otal Continental stocks..........1,022,000 1,045,000

Towns.

618,000

458,000

T otal European s tock s.............. 2,073,000 2,550,000 1,546,000 1 ,650,000
India cotton afloat for Europe
106,000
66.000
34 000
136.000
Am or, cotton afloat for Europe . 725,164
823,814
978’S80
791.714
E gypt,B razil,& c.,afIt. for Europo 110,000
71,000
6 3 ’,000
83.000
Stock In Alexandria, E g y p t -------- 377.000
327,000
250 000
296.000
Stock in Bom bay, In d ia ------------- 6 14 ,0 0 0
478,000
279,000
355.000
Stock in U . S. ports ........
1,065,471 1,178,796 1,500,173 1 ,188,771
Stock in U. S. interior to w n s ------ 1,005,910
873,938
965 226
835,221
U . S. exports t o -d a y ......................
59,379
43)353
79)828
35,704
T otal vislblo s u p p ly ...............6 ,1 3 5 .9 2 4 6,411.901 5.696,107 5 ,370,410
O f the above, totals o f American and other descriptions are as follows:
—
Liverpool s t o c k ..................bales. 742,000 1,241,000
745,000
979.000
Manchester s to c k ..........................
60,000
39,000
50,000
72,000
Continental stock . -------975,000 1,016,000
591,000
441.000
American afloat for E urope-------- 725,164
823,814
978,880
790,714
U . S. port s t o c k s -----------1,065,471 1,178.796 1.500,173 1, 188,771
U . S. interior s lo c k s ....................... 1,005,910
873,938
965,226
835,221
U . S. exports to-day......................
59,379
43,353
79,828
35,704
T otal American_____________ 4 632,924 5,215,901 4,910,107 4,342,410
E a s t I n d i a n , B r a z i l , etc.—Liverpool stock_________________
192.000
113.000
109.000
London stock ___________________
5,000
6,000
2,000
8,000
M anchester stock______________
34.000
27.000
18,000
24.000
Continental stock________________
47.000
29.000
27.000
17.000
India afloat for Europe .
106,000
66.000
34.000
136.000
E gy p t, Brazil, & c., afloat........... ..
71,000
63.000
83.000
Stock in Alexandria, Egypt377.000
327.000
250.000
296.000
Stock in B om bay, India.
614.000
478.000
279.000
355.000
A m er ic a n

Ala., Eufaula..
Montgomery .
Selma .............
Ark., Helena..
Little R ock..
Ga., A lba n y...
Athens...........
Atlanta______
Augusta.........
Columbus____
M acon______
R om e......... ....
La., Shreveport
Mlss.,Columb’s
Greenville___
Greenwood...
Meridian____
Natchez_____
Vicksburg____
Yazoo C ity..
M o., St. Louis.
N.C., Raleigh..
O., Cincinnati.
Okla., H u g o ...
S.C ., Greenw’d
Tenn.,Memphls
Nashville____
Tex., Brenham
Clarksville...
Dallas.............
Honey Grove.
Houston.........
Paris________

48
1,386
1,525
1,470
6,422
77
2,040
5,944
6,967
4,060
583
198
5,500
300
3,219
3,000
1,013
500
1,472
800
24,184
30
16,009
250
75
30,214

_

200
325
3,336
850
60,156
2,100

Tinnevelfy, G ood, Liverpool------ 6 1 1 -1 8 3 7

**6£*d .
Q%d.

^H d)

°~ 5 % d .

Continental imports for past week have boon 200,000 balos.
The abovo figuros for 1914 show an increase over last week
of 107,739 balos, a loss of 275,977 bales from 1913, an excess
of 439,817 balos over 1912 and a gain of 765,514 bales over
1911 ■
Q U O T A T IO N S
F O R 'M I D D L I N G
C O T T O N PAT
O T H E R M A R K E T S .— Below aro the closing quotations
ofj'middling cotton at Southern and other principal cotton
markets for each day of the week.
C lo sin g Q u o ta tio n s f o r M id d lin g
W e e k e n d in g
J a n u a ry 2 .

S a tu r d a y,

G alveston______ 1 2 %
Now Orleans___
1 1 -1 6
M obilo.................. 1 2 7 - 1 6
Savannah ..........
7 -1 6
Charleston_____
>*
W ilm ington____
N orfolk . .............
X
B a ltim o re _____
m
P h ila d e lp h ia ... 1 2 . 8 5
Au gusta...............
M
M em ph is_______
S t. Louis.............
Houston________
X
L ittlolR ock------- \2%

1
2
1
2
12
12
12
12

}I*
12




M onday,

\2%
12 1 3 -1 6
V*
7 -1 6
>*

12
1
2
12

T u esd a y,
~\2%

12 1 3 -1 6
V*
12V*
12V *

12

1 1 3 -1 6
2
124*
12%

1 v*
2

\2%

12%

1 2 .8 5
V*

12

124*
124*
1 2 .8 5
125*

r

IP

12%

12%

12 1 3 -1 6
124*
124*
1244

124*

1 2 .8 5
125-6
13 %
13
V*
**

124*
124*

F r id a y ,

1 4*
2

\2%

1214

12
12

C o tto n o n —

W e d 'd a y , T h u r s d 'y ,

H O L I­
D A Y .

124*
1244
1 2 .7 5
124*
134*
13
1244
124*

1914

M o v e m e n t to J a n u a r y

Season.

Week.

20,384
136,085
112,303
49,385
134,633
20,893
92,451
182,679
296,318
54,787
42,340
51,233
144,168
32,899
65,439
98,373
22.580
16,178
25,920
31,004
283,651
10,726
104,546
32,031
10,760
750,723
7,903
16,177
43,420
65,293
32,289
1,829,872
84,957

8 5,227
1,386 37,735
1,564 20,262
1,958 19,839
5,112 56,889
59 4,510
550 29,770
7,658 20,446
4,239 94,155
1,300 23,163
896 4,544
262 7,603
4,177 40,034
521 6,200
1,333 29,043
4,000 35,000
1,763 9,114
500 5,500
1,430 12,942
600 15,873
21,548 29,329
50
405
14,665 20,793
505 3,000
86
567
28,604 261,683
690
300 1.700,
345 7,419
4,805 9,659
850 4,036
60,592 181,380
2,153 7,400

237
19,168
1,828 137,099
2,512 107,598
600
36,549
3,005 156,309
500
22,793
594
88,571
4,154 137,094
10,000 285,420
4,670
62,091
1,376
27,940
1,072
42,706
4,663 129,845
194
22,858
1,200
42,656
2,500
90,987
1,091
43,386
254
17,081
897
24,370
200
20,464
32,762 305,750
80
7,377
19,149 121,204
300
28,831]
200
17,300
20,777] 572,585
74
5,389
188
16,602
300
43,101
1,500 101,200
400
39,714
71,292 2,489,037
2,500 121,078

_

Receipts.
Season.

3 1913.

Shipmerits
Week.

Stocks
Jan.
3.

53 7,576
1,458 38,486
1,957 10,882
1,086 15,500
6,592 44,281
700 2,200
700 27,913
4,313 26,198
7,182 127,000
1,500 32,831
329 8,450
725 9,310
4,791 32,977
754 5,087
1,384 16,000
1,916 29,000
1,376 18,611
484 4,641
457 6,539
746 8,143
30,369 22,552
50
377
15,100 22,809
341 2,500
200 5,000
10,336 174,466
542
546
208 1,380
431 3,000
2,000 5,500
695 3,000
81,636 157,183
3,492 4,000

Total, 33 towns 190,253 4,908.400 173,819 1005910^191,069 5,384,159 189,903 873,938

O VER LAND M O V E M E N T FOR TH E W E E K A N D
S IN C E S E P T . 1.— W e 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:
r

„

------- 1913-14—

January 2—
S h ippe d—

Week.

s in c e
Sept. 1.

V a s t . Louis....................................... 21.548
Via C airo-------------2,826
Via R o ck Island............................
183
Via L ouisville.......... .......................... 3,423
Via C incinnati.......... ....................... 10,128
Via Virginia points..............
4,603
Via other routes, & c ..........................18,649

260,520
96,283
3,418
60,995
63,404
100,514
225,502

-61,360

810,636

73,139

833,483

. . 5,350
. . 5,294
3,327

D e d u c t s h i p m e n t s —•

82,917
47,599
43,546

7,419
9,016
1,763

84,569
58,423
44,195

T otal to be deducted...................13,971
13,971

174,062

18,198

187,187

..47,389

636,574

54.941

646,296

* Including m ovem ent b y rail to Canada.

The foregoing shows the week’s net overland movement has
been 47,389 bales, against 54,941 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 9,722 bales.
O
In

S ig h t a n d S p in n e r s '
T a k in g s.

111
S in c e
S e p t . 1.

•■

IVlLZ-1,5--------S in c e

. .303.899
. . 47,389
. . 60,000

6,828,063
636,574
1,070,000

262,348
54,941
56,000

S e p t. l.
7,051,104
646,296
1 ,0 0 0 , 0 0 0

..411,288
. . 16,434

110,000

r.°.t.<1 VTr b,l 0 8 VpP !y .........
?
<
,
6.135,924 6,411.901 5,690,107 5,370,4
i,410
M idd ng Upland, Liverpool-------7.05d.
7.19d.
5.22d.
8.0!
•08d.
M iddling UldantLNew Y o r k . . . .
12.50c.
13.30c.
9.25c.
15.01
_ j .OOc .
E
” gypt, ,0 ood Brown, L iv erp ool._ 13.40d.
5 G "J *
'
‘ ‘
*
10.65d.
9J4d.
llH d .
Peruvian, Rough G ood, Liverpool
9.00d.
10.25d.
r9.05d.
ll.O O d.
Broach, Fine, L i v e r p o o l ....------ _
6 M d .6
ll-1 6 d . ,

2

Ship- Stocks.
-m mt o
c
jncTUrS. Jan.
Week.
2.

210,000

T efa l East India. & c................ 1,503,000 1,196,000
786,000 1,028,000
Total Amorican........................ -4,632,924 5,215,901 4,910,107 4,342,410

January

Receipts.
Week.

12 15-21
12.10-.15 12.14-.18 12.09-.13 12.08-.12

17^ 12.15 —
12 12.02-.04

79

8,534,637
891,396

373,289
1,166

8,697,404
776,902

W eek .

.427,722
9,426,038
N orth, spinners’ takings to J a n .2 . 78,095

1,369,532

W eek .

374,455
94,678

9.474*302
1.350,468

Movem ent into sight in previous years.
W eek—
B a le s.
S i n c e S e p t . 1—
.
B a le s.
1912— Jan. 5 ............................. 438,581 1911-12— Jan. 5 ..........
9,744,781
1911— Jan. 6 ............................. 330,825 1910-11— Jan. 6 ___________ 8,464.750
1910— Jan. 7 ........................
237,072
1909-10— Jan. 7 ___________ 7,406,528

N E W O R L E A N S C O N T R A C T M A R K E T .— The high­
est, lowest and closing quotations for leading contracts in
the New Orleans cotton market for the past week have been
as follows:
S a tu r d a y,
D e c . 27.

M o n d a y , T u esd a y,
D e c . 29.
D e c . 30.

W e d 'd a y . T h u r s d 'y ,
D e c . 31.
J a n . 1.

F r id a y ,

Ja n . 2.

D e c e m b e r —■

[ mm _ _.
mm _
R a n g e _______ 12.29-.39 J2 3 9 __
C l o s i n g _______ 12.38-.39 12.40 — 12.40 —
J a n u a r y —•
R a n g e _______ 12.17-.41 12.35-.47 12.33-.47 12.34—44
C l o s i n g _______ 12.38-.39 12.40-.41 12.40-.41 12.43—
44
F e b r u a r y —•
—. —. — _ __ _. ._. __ — - . __
R a n g e .............. _
C l o s i n g _______ 12.43-.45 12.45-.47 12.45-.47 12.46—
48
M arch —
R a n g e ........... 12.48-.68 12.61-.72 12.56-.75 12.55—
68
C l o s i n g _______ 12.65-.66 12.66-.67 12.63-.64 12.62-.6J
A p r il—
R a n g e ______
C l o s i n g ______ 12.65-.67 12.67-.69 12.63-65 12.eS-.64
M ay—

12.22-.33
12.26—28
_. __
12.29—31
12.38-.65
12.43-.44
iinr.T ­
holi
d a y .

12.43-.45

12.62-.80 12.74-.84 1 2 .6 8 —8 6 12.68—
80
12.79 — 12.79-.80 12.75—76 12.74-.75

12.49—
73
1 2 .5 4 —55

12.69-.87 12.80-.91 12.68—94 12.75-.85
12.86-.87 12.84-.85 12.81—82 12.79- .8(
- . ,
. 1 1.7 7 —79
R a n g e _____ 11.84 — 1 1.7 8 .81
C l o s i n g ___
11.84 — 1 1.7 9 1 1.7 7 —79 1 1.7 5 —
.80
T o n e —■

12.54-.80
12.60-.61

R a n g e _______
C l o s i n g _______
J u l y —■

R a n g e ..............
C l o s i n g _______

O cto b er —

S p ot_________

O p t i o n s _______

Q u ie t .
S tea d y .

S tea d y .
S tea d y .

Q u ie t .
S tea d y .

Q u ie t .
S tea d y .

11.6 2—75
11.69-.61
Q u ie t .
S tea d y .

W O R L D ’S SU P P L Y A N D T A K IN G S OF C O T T O N .—
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.
C o tt o n T a k in g s .
W eek a n d S eason .

1912-13.

1913.-14

Week.

| Season.

Week.
6 ,028,185

Visible supply Sept. 1 _________
American in sight to Jan. 2 ____
B om bay receipts to D ec. 3 1 ___
Other India shipm ’ts to D ec. 31
Alexandria receipts to D ec. 3 1 .
Other supply to D ec. 3 1 * _____

Season.

6,338,005
2,055,351
9,426,033
886,000
110,000
788,000
115,000

427,722
95.000
9.000
3 4.000
5.000

2,135,465
9,474,302
559.000
68,410
787.000
112.000

374,455
108,000
1,000
48,000
3,000

Total supply_______ _________ 6 ,598,907 13,380,384 6,872,460 13,136,197
D e duct— ■
Visible supply Jan. 2 9 ________ - 6,135,924 6,135,924 6,411,901 6,411,901
7 .244.460
5.835.460
1,409,000

462.983
350.983
112,000

T otal takings to Jan. 2 a ________
O f which Am erican________
O f which o t h e r ______________

460.559
341.559
119,000

6 ,724,296
5,623,886
1,100,410

* Embraces receipts in Europe from Brazil, Smyrna, W est Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
1 ,070,000 bales in 1913 and 1,000,000 bales in 1912— takings not being
available— and aggregate amounts taken by Northern and foreign spinners,
6 ,1 7 4 ,4 6 0 bales in 1913 and 5,724,296 bales in 1912, o f which 4,765,460
bales and 4 ,623,886 bales American.

I N D I A C O T T O N M O V E M E N T F R O M A L L P O R T S .—
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 three years have been as follows:
1913.
December 31.
Receipts at—
95,000

Bombay---------------- ------------

1912.

Since
Sept. 1.

Week.

Week.

Since
Sept. 1.

Week.

483,000

559,000! 69,000
Since September 1.

Great Conti­ Japan
B rita in . nent. &C hina Total.

Bombay—
1913____
1912____
1911____
Calcutta—
1913____
1912____
1911___
Madras—
1913____
1912____
1911____
All others—
1913____
1912___
1911____

1911.

Since
Sept. 1.

886,000 108,000

For the Week.
Exports
fro m —

Great
B rita in .

Japan
& China.

Conti­
nent.

Total.

15,000 5,000 20,000
6,000 20,000 26,000
10,000 21,000 31,000

6,000
11,000

266,000
87,000
54,000

188,000
78,000
147,000

460,000
176,000
201,000

1,000

1,000

2,000
2,000
1,000

11,000
6,000
6,000

1,000
10

14,000
8,010
7,000

1,000

1,000

4,000
4,000
2,000

11,000
8,000
5,000

1,000

16,000
12,000
7,000

7,00b
1,000
—

10,000
6,000
4,000

64,000
41,000
42,000

6,000
1,400
1,000

80,000
48,400
47,000

6,000 29,00(1
1,00C 22,000
7,000 20,000 27,00(1
10,000 21,000 31,000
—

22,00(1
23,00(1
7,000

352,00(1
142,000
107,000

196,000
79,41(1
148,000

570,000
244,410
262,000

1,000

5,000
1,000

—

Total all—
1913____
1912____
1911____

1,000
—

—

According to the foregoing, Bombay appears to show a
decrease, compared with last year, in the week’s receipts of
13.000 bales. Exports from all India ports record a gain of
2.000 bales during the week and since Sept. 1 show an
increase of 325,590 bales.
A L E X A N D R I A R E C E IP T S A N D S H IP M E N T S OF
C O T T O N .— Through arrangements made with Messrs.
Choremi, Benachi & C o ., of Boston and Alexandria, we
now receive a weekly cable of the movoment of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of tho two previous years.
1913.

1912.

1911.

225,000
5,882,584

310,000
5,878.177

330,000
4,476.229

T h is
Since
W eek. Sept. 1.

T h is
Since
Week. Sept. 1.

T h is
Since
Week. Sept. 1.

Liverpool_____________ 4.750 117,398
6.500 127,387
M a n c h e s t e r .._____
9,000 132,799
8,500 112,341
Continent and India. 18,000 184,355 10,000 151,892
America................. ......... 1,000 17,693
1.500 56,655

8,000 95,730
8,750 115,204
8,000 140,061
3,000 22,624

A le x a n d ria , E g y p t,
December 31.
Receipts (cantars)— •
This week________________
Since Sept. 1____________

E xp o rts (bales)—•
To
To
To
To

Total exports_________ 32,250 431,787 27,000 468,733 27,750 373,619
N o te .— A can tar is 99 lbs.

Egyptian bales weigh about 750 lbs

M A N C H E S T E R M A R K E T .— Our report received by
cable to-night from Manchester states that the market is
quiet for both yarns and shirtings. Spinners are considered
to be well under contract. W e give the prices for to-day be­
low and leave those for previous weeks of this and last year
for comparison.
1913-14.

8. d.

d. S. (1.

d.
10 % ©
109-16®
105-160

m* 6 4
im 6 4
111* 6 3

10 >A
10)*
lot*
91*

ilk ,
©
©115-16
O H 3-16
107g
©

10

fn
\

11

1912-13.

8 H lbs. Shirtlugs, common
to finest.

32s Cop
Tw ist.
Nov
14
21
28
Dec.
5
12
19
26
Jan.
2

[Vol.

THE CHRONICLE

80

6
6
6
6

3
2!
2
1

O9




o n
o il
©11
©11
© 11
© 11
@11

8
8
6
6
4
4
3

rfMi 3U

Cot'n
M id .
U pl's
d.

32s Cop
Tw ist.
d.

7.47 OH
7.36 10 M
i
7.22 101*
7.33
7.26
7.11
7.02

8t* lbs. Shirtings, common
to finest.

10 K 6
lit* 6
lit* 6

10 3-16 @ lit * 6
10)* ©
lit* 6
10H O
l it * 6
10)* ©
U ti 6

7.0* 10 7-

8. d.

d. 8. d.
@
O
O

11k 6

1>*@11 3
2 @11 4
3 @ 11 6
3
3
3
3

@11
@11
@11
@ 11

6
6
6
6

4

< /1 1 7U
71

Cot'n
M id .
U pl's
d.
6.78
6.91
7.09
6.99
7.06
7.11
7.18
7,10

X CVIII.

W E A T H E R R E P O R T S B Y T E L E G R A P H .— Reports to
us by telegraph this evening from the South are on the whole
of a fairly favorable tenor. In tho Southwest dry weather
has prevailed quite generally, and elsewhere the rainfall has
been light or moderate. The movement of the crop has been
quite free.
Galveston, Tex.— Recent floods of tho Brazos, Colorado and
Trinity rivers covered at least 700,000 acres, over 5 0 % of
which was devoted to cotton. Fully 2 5 % of these lands, it is
said, will not bo put into cultivation this year. Thero has
been a trace of rain on ono day during the week. Average
thermomoter 53, highest 06, lowest 40.
Abilene, Tex.— Thero has been no rain the past week.
Minimum thermometor 24, highest, 40, average 32.
Dallas, Tex.— Thero has been no rain tho past weok.
Lowest thermometer 24, highest 44, average 34.
Palestine, Tex.— Dry all tho weok. Tho thermometer has
ranged from 30 to 46, averaging 38.
San Antonio, Tex.— N o rain the past week. Average ther­
mometer 44, highest 54, lowest 34.
Taylor, Tex.— W o have had no rain during the week. The
thermometer has averaged 39, tho highest being 48 and the
lowest 30.
New Orleans, La.— W o have had rain on two days during
tho weok, the precipitation reaching thirty hundredths of an
inch. The thermometer has averaged 50.
Shreveport, La.— There has boon rain on three days during
the week, the rainfall boing ono inch and forty-four hun­
dredths. Highest thormometer 59, lowest 28.
Vicksburg, M iss.— W o have had rain on three days of the
weok, to the extent of forty-four hundredths of an inch. The
thermometer has averaged 42, tho highest being 55 and tho
lowest 31.
Memphis, Tenn.— Rainfall for the week, fifty-two hun­
dredths of an inch, on two days. Average thermometer 35.
highest 49, lowest 29.
„ ,
,
Mobile, Ala.— W e have had rain on two days of the week,
to the extent of fifteen hundredths of an inch. Tho ther­
mometer has avoraged 46, the highest being 65 and the low­
est 35.
.
„
,
Selma, Ala.— There has been ram on four days the past
week, the rainfall being ono inch and thirty-six hundredths.
The thermometor has ranged from 29 to 48, averaging 40.
Madison, Fla.— Thero has been light rain on ono day during
the week. Average thermomoter 47, highest 57, lowest 35.
Savannah, Ga.— Thero has been rain on two days during
the week, tho rainfall being nino hundredths of an inch.
Average thermometer 48, highest 62, lowest 34.
Charleston, S. C.— Rain has fallen on two days during the
week, the precipitation reaching thirty-four hundredths of
an inch. The thermometer has ranged from 35 to 60,
averaging 48.
,
. . . .
,
,
Charlotte, N . C.— There has been ram during tho week, the
rainfall being one inch and forty hundredths. Average
thermomoter 40, highest 50, lowest 30.
The following statement wo have also received by tele­
graph, showing the height of the rivers at the points named
at 8 a. m . of the dates given:
New Orleans................... Above
M em ph is..............
Above
Nashvillo_______________Abovo
Shreveport_____________ A bove
Vicksburg______________ Abovo

zero
zero
zero
zero
zero

of
of
of
of
of

gauge.
gauge.
gauge.
gau ge.
gaugo.

J a n . 2 1914.
Feet.
6.1
8 .9
9.4
11.7
11.7

J a n . 3 1913.
Feet.
3 .5
7 .0
18.4
*3 .2
5.9

* Bolow.

R E C E IP T S F R O M T H E P L A N T A T IO N S .— The follow­
ing table indicates the actual movement each weok 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
jrop which finally reachos the market through the outports.
Stock at In te rio r Towns. Receipts from Plantations.
Receipts at Ports.
Week
sndlng. 1913-14 1912-13 1911-12 1913-14 1912-13 1911-12 1913-14 1912-13 1911-12
Nov.
•
•
"
Dec.
"
'•
"
Jan.

14
21
28
5
12
19
26
2

485,269
434,152
423.795
358,923
291,330
312.795
319,198
303,899

549.698
508,800
454,342
437,010
380.202
335.203
262,724
262,348

438,861
483,606
458,293
458,694
435,157
471,233
323,704
354,935

669,860
743,397
831,839
895,978
941,508
966,023
989,476
1005910

628,370
685.834
831,839
774,268
804.204
834,999
872,372
873,938

782,156
827,931
866,581
912,182
958,913
970,000
982,065
965,226

549,687
507,689
512,237
423,062
336,860
337,310
342,651
320,333

582.671
566,264
503,231
476,555
410,138
365,998
300,497
263,464

480,151
529,381
496.943
50-4.295
481,888
482,320
335,769
338,096

The abovo statement shows: 1.— That the total receipts
from tho plantations sinco Sept. 1 1913 are 7,719,459 bales;
in 1912-13 wero 7,828,006 bales; in 1911-12 were 8,213,060—
That receipts at the outports although tho the past week were
303,899 bales, the actual movement from plantations was
320,333 bales, tho balance going to increase stocks at intorior
towns. Last year receipts from tho plantations for the week
were 263,464 bales and for 1912 thoy wero 338,096 bales.
S H IP P IN G N E W S .— As shown on a previous page, tho
exports of cotton from tho United States tho past week havo
reached 244,110 bales. Tho shipments in detail, as made
up from mail and telegraphic returns, are as follows:
1
Total
N E W Y O R K — T o Liverpool— -Dec. 27— Canadian, 2,640 upland,
10 Peruvian___ Dec. 31— Cedric, 1,015.............................................
T o Havre— Dec. 30— Craiglna, 1 , 9 0 1 . . ..............................................
T o Bremen— D ec. 26— Bremen, 3 25...................... - ............................
T o Naples— D ec. 30— Ultonla, 8 0 0 .......................................................
T o Venice— D ec. 30— Laura, 1 ,4 4 9 -.....................................................
T o Piraeus— D ec. 31— Athlnal, 2 0 0 ............ ..........................................
T o Shanghai— D ec. 24— Ambrla, 2 1 0 ...................................................

bales.

