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irY
anti
Ft
The
rotude
VOL. 100 .JANUARY 9 1915 NO. 2585
Published every Saturday morning by WILLIAM B. DANA COMPANY,
Jacob Seibert Jr., President and Treas.; George S. Dana and Arnold G. Dana,
Vice-Presidents: Arnold G. Dana. See. Addresses of all. Office of the Company
CLEARINGS-FOR DECEMBER, SINCE JANUARY 1, AND FOR WEEK ENDING JANUARY 2
Twelve Months.
December.
Clearings at1914.
1913.
Inc.or
Dec.
1914.
1913.
Week ending January 2.
Inc. or
Dec.
1915.
1914.
Inc. or
Dec.
1913.
1912.
$
$
$
$
$
New York
6,529,675.458 7,999,998,552 -18.4 83,018,580,016 94,634,281,984 -12.3 1,345,287,8491,942,802,948 -30.7 2,050,788,974 2,066.419,956
131,233,450 175,589,457 -25.3 178,824,553 179,321,122
789,905,125 -14.0 7,916,064,214 8,523,508,873 -7.1
Philadelphia
661,827,305
49,785,343
-21.6
58.560,346
Pittsburgh
201,620,386
235,878,351 -14.5 2,825,925,677 2,932,402,512 -10.4
39,118,582
36:822:802 -7.7
40,526,167
34:000:000
159,849,447 -2.2 1,873,618,905 1,967,560,763 -4.8
Baltimore
158,344,549
12,828,619
635,308,095 -6,9
9,119,211
9,753,121 -6.5
11,543,908
591,329,394
Buffalo
47,144,665
54,970,991 -14.2
6,862,941
5,035,486
338,103,207 -5.7
5,235.306 -3.8
6,537,380
318,756,306
28,049,222
27,850,225
Albany
8,685,138
402,905,076 -3.6
7,417,280 -19.6
7,262,506
5,960,259
388,447,433
35,541,187 -5.1
Washington
33,735,825
258,262,201 -3.6
6,408,832 -37.9
6,547,504
6,354,288
247,869,066
3,978,797
22,692,010 -16.2
Rochester
19,014,908
3,884,180
162,761,054
2,717,570
3,243,265 -16.2
3,054,148
174,429,130
+8.4
13,879,755 +21.3
Scranton
16,841,392
3,423,821
154,702,896
158,202,634
2,863,947
3,640,353 -21.3
3,479,242
+2.3
12.871,253
12,454,258
Syracuse
2,095,034
95.832.121
96,996.527 -1.2
1,795,614
1,817,449 -12.1
1,773,844
8.412,202 -9.8
Reading
7,591.159
96,388,095 -1.9
1,661,067
94,596,617
1,300,000
1,881,138 -30.9
1,822,764
8,522,522
9,168,115
Wilmington
84,075,421
82,451.564 +2.0
1,504,352
1,644,298 -2.6
1,840,761
7,995,905 +13.7
9,093,214
1,585,117
Wilkes-Barre
116,411,258 -6.4
108,951,826
1,960,937
1,491,717
1,833,153 -18.7
2,023,481
10,075,157 -19.8
8,077,684
Wheeling, W.
84,346,822 -2.7
82,087,051
7,564,974 -5.3
7,159.109
Harrisburg
97,850,349
1,617,498
5.4
92,557,332
1,498,129
9,336,800
1,731,087
-13.5
2,061,916
8,929,138
-4.4
Trenton
47,776,302 -0.9
1,014,761
47,356,238
710,606
3,918,949
4,161,856 -5.8
813,087 -12.7
894,077
York
55,564,122 -2.3
54,271,826
962,514
1,308,864
4,246,143
4,948,247 -14.1
1,093,202 -12.0
Erie
1,085,815
36,982,228
+1.6
36,400,979
713,481
3,073,907
3,442,362 -10.7
600,000
770,000 -22.1
700,000
Greensburg
36,343,400 -4.8
34,615,800
510,900
693,000
2,734,300
3,180,100 -14.0
Binghamton
833,200 -19.4
715,100
35,468,875
36,623,826 -3.2
681,511
2,805,678
3,122,608 -10.2
633,220'
Chester
880,847
751,367 -9.3
2.603,282
29,824,800
30,281,648 -1.5
Altoona
2,707,465 -3.8
432,280
458,386
462,118
532,448 -18.8
51,160,392 --2.2
1,563.714 -30.4
14,833,994
Franklin
1,088,528
+2.3
Frederick
1,480,354
16,568,710
16.197,976
1,427,597 +3.7
-2.1
29,592,626
28,956,540
Beaver County, Pa2,392,621
2,673,379 -10.5
86,854,162 -3.2
1,132,271
84,062,149
1,119,943
Lancaster
1,284,780 -11.8
1,464,881
-18.4
25,055,483 -2.7
24,368,080
Norristown
2:12022 -0.0
2:120:939
22,697,601 -5.0
1,065,276
21,567,907
782,832 +36.2
482,033
Montclair
2,499,821
2,910,354 -14.1
in
total
25,933,329 Not included
4.233,818 Not included n total
Oranges
2- 8342,365 27391-,154,904
.300,200,299 iff,022778§770 -1E5 1,595,537,267 2,256:5317823
Total Middle
7,790,358,667 9,423:2-6C531 -17.3 -98133,316,292 174,091,150 -23.4 180,567,146 212,145.821
Boston
579,389,040
677,559,244 -14.5 7,517,095,070 . .8,116,213,999 -7.4
6,827,000
9,446,300 -27.7
426,567.200 -5.9
9,660,400
9,344,800
401,496,300
Providence
32,740,200
37,804,800 -13.4
4,649,239
5,900,783 -21.2
6,224,387
254,035,043 +2.9
5.358,462
261,494,107
Hartford
21,661,908 -7.0
20,149,727
3,351,537
3.925,913 -14.6
3.582,111
161,386,305 +6.8
3,690,918
172,437,388
New Haven
14,578,587
14,366,928 +1.5
2,509,096
3,025,262 -17.1
3,235,706
2,980,113
140,316,053 +1.0
141,754,564
Springfield
11,096,579
11,903,389 -6.8
2,188.429 -31.0
2,571,046
1,509,773
2,770,764
107,770,017 -5.2
Portland
102,165,305
7,860,6511
8,977,518 -12.4
-25.0
3,129,849
2,363,079
3,151,202
-3.9
2,933,844
136,545,01
Worcester
131,259,572
9,875,445
11,216,650 -12.0
1,394,626
-10.0
1,214,823
1,348,406
1,244,026
Fall River
62,877,279 -0.6
62,515,274
5,039,003
6,262,80 -19.5
1,113,339
1,087,219
931,344
1,151,329 -19.1
New Bedford
57,790,193 -0.2
57,681,162
4,699,954
5,833,823 -19.4
495,287
648,131
775,000
779,050
Lowell
29,035,09 +35.4
39,319,597
3.256,073 +4.7
3.409,805
738,596
838,038
-18.5
693,035
850,325
Holyoke
35,612,75
+5.5
2.923,160
3,264,362 -10.4
37,582,100
575,396
697,796
528,267 -7.8
487,237
Bangor
24,884,20
-7.6
23,005,189
1,884,604
1,982,023 -4.9
Waterbury
50,042,600 +1 3
50,689.600
4,565500
4,274,300 +6.8
243,612,332
213,390,289
-23.1
266:386,
416
Total New England -698,212,255 -8-013.363A19 -13.6 8,998,495,608 -9,603,085,76
-6.3 -538:627;455
Chicago
-2.4 253,294,581 294,324,179 -13.9 I 306,780,873 283,648,130
1,312,955,177 1,436,542,216
15.692,828,996 16,073,130,52
29,067,500
27,578,900
20,423,350
26,309,300 -22.8
Cincinnati
105,458,400
119,433,250 -11.7 1,293,387,050 1,317,212,300 -1.8
23,155,166
26,546,069
19,260,222
Cleveland
23,500,000 -18.0
-3.0
95,603.077
112,754,935 -15.2 1,237,568,572 1,275,501.01
21,459,319
22,194,944
18,207,452
Detroit
23,331,018 -22.0
+1.4
98,002,839
116,819,617 -16.1 1,349.546,302 1,331,053,39
11,913,105
14,780,055
Milwaukee
13,500,000
14,000,000 -3.6
786,473,488
73,499,620
+7.8
72,748,543 +1.0
847,831.084
9,102,229
8,832,393
Indianapolis
6,692,940
8,529,198 -21.5
432,452,386 -4.1
35,550,084
414,612,128
36,675,355
6,362,880
5,646,600
Columbus
5,300,000
5,893,100 -10.1
27,461,600
+1.1
337,575.000
341,411,400
28,988,000
4,227,718
Toledo
4,690,778
4,771,558
4,823,105 -1.1
279,469.644 +8.9
24,600,877
26,353,141 -6.6
304,459.769
Peoria
3,298,299
3,312,896
2,417,908
3,480,091 -30.5
14,573,635
173,103,643
20,174,475 -27.8
188,537,195 -8.2
Grand Rapids
2,892,878
3,624,958
2,493,624
3,100,327 -19.6
13,474,869
170,674,607 -1.5
14,157,344 -4.8
168,038,735
2,547,262
Dayton
2,007,376
1,600,838
1,978,538 -19.1
7,403,389
122,982.577 -5.9
10,408,060 -28.9
115,762,177
Evansville
1,721,593
1,373,579
4,583,335
878,935
1,187,256 -26.0
64,537,739 -1.3
6,156,252 -25.6
63,691,696
Kalamazoo
834.715
2,391,229
745,594
493,769
-10.6
552,005
38,050,369 -20.9
2,881,572 -16.4
30,113,369
Springfield. Ill
1,426,300
1,100,000
4,885,411
860,000
970,278 -11.3
57,883,627
5,155,756 -5.2
+2.1
59,113,900
Fort Wayne
5,864,985
1,129,330
1,450,109
1,343,992
1,284,777
+8.0
+2.3
65.002,708
5,589,614
+4.9
68.518,200
Youngstown
5,554,325
1,146,584
895,000
1,123,053
6,356,709 -12.6
954,473 -6.2
82,978,543 -7.9
76,422.340
Akron
5,185,000
1,279,900
1,553,000
7,387,000 -29.8
1,167,000
1,295,000 -9.9
87,516,000
96,120,000 -8.9
Lexington
4,300.000
1,076,320
942,544
4.237,731
+1.2
783,370
992,169 --21.I
38,117,646
45,701,101 -16.6
Rockford
3.855,012
819,034
616,088
4,439,810 -13.2
935,000
954,080 -2.0
47,307,653
50,889,490 -7.0
Canton
6,309,943
1,349,967
6,495,753 -2.9
1,454.51
1,332,637
79,703,508
1,304,382 +2.1
76,722.808 +3.4
Bloomington
2,943,753
709,815
2,699,479 +9.0
701,36
557,923
631,631 -11.7
36,036,273
36,827,854 --2.1
Quincy
3,420,872
3,839,858 -10.9
631,919
529,415
861,46
43,069,944
804,108 -34.2
42.584,723 +1.2
Springfield, Ohio_ _ _ _
3,532,721
3,564,869 -0.9
619.405
40.731,333
660,43
37,320,954 +9.1
987,586
1,048,667
-5.8
Decatur
1,903,413
2,133,705 -10.8
542,632
24,193,168
419,896
26,751,889 -9.6
417,609 +0.6
600,100
South Bend
2,825,270
2,650,816
+6.6
33,080,107
647,836
32,233,497 +2.3
482,943
947,01
580,603 -16.7
Jackson
3,019,116
2,347,299 +28.6
28,321,999
28,085,318 +0.8
440,000
420,373
375,000 +12.0
387,82
Mansfield
2,709,306
2,253,119 +20.2
27,861,066
25,422,320 +9.6
398,426
493,897
398,982 -0.6
385,25
Danville
1,499,501
2,052,686 -26.9
24,233,124
24,344,040 -0.5
356,470
422,559
520,000 -31.5
528,62
Lansing
2,009,258
2,215,318 -9.3
25,942,502
24,810,888 +4.6
400,000
355,810
436,420 -8.4
304,007
Lima
2,027,148
25.883,836 -3.4
2,411,533 -15.9
25,004,056
413,183
562,344 -26.5
431,337
527,297
979.104
14,598,152
17,626,445 -17.2
1,643,858 -40.4
Jacksonville. Ill
203,873
611,439
316,962 -35.7
508,071
Ann Arbor
11,012,017 +9.3
1,060,975
12,031,630
1,072,775 -1.1
185,372
306.121 -39.6
221,830
289,628
22,716,551 -10.2
Owensboro
1,997,410
20,398,704
373,672
1,910,636 +4.6
338,147 +10.5
777,415
375,849
Flint
21,786.954 +10.1
23,985,114
1,586,578
1,938,061 -18.2
16,063,384
Garr
16.4
1,069,426
16,063.384
1,618,933 -33.9
Lorain
6,679,064 -3.3
495,995
6,458,156
835,234 -22.0
Adrian
42,000
2,874,194 +1.4
2,913,780
189.802
57,011 -26.3
243,704 -22.2
60,174
80,674
New Albany
8,148.172 -8.8
7.435,361
639,050
733,414 -12.8
Paducah
45,259,933 -13.1
2,657,449
39,739,288
3.601_,__
4-8031 -26.2
Total Middle West_ IT8-8-8:678-,1)47 2;1383:10-1:1
362,521403 -22339,131;307 22:039.131,307 -1:8
425,6 W,096 .--14.9 -444147,647-411:207,823
Details of Pacific and other Western on page 119.
Total Pacific
111,121,388 109,325,655 +1.7 125,356,980 118,799,879
519,174,609
564.811,018 -8.1 8,194,001,689 6,194,001,689 -5.5
Total other West
154.723,226 137,061,681 +12.9 155,047,178 133,796,854
827,946,899
720,840.296 +14.9 8,397,470,717 8,397.470,417 +3.1
St. Louis
75,262,097
343,815,419
377,216,507 -8.9 3,8138,851,608 4,136,994,869 -6.0
88,814,927 -15.3
92.813,195
79,768,878
New Orleans
980,683,873 -7.8
85,064.306
17,495,049
109,559,295 -22.4
904,482,939
29,100,349 -39.9
24,449,875
25,290,784
Louisville
715,731.886 -6.7
52,841,268
9,605,235
667.947.515
69,622,106 -24.1
13,851,405 -30.7
14,733,881
14,479,914
Houston
36,038,388
422,907,425 -13.1
41,862,958 -13.9
8.286,811
422,907,425
-14.0
9,632,506
Galveston
14,278,080
•196,703.500 -9.0
•17,557,000 -18.7
179,015,725
3,937.328
3,436,500 +14.6
3,219,500
2,921.500
Richmond
42,469,941
419,121,313 +0.6
421,550,915
41,569,990 +2.2
7,000,000
7,410,319
7,669,486
12,500,000
Atlanta
65,059,335
725,604,193 -3.2
84,597,389 -23.1
702,410,026
13,840,456
14,594,419 -4.9
13,944,828
15,284,358
Memphis
33,478,337
421,987,372 -14.0
51,026,081 -34.4
362,932,276
6,236,514
9,450,580 -34.0
10,304.936
10,374,560
Fort Worth
39,383,489
37,430,181
+5.2
418,619,830 -5.4
396,153,383
6,952,364
6,573,618
+5.8
7,091,043
6,289,516
Savannah
23,872.491
31,246,954 -23.6
280.538,332 -23.2
215,533.307
5,380,200
5,476,090
5,752,519
6,436,219
Nashville
26,657,742
333,647,920
36,861,048 -25.0
368,657.389 -9.0
6,000,000
6,465,377 -5.2
7,378.157
7.665,092
Norfolk
18,869,928
-4.0
22,632,464 -16.6
214.966,911
206,389,634
3,700,000
3,778,738 -2.1
3,504,279
3,768,777
Birmingham
13,190,226
17,554,366 -24.9
173,857,773 -10.5
155,874,396
3,172,094
4,023,669 -21.1
3,520,627
3,725,863
7,821,746
Augusta
11,567,526 -32.5
108,160,149 -16.7
90,078,868
1,700,000
2,295,291 -26.0
2,160,583
2,392,319
Little Rock
9,647,429
13,798,262 -30.1
119,246,290 -2.9
115,760,139
1,691,955
2,328,814 -27.4
2,214,598
1,944,287
12,566,870
Jacksonville
15,696,778 -19.9
174,971,596 -10.0
157,418,744
2,300,000
2,800,000 -17.9
3,400,000
3,500.000
9,970,913
11,223,572 -11.2
Chattanooga
128,745,099 -7.1
119,640.745
1,711,131
2,931,491 -11.4
2,337,968
2,468,357
Charleston
8,255,404
10,329,080 -20.1
101,659,117 -7.3
94,222,721
1,419,304
1.567,419 -9.4
1,521,180
2,100,379
Mobile
4,985,518
6,834.857 -27.1
73,533,518 -14.7
62,715,664
1,600,000
2,276,948 -29.7
1,724,097
1,930,999
Knoxville
7,372,781
7,733,537 -4.7
87,812,515 +7.5
94,390,445
1,300,000
1,561,288 -16.7
1,867,255
2,037,992
Oklahoma
11.832,374
8.429,000 +40.4
91,900,305 +26.1
115,879,816
2,243,738
1,561,044 +43.7
1,474,209
1,522,786
Macon
12,472,206
23.843,967 -47.7
190,313,093 -6.8
177.325.828
3,400,000
4,152,023 -18.1
3,265,173
3,258,472
Columbia
4,183,036
6,259,582 -33.2
57,383,538 -17.4
47,431,543
Austin
8,739,231
11,620,374 -24.8
131,608,482 -1.0
130,268,509
1,620,910
1,202,694 +34.8
1,821,920
2,024,859
Beaumont
3.355,989
+16.0
32,873,997 +12.5
36,968,298
Vicksburg
190,708
.
2:059;259 -32.5
15,359,971 -6.6
14.342,974
260,367
384,146 -32.3
445,686
455.517
2;332,710
Wilmington. N. C_ _
2,859,701 -18.4
33,586,508 -24.1
25,494,992
1,840,569
Columbus, Ga
2,748,125 -33.0
25,873.04 -14.3
22,173,987
7,1328,682
El Paso
7,106,118 +11.2
267,507
78,094,74 +15.3
90.060,095
319,975 -19.4
355,274
385,105
-11.0
21,232,10
-3.3
Jackson
210,000
20,534,118
. .
280,000 -20.5
300,000
250,000
Meridian
'917:937
1,356,687 -32.1
969,948
17,967,09 -11.7
15,865,744
1,442,384 -32.8
909,545
606,399
5,765,420
-18.2
Tulsa
7,044.107
900,000
0,5 , 4 +30.7
79,104,631
872,013 +3.2
737,046
803,816
Muskogee
4,373,386 -16.4
45.835,444 -0.2
3,654,758
45,727,366
10710,96-2296
Total Southern_ _ _
920,806,134 17098:560,424
012 -776.5 -F88,4537008 227,584,426 --17.2 2187716,860 -21
4:178,848
Total all
12,644,577,511 14,701,216,579 -14.0 155,242,201,536 169,815,700,600 -8.6 2,570,989,745 3,365,605,697 --23.6 3,540,101,319 3
,516,453,366
Outside New York_ 6,114,902,053 6,701,218,027 =878 72,223,621,520 57.181:418,610 -3.9 1,225,721,896 1.,U27702,851 --13.8 1,489,312,345 1,450,0327410
=in
Tr,r3570T8
Table Clearings by Telegraph and Canadian Clearings on Fee. 119. • Approximate.
76
THE CHRONICLE
[VOL. loo.
I American Federation of Labor, of which it is a part,
proceeded to apply the persuasion of the boycott.
Thereby (as has not been seriously disputed) a
profit of some $27,000 in 1901 was converted into
a loss of about one-half as much in 1902-04, and
the firm sued the boycotters in the Connecticut
courts, also levying attachments on their property.
CHRONICLE INDEX.
The index to Volume 99 of the "Chronicle"—which The trial court having sustained the defendants' devolume ended with the issue of Dec. 26—will be sent murrer that the Sherman Act does not apply to such
to our subscribers with the number of Saturday, cases, the U. S. Circuit Court of Appeals passed the
question on to the Supreme Court without itself
Jan. 16.
expressing an opinion; the final court, by Chief
THE FINANCIAL SITUATION.
Justice Fuller, with all concurring, held (February 3
"Heartened by months of close study of the busi- 1908) that the Act does apply and sent the case back
ness outlook of the nation", the newspapers tell us, for trial.
Secretary Redfield of the Department of Commerce
On February 4 1910 a jury in the Federal United
wrote a New-Year greeting to business men, bidding States Circuit Court in Hartford rendered a verdict
them just put out their hands and take the prosper- for $74,000 damages against the boycotters, before
ity which is trying hard to be grasped. Put that Justice Platt, and this amount was tripled under a
addition on your shop, begin those improvements; distinct provision of the Act. Appeal followed, and
prices are low and likely to rise, and these outlays on April 5 1911 the U. S. Circuit Court of Appeals
will be less now than six months hence. "Think of passed on the case instead of moving it forward.
Belgium and Poland, 0 man with a grouch, and Justice Lacombe, with Justices Cox and Noyes conslink into your hole and pull it in after you; there curring, reversed the verdict on sundry technical
think of your sins and your blessings." "Cheer up, grounds, of which one was that hearsay evidence
go to work, do your level best, quit talking misery; had been admitted while another was that union
get out and sell some goods, plant some more acres, membership and contributions did not necessarily
do more work than you planned, talk cheerful involve personal accountability for union agents
and their acts. On August 26 1912 the trial was
talk". And so forth.
Here is the old assurance, now in slangy familiar- begun anew and the old ground was gone over; on
ity instead of a loftily beautiful rhetoric, that the October 11 of that year a jury verdict of $80,000
sole trouble is pyschological and men are just as damages was rendered, this being tripled as before.
they think they are—a basis of truth, upon which Then, on December 18 1913, the inevitable appeal
is beaten up a froth of unreality. The same official was disposed of by Justice Cox in the U. S. Circuit
is exhorting who, some months ago, threatened Court of Appeals in this city, Justices Ward and
business men that if they ventured to slacken pro- Rogers concurring; the judgment of $252,131 was
duction and cut down their working force because affirmed, and the application of the Sherman Act
of tariff revision, the Government might come into to such combinations was declared "no longer detheir affairs with a limelight and uncover their lack batable."
The Supreme Court is now unanimous again,
of efficiency, in which, at that time, lay whatever
trouble existed. It was defective method then; Justice Holmes delivering the opinion. "It requires
it is defective grit and courage now. The "months more than the blindness of justice," he says,- not to
of close study" have apparently been given under see that many branches of the organizations to which
the pre-determination not to see anything which the defendants belonged "made use of the primary
conflicts with the Washington assumption that fre- and secondary boycott to subdue the plaintiffs to
quent vivisection and an overhanging menace are their demands. . . . the purpose was to break
good for business, and those who don't like it are not up the plaintiff's commerce affected by the quality
right in their judgment and their consciences, because of the acts." Evidently, taking their cue from
the best people are all with the Administration; Justice Lacombe, the defendants had pleaded that
ergo, all who are not with us are wrong somewhere.
they could not be individually made responsible for
There is business going on? Certainly; there acts of the Union, in the absence of clear proof of
always must be, for people must live, yet there is no knowledge in advance and of participation. This
such paralysis upon increasing ventures as uncer- sole remaining issue is summarily disposed of. "It
tainty exerts. There are always.insoluble questions is a tax on credulity (says Justice Holmes) to ask
about the future, and the war has added to them; any one to believe that members of the labor unions
does Mr. Redfield imagine he can move owners of at that time did not know that the primary and
capital to unnecessary commitments by telling them secondary boycott and the use of the 'we don't
to never mind about foreseeing but just rush ahead? patronize' list or 'unfair'list were means expected to
Call off the politicians, loosen some artificial shackles, be employed in the effort to unionize shops". The
restore freedom of action—then confidence will defendants, living close by, must have known what
was done; at least they were bound to know the
gradually revive of itself.
constitution of their societies and how the words
On Tuesday the Federal Supreme Court recalled to were construed into acts. The Court below had
mind the famous Danbury Hatters' case by a de- instructed the jury that if the defendants paid dues
cision upon it for the second time. This case is now and continued to delegate authority "and such
eleven years old and some of the original defendants officers were warranted in the belief that they were
have meanwhile passed:beyond earthly jurisdictions. acting with authority, then such members were
The Danbury firm of Lowe & Company had refused jointly liable, and no others." The Supreme Court
to let its factory belunionized into the "closed shop," holds that this instruction sufficiently guarded the
whereupon the localihatters' union, backed by the defendants' rights.
Warning.—It has come to our notice that one K. S. Jones, purporting
to act for the Associated Publishers' Service Co., claims to represent this
paper, and on the strength of this alleged connection has been soliciting
subscriptions for the paper and collecting money in payment of the same
usually offering a $10 00 subscription for $7 00.
We have no knowledge whatever of said Jones or the concern for which
he claims to be acting, and neither the one nor the other represents us or is
authorized to act for us in any capacity. The subscription price to the
"Chronicle" is $10 00 per annum to persons in the United States; never less.
J.91915.1
THE CHRONICLE
The unions have had able counsel, familiar with
the subject and skilled to seize every opportunity
for technical defense. They have exhausted all
resources of delay, and now that the final tribunal
has passed at once upon the question of fact as to
what was done against the hatters, the effect and
the purpose of the conduct, the question whether
that conduct was an unlawful combination under
the Sherman Act, and (finally) the individual responsibility of the defendants, it seems that this
almost interminable case has nothing remaining but
to enforce the judgment. This is a part of the
centuries-old struggle for liberty, still not established.
If the right to buy labor without dictation from outsiders does not exist, neither does the right to sell it;
if the individual cannot freely sell the labor of his
hand or brain he does not own either; if he does not
own those he owns nothing and is not a freeman.
This is as fundamental as the right to breathe.
While denied, as it is still denied in practice here
and there, the old battle for freedom is still on,
whether in Connecticut or in Colorado.
It is reassurring to note the unanimity and emphasis of this decision, which justifies the inference
that the Supreme Court, after seeming evasive (if
not timorous) in the long-fought contempt case, has
regained its independence and may be trusted to
still stand by the line of decisions that through
several Centuries have been steadily strengthening
the foundations of democracy.
What will follow when the cowardly surrender
which wrote and drove through to enactment the
labor exemption in the recent Clayton Law comes
before the Supreme Court is brought up for conjecture by this decision. Conjecture on this is
academic and premature, however natural, but
Section 6 of that law merely reaffirms existing fact
when it says that labor organizations shall not be
held or construed illegal combinations; necessarily
they are not so per se, for their conduct alone can
lay them open to any law. No restraining order
shall forbid quitting work or persuading others to
do so "by peaceful means",or from ceasing to patronize "or from recommending, advising, or persuading
others by peaceful and lawful means so to do. . .
nor shall any of the acts specified in this paragraph
be considered or held to be violations of any law of
the United States." What comes within "peaceful
and lawful means" remains to be defined, and it is
not unthinkable both that the Court, in due time,
will define this according to justice and the rule of
reason and that it may appear that, behind the apparent intent to grant a real exemption, there lay
an intent to put upon organized labor a trick which
would justly rebuke its arrogance and offer a loophole of wriggling out to the selfish timeserving of the
surrender.
Our Ambassador at London, Mr. Page, yesterday
received from the British Government a preliminary
reply to the protest by our Government against interference by the British navy with the legitimate foreign
trade of the United States. The text of the reply,
which will be followed by a more definite one, has not
been made public. Unofficial reports from the
British centre contain the assurance that the reply
is conciliatory in tone and indicates a disposition
on the part of England to do everything within
reason to comply with the American request.
The text of the American note has been published
77
simultaneously in England and America this week.
It appears in full on another page of this issue of the
"Chronicle." It is also stated that there is no disposition on the part of England to protest against
the purchase of German vessels by Americans where
the sales are genuine and ships are not used so as to
avoid the consequences of belligerency. Press dispatches from London state that the use of transferred German ships in the cotton trade with Germany probably would call forth objections from the
Allies, although cotton is not contraband. The objection would be on the ground that such use would
constitute a roundabout means of escaping the
effects of the war. But protest in any event is not
likely to be made until ships are actually transferred
and their prospective use further defined.
It is also considered probable that the Allies will
take the position that the proceeds of the sale shall
be held until the close of the war as a guaranty that
the funds will not be of assistance to belligerents.
An assurance that German ships purchased by the
United States Government or its citizens would
engage in South American trade very probably
would satisfy the Allies and prevent any formal objections, because a stimulation of the trade to South
America is greatly desired by all the Allies. Washington advices state that arrangements have been
completed between Great Britain, Italy and the
Netherlands whereby the commerce of the two
countries last named is expected henceforth to be
subjected to the minimum of interference. These
arrangements, it is understood, remedy some of the
complaints made by the United States in its recent
note to Great Britain. So far as Italy and Holland
are concerned the British Government now believes
the danger of getting contraband articles through
those countries to Germany and Austria has practically been removed. Should effective measures
be agreed upon between the Allies and the other
neutrals of Europe, American commerce, according
to the British official view, will not be subject to the
delays and interference complained of in the American note. American Minister Van Dyke at The
Hague cabled on Thursday that the British, French
and Russian ministers had given formal assurance
that merchandise, even of a contraband character,
would not be molested on the high seas if confined
to the recently established Netherlands monopoly.
One feature that seems to have lent itself actively
to the better prospects of co-operation between the
American and English governments to prevent delay to the American shipping trade is the announcement that the Washington Administration has decided to certify American cargoes as to their exact
contents before leaving American ports.
The British House of Lords re-opened on Thursday.
The feature of the initial session was a statement by
Earl Kitchener, the Secretary of State for War, in
which it was shown that the Allies are increasing
their resources of both men and materials in order
to prosecute the war to a successful finish. He referred to a householders' canvass which had resulted
in the registration of 218,000 men who were willing
to serve if called upon. Continuing, he said: "The
great advantages which Germany enjoyed by reason
of her superiority of numbers and extensive war
preparations have certainly diminished while the
Allies are daily increasing their resources in such a
way as to enable them to prosecute the war to a
78
THE CHRONICLE
triumphant end. The anticipated decrease in the
number of recruits during Christmas week has given
place to an increase which has almost restored the
weekly returns to their former satisfactory level. I
am glad to say that we have filled up the officers'
cadres of the expeditionary force and that there is
a considerable surplus of training officers to draw
from. Since the war began, 29,100 officers have been
appointed to the army. Sir John French's forces
have been increased by territorial units and by a new
division attached to which is a fine Canadian regiment. In the earlier stages of the war considerable
difficulties were experienced and anxiety was felt,
owing to the dearth of officers. I am glad to say
that we have now been able to fill up the places."
The House of Commons will not convene until
February.
[VoL. 100.
to be making slight progress in that territory in
his offensive operations against Warsaw. The German General finds it extremely difficult to move his
heavy artillery because of the soft roads. An official
Austrian statement admits the retreat of the Austrian
forces before the Russian advance in Bukowina.
Austria is making a final effort to raise a new army.
A new enrollment just ordered has called to the
colors thousands previously rejected. In the Western theatre of war the week has seen active fighting
right along the line. As a rule the Allies have made
gradual progress, though without what may be
termed spectacular successes.
The Gutierrez Government in Mexico has issued a
decree authorizing $300,000,000 of 6% bonds, to
be paid by a Federal stamp tax. The Object of
the issue is to refund and unify the various issues
made heretofore and also to provide for necessary
expenses. No definite conclusion has been reached
yet in regard to the situation on the Mexican border.
General Scott is continuing his negotiations with
Mexican leaders with the idea of making neutral
territory around Naco, and thus obviating the
necessity of military action by our own Government.
Both Italy and Roumania have taken action this
week which seems to indicate their early entrance into
the war on the side of the Allies. On Wednesday the
following pre-mobilization announcement was published in Rome: "The first and second categories of
the ten classes from 1886 to 1895 are to be assigned
to the first line troops; the third category of the same
classes, besides the three categories of the ten
War loans are again becoming plentiful. One of
classes from 1876 to 1885, are to be assigned to the
mobile territorial militia." Thus, able-bodied men $200,000,000, arranged by the Italian Government
between the ages of 20 and 40 are to be included. for use in connection with its military operations, has
Four classes—those of 1892, 1893, 1894 and 1895— this week been fully subscribed, according to cable
are now with the colors. Italy has given Turkey dispatches from Rome. The loan is to run for
until Jan. 10 to apologize for the recent incident at twenty-five years and to bear interest at 532%. The
Hodeida in which the Turks forcibly entered the Turkish Government has introduced a bill authorizing
Italian Consulate and took away the British Consul a war credit of £5,000,000 at 3%. The Turkish
who had taken refuge there. The demand for a moratorium has been prolonged until April 13. The
military salute to the Italian flag is included in the Governor-General of Canada has summoned the
ultimatum. Roumania is reported to have asked the Dominion Parliament to meet on Feb. 4. The legisUnited States to take charge of its affairs in Berlin lative program will be devoted almost entirely to
and Vienna. It has generally been supposed that financial measures, including the war credit of
Roumania would not attempt to enter the war before $100,000,000. A Dutch loan of $111,000,000 is being
the spring, but the successes of the Russian armies offered. It will be dated Feb. 1 1915 and payable in
.Roumanian Govern- three to fifteen years and bear 5%. Subscriptions are
have, it is reported, induced th,
ment to endeavor to itself occupy Transylvania so being received in this city by Messrs.Boissevain St Co.
as to have a prior claim on that much-coveted terriAccording to program, business was resumed
tory before the Russians secure it. A forthcoming
the London Stock Exchange on Monday last,
on
soil
the
Bulgarian
between
conference on Roumanian
4. The results of the first day's business conJan.
may
an
imof
have
Roumania
Czar and the King
expectations that the attendance would be
firmed
The
into
the
war.
entrance
the
on
portant bearing
the amount of business limited. The numand
light
is
it
but
bitter
enemies,
have
been
countries
two
expected that an entente will be reached and that a ber of trades, however, was about 950, representing
new Balkan alliance with leanings toward the Allies as a rule small transactions, so that the total volume
of business, which, however, was not reported offimay be the result.
A sweeping defeat of the Turks by the Russians is cially, was comparatively light. Nevertheless much
reported in the Caucasus, involving the virtual de- enthusiasm was shown by those members who were
struction of two and the repulse of a third Turkish present. There was no evidence of active liquidaarmy corps. Unless these reports are exaggerated, tion. By a ruling by the committee, members were
it is believed that the Turks will be compelled to forbidden to trade before 11 o'clock or after 3 o'clock
give up any ambitions they have previously had of (1 o'clock on Saturdays) either inside or outside the
invading their enemies' territories and will be forced House. As there is five hours' difference in time, the
to concentrate on the defense of their own country. closing hour would be exactly identical with the
Meanwhile the Russian forces this week have com- opening in New York. Hence there will be no Street
bined on operations that are the most gigantic of any market in London for the present for American seundertaken during the war. The movement includes curities. Later in the week the London Stock Exthe invasion of Hungary through Uzsok Pass in the change Committee ruled that members of the ExCarpathians and the rapid advance on Transylvania change could transact orders for American clients
through Bukowina simultaneously with their move- during the regular hours for business.
In an official statement issued by the British Treasment toward Cracow. On the other hand, the Rusit was announced that the restrictions under
ury
in
the
ns
by
Austro-Germa
check
in
held
are
sians
which
reopening of the Exchange had been consented
von
Hindenburg,
Marshal
Field
Galicia.
Western
regarded as being for the present, at any rate,
were
to
seems
Poland,
Northern
in
commander
German
the
JAN. 9 1915.]
THE CHRONICLE
as absolutely necessary in the national interests.
Their object, to quote the official announcement, is,
"(a) to safeguard the London market against forced
realization of securities and against operations for
the purpose of depressing prices;(b) to close the market absolutely to the enemy both directly and indirectly. It is essential that all persons dealing in
stocks and shares should conform not only to the
letter but also to the spirit of the regulations. It
should further be borne in mind that many of the
transactions which the rules are designed to prevent
are illegal under the trading-with-the-enemy Acts
and proclamations or under the common laws."
The rules provided specifically that there should
be admitted to the Exchange when it opened only
(a) British-born members or clerks or (b) naturalized
members or clerks who have re-exhibited their letters of naturalization to the committee, and in the
case of naturalized members or clerks of enemy origin those who have satisfied the committee that they
have been denationalized in their country of origin.
The reopening of business was attended with great
demonstration, the members all joining in the national anthem and cheers resounding throughout the
building. Then a pall of quiet, to quote press dispatches, fell over the Exchange because open bidding
was prohibited and transactions were entirely for
cash, thus requiring private negotiations. Notice
was given that fourteen firms comprising twenty-four
members had gone into liquidation since the Exchange
closed. This number was less than was expected.
It was also announced that six members had resigned
and that about sixty clerks had been withdrawn.
In addition, many members were away with their
regiments or ships in the country's service. The
House had been re-decorated during the prolonged
recess. One London correspondent suggests that
the opening amounted to little more than the transfer of activities from "outdoors to indoors," thereby
furnishing the brokers more protection from the elements. The committee is publishing an official list
of prices showing all bargains completed on the Exchange, including unlisted securities. A list of
220 alien members who are permitted to deal in
securities was posted. As a rule the opening tone of
the market on Monday was steady, though Americans, with the exception of New York Central,
showed a drooping tendency. Toward the close of
the week sentiment became more cheerful, one
factor being the favorable impression created by
Lord Kitchener's statement in the House of Lords
on Wednesday outlining the progress of the war.
This statement we have referred to in greater detail
in a preceding paragraph. Consols closed 683/i for
money. Day-to-day funds were quoted at 1%.
The report of the London Bankers' Clearing-House
published on Jan. 1 showed that the business of the
year 1914 amounted to £14,665,048,000, which was
a decrease of £1,771,356,000 as compared with the
year 1913. The Stock Exchange business during
1914 amounted to £1,481,780,000, or a decrease of
£600,251,000 as compared with 1913. The British
trade returns for the year, as published by the Board
of Trade on Thursday, showed a decline of more than
£95,000,000 in exports as compared with the preceding year, while imports decreased more than
£71,000,000. The figures for December reflected
the continued effect of the war, imports falling
£4,000,000 and exports decreasing £17,000,000. An
increase of nearly £8,000,000 in the imports of food
79
stuffs was offset by a decrease of £11,000,000 in raw
materials and manufactured goods, of which £6,000,000 was in cotton. The principal decreases in the
exports were £2,000,000 in coal and £6,000,000 in
cotton and wool textiles. The main shrinkages in
the year's imports were £45,000,000 in raw materials,
of which £8,500,000 was in timber, £15,000,000 in
cotton and £5,000,000 in rubber. The chief declines
were £11,000,000 in coal,£12,000,000 in iron and steel
manufactured goods and £23,000,000 in cotton textiles. The London correspondent of the "Journal
of Commerce" cabled some interesting features
showing the large increases of exportations of woolens, worsteds and similar goods to the United States
that have taken place during the year as a result of
the lower American tariff. He shows that, notwithstanding that shipments of worsted yarns to the
United States were completely suspended in December, owing to the home demands for military purposes, nevertheless for the calendar year the total
shipped to the United States amounted to 1,965,000
pounds, against only 73,000 pounds the preceding
year. A much more sensational increase is shown
by woolens and worsteds. In the former, while the
December outgo was only 302,000 yards, against
377,000 yards, the total for the year shows the
phenomenal increase to 8,219,000 yards in 1914, as
compared with 2,190,000 yards the preceding year,
while in the case of worsteds the total shipments to
the United States were 32,790,000 yards, against only
9,218,000 yards in the preceding year. The exports
of worsteds in December amounted to 1,727,000
yards, against 1,493,000 yards in December 1913.
An official statement from Paris was received by the
French Embassy at Washington on'Saturday last announcing a resumption ot payment on demand on
deposits and current accounts by the most important
banks in France, beginning Jan. 1. The French
Minister, M. Delcasse, in publishing the announcement, said: "The most important French establishments of credit have of their own accord renounced
from Jan. 1 the benefits of the moratorium as far as
the integral reimbursement of deposits and current
accounts are concerned. This action brings back
into circulation considerable sums of money which
had been hoarded up to the present time." On the
Paris Bourse the week has been exceptionally quiet,
though quotations have been well maintained. An
official report published in Paris on Wednesday
shows that the excess of withdrawals over deposits
in the French State savings banks for the year 1914
was 118,000,000 francs. French Rentes closed last
evening at 73.25 francs for cash, comparing with
72.10 francs on Thursday of last week.
The Bank of Sweden this week reduced its official
discount rate to532%,from 6%,at which it had ruled
since Aug. 28 1914. The National Bank of Denmark has also reduced its discount to 532% from 6%,
the latter rate having been in operation since Aug. 12
1914. There have been no changes, however, at the
larger centres, London remaining at 5%, Paris 5%,
Brussels 6%, Vienna 532% and Amsterdam 5%.
Private bank rates in London are 2 5-16% for short
bills and 2%(:)23/
2% for long. A week ago sixtyday bills closed at 23/2% and ninety-day bills at
25A%. Private bank rates on the Continent still
continue too nominal to be quoted.
THE CHRONICLE
80
The Bank of England's weekly return indicated a
decrease of £645,117 in gold holdings and of £263,000
in note circulation. Thus the total reserve was reduced only £382,000, but the proportion to liabilities
decreased to 32.71%, against 33.42% a week ago,
and compares with 49.34% at this date last year.
There was an increase of £2,686,000 in loans, representing the year-end financing and bringing the total
of that item.up to £108,921,000, which compares with
£32,092,407 one year ago. Public deposits decreased £3,124,000 during the week, while other
deposits increased £5,293,000. Government securities showed the nominal increase of £3,000. Our special correspondent furnishes the following details
by cable of the gold movement into and out of the
Bank for the Bank week: Inflow, £645,000 bought
in the open market, £400,000 released by India
and £314,000 received from the interior of Great
Britain; outflow, £1,000,000 set aside and "earmarked" currency note redemption account and
£1,014,000 bar gold sold to France. We add a
tabular statement comparing for the last five years
the different items in the Bank of Englgnd return:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1915.
1914.
1913.
1912.
1911.
Jan. 6.
Jan. 7.
Jan. 8.
Jan. 10.
Jan. IL
35,876,000
Circulation
23,800,000
Public deposits__
133,348,000
Other deposits
14,810,000
Gov't securities
Other securities__ _ _108,921,000
Reserve,notes&coln. 51,421,000
Coln and bullion_ 68,848,493
Proportion of reserve
to liabilities
32.72%
Bank rate
5%
29,042,925
7.185,436
46,544,175
13,098,974
32,092,407
26.517.484
37,110,409
28,633,420
9,813,645
41,788,250
13,685,483
32,694,654
23,230,434
33,413,854
28,588,500
14,889,995
40,242,392
15,270,184
31,971,920
25,909,202
36,047,702
27,898,125
8,765,981
40,233,727
15,399,568
28,186,526
23,451.664
32,899,789
49.34%
454%
45%
5%
46.97%
4%
35.40%
434%
The weekly return of the Imperial Bank of Germany, showing conditions as of Dec. 31, reports an
increase of 17,331,000 marks in gold and of 121,048,000 marks in the so-called "metal" item, which includes Treasury and loan bank certificates and notes
on other banks. There was a decrease recorded of
23,937,000 marks in loans and of 1,882,000 marks
in securities (chiefly Treasury bills), while deposits
were 280,905,000 marks lower. Note circulation
increased 614,320,000 marks and discounts and loan
bank bills increased 280,905,000 marks. The Imperial Bank's gold stock stood at the close of the year
at 2,092,811,000 marks, against 1,179,970,000 marks
at the close of 1913 and 816,768,000 marks in 1912.
Note circulation on Dec. 31 had passed for the first
time the 5,000,000,000-mark point, the exact figure
being 5,045,899,000 marks, against 2,576,858,000
marks in 1913 and 2,419,380,000 marks in 1912.
So far as the local money market is concerned, this
week's report must register a continuance of further
progress in unseasonal ease. Call money on the
Stock Exchange touched a new low mark for the current movement on Wednesday, namely 2%, and
while the rates asked for fixed maturities are only
slightly lower, a position seems to have been reached
where they are to a considerable extent a matter of
negotiation, the exact figures being determined by
the degree of risk, the value that is placed by the
lender on the borrower's business and other considerations well known in banking circles. The supply
of funds is not only well in excess of the demand, but
prospects appear to favor a protracted continuance,if,
indeed, not a direct increase of this condition. The
weakness in sterling .exchange, rates of which are
now well below the gold-import point, promises additional funds from this source, while general trade and
industry show no indication of becoming substantial
borrowers at the banks, and Stock.Exchange require
[VoL. 100.
ments, owing to the absence of speculation, are hardly
a factor in the general money situation. The Federal
Reserve Bank of New York, for the purpose of increasing its earnings, has this week invested $5,000,000 in New York City revenue warrants which were
issued in anticipation of tax payments during June.
The warrants were purchased direct from the city
at par and bear interest at 3 19-32%. In announcing
the purchase the Reserve Bank made the formal
statement that its action in making this investment
should not be understood to indicate a permanent
policy. The amount of paper discounted for member
banks has not provided sufficient income to meet
entirely the expense of the Bank, and the purchase
of the municipal revenue warrants has been authorized by the Board as a temporary method of increasing
the Bank's earnings. There are indications that
some of our large corporations are about to take
advantage of the present redundance in funds to
appeal to the market for capital. The directors of
the Chicago Milwaukee & St. Paul Ry., at a special
meeting on Wednesday, authorized an issue of
$29,141,300 of 5% convertible bonds, which will be
offered to stockholders at par to the extent of 123/2%
of their holdings. These bonds, it is officially announced, have been underwritten by Kuhn, Loeb &
Co. and the National City Bank. The formal offering will be made at an early date. The prompt success that attended the offering of $15,000,000 Government of Argentine Nation 6% gold notes seems
to have encouraged a belief that investment conditions are quite favorable for the offering of attractive
securities. Commercial paper rates show a further
easing. Business is restricted, owing to the absence
of adequate supplies.
Referring to money rates in detail, the week's
range for call money was 2@3%. On Monday 3%
was the highest, 23/2% the lowest and 2% the
ruling figure; on TueSday 2% was the highest
and also the renewal basis and 23% was the lowest.
Wednesday's range was 2@2%%, with 23'% the
ruling figure; on Thursday 23/
2% was the only rate
quoted for all purposes; Friday'srange was214@23/
2%,
with renewals at 23/2%. Time money closed at
332% for sixty days and 332@3%% for ninety days
and four months maturities;five months 332@4% and
six months 3%@4%. A week ago sixty and ninety
days quoted at 33/@3%%, four months 3% and
five and six months 3%@4%. Commercial paper
closed at 3%@4%(a reduction of Wi% for the week)
for sixty and ninety-day endorsed bills receivable and
for four to six months single names of choice character. Names not so well known require 431@43%.
The market for sterling exchange is at the moment
in an interesting but peculiar position. Demand
bills on Thursday declined as low as 4 839'—a
figure fully 13/i cents in the pound lower than that
at which under normal conditions an import movement of gold might be expected. Thus far there
have been no receipts reported in New York of gold
from Ottawa, which is the natural source of supply
as it was to the Bank of England's representative
at the Canadian capital that the exports of the
precious metal from this country took place during
the period of excitement that followed the outbreak
of the war. Early in the week it was reported that
$5,070,000 in gold had been released by the Bank
of England to the Bank of Ottawa for New York
account. The impression prevails that this gold
JAN. 9 1915.]
has been sent to another destination in Canada for
New York account. Montreal is quoting such a
high premium for New York funds that it virtually
amounts to a heavy premium on gold. The closing
Montreal rate is $6 873/ per $1,000 and early in
the week the quotation went as high as $10. It
will be recalled that a group of New York bankers
was successful in the competition last week for an
issue of $6,900,000 City of Montreal three-year 5%
notes, which were secured on about a 53/2% basis.
One suggestion about the gold released by the Bank
of England at Ottawa is that it was forwarded to
Montreal in indirect payment for the notes jut
referred to. Gold may be expected to come to New
York via Ottawa on French account in the near
future. France is purchasing supplies on quite a
large scale in this country and is making arrangements to pay for the same, one form of preparation
being the sale of French Treasury bills in London.
On Monday Lazard Freres withdrew $2,000,000 in
gold bars from the New York Assay Office. This
they deposited with the First National Bank of this
City for account of the Bank of France. It is not
quite clear why it was deemed necessary to make
this deposit in gold, the more so because it is understood that the funds are not to be exported. There
would certainly be no encouragement to export
them in view of the adverse conditions in foreign
exchange circles. The heavy offering of finance
bills by Canadian banks was, however, the chief
outward source of depression in sterling exchange
rates. The Canadian Government recently arranged
a loan in London, the proceeds to be used for purchasing war supplies in the United States. On
Thursday bills against the first installment of this
loan, namely £1,000,000, were offered in New York,
and sterling exchange rates gave way severely under
the pressure.
Simultaneous announcement was made on Thursday night by the Treasury Department at Washington and by the British Treasury in London that the
negotiations between the United States Government
and Great Britain, which resulted in the sending of
Sir George Paish to Washington,had ended and that
any future financial adjustment involving the two
countries would, if necessary, be made through
the banks and bankers. The Washington official
statement reads: "The Secretary of the Treasury
announced to-day that in view of the fact that
exchange between the United States and the United
Kingdom has become practically normal, it is no
longer necessary for the two governments to exercise
their good offices in connection therewith, and that
any further consideration of the question should
be left to the banks and bankers of the respective
countries." It is likely that New York will be
called upon to become associated to a greater extent
than heretofore with Canadian loans. Announcement has been made this week of the purchase by
the Equitable Trust Company of New York of
$2,700,000 Province of British Columbia one-year
432% gold treasury bills. This is the first appearance of the Province as a borrower in New York, its
funds having in the past been obtained in London.
The Continental exchanges have also indicated
an easier trend. Bankers' sight on Berlin closed
at 86%, which compares with 883
% last week, while
cable transfers closed at 86%, against 883/ last
week. Exchange on Paris has declined to 5 193/
from 5 163/i for checks and to 5 83/ from 5 163/i for
81
THE CHRONICLE
bankers' cables. Bankers'sight drafts on Amsterdam
closed 40 1-16@403/
% a week ago and
s, against 403
bankers'cables finished at 4014@40%,against 40%,
while commercial sight at the close last evening was
down to39%,against403. Italian exchange,ba,nkers'
sight closed at 5 34, against 5 313/ last week. In
Paris the London check rate closed at 25.35 francs,
against 25.16 francs a week ago.
Compared with Thursday of last week (Friday
was a holiday then), sterling exchange on Saturday
was slightly easier for demand and cable transfers,
which were quoted at 4 84%@4 85 and 4 85%, respectively; sixty days advanced %c. to 4 8234.
On Monday the market ruled firm and, despite a good
supply of commercial offerings, demand bills advanced to 4 85@4 853' and sixty days to 4 829;
cable transfers were unchanged at 4 855
%. Sterling
quotations experienced a sharp set-back on Tuesday;
demand went as low as 4 84% and cable transfers
to 4 853 in the opening transactions, with the close
at 4 843
4 for demand, 4 85 5-16 for cable transfers
and 4 823/i for sixty days; increased offerings and a
lack of the expected demand against foreign selling
of American securities were the chief factors. On
Wednesday demand bills touched a new low level,
namely 4 843., due for the most part to continued
heavy supplies of bills, chiefly cotton; the range was
% for demand, 4 84%@,4 85 for cable
4 843@4 843
transfers and 4 82 for sixty days. A further drop
of about a cent in the pound sterling took place on
Thursday; demand declined to 4 833/2@,4 84, cable
8@4 84% and sixty days -to 4 813
transfers to 4 843/
2; the break was attributed to heavy selling
@4 813/
by Canadian interests against the establishment of
credits here for purchases of war supplies. On
Friday the market ruled quiet and irregular. Closing
% for sixty days, 4 83%@
quotations were 4 813
4 833
4for demand and 4 84@,4 843/i for cable transfers. Commercial on banks nominal, documents for
payment nominal. Seven-day grain bills at 4 82%.
Cotton for payment nominal; grain for payment
nominal.
The New York Clearing-House banks, in their
operations with interior banking institutions, have
gained $10,387,000 net in cash as a result of the currency movements for the week ending Jan. 8. Their
receipts from the interior have aggregated $15,548,000, while the shipments have reached $5,161,000.
Adding the Sub-Treasury operations and gold exports,
which together occasioned a loss of $3,775,000, 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 $6,612,000, as follows:
Week ending Jan. 8 1915,
Banks' interior movement
Sub-Treas. oper'ns and gold exports_
Total
Into
Banks.
Out of
Banks.
Net Change in
Bank Holdings.
515,548,000
lg,221,000
55,161,000 Gain $10.387,000
22,936,000 Loss 3,775,000
534.769.000
528.157.000 Gain 86.612.000
The following table indicates the amount of bullion
in the principal European banks:
Jan. 8 1914.
Jan. 7 1015.
Banks of
Cold.
Total.
Cold.
England_ _
France a _ _
Germany
Rumia
Aus.-Hun
68,848,493
68.848,493 37,110,409
140.105,16 25.566,36
165,901,00 14,041.000 179,942,
104,640.20
2,245,75 106,885,950 60,204,450 14,225,75
176,700,000 4.703,000 181 403 0 168,543.000 6,191,
51,578,000 12,140,00 63,718,000 51,707,000 10,898,
22,890,000 28,281,00 51,171,000 19,199,000 28,626,
SpunItatd _ _ 47,607,000 2,777,000 50,384,000 45,587,000 2,950./II
739,6
Suetlierl d 17,343,000
17,568,600 12,624,000
225,6
8,170,000 4,085,
Nat.Belgd 15,380,000
600,000 15,980,
5,809,000 5,672,000
Sweden _
5,809,000
6.798,00
9,509,90
Switz land 9,509,900
2,246,000 2,657,000
Norway __ 2,246,00
Total.
37,110,409
165,671.520
74,430.200
174,734.000
62,605,000
47,825,000
48,537,000
13,363,600
12,255,000
5,672,000
6,793,000
2,657,000
Tot. week 688,452,593 65,013,350 753,465,943 558,377,019 93,281,71 6E1,658,729
Prey. week 687,841,060 64.615,900 752,456,960553,519,099 92,568,24 616,087,339
a Data for 1914 for Oct. 15. c July 30. d Sept. 21.
82
THE CHRONICLE
THE PROGRESS OF THE WAR.
Addressing the House of Lords on the military situation last Wednesday, Lord Kitchener reviewed the
progress of the war, with what might be described
as suspended judgment of the results. During the
past month "the tide of battle had ebbed and flowed
with varying success." Germany on its east frontier was "realizing the infinite difficulty of winter
operations in Russia"; but, on the other hand, its
armies had driven back the Russians to the neighborhood of Warsaw. In short, the report by the
British Secretary for War had little to say, except to
confirm the popular idea that the conflict up to date
is much like a series of drawn battles.
No one who has followed the operations will doubt
that this describes the status of the European war
to date. When reports from the war offices describe
the gaining of two or three hundred yards by one
side or the other as a success worth reporting, it is
no unreasonable conclusion that the situation on
the Belgian frontier has for at least six weeks past
been one of absolute deadlock. Ther e is little difference in the reports from Alsace-Lorraine. In Poland
the news has reported alternate victories for each side
—none of these alternate successes being followed up
by conclusive strategical operations, and none of
them, apparently, accomplishing anything toward
the main purpose of either army. The only plain
facts to be deduced, after more than live months of
active hostilities, are that England commands the
seas indisputably, that Germany's colonial empire
has largely fallen into the hands of the enemy, that
the Austrian campaigns against both the Russians
and the Servians have met with failure, and that
Turkey, if the latest reports of its defeat by Russia
in the Caucasus are accurate, is becoming an almost
negligible factor.
How far the situation would be altered in a military
sense if Italy, Roumania or Bulgaria were to join
the conflict, is naturally uncertain. Participation
by some of these Powers in the war would aggravate
the plight of Austria; possibly it might compel much
larger withdrawals of German troops from the western frontier. But the entry of these Powers into the
field of hostilities, especially in the middle of the
winterseason,is at least uncertain,and if it happened,
its result might easily be a renewal of war between
the Balkan States. Back of all present considerations stands the problem which baffles all careful
and unbiassed students of the situation: Supposing
Germany actually to be forced back through Belgium
and through Poland into its own territory, what
then? No one will doubt the fact that the resistance,
which has been so powerful on the enemies' own soil,
would be doubly effective, and, if necessary, immensely more desperate, when the fighting was on
its own ground and for the defense of its own
homes.
The progress of this extraordinary war has necessitated many new points of view on questions bearing
upon the duration of the conflict. For one thing,
its history to date has entirely eliminated the element
of surprises, forced marches and sudden flank movements, which in almost all previous wars were the
deciding factors in the strategy of a conflict. The
scouting aeroplane has done away with that. Furthermore, the favorite theory of the early days of this
present war, that financial resources in the fighting
States would not be adequate to prolong the conflict
[voL. 100.
more than a very few months, has seemingly been
disproved; for, notwithstanding the fact that the
daily cost of this war has far exceeded the highest
estimate current before the war broke out, no serious
difficulty seems as yet to have been encountered
by any of the leading States in raising money for
the contest. And beyond even these two important
considerations, the original idea that,in one country
or another, the people were likely to oppose the
Government's policy in making war has had to be
abandoned. It is now entirely evident that the
people of the belligerent States are standing behind
their several governments with a unanimity rarely
witnessed in the history of international conflicts.
It has, to be sure, been reported that political sentiment in Austria is becoming sharply divided, especially in the case of Hungary and on the question
of home defense. But the testimony even to
this is doubtful, and in any case it would mean
rather a demand for a different concentration of
the Austro-Hungarian armies than a demand for
peace.
The arguments of those who have contended that
circumstances would force on the belligerent Powers
an early peace have thus very largely lost thlir force.
The Allies have professed the theory that the exhaustion of Germany would bring the war to a close,
yet no visible evidence of such exhaustion can be
seen. The German theory has seemed to be that its
ends could be effected through the process of "attrition" on the British fleet and through terrorism
imposed by raids on the British coast. But the
British fleet, despite its losses, remains far superior
to the German, not only because both sides have
equally suffered naval losses, but because a number
of new ships are being built in the English shipyards.
As for the raids on the British coast, these certainly
appear to have served more effectively to stimulate
the patriotic fervor in England and to increase the
enlistment of new recruits than to create opposition
to the war.
In short. a very great part of the early expectations
entertained regarding this present war have already
been upset. When discussing, moreover, the question of a long or a short war, historical accuracy
requires that one should remember the numerous
occasions in the past, when general belief of an early
termination of hostilities turned out to be notoriously mistaken. The prevalent idea, entertained on
this point four or five months ago, seems mostly
to have been based on such European conflicts as
the Balkan War, in which two separate campaigns
were ended in six or seven months, or the FrancoPrussian War, which was practically completed five
months after the beginning of hostilities, or the war
of 1866, between Prussia and Austria, which lasted
two months only. Perhaps our own people also
recall the three months' Spanish War of 1898.
But even if opinion is to be based on modern instances, it would not be fair to overlook the yearand-a-half duration of the Manchurian war or the
continuous fighting of more than two-and-a-half
years in the Transvaal conflict. We suppose that
there were plenty of people in England, when the
Peace of Amiens was broken by Napoleon in 1803,
who looked for a short and decisive war; yet hostilities were not actually ended until the Battle of
Waterloo in 1815. That the North, and perhaps the
South also, talked of a three-months or a sixmonths conflict when the Civil War began in April
JAN. 91915.]
THE CHRONICLE
83
1861, is well-known history; yet the end of the war
RETROSPECT OF 1914.
did not come until four years after its beginning.
In history the year 1914 will always remain memAll this by no means signifies that a conflict of
ng else, for the outbreak of
years is inevitable in the present case. Precisely orable, beyond everythi
the countries of Europe.
among
scale
a
on
war
colossal
the elements which have made the military operaand in magnitude,
nature
in
g
appallin
so
event,
other
That
any
tions of this war so different from those of
and comes readiest to
will stand in the way of definite conclusions in the necessarily occupies first place
the incidents and hapmatter of duration. Many things may happen, mind in any contemplation of
truthful narrative, howin the near or more distant future which might penings of the year. Any
the year was a
unexpectedly bring a sudden end. One by no ever, requires the statement that
was dismal
—indeed
respects
means unimportant fact is the absence of any en- dismal one in other
burst forth
not
did
war
of
flame
thusiastic acclaiming of the struggle, by any bel- throughout. The
Yet in
elapsed.
had
year
the
of
months
until
seven
ligerent, as a "glorious war." All ofithem, without
kept
situation
l
industria
the
months
these
Prince
seven
exception, appear to agree with the Crown
at a
was
here
se
Enterpri
worse.
steadily
growing
purposes
and
of Germany that this is to all intents
very
trade
most lines of
"the most stupid, senseless and unnecessary war of low ebb, and business in
interest
carrying
the railroad
modern times." On the face of things, one might much depressed, with
too, conditions were not run.
In
Europe,
prostrate
greatly
would
mind
of
suppose that such a state
facilitate mutual arrangements at an early date to ning smoothly.
If one looks for the causes they are found to be nuend the war.
as is usually the case, but the chief, the conmerous,
status
But on what terms? Restoration of the
lie on the surface. Politics was the
ly
ones,
trolling
apparent
quo? In that case, the Allies would
exercised a deadenabandon their declared position that German influence beyond all others that
abroad. When
militarism as a dominant force in European politics ing, paralyzing effect both here and
affairs abroad
with
must be crushed. Furthermore, it would mean the we speak of politics in connection
but local, dopolitics
ional
admission by both sides that the enormous expendi- we do not mean internat
on in a
expressi
the
use
not
do
we
and
politics,
ture of blood and treasure during the past five mestic
for
Britain,
Great
Take
sense.
d
or
restricte
narrow
months had been absolutely wasted. But if not
in
engaged
not
were
to-day
country
that
if
;
instance
then,
restoration of the status que, should peace,
think
to
a foreign foe, there is every reason
be arranged on the basis of the present occupation fighting
might be needed to quell domestic inenergies
its
nt
settleme
of territory? That has been the basis of
y competent observers are
in some other wars. But in this case such a settle- surrection. Certainl
statement that the United Kingdom
ment is quite inconceivable. Not only would it authorityfor the
civil war when the Kaiser, by
mean the abandonment of Belgium by the Allies was perilously near
rights in violating the neutreaty
in whose behalf she sacrificed heiself, but it would his disregard of
the conflicting elerallied
,
Belgium
make permanent Germany's loss of her colonies trality of
the British Isles in
of
on
populati
and would leave in possession of Germany a sub- ments of the
ent, making Ulstermen
stantial part of France. Either of the two bases of support of the Governm
to sink their differsettlement to which we have referred would appall and Nationalists alike ready
that the
ently also signify, not the crushing of militarism ences for the time being in order
alien
the
and the abandonment of the policy of increasing Empire might present a solid front to
armaments, but an enormous stimulus to both enemy.
France, too, had serious internal troubles. Two or
tendencies throughout the world.
The question is very peculiar—so peculiar that three Ministries were overturned. Radical policies
of
it is possible that the world cannot judge its merits were dominant. Mme. Henriette Caillaux, wife
and
shot
Finance,
of
Minister
,
the
The
situation Joseph Caillaux
adequately at the present time.
" A
does not resemble that of the Napoleonic wars, killed Gaston Calmette, editor of the "Figaro.
revived. A
because the history of that era was made up of a number of old political scandals were
financial
series of brilliant Napoleonic victories, which were muckraking campaign against banks and
the
much
ended only by the concerted uprising of the rest institutions of France was conducted of
the
in
red
of Europe against his rule. In some respects it same type as that recently encounte
appear
it
make
to
r
The
was
endeavo
more resembles our own Civil War, where the con- United States.
flict was virtually a drawn game during more than that everything was rotten in the financial world.
which
three years of active fighting, and was brought to Then it was difficult for any of the ministries
e
formulat
to
for
moment
be
the
d
in
one
to
power
happene
of
on
a termination only through the exhausti
the
of
because
and
plans
le
naother
financial
acceptab
was
stake
at
then
issue
belligerent. Yet the
tional existence. No doubt it is too early as yet numerous political parties which find representation
of
to solve the problem. But of one thing all students in the French Parliament. There was division
the
to
as
of the problem may be sure. If the future progress opinion as to the military service and also
in
of events, as the months go on, merely serves to income tax; and all the while France was greatly
floating
its
a
fund
be
to
e
of
g
to
need
extensiv financin
emphasize the conclusion that this war is
military deadlock, as no previous war has been, obligations and to provide the means for extra milithen the problem must be dealt with as no other tary expenses. The delay in Government financing
international problem has ever been dealt with in made necessary the postponement of private finanpast history. The situation thus developed would, cing, a circumstance which was the more discomat least, make possible some searching of the heart, fiting, as French bankers were carrying large masses of
both by people and rulers, on the whole question as unfunded obligations of the Balkan countries whieh
exto the uses to any country of perpetual militarism should have been and would have been funded
once
than
more
ent
of
stage
Governm
this
the
modern cept that
French
and enormous armaments, at
stepped in and declared that national financing must
civilization.
84
THE CHRONICLE
loo.
have preference and that other schemes must wait that we are unconque
rable and will never submit to
until this was completed.
Home Rule." The strain had now reached the
Nor was Russia free from troubles. Just before breaking point. On July
21, on the very eve of the
the outbreak of war, strike riots were reported in outbreak of war in Europe,
King George, at the
St.Petersburg and other large Russian cities, attended request of Mr. Asquith,
held a series of conferences
by street demonstrations under the red flag and by at Buckingham Palace
attended by leaders of the
sanguinary conflicts with the police. The movement different factions.
The King pleaded with these
was said to have grown out of a general strike at recalcitrant men, declared
that he regarded them
Baku. In St. Petersburg 200,000 workers were re- as trustees for the honor
and peace of all. He made
ported as having laid down their tools and many other no attempt to minimize
the danger confronting the
industrial cities were said to have proclaimed a British nation, but
said unreservedly: "For months
general strike. Financial affairs in Russia were like- we have watched with
deep misgiving the course
wise unsettled. By reference to our monthly narra- of events in Ireland. The
trend has been surely
tives it will be seen that on May 16 reports of finan- and steadily toward
an appeal to force, and to-day
cial failures were so persistent that the Russian the cry of civil war is
on the lips of the most responMinister of Finance considered it desirable to call sible and sober-mi
nded of my people." The King's
a conference of bankers to assure them the rumors efforts proved of no avail,
but the war came in to
were groundless. There are those who believe that save the situation
.
the Kaiser thought the psychological moment had
In this country, the misguided attempts of the
arrived for striking a blow in view of the internal Administration
at Washington to carry through a
dissensions in Great Britain, Russia and France.
scheme of radical legislation intended to revolutionThe seriousness of the difficulties in Great Britain ize business
methods served to disturb confidence
arising out of the Irish Home Rule question cannot and
to intensify the depression in trade. The
be exaggerated. The struggle was in progress Administration
had last October revised the tariff
through all the months of the year and grew in in- in radical fashion
and the result of that revision of
tensity and bitterness as the year advanced. King duties, along with last
season's short crops, was to
George, in reading his speech on Feb. 10 on the re- completely disorganize our
foreign trade, so that
assembling of the British Parliament after a long exports decreased and imports heavily
increased,
recess, was said to have read the portion referring turning the balance of trade against
the United
to the Irish Home Rule question with so much States in several months where in the
previous year
solemnity as to produce a deep impression. The it had been strongly in favor of this
country. This,
speech declared that "unless the Home Rule question obviously, facilitated the tremendous
gold exports
is handled now with foresight and judgment and a which were the feature of the year and
which were
spirit of mutual concession, it threatens grave future of large volume even before there was the
remotest
difficulties." In March popular feeling in Great thought of a general European war.
This war, of
Britain ran very high and much talk of disaffection course, occasioned serious dislocation
of our foreign
in the British army was heard. Indeed, the Govern- trade the last five months of the year,
but it was
ment deemed it incumbent to dispose the troops in certainly not responsible for the situation
existing
Ireland so that they might deal with an uprising in the first half of the year. The
fact, therefore,
should it occur, while the Ulster Volunteers, on their is significant that during the first
six months our
part, began to concentrate along the Ulster border.
merchandise imports, as compared with the first
six
In this month, too, an extraordinary ultimatum months of 1913, increased
from $879,586,905 to
was presented on behalf of the military officers in $980,916,082, while our
merchandise exports were
Ireland. To the communication the names of no less reduced from $1,146,3
17,078 to $1,027,716,626.
than 56 officers of the Third Cavalry Brigade were In other words, as against
an excess of merchandise
attached. They said they were perfectly ready to exportsin the first
six months of 1913 of $266,730,173,
serve in maintaining order and protecting property, the excess in the first
half of 1914 was only $46,but "if the duty involves the initiation of radical 800,544, and in some of the months,
as already
military operations against Ulster,the following offi- stated, the excess was actually on
the side of the
cers would respectfully and under protest prefer to imports.
resign." Mr. Asquith repudiated an assurance which
At the same time the railroads were in a desperate
the War Secretary was supposed to have given say- plight—their earnings shrinking and
their credit
ing that troops would not be used in a way to hurt impaired. In these circumstances
merchan
ts and
their sensibilities in the matter. When this hap- business men beseeched the President to
desist
from
pened, Sir John French, Chief of the General Staff carrying his scheme of hostile legislati
on any further,
of the British army, and Lieutenant-General Sir so as not to introduce any additional
complications
John Spencer Ewart resigned their commissions. in a situation already sufficiently trying.
Congress
Things finally got so complicated that Mr. Asquith had been kept in continuous session
since the preassumed the War Office himself.
vious April and really wanted to be released. It had
One can hardly believe his senses. Sir John very little relish, too, for many features of the
bills
French forced out—the very man the Government that constituted the President's legislative
program
.
subsequently sent to command the British troops in But Mr. Wilson was obdurate. He
applied the
Belgium
and upon whom the hopes of the lash and compelled Congress to do his
France and
bidding. A
entire British Empire are now centred. In July the Trade Commission Bill and an
Omnibus Antisituation developed an acute phase. Sir Edward Trust Bill containing many vicious
and objectionCarson, in a speech to the Ulster Volunteers, became able features were finally put upon the
statute books,
threatening and defiant, saying boldly: "A great and business in the future will have to
be conducted
crisis in the fate of our country cannot be delayed in accordance therewith. The European War
has
many weeks. The time cannot be far distant when come in further to disturb the situation, but busiwe will have to show the Government and all others ness was lame and halt, and enterprise and energy
JAN. 91915.]
THE CHRONICLE
85
crippled and paralyzed, with confidence at a low way and a small increase in rates on a restricted list
ebb, long before this final blow was received of commodities seemed like a drop in the bucket.
from the other side of the ocean. The most serious Various decisions of the U. S. Supreme Court conphase of the new legislation is that it discriminates firming the Commission in the possession of the
against manufacturing and general business and in widest powers, added to the feeling of disquietude.
With the exception of the month of March, when
favor of labor and agriculture and in that sense
there
was a trifling gain, gross earnings of United
privileges
Special
disturbing.
will be permanently
freedom
States
by
railroads, treating them as a whole, declined
labor
to
extended
are
and exemptions
from the operation of the Anti-Trust Law and it also in each and every month of the year—in most of
gets exemption in the matter of court procedure with them, too, very heavily. For the 11 months to
Nov. 30 the loss in gross revenue aggregates $178,respect to the issuance of injunctions, &c.
As indicating the extent of the industrial depression 359,263. By a tremendous paring down of expenses,
prevailing, and which became more and more intensi- the loss in the net was reduced to $66,701,841. For
fied as the year progressed, the iron and steel trade, the full twelve months the loss in the gross will
often called the barometer of our industries, will exceed $200,000,000 and the loss in the net is likely
serve for illustration. Pig iron production was at to be $75,000,000.
Among the other seriously disturbing events must
a low ebb when the year started, the putput for
January (according to the figures of the "Iron Age") be mentioned the utter state of chaos into which our
being down to 1,885,054 tons. A slight improve- neighboring republic, Mexico, drifted. All through
ment then occurred and in March the production the year things down there may be said to have been
was 2,347,867 tons; but then a renewed decline set growing steadily worse. In April our Government
in. In November the product was no more than got involved in difficulties with the Huerta Govern1,518,316 tons, being the smallest make of any ment on account of some trivial affair, quite unimmonth of any year since Sept. 1908. In January 1913, portant in itself, and the President got permission
when the maximum monthly output was reached, from Congress to intervene with the navy and the
the product was 2,795,331 tons. As another index army. The United States made a landing at Vera
we may take the unfilled orders on the books of the Cruz and occupied the city for several months.
