Full text of Commercial and Financial Chronicle : January 31, 1914, Vol. 98, No. 2536

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

The.
°mama'
,
INCLUDING
Railway & Industrial Section
Bankers' Convention Section

sank & Quotation Section
Railway Earnings Section

Electric Railway Section
State and City Section

SATURDAY, JANUARY 31 1914

VOL. 98

• The (chronicle

•I

)
Terms of Subscription-Payable in Advance
PUBLISHED WEEKLY.

NO. 2536.
Week ending Jan. 24.

Clearings at
1914.

1913.

Inc. or
Dec.

1912.

1911.

m..1

$
4
2
$
$
$
%
Chicago
326,170,674 314,686,409 +3.6 274,330,862 262,400,104
Cincinnati
25,328,700
25,496,300
32,448,800
28,976,850 +12.0
Cleveland
26,039,115
16,803,215
25,459,761
19,831,335
+2.3
Detroit
28,448,682
18,837,995
15,714,857
25,172,816 +13.0
Milwaukee
16,659,010
15,238,029 +9.3
12,805,503
13,593,495
Indianapolis
7,561,036
8,756,913 -13.6
7,384,111
8,265,625
Columbus
7,590,900
6,232,200 +21.8
8,548,900
6,256,900
Toledo
6,817,836
6,281,328 +8.5
4,810,677
4,591,404
Peoria
3,383,820
3,540,014 --4.4
3,387,380
2,828,685
3,425,531
Grand Rapids_ _ _
3,481,077 -1.6
2,694,218
2,575,881
2,712,083
2,467,922 +9.9
Dayton
2,071,100
1,949.007
2,553,027
2,065,561 +23.6
Evansville
1,984,076
2,071,164
631,667
838,876 -24.7
683,212
630,226
Kalamazoo
1,015,204 +23.7
1,030,341
1,256,097
780,644
Springfield, Ill_ _
Terms of Advertisind-Per Inch Space
1,447,742
1,644,071 -12.0
1,236,065
904,853
Youngstown
$4 20 Fort Wayne_ _
1,285,606 -0.9
1,001,325
1,273,432
1,129,954
Transient matter per inch space(14 agate lines)
22 00 Lexington
(8 times)
1,425,743
1,066,178
Two Months
1,199,956
1,509,699 -20.5
29 00 Akron
1,136,850
Three Months (13 times)
1,586,100
1,793,000
2,371,000 -24.4
Standing Business Cards
(26 times)
50 00 Rockford
Slx Months
784,781
785,368
996,352 -4.6
950,720
87 00 South Bend
Twelve Months(52 times)
445,943
433,167
655,289 -2.2
640,855
1,311,449 +11.1
872,009
1,204,270
1,457,561
CIIWAGO OPTICII-Geo. M.Shepherd,513 Monadnock BIG ,k;Tel.HatTison 4011 Canton
580,000
687,724 +35.9
627,188
934,955
Quincy
LONDON OFTIOR-Edwards cil, Smith,1 Drapers' Gardens, E. C.
517,356
797,548 +11.3
562,899
887,772
Springfield, O.__
648,492
550,515
WILLIAM II. DANA COMPANY, Publishers,
547,996 +19.1
652,853
Bloomington__ _ _
376,782
361,390
494,931
492,347 +0.5
Mansfield
Box 958. Front, Pine and Depoystor Ste., New York.
P.0.
486,884
475,189
561,940
485,502 +15.7
Decatur
420,000
544,376 -3.9
500,000
523,100
Jackson
Published every Saturday morning by WILLIAM B. DANA COMVANY. Jacksonville, III_
250,529
250,611
239,237 +53.1
366,625
/Jacob Seibert Jr.. President and Treas.; George S. Dana and Arnold G. Dana, Danville
387,776
410,421
481,888 -6.2
451,461
Vice-Presidents; Arnold G. Dana. See. Addresses of all, Office of the Company. Lima
402,202
312,650
542,142
470,962 +15.1
298,366
536,476
+8.6
380,095
582,496
Lansing
565,022 -30.0
602,398
396,516
560,971
Owensboro
125,846
157,046 +5.1
151,049
Ann Arbor
165,110
CLEARING-HOUSE RETURNS.
49,124 +134.4
30,161
40.971
Adrian
115,163
Tho following table, made up by telegraph, &c. indicates that the total
Tot. Mid.West 481,136,608 460,041,672 +4.6 . 396,319,201 375,690,163
bank clearings of all the clearing houses of the United States for the week
,566, against $3,686,622,305 last week
ending to-day have been $3,729,735
40,587.949
45,607,495
48,205,366 -2.0
40,247,892
San Francisco.- _
and $3,389,254,904 the correspond ng week last year.
19,671,676
24,464,185 -0.7
24,294,037
15,807,273
Los Angeles
10,359,279 +4.3
9,495,235
9,407.393
10,806,936
Seattle
8,153,564
8,053,724
Per
10,294,072 +8.0
Clearings-Returns by Telegraph.
11,123;691
Portland
1914.
Week max, Jan. 31.
1913.
Cent.
3,642,737
3,633,050
4,296,048
3,627,907 +18.4
Spokane
7,867,627
6,011,173
6,419,590 -2:5
6,260,731
Salt Lake City
2,963,071
$1,896,457,849 $1,591,207,272 +19.2 Tacoma
3,056,575
New York
2,462,121 -16.7
2,052,293
+3.4 Oakland
133,712,754
129,304,251
Boston
2,757,697
3,232,228
3,535,912 -3.8
3,400,629
Philadelphia
146,197,297 -10.9 Sacramento
130,207,740
1,665,521 +12.2
1,815,961
1,275,878
1,868,151
30,705,404
-8.6 San Diego
Baltimore
33,590,922
1,265,233
2,572,479
3,011,533 -14.6
2,000,000
264,073,223
Chicago
249,431,165
+5.9 Stockton
561,886
872,228 -6.5
656,618
815,485
70,255,742
72,517,301
-3.1 Fresno
670,893
St. Louis
998,157 -16.5
829,898
833,658
18,028,293
+6.4 Pasadena
16,938,085
794,761
997,206
1,041,335 -4.2
1,065,624
Now Orleans
650,000 -6.6
379,645
608,956
638,426
San Jose
$2,543,441,005 $2,239,187,193 +13.6 North Yakima__
345,044 +8.7
343,386
375,000
Seven cities, five days
314,897
570,294,787
541,498,769
225,339 +10.4
240,000
+5.3 Reno
248,738
254,488
Other cities, five days
95,467,543
Total Pacific__ 116,799,928 118,177,589 -1.2 108,198,558
$3,113,735,692 $2,780,685,962 +12.0
Total all cities, five days
615,999,874
608,568,042
+1.2
All cities, one day
52,001,988
53,328,387
58,541,191 --0.7
58,118,691
Kansas City__ -19,059,932
17,957,502
24,635,493 -9.0
22,408,341
'T'ntn1 ,111 Pith.. fnr wfwalr
VI 970 7:15 566
Sa :D20 254 0114 4-10 n Minneapolis _
15,710,447
14,099,383
17,685,139 +1.9
Omaha
18,015,130
9,260,216
10,155,614
9,001,293 +19.3
10,738,376
The full details for the week covered by the above will be given next St. Paul
9,090,816
9,668,094
9,527,268 -9.2
8,653,298
Saturday. We cannot furnish them to-day, clearings being made up by the Denver
6,899,400
8,315,722
7,985,859 +12.5
8,983,703
hence in the above the last day St. Joseph
clearing houses at noon on Saturday, and
2,978,559
2,734,070
4,391,014 -21.4
3,452,359
of the week has to be in all cases estimated, as we go to press Friday night Duluth
r,
^no onn
A A,
1A niA
t lk 1
A ni, Ion
Q 9,1 In'l
We present below detailed figures for the week ending with Saturday Des Moines
2,270,600
2,463,087
Sioux City
2,844,167 +15.4
3,281,460
noon, Jan. 24, for four years:
3,334,408
3,179,136
3,460,896 +1.5
Wichita
3,513,657
1,350,287
1,582,662 +25.5
1,407,403
1,985,497
Lincoln
Week ending Jan. 24.
1,404,809
1,540,419 +4.3
1,598,185
1,606,733
Davenport
1,319,244
1,643,980 +1.9
1,674,606
1,599,394
Clearings at
Topeka
Inc. or
1,832,083
1,486,915 +23.3
1,084,716
1,119,038
Cedar Rapids__ _
1914.
1913.
1911.
622,404
Dec.
1912.
576,187 +8.0
631,740
546,294
Colorado Springs
745,653 -2.4
727,307
638,410
566,923
Pueblo
$
383,455 +17.2
449,738
317,009
310,746
$
$
Fargo
$
%
1,917,695,897 Fremont
293,874 +34.8
334,784
Now York
395,876
267,423
2,19(3,779,696 1,972,294,716 +11.4 1,912,075,581
1,458,211 -10.1
1,156,300
1,310,906
962,253
Philadelphia --- 168,330,683 160,091,619 +5.1 149,616,613 137,475,484 Waterloo
50,853,262
49,687,288 Helena
798,695 +20.1
805,031
983,372
59,032,806 -9.5
53,436,877
959,475
Pittsburgh
35,485,011 Billings
41,595,918 -11.5
37,899,697
406,271 -3.5
219,461
102,900
86,819,318
478,776
Baltimore
12,023,627 -7.1
12,804,740
9,269,409 Hastings
11,169,414
183,626
171,952
Buffalo
140,141
196,147 -28.6
6,115,381 +12.9
6,322,893
0,902,764
5,706,348 Aberdeen
306,362
257,663
Albany
270,215
313,962 -13.9
7,543,251
+1.4
6,899,146
Washington _ _ _ 7,644,206
6,706,671
Tot. 0th. West 154,712,231 154,012,765 +0.5 136,349.150 132,938,301
4,807,200 -2.6
4,682,077
3,827,011
Rochester
3,240,893
3,221,368 +2.7
3,308,446
Scranton
2,708,728
2,711,323
85,013,910 +3.9
71,895,021
74,189.029
88,332,832
St. Louis
2,769,552
2,442,971 +13.4
Syracuse
2,210,959
1,708,847 New Orleans...
23,122,251
21,777,186
21.586,083
+0.8
23,301,129
1,602,305 +6.7
1,710,948
1,502,102
1,345,861
Reading
16,344,239 +0.1
14,085,623
16.357,916
15,237.641
1,681,357 +5.6
1,776,862
1,445,327
1,385,552 Louisville
Wilmington
11,827,385 Not incl. in total.
1,597,548 +2.5
1,637,670
1,486,991
1,604,419 Houston
Wilkes-Barre
9,994,500 -1.0
9,035,000
0,897,000
8,608,000
2,122,140 -3.7
2,043,910
1,834,339
1,697,693 Galveston
Wheeling
8,351,634 +2.4
9,048.000
8,554,345
7,882,879
1,569,999 +14.4
1,795,944
1,409,303
1,588,960 Richmond
Trenton
9,709,711 -0.2
9,693,009
8,207,809
7,995,953
Memphis
-3.6
878,502
900,014
816,103
831,187
York
8,404.905 +5.8
8,893,423
6,826,672
7,260,738
1,034,323 +11.2
825,427
800,494 Fort Worth
1,150,026
Erie
14,413,557 +16.6
16,807,159
16,372,925
14,798,311
654,540 -3.4
525,384
632,788
516,355 Atlanta
Chester
5,074,983 +4.6
6,330,439
5,309,335
7,281,573
649,400 +2.6
581,600
466,100 Savannah
666,300
Binghamton
8,403,460
7,612,632 +10.4
4,905,398
3,765,428
612,050 -2.0
692,148
487.423 Nashville
600,000
Greensburg
4,398,241
3,962,212 +11.0
3,414,750
3,520,026
Norfolk
438,269
608,070 +4.9
417,029
637,651
Altoona
2,894,759
3,537,305
4,595,795 -23.0
2,643,796
1,026,886
1,479,756 -6.6
1,381,668
1,028,626 Birmingham _
Lancaster
2,100,452
2,364,092 -7.4
2,806,638
3,064,165
Augusta
Montclair
463,850
392,902 +18.1
2,670,048
2,201,193
2.255.353 +18.4
1,782.711
Little Rock
2,241,610
3,294,628
3,238,984 • +0.1
3,032,852
Total Middle_ 2,507,186,753 2,284,051,749 +9.7 2,197,976,420 2,181,854,870 Jacksonville
2.000,000
1.581,376 +27.4
1,789,917
1,741,056
Knoxville
1,506,911
1,529,383 +2.4
1,683,186
1,563,529
1154,445,320 174,419,754 -5.7 161,523,937 158,011,667 Mobile
Boston
2.427,124
2,609,564 -7.0
2,259,922
1,847,286
8,460,500
8,730,200
9,307,000 -6.2
7,058,700 Chattanooga Providence
2,574,780
2,025,966 +27.1
1,931,217
2,400,094
4,020,765
5,245,866
3,741,192 Charleston
4,727,778 +11.0
Hartford
2,402,177
1,836,119 +30.8
1,600,000
2,300,000
Oklahoma
2,599,517
3,930,855
3,123,646 +25.8
2,676,485
New Haven
4,293,805
3,524,402 +21.8
3,773,764
4,438,241
2,344,060
2,754,604
3,102,860 -11.2
1,998,108 Macon
Springfield
1,864,711
3,230,611 -42.3
1,792,405
1,005,100
2,178,210
1,074,921
1,803,593 +9.5
1,814,600 Austin
Portland
412,251
331,456
355,382 -8.7
432,797
Vicksburg
2,319,165
2,544,337
2,563,291 -0.7
2,271,389
Worcester
322,423 +19.7
273,764
385,799
244,249
947,422
1,422,021
1,127,061 +26.2
1,126,635 Meridian..
Fall River
357,962
497,962
382,993 +30.0
1,200,000
Jackson
835,281
1,181,316
1,008.304 +17.2
1,016,363
New Bedford _
599,789
1,672,736
855,417 +95.5
567,935
563.148
647,450
704,387 -8.1
550,825 Tulsa
Holyoke
660,254
777,813 +26.6
084,933
498,984
754,649
492,070 +53.3
447,855 Muskogee
Lowell
507,595
538,643 +4.8
564,778
312,473
Total Southern 232,590,558 223,491,012. +4.1 200 230,472 201,390 02)
Bangor
3,686,622,395 3,442,693,179 +7.1 3,225,872,385 3,189,265,181
Total all
Tot. New Eng. 194.196.317 202.918.387 -4.3 186.798.584 181,926.292
1,489,842,699 1,471.398,463, ÷1.2 1,313,796,804 1,251.569,284
Outside N. Y
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For One Year




330

THE CHRONICLE

ELECTRIC RAILWAY SECTION.
*
A new number of our "Electric Railway" Section,
revised to date, is sent to our subscribers to-day.
The editorial discussions in the same embrace the
following topics: "Electric Railways and Motor
Buses—Competition or Co-Operation," and "The
Contest of the Electrification Systems."
OUR CHICAGO RECORD.
On pages 347 and 348 of this issue will be found
our usual annual compilation showing the range of
prices by months of stocks and bonds on the Chicago
Stock Exchange. In connection with this record
we also print a series of special articles under the
following captions:
"Chicago Banking Conditions in 1913."—By George M.
Reynolds, President Continental & Commercial National
Bank, Chicago.
"The Chicago Bond Market in 1913."—By J. E. Blunt,
Vice-President Merchants' Loan & Trust Co.,Chicago.
"Real Estate Serial Mortgage Bonds."—By S. W. Straus,
President S. W. Straus & Co.

THE FINANCIAL SITUATION.
Soberer views are being taken of the significance
to be attached to the apparently reassuring words
contained in the President's message of last week.
It is now being recognized that the nice words and
plausible language found in the message can count
for little as a hopeful omen to business if the purpose
to enact legislation sure to devitalize business energy
remains unchanged. There 'was a too-ready disposition to believe that the Administration policies as
disturbing elements in the situation •were to be
modified with the view to removing all cause of
apprehension on that score. The mistake was made
of judging the message by isolated passages skilfully
worded to convey a pleasing impression, instead of
by its substance. The five bills introduced in
Congress, however, for the purpose of carrying out
the recommendations of the President, have come as
an eye-opener. As these bills are scrutinized and
studied, it is becoming evident that further very
destructive legislation is in prospect unless the
business community shall make common cause
against it, thereby averting the threatened danger.
The "New York Times," which the day after the
delivery of the message was inclined to draw very
hopeful inferences from it, is now moved to say (in
an editorial which appeared last Saturday) that
"these bills belie the more than fair assurances of
the President's address," and to assert that "they
reflect the ignorance of their authors, they are unsafe." The point is made, with much emphasis,
that under the bill adding definitions to the Sherman
Act no "firm or corporation or individuals engaged
in trade of an inter-State nature could carry on
business at all save at the risk, in their daily, usual
and innocent operations, of blundering into a Trade
Relations law should the bill having that name be
enacted." Furthermore it is stated that "under the
Trade Commission bill, if enacted, no corporation
engaged in inter-State business would enjoy any
privacy, its books and papers would at all times be
subject to inspection and seizure, and if search and
seizure were so unreasonable as to come plainly
within the prohibition of the Constitution, the broad
discretion under the inter-State commerce clause
would be pleaded in defense." All this is, unfortunately true, and pity 'tis, 'tis true.




I %rm. xavni:

Our contemporary is also on safe ground when it
insists that "no labor union could live a day, no
officers of a labor union could draw up a union
scale and procure its adoption without incurring the
gravest risk of fine and imprisonment, or both, under
the fourth clause of the bill adding definitions to the
Sherman Act." Under the suggesteda mendments
officers and members of unions would be forbidden,
in the penalties named, "to make any agreement,
enter into any arrangement, arrive at any understanding by which they directly or indirectly undertake to prevent a free and unrestricted competition
among themselves." But, what of it? To indicate
that labor unions and labor leaders would be subject
to these penalties will not deter the legislator from
putting the proposed measures on the statute book.
The only effect will be that the labor organizations
will insist that they shall be excluded from the
operation of the law. The request, we may be sure,
will be quickly complied with, and the President
it is certain, would yield equally ready acquiescence.
The end sought can be accomplished, too, without
specific mention of labor unions. This is what was
clone in the case of the Seven Sisters' laws which the
President as Governor of New Jersey succeeded last
February in having enacted by the New Jersey
Legislature. A definition was smuggled in, as pointed out in our issue of March 1, which provided that
"the words 'article' and 'commodity' in this Act are
to be construed as synonymous with natural products, manufactured products, goods, wares and merchandise." It will be observed that labor and labor
unions are not included at all in this definition and
hence are exempt from its operation. Mr. Wilson
of course signed the bill. Business men should draw
a lesson to their own benefit from the course of the
labor leaders. That is, they should bestir themselves, make their influence felt, and, like the labor
unions, see that legislation detrimental to their interests is prevented. In that way, and in that way
alone, can the threatened danger be averted. And
it is a serious danger, too, from which incalculable
harm to business interests will result if it is not
guarded against in the way suggested.
At this juncture also comes a decision of the InterState Commerce Commission which, while not itself
objectionable,incidentally furnishes occasion for the
gravest anxiety and disquietude by reason of some
remarks that have been injected in the opinion so as
to connect the facts in these cases with the application
of the railroads in Official Classification territory for
permission to make a five per cent advance in freight
rates. The question at issue was whether the practice should be approved of granting special allowances
in the matter of rates to industrial establishments
having short switches or private lines connecting
the establishments with the railroads. The Commissian decides that the practice is in the nature of a
concession or preference to this class of shippers, and
should therefore be abolished. The railroads never
liked the practice and are glad that the Commission
has taken a stand against it, but feel that the Commission is in no position to indulge in strictures regarding the same as far as the railroads are concerned,
since the practiee has existed from time immemorial
and has been continued with the full knowledge
of the Commission. What, however,is real occasion
for complaint and anxiety is that the remarks which
have been incorporated in the opinion apparently

JAN. 31 1914.1

THE CHRONICLE

foreshadow a purpose on the part of the Commission
to urge that instead of the five per cent advance in
rates the railroads shall recoup themselves by abolishing the allowances to industrial plants and
eliminating a few other practices that in very small
ways may possibly tend to deplete railroad revenues.
Says the opinion: "Indeed, the very carriers that
are augmenting their expense accounts and dissipating their revenues in this manner, to the extent
of many millions of dollars a year, and for the benefit
of a comparatively few shippers, are now complaining that their present earnings are insufficient, and,
on that ground, have asked our permission to make
a substantial increase in their general rate schedule."
Now, it should be distinctly understood that the
Commission will not be allowed to evade the plain
issue raised in the application to advance rates. The
carriers base their request for better rates on the fact
that there has been a tremendous rise in operating
costs and that new laws have added enormously to
the annual expenses of the roads. Either the argument made on behalf of the roads is sound or it is
not sound. If it is sound, the Commission should
meet the issue in a broad-minded way and give its
consent to the proposed increase. It should not
act in a picayunish way after the fashion of Mr.
Brandeis, or listen to weak suggestions coming from
the same source. There is absolutely no justification or
warrant for mixing up the proposition of an advance
in rates with the question of industrial allowances
or other minor considerations of the same sort.

331

made in iron and steel duties under the new tariff
law. Only very low profits, therefore, can be
counted on for a long time to come, and the one way
in which the loss in profits can be offset is by increasing the volume of business done. Such an increase in business can only be accomplished by improving the status of the railroads, which are the
largest single consumer of iron and steel products
in the country, so that they can again buy with entire freedom and give orders without reserve. In
that sense an advance in rates is a prime requisite
of the highest order.

After a delay of some eight weeks, the Chamber of
Commerce has felt compelled to pass negatively, on
a resolution offered, early in December, by Mr. H.A.
Scheftel of J. S. Bache & Co., providing for the
appointment of a committee to consider the advisability of sending a letter to get expressions of
Opinion upon forming an organization of holders of
stocks in railway and industrial corporations "for
protection of the business interests of the country."
The Chamber's Executive Committee, to which the
resolution was referred, reports that it is inadvisable
for the Chamber to undertake such action, which
might be interpreted as some form of political
movement; yet, of course, this does not mean lack
of approval among the membership of that body,
and it is evident that there is a considerable, if not
almost a majority of concurrence there in the idea.
Mr. Scheftel 'imposes to proceed with the organizing work, and some such title as Business Defensive
In connection with this question of permitting League may be chosen for it. He has received a
slightly higher freight schedules,it is not inappropriate great number of letters of hearty approval.
Over and over, it has been pointed out that railto refer to this week's income statement of the United
States Steel Corporation for the December quarter, roads and banks are not the property of a few rich
inasmuch as the prosperity of the steel industry is men. The "Chronicle" has published figures, again
so closely dependent upon the ability of the railroads and again in the course of the last dozen years, from
to place orders with freedom in satisfaction of present which one might almost say that the supposed
needs and for the development of new railroad under- monopolist owner of corporations, when hunted to
takings. No more dismal return of earnings by an his lair, proves to be widow or orphan, or the repreindustrial concern has appeared for a long time than sentative of widows and orphans or of moderate
this statement of the Steel Corporation for the De- wage-earners. Bank shares are widely scattered;
cember quarter. The showing for the quarter as a educational, religious, charitable, and other instituwhole is not so very bad, the deficiency below the tions for public benefit rather than accumulation,
dividend requirements on common and preferred together with savings banks and insurance comshares being only a trifle over a million dollars. But panies, are bottomed upon railway stocks and bonds.
looking at the results of the separate months, it is It might be truthfully said that there is hardly a
found that earnings have been declining in a most person living who has a handful of savings not
striking fashion month by month—having been hidden in stockings or other places of burying in
$12,257,800 for October, $8,219,769 for November the ground but is really an investor in those securiand only $5,030,999 for December. On the Decem- ties, because an informal investor with institutions
ber basis, earnings for a full period of three months which are formally such. Many of such persons,
would be barely enough to meet the Corporation's perhaps most of them, do not know the fact or
fixed charges, leaving practically nothing available realize its importance to themselves; but their
for dividends on either preferred or common stock. ignorance does not alter the situation though it
It is true that in December business was at a very low does endanger it. As the most recent instance at
ebb. In January there was a trifle more activity hand, the Pennsylvania Railway now has its maxias far as volume of business is concerned, but the mum number of stockholders, 88,586; an increase of
improvement in that respect was, after all, not very 13,142 during 1913; of these, 42,514 are women, their number having increased by 6,266
great.
December's poor net earnings, however, followed and now being nearly 48% of the total number of
not merely because of a contraction in the volume of holders.
These persons are not monopolists, but they are
business, but yet more because of the extremely low
basis of values ruling for iron and steel products. ignorant, exposed and defenseless, because unThat is a fact quite generally overlooked, or ignored. associated. Bring them together, so that they
In the matter of prices practically no improvement become visible, and they become effective. For
has occurred since the beginning of the year and it (to quote Mr. Scheftel's words) "such an organizais difficult to see how any great rise in prices can be tion of stockholders would not alone be effective in
brought about, owing to the reduction that has been curbing unjust jlegislation against railroads and in.




332

THE CHRONICLE

dustrials, but would serve as a restraining influence
on the management of the properties owned and as a
corrective of unwise or extravagant conduct of the
business of such corporations."
Evidently, some organization of the persons who
are'the real owners "of these vitally important properties would check the course ;of attack on them through
politics, would raise some defense against raids of
employees for wage increases, would improve the
quality of the management itself, and would bring
the whole ',subject into the curative light of rational
publicity. Why should not the investor, as such,
look into and keep watch on the facts which concern
his own interests? Why should he submit to go
unrepresented and unheard,while declamation waxes
loud over imaginary or greatly exaggerated capital
aggregation and anybody, outside or inside of a
legislature, can get some applause whenever he
throws a stone?
Reports, that have been entirely i ndefinite, have
nevertheless apparently been quite generally accepted
as indicating anew crisis in the Mexican situation.
President Wilson has,it is stated,iintimated to the Senate Committee on Foreign Relations that he believed
the time had come when some recognition ought to
be extended to the Mexican Constitutionalists as a
result of the progress that they have been making
recently in their struggle. Mr. Wilson stated that
the Federal troops in Mexico were receiving arms
from outside sources, and intimated that the embargo
against shipments of arms into Mexico from this
country ought to be lifted. No final decision has
yet been reached. Additional information received
by the Government indicates that the Huerta Government has been receiving supplies of arms from
Japan, the rifles being those that were used in the
Japanese war with Russia. Some color was given
the latter by reports of the establishment of an antiAmerican understanding between Japan and Mexico.
A banquet was tendered to the officers of the Japanese cruiser Itzumo at the National Palace in Mexico
City on Tuesday, at which the guests were especially
honored. Reports from Vera Cruz state that General Huerta has determined to send an envoy to
Washington. President Wilson in an interview with
newspaper reporters on Thursday declared that a
number of newspapers were grossly exaggerating
the foreign relations of the Government and were
thereby embarrassing the Administration. The
Mexican situation, he said, is gradually developing
and our relations with several foreign Powers,especially Great Britain and Japan, may be involved.
It was, the President said, learned more than seven
months ago that Huerta had purchased arms in
Japan, but the Japanese Government as such had
no hand in the transaction, which was strictly a commercial one not covered by international law.
These arms were to be delivered in two consignments,
the second being delivered in February. The Government, furthermore, is informed that Huerta has
purchased arms from several sources and has a supply stored away. Huerta is imposing onerous
burdens upon the country and because of excessive
taxation it is expected that his Government may topple over at any moment. There is reason to believe
that Japan has an ulterior purpose in its present
activity as regards Mexico. The Tokyo Government
is hard pressed at home. It is taking this action to
please the jingoes, and is therefore resorting to ac


xcvm.

tivities:which have the effect of irritating the United
States, but which have not that irritation for its
primary object. The police of Mexico City early
in the week reported that they had discovered a plot
involving several important army officers- who are
retired, none actually having a command. The object of the plot was, it is claimed, a military coup.
The military happenings this week have not been important. General Pancho Villa was operated on in
Juarez on Thursday by American surgeons. The
operation was a minor one made necessary by an old
wound which has been giving the rebel leader trouble
since his recent illness. He is planning to go to the
Torreon section as soon as he is able to travel. Reports are current in Mexico City of an ultimatum
to the United States by England, Germany and
France either to recognize Huerta or to intervene
in Mexico within thirty days.
Hayti is now in the throes of revolution, and it
has been necessary for patrols from the American
armored cruiser Montana and the German cruiser
Vineta to be landed at Port-au-Prince to guard the
legations and keep order in the streets. As soon as
fighting began, President Oreste abdicated and sought
refuge on the German cruiser Vineta. There is now
no Government in Hayti, although the local authorities, with the assistance of the American and. German marines, are restoring order. Senator Theodore,
leader of the revolution, is proceeding from Cape
Haitien to Port-au-Prince in an effort to secure his
own installation as President of the Republic. The
members of the Cabinet, following the example of
President Oreste, have fled from the capital, several
of them taking refuge on foreign ships.
Hsiung Hsi-Ling, Premier and Minister of Finance
in China, on Monday resigned the Finance portfolio. He will retain his Premeirship only until the
inauguration of the new legislature proposed by
President Yuan Shih-Kai. A bill prescribing the
worship of Heaven and Confucius, introduced by
President Yuan Shih-Kai, was passed on Thursday
by the Administrative Council, which has taken the
place of the Chinese Parliament that was recently
dissolved by President Yuan. Peking advices state
that the President's idea is to set an example to the
Chinese nation, which he thinks needs the moral
building influence of religion. The President will
worship at the Temple of Confucius and at the Temple of Heaven annually, in the same way as the Manchu Emperors did, but without wearing the diadem.
The diadem was proposed, but was not adopted,
owing to the criticism that it constituted another indication of Yuan's monarchical designs. The question of the introduction of a State religion has created
considerable controversy in China, the Christian
missionaries of all sects opposing such a step. The
constitution adopted by the Chinese Parliament
made no provision for any State religion. But for
some months a Confucian revival movement has
been in evidence, and a loague was formed by representatives in China not only of Christianity but of
Mohammedanism, Taoism and Buddhism, to oppose
the adoption of the State religion.
The German Imperial Parliament early in the week
adopted by a large majority a resolution demanding
Government action to prevent the use of troops
against citizens unless a requisition be first made by

JAN. 31 1914.]

THE CHRONICLE

333

were over-subscribed in 23/2 hours. The City of
Conception issued £50,000 in 53/2% bonds at par.
These were guaranteed by the Chilian Government
and were completely subscribed in an hour. The
Government of Western Australia sold £2,000,000
in four per cents at 983/2. In November a similar
issue of £1,000,000 was placed at 973/2. The City
of Auckland, New Zealand sold £224,000 in 43/2 per
cents at par and the City of Kieff, Russia, £625,000
in 5 per cents at par. &City of Vancouver loan of
£76,000 in 5 per cents was sold at 93. An offering
of the Philadelphia
The Bank of England did not disappoint banking of $2,000,000 preferred stock
was fully subscribed. The Government
Company
interests in London who had predicted a further of
New Zealand sold yesterday £4,500,000 ten-year
the official minimum discount. The
lowering of
, a further 4% bonds at 1003/2, all to meet maturities. Before
weekly return of the Bank was so favorable
the current upward rush of London prices began
gain of £1,706,051 in the gold holdings bringing the
23, that the Governors took one there had already been a substantial rise in setotal up to £43,634,7
curities on the London Stock Exchange. The
bite of the cherry,and instead of reducing to 332%,
monthly compilation by the "Bankers' Magaafter last week's reduction to 4%, made a full cut usual
zine" of prices of 387 representative securities
to 3%. The result was a pronounced boom in the
Stock Exchange showed a
London security markets, consols and other gilt- listed on the London
total market value of these securities on January 20
edged investment stock promptly responding with
is total increase from the
substantial advances. The price of consols, which of £3,389,478,000, which a
00, or 1.5%. Ameri4
had closed at 747 on Wednesday, advanced suddenly December 20 prices of £48,393,0
ed most freely to this advance,
4
4,
to 761 but closed at a reaction to 757 on Thursday can securities contribut
the seventeen American stocks in
and finished, according to cable accounts last even- the increase of
question being £13,410,000, equal to 4%. Nine
ing, at 75%. London & Northwestern stock, which
and India funds increased during the same
a week ago closed at 134g and was quoted on British
£90,572,000, or 3%, twenty-six British rail4
Wednesday at 1383, advanced to 1393 on Thurs- period
£7,247,000, or 3.7%, and fifteen
day and closed last evening at 140. This may ways increased
companies increased £1,225,000, or
African
be accepted as largely representative of other South
in the leading
t issues. Southeastern deferred closed a 2.2%. The only decrease reported
importan
securities was a reduction of £6,814,000 in the
week ago at 583'. By Wednesday it had declined
Government stocks. This was
2
to 573/2, but advanced to 583/ on Thursday and twenty-one foreign
which on equal to 0.9%.
closed at 58. The Great Western,
Sir Edward Holden, Chairman of the London City
Friday of last week was quoted at 1163/2, had
the semi-annual meeting on
advanced to 1183/2 on Wednesday and shot up to & Midland Bank, at
Friday of last week predicted that American banks
119g on Thursday, closing last night at 119g.
law would establish branches
The Great Eastern closed a week ago at 50. On under our new currency
543/2, at the British centre. He urged that all foreign
Wednesday it finished at 503/2 and on Thursday
in London be required to publish
last evening's close being 549. The securities banks operating
showing their actual holdings in
mentioned are among what are usually termed the balance sheets
of gold against liabilities. Since British
gilt-edged stocks of the London market. Balkan Britain
branches abroad under penalties,
State funds have not especially sympathized with the banks can only open
therefore, while he was not urging reprisals against
firmness. Bulgarian sixes are, in fact, 1 point
doing business in London, such banks
lower at the close at 97 and Greek monopoly fours foreign banks
52. Servian unified fours should at least be compelled to observe the same reare without change from
English banks. Sir Edward also reclosed 1 point higher at 783/2. Russian fours are quirements as
subject of publication by the Lonalso without alteration, remaining at 883/2 and verted to his pet
don Joint Stock Banks of their gold reserves; arguing
Turkish fours continue at last week's prices of 863/2.
that the present system whereby only the Bank of
German Imperial threes are two points higher at 78.
is being England is bound to make such an exposition, with
Unlike New York, the London market
ressing by the other banks,
deluged with new security issues. These, while the resultant window-d
He pointed out that
individually for comparatively small amounts, pre- constituted a national danger.
gold reserve atj the end of 1913 stood
sent in the aggregate a large total. To quote the the German
the British gold reserve as
London correspondent of the "Journal of Commerce", at £58,493,000, whereas
shown by the Bank of England's statement was
theXcapacity of the printing presses in producing
according to Sir Edward,
new securities seems the only check upon the Stock £32,126,000, an amount,
issues offered have been quickly that was entirely inadequate. If a Royal CommisExchange rise. All
was necessary now to
absorbed, the subscription books in some instances sion ever was needed, one
point. When the President of the
not remaining open more than half an hour. The investigate this
of 1913 that he
financing, as reported by cable during the week, Reichsbank said at the beginning
intended to increase its stock of gold by at least
included a Chilian Government £2,000,000 issue of
m. But he
eighteen months' treasury bills. The State of Sao £20,000,000, experts expressed skepticis
feature of the
Paulo, Brazil, offered £4,200,000 two-year 5 per accomplished the task. Another
was his
cent sterling bills. Of the latter £3,200,000 were Chairman's address that attracted attention
t that Britain needed an emerplaced with bankers, the remaining £1,000,000 being emphatic statemen
. He
publicly offered and readily subscribed. The Bengal gency currency just as exists in other countries
held that it could be based to at least one-third of
Nagpur Railway issued £2,000,000 4% bonds guaranand France could
teed by the Indian Government at 973/2. These its amount on gold. Germany

the civil authorities. In addition, a bill was introduced prohibiting absolutely the intervention of
troops without such requisition and forbidding the
use of arms by the military,except in self-defence,to
overcome actual resistance, to force the disarmament of armed persons or in the arrest of fugitives.
The bill was referred to a special committee. It is
evident that the trouble arising out of the recent
clashes between the military and civilians at Zabern,
Alsace, has not fully subsided.




334

THE CHRONICLE

[VOL. xcvm.

protect their gold reserves effectively but England taxation scheme of M. Caillaux, the
Minister of
could not. In the British Governmentsavings banks, Finance, is causing active criticism in
banking cirhe showed, the deposits amounted to about L185,- cles. Paris cables declare that, while
money is
000,000. There practically was no'reserve against abundant and cheap for the settlement and
other daythese deposits. His belief was that the Government to-day purposes, there is a strong
disposition to reshould pay off its debt of £11,000,000 sterling to the fuse to place it in fixed commitments
until the new
Bank of England, so that gold could accumulate exterior issues, such as the Balkan
State loans, at
in its place. By that means the Government would high interest rates and large discounts,
become availhave a reserve against savings bank liabilities and able. The fomal contract was signed on
Wednesthe country would have more gold. "In the Ameri- day for the Russian railways loan, guaranteed
by the
can currency law,"said Sir Edward,"there is a clause Russian Government,and which is to be issued,
as we
which has an important bearing on London. It stated in last week's "Chronicle," on Feb.
12. The
empowers the new central reserve bank to open loan will probably invite 765,000,000 francs at
about
agencies in London and further empowers every na- 93, although this is a question
that will be left to the
tional bank having capital and surplus of not less bankers, who will be guided
by the conditions exthan £200,000 to establish, with the consent of the isting in the market at the time.
During the current
Washington board, branches in London. These year the sum of 2,112,500,000
francs will be required
agencies and branches no doubt will create here a by thirteen Russian railway
companies, six of them
considerable amount of new credit."
being established undertakings that are extending
At the meeting of the London County & West- their lines and seven being new
ones. It has been
minster Bank on Thursday, as reported in a special feared that were these lines to borrow
individually,
cable dispatch to the New York "Times," Lord the effect would be to exhaust the
capital available
Goschen, while recognizing the justification of the on the European money markets for
Russian railway
fall in money rates, drew attention to the further enterprises, and thus place other
companies in diflarge capital creations looming in the distance, and ficulties or spoil their chances of borrowing
on advanthe great mass of short-dated indebtedness which will tageous terms. It has been decided,
therefore, by
have to be funded; while at the meeting of the Na- the Russian Government not to sanction
tional Provincial Bank of England, Mr. Fitzgerald loans for individual companies, but only separate
combine
also referred to the likelihood of a strong demand loans for groups of companies, the individual d
unfor new capital throughout the year. Referring to dertakings participating in proportion to their
rethe American currency Act, Lord Goschen said its quirements. With this end in view, the constitueffects might be far-reaching as regarded American tion of Russian railway companies has been or will
trade and finance. In its original form there would be amended, to the effect that railway bonds shall
appear to have been some grounds for the fears be redeemed on uniform dates fixed for all particientertained as to the possibilities that it would lead pating companies alike. Furthermore, the proporto inflation of credit, but as amended, and with pru- tion of capital required by the Russian law to be subdent handling,there would appear to be nothing to fear. scribed before a railway company may commenc
e
Cecil Parr, speaking this week at the meeting of the work of construction is, it is reported, to be conParr's Bank, said the substantial reductions of duty siderably lowered.
in the new American tariff in the cases of many arAnother French loan that will soon be definitely
ticles must before long exert a stimulating and bene- arranged is one for Greece. The time for formal offer
ficial influence on Great Britain's export trade to of the loan will depend upon the decision of the Minthe United States.
ister of Finance regarding exterior flotations as a
whole. According to the Paris newspaper "La
Paris is still a laggard so far as enthusiasm in its Liberte," M. Vinizelos, the Greek Premier,
has tensecurity markets is concerned. The Bank of France tatively arranged a 500,000,000-franc loan in
Paris,
fulfilled expectations by reducing its discount rate the first part to be issued about the middle of
March,
to 332% on Thursday. Even this seemed to be if the authority of M. Caillaux can be secured.
The
quite stolidly received by French operators. An proposed issue of a 600,000, -franc Turkish loan
000
additional $2,000,000 in gold was engaged for the in Paris has, it is stated by cable, been postpone
d
Bank in New York and was exported on Wednesday. until May. Bulgaria is
desirous of obtaining a new
Meanwhile, sterling exchange in Paris has taken such loan, but the complicated domestic political situation
a severe drop that there are indications of a very renders it necessary to postpone negotiations until
considerable movement of the precious metal from more settled conditions become current.
Threadneedle Street to the French centre. A week
ago the London check rate in Paris was 25.21 francs
The financial situation in Berlin is rather graph(25.20 francs is usually calculated to be par). ically indicated by the fact that day-to-day
money
But on Thursday, when the English Bank rate was has been available at the low rate of 1% during
the
reduced to 3%, the French rate for London checks greater part of the week, though at the extreme
close
suddenly declined to 25.16 francs. This is a situa- funds for the month-end settlement command
43, %,
1
tion, if the rate declines much further, that is not which is a temporary rise. Dispatch
es cabled
unlikely to transfer the French demand for gold defi- from the German centre state that
bankers there renitely to London from New York. French Rentes port an improvement in certain lines
of industry,
closed at 85.40 francs, comparing with 85.85 francs and accordingly believe that the
German money
a week ago. Call money in Paris closed at 4%, market has reached its low point—it certainly
can
the same as last week. While quotations on the hardly go much lower. Berlin banks
have been surBourse showed some improvement in sympathy with feited with funds intended for the Prussian Treasury
London and New York, there was evidence of re- notes, subscriptions for which were
opened on Thursnewed selling by the professional operators who have day. The issue was largely over-subscribed,
so much
recently become so prominent. The inquisitorial so that the senior German
loans were stronger in




JAN. 31 1914.]

THE CHRONICLE

335

£1,757,000 and the prosympathy. Official figures are not yet available, reserve this week increased
on will portion to liabilities is now 55.38%, against 57.42%
but Berlin estimates are that the subscripti
a year ago. The bullion holdbe found to be between ten and twenty-fold the full last week and 47.48%
in 1913 were £36,401,865 and in 1912
amount of the offering. It is reported that there ings at this date
the corresponding items as rewere large foreign subscriptions. The total amount £38,333,790, while
gards reserve were £27,074,505 and £28,526,295,
of the issue of Prussian Treasury bills was 400,during the week increased
000,000 marks, of which the usual syndicate of banks respectively. Loans
of 350,- £3,498,000 and aggregate £34,159,000, against £35,took 50,000,000 marks, the remainder
ago and £33,615,335 in 1912. Cir000,000 marks being offered at 97%. The whole 043,838 one year
did not change appreciably during the week;
issue is divided into 16 series of 25,000,000 each culation
it showed a decrease of £51,000. Public deposits
and one series will be drawn for repayment at par
and other deposits increased
every year. The first drawing will take place in decreased £350,000
State £5,593,000. Our special correspondent furnishes
October of the present year. The Prussian
by cable of the gold movement
Bank has issued a circular which, according to Ber- the following details
y recognizes the failure of into and out of the Bank for the Bank week: Imlin dispatches, practicall
which £301,000 from Egypt,
the Imperial and Prussian funded issues of last ports, £644,000 (of
£298,000 bought in
summer, and attributes the attitude of the public £45,000 from West Africa and
exports, £25,000 to Ecuador, and
to the popular dislike of the fall in prices of Govern- the open market);
of Great
ment loans. The Bank maintains that the public receipts of £1,087,000 net from the interior
Britain.
complaints are exaggerated because Government
loans suffer in common with, though perhaps less
than, other securities paying a fixed rate of interest.
The Bank of France in this week's statement
present issue, while involving considerable reports an increase of 12,156,000 francs in its gold
.
The
sacrifices on the part of the Treasury, was, the Bank holdings, representing, according to Paris advices,
argues, made in such a way as to protect the investor mainly the first shipment of $2,000,000 in gold from
against a fall in price and insure him "a certain gain America. The silver holdings were reduced 2,634,of 3% within an average period of 8 years." The 000 francs. There was an increase this week in
Bank calculates that,taking the lottery chance into circulation of 16,600,000 francs, of 117,925,000
consideration, the present issue will return 4% to francs in general deposits and of 86,025,000 francs
the purchaser. In order to attract the public the in discounts. Treasury deposits showed a conissue included bonds for as small amounts as 100 traction of 22,100,000 francs and advances of 15,marks. The steamship war had a continued de- 025,000 francs. The Bank's gold stock is well
pressing influence on German shipping shares. To- ahead of earlier years. It amounts to 3,532,952,000
wards the close of the week some improvement was francs, against 3,214,800,000 francs in 1913 and
shown in these shares as a result of the news that 3,183,825,000 francs in 1912. The silver supply is
Emperor William was endeavoring to effect a com- 641,116,000 francs. One year ago it was 636,550,000
promise.
francs and two years ago 805,875,000 francs. The
circulation item stands at 5,893,906,000 francs,
Bank of England comparing with 5,884,069,695 francs one year ago
As we have already noted, the
on Thursday reduced its official rate from 4% to 3%, and 5,467,591,815 francs in 1912. The general
and the Bank of France cut its figure to3%from 4%. deposits aggregate 756,105,000 francs, against 712,The Bank of Belgium also reduced its official rate 211,431 francs in 1913 and 569,923,226 francs in
from 432 to 4%. There were no other changes in offic- 1912. Discounts show a fair contraction from last
ial rates this week, the Bank of the Netherlands still year, but are in excess of 1912. They aggregate
maintaining its 5% rate, which was established on 1,640,417,000 francs, against 2,063,602,128 francs
June 25 1913. Private bank rates have not unnatur- and 1,573,760,148 francs in the earlier two years.
ally followed the official reductions in the large centres. In Lombard Street discount rates closed at 2%
The Imperial Bank of Germany presented in its
for short bills, comparing with 2%@2 13-16% a week report published on January 26 a particularly
ago and 3-months' bills finished at 2@2%%, against strong showing. There was an increase of 29,999,000
2 13-16@2%%. In Paris the outside rate is now marks in the gold on hand and of 57,438,000 marks
331%, which is a decline from 33/2% a week ago. in cash, including gold. Meanwhile, note circula0
The Berlin rate is 3%, against 297 one week ago tion registered a contraction of 126,036,000 marks.
and 398% a fortnight ago. The rate in Vienna is Treasury bills declined 35,849,000 marks, loans were
,!t%, against 4%; Brussels is 3 9-16%, against reduced 11,676,000 marks and discounts showed a
4
4
39'%, and Amsterdam 4I/%, against 43 %. net reduction of 84,352,000 marks. The total cash
rates at the leading foreign centres are:
Official
holdings, including gold, aggregate 1,637,200,000
London, 3%; Paris, 33/2%; Berlin, 4%; Vienna,
marks and compare with 1,205,840,000 marks one
5%; Brussels, 4%, and Amsterdam, 5%.
year ago and 1,208,980,000 marks in 1912. Combining loans and discounts, we have a total of 866,We have to go back as far as 1896 to find a total
066,000 marks, which is a contraction of nearly
for the Bank of England's bullion, in the correspond- 500,000,000 marks from 1913, when the total was
ing week, in excess of that noted in Thursday's 1,356,960,000 marks. In 1912 it was 1,184,640,000
official return. In the earlier year named the gold marks. The circulation item is 1,925,062,000 marks.
holdings of Threadneedle Street amounted to £48,- One year ago it was 1,853,080,000 marks and in 1912
314,279. Thursday's report showed £43,634,723, 1,638,780,000 marks.
which represented an increase of £1,706,051 for the
week. A similar comparison is necessary as to the
In local money circles still further concessions may
Bank's reserves, which in 1896 stood at £39,828,229,
against £33,883,000 in the current statement. The be noted in rates, both for demand loans and those




336

THE CHRONICLE

[VOL. xcvni.

for fixed maturities. The highest rate for call money
Referring to call money rates in detail, the range
for the week has been 2%, and most of the renewals has been 13'@2%. On Monday, Tuesday
and
on Stock Exchange daily business have been at 14%. Wednesday the extreme figures were 1%% and 2%,
7
On Thursday the minimum figure at which demand with 2% the ruling rate on Monday and 1 8 on
%
loans were made was 13/2%. Even an expansion of Tuesday and Wednesday. On Thursday the highest
$73,000,000 in the loan item of the Clearing-House and ruling figures were not changed from 2% and
report last Saturday failed to stem the constantly 14%, respectively, but the minimum figure
7
was
increasing weakness in money market conditions. further reduced to 13/2%. Friday's range was 1%@
This expansion was due very largely to the financing 2%, with 14% the ruling quotation for Stock Ex3
of the $51,000,000 New York State loan; in the first change renewals. For time money, closing quotaplace by the original syndicate that was successful tions were 23@2Y% for sixty days (against 2%@
4
in securing the entire block of the bonds,and,second, 3% a week ago), 3@31
4% for ninety days (against
in the distribution of these securities to second hands 33@3%%),33% for four months (against
332%),
that promptly followed. These two transactions 33@332% for five months(unchanged) and,3%%for
naturally caused a shifting of loans that exaggerated six months (against 4%). Commercial paper closed
the effect of this important piece of financing. The at 4@43% for sixty and ninety days' endorsed bills
Clearing-House statement recorded also an increase receivable and for four to six months' single names of
of $85,638,000 in deposits. This was to a measurable choice character. Others are quoted
432@5%.
extent the result of the increased loan item. It A week ago the ranges were 4@43/2%
and 4%@5%,
nevertheless called for $21,100,900 additional in the respectively.
reserve requirements, so that while the cash reserve
increased during the week $16,055,000, there was an
With London and New York actively competing
actual decrease in the cash surplus of $5,045,900. as to which centre can name the lowest rates for
The cash in banks and trust companies during the money, it would not be logical to expect pronounced
week increased $14,179,000 and in trust companies activity in sterling exchange. The supply of demand
$1,876,000. The cash surplus held by the Clear- bills and cable transfers has been light and quotations
ing-House institutions was $38,065,750, which com- have declined persistently throughout the week.
pares with $21,465,400 one year ago and $48,763,050 Sixty-day bills have ruled about steady. While a
in 1912.
reduction to 332% in the Bank of England rate had
A significant feature, and a rather discouraging been generally expected, the reduction that was
feature, of the money situation is that the spectacu- finally decided on to a 3% basis was more or less of
larly abundant supply of funds has not encouraged a surprise. Accompanied as this reduction was by
the issuing of new securities on the local market. The exceptionally strong gold holdings—the strongest
effect in London of the sudden accumulation of idle since 1896 at this season—the demand for remitfunds has been that investors are being almost deluged tances of all kinds showed even greater curtailment
with new security offerings. At home here there has toward the end of the week. The Bank of France
scarcely been an attempt made to follow up the ad- took another weekly shipment of $2,000,000 gold
vantage of the successful placing of the New York from the New York market, but sterling exchange
State loan last week. This undoubtedly is signifi- in Paris has reached such a low figure that direct
cant of the caution that still prevails on the part of exports of the precious metal from Threadneedle
capital. The $51,000,000 New York State bonds Street on quite a large scale are certainly in view,
were in the first place tax-exempt. This was itself and this may cause a suspension of shipments of the
a distinct advantage. In the next place they are precious metal from this side for the time being.
not concerned in the current national legislation that The problem that is receiving chief attention by
is to be pushed through by the present Administra- sterling exchange experts at this centre at the moment
tion, and they are not railroad securities whose future is which side of the Atlantic will be apt to first exis so intimately bound up in the approaching de- haust its supply of idle funds that are pressing for
cision of the Inter-State Commerce Commission on profitable employment. The developments of the
the question whether the transportation lines shall be week seem to suggest that recovery in European
permitted to charge a fair rate for the transfer of rates will first be felt, as London underwriters have
merchandise.
been very prompt to take advantage of the favorable
The current supply of commercial paper of an situation to inundate the British centre with new
attractive character is much below the demand, issues. It is well known that some particularly
and a further easing of discount rates has resulted. large capital issues are also pending in Paris; and
An additional shipment of $2,000,000 in gold to Berlin has just successfully financed important
Paris has been counteracted by receipts of $3,000,000 Prussian loans, details of which we present in
from Canada this week, making $6,000,000 from the another column. At home here a movement to test
beginning of the year,and with indications that the the capital market is not yet seriously under way.
movement this way across the Dominion border will
The Continental exchanges continue to move
continue. New York funds in Montreal yesterday steadily against London. The sterling check rate
closed at 313 cents per $1,000 premium. A decided in Paris, which closed at 25.213' francs last week,
contraction in current loans in Canada is indicated declined as low as 25.163/2 francs, or 33/ centimes
by the monthly statement of the Canadian banks, below par on Wednesday,when the reduction of the
as of Dec. 31, that was published on Wednesday. Bank of England rate was announced. The close
There was a reduction of $8,327,000 for the month in last evening was 25.183/2 francs. Demand sterling
Canada and of $6,396,183 in call loans in New York. in Berlin closed at 20.46 marks, comparing with
Comparing with December of the previous year, 20.483/b marks last week. Berlin exchange in Paris
Canadian call loans in New York have increased finished at 123.05 francs, against 123.06 francs on
$10,000,000 and current loans in Canada decreased Friday of last week. Mexican exchange on NewlYork_
$58,944,006.
closed at $2 60 and/oniLondon at is. 63/2d.




THE CHRONICLE

JAN. 31 1914.)

Compared with Friday of last week, sterling exchange on Saturday was firmer for demand and sixty
days, which were quoted at 4 8620@4 8630 and
4 8355@4 8375, respectively. Cable transfers were
unchanged at 4 8655@4 8665. On Monday there was
an easier tone at the opening, due largely to weakness
in London discounts,though,later,covering of shorts
induced a rally;the range was not changed for demand,
at 4 8620@4 8630 or cable transfers at 4 8655@
4 8665; sixty days, however, advanced to 4 8373@
4 84. Increased ease in European discounts, an
additional shipment of gold for export and active
selling by speculative interests here were the main
causes of the 25-point decline which took place on
Tuesday; demand receded to 4 86@4 8605 and cable
transfers to 4 8630@4 8635,although sixtydays continued firm and closed without change. On Wednesday sterling was weak and declined still further, to
4 8585@4 8595 for demand,4 8620@4 8630 for cable
transfers and 4 8365@4 8375 for sixty days. Rates
broke to 4 8575 for demand and 4 8610 for cables
on Thursday,on the reduction in the Bank of England
minimum discount rate from 4% to 3%, but later
rallied, owing to an active inquiry and light offerings of commercial bills; final figures were practically
unchanged from Wednesday's close, with demand at
4 8590@4 8595, cable transfers at 4 8620@4 8625
and sixty days at 4 8360@4 8375. On Friday the
market ruled irregular and weak. Closing quotations were 4 8350@4 8370 for sixty days, 4 8575@
4 8585 for demand and 4 86@4 8610 for cable
2
transfers. Commercial on banks closed at 4 823/
@4 83, documents for payment finished at 82U
1.
@4 833/2 and seven-day grain bills at 4 853/2@4 853.
Cotton for payment closed at 4 82%@4 83 grain
for payment at 4 833/2@4 83/•
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $13,744,000 net in cash as a result of the
currency movements for the week ending Jan. 30.
Their receipts from the interior have aggregated
$18,197,000, while the shipments have reached $4,453,000. Adding the Sub-Treasury operations and
the gold exports, which together occasioned a loss
of $1,573,000, 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 $12,171,000,as
follows:
Out of
Banks.

Into
Banks.

Week Wine Jan. 30.

Net Change in
Bank Holdings.

Total

$18,197,000
30,624,000

34,453,000 Gain 313,744,000
32,197,000 Gain 1,573,000

$48,821,000

Banks' Interior movement
Sub-Treas, oper'n,i and gold exports_

$36,650,000 Gain $12,171,000

The following table indicates the amount of bullion
in the principal European banks.
Jan. 29 1914.
Banks of

Weld.

Silver.

Jan. 30 1913.
Total.

Gold.

£
43,634,723 36,401,865
25,644,400,166,962,920 128,592,320
14,500,006 78,822,950 45,596,850
6,191,000 174,734,000 155,537,000
11,552,006 63,412,000 50,489,000
28,725,006 48,063,000 17,577,000
2,930,000; 48,520,000 42,919,000
849,200; 13,369,200 13,260,000
4,144,333 12,433,000 7,616,000
5,723,000 5,560,000
6,821,000 6,824,000
2,606,000 2,193,000
£

England__ 43,634,723
France_ _ _ 141,318,520
Germany_ 64,322,950
Russia __a 168,543,000
Aus.-Hun. 51,860,000
Spain ____ 19,333,000
45,590,000
Netifiand 12,520,000
Nat.Beigd 8,288,667
Sweden _ _ 5,723,000
Switzgand 6,821,000
Norway - - 2,606,000

I
I

Silver.

I

Total.

£
36,401,365
25,461.800154,054,120
14,694,700; 60,291,550
6,770,000162,307,000
10,228,000; 60,717,000
29,778,0001 47,355,000
3,521,000, 46,440,000
765,300; 14,025,300
3,808,006 11,424,000
5,560,000
6,824,000
2,193,000

I

Tot. week 570,565,860 94,535,933665,101,703512,566,035 95,026,806607,592,835
4271661 433 702509,298,372 94,414,0701603,712,442
Prey .wee11567,526,275 93,907,
a The total of gold in the Bank of RUSSIA includes the balance held abroad—
that Is, the amount held for Russian account in other Continental banks.
b The Austro-Hungarian bank statement is now latter] in Kronen and Heller
Instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the
Kronen has really no greater value than 20 cetn9, our cable correspondent in
London, in order to reduce Kronen to Pounds, has altered the basis of conversion
by dividing the amount of Kronen by 21 Instead of 20.
d 'rho division (between gold and silver) given in our table of coin and bullion In
the Banks of Italy and Belgium Is made from the best estimates we are able to
obtain; it Is not claimed to be accurate, as the banks make no distinction in the
weekly returns, merely reporting the total gold and sliver; but we believe the
division we make is a close approximation.




337

OUR FOREIGN POLICY.
Dispatches from Washington have reported a
conference of much importance at the White House
last Monday evening between the President and the
Senate Committee on Foreign Relations. The
scope of the conference seems to have embraced the
broad field of the present relations of the United
States not only with Mexico, but with all other
foreign Powers, and the effect on those relations
both of the Mexican entanglement and of other
matters. There was abundant reason for such
discussion of past and future policies. The restlessness of foreign governments over the Mexican situation has inevitably been increasing. It is stimulated,
not only by the uncertainty which has surrounded
the position of foreign residents of Mexico, but by
the partial default in payments on the Mexican public
debt, and the virtual "moratorium" on bank payments. So far has the feeling of European business
men advanced on the official aspects of the question,
that the London Chamber of Commerce was reported,
last Saturday, as sending a circular to its members,
asking their judgment as to whether it would be
advisable for England to act with the French and
German governments in requesting President
Wilson to take some measures for regulating the
financial position of Mexico.
The White House conference was, as it should
have been, entirely private; but many details of the
discussion have subsequently leaked out through the
participants. These statements of contemplated
policies have been diplomatically denied, and it is
not at all improbable that the discussion was purely
tentative. But the topics whose discussion has been
referred to in the Washington dispatches must
undoubtedly have been considered. They were
(1) The policy of openly supplying arms to the
Constitutionalist troops which are fighting Huerta
in Northern Mexico; (2) Reconsideration of the five
general arbitration treaties with European governments, which have expired by limitation, and whose
renewal has thus far been blocked by Senatorial
indifference or opposition; (3) Concessions to European nations in general, and to Great Britain in
particular, in the matter of the discriminatory tolls
which Congress has proclaimed for our own coastwise
commerce in using the Panama Canal—regarding
which, England has objected that such action was
not only indirect discrimination against British
shipping but a violation of the Hay-Pauncefote
Treaty; (4) Possible cash settlement with Colombia,
by way of allaying its grievances for our Government's participation in the successful revolution at
Panama, whereby we acquired the Canal strip.
Colombia asks an indemnity of $25,000,000; it may
be that something less will be proposed.
Whether all of these propositions are, or are not,
on the program discussed at Monday's conference,
the consideration of all of them, collectively and
separately, is of the highest importance. The
conduct of the United States in its foreign relations
during the past half-dozen years has unquestionably
tended, and most needlessly, to isolate our Government from diplomatic friendships. Whereas it was
possible to say, on occasions not much further
back, that our international position, as regarded,
for instance, England and Japan, was peculiarly
cordial and intimate, it is difficult at the present
time to point to a nation which does not entertain,

338

THE CHRONICLE

through our own fault or shortcomings, some sort
of grievance against us.
• Much of this present condition has been due to
the traditional American attitude of happy indifference regarding our international relations. A recently published memoir of Lord Lyons, in setting forth
his difficulties as British Minister at Washington
during our Civil War, points out the grave diplomatic obstacles which were created then by the
American policy of "bluff and bounce." Lord Lyons,
himself, went so far as to write to his Government
that "the idea that, happen what may, England will
never declare war with this country, has become so
deeply rooted that I am afraid nothing short of
actual hostilities will eradicate it." Our own
Secretary of State of that day, Mr. Seward, personally set forth to the Minister from England his
judgment that the irritating policy of this country
toward Great Britain was "good material to make
political capital of", and "may be safely played
without any risk of bringing on a war."
The United States has doubtless grown not only
older but more reasonable and conservative as a
World Power since 1861; but much of the instinctive
and traditional tendencies to which Lord Lyons thus
calls attention have survived. The exasperating
action or inaction of our Senate toward the arbitration treaties in which foreign governments have expressed their good-will toward us, is a strong instance
in point. That action inevitably carried the possible
implication that the United States did not care for
the friendship of such foreign governments. The
action of the last Congress, on the matter of the
Panama Canal tolls, was interpreted in Europe—
wrongly, no doubt, but not unnaturally— as a
policy of deliberate bad faith, adopted because we
were quite indifferent to the consequences. The
virtual seizure of Panama suggested most formidable
inferences, both to Central and South America
as regards our attitude toward other SpanishAmerican republics, and to Europe as regards our
conception of the Monroe Doctrine. The extent
to which we have antagonized a friendly government
through the action of California on Japanese residents hardly needs to be recalled. Not least of
all, there remains the Mexican problem, with the
peculiar responsibilities which our Government incurs through its policy of to-day.
All sensible and intelligent citizens must admit that
removal of these numerous and vexatious elements of
discord is of the first importance at this time—if only
to head off the talk,which has begun already,of an
enormous increase in our naval and military armament, and of compulsory military service. This
discussion arises at the very moment when the
Administration itself has been striving to induce the
European Powers to suspend their own competitive
struggle to build armaments.
Cordial and statesmanlike action on the various
points of international friction already referred to
would represent an enormous step toward reinstating
this country in favorable relations with our European
neighbors. How far the policy—suggested at least
tentatively—of openly favoring the Mexican insurgents through providing them with arms would
extricate Mexico and the United States from the
present difficult situation, it is less easy to say.
The talk which has caked out in Washington that
we should furnish arms to the Northern insurgents
merely on the grou
hat Japan has been supplying




[VoL. xcvm.

Huerta with such armament is absurd and mischievous. If Japan has been doing this, it has been altogether within its rights, as dealing with a de facto
Government.
The question of arming the insurgents must be
judged on its own merits, pure and simple. Intimation of such a purpose has naturally been received
by foreign residents in Mexico City with some
feeling of consternation. If the insurgent troops
were to seize the capital, through an overwhelming
predominance of military arms provided by the
United States, what guaranty would peaceful noncombatants in that city have against repetition by
the insurgent troops of the barbarities which they
are known to have committed in their Northern
campaign? Much still remains to be determined,
as to the scope of control which our Government
actually possesses over the insurgents whom it is
favoring, before such a policy can be unqualifiedly
approved.
HARSH FEATURES OF THE INCOME TAX.
Congressmen Cantor and Metz, both from this
city, but neither of them on the Ways and Means
Committee, have introduced bills repealing the
"source" portions of the income tax, the former
saying that he has received many complaints from
persons here concerning the vexatiousness of that
part of the law. Chairman Underwood of the Committee, however, emphatically says that no bills for
amendments of the law .will have consideration at
present, and he is probably right in his forecast.
For, while confession of error is always creditable, it
is always repugnant, and to make one so soon, in
respect to the most important first act of a session
which hastened to an assumed work of freeing the
country, would be to rise to a great height of candor.
Congressman Hull once more offers re-assurance in
the expression of his opinion "that the law will work
out satisfactorily except to those who are opposed
to it on principle," and that the confusion now
existing will disappear "as soon as the Treasury
regulations governing the administration of the tax
are fully understood." Probably he is sincere in
thinking it is all simple and workable, and possibly it
reads so to him, but he did not succeed in making it
so, nor does the trouble cease when those regulations
become understood. For the digests and professional interpretations have no binding effect; and
even the regulations, not all of them consistent and
intelligible,and a few of them apparently amounting
to changing the law in course of interpreting it, are
not a finality. That finality will not be reached
until the courts have decided the cases of contest
which will surely arise.
Without referring anew to any mooted point specifically, it is already known that the most perplexing,
vexatious and disturbing features grow out of the
"source" portions. For one instance, it is clearly
a question whether Congress can constitutionally
compel corporations and individuals, without their
consent and at great trouble and cost to themselves,
to act as revenue collectors for the Government.
This noticing, deducting and holding temporarily
imposes what, in common parlance and practical
effect, acts as a "tax" on those to whom it applies,
yet it is not a tax in the legal sense; it falls upon
others, but it makes of corporations and individuals
Government agents. Under the prevailing notions
of individual subordination to "collectivism," some

JAN. 31 1914.1

THE CHRONICLE

339

extremists might say that the country could require person nor any dependent shall receive compensation
the possessor of an income to pay a tax on it and then under this chapter. If an employer "fail to secure
execute a song and dance on the sidewalk for the fur- the payment of compensation," then the hurt worker
ther benefit of the revenue. We would not venture may either claim it under this chapter or bring suit
to forecast what view the Supreme Court will take for damages; in such suit the defendant may not
of this feature when reaching it, but it certainly plead contributory negligence, nor negligence by a
seems devoid of just excuse.
fellow-servant, nor voluntary assumption of risk. If
It is, at least, the harshest and most inquisitorial payment of the whole or a part of an award is not
portion of a law which is characterized throughout made within ten days after it is due, the amount
by harshness and confusion. Make an unreasonable "shall constitute a liquidated claim for damages"
concession by granting the utmost said on behalf of against the employer, which, together with a50%
income taxes in a time of peace, and even the reckless penalty, may be recovered in an action brought, in
assertion that not otherwise can the rich be made to the name of the State, by the Commission constituted
bear their just share of the public burden, and still to administer, the law; in such event, the penalty
the question remains: Why make the always un- shall go to the State, to cover working expenses.
pleasant duty of tax-paying needlessly offensive?
The average weekly wage shall be the basis of the
The "source" portions arise in the assumption that
award to be made, and the award shall generally be
most men will dodge their share of tax and the only
two-thirds the average weekly earnings, in case of
way to reach income is to do so before it can find
the owner's pocket. Is this an assumption proper either death or total disability; for partial disability,
in a government founded on "the consent of the the payment at that rate is to run for varying terms
governed," or suitable for a despotism? Let govern- which are set forth in detail.
The employer has four courses offered to him,
ment begin by undertaking only its own proper
work, and on a basis of reasonable efficiency and but is required to "secure compensation" in one of
fidelity; that is, let it hold out clean hands and these. He may insure and keep insured in any authbe itself reasonably free from just criticism before orized joint-stock or mutual company; he may take
assuming that all recipients of more than $3,000 a the risk himself, on furnishing the Commission
year are dishonest in desire. Are we to implicitly satisfactory evidence of his ability to be his own intrust "the Government" in everything and for every- surer, in which case that body may require him to
thing, including our fortunes, our morals, our edu- make a deposit of securities of the kinds specified in
cation and our business and industries? And then the insurance laws for such purposes; he may join
is "the Government," theoretically the creation and a mutual association formed in his own group of
servant of the people, to trust the people in nothing? employments, if the Commission approve; or he may
Or (if the humiliating truth is to be confessed), is it insure and keep insured by depositing in the State
that 95% of the people are laying an income tax on Fund to be created and be in the hands of the State
the other 5% and purposely plan the process as Treasurer. If he fail to comply with Section 50
unpleasant as possible?
(which section, however, does not contain the proviso
for forming a mutual association), he is liable to a fine
THE NEW "COMPENSATION" LAW OF
of a dollar per day per each employee, to be sued for
NEW YORK.
by the Commission. He must post in a conspicuous
The law now on the statute books of this State is place on his premises a printed or typewritten notice
considerably unlike the Foley-Walker Bill which was that he has complied with these provisions, and the
recommended by Commissioner Emmet, was passed following section (52) declares that "failure to secure
in both Houses, and was then thrown away by the payment of compensation shall have the effect"
Governor Sulzer, in his desire to please the labor of exposing him to damage suit; Section 53 relieves
unions—about the only interest that was not reason- him from all liability if he contributes to the State
ably satisfied with the bill. This one was rushed Fund, and refers the injured worker to that Fund
through in a haste which allowed no time for con- only; but the employer is "otherwise" relieved from
sideration, had consideration not been practically liability only when either he or his insurance carriers
forbidden, in a final week of the special session. The have paid the award.
unanimous vote in the Assembly and the merely
The coercion upon him is thus severe, and it apnominal opposition of six votes in the Senate, ex- parently means to drive him into the State Fund,for
pressed the determination to secure this bill as a only by contributing to that is he distinctly released
party measure instead of allowing the subject to from liability; if he insures in a company he seems
reach the next Legislature, then so soon to meet. to be liable in case the company does not pay.
The document is of great length, and applies only
A Commission of five persons, at good salaries, is
to forty-two named occupations, all deemed more or to administer. This body may investigate the sub-.
less hazardous; it defines the word "employee" as a stantial rights of the parties in any case, not being
person "engaged in a hazardous employment in the bound by common law or by statutory rules of eviservice of an employer," whether on the plant or "in dence; they may issue subpoenas, punish for conthe course of his employment away from the plant;'; tempt, arrange and re-arrange groups of employit also excludes domestic servants and farm laborers. ments, prescribe rates for each group, punish falsifiNegligence is not to be a defense, for the question cation of pay-rolls, and proceed against employers in
of fault is excluded unless the injury comes through default. The Commission is to administer the Fund.
the wilful intention of the injured worker to bring Ten per cent shall be set aside as reserve, up to
death or injury to himself or another,or unless the in- $100,000, and 5% thereafter, until the Commission
jury comes solely from intoxication of the hurt person deems the amount enough for "the catastrophe
while on duty; in either of these cases neither the hurt hazard."




340

THE CHRONICLE

No direct effort is expended towards prevention,
and the effect in stimulating or repressing carelessness
will be for time to show, according to the selfishness
of men. The laborer will suppose himself favored
and coddled, but he may possibly find himself
tricked, for the State distinctly refuses any liability
and if the Fund prove inadequate there is no recourse
beyond it, as the employer is offered release if he
accepts it by paying whatever is demanded of him for
that Fund. It is evidently intended that the prospect of express release from liability shall induce him
to prefer the State's own scheme, but whether that
will operate thus will depend upon the comparative
rates proposed by the Commission and by the insurance companies; yet any opinion as to whether
regular formal insurance will be stimulated under this
law or be discouraged would be merely conjectural.
The law nominally took effect with the new year, but
payments into the Fund may be made up to July 1,
and at that latter date the law takes effect "as
between employers and employees."
Many details are not referred to in the foregoing.
There is already considerable doubt as to precisely
where the lines defining what is covered under the laws
are to be drawn, and study may disclose confusing
questions, as have been discovered in abundance in
the income tax. Possibly correction of these, or even
a deliberate revision of what has been so needlessly
rushed through in haste, may be had at the regular
session.
An interesting question has now been raised as to
whether this law is valid at all. Under the Court
of Appeals decision in the Ives case, there is at least
grave doubt whether the Legislature could enact
any compulsory scheme. The amendment ratified
in November meets this by taking away all limitations upon the legislative powers over the subject,
but the amendment took effect on January 1,
whereas this law was enacted two weeks earlier.
If this technical defect is material in law, as might
colorably be claimed, there is another example of
the folly of over-haste, and the subject must be
taken up anew.
OUR FOREIGN TRADE IN 1913.
Again we have to record a new high record in the
foreign export trade of the United States, the value
of the shipments of commodities from the various
ports of the country during the twelve months
ended Dec. 31 last having exceeded that for the corresponding period of 1912 by over 85 million dollars.
And in this growth almost all leading articles have
shared,with manufactures,upon which now we largely
rely to increase our trade, especially prominent.
Concurrently the aggregate of imports declined
slightly from the record total of 1912—a total that
had been swelled to a considerable extent by a practically abnormal inflow of a few articles, such as art
works (principally the Morgan collection). Coffee,
sugar and hides and skins and the much higher price
a year ago for India rubber. But as the gain in exports
was larger than the loss in imports,the country's aggregate foreign trade (inflow and outflow combined) for
1913 was moderately greater than in 1912 and therefore established another record total, reaching $4,276,494,821, against $4,217,291,048 the year before.
The remark we made last year as to the widespread
growth of our export trade applies as truly now as
then. Almost all the countries to which our products



[VOL. xcvm.

go showed increased absorption from us in 1913 and
in some instances the expansion was noticeably large.
Canada,for instance, took from us goods to the value
of about 400 million dollars, a total 30 millions
greater than in 1912 and more than doubling 1909.
Germany, too, and the Netherlands, Denmark,
Sweden, Cuba, Argentina, China,Japqn and Oceania
more or less appreciably increased their takings of
our commodities. In fact, mentionable losses in
trade are few and far between and due to some special
cause, such as the decreased shipments of cotton to
Great Britain and France, following the heavy outward movement of the previous year. On the import side of the account,also,there are numerous instances of recent conspicuous growth. Here again
Canada stands forth prominently, the inflow into
the United States from thence having risen some 15
million dollars in 1913,and the gain since 1905 has
been more than 100%. From the East Indies,
Japan,China,Chile and a number of other countries,
likewise,the imports have noticeably increased. On
the other hand, decreases in takings of goods from
Russia, Great Britain, Cuba, Argentina, Brazil and
the Philippine Islands are to be noted and find explanation in large part,if not wholly,in the decreased
value of imports of art works, coffee, sugar, India
rubber and hides and skins.
The aggregate merchandise exports in 1913 were
of a value of $2,484,311,176,against $2,399,217,993the
preceding year, $2,092,526,746 in 1911 and $1,866,258,904 in 1910. In this short period of three years
the expansion has been noteworthy, but in an interval of fifteen years (1898-1913) the outflow has practically doubled. Furthermore, special efforts are
making to further largely increase the takings of
our products abroad. In fact, the Bureau of Foreign
and Domestic Commerce of the Department of Commerce has opened an office in New York, at the
Custom House, and will shortly establish headquarters in Chicago, New Orleans and San Francisco,
for the purpose of assisting merchants and manufacturers in the development of foreign trade. By
making these offices the meeting-places of consuls
who are in this country on leave,much valuable information, it is believed, can be imparted to those
wishing to cultivate business in particular localities.
Moreover, the commercial agents of the Bureau on
their return to this country will attend trade conferences or conventions of persons or organizations
interested in special lines of investigation in order
that they may personally inform manufacturers and
merchants of the result of their studies in the foreign
field concerning their own lines of manufacture.
Breadstuffs shipments in 1913, due to an enlarged outflow of wheat, covered a considerably
greater value than in 1912, the contrast being between $203,750,000 and $161,672,348; but the comparison with some earlier years is unfavorable and
particularly so with the 2763/ million-dollar total of
1901. But home needs are increasing so steadily
and rapidly that no such movement can be counted
upon again until there is a very large addition to the
area devoted to grain. The provisions outflow was
also greater in 1913, but the gain of 15 million dollars
over 1912 was wholly in pork products. Cotton exports, however, were much less in quantity in the
kite year-20%—but the value consequent upon the
higher average price secured was only about 7%
lower. In other words, the value of the 8,610,000
bales sent out was $575,520,000, whereas the 10,-

JAN. 31 1914.1

341

THE CHRONICLE

694,472 bales shipped in 1912 covered $623,077,439,
4
the average prices having been 127 cents and 11 3-16
cents per pound,respectively. Petroleum shipments
in 1913 were of greater magnitude than ever before,
and the average export price at 7 cents was the highest in a number of years.
Among a number of other articles of export, and
especially manufactures, notable expansion was the
rule in 1913. Iron and steel manufactures, for
example, made an advance of 7 million dollars,
following increases of 48 and 47 millions, respectively,
in the two previous years. Automobile shipments
exceeded 1912 by some 5 millions, cars for steam and
other railways gave a total nearly double that of the
year preceding, coal, copper, and wood and manufactures showed further large gains, and more or
less satisfactory augmentation is to be noted in cotton manufactures, electrical machinery, tobacco and
manufactures and a number of other articles. In
fact, the only decreases worthy of note were in
agricultural implements, naval stores, leather and
manufactures and vegetable oils.
Imports of merchandise for December were the heaviest:for any month in our history, butfor the year 1913
were, as already remarked, a little less than the record
total of 1912, reaching $1,792,183,645, against
$1,818,073,055. In 1911 the aggregate was only
$1,532,359,160 and in 1910 $1,562,904,151. The decline is much more than accounted for by the drop
of 25 millions in the value of art works brought in
and the losses of 16 millions in hides and skins, 29
millions in coffee, 21 millions in sugar, 11 millions
in seeds and 22 millions in India rubber, the last
named decrease being largely a matter of price.
Aside from these, the diminutions in any articles of
import were rather unimportant. On the other
hand, large gains are to be noted in cattle, chemicals,
fibres and manufactures, and moderate but satisfactory increases in breadstuffs, cocoa, copper and
manufactures, feathers, fish, fruits and nuts, iron
and steel and manufactures, leather and manufactures, provisions, oils, paper and manufactures,
diamonds, &c., raw silk and silk manufactures,
tobacco and wood and manufactures.
The merchandise balance in our favor in 1913 was
the largest on record. It reached $692,127,531,
against $581,144,938 in 1912 and $560,167,586 in
1911, and compared with only 303 1-3 millions in
1910 and 252% millions in 1909. Moreover, there
is a large gain over the 1908 balance (636 millions),
made during a period of depression here when imports were measurably restricted and exports free.
As indicating the changes from year to year in some
of the leading staples of export and the relation those
principal items bear to the full outward movement of
merchandise, we insert here the following compilation, which covers the results for the last six years:

largely or wholly manufactured. In fact, deducting
from the total of the specially enumerated articlea
the item of cotton, we find the remainder to be practically the same in 1913 as in 1908 (518 millions,
4
against 5141 millions), whereas in the interim the
expansion in the other export goods has been from
4
799% millions to 1,3907 millions,or an augmentation of 73.9%.
The outward movement of gold in 1913 was upon
a more liberal scale than in any preceding year since
1909, and imports were of about normal proportions;
consequently, upon balance, we were the losers.
The inflow was in greatest measure from Canada,
but receipts from Mexico were also liberal. The outflow was most largely to France, the shipments in
that direction making up about half the year's aggregate with practically no return movement, and
shipments to South America were of pretty large
proportions, our loss on balance approximating 20
million dollars. Briefly, the outflow of gold for the
year was $91,798,610 and the inflow $63,704,832,
leaving an export balance of $28,093,778, against an
import balance of $19,123,930 in 1912. Silver moved
less freely in either direction in the late year than in
1912, with Mexico the largest contributor to the
imports and Great Britain, as usual, drawing most
largely upon us. The net exports were $26,908,812,
against $23,560,669 in the previous year. Bringing
together the various net balances, we have the subjoined comparative summary of the trade balances
as a whole:
YEARLY TRADE BALANCE.
Excess of—

1913.

1912.

1911.

1919.

1909.

Mdse. exports_ $692,127,531 $581,144,638 $560,167,586 $303,354,753 $252,677,921
26,908,812 23,560,669 21,918,075 11,482,805 11,404,607
Silver exports_

.._,..._

$719,036,343 $604,705,307 $582,085,661 $314,837,558 $264,082,623
Total __
.447,696 .88,793,853
.
Gold import& .28,093,778 19,123,930 20,262,110
Grand total_ 3747.130.121 3585.581.377 3561.823.551 8310.389.862 8352.876.838
* Net exports.

With all items included, the net export balance
for 1913 is seen to be $747,130,121, the heaviest
ever recorded, and comparing with $585,581,377 in
the year preceding, $561,823,551 in 1911, $310,389,862 in 1910 and the previous high-water mark of
$677,014,064 in 1908.

GOLD AND SILVER PRODUCTION AND
MOVEMENT IN 1913.
A contraction in the volume of gold secured from
the mines of the world in 1913is the result disclosed
by the investigations we have made since the year
closed. The falling off is ascribable mainly to the
disturbed conditions that prevailed in the Transvaal during the last half of the year. It is true, of
course, that in other leading producing countries,
like Australasia, the United States and Mexico, the
yield was less than in 1912, but heretofore since
Africa became a factor in gold mining (except during
the Boer war period and in 1910), any losses elseEXPORTS OF LEADING PRODUCTS FOR SIX CALENDAR YEARS.
where have been more than made good by the in1911.
1910.
1912.
Exports.
1913.
1909.
1908.
creased output of that country. That, it was ex$
$
$
$
$
$
Cotton_ 575,520,000623,077,439517,053,575 530,824.222461,919,568 438,829,110
Breadst'Its 203,750,000 161,672,348 135,860,349 109,093,689 139,779,080 196,508,311 pected early in the year, would be the case in 1913;
Prov'ns,&c 163,300,000 148,116,068 160,316,842 129,522,085 151,964,537 181,492,154
in fact, down to the close of May the mines of the
Cat'le,sh'p
& hogs_ 1,100,000 4,404,042 15,071,057 9,714,743 16,616,121 27,533,329
PetTn1,&c 149,800,000 124,310,282 105,922,848 04,107,022 103,838,590 108,815,455 Transvaal had done better than ever before and
Total __ 1003470000 1061580 179934,224,671 873,261,761 874,171,396953,178,359 other districts were assisting in building up what
All other
articles__ 1390841 176 1337637814 1158302075992,997,143 854,081,249 799,656,888 was expected to be another new high record for
Trouble with labor, however, developed in
Total __ 2484311 176 23992179932092526 746 1866258904 1728198645 1752835 247 Africa.
June and outside of the actual adverse effect thus
From the above it will be noted that greatest occasioned,the force at work steadily dwindled from
growth of recent years has been made in "other ar- month to month and production fell off so considerticles," which mainly comprise commodities either bly as to wipe out the earlier gain and leave a




342

THE CHRONICLE

deficiency for the twelve months, as compared with
1912.
The strike in the Transvaal mines, which began
toward the close of June, arising out of a question
of working hours in a New Kleinfontein mine quickly
spread and in a few days involved all the mines in
the Rand district. It was characterized by more
or less of the disorder and violence seemingly inseparable from troubles of this kind, but an apparent
settlement was reached on the 5th of July, the
owners practically conceding all the demands of the
laborers, and work was resumed the following day.
In the meantime, however-in fact, for some little
while before the strike started-the labor force
began to dwindle and thus the yield of gold fell
appreciably below 1912. As indicating the extent
of the labor loss during the year it is merely necessary to state that from a total of 231,783 employed
in the gold, coal and diamond mines of the Transvaal in March, there was a decline to 171,339 in
December. With that fact before us, the decrease
in production in the Rand from 8,753,568 fine
ounces in 1912 to 8,430,998 fine ounces in 1913 finds
full explanation. Nor is it to be expected at this
writing that 1914 will show the steady advance
that for so long was the feature of gold mining in
the Transvaal, constituting it one of the wonders
of the world, as shortly after the 1st of January this
year trouble broke out afresh, culminating in the
calling of a general strike on January 13 by the
Trades Federation. This move the Government
met with the proclamation of martial law, that step
being considered the only one adequate to meet the
situation, as the strike of the miners meant not only
the turning loose of the most turbulent spirits of the
Rand, but raised the whole question of the position
of the native workers. Outside the Transvaal a
moderate increase in the African yield is to be
noted in 1913, mainly in West Coast districts, but
for the whole of Africa the output at 10,040,418 fine
ounces shows a falling off of 254,236 fine ounces from
the previous year.
As regards the United States, the early estimate
issued jointly by the Bureau of the Mint and the
Geological Survey indicates a falling off in product
in 1913, due in greatest measure to poorer results
in Alaska, for which exceptionally dry weather in
the summer and consequent shortage of water for
both lode and placer mining and exhaustion of the
bonanza deposits in Fairbanks are responsible.
Nevada's yield also showed a further drop, due to
the poorer grade ores treated in important districts.
Canada,on the other hand, according to the preliminary estimate of Mr. McLeish, made a satisfactory
gain, and such advices as are at hand from Russia
indicate a similar outcome of the year's operations
there. The Colar field of India, too, increased its
contribution to the world's new supply. Mexico,
needless to say, under the chaotic conditions prevailing in that country, records a material loss from
1912. Australasia's production continues on the
downward trend, due as we have frequently remarked,
to the lower grade ores obtained from many of the
mines. Declining yield has, in fact, been the rule
in that country annually since 1905, the drop during
the eight years that have since elapsed having been
over 40%, leaving the 1913 output at only 2,532,582
fine ounces, against no less than 4,317,923 in 1903.
Supplies of gold secured from miscellaneous sources
in 1913 were a little greater than a year earlier.




xcvm.

[VOL.

The following detailed compilation of the gold
product will enable the reader to trace the growth of
the contribution from the various sources of supply
since 1880. Corresponding information from 1871 to
1881 will be found in Vol: 70 of the "Chronicle," page
256, and from 1851 to 1871 in Vol. 54, p. 141, or in
1887 issue of the Financial Review.
HOLM-PRODUCTION IN THE WORLD-OUNCES AND VALUES.

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ascertained In Africa In 1913. ounces
She productby multiplying stated In dollars, Is $207,553,513, and In sterling,
£42.649.683.
For

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I85
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p

As summarized above, the gold production of
the world in 1913 was approximately 22,004,746 fine
ounces, valued at $454,877,708, or a decrease of
560,951 fine ounces, or $11,595,867 from the previous
year and a loss of 347,349 fine ounces, or $7,180,329
from 1911. In the last ten years, however, the
world's annual yield has risen from 15,778,016
fine ounces to 22,004,746 fine ounces, but the
gain recorded (6,226,730 fine ounces) is to be credited
entirely to Africa. In fact, all other countries
combined furnished a moderately smaller output in
1913 than in 1903 (11,964,328 fine ounces, comparing
with 12,460,354 fine ounces), whereas in Africa the
advance has been from 3,317,662 fine ounces to
10,040,418 fine ounces. With the almost insatiable
demand for gold that still exists, it would be decidedly unfortunate if any thing should interfere for any
length of time with full supplies of the metal from
Africa.
With the annual bringing into the channels of
commerce of so large an amount of gold as in recent
years, it might be supposed that considerable difficulty would be experienced in tracing much of it
to its place of lodgment. Such, however, is not the
case. On the contrary, it is possible to trace practically all of it. In 1913, as in 1912, India and

JAN. 31 1914.]

Egypt absorbed comparatively large amounts, the
net exports in 1913 to the first-named from Great
Britain having been about 40 million dollars and
to the other 30 millions, these aggregates going to
further swell the enormous secret holdings in those
countries. Central America, moreover, drew from
Great Britain some 5 million dollars during the year
and Turkey, &c., 532 millions.
As regards South America, however, the movement was in the opposite direction, Great Britain
receiving from thence a net total of about 29 millions—mainly from Argentina and Brazil; on the
other hand, the United States was drawn upon by
South America to the extent of 173/ millions. Leading European banks added to their holdings of gold
during the year, Germany, France and Russia
,quite largely, the combined stock being some 260
million dollars greater at the close of 1913 than at
its opening. Furthermore, the visible stock of gold
in the United States, as compiled by the Treasury
Department, rose some 46 millions during the year.
In these various ways no less than $375,000,000 is
accounted for in 1913, leaving, therefore, only 80
millions to cover the amount used in the arts, &c.—
a total less than that recently estimated as so absorbed annually.
Official Details from Gold-Producing Countries.

From the returns we have obtained from the mines,
mint bureaus and other official and semi-official
sources respecting gold-mining in 1913, we are able
to deduce the following:
United States.—A further diminution in the yield of gold
from the mines of this country is indicated by the preliminary
approximation issued jointly by the Geological Survey and
the Bureau of the Mint, the output having been 249,157
fine ounces less than in the preceding year, that decline
following a falling off of 166,334 fine ounces in 1912 as
compared with 1911. Furthermore, the late year's product
was the smallest since 1905. The decline in 1913 is most
largely in Alaska, where there was a loss of 116,870 fine
ounces, due in part to the shortage of water following the
dry summer and also to exhaustion of deposits in the Fairbanks district. Nevada also shows a considerable decrease,
ascribable on the one hand to a lower grade of ore treated at
Goldfield, and on the other hand to a falling off in the yield
from smaller districts. Declines in Colorado, Montana,
Utah, Idaho and South Dakota are also to be noted, and
slight to moderate gains in California, Arizona, New Mexico
and Washington. The only important increases reported,
in fact, were in Oregon and the Philippine Islands, which
each produced almost double the amount of 1912. But the
net result of gold mining in the United States in the late
year was, as stated, a loss of 249,157 fine ounces, valued at
$5,150,477. The ounces and values, as estimated for each
State in 1913, compare as follows with the final figures for
1912 and 1911:
GOLD PRODUCTION IN UNITED STATES.
1913—
1911
1912
Gold
Value.
Fine ozs.
Value.
Value.
Fine ozs.
Production. Fine ozs.
891,069 $18,420,031 906,606 818,741,200 925,839 $19,138,800
Colorado
California _._ 972,601 20,105,447 967,878 20,008,000 964,041 19,928,500
715,104 14,782,512 831,974 17,198,600 806,179 16,665,200
Alaska
7,197,498 378,471
7,429,500
South Dakota 318,179
7,823,700 359,402
148,908
3,078,202 179,370
Montana_
3,649,700
3,707,900 176,554
183,972
3,803,039 183,143
3,521,400
3,785,400 170,348
Arizona
164,480
3,400,103 208,622 4,312,600 217,020 4,486,200
Utah
594,003 12,279,131 656,725 13,575,700 875,438 18,096,900
Nevada
66,109
1,366,605
1,357,900
67,804
1,401,700
65,688
Idaho
66,322
1,370,987
634,200
30,679
36,751
759,700
Oregon
40,833
761,700
844,086
36,847
754,600
36,504
New Mexico_
33,476
Washington
692,021
840,000
40,635
33,021
682,600
6,904
161,300
7,803
South. States
142,715
212,700
10,888
39,602
218.700
818,646
10,580
487,100
Other States_
23,562
Totals

4,271,562 $88,301,023 4,520,719 $93,451,500 4,687,053 $96,890,000

Australasia.—The declining tendency in production noted
here annually since 1905 continued in 1913, most of the
..
districts sharing in the decrease. As late as 1904 Aus
tralasia was the world's largest producer of gold, and in 1905
the output was nearly 41 4 million fine ounces. Now it is
/
down to a little over 23/ millions, or a falling off in eight
years of 40%. The subjoined table indicates the product
of each colony and the total of all, year by year, since 1898:




343

THE CHRONICLE

PRODUCT OF GOLD IN AUSTRALASIAN COLONES—FINE OUNCES.
South Tarim-Total AlaNew
New So. Que,ens- Western
tralasia.
Wales.
land. Australia. Zealand. Australia. Ma
468.665 871 816 1.512.366 358.418 30.351 70.492 4.105.526
281.209 855.959 1.438.659 335.300 26.458 65.710 3.729.961
216.884 733,975 1.616.933 412.868 29.668 70.990 3.792.364
254.432 653.362 1.769.176 459.408 23.662 60.974 3.949,394
258.488 688.469 2.064.798 479.738 24.401 36.678 4.317.923
269.817 624.917 1.985.230 467.647 17.913 60.000 4.196.822
274.263 577.559 1.955.316 520.040 20.547 74.316 4,232.091
253.987 493.120 1.794.542 532.922 14.078 50.888 3.925.591
247,363 457.596 1,698,553 477,303 11.870 65,354 3,668,308
224.788 452,451 1,648.505 474.415 14.500 60.453 3.551.113
204.709 455,577 1.595,269 472.464 20.052 44.777 3.447,070
189.214 440,784 1,470,632 450.433 7.108 40.434 3,177,465
177.418 359.999 1.371.848 426.813 20.000 52,418 2,911.410
165,283 317,946 1,282,654 310,962 6,592 43,310 2.606,878
149,655 *245,000 1,304,434 343,585 *15,000 *40,000 2,532,582

i'ra. Victoria.
1899--.793.418
1900___726.666
1901...711.046
1902...728.380
1903...767.351
1904...771.298
1905—_810.050
1906_ _786.054
1907710.269
1908_676.001
1909...654.222
1910...578,860
1911_502,914
1912...480,131
1913_434,908

* Partly estimated.

India.—As indicated by the returns from the Colar
field, the premier producer of the country, India's gold
yield in 1913 was a little greater than for 1912, but even at
that was not a high record. The details of yield for the last
seven years are appended:
EAST IND A—GOLD PRODUCTION PRINCIPAL MINES.
1911.
1910. 1909.
1912.
1913.
1908.
Ounces. Ounces. Ounces. Ounces. Ounces. Ounces.
133,375 132,338 123,195 118,351 113.877 120,533
Champion Reef
95,235 92,177 94,034 93,767 92,063 86,252
Ooregum
.232,100 231,687 230,135 228.727 228.249 216,488
Mysore
80.379 86,995 90,173 89,229 86.606 80,889
Nundydroog
17,495 17,379 17,027 15,997 21,203 28.039
Balaghat
7.271
5.282
159
2.009
2,176
North Anantapur_a _ 10,780
19,745 16.991 13,723
flutti •
Totals

1907.
Ounces.
128.671
73.562
209.441
74,964
33,574
9.319
2,298

589,109 584,838 573,569 546,230 544,007 534,377 531.829

• Coromandel ml es for 1906 and 1907.
a Mysore West d Vynaad for 1906 to 1910, Inclusive.

Russia.—As usual, very little information of an authoritative nature can be secured from Russia thus early, but
there seems to be warrant for the belief that somewhat better
results were obtained during the late year than in 1912—the
outcome of more activity in the Siberian fields. From such
data as is in our possession we are led to estimate the 1913
yield of the Russian mines at $25,800,000, or 1,209,377 fine
ounces, pending the receipt of definite information, which,
of course, is not due until near the close of the current year.
Details of the last thirteen years are subjoined:
Russias production in 1901
1902
46
1903
.6
1904
84
1905
1906
.6
1907
Ia
1908
.4
8.
1909
1910_
46
1911
1912
1913

Value.
$23,464,562
22,739.013
24,632,200
24,803.200
22,291.600
19,494,700
26.684.000
28,052.200
32,381,300
35,579.600
32,151,600
22,199.000
25,800,000

Ounces.
1,135,100
1,100,000
1,191.582
1,199.857
1.078,356
943,056
1.290.840
1.357.027
1,566,448
1,721,163
1.555,333
1.073.875
1,209,377

Africa.—As already indicated, the volume of gold mined
in Africa in 1913 was somewhat less than in the preceding
year, owing to the strike in the Transvaal in June-July with
its disorganizing influences and consequent serious loss in
the number and efficiency of the labor force. At one time
it was thought that matters had been adjusted, but mining
results dispelled that belief and early in the current year
(1914) the situation became so acute as to render necessary
the proclamation of martial law. The Rand did well until
the close of May, but after that time production declined
each month to a point below the mark set in 1912 and in
some instances fell below 1911. For the twelve months
the decrease is 322,570 fine ounces. Other districts of
the Transvaal outside the Rand also did not do as well as
a year earlier, but a better showing was made by Rhodesia,
West Africa, &c. For Africa as a whole the yield was
254,236 fine ounces less than in 1912, thus breaking the
series of new high records that had been a feature of operations in Africa yearly since the discovery of gold there, only
interrupted by the Boer war and the reconstruction period
that followed the cessation of hostilities. The output of the
Rand for the last seven years is appended.
Ounces.
January__
February..
March ___
April
May ___
June _-_July
August
September
October__
November
December

WITWATEFtSRAND DISTRICT—FINE OUNCES.
1912.
1907.
1908.
1909.
1910
1911.
520.089 540,202 591,976 579.743 625,826 709,280
475.785 520,969 550.645 550.422 585,863 674,960
520.163 553,440 592,415 581.899 649,247 796,755
518.243 543.361 587.626 594.339 638,421 706,763
506.100 558.243 603,411 606.724 658,196 746,948
487.956 550.240 596,216 598.339 657.023 722,588
513.655 561.988 599.078 610.664 679.881 735,941
534.598 665,545 590,924 623,129 682,405 732.197
517.746 565.439 585.736 621.311 669.773 716,495
532.993 594.054 581,132 627,445 677,923 738,082
530.215 591.204 576.768 617.905 691,462 727,699
562.684 837,853 583,209 616.668 680,782 745,860

1913.
760,981
702,394
760,324
755,858
761,349
716,267
625,107
697,686
676,411
687,515
644,320
642,786

.6,220.227 6,782,538 7.039.136 7.228.588 7.896,802 8.753,568 8,430,098
Totals.

344

THE CHRONICLE

[VOL. warn.

Other sections of Africa, embracing the outside districts
of the Transvaal and Rhodesia, West Africa, Madagascar,
Mozambique, &c., collectively give a larger yield than in
1912.
The subjoined compilation, which covers the
progress in gold-mining in all districts of Africa since 1886,
requires no further explanatory comment.

SILVER.—WORLD'S PRODUCTION IN OUNCES AND
STERLING.
United
All Outer
Tota4.
Pine
Stales.
Meech,.
Australia. Producers.
2'Mai
Values.
Ounces.
Ounces.
Ounces.
Ounces.
Ounces.
Ounces.
£a
1891-- 58.330,000 35,719,237 10.000.000 33,916.175 137.905,412
1892-- 63.500.000 39,504.800 13,439.011 36.496.175 152.939.986 25,900,270
1893.._. 60.000.000 44.370,717 20.501.497 41.228.063 166.100.277 25,370.613
1894---- 49.500.000 47.038.381 18.073.440 53.140,696 167.752.517 24,655,510
1895-- 55,726,945 46,962.738 12,507,335 53.983.231 169,180,249 20.226,410
21,059.416
Total
'91-95_287.056.945 213.595,873 74,521.283 218.764.340
AFRICA'S GOLD PRODUCTION—FINE OUNCES.
1896-- 58 834.800 45.718,982 12,238,700 40,268.888 793,938.441 117.212.123.
157.061.370
--Witwatersrand,-—Other
Total
--- 1897....-- 53.860.000 53.903.180 11,878 000 44.431,992 164,073.172 19.959.882
Year.
Ounces.
18.885,500
,
£
Ounces.
1898_ -- 54,438.000 56,738.000 10.491.100 51.560,764
Ounces.
173,227,864
1887
(part yr)
28,754
122.140
122,140 1899.--- 54.764,500 55.612,090 12.686.653 44.161,000 167,224,243 19.488,135
28,754
1888
190.266
808,210
50.000
212390
1.020,600 1900---- 57,647,000 57.437,808 13,340.263 44.413.802 172.838.873 19.161,112'
240.266
1889
20,344,575
316,023
1,342.404
50.000
212.390
366.023
1,554,794 Total
1890
407,750
1,732,041
'96-00_279.544.300 269.410.060 60,634,716 224,836.446 834.425.622
71,552
303,939
479,302
2.035.980
1891
600,860
2.552.333 127.052
539.691
727,912
3.092.024 1901__.. 55,214.000 57,656,549 10,230.046 49,910.688 173,011,283 97,839.204
19.598.934.
1892
1,001,818
4.255,5241 148.701
631,652 1,150.519
4.887.176 1902-- 55,500.000 60.176.604 8.026.037 39.060.842 162.763.483 16.318.731
1893
1,221,151
5,187.206 159,977
679.550 1,381.128
5.866.756 1903.._ 54,300.000 70.499.942 9,682,856 33,206,394 167.689,192 17,292,044
1894
1,637.773
6,956.934 227.765
967.500 1.865.538
7.924.434 1904____ 57.682.800 60,808.978 14,558,892 31,144,596 164.195,266 18,044,172
1,845,138
1895
7.837,779 270.000 1.146.906 2,115.138 8,984.685 1905._ 56.101.600 65,040.865 12.561,600 35.884.774
169.588.839 19,652,873
1896
1,857.071
7.888.465 293.035 1,244.755 2.150,106
9.133.220 Total
2.491,552 10,583.616 326.941 1,388.780 2,818.493 11.972.396
1897
'01-05_278.798,400 314.182,938 55,059,431
1898
3,562,813 15.134,115 341.908 1 452,357 3.904,721 16.586.472 1006____ 56.517,900 55.225,268 14,237,246 189,207.204 837.248.063 90.908.654
1899
3,369.091 14.273.018 305.784 1,298,909 3,665,875 15,571,927 1907-- 56,514,700 61,147,203 19,083,031 39.660,226 165.640.640 21,308,978
48,269,689 185,014.623 23,271,622
395.385
1900
1.679,518 166,922
709,051
562.307
2,388,569 1908__ 52.440,800 73,664,027 17,175.099 59,906,444 203.186,370 20,636.116
1901
238,996
1,015.203 235.701 1,001.211
474.696
2,016.414 1909...._ 54,721.500 73.949,432 16.359,284 66.185,417 211.215,633 20.846,543.
1902
1.691.525
7.185.260 307,286 1,305,299 1.998,811
8,490,559 1910.... 57,137,900 71,372,974 21,545,828 72.822,660 222,870,362 22,926,393
1903
2.859,479 12.146.404 458,183 1.946,290 3,317,662
Total
1904
3,653,794 15.520.329 509147 2.165,303 4,163.541 14,092,784
'06-10_277.332.800 335,358.904 88,400,488 286.844,436 987,936.628 108.989,652
17,685.632
4.706,433 19,991,658 788.040 3,347,436 5.494.473
1905
23,339.094 1911____ 60,399.400 79,032,440 16,578,421 69,362,583 225,372,844 23,094.847
1906
5.559.534 23,585.400 1,042.151 4,486449 6.601.685
1912_ ___ 63,766,800 74,640,300
6,220 227 27,403.738 1,200,847 5,100,958 7,421,074 28.072.249 1913___. 67,601,111 60,500,000 14,737,944 71.165,610 224,310,654 26,198,751
1907
14,000,000 70,000,000 212,101,111 24,358,487
32,504,696
1908
6,782,538 28,810,393 1,397,147 5,934,845 8,179,685 34,745,238
a Values of sliver In this table are ocroznierclal values and are
1909
7.039,136 29.900,359 1,295,468 5.502,889 8,334.604 35,403.248 average
computed on the
price each year of silver as given by Messrs. Pixley ei
1910
7,228,588 30,705,089 1,263,200 5.365,823 8,491,788 36,070,912
Abell. London. Value
1911
7,816.802 33,544.036 1,469.119 6.240,863 9.366.001 39.784 sno of£ in this table $4.8665.
1912
8,753,568 37,182,795 1.541,086 6,546,225 10,294,654 43,729.020
1913
8,430,088 35,812,605 1,609,430 6.837,083 10,040,418 42,649,688

Canada.—A moderate augmentation in the amount of
gold obtained from the Canadian mines in 1913 is indicated
by the preliminary estimates furnished to us by Mr. John
MoLeish, Chief of the Division of Mineral Resources and
Statistics, Department of Mines of Canada. He makes the
aggregate production 645,807 fine ounces, or an excess of
33,922 fine ounces over 1912. The 1913 result, however, is
much below the output for 1899 to 1904, inclusive, when
the Yukon was so important a factor in pushing Canada
forward as a gold producer. The exhibit for the last fifteen
years is as follows:
Canada's production in
46

41
1.

46

14

.6

14

.1

46

.6

14

4.
011
1.
40

.0

Ks
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913

Value.
$21,324.300
27,916,752
24,462,222
20,741,245
18,834,500
16,400,000
14,486,800
12,023,932
8.382.780
9.842,100
9,790,000
10,205,835
9,781,077
12,648.794
13,350,000

Ounces.
1.031,563
1,350,475
1,183.362
1,003,359
911,118
793.350
700,800
581,660
405,553
476,112
473,592
493,708
473,159
611,885
645.807

Other Countries.—The remaining gold-producing countries
call for no extended comment. In Mexico the yield of the
mines was apparently less than in any year since 1907.
Lacking definite information, we estimate the 1913 output
at 980,000 fine ounces, against 1,185,187 fine ounces a year
earlier. In South and Central America the industry showed
moderate further expansion, according to the information
we have received, and the same is true of European countries other than Russia and probably of Japan. "Other
countries", therefore, excluding Mexico, which is given
separately in our compilation, would seem collectively to
have increased their production to a slight extent in 1913.
Silver Production of the World.
There is not much of a conclusive nature that can be said
as to the silver production of the world in 1913 so soon
after the close of the year,as very little early data is obtainable. For the United States we have, as usual, the estimate
of the Director of the Mint, Mr. Geo. E. Roberts, and
indicates a gain in yield of about 4 million ounces, it
and
Canada, according to Mr. McLeish, increased its output
b
some 2 million ounces, ascribable largely, if not wholly,
to
an enlarged production in the Cobalt region. Mexico's
product, on the other hand, owing to the disturbed
conditions in that country, fell off quite a little. Australa
sia
failed to reach the total of 1912 and from miscella
sources no greater supplies were obtained so far as neous
we can
now judge. The price of silver in London fluctuated
somewhat narrower limits during the year than in within
1912,
the close having been at 26 9-16d., against 291 d.
4
at the
opening, with the highest price 29%d., tbe lowest 25
15-16d.
and the average 27 9-16d. In 1912 the average was 28 1-32d.,
or 15-32d. higher, and the averages in earlier years
were
24 19-32d. in 1911, 24 11-16d. in 1910 and 23 11-16d. in
1909
—the lowest on record; 24 13-32d. in 1908 and 30 3-16d.
in
1907.
We now present a statement of silver production covering
each year since 1980. See "Chronicle" of Feb. 11 1899,
page 258, for results back to 1871.




FEDERAL RESERVE BANKS AND THE
CLEARING-HOUSES.
The following interesting discussion of the probable
effect of the new Banking and Currency Law on the
operations of the existing clearing houses comes to
us from Wm. W. Hoxton, the Manager of the
St. Louis Clearing-House Association:
SAINT LOUIS CLEARING-HOUSE ASSOCIATION.

Saint Louis, Mo., January 28th 1914.
Editor Commercial and Financial Chronicle, New York City:
Dear Sir.—Concerning the discussion which has appeared
in the columns of your journal regarding the effect of the
Federal Reserve Act upon the existing clearing houses, there
are some points which have not been brought out and some
apprehensions expressed which do not seem to have solid
foundations.
The Federal Reserve Act touches the modern clearing
house at three points: The first is the collection of outside
items, the second is the prohibition of any examination, except as provided by the Act, which is in any way compulsory,
and the third is embodied in the closing lines of Section 16,
viz.: "The Federal Reserve Board . . . may at its
discretion exercise the functions of a clearing house for such
Federal reserve banks, or may designate a Federal reserve
bank to exercise such functions, and may also require each
such bank to exercise the functions of a clearing house for its
member banks."
The collection of outside items is a function which the
St. Louis Clearing House does not perform, but one which
I
have often urged upon our members. It will be noted
that
the local Federal reserve banks will handle only items drawn
upon member banks. There are many banks in the country
which,on account of capital limitation and through no fault
of their own, cannot become members of the system. If
items upon these banks are collected through the clearing
house, is it not evident that these non-member banks will
remit to the clearing house, in nearly all cases, by means
of a check drawn on an institution which is a member of the
regional bank, or its branch, located in the community
served by the clearing house? Does not this bring the funds
of the non-member bank into such shape that they can be
handled by the regional bank, and by this method will not
the Federal reserve system be co-ordinated to a remarkable
degree?
In regard to clearing-house examinations, there is nothing
in the law which will render them less effective. Our banks
and trust companies now submit volumtarily to these
examinations, and they will continue to do so for the
sake
of individual and community advantage. Our examine
r
will continue to do in the future, I think, what he has
done in the past—co-operate freely with the National
Examiner and the State Examiner, making for the added
efficiency of all. In the future, however, it is my view,
when evil conditions are found which, by moral suasion,
cannot be corrected by the clearing-house committee, the
cards will be thrown on the table and the acts or policies
of the criticized institution will be made clear to the Federal
reserve bank for such action as the Federal Reserve Board
may see fit. Perfect team work on the part of the clearing

JAN. 311914.)

THE CHRONICLE

345

Chad.& W.Car.Ry.,Jan. 10, p. 110. Manistee & N.E.RR..Dec.27,p.1864.
Chattahoochee & Gulf,Jan. 3, p. 43. Manistique & Lake Superior RR..
Dec. 27,p. 1864.
ChattalloocheeV.Ry„Dec.27,p.I863.
Chattanooga Sta. Co.,Jan.10,p.110. Manitou & Pike's Pk.,Dec.27,p.1864.
.
Marshall
Marsh & E Tex., Dec.27,p. 1864.
Ches.& Ohio Ry., Jan. 3,13. 4.3.
Chesterf.& Lanc.R R.Jan. 10,p.110. Maryland & Penn., Dec. 13, p. 1701.
Obic.& Alton RR., Nov. 29, p. 1551. McCloud River RR..Jan. 10, p. 111.
Chic. Burl. & Q.. Nov. 22. p. 1469. Mem.Dallas & Gulf, Dec.27,p. 1864.
Chic.& E. Ill. RR.. Dec. 27, p. 1863. Mem. Un. Sta. Co.,Dec. 13. p. 1701.
Chic. On. Western,Dec. 13. p. 1700. Michigan Central, Dec. 20, p. 1789.
Chicago Heights Terminal Transfer Midland Continental,Dec.27,p.1864.
Midland Valley RR.,Dec.13,p 1701.
BR., Dec. 13. p. 1700.
Mineral Range RR.,Jan. 3,p. 44.
Chic. & Ill. West., Jan. 17, p. 202.
Chic. Ind.& Lou. Ry.,Jan.10,p.110. Minn. & St. L., Nov. 29, p. 1551.
Chic. Ind. & Sou.. Dec. 20, p. 1789. Minn. Red L.& Man.,Jan.I7,p. 202.
Chicago Junction RR.,Jan.10, p.110. Minn. St. P.& S. S. M.,Jan.3. p.44.
Mississippi Cent.. Dec. 13, p. 1701.
Chic. Mil. & Gary,Jan. 10, p. 110.
Chic. Milw.& St.P.. Nov.29,p.1551. Mo.& N.Ark. RR.. Dec.27. p.I864.
Chicago & N. W., Nov. 22, p. 1469. Miss. Ark. & West., Jan. 17, p. 202.
Ch.Peo.& St.L.RR..Dec.27,p. 1863. Missouri Kansas & Texas Ry., and
proprietary cos.. Jan. 17, p. 202.
Chic. Ely. & Ind., Dec. 20. p. 1790.
Chic. R. I.& Pac., Nov.29, p. 1551. Mo. Pac., incl. St. L. I. M.& Sou..
Nov. 22, p. 1469.
Ch. St. P. M.& 0.. Nov.22. p. 1469.
Chic.T. H.&8.E..Dec.13 p.1700. Mobile.& Ohio RR., Dec.6. p. 1628.
Chic.& W.Ind.RR.,Jan. 10, p. 110. Mont. Wyo.& Sou..Dec.13.p.1701.
0.0.0.& St. L., Dee. 20. p. 1790. Montour RR., Jan. 17, p. 202.
Cin. Ham.& Dayton,Jan. 24, p.271. Morgantown & Kingw.,Jan.17.p.202
Munising By., Doc. 13, p. 1701.
Incin.-Nashv. Sou.,Jan.3,P.44.
Cin. N.0.& T. P. Jan. 24, p. 272. Nash.0hatt.& St. L..Nov.29,p.1551.
Coal & Coke Ry., Dec. 20, p. 1790. Nashville Term. Co. .Tan. 10, p.111.
Colo. Eastern RR., Dec. 27. p. 1863. Nev.-Cal.-Ore. Ry. bee. 13. p.1701.
Colorado Midland, Dec. 20. p. 1790. Nev. Copper Belt, Dec. 27. p. 1864.
Colo. & South. Ry., Jan. 10. p. 110. New Mex.Cent. RR.,Jan.10, p. 111.
Columbia Newberry & Laurens RR., N.0.Grt. Nor. RR.,Dec.27,p. 1864.
N.0. Mob.& Chic.J3ec.27,p. 1864.
Jan. 10, p. 110.
Combination Bridge, Dec.20.p. 1790. N.0.& N.E. RR.,Dec. 27, p.1864.
N.Y. Central & Hudson River
Copper Range, Dec. 20. p. 1790.
Nov. 22. p. 1469.
Coudersp.& Pt. Alleg.,Jan.10.p.110.
Couer d'Alene & Pend d'Oreille Ry., N. Y. Central Lines West of Buffalo.
Dec. 20, p. 1788.
Jan. 24, p. 272.
Cripple Cr. Cent. Ry,13ec.6.p. 1627. N. Y.Chic.& St. LDec.20.p.1789.
Oumb.&Penn. RR. Dec.13,p.1700. N. Y. N. H.& H. RR.. and subsidiary companies. Jan. 17. p. 202.
Cumberland Corp., Dec. 13. p. 1700.
Cumberland RR.,Dec. 13, p. 1700. N. Y. Ont.& West., Nov. 29.P.1551.
Del.& Hudson Co.,Dec.20, p. 1790. Nezperce & Idaho, Dec. 27, p. 1864.
Del. Lack.& West. Nov.29,p. 1551. Niagara June. By., Jan..24, p. 272.
Den. Boul. & W. bee. 27, p. 1863. Norfolk & Portsmouth Belt Line RR,
Dec. 27, p. 1864.
Den. Lar. & N. W.,Dec. 27, p. 1863.
Denver & Rio Grande and subsidi- Norfolk Southern RR..Jan.10,p.111.
Norfolk Term. By. Jan. 17, p. 202.
aries. Nov. 22, p. 1469.
Deny.& Salt Lake, Jan. 10, p. 111. Norf.& West. By., Nov.29, p. 1552.
Des Moines Union, Dec. 13,p. 1700. Nor. Pacific Ry., Nov. 22. p. 1469.
Det. Bay Cy.& W.,Jan. 10, p. 111. Nor. Pac. Term. Co.. Jan. 3, p. 44.
Detroit & Mackinac. Dec.13. p.1700. Norwood & St. Law.,Dec.13,p. 1701.
Det.& Tol. Sh. Line, Jan. 10,p. 111. Ohio & Kentucky. Dec. 13. p. 1701.
Du!. Sou. Sh. & AU.. Jan. 3, i). 44. Oil Belt By.. Jan. 3. p. 44.
Dunkirk Alleg. Valley & Pittsburgh, Oklahoma Cent. Ry., Jan. 3, p. 44.
Opelousas Gulf& North Eastern By..
Dec. 20, p. 1790.
Jan. 10, p. 111.
Durham & So. Car.RR...Tan.24,p.272
Durham Un. Sta.Co..Dec.27,p.1863. Oregon & Southeastern,Jan.3,p.44.
East Broad Top RR. & Coal Co.. Pacific & Eastern By., Jan. 3. p. 44.
Pac. & Idaho Nor., Jan. 10, p. 111.
Dec. 13. p. 1700.
,Jan.3.1).44.
East Carolina Ry., Dec. 27, p. 1863. Paris & Mt.Pleasant RR.
E. Tenn. & W. Nor Caro. RR., Pennsylvania RR.and Affiliated Cos.
East ofPittsburgh Dec.20,p.1789.
Jan. 10, p. 111.
Elkin & Allegheny Ry...Tan.24,p.272. Pennsylvania Lines West of Pittsburgh, Dec.6. p. 1828.
El Paso & N E.Co., Dec.6.P. 1628.
El Paso Union Passenger Depot Co.. Pensacola Mob.& N.0...Tan. 340.44.
Peoria & Pekin Union, Jan. 3, p. 44.
Dec. 27, p. 1863.
Erie RR.and subsid's,Jan.24,p. 272. Peoria By.Term. Co.,Jan. 17.p.202.
Fitzgerald Ocilla & Broxton RR., Pere Marquette RR,Jan. 24, p. 272.
Pitts. & Lake Erie, Dec. 20. p. 1789.
Dec. 27, p. 1863.
Florida Central RR.,Dec.13.p.1700. Pitts. Lisb. & West.. Jan. 17, p. 202.
Florida E.Coast Ry.,Dec.13.p.1701. Pitts.Shaw.& Nor.,Dec. 13,p.1701.
Fonds John.& Glov..Dec.27,p. 1863. Pittsburgh Terminal RR.& Coal Co..
Dec. 20, P. 1790.
Ft. Smith & West.,Jan. 17,p. 202.
Fort St.Union Depot,Dec.13,p.1701, Pueblo Un.Dep.& RR..Jan.3,p.44.
Galveston Wharf Co.,Dec.27.p.1863. Puget Sound & Willapa Harbor By..
Jan. 10, p. 111.
Ga. Coast & Piedmont,Jan.24,p.272.
Georgia & Florida Ry.,Jan.10,p.111. Quanah Acme & Pac..Jan.24,p. 272.
BONDS WHICH ARE AND BONDS WHICH ARE NOT Georgia Fla.& Ala.. Dec.27, p. 1863. Railroad Secur. Co.,Dec.20. p.1790.
Georgia RR.& Banking Co.. Dec.13. Raleigh & Charleston,Jan. 10, p.111.
TAX-EXEMPT.
Rap.0y.,BlackH.& W..Jan.3,p.44.
p. 1701.
Gr. Rap.& Northw.,Dec.13.p.1701. Raritan River RR, Jan. 3, p. 44.
ELEVENTII ARTICLE.]
Great Northern Ry.,Nov.22.p.1469. Reading Co., Dec.6. p. 1628
We add still another to our series of articles classifying the Green Bay & W.RR.,Dec.27,p.1863. Rockingham RR.,Jan. 3, p..44.
& Pac., Jan.10,p.111.
10, p. 111.
bonds of United States railroads so as to show which issues Greenw.& Johnsonv.,Jan.6,p. 1628 Roscoe SnyderNov. 22, p. 1469.
Rutland RR..
Gulf Fla.& Ala. Ry., Dec.
44.
Jos. & Or. Isl.,
contain tax provisions binding the companies themselves Gulf & Sabine Riv., Dec. 13. p. 1701. St. L.Rocky Mt.SC Jan. 3, p.3.p.44.
Pac..Jan.
St.
Gulf & Ship Isl., Dec. 13,_p. 1701.
to assume or pay any taxes they may be called upon to GulfTex.& West.Ry..Dec.27,p.1863. St. L.& S. Fr. RR.,Nov.29. p. 1551.
02
deduct in making payments of interest and which issues are Hampshire South.. Dec. 13. D. 1701. St. L.& S. F.(correc'n),Jan.17.p.2
Harriman & N.E.RR.,Jan.24,p.272. St. L. Southw. Nov. 22, p. 1470.
St. Paul Br. & Term.
Term..
'
Ry., Jan.
without provisions of that kind. The matter is of import- Hocking Valley Wilm.,Jan3,I) 44, St. Paul Union Dep. Jan. 3, p. 44.
3,p.44.
.10.p. 111.
Hdosac Tun.&
Ter..Dec.27. p. 1884.
ance in view of the Federal Income Tax Law, just enacted, Houston Belt &Broad Top Mtn.RR. Salt Lake City Union Depot & RR..
Dec. 13, p. 1701.
Huntingdon &
Salt Lake &L.A.,Jan. 10,p.111.
under which the Government undertakes to collect the
& Coal Co.. Dec. 13, p. 1701.
San Ant. Uvalde & Gulf,Jan. 3,p.441
normal income tax of 1% at the source of the income, and Ida.&Wash.Nor.RR.,Dec.20,p.1864. San Ped. L.A.&S.L.,Jan. 24,_p. 272.
Illinois Central RR.,Jan. 3, p.44.
p. 1864.
Illinois South. Ity.,
the companies are called upon to withhold the tax in making Illinois Term. RR.,Dec. 27, p. 1701. San Luis Southern Ry.,Jan. 3.p. 44,
S.S.Marie Bdge. Co.,Dec.13,p.1701
Dec. 13,
Interest or coupon payments unless the holder of the bond is Indiana Harbor Belt, Dec.20,p.1789. Sayan.& Statesboro, Jan. 10, p. 111.
Indianan. Union Ry..Dec.27,p 1864. Savannah Un. Sta. Co..Jan.10,p.111.
exempt from the tax.
Interboro-Met. Co., Dec.13,p. 1701. Seaboard Air Line, Jan. 10. p. 111.
We began the series of articles in the "Chronicle" of Nov.22, Interborough R.T.. Dec.13. p.1701. Shannon Arizona, Dec. 20. p. 1790.
Int.& Grt. Nor. By.. Dec.6. t).1628. Sierra By. of Calif.. Jan. 3, p. 44.
Jan.
pages 1467-1470. The second contribution appeared Nov. Jonesb. Lake Cy.& E.,Jan.24,p.272. So. Caro. Pac. Ry.,Dec. 10. p. 111.
13, p. 1701.
Joplin Un. Dep.Co.,Dec.27, p. 1864. So. Caro. & West.,
29, pages 1549-1552; the third, Dec. 6, pages 1627-1629; the Kanawha Bridge & Terminal Co. South Georgia Ry.,Jan. 3. p. 45.
So. 111. & Mo.ridge. Co.Jan.3.p.45.
Dec. 27. p. 1884.
fourth, Dec. 13, pages 1700-1702; the fifth, Dec. 20, pages Kanawha & Mich.. Dec. 13. p. 1701. Southern Pacific Co. and proprietary
companies. Dec. 6. p. 1628.
24, p.272.
O.
1788-1791; the sixth, Dec. 27, pages 1862-1864; the seventh, K.0.& Memph.Ry.,Jan..17.p.202. Southern Ry., Dec. 6, p. 1629.
Shr.& Gulf Ter.,Jan
IC.
Jan. 3, pages 43-45; the eighth, Jan. 10, pages 109-111; the Kan. City Sou. Ry., Dec. 27. p.1864. Southwestern By.(Tex.),Jan.3.p.45.
Ry,Jan. 3. p. 45.
Ry.Jan. 17.p. 202.
ninth, Jan, 17, pages 201-203, and the tenth, Jan. 24, pages Kan. City Term. Dec. 13. p. 1701. Spokane Internat. .Jan.10.p III.
Spok.Int.(correction)
Ky. & Ind. Term..
ICeokuk & Hamilton Bridge Co.. Spok. Port.& Seat. Ry.,Jan.3.p.45.
271-272. The following shows the companies whose securiState Line & Sullivan.Dec.13.p.1701.
Dec. 13. p. 1701.
Kewaunee Gr.B.&W.,Dec.27.1).1864. Tampa & Gulf Coast, Jan. 17. p. 202.
ties were classified in these nine earlier numbers:
Lake Erie & West., Dec. 20. p. j789. Tampa & Jacksonv.. Jan. 17, p. 202.
Ala. Great Sou. RR.,Jan. 17. p. 201 Bellefonte Cent. RR.,Jan. 10,p. 110. Lake Shore & M.S., Dec. 20, p.I789. Tampa Northern RR., Jan. 3. p. 45.
Ala. Tonn.& Nor.Ry.,Jan. 10.p.110. Bellingham & Nor.Ry.,Jan.24.p.271. Lake Sup. & Ishp.. Dec. 13. p. 1701. Tavares & Gulf RR.,Jan. 24. p. 272.
Ala.& Vicksburg ity.,Dec.27,p.1863. Belt Ry. of Chatt.. Jan. 17, p. 202.
Laramie 1Flahn's Peak & Pacific Ry., Tenn. Ala.& Ga. RR.,Jan. 17, p.202
Allent'n Term. RR., Dec. 20,p.1790. Belt RR.& Stock Yards of IndianapTenn. Central RR., Jan. 17, p. 203.
Dec. 13. p. 1701.
olis. Dec. 13, p. 1700.
Amador Central, Dec. 20, p. 1790.
Lehigh Coal & Nav.Co.,Jan.17,p.202 Tenn.& No.Caro., Dec. 13. p. 1701.
Bing. & Garfield, Dec. 20, p, 1790.
Ann Arbor RR., Dec. 27, p. 1863.
Leh.& thud. River, Dec. 13. p. 1701. Tennessee Ry., Dec. 20, p. 1.790.
Ark. La.& Gulf Ry., Jan. 10, p. 110. Birm.& Northw.Ry.,Dec.27.1).1863. Leh.& New Eng. RR.
,Jan.17,p. 202. Term.RR.Assn.of St.L..Jen.3,P.45.
Ashland 0.& I. Ry., Jan. 10. p. 110. Birm. & Southeast., Jan. 17, p. 202. Lehigh Valley RR., Nov.29.P. 1551. Term. Ry.of Buff., Dec.20. p. 1790.
Atch.& East. Bdge.Co.,Jan.24,p.271 Bioomsb.& Sullivan, Jan. 10, p. 110. Lime Rock RR., Dec. 27, p. 1864.
Texas & Pac. Ry., Nov. 29. p. 1552.
Atch. Top.& S. Fe. Nov. 22, p. 1468. Boca& Loyalton RR „Dec.27,p.186:3. Litchi'. & Madison, Dec. 13. p. 1701. To!. & Ohio Cent., Dec. 20, P. 17
89.
Athens Term. Co., Dec. 27, p. 1863. Boston & Alb. RR., Dec.(I. p. 1627. Live Oak Perry& G.,Dec.27, p.1864. To!. St. L.& W.. Nov.29,p.1552.
At!. Birm.& At!. RR.,Jan. 17, p.201 Boston & Maine, Dec. 20, p. 1790.
Tonopah & Goldf., Dec. 20. p. 1790.
Long Island, Dec.20, p. 1789.
Coast Line Co. (of Conn.) Boston Term. Co., Dec. 6, p. 1627. Lorain Ashl. & Sou.,Dec.27. p.1864. Tor. Ham.& Buff., Dec. 20. p. 1789.
Atlantic
Brinson Ry., Dec. 20, p. 1790.
Dec. 6, p. 1627.
Transylvania RR.,Jan. 10,p.111.
Lorain & W. Va., Dec. 13, p. 1701.
Atl. Coast Line RR.,Dec.27.p. 1863. Buffalo Creek RR., Dec. 6, p. 1627. La & Ark. Ry., Jan. 3.p.44.
Tremont & Gulf Ry.,Jan.3.p.45.
At!. & Danville Ry. .Tan. 10, p. 110. Buff. Roch. & P.. Nov. 29. p. 1551. La.& Northw. RR.,Dec.27, p. 1864. Ulster & Delaware RR..Jan.3.p.45.
Atlanta Term. Co., Dec. 27, p. 1863. Buff.&Susq.RR.Corp.,Jan.24,p.271
. La. Ry.& Nay.Co.,Dec.27. p.1864. Union Pacific and subsidiaries.
Augusta South. RR.,Jan. 10, p. 110. Buff.& Susq. Ry.,Jan. 24, p. 271.
Nov. 22, p. 1470.
,Dee. 27. p. 1864.
Louisiana Sou. Ry.
Cairo & Thebes RR.Dec. 13,p.1700. Lou. Hand.& St. L. .Tan. 10, p. 111. Union Terminal Co. of Jacksonville.
Augusta Un. Sta., Jan. 10, p. 110.
Caro. Olin. & Ohio, Dec. 13, p. 1700. Lou.& Jeff. Bdge., Dec. 13, p. 1701.
Bait. & Ohio. Nov. 22, p. 1468.
Jan. 17, P. 203.
Bangor & Aroostook,Dec.13.p.1700. Central of Georgia, Dec. 13. p.1700.
Louisv. & Nash., Nov. 22, p. 1469. U. S. Steel Corporation and subsidiBangor & Aroostook RR. (correc- Central RR.of N.J., Jan. 10,p. 110. Macon & Birm. Ry., Jan. 10, p. 111.
aries. Dec. 13. p. 1702.
Central RR.of S. O. Jan. 10. p. 110. Macon Dub.& Sav., Jan. 10. p. 111. Va. & Caro. Sou. RR..Jan.3.P.45.
tion), Dec. 27, p. 1883.
Belfast & Moosehead Lake, Dec. 20, Charleston Term., liec. 20, P. 1700. Maine Central RR., Dec. 6. p. 1628. Virginian By., Dec. 13. p. 1701..
Charleston Un. Sta.. Dec. 20,13.1790. Manhattan(Elev.) Dec. 13. p. 1701. Vick. Shr.& Pac.Ry.,Dec.27.1).1884.
p. 1790.
.

house and the regional bank will relieve the regional bank
from some apprehension and from the necessity for extra
and special examinations. Here, too, frank co-operation
between the regional bank and the clearing house will doubly
prevent the existence of unsound conditions.
Regarding the third point, which is expressed in the
quotation from the law which appears earlier in this letter,
I would suggest that the power delegated to the Federal
Reserve Board to assume the functions of a clearing house
may possibly have been inserted as a warning. It is conceivable that a clearing house might be guilty of ultra vires
action, and such action might make the assumption of its
functions desirable in the minds of the members of the
Reserve Board. As long as the clearing house works singleheartedly for the maintenance of sound and conservative
banking, as long as it can demonstrate the faithful performance of its public duty to the community it serves, I do not
think that the Federal Reserve Board will want to assume
its functions.
The elimination of the local clearing house would throw
upon the regional bank the burden of making local collections, and, while the expense of this operation would still be
assessed against the members, it would materially add to the
cares of the Federal institution. Extra and unnecessary
functions will not be willingly assumed by the regional bank,
which, all things being equal, may be suspected of a desire
to concentrate its efforts upon earning six per cent on its
capital stock. Assuming that the clearing house in a given
community will put its shoulder to the wheel and work in
harmony with, and in conjunction with, the reserve bank in
that community, the reserve bank will, for economy, if for
nothing else, become a member of the clearing house and
transact its business therewith, just as the United States
Sub-Treasury does now in several cities. The manner of
the payment of balances will be changed and the relation of
member bank to the reserve bank will be similar to the relation between the London Bank and the Bank of England.
Clearing-house balances will be paid by means of a check,
good for immediate credit as reserve, drawn upon the Federal reserve bank, or its branch. Thus the use of gold and
currency in the settlement of clearing-house exchanges will be
reduced, practically, to the vanishing point.
Very truly yours,
WM. W. HovroN,
Manager.




346
Virginia & Southw.Ry.
„Jan.24,p.272.
Wab.Ches.& West., Jan. 3. p. 46.
Wabash-Pitts. Term. ec.20,p.1790
.1)
Wabash RR., Nov. 2v.p
Wabash (correction), Jan. 10,p. 111
Wash. & Col. lily.. Jan. 17, p. 203
Washington Term. Co..J an.17. p.20.1
Western Maryland Ry.,Jan.3. p. 45
Western Ry.of Ala.. Dec. 13.p 1701

THE CHRONICLE
Wheel.& Lake Erie, Dec.20.p. sl.
White & Black River Valley, Dec. 20.
P. 1791.
Wichita Un.Term. By.,Jed.3,p.45
W illiamsv.Greenv.&St.L.,Jan.3,p.45.
Wisconsin Central Ry.,Jan 3. p. 45.
Wisc. & Mich. Ry., Jan. 17, p. 203.
Winona Bridge By., Jan. 3, p. 45.
Wrightsv. & Tennille, Jan. 3. p. 45.

To the foregoing we now add 30 additional companies, as
follows:
Algoma Central & Hudson Bay By.
Algoma Eastern By.
Brownsville & Matamoras Bridge Co.
California Western RR. & Navigation Co.
Central RR. of Haiti.
Chicago & Milwaukee By. (correction).
Chicago & North Western By. (correction)
Copper River & Northwestern RR.
Cuba RR.
Cumberland By. & Coal Co.
Detroit Grand Haven & Milwaukee By.
Grand Trunk Western Ry.
Guantanamo & Western RR.
International Railways of Central America
Marietta Columbus & Cleveland RR.
Mexican Mineral
Mexican Northern By.
Ry.
Mineral RR.
Minnesota Transfer By.
Mississippi River & Bonne Terre By.
Morelia & Tacambaro Ry.
National Railways of Mexico.
Nebraska Kansas & Southern Ry.
Northern Alabama By.
Northwestern Pacific RR.
Pan-American RR.
Philippine Ry.
Portland & Rumford Falls By.
Potosi & Rio Verde By.
Rumford Falls & Rangeley Lakes RR.
Wichita & Midland Valley RR.
Yosemite Valley RR.
ALGOMA CENTRAL & HUDSON BAY RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date, Outstand'g.
First mortgage 5s
J-D
June 1 1960 $10,080,000
Algoma Central Terminals 1st mtge. 5s_ _ F
-A
Aug. 1 1962 £1,027,300
Equip.bonds--Ser.A,11&06s,due10%yly_Var. To May 15 1922 $678,700
ALGOMA EASTERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Superior Rolling Stock equip. bonds, ser.
D.due $20,000 yearly
M-N15To May 15 1922 $180,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Man. & South Shore first mtge. 5$
M-S Mar. 1 1961
£513,600
BROWNSVILLE & MATAMORAS BRIDGE CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 5s
J-J
Jan. 1 1930
$300,000
Gold 4% bonds
M-8 Sept. 1 1931
93,000
CALIFORNIA WESTERN RAILROAD & NAVIGATION CO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 6s
J-J
Jan. 1 1915
$468,000
CENTRAL RAILROAD OF HAITI.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage collateral trust 6s
J-D
June 1 1919
$800,000
Second mortgage collateral trust 6s
J-D
June 1 1919
200,000
CHICAGO MILWAUKEE & ST. PAUL BY.
[Correction.]
Issued with Tax-Exemption Clause.
The La Crosse & Davenport Division first mortgage 5s were included
in the official list of the company issued some time ago under the classification of bonds "which do not contain the covenant that the interest shall
be paid without deduction" of the Federal income tax and were shown in
the list given in the "Chronicle" of Nov. 29 1913, page 1551, among bonds
"issued without reference to taxes." It should be noted, however, that
the bonds contain a provision stating in effect that the company will pay
all taxes assessed against the bonds or upon the trustee or upon bondholders by any State through which the railway runs.
CHICAGO & NORTHWESTERN RAILWAY.
[Correction.1
Issued with Tax-Exemption Clause.
following four bond issues were included in the official list of the
The
company, dated Oct. 30 1913, under the classification of bonds "which
contain no provision for payment of interest in full, without deduction for
sums which the company may be required to withhold under Federal Income Tax law." They were included in the list given in the "Chronicle"
of Nov. 22 1913, page 1469, among the bonds "issued without reference
to taxes." The bonds do, however, contain the provisions in regard to
tax exemptions cited below.
Int. Maturity Date. Outstand'g.
Sinking fund 5s and as
A-0 Oct. 1 1929a$11,234,000
Winona &•St. Peter ist M 7s
J-D
Dec. 1 1916 a4,038,500
Cedar Rap.& Mo. Riv. 3d Div. 1st M.7s_M-N May 1 1916 b2,332,000
St. Louis Peo.& N. W. By. 1st M.5s_ _ _ _J-J
July 1 1948 c10,000,000
a The body of the bond contains the statement that principal and interest
are to be "free of United States taxes."
b Principal and interest payable without deduction "for or in respect
of any taxes, charges or assessments whatsoever.
'
c Both the body of the bond and the mortgage contain clauses stating
that principal and interest are to be paid without deduction for any tax
or taxes which the company may be required to pay or to retain under any
present or future laws of the U. S. or of any State, county or municipality;
the railway agreeing to pay such tax or taxes. A supplementary statement
attached to the mortgage declares that these bonds have been issued and
sold "subject to payment by the holder of Federal Income Tax," and that
a statement to this effect is printed on the face of the bond and on the
coupons attached thereto.
COPPER RIVER & NORTHWESTERN RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 5s ($50,000.000)
F-A
Feb. 1 1959
(7)
CUBA RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5s, $10,000 per mile
J-J
July 1 1952 $12,030,000
Imp. & equip. mtge. 5$, $20,000 per mile_M-N May 1 1960
4,000,000
CUMBERLAND RAILWAY & COAL CO.
Issued without Reference to Taxes.
Int. Maturity Date Outstand'g
.
First mortgage 5$ ($3,000,000)
A-0 Oct. 1 1940 $1.167,000
DETROIT GRAND IIAVEN & MILWAUKEE RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First equipment mortgage 6s, guar
A-0
Nov.14 1918 a$2,000,000
Consolidated mortgage 6s,guar
A-0
Nov. 15 1918 a3,200,000
a Mortgage imposes the obligation to pay any income tax which may
be assessed upon the bondholders.




xcvm.