3,665
1.901
325
, 300
1
300
310;

ll

J a n . 3 1914.]

THE CHRONICLE

G A L V E S T O N — T o Liverpool— Dec. 31— Indore, 17,479
S o u t h ^ bales.
gate, 9 ,8 5 0 ................................................................. .................................... 27,329
T o Manchester— D ec. 26— Tclesfora, 9 ,7 6 2 ____________
9 792
T o Hamburg— D ec. 31— Oxford, 2 ,5 9 5 ____________ _
’
o ’ nok
T o Rotterdam— D ec. 31— Oxford, 121_____________ I I I
121
T o Christiania— D ec. 26— Mexlcano, 2 4 9 - _
249
T o Gothenburg— Dec. 26— M exlcano, 2 ,5 9 9 _____ 1............
2 509
T o Genoa— D ec. 29— Posillipo, 8 ,2 9 8 ________
""
y ’ 298
T o Japan— D ec. 27— Niceto dl Larrinaga, 8,150 " .................." I
8 1 50
T o Mexico— Dec. 31— Alabam a, 200_
'2 0 0
T E X A S C I T Y — T o Liverpool— Dec. 29— Indianoia, 1 6 , 3 1 8 .......... 16 318
T o Bremen— D ec. 27— llydo, 10.211___________
_______ 10 2 1 1
N E W O R L E A N S — T o Liverpool— Dec. 29— -Wayfarer, 23 6 6 6
’
Jan. 2— Civilian, 19,500........ ..............
__
42 500
T o Hamburg— D ec. 30— Bohemia, 10.141
.
"" *
10’ l41
T o Gothenburg— D ec. 31— M exlcano, 5 5 0 .
.
”
" I .....
’ 5^0
T o Antwerp— D w . 29— Frankmere, 2 4 . _ - R uthergle'n','687ll I
711
l o Christiania— D ec. 31— -Mexlcano, 2 ,3 2 0 ____
2 320
T o Barcelona— D ec. 27— Ilimalaia, 1,601__________I I I ................
1601
T o Venice— D ec. 27— Himalaia, 8 8 4 _____
______
8 84
T o Trieste— D ec. 27— Ilimalaia, 3 ,4 5 1 . .
...........................
3 451
M O B I L E - - T o Liverpool— D ec. 31— N ubian, 9 .8 1 0 ______ 1111 111: 9,810
a . f o H a w e— D ec. 30— Tunstall, 6 ,8 9 5 .......... ........................................
6,895
S A V A N N A H — T.° Liverpool— D ec. 27— Maresfield, 8 ,1 0 6 .
8 106
1 ° Manchester— D ec. 27— Maresfield, 5 ,4 4 2 _______
.
"
5 442
r ,T ,r A ? „ 9 A °^ 0— D ec- 27— Maresfield, 100___________
”
10 0
B R U N S W I C K — T o Bremen— D ec. 26— -Kelvinhead, 10,064
........
D ec. 31— N oya, 13,392...................... ...........
23 4 56
I T A V A (1T (?,F“ T '* Liverpool— Dec. 30— Gascony, 12,529lIIZ Z 12,’.529
,
N O R F O L K — T o Liverpool— Dec. 27— Eagle Point, 2 084
2 0 qa
B O S T O N — T o Liverpool— D ec. 26— Michigan. 4 2 2 .
D e c l'3 6 —
Californian, 5 53_____________
_
0 7c
T o Hamburg— D ec. 27— Pisa, 138..........
"
iou
T o Yarm outh— D ec. 26— Prince Arthur. 1 5 6 . . .............I I I I I I ” "
156
B A L T I M O R E — T o Liverpool— Dec. 24— Vedamoro, 1 372
1 372
T o Bremen— Dec. 27— -Main, 4 ,7 9 5 _________
.
4 ’70 5
P H I L A D E L P H IA — T o Liverpool— Dec. 26— M erlon, 2.978ZZZIZ’
2 978
l o Genoa— D ec. 29— America, 6 16______________________
Vi 19
S A N F R A N C I S C O — T o Japan— Dec. 30— Persia, 2 , 171ZZZZZZ
2,171
P O R T T O W N S E N D — T o Japan— Dec. 30— Minnesota, 2,620;
Tam ba M aru, 2 ,4 2 7 _____________
.
5 047
T o ta l.......... .............................................................................................................. 244,110

Tlio particulars of the foregoing shipments for the week,
arranged in our usual form, aro as follows:
Great French Ger------O th.E urope— A t ex.,
,
B r it a in . P o rts, m a n y . N o rth . South.
& c.
Now Y o rk ______ 3,665 1.901
’
~ ■----325
210
2,449G alveston____ 37,091
2,595 2,969 8,298
200
Texas C it y ------- 16,318
10,211
Now Orleans___ 42,500
10,141 3,581 5,936
M o b ile............. .. 9,810 6,895
S a v a n n a h ______ 13,548
::::
"loo
Brunswick____
23,456
W ilm ington_____12,529
N orfolk__________ 2,984
B oston__________
975
138
156
B a ltim o re _____ 1,372
4,795
P h ila d e lp h ia ... 2,978
616
San Francisco.. ____
...
Port Townsend. ____
...
T o ta l_______ 143,770

8.796 51,661

6,550 17,399

J a p a n . T o ta l.
8,550
8,150 59.303
26.529
62,158
16,705
13.648
23,456
12.529
2,984
____
1,269
6,167
3,594
2,171
2,171
5,047
5,047

__

566 15368 244,110

The exports to Japan since Sopt. 1 have been 170,804 bales
from Pacific ports, 17,450 bales from Galveston, 17,200
bales from Savannah and 2,999 bales from New York
L IV E R P O O L .— Sales, stocks, &c., for past week:
« ,
.
D e c. 12. D ec. 19. D e c. 24.
Sales o f the week________ __
7 1 000
“ —
54.000
24.000
O f which speculators tdokZZZZZZZZ loiooo
3.000
1,700
O f which exporters took..................
1,0 0 0
1.000
400
_
. . 51,000
Sales, American____
45.000
19.000
Actual e x p o rt....................................... ..
1 0,000
7,000
13.000
98,000
Forwarded.................. ....................
84.000
7 8.000
Total stock_____________________________ 808,000 889.000 911.000
O f which American_________________ 616,000 682.000 700.000
Total imports o f tlio w eek ..-----------------145,000
173.000
112.000
O f which American--------------------------- 120,000
130.000
89.000
Am ount afloat__________
419,000 391.000 327.000
O f which American--------------------------- 338,000 309.000 261.000

D e c. 31.
28,000

1,000

24.000
5,000
51.000
952.000
742.000
98.000
89.000
341.000
275.000

The tono of the Liverpool market for spots and futures
each day of the past week and the daily closiner prices of
spot cotton have been as follows:
Spot.
Market,
12:15
I1. M .

Saturday.

Monday.
Good
demand.

1

1

Mid.Upl’ds
Sales_____
Spec. & exp.

HOLI­
D AY .

Market,
4
P. M .

Moderate
demand.

Wednesday. Thursday.
Fair
business
doing.

7.07

7.06
7,000
500

8,000

HOLI­
D AY .

500

Irregular, Dull, unch.
Quiet,
6% @ 0%
to 1 point 4 % @ 5 pts.
pts. adv.
decline.
decline.

I

Quiet,
3 @ 5 points
advance.

1

Firm,
1% @ 3 %
pts. adv.

Friday.
Good
demand.

7.14

12,000

500

Futures.
Market
1
opened /

Tuesday.

Quiet,
3% @ 6 %
pts. dec.

7.05
12,000

3,000
Steady
unch. to 1
pt. adv.
Barely st’y
2@5%
pts. dec.

Tlio prices of futures at Liverpool for each day are given
below. Prices aro on tho basis of upland, eood nrrlinnrv
clause, unless otherwise stated.
‘ ^

Dec. 27
to
Jan. 2.

D e c ...........
D ec.-J a n .
J a n .-F o b .
F eb.-M ar.
M ar.-A pr
Apr .-M a y
M ay-Juno
Juno-July
Ju ly-A ug.
A u g .-S ep .
S o p .-O c t.
Oct .-N o v .
N ov.-D ee.
D ec.-J a n .
Jan .-F o b .

S a turday.
12 % 12 %

p .m . p .m .
d.

d.

H O L IDAY.

M onday.
12 %

p .m .
d.
6 75%
6 75%
6 76
6 78%
6 81
6 81
6 81
6 78%
6 75%
6 65%
6 47
6 38
6 34%
6 33%
6 33%

Tuesday.

W ed’day. T h u rsd a y,

F r id a y .

4
4 12%
12%
4
12%
4 1
4
p .m . p .m . p .m . p .m . p .m . p .m . p .m . p .2 % p .m .
m .
d.
d.
d.
d.
d.
d.
(L
d.
d.
76
82
7 2 % 74
72% 7 3 % 7 5 % 7 2 % 72
73
6914
73
73% 7 5 % 72
71%
73
6914
78
74% 73%
75% 76
74 % 71
8 0 % 77
7 7 % 78
75
76
72
7 7 % 7 7 % 80
77
74%
7514 71
77% 7 7 % 80
77
74%
H O L I- 75 % 71
75
74
75
77
71%
DAY.
72
67
72
72
73% 7 0 % 68
6814 6314
62
57%
62
63% 60
58
5214
44
44
4 5 % 41 % 39
39
34
35
35
3 6 % 3 2 % 30
30
25
31 % 31 % 33
28% 26 %
26
2114
3 0 % 3 0 % 32
27% 2 5 %
20
3 0 % 3 0 % 32
27% 2 5 %
20

BREADSTUFF'S.
,
Friday Night, Jan. 2 1914.
, * } o v r h M continued quiet. Many of tho trade are hope1al that things will improve in tho early part of 1914. Stocks
're not believed to bo very burdensome, and certainly buyers
ave been purchasing for so long a period from hand to mouth




81

that they cannot be carrying very large supplies. W ith
business down nearly to the vanishing point, prices have
been necessarily to a great extent nominal.
W heat has lluctuated in tho main within narrow limits
and, as might be expected under the circumstances, the markot has not developed very many striking features. It is
trup that early in the week December advanced sharply for
a time, owing to the covering of belated shorts. The offer­
ings were light. Foreign markets were rather stronger.
I here is a tendency to reduce the estimate of Argentina’s
exportable surplus. The total American stocks increased
for the week only 2,441,000 bushels, against 3,515,000 in the
same week last year. East of the Rocky Mountains sup­
plies increased only 664,000 bushels, against 1,777,000 in the
same week last year. Also there was a noticeable decrease
in the world’s shipments. They fell off markedly from
Russia and tho Danube and the total for the week was only
10,560,000 bushels, against 13,024,000 bushels in the pre­
vious week, though it is a fact which should also be kept in
mind that the total for the corresponding week last year was
only 7,768,000 bushels. Some of the estimates of the Argen­
tine's. exportable surplus are down to 73,000,000 bushels.
1 his is considered more conservative than recent estimates
of only 60,000,000 bushels. Even 73,000,000 bushels is
considerably smaller than estimates in somo quarters a while
back. Offerings of late in this country have been smaller
and, together with the bullish Argentina cables, have tended
to keep prices firm. Also contract stocks are decreasing in
Chicago.
1 hey are now 2,945,000 bushels, against 4,352 000 a year ago. It is said, too, that the farm reserves in
Kansas and Nebraska are 1 0 % smaller than those of a year
ago. In a word, while there has been no aggressive move
on the bull side, the general situation has been such as to
preclude any serious setback in prices. It is said that the
late crops in Australia are turning out rather poorly and that
tho maximum estimates recently heard are not likely to be
realized. In Hungary, too, the weather has been cold,
without snow, a fact which gives rise to some uneasiness!
On the other hand, favorable crop reports have been received
from England, France, Germany and Russia. In Roumania
and Bulgaria, also, the outlook is favorable, though it is true
that those countries need more snow. Wheat offerings from
India havo been larger. On the whole, it may be called a
waiting market. The world’s stocks are put at 205,389.000
bushels, against 200,435,000 a year ago and 199,907,000
at this tnne in 1911. To-day prices advanced and then re­
ceded. Northwestern markets were stronger. The posi­
tion in Chicago had become over-sold.
D A I L Y C L O S IN G B R IC E S O F W H E A T F U T U R E S IN N E W V O P K
„
„
,
Sat. M o n . Tues. W ed. Thiers. F r
99
99
99
H O I J - n q ii
N o . 2 red---------------------------------- c ts . 9 9 14
December delivery in elevator----9 6 %
96%
96% 97%
*D A Y
97%
9 7 % 98
98%
M a y delivery In elevator.............. 9 7 %
D A I L Y C L O S IN G P R IC E S O F W H E A T F U T U R E S IN
„
.
.
,
Sat. M o n . Tues. W e d .T h u r s . F r i . ‘
December delivery in elevator.cts. 8 7 % 8 8 %
8 8 % 91%
H O L I90%
90% 91%
D A Y 91%
M a y delivery m e evator--------------9 0 %
July delivery in elevator............. - . 8 6 %
87
8 6 % 87%
87%

CHICAGO

Indian corn has not moved far, as a rule, from recent quo­
tations, though it is true that early in the week covering of
slioi ts led to an advance in December of
and it went
out strong. M a y was also very firm for a time. Tho tech­
nical position, as it is popularly termed, is believed to have
been improved by the recent weeding-out of a good manv
weak longs.” Cash corn at times has been strong, with
smaller country offerings. Short selling has been less ag­
gressive. A t one time there was covering in Chicago on re­
ports that one of the big elevators had broken down and would
be unable to handle a good deal of corn which it was expected
to tako into store. There is said to be a profit at tho present
discounts on the lower grades in Chicago in drying corn to
make contract grades and selling M a y against it. The
world’s shipments have reached only 3,345,000 bushels,
against 5,576,000 in tho previous week and 5,033,000 in the
same week last year. Chicago’s contract stock, on tho other
hand, increased 755,000 bushels last week, and is now 1,276,­
000 bushels, against 755,000 a year ago. The sentiment is
less bearish, on the whole; yet at the same time there is no
very aggrossivo bullish tone. To-day prices advanced, but
reacted before the close, owing to selling by a big elevator
company.

NEW YORK.

D A I L Y C L O S IN G P R IC E S O F .N O . 2 M I X E D C O R N IN
„
,
Sat.
M o n . Tues. W e d .T h u rs .
o asn corn-------------------------------- c ts . nom . nom . nom . nom. Holiday
D A I L Y C L O S IN G P R IC E S O F C O R N F U T U R E S IN
r>
,
, ,,
,
,
.
.
Sat.
M o n . Tues. W ed. T h u rs .
December delivery in elevator.cts. 6 8 %
70%
6 9 % 71
H O L IM a y delivery in elovator................... 6 8
68%
68%
68%
DAY
July delivery in elevator.............. . . 6 7 %
68%
67%
67%

F r i. ’
78

CHICAGO.

F r i.
68%
67%

Oats havo been irregular within moderate fluctuations.
Early in the week they were higher on covering of shorts and
small offerings. The market had become over-sold and the
rally in corn imparted a stronger tone to oats. A t the same
time Canadian oats are arriving in Chicago and contract
stocks there, after an increase of 43,000 bushels, are now no
less than 3,853,000 bushels, against 361,000 bushels a year
ago. Tho local stock at Chicago increased in all somo 45 5,­
000 bushels last week and is now up to 11,375,000 bushels.
The supply in this country continues large— it is statod at
close to 50,000,000 bushels, or, in exact figures, 49,802,000
bushols, against only 20,861,000 a year ago and 27,297,000
at this time in 1911. Yet prices are 5 to 7 cts. higher than at
this time in 1912. To-day the market advanced and then
reacted on selling by prominent interests.

82

THE CHRONICLE

D A I L Y C L O S IN G P R IC E S OP O A T S I N N E W Y O R K .
Sat.
M on.
Tues.
W ed.
T h u rs .
F r i.
Standards-----------c t s .4 5 % - 4 6 % 4 5 -4 5 % 4 5 -4 5 % 4 5 -4 5 % H O L I - 4 5 -4 5 %
N o . 2 w h ite-............... 4 6 % -4 7
46-46 % 46-46 % 4 6 -4 6 %
DAY
46-46 %
D A I L Y C L O S IN G P R IC E S O F O A T S F U T U R E S IN C H I C A G O .
Sat.
M o n . Tues. W ed. T h u rs . b r i .
December delivery in e levator.cts. 3 8 %
38 % 38%
3 8 % H O L I- - - - - ­
M a y delivery in e lev a to r...................4 0 %
41 , 4 0 %
40% D A Y
40%
39%
40% 39%
39%
July delivery In elevator___________ 3 9 %

The following are closing quotations:

[Vol . XCVII1.

better demand for additional supplies for the coming spring
is in evidence, and no serious effect from foreign competition
is expected until the fall season. Businoss in now fall lines
of both dress goods and men’s wear is greatly delayed by the
backwardness of the current heavyweight season. Manu­
facturers and selling agents are also waiting to see what
amount of goods foreign manufacturers will offor for the
coming fall, much of which was not to bo withdrawn from
bonded warehouse until after the first of the year.
D O M E S T IC C O T T O N G O O D S.— The oxports of cotton
goods from this port for the week ending Dee. 27 were 3,056
packages, valued at $201,616, their destination boingto the
points specified in the table below:

FLOUR.
W inter, low grades____ 53 1 0 @ $ 3 40 Spring c le a r s ..---------r — $4 IQ1
..an
W inter patents_________ 4 8 0 @ 5 00 Ka sas straights, sacks. 4 150
3 75C
W inter straights_______ 4 20(3) 4 35 Kansas clears, sacks—
W inter clears___________ 3 80 @ 4 15 C ity patents____________ 5 85(
Spring patents___________'4 55 @ 4 65 Ryo flour_______________ 3 00 0
Spring straights__________ 4 10 @ 4 20 Graham flour___________ 3 800
---------1913--------G R A IN .
Since
N e w Y o rk to D ec. 27—
Week.
Corn, per bushel—
W h ea t, per bushel— f. o. b .
Great Britain--------------------------------------------16
3.212
N o . 2 ____________
78
N . Spring, N o . 1------------- 51 00
Other
39
1,305
Steamer____________________ elevator Nominal European___________________________
N . Spring, N o . 2 ------------97
China ..................................................................., - - 80,678
N o . 2 yellow__________ old
80
Red winter. N o . 2 ----------1 01
In
...1 ,2 2 8
18,114
N o . 3 yellow ___________________new7 1 % d ia .....................
Hard winter. N o . 2 , arrive
99
35,623
Arabia_____________________________________ - - Argentina in bags________
77
A f r ic a _____________________________________
86
23.89J
R yo. per bushel—
O ats, per bushel, now— 1
cts.
W est Indies_______________________________ 514
37,790
71
New Y o rk ______
Standards_____________ 4 5 % @ 4 6 %
M e x ic o ____________________________________
25
2,434
71
W estern.
N o . 2 , white___________
46
Central Am erica__________________________
238
16,522
65@ 80
N o . 3 .................................. 4 4 % @ 4 5 % Barley— M a ltin g _________
South Am erica_____________________________1,310
50,284
For other tables usually given here, see page 50.
Other countries___________________________ 200
63,555

The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lako and
seaboard ports Dec. 27 1913 was as follows:

T o ta l.................................................................3,656

333,416

300
541
57
296
1,014
174
7,094

390,134

The value of these New York exports since Jan. 1 has been
$25,399,918, against $26,020,189.
U N IT E D STATE S G R A IN STOCKS.
Domestic cotton markets have ruled steady during the
Amcr. Bonded Amer. Amer. Bonded Amer. A m e r .,
Oats. Oats.
Rye. Barley.
Wheat. Wheat. Corn.
past week, with not much change noted in the volume of
bush. bush. bush. bush. bush. bush. bush. bush.
In Thousands—
business, quietness prevailing as a result of tho hplidays.
04
226 1,250
723
8
127
New Y ork . --------------- . 2,333 2,174
13
____
____
—
____
____
Confidence in tho market, however, appears to bo increas­
“
afloat...........
30
7
____
____
2
.
35 1,784
B oston_______________
ing, with many opinions expressed that if money conditions
__
89
159
14
____
342 1,369
Philadelphia................- .
improve buying will becomo active in the near future.
339
____
306
3
218
688 1,842
Baltim ore____________ 74
113
—
—
—
723
____
New Orleans_________ .
There is plenty of evidence that stocks are not as large in
____
____
____
____
107
.
418
many quarters as agents thought they might be, and buyers
12
90
76 1,367
765
927
. 2,438 1,220
411 3,430
600 will soon be obliged to enter tho market to provide for their
79 1,740
. 5,997 1,681
____
____
____
523
245
27
T oledo_______________ . 1,108
requirements. It is believed by many merchants that
—
62
—
55
____
137
195
D etroit.......... ............ .. .
prices have about reached bottom and they look for a steady
.
420
____ 4,039 11,375
299
415
318
Chicago---------------------- . 6,827
undertone from this on, with a hardening of values on some
____
____
____
____
450
“
afloat______ .
____
290
565
constructions that are in small supply. The failuro of several
349
39
.
291
622
328
1,189 1,962
511
.10,593
department stores during tho week did not appear to
__ 226 ____ 275
6S0
.
984
cause any disturbance among leading merchants and no ill
764 1,234
____
98 3,119
Minneapolis__________ .18,284
66
48
____
312 1,400
St. Louis........... ............ . 2,028
results are expected. In fact, reports as regards business
—
---- ___709 1,130
Kansas C ity .................. . 7,915
rcoived from the majority of retail stores havo been very
____
11
—
41 1,585
125
Peoria................ ............ .
—
—
379
213
—
____
252
favorable for some time. Wash fabrics aro selling well
Indianapolis__________ .
34
56
1,016 2,070
—
—
Omaha........................... . 1,027
with considerable interest displayed in tho opening or now
lines. Interest is also increasing in blankets, as deliveries
Total D ec. 27 1913- .63,473 11,261 7,923 26,764 6,760 2,329 5,895 1,597
1,785
Total D ec. 20 1913- .62,369 12,235 4,856 26,492 6,567 2,359 5,837
of this kind of goods have been backward with stocks or many
419
154 1,801 3,422
Total Dec. 28 1912. .63,168 7,569 5,213 8,532
1,429 3,828
lines depleted. Yarn markets are quiet with prices steadier
5,140 18,754
—
—
Total D ec. 30 1911. .70,489
C A N A D IA N G R A IN STOCKS.
at the lower levols. Print cloths havo beon more active at
Canadian
Bonded
Canadian Bonded
Canadian
Bonded
steady prices with converters quite liberal buyers of goods
Rye. Barley. Barley,
Wheat. Wheat. Corn. Oats. Oats.
for delivery during the first three months of the now year.
In Thousands—
bush.bush. bush.
bush. bush. bush. bush. bush.
____
24 490
_____
M ontreal.............- ..........
310
4
892
Gray goods, 38H -inch standard, aro quoted at 5 H e.
............ 3,920
Ft.W lUIam&Pt.Arthur. 8,573
W O O L E N G O O D S.— Despite the outlook for increased
Other Canadian________10,638
.—
5,569
foreign competition, the general feeling in markets for woolen
_
24
490
4 10,381
.19,521
_____
24
_ goods is more optimistic than it was a month ago. During
491
5 8,648
.17,010
_____
_____
47
10 8,068
Total D ec. 28 1912. .22,684
tho past week, however, business has been quiet and par­
—
12 4,499
—
123
—
_____
.12,891
ticularly as regards heavy-weight goods, owing to the un­
SU M M ARY.
On the other hand, dress goods have
Bonded
Bonded seasonable weather.
Bonded
Rye. Barley. Barley.
Corn. Oats. Oats.
Wheat. Wheat.
been quite active, and, according to reports, several lands
bush. bush. bush. bush. bush. bush. bush. bush.
In Thousands—
of fabrics have been sold up and withdrawn.
.
.63,473 11,261 7,923 26,704 6,760 2,329 5,895 1,597
24
490
—
4 10,381
—
.19,521
—
F O R E IG N D R Y G O O D S — Markets for linens remain
about unchanged. While there has been somo fall business
.82,994 11,261 7,927 37,145 6,760 2,353 6,3.85 1,597
.79,379 12,235 4,861 35,138 0,567 2,383 6,328 1,785' booked in addition to moderate sales for near-by delivery,
419
154 1,801 3,469
.85,852 7,569 5,223 16.600
the local trade has been actively ongaged in getting out ship­
1,429 3,951
—
5,152 23,253
—
.83,380
—
ments of spring goods, with many requests received for doliveries not yet duo. Tho genoral undertone of the market
is steady, and in view of the improving tono of foroign pro­
T H E DRY GOODS TR AD E .
ducing centres, concessions in tho near future aro unlikely.
New York, Friday Night, Jan. 2 1914.
Owing to the holidays and stock-taking, there has been no
Owing to tho uncertain effect of the lower tariff, most dry
activity in burlaps and prices rulo unchanged at o.4oc. lor
goods merchants have entered the new year in a spirit of
light-weights and 6.50c. for heavy-weights.
hopefulness rather than confidence. Reviewing the past
year, it is found that the volume of business was greater Importations & Warehouse Withdrawals of Dry Goods.
than during 1912, but that the scale of profits was much Imports Entered for Consumption^for^lie Week and Since Jan. 1.
lower. It is this alono which is giving manufacturers any
Since J a n . 1 1913.
D ec. 27 1913.
V a lu e .
Pkgs.
V alue.
Pkgs.
concern and causing them to muster their full powers with a
S
determination to hold their own with all foreign products. Manufactures of—•
30,236
20,915
7,177,854
106
W ool
......................................... .......
Secondarv distributers and retailors are more optimistic,
C otton .............- ............... — - 3,967 1,233,064 144,175 41,344.894
913,525
80,190 35,227,861
fully believing that the present year will lie a good one from
85,259
299,962
19,644,071
330,639
122,703 13,134,155
the standpoint of consumption. Thoy feel that the effect
M iscellaneous__________________ 2,200
of foreign competition has been greatly overestimated, that
Total 1913------------9,522 2,798,105 462,563 116,528,835
the past year, with its change of administration and large
Total 1912_____________________ 11,610 2,791,360 528,490 123,022,933
volume of legislation, has seen tho worst, and that conditions
Warehouse Withdrawals Thrown upon the Market
will, from now on, steadily improve under tho stimulus of Manufactures of—
4,464,653
34,891
18,768
W ool —
----------126
easier money conditions and greater confidence. M ost es­
204,737
12,691,798
44,242
5,478.841
31,018
13,988
tablishments have completed their inventories, and selling
S ilk .........................
166
7,951,334
86,791
36,909
F lax _____________________________
oo#
agents and commission merchants are awaiting tho return
6 ,590,092
99,519
66,781
M iscellaneous__________________ 1,017
of buyers, in the belief that they will now give greater atten­
474,218 213,480 37,182,718
Total withdrawals---------------- 2,333
tion to their requirements for the first half of the year.
2,798,105 402,503 110,528,835
Entered for consumption------------Stocks are light in all quarters, particularly at primary
Total marketed 1913
11,855 3,272,323 076,049 153,711,553
sources, and for this reason there is littlo expectation of lower
Total marketed 19121...............14.837 3.246.087 761,076 152,610,473
prices. Manufacturers have sufficient business booked to
Imports Entered for Warehouse During Same Period
insuro operations for the timo being,_ and as thoy are not Manufactures of—•
, ono
31,209
7 ,342,935
203,883
W o o l..................................................... L 223
turning out any goods in excess of shipments, there will bo
14,197,356
50,037
250,482
C o t to n ---------------------------------------‘ "I
14,981
5,945,333
95,171
nothing from which to draw supplies on short notice. Conse'
S ilk ...........................- .................. 206
38,551
8,629,127
71.920
F lax _____________________________
o«>4
quently a firm spot situation is probable for some time
118,303
7,544,124
261,487
M iscellaneous____________________ 8,487
Staple cotton goods are fairly active and steady, with urgent
253,741 43,658,875
rpofoi
11,041888,943
requestsfor the prompt shipment of all goods due,and, now
462,563 116,528,835
that the holidays are over, increased bookings are expected. Entered for consumption________ 9,522 2,798,105
Export business continues quiet, but tho outlook for the
Total imports 1 9 1 3 .. ...............20,563 q '§oo '? ^ 9 761,304 100,187,710
Totai Imports 1912---------------- 14,581 3 ,3 2 9 ,lo 2 752,477 153'968,788
future is more encouraging. In woolens and worsteds a