Steel Corporation. The total of these unfilled orders This gave the Constitutionalists under General
on November 30 1914 was only 3,324,592 tons, Carranza a free hand and finally President Wilson
which was the smallest monthly total since May accomplished his purpose and succeeded in forcing
1911 and compared with 7,932,164 tons on January 1 Huerta out. But the situation did not improve.
1913. At one time in November the steel plants General ' Villa, Carranza's chief military leader,
were said to be engaged to only 30 to 40% of their had been at loggerheads with Carranza during
capacity. Yet the President, when appealed to to most of the campaign, and an open break berestore confidence by calling a halt on further dis- tween the two had with difficulty been avoided. Now
turbing legislation, insisted that there was no busi- that the goal had been obtained and the City of Mexness depression, that it was merely psychological, ico reached, open warfare between the two ensued,
and Secretary Redfield of the Department of Com- leading to a new state of insurrection and strife, in
merce dismissed the complaints about the unsatis- which three or four other Mexican insurrectos joined.
factory nature of business by saying they indicated Towards the close of the year the United States
"mental mourning for conditions that can never forces were withdrawn, leaving the rival insurrecreturn, since the day of mastery is over and commerce tionaries to fight it out among themselves. Thus
must henceforth be a servant."
peace remained as distant as ever in Mexico. There
Trade depression was undoubtedly greatly intensi- seems to be no security for either life or property now
fied by the unfortunate condition of the railroads. in that country, and no one strong enough to enHow these have suffered, how they pleaded with the force order. Thus the enormous property investInter-State Commerce Commission for just a little ments in Mexico a large part of them owned by Eurorelief in the shape of increased rates,and how reluc- peans, have been gradually becoming valueless,entant and niggardly the Commission was in granting tailing heavy losses in Europe,and this in the early
relief, are facts familiar to every one. The Com- months of the year, before Europe was confronted
mission had the 5% rate case under consideration with the graver problem of a general war, exercised
throughout practically the whole year. Its decision a deeply depressing and disturbing effect.
The bounteous harvests raised—the wheat crop
adverse to the carriers (except thatlimited permission
being
the very largest on record—proved the one
articles
was given to increase rates on a curtailed list of
filed
bright
spot in the situation. To this was added at
Central
Freight
was
territory)
Association
in
the 1st of August, but as early as January hints and the very close of the year the change in the attitude
intimations were thrown out by the Commission of the Inter-State Commerce Commission as reflected
that the railroads were unlikely to get the right to in the partial reversal of its decision made the previraise rates, but that the Commission was considering ous Aug. 1 not to grant an advance in rates to the
other means of replenishing revenue. The Com- railroads. Much is hoped for the future from the
mission suggested a number of petty ways for forti- change in tone and temper of the Commission,as infying the revenues, not any of them containing the dicated in the final opinion handed down in Deleast bit of promise, and the most important of which cember.
the Commission was itself obliged to abandon the
Then, also, election results have reflected dissatismoment it sought to put them into practice. After faction on the part of the electorate with radical
the Commission's adverse decision in August the policies of legislation and with the hostile course so
case was at once reopened on the application of the generally pursued against the railroads and against
railroads, and then the carriers fared a little better, corporate and business interests. As far as the Adthe final decision coming in December. By that ministration at Washington is concerned, the spini
time railroad revenues were declining in a frightful of discontent was manifest as early as last, An nil
86
THE CHRONICLE
[VOL. loo.
An election then occurred to fill a vacancy in the to take gold here. The great ease in money at this
7th Congressional District of New Jersey. Presi- centre was an element in the stiffening of exchange
dent Wilson took particular pains to ask for the rates. In February the course of exchange was
election of the Democratic candidate with somewhat irregular, but Paris continued to take
the view of having the people of that $2,000,000 gold a week. In March sterling continued
strong most of the month, though the French takdistrict "show their judgment with regard to the ings of gold were discontinued
after the first week.
present administration." Instead, the voters elected In April exchange rates rose still higher and the
the Republican candidate by what was said to be prospect of a gold outflow in the regular way loomed
the largest plurality ever given a Congressional can- up. In May sterling touched the highest figures
didate in that district. In November came a general reached since 1907 and gold flowed out in large
Congressional election. This furnished convincing volume. In June the gold exports aggregated
and conclusive proof of the popular dissatisfaction $47,000,000.
In July utter demoralization in exchange developed
with the much-vaunted policies of the Administra- as a result of the rupture of relations among
the
tion. Again the President made a direct appeal to European Powers. Early in the month sterling
the electorate and was even more sanguine than had manifested some weakness, but the last ten
before. The outbreak of the war had served to raise days the gold engagements aggregated $44,350,000
the Administration in popular estimation because of —$5,000,000 to $10,000,000 a day being taken.
its devotion to the cause of peace, a quality of sterling Owing to the complete derangement of credit facilworth at this unfortunate period in the world's his- ities, sight sterling advanced to the unprecedented
figure of $5 50, while cable transfers were quoted
tory. Nevertheless, Democrats have saved Con- at $6 35. In August small transactions were
gress by a very narrow vote, and it is plain that, made at as high as $7 to the pound sterling. Soon,
except for the advantage which the Administration however, the rate got down again to about $5.
obtained through the war, the Democratic Party The problem how to deal with the situation was a
would have gone down to overwhelming defeat. As serious one. No one could suggest any effective
it was, in the new House there will be only 232 methods -except by further shipments of gold, which,
however,
was desired to avoid, in view of the
Democrats where in the present Congress there fact that itlarge
emissions of emergency currency
were 291. The Republicans, on the other hand, will were being made and the New York Clearing House
have 194, as against the present 124, and there will banks were showing a heavy deficiency in cash
also be 7 Progressives (as against 19 at present), and reserves.
The New York City loan syndicate was finally
one Independent and one Socialist. Accordingly, the
formed and also a $100,000,000 Gold Pool. The latyear has not been without its redeeming point.
ter was called upon to ship only about $12,000,000 to
The course of the stock market reflected through- $15,000,000 gold, but the New York
City Loan
out the year the many unfavorable features for which syndicate sent about $35,000,000 of the metal. The
the period will always be distinguished. It is a mis- situation was not understood at the time,even byfortake to assume that the great collapse in prices eign exchange houses, but the fact was that the dewhich occurred had its origin in the outbreak of rangement of the exchange market was caused alwar in Europe. The fact is, the stock market was most entirely by the fact that practically all the leading European countries had declared moratoria,with
almost continuously weak during the first six months the result that several hundred
million dollars of
of the year, when there was not even a remote proba- credits in favor of the United States were for the time
bility of a general European conflict. So large and being rendered completely unavailable. Great Britgeneral were the declines in prices that the market ain extended the payment of bills three times for a
was completely unsettled and demoralized long be- month each. On the final extension the pre-morafore the war came to deal the final blow. A review torium bills began to mature about the middle of
of the monthly records will make this clear. In October, and the exchange market at once became
January, the opening month, the disposition was to distinctly weak, prices dropping way below the gold
take a hopeful view at the start of the new year,and export-point; and with the aid of large merchandise
accordingly prices advanced. But in February the exports, this weakness in exchange steadily develmarket plunged downward. The action of the Com- oped thereafter, until at the end of December rates
merce Commission in suspending for six months more were so low that gold imports might have been made
the proposed advance in freight rates by Eastern if the Bank of England had been willing to release
roads had a distinctly depressing effect. In March some of the American gold which it had accumulated
the feeling was one of depression, though the further at Ottawa.
Below we bring together some general statistics
declines were not considerable. In April a large
and general collapse ensued, mainly as a result of for 1914 and 1913, affording an interesting contrast
the unsatisfactory outlook for the railroads; the between the two years. The data for 1914 are necescourse of prices was strongly downward even before sarily largely estimates, as the year has only just
the Mexican situation reached its acute stage. In closed. The same table is incorporated in our annual
May a period of quiet prevailed. In June the mar- "Financial Review," and there the 1914 figures will
ket experienced another severe break; special de- appear in their final corrected form.
GENERAL SUMMARY FOR TWO YEARS.
pressing influences were the Supreme Court's decision in the so-called Inter-Mountain cases, the
1914.
1913.
Claflin receivership, and a number of important Coln and currency in U. S. Dec. 31
$3.972,373,686 S3.767.082,704
clearings
United
Bank
States
in
$ 155,242.201.536 169,815,700.600
dividend suspensions. In July the European con- Business failures
$
357,908,859
272,672,288
Sales at N. Y. Stock Exchange_ _ __shares
flict came into play, but only during the last week of Imports
47,900,568
83,470.693
of merchandise (11 months)
$ 1.674.619.456 1,608,570,909
the month. Before that happened the market had Exports of merchandise (11 months(_ _ $ 1,867,991,492 2,250,822,664
Net exports of gold (11 months)
169.206,554
22,594,542
to contend against a succession of unfavorable events Gross earnings(11 months)
$ 2,680.474,561 2,858,833,824
Railroad constructed
miles
x1,532
which served anew to disturb confidence and the Wheat
x3,071
raised
bushels
891,017,000
763.380,000
raised
bushels 2,672,804,000 2,446.988.000
record would have been one of very low prices,even Corn
Oats raised
bushels 1,141,060.000 1,121,768,000
Cotton raised
bales
if the war had not come.
015,966,000
14,609,968
Pig iron produced_ ___(tons of 2,240 lbs.) _ es(.23.000,000
30,966.301
Super.ore ship'ts by rail (gross t'ns)
In foreign exchange the market followed about its Lake
32,021,897
49,070,478
Copper production In United States_ _lbs_ es1.1129,000,000 1,622,540,829
usual course until the war broke out, except that, Anthracite
shipments__(tons of 2,240 lbs.)
68,342,061
:006208
piro
ndsuction (tons of 2,000 lbs.)
le
fuani
ll k
P
Co
otarloo
510,000,000
56
79
0.'0
00
60
9
unfavorable
state
our
foreign
trade,
of
the
owing to
(whole U.S.) bbis
284.000,000
248.446,230
Immigration
into
United
States
No.
a700,000
1,387,318
the outflow of gold was larger and freer. In January
a Arricultural Department's estimate, which does not include linters.
a sharp rise in sterling occurred, and France began d Partly
estimated. z Estimates of "Railway Age Gazette."
JAN. 9 1915.1
THE CHRONICLE
MONTH OF JANUARY.
Current Events.—After the gloomy situation of the
previous year, a striking change in tone occurred in the
financial and investment markets, both here and abroad,
with the opening of the new year. In Europe this was due
to a decided manifestation of monetary ease at the foreign
financial centres. In this country the improvement followed
in part from the same circumstance, but more largely as a
consequence of other events. Rarely has there been such a
development of monetary ease abroad as occurred during
this month. Contrary to the customary experience, the
closing month of the old year had not been marked with
tension anywhere in Europe; there had been a slowing-down
of industrial activity during 1913 in nearly all European
countries, greatly diminishing the customary requirements
for accommodation. The absence of disquietude regarding
European political affairs was also a favoring element, there
being then no premonition of the great conflict which was
to come later in the year. The advent of 1914, therefore,
found a greater supply of funds available than ordinarily,
and a greater disposition to make use of such funds uncontrolled by fears that it might be better to hold the funds
intact against possible future contingencies. Paris was the
one exception to the rule, as the French Government had
considerable internal financing to attend to, and it was supposed French banking interests would have to arrange most
of the financing connected with funding the indebtedness and
meeting the requirements of the countries involved m the
Balkan wars of the previous year. Even Paris, however,
participated in the general improvement towards the end of
January. On Jan. 8 the Bank of England reduced its minimum from 5 to 43i and on Jan. 22 reduced to 4%, while the
Bank of Germany on the same day reduced from 5 to 43/2.
On Jan.29 the Bank of England made a cut of a full 1%,to 3,
and the Bank of France also fell in line and moved down from
4 to 332. At the minor European centres, too, Bank rates
were marked down in all directions. As indicating the extreme ease prevailing, day-to-day money in Berlin the latter
part of the month was quoted as low as 1%, though at the
very close, on the month-end settlements, a spurt to 43/4%
occurred again. At London open market discounts Jan. 31
were 1 3/s@2% for 60-day bills and 2% for 90-day bills. At
Berlin open-market discounts Jan.31 were 3and at Paris 3X.
The Bank of England increased its bullion holdings in the five
weeks ending Jan. 29 £10,536,258. Gold returned rapidly
from the interior of Great Britian, and the Bank also succeeded in obtaining large amounts of South African gold,
while there was scarcely any inquiry for gold for other countries. A great revival in the investment demand for securities followed, and the latter half of the month new loan offerings in large amounts and of numerous kinds were a feature
in London. These new loans were now successfully floated
in most cases, where previously the underwriters had been
obliged themselves to take up considerable portions of the
new issues. On the London Stock Exchange investment
stocks recorded a rise hardly less noteworthy than that established on the New York Stock Exchange. British Consols sold on Jan. 2 at 713
4 and on Jan. 31 at 76. In Germany an issue of 400,000,000 marks Prussian 4% treasury
bills was brought out at 97 and enormously oversubscribed.
In this country the success, as mentioned below, attending
an offering of $51,000,000 43/2% 50-yr. bds. of the State of
New York tended still further to promote the growing feeling
of confidence. Congress re-convened on Monday, Jan. 12,
after a recess taken the previous Dec.23,following the enactment of the Currency Bill. Some very radical bills were
immediately introduced, one in particular being that offered
by Senator Owen, Chairman of the Senate Banking and
Currency Committee, designed to place the stock exchanges
of the country under the supervision of the PostmasterGeneral and forbidding the use of the mails, telephone and
telegraph for the sending of quotations or information concerning transactions on a stock exchange unless the charter
and by-laws of such exchange contained regulations and prolubitions satisfactory to the Postmaster-General. But,
apparently, this did not have the approval of the Administration and the Administration itself, it was felt, was inclined
to adept a.much more conciliatory attitude than had distinguished its course during the previous year. On Saturday, Jan. 10, Chairman Howard Elliott of the N.Y.N.H.&
Hard. RR.announced that an agreement had been reached
with the Department of Justice whereby litigation with the
Government under the Sher:man Anti-Trust Law would be
avoided. The agreement was not particularly favorable to
the road, inasmuch as the company was required not only
to dispose of its holdings in the trolley lines and in the steamship lines outside of those running on the Sound, but also to
sever its connection with the Boston & Maine, which really
forms an extension of the New Haven system itself. The
fact, however, that any agreement at all had been offered by
the Government was accepted as an earnest of its desire
to avoid resort to the courts whenever possible. Special
emphasis was laid on this view, inasmuch as the New Haven
arrangement followed the compromise agreement reached
the previous month between the Government and the Amer.
Tel. & Tel. Co. When President Wilson on Jan. 20 read
his Special Message to Congress on trust legislation further
occasion was found by many for the notion that the Governmental policies toward business affairs would be greatly
modified. Any one looking at the substance of the message
87
could readily perceive that the President did not intend to
relax his efforts to carry out certain schemes of radical legislation, but the message contained many carefully phrased
sentences and clauses intended to soften criticism and to have
a reassuring effect, and these were prominently featured in
the daily papers, to convey the impression that in place of
the previous spirit of hostility there would now be peace and
amity. The $51,000,000 offering Jan. 21 of New York State
432% bonds proved an overwhelming success. The .subscriptions aggregated over $290,000,000, and the syndicate
paid an average price of 106.077. The bonds immediately
advanced and Jan. 31 sold above 108. The award was on
an interest basis of 4.208%. This was in sharp contrast with
the State's experience the previous June, when, to tide over
emergencies, it put out $27,000,000 8-months' notes on a
basis of 4.87%. Another event of considerable influence, but
entirely on the Stock Exchange, was the action of the Un.
Pao. directors in declaring on Jan.8 an extra dividend on the
common stock, payable April 1. The dividend consisted of
$3 per share in cash, $12 par value in Balt. & 0. pref. stock
and $22 50 in Balt. & 0. corn. stock. Certain of the pre!.
shareholders at once instituted suits to enjoin this
dividend, which was paid on July 20 1914, after favorable decisions had been rendered in two suits. It was
announced that, following the special distribution, the
div. on Un. Pac. corn. would be reduced from 10% to 8%.
Another thing that helped to improve sentiment was the
assurance, by events, that the new Federal Reserve Banking
system would be successfully inaugurated. Hearings as to
the division of the country into reserve districts and the
location of the reserve banks were opened in New York on
Monday, Jan. 5, by Sec. of the Treas. McAdoo and See. of
Agriculture Houston, constituting a majority of the Organization Committee, the third member of the committee
being the Comptroller of the Currency, who up to that time
had not been appointed. Subsequently hearings were held
at other leading cities. On Jan. 23, John Skelton Williams,
Assistant Sec. of the Treas., who on Jan. 19 was confirmed
by the U.S. Senate as Comptroller of the Currency, but who
did not assume his new duties until Feb. 2, gave out a statement as acting Sec. of the Treas., saying that just a month
had elapsed since the Federal ReserveAct had been approved
by the President. Since then 5,007 national banks, whose
capital aggregated approximately 75% of the total capital
of all the national banks in the country, had filed with the
Treasury Department formal resolutions accepting the provisions of the Federal Reserve Act,and 169 additional national
banks had indicated informally their intention to come in.
On Jan. 27 announcement was also made that the National
City Bank of New York (the largest national bank in the
country) had decided to enter the Federal Reserve system.
The next month it appeared that practically all the national
banks had decided to accept the provisions of the Federal
Reserve Act. Improvement in business was more a change
in sentiment than an increase in the volume of transactions.
The American Railway Assn. reported an extraordinary
number of idle cars, such as are found only at periods of extreme trade prostration. From 38,276 on Nov. 1 1913 the
idle cars had increased to 190,521 Jan. 1 1914 and the number
was further swelled to 217,274 Jan. 15; by Feb. 1 there was
a slight decrease to 211,960. The U.S. Steel Corp.statement
for the Dec. quarter, issued Jan. 27, was the reverse of encouraging. The record by months showed a steady decline
in earnings, the net (after deducting interest on subsidiary
companies' bonds outstanding) having been $11,430,461 for
Oct., $7,392,166 for Nov. and only $4,213,722 for Dec.
Orders, however, increased in January and the statement
issued Feb. 10 showed that unfilled orders on Jan. 31 were
4,613,680 tons, against 4,282,108 tons Jan. 1; but comparing with 7,932,164 tons Jan. 1 1913. Prices also in some
instances were somewhat higher, though in one or two cases
this was after a further decline early in the month. Such
advances as occurred were generally 50 cents to $1 a ton,
though many articles of finished products remained entirely
unchanged. Steel billets at Pittsburgh advanced from $20
a ton to $20 50. Pig iron production in the United States in
Jan. reached only 1,885,054 tons, against 1,983,607 tons in
Dec., 2,233,123 tons in Nov., 2,546,261 tons in Oct. and
2,822,217 tons the previous May, which was the best figure
ever reached. It was common report in New York and other
large cities that the number of men out of employment
was
the largest in many years. Fortunately, weather conditions
were extremely mild practically all over the country. In
this city there were two or three days of very low temperatures, the thermometer at 2 a. m. on Jan. 14 getting down
to 5 degrees below zero, which came within 1 degree of the
6 below record of the previous 43 years. Otherwise,
extremely moderate weather conditions prevailed, with an entire
absence of snowfall here in the East. Many of the savings
banks of this city reported much heavier deposits than usual,
but this was explained as partly due to withdrawals from
the
banks maintained by the department stores, owing to the
failure the previous month of Henry Siegel & Co. A 00131mittee of the New York State Senate conducted an investigation into the business of private bankers, owing to the
Henry Siegel & Co. bank receivership. The Bank for Sayings, the oldest and one of the largest savings banks in
this city, with deposits close to $100,000,000,. Was
for some unaccountable reason subjected to a run begmnmg
Jan. 29, but the bank kept open later than usual to meet an
88
THE CHRONICLE
[VOL. loo.
demands and no evidence remained of the run after the close Commission was giving serious consideration to the proof the month. It was stated that in all about $2,000,000 position whether the carriers should not be required to rehad been withdrawn. Copper, after being strong and active plenish revenues in a number of petty ways instead of by an
at the beginning of the month, with Lake Copper up to 153 advance in rates. The Mexican situation continued discts., developed weakness and got down to 14 Yids., with quieting. While on his vacation in the South during the
electrolytic 14 cts. This was due to the fact that the Decem- recess of Congress for the Christmas and New Year holidays,
ber statement had shown an increase in unsold stocks from President Wilson had conferences on the scout cruiser
47,929,429 lbs. to 91,438,867 lbs. Later on strength ensued Chester with Mr. John Lind the President's personal envoy
and Lake copper closed at 15 cts. and electrolytic at 143/ cts. in Mexico, but these did not appear to work any change in
The Jan. return of the Copper Producers' Association, issued the President's views. Mr. Lind subsequently returned to
after the close of the month, showed unsold stocks reduced Vera Cruz. It was announced that Sir Lionel Carden,
from 91,438,867 lbs. to 87,296,685 lbs. on large export ship- British Minister to Mexico, whose views were known not to
ments. In grain the feature was large engagements of be in accord with those of President Wilson, was soon to be
Argentine corn for import into the United States, under the transferred to Rio Janeiro as Minister to Brazil. After
operation of the new tariff law, which put corn on the free several unsuccessful attempts by the Constitutionalists to
list. May corn at Chicago from 693
% cts. Jan. 2 dropped capture Ojinaga, Gen. Pancho Villa, the head of the Constito 649r cts. Jan. 9, but closed Jan. 31 at 665
% cts. Wheat tutionalists in the north, took personal command and capwas influenced by a fear that low temperatures in the West tured the city on Saturday night, Jan. 10. The Huerta
would prove damaging to the growing winter-wheat crop as troops, it was stated, had run out of ammunition. Six of
the snow covering in most sections was at that time very Huerta's generals, 3,300 men and a number of civilian reflight or entirely absent. May wheat at Chicago advanced ugees and camp followers, including 1,207 women and
from 90%cts. Jan. 7 to 943( Jan. 29, and closed Jan. 31 at children, crossed the border and were taken in charge by
923' cts. May oats at Chicago declined in sympathy with • United States troops. Mexican finances went from bad to
corn from 413
% cts. Jan. 2 to 38% Jan. 7, but closed Jan. 31 worse and on Jan. 13 Huerta issued a decree suspending the
at 393/i cts. Middling uplands spot cotton in this market, payment of interest on the foreign and internal indebtedness
which had closed Dec. 31 at 12.60 cts., sold at 12.50 cts. of the Republic for six months. This default was one of the
Jan. 2 and got down to 12.30c. Jan. 5; by Jan. 21 the price events that tended to accentuate the depression in Paris the
was 13.05c., but the close Jan. 31 was at 12.75c., the ginning early part of January. The decree followed the failure of the
report, issued Jan. 23, having made it evident that the crop Mexican Minister of Finance, Adolfo de la Lama, to obtain
would be in excess of the estimate of the Department of a new loan in Paris. M. de la Lama cabled his resignation
Agriculture the previous Dec. 12. Print cloths at Fall River to Gen. Huerta as a protest against the decree, but the next
ruled at 374c. until Jan. 27, when there was a reduction to month was persuaded to resume his functions. The Nat.
3c. Prest. Henry Ford of the Ford Motor Co., Detroit, Rys. of Mexico earlier in the month arranged to pay its Jan.
announced an extraordinary wage and profit-sharing plan. interest with $2,460,341 6% 3-yr. notes secured by pledge
At intervals during 1914 there was to be distributed among of £595,580 Mex. Govt. 6% 10-yr. bonds. On Monday
the .employees a sum, estimated at $10,000,000, from the evening, Jan. 26, President Wilson held a conference at the
profits of the year. The working force was to be increased White House with the Senate Committee on Foreign Relapm 22,500 to 26,500, an eight-hour day was to be estab- tions, to which great and even grave importance was generlished,. the plant to be operated with three shifts every 24 ally attached. The scope of the conference seems to have
hours in place of two shifts of 9 hours each and the minimum embraced the broad field of the then existing relations of the
wage to male employees of 22 years of age or over was to be United States not only with Mexico but with all other foreign
$5 a day. National bank circulation secured by Govern- Powers and the effect on those relations both of the Mexican
ment bonds decreased from $740,633,645 to $736,194,233. entanglement and of other matters. The conference was
Government cash in sub-treasuries declined from $331,259,- private, but many details of the discussion leaked out.
397 to $327,468,133, at the same time that Government de- Rumor had it that the President indicated to the Senators
posits in the banks were reduced from $92,302,428 to $84,- that,owing to many different circumstances but accentuated
701,289. Railroad earnings quite generally made poor. com- by the unfortunate developments in Mexico, the United
parisons with the previous year, reflecting the recession in States was gradually drifting into a position of isolation
trade and the short grain crops of the previous season, and among the nations of the world. The topics said to have
returns of net, as a rule, were worse than the returns of gross. been discussed and the remedies suggested for dealing with
The Inter-State Commerce Commission continued its hear- the same (and the events of subsequent months showed that
ings on the application of the Eastern railroads for a 5% in- they had been correctly outlined) were: (1) the policy of
crease in freight rates. The N.Y.Chamber of Commerce on openly supplying arms to the Constitutionalist troops, which
Jan. 8 adopted a resolution expressing the belief that the were fighting Huerta in Northern Mexico; this policy was
shippers of the country now felt a prompt advance would be carried into effect by the Administration the next month;
not only an act of justice to the railroads, but beneficial to (2) re-consideration of the five general arbitration treaties
the entire business of the United States. Many other mer- with European governments which had expired by limitacantile bodies also indicated acquiescence in an increase. tion and whose renewal had been thus far blocked by SenatorThere was, nevertheless, considerable opposition by many ial indifference or opposition; this also was accomplished the
shippers and by representatives of certain industries and cer- next month, the treaties being then acted upon by the
tain classes of traffic, and the Commerce Commission an- Senate, as recorded in our narrative for February; (3) connounced a schedule involving almost continuous daily hear- cessions to European nations in general and to Great Britain
ings beginning on Jan. 26 and running to March 5. The in particular in the matter of the discriminatory tolls which
Commission's own attitude was the subject of much specula- Congress had proclaimed for United States coastwise comtion,and some remarks made the latter part of the month in merce in using the Panama Canal,and regarding which Engan opinion handed down in another case proved extremely land had objected that such action was not only indirect
disturbing and had the effect of checking the improvement discrimination against British shipping but a violation of the
in trade .and in sentiment, of which there appeared to be Hay-Pauncefote Treaty; in this particular, also, the Presimany evidencesin the earlier part of the month. The de- dent's purpose was made known in a bold appeal to Concision was m the so-called "Tap-Line" cases, where the ques- gress early in March and the passage of a repeal bill in
tion at issue was whether the practice which had existed June; (4) possible cash settlement with Colombia by
almost from time immemorial and been continued with the way of allaying the grievances of that country for our
full koowledge. of the Commission, should be approved, of Government's participation in the successful revolution at
granting special.allowances to industrial establishments Panama, whereby the United States acquired the Canal
having short switches, or private lines, connecting such strip. Labor troubles again broke out in British South
establishments with the tracks of the railroads. The Com- Africa, but proved only temporary. On Tuesday night,
mission declared unlawful this practice of hauling free to the Jan. 13,a general strike was proclaimed by the Trades Federmain line the products of industrial concerns because it gave ation, and the Rand miners by a two-thirds vote decided to
"undue and unreasonable preferences and advantages to the join in the movement. The Government this time acted
industries so favored, and worked undue and unreasonable with great vigor. The Premier, General Louis Botha, deprejudice and disadvantage to shippers in the same business clared martial law and Jan. 18 it was possible to issue a prowho do not receive any such allowances or rebates and who clamation demobilizing most of the commandoes and regido not receive the benefit of any such services." The rail- ments. One of the drastic steps taken was the placing of
roads never liked the practice and were glad to have the several of the ringleaders of the movement on board vessels
Commission take a stand against it, but what occasioned and shipping them out of the country, an act which excited
uneasiness was the broad hint that instead of the 5% ad- considerable adverse criticism in Great Britain. Sabre rule
vance in rates it might be advisable for the railroads to re- in Germany gained a triumph when a court martial on Jan.10
coup themselves by abolishing the allowances to industrial unconditionally acquitted Colonel von Reuter and Lieutenplants and eliminating a few other practices that in various ant Schad for cowing citizens of Zabern into submission the
small ways might be tending to deplete railroad revenues. previous November. In addition, the Court of Appeals of
Said the opinion: "Indeed, the very gar/191.s that are aug- the Strassburg Army Corps reversed the conviction of Baron
menting their expense accounts and dissipating their revenues von Forstner, the "boy" lieutenant, who was mainly responin this manner, to the extent of many millions of dollars a sible for the convulsion at Zabern. The Lieutenant's senyear and for the benefit of a comparatively few shippers, are tence of 43 days imprisonment, inflicted by the court martial
now complaining that their present earnings are insufficient, on Dec.19,was quashed. The latter part of the month,howand on that ground have asked our permission to make a ever, the German Imperial Parliament, adopted by a large
substantial increase in their general rate schedules." Fur- majority a resolution demanding Government action to
ther ground for apprehension was furnished the next month prevent the use of troops against citizens unless a requisition
when the views here outlined were urged directly upon the be first made by the civil authorities. A bill was at the same
attention of the carriers and it was made evident that the time introduced prohibiting absolutely the intervention of
JAN.9 1915.]
THE CHRONICLE
811
troops without such requisition and forbidding the use of with transactions relatively small. The special dividend
arms by the military except in self defense, to overcome actual announced on Un. Pac. corn. furnished occasion for a sharp
resistance and to force the disarmament of armed persons or advance in that stock, but the effect on B. & 0. shares was
the arrest of fugitives, but this bill failed the next month, as to cause a break, owing to the supply of these latter to come
narrated under the events for February. Lord Strathcono, on the market as a consequence of the extra distribution.
High Commissioner of Canada in London, died Jan:21 in hisAfter the early hesitation, however, steadily widening activ94th year. An amendment to the Canadian tariff calling ity ensued on the Stock Exchange and with each new developfor the removal of the duty on wheat (which was the only ment of an auspicious- nature an added upward impetus was
condition necessary to secure the free admission of Canadian given to prices, the aggregate effect being to establish an allwheat into the United States under the new tariff law) was around improvement in values more pronounced than any
defeated in the Dominion House of Commons on Jan. 29 that had previously occurred for a very long time. At
by a vote of 102 to 57. Announcement of the resignations the very close the tone was a little ragged because of a break
of members of the firm of J. P. Morgan & Co.from the three- in Rock Island Co.shares,corn. and pref., on the belief that an
torates of a large number of organizations was made Jan. 2. early reorganization of the company's affairs might be a
J. P. Morgan retired as a director from some eighteen corn- necessity. Mil. & St. P. corn. sold up from 993/i Jan. 3 to
panics, chiefly railroads, while Charles Steele, H.P. Davison, 1063'Jan.31; Can.Pac.from 2063% Jan. 13 to 219% Jan. 31;
W. H. Porter and Thomas W. Lamont also gave up some and Read, corn., after rising from 166% Jan. 3 to 1723% Jan.
of their directorships, the three last named relinquishing 22, closed Jan. 31 at 169%. Un. Pac. corn. advanced from
some of their bank connections. Mr. Morgan
% Jan. 3 to 164% Jan. 31; So. Pac. from 883 Jan. 3 to
gave out a 153
statement saying the necessity of attending many board 993/i Jan. 23; No. Pac. from 109 Jan. 2 to 117% Jan. 31 and
meetings has been so serious a burden upon the time of the Great Nor.from 1253% Jan.3 to 132% Jan.31. N.Y.Cent.
members of the firm that they had long wished to withdraw was weak at first but after declining from 92% Jan.2 to 88%
from the directorates of many corporations. Most of these Jan. 13, advanced to 969 Jan. 31; Penn. moved up from
directorships they had accepted with reluctance and ()illy 108% Jan. 3 to 1153 Jan. 31; Amal.Cop.,after falling from
because they felt constrained to keep in touch with properties 73% Jan. 2 to 70% Jan. 9, advanced to 77% Jan. 22; Steel
which the firm had reorganized or whose securities they had corn. rose from 573/i Jan.3 to 673% Jan.31; N.Y. N.H.& H.
recommended to the public here and abroad. An apparent moved erratically. While, on the one hand, an agreement
change in public sentiment in regard to directorships seemed was reached with Washington for a readjustment of the cornnow to warrant the firm in resigning from some of those con- pany's affairs so as to avoid a suit under the Anti-Trust Law,
nections. Indeed, it might be, Mr. Morgan said, in view on the other hand the Mass. Supreme Court on Jan. 9, in a
of the change of sentiment upon the subject, that the firm unanimous decision, annulled the order of the Public Service
would be in a better position to serve such properties and Commission permitting the company to issue $67,552,000
their security holders if the members of the firm were not 20-yr.6% cony. bds., thus upsetting the company's plans for
directors. The National City Bank of New York changed permanent financing. The Court held the convertible feaits method of making Stock Exchange call loans. It refused ture of the bond issue illegal. From 78 Jan. 2 the shares deto certify "day loans" unless actual collateral was deposited dined to 73 Jan. 10, with the close Jan. 31 at 753%. The
as security for such loans. It had long been the practice of N. Y. N. H.& H. announced Jan.2 that,in deference to the
Stock Exchange houses to notify their banks of the funds views expressed by the Inter-State Cora. Comm.,and of the
likely to be needed during the day, such funds going to pay Department of Justice, the agreement made in 1911 between
for securities which the house had contracted to purchase on the N. Y. Cent. and the New Haven, providing for co-operathe Stock Exchange, the understanding being that the securi- tion in the service rendered by the Bost. & Alb., was to be
ties when received, were to be deposited with the bank as col- canceled as of Jan. 31 1914. There were many dividend
lateral. It had been supposed that these loans placed the reductions and suspensions. N.Y.Chic.& St. L.announced
banks in the position of preferred creditors. The previous that the customary annual div. on corn. would be this time
November, however, the U. S. Supreme Court had decided omitted. Bost. El., owing to.an award increasing wages,
in the well known case of Lathrop, Haskins & Co., that the made its s.-a. div. only 2%,against the previous 3%. Bang.
banks could not claim a preferred position in such circum- & Aroostook made its e.-a. div. 1%,against 1% in July 1913
stances. The prison sentences imposed on twenty-four.of and 2% in Jan. 1913. Osceola Consol. Min. Co. (copper)
those convicted on Dec. 28 1912 in the Los Angeles dynamite made its quar. div. $1 per share, against $2 the previous Oct.
conspiracy case were upheld by the U. S. Circuit Court of $2 50 the previous July and $3 in Apr. and Jan. 1913. Fed.
Appeals at Chicago on Jan.6. The Court granted new trials Sugar Refin. Co. omitted the div. on corn. and the Union Oil
to six others who had been convicted and sentenced for their Co., Los Angeles, also omitted its Jan. div. Pressed Steel
part in wrecking the Los Angeles "Times" Building on Oct. 1 Car Co. resumed on corn., after suspension since 1904, de1910. Those whose sentences were affirmed included,among daring 3% out of the earnings of 1913, payable in quar. inothers, Frank M. Ryan of Chicago, President of the Inter- stalments of %
3 of 1%. N.Y. Cent. sold in London, through
national Association of Bridge & Structural Iron Workers, J. P. Morgan & Co., on a basis of slightly
who had been sentenced to a 7-year term. An indictment somewhat less than $30,000,000 of 1-yr. 5% more than 5%,
to provide
against Charles H. Moyer, President of the Western Fedora- for $30,000,000 3-yr.4%% notes due Mar. notes
1. Mil.& St. P.
ton of Miners, and 37 other members of the organization, placed $9,741,000 gen. mtge.
4%s. Bankers offered at 973
4
was returned by a grand jury at Houghton, Mich.,on Jan.15. $14,000,000 cons. mtge.
40-yr. 43/2s of the Leh. Coal & Nay.
Theindictment grew out of the strikes in the Michigan Co. There were also
copper-mining districts and charged conspiracy to restrain Chic. & West. Ind. offered $4,066,000 cons. mtge. 4s of
laborers from going to work, &c. In its inquiry into the $7,000,000 5-yr.6%at 833%. Another offering consisted of
mtge. bonds of Puget Sound Tract. Lt.
deportation of Charles H. Moyer on Dec. 26 from Calumet, & Power Co. at
Swift & Co., the Chicago packing confollowing the protest made by the citizens of that place over cern, announced99.
that it would issue July 1 1914 $10,000:000
the action of the heads of the Federation in forbidding the of 1st mtge.5% 30-yr.
s. f. bds. and shareholders were given
families of those whose members were killed in the Christmas the first right to subscribe at 96 on or
Jan. 24. The
Eve disaster from accepting aid from the relief committee holders of the $5,000,000 5s due Julybefore
1 1914 were at the
organized by the Citizens Alliance, which had been working same time given the right to exchange each
of these
to effect the discontinuance of the Calumet strike, the bonds for a new $1,000 bond and $40 in cash. $1,000
The issue was
mud jury returned a "no true" bill, thus exonerating 17 underwritten, but the underwriting syndicate
was not
citizens who were named in the presentment. The restrain- obliged to take any bonds. St. & San
Fran. receivers on
ing decree in the action of the Federal Government against Jan. 22 brought suit in the U. S.L.
District Court at St. Louis,
the so-called "Jewelers' Trust" was signed by Judge TEunt Mo., against B. F. Yoakum and
of the U. S. District Court at New York on Jan. 30. The directors, to recover $14,408,921 nine other men,former
alleged to have been IIaction was brought against the National Wholesale Jewelers' legally caused by them to
be paid out in connection with the
*Association and the National Association of Manufacturing construction and acquisition
of new lines. The suit was,
Jewelers. The decree, it was stated, was to be used in the however, withdrawn in
November 1914. The Inter-State
future as a basis for the adjustment of all similar proceedings Commerce Commission
Jan.26 submitted to the U.S.Senate
under the Sherman Anti-Trust Act. The decree was the the report of its
as to the causes of the receiveroutcome of negotiations entered into the previous August for ship and sharplyinvestigation
criticized the financial management of the
a friendly settlement of the question as to whether the Na- property, saying the
tional Wholesale Jewelers operated in violation of the anti- ma!, rather than to company's insolvency was due to fin.anoperating causes.
trust law;it was then stated that the Government had reached
The Money farket.—There was the usual release of funds
the conclusion that dissolution of the Association was not following the large
1st of Jan. interest and div. disbursenecessary, but that the demands of the Sherman Law would ments. On
be met by a decree of stringent injunctions. Accordingly, incident to Friday, Jan. 2, because of the shifting of loans
the order signed by Judge Hunt, while declaring that the call loans, the large payments referred to and the fact that
according to Stock Exchange methods, had to
agreement between the Manufacturers' Association and the stand
until Monday, Jan. 5, the call-loan rate temporarily
Wholesale Jewelers, whereby members of the first-named
touched 10%, but the following Monday the high point was
organization were to deal exclusively with the Wholesale 5,
the next day it was 4 and thereafter the rate.never got
Jewelers, was illegal, did not require the dissolution of the above
the last ten days it never got higher than
associations; it enjoined them from certain practices, but 2%. 3%—indeed,
As a matter of fact, pronounced ease prevailed in all
did not restrain them from maintaining their organizations branches
of the money market, the shipments of $2,000,000
for social or other purposes not inconsistent with the decree. gold a week
to France being wholly without influence. Even
Railroad Events and Stock Exchange Matters.—The stock the payments
for the New York State loan of $51,000,000
market manifested considerable buoyancy and a large and did
not disturb the serenity of the market. On Jan. 31 time
general rise in prices occurred as a result of the favorable money
was 2%@23
4 per annum for 60-day loans; 3@33%
events and the change in tone and sentiment noted above. for 90 days;
for 4 mos.; 3%@3% for 5 mos.; and 33
4 for
The first ten days the course of values was still irregular, 6 mos. The33%
demand for mercantile paper was far in excess
THE CHRONICLE
90
of the supply, with quotations at the close 3%@43i for
choice 60 to 90 days' double names and prime 4 to 6 mos.
single names; other grades of paper were 432(4)4%. Money
holdings of the Clehring-House banks and trust companies
increased week by week and Jan. 31 were 81,650,000,
against $393,293,000 the previous Dec. 27. Surplus cash
reserves, however, were at their highest Jan. 17 at $43,111,650, from which there was a decline to $38,065,750
Jan. 24 and a recovery to $39,852,900 Jan. 31. Deposits increased from $1,696,097,000 Dec. 27 to $1,932,562,000 Jan.
31, while loans ran up from $1,865,562,000 Dec. 27 to $2,009,216,000 Jan.31. Money holdings of the State banks and
trust companies not in the Clearing House were only $66,619,700 Jan. 31, against $68,443,900 Dec. 27 and loans of
these instithtions were $533,169,000 Jan. 31, against $552,344,400 Dec. 27.
Foreign Exchange, Silver, &c.—There was a sharp rise in
sterling the early part of Jan. and the situation suddenly
changed from the possibility of gold imports to an actual outflow of the metal. The great ease in money here was the
prime factor in this rise. When monetary ems!)also developed
abroad,exchange took a downward course again and the offering of bills against exports of gold to France likewise had a
weakening influence. In each of the last three weeks $2,000,000 gold was shipped, making $6,000,000 altogether—
all to France. On the other hand, about $6,000,000 gold
came here from Canada. Bankers' sight bills on London
advanced from 4 8550(4)4 8560 Jan.2 to 4 8695(4)4 87 Jan. 10
and then declined to 4 8570@)4 8580 Jan. 31. We have
referred above to the reduction in the Bank of England discount rate, first from 5 to 43 (Jan. 8) then to 4 (Jan. 22)
and then to 3 (Jan. 29) and by the Bank of Germany from
5 to 4 and the Bank of France from 4 to 3
Open market discounts also sharply declined and Jan. 31 were only
1%@2 for 60-day bankers' bills and 2 for 90-day bills in
London, against 4)i and 43i(4)4% respectively Jan. 2. At
Berlin the open market rate Jan. 31 was 3% and at Paris
33%. Silver in London fluctuated between 263id. per oz.
3 d. and closed Jan. 31 at 26 7-16d.
and 26%
MONTH OF FEBRUARY.
Current Events.—The tone was noticeably less hopeful than in January and the disposition to take optimistic views was greatly modified both abroad and in this
country, but particularly the latter. There was one development of an agreeable nature, though it attracted little attention, namely the acceptance of the new banking system by
practically all the national banks in the country. The time
limit for the banks to signify if they would subscribe for the
capital stock of the Federal Reserve banks expired Feb. 23
and it appeared the national institutions had entered the
new system with almost absolute unanimity; 7,465 out of
7,493 national banks signified their acceptance; the capital
of all national banks in the U. S. being $1,057,093,534 and
the capital accepting $1,054,533,554. This insured the establishment of the system under favorable auspices and with
adequate capital.. But increasing uneasiness developed with
reference to the plight of the great railroad carrying industry.
Many returns of earnings came to hand for the cal. year 1913
and for January of the new year, and these were, with a few
exceptions, all of the same tenor in making very unfavorable comparisons of net earnings. For January there were
quite general losses in gross earnings, and a peculiarly distressing fact was that expenses could not, as .a rule, be
greatly reduced, and in some instances actually increased,
working a. double loss in net. Considerable new financing
for the railroads was undertaken,but it consisted chiefly of
the taking up of short-term notes about to mature, and these
were replaced with other short-term obligations. Though
long-term issues were by no means lacking, permanent financing of this character was entered upon with more or less
hesitancy. Bankers were apparently awaiting the completion of the President's anti-trust program and. the outcome
of the rate hearings before the Inter-State Commerce Commission. Grave doubts developed as to whether the railroads could count upon getting the desired advance. The
Commission threw out intimations that, even if revenues
should be found inadequate, it might be possible to get
added income in some other way. With that idea in muid
the Commission took up for hearing the question of compelling the carriers to make some charge for the extra- service
which they had been giving large industrial concerns. Hearings on this point were held on Feb. 12, 13 and 14, and the
carriers were asked. to furnish. answers to 15 queries propounded with the view to obtaining information on the subject. On Feb. 16 there came a wholly unexpected depressing
event in an announcement that the Commission had suspended for a further period of six months, or from Mar. 12 to
Sept. 12,the schedules advancing rates 5%. This occasioned
gloomy forebodings, and on Feb.18 rumor had it that Pres.
Wilson, taking cognizance of the uneasiness existing, had
held a conference at the White House with E. C. Clark, the
Chairman of the Commerce Commission. Nothing was divulged as to the nature or object of the conference, but Mr.
Clark imparted the information that "the President never at
any time has discussed with me the proposed rate advance
and has not expressed to pie any opinion he may entertain
respecting it." Whether it was a mere coincidence or not,
the next morning (Thursday, Feb. 19) Commissioner Harlan
Issued an explanatory statement saying the action of the
[VOL. 100.
Commission on Feb. 16 in further suspending until Sept. 12
the proposed increase in rates had been misunderstood and it
had no significance "beyond the fact that the case is not yet
ready for decision." He added that "there is reason to think
the record on the main issue in the case may be closed and the
arguments had in time to enable the Commission to dispose
of the question before the summer recess." This was taken
to mean about July 1. Mr. Clark made further remarks
calculated to show that the Commission would be active in
its quest for other means of supplementing revenues than by
higher rates. He announced that hearings would be held in
Washington Feb.27 and 28 to consider further the question of
making a charge for "spotting" cars for loading and unloading
on private spurs and side tracks, for the trap or ferry car
service, and for the tunnel and lighterage services in Chicago.
He also stated that separate hearings would be assigned later
to consider lighterage and other special cervices at N.Y. City
and N.Y.harbor and concerning re-consignments and diversions in transit and free storage. Affairs in Mexico alsofurnished renewed occasion for apprehension. On Feb. 3 Pres.
Wilson, by proclamation, removed the embargo on the exportation of arms and munitions of war to that country. The
proclamation stated that the Executive order of Mar. 14
1912, under which the exportation of arms and ammunition
into Mexico had been forbidden, was intended to discourage
incipient revolts against the regularly constituted authorities
of Mexico,butsince then the circumstances of the case had
undergone a radical change and there was now no constitutional government in Mexico. Accordingly, the existence
of the embargo had hinderedand delayed the very thing the
Government of the United States was now insisting upon,
namely that Mexico should be left free to settle her own affairs
and as soon as possible put them on a constitutional footing
by her own force and counsel. But the gravest anxiety was
occasioned by the killing of W. S. Benton, an English ranch
owner in Mexico, who appears to have called upon Gen. Villa
to remonstrate with him with reference to the acts of the
insurgent forces, and lost his life in so doing. The general
belief is that this British subject was put to death by Villa
himself. In response, however, to our Government's peremptory request for an explanation, Villa denied that he had
killed Benton, said that the ranch owner had, on the contrary, attacked him at headquarters, had thereupon been
tried by a regular court-martial of Villa's officers, had been
found guilty and been shot under the decree of the military
court. He would not deliver up the body, but finally, on
the demand of the U.S. Govt., agreed to have the body exhumed for the purpose of examination by a commission composed of Englishmen and Americans. Early in March Gen.
Carranza interfered with this plan and stated that as the
Supreme Chief of the Constitutionalist forces, appeal should
first have been made to him and that he would now make an
independent inquiry of his own. The Commission appointed by Carranza completed its report the following
April and declared that Villa had nothing to do with the
killing of Benton, that the rancher had been slain by Rodelfo Fierro, aformer rebel Major and Superintendent of
Railways for Villa, in the course of an altercation 32 miles
south of Juarez. It was naturally feared that international
complications might grow out of this outrage, but the British
poyt, continued its friendly attitude towards the U.S.while
insisting that reparation would be demanded of those guilty
of the murder. There were other disquieting elements.
On Feb.2 the U. S. Senate adopted a resolution directing the
Inter-State Commerce Commission to conduct an inquiry.to
determine whether the U. S. Steel Corporation or any of its
subsidiaries had been guilty of giving or receiving any unlawful rebates, offsets or preferences, especially within the last
six years. On Feb. 7 the Senate also adopted a resolution
calling for the reopening by the Commerce Commission of
its examination of the affairs of the N. Y. N. H. & H. RR.
The resolution directed the Commission to ascertain what
had become of the funds of the company invested in the various enterprises and corporations mentioned in the Commission's opinion of 1913 and report whether the person, or
persons, authorizing the investment of such funds and the
person, or persons, receiving the benefit thereof were liable •
to punishment,and whether such funds so invested could be
recovered on behalf of the stockholders of the company. Still
another resolution, however, directed against the New Haven
property, this one calling upon the Atty.-General to inform
the Senate as to whether the Department of Justice had
entered or contemplated entering into an agreement
with the company regarding its reorganization, was tabled.
On Feb. 11 Attorney-General McReynolds, against the protest of the San Francisco Chamber of Commerce and other
Pacific Coast business interests, filed the long-threatened
suit against the So. Pao. Co. in the U. S. Dist. Court at
Salt Lake City, to compel the company to dispose of its
control of Cent. Pac. Ry. In Europe a reactionary tendency developed after the Jan. buoyancy. Difficulties
again began to be encountered in placing new loans, the underwriters being obliged in many cases to retain the greater
part of the issues themselves. As one illustration, a South
African loan of £4,000,000 4s, offered at 983,was taken to
only the extent of 20%.. Results, however, proved quite
uneven, the public evincing a discriminating attitude. A
Buenos Aires city loan of £2,560,000 in 5% bonds was
promptly over-subscribed, but a Mogyana, Brazil, railroad
loan of £1,500,000 5% bonds offered at 96 was taken only
JAN. 91915.]
THE CHRONICLE
to the extent of 10%. Prices on the London Stock Exchange,
after the sharp spurt upward in Jan., lost a portion of the
advance, London & Northwestern, for instance, getting
back to 137 after having been at 1403 Feb. 2, which latter
represented an advance of about 10 points since the beginning of the year. The London security markets were
disturbed by active sales for Paris operators. The latter
part of the month some minor French banking failures were
announced. The financial plans of the French Govt. continued a matter of great uncertainty, and Paris was further
depressed by the situation in Brazil, in which country the
French people had such large investments. A Russian
railway loan of 650,000,000 francs was, however, successfully distributed, and the bonds commanded a premium.
English Consols, after having risen from 71% early in Jan.
to 773/i early in Feb., the latter part of the month reacted
and Feb. 28 were 76 1-16. Early in March the price de3 Mar. 9. After its successful
dined further, touching 74%
flotations the previous month, the Prussian Govt. decided
to make a further issue of 200,000,000 marks in treasury
notes at 4% on the same terms, including the lottery feature. The Bank of Germany on Feb. 5 again reduced its
discount rate—this time from 4%% to 4%. The tone at
Berlin was additionally strengthened the latter part of the
month by a definite settlement of the North Atlantic steamship dispute, through an agreement for the division of passenger and freight business between the North GermanLloyd and the Hamburg-American lines. The British Parliament re-assembled Feb. 10 after a long recess. King
George in his speech read that portion referring to the Irish
Home Rule question with so much solemnity as to produce
a deep impression. The speech declared that "unless the
Home Rule question is handled now with foresight and judgment and a spirit of mutual concession, it threatens grave
future difficulties." Premier Asquith said the Government's
suggestions for a settlement would be put forward at an early
date, and they were announced the next month—Mar. 9.
In the German Parliament an attempt to end "sabre.rule"
apparently resulted in failure on Feb. 26, with the dissolution of the committee of the Reichstag which had been.considering bills proposing to subject the military to civil jurisdiction and forbidding the use of arms by the soldiery except in self-defence. The bills were opposed by the Government, and the majority of the committee, composed of
Conservatives, Clericals and Liberals, voted against the
measures. The encounters the previous Nov. between the
military and civilians at Zabern, Alsace, were responsible
for the introduction of the bills. The revival here in the
iron and steel trade made slight further headway, but general trade remained inactive. Idle cars on U. S. railroads
were reduced from 211,960 Feb. 1 to 159,480 Mar. 1, but
even after the reduction comparison was with only 58,529
idle cars Mar. 1 1913, and it was also argued that severe
weather here in the East the last half of the month had interfered with the prompt return of cars. In iron and steel,
producers in several finished lines, according to the "Iron
Age," announced advances of $1 a ton with the opening of
Feb.,the initiative being taken in each case by subsidiaries of
the U. S. Steel Corp. Wire products were put on a basis
of $1 60 for wire nails and $1 40 for fencing wire, both at
Pittsburgh: In wrought steel pipe discounts were shortened % point, representing $1 a ton, and in oil country products there was a similar advance. Steel billets at Pittsburgh were marked up another 50 cts. a ton to $21. Unfilled orders of the U. S. Steel Corp., after having incre'ased
from 4,282,108 tons to 4,613,680 in Jan., increased still
further during Feb. to 5,026,440 tons. The copper statistics also continued favorable. Unsold stocks of the metal,
after having been reduced from 91,438,867 lbs. to 87,296,685 lbs. in Jan., were further reduced in Feb. to 78,371,852
lbs. The reduction, however,followed entirely from a diminished output,the domestic production for the first two months
of 1914 having been 254,331,281 lbs., as against 274,428,506 lbs. the first two months of 1913. Prices moved to a
lower basis, the close being at 14% cts. for Lake copper
and 14% cts. for electrolytic. The grain markets were
stronger. Early in the month reports came of very low
temperatures in the Southwest, with little snow covering,
but this defect was remedied later by a heavy fall of snow,
which appears to have extended to all the important winterwheat districts. Corn and oats advanced in sympathy
with wheat and the latter part of the month stress was laid
on the diminished farm reserves of grain in this country.
May option for wheat at Chicago advanced from 923/i cts.
Feb. 4 to 95% cts. Feb. 26; May option for corn from 65%
cts. Feb. 10 to 67% cts. Feb. 26 and May option for oats
from 38% cts. Feb.4 to 41 Feb. 26, with fractional reactions
at the close. Cotton was lower. on continued heavy receipts in the South and large receipts, too, at Bombay, the
East Indian crop having reached unexpected dimensions.
A sharp upward reaction followed on continued large exports and an active home demand. Middling upland here
sold down from 12.75 cts. Feb. 2 to 12.55 cts. Feb. 9, but
rose by Feb. 28 to 13.05 cts. Print cloths at Fall River
were marked down Feb.28from 33% cts. to 35% cts. Government deposits in the banks were further reduced from
$84,701,289 to $74,085,499,. but Government money holdings were also further diminished, decreasing from $327,468,133 to $323,309,941. This followed because Government disbursements continued largely in excessof receipts.
91
National bank notes secured by bonds increased slightly—
from $736,194,233 to $736,509,838. Weather conditions,
after continuing moderate early in Feb., turned quite severe
the latter part. Here in this city there had been a complete
absence of snow all winter, but on Feb. 13 and 14 a severe
storm visited this section, during which 9.7 inches of snow
fell in this city. This was followed by another snowstorm
two days later (Feb. 16) in which 5.3 inches of snow fell.
But the worst storm of all occurred at the opening of the
next month—on Sunday, Mar. 1 and continued for a good
part of Monday, Mar.2. This last, attended by high winds,
assumed the dimensions of a blizzard, and tied up traffic
and business more completely at New York and vicinity
than any storm experienced since the memorable blizzard
of Mar. 12 1888. The storm began with rain Sunday morning, and about 10 a. m. turned into snow. Altogether 1434
inches of snow fell in this city on this and the next day.
The snow was wet and heavy,forming a dense, icy mass,.and
pulling down telephone and telegraph wires in all directions,
thereby seriously interrupting communication with the
outside world. The water density of this snow is said to
have been the heaviest ever known in this city, being about
35%, while that of the storm of Feb. 13-14 was only 20% and
that of Feb. 16 no more than 6%. Another feature of the
storm in this city was the low barometric record
established here, the reading of the barometer Sunday
night being only 28.39 inches, the lowest figure ever reached
here. This Mar. 1-2 blizzard, like that of Mar. 12 1888, was
the result of two storms, one of which had moved east from
the Great Lakes and the other had come up from the Gulf
States, the two meeting at Cape Hatteras. While the blizzard completely paralyzed railroad, telegraph and telephone
communication at N.Y., Phila. and surrounding localities
(the Congressional Limited from Washington on the Penn.
RR., due at 9:18 Sunday night, not reaching N. Y. until
12:28 p. m. Monday afternoon, and being the first train to
enter the Penn. RR.station since 4 o'clock Monday morning,
and no train leaving the Penn. RR. station in this city for
Phila. or the West for 25% hours, that is from 7 o'clock Sunday night until 8:34 Monday night), the zone area of the snow
blockade was quite limited. The outer points of the zone,as
concerns serious blockades, appear to have been Trenton,
N.J., and Hicksville, L. I. East of Hicksville the Long Island RR.,whose train operations were almost completely interrupted at its terminals in this city, was free from snow all
the way to Montauk Point; and at New Haven, Conn., also
there was merely very heavy rain. The 143/i inches of snow
which fell in this city compares with a snow precipitation of
20.9 inches in the blizzard of Mar. 12 1888, and with a fall
of 153/ in. at the time of the lesser blizzard in Feb. 1899.
One result of the spur applied by Pres. Wilson the previous
month was the ratification on Feb. 21 of conventions renewing general treaties of arbitration with eight leading countries, including Great Britain, Italy, Spain, Portugal and
Switzerland. These conventions all contained identical language in providing that "differences which may apse of a
legal nature or relating to the interpretation of treaties existing between the two contracting parties, and which it may not
have been possible to settle by diplomacy,shall be referred
to the permanent Court of Arbitration established at The
Hague by the Convention of July 29 1899," and also in.containing the following additional qualifying clause: "Provided,
however, that they do not affect the vital interests, the mdependence or the honor of the two contracting States and do
not concern the interests of third parties." The Burnett Immigration Bill, carrying a literacy test provision, passed the
House of Representatives Feb. 4 by a vote of 252 to 126.
Pres. Taft, before leaving office the previous year, had vetoed
a similar bill because it contained such a literacy test. In
the U. S. Senate the bill was not acted upon until January of
the next year (1915). Before its final passage the House had
tentatively adopted an amendment providing for the exclusion of Hindus and all persons of the Mongolian or yellow
race, Malay or brown race, and African or black race, except
those whose entries should be governed by treaties or agreements. This amendment, however, along with other Asiatic
amendments, was dropped from the bill in deference to the
wishes of Pres. Wilson, who was anxious that nothing should
be done that might complicate the diplomatic proceedings
pending between the U. S. and Japan. The U. S. Senate
confirmed the nomination of Col. Geo. W. Goethals, the
builder of the Panama Canal, as Governor of the Panama
Canal Zone, to become effective Apr. 1. Mayor Mitchell of
this city had sought the services of Col. Goethals for the Police
Commissionership. J. P. Morgan & Co., Kuhn, Loeb &
Co., the First Nat. Bank and the Nat. City Bank brought
out $10,000,000 5% external debt bonds of the Republic of
Cuba.. They were offered at 983 and all disposed of. Both
the Michigan Blue Sky Law and that of Iowa were declared
unconstitutional. The decision in the Michigan case came
the pr9vious month and was by the U.S. Court for the Eastern District of Michigan, composed of Judges Denison and
Sessions of Grand Rapids,and Tuttle of Detroit. The Court
upheld the contention that the statute was a taking of prnperty without due process of law and was not within the police
power of the State, and also directly and substantially burdened inter-State commerce. The Court said that the law
subjected to the practically uncontrolled discretion of the
Commission every issue or general sale of stocks, bonds or
securities thereafter to be made in Michigan. It went be-
92
THE CHRONICLE
yond all legitimate bounds. In the case of the Iowa Blue
Sky Statute, the decision was by the State District Court of
Polk County, and the Court found itself compelled to say
that the law was a violation of the 14th Amendment to the
Federal Constitution in that it takes"from the owner of property the right to sell and dispose of the same, and from the
individual, co-partnership or corporation, the right and liberty to engage in the business of buying and selling stocks,
bonds and other securities without due process of law." The
statute was also held unconstitutional on other grounds, one
of these being that it empowered the Secy. of State to determine for himself whether, in the case of any concern, the
articles of incorporation, association, its constitution and bylaws, its plan of business and proposed contract, are fair, just
and equitable. The Court said it did not believe it was within the power of the Legislature to delegate to the Secy. of
State such authority. The State Treas. of Massachusetts
made an offering of $6,325,000 4% long-term bonds and got
very satisfactory bids; one bid was of 104.279 "for all or
none," making the interest basis only 3.585%. Nevertheless, State Treas. Mansfield rejected all bids and stated it had
never been his purpose to entertain bids, but that he invited
proposals merely to comply with the law and would now carry
out a campaign promise and sell the bonds over the counter,
on the theory that if brokers were able to pay the State
104.279, the best bid received, he would fix the price at the
same figure and thus save the purchasers the broker's profit.
The State Treas. eventually succeeded in disposing of the
bonds in this way, but his action for not acting in good faith
with the bidders wassharply criticised. The U. S. Supreme
Court on Feb. 24 interpreted the Pure Food Law and held
that"a small addition of poisonous or deleterious ingredient"
may not be condemned where there is no likelihood of injury
to the health of the consumer. The decision was in the socalled "Bleached Flour" ease, in a suit brought against the
Lexington Mill & Elevator Co. The conviction in 1911 of 13
men charged with effecting a monopoly of the live poultry
supply in N.Y.City in violation of the penal law of the State
was upheld by the Appellate Division of the N. Y. Supreme
Court on Feb. 6. The convicted men were remanded to the
Tombs, but on Feb. 13 the Court of Appeals at Albany granted a certificate of reasonable doubt,and they were thereupon
released under bail of $5,000 each. The Federal Grand jury
Allied
in N. Y. began an investigation into the affairs of the
Printing Trades Council of N. Y. City to determine whether
it had been guilty of violating the Sherman anti-trust law.
with the
It was reported that the inquiry dealt especially &
of
troubles of the publishing house of Doubleday,Page aCo.,
memwhich Walter H.Page, Ambassador to England, was
shop and
ber. The company had always maintained an openThe
next
had incurred the displeasure of the Council.
by
month (March) the Dept. of Justice, in a letter sent
Assistant U.S. Attorney-General G. Carroll Todd to District
Attorney Marshall, ruled that two of the practices most complained of in the case of the Allied Printing Trades Council
did not violate the law. The Dept. of Justice took the view
that under the anti-trust law it cannot prevent members of
the printing trades organization from concertedly refusing to
work on a book or magazine part of which has been printed
or illustrated in a non-union shop. It also took the view that
if the Allied Council endeavors to deter publishing houses
from giving printing or engraving to non-union shops by
sending circulars threatening to get all members of the Amer.
Federation of Labor to appeal to State Boards of Education
not to purchase books not entirely union-made, such threats
have the character rather of political action than of a secondary commercial boycott, and do not constitute a direct restraint of inter-State Commerce within the principle of any
case decided by the Supreme Court. The Department also
held, however, that when the Allied Printing Trades Council
went further and approached booksellers with threats, as
charged, not to buy books from them if they carry in stock
the books of publishers who employ non-union printers, there
would then be a case of a secondary boycott within the principle of Loewe vs. Lawlor. Counsel for the Printing Trades
willingness of Council in this one parCouncil indicated
ts attitude. An event of the month which
ticular to modify its
excited considerable interest was the announcement by Lord
Claud Hamilton, the Chairman of the Great Eastern Ry. of
England, that H. W. Thornton, Gen. Supt. of the Long Island RR.,had been selected by the directors to introduce new
methods in the management of that property. A parcel-post
system was inaugurated in Canada on Feb: 10 embodying
S'.
many of the features of the parcel-post service of the U.the
Railroad Events and Stock Exchange Matters.—After
a
sharp advance of the previous month, the market took
downward turn again. The action of the Commerce Comproposed admission in suspending for six months more the distinctly
dea
vance in freight rates by Eastern roads had
and
very
limited,
was
however,
Trading,
effect.
pressing
dulness, almost to the
the latter part of the month extreme
largely by the
point of stagnation, occurred, dealings heing
though, to
professional element. It seemed to be easy,
and many of these
manipulate the prices of special stocks,
shares were strong thro.ughwere boosted higher. The Steeland
pref., registered striking
corn.
Motors,
Gen.
out, and
risthe corn. .
prosperity—
company's
the
on
based
advances,
8 Feb.19, with
8 Jan. 3,t,o 75%
%
37
and
2
Feb.
ing from 473/i
3
St. P. corn., after advancing
the close Feb. 28 73%. Mu.& ex-div. Feb. 26 and closed
to 1073' Feb. 4, touched 10034
[VOL. loo.
%; Reading com.rfrom 1693
% Feb. 2 declined
Feb. 28 at 1023
to 16434 Feb. 26 and closed Feb.28 at 16534; Can.Pac.from
2203/i Feb. 4 dropped to 20934 ex-div. Feb. 27 and closed
%; Un. Pao. com. from 16434 Feb. 2 fell to
Feb. 28 at 2103
8 Feb.4
1593 Feb. 26 and closed at 16234; So. Pac. was 99%
and 9434ex Feb. 27, while No. Pac. declined from 1183'
% Feb. 4 fell
Feb. 4 to 11134 Feb. 27; Great Nor. from 1343
% Feb.26; N.Y. Cent. was 96 Feb.2and 8834 Feb. 11
to 1263
% Feb.26
and closed at 90%;Amal. Cop. was 7834 Feb.4,723
and closed at 743/2; Steel corn. opened at 663/2, Feb. 2 and
closed Feb.28 at 66%,after having been 67 Feb. 14 and 6334
Feb. 26. Cal. & Reda (Copper) Mining Co., by reason of
the strike in the Michigan ore regions, paid a quar. div. of
only $5 per share against $6 in Sept. and Dec. 1913 and $10
in June and Mar. 1913 and $12 in Sept. and Dec. 1912.
.per share
Adams Express Co. reduced its quar. div. from $3
to $1 50. There were numerous new note issues in renewal
of maturing notes. The Erie sold to J. P. Morgan & Co.
$13,500,000 3-yr. 53/2% notes to pay $12,500,000 6% notes
due Apr. 8 and other miscellaneous bank loans. The
Southern Ry. sold $10,000,000 5% 3-yr. notes. Bankers offered $5,000,000 1st. mtge. 5-yr. 5% gold notes
of the Car. Clinchf. & Ohio Ry. J. P. Morgan & Co. sold
$6,000,000 1-yr. 43/2% notes of the Mich. Cent. to retire
$4,000,000 432% 1-yr. notes due Mar. 1 and for construction
work. Consolidated Gas Co. of New York issued $5,000,000 434% notes to run 3 mos. and $5,000,000 to run 6 mos.,
the proceeds of which,along with $5,000,000 treasury cash,
were used to take up $15,000,000 6% coll. tr. notes maturing
Feb. 25 1914. Sou. Pao. announced an issue of $55,534,000
5% 20-yr. cony, bonds and applications for participation
in the syndicate to underwrite the issue far exceeded the aggregate, notwithstanding the suit of the U. S. AttorneyGeneral to compel the company to dispose of its control of
the Cent. Pac. Grt. Nor. Ry. announced $19,000,000 new
stock to be offered to shareholders at par. A banking syndicate offered at 99 $10,000,000 1st and ref. 5% gold bonds
of the Interb. Rap. Transit Co. Third Ave. Ry. of this city
invited proposals direct from the public for $4,000,000 1st
ref. 4s, and when bids were opened the next month it was
found the offering had been several times over-subscribed.
Cleve. Short Line sold $4,350,000 1st M. 43'2s due 1961,
guar. by the L.S.& M.S. So.& No. Ala. placed $7,400,000
new gen. cons. 50-yr. 5s, guar. by the Louisv. & Nashv.
Penna. RR. had recourse to the issue of divisional liens in
small amounts—$3,311,000 1st 48 of the Connecting Ry. of
Phila.; $700,000 1st 4s of the Harr. Portsm. Mt. Joy & Lane.
$1,282,000 Phila. & Erie gen. M.6s of 1869 due July 1 1920;
$1,363,000 Wheeling Terminal 1st 4s,guar. by the Penn. Co.,
and $400,000 Cine. Leb. & No. 1st cons. 4s guar. by Penn.
Co. Amer. Agric. Chem. Co. placed $7,000,000 10-yr. 5%
cony. deb. bonds. J. P. Morgan & Co. purchased the
initial issue of $10,000,000 1st M.30-year 5s of the Central
District (Bell) Telephone Co. of Pittsburgh. Bankers
offered at 94 the unsold portion of an issue of $10,000,000
1st and ref. 5s of the Montana Power Co. E. H. Rollins &
Sons offered $10,000,000 6% coll. tr. serial gold bonds of the
Huntington Land & Improvement Co., with the personal
guaranty and endorsement of H. E. Huntington. Bankers
offered at 95 $10,000,000 30-yr. 1st M.5s of the Utah Power
& Light Co.of Salt Lake City. In accordance with the agreement entered into with the U. S. Govt. the Amer. Tel. &
Tel. Co. sold its entire holdings of about $30,000,000 stock
of the West. Un. Tel. Co. to a syndicate formed by Kuhn,
Loeb & Co. (and greatly over-subscribed) underan arrangement by which the privilege was reserved to stockholders
of the West. Un. Tel. Co. to subscribe for the same pro rata
at $63 per share. Atlantic Coast Line Co. stockholders (of
Connecticut) voted to reduce the stock from $17,640,000 to
,820,000 and to distribute from the assets to the stockholders,in exchange for the ,820,000 stock retired,$17,640,000
of Atl. Coast Line RR. corn. stock held by the company.
The Money Market.—Extremo ease prevailed and rates
seemed to be a matter of negotiation, the supply of funds
being out of proportion to the demand. Commercial paper
for prime names sold at 34% for six months' maturities, and
in Chicago such paper was taken at.332%. Time money
loaned freely at 3% for 6 mos. and in instances a fraction
lower. At the close funds were being offered with less freedom and the demand for commercial paper also slackened,
% for 60 days, 3 for 90
time money being then quoted at 23
days, 334 for 4 mos.,334@334 for 5 mos. and 334 for 6 mos.
Commercial paper closed at 3%@l4 for choice double and
prime single names and 434@434 for other grades. Call
money closed at 18%@2. Money holdings of the ClearingHouse banks and trust companies decreased from $481,650,000 Jan.31 to $469,292,000 Feb.28 and surplus cash reserves,
after increasing from $39,852,900 Jan. 31 to $40,068,000
Feb. 7, dropped to $26,775,800 Feb. 28. Deposits, after
falling from $1,932,562,000 Jan. 31 to $1,915,270,000 Feb. 7,
increased to $1,940,732,000 Feb. 28. Loans increased from
$2,009,216,000 Jan. 31 to $2,059,754,000 Feb. 28. Money
holdings and loans of the State banks and trust companies not
in the Clearing House were not greatly changed.
Foreign Exchange, Silver, &c.—Sterling exchange displayed
considerable irregularity. At first there was a rise, then a
decline,then an advance agam,and finally another reaction.
Paris continued to purchase $2,000,000 gold here each week,
making $8,000,000 for the month, in addition to the $6,000,000 taken in January, but these purchases were in ac-
JAN. 9 1915.1
THE CHRONICLE
cordance with previous arrangements and had no reference
to the course of exchange. There were expectations that
there would be a further reduction in the Bank of England's
rate of discount, but these expectations were abandoned
when open market discounts in London stiffened and a demand for gold upon London sprang up,and the Bank of England holdings were gradually reduced from week to week,
though by no very large amounts. The Continent continued to bid for the South African offerings of gold in London, paying a premium above the Mint price for the metal,
and India was also a bidder. When exchange rates were.at
their lowest, New York bankers made arrangements to bring
gold from London to New York, but the metal was promptly
resold with the appearance of increased firmness in the London discount market. These higher discounts in London
also brought an advance in exchange rates, which was, however, followed again, as already stated, by a decline at the
very close of the month. Bank of Germany Feb. 5 further
reduced its rate of discount from 4Y2% to 4%. Bankers'
sight bills Feb. 28 were 4 8570@4
8580, against 4 8570@
4 8575 Feb. 2. The high point was 4 8590P4 86 Feb. 5
and again Feb. 26; the low point was 4 8535@.4 8545 Feb. 13.
Open market discounts in London Feb. 28 were 2M@)2% for
60 days and 2 (442 M for 90 days. At Paris the open market
rate was 23
/
1 and at Berlin 3%. Silver in London fluctuated
between 2634 and 26 11-16d.
MONTH OF MARCH.