GRAND TRUNK WESTERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mtge. 4s ($15,000,000), guar
J-J
July 1 1950
Gen. consol. mtge. 4s ($30,000,900 , guar_M-S Sept. 1 1962 815,000,000
7,662.236
INTERNATIONAL RAILWAYS OF CENTRAL AMERICA.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 5$
M-N May 1 1972 .C1,000,000
Guatemala Central 2d mtge. 2%-5%
J-J
Jan. 1 1972 83.500.000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
Guatemala Central first mortgage 68
A-0
April 1 1916 $2,500,000
GUANTANAMO & WESTERN RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 6s
M-NI5Nov. 15 1929 $600,000
MANILA RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mtge. 4s (Southern Lines), guar_ _ _ _M-N May 1 1939 $6,735,000
MARIETTA COLUMBUS & CLEVELAND RAILROAD.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 58
M-N Nov. 1 1940
$250,000
MEXICAN MINERAL RAILWAY.
Issued with Tax-Exemption Clause,
Int. Maturity Date. Outstand'g
First mortgage 6s
3331,000
Aug. 1 1919
F-A
MEXICAN NORTHERN RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date, Outstand'g
First mortgage 6s
J-D
Dec. 1 1930
$708,000
MINNESOTA TRANSFER RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
First mortgage 4s and 5s
F
-A
Atlg. 1 1916 81.980.000
MISSISSIPPI RIVER & BONNE TERRE RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g
First mortgage 5$
A-0
Oct. 1 1931 $2,500,000
Equip. trust 5$(due $5 .000 s.
J-J
To July 1916
-a.)
250,000
MORELIA & TACAMBORO RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 58
J-J
Jan. 1 1943 $1,200,000
NEBRASKA KANSAS & SOUTHERN RAILWAY.
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g
First mtge. 6s ($4,500,009)
J-J
July 1 1958
$200.000
NORTHERN ALABAMA RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Data. Outstand'g.
First mortgage 5$
J-J
July 1 1928 81.650.000
NATIONAL RAILWAYS OF MEXICO.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
Prior lien mortgage 4 yis
J-J
July 1 1957 $84,819,315
General mortgage 4s
A-0 Oct. 1 1977 50,747,600
Nat. RR. of Mexico prior lien 4s
J-J
Oct. 1 1926 23,000,000
First consol. mtge. 4s ($60,000,000).... _ _A-0
Oct. 1 1951 24,740,000
Mex. Cent.car & locomotive rental notes
var.
various.
778.147
Equip. trust 5$(due $50,000 yearly)_ _ _ _A-0 To Apr. 1917
200,000
Equip. trust 55(due $50,000 yearly)_ _ _ _A-0 To Oct. 1919
300.000
Mexican International prior lien 41
,
0
M-S Sept. 1 1947
5,850,000
First consol. mtge. 4s ($16,000,000):
M-S Sept. 1 1977
7,206.500
Nat. Rys. 2
-year 6% secured notes
J-D
June 1 1915 26,730,000
Vera Cruz & Pacific 1st mtge.4s
J-J
7,000,000
July 1 1934
Issued without Reference to Taxes.
Int. Maturity Date, Outstand'g.
Mexican Central priority 5% bonds
J-J
July 1 1939 $1,374,000
First consol. income 3s
July 10Jan. 10 '39
187,600
Second consol.income 3s
Jan. 10 '39
21,000
NORTHWESTERN PACIFIC RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First and refund.43s($35,000,000)
M-S Mar. 1 1957 $17,708,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
California Northw. 1st mtge. 5$
A-0
Apr. 1 1928
$950,000
Eel River & Eureka 1st mtge. 5$
Oct. 1 1914
A-0
313,000
San Fran. & Nor. Pac. 1st mtge. 56
Jan. 1 1919
J-J
3,693,000
PAN-AMERICAN RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5$
J-J
Jan. 1 1934 $2,400,000
General mtge. 5$ ($6,000,000)
J-J
Jan. 1 1937
3,654,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Collateral trust 6% notes
Oct. 1 1914 $1,600,000
A-0
PHILIPPINE RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mtge.48 ($15,000,000), int. guar.._ _ ..J-J
July 1 1937 $8,543,000
PORTLAND & RUMFORD FALLS RAILWAY.
Issued with Tax-Exemption Ciause.
Int. Maturity Date. Outstand'g.
Collateral trust 4s
Feb. 1924-34
F-A
$500,000
Issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
Consol.(now first) mtge.4s
M-N Nov. 2 1926
$925,000
Debenture 4s
Aug. 1 1927
F-A
350,000
POTOSI & RIO VERDE RAILWAY.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 6s
A-0 Oct. 1 1918
$600,000
RUMFORD FALLS & RANGELEY LAKES RAILROAD.
issued without Reference to Taxes.
Int. Maturity Date. Outstand'g.
First mortgage 5s
A-0
Oct. 11037
$400,000
Mortgage 4s
M-N Nov. 2 1923
300,000
WICHITA & MIDLAND VALLEY RAILROAD.
Issued with Tax-Exemption Clause.
Int. Maturity Date. Outstand'g.
First mortgage 5$, guar
A-0 Jan. 1 1931 $1,025,000
YOSEMITE VALLEY RAILROAD.
Issued with Tax-Exemption Clause.
Int, Maturity Date. Outstand'g.
First mortgage 5
S
J-J
Jan. 1 1936 $3,000,000

JAN. 31

347

THE CHRONICLE

1 91 4 I

CHICAGO STOCK EXCHANGE RECORD OF PRICES FOR 1913.
Continuing the practice begun by us nine years ago, we furnish below a record of the highest and lowest
prices for each month of 1913 for all the leading stocks and bonds dealt in on the Chicago Stock Exchange.
In the compilation of the figures, which are based entirely on sale transactions, we have used the reports of
the dealings as given in the Chicago Stock Exchange official list each day, and in our range we make no distinction between sales in small lots and sales in large lots. For record of previous years, see "Chronicle" of
January 25 1913, page 244; January 27 1912, page 256; January 28 1911, page 234; January 29 1910, page
276; February 6 1909, page 348; January 25 1908, page 205; January 19 1907, page 138; January 20 1906,
page 135, and January 21 1905, page 198.
July
November December
June
August September
October
May
April I
March
January February
Low High Low High Low High Low High LowHigh Low Htyh Low High Low High Low High Low High Low High Low High

BONDS

tAILROAD AND MISCELLANEOUS BONDS
4
8
4
91
9138 90 9018 893 897 8914 893
90 91
8
8
8
,
8
1939 9113 917 90 913 901 901 897 901 90 903 897 90 90 90
A •rnour & Co 45.5s
__ _
_ _ _
___
_
_
_
-- -------- 10018 10018 10018 10018 - _
---- ----A irora Elgin & Chic 59_1941 -------------9534 10118 9912 10078 9514 0958 99 0938
-- - --1 151 1
8
4
993 1007 9918 10018 99 10
8
1.0118 1017 10014 10112 10014 101
4
8
iicago City Railway 5s_ _1927 10 7 1013
_--- ----- ---- -8114 8114 7814 7812 -------- 7714 7714
_
8
84 85
8
8512 86
8212 8212 8034 8112 797 803
licago City & Con Rys 5s 19/7 Si 88
9812 9i8 9512 9638 947 947 - 7
-9218 94
8
94 94
-- 9612 967 961 97
8
1914 9712 931 9732 9712 97 97
ticago Elevated Ry 5s
012
9
0
9
90 9012 5514 -- 14 9512 -_
91 91
90 92 - ---- ----88 9038 88 8812 8812 8938 88 90
_
tic Pneusn Tool 1st 53_1921 -------- 94 94
8
4
8
977 9812 97 9814 963 9718 9614 967
96 9612 9738 98
97
1 981
8
1927 993 10014 9938 10014 9812 9912 9818 9834
5s
licago Railways
8918 90
8
_
9112 9214 92 9278 925 9318 90 90
_
1927 9458 9434 ----------------93 9414 -------------90 91
5s, Series"A"
Do
4
7918 813 78 7914 78 78'8
8
4
8
130 7718 8
S
783 815 801 835 8112 84
8
8
8
"II"
4
847 863 83 8612 8212 8318 817 833 82- 4s, Series
Do
93 93
4s, Series"C"
Do
. 74 74 ___- - - - - - - ---- --__
72
1927 7212 75 --------72 -- - ---- ---- -------------------------7212 /4
Prior M g 4s
Do
45 49
45
4914 19
50
-34 48 4914 4912 5212 50
47 53 --------45 10 80 53 56
Adjust income 4s 1927 50 58
Do
8
8
8
8
997 10018 997 10012 9914 10014 993 9934 993 9912
3
8
8
1923 101 10134 10138 1013 10014 10112 10014 1007 1003 10034 9912 10012 997 100
5s
4
ticago Telephone
101 10058 101
4
8
8
997 10118 10014 1013 10014 10114 101 102 1005 1013 10034
8
8
1943 10218 10318 1025 10318 1013 10278 101 10238 101 102
ommonw Edison 5s
8
8
8
8
8
1943 10112 1017 1017 1021 10134 101.78 101 1011 1007 1007 99 991 991 1001 /00 100 1001 101 10012 1011 1003 1003 10014 10112
tmmonwealth Elec 5s
8
8
9918 987 99
_
'
_
idahy Pack 1st M 5s_1924 -------- -------- 1001210012 --------- 10018 /0012 9914 100 - ---- ---- ------------- ------------ 9_
- 10212 10212 10234 1312 0314 105 10412 10134 10334 1412 10112 11)312 10312 104
4
10814 10612 10812 10512 106 105 153- - .
arm)id Match con de1348 1920 108
85 85
sorgia
diana Natural Gas 5s
.t Iiarv 3-yr 5% g notes. 1915
LIce Street Eiev 1st 5s_ __1928 8
i
8
- - ---- ---- ---- --- - -"
- -.7,7,- -,7. - .; - - 7,--- 4534 ::- — -4a
7934 ii -:--812 --81
tad
80 7
7
-- -14 (9
8 -1 80 811 ra.4 -u18 -;• - 9
- - - 8tt --1 --•-•.: 9
80
0
8
8112
.,trop W Side Elev 1st 48_1938 8112 82 81 --- 79 -- -12 7918 77 77-79
7612 7612 80 80 - -------- 78_
7818 7818 77 77
8
8012 807 --------79 79
1938 7718 81
Extension gold 48
8
8614 861 8618 8614 86 865 8612 8612 8512 8512 ---- ---4
873 8612 87
4
8
877 88 --------873
885 89
)rrls & Co 4s
1939 88 88
_
t Shore El 1st &ref g 5s1940 100 100 ----- -------------------------------------------- 96 96
9912 100 ----------------0912 100
4
8
8
W Gas Light & Coke 58_1928 997 9978 997 10018 993 9934
03
- 14
8
95 967 98 9714
02 94 9412 9312 9312 9313 95
95 9614 96 06
9412 4
1945 96 963 9614 97
;den Gas 58
c Gas & El Ref g 5s
4
4
9918 10038 9913 10012 1003 101 10012 10134 9918 10014 983 9912 9818 9913
4
1947 151.58 1021 10118 1021 10058 101 101 10112 1003 101
Refunding gold 58
101 1011 101 101 101 101
1937 102%103 ---------10213 1023 10212 10212 101 102 100 101 10034 101 10034 1003 101 1011
Chic Gas L & C 1st 55
99 9912
_
- -------- -------- 99 99
8
- 10013 10012 --------10012 10012 100 10018 995 100.
Consumers' Gas 1st 5s 1936 -----------------------8 --------9914 9914 --------100 100 -- - - — - -- - --8
Uutual Fuel Gas 1st 53_1947 10014 10014 ----------------100 100 997 997
12
8
9314 99 92 887 90 95 90
___ 911s 923 --------91
4
9738 9718 9738 --------9112 9412 9434 955 ___
1956 97
ib Serv Co 1st ref g 5s
9012 92 91 9112 9018 9112 9012 9114 89 8912
91
9112 9034 93 - ---- ----0012 91
uth Side Elevated 4138.1924 92 9314 --------9112 92
4
4
4
8
8
8
9978 997 997 997 9914 9912 --------9913 993 99 9912 9914 9912 993 993
1914 100 10012 100 10014 100 10018 100 100
rift & Co 1st gold 5s
1945
lion Electric 58
___68__
lited Breweries
8
_
-- 101 101 —__ ____ -- --- 9918 9918 --------------------------------9958 997
estern Elec Co 1st Mg 53_1922 ---- ------------ ----.

riii

5118

55 951., 55

1ILROAD STOCKS

Par.

__ _
155 155
licago City Ry
941 28 --------------------------------25
Itcago El Ry,common
75 76
70 70 ------------------------75
90 91 ----------------88 81'3 83 84
preferred
Do
8912
9212 96
8812 9614 90 102
9014 95 92 9512 9112 95
88 9814 90 9338 90 9212 90 92
Ile Rys Part Ctf Series 1
2538
8
4
/
8
20 237 2018 2212 18 241 23 2712 2558 3212 287 3314 2712 31
Part Ctf Series 2
22 2618 2318 2534 2112 25
Do
713 812 6
9
8
4
83
6
8 718 712 7
712 512 75
8 634 8
67
Part Ctf Series 3
612 812 67
8 712 0
Do
2
312 212 3
234 314 312 ---- -- 3
4 313 2
31
41
312 312 312 438 23
312 4
Part Ctf Series 4
Do
22
---- ---- --------------------------------18 18 1614 1614 --- ____ 22 25 23 23 3512
_
insas City Ry & Light.
_
_ 37 38
__
- --3o preferred _ _ __________---- —
-3o preferred Ctf
8 512 512 412 412 412
4
4 612 53 65
6 4 714 512 612 51
8
,
8
8
912 812 812 8
St reets W Stable Car Lines_100 9
3o
preferred45 45

.
55 ii 55 "ii --------35 ":ii

25 ---- ---75 - 2
9212 89 9
27 2912
30
712 614 712
234 214 214
18 1812
22
3512 ---- ---434

8
43

412

1SCELLANEOUS STOCKS
A ialgamated Copper
_
__ - _--- -- ____ 32 32
A terican Beet Sugar ______
4
243 3112
8
18
31 3118 355 3212 3814 2978 3512 23 31
4
3912 301 3412 2112 0214
100 26 4612 3312 4378 2813 3612 31
A terican Can
89 9514 871,g 9234 8614 91
11312 12914 118 19712 11812 125 agi 9914 9114 9414 81 92 863, 937 9212 9758 9312 99
100
preferred
Do
430 400 410 400 400 400 400
----- ---100,470 48512 490 500 475 475 450 450 450 450 435 450_ 425 430 430
A terican Radiator
10013318 13452 134 134 135 135 133 /33 133 135 130 13314 130 130 130 130 13014 13014 130 130 130 130 125 130
preferred
Do
30 35 •
28 30
34
31
39 41
40 43
42 45
4212 52
50 50
50 52
53 54
51
54
100 50 55
A terican Shipbuilding
4
78 873 80 8312
93 100 89 95
97 98
9738 100 97 98
98 102
100 102 10312 100 101 100 101 100 102
preferred
Do
6812 7012
- •
100
A terican Smelting
- - - — — - 10112
4
- 13578 - -8
1283 --- 1275a --- 126
- 123'g
8
4
8
A terican Telen lit Teleg Co100 1327 1393 1303 13612 13014 13334 --- 4 13212 --- 12934 ---- 1287 19818 1ii18 12812 1901
4
373 3834
A aconda Copper
63 67
64 71
59 66
59
Fisheries common
Booth
7758 81
3
767 783 751 771 7312 76
8
7412 7
1 77
791 781 86 897 8
85 '1
86
preferred
3o
50
_ ----- - ___
__.
_ ------------ -- 40 50 - ---- -----52 53 - ----- ---- - 50_
. --- ---- Ca1 & Chic Canal & Dock__100 55 55 - ----- _
Ch
_
_
i12 _
i12 it, ita 3o preferred
-14
11
50 52
54
g5140 2 - 2 -0
5012
-49- -- -4ir2 -- '1- -48i4 131- -5-- 13 - -.81 T2 - - 2 51
4914 111- -49; - --1-2
0
5 8
Chlcago Pneumatic Tool _ _ _100 50 52
100 20512 212 201 20912 20112 206 200 205 200 203 200 203 201 205 204 205 215 221 210 214 215 217--Ch icago Title & Trust
133
4
8
4
100 14112 145 140 14412 13712 14212 130 1393 131 135 12512 132 13() 144 14() 15012 1483 155 1343 15312 128 140 d12412Co mmonwealth Edison
313
213
3
.238
3o rights
— - ---315
Nat Bank ___ _
Cont & Comm
97
-311 - 8
97
- -8 8
1012 9
8
87
10
1514
-34 1012 8 1034 10 -9 -- 16
Corn Products RefinCo com10 1314 -- -12 1212 1614 1018 1212 1014 12
100
preferred
3o
15
92 - 14
00
-8
100 1573 108 106 11014
DI tmond Match
El lin National Watch
2- -0 91
-5
253 1-12 21
001 2
1 0
2
-- --------3012
9
9514 --38
2934 44
Goodrich (II F )common__100 --------40 53
79 79
_
_
_
_
_ . 9518 9518 92 92 ------------ ---- ------------ -------- 7313 80
- -- - _ _ _
100 ---preferred
)o
0312
97 - - 98 9912 9312 9912 99 101
9512 913
8
9812 96 97 9512 967 95 07
98
98 95 97
Ha rt, Schaffner & Marx, pref__ 97 --- 97 - - 91 58 62. 61 6612
60 62
64 69
6012 64
63 65
100 68 7612 69 743 6612 72 68 711 68 701 67 70
nois Bricic
2221 216 216 220 2231 ---- ---- ---- ---- -- 21812 229 22412 225 - ---------------- -------- - 218_
In and Steel
2
- -7 - ---------------- ----------------10212 10 -12
14 7 --------103 103 100 10312 1
In :ernational Harvester Coop 1067 115 1061 11
10112 1013 10212
4
__
___ ____ --10312 ---- -- -- -----------------____ ---- 103_
---- -------- -------- 103 103 100
---- ---In: Harvester Co of N J____100 ----- -------Li nisay Light
--__ --_--_- --3o preferred
__
_
_
_ ___
_
_
_
_ __
_
_
__ __
_ 1812 1812 ____
MULtv & Chic Brewing, pref._
11812 12214
--- __- ---- 12 --- -- --- -- - 113
119 12812
-100 ------- 112 12112 11513 118 115 1213 - - 113 105 113 1-- 119 118 12312 121 130 120 123 120 12012
Na tional Biscuit
_
116 116
— 120 120 118 122 117 117 __ _
100 121 123 11834 119 118 120 -------- 119 119 ___.
preferred
)o
- --115 117 115 120 113 135 130 136 131 137
_-- 116 -8
1183 120 116 12212 11512 122 118 120 116 1165 113 11612 --- 116 4
100
National Carbon
100 11714 118 11512 116 114 116 115 116 11512 11512 11312 115 11112 113 11412 11412 115 115 112 115 113 115
preferred
)o
31 4
3612 4312 38 4012 38 3912 35 3338 33 3553 9814 - 3
35 50
61 63
58 6114 5712 6112 50 5714 4912 51
Pa eine Gas & Elec, corn
130 12112 128 116 124 11534 122
8
8
Pc 3ple's Gas Light & Coke_100 11314 116 1093 116 109 11314 10914 114 108 110 101 109 10734 1163 11312 119 11712
3
178 1( 2
1
---- ---- ---- ---- .--- ---- ---- ---- ---- ---- ---- ---- ---- ---- -- ------ -3o rights
78 8112 75 7812 76 77
7912 83
82 8212 80 8212 79 80 ----------------6812 69 --------80 85
Pu b Service of Nor III, com
893 9512
4
91
91
94 97
£13 96
9() 94
91 95 9C112 94
93 96
97 99
99 1015 98 9912 98, 99
8
)o
preferred
Re public Iron & Steel
. —__ ___. ---- --- ------ -- ---- _--- ---- _--- ---- ---- -- ------- ---- ---- ---- ---)o preferred
d 11 asst paid
a Ex 24 c7.: aeeumu lated dlyi dend




2-612

61 5013 1313 55 16 _ _

_

.
ii5 16113 iii 111..12 ii514
5512 1612 52 13 50 16 4513 li
io

e
"i.." "511;

— .-- _ _ __ _
_
1i 1558 1134
.
iciiii, 165 iOO 1637; ii55 16614 5514 166 5514 166 59;4 11612 i55 iiii 55 16014 5513
f
-55 "33
iii _ _ _ __ __ _

___

_ _ . _.

55 56

_

348
STOCKS

THE CHRONICLE

[VOL. xeviu.

January February
March
June
April
May
July
August September
October
November December
Low High Low High Low High Low High Low High Low High Low High Low High Low High Low High Low
High Low High

Rumely (M) Co,common_100 ------69 69
42 45
25 32 ----------------------10 19
2114 2114 20 20
20 20 ___ ___
preferred
Do
100
9314 973 894 8912 56 793 52 52
42 44
8
4212 4212 4012 454 474 56
4
Sears-Roebuck, common...
..1001994 2143 1874 2074 177 2003 170 1927 164 174 155 16812 16112 175 1684 182 179 19212 170 19034 1704 17712 17012 183
4
8
4
Do
preferred
100 12378 124 12314 1243 123 1238 1183 123 117 120 117 1183 119 121 119 120 119 12118 12212 123 12112
4
4
4
8
12112 12218 123
Standard 011 of California__ ____ __ ____ ____ ___ ___ _----- ---- ---- ---- ---- ---- ---- ------- ---- ---- 193
Standard 011 of Indiana ______--317 330 325 325 --------------------------------398 193 193 193 -__ _ _
398 00 400 ...._ ____
Studebaker, common
100 3313 35
2812 274 --------23 4 233 2312 2312 22 22 ------ -1614
274 29
2913 3112
27 34
8
4
173 ---- ---4
Do preferred
100
Swift & Company
100 10518 10634 105 1068 105 1077 105 107 1043 10512 101 10514 10314 105 10438 10512 10414 10812 10412 10514 10418 10518
8
8
8
10278 10512
The Quaker Oats Co
' 100 235 251 254 280 26913270 249 265 227 2487 195 233 210 215 22018 230 245 260 255 265 210 255
8
22212 230
Do
preferred
993 103 100 104 10218 104 103 104 104 105 102
4
100 10812108 1063 10813 108 108 10512 108 10312 105
4
10412 102 103
Union Carbide Co
199 20812 180 200 165 1884 164 180 16212 168 14813 17312 155 172 154 1754 174 19912 185 20412 1934 218 1142
210
Do rights
Un Box Board & Paper Co__100 1
__
118 118 ___ ____ ____ ____ ____
114 1
112 __-_- 118 118 118 118
__
U S Steel common
100 8113 8834 8014 6538 5812 623 5812 6414 5834 6114 50 5778 52 5978 5812 6612 60 6618 5312 6014 534 57
4
541s 6014
Ward(Montgomery)&Co pref_ ____ ____ 1051 108 10612 10834 106121071 1
108
1 108
174 10988 109 1093 109 111 1087 1095 109 10912 108 III
4
a
8
Western Stone
100 12 1412 ---- ----10 10
11
12 - ----- ------ --9 11
_ - ___ _
10 10 -- ---- -- ---- --- ------ -Westinghouse common
73 73
preferred
Do
---- ---- ---- ---- ---- ---- -Woolworth,common
100 0934 112 10012 105
8714 94
b Ex-div. and ex-Sto ck dly.

CHICAGO BANKING CONDITIONS IN 1913.
By GEOROB III. REYNOLDS, President Continental & Commercial
National Bank of Chicago.]

Chicago banking conditions did not differ materially from those prevailing in other leading cities
of the world in 1913, which will be recorded as a
year of cross currents. At the beginning surface
indications pointed to general activity throughout
the West, territory from which our city draws heavily, but bankers early saw the spectre of extremely
tight money hovering over Europe and the Eastern
part of the United States; later it became visible to
the merchant and manufacturer; and in the centres
and the smaller cities and towns, also, it was realized
that both caution and courage were needed-caution
in holding lines of credit down to the minimum and
courage to grant such accommodations as were
necessary to keep the machinery of legitimate trade
in motion. That this was done impartially is proven
by the exhibits of loans by banks scattered all over
the nation, for each successive call showed this item
to be at about the maximum figure. The movement
did not compel drastic contraction in loans, but simply checked expansion, which,if it had been permitted
to continue, would undoubtedly have resulted in
commercial disaster. Chicago assumed its share of
responsibility in performing this delicate task, and
cheerfully used its banking resources to assist general business through a process of readjustment that
was inevitable. Secretary of the Treasury McAdoo's
action in depositing Government funds deserves
unstinted praise. He extended help at a most
opportune time.
This centre made headway the past year, despite
the slowing down tendency noticeable in individual
instances. This is shown by bank clearings, the
total, $16,073,130,524, being the largest on record;
the increase over the previous twelve months
amounted to 4.5%, while clearings for the United
States as a whole fell off 2.7%.
Deposits in Chicago banks further warrant the
claim of progress. These have climbed amazingly
in the past two decades, and on the last call in 1913
showed an increase of $56,795,002 over the corresponding call in 1912.
Notwithstanding the hesitation in many lines, there
was no lack of application for loans. Curtailment
in mercantile operations had not advanced to the
point of releasing funds; the reverse was true, and
borrowers gladly took up to the limit allowed them.
Naturally, rates for money averaged above normal,
and as a consequence the banks reported very satisfactory profits.
A few years ago it became popular to establish
banks of moderate capital in various parts of the
city to better meet a purely local demand for bank-




ing facilities. Such institutions prospered and in
1913 about a dozen new banks of this type were
added, so that now every section of the city has a
conveniently-located neighborhood bank. It is the
opinion that this practice has been carried far enough
for the present, for too many competing banks may
bring about a disregard for that safety in the margin
of profits which alone permits the accumulation of
a surplus upon which to rely in lean years.
Coincident with the putting of the currency law
into full operation, Chicago should enter a new era
of commercial and financial growth. Within its
borders, or largely dependent upon it for financial
aid, are manufacturing establishments and districts
of world-wide importance, and these are increasing
constantly; and it is the metropolis of as great an
agricultural region as any on the globe. Therefore
its banking resources are drawn upon very heavily
whenever bountiful harvests come in a season of brisk
business, as often happens. The elasticity provided
in the bill will make it possible for Chicago to more
easily and effectively meet the needs of business,
and at the same time furnish the vast sums necessary
to finance the crops.
There was a great deal of healthy liquidation in all
lines in this territory during 1913, particularly the
last half, and underlying conditions are now such as
to justify conservative optimism. Local banks are
sound to the core. No better assurance for the future can be asked or given.
In reviewing banking in Chicago for the year 1913
the following table showing the comparative earnings
of the Chicago banks will be of interest. These
figures have been especially compiled for us by
John Burnham & Co. of Chicago.
Earned Earned on
Deposits
Capital
in 1913
Total
Dec. 31
Dec. 31
on
Average
1913.
1913.
Name of Bank.
Stock. Capital.
$
$
a Continental & Commer%
%
214,883,808 34 21,500,000
cial National
22.01
12.80
165,008,409 73 10,000,000
b First National
32.83
11.25
92,895,373 41
5,000,000
Illinois Trust & Savings__
37.88
12.62
59,518,085 00 3,000,000
Corn Exchange National
33.73
10.93
54,110,419 77
3,000,000
Merchants' Loan & Trust
30.50
9.19
38,395,003 79 4,500,000
Central Trust Co
14.80
11.15
31,667,715 20
1,500,000
Northern Trust Co
18.02
6.35
2,000,000
.
Fort Dearborn National_ _ 29,300,000 00
20.58
15.00
25,464,693 24
2,000,000
National City Bank
12.00
8.80
24,859,902 00
1,500,000
State Bank of Chicago
35.40
13.00
2,000,000
National Bank of Republic_ 22,926,438 18
20,270,730 22
1,500,000
Harris Trust & Savings_ _
.
35.3i
ail
20,075,000 00
Union Trust Co
1,200,000
22.50
9.50
1,250,000
Live Stock Exchange Nat._ 12,563,771 35
21.11
13.65
Foreman Bros. Banking Co_ 12,386,000 00
1,000,000
*Drovers' Deposit National 9,840,000 00
750,000
Chicago Say. Bank & Trust 7,949,743 36
1,000,000
People's Trust & Savings_ _
. 7,111,743 44
500,000
19:86
13.07
*Colonial Trust &savings
7,041,797 89
1,000,000
10.91
7.00
5,621,000 00
Kaspar State
400,000
30.20
21.07
West Side Trust & Savings_ 5,395,407 18
400,000
23.25
18.80
La Salle St. Trust & Savings 5,218,508 55
1,000,000
3.75
2.93
4,800,000 00
Standard Trust & Savings
1,000,000
8.30
6.10
Northwestern Trust & Say.. 4,776,927 55
250,000
20.00
12.00
People's Stock Yards State_ 4,696,203 81
500,000
27.80
22.25
4,603,687 72
Pullman Trust de Savings
300,000
18.70
10.00
Greenebaum Sons Bk.& Tr_ 3,014,072 94
1,500,000
3,820,752 47
First National of Englew'd_
150,000
30:55
filii
*Drovers' Trust & Savings_ 3,748,156 46
250,000
27.83
18.03
3,816,612 66
Chicago City Bank
500,000
24.75
14.08
3,602,597 95
Security Bank of Chicago_
400,000
11.85
8.40
3,332,445 87
Stock Yards Savings
250,000
19.77
10.40
State Bank of Evanston-- - 3,224,176 37
150,000
22.41
8.55
3,183,766 13
Ft. Dearborn Tr. & Say
250,000
4.30
4.30
3,001,014 58
*Drexel State
300,000
26.50
19.20
Mid-City Trust & Savings_ 2,862,472 40
500,000
11.65
9.60

iii ii- f
i

Div.
Rate.
%
12
17
20
c16
18
10
8

s

8
12
8
c12
c8
12

iii
8
cio
8
c10
12
-6
10
c10
8
cio
10
12
8
10
12
Cii

6

THE CHRONICLE

JAN. 311014.1

Name of Bank.
North Avenue State
City National, Evanston _ -So. Chicago Savings Bank
National Produce
Union Bank of Chicago_ _
*Lake View Trust & Say_ _ _
Austin State
Henwood Trust & Savings
South Side State
*North West State
Oak Park Trust & Savings_
Woodlawn Trust & Savings_
American State
Washington Park National_
Home Bank & Trust Co_
Michigan Ave. Tr. de Say
Englewood State
Sheridan Trust & Savings
*North Side State
Calumet National
Lawndale State
Stockmen's Trust & Savings
Wendell State
Lawndale National
*Franklin Trust & Savings_
Central Mfg. Dist
West Englewood Ashland
Mercantile Trust & Savings
Mechanics' &Traders State
Liberty Trust & Savings- _
State Bank of Italy
Old Colony Trust & Savings
Guarantee Trust & Savings
Lake View State
South West Trust & Say
Hyde Park State
Citizens' Trust & Savings
Halsted Street State
d Garfield Park State
La Grange State
La Grange Trust & Savings
d South West Merchants' St
Ogden Avenue State
d West Town State
d Lake & state savings_
Market Trust & Savings__ _
Irving Park National
*Calumet Trust & Savings_
Ravenswood National
Lincoln State
d Depositors' State Savings
Pioneer State Savings
Jefferson Park National_ _ _ • d Capital State Savings_ _
d Illinois State Bank
Bowmanville National
Rogers Park National

Deposits
Dec. 31
1913.
S
2,776,813 78
2,516,000 00
2,500,000 00
2,221,000 00
2,169,223 37
2,148,176 74
2,143,047 42
1,919,728 17
1,850,000 00
1,845,066 38
1,805,900 00
1,781,174 17
1,755,530 01
1,603,349 20
1,489,126 65
1,372,455 00
1,360,000 00
1,355,692 04
1,349,679 60
1,257,368 04
1,243,980 00
1,230,262 49
1,135,716 72
1,125,853 11
1,070,388 26
1,029,827 73
1,024,159 30
1,020,551 98
904,459 21
766,948 88
760,625 16
675,597 86
675,520 00
671,935 44
655,811 00
633,819 01
585,503 02
452,252 80
423,119 16
406,029 29
375,426 96
357,000 00
316,317 81
308,081 51
282,564 66
275,000 00
268,071 97
263,911 59
260,361 00
260,359 45
256,408 88
248,256 87
246,412 76
218,332 94
195,532 34
170,000 00
110,000 00

349

of the bond houseefellloff in the same, or greater,
proportion.
The amount of new financing was comparatively
small.' The largest municipal issue during the year
was $2,300,000 Cook County 4s, which was sold in
July to a syndicate of banks and bond houses at
943', and retailed at a couple of points higher.
The City of Chicago tried the experiment of selling
its bonds by popular subscription over the counter.
In this it was partly successful, as in the course of
three months about $750,000 4% bonds were disposed of at par, which was from one to three points
above the price for the same bonds in the open
market.
-8
A sale of $620,000 4% bonds of the South Park
Commissioners early in the year constitutes the only
other municipal purchase of importance.
The list of bonds put out by our leading public
service corporations is not large, and comprises
the following:

Earned Earned on
Total
Capital
in 1913
Div.
Average
an
Dec. 31
Block. Capital Rate.
1913.
i
7
200,000
17.07
25.00
12
14.50
100,000
36.00
c8
200,000
15.24
25.00
6
9.90
250,000
11.70
6
6.20
7.40
500,000
6
300,000
8
10.10
15.20
100,000
c7
200,000
.
-- 7b
11 7
6
11.68
200,000
14.84
17.58
300,000
12
11.46
18.00
200,000
10
14.40
21.60
200,000
11.71
6
200,000
20.50
c10
22.48
27.61
100,000
6
8.24
300,000
10.38
5
6.40
8.00
200,000
9.60
12.00
200,000
6
8.00
8.80
200,000
6
15.02
16.00
200,000
8
18.50
100,000
27.80
8
11.56
200,000
15.00
6
7.50
9.01
200,000
6
35.64
21.41
50,000
19.00
50,000
23.00
7.51
300,000
10.45
4.88
5.21
250,000
21.00
19.27
250,000
6.75
7.76
250,000
3.70
4.66
200,000
1.14
1.25
250,000
4.11
5.26
200,000
3.20
4.00
200,000
10.40
13.00
200,000
5.11
4.92
200,000
5
6
6.82
7.50
200,000
5.96
7.60
200,000
12
13.00
18.27
50,000
3.71
4.16
200,000
4.43
4.95
200,000
50,000
11.80
8
14.60
50,000
1.20
1.50
200,000
2.40
2.50
200,000
200,000
250,000
2778
Yoo
200,000
7.09
8.00
100,000
a
19.51
20.00
50,000
11.91
15.88
50,000
2.72
3.00
200,000
4.08
6.08
300,000
4.66
5.00
200,000
10.11
8.34
50,000
200,000
1.14
1:5i
200,000
6.00
50,000
7.30
50,000

Chicago Railways Co. First Mortgage 5s
Chicago City Railway Co. First Mortgage 5s
People's Gas Light & Coke Co. Refunding 5s
Calumet & South Chicago Railway Co. First Mortgage 5s

$4,000,000
2,900,000
2,154.000
550,000

A fairly large amount of securities of public utility
companies occupying territory adjacent to Chicago
was placed during the year, most of which were
handled by Chicago houses. The following are the
-a principal issues:

a Earnings and deposits of Continental 4; Commercial Trust and Hibernian
Banking Association are included in these figures.
b Earnings and deposits of First Trust & Savings Bank are included in these
figures.
c Extra dividends paid.
d Organized during the year 1913.
* This bank increased its capital during the year 1913.

THE CHICAGO BOND MARKET FOR 1913.
,
(ByJ.E.BLUNT, Vice-Presiden t Merchants'Loan & Trust Co. Chicago.]

Public Service Co. of Northern Illinois
First and Refunding 58
Three-year 6% Notes
Middle West Utilities Co. Three-year 6% Notes
Central Illinois Public Service Co. First and Refunding 5s
Twin State Gas & Electric Co. Three-year 6% Notes
United Light & Railways Co. First and Refunding 5s

$282,000
3,500,000
3,500.000
1,500,000
500,000
1,348,000

A number of large issues of leasehold building bonds
were made in 1913, and the Chicago bankers making
a specialty of these securities have extended their
operations outside of the city, taking up loans in
Cleveland, Pittsburgh and other places.
The better feeling which has existed since the first
of the year has been reflected locally, and while one
may not be safe in predicting a boom for the bond
market, the easier money conditions have relieved
the tension on the part of bond dealers, and a decided
turn for the better has surely come.

It goes without saying that 1913 was a bad year
for the investment business throughout the country,
and Chicago proved no exception to the rule. Beyond a slight activity in the early months of the
year, there was nothing that even approached a
market for securities. Old issues had to be marked
down severely, while new issues could be placed, if at
all, only at extremely high rates of interest. In
municipal bonds it was necessary to go back to 1893
REAL ESTATE SERIAL MORTGAGE BONDS.
to find anything like corresponding prices.
(By S. W. STRAUS. President S. W. Straus & Co.. Mortgage and Bond
Bankers, Chicago and New York.]
Fortunately there were some favorable aspects.
The recent movement of the New York Real Estate
have their principal market in
The bonds which
Chicago suffered less than those of almost any other Board to improve methods of loaning money on
section of the country. A comparison of the prices' realty and to open up new sources of borrowing on
of six of our leading corporation bonds dealt in on mortgages is a plan which has caused interest throughthe Chicago Stock Exchange shows an average out the United States. This interest is especially
decline from December 1912 to December 1913 of keen in Chicago, where such methods may perhaps
only 1.77%, compared with an average of 4.87% on be said to be further advanced than in any other city.
There is no doubt that, taking the situation by
an equal number of leading railroad bonds listed on
and large, we Americans are far behind the times in
the New York Stock Exchange.
It may also be added that there was no time our entire system of credits based on real estate.
So deficient is our system of providing loans on
during the year when Chicago bonds were not readily
salable at current quotations. The local municipal farm mortgages that the matter of rural credits is
market reached its low point during the summer, but now being made a subject of Governmental inquiry.
had firmed up toward the end of the year, when the In most of our cities our methods are equally archaic.
4% bonds of the various Chicago municipalities were There are enormous volumes of money in the United
selling in the vicinity of 98, or a point below the States in the hands of investors,both large and small,
which might be said to be awaiting opportunity for
quotations of the year before.
volume of business was naturally much smaller investment on good real estate security, but,as one
The
than during previous years. The total sales of of the members of the New York committee said,
bonds on the Chicago Stock Exchange aggregated "methods of loaning on real estate in the nation's
$9,311,000 for the year 1913, against $13,757,000 for metropolis have not advanced beyond those employed
the year 1912, and it is safe to say that the business in ancient Egypt and Babylon."




350

THE CHRONICLE

[VoL. xcviti.
This condition, of course, is not peculiar to New stood and have
been amply tested by experience.
York, for in most of our cities the only method of When these principle
s are followed,these bonds not
obtaining funds for legitimate construction and de- only furnish sound
investments for income, but convelopment is through the issuance of the old-time tribute to a degree
that can hardly be realized by
real estate mortgage. There is no safer and sounder those unfamiliar with
them to the upbuilding of
investment in the whole range of securities than a our cities, to the replacem
ent of old and inferior
carefully chosen first mortgage on high-grade, well- structures with modern
fireproof buildings, to the
located, improved city property. The number of general enhancement
of real estate values and to the
mortgage buyers in any community, however, is betterment of the communi
ty.
limited, and it is not to be wondered at that New York
real estate men are in search of some plan of issuing
amortized loans.
LISTINGS AND VOLUME OF BUSINESS ON THE
Two paths are opened up by this inquiry and two
CHICAGO STOCK EXCHANGE.
Statistics as compiled by C. T. Atkinson, Secretary.
systems present themselves. The first is the system
used with great success in France and other counMONTHLY STOCK AND BOND SALES.
1913
1912
tries, where bonds secured by amortized first mortStocks,
Stocks,
gages, deposited in trust, are issued by a great land
Shares.
Bonds.
Shares.
Bonds.
January
87,456 $1,169,000
73,817 $2,115,000
bank. Efforts have already been made to adopt this February
71,694
798,000
75,914
1,205,000
March
74,154
system to the land-credit problem in America, and April
698,000
120,941
1,444,000
68,350
782,000
113,536
1,654,000
it is not without its possibilities of success in that di- May
64,850
807,000
150,738
1,223,000
June
85,790
876,000
69,453
1,163,000
rection.
July
68,739
675,000
73,931
792,000
August
79,053
592,000
The other system available is that which has proved September
116,156
516,000
1,190,000
97,379
89,962
893,000
successful in Chicago and some other Western cities, October
79,740
706,000
73,663
724,000
November
480,000
105,206
81,920
783,000
namely the issuance of first mortgage real estate December
119,000
640,000
134,900
1,245,000
bonds maturing serially, each bond being a direct Total
1,001,417 $9,391,000 1,174,931 $13,757,000
obligation of the mortgagor, and being secured by
SALES FOR SERIES OF YEARS.
No Shares.
Bonds.
No Shares.
Bonds.
trust deed covering a single, specific piece of improved 1913 •
1,001,417 $9,391,000 1900
1,424,252 $8,735,900
city property, with an ample margin of safety to 1912
1,174,931
13,757,000 1899
3,300,385
12,483,650
1,040,068
14,752,000 1898
1,845,313
9,856,800
protect investors. The record of these bonds in 1911
1910
7,347,000 1897
894,362
987,772
6,575,000
1,623,495
14,800,000 1896
1,726,400
4,853,950
Chicago and some other large Western cities has been 1909
1908
15,259,000 1895
829,216
1,386,657
8,382,500
most excellent.
1907
805,984
1,553,947
4,466,200 1894
10,213,500 •
1906
1,234,537
1,157,701
5,858,050 1893
6,575,650
Such conservative investors as the great life insur- 1905
1,544,948
9,556,500 1892
1,175,031
14,198,000
1904
1,251,177
5,432,700 1891
710,000
9,435,000
ance companies have been strongly attracted in re1903
1,024,002
3,364,160 1890
1,097,000
18,368,000
cent years by first mortgage loans on downtown 1902
1,356,558
8,967,100 1889
150,100
18,530,000
1,877,883
9,338,700
office buildings and land. If such a mortgage is 1901
divided up into bonds, maturing serially, it is perfectly obvious that the safety of the loan is by no
BUSINESS IN ENGLAND IN 1913
means impaired. Indeed, the bond issue maturing
[Communicated by our London Correspondent.]
serially is actually safer than an undivided first mortLondon, January 10 1914.
gage loan of the same size on the same piece of prop1913 was one of the most disappointing of the many
erty. As the bonds mature, group by group, year
after year, the loan is being constantly reduced, while disappointing years this country has recently passed
the security, of course, remains unreleased. A bond through. It began in the midst of the Balkan wars.
issue in this form commonly matures in two to ten Turkey, it is true, was evidently exhausted, and
or two to fifteen years. The serial maturities are people were beginning to hope that peace could not
much more than sufficient to counterbalance de- be long delayed. Nevertheless, the peace negotia• preciation of the improvements, and the bonds of tions in London came to nothing through the unthe later maturities are protected by larger equities founded hope of the Turks that some of the Powers
than those of the earlier ones.
would come to their assistance. Very soon, howThese, of course, are times that call for conserva- ever, the Turkish Government was compelled tc
tism on the part of those who loan money on real recognize that it was hopelessly beaten, and an
estate, whether in our cities or on our farms. Indis- arrangement was arrived at which the Turks took
criminate underwriting of bond issues, without re- occasion later to tear up in great measure. Meangard to real estate and renting conditions in any city, while, Austria-Hungary, though she had
declared
would inevitably lead to disaster; but where the fund- herself neutral, intervened with decisive
results.
amental principles of conservatism are kept in mind She compelled Servia to withdraw from the
Adriatic
and the investment house engaged in such under- port her troops had occupied, and insisted
that
writing has its clients' welfare first at heart, such Albania should be given an autonomous
government.
bonds have no superior in point of safety. It is, All this intensified the alarms that had been
felt.
of course, essentially true that the investment house It was feared that the pan-Slavist
feeling in Russia
• handling real estate loans should have no connection would become
too strong to be resisted by the
• whatever with the ownership or management of the Government. The fear turned out
to be baseless,
properties on which it loans, otherwise its judgment and although both Russia and
Austria-Hungary went
'would inevitably be biased, no matter how fair and on mobilizing there was no serious
quarrel between
just its intentions might be.
them. At the same time, Servia, thus deprived of
Of equal importance is the fact that such bond is- the greater part of her gains in the war,
asked
sues should be restricted to those secured by direct Bulgaria to cancel the Treaty entered
into before
first liens on the property behind them. The prin- hostilities began. Bulgaria refused, and, after
prociples governing the issuance of first mortgage real longed and angry discussions, war broke out
between
estate bonds, however, are now thoroughly under- the Allies. Bulgaria trusted that AustriaHungary,




JAN. 31

without actively assisting, would prevent both Roumania and Turkey from seizing the opportunity to
act against her. Bulgaria was disappointed. Roumania saw the opportunity to obtain all the concessions in the Dobrudja which it had coveted. It,
therefore, invaded Bulgaria; in consequence Bulgaria was compelled to submit. Moreover, the
Turks re-occupied Adrianople and in the end Bulgaria was forced to enter into a new treaty with the
Porte, canceling much of what had been accorded
to her before, and losing Adrianople.
While all this was going on, extreme apprehension prevailed all over Europe. The United Kingdom felt the stress
less than the Continental countries. In the latter the fears
entertained were intense. There were runs upon many
banks in Austria-Hungary. It was anticipated for a time
that a financial crisis would be brought about. The Balkan
countries are the largest consumers of Austro-Hungarian
manufactures. They were unable, in consequence of the
war, to continue buying, and as each of them had proclaimed
a moratorium the merchants and manufacturers of the Dual
Monarchy had no means of recovering the debts due to them.
Consequently, there occurred a great stoppage of manufacturing industry, and vast stocks had to be stored in warehouses. Both Austria and Hungary have suffered severely.
Taxation is less productive. There is much unemployment.
And it is to be feared there is not a little suffering in the more
backward parts of the Dual Monarchy. As a matter of
course, while all this was going on large numbers of people
became apprehensive and began to hoard upon a lar2e
scale. Germany suffered less than her ally. But Germany felt the consequences of the war severely. There is
no question that German trade received a great blow. It
has been falling off throughout the whole year, and at present
the complaints of unemployment are loud over all the more
industrial districts. In Germany, likewise, there has been
very much hoarding. Even in France hoarding has been
on a vast scale, for in the beginning the belief all over the
Continent was very general that the Russian people would
not allow their Slav kinsmen in the Balkans to be badly
treated; that, therefore, Russia would be compelled to interfere; that as soon as Russia intervened, Austria-Hungary
would be compelled in self-defence to act; and that then
the dreaded Near Eastern Question would be opened in
earnest. Fortunately, these fears were not realized, mainly
because the Russian Government was strong enough to
resist the pressure put upon it. M. Stolypin had put down
the revolutionary movement that followed the Manchurian
War in so stern a manner that nobody was prepared to run
counter to the policy of his successors. And his successors
are fully persuaded that Russia needs a long period of repose,
not only to reconstitute her army and her navy, but also to
carry out the social reforms which, it is hoped, will satisfy
her peasantry.
The situation of the Bank of France as to its stock of gold
and silver, according to the last returns of each month of
1911, 1912 and 1913, was as follows, stated in pounds sterling:
GOLD AND SILVER IN BANK OF FRANCE-(00.000s omitted).
1913.

!
Gold.Silveri Total

£1 £1

Jan. 30.._ 128,6
Feb. 27_ _ 128,8
Mar. 27_ _ 129.4
April 24_ _ 130,0
May 29_ 132,0
June 28.. 132,7
July 31_ 134,5
Aug. 28_ _ 137,9
Sept. 25 138,4
Oct. 30.. 138,9
Nov. 27_ _ 141,0
Dec. 26_ 140,7

351

THE CHRONICLE

nit.)

1912.

Gold. Silver!Totall

£
25,4 154,0, Jan. 25_ 127,5
24.9,153,71 Feb. 29._ 129,2
24.3 153,7, Mch.28._ 130,0
23,9,153,9; April 25_ 129,6
24,71156,7, May 30__ 130,1
24,9;157,6, June 27_ 130,
25,11159,6 July 25,, 131,9
25,3163,2 Aug. 29__ 131,9
25,31163,7; Sept. 26._ 131,
25,5,164,4 Oct. 31- 129,
Nov. 28__ 128,8
„
25,61166,311Dec. 26.- 128,3

Gold.:VW,'Total
-£
£
£
32,2 159,7 Jan. 26.. 130,1 32,8 162,9
32,3 101,5 Feb. 23.. 130,5 33,3 163,8
32,2 162 2 Nich. 30.. 129,6 33, 163,2
32,3 161.9 Apr. 27 129.3 33,8 163,1
32,5 162,6 May 26.. 129,6 34,2 163,8
32,8 163,3 June 29.. 128,5 34,1 162,6
31,9 163,8 July 27 127,7 34,0 161,7
31,4 163,3 Aug. 31 126,8 33,7 160,5
30,4 161,4 iept. 28.. 124,4 32,5 156,9
30,1 159,1 Oct. 26.. 125,6 31,7 157,3
29,7 158,51 Nov. 30.. 128,4 32,3 160,7
27,6 155,9; Dec. 28.. 128,2 32,2 160,4
1911.

I

are incensed to the last degree. Their constitution was
suppressed for a considerable time by Hungary, and the
country was ruled by martial law. The Croats are near
kinsmen of the Servians. And it is the dream of both that
a great Servia may some day be formed. To this fact is
attributable the apprehensions in Austria-Hungary and the
insistent way in which that country pursued a policy depriving Servia of so much of her gains. When it is remembered that the people of Bosnia and Herzegovina are also
near kinsmen of the Servians, it will be seen that the action
of the Dual Monarchy is by no means unintelligible. The
assumption in Vienna, Buda-Pesth and Berlin was that
Russia, sooner or later, was bound to interfere; that
immediately the whole Slav world would welcome the
Russians; that Turkey, upon which country the Triple
Alliance counted much, was hopelessly powerless; and
that thus the balance of power was completely overturned.
As a result of this argument, Germany in the summer
proposed to add over 150,000 men to her army with
the colors, thus raising it to about 800,000 men, and to
increase proportionately the reserves. To carry out the
policy there is needed a large increase in the annual revenue
besides about 50 millions sterling, or not far short of 250
million dollars, for non-recurring expenditure to be raised
from the well-to-do in one great impost. France immediately
responded by restoring the three-year's military service
with the colors. And the late Cabinet proposed, in order
to do this, not only to add to the taxation, but to raise an
immediate loan of 52 millions sterling. The late Government has had to retire. The new government, however,
not only admits the necessity for a vast loan but practically
concedes that there will be an increase of taxation amounting
in round figures to about 24 millions sterling per annum.
The alarm created by the Balkan wars and all it was feared
they would lead to; the hoarding caused by so much apprehension; the decision of Germany and France to augment so
enormously their naval and military forces, and, consequently, their national expenditures; the social reforms which
were being carried out in nearly all the leading European
countries, arid the eager demand of the newer and more
backward countries for capital to develop their resources,
all led to an extraordinary eagerness to obtain loans. Owing
to the apprehensive condition of the Continent and to the
hoarding, France, which usually lends so freely and so largely,
practically refused to supply her old clients, and there
came an extraordinary rush of applications to London.
The new issues had been upon a vast scale for some years
before. As soon as the Balkans began to move in October
of 1912, the investing public in most European countries
showed a disinclination to go on lending further. Practically it was impossible when war actually broke out to
borrow considerable sums in any Continental centre. London, therefore, remained the only great market open to
borrowers, and the applications here were phenomenally
large. • They were kept in check from time to time by the
refusal of the investing public to go on lending. But the
great issuing houses and institutions were able to induce
underwriters to guarantee the success of the issues; and,
therefore, the issues continued. Very often the underwriters
had to provide the larger part of the funds required. But gradually the underwriters were relieved by new strata of investors, and so the rush of new issues continued all through the
year, interrupted for a short time now and then, but always
reviving with almost greater activity than before. The total
amount of those new issues in London alone was £245,905,588, as compared with £211,336,980 in 1912, an increase of
£34,568,609, or 16.3%. Below we give a table showing the
countries to which the money subscribed went:
TOTAL CAPITAL SUBSCRIPTIONS OF THE UNITED KINGDOM DURING
1913 AND 1912.
Inc. (-I-) or Dec.(-).
1912.
1913.
-4.0

United Kingdom

One consequence of the war, or rather the succession of
wars, was to make money exceedingly scarce and dear
throughout Europe. The utter breakdown of the Turkish
military system and the unexpected efficiency shown by
the Slav States, as well as by Greece, created very grave
apprehensions in Austria-Hungary and in Germany. The
majority of the inhabitants of Austria-Hungary are Slays,
and the majority of these are very much dissatisfied with
their lot. The Poles, hating Russia and Prussia so bitterly,
are loyal to Austria. And, except in Bohemia, the Czechs,
as a result of the sanguinary suppression of the revolutionary
movements in Russia that followed the war with Japan,
are not now as hostile as they used to be. But the Croats




49,236,982

51,294,430

-2,057,454

India and Ceylon
13ritish Colonies
Foreign countries

3,752,909
94,956,752
97,958,945

4,391,320
60,016,049
95,635,175

-638,411 -14.5
+34,940,703 +58.2
+2.4
+2,323,770

TotalIndian,Coloniald,foreign_ 196,668,606

160,042,544

+36,626,062

+22.9

245,905,588 211,336,980

+34,568,608

+16.3

Grand total

While the Balkan crisis and all that followed from it have
unhappily caused a great falling off in Continental trade, it is a very fortunate circumstance that in the United Kingdom trade continued wonderfully good. It is not, of course,
quite as active as it was. It could hardy be expected to be
so when there is so much decline elsewhere. But the falling
off is remarkably small, and even as 1913 drew to a close,evidence was given in many directions that trade had not seri-

352

ously declined. One illustration of this is afforded by the
large outflow both of coin and notes from London to'the interior. If trade had suffered much there would be clear
evidence of the fact in the declining demand for currency.
As the demand has kept up,it is pretty plain that the Christmas preparations and the Christmas trade at all events have
not in any material degree diminished. It is, furthermore,
noticeable that the places of amusement in all the great
towns have been thronged during the Christmas holidays.
In fact, if one may judge the condition of the country from
the readiness,even of the poor,to engage in amusements, one
is fully justified in saying that never,perhaps,has the condition of England, at all events, been more satisfactory.
Passing to more solid and more serious evidence, we find
our view supported by the revenue returns for the first nine
months of the financial year, or, in other words, for the last
nine months of the calendar year 1913. When introducing
his Budget last spring the Chancellor of the Exchequer estimated that the revenue would show an increase over that of
the year 1912-13 of somewhat over 6 millions sterling.
Most persons considered the estimate extravagantly optimistic, seeing how seriously the Continent had been affected
by the Balkan wars, and how even then a falling off in trade
was making itself manifest in many leading countries. As a
matter of fact, the revenue has responded surprisingly well
to the expectations of the Chancellor of the Exchequer, so
far at all events. The receipts for the first nine months of
the financial year amount to the very large sum of £121,287,657, showing a net increase over the corresponding period of
•the year before of £3,963,787, or 3.4%. It will be seen that
in the first nine months the Chancellor has received nearly
two-thirds of the increase he estimated for. It is quite
possible, of course, that there may be a falling off in the coming three months. But that is not likely, for the income tax
is assessed on the average income for the three immediately
preceding years. And the last three years unquestionably
have been amongst the most prosperous in the history of
England. Therefore the incomes assessed to the income tax
must be decidedly larger than in former years. It may be
added for the information of your readers that the bulk of the
income tax is collected in the three months ended with
March. It is quite obvious that the revenue could not keep
up as in fact it has kept up were not the condition of the
country highly prosperous.
The railway traffic returns corroborate the evidence afforded by the revenue returns. For the whole year the estimated receipts of the seventeen principal railways of the
United Kingdom amounted to £107,998,000, being an increase over the receipts of the preceding year, revised in
accordance with the Railway Act of 1911, of £4,167,000, or
4%. The Act referred to requires railway companies to
publish weekly their actual receipts from the carriage of
passengers and commodities. From Jan. 1 1913 the railway companies have revised, in accordance with the Act,
the earnings of 1912. It will be observed that such extraneous earnings as those from steamboats, hotels and the
like are not now included in the weekly returns. Of course
they will be shown when the final reports for the year are
published.
In the same way the Clearing-House returns for London
alone show that the total amounted to £16,436,404,000,
being an increase of £474,631,000, or 3%,over the preceding
year. It may be added that the preceding year was considered a phenomenal one. Perhaps these figures are more
conclusive regarding the trade of the country than those
given immediately before, for they are affected by not only
the foreign trade, but also by the Stock Exchange. It is
easy to understand that the home trade might continue
active and profitable even though the foreign trade had
begun materially to decline, and even though the activity of
the Stock Exchange had become gravely lessened. But
when we find that the Clearing-House returns in London exceded those of any preceding year, even 1912, previously
the record year, there is no doubt possible that while the
Stock Exchange was unfavorably affected by the condition
of things in the Near East, while the Continental trade was
also beyond doubt unfavorably affected thereby, and while,
furthermore, the trade with the United States, with Mexico
and with Brazil was affected both by the tariff and the currency legislation in the United States, by the insurrection in
Mexico and by bad seasons and over-speculation in Brazil,
upon the whole the over-sea trade of the United Kingdom
has continued surprisingly good and the New Year has been
ushered in with better promise than even sanguine persons




,VoL, xcvm.

THE CHRONICLE

ventured to expect a little while ago. In the first three
quarters of the year the London clearings exhibited surprisingly large increases. The last quarter showed a comparatively small decrease, a little under 373/i millions sterling.
This falling off in the last quarter suggests that the trade of
the country, taken altogether, is beginning to decline.
But the falling off is mainly due to the great depression
throughout the whole year upon the Stock Exhcange.
The total clearings for the year on Stock Exchange settling
days was £2,082,031,000, being a decline of 11.8% compared
with 1912. Moreover, the percentage of the Stock Exchange
settling days to the total turn-over of the year fell from
14.7% in 1912 to 12.6% in the past year. This is the lowest
percentage on record.
The following table shows the total clearings through the
London Clearing House during 1913 compared with 1912:
1913.
London—
Town
Metropolitan
Country
Total

1912.

Inc.(+)or Dec.(—)

14,191,275,000 13,813,447,000 +377,828,000
841,464,000 +14,384,000
855,648,000
1,389,481,000 1,307,062,000 +82,419,000

+2.7
+1.7
+6.3

16,436,404,000 15,961,773,000 +474,631,000

+3.0

Stock Exchange Pay Days_ _ _ 2,082,031,000 2,362,212,000 —280,181,000 —12.2
Consols Settling Days
781,892,000
725,293,000 +56,599,000 +8.0
Fourths of Months
862,288,000
643,156,000 +19,132,000 +2.9

If we turn from the London Clearing-House figures to
those of the principal provincial clearing houses, we find
a total increase for the year of 5.4%, Bristol being the only
instance of a decrease, while in Newcastle there is an increase
of as much as 12.6%; in Sheffield, an increase of 11.5%;
in Leicester, 10.9%, and in Leeds, 10.7%. On the other
hand, it is noticeable in the provincial as well as in the London clearings that while there was an increase in the first
half of the year of as much as 83"%,the increase in the second
half was no more than 2.4%, again suggesting that while the
falling off, no doubt, was mainly owing to the depression
on the Stock Exchange, trade as the year advanced became
less active.
Below we contrast the clearings through the ten principal
provincial clearing houses for the 52 weeks ended with
Dec. 27 1913 with those of the corresponding period of 1912:
1913.
Birmingham
Bristol
Dublin
Leeds
Leicester
Liverpool
Manchester
Newcastle
Nottingham
Sheffield
Total, 10 towns

1012.

Inc.(+) or Dec.(—).

70,323,327
75,672,466
35,637,000
35,386,000
175,058,900 169,813,300
23,669,503
26,196,389
13,561,519
15,028,267
237,919,159 234,347,144
366,510,591 342,132,583
54,488,368
61,369,262
16,785,062
18,074,885
24,199,331
26,993,804

+5,349,139
—251,000
+6,245,600
+2,526,886
+1,466,748
+3,572,015
+24,378,008
+6,880,804
+1,289,823
+2,794,473

+7.6
—0.7
+3.1
+10.7
+10.9
+1.5
+7.1
+12.6
+7.7
+11.5

1,038,209,723 984,957,137

+53,252,586

+5.4

The Board of Trade returns are in accordance with those
just reviewed. They show a very satisfactory augmentation. It is to be borne in mind, however, that the increase
is most marked in our trade with British possessions and
more particularly in our trade with India. Some new and
rising countries which are largely financed from London,
such as Argentina, likewise show large increases. But the
trade with the United States has been disappointing. Our
trade with Germany has been almost stationary. And
generally the Continental countries, having suffered much
more from the Balkan crisis than the United Kingdom, have
seen a much greater falling off in their trade; and, consequently, have not done as large a business with us as in
previous years. France, has been an exception; and Russia,
which had an exceedingly good wheat crop, has also exported
on a considerable scale. But the trade with British possessions beyond sea has shown very remarkable expansion,
more particularly as already said, that with British India.
For the first nine months of 1911 the British exports to
British India were of the value of £37,866,007. In the
corresponding period of the year just closed they were as
much as £52,308,132, an increase in two years of as much as
£14,442,125, or 38.2 per cent. It is hardly probable that
we shall do so large a trade with India in the coming year
as we have done in the closing year. In the first place,
there was a suspension of the monsoon in three great Indian
provinces; the Punjab, the United Provinces and Rajputana.
It is not expected that there will be actual famine in any
of these. But the loss of the growing crops has been very
great. There will, therefore, undoubtedly be much distress. Already, indeed, the Government is making preparations to cope with distress upon a considerable scale. Furthermore, in Bombay there had been a great outburst of enterprise in banking for some years previously. Unfortunately,

those who founded the banks and those who managed them
had no real knowledge of banking. Therefore, they engaged
in much rash business, with the result that a crisis came on
a few months ago and not a few of the new banks have had
to suspend. So far the crisis has not extended beyond the
native banks. Even so, it is a very deplorable circumstance,
for it has thrown discredit upon native banking, and thus
has checked the movement towards providing institutions
which would specially cater for the natives. Owing to this
loss of credit, and to the destruction of the crops for want
of sufficient water in three great provinces, it is to be feared
that India will be less prosperous than she has been recently,
and, therefore, will not be in a position to buy as largely.
In the home trade proper prosperity has continued
throughout the year, although prices, speaking generally,
are somewhat lower than they were at the close of 1912.
Furthermore, it is reported from all the great manufacturing
districts, firstly, that over-time is not as general as it was
twelve months ago; and, secondly, that orders are not
being booked as far forward as they were then. Still, there
is no complaint of exceptional unemployment anywhere.
There is no closing down of factories. On the contrary,
everywhere business is reported to be good. The Board
of Trade returns for December and for the whole of the year
confirm fully what has just been stated. The value of the
imports into the United Kingdom for the whole year amounted to £769,033,959, an increase over the preceding year of
£24,393,328, or 3.3 per cent. The value of the exports of
British and Irish produce and manufactures was £525,461,416, an increase of £38,237,977, or 7.8 per cent. The value
of the re-exports was £109,655,718, a decrease of £2,081,973,
or 1.8 per cent.
The complete trade figures of imports and exports into
and from Great Britain for three years are as follows:
ExportsHome products
Re-shipments of imports

EXPORTS AND IMPORTS.
1911.
1912.
1913.
£525,461,416 £487,223,439 £454,119,298
102,759,134
111,737,691
109,655,718

Total exports
Imports
Total merchandise
Excess of imports over exports

£635,117,134 £598,961,130 £556,878,432
769,033,959

744,640,631

Year

1913.
£
71,243,489
63,791,938
61,347,145
62,956,474
61,277,762
58,322,611
61,786,752
56,011,530
61,359,086
71,732,893
68,473,025
71,111,857

66,964,948
59,714,823
61,166,614
61,405,275
55,066,474
50,667,646
58,299,409
59,695,312
57,178,601
71,022,511
70,987,378
74,062,508

+4,278,541
+4,077,115
+180,531
+2,551,199
+6,211,288
+7,654,965
+3,487,253
-3,683,782
+4,180,485
+710,382
-2,514,353
-2,950,651

Per
Cent.
+6.4
+6.8
+0.3
+4.2
+11.2
+15.1
+5.9
-6.1
+7.3
+1.0
-3.5
-4.0

769,033,959

744,640,631

+24,393,328

+3.3

1912.

Difference.

The exports since Jan. 1 have been as follows:
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
Year

1913.
£
45,445,699
40,172,743
41,689,947
43,052,589
43,858,262
42,836,568
47,164,208
44,110,729
42,424,864
46,622,699
44,756,188
43,326,920

Difference,
1912.
£
£
+5,028,887
40,416,812
+2,682,414
37,490,329
40,713,971
+975,976
32,887,127 +10,165,462
38,832,475
+5,025,787
34,972,331
+7,864,237
+5,177,848
41,986,360
+332,008
43,778,721
-779,605
43,204,469
48,333,982 --1,711,283
+1,397,801
43,358,387
+1,867,882
41,459,038

525,461,416 487,223,439

+38,237,977

Per
Cent.
+12.4
+7.2
+2.4
+30.9
+12.9
+22.5
+12.3
+0.8
-1.8
--3.5
+3.2
+4.5
+7.8

The re-exports of foreign and colonial produce since Jan. 1
show the following contrast:
Re-exportsJanuary
February
March
April
May
June
July
August
September
October
November
December

1913.
£
10,705,951
10,746,251
9,733,223
10,058,720
9,370,315
8,541,117
8,311,343
8,150,499
6,853,013
9,556,144
8,000,619
9,728,523

1912.
£
9,594,626
10,724,619
10,866,706
10,084,058
10,825,163
5,738,549
7,093,669
9,957,760
8,034,788
10,044,724
9,631,336
9,241,907

Difference.
£
+1,111,325
+21,632
--1,233,483
-25,338
-1,454,848
+2,802,588
+1,217,674
-1,807,261
-1,181,775
-488,589
-1,630,717
+486,616

Per
Cent.
+11.6
+0.2
--11.4
-0.2
-13.4
+48.8
+17.1
-18.1
-14.6
-4.8
-17.0
+5.3

109,655,718 111,737,691
-2,081,973 -1.8
Note.
-The aggregate figures are official. They indicate that slight adjustments
as issued.
have been made in the monthly returns
Year

BANK OF ENGLAND IN 1913-(00,000s emitted).
Note
Circiliation,

1913.

£
29,2
28,6
28,1
27,7
27,8
28,1
27,7
27,8
27,7
28,1
27,9
28,5
28,2
29,0
28,7
28,4
28,4
29,0
28,9
28,6
28,4
28,2
28,6
28,4
28,2
28,6
29,6
29,6
29,4
29,4
29,8
29,9
29,6
29,3
29,2
29,4
29,0
28,7
28,6
29,6
29,2
28,8
28,7
28,7
28,7
28,5
28,4
28,4
28,8
28,6
28,8
29,4
29,6

1
8
15
22
29
Feb 5
12
19
26
Mar.5
12
19
26
April 2
9
16
23
30
May 7
14
21
28
June 4
11
18
25
July 2
9
16
23
30
Aug. 6
13
20
27
Sept.3
10
17
24
Oct. 1
8
15
22
29
Nov.5
12
19
26
Dec 3
10
17
24
31

Jan

Market
Securities. Reservc
Deposits.
lullion
Rate
Bank
61
n both
Notes Rate. t Menthe
(JovDeBank
part- Public. Other. ern- Other, and
Bills.
Coin.
meat.
melds.
£
£
14,2
31,3
9,8
33,4
10,7
35,3
13,9
35,8
16,5
36,4
18,3
36,2
37,0 20,9
37,7 23,5
23,5
37,7
24,6
37,5
26,7
37,4
25,6
36,9
26,1
36,5
21,1
36,3
16,1
37,1
15,8
37,9
15,7
38,2
37,8
15,7
36,9
14,2
36,4
13,6
13,9
37,7
13,8
37,7
13,7
37,6
13,8
37,8
15,1
38,5
38,4
18,0
37,0
14,7
37,4
10,7
38,2
10,4
38,7
11,5
39,3
10,9
39,0
9,3
41,1
9,3
42,3
10,3
43,1
9,9
43,2
9,5
9,0
42,4
9,6
42,0
10,2
40,7
37,6
9,7
35,7
6,0
5,3
35,9
5,9
36,8
8,7
37,4
7,1
36,8
36,7
9,6
10,6
36,8
9,7
37,4
7,7
36,6
7,9
36,6
8,0
35,4
9,4
33,1
10,3
35,0

£
52,9
41,8
41,5
39,3
40,6
38,2
39,7
37,7
41,7
40,5
40,5
40,6
41,3
40,3
43,4
42,4
41,2
39,6
38,8
38,5
40,7
39,7
38,7
40,1
40,9
41,3
46,6
41,1
40,7
40,0
40,8
39,8
42,2
43,2
44,4
44,5
43,6
42,6
41,9
39,8
41,2
41,8
41,3
41,1
42,4
38,4
38,2
40,7
39,9
39,5
37,5
42,1
61,1

£
14,8
13,7
13,0
13,0
13,0
13,0
13,0
13,0
13,0
13,0
13,0
13,0
13,0
13,0
13,0
13,0
12,9
12,9
12,9
12,9
12,8
12,8
12,8
12,8
12,7
12,7
12,7
12,7
12,7
12,7
12,7
12,7
12,4
12,4
12,4
12,4
12,4
12,4
12,4
13,3
14,5
14,5,
13,5
11,8
11,8
11,8
11,8
11,2
11,2
11,2
11,2
11,2
13,2

£
49,6
32,7
31,6
31,8
35,0
35,0
37,9
37,9
41,9
42,5
44,6
44,8
46,0
41,1
37,5
35,1
33,5
33,0
31,5
30,9
31,9
30,7
30,0
31,0
32,4
36,2
40,7
30,8
29,1
29,1
29,2
27,0
27,2
27,8
27,6
27,6
26,5
26,3
27,6
28,2
25,5
24,8
24,9
28,6
29,0
27,3
28,0
29,6
27,9
27,5
27,0
35,9
52,1

E
5
20,5
__
23,2
__
25,6
__
28,6
_
27,1
__
26,6
__
27,7
28,4
-....
28,4
__
27,8
__
27,9
__
26,8
__
28,7
__
25,7
26,8_
27,9 4kb
__
28,2
__
27,2
__
26,4
__
26,2
__
27,8
__
27,9
__
27,4
__
27,9
__
28,7
__
28,2
__
25,8
__
26,2
__
27,3
__
27,7
__
27,9
27,5
__
29,9
__
31,4
__
__
32,3
__
32,2
_
31,8
__
31,8
30,5
26,4
Sc
24,9
__
25,8
_.
__
26,6
__
27,1
__
26,5
26,6
__
26,9
-__
27,4
26,3
__
26,5
__
25,1
__
22,2
__
__
23,8

%
4 9-16
4 7-16
4 9-16 ,
434
4%
4 11-16
4 13-16
434
434
434
4 15-16
434
434
434
4%
334
334
334
3 11-16
334
33(
3 11-16
4
4 7-16
4 5-16
4 5-16
434it
4 5-16
4
4
4
3%
413-16
334
3 11-16
334
334
3116-16
434 k J
434 •,r,
4% LA
434
434
5P
715-16
4
.
43-4
,
5 viZ
434
4 13-16
434
1
434
4 13-16
4 11-16

a Date at which rate was made, Oct. 17 1912; b April 17 1913; c Oct. 2 1913.
BANK OF ENGLAND HATE OF INTEREST.

680,157,527

£133,916,825 £145,679,501 £123,279,095

The British imports since Jan. 1 have been as follows:
ImportsJanuary
February
March
April
May
June
July
August
September
October
November
December

353

THE CHRONICLE

JAN. 31 1914.]

'

Rate Number
% of days.

Year.

1904.
Ian. 1 to Apr1114
4pr11 14 to April 21
kpril 21 to Dec 31
Year's average

4
105 days
7 days
334
254 days
3
3.29 366 days

1905.
1 to Mch. 8
Tan
Slob. 9 to Sept 6
3ept. 7 to Sept. 27
3ept. 28 to Dee. 31
Year's average

Rate Number
% of days.

Year.
1909.
Jan. 1 to Jan. 13
Jan. 14 to Mar. 31
April 1 to Oct. 6
Oct. 7 to Oct. 13
Oct. 14 to Oct. 20
Oct. 21 to Dec. 8
Dec. 9 to Dec. 31

234 13'days
3
77,edays
234 189;days
3
7 days
4
7 days
49Fdays
5
434 23tdays

87 days
3
2% 182 days
3.10 365days
Year's average
21 days
3
1910.
4
95 days
434
5 days
,
365 day Jan. 1 to Jan. 5
3
14 days
4
Jan. 6 to Jan. 19
Jan. 20 to Feb. 9
334 21 days
1908.
35 days
3
Ian. 1 to April 5
4
95 days Feb. 10 to Itch. 16
77 days
4
kpril 6 to May 3
334 28 days Itch. 17 to June 1
7 days
334
Way 4 to June 21June 2 to June 8
days
49
4
au days
3
June 9 to Sept. 28
rune 22 to Sept. 13
84 days
334 2 day Sept. 29 to Oct. 19
4
21 days
,
4
8
3ept. 14 to Oct. 11
42 days
5
8 days Oct. 20 to Nov. 30
Dot. 12 to Oct. 19- - - - 5
434 31 days
6
73 days Dec. 1 to Dec. 31
)ct. 20 to Dec. 31
4.27 365 days
Year's average
3.72 365 days
Year's average
1911.
1907
Jan. 1 to Jan. 25_ .... 4% 25 days
17 days
6
ran. 1 to Jan. 17
4
21 days
Feb. 16.
84 days Jan. 26 to Itch. 8
5
Fan. 18 to April 11
to
Feb.
334 21 days
4% 14 days SNiepch. 16 to Sept. 2 _ ___. 3
tprIl 12 to April 25
0
196 days
9
112 days
4
twit 26 to Aug. 15
4
102 days
t.21 to Dec. 31_
4% 77 days
tug. 16 to Oct. 31
4 days
lov. 1 to Nov. 4
5%
3.47 365 days
Year's average...
3 days
6
klov. 5 to Nov 7
1912.
54 days
7
goy 8 to Dec. 31
.
4
38 days
7
1
4.92 365 days Jan. 8 to Feb. 8
Year's average
to May
Feb
334 91 days
112 days
3
May 9 to Aug. 28
49 days
4
Aug. 29 to Oct. 16
1908.
76 days
5
7
2 days Oct. 17 to Dec. 31
an. 1 to Jan. 2
14 days
an. 3 to Jan. 16
6
3.77 366 days
Year's average
an. 17 to Jan. 23
7 days
5
1913.
42 days
an 24 to Itch. 5
4
108 days
5
3% 14 days Jan. 1 to April 16
,ich. 6 to Mels. 19
434 168 days
Jen. 20 to May 28
70 days April 17 to Oct. 1
3
91 days
5
234 217 days Oct. 2 to Dec. 31
lay 29 to Dec. 31
4 '77 2Ric 'love
'
VPIIT a swerswe
2 Al 2aft A;kVA
_
Vplien ilvpraze
PRICE OF SILVER FOR THREE YEARS.

Low.

1911.

1912.

1913.
High.

Aver.

High.

Low.

Aver.

High

1 Lew.

Aver.

I

d.
434
4 1-16
45-16
4 19-32
4 19-32
4 15-32
4 9-32
4 342
4 7-32
4 19-32
521-32
5 1142

d.
d.
d.
d.
d.
d.
d.
d.
2434
285-16 28 3142 26 13-1625 1-16 2534
2534
Jan 2934
27 3-16 4 7-16 23 11-16
Feb 28 13-1627 1-16 28 11-32 2734
263(
0434
2434
Me 277-16 261-16 28 21-32734
2611-1626%
26 11-1627 9-32 4 15-1624 5-16
Apr 28 1-16 26 7-16 27 13-3 8
27 11-1628 1-32 4 11-1624 7-16
2713-16 834
M'y 28 3-16 2734
,24 5-16
273-16 8 9-16 27 15-16 28 7-32 4%
J'ne 27 11-16 2634
27 29-32 4 7-16 /3 15-16
26 13-1 7 1-16 83-16 2734
July 2734
24 3-16 24
27 9-16 2834
Aug 27 9-16 27 3-16 27 11-32129%
Sep 28 11-1627 7-16 27 31-32129 7-16 28 13-1629 1-16 24 5-16 2434
29 9-32 25 3-16 24 3-16
29
28 3-32 954
Oct 28 7-16 2734
25
63-4
28 13-1629
2934
Nov 27 11-1626 7-16 2734
29 5-16 5 11-16,25 1-16
25 15-1626 23-32F29 11-1628%
Dec 2734

The total imports of gold coin and bullion during the year
was £59,533,549, an increase over the preceding year of
£6,844,668, or 13 per cent. On the other hand, there was
decrease in the case of silver. The total of all kinds
amounted to £14,495,049, a decrease of £2,283,255, or 13.6
123 11-16 4 19-32
25 15-1627 19-32129 11-1625 1-16 28 142 2634
Y'r 29%
per cent.
The appended table, made up from the official statements
From the agricultural point of view,1913 has been afavorof the Bank of England, shows the position of the Bank as
able year-more favorable than many preceding it. The
regards bullion, reserve, &c., each week of the year:




354

iTHE CHRONICLE

principal drawback was the wetness of the preceding autumn,
which hindered farmers from getting in winter crops. Especially, there was a considerable falling off in the acreage
of land laid down to wheat. 1913 itself was an exceptionally
fine year. Much cooler than its immediate predecessor,
it was yet dry and sunny. During July and August there
were compalints of drought, especially in the south and east
of England. But upon the whole not much damage was
done. The crops were harvested in exceptionally fine
weather, and,speaking generally, were got in in excellent
condition. The weather broke just at the end of August
and for some time in September rain threatened to injure
the crops. Nevertheless, very little damage was done.
Throughout the earlier parts of the United Kingdom almost
all the crops had been gathered, and as the weather cleared
up again after a short interval the remaining crops were all
secured in fairly good condition. At one time, owing to the
drought, fears were entertained by farmers that the green
crops of all kinds would be short; and that, consequently,
the keep of cattle would involve much expense. Happily,
the rains of September prevented that, and although the
autumn generally was fine, enough of rain fell to make the
pastures and the green crops •prosper luxuriantly. All
through the year, therefore, the expenditure of farmers was
kept down almost to the minimum, the weather proving so
generally favorable. Wages did not vary very much, and
though the large emigration of the year, especially the
emigration to Canada, made labor scarce in many rural districts, the weather was so generally propitious that there
has been much less complaint than usual of either the
scarcity or the cost of labor. Moreover, the favorable
change in the weather in September, and the consequent
success of the green crops, made cattle farming profitable.
There have been good prices all through the year, both for
grain and for cattle of every kind. Upon the whole, it may
safely be said that 1913, from the point of view of the farmer
in the United Kingdom, has been one of the most prosperous
of recent years.
The cotton trade has been very active and very prosperous
during 1913. Unfortunately the prospect just at present
is not as bright as might be wished. This is very largely
due to the condition of things in India, which previously had
a long succession of exceedingly prosperous years. It is
to be recollected that nearly 90 per cent of the population
of India is dependent, either directly or indirectly, upon
agriculture. Consequently, abundant rains always bring
prosperity, while a failure of the monsoon whenever it
occurs, means distress, if not actual famine. The consequence of the exceptionally long succession of good years
was that the peasantry everywhere were more in funds than
usual; that traders, therefore, imported cotton from Lancashire on a vast scale; and that, as happened in 1907, just
when the crops were growing,there came a partial stoppage
in the monsoon. Happily, the stoppage occurred only in
three great provinces this year whereas in 1907 it was very
general. Still, the consequences of the stoppage of the monsoon in the Punjab, Rajputana and United Provinces
have been aggravated by the crisis in banking in Bombay
and its neighborhood; the loss of credit by native bankers;
and the difficulty, therefore, of the very small man to get
banking accomodation. There has, as a result, been congestion in the cotton trade, and it is to be feared that Lancashire will feel the consequences for several months to
come. Already, it is said, the Spinners' Federation has
sounded its members on the subject of organized short-time.
It is quite true that spindles are, for the most part, fully
engaged. It is said, moreover, that in some places, such as
Burnley and Blackburn, there are stoppages, the latter being
very much dependent upon India for orders. For the year
ended with November the net profits of one hundred typical
cotton-spinning companies were £539,880, against £558,450
last year, and the average dividends 8 per cent, against
7 1-5 per cent. The actual profits have this year amounted
to £14 12s. 6d. per cent on the paid-up share capital and in
1912 to £15 6s. Od. per cent. The reserves at the end of
this year show an increase compared with twelve months
ago of £113,300. Mr. John Kidger, who makes up the
table, estimates that on the whole capital employed, share
and loan, the profits this year amounted to £10 9s. Od.per
cent against £10 16s. id. in 1912. It may be added that the
8 per cent dividend paid this year is the fourth best during
the past thirty years.
The quantities and values of textile exportsfrom Great
Britain for the last three years are given in the following table:




[VOL. xcirzt)
EXPORTS OF TEXTILE FABRICS.

Year's Exports.
Quantities.
Cotton yarn
Piece goods
Jute yarn
Piece goods
Linen yarns
Piece goods
Woolen yarn
Woolen tissues
Worsted tissues
Values.
Cotton yarn
Piece goods
Jute yarn
Piece goods
Linen yarn
Piece goods
Woolen yarn
Woolen tissues
Worsted tissues

1913.

1912.

1911.

—
lbs_ 210,175,500 243,850,400 223,834,400
yds_ 7,075,558,400 6,912,919,700 6,653,672,300
lbs_
41,974,500
53,458,100
49,326,100
yds_ 172,386,000 161,802,900 149,415,700
lbs_
16,337,300
17,685,800
18,012,800
yds_ 193,695,500 213,085,400 193,829,200
lbs_
54,727,500
63,025,600
65,374,800
yds.. 105,957,100 100,530,000
97,717,300
yds_
62,511,900
72,136,200
78,494,900
£
£
i
15,007,017
16,222,150
15,663,435
97,820,623
91,624,257
90,512,899
781,125
859,555
704,145
3,065,062
2,442,064
2,044,840
1,215,446
1,269,041
1,220,309
5,967,766
6,120,526
5,641,838
5,461,797
5,899,369
6,477,189
14,104,412
14,466,625
13,302,873
6,713,602
6,187,789
7,124,492

In the first half of the year just closed the demand for raw
wool was keen and prices generally advanced. The peace
negotiations in London at the opening of the year led to the
hope that hostilities would be immediately suspended; that
the apprehensions everywhere existing of an extension of the
war would thus be dissipated; and that there would be, in
consequence, an outburst of new enterprise. Furthermore,
it was expected that the revision of the tariff in the United
States would lead to a great increase in the American demand
for raw wool. All these anticipations were disappointed.
The war in Southeastern Europe continued for half the year.
The hoarding of money increased rather than fell off. Apprehensions became keener. And in conseqence the
Continental demand at the London Wool Sales was very
slight. The American demand, too, fell off instead of
increasing. Still Yorkshire was buoyed up with the hope
that the end of the great strike would lead to a fresh outburst of good trade. Moreover, the home demand for
woolen goods was well maintained. Nevertheless, the succession of strikes in the trade had an unfavorable effect upon
manufacturers. Business was pushed too far, and in their
eagerness to supply immediate demands manufacturers somewhat neglected improving their business. Consequently,
about the middle of the year there were clear indications that
the boom which had lasted so long was coming to an end.
The end was hastened by further strikes in the trade, by
the scarcity and dearness of money and by the keen and
sudden competition of French manufacturers. In Roubaix
there had been depression for a considerable time which had
been greatly increased by the Balkan War. The Roubaix
.
manufacturers were so much impressed 1::•37 the great activity
of Yorkshire that they sent over delegates to study why
Yorkshire was doing so well while they .themselves could
hardly pay expenses. The report of the delegates did not
throw very much light on the subject. Meanwhile, however,
the Roubaix manufacturers had improved their machinery,
and had taken pains to manufacture in a more artistic manner. When, therefore, the activity of Yorkshire began to
decline in the summer, Roubaix pushed its goods very vigorously and as, owing to the succession of strikes, orders in
Yorkshire had not been fulfilled in time, merchants turned
to Roubaix and bought freely. The result told heavily
upon Yorkshire. Furthermore, it is to be recollected that,
owing to drought, there had been a falling off in the production of wool in Australia, particularly of merino. Consequently, the price of the raw material shot up very considerably. The receipts of wool, moreover, from Argentina were
shorter than in recent years. The consequence was that
Yorkshire found the prices of the raw material too high under
the circumstances then prevailing. And, therefore, as the
year advanced, the activity of trade declined. In the last
two months prices of all manufactured goods fell sharply.
Even the raw material at the later auctions declined. The
fall in merinoes, however, was only about 232 per cent;
in crossbreds it was as much as 10 per cent and in medium
qualities 123/i per cent.
The year just closed was probably the most prosperous in
shipbuilding that has ever been known in this country.
The two preceding years were wonderfully good. But they
were left behind by 1913. Everywhere the activitywas
remarkable, but it was greatest of all on the Clyde. Yet
it is said by shipbuilders that their profits were actually
smaller than in many years when the orders received by them
were very much less. They allege that the costs of every
kind were so high that the profits were unduly reduced.
Some companies which do nothing but build ships have, in
fact, paid no dividends, and others have paid reduced dividends. But where steel-making and armor-plate manufacture are combined with shipbuilding, not only has the

JAN. 311914.]

activity been phenomenal, but the profits have been exceedingly high also. In the United Kingdom, taken altogether,
there were launched during the year 1,474 vessels,showing
an increase over the preceding year of 120 vessels, or 8.8
per cent. The tonnage was 2,263,933, showing an increase
of 183,762 tons, or also 8.8 per cent. The engines, with
2,661,260 horse-power, show an increase of 388,994 horsepower, or 17.1 per cent. According to a Scotch authority,
the United Kingdom produced about one-third of the total
number of vessels launched during the year, while in ton
measurements the United Kingdom exceeded all other
countries combined by nearly 320,000 tons; and in horsepower the excess was about 420,000 horse-power. The
British vessels, if this statement is correct,it will be seen,were
enormously larger than the foreign. The Clyde, as usual,
led the way. It turned out 756,976 tons of new ships, the
greatest tonnage ever recorded. Going back only six years,
to 1907, the total tonnage turned out in that year did not
exceed 600,000 tons, so that in six years the tonnage has
increased nearly 157,000 tons, or 26.1 per cent.
In no branch of business has prosperity been greater or
more manifest than in the coal trade. It is universally
admitted that prices have been exceptionally high; and that
the quantity turned out has been unprecedentedly large; and
although there has been much unrest amongst the workers
there has been no serious strike; nor, indeed, any real fear
of a formidable strike except in South Wales. Throughout
the Midlands, the North of Englands and Scotland employers and employed have managed to work on in a friendly
spirit, although there has been much complaining on both
sides. The official returns are not yet published. But,
judging from the unofficial reports of all kinds,the outturn
for 1913 was the largest in the history of the country. This
was due, partly to the draft made upon stocks by the great
strike early in 1912, and to the dissatisfaction of the miners
with the awards under the Minimum Wage Act. The miners
everywhere complain that the arbitrators leaned too much
towards the employers; that they did not take into proper
account the increased cost of living; the hardships of working
so far underground; the comparative stationariness of their
wages; and that, therefore, although there has been an
improvement in their position,it is not a sufficient improvement. In fact, there appears to be no doubt that there is
been a scarcity of labor in the greater part of England and
Scotland. In these districts, though there was no serious
trouble, large numbers of men sought employment in other
occupations or emigrated. The employers themselves are
unanimous that labor was exceptionally scarce during the
year. The demand, on the other hand, was unprecedented,
due partly to the extraordinary prosperity and activity of
trade all the world over; to the fierce competition of the
nations in naval affairs; and to the conviction that the boom
had lasted so long that it could not be expected to last very
much longer, and, therefore, all the employers were anxious
to take the utmost possible advantage of it while it continued.
South Wales differed from the rest of the country inasmuch
as the discontent there was far louder and far more serious.
No very great strike occurred. But there were innumerable
partial strikes. The miners complain even more loudly
than those elsewhere of the decisions under the Minimum
Wage Act, and as the year drew towards a close, preparations
were being made for a general strike. Moreover, the terrible
accident at Senghenydd made an exceptionally great impression upon the minds of the Welsh miners generally.
The mine is said to have been as well equipped as any in
the country and that every precaution had been taken in it
to guard against such a catastrophe. Therefore, when
every effort to put out the fire failed in spite of the most
heroic efforts on the part of men and employers, the impression made was very great. Large numbers of miners, it is
said, gave up their employment to seek work in other directions, and still larger numbers are reported to have emigrated. The discontent of the men; the strained relations
between employers and employed; the impression made by
the Senghenydd accident, all tended to check production.
Yet, if the reports from the principal mining districts, even
in South Wales, are to be trusted, the outturn was larger
than in any year hitherto. Prices also were kept up well,
and though as the year drew to a close there were many
indications that the great prosperity of trade was declining,
still to the very end the demand for coal, and more particularly for steam coal, showed exceedingly little abatement.
The experience of the iron trade has not been so satisfactory as that of the coal trade. At times everything
At other times they looked
looked most encouraging.



355

THE CHRONICLE

gloomy in the extreme. Upon the whole, however, though
there have been many disappointments, and in some cases
heavy losses, the year has been a prosperous one. To begin
with, it was free from any great strike-even from any
serious quarrel between employers and employed. Furthermore, whereas 1912 had suffered from a prolonged strike,
and prices tended upwards, after the strike prices in 1913
continued to go up for some months. But for the greater
part of the year they tended downwards. One other circumstance is to be borne in mind which qualifies the conclusion that otherwise might be drawn. In 1912 the steady
rise in prices for most of the year gave a general impression
that realized profits must have been better than iron-masters
admitted. People who so argued forgot that the ironmasters were for a good portion of 1912 working out orders
placed at much lower quotations in 1911. Therefore, quoted
prices throughout 1912 were always considerably higher
than the prices actually realized by the manufacturers. In
1913 the case was reversed. The books of most iron-masters
were filled with orders placed at steadily rising quotations
during the second half of 1912. Therefore, the losses were
nothing like what they would seem to be were one to judge
by the steady fall that went on for so many months. The
real fact was that the old orders, which were being worked
off during so large a part of the year, gave very. handsome
profits, and that it was not until the later months of the year
that the effect of the fall was really felt. The chief trouble
experienced in the trade was from the fierce fight between
the "bulls" and the "bears". In the spring the latter came
to the conclusion that the high prices were not justified; that
the Balkan crisis, the hoarding of money upon the Continent
and the general fear of war would certainly cut short the
boom in trade. Therefore, they sold on an immense scale.
On the other hand, important merchants, who were well
established and who took a favorable view of the situation,
bought on a correspondingly great scale. The struggle went
on for several months. In the end the failure of a firm tha
had been, widely and honorably known for many years
created alarm amongst the "bulls" and prices fell ruinously!
For some time, therefore, the outlook of the trade was black
enough. But the real inner condition was not as bad as the
appearances implied. There had been good business done
through far the greater part of.the year. That this was so
was proved by the recovery which set in at the end of the
summer and the general opinion in the trade is that though
41.e second half of the year was entirely disappointing, the
whole of 1913, taken together, marks it as a fairly prosperous
one.
EXPORTS OF IRON AND STEEL .FROM GREAT BRITAIN.

.Pig Iron.
1913
1912
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
1900
1899
1898
1897
1896
1895
1894
1893
1892
1891
1890
1889
1888
1887
1886
1885
1884
1883
1882
1881
1880
1879
1878
1877
1527A

Rails.

Other
Descriptions.

Total.

Tons.
1,129,048
1,267,188
1,209,113
1,210,728
1,140,695
1,296,521
1,943,939
1,665,809
982,876
810,934
1,065,380
1,102,566
839.182
1,427,525
1,380,342
1,042,853
1,201,104
1.060,165
866,568
830,985
840,294
767,053
840,055
1,145,268
1,190,371
1,036,319
1,158,174
1,044,257
960,931
1,269,576
1,564,048
1,758,072
1,480,196
1,632,343
1,223,436
924,646
881,442

Tons.
508,771
. 411,625
375,296
482,327
580,215
452,521
429,161
460,328
546,569
525.371
604,078
716.210
572,724
463,731
590.667
609,403
782,045
747,662
457,552
425,242
558,375
468,003
702,247
1,035,431
1,089,892
1,020,002
1,011,779
739,651
714,276
728,540
971,165
936,949
820,671
693,696
463,878
441,384
497,924

Tons.
3,297,384
3,128,715
2,931,496
2.894,954
2.489.889
2,347,479
2.779,127
2,556,063
2,191,937
1,927,171
1,895,145
1,759,248
1,485,813
1,649,433
1,746,171
1,592,094
1,702,957
1,782,571
1,511,421
1,393,771
1,457,905
1,504,223
1,697,844
1,820,731
1,905,919
1,910,242
1,973.075
1,605,289
1,455,475
1,497,4.39
1,508,095
1,658,531
1,517,458
1,466,055
1,196,170
933,193
965,285

Tons.
4,935,203
4,807,528
4,515,905
4,588,009
4,210.799
4,096.521
5,152,227
9,682,200
3,721,382
3,262,842
3,564,601
3,579,104
2,897,719
3,540,689
3,717,180
3,244,360
3,686,106
3,550.398
2,835,541
2,649,998
2,856,574
2,739,279
3,240,146
4,011,430
4,186,181
3,966,583
4,143,028
3,385,197
. 3,130,681
3,495,991
4,043,308
4,353,552
3,820,315
3,792,993
2,883,484
2,296,880
2,346,370

°mom

414AM

ROA non

2 224

am

THE HEARINGS ON THE APPLICATION OF THE
EASTERN ROADS FOR HIGHER RATES.
A decision handed down by the Inter-State Commerce
Commission in the "tap-line" cases deals incidentally with
the application of the Eastern roads for increased freight revenue. The Commission holds as unlawful the practice of the
roads in Official Classification Territory of hauling free to
the main line the products of industrial concerns, "because
they are rebates in fact and effect, and also give undue and

356

THE CHRONICLE

(Vot. xcvni.

unreasonable preferences and advantages to the industries would, if charged for on a reasonable basis, increase the revenues of the
carriers by many millions annually. The practical immunity from deso favored, and work undue and unreasonable prejudice murrage charges enjoyed by those industires in consequence of these pracand disadvantage to shippers in the same business who do tices is also a very substantial item.
A statement dealing with the above opinion of the Internot receive any such allowances or rebates and who do not
receive the benefit of any such services." The cost to the State Commerce Commission was given out by Samuel Rea,
line carriers of these contributions in money and services President of the Pennsylvania RR.,on the 28th, as follows:
It should be clearly understood by the public that
per diem, reclaims and demurrage exemptions, the Com- Inter-State Conunerce Commis:sion published to-day the decision of the
concerning allowances
mission says, has been estimated at $15,000,000, and this to short lines of railroad serving industries does not contain any suggestion that the practices detailed therein constituted secret rebates.
it regards as conservative.
The rates covering the allowances by the
Reverting to the pending application of the roads for an lines have been published and are on file railroads to these short industrial
with the Inter-State Commerce
advance in freight rates, the Commission alludes to the in- Commission, and were and are, therefore, a matter of public record.
The Commission itself, in the full opinion, makes this statement:
treatment
terest of the public in according fair and equal
"It is proper to say that the whole matter was voluntarily brought to
to the carriers, but says that "if further burdens through our attention, by certain of these industries and the line railways which
an increased scale of rates may justly be imposed on the gen- serve them.
"The demands of plant railways for larger allowances, the increasing
eral public,all must agree that unlawful concessions,rebates
incorporating railroad companies to take
number of industries
and preferences in the interest of a small proportion of the over the operation ofthat were tracks and locomotives with a view to
their plant
shipping public ought to be eliminated from the practices demanding allowances, and the growing volume of complaint against the
of the carriers." A more detailed account of the Commis- discriminations arising out of these relations between the line carriers and
and informal rulings
industries so favored, together with certain
sion's conclusions, written by Commissioner Harlan, is thethe Commission in other cases, had combinedformal a doubt on the part
to raise
by
furnished in the following extracts:
of the carriers and the industries as to the legality of these allowances and
A full understanding of these matters, resulting from a careful examination of the record, impresses us with the inherent unlawfulness of this relation between large industries and the line carriers, built up upon the fiction
that their plant railroads are servants of the shipping public, and, therefore,
perform a service of transportation for the proprietary industries for which
they may be compensated by the line carriers out of the rates. The practice has grown step by step until by reason of the immense drain upon the
revenues of the line carriers it has now become a burden of substantial proportions upon the general shipping public. The primary purpose of the
Act to regulate commerce, as the courts have often said, was to strike down
undue preference an'l favoritism, and a large part of our labors is devoted
to complaints of this nature. The cast to the line carriers of these contributions by them in money and services per diem, reclaims and demurrage
exemptions, to the few favored shippers shown on this record does not
appear. It has been estimated at not less than $15,000,000 a year, and
this we regard as conservative.
As we have just indicated, these practices were not suddenly devised in
their present form, but are more or less the result of a process of development. The traffic of these industries is so enormous as to make it a facile
instrument for forcing concessions out of the line carriers; and when one
line has yielded to these influences, the others serving the same industry
must necessarily pay the same price or lose their share of the tonnage
pffered for carriage by the industry, In that manner the practice has
spread from industry to industry; and the varying forms by which it is
surrounded and under which it is conducted at the different plants are
simply a cloak and device to give it the color of legality.
It was admitted of record by counsel for many of the more important
of these iron and steel companies that the trunk lines would be entirely
within their legal rights if they abandoned the allowances now being paid
o some industries and abandoned the services now being performed withou
charge for other industries. What we decide upon the testimony adduced
is that these practices are unlawful in themselves because they are rebates,
In fact and in effect, and also give undue and unreasonable preferences and
. advantages to the industries so favored and work undue and unreasonable
prejudice and disadvantage to shippers in the same business who do SO
receive any such allowances or rebates and who do not receive the benet.i,
of any such services.
And we hold, further, upon the record that the form in which these plant
facilities are organized and operated is an unlawful device adopted by the
industries for the purpose of securing rebates from the published rates and
rebates in service and other undue and unreasonable advantage forbidden
by law.
Indeed, the vary careers that are augmenting their expense accounts and
dissipating their revenues in this manner, to the extent of many millions
of dollars a year and for the benefit of a comparatively few shippers, are
now complaining that their present earnings are insufficient, and on that
ground have asked our permission to make a substantial increase in their
general rate schedules. In that sense the proposed advance in rates has a
certain very definite and immediate relation to this proceeding.
In this general connection it may safely be assumed that no substantial
part of the well-informed and reflecting public would deny to the owners
of the railroads of the country a reasonable return on their investments;
nevertheless, before they may fairly ask the general public to share further
In carrying their burdens, it is manifest that the railroads must themselves
properly conserve their sources of revenue by making every service rendered
by them contribute reasonably to their earnings.
This having been done, the Commission upon an adequate showing of
the need of additional revenue will not shrink from the responsibility of
sanctioning such measures, including even a general advance in rates, as
may be required to bring reasonable prosperity to railroads, so far as this
may be accomplished under rates and charges that are reasonably just alike
to shippers and to carriers.
Aside from the right of the owners of the property so devoted to the
use of the public to receive from the public a reasonable return on their
investments, it is of profound importance to the public, in its own interest, to accord fair and equal treatment to the owners of railroads, for
upon no other basis may we continue to look to private capital for the further development and extension of our railroad facilities. The general public interest is therefore, advanced in a very direct way by the reasonable
success of railroad investments under rate schedules that reasonably respect
the rights of shippers.
But if further burdens through an increased scale of rates may justly
be imposed on the general public, all must agree that unlawful concessions,
rebates and preferences in the interest of a small proportion of the shipping
public ought to be eliminated from the practices of carriers. It is therefore
appropriate, as is also our duty on general grounds, to examine carefully
into the legality of the allowances, free services, per diem and demurrage
concessions of the character disclosed on the record before us, by means
of which the revenues of the carriers are so heavily taxed and their net
earnings so largely impaired; and we now take up the consideration of that
question with a full appreciation of its far-reaching importance.
The exact amount of the loss to the carriers resulting from such allowances and free services does not appear from the record, but the evidence
established the fact that the depletion of their revenues through these
practices is very great.
The amount paid in allowances and reclaims is large, and the services
rendered free by the line carriers to a relatively few favored industries




free service."
The entire situation was laid before the Commission by the railroads
and industries involved three years ago, no method of solving the peculiarly
complicated questions involved having been worked out by the carriers
and the industries, who had for many years previously recognized that a
more definite and systematic treatment of the whole problem was necessary.
In the briefs filed on this subject on behalf of the Pennsylvania, the
New York Central, the Baltimore & Ohio and the Erie Railroad systems,
the following suggestion was made by the railroads themselves:
"The payment of any allowance for the performance of this service inevitably creates suspicion, gives rise to complaints, and the only way
effectually to deal with the problem is to abolish all allowances for the performance of this service, either by the industry itself or the industrial
railroad."
There was no secrecy about any phase of the subject. The effort of all
concerned was solely to obtain the assistance of the Commission in removing
an honest doubt on the part of the railroads and the industries affected as
to the proper policy to be pursued.

The decision was also commented upon approvingly by
Daniel Willard, President of the Baltimore & Ohio RR.,
whose views on it are outlined as follows:
"As Mr. Rea has clearly pointed out, the allowances which the Commission declares must cease were in every case set forth in the published
tariffs on file with the Commission. The Commission itself mentions that
the railroads began to make many of these allowances to industrial railroads
before the Inter-State Commerce Act was passed. After the law had
been passed and subsequently amended, both railroad companies and
shippers realized that these allowances might be regarded as illegal, and
about three years ago they united to present the matter to the Commission
for a decision.
"Naturally the railroads are pleased with the decision, but it should be
remembered that if It means an increase in railroad revenues, as the
Commission estimates, of $15,000,000 somebody will have to give up that
much. Those who have to will probably not like the effect of the decision
as well as we do and may be expected to take steps to recoup themselves,
possibly by asking the Commission to reduce its rates in proportion to the
allowances formerly made. What they do in this direction and what the
Commission will say to their plea remain to be seen."

The heavy burdens placed upon the railroads through the
enactment during 1913 of numerous laws affecting them
formed the theme of an address delivered by Ivy L. Lee,
Executive Assistant of the Pennsylvania RR., before the
Traffic Club of New York at the Waldorf on the 27th
inst. Mr. Lee's remarks are quoted as follows in the "Journal of Commerce":

"During the year 1913 forty-two State legislatures were in session and
a total of 1,395 bills were introduced affecting railway operation and 230
such bills were passed. In 1912 only 48 such laws had been passed out
of 292 introduced in nineteen legislatures. From Aug. 1 1906 to Jan. 1
1914 the Pennsylvania Railroad Co. Incurred expenses of approximately
$12,000,000 on account of new laws—Federal and State—governing
railroad affairs. Some of this legislation did good—and I am not here to
complain of it—but much of this legislation has entirely failed to achieve its
declared purpose.
"The Federal law restricting the hours of telegraph operators to nine
hours resulted in an actual increase in the number of men found asleep on
duty. Men with heavy continuous duties had not previously worked
more than eight hours any day. The twelve-hour men had light work, but
they knew when the day's work was over that they must return to duty
twelve hours later. Consequently they took care of themselves. The
greater leisure under the nine-hour law has encouraged misuse of time
with its consequent results. The law was designed to secure additional
safety. It has not added appreciably to safety, but it costs the Pennsylvania Railroad Co. about $500,000 a year—the annual interest at 5%
on $10,000,000 of capital.
"The semi-monthly pay bill in several States has encouraged extravagance
and made it necessary for railroad companies to exercise unusual vigilance
to prevent men going on duty under the influence of liquor. Wiser heads in.
our large railroad centres deplore the bill. This measure adds nothing to
efficiency' and costs our company $250,000 a year—the annual interest
on $5,000,000 of capital. Some twenty States have enacted laws, and there
is pending at Washington a bill—to cover the nation—compelling the use
of electric headlights of high candle-power. Every one who has driven
an automobile at night knows that when he approaches a car coming in
the opposite direction he is temporarily blinded by the light. So it is with
engineers running trains on double or four-track railroads. These measures
are not in the interest of safety—they increase the danger in many cases.
English railroads, for example, use no headlights at all.
"Our own company. s subject to laws which compel us to utilize about
forty regular passenger cars for the benefit of crews on trains carrying
baggage, express or mail only. The crew would be perfectly comfortable in
one of the other cars. These cars cost about $10,000 each. Thus,$400,000

JAN. 31 1914.j

THE CHRONICLE

of equipment is put to this wasteful use. Extra-crew-laws, to which we
are subject in many States, compel the employment of a large number
of unnecessary men. These men do not contribute to the safety or the
comfort of the public. Extra-crew laws are costing us $550,000 a year in
Pennsylvania, $180,000 a year in New Jersey and $120,000 a year in New
York; $850,000 in these three States, or the annual interest on $17,000,000

357

the same day, Representative Hull, author of the income tax
section of the law, was quoted as saying:
Persons should withhold judgment until the law has been fully tested.
It is my opinion that the law will work satisfactorily except to those who
oppose it on principle. The confusion will be removed as soon as the
regulations of the Treasury Department are understood.

of capital.
The laws mentioned alone thus impose an annual burden upon our
company equal to the annual interest on $32,000,000 of capital."

A protest against the payment of the tax as collected at
the source has been lodged with the Internal Revenue Bureau by the Virginia & Southern Railway, a subsidiary of
INCOME TAX RULES AND REGULATIONS.
press dispatches
Department issued on the the Southern Railway. According to the
Under a ruling of the Treasury
individu- the questions involved are:
27th inst., the income tax in all cases (except as to
Is the income tax provision of the Tariff Law Constitutional? Has Conals) will apply to the full twelve months of 1913. The gress the right to impose upon big industrial, commercial and financial
the tax
Department points out that as regards corporations it is institutions the expense of collecting expense, due from individuals? Has
Congress the right, regardless of the
to impose upon private corprovided in the law that for the months of January and porations the duty and obligation, with its responsibilities and labor, of
the net income shall be ascertained in .the setting aside the tax as the paid or unpaid agent of the Government?
February 1913
same manner as for the remainder of the year, and that
In the following answers have been obtained to questions
corporations are not permitted any longer to make a deof general importance:
$5,000 per year. The following is the ruling in
duction of
DISPOSITION TO BE MADE OF EXEMPTION CERTIFICATES.
the matter:
TREASURY DEPARTMENT.
CORPORATIONS NOT PERMITTED TO DEDUCT FROM INCOME OF FIRST TWO MONTHS OF 1913 ANY EXEMPTION UNDER CORPORATION TAX LAW.
Section 2 of the Act approved Oct. 3 1913, known as the Federal Income
Tax Law, provides that all corporations, joint stock companies and all
Insurance companies, except those specifically enumerated as exempt,
shall be subject to the normal tax imposed upon individuals—such tax to be
levied, assessed and paid annually upon the entire net income arising or
accruing from all sources during the preceding calendar year.
The provisions of this Act apply to corporations which have or may have
Income arising or accruing on and after March 1 1913. For the purpose
of covering the liability of corporations to special excise tax for the months
of January and February 1913, the provisions of the corporation tax law
(Section 38, Act of Aug. 5 1909) were extended, and in Sub-Section S of
tho Income Tax Law it is provided that the net income for these two
months shall be ascertained in accordance with the provisions of Sub-Section
O of Section 2 of the Act of Oct. 3 1913; that is, in the same manner as the
net income for the remaining ten months of the year is ascertained.
In the Sub-Section G just cited all items of charges against income which
constitute allowable deductions from gross income are specifically set out.
No provision, either express or implied, is made in this sub-section or elsewhere in the Act for the allowance of all or any portion of the specific
exemption ($5,000) allowed under the Corporation Tax Law. As applied
to the months of January and February 1913, the Income Tax Law in effect
amends the Corporation Tax Law by eliminating the specific exemption
practically allowed and provides that the tax for that period shall be
measured by the net income ascertained according to the rule set out in
Sub-Section 0 of the later Act. (See the second proviso in Sub-Section S,
Act of Oct. 3 1913.) The third proviso of Sub-Section S also provides
that "for the year 1913 it shall not be necessary to make more than one
return and assessment for all taxes imposed! * * * by way of income
or special excise." The netincome for both kinds of taxes and for both periods
of the year being ascertained in exactly the same manner, but one return
covering the entire calendar year 1913 is required. That return will show
the entire net income ascertained in accordance with the provisions of the
Income Tax Law and no specific exemption whatever being authorized,
such net income as returned for the entire year will be the amount upon
which the tax is computed.

Washington, January 24 1914.
Messrs. Phillips & Avery, 41 Park Row, New York City.
Gentlemen:—Replying to your letter of the 10th inst., asking as to the
disposition of forms claiming exemption by employees of a corporation,
you are advised that same should be filed with the Collector in whose district the principal place of business of the corporation is located, such to
be done annually. In cases wherein tax on salaries has been withheld;
the corporation should use Form 1042, which is now In the hands of the
printer and will be ready for distribution soofi.
Respectfully,
L. F. SPEER, Deputy Commissioner.
THE MEASURE OF $3.000 INCOME.
TREASURY DEPARTMENT.
Washington, December 31 1913.
Phillips & Avery, 41 Park Row, New York.
Gentlemen:—Replying to your inquiry as to whether it is "necessary for
an individual to file a return when his income from all sources exceeds $3,000
but whose taxable income is less than $3,000," you are advised that if an
individual has an income from any source other than dividends, the aggregate amount of which income including dividends is in excess of $3,000.
such an individual is required to make a return, and for the purposes of
the normal tax he will be permitted to exclude from his net income such
dividends as were received on the stock of corporations subject to the tax.
Where the gross income of an individual does not include dividends received, and the amount of such gross income would be reduced by the deductions allowed in paragraph (b) of the Act to an amountless than $3,000,
no return is required. In other words, in all cases wherein the net income
is less than $3,000, no return will be required. Net income as used in the
Act is held to include dividends received from the stock of corporations
Respectfully,
subject to the tax.
W. H. OSBORN, Commissioner.
HOW TO TREAT COUPONS COLLECTED MARCH 1 1913. APRIL 1
1913 AND JAN. 1 1914.

Where a taxpayer has some of his income withheld at the source, and at
the same time is properly entitled to deductions which will offset the sum
thus withheld, he is required to file Form No. 1008, which is the form of return for making application for deductions, thirty days before making his
return on Form No. 1040, which is the form showing return of annual
net income of the individual.
All other taxpayers, however, may secure the deduction by the filing of
Form 1040 on or before March 1.

"January 14 1914.
'Your letter received under date of Jan. 12, and wish to advise as follows:
"1. Coupons collected on March 1 1913 need not be included in the ten
months' income.
"2. Coupons collected on April 1 1913 need not be entirely incorporated
as income for the ten months of 1913, but should be apportioned.
"3. It is optional whether you include coupons collected on Jan. 1 1914
in the ten months for 1913 or for the year 1914.
"Respectfully,
"CHARLES W. ANDERSON, Collector."
On Jan115 1914 the following letter was sent:
"January 15 1914.
"The Consolidated Gas Co. for the year 1913 paid four dividends to me
on the following dates: March 15, June 15, Sept. 15 and Dec. 15.
"Q. Must 1 include all four dividends received in my return for Federal
Income Tax purposes from March 1 1913 to Jan. 1 1914; or am I permitted
to prorate the payment I received on March 15?
"Your prompt reply will be appreciated by
"Yours truly,
,.ja Ja y191
In reply to foregoing the following letter was received onuarn. 19:
914.
"In answer to your query as contained in letter of Jan. 15, you may prorate the amount of dividend received on March 15 as of March 1 1913.
"Respectfully,
"CHARLES W. ANDERSON, Collector."
On Dec. 31 1913 thefollowing letter was sent to the TreasuryDepartment
Washington, D. C.:
"December 31 1913.
"So as to be prepared to make proper returns on the Income Tax Bill for
myself and estates of which I am executor, would like to know whether the
six months' coupons which were deposited on April 1 1913 are to be figured
for the full amount in the income tax return for the period from March 1
1913 to Jan. 1 1914, or whether just one-sixth of the amount is to be included in this return.
"Would also like to know whether the coupons for the six months dating
from July 1 1913 to Jan. 1 1914, which are payable on Jan. 1 1914, are to
be included in the income tax return for the ten months of 1913, and
whether any dividends which were declared prior to Jan. 1 1914 and paid
on Jan. 1 1914 or thereafter are to be included in the income tax for the
ten months ending Dec. 311913. Also whether dividends payable quarterly or semi-annually, which were paid during the months of March,
April or May 1913, are to be put into the income tax return in full or prorated•from March 1 1913 up to date on which they were paid previous to
Dec. 31 1913.
"Yours very truly, •

Another firm has obtained apparently contradictory replies by addressing similar questions to the Internal Revenue Collector at New York and the Commissioner of Internal Revenue at Washington. The questions concerned
EXEMPTION CLAIMS OF INDIVIDUALS TO BE FILED FEB. 1
the treatment of coupons collected March 1 1913, April 1
1913 WHERE INCOME IS WITHHELD AT SOURCE.
In a statement dealing with the returns to be filed by indi- 1913 and Jan. 1 1914. The correspondence was as follows:
On
1914 an inquiry was sent about coupons for 1913, and folviduals, Charles W. Anderson, Collector of Internal Reve- lowingJan. 12was received
reply
from Mr. Charles W. Anderson, Treasury Denue at New York, announced on the 26th inst. that:
par ment, Internal Revenue Service, New York:

Form 1008, which is the form for making applications for
Deductions, was printed in our issue of Nov. 8 1913, page
1326; Form 1040 (the return showing annual net income of
individuals) was given on page 112 of the "Chronicle"
of Jan. 10.
Two bills for the repeal of the clause in the Income Tax
Law providing for "collection at the source" were introduced
in the House of Representatives this week—one by Representative Jacob A. Cantor of New York and the other by
Herman A. Metz of New York. In introducing his bill
Mr. Cantor said:
It is very difficult to collect the income tax at the source. The system is
so complicated and there may be so many deductions that create confusion
on the part of the citizens making the return. The complication becomes
very serious in large cities, especially when it comes to making a return
to the Collector of Internal Revenue. In other words, it creates on the
part of the citizen a piecemeal sort of collection or deduction. I have received many complaints about this from citizens of New York City, especially from those who are perfectly willing to pay the tax imposed by the
law, but who believe that they should be permitted to make returns showing their own income tax values, without so many complications and
minus so much confusion. My principal objection is that the collection
at the source complicates the entire situation and is causing confusion
everywhere.

Both bills were referred to the Ways and Means Committee, but on Wednesday Representative Underwood,
Chairman of this Committee, stated that no bill affecting
the tariff Act will receive consideration at this time. On




358

THE CHRONICLE

On Jan. 20 1914 received the following letter from the Deputy Commissioner, Treasury Department, in reply to above letter:
"January 20 1914.
"This office is in receipt of your letter of the 31st ult. submitting a number of questions relative to the Income Tax Law.
"You are advised that payments on coupons maturing and payable
before March 1 1913, although not presented until a later date, are not to
be included in the annual return for that year; but, with this exception,
interest on coupons and dividend payments should be considered income for
the year in which the payments were due and must be included in the re
turn of the individual for that year.
"Your are further advised that the taxable year extends from Jan. to 1
Dec. 31, except for 1913 it extends from March 1 to December 31.
"Respectfully,
"L. F. SPEER, Deputy Commissioner."

An instructive treatise on the Income Tax has been prepared by Charles W. Jordan, Manager of the bond department of Mackubin, Goodrich & Co., Baltimore. It should
be particularly useful and enlightening to persons of moderate
income. Only the lack of space prevents the publication of
Mr. Jordan's analysis of the law and its requirements. It
is to be published, we understand, in the Baltimore "Sun"
of to-morrow (Feb. 1).
THE DEFECTS OF GOVERNMENT OWNERSHIP OF
TELEPHONES.
Chateau de Ste. Helene, Nice, Jan.5 1914.
Editor of the "Financial Chronicle," New York:
Dear Sir—I enclose you an editorial of the "Daily Mail"
of London of Jan. 2, which it might be worth your while to
reproduce for the benefit of the Postmaster-General and those
of his followers who are so anxious for the U. S. Government
to take over the telegraphs and telephones. I feel satisfied
if any one of those gentlemen would come and live in France
for a few months that he would pray for any ownership rather
than that of the Government.
Yours very truly,
H. W.BARTOL.
•
WHY?—AND BECAUSE!
• Why is it that Government ownership and management of the telephones
s practically always a failure? Why is it that for every thousand Europeans there is only one telephone, while for every thousand Americans there
are fifteen? Why is It that the country which has done most to Improve
the telephone, both technically and commercially, and to popularize its
use, is the country in which its operation and development have been and
still are exclusively the work of private enterprLse?Why is it that not one
of the innumerable discoveries that have transformed the telephone industry in the last thirty years has emanated from a Department of State;
that European Governments have been the lost to adopt them, and that
the verdict which experts are obliged to pass upon them, with perhaps two
partial exceptions, is that they have not learned their business? Why is it
that there are great and famous towns in Europe at this moment where
methods and machinery that were abandoned twenty years ago in America
are still in use? Why is it that throughout the length and breadth of Great
Britain and the Continent hardly a single efficient long-distance service is
to be found? Why is it that in New York one can invariably get the number one wants, and get it at once, while in London one has often to wage a
prolonged and embittering battle with a slow operator, insufficient lines
and a conversation—if any conversation ensues—that is only audible when
it is interrupted?
The broad answer to all these questions is that the alertness and enterprise that are essential to telephone development cannot be expected from
a Government Department. The characteristics of the bureaucratic
mind and temperament forbid it. The organization of a Government office
with a virtually irremovable staff forbids it. The spirit of officialdom,
with its traditions of subordination, its narrow professional outlook, its
unwillingness to concentrate responsibility, its insensible stifling of initiative, forbids it. A Government Department cannot raise and discipline its
staff to the same level of efficiency as a commercial company. It cannot
act with the same freedom and directness as a private board. It cannot
pursue a business object without deference to a hundred influences and considerations that have nothing to do with business. It cannot advertise
with anything like the same boldness. It naturally seeks efficiency
through economy instead of economy through efficiency. It has to think
of politics and political reactions. Its whole constitution prevents it from
proving as enterprising as private initiative, as prompt to discard obsolete
methods and apparatus. as quick to adopt new inventions, as skilful and
aggressive in gathering in subscribers.
As we all know to our cost, we have Government ownership and operation of the telephones in Great Britain. We shall never have a telephone
system worthy of the name so long as the Post Office remains in undivided
and despotic control. Sooner or later that authority must be modified or
delegated if our telephone system is ever to attain an even passable standard
of efficiency.

[VOL. xcvni.

Three New York Stock Exchange memberships were posted
for transfer this week, the consideration in each case being
$55,000. This is an advance of $5,000 over the last previous
transaction.
Hearings on the five bills prepared in accordance with
President Wilson's recommendations, embodied in his message of the 20th inst., were begun this week. In the case of
the three bills in the hands of the Judiciary Committee, of
which Representative Clayton is Chairman, the hearings
opened on Thursday, while Representative Adamson's Committee on Inter-State and Foreign Commerce began hearings
on its two bills yesterday (Friday). The latter measures are
those creating an Inter-State Trade Commission and that
providing for Governmental supervision of railway stock and
bond issues; the bills over which the Judiciary Committee
has jurisdiction are the Trade Relations bill, the bill defining
the Sherman Law and the one prohibiting interlocking directorates. In the case of the Inter-State Trade Commission
bill, an amendment has been proposed this week to limit the
publicity feature of the measure by prescribing that no trade
processes, lists of customers or like trade secrets submitted to
the Commission should be made public. Under the bill as
it now stands, all information concerning the business of
corporations is required to be made a matter of public record.
Another amendment was suggested to enlarge the powers and
scope of the Commission. It is reported that in view of the
fact that business interests have failed to indicate a desire
to be heard on the pending legislation, the bills will be brought
before the House without extended consideration in committee. In a statement issued on Tuesday, inviting those
interested in the two bills before the Inter-State and Foreign
Commerce Committee to communicate with him, Chairman
Adamson said:
Persons interested in these two subjects who are prepared to furnish any
information on them are cordially invited to correspond with the Chairman
of the Committee with a view to be heard. The Committee would be glad
to have the benefit of the enlightened sentiment of the business interests
of the country on both subjects.

Mr. Adamson also stated that "no other general legislation
will be undertaken by the Committee until these bills have
been completed."
A statement of Chairman Clayton's Committee, issued on
the same day, was as follows:
The Committee, after informally discussing the tentative Ms decided
to begin hearings at 10:30 o'clock Thursday morning and continue them indefinitely. Chairman Clayton was authorized to notify parties who had requested to be heard of the action of the Committee, and also to advise the
public of its purpose. This Committee will not hold any hearing upon the
bill introduced by Chairman Clayton providing for a Trades Commission;
as that bill has been referred to the Inter-State Commerce Committee of
the House.

Colonel George W.Goethals, Chief Engineer of the Panama.
Canal, and Chairman of the Isthmian Canal Commission;
was nominated on the 29th inst. to be the first Civil Governor
of the Panama Canal Zone. An announcement that Coloi3.el
Goethals would be named for the Governorship of the Zone
was made by Secretary of War Garrison on the 27th, when
an executive order was signed by President Wilson, putting
into operation on April 1 a permanent Canal Government,
as provided for under the Act passed in August 1912. The
term of office of the Governor of the Zone is for four years,
at a salary of $10,000 a year. Col. Goethals had recently
been offered the Police Commissionership of New York City
by Mayor Mitchel, and in a letter to the latter made public
on the 23rd, he intimated that consideration might be given
the offer upon the completion of the Canal and with a change
in the New York State laws giving the Commissioner full
control of the Police Department. In a cable to Secretary
Garrison on the 29th he has given assurances that he will
not retire from the Governorship so long as his services
are needed.

The announcement on Tuesday of the decision of the
directors of the National City Bank of this city to enter the
BANKING, FINANCIAL AND LEGISLATIVE NEWS. Federal reserve system has been received with
considerable
The public sales of bank stocks this week aggregate 164 interest, since rumors had been afloat during the past month
shares and were all made at the Stock Exchange. Fifty- as to its possible conversion to a State bank and its amalfive shares of trust company stocks were sold at auction.
gamation with the Corn Exchange Bank. Reports of this
Shares. BANKS—New York.
Low. High. Close. Last previous sale. sort, although denied from time to time, had been prevalent,
*109 Commerce, Nat. Bank of___ 1713/i 173
Jan. 1914— 172%
172
both before and since the departure for Europe on the 14th
*55 Corn Exchange Bank
318
Jan. 1914— 318
3183 318
inst. of the National City's President, Frank A. Vanderlip,
TRUST COMPANIES—New York.
10 Union Trust Co
382 382 382
Jan. 1913-1296a
whose trip abroad was said to have been taken for the
45 Westchester Trust Co
140
Mar. 1910— 150
140
140
purpose of consulting with James Stillman, Chairman of the
* Sold at the Stock Exchange.
Board of the Bank on matters concerning the institution's
ci Before capital was increased from $1,000,000 to $3,000,000.
affiliation with the new system. It is stated that the action
of the National City had been of particular moment to a



JAN. 311914.1

THE CHRONICLE

359

Whether the immigration laws are being violated.
number of small interior banks, which had been awaiting
Whether citizens have been arrested and tried contrary to the Constiown course. Practic- tution or laws of the United States.
its decision before deciding upon their
Whether conditions have been caused by agreements and combinations
ally all the larger banks of the city have taken steps towards
transportation of
joining the system, either through their directors or stock- contrary to law for controlling the production sale and
coal or copper.
stockholders voted
holders. One of the institutions whose
Whether arms and ammunition have been shipped into the fields for the
to join this week is the Second National Bank, of which purpose of excluding the products of the mines from competitive markets
in inter-State trade.
W. A. Simonson, Vice-President of the National City, is
If any or all of these conditions exist, what causes led up to these conditions.
President.
The directors of the Citizens' Central National voted yesAn indictment against Charles H. Moyer, President of the
terday to apply for admission to the sytem.
Western Federation of Miners, and 37 other members of the
organization, was returned by the grand jury at Houghton,
Ex-United States Senator Shelby M. Cullom died at his Mich., on the 15th inst. The
indictment, which grows out
inst. Mr. Cullom, who
home in Washington on the 28th
last of the strikes in the Michigan copper mining districts, charges
was eighty-five years of age, retired from the Senate
a misdemeanor, alleging conspiracy on three counts, viz.,
March with a record of fifty years of continuous public to restrain laborers from going to work, to restrain imported
member of the House of Represervice. He was elected a
laborers from going to work, and conspiracy to deprive lasentatives on the Lincoln ticket in 1864, and remained in borers of their property and rights. Those named in this
Congress for six years, when he returned to his home in indictment besides President Moyer are:
Illinois. He then re-entered the State Legislature, in which
C.E. Mahoney, Vice-President of the Western Federation; J. C. Lowney,
he had served as early as 1856. In 1876 he was elected Guy Miller, W. P. Davidson, and Yanko Terzich, members of the ExecuGovernor of that State, and four years later was re-elected tive Council of the Western Federation; William J. Rickard and John E.
Antilla,
to the Governorship. He returned to Washington in 1883 Sullivan President and Secretary, respectively, of the Calumet local; Dan
and Charles E. Heittala, President and Secretary of the Hancock
as a Senator, and served in the Senate for thirty years. In local; Sidney Thomas, President of the Ahmeek local; Ben Goggia, Mor
addition to framing the Inter-State Commerce Law, Mr. Oppman, John Valimaki, John Dunnigan, Patrick Dunnigan, Helmer
Cullom assisted in drafting other important measures, and Mikko, Andrew Petala, Peter Jedda, Henry Koski. John Huhta, Thomas
Strizich, Victor Brendan, Eino Wiitanen, Frank Waltonen. William Krell,
was a member of the Commission appointed to prepare a Dolphus Little, Anton Pechauer, James Paull, W. T. Williams, E. James
system of laws for the Hawaiian Islands. Since his retire- Rowe, Henry Grebb, Stephen Oberto, Jacob Oliver, George Toth, Louis
ment from the Senate last year Mr. Cullom had been the Fodar, Joseph Gasperich and James Kulice.
In its inquiry into the deportation of Charles H. Moyer
resident Commissioner in Washington. of the Commission
December 26 from. Calumet, following the protest
created by Congress to build the $2,000,000 memorial to on
made by the citizens of that place over the action of the
Lincoln.
heads of the Federation in forbidding the families of those
The Alaskan Railway Bill, authorizing the President to whose members were killed in the Christmas Eve disaster
locate, construct and operate railroads in the Territory of from accepting aid from the relief committee organized by
Alaska, was passed by the Senate on the 24th inst. by a the Citizens' Alliance, which had been working to effect the disvote of 46 to 16. Fifteen Republicans and one Progressive continuance of the Calumet strike, the grand jury has re(Senator Poindexter) voted for the bill, and three Demo- turned a "no true" bill, thus exonerating seirenteen citizens
crats, Senators Bacon, Hoke Smith and Williams of Missis- who were named in the'presentment. The panic, which resippi, voted against the bill. The measure provides for the sulted in the death of 74 persons, occurred in an Italian hall
construction, or purchase and construction, of not exceeding during exercises arranged for the children of copper mine strik1,000 miles of railway in Alaska,from tidewater to the inter- ers, and was caused by a false cry of "fire" in the hall. Moyer
ior, at a maximum cost of $40,000,000, the money to be de- who went to Chicago from Calumet, is said to have borne a
rived from the sale of 3% thirty-year bonds. A proposal of bullet wound in his shoulder and other evidences of an enSenator Smoot to reduce the appropriation to 835,000,000 counter suffered before his departure from the strike centre.
and another of Senator Hoke Smith to limit it to $25,000,000, An inquiry into his deportation was ordered by Gov. Ferris
both offered when the bill was on its way to adoption, failed on Dec. 27.
The Department of Labor at Washington made public on
to carry, and an amendment of Senator Norris, calling for
the establishment of a line of Government steamships to ply the 10th inst. a report of its investigation into the Michigan
between the Panama Railroad's Pacific terminals and Alaska copper strike. It declares that strike breakers were imported
ports was also defeated. An amendment agreed to permits into the copper region by misrepresentation; that some were
the President to lease to the Panama Railroad Co.(a Govern- taken to the mines at the point of pistols; that strikers were
ment-owned road) the privilege of operating the road for wounded by fire arms in the hands of armed guards, but that
a period not exceeding twenty years. The bill provides for no evidence was found of officers being injured by strikers.
a redemption fund into which shall be paid 75% of all moneys Walter' B. Palmer, investigator for the Department, rederived from the sale of public lands in Alaska or of the coal ported that the general average of day wages paid by all the
or mineral contents thereof. Machinery utilized in the companies throughout the year was $2 59; prior to the presconstruction of the Panama Canal is made available for the ent strike he found that the general work day was from ten
construction work. With the consent of the Territorial to eleven hours, that some of the miners were paid as low as
Committee the bill was amended before passage to require $2 35 and other classes of labor as low as $2. The report is
the Senate's approval of the appointment of civil engineers based on the investigation of Mr. Palmer, John B. Densreceiving more than $3,000 per annum; to forbid any pay- more, Solicitor for the Department of Labor, and John A.
ment for the goodwill of existing railways, giving injured Moffitt, Special Agent, who were sent to the copper regions
employees the right to sue the Government and limiting as mediators. The statements of Messrs. Moffitt and Densthe Government's defenses to those provided for in the more show, according to the "Detroit Free Press":
That suggestions were made that the managers of the companies meet
Federal Employers' Liability Law of 1908. A bill similar
the representatives of the miners with a view of effecting a mutual settleto that passed by the Senate is pending in the House.
ment; that the whole question in dispute be submitted to arbitration; that
the questions be submitted to arbitration and no member of the Western
Miners be selected upon the board; that the companies
An inquiry into the strikes in the coal fields of Colorado Federation ofall the workmen without discrimination relative to their agree
being
to re-instate
district of Michigan is to be undertaken by members or non-members of a union; that the companies post notices that
and the copper
Committee of the House of Repre- they will re-employ all the strikers without discrimination relative to their
the Mines and Mining
non-members of a union.
sentatives under a resolution of Representative Keating of being members or
"Each of these propositions, as made, was accepted by the representatives
Colorado, passed by the House on the 27th inst. by a vote of the miners as a basis of settlement", says the report, "but were rejected
of 151 to 15. The Democratic members of the House Com- by the representatives of the companies on the ground that they would
not deal with the
mittee on Rules decided on the 17th inst. against a Federal in their employ." Western Federation of Miners or have any of its members
inquiry in these strike zones, but in response to a petition
A reply to the report was issued by Quincy A. Shaw,
of Representative Keating a caucus to consider the matter President of the Calumet & Hecla Mining Co., on the 12th
was held by the House Democrats on the 22d, when the in- inst., in which he said:
vestigation was agreed to by a vote of 149 to 17. The inAfter Secretary Wilson's speech in Seattle it was to be expected that his
which would be highly colored in favor
quiry will be confined to the coal fields of Colorado, in the subordinates would make a replyof the report is also
well timed to assist
strikers. The publication
counties of Las Animas, Huerfano, Fremont, Grand, Routt, of the
the strike leaders in arousing false sympathy through misrepresentations.
Boulder and Weld, and to the copper mines of Michigan in So far as it. contains information given by the companies the report could
months ago if there was any genuine desire
the counties of Houghton, Keweenaw and Ontonagon. have been published conditions under which the men worked. *to*have
*
the public know the
Seven subjects of inquiry are specified in the resolution, as
The report is grossly unfair when it states that so-called "strike-breakers"
follows:
have been or are being imported. There was a serious shortage of labor in
Whether peonage exists or has been maintained.
Whether the postal services are interfered with.




all the mines for a year previous to the strike, and to make up this shortage
and to take the places of the men who have left the d strict, we have em-

360

THE CHRONICLE

Dloyment for hundreds of men who will receive wages and work under
conditions as good as, if not better than, in any mining district in this
country. We hope that the men now coming into this district come there
to stay permanently, and if they prove themselves efficient workmen and
law-abiding citizens we can give them assurance of their jobs during the
life of the mines with plenty of chance for advancement.

A resolution calling for an investigation of the conditions
existing in the mining districts of Michigan was introduced
in the Senate by Senator Ashurst on the 12th inst. and referred to the Committee on Education and Labor.
Under an emergency message from the Governor, passed
by the New York Senate and Assembly on the 27th inst., an
extension of time in which to present its report has been
granted to the Van Tuyl Commission which is engaged in a
revision of the State banking laws. The bill was signed by
the Governor yesterday. Under the resolution authorizing the appointment of the Commission, it was required to
submit its report to the Legislature by Feb. 1; the time has
been extended to March 1.
The legislative committee which was named early this
month under a resolution passed by the Senate at Albany
on the 7th inst. to investigate the business of private bankers
in this State resumed its sessions in this city on Thursday.
Several hearings were held in New York about the middle
of the month. The inquiry developed following the receivership proceedings of the Henry Siegel & Co. bank. William
H.Porter, of the firm of J. P. Morgan & Co., was one of the
witnesses at this week's hearing. In the course of his testimony, Mr. Porter stated that the firm's deposits were those
of large corporations and the personal accounts of wealthy
men. His firm has, he said, few accounts below $5,000, and
the minimum of their accounts he placed at between $5,000
to $10,000. On the question as to whether he thought his
firm should be exempt from the jurisdiction of the State
Banking Department Mr.Porter answered in the affirmative,
adding:
Firms like ours are not doing business with the class of depositors your
commitcee is seeking to protect. I have been in the banking business for
thirty-five years and have had much opportunity to observe conditions in
the real private banking busin?ss in this State. It is an honorable business,
established for many years. There was a time when people preferred to
deposit their money with private bankers rather than with incorporated
banks, because of the limited liability of the latter. The private banker
has established a reputation depending upon his integrity and should
be permitted to continue his business unhindered. Because a few dishonest men become private bankers is no reason why legitimate private
bankers should be subject to legislation that would hamper the proper
conduct of their business.
There is a big difference between a private bank and a so-called banker
trying to do a saving bank business. I do not call those people bankers
at all. The people that I would classify as private bankers are such firms
as Kuhn,Loeb t Co.,J.& W.S. Seligman & Co., Winslow, Lanier & Co.,
Brown Bros. & Co., and a dozen or more others. I consider these private
bankers in reality in a class by themselves.
I think that the plan that has been discussed for some time by theiCommission of the State for revising the banking laws is a very good one and I
believe when effected will do a great deal toward remedying the unfavorable element now existing in the situation. Regulation is a difficult problem, but it can be done by placing the private bankers who pay interest on
deposhs of less than $1,000, and who display a banking sign on their place
,of business, under the same supervision as State banks. I do not think
they should be made to comply with the same requirements, however.
If they did so, it would be just as simple for them to incorporate themselves.
As it is, they serve a useful purpose and are convenient to a certain class
And might be given some latitude because of that fact. They should be
under the supervision of the Superintendent of Banking, however.

Paul M. Warburg, of Kuhn, Loeb & Co., who was examined at an earlier hearing, advocated a classification of
private banks,suggesting State supervision of the institutions
which receive deposits, not in excess of $3,000 to $5,000, and
pay interest on such deposits, but excluding the larger
private banks which do not pay interest on such accounts.
On the other hand, those connected with department stores,
whose banking methods have been the subject of inquiry,
,have declared themselves in favor of control by the State
Banking Department. Senator Pollock, who is Chairman
of the Committee, after the adjournment of Thursday's
session, had the following to say concerning the prospective
legislation :

[VOL. xcvm.