J an . 3 1914 ]

THE CHRONICLE

Section 1. T h at Section 1 o f Chapter 55 o f the Session Laws o f 1907 be
2 ™ ° ™ ? addi ng after the word “ procinct” in the first and also in the
fourth line thereof the word school, so that the section as amended shall read
as follows: Section 1. A n y city, town, precinct, school or village district
ii0m taxation any future issue o f Its bonds, pro v id e d such
®f.c!ni?tIon ^ a 'l a p p l y only to bonds owned and hold by citizens of said
city, town precinct school or village district.
Sec. 2. This A ct shall tako effect upon its passage.
Approved M arch 31 1913.

News Items.
C u ba (R epublic o f).— Proposed $10,000,000 Loan.— ' lio
T
following statement is made inviting proposals until Jan
15 for an issuo of $10,000,000 bonds

New Y o rk S ta te .— Announcement Concerning Sinking
f und. Alter a conference Wednesday night (Dec. 31)with
prominent bankers and other large holders of State bonds,
Uov Glynn announced that a solution of the sinking fund
problem agreeable to the financial interests and State officials
had been arrived at.
It has been decided not to disturb the funds either by with­
drawals or diversion. The contribution to the sinking fund
this year will, it is stated, bo slightly over $8,000,000. This
means a saving of over $2,300,000 as compared with the old
system or levying contributions to the sinking fund. The
two-million-dollar saving has been accomplished, according
to the Governor, by a scientific re-arrangement of the entire
basis of annual sinking fund contributions by experts repre­
senting the State and the large holders of State bonds. The
method used contemplates providing annually for each out­
standing issue of State bonds an amount which, added to
present sinking fund accumulations, will retire the bonds at
maturity.

In accordance with a law promulgated and declared In force on the 20th
Inst., and in conformity with the provisions of its last article, tho President
of the Republic of Cuba has been authorized to issuo bonds for a foreign
debt to tho amount of $ 1 0 ,0 0 0 ,0 0 0 in money of tho United States of America
at the rato of $4 86 each pound sterling, or tho equivalent thereof in other
foreign moneys. The President has also been authorized to make arrange
rnents as to the terms and conditions of tho issue of said loan and the neccs
sary operations for tho proper fulfillment of tho obligations of the same.
The law provides that the bonds shall bear interest at the most favorable
rates obtainable, and they shall be amortized within such time as m ay bo
fixed and from such dates as m ay bo stipulated, endeavoring to secure the
most favorable terms for tho public treasury, the Cuban Republic giving
as a guaranty for the payment of tho debt the good faith and credit of tho
Republic, so that it will always attend tho punctual payment of the interest
on said debt, as well as to tho amortization of tho bonds, inasmuch as tho
law expressly authorizes tho President of tho Republic to give all such guar­
anties and conditions as m ay bo legally required. Roth tho capital and tho
interest will bo exempt from all taxes now in forco or that m ay hereafter
be imposed by law in tho Republic.
Therefore, the President has resolved to ontortain tho proposals of tho
bankers and capitalists, whoso credit, solvency and responsibility aro well
known, for tho acquisition of tho bonds, it being understood that the pur­
pose of tho aforesaid loan is to supply to tho Cuban public treasury cash
resources to be applied to certain and special obligations which do not
allow any commissions or arrangements other than those based on the
delivery of tho money in accordance with tho present standing and credit
of the Cuban Republic in tho European and American markets. Tho
date of tho 15th of January 1014 Is fixed as that on which the time for tho
call of these bids shall expire.
Tho bids shall bo presented at tho Government Palace, or at the office
o f tho Secretary of tho Treasury in tho cityof Havana, In writing or in such
other form as tho bidder or bidders m ay, on their own account and risk
consider more satisfactory, it being distinctly understood that the Prcsi
dent of tho Republic of Cuba reserves tho right to reject all or any propo­
sition which ho m ay deem not acceptable or convenient to tho public interest

San Francisco, C al.— Condemnation Proceedings to A c­
quire Spring Valley Water Plant.— In accordance with the
agreement reached last April between tho city and the Spring
Valley W ater C o ., suit has been filed in the Superior Court
to condemn those properties found necessary for a water
supply for the city. The plan of proceedings agreed upon
was outlined in the “ Chronicle” of April 19 1913, page 1169.
Texas. Condition of Stale Funds.— The State Permanent
School Fund of Texas on Sept. 1 1913 contained $104,441 27
m cash and $18,368,588 04 of various investments. The
value of land and land notes owned by the fund, which forms
its largest asset, is not obtainable for Sept. 1 1913. These
land accounts are kept exclusively by the General Land
Commissioner, and that officer makes no report this year.
On Sept. 1 1912 the fund owned land valued at $2,454,264 73
and land notes amounting to $50,909,287 42. In the follow­
ing table we give the details of the investments held Sept. 1
1912 an<^
land notes and land owned Sept. 1

Denver, C olo .— Election on Moffat Tunnel Bond Issue.—
A special election has been called for Feb. 17 for tho sub­
mission of tho M offat tunnel bond ordinance and any other
propositions that may bo filed within 30 days of the date of
the election. The M offat tunnel ordinance provides for
tho issuance of $3,000,000 bonds for a tunnel under James
Peak, to bo built in conjunction with the Denver & Salt
Lako R R . Co. Under tho contract entered into between
tho city and the railroad company, tho latter guarantees the
$3,000,000 bonds, both as to principal and interest, and also
provides for a sinking fund. The cost of the tunnel, over and
above the $3,000,000, will bo borne by the company.

T o C ash______________________

M assach u setts. Constitutional Amendment Authorizing
Referendum Adopted.— A t the N ov . 4 election tho voters de­
feated a proposed amendment to tho State Constitution
making women oligible to appointment as notaries public.
The voto was 154,691 “ for” to 181,343 “ against.” A t the
same election the voters approved an amendment authorizing
the referendum, the vote in this case being 206,689 to 77,767.
This amendment follows:
Full power and authority are hereby given and granted to the General
Court to refer to the pcoplo for their rejection or approval, at the polls, any
act or resolve of tho General Court or any part or parts thereof. Such
reference shall be by a majority yea and nay voto of all members of each
Ii°V.s<l Present and voting. Any act, resolvo or part thereof so referred
snail bo voted on at tho regular State election next ensuing after such
rpfcronco shall become law if approved by a majority of tho voters voting
thereon, and shall tako effect at tho expiration of thirty days after the elec­
tion at which it was approved or at such time after tho expiration of tho said
thirty days as m ay be fixed in such act, resolve or part thereof.

Street Railway Bonds Legal for Savings Bank Investment.—
Tho Public Service Commission has transmitted to Bank
Commissioner Thorndike tho following list of street railway
companies which appear to have annually earned and proporly paid, without impairment of assets or capital stock,
an amount in dividends equal to at least 5 % upon their out­
standing capital stock in each of tho five preceding years,
with tho exception of tho nino months botweon Sept. 30 1909
and Juno 30 1910, which period is deemed to bo one of tho
said years, but to which tho requirements that dividends
equal to at least 5 % shall have been earned and paid does
not apply. r o list follows:
rh
Ray State.
Roston & Revero Electric,
East Middlesex,
Fitchburg & Leominster,
Holyoke,

N aliant & T,ynn,
Springfield,
Uni
Jnioii,
W est End,
Worcester Consolidated,

- - ------ ---------- : : : : : : : :

Houston & Texas Central B on d s*.
G a G . Harrisb. & San Antonio Ity. B on d s*.
W ashington County R R . B onds*__________

.
,
C H A P T E R 51.
» n 4 ct In amendment o f Chapter 55 of the Sessions Laws of 1907 entitled
’ An A c t to exempt certain bonds from taxation.”
Section 1. School district m ay exempt its bonds held by its citizens.
Section 2. Takes effect on passage.
e i t enacted by the Senate a n d H o use o f Representatives in G eneral C o u rt
convened:




S411 9 3 5 8 4 * 1 7 -4 7 7 -1 3 2 5 8
392i863 72
86,665 90
1
----------891,455 46

T o ta l........................................... - ........... - ........................................ -$ 1 8 ,4 7 3 ,0 2 9 31
Texas Central, Washington County R y . and Galveston
Ar»tonio R y. companies bonds, debt discharged under tho
decision of the Supreme Court, United States, allowing the roads credit for
payments made on account interest and sinking funds, said payments
laving been made in Treasury warrants during the Civil W ar. V *
L a n d A c c o u n t (Sept. 1 1912.)
,6 3 6 ,176.49 acres owned Sept. 1 1912, value $1 50 per acre $2,45 4 ,2 6 4 73
Number of acres leased—
150,407.61 acres leased at 3
cents per a e r o ..
$4,524 22
2 6 ,8 6 6 .00.acres leased at .3M cents per acre” '
1,141 80
103,032.60 acres leased at 3 'A cents per a c r e ..
5.151 63
6 7 ,886.20 acres leased at 4
cents per a c r o ..
2,7 1 5 .4 4
51,190 5 6 acres leased at 5
cents per acre. _
2 ,559.52
2 ,1 8 1 .2 0 acres leased at 6
cents per a c r e .,
130 87
1,920.00 acros leased at 7
cents per acre. .
133 40
4 .3 0 acres leased at 10 cents per a c r e ..
43
2 .2 0 acres leased at 20 cents per a c r e ..
44
6 .6 6 acres leased at 4 6 cents per a c r e ..
2 66
16,360 41
Total amount received per year on leases____ __
Num ber of acres leased, 403,997 .

s i r ann 41
«io,o ou

[11 addition to the Permanent School Fund, which is the
largest and most important fund carried by the State of
lexAs, thero are a number of other funds. The condition
? L ,,1 - 0 (exe*uslve of land and land leases) funds on Sept. 1
C
S
1913 is reported as follows:
„

,

P e rm anent U n iv e rs ity F u n d .

■ s ^ t o of”t e x M

ooi.’l o o oo

T o ta l___________________ ______ ______________

$619,013 18

_
,
Perm anent B lin d A s y lu m F u n d .
3 C ash __________________________________
_ _
_
State o f Texas B o n d s .. . . ___________________ . . .
_

$1,597 45
133 600 00

T o ta l_________________________________________

S139.997 45

P e rm anent D e a f a n d D u m b A s y lu m Bonds.
T o C ash.
Stato o f Texas Bonds_____ ___ IIIIIIIIIU IIIIIII

1 conmlcrf-& tll<! Senate a n rl blouse o f Representatives in G eneral C o u rt
i/

Anothor Act passed at tho 1913 session, Chapter 51, concorns the exemption from taxation of bonds held by residents
of tho placo issuing same. This Act follows:

$104,441 27

ir „*3 S U
St*0no *

New H am p shire.— Municipal Bonds Exempted from Taxa­
tion.— Chapter 112 of the Laws of 1913, given below ex­
empts from taxation all Stato and municipal bonds bearing
interest at not exceeding 5 % :

Section 1. The bonds or notes o f this Stato and of any o f the connHe*
municipalities, school districts and village precincts of this State bcarinsr
interest at a rate not exceeding 5 % , are hereby exempted from taxation ™
Sec. 2. All Acts and parts of Acts inconsistent with this A ct are here’hv
repealed, and this Act shall tako effect upon its passage.
Approved M a y 7 1913.

66

C ity Ilonas__________________________________ 2 238 087 53
Independent and C om . School D ist. bonds. 5,’265,347 25
Stato o f Texas Ronds_________________
v 7 7 0 one no
Stato Ponitentiary Ronds___________________
100 000 00
274[343 80
Texas & New Orleans R R . Bonds_________

Bay Stato and Worcester Consolidated have been added
to tho list sinco last year.

C H A P T E R 112.
A n A ct exempting from taxation municipal Indebtedness.
Section 1. Stato, county and municipal bonds exempted.
Section 2. Repealing clauso; A ct takes effect on passage.

83

T

r

$1,738 41
1 0 1 8 9 0 00

.............. ........................- ................................................. - ........... ..
P e rm anen t L u n a tic A s y lu m F u n d .

$103,628 41

“ State o f Texas B o n d i lZ I I I I Z I I I I I I I ” " " ” ! " " " * '
T o t a l _____________________ ______________________
T o p nsIi

12 9 ^ 3 0 0 0 0

-

$130,270 39

Perm anent O rph an A s y lu m F u n d .

“ State o f Texas B o n d s ! I I I I I I I I I I I I I I I I I I I I I H H
T o ta l___________________
. . . ---------------------------------------- ------------------------- --

S I ,752 94
40.500 00
$42,252 94

A g r ic u lt u r a l a n d M e c h a n ic a l College F u n d .
“ State of Texas
T o ta l............................... - .................. - ....................... - ................ .........

205,000 00
$ 2 0 6 ,795 69

The figures for the fiscal year to Sept. 1 1912 were pub­
lished m tho “ Chronicle,” N ov . 2 1912, page 1224.

THE CHRONICLE

84

AKRON, Ohio.— B O N D O F F E R IN G .— Proposals will bo received until
12 m . Jan. 19 by James M ’Causland, C ity A u d ., for tho following 5 % bonds:
*6 ,5 0 0 Elmore A v e. paving bonds. D enom . *650. D ate A u g. 1 1913.
Due $650 yearly from 1914 to 1923 incl.
15 400 Rider A v e. paving bonds. Denom . (15) * 1 ,0 0 0 , (1) *4 0 0 . D ate
1&’
O ct. 1 1913
Due * 1 ,4 0 0 in 1914, $ 2 ,000 In 1915. 1917, 1919,
1921 and 1923 and * 1 ,0 0 0 In 1916, 1918. 1920 and 1922.
18 000 Broad St. paving bonds. D ate O ct. 1 1913. Duo $ 1 ,0 0 0 in 1914
’
and 1 9 1 5 and * 2 ,0 0 0 yearly from 1916 to 1923 incl.
10
0 00 Fifth A vo. sanitary sewer bonds. D enom . * 1 ,0 0 0 . D ate N o v . 1
’
1913. Duo * 1 ,0 0 0 yearly from 1914 to 1923 incl.
193,200 Akron St. improvement (assessment) bonds. D enom . (1) 200,
(193) * 1 ,0 0 0 .
D ate N o v . 1 1913. Duo *1 9 .0 0 0 yearly from 1914
to 1920 incl., *2 0 ,0 0 0 in 1921 and 1922 and *2 0 ,2 0 0 in 1923.
24,950 Akron St. improvement (assessment) bonds
D enom . (24) * 1 ,0 0 0 ,
|l) *950. D ate N o v . 1 1913. Duo * 8 ,0 0 0 In 1914 and 1915 and

Bond Calls and Redemptions.
Denver, Colo.— Bond Calls.— The following bonds were
oalled for payment N o v . 30:
Storm -Sewer Bonds.
Arlington Park Storm Sewer D lst.— Bond N o . 24.
Im p ro v e m e n t B onds.
Capitol Hill Improvement D ist. N o . 5—-Bond N o . 35.
Cherry Creek Improvement D ist. N o . 3— Bonds N os. 38 and 39 •
East Denver Improvement D ist. N o . 5— Bonds N os. 67 and 08.
North Side Improvement D ist. N o . 11— Bonds N o s. 22 and 23.
N orth Side Improvement D ist. N o . 19— Bonds N os. 5 to 7 inclusive.
P a v in g B onds.
_
Colfax A v e. Paving D ist. N o . 3— Bonds 50 to 79 inclusive.
Market St. Paving D ist. N o . 2 — Bonds N o s. 33 aiM 34.
Montclair Parkway Suburban Paving D is t._ N o . 1— Bond N o . 46.
W est 23d A v e . Paving D ist. N o . 2—-Bond N o . 11.

25,500

Akron St. improvement (assessment) bonds. Denom . (25) * 1 .0 0 0 ,
(1) *500
D ate D ec. 1 1913. Duo * 2 .0 0 0 yearly from 1914 to
1918 incl., * 3 ,0 0 0 from 1919 t o l 9 2 2 incl.anci *3 ,500 in 1923.
11,230 Akron public-improvement bonds. D enom . (I I) $ 1 ,0 0 0 , (1) $2J0.

The following bonds were called for payment Dec. 31:

15,875 police ^ n d ‘f ir e s tat lon-s Ignal-sy stem bonds.

S a n ita ry Sewer Bonds.
Sub D ist. N o . 5, East Side Sanitary Sewer D ist. N o . 1— Bond N o . 30.
Sub! D ist. N o . 8. East Side Sanitary Sewer D ist. N o . 1— Bond N o . 163.
Seventh A v e. Special Sanitary Sower D ist.— Bond N o . 3.
Im p ro v e m e n t Bonds.
Cherry Creek Improvement D ist. N o . 3— Bonds N os. 40 and 41.
N orth Side Improvement D ist. N o . 1— Bonds N os. 110 and 111.
North Side Improvement D ist. N o . 3— Bond N o . 192.
N orth Sido Improvement D ist. N o . 19— Bond N o . 8.
South Broadway Improvement D ist. N o . 2— Bond N o . 119.
South Denver Improvement D ist. N o . 4— -Bonds N os. 58 and 59.
South Denver Improvement D ist. N o . 7— Bond N o . 33.
P a v in g B onds.
Alley Paving D ist. N o . 5— Bonds N os. 21 to 23 inclusive.
Alley Paving D ist. N o . 21— Bond N o . 15.
Alley Paving D ist. N o . 27— Bond N o . 18.
Broadway Paving D ist. N o . 4— Bond N o . 36.

N o s . Bonds.

Water Main.

Buckeye A v e ., W 5 2 ----------------------- 2
Euclid A v o .. W 4 3 ................
2
14th A v e ., W 5 0 ---------------------------------2
Glass A v e ., W 5 6 ---------------------------- 2
M cClellan S t., W 6 4 ----------------------- 2
Regal S t ., W 6 0 ........................................2
35th A v e ., W 5 9 --------------------------------- 2
36th A v e ., W 6 1 - - - --------------2
W lscom be S t ., W 6 3 --------------------------- 2

Paving.

_

Bernard S t., 9 4 2 ------------------------------- 3
Howard S t ., 8 87— .................................3
Second W a rd , 1 - - ----------“9
Sprague A v e ., 2 73 ............... ................
Second A v e ., 2 96..............................
Sherman S t., 7 10----------------------------21st A v e ., 9 11--------------------------------- I I
Washington S t., 6 6 6 ----------------------- ° 0

Grade.

Addison S t ., 502 ................................
Carlisle A v e ., 285................................... 2
Cook S t ., 7 1 3 - - - - - .............................
Cleveland S t., 8 31--------------------------Division S t., 3 --------------------------------- *2
D alton S t ., 717..................................... ‘
1 1 th A v n ., 4 9 4 ............................
11th A e ___________________________ L
‘
E lm S t .. 5 0 6 - - - - ..................................... "
Euclid A v e .. 8 8 5 ..................................... »

ALLENDALE SCHOOL DISTRICT (P. O. Allendale), Barnwell

N a m e o f D is tr ic t —
N o s . Bonds.
Fifth A v e ., 7 34--------------------------- - - 1 2
Froya S t., 7 5 5 ----------------------------------- 4
Gordon A v e ., 5 27--------------------------- 15
Hartson A v o ., 115----------------------------- 9
Hill S t., 2 63 ....................- .....................21
La Crosse S t., 510 --------------------------- 16
Lindeke S t .. 7 3 7 ..................................... 8
M onroe S t., 4 5 8 ----------------------------- 44
M ontgom ery A v e ., 528------------------ 14
Providence A v e ., 5 12--------------------- 34
Perry S t ., 6 7 3 --------------------------------- 27
Spofford A v o ., 2 ----------------------------- 16
Scott S t ., 7 7 9 .......... - ................ ........... 4
12th A v e ., 2 7 5 ------------ : ------------------ 13
21st A v e ., 6 65--------------------------------- 26
33d A v e ., 9 0 6 . - ........................................3
W est Point, 7 2 1 - ..................................... 7
W a lk .
Cedar S t ., 2 15.........
12
Grace A v e ., 198------------------------------- 12
Hill S t., 264.........
8
Illinois A v e ., 9 04------------------------------- 3
Oak S t ., 3 ____________________________ 7
Spofford A v e ., 2 --------------------------------- 9

Sewer.

D enom . (15) * 1 ,0 0 0 ,

Interest semi-annual*1 Certtfiedcheck for6l % of bonds bid for, payable
.6
to C ity Treasurer, required. Purchaser to pay accrued Interest.