Current Events.—During March matteri assumed a decidedly gloomy aspect. A disturbing political situation
developed in both Great Britain and France, though
this was without any influence on affairs in the U. S., and,indeed, had little influence upon financial markets abroad. The
leading depressing events here all had to do with the plight of
the railroads. Probably there has never been a time when
there was such an unusual combination of adverse events and
happenings relating to the railroads as came in such rapid succession during this month. The first two days of March were
marked—in the territory adjacent to N. Y., Phila. and surrounding districts and extending westward to Pittsburgh—b
y
a snowstorm which in its essential characteristics was second
only to the memorable blizzard of March 1888. Coming on
top of the snowstorms experienced the previous three
weeks,
the effect was to interrupt traffic operati
ons and to add still
further to the expenses of the carriers. Then
that Kuhn,Loeb & Co.and the Nat. City Bankcame the news
formed a
syndicate to underwrite $33,000,000 5-year 5%had
notes of Ches. & Ohio Ry. The emission of secured gold
these notes
would not in itself have occasioned disquiet,
especially as it
was announced that the new securities had been
created "in
order to provide funds to meet the
y's maturing obligations, amounting to $28,925,000,compan
and for other financial requirements." But unusual conditi
were imposed by the
trust agreement securing the notes. ons
was provided that out
of the net income earned after Apr. 1It
pay to the trustee, in equal quarter 1914 the company must
installments, beginning
with Aug. 1 1914, $2,000,000 for ly
the year ending ,Tune 30
1915,$3,000,000 for the year 1915-16
and
of the three following years, such sums, $4,000,000 for each
aggregating $17,000000, to.constitute a fund to be used solely
for capital expenditures, including payments and discounts
upon equipment
trusts. It was provided,furthermore,thatif any
quarterly
payments should not be made, no dividend wassuch
thereaf
to
be paid upon the stock of the company until all overdueter
ments should have been met. Naturally, this gave rise payto a
fear that the continuity of existing dividends might be threatened, with the result that the shares sharply declined. Sunultaneously there came very disturbing pronouncements regarding Chic.R.I.& Pac.Ry.affairs. Chairman T. M.Schumacher of that company, in a letter dated at
Y., Mar. 5,
and addressed to the committee of the holdersN.
of the Chic.
R. I. & Pac. Railroad Co. coll. tr. 4s (secured by an equal
amount of stock of the Railway Co.), indicated that
the prop.
erty imperatively needed largesums of money. He pointed
out
that on Oct. 29 1913 the controlling interests in the El Paso
&
S.
Co. (or Phelps, Dodge & Co.), having previously acquired a large interest in The Rock Island Co.,
entered
had
upon the management of the Chic. R.I. & Pac. Ry. Co., and
placed him in charge of its operation. In the
l of four
months since then the new management had interva
made a careful
investigation of the physical and financial conditi
ons of the
property. Mr. Schumacher estimated that in the ensuing
five years the property would require $50,000
,000, namely
$12,000,000 for present needs, $25,000,000 for betterments
and $12,000,000 for maturing car trusts.
The sale of treasury bonds, he indicated, might meet claims
to July 11914,
but would leave the compan
without means for further financing after that time. Even y
bonds upon satisfactory were it possible to issue additional
he deemed this inadvisable,
since he thought the limit terms,
of safety for bond issues had already
been reached until the stock
investment in the property
should be increased. It was, therefo
the judgment of the
directors that a stock reorganization re,imperat
ive and is the
only method by which the desired endis
can be attained." He
added that unless some satisfactory plan
for accomplishing
these results could be carried through,the people
he represented would consider it inadvisable to continu
e in charge of the
property. pertain criticisms by the Commer
Comm. of
the accounting.practices of the Chic. Mil.& St.ce
P. were given
out in a sensational sort of way and tended still
further to add
W.
93
to the prevailing disquietude. On receipt of the full text
of
the remarks in the ease, which were by Commissioner Harlan
,
it appeared that, while there was some basis for the allege,
tions of the Commission, the criticisms all related to matter
several years old, and that as to most of them there was s
disclosure of anything new. It was significant, too, that no
Harlan, in concluding his report, said that "the Commis Mr.
sion
now feels that the present accounting officers of the
St.
Co. are fully advised of the Commission's requirements,Paul
and
a more careful observance of our rules and regulations
promised in the future." Mr. Harlan also took occasion is
to
assert that the Commission did "not mean to be understood
by anything here said as intimating that the St. Paul Co. is
not a valuable property and is not achieving the results reasonably anticipated from the extension of its line to the Pacific
coast. But new unfavorable developments kept coming
along. The Commission continued its hearings on the application of the Eastern railroads for a 5% advance in freight
rates, and one feature was the appearance before the Commission on Mar.9 of Clifford Thorne, Chairman of the Iowa
State Railroad Commission, on behalf of the Railroad Commissions of eight Western States, in opposition to the advance. These commissions contended that if the Easter
roads should be granted an increase, similar allowance wouldn
have to be made to Western roads. Mr. Thorne also insinuated that the railroads had been padding their mainte
nance
accounts. LouisD.Brandeis,acting ascounselto the Commis
sion, continued to present statements intended to show that
the railroads could recoup their losses in some other way than
by the proposed advance in rates. As a matter of fact, evidence continued to accumulate that the railroads were
ing a crisis, owing to losses in revenue and increasnearin
expenses. Reductions or suspensions of dividen es
were
announced in numerous cases, and the railroads
ds
were
obliged to cut down their train service and to
make large reductions in the forces of their employees. On
top of it all the Post Office extended still further the operations of the parcel-post system. Under an amendment
to
the regulation announced March 15, permission was given to
ship butter, eggs, fruits, vegetables, poultry and other
articles in parcels weighing from 20 to 50 lbs. in the first and
second zones (or within 150 miles of the starting point) in
boxes and crates similar to those handled by express companies. Previously farm products had to be securely peeked
in such form as to be carried in mail bags. On Mar. 22
Postmaster-General Burleson went a step further and announced plans for the carrying by parcel post of the products
of the farm directly from the producer to the consumer.
He arranged to begin in an experimental way, and the postmasters at ten cities, namely Boston, Atlanta, St. Louis,
San Francisco, Baltimore, Detroit, La Crosse, Wis., Lynn,
Mass. Rock Island, Ill., and Washington, D. C. were
directed to receive the names of persons who were'
willing
to supply farm products in retail quantities by parcel post
and to furnish printed lists of these names, showing in each
ease the kind and quality of commodities available, to city
and town patrons. It was expressly stated that "the
farmer
will be relieved of carrying his produce to market, as the
rural carrier will make daily collections at the farmers
door of these retail shipments to city consumers." ' own
The
railroads were already suffering from the invasio
n of the
express business and now the Government threatened
to invade their regular freight business. It
happened, too, that
the U. S. Express Co. decided
to go into liquidation, finding
this safer than continuing in busines
s, and the Amer. Express
Co. was obliged to reduce its dividen
d. An additional cause
for disquietude was a suit filed on March
ant U. S. Attorney General Frederick 18 by Special AssistU. S. District Court in this city againstR. Coudert, in the
RR., claiming violation of the Sherma the Lehigh Valley
n Anti Trust Law.
The legality of the ownership of the
Lehigh Valley Coal Co.,
the Lehigh Valley Coal Sales Co.,Coxe
was attacked and it was claimed the Bros.& Co.,&c.,&O.,
ation of the Coal
Sales Co. was an evasion and violatiorganiz
on of the U. S. Supreme
Court decision of 1911. As it happen
ed, a decision under a
somewhat similar state of facts was rendere
d the beginning of
the next month by the U.S. District
Court at Trenton, N.J.,
in a suit against the Del. Lack. & West.
RR., another large
anthracite property,and the decision
was against the Government—see the narrative below for April.
Towards the close
of the month official acknowledgme
nt came of large reductions in the numbers of railroad
employees. In the case of
the Penn. RR., it was stated that
15,000 employees had been laid off onsince the close of 1913
the lines east of Pittsburgh and that 10,000
nal men were to be laid off.
It was also stated that additio
some 40,000 of the company's employees were on part time.
the lines west of Pittsburgh
it was reported some 13,000On
had been laid off, making the
total reduction on the whole system
38,000. It was likewise
stated that 118 trains had been withdr
awn. On the N. Y.
Cent. System train service was also reduce
men dropped since the previous Sept. d, the number of
27,500. The Erie announced that 6,000 having been about
of its men had been
laid off since the previous Dec. and
that it had about 18,000
fewer men at work than at the height
of its maintenance work
the previous summer. Leh. Val. was
said to have 86% of
its normal force working only 66% of regular
equal to
a reduction of about 10,000 employees. Norf.time,
West. was
&
stated to have relieved 8,000 men from service since the
previous.„Nov. 1 and notices of curtailed employment also
94
THE CHRONICLE
[VOL. 100.
ment on Mar. 19. As an alternative, he suggested an appeal
came from the Reading, the Chic. & Alt., and various dother
the whole electorate of the United Kingdom. Talk of
systems. Idle cars on the railroads further decrease the to
ion in the army became very pronounced, and it
disaffect
first half of the month from 159,480 to 132,010, but the last was freely declared that the army would refuse to obey orhalf there was an increase again to 141,525. At this figure
asked to act against their fellow countrymen in the
comparison was with only 68,792 idle cars at the correspond- ders if counties. Mr. Law himself used the following words:
Ulster
ing date in 1913. Iron production, as it happened, stimuabout the army? If it is only a question of disorder
lated by the temporary spurt in January, proved the largest "What
will and ought to obey.. But if it is a question of
army
the
since the previous October, the make of pig iron in Mar.
soldiers are citizens like the rest of the people.
the
war
civil
reaching 2,347,867 tons, as against only 1,888,670 tons in
army will be divided, and that force will be destroyed
Feb., 1,885,054 tons in Jan., 1,983,607 tons in Dec., 2,233,- The
we depend for our national safety." Reports were
123 tons in Nov. and 2,546,261 tons in Oct. But the steel on which
that warrants had been drawn up for the arrest
current
even
trade manifested pronounced depression both in the dearth of Sir Edward Carson, the Ulster leader, and other Ulsterof new orders and the weakening of prices. Copper, after ites. These, however, were emphatically denied, Mr. Asat one time showing a weakening tendency, closed at subdeclaring the Government had never contemplated
stantially unchanged prices. Unsold stocks of the metal quith steps.
The Government then began to dispose its
such
were further reduced from 78,371,852 lbs. to 64,609,319 lbs. regular troops in Ireland in a way so that they might deal
in face of the largest month's production of the metal on
uprising should it occur. On their part the Ulster
record, the decrease in supply, however, following entirely with an rs began to concentrate along the Ulster border.
voluntee
bemire of tremendous exports. In general trade there were
appear that the Government did more than take
multiplying evidences not merely of trade reaction, but of It does not
steps against a possible raid, but when General
onary
precauti
marked depression. As indicating the influence of tariff
ing the Third Cavalry Brigade, received
command
Gough,
changes, the annual report of the American Woolen Co. for
Sir Arthur Paget, commanding the forces
from
ions
instruct
the calendar year 1913 was poor beyond expectations, there
s must at once be taken for the promeasure
that
Ireland,
in
being a loss from operations of $677,685, against a profit of
stores and ammunition in Ireland,
ent
Governm
of
tection
$3,722,988 in the calendar year 1912; besides this loss $502,cated to the other Generals in
communi
was
fact
the
and
106 was chrirged off for depreciation and $2,800,000 was paid
um was presented on their
ultimat
inary
extraord
an
Ireland,
in meeting the 7% dividends on the pref. shares. President
that the officers
verbally
stated
Gough
General
behalf.
Wood stated that the new tariff, providing for free wool and
on more precise
insisting
in
us
unanimo
were
brigade
his
reduced duties on woollen goods, had forced into one year's of
they would be
duties
the
of
nature
the
to
as
ion
informat
statement a re-valuation of the company's raw wool and
ready to serve
perfectly
were
They
perform.
to
upon
other supplies, of stock in process of manufacture and of called
, but "if the
property
ng
protecti
and
order
ing
maintain
finished fabrics. As it happened, current advances in the in
operations
military
radical
of
n
initiatio
the
involves
duty
raw material—that is, raw wool and worsted yarns—did not
lly and
respectfu
would
officers
g
followin
the
Ulster
against
tend. to improve.the position of domestic manufacturers
cation
communi
this
To
resign."
to
prefer
protest
heavily booked with business made some time before, when under
of the brigade were atofficers
56
than
less
no
of
names
the
of
the raw material was quoted much lower. The report
It now looked as if the army might be disrupted.
Amer.Sugar Refining Co.for the calendar year was,likewise, tached.
George, Chancellor of the Exchequer, repreLloyd
David
The
very unfavorable, reflecting the low prices of sugar.
wing of the Ministry, said m a speech
extreme
the
senting
against
profit from operation in 1913 was only $1,015,853, 01 for before a gathering of Liberals at Huddersfield, that Great
$8,834,2
$4,432,262 for the calendar year 1912 and
issue since the days
the situation Britain was confronted by the greatest
the calendar year 1911. A favorable feature in -wheat
tative Government was at
represen
that
and
Stuarts
the
of
crop.
was the bright promise for the growing winter
days of our forefathers the
optionfor wheatat stake. He went on: "In the
This was reflected in a decline in the May
right of Kings; to-day it is the claim
divine
the
for
was
claim
an
corn,
In
:
31
Mar.
/gc. Mar.2 to 90%c.
Chicago from 943
acy." On Monday, Mar.
at Chicago down to for the divine right of the aristocr
early decline, carrying the May optionrise
ent issued a statement conDepartm
War
the
,
however
23,
Mar..23
703.4c.
to
ent must
30. Mar. 10,was followed by a quick
/
657
of Argentine cluding with the following words: "The Governmin
notwithstanding continued talk of the invasion
Ireland
the forces of the Crown
all
use
to
right
its
retain
Chicago
in
oats
May
%c.
67
corn. The close Mar.31 was at
order and support the civil powers
maintain
to
e
elsewher
or
cotton
final
The
31.
Mar.
38c.
to
declined from 41e. Mar.3
has no intention
20, confirmed the in the ordinary execution of their duty, butin
ginning report for the season, issued Mar.largest
ge of this right order to crush
advanta
taking
of
r
whateve
record.
on
second
the
be
to
view that the yield was
d from political opposition to the policy or the principles of the
Nevertheless, middling upland in New York advance
31 at Home Rule bill." It was then asserted that assurances had
Mar.
closed
and
30
Mar.
13.05 c. Mar. 1 to 13.75c.
from been given by the Government that Ulster should not be
d
increase
es
Treasuri
subin
cash
13.50e. Government
re- coerced. For the tune being the Government's attitude
the
from
followed
This
,598.
$329,511
$323,309,941 to
deposits
seemed to be marked by more or less indecision. On WednesThe
banks.
the
by
deposits
ent
turn of Governm
been
had
day, Mar. 25, however, the War Secretary, Colonel John
autumn
previous
the
ent
Departm
by the Treasury
last
the
ents,
Seely, declared to the House of Commons that the part just
installm
in
ent
Governm
the
made repayable to
Treasury
quoted of the governmental communication to the army in
the
of
y
Secretar
1914.
1
April
one maturing
month
the
Ireland on Mar. 23 had been inadvertently inserted and had
of
close
the
after
t
statemen
a
McAdoo issued
of
1913
season
not been adopted by the Cabinet Council at its meeting. In
moving
cropthe
during
reporting that
n that he
62
in
banks
193
in
the upper House Lord Morley made the admissioized
deposits
made
had
ent
the Departm
parathe unauthor
of
drafting
the
in
d
had
consulte
been
the
demand
where
had
country
the
of
States
28
cities, in the
its heightthere were wild
at
was
nt
exciteme
the
alWhile
security
the
graph.
000,upon
of
$37,386,
e
aggregat
existed,to an
King had intervened and forced the hand
most wholly of commercial paper. The total amount had accusations that,the
some very bitter things on that.score
and
Ministry
the
ent
of
Governm
e
March
aggregat
During
now been repaid.
ers and also found expression in
newspap
the
in
said
were
$63,to
499
from
$74,085,
reduced
were
kinds
all
deposits of
s. John Ward, a Labor member,
Common
of
House
g
of
the
beginnin
the
at
total
a
with
ng
compari
040,181, this latter
declared in the Commons that the issue
year of $92,302,428. National bank circulation secured by sitting as a Liberal,
Parliament was to make the laws "absolutely
whether
was
$735,to
,838
—from
$736,509
reduced
slightly
was
bonds
and was
without interference from the King or the army,"
445,281. Out of the opposition to home rule for Ireland tremendo
for the remark.There was talk of
cheered
usly
histhe
in
parallels
any,
if
had
few,
which
a situation arose
army being ruled by a "military aristocracy," and the
tory of the United Kingdom. The Home Rule bill was again the
press urged that the army. must be completely reLiberal
under
and
5
Mar.
on
s
of
Common
House
the
in
introduced
d and the aristocracy eliminated. Mr. Asquith
organize
powers
the
ng
restricti
Act
nt
the
of
Parliame
ns
the provisio
a very positive speech on Mar.25 took a pronounced
in
himself
for
s
Common
the
by
now
its
passage
Lords,
of
of the House
"So long as we are responsible for the Governsaying:
stand,
law
a
become
would
it
that
meant
time
ve
successi
the third
country, whatever the consequences may be,
this
of
ment
very
ran
Feeling
it.
reject
again
should
Lords
even if the
we will never assent to the claim from any body of men in
high and many prominent men in England joined in an appeal the
service of the Crown, be they officers or men, to demand
the
case
in
whether
them
asking
men
country
to their fellow
any assurances as to what they will or will not be
advance
d
in
submitte
being
first
without
law
a
became
Home Rule bill
do in circumstances that have not arisen. That
to
es
required
themselv
hold
would
they
nation
the
of
t
to the judgmen
claim, and if we were to assent, it would put the
new
a
is
be
may
that
action
any
ng
supporti
or
taking
justified "in
ent at the mercy of the military." The effect of
effective in preventing it from being put into operation." Governm
s repudiation of the War Secretary's addendum
Asquith'
ComMr.
of
House
in
the
outlined
Asquith
On Mar. 9 Premier
on of their commission by Sir John French,
resignati
the
to
was
willing
was
ent
Governm
the
which
ons
mons the concessi
General Staff of the British Army, and Lieut.the
of
Chief
be
to
was
poll
A
strife.
ng
preventi
of
make for the purpose
coun- Gen. Sir John Spencer Ewart. Both had signed in good faith
taken of the Parliamentary electors of each of the nine
e, the note of assurance from the War Office to General Gough
operativ
became
bill
the
before
decide,
ties of Ulster to
and both took the ground that the Premier's repudiation
the
of
n
operatio
the
from
excluded
be
whether they should
new
of the note left them no alternative but resignation. The
the
of
meeting
first
the
from
years
bill for a period of six
result
War Secretary, Colonel John Seely, tendered his resignation
would
out,
pointed
was
it
This,
Irish Parliament.
Mar.25, but Mr. Asquith refused to accept it. The GovRule
on
Home
Irish
from
n
exclusio
the
almost undoubtedly in
officials declared most emphatically that King
ernment
Down.
and
erry
Londond
Armagh,
of the counties of Antrim,
not attempted to interfere, Col. Seely saying
had
George
assur,
wanted
however
s,
Ulsterite
The Unionists and the
laid the facts of the army crisis before his
merely
had
was
he
proposal
the
on
Debate
n.
ance of permanent exclusio
"Any suggestion that the King has
adding:
.
and
,
Majesty
of
calmnt
instead
exciteme
meanwhile postponed. Popular
of
kind in this matter is absolutely
any
e
initiativ
any
taken
.
indulged
freely
was
war
ing down increased,and talk of civil formally rejected the without foundation in the broadest sense. His Majesty
in. Bonar Law, the Unionist leader,
in Parlia- took no initiative of any character." On Mar. 27 Mr.
-offer of temporary exclusion in a speech delivered
JA.N. 9 1915.]
THE CHRONICLE
Asquith announced that, in order to obviate the possibility
of future misconceptions, the Army Council had decided
unanimously to issue a new army order on the subject of
discipline. The next week events took a dramatic turn,
Premier Asquith announced on Mar. 30 that the War Secretary, Col. Seely, had again tendered his resignation, and this
time it had been accepted. Then came the quite unexpected announcement that the Premier himself had decided to take over the War Office. Mr. Asquith thereupon
retired from the House for the time being. He stood for reelection in his old constituency at East Fife, Scotland. He
was returned unopposed Apr. 8. In French politics there
was a sensational development. Gaston Calmette, editor
of the "Figaro," Paris, and one of the most noted journalists
in France, was shot and killed on Monday evening, Mar. 16,
by Mme. Henriette Caillaux, wife of Joseph Caillaux, the
Minister of Finance. M. Calmette had been conducting a
vigorous political campaign against the Minister of Finance,
denouncing the latter as corrupt. The attacks of the
"Figaro" had culminated the previous week in the publication of the fac-simile of a letter—written by Caillaux in 1901,
and apparently addressed to the woman who was now.his
wife, but who had not then been divorced from her previous
husband—stating over Caillaux's signature that he had
killed the movement for an income tax in the French Parliament while pretending to uphold it. It was understood
that M. Calmette had other private letters that were awaiting publication in the disagreeable personal campaign. Mme.
Caillaux is therefore supposed to have had a double motive in
slaying Gaston Calmette, namely to protect her
husband against the "Figaro's" virulent political attacks and to prevent further disclosures regarding herself. It
was at first supposed the effect of the event would be very
disturbing politically, but the consequences were really
unimportant, aside from the fact that the Cabinet under
Doumergue was completely reconstructed. The Minister
of Finance immediately resigned, and later Ernest Monis,
the Minister of Marine, also tendered his resignation. The
latter withdrew reluctantly on intimations from several of
his colleagues in the Cabmet that he must resign or they
would. He was involved in some of the same charges as
M. Caillaux, in particular it was alleged that while Premier
he had exerted powerful influence along with Caillaux on
the Public Prosecutor, Victor Fabre, to postpone the trial
of Henri Rochette, who was charged with having swindled
the public out of sums estimated to aggregate $20,000,000
by fraudulent company promotions. Rochette disappeared while out on bail. The fact that the French National
elections were to take place next month (April 26), making
the politicians of all the different parties and factions eautieus, is supposed to have tended to prevent a political
crisis. In French financial circles the retirement of M.
Cadieux was regarded as a favorable event because of his
extreme radicalism. French rentes, however, sharply declined. The price, Saturday, March 14, was 88.10; from
which there was a drop to 86.80 March 19. The Chamber
of Deputies appointed a formal committee of inquiry to
investigate the accusations made. This committee termmated its labors on April 1 and severely censured
M.Caillaux and M.Monis, saying:"The course of M. both
laux and the intervention of M. Moths constitute a Cailmost
deplorable use of personal influence. Their act, however,
was not one of corruption, since they were personally disinterested." The report also regretted the attitude assumed
by Attorney-General Fabre, who yielded to Ministerial
pressure. M. Bidault-Delisle, President of the Court of
Appeals, was also criticised. In Mexican affairs the chief
event was a great battle at Torreon, Coahuila, which the
Constitutionalist troops under General Villa, after fighting
lasting eleven days, succeeded in capturing at the beginning
of the next month—April 2. On March 31 the Huerta
Government issued a decree abolishing the 50% increase in
customs duties then recently proclaimed and also revoking
the decree suspending payment of interest on the foreign
debt. The plan was the result of some forced financing
carried into effect by the Government. Brazilian affairs
continued disturbed and press advices from Rio de Janeiro
stated that the Brazilian Government on March 5 had proclaimed a state of siege in the cities of Rio de Janeiro, Nictheroy and Petropolis, which was to remain in force until
March 31. The Japanese Cabinet, of which Count Yamamoto was the head, and which had held office since Feb.
1913, resigned March 24. The next month a new Cabinet
was formed, with Count Shigenobu-Ohuma as Premier.
A speech made by Walter H. Page, U. S. Ambassador to
Great Britain, at the annual dinner of the Associated Chamhers of Commerce in London referring to the Monroe Doctrine and the Panama Canal occasioned considerable
political fermentation in Congress and a portion of the
daily press. On March 12 the U. S. Senate adopted a reso_
lution calling upon Sec. of State Bryan to furnish the Senate
with a copy of the speech. In its preambles the resolution
recited that the newspaper accounts of the speech had said:
"The Monroe Doctrine simply meant this: that the United.
States would prefer that no uropean Government should
gain more land in the new world" and that Mr. Page had
declared that he would not say that the United States had
constructed the Panama Canal for Great Britain but that it
added greatly to the pleasure of building that great work
to know that the British would profit most by its use. When
435
the full text of the speech was given out it appeared that
Mr. Page had made substantially the statements quoted,
but that the context of the speech greatly modified their
significance and the general opinion seemed to be that the
American Ambassador might have done better if he bad
omitted allusion to matters of international import with
which it is the function of the President alone to deal.
Early in the month President Wilson personally read a
special message at a joint session of the two Houses of Congross called for the purpose and urged the repeal of that provision of the Panama Canal Act of August 24 1912 which
exempted vessels engaged in the coastwise trade of the United
States from the payment of tolls. He stated that it was his
maturely formed judgment that "exemption constitutes a
mistaken economic policy from every point of view and is,
moreover, in plain contravention of the treaty with Great
Britain concerning the canal concluded on Nov. 18 1901."
He insisted that he had not come to urge his personal views
but "everywhere else the language of the treaty is given
but one interpretation and that interpretation precludes the
exemption I am asking you to repeal." He declared: "We
ought to reverse our action without raising the question
whether we were right or wrong, and so once more deserve
our reputation for generosity and the redemption of every
obligation without quibble or hesitation." At the opening
of the message he asserted that no communication he had
yet addressed to Congress "carried with it graver or more
far-reaching implications to the interest of the country"
and he closed with a veiled suggestion of the possibility of
menace to the country if Congress failed to respond to his
recommendation. He concluded in these words:"I ask this
of you in support of the foreign policy of the Administration.
I shall not know how to deal with other matters of ev2,1
greater delicacy and nearer consequence if you do not grant
it to me in ungrudging measure." The words "other matters of even greater delicacy" excited wide comment. The
result of this message was that a bill previously introduced
by Congressman Sims, calling for the repeal of the exempttion clause, was favorably reported March 6 by the InterState Commerce Committee of the House by a vote of 17 to
4. The repeal proposition, however, was strongly contested
by many influential Democrats, among others by Champ
Clark, the Speaker of the House of Representatives, and
Oscar W. Underwood, Chairman of the Ways and Means
Committee and majority leader in the House. Much bitterness of feeling consequently resulted. But President Wilson
achieved a notable triumph in the House by the close of
the month. The first test vote came with the presentation
of a rule in the House on March 26 by Representative Henry,
Chairman of the Rules Committee, limiting debate on the
Repeal Bill to 20 hours and prohibiting the offering of all
amendments. This was vigorously opposed by Speaker
Clark, not only because he did not favor the repeal measure,
but because after being elected Speaker in 1910, he had been
instrumental in having the rules and practices of the House
liberalized and had declared in favor of throwing bills open
to ample discussion. He wanted now to keep the faith and
therefore would not stultify himself by voting for any such
rule. The rule, nevertheless, was finally adopted on March
27 by a vote of 200 to 172. The Repeal Bill itself passed
the House on March 31 by a vote of 247 to 162, the majority
vote being made up of 220 Democrats, 25 Republicans and
2 Progressives, and the minority vote of 52 Democrats, 93
Republicans and 17 Progressives. The resignation of John
Bassett Moore, Counsellor of the Department of State at
Washington,and Acting Secretary in the absence of Secretary
Bryan, was announced. The resignation was tendered to
the President the previous month (Feb. 2) and did not indicate any differences with the Administration, but the opinion
nevertheless prevailed that Counsellor Moore had found
himself
.out of accord with Secretary Bryan on many matters
of foreign policy. Robert Lansing of New York was nominated Mar. 20 to succeed him and took the oath of office
April 1. New loan offerings in Great Britain met with varylug degrees of success or failure. One failure at the beginlung of the month was the offering of £5,000,000 in 4% bonds
by the Canadian Government at 99. Only 22% was taken
by the public. Later there was more or less suspension of
applications for new capital, but a Belgian loan of £6,000,000
in ?s, which was offered at 80, was said to have been subscribed threefold. Security prices continued downward in
a good many instances, and London & Northwestern Ry.
stock dropped.
fra,ctionally below 130 (with the dividend off,
however),against 137% at the end of Feb. Judges Sanborn,
Hook and Smith on Mar. 2 entered the formal decree in the
Federal Court in the suit brought by the Government against
the Terminal RR. Assn. of St. Louis. The decree held that
the Association was a monopoly
in restraint
trade so far
as it did a railroad transportation business, butofprovided
that
it might continue as a switching company
only and charge
for switching services, such charges to be subject
to regulaton by the Inter-State Commerce Commission. Under
the
decree all traffic with St. Louis as its destination must be
billed direct to St. Louis and not to East St. Louis. The
Federal Court at Louisville on March 25 refused to grant a.
writ of mandamus asked for by the U. S. Government to
compel the Louisv. & Nashv. RR. to give the Commerce
Commission access to its files. The proceedings were an
outgrowth of the resolution passed in the U. S. Senate the
previous November, calling for an investigation to determine
96
THE CHRONICLE
[VOL. 100.
whether there had been any violation of the anti-trust laws. offered privately at 9334 $5,000,000 4% gen. mtg. bonds of
The Court held that certain communications which the rail- Chic. Burl. & Quincy. There were also offered at 90 $5,road declined to produce were privileged between lawyer and 621,000 50-yr. 1st cons. gold 434s of N. Y. State Rys. (conclient; that the Hepburn Law did, not give the Commission trolled by N. Y. Cent.). A syndicate purchased $7,500,000
power to make general examinations and that the inquiry 2-yr. coll.6% notes of Chic. R.I.& Pac. Ry.,and placed the
was not along lines sufficiently specific. Formal announce- same privately. Bankers sold at par $10,000,000 434% gold
ment was made Mar. 21 by Atty.-Gen. McReynolds and equip. trust certfs. of Norf. & West. $5,000,000 5% 1-yr.
Chairman Elliott of the N. Y. N. H. & H. RR. that an gold notes of Pac. Gas & Elec. were offered at 9934. Bankers
agreement had been reached for a disintegration of the offered at par $10,000,000 1st mtg. 30-yr.5% bonds of Cent.
system so as to prevent a suit under the Sherman Dist. Tel. Co. (Bell). $12,000,000 1st 6% ser. bonds of the
The agreement was submitted to J. I. Case Threshing Mach. Co. were also offered at par.
Anti-Trust Law.
the stockholders the next month (Apr.21) and approved. Dominion Steel Corp. omitted quar. div. on com. Colo.&
J. P. Morgan & Co. prepared a statement setting out their Sou. passed s.-a. div. on both 1st and 2d pref., owing to coal
connection with N. Y. N. H. & H. RR. financing. The strike in Southern Colo. Pitts. Cm. Chic. & St. L. reduced
statement showed that in the 20 years from 1894 to 1914, rate on pref. to 4% p. a. and on corn. to 3%,from the previduring which the firm handled securities of the company and ous 5% for both. /cod. & Sou. suspended divs. Western
4% to 1%. Am.Express
its subordinate properties of the par value of $333,082,803,it Un.Tel.increased quar. div.from 4
realized profits of but $350,265,or only about 1-10 of 1%,and Co. made quar. payment due in April 134%,agst.2% in Jan.;
at the average rate of only $17,500 per year. A decree was and after paying also 134% the ensuing July, reduced still
entered by consent on Mar. 26 in the U. S. Dist. Court at further the following Oct. to 1%. Railway Steel Spring Co.
Portland, Ore.,in the suit brought by the U.S. Govt.in July omitted div. on corn. St. L. Southw., which the previous
1913 against the Amer. Tel.& Tel. Co. and 16 of its subsidi- Oct. reduced the div. on pref. from 134 to 1%,reduced still
aries (incl. the Pac. Tel.& Tel. Co.)on the charge of monopo- further to 34 of 1%, and the following July suspended divilizing telephonic communication in a number of Western dends altogether. Texas Co. (oil) increased its quar. div.
States. This decree and the agreement made with theAtty.- from 13
% to 2%. Owing to the difficulty of selling 4% bond
Gen. the previous Dec. disposed of all controversies between issues at satisfactory prices, the Atl. Coast Line RR.closed its
the Dept. of Justice and the company. Henry Clay Hall, of $200,000,000 mtg., the interest in which was limited to 4%,
Colorado Springs, Colo., was confirmed by the U. S. Senate and made a new $200,000,000 issue with int. rate discretionon Mar.9 as a member of the Commerce Comm. to succeed ary. Suit was brought by the Equitable Life Assur. Soc., as
Charles A. Prouty. Winthrop M. Daniels of the Board of a holder of U.P. pref., to prevent the distribution of the extra
Pub.Utilities of N.J., was on Apr.3also confirmed as a mem- div. on U. P. corn., payable in B. & 0. stock, &c., and the
ber of the Commerce Comm.,though after considerable oppo- payment of this extra div. was postponed from April to July.
sition based on the fact that in appraising the physical value Nat. Rys. of Mex. arranged to pay the int. due April ion
of gas property in N. J. he had added 17.6% for "intangible $50,747,000 gen. mtg.4s and$24,740,000 1st eons.4s with6%
value"and 30% for "going value." Prof. Daniels was named notes due Jan. 1 1917, secured by 6% 10-yr. Mex. Govt.
to fill the unexpired term of the late John H. Marble. The bonds in the same way the Jan. hit. was paid.
The Money Market.—General and pronounced ease was
U. S. Senate on Mar. 19 rejected a resolution providing for
the submission to the States for ratification of a woman suff- the predominant and only feature. Range for call loans
rage amendment to the Federal Constitution. There were 35 for the month was 13j@2%. Time loans Mar. 31 were 234
1%for 90 days,3for 4 mos.,3@33(%
votes for the resolution and 34 against, but a two-thirds ma- @2%% for 60 days,24
jority was required. The Board of U.S. General Appraisers for 5 mos. and 334% for 6 mos. Quotations for commercial
on Mar.6 upheld the validity of the provision in the new Tar- paper closed at 3%@3%% for double names and prime single
iff Law allowing a 5% discount on goods imported in Ameri- names and 4@4j% for good single names. Money holdcan ships. The U.S. Atty.-Gen. had held the previous Nov. ings of the Clearing-House banks and trust companies, after
that the discount to American vessels could not be given with- falling from $469,292,000 Feb. 28 to $465,105,000 Mar. 7,
out impairing the stipulations of existing treaties between the increased to $477,799,000 Mar. 21 and then decreased to
U. S. and various other Powers, and that, consequently, the $472,995,000 Mar. 28. Surplus cash reserves after dropprovision was inoperative. The Board of Appraisers took the ping from $26,775,800 Feb. 28 to $17,676,500 Mar. 7, inview that the most-favored nation clauses in treaties with creased $25,346,950 Mar. 21 and were $22,337,950 Mar. 28.
foreign countries did not apply in this instance, as the 5% Deposits rose from $1,940,732,000 Feb. 28 to $1,985,539,000
discount provision did not extend any special favor to any Mar. 21 and fell to $1,975,257,000 Mar. 28. Loans were
particular country, but was an offer or promise by the U. S. $2,088,748,000 Mar. 28, against $2,059,754,000 Feb. 28.
to importers, wherever residing, for the benefit of American Money holdings of the State banks and trust companies
shipping, with incidental benefits to the importer; that it is not in the Clearing House were $71,134,700 Mar. 28, against
not gratuitously given in any sense of the word, but is in con- $66,922,200 Feb. 28 and loans were $530,805,600, against
sideration of the necessary trouble and expense incumbent $530,864,800.
Foreign Exchange, Silver, &c.—Sterling continued strong
upon the shipper who selects American vessels; and the enforcement of the law does not abrogate or in any manner im- most of the month, notwithstanding easier discounts in
pair or affect the provisions of any treaty. In the case of the Europe. London and the Continent were free sellers of
Kings County Lighting Co., the N.Y.Court of Appeals held American stocks, while the supply of bills of all descriptions
that a gas company, as a public service corporation, is en- was very limited. France took $2,000,000 more gold the
titled, in a proceeding to fix its rates, to have the item of first week, but that ended the movement. There was quite
"going value" considered. Such an item, as separate and an active demand for gold upon London for Argentine acdistinct from "good will," the Court declared, was capable of count, to relieve the strained credit situation in that country,
ascertainment and appraisal and the difficulty ofdetermining and reports were current here of negotiations in New York
for gold for the same destination on London and Paris
its value would not justify a disregard of it.
Railroad Events and Stock Exchange Matters.—The feeling account, but no engagements of gold at this point for Argenwas one of depression, but the declines were smaller than tina developed. Bankers' sight bills were at their lowest
might have been expected, in view of the many unfavorable Mar. 2 at 4 8575@4 8590 and at their highest Mar. 18 at
developments, and there were some sharp recoveries thelatter 4 8660@4 8670, with the close Mar. 31 4 8630(4)4 8640.
part of the month The market acted as if stocks were Open market discounts at London Mar. 31 were 134 for
strongly held, and as if a considerable short interest existed 60 days and 1% for 90 days; at Paris.the open market rate
% and at Berlin 234. Silver in London fluctuated
in the leading share properties, which became easily fright- was 23
ened.. Ches. & Ohio declined sharply on the conditions im- between 26 11-16d. and 27d.
posed in connection with the new note issue. Milw.& St.P.
MONTH OF APRIL.
was adversely affected early in the month by the Inter-State
Current Events.—A new unfavorable turn to affairs was
Commerce Commission's criticism of its book-keeping methods, and Leh. Val. suffered from the bringing of a Govt. suit given by the development of a crisis in the relations between
on Mar. 18, claiming violation of the Sherman Law. The the United States and the Huerta, or de facto, Government
a paymaster of the U. S. Dolphin
.
dividend reductions by Pitts. Cin. Chic. & St. L., one of the in Mexico. On April 9 .
Western lines of the Penn., weakened the shares of thelatter. made a landing at Tampico with a whaleboat and a boat's
Reading corn. sold down from 16534 Mar.2 to 16134 Mar.9, crew to get certain supplies for his ship. While lbading the
advanced to 16734 Mar. 23 and closed Mar. 31 at 16634. boat he was arrested by an officer and squad of men of the
4 Mexican Federals. According to President Wilson, neither
% Mar. 5 dropped to 953
Mil. & St. Paul corn. from 1033
of the boat's crew were armed, and
Mar.7 and closed at 100% Mar. 31. U.P. corn. sold down the paymaster nor any the
boat when the arrest took place,
men were in
from 15934 Mar. 2 to 15534 Mar. 9, rose to 160% Mar. 23 two of theobliged
to leave it and submit to being taken into
and closed Mar. 31 at 15934. So. Pao.,from 94 Mar.2 de- and were
clined to 9234 Mar.9,rose to 9634 Mar.23 and closed Mar.31. custody. It is stated the boat carried the U.S. Flag, both at
at her stern. While the American marines were
at 9534. Nor. Pao. declined from 112 Mar. 2 to 10934 her bow andthrough
one of the streets of the town, they were
% Mar. 23 and closed at 11434 Mar. 31. being taken
Mar. 7, rose to 1163
officer of higher authority who ordered
N. Y. Cent. was 8734 Mar.6,92 Mar. 23 and 9034 Mar.31. met by a Mexican
to return to the landing and await orders.
Penn. was at its lowest Mar.30 at 10934, agst. 11234 Mar.23 his subaltern
an hour and a half from the time of the arrest the
and closed Mar. 31 at 111%. Steel corn. was 6534 Mar. 5, Within
Amal. Copper paymaster and his men were ordered released. Mr. Wilson
6234 Mar. 30 and closed Mar. 31 at 6334.
was 743 Mar.2,7234 Mar.9,773j Mar.23 and 7634 Mar.31. stated the release was followed by apologies from the commander and later by an expression of regret from Huerta
The $13,500,000 3-yr.5%% notes of the Erie RR.,offered by himself.
Huerta urged that martial law was in force at
We have referred
J.P. Morgan & Co., were oversubscribed.of $33,000,000
5-yr. Tampico at the time and that orders had been given that no
above to the underwriting by a syndicate
should be allowed to land: The U.S. naval commanders,
5 1 notes of Ches. & Ohio and the conditions imposed by the one
bankers. The notes were offered privately at 97. Bankers however, had not been notified of any such state of things.
JAN. 91915.]
THE CHRONICLE
Admiral Mayo, the President stated, regarded the arrest
as so serious an affront that he was not satisfied with the
apologies offered, but demanded that the Flag of the United
States be saluted by the military commander of the port by
the fire of 21 guns. Huerta suggested a simultaneous
salute by the Mexicans to the American Flag and by the
Americans to the Mexican flag. Our Government declined,
but insisted on the rule laid down by Admiral Mayo that the
American Flag should be saluted and then, in accordance
with international practice, our ships were to fire a return
salute of 21 guns to the Mexican flag. Huerta was finally
given an ultimatum requiring that he should signify his
intention to comply by six o'clock Sunday night, April 19,
and was informed that, failing, President Wilson would submit the whole matter to Congress the next day and ask for
authority to use the naval and military forces of the U. S. to
compel obedience. Meanwhile, practically all the ships of
the United States were ordered to proceed to Tampico and
Vera Cruz to be prepared for eventualities. At the last
moment Huerta seemed to be ready to accede and his Minister of Foreign Affairs presented the draft of a protocol which
the representatives of the United States were asked to sign
in order that the agreement might be in written form. Our
Government by this time had lost patience with him, and,
besides did not want to do anything that might possibly
be construed as recognition of Huerta's claim to office.
Accordingly, on Monday, April 20, Mr. Wilson read a
special message to Congress enumerating the facts already
related and pointing out that the Huerta administration had
been guilty of other offenses, all of which seemed to reveal
a studied purpose to offend the United States. Mr. Wilson
said that a few days after the incident at Tampico an orderly
from the U. S. Minnesota was arrested at Vera Cruz, while
ashore in uniform to obtain the ship's mail, and was for a
time thrown into jail. Furthermore, an official dispatch
from the U. S. Government to its Embassy at Mexico City
was withheld by the authorities of the telegraphic service
until peremptorily demanded by the U.S.Charge d' Affaires
in person. The President stated that so far as he could learn
such wrongs and annoyances had been suffered to occur
only against representatives of the United States. This, he
urged could not but "create the impression that the representatives of Gen. Huerta, were willing to go out of their way
to show disregard for the diginity and rights of this Government, and felt perfectly safe in doing. what they pleased,
making free to show in many ways their irritation and contempt." The President, accordingly, asked the approval of
Congress to the use of "the armed forces of the United States
in such ways and to such an extent as may be necessary to
obtain from Gen. Huerta and his adherents the fullest recognition of the rights and dignity of the United States." He
Impressed the belief that the U. S. Government could "in no
circumstances be forced into war with the people of Mexico."
If armed conflict should unhappily come as a result of
Huerta's attitude of personal resentment toward our Government, we should be fighting only Huerta and those who
adhere to him. The House of Representatives passed a
resolution the same day granting the authority
The Senate passed a similar resolution two days requested.
later, but
with the language somewhat changed, which the House
then
accepted. In the meantime,however,on Tuesday,
April21,
marines from the United States warships made a landing at
Vera Cruz and seized the city. This was done to prevent
the discharge at that port of a consignment of ammunition
for the Huerta Government carried by a German vessel.
Events now followed in rapid succession. On Wednesday,
April 22, Huerta delivered his passports to Nelson O'Shaughnessy, the American Charge d Affaires at Mexico City,while
on Thursday the Mexican Charge d'Affaires in thiscountry
was recalled. President Wilson was particularly anxious to
conciliate the Constitutionalists, who held control of practically the whole of Northern Mexico, and was grieved to
receive a message from Gen. Carranza, sent in answer to one
from Sec. of State Bryan, in which Carranza characterized
the occupation of Vera Cruz by the United States as "a
violation of the rights that constitute our existence as a free
and independent sovereignty and which will drag us into
an unequal war, which until to-day we desired to avoid."
On Saturday, April 25, a pacific turn was given to affairs
by the tender of the good offices of the Argentine, Brazilian
and Chilian governments. See. of State Bryan at once
made a favorable response and expressed the hope that they
might "find those who speak for the several elements of the
Mexican people willing and ready to discuss terms of satisfactory, and therefore permanent, settlement." Should
they find them willing,"this Government will be glad to take
up with you for discussion in the frankest and most conciliatory spirit any proposals that may be authoritatively
formulated, and will hope that they may prove feasible and
prophetic of a new day of mutual co-operation and confidence
in America." He took the precaution, however, to state
that "this Government feels bound in candor to say that
its diplomatic relations with Mexico being for the present
severed, it is not possible for it to make sure of an uninterrupted opportunity,to carry out the plan of intermediation
which you propose.' He declared it was possible that some
act of aggression on the part of those who control the military
forces of Mexico might oblige the United States to act, to the
upsetting of hopes of immediate peace. It was at first
deemed doubtful whether Huerta could be prevailed upon
97
to accept, but he soon accepted "in principle." Gen.
Carranza, too, indicated acquiescence, but would not agree
to an armistice in his operations against Huerta. In the
meantime the United States forces retained possession of
Vera Cruz and established a military form of government
there, the marines being replaced by regular troops. The
state of hositilities thus created had a serious depresqing
effect in France and Great Britain, because of their large
investments in Mexico. The Mexican Railway, an English
enterprise, running between Mexico City and Vera Cruz,
decided to pass all dividends, owing to the uncertain outlook.
One other effect of the Mexican crisis was to cause considerable selling of American securities by European investors.
Trade in this country continued depressed and the number
of idle cars on the railways increased from 141,525 April 1 to
230,533 May 1. It was estimated steel plants were working
at only 60@65% of their capacity. A dismal picture of
prevailing conditions was painted at the first general meeting
of the Amer. Pig Iron Assn. at the Waldorf-Astoria on
April 23; figures were produced intended to show that the
lower duties imposed under the Tariff Law of the previous
October were working havoc. From averages of individual
furnace costs and of selling and shipping prices, it was made
to appear that practically every ton of merchant pig iron
then being produced north of the Ohio River FM being
marketed at a loss to the makers. Some of the largest producers declared, according to the "Iron Age", that they
never had seen, in their experience of forty years, such a
complete stagnation of the market. Then, also, the Amer.
Steel Foundries failed to earn expenses for the March
quarter in 1914 by $1,048,against net of $670,558 in the quarter in 1913. Pres. E. A. S. Clarke of the Lackawanna Steel
Co. talked to the same effect. He said that with the tariff
militating.against domestic producers and talk of further
hostile legislation in Washington, prospects of improvement
were not encouraging. He said that the Lackawanna Steel
Co. was at that time operating at a scant 50% of its normal
capacity. The statement of the U. S. Steel Corp. for the
March quarter, issued April 28,showed that only $6,369,056
had been earned for dividends, while the call for the 14%
on the pref. was $6,304,919, leaving the $6,353,781 required
for the 137
0 on corn. to come out of accumulated surplus.
The Steel Corporation reported a further reduction in unfilled orders from 4,653,825 tons to 4,277,068 tons. The
copper trade, also, was unsatisfactory, owing to large production and curtailed consumption (unsold stocks of copper
in the United States rising from 64,609,319 lbs. to 70,337,001
lbs.) and Lake copper fell from 14 8c. to 14 2c. and electrolytic from 143
%c. to 143'c. Owing to the expiration of the
old wage scales on March 31 and the enactment of a new law
for measuring the mining of coal, bituminous coal mining
in Ohio was entirely suspended; and pending wage adjustments there was also pretty general suspension in the bituminous districts of Illinois and considerable portions of Pennsylvania; also in the Kanawha district of West Virginia, and
partly in Indiana. The troubles were adjusted the next
month except in the case of Ohio and West Virginia, as noted
in our narrative for May. In the strike in the Michigan
copper-mining region, involving the Calumet & Heels and
other companies, the workers on April 13 voted to end the
trouble. The strike had lasted since the previous July 23.
The strikers waived recognition of the Union, but claimed
that practically all of their other demands had been complied
with, including better working conditions, an 8-hour day
and a minimum daily wage of $3. Originally 13,000 men
were out, but the number had been reduced to about 6,000
through the return of many to work and the removal of
others. In the coal-mining troubles in Southern Colorado
deplorable developments occurred. Battles took place
between the State militiamen and the striking miners, costing the lives of men, women and children. The principal
conflict centered in the Ludlow District on the property of
the Col. Fuel & Iron Co. controlled by the Rockefeller
interests. The Ludlow and other coal camps were burnt to
the ground and the rioters were reported to haveleftnothing
but the smoking ruins of eight coal properties in the Southern
coal fields from Delagua to Rouse. After three days of
almost continuous fighting, appeals were made to Washington for Federal troops. On April 28 Prest. Wilson ordered
Federal troops sent and issued a proclamation calling upon
the rioters to disperse. The State militia, against which
the strikers had manifested great bitterness, was graduallY
withdrawn as the Federal troops arrived. Congress took
an active interest in the matter and John D. Rockefeller Jr.
became involved in an animated controversy with reference
to the merits of the miners' claims and the best
means of
ending the conflict. Mr. Rockefeller, on behalf of the Col.
Fuel & Iron interests, had conferences with Martin D.Foster,
Chairman of the House Committee on Mines and Mining.
Mr. Foster sought to bring about a settlement on the basis
of having the mine workers waive
their request for the
formal recognition of the unions, but on April 30, 19 of the
main coal-mine operating companies of Colorado refused
definitely to "enter into negotiations of any character with
the officers and agents of the United Mine Workers of
America, who alone are responsible for the terrible reign of
disorder and bloodshed which has disgraced this State. In
no event will the American people when fully advised," they
declared, "permit 1,200 or 1,500 armed strikers to continue
their unlawful efforts to prevent 10,000 law-abiding and in-
98
THE CHRONICLE
[VOL. 100.
ever given a Congressional candidate in that disdustrious men from working for whom, when and upon plurality
He received 10,620 votes, while Mr. O'Byrne got
such terms as they see fit." The next month (May 5)20 trict. 5,380
votes and Henry C. Whitehead, Progressive
coal operators, representing the larger companies of Colo- only
no more than 619 votes. Gordon Demarest,
rado (exclusive of the Col. Fuel & Iron Co.) sent a telegram Republican,
only a few votes less than the Democratic
to Prest. Wilson declaring they would not consent to any Socialist, received
being strong in that district),getting
dealings with the United Mine Workers of America, the candidate(the Socialists
Republican candidate received almessage at the same time deploring the "unjust attacks upon" 5,053 votes. Thus, the
the other three candidates combined.
John D. Rockefeller. The Reserve Bank Organization most as many votes asopposition
to the President's policy of
Committee announced the number and the boundaries of the There was continued N. Y. Board
of Trade & Transportadifferent Federal Reserve districts in each of which a Federal new legislation. The
on April 8 asked Congress not
Reserve bank was to be located. The country was divided tion at its monthly meeting affording
bearings on the bill
into twelve districts, the maximum number permitted. to act hastily or withoutCommission.. The report on the
Trade
Boston was designated as the headquarters of District No. 1; creating a Federal which
pervades the bill and gives it shape
New York as the centre of District No. 2; Philadelphia of bill said "the spirit
abnormal ?condition of the public
No. 3; Cleveland No. 4; Richmond No. 5; Atlanta No. 6; is the spirit of unrest, an
finds expression, leads some astray
Chicago No. 7; St. Louis No. 8; Minneapolis No. 9; Kansas mind which periodically
forms of attack upon the welfare of
City, Mo., No. 10; Dallas, Tex., No.11,and San Francisco and takes on variousY. Chamber of Commerce and the
No.12. These designations aroused sharp criticisms. Great- society." The N.
somewhat earlier taken similar
est surprise was felt over the omission to name New Orleans Merchants' Association hadAssociation
had on March 16
as a reserve centre and in that city feeling ran so high that action. The Merchants'
anti-trust legislafurther
that
urging
resolutions
adopted
were
held
to
indignation meetings of bankers and merchants
in regular session
meet
should
Congress
until
deferred
be
tion
voice objection. The failure to name Baltimore and the
committee of the N. Y.
giving of a Federal Reserve bank to Richmond was also the following December. A special
the views of the Chamber,
sharply criticised, as was the failure to establish a centre Chamber of Commerce, voicing
on March 5, presented
at Pittsburgh. Atlanta and Richmond were not at the time as expressed in a resolutiononadopted
the subject. The Committee
even reserve cities under the Act of March 3 1887, and as a very noteworthy report
from what business
such entitled to hold the reserves of the country banks, but said it had been "unable to ascertain
there has.emanated any
were now made reserve cities, Atlanta on April 25 and Rich- organizations or industrial sources
in the tentative
mond on April 27. The Pittsburgh bankers were dissatisfied important demand for legislation as outlined
able to find any exnot only because not given a Federal Reserve bank but also (anti-trust) bills and has not yet beenbusiness
opinion that
at being assigned to the Cleveland district. It was con- pression of responsible or organized
appropriate
tended that if Pittsburgh could not have a reserve bank legislation of such character would be timely,
the people of this
of its own,it should be assigned to the Philadelphia district. or beneficial to the business interests or
with the
Jersey City, Hoboken and Newark and other points in country." The report of this special committee
adopted by
northern New Jersey., protested against being included in resolutions contained therein was unanimouslydeclared
that
the Philadelphia district, instead of in the New York district the Chamber on April 2. These resolutions
depart from the spirit
with which they have business relations, and Stamford, the tentative bills "not only widely
President's
outhned in the
Greenwich and other points in Southwest Connecticut ob- of the Constitution of Peace investigatio
ns and possible
jected because they were assigned to Boston, when their message, but, by threatenedlawful
and have a
business
restrain
would
,
prosecutions
to
objected
affiliations are with New York City. Omaha
established and
already
enterprise
upon
effect
disastrous
to
of
instead
being attached to the Kansas City district
its further extension." Accordingly, the President
Chicago. A point was made of the fact that Missouri was retard
were urged to defer action until the regular
Congress
and
one
and
Louis
St.
at
given two Federal Reserve banks, one
in order to give ample time for the conCongress
of
session
from
territory
the
of
whole
in Kansas City, and that in the
of the new proposals. But the
discussion
and
sideration
created
was
bank
single
a
not
Kansas City to the Pacific Coast
At the same time he seemed
obdurate.
remained
President
was
Louisiana
of
Part
reached.
until San Francisco was
y as the occupant of the
responsibilit
of
sense
a
with
filled
district,
Dallas
the
in
part
and
placed in the Atlanta district
was really sad to behold. The
which
chair
Presidential
bankers.
Orleans
New
of
ire
the
increased
which still further
the previous month (on March 20) he unbosomed himself to
South Oklahoma bankers did not like being included inCity
the members of the National Press Club of Washington and
Kansas
the
to
belong
to
wanted
and
Dallas district
gave expression to this great and deep sense of responsibility
of
Tennessee
counties
certain
in
bankers
while
district,
was weighing so heavily upon him, saying: "When I
urged that these counties ought to be allotted to St. Louis, that
of the number of men who are looking to me as the
think
Milwaukee
district.
Atlanta
the
in
included
being
of
instead
ve of a party, with the hope for all varieties of
representati
of
peninsula
upper
the
and
Wisconsin
northern
that
urged
the things they are struggling in the midst
from
salvation
disMinneapolis
the
to
attached
been
had
which
Michigan,
me tremble." The President seemed to be all
makes
it
of,
Money
district.
Chicago
the
to
assigned
be
should
trict,
of the entirely needless worries and responsiholdings in sub-treasuries fell from $329,511,598 to $318,- unconscious
bilities he was assuming and to be oblivious of the fact that
824,008, at the same time that Government deposits in the as
President he was not called upon to remedy all the evils
banks were further reduced from $63,040,181 to $58,706,917.
inherent in man since the creation of the world,
National bank notes secured by bonds increased from $735,- and defects
event, be wholly beyond
445,281 to $736,180,040. The Agricultural Department at and that the task would, in any
Commissioners
Washington reported the condition of winter-wheat April 1 human endeavor. The Board of Railway
begun two years before, made
very high, at 95.6, but there were no great fluctuations in of Canada, after investigationrates
the roads in Western
wheat prices, the July option at Chicago closing April 30 drastic reductions in freight The on
reductions ranged from
1.
at 860., against 863c. April 1. July corn at Chicago de- Canada, effective Sept.
all classes of goods on the
clined from 67%c to 623.40. and closed at 643c. July oats, 5 to 30% and applied to nearly
railways operating from Winnipeg to the Pacific Coast.
after touching 40c., declined to 363/2c. and closed at 37
credit to the good intenMiddling upland cotton in New York was 13.360. April 1, Sir Thomas Shaughnessy, giving
said that the reductions, "while
13.50c. April 4, but closed April 30 at 13c. Print cloths tions of the Railway Board,
have a semblance of justification some years
at Fall River remained at 39'c. throughout the month. they might
as,viewed in the light of present commercial
Retail prices of anthracite coal were put on a higher level. hence, were such on
conditions, could not but be regarded as
Instead of the spring reduction of 50c. a ton, a cut of only and transportati
and unjustifiably drastic in character." The
25c. was made. In explanation, it was stated that the new unnecessary
Court at Trenton, N. J., on April 7 dismissed
Pennsylvania State tax of 254% of the value of the coal when U. S. District
brought by the U. S. Government in Feb. 1913
prepared for market would make an addition of 10c. a ton, the suitthe
Del. Lack. & West. RR. and the Del. Lack. &
that the stevedores, including the barge men, had recently against
Co. for alleged violations of the Commodities
increased their charge 50. a ton,that,owing to the New York West. Coal
Clause of the Inter-State Commerce Act and the Sherman
State Workmen's Compensation Law, the casualty com- Anti-T
rust Law. The opinion was written by Judge Mc
panies had practically doubled their premiums. Governor
and concurred in by Judges Gray and Buffington.
Glynn signed the newly enacted bill codifying the banking Pherson
the decision of the U. S. Supreme Court in May 1909,
laws of New York State; the new law included provisions After
sustaining the constitutionality of the Commodities Clause,
to enable the State institutions to enter the Federal system. the Lackawanna RR. had formed the Coal Company to
them
make
to
as
so
changed
were
s
requirement
reserve
The
take over the coal properties previously owned by it and had
conform substantially to those under the Federal system. allowed
its shareholders to subscribe to the stock of this Coal
Provisions were also inserted for a stricter regulation of
Co. The Court now held that the Lackawanna RR. in its
private banks and for building up the surplus fund of the action
intended to obey the law as the Supreme Court had ausavings institutions. New York City offered $65,000,000 thoritatively announced it and that"since a railroad itself may
against
4
interest
X,
%,
of
rate
the
making
bonds,
-year
50
producing or owning corporation without of5,000,000 sold in May 1913. The bids own stock in thethe
434% on the
statutes, no offense is committed although
fending against
an
101.45,
at
was
award
the
and
0,
$193,187,35
aggregated
individual subscribers to such stock may also be stockholders
the
4.49%
previous
of
basis
a
against
4.18%,
of
basis
interest
from the election in the railroad. No act of Congress or judicial decision has
year. Considerable comfort was derivedJersey.
President declared it to be illegal for an individual citizen to invest his
New
of
District
al
Congression
m the 7th
money in two enterprises merely because the enterprises may
candidate
Democratic
the
of
election
the
for
asked
Wilson had
be closely connected." The Inter-State Commerce Comtheir
"show
district
that
of
people
the
having
of
view
with the
.announced that railroads would
He merce Commission on Apr. 18
judgment with regard to the present Administration."
to continue their interest in water lines after
allowed
be
O'Byrne,
J.
James
to
letter
personal
a
sent
had on April 1
words here men- July 1, provided they made application to that effect.
the Democratic candidate, containing the
H. Drukker, Under the Panama Canal Act of 1912 railroads were proDow
elected
however,
voters,
tioned. The
the largest hibited after July 1 from owning any water line with which
be
to
said
was
what
by
candidate,
the Republican
JAN. 9 1915.]
THE CHRONICLE
99
they might compete, but the Commerce Commission was
The Money Market.—There was firmness in time loans the
given jurisdiction to determine questions of fact as to the latter part of the month, owing to the Mexican troubles.
competition and wasalso authorized to extend the time during The firmness, however, was more a matter of sentiment than
which the service might continue. As it was physically im- a rise in rates, though rates did advance fractionally. Call
possible for the Commission to pass upon all the applications loans ranged during the month at 134 ®2. Time money at
by July 1, there remained no alternative but to allow the old the close was 2% ®3 for 60 days, 3 for 90 days, 3(0% for
arrangements to continue for the time being. On Apr. 27 4 mos.,334@33 for 5 mos.and 334 for 6 mos. Commercial
the Commerce Commission, in response to a resolution paper closed at 33
%®4 for double names and prime single
adopted by the U. S. Senate on July 10 1913, reported that !lames and 434@43/ for good single names. Money holdthe consolidation of the N. Y. Cent. with the Lake Shore & ings of the N.Y.Clearing-House banks and trust companies,
Mich. So. would not be in contravention of the Federal after dropping from $472,995,000 Mar. 28 to $466,671,000
statutes and would be justified from an economic standpoint. Apr. 4, increased to 8500,966,000 May 2. Surplus cash reOn recommendation of the State Attorney-General, Judge serves,after falling from $22,337,950 Mar.28 to $10,453,500
Tuttle at Bridgeport, Conn., on Apr. 14 dismissed for lack Apr. 4, increased to $36,486,550 May 2. Deposits fluctuof evidence the charge of manslaughter against former Pres. ated more or less, but were $2,039,443,000 May 2, against
Charles S. Mellen which had been returned in May 1913 as a $1,975,257,000 Mar. 28. Loans were up to $2,138,426,000
result of the wreck of the Springfield express at Westport Apr. 25, but fell to $2,127,880,000 May 2, which compared
Oct.2 1912. J. P. Morgan & Co., on behalf of the Nat. Bank with $2,088,748,000 Mar. 28. State banks and trust comof Greece,invited subscriptions for the New York portion of panies not in the Clearing-House,after increasing theirmoney
a Greek Government loan for £9,925,000 at 5% offered at holdings from $71,134,700 Mar. 28 to $74,725,900 Apr. 4,
923j—£6,947,500 being offered in Paris, .£1,687,250 in Lon- suffered a decrease to $65,906,700 May 2. Loans of these
don and .£1,290,250 in New York, Athens and Egypt. institutions steadily increased and aggregated $567,584,400
The Irish Home Rule Bill passed the House of Commons May 2, against $530,805,600 Mar. 28.
Apr.7 on its second reading. The Canadian Finance MinisForeign Exchange, Silver, &c.—Foreign exchange was strong
ter, H. T. White, made the annual Budget speech before throughout the month and rates for sterling recorded a sharp
the Canadian House of Commons at Ottawa Apr. 6 and an- rise. The rise was caused by the stiffening of discount rates
nounced as a feature of the Government's policy an increase at London and by sharp bidding for gold in London by both
in the duties on steel products and the declination of the offer Russia and France. Russia obtained considerable amounts
under our new Tariff Law of the free entry of Canadian wheat of.South African gold by paying a premium over the Mint
into the U. S. if Canada would place wheat, wheat flour and price. The latter part of the month gold exports appeared
semolina on the Canadian free list. Count Shigenobu Okuma to be clearly in sight. Foreign buyers were credited with
completed the formation of the new Japanese Cabinet to suc- having taken $10,000,000 to $12,000,000 of the $65,000,000
ceed that of Count Gombei Yamamoto, which had resigned N. Y. City 434% bonds, but it was supposed the proceeds
as a result of naval scandals over the receipt of illegal com- would go to take up short-term notes of the city held abroad.
missions. The Select Committee of the House of Lords, Exchange at the close was nervous and irregular on the varywhich had been investigating the dealings of Lord Murray ing changes in the Mexican situation. Bankers' sight bills
of Elibank in Marconi shares, rendered its report declaring were at their lowest Apr. 1 at 4 8620(4)4 8630 and at their
there had been nothing in the conduct of Lord Murray that highest Apr. 25 at 4 8765@4 8775, with the close Apr. 30
reflected upon his personal honor, although he had com- at 4 8740Q4 8750. Open market discounts in London at
mitted errors of judgment.
the close were 234 for 60 days and 2 9-16@2'g for 90 days.
Railroad Events and Stock Exchange Matters.—Our stock- At Paris the open-matket rate closed at 23
% and at Berlin
market sustained a large and general collapse. The course at 2%. Silver in London moved up to 273jd., which was
of prices was strongly downward even before the Mexican the close Apr. 30.
situation reached its acute stage One event was a further
MONTH OF MAY.
large break in Can. Pac. shares, mainly because of the reduction in freight rates ordered Apr. 7 by the Canadian RailCurrent Events.—In Mexican affairs the mediators repreway Commissioners to become effective Sept.1. Many other senting the A. B. C. countries began their conferences on
stocks were also weak on our Stock Exchange. Leh. Val. was May 18 on the Canadian side of Niagara Falls, but the reunder severe pressure. Mo. Pac., under enormous sales, sult of their deliberations remained more or less cloaked in
dropped several points on rumors suggesting difficulty _in secrecy. The movement was valuable in haying prevented
meeting the company's large maturing note issues. Mo. the clash between the United States and Mexico that threatKan. & Tex. pref. sold off on doubts regarding the continu- ened following the occupation of Vera Cruz by American
ance of dividends, which doubts were seen to have been well- troops. Carranza and Villa, as representatives of the Congrounded when, later, the further payment of dividends was stitutionalists, could not participate in the conference, bedefinitely suspended. Mex. Petroleum shares were, of cause they would not agree to an armistice with Huerta
course, adversely affected by conditions in Mexico and Amer. forces. They pushed their military operations with great
Smelt. & Ref. suffered in part for the same reason. The vigor and on May 13 finally captured the Port of Tampico.
market took a turn for the better the latter part of the month Subsequently
troops occupied Saltillo, considered one
as Mexican affairs assumed a less warlike aspect. Mil. & of the FederalVilla's
strongholds
in Northern Mexico, the city havSt. P. corn, after having touched 1013% Apr. 7 dropped to ing evidently been evacuated
by the Federalists before any
943 Apr. 25 and closed Apr. 30 at 98%; Reading corn, from general attack could be made. The Huerta forces also with1663
% Apr. 8 fell to 1583 ex-div. Apr. 27 and closed Apr. 30 drew from Puebla, the city where it had been reported that
at 1623/s; U.P. corn. from 1603/i Apr. 2 fell to 1483' Apr. 25 Huerta would make his final stand in the event of his Govand closed Apr. 30 at 153%; So. Pac. declined from 9534 ernment being overthrown at Mexico City, as then
Apr.2 to 863 Apr. 25 and closed at 90%;Penn. moved down seemed likely. Thus Huerta was gradually being hemmed in
from 1113j Apr. 1 to 1083j Apr. 25, but recovered to 11134 on every side. The Huerta delegates to the A. B. C. conat the close; N.Y. Cent, went down from 91 Apr. 1 to 864 ference were Senors Emilio Rabasa,Augustin Rodriguez and
Apr. 16 and closed at 90%. Amal. Cop. dropped from 77,54 Luis Elguero, while President Wilson appointed Justice
Apr. 2 to 6834 Apr. 25 and closed at 723/2; Steel corn. de- Lamar of the U. S. Supreme Court and Frederick W. Lehdined from 64 Apr. 1 to 56 Apr.25 and closed at 5834. Mem- mann of St. Louis as the American delegates. Gen. Carranza
bers of the syndicate which had underwritten the $54,534,000 sent a Constitutionalist agent to Niagara Falls to observe and
5% 20-yr. cony. bds. of the So. Pac. Co. were notified on report,not to take part in the discussion. At the end of the
Apr. 29 that about $16,000,000 of the bds. remained unsold. month reports had it that drafts of an agreement had been
J. P. Morgan & Co. took $40,000,000 N. Y. Cent. new 100- submitted both to Mexico City and to Washington. An unyr. ref. & impr. 434s and out of part of the proceeds paid off pleasant incident was the landing of arms at Puerto Mexico
$21,000,000 1-yr. 5% notes which matured Apr. 21. Amer. from the Hamburg-American line steamships the Ypininga
Tel. & Tel. sold $30,000,000 2-yr. 5% notes of six subsidiary and the Bavaria. Both vessels carried enormous military
companies. Sou. Ry. placed $4,300,000 of equip. trusts. stores and supplies for the Federalists and it was to prevent
Interb. Rap. Transit sold $10,000,000 1st and ref. 5s. West the landing of these very supplies that the American troops
Penn Trac. Co. sold $6,000,000 3-yr. 6% notes. Bankers were rushed to Vera Cruz when aggressive action was begun
offered at 9734 a portion of $5,500,000 6% 2-yr. notes of by the U. S. the previous month. It is not entirely clea
Kan. City Mex. & Or. Ry. Maine.Central sold $6,000,000 that our Govt. was aware of what was going on, but at a
5-yr. 5% gold notes and these were offered by the bankers at events no attempt was made by the American naval forces
99. Portland (Ore.) Ry., Lt. & Pow. sold $5,000,000 1-yr. to interfere. After the event, however, the Administration
5% gold notes and these were offered at 99/
3
2. N. Y. Con- at Washington did not appear entirely pleased with what had
necting RR. sold $5,000,000 43/2% 1st mtge. bds. N. Y. happened. Heavy money fines were the next month imN. H. Si H. sold to a syndicate $50,000,000 of various issues posed on both the German steamers engaged in the affair
of short-term notes and arranged with the syndicate to take on the ground that their manifests had been irregular.
during the ensuing six months $10,000,000 additional of 1-yr. Early the next
(June 2)it was reported that the Ward
6% notes—all to meet maturing obligations. The time Line steamshipmonth
which had sailed that day for TamAntilla,
was afterwards extended to April 29 1915. The Appellate pico, carried a large cargo
of war material for the ConstituDivision of the N. Y. Supreme Court affirmed the decision tionalists. Huerta thereupon declared a blockade of Tamdenying the petition of the Equitable Life Assur. Soc. to en- pico, seeking to enforce it with the few Mexican gunboats at
join the Un. Pao. from distributing its extra div. payable in his disposal. The United States then interfered and deB. & 0. shares, &c. Pere Marquette RR. defaulted in the clared it would not allow the blockade. This led on June 9
bit, on underlying bonds. Amer. Shipbuilding Co. omitted to the rescinding of the order for the blockade by Huerta.
div. on its pref. stock. Penn. Steel also omitted div. On May 11 impressive memorial ceremonies were held in
on pref.; so did Mo. Kan. & Tex. on pref. New Eng, New York in tribute to the 17 marines and sailors of the U.S.
Cotton Yarn on pref. and Henry R. Worthington Co. Navy who lost their lives in Mexico upon the occupation of
on pref.
Vera Cruz by the American forces on Apr. 21. besides two
100
THE CHRONICLE
others who met their death in Mexico. The bodies were
brought on the cruiser Montana, which was escorted by the
battleship Wyoming and the yacht Mayflower. The bodies
were borne on caissons from the Battery to the Brooklyn
Navy Yard in solemn procession, followed by carriages containing Pres. Wilson and other Governmental dignitaries,
including a committee of Congress. At the City Hall there
was singing of hymns by 500 school children and an address
by Mayor Mitchell, while at the Navy Yard Pres. Wilson
delivered a eulogistic address, and there were also religious
features. The Stock Exchange and other local exhanges
delayed their opening until 11 o'clock Financial affairs in
Europe remained far from satisfactory. In France a number
of failures occurred by reason of a crisis in the diamond and
pearl trade. Cable advices from Paris early in the month
stated that prices in the pearl market had declined 25%
and estimated that there was an unsalable stock on hand
there of $20,000,000 worth of pearls. In politics there was
uncertainty as to the outcome of the re-ballotting for election
of members of the French Chamber of Deputies made necessary by the indecisive character of the elections held on
Apr.26,when only 350 Deputies were definitely chosen,and
re-ballotting was found necessary in 252 constituencies. The
re-ballotting took place May 10 and showed that there would
be altogether 102 Socialists in the new Chamber,as compared
with 68 in the old, and that the Caillaux radicals would have
161 members, as compared with 156, while the other Republican groups would have a total of 262 members, as compared with 294. This left little promise of any modification
of disturbing propositions of new legislation. In London
there was weakness caused by the news that two important
concerns had to be tided over after unsuccessful speculations
involving many millions of dollars. To help one of the embarrassed concerns a syndicate of London Stock Exchange
houses and bankers was formed and was understood to have
taken over securities of a face value of £5,000,000, mostly
of Canadian railways. The syndicate included representatives of the Bank of England and of the Bank of Montreal
and also Robert Fleming. It later appeared that the aid
had proved ineffective and that Arthur Morton Grenfell
was one of those who had indulged in heavy speculative transactions. In June Chaplin, Milne, Grenfell & Co., Ltd., with
which Mr. Grenfell had formerly been connected, was obliged
to announce its suspension. The leading European centres—
London,Paris and Berlin—were also unsettled by liquidation
on Russian account. Advices from St. Petersburg indicated
a highly unsettled condition of affairs at that centre and
Russian industrial securities were reported to be particularly
under pressure On May 16 reports of financial failures were
so persistent that the Russian Minister of Finance considered
it desirable to call a conference of bankers to assure them that
the rumors were groundless. The Berlin market felt the
effects inasmuch as the refusal of Paris banks to finance
speculative accounts in Russian securities led to selling of
these stocks on the German market. In Paris a further
trouble was that a campaign was being waged against
French bank and credit institutions through the circulation
of pamphlets making damaging allegations against the same.