It is compiled and published by Henry W. Sites, of Poor's
Railroad Manual Co., 535 Pearl St., this city. It aims to
give a list of practically all of the investment bankers and
brokers in the United States and Canada. It shows not
only the names and addresses, but also the class of business
specialized in, the location of branch offioes, the names of
correspondents and the memberships in exchanges and other
organizations. The author states it is the only book of its
kind in existence. The names are classified by cities,
which appear in alphabetical order. The list has been compiled from the personal records of Mr. Sites, gathered on his
business trips during the last few years, and it has been verified and brought up to date, he states, by the bankers and
brokers themselves. A total number of some 4,800firms in the
United States and Canada is comprised in the book, which
covers 186 cities. In addition to the information dealing
directly with the investment banking and brokerage houses,
Mr. Sites also presents in the volume the rules for delivery
on the New York Stock Exchange, the Consolidated Exchange, the Boston and Philadelphia stock exchanges, together with the constitution and by-laws of the Investment
Bankers' Association of America.
The Supreme Court of New Jersey dismissed on the 23d
inst. the proceedings through which the minority stockholders of the Prudential Insurance Co. of America sought
to have set aside the order signed by Chancellor Walker last
July appointing three appraisers to value the stock of the
company preparatory to its mutualization. An appeal from
Chancellor Walker's order was dismissed by the Court of
Errors and Appeals at Trenton on Oct. 24, that Court deciding that the action of the Chancellor was subject to review
only by a writ of certiorari from the Supreme Court. The
latter in dismissing the certiorari proceedings and affirming
the Chancellor's order refused to pass at this time upon the
constitutionality of the Act authorizing the change of the
company from.a stock to a mutual company.
The first suit to test the constitutionality ,pf the Pennsylvania law imposing a tax of 23/% of the vOue of every
ton of anthracite coal prepared for market in that State
was begun in the Dauphin County Court, Pa., on the 22d
inst. by the People's Coal Co. of Scranton. The suit is in
the form of an action in equity to restrain the AuditorGeneral's Department from collecting the tax. It is contended that the Act is unconstitutional in that it violates
the provision protecting property; that is is a commodities
tax and, therefore, illegal and arbitrary, and that the distribution of the proceeds is arbitrary in that it is collected
by the State and distributed to coal-producing counties
on a basis of population of their divisions. The Act, signed
by Governor Tener on June 27, went into effect on July 1 last.
The Illinois law affecting safe deposit companies, under
which the heirs of a deceased boxholder are forbidden access
to the safe without notice first being given to the State
officers for the appraisement of the contents and the imposition of the inheritance tax, was upheld by the United States
Supreme Court on the 5th inst. The law was contested by
the National Safe Deposit Co. of Chicago in a suit brought
in 1910. A demurrer, filed by the State was sustained by
the Circuit Court, and that ruling was affirmed by the Supreme Court of Illinois. The case reached the Supreme
Court of the United States on a writ of error. The opinion
of the latter affirming the finding of the lower courts was
delivered by Associate Justice Lamar. In part the Court
said:

This is one of that class of cases which illustrate the fact that both in
common speech and in legal terminology there is no word more ambiguous
In its meaning than possession. It is interchangeably used to describe
actual possession and constructive possession, which often so shade into
one another that it is difficult to say where one ends and the other begins.
Custody may be in the servant and possession in the master; or title and
right of control may be in one and the property within the protection of
There will be a line of demarcation because I don't feel that we should the house of another. Certainly the person who rented the box was not in
restrict the actions of any of the reputable big business houses which are actual possession of its contents, for the valuables were in a safe built into
nominally private bankers. It is the less intelligent depositor who must be the company's vault and, therefore, in a sense, under the protection of the
protected, and although there will be some restrictions placed on the big house. The owner could not obtain access to the box without being adbankers, the bill will be made to cover all of the operations of the smaller mitted to the vault, nor could he open the box without the use
of the comones. We will place a limit on the size of the deposits and fix a uniform rate pany's master key.
of interest. Aside from this we will require that a private banker be refor the distribution of his property,
In the exercise of its power to provide
sponsible personally to a fixed extent. I am quite sure that the bill will be
the State could make it unlawful, except on conditions named, for his perready for presentation by the end of next week.
sonal representative to receive or the holder to deliver effects belonging,
The other members of the Committee are Senators William or apparently belonging, in whole or in part, to the deceased, as he State
. J. Heffernan, W. B. Carswell, William D. Peckham, John could provide for the appointment of administrators for the distribution
to heirs or legatees of all the property of the deceased and for the payment
F. Healy, James A. Emerson and William Ormrod.
of a tax on the transfer.
It could, of course, legislate as to the incidents attending the collection
A volume which should prove of value to those concerned of the tax and the time when the administrator or executor could take
possession. The fixing by this statute of the time and condition on which
with financial interests bears the caption, "Investment delivery might be made by a deposit company was also, in effect, a limiBankers and Brokers in the United States and Canada." tation on the right of the heir or representatives to take possession.




THE CHRONICLE

JAN. 31191.4.]

Nor was there any deprivation of property, nor any arbitrary impostMon of a liability in requiring the company to retain assets sufficient to
pay the tax that might be due to the State.

361

President of the bank, and R. B. Minis, Cashier, enter the
trust company's management as Vice-Presidents. The trust
company also dates from 1902;its capital, originally $500,000,
has since been increased to $1,000,000; its deposits are in the
neighborhood of $8,500,000. James H. Parker, Chairman
of its board of directors, is expected to be made President,
succeeding Webb Floyd, the present incumbent. Dr.Parker
was formerly Vice-President of the National Park Bank and
was President of the United States National Bank until it
was taken over by the Western National, which was later
consolidated with the National Bank of Commerce, of which
he is now a director. Dr. Parker was President of the
Cotton Exchange for three years. Mr. Baldwin was formerly Secretary and Treasurer of the Mutual-Alliance Trust
Co. before becoming Vice-President of the National Reserve.
The bank's quarters at 165 Broadway will be conducted as
the Reserve Branch of the Trust Company.

The Bank for Savings, the oldest and one of the largest
savings banks in the city, was subjected to a run on Thursday, for reasons which neither the officials nor the State
Superintendent of Banks can fathom. Following the day's
run, Superintendent Van Tuyl, in stating that the bank "is
in splendid condition," added that "there is absolutely
no cause for uneasiness on the part of the depositors, and this
run is simply an occurrence which could not have been foreseen or avoided." Offers of help came from various quarters, including William H. Porter of J. P. Morgan & Co.,
the Chemical National Bank, the Guaranty Trust Co., the
National City Bank, the Second National, the New York
County National and George F. Baker Jr., Vice-President
of the First National and one of the trustees of the savings
bank, but the latter did not avail of them, having sufficient
Samuel F. Pryor, President of the Southern Wheel Co.,
cash to meet the demands. A statement authorized by the St. Louis, Mo., was recently elected a director of the MechanWalter
trustees of the savings bank was issued by President
ics and Metals National Bank of this city. Mr. Pryor is
Trimble on Thursday as follows:
also a director of the St. Louis-Union Trust Co., the Missouri
There is no basis whatever for the false rumors which have been circulated during the last few days concerning the Bank for Savings. The in- Pacific RR. Co., the American Brake Shoe & Foundry Co.
vestments of the bank are of the most. conservative nature, and are made in and the Simmons Hardware Co.
accordance with the requirements of the laws of the State of New York.
The statement of Jan. 1 1914, made to the Superintendent of Banks,
showed deposits of $07,169,668 67 and surplus at par values of $10,749,248 43.

A special meeting of the stockholders of the Merchants'
Exchange National Bank of this city is called for Feb. 24
The bank was established in 1819. It has 153,195 de- to consider the question of increasing the capital stook from
positors; about 1,000 withdrew their funds on Thursday, the $400,000 to $1,000,000.
total deposits withdrawn amounting to about $800,000.
While the rui eontinued yesterday to some extent,it was reIn regard to the statement in the "Chronicle" of Jan. 17,
ported that those withdrawing their accounts numbered only that the application for a certificate of organization for the
about half the depositors in line on Thursday. The bank Union Trust Company of San Diego had been denied by the
continued to pay all who wished to claim their deposits, and State Banking Department, we have received a communicaremained open to aeoommodate these until 6 p. m. last tion from John F. Forward Jr., Vice-President of the instinight.
tution, advising us that, while it is true that the Court did
refuse to hear the matter, the articles of incorporation of
The Deutsche Bank has issued, as in former years, elabor- the Union Trust Company have since been amended, and
iliowing the changes in note circulation of the
ate tables
the company is now doing business under the supervision of
Reichsbank And the fluctuations in the private rate of disthe Banking Department. We give Mr. Forward's letter
count on the Berlin Bourse. The data just presented cover
below:
period from 1911 to 1913. The bank also furnishes for
the
Gentlemen.—We notice by your edition of Jan. 17 1914 you report the
the same period *harts indicating the price movements of a Union Trust Company of San Diego as having had difficulty with the State
Union Title &
number of leading commodities such as cotton, lead, rubber, Bank Superintendent on account of the. Company, and Trust Company
that the writ of
subscribing for stock in the Union Trust
petroleum, rye, pig iron, salt- mandate to compel the said Superintendent of Banks to issue a permit to
jute, coffee, copper, corn,
Permit us to state
peter, lard, silver, wheat, wool, zinc, tin and sugar. The do business to the Union Trust Company was denied.
that In the application to
high, low and °losing prioes from January 1911 to December perintendent to issue this the Appellate Court to compel the said Bank Supermit, it is true the Court did refuse to hear the
1913 are given.
matter, but the articles of incorporation of the Union Trust Company have
The management of the BroadwaY Trust Co., main office
Woolworth Building, this city, is justified in feeling proud
of the growth of the institution during the past six years.
The subjoined comparative statement just issued for the
period mentioned is a striking index of its business expansion:
Capital and Surplus.
$1,054,000
1,100,000
1,136,000
1,130,000
1,134,000
1,597,000
2,329,000

Deposits.
$2.424,000
3,338,000
4,322,000
4,635,000
5,150,000
11,242,000
14,971,000

Total Assets.
$3,498,000
4,458,000
5,480,000
5,794,000
6.308,000
12,893,000
17,367,000

long since been amended and such trust company has been doing and is
now doing a trust business under the State Bank Act and is under the supervision of the State Superintendent of Banks of this State. Will you please
correct the statement In your publication of Jan. 17 to the above effect,
and oblige.
Yours very truly,
UNION TRUST COMPANY OF SAN DIEGO.
(Signed) By J. F. FORWARD. Vice-President.

In promotions made in the National Commercial Bank of
Albany, N. Y., on the 23d inst., Walter W. Batchelder,
Cashier, and Jacob H. Herzog, Assistant Cashier, have been
advanced to vice-presidencies. Mr. Batchelder, in addition
to becoming a Vice-President, will continue in the Cashiership. Mr. Herzog has been succeeded as Assistant Cashier
It will be seen at a glance that the company's capital and by William L. Gillespie, who has been Auditor of the bank.
surplus has been increased from $1,054,000 to $2,329,000,
deposits from $2,424,000 to $14,971,000 and aggregate reAt a meeting on the 24th inst. the stockholders of the Union
sources from $3,498,000 to $17,367,000. The institution Trust Company of Rochester, N. Y., ratified a proposal to
maintains four branch offices in New York and Brooklyn. increase the capital of their institution from $200,000 to
Frederic G. Lee is President.
$500,000. Ferderick W. Zoller was elected President of the
company at the annual meeting on the 6th inst., succeeding
The National Reserve Bank of this city was taken over Frank W. Taylor, who declined re-election on account of
by the Mutual Alliance Trust Company on Tuesday. The ill-health, but who consented to accept the position of Chairmerger is in the form of an assumption by the trust company man of the board. Mr. Zoller has served the trust company
of the deposit liabilities of the bank; about 58% of the de- since 1895, and since 1897 had been Secretary. He is sucposits are in cash. The National Reserve Bank will be ceeded in that office by Blake S. Raplee, who had, been an
liquidated by its own directors; the book value of its stock is Assistant Secretary. •
about $134 per share, and in addition to this amount, which
the stockholders will receive, they will also get a substantial
W. Cameron Forbes, formerly Governor-General of the
payment from the trust company as a bonus or purchase Philippines, was elected a director of the Old Colony Trust
price for good-will. The National Reserve Bank was es- Co. of Boston on Tuesday; all the old directors were retablished in 1902 under the name of the Consolidated Na- elected except Charles S. Mellen, formerly President of the
tional Bank, with a capital of $1,000,000; in 1909, when its New Haven RR., who had previously represented the New
name was changed, its capital was increased to 81,200,000, Haven interests, and B.P. Cheney. The stockholders have
the present figure; its deposits amount to about $4,350,000. authorized the directors to accept the terms of the Federal
William 0. Allison of the "Oil, Paint & Drug Reporter" has Reserve Act, if it shall be deemed advisable to enter the new
been its President since 1907. He is to become a member system.
of the trust company's board. Frank V. Baldwin, ViceJan. 1
Jan. 1
Jan. 1
Jan. 1
Jan. 1
Jan. 1
Jan. 1

1908
1909
1910
1911
1912
1913
1914




362

THE CHRONICLE

A consolidation of the International Trust Co. and the
Lincoln Trust Co. of Boston, under the title of the firstnamed institution, was arranged this week. Some of the
interests in the Lincoln Trust are closely associated with the
First National Bank, through which the International Trust
Co. has cleared, and the agreement for the merger was perfected by the representatives of the three institutions.
The International Trust Co. has a capital of $1,000,000 and
a surplus of $4,000,000, while the Lincoln Trust Co. has a
capital of $200,000 and a surplus of $100,000. The consolidated company will have a capital and surplus of $1,000,000
each. A statement issued concerning the consolidation says:
"As the new organization will start with $1,000,000 surplus,
assets representing the surplus of the International Trust
Co. beyond this amount will be transferred to trustees to be
managed and disposed of for the benefit of the present shareholders." Further facts concerning the merger proceeding
are given in the Boston "Advertiser" as follows:
Stockholders in the International Trust Co. are officially informed that
in order to carry out the terms of the agreement with the Lincoln Trust Co.
It will be necessary for the stockholders to relinquish a total of 2,500 shares
of International Trust Co. stock, or at the rate of a fifth of the holdings
of each stockholder, for which $200 per share will be paid. These 2,500
shares are to be delivered to the Lincoln Trust Co.in exchange for the assets
of the latter. Stockholders who assent to this plan will have the right of
participation in the trust that is to be established with present assets of the
International having a book value in excess of $2,000,000. The terms of
the agreement with the Lincoln provide for the retention by the consolidated institution of $2,000,000 of the cash assets of the International.
All the assets, deposits and franchises of the Lincoln Trust Co. are to be
transferred to the international upon consolidation.
The official circular to International stockholders states tha*, there are
619 shares of Internationnl stock in the treasury of the company. This
represents, on the basis of $400 per share, for the stock, an investment of
$247,600 by the company in its own stock. This stock is not to participate
in the distribution of assets by the trustees. The basis of stock contribution, however, at the rate of one-fifth of the holdings of each stockholder,
indicates that the stock in the treasury of the International is to be part of
the 2,500 shares delivered to the Lincoln. Deducting the 619 shares in the
treasury, there are 9,381 shares of International stock outstanding, onefifth of which is 1,876 shares. Adding the 619 treasury shares gives a total
of 2,495 shares deliverable to the Lincoln under the agreement.

The deposits of the International Trust Co. on Dec. 31
were over $10.000,000, the Lincoln Trust had deposits on the
same date in the neighborhood of $1,800,000. John M.
Graham, President of the International Trust, for more
than thirty years, will retire from the management, but will
continue on the directorate. Charles G. Bancroft, President
of the Lincoln (which was established in 1909), is to be
President of the International and Clifford B. Whitney,
Treasurer of the Lincoln, will be Treasurer of the succeeding organization. H. L. Jewett, the present Secretary and
Treasurer of the International, will be Vice-President.

I

VOL. XON11I

the post of Vice-President, being succeeded in the cashiership
by William C. Caine, heretofore Assistant Cashier.
The withdrawal from the directorate of the Cleveland
Trust Company of Cleveland of George N. Chandler and
R. A. Harman, both of whom are members of the board of the
First Trust & Savings Company, occurred at the annual
meeting of the Cleveland Trust Company on the 21st.
Samuel Mather and E. R. Perkins have also retired as directors and Vice-Presidents of the Cleveland Trust; A. L,
Assmus, Assistant Secretary, was made Fourth Vice-President and I. F. Freiberger, Assistant Trust Officer, has become Trust Officer. The entire official staff is now as follows:
President, F. H. Goff; Vice-Presidents, A. G. Tame, E. B. Greene,
P. T. White and A. L. Assmus; Trust Officer, I. F. Freiberger; Secretary,
E. E. Newman; Treasurer, H. D. King; Assistant Secretary, E. L. Mason;
Assistant Treasurer, H. S. Curtiss and M. W. Mountcastle; Assistant
Trust Officers, It. R.Alexander and R.A. Maim; Auditor, F. Hohlfelder.
Jr.

A resolution adopted by the stockholders of the Cleveland
Trust declares "that it be the future policy of this bank not
to elect as members of its board those who are serving on the
boards of similar institutions and not to re-elect as directors
those who accept membership on the boards of similar institutions." A by-law has also been approved requiring each
director to own at least twenty-five shares of stock, instead
of the legal minimum of ten shares.
W. H. Heil, heretofore Treasurer of the United Banking
& Savings Company of Cleveland, has been elected a VicePresident of the company.
At the annual meeting of the directors of the Central
National Bank of Cleveland, Ohio, L. J. Cameron, Cashier
of the bank, was promoted to the vice-presidency. John C.
McHannan, Assistant Cashier, was made Cashier.
Col. Louis Black has been elected a Vice-President of the
Superior Savings & Trust Company of Cleveland to fill the
vacancy created through the death of J. H. McBride.

Former Judge W. B. Sanders has been elected to succeed
Gen. George A. Garretson, resigned, as First-Vice-President
of the Guardian Savings & Trust Company of Cleveland.
Mr. Sanders' election occurred at the late annual meeting,
when Secretary J. Arthur House was also made a Vice-President. Mr. House has been succeeded as Secretary by
Thomas E. Monks, previously Assistant Secretary, and
W. D. Purdon, heretofore an Assistant Treasurer, has been
Lewis R. Dick has been elected President of the Third made Assistant Secretary.
National Bank of Philadelphia, succeeding the late Gen.
Practically all the indictments found in the case of the
Louis Wagner. Mr. Dick has been a director of the bank
for the past five years. He is President of the German-Amer- Cincinnati Trust Co. of Cincinnati were formally dismissed
ican Title & Trust Company of Philadelphia. Thomas J. on Dec. 15, in accordance with the acquittal last summer
Budd, Cashier of the Third National and connected with it of George B. Cox, ex-President of the institution, and those
for more than thirty years, has been made Vice-President. indicted with him. The acquittal of the defendants on one
Humport B. Powell, solicitor of the bank, has been chosen charge and the dismissal of another charge against them were
noted in our issues of June 14 and Aug. 9. One other indicta director to take the place of the late Levi G. Fouse.
ment had still remained and this has since been dismissed;
this was a joint indictment against Fletcher R. Williams,
At the annual meeting of the First National hank of Cleveland the following new directors were elected: Joseph R. formerly Treasurer, and N. S. Keith, formerly Secretary of
Kraus,Third Vice-President of the bank; M. B. Daly of the the company, who wore charged with the misapplication
East Ohio Gas Company; Fred Joseph of the H. Black Com- of $150,000 of the company's funds. The indictment
pany, and Harry New of the Landesman-Hirscheimer Com- against ex-Treasurer Williams was dismissed on the ground
pany. Retiring members of the board were: F. H. Goff that no joint liability could be proven; and this was followed
of the Cleveland Trust Company; H. P. McIntosh of the (on January 6) by a dismissal in the case of ex-Secretary
Guardian Savings & Trust Company; E. V. Hale of the Citi- Keith, it having been decided that he could not be tried
zens' Savings & Trust; F. W. Gehring and J. M. Leicht. separately.
The withdrawal of the three trust company officials from the
Juluis F. Stone resigned as President of the Central NaFirst National's board is brought about through the recent
formation of a competitive institution by it—the First tional Bank of Columbus, Ohio, at the annual meeting on
the 13th inst., and was succeeded by C. Edward Born, the
Trust & Savings Bank.
acting Vice-President. M. S. Connors, General Manager
Harry M. Mason, who was Cashier of the National City of the Hocking Valley RR., has replaced Mr. Born in the
Bank of Baltimore, which was taken over by the First vice-presidency.
National of that city on Dec. 20, has become Secretary and
W. J. Wedertz has been elected Secretary and Treasurer
Treasurer of the Mutual Loan Co. He had been connected
of the Security Savings Bank & Trust Company of Toledo
with the First National since the merger.
to succeed R. H.Scribner, who has become Third Vice-President of the Second National Bank of Toledo. C. I. Barnes
Murfey, who continues as Cashier of the National
L. A.
has been made Third Vice-President of the Security in place
Commercial Bank of Cleveland, has also been. made Viceof C. A. Russell and R. H. Sawtelle has succeeded Mr.
President of the institution.
Wedertz as Assistant Secretary and Treasurer. L. B. Martin and L. H. Morse have also become Assistant Secretaries
George S. Russell, Cashier of the Bank of Commerce, and Treasurers.
National Association, of Cleveland, has been advanced




JAN. 31 1914.)

THE CHRONICLE

Former Judge J. W. Schaufelberger of the Common Pleas
Court has been elected to the newly-created office of Second
Vice-President in the Merchants' & Clerks' Savings Bank of
Toledo. W. H. Gunckel, heretofore Assistant Cashier, has
been promoted to the cashiership, and James C. Scott has
been made First Assistant Cashier.

363

Bank of St. Paul has since announced that it will pay 4%
instead of 332% to its depositors.
H.F.Schoen has been advanced from the office of Assistant
Cashier to that of Cashier in the Mechanics' Savings Bank
of Des Moines, Iowa, to take the place of F. L. Walker, resigned.

I. W. Gotshall has been made a Second Vice-President of
Action toward increasing the capital of the United States
the Continental Trust & Savings Bank of Toledo, succeedNational Bank of Omaha from $700,000 to $1,000,000 was
ing D. A. Yoder, resigned.
taken at the annual meeting.
—4--The Executive Council of the Illinois Bankers' AssociaH. W. Yates Jr. has been elected Cashier of the Nebraska
tion at a special meeting on the 20th inst. re-elected George
L. Crampton Secretary of the Association. The special National Bank of Omaha, succeeding W. E. Shepard, remeeting is said to have been made necessary because of the signed; F. W.Clarke, who secured an interest in the bank sevfailure of the delegates to elect a Secretary at the last annual eral months ago, has become Vice-President.
meeting, in September, when Mr. Crampton and Eugene I.
Burke of Champaign were the candidates. It was then deAmong the changes made in the official staff of the St.
cided to continue Mr.Crampton in office until the Exeoutive Louis Union Trust Co. of St. Louis at the annual meeting
Council should hold a special meeting.
was the election as a Vice-President of Thomas H. West Jr.,
heretofore Secretary of the company. Isaac H. Orr, who
The Broadway State Bank of Chicago recently opened for continues as Trust Officer, was also elected a Vice-Presibusiness at Broadway and Wilson Avenue. It has a capital dent, and Byron W. Moser was advanced from the post of
of $200,000 and surplus of $50,000. The officers are Paul Assistant Secretary to that of Secretary to take the place
A. Hazard, President; John H. Rife, Vice-President, and of Mr. West. The stockholders have voted to enter the
E. E. Hughes, Vice-President and Cashier.
Federal banking system.
H. L. Parker, President of the Emerson Electric ManuThe Ashland-Twelfth State Bank is another Chicago institution which recently began operations; its capital is facturing Co., has been elected to the directorate of the
likewise $200,000 and it has a surplus of $20,000; C. B. Mun- Third National Bank of St. Louis to replace B. F. Yoakum,
day is President; E. J. Potts, Vice-President, and Abraham resigned.
Levin, Cashier.
Adolphus Busch III has become a member of the board of
On the 17th inst. the United States Bank of Chicago had the Mechanics-American National Bank of St. Louis, sucits initial opening. The institution starts with $200,000 ceeding C. L. Allen.
capital and $20,000 surplus. It is located at 6000 South
The following new members have been placed on the board
Halsted Street and is under the management of Simon Heck,
President; Fred Bernstein, Vice-President; Carl Lundberg, of directors of the National Bank of Commerce of St. Louis:
Robert H.Stockton,President of the Majestic Manufacturing
Cashier, and Frank A. Putnam, Assistant Cashier.
Co.; Sigmund Baer, Secretary and Treasurer of the StixWilliam L. McKee, who for the past three years or more Baer & Fuller Dry .Goods Co., and Alanson C. Brown,
has served the Fort Dearborn National Bank of Chicago as President of the Hamilton-Brown Shoe Co.
traveling representative, was elected Assistant Cashier on
the 22d inst.
Thomas E. Cooper was elected President of the American
National Bank of Wilmington, N. C., at the recent annual
Murray MacLeod has replaced C. D. Castle, resigned, as meeting. He succeeds his brother, W. B. Cooper, who reCashier of the Irving Park National Bank of Chicago.
signed because of the demands upon his time of his other
business interests; the retiring President will hereafter be
Resolutions empowering the directors to make application identified with the bank as Chairman of the board. Thomas
for admission to the Federal reserve system were adopted by E. Cooper has been an officer of the institution since its
the stockholders of the Market Trust & Savings Bank of organization in 1908; he first officiated as Cashier and last
Chicago on the 20th inst.
fall was made active Vice-President. He is First Vice-President of the North Carolina Bankers' Association, and is
The Peoples' State Bank of Detroit is distributing, as has thus in line for the presidency of that organization.
been its custom for many years, the 1914 edition of its business calendar for the United States and Canada. The
At a meeting on the 15th inst. of the directors of the First
calendar is particularly useful to the banker and business
man, as it indicates the various State laws regarding days of Savings & Trust Co. of Nashville James E. Caldwell was
elected President, succeeding A. M. Shook, resigned. Mr.
grace, legal rates of interest, holidays, &c., &c.
Caldwell is President of the Fourth and First National
Following the action or the directors of the Northwestern Bank of Nashville, which recently acquired control of the
National Bank of Minneapolis in voting on the 13th inst. to First Trust. It is stated that the active management of the
Vice-Presijoin the Federal reserve system, announcement of the deci- latter will remain unchanged, P. D. Houston,
sion to increase the interest on savings accounts from 3% to dent, continuing as the active head. Mr. Houston was
0
/
33 0 was made. The new rate is to be computed from added to the list of officers of the Fourth and First
Jan. 1, and all savings deposits made up to February 1 will National on the 15th, having been made a Vicebe credited with 3M% from the first of the year. In a pub- President of the institution. Drew Rowan and Brantley
lished statement which it has issued in the matter, the bank L. Currey were also added to the list of Assistant Cashiers
not only characterizes the new Bank Act as one of the most of the Fourth and First National. During the past three
important bills ever signed by a President of the United months, or since the call of Oct. 21 1913, the deposits of
States, but asserts that it directly affects the welfare of the Fourth and First National Bank have increased over
every American. And it is in accordance with the manage- a million dollars, the figures three months ago having been
ment's belief that the first benefit should go to the general $10,697,649, as against $11,774,288 on Jan. 13 1914. The
public that the new policy with regard to the savings deposits bank's aggregate resources are reported at $14,812,028,
has been adopted. It is also announced that henceforth the which together with $1,220,650 resources of the First Savsavings feature of the Northwestern will be made one of its ings Bank and Trust Co. (controlled) gives a grand total
important functions, its development being warranted and of $16,032,678.
made possible by the new and enlarged facilities offered by
Under the call of the Comptroller of the Currency for
the Reserve Act. The distinction of having been the first
of the national banks in Minneapolis to establish a savings Jan. 13 1914, the first issued since the absorption of the
department is claimed by the Northwestern. Its action in Fourth National Bank of Jacksonville, Fla., by the Atlantic
increasing the interest rate on savings deposits has been fol- National Bank, deposits of $6,954,484 are shown by the
lowed by the First National Bank and the Security National latter. The consolidation went into effect on Dec. 29 last.
The State Savings The Atlantic National has a paid-in capital of $350,000,
raising their rates from 3% to 3




364

THE CHRONICLE

[VOL. xcvm.

surplus of $650,000 and undivided profits of $151,033; its
resources in the Jan. 13 statement total $8,754,618. Its
officers are Edward W. Lane, President; Fred W. Hoyt and
Thomas P.Denham, Vice-Presidents; Delmer D. Upchurch,
Cashier, and W. I. Coleman, E. T. Schenck, J. Mitchell
Quincy and C. W. Wandell, Assistant Cashiers.

Council of the American Bankers' Association, and is also
a member of the latter's Committee on Agriculture and
Financial Development and Education. His successor as
Cashier of the Old National is J. A. Yeomans, who had been
Assistant Cashier. Besides W. J. Smithson, who was
already an Assistant Cashier, two others have been made
Assistant Cashiers, namely George H. Greenwood, Acting
The stockholders of Elder, Dickinson & Co. of Memphis Auditor and Joseph W. Bradley, manager of the collections
have decided to increase the capital from $25,000 to $50,000 department. Resolutions, in which it was decided to accept
and to change the name to the Depositors' Savings Bank & the provisions of the Federal Reserve Act, were adopted
by the stockholders.
Trust Co.
S. E. Ragland, formerly Vice-President of the Central
The annual financial statement of the Metropolitan Bank
State National Bank of Memphis, has been elected Presi- of Canada (head office Toronto) for the year ending Decemdent succeeding N. C. Perkins.
ber 31 1913 shows that institution to be enjoying a noteworthy degree of prosperity. The profits for the twelve
months were reported at $165,659
-equal to 16.56 on its
James Nathan, Cashier of the Manhattan Savings Bank capital. Dividends of
10 per cent (or $100,000) were paid;
Trust Co. of Memphis, and Manager of the Memphis $20,000 was
&
charged off to bank premises account and
Clearing-House Association, died on the 20th inst. Mr.
$40,000 was written off for depreciation in securities owned
Nathan had been Manager of the Clearing House for twenty- by the bank. The institution,
of which S. J. Moore is
nine years and had held the cashiership of the bank since its President and W. D. Ross,
General Manager, has a capital
organization. He was fifty-seven years of age.
of $1,000,000, a reserve fund of $1,250,000 and aggregate
resources of $12,454,115.
Charles I. Ryan, Cashier of the Fourth National Bank
of Atlanta, has been elected to the additional office of ViceAt the 42d annual meeting of the Bank of Hamilton (head
President.
office Hamilton, Canada), James A. Turnbull, who has held
the office of General Manager of the bank for over a quarter
B. P. O'Neal has become a Vice-President of the Ameriof a century, resigned and J. P. Bell, the Assistant General
can National Bank of Macon, succeeding the late W. McManager, was appointed to succeed him. The Bank of
Ewen Johnson.
Hamilton has had a decided growth under the managership
of Mr. Turnbull. During his period of office the capital of
The re-elected directors of the Chatham Bank of Savannah, the bank was increased from $1,000,000 to $3,000,000, the
Ga., recently promoted F. W. Clarke, Cashier of the bank, reserve fund advanced from $340,000 to $3,600,000, and the
to a Vice-Presidency. J. J. Cornell, Assistant Cashier, total assets increased from $4,500,000 to $46,325,000;
was made Cashier, and F. W. Woods was made Assistant while the bank's branches have grown from eleven to one
Cashier. Leopold Adler was re-elected President and T. M. hundred and twenty-five. The annual report submitted
Cunningham Jr. Vice-President.
by the President, the Hon. Wm. Gibson, showed deposits
of $36,000,000. The profits for the twelve months ending
Action on the question of increasing the capital of the November 29 1913 amounted to $498,273, after all deducCommercial-Germania Trust & Savings Bank of New Orleans tions, with the exception of $360,000, or 12 per sent, paid
from $1,100,000 to $1,250,000 will be taken by the stock- to its shareholders in dividends.
holders on February 17.
At the annual meeting of the South Texas Commercial
National Bank of Houston, W.B. Chew retired as President
and was succeeded by James A. Baker, of the law firm of
Baker, Botts, Parker & Garwood. Mr. Chew's withdrawal from the presidency was occasioned by his desire to
retire from active business. He had been President of the
Commercial National Bank for twenty-one years prior to
the formation of the South Texas Commercial National in
March 1912, when he was retained as head of the consoliddated bank. A silver loving cup was presented to him at
the annual meeting by the employees of the institution as
a token of the esteem in which he is held.

IMPORTS AND EXPORTS OF GOLD AND SILVER AT
SAN FRANCISCO.
The Collector of Customs at San Francisco has furnished
us this week with the details of the imports and exports of
gold and silver through that port for the month of December'
and we give them below in conjunction with the figures preceding, thus completing the results for the calendar year
1913.
IMPORTS OF GOLD AND siLvEn AT SAN FRANCISCO.
Gold.
Months.
Coin.

• Henry S. Fox Jr. has been elected President of the Houston
National Exchange Bank of Houston, succeeding Joseph F.
Meyer, resigned. Mr. Fox had been active Vice-President
of the institution.
The Fourth annual meeting of the stockholders of the
Mercantile National Bank of San Francisco was held on
the 13th inst. The reports presented indicate that the bank
enjoyed a prosperous year. Regular quarterly dividends,
aggregating $200,000, were paid during the year. The
capital and surplus of Mercantile National Bank of San
Francisco is $3,000,000. The capital of Mercantile Trust
Co. of San Francisco (which is owned by the stockholders
of Mercantile National Bank of San Francisco) is $1,000,000
additional. At the stockholders' and directors' meetings
resolutions were adopted accepting membership in the regional banks to be created under the Federal Reserve Act.
W. D. Vincent, Cashier of the Old National Bank of
Spokane, Wash., was elevated to the vice-presidency at
the annual meeting. Mr. Vincent assisted in organizing the
bank in 1891, and had been Cashier since 1895. He had been
manager of the Spokane Clearing House Association for a
number of years, and has served as President of the Washington Bankers' Association; he is a member of the Executive




1913.
January
February
March
April
May
June
July
August
September___.
October
November
December

107,000
3,108
535
499,773
504,970
455,170
47,808
770
5,240
15,070
43,060
5,926

Bullion.
29,784
174,873
194,216
231,109
261,378
26,199
346,852
118,286
64,377
103,734
61,749
80,271

Sitter.
Total.
136,784
177,981
194,751
730,882
786,348
481,369
394,860
120,056
69,617
118,804
104,809
86,197

Total year__

1,888,430 1,893,828 3,382,258

Year 1912____

858,160 2,322,517 3,180,677

Coln.

2,600
2,600
128,227
190
2,700
1,967

Bullion.
8
35,647
104,622
59,781
225,166
246,696
368,652
353,644
105,439
348,458
257,808
65,942
120,534

Total.
35,647
107,221
59,781
227,766
374,923
368,842
356,344
105,439
350,425.
257,808
65,942
120,534

138,284 2,292,389 2,430,875
618,907

760,240 1,379,147

EXPORTS OF GOLD AND SILVER FROM SAN FRANCISCO.
Gold.
Months.
Coin.
1913.
January
February
March
April
May
June
July
August
September_
October
November_
December
Total year__
Year 1912_

Bullion.

Total.

Coin.

Bullion.

Total.

1,000
1,600

1,575
1,600

600

600

43
800

43
1,390
800

1,200

1,200

5,243

7,208

06,055 12,696,882 12,792,037

18,930 5,121,913 5,138,843

7,150 10,712,276 10,719,426

575

1,390

1,965

1,428,975
1,080,259
984,779
808,711
1,504,895
921,127
1,233,382
1,121,640
1,279,108
556,573
150
48,050 1,030,895
744,538
47,855

1,426,975
1,080,255
984,779.
808,711
1,504,895
921,127
1,233,382
1,121,640
1,279,108
556,723
1,084,945
792,393

365

THE CHRONICLE

JAN. 31 1914.1

(CommercialEngliisTxBetus
Wonetargl
-Per Cable.
English Financial Markets
The daily closing quotations for securities, etc., at London,
as reported by cable, have been as follows the past week:

-The First National Bank of Wrightsville, Ga.,Jan. 15 1914.
8,023
INSOLVENT NATIONAL BANK.
-The Barnesville National Bank, Barnesville, Minn., was placed
6,098
in the hands of a receiver Jan. 14 1914.
-The First National Bank of Superior, Neb.,was placed in the hands
3,529
of a receiver Jan. 12 1914.
-The Marion National Bank,Marion, Kan.,was placed in the hands
7,911
of a receiver Jan. 12 1914.

London.

Fri.
Thurs.
Tues. Wed.
Mon.
Bat.
Week ending Jan. 30.
26 9-16 26 7-16
263
d 260-16 269-16 26%
Silver, per oz
753/,
7534
74
74 9-16 7434
Consols, 234 per cents._ 7334
a
7534
7574
74 9-16 7434
73 15-16 74
d For account
85.8734 85.9234 86.40
tf French Rentes(in Paris)..fr. 85.7731 85.6734 85.90
3
7734
77%
7934
c7894
7874
Amalgamated Copper Co
7834
72
72
7034
72
70
Am. Smelt. dr Refining Co.... 7134
794
734
794
734
734
774
S Anaconda Mining Co
0:
,
107
c97g
10134 ci01%
10234
Atch. Topeka 8c Santa Fe_ _ _ 102%
10294
103
103
103
103
Preferred
10234
1023-4
10031
100%
Baltimore & Ohio
9934
9934
83
c83
85
8434
8434
Preferred
8434
21934
22134
218
21334
Canadian Pacific
21634
21734
68
6834
6834
69
6931
Chesapeake & Ohio
6934
1434
15
1434
15
15
15
Chicago Great Western
10731
10831
108
108
108%
10834
Chicago Milw.& St. Paul
2034
2091
2094
2094
Denver dc Rio Grande
2074
2034
3174
3131
3234
32
3234
313.4
Preferred
33
3234
33
3234
3234
3234
Erie
50
50
5031
51
5031
5091
First preferred
41
40
41
41
4034
4134
Second preferred
132
132
133
13294
13294
Great Northern, preferred_ _13334
117
11734
11634
11734
118
11734
Illinois Central
140
143
14331
14294
14334
1443-4
Louisville & Nashville
14
23
:
14
3
14
2
: 23
24
61%
24
60x
2434
Missouri Kansas & Texas
61
61
61
6034
Preferred
29
2834
3031
3034
30
3034
Missouri Pacific
31
14
12%
Nat. RR. of Mex., 2d pref- 124
9734
9731
9831
97
9734
N. Y. Central & Hud. Riv- 9794
3031
31%
1 134
32
31%
32%
N. Y. Ont. & Western
107%
107
10734
107
1
107
Norfolk & Western
89
89
------80-----Preferred
12
118%
119
,
5I) .
3c
11 ,.
18 i
1875: 09,‘
9;:
19
19 i
Northern Pacific
5831
5831
59
5931
a Pennsylvania
8731
8734
863-4
a Reading Company
45
45
45
45
45
45
a First preferred
47
47
a Second preferred
163i
471434
1434
1674
16%
Rock Island
10034
10091
10194
10031
10034
10131
Southern Pacific
2731
2734
2736
2774
2794
2794
Southern Railway
8534
86
86
87
8635
85
Preferred
nog 16594 16631 16531
16531
16634
Union Pacific
8734
87
8731
8634
87
8634
Preferred
6794 683-4 6734 6731 6634
6774
U.S.Steel Corporation
115
113
11334
114
1153-1
11531
Preferred
4
431
331
4
434
434
Wabash
1234
10
1331
1234
1194
1294
Preferred
60
6094
60
6131
6034
6094
Extended 4s
a Price per share. b £ sterling. e Ex-dividend. d Quotations here given are
flat prices.

ia

-

knixinerctat andMisceilantonsltenTs
-The clearings for the week
Canadian Bank Clearings.
ending Jan. 24 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate of,
10.3%.
Week ending Jan. 24.
Clearings al
1914.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Calgary
Edmonton
Quebec
Hamilton
Victoria
Regina
Saskatoon
Halifax
St. John
London
Moose Jaw
Lethbridge
Fort William
Brandon
Brantford
New Westminster
Medicine Hat
Total Canada

$
55,359,158
38,472,117
24,545,206
8,741,951
4,540,300
3,630,188
3,468,539
3,134,285
3,016,508
2,925,587
1,855,763
1,525,440
1,943,559
1,421,796
1,663,704
1,035,759
514,486
839,856
583,070
658,661
360,347
468,805

1913.

Inc. or
Dec.

1912.

s

%

$

57,843,157
42,324,562
29,373,999
12,107,447
4,021,879
4,782,551
3,981,441
3,158,393
3,527,043
3,409,030
2,202,978
1,766,141
1,765,802
2,069,108
1,729,440
1,223,225
614,557
863,244
595,733
678,062
574,712
Not incl. in

-4.3
-4.1
-16.4
-27.8
+12.9
-24.1
-12.9
-0.8
-14.5
-14.2
-15.8
-13.6
+10.1
-31.3
-3.8
-15.4
-16.2
-2.8
-2.1
-2.8
-37.3
total.

1911.

$

43,090,468 39,969,194
37,477,833 30,679,842
22,354,186 15,583,701
10,718,625 9,570,778
5,061,971 3,791,346
4,000,653 3,944,433
3,365,692 1,375,588
2,545,291 2,132,322
2,474,988 2,226,414
2,648,868 2,064,948
1,874,969
852,297
759,271
1,530,881
1,622,179 1,461,676
1,587,596 1,450,617
1,410,603 1,316,119
952,571
615,978
466,836
562,351
362,273
457,866
498,243
497,671

160.236.300 178.612.504 -10.3 144.852,240 113,505,198

-The following information regarding
National Banks.
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
CHARTERS ISSUED TO NATIONAL BANKS JAN. 9 TO JAN. 19.
-The Citizens' National Bank of Sallisaw. Okla. Capital, $30,000.
10,474
W. N. Bonham, President; R. W.Armstrong, Cashier.
-The National Bank of Commerce in St. Paul, Minn. Capital,
10,475
m A. Miller, President; Frederick A. Nien$400,000. William
hanger, Cashier.
-The First National Bank of Linden, Tex. Capital, $35,000.
10,476
.
0.E Davis, President; S. II. Vance, Cashier.
-The First National Bank of Sparkill, N. Y. Capital, $30,000.
10,477
W. E. Come, President; Edw. M. Fielder, Cashier,
-The Citizens' National Bank of Jasper, Tex. Capital, $25,000.
10,478
W.J. B. Adams, President; Jno. H. Seale, Cashier.
VOLUNTARY LIQUIDATIONS.
-The Arlington National Bank, of Rosslyn, Va., Jan. 12 1914.
8,389
Liquidation committee, Will W. Douglas, 13alLston, Va.and
E. Gordon Finney, Rosslyn, Va. To be succeeded by a trust'corapony.
-The First National Bank of Jasper, Tex.,Jan. 13 1914. Absorbed
6,134
by the Jasper State Bank. Liquidating committee, Messrs. W.P.
and P. M.Smith, Jasper, Tex.
-The First National Bank of Manchester, Mo., Dec. 19 1913.
7,643
Liquidating agent, Albert A. Koch, Manchester, Mo. Succeeded by a State bank.
-The Fourth National Bank of Jacksonville, Fla., Dec. 29 1913.
9,628
Liquidating committee, John E. Harris, W.C. Powell and H. Weibert, Jacksonville, Fla. Consolidated with the Atlantic National
Bank of Jacksonville, Fla.
-The Sutton National Bank,Sutton, Neb.,Jan. 13 1914. Liquidat3,653
ing agent, State Bank of Sutton, Neb. Succeeded by the State
Bank of Sutton, Neb.
-The Burlingame National Bank, Burlingame, Kan., Jan. 19 1914.
9,157
Liquidating agent, the Pioneer State Bank, Burlingame, Kan.
Consolidated with the Pioneer State Bank of Burlingame.
-The German-American National Bank of New Orleans, La., Dec.
7,876
311913. Absorbed by the Canal-Louisiana Bank & Trust Co. of
New Orleans. La. Liquidating agents, C. D. Curran, A. Breton
and J. P. Butler Jr., New Orleans, La.




DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.

When
Per
Cent. Payable.

Books Closed.
Days Inclusive.

Railroads (Steam).
Feb. 23 Holders of rec. Jan. 31a
3
Alabama Great Southern, preferred
134 Mar. 2 Holders of rec. Jan. 30a
Atch. Top.& S. Fe, corn. (qu.)(No. 35)
2% Feb. 2 Holders of rec. Dec. 31a
Preferred(No. 31)
Mar. 2 Holders of rec. Jan. 31a
3
Baltimore & Ohio, common
Mar. 2 Holders of rec. Jan. 31a
2
Preferred
50c. Feb. 15 Holders of rec. Jan. 31a
Bellefonte Central
50c. Feb. 15 Holders of rec. Jan. 31a
Extra
to Feb. 9
Brazil Ry.,cum.&non-cum.,pf.,end.(qu.) 1% Feb. 10 Feb. 1
1% Feb. 2 Holders of rec. Dec. 260
Canada Southern
Feb. 2 Holders of rec. Jan. 23a
2
Central RR.of New Jersey (quar.)
2% Mar. 2 Holders of rec. Feb. 9a
Chicago Milwaukee & St. Paul,common.._
Preferred
3% Mar. 2 Holders of rec. Feb. Or
Ch. St. Paul Minn. & Om., cOm. & pref. 394 Feb. 20 Holders of rec. Feb. 2a
Cleveland & Pittsburgh, reg., guar.(guar.). 134 Mar. 2 Holders of rec. Feb. 10a
Special guaranteed (guar.)
Mar. 2 Holders of rec. Feb. 10a
Cripple Creek Central, coin. (Tu.)(No. 17).. 1
Mar. 2 Holders of rec. Feb. 17
Mar. 2 Holders of rec. Feb. 17
1
Preferred(guar.) (No. 33)
Feb. 2 Holders of roe. Dec. 31a
3
Cuba RR., preferred
Great Northern (guar.)
194 Feb. 2 Jan. 9 to Feb. 2
Feb. 9 Holders of rec. Feb. 7
5
Green Bay & Western
2% Mar. 2 Holders of rec. Feb. 9a
Illinois Central(No. 118)
Lake Shore & Michigan Southern
Feb. 2 Holders of rec. Dec. 26a
Guaranteed stock (Mich. Sou.& N. I.) 6
3% Feb. 10 Jan. 21 to Feb. 10
Louisville & Nashville
Feb. 2 Holders of rec. Jan. 9a
$5
Mahoning Coal RR., common
3% Feb. 2 Jan. 24 to Feb. 2
Nashville Chattanooga & St. Louis
2% Mar. 2 Holders of rec. Jan. 30a
N. Y. Chic. & St. L., 1st & 2d pref
1% Mar. 19 Holders of rec. Feb. 28a
Norfolk & Western, common (guar.)
Feb. 19 Holders of rec. Jan. 31a
Norfolk dr Western, adj. pref. (quar.)_. 1
331 Feb. 2 Jan. 23 to Feb. 1
North Carolina RR
191 Feb. 2 Holders of rec. Jan. 9a
Northern Pacific (guar.)
4% Feb. 20 Holders of rec. Feb. 10a
Oswego & Syracuse
294 Feb. 2 Holders of rec. Jan. 26a
Passaic & Delaware
134 Feb. 28 Holders of rec. Feb. 2a
Pennsylvania (guar.)
$2.50 Feb. 2 Holders of rec. Jan. 23a
Pittsburgh & Lake Erie
Feb. 12 Holders of rec. Jan. 28a
2
Reading Company, corn. (quar.)
Mar. 12 Holders of roe. Feb. 24a
1
First preferred (quar.)
Feb. 15 Feb. 3 to Feb. 14
St. L. Rocky Mt.& Pac. Co.,com.
(No.2)
Feb. 16 Feb. 7 to Feb. 15
1
Seaboard Air Line, preferred
Feb. 2 Holders of rec. Jan. 24a
3
Syracuse Binghamton & N. Y. (quar.)
April 1 Holders of rec. Mar. 2a
33
Union Pacific, common (special)
Utica Clinton & Binghamton
194 Feb. 10 Jan. 21 to Feb. 9
Street and Electric Railways.
194 Feb. 14 Holders of rec. Jan. 310
American Railways, preferred (guar.)
Feb. 2 Holders of rec. Jan. 17
3
Bay State Street Ry., first preferred__
Feb. 28 Feb. 15 to Mar. 1
2
Binghamton Ry
Feb. 16 Holders of rec. Feb. 2
2
Boston Elevated
154 Feb. 20 Holders of rec. Jan. 31
Brazilian Tr., Lt. & P., ordinary (qu.)
$4 Feb. 10 Holders of rec. Jan. 26a
Chicago Rys., partic. ctfs., Ser. 1
$2 Feb. 10 Holders of rec. Jan. 26a
Participation certificates Ser. 2
Columbus (0.) Ry., pref.(qu.)(No.57)- 131 Feb. 2 Holders of rec. Jan. 15
Commonwealth Pow., Ry.&Lt.,com.(qu.) 1 . Feb. 2 Holders of rec. Jan. 160
1 g Feb. 2 Holders of rec. Jan. 16a
Preferred (guar.)
Feb. 15
Connecticut Ry. dr Ltg., corn. dr pf. (qu.) 1
3,4 Feb. 2 Holders of rec. Jan. 16a
Connecticut Valley Sireet Ry., corn, (guar.).
Cumberl'dCo.(Me.) Pow.drLt.,pf.(qu.)_ _
194 Feb. 2 Holders of rec. Jan. 20a
East St. L.& Sub. Co., pf.(qu.)
194 Feb. 2 Holders of rec. Jan. 15a
(No.31)Galveston-Houston Elec. Co., cont.(NO. 10) 394 Mar. 16 Holders of rec. Mar. Sr
Mar, 16 Holders of rec. Mar. 5a
Preferred (No. 14)
3
Grand Rapids Ry., pref.(qu.)(No.53).... 134 Feb. 2 Holders of rec. Jan. 15
Feb. 1 Jan. 1 to Jan. 31
3
Harrisburg Traction
Feb. 15 Holders of rec. Jan. 31
Illinois Traction, common (quar.)
Feb. 1 Holders of rec. Jan. 24a
2
Internat. Tray. (Buffalo), pref.(No. 3)_
Extra (on account of accumulated divs.)
25 Feb. 1 Holders of rec. Jan. 24a
Jacksonville Trae., corn. (quar.)(No. 12) 194 Feb. 2 Holders of rec. Jan. 22a
Preferred (guar.) (No. 12)
194 Feb. 2 Holders of rec. Jan. 22a
Lewiston (Me.) Augusta & Waterville
1% Feb. 2 Holders of rec. Jan. 15
Street Ry., pref. (qu.) (No. 15)
1% Feb. 1 Jan. 22 to Jan. 31
Lincoln Traction, pref. (quar.)
1% Jan. 31 Holders of rec. Jan. 20
Milw. Elec. Ry.& IA,PI. .)
(qu (No.57)_ _ _
234 Feb. 1 Jan. 28 to Feb. 1
Monongahela Valley Tract., preferred_ _
234 Feb. 2 Holders of rec. Jan. 15
Montreal Tramways (quar.)Jan. 31 Jan. 21 to Feb. 1
2
New Hampshire Electric Rys., pref
131 Feb. 2 Holders of rec. Jan. 27a
Ohio Traction, pref. (guar.)
134 Feb. 2 Holders of rec. Jan. 2a
Philadelphia Co., corn. (qu.) (No. 129)_
PhiladelphiaCompany,5% non-cum. pref.. 2% Mar. 2 Holders of rec. Feb. 10a
Public Service Investment, corn.(No. 9) $2 Feb. 2 Holders of rec. Jan. 15a
$1.50 Feb. 2 Holders of rec. Jan. 15a
Preferred (clear.) (No. 19)
Feb. 2 Holders of rec. Jan. 15a
3
Railway & Light &cur., corn. (No. 9)
Feb. 2 Holders of rec. Jan. 15a
3
Preferred(No. 19)
Feb. 1 Jan. 22 to Jan. 31
1
Railways Co. General (quar.)
Rio de Janeiro Tram., L.& Pow.(guar.). 131 Feb. 2 Holders of rec. Jan. 15
Sierra Pacific Elec. Co., pf.(qu.)(No.18) $1.50 Feb. 2 Holders of rec. Jan. 22a
Toledo Bowling Green & Sou. Tr., pf. (qu.) 134 Feb. 2 Jan. 21 to Feb. 1
Feb. 2 Holders of rec. Jan. 22a
Union Street Ry.(New Bedford) (quar.) 2
April 1 Holders of rec. Mar. 16
United Light & Railways, common (par.)
- 1
April 1 Holders of rec. Mar. 16
1
Common (extra)
1% April 1 Holders of rec. Mar. 16
First preferred (guar.)
g April 1 Holders of rec. Mar. 16
Second preferred (guar.)
West Penn Rys., pref. (guar.)(No.33).
. 194 Feb. 2 Jan. 27 to Feb. 19
$1.25 Jan. 31 Holders of rec. Jan. 244
York Railways, preferred
Banks.
Feb. 2 Jas. 29 to Feb. 1
3
Bowery (quar.)
Feb. 2 Jan. 29 to Feb. 1
3
Extra
Feb. 2 Holders of rec. Jan. 17a
4
Corn Exchange (quar.)
Feb. 2 Holders of rec. Jan. 27a
3
German-American
Lincoln National (quar.)
234 Feb. 2 Holders of rec. Jan. 29a
Feb. 2 Jan. 14 to Feb. 1
2
Pacific (guar.)
Feb. 1 Jan. 27 to Jan. 31
3
Twenty-third Ward
Trust Companies.
eb. 1 Holders of roe. Jan. 28a
2
Astor Trust (guar.)
Broadway (guar.)
134 Feb. 2 Jan. 22 to Feb. 1
1234 Feb. 2 Jan. 26 to Feb. 1
Farmers' Loan & Trust (guar.)
eb. 1 Holders of rec. Jan. 26e
3
Hamilton, Brooklyn (guar.)
eb. 2 Jan. 25 to Feb. 1
4
Kings County, Brooklyn (guar.)
eb. 2 Jaa. 29 to Feb. 2
2
Nassau, Brooklyn (guar.)
Fire Insurance.
Feb. 1 Jan. 16 to Jan. 31
20
Westchester Fire
Miscellaneous.
eb. 23 Holders of rec. Jan. 24a
1%
Amalgamated Copper (gar.)
eb. 16 Holders of rec. Feb. 2e
1%
American Bank Note, common (guar.)._
eb. 2 Holders of rev. Jan. 15a
1%
American Cigar, common (gmar.)
April 1 Mar. 22 to April 1
2
Amer. Gas & Elec., corn. (qu.)(No. 1O)_
eb. 1 Holders of rev. Jan. 21a
1%
Preferred(gmar.) (No. 28)
eb. 2 Jan. 28 to Feb. 3
4
American Glue, preferred
eb.16d Holders of rec. Feb. 24
Amer. Graphophone, pref.(qu.)(No. 63) 194
eb. 2 Jan. 16 to Feb. 1
American Light & Traction, corn. (quar.) 2%
Feb. 2 Jan. 16 to Feb. 1
common stock).
Common (payable in
- 294r
eb. 2 Jan. 16 to Feb. 1
1%
Preferred (guar.)
eb. 2 Holders of rev. Jan. 21
Amer. Pipe & Construction Secur., pref._ 4
1341 April 1 Holders of rec. Mar. 16a
Bethlehem Steel, pref. (guar.)
eb.14d Holders of rev. Feb. 74
4
Bond & Mortgage Guarantee (quar.)_
eb. 14 Feb. 6 to Feb. 15
4
Borden's Condensed Milk, common.._

366

THE CHRONICLE

When
Per
Books Closed.
Name of Company.
Cent. Payable.
Days Inclusive.
----Miscellaneous (Concluded).
Brill (J. G.) Co., pref. (quar.)
13j Feb. 2 Jan. 28 to Feb. 1
Brown Shoe, common (No. 1)
1 Feb. 1 Holders of rec. Jan. 24
Preferred (quar.)
1 X Feb. 1 Holders of rec. Jan. 24
Burns
common (quar.) (No. 2)
13'4 Feb. 15 Holders of rec. Jan. 31
Preferred (quar.) (No. 4)
Bros..
134 Feb. 2 Holders of rec. Jan. 15
Cambria Steel (quar.)
144 Feb. 14 Holders of rec. Jan. 31
Canada Cement, Ltd., pref. (quar.)___ 134 Feb. 16 Feb. 1 to Feb. 10
Canadian Converters, Ltd.(quar.)
Feb. 15 Holders of rec. Jan. 31
1
Central Leather, common (No. 1)
Feb. 2 Holders of rec. Jan. 12a
2
Central Slates Elec. Corp., corn.(No. 1)_ _ _
Feb. 19 Holders of rec. Feb. 11
1
Cities Service Co., common (monthly)
44 Feb. 1 Holders of rec. Jan. 15a
Preferred (monthly)
34 Feb. 1 Holders of rec. Jan. 15a
Cities Service, corn. and pref. (monthly)
35 Mar. 1 Holders of rec. Feb. 15a
Clafiln (H. B.), 1st pref. (quar.)
134 Jan. 31 Holders of rec. Jan. 23a
Second preferred (quar.)
134 Jan. 31 Holders of rec. Jan. 23a
Cluett, Peabody & Co., Inc., com.(No.1) 1
Feb. 1 Holders of rec. Jan. 20
Columbus Gas de Fuel, common (guar.)... 1
Mar. 2 Holders of rec. Feb. 14a
Commonwealth Edison (quar.)
Feb. 2 Holders of rec. Jan. 15a
2
Connecticut Power, pref. (guar.) (No. 4)_ _
134 Mar. 2 Holders of rec. Feb. 17a
Consolidated Gas (quar.)
lyi Mar. 18 Holders of rec. Feb. 11
Consolidation Coal (quar.)
134 Jan. 31 Holders of rec. Jan. 244
Consumers' Co., preferred
334 Feb. 20 Holders of rec. Feb. 10
Cuyahoga Telephone, pref. (quar.)
134 Jan. 31 Holders of rec. Jan. 15
Diamond Match (guar.)
134 Mar. 16 Holders of rec. Feb. 28a
Extra
Mar. 16 Holders of rec. Feb. 28a
1
Distilling Co. of America, pref. (guar.)-34 Jan. 31 Holders of rec. Jan. 10a
Dominion Bridge, Ltd. (guar.)
Feb. 16 Holders of rec. Jan. 31
2
Dominion Coal, Ltd., pref. (No. 42)...... 334 Feb. 2 Holders of rec. Jan. 17
Dominion Steel Corp.. pref. (au.)(No. 8) 134 Feb. 2 Jan. 18 to Feb. 2
Eastern Steel, first preferred (quar.)
IX Mar. 18 Holders of rec. Mar. 2
Edison Elec.III.Co.of Bost.(qu.) (No. 99) 3
Feb. 2 Holders of rec. Jan. 15
Electrical Securities Corp., pref. (quar.) 134 Feb. 2 Holders of rec. Jan. 28a
Elec. Bond & Share, pref.(quar.)(No.35) 1% Feb. 2 Jan. 22 to Feb. 1
Emerson-Brantingham, pref. (quar.)
144 Feb. 1 Jan. 17 to Jan. 31
Eureka Pipe Line (quar.)
Feb. 2 Holders of rec. Jan. 15a
10
Fall River Gas Works (quar.)(No. 77).._
3
Feb-. 2 Holders of rec. Jan. 23a
Federal Sugar Refining, pref. (quar.)
134 Jan. 31 Holders of rec. Jan. 29a
Ft. Worth Pow. dr Lt., pref.(qu.)(No.10) 134 Feb. 2 Jan. 21 to Feb. 1
General Asphalt, pref. (guar.) (No. 27)_ _ - 134 Mar. 2 Holders of rec. Feb. 13
m General Chemical, common (quar.)
Feb. 2 Holders of rec. Dec. 310
5
General Chemical, common (guar.)
1% Mar. 2 Holders of rec. Feb. 20
General Fireproofing, common (special)._ _
Feb. 2 Holders of rec. Jan. 28
1
Goodrich (B. F.) Co., preferred (guar J.. _ _ _
134 April 1 Holders of rec. Mar. 21
Gorham Mfg., corn. (quar.)
244 Feb. 13 Holders of rec. Feb. Ila
Greene Cananea Copper (guar.)(No.6)
1
Mar. 2 Holders of rec. Feb. 14a
Guanajuato Pow.&El., pf. (qu.) (No.22) 14.4 Jan. 31 Jan. 18 to Feb. 1
Harrison Bros. & Co., Inc., pf. (quar.)
1
Feb. 2 Jan. 29 to Feb. 1
Houston Oil, preferred
Feb. 1 Holders of rec. Jan. 26
3
Illinois Northern Utilities, pref.(guar.).- I Li Feb. 2 Holders of rec. Jan. 19a
Ilium. SG Pow. Sec., pref. (qu.) (No. 8)_ _
134 Feb. 16 Holders of rec. Jan. 31
Indiana Pipe Line
$4
Feb. 14 Holders of rec. Jan. 24
Inland Steel (guar.)
134 Mar. 2 Holders of rec. Feb. 100
Internat. Harvester ofN.J.,pf.(qu.)(No.28) 134 Mar. 2 Holders of rec. Feb. 10
Internat. HarvesterCorp.,pf.(qu.)(No. 4)...
13 Mar. 2 Holders of rec. Feb. 10
,
4
Internat. Nickel, common (quar.)
244 Mar. 2 Feb. 15 to Mar. 2
Preferred (quar.)
I% Feb. 2 Jan. 16 to Feb. 2
Island Creek Coal, corn. (quar.)
50c. Feb. 2 Holders of rec. Jan. 23
Jefferson & Clearfield Coal & Iron, pref.. 244 Feb. 16 Holders of rec. Feb. 6a
Kansas City Stock Yards of Maine, p1.
(qu.) 134 Feb. 2 Holders of rec. Jan. 15a
Kansas City Stock Yards of Missouri (qu.)_
134 Feb. 2 Holders of rec. Jan. 15a
Kayser (Julius) & Co., 1st & 24 pf.(qu.) 134 Feb. 1 Holders of rec. Jan. 200
Kelly Springfield Tire, pref. (guar.)
lyi Apr. 2 Holders of rec Mar. 20
Kellogg Switchboard & Supply (quar.)_ _
Feb. 3 Holders of rec. Jan. 31
3
Special (payable in stock)
Holders of rec. Jan. 26
25!
La Belle Iron Works, common (quar.)..44 Jan. 31 Jan. 21 to Feb 1
Lackawanna Steel, preferred (quar.)____
144 Mar. 2 Holders of rec. Feb. 28
Lehigh CO21 & Navigation (guar.)
2
Feb. 28 Holders of rec. Jan. 31
Liggett & Myers Tobacco, common (guar.). 3
Mar. 2 Holders of rec. Feb. 14
Loose-Wiles Biscuit, 2d pf. (qu.) (No. 7) 134 Feb. 1 Jan. 21 to Feb. 1
Lowell Elec. Light Corp.(qu.)(No. 71)... $2 Feb. 2 Holders of rec. Jan. 19a
Massachusetts Gas Cos., corn. (quar.)
$1.25 Feb. 2 Holders of rec. Jan. 17a
Miami Copper (guar.) (No. 8)
50o. Feb. 16 Holders of rec. Jan. 31a
Middle West Utilities, pref. (guar.)
$11.0 Mar. 2 Holders of rec. Feb. 14
50
Mobile Electric Co., pref. (guar.)
Feb. 16 Holders of rec. Jan. 31
Montreal Lt., Ht. & Pow.(qu.)(No. 51) 244 Feb. 16 Holders of rec. Jan. 31a
Municipal Gas, Albany (quar.)
244 Jan. 31 Holders of rec. Jan. 24a
Municipal Service, pref. (quar.)
144 Feb. 2 Holders of rec. Jan. 24
National Carbon, pref. (quar.)
134 Feb. 14 Jan. 28 to Feb. 16
National Lead, preferred (guar.)
194 Mar. 16 Feb. 21 to Feb. 24
Omaha Elec. Light & Pow., pref. (guar.) 234 Feb. 2 Holders of ree. Jan. 20a
Osceola Consolidated Mining (guar.).__ _
$1 Jan. 31 Holders of rec. Jan. 14a
Pacific Coast Co., corn. (quar.)
134 Feb. 2 Jan. 24 to Feb. 24
First preferred (quar.)
194 Feb. 2 Jan. 24 to Feb. 24
Second preferred (guar.)
134 Feb. 2 Jan. 24 to Feb. 24
Pacific Pow. & Lt., pref. (qu.)(No. 14)..
154 Feb. 2 Jan. 24 to Feb. 1
Penman's, Limited, common (quar.)
1
Feb.164 Holders of rec. dFeb. 5a
144 Feb. 2 Holders of rec. Jan. 21a
Preferred (guar.)
Peoples Gas Light & Coke (guar.)
2
Feb. 25 Jan. 21 to Feb. 10
Portland(Ore.)Gas&Coke,pf.
(No.16) 134 Feb. 2 Jan. 21 to Feb. 1
(qu.)
Pressed Steel Car, common(quar.)
%u Mar. 11 Feb. 19 to Mar. 10
Pressed Steel Car, pref. (quar.)
134 Feb. 25 Feb. 5 to Feb. 24
Procter dr Gamble, common (quar.)_ _
4
Feb. 14 Holders of rec. Jan. 3 La
Public Service Co. of Nor. Ill., corn.(qu.) 134 Feb. 2 Holders of rec. Jan. 19a
Preferred (quar.)
134 Feb. 2 Holders of rec. Jan. 19a
Pullman Company (guar.) (No. 188)
2
Feb. 16 Holders of rec. Jan. 31a
Pure Oil (guar.)
5
Mar. 1 Feb. 1 to Feb. 28
Quaker Oats, preferred (quar.)
144 Feb. 28 Holders of rec. Feb. 20
Sears, Roebuck dr Co., corn. (quar.)
134 Feb. 14 Holders of rec. Jan. 31a
Silversmith's Co. (quar.)
134 Feb. 16 Holders of rec. Feb. d7a
Southern Cal. Edison, corn.(qu.)(No.16) 144 Feb. 15 Holders of rec. Jan. 31
Standard 011 (California) (quar.)
244 Mar. 16 Holders of ree. Feb. 2a
Standard 011 (Indiana) (quar.)
3
Feb. 28 Feb. 3 to Mar. 1
Extra
4
Feb. 28 Feb. 3 to Mar. 1
Standard 011 (Kansas) (quar.)
3
Feb. 28 Feb. 12 to Feb. 28
Extra
7
Feb. 28 Feb. 12 to Feb. 28
Standard Oil (Kentucky)
$2000 Feb. 14
1%
Standard Sanitary Mfg.,common (guar.). _
Holders of rec. Jan. 24
Preferred (guar.)
134
Holders of rec. Jan. 24
Stewart-Warner Speedometer, corn. (guar.)_
Holders of rec. Jan. 24
134 Feb.
Preferred (guar.)
134 Feb.
Holders of rec. Jan. 24
Taylor-Wharton Iron & Steel, pf. (quar.) 134 Feb. 2 Jan. 18 to Feb. 1
Texas Pow. & Lt., pref. (qu.) (No. 7)..
13-4 Feb. 2 Jan. 25 to Feb. I
Torrington Company, common
Feb. 2 Jan. 18 to Feb. la
4
Union American Cigar, common
Feb. 15 Jan. 21 to Feb. 15
1
Preferred (guar.)
1% Feb. 15 Jan. 21 to Feb. 15
United Breweries of Chicago, preferred
Jan. 31 Holders of rec. Jan. 28
3
United Cigar Mfrs., corn. (guar.)
Feb. 1 Jan. 21 to Feb. 5
1
Un. Cigar Stores of Am.,com.(qu.)
(No.5) 144 Feb. 16 Jan. 31 to Feb. 16a
United Dry Goods Cos., common (quar.) 2
Jan. 31 Holders of rec. Jan. 23a
U. S. Bobbin (tr Shuttle, pref. (quar.)._ 134 Feb. 2 Jan. 21 to Feb. 1
U. S. Realty & Impt. (quar.)
144 Feb. 2 Holders of rec. Jan. 22a
U. S. Rubber, common (quar.)
134 Jan. 31 Holders of ree. Jan. l5a
First preferred (quar.)
Jan. 31 Holders of rec. Jan. 15a
2
Second preferred (guar.)
131 Jan. 31 Holders of rec. Jan. 15a
U. S. Steel Corporation, common (guar.)._
14 Mar. 30 Mar. 3 to Mar. 10
Preferred ('uar.)
134 Feb. 27 Feb. 3 to Feb. 24
Utilities Improvement, corn. (monthly)_
31 Feb. 2 Holders of rec. Jan. 15a
Preferred (monthly)
34 Feb. 2 Holders of rec. Jan. 15a
Willys-Overland, common (quar.)
134 Feb. 2 Holders of rec. Jan. 23a
Woolworth (F.W.), corn. (qu.) (No. 7)_
144 Mar. 2 Holders of rec. Feb. 10a
a Transfer books not closed for this dividend. b Less income tax. d Correction
f Payable in stock. h On account of accumulated dividends. I Payable in scrip.
m Stockholders are given the privilege of subscribing to common stock of the company to the extent of 5% of their present holding. o In connection with this $200
•cash dividend stockholders are given the privilege of subscribing to the $2,000,000
Increase in the capital stock of the company. r Payable in common stock. s A distribution of Baltimore dr Ohio stock to be made, viz., $12 par value of B. & 0
pref. and $22 50 par value B. & 0. corn. for each share of Union Pacific common
stock held. t Declared 5% payable in quarterly installments. u Decit-ed 3%
payable in quarterly installments.




FOREIGN TRADE OF NEW YORK-MONTHLY
STATEMENT.
-In addition to the other tables given in
this department, made up from weekly returns, we give the
following figures for the full months, also issued by our
New York Custom House.
Merchandise Movement to New York.
Month.

Imports.
1913.

Exports.

1912.

$
$
January_ _ 92,638,634 87,174,820
February. 86,490,086 80,426,110
March -- 89,456,045 94,289,891
April __ ._ 82,562,178 95,298,037
May..... _ 73,910,230 88,860,853
June
75,062,918 74,937,441
July
79,578,905 85,764,897
August
78,844,083 88,569,092
September 95,367,231 84,440,226
October _ 71,691,438 109.821,079
November 79,923,991 85,700,284
December 103,447,909 94,190,034

1913.
$
83,086,109
74,536,674
84.214,736
77,483,831
80,703,347
68,109,228
68,009,103
77,577,210
74,475,934
84,194,135
71,626,106
82,061,629

Customs Receipts.
at New York.

1912.

1913.

1912.

$
66,475,205
69,345,534
72,192,951
70,515,688
76,317,457
61,039,548
66,670,270
72,500,822
73,336,565
76,908,551
82,931,311
78,460,992

$
18,769,817
18,152,304
17,476,298
14,646,212
12,461,025
15,498,990
18,501,705
19,864,108
18,365,385
20,270,021
14,751,254
14,863,057

$
17,425,585
17,291,791
18,961,616
16,539,318
18,332,161
15,257,298
18,180,492
18,322,736
17,936,175
19,983,599
16,430,392
18,406,794

Total_ _ _ 1008973646 1067472 763926.078.042866.694.892203,620,176 209,067,956

Imports and exports of gold and silver for the 12 months:
Gold Movement at New York.

Month.

Imports.
1913.
January
February _
March _ _
April
_
kfay
June
July
August. _
September
October
November
December

1912.

$
2,831,377
1,215,243
2,080,332
1,587,157
1,599,914
1,942,672
2,627,049
2,645,030
2,249,301
3,117,777
4,404,047
2,786,709

1,894,791
1,441,106
2,484,940
1,685,013
1,802,253
3,024,221
1,838,482
2,378,892
1,481,485
8,799,437
1,491,578
6,748,644

Silver-New York.

Exports.
1913.

Imports.

1912.

$
$
15,154,217 1,750,573
12,242,965 10,507,393
17,588,897 7,332,80
477,246 1,616,931
14,336,966
377,74
395,592 8,025,816
8,510,514 4,858,180
47,500
38,800
404,852
35,35
188,996
85,100
477,500
192,635
347,970
290,746

Exports.

1913.

1913.

2,058,323
1.099,776
1,424,95
1,169,116
1,354,742
871,525
1,482,187
1,743,73
1,134,439
1,029,730
1,883,914
1,311,470

$
4,935,045
4,159,853
4,487,353
5,091,924
4,342,287
3,729,273
3,037.219
3,733,182
4,464,910
4,235,476
3,198,800
3,514,872

Total__ _ 29,066,608 34,828,842 69,641,593 33,640,686 16,563,909 48,910,194

GOVERNMENT REVENUE AND EXPENDITURES.
-Through the courtesy of the Secretary of the Treasury,we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for December and
the six months of the years 1913 and 1912.
Current ReceiptsCustoms
Internal Revenue
Ordinary
Corporation tax
Miscellaneous
Total

6 Mos. 1913. 6 Mos. 1912.
Dec. 1912.
Dec. 1913.
$
$
21,510,139 99 24,248,161 30 158,607,918 44 165,948,300 65
27,451,111 05 27,194,359 02 164,101,129 75 160,632,285 98
2,808,606 70 2,378,487 60
205,137 28
146,605 60
4,044,579 25 4,173,881 28 25,651,665 40 25,825,254 56
53,152,435 89 55,821,538 88 351,169,320 29 354,784,328 79

Pay Warrants Drawn-8,609,485 78
909,032 81
LegIslatlyeEstablIslun't 980,165 03
349,016 55
Executive Office
53,211 42
31,622 25
2,561,338 91
State Department... _
302,052 19
327,833 42
Treasury Department-3,091,650 26 3,502,697 66 22,666,050 24
Excl. Public Bldgs
Public Bulidinge
839,687 19 6,224,783 42
1,284,855 76
War Department
Military
7,606,045 59 10,726,710 72 65,789,769 76
1,177,714 45
Civilian
207,876 22
175,979 14
Rivers and Harbors.. 5,423,133 38 6,195,444 69 30,071,163 21
5,790,901 84
Department of Justice.. 1,098,209 17 1,129,471 18
Post
-Office Dept.1,085,030 00
435,938 42
Excl. Postal Service. 160,261 12
419 03
Postal Deficiencies_
Navy Department
14,327,964 89 11,917,304 08 71,025,079 43
Naval
69,807 83
428,807 69
Civilian
76,431 96
Interior DepartmentExcl. Pensions and
1,590,933 le 1,558,19966 13,502,536 18
Indians
Pensions
14,058,362 88 14,510,602 22 87,095,779 61
Indians
2,058,522 18 1,755,754 88 10,757,698 04
Dept. of Agriculture
1,317,789 57 1,445,693 81 12,101,220 49
Dept. of Commerce__ _ 1,526,544 211 1,385,399 61j 6,283,691 731
1 1,929,387 51f
Dept. of Labor
353,388 80j
Independent Offices dr
186,555 70
1,475,819 73
Commissions
219,710 16
7,480,187 88
950,341 05
District of Columbia
1,386,953 76
494,371 57 11,439,138 76
Interest on Public Debt 510,578 17

6,639,056 87
316,010 68
2,967,671 39
23,019,134 94
9,553,161 55
67,174,573 78
1,127,076 82
23,711,542 46
5,585,843 96
1,189,289 44
2,454,682 55
66,995,759 95
398,643 02
13,929,656 25
83,151,244 31
9,200,668 89
11,129,548 45
7,499,251 48
1,384,688 91
7,234,903 25
11,521,324 63

Total pay warrants
drawn (net)
57,606,929 89 58,578,571 94 365,830,601 21 356,183,733 58
Public Debt
Bonds, notes and cer18,569 00
tificates retired
380 00
66,125 00
5,479 00
Panama Canal
Pay warrants Issued...... 4.126,92601 3,321,949 21 20,886,084 31 20,350,410 68
Total Public Debt &
Pan. Canal disb'ts 4,132,405 91

3,322,329 21

20,905,253 31

20,416,541 68

Grand total dlsburse'ts.61,894,049 35 62,698,269 41 385,429,881 15 376,937,944 33
Net excess all receipts
Net exce sail disburs'ts 7,611,793 46 5,801,750 53 32,013,860 86 20,223,775 54

-The followSTOCK OF MONEY IN THE COUNTRY.
ing table shows the general stock of money in the country as
well as the holdings by the Treasury and the amount in circulation on the dates given.

y
• ) oney
Stock of Money Jan. 1 1914. - an. 2 in Circulation
.s
held in
In United
Jan. 2
514
T;;;;.:
506 1
1914.
1913.
$
$
Gold coin and bullion
1,924,Ste3,
Sia 60
3 .
623,159,221
Gold certificates_ b
1,027,977,519 955:086,972
s
1,852,043
Standard silver dollars...... 506,718.2674,405,220
11,755,978 477,705,022 955'086'972
Silver certificates_ b
47795289542
74, 72, 98
178,306,350 14,038,410 164,269,940 156,723,308
Subsidiary silver
4,947
2,555,000
Treasury Notes of 1890..
2,786,885
2,550,053
6,640,146 340,040,870 339,685,179
346,681,016
United States notes
757,842,981 31,363,386 726,479,575 720,184,475
National bank notes

3,775,464,096 328,095,741 3,447,368,355 3,350,727,580
Total
Population of continental United States Jan. 2 1914, estimated at 98,181,000;
circulation per capita, $35 11.
•This statement of money held in the Treasury as assets of the Government does
not include deposits of public money in National Bank Deopsitaries to the credit
of the Treasurer of the United States, amounting to $85,202,390 26.
b For redemption of outstanding certificates an exact equivalent in amount of the
appropriate kinds of money is held In the Treasury, and is net included in the
account of money held as assets of the Government.

,JAI. 31 1914.]

THE CHRONICLE

Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
.......ay-Messrs. Adrian H. Muller & Sons, New York:
Shares.
Per cent.
381 Amer. Lithographic Co. com__ 26
371 Amer. Lithographic Co. pref._ 51
5 Brooklyn Academy of Music__ 15
50 Union Ferry Co
30
10 Union Trust Co
382
5 Bond & Mtge. Guarantee Co_ _ 291%
45 Westchester Trust Co
140
119 Rio Plata Min.Co.,$5ea_ 21c. per sh.

Per cent
Bonds.
$1,000 Bkiyn. Hts. Ry. Co. 5s,1941
1013.
A.& 0
$1,000 Second Ave. RR. 1st M.58,
25
1948, F. Jr A
$750,000 West Va. Mid. RR. Co.
1st 5s, 1926, Oct. 1912 coupons
$100,000
attached

By Messrs. Francis Henshaw & Co., Boston:
Shares.
25 Nat. Shawmut Bank
10 Pacific Mills
1 Dartmouth Mfg. Co., Pref
1 Plymouth Cordage Co

Per Cent.
$ per sh. Bonds.
$1,000 Ogdens & L. Chem. RR.
225
74%
45, 1948
110
102%
225

By Messrs. R. L. Day & Co., Boston:
$ per sh.
$ per sh. Shares.
Shares.
1 Plymouth Cordage Co
225
225
17 National Shawmut Bank
5 E. E.Gray Co., pref., $10 each 934
85
10 York Manufacturing Co
25 New England Power Co., pref_ 91
5 Naumkeag Steam Cotton Co_ _180
5 Hartford Fire Insurance Co_ _ _736
81%
2 Springfield RYs., Pref
1 New Hampshire Fire Ins. Co_ _21534
40 Concord Bldg. Co.,Fram'ham_100

By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
Shares.
210
20 Northern National Bank
175
25 Columbia Ave. Trust Co
5 Wayne Title & Trust Co
12534
22 So'west Market Co.,$50 each 30
6 Arrott Steam Power Mills Co.,
$50 each
20
20 Corn Exchange National Bank.273
5 Commonwealth T. I. & T. Co_ 234%
10 Hamilton Trust Co., $50 each. 48
10 People's Trust Co., $50 each
47
2 Tioga Trust Co., $50 each _ _ _ 53
2 West End Trust Co
175
20 Camden F. Ins. Assn.,15 each_ 11
10 Independence Fire Insur. Scour.
Co., $25 each
25
434 United Firemen's Ins. Co.,$10
12%
each
2 Germantown Passenger Ry__ -10734
20 Frank.& So'wark Pass.Ry.36034-361
94
5 American Fire Insurance
11 Lykens Vail. RR.& Coal,$25ea 1534
16 Am. Pipe & Construe. Co_4734-4934
5 Girard Ave. Farmers' Mkt.Co_ 28

Shares.
per sh.
100 Keen-o-Phone Co.,$10 each. _ 1
50 Amer. Sectional Electric Underground Co
$1 lot
50 Amer. Marine & Canal Propeller Co., $10 each
$1 lot
10 Philadelphia Bourse, common_ 3
6 Real Estate Trust Co., pref__ _ 85
10,000 Stewart Min. Co.,$1 each
25c.
30,000 Ohio Cop. M.Co.($3 pd.)_1234c.
Per cent.
Bonds.
$2,000 Wilm. & Chester Trac. coil.
94
55, 1918
$2,000 Cent. New Eng.RR.inc. 55,
100
1949
$2,000 East.Pa.Pow. Co. 1st & ref.
55, 1939
8834
$3,000 Danville Urb.& Champaign
RR. 1st 5s, 1923
9734
$700 No.Springf. Wat. Co.5s, 1928 9034
$20,000 Ohio Copper Min. Co. 1st
cony. 6s, 1917
10
$30,000 Bingham Cent. Ry. 1st 6s,
1948
10

367

DETAILED RETURNS OF TRUST COMPANIES.

Trust Cos.
00s omitted.

Surplus.

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

$
$
Brooklyn
3,659,4 23,935,0
Bankers
14,462,9 113,998,0
U.S.Mtg.& Tr. 4,350,4 34,140,0
Astor
1,152,7 20,157,0
Title Gu. dr Tr. 11,614,4 32,871,0
Guaranty
23,827,2 148,507,0
Fidelity
1,362,9 7,188,0
LawyersT.L&T 5,463,4 14,710,0
Col.-Knick .._ 7,153,7 44,703,0
People's
1,544,5 16,138,0
New York_ _
12,015,2 44,386,0
Franklin
1,179,3 9,739,0
Lincoln
545,9 10,076,0
Metropolitan .. 6,721,5 21,587,0
Broadway
827,7 12,264,0

Reserve.

$
$
$
$
%
2,185,0
727,0 3,186,0 19,012,0 15.2+14.3
12,346,0
287,0 12,199,0 83,915,0 15.0+12.7
4,051,0
347,0 4,536,0 29,289,0 15.0+13.2
2,027,0
78,0 1,986,0 14,003,0 15.0+12.2
2,215,0
939,0 4,135,0 20,525,0 15.3+16.6
16,430,0 1,155,0 16,478,0 105,013,0 16.7+13.6
647,0
246,0
824,0 5,574,0 16.3+11.2
1,700,0
218,0 1,772,0 10,274,0 18.6+14.6
5,321,0
570,0 4,863,0 39,050,0 15.0+11.0
1,881,0
408,0 2,115,0 15,153,0 15.1+12.0
4,461,0
773,0 4,452,0 31,343,0 16.6+12.4
1,026,0
174,0 1,045,0 8,001,0 15.0+11.4
1,099,0
234,0 1,193,0 8,793,0 15.1+11.8
2,034,0
9,0 2,522,0 13,298,0 15.3+15.8
1,211,0
570,0 1,661,0 11,773,0 15.1+12.3

Totals, average 95,881,1 554,399,058,634.0 6,735,0 62,967,0 415,016,0 15.7+13.1
Actual figures Jan. 24_ 554,601,0 56,302,0 6,874,0 69,243,0 411,240,0 15.3+14.4
The capital of the trust compan es is as follows: Brooklyn, $1,000,000: Bankers'.
$10,000,000; United States Mortgage & Trust, $2,000,000: Astor. $1,250,000: Title
Guarantee & Trust, $5,000,000: Guaranty, $10,000,000; Fidelity, $1,000 000:
Lawyers'Title Insurance & Trust,$4,000,000; Columbia-Knickerbocker, 22000,000:
People's, $1,000,000: New York, $3,000,000; Franklin, $1,000,000; Lincoln, $1.000,000; Metropolitan, $2,000,000; Broadway, $1,000,000; total, $45,250.000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
Capital. Surplus.
ending
Jan. 24.

Loans.

Specie.

I

On Dep.
Legal with C.H.
Net
Tenders. Banks. Deposits.

I

$
$
I
I
$
Averages
$
$
$
1,439,291,0
Banks __ _ 133,650,0 210,201,0 1,388,270,0322,731,0 76,943,0,
Trust cos_ 46,250,0 95,881,1 554,399,0 58,634,0 6,735,0, 62,967,0 415,016,0
Total _ _ 179,900,0306,082,1 1,942,669,0381,365,0 83,678,1 62,967,0 1,854,307,0
Actual.
1,431,549,0341,228,0 67,849,0,
Banks _ _ _
11,489,997,0
554,601,1 56,302,0 6,874,0, 69,243,0, 411,240,0
Trust cos_

I

I

Total

1,986,150,0397,528,0, 74,723,0, 69,243,0.1,901,237,0

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
By Messrs. Samuel T. Freeman & Co., Philadelphia:
in the whole State, but the figures are compiled so as to
$ per sh. Bonds.
Per cent.
Shares.
102
$500 Grand Rap. Holt. & L. Mich. .
10 American Gas Co
distinguish between the results for New York City (Greater
4 Philadelphia Bourse, common_ 3
Rapid Ry. 1st 55, 1920
85
5 Quaker City National Bank._.11934
New York) and those for the rest of the State, as per the
following:
Statement of New York City Clearing-House Banks
For definitions and rules under which the various items
and Trust Companies.—The detailed statement below are made up, see "Chronicle," V. 86, p. 316.
shows the condition of the New York City Clearing-House
STATE BANKS AND TRUST COMPANIES.
members for the week ending Jan. 24. 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
Trust Co.,.
Trust Cos.
State Banks.
State Ranks.
outside of
outside of
Week ended January 24.
in
in
are also given:
Greater N. 1'. Greater N. F, Greater N. Y. Greater N. F.
For definitions and rules under which the various items are
$
$
$
$
made up, see "Chronicle," V. 85, P. 836, in the case of the
22.900,000
68,400,000 *10,528,000 *10,150,000
banks, and V. 92, p. 1607, in the case of the trust companies. Capital as of Dec. 9
Banks
003 omitted
New York...ManhattanCo.
Merchants'. __
Meoh.drkletals
America
City
Chemical
Merchants'Ex.
Butch.&Drov.
Greenwich
American Ex_
Commerce
Pacific
Chat. & Phen_
People's
Hanover
Citizens' Cent.
Nassau
Market& Fult.
Metropolitan _
CornExchange
Imp.&Traders'
Park
East River_ _ _
Fourth
Second
First
Irving
.
Bowery
N.Y.County_
German-Amer.
Chase
Fifth Avenue_
German Exch..
Germania...
Lincoln
Garfield
Fifth
Metropolis
West Side__ _ _
Seaboard
Liberty
N.Y.Prod.Ex.
State
Security
Coal Olv Iron
Union Exch..
Naasau,Bklyn,

DETAILED RETURNS OF BANKS.
We omit two ciphers (00 in all cases.
•
Capital. Surplus.
Loans.
Specie. Legato. Net Depos- Re
Average. Average. Average. its. Aver. serve,

I

$
2,000,0
2,050,0
2,000,0
6,000,0
1,500,0
25,000,0
3,000,0
600,0
300,0
500,0
5,000,0
25,000,0
500,0
2,250,p
200,0
3,000,0
2,550,0
1,000,0
1,000,0
2,000,0
3,000,0
1,500,0
5,000,0
250,0
5,000,0
1,000,0
10,000,0
4,000,0
250,0
500,0
750,0
5,000,0
100,0
200,0
200,0
1,000,0
1,000,0
250,0
1,000,0
200,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0
1,000,0

$
$
$
$
$
%
4,311,0 22,484,0 4,397,0
841,0 20,730,0 25.2
5,090,3 33,150,0 14,686,0 1,559,0 44,100,0 36.9
2,136,4 20,677,0 4,185,0 1,051,0 20,771,0 25./
8,724,2 52,381,0 12,240,0 3,047,0 51,220,0 29.9
6,475,8 26,930,0 4,786,0 2,207,0 27,075,0 25.9
32,388,8 183,906,0 52,968,0 5,912,0 186,451,0 31.1
7,683,3 30,527,0 5,348,0 1,550,0 27,304,0 25.1
6,733,0 1,503,0
527,7
288,0
6,838,0 26.1
1,817,0
117,1
428,0
58,0
1,997,0 24.2
9,256,0 2,438,0
1,119,1
205,0 10,388,0 25.4
4,661,8 45,774,0 10,186,0 1,934,0 45,888,0 26.4
16,417,7 134,434,0 24,516,0 8,668,0 116,979,0 28.2
4,934,0
547,0
995,6
692,0
4,776,0 26.1
1,356,3 18,921,0 2,804,0 2,046,0 19,071,0 25.4
2,014,0
466,0
478,0
148,0
2,303,0 26.7
14,840,8 78,010,0 21,887,0 3,808,0 90,307,0 28.4
2,418,3 23,885,0 5,537,0
610,0 23,538,0 26.1
400,0 10,286,0 2,169,0
994,0 11,599,0 27.2
9,110,0 1,739,0
1,932,0
843,0
9,257,0 27.8
1,850,5 12,553,0 2,971,0
261,0 12,843,0 25.1
5,934,6 55,070,0 9,724,0 7,325,0 65,771,0 25.9
7,764,8 28,392,0 4,733,0 2,243,0 26,709,0 26.1
14,419,4 90,668,0 22,480,0 1,848,0 94,319,0 25.7
55,4
1,353,0
383,0
108,0
1,745,0 28.1
5,543,2 29,089,0 5,660,0 2,633,0 30,291,0 27.3
2,823,1 14,466,0 3,279,0
126,0 13,480,0 25.2
22,337,1 109,870,0 24,232,0 5,679,0 104,324,0 28.6
3,451,6 39,390,0 8,091,0 2,925,0 41,291,0 26.8
779,9
3,253,0
806,0
71,0
3,488,0 25.1
1,955,2
8,433,0 1,517,0
759,0
8,816,0 25.9
700,7
3,956,0
811,0
222,0
3,776,0 27.2
9,819,3 99,193,0 24,027,0 5,412,0 113,814,0 25.9
2,233,3 13,755,0 3,250,0
943,0 15,711,0 26.6
833,7
3,210,0
564,0
378,0
3,756,0 25.0
1,021,5
4,927,0 1,271,0
256,0
5,733,0 26.6
1,723,7 13,989,0 3,310,0 1,010,0 14,727,0 29.2
1,278,7
9,616,0 2,553,0
308,0 10,347,0 27.6
496,9
3,814,0
437,0
644,0
3,983,0 27.1
2,345,2 13,421,0 2,328,0 1,134,0 13,589,0 25.4
883,5
3,848,0
302,0
4,573,0 25.6
870,0
2,555,7 23,874,0 5,738,0 2,052,0 28,135,0 27.6
2,758,6 23,922,0 5,377,0
976,0 26,033,0 24.3
908,6
8,886,0 2,290,0
344,0 10,348,0 25.4
561,7 18,867,0 5,912,0
422,0 24,623,0 25.7
379,0 11,496,0 2,398,0 1,049,0 13,735,0 25.0
577,4
6,282,0 1,245,0
502,0
6,378,0 27.3
995,5
9,593,0 2,101,0
350,0
9,678,0 25.3
1,133,0
7,855,0 1,543,0
200,0
6,683,0 26.0

Totals,average 133,650,0 210,201,0 1388,270,0 322,731,0,76,943,0 1430,291,0 27.7
;
Actual figures Jan. 24_
1431,549,0 341,226,0 67,849,0 1489,997,0 27.4
i
Circulation.—On the baste of averages, circulation of national banks in the Clearing
House amounted to $44,264,000, and according to actual figures was $43,693,000.




Surplus as of Dec.9

39,080,200

163,600,500

*13,729.425

*11,436,248

Loans and investments
Change from last week_

306,530,500 1,018,109,000
+3,290,200 —1,110,800

123,807,400
+94,300

176,435,100
—26,300

Specie
Change from last week_

64,290,900
+8,421,800

109,829,600
+2,120,700

Legal-tender & bk. notes_
Change from last week_

22,130,600
+196,100

10,098,100
+403,100

I )eposits
365,408,100 1,117,737,500
Change from lea week_ +13,255,800 +19,050,300

130,772,600
—196,400

188,389,000
+2,104,200

127,879,600
+2,873,700

24,171,500
—399,200

27,316,800
+1,230,600

16.7%
16.4%

19.8%
20.1%

15.6%
15.0%

106,123,200
Reserve on deposits
Change from last week_ +10,271,300
P. C. reserve to deposit&
Percentage last week

30%
28.0%

+ Increase over last week. — Decrease from last week. * As of Sept.9 1913.,
Note.—"Surplus Includes" all undivided profits. "Reserve on deposits" includes
for both trust comp:toles and State banks, not only cash items but amounts d
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 location 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 dyes,
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 Stare or City
of New York owned by the bank or held in trust gor it by any public departmen
The State banks are likewise required to keep a reserve varying according to location, 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 amendment of 1911) by bonds or obligations of the City or State 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 company or held in trust
for It by any public department.
—Trust Co.' — —Slate Banks—
Total
Of
Total
Of
Reserve Required for Trust Companiess
Reserve which
Reserve which
and State Banks.
Required. fn Cash. Required. in Cash.
Location—
15%
15%
25%
15%
Manhattan Borough
10%
10%
20%
Brooklyn Borough (without branches in Manhat.)15%
Other Boroughs (without branches in Manhattan)i5%
734%
10%
15%
20%
20%
15%
Brooklyn Borough, with branches in Manhattan _15%
15 ,,,
15%
15%
15%
Other Boroughs, with branches in Manhattan
10%
5%
Cities of the first and second claw
10%
3%
Cities of the third class and villaget
Elsewhere in State

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

368

THE CHRONICLE

[VOL. xcvm.

House banks and trust companies. In addition, we have
Boston and Philadelphia Banks.
-Below is a summary
combined each corresponding item in the two statements, of the weekly totals of the Clearing-House banks of Boston
thus affording an aggregate for the whole of the banks and and Philadelphia:
We omit two cipher (00) in all these figure
trust companies in Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear -House Clear.
-House State Banks and Total of all
Members.
Members.
Trust Cos. Not Banks &Trust
Average. in C.
AaualFigur
-H. Aver. Cos. Average.

Week ended Jan. 24
-

National banks
Capitalf Jan. 13 and
State banks
Surplus
Dec. 9

5

$
179,900,000

179,900,000

29,600,000

209,500,000

306,082,100

308,082,100

74,202,600

380,284,700

Loans and investments__ 1,986,150,0001,942,669,000
Change from last week +73,086,000 +43,092,000

541,483,400 2,484,152,400
-1,900,300 +38,191,700

Deposits
1,901,237,0001,854,307,000
Change from last week +85,638,000 +63,859,000

a547,990,100 2,402,297,100
---2,953,900 +60,005,100

Specie
397,528,000 381,365,000
Change from last week +27,423,000 +24,049,000

59,395,300 440,760,300
---794,300 +23,254,700

83,678,000
74,723,000
Legal-tenders
Change from last week -11,368,000 -4,541,000

97,960,200
+84,400

91,638,200
-4,456,600

12,766,800
14.12%

412,440,600

54,588,900

119,957,900

Banks: Cash In vault..__
Ratio to deposits

409,075,000
27.45%

399,674,000
27.76%

Trust Cos.: Cash in vaul

63,176,000

65,369,000

Aggets money holdings
472,251,000 465,043,000
Change from last week +16,055,000 +19,508,000
Money on deposit wit
other bks. & trust cos_
Change from last week

69,243,000
+9,711,00

62,967,000
+5,818,0001

Total reserve
541,494,000 528,010,000
Change from last week +25,766,000 +25,326,000
Surplus CASH reserve
Banks (above 25%)
Trust Cos.(above 15%)

36,575,750
1,490,000

Total
Change from last week

29.77%

Boston.
Dee. 6_
Dee. 13_
Dec. 20_
Dec. 27_
Jan. 3_
Jan. 10_
Jan, 17_
Jan. 24_
Phila.
Dec. 6_
Dec. 13..
Dec. 20_
Dec. 27_
Jan.
3_
Jan. 10_
Jan. 17_
Jan. 24_

Loans.

Specie.

60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0

230,414,0
228,883,0
225,244,0
225,785,0
226,128,0
224,195,0
221,163,0
220,958,0

25,827,0
25,749,0
23,778,0
22,567,0
24,116,0
26,007,0
28,817,0
30,265,0

103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3

382,016,0
379,857,0
374,903,0
372,114,0
372,915,0
378,257,0
378,039,0
378,919,0

85,379,600 613,389,600
+440,700 +25,766,700

39,851,250;
3,116,6001

28.92%1

16.70%

Clearings

$
9,828,0
9,811,0
9,771,0
9,734,0
9,713,0
9,760,0
9,671,0
9,719,0

168,147,5
158,596,5
157,318,4
120,448,0
174,091,2
160,082,7
181,512,5
164,445,3

*429,430,0
*420,061,0
*421,128,0
*417,722,0
*432,374,0
*432,744,0
*440,403,0
*440,564,0

88,678,0
87,519,0
88,637,0
88,096,0
96,405,0
99,083,0
106,249,0
106,9310,

260,898,0
260,160,0
254,764,0
251,161,0
259,038,0
254,529,0
270,994,0
268,555,0

11,305,0
11,307,0
11,307,0
11,281,0
11,435,0
11,504,0
11,527,0
11,487,0

192,220,7
158,699,4
175,013,1
155,404,1
175,589,5
177,524,7
171,881,9
168,330,7

FOREIGN IMPORTS AT NEW YORK,
For Week.

I

1914.

Dry Goods
General Merchandise

1913.

$3,935,003
15,291,832

1912.

$3,193,915,
16,966,8041

1911.

$3,131,488
19,493,672

$3,197,119
15,883,993

$19,226,835 $20,160,719: $22,625,160 $19,081,112
$16,237,958 513,629,884. $13,121,943 $12,994,539
55,124,123 61,511,5741 61,010,522 52,191,917
$71,362,081 675,144,458 $74,132,465 $65,186,456
1

Total 4 weeks
15.34%
1.36%

$
4,007,0
3,803,0
3,878,0
3,942,0
4,135,0
4,015,0
3,889,0
3,734,0

Circulation.

Imports and Exports for the Week.
-The following are
the imports at New York for the week ending Jan. 24; also
totals since the beginning of the first week in January:

Total
Since Jan. 1.
Dry Goods
General Merchandise

15.75%
13.17%

Legals. Deposits.
a

a Includes Government deposits and the item "due to other banks." At Boston
Government deposits amounted to.$1,586,000 on January 24, against $1,532,000
on January 17.
* "Deposits" now include the item "Exchanges for Clearing House," which were
reported on January 24 as $15,326,000. 6,-•
E4
14

80,991,100
+6,968,600

42,967,850,
+4,271,150

% of cash reserves of true t cos:
Cash in vault
15.36%
Cash on dep. with bks_
14.41%
Total

67,355,500 532,398,500
-709,900 +18,798,100
18,024,100
+1,150,600

Capital
and
Surplus.

Banks.

The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending Jan. 24 and from Jan. 1 to date:

+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositories
and other banks and trust companies in New York City"; with this item included,
deposits amounted to $613,273,800, an increase of $2,592,100 over last week. In
the case of the Clearing-House members, the ileposits are "legal net deposits" both
for the average and the actual figures. b Includes bank notes.

EXPORTS FROM NEW YORK.
1914.

1911.

1912.

1913.

$18,926,097 $19,799,126 $19,910,701 $14,817,929
55,039,139 61,543,730 53,145,733 44,312,611

For the week
Previously reported

The averages of the New York City Clearing-House banks
$73,965,236 $81,342,856 $73,056,494 $59,130,540
Total 4 weeks
and trust companies, combined with those for the State banks
The following table shows the exports and imports of
and trust companies in Greater New York City outside of the
Clearing House, compare as follows for a series of weeks past: specie at the port of New York for the week ending Jan. 24
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.

EXPORTS AND IMPORTS OF SPECIE AT NEW YORK,
Imports,

Exports.
Loans and
- Investments
Week Ended
Nov.
Nov.
Dec.
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
Jan.

Deposits,

22____ 2,468,186,1 2,313,064,0
29____ 2,478,354.0 2,310,016,0
2,436,310,0 2,256,047,0
13____ 2,407,434,3 2,231.664,7
20____ 2,401,091,7 2.233,530,2
27---- 2,116,845,4 2,253,949,0
2,424,218.3 2.272,039,9
2,427,084.8 2.296,438,0
2,445,980,7 2.341,392,0
2,484,152,4 2,402,297,1

Specie.
396,859,2
385,357,6
369,628,3
371,901,5
378,490,1
376,316,8
378,264,7
394,487,1
417,505,6
440,760,3

Legals.
85,852,7
84,624.3
85,072,6
87,276,4
86,700,8
86,878,1
89,333,2
91,954,3
96,094,8
91,638,2

Tot Money EntireRes
Holdings. onDeposit
482.711,9
469,981,9
454,700,9
459,177,9
465,190,9
463.194,9
467,597,9
186,441,4
513,600,4
532,398,5

548,159,0
533,920,6
514,203,2
518,144,2
527.023,6
525.019,1
534,704,0
552,545,5
587,622,9
613,389,6

Reports of Clearing Non-Member Banks.
-The following is the statement of condition of the clearing non-member
banks for the week ending Jan. 24, based on average daily
results:
We omit two ciphers (00) in all these figures.

Banks,

Capital.

Surplus.

Loans,
Legal
On
Disc'ts
Tender Deposit
and
Specie, and
with
Net
Bank
InvetsC.
-II. Deposits.
Notes. Banks.
menu.

$
New York City.
$
$
$
Manhattan and Bronx.
Washington Heights_
100,0
362,6 1,516,0 149,0
112,6 1,648,0 323,0
Battery Park Nat__ 200,0
500,0
Century
500,2 6,106,0 576,0
Colonial
400,0
708,3 6,536,0 1,018,0
300,0
Columbia
742,7 5,899,0 673,0
Fidelity
200,0
182,6 1,118,0
51,0
Mutual
200,0
486,0 5,101,0 560,0
New Netherland
200,0
314,5 3,348,0 380,0
Twenty-third Ward
200,0
108,9 1,740,0 236,0
100,0
Yorkville
507,4 4,269,0 523,0
Brooklyn
First National
300,0
688,2 3,820,0 409,0
252,0
Manufacturers' Nat
943,0 6,121,0 719,0
Mechanics'
1,000,0
503,4 9,861,0 1,215,0
300,0
National City
589,1 4,626,0 525,0
North Side
200,0
191,9 2,684,0 194,0
Jersey City,
400,0 1,405,3 4,065,0 306,0
First National
Hudson County Nat_ 250,0
835,1 3,046,0 227,0
200,0
Third National
445,8 2,576,0 111,0
Hoboken.
First National
220,0
681,4 4,720,0 289,0
Second National
125,0
294,2 3,373,0 183,0

$

a

83,0
233,0
57,0
89,0
420,0
421,0
186,0 1,067,0
534,0 1,099,0
127,0
134,0
378,0
826,0
126,0
373,0
90,0
263,0
294,0
864,0

$
1,230,0
1,729,0
6,046,0
6,615,0
7,321,0
1,057,0
5,306,0
3,446,0
1,889,0
4,711,0

53,0
625,0 3,198,0
100,0
611,0 5,634,0
604,0 1,860,0 11,923,0
100,0
702,0 4,557,0
201,0
476,0 2,800,0
349,0 3,221,0
46,0
693,0
144,0
740,0
65,0
66,0

580,0
582,0

2,997,0
1,665,0
1,176,0

Week.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

Since Jan. 1

Week.

Since Jan. 1

$2,003,584 $4,010,888
50,000

405,298
150,000
50,000
500

$2,053,584 $4,616,686
3,805,167 11,094,792
1,483,223
160,200

Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries

$19,300
$42,671
164,934
153,700
29,343

639,721
247,179
259,920
, 112,453

$390,648 $1,278,573
430,455
1,192,817
499,910
1,646,776

$464,944 $1,695,170
346,842
173,352
45,868
26,116

$205,888
48,492
92,858

$3,000
4,377
391,242
210,118
158,760

$4,260
110,321
59,412
31,895

9638,598 $2,113,996
915,619 3,272,988
786,998 2,802,732

Total 1914
Total 1913
Total 1912

302

$767,497
682,817
790,138
PIWNI

Of the above imports for the week in 1914, $46,497 were
American gold coin and $2,351 American silver coin.

Vaulting and financial.
Municipal Bonds
Ask us to send you Circular No. 815 describing Canadian
and American Municipal Bonds.

Spencer Trask & Co.
43 EXCHANGE PLACE-NEW YORK
Chicago
Boston
Albany

1,831,0
1,357,0

Totals Jan. 24__
5,847,0 10,603,2 82,173,0 8,667,0 4,027,0 15,459,0 76,518,0
Totals Jan. 17_ 5,847,0 10,597,2 83,455,0 8,958,0 4,058,0 13,560,0 77,775,0
Totals Jan, 10......_ 5,847,0 10,597,0 83,780,0 8,795,0 4,337,0 13,214,0 78,382,0




Gold.

White, Weld &
Bonds and Investment Securities.
4 WALL STREET
NEW YORK

THE ROOKERY

cHicwoo

111 DEVONSHIRE STREET
UOSTON

Vankers'

azette.

Wall Street, Friday Night, Jan. 30 1914.
The Money Market and Financial Situation.—The
developments of this week have been more or less conflicting in effect upon sentiment and upon business. Much
is said by the daily press about the resumption of business in
the iron and steel industry, but one of the best authorities
in the matter suggests that the actual facts make these printed estimates look a good deal exaggerated. These facts
show that present production of pig iron is only about 65%
of capacity, and orders are being taken, as is well known, at
much lower figures than formerly prevailed. As these prices
are evidently made to compete with foreign product under the
new tariff, there seems little hope of advancing them. How
far or to what extent the tariff affected the Steel Corporation's business during the last quarter of 1913, it is, of
course, impossible to estimate, but the Corporation's report
for the period mentioned is not an encouraging document.
The same may be said of many late railroad reports of
earnings and also of the Government statement of international trade for December. The latter shows imports for
the month increased $29,600,000 and exports decreased
$16,800,000, making the balance $46,400,000 less favorable
for this country than that of Dec. 1912.
On the other hand, the money markets abroad are steadily
improving. The Bank of England again reduced its discount
rate, this week to 3%, and the Bank of France, whose rate
has stood at 4% since before the commencemtnt of hostilities in the Balkans, has reduced to 31 %.
A
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 1 .'@2%. Friday's rates on call were 1%@2%.
Commercial paper on Friday quoted 41g4K% for 60 to
90-day endorsements and prime 4 to 6 months' single names
and 43 @5% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £1,706,051, and the percentage of
reserve to liabilities was 55.38, against 57.42 the week before.
The rate of discount was reduced on Jan. 29 from 4%, as
fixed Jan. 22, to 3%. The Bank of France shows an increase of 12,156,000 francs gold and a decrease of 2,634,000
francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(Not Including Trust Companies.
t

1914.
Averages for
week ending
Jan. 21.

1913.
1912.
Diffrences
Averages for Aaveraes for
from
week ending week ending
previous week.
Jan. 25.
Jan. 27.

S.
133,650,000
Capital
133,650,000 135,150,000
Surplus
210,201,000
202,480,100 198,340,600
Loans and discounts_ 1,388,270,000 Inc. 40,493,000 1,373,552,000 1,402,858,000
Circulation
44,264,000 Dec. 485,000
46,663,000
50,772,000
Net deposits
1,439,291,000 Inc. 56,530,000 1,402,523,000 1,475,705,000
Specie
322,731,000 Inc. 21,181,000 294,203,000 328,114,000
Legal-tenders
78,637,000
84,683,000
76,943,000 Dec. 4,816,000
Reserve held
25% of deposits

399,674,000 Inc. 16,366,000
359,822,750 Inc. 14,145,000

372,840,000
350,630,750

412,797,000
368,926,250

22,209,250
43,870,750
Surplus reserve
30,851,250 Inc. 2,220,000
Note.—The Clearing House now issues a statement weekly, show ng 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 the Clearing House, appear on
the second page preceding.

Foreign Exchange.—Sterling exchange during the week
has been under some pressure. The supply of bills has been
light. An additional arbitrary shipment of $2,000,000 in
.
gold was made yesterday to Pans.
To-day's (Friday's) actual rates for sterling exchange were 4 83500
4 8370 for sixty days, 4 8575®4 8585 for cheques and 4 8604 3610 for
cables. Commercial on banks 4 823 @4 83% and documents for payment
4 82@4 83%. Cotton for payment 4 82%04 83 and grain fo payment
4 83%04 83M.
The posted rates for sterling, as quoted by a representative house, were
not changed during the week from 4 84 for sixty days and 4 87 for sight,
until Friday, when sixty days advanced %c. to 4 8431 and the sight rate
declined Mc. to 4 863..
To-day's (Friday's) actual rates for Paris bankers' francs were 5 21%
less 1-3205 215'. for long and 5 183-1 less 1-1605 1831 les.3 1-32for short.
Germany bankers' marks were 94%094 9-16 for long and 94 15-16095 less
1-32 for short. Amsterdam bankers guilders were 403t less 1-16040%
less 1-32 for short.
• Exchange at Paris on London, 25f. 183-Ic.; week's range, 25f. 203.c. high
and 25f. 17%e. low.
Exchange at Berlin on London, 20m. 46pf.; weeks' range, 20m. 48%pf.
high and 20m. 46p .low.
The range for foreign exchange for the week follows:
Cheques.
Sixty Days.
Cables.
Sterling, Actual—
4 8630
4 8665
High for the week___4 84
4 8575
Low for the week _ _ _4 8.350
4 86
Parts Bankers Fraries—
High for the week__ _5 213. plus 1-32 5 1831
5 173-1 less 3-64
Low for the week
2131 less 1-16 5 183-'è less 5-64 5 18% less 1-64
Germany Bankers' Marks—
High for the week..__ 94 9-16
95 less 1-32
95 1-16 less 1-32
Low for the week
94% plus 1-64 95 loss 1-32
_ 94 746
Amsterdam Bankers' Gui'ders—
High for the week..__ 40
4051 plus 1-32 40 5-16 lesi 1-16
Low for the week ___ 40 less 1-16
40% less 1-16 40 5-16 less %
Domestic Exchange.
--Chicago, 25c. per $1,000 premium. Boston,
St. Louis, 10e. per $1,000 premium. San Francisco, 50c. per $1,000
par.
ipremlum. Montreal, 313-Ic. per $1,000 premium. Minneapolis, 65c. per
$1,000 premium. Cincinnati, Sc. per $1,000 premium.

State and Railroad Bonds.—Sales of State bonds at the
Board include $2,517,000 New York 43's, w.at 107% to
10834; $10,000 New York 4s, 1961, at 100;$3,000 New York
4s, 1962, at 100; $5,000 New York 4s,'reg., 1962, at 1003';
w. i., at 107% to 10834; $20,000
$48,000 N. Y. Canal 4
N. Y. Canal 4s, 1962, at 100; $4,000 Va. fund.debt, 1991,
at 84% and $93,000 Va.6s, def. trust receipts, at 58 to 60.
The market for railway and industrial bonds has been
much less active than last week, but in almost all cases prices
have boon maintained and a few issues show advances.




369

THE CHRONICLE

JAN. 31 1914)

Among the exceptional features Rock Island 4s have been
conspicuous for a decline of over 3 points and the deb. 5s
are down nearly 2. Burlington & Qumcy gen. 4s and some
of the Atchisons are fractionally lower. The Wabash bonds
have been strong on the prospect of a foreclosure sale and
Un.Rys.of San Fr.are almost3 points higher than last week.
United States Bonds.—Sales of Government bonds at
the Board are limited to $13,000 Panama 3s, reg. at 10134
to 101M and $1,000 3s, coup:, at 102% to 103. "or to-day's
prices of all the different issues and for yearly range see third
page following.
Railroad and Miscellaneous Stocks.—The stock market
has been irregular, but with an increasing tendency to weakness until to-day, and the volume of business is again much
smaller. A general decline during the short session of
Saturday was practically recovered on Monday. Tuesday's
market was steady and was followed on Wednesday and
Thursday by a decline which carried along list of shares down
2 points or more below last week's closing prices. To-day's
market was strong on liberal buying for foreign account,
under the lead of Canadian Pacific, which was bid up
points during the session and closes 75 points higher than
4
last week. This remarkable advance is, of course, unnatural and, so far as known, unwarranted, but the enthusiasm was contagious and several important stocks recovered
2 points or more to-day. Union Pacific, Steel and Amalgamated Copper were also in demand to-day for foreign account and each is about 2 points higher in consequence.
For daily volume of business see page 377.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Sales
STOCKS.
Week ending Jan. 30. for
Week.

Range for Week.
Lowest.

Highest.

Range since Jan. 1.
Lowest.

35 100 Jan 27 100 Jan 2 '100
Adams Express
3,950 1231 Jan 28 1334 Jan 2
83-1
Allis-Chal Mfg v t e
Preferred v t c
610 48 Jan 26 49 Jan 2e 4354
Am Brake Shoe lir F, pref i50139 Jan 28 139 Jan 28 129 A
43 8331 Jan 29 8431 Jan 2s 82
Amer Coal Products..
10 105 Jan 24 105 Jan 24 105
Preferred
436 108 Jan 27 11031 Jan 2 100
American Express
100 43 Jan 29 43 Jan 29 43
Associated Oil
Brunswick Terminal_ _ _ _
200 73-1 Jan 27 734 Jan 2
73/a
150105 Jan 29 106 Jan 30 103
Cent & So Amer Teieg
100130 Jan 24 130 Jan 2 128
Chic St P M & Omaha....
100 2834 Jan 27 2834 Jan 27 263-1
Colorado & Southern
500 6031 Jan 24 62 Jan 28 59
First preferred
100 73 Jan 30 73 Jan 31 72
Detroit United
20177% Jan 291773.1 Jan 2 17631
General Chemical
Jan 26 129
Jan 26 129
100129
Great Nor subs 3d paid..
40 1234 Jan 30 13 Jan 2 1234
Green Bay & W deb B
300125 Jan 24 126 Jan 27 125
Hocking Valley
Jan 24 114
36 116 Jan 24 116
Homestake'Mining
Int Agricul Corp v t c.._ 1,600 831 Jan 29 10 Jan 24 4
575 34 Jan 28 36 Jan 2 30
Preferred v t c
100 6534 Jan 30 6531 Jan 3 6534
KCFtS&M,pref
400 83 Jan 26 85 Jan 2 77
Mackay Companies
600 6734 Jan 26 70 Jan 27 6534
Preferred
Mexican Petroleum pref 300 85 Jan 26 85 Jan 2s 7934
200140 Jan.29 140 Jan 2. 140
Nashv Chatt & St Louis_
100 43 Jan 27 43 Jan 27 3734
N Y Chic & St Louis_ _ _
160 6431 Jan 29 65 Jan 2.- 59
Nor Ohio Tray .1c Light_
100 254 Jan 26 234 Jan 2 , 234
Ontario Silver Mining
200 85 Jan 27 88 Jan 2 85
Pacific Coast co
Second preferred
100 8331 Jan 27 8334 Jan 27 8334
Pacific Tel & Tel pref
100 90 Jan 24 90 Jan 2 8631
Phila Co,6% pref
100 8931 Jan 30 8931 Jan 3 8934
Pittsburgh Steel, pref.__
100 9231 Jan 30 9231 Jan 3 88
Quicksilver Mining
300 2 Jan 26 23-4 Jan 2
131
4
Preferred
280 4 Jan 27 4 Jan 2
Sears,Roebuck & Co pref 300123 Jan 2712331 Jan 2 12231
Sloss-Sheff St & I, pref
100 92 Jan 30 92 Jan 3 90
1,100101% Jan 29 103 Jan 2 9534
So Pac subs 1st paid
100 99 Jan 29 99 Jan 2 99
Texas Pac Land Trust
200 49 Jan 30 50 Jan 30 45
United Cigar Mfrs
45 99 Jan 26 99 Jan 26 9931
United Dry Goods pref..
215 5531 Jan 28 5734 Jan 2 46
U S Express
100 85 Jan 28'85 Jan 2 81
U S Indus Alcohol pref.
Virginia Iron, Coal & C. 500 46 Jan 24 4934 Jan 2 40
25 40 Jan 28 40 Jan 2 37
Vulcan Detinning pref
577 88 Jan 27 91
Jan 2 85
wm. ti,, ,,,, Ar On
,
_

Highest.

Ja 100
Ja. 1334
Ja 49
Ja' 139
Ja 8434
Ja 106
Ja 11031
Ja. 43
Ja
834
Ja 106
Ja 130
Ja 283.1
Ja 62
Jan 73
Jas 180
Ja. 129
Ja 1434
Ja. 126
Ja 117
Ja 10
Ja. 36
Ja 6534
Ja 85
Ja 70
Ja 85
Ja 144
Ja' 45
Ja 62
Ja
234
Ja. 88
Ja 8334
Ja 90
Ja 8934
Ja 9231
Ja
234
4
Ja
J 12334
Ja. 92
Ja 103
Ja 99
Ja 50
Ja 10034
Ja 63
Ja 8534
Ja 4934
Jan 40
J:. 91

Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan

Outside Market.—Trading in the outside market for the
most part of the week was rather quiet, with the activity
converging on the Standard Oil and Tobacco shares. To-day
however, there was a better tone with an upward movement
to prices, in which the Standard Oil shares were conspicuous
for substantial advances. Atlantic Refining, after an advance of 17 points to 817,jumped to 830 to-day, reacting
finally to 820. Prairie Oil & Gas moved up from 445 to
473 during the week, then to 490 to-day, with the final figures
484. South Penn Oil gained some 26 points to 337 during
the week and to-day rose to 356, the close being at 348.
Standard Oil (Indiana), moving up during the week from
460 to 500, sold to-day at 517 ex-dividend, and ended the
week at 505. Standard Oil (Kentucky) old stock gained
10 points to 685. The new stock was traded in up from 225
to 250 and at 248 at the close to-day. Standard Oil of N. J.
declined at first from 419 to 416, then advanced to 427, the
final figure to-day being 423. United Cigar Stores corn. fell
4
from 94 to 93%,then advanced to 957 ,closing to-day at 93
ex-dividend. The pref. moved up from 114 to 115 and back
closing to-day at 1143-. Tobacco Products, after
to 114,
ranging between 853/2 and 863/2, was off to-day to 843.
British Amer. Tobacco old stock eased off from 2334 to 23
and recovered to 23%. The new stock fluctuated between
233/i and 23%, with the close to-day at the high figure.
Kelly & Springfield Tire stocks were prominent,the corn,for
a rise of 7 points to 60 and the pref. 11 points to 130. A
quarterly dividend of 134% on this latter stock was declared
this week. In copper stocks British Columbia developed activity and rose from 234 to 434, closing to-day at 4.
Greene-Cananea lost 3 points to 37, recovered all the loss
3
and eased off finally to 39%.
Outside quotations will be found on page 377.

370
A.4 e w

York to

21cAarrse-Stoolc 11,333rc1, Daily, Wnkly awl Yearly

OCCUPYING TWO PAGES
l'or record of sales during the week of stocks usually inactive, see preceding page
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday,
Jan. 24

Monday,
Jan. 26

Tuesday,
Jan. 27

Wednesday, Thursday,
Jan. 28
Jan. 29

Friday,
Jan. 30

Sales of
the
1 Week.
Shares.

Range since Jan. 1.
On basis of 100
-share lots.

STOC,<S
NEW YORK "I coati

.,IXCHANG

Lowest.

Railroads
9958 100
9914 100
9912 10014 0914 9934 99
9934 39712 9812 12,440 Atchison Topeka & S
9934 100
9952 100
1,875 ' Do pre(
100 10018 10018 10014 *10014
.10012 10178
125 12518 125 12512 12434 125
1,770 A t,antic Coast Line 11.10.
124 12412 122 123
123 124
98
97
9634 983
2 9712 983
4
39434 953 32,370 Baltimore L. Onio
8 98
9832 9712 98
Do pref
*8212 84
.8212 84
200
83 83
.8212 84
8332 8338 .8012 8312
9112 9218 9114 92
9152 11,220 Brooklyn Rapid Transit
9112 913
9114 91
4 9112 9134 91
2101 21112 21012 21114 2113 21212 21118 21338 21214 2137 21432 219
70,925 Canadian PacIfic
4
2
Central t New Ierse:s *315 321 *310 320 *310 320 *305 320 .305 320 *305 320
67
6712 67
6712 67
673
4 6612 6714 658 6714 6552 6714 14,800 Chesapeake & Ohio
1432 1412 1418 1414 *14
*1312 1412 1,300 Chicago Gt West tr ctfs- _
1434 1378 14
1352 14
3212 3258 3212 3212 3218 33
Do pref trust ctfs_ _ _
3212 1,200
3114 32
32
32
32
10518 106
10514 105 4 10514 106
105 10538 104 10512 10418 10632 20,570 Chicago Milw & St Paul..
3
Do pref
*140 142 .140 14114 .140 14114 14118 14118 140 140
14114 14114
400
1341 s 13478 134 135
13412 13512 1333 13414 13212 133% 133 13512 4,980 Chicago & North %Vestern
4
180 180 *173 185 .172 185 *172 180 *173 181 .173 185
Do pref
100
43
*39
42 .33
39
44
42 .38
40
42 .38
*33
800 Cleve ('In Chic & St L-- .66
69
.67
69 .65
167
69
69
*67
75
67 .67
50
Do pref
158 15812 158 15914 .155 159 *156 150
159 159
15312 159
700 Delaware & Hudson
401 405 .400 405 *400 405 *400 405
.400 405 .400 405
400 Demware Lack & West_ _
.19
1834 1834 .1834 21
21
.19
20 .1834 20 .18
20
100 Denver & Rio Grande
30
30 .30
33 .30
33
30
30 .30
132
33
Do prof
32
473
.5
714 *5
714
714 .514 714 .514 712 .5
Duluth So Shore & Atlan
714 .5
.812 11
11
11
*1034 12
*1034 12
11
Do prof
11
.11
12
300
3158 3218 3132 3218 3158 3214 3112 3134 3012 3112 3034 32
57,900 Erie
4914 495
8 4914 4912 49
493
4 4834 49
Do 1st preferred
4818 4834 4812 4914 5,200
3934 393
4 40 40
Dc 2d preferred •
.38
40
39 39
3812 3834 3912 3912 1,200
12914 12952 12832 12914 129 12912 12814 1283 128 1283 12812 13032 15,440 Great Northern pref
4
8
38
3814 38
Iron Ore properties......
3838 33
4,500
383
8 3712 3812 3614 3712 37
33
11434 11431 114 115
11412 11414 114 114
1,400 IllinoisCentral
11232 11232 11312 114
1538 1638
1618
16
1552 16
15,255 I nterhoro-Metrcp v t ctf_
1558 157
1532 1552 1532 16
Do pref
6114 613
8 6152 6232 6112 62
6153 63
4
617 625
4 613 6214 15,470
2678 2714 2672 267
1,900 Kansas City Southern
8 2612 2612 2634 27
2632 2632 2612 27
62 62
Do pref
62
82
62 62
6212 .61
600
6212
6114 62 .61
*812 912 .8
912 .8
912 .8
912 .3
9
8
100 Lake Ere & W estern__ - _
8
.20
22 .20
23 .2012 23
2012 2112 20
Do pier
20
1978 197
400
15434 158
15452 15512 15438 15514 15418 155
15334 15412 154 15518 22,100 Lehigh Valley
.140 14012.13914 140
13912 13934 139 1:9
13852 13852 139 140
980 Louisville & Nashville
.130 134 *130 133 .13012 134
131 132 *130 133 .131 133
400 Manhattan Elevated
.15
17
*1512 1712 16
1612 .15
*153 17
4
16
17
460 Minneapolis & St Louis...
16
4134
40
35
35 .32
40 .30
40 .30
34 .30
Do pret
40
100
*13012 132
13052 13114 13114 13112 13034 1313 130 13034 131 133
2,76C Minn St I' & S S Marie....
4
•142 150 *141 150 .14214 150 .14214 150 .14214 150 *14214 150
Dopreferred
2314 2334 2313 24
2334 24
2314 2332 23
2314 233 24
3,700 Missouri Kan St Texas..
4
.5812 60
59 59
Do preferred
5914 5914 59
5914 .59
850
60
5934 59
2912 2934 29
2958 29
30
2712 2914 2712 2332 2734 2872 22,511 Missouri Pacific
.25
35
.3014 35 .33
Nat It -s of .Nlex 1st pref..
35 .33
38
4131
40
36
.31
1214 1214
13
14
Do 2d preferred ._
1352 137
2 1212 127
8
1232 1238 1258 1252 4,400
9414 948 9414 957
2 945 953
4 9412 9512 9412 9412 947 9814 22,420 N Y Central & II R
2
753 76
2
75
7614 743 7612 7312 75
4
7314 7438 7358 7558 17,972 NYNH& Hartford_
3018 31
.30
3134 293 31
4
30
2934 303
30
2912 30
2 3,200 N Y Ontario & Western..
10412 10434 10432 1043 10412 1043
4
4
41 1043 10458 10434 1043 10518 9,950 Norfolk & Western
4
.86
8812 .8512 8812 .8512 8812 ---- ---- 18812 8812 .8412 8812
Do adjustment pref
50
11532 11612 11512 11614 11552 116
115 1157 11412 11514 11452 1163 20,930 Northern Pacific
8
2
11412 11518 11414 11518 11434 115
11414,115
114 11412 11414 11514 16,201 Pennsylvania
.87
95 .84
93 .85
93
8712 8712 *8712 95
200 Pittsb ('In Chic & St L
8712 8712
*101 108 *101 108 *101 108 *101 108 *101 108 *101 108
Do preferred
17012 17112 x16832 16912 16858 170
1693 17118 168 1693 1683 17012 437,300 Reading
8
8
4
.86
88
*8712 88
1st preferred
88
88 .87
45(
88
88
88
.87
88
*90
9212 19212 9212 92
9212 .90
2d preferred
92
810
93 .90
92 .90
1512 1614 15121 16
1514 26,100 Rock Island Company....
1332 1514
1514 1618
1352 1414
14
2312 243
2 2334 2452 2234 24
Do preferred
27,10(
2052 227
8 2032 2112 2118 22
432 478 *4
5
4
4
43
4
.312 414
4 43
& San Francisco
4
951 St
4
•16
20 .14
20 .16
Do 1st preteri eci
20 .16
20 .15
20
20 .15
932 932
9118 93
Do 2d preferred
4
834 9
818 812
8
914
8
.8
77(
not_
nolno
One.
ono,
WV
Oat0O1IltOM
07
,
051..
OKI&
591 St Louis
Southwestern.
59
6612 65
Do preferred
6518 .62
664 *61
65
65 .63
64
700
6712
1878 103
4 197 20
1952 20
194 1912 *19
20
19
193
4 5,800 Seaboard Air Line
51
523
2 5212 54
5212 5334 5214 53
Do preferred
64
53
53
544 27,925
9752 9812 9712 988 9818 9918 975 983
8 9612 9818 97
8
9878 150,493 Southern Pacific Co
10378 103 2 10418 1048 10414 105
7
10334 104
1033 1033 1033 10418 3,659
8
4
Certificates (wh. Iss.).
4
2652 2718 263 273 2638 2714 2638 26513 26
2
2638 2614 27
23,430 Southern v tr ctfs stmpd83
8414 837 8412 8312 843
4 8234 83
4 8313 833
Do preferred
837 841
8
8 5,950
do
16
1612 .1512 1612 1558 1614 15
154 1514 1514 *14
16
1,550 Texas & Pacific
4234 4312 43 4312 43
4312 4234 4314 4112 423
4212 7,575 Third Avenue (N Y)......
4 42
1214 1214 12
12
1112 113 *1034 12
1214
*11
.1034 12
500 Toledo St L & Western
2218 2212 23
*19
23
24
23
*20
23
23
*20
Do preferred
23
600
*108 10812 108 108
108 108 *10612 108 *10714 108
10738 10738
400 Twin City Rapid Transit
1607 16218 1607 162
2
1603 16214 16058 162
4
16053 1617 16118 16334 190,000 Union Pacific
8
8452 8452 843 84% 843 847
4
8 847 847
8
2 8452 8452 8434 85
8
Do preferred
2,200
.20
22 .21
25
*21
2112 2112 *20
22
2112 22
22
600 United Rys Inv't of S F....
.42
43
42
4214 41
4112 4112 43
434 433
Do preferred
4 4314 44
1,900
4
418
418
418
4
4
*312 4
34 312
1,000 Wabash
314 314
.1112 1212 12
1218 *1113 1212 11
1112
9
912 1012 2,300
1058
Do )referred
.32
3618 .323 3618 *32
4
37
*32
33
*32
33
36
100 Western Maryland
38
.6
618 612
612
6
6
8
16
*514 6
350 Wheeling & Lake Erie
*514 53
4
.
20
.18
Do 1st preferred
21
21
*18
21
2012 21
2018 2012 2012 21
1,200
11
Do 2d preferred
10
11
108 *10
1012 10
10
*9
9
19
10
810
*4512 4912 *4512 4012 *47
Wisconsin Central
4912 *4512 4912 *4512 4912 *4612 4912
Industrial 8c Miscall.
23
2358 2318 2314 2278 2312 2234 23
2258 2258 227 2318 6,260 dAlaska Gold Min Par $10
8
7434 7538 7412 75% 75
764 7434 757
8 7458 7558 7514 7678 151,525 Amalgamated Copper
56
56
5512 5512 *54
.5212 54
55
558 557
000 American Agricul Chem_
54
5518
4953 97
4
96
96
96
96
96
96
97
1.200
96
97
96
Do preferred
2714 2712 2718 2714 27
2612 267
27
2612 2612 .25
1,700 American Beet Sugar
27
74
•
69
7314 7314 *72
100
74
7312 *72
.72
73
Do preferred
*72
7312
34
3432 333 3432 3414 354 3358 347
4
8 3314 3418 3312 3412 78,250 American Can
9514 96
95% 9512 953 953
4 9514 9512 9434 9518 95
8
Do preferred
9558 4,000
4934 5014 4913 5032 4978 5012 4912 50
493 5058 4978 5118 6,720 American Car & Foundry
4
*113 116 *113 116
116 116
115 115
114 115
Do preferred
600
11513 11518
36
36
3634 3634 *36
.38
36
36
37
3612 *36
200 American Cities
3612
6714 67)4 68
68
68
68
*67
69
*68
69
Do preferred
.67
300
82
42)2 43
*42
43
*4114 4212 4212 424 1,600 American Cotton Oil
*4112 43
4234 43
_ .95 -___
98
*95 ---- *95
96
*93
Do preferred
100
97
•95- *4
412 *414 412
412 412 *414 -15
8 *414 45
8 *414 412
100 American Hide & Leather
*20
2412 2412 247 *24
25
2412 *2312 2412 *22
*23
Do preferred
2
200
24
4125
2513 2514 251
25
2511 25
4 2538 2578 2,900 American Ice Securities....
2514 244 243
11
11
1114
11
*1034 1114
1158 *1034 1158 11
11
1138 2,500 American Linseed
*2912 33 .30
31
3158 3158 *30
32
*2912 32
3212 31
Do preferred
200
3514 3638 3434 353
3512 3512 3514 36
8 35
3614 3512 363
4 8,790 American Locomotive._
101 101 *100 102
10118 10118 *10014 10112 10114 10138 10112 10113
Do preferred
737
10
*7
914 911
*7
1012
9
*8
9
10
.8
300 American Malt Corp
10
5012 5018 .50
53
*50
53
53
*50
4912 50
150
Do preferred
50
540
.84
86
86
.83
3 84
'
84
843 *8312 86
84
4
84
84
200 Amer Smelters Sec pref B
6814 69
7011 693 7038 69
68
4
70
6314 7014 68
6938 24,625 Amer Smelting & Refin'g
10414 10414 10112 10412 105 105
104 10438 103 103 8 102 102
7
Do preferred
1,050
164 164 .161 165
16512 16512 16612 16814 16712 16712 1674 16912 1,300 American Snuff

9314 Jan
9712Jan
1818618
Jan
773 Jan
4
8712Jan
20614 Jan
310 Jan
$94.fan
1134Jan
2713 Jan
99's Jan
1391s Jan
128 Jan
170 Jan
ai
6814 j n
3 1 2 Jai

Range for Previous
Year 1013.

Highest.

Lowest.

3 10033 Jan 23
13 10014 Jan 28
7 10832 Jan 23
3 2
2
6
6
Jan
6 8338Jan 29
921 Jan 22
3
13 219 Jan 30
12 310 Jan 12
5 68 Jan 22
3 14l Jan 24
7 33 Jan 27
8
1363 Jan 30
3 10312 jan 27
15 14112Jan 23

5 180 Jan 24
19 40 Jan 5
8
0 ra
167 . an 22
6 14 J n 2
2
150 Jan 3

388 j n 13 4063 hn24
1614Ja
an 6 18 4 an 7
26 Jan 7 3014Jan 23
912Jan
2714 Jan
427 Jan
35 Jan
12514 Jan
3354 Jan
107 Jan
1478Jan
5934Jan
2438Jan
58 Jan
7 Jan
18 Jan
148 Jan
13338Jan
128 Jan
1212Jan
3312Jan
12412Jan
14212 Jan
19 Jan
5234 Jan
2378Jan
30 Jan
10 Jan
88's Jan
73 Jan
26 Jan
9958Jan
85 Jan
109 Jan
10858Jan
83 Jan

9
3
3
2
3
3
7
3
3
5
12
12
17
3
3
5
6
6
14
21
3
13
7
19
6
13
10
7
9
7
2
3
6

16612 Jan 3
87I2Jan 8
9O1. Jan19
1234Jan 3
1914 Jan 3
4 Jan 28
16 Jan 8
712Jan 8
21 Jan 6
57 Jan 8
1634Jan 2
453 Jan 2
4
8818 Jan 3
9458Jan 2
2273 Jan 3
75 Jan 3
13I2Jan 5
4113 Jan 29
10 Jan 6
19 Jan 3
1O53 Jan 7
153I2Jan 3
8212Jan 6
19 Jan 7
3813 Jan 14
258Jan 6
734Jan 5
32 Jan 14
5 Jan 6
18I2Jan 7
7I2Jan 6
8Jan 9
437

11 Jan 26
3213 Jan 23
493 Jan 27
4
401.t Jan 23
13038Jan 30
3014 Jan 19
115 Jan 26
163 Jan 24
8
63 Jan 24
2714 Jan 24
62 Jan 24
9 Jan 23
2112 Jan 28
1564 Jan 23
1418 Jan 19
132 Jan 28
1618Jan 28
35l Jan 22
133 Jan 30
14212 Jan 21
24 Jan 26
60 Jan 30
30 Jan 27
30 Jan 19
14 Jan 26
9614 Jan 30
73 Jan 2
3158Jan 23
1054 Jan 23
854 Jan 19
11812Jan 24
I154 Jan 23
87'z Jan 28

Highest.

9014 Nov

10638 Jan

10 j
12 J'ne
6 J:lYe
9734 J ne
7
0 J

13 :4 j aann
103218 Jjan
8 / a
61
81
4
n
38334 .1'ne
9234 May
201 Dec 26634 Jan
275 J'ne 362 Jan
5158
2 1
103
10
1
8
3157 Jan
078 aann
961 Nov 11614 Jan
4
13112 Nov 145 Jan
x123 Dee 138 Jan
17118 Nov 1180) Jan
3478 Aug
54 Jan
943 Jan
4
60 Oct
8 j
la
14712 J'ne 16712 . an
380 Dec 445 Jan
_318 J'ne
2318 Jan
41 Jan
23 J'ne
4 Dec
164 Jan
(8.) i e
2 14 J 'lr
10
3212 Jan
4912 Jan
3312 J lie
42 J an
b
1281, 22 J inee 13138 J an
?3614 JJ ti e
12174 j n
4 8 ieb
8
1958 Jan
6538 Jan
2838 .i'ly
6112 Jan
1112 Feb
35 Jan
16838 Jan
14214 Jan
13258 Feb
234 Jan
32 j ec
10 D ne
47 Jan
1315:8 J: 1e 11250u:4 aaa
1 18 4 N ,3v 1 42Jjj
11 01 t
8

1023i Dec
1238 J'ne
45 J'ne
2138 J'ne
56 J'ne
7 May
16 Nov
14114 J'ne
12614 J'ne
P.:7 J'ne

Jan
52 J'ne (Alt Apr
2114 Dou
4338 Jan
31 Dec
59 Met'
27I Jan
81 Dec
4
9018 Deo 10934 Jan
653 Dee 12978 Jan
8
2518 J'ne
3378 Jan
08 J'ne 11312 Jan
8014 Aug
87 Feb
4
1013 J'ne 12238 Jan
106 Dec 1233 Jan
4
77I8 Dec 104 Jan
'
0:
100 J ne 1122 Sep
)
r
1713 Dec
4
1724 Jan 22 185213812
Oct
92'!
88 Jan 3
95 Apr
84 J'ne
93 Jan 28
44.784 F b
24
11154 Oct
7
1658Jan 23
Oct
Jan
25 Jan 16
23 J'ne
4
1934 Jan
538Jan 15
259
9
1713 Jan 13 • 13 J'ne
Jan
5t2 J'ne
934Jan 26
3512 Jan
20 Dec
2634 Jan 26
75 Jan
6513 Jan 26
403 se p
29 8 A pr
4
20 Jan 26
1414 Dc
66'2 J'ne
J'ne
544 Jan 30
99l Jan 23
9912j n
a
105 Jan 27
818 N v
0 4 Nov
3
38818, a , e 110 Sep
8
285 Jan
2714 Jan 27
814 Metz
844 Jan 27
72 J'no
p
163 Jan 21
8
4
4338 Jan.
223
1014 J'ne
453 Jan 13
4
2778 JIbe
1214 Jan 24
13 Jan
718 J'ly
23 Jan 26 10112 J:ne 10034 sen
1514 J ne
29 Ja p
10812 Jan 19
i634 Jan 30 1373
4
1023 Jan
93nie 14
793, J
J"Ie
853 Jan 3
a Jan
22 Jan 5
16 J'ne
3512 Jan
44 Jan 30
30 J'ne
8312 Jan
438Jan 23
2 Pile
6 Aug
618 Sly
13 Jan 23
1718 Aug
2878 Dec
35 Jan 22
453 Jan
13Jan 7
3 4 Oct
3
8 Jan
63
13 J'ne
2858 Jan
21 Jan 23
55 Dec
8
II Jan
11 Jan 24
4018 J'ne
584 Apr
47 Jan 22

9 52334 Jan 22 $18 Nov
6158 J'ne
n 22
n 3
9
4114 Sep
77
2 5 14 Jan
00 Nov
8 9713Jan 23
1934 J'110
5 2812 Jan 22
65 Oct
6 734 Jan 26
3 3513 Jan 27
20 .i'r
3 96 Jan 24 /8112 j'I re
3652 Joe
5 51183an 30
28 116 Jan 27 108 J'ne
3314 J'iy
5 363 Jan 26
4
6014 J'ne
5 68 Jan 26
3312 J'ne
8 4312Jan 22
27
6
4
1104 9 12 JJ n 2 7 9212 Sec.
15
Jan
131 j IY
51 Jime
:
n2
Jan
5
2678 Jan 22
2
17 J'no
24 Jan 3
67 J'ne
2
10 Jan 8 118 Jan 28
20 Oct
2913 Jan 8
Jan
27 J'ne
6
31Jan 2 36 4 Jan 3
58
3 133 a 10
94 Oct
96 Jan 6 10112Jan 30
7 Jan 13
54 Oct
94 Jan 28
4178 Oct
42 Jan 3 50's Jan 24
794 J'ne
6318 ja 29 85 Jan 19
84 Jan 3
J'ne
2
7
JanJtin 27
97 J'ne12
68
9834 Jan 3 17 %
e
0
6
5
160 Jan 2 169I2Jan 30 150 J'ly

52034Jan
7078Jan
473 Jan
4
91 Jan
2212 Jan
69 Jan
2834Jan
89 Jan
4413 Jan
114 Jan
38 Jan
60 Jan
3712Jan
9412 Jan
24 8 Jan.7 a
11

$2438 Oct
8012 Sep
57 Jan
99 Jan
5012 Jan
SG Mell
126718 Jan
49 2
5638 Jan
117 Mch
483 Jan
4
7812 Jan
5738 Jan
98 May
28 4 ja
6 Feb
;
2734 Apr
124 Nov
3338 Nov
4412 Jan
1063 Jan
4
13 Jan
6112 Jan
86 Jan
Jan
10
77 Feb43
193 Jan

BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
Banks
1
New York
America 11___
Amer Exch..
Battery Park
Boweryll-Bronx Borol
Bronx Nat....
Bryant Parkl
Butch & Dr..
Century 1Chase

131.8
550
200
135
425
225
175
150
120
175
600

Ask

Bank.
Bid
Ask
Chat & Phen. 170
175
560 Chelsea Exi. 148
153
210 Chemical -_ 400
____
145
Citizens' Cen 175
180
...... City
365
375
260 Coal & Iron- 155
165
190 Colonial 1 _.- 450
---__-_ Columbial- 290 315
13
5 Commerce -1'17112 t173
195 Corn Exch 1_ t318 t318I2
625
Cosmopol'n 11 85
105
East River- 60
75

Banks
LW
Fldelityl_.- 165
Fifth Ave1-- 4500
300
Fifth
900
First
172
Fourth
Garfield ---- 220
Germ-Amer 1 130
German Ex 1 375
Germanlat... 450
Gotham _-_ 190
Greenwich 1- 260
Hanover -- 630

Ask
175
__ _
325
910
177
250
140
425
475
___

Banks
Harriman......
Imp 3. Trad_
Irving
Liberty
Lincoln
Manhattan 1
Mark ScFult_
Meth & Met..
Merch Exch..
Merchants'
Metropolis 1____ Metropoi'n 1

Bid
275
500
178
610
325
300
240
225
160
170
300
178

Ask
290
____
182
630
345
315
250
235
165
180
310
183

Banks
Mutual If ..„
Nassau
New Nethi_
New York Co
New York..
Pacific, 1____
Park
People's 1_
Prod Each .I.
Pubiloll_____
Reserva

Bid
290
185
210
850
370
225
368
230
160
200
92

Ask
__-190
225
875
380
250
375
250
165
250
........