Pensacola, Escambia County, Fla.— Bond Call.— ' his
T
city has decided to redeem at par and accrued interest on
Jan. 1 1914, at the office of the United States Mortgage &
Trust C o. of N . Y . , Special Improvement bonds of the de­
nomination of $500 each, designated Series “ B ,” Group 1,
N os. 201 to 240 incl., dated July 1 1912 and due July 1 1914.
Spokane, Wash.— Bond Call.— The following special im­
provement bonds are called for payment at the City Treas­
urer s office.
T0 b e pAiD DEC 1
N a m e o f D is tr ic t —

[ V o l . XCVIII.

r n iW t v
Porn — R O N D E L E C T IO N P R O P O S E D .— According to reports^an election will bo held in the near future to decido whether or not
this district shall issue *1 5 ,0 0 0 refunding and im pt. bonds.
AMARILLO, Potter County, T e x .— D E S C R IP T IO N O F B O N D S .—
Tho *5 4 .0 0 0 5 '4 % 20-30-year (opt.) Binding bonds awarded r^ e n tly to
W eil, Roth & C o. of Cincinnati through tho Amarillo N a t. Bank at par
(V . 97, p. 1919) are In the denomination of * 1 ,0 0 0 and bear datei of Aug. 1
1913. Int. F. & A . Theso bonds are part of an issuo of * 6 0 ,0 0 0 voted
July 12. Tho remaining * 6 ,0 0 0 has not yet been approved by the Attor­
ney-General of the State.
ARANSAS PASS, San Patricio County, Tox.— B O N D S V O T E D .—
The question of Issuing * 8 ,0 0 0 electric-light bonds carried at a recent
election.
ASBURY PARK, Monmouth County, N. ^ . — E O N D S A L E . — J . S .
Rippel of Newark has purchased at private sale * 1 2 2 ,0 0 0 5 % funding
bonds, dated D ec. 1 1913.
ASHLAND SCHOOL DISTRICT, Alameda County. Calif.— B O N D S
D E F E A T E D . — -Local newspaper reports state that the proposition to issue
* 1 0 000 school bonds failed to carry at an election held recently.
ASHTABULA COUNTY (P. O. Jefferson), Ohio.—-B O N D S A L E . —
On Dec 9 the * 2 0,000 5 % flood-emergency bonds (V . 97, p. 1838) were
awarded to Sidney Spltzor
awarded to Sidney Spltzer & C o . of Toledo at 101.045 and interest. Other
bidders were:
.
,
, „ „ „ 1QQ
Field, Longstreth& R ichards.* 2 0,188 Seasongood & M ayor, C in — *20,121
Stacy & Braun, T o l e d o - .- - - 20,162 Breed, E llio t t* Harrison,Cin 20,102
H o e h le r* Cummings. Toledo 20,154 W ell, Roth & C o ., C in ---------- 20,102
Fifth-Third N at. Bank, C in . 20,142 Spitzcr, Rorick & C o ., T o l . . 20,078
AitniTTiwnAT v Pnlk n o u n t v . F la .— B O N D E L E C T IO N . — *An elec—
tion^will be held Jan. 19 1913 to submit to a voto the proposition to Issue

_

First W ard , 1 2 . ..................................... 17
Fourth A v e ., 106..............
7
Highland Boulevard, 9 0 0 ___________ 6
Sprague A v e ., 1 5 2 -................
17
12th A v e ., 4 9 0 ______________________15
20th Ave 895.......................................... 4

$3BAKERSFIELD Kern County, Calif.— N O A C T I O N Y E T T A K E N .
— Tho Presidnet of the Board of Trustees atWIsra us under date of D ec^18
that no action has yet been taken towards holding: thei election to submit
to a vote tho question of issuing tho $75,000 park bonds (V . 97, p. 1305).
BATESVILLE, Panola County, Miss.— BONDS N O T SOLD,—T h e
Town Clerk advises us that no sale has been made of the * 1 8 ,0 0 0 b / 0 JU-yr.
coup, tax-free water-works bonds offered without success on Sept. 2 (V . 97,
p. 542). He further states that tho bonds will probably be sold at prl
vate sale.
BATON ROUGE, East Baton Rouge Parish, La. B O N D S A L E .—
On D ec. 23 tho seven issues o f 4 1 4 % 50-year (ser.) brads, aggregating
* 225,000 (V . 97, p. 1761), were awarded, it is statod, to the Hibernia
Bank & Trust C o. of New Orleans at par.
The bonds are dated Jan. 1 1911.
BEAVER, Beaver County, ? * . — B O N D S A L E . — 4Ve h a v e ! us t learned
that the *15 000 4 \4 % tax-free refunding bonds offered on M a y 13 1913
(V . 96, p 1376) were sold on that day to tho Colonial Trust C o. of I Ittsb.
BELLAIRE, Belmont County, Ohio.— B O N D S A L E .— O n D ec. 24
the *14,129 20 5 % 5 K -y r . (aver.) So. Belmont St. paving (assess.) bonds
(V 97 o 1677) were awarded to tho First N a t. Bank of Bollairo for * 1 4 ,149 20 (100.141) and int. Spitzer, Rorick & C o . of Toledo bid par and int.
BELLEFONTAINE, Logan County, O h io . — B O N D S A U T H O R I Z E D .
— According to reports, the Council recently passed an ordinance providing
for the issuance of *3 6 ,0 0 0 electric-light-plant bonds.

Fifth w ire!;i:: : : : : : : : : : : : : : : " 4 3 1

BELLE VALLEY SCHOOL DISTRICT (P. O. Belle Valley), Noble
County, Ohio.— N O A C T I O N Y E T T A K E N — The Clerk of the B d. of

15th A v e ., 4 7 3 ............... - - - ................ 24
T O B E P A ID D E C . 15.
N a m e o f D is tr ic t—
N a m e o f D is tr ic t —
N o s . Bonds.

E d advises us under dato of D ec. 18 that no action has yet been taken
looking towards the re-offering of tho * 2 ,0 0 0 5 % bldg, and equip, bonds
offered without success on July 10 (V . 97, p . 1305).

Paving.

.

M cClellan S t .. 7 47...............................- J
Monroe S t ., 3 17----------------------------- U x
Riverside Court, 2 .............................. lb
G rade.
,
Augusta A v e ., 7 33.............................. . 9
Dean A v e ., 5 0 5 --------------------------*1
18th A v e ., 2 6 ...................... - ............ 26
11th A v e ., 4 7 2 ..................................
7
18th A v o ., 8 71.........
6
M adison S t.. 5 1 1 ------------------------- 46
9th A v e ., 9 7 0 .....................................
2
T O B E P A ID
N o s . Bonds.
N a m e o f D is tr ic t —

Paving.

Ash S t .. 9 5 8 - - - .....................................30
Browne S t., 155-------------------------------lx
4th A v e ., 744 - - ...............- ................ 90
M adison S t., 9 1 0 ---------------------------- “
6th A v e ., 9 6 2 - - ....................................... »
Stevons S t., 9 7 2 - - - ---------------------------3

■

Grade.

N o s . Bonds
Grade— Con.
_
7th A v o ., 14---------------------------------- 13
So. Bryant A v o ., 4 8 8 --------------------- 7
24th A v e ., 3 5 8 ................
12

Sewer.

Alloy, 4 6 7 - - .........................- ..............
14th A v o ., 4 8 5 - - - ..............................
2d W ard , 3 .........
Tacoma S t ., 489----------------------------13th A v e ., 4 98 .....................................
10th A v o ., 7 8 1 - - ----------J A N . 1 1914.
N a m e o f D is tr ic t —

1?
11
58
11
4
3

N o s . B onds.

Water Main.

Conklin S t., W . 7 6 7 -------------------------2

Walk.

Chestnut S t ., 3 0 2 - - - ..............................7
Mansfield A v o ., 3 1 4 ............................13
Normandie S t.. 3 2 4 ........................... - 8

Sewer.

Atlantic S t., 5 0 4 ..................................... 9
Alley, 7 5 1 ................................................. 13
Alley, 7 6 6 .........
8
Dean A v e ., 5 3 6 ........................................4
8th A v e ., 153......................................... 8
First W ard, 19........................................13
Garfield Road, 898 .......... - ................ 8
Post St. Pk. Place (Alloy), 9 7 8 - - - 1 8
Spokane S t ., 9 49 ..................................... 3

Alice A v e ., 7 2 4 - - - ...................................»
Gordon A v e ., 8 8 6 .........
}x
N eroy A v e ., 7 3 6 - - - - - ..................... --M s
Providence A v e ., 7 4 0 --------------------Pittsburgh S t.. 874..........................- 1 0
Scott S t., 4 4 9 - ................... - ................ fb
34th A v e ., 7 2 6 ........................................13
W alnut S t., 4 92..................................... 64
TO B E P A ID J A N . 15 1914
N o . B onds.
N a m e o f D is tr ic t —
N a m e o f D is tr ic t —
N o . B onds.
Grade (.C ontinued).
Paving.
Division S t., 1 ---------------------------------" I S. E . B lvd ., 4 8 3 .................... - ........... 26
..........................
S th lA ve., 9 0 8 - .........................
30 13th A v e ., 8 3 5Sewer.
„
Lincoln S t., 5 97................................... A9
A lley, 9 5 7 ............... - ............................ 3
2d A v o ., 1.........................- .................. 1t'§ Alley, 9 7 7 ..............................................
8
W all S t ., 9 1 7 - - - ....................- ............13
6
W all S t., 9 2 9 - - ...........
'7 8th A v e ., 3 3 4 ................
W all S t., Supplement, 9 2 9 ............. 10 1st W ard Extension, 14----------------- 44
14th A v e ., 526.........
7
W
Grade.
7th A v e ., 3 5 7 ......................................... 14
Brown S t., 550..................................... 18

Bond P r o p o s a ls and Negotiations this week
have been as follows:
w as_____

"a g a in st.”

_

.




BELLEVILLE SCHOOL DISTRICT (P. O. Belleville),

Republic

t f * * fm fh
»

Jefferson

County, Kan.— B O N D S A L E .— An issuo of * 4 ,0 0 0 5 % im pt. bonds was
awarded to the State of Kansas during December at par. D ate N o v . 18
1913. Duo Jan. 1 1926, subject to call at any interest period.
■BELMONT, Middlesex County, Mass.—-B O N D O F F E R IN G .— Actw ding to reports, proposals will bo received until 10 a. m . Jan. 7 by the
T o w n *T rea sP for *6 0 ,0 0 0 4 % school-bldg, bonds Dato D oc. 1 1913.
Duo * 3 ,0 0 0 yearly on D ec. 1 from 1914 to 1933 incl.
SCHOOL DISTRICT

(P.

O. Bessemer),

Countv^ Ah? — B O N D E L E C T IO N P R O P O S E D .— Reports state that an
ordinance h asbeen introduced providing for an election on tho question of
issuing $ 30,000 school bonds.
r i f b f r SCHOOL DISTRICT, Lassen County, Cal.— B O N D S N O T
V K T w n — W o are advised by the County Clerk under date of D ec. 10
that no sale’ has yet been m ade of the *2 ,0 0 0 school bonds offered on July 8

(' r TRMIN GH AM Jefferson County, Ala .— N O A C T I O N Y E T T A K E N
mho n ftv C om et roller advises us that no action has yet been taken look
lng towards the issuance of tho * 2 0 0 .0 0 0 auditorium construction bonds
voted O ct. 27 (V . 97, P- 1305).
BOISE CITY , " V
Ada County, Idaho.— B O NuD n o tw u , T f O R I Z E1 D .A *7A n
S AU oH O
— Of
DWAOL.
J.A J.
.
r
5ti cr fY»i»
u
O

1914*
BRADDOCK Allegheny County, Pa.— B O N D O F F E R IN G .— Propo ^U s wiU be m : e i 3 until 7 :3 0 p. m Jan. 5 1914 by L . L. T odd, Boro.
*eev for *150 000 414 % tax-free bonds. Denom . * 1 ,0 0 0 . Dato D ec. 1
1913‘. ’ In t. J. & D . 4 D ue beginning D ec. 1 1927. Cert, chock for * 1 ,0 0 0 ,
payable to Boro. Treas., required.
BRAZOS COUNTY (P. O. Bryan), Tex.— B O N D S A L E .— W o are
advised by the C o. Judge under dato of D ec. 24 that the * 1 0 .0 0 0 5 % 10-40yr opt.) Improvement District N o . 1 bonds registered by the Comptroller
on June 17 (V . 96, P- 1853) were awarded in August to “ holders or first
6
levee Issue” at par and Int.

BRIDGEPORT SCHOOL DISTRICT (P. O. Bridgeport), Belmont

C o u n tv Ohio — B O N D S V O T E D .— Reports state that the question o f
issuing *6 0 .0 0 0 high-school-constr. bonds carried at the election held D ec. 18
by a vote of 748 to 131.
BRISTOL, C o n n — BOND S A L E .— On D ec. 29 the * 5 0 0 .0 0 0 4 >4%

M s .™
BROOKVILLE, Hernando County, Fla.— NO E L E C T IO N Y E I
C A L L E D — Tho Town Clerk advises us that tho election to vote on the
question of issuing the $10 ,0 0 0 st.-im p t. bonds (V . 96. p. 1785) has not ye<
been called

J an . 3 1914.]

THE CHRONICLE

B R O W N IN G S C H O O L D IS T R IC T , L a fa y e tte C o u n t y , M iss.—
Reports state that tho Board o f Supervisors purpose
o Issue S I,500 building bonds.
B R O W N S V IL L E , C am eron C o u n ty , T e x .— N O A C T I O N
Y E T
T A K E N . — Under date o f D ec. 23 wo are advised that no action has yet
been taken looking towards the issuance o f the S30.000 scliool-bldg. bond
(V . 97. p. 1152.)
B R Y A N , W illiam s C o u n t y , O h io .— B O N D S A L E . — T he N ow First
N at. Bank o f Columbus has been awarded tho six issues o f 5% cou p, streetim provem ent bonds, aggregating $35,100, offered on N o v . 3 (V . 97. n.
1059), for $35,521 75 (101.201) and interest. W o are advised that tho
bonds were turned over to tho purchasers on D ec. 19.
B U F F A L O , N. Y .— B O N D S A L E . — During tho m onth o f Decem berthe
following 4 % bonds, aggregating S144.231 07, were issued b y tho city o f
Buffalo:
B O N D S P R O P O S E D .—

A m o u n t.

P u rp ose.

D a te.

D ue

$1§.999 RQ fle c tio n expenses-.............................D ec. 11913 July 11914
8,000 00 C ity Court jurors------------------------Dec. 11913 July 11914
} 9 -999 ? ? £ emflv,al o f sn,ow. and ic c ----------------D ec. 10 1913 July 1 1914
15,431 67 M onthly work b y Bureau E ngi- n nnn nn T?,^e ir nf - - V - V - V --------------------- D ec. 15 1913 D ec. 13 1014
,Cj
rn non on 8 f pa rs
greets, & c------------------- D ec. 20 1913 July 1 1914
50,000 00 Repairs to streets, & c----------------- D ec. 20 1913 July 1 1914
A Yi,V .ilssuP was Purchased b y tho German R ock Asphalt Paving C o.
sin kingV un df SSUCS wcre Purchased b y the Comptroller for the various
SC H O O L D IS T R IC T , S an M a teo C o u n t y , C a lif.—
D e c- 1*5 820,000 5% 1-20-yr. (scr.) school-building-sitepurchase bonds were awarded to Torrance, Marshall k C o. o f San Fran­
cisco at 100.055. Denoin. $1,000. D ate Jan. 1 1914. Int. .1. k D
C A LA LLE N IN D E PE N D E N T SC H O O L D IS T R IC T , N u eces C o u n t v
T e x .— BONDS N O T Y E T S O L D . — We are advised by the C o, Supt. o f
i A ,[n) s th, t W I '1 D ec. 22 no sale had yet been made o f tho $10,000 5%
a
10-40-yr. (op t.) bldg, bonds (V . 97, p. 007.)
C A LC A SIE U P A R IS H (P. O. L ake C h a rles), L a .— B O N D S A L E ___
? v 0 7 c - 2?oorn S900*
000
1-25-year (scr.) road bonds voted O ct. ’ l4
(V . 97, p. 1229) were awarded, it is stated, to tho Calcasieu Trust & Sav.
Bank and the Lako Charles Trust k Sav. Bank o f Lako Charles at par.
rm CALDW ELL C O U N T Y (P. O. L o c k h a r t), T e x .— B O N D E L E C T I O N . —
l ho question o f issuing $40,000 road and bridgo bonds will be submitted
to a vote on Jan. 17.
N 0 T t Y l : T f>S S V
1,0 0 o - JudK0 advises us that the $50,000
’ (°Pfc ) Road Dist. N o. 1 constr. bonds voted O ct. 14 (V .9 7 ,
p. 1229) liavo not yet been issued. D enom . $1,000. Int. semi-ann.
Ca^ULE« m v r f
D I 3 T R I C T (P. O . C a lex ico), Im p eria l C o u n ty ,
V 0 7 E I l ~ ,T£ e questions o f issuing $50,000 high-school
a' d W .000 grammar-school bonds carried, reports stato, at tho election
held D ec. 17. I ho vote was 100 to 1 and 96 to 1, respectively.H
C A L IF O R N IA .— B O N D S A L E . — T h o $1,800,000 4 % 2 0 ^ -y r .'la v o r " )
hfghway-constr. bonds offered at public auction on D ec. 22 (V. 97 p. 1838)
were awarded to the State Board o f Control at par and int.
T he Board o f Control will, it is said,' keep $600,000 o f those bonds for
an investment of its own funds, but will disposo o f tho remainder orders
for nearly all having been received.
Contra C osta C ounty took $190,000 o f tho bonds. Kern C ountv is to
take $200,000 more o f tho bonds, and tho California N ational Bank o f
Sacramento $36,000, while various counties are expected to take nearly
all tho remainder.

A r/u iPr^ ^ A * Y/ 5 / M ^ s r n ay
J — B O N D S N O T IS S U E D —
N h W I S S U h P R O t O S E D . — W o are advised b y the Chairman o f Finance
Com m ittee that the $112,000 “ long-term ” a n d '$18,000 “ short-term ” sewer
and Improvement bonds offered on M ay 28 (V. 96, p. 1509) wero not issued

syfcttrss saw?;* J&ssr—

*•
»

were awarded to Lyon. Singer & C o. o f Pittsburgh at 1M 617 and P ntirat.
C O U N T Y (P. O. A n a h u a c ), T e x . — B O N D O F F E R I N G . —
N o 4 s m l ^ A n o K R,’ E ’ S^,hlno7r* ls offering for sale $75,000 Road Disof
S i i m n S i n a g e D 1st. N o. 1 bonds. The road bonds are part
“ 'nVikrno0 ^ ^ 9,0 -099 mentioned in V. 97, p. 679.
1 11 e ®ef/'r'nP I ?
Y E T I S S U E D . — W o are advised b y tho C o. Treas. that
tne $I2,,)00 bonds voted Sept. 13 (V. 97, p. 967) have not yet been issued.
C H E E K T O W A G A U N IO N FREE SC H O O L D IS T R IC T N O . 7 (P. O.
D epew ) Erie C o u n ty , N. Y . — B O N D O F F E R I N G .— Proposals' will bo
non . eiP' m ' '?a n ' 8 19\4 by John n * M cC arthy, Prcsf. Bd. o f E d.,
S i n 0,0 ? b,dT and equip, bonds at not exceeding 5% int. Denom.
K’
$ !,5 0 0 . Date Jan. 8 1914. Int. semi-ann. Due $1,500 yrly. on Jan. 8
from l ? 15 to 1924 incl. Cert, check (or cash) for $500, payable to Treas
o f DJst. •required. These bonds were offered without success on Juno 22.
Bonded debt $29,200. Assess, val. $1,845,046.
S C H O O L D IS T R IC T , B u tte C o u n ty , C a l.—
B O N D S A L E .— W o are advised that .$50,000 5% serial school bonds wero
recently awarded to Farson, Son k C o. o f C hicago. A similar issue o f
K r a d T rSeerV 9 7 p lfS ?.VCnlbCr 1913 t0 the D cn vcr Bonding oJ>. o f
C L A R K S B U R G , H a rris o n C o u n ty , W . V a .— B O N D F I F C T T o a t —
I n i d." f l tl0n
iss,,iT 5110-000 5% Koid cou p, bridgo bonds will bo sub
m ltted to a vote on Jan. 6. Denom. $1,000. Date Jan. 1 1914. Int.
Jan l™ 923*" 1
1)uo Jan’ 1 1944, subject to call any interest dato after
v ^ n A V ,’ r/?/n>N T w (P- ° ’ , ® r8, ? C ? ve S p rin g s), F la .— B O N D S N O T
e
io iq 0 1 i J ' M ' P t .W o are advised by tho C ounty Clerk that up to D ec. 29
1913 no date had been sot for the offoring o f tho $150,000 refunding and
road-construction bonds voted Dec. 9 (V . 97, p. 1839).
C OLU M BU S, B a r th o lo m e w C o u n ty , I n d .— B O N D O F F E R I N G . —
^ p S')1 '« * ] < rorA ? ° ^ d ,lVUU, 2 p ’ m * Jan - 3 1914 b y Edwin A . C o b b , C ity
$ 1 ? 0 0 6 (1)S$252 25! § a t o T a n . 'l l 9 i 48eWer fund,n* bonds* » « « « > '« . (2)
C O V IN G T O N SC H O O L D IS T R IC T (P O C o v in v to n )
C o u n t y ,K y . B O N D S D E F E A T E D . — The question o f issuing the $150 000
ohxtion ° 0l’ ° 0n
0n b° nd'S (V - 97• p ’ 904) was defeated at a recent
O r e ^ ifW /^ S A L /T .^ K ^

were a tvartw P on^ 'u no * 2 1

! ^ UV a fte$W l 6 f 9 i r U eaS.(° P^
&
bo " W t ° n B S 2 £ .
C R O W L E Y , T a rra n t C o u n ty , T e x .— NO B O N D S T O b f rg srjr.'n
W o aro advised that tho reports that this city contemplates" the issuVnen
o f $10,000 water-works bonds (V . 97, p. 1153) aroi e n m n ro S .
1
0
C ULLM AN C O U N T Y (P. O. C u llm a n ), A la .— B O N D S A T F __The
$160,000 5 % 30-year road bonds ( V. 97. p. H iit) have been awarded to Otto
par
M arx & C o. o f Birmingham at nar. Denom . $1,000. Date July 1 1913?
k
TUrmfnortmtn
Int. J. & J.
e ar E P W ^ed^Y ^lu^o^CK rk^uuF erM late of*]D e c ? * ? h e $ 4 0 000
^ 6 7 7 ) have ESt ^ e t t l l f . 1

rpad bppd”

that the $19,000
w fto ^ a n d ’ s ^ e ^ b o n d s ^ U e r e d ^ o n 'i ^ . ^ i g i S h a ^
boon sold to Piorsoll Bros, o f Oklahoma C ity .
avo
CUYAHOGA
COUNTY
(p, o. C lev ela n d ) " O h i o __ b o n d s
A W A R D E D - On D ec. 27 the $200,000 5% 16-year (av.) coup Frooldyn?

BSMfSMrJS
T he following shows all tho bids received:
Name o f Bidder
Premium.
Name o f Bidder
Premium.
M e l l o n N a t . B a n k , P i t t s b u r g h $ 9 ,0 0 0 1 ill o t s o n k W o l c o t t , C l o v e . $ 6 ,3 0 0
C . E . D e n is o n k C o . , C l o v e . . 8 ,1 5 2 W e i l, R o t h k C o . , F i f t h - T h i r d
I l a y d c n , M il l e r k C o . a n d
N a t io n a l B a n k a n d S t a c y k
r‘ O t is * C o . , C l e v e l a n d ______ 7 ,6 8 0
B ra u n , C in c in n a ti.
_____6 , 8 4 0
S o a s o n g o o d & M a y e r , C i n c i n . 7 ,6 1 2
,, V A p E C l TY, P a sco C o u n ty , F la .— BOND SALE . — S i d n o y S p it z e r k
C o . o f T o l e d o lia v o b e e n a w a r d e d a t 9 5 t h e t w o is su e s o f 5 % 3 0 - y e a r c o u p .




85

1?1,dsi ^ ? re8?;ti? g 4 15-0 00- offered on Jan. 20 1913 (V . 96, p. 151).
nom . $500. D ate D ec. 1 1912. Int. J. & D .

DALY CITY, San Mateo County, Calif.— B O N D

D e­

O F F E R I N G .—

Pro-

RosafcwR,1 be received until 8 p. m. Jan. 5. it is stated, b y G eo. N . Smith,
c h e 4 for $500%lqui°red.5 ^ %

water^ ' orks bonds-

1 5 ' y& X r

%iC ° r ^ n 7 i T J P - ° • Washington), Ind.— B O
i

1

N D

Cert.

S A L E .—

On

a w S rd o d t? 1 \( ° w u
*
V arrlson T w p . bonds (V . 97, p. 1839) were
M
o th e r biddere wJ e
Indianapolis for $11,147 55 (100.609) and
B ro®d 'E lU o tt & Harrison
IF letcher-A m . N at.B k.,Ind.$l 1,131 00
Cincinnati--------------------- $11,132 50|Gavin, Payne k C o _______ 11,108 00
„,??•f
County, Fla.— B O N D E L E C T I O N .— An election
in£ t i vc^vnn' I 1 1914, 16 *5 s fa ted * to submit to a v o te the questionjof
issuing 8175,000 sewerage and drainage-system-installation bonds.
r m i v r 8 ? i S 1! C ? U N I Y, (P * ° - Lawrenceburg), Ind.— B O N D O F U ',w \ I N ( r l
Proposals will be received until 10 a. m . Jan. 7, by Andrew
Burke, C ounty lre a s., for $7,500 4 )4 % gravel-road bonds.

DECATUR INDEPENDENT SCHOOL DISTRICT (P. O. Decatur),

,T e f ; B O N D S A L E .— W e are advised that the $27,006
high-school-constr. bonds voted M a y 24 (V . 96, p. 1571) have been sold?
DERRY, Westmoreland County, P a . . — B O N D S A L E — 'The Borough
C prk advises us that the $23,000 4 l % 20 5-6-year (aver.) funding bonds
A
offered on July 7 (V . 97, p. 66) were sold to the First N at. Bank o f Derry.
DE WITT COUNTY (P. O. Cuero), Tex.— BONDS P R O P O S E D .—
This cou nty is contem plating tho issuance o f $50,000 Cuero District
drainage bonds.

DIMMITT COUNTY COMMON SCHOOL DISTRICT NO 1 (P O

C arrizo S p r in g s ), T e x . — B O N D S V O T E D . — B y a vote o f 52 to 16,'th e
proposition to issue the $40,000 bonds (V . 97, p. 1762) carried, it is stated.
C

BONAANA COUNTY SCHOOL DISTRICT NO. 7, N.