The latter part of the month confidence in a measure returned. The situation in Albania occasioned some uneasiness. The Epirote insurgents who had been fighting against
the inclusion of Northern Epirous in the new State indulged
in extensive massacres and an insurrection broke out in Central and Northern Albania among the peasantry against
Prince William of Wied, the new ruler of Albania. The insurrection was reported to have been instigated by Essad
Pasha, Minister of War (who after the conclusion of the
Turkish war and before the installation of Prince William
had at one time proclaimed himself king),and he was expelled
from the country. The commanders of the Austrian and
Italian warships found it necessary to land marines to insure
the safety of the King and his family, who for a time even
had to seek refuge aboard an Italian warship. The Irish
Homo Rule controversy was the occasion for further nervousness in Great Britain. Early m the month there were large
secret inipoFtations of arms and ammunition for the Ulstermen, inducing the Government to take additional precautions so as to be prepared for any serious outbreak. But on
May 25 the Home Rule Bill passed the House of Commons for
the third time without precipitating an actual crisis. Under
the Parliamentary Act this insured the bill becoming a law
with the Royal assent,even though the House of Lords should
again reject the measure. The absence of disturbance was
due to the feeling that before the new Act went into effect
an amendment would be passed excluding the Ulster counties
from the operation of the law. Still Premier Asquith would
not commit himself definitely as to the nature of the measure.
When appealed to for some enlightenment by the Speaker,the
Premier simply said that if during the Whitsuntide recess an
arrangement could be arrived at satisfactory to the Ulstermen, it would be embodied in the amending bill; otherwise
his original offer of six years' exclusion of Ulster from the
provisions of the Home Rule Bill would be repeated. David
introduced his
Lloyd George, Chancellor of the Exchequer,
and found
sixth Budget in the House of Commons on May 4
of revenue. This he did
it necessary to seek new channels
of over
by increasing the death duties on estates of 15%$300,000
and by
until the maximum would be 20% instead
graduating the income tax upward, .the graduation being
based upon the income of the individual. The House of
[VOL. 100.
Lords on May 6 rejected a woman's suffrage bill by a vote
of 104 to 60. On May 19 the House of Commons passed for
the third time the Welsh Disestablishment Bill by a vote of
328 to 251, assuring as in the case of the Home Rule Bill its
becoming a law regardless of the House of Lords. The effect
of the bill was that the Church of England ceased to be established by law as far as Wales and Monmouth were concerned;
that all cathedrals and ecclesiastical corporations were dissolved; that the bishops of the four Welsh dioceses ceased
to be members of the House of Lords,&c.,&c. The amended
constitution for the Republic of China was promulgated
May 1 and was notable for the wide powers given to the
President. The country's external trade appeared to be
taking the same unfavorable course as the domestic trade
and one feature of the month was a surprisingly poor statement of foreign commerce for April. Whether or not the
new tariff law had anything to do with this change, the fact
itself was that as compared with the same month of 1913,
merchandise exports were reduced from $199,813,438 to
$162,368,852, and merchandise imports increased from $146,194,461 to $172,640,724. Thus an export balance of $53,618,977 in April 1913 was transposed into an excess of merchandise imports of $10,271,872. Under these circumstances, it was no surprise that gold exports from New York
to Paris should be resumed. In view of the manifest depression in trade and the general gloomy situation, business
men and the newspaper press echoed a demand upon Congress to cease enacting any more laws likely to prove disturbing to business interests, or even calculated to engender
doubt and uncertainty. Pres. Wilson, however, insisted
that Congress must carry out the legislative proposals to
which he had committed his Administration. Following a
conference on May 4 between the President and Congressman Underwood, the majority leader in the House of Representatives, it was announced that the legislative program
to be insisted upon by the Administration before adjournment
would comprise the Clayton Omnibus Anti-Trust Bill, the
Covington bill for the creation of an inter-State trade commission and the Rayburn bill for the regulation of railroad
security issues. This program was approved by the Democratic caucus of the House on May 12. The President yielded
only so far that he agreed to defer rural credit legislation and
consented to the postponement of action on his Presidential
primary proposition. The House leaders yielded implicit
obedience to the orders of the President. On May i9 the
Committee on Rules of the House adopted a special rule
limiting general debate on the three bills to 32 hours, the time
being specifically apportioned among the bills, consideration
then to follow in each case under the five-minute rule for
amendments. The rule also provided that the House must
hold daily sessions from 11 a. m. to 11 p. m., with a recess
from 5:30 to 8 p. m. An incident in connection with the
agitation aroused by the President's determination to push
to completion his policy of aggressive legislation was a remark
by him to the effect that the current industrial prostration
was "merely psychological." The President made this remark when appealed to by representatives of the National
Implement & Vehicle Manufacturers' Assn., the Ohio Manufacturers' Assn. and the Illinois Manufacturers' Assn., who
urged that all trade legislation excepting that relating to the
creation of a Trade Commission, for the purposes of investigating the subject, be postponed until the country could
study the matter, the Trade Commission being one of the
helps to that end. In response Mr. Wilson said that while
he was aware of the current depression in business, there was
abundant evidence that it was merely psychological. He
would not defer his legislative schemes. He asserted it had
become evident through a long series of years that a policy
such as the Democratic Party was now pursuing was absolutely necessary to satisfy the conscience of the country and its
perception of the prevailing conditions of business; and that
it was a great deal better to do the thing moderately and
soberly now than to wait until more radical forces had accumulated and it was necessary to go much further. A
promising feature in the situation was the splendid outlook
for the growing winter-wheat crop. The average of condition May 1 was givdn as 95.9, against 91.9 on May 1 1913,
79.7 on May 1 1912 and a ten-year average of 85.5 More-.
over, the abandonment of acreage through winter-killing
was unusually small, leaving the area under cultivation decidedly the largest on record, namely 35,387,000 acres,
against 31,699,000 acres in 1913. Nevertheless, a sharp rise
in prices occurred the latter part of the month, as a result
of a scheme to engineer a corner in the May option to squeeze
the shorts. At Chicago this option on May 28 got up to
$1 a bushel, as against 92 cts. May 2. In the other wheat
options the changes were relatively slight, the September op4 cts. agsinst 84% cts. May 1.
tion May 29 closing at 853
There was also a squeeze of the day shorts in corn, the price
for that option running out May 29 at 74 cts. against 63%
cts. May 1. Sept. corn closed May 29 at 65K cts., against
64% cts. May 1. There were reports of damage to the oats
crop, and Sept. oats at Chicago closed at 38% cts., against
35% cts. May 1. In cotton conditions were the reverse of
favorable, there being severe drought in the Atlantic States
and excessive rains in Texas and some other parts of the
Southwest. Middling upland here declined from 13 cts.
per lb. on May 1 to 12.90 cts. May 5 and then rose to 14.50
cts. May 28, with the close May 29 at 13.75 cts. The iron
and steel trade continued disappointing. The "Iron Age"
JAN. 9 1915.1
THE CHRONICLE
June 3 stated that "in May most steel works were on a 55%
basis in ingot output, and buying was at a low point for the
year thus far." There was further shading of price—as for
instance in the case of steel bars and also of beams, both of
which were quoted 50 cts. a ton lower, or at $1 123' per 100
lbs. at Pittsburgh. Wire nails at Pittsburgh went down $2
a ton to $1 50 per 100 lbs. Steel boiler tube prices were reduced $2 a ton May 2 to the figure which ruled prior to the
advance of $2 a ton the previous Jan. 7. The U. S. Steel
Corp. had unfilled orders on its books May 31 of only 3,998,160 tons, against 4,277,068 tons Apr. 30. Unsold stocks of
copper increased from 70,337,001 lbs. to 84,342,641 lbs. and
Lake copper declined from 14% as. to 143 (4)143 ots. and
electrolytic from 143 to 14.10 cts. Government disbursements continued in excess of revenues and cash in sub-treasuries was further reduced from $318,824,008 to $304,917,794,
but Government deposits in the ntaional banks increased
from $58,706,917 to $61,006,148. National bank circulation secured by bonds decreased from $736,180,040 to $735,423,425. In the Colorado mining troubles a proclamation
was issued by Secretary of War Garrison on May 2 calling
upon all persons not in the military service of the U. S. to
surrender their arms and ammunition. On May 3 U. S.
forces took charge of the entire strike zone, including the
Northern District. It was stated at the time that the area
under the jurisdiction of the Federal troops included all the
Colorado coal fields, extending 260 miles from north to south
and 40 to 70 miles from east to west. In the matter of the
differences between operators and miners in the bituminous
districts of the Middle West,the wage controversies advanced
to a settlement nearly everywhere except in Ohio and West
Virginia—that is, agreements were reached in all the important soft-coal States where the old contracts had expired
Mar. 31, though in a few cases final formalities were not
actually concluded within the month. In Illinois, where
comparatively few mines had remained.in operation during
April, an agreement was reached early m May and the men
returned to work May 11. The demand for increased wages
in Southern Illinois was not granted and only minor changes
were made in the former contract. In Pennsylvania, where
there had also been considerable suspension, agreements were
reached at nearly all points—in the Pittsburgh district, the
Clearfield district and Central Pennsylvania—generally on
the basis of the continuance of the old wage scale for another
two years, though the adjustment in the Pittsburgh district
did not come until June 6. In Indiana also the old agreement was continued with but slight modifications. In
`Test Virginia large numbers of the miners in the Kanawha
field had gone on strike notwithstanding a clause in the old
contract providing that until June 1 1914 no differences
should be considered unless the mines were in full operation,
but the miners returned to work in July, under the terms of
a new 3-year agreement. In Ohio coal mining remained suspended everywhere in May as in April. In July a settlement :was reached in the }locking district, and in Aug. and
Nov. in other Ohio districts, with the exception of Eastern
Ohio, where about 15,000 miners were involved. A number of
attempts to settle the strike there were made, but all failed,
and the strike continued to the end of the year and remained
then unsettled. The differences in Ohio arose out of the new
mine-screen law granting miners pay for all coal mined instead
of that portion run through the screens. At first the miners
were willing to remain at work,but the operators declared that
they could not run the mines without knowing what the coal
would cost, and attacked the constitutionality of the new
law. On May 18, however, the United Mine Workers of
America, District No. 6, at Columbus, called a State-wide
strike of all the Ohio coal miners. On May 21 Judges
Killits, Warrington and Sater in the U.S. Dist. Court denied
an application for an injunction asked for by the Rail & River
Coal Co. to prevent the Ohio State Mine Commission from
carrying out the provisions of the anti-screen law. The next
month (June 10) the operators applied to the U. S. Supreme
Court for an injunction to restrain the enforcement of the
statute until its legality might be tested in the Ohio courts,
owing to the great expense that would be entailed upon the
operators if the law should be enforced. On June 15 the
request was denied. Cramp, Mitchell & Co., a banking and
brokerage house of Philadelphia, suspended May 4 with liabilities of $3,600,000. The failure was attributed to unfortunate business ventures, principal among which was said
to have been the Amalgamated Asbestos Corporation, Ltd.,
of Canada,launched by the firm in 1910. No announcement
came from the Inter-State Commerce Commission with
reference to a request of the Eastern railroads for a 5% advance in freight rates, but a decision of the U. S. Supreme
Court on May 25 was calculated to curtail the Commission's
latitude in fixing the method by which additional revenues
should be obtained in case the Commission decided that any
increase was necessary. The Supreme Court held that the
so-called tap lines, or short lines of railroad serving industries,
are common carriers and hence entitled to divisions of joint
through rates, thus reversing the Inter-State Commerce
Commission and affirming the decision of the former Commerce Court subsequently legislated out of existence. The
Commerce Commission had.taken the view that dividing a
joint rate in this way was in the nature of concessions or
preferences to favored shippers, and Commissioner Harlan
had the previous January spoken in caustic terms in condemnation of the practice. The Commission early in the month
101
rendered a ruling, which was on the whole favorably regarded, in some cases involving interpretation of the long
and short-haul clause as applied to the roads lying south of
the Ohio and Potomac rivers and east of the Mississippi.
The points at issue concerned rates from New York and other
centres into Southeastern territory and the Commission in
many cases sustained the existing rates which on the long
haul were lower than to intemediate points, but in others
held that the rates were discriminatory and must be changed
by Oct. 1. The Commission felt that the rate situation
in.the Southeast presented many instances where the Commission must exercise the discretion vested in it by law to
relieve the carriers from a rigid application of the long-and
short-haul rule in special cases. In an investigation of the
N. Y. New Haven & Hard., which the Commerce Commission conducted under a resolution of the U. S. Senate,
former President Charles S. Mellen was a witness and made
sensational allegations regarding the late J. P. Morgan and
some of the other directors of the company. Mr. Mellen
intimated that a grossly excessive price had been paid for
the N. Y. Westchester & Boston, but that he had been
kept in ignorance of what was going on. The younger J.P.
Morgan was away on a yachting trip while Mr. Mellen was
on the stand and on his return promptly issued a statement
repudiating the allegations and insinuations against his father.
He pointed out that during the last ten years of his father's
life his father had been abroad more than one-third of the
time and during the last three years of his life he had been
abroad one-half of the time, and as the elder Mr. Morgan
had been actively connected during this whole period with
many different affairs, it was impossible that he should have
had the time even if he had the desire to interfere in the management of the New Haven RR. The Inter-State Commerce
Commission gave hearings with reference to Balt. & Ohio
affairs at which special stress was laid upon that company's
acquisition of the Cm.Ham.& Day.Ry.and the burdensome
character of this acquisition. The work of organizing the
Federal Reserve banks was proceeded with and the different
Federal Reserve district nominations were made by the
member banks of candidates to serve on the boards of directors of the several Federal Reserve banks. H.A. Wheeler
of Chicago declined appointment to membership on the.Federal Reserve Board. Richard Olney had previously declined.
The U.S. Supreme Court on May 11 set aside for the second
time the sentences imposed on Samuel Gon.ipers,JohnMitohell and Frank Morrison, respectively President, Vice- President and Secretary of the American Federation of Labor,
in the contempt proceedings growing out of the Bucks Stove
& Range case. The Court dismissed the proceeding as.being barred by the Statute of Limitations, which provides
that "no person shall be prosecuted, tried or punished for
any offense not capital, unless the indictment is found or the
information is instituted within three years" next following
commission of the offence. To make such ruling the Court
had to hold that disobedience to a judicial order of injunction
brings the act within the category of crimes. The contempt
proceedings arose originally out of the violation of an
junction order issued in 1907. The sentences were set aside
by the U.S. Supreme Court in May 1911 on the ground that
the offenders had been prosecuted under criminal inste9,4 of
civil statutes. It was left for the lower court to initiate
new proceedings. These were begun immediately—on May
16 1911—but as the injunction had been made permanent
on Mar.23 1908,the date of the inauguration of the new proceedings fell beyond the three-year limit. An application
for.an injunction to restrain the N. Y. Photo Engravers'
Union No. 1 from interfering with the business of the Gill
Engraving co. was denied May 4 by Judge Hough in the
U. S. District Court. The action was brought under that
section of the State Penal Law forbidding "acts injurious to
tradeand commerce,"and under theState Anti-TrustLaw and
the common law. It was claimed the union sought to prevent its members from doing work on orders given to their
employers by firms which also gave part of their work to the
Gill Engraving Co. (a non-union concern) and that thereby
there was established a secondary and illegal boycott.
Judge Hough held, however, that the object of the union
was not to injure the Gill Company, though such injury had
occurred and been foreseen. The object was to increase the
power of the union so as to get more, easier and better paid
work for its members, none of which acts is illegal. The
means employed, too,were legal,as the acts alleged consisted
in threatening strikes, which Judge Hough said was the exercise.of a legal right. The fact that a motive, or part of a
motive, was hate of the Gill concern the Court held immaterial. The Canadian Pacific steamer Empress of Ireland
and the.collier Storstad collided on May 29 in the St. Lawrence River in a dense fog, costing the lives of 1,024 of those
aboard the Empress of Ireland. The next month (June 17)
the North German Lloyd liner Kaiser Wilhelm II., with
nearly 1,000 passengers, was in collision in the English Channel in a dense fog with the grain steamer Incemore of 3,060
tons. Fortunately no lives were lost in this instance,
though the big liner was unable to continue her voyage and
returned to Southampton, while the smaller ship made
harbor in a sinking condition.
Railroad Events and Stock Exchange Matters.—The .stock
market was a tame affair during May. At the beginning of
the month prices reacted, but this was followed by a sharp
upward turn, after which prices again shaded off slightly.
102
THE CHRONICLE
[VOL. 100.
sharply declined and touched 25 15-16d.
Mo. Pao. see-sawed on varying reports as to whether the Silver in London
$25,000,000 3-year 5% notes due June 1 would be taken care May 25 with the close at 26d.
of in accordance with the company's offer to extend them
MONTH OF JUNE.
at 6% for one yeAr and to further secure them by the pledge
Current Events.—There were many adverse developments,
of additional collateral. The extension agreement was, in
the end, successfully carried out. Mil. & St. P. corn. though crop news was very encouraging. Our foreign trade
opened May 1 at 98, declined to 973.4 May 8, advanced to continued highly unsatisfactory and the official figures for
The
10194 May 19 and closed May 29 at 10094; Reading corn. May were of a nature to cause almost consternation.
from 16294 May 1 rose to 1663' May 22 and closed May 29 merchandise exports were reduced from $194,607,422 in
at 166; Can. Pac. opened at 191%, declined to 18994 May 8, May 1913 to $161,650,203 in May 1914, while merchandise
advanced to 199 May 28 and closed May 29 at 19534 ex-div.; imports rose from $133,723,713 to $163,637,386, leaving an
Sou. Pac. was 91 May 1, 9094 May 9, 953 May 28 and excess of merchandise imports in 1914 of $1,987,183, as
closed May 29 at 947; U. P. corn., opening at 154, sold at against an excess of exports in 1913 of $60,883,709. Exports
847,000,000.
153% May 9,moved up to 15894 May 27 and closed at 15794; of gold continued, the further outflow reaching
Gr. Nor. sold at 12294 May 1, at 12194 May 9, at 12534 The chief new depressing influence was the failure of the
house in
May 18 and closed at 12494; Nor. Pac. was 11034 May 1, H. B. Claflin Co., the leading wholesale dry-goods
directly or indirectly, of a long chain
11294 May 4, 108 May 9 and closed at 111; N. Y. Cent. the U.S. and the owner,
25,
was 90% May 1,9434 May 4 and closed at 923/2; Penn., of retail establishments. This concern was, on June
of the
opening at 110, was 10994 May 9, 11234 May 23 and closed placed in the hands of Joseph B. Martindale, Pres.
at 11194; Amal. Cop. from 7294 May 1 declined to 7094 Chemical Nat. Bank, and Frederic A.Juilliard, as receivers.
$42,200,May 9, advanced to 7494 May 15 and closed at 7294; Steel The liabilities, including indorsements, aggregated
3 May 1 rose to 633
% May 27 and closed at 63. 000, made up of some $9,000,000 of merchandise accounts,
corn. from 57%
(inL. S. & M.S. sold in London and Paris approximately $20,- direct loans, &c., and $31,500,000 of commercial paper
and $1,000,000 1-yr. notes dated May 15 to retire £2,000,000 notes cluding the guaranteed notes of the retail stores)
Pres.
due in London on May 15 and to reimburse the treasury for 700,000 general indebtedness of the 23 retail stores. of
the
cash used in the payment of $12,000,000 43/2% notes which John C. Claflin stated that the up-town movement
fell due Mar. 15. Chi.& Northw. sold $8,054,000 gen. mtge. 4s dry-goods business had seriously curtailed the company's
2. wholesale profits and compelled it to rely mainly upon the
and the purchasing bankers offered them privately at 943/
Bankers offered an aggregate of $50,000,000 N. Y. N. If. & profits from financing retail stores. The Chaim Co. was
H. coup. notes—$20,000,000 being N. Y. N. H. & H. RR. controlled by the Associated Merchants Co., through owner1-yr. 5% coll. gold notes, $10,000,000 Harlem Riv. & Port- ship of $4,500,100 of the $9,000,000 of common, 1st pref.
chester 1-yr. 5% gold notes and $20,000,000 New Eng. Nay. and 2d pref. stock. The Associated Merchants' Co. in turn
Co. 3-yr. col. 6s. There were also offered $35,000,000 1-yr. was controlled by the United Dry Goods Companies (the
common
494% secured gold notes of B. & O.; likewise $6,860,000 latter holding about 93% of Associated Merchants
as Pres. of the Asso1st & ref. 5s of Georgia R.& Pow. Co. at 923/2; also stock); John Claflin at once resigned
Un. Dry Goods Co. and was
$6,000,000 3-yr. 6s of West Penn Trac. Co. Associated Sim- ciated Merchants Co. and the
Bliss. Many of the retail drymons Hardware Co. sold $5,000,000 5-yr. 5% secured gold succeeded by Cornelius N.
t the country controlled
notes dated Oct. 2 1911. Nat. Cloak & Suit Co. placed goods concerns scatteredorthroughou
by the Claflin Co. were placed in
$5,000,000 7% cumulative pref. stock. Pittsb. & Shawmut by Mr. Claflin himself,
owing to the troubles of the H. B. Claflin
RR.sold $4,500,000 3-yr.6% gold notes. Va.-Caro. Chem. receivers' hands,Wilson
and his advisers continued to insist
fd. Co. President
Co. offered stockholders at par $5,000,000 6% sink. 5%
activity remained highly encouraging, and
debentures. United Fruit Co. sold $10,000,000 4-yr. 1st that industrialhis determination anew to carry out his pro0
he manifested
coup. notes. Tenn. Pow. Co. disposed of $7,500,00
at 85. gram of trust legislation. On the day when the Claflin failmtge. 50-yr. 5% gold bonds and they were offered
1 on its ure was announced the President made an address to the
C. R. I. & P. RR. defaulted on the coup. due May
Virginia Editorial Assn. at Washington and declared "that
$71,353,500 45.
, notwith- the signs of a very strong business revival are becoming
The Money Market.—Pronounced ease continued
range for call more and more evident from day to day." He also prophestanding the large gold exports. The month's
2% for sied that when, through his scheme of trust legislation,
money was 1%%(4)2. Time money at the close was
mos. and 3@,37 business had been "given its Constitution of Freedom,"there
60 and 90 days,2%1(4)3 for 4 mos.,3% for 5names
and prime would follow a "boom of business in this country such as we
for 6 mos.; paper was 3%@4 for double names.
Money have never witnessed in the United States." In view of the
single names and 434@494 for good single and trust
com- many indications of business depression, with nearly a quarholdings of the N. Y. Clearing-House banks $517,723,
000 ter of a million of idle cars on the railroads, the President's
panies increased from $500,966,000 May 2 to
statements were inexplicable. Mr. Wilson also insisted that
May 23 and were $513.359,000 May 29. Surplus cash re50 his was "an Administration which for the first time had a
serves increased from $36,486,550 May 2 to 850,955,8
definite program of constructive correction," forgetting that
May 23 and were 848,984,200 May 29. Deposits increased
16 and much the same scheme of legislation had been proposed during
from $2,039,443,000 May 2 to $2,075,386,000 May
tion. Somewhat earlier—that
then ran off to $2,045,670,000 May 29. Loans increased Mr. Roosevelt's Administra had a conference with leading
from 82,127,880,000 May 2 to $2,149,691,000 May 16 and is on June 15—the President
made it plain that Congress would
then fell to 82,113,885,000 May 29. Money holdings of the Democratic Senators, and until
the scheme of trust and trade
State banks and trust companies not in the Clearing-House not be allowed to adjourn
. In his talk with newsdiminished from $65,906,700 May 2 to $64,351,300 May 29, legislation had been completed
underpaper correspondents on June 15, President Wilson ity
while loans increased from $567,584,400 to $571,242,600.
for
responsibil
the
business"
"big
upon
throw
displayed
to
gn
took
exchange
&c.—Forei
Foreign Exchange, Silver,
"psychological,"
as
described
had
he
which
conditions
the
of
part
the
the
latter
and
May
t
great strength throughou
effect that an organized campaign was being
month rates for sterling touched the Wghest figures reached and charged in a
view to forcing the adjournment of Congress
with
conducted
exports,
of
gold
a
renewal
was
since 1907. As a result there
the enactment of trust legislation. In
block
to
order
influin
principal
The
and these reached a large aggregate.
s the President produced a
contention
his
of
support
discounts
market
open
of
ences in the rise were the firmness
Prest. of the "Pictorial
Ahnelt,
P.
W.
by
out
sent
circular
quoted
were
month
of
the
in London (which the latter part
y has been lost some"prosperit
that
stating
Co.,
Review
the
and
3%),
or
the same as the Bank of England minimum,
the mischievous activities
to
owing
country,
this
in
where
more
also
was
There
unfavorable state of our foreign trade.
was of the politicians." With the circular there was enclosed
or less foreign selling of American securities. There
a draft of a letter to be addressed to the President and to
weekly
the
for
Europe
of
active bidding by the Continent
Congress. This proposed letter made an appeal "in the
France
week
first
In
the
gold.
African
offering of South
of the suffering American people, in the name of
name
payoffered,
£700,000
out
of
£400,000
and Russia obtained
sense," against wantonly harassing business at a
common
charges,
other
and
n
commissio
ing 7d. premium. This,plus
it was struggling for its very existence, and
when
time
constioz.,
per
1034d.
77s.
to
up
brought the total cost
the following statement: "The most serious
with
up
wound
Mint
the
with
comparing
and
1909
tuting a record price since
the country to-day is the fact that
confronts
that
situation
£300,000.
remaining
the
secured
price of 77s. 9d. India
more acute. We need relief.
growing
is
ment
unemploy
£470,000
premium
without
obtained
The next week Paris
the United States to halt before it
of
Congress
the
ask
We
Bank
the
week
third
the
In
and India obtained £200,000.
of £800,000, is too late. Postpone all anti-business legislation. Give
of England succeeded in getting £600,000 .outIndia
got the the country a rest; and last, but not least, permit Congress
Continent
the
for
there being no demand
to earn a well-deserved rest." It was also disclosed that a
England
of
Bank
the
week
last
remaining £200,000. In the
had been issued under date of June 9 by the Simmons
letter
securing
now
was
Paris
.
obtained the whole £1,200,000
Co. of St. Louis urging Congress to postpone
Hardware
week
the
first
In
York.
New
large amounts of gold in
affecting business and suggesting the sending
legislation
new
Paris.
to
shipment
for
here
taken
$1,000,000 in gold bars was
and Senators of the form of a telegram exen
Congressm
to
and
$1,Paris
for
taken
was
In the second week $3,000,000
and also urging commercial clubs to pass
desire,
this
pressing
bays
of
supply
the
exhausting
000,000 for Berlin, practically
similar lines. This letter was not
along
s
resolution
strong
Paris,
for
taken
was
0
here. The third week $4,000,00
the
through
President, but derived additional
publicity
given
than
less
no
week
fourth
$3,500,000 being gold coin, and the
0 being in importance from the fact that the President had a short time
$7,500,000 gold was engaged for Paris, $7,000,00
00 of gold was taken. previously tendered to E. C. Simmons, the head of this conRecoin. Altogether, therefore, $16,500,0
was 4 8750@4 8760 cern, an appointment to a position on the new Federal had
bills
sight
bankers'
for
point
low
The
Simmons
a
Mr.
position
which
Board,
Banking
serve
the
with
26,
May
8880
May 1 and the high point 4 8870@4
of the Department of
Open market discounts at declined. Sec. William C. Redfield,
close May 29 4 8825@4 8835. for
bills and 2 13-16 Commerce, echoed the views of Mr. Wilson in claiming that
-day
60
15-16
2
were
close
the
at
London
and Berlin was 294. any business depression that might exist was "psychological."
for long bills, while the rate at both Paris
,JAN. 9 1915.]
THE CHRONICLE
In an address made before the Raleigh Chamber of Cornmerce on June 4, he coined a new phrase for the characterize,tion of conditions existing by describing them as a state of
"mental mourning" confined to the "crowded centres of our
Middle and Eastern States."—"mental mourning for conditions that can never return, since the day of mastery is
over and commerce must henceforth be a servant." The
actual facts showed that the depression was far from being
confined to any particular section of the country. The three
bills embodying the Administration's anti-trust legislation
were all disposed of by the House on June 5, without the
elimination of any of the objectionable features—either in
the matter of labor exemption, the forbidding of injunctions
in labor disputes, the granting of inquisitorial powers to
Government officials, the provisions against price differences, &c.—against which such strong protests had been
lodged. The Clayton Omnibus Anti-Trust Bill passed by
a vote of 277 to 54, the bill to regulate Railroad Security
Issues by 325 to 12 and the Covington Inter-State Trade
Commission Bill by a viva voce vote. The bills then went
to the Senate and on June 13 Senator Newlands' bill creating
a Federal Trade Commission was reported to the Senate as
a substitute for the House Inter-State Trade Commission
Bill. This bill carried amendments giving power to prevent
unfair competition, granting authority to investigate and
report upon foreign trade practices which interfere with the
marketing of American exports and also to investigate and
report upon combinations between foreign and Amencan producers for the purpose of controlling prices,
The determination of Congressmen to make special concessions to the labor element in anti-trust legislation was illustasted in an emphatic way in the vote on June 1 on the
amendment reported by the Judiciary Committee in accordonce with an agreement reached between organized labor and
the Administration. Every one of the 207 votes cast was
recorded in favor of the amendment and not a single vote
against it, though one member was registered as present and
not voting. According.to the daily papers, a dozen representatives of the American Federation of Labor, including
Frank Morrison, the Secretary, sat in the gallery of the
House watching the proceedings at the time. The next day
J. Hampton Moore, Republican Congressman from Pennsylvania, who had been absent at the time of the vote, referred to the action taken and protested against it, saying
he would scorn to take his orders from the representatives
of a class. But his words were without avail, and the House
adopted without a record vote still another amendment,
namely the Webb amendment, in effect legalizing peaceable
strikes, boycotts and picketing, thus giving labor an absolutely free hand. This amendment changed Section 18 of
the Clayton Bill. This had been deemed highly objectionable in its original form. It then provided that no restraining order by any court "shall prohibit any person or persons
from terminating any employment or from ceasing to perform any work or labor, or from recommending, advising
or persuading others by peaceable means so to do, or for
the
purpose of peacefully obtaining information or for peacefully persuading any person to work or to refrain
from
working; or from ceasing to patronize or to employ any
such dispute or from recommending, advising or party to
persuading
others by peaceful means so to do; or from paying or giving
to or withholding from any person engaged in such dispute
any benefits or moneys or things of value; or from
peaceably
assembling at any place in a lawful manner and for
lawful
purposes or from doing any act or thingwhich lawfully might
be done by any party thereto." The Webb amendment
added the following: "Nor shall any acts specified in this
paragraph be construed or held to be unlawful." In the bill
as finally adopted, the following October, these provisions
appear in Sec. 2J, with some parts of the language slightly
changed. The Sundry Civil Appropriation Bill, as reported
to the House on June 4, also again contained the provision
inserted the previous year prohibiting the use of any part of
an appropriation of $300,000 for prosecution of labor unions
and farmers' organizations. These various measures evoked
sharp criticism and the daily press reported that protests
on behalf of $350,000 business men, corporations and partnerships against the provisions in the Clayton Anti-Trust
Bill and the Sundry Civil Appropriation Bill 'discriminating
against the commercial interests of the country in favor of
labor and agriculture" had been filed at Washington by the
Chamber of Commerce of the United States. In face of this
opposition, the Sundry Civil Appropriation Bill was passed
by the House June 25 and the next month (July 8) also
passed the Senate. Nor were European affairs without disturbing influence. On Saturday, June 6, the suspension
was announced in London of the banking house of Chaplin,
Milne, Grenfell & Co., Ltd., and on June 8 the Canadian
Agency, Ltd., of London, a semi-private financial house of
which Arthur M. Grenfell was Chairman,
suspended
payments. Both concerns were understoodalso
to have made
large commitments in Canadian undertaking
had
suffered serious depreciation. A number of s which
concerns
were pulled down because their money was minor
tied up in the
failed concerns. A Canadian Government loan
for £5,000,000, brought out in London, and consisting
of 4% bonds
offered at 98, proved almost a complete failure, the underwriters being compelled to assume 88% of the entire issue.
A number of other new issues were also left largely in the
hands of the bankers, notably in the ease of a South African
103
4% loan of £4,000,000, which was offered June 22 at 97%
and of which the underwriters had to retain 64%;
In France a campaign against the Paris banks which
had been in progress for a long time received a check
through intervention by the Government.
At the request of the officials of the Societe Generale, one of the
most important banks in France, the Government asked the
officialsof the Bank of France to examine the institution's affairs. The result was a report declaring there was absolutely
no justification for the attacks. The unsettled political
situation was calculated to intensify anxiety but a great
change for the better occurred here the latter part of the
month. June 2 the French Cabinet, with Gaston Doumergue
as Premier, resigned. President Poincaire requested Rene
Viviani, the retiring Minister of Public Instruction, to form
a new Cabinet and he undertook the task, but met with
difficulties and then abandoned the attempt. President
Poincaire then invited Theophile Delcasse to undertake the
task, but he too declined. Finally, the Premiership was
offered to Senator Alexandre Ribot and he announced his
Cabinet on June 11. The very next day, however, when
appearing before the Chamber of Deputies and announcing
its program, it went down to defeat by a vote of 306 to 262,
and M. Ribot at once resigned. M. Ribot had decided to
advocate the three-year's military service and the issuance
of a loan at 3%% to run 25 years and not to be exempt from
the income tax, the proceeds of the loan to be devoted to
extraordinary military requirements. M. Rene Viviani,
who was a Socialist Deputy, was again called upon to constitute a Cabinet and this time he succeeded. This was on
Saturday evening, June 13. M.Viviani, besides taking the
office of Premier, became Minister of Foreign Affairs, and
Joseph Noulens became Minister of Finance. M. Viviani
insisted on the impossibility of changing the three-years
military service law directly or indirectly until the proposed
substitutes—such as military preparation among youths and
the utilization of reserves—had proven their efficiency.
He received a remarkably strong vote of confidence, nevertheless, namely 362 to 139, all the Republican groups,with
the exception of a few irreconcilable radicals, giving the new
Premier their support. On June 26 the Chamber of Deputies,
by a vote of 452 to 108, authorized the issuance of a loan or
800,000,000 francs (part of the 1,800,000,000 franc loan proposed by the new Ministry),the bonds bearing 3Y% int. and
being subject to a 4% income tax. The public offering of the
new loan occurred the next month. New tension between
Greece and Turkey developed and reports suggested the
possibility of another war between the two countries.
Knowledge that Greece was negotiating with the United
States for the purchase of two old cruisers did not serve to
quiet apprehensions in that respect, though the authorities
at Washington thought the effect would be to avert war in
making Turkey less inclined to engage in a conflict with her
foe. The Naval Appropriation Bill, signed by President
Wilson June 30, contained provision for the building of two
battleships and also authorized the sale of the battleships
Idaho and Mississippi and the use of the proceeds to construct a third dreadnought. The sale was consummated
the next month by the payment on behalf of Greece of $12,535,275 96. On June 13 formal announcement of the annexation by Greece of the Turkish Islands of Chios and Mitylene
was officially gazetted at Athens. These two islands formed
part of the nine Aegean Islands, which the Powers had
awarded to Greece after the Turkish war, but which Turkey
was particularly anxious to retain for herself. The dissatisfaction of Turkey was thus accentuated. At the same
time affairs in Albama continued in a chaotic state and the
Musselman insurgents gained some new
in their
uprising against Prince William of Wied.successes
In Mexican affairs the chief event was the termination
of the A B C Mediaation Conference at Niagara Falls without
the warring factions together. The three having brought
envoys representing Argentina, Brazil and Chili concluded
Tuesday, June 30. The conference beforetheir work on
adjournment
issued a statement saying that at least
war between the
U.S. and Mexico had been averted, this having
really been the
prime object for which the good offices of
the three countries
had been tendered. The Constitutionalists'
were not admitted t actual participation representatives
in the conference
because they would not consent to a suspension
of hostilities
during the progress of the negotiations
. Their armies continued to press steadily southward. There
were frequent
serious clashes between Gen. Carranza,
head of the movement, and Gen. Villa, his Commanderthe
-in-Chief, wising out
of attempts to restrict Villa's field of action;
but these differences were smoothed over, usually by Villa being
allowed to
have his own way. Distinctive features of
signed by the delegates of the United States the protocol
and of Mexico
and the South American mediators
that the Government
of the United States agreed not towere
exact a war indemnity in
any form and waived satisfaction from
Mexico for the Tarnpico incident. This meant that our Government
would not
require the salute which had been originally insisted
upon or
any other form of apology. A number of highly important
decisions were announced by the United States Supreme
Court. In affording a new manifestation of the cornpleteness of the power of the Inter-State Commerce Cornmission some of these tended still further to intensify
uneasy feelings. What was known as the Shreveport
Rate Case was decided on June 8th. As had
been ex-
104
THE CHRONIC LE
peeted,the Supreme Court asserted the supremacy of Federal
control over State control, where the two are in conflict.
The opinion was by Justice Hughes, and re-asserted the
complete and paramount character of the power confided
to Congress to regulate commerce among the several States.
It is of the essence of this power, he said, that where it exists, it dominates. The fact that carriers are instruments
of intro-State commerce as well as of inter-State commerce
does not derogate from the complete and paramount authority over the latter or preclude the Federal power from
being exerted to prevent the intra-State operations of such
carriers from being made a means of injury to that which has
been confided to Federal care. Wherever the inter-State and
intra-State transactions of carriers are so related that the
government of the one involves the control of the other, it is
Congress and not the State that is entitled to prescribe the
final and dominant rule, for otherwise Congress would be
denied the exercise of its Constitutional authority and the
State, and not the nation, would be supreme within the national field. It was pointed out that this did not mean that
Congress possessed the authority to regulate the internal
commerce of a State as such, but that it does possess the power
to foster and protect inter-State commerce, and to take all
measures necessaryor appropriate to that end, although
intra-State transactions of inter-State carriers may thereby be controlled. On June 22 the U. S. Supreme Court also
handed down a decision in the celebrated Inter-Mountain
cases. In these it went even further in vesting the Commission with absolute power over the rate schedules of the railroads. Nominally, the point at issue was the interpretation
and application of the "long and short haul" clause of the
Inter-State Commerce Law,as amended in 1910. Actually,
however, much larger considerations were involved. The
immediate question was whether the carriers should be allowed to charge more for the shorter haul to inter-mountain
territory in the States of Washington, Nevada and Arizona
than for the long haul to the Pacific Coast, and,if so, how
much more? The custom had been to charge inter-mountain points the rate to the Pacific Coast (which, being fixed
by water competition, was a very low rate) plus the local
charge for hauling the freight back to the inter-mountain
point, though this rule had been deviated from in some instances. The Commission had had the cases under consideration for a long while, and had issued several orders and
shifted its position several times, because of new objections
raised, before it issued its final order,on which the question
was carried, first, to the Commerce Court) subsequently
abolished), and then to the U. S. Supreme Court. This
final order embodied a most sweeping.exercise of the Commission's assumed powers. Not only did it make a complete
readjustment of rates all over the country, and allow a
greater charge for the short haul than for the long haul in
the
some cases while denying it in other cases, but it divided discountry from the Atlantic to the Pacific into zones, or
from
It
that
proposed
tricts, in a purely arbitrary fashion..
St. Paul and the Missouri River no higher charge should prevail to any intermediate place than to a more distant place
on the Pacific Coast—Spokane and other points in intermountain territory being given precisely the same rates as
points on the Pacific Coast from destinations no further
east than the Missouri River. For freight originating in
however, the.Commerce Commission
Chicago
points might be 7% higher
rm
i
rates to intermediate
held thatterritory,to
than the rates to Pacific Coast terminals. For freight originating in the Buffalo-Pittsburgh zone the Commission allowed a charge 15% higher to inter-mountain territory than
to the Pacific Coast, and for freight originating on the Atlantic Seaboard a 25% increase over the long-haul rates was
permitted. The Commerce Courthad held thatthe Commission
had exceeded its authority in proposing the zone system
and arbitrary allotments of percentages. But the U. S. Supreme Court swept all objections aside. Chief Justice White
wrote the opinion and the Court considered the matter entirely from the standpoint of the change made in the long
and short haul clause by the Act of 1910. Before the change
it was unlawful for any common carrier subject to the provisions of the Inter-State Commerce Law "to charge or
receive any greater compensation in the aggregate for the
transportation of passengers, or of like kind of property,
under substantially similar circumstances and conditions, for
a shorter than for a longer distance over the same line in the
same direction, the shorter being included within the longer
distance," &c., &c. Under the amendment of 1910 the
words in italics were eliminated and as a consequence no
higher charge could be imposed in any instance except with
the sanction of the Commission.. Justice White argued that
states no new
in substance "the amendment.intrinsically
powers conferred by
rule or principle, but simply shifts the is,
it takes from the
the section as it originally stood; that
carriers the deposit of public power previously lodged in
as a primary instead
them and vests it in the Commission
He declared the Court could see
of a reviewing function." the
order of the Commission "was
no ground for saying that upon
it was based, or that
not sustained by the facts. thewhich
statute conferred, or transit exceeded the powers which
which it lodged in
cended the limits of sound legal discretionsubject
before it."
upon the
the Commission when Fang
fully understood,
first
at
not
was
decision
the
of
purport
The
realized a general break in prices
but when its nature wasoccurred.
On June 8 the U.S.SuExchange
Stock
the
on
[VOL. 100.
preme Court also handed down a decision sustaining an order
of the Inter-State Commerce Commission forbidding the
Atoll. Top. & Santa Fe, the Sou. Pac. and other roads from
continuing the imposition of a charge ($2 50 per car) for
delivery of freight to and from industrial plants located on
spurs in the cities of San Francisco, Los Angeles and San
Pedro, Cal. In expressing the opinion of the Court, Justice
Hughes said: "It cannot be maintained that the delivery to
anindustrial track is necessarily an added service. The
Commission held that the carriers could charge for any added
service, although it held in this case that here was merely
a substitute service amounting to a substitution for switching and terminal charges. This was a question of fact and
plainly within the province of the Commission, and the finding of the Commission is conclusive of the facts." Still another far-reaching decision was announced on June 22 by the
U. S. Supreme Court in the case against the Prairie Oil &
Gas Co. This reversed the ruling of the Commerce Court
delivered on Mar. 12 1913 and held that oil pipe lines are
common carriers under the amendment of 1906 and subject
to the supervision of the Inter-State Commerce Commission. At the same time the Court declared the Uncle Sam
Oil Co. carrying oil from its well in Oklahoma to its refinery in Kansas, exempt from the operation of the law, though
it was declared that the pipe lines of this company would become subject to the regulation of the Commerce Commission
if the company should enter the field as a purchaser of oil
for transportation in inter-State commerce. In holding
pipe lines to be common carriers, Justice Holmes said that
Congress had in mind the conditions existing chiefly in respect to the transportation of oil, the Standard Oil combine,
ton being in control of practically all transportation from
all points in the country to the Atlantic seaboard and having
refused to carry oil except on condition that the owner would
sell his property to it, making itself the master of the field.
The statute, he said, was intended as an injunction that those
engaged in transportation were to be treated as common carriers. "The statute does not compel the pipe lines to continue in operation, but it does require them not to continue
except as common carriers." On June 8 the U. S. Supreme
Court affirmed the decision of the Missouri Supreme Court
in 1911 in ousting the International Harvester Co. from the
State of Missouri and imposing a fine of $25,000. In this
case the U. S. Supreme Court held that the statute is not
necessarily invalid because it does not apply to labor unions.
On that point the opinion, written by Justice McKenna,
said: "The classification is not invalid because of what is
not included. It may be there is a restraint of competition
in a combination of laborers and in a combination of producers, but that does not demonstrate that legislation which
does not include either combination is illegal. Whether it
would have been better policy to have made such a comprehensive classification, it is not our province to decide.
In other words, whether the combination of wage earners
and purchasers of commodities calls for reproof by law under
the conditions in a State is for the Legislature of the State to
determine." In another case (decided the same day) against
the Int. Harvester Co. involving the Anti-Trust Laws of
by a vote of 7 to 2 a half dozen
Kentucky, the Court set
fines of $5,000 each which were imposed in various Kentucky
counties on account of alleged violation of the Kentucky
Anti-Trust Laws. These Anti-Trust Laws were declared
invalid. Justice Holmes,in delivering the 'opinion,said the
statutes were condemned because they purport to make it
unlawful to enhance or depress prices of commodities above
beor below the real market value. The Court held it was
market'
yond human ingenuity to determine what the real
beyond the
value of a commodity is and hence the law was was
entered
decree
power of a State to enact. On June 2 a Trenton
in the suit
by consent in the U.S. District Court at
brought by the U.S. Govt. on Mar.3 1913 against the American Thread Co.and other English and American allied thread
concerns, for violation of the Sherman Anti-Trust Law, adjudging the defendants as having formed an illegal combination and ordering its dissolution and forbidding the continuance of certain practices charged against the concerns. This,
in the list of things enjoined, was one of the most comprehensive decrees ever entered. On June 15 the U. S. District
Court at Cincinnati entered a final decree in the suit brought
by the Government in June 1910 against the Great Lakes
Towing Co. The company was allowed to continue in business providing it abstained from practices held to be monopolistic in character, filed its tariffs publicly, gave fair service
and did now show favoritism in either rates or service. The
opinion stated that no good could result from distributing the stocks of the five controlled companies and that it would be impossible to restore the 28
associated and subsidiary compatues to their original owners.
The U.S.Supreme Court on June 22 held unconstitutional,as
an interference with inter-State commerce,the South Carolina
law giving the right to collect damages from telegraph companies for "mental anguish" caused by delay in the delivery of
messages. The decree of the lower court charging the Eastern States Retail Lumber Dealers Assn. with violating the
Sherman anti-trust law,by circulating among its memberssocalled "black lists" of wholesalers who sold lumber direct to
big consumers, was on June 22 affirmed by the U.S. Supreme
Court. The main question was whether the circulation of the
"black lists" letter was a conspiracy in restraint of trade
within the meaning of the Sherman Act. Justice Day, who
JAN. 91915.1
THE CHRONICLE
read the unanimous opinion of the Court, said there was no
doubt, as inter-State commerce was affected, that the Sherman law applied, because there was an attempt to prevent the
free flow of commerce between the States. Indictments were
filed by the Federal Grand Jury at Pittsburgh against certain
directors of the Amer. Wringer Co., charging violation of the
Sherman anti-trust law in fixing prices and maintaining a
monopoly in the production and sale of wash wringer machines. In the case against the Amer. Naval Stores Co., a
jury in the U. S. District Court at Savannah, Ga., on June 1
rendered a verdict of not guilty on the re-trial of four former
officials and directors of the company who were charged with
conspiracy to restrain trade in violation of the Sherman law.
At the former trial in May 1909 conviction had been secured,
but the verdict was set aside by the U. S..Supremd Court on
June 9 1913 because of improper instructions to the jury by
the presiding Judge. An encouraging court ruling of the
month was a decision of the U. S. Supreme Court on June 8
setting aside an order of the Commerce Commission reducing
rates on citrus fruits and vegetables shipped over the Florida
East Coast Ry. In the opinion Chief Justice White said that
while the Commission was charged with the sole authority to
ascertain facts in any given case and enter an order in accordance therewith, the Court was not precluded from looking
into the record to ascertain whether the facts disclosed sufficient warrant for its action. In the present case the Court
thought there was nothing in the facts disclosed by the record
to sustain the order made by the Commission lowering the
rates, and it appeared the order would operate as a confiscation of the carrier's property, and was therefore void. The
railroad situation continued very unfavorable. The InterState Commerce Commission failed to hand down its decision
in the case of the 5% advance in freight rates, but on June 27
it suspended from July 1 to Oct. 29 (and the ensuing October
suspended still further until April 29 1915) the "spotting"
charges filed by railroads from Eastern territory for switching
freight to and from points located on private.sidings and industrial plant tracks cutting off, for the time being, one
source of increase in revenues which the Commission itself had
indicated the roads might make. In discussing American
business conditions in a speech at the American Luncheon
Club in Berlin on June 3, Arthur Von Gwinner, managing
director of the Deutsche Bank, declared that the unfortunate
plight of American railways was becoming a menace to the
general financial position of the world. To add to the discomfiture of the railroads, news came June 1 that negotiations
between the Western roads and their locomotive engineers
and firemen for higher wage schedules had been broken off
and that a referendum vote of the employees was to be taken
to determine whether there should be a strike. The negotiations had been in progress many months and the original requests presented back in October 1913 would,if granted, have
added $27,000,000 to the annual expenditures of the roads,
while, with the further concessions subsequently demanded,
the addition would have been raised to $33,000,000. The
iron and steel trade was a trifle more active, but conditions
continued highly unsatisfactory. Steel mills were reported
running at about65% of their capacity, as against about 55%
during May. Prices declined, and in many cases lower quotatioas were reached than during 1911, the year when the Republic Iron & Steel Co. made a cut that started all prices on a
long downward movement. Steel billets at Pittsburgh got
down to $19 a ton, and steel bars, plates and beams at Pittsburgh to $1 10 per 100 lbs. The U. S. Steel Corporation reported a slight increase in unfilled orders-from 3,998,160
tons to 4,032,857 tons. At a meeting held at Youngstown,
0., June 23, of the Amer. Pig Iron Assn., representing the
central district of the country, the Secretary reported that
while the capacity of the furnaces of the members the first 3
mos. of the year had been 2,929,800 tons, the furnaces had
actually produced only 1,097,187 tons, and taking Govt.
figures of furnace cost north of the Ohio River as a basis, the
sales for these months had netted a loss of $1,883,964. It
was stated that in April, May and June conditions had been
even less satisfactory, and that of the foundries in the U. S.
engaged in the manufacture of iron, steel and malleable castings, not more than 50% were in operation. Copper stocks
increased from 84,342,641 lbs. to 106,110,663 lbs., and Lake
copper declined from 14% ©14%c. to 13%c. and electrolytic
from 14.10 to 13.50c. There was a further sharp drop in
crude petroleum, Penn. dark getting down to $1 75 per bbl.,
against $2 50 in April; in July quotations went still lower to
$1 65 and in August to $1 45. A strike was inaugurated at
the works of the Westinghouse Elec. & Mfg. Co. on June 8,
closing the plant, with over 10,000 employees; this lasted until Monday morning, July 13, when, as the result of a settlement, the men were taken back. The Govt. report issued
June 1 made the condition of cotton May 25 only 74.3, as
against 79.1 the previous year, but the outlook improved as
the month progressed, particularly in the Atlantic States, and
middling upland cotton in N.Y.declined from 13.75c. June 1
to 13.250. June 30. Print cloths at Fall River were marked
40. grain prospects continued
up June 4 from 3%%c.to 33
highly favorable, and the Sept. option for wheat in Chicago
declined from 860. June 3 to 7638c. June 30. The Sept. option for corn in Chicago declined from 69%c.June 10to65%c.
June 26 and the Sept. option for oats from 393c.June 10 to
35%c. June 30. On account of the large income tax payments during June, Govt. money holdings in Sub-Treasuries
increased from $304,917,794 to $324,852,056, notwithstand
105
ing that Govt. deposits in the banks were increased from $61,006,148 to $99,954,725. National bank circulation secured
by bonds was very slightly changed,standing at $735,42.3,425
at the beginning and $735,528,960 at the end of the month.
The La Salle Street Trust & Say. Bank of Chicago, of which
former Senator William Lorimer was President, was closed by
the State Auditor June 12, and this carried down a number of
small banking institutions that had their funds tied up in the
failure. The bill repealing the clause in the Panama Canal
Act exempting American coastwise vessels from the payment
of tolls was passed by the U.S. Senate on June 11 by a vote of
50 to 35,adding another to the victories achieved in Congress
by Pres. Wilson. As adopted by the Senate, the repeal bill
carried a compromise amendment drawn by Senators Simmons (Democrat) and Norris (Republican), providing that
the passage of the Act was not to be construed as a waiver of
any rights the U.S. might have under its treaties with Great
Britain or the Republic of Panama. The House promptly
concurred in the Senate action, and the President signed the
bill June 15. The President sent to the Senate the names of
the five men who,with the Secy. of the Treas. and the Comp.
of the Currency, were to constitute the Federal Reserve
Board under the new banking law. It had been known for
some time that Richard Olney of Boston and Harry A.
Wheeler of the Union Trust Co. of Chicago and Secy. of the
Chicago Assn. of Commerce, who had been originally named
to the Board, had declared their inability to serve. The
President had sought to get E. C. Simmons of St. Louis, of
the Simmons Hardware Co., to accept one of the vacant positions, but Mr.Simmons also found himself obliged to decline.
The President then named Charles S. Hamlin of Boston, an
Asst. Secy. of the Treasury, to one of the vacant places, and
Thomas D.Jones of Chicago, a personal friend, to the other.
The remaining three nominees were Paul M. Warburg, of
Kuhn, Loeb & Co., this city; W.P. G. Harding, of the First
Nat.Bank of Birmingham,Ala.,and Adolph C.'Willer, of San
Francisco, Asst. Secy. of the Interior. The nominations were
acted upon the next month. An agreement for the adjustment of the fire insurance troubles in Kentucky arising out
of the enactment of the Glenn-Greene bill the previous March,
was reached with the authorities of that State, and the various companies which had suspended writing policies in Kentucky telegraphed theiragents to resume business. The report
of the investigation made into the official conduct of Judge
Emory Speer of the U. S. Court for the Southern District
of Georgia was filed with the House Judiciary Committee by
the latter's sub-committee on June 23. In its conclusions the
sub-committee reported "its inability to either recommend a
complete acquittal of Judge Speer of all culpability so far as
these charges are concerned, on the one hand, or impeachment, on the other hand. Representative Volstead, in a
minority report, recommended the complete exoneration of
Judge Speer.
Railroad Events and Stock Exchange Matters.-The stock
market experienced another severe break. It was irregular
on a small volume of business during the first three weeks
of the month, with the fluctuations, except in a few special
cases, narrow. On June 22 the announcement of a favorable
decision by the U. S. Supreme Court regarding So. Pac.'s
title to certain mineral lands (including oil) led to a sharp
advance in the shares of that property, and this imparted
vigor to the entire market. The Supreme Court's decision
in the so-called "inter-mountain" cases was not announced
until after the close of business on that day and did not at
first (onJune23)have much influence. Gradually,however,
there came a realization of its sweeping import, and June 24
a sharp and general break in prices occurred, which was
aided by the suspension of dividends on Pittsb. Cin Chic.
& St. L. com. and a further reduction in the guar. div. on
pref.from 1% to %%. On June 25 there came the announcement of the Claflin receivership. Altogether, the stock
market received a decided black eye. But no great amount
of liquidation was precipitated, and by the close of the month
a considerable part of the shrinkage in values had been recovered. Mil. & St. P. com. after moving up to 1013
June 9, declined to 96% June 2L and closed at 993 June 30.
Reading com., opening at 1655
%, touched 166% JIM 6,
dropped to 1603' June 25 and closed June 30 at 164. Can.
Pao. was 196 June 9, 1903
% June 25 and closed at 194. So.
Pac. com. was 93% June 1, 915
3 June 22 and
% June 3, 97%
closed at 965
%. Un. Pao, corn, was at its highest June 22
at 157 and at its lowest June 25 at 151% and closed June 30
at 1553/s. N. Y. Cent. was 933/i June 9, 87% June 25 and
closed at 90. Penn. RR., which was 1125% June 23,
declined to 1095% June 25, but closed at 1115%. Steel com.
was 625% June 20 and 58% June 25, closing at 613/2. Amal.
Cop. from 725% June 1 dropped to 665% June 26 and closed
at 693
%. Bankers offered $30,000,000 Mil. & St. Paul pien.
45%s at 963/2. Atl. & Churl .Air Line sold $5,500,000 30-yr.
1st 45%s, which were then offered at 983'2. Del. & Hud.
placed $4,500,000 1st and ref. 4s. Northw. Elev., Chicago,
placed $12,500,000 1st 5s. Bankers offered $14,000,000
2-year 5% secured notes of Chic. Elev. at 98. Michigan Ry.
(elec.) $5,000,000 1st lien 6% 5-yr. gold notes were offered
at 983/2. The syndicate which underwrote $54,534,000 20-yr.
5% cony. deb. bonds of the So. Pao. Co. was terminated, all
of the bonds having been sold. The syndicate which underwrote the $29,657,200 West. Un. stock formerly held by the
Amer. Tel. & Tel. Co. expired by limitation' 47.2% was
subscribed by the stockholders and the remainder had to be
106
THE CHRONICLE
taken by the syndicate members. Trinity & Brazos Val.
was placed in receiver's hands. Idaho South. defaulted in
interest on $450,000 6% notes. N. Y. Ont. & West. passed
its div. So did St. Louis Southw. on pref. U. S. Cast Iron
Pipe & Fdry. omitted pref. div. Interb. Rap. Tran. declared 5% extra.
The Money Market.—Remarkable ease continued in face
of the tremendous outflow of gold. Up to the time of the
announcement of the H. B Claflin embarrassment about the
only effect of the gold exports was to cause a slightly firmer
tone in the case of time money for the more distant maturities. The event referred to caused large lenders temporarily
to evince an indisposition to name rates for fixed maturities.
The Sec. of the Treas. announced on the 15th that he stood
ready again to extend aid to banks in the South and West
should funds be needed for crop-moving purposes. The
range for call loans during the month was 13'@2. Time
loans at the close were 2% for 60 days, 23% for 90 days,
2%Q3,for 4 mos.3 ©33 for 5 mos.and 3%Q3%for6 mos;
with commercial paper quoted at 3 Q4 for choice double
names and prime single names and 4Q43 for good single
names. Money holdings of the Clearing House banks and
trust companies fell from $518,393,000 June6 to$490,554,000
June 27 and surplus cash reserves decreased from $52,229,900
to $31,357,850. Deposits, after moving up from $2,056,2,50,000 June 6 to $2,066,810,000 June 13, fell to $2,026,397,000 June 27. Loans were $2,109,792,000 June 6, $2,131,408,000 June 13 and $2,118,371,000 June 27. Money
holdings of the State banks and trust companies not in the
Clearing House were reduced from $64,351,300 May 29 to
$53,231,100 June 27. Loans of these institutions were
$574,395,800 June 27, against $571,242,600 May 29.
Foreign Exchange, Silver, &c.—The distinctive feature of
the foreign exchange market during June was the large gold
exports. These reached, roughly, $47,000,000, the most
being destined for Paris, though some amounts also went to
London. The first week the shipments were $3,000,000; in
the second week $7,000,000; in the third week $26,000,000,
and in the fourth week $11,000,000. The unfavorable state
of the country's foreign trade, with the large remittances
necessary for the 1st of July dividend and interest payments
on American securities held abroad, were the principal influences leading to the gold outflow. In addition, Balt. & 0.
and So. Pac. each had $20,000,000 of notes falling due—the
So. Pao. on June 15 and Balt. & 0. on July 1. These notes,
when issued, had been made payable in London at 4 863/i
for demand sterling, at the option of the holder As the
£ sterling, at prevailing rates of exchange was now worth 2
cents more than this, the holders of many of the notes availed
of the option, making necessary large transfers of funds by
these two roads to London to meet the payment of the notes.
The latter part of the month the stiffening of our local money
market following the announcement of the embarrassment
of the H. B. Claflin Co., together with the offerings of the
bills against the gold exports, served to bring about a decline
in exchange. Bankers' sight bills advanced from 4 8825©
4 8855 June 1 to 4 8895Q4 8910 June 12 and then fell to
4 8755Q4 8765 June 30. Open market discounts in London
June 30 were 23%@2% for 60 day bills and 2 3-16Q23% for
% and at Berlin
90 day bills, while the rate at Paris was 23
2%@3. Silver in London closed June 30 at 26d., after
having fluctuated between 25%d. and 263%d.
The remaining months of this monthly narrative will be given next week.
DISCONTINUANCE OF INTERNATIONAL CONFERENCES ON FOREIGN EXCHANGE.
Formal announcement was made on the 7th inst. that
the international conferences for the consideration of the
foreign exchange situation, which had been a development
of the outbreak of the war,and the closing of the exchanges
here and abroad, had been definitely discontinued so far
as the official proceedings between Great Britain and the
United States were concerned. Simultaneous announcements were issued at London and Washington, the one in
the latter case coming from Governor Charles S. Hamlin,
of the Federal Reserve Board, who on behalf of Secretary
of the Treasury McAdoo, issued the following statement:
The Secretary of the Treasury announced to-day that, in view of the
fact that exchange between the United States and the United Kingdom has
become practically normal, it Is no longer necessary for the two governments to exercise their good offices in connection therewith, and that any
further consideration of the question should be left to the banks and bankers of the respective countries.
The abandonment of these conferences was unofficially
reported last month, as stated in our issue of Dec. 19.
RAILROADS EXPECTING BETTER TREATMENT.
George D. Ogden, General Freight Agent of the Pennsylvania RR., in an address on the 5th inst. before the Board
of Trade of Ridgway, Pa., expressed the conviction that
business is showing signs of improvement, saying in part:
to the position of fairness
The pendulum of public sentiment has swung
measure the public sympathy.
nnd the railroads rejoice to share in a larger
encourage continuance of such
It should be their endeavor to foster and
remember the depression
valuable asset. Both parties ought to long
now emerging.
,rom which it is earnestly hoped we are
[VOL.
loo.
Let the public no longer think the transportation candle can be lighted
at both ends, the one representing increased expenses and the other decreased earnings, without inevitable loss to all lines of commercial endeavor.
Do you know that in 4913 the 42 legislatures of these United States
introduced in a single session 1,395 bills regulating the railroads' tried and
proved Methods of operation?
The following are a few of the new laws enacted and the expense to the
Pennsylvania System per annum:
51.080,000
Hours of service
505,400
Ash-pan law (total)
5,185,000
Safety appliances (when completed)
515.000
Boiler Inspection
1.180,000
Full-crew laws
It is confidently believed legislators see the dawn of the new day, and we
have heard of experiences during the recent campaign where it was announced from the stump that if voters expected certain candidates to work
against the railroads, the candidates frankly stated they should not vote
or them, as they could not support such views.
SECRETARY REDFIELD TO THE MAN WITH
A GROUCH.
That prosperity is within the grasp of the merchants and
manufacturers of the country is the assertion made by
Secretary of Commerce William C. Redfield in a New Year's
greeting which he caused to be addressed to the business
interests. Mr. Redfield declares there is no warrant for
gloom or despair; "the country," he says, "slows down a
bit now and then, but it never stops growing, and it always
moves up and not down." "Cheer up," is his advice; "go
to work, do your level best, quit talking misery." This is
his message:
If you want prosperity, do your own share to bring it and do it now.
Get that addition on your shop going; it will cost you less to-day than six
months hence. Is trade a bit dull lathe works? Get those improvements
begun. Prices are low and likely to rise. You've been thinking of that
contract work; better start it yourself before things get the start of you.
This country slows down a bit now and then, but it never stops growing
means
and it always moves up and not down. We don't know what it of
Beldistress. Think
in most of the United States to have real general
into your hole and pull
gium and Poland,Oh man with a grouch,and slink
blessings
and
your
out
come
and
sins
your
of
think
There
It in after you.
with your courage in working order.
There are lots of good American examples of pluck. Do you remember
Baltimore
San Francisco,and Galveston and Chicago,Boston, Charleston,
Remember Thomas A. Edison
and Dayton and many others like them? who
showed pluck when things
and lots of others of your fellow citizens
were hard.
Nothing's the matter with the man with a grouch except an absentee
heart and missing nerve. Cheer up, go to work, do your level best, quit
talking misery. The war's over yonder—not here. Men are slaughtered
yonder—they are living here. It's all clouds there—clear day here.
Get out and sell some goods. Plant some more acres; do more work
than you planned. Talk cheerful talk and you'll find this country of ours
a pretty good place after all.
REOPENING OF LONDON STOCK EXCHANGE.
The London Stock Exchange reopened on Monday the
4th inst., after having been closed since July 31. The
stringent regulations governing trading imposed by the
Treasury and the Stock Exchange Committee served to
keep business on a limited scale. The opening of the Exchange was marked by the singing of the National Anthem,
"God Save the King". A number of the British and French
members were absent on account of the war, while the exclusion of aliens, who were unable to satisfy the Committee
that they had severed all connection with foreign countries
tended to reduce somewhat the foreign attendance. The
regulations call for dealings on a strictly cash basis and for
spot delivery on the Exchange floor, after which they are
registered under an arrangement requiring the filling out
and depositing in the Exchange of no less than five cards.
Dealings are allowed only between the hours of 11 A.M.and
3 P. M.inside or outside the Exchange. Since the Exchange
closes at 3 o'clock before the American quotations can reach
London, all American trading is necessarily twenty-four
hours late, and Shorters' Court is no longer headquarters
for the so-called American market. Compulsory closing
before American quotations reach London and prohibition
of all sales except on the floor of the Exchange are designed
virtually to do away with arbitrage with America, to withdraw all speculative elements from the market and to keep
every transaction under the control of the Stock Exchange
Committee and its governmental advisers; or, in other words,
to put every possible obstacle in the way of Germany's
financing herself through London. On the opening day
the volume of dealings was light; foreign bonds were quiet,
but home rails, oils, tea shares, armaments and a few mining
securities were dealt in during the session. Business in the
American section was confined to Canadian Pacific, New
York Central, Pennsylvania, Union Pacific and United
States Steel. These issues changed hands at a fraction over
parity, but closed % to 3% points under the New York
closing of the 2nd inst. It was announced that fourteen
firms, comprising twenty-four members, had gone into
liquidation since the Exchange closed; that six members
had resigned and that about sixty clerks had been withdrawn. The restrictions under which the Exchange has
reopened were outlined in our issue of December 26, page
JAN. 9 1915.]
THE CHRONICLE
1874. The resumption of businessIin London takes place
three weeks later than that of the New York Stock Exchange,
which reopened to restricted trading on December 12. The
Paris Bourse reopened for cash business on December 7.
The temporary regulations under which the London Stock
Exchange reopens, and which we in part indicated in our
issue of Dec. 26, are made known in detail by the British
Treasury as follows:
"The Treasury has approved the opening of the Stock Exchange as from
the 4th January 1915, subject to the restrictions set forth below.
"These restrictions, which have been imposed by the Treasury as a
condition of reopening, are regarded as being, for the present at any rate,
absolutely necessary in the national interests.
"The object of them is:
"(a) To safeguard the London market against forced realization of securities and against operations for the purpose of depressing prices.
"(b) To close the market absolutely to the enemy both directly and
indirectly.
"It is essential that all persons dealing in stocks and sharesshould conform
not only to the letter but also to the spirit of the regulations.
"It should further be borne in mind that many ofthe transactions which
the rules are designed to prevent are illegal under the trading with the
enemy Acts and proclamations or under the common law."
TEMPORARY REGULATIONS FOR THE RE-OPENING OF THE
STOCK EXCHANGE.
1. The Stock Exchange will be opened on and after the 4th January 1915
rem 11 to 3 (11 to 1 on Saturdays) for dealings subject to the following
temporary regulations, which, until repealed, shall govern the transactions
of business in the house and shall form part of the rules, regulations and
usages of the Stock Exchange. and where in any case these temporary regulations differ from any of the existing rules and regulations, the temporary
regulations shall have effect and prevail.
2. The following only will be admitted:
(a) British-born members or clerks.
(5) Naturalized members or clerks who have re-exhibited their letters
of naturalization to the committee and in the case of naturalized members
or clerks of enemy origin have satisfied the committee that they have been
de-nationalized in their country of origin.
3. First.—The minimum prices fixed during the time that the Stock
Exchange was closed in securities included in the list annexed to the emergency rules and in shares dealt in in the American market shall remain in
force until the end of January. They shall be subject to such revision.
alteration or extension as the committee may from time to time determine,
but shall not be reduced without the approval of the Treasury.
Second.—While this restriction is in force, no member shall do a bargain
or negotiate a purchase or sale whether between members or non-members
in securities included in the list annexed to the emergency rules or securities
in which minimum prices may hereafter be fixed at a less price than the
lower of the prices quoted in the minimum price list, and no member shall
do a bargain or negotiate a purchase or sale whether between members or
non-members in shares dealt in in the American market at a less price than
the English equivalent of the New York closing prices of Thursday, the
30th July.
Third.—The committee may at their discretion fix a minimum price for
any security below which no sale may take place, and will prior to the date
of reopening fix a minimum price for foreign government and other interbourse securities during the period of the emergency rules or pending the
opening of continental bourses.
4. First.—All bargains must be for cash and may not be continued from
day to day.
Second.—No new "time bargains" or options will be allowed except in
connection with existing contracts.
Third.—No dealings will be allowed in any new issue made after
the
4th January 1915 unless specially allowed by the committee and
approved
by the Treasury.
5. No member will be allowed to bid for or offer stock openly In the
market.
6. First.—Every bargain, whether in quoted or unquoted securities,
must. be marked and officially recorded.
Second.—A broker making a sale shall sign and hand to the buyer, at the
time of making the bargain, a slip in duplicate containing the following
particulars:
(a) In the case of inscribed stock the name of the transferor.
(5) In the case of registered shares or stock the numbers (If any) of such
shares or stock and the name of the transferor.
(c) In the case of.securities to bearer the distinguishing numbers of the
securities.
(d) In the case of American shares the numbers of the certificates and
the names in which they stand.
(e) The price of the bargain.
Third.—The buyer shall forthwith sign and hand the slip in at the
marking board retaining the duplicate himself.
Fourth.—A dealer making a sale shall furnish the above particulars on
the same day.
7. No member shall tender or accept delivery of any securities other than
those specified or of any securities which are not good delivery under
these regulations.
8. Arbitrage business is until further notice prohibited.
9. No securities will be a good delivery unless supported by a declaration by a banker, broker or other responsible party that they have remained
in physical possession In the United Kingdom since the 30th September
and have not since the outbreak of war been in enemy ownership. Where
securities have been deposited against a loan before the outbreak of war
they shall be deemed for the purpose of this regulation to be in the ownership of the lender. Securities which have been transmitted abroad before
the 23d December merely for registration shall for the purpose of this
regulation be deemed to have remained continuously in physical possession
in the United Kingdom.
10. No securities to bearer or endorsed in blank will be a good delivery
unless impressed with the Government stamp dated previous to the
1st October and accompanied by a declaration by a banker, broker or other
responsible party that they have not, since the outbreak of war, been in
enemy ownership, except in cases permitted under Regulation 4 (Three) or
securities sent for registration abroad under Clause 9, and such other securities as may be expressly passed by the committee as a good delivery
on special cause being shown.
11. The expression "Enemy" in these regulations means any person
or body of persons of whatever nationality, resident or carrying on business
in an enemy country, but does not include persons of enemy nationality
who are neither resident nor carrying on business in an enemy country.
107
In the case of incorporated bodies, enemy character attaches only to those
incorporated in an enemy country.
12. A broker before completing any order must obtain a declaration
In writing from his client and must fully satisfy himself that such order
is not on behalf of or for the benefit of alien enemies either directly or
indirectly.
13. Any member found guilty of negligence in relation to any of the
above will be brought under the disciplinary rules.
RETIRING EMERGENCY CURRENCY.
The Comptroller of the Currency on December 31 reported
that the total amount of currency issued up to the close of
business on that date, under the provisions of the emergency
Currency Law of May 30 1908, amounted to $384,482,025,
and that $233,645,333 had been retired, leaving the amount
of this additional currency still outstanding at the close of
the year $150,836,692. Of the amount outstanding, $9,378,500 is in the New England States; $33,432,420 is in the
Eastern States; $55,721,115 is in the Southern States;
$35,403,942 is in the Middle States; $3,926,000 is in the
Western States, and $12,974,715 is in the Pacific States.