•Bld and asked prices; no sales on this day. j Ex-rights. I Lem than 100 share*. Tt State banks. a Ex-4 v.
is eights,
New stook
Bale at Stook Exoliznxe or at auction this week. •BIM Installment paid, a Sold at private sale at this price. s
I Fail paid.




Banks
ieaboaxd____
Second
Security 1Sherman -Statel
23d WardliUnion Exch.
'unit States 1..
Wash Ins _
Westch A ..
West MelYorkvIlle 1-

Bid"
410
375
115
- -180
130
140
500
275
160
450
----

Ask
435 '
400
125
135 1
200
140
150
--..
.....
175
475
(300

I kix 24% aoottm. dlv,

JAN. 31 1914.]

371

New York Stock Record-Concluded-Page 2

Por record oi sales during the week of stoc!cs usually inactive, see sezoni page preceding
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday,
Jan. 24

ondaV.
Jan. 26

Tuesday,
Jan. 27

Wednesday,
Jan. 28

Thursday
Jan 29

Friday
Jan 30

•
Sales of
the
1Veek
Share::

STOCKS
NEW YORK STOCK
EXCHANGE

Range since Jan. 1.
On basis of 100-share lots.
Lowest.

Highest.

Range for Previous
Year 1913.
Highest.

Lowest.

Industrial & Misc (Con)
100 Amer Snuff pref (new)
•101 104
9973 Jan 9 10212 Jan 26 100 J'ne
10212 10212 *10212 104 .101 104 .101 104 *100 104
'25 J•ne
900 Amer Steel Found (new)
34
3434 3514 *34
__ 34
- 28 Jan 6 3514 Jan 24
:35
3414 3412 34
34
Dec
10812 1097 10834 1087 10818 1083 10714 108
8
iiii- 10714 108 108 2,880 American Sugar Ref'ning 10273 Jan 8 10973Jan 24 9973 J'ne
4
1,000 Do Apreferred
113 1133 11334 11334 113 113 *112 115
11014 Jan 20 11378 Jan 7 1104
4
11218 11278 *110 114
12313 12334 12312 1233 1233 124
4
4
4
12312 12418 1233 12334 1233 12414 7,170 Amer Telephone & Teleg 11718Jan 2 1244 Jan 30 110 Dec
24213 Jan 14 24912Jan 9 200 Joe
24414 24414 244 24412 24534 24534 246 24912 2463 24812 248 24912 2,900 American Tobacco
4
1,100 AmPerriefceirrnedvv.
710
96 J'ly
105 1053 105 10514 10514 1051 10412 10434 10412 10453 .104 105
10134Jan 7 10534Jan 24
4
1412 Dec
1834 1912 20
15 Jan 16 2078Jan 28
3
Woolen
81
2
8
19
9n3
22 :1
----4 *19
2078
183
22
2078 8312 *19
1,367 Do preferred
74 May
76 Jan 2 83 Jan 26
80
82
82
83
83
83
,.17 lier W cttint 0p per p8•
i1S a naconri a , Pa pa $2
1178 Nov
, 1 1334 Jan 7 1738Jan 23
1634 1634 *if_138
333 Jan 9 3713 Jan 30
24
3073 J'ne
-38171 36
3612 36
133
33
A 4 *Y6
20 Jan 27 297
2218 2,650 Assets Realization
22 Dec
.
8Jan 8
2412 30
22
25
25
25
20
21 .21
213
4 20
200 Baldwin Locomotive
4513
3812Jan 7 4512 Jan 22
364 Dec
.44
454 45
4512 *43
*43
45 •42
4512
4512 *43
10213 Jan 16 105 Jan 28 10014 J'ne
100 Do preierred
•10412 _ _ *10412
_ *104 ____ 105 105 .1044 ____ *10514 ____
291 Jan 5 3813 Jan 22
25 Joe
367 3738 3612 3712 3738 3712 37
8
3738 351s 3512 3512 3612 5,355 Bethlehem Steel
2,700 Do preferred
77
68 Jan 10 80 Jan 28
77
6214 J'ne
8077 78
76
763
8 763 77
4
7612 7712 7712
121 Jan 5 130 Jan 24 120 Oct
129 130
129 12978 128 128
1274 12713 *126 129 .126 12812 1,300 Brooklyn Union Gas
700 Butterick Co
2912
26 Jan 13 29 Jan 27
25 Mch
2912 .28
.2614 2712 27% 28
2812 2812 *28
28% 29
6,763 California Petrol v t ctfs. 18 Jan 2 30 Jan 13
16 Aug
254 28
28
28
2(3
283
4 28
2938 2734 2812 2714 28
84
3,150
62
Do preferred
45 J
5033Jan 2 6612 Jan 20
64
6412 65
4 62
643
65
6514 6312 6414 64
914 9178 1,220 Case(JI)ThreshMpftr cfs 90 Jan 26 95'8 Jan 16
9014 Dec
92
8
19312 9312 90
"897 9412 92
92
90
91
17 J'ne
273 2838 11,300 Central Leather
4
257 Jan 14 2838 Jan 9
8
2712 2758 2753 2812 284 2853 2778 2814 2712 28
1,300 Do preferred
9478 Jan 6 9714 Jan 28 r88 J'ne
97
97
4
9638 0612 963 97
974 9714 063 97
97
97
4
8
30% J'ne
4112 4053 4112 407 4158 17,700 dChino Copper_Par $5 3712Jan 9 42 Jan 27
4118 4112 4113 4158 4114 42
41
2412 J'ne
2812 Jan 2 34 Jan 28
4
3312 3312 33
34
33
3334 3253 3234 313 3212 3212 3318 5,900 Colorado littel & Iron
13512 13612 12,625 Consolidated Gas(N Y).. 12912Jan 3 13912Jan 24 12518 J'ne
13512 136
13734 13912 13712 13838 136 13634 13614 137
914 Jan 9 13 Jan 28
74 J'ne
4
1214 123
4 1214 123 20,725 Corn Products Refining_
1134 117
8 113 12
4
117 12
3
1218 13
2,200 Do preferred
614 J'ne
63 Jan 3 72 Jan 29
72
*70
72
4
70
6834 683 *68
6934 693
4 6934 7112 71
9112 Dec
1,100 Deere & Co pref.
9134Jan 2 9918 Jan 29
99
9918 9918 99
9838 9858 *9734 994 974 9814 98
98
954 J'uc
*1712 1814 1,550 Distillers' Securities Corp 17 Jan 9 1834 Jan 21
18
18
18
18
13
1833 1712 18
18
18
11 Dec
15
15
15
400 Federal Mining & Smelt'g 15 Jan 24 15 Jan 28
15
17 .10
17
*12
17
15 .10
15
3513 Jan 16 43 Jan 27
33 Mch
*35
41
40
730 Do preferred
42
42 .40
44
43
42
43
44
*40
4
14612 14714 14714 14818 14714 1473 147 14718 146 147
5,560 General Electric
140 Jan 3 148'8 Jan 26 1298 Joe
146 147
4
•45
25 May
47
3738Jan 3 47I2Jan 15
4512 46
700 Gen Motors vot tr ctfs
4612 *45
47
4512 4512 46
46
46
8412 8412 .8413 85 .8112 90
70 May
77 Jan 5 853 Jan 19
512 1:0 prat v .et S
4
8512
853 8538 *85
85
85
154 Nov
2312 2313 23
1958Jan 17 2434 Jan 22
2214 4,700 Goodrich Co (13 F)
2212 22
2312 22
22
2212 2112 23
797 Jan 2 88 Jan 26
4
.8612
8887 1,200 Do preferred
733 Nov
8634
87
8613 88
87
8612 8612 8612 87
4034 J'ly
4814 485* 49
8Jan 8 55012 Jan 28
4
4938 4834 4918 49
5012 4938 5018 493 5014 7,930 (iGuggenli Expior Par $25 5443
1378 Dee
17
3,950 a Insp'n con Cop Pa•V0 $1518 Jan 10 51738Jan 23
1718 17
4
1718 163 1718 1614 1678 1612 1634 163 17
4
96 J'ne
8Jan 3 11312Jan 22
112 11213 11178 11214 *11013 112
3,550 Internat Harvester of N J 1007
10934 111
110 11112 .109 111
11312Jan 3 127'8 Jan 28 Ill May
Do preferred
11678 1167 11678
8
11513 ---- *115
•
, 11718 11712 *116 ____ *116 100 -8 1093 110
9512 J'ne
1,400 Internat Ilarv ester Corp_ 10078 Jan 3 11134 Jan 22
,
4
11012 11112 11012 1 101; 110 110
-11014 11014 10938
1147 Jan 6 11612 Jan 28 111 May
8
380 Do preferred
•11313 116
116 116 .116 11718 11612 11612 .116 ____ .116 ____
23 Jan 13
4
100 Int Mer Marine stk tr cts
278 J'ne
.
334Jan 27
4
•312 4
7
*312 4
334 33
4 *312 33
4 *312 3 2 *312 33
14 Jan 2 1514 Jan 30
300 Do pref stk tr ctfs
1212 J'ne
1514
15
15
16 .14
•14
16
15
15 .14
16.13
613(Set
914 93
4 1,450 International Paper
838 Jan 5
914 912 *912 10
978 Jan 23
4
913 914
*912 10
93
4 93
39
3912
3712 Jan 19 40 Jan 21
3218 Oct
39
425
Do preferred
.38
40 •37
39
3838 3838 13712 3713 *38
44 Dec
6% Jan 9
912
300 Internat Steam Pump
912 *8
*8
*9
9
98 Jan 20
978
914 914 *9
9
98
157 Dec
8
19 Jan 2 29 Jan 19
300 Do preferred
26
26
29
.25
27
*25
30
2612 2612 *26
26
26
77 Dec
80 Jan 19 86 Jan 28
320 Kayser & Co (Julius)
.82
89
85
85
86 "8512 8812 *8512 87
8512 8512 86
Do 1st preferred-_- 110612Jan 15 110612Jan 15 10612 Oct
10812 *104 10812.104 10812 .104 10813 *104 10812 *104 10812
•104
58 Joe
81 Jan 6 92 Jan 24
9012 9013
500 Kresge Co (S S)
*8912 92
9112 92
91
9014 9014 *8912 92
91
97 J'ne
99 Jan 13 10053Jan 13
Do nreferreti
*101 104 .101 -___ .101 103 *10113 103 *10112 103 *10134 103
297 J'ne
8
34 Jan 15 40 Jan 26
500 Lackawanna Steel
4012 *39
40
4012 .39
39 .39
39
39
40
40
39
91 J'ne
Laclede Gas (St L)corn__ 95 Jan 2 974Jan 22
*9712 100 .97 100 *97 100 .97 100 .97 100
•
97 100
400 Lig,gett & Myers Tobacco 21934 Jan 5 229 Jan 30 195 J'ne
226 227 .224 230 229 229
•221 226 .220 226 *220 226
11138Jan 6 116 Jan 27 10612 illy
500 Do preferred
11512 116 *11612 120 *11612 120 *115 117
. 115 115 *11412 118
21 J'ne
35
37
35
35
2,625 Loose-Wiles His tr co ctfs 32 Jan 6 38 Jan 26
36
3612 3612 36
3678 3718 3614 38
89 Aug
Do 1st preferred____ 110412Jan 9 *10412 Jan9
*103 105 .103 105 .101 105 .101 105 .103 105 .101 105
84 J'1Y
89 Jan 2 95 Jan 24
100 Do 2d preferred
99 .9478 99 .9478 99 .88
97
95
95
166 Jan 20 171 Jan 30 r150 J'ne
500 Lorillard Co (P)
171 171
•16414 172 nti - 118- .167 180
16973 170
170 170
110 Jan 6 11112Jan 24 103 J'ne
100 Do preferred
' 11112 11112 .111 ____ *112
.11113 11512 *11114 11612 .11114 114
65 0,:t
66 6712 6712 67 67
16512 6512 6612 6612 1,125 May Department Stores_ 64I2Jan 28 6914 Jan 17
66- 6412 66
9712 J'ne
101 Jan 30 101 Jan 30
100 Do preferred
101 101
.98 102 .98 102 *100 102 .99 101
.99 101
4134 Nov
4612Jan 2 673 Jan 30
4
6212 673 22,100 Mexican Petroleum
4
8 613 66
4
6412 6512 6378 65
6114 613
65
62
2038 J'ne
2358 237
8 2353 233
8
2414 2233 2334 9,100 dMiami Copper___Par $5 52134Jan 3 52414 Jan 27
2414 24
4 2358 2414 24
122 Jan 6 13514 Jan 27 104 J'ne
8
1287 13214 131 13478 134 13514 134 134
13212 13312 134 31418 0,050 National Biscu1;
11914 Jan 13 123 Jan 27 116 J'ne
320 Do prenrred
12218 12218 .123 125
*11813 12213 12212 12212
123 123 *120 124
9 J'ne
97
8Jan 8 1378 Jan 22
400 Nat Enamel'g & Stamp'g
*1312 14
*1314 133
13
13
13
13
13
4•13
1353 13
7414 Oct
178 Jan 8 178. Jan 8
•
72
82 .74
Do preferred
82
*75
82
8212
4,72
8212 .72
82 *72
43 Oct
44 Jan 3 52 Jan 26
700 National Lead
•50
51
51
5114 51
50
52
5213 50
*50
5234 *50
105 Jan 13 10814 Jan 29 100 J'ne
100' Do preferred
*10613 10814 .10612 10814 .10673 1084 *10712 10814 10814 10814 .107 111
13 Joe
1618 165* 1618 1612 1618 1614 161g 1614 1618 1618 161g 1614 3,700,dNevada Cons Cop Par $5 51458Jan 7 51612 Jan 26
56 J'ly
61 Jan 7 69 Jan 28
400New York Air Breke
,
70
70 .65
.65
69
673 673
4
4 68 (3814 .67
69
70
60 J'ne
300 North American Co(new) 65 Jan 2 7258Jan 21
.
70
4 7214 723
7258 7238 723 .72
723
4
723 .70
8
7213 .70
16 J'ne
24 Jan 8 29 Jan 21
2618 2534 2734 1,500 Pacific Mail
2753 2758 2712 277
k 267 2678 263 263
8
4
4 26
22 Nov
2613 Jan 9 31 Jan 24
3012 1,300 Pacific Telep & Teleg.
3018 *29
3058 31
31
31
3014 3014 30
31
31
s
12212 12334 3,750 People's 0 L & C (Chic): 1207 Jan 3 125 Jan 5 104 J'ne
12218 123
124 124 *123 12412 1231 1 12358 12212 123
1412 J'ne
1773 Jan 3 22I2Jan 28
5,050 Pittsburgh Coal
2214 2134 22
21
2012 21
2114 2034 21
21
2212 21
73 J'ne
8612Jan 7 9258Jan 28
913 10,230 Do preferred
4
9178 91
90
90
90
0034 9018 9034 90
925* 91
1812 J'ne
2623 Jan 5 4173 Jan 30
4178 18,540 Pressed Steel Car
3434 3414 358 35
.34
3534 3514 3534 3814 3912 40
973 Jan 15 104 Jan 30
4
884 Joe
540 Do preferred
•10012 104 *100 104 1101 101
102 10318 10378 10378 104 104
107 Jan 13 109 Jan 30 105 Dec
100 Pub Serv Corp of N J
.
106 __ .106 ____ .106 107 *106 ____ *106 ____ 109 109
15112Jan 6 159 Jan 28 149 Sep
660 Pullman Company
'
015613 15812 15812 15812 *158 160
158 15818 *156 159
15812 159
2514 Jan 7 3214Jan 30
2214 J'ne
30
3038 30
3112 3012 31 12 3038 3034 305* 3078 303 3214 6,800 Railway Steel Spring
4
97 Jan 14 9824 Jan 30
9014 J'ne
200
9814 981,
Do preferred
.95
99 .95
99 .95
99
99
98
98
*97
15 J'ne
4Jan 9 $1938Jan 27
19
1918 6,200 dltay Cons CopperParS10 $173
1878 19
1878 1914 1878 1918 1878 1938 19
19
17 J'ne
1934Jan 5 27 Jan 27
2414 2412 2412 2658 26
2612 2518 2558 243 2612 19,850 Republic Iron & Steel
26
4
27
72 J'ne
80 Jan 2 893 Jan 27
4
2,500
8914 883 89
Do preferred
8912 883*
4
885 89
3
883 893
4
8 8912 8934 *88
14 Nov
1212 12,300 Rumely Co (M)
9 Jan 30 18 Jan 14
9
4
1514 1612 153 153
8
4 153 157
8 1512 1534 113 155
4
33 Dec
5,220
2013 Jan 30 41 Jan 13
2612 31
Do preferred
3518 358 2812 33
3414 36
3414 358 *35
38
183 Jan 3 192'8 Jan29 15434 J 'nit
19118 193 219112 19212 1,550 Sears. Roebuck & Co
190 190
19218 19213 19112 19112 192 192
23 J'ly
1,000 Sloss-Sheffield Steel & Ir 27 Jan 3 35 Jan 26
35
34
31
*32
3312 34
.
33
36
34
35
34
34
31 Dec
100 Standard Milling
36
g
32 Jan 7 35 Jan 28
35 .34
35 .34
.34
35 .33
35
*3413 36
35
5212 May
Do preferred _ _____ .._ 65 Jan 22 65 Jan 22
66
65 .64
66 .63
•64
65 .64
66 .62
65 .64
750 Studebaker Corp (The)__ 20 Jan 3 2534Jan 24
1534 Dec
*2413 26
*2413 26
25
2534 2534
2514 2514 2514 2512 25
6412 Nov
700
Do preferred
80
70 Jan 5 80 Jan 30
79
*7612 79
•74
7612 7612 765
8 763 77 .7612 79
4
4 3434 3518 10,230 dTennessee Cop_Par $25 $317 Jan 9 53512Jan 27 22034 J'ne
8
4
343 35
4
3412 3518 347 3512 343 3514 343* 343
8
89 J'ne
128 Jan 3 149 Jan 12
8
8
14312 14678 1435 1453 14412 14618 8,150 Texas Company (The)
145 146
1433 14512 1433 144
4
4
78 J'ne
U.iderwocd '1,1w writer_ 85 Jan 12 86 Jan 23
90
90 .8113 90 .81
*81
*8412 85
90 .83
90
.80
Do ttreferr.d
108 Jan 16 110 Jan 23 104 J'ly
.108 112 *108 112 .108 112 *108 112 .109 112 .110 112
734 Jan 30
4 Nov
734 10,300 Union Bag & Paper
8
614
613
63
63
8
614
513 Jan 12
63
8
614
614
6
.53
4 614
1812 Nov
300
*2512 28
Do preferred
29
27
28
25 Jan 9 28 Jan 6
29 .25
27 .25
27
27
.25
914 J'ne
165 U S Cast Iron Pipe& Fdy 1058 Jan 8 1312 Jan 23
1312 §1312 1312 1212 1212
(1338 1338 *1214 1318 *1214 1312 *11
40 Dec
100
47
47 47 .46
48 .46
Do preferred
48
40 Jan 8 47 Jan 28
47 .45
.46
50 .45
4934 Nov
1,061 U S Realty dr Improv't_ 54 Jan 7 5673 Jan 19
56
5612 5634 563 563
4
4 5612 5612 5512 5612 *55
57
56
573 Jan 3 625* Jan 26
4
51 Nov
6218 5834 5978 59
17,280 United States Rubber
4 61
5914 5914 60
(303 (303
8
625* 60
J'ne
10212 10234 102 1025* *102 10212 102 10238 2,230 Do 1st pr,ferred
10158 Jan 5 10458 Jan 14
4
10212 10234 1023 103
7638 Jan
Do 2d preferred
*76
92
4973 J'uc
5712 Jan 3 66% Jan 27
64
8 6614 643 6512 64E8 - - 527,755 United States Steel
8
4
663
6E3.
-(iiis - 4 -a78 -6 3- -O A -(f(i.78 -653 4,500 Do preferred
10614 Jan 2 11213 Jan 27 10213 J'ne
4
11158 1117 1114 112
1113 11214 11218 11212 11134 112
8
11114 112
3938 J'ne
8
535* 5438 5334 543
4 5414 55% 29,880 dUtah Copper___Par $10 $487 Jan 10 S558 Jan 30
8 5312 5434 5414 55
5338 537
22 J'iy
3258 3112 3238 3114 32
2,500 Virginia-Carollna Chem_ 28 Jan 7 3314 Jan 21
3112 3214 3138 32
32
3234 33
93 J'ne
200 Do preferred
96'i Jan 3 104 Jan 19
104 104
.
103 105 *103 104 .10312 105 .103 10412 *100 105
5418 Dec
573 Jan 16 65 Jan 22
4
6414 6334 6412 6312 6312 64
64
6418 5,500 Western Union Tales_
6412 6358 64
64
53% J'ne
71
4
69
70
7158 703 7112 70
7114 71
70
695* 7112 22,000 Wastivg-ouse El & Mfg_ 64 Jan 3 7153Jan 28
,
100 Do let pref ercd
1157 Jan 19 117 Jan 24, 10773 J'ne
8
117 117 .117 119 .116 119 *116 119 .116 119 .116 119
997 100
8
9218 Jan 3 100 Jan 261 8112 J'ne
9873 09
983 0914 2,700 Woolworth (F W)
9918 0918 9912 100 *9812 100
4
11234 Jan 5 116 Jan 29, 109 J'ne
116 116788 Do preferred
*11412 11512 *11412 115 §11412 11412 115 11512 116 116

8g A2
A% '123, 87:: 'IL l'112

105 Jan
4012 Feb
118 Jan
11658 Jan
140 Jan
29434 Jan
106i3 Jan
2312 Sep
82 Sep
3214 Jan
4112 Jan
120 Jan
at? Jan
1054 J'ne
4113 Jan
74 Aug
13773 Jan
31 Feb
564 Feb
86 Jan
10353 Feb
3018 Feb
9714 Mch
4753 Jan
4112 Feb
14238 Jan
17t3 Jan
7914 Jan
mots Jan
2134 Jan
18 Jan
44 Jan
187 Jan
40 Aug
8134 Sep
68 Jan
10514 Jan
5333Jan
2033 Jan
11112 Sep
116 Oct
11014 Sep
11434 Sep
458 Jan
191k Jan
1253Jan
4812 Jan
1812 Jan
70 Jan
94 Feb
110 Jan
83 Sep
102 Jan
494 Feb
10412Jan
235 Mch
116t2 Jan
3978 J..n
105 Jan
95 Jan
200 Jar.
117 Feb
8
767 Jan
10512 Jan
7814 Feb
2612 Jan
130 Sep
12478 Jan
1914 Jan
9214 Jan
5614 Jan
108 Oct
20 Jan
8212 Jan
8112 Jan
3113 Jan
46 Jan
12934 Sep
2438 Jan
95 Jan
36 Jan
10118 Jan
118 Jan
165 Jan
35 Jan
100 Jan
22 Jan
2838 Jan
9214 Sep
9214 Jan
9934 Jan
21313 Jan
4512J
4013 Jan
66% Feb
36 Feb
9314 Jan
391, Jan
13212 Dec
991 Jan
113 Jan
784 Jan
4134 Jan
1634 Jan
563 Jan
4
77 Jan
6912 Apr
10934 Apr
8111 Jan
6913 Jan
11034 Jan
6058 Jan
4313 Jan
114 Jan
754 Jan
7914 Jan
11914 Jan
112 Jan
1151* Jan

BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bank
Brooklyn
Coney isi'd
First
Flatbush ..Greenpoint-Homestead
Manufact'rs
MechanlmliMontauk ¶_.
Nassau

Ina
28
-6
110
80
400
125
205

Ask
150
300
130
155
125
100
425
140
140
220

Banks
Brooklyn
National City
North Side 1.
People's --

Bid

Ask

273
175
145

285
200
155

Trust Co's
N Y City
Astor
355
Bankers' Tr_ 457
irway Trust. 150

365
460
160

Ask
Trust Co's Bid
N Y (2W/
Central Trust 1010
ColumbiaKnickerboc 440 445
85
Commercial 300 310
Empire
Equitable Tr. 430 440
Farm L dr Tr 110() 1130
210 225
Fidelity
275 300
Fulton
Guaranty Tr. 565 575

Trust Co's
N Y City
Hudson --_
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual Alliance
Mut'l (Westcheater)

Bid

Ask

130
158
120
330

138
165
130
350

140

147

130

140

Ask
Trust Co', Bid
NY Car
N Y Life &Tr 985 1000
N Y Trust-- 595 610
Title Gu &Tr 435 440
Transatian tic 200 220
Union Trust- t382
US Mtg dc Tr 410
United States 1030 IOW
Westchester - t140

Trust Co's
Brooklyn
Brooklyn Tr.
Citizens' --Franklin _--Hamilton -Home
Kings County
Nassau
People's -Queens Co

Bid

Ask

480
130

490 '
140
250 ,
280
110 1

270
100
570
125
285
90

Ex-rights. a Ex-dly. dr rights. b New stock. el Quoted dolLut per etude.
Loss than 100 shares.
*Bid and asked prices; no sales on this day.
.5tOok Exchange or at *notion this week. _ 8 Ex-stook dividend. 11Banks_marked with a paragraph CO are State banks. s Ex-dIvIasnd.,




135
295 1
100 1

sale at

372
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
Jan. I 1909 the Exchange method ol quoting bonds was changed. and prices are now all—"and interesi"—exceot to- income and defaulted 00.05.
BONDS
N. Y. STOCK EXCHANGE h
Week Ending Jan. 30.

Price
Friday
Jan. 30

Week's
Range or
Last Sale

,
2

Range
since
Jan. 1.

23
BONDS
to
N. Y. STOCK EXCHANGE
Week Ending Jan. 30.

PrIC,
Friday
Jan. 30

Week's
Ranot or
Last Sale

el

Range
since
Jan. 1.

11111
.458 Lou,
to', No. Low High
High No. Low High Chesapeake & Ohio—
Bid
Ask tuze
997 100 993
3
s 9834 9978
Oen funding & inipt 5s___1920 J-J
9938
4
0812 9812
9853 9918 0812Jan '14
107 _ _ _ _ 100
1039
1st consul gold 5s
1061.
9 105 10612
98 9853
9834 9912 08s Jan '14
1939 ,v1-N 103 _ _ 103 Jan '14 _
Registered
10214 10214
103 103
102 103 1021.4Jan '14
1932 iii-8 97 973 96
General gold 4
49 9314 97
97
4
10213 10234
_ _ 10234 Jan '14
10214
S 91 __
991 311101'13 . _
1992
Registered
11118112)4
-11134 11234 11214 Jan '14
F-A 8353 Sale 8314
Convertible 4 t s
84,4 404 797 S414.
11212 113
113 Jan '14
8
112
J-1) ---. 3611 8518 Feb 13
Big Sandy 1st 4s
_ 9512 J'ly '13
98
31)
Coal River fly 1st gu 4s_1 9945 J -1) 8112 8412 88120ec 12
11944
10112 15 151" 16112
101 1013 10114
4
---8
1940 J -J 975 _ _ 9612 Dec '13 _ _ ---Craig Valley 1st g 5s
843,.ian '13
Potts Creek Br 1st 4s
946
19 0 J -J
Foreign Government.
8712 Dec '13
& A Div 1st con g 4s_1989 J-J
97 08
Argentine—Internal Os of 1909_ NI- S 9714 9814 98 Jan '14
__ 85 87 5Ich'13 -J -J
2d cense! gold 4s
J -D : 8814 90 881a Jan '14
83 8818
Chinese liuktiang) Ity 5s
89
4
9 0 N/1-N 8312._ _ 95 Oct 10
19
Greenbrier 1ty 1st gu g 4s_1
mperial Japanese Government
6 -5/ 67
67
3
Chic & Alton RR ref g 3s1949 A-0 65 67 66
891s 25 8843 89
1025 F-A 1 891a Sale 887
Sterling loan 4 ts
5512 10 51 5512
55 5612 55
883
4 37 87 8834
6
Railway 1st lien 3 , s__1950 J -J
4
;
1025 J -J I 883 Sale 8814
2d Series 04s
9934 Jan '14 ____ 9074 99 4
,
80 Jan '14
Chic B & Q Denver Div 4s..1922 F-A 98 4
3
,
80 80
1931 J -J I 787 _Sterling loan 4s
8478 12 82 85
8.112
8412 1949 J -J
4
4
Illinois Div 35s
993
4 48 99 1001;;
Republic of Cuba 5sexten debt_ M-S I 993 Sale 993
11994499 J -J 83 —. 864 Aug 12
Registered
External loan 4
1949 - A 1 ...... 9413 9412 Oct '13
955
"55"
-J 9553 _- 90
J
Illinois Div 48
3
893
2
8 29 86 -i63Tokyo City loan of 1912 5s--- M- S 833 Sale 8713
93 J'ne'13
J -J
Registered
84 85
U S of Mexico s f g 5s of
1899 Q-J ;S0 84 8414 Jan '14
10153 Nov'13
Iowa Div sink fund 5s
19
1949 A-0 1051954 J -D 6512 70 71 Dec'13
Gold 4s of 1904
"5514 "9"81;
Sinking fund 4s
A-0 9712 0812 08l Jan '14
These are p rices on the b asis of 15 to 1;961
, 10 9434 ma
9612
Nebraska Extension 4s
1-19 11-N 0653
192,7
9
State and City Securities.
1/658 Sep '12
Registered
10158 32 100 10158
1927 :41-N
N Y City-4 /03
1
1960 NI-S 10113 Sale 10114
Southwestern Div 4s
9714 __ 98 Dee '1'
8
1051E 334 1033 10514
4
43-1s Corporate stock
1963 NI-S 10512 Sale 1047
Joint bonds. See Great North
973
s 72 9512 973s
4
Corporate stoc.:
1959 M-N 9714 Sale 9718
86 911 4 91
NI
94
General 4s
9318 Sale 9213
9733 14 9512 973s
9713 Sale 07
4% Corporate stock
1058
6612, 68
J
9733 24 953 973s Chic & 18111 ref & imp 4s g_11995558 - S 6512 667 667 Jan '14
8
8
9714 9712 9714
4
1957
4% Corporate stock
1934 A-0 110 _ 10714 Jan '14
10714 10714
10534 19 10353 10534
1st consol gold 6s
New 4Y2s
1957 M-N 10513 Sale 1051s
1937 84-N 96 07 96 Jan '14
102
1 10112 102
General consol 1st Is
9534 90
1917 'VE-N 102 Sale 102
New 43.s
10(115 Jan '13
1937
10558 16 10378 105%
Registered
% Corporate stock_1957 3/1-N 105 10512 10538
1942 F-A ---- 06 9734 Feb '13
Pur money 1st coal Is.
10238
2 102 1023
8
436% assessment bonds_1917 NI-N 102 Sale 102
,
86
62 85 86
Registered
3% Corporate stock_1954 NI-N 8533 Sale 8.553
j-J
_
Chic & Ind()fly 1st 5s___11136 --- - "iii" ion
100
4
10 100 100
1961 NI- S 993 -___ 100
-4s
N Y State
7418 207 70 7133
1961 J-J .99 ____ 9718 Jan '14 _- 9718 9714 Chic Great West 1st 4s____11159 M-S 74 Sale 7312
Canal improvement 4s
118
100
118 118
Chic Ind & Loulsv—Ref6s_1947 J -J 11814 -- 118
22 99 100
1982 J -J 100 Sale 100
Canal improvement 4s
10233 _
10213 Oct '13
4
Refunding gold 5s
1960 J-J .99 _ _ 993 Nov'13
Canal Improvement 4s
9553 Apr 11
1917 J J
10814 2497 5- 12 1054
10818 Sale 10753
Refunding 4s Series 0--1947 j-j _ _
50-year 43 (wh iss)_1063-64
7 - 1-is
- - 80 J'ly '12
Ind & Loulsv 1st gu 4s_1956 J-J
---- -- 10312 J'ly '10
South Carolina 4;is 20-40_1933
82
2 9014 Aug'12
8112
_ 843
4
843
4
Virginia funded debt 2-3s_1991 J
8434 8434 Chic lnd& Sou 50-year 4s_1950 J -J
104 Dec '11
1969 JD
Chic L S & East 1st 4 Yis
60
—. 60 58
89 5634 60
6s deferred Brown Bros ctfs--_. 10014 10014
8710
10014
- Chic Mil & St P termig 53_1914 J -J
0518 16 92 9518
947 Sale 9414
s
(litn g ste d 4s Series Ae1989 J-J
e e ligoired
'
Railroad.
931
10
---- -- 93'4
74
7 70 74
70 73 72
A nn Arbor 1st g 4s
h1995 Q-J
801
8014 83 8012
5 "80 8213
Gent
06
194 93 96
4
11---e108 J
e 1/8
Ser B0 9 Q
mtch Top & S Fe gee g 4s..1095 A-0 943 Sale 9434
88 J'ne'll
0212 Jan '14
3
19 9
e1984 J
4
9212 023
RegIstered
1995 A-0
90
893
4
47 88 90
25-year deben 4s
873
4 14 • 84 873
/11995 Nov 8738 Sale 8712
Adjustment gold 4s
4
3 10314 469 1007 10314
i15 Sale 1023
8
Convertible 4
Registered
1z1995 Nov -- 87 86 Meh'13
10314 Sale 10214 10358 108 10034 10338
Gen 4 3is Ser C
881: 91 8438 8814
4
Stamped
/11995 M-N 873 Sale 8714
3
1023 Sep '13
10234
4
Chic & L Sup Div g 5s_e 11990283921 J
9912 16 0438 100
-1
Conv gold 4s
1955 J -D 9813 9914 983
jj---121
9912 May'13
Chic & Mo Itiv Div 5s_1026 J -J 1035s -- 10333 Nov'13
Cony 4s issue of 1959
1955 J-D
1028
2 15772 1523;
4
2 10234 Sale 1023
Chic & P W 1st g 5s
993 129 -5413 665"8
8
1900 J -D 99 Sale 9812
Cony 4s (issue of 1910)
40 89 93
93
& Puget Sd 1st gu 48_ 1049 j-j 93 Sale 0134
3
1013
4 24 9978 1013
21 J J
4
pa-year gold 84
1917 J-D 1013 Sale 101
4
Dak & Grt Sou gold 5s
9834 J'ly '13
1918 J-J 10014 -- 1003 Nov ',18
4
/Debentures 4s Series L
1914 F-A 983 -2 151 iiiair
10814
9214
s
92'4 Jan '1
Dubuque Div lets f 68_1920 J -J 10814 -- 10813
East Okla Div 1st g 4s
4
.5.
1928
110 J'ne11.3
4
Far & Sou assum g Gs__1924 J -J 1107
3
913s 30 8614 913
Short Line 1st 4s gold
1958 J -J 9112 Sale 893
8
---- 102%
-4
10218
La Crosse & D 1st 5s...._1919 J -J 102 -- 10218 Jan
9734 9814 973 Jan '14
1962 N1Cal-Ariz 1st & ref 4 As
4
0714 073
1023
,1
2
Wis & Minn Div g 5s
1920
J 10258 _ _ _ 10253
104 104
8 Fe Pres & Ph 1st g 5s 1042 MS 105 109 104 Jan '14
Wis Vali Div 1st Os
1073 11234 1073s Sep '13
4
1915 M-S 10113 ---. 1011g Jan '14
10113 10118
Chic & St Louis 1st 6s
4
,
1 3 J D
l
Mil & No cons ex 4;0_1934 J: l 100 _- 993 Dec'13
9413 71 91
9412
AU Coast L 1st gold 4s_h1952 M-S 9413 Sale 9312
4
553
4
903 Jan '14
9978 _
95 Jan '13
1st extended 4 As
1z1952
Registered
8 10214 10253
1028
Chic & Nor West cons 7s_1915
F 10238Sale 10233
1959 J-D
50-year unified 4s
188:926
886 1 ,2
01
104 Dee '13
Extension 4s
93 —. 9212 Oct '13
1928 M-N 10234 __
Ala Mid 1st gu gold 5s
9212 Oct '13
93 .
95 Aug'12
Registered
8812
_
Bruns & W 1st gu gold 4s..1938 J-J
8315 33 80 84
198784-Ns
8313 Sale 8312
General gold 30___
Charles & Say 1st gold 7s_1938 J-J 128
p1987 Q-1 ---- -- 7813 Jan '14
0
7812 7813
4 -ii- 184 87 95
Registered
4
01952 hi-N 933 Sale -553
& N coil gold 4s
1987 3I
-N 9514 97 95
9512 16 93 95%
General 4s
Bay & W 1st gold 6s____1934 A-0 11712 ---- 12:318.i'ne 12
-1929 A-0 10612 ___ 106 Sep '13
Sinking
1934 A-0 10434 ___ 11033 May'll
---1st gold 55
1 9
g fund Gs
tered
--1879-1929 A-0 10512-- 10512 Dec '13
947 100 97 Oct '12
3
1918 J-J
Sil Sp Oca & U gu g 4s
---10414 ...._ 10112 Nov'13
Sinking fund 5s--_1879-1929
9212 12 -90 - 34
alt & Ohio prior 33s...._1925 J -J 913 9212 9114
524
10258. 102 Oct '13
Registered
897r 91 8914 J'ly '13
111925 Q-J
45 Registered
101 i5512 10212
1021
,
95
Debenture 5s
8
10012 162
- -1;
h1948 A-0 14 947 94
77 "56% 1EGold 4s
1921 A-0 93
_ 101 Dec '12
Registered
9112 93 92 Jan '14
h11148 Q-J
---- -Registered
907 92
3
10212 10212
Sinking fund deb Is 1879-1
11909322391 A42 10212 10312 10212 Jan '14
f
l
94 Sale 03 4
3
9418 652 9038 941a
1933
20-yr cony 4;is
1933 NI-N
100/s Aug'13
Registered
1922 J -J 105 _ 112 Jan '12
Pitts June 1st gold 6s
---117 J 'tie'13
From Elk & Mo V 1st 65_1933 A-0 /id
PJunc& M Div 1st g 334s1925 M-N 8934 9112 8312 Dec'13
1
---_ 9012 Sep '09
Man G 13 & N W 1st 3;is 1041 J-J
873
8 55 8412
PLE& W Va Sys ref 4s 1941 NI-N 8753 Sale 8714
As_1041 J -J
——
9112 52 8714 9113
Milw & S L 1st gu 3
9114 Sale 9034
Southw Div 1st gold 3 tis_1925 J -J
Deis'15
Mil L S & %Vest 1st g 6s_1021 NI-8 10914 -100 Apr '13
Cent Ohio it 1st c g 4 Yis 1930 hi-S 95 Ext & imp. s f gold 5s....1029 F-A 10513 10712 101 Sep '13
Cl Lor & W con 1st g 53_1933 A-0 10412 108 103 Nov'13
113 _.1141s Feb '13
Ashland Div 1s1 g 68_1925 MMonon River 1st gu g 5s...1919 F -A 10033 __ 10214 J'ne 12
111 Nov'13
bench Div 1st gold 63_1924 J -J 11213
102 Nov'13
Ohio River RR lst g 55_1936 J-1) 10412
93
Mil Spar& N Vi 1st gu 4,.1947 NI-8 93 9112 93
"oi 93
1937 A-0 10013 _. 9858 Oct '13
General gold as
1917 84-S 10714 115 J'ly '11
Northw Union 1st 75 g
Pitts Clev & 'Vol 1st g 6s_11122 A-0 105 _ _ 11312 Feb '12
63
97 May'13
Winona & St P 1st ext 73_1916 J-1) 10614 ____ 10 5 Nov'13
1917 J -J 95ra —
Pitts & West 1st g 4s
105
lie o itli
Chicagisteoe( Isl & Pac 6s-1017 J -J 10412 105 105
. cle
105 Coif"
-- 91 J'ne'12
Stat Isl By lst gu g Ois 1943 J-1)
1917 J-J 10334 100 104 Oct '13
Bolivia IV 1st 5s__
19271J -J
1988 J eJ
8813 Sale 8612
88
77 "ii"
General gold 45
4
Buffalo R & P gen g 5s
1937
1061 -- 1053 Dec'13
;
1088 J-J ---- 8614 01 Dec '12
Registered
10314 Apr '13
1957 NI-N 101
Consol 4 3is
1034 A-0 7812 Sale 7833
80
94
1782 80
Refunding gold 4s
94
All & West 1st g 4s gu
1998 A-0 87 -- 94
1932 J-J
7413 Sale 7334
7014 150 7118 763
20-year debenture 55
2
Cl & Mah 1st gu g 5s
1943 J -J 1011a - -- 103 J'ly '08
1914 M-N
97 Sep 'II
Coll trust Series L 45—..
10734 Oct '13
8
Roch & Pitts let gold 6s 1921 F-A 1093 ---1018
-551- 9454 J'ne'll
3
P 4s
1095 Dee '13
8
Consol 1st g Gs
1922 J -D 110
53 0.51; 475 53
:::-- Sale 4834
497
8
Chic R. 1 & Pac RR 4_2002
rianada Sou cons gu A 5s_1062 A-0 10512 106 10512 10534 30
2302 M-N
513s Jan '14
10034 Jan '11
Registered
4853 515
8
Registered
1962 A-0
-g-4- 85 J'ly '13
R 1 Ark & Louis 1st 00_1934 NICarClinch&Ohlolst 30-yr5s1938 J-1)
99
20
0912 9833
Bur 0 It & N-1st g 5s_1934 A-0 1.5i 105 102 Deo '13
Central of Ga 1st gold 5s_p1945 F-A i553- -- 1103 Itch 13
8
3
It 1 b'& N W 1st gu5s- 1921 A-0 100 104 10514 Sep '11
101
Consol gold Os
1945 M-N 103 Sale 103
9
11/27 J-1)
M & St L 1st gu g 75
Registered
103 10014 Mch'13
1945 M-N
ioa -557- May'13
8
Chec Okla& gen g 55-01019 -J
103 Dec '11
1st pref income g 5s___p1945 Oct
1952 Ni-N
106 Jan '13
Oonsol gold 5s
Dec '11
105
2d pref income g 5s_ ___p1945 Oct
Keok & Des Moines 1st 5.1923 A-0 9312 97 91 Dec '13
3d pref income g 5s_ ___p19 Oct
10i Deo '11
St Paul& K()Sh L 1st 4;is'41 F-A ____ 89 75 Nov'13
... _ 8513 Oct '11
3d pref income g 5s stamped
.
3
Chic St P M & 0 con 6s-1930 J-D 117 11812 1173 Nov'13
Chatt Div pur mon g 4s_1051 J-D 8512 00 85 Jan '14
85 85
1930 J -D .81 _ _ 8914 Dec '12
Cons Os reduced to 3,(
10714 Jan '12
Mac & Nor Div 1st g 5s 1946 J-J 10134 _ _
1930 M-8 1023 Sale 10233 10214 21 101" 10234
3
Debenture 53
1947 J-J 1013 .- 10212 Sep '13
Mid Ga & Ati Div 5s
4
---- Oh St P & Minn 1st g 6s-1918 M-N 11634 -- 116'!Jan '14
1946 J-J 10134 _ _ 10934 May 11
Mobile Div lst g 5s
116is 11815
North IVisconalu 1st 68-1930 J-J 11534
Cen RR & B of Ga col g 5s_1037 M-N 997 10212 100 Jan '14
3
65"9954 1- 12958 May'09
5(j)& S City 1st g 63.— _1919 A-0 107 'Oils 10713
1987 J -J 116 Sale 116
Cent of N J gen'l gold 5s
116
2 114 116
10718 "6 ioi" fa;
1st 5s gy1930 M-S
Superior Short L
h1987
11334 Jan '14
11414
Registered
11334 1133
4
Chic T II & So'east 1st 5s-1080 J -D
-55 Jail '14
Dock & Imp gu 513_1921
1
10312 105 103 Nov'13
85 .. 1"
Leh Sc Ilud It gen gu g 5s-1020 J-J 1003 ___ 100 J'ne'13
105 Deo '13
Chic & West Ind gen g Os-41933 Q-M
4
1952 J
8414 Sale 8414
N Y & Long Br gen g 4s_1941 M-S 9314_ 10012 Jan '13
Consol 50
-year 4s
841
a;
21 "i5rs Cent Vermont 1st gu g 43-81920 Q-F 84 istie 84
84
82 84
U
U
U
U
U
U
U
U

U. S. Government.
S 2s consul registered.. d1930 Q-J
13 2s consid coupon
51930 Q-J
S 3s registered
11918 Q-F
Is coupon
k1918 Q-F
1925 Q- F
El 4s registered
S 4s coupon
1925 Q- F
S Pan Canal 10-30-yr 2s 1l930 Q-F
S Panama Canal 3s g_1961 Q-M

MISCELLANEOUS BONDS—Continued on Next Page.
Street Railway
Brooklyn Rapid 'Fran g 55_1945 A-0
1st refund cony gold 4s......2002 J-J
6-year secured notes 5s___ 1918 J-J
Bk City 1st con 5s__1016-1941 J -J
Bk Q Co & 8 con gu g 5s_1941 M-N
Bklyn Q Co & S 1st 5s_1041 J-J
Bklyn Un El let g 4-5s1950 F-A
Stamped guar 4-5s
1950 F-A
Kings County El 1st g 4s_1949 F-A
Stamped guar 4s
1049 F-A
Nassau Elec guar g Od 4s..1951 J-J
Chicago Rwys 1st 5s
1927 F-A
Conn fly & L lstScref eig 430'51 J-J
Stamped guar 4s
1951 J-J
Det United 1st cons g 4tis..1932 J-J
B't Smith Lt & Tr 1st g 511_1936 M-S
Grand Rapids fly 1st g 5s....1916 J-D
Havana Elec consol g 5s
1952 F-A
•No price

Friday: latest




Street Railway
10314 Sale 10314
9114 43 90 9114
1031
14 9913 10312 Hud & Man.hat Is Sex A__ 1957 F-A 9013 Sale 90
_ 37 40
91 Sale 903
Adjust income 5s
3
9138 152 8713 92
1932
100 ___ —
N Y & Jersey 1st 5s--2957
991 774 901. 9912
9938 Sale 9833
10158 10212 10112 1018
3
"iio "TA "VA
4
4 101 10184 Interboro-Metrop coll 4;0-1956 A-0 787 Sale 7814
96 C,-1.2 98 Apr '13
.
Internoro Rapid Transit
1906 -J 9314 Sale 9813
9834 346 98% 98/0
101 May'13
1st & reftmdIng 55
1 06
10678 10114 101
9134 16 8913 9144
1111:4 Manhat fly(NY)cons g 4s-1990 A-0 91 9253 9112
10114
8
A-0 92 93 92
1007 10114 10084
101
2 8873 9212
8
9212
Stamped tax-exempt
6 100 101
83
83
Metropolitan Street Ity- 19"
5 83 83
101 101
84; 83
;gi —
83
101 Jan '14
2 8234 83
Ilwaz & 7th Av lst c g 5s-1043 J-D
7712 20 74 7712
77 7712 7613
9813 Nov 13
Col 9th Ay 1st gu g 5s 1993 31-S
-1 3 ILK
0
99 9913 99
9838 Jan '14
6 9534 9914
Lex Ay & P 1st gu g 5s_1993 Vf-S
9914
10178 J'ne'12
9313 J'ly '06
Met W S El (Chic) 1st g 4s..1938 F-A
9513 J'ne'13
10218
2 itii" giro
10213
Milw Elec By & Le cons g 531926 F-A
76:2 64 "55" lSiz
-firs Sale 74
91 Apr '13
Refunding & eaten 4 Yis-1931 J-j
— -- 84 Jan '14 -- 84 84 Minneap St 1st cons g 5s-1910 J-J
102 Nov 12
104 f
99
98 J'ne'13
..--- Montreal Tramways 1st & rei
14
---- 95 9313 Nov'13
30-year 5s Ser A
9813
6 97 981a
9811
this week. I Dtst April. c Due telliF CD PLO:. SDtld Pali% 5 Da, And. :AO (>0.. s)V:3 Nov. r Di pro. a OgitiOn "let

New York Bond Record—Continued—Page 2

JAN. 31 )914.]

373

ri
BONDS
Mi. Y. STOCK EXCHANGE
Week Ending Jan. 30

ta

4?,

Price
Friday
Jan. 30.

Wale's
Range or
Last Sale

Range
since
Jan. 1,

rclt

BONDS
N. Y. STOCK EXCHANGE
Week Ending Jan, 30.

Price
b'rtetay
Jan. 30.

Yeet'Range or
Last Sale

Range
since
Jan. 1.

Low
Low High
434 La's
11 Oh No. Low High St P M & M (Conlinued)—
Bid
High
Oin II & D 2d gold 43is____1037 J -J
Mont,ext 1st gold 4s____1937 J-D 9414 96 9312Jan '1
10034 Oct '12
93 9312
lit & refunding 4s
Registered
1959 J -J
_
1937 J -D 92 902 98 J'ne'll
1st guaranteed 4s
Pacific ext guar 4s £__1940 J -.I 8512
_ 9258 Itch'11
8614 J'
1959 J -J
_--_ ----E Minn Nor Div 1st g 4s 1948 A-0 91 66 97 Sep '12
1941 t1-N
97 Oct '13
Cin D & I 1st gu g 5s
---0 Find & Ft W ist gu 4s g_1923 M-ti
Minn Union 1st g 6s___ _1922 J -J 10914 ____ 11012 Jan '1
83 Mch ii
;
11012 1161
- Cin I & W 1st gu g 4s
Mont C 1st gu g 68
1953 J -J
00 80 Jan '14
86
1037 J -J 119'2__. 11812 Dec'13
-36- Day& Mich 1st cons41-62_1031 J -J
13614 May'
Registered
1937 J -J
---lad Dec & W 1st g 5s
—
1st guar gold 5s
1935 J-J - 100 103 Dec '12
10512 May'13
-18
1937 J -J 166 1st guar goLd 5s
10712 Dec '02
1937 J -J
Registered
Cleve Cin C & St L gen 4s_1995 j-D ---- 843 84 Jan '14
Will & S F 1st gold 5s
8184 1038 J -D 10633
4
e 13
1933 J J
104'2 rn- 20-yr deb 4 iis
8612 883 8712 Jan '14
8712 8712 Gulf& 8 I 1st ref& tg5s_131952 J -J
9012 9134 89 Jan '1
1931 J -J
9 90
4
Cairo Div 1st gold 4s
85
877 Dec '13
8
Registered
1030 J -J
0052 J -J
I
jock Val 1st eons g 4 365_1099 J -J 100 - i611- -667; ioi
CM W & III Div let g 4s 1091 J -J 814
8914 Feb '13
2
97 101
,
ik Registered
8312
83 8312
St L Divlst coil tr g 4s
9658 ____ 9734
1900 VI-N 8312 ii 8312
1999 J -.1
-12
96's 973
973
4
4
Col & It V 1st ext g 4s
91 Oct '07
•
Registered
92 Apr '13
1900 III-N
1048 A-0 864.
Col & Tol 1st ext 4s
ajar& Col Div lstg4s
1940 II-S 84 85 82 Sep '13
1955 F-A 864 ___, 021g Apr '13
__-- -Bolls Belt & Term 1st 5s_ _1937 J -J
Apr '12
W %V Val Div Ist g 4s
8214 -- 01
10014 Dec '12
1040 J -J
10513 Jan '14
l05' l05l i llinois Central 1st gold 4s_ 1951 J 01 St L& C consol 6s
1020 Il-N 105 1 99 881: Jan : 4
. ... 941 F b 13
.
0419412 - - - 2
J
i Registered
1st gold 4s
100 Sep '11
1951 J -J
k1936 Q-I' 0014 9412 00 Dec '13
001490 —.- 90 Mch'13
lit gold 3%s
14
844 Oct '13
Registered
1951 J -3
102 Oct '13
Oin S & CL con 1st g 5s T)13( -1; 10113
Registered
1 1-.
1951 J -J
10038 ---- 10114 Oct '13
Extended 1st g 3;is
0 C C & 1 consol 7s
1051 A-0
9312 MAY'00
Registered
Consol sinking fund 7s-1914 j4) ..19 4 J 1)
1051 A-0
---120 mcVla
lit gold as sterling
___
General consol gold 6s_1934 J -J
1051 M-S
80 J'ly '09
-Registered
It e,gistered
1951 M-8
Coll trust gold 48
Ind 11 & W 1st pref 4s-1940 A
1934 J:6 834
1052 A-0 91 92
Registered
0 Ind & W 1st pref 5s--_d1033 Q-J 95 ___
1052 A-0
-91 Sep6
;
'1
84
1st ref 4s
1940 A-0 84 ___ -ai
8014 84
Peo & East 1st con 4s
195584-N 0318 __ 93
934
30 32 30 Jan '14
Purchased lines 33
Income 4s
30 30
1952 J-j 7914 84 79 Jan '1
-is
17 2012 15 Dec '13
L N 0& Tex gold 4s
-5
'
tg? 19
Cot Mid and 1st g 4s
1953 III-N
17 22 26 J'ly '13 -Trust Co. certfs. of deposit-Registered
1953 M-N
93
31 -oil 1iCairo Bridge gold 4s
Colorado & Sou 1st g 4s_1920 Ka 9212 Sale 9214
1950 J-D -8-5 - -9-8-" 17 ecn :131
89- . 1! 0 318
9 24
y 1
93
Refund & ext 4 1,4s
1035 M-N 9212 9312 92
44 9013 93
Litchfield Div lit g 3s
6713.,__ 7518 Nov'12
1951 J-J
1921 JD 10614 10712 106
107
Ft W & Den 0 1st g 6s
15 105 107
Loulsv Div & Term g 3Ss 1953 J -J
75 84 81 May'13
Conn & Pas Rivs 1st g 48..1943 A-0
Registered
.1
.
1053 J -J io61- 7 _7 83 Aug'12
---100 1.1)
Cuba RR 1st 50-yr 5s g _1952 J - J
,-.16
Middle Div reg 55
__ 123 May'99
1921 F-A
---- -el Lack & Western—
Omaha Div 1st g 39
1951 F-A 7018 7218 70 J'ly '13
Morris & Essex Ist7s
10013 10112 1005 Jan '14
1914 M-N
St Louis Div & term g 3s_1951 J -.I ---- 77
10012 1007
8
7512 Mch'12
lit conso. guar 7s
1915 J-13 10314 -- -- 103 Jan '14
Registered
103 10314
1951 J-J
7914 82
Registered
1015 J -D ---_- 103 Nov'13
Gold 3 y2s
1951 J -J
-"
1st ref gu g 3;is
2000 J -D 84 88 84 Dec '13
Registered
;r11 se :
1ocf g
1951 J -J
NY Lack & IV 1st 6s
8
Spring Div lit g 330
1921 J -J 1095 -- 10812 Jan '14
1951 J-J
10814 109
7853
78 Nov'13
1923 F-A 10212 105 104 Dec '13
Construction 5s
Registered
1051 J-J
Term & Improve 4s
Western lines 1st g 4s
1923 M-N 944 ___ 94 Dec '13
io
1951 F-A
90
66"
"90" 1024 Feb '03
Warren lit ref gu g 3 A 8_ _2000 1
Registered
0-A 70
1951 F-A
ii12
10318 Jan '14
Del & Bud 1st l'a Div 7s
Belles & Car 1st 6s
,
1917 M-S 1084
lars 10819
ll7laMay'l
1923 J-D 105
_ 149 Aug '01
Carb & Shaw 1st g 4s
Registered
1917 MS
1932 M-S 874 ___ 9412 J'ly 'I'
s
99 235 -5i3. WChic St L & N 0 g 5s
10-yr cony deb 48
1916 JD 987 Sale 0812
8
1051 J-D 107 ____ 10214 Aug'13
lit lien equip g 43s
Registered
1922 J -J 99 10012 10012 Jan '14
100 101
1951 J-D 10218 __
114 Feb '11
95 953 0458
0514 12 9313 0514
4
1st & ref 4s
Gold 3 , s
1951 J -D 77 __ 90 Oct '09
86 8714 8614
863
4 23 847 883
Alb & Sus cony 33s
Registered
s
1951 J -D
4
:
Rens & Saratoga 1st 7s—._ 19 g C‘Aii:_ 3 11434 —..12112 May'12
Memph Div 1st g 43
1 j
926 M1
1951 J-D 8353
-9213 A
8312-- 84
84
Deny & It Gr 1st con g 4s-19
Registered
-35- 84
1951 J -D
00 4-- 0012Jan 'II s2 904 9012
3
St L Sou 1st gu g 4s
Consol gold 4;6s
1931 84-5 80 95 -66- J'ly '0:
903 Oct '13
4
Ind Ill & la lit g 4s
1933 11 Improvement gold 5s1926.1) 9212
1050 J-J 87 8714 8714 Jan '14 ---734 Sale 72
74
Int & Great Nor lit g 0_1919 M-N 10218 10312 1024 Nov'13-lit & refunding Si
36 6613 74
109 Dec '12
‘A
1035 J -D
Iowa Central 1st gold 5s
1938 J-D 9212 Sale 92
Rio GrJunc 1st gu g 5s_1959 It -J __.
9212
7712 6112 Apr '11
Rio Or So 1st gold 4s-1940 J
Refunding gold 4s
671
1951 M-S 57 Sale 66
1040 J -J - _ ;- 85 bich'98
Guaranteed
1 ameetown Franklin St
1939 J -j 8314 Sale 82
Rio Or West 1st ,q 4s
5
8314 25 79 8314 , Clearfield 1st 4s
1959 JD _ 931 9078 Sep '13
1049 A-0 71 ---_ 674 Dec '13
Mtge& col trust 48 A
Van City Sou lit gold 3s1950 A-0 69 . 4 6834 Jan '14
693
-ea; 684
_ 97 Jan '08
Utah Cent 1st gu g 48_01917 A-0
-LA. Registered
63 Oct '0
1950 A-0
110 Sep '04
Des Mol Un Ry 1st g 5s_1017 M-N
Ref & Impt 5s
9513 97
9412 9638 9613
Apr 1050 J -J
97
Det& Mack 1st lien g 4s
84 J'ne'13
1995 J -D
Kansas City Term lit 4s__1960 J-J
941
9313 944
9412 Sale 9418
Gold 48
1995 J -D 83 -- 824 Oct '13 __. •
'ir ake Erie & W 1st g 5s___1937 J -J 10314
_ 103
10312
100 10312
1 4 2d gold Si
Det Riv Tun-Ter Tun 4;0_1961 M-N 0614 Sale 961s
97
45 96'i 97
1041 J-J
104 95 Jan '1
95 95
Dui Missabe & Nor gon 58_1041 J-J 103 ____ 10414 Meh'13
North Ohio 1st gu g 5s_1945 A-0 98 99 10414 J'ne'1
Dul & Iron Range lit 53_1937 A-0 1024 --. 10212 10212 10 1001110212 Leh Vail N Y 1st gu g 4 is_1040 J-J 10058 10034 10058
1
4
.
150T4 11163,
Registered
_ 10612 Mch'08
Registered
1937 A-0
1040 J-J 100 ____ 100 Dec '1
2d 8s
104 Feb '11
Lehigh Vail (Pa) cons g 48_2003 M-N 8612 -- 91 Nov'l
1916 J-J
---- Leh V Ter Ey
DU So Shore& At g 5s__1937 J -J 992 -- 9914 Dec '13
s
1st gu g 5s
1941 A-0 10058 — 10714 Dec'13
---- ---Vigin Jol & East 1st g 5s 1941 M-N 1034 10518 110 Aug'12
Registered
1114 Dec '11
1941 A-0
1-14rie lit consol gold 7s
1020 MS 11134 ---- 1114 Jan '14
iiiTa lift; Leh Val Coale° 1st gu g 5s_1933 J-J jai -------- 104 Nov'13
92
N Y & Erie 1st ext g 48_1947 MN
10112 J'ne'11
Registered
1933 J-J 102
105 Oct '13
---2d ext gold Si
1st int reduced to 4s
-S 10034 ____ 101 Dec'13
1910 VI
1933 j-J
3d ext gold 45s
4- 100 Oct '13
Leh & N Y lit guar g 4s,,_,.1045 M-S 84 i
1923 M-S 071
93 J'ne'12
1
--4th ext gold Es
1020 A-0 10034 i61 102 Oct '13
Registered
1945 II
-S
100 Jan '12
1028 JD 92
5th ext gold 4s
El 0 & N 1st pref Os
1914 A-0 idd - :::: Mit; Feli"vio
_
109 Aug'13
Gold guar Si
& W 1st g fd 73_1020 II-S
N Y LE
1914 A-0 100 __ 997 Nov'13
8
8812 Sale 8614
1996 J -J
863
4 29
Erie lat con g 4s prior
-883 Long laid lit cons gold 5s1
4
i1931 Q-J 10418 —__ 107 Mch'13
1906 J-J ____ 8512 83 Jan '14
Registered
1st consol gold 4s
83 83
0931 Q-J
8912 -___ 9614 lItch'l
4
1st consol gen lien g 4s-1996 J-J 7514 753 755
8
General gold 4s
78
1938 J-D 90
76 7114 76
8812 Dec '1
1996 J-J
Registered
Ferry gold 41is
77 Apr '12
1922 M-S - - Ii- 92 Nov'13
90
Penn coll tr g 48
1951 F-A - 91 004
Gold 4s
9018 10 89 91
1032 J-D 31 ____ 9914 Oct '06
-year cony 48 A
50
1053 A-0 7612 Sale 7512
Unified gold 4s
77
1940 M-8 875s 00 8712
8
162 7212 773
871
8
7514
Series B
do
1953 A-0 747 Sale 7412
Debenture gold 5s
1934 J -D ____ 10014 95 Oct '13
713 7512
8
4
Buff N Y & Erie lit 7s-1916 J-D 103 1093 104 Nov'13 69
Guar ref gold 4s
1949 M-8 9018 9112 9518 Jan911
9
0
Chic & Erie 1st gold 5s108.2 M-N 107 10814 106 Jan '14
Registered
1049 M-S
10553 106
Clev & Mahon Val g 5s-1938 J -J 10134 10912 109 May'12
NY 1J& MB lst con g 5s_11/35 A-0 10214 104 10014 Jan '14
-34
---Long Dock consol g'6s
1935 A-0 12112 --- 12112 Dec'13
NY&RI3 lstg 5s
102784-S 100 ___ 10212 Jan '14
102's10 2
2
Coal & RR lit cur gu 65_1922 M-N 99 10712 100 Dec '12
Nor Sh B lit con g gu 58_01932 Q-J 1014 — _ - 104 Apr '13
Dock & Imp 1st ext 5s
1943 J-J 10133 10212 1017
8
10178
1017 161/4 Louisiana& Ark lst, g 5s_1927 141-S 87 9112 89 Nov'13
_ 10312 Aug'12
N Y & Green L gu g 5s.....1046 MN 10018
Louisville & Nashville—
NY Sus & W 1st ref 5s......1937 J-J 99 --__ 9912 Jan '14
General gold 6s
1930 J-D 11178 11414 11113 Jan '14 ..... 11112 11112
97 9012
1937 F-A 74 ____ 10014 Dec '06
2d gold 4 Hs
Gold 5s
1937 M-N 1074 ____ t054 Jan '14 -- 1053 10634
4
70 80 81 Aug '13
1040 F-A
General gold Si
Unified gold 4s
62 9214 98
95
1940 J -J
4
953 Sale 953g
1043 M-N 102 102 Jan 'It
Terminal lit gold 5s
Registered
102 102
1940 J-J 93 _...... 9212 Nov'13 -1040 A-0 101 - _ 11112 May 12
Mid of N J lit ext 5s
Collateral trust gold 5s
1931 M-N 105 ___ 104 Nov'13
--- -1942 J-1) 9514 9812 94 Jan '14
Wilk & Ea 1st gu g 5s
E /I & Nash 1st g 88
-9234 94
1919 J-D 10818 - — 10'08 Doc'13 ---..-.:
1926 J-3 100 103 106 May'12
Ev & Ind lst con gu g 6s
L Cin & Lex gold 4%s
1931 II-N 10058 _ _ 1004
10018
i fiCirs
63_1021 J -j 10438 108 104 Dec'13
Evans & T II 1st cons
N 0& M lst gold 6s
1930 J -J 1144 — 12014 Mch'13 ----------1942 A-0 03 99 093 Dec '13
1st general gold 58
1
N 0& M 2d gold 6s
1930 J-J 109 -- Ill Dec '13 -----------........
— 108 Nov'll
1923 A-0
Paducah & Mem div 43_1946 F-A
Mt Vernon 1st gold 6s
-------89
1030 A-0
Hull Co Branch 1st g 5s
Pensacola Div gold 63-1920 M-S ---95 J'ne'12
.
1914j ne 13.
05 .NIcl;'1 3 -,
i
T lorida E Coast 1st 4)43_1959 JD 92i Sale 92
St Louis Div lit gold 6s1921 M-S iiiiii ii_6_ 10814 Nov'13 ---- ---- -0312 11
93120
.A. ort St U D Co 1st g 4%0_1041 J -J
2d gold 3s
92 Aug lo
1980 M-S 58 — 01/2 Sep 12 -_-_-_8
63
Ft W & Rio Or lit g 4s
1928 J - J - 66 59 Jan '14
Atl Knox & Cin Div 4s
"airs 16
1955 M-N 8913 90 8914
58's
85 -aa- lie
90
(2reat Northern—
Atl Knox & Nor lit g 53_1946 J-D 105 __. 111 Jan '13
0634 Sale 0858
N-3 0 B & Q coil trust 45-1021 J -J
Bender Ildge lit s f g 6e..,.1931 M-S 10518 -___ 106 Jan '14 -.-- 15; 1titi97
0184 97
193
- 0618 Sale 0612
1021 Q-J
Registered h
Kentucky Cent gold 4s
9658 24 9514 065
8
1987 J-J 8912 90 89
89
1 8812 89
4
1st & refunding 43is see A 1961 J -J 100 1003 1005
8
101
L& N& M& M lstgOis 1945 III-S 1004 101 100
27 100 101
100
1 100 100
1061
Registered
96 J'ne'13
L & N-South M joint 43_1952 J -.I 8312 88 8313 Jan '14 .--- 8312 84
St Paul M & Man 4s
1933 .5- si 93 90Lt 9412 Oct '19 _ ---- -ItegLstered
!119529-J
....... ____
lit consol gold es
1033 J -J 12014
120
120
N Fla& S 1st gu g 5s
1937 F-A idsi - :::: 19514 Nov 9
0 1151 120
03 Fe b 15
4
'
'
1933 J - J 116 _
Registered
11712 Aug'13
N& 0 Bdge gen gu g 454s 1045 J -J 10058 ___ 991 Jan '14
8
;
Reduced to gold 4 is_1033 J -J 1023 1043 10214
l'ens & Atl 1st gu g 6s
10014 f66110214
4
4
1921 F-A 10034 1001- 1083 Jan '1
;0 1ii
14 - i
56 13ss
4
1033 J-J 99 ____ 10834 J'ne'09
Registered
S & N Ala con gu g 5s
193 F-A 104 ___ 107 Nov'13
L & Jeff Bdge Co gu g 43-1945 M-S 82 -___ 83 Jan '11
83 Ir
MISCELLANEOUS BONDS—Continued on Next Page.
gi
;
a

0

-

_

• _

-

111.....

-

Street Railway
Street Railway
New On Rs'& Lt gen 4 ,0_1935 J-J ;!..— 85 8534Feb '13
1
United Rys St L lit g 45_1934 J-J ___. 7212 72 Jan '14
70 71
N Y Itys 1st It K & ref 4s 1942 j
-J 784 Sale 78
St Louis Transit gu 5s___1924 A-0 6813 70 69 Sep '13
7812 120 ii- - 07
i 18
30-year adj Inc Si
a1942 A-0 6014 Sale 597
s
6034
s
583 007 United illts San
s
611s 167 -bi- a;
Portland Ity 1st & ref 5s___1030 11-N 97 .— 101 Jan '13 765 ----.-- Va lty & Pow 1stFr 3 f 43-1927 A-0 614 Sale 5818
& ref 53-1934 J -J 94 Sale 94
1 94 9411
94
Portland Ity Lt & Pow 1st
& ref cony s f 5s
Gas and Electric Light
1942 F-A -- 9212 95 Mch'13..Portland Gen Mee 1st 58_1935 J -J
Atlanta 0 L Co. lit g 5s___1947 J-D 101 ___. 10212 Dee'13
StJos ity, L, & P 1st g 5s 1937 M-N
------------ ilklyn U Gas 1st con g 5s__1945 M-N 1033 105 10312 Jan '14
4
St Paul City Cab cons g 5s_1937 j
-J
105 10312 Feb '13 ---- -,r _-, Buffalo Gas lit g Si
1947 A-0
54 J'ne'13
Third Ave 1st ref 45
1960 J-J - 8 Sale 8358
835
84 136 -804 - 4 - Columbus Gas lit g 5s
1932 J -J 90 _
8
Adj inc 5s
01060 A-0 805 Sale 797
4
8
807 232 7614 8133 1)etroit City Gas g Si
8
1923 J-J
9812 100 ido Jan
Third Ave lty lit g 58 ----1937 J -J 10812 10714 1064 107
Det Gas Co. con lit g 5s
11 10611 107
F-A
9558 Sep '08
1919
Tr -City lty & Lt 1st s f 55_1923 A-0 9712 Sale 0612
3 96 9712 Det Edison 1st coll tr 5s
9712
1933 J-J foi - Sale 10112
12
102
Undergr of London 4 As...1933 J
95 Sale 9412
8 0412 95
95
Eq 0 L N Y lit con g 5s....1932 M-8
- 10012001 '12
Income Os
1048
92 --- 9012
9214 24 853 9214 Gas & Elec Berg Co c g 53-1949 J-D 93
4
100 Feb '13
Union Elev (Chic) 1st g 53_1945 K:o .. — -- 84 Oct '08 -- —.
.- Or Rap
L Co 1st g 56—.1915 F-A _
101 100 Oct '09
_
United flys Inv lit lien coil
Hudson Co Gas 1st g 53—.1949 NI-N 10112
1011 Jan '14
trust Is Pitts issue
1926 M-N
71 J'ne'13
Kan City(Mo)Gas lit g Si 1022 A-0 91 ---- 94 Aug'13
'No prise Friday; latest bid and asked this week.
Due.Jaw. •Due Rib. d Due Apr0._k_004 July. _1 Du Aug, I Due Oil. sOpt On sale.,




....
• . ..
.•
.

..
.... '.§§ ".
..
.
.

NO
7
0
.
6ii

..
....

.

374

New York Bond Record—Continued—Page 3

t_is
BONDS
N. Y. STOCK EXCHANOE
Week Ending Jan. 32.

Prue
Friday
Jan. 30
Bin

INi ennt —881! rgti.”; i
lt
i at 1 1 i j
lt
° !
O
g
1t
Stamped guaranteed___1977'NV S
Minn & St L list gold 7s____1927 J -D
Pacific Ex t let gold 135-_1921 A-0
let consolgo.d 58
1934 MN
let and refund gold 4s
1949 M-S
Des M & Ft D 1st gii 45 1935 J-J
51 StP&SSM con g 45int gu 1938 J -J
1st Chic Term I s(4*
M 8 S& A 1st g 4s int gu_1921 M-N
1 46 J- J
Mississippi Central lst 5s 1949 J -J
Mo Kan & Tex 15% gold 45-1990 JD
2d gold 49
Q1990 F-A
let ext gold 55
1844 M-N
1st & refund 48
2btei -S
Gen sinking fund 4;55
19315 J-1
St Louis Div let ref g 45-2001 A-0
Dal & Wa 1st gu g 55
1940 M-N
KanK & 11; let gu g 08
1994920 F-A
m0 C & Pac 1st g 48
A-0
M K & Ok let guar 55.-1042 M-N
M li. & T of T 1st gu g 58_1942 M-S
Sher Sh 23 So lat gu g 58-1942 J -D
Texas & Okla lst gu g 5s-1943 M-S
1.issouri Pac let cons g 85 1920 M-N
Trust gold Is stamped_a1917 M-S
Registered
a1917 M-8
1st collateral gold Se
1920 F-A
Registered
10-year gold loan 45
ref cony 5s
1030 M-S
3 1 78 extended at 4%,..,,.1938 M-N
Cent Br Ity 1st gu g 48...„1919 F-A
Cent Br U P 1st g 48
1948 J-D
eroy & C V A L 1st g 55_1926 J -J
Pac R of Mo 1st ext g 4s 1938 F-A
Zd extended gold 58
1938 J -J
s
St L Ir ia&8 gen con g 5s_1931 A-0
Gen con stamp ,gu g 58_1931 A-0
Unified & ref gold 4s
1029 J -J
Registered
1920 J -J
Ely & (I Div let g 4s
1933 M-N
Verdi V 1& W 1st g 55_1926 NI- S
Mob & Ohio new gold 8s
16t7 -1 -D
let extension gold 6s____h1927 V,, J
-_
General gold 4s
/1-s
1938 5
Montgorn Div lit g 55- —1947 F-A
St Louis Div 58
1927 J-13
St L t'.: Cairn guard 4s
1931 J -.I
im nsliviileCh & St L 1st 5s 1928 A-0
1`1 Jasper Branch 1st g 651923 J- J
McNI Ai W I: Al 1st 8s
1917 J-J
T & P Brouch 1st Gs
1917 J -J
Nat Rya of Meg pr lien 4;58 1957 J -J
Guaranteed general 4s
1977 A.9
Nat or Mex prior lien 4%8_1928 J-J
1st consol .1s
N 0 Mob & Chic 1st rer 5s_ 1950 A -1
061 J N 0& N E nrior lien g Gs_ _p1013 A-0
New Orlean: Term 1st 48_1953 J -J
N Y Central & H It g 3;58_1097 J. - J
1007 J -J
Registered
Debenture gold 4s
1934 NI-N
Registered
1934 M-N
Lake Shore coil g 3;5s
1903 F-A
Registered
8_ 1993 F-A
Mien Cent coil gold 3;5*
1096 F-A
Registered '
Beech Creek is gu g 48_11 114 • 1
0(
1
Registered
1036 J -J
2d guar gold 5s
1936 J -J
Registered
1936 J -J
Beech Cr Ext 1st g 33.s-b1951 A-0
Cart & Ad 1st gu g 4s
1081 J -D
Gouv & Oswe 1st gu g 5s 1942 JD
Moh & Mal 1st gu g 45_1901 M-S
N J June 14 guar let 4s
1986 F-A
Registered
1986 F-A
M-N
N Y & Harlem g 33s
204_
Registered
2000 M-N
N Y & Northern 1st g 5s 1927 A-0
N Y& Pia 1st cons gu g 48_1093 A-0
Nor& Moat lstgu it 5s _ 1916 A-0
Pine Creek reg guar 643_1932 J -D
R W & 0 con 1st ext 5sh1922 A-0
Oswe & R 2d gu g 5s
e1915 F-A
14 W & 0 T 14 1st gu g 5s 1918 M-N
Rutland 1st con g 4;58_1041 J -J
Og & L Chem 1st gu 4s g 1948 J -J
Rut-Canad 1st gu g 4s 1049 J-J
St Lewr& Adir lstg 55_1006 J -J
2d gelid 6s
1006 A-0
Utica & Blk Itly gu g 4s_1922 J -J
Lake Shore gold 35s__.,.1997 J -D
1097 J-D
Registered
102884-S
Debenture gold 48
1931 M-N
25-yr gold 4s
1931 M-N
Registered
Ka A & OR 1st gu c 58-1938
C RR 1st 5s
1934
Pitts & L Erie 2d g 5s
a1928 A-0
Pitts McK & Y lstgu 6s_1932 J -J
2(1 guaranteed Is
1934 J -J
McKees& B V 1st g Os_1918 J -J
Michigan Centre. 5s
1931 M-S
Registered
1931 Q-M
48
1940 J J
Registered
1940 J -J
J L & 8 1st gold 3 Ms
1951 M-S
Ist gold 355s
1952 M-N
20
-year debenture 4s
1929 A-0
N Y Chic& St L 1st g 4s 1937 A-0
Registered
1037 A-0
Debenture 4s
1931 M-N
West Shore 1st 4s guar
2361 J -J
Registered
2361 J-J
N Y Cent Lines ery tr 4lis 1922 J-J

1st &

11.12fit

Week's
Rungs or
Last Sale

AM Lew

Range
since
Jan. 1.

High No. Low High

— - 1 - "ti mcliqo
_. f'
1
79 Ncre'10
108 __ 12412 Oct '12
10013 108 11018 Aug '11
9234 ____ 9213 Jan '14
60
58 4 Sale 5812
8
68 76 69 Jan '14
9212
921s Sale 9212
--- - - — 9714 J'ne'12
___ ____ 98 Nov'13
__ 9313 Mch'11
9178
9112 Sale 91
77
7614 77 77
97
97 9713 97
69 6912 6814 Jan '14
g4 Sale 84
85
--- - — 7814 Apr '13
100 _4 993 Dec '13
4
i664 jai _ 8214 Nov'13
104 Jan '14
100 102 9912 Oct '13
95 100 96 Jan '14
98 104 96 May'13
100 ____ 9912Jan '14
105 Sale 1033
4 105
974
9'712 Sale 974
97 May'12
95 Sale 95
95

-iii,

061-ii- - 2 -6g 77%
77 Sale 77
7814 __— 80 Jan '14
4
883 ___ 89 Dec '13
3
10 m cu0
753 ____ 17712 Dec :15
4
L
-003; -id - 8812 Nov'13
100 Jan '14
_
10012 _
104
104. 10112 10 120, 114
,
04
__
..
82
8012 82 8112
807 Oct '12
3
—
8138
7713 81 80
923 _ _ _ 9212 Dec'13
8
nu
1141 .... 1:13 JJ an 14
1434 .J.ilta ue.. 13
-------- 11234
82 __
10318 -03
- 95 Dec'13
893 Jan '14
4
5012 1053 1001- 105.4
10534
2
4
1083 -- 111 Jan '13
4
1033 ---_ - 10334 Jan '14
4
- 113 .rly '04
10314
63 80 52 Dec '13
---- 83 77 Feb '13
Feb '13
55 Aug'13
:,-.,-,:
58
on Sale 58
100 4 10114 1014 Oct '13
3
__ 7912 MaY'13
-.
84
834 84 8334
83
83 85 83
8812
8812 Sale 8714
___ 90 93 May'12
8014 8114 8034
8112
804
8012 Sale 804
70 75 75 Jan '14
74 Jan '14
-i --------9075 953
4
9584
May'11
liii : _ __-- ---:
:

-ie26 51
69
00

021- 2
61
69
924

18 875
7373
4 9513
66
8113

917
8
77
97
6814
85

--- -104 104
-00- -06 97 9912
12 103 105
5 9438 9712
1 94 95
---- -5912 6613
28 69 7738
88 86

leo- 166
- 101 10412
25 76

11313 1 - 2
. -13180

8814 893,

1O3 1033

5313 58
49 82 84
5 8112 83
35 86 8812
99 78
5 7854
7314
74
9514

-861-4
gi Oct '12
10212
983 Jan '13
90
89 91 105 Oct '02
89 _ __
83 ---_ -tiff;Dec '12
-

8112
8012
75
74
9534

-------

105 - 168 - lei- Jan '14
2 96 02 Oct '13

161 103

10212 10212

9912 100

-

a

---

_

8513
84
23 8914
59 8813

3- 12'. 10i2I Mahon 1111
A
10034 ____

Mch'll
105 Apr '12
13015 Jan '09
115
110
12314 Nich'12
1004 --1024 -- 111 Jan '12
119 J'ne'06
10012
08 Apr '12
--- -- 9812 Nov'11
87
--- ---- 90 J'ne'08
82 Nov'13
82
8412 87 86 Jan '14
0512
51s Sale 9518
----- 971 Jan '13
-85 873 8412 Jan '14
4
03
93
93 Sale
913 Sale 91
s
913
4
05 4 -- -- 10012 J'ly '11
3

8134

10512 10534

.73 0,378

2
IN_ -- 131.1- Jan -159
8- - - 1027 ---- 10213 Jan '14
s
9012
100
100
1014 -- 104 J'ne'10
------ 90 Apr '13
80 Sep '13
____
92 J ne'09
ilk, -81- 108 Sep '12
—
11912 Nieh'12
105
_
05 Dec'13
96
— 8612 8612
8612
84 8712 84 Jan '14
927
8
0214 9214
9214
9 Sle 9112
----— 93 Oct '12

81-

3 7614 815
8

8612
84
927
8
0214
------- ------------- -------

8
837 86
9434 9512
-8,- WI;
62
23 9112 93
55 8934 013
4

EN
BONDS
N. Y. STOCK EXCHANGE P
t3
Week Ending Jan. 30.
...s.

I VoL. xcvni
Fru: I
Friday
Jan. 30

Week's
Range or
Last Sale

la
c%

Range
since
Jan. 1.

ma

N Y New Haven & Hartf—
Non-conv deben 45
1055 J -J
Non-cony 4s
1956 M-N
Cony debenture3;58
1056 j
-3
194$ j-J
Cony debenture 6s
20-yre ony deb Cis (wh los) - _
Harlem 14-Pt Ches 1st 43_1954 wi-N
B & N Y Air Line 1st 4s 1955 F-A
Cent New Eng 1st eu 4s1961 J -J
Housatonic R cons g 5s
1937 M-N
NY W'ches&B 1st ser 1 4;58'48 J -J
N H & Derby cons cy 5s 1918 M-N
New England cons 58...._1945 J -J
Consoi 4s
1945 J -J
Providence Secur deb 4s 1957 M-N
N Y 0& W ref 1st g 4s_ _n1092 NI-13
Registered $5.000 only __0992 NI-E4
General4s
1955 J-D
Norfolk Sou 1st& ref A 58_1961 FA
Norf& sou 133 gold 3s
1041 18..N
Norf& West gen gold 6s
1931 M-N
improvement& ext g 65_1934 F-A
New River 1st gold 6s
1932 A-0
N & W Ry 1st cons g 45
1998 A-0
Registered
Dly'l let l& gen g 48—A994 .1946 A.3
l0
-25-year cony 45
1932 J-D
10-20
-year cony 4s
1932 NI-S
Convertible 4;55
1938 M-s
Pocah 0& (3 Joint 4s
1041 J -D
0 0 T 15t guar gold 5s 1922 J-J
&
Selo V & N E 1st gu g 4s 1939 M-N
Northern Pacific pri4r I g 48 1097 D-J
Registered
1997 Q-J
General lien gold 3s
a2047 Q-F
Registered
a'047 Q-F
St P..ul-Duluth Div g 4s_1996 j
-D
Dul Short L 1 t gu 5s-___1016 M-S
St P & N P gen gob, 6s___1923 F-A
Registered certificates__1923, -F
St Paul & D luth 1st 5s__ 10311 -A
1017 A..0
2(1 5s
1968 j-D
1st consul gold 4s
Wash Cent let gold 4s
1948 Q-iifi
Nor Pac Term Co 1st g 68_1033 j-j
)regon-Wash 1st & ref 48_1961 J -,1
j3acific Coast Co 1st g 5s. _1946 j_D
L ennsy.vania RR
1st real eat g 4s
1010 M N
1 923 M-s
Uonsol gold 5s
Consol gold 45
1943 M-N
Convertible gold 33—01915 J H0 9
1
Registered
Consol gost B ge ist gu-NA
id 4s
is lc .36 M
FAlice Val gen guar g 4s_ _1942,M-S

Ask Low
High No Loto High
79 81
78 Jan 14 --, 75 78
80 Sale 80
80
5 76 80
7312 74 74
8
14 881 78
75
11712 Sate 11612 11712 113 1053 1171S
8
l037 Jan '14 ___ 103 104
---.. ---_
--- —__ 0014 Nov
..
..„- - —
9912 J'ne'12 _- -- -'12824 8412 83 Jan '14 __---- -iii- - .'•
83
10614 110 110 Feb '13._
8113 8212 813
8
817
8 2'7 -- i- i
ifi;
-------- 107 Aug'09 ___
---- -------- — ___ 99 2 Mch 12 ---- :2: --—:
..,..... 72 8314 Feb '13 --23 -iiii- ig
8 .87
s
1 861
--------9215 J'ne'12__
.
___- --s
---- 87 897 Feb '12
4
063
9612 9634 963
4
1 ei- -- -1
9;
7
100
1 100 100
1001a —.100
4
117 11938 1163 Nov'13 -___ ___ _
_-_-118 _.123 Jan 13 -_
i184..._. 11512 J'be.13 --;.;
---9512 i -:::: 1)51;
..
943 Sale 9412
4
_ in.3
'11 _
"fiti"9-1-3.- 191 Jan
91
ii ilii2 If
10413 106 101 Jan '14 ---- 101 101
101 1044
10412 106 10418 Jan '14 —
1047 161 10038 10478
3
1043 Sale 10438
8
904 Sale 90
9012 12 8918 9012
10012 105 1053
4Jan '13 ---- __ _
92 93 911* Jan '14 _-904 - -191 8
043 Sale 9414
4
152 0213 95
95
-„- -- - 0413 Oct '13.—
_
6868 673
'8
4
63
83 -6414 68
6512 66 65 Aug'13-- . _
8912 ____ 90 Jan '14 ...... -50- 96s
Hi- 113 - 1007' Si-11' s - -i ii6i8 116
--10
)0
1 173
7s
,,,,.... — 1154 Aug '11 ..... __
10438- - - - 107 Jan' ---- ---- ---12
101 —_ 10038 Oat '13---- __-_- —
854 --- 01 J'ne'12 ____ __-_ -_-_—
..... 8112 Dec '13 __-- __-- - -,
1134 -_,.., - 111 Oct'
13
—
663
4
2 i5 - 9014
8914 0014 0014
10018 .... 994 Jan '14 --- 9914 994

3
198 -15i - 107 1 :12 ....."--0178 1 . 10 1g 13
99 - -:- 99 Deb '13 --;,,
%
- - si
6-g8
083 kuu "ois. -4
,9,8:! Sale 983
,...._ 97 Dec '13
10012 .04 11 65 1601;
louts sale 1
06 008 0612
0612 10 Hi, 081.
573
4 _ 100 Sep '12 .—.
_..-.._._...:
Phi'sBait& W1stg4s___1N3M-N
lay&Soulstg5-714j16j0
991jlY3: _—._. _:
...
-:102janiP3:"1-Sad
iSu,tr&Le
wislst:4:_
t&Cangen4s__1944S-- --- 1011 Say'12-.
.-UNJ
MPennsylvania Co—
101
3 100 101
1021 j_j 101 ---- 101
Guar 1st g 4;513
Registered
1921 J-j -___ 10114 100 Jan '14 ---- 100 100
Guar 335s coil trust reg 1937 M-S 833* -__ 86 Jan '14 ---- 88 88
4
.
8
Guar 3As coil trust ser B_1041 F-A 8438 847 833 Oct '13 -- ____ __
9712 974
Trust Co ctfs gu g 3;55_1918 5,1-N __.„.... -,_ 9712Jan '14 ____ 83 83
Guar 3;5s trust ctfs (.)__ _1942 J-D 64, 86 83 Jan '14 ____
.
'
_
Guar 3;5s trustctfsD
1044 J -D -,,, ---- 8412 Nov'13 _— a if;
2
04
Guar 15-25- ear g 4s
2
1931 A-0 031- 95 9312
9212 Feb '13 --- ___ __
Chi Leh& or gu 4s g
1942 M-N 85 ..., _
CI & Mar 1st gu g 45.s 1935 11/1-N 96 _ -.. 110 Jan '05.— ____ __
8
CI & P gen gu g 4;5s ser A 1942 j...1 10034 __-_. 1013 Nov'13 -- ___ ___
4
8
Series B
1942 A-0 1003 ____ 1093 J'iy '09 -- __ ___
Int reduced to 355s
1942 A-0 ------0114 Feb '12
3.._ 9018 ()et '12 -- __ ____
Series C 355s
1948 M-N 847
_____
Series D 3;5s
1050 F-A 85 -___ 8418 Dec '13 ----_— ._
8Sep '13--Erie&Pittsgug38B 1040 J -J ----_867
5
_---_
_-_-__
Series 0
1040 J -J 84 _001J'iy '12
Grt&1ex1stgug48_1941 J -J 054--- 95%Deo' ---;5
13
8
Pitts Y & Ash 1st cons 55_1927 m-N 1033 ___ 109 May'10 -- _— —
1031 J-J 06 —.1024 J'ne'12 ---- __-- .......
Tol W V& 0gu 4 35s A
1033 j_j 06 ....... 10232151ov'12.--- -- ---Series B 455s
Series C 4s
1942 M-S 9214 --. 9512 Sep '13 --- -------1 10068 10184
4
10134
P 0 C & St L gu 4;5s A
1940 A-0 1013 ---_ 10134
Series B guar
4
1042 A-0 1013 - — 10414 Jan '14 -- 1004 10014
4
Series C guar
1042 M-N 1013 -„. 106 J'ne'l 1 -_-- ___ ____
Series D 48 gimr
1045 YI-N 93 9634 0413 Liet '13 --- ____ ___
Series E 3;5s guar g
1049 F-A 8013 ---- 00 Apr '13 ---- _—__
-D 9212 --- 9514 Jan '13 ____ __
Series F gu 4s g
1053 j
-1057 M-N 9214 ---- 971s Jan 13 __ __--Series G 4s guar
- -C St L & P 1st con g 55_1932 A-0 103 ---- 106 J, 'n, ' ---- --- -%
8 13
1921 Q-F -------106 Feb' ---- ..-- -13
Pee & Pek Un 1st g Os
51921 m-N --- ---- 9312 Jan '11 .... ..— -2d gold 4;513
Pere Marquette—Ref 48_1955 .1-j ---- -_-_ 54 Jan '13 ._- __-- --j ___ 50 90 Dec'13 __ ____ ___
1955 j
Refunding guar 4s
. 08
Ch & W M 5s
1921 J -D 86 10212 100 Oct '12
Jan '14 __ joo 166
1020 A-0 10012
Flint & P 51 g Os
1939 M-N 88 92 90 Jan '14_-_ 90 90 _
let consul geld 84
5s_1039 A-o 88'z---_ 89 Dec '13 ____ __
Pt Huron Div 1st g
Sag Tus & II 1st gu g 4s 1931 F-A - --- -- -- - -- -6514" - -;.:- :- -18 °sits Cf314
Philippine By 1st 30-yr a f 4s'37 J -J - -- 66 6418
1940 A-0 108 — 108 A.pr '13 ....-- _.-- --['its WI& L E 1st g Is
_
11314 N ov'll .... _
1043 j-J 10612 ___
1st consoi gold 5s
031e
9513 255 iiiis -8
4
-j 943 Sale 043
1997 j
f)ending Co gen g 4s
1007 j_ j --------92 J'iy '13
it Registered
,
4 034 Is
96
1051 A-0 95 Sale 95
Jersey Cent coil g 4s
Atlan City go 4s g
1951 J-J
2 764 77
77
77
Sale
1947 J-j 17
t Jo & Gr 181 1st g 4s
St Louis& San Francisco—
1031 J -J 10858---- 1084 Dec'13 _- .
General gold Os
10114
i ii55 16- 114
General gold 5s
1031 J -J 10112 -- - 101
4
773
7 7312 773
7734 Sale 774
4
:it L& 8 F RR cons g 4s_1990 J -J
5312 21 5112 54
1027 M-N 52 53 5213
Gen 15-20-yr 5s
54
37 5012 553
s
4
527 Sale 527
s
Tr Co certfs of deposit__
1947 - 4
A7'
6 923 - --- 93 Deb7634 ---- -il - iiii
13 173 -- f Southw Div let g 5s
4
704 Sale 753
Refunding g4s
1951 J-J
____ ___ 8034 McIa'll ___ __
-j
1931 j
Registered

MISCELLANEOUS BONDS—Continued on Next Page.
Cies and Electric Light
Kings Co EiL&Pg 5s____1037 A-0
Purchase money Os
1097 A-0
Convertible deb Os
1022 M-S
Ed E1111Blin 1st con g 4s_1939 J-J
Lac Gas L of St L 1st g 5s_e1919 Q-1?
Rel and ext 1st g Is
1034 A-0
1927 M-N
Milwaukee Gas L 1st 4s
Newark Con Gas g 5s
1048 J-D
NYGEL II & P g 5s
1948 -D
Purchase money g 4s
1040 F-A
Ed hi Ill let Cons g 5s
1995 J -J
NY&QE1 L & P 1st con g 5s 1930 F-A
N Y & Rich Gas 1st g 5s
1921 M-N
Pacific & LI Co Cal0& E
Corp unifying& ref 5s
1937 51-N
Pac Pow & Lt 1st& ref 20-yr
1030 F-A
5s lnternat Series
1949 M-S
Pat& Passaic G & B 5s

8
943 Sale 9438

943
8

92 9412 Mch'13
984 -_-- 100 Jan '14
• No pricie Friday;latest bid and asked. a Due Jan. b Due Feb




Gas and Electric Light
- 112 Nov'13
102 10212 Peo Gas & C let con g 63_1043 A-0 11214
997 • 47 984 991
8
s
1047 M-S 997 Sale 994
Refunding gold 5s
111 113
00 Sep '13.1947 M-S
Registered
102
1 1001 102
s
5s_1037 J-j far :::: 102
Ch G-L & Cke 1st gu g
150- 161 4
Con G Co of Ch 1st gu g 551936 J -D 90 ..--- 100 Oct '13
- 1
93 Ilich'12
9713 100
Ind Nat Gas & Oil 30-yr 55 '36 NI-N _ —
9813 Dec'13
98 8813 8812
Mu Fuel Gas 1st gu g 58_1947
- -- 05 Sep '13
1019 F-A
10134 1013 Philadelphia Co cony 5s
4
1022 M-N 0312 9612 9618 Dec '13
10134 10312
Cony deben g 5s
2 88 88
0212 88
88
83 8612 Stan Gas & El cony s f 6s_1026 J -D
101 Dec '11
106 107
Syracuse Lighting 1st g 5s_1051 J
8512 J'ne'12
1054 J -J
Syracuse L & 1' 5s
100 Feb '01
Trenton G & E let g 54-1949 M97 J'ne'13
-S 0812
Union Nice L & P 1st g 5s_1932 NI
94 Nov'13
10 923 943
1033 M-N
3
Ref & ext Is
8
- 7.
1950 J-J
Utica NIL & P let g 5s
4
1057 J-J 961s 983- 0014Dell
Utica Gas & E ref 55
iöaii
10314
4
s
100 100
1950 J-D 1033 10414 1023
Westchester Leg g 58
I Due May. g Due June. 3 Due July. o Due Oct. p Die Nov.
Option 8100.

5
10212 Sale 10213 10212
113 118 11212Jan '14
., 12438 122 Dec '12
8818 Apr '13
8434 —
101;k4 ---8
4
101 -___ 1013
14
100 Sale 9912 100
89 90 882 Jan '14 ____
1013 Jan '14 _
10218
4
4
10334 1043 10312 10312
4
8012 16
8612 Sale 8613
107
2
10712 ____ 106
100 101 101 Oct '13
9212 J'ly '09

J AN. 311914.1

375

New York Bond Recorct—Concluded—Page 4

gis
.2
BONUS
N. Y. sTocK EXCHA'WE t.2 t
Week Lnding Jan. 30.
-.a.

Prior
Friday
Jan.30

Week's
Range or
Las Sale
,

I3
ai-..

Range
since
Jan. 1.

a9
BONDS
N. Y. STOCK EXCHANGE t
Week Ending Jan, 30.

Fake
Friday
Jan. 30

Week's
Range or
Last Sale

41
,

Range
since
Jan. 1.

High NO. Low High
Rta
Ask Low
Ask Low
St L & San Fran (Con)
Bid
High No. Low High
10414 48 101% 10414
1939 01-1\ 104 10412 104
KU Ft S & Al con c 6s___1928 31-N 110 ____ 110 Jan '14 ---- 10912 11014 Wabash let gold 5s
Y• 2d gold 5s
8
13 94 98
8
98
76
1939 F-A 975 Sale 975
8 73 76
KU Ft 8 & NI liy ref g 48_11/36 A-0 7412 76 70
90 J'ne'12
7712J'ly '12
_
1939 J -J
Debenture Series B
Registered
1936 A-0 ___
1s1 lien equip s fd g 5s__1921 M- S 97 98 99 May'13
K C & M li & 13 1st gu 58_1929 A-0 90 ____ 10312 J'ly '12
--------3914 May'13
70 ____ 75 Nov'13
1st lien 50-yr g term 4s 1954 J-2
Ozark & Ch C 1st go 5s g_1012 A-0
593 Sale 5812
4
4
1st ref and ext g 4s
60 4 333 5012 161,
8718 -55 -iiEs
1956 J -J
St L g %V 1st g 4s bd ctfsg_1989 M-N 8612 8712 8612
4
---- 5012 Jan '14
50 5012
Cent Trust Co ctfs
2d g 4s inc bond ctfs____p1989 J -J
75 773 76 Jan '14 ---- 75 75
54
5412 15 50 5412
Do Stamped
773
4 30 7478 773
773 77
8
---4
Consol gold 4s
1932 J -D
9812Jan '14 ---- 9812 0812
565s
5 565 585
56 8
5
8
8
Equit Tr,, Co ti's
Gray's Pt Ter 1st gu g 5s_1947 .1
-s5612 146 46 5612
ale 8212
8314 25 77 8314
55 NtiJ 5412
Do Stamped
d A& A Pass 1st gu g 4s...._1043 J -J
83
____ 10612 100 Nov'13
Det & Ch Ext 1st g 58_11141 _
104 Oct '01)
8 F & N I' 1st sink .g 3s
1919 J -J
85
Des Mein Div 1st g 4s___1939 J-'1 ---- -- 80 Aug 12
Side 85
81
-85E8 Seaboard Air Line g 4s
1950 A-0
85
Om Div 1st g 3 14s
21 8312 85
1941 A-0 5312 ---- 65 Oct '13
'8
Gob. 4s stamped
1950 A-0 8412 85 85
70
70 70
Tol & Ch Div 1st g
69 ____ 70
Itegistered
1950 A-0
1941
6:14 -ilo 7434 W7 %Vab Pitts Term 1st4s48 1954 J-D
8
1114 Dec'13
_
g
F-A 7914 Sale o1949
Ad'ustment 58
7612 22 7414 7612
Cent and Old Col Tr Co certs1414 161 1112 1414
1318 Sale 13
1959 A-0 7612 Sale 7512
liei•unding 48
2 84 8512
4
13
15 1234 13
8512
Columbm Tr Co ctfs
12 14 123
A tl-Lirm 30-yr 1st g 48_01933 gl-S 8514 86 8512
2d gold 4s
8412-- 90 J'ne'13
...8 Dec '13
1954 J-D
1949 j-J
Car Cent 1st con g 4s
33 114
10038 __ 10314 Jan '13
---Trust Co certfs
--i 114 114 Jan '14
Fla Cent & Pen 1st': 5s 1918
---- Wash Terral 1st gu 35-s,,.1945 F-A 8312 84 83 4
,
83 4 10 8114 8314
,
1930 j-2 10112 --- 104 Nov'12
1st land gr ext g 55
1st 40
4
100 Sep '12
-year guar 4s
1945 F-A 03 __
J -J 1013 10412 10134 Dec'13
1943
Consol gold 5s
West Maryland 1st g 4s
80
103
35 76 80
1952 A-0 797$ 80 7918
Oa & Ala i_iy 1st con 5s__0945 J -J 10312 ---- 103 Jan '14
102 104 102 Dee '13
West N Y& Pa 1st g 58_1937 j-2 10412 Sale 104
2 1021210412
10412
58_1929
°a Oar & No 1st gu g
-j 1013 ____ 10114 Oct '13
$
Gen gold 4s
82
15 75 82
1043 A-0 82 Sale 7934
1926 j
Seal)& Rea 1st 5s
34 Feb 07
Income Is
d1943 Nov
3outhern Pacific Co—
102
101 kW
90 9338 Wheeling& L E 1st g 5s__1926 A-0 joi Ktie7 102
Gold 4s (('ent Pac coll)_k1049 J-D 9112 9212 93 Jan '14
9512 Nov'13
Wheel Div 1st gold 5s___1928 J -J
___ 90 Noe18
97
k1949 J-D
Registered
09 Feb 13
Exten & Impt gold 5s____1930 F-A 90
8
92 389 -8018 - 62
911129 84-3 917 Sale 9118
20-year cony 4s
lilt 1st Consol 48
79
19 75 79
94 _154 9112 94
1949 M-S 79 Sale 78
4
Cent Pac 1st ref gu g 4s __1949 F-A 933 Sale 93
90 _ _ '9534 Nov'13
20-year equip s f 5s
1922 J -J
1049 F-A 8912 --- 9412 J'ly '12
Registerea
1
0112 --8 91 - 2 Winston-Salem S B 1st 4s_1960 J -J 88 90 . 87 Oct '13 ___
6171Mort guar gold 3 %s_k19.29 . -I) 9114 02 9112
883
4 49 8538 8838
88 883 88
4
4
4
Through St L 1st gu 4s1954 A-0 8512 8614 85:11 Jan '14 ____ 853 853 Wis Cent 50-yr 1st gen 46_1949 J -J
86 Jan '14 ___ 86 87
Sup&Dul div & term 1st 4s '36 IVI-N 89
10318 10 10318 10318
G II & 8 A NI & P 1st 58_1931 30-1' 10313 Sale 10318
Gila V U& N 1st gu g 5s_1924 M-N 99 __ 10218 J'iy '12
Manufacturing & Industrial
lions E & W T 1st g 5s....1933 311-N 102 103 102 Sep '13
101
20 9734 101
Am Ag Chem 1st c Is
102
1928 A-0 101 Sale 100
3 10138 102
1933 M-N 102 -___ 102
1st guar 5s rod
98
25 90 98
Am Cot Oil ext 4%s ____pi915 Q-F 9812-- 9712
8
H & T C let g 58 lot gu 1037 -,1 1083 109 103 Dec '13
s
915
8 70 89 9134
Debenture Is
1931 ill-N 9112 9158 913
Gen gold 4s int guar
1921 A-0 0314 95 9512
0112 Am
95 2
,
8
101 1018
4
Hide& L Iste fg 63_1919 M-S 1015 10214 10112 Jan '14
Waco& N W div 1st g Gs 1930 M-N 10818 1091 1 11014 Meh'10
813
4 58 7814 818
4
A& N W 1st gu g 58
1925 A-0 8112 Sale 8012
10112 1011) Amer Ice Secur deb g 6
1941 J -J 100 10412 10113 Jan '14
8 50 10312 1047
Am Smelt Securities s f 68_1926 F-A 10434 Sale 10412 1047
s
Morgan's La & T 1st 7s1918 A-0 100, ---- 1033 Jan '14
4
4
1063 1003
4
4
94 100 94 Jan '14
Am Spirits Mfg g Gs
94 94
1st gold Gs
10314 J'ly '13
1915 M-S
1920 J -J 104 _
9212 93 93 Dec'13
Am Thread 1st col tr 4s
112 Fen '07
No of Cul guar g 5s
1919 J -J
1938 A-0 106 __
120
Am Tobacco 40-yr g Gs
1171 fir
1944 A-0 120 Sale 120
Ore & Cal 1st guar g 58_1927 -J 10012 104 10118 May'13
118 Oct '13
Registered
1944 A-0
So Pac 01 Cal—Gu g 5s_1937 M-N 103 ___ . 10112 Nov 13
97
Gold 4s
"5/
1951 F-A ---- 98 97
Su Pac Coast 1st gu 4s g-1927 J -J 91 ---- 9112Sep '12
951g J'ne '12
Registered
1051 F-A
843 858
4
San Fran 'fermi 1st 4s1950 A-0 8012 8712 85 Jan '14
78
Am Writg Paper 1st s f 58_1919 J -J
75 Sale 76
OS fir
90 Jan '14
90 06
Tex & N 0 con gold 5s 1943 J -J
102 103
2
023 119 803 923 13aldw Loco Works 1st 58_1940 M-N 10212-- 103 Jan '14
4
8
4
Sn l'ac RR 1st ref 48
1955 J -2 -6i1- Sale 9214
9812 30 9312 9812
9812 Sale 98
Beth Steel 1st ext s f 5s
192 J-J
Southern
85
85 Sale 8412
1st & ref Is guar A
62 8138 851$
1942 M-N
89 10214 105
1994 J-J 1043 Sale 10412 105
1st consol g as
981
Cent Leather 20-year g 58_1925 A-0 9814 Sale 9814
93 9718 981g
1994 J-J -------100 Aug'13
Registered
97's Jan '13
1951 F-A
9718 9718
7611 344 73 . 4 Consol Tobacco g 48
F61Develop & gen 4s Ser A 19513 A-0 7518 Sale 7512
Corn Prod lids f g 5s
83
1931 M-N 9312 9658 9312 Dec'13
1 8014 83
Mob & Ohio coil tr g 48_1038 M-S 83 Sale 83
93
1st 25-year s f Is
10 911k 93
__ 104 Jan '14 ---- 104 104
1934 M-N 93 9312 93
%-58_10913 j.-.) 104
Mem Div 1st g 4
-j 8338 ____ 835
8Jan '14
93 93
83% 8334 Cuban-Amer Sugar coil tr Gs 1918 A-0 92 9312 03 Jan '14
1951 j
St Louis div 1st g 45
8558 99 6314 65 8
Distil Sec Cor conv lat g 58-1927 A-0 6412 Sale 6412
8
1918 J -J 10318 106 10514 Sep '12
Ala Cen li 1st g Os
87 s 24 87 88 8
5
3
1048 J-J 8718 ......- 8618 Jan '14
-881s ---1- E 1 du Pont Powder 4%8_1936 J-D 88 89 8712
8 8
0
Atl & Deny 1st g 48
General Baking let 25-yr 68_1956 J -D ---- 893 91 Dec '13
4
8214 Feb '12
1948 J-J
2d ds
80
Gen Electric deb g 3;48.1942 F-A 77 80 80
2 77 80
Atl & Yad 1st g guar 48_1949
105
Debenture 5s
10414 Sale 104
13 103 105
- '15
c
1952 M1016 A-.1 1017 ---- 10112 De J O 76 s
Col & Grcenv 1st Os
4
100
Gen'l Motors 1st lien 6s
18 9812 100
1915 A-0 100 Sale 993
1930 J-J 10114 __ 103 J'ne'13
5 T Va & Ga Div g 5s
III Steel deb 43s
88
77 8312 98
10714 Jan '14
1940 A-0 8778 Sale 8712
1956 84-N 10714
10514 1073 Indiana Steel let
Con 1st gold 5s
s
1013
8 73 985 10112
55
1952 IVI-N 101 Sale 1007
8
1938 r.i-s 10012 10312 10518 J'ly '12
ID Ten reor lien g 5s
Ingersoll-Rand 1st 5s_ __ _g1935 J -J 100 --- 100 Oct '13
1946 A-0- 6412 6412 May'13
Ga Midland 1st 38
Int Paper Co 1st con g 6s 1918 F-A 10158 10212 10113 10212 17 101 iiiii
1922 J -j jails ____ 108
103
5 jai" 108
Ga l'ac My 1st g 6s
8012 83 83 Jan '14
Consol cony s f g 55
1935 J-J
82 8412
1925 J -J 10338____ 11012 Jan '14
Knox & Ohio 1st g 6s
109 11012
66
Int St Pump 1st s f 5s
-j 10038..__ 10512 Nov 12
1929 1/1-S 63 67 65
60 6712
Mob & Bir prior Hen g 5s_1945 j
8
My 19 9014 9612
Lackaw Steel 1st g 5s
1923 A-0 9812 Sale 055
1945 J-J 70 78 79 bich'13
Mortgage gold 4s
, 7814 20 70 78111
1st con 5s Series A
1950 OA-S 7712 Sale 771
10038
6 10038 10034
1915 J-J 10038101 10058
Rich & Dan con g 6s
971
5-year -convertible 5s_,_1915 M-S 97 Sale 9131$
63 9312 9712
8
1927 A-0 10312 1037 101 Dec'13
Deb 5s stargped
12114 29 120 12114
Liggett & Myers Tobac 7s_1944 A-0 12114 Sale 121
1948 NI-N 70 -- 73 Sep '12
Rich & Mock 1st g 4s
100
5s
51 9834 100
1951 F-A 100 Sale 9934
102
3 102 102
Ga 1st g 5s
1919 M-N 100 102 102
So Car &
8
12012 121 1205
121
Lorillard Co (P)7s
13 1193 121
8
1944 A-0
_ 112 Oct '06
1916 .91-8 10114
Virginia Mid ser 0 6s
993
4 26 9653 997
4
5s
s
1951 F-A 993 Sale 9914
10334 Nov'12
1921 M-S 10134
Series I) 4-58
95
Mexican Petrol Ltd cnv 68 A..'21 A-0 95 Sale 95
18 91 95
1e26 7j- S 102 ____ 102 Dec'13
Series E 5s
9112 Jan '14
Nat Enam & Stpg 1st 5s 1929 J-D 94 9112 9112
10234 ...._ 104 Mch'13
1931
Series F 5s
10212 10312 Nat Starch 20-yr deb 5s_1930 J-J ____ 84 8812 Feb '13
10314 -__. 103)3 Jan '14
1936
General 5s
9914 31 -9634 9914
National Tube lst 5s
1952 M-N 991s Sale 9834
Va & So'w'n 1st go 5s 2003 J -J 10212 103 10212 Dec'13
Brake 1st cony
9812 99
-6634 "0112 N Y Air Steel Spring— 68_1928 M-N 99 Sale 9834 . 99
1st cons 50-year 1s__1058 A-0 01 95 9112 Jan '14
---- Railway
1924 F-A 901a ---- 92 .Pne'13
W 0 & W 1st cy gu 4s
Latrobe Plant 1st s f 5s 1921 J-J 97 98 97 Jan '14
97 9712
.... ---• West N 0 1st con g 6s_1014 J-.1 100 -___ 100 Aug'13
921
4
Inter-ocean P 1st s f 58_1931 A-0 9134 Sale 913
31 91 9212
10212 Apr '11
---Iokane Internet 1st g 5s 1955 -j
t
r
f
1023 Dec '13
4
Repub I & S 1st & col tr 58_1934 A-0 10274
. lerA of St L 1st g 4%s1939 A-0 100 ---- 9014 Dec'13
10-30-year 5s s
923
4 69
1940 A-0 92 Sale 92
i 9234
10618
2 10354 f6618 Standard Milling 1 5s
'.
1st con gold 5s_1804-1944 F-A 10018 108 10618
877s 89 89
89
let
193
88 _-__ 88
88
1053 J-J
_ Gen refund J f g 4s
0 8514 88 The Texas Co cony deb 68_1931 M-N 104 Sale 10378 10514 4 8412 89
J-J
296 1008,106
St L M Bge Ter gu ,c 5s 1980 A-0 101 ____ 10618 Sep '12
86
10112
"000 J-D 10112 ---- 10112
Tex & Pac 1st gold 5s
-8538 10138 Union Bag & Paper let 5s,,1930 J-J ___ 89 90 Feb '13
9114 Jan '13
1930 J-J
q2000 Mch 20 40 51 Nov'12
. 2d gold Inc 5s
_ Stamped
ggii
89
17 84 /sr
1931 -3 90 ---- 9912 Apr '11
La Div 11 L 1st g 65
_ U S Realty & I cony deb g 5s_'24 J-J - 8812 87
25 20
20
U S Red & Refg 1st g 6s
1931 J-J
2 20 20
WMin W& N W lstgu 5s_1930 F-A --------10613 Nov'04
10314
104
104
104
1935 J-2 10438
10334 104 U S Rubber 10-yr coil tr 68_1918 J -D 10378 Sale 10178 10234 41 10134 104
Tol & 00 1st g 58
490 9978 10284
S Steel Corp—fcoup —d1963 M-N 10212 Sale
1935 A-0 10238 ___ 101 Aug'13
Western Div 1st g 5s
$
10234 71 100 1023
S 1 10-60-yr 5s ireg —d1963 M-N 10238 Sale 1015
4
1935 J -D 10012 10111 98 Jan '14
General gold 5s
98
20 913$ 96
4Jan '14
8512 8534 Va-Car Chem 1st 15-yr 58_1923 J-D 9512 Sale 9512
1990 A-0 8614 --- 853
Ran & M 1st gu g 4s
West Electric 1st Is Dec 1922 J-J 102 Sale 10112 102
25 1001s 102
97
2 9534 97
07 Sale 97
1927 J -J
2d 20-year 5s
93 Sale 9212
9318 64 8912 931$
Westinghouse E&Msf 58_1931 J-J
1917 J -J ___ 91 85 Dec '12
'Vol P & W 1st gold 4s
10-year coil tr notes 5s__1917 A-0 90 9714 064 Jan '14
968 963
4
4
8112 82
voistiusswprIleng3%s_1025 J-J 8112 86 82 Jan '14
$
8
60
23 585 60
1950 A-0 59 597 59
50-year gold 48
Telegraph & Telephone
50
1 50 50
1917 F-A __5O 50
Coll tr 48 g Ser A
Am Telep & Tel coil tr 48_1929 J-J 8914 Sale 88%
893 148 85 89
11
/
1
4
Tor Ham & Buff 1st g 4s-1z1946 J -D 85 --__ 84 Dec'13
Convertible 4s
98 100 903
4
2 9834 9714
9714
1
10118
10012 161 8
yr lstor & Del 1st con g 58_1928 J -D 101 ---- 101
20-yr convertible 4;4s
99 Sale 9854
033
9914 476 9412 9914
1930
74
1952 A-0 75 ---- 74
1 74 74
I-) 1st refund g 4s
Chicago Telephone 1st 5s1923 JD
Union Pacific
2
9712 92 9512 9712 Commercial Cable 1st g 48_2397 Q-J 7812 ---- -5i11st lilt & land grant g 48_1947 J -J 9718 Sale 97
Registered
775$ ---- 8312 Nov'11
2397 Q-J
1947 J -J
9612 Oct '13 —
.. Registered
9814
9814 10 96I 98*
1027 .1-.1 9314 Sale 9214
9314 504 -00 - , Cumb'd T & T 1st& gen 5s_1937 J-J
20-year cony 45
- 03 4
92008 M-S 9314 Sale 9212
9312 48 91 0312 Keystone Telephone 1st 55_1935 J-J 8914 ---- 9114 Sep '1
lst & ref 48
8
MetropolTel&Tellst s 15s_191 M-N 1008$ 1007 100 J'ly '13
Ore My & Nay :on g 4s__1946 J -D 93 ---_ 93
03
29 02 03
1924 F-A 9812 100 98 Jan '1
11014 24 10918 11012 Mich State Telep 1st 5s
963s 98
Ore Short Lino 1st g 68_1922 F-A 11014 Sale 110
— 10314 May'll
1046 J -J 10738..., - 107
10753
5 10534 10738 NY&NJ Telephone 58 g_1920 M-N
,,
1st consol• 5s
4
981
1939 M-N 9818 Sale 973
57 'er 9838
1929 J -D 923 Sale 023
4
8
023
4 59 8914 923 NY Telep 1st& gene f4
4
Guar refund 4s
Pan Tei& Tel 1st 58
$
99
1937 J-J 9888 Sale 983
89 96 9984
103 May'll
1926 J -J 102
Utah & Nor gold 5s
South Bell Tel& T lsts f58 1941 J-J 9914 Sale 983
42 971s 991g
4
991
1933 J - J
8'73
4
1st extended 48
96 97 93
23 93 98
98
Api•
-•15
...- West Union col tr cur 58-1938 J-J
Vandalia cons g 48 Scr A.1055 F-A
Fd and real est g 43412
1950 M-N 9138 93 918
$
92
3 807 92
s
1957(11-N -93 Mch'13....
• Cense! 4s Series 11
Mut Un Tetgu ext 156—....1941 M-N 87 ---- 104 J'ne'll
04 Oct '12
Vora Cruz & P 1st gu 4%8_1034 J-J
Northwest Tel pi. 4_}4s g_1934 J-J
93 Jan '1
1962 M-N 997 Sale 9933
091 168 -Fris 997
8
Virginian 1st 58 Series A
8
MISCELLANEOUS BONDS—Concluded.

iaik

-_-_
----

____

if"

Miscellaneous
Coal Sc Iron
Adams Ex Coll tr g 4s
1948 M-8 784 81
4 7312 80 4
Butt & Susq Iron s f 5$____1932 J-D 90 —__ 90 Sep '13
3
781k
803
4
Armour & Co let real est4 s 39 J-D 92 Sale 92
60 8912 9211
921
Debenture Is
'
a192.6 M7812 85 80 Jan '14
8712 88 Aug'13
Bush Terminal 1st 48
1952 A-0
Col & 1 Co gen s f g 53-1943 F-A 97 09 0614
9814
Consol 58
1955 J-J — 91 91 Jan '14
91 91
104 10612 10714 J'ne'12
Col Fuel gen Os
1019
Bldgs 55 guar tax ex
-1 87 8/1
1960 A-0 II/ 90 88
88
14
811
Col Indus 1st & coll 5s gu_1934 F-A 81 837$ 8011
150 Jan '14
150 150
Chino Copper 1st cony 68_1921 J-J
Cons Ind Coal Me 1st 5s_1935 J-D 76 79 76 All','1
Inspir Cons Cop let Sc (recta)__
165 Were 991: 10014 72 9634 10014
4
Cons Coal of Md lst&ref 5s1950 J -D 89 92 873 Dec '13
60
9 5912 61
It Merca.n Marine 448.-1922
484 60 60
10288 Apr '06
Or Riv Coal& C 1st g 6s__h1919 A-0
1 75 s 774
761
7
Int Navigation 1st s f 58-1929 F-A 75 76 76
'Kan & Il 0& C 1st s f g 58-1951 J -J 91 -- 9214 Dee'13
—
-84- 8412 8512 84 Jan '14
iii Mge Bond (N Y)48 ser 2.,..1966 A-0
Pocah Con Collier lets f 58-1957 J -J
1932 J-J
10-20 yr 58 series 3
- - Idai;'15
6612
4
1055 J -J
77 773
4
7814 7912 773 Jan '14
St L Rock Mt& P 1st 5s
881
Morris & Co lets f 4;48—.1939 J -J 88l Sale 8812
1951 J -J 101 102 101 Jan '14
9818 101
Tenn Coal gen 5s
78 73
N Y Dock 50-yr let g 4s......1981 F-A 78 81 78 Jan '1
103
1 10112 103
13irm Div 1st consol 68-1917 J-J 103 Sale 102
Niag Falls Pow 1st 58
1931 J-J 101 10214 100 Dec '13
a1917 A-0 10112
101 101
101 Jan '14
• Tenn Div 1st g 66
1945 M-N
89 Dee'l
Ontario Transmission bi
103 J'ly '13
Cab 0 M Co 1st go g 68-1922 J -D 101
91
1384 91
3
• 1931 M-S
Pub Serv Corp N J gen 5s-1959 A-0 91 Sale 90 4
Utah Fuel let g 56
10712 1101$
1091
1953 J-J
RayConsCopper 1st cony 681921 J-J 109 10918 109
- 15
-'
"gr May Victor Fuel 1st 8 f 5s
10312 1031
1031
Wash Water Pow let 58-1939 J-J 10312 Sale 1031
948
7 9212 95
Coal&Coke 1st g 58 1949 M-S 9414 -sii3-4 9412
Va Iron
• No price Friday; latest bid and asked. a Duggan. aDue April. e Due May. e Due June. h Due July. k Due Aug. o Due Oot. sr Dos Nov. g Ms Dec _8 01.11ffill We,




Y-15

187
$

CHICAGO-- STOCK EXCHANGE—Stock Record.

376

^
-g

srocKs—mairiar
Scholar,.
Jan. 24
*20
*75
97
327s
*7
*2
• *15
S
..-*4
*----

MOtaell,

Jas. 28

27
020
85
0
75
9314 .92
327
.1 303
8
*7
3
2a8
191 015
35 *____
412
412
23
21

27
26
03
2112
3
314
1912
35
41
25

AND LOWEST SALE PRICES.

Tuesday,
Jan. 27

Wednesday, Thursday,
Jas. 29
Jan. 28

27 .20
35
*70
092
94
3112 8178
Vs
8
314 •27
s
1912 015
35
412 413 *4
25 *___

*30
*76
*92
207
3
.7
*204
.15

Friday,
Jax. 30

Sales
the
Week.
Shares.

Jan'14
Last Sale 23
27
Last Sale 70 Jan'14
85
94
9212 92
t 11 1
33 4 3234 34 "Hi - -1
1
8
814 812
314
7
314 *2 8 314 '27
Jan'14
191
Last Sale 17
Last Sale 3512 Noy'13
35
412
412 *4
412 *4
26
25 •____ 25

3312 3414
3478
3358 34
34
0514 9514 9518 9518 9514 9512
Last Sale 406 Jan'14
*400
133 •130 13 .130 133 .130 133
-.
3
43
__ 43
90 ;i1 1
6'010-90
*85
*85
--124
124 124 .123 12312
50
*4912 __
*4912 ____ ;ar "..
k —"
84
8438412 *82 - 4 8414 8414 84 --51
.46
51
Last Sale 50 Dee'13
5412 5313 5414 5313 6312 .... -__
212 .210 212 .210 212
212 21.2
1323 13312 134
135 13512 _
4
Last
212 -- - ii
- Dt;e
'
«iii4 Ti" '1134 12 '1134 12
1212 Tal"
_
--Last —• 77---Fils 18
'
101 161 'fa" nil 105 102
Hui" fell" 10014 101
' 25 .24 25 .22 23 *22 23
24
Last Bak 28---Di;i"i5
10212 1021 103 106
185 105
104 104
105 105
673 671
8
6712 01)
6.112 69
883 69
4
'ati" 161- 6912 70
Last Sale 1i012 Jan'14
Last Sale 7634 Aug'12
"Yi
"if"
77
"if"•
155
132
134 134
jai
135
122 135
*119 122 0121 125
123 123 .121 125 '121 195 *Hi" 121155 15514
165 168
155
155 185
158 15814 .163 168
*116 135 .118 11918 11514 11514 •11514 11614 *11514 11814 *11514 11614
.394 41
Last Sale 42
Jan'14
41
.30
*29
41
*3912 41
1231s 12414 12312 1241s 123 12312 12213 1231s 122/2 12301
• 12334 124
Last Sale 138 Dec'13
6
: ;ii" 70 "ii" 16 "Oil 80 ;71 8 - 079 80 .79 80
951 98 9614 9615 *0612 97 97 97 98 98 98 9812
Last Sale 1734 Jan'14
O
18
18 *__-- 18
18
40 •—_ 40
*____ 40
40
Last Sale 397 Jan'14
8
19138 10278 191 19214 191 19214 1903* 10214
19012 101
190 192
4
Last Sale 128 Jan'14
*122 123 *1223 123 *12234 123 .123 12314
, *23
2511 0
23
251 .23
2512 .23
2512
Last Sale 1614 Noy'18
7512 0
76
77 .76
7a1 *73
573
77
Last Sc 86 Nov'13
1063 107
4
1063 1067 10638 10638 10013 10638 1063 107
8
10634 107
4
41231 245 .231 245 .235 260 .
235 250 .235 250 240 240
*104 105
10412 10434 10418 10411 10412 10512 .10412 10512 *10412 10513
.
14712 140
14612 148
144 147
145 146
145 14512 144 145
Last Sale 118 July'13
• 7414 68
7
6638
65
8514 65
643* 66
663k 6634 8512 66
1091s 11018 .10978 110 *110 11011 *110 1101 1103 1103
4
4
Last Sale 618 Jan'14
*0
10
*6
*6
10
10
*5
10
Last Sale 9134 May'13
_
.r. ...3414 8414 3413
*05
0512 9014
*400
.400
' 13212 132
- - 123
4
42 .37
537
88
*85
90
12312
10123 124
4913
4912 491
82
*8012 82
*46
Si
*48
6412 543
4 541a
212 212 .210
133
8
1347 136

341
3412
951
9634
_ *400
1133 •130
43 .38
88
0
85
1231 .123
497s 60
84
82
.46
51
5412 5438
2121 212
133
135

Chicago

NAMIL

8
347
95 4
3

STOC(13
OHIOA(30 sTocuc
EXCHANGK

Lowest.

Railroads
Chicago Eley Rya eere100
Do prof
100
80 Chic Rys part ctf"1%7,298 Chic By. part cti "2"_-_
260 Chic Rys part ctf"A"60 Chic Itys part ctf "4"._
Kansas City Ry & Lt..100
100
Do prof
87 Streets NV Stable C aa-100
Do prof
100
25
Miscellaneous
100
1,450 American Can
480 Do prof
100
American Radiator_ _ 100
100
35
Do prof
50 Amer Shipbuilding.....100
15 Do prof
160
76 Amer Telop & Telog 100
220 Broth Fisberies corn 100
96
Do 1st pref__„_100
Cal & Chic Canal & D 100
810 Chic Pneumatic Tool_100
64 Chicago Title & Trust 100
'
626 Commonw th-Edison.100
Do rights
50 Corn Prod Ref Co eam100
Do prof
100
224 Diamond Match
100
Goodrich (B.F.) com_100
118 Hart Shari & Marx pf100
2,030 llinois Brick
100
lnternat Harvester 00100
Knickerbocker lea pf_100
180 National Biscuit
100
50 Do prof
100
815 National Carboa
100
10
Do prof
100
Pacific Gas & El Co--100
1.830 People's Gas L&Coke.100
_100
Do
rights.
125 Pub Serv or No Ilicom 100
854 Do prof
100
Rtunely common___100
100
Do prof
3,202 Sears
-Roebuck eom_100
100
Dc
rd'
o
atatieba r Corp 00221.100
Do prof
100
100
1,045 Swift 40 Co
25 The Quaker Oats 0o-100
46Do prof
100
1,431 Union Carbide Co. ..100
Unit Box Bd & P Co_100
1,170 U S Steel corn
100
110 Ward, Mon tg'y & Co pref
Western Stone
100
Woolworth,eoni
100

NAME.

Bid. Ask.

23
70
90
27
61
2
17

Jan
Jan
Jan
Jan
Jan
Jan
Jan

Highest.
31
21
10
1
14
15

25 Jan 19
70 Jan 21
5814 Jan24
35 Jan 16
512 Jan 29
4 Jan 2
17 Jan 15

25 Jan 26

25 Jan 26

Lowest,
2412 J'ne
70 Jay
88 Jan
18 J'ne
512 inc
2 J'ne
1614 Jay
3512 Nov
438 Dec
25 Sep

Highest.
80 Jan
01 Jan ,
102 J'ne
3314 Sep •
9 Sep
438 Apr '
37 Sep ,
38 Oct
912 Jan
45 alch

•
341* Jan23
2112 J'ne
4612 Jan
2 9634Jan 27 o 81 J'ne 12014 Jan
0 400 Jan 10 400 Cot 600 Feb
24 133 Jan 26 125 Doc 135 May
28 Nov
05 Jan
9 42 Jan 29
78 Nov 10312 Jan
83 Jan 26
124 Jan 28 11034 Dec 13934 Jan
an
178 Jan
16
461g Dec
71 Jan
4912 Jan 21 5014 Jan21
49 J :l y
7312 ae
8978 Jan
S412 Jan 27
80 Jan
65 Jan
47'2 J'110 5612 Sep
51 Jan
ii- iiil ii
212 Jan 1 81312 Jan 2 200 Apr 221 Sep
133 Jan 20 1381z Jan 3 2112412 Dec 155 Sep
312 Nov
208 Nov
104 Jan
914 Jan 51 1212Jan 28
8 J'ne
77 Feb.
9112Jan 2 liii- Ian 50
90 : 11014 Feb
77 O b
F t
.
58 Feb
10012 Jan _I fiii" iii;-iii ;411 . N,cv 10012 DOO :
5 oi 7012 Jan
70 Jan 30
53 Nov
lio914Jjan 22 111 Jan 22 100 J'ne 115 Jan
an
29 Jan
2012Ja.n
401 Jan
1321t Jan
30 Jan

4Jan 14 136 Jan 26
1233
l23t23an 27 123 jr 2
iu Jan
0 J ,2
14

31

13 ., ,: 19
Jan 3
7
11514 Jan 27 143 . 24
121 jan 3 1.25 Jan 5
35 Jan
77 Jan
948 Jan
4
17 Jan
397s Jan
181 Jan
122 Jan

3 SO Jan
21 9313 Jan
1
173
4Jan
1
40 4Jan
0
8 Ian Jan
14 123 JAII

8
36
11
14
27
2

/07 Jan
240 Jan
4.11131
1013
152 Jan

23
39
20
6

104342571 li
230 Jan 61
102 Jan 01
144 Jan 30

8634 Jan 2
7
7
57sajan
109 Jan 3 11034 Jan 29
612Jan 14
5 Jan 13

105 S'iie -155--Sep•
-.
123 Jan
137 Dec ,
1 16 ; 118 Jan ,
1: :
31112 NN il ,
81 jDee
:
lY
63 Jan
lal, J'ne 130 Sep
2 Dec
06 Jay
85 Aag
803 Dec 10138 Jan
4
19 Aug 69 Feb
404 Aug
9738 Feb
150 J'ne 21484 Jan 1
117 May 12434 Feb
164 Noy
34 Feb
00 Nov
70 Nov
101 Jaw 1077s Melt
1436 J'ne 280 Feb I
97 j
. 4.'n: 10812 Feb '
Ia
1.42 Dec 218 Nov:
112 Feb
50 inc,
6834 Jan :
10512 Feb 111 Sep
9 J'ly
1413 Jan
87 4 Meb 112 Jan ;
,

Dividend Record

Banks and Trust Companies

Dtoklend Record
Carted: Burg.
Its
Per- Last Paid.
Stock.1' Profits t Is
1912. 1912. tod.
(00s om Wed.)

Range for Presiout
Year (1913).

Range since Jan. 1.

Capital Surp.
7a
Stock. 1 Profits t
191.2.
(00s om Wed.)

Is

1.913.

Southwest Tr & S 5200,0 y$30.0 Org. J1&y5
6
Standard Tr Jo Say 1,000,0
427,1 ...—
8
a
Stockmen's Tr &
57,9
200,0
2.130
Union Trust Co... 1,200,0 1,701,7
12
WeataideTr &Say
400,0
136,0 8&29
10
la
119,1
Wcadlawn Tr & S
200,0

Pertod.

Last /aid.
Did. Ask.