F le x — B O N D

ha1 ? ^
beeP advised that tho $7,000 6% 10-20-ycar (opt.)
thatJd'-\y>0nCbS o44ered on *Ia n * 11 1913 (V . 96, p . 80) wero disposed o f on
a n ^ m ^ f ^ n ’ n n n ^ f A l 1 / Cpunty> ? * - — B O N p S A L E . — On D ec. 20
1
S i
tax' frp0 Ken. im pt. bonds was awarded to L yon ,
S in g e r * C o . o f Pittsburgh. D enom . $1,000. Dato Dec. 1 1913. Int.
J. k D . Duo $4,000 every six years on D ec. 1 from 1919 to 1943 incl.
DOVER, Cuyahoga County, Ohio.— B O N D O F F E R I N G . — Proposals
« n n l T?x J C4 ‘ ntil 12
da n * 29 1914 b y C lifford Pease, Vil. Clerk? hi?
5'LOOO 43*2 % Clague road im pt. bonds. D enom . $250. D ate D ec 1
1913. Int. J. & D . Due $250 on O ct. 1 1917 and 1918 and $500 vearlv on
O ct. 1 from 1919 to 1925 incl. C ert, check for $50. payable to Vif. Treas.n
required. Bonds to be delivered and paid for within 10 days from time o f
award. Purch. to pay accrued interest.

DUNELLON

SCHOOL DISTRICT (P. O. Dunellon), Marion

County, F la . — B O N D S N O T Y E T I S S U E D .— W o are advised that the
$12,000 5% 20-year building bonds voted A ug. 18 (V . 97, p. 608) have not
yet been issued. D enom . $1,000. D ate, “ when Issued.” Interest
annually on July 1.
DUNKHIK, Chautauqua County, N. Y .— P U R C H A S E R

OF BO N D S.

Tn.fil0 purl t as£!r ° f , bo $15,000 deficiency bonds recently sold (V. 97, p.
1921) was tho M erchants’ N at. Bank o f Dunkirk,
T LIVERPOOL, Columbiana County, Ohio.— B O N D S A L E . —
O f the sixteen Ksues o f 5 % bonds, aggregating $51,197 98, offered on Dec. 29
i o 4 nn wt,•!, r
2
l v QS wero sold on D ec. 30 at par and int. as follows:
.
n i f f , bSndf to tke Rj,rst N at. Bank; $21,726 08 street bonds to the
of^OperaHve*Potters aDd 517,692 90 street bonds to the N at. Brotherhood

EAST PALESTINE, Columbiana County, Ohio.— B O N D S A L E ___
On Dec. 23 the $55,000 5 % 20-year (aver.) coup, sewage disposal and sewersystem bonds (V. 97, p. 1763) wero awarded to Spitzer, Rorick k C o of
T oledo at par and interest
EATON, 7
Preble County, Ohio.— Di/ivfy o /iu D .— v^n De c . zy the two
B O N D S A L E .— On u ec. 29 tne two
— -■
*
5U S Of A
C
arrot 1
is su e s o f 5 ! % Street-imDt. (villacm's nnrtinn^ hnnria , qortr»«<g a + i n g $ 3 orn0
s t r e e t - i m p t . ( v i l l a g e s p o r t io n ) b o n d s a g g r e
85
(V . 97,, p . 1 6 7 7 ), w e r e a w a r_________________________ _ a t . „ „a„ k o f E a t o n f o r
_________ d e d t o t h o P r e b l e C o . N
B n
$3,873 99 (100.623) and int. There wero no other bidders.
E L L E N S B U R G , K ittita s C o u n ty , W a s h . — B O N D S V O T E D .— The
question o f issuing $20,000 20-year warrant funding bonds at not exceeding
6 % int. carried at the election held D ec. 23 b y a vote o f 233 to 33.
EL P A SO , El P a so C o u n ty , T e x . — B O N D E L E C T I O N . — An election
win no Held Jan. 7 1914 to submit to a vote propositions to issue $360,000
municipal-bldg, and $200,000 school bonds.
* uu,uuu
a
S ta n is la u s C o u n ty , C a lif . — B O N D S
^ $ ^ ^ ^ ^ 'fa n ^ U s u ?o f$ 2 5 ^ 0 ?0 l5 % <
school1
-s!t^purchaSe1)on^?
yeariy?A L iy0 ?3 fro m ? 1 9 2 0 1 o V L 'j /'i n c l . 1" ' ' a n n ' ° D M a y 1 3 ’

D u o 5 1 ,0 0 0

E M PO R IA, L y o n C o u n ty , K a n s . — B O N D E L E C T I O N P R O P O S E D __
W e are advised that the question o f issuing $50,000 bldg, bonds w ill'be
submitted to a vote at the April election.
F L O Y D C O U N T Y COMMON SC H O O L D IS T R IC T S , T ex — B O N D
S A L E . — On A ug. 1 tho county purchased for tho permanent school fund
at par and int. tho $5,000 5% 40-year Dist. N o. 9 and $2,500 5 % 20-year
P 1717)° 13 bonds registered by the Stato Comptroller on June 4 (V . 96,
F O R T L A U D E R D A LE, D a d e C o u n ty , F la .— B O N D S A L E . — On D ec.
24 J o lx l12,000 fundi,nK and $4,000 city-hall 20-year cou p, bonds (V . 97.
Pini
wero awarded to John N uveen k C o . o f Chicago for $16,175
jiui.tM ,}) and Int. Other bids were:
B o"rl?k8f c “ ' W ; s I I S I ° - " • 0 o m D * ° » "
F O R T P IE R C E SC H O O L D IS T R IC T (P O F o r t P ie rce ) <!t Tncln
C o u n ty . Fla. C E R T I F I C A T E O F F E R I N G . — A ccording to reports pro­
posals will be received until 2 p. m. Feb. 3 b y J. W . H odge, Sec. o f Bokrd of
i check n / ? ^ required.
Certifiednc h Uw for’ $500$75,09 ° ,6 % noto certificates. Int. semi-annual.
„ F R £ N R L IN C O U N T Y
q _ j i o u n t V e r n o n ), T e x . — B O N D S N O T
T O B E I S S U E D A T P R E S E N T . — W e are advised that the $75,000 road
bonds contem plated b y this county as mentioned in V . 97, p. 904. will not
bo issued in the near fururo.
’
06
T O W N S H IP (P. O. F ra n k lin ), M a co n C o u n ty , N o. C ar
■ B O N D S N O T Y E T S O L D . — T he Secretary o f the Highway Commission
advises us that no sale has yet been made o f tho $80,000 5% 30-year road
bonds offered without success on Juno 28 (V . 97, p. 190).
FR EE ST O N E C O U N T Y COMMON S C H O O L D IS T R IC T S T ex —
B O N D S A L E S . — W e are advised by the C ounty Supt. o f Schools under date
o f Dec. 27 that the $5,000 20-40-year (opt.) Dist. N o. 15 and $1,600 10­
20-year (opt.) D ist. N o. 3 5 % bldg, bonds (V . 97, p. 466) have been pur­
chased by the county.
v
B O N D O F F E R I N G S . — W e are also advised that $9 000 40-vear Dist
N o. 15 and $1,000 20-year D ist. N o. 30 5 % bonds are^now being offered for
FREN CH M AN V A L L E Y IR R IG A T IO N D IS T R IC T (P. O. C u lbersto n ),, H itc h c o c k C o u n ty , N e b . — B O N D S A W A R D E D I N P A R T . — The
District Secretary advises us under date o f D ec. 29 that o f the $150,000 6%

$l3905y imsr leCe n Pdilpo?edi0onf b° ndS ° ffCrCd ° n Peb' 4 1913 (V' 9 6 ,P ' 376>•
00
0
G A R R ISO N , M cL ean C o u n ty , N o. D a k . — B O N D S N O T Y E T S O L D . —
I ho C ity C.erk advises us that no sale has yet been made o f the $3;000 5%
PundI**?5 and street-im pt. bonds offeretl without success on M a y 1.
(V . 97, p. 755.)
G L E N D O R A , L os A n g e le s C o u n t y , C a lif.— B O N D S V O T E D — B y a
vote o f 202 to 51 the proposition to issue $25,000 municipal water-systemconstruction bonds was authorized, reports state, at a recent election
A
like Issue o f bonds was sold in O ctober to Torrance, Marshall & C o. o f Los
Angeles (V. 97, p. 1061), but tho legality o f the procedure was questioned
and tho bonds wero ro-submitted.
G L O U C E ST E R C O U N T Y (P. O. W o o d b u r y ), N. J .— B O N D S A L E . __
On Dec. 31 $15,000 10 1-6-year (aver.) N ortonville bridge and $10 000~ 11yr. (aver.) Seven C ounty bridgo 5 % reg. bonds were awarded to John D .
^ °* o f N . Y . at 102.30. Other bids were:
R . M . G ra n t & C o . , N e w Y o r k ____

_

_

102 2

Farmers’ & M echanics’ National Bank, W oo d b u ry Z IIII
100 8
Swodesboro Trust C o ., Swedesboro________________________ IIIIIIIlO O .O

86

THE CHRONICLE

G R A N D V IE W H E IG H T S , F ra n k lin C o u n ty , O h io .— BON D S A L E . —
Reports state that an issue o f 314,000 5 % sower bonds has been awarded
to the Citizens’ Trust & Sav. Bank o f Colum bus for $14,050— equal to
100.357.
G R E E N V IL L E , H u n t C o u n ty , T e x . — D E S C R I P T I O N O F _ B O N D S . —
T he C ity Clerk advises us that the $16,000 5% market-square-site-purchase
bonds (V . 96, p. 1786) are coupon in form and in tho denom . o f $500.
D ate Jan. 1 1914. Int. J. & J. at Greenville, Austin or N ew Y ork , at
option o f holder. Due in 40 years, subject to call $500 yearly after 8 years.
Up to D ec. 27 no date had been set for the sale o f these bonds.
G R E E N W O O D T O W N S H IP (P. O. H e s p e r ia ), O c e a n a C o u n t y ,
M ich .— B O N D S A L E . — On D ec. 23 tho $7,500 5 % 8-year (a v.) road bonds
(V . 97, p. 1763) were awarded to tho First N at. Bank o f Hart, M ich ., at par.
G R E E N W O O D T O W N S H IP (P. O. C a m eron ), M oore C o u n ty ,
N o. C a ro.— B O N D S N O T Y E T SOLD.— W e are advised b y the T w p
Chairman that no sa’ e has yet been m ade o f the $10,000 6 % 3 0-yr. road
bonds offered without success on June 20 (V . 97, p. 130). Donora. $500.
D ate July 1 1913. Int. J. & J.
G R O V E C IT Y , M eeker C o u n t y , M in n .— B O N D S A L E . — W e are ad­
vised that Garfield C utts o f G rove C ity has been awarded tho $5,000 6%
bonds offered on April 19. D enom . $500. Int. annual. D uo on or beforo
20 years; subject to call $500 any interest-paying dato.
H A M M ON D . T a n g ip a h o a P a rish , L a .— B O N D E L E C T I O N . — Tho
election to vote on tho questions o f issuing the $50,000 school-building and
site-purchase, $18,000 water-works, $16,000 sewerago, $5,000 fire equip­
m ent and $3,000 city-hall bonds (V . 97, p . 1763) will bo submitted to a
voto on Jan. 13 1914.
H A R T F O R D , C o n n .— B O N D O F F E R I N G . — A dditional inform ation
Is at hand relative to tho offering on Jan. 16 o f the following 4 j^ % gold
cotip. or reg. bonds (V . 97, p. 1921):
$570,000 m unicipal-bldg, bonds. D ato N o v . 1 1913. D u o N o v . 1 1933.
These bonds aro the unsold portion o f an issue o f $1,570,000— see
V . 97. p. 1154.
650.000 additional high-school bonds. D ate F eb. 2 1914. D u o F eb. 1
1939.
Proposals for these bonds will bo received until 2 p. m . on that day b y
Ohas. II. Slocum , C ity Treas. D enom . $1,000. Int. seml-ann. on coup,
bonds at C ity Troasuror’s office; on reg. bonds transmitted b f mail.
C ert, check for 2 % o f bonds bid for, payable to C ity T reas,. required.
Official circular states that thero has never been any litigation, nor is there
any pending, affecting tho bonds o f tho city , and that the city has nover
defaulted in its obligations.

[ V o l . XCVIII.

J E R R Y C IT Y , W o o d C o u n ty , O h io .— B O N D S A L E . — O n D ec. 20
the $2,608 6 % 4-year (aver.) Jerry and Brown Sts. impt. bonds (V. 97, p.
1678) were awarded, reports state, to Wilson Hamilton o f Frem ont for
$2,633, equal to 100.958.
JO H N SO N C O U N T Y (P . O. C le b u r n e ), T e x .— B O N D E L E C T I O N . —
An election will be held M arch 4 to submit to a vote tho proposition to
issue $40,000 hospital bonds.
K E A R N E Y , B u ffa lo C o u n ty , N e b .— B O N D E L E C T I O N P R O P O S E D .
— A ccording to reports an election will bo held in the near future to submit
to a voto the question o f issuing $10,000 ball-park-sito-purchase bonds.
K E N N E D Y H E IG H T S (P. O. C in c in n a t i), H a m ilto n C o u n ty , O h io .
— B O N D S N O T S O L D . — N o bids wero received, it is stated, for the $ 4 ,­
715 98 5 % 1-5-yr. (ser.) cou p, sidewalk (assess.) bonds offered on Dec. 20.
(V . 97, p. 1606).
K E N O S H A , K e n o s h a C o u n ty , W is.— B O N D E L E C T I O N P R O P O S E D .
__A ccording to reports tho Council on D ec. 16 voted to submit the question
o f issuing $100,000 filtration-plant bonds at tho next election.
K E O K U K , L ee C o u n ty , I o w a .— B O N D S A L E . An issuo o f $100,000
5 % refunding bonds was recently awarded to N . W . Halsey & C o. o f Chi­
cago. D enom . $1,000. Date Jan. 1 1914. Int. J. & J.
K E Y W E ST M o n ro e C o u n ty , F la .— B O N D S A L E . — Farson, Son Sc
C o . o f Chicago were recently awarded an issuo o f $50,000 5% 30-year
public park bonds.
K IL L E E N , B ell C o u n t y , T e x .— B O N D S N O T Y E T I S S U E D . —-We
are advised that tho $17,000 5% 1 0 - 4 0 -year (op t.) water bonds voted in
N ovem ber (V . 97, p. 1306) havo not yet been issued. D enom . $1,000.
In t. annually on Jan. 1.
K IN G S T O N , U lster C o u n ty , N. Y .— B O N D S A L E . — On D ec. 29 tho
$225,000 4 y 2 % 8.16-year (av.) reg. high-school-building bonds (V. 97. p.
1922) were awarded to A . B . Leach & C o. at 100.37 and Int. Other bids

R em ick, Hodges & C o ., N . Y . 100.3 13 | . H , Rollins Sc Sons, N . Y . .100.26
E
K IR K S V IL L E SC H O O L D IS T R IC T (P. O. K irk3villa), A d a ir
C o u n ty , M o.— B O N D E L E C T I O N — An election will be held Jan. 20 to
voto on the proposition to issue$80,000 5% 2 0 -year high-school-buildlng bds.
K IR K W O O D SC H O O L D IS T R IC T (P. O. K irk w o o d ), S t. L ou is
C o u n ty , M o.— B O N D E L E C T I O N . — An election will be held Jan 24 1914,
it is stated, to submit to a voto tho question o f issuing $65,000 building bds.
L A D Y S M IT H , R u s h C o u n ty , W is.— B O N D O F F E R I N G . — Proposals
will be received until 7:30 p. m . Jan. 20, reports state, by E. A . Kirban,
C ity Clerk, for the $16,000 5% coup, water-works-improvement bonds
(V . 97, p. 1062). Denom . (40) $100, (20) $200. Interest semi-annual.
D uo $2,000 yearly on Jan. 1 from 1927 to 1934 incl. Certified check for
2 % required.
LA G R A N D E , U n io n C o u n ty , O r e . — B O N D S A L E . — Tho $17,041 71
T h e o f f i c i a l n o tic e o f th is b o n d o ffe r in g w i l l b e f o u n d a m o n g th e a d v e r tis e ­
6 % 1-lC-year (opt.) street-im pt. bonds offered on April 16 wero awarded
m e n t s e lse w h e r e in th is D e p a r tm e n t. ■
on that day as follows: $4,500 to tho city and $12,541 71 ($10,727 32
F H A R T L E Y C O U N T Y COMM ON S C H O O L D I S T R I C T N O . 1, T e x .—
dated M arch 2 1913 and $1,814 39 dated Jan. 2 1913) to Terry, Briggs &
B O N D S A L E . — The $15,000 5 % 5-40-yr. (op t.) school-constr. bonds reg.
Slayton o f T oledo for $12,566 71 (100.199) and int. Int. semi-annual.
b y the Com ptroller on Sept. 3 (V . 97, p . 756) were awarded to “ Hartley
L A K E C O U N T Y (P. O. C ro w n P o in t ), I n d .— BOND OFFERING.—
C o u n ty " at par on Oct. 18. D enom . $100. D ate June 10 1913. Int.
Proposals will be received until 10 a. m . to-day (Jan. 3.) b y A . J. Swanson,
ann. in April.
C ounty Treas., for tho following < V i % road impt. bonds:
1
H E R IN G T O N , D ic k in s o n C o u n t y , K a n s .— BOND E L E C T I O N . —
$8,000 W . I,. C olo road bonds. Denom. $400.
R eports state that an election will be held Jan. 8 1914 to submit to a voto 10.000 C . J. Williams N o. 2 road bonds. D enom . $500.
the question o f issuing $49,000 water bonds.
16.000 Frank Hammond road bonds. D enom . $400.
20.000 Peter Senzig road bonds. D enom . $o00.
H IL L S B O R O SC H O O L D I S T R I C T (P . O. H ills b o r o ), H ill C o u n ty ,
60.000 Geo. W . Jones road bonds. D enom . $o00.
T e x .— B O N D E L E C T I O N . — An election will be held Jan. 10 1914, It is
4,000 A . M . M artz road bonds. D enom . $200.
stated, to vote on tho question o f issuing $25,000 building bonds.
a 400 Henrv Ifonn r o < u l b o n d s .
D e n o m . .5 0 ^0 .
H IL L S B O R O U G H C O U N T Y (P. O. T a m p a ), F la .— B O N D O F F E R ­
in t M
W u e o n o - t w e n t i e t h e a c h s i x m o n t h s f r o m | M a y 15 1914|to
I N G . — Proposals will bo received until 11 a. m . Feb. 3 by Marshall M oore,
____
N o v . 15 1923 incl.
Supt. o f I’ ub. Instruction, for the following 6% cou p. bldg, and equip, bds.:
L A K E V IE W , S ac C o u n ty , I o w a .— B O N D E L E C T I O N . — 'Thequestion
$40,000 Special Tax School District N o . 6 bonds. D enom . $1,000. D uo o f issuing $12,000 5% to 5 l % electric-transmission line bonds will bo sub­
A
$2,000 yearly on Jan. 1 from 1916 to 1935 incl. Bonded d ebt m itted to a vote on Jan. 12. Duo in 20 years, subject to call after 5 years.
this issue. Assess, val. $891,435; actual, $3,500,000.
L A N C A S T E R , F a irfie ld C o u n t y , O h io .— BOND OFFERING.— Pro­
5,000 Special T ax School District N o. 9 bonds. D enom . $500. D ue
$500 yearly on Jan. 1 from 1916 to 1925 incl. Bonded d ebt this posals will be received until 12 m . Jan. 19 (dato changed from Jan. 8)
b y W . D . N othacker, C ity Auditor, for tho $50,000 5 % hospital-site-pur­
issue. Assess, val. $168,340, actual $600,000.
A u th .. election held D ec. 9 19l3. D ato Jan. 1 1914. Int. J. Sc J. at chase and construction bonds voted N o v . 4 (V . 97, p. 1764). D enom .
office o f County Treasurer. Official circular states that thero has been no $1,000. Dato Dec. 1 1913. Int. annual. D uo $5,000 yearly on D ec. 1
default or contest in paym ent o f any debt and that all past obligations from 1915 to 1924 inclusive. Certified check for 5% o f bonds bid for, paya­
ble to C ity T reas., required. Bonds to be delivered and paid for within 10
have been prom ptly paid.
days from time o f award. Purchaser to pay accrued interest. Bids must
H O L L Y S P R IN G S S C H O O L D IS T R IC T (P . 0 .~ H o lly S p r in g s ),
W ak e C o u n t y , N o. C aro.— B O N D E L E C T I O N P R O P O S E D . — Local bo made on forms furnished b y tho C ity A uditor.
L A U R E L , S ussex C o u n ty , D e l.— BONDS DEFEATED.— The propo­
newspaper reports state that an election will be held in February to submit
sition to issue $30,000 5 % streot and sower bonds was defeated at the
to a vote the question o f issuing school bonds.
election held D ec. 9 b y a vote o f 44 " fo r ” to 99 “ against.”
pr H U D S O N , S u m m it C o u n ty , O h io .— B O N D S A L E . — On D ec. 23 the
L IB E R T Y C O U N T Y (P . O. L ib e rty ), T ex.— BONDS REGISTERED.—
$6 000 514% 1-12-year (ser.) electric-light-ext. bonds (V . 97, p. 1763) were
awarded to Seasongood & M ayer o f Cincinnati for $6,107 (101.783) and int. On D ec. 17 the State Com ptroller registered tho following bonds:
$6,000 Im pt. Dist. N o. 1 bonds. D uo in 40 years, subject to call In 10 yrs.
Other bids were:
,
„
, ,
.
_
100.000 Road D ist. N o . 1 bonds. D uo in 50 yrs., subj. to call $12,000 yrly.
M ayer, D eppe Sc W alter,
JSpitzer, R orick Sc C o .,
100.000 R oad D ist. N o . 4 bonds. D uo In 50 yrs., subj. to call $12,000 yrly.
C in cin n a ti-........................ $6,097 25
T oled o ..................................$6,040 80
C . E . Denison Sc C o ., C lev. 6,062 30 W ell, R oth & C o. C in cin. 6.035 00
L IL L IN G T O N , H a r n e t t C o u n ty , N o. C a r o .— BONDS NOT YET
First N at. Bank, C lev ____ 6,044 60|HoehIer Sc Cummings, T o l. 6,032 75 SOLD.— W e are advised b y the M ayor, under date o f D oc. 13. that no sale
t . All bidders included accrued interest in addition to their bids.
has yet been made o f tho $25,000 6 % 30-year coupon water-works and
H U N T E R , G a rfie ld C o u n ty , O k la .— B O N D O F F E R I N G . — Proposals sewerage bonds offered on July 15 (V . 97, p. 1764).
L IN D E N , M o n tg o m e ry C o u n ty , I n d .— BOND SALE.— On D ec. 23
will be received until Jan. 21 for $5,000 6 % 25-year town-hall bonds.
A uth. vote o f 36 to 29 at tho election held N o v . 25 1913 (V . 97, p. 1526). tho $4 000 5% 514-yoar (aver.) tax-free bonds (V . 97, p. 1840) were
awarded to Breed. Elliott Sc Harrison o f Cincinnati at 100.60, Int. and blank
D ate Jan. 1 1914. Int. J . & J .
were:
I O W A .— C E R T I F I C A T E S A L E . — A ccording to local papers the State bonds. Other bids N ational Bank, Indianapolis---------------------------- $4,020
Fletcher-American
E xecutive Council contracted on D ec. 24 with Georgo M . Bechtel & C o. of E M . Campbell &
D avenport for the sale o f $400,000 certificates, the proceeds o f which are to M.yer-K iser Bank. Sons C o ., Indianapolis................................................ 4,008
Indianapolis................ - ............................................... 4,000
be used in carrying out the capitol-grounds extension plan. By tho terms
L I V E O A K S C H O O L D I S T R I C T (P . O . L iv e O a k ) , S u w a n e e C o u n t y ,
o f the contract the Davenport com pany will dispose o f the certificates to
F la .— BONDS PROPOSED.— According to local newspaper reports, this
Iow a investors and will itself receive no com pensation above actual expenses
o f selling the issue, which will not exceed $1,700. $200,000 will be turned district is contem plating tho issuanco o f $70,000 bldg, bonds.
over to tho State by tho Bechtel com pany b y D ec. 30, $100,000 m oro on
L IV IN G S T O N S C H O O L D IS T R IC T (P. O. L iv in g sto n ), P o lk
F eb. 1 and the final $100,000 b y M arch 1.
C o u n ty T e x ? — B O N D S N O T Y E T I S S U E D . — Tho Secretary or tho
Board o f Education advises us that the $7,000 5 % 20-40-year (op t.)
K JA C K S O N , B u tts C o u n ty , G a .— B O N D S O F F E R E D B Y B A N K E R S . —
building bonds voted M a y 3 (V . 96, p. l o l l ) havo not yet been issued.
J. H. HUsman Sc D o. of Atlnata aro offering to investors tho $23,000 5 %
L O D I, C o lu m b ia C o u n ty , W is.— B O N D S A L E . — T he $12,000 5 %
tax-free sewerago bonds voted July 8 (V . 97, p . 131). D enom . $1,000.
D ate Ian. 1 1914. Int. annually on Jan. 1 in N . Y . Duo yearly on Jan. 1 6-year (aver.) coup, city-hali-ccnstr. bonds offered on M a y 20 1913 (V
96, p. 1438) have been sold to the Stato Bank o f Lodi.
_
j
as follows: $2,000 1916 to 1920 incl., $1,000 in 1921 and $3,000 from
1941 to 1944 Inclusive.
L O R A IN C IT Y S C H O O L D IS T R IC T (P . O. L o ra in ), L o ra in C o u n t y ,
O h io .— B O N D S A L E . — On D ec. 29 the $60,000 5% 7-yoar (aver.) cou p,
J A C K S O N T O W N S H IP , B o o n e C o u n ty , I n d .— B O N D S A L E . — On
D e c. 27 the $7,000 4J4% 1-4-year (ser.) school-bldg, bonds (V . 97, p. 1764) school. Series “ B ,” bonds (V . 97, p. 1678) wero awarded to Weil, Roth Sc
Cincinnati for $60,685 and tat.— equal to 101.161. Other bids were:
were awarded, to M . II. Roberts o f Jamestown for $7,029 50 (100.24 and C o . o f - - - — A . E. A u b & C o ., CincinnatL$60,660 F ifth-Third N at. B k ., C l n . . *60,330
Interest).
Sidney Spitzer Sc C o ., T o l___6 0,5 tl
Other bidders were:
P r o v . S. B . Sc T r . C o ., C l n . . 60,506 Spitzer, Rorick & C o ., T oledo 60,321
N ew Ross Bank----------------- --------------------------------------------------------- 57,027 50
Tollotson Sc W olcott C o .,
F ield , L on gstreth Sc R ich -)
J. F . W ild Sc C o ., Indianapolis-----------------------------------------------------*7,026 00
C levelan d .......... ................... 60.259
ards and Breed, E lliott! 60,456
E . M . Campbell Sons C o ., .Indianapolis.................... - ......................... *7.011 00
Otis & C o ., Cleveland______ 60,050
Sc Harrison, C in cin n a ti-.]
B reed, Elliott Sc Harrison, Cincinnati.......................................... ........ *7,000 00
Hoehler Sc Cummings, T o l . . 60,432
k * A nd interest.
.
L O S A N G ELE S, C a lif.— BOND E L E C T I O N P R O P O S E D .— It is stated
r JE FFE R SO N C O U N T Y (P. O . S te u b e n v ille ), O h io .— B O N D O F F E R ­
that an election may bo held in tho near future to vote on the question o f
I N G ,— ProDosals will be received until 12 m . Jan. 24 b y the Road C om ­
issuing $1,000,000 aqueduct-trunk-hnos-water bonds.
missioners for $35,000 5% coup. C roxton's Run fre.e turnpike bonds. Auth
Secs. 7283 and 7284, Gen. Code. Denom . $500. D ate Jan. 15 1914.
C o u n ty ,
In t. F . & A . at office o f C ounty Treas. D ue $500 each six months from
O ct. 1 1914 to Apr. 1 1924 incl.. $1,000 on O ct. 1 and $500 on A pr. 1 from $10,000 5% 10-40-yoar (o p u ,
O ct. 1 1924 to O ct. I 1934 incl., $1,000 each six months from Apr. 1 1935 to 467). D enom . $1,000. D a t e Juno 1 1913. Int. ann. in Juno.
Oct 1 1937 incl., $1,500 on A pr. 1 1938 and $1,000 Oct. 1 1938. Cert,
M A R B L E H E A D , Essex C o u n ty , M ass.— B / D S .— T he other bids re­
check for 5% o f bid, payable to R oad Commissioners, required. Bonds ceived for tho $40,000 4 % 1 O H-year (aver.) cou p, tax-tree school-house
to bo delivered and paid for in Steubenville on or beforo Jan. 31.
bonds awarded on Dec. 26 to G eo. A . Fcrnald Sc C o . o f Boston at 101.93
S These bonds were reported sold to tho Miners & Merchants’ Exchango and interest ( V . 97. p. 1922) wero:
„
.
... „„a
A
Bank o f Smithficld in V. 97, p. 544.
.
Jackson Sc Curtis. B o s t o n ..1 0 1 .87 Blodgob Sc C o ., B oston _____ 101.668
Blake Bros. & C o ., B o s to n ..101.660
Proposals will bo received until 11 a. m. Jan. 31 b y tho R oad Com m s- Adam s & C o ., B oston ----------101.85
sloners for $120,000 5 % coupon Irondale & Yellow Creek Free Turnpike Estabrook & C o ., B oston— 101.84 Merrill, Oldham Sc C o . B o s .i0 l.6 1 9
road bonds. D enom . $500. Dato Feb. 1 1913- lut._A . Sc O. at office of Curtis & Sanger B oston ____101.82
N . YV. Harris & C o ., I n c..B o sio i.3 7 9
C ounty Treasurer. Due $500 on Oct. 1 1914; $1,000 on April l 1915: R . L . D ay Sc C o ., B o s t o n '.. 101.819]
$1,500 each six months from O ct. 1 1915 to O ct. 1 1920 incl.; $2,000 each
M A R C K V IL L E , A v o y e lle s P ariah, L a . . — B O N D S I L L E G A L .— Tho
six m onths from April 1 1921 to O ct. 1 1925 incl.; $2,500 each six months M ayor advises us that the $22,000 5% serial bonds offerod on Sept. 1 (V .
from April 1 1926 to O ct. 1 1930 incl.; $3,000 each six months from April 1
1931 to O ct. 1 1932 incl.; $3,500 each six months from April 1 1933 to 97. p. 467) have been declared Illegal.
M A R SH A L L , S alin o C o u n ty , M o . — B O N D S D E F E A T E D .— According
O ct. I 1935 incl.; and $4,000 each six months from April 1 1936 to O ct. 1
1 9 3 8 incl.
Certified check for 5% o f bonds bid for payable to Road C o m ­ to newspaper dispatches tho question o f issuing tho $70,000 municipal
missioners, required. Bonds to be delivered and paid for on or beforo electric-light bonds (V . 97. p. 1678) failed to carry at tho election hold
Feb. 7. It was reported in V . 97, p. 680, that these bonds had been I D ec. 18. Tho voto was 766 f'fo r” to 386 “ against.” A two-thirds m ajority
was necessary to authorize.
a w a rd ed ito the Merchants’ Sc M echanics’ Bank o f Smithfield.