BRINDILLA AGAIN SEIZED.
Announcement was made on the 2d inst. of the receipt
of advices at Halifax that the American tank steamer Brindilla, which was seized by a British cruiser on Oct. 13 and
rleased on Oct. 26, had again been intercepted off the coast
of Scotland and taken into Aberdeen. Maritime records are
said to show that the Brindilla left Alexandria, Egypt, on
or about Nov. 26. She was reported as passing Gibraltar
on Dec. 6. She arrived at St. Michael's, Azores, to take on
a cargo of oil from a German steamer on Dec. 12, and was
reported as leaving St. Michael's on Dec. 20. In leaving
St. Michael's the Brindilla cleared for Copenhagen. The
Brindilla's first seizure, off New York last October, resulted
in a protest by her owners, the Standard Oil Co., to the
State Department of the United States Government. At
that time the Brindilla had aboard a cargo of illuminating
oil, and was bound ostensibly for Alexandria, Egypt. The
question of her transfer from German to American registry
was involved in the first case, and Great Britain, apparently
satisfied of her continuous American ownership, although
registered as the German tank steamer Washington, belonging to a line owned by the Standard Oil Co., ordered her
released. The vessel left Halifax for Alexandria, Egypt, on
Oct.31 last. The reason given for the Brindilla's seizure last
October was that it was suspected that she had aboard a
cargo of contraband destined for Germany.
The State Department is reported to have learned on the
2d that the Brindilla, after her seizure off the coast of
Scotland, was taken to Brest. The advices from Halifax
referred to above state that the steamer has been held at
Aberdeen. Unofficial assurances, it is stated, have been
received that the vessel will be promptly released. It developed on the 2d that another Standard Oil vessel, the Cushing, was also seized by the British cruisers, with a cargo of
oil, but already has been released.
CONGRESS PROPOSED TO CONSIDER RIGHTS OF
BELLIGERENTS IN NEUTRAL WATERS.
To the end that the rules of international law respecting
the rights of neutrals in the present war be revised or supplemented, the Government of Venezuela has formally proposed
to all the neutral governments of Europe and Asia, as well as
to the two Americas, the holding of a conference in Washington. The plan provides that the governing board of the
Pan-American Union, consisting of the diplomatic representatives of all the American Republics, shall draft a program for the conference or congress, and that the rules finally
agreed upon by all the neutrals should in turn be submitted
to the belligerents. Acting under instructions from his
Government, Dr. Santos.A. Dominici, Venezuelan Minister
to the United States, has delivered a memorandum to the
governing board of the Pan-American Union outlining in
detail the need for the international conference and what it
could accomplish. The governing board will refer the proposal to the special commission appointed at the conference
held by the board in Washington on Dec. 8 and referred to
in these columns Dec. 12. The Venezuelan proposal would
seek not only to define the rights of neutrals in such questions as the presence of belligerent warships in close proximity to neutral shores Abut would embrace the entire field
of contraband, seizures and detentions, with the idea of
reaching a uniform understanding to protect neutral commerce.
108
THE CHRONICLE
PRAYERS FOR VICTORY AND PEACE IN ENGLAND
AND CANADA.
3d inst., special prayers were offered
the
last,
Sunday
On
for peace and success on behalf of the Allies by all religious
denominations throughout Great Britain and Canada. In
churches of France and Belgium, where circumstances permitted,intercessory services were also held. In the Anglican
churches the prayer recited contained the following:
We shall have no desire to see our enemies crushed merely for the sake
f their humiliation. We shall wish for them, as for ourselves, that their
eyes may be opened to know what is true, and we shall pray that the day
may come by the mercy of God when we may learn to understand and
respect one another and may be united as friends to pursue the common
good.
[VOL. 100.
the exclusion of all Turks and East Indians, this too submitted by Senator Reed, was defeated by a vote of 43 to 10.
At the instance of Senator Lodge the Senate on the 2d inst.
accepted, by a vote of 34 to 22, an amendment to exempt
Belgian farmers from the provisions governing the exclusion
of immigrants; this amendment stipulates:—
"That the provisions of this Act relating to the illiteracy test or induced
or assisted immigration shall not apply to agricultural immigrants from
Belgium who come to the United States during the course of the present
European war or within one year after its termination, owing to circumstances or conditions arising through the war, if it is shown to the satisfaction of the Commissioner General of Immigration that the said Belgian
immigrants come with intent to engage in the work of agriculture in the
United States and become American citizens."
The House, to which the bill was returned after its passage
in the Senate, rejected on the 7th inst., by a vote of 252 to
TEXT OF FRENCH MORATORIUM.
75, the amendment excluding the African or black race; it
"L'Economiste Francais" of Dec. 19 contains the text of also refused to concur in the Belgian amendment, and finally
the latest French moratorium decree,and we give it herewith: voted to disagree to the amendments as a whole, thus sending
Article 1.—The delays granted by articles 1, 2, 3 and 4 of the decree of the bill to conference.
A similar bill with a literacy
Aug. 29 1914 and extended by the first article of the decrees of Sept. 27 provision was vetoed by former President Taft and is known
same
the
and
under
conditions
extended
reservations
and Oct. 27 1914, are
to be opposed by President Wilson.
for a new period of sixty full days.
The benefit of this is extended to negotiable instruments which will fall
due before March 1 1915 provided that they have been incurred previous
to Aug. 4 1914.
Art. 2.—All provisions of the decrees of Aug. 29, Sept. 27 and Oct. 27
1914 which are not contrary to the present decree are continued.
Art. 3.—The present decree is applicable to Algeria and Tunis.
Art. 4.—The Ministers of Justice, Commerce,Industry, Postal and Telegraph, Finance, the Interior, Foreign Affairs. Labor and Social Foresight
are charged with the execution of the present decree.
Drawn up at Paris. Dec. 15 1914.
RAILWAY MAIL PAY.
Ralph Peters, President of the Long Island Railroad and
Chairman of the Committee on Railway Mail Pay, representing 264 leading railroads operating nearly 90% of the
total mileage of the country, had the following to say on the
2nd inst. concerning the effect of the railway mail pay rider
to the Post Office Appropriation Bill which was passed by
the House of Representatives on December 31:
By passing Chairman Moon's railway snail pay rider in the Post Office
Appropriation Bill, the House of Representatives has voted authority to
of the railroads.
the Post Office Department to confiscate the facilities
rider will force the
Unless the Senate bars its final enactment, the Moon
the malls for
railroads, under penalty of 85.000 for each refusal, to carry
should he in
whatever the Postmaster General chooses to pay. Even
permitted by the Moon rider, railway
all cases allow the maximum rates
present underpayment and injustice
mail pay will be heavily cut and the
Chairman Moon told the House,
to the railroads greatly increased.
the Post Office Department to
enable
would
rider
his
during debate, that
already inadequate payments to the
"save" $8,000.000 annually out of the
wrong would be done in
railroads for carrying the mails. The greatest
carrying of which the railroads aro tothe case of the parcel post, for the
at a loss which will probably exceed
day underpaid not less than 50%,
Moon apparently wishes
$8.000,000 in the present fiscal year. Chairman
for he announced in the House of
to make this underpayment 100%,
Post Office Department
the
provide
would
Representatives that his rider
transportation could be obtained for
with machinery whereby railroad
without any additional compensation." We
all the parcel post "probably
important duty in the present session
believe that the Senate has no more
matter."
than to see that justice is done in this
THEIMMIGRATION BILL WITH THE LITERACY TEST.
The Immigration Bill, carrying not only the literacy test,
embodied in the bill as it passed the House on Feb. 4 1914,
but made even more stringent, was passed by the Senate on
the 2d inst. by a vote of 50 to 7. The votes in opposition
to the bill were cast by Senators Brandegee, McCumber,
Martin, O'Gorman, Ransdell, Reed and Walsh. A motion
to strike the literacy test from the bill, made by Senator
Martine of New Jersey, was defeated on Dec. 31 by a vote
of 47 to 12; the same fate befell an amendment proposed by
Senator Thomas for a modification of the bill so as to exempt
from the literacy test not only immigrants seeking to escape
religious persecution, as provided in the Act, but also those
fleeing from political or racial persecution, "whether such
persecution be evidenced by overt acts or by discriminatory
laws or regulations"; a similar amendment of Senator
Thomas's, with the words in quotations omitted, also failed
of adoption. A like amendment, omitting the racial exemption, offered by Senator O'Gorman, was likewise rejected. An amendment which was adopted, by a vote of
admission to the United States
29 to 25, would exclude from
black race; this proposal came
or
African
the
of
members
all
from Senator Reed, who had previously sought to exclude all
aliens not of 'the Caucasian race; this failed of adoption by
change proposed by Senator Reed,
a vote of 47 to 9; a further
to do with the provision
and accepted by the Senate, had
excluding polygamists or persons who admit their belief in
amendment called for the elimithe practice of polygamy; the
and the substitution
nation of the italicized sentence,
advocate or practice
in,
.
"believe
words
the
of
therefor
which would have called for
polygamy." An amendment
THE STOCK AND OTHER EXCHANGES.
The following statement, dated Dec. 311914, regarding
minimum prices on the New York Stock Exchange, has been
issued, signed by H. G. S. Noble, Chairman of the Special
Committee of Five in charge of establishing minimum
prices:
There being considerable misapprehension as to the purpose of maintaining minimum prices on the Exchange, toe committee in charge of the
regulation of these prices makes the following statement:
Owing to the uncertain position incident to the war, and the abnormal
condition of the foreign markets, it has been deemed wise to guard against
a sudden demoralization of prices that might come with some unlooked-for
news. Minimum prices furnish this safeguard by arresting a panicky
decline automatically. It is not the intention, however, that minimum
prices should be used to valorize or sustain the market at any arbitrary
level, as such a procedure would lead to the establishment of an unregulated
outside market if the natural trend were ignored.
It is therefore the object of the committee to keep minimum prices
as far as possible in conformity with supply and demand while at the same
time using them as a check against unforseen panic.
The following changes were made this week and last week
in minimum prices for stocks below which transactions are
not allowed on the New York Stock Exchange. We give the
successive changes made in each stock where more than one
change has been made, and also the previous minimum.
Previous —Changes. with Dates—
Minimum.
When Effective.
Stock—
104
102 Jan. 9
Amer. Coal Products, preferred
42
Associated Oil
37 Dec. 30
Atlantic Coast Line RR
102
99 Dec. 29
Baldwin Locomotive Works
40
35 Jan. 5
Chic.& Nor. West. Ry., preferred
168
160 Dec. 30
Chic. Milw.& St. Paul Ry., pref
126
123 Jan. 5
Crex Carpet
69
60 Jan. 5
Deere & Co., preferred
89
85 Jan. 5
General Chemical, common
167
160 Dec. 31
Granby Consol. M.,S.& P
60
58 Jan. 7
International Harvester Corporation
78
73 Dec. 30
Louisville at Nashville
112 Dec. 30
115
Manhattan Railway—See Note.
23 Jan. 5
National Rys. of Mex., 1st pref
25
85 Jan. 5
87
Pacific Telep. & Teleg., preferred
106 Dec. 30
108
Public Service Corp. of N. J
78 Dec 29
80
Reading Company, 2d preferred
30
16 Jan. 5
Dec.
19
29
M.Rumely Co., preferred
34 Dec. 30
St. Louis& Southwestern Ry., preferred.... 36
38 Dec. 30
40
Seaboard Air Line Ry., preferred
25 Jan. 6
30
United Rye. of St. Louis, preferred
73 Jan. 8
75
preferred
Alcohol,
U.S.Industrial
45 Jan. 5
51
U. S. Realty & Improvement
15 Dec. 30
Virginia-Carolina Chemical. common_ _ _.. 17
80 Dec. 30
85
Preferred
78
75 Dec. 31
Wells, Fargo & Co
29
25 Jan. 5
Western Maryland Ry.. preferred
Note.—Correction: Manhattan Ry.stock being guaranteed is marked free.
The New York Stock Exchange issued on Dec. 29 a new
complete minimum price list. This list includes all changes
up to and including those effective Dec. 30. We gave the
complete list in our issues of Dec. 12 and Dec.19,and changes
were published in the issue of Dec. 26. The changes made in
the last two weeks are given above. In our previous lists,
however,some typographical errors occurred. We give such
stocks below and insert the proper prices. We also add certain other stocks which did not appear on the previous lists
issued by the Exchange.
Internat. Ham Co.of N.J., pref __ —112 Pittsburgh Steel, pref
100 Reading Company. common
Kayser (Julius)& Co., 1st pref
96 Westinghouse Air Brake
Manhattan Beach Co., pref
82
136
236
Changes in minimum prices on the Boston Stock Exchange
have been made as follows: Amalgamated Copper reduced
to 47; Granby Cons. M., S. & P., 58; Mackay Companies
preferred, 67; Rutland Ry. preferred, no restriction; United
Fruit, 11 ex-dividend.
1
THE CHRONICLE
JAN. 9 1915.]
109
The question as to whether this decision meant that union
The minimum prices for Pennsylvania Salt Manufa,cturing
Co. on the Philadelphia Stock Exchange have been fixed workmen would be liable in the future for damages on aocount of boycotts has been debated among leading lawyers
by the committee at 90 ex-dividend and 91 cash.
of Congress since the verdict of the Supreme Court was
Minimum price changes have been made on the Pittsburgh announced; some hold that the Clayton anti-trust law,
passed last year after the suit had been tried, would make
Stock Exchange as follows:
Previous Present another such prosecution impossible.
Previous Present
Min. Min.
Min. Min.
Extended reference to the various steps in the Danbury
24
Pittsb. Brew., ref---- 24h
Caney River Gas
22
245
32
Pressed Steel Car----- ____
Crucible Steel, pref
75
77
litigation was given in our issue of October 19 1912.
100
Preferred
Independent Brew., pf. 21 A
21
Lone Star Gas
Nat. Fireproof., prof
Natural Gas & Pipe
Oklahoma Gas
Osage & Oklahoma
(?)
22
(?)
57',(
575
90
21
28
57
57
135%
Union Nat. Gas
98%
Union Switch & Sig
Preferred
505
U. S. Steel
Westinghouse Machine 22
132
98
100
48
Free
THE COTTON LOAN FUND.
The Cotton Loan Committee announced that the first
application for a loan had been accepted yesterday, the
same being from Alabama. This was made possible by the
fact that the formal subscriptions for the full amount
of $100,000,000 are in hand, having been completed on
Saturday last. Telegraphic advices of the completion of
the fund have been sent to the Chairman of the State
committee in each of the Southern States in order that the
South might be immediately informed of the availability
of the fund. Following is the committee's announcement
of last Saturday:
The Cotton Loan Committee announced to-day that Class A subscriptions, aggregating 3100.000,000, are now in hand and that the committee
is in a position to act upon applications for loans. The Secretary stated
that telegraphic advice of the completion of the fund had been sent to the
Chairman of the State Committee in each of the Southern States in order
that the South might be immediately informed of the availability of the
fund. No additional applications for loans were reported.
LABOR UNIONS AMENABLE IN DAMAGES.
The damages awarded to D.E. Loewe & Co.,independent
hat manufacturers of Danbury, Conn., in the action against
members of the United Hatters of North America were
affirmed by the United States Supreme Court on the 5th inst.
The case,generally known as the"Danbury Hatters' case,"
has been carried through the courts for eleven years; the
proceedings, instituted under the Sherman Anti-Trust Act,
were brought by the firm because of.boycotts of its products
by union hatters in an attempt to force it to unionize its shops.
Damages to the amount of $74,000 were awarded in the first
trial, these being trebled to $222,000 under the law; in the retrial, the United States District Court at Hartford in October
1912 awarded the firm the full amount of damages claimed,
viz., 0,000; the aggregate damages represented in the
award, with its trebling under the law and the inclusion of
counsel fees and costs, is $252,131. This judgment of the
District Court was sustained by the United States Circuit
Court of Appeals at New York on Dec. 18 1913. In seeking a reversal of the judgment, the hatters contended that
most of the defendants, numbering nearly 200 (they had
originally numbered 240) did not participate in the slightest
degree in the boycott of the hats of D. E. Loewe & Co. for
which they were convicted, and it was urged that they could
not be held liable for the campaign against the firm carried
on by the Hatters' Union and its advertising agents, because,
if the officers engaged in illegal acts, they exceeded their authority. The decision this week of the Supreme Court,
upholding the award,was unanimous. It was announced by
Justice Holmes, who in part said:
FEDERAL RESERVE MATTERS.
The Federal Reserve Bank issued a statement early in the
week showing the discount rates of each of the twelve Federal Reserve banks. Several changes were made in the rates
this week; some of these were included in anticipation and
the rest we have inserted. In the case of the Cleveland
Reserve Bank the rate on paper having maturities of over
sixty days to ninety days, inclusive, has been advanced
from 532% to 6%; in Atlanta and Richmond the rate on
maturities of thirty days and less has been reduced from
5% to 43'%, the other rates remaining as heretofore; in
St. Louis the rate on maturities of thirty days and less has
likewise been reduced from 5% to 43.%; for maturities of
over thirty days to sixty days, inclusive, it is changed from
5% to 5%, and on maturities of over sixty days to ninety
days the rate is lowered from 6% to 53'%; for agricultural
and live-stock paper of over ninety days the rate remains
at 6%; in Kansas City the rate on paper having maturities
of thirty days and less has been changed from 5% to 43%;
on paper over sixty days to ninety days, inclusive, the rate
is reduced from 0,6% to 5%; on paper with maturities of
over sixty days to ninety days, inclusive, it is changed from
6% to 532%, remaining at 6% for agricultural and livestock paper of over ninety days. Below is the statement
of the present rates in each case:
DISCOUNT RATES OF EACH FEDERAL RESERVE BANK.
Federal
Reserve
Bank.
Maturities Maturities Agriculof
of
tural and
Maturities
Date of
last change of 30 days over 30 days over 60 days live-stock
and less. to 60 days, 1o90 days, paper of
of rate.
inclusive. inclusive. over 90 days
Dec. 30'14
Boston
New York..
Dec. 28 '14
Philadelphia Dec. 28'14
Dec. 15'14
Cleveland__
Jan. 7 '15
Richmond
Jan. 6 '15
Atlanta
Jan. 1 '15
Chicago
Jan. 6 '15
St. Louis
Minneapolis.... Dec. 24'14
Kansas City.... Jan. 7 '15
Dallas,
Dec. 30 '14
San Francisco.. Dec. 30 '14
45%
4A %
45%
5%
43%
45%
45%
45%
5,
4%
5%
4&4%
5%
5%
5%
53,5%
5
5%
5%
55%
5%
5%
AU9",,
5%
5
5
6%
5%
5%
534%
35%
6%
55%
3%
14
no!,
6%
6
4
,
9
6%
6%
6%
6
6
6
6e
6%
Tentative regulations governing the purchase by the
Federal Reserve banks of municipal warrants issued in anticipation of the collection of taxes or in anticipation of
assured revenues, as authorized under Section 14 of the
Federal Reserve Act, were made public by the Federal
Reserve Board on the 5th inst. These regulations had previously been made known to the Federal Reserve Banks, and
in accordance therewith the New York Reserve Bank had
purchased in the market $50,000 of Revenue Warrants of
up-State municipalities; the Minneapolis Reserve Bank is
also said to have invested in $600,000 short-time State
securities; the Chicago Reserve Bank has availed of the
authority to buy Government bonds, purchasing $205,000
of the 2% bonds, which it is said to have secured at less
than par; additional purchases by the Chicago Bank bring
its holdings of Government bonds up to about $500,000.
The directors of the New York Federal Reserve Bank have
since, on the 6th, approved the purchase of $5,000,000
revenue warrants of New York, issued i in anticipation of
the payment of taxes. These warrants, which were obtained at par, mature in June and yield an interest rate of
3 19-32%. In announcing its action the bank said:
The substanc of th. charge is that the plaintiffs were hat manufacturers
who employed non-union labor; that the defendant 3 were members of the
United Hatters of North America and also the American Federation of
Labor;that in pursuance of a general scheme to unionize the labor employed
by manufacturers of fur hats (a purpose previously made effec iv. against
all but a few manufacturers), the defendants and other members of the
United Hatters caused the American Federation of Labor to declare a
boycott against the plaintiffs and against all hats sold by the plaintiffs to
dealers who should deal in them; and that they carried out their plan with
such success that they have restrained or destroyed the plaintiffs' commerce
with other States.
. many
I. requires more than the blindness of Justice not to see tha,
branches of the United Hatters' Union and the Federation of Labor, in
At the meeting of directors of the Federal Reserve Bank of New York.
such
lists to-day, the purchase of 85.000,000 Revenue Warrants of the City of New
use
of
headquarters,
made
pursuance o^ a plan emanating from
unfair dealers) and of the primary and secondary boycott in their efforts York was approved. The action of the bank in making this investment
to subdue the plaintiffs to their demands. The union label was used and a should not be understood to indicate a
permanent policy. The amount
strike of the plaintiff's employees was ordered and carried out to the same of paper discounted for member banks has not
provided sufficient income
end, and the purpose to break up the plaintiffs' commerce affected by the to meet entirely the expense
of the bank and the purchase of municipal revquality of th, acts.
enue warrants has been authorized by the Board as a temporary method of
We agree with the Circuit Court of Appeals that a combination and con- increasing the
bank's earnings.
spiracy forbidden by the statute were proved and that the question is now
The directors of the Federal Reserve Bank of Philadelphia
narrowed to the responsibility of the defendants for what was done by the
sanction and procurement oi the societies above named.
on the 7th inst. also authorized Governor Rhoads to purIt is a tax upon credulity to ask any one to believe that members of labor chase
$250,000 New York City revenue warrants.
unions of that kind did not know that the primary and secondary boycott
The tentative regulations of the Board applying to the
and the use of "we don't patronize" or the "unfair" list were expected to be
employed in the effort to unionize these shops. The jury could not but purchase of warrants, are as follows:
End that by the usage of the unions the acts complained of were authorized,
Section 14 of the Federal Reserve Act reads in part as follows:
and authorized without regard to their interference with commerce among
Every Federal Reserve bank shall have power: (b) To buy and sell. at
the States.
home and abroad, bonds and notes of the United States, and bills, notes,
1 so
THE CHRONICLE
revenue bonds and warrants with a maturity from date of purchase of noc
exceeding six months, issued in anticipation of the collection of taxes or
its anticipation of the receipt of assured revenues by any State. county.
district, political subdivision or municipality in the Continental United
States, including irrigation, drainage and reclamation districts, such purchases to be made in accordance with rules and regulations prescribed by
the Federal Reserve Board.
For brevity's sake the expression"warrant" when used in this regulation
shall be construed to mean: "Bills,notes, revenue bonds and warrants with
a maturity from date of purchase of not exceeding six months," and the
expression "municipality" shall be construed to mean: "State, county
district, political subdivision or municipality in the Continental United
States, including irrigation, drainage and reclamation districts."
I. A Federal Reserve bank may purchase such warrants as are issued
by a "municipality."
(A) In anticipation of the collection of taxes or in anticipation of the
receipt of assured revenues. The taxes or assured revenues, against which
such"warrants" have been issued, must be due and payable on or before the
data of maturity of such "warrants." For the purposes of this regulation
taxes shall be considered as due and payable on the last day on which they
may be paid without penalty.
(B) As the general obligations of the entire "municipality", it being intended to exclude as ineligible for purchase all such obligations as are payable from "local benefit" and "special assessment"taxes when the "municipality" at large is not directly or ultimately liable.
(0) 1—Which has been in existence for a period of ten years. 2—
Which for a period of ten years previous to the purchase has not defaulted,
for a period exceeding fifteen days, in the payment of any part of either
principal or interest of any funded debt authorized to be contracted by it;
and 3—Whose net funded indebtedness does not exceed 10% of the valuation of its taxable property, to be ascertained by the last preceding valuation of property for the assessment of taxes.
As a definition of the term "net funded indebtedness" as used in I (0)-3
above, and in further explanation of I (C)-1 and 2, relative to the term of
existence of and non-default by the "municipality," the Federal Reserve
Board has adopted in substance the definitions and regulations of the
Board of Trustees of the Postal Savings System which, as printed hereunder, are incorporated in and made a part of these regulations:
II. Except with the approval of the Federal Reserve Board, no Federal
Reserve bank shall be permitted to purchase and hold an amount, in excess
of25% ofthe total amount of"warrants" outstanding at any one time issued
under the provisions of Section 14 (b) and actually sold by a"municipality."
III. Except with the approval of the Federal Reserve Board, the aggrogate amount invested by any Federal Reserve bank in "warrants" shall not
exceed a sum equal to 10% of the deposits kept by its member banks with
such Federal Reserve bank.
IV. Except with the approval of the Federal Reserve Board, the aggregate amount which may be invested by any Federal Reserve bank in "warrants"ofany single "municipality"shall be limited to the following percentages of the deposits kept by its member bank with such Federal Reserve
bank:
Five per cent of such deposits in "warrants" of a "municipality" o
50,000 population or over.
Three per cent of such deposits in "warrants" of a "municipality" of over
30.000 population, but less than 50.000.
One per cent of such deposits in "warrants" of a "municipality" of over
10,000 population, but less than 30.000.
V. "Warrants" of a "municipality" of 10,000 population or less shall be
purchased only with the special approval of the Board.
The population of a "municipality" shall be determined by the last
Federal or State census Where it cannot be exactly determined the
Board will give special rulings.
VI. Opinion of recognized counsel on municipal issues, or of the regularly
appointed counsel of the "muniepality" about the legality of the issue,
shall be secured and approved by counsel for the Federal Reserve Bank in
each case.
VII. This regulation is subject to such modification as the Board may
deem proper from time to time.
The term "net funded indebtedness" is hereby defined to mean the legal
gross indebtedness of the "municipality" (including the amount of any
school district or other bonds which depend for their redemption upon
taxes levied upon property within the "municipality") less the aggregate
of the following items:
(1) The amount of outstanding bonds or other debt obligations made
payable from current revenues.
(2) The amount of outstanding bonds issued for the purpose of providing
the inhabitants of a 'municipality" with public utilities such as waterworks, docks, electric plants, transportation facilities, etc.: Provided, that
evidence is submitted showing that the income from such utilities is sufficient for maintenance, for payment of interest on such bonds and for the
accumulation of a sinking fund for their redemption.
(3) The amount of outstanding improvement bonds. issued under laws
which provide for the levying of special assessments against abutting
property in sufficient amounts to insure the payment of interest on the
bonds and the redemption thereof: Provided, that such bonds are direct
obligations of the "municipality" and included in the gross indebtedness
of the "municipality."
(4) The total of all sinking funds accumulated for the redemption of such
gross indebtedness, except sinking funds applicable to bonds lust described
in (1). (2) and (3) above.
"Warrants" will be construed to comply with that part of paragraph (0)
of existence and non-default, under
of this regulation, relative to term
the following conditions:
(1) "Warrants" issued by or in behalf of any "municipality" which was,
subsequently to the issuance of such "warrants" consolidated with, or
merged into, an existing political division which meets the requirements
such political
of these regulations, will be deemed to be the "warrants" of
division: Provided, that such "warrants" were assumed by such political
the
effect
of which is
proceedings,
appropriate
division under statutes and
obligations of such assuming political dito make such "warrants" general
vision, and payable, either directly or ultimately, without limitation to a
special fund,from the proceeds of taxes levied upon all the taxable real and
personal property within its territorial limits.
behalf of any "municipality" which was'
(2) "Warrants" issued by or in
subsequently to the issuance of such "warrants," wholly succeeded by a
whose term of existence, added to that
newly organized political division,
division, or of any other political division so
of such original political
years, will be deemed to be "warrants"
ten
of
period
a
succeeded, is equal to
division: Provided, that during such period
of such succeeding political
shall have defaulted for a period exceeding
none of such political divisions
of any part of either principal or interest
fifteen days in the payment
authorized to be contracted by it; and provided further,
of any funded debt
assumed by such new political divisions under
that such "warrants" were
the effect of which is to make such
statutes and appropriate proceedings.
assuming political division, and
warrants" general obligations of such
[VOL. 100.
payable, either directly or ultimately, without limitation to a special fund,
from the proceeds of taxes levied upon ad the taxable real and personal
property within its territorial limits.
3) "Warrants" issued by or in behalf of any "municipality" which, prior
to such issuance, became the successor of one or more or was formed by
the consolidation or merger of two or more pre-existing political divisions,
the term of existence of one or more of which, added to that of such sue
ceeding or consolidated political division, is equal to a period of ten years,
will be deemed to be "warrants" of a political division which has been in
existence for a period of ten years: Provided, that during such period
none of such original, succeeding or consolidated political divisions shall
have defaulted for a period exceeding fifteen days in the payment of any
part of either principal or interest of any funded debt authorized to be
contracted by It.
An amendment to the Federal Reserve Act which would
permit Reserve banks to rediscount acceptances, based on
exports and imports, was favorably reported by the Senate
Banking and Currency Committee on the 5th inst. The
amendment limits the acceptances, which may be discounted,
to those having a maturity at the time of discount of not
more than three months. The acceptances must also bear
the endorsement of at least one member bank before being
rediscounted. The amount of acceptances so discounted
are at no time to exceed one-half the paid-up and unimpaired
capital and surplus of the bank for which the rediscounts are
made, except by authority of the Federal Reserve Board
under such general regulations as the Board may prescribe.
A resolution calling upon a committee of the House "to
inquire into the influences that have been exercised by the
money trust in the organization of the Federal Reserve Banks
and the extent, so far as practical, of the control the money
trust exercises in the same," was introduced in the House
on the 6th inst. by Representative Lindbergh of Minnesota, a
Progressive. The preamble charges that—
The money trust managers and their agents were selected to control the
twelve Federal Reserve Banks, and because of their mutuality of interest
they formed a natural as well as a legalized trust that because of the
peculiar provisions of the Act the small banks are forced to become a par
of the trust; that the people's deposits in the banks are absolutely under
the control of the banks; that the banks, at their own option, may or may
not contract or expand loans and currency, by forcing borrowers in the one
case to pay, in the other by freely extending loans and making use of the
Government to supply funds.
In calling for the inquiry the resolution says:
That a special committee of five members of the House be appointed
by the Speaker to inquire into the influences that have been exercised by
the money trust in the organization of the Federal Reserve Banks, and the
extent, so far as practical, of the control the money trust exercises in the
same, and to report to the House as soon as possible.
That the full Committee on Banking and Currency is authorized and
directed to immediately hold meetings and to continue such meetings from
time to time and sit in meetings during sessions of Congress as well as during
recess, for the purpose of formulating a plan and reporting a bill for the
organization and co-operation of rural credit associations, and aid to the
farmers by Government loans to them.
That the said Committee is authorized and directed to formulate a plan
and report a bill for the organization and co-operation of the transportation
systems and extending aid to them by Government loans in order that rates
of interest may be lowered so as to make lower freight and passenger rates.
That the said Committee is also authorized and directed to formulate
a plan and report a bill for the organization and co-operation of the Indus
trial companies which are producing the common necessities, so as to reduce
the cost of production and the cost of living, and extend aid to them by
Government loans.
The above, which also calls for a report of a rural credits bill by the Banking and Currency Committee, is accompanied by another resolution in which Representative Lindbergh seeks an investigation of the organization of the Chicago Federal Reserve Bank. In answer to rumors that complaints of favoritism in the selection of those identified with
the Reserve Bank of Chicago had developed, George M.
Reynolds, after consultation with James B. Forgan, both
directors of the bank, issued a statement which is published
in the Chicago "Tribune" of the 5th as follows:
Ordinarily, anonymous charges would be treated by me with contempt. An investigation by the Reserve Board at Washington or by
any other appropriate committee is not only welcome, but we are extremely
anxious for it. We would like the opportunity, under the seal of official inquiry, to expose the political animus and partisanship which has endeavored
to inject politics into the Federal Reserve Bank System.
seriatim:
In view of the nature of the specific charges. however,I reply
(1.) Mr.Forger'and I have not dominated, or tried to dominate, the ReCommercial
dc
the
Continental
and
Bank
serve Bank. The First National
National Bank were required by law to subscribe for, and they own, 25%
We
of the entire capital stock of the Federal Reserve Bank of Chicago.
the Reserve
were also required by law to deposit, and have deposited, in
deposits.
Bank, about 40% of its total
We would be faithless to our trust as Presidents of our respective banks,
if Mr. Forgan and I did
as well as directors of the Federal Reserve Bank,
not use the utmost care and make the most exhaustive scrutiny into the
Bank.
There
are nine directors;
Reserve
management and control of the
three are appointed by the Federal Reserve Board and are necessarily
independent of us; four others are appointed by all the member banks, who
number 973.
It is therefore impossible for Mr. Forgan and myself to run the Reserve
Bank either by dictation or in any other way. If our long experience and
greater financial interest in the Reserve Bank lead to our co-directors
listening to or heeding our suggestions, that is a result that is attained In
every enterprise, commercial or financial, the world over in similar circumstances.
2. The Federal Reserve Act provides that the Federal Reserve Board at
Washington shall appoint the Federal Reserve Agent, and the Federal
JAN. 91915.]
THE CHRONICLE
111
Washington. That rigid rules
Reserve Board, after an exhaustive investigation, designated and ap- are finally fixed by the Reserve Board at
Those rules, however.
pointed Cr H. Bosworth as Reserve Agent and Chairman of the board of have been adopted, regulating rediscounts, is true.
Reserve Board at Washdirectors. Mr. Bosworth was recommended to the Federal Reserve Board were all promulgated and adopted by the Federal
nothing whatever to do except
by practically all of the leading banks of Chicago, some of which are not ington. The regional reserve banks have
to enforce them.
amen members of the Reserve Bank.
country bank (assuming that
complainant
If it be true that a so-called
Mr. Bosworth was President of the People's Trust & Savings Bank. A
commercial paper that
year ago, and long before the Reserve Act became a law, and long before there has been such a complaint) has only $10,000
rediscount, but has $300.000
his name was thought of in connection with the Reserve Bank, Mr. Bos- comes within the Reserve Bank rules for
generally, that is a matter
worth notified the controlling interests of the People's Trust & Savings Bank paper that is available for discount by banks
by the Reserve Bank at
that he wished to sell out his stock and retire from the presidency, and a that in no way is or can be regulated or controlled
Reserve Board at Washington.
year ago he sold his stock, and it was bought by my son, Earle Reynolds, Chicago. The complaint should go to the
Probably, however, upon investigation, it will be found that the comwho then was and for along time had been Cashier of that bank. Earle
fide complaint.
Reynolds and myself are the largest individual stockholders in that bank, plaint is groundless, assuming that there has been a bona
of the Reserve
and when there was a vacancy in the presidency it was not only appropriate Nothing is more important for the preservation and success
regulations should
but right that Earle Reynolds should be advanced to that office. His Bank Systen than that careful and stringent rules and
Reserve Banks.
appointment to the presidency was without my suggestion and was made prevail and govern the rediscounting of paper by the
Otherwise those banks may be loaded with worthless paper which no
by the unanimous vote of all of the directors of that bank.
discount.
or
3. James B. McDougal was chosen Governor of the Reserve Bank private bank would recognize
But, to clinch the matter, and show how utterly unfair and groundless
because he was the best fitted and most available man for the place. He
only to the actual figures. On Doc. 24
won his spurs as clearing-house bank examiner—a position that he filled this complaint is, I need refer
total rediscounts of all of the
with groat ability and success for many years. His selection was not only (the date of the latest figures at hand) the
of which the Chicago Reserve
$8,550,000,
Reserve
was
twelve
Reserve banks
recommended but persistently urged by members of the Federal
the total. This of itself destroys
Board at Washington and by the members of the Clearing-House Associa- Bank held $3,030.000. or about 40% of
tion of Chicago generally. It is true that, as examiner for the Clearing- the anonymous country bank's complaint.
Mr. James B. Forgan is confined to his bed with a severe cold. This
House Association, he worked undergdr•Forgan, Chairman of the Clearingand he requests me to say that
House Committee It is equally true that he worked under all of the five statement has, however, been read to him,
members of the Clearing-House Committee. I have yet to learn that it is he concurs therein.
an offense to put in the responsible position of Governor of the Reserve
The hearing of the protest of the Baltimore bankers against
Bank a man whom the Clearing-House Association, through long, close
and intimate relations, found to be the best qualified of all available men the selection of Richmond instead of Baltimore as a Federal
for that position.
Reserve centre, was opened by the Federal Reserve Board
4. It is true that Charles H. Meyer was appointed by the Clearing-House
Association to fill the place made vacant by Mr. McDougal. That ap- at Washington on the 5th inst. Baltimore claims, according
pointment was made by the unanimous vote of the five members of the to the "Sun" of that city, were based upon the contention
Clearing-House Committee. Mr. Meyer was selected because he had for
industrial'
many years been a national and State-bank examiner in the City of Chicago that it is the natural commercial, financial and
and was therefore thoroughly familiar with the duties of the position for capital of the Fifth District. In support of this claim,
which he was selected. We deemed ourselves fortunate in securing Mr. the attorneys making the appeal, Charles F. Markell and
Meyer's acceptance of the position.
to
The bank examiner of the Clearing-House Association fills an office that Vernon Cook, submitted an array of statistics intended
requires very delicate skill and peculiar experience. The task is one that justify their contentions. These comparisons are as follows:
Banking Resources—Baltimore's total, $297,864,577; Richmond's total,
comparatively few men are qualified to perform. The Clearing-House
Association is, however, neither directly nor indirectly connected with the $74,864,027; Virginia's total (including Richmond). $255.035,016. BaltiFederal Reserve Bank in any way. It is true that Mr. Meyer's selection as more's bank clearing for 1913, $2,011,447.000: Richmond's. $411,507.000.
examiner for the Clearing House made vacant by his position as President Baltimore's national banking resources, $114,973,461; Richmond's, $57,of two of the outlying small city banks. The presidency of the smaller 056,235.
Wholesale Business—Baltimore's total, $235,685,290; Richmond's, $80.of the two banks was filled by the selection of Mr. Forgan's son, who has
been Cashier of that bank from the time it was organized.
000,000. Of its $235,685,290 in wholesale trade, $88,917,000 is with merMcCloud
5. As to the appointment of Charles R. McKay and Bentley C.
chants in the five States comprising the Fifth banking district, a sum
when Mr. McDougal was appointed Governor of the Reserve Bank he was greater than all of Richmond's jobbing trade.
requested to designate to the board of directors of the Federal Reserve
Manufactures—Baltimore metropolitan district, $260.213.324; RichBank the names of those whom he considered the best equipped for the posi- mond, $47,357,985; wage-earners employed. Baltimore, 81,825; Richtions of Deputy Governor and Cashier. Mr. McDougal,through his many mond, 14,849.
years' intimate acquaintance with all of the banks in Chicago, was deemed
Live-Stock Market—Richmond's total value of live-stock transactions,
the most competent to designate his assistants. Neither Mr. Forgan nor $2,848,032; Baltimore's, $26,807,299.
I nor any of the directors of the Reserve Bank undertook to suggest or adForeign Commerce—Baltimore exports, $117,269,378; Baltimore imports,
vise Mr. McDougal with reference to the names that he was to select and $35,653.514. Richmond has no exports and imports. Baltimore's total
submit.
shipping aggregates $438,906,468. This sum includes domestic shipping.
6. As to Charles L. Powell's appointment as counsel: It is true that Mr. Richmond has practically no domestic shipping.
Population—Baltimore, 558,485; Richmond, 127,628.
Powell's wife is the sister of Mrs. Reynolds. Mr. Powell, however, was
Money Invested—Baltimore has $200,000,000 invested in Southern enternot selected because of any relationship. The rules of the Reserve Board
require that an individual shall be designated as counsel; otherwise Messrs. prises, interest upon which aggregates $10.000,000. Richmond's invested
Mayer, Meyer, Austrian & Platt, the firm of which Mr. Powell is a mem- capital in the South not given.
ber, would have been officially designated, and when Mr. Powell was seIt was likewise incidentally pointed out that when the
lected it was with the agreement that this entire firm should in fact act
pool was organized, Richmond was asked to raise only
cotton
as the legal advisers of the Reserve Bank.
7. The charge that nearly all the clerical positions have been filled from $1,000,000, while Baltimore was asked to supply $2,500,000.
the banks with which Mr. Forgan and I are connected is untrue. Neither
Mr. Forgan nor I paid any attention to the personnel of the clerks, other
than that we insisted that no politics and no favoritism should be played, In support of the arguments presented on behalf of Richand, in fact, the clerks were selected and appointed exclusively by the
Leigh R.Page,
Governor and Vice-Governor of the Reserve Bank. and only one of those mond at the hearing by Eppa Hunton Jr. and
clerical positions, so far as I know, is filled by any one who has ever em- the Baltimore "Sun" says:
Mr. Hunton contended that Baltimore based her claim for the bank upon
ployed in any bank with which I am connected.
I acceded to the selection of that one, and as to other appointments three considerations—population, preferential freight rates and a poll of
attempted to be made from our clerical ranks, I refused to yield further to the banks. He prefaced his remarks that Richmond conceded the commerMr. McDougal, because he attempted to get some of our most efficient cial preponderance of Baltimore in many respects, but that a majority of
the banks, as shown by the poll taken by the Comptroller of the Currency,
man,and their appointment would have seriously crippled icy own forces.
8. As to the banking quarters of the Hibernian Bank: The statement is favored Richmond, and that Richmond has a bettor freight rate from the
quarSouth than Baltimore has. He said, therefore, Baltimore has left only
satisfactory
than
rental
higher
a
at
over
taken
were
they
that
untrue
ters could bo obtained for elsewhere. Theinuendo thatthe Hibernian Bank one claim, and that was population.
He contended that Baltimore, while possessing the population consideraoffice was taken over as a favor to me is equally untrue. The lease of the
Hibernian Bank expired by Its terms on May 1 1915. Two years ago there tion, did not possess the other considerations which had to be recognized in
was allotted to the Hibernian Bank quarters in the now Continental & Com- the selection of Reserve banks. He declared that Richmond is the centre
mercial National Dank Building. The Reserve Bank needed an immediate of the production of the three great crops of the Fifth District—cotton,
office, and was anxious to get the Hibernian Bank's old quarters, because tobacco and peanuts. He then added that Richmond knew best the finanthere was already installed therein a complete banking equipment, includ- cial needs of these crops. He also opposed Baltimore on its geographical
ing time locks, safes, vaults, &c., which were not to be found in any other location in respect to the whole country as well as to the district. He
available space. Before the Hibernian office was selected for the Reserve said if the bank were placed at Baltimore, it would be in close proximity to
Bank an independent expert was appointed to investigate. Ile reported Philadelphia and New York. and the Eastern Atlantic Coast would have.
that the Hibernian's safes and vaults were modern and safe beyond question. three banks within a stone's throw of each other, while the South would
Furthermore, in the Hibernian Building the landlord agreed to furnish have only one, and that would be at Atlanta.
Mr. Hunton then recited figures showing the percentage in growth of
additional space to meet the future requirements of the Reserve Bank.
Not only this, but in the lease which the Reserve Bank took there is a Richmond banks is greater than Baltimore's, adding that if the pace is
up it will not be long until Baltimore's lead is overcome.
to
proves
kept
provision for its cancellation at the end of two years if the space
be more than is needed. But still further the office furniture, banking
At the outset of the hearing the Board was asked to bar
equipment, safes, vaults, &c., which are in absolutely first-class condition, Secretary McAdoo and Comptroller of the Currency John
and which cost the Hibernian Bank $80,000, were sold to the Reserve
Bank for $15,000 and immediate possession given thereof. This outfit Skelton Williams, since both were members of the Organizacould not be replaced to-clay for less than its original cost. Notwith- tion Committee which decided upon the Federal Reserve
standing all these facts, I had nothing whatever to do with the selection
of the Hibernian's office, but refrained from taking any part in that matter. centres. It is understood that the Board decided to leave
9. The charge that country banks were not recognized in the organization to their discretion the question of their presence at the hearof the Reserve Bank is equally untrue. There are nine directors, of whom ing. Mr. McAdoo's absence from the city precluded his
only two were appointed by the big banks, four were appointed by all the
bank members, and the remaining three by the Reserve Board. All action attendance, however.
that was taken with reference to the organization, selection of officers,
salaries. renting of space, &c., &c., was had and done by resolutions of
Information upon which to guide it in determining the
record, unanimously adopted by all nine members of the board.
It should not be overlooked, however, that the member banks coming matter of extending the collection facilities of the New York
from the City of Chicago represent 37% of the total capital stock and 40% Federal Reserve Bank is asked for in the following
circular
of the total deposits of the Reserve Bank.
10. As to the charge that high interest rates and rigid rules for rediscount letter which has been addressed to the 480 members of the
have beeniadopted:,The interest rates are subject to the controleof and Bank by Benjamin Strong Jr., Governor:
112
THE CHRONICLE•
We recommend that member banks be allowed to deposit for their credit
at the outset, after the initial reserve and capital payments have been
made, any checks drawn by member banks on any Federal Reserve bank or
on member banks in Reserve and Central Reserve cities within their
respective districts.
With the exception of checks drawn on Federal Reserve banks, this
resolution only contemplates our receiving items drawn by member banks
on other member banks situated in New York, Brooklyn and Albany.
The matter of extending our collection facilities so as to include all items
drawn on all member banks in this district, and possibly on member banks
of other districts, is now under consideration.
Before arriving at a decision on these transit matters and adopting
a final plan, we wish to have at hand all the data possible to aid us in formulating such plan. We would, therefore, appreciate your prompt
answers to the questions appearing on the enclosed sheet.
In that connection it is important to know what portion of the resources
of the Federal Reserve bank might be in transit in the mails under such
plan as may be adopted, and we therefore ask you to be good enough to
keep the following record for five days, beginning Jan. 4 1915, and send
us the record promptly Jan. 8, on the form enclosed herewith:
"1. The aggregate number and amount of checks drawn on national
banks in the City of New York and sent out by you each day.
"2. The aggregate number and amount of checks drawn on other
national banks in District No. 2 sent out each day.
"3. The aggregate number and amount of checks drawn on national
banks in the other eleven districts sent out each day; also
1. The aggregate number and amount of checks on your own bank received each day from national banks in the city of New York,
2. The aggregate number and amount of checks on your own bank received from other national banks in District No. 2.
3. The aggregate number and amount of checks on your own bank received from national banks in the other eleven districts.
Our wish is to make the service of this institution of value to all of its
members and your cordial co-operation is desired.
The 480 member banks are requested to answer the following six questions:
1. Would it be satisfactory to your bank to have us charge items drawn
on you against your account with this bank immediately on receipt by us
and before they reach you for examination?
2. Do you believe that items you send us should be credited to your
account on receipt, and that we should pay your draft against the same before the advice of payment or proceeds are received by us?
3. Should we give you credit on receipt for checks on other banks unless
we have your permission to charge your account, on receipt, with checks on
your bank received from other banks?
4. Do you think you should make a charge of exchange for payment o
checks on your own bank? If so, who should pay it?
5. Do you think it desirable for this bank to make a charge for collecting
Items payable outside of District No. 2?
6. Do you think this bank should hold items payable outside of District
No.2in transit account, making the proceeds available when they are paid?
The New York Federal Reserve Bank is gradually securing its permanent staff. Among those who are now holding
places which it is understood will be permanent are William
M. Kettner, note teller, formerly with the National City
Bank; Roderick P. Fisher, receiving teller; I. W. Waters,
paying teller, formerly with the Hanover National; Howard
M. Jefferson, auditor, and A. J. Lins, chief clerk, formerly
with the Bankers' Trust Co.
In order to permit each director to serve for a time on its
executive committee, the board of the New York Reserve
Bank has decided to rotate the members of the committee
in conformity therewith, one out-of-town member being
changed every month and one New York City member every
three months. Beginning with the New Year, Frederick
D. Locke of Buffalo and Leslie R. Palmer of Croton-onHudson have taken the places of Henry R. Towne and
William Boyce Thompson of New York City. The executive committee consists of William Woodward of the Hanover
National Bank; Charles Starek, National Bank Examiner;
Benjamin Strong Jr., Governor of the bank, Messrs. Locke
and Palmer and Chairman Jay.
[voL. 100.
Australian Government advises me that the exportation of merino wool,
hides, skins, to America will be permitted in British ships under shippers'
guarantee against the re-export of the raw or manufactured product.
Secretary Bryan is credited with stating that the use of
British vessels for shipment was insisted on by the British
Government in order to prevent any possibility of the wool
getting into the hands of enemy countries.
On the other hand, the State Department, according to
the "Journal of Commerce," has been informed that the
British Government has made another revision of her export embargo list. A telegram from the American ConsulGeneral at London advised the Department that Great
Britain has prohibited the export to all destinations of fish,
whale oil, viz.: train blubber, sperm or head matter.
England, the notice said, has also prohibited the export of
clover and grass seeds, motor vehicles of all kinds and their
component parts to all parts of Europe and Mediterranean
and Black Sea, other than those of France and Russia.
Exceptions are made in this prohibition of the Baltic ports,
and the ports of Belgium, Spain and Portugal.
GREECE PLACES EMBARGO ON WOOL.
An export embargo on wool and wool yarn has been declared by Greece, according to a cablegram received by the
State Department: In reporting this the "Journal of Corn-.
merce" says: "According to the best information available at
Washington, Greece raises many sheep and goats, although it
does not have any extensive wool-manufacturing industry.
What reasons prompted Greece to embargo her own wool and
wool yarns are unknown to officials at Washington. It was
suggested, however, that this act on the part of Greece was
taken to favor Great Britain and the Allies. It is said to
be possible that Greece does not desire to have her wool
get into the possession of the Turks, and to aid her old
enemies in their winter campaign against Russia."
CONFERENCES TO BE HAD ABROAD ON RUBBER
EMBARGO.
With a view to securing the removal of the embargo placed
on rubber by Great Britain, Bertram G.Work, President of
the B. F. Goodrich Co., sailed for Europe last week. Mr.
Work goes abroad as a representative of the Rubber Club of
America and will confer in London with a committee from
the Rubber Trades Association of London. The findings
and recommendations of this conference are to be laid before
the British Board of Trade in the hope of inducing the Government to modify its embargo so as to permit the export of
rubber supplies from Great Britain to the United States
under a guaranty that no re-exports would be made to
enemies. F. A. Sieberling, Ptesident of the Goodyear Tire
& Rubber Co. of Akron, accompanies Mr. Work. Prior
to his departure Mr. Seiberling went to Washington (on the
28th) to make representations to the United States Government and the British Embassy in regard to the action of
the British Government, in placing automobiles tires and
other rubber products on the list of contraband articles.
Mr. Seiberling saw President Wilson in company with Senator Pomerene and ex-Senator Charles Dick of Ohio and
later had a talk with Sir Cecil Spring-Rice, the British
Ambassador.
The Dallas Federal Reserve Bank has received permission
EXTENT OF COPPER SEIZURES.
from the Federal Reserve Board to accept notes, drafts and
Statistics concerning the seizure of copper shipments by
bills drawn or issued, for agricultural purposes, or based on
live stock having a maturity of six months up to 90% of Great Britain were submitted to the Senate on Dec. 31 by
its paid capital. Previously the bank was limited to 25% Senator Walsh. According to Mr. Walsh, shipments of
copper from the United States to ports of neutral nations on
of its paid-in capital.
the Continent, reaching an aggregate of 19,350 tons, have
been seized and are for the greater part being held by Great
AUSTRALIAN EMBARGO ON MERINO WOOL RAISED
Britain as contraband. At the prevailing prices, which are
—EMBARGOES ON OTHER ARTICLES.
more or less depressed in consequence of the interruption in
Advices from Melbourne, Australia, on the 6th inst. trade, the merchandise involved in the seizures, Senator
stated that the Commonwealth Government had decided Walsh claims, has a value in excess of $5,500,000. Thirtyto suspend the restrictions on the export of wool to the re- one ships, he stated, have been relieved of their copper
tent of permitting the shipment of merino wool to the United freight-4 destined to Holland, 14 to Italy and 13 to Sweden;
States provided a guarantee is given that it will not be re- 350 tons, he said, are piled up at Gibraltar. In part he
exported. The Australian restrictions have been in force continued:
The United States produces more than one-half of all the copper mined.
since soon after the opening of the war, and were in line
the world production of 1912 amounting to 1.006,635 long tons, of which
with the policy of Great Britain in seeking to prevent the 554.835
tons came from our own mines. Next to cotton the most important
product from reaching Germany and Austria.
product in point of value exported from the United States is copper.
Government
British
was
market is consequently vital to the copper industry. Any
said
to
inst.
the
foreigh
have
Our
7th
On the
interference with it is immediately reflected in the communitieslin
informed the State Department at Washington that it would serious
which the ores are mined and smelted. Any prolonged disturbance inZor
lift the embargo on Australian wool exports to the United substantial curtailment of that market must necessarily bo attended with
the
wool
be
carried
in
business disaster in the affected centres. Grave as is the situation which
that
British
ships.
condition
States on
confronts us because of its loss, there is no
to question the
The American Consul at Sydney, Australia,cabled Secretary propriety on the part of any belligerent nationdisposition
to exclude copper from the
follows:
as
Bryan
territory of its enemy if it lawfully can.
of State
JAN.91915.1
THE CHRONICLE
0
113
From such sources as are open to the general public, it is learned that the
captures were made and the copper held upon the claim, if, indeed, any
specific claim at all is made, that it was not for consumption in the countries
to which It was consigned, but was destined for Germany and was to be
used in connection with the prosecution of the war. I say, if any claim
at all is made in justification of the acts challenged, because about the only
explanation vouchsafed to the shippers or which has found its way into the
press is that shipments in unusual and extraordinary amounts were being
made to the neutral countries of Europe, and particularly to Italy. From
this it is left to be inferred that the claim is made that the particular shipments were en route to Germany.
What is needed now is the release of every detained shipment against
which a prima [aide case of guilt cannot be made out, carrying with it an
assurance to the trade that so long as it is honest it is safe. The American
people will be very patient with respect to the case or cases, so much talked
of and written about, of copper bars concealed in cotton bales. The 9,000
tons of copper now at Gibraltar were not concealed in cotton bales. The
consignments all showed on the ship's papers, in the regular and usual way,
as did one unloaded at Marseilles, likewise much advertised as being underneath a cargo of oats. Copper is convenient ballast and goes regularly to
There will be very
the place where it will best subserve that purpose.
general satisfaction whenever any dishonest shipper, who resorts to the
arts of the smuggler, to introduce his wares into the forbidden territory
gets caught in the act. But the practices of those who endeavor to conceal
the true nature of their goods that they may surreptitiously find their way
into a belligerent country have no bearing upon the question of the detention of wares such as those which are the subject of these remarks, with
respect to which there is no claim that there was any effort at concealment.
There is no sentiment of hostility or animosity in the United States toward
Great Britain, save in sporadic cases of no consequence in the sum total of
the national disposition. God grant that our relations may always remain
friendly. The feeling engendered by the aggressions complained of is akin
to the surprise and regret experienced by one who has been cruelly wronged
by a friend and who remains confident that a personal explanation and
candid conference will wipe out all differences and bring a speedy reparation. It is in this spirit the American people await the result of the welltimed note of the President to our Ambassador at St. James.
Turpentine and rosin shipped before the publication of the order placing
them on the contraband list will be paid for.
All copper shipped before the date of the declaration that copper was
contraband has been paid for or released.
No cargoes for Italy have been held up at Gibraltar since Dec. 4. Italian
ships carrying cargoes of commodities of which export from Italy is prohibited are not interfered with unless there is clear evidence of fraudulent
intentions on the part of shippers.
Negotiations are proceeding in London with a view to the removal of the
embargo on rubber against a pledge not to export, similar to that arranged
with regard to German aniline dyes. The negotiations have been retarded
by the discovery of shipments of rubber from the United States to Europe
under disguise.
•
British, New Sweden, Canton and Ran, Swedish.
The Secretary of State to the American Ambassador at London
Department of State,
Washington, December 26, 1914.
The present conditions of American foreign trade, resulting from the
frequent seizures and detentions of American cargoes destined to neutral
European ports, has become so serious as to require a candid statement of
the views of this Government in order that the British Government may be
fully informed as to the attitude of the United States toward the policy
which has been pursued by the British authorities during the present war.
You will therefore communicate the following to his Majesty's principal
Secretary of State for Foreign Affairs, but in doing so you will assure him
that it is done in the most friendly spirit and in the belief that frankness
will better serve the continuance of cordial relations between the two countries than silence, which may be misconstrued into acquiescence in a course
of conduct which this Government cannot but consider to be an infringement upon the rights of American citizens.
The Government of the United States has viewed with growing concern
the large number of vessels laden with American goods destined to neutral
ports in Europe which have been seized on the high seas, taken into British
ports, and detained sometimes for weeks by the British authorities. During
the early days of the war this Government assumed that the policy adopted
by the British Government was due to the unexpected outbreak of hostilities and the necessity of immediate action to prevent contraband from
reaching the enemy.
For this reason it was not disposed to judge this policy harshly, or protest
it vigorously, although it was manifestly very injurious to American trade
with the neutral countries of Europe. This Government, relying confidently upon the high regard which Great Britain has so often exhibited
n the past for the rights of other nations,confidently awaited an amendment
of a course of action which denied to neutral commerce the freedom to
which it was entitled by the law of nations.
This expectation seemed to be rendered the more assured by the statement of the Foreign Office early in November that the British Government was satisfied with guaranties offered by the Norwegian, Swedish
and Danish governments as to non-exportation of contraband goods when
consigned to named persons in the territories of those governments, and
that orders had been given to the British fleet and customs authorities to
restrict interference with neutral vessels carrying such cargoes so consigned
to verification of ship's papers and cargoes.
It is therefore a matter of deep regret that, though nearly five months
have passed since the war began, the British Government has not materially
changed its policy and does not treat less rigorously ships and cargoes Passing between neutral ports in the peaceful pursuit of lawful commerce.
which belligerents should protect rather than interrupt. The greater freedom from detention and seizure which was confidently expected to result
from consigning shipments to definite consignees rather than "to order'
Is still awaited.
It is needless to point out to his Majesty's Government,usually the champion of the freedom of the seas and the rights of trade, that peace, not war.
is the normal relation between nations, and that the commerce between
countries which are not belligerents should not be interfered with by those
at war unless such interference is manifestly an imperative necessity to
protect their national safety, and then only to the extent that it is a necessity.
It is with no lack of appreciation of the momentous nature of the present
struggle in which Great Britain is engaged, and with no selfish desire to gain
undue commercial advantage, that this Government is reluctantly forced to
the conclusion that the present policy of his Majesty's Government toward
neutral ships and cargoes exceeds the manifest necessity of a belligerent
and constitutes restrictions upon the rights of American ctlizens on the
high seas which are not justified by the rules of international law or required under the principle of self-preservation.
The Government of the United States does not intend at this time to discuss the propriety of including certain articles in the lists of absolute and
conditional contraband which have been proclaimed by his Majesty.
Open to objection as some of these seem to this Government, the chief
ground of present complaint is the treatment of cargoes of both classes of
articles when bound to neutral ports.
Articles listed as absolute contraband, shipped from the United States
and consigned to neutral countries, have been seized and detained on the
PROTEST TO GREAT BRITAIN AGAINST DETENTION
AND SEIZURE OF AMERICAN CARGOES.
The full text of the communication sent to Great Britain by
the United States, complaining against the seizures and detentions of American cargoes destined to neutral European
ports, was made public simultaneously here and abroad on
Dec. 31 by mutual agreement between the State Department
at Washington and the British Foreign Office. The publication of the note in full was decided upon in view of the misleading impressions created by the unofficial accounts of its
nature which received publicity last week. The communication, while presenting a "candid statement of the views of this
Government, in order that the British Government may be
fully informed as to the attitude of the United States toward
the policy which has been pursued by the British authorities
during the present war," is written in "the most friendly
spirit and in the belief that frankness will better serve the
Senator Walsh submitted the names of the following continuance of cordial relations between the two countries
than silence, which may be construed into acquiescence in a
copper-laden steamers which had been seized:
Kroonland and Taurus, American; Belgia, German; Rotterdam, Pots- course of conduct which this Government cannot but consider
dam, Westerdyk and Sloterdyk, Dutch; Palermo, Regina D'Italia, San
to be an infringement upon the rights of American citizens."
Giovanni, Italia, Duca d'Genoa, Verona. Europa and San Gugllelmo,
Italian; Tabor, Norhelm, Sif, Sigrun, Antares, Soerland and Tyr. Nor- We publish the communication as made public in full as
wegian; Ascot, Francisco, Idaho, Toronto, Marengo, Galileo and Perugia, follows:
THE BRITISH COLLIER AND THE NEUTRALITY OF
THE CANAL ZONE.
Additional information received by the British Ambassador
concerning the alleged violation of the neutrality of the
Panama Canal by a British collier has resulted in the correction of his statement in the'matter made to the Department
of State. The New York "Times" in reporting this under
date of December 28, says:
Sir Cecil Spring-Rice, the British Ambassador to the United States,
visited the State Department to-day and informed Counselor Lansing that
additional data had been received through British diplomatic sources which
made necessary a correction in the statement previously submitted to the
Department relative to the charge that a British collier had violated the
neutrality of the Panama Canal Zone by sending an unneutral code massage.
The previous statement had been based on a message from the British
Minister to Panama, who reported that the collier in question had no
wireless and could not have violated neutrality by sending any wireless
massage.
The corrected statement is to the effect that the British collier Protesilaus, which was in Balboa Harbor, received a wireless code message from
a British warship outside the three-mile limit. The Captain of the collier
asked the port commander to transmit the message to the British Consul at
Balboa, to whom it was addressed. The port commander refused to allow
the message to be transmitted and sealed the wireless apparatus of the
collier.
It appeared that the Captain of the Protesilaus had not received official
information of the new regulations prohibiting the use of radio outfits in
the Canal except upon Canal business, but notwithstanding this the British
authorities concede that the attempt to use the wireless was improper, and
therefore the incident is regarded as closed.
ENGLAND AND FRANCE RELEASE ITALIAN COPPER
SHIPMENTS.
According to advices from Rome under date of December 25, England and France have given assurances to the
Italian Government that cargoes of copper on board Italian
steamers which have been held as contraband of war will be
released. In return, Italy has pledged herself to prevent
the re-exportation of copper. The British authorities at
Gibraltar and elsewhere have held up a number of Italian
steamships with copper cargoes on the suspicion that some
of the increased supply of the metal reaching Italy was being
forwarded to Germany and Austria. It is stated now that
Italy needs all the available supplies of copper for her home
ndustries.
PAYMENT FOR TURPENTINE AND COPPER
SEIZURES.
'According to a statement issued by the British Embassy
at Washington on the 3d inst., Great Britain will pay for
turpentine and rosin shipped prior to the placing of these
articles on the contraband list; copper shipped before its
declaration as contraband has been paid for or released.
The statement, which also indicates that negotiat!ons are
in progress for the removal of the embargo on rubber, says:
114
THE CHRONICLE
--- ground that the countries to which they were destined have not prohibited
articles. Uhwarranted as such detentions are,
such
of
exportation
the
In the opinion of this Government. American exporters are further perplexed by the apparent indecision of the British authorities in applying
their own rules to neutral cargoes.
For example, a shipment of copper from this country to a specified consignee in Sweden was detained because, as was stated by Great Britain,
Sweden had placed no embargo on copper. On the other hand, Italy not
only prohibited the export of copper, but, as this Government is informed,
put in force a decree that shipments to Italian consignees or "to order"
which arrive in ports of Italy cannot be exported or transshipped. The
only exception Italy makes is of copper which passes through that country
in transit to another country. In spite of these decrees, however, the
British Foreign Office has thus far declined to affirm that copper shipment
consigned to Italy will not be molested on the high seas. Seizures are so
numerous and delays so prolonged that exporters are afraid to send their
copper to Italy, steamship lines decline to accept it, and insurers refuse to
issue policies upon it. In a word, legitimate trade is being greatly impaired
through uncertainty as to the treatment which we may expect at the hands
of the British authorities.
We feel that we are abundantly justified in asking for information as to
the manner in which the British Government proposes to carry out the
policy which they have adopted,in order that we may determine the steps
necessary to protect our citizens engaged in foreign trade in their rights,and
from the serious losses to which they are liable through ignorance of the
hazards to which their cargoes are exposed.
In the case of conditional contraband, the policy of Great Britain appears
to this Government to be equally unjustified by the established rules of
international conduct. As evidence of this, attention Is directed to the fact
that a number of the American cargoes which have been seized consist of
foodstuffs and other articles of common use, in all countries, which are admittedly relative contraband. In spite of the presumption of innocent
use because destined to neutral territory, the British authorities made these
seizures and detentions without, so far as we are informed, being in possession of facts which warranted a reasonable belief that the shipments had
In reality a belligerent destination, as that term is used in international law.
Mere suspicion is not evidence, and doubts should be resolved in favor of
neutral commerce, not against it. The effect upon trade in these articles
between neutral nations, resulting from interrupted voyages and detained
cargoes. Is not entirely cured by reimbursement of the owners for the damages which they have usffered, after investigation has failed to establish
an enemy destination. The injury Is to American commerce with neutral
countries as a whole, through the hazard of the enterprise and the repeated
diversion of goods from established markets.
It also appears that cargoes of this character have been seized by the
British authorities because of a belief that, though not originally so intended by the shippers, they will ultimately reach the territory of the enemies of Great Britain. Yet this belief is frequently reduced to a mere fear
In view of the embargoes which have_been decreed by the neutral countries
to which they are destined on the articles composing the cargoes.
That a consignment "to order" of articles listed as conditional contraband and shipped to a neutral port raises a legal presumption of enemy destination appears to be directly contrary to the doctrnies previously held
by Great Britain and thus stated by Lord Salisbury during the South African war:
"Foodstuffs, though having a hostile destination, can be considered as
contraband of war only if they are for the enemy forces; it is not sufficient
that they are capable of being so used, it must be shown that this was in
fact their destination at the time of their seizure."
With this statement as to conditional contraband, the views of this Goveminent are in entire accord, and upon this historic doctrine, consistently
maintained by Great Britain when a belligerent as well as a neutral, American shippers were entitled to rely.
'the Government of the United States readily admits the full right of a
belligerent to visit and search on the high seas the vessels of American citizens or other neutral vessels carrying American goods and to detain them
when there Is sufficient evidence to justify a belief that contraband articles are in their cargoes; but hLs Majesty's Government, judging by their
own experience in the past, must realize that thispovernment cannot without protest permit American ships or American cargoes to be taken into
British ports and there detained for the purpose of searching generally for
evidence of contraband or upon presumptions created by special municipal
enactments which are clearly at variance with international law and practice.
This Government believes, and earnestly hopes his Majesty's:Government
will come to the same belief, that a course of conduct more in conformity
with the rules of international usage, which Great Britain has strongly
sanctioned for many years, will in the end better serve the interests of belligerents as well as those of neutrals.
Not only is the situation a critical one to the commercial interests of the
United States, but many of the great industries of this country are suffering
because their products are denied long-established markets in European
countries, which, though neutral, are contiguous to the nations at war.
Producers and exporters, steamship and insurance companies, are pressing,
and not without reason, for relief from the menace to trans-Atlantic trade,
which is gradually but surely destroying their business and threatening
them with financial disaster.
The Government of the United States, still relying upon the deep sense
of justice of the British nation, which has been so often manifested in the
intercourse between the two countries, during so many years of uninterrupted friendship, expresses confidently the hope that his Majesty's Government will realize the obstacles and difficulties which their present policy
has placed in the way of commerce between the United States and the neutral countries of Europe, and will instruct its officials to refrain from all
unnecessary interference with the freedom of trade between nations which
are sufferers, though not participants, in the present conflict; and will in
their treatment of neutral ships and cargoes conform more closely to those
rules governing the maritime relations between belligerents and neutrals
which have received the sanction of the civilized world, and in which Great
Britain has in other wars so strongly and successfully advocated.
In conclusion,it should be impressed upon his Majesty's Government that
the present condition of American trade with the neutral European countries
s such that, if it does not improve, it may arouse a feeling contrary to that
which has so long existed between the American and British people. Already it is becoming more and more the subject of public criticism and complaint. There is an increasing belief, doubtless not entirely unjustified.,
trade is responsible fo
that the present British policy toward American
upon European markets.
the depression in certain industries which depend
to this possible result of
called
is
The attention of the British Government
effect is upon the industheir p resent policy, to show thow widespread the
importance of removing
trial life of the United States, and to emphasize the
t=ause of complaint
loo.
yesterday, and immediately forwarded to Washington. A
supplemental reply, going into the matter in detail, will be
tendered later. The tone of the British document is said
to be conciliatory throughout but firm.
The announcement that arrangements between Great
Britain, Italy and the Netherlands had been completed under
which commerce to the latter two countries from the United
States is expected to suffer a minimum of molestation, was
made at Washington on the 7th.
The statements, emanating from both the British Embassy
and the State Department, indicate that, so far as Italy and
Holland are concerned, the British Government now believes
the danger of getting contraband articles through those
countries to Germany and Austria has practically been
removed. Should effective measures be agreed upon between the Allies and the other neutrals of Europe, American
commerce, it is thought by British officials, will not be
subject to the delays and interference complained of in the
American note. The American Minister at The Hague,
Mr. Van Dyke, on the 7th cabled that the British, French
and Russian Ministers had given formal assurance that merchandise, even of a contraband character, would not be
molested on the high seas if consigned to the recently established Netherlands monopoly. The text of the cablegram
from Minister Van Dyke was paraphrased in the following
statement by the State Department:
"The British and French Ministers, who were joined orally by the
Russian Minister, have declared by a note dated Dec. 213 that contraband
merchandise which is consigned to the recently established Netherlands
monopoly for the receipt ofimports will not be stopped. They also declared
that their Government would not stop foodstuffs (nor the necessaries of
life) consigned to merchants unless the merchants are beyond a doubt
mediums for delivery to the Government of the adverse belligerents.
"The Minister adds that consignment to the monopoly not only allows
importation into the Netherlands with liberty to re-export to the colonies
of that country, but also in the case of several articles, importation into the
Netherlands with the liberty to re-export to other neutral countries, except
across enemy territory."
Secretary Bryan received a personal note from Sir Cecil
Spring-Rice, British Ambassador, stating that as the reexportation of rosin and turpentine, known as "naval
stores," would probably be prohibited by Italy and Holland,
arrangements would soon be completed whereby these products could be shipped without difficulty to those countries
from the United States.
The British Ambassador also issued the following statement:
"Out of 773 vessels that have proceeded from the United States to
Scandinavian countries, Holland and Italy since the beginning of the war,
only eight have been put into the prize courts, and one of these has been
released, leaving only seven detained for decision.of the prize court. By far
the greater number of those detained for • examination have been already
released.
"With regard to purchase of cargoes, the British Government has purchased many cargoes of copper, and has not yet condemned or confiscated
any neutral cargo or consignment, although some are awaiting adjudication.
"Shipments for Italy, in Italian steamers, of goods placed on the embargo
list of the Italian Government and consigned to named persons are free.
"Articles for Hclland, apart from copper, petroleum and grain (except
rice and corn), which must be consigned to the Netherlands Government,
should be consigned to the Netherlands Overseas Trust in order to insure
non-interference."
In connection with this statement Government officials
pointed out that while only eight ships had been put into
prize courts, scores of others had been held up for varying
periods of time before being released. It was not only these
delays but the consequent moral effect on shippers who hesitated to subject perishable goods to extended examination
in British ports which brought forth the American note.
The fact that only eight cases actually were taken into the
prize courts has convinced many officials that the bulk of
American commerce was of a legitimate character and that
most of the detentions of American ships were without real
cause.
The British Ambassador also gave Secretary Bryan a
general summary of the status of some of the specific questions which had been raised outside of the American note on
the general subject of commerce, and Mr. Bryan issued the
following statement, based on these a dvices:
"The question of rubber is believed to be approaching a satisfactory
settlement. Progress is being made with the question of naval stores, and
It is expected that arrangements will be made by which shipments can be
made to the Netherlands and Italy and other neutrals without difficulty."
Reports were current on the 3d inst. that the British Government has under consideration the question of proposing,
as a development of the controversy, the establishment of a
tribunal composed of representatives of the two countries,
to pass upon disputed points arising from Great Britain's
position on the treatment of neutral shipping. Under the
Presito
Government
British
the
of
reply
preliminary
The
(Mt Wilson'krecent_note wakreceived bylAmbassador Page suggested plan the tribunal or arbitral commission would
JAN. 9 1915.]