'12. T. 85, is. 18. 120 125
Q-M Dee.31'13,134 153 155
J-J aass. 'pa 3 145 150
_
QM Dee.31'13,2
0-A1 Dee.31'13 3 300
Q-J Jas. 14, 503. 215 222

204 534w ___ Deo31'13 llaso 240 250
American State... se $200,0 2213,3
72,0 None
6
An Jan '14, 8 150
100,0
Celumet NatLonal
y20,6 Org. J an. 27 '13. V.06, p. 1635 107 111
200,
Capital State.-27,1 Beg. b na.Ost I'll V. U6, p. 944 139 143
Cantral Mfg Diet..
250,
10
11 04 Q-2 Jan. .14. a 293 205
Coat & Corn Na0_ 21,500,0 10,821,
16a8y 44 alan. '14. 4 417 435
Corn Each Nat... 3,000,0 6,467.6 13
6
6
Q-J Jan. '14,212m 215
300,0
145,
DrexelState
Drovers' National
381,
10
10
Q-J Jan. '14, 204 250 554
750,
8
83,4
8
Q-J Jan. '14, 2 174 180
200,0
Englewood State_
17 Q-M Deo.31'13,414 421 427
First National...... 10,000,0 12,125,3 17
BONDS
1234 10.5.3. Q-M Dec3r13612m 350
di
HIntNatFauelew'd
247,
150,0
Week's
Range
Prise
InterCHICAGO STOCK
Range or
Bold
Foreman Brea_
623,
Priv ate /la nk
Since
1,000,
Frietall
est
EXCHANGE
982,0
Last Sale
8
8
Q-J Jan. '14, 2 250 56.
Ft Dearborn Nat. 2,000,0
January 1,\
8
period Jan. 30.
Week Ending Jan. 30.
y28,8 Org. N ov 25 1912
Halsted St State_
126 130
200,
---se o note (II)
High
Ask,Lots
Hibernian 13k Aasn 2,000, 1,243,0 Not pu bashed
Low
Bat
HUA I
48.9 Beg. b us Aug '12. V.95, p. 273. 130 136
91 Feb '13
200,0
Hyde Park State.
_
Am Tel & Tel coil 4a___1929 J -J
100,0
7312,5 Orga 71. Feb '12; V. 94, p 4135. 7 119
92
IrvingPark Nat.._
82
—1 8934 11-1
Armour & Co 404s
1939 J -D 92 —
209,8 10 10&5a J-J Jan. '14, 5 240
Kaspar State__
400,
8214 Aprit'12
74
; 70
Auto Elea 131 AI 68
1958
8,7 —_Ili Q-J Jan'14, 1)4 106 112
Lake View State_
200.
91
9618 May '12
Cal Gas J.c
unlf & ref 54 1037
y60,1 ___
6 Q-A! Dea.31'13,2 215 225
Lawndate State
500,
5
951
1003
3 62 " 4 foils; ,
Lialeago City Ity 5o
1927 F - A 1024 Sale 10014
12 Q-M Deo.31'13,3 250 255
649,1 10&2e
Live Stk Each Nat 1,250,0
14 7714 Dee'13
Obis City & Con Rya 53_0'1927 A 8018 12
59,9 Beg. a mamas 25'1 2 V 93, p 593 123 131
200,0
Mech &Trad State
97 Jas '14
Chisago Faey Ry Si
1
0 07
1914 J -J $ 971
8
Nat Bk of Reinta- 3,000, 1,461,'
8
3
Q-J Dee.31'13,2 208 212
0212
Chit) Fneu Tool 1st 5...61921 J 9212 Sale 9212
0212 9213
0
Q-J Jan.'14, 134 162 185
6
National City..
768,4
2,000,
9918 46 0612 9918
Chicago Rya fa
927 F - A 99 Sale 99
8 (34 Jan. '14, 134 167 171
National Produce
Jan'14 _- 91
118,
250,0
Ciao Rya
6
s
01
serial 'A" A -0 / 033 9412 91
7
North Ave State..
8
Q4 Jan.'14, 134 144 147
200,0
122,7
7
Chia Rye 4s
613* 40 7834 8138
s
series "13" J -1) $ 813 Sale 807
6
NorthSide St Say
23,
8
Q-2 Jan. '14, lia 130 136
95
200,0
03 Sep '13 ..—_
Ohio liars 4a
eerie. "C" F -A 93
North West Ella
300,0
100 Jan '12 --.583,
6
7
Q-J Jan '14, 134 182 185
Chia Ryv coil (le
1913 F - A
y11,0 Org.N OT. 27 '12. V.96, p.1944 100 104
200,0
Ogden Ave State(1773
70 Jam '14
Chia Ity Pr m M g 4..41927 J -J 8 79
6112 12 45
600,0
133,4 10
10
Q-J Jan '14, 412m 256 286
People'sStk YcleS
5018
Chic' Ry Ad) Inc 4.___e1927 MAY1 4912 Sale
5112
6 093 100•4
200,0
23,3 Beg. b um Nov 1. V.93 p. 1235
Second Security...
1003
4
11
4
4
Chicago Telephone 20_1923 J
/1001s Sale 1003
1 14, 2 218 261
Security
400,0
178,7
901 Deo'12 -8
4
7)4 Q-J Jan.
Clow) Gas Co ref G m 1933 J 93
90
300,0
148,
South Chicago Say
8
4 18 101 far41
842e al4 Jan.'14, 4m 230
1013
1013.4 Sale 10118
Cassarnonw-Edison 5.1.-1943 Id31,9
200,0
8
South Side State.
8
Q-2 Jan. 14, 134 130 135
10034 Jan'14 -- moss 10034
Commonw Eleo 6s-51943 M- S 8101
StateBank of Chic 1,600,0 2,802,4 12
12
Q4 Jan. '14, 3 393 806
9914 0914
Cudahy PARt 1st M 58-1924 It-N 11005 102
0914 Jan' 14
s
State Bank of Italy
200,0
544 Beg. 0 tusAtig 19'1 2 V.96, p.623 141 145
105
104 105
Lila Mateh Con deb 68-1920
/105 Sale 105
250,0
249,5 10
Stock Yards Say_
15 Q-M Deo.81 13.4 300
4
993 AprIP12 -Gen Mot 6% Lot L notea.1915 A -0 98 ' 29
July'13
170,6
6
Union Bk of Chia_
500,0
0 M
99
-N Nov'13, 3 179 181
.1at liar 3-yr 5% notea-1915 F - A
27,6
Washinga'nPkNat
100,0
6,1 letille Q-J Jan. 14. 5aim 225
10518 Amll'12
Inland Stag
M g 61-1928
.0 M...
11.
8
CentralTr Coot Ill 4,500,0 2,161,1
Q-J Oet.'13, 234 234 554
9
Kan City fly & Light Co
10&2 12Jole .14 Jan. '14, 6 205 315
Chicago City 13&T
407,3
90 Oet ,'12
500,0
Si
1013 31-N
6
265,2
6
Q-J Jan. '14, 114 140 144
Chicago Say 13 &T 1,000,0
76 Sep' la
Lake St El—lst 58
1928 J -J 9.... 75
78
Chicago Title & Tr 6,800,0 t2,886,9
7814
8
Q-J Jan'14, 234 210 215
Melt W Side El lot 43-1938 F - A
8
'13 14 Sale
Fa'TA lia"4
Colonial Tr & Say 1,000,0
(0) (.1^J Jan.'14. 2 189 17/
77 Ney'13
498,4 8424
80
Extension g 4a
1938 J -J 75
Coat& Corn Tr &
3,000,0 1,789,2 Not pu blilsbad —le o note ala
MU El Sty & Lt 1st g 68_1928 F - A /103 10112 10478 Apnr12
(11)
10 (1-2 Jan. .14, aai 280
Drovers Tr & Say
t 94
250,0
183,3 10
9412 05 Aprial2
do
ref & eat 4)44_1931 J -J
First Trust So Say 5,000,0 3.732,0 None None Q-M Deo30'11,4
873
4
8814
Morris & Co 434s
8834 8815
1939 J -J gat, Sale
Ft Dearb orn Tr&
250,0
10034 May'12
31,5 Bag. b tta.Apr 8'11 V.92.0.929
Nat Tnhe 1st g
N ...w
1062
Franklin Tr & Say
Q-J Jan. '14, 134 igi
300,0
130,5 ....Jan'14
0- 99
Nor Shore El 1st g !So....1522 A -0 9014
"i5" Q-J Jan. '14, 234
Oreenebaum Sone 1,600,0
843,8 10
96' Aug'11
13
do
lot & ret g 5o_1940
6
J-J Jan. '14 334 igo
Ona-antee Tr & S
200,0
556,4
6
9512 Sept '12
Nor Sh Gas of 111 1s1 63_1037
Harris Tr Je Say
10014 July '11
1,500,0 2,471,7 12 124110e Q-J Jan. an. 7)- 430
North West El lat 48
1911 M'Home Bank & Tr_
100 Sap '13
300,0
88,3 Beg. b na.Apr 10'1 1.V.92,p.1004 150 155
N W LA Coke Co 6v-1028 Q-M
74e
,Illinois Tr & Bay_ 5,000,0 10,666:2 16: o 164
.
4
113 0 7 2
96
96
476 485
98
Ogden Gas to •
:
1945 M NO 94
A
Q- 001. :13', 4 180 185
92 Oct. 1 134
Kenwood Te& Say
200,0
115143091 '1
Peop Gas L C 1st 63—.1943
Lake V le wTrazSay
300,0
6
Q-J Dec 31'13,1)4 180 173
113,7
6
3
Refunding gold 5,1
1947 11 8 99 8 Sale
92
094$ 41 991$ osodi
LaSalleStTaailay 1,000,0
802.2 Bea. b so. Ma 7'10
100 102
10114 Jan'14 .....i 101 1014
Chic Gas L & C lot 61-1937
99
% 1
liberty Tr a day_
275,0
4,5 Org. D et. 6 '12
176
Fli1
2
.
100 8.1.;* 100
Conautn Gas 1st 5s___.1938
100
Market Tr & Gay.
200,0
81,3 Org. 8 ors. II '12. V. 05. p. 598 110 119
Monist Iran Gal lot
100 Sep '13
1247
899
AlerentlitsTrat3ay
93l
250,0
59,3 Bal. is =any 1'12 V. 00, O. 481 180 186
927
9312
Pub Seta Co let ref g fos.1256
,
"oars - 2
911
'
Alerobaate f.& Tr 3,000,0 7,353,1 lb
Q-J Jan. '14, 4 437 440
16
92
South Side Kiev 434s----1924
4 90 93.1
92
9 9Q1
5
Q-2 Jana14, lai 120 134
Miehigan Ave Tr_
200,0
73,8 _
8100 Sale 100
Swift & Co lat g as
1014
10112 13 100 10111
Mid-City Tr &Say
500,0
126,3 Comai as, Ap 10'1 1.V.92,p.1004 215 218
Tr -City Ry
Lt soli
3
Q-J Deo.31'13,2 312 316
Northern Tr Co.._ 1,600,0 2,031,9
8
trust lien f 50
1923
0814 April'12
Kor-Wast Tr Jo S.. n250,0
g
J4 Jan.'14, 5 315 320
176,7
8
UnLan Elan (Loop) 64__1246
76 Deo'13
y62,2 Bag. b steal'ne 1 11 V.02, p.1537 110 116
Old Colony Tr &
200,0
100 May'12
U 8 Gyisouna 1st 66._1922
500,0
241,9
$
yint
Q-2 Jan. '14. 214 '285 290
:P•oale's Tr & Say
Western Bata Ce
0252 Dec'11
Pullman Pr .5 Slay
288,4
$
8
Q-2 Oat. '13, 2 200 -800.0
iliteridan Tr do Say
60,4
8
200,0
Q4 Jan,' 14,11* 140 153
8
Nata--Aeartred Interest muo
Chicago prioe s.
•
)
•Bid and ask prices; no sales were made en tali day. t Jan. 13 (dose of bualnoes) for national banks and Jan. 14 (opaaing at businons) for State Inatautions.
pesos Friday; latest prko this week. I asat. 1 tali. a 'Oaklands not published; stock all soautrad by the Continental At Cousravelal NaMonal Bank. a Due Dee.
Due June. • Due Feb. S Duo Jan. I. s Tara^ 410. k Now stock. I 4% of this is extra. aStookholders to vote Jan. 13 1914 upoa inereaelneaoaDithi 0 0 00.
0 3
additional stook to be distributed as a 20aa sava; dIrldead. V. 07. p. 1799. s Sake reported beginning April 15. /Dlvt.SsnJd
are P. ,...9.0 - with az
01
4
manta Q.
-F. t Dee. 31 1913. 0E2 14% acvnatalated dividend. w Lamellae in salaam to $400.000
authorised NIA. 3 . 3 Gal& WY- 0 70'10
4
t
Paid
on therewith. V. 97, p. 1000, 574. es ilsolsoatea ex div. s 122-011v. and Im-44,NA ,ev,
fepassanaRt pat* •rs44wpmoift9.A0tegtotk
sal

Chicago :Bond Record

tii7e_numwsaettaLUMAN.




• -

JAN. 311014.]

377

THE CHRONICLE

'
Ad
Indust and ellscell-(Con) Bid
F0
Am Steel Fdy 65 1035..A- A 10014 104 ,)
7112 73 ,
Deb 4s 1923
60 172 180
American Surety
5
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
American Thread pref___5 *4
43 1
DAILY, WEEKLY AND YEARLY.
Amor Typefounders com.100 41
95
100 93
Preferred
•
90 100
111-N
Deb g Ile 1939
Railroad,
Stocks.
112 leg;
State
U. S.
Amer Writing Pa.per____100
,tc..
Week ending
1212'
8
Bonds.
Bonds.
Barney & Smith Car corn 100
Bonds.
Par Value.
Shares.
Jan. 30 1914.
75
100
Preferred
86
83
5
Bliss(E %V) Co corn
$014,000
$2,631,500
323,240 $28,694,500
Saturday _
576,000
50 115 125
3,814,600
$3,000
Preferred)
Monday
477,168 42,423,200
Bond & Mtge Guar
10 290 295
396,00
3,676,000
409,497 35,845,300
Tuesday
Borden's Cond Milk corn.100 122 123
211,500
500
3,835,500
Short-Term Notes
Wednesday
450,559 37,782,700
10 1(1712 10811,
315,500
Preferred
2,577,500
10,500 Atrial Copper 58 1915__Ittle 10012 10034
459,790 39,942,750
Thursday
eee, 414 3,389,100 1,226,000
Balto & Ohio Os 1914___J-J 10012 10034 British Col Copper Co___5
545,940 48,294,550
Friday
52 ,
Bklyn Rap Tr-See N Y Stk Ex list. Brown Shoe corn100 47
95
Preferred
100 90
2,672,194 $232,983,000 *19,024,100 $3,639,000 514,000 Ches di Ohio 4)4* 1914__J-I) 100 10014
Total
9813 Casualty Co of America_10 110 120
Chielelev Rys Is 1911___J-J 97
8
100 128 132
Erie es April 8 1914A-08 10014 1003 Celluloid Co
Jan. 1 to Jan. 30.
IVeek ending Jan. 30.
Safes at
20
23
8
11
Coll Is Oct 1 1914_ A-0 10014 1003 City Investing Co
New York Stock
85 •
Preferred
100 60
Coll 53 April 1 191b_A-0 9913 100
1914.
1913.
1913.
1014.
Exchange.
72
70
Gene Motors 63'16
-See NY Stk Ex list e Ciaflin (H B) Co corn Ii I
85 ,
e 1st preferred
1
60
993 10014
4
0,722,221
8,748.973 flocking Valley 4e:8'1430-N
2,180,453
2,672,104
Stocks; No. shares____
85
e 2d preferred
100 100
$848,204,990
6809,787,8.50 111 Gent 4e4s 1914__J-J 1001s 10013
5232,983,000 5203,096,050
72
Par value
70
9512 97 Cluett,Peabody& Co com10
$1,100
5111.600
$14,900 Int & Gt Nor bs 1014__F-A
$16,400
Bank shares, par
Inter Harvester 51 '15_F-A 10014 10012
100 103 103
Preferred
Bonds.
75 ,
K C By & Lt 63 1912__M- I 85
90
100
Consel Car Heating
555,000
3121,600
$14,000
$62,500
Government boads
35
32
444,500
7,717,600
2,255,600 Lake Oh & Mich flo 4123.14 100 10014 Continental Can own_100 64
3,639,000
State bonds
83 • •,
100
Preterred
52,526,500 Michigan Central 4135_ 1914 100 10014
. 78,822,000
10,924,10(1 12,133,000
RR.and misc. bonde
101, 17
Minn St St L g Os 1914__F-A
9984 100 e Crucible Steel com
10
3414 95
97
8 Preferred
1
$36,594,500
$54,903,500 Me Kan & Tex es 1015_10-N 06
$23,577,10 $12,640,000
Total bond/
•178 21g
Missouri Pacific Is 1914...1-D 97
9713 Davis-Daly Copper Ce---1
131 135
e N Y C Lime lee les 1913-22 5 4.80 4.65 duPont(EI) de Nein Pow 1
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
4eis Jan 1914
-1925_J-J b 4.80 4.65
e Preferred
873
4
1
EXCHANGES.
25
30 ,
45es Jan 1914-1927__J-J b 4.80 4.65 Emenson-Brantingharn_l
N Y Cent 4les 1914___M- 100 10014
'
80
Preferred
100 76
Philadelphia.
Boston.
412 1915_ ___ __ _re
s
-N 993s 9934 Empire Steel de Iron cons 109
13
Wed» enclino
___
20
65 Apr 211914 ____A-021 1003s 1001_2
lii
27
Preferred
Listed Unlisted
Bond
Listed
Unlisted
Bond
Jan. 30 1014.
C General Cesontleal cent _111() 115 180 1
St L & 8 F Se 1013 opt_J-D
Shares, Shares.
Sales.
Shares.
Shares.
Sales.
c Preferred
Cs Sept 1 1914 opt___M-5 --- _ ___
-190 10712 10812
e,
j
10i *112 13
Seaboard Air L Ity3e16 M-S -9'913 100 Goldficel 0111.SPI I14
turday
9,270
$43,800 South Pao Co 53 J'ne 15 1914 10014 10034 k Haekeneeeek Water Co
11,139
6,014
564,000
3,647
onday
17,277
13.035
118,400
12,715
111,900 Southern fly Is 1916_ F-A 9934 10014
7,038
Ref g 4s '52 op 1912___Je
83 2 88
,
Tuesday
16,515
116,100 West Maryland 53 1915_J-J 05
16,013
49,500
5,876
8,074
33
98
Hale & Kilburn cesn___100
18,510
9,562
81,800 Westingh'se El & el Is 1915 101 10113
15,547
52,200
16,730
Wednesday90
1st preferred
1
' 80
Thursday
16,848
9,892
83,000
7,243
16,937
45,800
90
80
24 oreferrel
5% notes Oct'17-See N Y Stk E x list
101,700
Friday
18,00'2
19,239
15,009
13,015
83,500
4
2
191
liavana Tobacco Co
15
Preferred
10
Railroads
57,547
73,590 8501,100 e Chic dr Alton coin
Total
75,6101 $450,000
08,291
e
67
100
95 1113
1st g Os June 1 1922 Z-1) / 62
e Preferred
19
,
100 15
lIeckereleaeo-Jawell Milan
97 100
e Chic St P
& Om__ 100 130 132 nelrartaixtis.1110:142-M,,,,Q
5
e Preferred
16
100
e Colo le South com
,12 --- Hoboken Laud & Ina,pro v 9
127
3
100 x 32i2 -29
- -rd-8
1e't
e 1st preferred
100 61
62
let 5s Nov 1930
el-Al 100
All bond pekes are new "and interest" except wheee marked •f"
e 2d preferred
3
100 50
60
Hocking Val Products_ 100
Street Railways-(Con ) Bid Ask
N Y Chic & St L com 101.1 41
44
1st g 53 1061
43
.1-5 40
80
Bid Ask United Lt & Rys cons.__ 100 84
C 1st preferred
Street Railways
100
--__ e Ingereoll-ltaad com
10e 120
79
lot preferred
100 17
e 2d preferred
US _
85
e Preferred
100 x55
14
74
2d preferred
100 72
New York City
Northern Securities Stubs... 103 105
912 104
Interconles Rig) ce:a _ _ _290
25 United Rye of St L
& Ful Fy stk_100 18
Pitt/ Bess & Lake Erle__50 *26
95 105 e
Rift.*
30 Internet eank keg Ce _ _ _10
.
71
1133 12
Common
100
.1.4 67
let mtge 4a 1950
Preferred
05 Iniere tei.msd Nickel
t r uatlenal
,
50 .56
10 119 121
e Preferred
100 160 170
100 333e 39
e Railroad Securities CoB'y & 7th Ave stk
100 102 104
91
.1-5 9912 10014 Wash fly & El Co
100 00
,
le C stk tr etes Ser A
3
21 nitgo 158 1014
78 Intereat1eita4 Salt
4
10
Preferred
100 8978 9012 West Pac 1st 5s 1933__M-5 73 2 7412
Broadway Surface RR
1st g es 1051
A- , 4012, 52 1
,
J-.1 100 10212
4a 1951
s
J-D
797 80
Let 15e 1924
Standard Oil Stocks
Per share Internatleael Sliver prel_100 110 120
_ 10 West Penn Tr&WatPow 100
_ 1512 Anglo-American 011 new_-- .15
stock.J00
Cent Crosstown
1514
1st Gs 194.8
..1-0A 103 110
9712 10212
Preferred
let mtgo (is 1022____M-N
100 ___ 65
Atlantic Refluing
100 810 825
Interest emelt & Refg_16 108 112;
Christopher & 10th St stk100 115 125 Electric, Gas St. Power Co.
611
GU
BorneeSoryiuser Co
100 290 310
Kelly Springfield Tire
10
BattNew York Citt/
Dry Dock E B &
Ruceeye Pipe Line Coe...60 *170 182
125 133!
Preferreri
J-1) 0912 1011 Cent Ten Gas 53 1027___ _J-J 10112 10213 Chesobrough Mfg Cons 100 670 690
iest gold Is 1032
69
70)
Debenture 4s 1931
A
F.A. /28
35 e Kings Co El L & P Co 100 121 122
Sore) be 1914
Colonial 011
841
100 120 130
Langton Monotype
1
33
Eighth Avenue stock.._l00 280 310 New Amsterdam GSA
Continental 011
2,00 227 235 ILawyers' Mtge Co
100 200 2069034 10012 Crescent Pipe Line Co-50 *60
Scrip 6s 1914
F-A / 09 10012
1st comet Is 1943____J-J
195 200
Lehigh Val Coal Sales_
62
• 120 & Cr St ley stock
100 220 ____ N Y & it Gas let Is'44 J-J 10112 10312 Cumberland Plpe Line 100 63
68 elret,d Shirt
45
Manhattan
57,A
•
1
01
49
'42d St el &
N Ave
J-2 96 165
Cense! 15s 1046
Eureka Pipe Line Co.
....100
98
1
•11,,
1st(34 cat at 5% to'40_,M-S
N Yes (2 El L& Pow 00_100
130 185
Galona-Signal 011 col:n..100 386 345
anhattan Transit
80
100 70
-Ninth Avenue stoek
10 160 170
Preferred
Preferred
100 133 138
9e 100
Mortgage Bond Co
1
33
N Y & Richmond (28n ,,.100 25
Second Avenue stock_100
Indians. Pipe Line Co____50 *140 145 e National Surety
185 190e
1
23 North'n Un 1st 5s 1927_M-N 09 102
• Consol Is 1948 ctes F-A / 20
11
46 e New York Dock COO1 1
National Transit Co
26 .4-4
20)
100 112 116 Standard L let 5s
M-N 100 10,3
.t8lxth Avenue stock
New York Transit Co_100 317 325
2434 42
e Preferred
2-5 8912 100
Other Cities.
Sou Bouiev 5s 1945
Northern Pipe Line Co__100 124 123 N Y Mtge & fieturity :
160
,
1 050 .213, 168
1
80
A-0 00
80 .78
98 Am Gas & El's own
So Fer 1st be 1919
Ohio Oil Co
SO
N Y Title Ins Co
35 .157 150
86
1
49
Preferred
60 *47
.443,
Tarry WP 1%1 5s '28....r.2-s 175 80
l'ierce 011 Corp
N Y Transportation
95
*90
2
51
4
16 Am Lt & Trac corn
100 350 352
23 & 29th Sts 53'96 etle A-0 / 7
Prairie Oil& Gas
100 450 485
Niles-Bern-Pend cam..
74 4
.100 70
100 106 108
Twenty-third St stock 100 230 270
Preferred
Solar Reilnine
Oleo Copper Co
100. 375 385
16
73
Union Sly let Is 1942 F-A 10012 101 Amer Power & Lt coin..100 71
Southern Pipe Line Co_1(10 250 255 e Ontario Sliver
212
Westchester 1st Is '43_J-J 89
83
100 81
Preferred
South Peon 011
100 340 350 Otls Elevator corn
75
100 74
1940_A-0 90
Yonkers St SIR
95 Bay State Gas
50
*3
8
12 Sou West Pa Pipe Lines_100 155 160
04
95
Preferred
10
Buffalo City Gas stock_ _100
Standard 011 (CalUernia)100 281 288 8 Pettibone-Mulliken Ce 10
29
26
Brookly,s
'2 Stand 011 (Indiana)
0
Cltle3 Service Co com
1
100 07'2 103
100 500 503
e 1st preferred
09
100 07
Allan Ave RR con Os '31A-0 99 102
100
Preferred
Standard 011 (Kansas) 100 475 435 Pittsburgh Brewing
60 *1012 11
111J&WE 53 1:133____A-0 94
97 Columbia Gas .8 Bite._ 100 75 '73114 Stand 011 of Kentucky_100 1240 245
13
15 4
2814
Preferred
10 165 170
Brooklyn City 1111
1st 5s 1927
372
73
fitand Oil of Nebraslet_100 1481 500 e Pittsburgh Steal pref_la0 02 s 94
0 _
30
,
Bkiyn llgte 1st .5e 11)41-A-0 100 102 Con Gee of NJ 55 1936 J-J 95 100
__
Stand 011 of N J (old)_100
Pope Mfg Co corn
4
1001
100 90 100 Consumers' L 11 & Pow
Coney Isl & Bitlyn
100 421 425 - I PreferredN - 15 .;
Stand 011 of N J
10(1
3-5 78
83
58 1933
,
131 cons g 4 31948
J-D 95
Standard 011 subsidiarles___ .925Pratt & Whitney prof
10'
9912 102 ,
J-J
77
82 Conetuuere Power (Minn)
Con g 43 1953
tandard 011 of N Y _ _ _100 183 iiii- Producers 011
3-5 98 100
1st & ref &s'21) opt'14ef-N 87
Brk C & N 5a 19311
89
Standard Oil of Otilo_100 376 395 Realty Assoc (13klyn)
09 39
0
19 103 110
Nassau Elea 1st Is 1044 A-0 100 102 Denver G & Si Ss 1049.61-N 01
92
Swan & Finch
100 290 305 RemingtonTypewrr com100 30
85
Electric Bond Share prof 100 a98 100
N Winsburgh & FlatbushUnion Tank Line Co
100 07 100
1st preferred
08 ,
IOU 97
92
95 Elizabeth Gas Lt Co
July 10•11.....1e-A
325
100
let 43es
Vacuum 011
100 212 216
95
28 preferred
63 1922......J-J 99 103 Essex & lludson Gas
100 130 iii litoluway
Waghington 011
10 *59
03 RoiitlferredPowd com_109 195 190
,re Bak
100 8 1
Gas & El Bergen Co__ ,_100 87
DO
Watere-Pierce 011
100 3000
100 107 109
Gr't West Pow Ss
Other Cities.
-.1 8312 8413
Tobacco Stocks
Safety Car Heat & Lt
1(10 1071; 109 ;
Hudson County Gm
le 0 128 132
Buff St icy 1st con '31F-A 10112
(See also Stock Exchange List)
Sears.Roebuok&Co--SeeN Y Stk E x
53 Indiana Lighting Co
COM'W'Itil POW BY & L.100 57
42
100 38
Amer Cigar COLO
10 145 150
e Preferred-See Chic Stk Ex lis t. •
as 1953 opt
100 78
80
F-A (53
71
Preferred
100 90
Preferred
93 Ginger Mfg Co
310,
65 Indianapolis (las
50 100 ____
•Conn ity & Ltg corn. 100 63
Amer Machine &
113 •
85 Standard Coupler corn..100 31 g
1
2
75
100 65
75
1st g be 1052
e Preferred
A-0 83
02
13ritlah-Arneticen Tobete.t1 *227s 23
111
Preferred
ity..-100 72
76 Jackson Gas 53 g 1937-A-0 96
•Detroit United
100
New stock
.2318 2312 Stern Bros pref
1g9 1 5
0r
62
100 23
25 eLacledo Gas preforred_100
Federal Light & Trac
395
Conley Foil
100 270 200 Sulzberger & Sons Co p1_100 9112 93
100 72
74 Madison Gas 6s .1920 A-0 iiii- 103
Preferred
• Holine (Geo W) cora 1()0 155 165 Texas &. Pacific Coal
100 05 100
_ Narragan (Prev) El Co_ 50 .91
tHavana Eice By L & P 100 81
94
e Preferred
100 110 115 e Texas Pacific Land Tr_100 91 110
100 02
941 Newark Gad Os Apr '44..Q-J
C Preferred
Johnson Tin FolL&Nletal 100 160 180
Ponopshelin(Nev)-SeePhila Stk E x Liss
J-J 10213 3103 Newark Cowell GOA
12
100 198 -0-5-•Loulsv St 581930
MacAndrows & Forbes..100 180 190 Trenton Potteries com 100
31i 6
27 _
No Ilud L 114 P
New Oni Rya &Lt com_10
1038A-0
Porto-Rican-Amer Tob_100 220 240
Preferred new
100 43
83
_ Pacific Gas & corn
100 6214
e Preferred
100
-4-3-1-2 Reynolds (It J) Tobaceo.100 250 260 Trow Directory
100
714 15
72
100 68
Preferred
100 87
88
ON Y State Rye com
Tobacco Prodlecta 001:2 _1 • 100 130
11
United Copper
100
Pat & Pas Gag & Eleo___100 85 ____84 80
65
oNor Ohio Tr & Lt com..100 62
Preferred
100
Preferred
1s
:
100
2
Pub Serv Corp of N 5-See Stk E 2 list St Joseph Gam Is 1037___J-J 83
00
*United Cigar Mfrs corn 100 4812 60 e United Dry Gooda
1
8312 01
Perpetual- 104 10412 Standard Gas & Li (Del) 61) *9
e Preferred
10
otta 6%
100 93 102
i Preferred
99 101
10
7713
e'reforred
.. i St 1st 4s 1048
33
50 *31
United Cigar Stores com.100 z9234 9314 U 8 Casualty
100 190 200
Cone
72
73 United Electric of N J
vet of N J
10
100 85 - --Preferred
100 114 116
U 8 Envelope (tom
150.
let 58 1033
let g 431 1949
J-D 102 103
5-1) 80
81
s Weyrne.n-Bruton Co.
...100 233 275
Preferred
:100 1141 10.4
1
661
New'k Pass By bs '30_J-J 102
United Gas &Elea Corp_100 RI
36
I Preferred
100 114 120
U 8 F.xpress_ _ ___ 00
4 00
Rapid Train St Ry
Preferred___
100 230
1
70
73
Young (J 8) Co
100 140 1,50
U P efershing
E3re nirel
l
10
13
1st 53 1021
Utah Securities Corp_ 100
A-0 100
19
1934
35 •
J C Hob d. Pat 4s'49 30-11 76
76)4 6% notes Sep 15'22M&S15 851s 88
Industrial&lfiscellaileous
1st g Os 1019
(
96
1l )1
Jj i 2701
So J Gas El & Trao_100 120 128 Western Power com
100 21
23
• Adams lex prose
1
96 100
Con g Ls 1929
76
Cu g 53 1953
tel-S 0312 90
Preferred
60
100 61
Col 0'g 42 1947
J-D I 73
76
e U 8 Indus Alcohol___ 00
No Ilud Co Ity 511928 J-J 101
Western States Gas &
Alliance Realty
100 85
00
e Preferred
Ext 5s 1924
& ref g
111-N 95
1041 op.J-13 87
02
Amer Bank Note eom__--50 *43
44
17 3 Steel Corporation
- 1119 81
Pat fly con ea 1931_J-D 110 Ferry Companies
Preferred
.51
52
Col s I es Apr 1951 op 1911 113
2d 61 1914 opt..
B&N Y lutes 1911
A-0 100 _
f
J-J 105 110
American Book
1
160 170
Col if bri Apr 1051 not op 113
• Republic fly & Light ___100 20
22 N Y& ER Ferry stook 1
10
18
Americas Bram
1
134 137
15 8 Tit Cu & Indem___100 _ _Preferred
1st bs 1923
100 72
74
62
M-14 41
American Chicle 00131
1
199 202 e Virginia Iron C & C_.1
45
Tennessee fly L&P 00m-100 15
Y&2-4
lele
0814 921$
Hob Si May '443..J.
Preferred
lOQi 97 100 e Wella Farzo & Co
1
84
Preferred
10
Bob
63
70
lgt be 1948_93-N 100
e Amerioon Express
100 106 116
Westeheatee & Bronx Ilt1
Toledo Tract L & P.._....10
54
10
16 NYZ4NJ5/1943
1-J
Am Graphophoue oo1
n280
60
& Mists Guar
84
140 -___ 60 10th & 230 Ste Ferry...._1(e) 21
Preferred
) 26
5
Preferred
Prefe
1
60
80 e Weetingh'se Lk Braka.60 • 65
.
1
1 81
-J-D 90
Trent le & 11 541 1043
let ledge fia 1910____J-0 43
48
American Hardware.
--100 120
V7hlys-Oveciand ooni__1
63
28
Union Ferry stock
1
32
Amer Malting es 1914 J-13 V012 10012
Preferred
1s1 fie 1920
el-te 100 102
Amer Pram Aimee'
1
40
46
Wortbington(HR)Co Pf-1
1
9
•Per share. a And accrued dividend. ft auot. k Listed on Stock Exchange bet laelallY Inaeelvo. i Flat rtriae. is Nominal, t flats prioe. f NOW
steak.
lellesidlarles.
Ex-div. y Ex-rights.
Inciudes sit new Feeds devielegida ank
f
*400,
M".fe.lete__ _ele.qtf.'4.-1/-4,0,0#1klae. . Nretifiglin
e
1_4
4
an7. will be I4 4
0 4.94
L. 4_4E49954•.e.100.*vast

Volume of Business at Stock Exchanges

Telegraph and Telephone
e Amer 'Velez & Cable...100
e Central & South Amer_100
Comme tin Tel (N Y)___25
Empire & Bay State Tel_100
Franklin
100
e Gold & Stock Teleg_10
e Mackay Cos com
100
e Preferred
100
e Northwestern Teleg____50
Pacific & Atlantic
e5
e Pac Teiep & Teleg pref_100
25
Southern & Atlantic

B4
57
105
09
60
40
110
82
6812
105
65
87
80

Ask
63
106
101
72
50
120
84
6912
112
72
91
95

Inactive and Unlisted Securities




10N

,1
,3

a:

BOSTON STOCK EXCHANGE-Stock Record.

378

STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday,
Jan. 24

Monday,
Jan. 26

Tuesday,
Jan. 27

Wednesday, Thursday,
Jan. 28
Jan. 29

Friday,
Jan. 30

0912 *9712 9814 *9834 99
Last Sale 9738 Jan'14
10012
194 194
192 *192 194
4 8412 86
843
4 8414 843
167 167
4
505 /03
5i0115012 51
-66- - 2 5012 51
255 *255
255 •
_
255 255
Last Sale 7
Dee'13
*7
15
*7
15
Last Sale 60 Jan'14
*60
65
*60
65
Last Sale 012 Nov'13
40
40
40
*39
40 16- ;56- 40 ;55- 16- *39
40
•163 165 '163 165 *163 165 '163 165
Last Sale 163 Jan'14
*____ 10512 10512 10512 *105 10512 10512 10512 10512 10512 105 10512
195 200 *190 ____ *190
*185
*185
*185
*88 ____ 90
93 li93
90
93
91
92 - .
112
93
•12034
Last Sale 11912Nov'13
*121
____ *1203
*12073
4
*8314 8414 *8314 8412 *8312 8412 '83l 85 - *8312 8412 84
84
*96
98
*96
97
97
97
97
97
*96
*95
98
97
1214 1214
•___ 14
1312 1312 13
1212 1212 1214 13
13
64
6278 6412 62
66
6612 66
65
6612 65
6534
7512
75
76
7314 7414 74
75
7614 743 7512 7313 75
4
110 110 *110 117 *111 115 *110 115 *110 113
162 165
•156 _ _ _ _ 15612 15612 *156
160 160 *160
*25 -2
3
30
*25
2i- *25
10
*25
30
25 •161 16111 16078 16158 *16111 16134 161 161 *16034 161 '16333 17E52
Last Sale 85
*8412 85
4
*845 85
8
Jan'14
*843 8518 *843 8514
4
Last Sale 115 Jan'14
*122
•120 _ _ _ _ *125 ____ *125
7213 7212 73
7412 741, 74
74
723 7312 7212 73
4
73
*91
91
01
*91
*903 --- *91 -___
4
*91 .._
*0958
*9934
•190
8912
•165
50
*250
*7
*60

56
9634
*231
19
1084
11212
12314

100
100

9978
*9973
191
90
83
182 *165
5012 49
_ _ _ _ *250
15
*7
65
*60

0978
10018
191
8812
_
- 5i
____
15
65

*9933
*9914
191
83

0958 9912
10014 *100118
192
191
8434 84

Sales of
the
Week.
Shares.

STOCKS
BOSTON STOC1.
EXCHANGE

Range since Jan. 1.
On basis of 100-share tots.
Lowest.

Hailroads
55 Atch Top & Santa Fe_ 100 9638 Jan 15
100 9738 Jan 15
Do prof
100 • 187 Jan 17
157 Boston & A lbany
100 83 Jan 244
2,121 aoston Elevated
10(4 155 Jan 2
1 Boston & Lowell.. _
100 43 Jan 5
1,091 Boston & Maine
4 Boston & Providence_10C 250 Jan 5
Boston Suburban El Cos..
9
-65- :7;:ti-1Do pref
Boston ez Wore Elec(3 )s_
37 Jan 5
90 1)o pref
Chic Junc By & USY _100 163 Jan 15
10434 Jan 5
90 Do prof
5 Connecticut IIiver_ _ _100 185 Jan 10
102 Fitehhear prof__ _100 80 Jan 10
Ga Sty & Elec stmpd_100
Do pref
100 83 Jan 3
25
100 9078Jan 5
100 Maine Central
135 Mass Electric Cos_ _100 1214 Jan 29
Do pref stamped _100 62 Jan 30
511
N Y N II & Hartford_100 7212 Jan 10
5,029
5 Northern N 11
100 105 Jan 17
100 152 Jan 10
95 Old Colony
100 25 Jan 27
25 Rutland, prof
100 15632Jan 9
25 Union Pacific
Do prof
100 85 Jan 5
Vermont & Mass__100 115 Jan 9
.
0 6812Jan 3
238 \lost End St
Do prof
50 8712 Jan 8
1

Lowest.

Highest.
997 Jan
8
99), Jan
195 Jan
9l) Jan
167 Jan
55 Jan
255 Jan

26
12
5
16
29
12
27

60 Jan 19
40 Jan
163 Jan
10512 Jan
200 Jan
93 Jan

Range for Previous
Year 1913.

26
15
20
24
28

84 Jan 30
97 Jan 11
14 Jan 23
6613 Jan 24
7778 Jan 2
110 Jan 24
165 Jan 30
30 Jan 8
1615 Jan 26
85 Jan 5
11512Jan 12
75 Jan 23
91 Jan 27

Highest.

0112 Oct
11584
183 Dee
82 Nov
150 Dec
::.,5 Dee
23812 Dec
7 Sep
5712 J'ne
5 V(7t)
1612 Dee
162 Sep
10113 J'ne
:Ma J'iy
68 Dec
r115 Aug
8217 J'IY
91 Dec
1012 Dec
63 Dec
6534 Dec
100 Dec
150 Dec
25 Aug
13912 J'ne
8018 J'ne
105 Dec
6714 Dec
85 fly

10814 Jan
10138 Feb
215 Jan
11414 Jan
205 Jan
347 Jan
290 Jan
1512 let
85 N10EI
714 alen
45 Jan
165 Feb
107 Men
260 Jan
122 Feb
120 Feb
88 Sep
110 Nich
193 Feb
,
79 Feb
130 Jan
130 Feb
17612 Feb
31 Melt
16214 Jan
901:. Jan
150 Feb
8112 Fab
100 Jan

1:1iscel111 neon s
57 Jan
41 Sep
5534 54
55
54
55
54
55
1,938 Amer Agricul Chem_ _100 4714 Jan 2 57 Jan 22
894., Dec
Do pref ____
9914 Jan
100 91 Jan 3 0713 Jan 23
2,061
97
9512 96
9512 9534 9534 96
41E Jan
2trj .1 lie
5i
212 Jan 27
14 312
312 37
8 1,867 Amer Pneu Service
17 Jan 30
8
3
3
3 12
3
Do prcf
2354 Jan
18 Nov
50 17 Jan 2 21 Jan 28
1,433
21
21
21
21
1914 1912 21
9912 Dec 11847 Jan
100 103 Jan 8 11014Jan 2
644 Amer Sugar RefIn
10714 108
10718 108
1083 10714 108
4
Do prof
100 111 Jan 19 114 Jan 29 10841 Dee 4471, Feb
946
11231 11334
11213 11312 113 114
113
12312 124
10,390 Amer Telep & Teleg_100 11713 Jan 3 124 Jan 24 11014 Dec 1.1012 Jan
12112 124
124
1235 124
8
1544 Dec
21 Apr
American Woolen_
100
Last Sale 1514 Dec'13
74 May 8173 Sep
100 76 Jan 3 83 Jan 26
82
767 Do pref
8213
82 - 2 82 - - 2 817 8212 82
81159 May 75 Jan
$62
_ __
10 Amoskeag Manufacturing 60 Jan 21 6112 Jan 27
6112 6112 *6112 ____ *62
0234 J'1Y 100 Jan
100 100
100 100
100 100
130 Do pref
9812 Jan 10 100 Jan 22
*9912 100
1218 Au%
5 Jan
448
814
814 814
814 814
8
8
9 Jan 23
290 AU Gulf & W 1 S S L_100
8 Jan 5
1912 Aug
10 Jan
Do prof
1614 18
100 15 Jan 5 163 Jan 16
16
*15
1614 •15
16
16
113
4
15 Feb
O J'ne
13
13
13
10 10 Jan 20 14 Jan 24
1314 1,815 East Boston Land
1313 1312 1234 13
100 246 Jan 3 259 Jan 20 234 Dce 28812 Jan
24712 25712 25712 25712 25712 25712 257 25712
330 Edison Elea Illurn
100 13912Jan 3 14814 Jan 26 130 J'ne 18634 Jan
147 14818 1463 14714 14812 147
14614 147
4
862 General Electric
95 Stay 104 Jan
10112 10112 19313 19318 *193 19333 1013 1013
0138 02
02 02
4
51 McElwain(WI)1st pf 100 9912Jan 2 102 Jan 23
4
87 Apr
9312 Jan
93
93
9312 9312
738 MassachusettsGasCosl00 8912Jan 2 9312 Jan 30
86 J'ne
Do pref
9558 M ch
0212 9234 93
100 90 Jan 3 9313 Jan 30
92
*93
94
93
9312
384
21412 21412 21412 21434 215 215 *21212 21914
.
5
3
152 Morgenthaler Lino__ _100 2114Jan 3 215 Jan 29 209 J'ne 220 Sep
3 Jan
312 Feb
3 Jan 28
10
3
3
*212 314
3 Jan 28
*212 314
17 Mexican Telephone
4114 Sep
33 Nov
Mississippi Riv Pow_100 3112Jan 8 35 Jan 22
*36
*3612
Last Sale 35
Jan'14
37
70 Deir
7012 Dee
Do
prof
100 6712.Jan 19 70 Jan 30
*68
6812 6812 *6812 70
70
70
70
190
17 Apr
5:1 Apr
*25
*25
*25
30
*25
30
30
6 N E Cotton Yarn100 25 Jan 10 30 Jan 19
837 Apr
8
9117 Jan
100 69 Jan 24 69 Jan 24
4 Do pref
*67
*68
70
*68
70 .
70
68
100 133 Jan 3 14012 Jan 28 127 Dec 160 Jan
140 116 140 14012 139 140
140 140
304 N E Telephone
Pullman Co
7 159 Jan 27 149 Dec 16512 Jan
100 151 Jan
15812 159
15812 15813 15734 15812 159 159
257
1412 Apr
18 Sep
1812 18
4
18
18 .18
18
*18
1812
110 Reece Button-Hole_ 10 16 Jan 7 183 Jan 22
100 10412Jan 3 10714 Jan23 101 J'ne 103 Nrich
10614 10613 10614 1.0678 10612 107
10612 107
355 Swift & Co
2812 Jan
26 Sop
Torrington
• 3 29 Jan 10
25 28 Jan
28
*2712 28
*2712 28
28
28
48
28
ag14 Jan
26 Sep
Do pref
25 27'2 Jan 7 2912Jan 20
Last Sale 2912 Jan'14
*28
•28
29
112 14
29
.
J'ne
2 Jan
131Jan 30
8 158
1,025 Union Copper L dc M 25
1/ Jan 19
14
138 138
112 112 *13
United Fruit
18012 Jan 13 147 J'ne 182 Jan
541
100 18212 Jan 3
16712 1673 1673 168
4
16714 168
167 188
4
558 Feb
4
4112 J'ne
5512 55
5514 2,508 Un Shoo Mach Corp.. 25 55 Jan 24) 5734Jan 8
5534 553
4 5513 5534 55
2812 Fob
263 J11
8
442 Do pref
29
25 28 Jan 9 29 Jan 23
2834 2834 2812 29
29
2812 29
50 J'ne 69 Jan
U S Steel Corp
27
100 57'3 Jan 3 663 Jan
66
4
663
4 6512 6618 6438 6512 6458 6658 15,606
8Jan 26 10213 J'ne 111 Jan
1.00 10573 Jan 5 1123
11112 112 310912 110
503 Do prof
11134 11134 11112 112

5612 5534 56
85
9712 9614 9634 957
8
3
*278 3
212
194 19
1912 1914
1093 10814 109
108
4
11312 113 11312 11212
124
12312 124
12334

-8012 82

8134 83
'61
6
612 *9912 100
*9914 -.
814 814
*814 812
•16
16
1614 16
1312 14
1338 1312
25713 258
25713 258
147 14713 14634 14814
10112 102
*101 102
93
93
93
93
92
9212 9214 9212
214 214
21412 21412
3
.
35
36 *____ 36
*6812 6912 6812 6812
25
*25
25
35
69
69
69
*67
13912 13912 140 140
15812 158 1583
15812
4
1812 1812 1812 1812
10612 1063 10614 10634
4
*2712 28
*2712 28
*28
_ _ *28
29
138
138 *138 112
168 168
167 168
5578 5578 5512 553
4
*2812 29
2812 283
4
643 6513 65
4
665
8
*111 1115 11114 11233
8

Mining
1 May
25
173 172 *112 2
100 Adventure Con
2 Jan 22
178 *134 2
•
134 2
112Jan 2
173
178 *134
Ahmeek
*290 300 *285 300 *290 300 *289 295
Last Sale 290 Jan'14
25 270 Jan 7 290 Jan 14 230 Nov
4,2834 J'ne
Alaska Gold
2278 2314 9,234
2212 23
227 2358
8
2318 2133 23
10 20I2Jan 3 23•4 Jan 22
2312 2234 23
Algoman Mining
Last Sale 15
13 Jan 20 .15 May
4
25
•112 134 *112 134 *138 178 *112
134
8 Jan'14
1 Jan 21
2912 J'ne
4
25 3413 Jan 8 333 Jan 22
38
38
38
38
373 373
4
4 38
885 Allouez
62 J'ne
3
743 7578 743 7512 754 763
4
4
4 4,860 Amalgamated Copper 100 71 Jan 9 777 Jan 22
1514 Dec
2014 2138 4,126 Am Zinc Lead & tint_ 25
2014 2038 20
8
1812 Jan 2 2133Jan 30
4 2012 2114 203 21
" "3133 "53 2033 2033 203
24 J'ne
: :4 4 111782
3
4
434 478
43 Ws 8,579 Arizona Commercial.. 5
434 5
4
5
*47
8 5
4 Jan 10 5',4 Jan 30
.1373
3
114 J'iy
4
4 Jan 9
*4
4
4
4
4
418
4
4
395 liu'le-Balaklava Cop 10
312Jan 3
4 4
4 33
*33
33
1814 J'no
3412 3512 3458 38
3314 3312 3314 3412 3458 3614 3533 38
13,952 Butte & Sup Cop(Ltd) 10 3112Jan 3 3614 Jan 27
5612 J'ne
10 6212Jan 10 68 Jan 24
6734 68
67
68
6712 6734 6714 6712 663 673
4
8 863 6714 2,095 Calumet & Arizona
4
430 430 430 435
430 432
*432 433 432 433
25 410 Jan 9 435 Jan 27 388 Deo
430 435
79 Calumet & Hada
10 J'ne
6
*1612 1712 *1612 1712 167 17
8
25 12i,j n 9 17 Jan 20
167 1678 17
8
17
17
17
500 Centennial
a
4 Ja n
3014 J'ne
4114 4034 4138
4138 4112 4114 4112 4112 4134 4114 4112 41
3
5 38 Jan 9 411 Jan 22
425 Chino Copper
32 Dec
39
3912 3912
3912 3912 39
3934 39
3812 3812 383 39
4
712 CopperItange Con Co 100 36 Jan 8 40 Jan
2 Sep
*213 278 *212 27
273 278
20
212 212 *212 23
4 *212
130 Daly-West
8
914 J'ne
1214 1212 1212 13
1212 1258 12
1212 1214 1212 8,426 East Butte Cop Min.. 10 1034 Jan 5 13 Jan 26
123 13
4
212 Dec
414 414
2
0
434 418
*4
412
414 414
41.:
j
J
25
414
414
4
,27 an 36
4
6
361 Franklin
212Jan 8
51 J'ne
8312 85
84
8412 83
8412 823 833
4
4 8212 8318 824 84
5,317 Granby Consolidated_100 7312Jan 9 85 Jan 24
2758(let
40
40
38
Greene-Cananea
100 293 Jan 3 42 Jan 22
3834 38
3813 3712 3813 3812 3014 39
40
1,348
4
12 Nov
20
20
20
20
2012 2012 20
1914 1913 19
20
19
480 Hancock Consolidated 25 16 Jan 8 21 Jan 23
2778 Jan
:Hadley Gold
•
29
*29
*29 ____ *29
Last Sale 29
10 29 Jan 21 29 Jan 21
Jan'14
14 May
12Jan 8
Helvetia Copper
•.35 .50 *.30 .50 *.40 .50 *.40
25
•.40 .50
.40 .40
600
.35 Jan 20
:3 Oat
512 512
512 6
53
4 524
514 512 *514 512
413 Jan 10
25
6 Jan 26
625 Indiana Mining
53
4 534
4414 J'ne
1 47 Jan 12 4058Jan 21
•._ 4812 *4712 4812 *.
48
*4613 48
- 4812 48
48
10 Island Creek Coal
79 Xi y
Do pref
1 84 Jan 14 87 Jan 22
8618 8514 8514 ;66- 8512 1,244
8614 8614 8512 853
4 853 853
4
4 86
16 J 'tre
2214 2214 2112 2112 21
25 1812Jan 3 2212Jan 22
22
22
2178 22
21
21
2112
690 Isle Royale Copper
253Jan
5
5
5
4% 5
5
4% 5
5
411' 5
4
A
5
5
1,788 .Ker: Lake
412Jan 5 51 Jan 20
Aug
25
33
4 4
214Jan 10
4 Jan 27
43
3 4 37
3
312 358
312 3%
33
4 4
33
4 83
4 2,092 Keweenaw Copper
5 Nov
25
934 934
10
10
10
10
0
912
934 97
8
9
9
756 Lake Copper Co
7 Jan 3 1012.Ian 16
473 472
,
5
434 478
3 4 J'ne
413 Jan 2
25
5
5
*458 5
5
290 La Salle Copper
5 Jan 26
312 Nov
353 378 *358 4
33
8Jan 15
*258 -27;
565 Mason Valley Mines.. 5
4 Jan 16
3
53 33
4
3 8 33
5
4
33
4 34
3
4
*234 3
212 213 *212 3
13 Nov
3
3
25
3
190 Mass Consol
*23
8
4 3
214Jan 5 3/ Jan 20
'
(4,
5 Nov
8
8
778 778
9
8
778 8
25
818 87
614 Jan 9
0 Jan 28
8
83
4 8 4 2,355 Mayflower
3
*2378 2418 24
*2312 2378 2358 24
24
24
24
5 2134 Jan 5 24 Jan 26 2014 .J'ne
22312 234
220 Miami Copper
12 Dec
4 34
,
114
*3
4 114
1
1
*1
,
25
112 .1
114
20 14 11chigan
1 Jan 27
1 Jan 27
38 Nov
4514 43
25 42 Jan 8 46 Jan 23
453 453
4
4 4512 453
4514 43
4 45
44
4512 45
590 Mohawk
13 J'ne
16
1614 1612 1614 1614 161 1618 *164 1634 16
*1814 1612
231 Nevada Consolidated.. 5 1433 Jan 8 1612 Jan 23
,
12 J'ne
33 Jan 27
3
338 33
3
8
314 33
8
3
3,030 New Arcadian Copper 25
3
3
34
314 3 4
17 Jan 14
8
3
714 Nov
75 4 712
/
713 Jan 30
5
7
'A 758
74 7,4 4,151 Niplssing Mines
778 77
8
74 8
11
7f', 7i',
8'8 Jan 22
2134 J'ne
North Butte
283 29
28
15 2714Jan 5 2912Jan 27
4
287 2914 287 2912 2834 29
8
2814 283
4,162
4
8
29
214 214
214 212
24 212 *212 23
214 214
25
28g 233
212Jan 23 ai9 May
380 North Lake
4
134Jan 6
12 J'ne
*112 134
*114 178
25
134
134
118 112 •112 158 *112 2
100 Ojibway Mining
.90Jan 14
2 Jan 23
58/,
.3 Apr
47
8 514 6,320 Old Colony
478 514
434 478
333 Jan 3 57 4 Jan 28
5
413 47
25
24
43
/
4 47
8
4134 J'ne
8234 5312 5212 5212 5212 523
25 50 Jan 5 53)2 Tan 24
414 Old Dominion Co
4 513 513
4 5214 5212 514 513
4
4
6714 Dec
7912 80
78
78 .78
7912 81
79
80
7812 79
79
25 73 Jan 14 81 Jan 26
199 Osaeola.
15 J'ne
20
20
2012 2014 2014 20
2038 1934 20
20
2014 20
2,115 Pond Creek Coal
10 1834 Jan 3 2073 Jan 22
5214 Dec
65
62
63
6512 65 65
*64
65
64
*61
*63
65
25 60 Jan 3 6512 Jan 24
70 Quincy
1514 J'ne
19
19
193
8 19
187 19
8
19
19
1918 1918 1914 19
525 Ray Consol Copper
10 1734Jan 10 1934Jan 23
80 Nov
36
8612 36
86
88
3612 36
36
88
36
36
86
200 St Mary's Min Land_ 25 32 Jan 3 3612 Jan 24
1 J'no
21
,4 218
218 24
*178 2
178
178
2
214 Jan 27
214 24 24
755 Santa Fe Gold & Cop.. 10
112Jan 7
5 Dec
6542 658
67s 678
67
8 672
672 672
67
8
65s 63
4
813 Jan 8
10
931 Shannon
7 Jan 30
21 Feb
2812 2812 2812 2812 28
28
28
28
2814 28
610 Shattuck-Arizona_ _ _ _ 10 2612 Jan 8 29 Jan 19
2812 28
•.15 .25 •.20 .25
•.20 .25 •.20 .25
5
.20 .20 $.20 .
50 South Utah M & S
.20 Jan 27 .15 Aug
.20Jan 3
29
21 Nov
29
$2834 29
2834 283
25 257 Jan 3 2934 Jan 23
320 Superior
4 2814 2814 2818 2812 2814 2814
•238 212
212 234
2
212
238 212
23
214 214 1,240 Superior & Boston Cop 10
3 234
214Jan 30 2%Jan 23
134', Jan
81
3118
3111 31
81
3134 31
3112 31
31
31
21 J'ne
25 2812 Jan 9 32 Jan 22
*31
280 Tamarack
5
5
43
4 43
414 Jan 7
5
514
5
5
43
4 5
4
3 May
25
*434 5
480 Trinity
5 1 Jan 23
)
.78 .78 1,395 Tuolumne Copper
.70 .70
.70 .70
.75 .75
.75 .77
.70 .75
1
.78 Jan 30 .50 Dec
.55 Jan 5
4278 43
4212 423
4238 413 4214 414 4214 2,138 U S Smelt Ref & Min_ 50 3383 Jan14 4314 Jan 23
4
4 4214 423
34 J'ne
4 42
4834 483
4 4812 4812 4812 4812 484 4814 484 4812 4814 4813 2,710 Do pref
4512 J'ly
50 4612Jan 9 483
4Jan 24
218 218 2,140 Utah-Apex Mining
2
214
213 213
17
8 17
8
17
8 17
2
13
4 2
118 May
5
214Jan 28
134Jan 27
10
1018 10
10
10
1014 1014 10
10
1013
93
4 ON 1,441 Utah Consolidated.-- 5
834Jan 6 1014Jan 27
714 May
54
54
5434 504 9418 5414 *5312 533
55
462 Utah Copper Co
4 534 45334 55
10 4012 Jan 10 55 Jan 30
40 J'ne
*114 12
4
15g
158
112 13
4
158
158 *112 13
240 Victoria
4 *114 13
25
4
118Jan 9
13
4Jan 26 .00 J'ne
*6
378 412 3,370 Winona
33
8 312
33
8 312 *33
413Jan 30
8 34
213 Jan 8
33
8 33
4
33
4 33
4
8 Sep
4
47
47
46
48
464 4612
45
45
45
45
4512 48
175 Wolverine
3914 Nov
25 44 Jan 9 4712Jan 21
.98 114
(
1
114
1
1
11 4
/
114
1 11
1/ 1,280 Wyandott
14
3 Jan 22
4
118 •1/4 118
114 Jan 21 .40 J'ne
25
*Dia and asked prices. e A maiment paid. S Ex-stook dividend.
Ex-righta.,..e..-=E;afIlvIdend sad right. s Unstaraped,_ 24I paid._ w Halt paid.




6 Jan
330 Jan
2438 Oct
214 Jan
4214 Jan
8038 Sep
3278 Feb
512 Sep
8 Oct
45 Jan
7213 Jan
555 Jan
18 Jan
4713 Jan
53 Jan
4 Jan
1518 Jan
9 Jan
7814 Sep
2 '1 t j
5
r
35 Apr
84 Jan
17 Jan
50 Jan
8712 Jan
8
337 Jan
4% No,
3343 Feb
2612 Jan
514 Jan
104 Jan
51 Jan
1514 Jan
2013 Jan
2 Apr
65 Jan
193 Jan
4
213 Jan
94Saab
3413 Jan'
23
4Jan :
3 4 Jan •
,
888 Jan.
58 Jan
107 Jan
2814 Jan
80 Jan
22 Jan
46 Jan
/f. Aug
i
1312 Jan
31 Sep
.35 Jan
404 Jan
Ws Feb
33 Jan
6 Jan
32 Jan
4313 Jan
50 Jan
278 Sep.
1114 Jan
60 Jan
2 Jan
413 Jan
78 Jan '
111 Jan

379

Boston Bond Record

JAN. 31 1914.1
1BOSTON STOCK EXCIT NM'.
Week t;nding Jan. 30

Price
friday
Jan. 30

11,

Range
Year
1913.

Week's
Range or
Last Sale

AM Low
Higl No. Low Hick
99 102
9934 Apr '13
8814
8912 139 8414 8911
10334 Alch'13
10212 106
4
9913 30 893 10414
__-- 9834
827s 8278
8273 Oct '13
---104 104
10312 1031
941k 951e 9434Jan '14
92 98
8334 84
8
853 Jan '14
8414 851,
Aug'13
---- 8414 Jan
94?
97 97
'14
--10014 Deo '1
100141001,
---68 -76 59 67
68 Sale 6558
May'13
50 85
---- 50 Jan '14
8312
---_
9714 ---- 10014 Mch'09
'tm
1041-Oct
_-_05 -Feb '12
-3 Rif - 102
1011
fat- Sale10112 101
-- —
1041- 3'12e'13
10414 10414
4
83
8314 34 82 8934
8314
1103 Oct '07____
98 Nfay'13
95 98
9814 Nov'13
9814 100
9514 Jan '14-- —....
U812 Dec '12
83 J'ly '13 __ 83 8513
9 98141003
0958
;
. 668
6654 - 7- 0334
80 81 81 Jan '14 ___ 79 8617
107 11033
107 J'ne'13
11358 Feb '11
77 80
81 84 SO Dec '13 ___
3 90 98
91
91 94 91
9712 Sep '11
05 95
-id - -5E- 95 Mch '1'
10014 Aug'12 _.
92 92
78 79 92 J'ly '13
_
9812 Sale 78 Jan '14
2 07 091
981
9812
95 Oct '12
122 Feb '13 __ 122 122
122 Moh'12

Rid
Am Agricul Chen, 1st 5s_1928 A-0
Am Telep & Tel "o.1 tr 4s-1929 J -J
1936 M-8
Convertible 43
1933
: 20
-year cony 41-11
'Am Writ Paper 1st s f 58 g_1919
191:: M-N
I Am 'Zinc L & dob 68
Abch Top & S De gen g s_1905 A-0
Adjudtment 4s____July 1905 Nov
Stamped
July 1095 M-N
1955 J -D
50
-year cony 4s
,
1917 J -D
10
-year cony 5s
All Gu.f W 1 SC Lines 58_1950 J-J
!Dos & Corb 1st cony s f (Ss _1923 M-N
1935 91-N
•
'Boston DIlev 3 -yr g 4s
1916 J -J
'Boston & Lowe.1 4s
1944 J -J
1
'Bost n & Maine 4 4s
1042 F-A
Plain
1918 J
Bur & Mo Riv cons Gs
1951 J-D
Butte El & Pow lit 5s
Cedar Rap & Mo Ely 1st Is 1916 M-N
Cent Vermt lit 4s__ _May 1026 Q-F
1919 A-0
B & Q Iowa Div lit 5s
1910 A-0
Iowa Div lit 4s
1922 F-A
Denver Eaten 4s
1927 51-N
Nebraska Eaten 45
1921 M-S
B&8Wsf48
1940 J -J
Illinois Div 33.s
Chic Jet Ity & Stk Yds 5s_1918 J -J
refunding g 4s_194C A-0
Colt trust
Ch Milw & St P Dub D Os 1020 J -J
Ch M& SIP Ms V div 8s 1920 J - J
,Ch & No Mich lit gu 53_1931 M-N
1921 J -D
Chic & W Mich gen 5s
192C J -1)
,Concord & Mont cons 4s
1949 A-0
;Copper Range 1st 5s
,Cudahy Pack (The) listg - 1924 M-N
1926 A-0
,Current River 1st 55
,Dot Gr Rap & \V lit 4s......1946 A-0
1040 73-1s7J
11)ominloo Coal lit s f 5s
1927 M-S
IFitchburg 4s
Fremt Elk & Mo V lit 6s_1933 A-0
1933 A-0
Unstamped lit 8s

8912 Sai

BONDS
BOSTON STOCK EXCHANGE
Week Ending Jan. 81

4?.

General Motors 1st 5-yr Gs_1915 A -C
(A t Nor 0 B & Q col. tr 4s__1921 J -J
1021 (2- J
Registered 4s
Houston Elec 1st s f gen 5.3_1325 F-A
La Falls & Sioux C 1st 7s_1917 A-0
Man C Clin & Spr 1st 5s_ 1925 A-0
Man 0 Ft Scott & Alen] Gs 1928 M-N
K C Ft S & M By re,' 4s gu _1936 A-0
Kan 0 AI & B gen 48
1934 M-S
1934 M-S
Assented income 5t3
Kan 0& M Ry & Br 1st 55_1029 A-0
Marq Hough & Out 1st Gs 1925 A-0
1929 J -J
,
Mass Gas 431s
Deban 4 3113
,
Dec 1031 J -J
1917 J - J
Mich Telephone 1st 5s
Miss River Power 1st 5s
1951 J-J
New Eng Cotton Yarn 5s 1929 F-A
New Eng Teieph 5s
1915 A-0
5s
1932 A -0
New River (The) cony 5s_1934 J -J
N Y N II & H con deb 3 .113_1956 J -3
Cony deb 6s
1948 J-.1
Dreg Sh Line 1st g 6s
1922 F-A
Pond Creek Coal 1st 6s _1923 J -D
Puget Sd Elec Ey 1st 5s
1932 F-A
Repub Valley 1st. s f Os
1919 J -J
Savannah Elec 1st cons 58 1952 J-J
Seattle Elec 1st g 5s
1930 F-A
Shannon-Ariz 1st Gs g
1919
Terre Haute Elec g 5s
1929 J -J
Torrington 1st g 5s
1918
Union Pac Iill & Id gr g 45_1947 J -J
1927 J -J
-year cony 4s
20
,
1923 J -J
United Fruit gen a f 431s
,
1925 J -J
Debenture 431s
U S Steel Co 10-GO-yr 5s Apr1963 M-N
1915 F-A
West End Street Ry 4s
1914 M'S
,
Gold 431s
1916 M-N
Gold debenture 4s
1917 F-A
Gold 4s
1932 J-J
Western Teleph & Tel 5s
Wisconsin Cent 1st gen 4s_..1949 J -J

Week's
Range or
Last Sate

Price
Friday
Jan. 30
Ask
Rid
993410018
9634 0678
9612 ------

Range
Year
1913.

g

High
Low
1110 No
903 993
4
8
093 Apr '13
18 9318 9614
97
9634
9312 9574
0512 Jan '14

id" A.13 -15ii

92 Feb 13
110
110
8
763 -Jan '13
85 ___. 9012 Feb '13
80 78 Nov'13
_
4
963
4
9634 99 963
115 J'ne 08
4
96
4
4
953 903 953
95
9312 95 95
97 Aug'13
8512
8512 Sale 84
____ 88 8912 Dec'13
100 Jan '14
10112
10112 Sale 101
80
---- 80
75
75
10614 Nov'13
____
s
1093 Jan '14
107
107 Sale 10612
88 Jan '14
103 Jan '11
7014 Dec 'lc
10018 _ _ 10018 Jan '14
9314 95 9314 Jan '14
u7 Apr '07
10034 Mch'13
9514 Nov'13
90 J'ly '13
68 66 95 Jan '14
- -- 9412
9412 9513 9412
10214 1023 10214 10214
4
9818 Jan '14
--_----- 993 Dec '13
98513
9853
9638 Nov'13
99
99 Sale 98
9358 Feb '12
---: 91
110

10738113
7638 7638
9012 904
78 80
95 10138
2 94 tl:
1 9314 911
97 9912
8 7912 81
8912 93
101 101
23 9812 102
7 67 80
2 73 73
10614 12513
14 103 11115
88 88
100 l031
90 92
4
16634 1063
9514 9518
9-4 90
92 9614
4 92 Ws
1 9378 10134
97 97
9914 993
4
97 971$
8
963 9638
55 92 1005s
-.....

NOTE.—Buyer pays accrued interest in addition to the purchase price for all Boston bonds. • No price Friday; latest bid and asked. 11 Flat prices.

Philadelphia and Baltimore Stock Exchanges—Stock Record, Daily, Weekly, Yearly
Sales
of the
Week
Shares

SHARE PRICES—NOT PER CENTUM PRICES
Saturday
Jan. 24

Monday
Jan. 26

Wednesday
Jan. 28

Tuesday
Jan. 27

Thursday
Jan. 29

Friday
Jan. 30

10613 10618 *106 107 .106
10'7 10'7
10514 106 108
-. *111
-- *11012
__ •110
.
118 *11012 11234
1734
17
1634 -17
16 1614 1612 -16
16
16
5912 59
59 .58
69
59
57
5934 57
116 11018 --------------11812 11812'117
1914 1914 1913 1913 *1913
20
20
20
20
;iii- --.
4
*533
53
5338 5312 5314 5313 53
4
4 51 513 - -34 533 54
2618 2618 2618 2618 2614 26
8 26
4
2558 2534 253 257

105
•11212
1534
• 5934

50

398-8
5012

-85- id 3818
37
7712 7712
•128 13
4
8
227 23
8412
•84
7818 7818
1914 less
3312
4.33
3
573 575
4231
*42
2814 2638
19
9
85185%
714 714
4512 4512
85 85

9
3
9
3
- - -- ;5i- ---3
503 6012 6012 61
1114 1114
„
60
8
108 197- 50
-,39
38
38
38
7714 78
77
77
*1234 13
*1231• 13
23
23
23
23
8334 8412
84
84
8 7714 7758
7753 777
1912 1912 1934 1934
.33
31
3
337 337
8
4
571( 575
s 57%5714,
4211 4212 *4214 4212
s
263 2638 2614 2614
1873 1878
3
.187 19
8
5
8 843 843
4
z84-4 845
/
7 4 7%
7% 714
4578 4578 4558 4533
s
8
4 867 857
8534 853

;58-

PHILADELPHIA
Inactive Stocks
.....
Amer Gas warrants.
10
American Ai tiling
100
Amer Bys pref
50
Cambria iron
Central Coal ,Y; Coke._100
100
Preferred
100
Consol Trac of N J
100
Harwood Electric
50
Huntington & 13 T
50
Preferred
Insurance Co of N A. 10
Inter Stn Pow & Chem 50
Kentucky Securitles_100
Keystone Tele)), pref_ 50
Keystone Watch Case 100
10
Lit Brothers
50
Little Schuylkill
Minehill & Schuyl II— 50
Nat Gas Elec Lt & P 100
100
Preferred
50
North Pennsylvania
Pennsy receipts $30 paid50
Pennsylvania Salt
Pennsylvania Steel_100
100
Preferred
Phlla Co(Pitts) 5% prf 50
6% cumulative pref 50
Phila German & Norris 50
Phila Traction
50
Railways General
10
Tonopah Belmont Do; 1
10
'United Cos of N J
• United Trac Pitts prof 50
Virginia By & Power 100
100
Preferred
Warwick Iron & SA3e1- 10
100
Washington-Ye Ity
100
Preferred
100
Welsbach Co
West Jersey & Sea Sh_ 5
50
;Westmoreland Coal
00
Wilkes Gas &
Elec-150
iYork Palivray
50
I Preferred

Bid

-56- 16 8 -55- WI;
1
5038 5012 5012 5012
_
___
-„5014 /04 5012 /07
8
33812 3812 3812 3914
8
777 78
7734 7814
*1278 13
1278 1278
*23
2312 23
23
84
8414 8313 8414
77% 7714 7714 7714
193 1934 1913 1912
4
3312 3312 3312 34
5738
5714 57% 57
4214 4314 43 43
2614 2638 2618 2614
3
187 1878 *183 19
4
843 8512 84% 843
4
4
718
7
7% 7%
4534 46
8
457 48
8513 86
8514 8812

Ask

53 1
102 103
4234 4313
--_
7214
-___
-ii4 2213
___ _
5553 58
-__
4
103
--3680
- -107 10712
-647
62 42 43
4
443 4514
8312 84
4
83
6 734
75
-..------

61
---103
4
34 35

;5514 3934 ...Ho
3,704
8
x493 50
25
1112
*11
5012 5034 1,269
3914 4014 5,186
7834 2,680
78
200
*1234 13
637
2278 23
312
28314 8314
220
7718 7714
1912 1912 1,225
240
*3312 34
5713 5712 2,154
345
43
43
2618 2014 3,918
435
8
•183 1834
8414 85% 25,214
7X. 1,066
7
4014 1,455
48
88
8512 1,159

Bonds
Prices are all "and
interest"
Alt & L V Elec 43
0'337-A
,
Mn Gas & Elec 58'07_F-A
Am Rys 5s 1017_____A-0
Atl C Gas 1st s f 58 '80 J-J
.
Berg&Ellrew 18t68 21 J-J
Betbleh S't1 Os 1998_Q-F
Oh Oic & CI gen 5s 1919 J-J
Con Trac of N J 1st 52 '33
I)cl Co Rys tr ctfs 48'49J-J
Edison Rice 55 1946__A-0
Mice & l'eoples Tr tr ctfs_
Fr Tac & II 1st 58 '40_J-J
Gen Asphalt 58 1916_M-S
flarw Elec 1st Gs 1942 M-S
-A
Interstate 4s 1943_F
Kentucky Tra&T 58'51P-A
Keystone Tel 5s 1935J-J
Lake Sup Corp inc 5s'24 0
Lehigh Nay 48 '14_Q-J
Gen M 43-18 g 1924_0-F
Leh V 0 1st 58 g 1933..J-J
Leh V eat 48 1st 1948_J-D
Consol 6s 1923.. _J-D
Consol 43s 1923___J-D
Annuity Os
,J-D
Gen cons 4s 2003...M-N
Lou V Tran con 4s '35 J-D
1st series A 45 1035.M-S
1st series 13 5s 1935 M-S
MarketStEl 1st 4s'55M-N
NatLH&P seal 58 '19 .1-J
New Con Gas 5s 1048_J-D
N Y Ph & No 1st 48'39 J-J
Income 48 1939___M-N
Penn Steel 1st 5s'17..M-N
People's Tr tr ctfs 4s_1943
P Co lst&coll tr 5s'40M-S
Con & coil tr 5s'51 M-N
Phil Elec gold tr ctfs-A-0
Trust ctfs 4s 1949—J-J
P & E gen M 5s ,r '20_A-0
Gen M 4s g 1020___A-0

(For Bonds and Inactive
Stocks see below)




5Es-dividend. g315 paid.

Highest

Lowes:

Bid

Philadelphia
50
2 Feb 6
American Cement
50 37 J'ne 11
American Railways
50 41 J ne 10
Cambria Steel
1114 J'ly 29
Electric Co of America 10
4212 J'ne 10
Elm Storage 13attery_100
100 33 J'ne 10
Gen Asphalt
8
100 703 J'ne 10
pref
Do
4
93 J'ne 10
Keystone Telephone_ 50
21 Dec 16
Lake Superior Corp. 100
50 81 J'ne10
Leh C & Nay tr ctfs
50 7058 J'ne 10
Lehigh Valley
4
153 Jan 4
Lehigh Valley Transit 50
2912 J'ne 12
50
pref
Do
50 53% Dec 13
Pennsylvania 13R
37 J'ne 10
50
Philadel Co (Pittsb)
Philadelphia ElectlI
25 12012 J'ne 10
18 Nov19
Phila B T Vol tr ctfs_ 50
50 7558 J'ne 10
Reading
1
4 J'ly 22
Tonopah
50 4134 Nov18
Union Traction
50 8034 J'ne 10
United Gas impt

Ask

Range for Previous
Year (1912)
L.ncest

PHILADELPHIA

Bid

Ask

BALTIMORE

i91

wil &

$1714 Paid.

V224 paid..

Highes:
117 May
116 Apr
2518 Nov
7212 J'ly
130 Apr
2714 May
4
593 J'ne
2658 Sep

7 Jan
1 J'ne
2 Feb 6
47 Sep
s4912 Feb 24 4013 Oct
5513 Oct
5358 Jan 9 4113 Mch
1212 J'ly
1218 Jan 9 1112 J'ly
5838 Aug
5414 Jan 0 5234 Jan
3912 Dec
4278 Feb 4 18 Apr
7312 Dec
78 May13 5934 Apr
13 Sep
0 Apr
1312 May10
3514 Sep
3112 Jan 9 27 Feb
9312 Jan 3 8773 Mch 100 Sep
9278 Jan
84% Jan 3 7818 Feb
1678 Sep
813 Jan
2378 Mch 28
3212 Deo
3712 Meh 28 23 Jan
61% Jan 9 60 Dec 63% Apr
5614 Feb
50 Jan 8 4./34 Dec
2434 Sep
1I2618 Deo 1 111378 Jan
2812 Jan 3 2253 May 29 Sep
8914 Apr
85% Dec 26 7414 Jan
6 Dec
814 Apr
7314 Dee 30
511i Jan 9 49 4 Feb
53 Sep
3
9238 Aug
9112 Feb 3 8014 Jan

Coal &0 By lit 5s'19A-0
Ph & Read 2d 53 1933 A-0
Coal & I By 1st 5s'20 F-A
Ex Imp M 4s 1947_A-0
Col & Grnv 1st Gs 1916 J-J
1.
Q-1 11334
Terminal Si g 1941
9814 Consol Gas 58 1939__J-D
..... P W & II col tr 42'21__J-J
A-0
Gen 4 As 1054
2
-£41- 85 Read Trac lit Os '33 _J-J
Cons G & P 43-18 '35 J-3
(loch By & L con 52'54J-J
3
1021- Consol Coal 5s 1950—J-D
— -— _ .-_-:- S• panish-Am Ir Gs '27__.1-J
89 Fair & Cl'Jr 1st 58'38 A-0
100- S• tan'd Gas & El 6s'26 J-D
Oa 3: Ala 1st con 5s '45 J-J
titand S U Wks lst5s'28 J-J
1-.1
Cla Car&N 1st ,s g '29 .
i017(912 100 U Trac Ind gen 58 '19_J-J
Georgia!' 1st (Is 1922__J-J
Un Rys tr Ws 45 '49 _J-J 74
Oa So & Fla lit 58 '45_J-J
United Rys Inv 1st coll tr
-B-S Brew 3-4s '51_M-S
M-N 75 78 0
s f 5s 1928
8813 Houston Oil div ctfs F-A
4
843 85 WeLsbach s f 55 1930__J-D
Knoxy Trac 1st 5s'28 A-•
Wil-B G&E con 58 '55..J-J
iVfaconlly&Lt 1st 58'53J-J
8
-663- ---- Y• ork Rys 1st Si 1937_J-D
MU Elec By 1st 5s '31 A-0
101 iaf12
Memphis St 1st 5s '45_J-J
BALTIMORE
60 6013
Monon V Trac 5s '42 J-D
Inactive Stocks
9113 Atlan Coast L (Conn)_100 257 280 Mt Ver Cot Duck 1st 55__
9034
100
162 NptN & 0 1' 1st 55'38M-N
69 72 Canton Co
N & A Terml 52'29M-S
— Consolidation Coal_100 94
Nor&Port Tr 1st 5s'3111 J-D
Georgia Sou & Fla.... 100 25
100 871 90 Nod'Ry & L 5s '49 -M-N
1st preferred
4
105 1065North Cent 43 1925 A-0
-is
100 70
2d preferred
Series A Is 1928___J-J
11
100
-B-S Brewing
0
Series 13 55 1926...--J-J
Bonds
_ _..
101 102
Pitt Un Trac 5s 1997__J-J
Prices are all "and
139
Poto Val 1st 5s 1041_J-J
interest"
90 91
Say Fla & West 5s '34 A-0
Ball City 3 Ms 1930...._J-J 9112
A-0
Seab Air L 4s 1950
4
48 1954-1955.—Varlous 973
Seab & Roan 5s 1926—J-J
M-N 1011
58 1018
A• nacostia & Potom SiA-0 981 99 South Bound 1st 5s_A-0
12
8
1
Atl O'st cony deb 4a-M-N 943 96 U El L&[' 1st 4;i:3'29'31-N
Un By & El 1st 4s'49 M-S
Atl Coast L(0t)ctfs Si J-D 100
J-D
4
Income 4s 1949
J-J 93 935
5-20-yr 45 1925
98
Funding Si 1938_J-D
-A 941 96
BSP&C 1st 4 3is'53 F
Cony notes 5s 1914 J
-M-N 1031
Trac lit 5s '29.
1043- B• ait
Va Mid 3d ser 65 '18-M-S
No Balt Div 5s 1942J-D 1031
86
4th ser 3-4-58 1921 M-S
10018 --- Cent Ry cons 5s '32-M-N 103
5th series 58 1925 M-S
Imp 5s 1932 M-S 103
Eat &
89 8912
102 103 Ohas City Ry lit 5s'2.1J-J 1021 104 Va (State) 3s new '32..J-J
Fund debt2-35 1991 J-J
s
4
818 817 Chas Ity G & El Si '99AIS 92
West 11 0 con Gs 1914_J-J
104 City & Sub 1st 581922 J-D 102
Weld 58 1336_J-J
City&Sub (Was) 1st Si '48 100

41.

5
Bld sad tasked: no sales.on 3131 day.

Range for Year 1913

Baltimore
283 Con Gas El L & Pow_100 101 J'ne 10 120 Jan 16 118 Jan
100 101 J'ne 12 12034 Jan 31 101 Jan
pref
Do
814 Jan
1212 Dec 18 2513 Nov14
.100
6,364 Houston Oil tr ctfs,,
pref tr ctfs_100 5612 J'ly 28 68 Jan 9 5334 Jan
Do
716
50 10612 Dec 22 123 Apr 2 121 Dec
186 Northern Central
1412 J'ne 11 21 Jan 30 18 Dec
192 Seaboard Air Line_100
100 4112 J'ly 19 4912 Sep 23 4512 Mch
Do
pref
230
8
2,869 United By & Electric_ 50 23 Jan 6 275 Apr 3 1814 Jan

107
113
8
183
5912
121
___
54
2614

PHILADELPHIA

ACTIVE STOCXS

Bid

Ask

92 95
98
10238 10234
105 . -9318 9314
8834 89
8012 9012
100
10314
10234
109
103
40 41
78 781
4
10224
9514
9812
9514
40

411

93
88 87
9712
101
105
105
10312
105
8413 U

fa"
9114
4
833 84
4
633 64
8713 —..
991
100
aloe
1011
10212
•

100
4
1053

380

THE CHRONICLE

[VOL. xcvm.

*nuestment anti tilatirctad Intelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. 'the first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplementary
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers some other
period. The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.

Week or
Month.

Current
Year.

Previous
Year.

Latest Gross Earnings.

July 1 to Latest Date.
Current
Year.

Previous
Year.

ROADS.

Week or
Month.

Current
Year.

Previous
Year.

July 1 to Latest Dale
Current
Year.

Previous
Year.

hie N 0& Tex Pacg
s
3
s
S
X
5
N 0 & Nor East_ December_ 362,582 318,063 2,103,098 1,918,869 NO Mobile & Chic_ November
203,276 253,371
948,941 1,039.476
Ala & Vicksburg_ December_ 176,376 173,881
057,566 N Y N H & Hartf__ November 5,669,683 5,920,088 29,744,393 30,945,140
988,611
Vicks Shaw& Pac December _ 171.454 160,857
889,483 N Y Ont & West___ December
945,764
653,336 705,241 4.892,738 5,046,361
Ann Arbor
2d wk Jan
33,054
39,800 1;299,115 1,275,231 NY Susq & West__ November
326,197 311,861 1.646,522 1,536,951
(itch Topeka & S Fe December- 9.137.49 10420242 57.906,277 61,228,359 Norfolk Southern
November
4
317,275 291,301 1,532,709 1,463,942
Atlanta Birm & Atl. November
3
35,620 294,273 1.492,172 1,375,098 Norfolk & Western_
19,654,449 18,572.426
3,675,055
Atlantic Coast Line November 3.306,210 3,071,228 13,823,359 13,466,077 Northern Pacific__ November 6,698,544 3,550,50:3 33,364,288 33,365,961
7.136,247
November
Chariest & W Car November
871,578
761,138 Northwestern Pee_ November
190,175 170,227
295,872 286.645 1,844,646 1.792,718
Lou Rend Sc St L. November
534,995 Pacific Coast
595,951
118, 05 107,125
0
November
678,146 710,202 3,523,424
I Baltimore & Ohio_ December_ 7,909,925 8;303,097 52,653,964 52,449,338 PennsylvaniaCo__ November 15350971 15467102 81,116,704 3,664,433
RR__
77,584.091
B Sc 0 Oh Ter RR December_ 128,321 143,180
910,401
9110,837
Bait Chas & At1__ November
197,904
173,291
23,806
21,603
Bangor & Aroostook November
327,881 287,019 1,485,634 1,327,807
Cumberland Vall. November
300,047 295,869 1,521,294 1,478,454
Bessemer Sc L Erie_ November
690,483 679,849 4,821,676 4,582,829
Long Island
November
903,425 869,370 5,944,149 5,475,368
Birmingham South- November
97,267 103,917
830,500
478,591
Maryl'd Del & Va November
84,274
85,706
10,851
11,597
Boston Sc Mane_ - _ December 3,890,695 3,861,894 25,420,148 25,814,278
N Y Phila Sc Norf November
319,059 286,791 1.715,989 1,581,809
Buff Roch Sc Pitts ad wk Jan 206,461 212,286 8,676,677 6,292,457
Northern Central November 1,145,032 1,133,298 5,898,321 5,694,834
Buffalo & Susq
November
Phila Bait &Wash November 1,739,273 1,763,413 9,107,708 9,112,499
188,365 209.266 1.034,726 1,041,809
Canadian Northern d wk Jan 313,200 301,500 14,405,600 13,241,600
W Jersey Sc Sea& November
393,601 400,499 3,374,210 3,341,838
Canadian Pacific 3d wk Jan 1.772,000 2,177,000 80,351,836 79,727,913 Pennsylvania Co
November 5,346,664 5,993,572 30,109,801 30,149,889
Central of Georgia_ Decernber_ 1,408,628 1,246,296 7,597,292 7,e53,372
Grand Rap Sc Ind November
443.048 455,265 2,545,763 2,481,088
Central of New Jers November 2,570,054 2.584,591 13,740.417 14,021,459
Pitts 0 0 St L_ November 3,648,680 3,862,678 19,880,049 19,463,254
Sc
Cent New England- ovember
329,928 310.713 1,624,573 1.617,414
Vandalla
November
977,005 978.529 5.169,925 4.944,460
Central Vermont_. November
323,668 339,637 1,842,248 1,862.017 Total Lines
Chem Sc Ohio Lines_ 3d wk Jan 734,109 690,314 29,610,355 19,757,483
East Pitts Sc E_ November 21401709 21637639 115679478 112223376
Chicago Sc Alton.__ . d wk Jan 245,198 273,132 8,712,407 9,103,507
West Pitts Sc E November 10611636 11473372 58,581.413 58,034,988
Chic Burl & Quince November 8.296.282 8,817.535 43,565,412 42,585,271
,
All East & West.. November 32013346 33111013 174260894 170258368
f Chic & Bastin._ November 1.381.897 1,432,647 7,153,196 7,045,559 Pero Marouette
December. 1,450,270 1.566,646 8,826,026 9,249,849
p Chic Great West- 3d wk Ja. 300,032 295,704 8,341,345 8,070,387 Reading Co
Mlle Ind Sc Lonisv_ d wit Jan 127,042 114.987 4,041,121 4,004,464
Phila Sc Reading_ December_ 4,160,680 4,405,830 25,552,500 26,405,411
Chic Milw Sc St P_( ovember 8,161,618 8,670,291 41,694,803 42,189,463
Coal Sc Iron Co December.. 2,845,591 4,138,15 16,191,022 23,096.306
Chic Mil& Pug8(
Total both cos
December_ 7,006,272 8,543,982 41,853,811 49,501,717
'Chic Sc North W
December. 8,913,883 7,194,247 46,418,056 45,664,316
228,580
November
pOhlcStPaulM&0 December. 1,559,240 1,443,233 9,784,956 9,275,102 Rich Fred & Potom October... 237,350 142,183 1,131.343 1.099.648
Rio Grande June_ _ _
421,203
126.358
454,268
Chic Terre H & 8 November
218,093 18
0,219
841,665 Rlo Grande South 3d wk Jan
971,508
408,708
11,286
10,800
375,660
Din Ham Sc Dayton Deeember_i 819,121 860,399 5,418,597 5,579,335 Rock Island Lines December 5,628.012 6.114,620 36,243,781 38,221.924
Colorado Midland- ovember
166,892 177,161
862,855
061,776 Rutland
328,819 313,746 1,749,209 1,69. ,757
November
Colo 85 Southern- .6 wk .lanl 2
44,49
7 285,785 8,001,604 8,841,512 St Jos Sc Grand Isl.. November
733.839
154.287 120.459
741,056
Cornwall
December_
14,431
20,897
97,185
121,764 St L Iron Mt Sc Sou November 3,029,830 3,081,465 14,339,040 14,676,247
Cornwall& Lebanon' ovember
25,440
31,947
142,208
173,091 St L Rocky Mt Sc P November
232.610 198,951 1,010,251
865,616
Cuba Railroadovember
342
.357 2
4.248.706 20,475,940
78,988 1.715,231 1,536,543 St Louis
November
Delaware Sc Builsiiii ovember 2,003,186 1,928,507 10,592,615 10,313,773 St Louis & San Fran 3d wk Jan 4.016.503 271,000 7,655,95. 20,081,292
7,814,570
267,000
December_ 3,402,390 3,438,977 21,512,403 21,2‘6,299 San Pod Southwest_ November
Del Lack Sc West
L A Sc 8 L.
909,032 893,139 4.419,293 4,201,530
Deny & Rio Grande d wk J
377,300 411,100 14,238,810 14.634197 Seaboard Air Lige 3d wk Jan 483,869 481,975 13.751,458 13,156,278
Western Pacific.._ 3d wk .T
96,800
51,200 3,757,808 3,553,385 Southern Pacific
December_ 11,253,513 12,151,501 73,420,171 75,648,104
Denver Sc Salt Lake 3d wk J .
23,601
20,505
722,222
715,788 Southern Railway- 3d wk Jan 1,266,616 1,292,708 39,098,514 38,904,240
Detroit Tel & Iront ovensber
144,473 155,043
766,580
696,844
Mobilo& Ohio_ _ 3d wk Jan 231,918 240,605 73 ,
00 373 6 813 98
. . 6
Detroita& Mackinac
wk Jan
18,758 19,378
686,985
671,666
CinN 0& Tex 1 3d wk Jan 193,726 191,608 6,024,62: 5,732,023
3_
Dot Sc Iron Range_ December- 117,204 114,749 4,738,1105 4,533,787
Ala Great South. 3d wk Jan
92 397 3,101.886 2,890,760
96,694
Duluth So Sh & Ail-, wk 3
51,777
55,828 2,001,494 1,906,308
Georgia Sou & Fla 3(1 wk Jan
49 1,953 1,420,880
1
51,309
49,654
Elgin Joliet & East_ November
987:049 1,137,645 5,516,970 5,535,867 Spok Portl & Seattle November
427,144 451,400 2,355,995 2,382,753
EL PasoSc Sou West November
732.241 704,033 3,570.720 3,443,964 Tenn Ala & Georgia 3d wk Jan
53,275
76,331
2,558
1,701
Erie
oveneber 5,083,114 5,447,117 27,452,021 27,794,148 Tennessee Central.. November
713,381
737,320
134.664 146,793
Florida East Coast.. ovenaber
392,982 367,992 1,577,967 1,475,687 Texas Sc Pacific_
3d wk Jan 354,177 342,858 11,101,772 10,872,077
Fonda Johns Sc Gkrv evereber
441,810 Tidewater & W
77,257
443,959
78,893
40.97,
December.
52,048
7,019
7,796
Georgia Railroad
Noyentber
308,039 293,496 1,460,342 1.278,191 Toledo Poor Sc West 3d wk Jan
22,283
28,219
764,551
795,8_5_3
Grand Trunk Pee._ et wk Jan
94,274
86,293 4,389,167
Toledo St L Sc West 3d wit Jan
95,078 104,411 2,898,051 2,396.181
Grand Trunk Syst_ 4. wk J
879.948 884.424 31,900,718 31,330,668 Union Pacific Syst_ December
Grand Tilt West_ 26 wit J • . 121,249 125,093 3,963,421 3,909,662 Virginia Sc So West_ December 7,456,578 7,843,148 51,974,788 51,580,269
152,153 137,276
890,536
991,88
Det Gr Hay Sc M 2(1 wit J
40,737
36,460 1,428,921 1,409,034 Virginian
629,917 488.450 3,014,226 2,371,609
November
Canada Atlantic_ .4 wit J
33,019
35,350 1,293,729 1,337,501 Wabash
December_ 2,480,886 2,672.613 16,302,366 16,879,944
Dreat North System December- 5.676,561 6,548,454 45,103.722 44,110,727 Western Maryland_ November
652 820 640 121. 3 634 294 3,197,468
Gulf & Ship island_ overnber
161,644 171,402
895,152
840,662 Wheel & Lake Erie_ December_ 576,274 606,081 4,484,957 4,367,738
Hocking Valley---- 'ovember
1351,915 688,796 3,708,188 3,576,870 Wrightsv & Tennille December
34,740
27,83;
161,324
193,357
Illinois Oentral
December 5,840,761 5,700,980 34,857,517 33,413,641 Yazoo Sc Miss Vall_ December. 1,489,633 1.146.455 8,753,802 5,692,365
Internet Sc Grt Nor ad wk Jan 204,000 187,000 6,159,878 7,014,845
Interoceanic Mex_ 4 d wit Jan 175,715 170,856 5,209,667 4,8:30,039
Current
Previous
Kanawha Sc Mich
275,819 270,405 1,504,395 1,486,721
ovember
Period.
Various Fiscal Years,
Year.
Year.
Kansas City Sou
928,402 916,957 5,443,755 5,510,720
December
.
Lehigh Sc New Eng. November
169,148 156,584
792,324
755,600
$
$
Lehigh Valley
December 3,105,303 3,461,354 21,236,622 22,542,679 Delaware Sc Hudson
Jan 1 to Nov 30 22_,284.087 2.0,422,783
Louisiana Sc Arleen- November
148,971 138,274
731,663
681,893 NY Central Sc Hudson River_e_ Jan 1 to Nov 30 10'7734894 100130351
i Loulsv Sc Nash-v
d wk Jan 1,163,930 1.198,330 34,910,395 33,378,025
Lake Shore & Michigan South Jan 1 to Nov 3053.452,951 49,284,241
Macon Sc Birm'ham December
17,023
14,173
82.452
85,727
Lake Erie & Western_n
Jan 1 to Nov 30 5,473,088 5,309,190
Hattie Central
November
992,244 988,791 5,295,486 5,182,984
Chicago Indiana & Southern_ Jan 1 to Nov 30 4,014,614 3,840,862
Maryaland Sc Penna member
40,219
38,843
288,257
264,050
Michigan Central
Jan 1 to Nov 30 33,009.000 29,880,918
Railways 1st wit Jan 160,400 164,900 5,079,300 4,433,800
Cleve Cin Chic Sc St Louis... Jan 1 to Nov 30 31,017,765 20,675,873
Mineral Range-- 3d vet .
8,615
T
16,551
193,834
475,958Peorla Sc Eastern
Jan 1 to Nov 30 3,121,51 • 3,084,245
Inn Sc St Louis__ 3d wit Ja, 203,637 216,208 5,808,813 5,757,900
Cincinnati Northern
Jan 1 to Nov 30 1,298,979 1,279,564
0
Iowa Central__1
Pittsburgh Sc Lake Erie
Jan 1 to Nov 30 18,421,547 16,585,183
Minn St P Sc 8 S Mt
, , 515,216 572,424 17.783,43 18,843,640
New York Chicago Sc St Loals Jan 1 to Nov 30 11,280,31 11,141,205
0
Chic.ago Division
Toledo & Ohio Central
Jan 1 to Nov 30 5,512,646 4,921,355
Mississippi Central_ November
84,084
83,187
449,365
Total all lines
421.283
Jan 1 to Nov 30 274337306 255092987
ti Mo Kan Sc Texas_ d tvis Jan 607.966 591,727 18,887,407 19,318,592 Pennsylvania Railroad
Jan 1 to Nov 30 170370126 159314207
;Missouri Pacific ed wk Jan 1.148,149 1,176,589 35,204,091 36.182,365
Baltimore Ohesap ,Sc Atlantic_ Jan 1 to Nov 30
32(3,728
285,967
Nashv Chatt 85 St November 1.107,316 1,131,081 5,396,347 5,522,901
Cumberland Valley
Jan 1 to Nov 30 3,285.885 3,012,758
Nat Rye of Mex_ .3d wk Jan 555,638 1,040,907 18,960,895 35,543,235
Long Island.,
Jan 1 to Nov 30 11,317,443 10,393,435
evada-Oal-Oregon 2d wk J
4,245
4,712
Maryland Delaw Sc Virginia Jan 1 to Nov 30
221,234
250,247
146,024
133,163
ew On Great Nor_ December _ 186,833 137,193
980,072
830.996N Y Philadelphia Sc Norfolk_ Jan 1 to Nov 30 3,627.443 3,277.955
eN Y 0& 1Ind Riv_ November 9,582,298 9,711.794 51,872,657 49,658,477
Northern Central
Jan 1 to Nov 30 12,399,150 11,705,487
Lake Shore Sc M 8 November 4,298,225 4,723.153 24.418,596 24,218,322
Phila Balt Sc Washington
Jan 1 to Nov 30 19.433,084 18,615,097
n Lake Erie Sc W. November
484,811 505,583 2,596,832 2,655.630
West Jersey & Seashore
Jan 1 to Nov 30 6,020,926 6,032,67
Ohio Ind Sc South November
400,053 380,191 1,817,186 1,815,069 Pennsylvania Company
Jan 1 to Nov 30 61,237.450 57,649,81
Michigan Central November 2,857,627 2,898,480 15,303.863 14,623,526
Grand Rapids Sc Indiana
Jan 1 to Nov 30 5,125,284 4.976,807
Olev 110 0 Sc St L_ November 2,659,
622 2 99
Pitts Cin Chic ‘Sc St Louis
. 5.308 15.053,887 14,981,057
Jan 1 to Nov 30 40.845,249 39,721,6
Peoria Sc Eastern November
293,933 313,909 1,476,431 1,577,798
Vendetta
Jan 1 to Nov 30 10.445,329 9,764,18
Cincinnati North November
130,948 132,169
683,946
Total lines
-East Pitts Sc Erie Jan 1 to Nov 30 240356821 22714038
662,811
Pitts Sc Lake Erie November 1,499,954 1,822,499 8.472,720 8,514,746
-West Pitts Sc Erie Jan 1 to Nov 30 119911216 11417541
N Y Chic Sc St L. November 1,024,983 1,178,225 5,156,135 5,413,933
-All lines E Sc W Jan 1 to Nov 30 360268038 34131580
Tel Sc Ohio Cent_ November
478,705 503,857 2,783,875 2,502,300 Rio Grande Junction
946,699
Dec 1 to Oct 31
900,300
Tot all lines above November 23641189 24965168 129636126 126623869 Rutland
,Jan 1 to Nov 30 3.461,004 3,313,04

Mexican

36 wk

4

AGGREGATES OF GROSS EARNINGS-Wecklyi and Monthly.
Current
Year.

Previous
Year.

Increase or
Decrease.

Previous
Increase or
Current
%
*Monthly Summaries.
Year. I Decrease.
%
Year.
$
X
S
Mileage. Cur. Yr. Prev. Yr.
s
3
3
2e1 week Nov (38 roads)..... 15,431,971 15,344,974
+86,997 0.57
March
240,510 237,295 249.230,551 238.634,7121+10,505,839 4.4
86 week Nov (39 roads).... 15.554,843 15,111,345
+443.498 2.94
April
240.740 236,515 245,170,143 220,081,3731 +24.188.770 10.9
4th week Nov (39 roads).._. 18,733,467 19.559,326
-825.859 4.22
May
239.445 236,619 263,496,033 232.879,97 +30,816,063 13.1
let week Dec 38 roads.._. 14,137,264 14.457,280
-320.018 2.21
June
230,074 227,242 259,703,994 242,830.546 +16,873,448 6.9
26 week Dec 37 roads)..... 13,445,789 14.122,476
-676,687 4.79
July
206.084 203.773 235,849.764 223,813,52 +12,036,238 5.4
8d week Dec i38 roads)____ 14,259,979 14,778,757
-518,778 3.51
August
219,492 216,70.1 259,835,029 256,493.023 +4,342,096 1.8
4th week Dec 35 roads)--- 18.715,282 19,524,994
-809,712 4.15
September_242,097 239.050 285,050.042 275.244.811 +9,805,231 3.6
lit week Jan 38 roads)...., 11,340,880 12,082,180
-741,309 6.13
October .....243,690 240,888 299,195,006 300,4 6.017 -1,281.011 01
26 week Jan 37 roads)...... 11.572,457 12,121,817
-549,360 4.61
Novembe .213.745 241,452 289,220,882 278, 4.475 -9,143,593 8.
gd week Jan (37 reads),.... 12,315,781 12,861,124
-545,343 4.24
76,376.38070398,416J-3,022,030 3.
.
.
,a Mexican currency, b Does not include earnings of Colorado Springs Sc Cripple Creek District Railway from Nov. 1 1911.
•Includes the Boa,
ton Sc Albany, the New York Sc Ottawa, the St. Lawrence & Adirondack and the Ottawa Sc New York
Railway, the latter of whIch, being a Caned/14i
load, does not make returns to the Inter-State Commerce Commisslou.
Includes Evansville & Terre haute and Evansville Sc Indiana RR. 0 Ins
eludes the Cleveland Lorain Sc Wheeling By. in both years. n Includes the Northern Ohio RR. p Includes earnings of Mason City &
Ft.
,Wisconsin Minnesota Sc Pacific. s.Inciudes Louisville & Atlantic and the Fratikfort Sc Cincinnati. t Includes the Mexican International. Dodge and
u I15C18080
the Texas Central in both years and the Wichita Falls Lines In 1012. beginning Nov. 1. v Includes not
only operating revenues, but also all othet
e Lueludee at. Louis him
.13(nttherue_.!"WO PO lingierIncludeltie MezIcau_roads in any of our totale... •Weekly Summaries.




THE CHRONICLE

JAN. 31 19144

-In the table which
Latest Gross Earnings by Weeks.
follows we sum up separately the earnings for the third week
of January. The table covers 37 roads and shows 4.24%
decrease in the aggregate under the same week last year.
Third week of January.
Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Ind & Louisville
Cin New Orl & Tex Pac
Colorado & Southern
Denver & Rio Grande
Western Pacific
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atlaa ic_
Georgia Southern & Fla
Grand Trunk of Canada
Grand Trunk Western
Detroit Or Hay & Milw___
Canada Atlantic
Internat & Great Northern____
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M.._
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Tennessee Alabama & Georgia_
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western

1914.

1913.

Increase. Decrease.
'
$
I
4,297,

212,286
206:461
313,200
301,500
1,772,000 2,177,000
690,314
734,109
245,198
273,132
295,704
300,062
114,967
127,042
193,725
191,606
285,785
244,497
377,300
411,100
51,200
96,800
20,505
23,601
18,758
19,378
55,828
51,777
51,369
49,654
879,948

5,825
11,700
405,000
43,795
27,934
4,358
12,075
2,1191
41,288
33,800
45,600
3,096'

572,424
515,216
591,727
607,966
1,148,149 1,176,589
240,695
231,918
11,286
10,800
271,000
267,000
481,975
483,869
1,266,616 1,292,798
2,558
1,701
354,177
342,858
22,283
26,219
95,078
104,411

12,315,781 12,861,124
Total (37 roads)
Net decrease (4.24%)
Mexican roads (not incl. in total
175,715
170,856
lnteroceanic of'Mexico
555,638 1,040,907
National Railways of Mexico__

620
4,051
1,715
4,476

884,424

187,000
204,000
1,163,930 1,198.330
16,551
8,615
216,208
203,637

$

17,000

34,400
7,936
12,571
57,208

16,239
28,440
8,777
486
4,000
1,894

26,182
857

11,319
3,936
9,333
173,492

718,835
545,343

4,859
485,269

Roads.

381
--Cross Earnings- -Net Earnings7Previous
Current
Current
Previous
Year.
Year.
Year.
Year.

36,167
Virginia & Southwest_b_Dec 152,153
3
37,079
4
137,276
3
268,522
July 1 to Dec 31
313.744
890,536
991,885
Wrightsville & Tenn_b_Dec
9,582
14,196
34,740
27,836
July 1 to Dec 31
38,629
76,176
193,357
161,324
Yazoo & Miss Valley.a_Dec 1.489633 1,146,456
340,818
684,941
July 1 to Dec 31
6,753,802 5,692,366 1.974,433 1,208,080
INDUSTRIAL COMPANIES.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Companies.
$
$
Abington & Rockland Elect
Dec
1,871
1,509
12,329
11,009
Light & Power_a
116,379
26,421
18,709
138,535
Jan 1 to Dec 31
Atlantic Gulf & West Indies
319.321
266,208
SS Lines (subsid cos)_Nov 1,687,633 1,594,461
18,032,985 16,509,100 3,120,434 2,278.928
Jan 1 to Nov 30
48,452
40,371
120,390
Blackstone Val G& E_a_Dec 116,253
391,574
497,379
Jan 1 to Dec 31
1,304,462 1,237,139
18,172
22,187
35,070
Canton Electric
Dec
45,985
175,201
208,632
Jan 1 to Dec 31
347,248
418,643
17,433
13,358
41,348
Edison Elec(Brockton)a_Dec
42.163
146.905
154,169
Jan 1 to Dec 31
394.894
437,879
8,512
13,893
41,781
Fall River Gas Works a Dec
44.618
152,311
140,201
463.582
Jan 1 to Dec 31
498.438
14,405
17,690
Houghton Co Elec Lt_a_Dec
29,557
32,025
Jan 1 to Dec 31
298,402
144,932
297,924
145,028
Lowell Elec Lt Corp_a_ _Dec
40.715
40,846
15.068
16,260
Jan 1 to Dec 31
443,927
421.577
158,384
149,662
Marion Lt & Heating___Dec
27,363
22,518
13,433
11,315
Jan 1 to Dec 31
225,332
257,041
118,326
8,204
Nov
g Mexican Tel & Tel..
62,557
60,822
33,940
31,963
Mar 1 to Nov 30
563,191
528.797
278,822
280,625
Muncie Elec Lt
Dec
45.249
41,209
23.133
17.429
Jan 1 to Dec 31
456,365
389,169
194.477
166,080
Dec
Rockford Electric
50,786
43,913
30.262
24,073
Jan 1 to Dec 31
464,669
417,318
245,235
202,826
Dec 102,644
Scranton Electric
79,892
68,957
50,998
Jan 1 to Dec 31
932,766
803,071
576.383
448,910
Union Elec Lt & P (Mo)_Dec 3,683,107 3,636,157 1,537,866 1,692,511
30,659
26,562
Dec
15,971
Wheeling Electric
11.512
257,639
150,914
312,115
Jan 1 to Dec 31
117,408'

a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
c After allowing for outside operations and taxes for the month of Dec.
-The table 1913, total net earnings were $442,394, against $350,115 last year, and for
Net Earnings Monthly to Latest Dates.
to Dec.31
following shows the gross and net earnings of STEAM the period from July 1 in Mexicanwere $1,886,509 this year, agst. $1,926,850
currency.
g Those results are
railroads and industrial companies reported this week:
jFor Dec. taxes amounted to $522,541, against $409.095 in 1912; after
deducting which, net for Dec. 1913 was $2,328,178, against $3,034,125 last
-Gross Earnings-.-Net Earnings
year. From July 1 to Dec. 31 taxes were $2,784,441 in 1913, against
Current
Previous
Previous
Current
$2,336,139 last year.
Year.
Year.
Year.
Year.
Roods.
$
$
$
$
Interest Charges and Surplus.
Atch Top & Santa re_b_Dee 9,137,494 10,420,242 52,850,719 53,443,220
57,906,277 61,228,359319,813,288521,347,683
July 1 to Dee 81
-Int., Rentals, &c.- -Bat. of Net Earns.
Current
Previous
Current
Previous
Dec 3,890,695 3,861,894
492,622
608,504
Boston & Maine_b
Year.
Roads.
Year.
Year.
Year.
July 1 to Dec 31
25,420,148 25,614,278 5,637,899 6,532,120
$
Buffalo Roch & Pitta_b_Dec 840,017
218,671
233,927 Boston & Maine
816,563
Dec 1,083.056
994,004zdef103,906zdef235,950
July 1 to Dec 31
6,099,750 5,655,598 1,863,993 1,737,034
July 1 to Dec 31
6.373,518 7,101.415 z180,847
x97,573
Canadian Northern
624,000
581,000 Buffalo Roch & Pittsb__Dec 183,835
Dec 2,256,000 2,132,000
•180,557 1114,575 x147,084
July 1 to Dec 31
13,364,900 12,239,900 4,040.700 3,453,000
July 1 to Dec 31
1,100.567 1.074,588 x1,175,016 z1,102,334
Canadian Pacific_a____Dec 11,814,325 12,219,279 4,226,822 4,395,720 Chicago & North West__Dec 1,023,572
876,690 1,356,423
887,638
July 1 to Dec 31
75,286,162 73,526,191 27,211,437 27,131,152
July 1 to Der 31
5,490,762 5,180,187 8,988,260 9.412,004
8 Chicago St Paul M & O_Dec 232,796
Central of Georgia_b___Dec 1,406,628 1,246,296 c501,634 c391,13
225,797
191,172
294,609
July 1 to Dec 31
7,597,292 7,325,372 c2,161.918 c2,188,532
July 1 to Dec 31
1,311,790 1,154,081 1,458,251 1.525,152
346,633 Colorado & Southern....
Chicago Great West_bDec 1,180,632 1,192,315
259,462
.Dec 295,854
282,884 xdef81,885 x248,562
July 1 to Dec 31
7,533,584 7,280,789 1,944,981 2,175,915
July 1 to Dec 31
1,747.800 1,696,467 z524,240 z1,389,151
Chicago & North West_a-Dec 6,913,883 7,194,247 1,900,261 2,244,060 Missouri Pacific
Dec 1,548,037 1,477,252
x26,879 x242,284
46,418,066 45,664,316 13,579,022 14.592,191
July 1 to Dec 31
July 1 to Dec 31
9,436,908 9,021,609 x648,307 z974,850
416,970 N Y Ont & Western____Dec 113,017
527,405
Chic St Paul M & 0_a_ _Dec 1,559,240 1,443,233
117.825 def20,852
48,878
9,784,956 9,275,102 2,770,042 2,679,233
July 1 to Dec 31
July 1 to Dec 31
704,943
555,333
907,950
719.337
95,712
178,190 Reading Company
860,399
Chic Ham & Dayton_b_Dee 819,121
Dec 848,500
839,916
834,408 1.839,199
July 1 to Dec 31
6,418,597 5,579,335
853,150 1,601,937
5,091,000 5,039,496 4.851,461 9,695,811
July 1 to Dec 31
Colorado & Southern_ b_Dec 953,852 1,412,901
176,929
498,643
INDUSTRIAL COMPANIES.
July 1 to Dec 31
7,312,763 8,023,967 2,000,657 2,811,384
-Int., Rentals, &c.- -Bat. of Net Earns.
Cornwall_b
Dec
14,431
20,897
5,611
12,375
Current
Previous
Current
Previous
121,764
43,513
July 1 to Dec 31
97,185
71,594
Year.
Year.
Year.
Year.
Roads.
Del Lacka & Western_b_Dec 3,402,390 3,438,977 1,397,856 1,383,342
3
21,512,403 21,246,299 8,485,718 8,510,224 Abington & Rockland Elect
July 1 to Dec 31
5,026
19,755
96,726
274
1,390
79,192
Light & Power
474
Detroit & Mackinac_a__Dee
Dec
1,235
147,211
143,906
620,522
634,086
22,010
2,426
Jan 1 to Dec 31
4,410
16,283
July 1 to Dec 31
886 Atlantic Gulf & West Indies
2,337
1,501
3,480
Fairchild & Northeast b Dec
3,400 def7,990
SS Lines (subsid cos)_Nov 166,071
131,824
153.259
134,444
14,349
16,940
July 1 to Dec 31
Jan 1 to Nov 30
830,816
1,631,032 1,448,112 1,489,402
Dec 5,840.761 5,700,980 1,384,756 1,325,727
Illinois Central_a
32,082
20,999
19,372
16.370
34,657,517 33,413,641 6,486,284 6,C00,252 Blackstone Val Gas& El_Dec
July 1 to Dec 31
Jan 1 to' Dec 31
261,567
203,422
293,957
130,007
321,508
406,183
766,760
g lnteroceanic of Mexico_Dec 928,756
13,473
1 to Dec 31
4,384,442 1,745,118 1,435,549 Canton Electric
Dec
5,278
4,699
16,909
July
4,734,106
Jan 1 to Dec 31
61,243
147,389
118,410
56.785
761,401 1,000,510
Dec 3,105,303 3,461,354
Lehigh Valley_b
21,236,622 22,542,679 6,849,635 7,981,999 Edison Elec (Brockton)Dec
2,874
2.335
10,483
15,098
July 1 to Dec 31
Jan 1 to Dec 31
24,227
122,678
28,899
125.269
Missouri Pacific_b
Dec 5,083,557 5,377,871 1,368,013 1,539,437
32.019,882 32,847,646 8,952,500 8,930,106 Fall River Gas WorksDec
1.010
7,133
July 1 to Dec 31
1,378
12,883
Jan 1 to Dec 31
13,529
8,516
138,781
131,685
g Nat Rys of Mexico_ _ _ _Dec 2,784,677 5,737,193
122,467 2,750,952
17,482,469 32,616,734
July 1 to Dec 31
954,682 13,447,587 Houghton Co Elec Lt_ __Dec
4,607
4,805
9,798
12,885
52,352
52,504
92,580
92,524
Jan 1 to Dec 31
N Y Ont & Western_a__Dec 653,336
705,241
166,703
92,165
July 1 to Dec 31
4,892,738 5,046.361 1,260,276 1,627,287 Lowell Elec Lt Corp____Dec
892
14,803
266
15.374
3,031
17,134
155,354
132,528
Jan 1 to Dec 31
Dec 1,450,270 1,566,646
Pere Marquette_a
100,877
325,436
July 1 to Dec 31
8,826,026 9,249,849
884,221 1,899,304 Marion Lt & Heating___Dec
9,619
7,811
3,814
3,504
Jan 1 to Dec 31
45,822
39,439
72,504
48,765
Reading CompanyPhila & Re,ading_bDec 4,160,680 4,405,830 1,389,140 1,830,848 Muncie Elect Lt
Dec
15,945
9,244
8,185
7,188
25,552,590 26,405,411 8,692,589 10,810,739
July 1 to Dec 31
109,065
81,326
84,754
Jan 1 to Dec 31
85,412
22,017
Coal & Iron Co_b____Dec 2,845,591 4,138,152
Dec
7,951
16,122
124.363
676,918 Rockford Electric
8.245
16,101,022 23,096,306
July 1 to Dec 31
94,427
255,072 2,921.140
96.367
148,868
108,399
Jan 1 to Dec 31
Dec 7,006,272 8,543,982 1,513,502 2,507,767 Scranton Electric
Dec
Total both cos_b
13,501
50,791
37,491
18,166
41,653,611 49,501,717 8,947,661 13,731,878
July 1 to Dec 31
150,947
Jan 1 to Dec 31
199,916
297,963
376,467
Reading Company___Dec
169,405
842,928
682,769
877,248
171,347 Union Elec Lt & P(Mo)_Dec 855,106
July 1 to Dec 31
994,805 1,003,429 Wheeling Electric
Dec
6,229
8,156
5,283
7,815
Total all companies__ _Dec
58,432
1,682,908 2,679,114
Jan 1 to Dec 31
82.646
68,269
58,976
to Dec 31
July 1
9,942,466 14,735,307
x After allowing for other income received.
Dec 5,628,012 6,114,620 1,553,047 1,570.521
Rock Island_ b
36,243,781 38.221,924 9,986.046 11,139,935
July 1 to Dec 31
EXPRESS COMPANIES.
Line_a___ _Doc 2,324,872 2,165,595
Seaboard Air
673,715
612,175
-Month of October- -July 1 to Oct. 3112,279,669 11,655,269 3,260,020 2,988,384
July 1 to Dec 31
1913.
1912.
1912.
1913.
Dec 11,253,513 12,151,501 2,872,084 3,451,222
Southern Pacific_ a
$
Adams Express Co.$
$
$
73,420,171 75,648,104 23,009,245 26,689,664 Gross receipts from operation 3,284,044 3.441.156 12,095,866 12,018,797
July 1 to Dec 31
-Dr
1,716,244 1,773.184 6,204.443 6,099,594
Southern Railway_b____Dec 6,489,204 6,223,385 2,238,154 2,110,643 Express privileges
36,365,254 35,250,019 11,374,819 11,515,115
July 1 to Dec 31
Total operating revenues.. 1,567,799 1,667,971 5,891.423 5.919,202
Georgia South & Fla__Dec 270,891
240,424
69,597
63,385
1,467,892 1,433.401 5,710,052 5.323,681
1,349,173 1,266,776
July 1 to Dec 31
272,406
257,526 Total operating expenses__
7,119
Tidewater & Western_b_Dec
7,796
389
672
595,521
234,570
181.370
99,907
Not operating revenue_ .._ _
40,976
July 1 to Dec 31
52,048
def 628
7,660 One-twelfth of annual taxes_
64,620
67,359
16,386
16.753
Pacifica
Dec 7,456,576 7,843,148 2.189048 2,632,156
Union
217,816
116.710
Operating income
33,520
528,161
61,974,788 51,580,269 19,672,138 21,864,572
July 1 to Dee 31




THE CHRONICLE

382

-Month of November--July 1 to Nov. 301913.
1912.
1913.
1912.
$
$
$
$
83,911
82,958
440,892
411,955
32,289
31,985
170,847
160,570

Canadian Northern Exp. Co.
Gross receipts from operation
-Dr
Express privileges

xcviii.

-The following table
Electric Railway Net Earnings.
gives the returns of ELECTRIC railway gross and net
week:
earnings reported this

-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
Net oating revenue_ _ _
24,607
17,494
23,407
103,511 Atlantic Shore Ry_b_ __Dec
18,709
100,286
3,893
5,651
One-twelfth of annual taxes..
373,914
Jan 1 to Dec 31
2,215
443
558
360,551
2,598
90,694
91,535
61,454
Augusta-Aiken By & El_Dec
56,059
25,434
23,492
Operating income
101,296
16,935
18.266
97,687
717,292
Jan 1 to Dec 31
595,980
316,015
262,915
-Month of October- -July 1 to Oct. 31- Baton Rouge Electric_a_Dec
16.386
6,846
6,733
1912. •
1913.
1912.
1913.
163,128
Jan 1 to Dec 31
1.11,at
60,747
59,475
Northern Express Co.
Gross receipts from operation 267,775
306,027 1,238,283 1,254,014 Bay State Street Ry_b2,233,491 2,178,723
Oct 1 to Dec 31
601,763
671,544
620,494
Express privileges
-Dr
656.360
143,507
165,578
July 1 to Dec 31
5,167,436 5,000,330 1,787,900 1,912,309
582,469 Brockton & Ply_m'th_ a_ _Dec
581,922
Total operating revenues.. 124,268
140,449
7,849
7,688
def148
379
385,836
390,071
Total operating expenses___ _
Jan 1 to Dec 31
96,153
97.436
120,008
124,403
25,675
29,136
34,387
18,536
36,169
18,264
196,632 Cape Breton Electric_a_Dec
Net operating revenue_ _ _ _
191,850
44,296
26,832
165,296
170,999
360,296
Jan 1 to Dec 31
380,952
.
18,000
18,000
One-twelfth of annual taxes_
4,500
4,500
95,454
39,604
Chattanooga Ry & Lt_a_Dec 100,378
38,369
Jan 1 to Dec 31
1,064,674
178.632
487,303
173,850
1,204,930
39,796
Operating income
22,332
430,058
11,691
28,791
Dec
-Month of October- -July 1 to Oct. 31- Citizens Traction
31,746
9,845
1913.
60,785
1912.
1912.
176,054
July 1 to Dec 31
1913.
194,413
60,734
s
$
3
United States Express Co.37,456
48,278
Columbus(Ga Elec_ a_ _Dec
26,968
56,904
Gross receiptsfrom operation 1,927,491 2,141,040 7,278,743 7,562,176
313,983
Jan 1 to Dec 31
540,465
272,336
608,636
945,270 1,012,368 3,596,490 3,631,016
-Dr
Express privileges
85,087
Dallas Electric Corp_a__Dec 203,916
174,240
74,866
913,443
728,768
Jan 1 to Dec 31
2,193,500 1,821,562
Total operating revenues
982,221 1,128,672 3,682,253 3,931,160
Total operating expenses....927,982
974,392 3,603,537 3,772,163 Eastern Texas Elec
Dec
22,099
55,001
Jan 1 to Dec 31
169,850
440,442
Net operating revenue_ _ _
54,238
154,279
78.715
158.996 El Paso Electric Co_a_ _Dec
87,721
81,228
40,270
40,947
One-twelfth of annual taxes_
9,158
9,052
38,825
42,147
1 to Dec 31
Jan
886,880
363,103
793,320
408,521
Galv-Houston Elec_a_ _ _Dec 203,561
75,191
Operating income
183,391
88,221
39,890
116,579
45,080
145,227
Jan 1 to Dec 31
2,373,065 2,027,656 1,020,692
844,975
ELECTRIC RAILWAY AND TRACTION COMPANIES. Harrisburg Railways_ _ _ _Dec 86,178
82,005
32,418
20,547
991,872
Jan 1 to Dec 31
918,932
195,404
286,781
Jan. 1 to latest date.
24,833
Latest Gross Earnings.
Houghton Co Trac_a_ _ _Dec
26,421
9,384
10,461
Name
Jan 1 to Dec 31
296,853
307,506
116,593
132,771
Previous
Week or Current Previous Current
Road.
64,483
Jacksonville Traction_a_Dec
48,626
16,781
15,442
Year.
Year.
Year.
Year.
Month.
Jan 1 to Dec 31
679,621
562,537
241,033
184,026
13,244
12,945
Dec
Key West Elec
6,259
$
$
$
$
5,158
144,255
142,958
Jan 1 to Dec 31
57,383
American Rys Co.._ _ December 461,719 431,492 5,223,116 4,871,153
56,490
Atlantic Shore Ry___ December_
24,607 23,407
373,914
130.702
360,551 Lehigh Vail Transit_a__Dec 140,525
69,053
61,233
a Aur Elgin & Ch Ity_ November 164,571 155,213 1,842.370 1,757,572
1,774,821 1,541,511
Jan 1 to Dec 31
890,876
767,877
Bangor ity Sr Elec lty November
65,372 61,681
698,442
649,695 LewistonAug&Waterna_Dec
50,420
47,359
15,073
13,302
Baton Rouge Elec Co December_
16,386 14,384
163,128
147,381
618,031
677,221
Jan 1 to Dec 31
249,506
228,489
Belt LRyCorp(NYC) October.... _ 69,931 55,604
634,666
540.355
259,881
105,082
Berkshire Street Ry_ November
Nor Ohio Trac & Lt_ a_ _Dec 295,377
76,206 72,620
109,103
3,284,533 2,996,037 1,264,879 1,293,271
Brazilian Trac, L & P November 1959,267 1773,623 21,537.429 18,728.477
Jan 1 to Dec 31
Brock & Plyna St Ry_ December..
7,849
7,688
124,403
120,008
170,933
82,306
Texas Elec_a_Dec 184,878
81,174
Bklyn Rap Tran Syst October _ _ _ 2066,841 2103,071 20,815,847 20,371,208 Northern1 to Dec 31
2,132,200 1,790,762
952,259
Jan
849,073
Cape Breton Elec Ry December.. 36,169 34,387
380,952
360,296 Paducah Trac & Light_a Dec
27,878
29,523
12,890
11,246
Chattanooga By & Lt December.. •100,378 95,454 1,204,930 1,064.674
286,537
102,471
296,565
Jan 1 to Dec 31
93,863
Cleve Painesv & East November
392,397
370,525
30,187 30,862
23,837
11,270
26,291
_ __Dec
9,654
Cleve Southw & Col._ November
Pensacola
98.489 100,352 1,149,871 1,084.979
285,429
103,020
285,757
Columbus(Ga)El Co December_
Jan 1Electric_ato Dec 31
608,636
108,970
540,465
56,904 48,278
Com'th Pow,Ry & Lt November a288.996 149,420 a1,816,752 1.065.318 Phila Co (Pittsb
2,794,438 2,525,212 1,105,905 1,123,794
Dec
Coney IsI'd & Bklyn_ October__ 118,894 120,053 1,442,257 1,368,738
19,957,034 17,884,688 6,883,785 6,199,262
Apr 1 to Dec 31
Connecticut Co
Novmeber 624,272 606,441
331,604
586,857
308,177
Cionsum Pow (Mich)_ November• 291,035 263.903 2,830,186 2.490.440 Portl (Ore) Ry,L&P_a_Dec 607,476
6,723,742 6,642,308 3,425,432 3,313,394
Jan 1 to Dec 31
Cumb Co(Me)P & L November 195,100 176,866 2,149,544 1,953,328
28,810
Dallas Electric Corp.. December_ 203,916 174,240 2,193,500 1,821,562 Portland (Me) RR_a___Dec
76,693
79,867
16,446
346,840
Detroit United Ry 2d wk Jan 195,422 204,852
981,052
392,668
410,640
305,458
1,036,316
Jan 1 to Dec 31
DDEB& Batt (rec) October_ _ _ 48,955 52,818
500,705
517,510 Puget Sound Tr,Lt & PaDec 790,306
355,180
725,642
308,937
Duluth-Superior Trac November 109,263 91,687 1,165,828
980,113
Jan 1 to Dec 31
8,613,600 8,313,848 3,605,224 3,541,549
East St Louis & Sub_ November 245.851 224.023 2.462,745 2,224.247
57,479
110,874
53,501
886,880
El Paso Electric Cos_ December_ 87,721 81,228
793,320 St Jos Ry, L, H & P_a_Dec 117,830
540,676
510,816
Jan 1 to Dec 31
1,252,904 1,179,839
Federal Light & Trac October...._ 194.206 184,087 1.909.848 1.745.741
42d St M & St N Ave_ October.. _ _ 173.976 172,704 1,584.752 1,503,533 Savannah
24,644
__Dec
74,505
68,447
19,001
Galv-Hous Elec Co December_ 203,561 183,391 2,373,065 2,027,656
269,859
827.780
747,058
196,007
to Dec 31
Jan 1Electric_a_Grand Rapids By Co November 100.791 100.776 1,172.618 1.126.610 Tampa Electric Co_a _ _ _Dec
83,107
33,722
66,797
32,436
Harrisburg Railways December.. 86,178 82,005
991,872
918,932
844,940
378,441
753,835
359,205
Jan 1 to Dec 31
Havana El Ry.L & P
Railway Dept__ _ _ Wk Jan 25 48,028 51,019
209,891
207,237
a Net earnings here given are after deducting taxes.
Honolulu Rapid Tran
b Net earnings here given are before deducting taxes.
November
50.425 48.420
& Land Co
562,978
512.387
24,833 26,421
Houghton Co Tr Co.. December_
296,853
307,506
Interest Charges and Surplus.
Hudson & Manhattan October_ _ _ 323,477 320,571 3,072,928 2,976.716
Illinois Traction.. _ _ _ November 729.946 679.483 7,188,041 6.784,818
-Int., Rentals,
-Bal. of Net Earns.
Interboro Rap Tran_ December 3035,720 2962,828 32,760.151 32,132,639
Current
Previous
Current
Previous
Jacksonville Trac Co December_ 64,483 48,626
679,621
562,537
Year.
Year.
Year.
Year.
Roads.
Lake Shore Elec By.. November 105,942 104.789 1,299,534 1,213.814
$
$
$
Lehigh Valley Transit December_ 140,525 130,702 1,774,821 1,541,511
2,100
1,733
4,745
5,000
50,420 47,359
Lewis Aug &'Watery_ December_
677,221
618,031 Baton Rouge Electric_ _ _ Dec
20,768
24,775
Jan 1 to Dec 31
35,971
38,707
Long Island Electric.. October__ 17,873 16,814
211,762
190,027
Louisville Railway December_ 275,321 270,360 3,226,275 3,130,492 Bay State Street Ry455,161
Milw El Ry & Lt Co_ November 521,558 494.081 5,480,379 5,165.252
480,274
121,489
Oct 1 to Dec 31
165,333
950,923
Milw Lt Ht & 'Fr Co.. Novmeber 120,429 96.397 1,326,706 1,139,350
998,205
789,696
July 1 to Dec 31
961,387
Monongahela Val Tr.. December.. 87.790 71,731
960,216
847.896 Brockton & Plymouth....
1,076
1,079
def1,227
_Dec
def697
Nashville By & Light November 189,660 181,156 2,009,352 1,885.952
12,554
13,044
12,631
16,582
Jan 1 to ec 31
N Y City Interboro_ _ October__ 56,552 46,098
511,124
376,698
5,682
12,170
6,366
12,582
NY & Long Isl Trac.. October...... 32,838 34.131
349,709
333.523 Cape Breton Electric......Dec
68,105
98,086
72,913
Jan 1 to Dec 31
97,191
NY & North Shore... October__
138,517
13,680 13,349
130,287
23,963
N Y & Queens Co.. _ _ October_ _ 113,761 114,430 1,170.381 1,122,205 Chattanooga Ry & Lt_ _ _Dec
13,490
26,114
14,406
New York Railways.. November 1138,477 1154,418 12.975,031 12,690.755
266,029
189,222
298,081
164,029
Jan 1 to Dec 31
N Y Westches & Bos_ November
33,791 23,722
12,359
12,535
25,097
14,433
Columbus (Ga) Elec____Dec
N Y & Stamford Ry_ November
24,312 24,705
153,872
77,153
236,830
118,464
Jan 1 to Dec 31
Northam Easton & W December
15,210 14,520
' 188,879
180,366
24,635
58,414
26,671
Nor Ohio Trac & Lt_ December.. 295,377 259,881 3,284,533 2,996,037 Dallas Electric Corp...._ _Dec
50,231
290,257
610,472
302,970
North Texas Elec Co December_ 184,878 170,923 2,132,200 1,790,762
Jan 1 to Dec 31
438,511
Northw Pennsyi By.. November
28,844 29,170
340,700
317,324 Eastern Texas Elec
18,724
3,375
Dec
Ocean Electric (L I)_ October.. _ _
6,735
5,727
142,906
131,748
141,355
28,495
Jan 1 to Dec 31
29,523 27,878
Paducah Tr & Lt Co_ December_
296,565
286,537
3,910
36,059
4,211
Dec
36,927
26,291 23,837
Pensacola Electric Co December_
285,757
285,429 El Paso Electric
69,662
369,740
48,015
Jan 1 to Dec 31
293,441
Phila Rap Trans Co.. December 2142,522 2065,830 24,241,590 23,283,005
33,722
Port(Ore)Ry L&P Co December.. 607,476 586,857 6,723,742 6,642,308 Galv-Houston Electric_ _Dec
36,548
51,672
41,469
405,656
79,867 76,693 1,036,316
Portland (Me) RR December_
421,212
599,479
981,052
Jan 1 to Dec 31
439,319
Puget Sound Tr,L&P December.. 790,306 725,642 8,613,600 8,313,848 Houghton County Trac_Dec
5,739
3,775
5,609
4,722
Republic Ry & Light December 282,300 264,561 2,997,670 2,655,602
67,233
49,001
67,592
Jan 1 to Dec 31
65,538
Rhode Island Co........ November 412,576 409,313
10,762
12,871
3,910
Jacksonville Traction.._ _Dec
4,680
StJoseph(Mo)Ry•Lt,
118,987
143,717
97,316
Jan 1 to Dec 31
65,039
Heat & Power Co_ December.. 117.830 110,874 1,252,904 1,179,839
2,607
40,378 36.936
Santiago El Lt & Tr.. December
3,669
2,590
457,690
404,225 Key West Electric
Dec
2,551
74,505 68,447
37,875
Savannah Electric Co December_
827,780
26,402
30,981
747,05E
Jan 1 to Dec 31
18,615
90,787 86.747
Second Avenue (rec)_ October.. _ _
883,430
824,511 Lehigh Valley Transit....Dec
44,685
56,007
13,046
16,548
19,108 14,952
Southern Boulevard_ October.. _ _
175,243
125,241
505,185
589,466
301,410
Jan 1 to Dec 31
262,692
Tampa Electric Co December_
83,107 66,797
844,940
753,835
14,400 def2,036
15,338
October...... 351.321 332,420 3,391,446 3,190,819 Lewist Aug & Watery__ _Dec
Third. Avenue
673
173,075
181,244
Twin City Rap Tran_ 3d wk Jan 167,537 157,181
Jan 1 to Dec 31
68,262
498,035
461,612
55,414
Underground Elec By of London65,446
52,330
Nor Ohio Trac & Light_ _Dec
39,636
56,773
London Elec Rv_ _ Wk Jan 17 £15,300 £15,420
£45,160
£45,22.!
714,554
572,997
Jan 1 to Dec 31
550,325
720,274
Metropolitan Dist_ Wk Jan 17 .C13,476 £13,579
E40,042
£40,16£
24,055
24,661
58,251
56,513
Wk Jan 17 £51,237 £52,658 £159,792 £166,071 Northern Texas Elec__ Dec
London G'en Bus
286,918
266,073
Jan 1 to Dec 31
665,341
583,000
Union By Co of NYC October__ 233.185 218,310 2,308,062 2,130,952
7,704
United Rys of St L.._ November 1062,951 1029,746 11,605,532 11,201.25E Paducah Trac & Light_ _Dec
7,334
3,912
5,186
89,962
Virginia By & Power.. December 450,487 417,817 5,038,313 4,670,747
86,353
Jan 1 to Dec 31
12,509
7,510
831,940
Wash Balto & Annap December.. 68,819 59,995
778.287 Pensacola Electric
7,059
6,317
Dec
3,337
4,210
Westchester Electric.. October_ _ _ 46,696 46,632
503,938
495,551
81,101
Jan 1 to Dec 31
76,469
21,918
32,501
__
Westchester St RR November
19,655 18,369
151,403
156,121
156,771
Western Rys & Light November 215,819 194,766 2,309.237 2,056,53( Portl (Ore) Ry, L & P.. _Dec 175,483
2,008,601 1,760,991 1,416,831 1,552,406
Jan I to Dec 31
Wisconsin Gas & Elec November.. 68.372 65,025
681,511
620.639
583,291
October__ 60,673 65,533
Yonkers Railroad
23,498
613,452 Portland (Me) RR
Dec
10,253
5,312
6,193
65,128
768,940
York Railway.
_ December
71,609
180,881
715,238 Mg Jan 1 to Dec 31
165,959
121,167
184,291
Youngstown & -51iiii.. November
231,708
(
21.548 20,040
219,42( Puget Sound Tr,Lt & P_Dec 174,406
180,774
152,977
135,960
1444R1
150 5n1
lel All
1A mg
Vnlincratnum 12, Smith flotnhar
1,811,436 1,752,375 1,793,788 1.789.174
Jan 1 to Dec 31
a Includes earnings from May 1 1913 only on the additional stocks St Jos Ry,L, H & P_ _ _ _Dec
20,194
37,285
19,710
33,791
acquired as of that date. c These figures are for consolidated company.
241,365
Jan 1 to Dec 31
299,311
236,060
274,756
Total operating revenues..
Total operating expenses.._ _ _




51,621
34,127

60,972
32 262

270,045
169,758

251,385
147,874

Roads.

THE CHRONICLE

JAN. 31 1914.1
Roads.
Savannah Electric
Jan 1 to Dec 31
Tampa Electric Co
Jan 1 to Dec 31

-Int., Rentfils, &c. -Bal. of Net Earns.
Current
rerious
Previous
Curren t
Year.
Year..*:1
Year.
Year. .F.1
$
8
$ lin
1,672
4,349
1,652
Dec
22,971
1,212
7,594
194,795
262,264
27,644
28,664
4,792
5,058
Dec
305,449
322,692
53,756
55,748

z After allowing for other income received.

ANNUAL REPORTS. ,
Annual Reports.
-The following is an index to all annual
reports of steam railroads, street railways and miscellaneous
companies which have been published since Dec. 27 1913.
This index, which is given monthly, does not include
reports in to-day's "Chronicle." Reports in Volume 97,
are shown in heavy-faced type.
RailroadsPage. Industrials (Continued)Page.
Ann Arbor RR
302 Harbison-Walker Refractories Co__ 69
231 Harrison Bros. & Co., Inc., Phila.. 71
Chicago & Alton RR
303 Houston (Tex.) Oil Co. of Texas__ _1896
Cities Service Co
Cleveland Terminal & Valley RR-_ _ 232 International Agricultual Corp
68
233 International Milling Co., Ltd.,
Hudson Companies, N. Y. City__
Interoceanic Ry.of Mexico, Ltd_ _ _ _1895
Canada
303
1894 International Textbook Co., ScranLehigh & Hudson River Ry
Lehigh & New England RR
152 ton, Pa. (Bal. Sht. Maw 31)
153
Minneapolis dr St. Louis RR__ _ _301, 310 Kaministiquia Power Co., Montreal 307
Reading Co.(Bal. Sht. June 30)_ _ _ _ 232 Kansas City Stock Yards Co. of Mo. 158
St. Joseph & Grand Island Ry
231 Laconia Car Co., Boston
70
Toledo Peoria & Western Ry
232 Lake Superior Paper Co., Ltd
153
Union Pacific RR
1894, 1904 Lawyers' Mortgage Co., N. Y
153
White Pass & Yukon Ry., Ltd
74 Magnolia Petroleum Co. (May 1
153
Electric Railways
1911 to Oct. 31 1913)
308
Lehigh Valley Transit Co., AllenMassachusetts Gas Cos., Boston
1902
town,Pa
301,311 Mobile Electric Co
Manchester (N. H.) Traction, Light
Moline (Ill.) Plow Co. (13 months
69
& Power Co
1895 July 31)
301
301 Morris & Co., Chicago
New York State Rys
.
Ottumwa (Ia.) Railway & Light Co_1899 Mortgage-Bond Co., N. Y. City_ _ 152
1902
Philadelphia & West Chester Tr. Co_ 237 Muskogee Gas & Electric Co
72
Northern California Power Consol
Industrials
302
306 Northern Securities Co., N. Y
American Brass Co
306 Price Bros. & Co., Ltd., Quebec_ _ .._ 303
American Hide & Leather Co
68 Realty Associates, Brooklyn, N. Y. 71
American Ice Co
American Pipe tir Construction Co 234 Rotary-Ring Spinning Co.(Bal. Sht.
234
Armour & Co., Chicago
302
Dec. 31)
Automatic Electric Co., Chicago... 239 Russell Motor Car Co.,Ltd.,Toronto 302
Boston (Mass.) Belting Co
153 Scranton (Pa.) Electric Co
1903
British-American Tobacco Co., Ltd_1896 Sherwin-Williams Co., Cleveland
Butler Bros. dc Co., Chicago
306 (Bal. Sht. Sept. 1)
302
Canadian Car & Foundry Co., Ltd.,
Spanish River Pulp & Paper Mills,
Montreal
69, 302 Ltd
153
Chicago Cons. Brew. &Malt. Co... 239 Swift & Co., Chicago
152
(H. B.) Clafiln Co., New York
233 Union Stk. Yds. Co. of Omaha,Ltd. 234
Colorado Fuel & Iron Co
233 United States Express Co
302
Cuban-American Sugar Co., N. Y._ 71 Victor-American Fuel Co., Denver,
Ford Motor Co., Detroit(Announce303
Colo
ment and Bal. Sht. Sept. 30)
233 West Kootenay Power & Light Co.,
Granby Consol. Mining, Smelting &
Ltd., Montreal
154
Power Co., Ltd
70

383

$828,074,$823,797,$827,339, $827,603 and $817,277, respectively, against
$723,657, $722,439, $721,371, $807,038, $847,294, $847,120, $844,975.
$844,256, $852,814, $853,614 $848,969 and $838,182 in 1912, no such
deductions having been made in previous years.
x See foot
-note to quarterly figures above.
INCOME ACCOUNT FOR CALENDAR YEARS.
1912.
1913.
1910.
1911.
$
$
$
3
Total net earns, for year
(seeintroduc.remarks)137,133,363 108,174,673 104,305,466 141,054,754
Deduct
Sinking funds
1 32,630,432 31,099,455 25.980,026 f 8,057,130
Deprec. & res've funds]
122,140,555
Interest
22,532,690 22,817,4/2 23,106,925 23,366,762
Add. prop.,constr.,&c. 15,000,000
'
25,000,000
Reserve to cover adv.
mining royalties
1,000,000
Charged off for adjust'ts
796,224
83,123
17,698 Cr.81.780
Total deductions_ _ _ _ 70,959,346 53,934,624 49,005,171 79,647,571
Balance
66,174,017 54,240,049 55,300,295 61,407,183
Dividends on Stocks
Preferred (7%)
25,219,677 25,219,677 25,219,677 25,219,677
Common (5%)
25,415,125 25,415,125 25,415,125 25,415,125
Total dividends
50,634,802 50,634,802
Undiv. earns, for year.. 15,539,215 3,605,247
-V.98, p. 77.