J an . 3 1914.

THE CHRONICLE

MASON COUNTY (P. O. Ludington), Mich.— B O N D

E L E C T IO N

P R O P O S E D .—

Wo are advised that tho election to voto on the question o f
issuing tho $35,000 (not $55,000, as first reported) agricultural school
bonds (V . 97, p. 1307) will bo held in April 1914.

MATAGORDA COUNTY (P. O. Bay City), Tex.— B O N D

E L E C T IO N .

87

0 % 40-year court-house bonds voted in August 1913 (V. 97, p. 546) have
never been issued, owing to the fact that tho election was contested.

PATTONVILLE SCHOOL DISTRICT (P. O. Pattonville), Lamar
County, Tex.— B O N D S A L E . — On D ec. 15 the $3,000 5% 10-20-year
(opt.) building bonds voted M ay 10 (V . 96, p. 1514) wero awarded to W . N .
Swaim at par. D en om . $100.
PECOS COUNTY (P. O. Stockton), T e x . — B O N D S V O T E D . — The

— Reports state that an election will bo held Jan. 15 to submit to a vote tho
proposition to issue $100,000 levee and drainage-improvement bonds.
MEDFORD, Middlesex County, Mass.— B I D S . — T ho other bids re­ question o f issuing tho $85,000 6 % 10-40-year (op t.) road bonds (V . 97,
ceived for the two issues o f 4 % cou p, tax-free bonds, aggregating $08,000, p. 1765) egrried at the election held D ec. 15.
awarded on Doc. 26 to E stabrook & C o. o f Boston at 101.44 and int.
PISGAH, Harrison County, Iowa.— B O N D S N O T
I S S U E D .—•
(V . 97, p. 1922), were:
Wo aro now advised b y tho C ity Treas. that the $7,000 water-works bonds
Perry, C offin & Burr, B ost-.1 0 1 .4 2 2 N . W . Harris & C o.,T n c.,B os.l01.312
offered on M ar. 24 (V . 96, p. 741) were subsequently found to be illegal,
Adam s & C o., B oston ______ 101.412 Blake Bros. & C o ., B o s to n .. 101.20
B iodget & C o ., B oston _____ 101.408 M errill. Oldham & C o., H ost.100.919 because o f insufficient notice o f the election. A second election was held
but the proposition failed to carry.
R . L . D ay & C o. B oston___101.349 Clement, Parker & C o ., B os.100.63
PITTSFIELD, Berkshire County, Mass.— T E M P O R A R Y L O A N .
Curtis & Sanger. B oston ____101.33
On Dec. 27 tho loan o f $30,000 maturing M a y 8 1914, and issued in antici­
M E D IN A C O U N T Y COM M ON S C H O O L D IS T R IC T N O . 9, T e x .—
pation o f taxes (V . 97, p. 1923). was negotiated with C . D . Parker & C o. o f
B O N D S N O T Y E T I S S U E D .— W e are advised that the $10,000 5 % 5-40year (opt.) bldg, bonds voted O ct. 18 1913 (V . 97, p. 1369) liavo not yet B oston at 3.7 2 % discount.
been issued. D enom . $500. Int. ann. in April.
7,
COUNTY (P. O. Wheatland), Wyo.— B O N D E L E C T I O N
M IT C H E L L C O U N T Y COMM ON S C H O O L D IS T R IC T N O . 10, T ex. R E S C I N D E D . — T h e C ounty Clerk advises us that the election which
was to have been held D ec. 16, to voto on the issuance o f $50,000 court— B O N D S A L E .— W e are advised by tho C ounty Judgo under date o f D oc.
26 that the $2,000 5% 10-40-year (op t.) bldg, bonds registered by the State houso and jad bonds, was called o ff.
Com ptroller on July 8 (V . 97, p. 467) have been sold to “ R oad District
POMONA, Los Angeles County, Cal.— B O N D A W A R D D E F E R R E D —
i arson, Son & C o. o f New York and Causey, Foster & C o. o f Denver each
N o . 1.”
“ & P " and int. for the tw o issues o f 5 % bonds, a ^ r e s a tin " $90,000,
M O D E STO I R R IG A T IO N D IS T R IC T (P. O. M od es to), S ta n is la u s
offered on D ec. 23 (V . 97, p. 1679). W e are advised that these bids have
C o u n ty , C a lif.— BOND E L E C T I O N P R O P O S E D .— A ccording to reports
an election will be held some time in January to vote on tho question o f been taken under advisement for one week.
Issuing $610,000 canal-system-improvement bonds.
CLINTON, Ottawa County, Ohio.— B O N D S N O T Y E T
M T . V ER N O N , K n o x C o u n ty , O h io . — B O N D S A L E .— On D ec. 29 tho u t e E R E D . — Concerning the newspaper reports stating that this citv
p ° h k i r° ^ ‘r $30,000 5% coupon electric-light-plant bonds for salo on
$16,000 5% 4 X -year (aver.) sewage-treatment-plant bonds (V . 97, p.
* e b . 15 (V
we
the
yet
1679) were awarded to tho K nox C ounty Savings Bank o f M t. Vernon, it advertised. . 97, p. 1608),nnn. aro advised that m u bonds have not • been
D enom . XI
Date Pnh i s
u
. in
D enom . $1,000. D ato F eb. 15 1914. Int. F. & A . y,_ Port
is reported, at 100.66.
Clinton.
N ASSAU C O U N T Y (P. O. F e r n a n d in a ), F la . — B O N D S A L E .— On
PORTLAND Ore.— BONDS DEFEATED.— W e are advised b y tho
D oc. 17 ttie $180,000 5% 30-year road bonds ( V . 97, p. 1527) were awarded,
?o rynnnd,t<L
r,rthat
duestions o f issuing tho $200,000 park-improvem ent,
reports state, to tho American Trust C o. o f Jacksonville.
$25,000 public-markets and $50,000 m unicipal-paving-plant bonds failed
N A V A R R O C O U N T Y (P. O. C o rsic a n a ), T e x .— B O N D S D E F E A T E D .
to canry at tho e la tio n held Dec. 9. The vote is reported as 2.474 ‘ ‘fo r” to
— Reports state that, according to early returns, tho question o f issuing tho 12,100 ‘against, ’ 5,082 “ fo r” to 9,294 “ against” and 3,484 “ fo r " to 10 910
$150,000 hospital-bldg, bonds (V . 97, p. 1307) was defeated on D e c. 19.
“ against, respectively.
* w
N ELSO N V ILLE, A th e n s C o u n ty , O h io .— B O N D S A L E .— T ho $2,800
P U T -IN -B A Y S C H O O L D IS T R IC T (P. O. P u t-in -B a v ) O tta w a
5 % 2 j^-year (aver.) water-works-improvement bonds offered without suc­ C o u n ty , O h io .— BONDS DEFEATED.— An election held D ec 20 re­
cess on April 5 1913 (V . 96, p. 813) wero sold, wo are advised, to local sulted in tho defeat o f the question o f issuing $16,000 bldg, bonds
The
investors.
voto was 66 “ fo r” to 82 “ against.”
N E V A D A SC H O O L D IS T R IC T (P . O. N ova d a ), V o rn o n C o u n ty ,
RAVENNA, P o rta g e C o u n ty , O h io . — B O N D S N O T S O L D .— N o bids
M o .— B O N D E L E C T I O N P R O P O S E D . — A ccording to local newspaper wero received on D ec. 29 for tho two issues o f 4 )4 % street-im pt. (assess­
reports, an election will bo held in tho near future to submit to a voto tho ment) bonds aggregating $11,816 08. offered on that day (V . 97, p. 1766).
question of issuing $25,000 high-school bonds.
RAYMOND, Pacific C o u n ty . W a s h . — B O N D SALE.— 'T ho $69,000
N E W B U R G H , O ran ge C o u n ty , N . Y . — B O N D S A L E .—-On D ec. 17 funding bonds offered on D ec. 10 have been awarded to M orris Bros, of
the four issues o f 4 34% reg. im pt. bonds, aggregating .$98,500 (V. 97, p. Portland as 5)4s, it is stated, for $69,711 (101.0304) and int. Purchasers
1679). wero awarded to Rom ick, Hodges & C o. o f N . Y . for $99,416 05,
to pay cost o f bonds. T he State o f W ashington bid par for 5s, without
equal to 100.93. This item was inadvertently reported under tho head o f accrued int. It was also mentioned in the State's bid that only one-third of
N e w b u r g h , N . ./. in V. 97, p. 1841.
tho purchase price could bo paid at once, the remainder to be paid later.
N E W H A R T F O R D , O n eid a C o u n ty , N . Y .— N O A C T I O N Y E T
r v ‘n ^ » f t IOw COXJN'Ii Y- ( ‘ °,\ Refugio), Tex.— B O N D S A W A R D E D
J.
T A K E N .— W o aro advised b y tho Vii. Clerk that no action has yet been
{ N P A R I .— W e are advised b y the C ounty Judge that o f the $2.5 000 5%
taken looking towards tho offering o f tho $5,000 sewagc-disposal-plant c?n 1KnnC r
?
R oad Dstrict N o - 2 bonds voted in August (V. 97,’ p. 682)
bonds voted Oct. 31 (V . 97, p . 1369).
$19,500 has been awarded at par and int. as follows: $10,000 to W L
B oache o f Refugio and $9,500 to the Permanent School Fund. Denom
N E W H A VE N T O W N S H IP (P. O. C h ic a g o J u n c t io n ), H u r o n
$500. Dato O ct. 14 1912. Int. A . & O.
C o u n ty , O h io .— B O N D S A L E .— T ho $19,000 5% road-im pt. bonds (V .
B O N D O F F E R I N G . — The remaining portion ($5,500) o f the above issue
97, p. 892) were awarded on Apr. 15 t o C . E . Denison & C o. or Cleveland.
is now being offered for sale at par and interest.
N EW K E N S IN G T O N , W estm orela n d C o u n ty , P a .— B O N D O F F E R ­
ROCHESTER, N. Y . — N O T E O F F E R I N G .— Proposals will be roceived
I N G .— Proposals will bo received until 8 p. m . Jan. 20 for tho $100 000
414% tax-free street and sewer bonds voted N o v . 4 1912 (V . 97 p 1 4 4 7 V until 2 p . m . Jan. 7 b y E . S. Osborne, C ity Com ptroller, for the following
B
Denom . $1,000. Cert, check for $5,000 required. W . N . Jenkins is notes:
Borough Secretary.
$360,000 revenue notes made payable 5 months after Jan. 12 1914.
90.000 overdue tax notes made payable 8 m os. after Jan. 12 1914.
NEW
P H IL A D E L P H IA ,
T u s ca ra w a s
C ou n ty,
O h io .— B O N D
30.000 garbago notes mado payable 8 m os. after Jan. 12 1914.
O F F E R I N G .— Proposals will bo received until 12 m . Jan. 24 by A . D .
T hey will be drawn with interest and made payable at tho Union Trust
Schlegcl,
C ity
A uditor,
for $38,940 65 5%
sewer (assessment)
C o . o N ow o rk
to designate rato f interest, denom ination o f
bonds. Auth. Sec. 3914, Gen. C ode. D enom . $500 and $440 65. Dated notes fdesiredYand . to Bidder (not bearer) notes oshall bo made pavablo.
whom
on or about Feb. 1 1913. Interest semi-annual. Duo $2,000 each six
ROGERS INDEPENDENT SCHOOL DISTRICT (P. O. Rogers, Bell
m onths from * o b . 1 1915 to Feb. 1 1924, inclusive, and $940 65 A ug. 1
1924. Bonds to bo delivered within 10 days from time o f award. Certified C o u n t y , Tex.— B O N D O F F E R I N G .— This district is offering for sale the
check for 1% o f bonds bid for, payable to the C ity Treasurer, required. $30,000 5 % 20-40-year (op t.) bldg, bonds registered on A ug. 4 (V . 97, p.
f o 8 ) . D enom . $1,000. D a te M ay 10 1913. Int. ann. on M a y 10.
Purchaser to pay accrued interest.
M . V. Baugh is Pres, o f School Board.
.
N E W R IC H M O N D , M o n tg o m e ry C o u n ty , I n d .— B O N D S A L E . —
ROSELLE, Union County, N. J. — B O N D S A L E .— T ho B oro. Treasurer
On D ec. 23 $5,000 5% bonds for stock in M ontgom ery Light C o. wero
advises us that the $10,000 5% 20-year cou p, or reg. fire-departm ent
awarded to Breed, E lliott & Harrison o f Indianapolis at 101.26. T ho bonds offered on June 6 (V . 96, p. 1514) have been sold.
Flotcher-Am cr. N at. Bank and tho M eyer-K iscr Bank o f Indianapolis also
RUSHTON Fm ST SEWERAGE DISTRICT (P. O. Rushton), Lin­
submitted bids. D enom . $500. D ato D ec. 31 1913. Int. J. & J. Duo
coln Parish, La . — B O N D S A L E .— T ho $40,000 5 % 35-vear sewer-con­
$500 yearly D ec. 31 from 1916 to 1925 incl.
N E W T O N , M id d lesex C o u n ty , M ass.— D E S C R I P T I O N O F B O N D S . __ struction bonds offered without success on M a y 1.5 (V 97 n 3151 were
°
W o are advised that tho $30,000 4% . sewer bonds awarded to Merrill Old­ awarded during October to W eil, R oth & C o. o f Cincinnati’. y ‘
ST. BERNARD (P. O. Cincinnati), Hamilton County, O hio__
ham & C o. o f Boston at 103.419 on Dec. 23 1913 (V . 97, p. 1923) are in the
denomination o f $1,000 and bear dato o f N ov. 1 1913. Int M &
B O N D O F F E R I N G .— Proposals will be received until 12 m Jan. £ 9 b y G to
D ue $1,000 yearly on N ov. 1 from 1914 to 1943 incl.
Schroeder, C ity A n d ., for S30.000 5% 30-year water-works and electricN E W Y O R K S T A T E . B O N D O b b E R I N G .— Attention is called to the light-plant im pt. bonds. D enom . $500. D a te N o v . 15 1913. In t M &
N . Purchaser to pay accrued interest.
official advertisement elsewhere in this department o f tho offering on Jan.
SAN ANTONIO INDEPENDENT SCHOOL DISTRICT (P. O. San
21 o f $51,000,000 4 )4 % 50-year gold cou p, tax-free bonds. F or details Antonio), Bexar County, Tex.— B O N D S R E G I S T E R E D .— 'Tho State
and terms o f offering see V. 97. p. 1923.
Comptroller on D ec. 20 registered an issue o f $300,000 5 % 20-40-year
(opt.) school bonds.
N O C O N A , M on ta g u e C o u n ty , T e x .— B O N D S N O T Y E T I S S U E D . —
T h e C ity Secretary advises us that the $3,500 additional water-works bonds
SAN BERNARDINO SCHOOL DISTRICT (P. O. San Bernardino).
San, Bernardino County, Calif.— B O N D E L E C T I O N P R O P O S E D . — T h e
recently voted (V . 97, p. 1447) have not yet been issued.
C lerk B oa rd o f E d u ca tio n advises us th a t th o elo ctio n w h ich w as t o h a v e been
N O R W A Y SC H O O L D IS T R IC T (P. O. N orw a y ), D ic k in s o n C o u n ty ,
J? t o v o t e o n th e issu ance o f th o $ 2 0 0,00 0 p o ly te c h n ic h ig h sch ool
M ich . — B O N D S A L E .— Tho $65,000 high-school-bldg, bonds offered on
b o n d s ( V . 9 7 . p . 1 5 2 8 ) w as p o s tp o n e d in d e fin ite ly .
Fob. 12 1913 have been sold.
“ N DIEGO SCHOOL DISTRICT, San Diego County, Cal.—
N O R W O O D G R A D E D SC H O O L D I S T R IC T (P. O. N o rw o o d ),
S ta n le y C o u n ty , N o. C a ro. — B O N D S A L E .— W o are advised that tho B O E D S A L E . On D ec. 22 tho $350,000 5% site-purchase building and
$15,000 30-year coup. bldg, bonds offered on M a y 20 1913 (V. 96, p. 1439) equipment bonds (V. 97. p. 1841) !were aw arded.it is stated, to W m . R .
S '? - « s t - Louis through tho Bank o f Comm erce & Trust C o. at
have been sold.
101.27 and interest.
N UECES C O U N T Y (P. O. C orp u s C h ris ti), T ex a s.— N O B O N D
. . ?AN FRANCISCO, Calif.— B O N D S A L E .— On D oc. 20 tho $308 000
E L E C T I O N .— We reported in V. 97, p. 1447 that an election would bo hold
D ec. 16 to voto on tho issuanco o f $125,000 court-house and jail and $35 000 2 6)4 -year (aver.) city-hall and $875,000 22-year (aver.) municipal railway
hospital bonds. Wo aro now informed that this election was not held in 5% gold cou p, tax-free bonds offered on D ec. 15 (V . 97, p. 1766) were
Nueces C ounty but in Kleberg C ounty.
06 n u u ln awarded, it is stated, as follows: C ity hall, S308.000 for $309,012 (100 3°85)
to the Anglo London A Paris N at. Bank: Railway, $200,000 at 100 369 to
O K L A H O M A . — B O N D S O F F E R E D B Y B A N K E R S .— II n Sneer
th0, ^ e^ k Par« « Nevada N at. Bank; $20,000 at 101 to Baldwin & B ow ed
Sons C o. of Chicago offer to investors $250,000 4 )4 % funding‘ bonds
and $1,000 at 102.1 and $1,000 at 100.4 to E . R . Zion.
D enom . $1000 and $500. Date O ct. 15 1913. Int. A . & 0 . at N ew Y ork
SANMATEOCGUNTY (P. O. Redwood City), Calif.— P R I C E P A I D
or at State Treasury, at holders' option. Due $25,000 yearly on Oct 15
I r pric? Pa] d
,’
portion o f the $1,­
1924 to 1933 incl., the State reserving tho privilege to pay all or anv o f ’the 250,000) 5 % highway bonds for the $500,000 (unsold m . R . Staats C o l,
recently awarded to W
bonds after Oct. 1 1923 at par and int. These bonds aro part o f the $2 - E . ii. Rollins & Sons o f San b rancisco and the First Trust & Sav. Bank o f
907,122 19 which the State offered in exchange for the 6 % warrants which Chicago (V . 97, p. m i ) , was 100.60 and int. Denom. $1,000. D ato
they are issued to refund. As stated in V. 97, p. 1604, tho validitv o f the July 1 1913. Int. J. & J. Due serially July 1 from 1917 to 1942 incl.
issuo was sustained by the Oklahoma Supreme Court.
SAVANNAH, Ga.— B O N D O F F E R I N G .— Proposals will bo received
O R A N G E , Essex C o u n ty , N. J . — B O N D S A L E .— On Dec. 29 the $150 - until 12 m . Jan. 20 1914 by R . J. D avant. M ayor, for $600,000 4 )4 %
000 4)4 % 30-year coup, or rcg. school bonds (V . 97, p. 1841) wero awarded 30-year gold coupon tax-free house-drainage and storm-sewerago systems
to O . II. Venner & C o. o f N . V. at 101.272 and int. A bid of par and int bonds. Denom. (450) $1,000, (300) $500. int. F. & A . in N . Y .a n d
was received from J. D . Everitt & C o. o f Now York.
Savannah. Certified check for 1 % o f bonds bid for, payable to M ayor and
O S A W A TO M IE , M iam i C o u n ty , K a n . — B O N D O F F E R I N G . __Pro­
aldermen, required. Bonds will be de'ivered Feb. 1 1914. Owing to a
posals will bo received until 6 p. m . Jan. 19 b y J. W . Allard, C ity Clerk, typographijad w °r , the dato o f this offering was reported as Jan. 2 in
for approximately $18,000 5% 10-ycar street-im provem ent bonds. Certi­
SCOTLAND NECK, Halifax County, No. Car.— B O N D O F F E R I N G
fied check for $500 required.
— Proposals will be received until Jan. 26 b y A . L. Purrington. Clerk Board
T h e o ffi c i a l n o tic e o f t h is b o n d o f f e r i n g w ill b e f o u n d a m o n g th e a d v e r tis e m e n ts
o f Town Commissioners for $6,000 6 % electric-light-system im pt. bonds.
Cert, check for 5% of bonds required.
e lse w h e r e in th is D e p a r tm e n t.
SCOTTSBLUFF, Scotts Bluff County.Neb.— B O N D O F F E R I N G __
P A L A C IO S , M a ta g ord a
C o u n ty ,
T ex a s.— B O N D S N O T Y E T
A ccording to local newspaper reports, G . L. Shunway. C ity Clerk will
' S S U E D . — 'V h o C ity Secretary, under dato o f Dec. 28, advises us that the
bids
10,000
5% 15-40-year (opt.) street-improvement bonds voted Oct. 1 receivewater until 8 p. m . Jan. 5 for S15.000 6 % semi-annual 5-2(Lyear
bonds.
.i
V. 97, p. 1062) have not yet been issued. D enom . $1,000. D ato N o v . 1 (opt.)
1913.
SEDALIASCHOOL DISTRICT (P. O. Sedalia), Pettis County, Mo.
— B O N D O F b ERI N G . — Proposals will bo received u n til7 :3 0 p .m .J a n y i 4 b y
P A R A G O U L D P A V IN G D IS T R IC T N O . 1 (P. O. P a ra g ou ld )
A . W . M ck en k ie, Secy., for the $32,000 5 % 20-year coupon buildingand
G reon o C o u n ty , Ark.-— N O A C T I O N Y E T T A K E N .— W o aro advised
'.hat nothing will bo done for 60 days towards issuing the $1,000,000 bonds lmm provem ent bonds. Auth. vote o f .390 to 96 at the election held D ec 16
( V - 07, p. 1766). Denom. to suit purchaser. Interest semi-annual. Cer­
V. 97, p. 1369).
tified check for $500 required. Purchaser to furnish engraved bonds.
P A R M E R C O U N T Y (P. O. F a rw ell), T ex .— B O N D S N O T I S S U E D __
SEM INOLE C O U N T Y (P. O. S a n fo rd ), Fla.— B O N D S A L E .— W e are
ho C ounty Judgo under dato o f D ec. 29 1913 advises us that tile $50,000 advised b y tho Clerk o f Circuit Court under dato o f D ec. 30 that the $45,000