THE CHRONICLE
take cases as they came from the Prize Court; if America
had any objections to offer to the Court's application or
interpretation of the laws, an appeal would be made to the
tribunal, sitting in London. The British Government would
expedite the work of the Prize Court by eliminating delays
there and elsewhere so that seized ships and cargoes could
be acted on as speedily as possible.
As a means of affording a solution of one of the controversial points,the decision of the Administration at Washington to certify American cargoes as to their exact contents
before leaving American ports was announced on the 4th.
The matter was the subject of a conference on that day
between Secretaries Bryan and Redfield and Acting Secretary Peters of the Treasury Department. In announcing
the movement to this end,the State Department issued the
following on Monday:
The Department of State is advised that the Treasury Department has
authorized the Collector of Customs at Savannah, Ga., to have vessels
bound to foreign ports loaded under the supervision or inspection of the
customs officials, upon application in writing by the owners or agents of
the vessel, or the exporters, and to give an appropriate certificate of cargo
as shown on the manifest. The customs officials, however, will not attempt
to determine or certify whether any part of the cargo is or is not contraband of war.
Doubtless the same authority will be extended by the Treasury Department to the customs officials at all our ports wherever desired. Complaints
have been made that in some instances the ship's manifest does not contain
all the cargo aboard, and this action of the Treasury Department is no
doubt in response to these complaints.
115
effect that the cargo had been inspected and that there
was nothing concealed on board and (2), in certain cases,
if the master of the vessel had en board a copy of the manifest the correctness of the items of which were certified to
by the Collector and the statement made that it agreed
in every respect with the original manifest filed in the Custom House at the time of clearance. Thus far, it is stated,
the issuance of certificates has been limited to bulk cargoes.
The "Journal of Commerce" of the 6th is authority for the
statement that Collector Malone is doubtful whether the
system could be applied to case goods, inasmuch as the exporters would object to having their merchandise unpacked
and examined. Furthermore, the Collector is said to have
pointed out that his force was not adequate to handle the
work of inspecting all the goods loaded aboard ships.
The Mallory Line steamer "Denver," which sailed from
Norfolk, Va., last month, for Bremen, Germany, with a
cargo of cotton, carrying a certificate from the British Consul
at Norfolk and the United States customs officials as to the
satisfactory nature of its cargo, was reported (on the 6th
inst.) as having been detained by the British authorities at
Kirkwall, Orkney Island, North of Scotland. The release
of the steamer was reported to the State Department on the
7th before, it is stated, any representations in the case could
be made by the United States. The release is regarded as
indicating that certification of cargoes by British and
American Government representatives at the time of loading
will, as hoped, serve to reduce materially the interference
with neutral American trade.
This statement was followed on Tuesday by the issuance by
Acting Secretary of the Treasury Peters of a notice to
shippers calling their attention to the importance of preparing
complete and accurate manifests,and also advising them that
whenever desired the Treasury Department would furnish
an officer to supervise the loading of cargo and certify to LAND BANK OF NEW YORK STATE READY FOR
BUSINESS.
the completeness and accuracy of the manifest. This noThe Land Bank of the State of New York has been ortice is as follows:
The attention of exporters is respectfully called to the importance of ganized and is about ready to commence business. State
having foreign shipping manifests complete and accurate, in order to
Superintendent of Banks Eugene Lamb Richards, will so
avoid delay incident to search while in transit.
Cases have occurred where manifests have been incomplete or inaccurate advise the Legislature in his forthcoming annual report.
and where, it is claimed, efforts have been made to conceal the nature of Permanent officers are expected to be selected in the near
the goods carried. Even a few cases of this kind may throw suspicion upon
to actually begin
other American commerce and, through delay, work injury to our foreign future so that the bank will be in a position
trade. While a shipowner who knowingly becomes a party to such a trans- business at an early date. In his report, Superintendent
action may be liable to such of his patrons as may unjustly suffer thereby, Richards will say in part:
still
this is not a sufficient protection, since it does not safeguard other
While our statute books have been flooded with regulative provisions in
shippers who suffer inconvenience because of occasional derelictions
recent years, it is seldom,I believe, that a more important piece of creative
of those who inaccurately describe or conceal the character of their shiplegislation has been enacted than the provisions embodied in the Banking
ments.
authorizing the creation of the Land Bank of New York State by
The Government is making every practicable effort to secure the unin- Law
savings and loan associations. While based to a large extent upon
terrupted flow of American commerce and reduce to a minimum such delays local
co-operative finance, this legislation is essentially
as may be unavoidable in time of war. It looks with confidence for co- the European systems of
the local savings and
operation from the American business public to prevent such action on American, and is also based upon the experience of
thirty-five years.
the part of shippers as adds unnecessarily to the difficulties of business loan associations of the State of New York during the last
If the benefits derived from the present law of the State relative to savings
at this time.
districts and
agricultural
strictly
and
loan
associations
can
be
extended
to
Whenever shippers desire such aid in carrying on their foreign business
the Treasury Department will furnish, upon application to the Customs the Land Bank of the State of New York realizes the expectations of its
Collector at any port, an officer to supervise the loading of cargo and to advocates, the problem of rural credits,in this State at least,will have been
almost entirely solved.
certify to the completeness and accuracy of the manifest.
The law in its present form is the result of the joint labors of representaAs a further precaution it is suggested that shippers accompany ship's
tives
of the savings and loan associations of the State and of agricultural
manifests with an affidavit stating that the articles shipped are correctly
shown by the manifest and that the packages contain nothing except that interests, extending over a period of nearly two years. It received further
consideration by the Commission to Revise the Banking Law and by a
which is shown thereon.
Special Committee appointed by Superintendent Van Tuyl to co-operate
ANDREW J. PETERS, Acting Secretary of Treasury.
with the Commission. Probably a more unfortunate time to initiate this
Approved:
great undertaking could not have been found, for the savings and loan
W.J. BRYAN. Secretary of State.
associations
as well as the other financial institutions of the State have, to
WILLIAM C. REDFIELD, Secretary of Commerce.
some extent, been affected by conditions created by the European War
and the struggles for control of funds incident to the enormous amounts
capital which are being wasted in its prosecution. •
Shippers availing themselves of this offer, it is stated, ofThe
organization committee has held many meetings to consider prowill be charged for the services of the inspector, the charge cedure and by-laws for the new institution,
and I am glad to be able to
averaging $4 a day, according to the salary of the inspector. report that the work of the organization committee has been completed
and
that
the
Bank of the State of New York has been duly organized
Collectors of Customs at the various ports of the country will and is ready Land
to commence business. The institution will commence busibe permitted to certify to the cargo contents of vessels, if ness with the minimum capital of one hundred
thousand ($100,000) dollars.
requested to supervise the loading, but they will not be It will be further increased by the inclusion of some associations which
had postponed making the necessary amendments to their by-laws until
permitted to certify as to whether the contents are contra- their annual meetings, which will
be held in January 1915. It is expected
band, conditional contraband or non-contraband. The ef- that there will be a very considerable
increase in its capital as soon as
fect of the notice, if followed by exporters, will be, it is be- an improvement in general financial conditions warrants the issuing of
bonds at a low rate of interest. It is hoped that ultimately all the assolieved, to strengthen each individual case in the event of ciations
of the State may become members of this central institution, and
detention for examination in foreign ports, and to facili- that its bonds may become legal investments for
savings banks and trust
With the various safeguards that will be thrown about their
tate the conduct of the examination. In several cases, funds.
issue, these bonds should ultimately sell upon the same basis as
S good
British consuls in this country have certified to manifests, municipal bonds, and, possibly, upon the same
basis as bonds of national
birt this act has been one of courtesy only.
governments.
The certification of manifests to overcome the inconven- toNumerous inquiries have been received from other States with reference
its plans and the principles upon which it is based. If it can be made
iences and losses attending the detention and search of as beneficial
to the people of the State as seems probable, it will undoubtedvessels bound for Europe was discussed at a conference in ly serve as a model for similar institutions in other States, and possibly for
this city on Dee. 10 between Collector of Customs Dudley a still greater institution of national scope.
Field Malone and agents of American steamship lines and
their attorneys, representatives of the Merchants' Association, the Maritime Exchange, India House and exporting
interests.
It was the sense of that conference that relief from a search
or long detention might be had if (1) in case of bulk cargo,
the Collector should have a Customs officer present during
the loading of the vessel and then issue a certificate to the
WITHDRAWAL OF FEDERAL TROOPS IN COLORADO.
Orders for the withdrawal of Troop L of the Twelfth United
States Cavalry, on patrol in the Oak Creek District of Colorado since last May, were issued by Assistant Secretary of
War Breckenridge on Dec. 30. Orders for the gradual withdrawal of the other Federal troop sent into Colorado to
quell the mining disorders are in preparation. The gradual
116
THE CHRONICLE
withdrawal of the troops is in accord with a plan considered at
last week's conference in Washington between President Wilson, Secretary Garrison, Gov. Ammons of Colorado and
Gov.-elect Carlson. At that time Gov. Ammons said he
would replace the regulars by State troops
Jesse F. Welborn, President of the Colorado Fuel & Iron
Co.; D. W. Brown, President of ;he Rocky Mountain Fuel
Co., and J. C. Osgood, Chairman of the board of directors
of the Victor-Am wican Fuel Co., protested to Gov. Amnions
and Gov.-elect Carlson on the 29th against the removal of
the Federal troops from the Colorado coal fields without further proof that the strikers are disarmed. The protestants,
who represented the three largest companies in Colorado,
expressed the conviction that the strikers were still supplied
with arms, and these arms should either be confiscated by
the Government or the Federal authorities should return
their arms to the operators before the soldiers are removed
[VOL. 100.
the fiscal year 1914-1915: T. M. Wingo, President (VicePresident Rio Grande Valley B. & T. Co.); James G. McNary, Vice-President (First Vice-President First National
Bank); A. F. Kerr, Secretary-Treasurer (Vice-President
El Paso B.& T. Co.).
E. G. McWilliam, for the past three years Secretary of
the Savings Bank Section of the American Bankers' Association, has resigned his secretaryship to accept the position
of Manager of the Publicity Department of the Security
Trust & Savings Bank of Los Angeles, Cal. Under the able
management of Mr. Sartori, who was President of the
Savings Bank Section of the American Bankers' Associa,
tion in 1913-1914, this bank has been built up until it now
enjoys the distinction of being the largest bank in the Southwest. On July 1 its deposits were over 2,000,000 and its
6,000,000. As the Security contotal resources nearly
ducts very active departments in commercial business,
BANKING, LEGISLATIVE AND FINANCIAL NEWS. savings, trust, safe deposit and railroad and steamship
The public sales of bank stocks this week aggregate 36 tickets, Mr. McWilliam will find plenty of scope for his
shares and were all made at the Stock Exchange. No trust activities.
company stocks were sold.
Low. High. Close. Last previous sale.
Shares. BANK—Neu York.
Savings banks in New York State cannot legally expend
205
205
1 Amer. Exchange Nat. Bank_ 205
May 1913-230
money for the maintenance of a collection of books, according
170
170 Dec. 1914-166)4
35 Commerce. Nat.13ank of__ _ _ 168
to a decision of State Superintendent of Banks, Eugene
--•—
Lamb
Richards. As a result of the Superintendent's ruling,
A call for reports of condition of the national banks, of
date Dec. 31, was issued by the Comptroller of the Cur- the Onondaga County Savings Bank of Syracuse has anrency on Jan. 5. The present call is of particular interest nounced that it will dispose of a library maintained by it
for several reasons: in the first place, it is the sixth one asked for the use of the tenants in its building; the library consisting
for during the year, this being the first time that more than of over 4,000 volumes, and valued at $12,000, is said to be
five calls have been issued by the Comptroller since the second in size to the library of the Court of Appeals.
National Bank Act has been in effect; the requirement under
Ernest H. Cook has been appointed Assistant Secretary of
the law is that "not less than five reports during the year"
shall be called for. "The other calls during 1914 were for the Union Trust Co. of New York at its Plaza Branch, corner
Jan. 13, March 4, June 30, Sept. 12 and Oct. 31. It is Fifth Avenue and 60th Street. Mr. Cook was for ten years
explained by Deputy Comptroller of the Currency Thomas Assistant Cashier of the Plaza Bank, up to the time of its
Trust Co. in December 1911, when
P.Kane,that while six calls were made in the calendar year acquisition by the Union
he was appointed Assistant Manager of the Plaza Branch.
1914 there have actually been but five calls during the fiscal
year ended October 31 1914—the period covered in the
Dr. James H. Parker, President of the Mutual Alliance
annual report of the Comptroller of the Currency. The
nail just made,he states,properly belongs to the 1915 period. Trust Co. of this city, is resting easy at Roosevelt Hospital
The latest call, of Dec. 31,is the first to be issued since the after an operation on his right lung for pleurisy. This is
Federal Reserve banks began operations on Nov. 16. New the second operation he has undergone within a month
items incidental to the inauguration of the Federal Reserve following the accident to his knees, which were injured by
system appear in the new statement, the banks being called coming in contact with a swinging glass door at the trust
upon to show the amount of their subscriptions to the stock company. Dr. Parker passed his seventy-second birthday
of the Reserve bank, the amount due from the Reserve bank, last Monday.
outside checks and other cash items, checks on banks in the
The plan to change the Metropolitan Life Insurance Co.
same city, Federal Reserve notes, part of undivided profits,
reserves for taxes and other items, due Reserve bank and re- from a stock to a mutual organization has been assented to
discounts with Reserve bank. A complete classification of by the policyholders. Following their meeting on Dee. 28,
demand and time deposits is also called for, together with it was announced that the vote by proxy or otherwise was
the total of certified checks issued within thirty days of 65,000 in favor of the proposal against 1,600 in opposition.
the report and the total certified checks outstanding for This marked the third step in the mutualization proceedings,
more than thirty days; loans made on farm lands and loans the directors and stockholders having both previously ratified
and discounts secured by real estate mortgages or other the plan. With the approval of the Superintendent of Inliens on realty is another of the items on which informa- surance, announced as having been given this week, the pror
ceedings necessary to the mutualization of the company are
tion is asked.
Under the heading of loans and discounts the banksare completed. The management of the company now becomes lodged in the hands of the policyholders, who will
required to list all loans made
(1) On demand, paper with one or more individual firm names.
elect the directors and thus become responsible for the
(2) On demand, secured by stocks and bonds.
of the assets of the company, amounting to more
control
(3) On demand, secured by other personal securities.
and of the surplus, which, it is estithan
$500,00040004
time,
paper
with
two
or
more
individual or firm names.
(4) On
(5) On time, single name paper without other security.
mated, will reach $40,000,000. The plan was referred
(6) On time, secured by stocks and bonds.
to at length in our issue of Nov. 28, page 1578. The com(7) On time, secured by other personal securities.
pany has a capital of $2,000,000 in shares of $25 each; the
(8) Secured by real estate mortgages or other liens on realty.
The highest rate of interest charged on any loan since arrangements provide for the acquisition of the capital at
Oct. 31 1914, the average rate of interest charged on loans $75 a share, or the return to the shareholders of the $2,000,now outstanding, and the amount of loans eligible for re- 000 from the assets and $4,000,000 from the surplus. The
discount with the Reserve bank are other new features first policies issued by the organization as a mutual company bear date January 7 1915.
appearing in the latest statement.
Wheat shipments from Galveston continue to show a most
decided augmentation over those of a year ago. For December 1914 the exports from the port were no less than
7,262,649 bushels, against only 134,275 bushels in the
month of 1913, while for the four months since Sept. 1 the
outflow was 23,715,177 bushels, against but 1,434,137
bushels for the same period of the previous year. At the
close of the month, moreover, there were 210,000 bushels
on shipboard not cleared.
The deposits of the Franklin Trust Co. of New York and
Brooklyn have increased from $12,087,000 Sept. 12 to
$14,292,000 Dec. 24, since the opening of the new office in
Manhattan at 46 Wall Street, corner William. In addition
to $1,000,000 capital, the company's undivided profits were
$1,070,000 and aggregate resources $17,089,564 on Dec. 24
last. The Brooklyn offices are located at 166 Montague
Street, with a branch at 569 Fulton Street. It is also
planned to open another branch at 66 Washington Avenue,in
the Wallabout Market section, which has been without imAt a recent meeting of the El Paso Clearing-House Asso- mediate banking facilities since 1907. Two new booklets
ciation the following officers were elected to serve during have been prepared by the Franklin Trust Co. for free dis-
JAN. 9 1915.]
THE CHRONICLE
117
tribution entitled "Registration of Corporation Notices" and
Howard A. Cleaver has severed his connection with the
"Trust Company Services." Arthur King Wood is Presi- Chicago office of Devitt, Tremble & Co., where he has been
in charge of the buying department, and has been appointed
dent and Edward C. Delafield, Vice-President.
Manager of the bond department of the Inter-State Trust
Continued expansion in the business of the Hudson Trust & Banking Co. of New Orleans.
Co. of Hoboken, N. J., is reflected in its annual statement
for the year ending Dec.31 1914. Deposits are $17,077,276,
August Blum, Vice-President of the First National Bank
as against $16,390,250 a year ago; aggregate resources are of Chicago,retired from active business on Jan.1. In 1881
Mr.Blum was elected Cashier of the Union National Bank.
$19,177,847, as against $18,541,443.
In 1900, when this institution was merged with the First
The Utica Trust & Deposit Co. of Utica, N. Y., is con- National Bank, he was made Assistant Cashier of the enducting quite an active banking-by-mail campaign. It has larged First National Bank,and in 1904 he was made Manaalso inaugurated a "Christmas Thrift Club" whereby mem- ger of Division "F." In 1907 he was elected a Vice-Presibers may deposit a regular weekly sum,ranging from 25 cents dent, in which position he had since served.
up, subject to withdrawal at any time. This company,
which is one of the strongest in the State, will be glad to
The new Millers' & Traders' State Bank of Minneapolis,
send a booklet entitled "Banking by Mail" to any one Minn., opened for business on Dec. 15. The bank has
interested. J. Francis Day is President.
$40,000 capital paid in and starts with a surplus of ,000.
The officers of the company are: President, Guy A. Thomas,
The Bankers Trust Co. of Buffalo declared and paid a a director of the Washburn-Crosby Co.; Vice-President,
dividend on Dec. 31 1914 of 1% on its capital stock of John Pillsbury Snyder; Cashier, 0. L. Gulbro, and Assistant
$1,000,000. This is the first dividend since the organization Cashier, Alexander Bear.
of the company last August. $50,000 was also carried to the
surplus fund, making the capital and surplus now $1,150,000.
A very important announcement was made the past week
by the St. Louis-Union Trust Company of St. Louis, to
John L. Kelly, First Vice-President of the Marine Trust the effect that all its banking business had been taken over
Co. of Atlantic City, N. J., resigned on Dec. 26 to become by the St. Louis Union Bank, a newly organized State inPresident of the South Jersey Title Co., an affiliated insti- stitution, incorporated for that purpose. The bank has a
tution. He is succeeded in the vice-presidency of the trust capital and surplus of $5,000,000, all the shares of which are
company by Walter E. Edge. Joseph A. McNamee, here- owned by the trust company except those necessary to qualify
tofore Secretary and Treasurer of the Marine, has become its directors. While the two institutions will be entirely
Second Vice-President. Ernest A. Lord, who has been and separate, yet the same quarters will be used by both banks.
still remains Secretary of the Title Company, takes Mr. The bank is to handle all deposits, both commercial and savMcNamee's place as Secretary and Treasurer of the Marine. ings, while the trust company will devote all its efforts to
Jacob Weikel and David Braunstein have been added to the the handling of estates and other trust functions. The St.
Marine Trust board.
Louis-Union Trust Co. was organized in 1889; it has a capital and surplus of $10,000,000 and deposits of $28,000,000.
N. Parker Shortridge, formerly President of the PhiladelThe following official statement was issued:
phia National Bank,a director of that institution since 1867, "We have made this separation of our trust business and banking busiand Chairman of the Board of Directors since 1907, died on ness in the belief that we will thereby increase our usefulness to our clients
the 2d inst. in Philadelphia. He was eighty-five years old. and to the community, through the extension of our banking activity into
lines"
Mr. Shortridge was the oldest director of the Pennsylvania commercial and other desirable
All the directors and officers of the new bank are, respecRR. Co., and was identified with several other railroad cortively, directors and officers of the trust company. They
porations, among which were the Philadelphia Baltimore &
are as follows: N. A. McMillan, President; John F. ShipWashington RR. Co., the West Jersey & Seashore RR. Co.,
H. C. Haarstick and Robert S. Brookings, Vice-Presiley,
the Northern Central Ry. and the Trenton Delaware Bridge
dents;
F. V. Dubrouillet, Cashier, and J. S. Walker, B. W.
Co., of which he was President. He was also a director
Moser,
L. E. Williams, George M. Willing, W. J. D. Mcof the Delaware Insurance Co., the Union Trust Co. of New
Carter
and
J. E. Ulirig, Assistant Cashiers.
York, the Penn Mutual Life Insurance Co., the Western
Savings Fund Society and the Merchants' Trust Fund of
The mid-year meeting of the officers and Executive CounPhiladelphia.
cil of the California Bankers' Association was held at San
Clarence A. MoIlhenny has been appointed Assistant Francisco Dec. 19. Reports by various officers and comCashier of the National Bank of Northern Liberties of Phila- mittees showed that the Association maintains many active
delphia, succeeding Frank M. Hardt, who recently resigned departments in behalf of its members. An invitation was
to become Cashier of the Federal Reserve bank of Phila- received from the San Francisco Clearing-House banks to
hold the next general convention of the California Bankers'
delphia.
Association in San Francisco. This invitation was acDepositors of the Tradesmen's Trust Co. of Philadelphia, cepted, the dates for the gathering being fixed at May 27,
Pa., which failed in September 1911,have received a dividend 28 and 29 1915. The several bankers' associations of other
of 16% from Percy M. Chandler, receiver. This makes a States embraced in the Twelfth Federal Reserve Bank District will also be invited to hold a joint convention here at
total of 73% paid to date.
the same time, and a very important meeting will likely
The Midland Savings & Trust Co.of Midland,Pa.,opened result. Immediately preceding the mid-year meeting J. M.
for business on the 15th ult., with capital of $125,000 and Henderson Jr. of Sacramento presided as host at a sumptuous
$50,000 surplus. The officers are: J. W. Dougherty, luncheon. Those present at the luncheon and business
President; C. C. Ramsey, Vice-President; George A. Tur- meeting were: R. M. Welch, (President) Savings Union
vile, Secretary; C. M. Kennedy, Treasurer, and H. P. Bank & Trust Co., San Francisco; Charles A.Smith, (ViceReilly, Asst. Secretary and Asst. Treasurer.
President) Security Bank, Oakland; Frederick H. Colbum
(Secretary), San Francisco; William H. High (Treasurer),
The Central Trust Co. of Illinois, Chicago, has opened an Anglo & London Paris National Bank, San Francisco; J. M.
addition to its banking quarters on the ground floor of the Henderson Jr. (Chairman), Sacramento Bank, Sacramento;
new extension of the Borland Building at La Salle and Mon- F. J. Belcher Jr., First National Bank, San Diego; C. W.
roe streets. This addition gives the trust company an en- Bush, Bank of Yolo, Woodland; J. Y. Eccleston, Oakland
trance on La Salle Street. The savings department of the Bank of Savings, Oakland; L. Gundelfinger, Bank of Ceninstitution has been established in the new quarters.
tral California, Fresno; P. E. Hatch, National Bank of
Long Beach; A. B.Jones, First National Bank, Los Angeles;
On Jan. 4 the Corn Exchange National Bank of Chicago Elliott McAllister, Decker, Jewett & Co. Bank, Marysville;
opened a department for savings deposits in accordance with George P. McNear, Sonoma County National Bank, Petathe provisions of the new Federal Reserve Law permitting luma; George S. Meredith, Farmers'& Merchants'Savings
member banks to accept business of this class. The bank Bank, Oakland, and George N. O'Brien, American National
will pay 3% on savings deposits, which is the rate paid by Bank, San Francisco.
the State banks of Chicago. The new department has been
Peleg Howland, heretofore Vice-President of the Imperial
accommodated in the present quarters of the bank.
•••••-•••
Bank/ofACanadaahasabeenrhoseirPresident—g2succeed,ithe
118
THE CHRONICLE
late Robert Jaffray, whose death was announced in these
columns Dec. 26. Mr. Howland is succeeded as VicePresident by Elias Rogers, who is also President of the
National Life Insurance Co.
loo.
questionably true that the company's investments in suburban and partially improved real estate, in apple orchards and in timber tracts, were illadvised, and it appears that the company seems to have done most things
that a trust company should not have done, and a few things that a trust
company should have done. The assets are of such a character that they
cannot be divided among the creditors or those who deposited moneys with
the company for investment. The natural solution of affairs would apA circular letter bearing on the affairs of the Dominion pear to be that the creditors and stockholders should co-operate in the management and development of the various properties in which the company's
Trust Co. (head office Vancouver, B. C.), which was placed funds
are invested. The various investments to be sold when such sales
in voluntary liquidation on Nov. 2, has been addressed to can be advantageoulsy made, but without haste or waste, and as sold
the New England stockholders of the company by A. Stud- the proceeds to be applied towards paying off the creditors' claims and
returning to the stockholders, in some form, a substantial part of their
ley Hart, Secretary of the United States stockholders' pro- investment.
There is every reason to suppose that British Columbia and
tective committee. The letter, issued at Providence, R. I., all of Western Canada will continue to grow, and this growth would naturally be reflected in the properties owned by the Dominion Trust Co. We
under date of Dec. 24, says:
that although the management of the
On Oct. 27 1914 a petition was presented for the liquidation of the would call your attention to the fact
criticized for making these investments,
Dominion Trust Co.,and Mr.C. R. Drayton,of Vancouver, British Colum- trust company should be severely
direct
any
misappropriation of funds in the
of
accusations
no
are
there
bia, was appointed provisional liquidator. It is expected that the permaand the late Mr. Arnold, the
nent liquidator will be appointed by Chief Justice Hunter during the first purchase of investments. The directors
Managing Director, are principally charged with extreme over-optimism
week of January 1915.
their disregard of the funcand
prosperity
Canadian
In view of proposed legal action to be brought against the company by in their belief in
to its stockholders and clients.
its depositors and creditors for the enforcement of real or alleged claims, tions of a trust company's relations
The committee believe thatthey havesubmitted to you a briefresume of
it is believed that the stockholders residing in the United States should unite
time, and have informed you of their coin prompt and concerted action forthe protection of their interests, espec- the affairs as they stand at this
and alms in the interest of conserving
ially for the purpose of being represented on any committees that may be operative and constructive plans
States
stockholders, with whom they are in
United
the
of
investment
the
formed by the Canadian. English and Belgian stockholders, when they
your earliest
are ready to act as a unit. At the request of a number of New England communication. Would you kindly advise the undersigned,at
in
stockholders, the undersigned have consented to act as a committee for convenience, if you will Join with the other New England stockholders
understood
being
it
this
of
work
committee,
the
of
the stockholders, reserving the right to associate other New England sharing in the benefits
England
New
the
of
any
to
expense
maximum
the
will
event
no
in
that
stockholders with themselves as members of said committee. No deposit
reliably
of stock is requested, nor are you asked in any way to commit yourself as stockholders be in excess of Si per share. You would be kept
if it were
to any plan for reorganization. The present work of the committee Informed as to the work of the committee, as has been outlined,and
England
New
the
of
will be to collect and present the facts, and through counsel and con- thought best, at the proper time a meeting of all
nections in Vancouver and Montreal to keep in close touch with the situa- stockholders would be called at some place most convenient for all.
tion. The committee will use its efforts to have the Canadian Department
of Justice institute such legal actions as will bring about all possible monetary restitution, to do all things that are in the committee's power as will
The Standard Bank of Canada (head office, Toronto) on
conserve the interests of the company's assets and to encourage friendly
22 declared a dividend for the quarter ending Jan. 30
Dec.
co-operation between the creditors and the stockholders, whose interests
1915 of 33%,being at the rate of 13% per annum upon the
appear identical as events have turned out.
In order that you may be familiar with the history of the company and paid-up capital stock of the bank, and which will be payable
events that have led up to the present situation, the following information
on and after Feb. 1 to shareholders of record as of Jan. 21
is submitted:
The original company, known as the Dominion Trust Co., Ltd., was in- 1915.
corporated under the laws of the Province of British Columbia, and among
ts powers was the right to do a banking business and receive deposits.
The Commercial Bank of Scotland, Ltd. (head office
A new company in 1912, known as the Dominion Trust Co., applied for
and received a Dominion charter, this charter giving the new company Edinburgh),has recently issued its annual report,under date
the right to acquire the business of the old company, but giving no right
1914. The statement makes a highly gratifying
to take deposits or engage in the business of banking. The stockholders of Oct. 31
of the Dominion Trust Co.. Ltd., were asked to exchange their certificates showing for the year, the bank having earned £249,537, or
for stock in the Dominion Trust Co., and did so. It is not believed that practically $1,250,000, after making provision for disthe stockholders appreciated when their certificates were exchanged that
counts, interest and for losses and contingencies. Out of
they were receiving stock in a new company possessing no banking powers,
but with simply the right to do a general investment, trust and insurance this total 20% dividends were paid, amounting to £100,000.
business. Notwithstanding the fact that the company had no right to The Commercial Bank has 173 branches in Scotland, with
solicit and receive deposits, during the year 1913 the company retained
deposits of £18,953,226 and aggregate assets of £22,723,361.
all deposits in its possession and continued to solicit and receive further
deposits in violation of its charter. It appears, however, that the pass- The Marquis of Breadalbane is the Governor of the institubooks issued to depositors contained an agreement between the company tion and Alexander Robb, General Manager.
and the registered holder of the pass-book called "the depositor," wherein
the company acknowledged the receipt from the depositor of the sums
entered therein "in trust for investment on account of the depositor."
There is thus a legal question OA to whether these were deposits or merely
THE ENGLISH GOLD AND SILVER MARKETS.
cash received for investment. At the time the company suspended, it had
deposits, if these may be termed thus, of approximately 5930,000.
We reprint the following from the weekly circular of
Under its Dominion charter, the company was obliged annually to sub- Samuel Montagu & Co. of London,
written under date of
mit to the Minister of Finance at Ottawa, and to the authorities of the
Province of British Columbia. either quarterly or annually, a statement December 24 1914:
of its affairs. Thus both the Dominion and British Columbia Government
GOLD.
authorities were aware that the company was carrying a large amount
This week the influx announced by the Bank of England was not large
committee
the
that
Governbelieves
the
reason
this
for
and
deposits.
of
Details are appended:
ment displayed negligence.
Dec. 17, £180,000 in bar gold, &c.
At the date of the liquidation there were in the hands of the company
68,0001" " " "
" 22
uninvested trust funds and clients' moneys amounting to over $1,000.000
" 23 126,000" " " "
was
cash
was
that
in
this
of
carried
credits.
part
or
the
Any
securities
in
No withdrawal took place for abroad, but a further sum of 21,000,000
company's bank account mixed with its own cash, and often, if not always, was set aside on account of the Treasury Currency Note Reserve, raising
dealt with as if it were the company's own money. The company in addi- the total of that reserve to £17,500,000.
tion was experiencing difficulty in paying over any trust funds as demanded
The net reduction during the week was, therefore, £626.000.
and appears to have made a large number of investments in behalf of clients
SILVER.
which were contrary to their specific instructions. In the event of loss,
The tone of the market is fairly good, though the movements of the price
it is expected that claims will be presented amounting to a considerable
hardly convey an impression of stability.
figure.
The fact is that during the current week there has been a very pointed
The company's investments include bonds, stock and notes of various
of the peculiar character of the market at the present time, to
Illustration
real estate and industrial enterprises. The total amount of the investments
attention has been drawn in previous letters.
have a book value of over $3,400,000. The opinion is expressed that none which
Deprived of the steadying influences recently derived from coinage orders,
of these investments was such as should have been made by a trust company.
in the absence of any continuous buying of importance for the ContiThe individual investments had small beginnings, but further advances were and
or for trade purposes, buying orders begin and end in a most erratic
nent
required from time to time to protect the company's investment, and at
h
hiotn.
fasAs
the present time the investments include sundry first, second or third
e selling often varies greatly in amount day by day, it is evident
claims or open advances in these various enterprises. A number of the
wide and unexpected movements of prices become unavoidable.
company's investments are in bad financial condition and will require that
the week both China and the Indian Bazaars have been in the
During
careful handling. At the present time, it is impossible to realize any conmarket as buyers.
siderable amount from these securities, but they should be of considerable
An Indian currency return for Dec. 15 1914 gives details as follows:
future value. In such cases as the company has second or third claims.
60,69 Lacs
in circulation
or merely open advances, it is important that means be found to protect Notes
30,15 "
in silver coin
Reserve
the company's equity.
Gold coin and bullion
8,0
10
089
The New York firm of Marwick. Mitchell, Peat & Co.. chartered ac- East Indian securities
countants, is now engaged in auditing and examining the company's Cold in England
England
in
4
Securities
5
00
,6
7
and
the
of
of
value
investments
the
nature
the
Investigating
are
books, and
The stock in Bombay consists of 4.900 bars as compared with 5,500
company's assets, the extent of its known and contingent liabilities, and, if
week.
possible, to determine as to the amount of the impairment of the comA shipment of 200.000 ozs. has been made from San Francisco to Hong
last
pany's capital stock and surplus.
During the year 1914 the cash requirements of the company were much in kong.
rd
raro
eo
. ce,
un
Quotations for bar sliverropmf
excess of the cash received, and in order to raise money, investments with
No
Bank rate
were pledged for loans with the Royal Dec. 18_ -- _22§i cash
a book value of over 51.400.000
quotation
Bar gold
loans
77s. 5947
which
about
of
Scotland,
$175.000
Bank of Canada and the Bank of
fixed
U7
French
E
fix
3 golder
!
"
23
inpperoo
21
zz
_______ Nondna
Nominal
conservatively
is
estimated
at
loans
these
in
equity
22Li :":
remain unpaid. The
3
22
over $800.000.
excitement at the present
_
There is, of course, considerable feeling and
a
"
-ftm-rr;97-farmintanpkiO4.,;*,,....,,
the present condition of affairs, and Av. for week, 22.614 caslfSpup,..,
time against those who brought about
to-day for cash/delivery is73-16d. tbelow'fithat (Marra
cgTherquotation
the
of
thoughts
creditors
the
but
handling:
the situation requires careful
the future and not the past. It is un- weekragogkf
and stockholders should centre on
119
THE CHRONICLE
JAN. 9 1915.]
Canadian Bank Clearings.-The clearings of the CanaClearings by Telegraph-Sales of Stocks, Bonds, &c.
-The subjoined table, covering clearings for the current dian banks for the month of December 1914 show a decrease
week, usually appears on the first page of each issue, but on from the same month of 1913 of 26.2%, and for the twelve
account of the length of the other tables is crowded out once months the loss reaches 12.9%.
a month. The figures are received by telegraph from other
leading cities.
Per
Cent.
1915.
1914.
New York
Boston
Philadelphia
Baltimore
Chicago
St. Louis
New Orleans
$1,565,234,672
128,915,675
155,393,335
34,392,021
290,728.583
83,151,390
25,066,507
$1,645,722,822
132,168,313
149,413,848
32,625.180
284,609,631
78,676,757
25,804,736
-4.9
--2.5
+4.0
+5.4
+2.1
+5.6
-2.9
Seven cities,5 days
Other cities, 5 days
$2,282,882,183
598,872,481
$2,349,021,287
631,027,694
-2.9
-5.1
Total all cities, 5 days
All cities, 1 day
52.881,554.664
545,202,609
$2,980,048,981
584,536,103
-3.3
-6.7
$3,426,757,273
83,564,585,084
-3.9
Total all cities for week
Pacific and other Western Clearings brought forward
from first page.
Twelve Months.
December.
Clearings ut
1914.
Inc. or
Dee.
1913.
Inc. or
Dec.
1913.
1914.
$
%
IS
%
-1.32,516,004,8172,624,428.825 -4.1
-17.2 1,145.187,1101.210,469,893 -5.4
-12.7 633,061,084 664,857,448 -4.8
-10.6 203,301,985 219,265,776 -7.3
-11.3 314,533,105 333,477,698 -5.7
-11.9 578.884,016 627,818,020 -7.8
-19.2 109,825,186 133,455,456 -17.7
-5.3 170,074,062 188,730,169 -6.7
-10.6 103,286,9041 109,868.689 -6.0
-20.3 103,102,298 134,155,369 -23.1
47,818,722 -8.1
43,946,059
-14.0
57,391,414 -6.9
53,442,676
-2.8
45,925,831 +2.9
+10.5 47,257.207
38,918,697 +0.05
38,936,34
+1.8
35,730,898 +1.7
36.344,989
+5.9
20,650.333, 21,362,930 -3.3
-24.2
14,082,610 14,975,009 -6.0
-3.9
35,732,202 +21.0
43.231,032
+52.1
12,869,866 13,129,130 -2.0
-14.6
17,378,406Not included In total
total
Total Pat!die__ 519,174,609564,811.018
6,1,14,001,68916.557,512,176
No;c4.weiciencroiomcitykei.mcconTmoT
Kansas City__ 323.458,002244,618.157
Minneapo118 _ _ 142,950,750131,015,819
77.891,411 78,364,197
Omaha_
58.986,154 49.727,348
St. Paul_
41,871,909 37,283.762
Denver...
32,494,708 35.481,273
Rt. Josep
Des Moin es... 21.273,103 21,643,1114
. 13,329,072 18,169,376
Sioux Cit t. _.
17,286,478 12,308,638
WichitaDuluth_ _
22,675,787 22,804,784
Lincoln _
__ 10,003,495 9,118,225
Topeka _
8,225.010 8,426,310
Davenport.... 7,975,303 6,683,978
Cedar RnCads- 6,981,616 8,025,657
Fargo_ _ _
7,097,3081 2,662.728
Sioux Fa is... 4,253,4471 4,504,421
Helena._
0,180,3161 5,344,175
Colorado 3Pgs- 2,699,0021 2,576,861
Pueblo _
3.341.5381 3,524.016
Waterloo
5,611.8181 6,325,508
Aberdeen
3,059.4961 1,997,120
Billings _
2,446,7901 2,657,074
Fremont
2,036,2001 1,561,314
856,630
1,180,9001
Hastings
2,713.797 2,904,255
Joplin_ _
2,030,300 2,092,100
Grand F rk8
845,038 1,068,049
Iowa CR r
1,039,151 1.105.363
Lawrence
I 7++.74 I
$
$
San Francboo_ 220,651,830 223,514,355
83,700,622 101,126,532
Los Angel
50,814,490 57,965,220
Seattle_ _
Spokane._ _ 18,132,268 20,248,155
Salt Lake jai 31,525,643 35,560,251
46,700,719 53,031,393
Portland _
8,076,023 9,990,252
Tacoma.15,298,610 16,159,052
Oakland_
8.701,743 9,735,350
Sacrament
7,904,614 •9,922,967
San Diego
3,295,719 3,831,054
Pasadena_
5,036,510
4,897,87
Fresno. _ _ 4,484,894 4.058,467
Stockton_
3,534,795
3.596.660
Boise. _ _ 3,062,759 2,891,37
San Jose_
North Ya dma. 1,569.505 2,069.0
1,265,134
1,215,40
Reno. _
4,500,384 3,409,685
Ogden _ 1,457,474
1,245,015
..
orRot
Santa
Long Bea dr.__ 2.394,709 Not incl. in
-5.5
3,015,810,5672,850,362.611 +5.8
1,374,207,910 1,312,412,257 +4.6
882,717,102 958,947,660 -2.9
585.307,614 530,515,562 +10.3
459,708,200 475,607.021 -3.3
359,628,810 404,039,914 -11.0
277,164,846 267.383,473 +3.7
. 170.466,780 170,992,203 -3.7
179.313,6981 173,629,157 +3.3
252,125.864! 248,112,444 +1.2
109,297.3451 100,004,077 +9.2
87,848,177 -5.7
82,885,114
85,094.907
90,499.005 -6.0
92,241,959 87,449,970 +5.1
21,124,885 +128.1
59.711,499
49,340,684
41,183,071 +19.1
60458,322
57,180,435 +5.
33.403,406 -2.1
32,468,156
34.794,41. -ii
34,198,099
73,211,284
81.992,787 -10.1
30,360,654
22,009.765 +37.1
23,456.503
23.149,941
.,
20,476.619
17,951.533 +14.1
51 +9.<
10,412,477
11,388,176
32,680,553
38,314,90 -14.1
20,005,7
20,075,000 -0'
12.547.7111 12,566,418 -0.
11,713,143 -4.1
11,168,03
Tot.0th.West.827.946.899 720,840.296 +14.98,397,470,717 8,144,875,7521
+3.
Week ending January 2.
1915.
San Franc1sco_ _ _
Los Lageles
Seat Is
Bookant
Salt Lake City
Port and
Tacoma
Oak!and
Sacr,anent°
San Diego
Pasa Jena
Freerto
Stoc rton
San rose
North Yakima
Rent,
Long'Beach
1914.
Inc.or
Dec.
1913.
1912.
$
%
$
45,535,328 +11.6
50,808,948
19,386,216 -8.9
17,653,579
11,216,628 -1.7
11,025,297
3,826,020 + 1.3
3,877,344
7,162,238 -9.4
6,488,333
10,109,365 -1.1
10,000,000
1,737,482 -15.5
1,467,692
3,155,383 + 18.5
3,737,678
1,749,004 -24.9
1,313,082
2,032,662 -29.2
1,438,471
770,758 +2.5
789,663
925,000 -18.7
751,644
639,274
+9.5
700,000
590,100 +2.5
604,657
322,195 -6.9
300.000
170.000 -3.0
165,000
527,600 Not included in total
$
54,197,333
23,608,159
10,397,799
4,440,287
6,632,474
10,100,000
3,463,463
4,178,755
1,468,343
2,927,269
936,853
992,168
681,270
775,000
391,563
166,244
$
50,047,285
19,719,534
10,324,565
4,098,702
8,423,514
10,000,000
3,867,878
4,808,068
1,605,378
2,000,000
880,058
862,619
754,740
768,146
393,365
245,827
+1.7
125,356,980
118,799,679
HalOas City_ _ _ _
Min tespolis
Omaha
St. 'aid
Den ter
St. Oseph
Des Moines
Slowc City
Wic ilta
Dub 1th
Lin An
Top ka
Dav wort
Cede,r Rapids_ _ _
Far o
Belena
Colorado Springs
Fueldo
Watirrloo
Abe deen
Billl ags
Ff611iont
Ha Inge
67,078,995
24,665,372
15,118,318
9,500,000
7,717,222
6,103,286
4,359,075
2,455,631
3,056,913
3,393,580
1,800,000
1,387,151
1,214,782
1,276,477
1,150,847
950,000
540,000
513,438
985,179
500,000
383,640
348,084
225,236
47.019,743 +42.7
25,421,379 -3.0
15,664,539 -5.5
9,065,095 +4.8
9,005,307 -14.9
6,205,172 -1.6
3,942,974 + 10.6
3,027,149 -18.9
2,695,352 +13.4
3,270,912 +3.7
1,767,234 +1.9
1,457,526 -4.8
1.710,535 -29.0
1,714,599 -25.6
404,361 +184.6
970,193 -2.1
600,000 -10.0
607,534 -15.5
1,104,475 -10.8
435,000 + 14.9
428,576 -10.5
305,024 + 14.1
179,004 +25.7
53,142,019
28,014,075
16,017.100
12,635,035
9,704,468
5,860,402
5,515,474
2,799,391
2,900,574
5,562,128
1,786,412
1,481,313
2,322,332
1,677,485
502,612
1,257,468
650,000
757,604
1,160,432
437,137
385,902
248,556
229,225
46,830,596
21.070,340
15,769,591
8,895,514
9,387,644
6,985,483
4,616,156
2,229,978
2,850,378
3,463.444
1,862,889
1,466,111
1,964.809
1,437,100
414,356
805,462
680,552
740,556
1,103,390
290,703
293,206
267,728
170,888
Tca. Gth.Wost.
154.723.226
137.061.681 + 12.9
155.047.174
133.706 sms
Todal Pacific_
111.121,388
109,325,655
Twelve Months.
December.
Clearings at
1914.
1913.
Canada$
$
197,991,187 251,501,932
Montreal
Toronto
154,231,061 201,817,889
115,444.430 173.904,858
Winnipeg
Vancouver_ _ _ _ 25,185,575 47,810.950
Ottawa
19,911,640 18,400,481
Quebec
13,479,138 14,938,548
Halifax '
8,363.037 10,258,031
Hamilton
16,413,970 6,368,403
Calgary
14,989,915 21.468,948
St. John
6,551,198 6,945,203
London
7,541,362 8,041,919
Victoria
7,604,413 13,260,135
Edmonton ___ _ 10,910,992 18,075,779
Regina
7.921,025 13,356,423
Brandon
2,555,452 3,395,773
1,655,030 2,746,052
Lethbridge
Saskatoon_ _ _ _ 4,304,282 8,415,024
Moose Jaw.._ 3,911,357 6,228,489
Brantford __ _ _ 2,280,851 3,050,849
Sort William
2,080,594 4,445,788
New Westmin_ 1,244,975 2,004,301
Medicine Hat• 1,231,485 2,381,844
Peterborough _ 1,807,114 Not incl. In
Inc. or
Dec.
1+1111,
Clearings-Returns by Telegraph.
Wiek ending January 9.
1913.
1914.
Inc.or
Dee.
%
$
$
-8.6
2,631,354,311 2,879,129,14
2,012,953,9862,181,281,507 -7.7
1.370.900.8061,634.977.237 -16.1
421,951,718 606,919,21 -30.5
209,662,599 207,667.008 +1.0
165,875,241 165,674,745 +0.1
-5.1
100,280,108 105,623,77
153,758,886 185,907,853 -17.3
201,669,873 247,382,92 -18.6
-5.3
82,665.82
78,259,921
-5.2
90.720,70
86.024.236
121,663,272 176.977,08 -31.3
157,308,683 213,053.308 -26.2
98,205,542 132,087,45 -25.7
32,186.49 -18.0
26,397,457
28,893.87 -26.6
21,217,855
98,034,72 -38.2
59,314,941
61,371.04 -25.3
45,846,371
28,687,310 32.697.44 -12.3
48,965,36 -21.0
38,698,454
28,424,49 -32.6
19,120.172
21,106,21
19,768.863
11,438,896 Not incl. in total.
Total Canada_ 624,575,260846,435,775 -26.28,049.209,7229.239.141,235 -12.9
•Not included in totals; comparison incomplete.
The clearings for the week ending Jan. 2 at Canadian
cities, in comparison with the same week of 1914, show a decrease in the aggregate of 21.6%.
Week ending January 2.
Clearings at
1915.
CanadaMontreal
Toronto *
Winnipeg
Vancouver•
Ottawa
Quebec•
Halifax
Hamilton
St. John
London
Calgary
Victoria*
Edmonton •
Regina •
Brandon •
Lethbridge•
Saskatoon.
Moose Jaw*
Brantford •
Fort William`
New Westminster*
Medicine Hat*
Peterborough
Total Canada
1914.
Inc. Or
Dec.
1913.
$
$
%
34,303,341 44,481,165 -22.9
42,239,909
18.786,718 28,593,719 -29.4
8,500,267
+9.9
3,454,159 3,144,556
2,637,067
1,473,312 1,628.583 -9.5
2,236,860 2,684,068 -16.7
1,282,799 -5.4
1,213,514
1,410,602 1,406,574 +0.3
3,544,924 3,504.100 4-1.2
2,208,6118
3,289,579
2,122.372
640.060
468,879
1,622,199
1,104,983
571,456
856,047
362,907
382,724
Not incl. in total.
$
45,658,794
49,197,959
34,066,500
10,561,052
3,328,357
3,089,396
2,038,828
3,317,486
1,820,040
1,700,606
5,191,378
4,095,429
3,639,765
2.394.122
888.699
545,322
2.136.806
1,342.866
685,399
782,168
1912.
S
46,155,486
42,954,868
20,565,546
10,744,168
4,447,376
2,780,472
2,136,522
3,525,551
1,554,478
1,820,332
4,544,021
2,381,625
2.842.481
1,617.047
787,249
618,611
1,597,515
924.829
389,811
486.843
93,735,312
68.423.428 84.725.5641 -21.6 97.121.989
• Not received for 1915 therefore omitted from totals for all years.
grimmercial andRaiscenaneonsRCM
New York City Banks and Trust Companies.
Ask
Bid
Banks
New York
America. _ 540 560
Amer Exch.. 8205
Battery Park 120 135
Bowery'.... 400
Bronx Bore_ 225 260"
Brons Nat.__ 170 185
Bryant Park* 145
Butch az Dr_ 120 fir
170 185
Century.
Chrse
500 515
Cbath &Phen 170 175
Chelsea Ex. 135 145
390 400
Chemical
Citizens Cent 165 170
City
350
Coal & Iron_ 145 150
Colonial*
450
Columbia.
300 dig
Comiherce
t168 8170
Corn Exchs_ 300 310
Cosmopolite 85 105
East River
70
Fidelity'.... 155
165
Fifth Aye'..4200 4700
Fifth
250 300
PIM
840 860
Garfield
190 210
Germ-Amer' 130 140
German Ex._ 375
Germania e.._ 425 475
Gotham
190
Greenwich* _ 265 280
Hanover
635 650
Harriman
275
Inua & Triad_ 495 515
Irving
172 178
ldberty
560 600
300 325
Lincoln
Manhattan*. 300 315
Mark & Full_ 240 250
Bank
Meoh & Met_
Merch Exch.
Merchants'_
Metropolis* _
Mctropol'n•
Mutual
New Neth• New York Co
New York_
Pacific*
Park
People's.
Prod Exch•._
Public*
Seaboard.....
Second
Security*
Sherman __- _
State*
23d Ward'..
Union Exch.
Unit States._
Wash Irts*_
Wench Aar*.
West Side'..
Yorkville •
Brooklyn.
Ceney lard*.
First
Flatbush
Greenpoint _ _
Hillsid e*-- Homestead'.
Mechanics* _
Montauk.
Nassau
National City
North Side._
_
People's
Bid
225
165
185
300
165
325
210
750
380
210
385
225
155
420
390
100
140
500
275
160
450
540
235
110
140
'kV
145
105
205
273
175
145
Trust Co.
Ask
230
340
175
225
800
390
240
395
fer
175
440
420
100
135
145
135
150
175
475
575
150
260
130
155
125
100
155
120
220
285
200
155
Bid Ask
New York
350 375
Astor
Bankers Tr.. 420 430
B'way Trust. 145 155
CentralTrurt 975 995
Columbia... 410 420
80
Commercial.
295 310
Empire
Equitable Tr 400 410
Farm L dr r 1090 1120
Fidelity..... 205 220
275 300
Fulton
Guaranty T 510 525
125 135
Hudson
Law T I & Tr 118 125
Lincoln Trust 105 115
Metropolitan 385 400
Mutual Alli15 125
ance
Mut'l (Westchester).-- 130 133
NYLite I &Tr 950 1000
N Y Trust__ - 585 600
Title Gu & 3r 390 400
Tensatlantic 200 220
Union Trust_ 300 370
u s Bug & Tr 385 405
United State 1030 1060
Westchester. 125 135
Brooklyn
Brooklyn Tr_
Citizens'
Franklin
Hamilton
Home
Kings Count
Peoples.
Queens Co-
•Banks marked with a (*) are State banks. t Sale a
Exchange this week.
460
135
5
30
1006
2
570
275
75
475
140
250
275
110
295
90
THE CHRONICLE
120
TRADE AND TRAFFIC MOVEMENTS.
ANTHRACITE COAL PRODUCTION.-The shipments
of anthracite coal to tidewater for the month of December
1914 showed an increase of 39,640 tons, as compared with
December 1913, while the shipments for the period Jan. 1
to Dec. 31 1914 recorded a decrease of 727,027 tons under
the corresponding period the previous year. Below we show
the shipments by the various carriers for the periods just
referred to.
December
-Jan. 1 to Dec. 31.1914.
1913.
1914.
1913.
tons.. 954,827 1,058,723 11,998,779 12,914,887
PhIladelphiti& Reading
1055,349 1,062,578 13,136,759 13,011,370
Lehigh Valley
563,395
Central Railroad of New Jersey.... 710,604
8,924,936
9,092,433
902,140
839,384 9,912,578
Delaware Lackawanna & Western
9,903,541
641,952
590,158
Delaware & Hudson
7,313,541
7,094,258
530,200
545,976 6,434,937 6,351,756
Pennsylvania
703,037
709,431
8,268,585
Erie
8,192,352
204,149
191,973
2,352,486
New York Ontario dr Western
2.509,031
5,702,258 5,662,618 68,342,601 69,069,628
Total
NICARAGUA CUSTOMS RECEIPTS.-We append a
statement showing the Nicaraguan customs receipts for the
first nine months of 1914, compared with 1913:
January
February
March_
First quarter
April
May
June
Second quarter
Half-year
July
August
September
Third quarter
1914.
$158,251 36
156.910 64
118,220 40
1913.
$149,945 98
126.957 25
139.518 74
There=(+)or
Decrease (-).
+88,305 38
+29,953 39
-21,29834
8433,382 40
$115,087 24
118,306 40
105,549 52
$416.42197
8154,767 38
150.718 94
150.006 12
+816.96043
839,680 14
-32,412 54
-44.456 60
$338,943 16
$455.492 44
-$116,549 28
$772,325 56
95.973 52
84,532 52
82,531 38
$871,91441
181.62984
140.051 16
153,623 17
-$99,588 85
-85,656 32
-55.518 64
-71.091 79
$273,037 42
8475,304 17
-$212,266 75
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
Per
Cent
When
Payable
Books Closed
Days Inclusive
Railroads (Steam).
3
Feb. 23 Holders of rec. Jan. 23a
Alabama Great Southern, preferred
lff Mar. 1 Holders of rec. Jan. 29a
Atchison Topeka & Santa Fe,cont. (guar.)233 Feb. 1 Holders of rev. Dec. 31a
Ateb. Topeka dr Santa Fe. pref.(No.33)234 Jan. 11 Holders of rec. Dec. 28a
Atlantic Coast Line RR., common
134 Feb. 1 Holders of rec. Dec. 31a
Canada Southern
3
Feb. 1 Holders of rec. Dec. 31a
Cuba RR.. Preferred
23.( Mar. 20 Holders of rec. Feb. 25a
Delaware & Hudson Co (guar.)
Delaware Lackawanna & Western (quar.) 2.34 Jan. 20 Holders of rec. Jan. 40
3
Jan. 15 Holders of rec. Jan. 80
Detroit River Tunnel
3
Jan. 15 Jan. 1 to Jan. 14
Georgia RR.& Banking (guar.)
13( Feb. 1 Holders of ree. Jan. 8a
Great Northern (quar.)
Harrisb. Portsm. Mt. Joy & Lancaster... 334 Jan. 10 Holders of rec. Dec. 20a
I
Jan. 15 Holders of rec. Dec. 3I0
Kansas City Southern, pref.(quar.)
31.25 Jan. 9 Holden; of rec. Dec. 260
Lehigh Valley, corn. & pref. (quar.)
$1.25 Jan. 15 Dec. 12 to Jan. 14
Little Schuylkill Nay. RR.dr Coal
234 Feb. 10 Holders of rec. Jan. 209
Louisville & Nashville
$5 Feb. 1 Holders of rec. Jan. 80
MahonIng Coal RR ,common
I
fan. 29 Holders of rec. Dee. 31a
Michigan Central
$1.25 Jan. 15 Deo. 25 to Jan. 14
Mine Hill & Schuylkill Haven
134 Feb. 1 Holders of rev. Jan. 8
New York Central Railroad
1
Feb. 19 Holders of re0. Jan. 30a
Norfolk & Western,ad]. pref.(quar.)
m334 Feb. 1
North Carolina
Jan. 15 Holders of rec. Dec. 31a
$2
Northern Central
Northern Pacific (guar.)
154 Feb. 1 Holders of rec. Jan. 9a
2
Jan. 11 Holders of rec. Dec. 31a
Northern Securities Co
234 Jan. 10 Jan. 1 to Jan. 10
Philadelphia & Trenton (guar.)
met,cin. Chicago & St. L., pref
234 Jan. 25 Holders of rec. Jan. 15
Jan. 14 Holders of rec. Dec. 220
1
Reading Co., second preferred (ouar.)._
2
Feb. 11 Holders of rec. Jan. 250
Reading Company,common (quar.)
I Jan. 10 Holders of rec. Deo. 31
St L Rocky Mt.& Pao. Co.. com.(411.).
United N. J. RR.&CanalCos.,guar.(qu.) 234 Jan. 10 Dec. 20 to Jan. 1
Electric
Railways.
Street and
Aurora Elgin & Chicago RR.. Pref.(gni- 1Feb. 1 Holders of rev. Dec. 23
3
Feb. 1 Holders of rec. Jan. 22
Bay State Street By.first pref
2
Jan. 15 Jan. 7 to Jan. 15
Brooklyn City RR.(guar.)
Cin Newt) & Coy Lt dr Tract.com (qu.) lff Jan. 15 Jan. 1 to Jan. 15
134 Jan. 15 Jan. 1 to Jan. 15
Preferred (quar.)
2
Jan. 15 Jan. 1 to Jan. 15
Consolidated Traction of New Jersey__
(quar.)
pref.
Ry.,
134 Dec. 31 Dec. 25 to Jan. 1
Elec.
Troy
&
Dayton
3
Jan. 11 Holders of rec. Dee. 24a
25)_.
El Paso Elec. Co., preferred (No.
Greene& Coates Streets, Phila. (guar.)._ _ _ $1.50 Jan. 7 Jan. 1 to Jan. 7
134 Jan. 15 Holders of rec. Jan. 20
Kentucky Securities Corp., Pref. (quar.)2
Jan. 15 Holders of rec. Jan. la
Manchester Trac., L. & Power (guar.)._ _ _
Milwaukee Elec. RI,. & Light, pref. (guar.) 134 Feb. 1 Holders of rec. Jan. 20
2
Jan. 30 Jan. 21 to Jan. 31
New Hcinspaire Electric Railways
Ottumwa Railway & Light, pref. (Sar.) 1)4 Jan. 15 Holders of rec. Dee. 31
Mg Feb. 1 Holders of rec. Jan. 18
Philadelphia Co., com.(qua?.)(No• 133)....
Feb. 1 Holders of rec. Jan. 15a
$2
PublicService Investment, common
$1.50 Feb. 1 Holders of rec. Jan. 150
Preferred
10)
(m).
Jar.
15 Holders of rec. Jan. la
(qu.)
pt.
134
P.,
Puget Bd. Tr., L.dr
Republic R.& Light, pref.(qu.)(No.14) 134 Jan. 15 Holders of rec. Dee. 31
Feb.
15 Holders of rec. Feb. la
$2.50
(No.
41)
(guar.)
Co.
Electric
Tampa
United Rtp. & Elec., Ball., common (qua?.) 50c. Jan. 15 Holders of rec. Jan. 7a
Jan. 20 Holders of rec. Dec. 31a
3
Virginia Railway & Power, preferred_
Trust Companies.
1)4 Jan. 15 Holders of rec. Jan. 13
Mutual of Westchester County (guar.)..
Fire Insurance.
Holders of rec. Jan. 4
235
Hanover Fire (guar.)(No. 133)
Miscellaneous.
Jan.
15
Holders
of rec. Jan. 9
134
(quar.)
Alliance Realty
Jan. 15 Holders of rev. Dee. 220
1
Amer. Agri. Chem., corn. (qu.)(No. 13)Jan. 15 Holders of rec. Dec. 22a
134
(No.
38)
(quar.)
Preferred
lff Feb. 1 Holders of rec. Jan. 15a
American Cigar, common (par.)
(guar.). 134 Jan. 15 Jan. 10 to Jan. 14
Amer. Coal Products, preferred (No.32) 134 Feb. 1 Holders of rec. Jan. 20
(quar.)
pref
Amer. Gas& Elec.,
.
- 234 Feb. 1 Jan. 16 to Jan. 31
Amer. Light & TraC., common (guar.)
234,/ Feb 1 Jan 16 to Jan 31
Common (payable in com. stock)
1 an 16 to Jan. 31
131 Feb
Preferred (qua?)
138 Jan. 21 an. 6 to Jan. 21
American Locomotive, pref.(quar.)
Name of Company.
[vol.. um.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
American Rolling Mill,com.(guar.)
2
Jan. 15
Preferred (guar.)
lff Jan. 15
Amer. Seeding Machine, com.(guar.)._ 1
Jan. 15 Holders of rec. Dec. 310
Preferred (quar.)
lff Jan. 15 Holders of rev. Deo. 31a
American Sewer Pipe
34 Feb. 15 Holders of rec. Feb. 1
Amer. Telephone & Telegraph (quar.)__ _
2
Jan. 15 Holders of rev. Dee. 310
Amer. Type Founders,corn.(quar.)
1
Jan. 15 Holders of rec. Jan. 100
Preferred (guar.)
134 Jan. 15 Holders of rec. Jan. 100
American Woolen, pref. (quar.)(No. 63) lff Jan. 15 Dec. 19 to Jan. 3
Anaconda Copper Mining (qu.)(NO.57).. 254. Jan. 20 Holders of rec. Jan. 2a
134 Jan. 15 Holders of rec. Dec. 31
AssociatedGas & Elec., pref (guar.)._
Bell Telephone of Canada (quar.)
2
Jan. 15 Holders of rec. Dec. 24
Bell Telephone of Pennsylvania (guar.). 114 Jan. 15 Jan. 6 to Jan. 15
134 Jan. 11 Holders of rec. Dec. 31
Bonbright(Wm.P.)&Co.,Inc.. 1st pf.(qu.)
Brooklyn Borough Gas, preferred
3
Jan. 20 Holders of rec. Dec. 31a
British-Amer. Tobacco, Ltd., ordinary
234 Jan. 12
See Note (k).
2
Bush Terminal,common
Jan. 15
Preferred
3
Jan. 15
Canadian Westinghouse,Ltd.(qu.)(No.40) 134 Jan. 11 Holders of rec. Dec. 31
Central Coal & Coke, pref.(quar.)
134 Jan. 15 Jan. 1 to Jan. 15
3
Feb. 1 Holders of rec. Jan. ha
Central Leather, common
Central & South Amer. Telegraph (quar.) lff tan. 8 Holders of rec. Dec. 31a
1
Jan. 25 Jan. 16 to Jan. 25
Chicago Pneumatic Tool (guar.)
Clued, Peabody & Co., Inc., common (qu.) 1
Feb. 1 Holders of rec. Jan. 20
Commonwealth Edison (guar.)
2
Feb. 1 Holders of rec. Jan. 15
Commonwealth Gas & Electric Cos., com_
50c. Jan. 15 Holders of rec. Jan. la
Preferred (guar.)
$ 1.37)4 Jan. 15 Holders of rec. Jan. la
Consolidated Car-Heating
234 Jan. 15 Jan. 1 to Jan 14
Corn Products Refg., pref. (quar.)
134 Jan. 15 Holders of rec. Jan. 40
134 Jan. 15 Holders of rec. Dec. 310
Dayton Power & Light, pref.(quar.)
Delaware Lack. & Western Coal (guar.). 2ff Jan. 15 Holders of rec. Dec. 31a
Detroit Edison (guar.)
1)4 Jan. 15 Holders of rec. Dec. 3I0
Distilling Co. of America, pref. (quar.)
35 Jan. 30 Holders of rec. Jan. lla
Dominion Canners, prof. (quar.)
134 Jan. 2 Dec. 16 to Jan. 1
Dominion Power dr Transm. Ltd., pre._
334 Jan. 15 Dec. 20 to Dee. 31
Dominion Textile, Ltd., pref. (quar.)_ _ _
134 Jan. 15 Holders of rev. Dec. 3Ia
duPont (E.I.) do Nemours Powd pf.(qu.) 134 Jan. 25 Jan 16 to Jan. 25
Electrical Securities Corp., pref. (guar.) 134 Feb. 1 Holders of rec. Jan. 28
Elec. Utilities Corp., pref. (qu.)(No. IG) 134 Jan. 15 Holders of rec. Jan. 6
Eureka Pipe Line (quar.)
6
Feb. 1 Holders of rec. Jan. 15
General Chemical, common (extra)
5
Feb. 1 Holders of rec. Dec. 310
General Electric (quar.)
2
Jan. 15 Holders of rec. Nov. 280
Globe Wernicke, pref (guar.)
1)4 Jan. 15 Holders of rec. Dec. 31
Goldfield Consolidated Mines
150. Feb. 27 Holders of rec. Jan. 30a
Harbison-Walker Refrac., prof. (guar.)
134 Jan. 20 Holders of rec. Jan. 9
Homestake Mining (monthly)(No.483)-- 65c. Jan. 25 Holders of rec. Jan. 20a
3
Illinois Brick
Jan. 15 Jan. 5 to Jan. 15
Jan. 31
Illinois Northern utilities, pref. (quar.)_
134 Feb. 1 Jan. 20 to
Indiana Pipe Line (Sitar.)
$2 Feb. 12 Holders of rec. Jan. 23
Internat. ButtonholeMach.(qu.)(No.69) 1
Jan. 15 Holders of rec. Jan. 1
Int. Harvester of N. J., corn.(qu.)(No.20) 134 Jan. 15 Holders of rec. Dec. 240
Interned. Nickel, Prof. (guar.)
134 Feb. 1 Jan. 15 to Feb. 1
International Paper, pref. (Smar.)
d34 Jan. 15 Holders of rec. Jan. 6a
Island Creek Coal, corn. (quar.)
50c. Feb. 1 Holders of rec. Jan. 23
Kayser(Jullus)& Co.. 1st & 2d pref. (qu.) 134 Feb. 1 Holders of rec. Jan. 210
Kelly-Springfield Tire, common
134 Feb. 1 Holders of rec. Jan. 15
234 Jan.20 Jan. 1 to Jan. 17
La Rose Consolidated Mines (quar.)-Lehigh Valley Coal Sales
$1.25 Jan. 16 Holders of rec. Jan. 4
Loose-Wiles Biscuit 2d pref.(qu.)(No.11) 134 Feb. 1 Jan 16 to Feb. 1
234 Jan. 15 Holders of rec. Deo. 31a
MacAndrews & Forbes, common (quar.)_
Preferred (guar.)
134 Jan. 15 Holders of rec. Dec. 31a
2
Manufacturers' Light & Heat(cmar.)_
Jan. 15 Jan. 1 to Jan. 15
Massachusetts Gas Co., com. (guar.)._ $1.25 Feb. 1 Holders of rec. Jan. 15
Massachusetts Ltg. Cos., old com.(qu.)
$1.75 Jan. 15 Holders of rec. Deo. 260
New common (quar.)
25c. Jan. 15 Holders of rec. Dec. 26a
New preferred (quar.)
$1.50 Jan. 15 Holders of rec. Deo. 260
Mexican Telegraph (quar.)
234 Jan. 15 Holders of rec. Dec. 31a
Mountain States Telep. & Teleg. (guar.) 134 Jan. 15 Holders of rec. Dec. 31a
National Biscuit. corn. (sel.) (No. 66)
134 Jan. 15 Holders of rev. Dec. 28a
National Carbon, com. (qua?.)
lff Jan. 15 Jan. 6 to Jan. 15
National Fireproofing, pref. (guar.)
1
Jan. 15 Holders of rec. Jan: 8
National Licorice, common
3
Jan. 6 Holders of ree. Jan. 2
National Properties, preferred
3
Jan. 15 Jan. 7 to Jan. 15
New York Mutual Gas Light
4
Jan. 9 Holders of.rec. Dee. 260
New York Transit (quar.)
0
Jan. 15 Holders of rec. Dec. 24
Niagara Falls Power (guar.)
2
Jan. 15 Holders of rec. Dec. 310
Nipissing Mines (guar.)
5
Jan. 20 Jan. 1 to Jan. 17
Northern Ontario Light& Pow., Ltd., pf.
3
Jan. 15 Holders of rec. Dec. 31
Northern States Power, pref. (quar.)
11,1( Jan. 15 Holders of rec. Dec. 31
Ohio 011 (special)
(1) Feb. 1 Jan. 3 to Jan. 31
Ohio Fuel Supply (quar.)
2
Jan. 16
Oklahoma Natural Gas (guar.)
134 Jan. 20 Jan. 12 to Jan. 20
Omaha Elec. Light & Power, pref
$2.50 Feb. 1 Holders of rec. Jan. 20a
Otis Elevator, common (quar.)
1.38 Jan. 16 Holders of rec. Deo. 31
Preferred (quar.)
lff Jan. 15 Holders of rec. Dec. 31
Pacific Telep. & Teleg. (quar.)
lff Jan. 15 Jan. 1 to Jan. 15
Penmaias, Limited. COM (war.)
1
Feb. 15 Holders of rec. Feb. 5
Preferred (quar.)
134 Feb. 1 Holders of rec. Jan. 21
Pennsylvania Lighting. pref. (qua?.)
134 Jan. 15 Holders of rec. Jan. 50
Pennsylvania Salt Mfg. (quar.)
2
Jan. 15 Holders of rec. Dec. 31a
Pittsburgh Coal, pref. (quar.)
134 Jan. 21 Holdere of rec. Jan. 15
Pittab. Term. Wareh.& Trans!. (mthly.) 213lc. Jan. 15 Holders of rec. Jan. 8
1234c. Jan. 15 Holders of rec. Jan. 8
Extra
2
Jan. 15 Holders of rec. Dec. 3I0
Procter & Gamble, pref. (guar.)
Public Service Co. of Nor. III., corn.(qu.) 134 Feb 1 Holders of reo Jan 15a
1)4 Feb 1 Holders of rec Jan 15a
Preferred (quar.)
234 Jan. 15 Holders of rec. Dee. 310
Quaker Oats, common (guar.)
Preferred (guar.)
134 Feb. 27 Holders of rev. Feb. la
3
Jan. 15 Holders of rec. Jan. 5
Realty ASSOCiatPA (No. 24)
Jan. 15 Holders of rec. Jan. 1
Reece Buttonhole Mach. (qu.) (No. 115) 3
1
Jan. 16 Holders of rec. Jan. 1
Reece Folding Mach. (su.)(No. 23)
2% Jan. 15 Holders of rec. Dec. 310
Securities Company
134 Jan. 15 Holders of rec. Jan. 60
Securities Corporation General, pre). (qu.)_
134 Jan 11 Holders of rec. Jan. 2
Shawiningan Water & Power (guar.)._
1)4 Jan. 15 Holders of rec. Dee. 31
Southern Calif. Edison, pf. (qu.)(No.22)
134 Jan. 15 Jan. 1 to Jan. 15
Southern New England Telephone (quar.)
62ffc. Dee. 31 Dec. 17 to Jan. 1
Spring Valley Water (guar.)
15
Jan. 15 Holders of rec. Jan. 1
Stetson (J. B.) Co., common
4
Jan. 15 Holders of rec. Jan. 1
Preferred
Taylor-Wharton Iron & steel, pref.(sm.). 1)4 Feb. 1 Jan. 24 to Jan. 31
2
Jan. 11 Holders of rec. Dec. 30
Temple Coal, preferred
25c. Jan. 21 Jan. 1 to Jan. 7
Tonopah Mining of Nevada (quar.)
4
Torrington Co., common
Feb. 1 Holders of rec. Jan. 18
Union Nat. Gas Corp. (quar.) (No. 46). 234 Jan. 15 Jan. 1 to Jan. 15
Union Switch & Signal, com.& pref.(qu.) $1.50 Jan. 11 Holders of rec. Dec. 31a
1
United Cigar Mfrs., common (quar.)
Feb. 1 Jan. 20 to Feb. 4
2
United Fruit (guar.) (No. 62)
Jan 15 Holders of rec. Dec. 240
pref
234 Jan. 15 Holders of rec. Dec. 31
United Gas de Electric
Co.,
United Gas Improvement
(quar.)
Jan. 15 Holders of rec. Dee. 310
$1
U.S. Indus. Alcohol, pref. (lu.)(No.33). 1ff Jan. 15 Holders of rec. Jan. 80
United States Rubber, common (guar.)... _ _
134 Jan. 30 Holders of rec. Jan. 15a
First preferred (guar.)
2
Jan. 30 Holders of rec. Jan. I50
Second preferred (guar.)