50,634,802 50,634,802
4,665,493 10,772,381

Consolidated Gas Company of New York.
(Abstract of Report Submitted at Annual Meeting Jam. 26 1914.)

Results.
-The total earnings from the company's gas business for the year
1913 were $2,601,479, being equivalent to 3.27% on the total value
($79.560,331) of tangible and intangible property employed in the manufacture and distribution of the gas sold [contrasting with 3.32% in 1912, 3.83%
in 1911. 4.10% in 1910 and 3.73% in 1909]. The dividends and interest
received (see V. 95, p. 113) amounted to $5,522,326, while the interest
paid amounted to $887,856. Dividends at the rate of 6% per annum were
maintained, calling for $5,988,990 and leaving a surplus for the year of
$1.246,959 [as against a surplus for 1912 of $1,536,699, for 1911 of $1,562.,
887 and for 1910 of $2,924.8481•
The decrease in the amount of surplus as compared with the surplus in
1912 ($1,536,699) is almost entirely due to the reduction in the amount of
dividend received on the capital stock of the New York Mutual Gas Light
Co. owned by this company.
Collateral Notes.
-On Juno 25 1913 $15,000,000 of the company's e*htmonths' 6% collateral trust notes were sold and on Aug. 10 $5,000.000 of
the company's twelve-months 6% collateral trust notes which matured on
that date were paid off. (V. 96, p. 1843; V. 97,P 301.)
Acquisitions.
-There were acquired during the year (a) 7,662 shares of
the pref. and 9,659 shares of the common stock of the New York & Queens
Electric Light & Power Co.out of a total of 12,500 shares of pref. and 12,500
shares of common stdck outstanding; (b) the entire issue of 6,000 shares of
the stock of the New York & Queens Gas Co.(V.96, p. 149; V.97, po. 668)•
Tunnel.
-The headings in the new tunnel between Astoria and the Bronx
were Joined on July 17 1913. There were at that time but 474 ft. of bench
to be excavated and on Oct. 5 only 114 ft. On the latter date a faulty
seam in the rock was suddenly encountered, through which the tunnel
south of the Bronx bulkhead was completely flooded and the water rose in
the Astoria shaft to the river level. Two bulkheads were built and the,
whole situation is now under control. Drilling and grouting are proceeding from the Astoria end and present indications are favorable for soon
beginning the excavation of the remaining portion of the bench.
New Water-Gas Plant at Astoria.
-A marked improvement was made at
this plant during the latter half of 1913 in the quantity of gas manufactured.
The total production amounted to 10,372,054,000 cu. ft.. of which 51.32%
was coal gas and 46.68% water gas.
United States Steel Corporation.
Besides coke, our principal residual products are coal tar, ammoniacal
(Earnings for the Quarter and Year ending Dec. 31 1913.) liquor, water-gas tar, ammonium sulphate and Cyanogen press cake.
Although the new tariff has made substantial reductions in the duty on
The following financial statement of the corporation and some of these products, there has thus far been no material change in their
price.
its subsidiaries for the quarter ending Dec. 31 was given out marketof Gas.
Cost
-By
the shortage in the supply of petroleum
on Tuesday after the regular monthly meeting of the direc- ducts, referred to inreason ofannual report, the increase this year overproour last
last
year in the price of gas oil, in se
tors. The "net earnings" as here shown were arrived at will amount approximately far as it affects the Consolidated Company,
1.8 cts. per gallon. In the case of the comto
after deducting each month the cost of "ordinary repairs* panies manufacturing water gas exclusively, this increase will amount to
and maintenance of plants and interest on bonds of sub- nearly 9 cts. per 1,000 cu. ft. of gas made. In the case of the Consolidated
Company, as the large
coal gas which it manufactures requires
sidiary companies." We append the results for the years a smaller amount of gas amount ofamount to about5.5 cts. per 1,000 cu. ft.
oil, it will
Condemnation.
ending Dec. 31 in 1910 to 1913 inclusive.
-The proceedings instituted by the city in 1901 to acquire
as the "18th
portion
For unfilled orders on hand see "Trade and Traffic Move- for water-front improvement aand the of our property knownincluding inSt. Station," were concluded
award of $3,456,433,
terest, was paid to the company Oct. 9 1913.
mentw," Jan. 10 1914 (page 213).
,
In January 1907 the city, under condemnation proceedings, acquired for
INCOME ACCOUNT FOR THREE MONTHS ENDING DEC. 31.
hospital purposes title to a portion of our property known as the "14th St.
Station." Proceedings to determine the value of this property are still
1911.
1912.
1913.
Net earnings
*$23,036,349 $35,185,557 $23,155,018 pending. On Aug. 1 1913 the city acquired title, by condemnation proceedings,to a portion of our property known as the "44th St. Station.
Deduct
- Gas
Sink.funds on bonds ofsubsid. cos_ _1'14,067,791 $7,786,216 $3,246,466 making at this plant was discontinued on Aug. 22 1913.
1
Depreciation and reserve funds_
New Buildings.
-Last fall the Standard Gas Light Co.'s new ten-story
f
Interest on U.S. Steel Corp. bonds.. 5,607,227
5,677,547
5,751,680 building at the corner of 110th St. and 1st Ave. was completed and it is
Sinking funds on U.S.Steel Corp.... 1,704,933
1,634,415
1,560,283 expected will result in substantial economies in the cost of repairing the
meters and stoves of the Consolidated and its constituent companies.
To provide additional accommodations for the several departments of
$11,379,951 $15,098,178 $10,558,429
Balance
$11,656,398 $20,087,379 $12,596,589 the Consolidated Company and also for all of the gas and electric companies
Dividend on preferred stock (1% %)- $6,304,920 $6,304,920 $6,304,919 in the Borough of Manhattan, in which the Consolidated Co. is interested,
Dividend on common stock (13i,%)- 6,353,782 6,353,782 6,353,782 it was found necessary to rem6del and extend the plans for a 12-story office
building to be located on the plot of land, 297.5 ft. by 84 ft., on the southSur. or def. for the quarter..._*def.31,002,304sr.$7,428,677 def.$62,111 east corner of Irving Place and 15th St., the first section of which had already been erected, and to design the present 18
-story building, which covers
EXTRAORD. EXPENDITURES ORDERED FOR FOURTH QUARTER. the entire area. The new building, including the original 12-story structure, is of the most modern fireproof type. It contains 381,100 sq. ft. of
1912.
1913.
1911.
Stir, or def. for Dec. quarter_ __ _*def.$1,002,304sr.$7,428,677 def.$62,111 floor space available for offices, excluding corridors and stair halls. The
Adjust'ts in sundry accts. chgd. off__ Dr.796,224 Dr. 17,698
81,780 space on the 12th, 16th, 17th and 18th floors, assigned for the immediate
Sur, or def. from previous 9 mos._sur.32,337,743 df.3.805,732 sr.4,645,824 use of the Consolidated Company, is now occupied by its several departments. It is anticipated that the space assigned to the affiliated companies
Total
$30,539,215 $3,605,247 $4,665,493 will be occupied by them about March 1 1914. Such space as is not required at present by the Consolidated or the other companies will be rented.
On account of expenditures made and
The West 147th St. fireproof 7
-story building, erected and occupied by
to be made for additional property,
the United Company during the year, has been fully equipped and is now
new plants and construction
15,000,000
devoted to the miscellaneous requirements of the company for this section.
Balance, surplus
$15,539,215 $3,605,247 $4,665,493 such as garage,storeroom, meter shop,laboratory and general repair shops.
Cooking Appliances.
-During the year the gas companies installed 85,313
* This amount may be slightly changed on completion of audit of accounts gas appliances, including
for the year. The complete annual report will be submitted at the annual solidated and its affiliated2,102 lineal feet of hotel gas ranges. The Concompanies have out on rental 392,518 cooking
meeting in April 1914 or earlier.
appliances of various types.
NET EARNINGS FROM OPERATIONS FOR YEAR ENDING DEC. 31.
Stations.
-Two contracts have been placed for improved steam turbine
units in the Waterside No. 2 Station, one for a 30,000 k. w. set and the
1913.
1912.
1911.
1910.
other for a 22,000 k. w.set, to take the place of two 7,500 k. w. units.
3
The following sub-stations were put in service during the year:(a) Hunts
January
*11,342,533 *5,243,406
5,49,416 11,316,014 Point, on Lafayette Ave. near Whitlock, in the Bronx; (b) 140-156 East
February
*10,830,051 *5,427,320 7,180,928 11,616,861 26th St.; (c) 114 West 40th St., pending reconstruction on West 39th St.
March
*12,254,217 *7,156,247 10,468,859 14,684,001
Rotary converter capacity to the extent of 21,000 k. w. and 3,000 k. w.
of storage
were added in sub-stations. Rotary
First quarter
34,426,801 17,828,973 23,519,203 37,616,876 of 6,000 k. battery capacityproperty of the Third Ave. RR. Co.,converters
have been
April
*13,072,710 *7,509,207 9,412,573 13,414,956 installed w. capacity, the
May
*14,554,666 *8,846,822 9,590,444 13,229,289 & Power in sub-stations of the N. Y. Edison Co. and the United Elec. Lt.
Co.,and are being operated under the terms of the agreement with
June
*13,592,537 *8,746,237 9,105,503 13,526,715 the Railroad Co. referred to in our last report.
On the alternating current system, 12,000 k. w. were added to the subSecond quarter
41,219,813 25,102,266 28,108,520 40,170,960
capacity and 48,000 k.
July
*12,936,658 *9.322,142 8,750,467 12,132,188 station transformerinstalled to connect the w. of step-up and step-down
transformers were
water side stations and the
August
*12,657,430 *10,583,377 10,710,145 13,132,755 Kingsbridge station
16.000 volt inter-station ties, to enable the plant
September
*12,856,312 *10,157,993 10,062,113 12,100,244 of the said Railroad withto be shut down at off-peak periods.
Co.
The construction of the new generating station of the United Elec. Lt.
Third quarter
38,450,400 30,063,512 29,522,725 37,365,187
Harlem River, which was commenced in July
October
*11,430,461 *12,485,412 9,159,338 10,512,131 & Power Co., located on the practicady completed. There are at present
1912, was on Dec. 31 1913
November
*7,392,166 *11,120,749 6,946,717 8,228,857 installed and in operation three 15,000 k. w. turbo-generators of the horiDecember
*x4,213,722 *11,575,761
7,048,962 7,160,742 zontal high-speed type. The station has been constructed for an ultimate
Fourth quarter
x23,036,349 35,181,922 23,155,018 25.901,730 capacity of 120,000 k. w. A considerable part of the investment already
Total for the year.. 137,133,363 108,174,673 104,305,466 141,054,754 made has, therefore, anticipated future requirements.
The 187th St. sub-station of the United Company was completed early in
* After deducting interest on subsidiary companies' bonds outstanding the year and put in operation, the section of Manhattan Island north of
$838,497, $847,132, $842,298. $839,524, $831,627, $830,669. $831.260 155th St. being controlled from this point. It Is estimated that this sub-




[VOL. xcvm.

THE CHRONICLE

384

station will supply the needs of the company in the upper northwesterly
section of the city for approximately the next eleven years, additional
transformers, regulators. etc.. being necessary from time to time.
-These on the lines of the Consolidated Gas
Municipal Street Lamps.
Co. and its affiliated companies on Dec. 31 1913 consisted of 25,597
incandescent gas lamps, 96 open-flame lamps, 12,428 electric arc lamps
and 21,559 electric incandescent lamps, a total of 59.680 street lamps.
-The combined sales of gas of the various companies were 29,262Sales.
457.670 Cu. ft., an increase over 1912 of 0.39%. The sales of electric
current, excluding sales to the Third Ave. RR. Co., amounted to 441,237.534k. w. hours, an increase over 1912 of 10.09%•
-The taxes charged against the earnings of the Company
Taxes.
and its affillatedlcompanies during the year amounted to $3,965,082.
-There was expended during the year for additions to
Additions, &c.
and extensions of the producing and distributing plants of the various gas
and electric companies the sum of $12,839,533.
-At a cost of $4,535,745 for repairs and $2,516,442
Maintenance, &c.
for renewals, a total cost of $7,052,188, all these properties have been
maintained at the highest possible point of operating efficiency.
INCOME ACCOUNT FOR YEAR AND GAS METERS, ETC.,IN USE
ON DEC. 31.
1913.
1911.
1912.
1910.
Gas meters Dec. 31_ _ -904,303
875.017
848,266
826,916
262,026
Elec. meters Dec. 31..
221,361
189,691
159,405
85,313
Gas appliances
89,389
89,861
103,067
Sales of gas (1,000 c. ft.) 29,262,458 28,938,236 27,861,658 27,217.105
Sales elec. cur(1,000k.w.) a441,238
407.966
333.376
291.174
Net earns,of gas business
(after deducting res've
for renewals & cont'g's)31,501,101 $1,609,583 $2,013,446 $2,151,422
x Add surplus earns. of
344,501
292,861
261.044
Astoria Lt.,II.& P.Co. 403,518
And int. rec'd on invest675,105
613,552
696,860
633,983
ment in that co

made for depreciation and contingent liabilities. We have no bonds or
mortgages and our cash in hand is substantially equal to our total liabilities.
EARNINGS FOR CALENDAR YEARS.
1911.
1910.
1912.
1909.
1913.
Sales
$9,638,148 $10,895,011 $11,282,870 $12,294,993 $13,515,305
1,587.338
1.602,764
1,741,243
Profits....1.284.809
1,963,277
Deduct-Dividends of 1M% each on preferred stock paid on
April 1. July 1 and Oct. 1 1913
420,000
Balance,surplus,for year ending Dec. 31 1913
$1,543,277
BALANCE SHEET DECEMBER 31.
1912.
1913.
1913.
1912.
Liabilities
$
Assets$
Common stock.--18,000,000 18,000,000
Real estate,plants,
good-will,&c__.21,155,586 20,991,172 Preferred stock..__ 8,000,000 8,000,000
460,000
Work in process,&c 1,931,237 1,910,434 Notes payable_ _
375,000
308,297 Accounts payable..
76,204
460,061
176,868
Cash
77,417
M'f'd goods at cost 2,441,265 1,972,901 Res've for canting.
paid Jan. 15
Customers' accts_a1,944,336 1,733,614 Div.
1913
420,000
Mfg. & oper. sup1,622,421
Surplus
79,144
b292,3411
plies, &c
11,2351 134,594
Notes receivable_

Total earns, from gas
business for the year $2,601,479 $2,629,188 $2,919,859 $3.046,449
Divs.& int. rec'd on stks.
& bds. owned & on adv.
made to affil. gas &
elec. cos.(excl. int. on
invest. in Astoria L.,
5,375.936 5,096,422 4,804,998
Heat & Power Co.)___ 5,522,326

American Brake Shoe & Foundry Co., New York.
(Report for Fiscal Year ending Sept. 30 1913.)
Pres. Otis H. Cutler, New York, Dec.9, wrote in subst.:

Total net income___ $8,123,805 $8,005,124 $8,016,281 $7,851,447
Dividends paid on stock $5,988,990 $5,988,990 $5,988,990 $4,491,633
Rate of divs. on stock
(6%)
(6%)
(6%)
(4M %)
887,856
479,435
Int. on fund. & oth.debt
464,404
434,967
Balance,surplus

$1,246,959 $1,536,699 $1,562,887 $2,924,847

a Excluding sales to the Third Avenue Railroad Company.
x Add for the purpose of determining the earnings applicable to the value,
based upon the decision of the U. S. Supreme Court', of the tangible and
intangible property employed in its gas business, viz.: $79,560,331 in 1913
$79,143,950 in 1912. 176,179,986 in 1911 and $74,355,846 in 1910.
BALANCE SHEET DEC. 31.
1912.
1913.
1912.
1913.
Liabilities
Assets$
$
Plant & prop_ 54,112,534 53,262,669 Capital stock _ _ 99,816,500 99,818,500
Bonds & notes_ _ 18,738,025 8,738,100
Stocks & bond;
of other cos_1101,105,396{ 92,670,159 Accts.payabi e &
accr'd charges 6,838,384 5,588,335
Adv.to oth.cos.
200,000 Stock and bond
200,000
Bonds & mtges
premiums _ 13,951,397 13,051,397
5,802,190 1,272,748
Cash
Accts.receivable 3,000,199 2,373,145 Renewal and re850,257 serve funds_ _ 10,813,041 9,920,088
968,568
Material & supp
Profit and loss__ 15,031,540 12,614,559
165,188,887 150,628,979
Total
-V.98,P..
37
.

Total

165,188,887 150,628,979

Sears-Roebuck & Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1913.)
INCOME ACCOUNT.
1911.
1912.
1910.
1913.
Sales, less returns, allowances, discounts,&c.._$91,357,276 $77,116,859 $64,112,194 $61,329,792
81,287,267 67,961,160 56,948.625 54,360,516
Purchases, all exp
Gross profits
Other income

$10.070,009 $9,155,699 $7.163,569 $6.969,276
196,834
310,842
261,971
250,046

$10,331,980 $9,352,533 $7.474,411 $7,219,322
Totalincome
$654,922
$489,444
Repairs,renew's & depr. 3802,732
3409,446
375,000
501,579
Other reserves
50,000
Common dividend (7%) 2,799,965 2,799,659 *2,624,428 2,100,000
585,958
599,200
559,352
Preferred dividend (7%)
617.750
Surplus for year

$5,668,352 $4,936,994 $3,761,339 $4,042,126

Total

28,236,042 27,051,012

Total

28,236,042 27,051,012

'Includes real estate, buildings, machinery, vehicles and equipment at
Troy, Rochester, Waterford and Corinth, N. Y.; South Norwalk, Conn.,
Leominster, Mass., and St. Johns, Quebec; together with furniture and
fixtures at sales-rooms and good-will, patent rights, trade names, &c.
a After deducting amount held in reserve for cash disc'ts & sundry debtors.
b Includes manufacturing and operating supplies, unexpired insurance,
prepaid interest and unused expenses, including advances applicable to
spring season of 1914.-V. 98. p. 307.

-The volume of business transacted, both in value and tons,
Financial.
and the profits proceeding therefrom, were greater than in any previous fiscal year, notwithstanding the fact that the selling price per ton of
output during the year was the lowest yet recorded. The maintenance of
profits was largely due to a greater volume of production and increased
income derived from investments.
Reserve accounts, after absorbing the usual current charges for maintenance and depreciation, together with some extraordinary charges for obsolescence, were increased 3113,355. Net profits for the year were $1,279,587, an increase of $265,139 as compared with the previous year. Regular
quarterly dividends were paid on both pref. and common stocks, the former
at the rate of 2% quarterly, commencing Jan. 1 1913, as announced in
the last annual report (V. 96, p. 197, 792), and there was passed to surplus
$605,087, increasing that ledger account to $4,011,346.
-For the purpose of providing money with which
New Capital Stock.
to purchase stock of the St. Louis Car Wheel Co. and the plants and assets
of the Decatur Car Wheel Co. and the Atlanta Car Wheel & Mfg. co..
together with some addition to our working cash capital resources, the
directors during this fiscal year authorized the issue of 10,000 shares of
full-paid pref. capital stock and 10,000 shares of full-paid common capital
stock out of the unissued authorized stock, which was practically all subscribed for by the stockholders at a premium. (See V. 95, p. 1404, 1474,
1747; V. 96,P• 1970
-The plants of the company were operated practically to
Operations.
their maximum capacity for the first half of the fiscal year, but,owing to
unfavorable business conditions existing in the last six months,the procapacity.
duction for the year was approximately only 80% of full year and is The
subnew Chicago plant was in active operation throughout the
stantially meeting the estimates both as to amount and cost of production.
Some increases have been necessary in the scale of wages paid employees.
All plants have been maintained in efficient condition and some $116,000
was spent for additions and betterments.
-This company was organized in Jan.1913in Georgia,
Southern Wheel Co.
and on Jan. 29 took over the aforesaid properties of St. Louis Car Wheel
Co., Decatur Car Wheel Co. and Atlanta Car Wheel & Mfg. Co. In consideration for the capital stock of the Southern Wheel Co. The earnings
have been satisfactory, notwithstanding some depression in business, and
dividends of 6% per annum have been regularly earned and paid.
Edgar Allen American Manganese Steel Co.-Thls controlled company
has had a successful year, and has paid regular dividends on the pref. stock
amounting to 7% for the year.
-We received during the year from this comAmerican Malleables Co.
pany sufficient additional capital stock to liqudiate its indebtedness for
moneys advanced. The company is now producing high-grade castings
on a reliable basis and showing improved earnings.
-The decreasing volume of business apparent In the last half
General.
of the expired year seems likely to be continued unless the railroads are
placed in position to supply their imperative requirements for additional
-S.
equipment and extensions through favorable action by the I. C. Commission on the application for a slight advance in rates.
ACCOUNT YEARS ENDING SEPT. 30.
INCOME
1911-12.
1910-11.
1912-13.
1909-10.
*$1,316,579 *$1,052,719 *$1,028,808 z$1.063.669
Net profits
38,271
36,992
39,541
40,980
Interest on bonds

. *Also 33 1-3% (910,000,000) stock dividend paid April 1 1911.
BALANCE SHEET DECEMBER 31.
$989,267 $1.022,684
$1,279,587 $1,014,448
Net profits
Assets1911.
1912.
1913.
1910.
Divs. paid-Pref.._ _(7% %)$370,000 (7)3280,000 (7)3280.000 (7)3245,000
Real est., bldge., plant,
252,000
252,000
189,750
304,500
Common (7%)
mach., good-will, pat(3.3%)13,000
Extra dly. on corn.
ents, investments in
other companies, &c.$39.879,185 $39,502,625 $40.308,511 $39,443,965
$457,287
1482,448
$574,934
Balance of profits...._ $605,087
Additions during year__
1134,256
x864,596
Supplies & merchandise_ 13,176,910 11,332,224 9,381.021
9,309,338
'Includes in 1912-13. 1911-12 and 1910-11 an amount of "other income"
Outside enterprises wholly
not stated. x Includes in 1908-09 other income, royaltiee, rentals, int..
8439,513 5,718,934
owned
2.803,951
2,189,674 &c., 357,752.
Adv.& inv. br. houses
5,045,624
1,475,091
BALANCE SHEET SEPT. SO.
Advances to manufact'rs 4,886,940 9,524,140 2,638,457
1,862,124
2913.
1912.
1912.
1913.
200.530
Sundry persons
211,857
479,323
509,670
$
LiabilUie$$
$
Assets$
Due from customers.._ _ _ 2.092,315
358.002
1,308,051
160.932
Preferred stocks__ 5,000,000 4,000,000
120,734
Due from Rlia,claims,&e
87,644
76,552
95,957 Plants, Patents,&e. 8,092,777 7,976,311 Common stocks__ 4,600,000 3,600,000
a Investments_ _ _ _ 3,467,705 1,361,390
196,822
Insur. & int. in advance
62,696
34.013
59,268
755,000
16,243 First mtge. bonds_ 720,000
1,915,463
Cash
1,660,569 2,381,851
1,123,233 Insur.,&c.,not accr 1,238,828
840,197
703,633 Reserve funds_ .._ _ 953,552
Bonds owned
52.173,012 52,187,004 Cash
372,074
Accts. & bills rec. 1,521,087 1,622,049 Accounts payable_ 490,218
3,038
3,146
947,698 Accr'd bond its..
945,390
Total
$75,954.036 $65,883,832 $60,768,949 $57,805,712 Inventory stores
4,011,346 3,406,259
348,451 Surplus
521,367
Manufae. stock
Liabilities
340,000,000 $40,000,000 $30,000,000
Common stock
$40,000,000
15,787,154 12,976,675
15,787,154 12,976,675 Total
Taal
Prof. stock, 7% cum_ _ _ 8,000,000 8,000,000 8 500 000 8,800,000
Bills payable
4,750,000
1,000,000
Malleables Co.
a Investments include in 1913 American Steel Co. (In (in 1912, $374,-.
5,684,662 4.876.439 4,307,021
Mdse.& oth. open accts. 5,336,503
1912, 8750,000).
,
818) Edgar Allen American Manganese
9,884
Divs. on pref. stock..
139,806
148,750. ,
Southern Wheel Co., orin 1912)
Surplus
17,727.637 12,059,286 7,293.760 13,544,691 miscellaneous securities ($236,571 -V. 97. and1735.
1)•
ganized Jan. 1913, see text above.
Total
$75,954,036 $65,883,832 $60,768.949 $57,805,712
American Real Estate Co., New York.
x After deducting depreciation. z Municipal and railroad bonds, market value.
-V.98, p. 160.
(Statement for Fiscal Year ending Dec. 31 1913.)

Cluett, Peabody & Co., Inc., Troy, N.

Y.

lIneluding Cluett, Peabody & Co., Inc., of Mass.]

(Report for Fiscal Year ending Dec. 31 1913.)
President F. F. Peabody, Jan. 28, says:
It is gratifying to report, as the result of the first year's operation of our
new corporation, that we have made the largest increase in the sales in the
history of the business, having added $1,220,000, making a total of $13,515,000 for the year. Our profits have also been larger than those of any
other year, the total being $1,963,277, an increase of $220,034. The record
seems pleasing in view of the fact that general business conditions have
been regarded as below normal. Important enlargements to plants have
beensmade at Norwalk, Conn., Leominster. Mass., and to the boiler plant
at Troy, ths total costing $165,000. The usual reservations have been




An official statement says in substance:
The company has reduced its mortgage obligations and shows a substantial increase in its capital and surplus, with no overdue current obligations
and a cash balance of more than $750.000. The balance sheet shows total
assets of $28.668.004. of which $26,009,011 is real estate. Deducting the
mortgages thereon leaves the net assets $17,341,204, with capital and surplus of 33,247,789. All taxes, assessments and interest due on mortgages
payable are paid to date and there is a wide margin of cash above all current
liabilities.
Some of the best-known realty experts in New York made up the committee which appraised the A-R-E Company's properties, and their statement shows that these holdings are carried on the books at a materially
lower valuation than their figures under the appraisal. The conunittee
was made up of the following: Joseph P. Day, Lawrence B. Elliman of
Pease & Elliman; Edward L. King of Edward L. King k CO.; Charles

Griffith Moses of J. Romaine Brown Co.; J. Clarence Davies, II. Osborne
Smith and Harry G. Bryan of Williamson & Bryan. In addition to its
important collection of rental properties located both mid-town and uptown the company has largo holdings along existing and proposed rapid
transit lines which are certain of increased values in the growth of the city.
[See list in V. 97, p. 515.1 The development of the company's business
during the past year has been intensive rather than extensive.
The company is the oldest real estate corporation engaged in real estate
operations in this city, it having been actively engaged in business for more
than a quarter of a century.
BALANCE SHEET DEC. 31.
1912.
1912.
1913.
1913.
$
Liabilities-Assets$
$
100,000
Real est. de impts.
526,009,011 24,922,081 Common stock_ __ 100,000
Leas mortgages_ _ _11,326,710b11,570,922 Pref.stk.7% cum.
1,000,000
$2,000,000
Net value prop'les 14,682,301 13,351,159 Bonds & ctfs. with
interest accr'd_ _13,660,900 13,265,748
Mortgages owned_ 1,436,919 1,384,628
25,071
28,662
414,560 Acc'ts payable_ __
Cash in bks., &o__ 708,267
(a)
19,422 Int.accrd.on mtgs. 143,505
20,424
Due from agents__
91,950 Int. on full-paid
Inv.In other cos__ 131,510
bds. & certfs_ _ _ 203,049
223,881
Bills & accts. rec.... 154,129
152,277
57,389
25,259 Miscellaneous_ ___
4,030
Materials & Hupp_
2,147,789 2,088,806
121,044 Surplus
143,714
Miscellaneous_ ___
Total

17,341,294 15,631,902

385

THE CHRONICLE

JAN. 311014.]

Taal

17,341,294 15,631,902

(a) Int. accrued oa mtges. was Inc . in 1912 in the item of mtges. ($11,57(1,922), deducted from real estate and impts.in assets. (b)See foot-note(a).
* Real estate and improvements include properties in process of development and lands undeveloped in the Borough of the Bronx, 81,484,498;
developed properties ready for building improvements (Borough of the
Bronx, $7,362,063; City of Yonkers, $2,819,559). $10,182,622; rental
properties, land and buildings (Borough of Manhattan, $10,151,000; Borough of Bronx, $3,864,500; City of Yonkers, $229,494), $14,244,994;
houses ready for sale and sundry properties, $97,896; total, $26,009,011.
Land Area (in City Lots of 2,500 sq. ft.) and Number of Buildings Owned.
No. Lots. No. Bldgs.
No. Lots. No. Bldgs.
Boro. Manhattan__
City of Yonkers_ _ _ _1,244
12
43
10
1
Bore. of the Brenx_2,823
Sundry parcels_ _ _ _
20
19
42
Total owned
4,130
The above includes 6 fireproof office and business bldgs.,5 brick and stone
office and business bldgs., 5 elevator apartment bldgs., 12 non-elevator
apartment bldgs., 1 fireproof theatre and office bldg., hotel bldg., club
house, inclined elevator bkigs., construction office bldg. and 7 suburban
residences ready for sale. (see V • 97, p• 515)•
No. of tenants in company's buildings, 860; No. of apartments, 546;
population in apartments, 2,730; No. of stores, 119; No. of floors of offices,
warerooms and business lofts, 76, having a total area of over 762,000 sq. ft.
(During 1913 the authorized share capital was increased by $2,000,000
7% cum. pref. stock, of which $1,000,000 was offered at par in July to the
bondholders and clientele of the company and was oversubscribed. The
company has recently opened offices in London.-Ed.I-V. 97, P. 515.

YEARS ENDING AUG. 31.
1912-13.1911-12.
Int. on debs. & bonds__ £82,038 £.82,409
8,188 6,185
Sinking fund
Depreciation reserve_ _ _ 80,685 10,823
2,382 3,018
Miscellaneous
911 2,477
£150,380 £99,959 Deficit for year

REVENUE ACCOUNT FOR
1912-13.1911-12.
£20,019 £20,819
69,072 68,274
60,689 11,068

Rental of mills
Dividends
Miscellaneous
Total

BALANCE SHEET AUG. 31.
1912.
1913.
1913.
1912.
Assets
Liabilities£
t
Cost of properties_..1,600,142 1,800,142 Preference stock__ __ *472,520 472,520
Expend. on prop'ties 106,745
90,633 Ordinary stock
473,800 473,800
Furniture & fixtures_
376
376 Funded debt
1,482,289 1,470,808
Investments
5,155
5,155 Sinking funds
35,592
27,731
Water-power cos., for
P. F. M. improvedividends
26,804
26,804
ment account_ _ _ _ 23,208
67,781
Water-power cos.
Depreciation reserve 83,537
22,851
impt. acct. (cash
Interest and miscelremitted)
12,000
6,000 laneous
29,098
35,013
Cash
6,741
8,439
Miscellaneous
3,045
2,829
Profit and loss
824,750 823,810
Total

2,585,759 2,564,187

Total

2,585,759 2,564,187

* Accrued dividends accumulated for 7 years, 56%.-V. 96, p. 199.

GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Alaska Government Roads.
-See items under "Banking,
Financial and Legislative News" on a previous page.
-Receivership.
Alaska Pacific Ry. & Terminal Co.
R. D. Gray of Katalla, Alaska, has, it is reported, been
appointed receiver.
The company has only a few miles of track laid, but it also has some
track terminals at Martin Point, Alaska. Construction, it is stated, was
stopped by order of the Government.

-Sale.
Black Diamond RR.
The road was sold at auction at Marion, 0., on Dec. 29 by the Master
Stotler of the Stotlerin Chancery of Williamson County to Edward
Herrin Lttmbern Co.for $28,200. The line is graded 12 miles east of Marion
and in operation to Pittsburgh,6 miles. A. coal mine was included in sale.

Boston Elevated Ry.-Dividend Reduced.
-Owing to the
award last week of the board of arbitrators, requiring an increase of wages, the directors on Jan. 26 declared a semi-anHart, Schaffner 86 Marx (Mfrs. Men's Clothing), Chicago. nual dividend of only 2% on the $23,950,000 capital stock,
(Report for Fiscal Year ending Dec. 31 1913.)
payable Feb. 16 on stock of record Feb. 2, contrasting with
an unbroken record of 3% semi-ann. from 1902 to 1913,incl.
Pres. Harry Hart Jan. 26 reports to the stockholders:

Statement Issued by the Company Explaining Reduction.
Sales for the year showed a satisfactory increase, profits have been reThe recent award of the board of arbitration, which arbitrated the quesstored to a rate almost equal to the average attained during the years prior
to incorporation and the financial condition of the company is excellent tions of wages and working conditions of the employees of the company,
in every way. The 3,000 shares purchased for cancellation have this day will increase the operating expenses of the company by a substantial
amount, and will be so serious a financial burden in the immediate future
been ordered canceled.
that the board of directors does not feel warranted in declaring a dividend
INCOME ACCOUNT YEARS ENDING DEC. 31.
at the present time of over 2%. It is hoped that this reduction will be
Cal. Year. Cal. Year. Nor. 26 '10. temporary, and it should be, provided the public realizes that investors
1912. to Dec. 31 '11. in public service corporations such as ours are entitled to a fair, Just and
1913.
Gross sales
Not
($13,025,707 $15,012,848 reasonable return, and consequently does not, in the future, force burdens
I
Net sales
f stated. 1812,180,688 $13,334,550 on the company which it cannot afford.
Comments Made by "Boston News Bureau" Jan. 26.
Not profits *
$423,552
181.121,689 J $456,635
The fiscal year ends June 30. For the 12 months to June 30 next the
Other income
6,728 company will have returned to stockholders 5%. Of this. 3% was paid
1 52,007
In Aug. 1913 and 2% is the present declaration. The July dividend may be
Total profits
$430,280
$508,642
$1,121,689
like the present, but the dividend a year from now could be 3% and
Preferred dividends
(7%)$337,920 (7)8345,027 a$209,361 2%' , returned to shareholders for the 1914-15 fiscal year, thus continustill 5 7
62,322
15,000
Depreciation
ing the "legality" of the bonds [as savings bank investments'.
150,000
Contingencies
One of the facts.which decided the directors to make a straight 1% re99,482
Redemption preferred stock
296.877
duction at this time, instead of putting the stock on a regular 234% semi55,744 annual dividend basis, was the necessity of conserving funds to meet the
Organization =pewee written off.. _ _ _
890. retroactive payment of ten months under the wage award. While the exact
Premium on stock purchased
proportions of this lump payment are not known, it may be figured at
$164,279 between $200,000 and $300,000. The 1% reduction in dividencLs amounts
Balance, surplus
$49.133
$274,570
to a saving of $239,000.
* Net profits are stated in 1913 after deducting all operating, selling,
-The board of arbitrators at midnight Jan. 15
Award.
general and administrative expenses,including interest(amount not stated);
in 1912 after deducting $50,643 for interest and $17,521 for special expenses,
company's car men an increase In wages, retroand for the period ending Dec. 31 1911 after deducting $29,307 for "sepcial granted the
expenses,' interest and depreciation being included in operating expenses active to May 1 1913; also shorter hours, &o.
in the last-named period.
car men the advance in maximum rate per hour is from 28.9
For surface
a For 731 months at 7% rate.
to 32 cts.; elevated motormen from 30.3 to 34 cts., &c. The award, it is
said, will cost the company about $300,000 the first year, $400,000 the 2d
BALANCE SHEET DEC. 31
and $500,000 the 3d. Had the demands of the men been granted in full
1913.
1912.
1912.
1913.
the cost would have been about 32,000,000 _per ann., plus cost of observance
Liabilities-Assets$
of 0
-in-11-hour law, or another $1,000,000. See V. 97. p. 1354.
Preferred stock_- 4,000,000 4,900,000
Good-will, trade
18,000,000 15,000,000 Common stock___15,000,000 15,000,000
-Holders of over
names, &o
-Maturing Notes.
Boston & Maine RR.
345,344 Acc'ts payable__ 373,453
408,323
Mach., furn.&tlx. x300,000
2,746,456 2,809,102 Salaries & wages.- 133,067
100,393 75% of the $10,000,000 notes maturing Feb. 3 1914 having
Inventories
61,726
1,716,884 1,707,055 Accrued taxes_ _ __
52,900 assented to an extension of their notes until June 2 1914,
Acc'ts & bills rec
1,365,612
891,798 Miscellaneous_ ___
61,810
Cash
Pres. McDonald on Jan. 27 gave notice by adv. that it "was
89,535 Reserve funds_ _ _ y550,000
77,272
Def. debit Item
Profit and loss__ 487,978
313,408 most important that the remaining noteholders communicate

at once with Mr. Wm.J. Hobbs, Vice-President of the B. &
M. RR., North Station, Boston, stating amounts and numbors of notes held by them." Yesterday holders of 91% of
-V.98, 234, 154.
the notes were reported to have assented.
Pillsbury-Washburn Flour Mills Co., Ltd., London.
Boston Revere Beach & Lynn RR.
-Bonds.
--Spencer
(Report for Fiscal Year ending Aug. 31 1913.)
Trask & Co. and Paine, Webber & Co. sold last week at
991 and int. the final $150,000 of the issue of $1,000,000
A
Secretary H. K. Davis Dec. 29 wrote in substance:
Results.
-The revenues received by the company are as follows: (1) Divi- 1st M.432s. due July 15 1927.-V. 98, p. 154.
dends from the shares of St. Anthony Falls Water Power Co. and Minne-The
British Columbia Electric Ry.-New Cap. Stock.
apolis Mill Co., £69,072; (2) fixed rent of $100,000 per annum under the
lease of tho company's mills to the Pillsbury Flour Mills Co., £20,019; (3) shareholders in London on Dec. 19 authorized an increase in
one-half share of the profits of the Pillsbury Flour Mills Co. over and the share capital from £4,600,000 (in three classes) to £5,above $150,000 per annum, .C60,686; total, £150.377.
The total revenue receivable by this company for the year amounted to• 000,000. Under previous authorization the directors al£150,377, as against £99,716 for the preceding year. The revenue aeentint
£280,000 additional shares,
shows a debit balance for the year of £911, which has been carried to the ready had the power to issue
making the total capital stock now available £680,000.
balance sheet.

Total
21,206,224 20,842,834
21,206,224 20,842,834
. Total
x After deducting $77,322 depreciation reserve.
- y Reserve funds include preferred stock redemption fund, $400,000, and
-V.98, p. 75.
reserve for contingencies, $150,000.

Water-Power Companies.
-The flow of water was for the greater part of
the year below the usual standard, but reports received during the last few
months indicate a return to the normal flow. Considerable progress has
been made with the reconstruction of the apron at St. Anthony Palls and
the work should be completed in the summer of 1914 at a cost we hope
somewhat less than originally anticipated.
Mitls.-The operating company's business during the year has been
carried on under exceptionally favorable market conditions. Its output
of flour, however, was the largest since it took over the business. The condition of the walls of the "A" mill caused grave anxiety, requiring the construction of numerous buttresses to support the rear wall. The building
is now considered perfectly safe. The result of the year's working of the
mill is that this company's share of surplus profits, which last year amounted
to £10,823, has this year reached the very substantial sum of £00,686.
The whole of our share of surplus profits from the operating company has
been credited to the permanent improvements account, the balance remaining due by this company on that account being now therefore reduced
0 £23,208, as per balance sheet.




The report of Chairman Horne-Payne then submitted said in substance:
"Although the directors are asking for power to create additional share
capital, they have no intention of issuing it at present, nor do they expect
to issue it during the next year; but it is necessary that they should have
power to issue additional shares as and when that course becomes desirable.
Meanwhile, we shall contine to limit our capital expenditures to absolute
necessities until the pressure of genuine demand for our various services
proves that it is necessary and will be remunerative. By April or May next
I think we shall see a gradual general improvement in commercial conditions, and that there will be a complete return of prosperity and progress
in 1915. The money actually expended on the enterprise of B. C. El. Ry.
Co. amounts to $45,000.000, on which the interest and dividends paid out
last year were equal to less than 434%.*-V. 97. p. 1285, 1114.

-New Director.
Buffalo & Susquehanna RR. Corp.
Percy C. Madeira of Madeira, Hill & Co., has been elected
-V. 97, p. 1662.
a director.

386

THE CHRONICLE

Capital Traction Co., Washington, D. C.—Earnings.—
Calendar
Gross
Net
Interest, Dividends Balance,
Other
Year— Earnings. Earnings. Income. Taxes,'lc. (6%). Surplus.
1913
$2,310,166 $1,130,897 $12,286 $420,179 $720,000 $3,004
1912
2,265,214
1,166,557
13,317
412,749
720,000 47,126
—V. 96, p. 417, 134.

[VOL. xcvm

at least 4% on the $3,00 ,0 000 capital stock of the Tunnel Company, all
of which is owned by the Michigan Central RR. Co.
Income of the Michigan Central RR. Co., guarantor of these bonds,
reported for cal. year 1912 as $2,726,332 in excess of all expenses, taxes,
interest and rentals, including rental paid for the Tunnel Company's
property. See also V. 92. p. 1499.—V. 98, p. 235.

Detroit United Ry.—Supreme Court Declines to Pass on,
Validity of Municipal Ownership Amendment.—See "Michigan" in "State and City" Department.—V.98, p. 235.
Chicago Lake Shore & South Bend (Electric) Ry.—
Erie RR.—New Officer.—Delos W. Cooke, Gen Traffic
Changes in Management.—"Cleveland Finance" Jan. 24 said: Mgr., has been elected Vice-Pres. and Gen. Traffic Mgr.—
H. C. Lang, of Mandelbaum, Wolf & Lang, has been elected Sec.-Treas. V. 97, p. 1898.
and has taken over the operating management, consolidating in one head
the duties formerly performed by A. R. Horr and the Warren Bicknell Co.,
Federal Light & Traction Co.—Earnings.—
Chicago City Ry.—Bonds Listed.—

The Chicago Stock Exchange has listed a further $250,000 of the 1st M.
5s, making the total outstanding $28,950,000.—V. 98, p. 155.

respectively. The resignation of Mr. Horr from the Cleveland Trust Co.
Including Controlled Cos. (except Deming Ice c*. Electric Co.)
and his removal from the city was largely responsible for the change.
Total
Int., Pf.Divs. Balance,
Laws of Indiana requiring officers of such corporations to reside in the State Calendar —Controlled Cos.— Federal
Years— Gross.
Net.
Net.
&c.
Net.
are responsible for the resignation of F. H. Goff as President. His successor
(6; Surplus.
o
)
has not yet been chosen. C. N. Wilcoxson has been elected V.-Pres. and
$
General Manager—V. 91, p. 1446.
1913
2,329,167 940,132 def.36,640 903,492 572,537 150,000 180,955
1912
2,167,507
Chicago Milwaukee & St. Paul Ry.—Bonds Sold.—The —V. 98, p. 304. 914,352 sur.22,447 936,799 442,827 150,000 343,972

company has sold to Kuhn, Loeb & Co. and the National
City Bank the $9,741,000 general M. 432% bonds held in
the treasury. This closes the issue, except for refunding
purposes, about $52,000,000 being reserved for prior liens.
The brokers have re-sold the bonds, the price being reported
as 1033. less %.
New Bonds, &c.—Application will be made next week to
Missouri RR. Commission for authority to issue $30,000,000
of the new general refunding M. bonds, a part of which at
least, it is stated, may be issued at present.
See Idaho & Washington Northern RR. below.—V. 98, p. 303, 73.

Chicago Railways.—Application.—An application, it is
announced, will be made Feb. 10 to the Illinois P. U. Commission for permission to issue $1,400,000 bonds and $4,000,.000 short-time notes for improvements.

Galveston-Houston Electric Co.—Common Dividend Increased from 6% to 7% Basis.—The directors on Jan. 22 declared a regular semi-annual dividend of 33/% on the pref.
stock and also a dividend of 3X),% (an increase of M of 1%)
on the common capital stock, both payable Mar. 16 1914 on
stock of record Mar. 5 1914. Sec. Chester M. Clark says:
The amount declared on the common stock is 50 cts, per share larger
than the previous dividend, and,in view of the company's present earnings,
it is reasonable to expect that this 7% rate on the common stock can be
conservatively maintained.

Option to Subscribefor New Common Stock—Notes to be Paid.
—In order to pay the $600,000 3
-year 6% coupon notes due
April 1 1914, and to meet other capital requirements in 1914,
there will be offered, on or about Feb. 5, to pref. and common
stockholders of record Feb. 4 1914, for subscription pro rata,
at par, $1,000,000 authorized but unissued common stock.

W. W. Gurley, General Counsel says: "As we do the work required
under the traction ordinance during the year we borrow the money needed
'
This stock, if paid for in
will carry the dividend of
%, payable
and give interim certificates as security. Later we take up the certificates Mar. 16 1914. The option full, be given to pay for the new shares
in two
with bonds, but we are not permitted under the ordinance to issue bonds installments of 50% each. will
until the work has been completed and only to the extent of the actual tion rights will be sent to all Detailed information regarding the subscripstockholders about Feb. 5 1914. On Dec. 31
value of the improvement. Last year we issued about $4,000,000 of 1913 there were outstanding $3,000,000 common and $2,990,500 pref.
stock.
interim certificates for money borrowed. As the work was completed we —V. 98, p. 155.
Issued bonds to redeem these certificates, but there still remains about
Georgia Ry. & Electric Co., Atlanta.—New Stock.—
$1,400,000 in certificates to be retired. We will need between $4,000,000
and $5,000,000 to pay for work this year, and we shall have to issue interim All
shareholders of record Jan. 26 are offered the right
certificates the same as heretofore.—V. 98, p. 303, 235.

to subscribe at $118 a share on or before Feb. 15 for $514,600
Chicago Rock Island & Pacific Ry.—Lease.--The company has taken over under a 99-year lease, as of Jan. 1,the common stock (underwritten) to the extent of 5% on the par
value of stock now
whether com. or
Malvern & Camden Ry., recently completed by it, extending tions must be paid held, before March 1. pref. SubscripA circular says:
on or
from Malvern to Camden, Ark., 60 miles. The line will be
In accordance with the
operated as a part of the Arkansas division of the Rock Isl- Ry. & Power Co., lessee, contract oi lease dated Jan. 1 1912 the Georgia
has acquired the sale of the $541,600 par value
of common capital stock of the Georgia Ry. & Elec. Co. now in treasury,
and.—V. 97, p. 1821.
for the purpose of paying for permanent improvements and additions to
Chicago St. Paul Minneapolis & Omaha Ry.—Appli- the demised premises, and has offered to pay for said stock $118 per share.
cation.—The company has applied to the Wisconsin RR. [Stock out at last accounts: com.,$8,000,000; pref. 5% n.-c., $2,400,000.1
—V. 98, p. 304.
Commission to issue $1,700,000 debenture bonds of 1930.
Great Northern Ry.—Listed.—The New York Stook
The proceeds, It is reported, are to be used for extensions and better
ments during the past two years, amounting to about 31,240,000, and the Exchange has authorized to be listed on and after Feb. 16
remainder for locomotives, steel passenger coaches, steel smoking and baggage cars costing about $500,000. The Commission last week authorized $21,000,000 additional preferred stock, which was offered to
the company to issue $90,000 of consolidated M. bonds for the comple- stockholders in Jan. 1913 at par (V. 95, p. 1541, 1607,
tion of the branch line to Park Falls, Wis.—V. 97, p. 881.
1745), on notice of issuance and payment in full, making
Cities Service Co., New York.—Stock and Bond Holdings. the total amount to be listed $231,000,000.
—Bonded Debt of Subsidiary Companies—Complete List.—
Earnings.—For 5 months ending Nov. 30:
See "Electric Railway Section" issued to-day.—V. 98, p. 303.
Five
Oper.
.
Net (after
Fixed
Other
Divs.
Balance,
Charges. (336%). Surflus.
Taxes.
Inc.
Cleveland Painesville & Ashtabula (Electric) RR.— Months— Revenue.
3
Status.—"Cleveland Finance" Jan. 24 said:
1913
39,427,161 16,994,324 962,679 3,138,590 7,699,194 7,127,219
The 1st M. 5% bonds have recently been offered around 50 with no
takers. The company has not earned the interest on its [3990,000] bonds
for several years, but this interest has been paid largely by the Cleveland
Painesville & Eastern, which owns the common stock. In April 1916
$500,000 of the 1st M.bonds of the Cleveland Painesville & Eastern become
due and before that time it is expected a new financing plan will be brought
out for the Painesville road. At that time it may be necessary to foreclose
the bonds. The best of opinion, however, is to the effect that whatever
happens the Ashtabula bonds are worth their present market price and of
course the investor has the chance of eventually doing better. The road in
1912 showed a deficit of $27,000.—V. 96, p. 553.

1912
37,562,273 17,007,795
The dividends deducted as above include two quarterly payments of
13 % each on Aug. land Nov. 1 1913 on $209,980,900 stock (37,349,331 .
%
and interest accrued on subscriptions for $21,000,000 additional stock,
$349,863. From the surplus as above, $7,129,219, there was appropriated
$106,805 to cover renewal of Allouez Bay Ore Docks, leaving $7,020314.
—V. 97, p. 1107, 1121.

Green Bay & Western RR.—Distribution on Class B Debentures Decreased.—The directors have declared a distribution of
of 1% on the $7,000,000 class "B" debentures
Columbus (0.) Urbana & West. (Elec.) Ry.—No Sale. (comparing with 134:70 paid in Feb. 1913 and M of 1% in
.
A press dispatch says that no buyers appeared on Jan. 27, when Superintendent of Banks Emery Lattanner offered the road for sale, in accordance Feb. 1912 and 1911), payable, out of the net earnings for
with the recent order of Judge Kinkead, and that another attempt to find the year 1913, at 40 Wall St. Feb.9 to holders of record Feb.7.
a buyer for
the bonds will be made.—V. 97, p. 1732.

Coney Island & Brooklyn RR.—Wage Increase.—The
company on Jan. 27 announced an increase of 10% in the
wages of employees. The increase will, it is said, affect
about 500 men and puts them on the same basis as those of
the Brooklyn Rapid Transit Co., which run from 24 to 28
cents an hour.—V. 98, p. 303, 235.
Cuban Central Railways.—Over 93% Assent.—It was
announced in London on or about Jan. 15 that holders of
upwards of 84,000 ordinary shares, out of a total of 90,000,
had accepted the offer recently made for their shares.

The United Railways of the Havana & Regla Warehouses,Ltd.,offered an
exchange on the basis of £7 10s. of United Railways ordinary stock for each
£10 ordinary share of this company. The United has given notice that
the offer will be definitely closed Jan. 29. The London Stock Exchange
has been asked to list a further £68,000 5% deb. stock of Cuban Central,
making £968,000 outstanding.—V. 97, P. 1662, 1357.

Div.Record. '00. '01. '02. '03. '04.'05-'07. '08. '09. '10. '11. '12. '13. '14
"A" debs.% 2M 3 4 4 4 5 yriy. 5 5 5 5
5 5 5
Stock
5 5
231 3 4 4 4 5 yrly. 5 5 5 5 5
"B" debs
----The usual 5% on the $2,500,000 stock and $600,000 " " ebentures
was also declared.—V. 96, p. 1014.

ig

Hudson & Manhattan RR.—Listed.—On subsequent
pages of to-day's issue will be found at length the.appli9ation to the New York Stock Exchange in connection with
the listing of the new First and Refunding M. 5% bonds,
series A, and Adjustment Income 5% M. bonds, which have
been issued in accordance with the Plan of Readjustment
dated Jan. 14 1913, fully described in the "Chronicle" of
Jan. 18 1913 (pages 208 to 210), and also the $5,000,000
New York & Jersey 1st M. 5s of 1902, due Feb. 1 1932.—
V. 97, p. 1733.
Idaho & Washington Northern RR.—Sale.—The bond
and note-holders having,it seems, generally accepted the offer
of Chicago Milwaukee & St. Paul Ry. to give in exchange
therefor its 4% debenture bonds duo 1934, the latter company
on Jan. 21 took over the control of the line.

Detroit River Tunnel Co.—Offering of Guaranteed Terminal and Tunnel Bonds.—White, Weld & Co. having sold over
half of their block of $1,550,000 1st M.432s,due May 11961,
are offering the remainder by adv. on another page at 963.,
The general cffIces were removed from Spokane to Seattle and the officers
yielding about 4.70%. These bonds are part of a present
of
outstanding issue of $16,000,000 1st M. Terminal and in the operating and traffic departments of the system at Spokane placed
charge of the road, headed by ii. B. Earling as President. Compare
Tunnel 4M% 50
-year gold bonds, guaranteed, principal and V. 97, p. 1822.
interest, by endorsement, by the Michigan Central RR.
International Traction Co., Buffalo, N. Y.—Preferred
Total authorized, $30,000,000; reserved for future additions Dividend.—The regular semi-annual dividend of 2%, also an
and improvements,$14,000,000. The bankers say:
additional dividend of 2% on account of arrears, has been
Secured by first mortgage on extensive passenger and freight terminals declared on the $5,000,000 4% cumulative pref. stock,
in Detroit, Mich., used by the Michigan Central 12R., and also on the double-tube tunnel under the Detroit River. The tunnel is an integral part payable Feb. 1 to holders of record Jan. 24.
of the main line of the Michigan Central system between Niagara Falls
and Chicago.
Property leased to the Michigan Central RR.Co. for 999 years for rental
sufficient to pay all operating expenses, taxes,interest on these bonds and




In addition to the regular payment of 2% each in Feb. and July 1913
there were disbursed 4% and 2% respectively on account of accumulatiens.
The amount due after payment of the dividend on account of accumulations is 42%.
—V. 98, p. 155.

JAN. 311914.]

THE CHRONICLE

387

d) Rome to Norwood, 147.52 m.; Niagara June. to Oswego, 144.12 Miles.
Lake Shore Electric Ry.-Earnings.m.• 6 branches to Cape Vincent, Ogdensburg, Pulaski, &c.,
Calendar
Interest Pref.Divs. Balance,
Net
Other
Gross
'
90.54 m.; subject to 99,995,000 (closed) Rome Watertown &
YearPaid.
Earnings. Earnings. Income.
(6%). Surplus.
382.18
Ogdensburg consols of 1922
1913
31,119,312 3448,707 325,000 3324,696 360,000 389,011
e) Woodard to Fulton; subject to $175,000 (closed) Syr. Phoenix
1912
1,052.518
447,454
25,000
322,700
60,000
89,754
17.10
& Oswego By. 1st 6s of 1915
-V. 96, p. 550, 360.
(f) Norwood to Massena Springs; subject to $130,000 (closed)
12.89
Norwood & Montreal RR. 1st 5s of 1916
Lehigh & New England RR.
-Equipment Trust-Merger.
Windsor
-The directors have authorized an issue of $600,000, series (g) Rochester to5s of 1918 Beach; subject to $375,000 R. W.& 0. 7.30
Terminal Co.
D, 43% gold equipment trust certificates dated Mar. 2 (h) Utica to Ogdensburg, 134.31 miles, and Rivergate to Clayton,
15.85 m.; subject to $1.950,000 (closed) Utica & Black River
1914, maturing $40,000 yearly Mar. 1,1915 to 1929 inclusive;
150.16
1st 4s of 1922
principal and dividends (M. & S.) payable at Penn. Co. (I) Paul to Richland, Oswego County; subject to $350.000 Oswego
& Rome RR. 1st 7s of 1915 and $400,000 2d M. 54 of 1915
for Insurances on Lives & Granting Annuities, Phila., trustee.
26.62
(also subject to $9,995,000 R. W.& 0. consols)
Carthage to Sacketts Harbor;
Brown Brothers & Co. are offering these new certificates (j)Watertown & Sacketts Harbor subject to $300,000 Carthage 28.96
RR. 1st consol. 5s of 1931
at prices to yield about 4 V %. Par $1,000 c*.
I
(k) Carthage to Newton Falls, subject to $1.100,000 (closed) Carthage & Adirondack By. 1st M.4s of 1981
45.86
Guaranteed, both as to principal and dividends, by the Lehigh & New
England RR., which further agrees to pay all taxes, in so far as it may law- (1) Gouverneur Junction to Edwards; subject to $300,000 Gouverneur & Oswegatchie RR. 1st M.58 of 1942
13.07
fully do so. except succession or inheritance taxes. Secured by assignment
(m) Bridge, &c., at Oswego; subject to $100,000 Oswego RR.
to trustee of a lease contract with the railroad of 7 consolidation freight
Bridge Co. 1st M.6s of'15 and $9.995,000 R. W.& 0.consols Inc .above
locomotives, 3 switching locomotives, 500 steel hopper coal cars of 100,000
lbs. capacity and 200 steel drop-bottom gondola coal cars of 80,000 lbs. (n) $375,000 of the $500,000 stock of Hudson River Bridge Co_ _ _ _
4. Recently Merged with N. Y.Central, but Not under 1st M.1897
capacity. Aggregate cost, $706,095; this issue, $600,000. The trustee retains title to entire equipment, and out of the rental therefrom will be en- Little Falls to Dolgeville; subject to $250,000 Little Falls &
abled to retire at maturity the total issue with dividends and charges.
Dolgeville RR. 1st M.3s of 1932
10.08
The Panther Creek RR., extending from Tamaqua to Nesquehoning,
5. Leasehold Interests (subject to N. Y. Cent. 1st M.of 1897 and
32 miles, was taken over Dec. 1 last through agreement of merger and
to the 1st M. bonds of each company, &c.)
1913. No new mortgage, we are informed,
consolidation dated Nov. 26
Troy & Greenbush RR. (unbonded) for• corporate existence;
has been authorized. Compare V. 97, p. 1663.-V. 98, p. 152, 74.
N. Y. & Harlem RR.for 401 years from 1873; West Shore RR.
-Car Trusts.
475 years from 1886, with privilege of renewal for a further
Maryland Electric Railways, Baltimore.
500 years; Beech Creek RR. for 999 years from 1890.
The Maryland P. S. Commission has sanctioned the issuing
6. Real Estate Owned and
Term., N. Y.C
-year 6% bonds on account of Said property subject to theUsed at Grand Central 1897 and to rights
of $153,000 car-trust 1 to 10
company's 1st M.of
of N.IC. N.11. & Hartford RR.Co.
-V. 88, p. 686.
new rolling stock.
7. Trackage and Other Agreements with N. Y. N. H. & Hartford
Michigan Central RR.
-Guaranteed Bonds Offered
RR.Co.,ctc.
See Detroit River Tunnel Co. above.
-V. 98, p. 236.
Refunding and Improvement Mortgage.
-This, the second
Minneapolis & St. Louis RR.
-Notice.
-Attention is

called to the fact that to-day is the last day for deposit of
notes maturing Feb. 1 with Speyer & Co. to get the benefit
of the extension of 2 years at 6% under the plan referred to
last week, page 304.-V. 98, p. 304, 236.
Missouri Kansas & Texas Ry.-Compromise.-A compromise, it is stated, has been reached in the suit brought by
the State of Texas against the M. K. & T. Ry. of Texas, in
which the State alleged violation of State anti-trust laws and
asked large penalties. The terms of the compromise have
not been made public.
The suit charging an illegal merger by the M. IC. & T. Ry. of Texas with
8 other roads in the State, was filed by Attorney-General Looney soon after
the Legislature early in 1913 had passed a bill authorizing the merger.
Gov. Colquitt vetoed the bill, but the Legislature passed it over his veto.
-V.97, p. 1579, 1590.
New York Central & Hudson River RR.
-New Consolidation Mortgage for $167,102,400 to Secure Certain Existing
Bonds and Debentures and to Refund Same
-No Increase in
-Albert H. Harris, Vice-President N.Y. Central lines
Debt.

west of Buffalo and General Counsel lines east of Buffalo,
has favored us with the following:
The Consolidation Mortgage, dated June 2() 1913, has been executed by
the New York Central to the Bankers Trust Co., as trustee, to secure bonds
and debentures to the amount of $167,102,400, viz.:
(1) Equally Secured by Lien Prior to that Securing the Debentures
New York Central 33i% Lake Shore collateral bonds
$90,578,400
New York Central 3% Michigan Central collateral bonds_
19,336,000
(2) Equally Secured by Lien Subsequent to Lien of Aforesaid
New York Central debentures of 1904
$48,000,000
New York Central debentures of 1912
9,188,000
New 4% Consolidation Mortgage bonds dated Aug. 1 1913
and due Feb. 1 1998 (int. F. & A.), issuable in series A, B,
C and D only to refund above coll. bonds and debentures,respectively.
The several indentures under which these collateral bonds and debentures
were issued provided that they should be secured by a lien in case the New
York Central should execute an new mortgage on its railroad.
On the main line of the N. V'. Central between New York and Buffalo
there is no lien ahead of that of the Consolidation Mortgage except the
N. Y. Central's $100,000,000 1st M. dated June 1 1897; and on the railroads recently consolidated with the N. Y. Central, such as the Rome
Watertown & Ogdensburg, Mohawk & Malone, &c., there are no liens
ahead of the Consolidation Mortgage except the underlying mortgages on
those several properties at the time of consolidation and the N. Y. Central's
$100,000,000 1st M.
The Consolidation Mortgage covers the owned lines of the N. Y. Central
(including those recently brought in by consolidation), three-quarters (3,750
shares) of the stock of the Hudson River Bridge Co. at Albany and the
leases of the Troy & Greenbush, New York & Harlem, West Shore and
Beech Creek railroads.
The Lake Shore collateral bonds and the Michigan Central collateral
bonds, aggregating $109,914,400, are equally secured under the Consolidation Mortgage by a lien prior to that securing the debentures.
The Consolidation Mortgage provides for the issuance of not exceeding
$167,102,400 of4% bonds, which shall be secured under it by a lien of equal
rank with that securing the debentures, which 4% bonds may be from time
to time, as the board of directors decides, offered in exchange for and to
retire the Lake Shore collaterals, the Michigan Central collaterals or the
debentures. An offer has been made to such Lake Shore collateral bondholders as consent to the consolidation of the N. Y. Central and the Lake
Shore to make an exchange, following consolidation, of these 4% bonds for
their 3;4% Lake Shore collaterals.
The Consolidation Mortgage does not increase the present bonded debt
of the N. Y. Central. It secures certain of its bonds and debentures now
outstanding, and whenever the 4% bonds are issued under it in exchange
for collaterals or debentures,the new bonds will take the place of the old
ones which are so retired. [The new bonds are payable, principal and interest, without deduction for any tax "other than any Federal income tax
which the railroad company or the trustee may be required to pay or to
retain therefrom under any present or future law."]
Mileage Covered by Consol. Mtge. (as Shown by Deed of Trust).
1. Railroads on which the Consolidation Mortgage is a First Lien
Tupper Lake to Nyando (St. Lawrence Co.), 69.27 miles. Branch Miles.
lines: North Tonawanda to Tonawanda, 2.81 m.; West Genesee
St. to Erie dock in Buffalo,y,m ;Albany to West Albany,1.24 m. 73.57
2. N. Y. Cent. $100.000,000 1st M.of 1897 First Lien
Main line, west side N. Y. City to Buffalo (crossing the Hudson
River at Albany on bridge of Hudson River Bridge Co., see
below), 440 miles; 17 branches (to Troy, Rochester, Geneva,
Attica, Niagara Falls, &c.), 387.38 miles
827.38
3. Railroads Recently Merged with N. Y. Central and Brought
under its 1st M. of 1897, Subject to Underlying Bonds
(a) Mott Haven Junction, 149th St. to Spuyten Duyvil, N. Y.
City, subject to $2,500,000 (closed) Spuyten Duyvil & Port
Morris RR. 1st M.3}is of 1959
5.31
(b) 155th St., N. Y. City to Putnam Junction, N. Y., 53.73 m.,
and branches to Yonkers and Mahopac Falls, 5.15 m., subject
to $1,200,000 N. Y. & Northern By. 1st 5s of 1927 and $3,987,000 (closed) N. Y.& Putnam 1st consol. 4s of 1993
58.88
(c) Herkimer to Malone, 173.33 miles; branches to Hinckley and
, Saranac Lake, 8.85 m., subject to Mohawk & Malone Ry.,
V 32,500,000 1st 4s of 1991 and $3,900.000 (closed) consol
330 of 2002
182.18




of the company's new mortgages, is made under date of
Oct. 1 1913 to the Guaranty Trust Co. of New York, as trustee, to secure bonds which will mature Oct. 1 2013 and be
issued in series bearing date of April 1 or Oct. 1 next preceding
the date on which the series is authorized, and carrying interest at such rates as shall be fixed by the board for the successive series. Mr. Harris, who drew up the new mtges.,says:

Purpose-Capital Requirements, Present and Future-Debt Unification.
The purpose of this mortgage is to provide for future financing of the
New York Central or of a successor consolidated company, so far as such
financing is to be taken care of by the issuance of bonds. It is so drawn
that bonds may be presently issued under it to provide capital now needed
by the New York Central. The mortgage is complete in itself as a refunding and improvement mortgage on the New York Central proper, and the
Issuance and use of bonds under it is not at all dependent upon consolidation
of the New York Central and the Lake Shore.
Whenever,however,the New York Central shall be consolidated with the
Lake Shore or with other companies, the lien of the Refunding and Improvement Mortgage may, by the execution of supplements, be extended
so as to include the properties brought in by consolidation, and bonds
thereafter issued under the mortgage may be used for the corporate purposes
of the consolidated company.
The Refunding and Improvement Mortgage bonds may be issued from
time to time to retire, at or before maturity, the outstanding bonds of the
New York Central, and, in case of consolidation, the outstanding bonds of
the consolidated company,so that by the issuance of these bonds the bonded
debt of the company may be gradually unified.
OUtstanding Bonds Limited to Three Times the Capital Stock-Limitations
after Issue of $500,000,000.
The amount of bonds which may be issued under the Refunding and
Improvement Mortgage is not limited to a stated amount, but is deter
mined by standards set up in the mortgage itself and those standards are
believed to be such that a bondholder will be indifferent as to the amount
of bonds which may be outstanding under the mortgage so long as the
standards are complied with. The amount of Refunding and Improvement
Mortgage bonds outstanding cannot exceed three times the amount of the
capital stock of the company or of a successor consolidated company, as
from time to time the amount of stock is increased.
After $500,000,000 of the bonds shall have been issued, not more than
80% of the cost of improvements, additions or new property can be paid
for from the proceeds of bonds. Not more than one-third of the amount
of bonds can be used in the acquisition of bonds or stocks of other cornpanies. After $500,000,000 of bonds shall have been issued. no additional
bonds can be issued without the vote of stockholders. In addition, each
issue of bonds must receive the advance approval of such railroad commissions and public service commissions as have authority to supervise the
issuance of securities by the railroad company.
Description of New Bonds.
"
Bonds may be issued in series, and each series may be made payable in
the United States in dollars or in foreign countries in money of those countries, or in both the United States and such foreign countries. Bonds of
the different series will bear such rates of interest as the board of directors
may fix for such series. The different series may be called for redemption
before maturity at such times and with such premium, if any, as at the
time of issue the board of directors shall fix. Interest on the bonds will
be'payable April 1 and Oct. 1. The principal will mature Oct. 1 2013.
Lien Follows Consolidation Mortgage on Road Now Owned-Further Security.
The Refunding and Improvement Mortgage is a lien next to the lien ofthe
New York Central's Consolidation Mortgage !see above) on the railroad
owned by that company,on three-quarters of the stock of the Hudson River
Bridge Co.at Albany,and on the New York Central's leasehold interests in
Troy & Greenbush, N. Y.& Harlem, West Shore and Beech Creek RRs.
This mortgage is a first lien on the leases to the New York Central of the
Beech Creek Extension Geneva Corning & Southern, New Jersey Junction
and Wallkill Valley railroads, subject to the outstanding bonds of each;
and a first collateral lien on the bonds of the Beech Creek and the Beech
Creek Extension railroad companies owned by the New York Central,
[being 8500,00012d M.5$ and $3.964,000 consol. mtge. 4s, respectively]. It
is also a first lien on the following amounts of capital stock:
-Owned and Pledged- -Total IssuedPref.Stock. Corn Stock. Pref.Stock. Corn.Stock.
N.Y.& Harlem RR.(par $50)31,111,300 $5,069,400 $1,343,950 $8,656,050
West Shore RR
10,000,000
10,000,000
Beech Creek Extension RR_ _____ 5,174,000
_
5,179,000
Geneva Corning & Sou. RR_ 5,000,0911 1,820,800 5.000,000 2,325,000
New Jersey Junction RR
95,000
100,000
The New York Central owns $45,289,200, par value, out of $50,000,000
of Lake Shore stock, and that stock is pledged as security for $90,578.400
of New York Central 334% Lake Shore collateral bonds. The New York
Central's equity in this lo,ke Shore stock is pledged under the Refunding
and Improvement Mortgage.
Bonds Issued or Issuable,for Retirement of which $297,211,400Refunding and
Improvement Mortgage Bonds are Reserved.
N.Y.Central & Hudson River RR.1st M. of 1897, due 1997
[The company reserves the right to issue the remaining
$6,000,000 of the $100,000,000 authorized]
$100,000,000
Consolidation Mtge.(see above) dated 1913, due 1998
167,102,400
Seventeen underlying divisional bond issues[mentioned above
in table of mileage covered by the Consol n Mtge.]
29,509,000
N. Y. Central $600,000 4% bonds due 1959 (of an authorized
issue of $10,000,000) secured by mortgage executed in 1909
by Geneva Corning & Southern RR.,which$600.000 bonds
the company reserves the right to issue
600.000
-V. 98, p. 236. 74.
New York Central Lines.
-Full Opinions.
The decision of the Appellate Division of the Supreme Court, Third
Department, recently announced, which affirmed the judgment of the
lower Court dismissing the suits brought by Clarence H.Venner and Conti-

388

THE CHRONICLE

[Vor.. acvm.

nental Securities Co. to set aside the equipment trust of 1913, while unanimous, is accompanied by 3 separate opinions, all of which are given in full
in the New York "Law Journal" of Jan. 22.
The opinions disclose considerable divergence of views on some of the
questions discussed, though all concur in the final result. The leading
opinion by Justice Woodward holds (1) in the suit brought by plaintiffs
as stockholders of the Michigan Central RR. that as that company was a
corporation of the State of Michigan, the action must fail because there was
nothing in the complaint to show that the statute law of that State did not
authorize the transaction complained of, and (2) in the New York Central
case that the plaintiff (Venner) as a stockholder in that company could
complain only of an ultra vires act done by it, and that in view of the relations of that company to the other railroad companies, parties to the trust.
its relations were not ultra vires. Compare V.98, p.236,74; V.96, p.1773.

1913, when the contract of sale was signed. Your report states the dates
of sales as from April 24 to May 14. While deliveries and payments were
made on those dates, the fact is that our obligation to take the bonds
had'been fixed two months before, and it is not true that at that time
"every appearance indicated insolvency."
The report goes on to say: "The bankers should have been aware of
the poverty of the 'Frisco and its difficulties in obtaining funds.
This
sentence amounts to an intimation that we were not aware of the general
financial condition of the 'Frisco, &c., while the fact is that we were aware
of it, and so was everybody who paid any attention to such matters.
With such knowledge as we had however, we were of the opinion then,
and are of the opinion now, that we were not only justified, but in honor
bound toward the company and its security holders,not toleave It without
assistance, but to try to see it through its financial difficulties, which in
The company's officials exbe
March
-Increase-New pressed were supposed to the only temporary. sale consummated in March
Northern Ohio Traction & Light Co.
proceeds of the
confidence that
Director.
-The stockholders on Jan. 24 authorized an in- and the successful conclusion of other negotiations them pending would
the company to avoid serious embarrassment.
crease of $2,000,000 in the pref. stock, to be issued from time enablebelieved then, and we believe now,that if these negotaltions had not
We
to time as required, making a total of $5,000,000. F.H. been affected by the abnormal condition of the money markets and the impairment of
Goff has been elected a director to succeed Louis Beilstein, the companyconfidence generally which prevailed in the spring of' 1913,
would have been able to meet its obligations. If a banking
deceased.
firm is to run the risk of being censured because it steps forward and gives
financial assistance to a railroad corporation which faces a temporary crisis
Earnings for Calendar Year 1913 and 1912.
in its financial affairs, we submit that serious and unnecessary embarrassPreferred
Common
Bal.,
Gross
Cal.
Net (after Bond
ment may be often produced.
Divid'ds.
Earns.
Divid'ds.
Surp,
Int.
YearTaxes).
Your report also refers in general terms to extravagant arrangements
with bankers to whom large profits accrued in the purchase of bonds and
$
(5)450,000 100,325 subsequent sale of the same to the public. Our total profit on the $3,000,3,284,532 1.264,878 561.815 (6)152,738
1913
1912
2,996,036 1,293,271 623,067 (3) 49,930 (4X 382,500 337,774 000 bond transaction in March 1913 amounted to
of 1% and on our loans
-V. 98. p. 74.
we received interest at the rate of 6% per annum.
That we have not made unreasonable profits will appear from the fact
Northern Pacific Ry.-Official Statement as to Earnings. that during the nine years from March 1905 March 1913
-December 1913, earnings compare with 1912 as follows: from the company and re-sold, either directly to indirectly, anwe bought
aggregate
or
of
Operating revenue $5,681,000, decrease $674,000; operating expense in $104,988,000 bonds and notes of the 'Frisco system, and our total profit
interest, commissions and otherwise amounted to $1,342,366, or about
$3,197,000, decrease $295,000; net surplus over the month's proportion of 1g%.
From this amount might justly be deducted the losses which we
charges and dividends $523,000, decrease $386,000.
suffered on our holdings of 'Frisco shares and bonds at the time of the
Gross Earnings and Freight-Car Loadings for December.
receivership.
1910.
1911.
1912.
1913.
Gros.s earnings
Payment of Equipment Trusts.
$5,013,848 $5,253,317 $6,355,776 $5,681 000
-The receivers have forFreight-car loadings (cars)
610,240
62,990
76,031
66,853 warded the necessary cash to pay the $65,000 Kansas
City
Like November, December 1912 was a peak month in the record of the
equipment notes which
company's business and earnings;so that while December 1913 shows a sub- Fort Scott & Memphis series A 4
stantial increase over prior Decembers, except in 1912, it failed to maintain matured Jan. 1 and the $33,000 St. L.& S. F. series 0
6%
the very large proportional increase of the latter. Of the 9,176 decrease in
freight
-car loadings in the month,4,132 were grain-again mostly in North equipment trusts due Jan. 15, together with the accrued
Dakota
-and 2,120 were coal. U nseasonably mild temperatures again interest.
prevailed thorughout the territory served, which had a necessarily depressSuit.
-Albert T. Perkins, representing the St. Louis Union
ing effect upon movement of merchandise and fuel, but relieved operation
from some of the difficulties and expenses usually caused by wintry con- Trust Co., on Jan. 26 filed an intervening petition in the
ditions.
-V. 97. p. 1036. 1018.

receivership suit to compel the company to issue $766,236
Pennsylvania Company.
-Listed.
-The New York Stock bonds for the construction of 2 branch lines.
Exchange has listed $10,000,000 40
-year guaranteed 4%
It is alleged that the stock of the St. Louis Brownsville & Mexico is
owned by the New Orleans Texas & Mexico RR., which is in turn owned
trust certificates, Ser. E,due 1952(V.94, p. 768).
by the 'Frisco. The roads, it is alleged, on Jan. 3 1912 made an agreement
Earnings.
-For calendar year 1913:
with Perkins and the trust company, by which two branch lines were to
Operating revenue
66.573,352
Deductions (cond.Net after taxes
$14,278,616 Sinking funds
$3.351,851
Other income
13,685,870 Add'ns & betterments..___ 3,000,000
Total net income
27,964,486 Dividends,7%
5,600,000
Deduct-Int. on debt_ _ _ 5.564,229 Miscellaneous
126,202
Rentals, inc. jt. facilities 10,145,988 Balance, surplus
176,214
Total profit and loss surplus June 30 1913,$8,214,012.-V.97.D. 1025.

Pennsylvania RR.
-New Mortgage.
-Acquisition.
-The
official notice Jan. 23 1914 as to the annual meeting of
stockholders, which will be held on March 10 1914, states
that there will be submitted for consideration: (a) "The authorization of a mortgage to secure bonds to be issued from
time to time when and as approved by the stockholders to
an amount not in excess at any time of the then oustanding
capital stock." (b) An agreement for the acquisition of the
franchises, property, &c., of the Hollidaysburg Bedford &
Cumberland RR. Co., all the stock of which is owned.
Extract from Statement by Prest. Rea in Oct. 1913(No Later Data)
Under this mortgage it is contemplated to issue bonds in such amounts
from time to time as may be required to provide necessary additions, betterments and improvements to its railroads, equipment, property and facilities;
the funds that may be necessary to meet maturing obligations, and for such
other corporate purposes as may be now or hereafter duly authorized by law.
The aggregate amount of bonds that may be issued shall not at any time
exceed the outstanding capital stock. When approved by the directors,
the whole question will be laid before the stockholders for their consideration at the annual meeting in March next.
The company has no expenditures that require immediate financing, but
desires to announce the contemplated preparations for the neeessary refunding and capital expenditures in 1914, 1915 and later years which it may be
able to meet through the issue either of capital stock, consolidated (first)
mortgage bonds, the new general mortgage bonds, or such other form of
financing as will produce the best results for the company and meet the
monetary conditions prevailing at the time of issue. (The company has
no large financing requirements until 1915.I
-V.98, p. 304, 74.

be built by the trust company, one from Bloomington to Victoria, Tex.,
and the other from Heyser to Austwell, Tex. The company agreed to give
in payment 1st M.6% bonds of such amount as the RR. Commission of
Texas should authorize, the bonds being pledged to the St. Louis Union
Trust Co. as security for any advances the company should make to Mr.
Perkins to be used in the building of the lines.
During the construction of the branches the trust company, it is said,
advanced to Mr. Perkins $500.000, one-half being spent on each branch.
The two lines were, it is stated, completed and accepted by the 'Frisco
June 5 1913, but the 'Frisco has since refused to issue the bonds authorized
by the Commission, amounting to $766,236. The Court is asked to direct
the issuance of the bonds by the receivers.
-V.98, P• 305, 238.

St. Louis Southwestern Ry.-Application.-The company has, it is reported, filed with the Missouri P. S. Com.
mission an application to issue $340,000 notes to purchase
205 steel underframe cars and 8 49-ton gas electric motor
cars.
-V. 98, p. 306, 238.
Southern Illinois & St. Louis (Electric) Ry.-Details
of Mortgage.
-The mortgage recently filed to the Fort Dearborn Trust & Savings Bank of Chicago, as trustee, is made to
secure an authorized issue of 82,500,000 1st M.30
-year 5%
gold bonds dated Dec. 1 1913.

Redeemable at 105. Sink. fund, 13i%. beginning 1918; par, $1,000;
interest J.& D.at office of trustee. Incorp.in Ill. Dec. 1913. Stock auth.
common.$2,500.000; pref.(p.& d.).$500,000;116% cum.lred.1105, Present
issues to bo $2,500,000 common and $250,000 preferred. The road, it is
stated, will be a "60
-mile electric line tying up the coal fields of Saline
es ied.
Wtlliamson and Fralin counties, Ill." The officers elected are temFranklin
porary only. W. H. Schott Co., Harris Trust Bldg.. Chicago, are inter-

Spokane Wallace & Interstate Ry.-Seeking French
-This is the name of a company incorporated in
Investors.
Idaho Nov. 27 1906 which is advertising its incorporation,
Philadelphia & Baltimore Central RR.
-Bonds.
- &c., in Paris preparatory to making an issue of 1st M.6%
Henry & West, Cassatt & Co. and Montgomery, Clothier bonds of $100 each; authorized issue, $4,750,000.
to extend
& Tyler of Phila., we learn, had on Jan.28 sold at 93 and int. toThe line is projectedmiles, withfrom Spokane to Coeur d'Alene and thence
Wallace,
83
16 miles of
Kellogg to Wardnor.
$1,507,000 of the present outstanding $2,200,000 1st M. 4s Wallace to Idaho,and Wallace to Mullan. branches,power, either steam
Burk
Motive
or electricity. Auth. cap. stock, $3,750,000 In $100 shares. Directors
of 1911, guar., p. & i., by Phila. Bait. & Wash. RR. Co.: at incorporation:
Wardner, Ida.; William L.
Alfred Page and A. J. Devlin,
Dated Nov. 1 1911. due Nov. 11951. Int. M.& N. Trustee, Fidelity
Tr. Co., Phila. Auth., $10,000,000; out., $2,200,000. Free of Penna., Hall, AL J. Flohr, F. F. Johnson, H. P. Knight and John P. Gray, all of
Md. and normal U. S. income tax. An absolute 1st M.from West Phila- Wallace,Ida.; II.M.Thatcher, Spokane,and John A.Shafer, Indianapolis,
delphia, Pa., to Octarora June., Md., and branches, a total of 81 miles Mr. Hall subscribing'for 992 shares. the others one each. French repreThe Phila. Bait. & Wash. RR., which guarantees the bonds, reported for sentative, G. R. de Montlord, 45 rue Blanche, Paris.
the cal. year 1912 grass earnings of $20,280,042 and surplus after all int.
-For cal. year:
Springfield (Mo.) By. & Lt. Co.
-Earns.
charges 32,02,3,179.-V. 98, p. 305.
Bal., Sur.
Calendar YearGross Earns. Net Earns.
Int. Paid.
$112,712
$173,625
$617,921
$286,337
St. Louis & San Francisco RR.-Repori oif.- C. Corn- 1913
1912
101,140
162,977
577,693
264,117
mission.
-The I.S. C. Commission, Jan. 26 submitted to the -V.96.11. 488. krem

U. S. Senate the report of their investigation as to the causes
-Edmund
Twin City Rapid Transit Co.
-New Director.
of the receivership (V. 97, p. 1584, 1828). The report finds Pennington, President of the Minneapolis St. Paul & Sault
that the company's insolvency is due to financial rather than Ste. Marie Ry. a director succeed the late Clinton Morrison.
,as
operating causes and criticizes the sale of $3,000,000 General
Earnings.
-For calendar .year:
Lien 5s just prior to the receivership. The report says the Calendar Total
Balance,
Interest Pref.Divs. Com.Divs.
Net
Year. Receipts. Revenue. ee. Taxes. (7%).
(6%).
Surplus.
company's embarrassment may be attributed to various
1913____$8,870.336 $4,369,695 $1,561,440 $210,000 $1,206,000 $1,392,255
causes, among them:
1912____ 8,208,967 4.010,966 1,529,231 210.000 1,206,000 1,065,735

1. Disproportionate capitalization.
From the surplus as above in 1913, $1,392,255, there was deducted $1„2. The acquisition of new lines.
060 000 for renewals, against 0775,000 in 1912, leaving $332,254 in 1913.
3. The financing by the company of the New Orleans Texas & Mexico against $290.735 in 1912.-V. 97. p. 1735.
RR. and other South Texas lines.
United Light & Rys., Grand Rapids, Mich.
-Extra Div.
4. The desire for an entrance into Chicago, Ill., resulting in the assumpA dividend of 1% extra in addition to the regular quarterly payment of
tion of heavy fixed charges in the acquisition of the stock of the Chicago
1% has been declared on the common stock, both payable Apr. 1 to holders
& Eastern Illinois RR.
5. The sale of securities at prices so low as to indicate a deplorably weak- of record Mar. 16. From Apr. 1913 to Jan. 1914 1% quarterly was paid.
ened credit or an extravagant arrangement with bankers to whom large -V. 98, p. 238.
profits accrued in the purchase of the bonds and the subsequent sale of
United Railways of St. Louis.
-Earnings.
same to the public.
Balance,
Gross
Net (after
OffPr
Interest on
6. Miscellaneous causes, among which are the payment of dividensd Calendar
YearEarnings.
Taxes).
Income. Bonds, etc. Surplus.
upon its preferred stock in spite of weakened credit and need of money.
$12,702,644 $3,475,354 $84,350 $2,660,673 $899,031
7. Poor investments and expensive rentals, among which are the invest- 1913
2,696,197 1,139,087
12,316,008
3,835,284
ment in the New Orleans Terminal Co., stock in the Kirby Lumber Co. 1912
-V.97, p. 1025.
and rentals paid the Crawford Mining Co.
Extract from Letter of Speyer & Co. to I. S. C. Commission.
Utilities Improvement Co.
-Common on 3%Basis.-•
The fact is that the negotiations [for the sale of the bonds in question]
A monthly dividend of
of 1% has been declared on the $13,500,000
were commenced In Dec. 1912, but were not concluded until March 19 common stock, payable e . 2 to holders of record Jan. 15, comparing




JAN. 311914.]

THE CHRONICLE

with 1-6 of 1% from Jan. 1913 toJan. 1914,both inclusive. This increases
the yearly rate from 2% to 3%
.-V.97, p.1735.

-Judge Adams in the U. S.
Wabash RR.
-Sale Ordered.
District Court at St. Louis yesterday ordered the foreclosure
sale of the road; upset price,$34,000,000.-V.97, p. 238, 178.
-For year end.Nov.30:
-Earnings.
York (Pa.) Railways.
Balance,

389

-At the annual meeting on Jan. 26 President
Dividends.
Cortelyou explained that the question of raising the dividend rate, now 6% per annum (against earnings of 7.26%),
had received the serious consideration of the trustees, but
that, on account of the importance of making improvements
and additions in advance of the development of the city,
they felt that they could not increase the rate at present.

Preferred
Fixed
Nov. 30
Gross
Net (aft. Other
Dividends. Surplus.
Chges.
Year- Earns.
Deprec.)
Inc.
It is expected that arrangements to care for the $15,000,000 Consoli1912-13_ _$761,904 $347,638 $5,257 $256,978 (5%)$80,000 $15,917
dated Gas Co. notes maturing Feb. 25 will be announced within the next
16,263
252,327 (4% 64,000
1911-12_ 710.470
328,362
4,229
few days. It is thought that the notes will be extended.
-V.98,p.307,157.
-V. 98, p. 238.

INDUSTRIAL, GAS AND MISCELLANEOUS.
-New Directors.
American Pipe & Construction Co.
Erskine M.

The board of directors has been increased from 9 to 11.
-V.98.P.234.
Smith and George H.B.Martin have been elected directors.

-Recapitalization.
Ames Plow Co., Boston.

Plan of Nov. 1 1913 has been declared operative and the pref. stock issue
has been duly authorized. Over $70,000 of this issue has been subscribed
and paid for, and the remaining $75,000, it is expected, will be shortly
taken. All of the $275,000 common stock has been deposited for exchange
and the final steps merely await the result of the annuai inventory which
was completed Jan. 1. The law firm of Savilie & Chandler. 701 Barristers
Hall, Boston, is in charge of the legal details.
The plan provides that in order to provide $75,000 additional working
capital, the holders of the existing $275.000stock shall exchange the same,
years), part
$ for $,for new 6% pref. stock (pref. p.& d., cum. after three par.$50,000
of a total issue of $350,000, the remaining $75,000 to be sold at
to shareholders pro rata (about 18%) and $25,000 to Whet, Sears & Co.,
who in consideration thereof and on receiving $25,000 common stock, will
assume the management. Total common stock to be reduced to $100000,
only the aforesaid $25,000 to be issued at present and any additional
common stock for cash only. Par of all shares, $100. Org. in 1864,
business started in 1825. There are outstanding $100,000 1st M. 5s due
July 1 1932. See V. 95, P. 1474.

Creamery Package Mfg. Co.
-Earnings, &c.
The report for the year ending Nov. 30 1913 shows in the balance sheet
an increase of $58276 in the accumulated surplus, as compared with the
year previous, the item then standing at $500,000. The balance sheet also
contains a new item of $59,259 undivided profits.
Walter McBrown has been elected a director to succeed William 8.
Ferris.
-V. 98. p. 239.

Detroit (Mich.) Edison Co.
-Earnings.
-

Gross
Dec. 31.
Net (after
Inter-DiviBalance,
Earnings. Taxes, &c.).
3
earest.
dends.
Surplus.
1913
$5,546,587 $2,324,361 $695,702 (7%)$774,641 $854,018
1912
4,385,615
1,858,435
712,926 (7%) 624,349 621,160
-V. 98, p. 158.

Diamond State Steel Co.
-Payment on Claims.
Judge Bradford in the U. S. District Court at Wilmington, Del., has
signed a decree directing that bondholders shall be ,paid an additional
7.24% of their claims and general creditors 21.7%. With these payments
the bondholders will, it is reported, have received 62.2% and the general
creditors 29.7%. There is said to be about $118,000 remaining for distribution, while the claims aggregate $1,402,680.-V. 97, p. 598.

-Option.
(E. I.) duPont de Nemours Powder Co.
-V. 97, p. 1901.
See Hercules Powder Co. below.

-The New York Stock
-Listed.
General Chemical Co.
American Water Works & Guarantee Co., Pittsburgh, Exchange has authorized to be listed on and after Feb. 2 the
Pa.
-Majority of Stock Deposited-Time for Deposits Limited. $517,000 common stock, which was offered to stockholders
The stockholders' protective committee, Edmund C. Converse, Chair- at par, payable on or before that date (V.97, p. 1736, 1507).
man, announces that a considerable majority of the jpreferred and common
Earnings.
-For eleven months ending Nov. 30:
stock has been deposited with the Bankers Trust Co., N. Y.,depositary.
$2.620,346 Common dividends.6%-- $612,986
under agreement a July 17 1913, and that the time for receiving additional Net profits insurance
55,000 Charged off plant,&c..accts. 218,550
Reserve for
deposits is limited to March 1 1914.-V. 97. p. 1825, 1506.

American Wringer Co., Providence.-Earnings.YearGross.
Corn. Div. Deprec. Bal.,Sur.
Net.
Pref. Div.
1913
$299,408 $160,184 (7%)$59,500 (6%)$54,000 $36,684 $10,000
1912
336,695 204,453 (1%)59,500 (6%)54,000 20,053 70,000
-V.96, p. 484, 362.

Canada Machinery Corporation, Ltd., Galt, Ont.

Holders ofthe ($595,5001 1st M.30
-year 65 of 1910 will vote Feb. 11 on
modifying the trust mortgage by accepting the proposal by the company
that (a) the payment of interest on the bonds shall be deferred for a period
not exceeding 6 years from Feb. 11914; (b) the company be authorized to
issue not over $250,000 prior lien bonds, ranking as to principal and interest
in priority to the outstanding bonds; (c) to waive until Aug. 1 1920 the
-V.93, p. 1020;
sinking fund for the redemption of the outstanding bonds.
V. 95, p. 1748.

-Director-Earns,
Carriage Factories, Ltd., Montreal.

W. J. Sheppard of Waubaunhene has been elected a director to succeed
G.P. Grant, who retired. The earnings for the year ending Nov.30 1913.
according to newspaper reports, compare as follows:
Net
Office
Bond
Pref. Dep'n. Balance,
Net
Fiscal
Income. Exp., &c.Int.,&c.Divs.(7%) &c. Surplus.
Sales.
Year1912-13 -$2,035,928 $164,260 $14,411 $32,591 $84.056 $25,052 $8,150
2,199,251 191,744 21,857 30,000 84,056 36,284 19,547
1911-12
The balance of profit and loss account carried forward was $102,447.
-V.93. p. 1604.

Central States Electric Corporation.
-First Corn. Div.
An initial dividend of 1% has been declared on the $4,451,900 common
tock, payable Feb. 19 to holders of record Feb. 11.-V.97, p. 730.

-Receivers Agreed Upon.
Central Union Telephone Co.

Pending settlement of the controversy with the minority shareholders,
both sides, it is reported, have agreed to ask the Court for the appointment
of the following receivers: David R. Forgan, of the National City Bank,
Chicago; Frank S. Fowle,telephone expert,of N.Y.,and Edgar S. Bloom,
V.-Pres. of Bell system in St. Louis. The company,it is stated, is solvent
and earning its interest charges on the $35,000,000, due the parent company
on account of advances for additions and improvements and the retirement
of $6,000,000 bonds. The receivership will merely preserve the status quo
until the contentions as to the minority stock (about $450,000 out of
$5,450,000) are settled.
-V. 97, p. 179.

-Director-Earnings.
Cleveland (0.) Elec. Ilium. Co.

James Parmelee,President of the company,has resigned as a director and
been succeeded laj Harrison Williams of New York. It is understood that
Mr. Parmelee will also relinquish the presidency at the first meeting of the
directors and that Sanuel Scovil, Vice-President and Treasurer, will be
elected President.
For the year ending Dec. 31 1913, gross earnings were $4,008,776. the
largest ever shown, and an increase of $816,124 over 1912; net earnings,
$1,519,822, an increase of $451,310; the surplus for the year, after interest
and dividends, being reported as $445,930. The earnings on the invested
capital were 9.44%.-V. 97, p. 119.

-On 4% Basis.
Columbus (0.) Gas & Fuel Co.

A quarterly dividend of 17 has been declared on the $2,750,000 common
stock, payable Mar. 1 to holders of record Feb. 1,comparing with A of 1%
of 1% extra in M ar. 1913
quarterly from Sept. 1911 to Sept. 1913, with
and an initial payment of 1% on Aug. 1 1910. Toe Columbus Oil & Fuel
Co., whose $1,000,000 stock is owned, has declared a quarterly dividend of
2%. The earnings of the Gas & Fuel Co. above fixed charges and pref.
dividends are said to be equal to about 15% on the common shares. With
the development of the gas lands in West Virginia recently acquired, the
value of the property will, it is stated, be greatly enhanced. Compare
circular V. 97, p. 1735.-V. 97, p. 1825.

-See Ann. Reports.
Consolidated Gas Co. of New York.
Offering of Guaranteed New York & Westchester Lighting
Bonds.
-J. & W. Seligman & Co. and Clark, Dodge & Co.
have issued a circular regarding the New York & Westchester
Lighting Co. general mortgage 4% gold bonds which they
offered in last week's "Chronicle" at 79 and int., to yield
about 5.10%. ,The bankers report:
Each bond bears the following endorsement: "For value received, the
Cansolidated Gas Co. of New York [which owns the entire stack of the
Westchester Lighting Co.--P,d.1 hereby assumes and agrees to pay the principal and interest of the within bond as the same shall respectively become
payable,without any deductions therefrom for any tax or taxes which the
N. Y. & Westchester Lighting Co. or the Consolidated Gas Co. of N. Y.
may be required to pay, deduct or retain therefrom, under any present or
future law of the U. 8. of America, or of any State, county or municipality therein."
Subject to $9,325,000 prior liens, the bonds are secured by direct mortgage on all the property of the Westchester Lighting Co., with which the
New York & Westchester Lighting Co. has been merged. The Westchester Lighting Co.operates the gas and electric lighting propertiesthroughout almost the whole of Westchester County, including Yonkers, Mt.
Vernon, New Rochelle, Port Chester, Pelham, Mamaroneck, White Plains,
Tarrytown, Hastings, Larchmont and Mt. Kisco. See another page for
annual report of Consol. Gas Co., now paying 6% Per annum on $99,816.500 stock.




613,420 Balance, surplus_
Prof. divs., 434%
1,120.391)
Total surplus Nov. 29 1913, $5,687,759.-V. 97. p. 1736, 1507.
- -

-Special Common Dividend.
General Fire Proofing Co.
A special dividend of 1% has been declared on the common stock, payable
Feb. 2 to holders of record Jan. 28. Compare V. 96, p. 289.

-Earnings.
-During the 53' months
General Motors Co.
to Jan. 15 1914 cash receipts from sales were 34,764,679,
against $30,533,361 in the same period of 1913, an increase
of :4,,231,318, or 14%.

During December and so far in January sales have averaged about the
same or slightly less than a year ago. Current billings are about $1,500.000
per week. From Aug. 1 to Jan. 21 27,387 cars were made and sold and
cash received for 26,368 cars. There have,therefore,been accumulated so
-V.98, p. 75.
far this season only 1.000 cars to meet the spring demand.

-Offer Rejected.
General Petroleum Co., San Fran.
See Union 011 Co. below.
-V.98. ro• 75. 158.

-Results for
(B. F.) Goodrich (Rubber) Co., Akron, O.
-The books of the
1913-Regular Pref. Dividend Declared.
company have just been closed for the purpose of compiling
the full annual report for the fiscal year ending Dec. 31 1913.
The results, it is announced officially, are approximately as
follows,subject only to the verification of public accountants:
Profits for the year, after proper allowances for maintenance
adepreciation and other items which It was deemed
conserv-$2,600,000
-tive to take out of earnings for the year, approximately
1112
This result added to the surplus carried over on Dec. 31[$806,235 see V. 96, p. 649], shows undivided profits after
payment of the full year's dividends ($2,100,000] on the pref.
stock and 1% ($600,000] on the common stock,approximately_
700,000
"The financial position of the company has been materially strengthened
during the year. The quick assets as of Dec. 31 were approximately
$20,000,000, against current liabilities of $4,000,000, so that the quick
assets are now five times the current liabilities. The last annual report
showed a ratio of about 3 to 1. The company has no funded debt and no
need for any new financing.
"The adverse operating conditions encountered during the year,resulting
n decreased income, will be dealt with in the annual report. Taking these
into consideration, the directors feel well satisfied will ihe result of the
on !he pref. stock was
year." (The regular quarterly dividend of 134
declared on Jan. 29 1914, payable April 1 to holders of record March 21.
-V.97, p. 1666.

-To Raise
Goodyear Tire & Rubber Co., Akron, 0.
$4,000,000 Additional Working Capital-Stock Offered at Par,
30% to Common Shareholders, 50% to Pref. Holders-20%
Dividend in Common Stock to Common Shareholders-Other
-The shareholders will vote March 3 on
Changes-Status.
a financial plan which Pres. F. A. Seiberling outlines in
circular of Jan. 24 substantially as follows:
In 1912, to provide for the then present and future needs, $4,000,000 of
new pref. stock was sold at par (V.95, p. 423), the volume of the preceding
year's business having been approximately $13.000,000. Our past year's
business has aggregated about $33,000,000. To provide for this growing
volume of business, the directors found it necessary to largely increase the
plant and equipment. Our capacity is to-day three times as large as two
years ago, the plant being sufficient for handling about $50,000,000 of
business, based on present values of its product.
To handle the business it was found necessary to borrow money to a very
large extent the past year. New capital to the amount of $4,000,000 is
desirable and the directors therefore submit the following plan:
1. To declare a dividend of $20 per share (20%) to the common stockholders, payable in common stock at par, which will dispose of $1,000,000
of the treasury common stock.
2. To offer to the common stockholders pro rata at par a further 30%
(81.500,000) of treasury common stock.
3. To increase the present pref. stock from $5,000,000 to $7,000,000,
such increase to be effected by amending the charter converting $2,000,000
of the treasury common stock into 32,000,000 of pref. stock. This will
dispose of all the common stock in the treasury except $500,000. (The call
for the shareholders' meeting also gives the option of voting the $2,000,000
increase in "ord. stock without the conversion into same of 32,000,000
common.-Ed.1
4. In consideration of the pref. stockholders consenting to the increase
of the pref. stock by $2,000,000, the directors propose to give to the pref.
stockholders the first right of purchasing pro rata the $2,000.000 additional
pref. stock, together with $500,000 common stock; that is to say, for each
four shares of pref. stock purchased at par and accrued dividends, the pref.
stockholders shall have the right to purchase one share of common stock
at par. in other words, each pref. stockholder will be entitled to subscribe
for his pro rata share of both 52,000,000 pref. stock at par and div. and
$500,c100 common at par, to the extent of 50% of his present holdings of
dref. stock in the proportion of four shares of pref. and one share of common
for each $500.
In the event that the $2,000,000 preferred and $500,000 common shall
not all be taken by the pref. stockholders, then such part as may remain is
to be offered to the common stockholders pro rata at par upon thesamebasia.
A responsible syndicate has underwritten the sale of said stock.

390

THE CHRONICLE

(VOL. xcvm.

In view of the fact that it is proposed to increase the pref. stock from exceed in amount 50% of the total assets unless 75% of the prof. stock shall
35,000,000 to $7,000,000, it has seemed only equitable that the pref. stock consent in writing thereto. No pref. stock shad be issued without
should be amended so that the amount to be redeemed after Jan. 1 1915 written consent thereto of 75% of such stock then outstanding, unless the
the
and before Oct. 1 1915, and each year thereafter, should be increased from annual earnings (including the earnings of any property to be acquired
$250,000 to $350,000.
thereafter) available for dividends thereon shall be twice the pref. diviThe provision in the pref.stock which was intended to cover obligations, dends, including such issue. Unless a majority of the voting common stock
such as bonds, debentures, notes and similar evidences of indebtedness, and 75% of the pref. stock then outstanding consent thereto in writing,
has been construed by various attorneys so as to prevent this company from the directors shall not mortgage or pledge any of thereat property or any
executing a lease running more than one year or from making a contraet capital stock or bonds of any other corporation; but this does not forbid
for the purchase of material or machinery extending beyond oneyear. This purchase money liens.
-V. 98, p. 158, 240, 307.
in certain instances has considerably handicapped us. It is therefore proInternational Agricultural Corp.
-New Officers.
posed to amend this provision and make definite what obligations payable
in money are embraced in the provision, namely bonds, debentures, notes
John J. Watson Jr., Treas., has been also elected Vice-Pres.; J. R.Floyd,
and other similar evidences of indebtedness maturing later than one year formerly Asst. Sec. & Asst. Tress., has been made Secretary and Asst.
from the date of issue.
-V.97, P. 1895.
Treas. P. F. Ward becomes Asst. Sec.
Upon consummation of above plan, capital stock will stand as follows:
International Steam Pump Co.
-New Director.
As Changed.
Oct. 31 1913
Stuart H.Patterson. who is associated with the Guaranty Trust Co.. has
Aidh.and Out. Auth.
Outstanding. been elected a direetor.-V. 98, p. 68, 75.
Common stock
$8,000,000 $10,000,000 $5,033,800
Preferred stock
Iron Steamboat Co. of New Jersey.
-New Officer.
7,000,000
5.000,000
5,000,000
Additional cash for working capital
4,000,000 (Above inserted by Ed.)
T. Ellett Hodgskin has been appointed Vice-President and Treasurer
We shall also have a surplus, undisposed of, exceeding $1,000,000 over to fill the vacancy caused by the death of W.H.Woolverton.-V.97, p.1502.
and above all capital stock outstanding, allowing nothing for patents and
Keystone Telephone Co., Philadelphia.
---Earnings.
good-will. Our position is strong, the business is steadily increasing and
Interest
Pref. Div.
Gross
Net
Balance,
our product bears a high reputation, making good-will of great future value. Calendar
Charges.
YearEarnings.
Earnings.
(3%)
.
Surplus.
Due mainly to the direct and indirect effects of the strike and flood, the
$625,572
$306,494
$58,105
$1,265,778
$260,972
net earnings were below the average the past year, but the directors believe 1913
1,217,429
302,616
608,361
305,745
that they can maintain in the future the average per cent of net earnings 1912
for the past six years, and that,in addition to the pref.dividend, can main- -V. 97, p. 1737. 1666.
tain the payment of 12% on the common stock as heretofore, adding a subLehigh Coal & Navigation Co., Philadelphia.
-New
stantial surplus additional each year that will provide for future needs.

I

-An official financial statement shows:
Sales, Etc.

Bonds Offered.
-Brown Brothers & Co., N. Y., Phila. and
3
Boston, offered on Jan. 28 at 97% and int., yielding about

Sales by Months-Years end. Oct. 31 1908, 1910, 1912 and 1913(000 omitted).
Nee. Dec. Jan. Feb. Mar. Apr. May. June. July. Aug. Sept. Oct. 4%%, $14,000,000 Consol. Mtge. 432% sinking fund gold
1907-08__ $89 $72 $84 $119 $189 $245 $254 $267 $259 $236 $175 $201 bonds, dated Jan. 1 1914 and due Jan. 1 1954. Int. payable
1909-10 ___ 399 508 608 718 860 1,112 1,232 1,195 939 785 616 582 J. & J., free of Penn. State tax. The entire amount, it is
902 961 1,186 1,507 2,135 2,812 2,970 2,808 2,475 2,531 2,548 2,390
1911-12
1912-13 -.1,239 1,587 1,835 2,029 2,309 3,192 3,986 3,949 3,343 3,203 3,130 3,191 announced,has been largely oversubscribed. The advertiseSales. Net Earnings and Dividends, Years ending Oct. 31; also Total Liabilities ment of the offering appears,for record only,on another page
(No Bonds Out) and Excess of Assets Over Liabilities at end of Year.
Redeemable by sinking fund on any July 1 at 102% and int. and callable
1908-09.
1909-10.
1910-11.
1911-12.
1912-13.
as a whole or in part on any Jan. 1 or July 1 at 102% and int. until July 1
Sales
$4,277,067 $9,560,145 $13,262,266 $25,232,207 $32,998,827 1921, and thereafter at 105 and int. Trustee, Pennsylvania Co. for InsurNet earnings
651,687 1,406,105
1,291,625 3,001,295 2,041,268 ance on Lives & Granting Annuities, Phila. Denominations: c* $1,000,
Cash divs.-Pref
17,620
43,034
70,000
139,605
350,000 r $1,000 and $10,000 or multiples.
Common
49,200
120,000
274,092
603,192
.604,056 Digest of Letter from Pres. S. D. Warriner, Philadelphia, Jan.
28 1914.
Stock dividends_ _ _ _
400,000 1,000,000
2,289,100
Bonds Sold.
-These $14,000,000 Consolidated Mortgage Sinking Fund
Total liabilities
$431,378
$227,085 $1,739,876 $1,116,407 $4,636,989
43% gold bonds are to be dated as of Jan. 1 1914 and will mature Jan. 1
Excess of assets over
The proceeds of the $14,000,000 will be used as follows:
liabilities Oct. 31_ $2,166,610 $4,384,920 $5,213,892 $12,701,808 $14,221,282
1954. To retire obligations falling due up to and including
(a)
* Declared and paid Nov.1'1913. Compare balance sheetin V.97,p.1731.
July 1 1914, viz: 1st M.[4% %I bonds due July 1 1914,
$5,000,000; Railroad Loan [4%1 bonds due April 1 1914.
-Shareholders will vote Mar.3on plan for raising
New Stock.
$1,992,833; Gold Loan [4%] bonds due June 151914,$1,842,5% notes
500;
$4,000,000 new working capital and in this connection to (b) To Collateral Trustof floatingdue July 11914,$1,280,000--$10,115,333
indebtedness and for general
the liquidation
increase the pref. stock auth. and issued from $5,000,000 to
corporate purposes
Remainder
$7,000,000 and the outstanding common stock from $5,033,$4,000,000 Additional Mostly Pledged.-There will also be delivered to the
company $4,000,000 of Consolidated Mortgage bonds, of which $3,399,000,
800 ($10,000,000 auth.) to about ,000,000, by giving (a) exchanged for a like amount of General M.bonds ($2,250,000) and Funding
to holders of common shares a stock dividend of 20% and & Impt. M. bonds ($1,149,000) will be substituted therefor as collateral
will
the right to take 30% in new common stock at par; (b) under our collateral trust obligations and $98,000 totalbe exchanged for
amount of bonds
bonds of the'same issues held in the treasury. The
to pref. shareholders the right to subscribe at par for 50% to be presently issued under the new mortgage will, therefore, be $18,000,new stock in the proportion of 40% new pref. and 10% new 000 series "A".
Security-Sinking Fund.-The bonds of this issue will be secured
common; in other words, for $500 cash, $400 new pref. and direct lien upon the company's coal, railroad and canal properties andby a
will
$100 new common on account of each 10 shares held. The be additionally secured by a deposit with the trustee of all of the stock of
the Lehigh & New England RR. Co.and of stocks and bonds of other affilinew stock issues have, it is stated, been underwritten.
ated companies, as fully set forth in mortgage indenture dated Jan. 1 1914.
An official letter says in part:
A sinking fund of 5 cts. per ton of coal of the sizes of pea and larger mined
The position of the company is strong from the fact that its business is from the mortgaged property will gradually retire these bonds.
steadily increasing. Due mainly to the direct and indirect effects of the
Prior Mortgages after July 1 1914 only $7,933,000.
$3,906,000
strike and flood, the net earnings were below the average the past year, General Mortgage 4%% bonds due May I 1924 (closed)
4,027,000
but your directors believe they can maintain in the future the average Funding and Impt. M.4% bonds due July 1 1948 (closed)
per cent of net earnings for the past six years,and that,in addition to the
Total Auth.-The consolidated mortgage is limited to $40,000,000, of
preferred dividend, can maintain the payment of 12% on the common stock which $20,265,000 are reserved to care for bonds issued under prior mortas heretofore, adding a substantial surplus additional each year that will gages[which after July 1 1914 will as stated above be reduced to $7,933,000]
be adequate to provide for the future needs of the company, since its net and the balance under restrictions for future corporate purposes. The
earnings will be substantially in liquid form.
-V. 97, p. 1730.
rate of interest on further issues must not exceed 43'l %.
Feb. 13 1822.
Coal Property.
-incorporated in Penn. by
Acquisition.
-The company has, it is stated, taken over Owns in fee about 12,734 acres of anthracite an Act approvedand Schuylkill
lands in Carbon
the control of the Killingly (Conn.) Mfg. Co., which pro- Counties, Pa. estimated to contain upwards of 500,000,000 tons of coal.
Mining
of Alliance
duces special tire fabrics. The $125,000 M.on the Killingly Also owns almost the entire outstanding securities225,000,000 Coal of coal.
tons
contain upwards of
property has been discharged from record.
-V.97, p. 1730. Co. a property estimated to10% of the total reserve tonnage of the anthraThe'reserve tonnage is about
cite fields of Pennsylvania, or sufficient at present
Granby Consolidated Mining, Smelting & Power Co. about 4,000,000 tons) for upwards of 150 years. rate of mining (year 1913
Ltd.
-Listed.
-The New York Stock Exchange has listed
Railroad Properties.
-A majority of the coal mined is shipped over the
subsidiaries,
Lehigh &
$1,497,200 convertible 1st M.6% bonds, with authority to gates 206 Susquehanna RR., which property, withand is leased aggreto the
miles (of which 115 miles double track)
add $2,800 on notice of issuance in exchange for outstanding Central RR. of N. J. for 999 years at a rental of 33 1-3% of the gross receipts, with a minimum of $1,414,400 a year, and a maximium of $2,043,
temporary bonds, making the total $1,500,000(V.96, p. 289, 000 plus 7% on outlays for improvements. Gross earnings of the road for
718).-V. 98, p. 70.
the year ending June 30 1913 were 310,334012, showing an ample margin
by this
Hale & Kilburn Co., Philadelphia.
- over the maximum rentals now being received & New company.RR. Co.,
-New President.
England
Control was acquired in 1904 of the Lehigh
Charles H. Schlacks has been elected Posident, succeeding which operates about 271 miles of track from our mines towards the Poughkeepsie Bridge and by trackage rights to tidewater in N. Y. Harbor, affordD. W. Call, who resigned to go into private business.
ing a direct all-rail route to New England as well as a connection with the
Mr. Schlacks, it is stated, has been connected for many years with im- main Eastern trunk lines. We own the entire $4,645,000 capital stock
portant Western railroads and has a wide acquaintance among railroad
V. 08. p. 152).
officials.
-V. 97, p. 1736. 731.
Earnings.-For calendar years 1910 to 1913 (1913 estimated):
1913 (est.).
1912.
1911.
Hercules Powder Co., Wilmington, Del.
1910.
-New Stock
after taxes, deOffered, Payable in Cash, in Income Bonds or in Both.
-A cir- Net income and reserves__ _$3,141,387 $3,570,732 $3,219,471 $3,594,026
preciation
931,214
994,202
861,362
cular signed by Treas. Geo. H. Markell at Wilmington on Interest charges
897,342

Jan. 24 1914 offers to the stockholders of record Jan. 31 1914
for subscription (a) at $110 a share $650,000 common stock
and (b) at $104 a share $5,200,000 of the $10,000,000 new
7% cum. pref. stock, payable on or before April 1 1914 in
the 6% income bonds (total issue, $6,500,000) at 97% of
their face value or in cash or in both. The' circular says:

Excess over int. requirem'ts_$2,244,043 $2,709,369 $2,288,256 $2,599,823
Dividends.
-Dividends on the capital stock have been paid uninterruptedly for 33 years; present rate 8%; average rate for 33 years 5.74%.
now out $26,557,950.
Stock
Application will be made to list these bonds on Philadelhpia and New York
-V. 97, p. 1587, 1429.
stock exchanges.

-All stock-Stock Option.
Lord & Taylor, New York.

"At the time of this offer the assets of the company are more than 2% holders of record Jan. 9 1914 are entitled to subscribe at par
times the total par value of all the pref. stock that is included in this offer
and the earnings for the year 1913 will be more than three times the amount on or before Jan. 31 for the $1,000,000 new 8% cum. 2d pref.
necessary to pay a year's dividends on all of the pref. stock now offered." stock to the extent of one share of new stock for every 63/i
Warrants evidencing each stockholder's right to subscribe to 80% of his
present holdings of stock in the new pref. stock and 10% of his present hold- shares of old stock. See United Dry Goods Co. below.
ings in the additional issue of common stock will be forwarded to stockSubscriptions are payable 50% at once (Jan. 31) and 50% April 30 in
holders shortly after Feb. 11914. Arrangements will also be made so that N.Y.funds to order of Lord & Taylor,addressed to Pres. Joseph II. Emery,
subscriptions for Hercules bonds under the offering of E. I. du Pont de Fifth Ave., N. Y. City. Legal interest to May 1 will be allowed on any
Nemours Powder Co.[of its holdings ofsaid bonds to its shareholders under payments made on subscriptions for whole shares before May I. Stock
date of Dec. 20 1913 (V. 97, p. 1901) can be used in payment of subscrip- now out: common, $3,000,000; 6% cum. 1st pref., $2,500,000; 8% cum.
tions for stock under this offering, and a form to enable the subscriber to 2d pref., $1,000,000. See V. 98, p. 159.
accomplish this purpose will be sent to stockholder along with the warrants.
Maryland Coal Co., W. Va.-New Directors.
Data from Amended Certificate of Incorporation.
George Hewlett of Hewlett & Lee, N. Y., and Col. C. L. F. Robinson,
Of the auth. capital stock (par $100). $10,000,000 shall be pref. (pref. President of Colt's Patent Firearms Mfg. Co., Hartford, Conn., have been
p. & d.), and $10,000,000 common [$6,500,000 now out]. The pref. stock elected directors of the company and of the Maryland Coal Co.of Maryland,
is entitled to receive when and as declared from the surplus or net profits to succeed Wm. H. Ziegler and H. C. Rogers, who resigned as directors,
in excess of any sum reserved as working capital, yearly cumulative divi- and also successively as President. The office of President has not been
dends of 7% per annum, and no more, payable quarterly (Q.
-F. 15). The filled. John M. Rider has resigned as a director.
-V.97, p. 526.
corporation may redeem all or any part of the pref. stock on Nov. 15 1915
-23.2% to Undeposited Bonds.
or any Nov. 15 thereafter at 120% and divs. The pref. stock shall have
Milliken Brothers, Inc.
no right to vote, except in the event that dividends shall be in default
Owners of 1st M. convertible 6% bonds of 1906 who did not deposit
for an entire year on any part thereof, or in case the net earnings for each same pursuant to agreementofJan.2611912and plan dated Sept.27 1913 will
of two consecutive cal. years immediately preceding any meeting shall receive out of the proceeds of the bankruptcy sale a dividend of $233 91
have fallen below the amount necessary to pay the pref. dividends. No on account of each of their undeposited bonds on presentation of same at
pref. stock shall be issued and no dividends on common stock shall be paid Guaranty Trust Co.of N. Y.,for stamping with notation of such payment.
when either w1H make the total outstanding pref. stock and income bonds -V.98, p. 240. 75.




JAN. 311914.)

THE CHRONICLE

Mohawk Mining Co.
-Dividend Omitted.
-

The directors have decided to omit the semi-annual dividend usually
paid in February en the $2,500,000 stock. Treasurer John R.Stanton says:
"Owing to the continued hesitation of men to resume work and the slowness
with which the mine can obtain competent labor through importation, the
directors have deemed it wise to defer the dividend usually paid in February
by the company. Work at the mine is confined to keeping the workings
clear of water and hoisting rock previously broken. The working force is
about one-third the normal number. One head is running at the mill and
It is believed that steady progress will be made until normal production
is regained. Similar conditions obtain at the Wolverine mine.
Previous Dividend Record (Per Cent).
1906. 1907. 1908. 1909. 1910. 1911. 1912.
1913.
20
36
Feb., 12; Aug.,8
14
10
7
12
8
-V. 06, p. 65.

391

Old Dominion Co. of Maine.
-Earnings.
-For cal. year:
Calendar Dividends Int.on
Exp.& Dividends Balance,
Total
Year. Received. Spec.Loans. Income.
Surplus.
(6%)
Taxes.
1913 ___-$1,469,060 $27,495 $1,496,555 37.403 $1,466,765 $22,387
1912 -___ 1,159,243
1,187,346
28,103
7,112
1,173,223
7,011
1911-- 465,735
493,211
7,222
27,476
46,121
439,867
Tota1 surplus Dec. 311913, $191,468.-V. 97, p. 1667.
--

Ontario Power Co., Niagara Falls, N. Y.
er
-Earnings.Gross
Net
Other Interest Balance.

Calendar
191
Years-

-No Corn. Div.
Monarch Knitting Co., Ltd., Canada.

Sales.
Earnoss s. Earnings. Income. Paid.
Gr i an
Surplus.
$1',559,127 $1,410,090 $1,215,317 $68,526 $755,675 $528,168.
1912
1,233,669 1,163,525
992,091 22,287 648.936 365,441
1911
925,638
868,052
719,657 14,629 610,226 124,060
The total net income is over three times the 1st M.interest and the balance after paying interest on other bonds is over four times the interest
on the debenture 6s.
-V. 97, p. 1429, 1289.

-New Directors.
Mortgage Bond Co., N. Y.

Pacific Telephone & Telegraph Co.
-Listed.
-The New
York Stock Exchange has listed $3,000,000 additional 1st
M.and collateral trust 5% bonds due 1937, offered last week,
making the total amount listed $35,000,000 (V. 98, p. 309)..
Earnings.-For ten months ending Oct. 31:

The company ha,s deckled to omit the quarterly dividend on the $1,275,000 common stock usually paid in February. Payments at the rate of
% quarterly were made front Nov. 1912 to Nov.1913 incl. The regular
guar. dividend of 1 % on the $750,000 7% cum. pref. stock is payable
Feb. 1. The net profits for the year ended Nov. 30 last, after providing
for depreciation, were, it is reported, slightly over $171,000.

B. II. Borden, H. Parsons and G. M. Maynard have been elected direc- Operating revenues
- Operating income
tors to succeed E. W. Coggeshall, L. V. Bright and W. Hall Walker.
Non-oper. revenues
V. 98, p. 152.
Total gross income
Electric Co.
-Descriptive -V.98,p.309.
Mount Whitney Power &

$15,081,892
3,692,840
177,932
3,870,772

Deduct
-Rents
Interest
Preferred dividends
Balance, surplus

1,13 1
4809,
4 8 8W
8
2
1,440,

Booklet.-Louis Sloss & Co., San Francisco, will shortly issue
Pay-As
-Dividends
an illustrated booklet describing the plants and business. Deferred. -You-Enter Car Co. Corporation.
-The directors in October last deferred the declaprepared from a disinterested engineering standpoint by
The article was
ration of dividends on the $1,500,000 7% cumulative pref.
Rudolph W. Van Norden, Fellow A. I. E. E., Member A. S. C. E., with
statistical charts and line cuts, for the "Journal of Electricity, Power and stock, the last payment being made in July 1913.
Gas" of Dec. 27 1913.
President J. L MacDuffie in a circular dated Nov. 10 said: "I take
-Results for 1912 and 1913 compare as follows: great pleasure in informing you of the decisive victory which the company
Earnings.

Cal. Year1912.
1913.
Cal. Year1913.
1912.
Gross earnings_ __$562,852 $445,826 Int., bds. now out $129,900 $109,500
Net (after taxes)_$306,396 $227,039 Bal.,surplus
$176,496 $117.539
This shows an increase in gross, 26% %;in net, 35%; in surplus. 50% •
Net Earnings for 12-Mo. Periods ending with Months Named.
Sept.
Aug.
July.
12 Mos. end.Oct.
Nov.
Dec.
In 1913
$265.884 $277,938 $288,693 $294,884 $304,158 $306.306
In 1912
228,973 226,664 225,193 230,212 229,674 227,039
Increase
16.12% 22.62% 28.20% 28.09% 32.43% 34.95%
See also V. 97, p. 1737, 1826.

Narragansett Electric Lighting Co., Providence.
To Issue Either $1,500,000 New Stock or Convert. Bonds.
Sec. Edwin A. Barrows, in circular of Jan. 23, announces that at the
annual meeting on Feb. 3 the shareholders will vote (1) on changing the
date of future annual meetings to the third Tuesday in February; (2) on
increasing the capital stock to $7,500,000; (3) on authorizing the directors
to issue convertible debentures or capital stock at not less than par to the
stockholders to the amount of $1,500,000 at one time, or in installments
from time to time, in their discretion."
-V. 97, P. 54.

National Refining Co.
-Authorized.
-

The stockholders on Jan. 28 ratified an increase in the authorized common stock from $2.000,000 to $5,000 000 and in the pref. from $4,000,000
to $5000,000; also the other propositions referred to in V. 98, p. 76.
It is unofficially reported that the company will shortly distribute a
dividend of 100% among its common stockholders.
-V. 98, p. 76.

National Transit Co., Oil City, Pa.
-Annual Report.
-

gained in the trial of the P-A-Y-E patent infringement suit in the U. El.
Court against the Orange County Traction Co. before Judge Holt on
Friday, Nov. 7. The patent involved In the suit was the original Ross
and McDonald P-A-Y-E basic patent No. 800172. In sustaining the
patent, the Court awarded full damages establishing the royalty of $100
per car. It is unnecessary to enlarge upon the far-reaching effect of this
decision so satisfactorily maintaining the company's position and upholding
its right to be properly compensated for the admitted benefits P-A-Y-E
has brought to the public and the street
-car fraternity." [Compare
V. 95, p. 684.
In a circular dated Jan. 15 1914 Mr. MacDuffie said: "The Orange
County Traction Co. has entered an appeal against the recent decision in
favor of the Prepayment Car Sales Co. in the P-A-Y-E patent infringement
suit, and the case will now come up before the Circuit Court of Appeals.
The company's legal advisers are much gratified at this opportunity to
obtain a final authoritative decision such as will be afforded by this procedure. Under the circumstances the directors will defer for the present
any further dividend action on the 7% cumulative preferred stock."

Contracts.
-Royalties have for some time been collected
from the stepless cars of the New York Railways and the
P-A-Y-E cars of the Third Ave. RR., New York, and
Philadelphia Rapid Transit Co. system.
Since the first of the year a considerable number of new contracts, it is
stated, have been closed, notably with the Second Ave. RR. of N. Y.,
Toledo Railways & Light Co., City Ry. of Dayton and the Panama Tramways Co. We are informed that the New York Railways are in the market
for several hundred new stepless P-A-Y-E cars. A contract has been entered into with the Union Pacific RR. for supplying a number of stepless
cars for Salt Lake City. Utah.
-V.91. p. 1516.

1911-12.
1912
-13.
1912-13.
1911-12.
Net earnings_$2,315,556 $1,909,806 Balance, stirPennasylvania Coal & Coke Corp., Phila.-Plans.
Divs. (12%)._ 1,527,307 1,527,307
plus
$788,249 $382,500
The shareholders will vote Mar. 31 either (1) to cancel $900,000 of the
BALANCE SHEET DEC. 31.
capital stock now in the treasury in exchange for an equal number of shares
1913.
1912.
1912.
1913.
of 7% cum. pref. (p. & d.) stock of the same par value ($50 a share), red.
Assets$
Liabilities$
$
on any
Plant(pipeline)7,295,601 7,734,578 Capital stock 12,727,575 12,727,575 shall bedividend date at par and divs., and all to be so red. before any diva.
declared upon the common stock; or (b)to increase the indebtedness
Merchandise _
950,708
639,210 Accounts payby an issue
-year coupon
Other invest_ 6,211,318 5,062,726
604,956 on any int. of $1,000,000 6% 5 or (c) to notes (interest semi-ann.), red.
able
578,498
date at par and int.;
replace a
Accts. receiv_
855,473 1,112,090 Surplus
2,453,714 1,665,466 stock by an equal amount of such pref. stock and portion of said common
to issue some amount
Cash
446,688
449,393
of said notes; (d) also to authorize the sale of stock and notes or either
thereof. [Total auth. stock,
Total
Total
15,759,788 14,997,997
15,759,788 14,997,997 treasury; no bonds. Leases $7,500,000, of which some $914,000 is in the
from the Clearfield Bituminous Coal Corp.
-V.96, p. 1160.
the property of the former Pennsylvania Coal & Coke Co., per plan in
V. 92, p.
New Departure Mfg. Co., Bristol, Conn.
-Capital Stk. New York 1439; V. 93, p. 1606. Main office, Land Title Bldg., Phila;
office, 17 Battery Place.
-V.94, p. 1321.
A certificate was filed in Conn. Jan. 3 increasing the common stock from
$1,500,000 to $2,000,000. The $500,000 new stock was offered until
Pressed Steel Car Co.
-Dividends on Common Resumed.
Dec. 31 at par ($100 a share) to shareholders of record Dec. 12, and has all
A dividend of 3% has been declared on the $12,500,000
been subscribed, payable 50% Jan. 3, 25% Apr. 1 and 25% July 1 (or in
full at any time),shares fully paid to be issued on each of those dates. The corn. stock from the earnings of 1913, payable quarterly
common Is receiving dividends of 8% p. a. (Q.
-J.). There are also out3
standing $500,000 7% cum. pref. stock and $600,000 1st M. gold 6s of during 1913, the first installment of 4 of 1% on March 11
1911, duo serially March 1 1914 to March 1 1921. Albert F. Rockwell Is to holders of record Feb. 18. This is the first distribution
President.
-V.06, p. 1559.

New York Transit Co.
-Income Account.
-Report
1912-13.
1911-12.
1911-12.
-13.
1912
Net incomo__32,070,495 $2,420,212 Balance, surp. $70,495 $420,212
Divs. (40%).. 2,000,000 2,000,000
BALANCE SHEET DEC. 31.
Liabilities- 1913.
1912.
1912.
Assets1913.
Pipe lino plant$5,180,283 $5,309,516 Capital stock_$5,000,000 $5,000,000
45,203 Acc'ts pay_ _ _ 1,095,201 1,116,366
Mat'l & supp_
40.999
Depre. res've_
993,023
Cash,oth.inv's
573,590
5,100,359 5,029,864
& acc'ts rec. 6.967.301 6,365,102 Profit & loss
$12,188.583311,719,820
Total
-V.96, p. 1559, 365.

Total

812,188,583311,719,820

-Report
-Income Account,
Northern Pipe Line.
1013. 1912.1913.

1912.
$307,275 $34,822

since Aug. 1904, when 1% (quarterly) was paid.

Dividend Record of Common Stock (Per Cent).
1900.
1901.
1905to 1913.
1904.
1903.
1902.
None
1914..
6
4
4
5
3
3
It was announced at the meeting that while the earnings for 1913. as will
be shown by the annual report, would seem to indicate that a larger dividend might be declared on the common stock, the directors felt that a
conservative policy was the correct one to pursue.
-V.96, p. 551.

Pure Oil Co., Philadelphia.-Earnings.
-

The net earnings for the calendar year 1913 are reported as approximately $2,190,000; 6% dividends on the $638,700 preferred stock call for
$38,322, leaving about $2,151,000, equivalent to nearly 47%%, on the
$4,531,745 common stock, comparing with $1,678,602 in 1912.
Dividend.
-A dividend of 5% has been declared on the
$4,531,745 common stock, payable March 1 to holders of
record Jan. 31.

$707,275 $434,8221Bal., surplus
In Dec. 19133% and 4% extra was paid; in Sept. and June,3% and 2%,
400,000 400,000
and in March 1913, 3%, without any extra. Compare V. 97. p. 1429.
BALANCE SHEET DEC. 31.
Liabilities- 1913.
1912.
Assets1913.
1912.
Southern California Edison.
-On 6% Basis.
Pipe lino plant$2,995,586 $3,027,670 Capital stock_$4,000,000 $4,000,000
A quarterly dividend (No. 16) of 1 % has been declared on the common
3,756 Acc'ts payable 237,323
Mat'l & supp_
235,657 stock, payable Feb. 15 to holders of record Jan. 31, comparing with ‘
6,089
,
Depre. res've_
Cash,oth.inv's
549,480
279,777 quarterly from May 1910 to Nov. 1913, Inc. See V. 97, p. 1508. 13 %
& acc'ts rec. 2,235,498 1,627,104 Profit and loss 450,371
143,096
Standard Oil Co. of California.
-Stock Increase.
Total
Total
$5,237,174 $4,658,530
$5,237,174 $4,658,530
The company on Jan. 21 applied to the California RR. Commission for
authority to issue $4,518.400 new stock, for which stockholders of record
-v. De. P. 1559
'
Feb. 2 are to be allowed to subscribe at par. The San Francisco "News
-Offering of First Lien Receivers' Cer- Bureau" says that the proceeds are to be used to pay for the vessel now
O'Gara Coal Co.
tificates.
-W.G.Souders & Co., Westminster Bldg., Chicago, building at the Union Iron Works,increasing the company's storage capacof land, leases
ty and the
crude
in the
own and are offering at par and int., by adv. on another $250,000 to purchaseto the Murphy andCo. foroil, includingrecentlylatter
be paid
the acreage
pur-year receivers' certificates issued by order of chased. Compare V. 98, P. 160. Oil
page, 7% 2
states that the company desires
The
the U. S. District Court of the Northern Dist. of Ill., dated for the applicationpurposes: For payments to Unionto apply the proceeds
following
Iron Works under a
Oct. 6 1913 and duo Oct. 6 1915, but callable on 30 days' contract for the construction and completion of a vessel for tankage to be
notice. Principal and interest.(A. & 0. 6) payable at Fort built for the storage of oil; for crude oil being purchased at market prices
for manufactuirng and refining
and payments
Dearborn Tr. & Say. Bank, Chicago. Par $1,000. Total for property purchased and lands purpores and for storage, manufacturing
leased, and producing and
-V. 98, p. 160.
issue $185,000. A first lien on assets estimated at over operations.
Net income
Divs.(10%

$8,000,000, ranking ahead of the $2,728,000 bonds (all coupons on which have been paid in full to date).

Standard Oil Co. of New Jersey.
-New Officers.
-

F. II. Bedford and F. W. Weller have been elected Vice-Presidents to
succeed W. C. Teagle, who resigned, and J. A. Moffett, deceased.
V.08, p. 242.

(a) Capitalization: Pref. stock, $1,000,000; common stock, $5,000,000;
bonds outstanding, $2,728,000. All junior in lien to certificates.
Standard Underground Cable Co., Pittsburgh.
(b) Legal proceedings approved by Horace R.Oakley,of Wood & Oakley.
(c) This Issue of certificates, totaling $185,000. is a prior lien to all out-.
The shareholders at the annual meeting on Jan. 27 unanimously approved
standing bonds, and the fact is emphasized that bonds are not in default.
the proposition for financing the Canadian plant. The capitalization
(d)The assets on which this issue is a first lien are estimated at over $8,000,- of the Canadian company is 31,000,000, divided into $500000 common
000, or more than 40 times the amount of certificates.
-V• 98.P 241,169. stock and $500,000 7% pref. stock. The common stock will be covered




392

THE CHRONICLE

into the treasury of the Pittsburgh company and 3350,000 of the pref. stock
will (probably after April 1) be offered forsubscrlption to holders of the
parent company in the proportion of one share Canadian for each 10 shares
of the Pittsburgh company held, at $75 a share; par $100. The balance of
$150,000 pref. stock will remain in the treasury of the Canadian company
for future needs.
It is said that the results for the past fiscal year were very satisfactory.
—V. 90, p. 774.

Swift & Co., Chicago.—Bonds Oversubscribed.—

A press report states that the recent offer of$10,000,000 5% 1st M.bonds
was oversubscribed without the underwriting syndicate getting a single bond.
Most stockholders, it is said, particularly those who subscribed for small
amounts, will get their full allotment. See V. 98, p. 242, 160.

Tampa Gas Co.—Earnings.—For calendar years:

Calendar
Gross
Net (after
Bond
Balance,
Years—
Earnings.
Taxes).
Interest.
Surplus.
1913
$173,345
389.586
324.980
364.606
1912
136,719
66.504
18,052
48,452
1911
101,683
37,931
11,400
26,531
Robt. Glendinning & Co., Phila., report: The total population of
Tampa and West Tampa, which the company serves, is est. at 65,600,
and is growing rapidly. The company reaches only about 25.000 to
30.000 of this population; as soon as the mains can be extended, earnings
should increase proportionately. Company has a 5
-year contract with
city of Tampa for street-lighting, and is also doing a large business in gas
ranges, hot-water heaters, &c.—V. 97, p. 1589.

Union American Cigar Co.—First Common Dividend.—

An Initial dividend of 1% has been declared on the common stock, paya
ble Feb. 15 to holders of record Jan. 20.—V.96. p. 1302.

Union Electric Co., Dillon, Mont.—Bonds.—Irving
Whitehouse, Inc., Hutton Bldg., Spokane, Wash., have underwritten and are offering at 83 and int., yielding 6.06%,
$51,000 1st M.5% gold bonds dated 1908 and due Apr. 1
1938, of original $100,000 issue.

Interest A. & 0. in N. Y. City. Par $250 and $500 c*. Redeemable
at option of company on 30 days' notice at any interest period after Apr. 1
1918 at 105 and int. Trustee, Guaranty Tr. Co. of N. Y.
A circular issued in 1912 showed: Capital stock, $150.000; bonded debt.
$100,000; prior liens, none. Gross earnings 1911, $26,469; increase 7 mos.
1912 over 7 mos. in 1911, $1.014. Estimated gross 1912, $28,000; oper.
exp., est., $13,000; est. profit 1912, $15,000.
Operates under favorable long-time franchise in Dillon, a city of about
3,000 population in a rapidly developing district devoted chiefly to agriculture and stock raising. Has zwo hydraulic plants respectively 2 and 9
miles from Dillon, on separate water courses. The titles to both land and
water are owned in fee; also auxiliary steam plant.

Union Elec. Lt. & Power Co., St. Louis.—Earnings.--

Year ending
Gross
Net after
Other
Bond
Dies. Balance,
Dec. 31.
Earnings. Taxes,&c.Income. Int.,&c. (6%). Surplus.
1913
$3,683,107 $1,537,866
$855,106 $593,100 $89,660
1912
3,636,157 1,692,510 $27,665 842,928 593,100 284,147
—V.98, p. 242.

Union Oil Co., Los Angeles, Cal.—Proposed Change in
Option Rejected.—The Los Angeles "Times" on Jan. 15 said:

Negotiations between the General Petroleum interests, represented by
Andrew Weir and. R. Tilden Smith, and the Union Oil officials, looking
toward a modification of the option on the control of the latter which the
former concern holds, were yesterday declared off. "We decided that it
was for the best interests of all the stockholders not to effect a deal upon
the new basis proposed," said President Lyman Stewart. "We do not desire to settle on any new agreement which would not be satisfactory to
the minority interests."
It is understood that under the terms of the proposed deal the stockholders would have found it necessary and not optional to exchange their
shares for stock In the British corporation before the deal would be closed.
The General Petroleum interests still retain their option on the control of
the Union 011 Co. at $130 a share, and have paid to date $833,000 on this
option. Only $166,000 remains to be paid before the deal for the option
will be closed. This option is on all the shares of the holding companies,
United Petroleum and Union Provident, and it would require about $20,000,000 to close this entire deal. However, it is regarded as highly unlikely that the interests now back of the General Pet. Co. would close a
deal without providing for the minority interests [on some basis].

Charles Remington,in San Fr."Chronicle", Jan.20,stated:

The nature of the offer made by the English syndicate to Union 011
interests, who declined the offer, reached this city yesterday with the return of the negotiators. The syndicate offered to advance to the Union
011 Co. $15,000,000 in cash to be used in retiring $6,000,000 bonds, some
floating debt, with enough remaining for working capital and needed
developments.
It was provided that the Union Oil Co. of California should issue to secure this advance $15,000,000 pref. stock, bearing 7% and participating
to the extent of 33 1-3%. This stock was to be held by the Union 011,
Ltd., of London, which would issue 6% pref. stock, participating to the
extent of 10%, together with ordinary shares. Holders of Union Oil stock
and of Union Provident and United Petroleum, the parent companies, were
to be given rights of exchange, par for par.
It was represented by the Union 011 interests that the company, after
being financed, would earn $6,000,000 a year net,from which it was computed that the ordinary shares of the English company would get approximately 30% per annum, and in this the pref. stock would participate to
the extent mentioned.—V. 98, p. 160.