6 % 1-6-year (serial) cou pon Black Ham m ock Drainage D istrict bonds
offered on D ec. 1 (V . 97, p. 1370) have been awarded at par as follow s:
$30,000 to J. L. Giles, $12,000 to Sadler & Tilden and $3,000 to J. H . Elorn.
SON OM A G R A M M A R S C H O O L D IS T R IC T (P. O. S o n o m a ), S o n o ­
ma C o u n ty , C al.— B O N D S V O T E D . — Tho question o f issuing $31,000
building bonds carried, it is stated, at the election held D ec. 20 by a vote
o f 288 to 66.
S P R IN G F IE L D , C lark C o u n ty , O h io .— B O N D E L E C T I O N — An
election will be held Aug. 11, it is stated, to submit to a vote the proposi­
tion to issue $70,000 East Sido Park site-parchaso bonds.
STA M F O R D (T o w n ), F a irfie ld C o u n ty , C o n n . — B O N D S A L E . — O n
D ec. 26 tho $135,000 4
school bonds (V . 97, p. 1812) wero awarded to
Merrill, Oldham & C o . o f Boston at 101.437. Other bids wore:
C urtis& Sanger, B o sto n .$136,849 50|Blodget & C o ., B oston $136,080 00
Blake Bros. & C o ., B o s .. 136,526 001 H a r r i s , F o r b e s * C o .,N .Y . 135,797 85
Empire Trust C o _______ 136,390 50 Estabrook & C o ., Boston 135,742 50
It. L . D ay & C o .. Boston 136,105 65.
Denom . $1,000. Dato Jan. 1 1914. Int. J. & J. D uo $4,000 yearly
lor first 15 years and $15,000 yearly thereafter.
S TE E LTO N , D a u p h in C o u n ty , P a .— D E S C R I P T I O N O F B O N D S . —
T ho $55,000 A ' A % 30-year tax-free general im provem ent bonds awarded
on D ec. 10 to Lyon, Singer & C o. o f Pittsburgh (V . 97, p. 1842) a reintho
denomination o f $1,000 and dated Jan. 1 '1914. Int. J. & J.
T A Y L O R V IL L E T O W N S H IP S C H O O L D I S T R IC T (P. O. T a y lo r ville) C h ris tia n C o u n ty , 111.— B O N D S A L E . — W o aro advised b y tho
Secy. Board o f Education that the $50,000 4 H % 5-20-year (op t.) school
bonds offered without success on M arch 4 (V . 96, p. 668) liavo been sold.
TE M PLE , B ell C o u n ty , T e x .— B O N D S V O T E D . — A n issue o f $16,000
street bonds was favorably voted upon b y tho city at a recent election.
T E R R E B O N N E P A R IS H (P. O. H ou m a ), L a .— B O N D S A W A R D E D
I N P A U T . — The Bank o f Terrebonne and Sav. Bank o f Houma wasawardcd
about D ec. 1 $12,000 o f an issue of $15,000 5% 1-15-yr. (scr.) Sub-drainago
Dist. N o. 2 bonds registered b y tho State A ud . on O ct. 23 (V. 97, p. 1308).
D enom . $100. D ate Sept, t 1913. Int. ann. in January.
T E X A S .— B O N D S R E G I S T E R E D . — T ho following bonds wero regis­
tered b y tho State C om ptroller during tho week ending D ec. 13:
A m o u n t.

$3,000
2.500
52.000
32.000
29.000
2.000

[Vol. X V
C III

THE CHRONICLE

88

P la c e .

P u rp ose.

R a le.

D u e.

O p tio n .

Coleman C o. O . S. D . N o . 67---------- School
5% 20 yrs. 10 yrs.
Johnson C o. C . S. D . N o. 68---------School
5% 20 yrs. 10 yrs.
K ln g sv illo.................. - ................... —
Sewer
6 % 40 yrs. 20 yrs.
K in g sv ille ---------------------- ---------------- Street im pt. 6% 40 yrs. 20 yrs.
B ound Bock Ind. Sell. D ist-------------School 5% 40 yrs. 20 yrs
Brown C o. C . S. D . N o. 13.................
School 5% 40 yrs. 5 yrs.
2 . 0 0 0 Collingsworth C o. C . S. D . N o.
2 . _School 5 % 20 yrs. N one
1 . 5 0 0 Collingsworth C o. C . S. D . N o.
2 8 . School 5/p 20 yrs. N one
____ _ ____
o %
School
5 % 20 yrs 10 yrs.
I 1 , 5 0 0 Erath C o. C . S. D . N o . 21------------1,999 San Saba C ou n ty....... ..................... ..B r id g o r e p 'r 5 % 40 yrs.
5 yrs.
p T he following 5 %
bonds were registered b y tho State Com ptroller
during tho week ending D ec. 27 1913.
A m o u n t.
P la c e —
P u rp ose.
D u e.
O p tio n .
$1,000 N acogdoches C o. C . S. D . N o. 3 ___ School 20 years
5 years
1.000 N acogdoches C o. C . S. D . N o. 65__ School 20 years
5 years
1 2 . 0 0 0 T abor Ind. Sch. D ist-----------------------School 40 years
20 years
700 Houston C o. C . S. D . N o. 64_______
School 20 years
5 years
75.000 Comal C o ____________________ R oad and bridge 40 years 10 years
3.000 Donley C o. C . S. D . N o. 6 ......... ...... School 40 yoars
2 years
100,000 C ity o f H ouston. .C ity hall and fire-proof annex $5,000 each year

T H O R N C R E E K T O W N S H IP , W h itle y C o u n ty , I n d .— B O N D S A L E .
— On Dec. 27 tho $2,000 6 % school-house bonds dated D ec. 27 1913 (V .
97, p. 1680) were awarded to the Farmers’ Loan & Trust C o. o f Colum bia
C ity at 101.70. Other bids wore:
P rov. S. B k. & T r. C o ., C in ..$ 2 ,0 3 3| Breed, E llio t t * Harrison, Ind.$2,005
T O L A R S C H O O L D I S T R IC T (P . O. T o la r ), H o o d C o u n t y , T e x .—
B O N D O F F E R I N G . — This district is offering for sale $12,000 5 % 20-40-year
(o p t.) building bonds approved b y the Attornoy-General on D ec. 19 1913.
D en om . $1,000. D ato D ec. 1 1913. Int. annually on D ec. 1.
T R O Y , N . Y — B O N D S A L E . — On D ec. 26 tho $150,000 5% six m onths’
tax-exempt certificates o f indebtedness or revenuo bonds (V . 97, p. 1843)
wero awarded to B. W . Pressprich * C o. at 100.055 and int. T ho M anu­
facturers’ N ational Bank o f T roy bid $150,050.
U N IO N C O U N T Y (P . O. M ary sv ille), O h io .— B O N D S A W A R D E D I N
A ccording to reports, no bids were received for tho entire issue of
$51,000 5% em ergency bonds offerer! on D ec. 27. Subsequently tho
Comm ercial Savings Bank o f M arysville was awarded $5,000 o f tho issue at
par and int. T he r
h ' of lie-issu e will lie re-ad veri i.snl. • :
^ j
P A R T .—

U R B A N A , C h a m p a ig n •C o u n ty , O h io. - l l O N D V S A L E . -On Dec. 27
’
tho $8,000 5% 10-year sewer refunding bonds dated D ec. 20 1913 (V . 97,
p. 1766) wero awarded to Stacy & Braun o f Toledo at 101.68 and int. Othor
bids follow:
Prov. S. B . & T r. C o .. C in .$ 8 ,0 93 fS6| Field, Longstrcth & Bichards, C in c in n a t i-------- .$8,071 20
W eil, R oth & C o ., C in ____ 8,086 66
Champaign N a t.B k .,U rb -_ 8,085 00 Otis & C o ., C leveland____8,031 00
B reed.E lliott*H arrison.Cin 8,082 401 Spltzor, R orick & C o ., T o l. 8,000 00
PAVALLTANT, M c C u r tin C o u n ty ,' O k la .— B O N D O F F E R I N G . — Propos­
als will bo receivod until 8 p. m . Jan. 9 by L. E. N olson, C ity C lerk, for
$36,000 6% 25-yoar water-works bonds. Certified chock for $1,500 re­
quired. These bonds'woro offered without success on O ct. 8 (V . 97, p.1370,)
V E R N O N SC H O O L D I S T R IC T (P. O. V e r n o n ), W ilb a rg e r C o u n t y ,
T e x a s.— B O N D O F F E R I N G . — 1 his district is offering for sale tho $16,000
T
5% 10-40-year (op t.) school bonds votod July 15 1913 (V . 97, p . 255).
______
Denom . $500. D ato A ug. 1 1913. Interest F . & A .
W A B A S H , W ab a 3 h C o u n t y , I n d .— B O N D O F F E R I N G . — Proposals
will 1)0 receivod until 6 p. m . Jan. 12 by Wtn. L. A gan, C ity Clork, for $10,­
000 4J-4% city park additional ground purchaso bonds. D enom . $1,000.
Date Feb. I 1914. Int. J. * J. D u e $1,000 yearly on Jan. 1 from 1919 to
1928 incl. C ert, check for $500 required. B onds.to bo delivered and paid
for in cash on or before F eb. 1.
v3 J *i i i A d
j
W AK EM AN T O W N S H IP (P. O. W ak om a n ), H u r o n C o u n ty , O h io .
— B O N D S A L E . — Wo aro advised by tho Township Clerk that tho $25,000
5 % cou p. Waketnan Dist. road-im pt. bonds offered on M ay 7 1913 (V.
96, p. 1114) have been sold.
, ,
B O N D S T O B E O F F E R E D S H O R T L Y . — W o wore further advised that
this township will shortly offer for sale $25,000 bonds.
W A L T H A M , M ass.— B O N D O F F E R I N G . — Proposals will bo received
until 10 a. m. Jan. 6 by tho C ity Treas. for $46,500 school and $ 13 ,40 0 street
4 % bonds, reports state.
W A R R E N , T r u m b u ll C o u n t y , O h io .— B O N D S A L E . —T h e ’ tw o issues
o f 4 H % stre jb-im provom ont bonus, aggregating $17,050, offerod on M ar. 18
(V. 96, p. 743) . have been disposed o f at privato sale.

NEW LOANS.

NEW LOANS.

$

103,000

CITY OF GOLDSBORO, N .C .

S T A T E OF N E W YO R K
4rl/-2 P e r C e n t G old B o n d s
EXEMPT FROM TAXATION

INCLUDING THE FEDERAL INCOME TAX
AMOUNTING TO

$ 51, 0 0 0 , 000.00
Issued in Coupon or Registered Form

Will be sold Wednesday, January 21, 1914,

WATER-WORKS, FUNDING AND
IMPROVEMENT BONDS.

EXEMPT FROM INCOME TAX

Sealed bids for tho purchaso o f bonds o f the
C ity o f G oldsboro, N orth Carolina, In the sum of
$103,000 will be receivod by tho Clerk o f said
C ity up to 12 o ’clock M . on JA N U A R Y 15, 1914,
when the Board o f Aldermen will meet and open
said bids. Bonds to boar interest at tho rate of
five per cent per annum from their date and to
run as follows: $15,000 Funding Bonds, 37 years;
$36,000 W ater Bonds, 38 years; $9,000 Fire
Department bonds, 33 yoars; $23,000 Street
Im provem ent Bonds, 40 years; $20,000 W ater
Bonds, 38 years. All o f said bonds (oxcept the
last mentioned $20,000 W ater B onds, which wll
bear date o f January 1, 1914) to bear dato o f
M ay 1, 1913, with interest coupons attached,
payable semi-annually. Bonds will be In denom ­
inations o f $1,000. Bids will be rccoivod on one
or more or all o f said Issues. Certified check
equivalent to threo por cent o f amount o f bonds
bid for, payable to tho C ity o f Goldsboro, must
accom pany each bid. N o bid will be considered
for less than par. All o f said bonds have been
authorized b y tho N orth Carolina Legislature
and tlioir validity passed upon b y the Supreme
Court o f N orth Carolina. F or fuller conditions
and inform ation wrlto C ity Clerk, Goldsboro,
N . C . T ho absolute right Is horoby resorved by
tho Board o f Aldermon o f said C ity to reject any
or all bids.
JOH N R . H IG G IN S , M a yor,
C ity o f G oldsboro.
D . J. B R O A D H U R S T , C ity Clerk.
G oldsboro, N . O .

at 12 o'clock noon

At the State Comptroller’s Office, Albany, N. Y.
Bidders will be required to state clearly in the proposal the amount
and price for each $100 bid.
$30,000,000 for the Improvement of the Erie, Champlain and Oswego
canals, dated January 1, 1914, due January 1, 1964.
$21,000,000 for Improvement of Highways, dated September 1, 1913
due September 1, 1963.
As the bonds enumerated above are all 50-year bonds bearing 4 Yi per cent interest,
the Comptroller ivill reserve the right to allot to the successful bidder bonds for either
of the above improvements, notwithstanding the specific issue may be stated in the bid.

$ 1, 220,000

City of Hartford, Connecticut

These bonds are Legal Investments for Trust Funds

4 V2% BONDS.

N o bids will be accepted for less than tho par value of tho bonds nor unless
accompanied by a deposit of money or by a certified check or bank draft upon a
solvent bank or trust company of the cities of Albany or New York, payable to the
order of the Comptroller of the State of Now York, for at least two per cent of tho
par value of the bonds bid for.
_
All proposals, together with the security deposits, must bo sealed and endorsed
“ Loan for Improvement” and inclosed in a sealed envelope directed to the “ Comp­
troller of tho State of New York, Alban y.”
All bids will include accrued interest.
The Comptroller reserves the right to reject any or all bids which aro not in
his opinion advantageous to the interests of the State.
Circular descriptive of these bonds and of outstanding State bonds, sinking
funds, &c., will be mailed upon application to

Sealed proposals will bo received b y the C ity
Treasurer at his office in tho C ity o f H artford,
until F R ID A Y . TH E I6 T H D A Y O F J A N U A R Y ,
1914, at tw o o clock p. m ., for the purchaso of
tlio whole or any part o f tho following-described
bonds:
M U N IC IP A L B U IL D IN G B O N D S .
Am ounting to five hundred sovonty thousand
dollars ($570,000) dated N ovem ber 1, 1913, to be
Issued Fobruary 2, 1914, and maturing N ovem ­
ber 1, 1933.
A D D IT IO N A L H IG H SCH O OL B O N D S ,
Amounting to six hundred fifty thousand dol
lars ($650,000), to be dated and issued Febro
ary 2, 1914, and maturing February 1, 1939.

WM. SOHMER, State Comptroller, Albany, N. Y.
Albany, December 27, 1913.




Principal and Interest at tho rate o f 4 H % pe
annum, payable in gold coin o f the Unitod States
o f America.
For further information and conditions govern
ing proposals and salo, addross
C H A S. II. S L O C U M ,
C ity Troam ror.

J a n . 3 1914.J

THE CHRONICLE

W A S H IN G T O N C O U N T Y (P. O. M a rie tta ), O h io . — B O N D S A L E .—
On D ec. 26 the $20,000 5 % 6 2-5-year (average) coupon farm -experim ent
bonds (V. 97, p. 1843) were awarded to Hoehler & Cummings o f T oled ojat
101.18 and interest.
i
i 4
i
■ \
+ 4
H W A T E R B U R Y , N ew H a ven C o u n ty , C o n n .— B O N D O F F E R I N G
Proposals will be received until 8 p. m . Feb. 2 by W . F. M oher, C ity Clerk.
£or ^25.000 \ ' A % 30-yoar cou p, or reg. Brooklyn Bridge bonds. D enom .
$1,000. Date Jan. 1 1914. Int. J. & J. at Colum bia-Knickerbocker Trust
C p-,
^ ^
fo r tifie d check for 1% o f bonds bid for, payablo to
C ity Treasurer, required.

C. ? ™ T y S C H O O L D IS T R IC T N O . 94, W ash .-B O iV Z >
.— Proposals will be received until 10 a. m . Jan. 10 b y Jas. F.
W ood , C ounty Treasurer (P . O . N orth Y akim a), for $10,000 10-20-year
r w r?VmQfUndT^fVbor!ds a t J10t exceeding 6 % int. A u th ., election held
3
D ate, day o f sale, or first day o f some m onth, at optiod
A
Int- a nnually at office o f C ou n ty Treasurer. Bonden
debt. $4,500. Assessed value 1913, $767,650.
cciy?MmH|S.T P W N ’ , O h io .— BOND O F F E R I N G .— Proposals will be reS ^ b o n d is 1 2 P’ m ‘ Jan' 36 b y Dan J ’ Jones’ C ity A ud-, for the follow ing
$200,000 water-works-ext. bonds. D ue $10,000 yearly on Oct. 1 from
_
191/ to 1936 inclusive.
77.000 street-opening and widening bonds. D ue $7,000 yearly on
qo n n n V, • 1,K?,m,,1916 to 1926 inclusive.
•
32.000 Brier Hill dist. sewer iinpt. (city’s portion) bonds. D ue $4,000
oq rnn ^.carL °.n ° c t - 1 from 1916 to 1923 inclusive.
y
2 d ,o 0 0 n re -d e p t equip bonds. D ue $3,000 yearly on Oct. 1 from
K non i 91 *
1
I P 2-2 lncI’. and $2,500 O ct. 1 1923.
000 i
Porf f° n) bonds. D ue $1,000 yearly on O ct. 1 from
1915 to 1919 inclusive.
4,o00 strM t-im pt (city’s portion) bonds. D u e $ 1 ,000 yearly on Oct. 1
9 enn
!?1 6 to ! 9 i 8 m cl. and $1,500 on O ct. 1 1919.
“
-.m o t. (city s portion) bonds. D ue Oct. 1 1916.
J’oRR Si 0 4 y 0 ’ w? ' 1 bonds. D ue O ct. 1 1916.
1 non g iilA nW n^n« i Lo!?an .A v o . impA ’ bonds.
’
D ue O ct. 1 1916.
i’
Sp£lng St. wall bonds. D ue Oct. 1 1916.
1,920 to°f919SinciaVln8 bonds’ D ue *384 Yearly on Oct. 1 from 1915
10,875 ^ ^ j - ^ l j P a v i n g bonds. D ue $2,175 yearly on Oct. 1 from
n vF V R T N r
O F F E R IN G

W ELC H , M cD ow oIl C o u n ty , W . V a . — B O N D S A L E .— Tho Tow n R e­
corder under date o f D ec. 27 1913 writes that tho $80,000 6 % gold cou p,
paving and sewer bonds offered on July 28 1913 (V . 97, p. 255) were sold
to the State o f West Virginia.
r^ j
„ W ES£ W IN F IE L D , H erkim er C o u n ty , N. Y . — B O N D S A L E , —T he
Viliago Treasurer lias just advised us that tho $33,000 water-woras bonds
offered on F eb. 15 1913 (V. 96, p. 435) were sold on that day._____
W H A R T O N , W h a rto n C o u n ty , T e x .— B O N D O F F E R I N G . — A cco rd ­
ing to local newspaper reports, this city is offering for sale the $15,000
sewerage-system-extension bonds voted Sept. 14 1912 (V . 97, p. 683). ,
W H IT E C O U N T Y (P. O. M o n tice llo ), I n d . — B O N D S A L E . — On D oc.
27 the $4,700 4 H % 614-year (aver.) Jamas F. Harvey et al. stone road
coupon bonds (V . 97, p. 1767) were awarded to J. F. W ild & C o . o f
Indianapolis for $4,728 50 (100.607 and interest).
Bids were also received from the M onticello N at. Bank, E d. O ’Gara and
E . M . Cam pbell & .Sons C o. o f Indianapolis.
, . . .J. ,
P WHITING, Monona County, Iowa.— B O N D S A L E . — T h o $10,000
*
5 % 10-20-year (opt.) electric-light bonds offored on Feb. 10 (V . 96, p. 305)
have been sold to F. J. Yonkers o f Des M olnos.

WILLS POINT, Van Zandt County, Tex.— B O N D S

89

1,150 sidewahCjConstr. bonds.
1,650 Pearl^St. sewer bonds.

TO B E

D ue $230 yearly on O ct. 1 from 1915
D uo $330 yearly on O ct. 1 from 1915 to

O FFER ED

S H O R T L Y . — T ho C ity Secretary advises us that the $24,000 water-works
system bonds voted M a y 20 1913 (V . 98, p. 1723) will be offered for sale
in the near future.
, ^ k

24,900 f ^ ^ jH d i jd i s ^ s e w e r bonds.

W IN D H A M , W in d h a m C o u n ty , C o n n .— B O N D S V O T E D . — Reports
state that at a town meeting held D oc. 26 the electors voted to issue $150.­
000 4 A % 30-year school bldg, bonds. D enom . $1,000.
^ •
W O B U R N , M iddlesex C o u n ty , M ass.— B I D S . — 1 ho other bids "re­
T
ceived for. tho $25,500 4 % 5 2-5-year (average) coupon municipal loan of
1913 bonds awarded on D ec. 24 (not N o v .24, as first reported) to Adam s
& C o . o f B oston at 100.83 and int. (V. 97, p. 1925) were:
G eo. A . Fernald & C o .,B o s ._ 100.81 Edgorly & Crocker, B o s to n .,.1 0 0 .5 9
E stabrook & C o ., B o s t o n ... 100.77 Blodget & C o ., B oston_______ 100.54
R . L. D a y & C o B o s t o n ... 100.699 Blake Bros. & C o ., B oston 100.52
l orry, C offin & Burr, B os — 100.68 W . L . Raym ond Sc C o. Bos 100.51
M c™-*{}>
* C o ., B o s .100.649 Clem ent, Barker & C o ., Bos 100 45
N .W .IIarris& C o.,Inc.,B os— 100.64 * A - * * - 4 & M * m * 4

N o 0C °ro0 -C O m ) T O W N S H I p (P. ° . Y o u n g s v ille ), F r a n k lin C o u n ty ,
Y
M a r ^ 2 8 1(V h 9 6 * j? ’ 8 1 6 )6 ^ h e ^ i i M < i d ^ 0n” t^ ^ t * r^ ndar®f ^ ^ d° ”
^
^
DaTe M a V i m s f - In t!
Pald WaS 103’573’ D e n o m ’ « . «
.