134 Jan. 30 Holders of rec. Jan. 150
U.S.Smelt.. Ref.& Mining,pref.(mum) 8734e. Jan. 15 Holders of rec. Dec. 31
Warner (Chas.) Co. of Delaware, common_
35 Jan. 8 Holders of rec. Jan. 1
First and second pref. (guar.)(No.48)_
134 Jan. 28 Holders of rec. Jan. 1
Wells, Fargo & Co
3
Jan. 15 Dec. 31 to Jan. 15
Western States Gas dr Elec., pref.(quar.) 134 Jan. 15 Holders of rec. Dec. 31
1
Western Union Teleg. (guar.)(No. 183)_
Jan. 15 Holders of rec. Dec. 190
WestinghouseAir Brake (guar.)
$2 Jan. 15 Holders of rec. Dee. 3I0
Westinghouse Elec. & Mfg., com.(guar.) 1
Jan. 30 Holders of rec. Dec. 310
134 Jan. 15 Holders of rec. Dec. 310
Preferred .(qusx-)
a Transfer books not closed for this dividend. b Less British Income tax. d Correction. e Payable in stock. /Payable In common stock. g Payable in scrip.
h On account of accumulated dividends. f Also 82 payable July 15 1915 to holders
of record June 30 1915. k Transfers received in order In London not later than
Dec. 29 will be In time to be passed for payment of dividend to transferees. 1 Being
a distribution pro rata of 200,000 shares of the capital stock of the Illinois Pipe Line
Co. Certificates representing said stock will be mailed on or before Feb. 1.
m Also 334% payable Aug. 1 1915.
JAN. 9 1915.]
THE CHRONICLE
121
Auction Sales.-Among other securities, the following,
National Banks.-The following information regarding
not usually dealt in at the Stock Exchange, were recently sold national banks is from the office of the Comptroller of the
at auction in New York, Boston and Philadelphia.
Currency, Treasury Department:
APPLICATION TO CONVERT APPROVED DEC. 17 TO DEC. 24.
By Messrs. Adrian H. Muller & Sons, New York:
The Peoples' Bank of Orangeburg, S. C., into "The Peoples' National
Bank of Orangeburg." Capital, $100,000.
The Citizens State Bank (Ltd.) of Nampa, Idaho, into "The Citizens'
National Bank of Nampa." Capital, $50,000.
The First State Bank of Talihina, Okla., into "The First National Bank
of Tallhina." Capital, $25,000.
The Farmers'& Merchants' Bank of Lake City, S. C.,Into"The Farmers'
By Messrs. Francis Henshaw & Co., Boston:
& Merchants' National Bank of Lake City." Capital, $100.000.
Shares.
$ per oh.
Socks.
Stocks.
The Farmers' & Merchants' Bank of Lebanon, Mo., into "The First
$ per sh. Shares.
5 Hendee Mfg. Co., pref.,ex-div_ 9434
1 Fall River Electric Light Co_ __175 X National Bank of Lebanon." Capital, $30.000.
1 Bay State St. Sty., 1st pref __ _ _ 12034
8 Boston Co-Oper. Bldg.Co.,$25
The Dawson State Bank. Dawson, Tex., into "The First National Bank
10 Columbian Nat. Life Insur_ _ _ _12334
25
each
of Dawson." Capital, $25,000.
3 Puget Sd. Trac., L.& P., pref_ 9734 15 So. Caro. Lt., P. & Rys., pref. 95
2 Boston Storage W.H.Co
14334 CHARTERS ISSUED TO NATIONAL BANKS DEC. 16 TO DEC. 26.
1 American Glue, prof
1134
10,667-The First National Bank of Blair, Wis. Capital, $25,000. John
By Messrs. R. L. Day & Co., Boston:
Thompson, President; E. A. Peterson, Cashier.
Shares.
Per cent. 10,668-The First National Bank of Eddy, Tex. Capital. $50.000. J. R.
Bonds.
$ per sh.
Stocks.
Knight, President; E. F. Baxter, Cashier. (Conversion of The
5 Old Colony Trust Co
$1,000 Col. New.& Zanesville Elec.
300
First State Bank of Eddy, Tex.)
Ry. 1st 50, 1924
20 Warren Nat. Bank,Peabody_ _11534
9434 10.669-The
Wall National Bank of Worden, Ill. Capital, $25,000.
5 Lyman Mills
112 $1,000 Elec. Scour. Corp. 5s, 1942_ 96
W. P. Wall, President; J. T. McGaughey. Cashier. (Succeeds
1 Hartford Fire Insurance
675
Wall & Co., Bankers, Worden, Ill.)
10.670-The National Bank of' Sumter. S. C. Capital, $200.000. Richd.
By Messrs. Barnes & Lofland, Philadelphia:
I. Manning, Pres.; Bernard Manning, Cashier. (Conversion of
Per cent.
Bonds.
the Bank of Sumter,S. O.)
Stocks.
Shares.
$ per sh.
10,671-The Commercial National Bank of Indianapolis. Ind. Capital,
11,000 Mex.Francon Min.,$1 each
Sc. $2,000 Muncie & /Tn. C. Trac. 151
12 Northern National Bank__ _2104
50, 1936
$300,000. B. C. Downey, Pres.; W. J. Fickinger, Cashier.
7231
8 Real Estate Tr. Co., pf_ _8134-82 $1,000 Sandusky G.& El. lst 53,•29 90
(Conversion of the Indiana State Bank of Indianapolis, Ind.)
$2,000 Amer. Ice coll. tr. 5s, 1922_ _ 85
10 Fire Assoc. of Phila., $50
VOLUNTARY LIQUIDATION.
each
300-30231 84.000 Lake Shore Elec. Ry.gen.5s,
8,832
-The
Bankers' National Bank of Evansville, Ind., August 15 1914.
78
1933
5 Continental-Equitable Trust
Liquidating agent,Sam T. Heston, Evansville. Ind. Consolidated
92 $4,000 KnIckerb. Ice 1st 5s, 1941 _ _ 77
Co., $50 each
with The Citizens' National Bank of Evansville, No. 2.188.
165 $1,000 Clev. P. & East. Ry. 1st
25 West End Trust Co
10.261-The National City Bank of Minneapolis, Minn.,
cons. Is, 1918
86
• 9 Continental Passenger By_ _ 119
December 12
1914. Liquidating agent, Charles B. Mills, Minneapolis, Minn.
4 Phila. Bourse, com.,550 ea_ 331 $2,000 Penn. Cent. L.& P. 1st 55,
Consolidated with the Scnadinavian-American National Dank
1963
3 Geo. B. Newton,1st pref.__ 68
9631
of Minneapolis, Minn., No. 9,409.
$1,000 Harrisburg Gas let 58, 1928.10031
9,728-The First National Bank of Collins, Miss., Dec. 4 1914. LiquiPercent. $300 Phila. City 3345, 1931
Bonds.
92
dating committee: A. V. Easterling, J. B. Hanna and H. A. Davis
5300 Phila. City 350, 1932
$4,000 Or. Nor.Power 1st 5s, 1935_ 79
92
Collins, Miss. (Succeeded by the Covington County Bank of
Collins.)
By Messrs. Samuel T. Freeman & Co., Philadelphia:
1,719-The Jacksonville National Bank, Jacksonville, Ill., Dec. 16 1914.
Bonds.
Per cent
Liquidating agent, M. F. Dunlap, Jacksonville, III. (Absorbed
$1,000 Choc.Okla.& Gulf cons.55. 9734
by the Ayers National Bank of Jacksonville, No. 5,763.)
Per cent.
Stacks.
Shares.
Bonds.
Per cent.
1,250 Tyson & Co
$165 lot $15,000 Long Beach Power Co. 1st
100 Schulman Realty Co.,$10 ea.$500
$106 lot
65, 1940
100 National Foundry Co
$500
106 Schieffelin & Co., pref
55
The Federal Reserve Banks.-The Federal Reserve Board issued on January 2 its weekly statement of the condition
of each of the Federal Reserve banks, as well as the consolidated statement for the Federal Reserve system as a whole as
at close of business on the last day of the past year. The statement indicates a loss of 2.7 million dollars in total cash
resources and of 3.5 million dollars in gold as compared with the previous week's figures. The loss of cash in the hands of
the banks is more than offset by an increase of 3.7 million dollars of gold in the hands of.the Federal Reserve agents.
Loans and discounts show an increase of over 2 million dollars-Richmond,Minneapolis, Philadelphia and Dallas showing the largest gains in discount operations during the week. Chicago and New York for the first time report investments
in public securities. The gain of 6.5 million dollars in all other resources is due chiefly to the increase in the amounts of
national bank notes and Federal Reserve notes in the hands of the banks.
Deposits show an increase of 6.2 million dollars, mainly at those banks which report a gain in discount operations.
The amounts in transit between the several Federal Reserve banks was $7,930,000, as compared with $5,663,000 at the end
of previous week.
Federal Reserve agents report additional issues to the banks of 3.6 million dollars of Federal Reserve notes, but because
of the still larger amounts of gold and lawful money in their hands and of Federal Reserve notes in the hands of the banks
themselves, the net liability of the banks upon their outstanding circulation was at the end of the year only slightly above
3.75 million dollars.
Following is the statement, together with the figures for preceding reports:
STATEMENT OF COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS OF THE UNITED STATES OF AMERICA
AT THE CLOSE OF BUSINESS DECEMBER 31 1914.
Gold coin and certificates
Legal tender notes, silver certificates and subsidiary coin
Total
Bills discounted and loans:
Maturities within 30 days
Maturities within 60 days
Other
Total
Investments
All other resources
RESOURCES.
Dee.31 1914. Dec. 241914. Dec. 181914, Dee. 11 1914. Dec. 4 1914. Nov.271914. Nov. 20 1914
$229,069,000 $232,568,000 $233,279,000 $232,073.000 $230,912,000 $227,840,000 $203,415.000
28,578,000
25,748,000
32,020,000
34,630.000
25,008,000 • 28,170,000
37.308.000
8255,647,000 5258,316,000 8258,287.000 3260,243,000 $262,932,000 $262,470,000 $240,723,000
$4,632,000
4,215,000
1,746,000
$4,102,000
2,750,000
1,700,000
55,049,000
2,266,000
1,728,000
$6,466,000
1,960,000
1,831.000
$7,724,000
1,025,000
1,095,000
$5,857,000
1,097,000
429,000
510,593,000
255,000
11,349,000
38,552,000
89.043.000
$10,257,000
59,844,000
$7,383,000
4,815,000
2,660,000
1,976,000
308,000
165,000
35,607,000
95,000
$277,844,000 $271,683,000 $269,990,000 $272,476,000 $273,084,000
8270,018.000 8246,425,000
LIABILITIES.
Capital paid in
518,051,000 $18,050,000 $18,050,000 518,047,000 318,047,000
Reserve deposits
.256,018,000 .249,786.000 m248,084.000 250,937,000 251,067,000 $18,050,000 $18,072,000
249,268,000 227,138.000
Federal Reserve notes in circulation (net amount)
63,775,000
63,847,000
63,856,000
63,492,000
63,970,000
2,700,000
1,215.000
Total liabilities
$277,844,000 $271,683,000 $269,990,000 $272,476,000 5273,084,000
$270,018,000
$246,425,000
Gold reserve against all liabilities
88.2%
91.7%
92.8%
91.6%
90%
90%
89%
Cash reserve against all liabilities
98.4%
101.8%
102.5%
102.3%
103%
104%
Cash reserve against liabilities after setting aside 40% gold reserve
105%
against Federal Reserve notes in circulation
99.3%
102.8%
105%
Dec.311914, Dec.24 1914, Dec.1:3
105%
125a. Dec.1111211,
7. Dec. 4 10
941.7.
(a) Net deposits, after deduction of items in transit between
Federal Reserve banks
17,930,000
$5,663,000
$5,169,000
52.919,000
(b) Federal Reserve notes in circulation
$16,027,000 *512,412,000
$8,869,000
56,702,000
55.105,000
Gold and lawful money in handset Federal Reserve Agent for
retirement of outstanding notes
12,252,000
8,565,000
5,013,000
3,210,000
1,135,000
Liability of Reserve Banks upon outstanding notes
$3,775,000 *53,847,000
53,856.000
53,492,000
83,970,000
*Corrected figures.
Total resources
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESE V
Boston. New York. Philadera. Cleveland,
RESOURCES.
$
$
$
$
Gc:16 coin and certificates
12,919,000 82.235,000 16,642,000 17,674,000
Legal-tender notes, silver certificates and subsidiary coin
935,000 10.864,000 2.626.000 1,017,000
Total
13,854,000 99,099,000 19,268,000 18,691,000
154,000
Biils discounted and loans
279,000
786,000
506,000
In vestments
50,000
68,000 5,457,000 1,447,000
Al1 other resources
318,000
Total resources
Richmond. Atlanta. I Chicago. St. Louis. Minneap. Kan,
City. Dallas. San Aran.
$
$
I S
3
$
$
$
8
8.688,000 3,133,000 37,776,000 9,228,000
9,904,000 10,284,000 8,292,000 14,298,000
112,000 2,193.000i 931,000
869.000
21,000
534,000 404.000
72,000
8,800.000 5,326.000 38,707,000 10,095,000 9,925,000 10,818,000 6,696,000 14,368,000
2,022,000 1,079,000 2.617,000
288.000 1,104,000
79,000
752,000
927.000
205.000
213,000
970,000
880.000 951,000
271,000
78.000
44,000
652,000
14,076,000 104.885,000 21,501,000 19,515,000 11,035,000
7.375.000 42,409.000 11,334.000 11.300,000 10,941,000 8.275.000 15,198,000
LIABILITIES.
12,457,000 101.563,000 19,415,000 17,344,000 9,161,000
nerve deposits
6,155,000 38,495,000 10,372,000 10,486,000 9,942,000 6,909,000 13,719.000
mleral Reserve notes in circulation-net amount
140,000
780,000
434,000 1,717,000
39,000
183.000
410,000
72,000
1,819,000 3,322,000 2.086,000 2,031,000 1,094,000
tnital paid in
786,000 2.197.000, 923,000
814,000
956.000 1,296,000
927.000
_
14.078,000 104,885,000 21.501,000 19,515.000 11,035,000 7.375,00042.409.000I
Total liabilities
11.334.000 11.300.0(0 10.941.000 8.275.000 15.198,000
THE CHRONICLE
122
[VOL. 100.
NEW YORK WEEKLY CLEARING-HOUSE RETURN.
CLEARING HOUSE
MEMBERS.
.Q.0000WWW-4..405005WWWhIW...
MotO.O.4.04,...40W=4.WwoWOW.OWb2W4.W.
Week Ending
Jan. 21915.
(00s omitted.)
Loans,
Discounts,
Investm'ts,
&c•
(Nat.Banks Oct.31)
(State B'ks Sept.12)
Capital.
Net
Profits.
Member. of Federal
8
$
Reserve Bank.
Bank of N. Y., NBA.. 2,000,0 4,577,2
2,000,0 2,202,9
Merchants' Nat. Bank__
Mech. & Metals Nat... 6,000,0 9,455,8
National City Bank_ _ __ 25,000,0 33,235,4
Chemical National Bank 3,000,0 8,112,6
805,8
1,000,0
Merchants' Each. Nat__
114,4
300,0
Nat. Butchers & Drov__
American Exchange Nat. 5,000,0 4,600,0
Nat. Bank of Commerce 25,000,0 16.744,9
2,250,0 1.390,6
Chatham & Phenix Nat_
Hanover National Bank 3,000,0 15,282,9
2,550,0 2,375,9
Citizens' Central Nat_ __
1,000,0 1,988,6
Market & Fulton Nat__
1,500,0 7,856,1
Importers' & Traders'__
5,000,0 14,893,6
National Park Bank_ _ __
65,9
250,0
East River National_ _ __
1,000,0 2,981,1
Second National Bank__
First National Bank.._. 10,000,0 23,592,3
Irving National Bank.. 4,000,0 3,673,5
500,0 1,983,6
N.Y. County National_
5,000,0 9,816,7
Chase National Bank__ _
1,000,0 1,834,7
Lincoln National Bank_
1,000,0 1,319,4
Garfield National Bank_
250,0
501,7
Fifth National Bank__ _ _
1,000,0 2,690,9
Seaboard National Bank
1,000,0 2,910,3
Liberty National Bank_
618,4
1,000,0
Coal & Iron Nat. Bank_
1,000,0 1,002,8
Union Exch. Nat. Bank_
1,000,0 1,152,3
Nassau Nat., Brooklyn_
Average.
IS
25,956,0
22,377,0
89,279,0
220,993,0
33,952,0
8,627,0
1,911,0
53,662,0
146,122,0
22,324,0
81,579,0
22,787,0
8.491,0
26,883,0
96,950,0
1,663,0
15,229,0
113,260,0
43,424,0
10,384,0
109,171,0
13.963,0
8,216,0
4,382,0
23,044,0
23,783,0
6,573,0
9,769,0
7,816,0
Legal
Tenders.
Cold.
Silver.
Nat.Bank Nat.Bank Federal
Reserve
Notes
Notes
Bank
[not
[reserve
Notes
for State counted
[not
as
Institureserve]. reserve].
tions].
Average. Average. Average. Average. Average. Average.
$
$
S
$
$
3
58,0
1,636,0
213,0
761,0
35.0
35,0
1,153,0
841,0
263,0
58,0
6,819,0
690,0 3,166,0
263,0
218,0
35,753,0 22,500,0 8,035,0
159,0
856,0
661,0 1,292,0
7,0
74,0
369,0
281,0
153,0
16,0
100,0
30,0
100,0
3,0
279,0
1,705,0 2,541,0 4,790,0
41,0
237,0
12,259,0 3,971,0 2,117,0
24,0
399.0
1,150,0
609,0 1,213,0
27,0
168,0
8,112,0 1,185,0 2,173,0
2,0
185,0
1,196,0
55,0 1,641,0
4,0
188,0
827,0
597,0
859,0
119,0
1,390,0 1,416,0
834,0
569,0
6,485,0 1,379,0 4,687,0
39,0
143,0
35,0
149,0
10,0
98,0
1,183,0
162,0
579,0
8,0
242,0
13,278,0 1,463,0 4,404,0
51,0
182,0
3,494,0 1,705,0 2,851,0
262.0
285,0
104,0
454,0
1,0
186,0
9,972,0 4,314,0 1,973,0
15,0
248,0
1,573,0 2,475,0 1,054,0
128,0
422.0
397,0 1,183,0
27,0
80,0
290,0
108,0
1,0
164,0
828,0
2,178,0
709,0
4,0
31,0
658,0
296,0 1,229,0
83,0
258.0
137,0
246,0
140,0
219,0
911,0
78,0
1,0
39,0
393,0
124,0
329,0
Totals, avge. for week 112,600,0 177.780,3 1,257,570,0 113,976,0 49,180,0 48,460,0
000000
W.400t.O.W.CW..4004.W.D
Totals, actual conditlo a Jan. 2
Totals, actual conditio o Dec.26
Totals, actual conditio n Dec. 19
,
State Banks.
Not Members of
Federal Reserve Bent.
2,050,0
Bank of Manhattan Co_
1,500,0
Bank of America
500,0
Greenwich Bank
500,0
Pacific Bank
200,0
People's Bank
2,000,0
Metropolitan Bank
3,500,0
Corn Exchange Bank_ _ _
250,0
Bowery Bank
750,0
German-American Bank
100,0
Fifth Avenue Bank
200.0
German Exchange Bank
200,0
Germania Bank
1,000,0
Bank of the Metropolis_
200,0
Wrist Side Bank
1,000,0
N.Y.Produce Exch__ _
1,500,0
State Bank
1,000,0
Security Bank
1,265,839,0 113,509,0 49,038,0 46,224,0
1,255,007,0 115,481.0 48,257,0 48,533,0
1,253,307,0 115,134,0 51,910,0 47,172,0
4,880,4
6,197,1
1,131,7
1,013,8
458,6
1,850,1
7,016,7
779,5
704,0
2,156,6
821,5
990,2
2,140,9
701,8
936,2
598,3
342,0
35,200,0
27,827,0
9,438,0
5,120,0
1.961,0
13,681,0
65,866,0
3,760,0
4,327,0
13,920,0
3,388,0
5,965,0
12,318,0
4,379,0
10,001,0
18,309.0
10,461,0
9,685,0
4,116,0
949,0
393,0
203,0
955.0
6,553,0
234,0
751,0
1,637,0
480.0
597,0
1,010,0
276,0
1,577,0
1.174,0
637,0
3,393,0
1,436,0
250,0
319,0
84,0
242,0
1,763,0
17.0
103.0
458,0
84,0
87,0
422,0
195,0
326,0
402,0
85,0
4.436,0
1,462,0
658,0
521,0
275,0
944,0
3,486,0
50,0
162.0
1,104,0
167,0
174,0
911,0
213,0
629,0
716,0
328,0
459,0
412,0
286,0
236,0
9,0
254,0
2,443,0
86,0
46.0
152.0
110,0
106,0
521,0
68,0
57.0
574,0
290,0
Reserve
National
Net
with
Net
Bank
Time
Demand
Circula- Na
Legal
Deport- Deposits. Deposits. Lion.
lanes..
Average. Average. Average. Average.
3
S
$
$
1,673,0
22,532,0
200,0
799,0 1
20,251,0
2,000,0 1
1,522,0
5,735,0
78,538.0 1,891,0 8,200,0 9
22,620,0 237.869,0
161,0 3,913,0 1
2,002,0
26,022,0
1,949,0 1/
573,0
7,460,0
47,0
496,0 12
147,0
1,768,0
89,0
50,0 1/
4,047,0
50,178,0
987,0 4,244,0 21
9,790,0 124,764,0
7,453,0 21
1,494,0
20,536,0
111,0 2,343,0 31
80,597,0
6,335,0
277,0 31
1,660,0
20,972,0
166,0 1,555,0 31
8,322,0
214,0 41
718,0
50,0 51
1,960,0
23,115,0
638,0 3,580,0 59
6,703,0
90,064,0
50,0 51
165,0
1,910,0
685,0 61
12.773,0
1,000,0
5,077,0 61
9,349,0 109,055,0
3,287,0
45,273,0
322,0 1,640,0 at
495,0 71
700,0
8,935,0
120,0
450,0 74
9,138,0 119,570,0
1,620,0
890,0 8(
17,561,0
350,0 81
712,0
8,283.0
391,0 81
324,0
11,0
4,210,0
405,0 81
2,105,0
25,281,0
500,0 91
1,942,0
23,248,0
750,0
400,0 91
503,0
5,938,0
400,0 10(
46,0
702,0
9,385,0
267,0 111
7,0
6,757,0
476,0
4,631,0
497,0 99,002,0 1,211,167,0
5,546,0 49,123,0
4,714,0
4,289,0
4,586.0
455,0 100,297,0 1,224,912,0
543,0 98,499.0 1,201,953,0
527,0 95,313,0 1,193,799,0
5,268,0 48.569,0
6,448,0 52,576,0
7,048,0 56,837,0
1,150,0
569,0
46,860,0
27,341,0
10,283,0
5,009,0
2,327.0
12,043,0
73,783,0
3,369,0
4,207,0
14,660,0
3,360,0
5,837,0
12,036,0
4.297,0
10,742,0
19.928,0
9,483,0
373,0
40.0
52,0
2,0
3,000,0
209,0
200,0
127,0
84,0
110,0
38,0
17,0
167,0
5,0
3,240,0
Totals, avge. for week 16,450,0 32,719,4
245,921,0 31,277,0
9,686,0 16.236,0
6,109,0
176,0
2.0
5,738,0
265,565.0
Totals, actual conditio n Jan. 2
Totals, actual condltio n Dec. 26
Totals, actual conditio n Dec. 19
246,895,0 29,939,0
246,825,0 30,302,0
245,294,0 30,936,0
9,861,0 19,119,0
9,017,0 16,012.0
9,871,0 17,245,0
5,174,0
5,853,0
6,509,0
337,0
129,0
3,0
2,0
3,0
5,534,0
5,732,0
5,712,0
268,119,0
261,932,0
262,375,0
5,0
1,119,0
5,464,0
1,712,0
764,0
1,183,0
7,547,0
328,0
519,0
2,271,0
845.0
1,589,0
560,0
457,0
1,062,0
692,0
22,389,0 5,430,0
109,280,0 20,845,0
34,244,0 6,744,0
15,942,0 4,136,0
23,650,0
592,0
150,940,0 19,037,0
6,607,0
49,0
10,940,0
253,0
45,415,0 12,558,0
16,922,0
535,0
31,511,0 5,940,0
11,196,0 1,693,0
9,138,0 1,002,0
21,257,0 4,119,0
39,0
13,837,0
Trust Companies.
Not Members of
Federal Reserve Bank.
1,500,0 3.471,9
Brooklyn Trust Co
10,000,0 2,513,5
Bankers Trust Co
IT. S. Mortgage ,Sr Trust 2,000,0 4,259,3
1,250,0 1,197.1
Astor Trust Co
Title Guarantee & Trust 5,000,0 11,532,3
Guaranty Trust Co____ 10,000,0 21,415,4
1,000,0 1,331,5
Fidelity Trust Co
Lawyers Title Ins.& Tr. 4,000,0 5,214,5
Columbia Trust Co_ _ ... 2,000,0 7,103,6
1,000,0 1,359,8
People's Trust Co
3,000,0 11,586,4
New York Trust Co_ _ __
1,000,0 1,126,8
Franklin Trust Co
571,5
1,000,0
Lincoln Trust Co
2.000,0 6,089,1
Metropolitan Trust Co_
864,9
Broadway Trust Co.,,.. 1.500,0
3,467,0
3,486,0
3,455,0
3,451,0
29,410,0 1,321,0
135,205,0 10,523,0
41,263,0 3,332,0
20,031,0 1,041,0
37,605,0 1,843,0
199,044,0 13,339,0
363,0
7.970,0
927,0
18.275,0
59.559,0 4,271,0
17,234,0 1,251,0
46,954,0 3,463,0
499,0
13,380,0
603,0
10,286,0
29,641,0 1,241,0
13,547,0 1,144,0
182,0
106,0
332,0
25,0
91,0
247,0
116,0
97,0
95,0
77,0
146,0
37,0
29,0
452,0
115,0
427,0
187.0
319,0
275,0
139,0
1,304,0
111,0
96,0
501,0
249,0
98,0
136,0
208,0
514,0
417,0
297,0
98,0
139,0
200,0
303,0
594,0
90,0
20,0
578,0
238,0
54,0
441,0
122,0
150,0
383,0
679.384,0 45,161,0
2,147,0
4,981,0
3,707,0
28.0
74,0 26,112,0
523,268,0 82,972.0
678,774,0 45,828,0
677.265,0 45,171,0
679,785,0 45,000,0
2,260,0
1,979,0
3,536,0
6,162,0
4,025,0
7,169,0
3,06'3,0
3,786,0
4,205,0
51,0
69,0 26,456,0
38,0 25.740,0
107,0 25,975,0
529,134,0 83,182,0
516,294,0 83,577,0
519,502,0 83,259,0
Grand Aggregate, avge_ 175,300,0 300,137,3 2,182,875,0 190,414,0 60,993,0 69,677,0 9,816,0
+3,345,0 -816,0 +206,0-2.107.0 -359.0
Comparison. prey. week
Grand Aggregate, actual condition Jan. 2_ 2,191,508.0 189.276,0 61,159,0 71,505,0 8,2377)
+12,411,0 -1,678.0 +1,906,0 +2,915.0-1,402.0
Comparison, prey. week
4,835,0
+335,0
9,639,0
Grand Aggregate, actual condition Dec. 26_ 2,179,097,0 190,954,0 59,253.0 68,570,0 10,714,0
Grand Aearegate. actual condition Dee. 19_ 2,178,386.0 191,070,0 65,317,0 71.586.0
4,418,0
4,566,0
Totals, avge. for week 46,250,0 89,637,6
Totals, actual conditio n Jan. 2
Totals, actual condttio n Dec. 26
Totals, actual conditio 0 Dee. 19
43,0
10,0
2,0
10,0
2,0
4,0
26,0
1
(
11
21
------31
49
41
7(
71
71
71
71
81
139
91
91
91
101
101
104
101
101
101
10)
11(
111
fir:
119
111
111
111
11(
573,0 130.852,0 2,000,000.0 91,985,0 49,123.0
-98.0 +1.600,0 +18,918,0 -956,0-5,790,0
527,0 132,287,0 2,022,165,0 91,936.0 48,569,0
5,102.0
+684,0 -106,0 +2,316,0 +41,986,0 -1,544,0 -4,007,0
633.0 129.971,0 1.980,179,0 93,480,0 52,578,0
637,0 127,000,0 1,975,676,0 93,758,0 56,837,0
STATEMENTS OF RESERVE POSITION.
Actual Figures.
Averages.
Cash reserve Reserve in
in vault. depositaries
Total
reserve.
*Reserve
required.
Surplus
reserve.
Inc.or dec.
Cash reserve Reserve in
from
previous wk. in vault. depositaries
Total
reserve.
aReServe
required.
Surplus
reserve.
Inc. or dec.
from
previous wk.
11
Members Federal
-3,210,290 208,771,000 100,297,000 309,068,000 220,747,560 88,320,440 -5,775,620
Reserve Bank.. 211,616,000 99,002,000 310,618,000 218,287,360 92,330,640 -1,380,380 64.093,000 5,534,000 69,627,000 48,261,420 21,365,580 +1,597,340
63,288,000 5,738,000 69,026,000 47,801,700 21,224,300
State banks
26,456,000 83,769,000 79,370,100 4,398.900 +1,142,000
55,996,000 26,112,000 82,108,000 78.490,200 3.617.800 -111,100 57,313,000
Trust companies
462,464,000 348.379,080 114,084,920 -3,036,280
132,287,000
-4,701,770
330,177,000
117,172,740
Total Jan. 2.. 330,900,000 130,852.000 461,752,000 344,579,260
121,874,510 +890,930 328,418,000 129,971,000458.387,000 341,265,800 117,121,200 -8,176,780
Total Dec. 26_ 333,976,000 129,252,000 463,228,000 341,353,490 120,983,580 +1,281.170 338,687,000 127,000,000 465,687,000 340,389.020 125.297,980 +8,305,580
460.849.000
339,865,420
Total Dec. 19_ 335,113.000 125.736,000
339,975,590 119,702,410 -7.889,900 333,559,000 123,911,000 457,470,000 340,477,600 118,992,400 -2,473,230
Total Dec. 12._ 335,731,000 123,947.000 459,678,000
in the ease of State Banks and Trust'Companies but in the case of Members of the Federal Reserve Bank
*Tills is the reserve required on Net Demand Deposits
reserve required on Net Time Deposits, which was as follows: Jan. 2, 1277,300: Dec. 26 3332,750: Dec. 19, 1353,3501 Dec. 12, 8350.450.
It Includes also the amount of
the case of State Banks and Trust Companies but in the case of Members of the Federal Reserve Bank
in
Deposits
Net
Demand
on
a This is the reserve required
Deposits. which was as follows: Jan. 2. 8263,400; Dec. 26, 8322,400; Dec. 19, 5352,400; Dec. 12, $365,350.
it includes also the amount of reserve required on Net Time
State Banking Department reports weekly figures
showing the condition of State banks and trust companies
House, and these are
in New York City not in the Clearing
shown in the following table:
P9'5The
COMPANIES INGREATER
1317MMARY OF STATE BANKS AND TRUST
IN CLEARING-HOUSE STATEMENT.
.,0 NEW YORK, NOT INCLUDEDState Banking Department.)
(Figures Furnished by
844,400
8561,931,500 Inc.
Loans and investments
574,900
43,263,200 inc.
Geld
327,800
Inc.
12,595,100
notes
Currency and bank
Total deposits
$645,579,300 Inc. 8825.300
Deposits, eliminating amounts due from reserve depositaries and from other banks and trust companies in New York City, and exchanges
560,108,200 Inc. 4.086,000
Reserve on deposits
145,543,800 Dec. 2,926,700
Cush in vault
Deposits in banks & trust co.'s_
Total
RESERVE.
-State Banks-Trust Companies
9.811%
$11,605,600 13.07%
1344.252.000
10,927,100 12.30%
78.758.400 17.56%
$22,532,900
25.37%
$123,010,900 27 42%
JAI.9 1915.]
THE CHRONICLE
123
The averages of the New York City Clearing-House banks tinguish between the results for New York City(Greater New
and trust companies, combined with those for the State banks York)and thosefor the restof the State,as per
thefollowing.
and trust companies in Greater New York City outside of the
For definitions and rules under which the various items
Clearing House,compare as follows for a series of weeks past: are made up, see "Chronicle," V. 98, p. 1661.
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit ciphers in all these figures.
Week Ended- Loans and
Investments
Oct. 10
Oct. 17
Oct. 24
Oct. 31
Nov. 7
Nov. 14
Nov.21
Nov.28
Dec. 5
Dec. 12
Dee. 19
Dec. 26
Jan. 2
2,739,404,1
2.734,094.1
2.721.140.7
2,713,050.6
2,705,062.3
2,693,549,1
2.725.762 7
2.716.296,6
2,727,144.8
2,739,891.7
2,736,668,6
2,741,417,1
2,744.806.5
Denvznd
Deposits.
2,493.189,0
2,489,016.7
2,477,065.3
2.472,481,5
2,478,226,8
2,475,678.3
2,489,479,2
2,505,515.9
2.510,353,2
2,525.517,5
2,527,814,4
2,537,104,2
2,560,108,2
STATE BANKS AND TRUST COMPANIES.
Entire
Total
Money Reserve on
Holdings. Deposits.
Sped,.
Other
Money.
373.550,4
376,766,8
380,955.5
386,000,5
386,205,2
381.795.4
110,535,9
112,473.2
115,807,6
117,255,6
118,853,6
115,869,5
307,801.5 91,044,4
305.509.9 90.093,1
303,984,6 86,175,0
303,090,4 86,774.8
305,702.3 83,229,3
303,354,2 83,404,1
3
484,086,3
489,240,0
496,763,1
103,256,1
505,058.8
497,664,9
404.500,2
401,843.9
395,603,0
390.159.6
389,885,2
388,931,6
386,758,3
621,245,6
624,377,1
633,582,2
645,745,2
C52,656.2
643,626,3
612,901,6
608,533.3
608.010,0
602.362,3
605,680,7
611,698,5
607,295,8
Week ended Jan. 2.
State Banks
Trutt Co..
State Banks
Trust Cos
in
in
outside of
outside of
Greater N. 3'. Greater N. 3'. Greater N. F. Greater N. l'
Capital as of Sept. 12____
24,550,000
67,300,000
10,758,000
11.300,000
Surplus as of Sept. 12....
39,119,300
151,148,900
13,894,100
11,702,800
320,206.400 1,139,110,900
-1,784,900
+304,700
132,041,900
-559,000
190,798,300
-45,600
Loans and investments__
Change from last week_
In addition to the returns of "State banks and trust companies in New York City not in the Clearing-House" furnished
by the State Banking Department, the Department also
presents a statement covering all the institutions of this
classin the whole State. Thefigures are compiled so as to dis-
Specie
Change from last week
42,888,400
+271,800
83,776,500
+647,000
Legal-tender & bk. notes_
Change from last week_
32,178,300
-814,300
16,606,200
+12,800
Deposits
Change from last week.
405,919,200 1,241,368,200
+2,680,500 +8,865.800
135,446,000
-16,100
197.006,000
+059,100
Restive on deposits
Change from last week_
99,745,700 238,563,600
+430,500 -2,932,100
21,345,900
-293,000
25,339,000
1+369,600
17.7%
17.9%
15.5%
15.3%
P.C. reserve to deposits_
Percentage last week__
20.0%
29.0%
24.1%
24.5%
+ Increase over last week. -Decrease from last week.
RETURN OF NON-MEMBER INSTITUTIONS OF NEW YORK CLEARING-HOUSE.
CLEARING
NON-MEMBERS.
Net
Profits.
Total
354,300 1.485,000
461,300 5,775,000
724,300 6,505,000
673,400 6.563.000
173,200 1.139.000
451,400 5,994,000
305.700 3.381,000
516,300 5,239,000
722,900 16,173,000
177.400 3.023,000
MOn§§§§
State Banks.
Not Members of the
Federal Reserve Bank.
100,000
'lank of Wash'n Hgts.
500,000
Century Bank
Colonial Bank
400,000
300,000
Columbia Bank
200.000
Fidelity Bank
2003000
Mutual Bank
200,000
New Netherland Bank
Yorkville Bank
1003000
Mechanics' Bk., Bkln 1,600,000
North Side Bk., BkIn
200,000
..w.a.
w-11.1,
0,0wo.-z..0t9-4
.wocowwcomoop
Nat. Bank
Loans,
Notes
Discounts,
Legal
[Reserve for
Gold.
Week Ending
Tenders.
Silver. State Insti/Nat. banks Oct. 31) InvestJan. 2 1215.
tutions].
%State banks Sept.12 ments..".
Average. Average. Average. Average. Average.
Members of
Fed'i R
Bank.
$
$
$
$
$
5
s
134,000 1,885,000
200,000
Batty Park Nat. B'k
62,000
33,000
25,000
678,200 4,500,000
300,000
74,000
First Nat.13k., Bklyn.
44,000
157,000
300,000
593,800 4,817,000
185,000
Nat. City Bk.,Bklyn.
122,000
53,000
First Nat.Bk Jer. C. 400,000 1,259,500 4,463,000
236.000
370,000
84,000
250,000
803,200 3,187,000
Huds'nCo.N.Bk.J.C.
73.000
14,000
59,000
444,700 2.415,000
200,000
60,000
Third Nat. Bk.,-J. C.
65,000
9,000
220,000
668,800 4,910.000
First Nat. Bk.,Ilob'n
91.000
29,000
49,000
SecondNat.Bk.,Hob'n
125,000
300,800 3.891,000
65,000
46,000
93,000
1,995,000 4,883,000 30,068,000
Total
846,000
598.000
654,000
Capital.
3,800,000 4,560,200 55,277,000 3,313.000
Trust Companies.
Not Members of the
Federal Reserve Bank.
Hamilton Tr.Co.,Bkn
Meehan.Tr.,Bayonne
Total
11,000
95,000
132,000
148,000
9,000
77,000
22,000
60,000
90,000
25,000
71,000
127,000
448.000
282,000
26.000
123,000
135,000
200,000
688,000
112,000
669,000 2,2103100 1.941,000
10,000
13,000
23,000
19,000
73,000
58,000
69,000
550,000 1,349.000 11,278.000
620,000
36,000
92,000
127,000
Grand aggregate
6.345,000 10,792,200 96.623.000 4.779.000 1.303,000
2,956,000
Comparison,prey.wk
-35,000 +10,000
+5.000 +34,000
Excess reserve, $158,700 Increase
Grand aggete Dec. 26 6,345,000 10,792,20096.658.000 4,769,000 1,298,000
2,922,000
Grand aggr'te Dec. 19 6,345,000 10,792,200 96.180.000 4,855,000 1.172,000 3,080,000
Imports and Exports at New York City.
FOREIGN IMPORTS AT NEW YORK.
1914.
1912.
1913.
225,000
10,000
567,000
53,000
Dry Goods
General Merchandise_._
Average. Average. Average.
$
$
$
7,000
3,000
200,000
19,000
3,000
474.000
25,000
2,000
547.000
44,000
489,000
66,000
246,000
28,000
260,000
21,000
277,000
15,000
185,000
12,000
273,000
324.000
204,000
9,000
151,000
94,000
111,000
708,000
55,000
500,000 1,057,000 7,592,000
50,000
292,000 3,686,000
Fs,' Week ending Dec. 31.
Reserve
Nat. Bank Federal
with
Notes [Not Reserve
Legal
Counted Bank Notes Deno*
as Reserve!. NotRes'vel tastes.
1911.
2,068,000
235,000
+174,000 -15,000
1,894.000
1,786,000
250,000
222,000
Net
Deniand
Deposits.
Net
Tints
Deposits.
National
Bank
Circulotion.
Average. Average. Average.
$
S
$
1,626,000
28,000
200,000
3,793,000
320,000
4,434,000
120,000
4.085,000
393,000
2,051,000
198.000
2,164,000
200,000
1,606.000 2,542.000
217,000
1.540,000 1.756,000
100.000
8.000 2.678.000 21,299,000 4,326,000 1,748,000
73,000 1.228.000
364,000 6,058,000
422,000 7.040,000
424,000 7,068,000
62,000 1.030,000
359,000 5,997,000
180,000 3.346,000
328,000 5,652,000
1,016,000 16,929,000
189,000 3,157,000
3,417,000 57,505.000
69,000
278,000
136,000
122.000
15.000
020.000
2,000
330,000 6,601,000
397,000
80,000 1,595,000 2,000,000
2,000
410,000 8,196,000 2,397,000
10,000 6,505,000 87.000.000 7,343,000 1,748,000
+4,000 +37,000 +543,000 +58,000 -26,000
6.000 6,468,000 86.457,000 7,285,000 1.774.000
5,000 6,365,000 85.638.000 7.312,000 1.776,000
Of the above imports for the week in 1914, $4,098 were
American gold coin and $152,469 American silver corn.
Boston Clearing-House Banks.-We give below a summary showing the totals for all the items in the Boston Clearing-House weekly statement for a series of weeks:
$2,185,054
9,992,273
53,658,481
12,068,089
Total
$12.177,327
Since January 1.
Dry Goods
5167,934.446
General Merchandise- _ _ 800,710,418
515,726,570
518,612,549 $18,027,002
BOSTON CLEARING-HOUSE MEMBERS.
5163,946,191
846,909,209
$117,796,402 5146,606,536
882,746,363 758,691,325
Change from I
Jan. 2 1915 previous week. Dec.26 1914 Dec.19 1914
Circulation
$12,174,000 Dee.$3,022,000 $15,196,000 $17,066,000
Loans,disc'ts & Investments_ 237,744,000 Dec.
745,000 238,489,000 238,894,000
Individ. deposits, incl. U. EL 178,969,000 Inc.
3,057,000 175,912,000 178.171,000
Due to banks
76,473,000 Inc. 2,937,000 73,536,000 74,946,000
Time deposits
4,095,000 Inc.
144,000 3,951,000 3,500,000
Exchange clearances
13,043,000 Inc. 3,159,000 9.584,000 11,598,000
Due from banks
24,008,000 Inc.
85,000 23,923,000 25,380,000
Cash reserves
21,291,000
161,000 21,452,000 23,299,000
Reserve In Fed. Res've Bank 7,280,000 Dec.
632,000 6,648,000 6,405,000
Reserve with other banks... 21,037,000 Inc.
Dec. 874,000 21,911,000 21,491,000
Reserve excess in bank
8,607,000 Dec. 395,000 9,002,000 10,800,000
Excess with reserve agents.. 8,353,000
Dec. 1,108,000 9,461,000 8,992,000
Excess with Fed. Res. Bank_
933.000 Inc.
515,000
156.000
423.000
Total 53 weeks
13.827,214
14,784,935
$3,874,073
14,152.929
3368,644,864 81,010,755,400 51,040.542,765 5905,297.921
EXPORTS FROM NEW YORK.
Week ending Dec. 31.
For the week
Previous reported
1914.
1913.
1912.
1911.
$16,908,939 515,102.560 313,054,827 520,273,797
889,384,792 864,056,016 851,638,376 788,124,493
Total 53 weeks
5906.293,731 3879,158,576 5866,693,203 5808,398,200
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Exports.
Week ending Dec. 31.
Gold.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Week.
Since Jan. 1
537,975.900
85,540,015
1,018,913
$1,000
942,201
1,206,014
2.700 1,290,180
3E5,700
Imports.
Week.
$28,120
500
10.3,439
13,795
Since Jan. 1
$18,116
124,195
3,602
2,610,381
1,461,059
4,268,626
1,979,815
$3,700 $128328983
12,970 60,381,892
100 33,423,125
5150,900 310,463,794
189,248 25.797,987
444,574 33,835,655
51,409,811 $37,988,101
72,000 3,328,408
512.766
13,226
18,413
226,293
6,116,177
2,935,142
1,442,033
33,215
406,860
91,346
1,765,359
1,656,334
$1,518,026 $45,236,408
969,841 48,989,436
1,605,352 59,677,748
$150,000
2,469
81,889
2,271
2216,829 510,764.050
123.385 11,020,196
259,518 10,363,982
Philadelphia Banks.-Summary of
totals of
Clearing-House banks and trust companiesweekly
of Philadelphia:
We omit we ciphers
Capital
and
Surplus.
)ct. 24
3gf. 31
Nov. 7
Nov. 14
Nov. 21
Nov. 28
Dec. 5
Dec. 12
Dec. 19
Dec. 26
Jan
2
$
103,684,3
103,684,3
103,684,3
103,684.3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
Loans.
in alt these fioures.
Reserve. Deposits.
•
S
3
$
399,731,0 92,023,0 429,604.0
397,348,0 93,423,0 424,779.0
395,705,0 96,430,0 432,391,0
395,058,0 95,099,0 428,512,0
393,182,0 90,251,0 428,989,0
390,844,0 87,948,0 425,332,0
389,633,0 85,738,0 427,516,0
396,719,0 76,641,0 426,510,0
397,010,0 73,357,0 427,709,0
395,929,0 68.608,0 422,876,0
393,452,0 75,010,0 431,039.0
Ctrada:ton.
Clearings.
$
15,985,0
16,173,0
16,233,0
16.069,0
15,210,0
14,278,0
13,316,0
12,972,0
12,686,0
12,418,0
12,178,0
$
148,031.2
126.758,2
143,524,4
152,173.8
158,692,1
124,747,4
163,149,8
141,291,2
152,095.9
133,478,5
131,233,4
a Includes Government deposits and the Item 'due to other banks' (Jan. 2,
$114,796,000): also "Exchanges for Clearing House" (Jan. 2, 517,762,000). Due
from banks Jan. 2, 252,335,000.
[VOL. 100.
THE CHRONICLE
124
Vaniters'
tli azette.
Wall Street, Friday Night, Jan. 8 1915.
The Money Market and Financial Situation.-The
security markets have this week given substantial evidence
of a new investment demand. This was apparent on Monday and has continued in force throughout the week. Prices
have advanced moderately under the stimulus thus given.
Another important development has been an increased
export demand for wheat and an advance in that cereal to
the highest price in recent years. This adds enormously to
the wealth, not only of the wheat belt, but indirectly to a
much larger territory, so that practically the whole country
is more or less benefitted.
Orders for railway equipment, especially for rails and
steel cars, are increasing, and it is reported that the Steel
Corporation's mills are now running at 40% of capacity, as
against 28% late in December. This seems scarcely a
matter to boast of, but if it indicates an actual change from
the steadily decreasing activity to which we have been so
accustomed of late, to a reverse condition, it is worthy of
mention.
An unexpected incident of the week was a withdrawal from
the Sub-Treasury of $2,000,000 of gold, which is to go directly or indirectly to the credit of the Bank of France. This
was unexpected because not in accordance with existing
foreign exchange market conditions. Sterling bills have
sold this week at 4 833%, the lowest price in several years
past, and as the demand is limited, the outlook is for low
rates for some time to come.
The money markets at home and abroad reflect in the
first instance the unusual dulness of trade and in the second
the effective measures used to provide for carrying on the
war. Call loans have been renewed here at 23/2% and
time loans and commercial paper are correspondingly low.
There is a good demand for municipal and railway bonds
and bond houses are interested in the announcement of a
proposed issue of $100,000,000 by the Pennsylvania Railroad and a $30,000,000 issue by the St. Paul road. Abroad
the Swedish Bank and the Bank of Denmark have reduced
their discount rates. Bank of England's weekly statement
shows no important change in condition of that institution.
The open market rate for call loans on the Stock Exchange
The
on stock and bond collaterals ranged from 2 to 3%.
at
range to-day was 23%@25/%. Commercial paper closed
prime
33%@,4% for sixty to ninety-day endorsements and names
four to six months' single names. Good single
The Bank of England weekly statement on Thursday
showed a decrease of £645,117 in gold coin and bullion
holdings, and the percentage of reserve to liabilities was
32.72, against 33.42 the week before. The rate of discount
remains unchanged at 5%, as fixed Aug. 13. The Bank of
France issued no statement.
Foreign Exchange.-The market for sterling exchange
developed distinct weakness, demand bills declining on
Thursday as low as 4 83%, though recovering slightly
towards the close.
•
were 4 8114 for
To-day's (Friday's) actual rates for sterling exchange
si for cables. Comsixty days. 4 8334@4 8334 for cheques and 4 84(g)4
mercial on banks nominal and documents for payment nominal. Cotton
nominal.
for payment nominal and grain for paymentposted
by prominent bankers
There were no rates for sterling exchange
this week.
francs were nominal
To-day's (Firday's) actual rates for Paris bankers'
for long and 5 2165 20 for short. Germany bankers' marks were nominal
for long and nominal for short. Amsterdam bankers' guilders were 3934
@4014 for short.
Exchange at Paris on London. 255. 35c.; week's range, 25f. 16c. high and
25f. 35c. low.
Exchange at Berlin on London, not quotable.
The range for foreign exchange for the week follows
Sterling. Actual-
Sixty Days.
Iligh for the week_ _-4 82%
Low for the week_ __4 81%
Paris Bankers' FrancsIllgh for the week_ _ _
_
Low for the week_
Germany Bankers'-Mitik-s-
High for the week_ __
Low for the week_ _ _
Amsterdam Bankers' Guilders-
Cheques.
51634
8834
8634
516
5 19
88Y4
863
40%
4034
High for the week_ __
40 1-16
4034
Low for the week___
25c.
Domestic Exchange.-Clilcago, par. Boston, par. St. Louis,
50c. per
San
Francisco,
asked.
discount
15c.
and
bid
discount
$1,000
per
Minneapolis,
premium.
61.000
per
$1.000 premium. Montreal. 6.8734c.
30c. per $1,000 premium. Cincinnati. Par.
State and Railroad Bonds.-Sales of State bonds at the
5,
Board include $65,000 New York 43%s, at 1083% to 108%
$3,000 New York 4s, 1958, at 993% to 100; $1,000 N. Y.
5
at 99%
Canal 4345, at 110; $12,000 N. Y. Canal 4s, 1961,
at 100, and $115,000
to 993%; $11,000 N. Y. Canal 4s, 1960,
Virginia 6s, deferred trust receipts, at 5234 to 58.
The market for railway and industrial bonds hass been
transaction have
more active, and notably strong. Dailyand
of a list of 20
averaged about $2,000,000, par value, of the
city traction
active issues, 14 have advanced. Some Third Ave.
adj. 5s
bonds have been conspicuously strong,
are each 23% points higher.
and N. Y. Railways adj. 5s issued)
have advanced nearly
Consolidated Gas new 68(when
demand.
good
a
on
points
2
t bonds at
United States Bonds.-Sales of Governmen
at 101; $2,000 Panama
the Board include $1,500 3s, coup.,
2s,reg., at 9834. For to-day's
3s,coup., at 1003%,and $2,000
and for yearly range see third
issues
different
the
all
of
prices
following.
page
STOCKS.
Week ending Jan. 8.
Assets Realization
Lackawanna Steel
Pacific Tel & Tel, pref
Union Pacific warrants_
Wells. Fargo & Co
West Maryland, pref.__
Range Year 1914.
Range for Week.
Sales
fcr
Week
5 Jan 4 5 Jan
28 Jan 7 28 Jan
89;4 Jan 4 894 Jan
27% Jan 5 274 Jan
77% Jan 6 l3 Jan
25 Jan 5 25 Jan
200
100
10
600
27.
100
Highest.
Lowest.
Highest.
Lowest.
4
7
4
5
8
.5
5
2614
863-4
2634
78
30
Dec 293-4
July 40
Ja 9014
July 3034
Dec 105%
Jul 60
Jan
Jan
may
July
June
Mar
Outside Market.-Business in outside securities this week
for the most part was of moderate proportions,with the fluctuation in prices uncertain. To-day's market was more
active and prices higher. Oil shares were quiet. Atl. Ref.
sold up some 17 points to 590 and down finally to 585.
Buckeye Pipe Line improved 3 points to 115. Illinois Pipe
Line, "when issued," dropped from 30 to 118 early in the
week, then ran up to 145, with the close to-day at140. Ohio
Oil moved up from 142 to 145, to-day's transactions carrying
the price down to 140. Prairie Oil & Gas after an early gain
of 10 points to 465 fell back to 455, the final :transaction
being at 457. South Penn Oil advanced 20 points to 286
but reacted, the final figure to-day being 280. Standard Oil
(California) receded 4 points to 308 and closed to-day at 310.
Standard Oil of N. J. sold up from 397 to 403 and ends the
week at 400. Standard Oil of N. Y. fluctuated between 199
and 202 and was traded in to-day at 200. Among industrial
stocks automobile issues exhibited a firm tone, Kelly-Springfield Tire corn. advancing from 69 to 78 and closing to-day
at 77. The first pref. sold up from 76 to 80 and down to
7934 finally. The second pref. after a loss of 234 points to
9234 jumped to 1013%. Willys-Overland corn. advanced
from 84 to 87 and reacted finally to 85%. Tobacco Products
pref. was active and advanced from 873% to 893/2, dropped to
at 8734. United Cigar Stores new
8634 and ends the week
4,the close tostock eased off from 98% to 93% and rose to 93
day being at 93%. United Profit-Sharing weakened from
17 to 163% and closed to-day at 163%. Odd lots were traded
%. The new stock receded from 43% to 4 and rein at 173
covered to 43%. Corp. of Riker-Hegeman fluctuated between 734 and 732, with the close to-day at the low figure.
Sterling Gum sold up from 334 to4% and back to 334, with
the close to-day at 4. National Cloak & Suit corn. gained
%. Trading was active in bonds,
over 234 points to 465
converging on St. Paul cony. 5s, which sold down from 1013%
%, with the close to-day at 1013%.
to 1003
4, then up to 1013
4 to
Chic. & N. W.5s were also active, advancing from 1063
1073%. Mining stocks were without feature.
Outside quotations will be found on page 133.
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Cables.
4853448534
484
4833-4
520
Railroad and Miscellaneous Stocks.-The stock market
has been decidedly more active than last week and, except
for a reactionary tendency in some issues on Wednesday,the
market has continued strong. As noted above, the usual
January investment demand is a factor and several highgrade issues have substantially advanced. Among the
latter are Pennsylvania, New York Central, Reading, Lehigh
Valley, Union Pacific and Canadian Pacific, some of which
are 3 to 3% points higher than last week. To-day's market
has been the best of the week with recessions in a few cases.
Some of the industrial issues have been in demand on a
broader activity at many industrial centres. Bethlehem
and closes
Steel has led in the upward movement resulting,43%
points,
with a gain of 53% points. American Can is up
3.
Amalgamated Copper 3 and U. S. Steel 1 4
For daily volume of business see page 133.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
Stocks.
Week ending
Jan. 8 1915.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Stock
Exchange.
Par Value.
Shares.
Railroad.
&c..
Bonds.
U. S.
Bonds.
State
Bonds.
82,113,975
10,993,050
12,485,700
10,874.750
13,534,000
18,355,350
8515,000
1,453,500
1,697.000
1,803,000
1,978,000
2,467,000
$34,000
79,500
241,000
66,000
64,000
41.000
800.159 868,356,825
89,913,500
8525.500
24.774
129,048
148,866
130,598
154,145
212.728
Week ending Jan. 8.
1914.
1915.
8500
2,000
3,000
35.500
Jan. its Jan.8.
1914.
1915.
1,824,967
800,159
Stocks-No.shares..__
868,356,825 $157,777,565
Par value
$5,000
$3,600
Bank shares, par
Bonds.
$21,500
$5,500
Government bonds_
634,500
525,500
State bonds
9,913,500 14,940,500
RR.and misc. bonds._
800,159
$88,356,825
83,600
2,012,678
$173,806,615
$6,000
85,500
525,500
9.913,500
$21,500
724,000
17,059,000
$10,444,500 815,596.500
$10,444,500
$17,804,500
Total bonds
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
EXCHANGES.
Boston.
Week ending
Jan. 8 1915.
Philadelphia.
Shares.
Bond
Sales.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
5,725
14,564
17,144
18,419
21,129
23,285
$16,100
29,500
43,100
28,000
23,100
35,500
1.140
4,340
2.654
2,668
2,570
3,949
45
1,450
1,847
1.306
922
470
50,714
31,454
50,429
18,530
Total
100,288
$175,300
17,321
8,090
8210,588
Listed
Shares.
Unlisted
Shares.
Bond
Sales.
814,883
44,588
1
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
25
OCCUPYING TWO PAGES.
For record of sales during the week of stocks usually inactive, see preceding page.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan. 2.
Monday
Jan. 4.
Tuesday
Jan. 5.
Wednesday
Jan. 6.
Thursday
Jan 7
Friday
Jun 8
93
.96
93
9312 9412 94
9434 9312 9438 9334 9414 9413 9438
*9812 97
97
9712 *____ 9712 96
9612 9613 9612 •96
9914
99
99
99
99
99
9912 §99
09
• 6ij
0833 69
-34 6812 6813 6953 6873 6934 6834 6914 6834 69
"69
6914 6918 6958 6912 6912 13914 6914 6914 6914 6912 7012
*8412 8614 8434 8512 8513 8578 8412 8514 85
8534 8534 8614
*155 156
15534 157
15612 15712 156 15714 15518 15614 15513 15638
*____ 310 *____ 310 •____ 310
310 •____ 310 *295 295
.40
*4112 43
41
41
41
*4212 4213
1012 1034
*1013 1012 1014 1014 1013 11
1013 1012 .1013 11
*26
28
28
2812 *2712 29
28
28
29
2834 2918 *27
87
87
8714 8714 8734
8634 8734 8713 8812 8634 8712 87
125 125
126 •____ 126 *____ 126 *125 125 •____ 125
•____ 122 *._ _ _ 122
122 12213 •122 124 *12312 12312 125 125
____ 132 *:::: 132
*:::: fii- •-_-_-_ 132 • __ 132
•
_ 150
•____ 150 .____ 150 •____ 150 •____ 150
*21
40
;ii
40
•21
40
*21
*21
40
40
*40 _ _ _ _
*45 _ _
*40
_
.47
_ _ *45
_
12
46
*24
*23 12
*2313 28
25
25
22
413 _2_4_
*42
60
*42 _ _ _ _ *42 _ _ _ _ .42 _ _ _ *4
*3312
*3214 50
*33 _ _ -- *3312
*3212
•14012 142
142 142
14212 14213 142 142 f144 144 •14418 146
400
400 400 ▪
.393 400 .300 399 *395 400
39973 400
814 814 *413 512
5
5
434 434
53s 538 *413 6
8
612 €1,
4 *7
'7
812 1712 712 *8
10
634 8
2113 2218 22
2214
.
2133 22
2112 2112 22
2238 2158 22
35
34
3438 35
*33
3412 3414 3473 3412 3533 *3412 35
*26
31
2812
*26
*27
29
•26
31
*27
3012 *27
30
114 11434 11334 11434 11434 11514 :11334 11412
11234 11234 11234 114
2838 2734 2714 2734 2712 2734 2734 2832
27*
2514 2513 26
10712 10712
10712 10712 *107 109
10713 10713 *106 111
107 107
1113 1153 1112 1112
1112 1112 1133 12
1173 1214 1034 12
5014 5038
5034 5214 50
51
50
51
5078 5018 51
"50
2112 2218 2134 2214
22
23
*21
25
2134 2134 22
*21
57
*49
57
*52
57
*49
*50
.50
58
*50
58
58
.412 8
*434 8
5
.
*3
4
5
5
8
*10
*101
___
.
814
__
213414
13134 13233 132 13312 13313
13058 13053 131 13214 13238 133
•---: 112
112 iii1-2 11233 113 *11212 11313 11313 115
*121 129 '121 129 *121 129
•12114 128
•____ 11 *:::: 11 •____ 11 •____ 11 •____ 11
27
27 • _ _ _ 27 *
27 • -- 27
108 10914 16
9. 3-4 10934
106 10612 10658 107 *107 109
126 •__ r, 130
130
•____ 130 .____ 130 •____ 130 •__
814 834
Ai4 9 ▪ 814 814
634 834
773 8
833
26
26
*26
30
*26
26
30
26
26
26
*_ _
26
734 8's
833 834
638 738
658 712
Ms 814
813 858
24 4._ _ 24
23
23
23
23
•_
25 *____ 25
•458 7
*458 7
*458 7
*458 7
*458 7
7
8634 8718 78014 87
8434 8733 8612 8712 8614 87
85
*84
5273 5414 5253 54
5478 5614 5578 5612 5438 56
5473 55
.21
2214 2214 2212 .2112 2214 2134 2238 2214 2214 2218 2238
2512 •____ 26122613 .____ 2612 *____ 2812
.
2512
9912 9912 100 101
;5614 loo
101 10113
OOl2 9912 *9912 101
*85
86
§85
86
*83
•84
*8338 89
86
85
*84
86
10014 10034 10013 10114 1005a 10114 101 10134 2100 10114
100 100
10558 106
10438 10458 10414 10614 106 10614 10514 106
10472 106
4
4
•334 6
*312 6
•334 6
;66- -gi- -io- -76- *68
85 .68
*68
72
72
*68
72
•____ 105 •____ 105 *____ 105 *____ 105 •____ 105 *_ _ _ 105
14514 14658 145 14638 14513 14634 14613 1475*
14278 14312 143 146
86
•____ 8612 *____ 8612 *84
.
84
*84
86 .84
86
86
83
*79
83
.79
*8012 83
*8034 83
*8034 83
83
83
34
78
58
34
34
34
44
"s
34
33
32
3
133 133
§133 138
118
133
118
113 118
118
Ds
11
.
112 212 *112 212 *112 212 *112 212 *112 212 *112 21
*8
*6
12
12
.
6
12
.6
*6
12
12
*6
12
*212 312 *212 312 *234 312 *214 312
4 314 *234 353
•____ 20
20
17
17 •____ 17 •
_ 17
•____ 37 •____ 37 .____ 37 •.___ 38
____
•1113 1112 1114 1134 12
1212 1233 1212 13
1312 1312 14
*____ 38 •____ 38 *._ _ _ 38 *____ 38
38
38
38
3858
8173 82
8134 83
8278 8414 8314 84
8313 8334 837/1 843
•::::
14
14
58 •_ _ _ _
12
•11
•11
35
3512 36
•____
312
.6
*6
8
§97
*9634 97
11534 11614 11614
17912 7934 7912
*812
*7
8
•22
2312 *22
*12
•t2
78
*138 2
158
912 10
914
3
•2
2
*8
.
9
12
*3
4
3
30
39
.
*30
14
14
1453
-1-478-4 1434
58
58
58 •____ 58 *___ _
12
*11
*1012 13
1114 12
3613 37
3734 37
3712 3738
•1
*I
1
I
3
4.8
Ft
6
.6
8
8
97
97 .9634
97
97
97
11673
11778 11634 11814 117 118
: 7934
7934 1797s 7972 17978 797
81: *8
9
8
8
8
23
23
23
24
2312 23
*12
78
.12
•12
78
78
112
132 132
15g
Ps
158
12
*912
11
1014
14
1078
134
134 •2
•1
2
2
•10
•9
*5
15
15
14
3
*212 312 *3
3
3
*32
39
*30
39
39 •32
1478
58
12
3733
3
814
98
118,8
7978
9
24
78
112
1414
3
15
4
35
-i6- 1532
58
5812
*11
12
38
4053
3
*1
812 8
97
97
118 11834
7978 8012
8
912
24
2512
*i2
78
134
112
1312 1412
3
3
*8
15
338 338
*30
39
Sales of
the
1Feek
Shares
STOCKS
NEW YORK STOCK
EXCIIANGE
Railroads
10,500 Atchison Topeka & Santa Fe__
1,000 Do prof
1,702 Atlantic Coast Line RR
7,913 Baltimore & Ohio
2,957 Do pref
6.200 Brooklyn Rapid Transit
5,060 Canadian Pacific
.50 Central of New Jersey
110 Chesapeake 8; Ohio
1,070 Chicago Great West tr ate_
1,200 Do pref trust ars
6,010 Chicago Milw & St Paul
130 Do pref
800 Chicago & North Western
Do prof
Chicago St Paul Minn & Om
Do pref
Cleve On Chic & St Louis
Do prof
---iOO Colorado & Southern
Do let pref
Do 2d pref
492 Delaware & Hudson
440 Delaware Lack & Western
480 Denver & Rio Grande
1,050 Do pref
9,150 Erie
2,400 Do let preferred
Do 2d preferred
7,760 Great Northern pref
4,500 Iron Ore properties
400 Illinois Central
5,875 Interboro-Metropolitan v t ctf
7.100 Do pref
1,000 Kansas City Southern
Do prof
400 Lake Erie at; Western
Do pre(
_ -066 Lehigh Valley
Long Island
2.250 Louisville St Nashville
Manhattan Elevated
Minneapolis St St Louis
Do pref
875 Minn St 14 & 8 S Marie
Do pref
2,600 Missouri Kansas & Texas_ _ _ _
1,100 Do Prof
21,745 Missouri Pacific
500 Nat Rys of Mexico let pref
Do 2d preferred
12,010 NY Central & IIudson River_
9,550 NY NH& Hartford
1,400 N Y Ontario 84 Western
Norfolk Southern
1,000 Norfolk & Western
30 Do adjustment preferred_
5,280 Northern Pacific
11,844 Pennsylvania
200 Peoria & Eastern
100 Pittsb Cin Chic & St Louis
Do pref
76,220 Reading
let preferred
220 2d preferred
1,000 Rock Island Company
1,990 Do pref
St Louis & San Francisco__
Do 1st preferred
100 Do 2d preferred
100 St Louis Southwestern
Do pref
2,025 Seaboard Air Line
2,700 Do pref
15,965 Southern Pacific Co
Certificates (when issued)....
_5,925 Southernv tr ctfs stamped_ _ _
2,315 Do
preferred
do
300 Texas & Pacific
7,340 Third Avenue (N Y)
100 Toledo St Louis & Western_
1,000 Do prof
625 Twin City Rapid Transit_ _
34.090 Union Pacific
1,015 Do pref
1.300 United Railways Investment_
2,000 Do pref
Wabash
2,410 Do pref
3,975 Western Maryland
700 Wheeling & Lake Erie
Do 1st preferred
400 Do 2d preferred
Wisconsin Central
Range for Year 1914.
On basis of 100 share lots.
Lowest
Ilighest.
8912 July30
29612 Dec 31
*9918 Dec 30
67 Dec 24
69 Dec 21
79 July30
153 Dec 24
300 July14
40 Dec 28
914 July30
25 July30
8434 Dec 26
126 Dec 23
122 Dec 28
170 Jan 5
125 MaY30
132 May 2
22 July17
40 July21
20 Mch20
377s July24
29 Dec 21
13834 Dec 24
388 Jan 6
4 July28
8 July27
2013 Jul y30
32 July30
2614 July30
11138 Dec 23
2212 July30
10312 Dec 7
1034 July30
50 Dec 2*
2014 July30
4913 Dec 4
513 July1 1
17 Apr 3
118 July30
28 Jan 15
125 Dec 12
128 Jan .5
912 July30
2712 June30
101 Dec 2
130 June25
813 Dec 29
26 Dec 30
7 Dec 31
30 Jan 19
5 Dec 14
77 July30
4948 July16
1834 Dec 5
2518 July29
9812 Dec 3
85 Jan 7
9838 Dec 24
10213 Dec 23
5 July14
6418 July30
95 June23
137 July30
87 July28
z80 Dec 22
38 Dec 24
1 Dec 24
2 Apr 7
8 May 5
214 Dec 14
177Julyl7
36 July1
1014 Dec 24
4524Jan 2
81 Dec 24
9278 Dec 26
14 Dec 24
58 Dec 24
1112 Dee 26
33 July30
2 Dec 26
434 Dec 24
9478 July30
112 July30
7712 Dec 5
712 Dec 29
22 July30
12 July13
134 Dec 12
1034 Dec 31
212 July30
814 July29
3 Dec 14
2934 July30
10038Jan 23
10134 June29
126 Jan 23
9833Jan 26
83s Jan29
9414 Mch 6
22012 Feb 4
310 Jan 12
68 Jan 22
1514 June23
4112 June23
10718 Feb 4
143 Feb 6
13678 Feb 14
180 Jan 24
13114 July 1
132 May 2
40 Jan 5
70 Feb 9
2812 Jan 27
62 Jan 28
35 Mch26
15932 Feb 4
40634June 6
1914 Jan 31
31 13 Feb 4
3212Jan 23
4934Jan 27
4Q14 Jan23
13434 Feb 4
3914 Jan 19
115 Jan 26
1638Jan 24
6538 June10
2812 July 3
62 Jan 24
9 Jan 23
2112Jan 23
15614 Jan 23
36 Feb 5
14178 Jan 19
133 Feb 7
1611 Jan 31
3512Jan 22
137 Feb 5
145 Feb 2
24 Jan 26
60 Jan 30
30 Jan 27
34 Feb 6
14 Jan 26
9653Jan 31
78 Jan 2
3168Jan 23
43 Jan 12
1057,July 6
90 Apr 29
11812Feb 4
11512Jan 31
8 Jan 22
91 Feb 4
101 Meb25
17234 Jan 22
8938 June24
93 Jan 28
less Jan 23
25 Jan 16
538Jan 15
1711 Jan 13
984 Jan26
2634Jan 28
65's Jan26
2238Feb 5
58 Feb 4
991a Jan 23
10812 June22
2814 Feb 4
8514 Feb 4
1734 Apr 1
4584 Jan 13
1214 Jan 24
23 Jan 26
10812Jan 19
16438Jan 31
88 Feb 4
2384 Feb 6
4914 Mch24
438 Jan 23
13 Jan 23
35 Jan 22
638Jan 7
21 Jan 23
11 Jan 24
48 Feb 4
Range for Previous
Year 1913.
LOUlf4t.
9014 Nov 1063 Jan
96 July 10214 Jan
112 June 13338Jan
9058 June 10638Jan
7714 June 88 Jan
Z834 June 9234 May
204 Dec 26684 Jan
275 June 362 Jan
5118 July 80 Jan
1018 June
1778 Jan
23 June 35 Jan
9634 Nov 11014 Jan
13112 Nov 145 Jan
x123 Dec 138 Jan
17118 Nov 1189 Jan
11912 Aug 125 Mch
130 June 15012 Jan
3478 Aug
54 Jan
9424 Jan
60 Oct
2334 June 33 Jan
69 hIch
60 Dec
55 July 6518 Apr
14712 June 167 Jan
380 Dec 445 Jan
1334 June 2312 Jan
23 JUDO 41 Jan
2014 June 3212 Jan
3313 June 492 Jan
2814 June 41 Jan
11512 June 13248Jan
2513 June 4114 Jan
10234 Dec 12878 Feb
195g Jan
1238 June
45 June 658* Jan
2133 June 2838July
56 June 6112Jan
1112 Feb
7 May
16 Nov 35 Jan
14114 June 16838Jan
30 June 43l Jan
12614 June 14214 Jan
127 June 13258 Feb
12 June 2314 Jan
28 June 47 Jan
11514 June 14214 Jan
131 Nov 1150 Jan
1818 June 2918 Jan
52 June 6412 Apr
431 Jan
2114 Dec
31 Dec
59 Mch
2753 Jan
834 Dec
9038 Dec 10934 Jan
6538 Dec 12978 Jan
2518 June 3378 Jan
39 Dec
471:Apr
98 June 11312 Jan
87 Feb
8014 Aug
10134 June 12258Jan
106 Dec 12314 Jan
12 Jan
8 Nov
7718 Dec 104 Jan
100 June 4109 Sep
15138 June 17134 Dec
9212 Apr
8212 Oct
84 June 95 Apr
2478 Feb
1138 Oct
4434 Jan
1712 Oct
234 June 1984 Jan
13 June 59 Feb
512 June 29 Jan
3512 Jan
20 Dec
75 Jan
5614 Dec
2034 Apr
1412 Jun
38 Juno 4938 Sep
83 Nov 110 Jan
8814 Nov 0012 Sep
1918 Jun
2838Jan
8112 Mch
72 Jun
1014 June 2238 Jan
2778 Juno 4338 Sep
13 Jan
718.1011
1514 June 2084 Jan
10118 June 109 Sep
13734 June 10234 Jan
9313 Jan
7934 Jun
3512Jan
16 Jun
6312 Jan
30 Jun
6 Aug
2 Juno
618July 1718 Aug
2872 Dec
46 Jan
8 Jan
354 Oct
2818Jan
13 Jun
14 Jan
538 Dec
4018 Jun
5812 Apr
Industrial & Miscellaneous
16,700 dAlaska Gold Mining-Par 510 $1912 July30 $2878
May18 $18 No'.