United Dry Goods Co., New York.—Subscription
Rights.—This company, which is reported to own nearly all
of the $1,000,000 outstanding 2d prof.and 80% of the $3,000,000 common stock of Lord & Taylor, in circular says in sub.:
Lord & Taylor is offering
to its stockholders $1,000,000 of new 8% cum.
2d pref. stock. [See above.] United Dry Goods Cos. will acquire a large
portion thereof, and offers to its stockholders an opportunity to subscribe
for this stock at par, Since the issuance of the existing $1,000,000 2d pref.,
notwithstanding the constantly increasing disadvantages of its location, the
net earnings of Lord & Taylor, after paying dividends on its first pref. stock,
have always been more than double the amount needed for 2d pref. dividentis. We are confident that, with largely increased space and exceptional advantages of location In the new building it is about to occupy at
5th Ave. and 38th St., the increased earnings will abundantly justify this
new issue. The 2d pref. is covered by tangible assets, and full dividends
have always been paid on the $1,000,000 thereof now out. Dividends on
the new stock will accrue from Feb. 1 1911.
Subscribers are requested to enclose check for not less than 2 of amount
%
subscribed for: 30% on the amount allotted will be payable within 30 days
and the remainder within 90 days after allotment. From Feb. 1 1914 interest at 6% per annum will be charged on unpaid installments. Subscription lists will close Feb. 25 1914.—V• 97, P.726.

Western Union Telegraph Co., N. Y.—Misprint.—

In the official statement as published last week the capital increase
mentioned in line seven of the small type should have been $30,000,000,
not 350.000.000.—V. 98. p. 301.

Wheeling Mold & Foundry Co.—Stock—New Par,—

The shareholders were to vote Jan. 29 on increasing "the authorized
capital stock from $750.000 to $1.000.000. and on changing par value of
shares from $50 to $100 each. Press reports have predicted a 10% stock
dividend.—V. 98, p. 77.

—The semi-annual statement of the National Discount
Co., London, will be found in another column. The gross
assets Dec. 31 1913 were $115,039,877, deposits and sundry
balances $78,787,399. There was added $100,000 to the
reserve fund, increasing the same to $2,525,000, and after
the usual deductions, a balance of $320,091 was carried
forward to the next account.




[VOL. xcvni

—The 26th annual statement of the American Real Estate
Co. of this city is advertised elsewhere in the "Chronicle."
In comparison with its statement of a year ago, the company shows a redlictlireductionin its mortgage obligations and a
material increase in its capital and surplus, no overdue
current obligations and a large cash balance. The balance
sheet of the company shows total assets of $28,668,004 19,
of which $26,009,010 74 is real estate. Deducting the mortgages thereon leaves the net assets of the company $17,341,294 19, with capital and surplus of $3,247,789 13. The
development of the company's business during the past year
has been intensive rather than extensive, and it has wisely
conserved its resources during a period of dulness in the real
estate market. In addition to its rental properties located
both mid-town and up-town the company has large holdings
along existing and proposed rapid transit lines which seem
certain of increased values in the growth of the city. The
American Real Estate Co. is the oldest real estate corporation engaged in real estate operation in this city. It has a
record of more than a quarter of a century of activity in
New York real estate.
—Makubin, Goodrich & Co. of Baltimore have just issued
the 1914 edition of their annual "Financial Review of the
year 1913." This "Financial Review" contains the high,
low and last quotation for the year 1913, as well as the high
and low for 1912 on all stocks and bonds traded in on the
Baltimore and New York stock exchanges. The financial
statement of Baltimore City is contained therein and the
taxable basis, population and other information is given
covering a period•of years. Of.
great interest is the present
gross and net debt; after deducting sinking fund and incomeproducing property, the net is 4.20%—a splendid showing for
a large city. This booklet also contains the "rule" formulated by the Judges of the Supreme Bench governing the
investment of all trust funds coming under the jurisdiction
of the equity courts of Baltimore City; and dividends paid.
by banks and trust companies in Baltimore. A complimentary copy will be sent to interested inquirers on application
at the 'bankers' offices at 110 E. German St., Baltimore.
—The 64th annual statement of the Aetna Life.
Insurance
Co. of Hartford, Conn., Morgan G. Bulkley, president, was
``Chronicle." It is a
the .
.
advertised in last week's issue of
clean-cut record of prosperity and business expansion in all
health, liability and workmen's
classes of life, accident,
compensation insurance which the company writes. For
Jan. 1 1914 the aggregate assets were $113,956,997. Income in 1913 was $27,097,078 and disbursements $23,138,627. The "gains" in 1913 were: Surplus to policyholders,
$1,235,294; premium income, $1,468,687; total income,
insurance in force,
$3,146,719; assets, $3,565,621, and life .
$20,608,868. The amount of new life insurance issued in
1913 was $61,641,180. The total life insurance in force Jan. 1
1914 was $355,535,221. The company has paid to policyholders since organization in 1850 over $2471786,602.. A full,
comprehensive report of the Aetna's financial operations will
be mailed to any inquirer.
—Having sold over one-half of $1,550,000 Detroit Termi-year bonds of the
nal & Tunnel first mortgage 43/2% 50
Detroit River Tunnel Co., White, Weld & Co. of this pity,
Chicago and Boston are offering the remainder of the issue
subject to prior sale and change in price. These bonds are
guaranteed, principal and interest, by the endorpement of
the Michigan Central Railroad 'Co. The tunnel is an integral part of the main line of the Michigan CentFal System
between Niagara Falls and Chicago. See advertisement for
full particulars and also our "General Investment News"
Department.
—The annual statement of the Mutual Life Insurance Co.
of New York for the year 1913 marks a record never before
achieved in life insurance. $63,757,992 was paid to policyholders and their beneficiaries during the twelve months,
being at the rate of nearly a million and a quarter a week,
and exceeded the amount directly received from policyholders during the year by $5,271,666. The company paid
to policy-holders in dividends during the year $17,201,730
and have set aside for the same purpose in 1914 $18,078,540.
The total insurance in force at the end of 1913 was $1,598,466,078, a net gain of $47,578,015.
—For purposes of permanent record, E. W. Clark & Co.
of Philadelphia, Boston, Pittsburgh and Chicago are advertising in to-day's issue their offering of $2,000,000 East St.
Louis & Suburban Company five-year 6% convertible bonds,
.
which have all been sold. The "record advertisement"
covers all the details and a description of the bonds, the propof the company, the business done, &c., will be furnished
erty
upon request by the bankers, 321 Chestnut St., Philadelhpia.
—N. W. Halsey & Co., bankers, have published a very
handy "Income Tax Record Book" in which all income may
be classified as exempt or taxable. It will be of great assistance in making reports and will provide a permanent and
convenient form of reference, and comparison in future reports. A copy of the book will be forwarded with the firm's
compliments upon application.
—The new firm of Meredith & Fisk has been organized,
with offices at 30 Church Street, this city, to specialize in
bonds secured by mortgages on farm lands and in securities
of public service corporations.The partnership is composed
of Harvey E. Fisk Jr. and William M. Meredith, both of
them formerly with Fisk & Robinson.

•

JAN. 31 1914.]

THE CHRONICLE
geVartS

anti
PUBLISHED AS ADVERT

393

aCitintntS.
IENTS

HUDSON & MANHATTAN RAILROAD COMPANY
FIRST MORTGAGE FIVE PER CENT THIRTY-YEAR BONDS OF NEW YORK & JERSEY RAILROAD COMPAN

Y

FIRST LIEN AND REFUNDING MORTGAGE FIVE PER CENT BONDS, SERIES A.
(Tax exempt in the State of New York.)
ADJUSTMENT INCOME MORTGAGE FIVE PER CENT BONDS.
(Tax exempt in the State of New York.)
New York, January 19 1914.
. The mortgage securing these bonds is a first lien on all and
Hudson & Manhattan Railroad Company (hereinafter singular the company's tunnels, and lines of railway constructcalled the Company) hereby makes application to the NOW ed or in the course of construction, generally known as the
York Stock Exchange for the listing of the following securi- uptown river tunnels, extending from the foot of 15th Street
in Jersey City to the intersection of Christopher and Green.
ties :
A-4301—$5,000,000 (of an authorized issue of $7,000,000, wich streets in New York City,including all sidings, branches
but which mortgage is closed) of New York & Jersey rights of way, stations, power houses and other buildings,
Railroad Company First Mortgage Five Per Cent structures and terminal facilities, and all leaseholds, equipThirty-Year Gold Bonds, due February 1 1932, being ment and all other personal property, rights, privileges and
numbered 1 to 5,000, both numbers inclusive, for franchises of every kind and description acquired for use
$1,000 each.
upon or in connection
the said uptown river tunnels.
A-4302--$36,562,000 (of an authorized issue of $65,This mortgage provides in the event of a consolidation or
n
000,000) First Lien and Refunding Mortgage Five per merger that the successor corporation shall be bound to
Cent Bonds, Series A, due February 1 1957, numbered keep an amount of rolling stock subject to its lien equal to
M 1 to M 35,000, inclusive, for $1,000 each, and an amount so subject at the date thereof or at the date of
numbered D 1 to D 3,124, inclusive, for $500 each.
any such consolidation or merger.
A-4303—$33,102,000 Adjustment Income Five per Cent
The New York & Jersey Railroad Company's mortgage
Mortgage Bonds, due February 1 1957, numbered M 1 to the Guaranty Trust Company of New York, as described
to M 32,000, inclusive, for $1,000 each, and numbered herein, is now a closed mortgage, and no bonds in excess of
D 1 to D 2,204, inclusive, for $500 each, with authority the aggregate principal of $5,000,000, now outstanding,
to add $472,000 of said bonds, upon official notice that may be issued. Provision is made in the new First Lien and
they have been sold and have passed beyond the control Refunding Mortgage dated February 1 1913 to Central Trust
of the Company, making the total amount applied for Company of New York as Trustee, under which new First
$33,574,000—the total authorized issue.
Lien and Refunding Mortgage Five Per Cent Bonds are reserved,to redeem the outstanding New York & Jersey 58
NEW YORK & JERSEY RAILROAD COMPANY FIRST at 115.
MORTGAGE FIVE PER CENT THIRTYBy the agreement of Consolidation dated December 6
YEAR GOLD BONDS.
1906, this mortgage was assumed by the Hudson & ManhatThese bonds are secured by a first mortgage to the Guar- tan Railroad Company.
anty Trust Company of New York, as Trustee, are dated
February 20 1902, mature February 11932,and are in coupon FIRST LIEN AND REFUNDING FIVE PER CENT
form only,in the denomination of $1,000 each, with privilege
MORTGAGE BONDS SERIES "A."
of registration as to principal at the office of Harvey Fisk &
These bonds are secured by a mortgage and deed of trust
Sons, Bankers, New York City. They bear interest at the dated •February 1 1913
Central
to
rate of Five per Cent per annum, payable semi-annually on New York, Trustee. They the dated Trust Company of
February 1 1913, mathe first days of February and August in each year, at the ture February 1 1957, bear are
interest at
office of Guaranty Trust Company of New York. Both Cent per annum, payable semi-annua the rate of Five Per
lly on February 1st
principal and interest of these bonds are payable without de- and August 1st, at the office
or
duction for any tax or taxes which the company may be Harvey Fisk & Sons, New York agency of the Company,
required to pay or retain therefrom by any present or future Manhattan,or,at the option of the City, in the Borough of
holder, in Sterling money
law of the United States or of any State, county or munici- at the fixed rate of exchange of $4 86M
pality thereof, the railroad company having agreed to pay at the office or agency of the Cmopany to the pound Sterling
in London, England.
such tax or taxes.
Both the principal and interest of these
The bonds covered by this application were issued under •at the office or agency of the Company bonds are payable
in the
Article I of said mortgage, for the purpose of acquiring the Manhattan, City of New York, in gold coin Borough of
two partially constructed sub-aqueous tunnels between 15th States of America, of or equal to the standard of the United
of weight and
Street, Jersey City, and Morton Street, New York City; fineness existing February
together with the real estate, rights of way, construction any tax or taxes which the 1 1913, without deduction for
Company or the Trustee under
plants and appurtenances which had been purchased under the mortgage and deed of trust
may
a foreclosure decree against the Hudson Tunnel Railway Com- retain therefrom under any present orbe required to pay or to
pany, and for the further purpose of supplying the necessary States of America, or any State, future law of the United
funds for the completion of what was then known as the other taxing authority therein. Allcounty, municipality or
the bonds of Series "A"
"SouthTunnel," being the southerly of the two tunnels above shall also be payable, at the option of the
mentioned, as well as the completion of power houses, shops fice or agency of the Company in London, holders, at the ofEngland, in Sterland other appurtenant properties.
ing money of the United
At the option of the company and upon three months' pre- land, at the fixed rate ofKingdom of Great Britain and Ireexchange of $4 86% to the pound
viously published notice, all or any part of these bonds may Sterling.
T
be redeemed upon the first day of February or the first day
These bonds are in
of August in any year before maturity at One Hundred and .$1,000, $500 and $100,coupon form, in denominations of
and
Ten per Cent and accrued interest. All redeemed bonds nominations of $500 and such in registered form in the demultiples of $500 as the board
are to be canceled.
of directors of
The mortgage provides that in case any default shall be ize. Coupon the Company shall from time to time authorbonds may be registered as to principal at
made in the payment of interest and such default shall conthe
tinue for a period of sixty days, or in case any default shall the office of Harvey Fisk & Sons, New York City, and in
denominat
be made in the performance of or compliance with any other with registeredions of $1,000 and $5500 are interchangeable
bonds.
covenant or condition of said bonds, or of the mortgage secur- able with coupon bonds $100 coupon bonds are interchangefor $1,000.
ing the same, and such latter default shall continue for sixty
These bonds may be issued
days after the Trustee or any holder or holders of bonds se- each series shall be designated in series, and the bonds of
by a
cured thereby shall have requested the company in writing and may be made to bear interest, distinguishing letter,
payable on the first
to perform or comply with such covenant or condition, then, day of February and the first
and in every such case, the Trustee may,by notice in writing year, at such rate or rates day of August in each
not exceeding Five Per
to be served upon the company, declare the principal of the Cent per annum as from
bonds thereby secured and then outstanding to be due, and determined by the board time to time shall have been
the same shall thereupon become and be immediately due and shall be designated in of directors of the Company,
said
and payable, together with the accrued and unpaid interest series of such bonds may bear bonds when issued. Each
different rates of interest.
on the principal of said bonds to the date of such declaration. All bonds of any one series at any time
outstanding shall be
Upon request in writing of the holders of a majority in amount identical in respect of the rate of
interest and in respect of
of the bonds thereby secured at the time outstanding, it the provisions and the terms
shall be the duty of the Trustee so to declare the principal place or places of payment; in thereof, and also as to the
respect
of all said bonds due and to give notice thereof to the railroad of exchange, if any, expressed therein, of the rate or rates
or the fixed amount
company.
or amounts thereof if payable only or primarily in European
As this mortgage was executed prior to the present mort- currency (subject to such variations
gage-recording tax law of the State of New York,no mortgage • amounts as may be convenient in rates of exchange and
to avoid fractions of the
recording tax was required or paid.
smallest currency in common use), and in respect of the




394

THE CHRONICLE

language or languages in which the same shall be expressed.
Any of the bonds of any series may from time to time, and
upon surrender of the same by the holders thereof in blocks
of not less than $500 face amount, or its equivalent in a
European currency, determined by the board of directors
upon the basis of reasonable rates of exchange, be exchanged
at the request of the Company for bonds of the like or an
equivalent face amount of the same, of any other series
bearing interest at the same or a lower rate than the bonds
so surrendered, and such surrendered bonds shall be canceled.
The Company at its option may redeem all or any of these
bonds at One Hundred and Five per Cent and accrued
interest on any semi-annual interest day, on ninety days'
published notice. All redeemed bonds are to be canceled.
The mortgage recording tax required by the laws of the
State of New York has been paid on the principal amount
of bond issued under this mortgage, and the bonds are
tax exempt in the State of New York.
The mortgage provides that, in case of default in the
payment of any interest on any bond issued thereunder,
and in case any such default shall have continued for a
period of three months; or in the event of a default in any
of the other conditions or covenants in the mortgage contained, the trustee may, and upon the written request of
the holders of a majority in amount of the bonds issued
thereunder and then outstanding, shall, by notice in writing
delivered to the Company, declare the principal of all bonds
issued thereunder and then outstanding to be due and
payable immediately; and upon any such declaration the
same shall become and be immediately due and payable.
This provision, however, is subject to the condition that if,
at any time after the principal of said bonds shall have been
so declared due and payable, all arrears of interest upon
such bonds, with interest on overdue installments of interest
at the same rate of interest as was borne by the bond on
which such interest shall be in default, and the expenses
of the trustee and all other sums which shall have become
due and payable by the Company other than the principal
of such bonds, shall either be paid by the Company or be
collected out of the mortgaged property before any sale
thereof, and all other defaults, if any, shall have been cured
before any sale of the mortgaged property shall have been
made; then and in every such case the holders of a majority
amount of the bonds issued thereunder and then outstanding, by notice to the Company and to the trustee, may
waive such default and its consequences.
The mortgage securing these bonds is a first lien on all
and singular the tunnels and railroads of the Company
constructed or to be constructed in the State of New York
and in the State of New Jersey, and all property, franchises,
rights and privileges of the Company, real, personal or
mixed, of whatsoever name and nature thereto pertaining.
Subject, however, as to all the property so far as the same
shall by its terms attach thereto, to the lien of the mortgage of the Company to the Standard Trust Company of
New York, as Trustee, dated December 29, 1906, securing
an issue of First Mortgage (a closed mortgage) Four and Onehalf per Cent Gold Bonds, maturing February 11957, under
which bonds to the principal amount of $67,148,000 and no
more have been issued and are outstanding, of which $65,204,000 principal amount were pledged under the said First
Lien and Refunding Mortgage,at the time of its execution,
together with $1,000,000 of bonds subsequently likewise
pledged, leaving $944,000 outstanding in the hands of the
public; and further
Subject as to the portions of the property so far as the
same shall by their terms attach thereto to the lien of the
mortgage of New York & Jersey Railroad Company made to
Guaranty Trust Company of New York, as Trustee, dated
February 20 1902, securing an issue of First Mortgage Five
per Cent Thirty-Year Gold Bonds, maturing February 1
1932, under which bonds amounting to $5,000,000 principal
amount have been issued, and are now outstanding; and
further,
Subject to the agreement for conditional sale of rolling
stock, dated March 1 1909, between Guaranty Trust Company of New York, Trustee, and the Company, securing
the obligation of the Company to make said Trust Company
.
twenty consecutive semi-annual payments of $46,000 each,
bearing interest at the rate of Five per Cent per annum and
maturing every September 1 and March 1, until March 1
1919, on which date title to the rolling stock will vest in the
Company, all of which said semi-annual payments and the
interest thereon have been duly paid, except the eleven payments unmatured at the date hereof; and further,
Subject to the agreement for conditional sale of rolling
stock, dated October 1 1910, between Guaranty Trust Company of New York, Trustee, and the Company, securing the
obligation of the Company to make to said Trust Company
twenty consecutive semi-annual payments of $25,000 each,
bearing interest at the rate of Five per Cent per annum and
maturing on every April 1 and October 1 until October 1
1920, on which date title to the rolling stock will vest in the
Company, all of which said semi-annual payments and the
interest thereon have been duly paid, except the fourteen
payments unmatured at the date hereof; and further,
Subject to the agreement for conditional sale of rolling
stock, dated August 1 1911, between Guaranty Trust Company of New York, Trustee, and the Company, securing the




[VOL. xcvm.

obligation of the Company to make to said Trust Company
twenty consecutive semi-annual payments of $21,000
(amounting in all to $1,192,000), each bearing interest at
the rate of Five per Cent per annum,and maturing on every
August 1 and February 1 until August 1 1921, on which date
title to the rolling stock will vest in the Company,all of which
said semi-annual payments and the interest thereon have been
duly paid, except the sixteen payments unmatured at the
date hereof; and further,
Subject to real estate mortgages, aggregating $1,207,500
principal amount, against certain portions of the real estate
owned by the Company, and particularly set forth in subclause "D" of Granting Clause I and in Granting Clause II,
as printed in the aforesaid First Lien and Refunding Mortgage.
The purposes for which the First Lien and Refunding
Mortgage Bonds have been or may be issued, are as follows:
Under Section II of Article 2nd, bonds of Series A and of the
scrip therefor, are authorized to be issued immediately to thes36,563
principal amount of
.000of which $33,102,000 is issued, together with a like amount
of Adjustment Income Mortgage Bonds in exchange for
$66,204,000 of 04% First Mortgage Bonds, pledged under
First Lien and Refunding Mortgage as hereinbefore set forth,
and $3,461,000 issued to preferred and common stockholders
In part consideration of the assessment of $8 50 per share as
provided in the Plan of Readjustment of debt, dated January 14, 1913.
Under Section III of Article 2nd, bonds are authorized to be
issued for the purchase of refunding underlying obligations as
.
8,083,000
follows
(a) First Mortgage Four and Ono-Half Per Cent`, Gold Bonds
of the Company, maturing February 1, 1957, secured by the
mortgage of the Company dated December 29, 1906, to the
Standard Trust Company of New York, Trustee (being all
of the bonds of said issue not pledged hereunder at the date
of the execution hereof except $1,000,000 principal amount
thereof, the pledge of which hereunder in exchange for the
withdrawal of cash is provided for in Section 8 of this Article
$944,000
Second)
(b) First Mortgage Five Per Cent Thirty-Year Gold Bonds
of the New York & Jersey Railroad Company, maturing
February 1, 1932, secured by its First Mortgage, dated
February 20, 1902, to Guaranty Trust Company of New
$5,000,000
York, Trustee
(c) The obligations secured by the following real estate mortgages described in Clauses I and II of the Granting Clauses:
) A mortgage to Augusta G. Southacic for $105,000, duo
pril 15, 1917; (2) a mortgage to John P. Wichelns. Alfred
Wichelns. Eleanore Wichelns, Alma Wichelns Herbert A.
Wichelns, Edna P. Wichelns and Helena P. 'Wichelns for
$32.500. due August 17, 1916; (3) a mortgage to The Farmers' Loan & Trust Co. for $165,000, due March 17, 1914;
.(4) a mortgage to Andrew Freedman, Cora., for $18,000, duo
. December 1, 1913; (5) a mortgage to Henry Burden, Trustee,
for $31,000, due June 1, 1916; (6) a mortgage to the Mutual
Life Insurance Company for $100,000, due May 1. 1914;
(7) a mortgage made to the Bowery Savings Bank for
365,000, due August 11914; (8) a mortgage to Simon Marx
Edward Marx, Annie Marx, Julia Raudnil and Ezekiel Fixman for $39,000. due June 17 1917; (9) a mortgage made to
the Bond & Mortgage Company for $600,000, due April 1
1917; (10) a mortgage made to Hudson Companies for $10,000, due May 1 1917; (11) a mortgage made to John Q. Lockman for $42,000, due January 2 1914 (and paid)_ _$1,207.500
Under Section IV of Article 2nd, bonds are authorized to be
Issued for the purpose of refunding equipment obligations as
1,453,000
follows
(a) Obligations of the Company under the agreement for conditional sale of rolling stock. dated March 1 1909, between
Guaranty Trust Company of New York, Trustee, and the
Company, maturing in the principal amount of $46,000 each,
on every September 1 and March 1 from September 1913
552,000
until March 11919, and aggregating
(b) Obligations of the Company under the agreement for conditional sale of rolling stock, dated October 11910, between
Guaranty Trust Company of New York, Trustee, and the
each,
Company, maturing,in the principal amount of $25,000 5
3
37
on every October 1 and April 1 from October 1 191 3 1141
October 1 1920, and aggregating
(c) Obligations of the Company under the agreement for conditional sale of rolling stock, dated August 1 1911, between
Guaranty Trust Company of Now York, Trustee, and the
30
036 0
,
Company, maturing,in the principal amount of $21,037
on every February 1 and August 1 from February 1 1914
until August 11921, and aggregating
Under Section V of Article 2nd, bonds are authorized to be
Issued for additions to or betterments or improvements of the
Company's property, for the purchase or improvement of
other
shops, depots, terminal properties and facilities and mainreal estate for use in connection with the operation or
tenance of any of the Company's lines of railroad, and for the
18.901,000
purchase of new and additional rolling stock
Total authorized issue

$65,000,000

The Public Service Commission for the First District
of the State of New York, in an order dated July 1 1913,
approved the First Lien and Refunding Mortgage, and authorized its execution and the issuance of the 13onds thereunder, and on July 8 1913 the State Board of Public Utility
Commissioners of New Jersey, likewise, by a formal order,
signified its approval.
ADJUSTMENT INCOME MORTGAGE FIVE PER
CENT BONDS.
These bonds are secured by a mortgage or deed of trust
to the Guaranty Trust Company of New York, Trustee,
dated February 1 1913. The bonds are dated February 1
1913, mature February 1 1957, bear interest at the rate of
Five per Cent per annum payable semi-annually in gold coin
of the United States of America of or equal to the standard
of weight and fineness existing February 11913, at the office
or agency of the company in the Borough of Manhattan,
City of New York; or,at the option of the holder,in Sterling
money of the United Kingdom of Great Britain and Ireland
at the fixed rate of exchange of $4 863/ to the pound Sterling,
at the office or agency of the company in London, England;
without deduction for any tax or taxes which the company
or the Trustee under said mortgage may be required to pay
or to retain therefrom under any present or future law of the
United States of America or of any State, county, municipality or other taxing authority therein. The principal of

JAN. 31 1914.]

THE CHRONICLE

395

If at any time it shall be to the interest of the holders of
the bonds is also payable at the option of the holders, at the
office or agency of the Company in London, England, in the Adjustment Income Bonds to hold a meeting, the Trustee
Sterling money of the United Kingdom of Great Britain and may upon written request of the holders of Five per Cent
Ireland, at the fixed rate of exchange of $4 863 to the pound of the Bonds call a meeting by published notice, specifying
the purpose, place, day and hour of such meeting. At any
Sterling.
Coupon bonds are in the denomination of $1,000 and 500. such meeting each holder of any of the bonds shall be entitled
Registered bonds are iii the denomination of $500, and such to one vote for every $500 principal amount of the bonds then
multiples of $500 as the Board of Directors of the company held by him, which vote may be given either in person or by
shall from time to time authorize. Coupon bonds are regis- proxy duly appointed in writing and satisfactory to the
terable as to principal and are interchangeable with regis- Trustee.
This mortgage is a lien on all and singular the tunnels and
tered bonds.
The mortgage recording tax required by the laws of the railroads of the Company, constructed or to be constructed
State of New York has been paid upon the principal amount in the State of New York and in the State of New Jersey, and
of the bonds issued under this mortgage, and said bonds are on all property, franchises, rights and privileges of the Company, real, personal and mixed, of whatsoever name and
tax-exempt in the State of New York.
The mortgage provides that interest on these bonds for nature thereto pertaining.
Subject, however, as to all the property covered by
the eleven months ending December 31 1913, and for each
year ending December 31 thereafter until January 1 1920,shall Clause I:
(a)So far as the same shall by its terms attach thereto to the
annum and non-cumube at the rate of Five per Cent per
lative. The interest after January 1 1920 shall be at Five lien of the mortgage of the property to the Standard Trust
per Cent per annum and cumulative. No interest is due Company of New York, as Trustee, dated December 29 1906,
and payable except when and as declared by the Board of securing an issue of First Mortgage Four and One-half per
Directors out of available surplus income as determined by Cent Gold Bonds, maturing February 1 1957, under which
the Board; such determination to be made on or before Sep- bonds to the principal amount of $67,148,000,and no more,
tember 1 1913 for the payment of interest on October 1 1913 have been issued and are outstanding, of which $66,204,000
In respect of interest on said bonds for the period of five principal amount have been assigned under this mortgage,and
(b) To the lien of the First Lien and Refunding Mortgage
months ended June 30 1913; and on or before March 1 1914
for the payment of interest payable April 1 1914 in respect of the Company to the Central Trust Company of New York,
of interest on said bonds to December 31 1913, and on or dated February 1 1913, securing an issue of First Lien and
before September 1 1914, and in each year thereafter to Refunding Mortgage Bonds maturing February 1 1957, to
and including 1919, to be payable on the next succeeding the principal aggregate amount of $65,000,000 issued or to
October 1st in respect of interest to the June 30 next preced- beissued, and
Further subject, as to portions of the property covered by
ing; and on or before March 1 1915, and in each year thereafter, to and including 1920, to be payable on the next suc- Clause I, so far, but only in so far as the same shall by their
ceeding April 1 in respect of interest to the December 31st terms attach thereto to the lien of the following indentures:
(c) The mortgage of New York & Jersey Railroad Company
next preceding; and on or before September 1 1920, and semiannually on or before March 1 and September 1, respectively, made to the Guaranty Trust Company of New York as
in each year thereafter, to be payable on the next succeeding Trustee, dated February 20 1902, securing an issue of First
April 1 or October 1, as the case may be, in respect of inter- Mortgage Five per Cent Thirty-Year Gold Bonds maturing
est on said bonds to the June 30 or December 31,respectively, February 1 1932, under which bonds amounting to $5,000,000
next preceding. No interest need be declared to be due and principal amount have been issued and are now outstanding.
(d) The agreement for conditional sale of rolling stock
payable or need be paid on said bonds unless the surplus income as determined by the Board of Directors shall then dated March 1 1909 between Guaranty Trust Company of
suffice to pay at least one-fourth of One per Cent interest New York as Trustee and the Company, securing the oblion said bonds, and the rate of interest declared due and pay- gation of the Company to make to said trust company
able need not in any instance be a fractional figure other than twenty semi-annual payments of $46,000 each, bearing inono-fourth of One per Cent or some multiple thereof; but terest at the rate of Five per Cent per annum and maturing
any smaller fractional amount of surplus income remaining on every September 1 and March 1 until March 1 1919, and
(e) The agreement for conditional sale of rolling stock
after an interest payment, non-cumulative or cumulative,
shall be carried forward as part of the surplus income there- dated October 1 1910 between Guaranty Trust Company of
after applicable to payment of interest on said bonds, but New York, Trustee, and the Company, securing the oblino amount of surplus income need be so carried if on Decem- gation of the company to make to said trust company twenty
ber 31 of the year in which such amount accrues,the surplus consecutive semi-annual payments of $25,000 each, bearing
income for said year shall have been sufficient to provide interest at the rate of Five per Cent per annum,and maturing
for the payment of interest., including arrears of cumulative on every April 1 and October. 1 until October 1 1920, and
(f) The agreement for conditional sale of rolling stock
interest, if any, at the rate of Five per Cent per annum to
dated August 1 1911 between Guaranty Trust Company of
such date.
The Adjustment Income Bonds are subject to redemption New Yak as Trustee, and the Company, securing the oblion October 1 1913 or any semi-annual interest payment day gation of the company to make to said trust company twenty
thereafter in whole or in part, by payment of the principal, consecutive semi-annual payments of $21,000, each bearing
together with all non-cumulative interest remaining unpaid, interest at the rate of Five per Cent per annum,and maturing
and (if the redemption date is prior to January 11920) in- on every August 1 and February 1 until August 1 1921; and
(g) The mortgages upon certain portions of the real estate
terest at the rate of Five per Cent per annum on the principal
amount thereof from the January 1st or the July 1st, as the particularly mentioned in Sub-clause II of Granting Clause I
case may be,next preceding the redemption date, and all un- of this mortgage.
The Adjustment Income Mortgage is also a lien upon
paid cumulative interest thereon from Jan.1 1920 to the date
of redemption, on ninety days' published notice. All re- $66,204,000 principal amount .of the First Mortgage Four
and One-half per Cent Gold Bonds of the Company issued
deemed bonds are to be canceled.
The mortgage provides that, in case of default in the pay- under and secured by its mortgage to the Standard Trust
ment of any interest that shall have been declared or become Company of New York as Trustee, dated December 29 1906,
due and payable on any bond issued thereunder, and in case bearing the coupon maturing February 1 1913 and all subany such default shall have continued for a period of three sequent coupons, and also all other of said bonds which may
months; or in case of default in any of the other covenants from time to time be acquired by the company,subject, howand conditions in the mortgage contained; then, and in each ever, to the pledge and delivery thereof under the First Lien
and every such case, the trustee may, and upon written re- and Refunding Mortgage of the Company as herein elsewhere
quest of the holders of a majority in amount of the bonds is- set forth.
The Adjustment Income Mortgage is also a lien upon all
sued thereunder and then outstanding shall, by notice in
writing delivered to the company, declare the principal of other property of the Company, real or personal, whichtit
all bonds issued thereunder and then outstanding to be due now owns, subject, however, to the lien of the First Lien
and payable immediately; and upon such declaration the and Refunding Mortgage of the Company, and further subsame shall become and be immediately due and payable. ject to the liens of other mortgages and obligations described
This provision, however, is subject to the condition that if, in the mortgage, in so far, but only in so far as the same by
at any time after the principal of said bonds shall have been their terms attach thereto. And all property of every name
declared due and payable for default in the payment of in- and nature which from time to time hereafter shall be conterest thereof, all arrears of interest upon all such bonds, with veyed, mortgaged, pledged, signed, transferred or delivered
interest on overdue installments of interest at the rate of by the Company or on its behalf to the Trustee as additional
Five per Cent per annum, and the expenses of the trustee security for the bonds issued or to be issued thereunder.
Under Section 2 of Article II of the mortgage,$33,102,000
and all other sums which shall have become due and payable
by the Company thereunder, other than the principal of said principal amount of these bonds were issued at the execution
bonds, shall either be paid by the Company or be collected of the mortgage and were exchanged,together with a like
out of the mortgaged property before any sale thereof shall amount of First Lien and Refunding Mortgage Bonds for
have been made, or if the principal of said bonds shall have $66,204,000 of First Mortgage Four and One-half per Cent
been declared due and payable because of any one or more Bonds deposited under the plan of readjustment of the Comof the events of 'default in the mortgage referred to, and pany's debt as hereinelsewhere described. And under Secthereafter all such default shall have been cured before any tion 3 of Article II $472,000 principal amount of the bonds
sale of the mortgaged property shall have been made; then are reserved for issuance for the purpose of exchange for or
and in every such case the holders of a majority in amount of purchasing, retiring or otherwise acquiring before maturity,
of the bonds issued thereunder and then outstanding, by in connection with the First Lien and Refunding Mortgage
written notice to the Company and to the Trustee, may Bonds of the Company, $944,000 principal amount of Four
waive such default and its consequences.
and .One-half per Cent Mortgage Bonds of the Company,




396

THE CHRONICLE

maturing February 11957, secured by the mortgage of the
Company dated December 29 1906 to the Standard Trust
Company of New York, Trustee.
The Public Service Commission for the First District of
the State of New York,in an order dated July 1.1913, approved the Adjustment Income Mortgage and authorized
Its execution and the issuance of the bonds thereunder, and
on July 8 1913 the State Board of Public Utility Commissioners of New Jersey likewise, by a formal order, signified its
approval.

[VoL. xcvm.

The equipment of which the Company is the owner consists of 226 all-steel passenger motor cars, together with an
adequate equipment of wrecking and service cars. The railroad owned by the Company is located in the States of New
York and New Jersey, and extends from the intersection of
Thirty-third Street and Sixth Avenue, New York City, in
a southerly direction,under Sixth Avenue to Ninth Street,
thence under Christopher ,Greenwich and Morton streets to
the Hudson River; thence beneath the Hudson River to
Hoboken, New Jersey; also by subway underneath Washington Street in
HUDSON & MANHATTAN RAILROAD COMPANY. of the Erie andJersey City, and underneath the properties
Pennsylvania Railroad Companies to ExHISTORY.
change Place, Jersey City, where a junction is made with
The work of tunneling under the Hudson River dates downtown division of the Company's railroad, which the
exback to the year 1873. The Hudson Tunnel Railroad Com- tends from the Hudson Terminal (located on Church
pany was incorporated in the State of New York on May 22 and extending from Cortlandt to Fulton Streets), Street
.
under
and in the State of New Jersey on May 26 of that year. Cortlandt and Dey Streets to the Hudson River,
The original plan seems to have been for that Company neath the Hudson River and extending through thence beJersey City
to build a brick lined tunnel through which all of the steam in a westerly direction to
juncture with the
railroads having their terminals at the New Jersey water line of the Pennsylvania a point ofCompany, at or main
Railroad
about
front would send their trains to a central or union station Waldo Avenue, Jersey City.
In the City of New York. As will be seen from the following
The railroad property of the
diagram showing the development of the Hudson River underground and sub-aqueous Company is described as an
system of tunnels, being for
Tunnel Companies, the enterprise went through the process the most part built of
heavy iron rings bolted together,
of several reorganizations until, in 1899 the Hudson Tunnel grouted on the outside with
Railway Company's mortgage was foreclosed. In that year lined with concrete. The cement and in parts internally
sections of the railroad from
Mr. F. B. Jennings, acting for a reorganization committee Eleventh Street to
of the Hudson Tunnel Railway Company's bondholders, and in Jersey City Thirty-third Street under Sixth Avenue,
under Washington Street and under the
purchased under foreclosure decree all of the properties and properties of the Pennsylvania and
Erie
rights of that company, and in 1902 the New York & Jersey are constructed of reinforced concrete. Railroad companies,
Railroad Company was incorporated and took over the
The motive power employed is the most modern applicaproperties from the reorganization committee and issued tion of electricity by the third-rail system. The
signaling
preferred and common stock, portions of which were ex- and interlocking systems are
and electro-pneumatic,
changeable for the securities of the predecessor company employing the best practice electric manipulation
in the
of trains
then outstanding.
In this connection it is interesting to note that some of and the highest types of safety devices.
The main
the old security holders could not be found, and the re- sey City, the power house of the Company is located in Jerbuilding and the machinery therein being of the
organization committee turned back to the New York & most approved
and
Jersey Railroad Company the shares to which such un- for the conversion efficient design. The three sub-stations
and reduction of the electric current from
discovered stockholders were entitled. The New York & 11,000 volts
alternating current to 650 volts direct current
Jersey Railroad Company held such stock and through the are located one
in Jersey City and two in New York City.
various reorganizations down to the present time such stock
In addition to its railroad, the
owner of
is now held in the present Hudson & Manhattan Railroad the Hudson Terminal Buildings, Company is the buildings
which are twin
Company's treasury, and is shown upon the balance sheet facing on Church Street and extending for two blocks from
herein included as 'preferred and common stock and scrip Cortlandt Street to
something over oneFulton
held to redeem outstanding securities of predecessor com- half of the block westerly Street, and Street to Greenwich
from Church
panies."
Street. The buildings are of the most modern fireproof
When the New York & Jersey Railroad Company was type
stories
formed in 1902,it was the intention to complete one tunnel from of office structures, twenty-tworevenue in height, and
the Company derives a
of rentals for
between Fifteenth Street, Jersey City, and Christopher and storesthem offices.
and
Greenwich Streets, New York City,and to operate a doubleThe Company
track narrow gauge trolley line between those points. Owing the remainders ofis also the owner of the major portions of
which the
of
to the rapid growth in population on both sides of the river, Hudson Terminal the blocks are real estate upon the buildBuildings
it soon became evident that such a plan was entirely in- ings located upon this real estate located. From derived,
adequate for the needs of the traveling public, and Mr. but the principal value of these rental revenues are
properties to the company
W. G. McAdoo succeeded in interesting the Guaranty Trust consists
up of the
Company and Messrs. Harvey Fisk & Sons to undertake adjacentin the breakingTerminal continuity of real estate
to the Hudson
Buildings, thus precluding
the financing of the proposition on a much broader scope
outside
out of which, by process of gradual development, has grown the erection bythe lightinterests of any tall buildings which
would cut off
from the west side of the
and
the present comprehensive system of tunnels and the Hudson Hudson Terminal Buildings. air
The company also owns the
Terminal Buildings.
major portion of the block of real estate bounded by ChrisPRESENT CONDITIONS.
topher, Greenwich, Hudson and West Tenth streets, New
The title of the corporation is HUDSON & MANHATTAN York City, part of which is occupied by the company's subRAILROAD COMPANY, the date of its organization station No. 1, and from the remainder of which rent revenues
December 1 1906, and the authority therefor is an agreement are derived.
of consolidation between New York & Jersey Railroad ComThe total mileage in operation at the date of this applicapany, a corporation of New York State, Hoboken & Manhat- tion is 7.91 miles (18.757 miles of single track).
tan Railroad Company, a corporation of New Jersey, and
At the date of this application two extensions to the railHudson & Manhattan Railroad Company, a corporation of road property are in contemplation.
First: A proposed extension from Sixth Avenue and Ninth
the State of New York, forming the present HUDSON &
MANHATTAN RAILROAD COMPANY. Said agree- Street, New York City, to Fourth Avenue and Astor Place,
ment of consolidation was filed in the office of the Secretary at which point a connection with the Interborough Rapid
of the State of New York on December 5 1906 and in the Transit Company's Subway is contemplated.
Second: A proposed extension from Sixth Avenue and
office of the Secretary of the State of New Jersey on December 6 1906. It was also filed in the office of the Clerk of the Thirty-third Street, New York City, under Sixth Avenue,
and curving to the eastward under Bryant Park and FortyCounty of New York December 6 1906.
second Street to Lexington Avenue, with a station in conThe period of existence of the corporation is unlimited.
The amount of capital stock authorized is $50,000,000, nection with the Grand Central Terminal of the New York
divided into 500,000 shares of the par value of $100 ecah, of Central Lines. For each of the aforementioned extensions
which 400,000 shares are common stock and 100,000 shares the company has received franchise rights from the City of
are preferred stock. Both classes of stock are full paid,and New York.
Under a traffic agreement between this company and the
no personal liability attaches to their ownership. The purpose of issue of these shares was for exchange of the out- Pennsylvania Railroad Company, dated April 18 1906, a
high-speed electric train service is operated between Hudson
standing securities of the three consolidating companies.
The preferred stock of the company is entitled to dividends Terminal in New York City, and Newark,New Jersey. The
from yearly profits up to Five per Cent per annum in prefer- duration of said agreement is fifty years, and the revenues
ence to the common stock, and in case of a distribution of and expenses of operation of such service are borne jointly
assets other than profits,the preferred stock is entitled to by the two companies.
The amounts of mortgage liens and other funded debt or
preference over the common stock up to the par value thereof,
but to no further share of any profits or assets. The pre- liability of the company as at the date of this application
ferred stock is non-cumulative and is convertible at the op- are as follows:
tion of the holders thereof at any time after July 1 1911 at
Authorized
Outstanding.
Issue.
Due.
par into common stock at the rate of $110 per share.
1
The common stock of the company is entitled to all pro- New York & Jersey RR. Co.5% Mortgage1932 35.000,000 $5,000,000_00
Bonds
fits divided in excess of the profits to which the preferred Hudson & Manhattan Railroad Company
First Lien and Refunding Mortgage 5%
stock may be entitled,and,in case of a distribution of assets,
Bonds
1957 65,000,000.36,562,63366
to all assets in excess of the amount thereof to which the pre- Adjustment Income Mortgage 5% Bonds_ _1957 33,574.000_33,102,000 00
Mortgage 43% Bonds
1957 (Closed) , 944,000 00
ferred stock may be entitled. Eash share of each class of First Estate Mortgages
1,207.500 00
Real
Various
stock entitles the holder thereof,either in person or by proxy, Car Purchase Installments 5 1 Series A
,
1919
828.888 88
Car Purchase Installments 5 Series B_1920
to one vote in any stockholders' meeting.
336,000 00
Car Purchase Installments 5% Series 0.... 1921




JAN. 31 1914.1

397

THE CHRONICLE

•
HUDSON & MANHATTAN RAILROAD COMPANY FIRST MORTGAGE FOUR AND ONE-HALF PER CENT BONDS.
(This mortgage closed.)

Under a mortgage dated December 29 1906 from Hudson &
Manhattan Railroad Company to Standard Trust Company
of New York (now Guaranty Trust Company of New York),
as Trustee, First Mortgage Four and One-half per Cent Gold
Bonds, dated February 1 1907 and due February 1 1957, are
authorized to the aggregate principal amount of $100,000,000.
The title of the bonds issued under said mortgage is HUDSON & MANHATTAN RAILROAD FIRST MORTGAGE
FOUR AND ONE-HALF PER CENT FIFTY-YEAR
GOLD BONDS. The denominations of said bonds are
$1,000 each•for coupon bonds and $1,000,$5,000 and $10,000
for registered bonds.
Provision is made in the mortgage that some of the bonds
may be for the principal sum of 500 French francs or a multiple thereof, and that some of the bonds may be for the
principal sum of 200 pounds Sterling or a multiple thereof,
and the mortgage further provides for the payment of principal and interest at the office or agency of the Mortgagor
in the cities of Paris, France and London, England. At
the time of this application no bonds of foreign denomination have been issued.
The interest is payable on the first days of February and
August of each year at the office of Harvey Fisk & Sons,
Bankers, 62 Cedar Street, New York City, and each bond
is convertible at the option of the holder thereof on any interest date on or after February 1, 1912, at par into common
stock of the company at $110 per share; or in case of certain
events stated in the mortgage, such conversion may be made
at a reduced rate for such common stock.
No provision is made in the mortgage for the redemption
of the bonds by sinking fund. Bonds issued under this mortgage are in both coupon and registered form, and are interchangeable either for other. Any coupon bond may be
registered as to principal, but such registration does not restrain the negotiability of the coupons by delivery merely.
Under said mortgage of December 29 1906, and as of the
date of this application, there have been issued bonds to the
aggregate principal amount of 867,148,000 for the purpose
of purchase of property hereinafter described, but $66,204,000
of said Hudson & Manhattan First Mortgage Four and Onehalf per Cent Gold Bonds have been deposited under a plan
dated. January 14 1913 for the readjustment of the company's
debt. Said plan having been consummated,said $66,204,000
of bonds are now held as collateral security to the First Lien
and Refunding Mortgage and the Adjustment Income Mortgage hereinelsewhere described.
At the time of this application there are outstanding in
the hands of the public First Mortgage Four and One-half
per Cent bonds in the aggregate principal amount of $944,000.
It is not desired at this time that this issue of bonds be listed
by the New York Stock Exchange.
The property covered by the mortgage of December 29
1906 to the Standard Trust Company is described as follows:
All and singular the tunnels and railroads constructed
or to be constructed in the City, County, and State of New
York, and in the Cities of Jersey City and Hoboken, in the
County of Hudson and State of New Jersey, and all property, franchises, rights and privileges of the Mortgagor,
now owned or hereafter acquired by it, including:
All and singular the tunnels and railroads, constructed
or to be constructed,forming a line running from the terminal
thereof between Sixth and Seventh Avenues and Thirtysecond Street and Thirty-third Street in the City of New
York, in the State of New York, under Sixth Avenue, to
Christopher Street, and under Christopher, Greenwich and
Morton Streets, and under the Hudson River, to a point
In Jersey City, in the State of New Jersey, near the foot of
Fifteenth Street (extended), and thence to points near the
Erie and Pennsylvania Railroad Stations in Jersey City,
and thence under the Hudson River and under Cortlandt,
Dey and Fulton Streets to the terminal at Church Street,.in
the City of New York, together with branches to a point
near the Delaware Lackawanna & Western Railroad Station
in Hoboken, and under Ninth Street from Sixth Avenue to
Fourth Avenue, in the City of New York, together with an
underground footway under Dey Street from the terminal
at Church Street, in the City of New York, to the Fulton
Street Station of the subway of the Interborough Rapid
Transit Company;
And also all other branches and all extensions of said
tunnels and railroads and additions thereto;
Also the terminal property bounded easterly by Church
Street, in the City of New York, and lying between Fulton
and Dey Streets and between Dey and Cortlandt Streets,
together with the buildings thereon; and all equipment
thereof, and appurtenances thereto;
Also terminal rights and facilities in the eastern part of
the block between Sixth Avenue and Seventh Avenue and
Thirty-second and Thirty-third Streets, in the City of New
York;
Also all real estate, rights of way, tracks, switches, sidings,
.
branches, stations, terminals, power houses, yards, workshops, engine houses, car houses, freight houses, and other
buildings, structures and terminals and other facilities, in
the States of New York and New Jersey, whether now
owned or hereafter acquired by the Mortgagor;
Also all locomotive engines, motors, cars and other rolling
stock, fixtures, equipment, engines, boilers, dynamos,




generators, machinery, apparatus, tools, implements,
materials and supplies that are now owned, or which may
be hereafter acquired for use in operating, using, repairing,
restoring or replacing the said tunnels and railroads, or any
of said branches, extensions, additions, yards or terminals
or any of the buildings or other property aforesaid;
Also, all rights, powers, privileges, liberties, immunities
and franchises, whether now owned, possessed and enjoyed
by the Mortgagor, or hereafter to be acquired;
Also, all leaseholds, leases, rights under leases, trackage
agreements, and all claims, demands, contracts and things
in action of the Mortgagor, now owned or hereafter acquired,
including any and all sums of money which are now or at
any time may be due thereon;
Also, all other property of the Mortgagor, real or personal,
which it now owns or may hereafter acquire;
Together with all and singular the tenements, hereditaments and appurtenances thereunto belonging or in any
wise appertaining, and the reversion and reversions, remainder and remainders, income, rents, issues and profits
thereof, and also all the estate, right, title, interest, property,
possession, claim and demand whatsoever, as well as in law
as in equity, of the Mortgagor, of, in and to the same, and
every part and parcel thereof with the appurtenances.
PLAN FOR READJUSTMENT OF DEBT.

See "Chronicle "Jan. 18 1913, page 208, which plan has
since beome operative.
CAR PURCHASE AGREEMENTS.

On March 1 1909 this company agreed to purchase from
Guaranty Trust Company of New York ninety all-steel
passenger motor cars for the total amount of $1,242,220.
As of the date of this application, $736,220 of said amount
has been paid and $506,000 remains to be paid when due. The
deferred installments bear interest at the rate of Five per
Cent, payable March 1 and September 1 of each year, at
the office of Guaranty Trust Company, and the principal
of these deferred installments is payable in semi-annual
amounts of $46,000 each, on March 1 and September 1 of
each year. The Guaranty Trust Company has issued its
certificates, Series "A," against the aforementioned equipment.
On October 1 1910 1 s Company agreed to purchase from
Guaranty Trust Conn. ny of New York fifty .all-steel passenger motor cars, for the total amount of $662,500. As of
the date of this application,$312,500 of said amount has been
paid and $350,000 remains to be paid when due. The deferred installments bear interest at the rate of Five per Cent,
payable April 1 and October 1 of each year, at the office a
Guaranty Trust Company, and the principal of these deferred installments is payable in semi-annual amounts of
$25,000 each, on April 1 and October 1 of each year. The
Guaranty Trust Company has issued its certificates, Series
"B," against the aforementioned equipment.
On August 1 1911 this Company agreed to purchase from
the Guaranty Trust Company of New York thirty-six allsteel passenger motor cars, for the total amount of $510,000.
As of the date of this application, $174,000 of said amount
has been paid and $336,000 remains to be paid when due.
The deferred installments bear interest at the rate of Five
per Cent, payable February 1 and August 1 of each year, at
the office of Guaranty Trust Company, and the principal
of these deferred installments is payable in semi-annual
amounts of $21,000 each on February 1 and August 1 of
each year. The Guaranty Trust Company has issued its
certificates, Series "C," against the aforementioned equipment.
The Hudson & Manhattan Railroad Company hereby
agrees with the New York Stock Exchange:
That it will not dispose of its stock interest in any constituent company except where any constituent or subsidiary
company shall purchase its own stock for the purpose of retirement and cancellation, or allow any of said companies
to dispose of its stock interests in other companies, except
on direct authorization of stockholders of the company holding the constituent company.
To publish at least once in each year, and submit to the
stockholders at least fifteen days in advance of the annual
meeting iaf the corporation, a statement of its physical and
financial condition, an income account covering the previous
fiscal year, and a balance sheet showing assets and liabilities
at the end of the year; also annually an income account and
balance sheet of all subsidiary companies; also to publish
monthly statements of earnings.
To maintain a transfer office or agency in the Borough of
Manhattan, City of New York, where all listed securities
shall be directly transferable, and the principal of all listed
securities with interest or dividends thereon shall be payable;
also a registry office in the Borough of Manhattan, City of
New York, other than its transfer office or agency in said
city, where all listed securities shall be registered.
Not to make any change of a transfer agency or of a registrar of its stock, nor of a trustee of its bonds or other securities without the approval of the Committee on Stock
List.
To notify the Stock Exchange in the event of the issuance
of any rights or subscriptions to or allotments of its securities
and afford the holders of listed securities a proper period
within which to record their interests, and that all rights,
subscriptions or allotments shall be transferable, payable

398

THE CHRONICLE

and deliverable in the Borough of Manhattan, City of Now
York.
To publish promptly to bond and stockholders any action
In respect to dividends on shares, interest on bonds, or allotment of rights for subscription to securities, notices thereof
to be sent to the Stock Exchange; and to give to the Stock
Exchange at least ten days' notice in advance of the closing
of the transfer books or the taking of a record of stockholders
for any purpose.
The Directors of the Company are: L. L. Clarke, George
W. Davison, W. C. Fisk, Jerome J. Hanauer, Alexander J.
Hemphill, W. G. Oakman, John W. Platten, all of New
York City; Pliny Fisk, Rye, N. Y.; W. H. Williams, Plainfield, N. J.; R. W. Meirs, Philadelphia, Pa.(One vacancy.)
The Officers of the Company are: Wilbur C. Fisk, President and General Manager; Richard W. Meirs, Vice-President; James S. O'Neale, Secretary and Treasurer; Kenyon B.
Conger, Assistant Secretary and Assistant Treasurer; Robert B. Kay, Assistant Secretary; Fletcher H. Sillick, Comptroller.
The date for the annual meeting for stockholders is the
second Wednesday in April of each year at twelve o'clock
noon, at the corporate office of the Company, 243 Washington Street, Jersey City.
The address of the Company's main office is Hudson Terminal, 30 Church Street, New York City.
The Company's fiscal year ends on the 31st day of December of each year.
HUDSON & MANHATTAN RAILROAD COMPANY,
By W. C. FISK, President..
This Committee recommends that the above-described

[VOL. xcvm.

The Tranntercial

Times.

COMMERCIAL EPITOME.
Friday Night, Jan. 30 1914.
Trade is showing recovery frbm the low point reached in
December, but otherwise leaves much to be desired. Bank
exchanges for the week show good gains over the corresponding weeks of last year and the year before. These gains,
however, are mainly traceable to the greater activity in
stock and bond markets. Commercial paper is in brisk the
demand, money rates at home and abroad are easy and discounts have been lowered, not only in London • but also in
Paris. December merchandise imports were the largest on
record but exports were reduced. Wool sales are large.
The mildness of the winter favors the building trades. On
the other hand, this mild weather hurts retail business and
causes a lessened consumption of coal. Exports of wheat
have fallen off. Failures keep numerous. Conservatism
is still observable in buying for the spring trade. Yet,
the business outlook is regarded as more favorable, partly
owing to the universality of low rates for money.
LARD on the spot has been rather quiet, with prime Western down to 11 @11.10e.• refined for the Continent 11.50,
'
South American 12.15c., Brazil 13.15e. Lard futures have
reacted, owing to lower hog prices and what is regarded as
a bearish Government report on the hog supply. These
figures show more hogs and cattle on the farms than the trade
had expected. On the declines the market has encountered
some good buying orders. To-day lard was easier, though
January pork advanced 423/2c. on covering and hogs were
up 10 to 15c. at Chicago. Selling of lard and ribs was
heavy, however.

$5,000,000 New York & Jersey Railroad Company First Mortgage Five
Per Cent Thirty-Year Bonds, due 1932, Nos. 1 to 5,000,
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
inclusive, for $1,000 each;
Wed. Thurs.
Fri.
Mon. Tues.
Sat
36,562,000 Hudson & Manhattan First Lien and Refunding Mortgage January delivery_ _cts_10.97
10.80
10.72-1 10.7254 10.90
10.82
Five Per Cent Bonds, Series "A," due 1957, Nos. M-1 to May delivery
11.15
11.07 Yi 11.20
11.30
11.20 11.10
M-35,000. inclusive, for $1,000 each, and Nos. D-1 to July delivery
11.22% 11.35
11.32
11.40
11.25
11.30
D-3,124, inclusive, for $500 each;
33,102.000 Hudson & Manhattan Adjustment Income Five Per Cent
COFFEE on the spot has been quiet, with No.7 Rio
Mortgage Bonds, due 1957, Nos. M-1 to M-32,000, inclusive,
4
%
for $1,000 each,and Nos. D-1 to D-2,204, inclusive, for $500 and fair to good Cucuta 137 0143 e. Coffee futures have
each;
been on the whole quiet and more or less depressed, despite

be admitted to the list; with authority to add $472,000 of
said Adjustment Income Five per Cent Mortgage Bonds
upon official notice of issuance under the terms of this application, making the total amounf of said Adjustment
Income Mortgage Fonds authorized to be listed $33,574,000.
•
WM. W. HEATON, Chairman.
GEORGE W. ELY, Secretary.
Adopted by the Governing Committee Jan. 28 1914.
GEO. W.ELY, Secretary.

reports that Brazil has raised $22,000,000 apparently with
the idea of trying another valorization scheme. The weather
has been fine in Brazil. European markets have been inclined.to sag. Brazilian receipts have been larger than many
had expected. To-day futures were dull and lower. The
outside public ignores both coffee and cotton as well as grain,
preferring the stock market. Closing prices were:
January
9.110 9.18 May
February _9.16
0 9.18
March
Mar
9.
April-------9.35(11
April _
_9 2 °
9..35
3
0

9.470
9.570
9.670
_ _ 9.740

9.501September _9.820 9.84
9.5910ctober_ _ _9.880 9.90
9.691November_ _9.93 9.95
0
9.761December_ _ 9.98010.00

PORK on the spot quiet; mess $23 50@$24, clear $20 25
0$22 50, family $24 50@$27 Beef quiet; mess $180$19;
.
-The 70th annual statement of the New England Mutual packet $19@$20; family $20@-$22, extra India
Life Insurance Co. of Boston, Alfred D. Foster, President, $30. Cut meats quiet; pickled hams, 10020 mess $28@
lbs., 13@
is published in our advertising columns to-day. The com- 14 Mc. Butter easier; creamery extras 28@28Me. Cheese
pany has made significant growth in all departments of its quiet; State, whole milk, held, colored, specials, 18@,18
business. The principal gains for the past twelve months Eggs quiet: fresh gathered, extras, 34@35c.
were: Premium income increased $512,968; gross income in-Linseed quiet; city, raw, American seed, 52@53c.;
OILS.
creased $677,660; gross assets increased $2,341,635; policy boiled, 53054c.• Calcutta, raw, 70c. Cocoanut steady;
reserves increased $3,613,485, and insurance in force in- Cochin, 103 @11Yo.;Ceylon, 10N @,10Xe. Castor steady;
A '
creased $20,200,598. The company's total assets, accord- No. 2, 9@9,e. Corn oil easier at 6.55@6.60c. Palm
3
ing to the actual market values Dec. 31 1913, as fixed by easier; Lagos. 7(74c. Chinawood steady at
7M073/0.
the Mass. Insurance Department, were $63,760,033. After Lard firm; prime,93@95c.; off prime, 67@70c.; extra No. 1,
allowing for $57,931,525 reserve at Mass. standard, $1,865,- 59061e. Cod quiet; domestic, 38e.; Newfoundland,
40c.
000 distribution of surplus apportioned Dee. 31 1913, pay-Refined in seasonable demand and firm;
PETROLEUM.
able in 1914,and sundry amounts for other items,there still barrels 8.75@9.75c.; bulk 5.2506.25c.• cases 11.25012.
95c.
remained a "net surplus" of $2,577,578, Mass. standard, Crude firm: Pennsylvania dark $2 50; second sand $2
'
above all the liabilities. If the "net surplus" was figured Tiona $2 50; Cabell $2 07; Mercer Black $2; Newcastle 50;
$2;
at the New York standard it would stand at $4,986,246 Corning $2; Wooster $1 91; North Lima $1 49; South Lima,
instead of $2,577,577. The managers representing the com- $1 44; Somerset $1 35; Illinois $1 45. Naphtha firm;
pany in New York are: Edward W. Allen, 220 Broadway; 73@76 degrees, in 100
-gallon drums, 243'c. Spirits of turLathrop E. Baldwin, 141 Broadway, and Charles H.Strauss, pentine 491 2050c. Common to good strained rosin $4 40.
/
200 Fifth Ave. A copy of the printed annual statement will
-Raw firmer; centrifugal, 96-degrees test,
SUGAR.
be mailed on request of the company's home office 87 Milk 3.42()3.48c.; muscovado, 89-degrees test, 2.92@2.98c.;
St., Boston.
molasses, 89-degrees test, 2.67@2.73c. The world's visible
-We have received a copy of the 1914 annual review of supply of raw is stated at 4,250,000 tons, against 4,050,000
"The Monetary Times of Canada," with head offices at tons a year ago. Refined firmer; granulated 4@4.15c.
62 Church St., Toronto. The publication consists of 278
TOBACCO has been firm, as supplies are far from liberal.
pages and is divided into a Banking Section, Bond Section, At the same time trade has not, as a rule, been very brisk.
Editorial Section, Industrial Section, Insurance Section and Yet it is a fact that in most parts of the country manuInvestment Section. This number is similar to those issued facturers are doing a good business. The year 1914 is expreviously by the "Times': in that it contains an immense pected to be a prosperous year. Meantime the better
amount of valuable statistical matter, besides numerous grades of binder and filler are in small supply, especially
interesting articles by well-known authorities. Single copies, binder. Western buyers have taken considerable Georgia
postpaid, 50 cents.
leaf and Connecticut tobacco and have been 'inquiring for
-Assets aggregating $28,668,004, or about 81,500,000 Eastern binder. Cuban tobacco ha's been firm, but Sumatra
greater than those of last year, are shown by the 26th annual rather quiet, pending the first inscription at Amsterdam
statement of the American Real Estate Co., made public on March 13.
COPPER has been firmer both at home and abroad; Lake
this week, while other items also show substantial growth.
The report is of especial interest since, although it covers 14%c.; electrolytic 14 Mc.• there has been some speculation
what is universally considered an off-year in New York real in May, June and July deliveries. Tin here on the spot,
estate, it shows ,the officials say, a distinctly encouraging 39.40c., showing an advance. London and Singapore marcondition. See "Annual Reports" above and adv. on another kets have been higher; some speculative buying is noticed
here for April, May and June delivery. Lead on the spot
page.
-Attention is called to the fact that to-day, Jan. 31, is the here 4.07 Mc.• spelter 5.40e. In iron and steel the feeling is
'
last day for the deposit of Minneapolis & St. Louis notes with more cheerful, though reports of improvement are somewhat
the most conservative admit that January
Speyer & Co. to get the benefit of the extension for two years exaggerated; still sheets, tubes,
wire and fabricated shapes
at 6%. The noteholders who deposit their notes for exten- buying of bars,
sion will receive a bonus of $25 per $1,000 note. See last has been larger than expected; plates and bars of late have
been, however, somewhat easier. Yet some irregular imweek's "Chronicle," page 304.
provement in prices here and there is noted.



THE CHRONICLE

JAN. 311914.]

399

COTTON.

On Shipboard, Not Cleared for

Friday Night, Jan. 33 1914.
THE MOVEMENT OF THE CROP,as indicated by our
telegrams from the South to-night, is given below. For the
week ending this evening the total receipts have reached
272,944 bales, against 248,614 bales last week and 272,157
bales the previous week, making the total receipts since
Sept. 1 1913 7,89G,848 bales, against 7,704,643 bales for the
same period of 1912-13, showing an increase since Sept. 1
1913 of 192,205 bales.

Great
Other CoastGerJan. 30 at
- Britain. France.! many. Foreign wise.
New Orleans_ _
3.667 4,830 6,559
Galveston ____ 47,778 14,690 40,265
Savannah ____
7,314
3,700
Charleston ___ 4,000
6,000
Mobile
4,448 4,847 12,409
Norfolk
830
____
2,700
New York___ _
2,000
500
800
Other ports_
7,000
____
6,000
Total 1914.._ 77,037 24,867 78,433
Total 1913.. 35,203 15,227 60,623
,Total 1912 114,446. 20,840 120,169

3,932
21,990

1,556

Total.

1711 19,159
4.987129,710
700 11,714
---- 10,000
300 22,004
21,147 24,677
4,600
13,000

Leaving
Stock.
240,572
256,609
100,159
29,779
23,692
29,107
102,281
68,589

27,222 27,305 234,864 850,788
51,556 20.852 183,461 675,867
66,319 27,112348,886 1.048,589

Speculation in cotton for future delivery has been quiet at
gradually declining prices. The idea very prevalent has
been that after the January spot commitments have been
Galveston
9,510 16,360 34,836 21,384 15,481 17.919 115,490
Texas City
24,004 completed the February spot trade is going to show a marked
2,020 4,127 8,888 4,521 4,448
Port Arthur.._ _ _
AransasPass,&c.
-498 -ioA falling off. February is apt to be a quiet month in spot
New Orleans_ _ _ _ 16:c55 7,54§ 15,522 7.402 9.419 12,734 63,068 cotton. Liverpool, New Orleans, Memphis and the South
Mobile
525
372 5,968
1,194
833 1,239 1,805
Pensacola
350 4.388 generally have been selling. Ring traders have been short
4,038
Jacksonville,&c_
178
178 and have tried to depress the market in order to
Savannah
57,666 5.091 5.291 3,950 3;i5i 4,297 27,086 loss orders. In these tactics they have been quitereach stopsuccessful.
Brunswick
2.700 2,700
349
137
-165
-56 -151
Charleston
321
1,423 Everybody is looking for a big acreage. It is assumed that
897 1,544 1,194 1.228
Wilmington __ - 832
448 6,143 it will be the largest ever
known, especially if prices con2.444 3,509 1,993 1,353 1,484 2,982 13.765
Norfolk
Newport News&c
6,107 6,107 tinue at anything like their present level. Already there are
--i;
New York
-Ho
158 reports that farmers are taking advantage of the mild
-§6
87
43
Boston
-§6
236
Baltimore
1.299 1,299 weather at the South, notably in Texas, Alabama and some
Philadelphia _ _
433
433 other parts,to begin plowing. Reports from the Carolinas
Totals this week.. 36,326 38,924 69.129 42,053 35,874 50,638 272,944 are to the effect that very large sales of fertilizers are expected. Texas had a good deal of rain,and in the southern
. The following shows the week's total receipts, the total 'and central sections the soil- for the time being is rather
since Sept. 1 1913 and the stocks to-night, compared with heavy, but the greater part of the State is in good condition
and everywhere there is believed to be a good "season" in
last year:
the ground. Winter rains are very important in Texas.
In times past the lack of them has been largely the cause of
1913-14.
1912-13.
Stock.
decreased crops in that State. At the same time it is said
Receipts to
January 30.
This Since Sep This Since Sep
that the East India crop, according to the Colonial GovernWeek. 1 1913. Week. 1 1912.
1914.
1913.
ment, is 4,928,000 bales, against 4,350,000 bales of 400-lbs.
Galveston
115,490 2,528,237 68,630 3,170,062 386,319 272.376 net last year. It is also to be remarked that while some of
Texas City
24.00-1 385.619 10.805 609,414
26,204
30.096 the big spot interests have been buying March
or May,they
Port Arthur
25.124 4,225 101,038
Aransas Pass,&c..
498 107,785
986
69,459
539
779 have been selling July, and it is assumed that after the
New Orleans.. __ _ 63,068 1,282,558 25,470 1,064,850 259,731 147,004 March deal is
over,renewed pressure will be brought to bear
Mobile
1,783 165,735
5,968 333,301
45,696
26.093
on July. The question of the next meeting of the revision
Pensacola
4,388 116,066 11,526
98,696
27.617
Jacksonville, &c_
178
100
13,753
2,516
1,755 committee on February 4 is already being discussed. Violent
Savannah
27.086 1,507,833 15,956 1,049,390 111,873 116,220
Brunswick
2,700 255,500 3.500 208,100
16,824
6,343 attacks have been made on the Exchange during the past
1,423 389,698
Charleston
897 263,022
39,779
22,083 week in connection with the perennial controversy over
6,143 356,946 1,135 303,999
Wilmington
21,883
16,181 the question of
differences, not only in connection with
13,765 422,828 5,895 400,376
Norfolk
53,784
58,768
NewportNews,&c 6,107
65,363 3,811
the Southern trade, but in relation also to trading in straddles
78,197
158
New York_
4,196 1,556
13,958 106,881 139,750 between New York
and Liverpool. These attacks have
236
Boston
11.478 1,735
36,509
10,628
5,977
Baltimore
1,299
75.527 2,154
56.102
3.934
9,177 elicited various comments. Wall Street and Chicago are
Philadelphia
433
1,172
45
1,983
3,712
2,075 supposed to be heavily short'of March, and it is understood
Totals
272,944 7.896.348 160.209 7.704.643 1.085.852 859.328 that the bulk of the stock here is concentrated in one or two
hands. The March premium during the week has kept at
In order that comparison may be made with other years, 20 to 22 points over May. Last year it went as high as 60
we give below the totals at leading ports for six seasons:
points at the expense of Wall Street and Western shorts,
many of whom stuck to the short side up to almost the last
Receipts at
minutp. The exports of late have been liberal and spot
1914. 1 1913.
1912.
1911.
1910.
1909.
sales all over the South have been large, not only of the
Galveston _ _ _ 115,490; 68,630 1^7,197
58,552
27,934
98.739 better grades,
but also of the poorer qualities. In some
TexasCity,&c.
24,502; 16,016
19,441
14,414
1,584
11.073
New Orleans_
63,0681 25,470
48,181
40,239
16,660
64.706 parts of the South the "basis" is said to be higher than for
Mobile
5.9681
1.783
6;734
11.134
4,007
7,869 some years past. Manchester has reported
a better business
Savannah __ _
27,086
15,956
29,713
4,913
69,302
23,713
Brunswick _ _ _
2,700'
3,500
8,600
4,987
5,980 with China. Silver has advanced. Money at home and
3,723
Charleston,&c
1,4231
897
11,197
3,904
586
3,699 abroad has been easier. Discount rates, not only in LonWilmington_ _
,
6.1431,135
12,816
5,636
622
6,420
Norfolk
13,765;
5,895
22,878
7,635
11,942 don, but in various parts of the Continent, have recently
2,059
N'port N.,&c.
6,107;
3,811
1,628 been steadily declining. Consumption, to all appearances,
849
All others_
6,692' 17,116
7,569
14,325
5,081
11,994
;
is keeping up well. Dry goods sales have increased. Mill
Total this wk. 272,944i 160,209 318,215 184.875
69,282 247,763 stocks in Great Britain on January 18, according to one
Since Sept. 1_ 7.896.848 7.704.843 8.605.860 7.127.084 5.R011 Rf19 7 RAS2 Aftc authority, were 200,000 bales, against 300,000 on the same
date last year; the total at Europe and northern mills of the
• The exports for the week ending this evening reach a total United States at the latest computation was 1,750,000 bales,
of 263,937 bales, of which 113,123 were to Great Britain, against 2,175,000 at the same time last year. To-day,
19,091 to France and 131,723 to the rest of the Continent. prices further declined, under general liquidation, due in
part to reports of a slackening demand for spot cotton and
Below are the exports for the week and since Sept. 1 1913.
in part to bearish week-end statistics. Liverpool spot sales
dropped to 8,000 bales. Prices here are down 50 'points
Week ending Jan. 30. 1914. From Sept. 1 1913 to Jan. 30 1914.
Exported tofrom the recent high level. Spot cotton closed at 12.75o.
Exported to
Exports
for middling uplands, showing a decline for the week of
ContiGreat
fromGreat
ContiBritain. France. neat. Total. Britain. France.
15 points.
nent.
Total.
The official quotation for middling upland cotton in the
Galveston__
552 9,572 40,207 50,331 737,454 231,123 915,096 1,883,673
Texas City_ 36,925 2,566
963 40,454 259,931
24,682 74,308 358,921 New York market each day for the past week has been:
Sat.

Mon. I Tues.

Port Arthur
Ar.Pass.,&c.
New Orl'ns 40,390 6,553 43,941 90,884
5,409 17,695
Mobile _ _ _ _ 12,286
350 4,388
Pensacola__ 4,038
18,833 18,833
Savannah
Brunswick
Charleston _
Wilm'ton __ 11,783
11;783
Norfolk___________________
New York_ 3,595
4,830 8,425
Boston _ _ _ _ 1,251
446 1,697
Baltimore_ _ 2,303
2,703
400
Philadella
San Fran
14,871 14,871
Pt.T'wns'd
1,873 1,873
Detroit

Wed.

Thurs.

Fri.

Total.

1,510
16,085 17,625
25,720
7,824 33,544
537,627 133,136 330,812 1,001,575
91,843 59,538 93,957 245,338
41,927 42,644 31,495 116,066
171,095 215,742 566,231 953,068
61,637 22,95 135,996 220,587
101,323
5,030 171,084 277,437
73,024 85,365 159,715 318,104
29,428
52,820 82,248
110,233 12,482 136,731 259,446
51,462
5,958 57,420
31,121
7,118 68,620 106,858
25,694
6,151
31,845
142,101 142,101
65,081 65,081
313
313

Total.... 113,123 10,091 131,723 263,9372,351,371 839,814 2,980,0056,171,250
304 121,639 199,3502,785,870 879,0732.604.3236.269.066
Tot. '12-'13 77,407
-New York exports since Sept. 1 include 8,793 bales Peruvian and 75 bales
Note.
Brazilian to Liverpool.

In addition to above exports, our telegrams to-night also

give us the following amounts of cotton on shipboard, not
cleared, at the ports named. We.add :_similar figures for
ew York.




Jan. 24 to Jan. 30Middling uplands

Sat.
12.90

Mon. Tues. Wed. Thurs. Fri.
12.90 12.90 12.90 12.85 12.75

NEW YORK QUOTATION FOR 32 YEARS.
The quotation for middling upland at New York on
Jan. 30 for each of the past 32 years have been as follows:
1914-c
1913
1912
1911
1910
1909
1908
1907

12.75
13.15
9.65
14.90
14.55
9.85
11.75
11.00

1906-c
1905
1904
1903
1902
1901
1900
1899

11.50
7.10
16.75
9.05
8.25
12.00
8.00
6.38

1898_c
1897
1896
1895
1894
1893
1892
1891

5.94
7.31
8.25
5.62
8.06
9.44
7.50
9.31

1890_c
1889
1888
1887
1886
1885
1884
1883

10.94
9.88
10.69
9.50
9.19
11.19
10.75
10.19

MARKET AND SALES AT NEW YORK.
Spot Market
Closed.
Saturday_ __
Monday _ _ _
Tuesday
Wednesday_
Thursday _ _
Friday
Total

Quiet
Quiet
Steady

Futures
Market
Closed.

Very steady_ _ _
Barely steady_ _
Barely steady..
Steady
Barely steady..
Steady, 5 pt,s. dec._ Steady
Steady, 10 pts. dec.. Steady

SALES.
Spot. Contect Total.

MOO

M'oo

1,100
1,000
763
1.242

100
300
1.200
3,700

1,200
1,300
1,963
4.942

4.105

5,800

9.905

[VOL. xcvm.

THE CHRONICLE

400

AT THE INTERIOR TOWNS the movement-that is,
FUTURES.
-The highest, lowest and closing prices at
the receipts for the week since Sept. 1, the shipments for
New York for the past week have been as follows:
the week and the stocks to-night, and the same items for the
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
corresponding period of the previous year-is set out in
Jan. 24. Jan. 26. Jan. 27. Jan. 28. Jan. 29. Jan. 30. Week.
detail below.
January
Range
12.27-.36 12.31-.40 12.24-.36 12.22-.30 12.15-.26 12.15-.23 12.15-.40
Movement to January 30 1914.
Closing..
12.35-.36 12.34-.36 12.24-.26 12.22-.24 12.16-.17
February
Receipts.
Ship- Stocks
Towns.
12.14-.17 12.14-.17
Range
ments. Jan.
Week. Season. Week.
30.
Closing_
12.35-.38 12.35-.38 12.25-.30 12.24-.26 12.18-.23 12.06-.08- March
213
20,932
651 4,195
Range
12.43-.58 12.53-.63 12.46-.57 12.44-.52 12.37-.49 12.26-.42 12.26-.63 Ala., Eufaula__
Closing
Montgomery..
711 139,809 6,968 29,541
12.57 -12.56-.58 12.46-.47 12.44-.46 12.37-.39 12.27-.28--April
Selma
1,311 115,096 3,093 16,360
Range
Ark., Helena
2,366
58,900 2,632 19,436
Closing
12.37-.39 12.37-.40 12.28-.30 12.30-.33 12.23-.25 12.11-.13- Little Rock_.. 6,489 153,679 3,120 59,103
May
224 3,422
Ga., Albany
88 27,240
12.05-.22 12.05-.41
Range
12.23-.38 12.33-.41 12.25-.36 12.23-.31 12.16-.28
Athens
1,310 99,941 3,280 23,932
'Closing
12.36-.37 12.35-.36 12.25-.26 12.24-.25 12.17-.18 12.05-.06-Atlanta
4,839 198,283 4,443 16,344
June
Augusta
6,356 317,323 9,223 84,336
Range
12.40 -12.32 -12.19 -12.21 - --12.10-.40
-- Columbus
2,320
67,912 4,700 23,888
Closing
12.33-.35 12.34-.36 12.23-.25 12.19-.20 12.12-.15 12.00-.02--391 3,288
Macon
43,380
326
July
Rome
416
52,601
670 6,276
Range
12.20-.34 12.28-.37 12.21-.32 12.18-.25 12.10-.24 11.98-.15 11.98-.37 La.,Shreveport 4,991 164,105 4,289 42,547
12.32-.33 12.32-.33 12.15-.22 12.18-.19 12.11-.12 11.98-.99--- MIss.,Columb,s
Closing
692
33,482
512 4,227
August
Greenville
2,248
75,851 3,356 23,960
12.01-.06 12.11-.13 12.02-.07 11.97-.01 11.87-.00 11.77-.92 11.77-.13
Range
Greenwood
3,000 106,873 4,000 29,000
12.10-.12 12.10-.12 12.00-.02 11.97-.99 11.87-.88 11.77-.78- - Closing
Meridian
1,006
27,005 1,211 7,532
September
Natchez
400
18,778
400 5,800
11.65-.70-11.58 -11.58 -11.58-.70
Range
Vicksburg
1,532
30,454 2,070 12,371
Closing_
11.68-.71 11.70-.72 11.61-.63 11.58-.61 11.55-.58 11.50-.52- Yazoo City
1,000
38,758 1,500 17,000
October
Mo.,St. Louis_ 16,362 356,480 16,581 31,546
11.54-.62 11.61-.66 11.55-.64 11.53-.60 11.50-.58 11.45-.56 11.45-.66 N.C.,Raleigh_
Range
339
11,682
275
461
Closing
11.61-.63 11.63-.64 11.54-.55 11.54-.56 11.50-.52 11.45-.46--- 0., Cincinnati_ 5,375 131,309 4,619 24,854
36.155 1,122 1,695
0kla., Hugo...._
656
11,741
S.C., Greenw'd
148
____
830
THE VISIBLE SUPPLY OF COTTON to-night, as made Tenn.,Memphis 29,092 862,624 37,534 221,992
9,173
__-- 1,467
Nashville
346
up by cable and telegraph, is as follows. Foreign stocks, Tex., Brenham
16,518
97 1,887
70
Clarksville_ _ _
993 47,983 1,710 4,124
as well as the afloat, are this week's returns, and consequently Dallas
82,423 4,633 9,055
4,500
30,588 2,335 2,876
1,836
all foreign figures are brought down to Thursday evening. Honey Grove.. 103,8272,214,002 99,645205,760
Houston
4,675 100,064 4,203 8,351
to make the total the complete figures for to-night Paris
But

(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
January 30Stock at Liverpool
Stock at London
Stock at Manchester

1914.
1913.
1912.
1911.
bales.1,115,000 1,445,000 1,014,000 1,174,000
5,000
5,000
2,000
8,000
84,000 115,000
73,000
95,000

Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste

1,204,000 1,565,000 1,089.000 1,277,000
19,000
10,000
8,000
4,000
472,000 549,000 392,000 237,000
441,000 486,000 306,000 251,000
2,000
2,000
2,000
3,000
15,000
28,000
17,000
27,000
42,000
49,000
30,000
47,000
3,000
18,000
2,000
• 1,021,000 1,124,000

Total Continental stocks

759,000

558,000

2,225.000 2,689,000 1,848,000 1,835,000
Total European stocks
49,000 207,000
175,000
92,000
India cotton afloat for Europe..
659,292 551.974 1,081,278 765,893
Amer. cotton afloat for Europe
64,000 . 64,000
61,000
EgyptBrazil,&c.,aflt.for Europe.. 79,000
379,000 328,000 288,000 281,000
Stock in Alexandria, Egypt
708,000 612,000 465,000 424,000
Stock in Bombay, India
1,085,652 859,328 1,397,475 977,345
Stock in U.S. ports
947,546 776,217 806,329 668,147
Stock in U. S.Interior towns
29.922
71,899
39,002
57,612
U. S. exports to-day
6,288,402 6,041,418 6,018,084 5,279,997
Total visible supply
Of the above, totals of*American and other descriptions are as follows
American
bales_ 878,000 1,273,000 907,000 1,057,000
Liverpool stock
52,000
76,000
49,000
Manchester stock
78,000
975.000 1,096,000 728,000 523,000
Continental stock
659,282 551,974 1,061,278 765,893
American afloat for Europe
1,085,652 859,328 1,397,475 977,345
U.S. port stocks
947,546 776,217 806,329 668,147
U.S. interior stocks
29.922
71,899
39,002
U,S.exports to-day
57,612
Total American
East Indian, Brazil, &c.
Liverpool stock
London stock
Manchester stock
Continental stock
India afloat for Europe
Egypt Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total East India, &c
Total American

4,627,402 4,704,418 4,988,084 4,126,997
237,000
5,000
32,000
46.000
175,000
79,000
379,000
708,000

172,000
5,000
39,000
28,000
92,000
61,000
328,000
612,000

107.000
2,000
24.000
31,000
49,000
64,000
288,000
465,000

117,000
8,000
17,000
35,000
207,000
64,000
281,000
424,000

1,661,000 1,337,000 1,030,000 1,153.000
4,627,402 4,704,418 4,988,084 4,126,997

Total visible supply
6,288,402 6,041,418 6,018,084 5,279,997
Middling Upland,Liverpool
7.09d.
6.84d.
5.77d.
7.88d.
Middling Upland, New York
12.75c.
13.15c.
10.00c. 14.65c.
Egypt. Good Brown, Liverpool
10.15d.
10.30d. 9 15-16d.10 15-16d.
Peruvian, Rough Good,Liverpool 9.00d. 10.25d.
9.00d. 11 1-16d.
Broach, Fine, Liverpool
6 9-16d.
6%d. 5 11-16d. 7 13-16d.
6 9-16d.
Tinneveily, Good, Liverpool
6%d.
5%d. 7 11-16d.

rrntc.1

'VI tnurna)
9110 52211.701.144 229.487947.546

Movement to January 31 1913.
Receipts.
Week. Season.

Ship- Stocks
ments. Jan.
Week.
31.

I

245
19,998
412 7.333
2,236 143,180 1,710 37,283
482 111,510
615 10.195
483
37,885
831 12,993
1,405 163,191 1,804 40,746
48
23,424
125 2,323
91,857 1,592 22,934
635
2,011 143,214 2,866 20,275
3,981 295,888 7,002 94,803
695 69,381 1,725 30,821
32,545
1,094
292 11,887
304 44,457
630 9,306
675 132,939 4,603 23,121
350 4,065
23,835
125
663 45,431 1,611 14,074
5,000 100,687 7,000 25,000
833 46,917 1,295 17,976
627 3,554
17,675
46
26,876 1,176 5,995
655
22,166 1,050 7,000
500
16,984 396,667 16,208 27,524
75
309
61
7,784
10,475 151,702 6,590 27,388
963
286
29,562 1,071
150
250 4,200
18,350
13,112 643,118 23,068155,562
55
601
5,721
45
130
16,219
18 1,482
____
43,511
262 1,326
2,400 109,600 3,300 5,600
606
41,973
617 2,596
50,0652,688,381 50,827142,529
2,324 129,103 1,841 4,453
118.764'5.875.747141.488776.217

OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE SEPT. 1.
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:
--1913-14
Since
Sept. 1.
Week.
16,581 331,132
10,154 120,298
4,441
63
74,136
3,613
79,899
3,977
3,046 113,948
14,816 273,436

January 30ShippedVia St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c

-1912-13,
Week.
16,208
4,975
1,756
1,393
5,519
2,349
22,798

Sent.
373,081)
177,816
13,768
56,566
101,955
100,753
232,614

54,998 1,056,552

52,250
Total gross overland
Deduct Shipments
Overland to N. Y., Boston, &c.... 2,126
7,318
Between interior towns
2,333
Inland, &c., from South

997,290

11,807

221,264

11,887

237,255

40,443

776,026

43,111

819,297

Total to be deducted
Leaving total net overland*

92,373
73,354
55,537

5,490
3,042
3,355

108,552
72,009
56,694

*Including movement by rail to Canada.

The foregoing shows the week's net overland movement
has been 40,443 bales, against 43,111 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 43,271 bales.
1912 --13
Since
&ace
In Sight and Spinners'
Sept. 1.
Week.
Week.
Sept. 1.
Takings.
272,944 7,896,848 160,209 7,704.643
Receipts at ports to Jan. 30
776,026
40,-143
43,111
819,297
Net overland to Jan. 30
56,000 1,224,000
Southern consumption to Jan. 30_ 60,000 1,310,000
Total marketed
Interior stocks in excess

373,387 9,9B,N 259,320 9,747,940
833,032 *22,724
*19,654
679,181

236,596
Came into sight during week....353,733 ,
10,427,121
115,815,906
Total in sight Jan 30
North'n spinn's takings to Jan. 30 37,001

1,601,986

60.201

1,688,951

* Decrease during week.

Movement into sight in revious years:
Week-Feb. 2
1912
1911-Feb.3
-Feb.4
1910
-Feb. 5
1909

Ba es
.
399,074
224,142
130,507
316,681

Since Sept. 1-Feb. 2
1911-12
1910-11-Feb. 3
-10
1909 -Feb. 4
1908 -Feb• 5
-09

Bales,
11,265,009
9,493,661
8,114,628
10,263,612

-The highest,
NEW ORLEANS CONTRACT MARKET.
Continental imports for past week have been 167,000 bales. lowest and closing quotations for leading Contracts in the New
week have been as follows:
The above figures for 1914 show an increase over last week Orleans cotton market for the past
of 52.827 bales, a gain of 246,984 bales over 1913, an excess
Saturday, Monday, Tuesday, Wed'day, Thursd'y, Friday,
Jan. 24. Jan. 26. Jan. 27. Jan. 28. Jan. 29. Jan. 30.
of 270,318 bales over 1912 and a gain of 1,008,405 bales over
January
1911.
Range
12.55-.68 12.69-.76 12.75 -12.71-.76 12.54-.60 12.52 Closing
12.67-.69 12.74-.75 12.66-.72 12.64-.66 12.50-.60 =-- -QUOTATIONS FOR MIDDLING COTTON AT OTHER February
Range
MARKETS.
-Below are the closing quotations of middling
Closing
12.67-.69 12.74-.76 12.62-.64 12.59-.61 12.51-.53 12.35-.38
cotton at Southern and other principal cotton markets for March
12.65-.77 12.75-.83 12.66-.79 12.62-.76 12.59-.70 12.44-.65
each day of the week.
Range
Closing Quotations for Middling Cotton on
Week ending
January 30.
Galveston
New Orleans
Mobile
Savannah
Charleston
Norfolk
Baltimore
Philadelphia
Augusta
Memphis
St. Louis
Houston
Little Rook_

Saturday, Monday. Tuesday. Wed'day. Thursd'y. Friday.
13 1-16
13 3-16
13
13
13
13
13
13.15
13%
13%
13%
12%




13 1-16
13 5-16
13
13%
13
13
13
13.15
13%
13%
13%,
13
12%

13 1-16
13 5-16
12%
13%
13
13
13
13.15
13%
13%
13%
12%
12t

13 1-16
13 3-16
12%
13%
13
13
13
13.15
13%
13
13 4
12%
12%

13
13 1-16
12%
13%
13
13
13
13.10
13
13 4

13g

12%
12%

12%
12 15-16
12%
13
12%
13
13
13.00
13%
13%
13%
12%
12%

Closing
AprilRag
Closn
n eg
May
Range
Closing
June
Range

Closing
July
-

Range
Closing
October
Range
Closing
Tone
Spot
Ontiensi

12.75-.76 12.78-.79 12.67-.68 12.64-.65 12.59-.60 12.45-.46

12.76-.78 12.79-.81 12.67-.69 12.64-.66 12.60-.62 12.46-.48
12.75-.87 12.84-.92 12.76-.89 12.70-.84 12.65-.79 12.51-.72
12.85-.86 12.87-.88 12.76-.77 12.73-.74 12.65-.66 12.52-.53
12.88-.90 12.89-.91 12.78-.80 12.75-.77 12.66-.68 12.53-.56
12.82-.93 12.91-.97 12.81-.94 12.74-.90 12.69-.84 12.55-.76
12.91-.92 12.93-.94 12.81-.82 12.77-.78 12.69-.70 12.57-.58
11.66-.73 11.72-.74 11.66-.75 11.67-.70 11.60-.66 11.54-.67
11.72-.74 11.73-.74 11.66-.68 11.65-.67 11.61-.62 11.54-.56
Steady

Steady

Steady

Steady

Steady

Steady

Quiet
Steady

Quiet
Steady

Quiet
Steady

JAN. 311914.]

THE CHRONICLE

WEATHER REPORTS BY TELEGRAPH.
-Our telegraphic advices from the South this evening indicate that
rain has fallen at most points during the week, with the precipitation light or moderate as a rule. Temperature has
been high for the season, but a considerable drop is reported
in Texas as the week closes.
Galveston, Tex.
-Temperatures have dropped from 20 to
35 degrees in Texas during past 24 hours. This will materially assist in destroying insects, which have been accumulating, due to the exceptionally mild winter. In considering
prospects for next year's crop it must be remembered that
the quality and quantity of seed is very poor. There has
been rain on one day during the week, to the extent of
twenty-two hundredths of an inch. The thermometer has
ranged from 38 to 71, averaging 55.
Abilene, Tex.
-Dry all the week. Minimum thermometer
20, highest 62, average 41.
Dallas, Tex.
-We have had rain on two days the past
week, the rainfall reaching one inch and three hundredths.
Lowest thermometer 30, highest 64, average 47.
-Rain has fallen on two days of the week,
Palestine, Tex.
to the extent of fifty hundredths of an inch. Minimum
thermometer 30, maximum 66, average 48.
-We have had rain on one day during
San Antonio, Tex.
the week, the rainfall being four hundredths of an inch.
Lowest thermometer 32, highest 68, average 50.
Taylor, Tex.
-It has rained on one day of the week, the
precipitation reaching six hundredths of an inch. Average
thermometer 50, highest 68, lowest 32.
New Orleans, La.
-There has been rain on two days the
past week, the rainfall reaching ten hundredths of an inch.
'The thermometer has averaged 65.
Shreveport, La.
-We have had rain on one day of the past
week, the precipitation being forty-eight hundredths. Highest thermometer 76,lowest 45.
Vicksburg, Miss.
-There has been rain on one day the
past week, the rainfall reaching eight hundredths of an inch.
The thermometer has averaged 59, ranging from 42 to 77.
Memphis, Tenn.
-Rain has fallen on two days of the week,
the rainfall reaching sixty-six hundredths of an inch. The
thermometer has ranged from 38 to 73, averaging 56.
Mobile, Ala.
-It has rained on two days of the week, the
precipitation reaching eighty-three hundredths of an inch.
Average thermometer 59, highest 72, lowest 47.
Selma, Ala.
-There has been rain on four days of the past
week, the rainfall being seventy-six hundredths of an inch.
The thermometer has ranged from 41 to 73, averaging 53.
Madison, Fla.
-It has rained on three days of the week,
the precipitation reaching four inches and thirty hundredths.
Average thermometer 60, highest 78,. lowest 44.
Savannah, Ga.-There has been rain on two days during
the week, to the extent of one inch and eighty-nine hundredths. The thermometer has ranged from 44 to 74,
averaging 58.
Charleston, S. C.
-We have had rain on three days of the
past week, the precipitation being one inch and thirty-nine
hundredths. Average thermometer 55, highest 66,lowest 43.
Charlotte, N. C.
-There has been rain during the week
to the extent of fifty-nine hundredths of an inch. The
thermometer has ranged from 35 to 69, averaging 52.
The following statement we have also received by telegraph, showing the height of the rivers at the points named
at 8 a. m. of the dates given:
New Orleans
Memphis
Nashville
Shreveport
Vicksburg

Above zero of gauge..
Above zero of gauge..
Above zero of gauge_
Above zero of gauge..
Above zero of gauge..

Jan. 30 1914. Jan. 31 1913.
Feet.
Feet.
50
14.8
7.8
40.1
8.4
25.8
1.4
9.3
9.3
44.3

RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from the
plantations. The figures do not include overland receipts
nor Southern consumption; they are simply a statement of
the weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Receipts at Ports.
Stock at Interior Towns. Receiptsfrom Plantations.
Week
ending. 1913-14 1912-13 1911-12 1913-14 1912-13 1911-12 1913 14 1912-19 1911-12
Dec. 12 291,330 380,202 435,157 941.508 804.204 958,913 336,860 410,139 181,818
ft 19 312,195 335.203
966.023
• 26 319,198 262,724 471,233 989,476 834,999 970,000 337,310 365,998 182,320
.
323,704
872,372 982,065 342,651 300,497 335,769
Jan. 2 303,899 262.348 354,935 1005910 873,938 965,226 320,333 263.464 338,096
9 275,070 179,000 334,417 992,965 858,849 908,927 262,125 163,911 278,118
16 272,157 154,340 285,431 973,312 822,134 861,570 252,504 117,625 238,074
23 248,614 159,990 319,526 967,200 798,941 829,578 242,502 136,797 287,532
30 272,944 160,209 318,215 947,546 776,217 806,329 253,290 137,485 294,968

401

Cotton Takings.
Week and Season.

1912-13.

1913-14.
Season. I

Week.

Season.

Week.

Visible supply Jan. 23
6,235,575
6,162,786
Visible supply Sept. 1
2,055,3511
2,135,485
American in sight to Jan. 30
353,733 10,815,906 236.596 10,427,121
Bombayreceipts to Jan. 29..... 140,000 1,353,000
943.000
83.000
Other India ship'ts to Jan. 29..
17,000
141,000
82,100
3.690
Alexandriareceipts to Jan. 28_
15,000
877,000
908,000
23.000
Other supply to Jan. 28*
16,000
151,000
15.000
147.000
Total supply to Jan. 30
Deduct
Visible supply Jan. 30

6.777,308 15,393,257 6,524,072 14,642,706
6,288,402 6,288,402 6,041,418 6.041.418

Total takings to Jan. 30 a..
Of which American
Of which other

488,906 9,104,8551
355.906 7,230,855
133,000 1.874.0001

482.654 8,601,288
357,964 7,088.188
124.690 1,513.100

*Embraces receipts in Europe from Brazil, Smyrna. West Indies, &c.
a This total embraces the total estimated consumption by Southern mills,
1,310,000 bales in 1913-14 and 1.224.000 bales in 1912 -takings not being
-13
available
-and aggregate amounts taken by Northern and foreign spinners,
7,794,855 bales in 1913-14 and 7,377,288 bales in 1912-13, of which
5.920.855 bales and 5,864,188 bales American.

INDIA COTTON MOVEMENT FROM ALL PORTS.
The receipts of India cotton at Bombay and the shipments
from all India ports for the week and for the season from
Sept. 1 for the three years have been as follows:
1913-14.

January 29.
Receipts at
-

1912-13.

1Since
Week. Sept. 1.

Bombay

Week.

140,000 1,353,000 83,000
For the Week.

Exports
from-

------

Total all
-14__
1913
1912-13_
1911-12__

22,000 19,000 41,000
13,000 58,000 73,000
12,000 10,000 22,000
8,000
390
100

Week.

943,000 118.000

Since
Sept. 1.
907,000

ContiJapan
neut. &China.

Total.

10,000 366,000 352,000 728,000
13,000 126,000 240.000 379,000
1,000
79,000 252,000 332,000

300
500

8,000
390
1,100

2,000
2,000
2,000

11,000
7,000
6,000

9,000
400
700

22,000
9,400
8,700

5,000
2,000

5,000
2,000
2,000
1,000

1911-12.

Since September 1.

Great Conti- Japan
Great
Britain. nests. &China Total. Britain.

Bombay
1913
-14_
1912-13__ -2:05
1911-12__ -----Calcutta
1913-14
1912-13
1911-12... 1,000
Madras
-14
1913
1912-13
191142
All othe
1913-14__ 2,000
1912-13.._
1911-12

Since
Sept. 1.

5,000
4,000
2,000

17,000
11,000
5,000

1,000
700

23,000
15,000
7,700

14,000
7,000
4,000

76,000
49,000
44,000

6,000
1,700
6,500

96,000
57,700
54,500

4,000
1,300
500

2,000 29,000 27,690 58,00
2,000 16,000 58.690 76,690
1,000 12,000 10,600 23,600

31,000 470,000 368,000 869,000
26,000 193,000 242,100 461,100
9,000 134,000 259,900 402,900

.According to the foregoing, Bombay appears to show an
decrease, compared with last year, in the week's receipts of
57,000 bales. Exports from all India ports record a loss of
18,690 bales during the week and since Sept. 1 show an
decrease of 407,900 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS OF
COTTON.
-Through arrangements made with Messrs.
Choremi, Benachi & Co., of Boston and Alexandria, we
now receive a weekly cable of the movement of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the two previous years:
Alexandria, Egypt,
January 28.

Ecports (bales)-

1913-14.

1912-13.

1911-12.

185,000
6,578,600

175.000
6,812,030

340.000
5,729,708

This Since
Week. Sept. 1.

Receipts (cantars)This week
Since Sept. 1

This Since
Week. Sept. 1.

This Since
Week. Sept. 1.

To Liverpool
7.000137.166
To Manchester
10,250 138,797
To Continent and India_ 6,500 234,319
To America
2,2501 25,069

600 142,019 2,250 118.858
7,500 156.471 9,500 142,672
5,500 203.979 6,750 192,907
5,500 78 164 2,500 38,602
1 '
Total exports
26.000 535.349 19.100 580.633 21.000 492.769
Note.-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.

The statement shows that the receipts for the week were
185,000 cantars and.the foreign shipments 26,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market is
flat for yarns and quiet for shirtings. • Spinners are considered to be well under contract. We give the prices for
to-day below and leave those for previous weeks of this
and last year for comparison.

46

1913-14.

1912-13.

The above statement shows: 1.
8X tbs. Skirt- Corn
84 lbs. Shirt- Cots
-That the total receipts
32s Cop
ings, common Mid.
32s Cop
trigs, common Mid.
from the plantations since Sept. 1 1913 are 8,729,880 bales;
Twist.
to finest.
Upl's
Twist.
to finest.
Upl's
In 1912-13 were 8,383,824 bales; in 1911-12 were 9,311,752
d. s. d.
s. d. d. d.
d. s. d.
s. d. d.
That receipts at the outports although the the past week were Dec. d.
272,944 bales, the actual movement from plantations was 12 ioq 0115-16 6 24011 44 7.26 103(
114 6 3 011 6
7.06
19
@113-16
7.11 10x 88 114 6 3 011 6
@114
7.11
253,290 bales,the balance being taken from stocks at interior 26 104 • 1078 62 011 3
9%
6 1
7.02 1034 88 114 6 3 011 6
7.18
towns. Last year receipts from the plantations for the week Jan.
2 10
O 11 62 011 34 7.051 10 7-16© 114 6 4 011 74 7.19
were 1 7,485 bales and for 1912 they were 294,968 bales.
9 9% O 10% 6 1'4011 3
6.91 10% 0 114 6 4 611 7
7.02
16 9% O 10% 6 14011 3
7.16 104 0 11 6 3 011 6
6.80
WORLD'S SUPPLY AND TAKINGS OF COTTON.- 16 9% O 10% 6 14011 3
7.21 10
0 10% 6 3 011 6
6.69
7.0910
0 10% 6 3 011 6
Thefollowing brief but comprehensive statement indicates 23 94 0 104 6 1 011 2
6.84
at eglance the world's supply of cotton for the week and
SHIPPING NEWS.
-As shown on'a "previous page, the
.
since Sept. 1 for the last two seasons, from all sources from exports of cotton from the United States the past week have
which statistics are obtainable; also the takings, or amounts reached 263,937 bales. The shipments in detail, as!made
gone out of sight, for the like period.
up,,,from mail and telegraphic:returns,l'are as follows:




402

THE CHRONICLE

Total bales.
-To Liverpool
NEW YORK
-Jan. 24-Bovic, 997_ _ _Jan. 28
Cedric, 1,798
2,795
To Manchester
-Jan. 23
-Titian, 300
300
To London-Jan. 23-Minnowaska, 500
500
To Bremen-Jan. 23
-Neckar, 1,500
1,500
To Antwerp-Jan. 27-Vaderland, 750
750
To Genoa-Jan. 26
-Perugia, 1,050_ _ _Jan. 27
-Cincinnati,
300
1,350
-Jan. 26
To Naples
-Perugia, 100.. ..Jan. 28
-San Guglielmo,
400
500
To Venice-Jan. 23
-Belvedere,630
630
To Trieste
-Jan. 23
-Kaiser Franz Josef I, 100
100
GALVESON-To Liverpool-Jan. 21-Anglo-Bolivian, 552
505
To Havre-Jan. 28-Pilar de Larrinaga, 9,572
9,572
To Bremen-Jan. 24
-Quito, 3,778__ _Jan. 27 St. Ursula,
14,313
18,091
To Hamburg
-Jan.24
-Quito,174_ __Jan. 26-Secunda. 1,789 1,963
To Christiania-Jan. 23
53
-Texas,53
To Gothenburg-Jan. 23
2,579
-Texas, 2,579
To Barcelona-Jan. 27
4,583
-Conde Wilfredo, 4,583
To Genoa-Jan. 28-Aspromonte, 12,458
12,458
To Mexico-Jan. 23
480
-Atlantis, 480
TEXAS CITY
-To Liverpool-Jan. 24
-Alexandrian, 17,207;
36,925
-Albanian,7,136
Anglo-Bolivian, 12,492_ _ _Jan. 28
To Havre-Jan. 29-Pilar de Larrinaga, 2,566
2,566
To Mexico-Jan. 24
063
-City of Mexico,963
-Armenian, 20,822
NEW ORLEANS
-Jan. 26
-To Liverpool
__ _Jan. 29
36,056
-Centurion, 10,525_ _Franklyn, 4,709
To Belfast
4,334
-Jan. 28-Howth Head, 4,334
To Havre-Jan. 26-Californie, 6,553
6,553
-Black Prince, 9,232__ _Jan. 29
To Bremen-Jan. 24
-Hannover, 11,502
20,734
To Hamburg-Jan. 28
-Trojan,999
999
To Christiana
-Jan. 27
-Texas, 100
100
To Rotterdam-Jan. 28-GorrediJk, 780
780
To Gothenburg-Jan. 27
-Texas, 1,175
1,175
To Antwerp-Jan. 24-Tropea,3,377
3,377
To Barcelona
-Jan. 27
-Teresa,957
957
To Genoa-Jan. 27-Mongibello, 3,637_ - _Jan. 29-Citta di
Palermo,7,091
10,728
To Naples
-Jan. 27-Mongibello, 50
50
To Venice-Jan. 27
-Teresa, 1,109
1,109
To Triests-Jan. 27
2.982
-Teresa,2,982
To Mexico-Jan. 24
-City of Tampico, 950
950
MOBILE
-To Liverpool
-Scythian, 5,017__ _Jan. 27-Jan. 26
Cilicla, 7,269
12,26
To Bremen-Jan. 26
-Montauk Point 5,409
5,40)
PENSACOLA-To Liverpool
-Jan. 24-Vivina, 4,038
4,03;
To Barcelona-Jan, 29-Ellenia, 50
60
To Triests-Jan. 29-Ellenia, 300
300
SAVANNAH-To Bremen-Jan. 24-Hermion, 17,204
17,204
To Rotterdam-Jan. 24-Frankdale, 929
929
To Antwerp-Jan. 24-Frankdale,700
700
WILMINGTON-To Liverpool
-Jan. 24-Hesperides, 11,783_ _ _ _ 11,783
BOSTON
-To Liverpool
-Jan. 22-Sagannore, 026__ _Jan. 24
Victoria, 325
1,251
To Yarmouth-Jan. 24
-Boston, 446
446
BALT1MORE-To Liverpool-Jan. 29-Quernmore, 2,303
2,303
To Havre-Jan. 28
-Columbian, 400
400
SAN FRANCISCO
-To Japan-Jan. 22-Indramayo, 13,886;
Siberia, 985
14,871
PORT TOVVNSEND-To Japan-Jan. 27-Sado Maru, 1,873- --- 1,873
p-s
To al
263,937

Wm,. luxin.

The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
Saturday, Monday, Tuesday. Wed'day. Thursday. Friday.
Jan. 24
to
Jan. 30. 121 12% 1234 4 1234 4 1234 4 1234 4 1234 4
p.m p.m p.m. p.m. pml• p.m p.m. p.m. .n1. pxl• p.m. pan.
d.
d.
d. d. d. d. d. d. d. it.
d. d.
January__ -_ 6 73 79 81 79 7734 7134 7634 73 72 70% 7034
73 783481 79 77 71347634 73 71 70 6934
Jan.-Feb. _-6
-Mar. ____ 6 7334 79 81 793/ 7734 72 76 73 71 70 6934
Feb.
Mar.
-Apr. ____ 6 7534 81 83 8134 7934 74 78 75 74 72 7134
Apr.
-May
8034 79 7734 72 7634 73 72 70
May-Juno ____ 6 73 7834 80 7234 77 7134 76 7234 71% 70 69%
69%
June-July. ____ 6 69 74 7534 74 73 6734 72 68% 68 6634 66
July-Aug. ____ 6 6434 6934 71 6934 68346334 68 6434 64 6234 62
Aug.
-Sept. ____ 6 50 55 5634 55 5434 50 5434 51 5134 5034 50
Sept.
-Oct. ____ 6 3434 39 3934 3834 38 343-4 38 34 34% 33 ,33
Oct.
-Nov. ____ 6 25 29 2934 2834 2834 25 2834 24% 25 2334 24
Nov.
-Dec. ____ 6 2034 2434 25 t 24 24 2034 24 20 2034 195420
Dec.-Jan. ____ 6 19 23 2334 2234 22% 19 2234 18% 19 18 618%
Jan.-Feb.
6 19 23 2334 22 223419 2234 18)4 19 18 ,
18%

EXPORTS OF BREADSTUFFS, PROVISIONS, COTTON AND PETROLEUM.
-The exports of these articles
during the month of December and the twelve months for
the past three years have been as follows:
Exports
from
U. S.
Quantities.
Wheat,bu.
Flour,bbls

1913.

1011.

1912.

December. 12 Months. December. 12.1fonths. December. 12 Months.
5,724,027 99,360,278
1,079,04i 12,216,315

9,484,120 60,426,494
1,107,011 10,592,679

3,054,155 31,662,500
1,086,930 11,227,543

Wh't&bu. 10,579,707 154,333,605 14,465,670 108,093,550 00,322,270 82,186 A94
749,124 44,709,954 3,170,414 30,185,713 4,903,373 59,807,877
Corn__ bu.
Total_bu. 11,323,831 199,043,640 17,636,080 138,279,263 14,025,643 141,904,371
Values.
s
$
s
$
$
$
Wh't& fl'r 10,242,706 151,569,747 14,070,577 108,149,925 7,693,481 82,075,566
617,507 27,351,01)4 1,833,816 23,081,724 3,563,983 36,617,232
C'rn&meal
326,289
413
73,909
Rye
1,808
7,465 1,369,573
98,276 1,830,695
Oats&meal
44,351 3,407,001 2,289,048 12,516,674
1,178 2,312,486
Barley
233,925 7,775,865 1,808,116 5,740,265
Breadst'ts
Provision
CatAhogs
Cotton._ _
Petrol., Ace
Cot's'd oil

11,149,494 191,477,180 20,075,466 149,814,877 11,357.331122,837,787
12,003,536 133,924,092 10,013,195 123,244,132 11,478,638 126,630,376
3,533,340 1,075,881 14,289,509
49,91
895,603
80,572
81,953,499 575,087,565 91,591,389622,778,220 77,240,441 517,018,921
13,615,385 147,017,187 9,658,390 121,874,088 8,398,169 104,386,320
1,013,518 17,816,296 2,467,738 21,674,185 4,048,215 21,694,345

Total _ _ 129,716,004 1071247923 133,855,000 1042939 751 113,589,675916,857,258
Inclu(I ng flour reduced to bushels.

EXPORTS OF WHEAT AND FLOUR FROM UNITED
-We give below a compilation showing
STATES PORTS.
The particulars of the foregoing shipments for the week, the exports of wheat and flour from United States ports
arranged in our usual form, are as follows:
during the month of December and the twelve months of the
Great French Ore- -0th.Europe- Mex.,
Britain. Ports. many. North. South.
&c. Japan. Total calendar years 1912 and 1913:

New York
3,595 ---- 1,500
750 2,680 --------8,425
Galveston
552 9,572 20,054 2,632 17,041 480 ____ 50,331
Texas City_ __ _36,925 2,566
963 ---- 40,454
New Orleans__ _40,390 6,553 21,733 5,432 15,826 950 ---- 90,884
Mobile
12,28
,
_L7.695
Pensacola
--------------350 -------- - -4,388
4,0
____
Savannah
------------- 18,833
1
Wilmington___ _11,783 -------------------------- 11,783
---- ------- ---- ____ ____
Boston
--- - '46 --__-:
Baltimore
___ _ _ _ _ _
2103 -:165 -_-_-_-_
1
2,70
1 697
3
San Francisco
_____-_-14
,871 14,871
---Port Townsend_ ____
___ _
---- ____ 1,873
1,873 •
To al

113,123 19,091 65,900 10,443 35,797 2,839 16.744 263937

The exports to Japan since Sept. 1 have been 203,796 bales
from Pacific ports, 21,670 bales from Galveston, 20,850
bales from Savannah, 6,450 bales from Mobile and 3,490
bales from New York.
Cotton freights at Now York the past week have been a,
;
follows, quotations being in cents per 100 lbs.:
Mon.
Tues.
Sat.
Wed.
Thurs.
Fri.
Liverpool
25
25
25
25
25
25
Manchester
25
25
25
25
25
25
Havre
25
25
25
25
25
25
Bremen
20022 20022 20022 20022 20(4422 20022
Hamburg
35
35
35
35
35
35
Antwerp
25
25
25
25
25
25
Ghent, via Antwerp
31
31
31
31
31
31
Revel
35
35
35
35
35
35
Barcelona
30
30
30
30
30
30
Genoa
25
25
25
25
25
25
Trieste
35
35
35
35
35
35
Japan
50
50
50
50
50
50
Bombay
40
40
40
40
40
40

December 1913.
Ports.
1Vheat,

Flour,

1,573,717 311,036
NOW York
40,567
903,445
Marylani
Philadelphia_ _ _ _ 623,503 90,599
35,736
Massachusetts _ _
24,901
8,429
Other Atlantic_
91,6)37
New Orleans_ _ _ 618,552
123,675 68,885
Other Gulf
1,222,721 121,140
Oregon
622,352 246,519
Washington
26,360
San Francisco_ _ _
160
S
Chicago
10,981
11,000
Other border__
erntril all

A 79.1

12 Months 1913.
Wheat,

*

Flour,

.

12 Months 1912.
Wheat,

Flour,

16,896,148 3,511,742
739,942
3,187,788
843,169
5,106,567
734,208
81,345
206,152. 157,438
7,926,974
626,595
874,179
9,359,115
6,810,206
642,856
5,108,205 2,634,347
27,428
394,771
581,000
17,488
4,422,613
63,806

nwi 1_079.040 99,360,278 12,216,315 60,426.494 10,592.679

Not compiled.

BREADSTUFF'S.

Friday Night, January 29 1914.
Flour has continued quiet, but on the whole, has been
pretty steady. Kansas City, however, has reported some
recent increase of activity. This appears to have been the
case, too, in many parts of the Southwest. But this is
only the exception which proves the rule that trade taken,
as a whole, has been quiet. It is true that at Chicago there
has been at times a fair amount of business. The trouble
is that in most parts of the country the market has lacked
snap. There is not much flour booked ahead. In some
-Sales, stocks, 840., for past week:
LIVERPOOL.
Jan. 9. Jan. 16. Jan. 23. Jan. 30. cases rather higher prices have been asked by mills, but ,as
Sales of the week
76,000
64,000
66,000
61.000 already intimated, sales, as a rule, have been of very modest
Of which speculators took
4,000
8,000
7,000
10,000
volume. It is hard to induce buyers to take hold on any
Of which exporters took
1,000
1,000
Sales, American
60,000
52,000
50,000
51,000 extensive scale. The production last week at Minneapolis,
12,000
Actual export
9,000
4,000
7,000
total of 369,620 barrels,
130,000
Forwarded
97,001 111, 00
86,000 Duluth and Milwaukee reached a
Total stock
1,005,000 989,000 1,073,000 1,115,000 against 334,860 in the previous week and 392,015 last year.
Of which American
765,000 752,000 843,000 878,000
Wheat advanced, owing partly to predictions of a cold
Total imports of the week
193.000
90,000 200,000 135,000
118,000
Of which American
62,000 182,000
100,000 wave at the West,light receipts and heavy covering of shorts.
Amount afloat
419,000 459.000 349,000 365,000
for the week, moreover,
339,000 390,000 282,000 293,000 The decrease in the world's supply
Of which American
The tone of the Liverpool market for spots and futures was 3,857,000 bushels, against a decrease in the same time
each day of the past week and the daily closing prices of last year of 1,087,000 bushels. The world's shipments also
showed a suggestive falling off. They reached a total of
snot cotton have been as follows:
12,192,000 bushels, against 14,624,000 in the previous week,
Saturday. Monday. Tuesday. Wednesday. Thursday. Friday.
Spot.
though, it is true, on the other hand, that the total for the
same week last year was only 11,840,000 bushels. But the
Good
Market, I
decrease during the past week was large enough to influence
Good
Good
Moderate
business
Good
12:15
Moderate
demand. demand. demand.
P. M. I demand, demand.
doing.
the Liverpool market, which was also affected by the steadiness of prices at Buenos Ayres. North American shipments
Mtd.11pPds
7.17
7.10
7.17
7.11
7.10
7.09
dropped from 6,232,000 in the previous week to 4,953,10,000
Sales _____
10,000
12,000
7,000
12,000
8,000
000 last week. From Russia there was a falling off of half
Spec.dresp.
3,000
500
2,000
1,000
1,000
500
million bushels, and the total from the Danube dropped
Quiet,
Futures.
Quiet, Irregular, Barely sty. Steady,
Quiet
2,184,000 bushels in the previous week to
Market 1 305 pts. 506 pts. 3402 pts. 5646 pts. 40434 pts 134021/,
decline,
decline,
decline.
opened
680,000 bushels last week. The contract stock at Chicago
J decline, advance,
ins. dec.
making the total 2,308,000 bushels,
Very sty., Barely sty. Barely at') fell off 236,000 bushels,
Quiet,
Market,
SteadY,
Steady,
against 3,836,000 bushels a year ago. The total stocks at
4
1 507 pts. 434648 pts 104 pts. unch. to 3(45 pts. ;i(42M
advance, decline.
decline.
P.M.
yds. dec. 1 pt. dec.
pts. dee.
Chicago decreased 482,000 bushels, and they are now 6,-




JAN 31 1914.]
--------

THE CHRONICLE

413,000 bushels, against 7,629,000 bushels at this time last
year. In France the weather has been remarkably cold,
with heavy freezing, so that damage is feared where there is
no snow. Also native supplies are light and increased
buying of foreign wheat at higher prices has been a feature
of the French trade. In Germany, too, the weather has
been severe, and as the snow covering is unsatisfactory,
there is much fear that damage may be done to the crop.
The effect of this has been to cause larger buyinf of foreign wheat by Germany. The cold
in
arrivals at the
Roumania is intense and
ports are small. Some damage is reported in Hungary by
severe cold weather. Estimates of the Argentine crop are
being reduced and offerings are small. Last week the
Argentine shipments, by the way, were only 848,000 bushels,
against 2,464,000 bushels in the same week last year. On
the other hand, Continental markets have latterly been
somewhat easier, owing to increased offerings from Russia.
Export limits are said to be some two cents under present
American quotations. Still, the tone has been firm, with
some unfavorable crop reports from Australia and India.
To-day, prices receded a little, then rallied. There is said
to be considerable snow in the winter-wheat section east of
the Missouri River. A predicted cold wave turned out to be
less severe than was expected.

403

GRAIN.
Wheat, per bushel
-f. o. b.
etc
Corn, per bushelN. Spring, No. 1
No. 2 mixed
734
$1 024
N. spring, No. 2
1 01
No. 2 yellow
new724® 73
Red winter, No. 9
No. 3 yellow
1 0154
new 704 ®71%
Hard winter, No.2.arrive 101
Argentina in bags
70
Oats, per bushel, newcts.
Rye, per bushel
Standards
4434 ®45
New York
69
No. 2, white
Western
450454
674
No. 3, white
440444 Barley
-Malting
67(480

The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-

Flour.

Wheat.

Corn.

I1

Oats.

Barley.

Rye,

bb18.196lbs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56 lbs.
Chicago_ _ __
173,000
467,000 2,089,000 1,719,000
636,000
66,000
Milwaukee_
45,000
120,000
227,000
391,000
481,000
43,000
Duluth
343,000
44.000
34,000
48,000
6,000
Minneapolis.
2,169,000
321,000
362,000
522,000
83,000
Toledo
34,000
99,000
160,000
Detroit
7,000
9,000
75,000
52,000
Cleveland
13,000
45.000
180,000
115,000
1,000
St. Louis
76,000
505,000
665,000
607,000
62,000
4,000
Peoria
51,000
23,000
322,000
329,000
43,000
7,000
Kansas City.
409,000 1,153,000
224,000
Omaha
317,000 .1,113,000
238,000

Total wk.'14
365,000 4,506,000 6,390,000 4,084,000 1.790,000 210,000
390,000 6,917,000 9,212,000 4,670,000 2,504,000 278,000
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. Same wk.'13
Sat. Mon. Tues. Wed. Thurs.
Same wk.'12
310,732 3,793,728 6,757,055 2,749,798 1,208,512 157,377
cts_1004 1004 100% 100
No. 2 red
1004 1004
1004 1004 100 1003 100% 10034 Since Aug. 1
May delivery in elevator
1913-14._ 10,943,000 205,480,000 122,025,000 132,026,000 60,295,000 9,533.000
July delivery in elevator
974 97% 9734 974 974 97
CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
1912-13.... 9,534,520 250,944,966 111,051,228 143,403,688 63,513,330 12,066642
DAILY
1011-19
A 04s.004 173.783.916 95.658.411 8O.060.557.48.24&556 5.822.116
Sat. Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
cts_ 9434 935% 934 9314 93% 93 34
July delivery In elevator
Total receipts of flour and grain at the seaboard ports for
8934 8834 8834 894 8934 8834

Indian corn has advanced on lighter offerings, decreased the week ended Jan. 24 1914 follow:
Flour,
Wheal,
receipts and covering of shorts. The weather over the corn
Corn,
Oats, Barley,
Rye,
bush.
Receipts
bbls.
bush,
bush.
bush.
bush.
belt has been too mild for shelling or marketing. Supplies New Yorkat170,000
532,000
573,000
348,000 94,000
in the sample market at Chicago have been light. Cash Boston
42,000
123,000
31,000
100,000
16,000
1,000
Portland, Me
11,000
176,000
47,000
prices have been noticeably firm. The world's shipments Philadelphia
29,000
32,000
33,000
261,000
3,000
2,000
have dropped to 2,123,000 bushels, against 3,528,000 in the Baltimore
27,000
36,000
98,000
78,000
2,000 61,000
New Orleans
75,000
133,000
66,000
25,000
previous week and 5,843,000 in the same week last year. Newport ...
40,000
The increase in the world's supplies for the week was only GalvestonNews_ _ _ 4,000
15,000
1,000
Mobile
4,000
6,000
about a third as large as during the same wok last year, Montreal
7,000
20,000
1,000
11,000
29,000
i. e., 580,000 bushels, against 1,715,000 in the same week of St. John
35,000
336,000
80,000
1913. Early in the week, on the other hand, selling by the Halifax
country was larger and the cash demand at no time has been Total week 1914_ 404,000 1,523,000 808,000 871,000 144,000 64,000
very insistent. Local stocks at Chicago increased 167,- Since Jan. 1 1914..1,664,000 10,105,000 4,269,000 3,371,000 1012,000 243,000
Week 1913
484,000 2,798,000 3,224,000 1,432,000 746,000 61,000
000 bushels and are now 8,366,000 bushels, against 2,- Since Jan. 1 i913..1,762,000 15,500,400 9,070,000 5,334,000 2199,000 285,000
326,000 a year ago. The contract stock at Chicago
Receipts do
include
.
has risen to 2,226,000 bushels, against 197,000 a year ago. on through bills not lading. grain passing through New Orleans for foreign ports
of
Argentina crop news has been bearish, though its shipments
The exports from the several seaboard ports for the week
of late have not been large, the total last week, in fact, being
only 1,216,000 bushels, against 1,965,000 in the previous ending Jan. 24 are shown in the annexed statement:
Wheat,
Corn, Flour,
Oats,
Rye, Barley,
Peas,
week and 3,247,000 in the same week last year. The Argenbush,
Exports frombush.
bbls.
bush,
bush, bush.
bush.
tina advices, however, are that the weather has been very New York
619,109
3,276 71,285 188,112
255,425
5,178
11,000
47,000
favorable for corn and that new offerings are liberal. Im- Portland, Me__ _ _ 176,000
17,968 16,670
Boston
portations of Argentina corn are steadily increasing. It is Philadelphia ____ 478,323 51,000 23,000 59,309 77,000 30,000
25,000
399,000
27,029 16,753
130 17,143
691,920
stated that the Corn Products Refining Co. has imported Baltimore
40,000
500
1,500
since the now tariff went into effect something like 3,000,000 New Orleans_ _ _ 40,000 38,000 9,000
Newport News__
4,000
bushels. New York firms are becoming prominent in the Galveston
10,000
Mobile
3,357
6,000
corn trade once more. Up to Jan. 24 importations from St. John
35,000
336,000
196,000
Argentina mostly at New York have been 6,584,000 bushels. Halifax
80,000
This is since the tariff went into effect on Oct. 3. Also
Total week___ _2,860,352 143,273 200,045 320,051 94,143 481,425 6,678
Kaffir corn for feeding to live stock is being imported from Week 1913
4,316,076 2,260,860 283,327 571,670 42,887 705,200
3,558
India under the new tariff. It is being shipped in some
The destination of these exports for the week and since
cases to Buffalo and there undersells domestic corn from July 1 1913 was as below:
Kansas City. To-day the market declined in sympathy
Flour
Wheat
-----with lower prices abroad. Big interests in Chicago wero
Since
Since
Since
Week
Week
July 1
Week
July 1
selling heavily. Cold weather at the West bids fair to cause Exportsfor week and Jan. 24. July 1 Jan.24.
1913.
1913. Jan.24.
1913.
increased shelling and marketing.
bush.
bbls.
bbls.
bush.
since July 1 to-bush.
bush.
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
Cash corn
nom. nom. nom. nom. nom. nom.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
Maydellvery in elevator
cts- 865% my 664 674 6634 6634
&
July delivery in elevator
654 654 6534 664 6534 6534

United Kingdom_ _103,540 3,416,115 1,730,166 62,140,187
16,488 1,739,586 1,118,186 63,288,600
Continent
936,019
12,000
Son. & Cent. Amer- 20,495 671,711
84,427
West Indies
32,294 1,002,160
Brit. Nor. Am.Cols.
70,042
200
Other Countries_
27,028 159,637
90,461

Total
Tota1.1912-13

95,197
1,120
45,816
1,140

392,456
479,472
317,581
995,760
6,017
24,799

200,045 7,059,251 2,860,352 126539,694 143,273 2,216,085
283,327 6,260,644 4,316,076 102773,493 2,260,860 9,208,050

Oats early in the week were inclined to be weak, owing to
the fact that a cargo of Argentine oats was sold last Tuesday
The world's shipments of
corn
at Galveston. This caused selling in Chicago. The con- ending Jan. 24 1914 and since wheat andand for the week
July 1 1913
1912 are shown
tract stock at Chicago, too, is 3,243,000 bushels, against in the following:
335,000 a year ago. The total stock there is 10,839,000
bushels, against 2,977,000 at this time in 1913. But later
Wheat.
Corn.
in the week it was a different story. Prices advanced, then
Exports.
1912-13.
1913-14.
1913-14.
in sympathy with the rise in corn. The cash demand was
1912-13.
fair. Still it must be confessed that oats have developed no
Week
Since
Since
Week
Since
Since
Jan, 24.
July 1.
July 1.
Jan. 24.
July 1.
striking features on their own account. After all, they
July 1.
have been a rather pale reflex of other grain markets. The
Bushels. Bushels.
Bushels.
Bushels. Bushels.
Bushels.
938,000 8,803,000
stock in American markets is still large, being some 47,- North Amer. 4,952,000 182,026,000 152,818,000 192,000
Russia
70,747,000
77,000 8,744,000
124,000 bushels, or 25,000,000 larger than a year ago and Danube _ 1,464,000 94,358,000 38,903,000 638,000 16,157,000 6,177,000
680,000 32,436,000
9,919,000
nearly that much larger than at this time in 1912, so that Argentina _ _ 848,000 14,842,000 38,538,000 1,216,000 124,649,000 160,482,000
Australia _ 3,752,000 25,504,00) 14,168,000
there is apparently no great danger of any scarcity of oats. India
392,000 25,424,000 41,192,000
To-day, prices declined on a fair amount of sellina
0th. countr's 104,000 5,314,000 5,038,000
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Sat.
Tues.
Mon.
Wed. Thurs. Fri.
Standards
cts_444-45 4434-45 444-45 4414-45 4434-45 444-45
No. 2 white
45-454 45-4534 45-454 45-454 45-4534 45-4534
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat Mon. Tues. Wed. Thurs. Fri.
May delivery in elevator
July delivery in elevator
cts- 3
39
94 3 9 39
39
94
9% 39
4 :394 3
% 94 391

Total ____ 12192000 379,904,000 361,404,000 2,123,000 150,488,000 185,381,000

The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.

The following are closing quotations:

FLOUR.
-4320@3 40 Spring clears
Winter. low grades
81 00®$4 15
4 900 500 Kansas straights,sacks_ 4 151 4 30
Winter patents
4 20® 4 35 Kansas clears, sacks
Winter straights
3 75
4 00
3 800 4 15 City patents
Winter clears
5 85
6 25
Spring patents
4 550 4 '75 Rye flour
3 20( 3 80
Spring straights
Graham flour
3 80® 4 00




United
Kingdom. Continent.
Jan. 24
Jan. 17
Jan. 25
Jan. 27

Bushels.
1914._ 19,264,000
1914_ 16,800,000
1913.. 16,000,000
1912._ 20,120,000

Corn.
Total.

Bushels. Bushels.
14,600,000 33,864,000
16,680,000 33,480,000
16,832,000 32,832,000
7,832,000 27.913.000

United
Kingdom. Continent.
Bushels.
4,389,000
5,466,000
8,160,000
4,013 win

Total.

Bushels.
Bushels.
7,795,000 12,164,000
8,900,000 14,366,000
17,723,000 25,883,000
4".
n..71.no0

404

THE CHRONICLE

[VOL.

xcvm.

The visible supply of grain, comprising the stocks in
The value of these New York exports since Jan. 1 has been
granary at principal points of accumulation at lake and $1,706,907 in 1914, against $2,247,894 in 1913.
seaboard ports Jan. 24 1914 was as follows:
The tendency of prices on most lines of staple cotton goods
UNITED STATES GRAIN STOCKS.
continues upward and buyers are meeting the situation by
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. placing better orders for future delivery. Many lines have
In Thousandsbush, bush, bush, bush, bush, bush, bush. bush. been placed on a firmer basis during the week, and an active
New York
1,8'73 1,66'7
'72 989 411
3 163 255 spot demand has greatly reduced immediate supplies, par" afloat
13 ---Boston
20 1,727
29
8
31 ---5 ---i -_-_-_-_ ticularly of bleached goods. Many new orders have been
Philadelphia
278 727 132 185
15
received for napped goods, but it is feared that a number
Baltimore
496 522 198 280 ____ -iK3 ---5
New Orleans
of the contracts placed so far are going to prove disappoint529 __ 122 122
__
Galveston
440
635
ing from the standpoint of profit when delivery falls due,
Buffalo
1,407
390 1,i5ii -555 --le -5i5
90
l
afloat
4,989 1,545
411 2,588
79 1,514 665 owing to steadily increasing manufacturing costs. The firmToledo
1,096
-58i 425 i._. ii
27 --4
ness of manufacturers is a source of much annoyance to buyafloat
- 5
c
ers, who expected to place future business at much lower
Detroit
219 ---- -ii5 -55 ---- ---afloat
levels, but in view of the scarcity of supplies and urgent need
420
Chicago
5,963 ____ . 10- 555 -555 -42'8 -175
8,iiri ,
of goods, they cannot afford to wait any longer. While
"
afloat
450 __-- 259
both manufacturers and jobbers are closely watching the
Milwaukee
295
153 -5iii -- - -555 -515
Duluth
1
2
-Thl 231 686 -132 course of prices for yarn and raw material, quite a good ad11,972 "
275
afloat
1,225 -------------226
vance business has been quietly placed where prices are be8
Minneapolis
19,777 ---- 5ii 2,iii ---- -iii. 1,177
65 !?
St. Louis
1,709 ____ 372 1,345 ____
lieved to have been firmly established. Print cloths, gray
085
Kansas City
7,321 ____ 1,384 1:451 ______
goods and other convertibles have worked into a stronger
--io ____
62
Peoria
125 ____
239 ____ 547 149
Indianapolis
position as a direct result of the firmness displayed in cot810 ____ 2,026 1,606 :::: --a --54 :::: ton
Omaha
yarns. Both spinners and dealers state that they cannot
Total Jan. 24 1914...61,653 8,004 15,692 24,922 6,554 2,129 5,213 1,142 see any possibility of lower prices on popular counts of yarns,
Total Jan. 17 1914_62,491 8,862 15,280 25,235 7,129 2,261 5,147 1,227 and look for a firmer
market from now on. Spinners comTotal Jan. 25 191365,019 4,195 9,290 9,815 227 1,535 3,141
46
plain that they are having to pay prices much in excess of
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley. market quotations for fine, clean grades of staple cotton,
In Thousandsbush, bush. bush, bush. bush. bush, bush. bush. and that present prices for many grades ofyarns are not very
284
Montreal
17 654
24 463 __
profitable. Gray goods, 383/-inch standard, are quoted at
2
Ft. William dr Pt .Arth_10,532
-___ 4,086
---sc.
____ 2,442
" afloat
4,006
------- ---- 53/ to 5%
Other Canadian
9,294
---- 7,188
----Openings of fall lines of dress goods
WOOLEN GOODS.
24 463 ____ are slow, and such as have been shown are priced at about
17 14,370 ___
Total Jan. 24 1914_24,116 ____
24 464
19 17,157 ____
Total Jan. 17 1914__26,046 ___
last season's levels. Several large corporation lines are
45
25 8,536 _--- ---Total Jan. 25
known to be ready, but the agents are holding back in naming
1913_22,106SUMMARY.
Bonded
Bonded
Bonded prices. It is thought that there will not be any radical reWheat. Wheat. Corn. Oats. Oats. Rye. Barley. Barley.
bush, bush, bush, bush, bush, bush, bush. bush. duction in prices made at the opening, as values so far named
In ThousandsAmerican
61,653 8,004 15,692 24,922 6,554 2,129 5,213 1,142 on imported lines are not as low as expected. The II. B.
24,116 ____
Canadian
17 14,370 ____
24 463 ____ Claflin Co. reports a good demand for ratines,in both designs
Total Jan. 24 1914...85,769 8,004 15,709 39,292 6,554 2,153 5,676 1,142 as well as plaids, and are placing these goods as rapidly as
Total Jan. 17 1914__88,537 8,862 15,299 42,392 7,129 2,285 5,611 1,227 received from the mills. Re-order business for spring is
Total Jan. 25 191387,125 4,195 9,315 18,351 227 1,535 3,186
46
quite active and some inquiries for additional goods are being
turned down, owing to the well-sold condition of mills. In
THE DRY GOODS TRADE.
men's wear the heavy initial buying of serges for fall 1914,
New York, Friday Night, Jan. 30 1914.
opening prices, has resulted in
Conditions in the dry goods trade continue to improve in owing to the attractively low some lines. Manufacturers
a slight upward revision on
sympathy with the general change for the better in business realize that
they were too radical in their price cutting and
sentiment which has taken place since the first of the year.
imported lines than they had
that they
to fear
While there is only a moderate increase in the volume of expected.. have lesscausingfrom hesitancy on the part of mill
This is
some
sales, the outlook is apparently bright. Buyers are disaplines of worsted mixpointed over the firmness of'prices, but are beginning to re- agents in naming opening prices on new
expected by the
gard them as staple and are placing a better business for for- tures, upon which sharp reductions were
ward account. Manufacturers are in full control of the price trade.
FOREIGN DRY GOODS.
-There is no change to report
situation, as there has been no surplus production during the
past year and stocks are at low levels in all quarters. Al- in the linen situation, demand continuing equal to supplies,
though mills are following a conservative policy by turning while prices are firm and all departments of the trade are
out goods only against actual bookings, they have sufficient busily engaged in meeting their obligations. Novelty dress
business in sight to ensure active operations for several linens are going to be made a feature during the coming
months. Manufacturers are so far from having any thought spring and summer, and many new lines are being shown.
of reducing prices that they are avoiding booking up too This is due to the trend of style during the past two seasons,
heavily at current levels. Manufacturers are beginning to which has shown a preference for fancy cotton goods, these
believe that too great an allowance was made for increased being more adaptable to the draping effects in current styles
foreign competition when opening new lines, and that, in than the stiffer linen dress fabrics. For this reason so-called
view of the firm raw material situation, much business which linen crepes and brocaded damasks are very popular among
was accepted at opening prices will prove unprofitable as cutters-up for the coming season. Crashes and staple
the time for delivery approaches. This applies particularly household goods continue in a sold-up condition and stocks
to cotton napped goods, blankets, flannels and woolen serges, of these are held at low levels by the slow arrivals from abroad.
upon which advance bookings at the opening were very Burlaps, influenced by lower cables from Calcutta, and quiet
heavy, owing to the attractive values. Both buyers and demand, continue to rule easy. As large buyers are out of
manufacturers are beginning to feel that the decline in cotton the market, sales for the most part are confined to small lots.
is over and that spot cotton will not sell much,if at all, below Light-weights are quoted at 4.75c. to 5c. and heavy-weights
present levels. Spinners lay much stress upon the fact that at 6c.
the present market quotations mean nothing to them in buying the staple, as they are compelled to pay much higher Importations & Warehouse Withdrawals of Dry Goods.
prices than quoted in order to obtain clean, white cotton of Imports Entered for Consumption for the Week and Since Jan, 1.
Week Ending
a good grade, particularly such as is needed for spinning fine
Since Jan. 11914.
Jan. 24 1914.
Pkgs.
Value.
Value.
yarns. Prices in this market are still too high to encourage
Pkgs.
$
3
a resumption of export buying and business as a result con- Manufactures of535,127
6,936
1,848
2,229,365
Wool
tinues quiet. Moderate sales of light-weight sheetings have
16,087
4,128 1,166,977
4,675.297
Cotton
733,418
5,900 2,936,422
1,525 •
Silk
been reported for Red Sea account, but in other quarters
439,155
6,659
1,768
1,612,172
Flax
demand is slack. Austrian, Belgian and Italian manufactur301,175
11,081
2,630
1,308,575
Miscellaneous
ers are offering goods at Mediterranean ports at much lower
11,899 3,175,852 46,663 12,761,831
Total 1914
prices than ours and are getting a good portion of the business.
46,370 11,003,097
13,558 2,530,219
Total 1913
Reports from China state that stocks are amnle for the presWarehouse Withdrawals Thrown Upon the Market.
ent, and as mills still have much goods to ship to that market Manufactures of
12,116 3,232,328
960
256,555
Wool
on old orders, it is not likely that there will be any new busi269,565
3,917
947
1,130,039
Cotton
present levels.
ness while prices continue at
140,372
1,291
344
549,100.
Silk
141,509
2,125
592
GOODS.
-The exports of cotton
524,228
Flax
DOMESTIC COTTON
141,891
1,183
7,902
Miscellaneous
696,963
from this port for the week ending Jan. 24 were 6,762
'goods
949,892 27,351
4,026
packages, valued at $418,862, their destination being to the
6,132,658
Total withdrawals
11,899 3,175,852 46.663 12,761,831
Entered for consumption
points specified in the table below:
New York to Jan. 24Great Britain
Other Europe
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
Toted




-1014Since
Week. Jan. 1.
129
47
80
5
4,152
2,135
759
1,026
376
335
1,037
4,566
1,491
44
17
1,741
525
3,132
778
2,429
5,511
6,762

23,553

-1913
Since
Week. Jan. 1.
2
183
4
62
686
5,
267
10
1,445
1,591
684
1,729
1,084
4,048
161.
26
693
2,377

1,211
30
4,352
6,353

5,727

26,551

15,925 4,125,744 74,014 18,894.489
Total marketed 1914
19,554 3,197,955 64,147 13,628,476.
Total marketed 1913
Imports Entered for Warehouse During Same Period.
Manufactures of
543
3,686
1,232,939
171,037
Wool
767
2.839
198,735
788,134
Cotton
224
1,056
468.491
101,917
Silk
2,082
507
506,823
138,038
Flax
5,450
479.740
1,973
149,424
Miscellaneous
15,113 3,476,127
4,014
759,151
Total
11,899 3,175,852 46,663 12,761.831
Entered for consumption
Total imports 1914
Total imports 1913

15,913 3,935,003
32,661 3,193,915

61,776
77,944

16,237,958
13,629,884

1

THE CHRONICLE

JAN. 311914.]