00

Canada, its Provinces and Municipaliti es.
C A R L E T ON PLACE, O n t.— D E B E N T U R E S A W A R D E D I N P A R T —
O f the $150,000 5 A % 40-installmont sewer and water-works debentures
offered on April 30 (V. 96, p. 1249), about $110,000 yet remain to be sold.
Interest annually on D ec. 30.
A n issue o f $3,100 4 A % 20-year local-im pt. debentures was also offered
on April 30. but as yet we have not learned the result o f tho offering.

WOLFE CITY SCHOOL DISTRICT (P. O. Wolfe "city) Hunt
County, Texas.— B O N D S A L E . — Under dato o f D ec. 27 1 91 3 ’ wo aro
*bo,
^7 °
building bonds offered for
sale at any tim e (V . 97, p. 471) have been sold.
,, ^ ^
, ,
„ W Y A N D O T T E S C H O O L D . T R IC T (P. O. W y a n d o tte ) W a v n e
C o u n ty , M ich . — B O N D S A L E . — O n D ec. 17 an issue o f $12,500 schoolimprovement bonds was awarded, it is stated, to tho First Comm ercial &
Savings Bank o f W yandotte at par and interest.
com m ercia l &

P n
C A N A D A .— .SALE S O F S C H O O L D I S T R I C T D E B E N
drir.fi’
» following school-build ing debentures issued b y various dis
thom in th L 8 1 rovinces o f Alberta and Saskatchewan were purchased during
S^ho™18u^p?y C a o f E t o o S f ’ ° Ct° ber aDd N ovem ber b y the Alberta

MISCELLANEOUS.

NEW LOANS.

C H A R T E R E D 1864

$ 3 7 5 ,0 0 0

SMITH
UNION TRUST COMPANY OF NEW YORK
MAIN OFFICE. 80 BROADWAY
Fifth Avenue Branch.
piaza n ,anch
420 Fifth Avenue, corner 38th St.
786 Fifth Avenue, corner 60th St.
Modern Safe Deposit Vaults at both Branches.

Capital $ 3 , 0 0 0 , 0 0 0

COUNTY, TEXAS

R O A D D IS T R IC T B O N D S
Sealed bids will be received until S A T U R D A Y
J A N U A R Y 17T H . 1914, at 2 p. m ., by j 4 > e
F . O dom , C ounty Judge o f Smith C ounty,
Texas, at his office in T yler, Texas, for the pur­
chase o f the following R oad D istrict Bonds o f
said county:
$75,000 o f 5 % R oad Bonds o f R oad District N o . 1
„„„ ~
dated June 10th, 1913;
300,000 o f 5 % R oad Bonds o f Road D istrict N o . 2.
. I, ., dated October 10th. 1913.
All these bonds bear interest from date, payable
semi-annually on April 10th and October 10th
or each year; principal and Interest is payable at
T yler, Austin or H anover National B ank, New
York C ity, at option o f holder. Bonds of D is­
trict N o . 1 are optional ten years after datebonds o f District N o . 2 are optional serially as
follows:
Bonds N os. 1 to 7, inclusive, O ctober 10th, 1914;
Bonds N os. 8 to 15, Inclusive, October 10th, 1915;
and so on, $7,000 one year and $8,000 the next
year, until the end o f the 40-year period.
All bonds are o f the denomination o f $1,000
each.
District N o . 1 Is located In the Northern part o f
the cou nty, embracing tho city o f Llndale. Has
68,107 acres o f land within its boundaries; estlm a t ^ population 8,000: taxable values, equalized,
AnA38n894 § ’92? 00: actual values about $2,000,­
000 00. Total debt, including this Issue, $75,000.
Tax rate for this issue Is $5 70 on the $1,000 00.
District N o . 2 embraces the central portion
o f the cou n ty. Including the city o f Tyler; con­
tains 264.911 acres o f land; estimated population
25,000; taxable values, equalized, 1913, $8,304.­
184 00; actual values about $15,000,000 00; total
debt. Including this Issue, is $300,000 00: tax
rate for this Issue $2 70 on $1,000 00.
- T o t a l bonded debt o f C ounty Is only $194.­
320 00. C ounty Tax rate Is only $4 40 on $1.­
000 00. Area o f C ounty Is 984 square milee.
. . P W r?” 011 o f cou nty according to 1910 Census
Is 41 *746 •
Bids will be received for both Lssues or for each
Issue separately. The right Is reserved to reject
any and all bids.
. A
C a s h i e r ' s Check for tw o per cent o f the bonds
bid for must accom pany each bid.
T yler, Texas, D ec. 20, 1913.
JESSE F . O D O M , C ounty Judge,
Smith C ounty, Texas.

Surplus (earned) $ 5 , 3 0 0 , 0 0 0

A L L O W S IN T E R E S T O N D E P O SIT S
Acts as Executor Guardian, Trustee, Administrator and in all Fiduciary
Capacities on behalf of Individuals, Institutions or Corporations

HliiioisTnist&Savuis|sBanK
CHICAGO

Capital and Surplus

-

-

$15,000,000

Pays interest on Time
Has on hand at all times a variety of ex­
Deposits, Current and Reserve
cellent Securities. Buys and sells
Accounts. Deals in Foreign ExGovernment, Municipal and
change. Transacts a General Trust Business.
Corporation Bonds.
Write for our General Bond Circular 151




D ue $4,980 yearly on O ct. 1 from.

Ce?tatch eck'fn ? ow14ft> *“ 1’ m ’ f 5 4 \ .at a 1 o f Sinking Fund Trustees
0" ?®
rpmiirori
n ™ i '2 l ca,ct,1 block o f bonds bid for, payable to C ity A nd .,
.
required. Bonds to be delivered and paid for not later than Feb 2 1 9 1 4
Separate bids must be m ade for each block o f bonds.
'
'

M ellon N ational Bank
PITTSBURGH, PA.

8-26
3 % on RESERVE ACCOUNTS
i» paid by this bank
Correspondence is invited

Bolger, M osser& W illam an

M U N IC IP A L BO ND S
Legal for Savings Banks.
Foetal Savings and Trust Funds.

Resources over - $60,000,000

S E N D FOB L IS T .

29 S o u th

La.Salle S t.,

CHICAGO

THE CHRONICLE

90

D e b e n tu r e s P u r c h a se d i n O cto b er.

D e b en tu r e s P u rch a sed in A u g u s t .
P ric e .
N a m e o f D istr ic t—
A m o u n t.
D a le .
Par
A scot S. D . 2752, A lta ___$1,800 A ug. 5
B uldock S. D . 993, S a s k .. 1,500 A ug. 25 Par
Par
B a rryv illcS .D .2 9 46 ,S a sk . 2,000 A ug. 29
7%
Cherhill S. D . 2735, A lt a ..
800 A ug. 18 Par
H o ld fa s ts . D . 1300, Sask. 3.500 A ug. 16 95 cts. 8%
Low er Beaver Lodge S. D .
2812, A lta _____________
450 A ug. 25 90 cts. 8%
M iddleton S .D . 2877, Alta.
800 A u g. 18 95 cts. 8%
M antz S. D . 2969. A l t a . . .
1,500 A ug. 18 Par
N e ffS . I). 2986, A lta ____ 1,200 A ug. 19 Par
P r ic e s . D . 2977, A lta ____ 1,200 A ug. 19 Par
P inchurstS. D . 2916, A lta. 1,200 A ug. 25 95 cts.
7%
R ich d a loS . D . 2414. A lta . 1,250 A ug. 25 Par
7%
S an dyP ointS.D .2915, Alta. 1 600 A ug. 18 Par
S ettin gS u n S .D .2850,A lta. 1,400 A ug. 19 Par 6 K %
7%
Shand S. D . 2927. S a s k ..- 1,500 A ug. 28
W ild llo r s o S .D .289 6 ,A lta. 1,500 A ug. 16 95 cts. 8%
W agner S. D . 2582, A lt a -- 1,200 A u g. 20 95 cts.

M a tu r ity.

10
10
10
10
10

yrs.
yrs.
yrs.
yrs.
yrs.

18 m os.
16 mos.
16 m os.
18 mos.
15 m os.

10 yrs.
10 yrs.
10 yrs.
10 yrs.
10 yrs.
10 yrs.
10 yrs.
10 yrs.
10 yrs.
15 yrs.
10 yrs.
10 yrs.

16 m os.
18 mos.
18 mos.
18 mos.
18 mos.
18 mos.
16 mos.
18 mos.
18 m os.
18 mos.
18 m os.
18 m os.

T o t a l ....... ..........................$24. 400
Sept.. 2
Sept.. 12
Sept.. 18
Sept.. 18
Sept.. 26
Sept.. 9
Sept.. 9
Sept.. 3
Sept.. 10

BeaverRiverS.D .2846,Alta. $1,200
Bond C ity S .D . 1375, Sask. 2,000
------Courval S. D . 2710, Sask.
1,500
Diligence S. D . 84. A lt a ..
1.200
Elcan S. D . 2225, A lta ____
400
Kingman S. D . 2867, Alta. 1,250
Lutz G roveS . D .2987. Alta. 1,000
M ctzikow Lake S. D . 2726,
A l t a -----------------1,200
Sparta S .D . 2740, A lta___
—
000
W hiteCourtS.D .2736 Alta. 1 200
W ooler S. D . 2976 A lt a .. 1,200

O ct. 6
O ct. 24
O ct. 1
O ct. 1
O ct. 24
O ct. 0
O ct. 8

95 cts.
95 cts.
Par
95 cts.
95 cts.
95 cts.
95 cts.

O ct. 7
O ct. 29
Oct. 8
O ct. 24

Par
6%
95 cts.
95 cts. 8%
Par o y 2 %

8%
8%
8%
8%
8%
8%
8%

T o t a l .....................
$12,750
_
,
r,
Df l t ? } lu re s P u r c h a s e d in N o v e m b e r .
Invergordon S. D . 3054,
Sask___________________
$900 N o v . 18 Par
8%
N ew H om e S .D .2911, A lta. 1,000 N o v . 7 95 cts. 8 %
Neutral If illsS.D.2791, Alta.
400 N o v . 10 95 cts. 8%
Vawn S. D . 3092, S a s k ... 2,500 N o v . 20
Par
89?

yrs.
yrs.
yrs.
yrs.
yrs.
yrs.

1 0 mos.
16 mos.
16 mos.
14 mos.
16 mos.
16 mos.

10 yrs.
10 yrs.
10 yrs.
10 yrs.

16 mos.
15 mos.
18 mos.
18 mos.

10
10
10
10

15 mos.
18 mos.
18 mos.
14 mos

iu

10
10
10
10
10

yrs.
yrs.
yrs.
yrs.

T o t a l ---------------------------- 84,800

D e b e n tu r e s P u r c h a se d in S ep te m b e r.
Sept . 9 95 cts. 8%

A b b ott S. D . 1315, S a s k .. $1. 500
B oxelder S .D . 2975, Sask. 1 400
B eav erllts. S .D .2957, A lta. 1 200
B utte V a loS .D . 2839, A lta. 1 200
B orryfield S .D . 2993, Alta. 1 600
B ltum a S. D . 2856, A lt a .. 1 200
800
CarrotCreekS.D.2875 Alta.
ConquervilleS.D.2684 Alta. 1 400
E denbridgeS.D . 2930, Sask. 1 500
Grasm ereS. D . 2999. Alta. 1 200
G olden Sunset S. D . 2971
A l t a .................
1 200
H illtop S. D . 2507, A lt a ..
500
Johnson S. D . 611 S a s k .. 1 600
M atthews S .D . 3003 A lta. 1 200
Pincville S. D . 2948, A lta . 1 200
R e d cliffS . D . 2282, A lt a .. 15 000
R oland S. D . 2892, A lt a .. 1 600
R ose Glen S .D . 2767, Alta. 1 500
Scaffer S. I). 2975 A l t a . . . 1 200
Sounding Valley S. D .
2838, A lta ....... .................
1 500
S unnyB ankS.D .2771, Alta. 1 000
Silver D a loS .D . 2825, A lta. 1 500
W h it e A s h S .D .2938, Alta. 1 150
W estH azelS .D . 1337, Sask. 1 400

[ V o l . X CVIII

10 yrs. 16 m os.
95 cts. 8
10 yrs. 16 m o s.
Par GH% 10 yrs. 18 m os.
95 cts. 8% 10 yrs. 16 m os.
95 cts. 8% 10 yrs. 18 m os.
10 yrs. 18 m os.
95 cts. 8 %
95 cts. 8% 10 yrs. 18 mos
10 yrs. 13 mos.
95 cts.
95 cts. 8% 10 yrs. 16 m os.
95 cts. 8 % 10 yrs. 18 m os.

Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.

30
10
12
15
19
11
15
23
9

Par
7%
95 cts. 8%
95 cts. 8 %
95 cts. 8%
95 cts. oy2%
85 cts. 6%
95 cts. 8%
Par
8%
Par 6 H%

10 yrs.
10 yrs.
10 yrs.
10 yrs.
10 yrs.
20 yrs.
10 yrs.
10 yrs.
10 yrs.

18 mos:
18 m os.
15 m os.
16 mos.
18 mos.
15 mos.
15 mos.
1 6 mos.
18 m os.

Sept.
Sept.
Sept.
Sept.
Sept.

18
19
30
26
29

95 cts.
Par
95 cts.
95 cts.
95 cts.

10
10
10
10
10

16 mos.
16 m os.
16 m os.
IS m os.
18 m os.

yrs.
yrs.
yrS.
yrs.
yrs.

T o t a l ................................. $44,550

F O R T Q U ’ A P P E L L E , S ask.— D E B E N T U R E S A L E . — T h o S ecretaryT re a su re r ad vises us that the $2,500 6% 10-lnstallinont c o u p , d e b en tu res
o ffe r e d Jan. 31 1913 (V . 96, p . 306) have been s o ld .
H A N O V E R , O n t. D E B E N T U R E S A L E . —'VVe aro advised that the
$53,500 debentures offered on M arch 22 (V . 96, p. 895) have all been
disposed o f.
H IG H R IV E R , A lt a .— D E B E N T U R E S A L E P E N D I N G . — T he S cc.Treas. advises us under date o f D ec. 26 that tho salo o f the $100,000 6 M %
30 annual installment coup, tax-free water-works and sewerage debentures
offered on D ec. 10 (V . 97, p . 1681) is still pending.
Q U Y O N , Q u o .— D E B E N T U R E S A L E .— T he $3,000 6% 25-yoar coup,
municipal debentures offered on M a rch 15 (V . 96, p. 744) were sold on
June 10 at 97.
ST. P A U L S C H O O L D IS T R IC T N O . 2223, A lta . — D E B E N T U R E
S A L E . — An issue o f $1,000 8 % lO-ann.-installmont building debentures,
dated D ec. 10 1913, wero purchased during Decom ber b y II . O ’Hara &
C o . o f T oron to.
ST. V IN C E N T DE P A U L S C H O O L D I S T R IC T N O . 1567, M a n .—
D E B E N T U R E S A L E . — H . O'H ara & C o . o f T oron to purchased during De­
cem ber an issue o f $1,500 6 % 1 0 -ann.-Installm ent building debentures,
datod M arch 1 19l3.
W IN D S O R S E P A R A T E SC H O O L D I S T R I C T (P. O. W in d s o r ), O n t— D E B E N T U R E S N O T S O L D . — N o satisfactory bids wero received for the
$32 000 6 % 20-annual-installmont debentures offered on D e c. 22.

MISCELLANEOUS.

NEW LOANS.

OFFICE OF THE

ATLANTIC MUTUAL INSURANCE COMPANY.
CITY
New York, January 22d, 1913.

T h e T r u s te e s , in

c o n f o r m i t y w i t h th e C h a r te r o f th e C o m p a n y , s u b m i t th e f o l l o w i n g s ta te m e n t o f i t s a f f a i r s o n th>
3 lit o f D e c e m b e r , 1912.
T h e C o m p a n y ’ s b u s i n e s s h a s b e e n c o n f i n e d to m a r i n e a n d i n l a n d tr a n s p o r t a tio n i n s u r a n c e .

Premiums on such risks from the 1st January, 1912, to the 31st December, 1 9 1 2 . . . . . . . . ----------- $4,069,457 66
Premiums on Policies not marked off 1st January, 1912------- ------------------------------- ---------- ------- - 763.42/ oo
Total Premiums________________________________ . . . . -----------------------. . . . . . . . . . ----- . . . . . . . . . .$4,822,884 99
Premiums marked off from January 1st, 1912, to December 31st, 1912--------------------. . . . . . - - . - - $4,055,834 05
Interest on theinvestments of the Company receivedduring the year------ $302,088 79
Interest on Deposits in Banks and TrustCompanies, etc............................. 42,787 34
Rent received less Taxes and E x p e n s e s - - . . - - . , . . . . . . . . . — . . . . . . . . . . . 130,987 28

_ „ „
475,863 41

Losses paid during the y e a r.................................................................. . . . . . .......$ 2 ,1 0 4 ,2 5 7 48
Less Salvages---------------------------------------------------- $197,204 74
lie-insurances------------- ---------644,016 02
Discount__ . . . . . . . . . . . . . . ____ . . . ___. . . . . . . . . .
195.79 741,416 65
$1,362,840 93
Returns of Premiums........ ........... - ----------- ----------------------------------------------------------Expenses, Including officers’ salaries and clerks’ compensation, stationery, advertise­
ments, etc........ - ......................................................—....................................................

$91,649 80
563,285 21

A dividend of Interest of Six per cent on the outstanding certificates of profits will be paid to the holder
thereof, or their legal representatives, on and after Tuesday the fourth of February next.
The outstanding certificates of the issue of 1907 will be redeemed and paid to the holders thereof, or thel.
legal representatives, on and after Tuesday the fourth of February next, from which date all Interest thereon
will cease. The certificates to be produced at the time of payment and canceled.
A dividend of Forty per cent is declared on the earned premiums of the Company for tho year ending 31st
December, 1912, which are entitled to participate in dividend, for which, upon application, certificates will b«
issued on and after Tuesday tho sixth of May next.
_
.
...
By order of the Board.
O. STANTON FLOYD-JONES. Secretary.

$ 100,000

OF L0CKP0RT, N. Y .
SCHOOL BONDS

N otice Is hereby given that tho undorsigned will
receive soaied proposals until J A N U A R Y 19,
1914, at 8 o c l o c k p . m . , and soli to tho highest
bidder or bidders, but at not less than par, the
following described bonds:

$55,000
For tho purpose o f ro-constructing, Improving
and re-furnishing tho Union School Building,
Including a sanitary heating and ventilating and
closet system therein. Bonds to bo issued pur­
suant to the provisions o f Chapter 431 o f tho Laws
of 1912 o f the Stato o f Now Y ork , and a resolution
o f tho Com m on C ouncil adopted Decem ber 8.
1913.
$10,000 00 o f tho principal thereof shall becom e
duo and payable January 2, 1917, and $10,000 00
each and overy year thereafter, excepting the last
Installment, which shall be $5,000 00, to becom e
due and payablo January 2, 1922.

$45,000

For tho purpose o f paying tho C ity ’s sharo for
tho permanent enlargement and improvem ent o f
tho Union School Building. T o bo issued pur­
suant to tlio provisions o f Subdivision 4 o f
Section 105 o f tho C ity Charter and a resolution
TR U STEES.
o f tho Com m on Council adopted Decemhor 8,
CHARLES M. PRATT.
HERBERT L. GRIGGS,
1913.
JOHN N. BEACH,
DALLAS B. PRATT,
ANSON W. HARD,
$5,000 00 o f the principal thereof shall becom e
ERNEST C. BLISS,
GEORGE W. QUINTARD;
THOMAS H. HUBBARD,
VERNON H. BROWN,
due anti payablo January 2, 1922, and $10,000 00
ANTON A. RAVEN,
LEWIS CASS LEDYARD,
WALDRON P. BROWN,
annually each and every year thereafter until the
JOHN J. H IK E R .
CH/DtLES D. LEVERICH;
JOHN CLAFLIN
samo shall bo fully paid.
DOUGLAS ROBINSON,
GEORGE H. MACY,
GEORGE C. CLARK,
WILLIAM J. SCHIEFFELIN.
All o f said bonds shall bo dated January 2, 1914,
NICHOLAS F. PALMER,
LEVELAND H. DODGE;
WILLIAM SLOANE,
HENRY PARISH,
and be registered bonds o f the denomination o f
ORNELIUS ELDERT,
LOUIS STERN.
ADOLF PAVENSTEDT,
RICHARD H. EWART.
$500 00 each and shall bo Issued upon tlio faith
WILLIAM A. STREET,
JAMES H. POST,
PHILIP A. S. FRANKLIN!
and credit o f the city , bearing interest at tho rate
GEORGE E. TURNURE.
n ot e x c ee d in g f i v e
p e r c e n tu m
per annum, tho
A. A. RAVEN, P r e s i d e n t .
principal and Interest thereof to becom e duo and
CORNELIUS ELDERT, V i c e - P r e s i d e n t .
payable annually from their date at tho office
WALTER WOOD PARSONS, 2 d V i c e - P r e s i d e n t .
of the C ity Treasurer o f I.ockport, N . Y .
CHARLES E. FAY, 3d V i c e - P r e s i d e n t .
be sold in lots not exceeding
JOHN H. JONES STEWART. 4l h V i c e - P r e s i d e n t .
$10,000 00 each, and part or all may he sold to ono
purchaser, provided tho entire $100,000 00 is
BALANCE SHEET.
subscribed, and tho bonds will bo awarded to tho
L IA B IL IT IE S .
ASSETS.
party or parties bidding the lowest rato o f Interest.
United States and State of New York _________ _ Estimated Losses and Losses Unsettled
Each proposal must bo accom panied by a certi­
O
in process of Adjustment............ ....... . $2, 174,058 O
B o n d s ___ ______ - ---- ------------------- $670,000 00
767,050 94 fied c!ieck , on a solvont banking institution, for
Premiums on Unterminated Risks........ .
New York City and New York Trust
262,924 05 2% o f the amount o f the bonds hid for, payable
Companies and Bank S t o c k s . . . . . . . . . 1,777,900 00 Certificates of Profits and Interest Un­
paid ...........
.......
to tho C ity o f L ockport, N . Y . Bonds will bo
Stocks and Bonds of Railroads------------- 2,716,537 00
104,322 76 ready for delivery February 1, 1914, at 4 o'clock
Other Securities ........ .............- - - - - - - - 282,520 00 Return Premiums Unpaid_____________
110,025 19 p. m ., at tho office o f tho C ity Treasurer o f L ockReserve for Taxes____ ________ . . . . . . .
Special Deposits In Banks and Trust
203,735 65 port.
900,000 00 Re-insurance Premiums................. .........
Companies .............. ........... .—
-----Claims not Settled, including Compen­
Real Estate cor. Wall and William Streets
B . M . H UTCH ESON,
82,698 09
sation, e t c ............................................ and Exchange Place, containing offices 4,299,426 04
„
,
„
C ity Treasurer.
Certificates of Profits Ordered Redeemed,
Real Estate on Staten Island (held under
L ockport, N . Y ., Decem ber 15. 1913.
22,556 09
Withheld for Unpaid Premiums--------75,000 00
provisions of Chapter 481,Laws of 1887)
692.766 69 Certificates of Profits Outstanding........... 7, 293.220 00
Premium N otes..-------------------------------615,303 16
Bills R e c e iv a b le ......................- - - - - ------fa s h in hands of European Bank era to
pay losses under policies payable in
__
foreign countries....................................
298,641 20
$
Cash In Bank_________________,— ;-----994,882 29

8

18,000

400,875 00
$13,623,851 38

$11,020,590 67

Thiip leaving a balance o f - . . . . - . . - - - - ----------------------- . . . . - . . . . . . . . . . . . . . . . . . . . . . . - . - - - - . . - $ 2 , 6 0 3 260 71
Accrued Interest on Bonds on the 31st day of December, 1912, amounted t o . . . _______________
$40 ,804 99
Rents due and accrued on tho 31st day of December, 1912, amounted t o ..........................................
26 ,696 99
Re-Insurance due or accrued, in companies authorized In New York, on the 31st day of December,
1912, amounted to ----------------------- ------------------------------------------------------------------------------------ - 257 330 00
Unexptred re-lnsurance premiums on the 31st day of December. 1912, amounted to ---------------------47 650 3'J
Note- The Insurance Department has estimated the valuo of the Real Estate comer Wall and
’
william Streets and Exchange Plate in ezeess of the Book Value given above, at----------450 673 99
*
And tho property at Staten Island in excess of the Book Value, at..........................
63 ,700 0C
The Market Value of Stocks, Bonds and other Securltiea on the 31st day of December, 1912, ex­
ceeded the Company's valuation by-----------------------------------------------. . . . . . ----------------------------- 1,695 027 24
3a t&a basis of these Increased valuations the balance would be___ . . . . . . . . . . . . . . . . . . . . . . . . . . 85,185.044 28




City of Osawatomie, Kansas,
Street Improvement Bonds
Sealed bids will bo received for tho sale o
approxim ately $18,000 00 5% ton-year Stree
Improvement bonds at tho office o f C ity Clerk of
tho C ity o f Osawatomio, M iam i C ounty, Ivausa ,
up to 6 O ’C L O C K P. M. O P M O N D A Y , JAN U ­
A R Y 19T H , 1914, " A 'cortified check In tho sum
o f $500 00 m ust.accom pany each bid. T ho C ity
Council reserves tho right to reject any or all bids.
■MlSfifl

S3

03)

B M lk J .J k W .iA L L A R D ,

«N -

HB

C ity Clerk