405

be voted upon on March 10, according to a Topeka newspaper.
McPherson, Kan.—Commission Government Adopted.—
The question of establishing a commission form of government carried, it is stated, at the election held Jan. 12.
News Items.
Michigan.—"Blue Sky" Law Declared Unconstitutional.—
Antigo, Langlade County, Wis.—Election on Commis- United States Judges Denison and Sessions of Grand Rapids,
Feb. 3,it is stated,
sion Government.—An election will be held
Detroit, in an opinion filed recently, declare
to submit to the voters the question of establishing a com- and Tuttle of
unconstitutional the Michigan "Blue Sky Law." The
mission form of government.
opinion says in part:
Chicago-Morgan Park, Ill.—Annexation Election.—An
We take judicial notice of the common understanding thatthis "Blue
the
Attorney-General,
intended, as is
Sky
election will be held in Chicago April 7 and in Morgan Park sale Law" wasin fly-by-night said by thevisionary oil wells, "to stopgold
distant
concerns
of stock
April 21 on the question of annexation. This proposition mines and other like fraudulent exploitations." If just this intent had been
cases would not be here; but
the Act
was approved by the voters of both places on Apr. 4 1911, carried into effect bydiscloses as passed, these very different effects. It is
additional and
but the courts declared the plan invalid. See V.94, p. 1777. scrutiny of the law
not confined to corporations, but covers partnerships issuing, and individuals dealing in, securities; it does not relate alone to stocks, but as well
Clear Lake, Cerro Gordo County, Iowa.—Commission to bonds, mortgages and promissory notes; it is not limited to investment
but extends the
be
Government Defeated.—The question of establishing a commis- companies, as that term would ordinarily the defined, corporations and
private
that
sion form of government was defeated, reports state, at the definition so in theit may include most ofnot cover fraudulent securities
partnerships
United States; it does
election held Jan. 14 by a vote of 89 "for" to 205 "against." merely, but reaches and prohibits the sale of securities that are honest,
valid and safe; it does not simply protect the unwary citizen against
Detroit, Mich.—Supreme Court Decision Concerning fraudulent misleading, but it prevents the experienced invester from
deliberately assisting an enterprise which he thinks gives sufficient promise
item below under "Michigan."
Charter Amendments.—See
of gain to offset the risk of loss or which, from motives of pride, sympathy
or charity, he is willing to aid, notwithstanding a probability that his
Fond du Lac, Wis.—Election on Commission Government. investment will prove unprofitable. Of course not all of these results always follow;
state that an election will be held March 23 to instances. A but they always may, and sometimes will. Take concrete
—Reports
merchandizing partnership cannot borrow additional
vote on the question of establishing a commission form of capital from its home bankers on long-time notes (over nine months) unless
the Commission approves. If a timber company is insolvent, no one can
government.
deal in its first mortgage or underlying bonds, though these bonds are
likely to be; nor can
perfectly good, are not in default and
CommisHighland Park, Wayne County, Mich.—Correction.— sion permit such dealing if it would. notsuccessful automobilethe furniture
A
or
We have received the following letter from Kissel, Kinnicutt company may not increase and sell its capital stock, save by the Commisa company
sion'i; approval, and
& Co., explaining the reasons for their refusal to accept the Commission thinks itif such likely to be,has not been successful and the
the company must liquidate—it
-year fire-department and $25,000 20-year public- will not be permitted is not new capital. If a company is organized to
$18,000 6
to get
make and sell a new invention, and if the Commission thinks the enterprise
works-site bonds:

TAM: Mfl

CJTY

DtPAITTIYMIT.

will not succeed, theistock may not be sold,even to skilled bankers who have
Chicago, Jan. 28 1914.
investigated thoroughly and still desire to buy. If, through local pride
The William B. Dana Company, "Commercial and Financial Chronicle," or in the effort to save an existing investment or for any indirect benefit
Front, Pine and De Peyster Streets, New York.
to come, the citizens of a town wish to take stock or bonds in a local comDear Sirs—Referring to notice in the "State and City" Department of pany, though knowing they are likely to lose their investment, and being
your issue of Jan. 24, under "Highland Park, Wayne County, Mich.," ap- willing to take the chance, yet they may not; this law forbids.
pears an item that the bonds were refused on the grounds that we understood
The generally laudable and remedial purposes of the Act are to be granthat all the bonds were for six years instead of only a part. It is true that ted; but in endeavoring to make it so all-embracing as they thought wise,
we bid for these bonds under the impression that all the bonds were for its draftsmen, as we are forced to conclude, disregarded fundamental limitwenty years, and not part of them for six years. as was the case. Finding tations imposed by the Federal Constitution. We reach this result fully
out later that part of them were for a short period, we telegraphed with- recognizing the
. . that . . . a court must not make such
drawal of the bid some seven or eight hours before the bids were opened. a decision on any evenly balanced or doubtful considerations, but must
rule.
Our bid should, therefore, have been returned unopened and unread. The be clearly satisfied of the law's invalidity; and we proceed to state the
committee, however, opened the bid and notified us that the bonds had been reasons which compell our conclusions.
awarded to us, and we refused them on the grounds mentioned.
Lack of space prevents our publishing at this time the
Very truly yours,
KISSEL. KINNICUTT & CO.
reasons stated by the Court. Caldwell, Masslich & Reed,

Iowa.—Blue Sky Law Upheld.—In a decision handed down
Jan. 17 Judge Smith McPherson of the Federal Court upholds the validity of the law passed by the last Legislature
to provide for the regulation and supervision of investment
companies (V. 97, p. 63). The law was attacked by the
Wm. R. Compton Co. and others. Judge McPherson says:
I see no occasion to express my views as to this statute under the State
constitution, although I believe it not to be in conflict with the State constitution. As to the United States Constitution, it seems to me that the
entire case is more of an academic question than a practical one.
I fail to find any unconstitutional classification, nor do I find any burden
but what of like kind have been upheld in many other business transactions,
both inter-State and wholly within the State. Frauds and rascality in
dealing with stocks and bonds are known to all. Whether such can be suppressed is not known. And it may be said that honest transactions will
be prevented. If so, they can and will be remedied.

Kentucky.—Governor Restrained from Proclaiming Adoption of Tax Amendment.—The suit brought by G. G. Speer
to prevent Governor McCreary from proclaiming the adoption of the tax amendment approved by the voters on Nov.4
was decided Jan. 14 by the Court of Appeals, which affirms
the injunction granted by Circuit Judge Stout in the State
Fiscal Court on Dec. 15. V. 97, p. 1837. The amendment
referred to and the convict labor amendment also adopted
on Nov. 4 were not advertised until 60 days before the election, while the constitution in Section 257 requires that the
last advertisement of a proposed constitutional amendment
to be voted on shall be not less than ninety days before the
day of the election.
The contention was made that as a result of the discussion
of the oversight, the election received more widespread advertisement than it otherwise would,but the court did not
assent to this argument, declaring that some people might
have been led into the belief that the election would be void
anyway, and that the fact that only about 100,000 persons
out of 400,000 voted on it,. did not bear out the argument
that the election was sufficiently advertised.
The Louisville "Courier-Journal" points out that "no
contest was made of the election on the convict labor question; hence no decision covering the question was handed
down by the court. However, the same question is involved, and it is the opinion of Attorney-General Garnett that the effect of the decision on the tax question will
be to nullify the vote on this proposition. Whether Governor McCreary could proclaim the passage of the convict
amendment in the absence of a decision to the contrary has
not been ascertained. Mr. Garnett holds that since no election has been declared by the decision, another election can
be held in 1915 instead of having to wait until 1918, as would
have been the case had the amendment been defeated by
the votes of the people.
King County (P. 0. Seattle), Wash.—Rehearing Denied
In Court-House Bond Case.—The State Supreme Court has
denied a re-hearing of the suit attacking the validity of the
$950,000 court-house bonds. The bonds were declared
valid on Dec. 6, as stated in V. 97, p. 1761.
Lawrence, Kan.—Election on Purchase of Water Works.—
The question of purchasing the water plant for $197,500 will




who as counsel for the Investment Bankers' Association,
directed and argued the suit attacking the Michigan "Blue
Sky" Law made this statement with reference to the decision:
"It is ' hardly necessary to comment on this sound and
sweeping opinion in which the three judges concurred. Its
condemnation includes the whole plan of the so-called Kansas
blue sky idea which has been followed in many States,
notably Arkansas, Oregon, Iowa, North and South Dakota,
West Virginia, Missouri and-Vermont, and in a modified
form in Ohio. Attorney-General Fellows has expressed his
intention of appealing from this decision, but has not as yet
done so. • We believe the decision will be sustained, and also
that it will be followed in other courts, State and Federal.
But regardless of this, the actual experience already had in
the attempted enforcement of these laws, and a more general
appreciation of their real meaning and effect, have made
certain their early repeal or amendment in many of the
States affected. The Association has tried on all occasions
to make plain its desire to co-operate in urging and enforcing
adequate laws to prevent fraud in the issuance or sale of
securities. This decision limits. the field of such legislation,
and points the way toward making it valid and effectual."
Supreme Court Upholds Verdier Home Rule Bill.—The
"Verdier Home Rule Bill," printed in full in the "Chronicle" of April 12 1913, page 1107, was held to be valid
Jan. 23 in an opinion by Justice F. L. Brooke, which was concurred in by all the justices sitting with the exception of
Chief Justice McAlvay, who dissents. The Court holds
that the amendments to the charter of the City of Detroit
approved by the voters April 4 1913, increasing that city's
borrowing capacity and authorizing a bond issue of $2,000,000
by the Water Board, "constitute lawful municipal action
under valid provisions of the so-called Verdier Act."
Whether the other two amendments approved April 4, affecting civil service and providing for the municipal ownership and operation of street railways, contravene any constitutional provisions, is not decided. That question, says
Justice Brooke, "was distinctly reserved by the Wayne
Circuit Court, and I am of the opinion that it should rest
in abeyance until in proper proceeding it is determined."
The clause in the Act providing that it should take effect
immediately was the subject of divided opinions by the
Justices. The majority held it to be valid, because in this
particular Act it was not shown that it was not immediately
necessary. Chief Justice McAlvay declared that the whole
bill to be unconstitutional, because the Legislature gave it
immediate effect. Justices Brooke, Moore, Steere and
Stone declared that in some instances the courts might have
the power of review on this question, but Justices Ostrander
and Bird refused to go this far, claiming immediate effect
is purely a legislative question. Justice Kuhn did not sit
in the case because, as Attorney-General, he gave an opinion that immediate effect may be given to s,ny bill by the
Legislature to preserve peace, health or safety.
After discussing the immediate-effect clause, Justice
Brooke says:

406

THE CHRONICLE

Et It is clear that in any event the Act (if otherwise unobjectionable)
would become a valid enactment after the expiration of
90
the date of adjournment. In the case at bar it is contended days from
itself is unconstitutional for certain enumerated reasons, that the Act
and it is particularly urged that the action taken thereunder by the
City of Detroit is,
in part, at least, invalid.
Section 4 of the Act provides: First, a restriction upon cities, limiting
their debt-contracting power to 8% of the assessed value
all
This legislative action is mandatory under Sec. 20, Art. 8, of theproperty.
of
constitution. Second, a method of raising or lowering a bond limit already
fixed.
Of course, this power must be exercised by the city within the limitation
of the general restriction contained in the earlier part of the section. Third.
an inhibition which prevents an increase of the bond limit of any city
oftener
than once each year or greater than 2% upon any single occasion.
So far, I can discern nothing in this section which does not fall fairly
within the field of legislative activity under the constitution. All
these provisions are clearly restrictions on the powers of cities to three of
borrow
money and contract debts.
Then comes the following provision:"When a city is authorized
or operate any public utility, it may,for the purpose of acquiring to acquire
the same,
borrow the money on the credit of the city in a sum not to
the assessed value of all the real and personal property of theexceed 2% of
city, and the
city may also,for the purpose ofacquiring such utility, issue mortgage bonds
therefor beyond the general limit of bonded indebtedness prescribed by
law, &c.
If this provision was intended to confer upon the cities the right
Issue bonds to the extent of 2% of the assessed valuation in excess of to
general bond limit, it is clearly invalid if said bonds are to be considered the
as a
debt of city. There can be but one universal bond limit.
Considered as a restriction upon the borrowing power within the
limitation, how should this provision be regarded? I am clearly of
opinion
that it is invalid. The Legislature is required to fix a general limitation
upon the debt-creating right of cities, but it cannot parcel out the
borrowing
power among various municipal purposes. Within the general limitation,
the municipality is clothed with power to determine for itself,
according to
the exigencies presented, how much it will expend upon each of Its municipal
activities.
Does the invalidity of this provision affect the entire Act?
I think not.
There still remains an entirely valid restriction upon the debt-creating
power, both as to amount and as to the method of increase.
At the municipal election held on April 7, 1913, four separate charter
amendments were voted upon and carried by large majorities.
First: Increasing the bond limit from 27 to
o
all property in the city. (In this increase is to 4% of the assessed value of
be included all bonds issued
by the Board of Water Commissioners.)
Second: Incresaing the Water Board bonded debt.
Third: Affecting civil service.
Fourth: Providing for the municipal ownership and operation of
street
railways.
With reference to the first two of the amendments, I am of opinion
that their legality cannot be questioned. They constitute lawful municipal action under valid provisions of the so-called Verdier Act.
Whether the amendments number three and four contravene any constitutional provisions is not determined. That question was distinctly
reserved by the Wayne Circuit Court and I am of opinion that It should
rest in abeyance until in proper proceeding it is determined.
It is contended on behalf of complainant that the bill in question was not
printed as required by Sec.22, Art. 5, of the constitution. I have examined
this question and am of opinion that unanimous conclusion of circuit judges
upon this point is correct. Referenae is had to the
which will be found printed at largo in the record. opinion of Judge Hally,
The decree dismissing the bill of complaint is affirmed.

Justices Moore, Steere and Stone concurred in Justice
Brooke's opinion in the main as follows:
I agree in the main with what is said by Justice Brooke. butI do not agree
with his conclusion as to the effect of the 2% provision. I think it
that the limitation of 8% is for general municipal purposes. If a clear
city
acquires a public utility or acquires public utilities, it may for that
issue bonds not exceeding in amount 2% of the assessed valuation purpose
of city.
It may not issue bonds exceeding in amount 2% of the assessed valuation
city to acquire any or all public utilities. Its power in this direction of
is
limited to an issue of bonds not exceeding 2% of assessed valuation. The
total bonded debt for which the city is liable can in no case exceed 10 7
,
the assessed valuation of city. This in my Judgment is the meaning of of
law, and with this meaning the law is valid. The Legislature has power
to restrict the limit of bonded indebtedness incurred in acquiring or in creating public utilities.

New York State.—Bonds Listed.—The $51,000,000 43%
50-year gold coupon Canal and highway bonds sold on
Jan. 21 (V. 98, p. 324) have been admitted to the list of the
New York Stock Exchange.
Quincy, Adams County, Ills.—Commission Government
Defeated.—The question of establishing a commission form
of government failed to carry at the election held Jan. 27
(V. 98, p. 250). The vote was 2,805 "for" to 9,724 "agst."
Review of the Bond Market in Canada in 1913. By
Mr. E. R. Wood, President of the Dominion Securities Corporation, Ltd. head office, 26 King St., E., Toronto, Ont.
This is a booklet of 30 pages, giving in concise form the
features of the Canadian bond market last year. Mr.
Wood's review shows that the Dominion marketed $373,795,295 bonds in 1913, including $22,386,666 by Canadian corporations operating in foreign countries, $53,066,550 Government issues, $115,761,925 municipal bonds, $108,528,044
railway loans, $26,574,479 bonds of public service corporations and $47,477,631 of miscellaneous corporations. What
• is considered a very significant feature of the bond distribution in 1913 is that $50,720,762, or 13.56%, of the total
output was absorbed in the United States. Of the 1912
output, $30,966,406, or 11.35%, was marketed in the States.
Canadians themselves in 1913 took $45,603,753 (12.2%)
securities, while the remaining $277,470,780 (74.24%) was
placed in Great Britain. Copies of the review may be had
upon request.

Bond Calls and Redemptions.
Denver, Colo.—Bond Call.—The following bonds are
called for payment Jan. 31:
Storm Sewer Bonds.
South Capitol Hill Storm Sewer Dist.—Bonds Nos. 62 to 64 inclusive.
Sanitary Sewer Bonds.
West and South Side Sanitary Sewer Dist.—Bonds Nos. 1 to 100 incl.
Part "A" Sub Dist. No. 3 of the West and South Side Sanitary Sewer
Dist.—Bond No. 35.
Improvement Bonds.
Cherry Creek Imp. Dist. No. 2—Bonds Nos. 40 and 41.
South Side Imp. Dist. No. 9—Bond No. 5.
Paving Bonds.
Alley Paving Dist. No. 25—Bond No. 12.
Surfacing Bonds.
Surfacing Dist, No. 4—Bond No. 15.
Pc Spokane, Wash.—Bond Call.—The following special
'
Improvement bonds are called for payment at the City
Treasurer's office :




[VOL.

TO BE PAID FEB. 1.
No.
No.
Name of District—
Bonds.
Name of District—
Bonds.
Paving—
Walk—
Division St. No. 517
95
Arthur St., No. 767
7
Division St., No. 518
21
Mansfield Ave., No. 2
11
Sumner Ave., No.971
13
9th Ave., No. 984
15
3rd Ave., No. 794
26
Shannon Street, No.2
8
Grade—
Cochran St., No.928
4 Tree Planting—
Lidgerwood St., No.889
27
Manito Boulevard, No. 985._
4
No.Center St., No. 1
12
Riverside Ave., No. 778
10 Sewer
17th Ave., No. 474
Alley, No. 980
17
2
Sheridan St., No. 741
Alley, No. 534
12
7
3
Wall St., No.656
Alley, No. 975
2
TO BE PAID FEB. 15.
No.
'No.
Name of District—
Name of District—
Bonds.
Bonds,
Water Main—
Walk
24th Ave., No. W76
8th Ave., No. 378
3
16
Paving
3rd Ave., No. 515
69 Sewer—
Washington St., No. 897---- 26
Alley, No. 522
7
Grade—
8th Ave., No. 551
4
Crown St., No. 884
15
5th Ave., No. 539
8
Louisiana St., No. 479
44
11th Ave., No. 553
4
Providence Ave., No. 529...... 12

Bond Proposals and Negotiations this week
have been RS follows:
ACADIA PARISH (P. 0. Crowley), La.—BONDS TO BE OFFERED
SHORTLY.—Local newspaper reports state that the Police Jury will
shortly offer for sale the 3170,000 5% 10
-year good roads bonds recently
authorized (V. 98, p. 320).
AKRON CITY SCHOOL DISTRICT(P.O. Akron),Summit County,
Ohio.—BOND OFFERING.—Proposals will be received until 4 p. m.
March 18 by J. F. Barnhart, Clerk Bd. of Ed., for $111,000 4%
bonds. Denom. $1,000. Date March 18 1914. Int. M. & S. atschool
of Dist. Treas. Due $10,000 yearly on March 18 from 1915 to,1920 office
incl..
$5,000 yearly on March 18 from 1921 to 1929 incl. and $6,000 March 18
1930.
BOND SALE.—On Jan. 9 the $75,000 434% 10-yr. (aver.) site-purchase
and construction bonds (V. 97, p. 1838) were disposed of.
ALLEN PARISH (P. 0. Oberlin), La.—BOND OFFERING.—Proposals will be received until 10 a. m. Feb. 9 by the Police Jury for $30,000
5% 1-15-yr. (serial) Ward No. 1 road bonds. No deposit required. No
bonded debt. Assessed val. (Ward No. 1) 1913 $984,935.
ALLIANCE SCHOOL DISTRICT (P. 0. Alliance),
Mahoning Counties, Ohio.—BOND SALE.—On Jan. 26 the Stark and
$70,000 5%
20-3 r. So. Freedom school-bldg.-impt. bonds (V. 98, p. 250) were awarded
,
to Weil, Roth & Co. of Cincinnati for $73.172 (104.531) and int. Other
bids were;
Field,Longstreth& Rich.,Cln.$73,1431Tillotson Sr Wolcott Co..Clev.$72,555
Sidney Spitzer & Co.,Toledo. 73,059 Stacy & Braun. Toledo
72,484
Seasongood & Mayer.Cin_ — 73,017 Hayden, Miller & Co., Clev_ 72.460
Mayer, Deppe & Walter, Cln. 72,812 Western German Bk.,Cin_
72,275
Prov. Say. 13k.& Tr. Co.,Cin. 72,779 Spitzer. Rorlck & Oo.. Toledo 72.158
Breed,Elliott & Har'son,Cin. 72,723 Otis & Co., Cleveland-- — 71,410
Hoehler, Cummings & PrudCity Say. Bk.& Tr. Co., All'ce 71,050
72,5831New First Nat. Bk., Columb. 70,889
den. Toledo
ANDREWS SCHOOL DISTRICT (P. 0. Andrews), Cherokee County, No. Caro.—BOND OFFERING.—Local newspaper reports state that
D. S. Russell, Secy. Bd. of Ed., will receive proposals until 4 p .m. Feb. 28
for $15,000 5 % building bonds.
ANTWERP, Jefferson County, N. Y.—BOND SALE.—On Jan. 19
815.000 street and $5,000 water bonds were disposed of to local investors.
ASHLAND COUNTY (P. 0. Ashland), Wis.—NO ACTION YET
TAKEN.—We are advised by the Clerk that the County Board has taken
no action towards the calling of an election to vote on the issuance of the
$100.000 court-house bonds (V. 97. p. 1677)•
AUBURNDALE SPECIAL TAX SCHOOL DISTRICT NO. 6, Polk
County, Fla.—BOND OFFERING.—Proposals will be received until
11 a. tn. Feb. 10 by C. A. Parker, Supt of Public Instruction (P. 0. Bartow), for $15,000 5% site-purchase and bldg bonds. Auth. Chap. 6542,
Act of Fla. Legislature 1913; also an election held Sept. 5. Denom. $500.
Date "to be determined." Int. semi-ann., payable at the Co. Treas.
office. Due 20 yrs. from date. Cert. check for $200, payable to the
Chairman of said board, required ' bonded deht. Floating debt.$148.
,
to
Assessed valuation, $240,018.
AUGUSTA, Maine.—BOND OFFFRING.—Proposals will be received
,
until 10 a. in. Feb. 5 by Niles L. Perkins, City Treas.. for $15,000 4% 25yr. coup. refunding bonds. Denom. $1,000. Date Feb. 15 1914. Int.
F. & A. at First Nat. Bank, Boston. These bonds will be certified
genuineness by the Old Colony Trust Co., which will further certifyas to
that
the legality of this issue has been approved by Ropes, Gray, Boyden &
Perkins of Boston, a copy of whose opinion will accompany the bonds when
delivered without charge to the purchaser.
BANTRY, McHenry County, No. Dak.—BONDS DEFEATED.—The
question of issuing fire-dept.and jail bonds failed to carry at a recent election.
BASTROP COUNTY (P. 0. Bastrop), Tex.—BOND ELECTION.—
An election will be held Feb. 17, it is stated, to submit to a vote the question of issuing $30,000 road bonds.
BENTON COUNTY (P. 0. Fowler), Ind.—BOND OFFERING.—Proposals will be received until 1 p. m. Feb. 3 by W. II. Chadic°, Treas.,'for
nine issues of 4 % road bonds, aggregating $80,720. Date Jan. 15 1914.
Int. M.& N.
BEREA SCHOOL
Berea), Madison County, Hy.—
BONDS VOTED.—According to reports, the question of Issuing schoolbldg. bonds carried at the election held Jan. 17.
BETHEL TOWNSHIP SCHOOL DISTRICT (P. 0. New Carlisle),
Clark County, Ohio.—BONDS AUTHORIZED.—According to reports,
the Board of Education recently passed a resolution ordering the sale of
$7.000 school bonds.
BEXAR COUNTY (P. 0. San Antonio), Tex.—PRICE PAID FOR
BONDS.—The price paid for the five issues of 5% bonds, aggregating
$1,000,000,awarded on Jan. 15 to a Chicago syndicate composed of William
R. Compton Co., Continental & Commercial Trust & Savings Bank,
N. W. Halsey & Co., E. II. Rollins & Sons and A. B. Leach & Co.(V. 98,
I). 320), was $1,010,990 75 and int., according to a San Antonio newspaper.
BLACKFORD COUNTY (P. 0. Hartford City), Ind.—BOND OFFER/NO.—Proposals will be received until 12 in. Feb. 2 by Geo. II. Newbauer,
Co. Treas., for $12,800 Whetsel road and $12,600 Statler No.2 ft
6% road
bonds. Int. semi-ann. Cert. check for 3% of bid, required.
BLOOMINGTON SCHOOL DISTRICT (P. 0. Bloomington), McLean County, Ill.—BONDS TO BE OFFERED SIIORTLY.—Newspaper
reports state that this district will advertise for sale at once $90,000 of the
8250,0005% 20-year school-constr. bonds(V.97. P. 903). Denom.$1,000.
BOONE SCHOOL DISTRICT (P. 0. Boone), Boone County, Iowa.
—BOND OFFERING.—Proposals will be received until Feb. 9 for the $10.000 5% school-equipment bonds voted Jan. 16 (V. 98, p. 320). Due
Feb. 11924,subject to call after 5 years.
BRAINERD, Crow Wing County, Minn.—BOND OFFERING.—Proposals will be received until 8 p. m. Feb. 10 by V. N. Roderick, City Clerk,
for the following 5% bonds voted Jan.6(V. 97, p. 1762):
$75,000 city-hail and jail-constr. bonds. Denom. $1,000. Int, payable
semi-ann. at First Nat. Bank, Minneapolis. Duo in 20 years.
22,000 street-impt. bonds. Denom. $100 or multiples thereof. Int.
payable semi-ann. at office of City Treas. Due in 10 years.
BRECKENRIDGE, Wilkin County, Minn.—NO ACTION YET
TAKEN.—The City Clerk advises us that no action has yet been taken

DISTRICT (P.0.

JAN. 311914.]

THE CHRONICLE

looking towards the re-offering of the $25,000 5% 20-yr. city-hall
and jail
bonds offered without success on Oct. 13 (V. 97, P. 1762).
BROOKS COUNTY (P. 0. Falfurrias), Tex.
-BOND ELECTION.
The question of issuing $34,000 roads and 368,000 court-house
bonds will
be submitted to a vote on Feb. 14, it is stated.
BUFFALO, N. Y.
-BIDS
received for the $1,500,000
-The other
4%% 20-yr. reg. tax-free school-bldg. andbids
equip. bonds
to White, Weld & Co.of N.Y.at their bid of 104.311 awarded on Jan. 23
for "all or none"
(V. 98, p. 320) were:
BidderPrice Bid.
Adams & Co., New York
103.922
Remick, Hodges & Co.,
Estabrook & Co.,
New York (jointly)
103.833
N. W. Halsey & Co.,
Lee, Higginson & Co..
New York (jointly)
103.789
Parkinson & Burr,
A. B. Leach & Co.,
New York (jointly)
102.779
Harvey Fisk & Sons,
E. H. Rollins & Sons,
New York (jointly)._ _"All or none" 103.555
Kissel, Kinnicutt & Co.,
Kountze Bros., New York
103.521
Kean, Taylor & Co. New York
103.40
The Central National Bank, Buffalo
103.389
Bond & Goodwin,
New York (jointly)-- _"All or none" 103,371
William R. Compton Co.,f
IS
Livingston & Co., New York
103.36
J. C. Dann & Co,
Vluffalo (jointly)
$500,000
103.36
Baker & Watson,
Security Trust Co., Rochester
50,000
10336
Union Stock Yards Bank, Buffalo
100000103:35
C. H. Venner &
New York
500,000
103.272
The Bank for Savings in the City of Now York__ _
Co.'
500,000
103.25
Clark, Dodge & Co., New York
103.21
CALDWELL COUNTY (P. 0. Lockhart), Tex.
-PURCHASER
BONDS.
-Reports state that the purchaser of the $50,000 5% -40 OF
-year
(opt.) Road Dist. No. 1 bonds recently sold (V. 98, p. 321) was20 Lockthe
hart Nat. Bank of Lockhart, which bid 92.50.
BONDS DEFEATED.
-The proposition to issue the $40,000 road
bridge bonds (V. 98, p. 85) failed to carry, it is stated, at the election and
held
January 17.

407

bonds will be received until 12 m. on that day by R. Norwood, Clerk.
Denom. $500. Int. ann. An unconditional certified check for $500,
payable to Sam Williamson, President Board of Supervisors, required.
Purchaser to pay cost of printing and lithographing said bonds.
CRAWFORD, Dawes County, Neb.-BO
OFFERING.
-Proposals
will be received until 8 p. m. Feb. 10 by Clyde NDHornsby, City Clerk, for
J.
the $15,000 5% 10-20-year (opt.) city-hall bonds voted Aug.
()T. 98, p. 175). Denom. $1,000. Date Sept. 1 1913. Interest 25 1913
M.& S.
Certified check for $150 required.
CULPEPER COUNTY (P. 0. Culpeper), Va.-BONDS AWARDED
IN PART.
-Of the $40,000 5% 25%-yr. (aver.) coup. tax-free Catalpa
Magisterial Dist. road bonds offered without success on Dec.
8 (V. 98. P
85), $2,000 has been sold to private parties at par.
DADE COUNTY (P. 0. Trenton), Ga.-BOND ELECTION
PROPOSED.
-Reports state that an election will be held in the near future to
submit to the voters a proposition to issue road-construction bonds.
DALLAS COUNTY(P.O. Dallas), Tex.
-BONDS
to reports a favorable vote was cast at the election VOTED.-According
held Jan. 22 on the
proposition to issue the $125,000 5% gold Dallas
bonds (V. 97, p. 1839). Vote 4,307 to 3,427. -Oak Cliff viaduct-paving
DAVIESS COUNTY(P.O. Washington),
-BOND OFFERING.
-Proposals will be received until 12 m. to-dayInd. 31)
(Jan.
by John L. Clark,
Co. Treas., for the following 4%% coupon road-impt. bonds:
$1,700 Washington Twp. road bonds. Denom. $85.
8,500 Barr Twp. road bonds. Denom. $425.
Date Jan. 15 1914. Int. J.& J. Due beginning July 15 1914.
DEFIANCE,Defiance County, Ohio.
-BOND OFFERING.
-Proposals
will be received until 12 m. Feb. 24 by Virgil D. Weisenburger, City
Auditor, for $8,000 5% refunding bonds. Date Mar. 1 1914.
Due $1,000 Mar. 1 and Sept. 1 1920 and $1,500 Mar. 1 andInt. M. & S.
Sept. 1 1921
and 1922. Purchaser to pay accrued interest.
DEFIANCE COUNTY (P. 0. Defiance), Ohio.
-BONDS AUTHORIZED.
-The County Commissioners have authorized the issuance
of $46,000 good roads bonds, it is reported.
DENTON COUNTY (P. 0. Denton), Tex.
-BOND
An election will be held Feb. 21 to decide whether or not ELECTION.
this county shall
issue 3300,000 road bonds.
DENVER, Colo.
-BONDS AUTHORIZED.
-An ordinance was passed
CALEXICO, Imperial County, Cal.
Jan. 19, reports state, authorizing the Finance
-BONDS NOT
We are advised that the $17,000 water-system-constr. YET ISSUED.- 000 West Colfax viaduct-construction bonds. Commissioner to sell $250.and $3,000 stormwater-drain-constr. bonds voted during November (V.
DE SOTO COUNTY (P. 0. Arcadia), Fla.
97, p. 1445) have
-BOND OFFERING.
-Pronot yet been issued.
posals will be received until 12 m. Feb. 14 by Jas. 0. Beckley,
CAMDEN SCHOOL DISTRICT (P. 0: Camden), Benton County, Instruction, for the following 59' 30-yr. school-bldg. bonds: Supt. Public
$75,000 Arcadia Special Tax School District No. 1 coup. bonds. Date
Tenn.
-BOND ELECTION PROPOSED.
-According to reports an election
will be held the latter part of February,or the early part of March, to submit
Jan. 1 1914.
25,000 Wauchttla Special Tax School District No. 5 bonds. Auth.
to a vote the question of issuing $20,000 school-house bonds.
of 117 to 7 at an election held Sept. 13. Date Jan. 11914. vote
CARROLL COUNTY (P. 0. Delphi), Ind.
-BOND SALE.
-On
25,000 Avon Park Special Tax School District No. 3 coup. bonds
Jan. 24 the $5,600 4%% gravel-road bonds (V. 98, p.
voted
Dec. 30 (V. 98, p. 321). Date Feb. 1
to J. F. Wild & Co. of Indianapolis for $5,647, equal 321) were awarded
to 100.839.
Denom. $1,000. Int. semi-ann. in Arcadia.1914. check
were also received from the Fletcher-American Nat. Bank, Miller &Bids bid
Cert.
for 2% of
Co.
required.
and Breed, Elliott & Harrison of Indianapolis. Denom. $280. Date
DEVOL, Cotton County, Okla.
Jan. 6 1914. Int. M.& N.
-BOND SALE.
-The Town Clerk
advises us under date of Jan. 25 that the $15,000
CASS COUNTY (P. 0. Logansport), Ind.
67 25-yr. water-works
0
-BOND
-On bonds offered without success on Nov. 18 (V.
Jan. 27 $16,900 Berkshire road and $9,560 Gibson road 4%%SALE.
97. p. 1762) have been purawarded to Breed, Elliott & Harrison of Indianapolis and the bonds were chased by E. R. Kirby of Lawton, Okla.
$12,800 43 %
Bell road bonds (V. 98, p. 321) were awarded to the Meyer-Kise
DOVER, Morris
-NO ACTION YET TAKEN.
r Bank of Town Clerk advises County, N. J.
-The
Indianapolis for $12,858 75
us under date of Jan. 23 that no definite
-equal to 100.451.
been taken looking towards the issuance of the $260,000action has yet
CEDAR RAPIDS, Linn County, Iowa.
sewer bonds
-BOND SALE.
-The
York Life Insurance Co. has been awarded the following 4A % bonds, New (V. 97, p. 904).
dated'
Feb. 1 1914, at par and interest:
EAST FORK IRRIGATION DISTRICT,Hood River County, Ore.
$125 000 bridge bonds due 35 000 yearly Feb. 1 from 1926 to 1930,
incl., BIDS REJECTED.-One bid received on Jan. 20 for the $150,000 of an issue
and $25,000 yearly Feb. 1 from 1931 to 1934 inel.
of $175,000 6% coup. tax-free irrigation bonds offered on that day
(V. 97.
125,000 concrete
-dam-construction bonds voted Dec. 15 (V. 97, p. 1838). p. 1763) was rejected. Due on Tilly 1 as follows: $7.000 in
1924, 39,000
Due $6,000 yearly Feb. 1 from 1915 to 1919 incl.; $8,000 yearly In 1925. 311.000 in 1926. 312,000 in 1927, $13,000 1928,
in
$15,000 in 1929,
Feb. 1 from 1920 to 1924 incl. ,and $11.000 yearly Feb. 1 from $17,000 in 1930, 319.000 in 1931. $23,000 in 1932 and
$24,000 in
1925 to 1929 inclusive.
debt at present. Assessed valuation equalized for 1913, 1933. No
$2.293,381.
CHILLICOTHE, Ross County, Ohio.
-BOND SALE.
-On Jan. 19 These bonds have been re-advertised.
$20,000 5% bonds were awarded to the Central Nat. Bank, Chillicothe,
EAST ROCHESTER, Monroe County, N. Y.
-BONDS TO BE
. .
•
OFFERED SHORTLY.
-This
Spitzer, Rorick & Co., Tol_ _$20,422 First Nat. Bk., Chillicothe ..$20,395 ary the $35,000 1-10-yr. (ser.) village will offer for sale some time in Februtax-free street-paving bonds(V. 97,P. 1677).
Prov.Sav.Bk.&Tr.Co., Cin__ 20,418 Breed, Elliott & Harrison,
EAST ST. LOUIS SCHOOL DISTRICT NO. 189 (P. 0.
Well, Roth & Co., Cin
East St.
Cincinnati
20,418
20,330 Louis), St. Clair County, Ill.
-BOND SALE.
Western-German Bk.. Cin__ 20,411 Otis & Co., Cleveland
-On Jan.
20,280 43. % building bonds offered without success on June 2 25 the $60,000
Int. semi-ann. These bonds are part of an issue of $41,300.
(V. 97,
were awarded, it is stated, to N. W. Halsey & Co. of Chicago. p. 1525)
CLANTON, Chilton County, Ala.
-BOND ELECTION.
-The elecEDWARDS COUNTY (P. 0. Rock Springs), Texas.
tion to vote on the question of issuing the $25,000
-BONDS DE5% 30-yr. water-work FEATED.
-The proposition to issue the $100,000 road bonds (V. 97. p.
bonds (V. 97, P. 1605) will be held March 1.
1525) failed to carry at a recent election.
CLARKSBURG, Harrison County, W. Va.-BOND OFFERING.
EDWARDS COUNTY COMMON SCHOOL DISTRICT NO.
Proposals will be received until 12 m. Feb. 20 by G.0.
6, Texas.
for the $110,000 5% 10-30-yr. (opt.) gold coupon bridge Finly, City Clerk, -BONDS TO BE OFFERED SHORTLY.
-This district will offer for sale
voted Jan.6
(V. 98, p. 175). Denom. 161,000. Date Jan. 11914. bonds annually on in the near future an issue of $15,000 building bonds recently voted.
Int.
J'an. 1 at Empire Nat. Bank, Clarksburg. Cert. check for 5% of
EDWARDSVILLE (P. 0. Wilkes-Barre), Luzerne County,
bid, BOND SALE.
Pa.
payable to "City of Clarksburg", required.
-On Jan. 15 the 325.000 5%
delivery on day of sale, and must be paid for The bonds will be ready for bonds offered on Jan. 12, were awarded to 1-20-yr. (serial) improvement
in full within 20 days thereLawrence Barnum & Co. of
after. Official circular states that there is no litigation
pending or threat- Phila. at 101.114. Denom. $500. Date Jan.! 1914. Int. J. & J.
ened affecting this issue, that this issue is perfectly legal
CERTIFICA7'ES NOT SOLD.
and
-No sale was made of the $5,000 certifihas never been any default on principal or interest of any bonds that there cates
of indebtedness, also offered on Jan. 12.
of this city.
CLATSOP COUNTY (P. 0. Astoria), Ore.
-BOND
ELLENSBURG, Kittitas County, Wash.
-BONDS OFFERED BY
Proposals will be received until 2 p. m. Feb. 18 1914 by OFFERING.
J. C.
-The Union Savings & Trust Co. of Seattle is offering
County Clerk, for the $399,200 5% 20-year road bonds voted Clinton, BANKERS.
vestors $40,000 7% water-distributing-system bonds. Denom. to inDenom. $50 or multiples thereof up to $1,000. Int. semi-ann. at Nov. 4. Date
31.000.
office of
Dec. 24 1913. Int. ann. on Dec. 24. Due part yearly from 1914
County Treasurer or at fiscal agency of State of Oregon in N. Y. City. to 1923
inclusive.
Certified check for 5% of bonds laid for, payable to "Clatsop County,"
reELLIS COUNTY (P. 0. Waxahachie), Tex.
quired. Bonds to be paid for within 30 days and delivered $100,000
-NO BONDS
We are now advised that the question of issuing the $35,000 VOTED.
April 1 1914 and balance in $100,000 lots upon 30 days' call. These
Midlothian
were offered on Jan. 19 but the bids received were rejected. (V.97,p. bonds • District road bonds failed to carry at the election recently held and did not
1920.) result in favor of the bonds as reported in V.
97. p. 1677.
CLEAR LAKE, Duel County, So. Dak.-BO
ESCONDIDO, San Diego County, Calif.
The City Auditor advises us that no sale has yet NDS NOT YET SOLD.
-DESCRI
of the $10,000 BONDS.
-The $6,000 5% municipal-impt. bonds awarded at PTION OF
5% city-hall-bldg. bonds mentioned in V. 97, been madeDenom.
par and int.
p. 1762.
$500. on Jan. 1,$4,000 to Kaufman,Price Co. of San
Due 20 years, subject to call at 5, 10 and 15 years.
First Nat. Bank of Escondido (V. 98, p. 252) Francisco and 32,000 to the
are in the
COCHISE COUNTY SCHOOL DISTRICT NO. 22, Ariz.
-BOND Date July 11013. Int. J. & J. Due from 1 to 24 years. denom. of $250.
OFFERING.
-Proposals will be received until 11 a. m. Feb. 3, reports
FAIRFIELD TOWNSHIP (P. 0. North Fairfield),
state, by A. C. Karger, Co. Clerk (P. 0. Tombstone), for $10,000 6%
Huron County,
Ohio.
-BOND OFFERING.
-Bids will be received until
103j-yr. (aver.) school-bldg. bonds. Cert. check for 10% required.
Is stated, by F. H. Rumsey, Twp. Clerk, for $40,000 5% 12 m. Feb. 24, it
102-3-yr. (aver.)
COLORADO SPRINGS, El Paso County, Colo.
-BONDS PRO- road bonds. Certified check for 5% required.
POSED.
-This city intends offering for sale
FANNIN COUNTY (P. 0. Bonham), Tex.
free refunding water bonds. Denom.(100) $150,000 4% gold coupon tax-BONDS DEFEATED.
$1,000 and (100) $500.
Feb. 16 1914. Int. F. & A. at the Chemical Nat. Bank, N. Y., or Date According to newspaper reports, the proposition to issue the $300,000
at the Precinct No. 1 road bonds (V. 97, p. 1921) failed
City Treas. office. Due 1934, subject to call one-fifth yearly
to carry at the election
beginning held Jan. 24. The vote was 1,067 "for"
1929.
to 560 "against"
-a two-thirds
majority being necessary to authorize.
BONDS AWARDED IN PART.
-We are advised by the City Treas. that
FORT WAYNE SC OOL CITY (P. 0. School City), Allen
Up to Jan. 26 $140,100 of the two issues of 4% 10-15-yr. (opt.)
County.
refunding Ind.
-BOND OFFERING.
-Proposals will be received until 7.30
bonds has been disposed of to local investors at par and in, as follows:
$40,100 of the $110,000 refunding city-hall and $100,000 (amount offered) Feb. 9 by the Board of Trustees, E. W. Cook, Pres., for $75,000 4% p. m.
coup.
school bonds. Denom. $1,000. Date Feb. 14 1914. Int.
refunding water bonds.
F.
U. S. Mtge.& Trust Co., N.Y. Due $15,000 yearly on Feb. 14 & A. at
COLUMBIA, Richland County, So. Car.
from 1924
-BOND ELECTION.
-The to 1933 incl. Cert. check for $1,000, payable to "School City,"
election to vote on the question of issuing the $500,000 water
required.
and
extension bonds(V. 97. p. 1920) will be held, reports state, Feb. sewerage- Bonds to be delivered and paid for on or before Feb. 14. Purchaser to
pay accrued int. Bids must be made on forms furnished by School
24.
City
COMMERCE, Jackson County, Ga.-BOND OFFERING.
FRANKLIN COUNTY (P. 0. Columbus), Ohlo.-BOND
-This city
is offering for sale the $8,000 school and $8,000 paving
5% bonds voted -Proposals will be received until 10 a. m. Feb. 20 by John OFFERING.
July 15 (V. 97, p. 252). Int. J. & J. Due Jan. 1 1944.
Scott, Clerk
Ild.of Co.Commrs.,for the following 5% bonds:
COON RAPIDS SCHOOL DISTRICT (P. 0. Coon Rapids), Carroll $405,500 flood-emergency bonds. Due $40,000
yearly on March 1 from
County, Iowa.
-BOND ELECTION.
1920 to 1928 incl. and $45,500 March 1 1929. Bids
-According to reports, an election
will be held Feb. 3 to submit to a vote the question of
ceived for all or for each years maturity separately. will be reissuing $28,000
building bonds.
80,000 funding bonds. Due $40,0130 March 1 1918 and $40,000
March 1
CORONA SCHOOL DISTRICT (P. 0. Corona), Riverside County,
1919.
Calif.
Denom. $500. Date March 11914. Int. M.& B. at office of
-BOND ELECTION.
-An election will be held Feb. 2, it is stated
to submit to a vote the question of issuing $50,000
Treasurer. Cert. check (or cash) on a Franklin County national County
Lincoln school construc- trust
bank
tion bonds.
company for 1% of bonds bid for, payable to,County_Commrs., or
!:required. Bonds will be ready for delivery March 1.
•
"CORRECTIONVILLE, Woodbury County, Iowa.
-BOND SALE.
The $15,000
% electric-light bonds (V. 98, p. 175) have been sold.
FRESNO CITY SCHOOL DISTRICT (P. 0. Fresno),*Fresno-C
Auth. vote of 197 to 25, at the election held
oun-BOND OFFERING.
Jan. 10. Due $1,000 yearly ty, Calif.
-Proposals will be received
after five years.
March 3 by D. M.Barwell, Clerk of Bd.of Supervisors,for until 2 p. m.
$200,000 of the
MCOVINGTON COUNTY(P. 0. Collins), Miss.
-BOND OFFERING.
- 3450.000 5% gold bldr. and equipt. bonds voted Dec. 12 1913 (V. 97, p.
Additional information is at hand relative to the offering on Feb. 2
1921). Denom. $1,000. Date April 15 1914. Int. A.
$10,000 6% Road Dist. No. 1 bonds (V. 98, p. 321). Proposals forof the Co. Treas. Due $10,000 yearly for 10 years beginning 6& 0. at office of
these
years after date,




408

THE CHRONICLE

[VoL. xovin.

KENOSHA, Kenosha County, Wis.-NO ACTION YET TAKEN.
$15,000 yearly for 6 years beginning 16 years after date and $20,000 due The City Clerk advises us under date of Jan. 24 that no action has yet been
22 years after date. Cert. check for 5% of bonds bid for, payable to taken looking towards the calling of an election to submit to a vote the quesChris Jorgenson, Chairman Bd. of Supervisors, required. Purchaser to tion of issuing the $150.000 park bonds (V. 97, p. 1764).
pay accrued interest. Bids must be unconditional.
-No
KIMBALL, Brule County, So. Dak.-BONDS NOT YET SOLD.
-Reports state that a
-TEMPORARY LOAN.
GLOUCESTER, Mass.
-20-year (opt.)coup. water-works
sale has yet been made of the $15,000 5% 5
loan of $125,000 maturing Oct. 19 1914 has been negotiated with the Cape bonds offered without success on Nov. 17 (V. 97, p. 1606).
Ann Nat. 13e1,. of Gloucester at 3.65% discount, plus 31 50.
-BONDS OFFERED BY
KING COUNTY (P. 0. Seattle), Wash.
-NO ACTION YET TAKEN.
GOODLAND, Newton County, Ind.
-The Union Says. & Trust Co. of Seattle is offering to intowards BANKERS.
The City Clerk advises us that no action has yet been taken looking p.1606). vestors $300,000 7% 5
-10-year (opt.) tax-free Commercial Waterway Dist.
Nov.22(V.97,
the offering of the $20,000 water-works bonds voted
Date Dec. 1 1913. Int. J. & D. at Co. Treas. office.
Junction), No. 1 bonds.
GRAND JUNCTION SCHOOL DISTRICT (P. 0. Grand
-PURCHASER OF BONDS.
KINSTON, Lenoir County, No. Caro.
-An issue of $45,000 school The purchasers of the $50,000 5% 20-year school bonds offered without
-BOND SALE.
Greene County, Iowa.
building bonds has been disposed of.
98, p. 322) were Stacey & Braun of Toledo.
-The success on Dec. 1 (V.
-BOND SALE
-BOND SALE.
GREENE COUNTY (P. 0. Bloomfield), Ind.
-The $11,500
KIRKLAND, Oneida County, N. Y.
$6,200,have been
two issues of4%% 1-10-yr.(ser.) road bonds,aggregating
5% 93 -year (aver.) highway-impt. bonds offered on Sept. 27 (V. 97, p.
it is stated.
awarded to the Fletcher-American Nat. Bank of Indianpolis,
were disposed of on that day to local investors.
-BOND OFFERING. 756)
GREENE COUNTY (P. 0. Greeneville), Tenn.
KIRKSVILLE SCHOOL DISTRICT (P. 0. Kirksville), Adair
H. J.
-Proposals will be received until 12 m. Feb. 26 ,it is stated, by
-According to reports, proposals will
OFFERING.
for $200 000 5% semi-annual County, Mo.-BOND7 by F. L. Link, Secretary Board of Education ,for
Secy. of Pike
iscarver,
for $1,000 required. A similar issitio be received until Feb. (opt.) school bonds voted Jan. 20(V.97, p.86).
Commission'
29 2-3-yr. pike bonds. Cert. check
-20-year
the $80 0005% 5
of bonds was offered on July 1 (V.96, p. 1717.)
KIRKWOOD SCHOOL DISTRICT (P. 0. Kirkwood), St. Louis
-BONDS AUHAMILTON COUNTY (P. 0. Chattanooga), Tenn.
-By a vote of 718 to 153, the question of
County, Mo.-BONDS VOTED.
-Reports state that the County Court on Jan. 26 voted to issuing the $65.000 bldg. and impt. bonds (V. 08, P. 174) carried, it is
THORIZED.
the Walnut St. bridge across the Tennessee
issue $100,000 bonds to improve
stated, at the election held Jan. 24.
River.
-All bids re
LADYSMITH, Rush County, Wis.-BIDS REJECTED. I mpt. bond
-BONDS NOT TO BE ISSUED AT
HANOVER, York County, Pa.
the $16,000 5% 16%-yr. (aver.) coup. water-works
-We are advised by the Boro. Sec. that the $30.000 sanitary- calved for Jan 20 (V. 98, p. 86 were rejected.
PRESENT.
and 36.000 engine-house bonds voted Nov. 5 offered on
sewer, $25,000 street-lin pt.
LANCASTER COUNTY (P. 0. Lincoln), Neb.-NO ACTION YET
(V. 97, p. 1678) will not be issued for some time. It is expected that all
-We are advised that the matter of calling an election to vote on
TAKEN.
these bonds will be sold locally.
-20-year (opt.) telephone-system-installathe issuance of the $599,000 6%'5
-BOND OFFERING.
HARDEN COUNTY (P. 0. Kenton), Ohio.
tion bonds (V. 97, p. 1607) is in court.
Co.
Proposals will be received until 12 m. Feb. 2 by Ulrich J. Metier.and Aud..
-On
-BOND SALE.
6493.
LA PORTE COUNTY (P. 0. La Porte), Ind.
Secs. 6439, 6492
for $7,850 5%% ditch constr. bonds. Auth.
aggregating $46,400,
Due $4,000 Aug. 2 1915:
Gen. Code. Date Feb. 2 1914. Int. F. & A. Cert. check (or cash) on Jan. 27 the three issues of 4%% gravel road bonds,
were awarded, reports state, as follows:
1916 and $1.000 Aug. 2 1917.
$2,850 Aug. 2
$18,800 Louis C. Brockman, Center Twp. bonds (V. 98, p. 322) were
some Kenton bank for $500. payable to the Auditor. required
awarded to the Meyer-Kiser Bank of Indianapolis for 319,076
-On
-BOND SALE.
HARRISON COUNTY (P. 0. Corydon), Ind.
equal to 101.468.
gravel-road bonds were awarded.
Jan. 17 $5,510 45. % Spencer Twp. tax-freeof Corydon for $5,550 ,equal to
The following two issues were awarded to the Fletcher-American Nat.
the Corydon Nat. Bank
it is stated, to
-equal to 101.326:
Bank of Indianapolis for $27,966
100.725..$13,600 Clemens Gotto, Center Twp. bonds. Denom. $340.
-BOND ELECTION.
HARRISON COUNTY (P. 0. Marshall), Texas.
14,000 Fred Berridge, Hanna Twp. bonds. Denom. $350.
The remaining details of the three issues are: Date Jan. 15 1914. Int.
-Reports state that an election will be held Feb. 24 to submit to a vote
M.& N. Due one bond of each issue each six months from May 15 1914
the proposition to issue $30,000 road bonds.
-BOND OFFERING. to Nov. 15 1933 inclusive.
HARRISON TOWNSHIP, Henry County, Ind.
Maddy, Twp. Trustee (P. 0. Cadiz) will receive bids until
LARNED SCHOOL DISTRICT (P. 0. Lamed) Pawnee County,
-II. C. Van Horn, Cleric of Board of EduKans.-BOND OFFERING.
-Albert. 19 for $2,930 6% 5-yr. school-house bonds.
2 p. m. Feb.
-BOND OFFER- cation is offering for sale the $40,000 5% 1-20-yr. (serial) school bonds
Conn.
HARTFORD (Northeast School District),
18 (V. 97, p. 1678). Denom. 31.000. Date Jan. 1 1914.
voted
received until 12 m. Feb. 17 by the Dist. Com Int. J.Nov.
-Proposals will be
ING.
& J.
Hart
mittee and E. L. Weaver, Treas., at the Charter Oak Nat. Bank,
-On Jan. 26 the $40,-BOND SALE.
LAUREL, Jones County, Miss.
ford, for $100,000 43% 30-yr. coup. bldg. bonds. Denom. $1,000 0)0 5% 20
-year coupon municipal bldg. erection and street-impt. bonds
(V'. 98, p. 252) were awarded to the Provident Trust & Savings Bank of
Date Mar. 1 1914. Int. M.& S.
Cincinnati at 100.21. Denom •$1,000. Date Feb. 11914. Int. F.& A.
The official notice of this bond offering will be found among the advertise
LE SAUK TOWNSHIP (P. 0. Sartell), Stearns County, Minn.ments elsewhere in this Department.
-An election will be held to-day (Jan. 31), reoprts
- BOND ELECTION.
-BOND ELECTION.
HAYS COUNTY (P. 0. San Marcos), Texas. vote on the question of state, to submit to a vote the question of issuing $5,000 Sartell bridge bonds
An election will be held Feb. 14, reports state, to
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 16, Mont.
bonds.
Issuing $50.000 good-roads
-An issue of $1,6006% 5-10-yr. school bonds was awarded
-BONDS PROPOSED. -BOND SALE.
:
2
HENDERSON COUNTY (1 0. Athens), Tex.
to the State Board of Land Commissioners on Oct. 25. Denom. $100.
by this county.
-The issuance of $45,000 levee bonds is being considered
Date Oct. 25 1913. Int. ann. in October.
-BOND OFFERING.HICKMAN COUNTY (P. 0. Clinton), Ky.-BOND OFFERING.
LONG BEACH, Los Angeles County, Cal.
Cresap, Chairman
Proposals will be received until 1 p. m.Feb. 28 by H.M.
Reports state that bids will be received until 5 p. in. Mar. 4 by the City
Commissioners, for $53,750 6% Bullock Dr. Dist. Clerk for $340,000 sewer, $35,000 incinerator and $200,000 water bonds.
Board of Drainage
ann. installments, beginning 2 years after The first two issues were offered but not sold on Dec. 16 (V. 97, p. 1679).
bonds. Int. ann. Due in 10
date.
The latter,issue (3200,000) was voted Sept. 16 (V. 97, P. 905)•
-The
-BONDS VOTED.
-On Jan. 22 the folHIGHLAND PARK, Wayne County, Mich.
-BOND SALE.
LORAIN,
% water-works-const. bonds (V. 98, lowing three Lorain County, Ohio.
issuing the $450,000
question of
issues of 5% coup. refunding bonds, aggregating $67,227 47
to 442.
p. 176) carried at the election held Jan. 24 by a vote of 1,152
(V.97, p. 1922), were awarded to C.E. Denison & Co. of Cleveland:
-Proposals
HORTON, Brown County, Kans.-BOND OFFERING. for $15.- $5,286 83 sewer refunding bonds. Due $1,286 83 Sept. 15 1915 and $1,000
City Clerk,
yearly thereafter.
will be received until 7 p. m. Feb. 20 by B. B. Norris,
Date
bonds. Denom.
00 paving refunding bonds. Due $4,000 Sept. 15 1915 and 1916
20-year coup. tax-free city-hall Certified check for$1,000.
000 5%
$500, payable 44,000
and $4,500 yearly on Sept. 15 from 1917 to 1924 incl.
April 1 1914. Int. F. & A. at Topeka.
17,940 64 river refunding bonds. Due $1,940 64 Sept. 15 1923 and $2,000
to City Treasurer, required.
yearly on Sept. 15 from 1924 to 1931 incl.
-BOND OFFERING.
HOWARD COUNTY (P. 0. Kokomo), Ind. Ryan, County Treas.,
The purchasers are now offering the last two issues to investors.
Bids will be received until 2 p. m. Feb. 2 by Larry
LOVELADY TOWNSHIP (P. 0. Granite Falls), Caldwell County,
for $15,600 road-impt. bonds.
reports state,
-Proposals will be received until Feb. 3
-BOND OFFER- No. Caro.
-BOND OFFERING.
HUNTINGTON BEACH Orange County, Calif. 0.E. Layering, for the $25,000 5% 40
-year road-impt. bonds authorized by a vote of 212
-Proposals will be received until 7 p. m. March 2 by Dec. 30 (V. 98, to 114 at the election held Dec. 2 (V'. 97, p. 1764).
ING.
sewer bonds voted
%
City Clerk, for the $35,000 Date gold
March 2 1914. Int. M. & S. at office
-TEMPORARY LOAN.
-On Jan. 28 the loan of
LOWELL, Mass.
p. 252). Denom. $1,000.
to 1949 incl. $200,000, maturing Nov.2(V.98, p. 322), was negotiated with F.S. MoseMarch 2 from
of City Treas. Due $1,000 yearly on bid for, payable 1915
to President Board ley & Co. of Boston at 3.64% discount plus 31 65 premium. Blake Bros.
Cert. or cashier's check for 5% of bonds
& Co. of Boston bid at 3.69% discount.
of Trustees, required.
16 $15,000
-NO ACTION YET
LOWNDES COUNTY (P. 0. Hayneville), Ala.
HURON, Erie County, Ohio.-BOND7SALE.-On'Jan.& Walter of
-Up to Jan. 23 no date had been set for the election to submit
TAKEN.
bonds were awarded to Mayer, Deppe
5%% Main St. paving
Int. J. & D. to a vote the proposition to issue the $150,000 good-roads bonds (V.
Cincinnati at 101.78. Denom. $500. Date Dec. 1 1913.
bonds take 97, P. 1607).
,
Due $1,500 yearly on Dec. 1 from 1914 to 1923 incl. These
without success
-BOND OFFERING.
-Prothe place of the $20,000 Main St. (assess.) bonds offered
LUCAS COUNTY (P. 0. Toledo), Ohio.
on:Dec. 24 (V. 98, P• 252)•
posals will be received until 10 a. m. Feb. 13 by Chas. J. Sanzenbacher,
road-improvement bonds:
-Proposals
HURON, Beadle County, So. Dak.-BOND OFFERING. filter-plant County Auditor, for the following 5%
$22,000 5% 20-year
$46,500 road bonds. Denom. (1) $500, (46) 31,000. Due $3,500 in
will be received until 8 p. m. Feb. 9 for an election held Jan. 20.
1 year, $4 000 in 2 and 3 years and 35,000 yearly thereafter.
bonds authorized by a vote of 697 to 57 at
$3,500
37,500 road bonds. Denom. (1) 3500, (37) $1,000. Due 9 and in 1
-NOTE OFFERING.-Proposals will be received
IS,Ind.
INDIANAPOL
10 yrs.
year,$4,000 yearly from 2to 8 years incl. and $3,000 in
by J.P.Dunn,City Comptroller,
until 12 m.to-day (Jan. 31). it is reported,
bonds. Denom. (1) 3800, (44) 31,000. Due $4,800 in
44,800 road
for $80,000 notes maturing in 4 months.
year, $5,000 yearly from 2 to 5 years incl. and $4,000 yearly from
-On Jan. 19
SALE.
-BOND
IRONDEQUOIT, Monroe County, N. Y.
6 to 10 years incl.
exceedthe $19,732 12 reg. East Side Boulevard (town's share) bonds at not
31,900 road bonds. Denom. (1) 3900, (31) $1,000. Due $4,900 in 1
year and $3,000 yearly thereafter.
ing 5% Int. (V. 98, p. 252) were awarded, reports state,ito Myron.,W.
1111
Green of Rochester.i
29,500 road bonds. Denom. (1) $500, (29) $1,000.. Due $2,500 in
-Proposals
-BOND OFFERING.
1 year and $3,000 yearly thereafter.
JACKSON, Madison County, Tenn.
City
Date Feb. 24 1914. Int. F. & A. at office of County Treasurer. Certiwill be received until 12 m. Feb. 17, it is-stated, by R. H. Anderson,
fied check (or cash) on a Toledo bank for $1,000 required. Bonds to be
water-works and 325,000 street 5% 20-yr. bonds.
Aud.,for $35,000
must be unconditional.
-BOND OFFERING. delivered and paid for on Feb. 24. All bids
offered for sale on
JACKSON COUNTY(P.O. Gainesboro), Tenn. M. G. Butler, F. A.
In addition to the $90,697 67 5% bridge bonds to bewill
26 by
bonds
also be offered.
-Proposals will be received until 12 m.
coup. road Feb.6(V.98, p. 322), $90,697 67 5% road-impt.
Feb'
3100,000 5%
Kelly or B. L. Quarles, Committee, for the 1840). Cert,30-yr. for 3% of Auth. Sec. 7433. Gen. Code. Denom. (90_) $1,000, (1) $697 67. Date
check
Due in one
bonds voted during December (V. 97, p.
Feb. 16 1914. Int. F.& A. at the County Treasurer's office. A
paid for within 30 days thereafter.
deposit in
bonds required. Bonds must be
months. Bonds will be delivered Feb. 16 1914.
year
- cash and six
--BOND OFFERING.
Athens County, Ohio.
check on a bank in Toledo for $1,000 required. Condior certified
•
JACKSONVILLE,
Clerk of
Proposals will be received until 12 m. Mar. 2 by C. N. Darst, Denom. tional bids will not be considered. Bonds to be delivered and paid for
Council, for $3,520 6% coup. Sixth St. impt. (assess.) bonds. Sept. 1 Feb. 16.
S. Due $352 yearly on
-On Jan. 27 the
-BOND SALE.
$352. Date Mar. 1 1914. Int. M. & an Athens County bank for $350,
MADISON, Madison County, N. Y.
from 1915 to 1924 incl. Cert. check on
$14,500 19-yr. (ay.) reg. water-works-system-constr. bonds (V. 08, p. 322,
to Village of Jacksonville, required.• Bids must be unconditional. were awarded as 4.85s as follows: $14,000 to the First Nat. Bank of Orispayable
-BOND ELECTION PRO- kany Falls and $500 to the Madison Cemetery Association. Other bids
P JASPER COUNTY (P. 0. Newton), Iowa.
be
-The Auditor advises us that a petition willwillfiled shortly asking were:
POSED.
Int. Rate.
Int. Rate.
for a $40,000 bond issue for a County hospital, and in probably be voted
November.
Adams & Co., New York_ _*4.80%1Madison Co. Trust & Deposit 5%
on either at the spring primary or the general election
Co.. Oneida
-Pro- Isaac W. Sherrill, Poughlekile 5%
JAY COUNTY (P. 0. Portland), Ind.-BONDT OFFERING.Rapp,
by John B.
posals will be received until 10 a. m.Feb. 2,it is reported,road-impt. bonds.
*No certified check was accompanied with this bid, as required.
County Treasurer, for $11,400 and 34,000 4%% 10-year
MANSFIELD SCHOOL DISTRICT (P. 0. Mansfield), Richland
-BOND SALE.(P. 0. Steubenville), Ohio.
JEFFERSON COUNTY
-The election to vote on the question
-BOND ELECTION.
Run free turn-pike bonds County, Ohio.
On Jan. 24 the $35,000 5% coupon Croxton s Western German Bank of of issuing the $120.000 school bonds (V. 98, p. 176) will be held Feb. 9,
(V. 98, p. 86) wore awarded, it is stated, to the
it is stated.
and interest.
Cincinnati for 535,900(102.571)
-Pro-BOND OFFERING.
MARION COUNTY (P. 0. Ocala), Fla.
-Proposals will be received posals will be received until Feb. 19 by J. II. Brinson, Supt. of Public InKANSAS CITY, Mo.-LOAN OFFERING.
Secy. of Board struction, for $12,000 5% 20
-year Dunnellon Special Tax School District
until 2 p.m. Feb. 16, reports state, by Thos. C. Harrington,
Park Dist. cer- building bonds. Denomination $1,000.
of Park Commrs., for $111,659 6% 1-20-year (serial) East
-Reports state that a
tificates. Certified check for $30.000 required.
-TEMPORARY LOAN.
MARLBORO, Mass.
maturing Oct. 0 1914 was recently
-BOND
KAUFMAN COUNTY (P. 0. Kaufman), Tex. to voteELECTION.- loan of $20,000 dated Jan. 29 1914 andSays. Bank of Fitchburg at 3.76%
on the propo- negotiated with the Worcester North
that an election will be held Feb. 24
Reports state
discount, plus 25c. premium.
sition to issue $300,000 bonds for roads in Terrell and Forney Districts.
-BONDS TO BE PURMARSHALL, Harrison County, Texas.
KAUFMAN COUNTY LEVEE DISTRICT NO. 1 (P. 0. Kaufman), CHASED BY CITY.
advises us that the $7,000 5%
-The City
-This district proposes to issue $86,000 levee 10 -year (opt.) Craven Park Secretary
-BONDS PROPOSED.
Tex.
improvement bonds voted on Nov. 20
-40
improvement bonds.




JAN. 31 1914.]

THE CHRONICLE

(V. 97, p. 1607) will be purchased by the city. Denom. $1,000. Date
.an. 1 1914. Interest J. & J.
MARSHALL COUNTY (P. 0. Madill), Okla.
-The
-BOND SALE.
Co. Clerk advises us under date of Jan. 26 that the $75,000 court
-house
bonds voted during October (V. 97, P• 1764) have been contracted for.
MASON CITY, Cerro Gordo County Iowa.
-The
-BOND SALE.
City Treas. advises us that the $20,000 5%'10-yr. coup. tax-free refunding
bonds offered at popular subscription in November (V. 97, P. 1607) have
been disposed of.
MASSACHUSETTS.
-BOND OFFERING.
-Proposals will be received
until 12 m. Feb. 10 by Frederich W.Mansfield, Treas. and Rec.-Gerieral,
at Boston for the following 4% gold reg. bonds, aggregating $6,325,000:
$739,500 armory bonds. Due $26,000 yearly on Sept. 1 from 1914 to
1926 incl., $24,000 yearl on Sept. 1 from 1927 to 1942 incl. and
1943y
$17,500 on Sept. 1
40,000 Charles River Basin bonds. Due $1,000 yearly on Jan. 1 from
1915 to 1954 inclusive.
3,000,000 development of Port of Boston. Duo $75,000 yearly on Aug. 1
from 1914 to 1953 inclusive.
17,500 Metropolitan park bonds. Due $1,000 yearly on Jan. 1 from
1915 to 1929 inclusive and $500 yearly on Jan. 1 from 1930 to
1934 inclusive.
200.000 Metropolitan Parks, Series 2, bonds. Due $5,000 yearly on
Jan. 1 from 1915 to 1954 inclusive.
258,000 Metropolitan water loan bonds. Due $7,000 Yearly on Jan. 1
from 1915 to 1948 incl. and $5,000 yearly bn Jan. 1 from 1949
to 1952 inclusive.
200,000 prison and hospital bonds. Due $40,000 yearly on Nov. 1 from
1914 to 1918 inclusive.
300,000 soldier's gratuity bonds. Due $31,000 yearly on Aug. 1 from
1914 to 19i6l_nehisive and $33,000 yearly on Aug. 1 from 1917
to 1922 inclts-tve
1,070,000 State highway °owls.. Due $77,500 yearly on Oct. 1 from 1914
to 1923 incl. and s:19.000 yearly on Oct. 1 from 1924 to 1928 incl.
500,000 State house constructton bids. Due $25,000 yearly on Oct. 1
from 1911 to 1933 incl.
Certified check for 2% of bid, drawn on a national bank or trust company doing business in Massachusetts or New York City, and made payable
to the Treasurer and Receiver-General. required. The bonds are taxexempt in Massarhusetts. The purchaser will be furnished a copy of the
opinion of the ik ttorney-General affirming the legality of the issue.
MATAGORDA COUNTY (P. 0. Bay City), Texas.
-WARRANT
SALE.
-On Dec. 29 an issue of $60,000 6% 1-10-year (set'.) refunding
warrants was awarded to the Commonwealth Trust Co. of Houston at 96.
Denom. $1.000. Interest annual.
MELROSE, Middlesex County, Mass.
-TEMPORARY LOAN.
-On
San. 28 a loan of $30,000, due Oct. 19 1914, was negotiated with R. L. Day
& Co. of Boston at 3.54% discount. Other bids were:
Loring Tolman & Tupper, Boston-3.58% discount and 25 cts. premium.
Blake bros. & Co., Boston-3.58% discount.
Curtis & Sanger, Boston-3.59% discount.
Estabrook & Co., Boston-3.613% discount.
Worcester North Sav. Institution-3.74% discount and 25 cts. premium.
-BOND ELECTION.
-An
MILAN COUNTY (P. 0. Cameron), Tex.
election will be held February 21, it is stated, to submit to a vote the question of issuing $100,000 Road District No. 6 bonds.
-CERTIFICATE OFFERING.
-Proposals will
MINNEAPOLIS, Minn.
be received until 2 p. m. Feb. 10 by the Committee on Ways and Means
special certificates of indebtedness at
of the City Council for $141,830 85
not exceeding 5% interest. These certificates consist of ten separate
issues as follows: $7,374, $6,107, $89,781 85, $4,379, $2,861; $2,201,
$12,377, $6,461, $4,552 and $5,737. Date Mar. 2 1914. Int. annual.
Due one-twentieth of each issue yrly. Mar.2 from 1915 to 1934 incl. Cert.
chock for 2% of certificates bid for, payable to C. A. Bloomquist, City
Treas., required. No bid will be entertained for any of these certificates
for a sum less than the par value of the same and accrued interest to date
of delivery. Dan. C. Brown is City Comptroller.
The official notice of this certificate offering will be found among the advertisements elsewhere in th* Department.
MINNEOTA, Minn.
-BOND OFFERIN0.-Proposals will be received
until Feb. 2 by S. B. Erickson, Village Clerk, for $1,200 5% 5-year park
bonds. Certified check for 5% required.
MOLINE, Rock Island County, Ill.
-BOND ELECTION PROPOSED.
-Local papers state that the proposition to issue $34,000 fire-dept. bonds
will probably be submitted at the next city election in April.
-PURCHASER OF
MONROE COUNTY (P. 0. Bloomington), Ind.
BONDS.
-The $4,150 434% 6%-year highway-impt. bonds sold on Jan. 19
for $4,155 (100.120) and int. (V. 98, p 223) were awarded to Meyer-Kiser
Bank of Indianapolis and not to the Citizens' Loan & Trust Co. of Bloomington, as first reported.
MONTGOMERY COUNTY (P. 0. Conroe), Texas.
-BONDS DE--The proposition to issue the Willis Precinct road bonds (V. 98,
FEATED.
p. 253) was defeated at the election held Jan. 20 by a vote of 152 "for"
to 97 'against.' A two-thirds majority was necessary to authorize. -BOND ELECTION.
-An election
MORO, Sherman County, Ore.
will be held Apr. 6 to decide whether or not $10,000 6% refunding bonds
shall be issued.
MT. PLEASANT UNION FREE SCHOOL DISTRICT NO. 9 (P. 0.
-BOND SALE.
-On Jan. 28
Pleasantville), Westchester County, N. Y.
an issue of $4,600 5% school-site-purchase bonds was awarded to Spitzer,
Rorick & Co. of N. Y. City at 102.57. Denom. (4) $1,000, (1) $600.
Date Mar. 11914. Int. M.& S. Due part on Mar. 1 from 1924 to 1928
incl. The Mt. Pleasant Bank of Pleasantville bid par.
-BONDS NOT YET SOLD.
MULLINS, Marion County, So. Caro.
-40-year (opt.) coup. water
No sale has yet been made of the $60.000 5% 20
and sewerage bonds offered without success in Oct.(V. 97, P• 1765)•
-BONDS PROPOSED.
-According
NAPA COUNTY (P. 0. Napa), Cal.
to local newspaper reports, this county is contemplating the issuance of
$125,000 road and bridge bonds.
NEEDLES SCHOOL DISTRICT (P. 0. Needles), San Bernardino
-BONDS DEFEATED.
-The question of issuing $33,000
County, Calif.
bonds was defeated at an election held Jan. 20.
NELSON COUNTY (P. 0. Lovin_gston , Va.-BOND OFFERING.Proposals will be received until 12 m. Fob. 7 (not Feb. 17, as first reported)
by E. L. Kidd, Clerk Bd. of Superv., for $35,000 5% coup. Massies Mill
Magisterial District road impt. bonds (V. 98, p. 323 . Denom. $1,000.
Date April 1 1914. Int. A.& 0.at office of County Treasurer. Due $10,000 April 1 1924 and $5,000 on April 11929, 1934, 1939, 1944 and 1948.
Cert. check for 2% of bonds bid for, payable to Co. Treas., required. Purchaser to pay accrued int. Bonds to be delivered on Mar. 7, unless a
subsequent date is mutually agreed upon. These bonds will be certified
as to genuineness by the U. S. Mtge. & Tr. Co. of N. Y. These bonds
were offered without success on June 7(V.97, p.468 .
-BONDS PURCHASED BY STATE.
NEW JERSEY.
-The following
bonds were purchased during 1913 at par by the Trustees for the support
of public schools. All bonds were bought direct from places issuing same.
Date of
Date of
Int.
MaPlace Issuing Bonds. Amt. Purpose. Bonds.
Sale.
Rate. turity.
Audubon (B.)
$3,200 School Nov. 1 1012 May 27 1913 4)4% 1921-1926
Beach Haven (BO
1914-1942
15,000 do May 1 1913 Jan. 21 1913 5%
Dennis Township
1914-1921
3,800 do Nov. 1 1913 Oct. 7 1913 5%
Ewing Township
1918-1940
22,000 do Dec. 1 1913 Nov. 25 1013 5%
Freehold (T.)
18,000 Water June 18 1913 Apr1115 1913 4)4% 1915-1032
1925-1943
IIaddon Heights (B.)_24,000 School Oct. 16 1913 Oct. 7 1913 6%
8,500 do
Haledon (B.)
Oct. 7 1013 5%
()
5
4,000 do Mar. 1 1913 Feb. 18 1913 434% 1926-1929
Highland Park
,
6,000 do July 1 1013 May 20 1913 4)4% 1914-1937
National Park
Northfield (C.)
17,300 do Aug. 1 1913 Oct. 7 1913 5%
1914-1931
500 do
Pequannock Twp
Nov. 18 1913 5%
()
5
36,000 do May 19 1913 July 14 1913 5%
Roosevelt (B.)
1915-1932
29,000 do May 19 1913 Oct. 7 1913 5%
do
1933-1943
25,000 do Mar. 6 1913 Jan. 211013 4)4% 1934-1952
Salem (C.)
21,500 do Jan. 1 1913 Nov. 18 1913 5%
1943
Sea Isle City
6%
Woodland Township.- 5,500 do
()
5
10,500 do June 30 1913 Oct. 7 1913 5%
1919-1940
Woodlynne (B.)
(B) Borough (T) Town; (C) City. * Bonds not yet delivered.




409

NEW BEDFORD, Mass.
-BOND SALE.
-On Jan. 27 the three issues
of 4% registered bonds, aggregating $544,000(V. 98, p. 323), were awarded
to N.W.Harris & Co.,Inc., of Boston at 102.159 and int. Other bids were:
Adams & Co.and 'Boston _102.04 Perry, Coffin & Burr, BosBlake Bros. & Co.j
ton
101.64
Curtis & Sanger, Boston_ _ _ _102.03 Estabrook & Co. 'Boston _ _101.33
Blodget & Co., Boston
101.782 and R.L.Day&Co_f
NEW ENGLAND, Hettinger County, No. Dak.-BOND ELECTION
PROPOSED.
-This village is contemplating calling an election to submit to
a vote the proposition to issue $7,000 water-works-construction bonds.
NEW KENSINGTON, Westmoreland County, Pa.
-DESCRIPTION
OF BONDS.
-The $100,000
% tax-free street and sewer impt. bonds
awarded on Jan. 20 to the Colonial Trust Co. of Pittsburgh at 103.153
(V. 98, p. 323) are in the denom. of $1,000 and dated Sept. 1 1913. Int.
M. & S. at the Boro. Treas. office. Due $20,000 Sept. 1 1923, $30,000
Sept. 1 1933 and $50,000 Sept. 1 1943.
NEW PHILADELPHIA, Tuscarawas County, Ohio.
-BOND SALE.
-The $38,940 65 5% sewer (assess). bonds offered on Jan. 24 (V. 98, 1:
1•
87) have been sold to Well, Roth & Co. of Cincinnati, it is stated, for
$39,384 65 (101.141) and interest.
NEW ROCKAWAY SCHOOL DISTRICT (P. 0. Rockaway), Morris County, N. J.
-NO ACTION YET TAKEN.
-The Clerk Bd. of Ed.
advises us that no action has been taken looking towards the offering of
the $30,000 school bldg. bonds recently voted by this district.
NODAWAY COUNTY (P. 0. Maryville), Mo.-BOND OFFERING.
Proposals will be received until 10 a. m. Feb. 16 by Geo. W. Demott,
County Clerk, for $50,000 Polk Twp. road bonds voted Aug. 14 (V. 97, p.
546). Denom. $500. Date Mar. 1 1914. Int. (not to exceed 6%)semiann.at County Treas. office. Due on Mar. 1 as follows: $5,000 in 1915 and
1916; $6,000 1917, 1918 and 1919; $3,000 1920, 1921, 1922 and 1924;
$4,000 1923 and 1925 and $2,000 1926. Bonds due 1920 to 1926 subject
to call after 5 years from date on 60 days' notice. Cert. check for $5,000
required. Delivery one-half of issue Mar. 1 1914 and the remaining half
July 11914.
NORTHAMPTON, Mass.
-TEMPORARY LOAN.
-On Jan. 27 the
loan of $80,000 dated Jan. 23 1914 and maturing Oct. 23 1914 was negotiated with Blake Bros. & Co. of Boston at 3.70% int., plus $1 premium.
Other bidders were*
Curtis & Sanger, Boston
3.83%
Loring, Tolman & Tupper, Boston
3.85%
NORTH LIMA SCHOOL DISTRICT (P. 0. North Lima), Mahoning
-BONDS VOTED.
-By a vote of 123 to 23 the question
County, Ohio.
of issuing $26,000 5% building bonds carried at the election held Jan. 14.
Due $500 yearly from 1918 to 1925 incl. $1,000 yearly from 1926 to 1935
incl. and $1,500 yearly from 1936 to'
1943 incl. These bonds will be
offered for sale about March 15.
NIECES COUNTY (P. 0.'Corpus Christi), Texas.
-BOND ELECTION.
-The election to vote on the proposition to issue the $165,000
causeway-construction bonds (V. 97, p. 1923) will be held Feb. 21.
1
BOND SALE.
-On Jan. 20 the $250,000 59 10-40-year (opt.) courthouse and jail constr. bonds voted July 19 1913(V.97, p. 681) were awarded,
it is stated, to Wm.R. Compton Co.of St. Louis at par and int.
OIL CITY, Venango County, Pa.
-BOND SALE.
-On Jan. 17 an
issue of $40,000 permanent-impt. bonds was awarded to Gordon & Co. of
Pittsburgh.
OKLAHOMA.
-Bonds Awarded in Part.
-Of the $2,907,000 434% fund"!
ing bonds authorized to pay off outstanding warrants, $596,000 were still
in the hands of the State Treasurer on Jan. 23. The rest of the issue was
exchanged Oct. 1 for 6% warrants. V. 98, p. 87.
OMAHA, Neb.-BOND OFFERING.
-Proposals will be received until
3 p. m. Feb. 16 by Thos. J. Flynn, City Clerk, for the following 434%
coupon bonds:
$100,000 intersection bonds. Denom. $1,000. Int. M. & S. Due in
20 years.
100,000 sewer bonds. Denom. $1,000. Int. M.& S. Duo in 20 years.
161,500 street-impt. (assess.) bonds. Denom. $500. Int. ann. Due
$6,000 in 1915, $11,500 1916, $12,500 1917, $13,000 1918, $11,5001919,$16,500 1920 and 1921,$16,000 1922 and $58,000 in '23.
Date Mar. 2 1914. Int. payable at fiscal agency of State of Neb. in
Lincoln. Cert. or Cashier's check on a national bank for $5,00 , payable
9
to "City of Omaha, required. Bids must be for "all or none.
Official
circular states that there is no litigation threatened or pending affecting
the legality of these issues and that no default in the payment of principal
or interest of any bonds issued by the City of Omaha has ever been made.
OSAWATOMIE, Miami County, Kans.-BOND SALE.
-On Jan. 20
$15,500 5% street
-improvement bonds (V. 98, p. 87) were awarded to
John A. Prescott & Co. of Kansas City at par, int. and blank bonds.
Denom. (20) $500, (10) 3550. Date Feb. 1 1914. Int. F. & A. Due
one-nineteenth yearly beginning Feb. 1 1915.
OSTRANDER SCHOOL DISTRICT (P. 0. Ostrander), Delaware
County, Ohio.
-BOND ELECTION.
-Local newspaper reports state that
an election will be held Feb. 17 to vote on the proposition to issue $15,000
'building bonds.
PALO ALTO, Santa Clara County, Calif.
-BOND ELECTION PRO-Reports state that an election will be held in the near future
POSED.
to submit to a vote the question of issuing $100,000 street-impt. bonds.
PASADENA SCHOOL DISTRICT (P. 0. Pasadena Los Angeles
-The question of issuing the $125.-BONDS DEFEATED.
County, Cal.
000 school bonds(V. 97, 1/• 1923) was defeated at the election held Jan. 16.
The vote is reported as 3,200 "for" to 1,632 against -a two-thirds
majority being necessary.
-BOND OFFERING.
PASSAGRILLE, Pinellas County, Fla.
-This
town is offering for sale the $3,000 water-works, $2,500 electric-light,
$1,000 street-crossings, $3,500 sea-wall and $1,000 street and alley impt
6% 30-yr. bonds voted Dec. 1 (V. 97, p. 1679). Denom. $1,000. Date
Jan. 24 1914. Int. J. & J. James Henry is Town Clerk.
PEARL RIVER COUNTY INDUSTRIAL CONSOLIDATED
SCHOOL DISTRICT, Miss.
-BOND OFFERING.
-This district is offerng for sale $5,0006% school-construction bonds(V. 97, p. 1923). Denom$500. Date Feb. 2 1914. Interest annual. Due $500 yearly from 2 to 11
years, inclusive. H. K. Ranso is Chancery Clerk.
PENDLETON, Umatilla County, Ore.
-BOND SALE.
-On Jan. 14
$6,939 60 6% 1-10-year (opt.) improvement bonds were awarded to the
Warren Construction Co. of Portland at par and int. Denom. $500.
Date Feb. 1 1914. Int. F.& A.
-BOND OFFERING.
PERRY, Dallas County, Iowa.
-Adrian Cross,
City Clerk, will offer for sale at public auction at 8 p. m.Feb. 2 the $35,000
10-20-yr. (opt.) municipal water-works-system-erection bonds voted Jan. 7
.
(V. 98, p. 253) Date Feb. 1 1914;
PIERPONT, Day County, So. Dak.-BOND SALE.
-On Jan. 27 the
$8,000 coup. refunding bonds (V. 98, p. 324) were awarded to the Security
Says. Bank & Trust Co. of Toledo at 1()0.9375 for Bs. Other bidders were:
J. R.Su therlin & Co.,Kan.C_ 38,0501Spitzer, Rorick & Co.,Toledo_$8,000
-BOND OFFERING.-Profosals
PITTSFORD, Monroe County, N. Y.
will be received until 4 p. m.Feb.9 by Henry Stalter, Vil. Prest.,for 5,000
ec
reg. paving bonds at not exceeding 5% int. Denom.$1,000. Date eb. 16
1914. Int. ann. on Sept. 1 at some banking house in Rochester. Due
$1,000 yearly on Sept. 1 from 1916 to 1920 incl. Cert. check for $200.
payable to above
Prest., required. These bonds are part of an issue
Vil.
of $10,000 authorized by a vote of 167 to 5 at an election held Jan. 19.
PLEASANT TOWNSHIP, Grant County, Ind.
-BOND OFFERING.
-proposals will be received until 2 p.
Feb. 18 by Nelson L. Shockey,
Twp. Trustee (care Farmers' State Bank, gweetser), for $30.000 5% school
bonds. Denom. $1,000. Date Feb. 18 1914. Int. F.& A. Due 91,000
each six months from Aug 18 1914 to Feb. 18 1929 incl. A cert. check for
$1,000, payable to Twp.'trustees, will be required of purchaser.
PORTLAND, Ore.
-BOND SALE.
-On Jan. 20 $444,362 13 6%
10
-year improvement bonds were disposed of, reports state, at prices ranging
from 102.56 to 103.681.
PORT OF ASTORIA (P. 0. Astoria), Clatsop County, Ore.
DESCRIPTION OF BONDS.
-The $400,000 (of an issue of $800,000) 5%
gold municipal harbor bonds,the sale of which was reported in V.98, p. 254,
are in the denom. of 91,000 and dated Jan. 1 1914. Int. J. & J. at the Oregon State fiscal agency in N. Y. City. Due on Jan. 1 as follows: $75,000
1924 and 1929; $100,000 1944;$75,000 1934 and 1939. Total indebtedness

•

410

THE CHRONICLE

(including the bonds referred to above), $400,000. Assessed val. 1913
(same as Clatsop County), $19,961,382; est. real val., $50,000,000. These
bonds are now being offered to investors by the Union Trust Co. of Detroit.
See advertisement on a preceding page.
PORT OF SEATTLE, Wash.
-BOND SALES.
--During the year
ending Dec. 31 1913 the Port of Seattle sold $2,382,000 bonds. The
majority of the sales was reported in these columns at various times during
the year and the following statement of the bonds issued is printed merely
as a matter of record.
Date of
Price
Int.
Date of
Purpose.
Amount.
Bonds.
Rate. Paid.
Sale.
Purchased by Well, Roth & Co. et al.93.53
$500,000 East Waterway Project_ _Jan. 1 '13 Jan. 4'13 4%
93.53
150,000 Central Waterfront Proj_Jan. 1'13 Jan. 4'13 4%
Jan. 1'13 Jan. 4'13 43.5 0 93.53
350,000 Salmon Bay Impt
By Provident Savings Bank & Trust Co.
$150.000 East Waterway Project_May 1 '13 April 17'13 4%% 92
By J. T. Heffernan
100
$440,000 East Waterway Terminal Sept. 1 '13 Sept. 5'13 5%
By State of Washington
98
May 1'13 Sept. 11'13 434
$44,000 Smith's Cove Impt
98
_ May 1 '13 Sept.11 '13 4%
29.000 East Waterway
98
fmpt_22,000 Central Waterfront Impt•July 1 '13 Sept. 11 '13 43
17,000 Lake Washington Impt_July 1 '13 Sept. 11'13 43
98
By Chapman. Mills & Co. et al.
May 1 '13 Oct. 2'13 4%7 90
$198 000 Smith's Cove Impt
90
133,000 Lake Washington Impt _ _July 1 '13 Oct. 2'13 43
178,000 Central Waterfront Impt.July 1 '13 Oct. 2'13 43 0 90
171,000 East Waterway ImptMay 1 '13 Oct. 2'13 435 90
In addition to the above the following $1,400,000 bonds were recently
sold to N. W. Halsey & Co. of Chicago:
$560,000 East Waterway No. 2 Improvement, dated Sept. 11913.
40.000 East Waterway No.2 Improvement, dated Jan. 1 1914.
200,000 West Seattle Ferry, dated Jan. 1 1914.
400,000 Smith's Cove Improvement, dated Jan. 1 1914.
200,000 Central Water Front Improvement, dated Jan. 11914.
The West Seattle Ferry and East Waterway No. 2 bonds are 5s; the
Central Water Front and Smith's Cove are 4%s.
The $10,000 East Waterway No. 2 bonds were sold January 22 1914,
the remaining $1,360,000 were sold January 7, 1914.
Interest is to tie paid semi-annually, J. & J. 1 on the January bonds,
and M.& S. 1 on the September bonds.
-BOND OFFERING.
-Earl
PRINCETON, Gibson County, Ind.
Miler, City Clerk, will receive bids until Feb. 2, it is stated, for $15,000
% 10-year bonds.
-E. H. Rollins & Sons of Denver
-BOND SALE.
PUEBLO, Colo.
and N. S. Walpole of Pueblo were awarded on Dec. 4 $202,000 5% 10-15year (opt.) refunding bonds at par. Denom. $1,000. Date Jan. 2 1914.
Interest J. & J.
PUTNAM COUNTY (P. 0. Greencastle), Ind.
-BOND OFFERING.
Reports state that proposals will be received until 12 m. Feb. 2 by H. H.
Runyan, County Treasurer, for $10,020, $12,880 and $11,800 43% 10
year road-improvement bonds.
RADCLIFFE INDEPENDENT SCHOOL DISTRICT (P. 0. Rad-BOND SALE PENDING.
cliffe), Hardin County, Iowa.
-The Sec.
School Board advises us under date of Jan. 26 that Chesley, Parsons & Co
of Des Moines have agreed to take the $23,000 coup. bldg. bonds as 5s,
subject to the approval of their counsel as to the legality of the issue. .
REEVES COUNTY (P. 0. Pecos), Tex.
-BONDS VOTED.
-The question of issuing the $100,000 Road District No. 1 road bonds (V. 97, p. 1923)
carried, it is stated, at the election held Jan. 24 by a vote of 215 to 67.
RHINELANDER, Oneida County, Wis.-BOND OFFERING.
-Proposals will be received until 2 p. m. Feb. 16 by Gust. Swedberg, City Clerk,
for $26,000 5% coup. tax-free-school bonds. Auth. Sec. 925-133 Rev.
Stat. 1898, as amended. Denom. $1,000. Date Mar. 1 1914. Int.
M. & S. at the Continental & Commercial Trust & Say. Bank, Chicago.
Due $2,000 1918 and 1919.$6.000 1920 and 1921 and $5,000 1922 and 1923.
Cert. check for $500, payable to the City Treas., required.
-BOND ISSUE OVER-SUBSCRIBED.
RHODE ISLAND.
-An issue
of $300,000 4% "Metropolitan Park Loan" gold coupon tax-free bonds
was opened to popular subscription at par last Saturday (Jan. 24) by
General Treasurer Walter A. Read. The bonds were quickly over-subscribed. the applications totaling $1,201,000. Adcording to the figures
given out by Mr. Read Jan. 28, there were 166 bids of 31,000 each, 164 for
$2,000 17 for $3,000, four for $4,000, eight for $5,000 and 8 in amounts
exceeding $10,000. One bid was for the entire issue of $300,000. No
bidder will receive more than $2,000 worth of the issue. The bonds are
dated Feb. 1 1914 and due Feb. 1 1964. Denom. $1,000. Interest
Feb. 1 and Aug. 1.
-BID REJECTED.
RICHMOND, Contra Costa County, Cal.
-The
only bid received for the $300,000 5% harbor bonds offered on Jan. 12
(V. 97, ]p. 1923) was $300.011 submitted by Farson, Son & Co. of Chicago.
This offer was rejected.
-Reports state that an election
ROANOKE, Va.-BOND ELECTION.
will be held March 3 to decide whether or not this city shall issue $150,000
city-hall building bonds.
-NOTE OFFERING.
ROCHESTER, N. Y.
-Proposals will be received
until 2 p. m. Feb. 2 by E.S. Osborne, City Comptroller, for $430,000 revenue notes, payable four months from Feb. 5 1914. They will be drawn
with interest and made payable at the Union Trust Co. of N. Y. Bidder
to designate rate of interest, denomination of notes desired and to whom
(not bearer) notes shall be made payable.
ROCKY MOUNT, Edgecombe County, No. Caro.
-PRICE PAID
-The price paid for the five isues of 5% 40-year bonds, agFOR BONDS.
gregating $200,000, awarded on Jan. 15 to Field, Longstreth& Richards of
Cin. (V. 98, p. 325) was par and int. and not 99, less $100 for engraving
bonds, as first reported. Denom. $500 and $1,000. Date July 1 1913.
Interest J. & J.
ROSEAU COUNTY (P. 0. Roseau), Minn.
-BOND OFFERING.
According to reports, proposals will be received until 10 a. m. Feb. 7 by
S. G. Bertilrud, Co. Aud., for $22,000 5,% % 20-yr. funding bonds. Int.
Cert. check for 2% required.
ann.
ROUND ROCK SCHOOL DISTRICT (P.O. Round Rock), William-BOND SALE.
-According to local newspaper reports,
son County, Tex.
this district has disposed of an issue of $29,000 bldg. bonds.
ROWAN SCHOOL DISTRICT (P. 0. Rowan), Wright County,
-We are advised by the Secretary of Board of Edu-BOND SALE.
Iowa.
cation that the $25,000 building bonds voted on Dec. 30 (V. 98, P. 254)
have been sold.
-BONDS NOT SOLD.
RUSSELL,Lucas County,Iowa.
-Up to Jan.26
-10
no sale had been made of the $5,000 5% 5 -year (opt.) coup. transmissionline-construction bonds offered in December (V. 97, p. 1766).
SAC CITY INDEPENDENT SCHOOL DISTRICT (P. 0. Sac City),
-The $10,000 5% 5
-BOND SALE.
Sac County, Iowa.
-10-year (opt.)
institute ground purchase and bldg. bonds voted Nov. 28 (V. 97. p. 1766)
were sold to local parties on Dec. 1 at par. Denom. $1,000. Date Dec. 1
take the place of the $10,000 issue sold
1913. Int. J. & D. These bonds
in September. but subsequently declared illegal because of an error in holding election.
ST.BERNARD PARISH (P.O. St. Bernard', La.
-BOND ELECTION
RESCINDED.
-The election which was to have taken place on Jan. 20
to submit to a vote the question of issuing not morethan $100,000 5%
court-house
(y.r . 1370) was called off because of an inforcf s vie .
p
mality
-BOND SALE.
ST. JOHN'S, Multnomah County, Ore.
-On Jan. 20
the three issues of 6% 1-10-yr. (opt.) coup. impt. bonds, aggregating
39.413 94 (V. 98, p. 178) were awarded to the Peninsula Nat. Bank of
St. John's at par and int. The Hanchett Bond Co. of Chicago bid $9,426 94.
ST. JOSEPH COUNTY(P.O. South Bend),Ind.
-BOND OFFERING
-According to reports, proposals will be received until 11 a. m. Feb. 6
% 10-yr. highway-impt.
by Fred. W. Martin, Co. Treas., for $26,900
bonds.
-TEMPORARY LOAN.
-Newspaper dispatches state
SALEM, Mass.
that on Jan. 30 the City Treasurer awarded $100,000 8%-months' notes to
Blake Bros. & Co. at 3.48% discount, plus 31 10 premium. The other
bidders were: Curtis & Sanger, 3.49% discount plus $1 premium; F. S.
Moseley & Co., 3.51% discount plus 65e. premium; Estabrook & Co.,




[VOL. xcvm.

3.51% discount: Loring, Tolman & Tupper, 3.53% discount; Bond & Goodwin, 3.59% discount ,and the Merchants' National Bank of Salem, 3.61%
discount.
-BOND SALE.
SALEM, Marion County, Ore.
-On Jan. 5 an issue
0
of $17,465 79 67 1-10-yr. (opt.) street-impt. bonds was awarded to Ladd
& Bush of Portland at 101.56. Denom. $500. Date Jan. 1 1914. Int.
J. & J.
-BOND ELECTION.
SALT LAKE CITY. Utah.
-An election will be
held Feb. 18 to submit to a vote the questions of issuing $525,000 waterworks-impt. and $375,000 sewer-impt. 20-year bonds, at not exceeding
5%, payable semi-annually.
BONDS TO BE OFFERED SHORTLY.
-We are advised that this city
will advertise for bids about Mar. 1 for $797,000 5% bonds issued to refund
a like amount of permanent-improvement and general corporate purpose
bonds maturing May 1.
SANDERS COUNTY SCHOOL DISTRICT NO. 70 (P. 0. Niarada),
-An issue of 81.0006% 10-15-yr. (opt.) bldg. bonds
Mont.
-BOND SALE.
was awarded to the State Land Board of Montana on Dec. 13 at par.
Denom.$100. Date Jan. 1 1914. Int. ann. There were no other bidders
-BOND OFFERING.
SAN DIEGO, Calif.
-Proposals will be received
until 11 a. m. Feb. 9 by Allen H. Wright, City Clerk, for $275,000
%
gold municipal water-development bonds. Denom. (240) $1,000, (40)
$875. Date Jan. 1 1914. Int. J. & J. in San Diego or N. Y. Due $6,875
yearly on Jan. 1 from 1915 to 1954 incl. Cert. check for 1% of bid, payable to City Clerk, required. Official circular states that there has never
been any default in the payment of the city's obligations and no litigation
as to legality of city to issue any of above-mentioned bonds.
-On Jan. 28 the
-BOND SALE.
SANDUSKY, Erie County, Ohio.
-paving (city's portion) bonds (V. 98, p.
32,500 4% 5%-year Jackson St.
254) were awarded to the American Banidng & Tr. Co. of Sandusky at
par and int.
-BOND SALES.
SAN FRANCISCO, Calif.
-On Jan. 19 the two issues
of 5% gold coup. tax-free bonds, aggregating $1,191,500 (V. 98, p. 254),
were awarded to the Harris Trust & Say. Bank of Chicago for $1,201.985 20
-a basis of about 4.93%. Other bids are reported
(100.88) and interest
as follows. Bond & Goodwin, 100.27, netting 4.98; Anglo & London
Paris Nat. Bank, for the city-hall bonds only, 100.038, netting 4.995:
Merchants' Loan & Trust Co. of Chicago, for the city-hall bonds only,
99.057; Mutual Savings & Loan Co. of San Francisco, for $10,000 of the
street-railway bonds, 100.1.
Local papers dated Jan. 21 state that the entire 3653,000 5% municipalrailway bonds offered "over the counter," to net the purchaser 4.90%
int.(V. 98, p. 254). have now been disposed of.
-NO BOND ELECTION.
SANTA MONICA,Los Angeles County, Cal.
-The City Clerk advises us that there is no truth in the reports stating
that this city will hold an election to vote on the issuance of 360.000 municipal-auditorium-constr. bonds (V. 97, P. 1448).
-Local papers state that on
SEATTLE, Wash.
-BOND ELECTION.
Jan. 21 the City Council passed the ordinance providing for an election
Mar. 3 to vote on the proposition to issue $1,830,000 bridge-constr. bonds.
-BOND OFFERING.
SEVIER COUNTY (P. 0. Sevierville), Tenn.
Proposals will be received at any time by H. D. Bailey, Chairman of Co.
59 20-yr. road bonds offered without success on
1
Court, for the $185,000
Dec. 1 (V. 97, p. 1680)•
SHEBOYGAN FALLS, Sheboygan County, Wis.-BOND ELEC-The question of issuing the $40000 water-works and
TION PROPOSED.
sewerage-system bonds (V. 98, p. 255) will be submitted to a vote in the
near future.
SHEFFIELD SCHOOL DISTRICT (P. 0. Sheffield), Franklin
-BOND OFFERING.
County, Iowa.
-It is reported that D. E. Runton,
Secretary Board of Directors, will receive bids until 2 p. m. Feb. 2 for
-year (aver.) school bonds. Cert. check for $500 required.
$35,000 9
-BONDS
SOUTH SAN JOAQUIN IRRIGATION DISTRICT, Cal.
-On Jan. 17 $50,000 of the $790,000 5% reservoir-.
AWARDED IN PART.
constr. bonds were awarded to E. H.Zion at 90. R.T. Melton of Stockton
took a small amount at the same figure. Denom. $500. Date Jan. 17
1914. Int. J. & J. Due serially on July 1 from 1934 to 1943.
STRASBURG SCHOOL DISTRICT (P. 0. Strasburg), Tuscarawas
-BOND ELECTION.
County, Ohio.
-Reports state that a vote will be
taken on Feb. 2 on the question of issuing $40,000 high-school-bldg. bonds.
TABOR SUPPLEMENTAL SCHOOL DISTRICT NO. 11 (P. 0.
-BOND OPFERING.-Proposals
Tabor), Columbus County, No. Caro.
will be received until 10 a. in. Feb. 15 by J. W. Floyd, Chairman Board of
Trustees, for 310,000 school bonds. Denom. $1,000. Due part yearly
for 30 years. Certified check for $300 required.
-BONDS AUTHORIZED.
TACOMA, Wash.
-An ordinance was passed
on Jan. 21, it is stated, providing for the issuance of $75,000 tide-flats
car-line construction and equipment bonds. A similar proposition providing for the issuance of $87,000 bonds was defeated at the election held
Dec. 30 (V. 98, p. 255).
TALLAHATCHIE DRAINAGE DISTRICT, Union County, Miss.-year (ser.) bonds offered on Dec. 19
BOND SALE.
-The $93,000 6% 1-20
(V. 97, p. 1609) were awarded on Jan. 10 to Hoehler, Cummings & Pruden
of Toledo at par. Denom.$500. Date Sept. 1 1913. Int. ann. on May 1.
TAYLOR SEPARATE SCHOOL DISTRICT (P. 0. Oxford), Lafay-No sale has been made of the
-BONDS NOT SOLD.
ette County, Miss.
$2,500 6% coup. tax-free bldg. bonds offered in December. Denom.$100.
Date Oct. 6 1913. Int. A. & 0. at Taylor. Due Oct. 6 1933, subject to
call, the first 15 bonds Oct. 6 1923.
-The following bonds were regis-BONDS REGISTERED.
TEXAS.
tered by the State Comptroller during the week ending Jan. 24:
Rate. Due.
Purpose.
Option.
Amt.
Place of Issue.
$1,500 Victoria County__ _ _Com. S. D. No. 8 5% 20 years 15 years
8,800 Victoria County_ _ _ _Com. S. D. No. 13 5% 40 years 15 years
Water-works
57 40 years 10 years
11,500 Teague
8,000 Oldham County_ __ _Com. S. D. No. 3 5($ 20 years 10 years
20 years
Corn. S. D. No. 5 5
1,200 Kerr County
20 years 10 years
Corn. S. D. No. 5 5
1,000 Hall County
20 years 10 years
Corn. S. D. No. 19 5
1,500 Rusk County
40 years 10 years
Street improvement 6
6,500 Crystol City
6
40 Years 10 years
Water-works
14,500 Cr stol City
40 years 15years
Water-wks. & sewer 5
25,000.F11 Isboro
20 years
5
4,000 Harden County___ _Com, S. D. No. 4
None
56,680 Victoria County_ _ _ _Drainage Dist. No.2 5%
*Due $680 June 11914. $1.000 each year to June 11919, $1,500
each year thereafter until paid.
-BOND OFFERING.
TIOGA COUNTY (P. 0. Wellsbor0), Pa.
-Proposals will be received until 12 m. Feb. 20, reports state, by R. E. Cleveland, County Commissioner, for $75,000 44% 1-10-year (opt.) funding
bonds. Cert. check for 2% required.
-BOND OFFERTIPPECANOE COUNTY (P. 0. Lafayette), Ind.
MG.
-Proposals will be received until 2 p. m. Feb. 26 by Geo. W.Baxter.
County Auditor, for $68,000 43•i% Main St. bridge-impt. bonds. Denorn.
$1,000. Date Jan. 2 1914. Int J. & J. at the Treasurer's office. Due
$3,000 each six months from June 15 1918 to Dec. 15 1923 incl. and $4,000
each six months from June 15 1924 to Dec. 15 1927, incl. Certified check
for 3% of bonds offered required.
TODD COUNTY (P. 0. Elkton), Ky.-BOND ELECTION.
-Local
newspaper dispatches state that an election will be held April 11 to vote on
the question of issuing $190,000 pike-construction bonds.
TOLEDO INDEPENDENT SCHOOL DISTRICT (P. 0. Toledo),
-BOND OFFERING.
-Additional information is at
Tama County, Iowa.
hand relative to the offering on Feb. 2 of the $75,000 coup. tax-free building
bonds at not exceeding 5% int. (V• 98, P. 326 . Proposals for these
bonds will be received until 1 p. in. on that day by Charles Benesh, Pres.
Board of Directors. Denom. to be mutually agreed upon. Date April j.
1914. Int. A. & 0. at First Nat. Bank, Toledo, or at place to suit purchaser. Certified check for $500, payable to above, required. Official
circular states that there is no litigation pending or contemplated regarding
this issue and that no previous bonds have been contested. No bonded
debt. Assessed val., $2,004,267: true val., approx., $5,000,000.
-BOND OFFERING.
TROY, N. Y.
-Proposals will be received until
10 a. m. Feb. 9 by W. H. Dennin, City Comptroller, for $100,000 5% taxexempt certificates of indebtedness or revenue bonds. Denom. $25,000.
Date Feb. 9 1914. Due Oct. 9 1914. Certitied check for 1% of bonds,
payable to the "City of Troy," required. Bonds to be delivered and paid

JAN. 31 1914.j

THE CHRONICLE

411

for within 5 days from time of award. Purchaser to pay
2% cemetery-improvement bonds. Denom. $500. Date
circular states that the city has never defaulted on anyaccrued in Official for $4,500 5Y
of its obligations.
Feb. 1 1914. Int. F.& A. Due $500 each six months from Sept. 1 1917
TRENTON, N. J.
-BOND SALE.
-On Jan. 28 $40,400 434%110-yr. to Sept. 1 1921 incl. Bonds to be delivered and paid for within 10 days
sewer refunding bonds were awarded to Kissel, Kinnicutt & Co.,
after time of award. Certified check on a bank in Lake County for 10%
at 102.14-a basis of about 4.235%. Other bids were:
of bonds bid for, payable to the Village Treasurer, required. Purchaser
Rhoades & Co., N.Y
to pay accrued interest.
102.0669 Irving Nat. Bank, N. Y._ __101.70
Blodget & Co., N. Y
102.035 Harris, Forbes & Co., N. Y_101.592
WILMINGTON,Newcastle County,Dela.-BONDS TO BE OFFERED
R. W.Pressprich & Co.,N.Y.102.03
Lee, Higginson & Co., N.Y.-101.556 SHORTLY.
-Reports state that the Finance Committee will shortly offer
R. M.Grant & Co., N.Y 101.87
James R. Magoffin N. Y_ _101.29
N. W. Halsey & Co., N Y_101.847 Remick,Hodges & Co., N .Y.101.093 for sale $150,000 street-improvement bonds.
r WILMINGTON, New Hanover County, No. Caro.
F. W. Roebling, Trenton 101.75
-BOND ELECA. B. Leach & Co., N. Y-....101.077 TION.
-An election will be held Mar. 24 to submit to a
C. H. Venner & Co., N. Y..101.71
the
of issuing $200,000 municipal dock and wharf bonds. Itvote firstquestion
Date Feb. 23 1914. Int. semi-annual.
was
to hold an election Mar.5 to vote on the issuance of $150.000 bondsdecided
TRUMBULL COUNTY (P. 0. Warren), Ohlo.-BOND SALE.
(V.98,
-On p. 326), but City Attorney E.K.Bryan on Jan. 23 ruled that the bond
Jan. 26 the 316,000 5% 3-yr. (aver.) coup. road bonds (V. 98,13. 326) were would not
issue
be valid unless for $200,000. he full amount specified in the Act
awarded, reports state, to the Western Reserve Nat. Bank of Warren for authorizing the
same.
316,045
-equal to 100.281.
WOOD COUNTY (P.O. Bowling Green), Ohio.
-BOND OFFERING.
TUNICA COUNTY (P. 0. Tunica), Miss.
-BONDS VOTED.
-The -Proposals will
proposition to issue the $20,000 agricultural high-school bonds (V. 97. County Auditor, be received until 1 p. m. Feb. 16 by C. E. Stinebaugh.
for $50,000 5% coup. Andrew
1?• 1924) carried, reports state, at the election held Jan. 23.
and 'W. F. Spilker stone-road-improvement Hanely, James W. Turley
bonds. Denom. $1,000.
TUST/N SCHOOL DISTRICT, Orange County, Calif.
-BOND Date Mar. 2 1914. Int. M.& S. at the County Treasurer's office. Due
SALE.
-Reports state that the 350.000 5% school bonds offered without $5,000 each six months from Sept. 11014 to Mar. 1 1919!
success on Aug.6 (V. 97, p. 1924) have been purchased by Wm. R. Staats required to deposit a certified check of $1,000 payable by ncl. Bidders are
a Bowling Green
Co. of San Francisco. Denom. $2,000. Due $2,000 yearly from 1915 to bank.
1939 inclusive.
A similar issue of bonds was reported sold to a local bank
on Nov. 14
(V. 97, p. 1530).
UNION COUNTY (P. 0. Marysville), Ohio.
-BONDS AWARDED
IN PART
WOOD COUNTY (P. 0. Parkersburg), W. Va.-BOND ELECTION
.-The Commercial Savings Bank of Marysville has purchased
PROPOSED.
$15,000 5% 2
-year flood-emergency bonds at par and int. Denom. $500.
-According to newspaper dispatches, an election will be held
Date July 2 1913. Int. J.& J. These bonds are part of the $46,500 unsold in the near future to vote on the question of
issuing $120,000 Williams
District road bonds.
Portion of the $51,000 offered without success on Dec. 27 (V. 98, ro• 88)•
WORCESTER, Mass.
UNIVERSITY PLACE, Lancaster County, Neb.-NO ACTION YET
-TEMPORARY LOAN.
a loan of
TAKEN.
-The City Clerk advises us that up to Jan. 26 no date had been $200,000 dated Jan. 28 1914 and maturing Oct.-On Jan. 27negotiated
16 1914
set for the offering of the 36,000 5% city-hall bonds voted Oct. 3 (V. 97, with Blake Bros. & Co. of Boston at 3.57% discount plus was
$1.40 premium.
This loan is tax-exempt. Other bidders were:
p. 1766).
Curtis & Sanger, Boston
3.59%1F.S. Moseley & Co., Boston _ _3.67%
VIGO COUNTY (P. 0. Terre Haute), Ind.
-BOND OFFERING.
Proposals will be received until 10 a. m.to-day (Jan. 31) by Thos. J. Dailey, Estabrook & Co., Boston..___ 3.61% l
plus $1 95 premium
Treas., for $3,000 434% A. J. Lambert et at. road impt. bonds. DeCo.
YAKIMA COUNTY (P. 0. North Yakima), Wash.
-BOND SALE.
nom. $150. Date Nov. 22 1913. Int. M. & N. Due $150 each six On Jan. 21 about $18,000 Drainage Districts Nos. 19 and 20 bonds were
months from May 15 1915 to Nov 15 1924 incl.
awarded, reports state, to the New First Nat. Bank of Columbus at 95
WAKE COUNTY (P. 0. Raleigh )No. Caro.
'
-BOND OFFERING.- for 7s. Due 15 years,subject to call at any interest period.
Further details are at hand relative to the offering on Mar.2 of
YALOBUSHA COUNTY, Miss.
-BONDS OFFERED BY BANKERS.the
(not $224,000, as first reported) 5% 30-yr. coup. court-house,$225,000 The Bank of Commerce & Trust Co. of Memphis is
offering to investors
county-home bonds (V. 98, p. 255). Proposals for these bonds jail and $40,0006% Supervisors' District No.2 road
tax-free bonds. Denom.$500.
ceived until 12 m. on that day by John A. Mills, Chairman will be re- Date Jan. 11914. Int. J. & J. in N.Y.
City. Due $4,000 yrly. Jan.
Bd. of Co.
Commrs. Denom.$1,000. Int. A.& 0. Cert. check
to 1933 incl. District has no other debt. Assessed val., $968,077. 1924
for $5,000 required.
Real
value (est.), $2,000,000.
WALKER, Livingston Parish, La.
-BOND
opened on Feb. 7 for the 5% drainage-canal OFFERING.-Bids will be
YANKTON,
Council on Nov. 8 (V. 97. P. 1529). Denom. bonds authorized by the Local newspaper Yankton County, So. Dak.-BONDS REFUSED.
reports state that
3500. Date
Interest ann. on Feb. 10. Due in not exceeding 10 years, Feb. 10 1914. to accept the $60,000 5% water-wo McCoy & Co. of Chicago have refused
rks bonds awarded to them at par and
subject to call
part yearly. L. E. Watson is Village Treasurer.
interest on Dec. 29 (V. 98, p. 180)•
WALLACE COUNTY (P. 0. Sharon Springs), Kans.-BOND ELECYOUNGSTOWN, Ohio.
-BOND OFFERING.
-Proposals will be reTION.
-Reports state that an election will be hold Feb. 24 to
ceived until 2 p. m. Feb. 23 by Dan J. Jones, City Aud., for the following
question of issuing 330.000 court-house-construction bonds. vote on the 5% coup. or reg. bonds:
8250,000 water-works-ext. bonds. Due $10,000 yearly on Oct. 1 from
WARREN COUNTY (P. 0. Williamsport), Ind.
-BOND OFFERING.
1917 to 1941 incl.
-Proposals will be received until 1 p. m.Feb.3 by Ernest Grey, Co.Treas.,
5,000 West Ave. bridge bonds. Due $2,000 Oct. 1 1915 and $3,000
for the following 4%% coup. tax-free gravel road bonds:
Oct. 11916.
$4,620 Lawrence L. Wilson, Liberty Twp. bonds. Denom. $231.
2,000 cross-walk and intersection bonds. Due Oct. 1 1916.
8,200 Albert Cronkhite, Steuben Two. bonds. Denom. $410.
6,550 Shelly St. paving bonds. Due $1,310 yearly on Oct. 1 from 1915
Date Jan. 5 1914. Int. M. & N. Due one bond of each issue each six
to 1919 inclusive.
months from May 15 1915 to Nov. 15 1924 incl.
605 Kennywood Court paving bonds. Due $121 yearly on Octal
WARREN COUNTY (P. 0. Bowling Green), Ky.-BOND
from 1915 to 1919 inclusive.
ELECTION.
-The election to vote on the question of issuing
5,800 Willis Ave. paving bonds. Due $1,160 yearly on Oct. 1 from
bonds (V. 98 p. 255) will be held March 25, it is reported. the good-roads
• 1915 to 1919 inclusive.
WASCO COUNTY SCHOOL DISTRICT NO.
6,860 Buckeye St. paving bonds. Due $1,372 yearly on Oct. 1 from
12, Ore.
-BOND
OFFERING.-Further details are at hand relative
1915 to 1919 inclusive.
to the offering on Mar. 4
of the $100,000 10-20-year (opt.) high-school-building bonds
231 Lakeview Ave. paving bonds. Due Oct. 11915.
(V.98,P. 326)
Proposals for these bonds will be received until
860 Alpine St. sewer bonds. Due $172 yearly on Oct. 1 from 1915
5 p. m. on that day by Mrs.
Maude Eddon,Clerk of Board of Directors
to 1919 inclusive.
O. The
$1,000. Date Mar. 4 1914. Int. M. & S.(P.office of Dalles). Donom.
8,470 Glenwood Ave. District sewer bonds. Due $1,694 yearly/on
County
or at fiscal agency of State of Oregon in N.at City. Certified Treasurer
Oct. 1 from 1915 to 1919 inclusive.
Y.
check for
Date Mar. 2 1914. Int. M. &
1% of bonds, payable to above Clerk, required. Bonded debt
$20,000. except water-works bonds, in N. 8. at office of Sinking Fund Trustees,
No floating debt. Assessed valuation, $5,328.049.
Y. exchange. Cert. check for 2% of
each block of bonds bid for, payable to City Aud., required. Purchaser to
WASHINGTON COUNTY (P. 0. Salem), Ind.
-BOND SALE.
-On take bonds not later than Mar. 2. Separate bids must be made for each
Jan. 24 the $4,580 4%% gravel-road bonds (V.
•
to the Farmers' State Bank, Salem, for 34,620 98, IL 326) were awarded block.
-equal to 100.873. other
BOND SALE.
bids were:
-The following bids were received for the
5% bonds, aggregating 3388.295, offered on Jan. 26(V. 98,fifteen issueslof
Bank of Salem, Salem_ _ _ _$4,618 93!Breed, Elliott & Harrison,
p.89). the successful tenders being marked with an asterisk (*):
Fletcher-Am. Nat. Bk.,Ind. 4,618 75
Indianapolis
J. F. Wild & Co., Indianap. 4,610 00 Miller & Co., Indianapolis 0
$200,000
$46 5 2
.4,6 5 0
0
$77,000
402,000
$23,500
Denom. $229. Date Jan. 5 1914. Int. M. & N.
Water- a. StreetCity's
Fire-,
WASHINGTON COUNTY (P. 0. Jonesboro), Tenn.
Extension. Opening.
Portion.
Dept.
-BOND ELEC- Seasongood & Mayer,
TION.
-An election will be held Feb. 25, it is stated, to submit to a vote
Cin_ _$211,127 00 $77,139 00 $32,738 00 24,023.00
Well, Roth & Co., Cin____ 211,211 00 77,531
the question of issuing $415,000 road bonds.
32,857 00 24,131
Spitzer, Rorick & Co., Tot.. 210,146 00 77,302 00 32,685 00 24,003 00
WASHINGTON SCHOOL TOWNSHIP (P. 0. Spencer),
75
Owen 'Hayden, Miller & Co.,Clev. 211,560 00 77,482 50 32,832 00 24,101 00
County, Ind.
-BOND OFFERING.
60
-Proposals will be
10 a. in. Feb. 20 by Elisha M. Allen. Two. Trustee, for received until Harris, Forbes & Co., N. Y. 210,182 00 77,011 50 32,709 76 24,021 23
$14,800 4 Vs % New First Nat. Bk., Col_ _ _ 210,920 00 75,465
joint graded high-school-constr. bonds. Denom.
(1) $632, (23) $616. Atlas Nat. Bank,Cincinnati 205,900 00 76,507 00 32,166 40 23,619 85
Date Feb. 20 1914. Int. J. & J. Due $632 Jan. 1
1916 and $616 each Mellon Nat. Bk., Pittsb_ _ - 209,265 00 76,668 00
six months from July 1 1916 to July 1 1927 incl.
75
Davies-Bertram Co., Cin__
76,321 00
WAYCROSS, Ware County, Ga.-BOND SALE.
-John W. Dickey Hoehler, Cummings & Pruof Augusta was awarded on Dec. 29 an issue of $11,000 5% fire
den,'Foledo
32,515 25 23.871 55
bonds. Denom. 31.000. Date July 1 1912. Int. J. & J. -department C. E. Denison & Co., Clev_ 209,628 00
Due $1,000
yearly Jan. 1 from 1917 to 1927 inclusive.
Wm.R.Compton&Co..St.L.*g13,060 60 *78 205 50
WAYNE TOWNSHIP (P. 0. Grass Creek), Fulton County, Ind.- Estabrook dr Co., Boston_- 208,580 00 76,792 50 32,620 80 23,946 50
Biodget & Co., Boston_ _ __ 211,560 00 77,580 00 *32,892 80 *24,148 60
BOND OFFERING.
-Proposals will be received until 1 p. m. Feb. 14
Emery 0. Weeks, Two. Trustee, for $20,000 5% Districts Nos. 9 and by R. L. Day & Co., Boston__ 208.378 00 76,716 75 32,604 48 23,939 22
11
school-impt. bonds. Denom. (28) $500, (15) 3400. Date Feb. 14 1914. A.W.Pressprich&Co.,N.Y. 209,378 00 77,167 50 32,761 60 24,014 65
Sidney Spitzer & Co. Tel__ 210.747 00 77,317 50 32,668 80 23,977 50
Int. J.& J. Due 3500 on July 1 and $900 on Jan. 1 beginning July I 1915.
,
Fifth-Third Nat. Bk. Cin_ 210,120 00 77,175 00 32,652 80 23,946 50
,
WEATHERFORD, Parker County, Tex.
-BONDS AWARDED
Prov. S. B.&
PART.
-Of the 34,000 5% 20
-40-year (opt.) sewer-ext. bonds offeredIN Mayer,Deppe Tr. Co., Cin.. 209,900 00 77,100 00 32,707 20 24,00995
in
&Walter,Cin. 209,400 00 77,077 50 32,488 40 23,859.55
December(V.97, p. 1767),$2,000 has been sold to J.T.Cotton of Weather- Otis &
Co., Cleveland
209,780 00 77,10000 32,68200 24,001
ford.. Denom. $1,000. Date Aug. 11913. Interest P. & A.
Tillotson& WolcottCo.,Clev. 207,060 00 76,522 50 32,483 20 23,850 00
15
WELLSBURG, Brooke County, W. Va.-BONDS VOTED.
-The Field,Longstreth&Richards
questions of issuing the $15,000 water-system-impt. and $1,000 fire-departand Stacey & Braun,Cin_1210.320 00 7 1 17 50 32,748 80 23,991 15
,
mont-impt. bonds (V. 97, p. 1767) carried, reports state, at the election
$4,500 $2,500 $1,300 $1,000 $1,000
35.000
held Jan. 15.
City's
City's
City's Rice Plum
Salt
WESTFIELD SCHOOL DISTRICT (P. 0. Westfield),
Portion. Portion. Portion. Ave. Street. Street.
Hampden
County, Mass.
-BONDS TO BE OFFERED SHORTLY.
00...
-The $50,000 Seasongood&Mayer,Cin.$5,015 00 $4,512
school-building bonds voted Dec. 2(V.97, P. 1681) will
Weil, Roth & Co., CM__ 5,022 00 4,525
probably be offered
00---for sale Mar. 1. Int. rate not to exceed 4%%. Duo
$30,000 1929 and Spitzer,Rorick&Co.,Tol.*5,028 00 4,517 50 $2,501
- --$20,000 1934.
New First Nat. Bk.,Col. 5.01650 4.51010 ----A. W.Pressprich & Co.,
WETZELL COUNTY (P. 0. Jacksonburg), W. Va.-BOND
OFFERNew York
ING.
-Further details are at hand relative to the offering
5,000 00 4.50000 2,500 31,300 31,000 81,000
the $150,000 (not 350,000, as first reported) 6% 10-30-yr. on Feb. 20 of SidneySpitzer&Co.,Tol. 5,00575 4.50765 ----- -(opt.) gold coup. Fifth-ThirdNat.Bk.,Cin. 5,01600
Grant Dist. road constr. bonds (V. 98, p. 255). Proposals
4,511 52 *2,502 *1,301 *1,001 *1,001
will be received on that day by L. E. Lantz, Sec. Bd. of for these bonds Mayer,Deppe & Walter,
Road Commrs.
Cincinnati
Auth. vote of 515 to 263 at an election held July 15
5,023 50 *4,532 75' --- _
1913. Denom. $100, Field,Longstreth & Rich$500 and $1,000. Date Dec. 11913. Int. J. & D. at
office of Co. Clerk.
Cert. chock for 5% of bid, payable to Co. Sheriff,
ards and Stacey &
required. Official circular states that there is no controversy or litigation
Braun, Cincinnati_ _ _[5,025 007'4,531 05 F..- affecting the corporate existence or boundaries of saidpending or threatened
31,920 $10,8to $1,150 $1,650 $24,900
district or the validity KEE
of these bonds. This district has no indebtedness.
Hogue Chicago .Side- Pearl
Assess. val. 1912
Brier di
(district), $11,354,010.
St.
Ave.
walk.
Hill.
St.
WHARTON COUNTY (P.O. Wharton), Tex.
Seasongood & Mayer, Cin___
$10,906 00
24,970 00 .
-BOND
An election will be held March 5 to vote on the proposition toELECTION.- Well, Roth & Co.. Cin
10,928 00 ---------25,04500
____
issue $100,000 Spitzer, Rorick & Co., Toledo
53
,
6% road and bridge bonds.
____ 10,933 75
25,117 00
Harris, Forbes & Co., N. Y
Iv/NO BONDS VOTED.
-We are advised by the Co. Judge that
---- 10,910 85 -------- 24,982 15
stating that the issuance of $250,000 road Dist. No. 1 bonds the reports A. W.Pressprich & Co., N.Y.$1,920 10,875 00 $1,150 31,650 24,900 00
was voted Sidney Spitzer & Co.,Toledo_
in November (V. 97. P. 1610) are erroneous.
10,908 75
25,027 00
R. BONDS NOT YET 'SOLD.-Up to Jan. 24 no sale had
Flfth-ThIrd Nat. Bank,Cin_ _*1,921 10,906 00 *1,151 *1,651 24.975 00
been made
$300,000 5% road Dist. No.1 road bonds offered withoutsuccess on of the Mayer, Deppe 8c Walter, Cin. ____ 10,932 86
___- 25,041 83
Mar.!11 Otis& Co., Cleveland
1913 (V.96, p. 894).
•10,97275
*25,120 00
Tillotson & WolcottCo. Clev. _ _ __ 10,906 53 -------- 24,972 21
,
• WHITMAN COUNTY (P. 0. Colfax), Wash.
-BIDS REJECTED.
- Field. Longstreth & Richards
It is stated that all bids received for a loan of $75,000, for which
bids were
and Stacey & Braun.
10,928 00
r 25,040 00
received on Jan. 19, were rejected.
ZANESVILLE SCHOOL DISTRICT (P. 0. Zanesville), muskingum
Is WILLOUGHBY, Lake County, Ohio.
-BOND OFFERING.
-Pro
County, Ohio.
-BOND SALE.
-On Jan. 24 the.$63,000 5%t 23 2 -year
-5
posals will be received until 12 m. Feb. 27 by C. C.Jenkins, Village
(aver.) coup. site-purchase and building bonds (V.f.98, p. 180) were awarded
Clerk




[VoL. xcvm.

THE CIIRONICLE

412

to Seasongood & Mayer of Cincinnati for $66,195 (105.071 and int.)
Other bids were:
C.E.Denison,Cleveland-$66,157 60 Provident Savings Bank &
Trust Co., Cincinnati_..$65,388 10
A. E. Aub & Co., On - 66,156 30
N.Y.Life Ins. Co.,N.Y- 66,078 81 Field, Longstreth & Rich65,388 00
ards, Cincinnati
65,961 00
Well, Roth & Co., Cin
Hoehler & Cummings,Tol. 65,376 25
Fifth-Third Nat. Bank,
65,935 80 Breed, Elliott & Harrison,
Cincinnati
65,362 50
Cincinnati
Ilayden,Miller&Co.,Clev. 65,614 00
Spitzer, Rorick & Co.,Tol. 65,573 50 Western German Bk., Cin. 65,050 00
Sidney Spitzer & Co.,Tel_ 65,564 50 E.H. Rollins & Sons, Chi_ 64,921 50
Davies-Bertram Co., Cin_ 65,434 00 Amer.Tr.& Sav.Co.,Zanes.64,905 00
New First Nat. Bank,
Tillotson & Wolcott Co.,
63,762 30
Columbus
65,412 90
Cleveland

Canada, its Provinces and Municipalities.

-Proposals will be
017TREMONT, Que.-DEBENTURE OFFERING.
received until 6 p. m. Mar.4 by E. T. Sampson, Sec.-Treas., for the $500,000 434% local-impt. debentures voted April 7 1913. Denom. $1,000.
Int. M.& N. Due Nov. 1 1955. On June 11 1913 $300,000 of this issue
was offered without success (V. 97, p. 136).
-The question of issuing
RENFREW, Ont.-DEBENTURES VOTED.
% market-square-purchase debentures (V. 97, P. 1011)
the $10,000 6
carried at an election held Nov. 28 by a majority of 146.
-DEBENTURE SALE.
-The
RICHOT (Rural Municipality), Man.
$60,000.5% coup. highway-impt. debentures voted during August 1913
(V. 97, p. 613) have been purchased by the Dominion Securities Corp. of
Toronto. Due in 30 annual installments.
SANDWICH TOWNSHIP, Ont.-DEBENTURE SALE.-AccordIng
to newspaper reports, $8,000 57_ 30-installment debentures have been
awarded to A. E. Ames & CO. of Toronto.
-"The
SASKATOON, Sask.-DEBENTURES AWARDED IN PART.
Financial Post of Canada" of Jan. 24 states that up to Jan.6 the Provident
Ohio, had
$750,000
Savings Bank & Trust Co. of Cincinnati,$168,145 to taken up up before
be taken
Saskatoon debentures, laeving a balance of
March 14 next.
SHERBROOKE, Que.-DEBENTURE SALE.-DIspatches state that
the Dominion Securities Corp., Ltd., of Montreal haspurchased $300,000
debentures at 98.50.
-Proposals will be
-DEBENTURE OFFERING.
SHOAL LAKE, Man.
received until 6 p. m. Mar. 1 by Frank Dobbs, Sec.-Treas., for $15,000 5%
local-impt. coup. debentures. Date April 1
electric-light and $4,000 6%
1914. Due in 20 annual installments of principal and interest.
-Proposals will be
SMITH FALLS, Ont.-DEBENTURE OFFERING.
received until 5 p. m. Feb. 2 by James A. Lewis, Town Clerk, for the following debentures:
-installment trunk-sewer debentures, offered without suc$47,149 534% 30
cess as 5s on Dec. 23(V. 98, p. 257)•
20
32,300 534% -installment local-improvement debentures.
-installment local-Improvement debentures.
7,000 5% 20
-On Jan. 19 the $7,000 20-in-DEBENTURE SALE.
somas, Man.
-year (date June 5 1913)
stallment (dated Dec. 31 1913) and $53,374 82 30
debentures (V. 98, p 257) were awarded to Wood, Gundy & Co. of
634%
Toronto for $58,955 (97.61 and int. Other bids were:
Merchants' Bank, Souris__ *98.15 C.II.Burgess&Co.,Toronto- 93.262
95
A. Mackenzie & Co.,
93.101
Toronto
A. E. Ames & Co., Toronto_ 97.005
1G. A. Stimson & Co., ToTerry, Briggs & Slayton,
90
94
1 ronto
Toledo
-day option clause.
* This bid .was with a 30
-Reports state that A. E.
SUDBURY, Ont.-DEBENTURE SALE.
Ames & Co. of Toronto have purchased $66,000 debentures issued for
debe
0o o
purposes, including powerhouse, fire hall, electric-light and sewervarious
ntures was reported in
1.
p
are9vsteng. The sale of $22 0 f these

-The Municipal
-DEBENTURE OFFERING.
ATHABASCA, Alta.
Clerk is offering for sale $85,000 7% water-works-plant-ext. debenture
authorized by a vote of43 to Satan election held Jan. 12. Due Jan. 16 '29
-The question of
BARRIE, Ont.-DEBENTURES DEFEATED.
Issuing $30.000 Barrie Collegiate Institute building completion debentures
(V. 97, p. 1768) was defeated at a recent election.
-Of the
BEACONSFIELD, Que.-BONDS AWARDED IN PART.
-year road debentures voted in November (V. 97, p. 1681).
$85,000 5% 30
$50,000 was awarded on Dec.6 to Chas. Meredith & Co., Ltd., of Montreal
at 86. Denom. $1,000. Date Nov. 1 1913. Interest M. & N.
-Reports
BROCKVILLE, Ont.-PRICE PAID FOR DEBENTURES.
state that the price paid for the $33,000 5% water and light debentures
recently sold to A. E. Ames & Co. of Toronto(V.98, p.327) was 98.
-No sale has been
CLIFFORD, Ont.-DEBENTURES NOT SOLD.
-annual-installment debentures offered in
made of the $19,000 534% 30
December(V. 97, p.1768).
-Reports
COCHRANE, Ont.-DEBENTURES AWARDEDIN PART.
state that C. II. Burgess & Co. of Toronto, who had an option on $15,000
debentures, have taken up one-half of the issue.
COLCHESTER, North Township, Ont.-DEBENTURE SALE.
A block of $8,500 5% 30-installment debentures has, it is stated, been sold
to A. E. Ames & Co. of Toronto.
-DEBENTURES OFFERED BY BANKERS.
ESQUIMATJLT, B. C.
The Eastern Securities Co., Ltd., of Montreal is offering to investors
$100,000 5% sewer debentures. Int. semi-ann. at Montreal, Toronto,
N. Y. and London (Eng.). Due July 1 1963. Debenture debt, including
this issue, $127,500. Assessed valuation, $5,500,000.
HANOVER, Ont.-PURCHA&R OF DEBENTURES.-Reoprts state
that the purchaser of the $53,500 6% debentures recently disposed of
(V. 98, p. 90) was Brent, Noxon & Co. of Toronto.
-Reports state that
-DEBENTURE SALE.
MEDICINE HAT, Alta.
Wood, Gundy & Co. of Toronto purchased on Jan. 15 an issue of $500,000
WINDSOR SEPARATE SCHOOL DISTRICT (P. 0. Windsor), Ont.
debentures at 85.
-The $32,000 6% 20-annual-Installment deben-Proposals will be -DEBENTURE SALE.
-DEBENTURE OFFERING.
MINNEDOSA, Man.
success on Dec. 22(V. 98,P.90) have been purchased
received until 6 p. m. Mar.4 by G. T. Turley, Town Clerk, for $8,000 67 tures offered without & Co. of Toronto.
by W. A. Mackenzie
local-impt. debentures. Due in 20ann.installments beginning Mar. 1 1915
-A. E. Ames & Co. of
WOODSTOCK, Ont.-DEBENTURE SALE.
0
-The $1,500 67 15MONTMARTE, Sask.-DEBENTURE SALE.
purchased 353,000 434% and 5% debentures
installment debentures recently offered by this place were awarded on Dec.2 Toronto have, it is reported,
and maturing from 1914 to 1954.
issued for various purposes
to W.L. McKinnon & Co. of Toronto at 83. Date Dec. 2 1913.

JW.

NEW LOANS.

MISCELLANEOUS.

MISCELLANEOUS.

$141,830.85

BLODGET & CO.

1914 ISSUE

BONDS

READY MARCH 15

CITY OF MINNEAPOLIS
Special Certificates of
Indebtedness.
Notice is hereby given that the Committee on
Ways and Means of the City Council of the City
of Minneapolis, Minnesota, will on TUESDAY,
FEBRUARY 10TH, 1914, at 2:00 o'clock p. m.,
at the office of the undersigned, receive bids for
the whole or any part of $141,830.85 Special
Certificates of Indebtedness.
The Special Certificates of Indebtedness being
offered on that date consist of ten separate issues,
as follows: One issue amounting to $7,374.00, one
of $6,107.00, one of $89,781.85, one of $4,379.00,
one of $2,861.00, one of $2,201.00, one of $12,377.00, one of $6,461.00, one of $4,552.00 and
one of $5,737.00.
All to be dated March 2, 1914, and each issue
to become due and payable one-twentieth on
March 2, 1915, and one twentieth each and every
year thereafter to and including March 2, 1934.
No bid will be entertained for any of these Certificates for a sum less than the par value of same
and accrued interest to date of 'delivery, and the
rate of interest must be bid by the purchaser and
must not be in excess of Five (5%) per cent per
annum, payable annually.
The right to reject any or all bids is hereby reserved.
A certified check for Two (2%) per cent of the
par value of the certificates bid for, made to
C. A. Bloomquist, City Treasurer, must accompany each bid.
Circular containing full particulars will be
mailed on application.
DAN C. BROWN,
City Comptroller.
Minneapolis, Minnesota.

80 STATE STREET. BOSTON
80 PINE STREET.NE V YORK

STATE, CITY & RAILROAD BONDS

Bolger,Mosser&WIllaman
MUNICIPAL BONDS
Legal for Savings Banks.
Postal Savings and Trust Funds.
SEND FOR LIST.

4 1-2% BONDS
Sealed proposals will be received at the Charter
Oak National Bank until NOON, TUESDAY,
FEBRUARY 17, 1914, for North East School
District Bonds amounting to $100,000, dated
March 1st, 1914. and maturing March 1st, 1944.
Principal and interest at the rate of 434% per
annum.
For further information address
WALTER G. CAMP,Chairman,
North East School District.

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