200 Allis-Chalmers Mfg v t c
6 July30 1414 Feb 20
748 Dec
100 Do preferred v t c
3212 July30 49 Jan 28
40 No
63,400 Amalgamated Copper
4834 Dec 24 7818 Feb 4
6138
Jun
300 American Agricultural Chem_
4734 Jan 2 5912 hIch19
4114 Sep
Do pref
9014 Dec 28 9713 Jan 23
90 No
21,170 American Beet Sugar
19 July30 3312 Dec 28
l914Juno
Do pref
66 May 4 80 Dec 14
65 Oct
Amer Brake Shoe & Foundry_
80 Apr 25 9712 Feb 11
8912 Oct
250 Do pref
12013 Jan 12 14648 Feb 20 12734 Nov
51,140 American Can
1914 July30 3518Jan 27
21 June
3,460 Do pref
80 July30 96 Jan 24 18012 Juno
2,000 American Car dr Foundry_ _ _ _
4214 Dec 12 531 Feb 4
3612 Jun
115 Do pref
112 July30 11878 July24 108 Juno
100 American Cities pref
5913 July3068 Jan 26
6014 JUno
American Coal Products
482 Jan 5 18612 Mch24
80 Jul
10 Do Pre
1102 Jan 16 107 July 6 100 NON
4,100 American Cotton Oil
32 July30 4612Feb 9
3312June
100 Do pref
9338 June 5 9738 Mch30
9212 Sell,
300 American Hide & Leather
July30
514
Feb
314
6
312 Jul5.
500 Do prof
17 July30 2534 Feb 6
1518 Jun
600 American Ice Securities
1978 July30 3234 Feb 20
17 Juno.
1.600 American Linseed
712 July30 1148Jan 28
678 JUnO
814 Do pre(
24 Dec 16 3134 Jan16
20 Oct
2,550 American Locomotive
2014 July30 3714 Jan 31
Juno
27
Do pref
96 Jan 6 10212 Mch25
94 Oct
200 American Malt Corporation_
414 Dec 16
914 Jan 26
514 Oct
Do pref
30 Dec 16 5018 Jan 24
4178 Oct
Amer Smelters Sec pref B_ _ _ _
7914 July28 85 Jan 19
7911Juno
2,620 Amer Smelting & Refining__ _
9
5014
712 J
Auly30 71'g Fob 4
5813 Jun
353 Do prof
pr 25 105 Jan 27
Jun
97
300 American Snuff
148 Dec 15 172 Jan 31 150 Jul
Do pref (new)
997
8Jan
4July
9
;i4- 32
Jun
2
100
1063
;Oei- 32 ;Oa- 32
2612 -ii- -if27
*27
225 Amer Steel Foundry (new)_
2712 July30 3712 Feb 16
*102 105
104 104
25 Jun
10334 10334 '103 105 *103 105
510 American Sugar
10313 1041:
Refining-- - 97 klch12 10978 Jan 24
*111 11412 11334 114 *110 115 *111 114
9948 Dec
113 113
11278 113
700 Do pref
10778 Mch31 115 Dec 16 11018 June
•11573 117
116 11612 11634 117
117 117
11713 11712 11814 119
2.845 Amer Telephone & Telegraph_ 114
July30 12414Jan 30 110 Dec
.215 220
220 221
221 221
22012 221
220 220
220 220
1,170 American Tobacco
215 Apr 25 256 Nich23 200 June
*10112 10312 10314 10314 10313 10313 •I0312 104 *104 10434 10412 105
850 Preferred. new
1013
4
Jan
7 109 June 9
25
96 July
*15
•I5
25
10
16
*1473 20
•14
20
19
*14
100 American Woolen
12 Ju1y30 2078 Jan 28
1412 Dec
78
78
*77
78
7413 7813 7834 7834 7812 7812
500 Do pref
7212 kith 4 83 Jan 26
74 May
•Bld and asked prices: no sales on this day.
t Es-rights.
Less than 100 shares. a Ex-div. and rights. b New stock.
'Ex 24% accum. thy.
dollars per share. e First installment paid. z Ex-dly. z Full paid.
2638 271
2628 2634 2012 271
2633 2833 2614 2653 2018 27
*812 9
*812 9
8
8
8
8
*612 9
*612 9
*3412 40
35
35
*3412 37
*3412 37
*3413 37
*3412 37
5134 52
52
531
5234 5384 5212 5338 5238 5438 5433 551
48
_ _ _ 50 •____ 4858
48
48
48
*8912 91
*8913 91
.90
91
*8912 91
*8912 91
*8912 91
3338 34
3334 351
34
3314 337
341
3358 3438 3314 34
*81
84 .78
84
85
*81
*80
85
85
85 .80
*80
.87
07 .87
07
*87
97
•87
97
97 .87
•87
97
•____ 136 •____ 14018 * __ 136
134 135 §13G 136
136
2513 2534 2518 2618 26
2958 2933 301
2714 2612 2753 27
91
*89
*89
9312 94
89
9112 9218 9134 9233 9212 94
4412 4412 4478 45
4538 4514 451
45
45
45
45
45
•11173 11512 •11178 11413 111412 11413 *11173 1148* 113 113 *11212 1141
.5918 5918 __
•:::: 83 ;Ai- "831-4 *- - _ _ 8314 *__
_ 8314
- a-14 •
.104 105 •I04 105 *104 105 •104 105 Oa 105 *103 10412
•3813 39
42
431.
39
40
4112 4.4134 42
39
4213 41
•91
9712 .91
9713 9712 9713
9712 .92
9712 *02
9712 *91
*414 434
453 458
434 454 *412
434 434 *412 5
•18
1934 *18
21
21
1934 1934 2012 20
2012 •1912 21
*2014 21
211:
2058 2114 21
*21
21
21
21
*1014 21
714 714
714 714
838 812
8
8
713 712
734 812
25
25
24
2473 *2414 25
2534 2618 2614
23
23
2214 24
2433 2614
24
24
*2313 24
24
*23
*95
97
•95
*95
97
97
97
*95
97
•4
*4
6
*4
412
6
4
412
413
33 ▪ _
3312 •____ 33 .____ 3313 •____ 31
32
80 .78
80 .78
80
80 •___ _ 80
06
56
5712 5712 59
59
59
58
6014
5812 5712 59
*99 100
100 100
100 100
*9912 100 *10012 10012
100 100
•_ _ _ 155 •___ 155 *__ __ 155
146 146
146 146 •____ 155
-iai2
Highest.
$2438 Oct
0 Dec
4312 Dec
8012 Sep
57 Jan
99 Jan
5012Jan
86 Mob
9614 Jan
13638Jan
4618 Jan
12912 Jan
5638Jan
117 Mch
7813 Jan
94 Jan
10914Jan
5738 Jan
33 May
518 Jan
2814 Feb
2734 Apr
1218 Nov
3338 Nov
4412Jan
10634 Jan
13 Jan
0112 Jan
86 Jan
7434 Jan
107 Feb
193 Jan
105 Jan
4012 Feb
118 Jan
11648 Jan
140 Jan
29434 Jan
10818 Jan
2312 Sep
82 Sep
d Quoted
New York Stock Record-Concluded---Page 2
126
For record of sales during the week of stocks usually inactive, see second page preceding.
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Saturday
Jan 2
Monday , Tuesday
Jan 5
I
Jan 4
Wednesday
Jan 6
Thursday
Jan. 7
Friday
Jan. 8
Safes of
the
Week.
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE.
Range for Year 1914.
On basis of 100 share lots.
Lowest.
I
Highest.
Rangefor Previous
Year 1913.
Lowest.
Highest.
Industrial & Misc (Con)
1178 Nov 3214 Jan
10 Apr 22 1738 Jan 23
Amer Writing Paper pref....__
*. _ II *____ 11 *____ 11 *____ 11 •____ 10 *____ 11
3078 June 4113 Jan
Par $25 2414 Dec 23 3814 Feb 3
2612 3,600 dAnaconda Copper
2614 26
2518 2538 261g 2534 2614 2558 2553 26
ia
531k Jan
18 Mch 5
3612
Dec
52
3812
Jan
7
*35
40
Locomotive
*35
40
*35
40
Baldwin
40
*35
.1.____ 40 1._ _ _ _ 40
I0212Jan 16 110 June 8 10014 June 10512June
35 Do pref
105 ......„ 105 * - 102 1102 102 *___ 105
,
105 •__
'
5_ _
$1 Jan
$158 Jan
Apr 24 $114 Feb 18
$12
Par
$20
,
2
1
Mining.
*
dBatopilas
*72
1
8
*12
7
8
"2
7
8
7
*12
78
*12
25 June 4112 Jan
2912Jan 5 4658 Dec 31
5112 5038 5238 5138 5218 37,030 Bethlehem Steel
4812 4934 48
4614 4658 4634 49
6214 June 74 Aug
68 Jan 10 914 Dec 31
96
97
96
97
4,020 Do pref
9238 9312 9312 95
9112 92
91
91
118 Dee 24 130 Jan 24 120 Oct 13778 Jan
11912 11912
____ _ _ _ *118 120
200 Brooklyn Union Gas
- ---- ----118 118
____ _
858 Feb 2
834 Mch
618 June
712
712 *
_
-712• _
712 *_
712 *
_
_
578 July29
Vi2•
Brunswick Term & ES
• _
25 June 31 Feb
26 Jan 13 2912 June23
30
i54 2734
29 ;2/
100 Butterick
30
.i.i;
i
2.
7
30
;1;i"7
28
ii
Feb
6
16
Aug
5612
Feb
18
30
5
8
Dec
1518
etfs._
1612
v
t
1614
16
14
1612
Petroleum
1618
1,300
California
1614
16
1612
16
1614 1614 16
45 July 86 Jan
50 July30 68 Mch20
50 •____ 5134 *____ 5134
130 Do pref
51
150
*
_ 5134 *__ 5134 51
9014 Dec 10358 Feb
85
8212 s... -- 8212 *77
Case (J I) Thresh M pf tr ctfs.. §77 Dec 29 951* Jan 16
8212 *77
*76
*76
85
85
;77
17 June 3018 Feb
2578 Jan 14 3814 Dec 18
3812 39
3834 3914 20,235 Central Leather
3858 39
3712 3734 3738 3734 3778 39
88 June 9714 Mch
9478 Jan 6 104 July15
1,440 Do pref
*100 10034 *100 10034 10034 10034 10034 10114 10038 10034 101 101
6 110912 Feb 18 100 Dec 11212 Feb
6103
10 Cent & Sou Amer Tel
__ *10614 ___ *10614 111 1110 110 *10934 111 *110 111
Par $5 $3112 Dec 10 44 Feb 4 $3038 June $4758Jan
3312 3312 3378 7.610 dChino Copper
-5512 -333-4 3358 -3418 3338 3378 3234 3314 33
6812 Feb 25 70 Feb 13
Cluett, Peabody ex Co, Inc_
67 •____ 67 •__ _ 67 *____ 67 *- _ _ 67
67
99 July29 10412 Feb 14
100
Do
pref
997
3
*98
100
*9713
*013
9978
994
9978
997
2
*9.8
*9712 MO
2412 June 4112 Feb
2012 July30 3412 Feb 6
2314 2412 2514
800 Colorado Fuel & Iron
22
2134 2134 2238 2238 23
22
23
*20
11212 Dec 23 13912 Jan 24 12518 June 14238Jan
115 11612 11512 11614 7,600 Consolidated Gas(NY)
1134 11412 11414 11412 11414 115
114 114
12
7
8
Dee
Dec
23
2
23,4
258
2
5
8
23
4
rights
212
23.
--------38,050
238
Do
238 2'X.
238 2%,
3712 June26 4514 July 8
42
43
44
44
42
*40
42
1,240 Continental Can
4014 4134 *40
42
*40
84 July28 9134 July 6
*8812 91
91
91
91
350 Do pref
884 8812 *87
91
*87
88
*87
738 June 1718 Jan
7 July30 134Jan 31
Refining
812 912
94 978 7,390 Corn Products
84 838
838 838
814 84
8
814
6112 June 7914 Jan
5818 Jul y30 72 Jan 29
165
65
69
69
6778 6778
65
65
540 Do pref
*6134 66
67
*63
10018 Jan
994
Feb
3
91
12 Dec
2
4Jan
913
peel
•____
89
'P.._
*--__
89
89
1
2
Deere
&
Co
90
•-,
„
89
1
2
*
90 *____
94 June 214Jan
11 July30 2012 Mch 4
12
1138 1158 *1•511 1112 1012 1078
iiii8 12
112
775 Disillers' Securities Corp
*1112 12
18 Jan
714 may 2 15 Jan 28
11 Dec
200 Federal mining d. smelting_
10
10
10
934 934 •-_
10
•_ _ _ 10 *_ 10 •
33 Mch 44 Jan
2858 Dec 30 43 Jan 27
*29
33
*29
33
33
Do pref
*2812 33 *29
35
*28
*2$14 33
160 Apr 27 180 Jan 23 1,70 June 18518 Apr
General Chemical
*160 165 *160 165 •160 165 *160 165 *160 165 *160 165
10712Feb 2 110 June13 104 May 1097* Jan
22 Do pref
*107 110 *10712 110 1110 110 110934 1002411097* 10978 *10712 110
13712 Dee 4 15052 Feb 20 12934 June 187 Jan
14118 14118 14112 14212 1,747 General Electric
____
___ 14012 14012 14012 14034 140 141
373 Jan 3 99 MaY27
5 May 40 Aug
8478 8334 84
8478 85
83
84
2,100 General Motors vot tr ctfs
8318 83
82
82 -82
70 May 8134 Sep
70 July30 95 Feb 19
92
*92
94
93
93
420 Do pref voting trust et's_
9018 9058 9058 9112 9112 92
*85
1518 Nov 68 Jan
1958 Jan 17 2878 Apr 17
2412 2518 2538 2658 2,900 Goodrich Co(B F)
25
25
2512 25
25
25
25
*23
7334 Nov 10514 Jan
7978 Jan 2 95 Dec 16
9512 *92
9512 *92
9512 *92
*92
Do pref
95
9512
*92
9512 *92
4034
July 538g Jan
Apr
2
2
July30
$57
1
4518
1
2
4512
46
$40
14
14512
4614 4614
47
960 dGuggenheim Explor_Par $25
*4412 4512 4512 4512 *45
10934 July29 112212 Mch20 100 Mch 121 Nov
9 Homestake Mining
*112 11712 *112 11712 *112 11712 *112 11712 *112 11712 114 11712
Dec
13
7
8
2038Jan
$19
1
4
July17
$1414
July30
d1n3piration
COP
Cop_
_Pat=
6,380
18
17
1
2
18
17
1
4
17
1
4
167
8
17
1
4
17
1658 1634 1634 1678
96 June 11112S013
0738 9434 9478 9478 9478
93 •90
92
94
500 International Harvester of NJ 82 July30 11312 Jan 22
*89 ____ *89
11312Jan 3 11878 July14 111 May 116 Oct
400 Do pref
*____ 11612 *____ 11518 115 115 *115 11612 *115 11612 11618 11658
9512 June 11014 Sep
73 *__ _ _ 73
500 International Harvester Corp- 82 Dec 16 11114 Jan 22
73
_ _ 73 *._ _ _ _ 73 •___ _ 73 •_ _ __ 73
11414 may 15 118 July17 111 May 11434 Sep
115 1._
114
11412 *__
Do pref
115 *_ 115 *._
.1....
115 *__
48g Jan
278 June
334 Jan 27
38 Dec 28
Int Mere Marine stock tr Ws_
;i4 1
;i2 1
*g2
112 ;ill 1
wis 1
;i2 1
1212 June 1912 Jan
3 Dec 28 1514 Jan 30
Do prof stock trust ctfs._
•312 7
7
*2
7
*34 7
7
*2
*2
6
*2
8Jan
125
612
Oct
2
8
Feb
634 July29 107
500 International Paper
8
8
*7
8
8
8
*712 8
*714 8
*712 8
4812 Jan
3218 Oct
30 Dec 4 41 Jan 31
Do pref
*33
34
*33
34
34
*33
34
34
*33
34
*33
*33
Jan
Dec
1812
412
978Jan
20
June29
3
Pump___
Steam
International
70 Jan
1578 Dec
11 June24 29 Jan 19
100
Do pref
__
*8
*8r4
___
*84 11
;84 ___
___
a
5
ia
94 Feb
June 8
77 Dec
94
Jan
19
80
Kayser
&
Co
(Julius)
100
*____
84
84
80
80 •__ _ .. 84 •____ -80 *- _
-84
106 Meh12 10834 May18 10612 Oct 110 Jan
Do 1st preferred
-__ ______
___ *105
_ _ _ *105
__ •I05
*105
.._ *105
*103
58 June 83 Sep
81 Jan 6 105 Feb 25
Kresge Co (5 5)
*94 1812 *94 -9812 *94 -981-2 *94 -9812 *94 -9812 *94 -9812
97 June 102 Jan
99 Jan 13 105 Mch 3
pref
Do
___
______
___
*10012
_ *100%
_ *10012
*10012.._ .. *10012 _ _ *10012
101
Feb
4
July30
91
June 10412Jan
85
Louis)
Laclede Gas (St
93
*89
1.88 -96 *88 12 *88 -ii *88 -92
*88 -92
20712 Dec 28 231 Mch 1 195 June 235 Mcb
100 Liggett & Myers Tobacco
•204 215
208 208 *204 215 *207 215 *204 215 *207 215
July
8
11138Jan
6
118
1
2
10612
July 11612Jan
Do
pref
100
*112
1
2
11334 11334 •__ __ 115 *____ 115
115 1._ ___ 115
21 June 39 Jan
26 Dec 24 38 Jan 26
Loose-Wiles Biscuit tr co Ws_
2634 .26 -2634
2634 *26
*26
34
*26
30
30
*26
*26
89 Aug 105 Jan
101 Apr 22 105 Mch16
lot
preferred
103
Do
*100
103
*100
103
*100
*100 103 *100 103 *100 103
84 July 95 Jan
89 Jan 2 9514 June12
Do 2d preferred
9434 a---- 9434 *-- -- 9434
9434 •
9434 *__ __ 9434 *
•
160 July30 190 Apr 7 x150 June 200 Jan
300 Lorillard Co (P)
16512 16512 166 166 *160 170
•159 170 *159 170 *160 170
110 Jan 6 11778 July 8 103 June 117 Feb
pref
100
Do
------------11214
1121
4
•____ Ill •____ III *____ 113
7558July 87 Jan
61 July30 8738 Feb 20
Mackay Companies
80 •____ 75
*70
80 •____ 80
*70
75
*70
75
*70
69 Apr
62 Dec
6518Jan 2 70 Jan 27
100 Do pref
68 *.__ _ 68
*67
68
6734 6734 •__
68
*67
•-___ 68
24
15
14 Dec 31
1412
Dec
tr
ate
Motor
Inc
6,904
Maxwell
4
18
1
2
1718
17
1
15
3
4
154
1534 1618 1514
1512 1512 *1514 1578
4112 Dec 24 44 Dec 31
4412 48
4834 4938 6,395 Do let pref stk tr etfs____
4412 4478 4412 4478 4438 4412
4314 44
17 Dec 24 1713 Dec 31
1812 1934 1934 2034 4,695 Do 2d pref stk tr ctfs
18
1918 18
19
1812 1812 1812 19
7678 Jan
65 Oct
5112 June25 6914Jan 17
May Department Stores
56 •__ _ _ 56
56 1._ _ _ _ 56 *-- __ 56 1._ _ __ 56 *-__
0712 June 10512Jan
•
9712 June25 10134Feb 9
Do prof
9612 *._ _ 961 *__ __ 9612 ---- 9612
961 •
9612 1._
4612 Jan 2 7312Feb 9
4134 Nov 7814 Feb
Petroleum
5212
580
Mexican
55
52
*52
5234
8
5284
545
8112 541 88438
5512, 55
Par$5 $1612 Dec 12 82438Feb 16
204 June 2612Jan
18
1734 1778
650 dMiami Copper
1712 1758 1714 171 *17
18
1712 *17
•17
41 Dec 19 5278 June 5
4234 4234 1,750 Montana Power
4218 4212 43
4214 42
42
42
42
•____ 42
27
Apr
10378
June
4
101
100
Do
pref
9918
4
._
_
9918
9912
*
9912
•____ WO •_ 100 •-_ _ _ 100
120 July30 139 Feb 3 104 June 130 Sep
121 121
300 National Biscuit
121 121 *119 122
*11814 121 *11814 121 *119 121
11914 Jan 13 128 Juise29 116 June 2478 Jan
520 Do pref
121 122
121 121 *....__ 122 1122 122 *____ 122
•__ _ 123
Stamping
9 July29 14 Feb 3
9 June 1914 Jan
1012
1018
1,210
Nat
Enameling
&
1012
10
*9
10
912 912
912 913
*162 1012
80 June 6 8678 MehlO
414 Oct
9214 Jan
90
Do pref
90
*78
*78
90
90
*78
90 •78
*78
90
•78
40
200
July29
52
Jan
26
43
Oct
561 Jan
46
*43
7
8
46
National
Lead
*434
46
46
*4312
*437
8
44
44
*4312 44
120 Do pref
105 Jan 13 109 Feb 18 100 June 108 Oct
10434 1043 1105 105 *104 10758 •105 108 *105 108
*104 107
13 Juke 20 Jan
1214 1238 1212 1258 2,400 dNevada Cons Cop__ _Par $5 01014 July30 $1612Jan 26
1214
125
8
117
s
•123
8
12
5
8
1214
1218
8
117
58 July30 69 Jan 28
56 Jul* 8211 Jan
*55
60
200 New York Air Brake
57 •___ 60 *__ __ 57
57
59
*55
59
59
644 July30 7914 Mch14
60 Junft 8112 Jan
200 North American Co (new)
68
68
*6612 139
*6612 69 .6612 69
68
*6712 6834 68
29
Jan
21
16 June 3112 Jan
174
July29
.18
20
20
20
200
Mall
21
Pacific
•18
1812
1812
21
*18
21
*19
22 Nov 46 Jan
27
27
27
200 Pacific Telephone & Telegraph 20 July30 31 Jan 24
2612 *25
27
*25
*25
27
*25
27
*23
11734 118
360 People's Gas It & C (Chic)._ 106 July30 125 Jan 5 104 June 12934 Set/
11712 11712 *116 118 *11612 118
*11612 11712 *116 117
1412 June 2438 Jan
1714
15 Doe 23 2312 Feb 4
1612 1612 1678 17
1,900 Pittsburgh Coal
1812 *15
*1518 1612 1514 1514 •55
73 June 95 Jan
79 Dee 30 9312 Feb 4
83
8312 *82
85
700 Do pref
*80
83
83
8158 8158 *80
83
*80
8912Dec 100 Jan
82 Apr 27 93 Feb 3
•____ 82 •____ 82
Pittsburgh Steel pref
•_ _ _ 82 ....-_ 90 •____ 90 .582
1812 June 36 Jan
2684 Jan 5 46 Feb 14
34
3312 34
3514 3,190 Pressed Steel Car
3378 3372 3434 3434 3434 3478 34 -35
8812 June 10118 Jan
9734Jan 15 10514 Mch 5
Do pref
•____ 101 *-___ 101 '._ _ 101 •____ 101 *--__ 101 *____ 101
Dee 118 Jan
_ 106
106 *
Public Service Corp of N J._ 107 Jan 13 114 Apr 7 105 Sep 165 Jan
106 •
_ 10612 •
_ 106 *
_ *
150 Dec 17 159 Jan 28 149
800 Pullman Company
ia 153 1i5i4 154 i85i8 154134 *185158 154158
*jai- igi siK 153
I
Dec
414 May
Jan
28
278
18June24
700 Quicksilver Mining
118
118 118 *1
I
*1
1
118
118
2 Dec
4 Jan 27
8 May
112 June 3
100 Go pref
112 112 *114 14 *114 134 *14 14
*112 2
*112 2
June
2214
35
Jan
2
3438
Feb
July30
1934
500 Railway Steel Spring
2314 24
2212 23
*21
23
25 *____ 25
9014 June 100 Jan
88 Dec 24 101 Feb 14
88
88
110 Do pref
•____ 90 *„ 88 *_-_ 88 *____ 88 *____ 88
15 June 22 Jan
23 02212 Apr 3
Dec
Copper___Par
$10
$15
1618
1614
1614
Cons
1578
3,150
16
dRay
7
8
164 1618 1612 15
1514 1552 16
17 June 2838Jan
18 Dec 12 27 Jan 27
2018 2012 1.100 Republic Iron & Steel
20
1978 20
20
*184 20
1912 *1812 21
*18
72 June 9214 Sep
75 Dee 16 9114 Mchll
550 Do pre!
75
754 7513
7518 7512 75
77
75 *75
•__ _ _ 7612 75
14 Nov 9214 Jan
23 18 Jan 14
37
8
Dec
Co
(M)
33
8
214
338
212
234
Rumely
318
6,008
41g 3 358
4
4
4
33 Dec
994Jan
2034 Apr24 41 Jan 13
400 Do pref
16
16
16 *____ 16 *__ __ 16
16
•_ 19 *_-__ 19
17014 July30 19712 July 3 15434 June 21312Jan
Ca
Roebuck
St
400
Sears,
186
*184
186
*183
184
*183
186
*___
186
18214
184 184
12412Jan
June
5
116
June
24
12434
Dec
120
pref
•____ 12138 12138 12138 112138 12138 ------------------------150 Do
23 July 4513 Jan
1912 July30 35 Jan 26
22
*22
24
2
24
410 Boss-Sheffield Steel & Iron
44
2
25
*24
27
§22
*2134 24
31 Dec
4012J2n
32 Jan 7 45 Dec 17
4434 4434 *43
46
45
200 Standard Milling
4434 4434 *43
*4112 45
45
*42
4
6712
Dec
31
5212 May 6678 Feb
Dee
5912
*67
70
*67
70
Do prof
70
*6714 70
*67
69
*66
0812 *67
1534 Dec
36 Feb
Corporation (The) 20 Jan 3 3614 Meh31
Studebaker
3614
*3534
3534
363
4
36
3612
4.705
3658
3614
367
8
364
3534 3612
6412 Nov 9324 Jan
70 Jan 5 92 /ARM
9312 92
92
322 Go pref
*91
9212 •91 9312 *90 95
•91
91
91
z2634
June
July30
11
$363
4
Feb
39'2 Jan
$243
4
324 3234 3318 5,279 aTennessee Copper ....Par$25
3214 3234 3212 3212 32
3218 3214 3214 33
89 June 132l1 Dec
112 July30 14978 Mch 5
135 135
133 135
1,950 Texas Company (The)
134 134
*130 13412 132 13412 133 133
Jan
June26
June
9912
88
Jan
31
78
7314
Typewriter
Underwood
70 •_-__ 70 *____ 70 *____ 70 •____ 70 •____ 70
103 Dec 17 113 Apr 15 104 July 113 Jan
__ 102
Do pref
•_ _ _ 102 •____ 102 •__ __ 102 *____ 101 •_ _ ... 102 1._ _
74Jan
4 Nov
June16
83 Feb 3
34
Paper
&
Union
Bag
1,300
54
53
8
514
518
54 *412 518
5
432 434
6
T*4
1812 N ov 4134Jan
1814 July28 3212 Feb 3
31
*20
31
*20
Do prof
31
31
*20
*20
31
*20
31
•20
4014 June 5013 Feb
39 Dee 7 5014 Feb 9
42
United Cigar Mfrs
4214 *40 4214 *40 42 *40 42 *40
*4018 4214 *4018 10312
June25
10378
Feb
19
96
Sep 103 Mal
99
pref
*99
10312
Do
*9712 10312 *98 10312 *98 10312
*9712 10012 *9712
914 June
1824 Jan
734 June25 1311 Jan 23
615 U S Cast Iron Pipe dr Fdy8
*712 9
8
IS
8
*712 8
*712 9
8
8
40 Dec
5634Jan
30 July29 49 Feb 6
_ ___
_ *29
_ *3014 3214 *3034
Do prof
Mehl°
38
Dec
7
87
66
46
Jan
Jan
171 /1_ in u s ExPree9
*-_ -_ -_ -_ -fg - *-_-. -_-_ /5"- •-_ -_ -_ -_ ""Ig •_ ___ /5" •_ _ _ 75
25 June 44 Jan
15 Dee 30 20 Apr 21
25
*15
25
U S Industrial Alcohol
____ ____ *I&
25
*15
25
*15
25
*15
Jan 20
85 June 97 Mel
75
Dec
18
8518
Pre
75
*__._
110
Do
--------75
75
75
175
75 4._ _ _. 75
4934 Nov 77 Jan
U S Realty & Improvement- 514Dec 15 6334 Mehl0
_ 50 *_ _ 50 *_ _ _ 48
*_ -- 51 *. _ 51 *. _ 50 *
4412 July30 63 Mch14
51 Nov
6912 Apr
Rubber
84 54 ;H 56 88 5512 8512 5782 2,550 United States
53
8-08 5178 85 10212
1045
July30
8Jan
14
9518
98 June 10934 Apr
preferred
Sat
10314
1,130
Do
103
,78 10212 1024 103 103
10212 107
*10078 10212 10212
48 Dec 23 6714 Jan 31
4978 June 691e Jan
States Steel
United
5112
5115
513
4
74,240
5014
51
5014
5118
5018
5012
49
4912
49
10314 Dee 24 1124Jan 31 lO2l2June 11034Jan
10614 10678 2,920 Do prof
10512 10534 10538 10634 10558 106
*10412 10512 105 105
3958 June 803a Jan
Par $10 $4538 Dec 2 $5938 Junen
4934 5058 16,850 dUtah Copper
4312 4914 4834 50
*494 4912 4912 5014 4914 4958
17 Dec 24 3478 Meh20
Chemical_ _ _
22 July 43l Jan
Virginia-Carolina
18
*1612
20
1,600
17
17
7
8
17
17
*1514
15
15
•__ _ 15
7
10712
96
May
Meh201
93
June 114 Jan
prof
92
Do
*81
320
80
8018 180
80
80 •____ 80 1.--__ 80
35 July28 52 Mch10
36 Dee
54 Jan
__
-- ______ Virginia Iron, Coal & Coke
July30
66
7
8
534
Feb
16
7518Jan
544
Dec
Telegranh
Union
Western
L
014
60
5.511
587g
-Ws
10
....
4
83
4 -aii.1 ig - -Kj4 li-gi364 Jan 3 7912 July21
5358 June 794 Jan
7114 8,080 Westinghouse Flee & Mfg_ _
7012 7034 7134 71
69
69
69
69
6712 69
67
11578 Jan 19 12412 June 8 10778 June 11934Jan
preferred
151
118
*116
Do
•116
118
-_ _ _
_ 118 *____ 118
89 July30 10314 Feb 5
8112 June 112 Jan
400,Woolworth (F W)
91
*9034
9014 9078 *90
91
;56 -92
11234Jan 5 11878 Mch 6 109 June 11512Jan
.
- -1,. •,,* 1141•11R
.- 1141. *ilk
its
115 fig
5001 Do ore
- •- ,..•• •••• .
,
9.13 1144 *113 113
22412.011
awe.
day. I Less than 100 shares. :Ex-rights. al:x-div. and rights. b New nook. 4 Quoted dollars per
*Bid and asked.price,s; no sales on this
dividend. x Ex-dividend.
New York Stock Exchange—Bond Record, Friday, Weekly and Yearly
127
Jan. 1 1909 the Exchange method of quoting bonds was changed, and prices are
now all—"and interest-—except for income and defaulted bonds.
•
BONDS
Price
Week's
Range
BONDS
N. Y. STOCK EXCHANGE
Fria
Week's
Range'
Range or
FrtdaY
N. Y. STOCK EXCHANGE
Year
Friday
Ranee or
Year
Week Ending Jan.8
Last Sate
4t Jan. 8
1914,
Week Ending Jan. 8
Jan, 8
1914.
Lau Sale
U. S. Government.
bid
Ask Low
Low
High
No.
High
Chesapeak
e & Ohio (Con.)—
U 8 28 consol registered—d1930 Q-J
Bid
Ask Low
High No. Low High
9812
9812
2 904 9834
General gold 454s
1992•S 8812 89 8818
U 8 28 consolcoupon
a 85 9812
8812
d19$0 Q-J 97
97 J'ly '14
0834 99
Registered
1992 m-s
U S 38 registered
934 Feb '14
934 9312
k1918 -F 10014 10114 J'ly '14
9978 10214
Convertible 454s
1030
F-A
71
33
0 S 3s coupon
7034
Sale
72
674 8612
k1918 -F 10114 102 10078 Dec '14
100 10278
Big Sandy 1st 4s
1944 J-1) 82 8712 8314 J'ne'14
U 8 4s registered
8314 834
1926 -F
109 Dec '14
108 11212
Coal
River
RY 1st gu 4s-1945 J-D 80 8212 83 J'ly '14
(J84s coupon
83
1925 -F 11014 _
85
110 Dec14
10912 11314
Craig Valley 1st g 5s
1940 J -J
9612 Dec '13
U 8 Pan Canal10.30-yr 2s k1936
11612
_ - 9513 J
'13
Potts Creek Br 1st 4s_1946 J -J
848, Jan '13
U S Panama Canal 3s g1981 -M 100
10034 10034
2 99 fEli
It & A Div 1st con ;4s
1989 J -J
8834.1'1y '14
88 1114
2d consol gold 45
1989 J-J
82 Apr '14
Foreign Government.
82 854
Greenbrier Ry 1st gu g 48_1940 6I-N
90 Apr '14
Argentine—Internal 5s of 1909_ M-61 9312 97 9714.1'1y '14
90 90
95 98 Chic & Alton RR ref
g 3s 1949 A-0 56 Sale 55
Chinese (El ukuang) ity 58 £_
18 58 67
56
J -D 1__.__. 85 88 J'ly '14 ____ 88 90
Railway 1st lien
imperial Japanese Government
16 324 5512
38
1950 J -J 33
39
Chic B & Q Denver354s
Div 4s_1922 F-A 9814
99
Sterling loan 454s
Dec
'14
99 11)0
8212
1925 F-A 3 8112 82 82
2 81 0034
Illinois Div 35-Os
1949 J -J 8112 sale 8114
2d Series 414s
6 80 857
8113
1925 J -J 7213 7734 7934 Dec '14
.
78 8912
Registered
1949 J -J 80
Sterling loan 48
8614
Aug
12
1931 -J 1_
7512 7834 J'ne'14 _ 7534 80
Illinois
lily 4s
1949 J -J 9312 sale 9312
a 93 96
Republic of Cuba 58 exten debt. M-S 1 9318 Sale 934
9334
96
34 9513 10112
Registered
1949
J
-J
93
Externalloan 4 %As_
J'ne'13
1949 F-A 90 9414 93 J'ne'14____ 93 9313 Iowa Div sink fund
5s
1919 A-0 101
103 May'14
Tokyo City loan of 1912 58---- M-S 2__ 82 83 .Ply '14
FOB 103
83 90
Sinking fund 45
1919 A-0 9612 ____ 9634
9624 991s
U S of Mexico s f g 5s of_1899
9634
82 794 Apr '14 —_ 77 85
Nebraska Extension 4s
1027
PA-N
9413
954
2 9434 98
9513
Gold 48 of 1904
9512
1954 ?ni
-D
83 65 .Ply '14.... 65 68
Registered
1927 PA-N
96313
Sep
'12
t These are p Aces on the basis
¢5 to
Southwestern Div 4s
1921
State and City Securities.
993*
Joint bonds. See Great North 61-S 9612.... 9938 J'iy '14
N Y City-4 Xs
1960 M-8 9934 100 99
100
46 0738 10233
General 4s
1958
8914 Se
/
4 9412
89
al
8912 51 891
It-is Corporate stock _ __ _1963 M-S 10434 Sale 104
10434 47 10278 10734 Chick E Ill ref & imp
NJ-1
4s
32
4% Corporate stock
32
g-1955
J'ly '14 ---- 304 68
1959 M-N 9614 Sale 9538
9614 15 95 10018
1st consol gold 6s
1934 A-0 10012
___- 106 102 Dec'14 ---4
Corporate stock
102 11212
1958 M-N 96 961 9538
9578 11 95 10018
General consol 1st 5s
1937 6I-N na _ _ 75
4% Corporate stock
75
3 69 1004
1957 M-N 98 9614 9533
9614 21 95 10018
Registered
m-N
1937
E
98 Feb '14 ---- 98 98
4% Corporate stock
1956 M-N 95 954 95
2 96 9938
Fur money lst coal 5s
05
1942 F-A
- 92 9734 Feb '13 ---New 434s
1957 61-N 10418 10438 1034
1044 24 10314 10712 Chic& Ind 0 RY
20
ist 5s
2712 J'ly '14 -- Tris 99
New 454s
1917 61.-N 10038 10034 10034 Dec'14
106 J-J
10038 102 Chic Great West 1st
4s
1959 M-S 6812 Sale 8812
6878
1957 M-N 03424 sale 10418 10414 11 10334 1074 Chic Ind & Loulsy—Re
8 68 754
454% Corporate stock
f65_1947 J -J •12I
121
454% assessment bonds-1917 MN 10012 10034 10012 10013
J'ly '14 ---- 11744 121
2 10038 10238
Refunding gold (I5
1947 J -J
10368 Mch'14
10312 10334
1954 M-N 85 88 8438
85
11 8414 8838
354% Corporate stock
Refunding
45
Series
C
1017 .1-J
9538 Apr 11---.
N Y State-4s
1961 M-s
100 9934 Dec'14
---Ind & Loulsv 1st gu 4s
0934 10238
Canal Improvement 4s
1956 JJ-J-J
J'ly 1.2 ---- ---1961
---- -- 100 Dec'14
9718 10238 Chic Ind & Sou 50-year
u
4s1956
9014 Aug 12 -Canal Improvement 4s
1982 J-J 9934 ---- 9938 Dec '14
99 10214 Chic L El & East lst 4;As
1969 J-D
104 Dec 11 ---Canal Improvement 4s
1960 J -J 100 .:ale 100
100
11 10012 102
Chic Milk St P terml g 534_1914
Canal Improvement 4 54s1964 J-J 10814 10812 110
100 J'ne'14 -- MY 16614
110
1 10638 11078
Gen'l gold 4s Series A_e1989
"E- 'Waif; 88
Highway Improv't 434s,
8934
7 8912 9634
108/
1
4 65 10612 11014
...1963 61-S 10811 Sale 10814
Registered
e1989
South Carolina 4 3020-40_1933 J-J ._-- -- 10312 J'ly '10
023
4
J'ly
924
14...
94
Gen & ref Ser A 4%As ____2014 A
Q-0
1 -117i
Virginia funded debt 2-3s-1991 J -J .37 60 844 J'ly '14
8934 Dec
---- 8933 90
- ii4 85
Gen'l gold 354s Ser B
61989 J -J
75 - - 804
6s deferred Brown Bros ctfs___
8014
54 57 5213
1 80 834
58
115 4814 67
Registered
e1989 .1-J
86
iti
J'ne'11 -Gen 4;As Ser C
J-J
e1989
100
Sale 994 100
51 041E4
Railroad.
25-year deben 45
J-J
1934
89 8914 89
/11995 Q-J 64 65 64
64
894
1 6212 74
5 88 93
A°° Arbor 1st g 4s
Convertible 44s
1932 J-D 9438 Sale 934
ca.tch Top & 8 Fe gen g 4s.1995 A-0 9214 Sale 914
9618 333 9435 1034
9238 118 9014 964
Chic & L Sup Div g 534_1921
10238 Sep '13
A-0 8714
94 J'ly '14
Chic & Mo Riv Div 5s.„1926 .J1
9212 9514
10
92
1127_7- 107 J'ne'14
Adjustment gold 45
NI"
81995 Nov 8134 8134
8134 10 81 884
Chic & P W 1st g 5s
1921 J-J 10178 1024
10 1004 1041s
102
Registered
h1995 Nov ____ ____ 86 Mch'13
C M & Puget Sci 1st gu 45_1949 J-J 8834 894 10134
8814
10 88 037s
8814
Stamped
h1995 M-N 8184 821 8134
82
3 "ilia "rill;
Sou
Dah & Ort
gold 5s_1916 J-J 10014 ---- 10034 Nov13
Cony gold 45
1955 J-D 9313 Sale 9238
9334 26 894 100
Dubuque Div 1st s f 6s
1920 J -J 106
10834 May'14
Cony 4s issue of 1909
108 icria;
1955 J-D ..-Far & Sou assum g 6s
9358 Nie 9912 May'13-1924 J-J 106
110 J'ne °13
Oonv 4s (Issue of 1910)-1960 J-D
9238
94 186 8934 165La Crosse & 1) 1st 5s
8
1919 J -J 101
10218
Jan '14
jogs fiiii
10-year gold 55
1917 J-D 10078 101 10014
10014
4 9958 10214
Wis & Minn Div g 513
J
10034..,
-J
10118
10138
10182 1002
East Okla Div 1st g 4s
1921
1928 M-8 9212 9314 92
92
Wis Vail Dly let 6s
9 9134 9512
1920 J -J 104
10914 54ch'14
10914 10914
Short Line 1st 4s gold
. 8712 88 Dec'14
1958 J -J
Milk No 1st ext 45-0 _1934 J-D961s._,,_ 10212 J'ly '14
8614 92
9944 10212
Cal-Ariz 1st & ref 4 10_1962 M-8
99 99 J'ly '14....._ 9714 99
Cons
extended
J
I934
-D
11812 99 10212 J'ly '14
454s
101 10712
8 Fe Pres & Ph 1st g 5s._1942 M-S 10112
__.- ---- 1014 Deo 14
10114 109 Chic & Nor West cons 7s 1915
F
110018 101 10014
10014
Chic & St Louis 1st 6s_1915 M-S 10014
10014
10211s
J'ne'14
101.8 10112
Extension 45
A 9112 9412 94's J'ly'14
1886-1926
ail Coast L 1st gold 4s_81952 54-61 8712-- 1014
9414 9612
87 Dec '14.... 8538 95
Registered
F-A 914..-- 9438 J'iy '14
1886-1926
9442
Registered
95
8195254-S
95
Jan '13
General gold 354s
1987 M-N 7818 7834 7834
4 7778 84
50-year unified 4s
7834
1959 J-D 85 .
924.11y '14
92 93
Registered
p1987
7813 7812
Ala Mid 1st gu gold 5s
784Jan '14
1928 M-N ---- --- 1054 J'ne'14
10512
10314
General 45
1987 kt-ri
4 89 9734
Bruns & %V lst gu gold 48_1938 J -J 8814
90
jars
- 8914
---. 89 Deo '14 -___ 89 9438 Sinking fund 68____1879-1929 A-0 104 Charles & Say lst gold 75_1936 J-J
10812 Mar 14
108 1084
__ 134
Registered
L & N coil gold 4s
1879-1929 A-0
1054 Dec '13
01952 61-N 86 Sale 8478
88
14 84* 95
Sinking fund 58
1879-1929 A-0 1i
Say F& W 1st gold 6s___1934 A-0 11418
105
8
3'14
J'iy
103
1
2
..--- 115 Dec '14 __ 115 121
Registered
1st gold 55
1879-1929 A-0
102 Oc;'13
1934 A-0 10318 - - 11038 May 11
Debenture 55
811 Sp Oca & 0 gu g 4s
1921 A-0 WI:101 10014 Deo '14
1918 J -J 96
98 May'14
98
96
Registered
Illpalt & Ohio prior 354s._1925 J
1921
101 Dec '12
-J 8912 ___ 8914
8938 19 88 9278
Slaking
Is Registered
fund deb 6s
1033 m _N foci fol.1031831y '1
/11925 Q-J -___ 8812 9078 May'14
8978 9078
Registered
Gold 4s
1933
10134 Apr '14
101341004
81948 A-0 8938 San 8912
8938 32 8738 96
Frees Elk & Mo V 1st 631_1933
Registered
122 May'14
120 122
81948
8712 92 May'14
Man G 11 & N W lst 3%As 1941
9078 94
20-yr cony 454s ---------1953 Q-J ____
9012
Sep
'09
84
Sale
834
8412 86 8312 9434
Pitts June 1st gold gs____1922 J -J
MIlw & S L 1st gu 3
_--- --- 112 Jan '12
1941
Mil L S & West 1st Sis
P June& M Div 1st It 35451925 --g 6s 1921
jl 11/61.
106
-11
2
M.-N
fith;
8934 J'ne'14
8813 90
Ext & 1111D. 9 f gold 58_1929 Aj3
FL E & W Va Sys ref4s.._1941 61-N 87
F -A 10232 Ili 10618 Itch'14
10618 106%
784
784
7938
7812
78 1912
Ashland Div 1st g 5s
Southw Div 1st gold 3 145_1925 J -J 8738-M-S
11318 Feb 14
1134 11318
1925
871s
884
8334
914
19
Mich
Cent Ohio R 1st cg 4 10_1930 M-S 96
Div 1st gold 631_1924 J -J 107
_ 1134 Mch'14
11314 11314
100 Apr '13
Mil Spark N W lst gu 413_1947•S 89 9314
Cl Lor & W con 1st g 58_1933 A-0 102 ..— 1054 J'ne1.4
9114 J'ly '14
91 94
i5.312 1051 Northw
Monon River 1st gu g 58_1919 F-AUnion 1st 7s 9.-1917 54-8 10334
1084
10738
8
1073
May'14
10214 3%0'12
---St
L
Peck NW 1st gu 5s_19 8 J -J 10214
Ohio River RR 1st g 5s___1936 J-D ME --- 10534 J'ne'14
10211
10134
Dec
'14
107
_ioLit 1116-4 Winona & St P 1st ext 7s_1916 J -D 1024
General gold 55
1937 A-0 99
10438 May'14
10614 10638
10614 J'ly '14
Pitts Cley & Tol 1st g gs 1922 A-0 --__ ____ 113)5 Feb '12 __-. 10438 104% Chicago Rock lel & Pac 68_1917 J -J 10134 -- 10134 Dec 14
105
1013
4
Registered
Pitts & West Ist g 4s
1917 J -J 10138 1SS 10438 Mch'14 _- 10438 104;
1917 J-J 94
964 Mch'14
961* 113
; General gold 48
Stat 1st Ry lstgu g 4 10_1943 J-D ---..— 91 J'ne•12
1988 J-J
82 Sale 8134
8214 20 8011 90
Registered
Sollyla fly 1st 58
1988 J-J -- 874 87 J'ne'14 _- 8412 87
-1927 J-J
Refunding gold 48
Buffalo R & l• gang 5s-.-_1937 M-S 104
1934
A-0 68 Sale gm
110 J'ly '14
6812 26 8412 81
108
110
20
-year
debenture
as
1932
J-J
0Onsol 4 %As
1957 M-N 10034......, 100
100
5534 25 51 804
9878 104
Coll trust Series P 48_1918 M-N 5334 Sale 5334
All & West 1st g 4s gu
1998 A-0
94 Jan '14
--9414
'11
.J'ne
94
94
Chic RI & Pac RR 4s__2002 M-N
Clear &MR12 1st gu g 513_1943 J-J Mr 10-F2 112 Apr '14
2114 Sale 20
24 196 183* 63
111 112
Registered
2002 M-N - •-Hoch Zs Pitts 1st gold 0_1921 F-A 105 ---- 109 J ly '14
2612 J'ly '14
261
:ovre
R I Ark & Louis 1st 454s,1934
109 110
Consol 1st g Gs
85 J'ly '13
1922 J -D 106_ 111383'1y '14
11038 112
Bur0 R & N—lst g 5s_1934 A-0
anada Sou cons gu A 5s_1962 A-0 10112 1132. 10118
10014 J'iy '14
10112
WA
7 101 10678
Ws;
4)R I F& NW 1stgu5s_1921 A-0
Registered
1004 May'14
1962 A-0 --- ....- 1067s Apr '14
10078108
M & St L 1st gu g 7s
10214 10678
1927 J -13
CarClinch& (hlolst 30-yr5s1938 J-1 --__ 974 100 J'ly '14
100
Choc
97
Okla
&
G
gen
g
55__01.919
Central of Ga 1st gold 5s—p1945 F-A
-1/1/78 Maiia
107143'1y '14
1074 108
Consol gold (Is
1952
Cons& gold 5s
"E" 994 J'ne'14..:7 -45" WI;
1945 M-N ior iedii 101
101
Kook & Des Moines 1st 5s.1923 44-N
1 9912 105
A-0
Registered
924 Mch'14
1045 M-N - -.. ---- 10614 hich'13
9112 92,4
1
&Paul&
K
0Sb
L
lst
4
Hs'41 F-A
Chatt Div our mon g 431_1951 J-D 83 86 87 Mch'14
75 6812 Dec'14
684 80
-id if Chic kit P M & 0 con 6s_1930
Mack Nor Div lst g 6s_19411 J -J ----D iN18
11518
10714 Jan 12
11518
11414 12034
Cons 68 reduced to 334s,.1930 J
MId Oa & Atl Div 5s
J-D
1947 J-J
894 Dec '12
1044 Apr '14
Debenture 5s
Mobile Div Ist g 5s
1930 61-8
10014 Dec'14
1046 J-J 115/18 :-9913 103
.-- 10934 May 11
Ch SIP & Minn 1st g 6
Can RR & 11 of Oa col g 55_1937 M-N
s-1918 M-N
11012Jan '14
11612 11612
---- 9712 9712 Dec'14
North Wisconsin 1st 68_1930
0
4
9712 idCent of N J gen'l gold 5s
J-J
1987 J -J 114 115 11212 113
12938
May
09
118
31
St
112
P
&
s
city 1st g 6s
Registered
h1987 Q-J 112
119 A-0
112
104 Dec'14
11214
104 10838
4 112 117
Superior Short L 1st
Am Dock & imp gu 5s___1921 J-J 10212 1037 10212 Dec
55g413130 54-S
'14
8
10212 10414 Chic T II & So'east 1st
Leh & Ilud R gen gu g 5s_1920 J -J 100 -55_1960 J -D
_
100 J'ne'13
89
-SS- an-ii
Chick
85 85
West Ind gen g 68_41932
N Y & Long Br gen g 4s__1941 6,1-S 9312 . l004Jan 13
161
13
106 J'ly '14
10575 13615
Consul 50-year 4s
Cent Vermont 1st gu g 45_el920 Q-F
1952
80 May'14
_
841g
84
J'ly
'14
‘Jit.
;coH
&
834 37
1)
2c1
goia 4 5-As
Chasa & () fund & imp 53_1929 J-J 96 100 95 Dec '14
14137
-- - 96 Mch'14
93 98
01 10014
1st & refunding 4s
1st consol gold 5s
1959
1939 .4-N 10234 10434 10212 10211
_
10134
1st
1077
3
guaranteed
4s
iteglstered
1939 13-N ___ ____. 1084 J'ne'14
1959
-------- 8614 J'ne'12
103 1054
Clu D & 1 1st gu a 5s
1941 (A-N
1004 Mch'14
1-661;
MISCELLANEOUS BONDS—Continuei on
Next Page.
Street Railway
Street Railway
Brooklyn Rapid 'Iran g 55..1945 A-0 10132
10012
10112
kind & Manhat 5s Ser A __
1st refund cony gold 4s_ _2002 J -J 8578 86 86 Dec'14 12 994104
1957 F -A 7512 Sale 75
86 9314
7534 62 75 ((114
Adjust income 5s
6-year secured notes 55__ _ 1918 J -J 99 Sale 987
1957
8
2834 Sale 2612
99
100
50
9912
2834 158 2434 39
N Y & Jersey
Bk City 1st con 5s_1916-1941 J -J 10014 ---- 10014
5s
1932
10014
2 10012 10212 Interboro-Nletron1st
Bk Q Co & b con gu 5s_1941
coil 4
f7S344 s
94 Apr '14
A-0 ..9
1.4
9
a111: 7
g3
742-8 -528 -7172 -fig
98 98
-ii2
Interboro Rapid Transitl4s..1956
Bklyn Q Co & S 1st 5s___1941 J -J
101 May•13
1st & refunding 58
Bklyn Un El 1st g 4-5s_1950 F-A 100 sale 10)
196; J - J
100
i -51 10314 Manhat
fly(NY)cons g 42_1990 A-0
Stamped guar 4-5s
1950 F-A .___ 100 9913
---- 8812 87 Dec9'
814
100 102
4 99 9
86
7 93
94
Stamped tax-exempt
Kings County El 1st R 48_1949 F-A 8211 83 8334.11y9913
1990 A-0 8812 Sale 884
'14
83 84
8812 10 884 93
Metropolit
Stamped guar 45
an
1049 1-A 814
Street RY—
814 Dec'14
81
8412
(Sway & 7th Ay 1st c g 53.1943 J
Nassau flee guar a dcl 49_195I J -J
74 7838 784 J'ly '14
-D
10134 J'ly '14
74 80
Col & gth Av 1st gu
1927 F-A 96 Sale 96
Chicago liwYs 1st 75
g 5s 1993 M-S
96
8 9634 9914
9912 J'ly '14
1914 14)34
01
Lax Ay Az P F 1st glig
Conn 'Cy & L lst&ref Sr 4 Sis '51 J -J
55_1993 It S
Ltd% Joe 12
101 Apr 14
98.8 101
Met W S El (Chic) 1st
Stamped guar 4t
1951 J--1 9214 9334 9614 J'ne'14
4s_1938
-4s
g
FA
.
9814 WI; Milw Eiec Ry
80 Mch'14
80 80
&
United
Ist
cons
1.1. cons g 551926 F
Del
g 4 %As_1932 J -J
653.4
6614
16618 - _
3 64 764
10018 Dec'14
10018 10218
Refunding & exten 4 49_1931 J -A
S 1185 --. 84 Jan '14
Ft Smith it & Tr 1st g 5s_1936
-J
— _- ---84 84
MInneap St 1st cons R 5s_1919 J
Grand Rapids fly late 5s_1916 J
93
100 J 'ne'14
-J 9
'1 Nov
89
-3_44
Pr 9
9:
14 -9
_ 10.:
99 100
.--.
-Montreal
'rramways 1st & ref
Havana Elm consol 5s__1952 F-A
_ 8912 92 Apr 14
914 95
30-year 5s Ser A ------184
1 J
93 Mg 4834J'ly '14
9714 99
'No price Friday: .ate47 this woes d ii, AprIt. 3 Due -fay. ./ 022 Juqe.
.4 11 (ito c
la 4,.
013 •3
le Nov e 1.442 1333. 8 ()Aloe sale
-iir,
I:1
V.
C
10412 10422
J.J
128
4
••• 13
BONDS
GE b $
C
N. Y. STOCK EXCHAN
X,a.
Week Ending Jan. 8
[VoL. 100.
New York Bond Record—Continued—Page 2
Price
Friday
Jan. 8
Week's
Range or
Last Sale
v.."
g. .1.3
zcc5.1
Range
Year
1914.
BONDS
CH GE 11
N. Y. STOCK EXAN
a01
Week Ending Jan. 8
Week's
Range or
Last Bale
Price
Friday
Jan. 8
i
'2
4I
Runge
Year
1914.
High No. Low High
Ask Low
Bid
11igh No. Low High St P M & M (Continued)— 1937 J-J
AM Low
- Buz
. 13614 May'06 ---01n Ham & Day (Con.)—
Registered
75 88 Mch•11 — -. ____ ___
1t3634 107.—.
M4i
'14 -- ----Feb
106/4
__
g_1923
100
_4s
J-J
lstgu
Vv
1937
Ft
&
0 Find
1st guar gold 5s
65
86
'14
---J'ly
-65
------J-J
3
1937 J -J
Cin I & W 1st gu g 49.---195 J-J ___...— 9438 Dec'14 _ — 944 944
Registered
- ---. ---- --.
ii J'ne'13
1 . . .6.14
Day & Mich 1st cons4 545_1931
Will & S F 1st gold 59.- 1938 JD iiiil4
09 -92
95 65 J'ly '14 ---- 65 100
39_91952 J -J 85 90 90 Dec '14 ____ ---Intl Dec & W 1st g 5s----1935 J-J *---g
t
&
_
ref
I
-__
S
__
1st
Gulf&
____
'02
Dec
---1071:
-------— --__
1935 J-J
---- .- - o1952 J -J
Registered
1st guar gold 59
10 72 85
73
70 73 73
7 93 101
-Li
934
9312
J
49._1993
Sale
934
-J
J
gen
L
St
&
0
30_1999
CM
(hese
82 J'ne'14 --- 82 8712 'Jock Val 1st cons g 4
8444
9784
--96'S
---'14
97
J-J
4Jan
,
1931
.....
--1999 J
20-yr deb 45-48
-1-1- Registered
8414 86
-1 ---8512
1939 J -3 --------8424 Joe'14
-J-86 -___ 8512
Cairo Div 1st gold 4s
Col& /1 V 1st ext g 4s....„1948 A-0
83 Feb '14 ---- 83 83
80
9192
---3012
----J
J
'14
2
J'ne
-901
49-1991
------F-A
g
1st
1955
Div
M
()in W &
& Tol 1st ext 4s
Col
8514
82
'14
__-_
83
Dec
83
---__-Dec
-------'12
M-N
- -- -- 111014
J
St L Divlst coil tr R 49_1990
8214 8214 Hots Belt& Term 1st 5s_1932 j
8812 ____ 974 J'ly '14 --- 9412 974
19908849 --------8214 Mcb•14 ---_ 85
-J
Registered
I ilinois Central 1st gold 0_1951 -.I85
—
1940 M-S --------86 W12'14 -------1951 J-J - _ 96 100 Sep '11 ---. -,.2--Stir & Col Div lstg4s
---A
d
Registere
'12
Apr
-91
------- ____ 7814 Dec'14 ____ 7814 66
7812
1940 J -J
1951 J-J
W W Val Div 1st g 4s
1st gold 350
--------10524 Apr •14 ---- 10512 105/4
---M-N
'13
Feb
8812
1920
--J-J
69
C
consol
L&
_1951
St
1
0
Registered
92
8-1;
-7*1936 1-F ---___ 92 May'14 — 91
1951 A-0 -f9-14 ____ 7814 Dec'14 ..., 2ar4
lst gold 4s
Extended 1st g 3540
k1936 -F --------90 31911'13 --__
11)51 A-O---------------------------Registered
Registered
---- 103 10314
May'14
103
--------80
-J
------59-1923
g
1951
list
Cl
con
Oin 8 &
-- -......
____ 10534.1'1y '14 --- 10534 1194 1st gold 3s sterling
1951 M-S
000& 1 gen con g es __1934 J-J ---Registered
96 93
__. ____ .
1934 J-J
1952 A-0 *8324
Coil trust gold 45
J'iy '08 -__:-. ____ ____
—.
9314
—
--94
......
------•12
Sep
A-0
-------49..._1940
1952 A-0
lnd B & W 1st pref
Registered
-___ ---- ____ -.....
9 86 -99
—.... _ .. ___
86
8513 Sale 854
M-N
1955
0 Ind & W 1st pref 59_d1938 Q-J ---4s
ref
1st
70 7212J'ne'14 ---- 72 84
--- 79 82
'14
Feb
82
A-0
_
1940
--*7734
J-J
4s
cot
1st
1952
East
Peo &
Purchased lines 3540
b6 91
20 22 20 Dec'14 ..-- 20 30
1990 Apr
1953 31-N 86 --- 86 Dec'14 -___
Income4s
L N 0& Tex gold 45
— 64 84
9218 ---- 92 Dec '14 --- 9012 9614
Cleve Short L 1st gu 41e3-1961 A-0 ..--1953 M-N ---- 951; 84 May'14
RegIstered
99 80
1914
Dec'14
15
14
.....
17
'14
Apr
-J
-90
J
------1947
J-D
1950
45
g
001 Mid and 1st
Cairo Bridge gold 4s
74 74
17
14
15 20 15 Dec'14._
1951 J-J --------74 Feb '14....
Trust Co. certfs. of deposit___ -,. — 8611
Litchfield Div 1st g 3s
864 43 854 93
Sale 834
77 80 81 May'13 -----------Colorado& Sou 1st;49_1929 F-A 824 Sale 8212
Louisv Div& Term g3;is 1953 J -J
9313
8212
2
72
M-N
1935
Refund & ext 454s
Registered
---101
100 107
101 100
1921 F-A --------123 May'99 -------Ft W & Den 0 1st g 6s-1921 J-D 10014
Middle Div reg 59
71
___ ____ ___ —_
724
--- -.— _
1951 F-A -- ---. 7213 Feb '14 -_
Conn & Pas Itivs 1st g 4s 1943 A-0 .
38
Div
1st
g
Omaha
---____
___
----Ma
10C
r10
1001;
.....—
Mcli'12
-j
7512
J
1952
Cuba RR 1st 50-yr 5s g
St Louis Div .0 term g 39_1951 J -J ---- ---J
-J
1951
nel Lack & Western—
Registered
101
4 10234 10314
1007s ___ 101
1951 J -J if ---_ if's Se5 'ili
1--* M a Its 1st con gu 734_1915 JD --------103 Nov'13 --Gold 334s
'99 --- ---- ---1915 J-D
Registered
1951 J -J ---- _ . 10113 Oct
Registered
--- 763e 7824
2000 J-D 807 ---- 88 J'ly '14 ---- 8512 884
ref gu g 334s
314s__,,1951 J-J 77 --- 7838 Mch'14
1st
Div
g
1104
Spring
109/2
'14
10814
---J'ly
__
106
J-J
1921
N Y Lack & W 1st 6s
JJ
1051
Feu
1
'14
10412
---10412 Mils
0:ft'Utered
1923 F-A 1004 --__
. . ....- 90 91
Construction 58
1951 F-A --------91 Feb'14
Western lines 1st g 4s
M-N 9412_1923 ---- 9534 J'ne'14 ---- 9424 9524
Term & Improve 4s_
1951 F-A
Registered
__
_._ _ 1024 Feb '03 ---. ___
-------- 11712 MaIii)--__ ---- ---Warren 1st ref gu g 3545 2000 F-A
J-D
1923
Car
65
1st
Roney &
3MCV 11 ---- 108rs 1-0838
10511 1084 108,
'12 __-_ ---- ---Del & II ud 1st Pa Div 79.-_1917 M-S ---1932 /41-13 -------- 9412.Ply
Oarb & Shaw 1st g 4s
'01 ---108 J'ly '14 ____ 108 110
1917 MS --------149 Aug9914
RegIstered
1951 JD 101 ----114
36 9728 -9914
Chic St L& N 0g 59
Fee '11 ..... ---- ---1916 J-1) 99i Sale 99
-------10-yr cony deb 4s
J-I)
1951
Registered
_ _ ---- ...1922 J -J 98 10011 100 J'ly '14 _-__ 9912 101
1st lien equip g 4;4s
1951 J-D --------90 Oct '09
Gold 3)4s
11 904 974
92
1943 M-N 92 94 92
1st & ref 49
1951 J-D
Registered
---- ---.-Atie12
1946 A-0 83 83 8314 Dec '14 --- 8134 87
12
0
-.
-.
----D
J
Alb & Sus cony 3;is
1951
4s
g
Mempb Div ist
11512 Feb.14 ---- 115 11512
1951 J0
Rens & Saratoga 1st 79_1921 M-N 111 ---Registered
---75 76 76 Dec'14 --__ 75 85
-r,...
Deny & R Or 181 COO g 4s 1936 J-J ------M-S
1931
1st
48
L
Sou
St
gu
9034
g
-88 J'ly '14 ... 87
J'ly '14 ...... 0612 8612
1936 J-J
1950 J -J so 8512 88
Consol gold 4;0
lad Ill & la 1st g 49
109
9914
9212
.....
76
'14
....„
'14
80
Dec
Dee
80
9914
771
101
-D
100
1928 J
Improvement gold 59
lnt& Great Nor 1st g 69.. _1919 M-N
19 4112 74
---- 914 Mch'14 --- 9112 9215
1955 F-A 39 Sale 39 Dec41
1st & refunding 5s
4-9 1959 J-1)
70
664 ..._
--_- ---- - — James Frank & Clear 1st
Dec'14 ___ ...
8612 70 6913
1939 J -D --------109 Apr '12
Rio Or June 1st gu g 5s
1st gold 39_1950 A-0 ---Sou
City
van
_-___
___
'11.......
_ 93 Oct •,,...
6112
__
40
A-0
1950
1940 J -J •---Rio Or So lst gold 4s
d,
Registere
1
------'
------2
I 88 9812
90
74 85 bich'e8
1940 J - J
Apr 1950 J-J 90. EiSie 90
Ref & kept 59
Guaranteed
'14 —__ 7512 8412
93 Dec'14 __-- 92 9512
1939 J -J 65 --- 754.Ply
City Term 1st 0_1960 J-J ---- 93 101
Kansas
Rio Or West 1st g 49
7214
UP 10354
60
__-J'ly
---J'ly
'14
'14
1949 A-0 60 64 60 Apr '14 ...- 90 90 r eke Erie& W 1st g 5s---1937 J-J — 100
Mtge& Col trust 4s A
9484 95
--------90
1941 J-J ____ 95 9434 May'14 __ 98
Utah Cent 1st gu g 49.a1917 4-0 --------110 Sep '04 ---- -------- .14 2d gold 59
90
__
98
319/2'14
95
____
A-0
5
1917 M-N
59-194
Ohio
gu
g
lst
North
)es Moi Un Ry 1st g 5s
I
84
---964
10112
May'14
'14
84
---99 10114 964 Dee
Vail N Y 1st gu g 454s_1940 J -J -------3et& Mack 1st lien g 0_1995 JD 80
__ 101 101
'14
J'ly
101
75--- 82 J'ly '14 ---- 82 84 Leh
J-J
-D
1940
J
1095
Registered
Gold 4s
8/12 9024
-- 933-4 9334 J'iy '14 ___ 9314 97
;_*-___ —__ 90 J 'ne'14
Jet Ely Tun-Ter Tun 4540_1961 MN
10314 105 Lehigh Vali (Pa) cons g 0-2003 M-N
-J 100 103 104 I'll,'14 ---M-N 9613 97 9612 Dec'14 _.. 9612 99%
'
3
General
cons
0
1 9916 10413
Jul Missabe & Not gen 59_1941 J
454s
0
100
104 100 2
lows0
4
119%1113
1
10334
10534
---106
4-0
1
1937 A
3u1 & Iron Range lat 5s
----- 10612 Meta'08 ____ ___ ___ Leh V Ter Ry 1st gu g 513-194
.___ 11118 Dec '11 _ __ ---- 1ti44
1937 A-0 - .....__104
19414-0
_
Registered
Registered
Feb 'II --- joi_
___ 10414 10414
98
Mch'14
111414
10113
--J
J
J-J
1916
0_1933
161
g
Val
Leh
Co
Coal
1st
gu
2d 68
--------101 J'ly 1.4 ___
1933 J-J ____ 104 105 Out '13 ....„ ---- .--Registered
)u So Shore& At g 59_21937 J-J
--..... ---- ----N 10412 ____ 1044 Apr '14 __ 10412 10412
--- .__.
1933 J
1st int reduced to 49
0iglu Jol & East 1st g 59-1941 M
109 11112J'iy '14 ---- 11113 112
107
M-S
--- ---- 884 Feb '14 _ 8813 8813
-J-6314
31-S
1920
N
Y
Leh
&
49-1945
1st guar g
974 93
rie 1st consol gold 7s
MN 841:.,.-. 974J'ne'14 —__
1945 88-S
d
Registere
N Y& Erie 1st. ext a 49_1947
10212
102
J'ne'14
---102
10112
10012
__ ---- ---12 Feb
1919 M-S
'10
1914 A-0 ____ — _ iliiRIO & N lst peel' 69
2d ext gold 59
J'ne'14 --- 9912 100
192328-8 9814 ---- 994 Dec
1914 A-0 ____ ---- 9978 Nov'13 ...... ---- „...
Gold guar 5s
3d ext gold 4;0
'14 ---- 10012 10233
10012
10012--..
lull 19511
106
____
J'ly
'14
A-0
-------1920
4th ext gold 5s
9333 May'14 ---- 934 934 Long Iski 1st cons gold 5s_h1931 Q-J
1928 J -D *92 _--. 11012
ii1931 Q-J ____ --- 9614 Meh'12 ____ ---- --5th ext gold 4s
1st consol gold 4s
J'ne'14 ...-- 11011110¼
-_-102
8512 9211
__
-S
'14
Dee
M
8513
--79_1920
86
1938 J-1.)
General old 49
N Y L E & W 1st a fd
1 794 8714
; 954 May'14 ____ lib 97
951
1996 J -J 81 Sale 81 Jan81
9212
M-8
1922
gold
Erie 1st con g 48 prior
4
Ferry
83
83
--__
54s
'14
.__ 9914 Oct '06,.,,. --- 1996 J-J 80 - - 83 4
1932 J-D___
Gold 4s
Registered
13 6412 7612
2
68
1996 J -3 67 1184 673
__: -90 8012 May'14.,___ 86 -877
1949 M-8
Unified gold 45
Let consol gen lien g 4s
Apr '12 -___
101 bleu'14 __ 10014 101
1996 J-J --------77 Dec
---95
J-D
Registered
1934
e
59
gold
Debentur
92
'14 ___ 8744
8733 88
92
--69
FA
____
1951
liay'14
9116
....
4s
1949 M-S 821e
Penn coil tr g
Guar ref gold 4s
6214 21 59 774
1953 A-0 621; Sale 62
194928-5 -------95 Jan '11 ____ ---- -50-year cony 4s A
Registered
6412 115 62 76
64
4
19161953 A-0 6412 sate 10212
Series B
do
N Y II& MB 1st con g 59_1935 A-0 100 ---- 10014 Jan '14 ---- 10(64
2 104 10414
____
10212
10212
10212 30232
J-D
78_1916
1927 M-S ___ - - — 10212Jan '14 _
Buff N Y & Erie 1st
N Y & It B 1st g 5s
103
2 102 108
103 103 103
2 109
/
11
..102
'14
J'ly
—
1001;
Q-J
Chic & Erie 1st gold 59-1982 M-N
59_01932
B
1st
Nor
Sh
con
g
gu
--------103 Feb '14 ---- 103 103
1927 I-S ____ 881-2 9112 Feb '14.--- 9112 9113
Olev & Mahon Vai g 5s 1938 J-J 118 ---- 2212 May'14 ---- 12112 123 Louisiana & Ark 1s1 g 6u
11112 116
Long Dock consol g 68_1935 A-0 -___ 103 00 Dec '12 __ __ _ ____ Louisv & Nash Gen 6s
1930 J-D 110 11212 112 J'ly '14 _--m-N 1054 ____ 10954 Marie ____ 10634 110
1937
Coal & RR 1st cur gu 69_1922 M-N
Gold 59
Dec'14 __-- 10114 103
4
1011
---101
-J
J
90's 9611
95
39-1943
92
914
ext
Dock & Imp 1st
1940 J -J 92 Sale
Unified gold 48
- — 0312 Aug'12 .... _ _ ___
____ 9344 95
N V.0 Green L gu g 521_1946 VI-N --1940 J -J -------- -95 rue'14
Registered
85 100 93 J'ly '14.,,,,. a -994
106 10514
J-J
0514
Apr
'14
--0—.1937
--__
W
lst
&
ref
Sus
103
I/
N
_
Collateral trust gold 59-1931 M-N
1937 F-A ..--- — — 1004 Dec '06.,,.. _ia_ -75
M41'14 --- 1085410854
2d gold 4;0
1919 J -D --------10824
E 11 & Nash lst g 6s
_
...- 1001a 10202
4
1940 F-A ____ 70 75 Apr '14
931 ---- 10233.11y
General gold 59
L Cin& Les gold 454s__..1931 31-N '1
103 102 Jan '14 --- 102 102
101
m-N
1943
a ---- .--11332
5s
2
1
/
gold
113
Sale
1st
Terminal
1930 J -J 11318
gold 6s
1st
M
&
,
0
12
303
N
1114
____ 111 111
--99
'14
Feb
A-0
111
1940
Mid of NJ 1st ext 521
1930 J-J -------N 0& Al 2d gold 68
Dec'14 __ 84 09
84
92
1942 J-D . 85 90 92 J'ly '14 ---- 92 9812
87
F-A
Wilk & Ea 1st gu g 5s
1946
Paducah& Mem div 4s
106 May'12.... _
3 19812 10833
Sale 10614 10614
Cv & Ind 1st con gu g 69_1926 J -J -------St Louis Div 1s1 gold 6s 1921 M-S 10614
3 6924 Sep 12..,...,.. ..,
i921 J -J go 1641 100 Dec'14 ____ 100- 100 1980 M'S 6223 637
:vans& T H 1st cons 6s
2d gold 38
3 86 -907;
g54
86 8616
85 994 Dec '13.
A-0
85
1942
55
28-N;
gold
general
1st
All Knox & CM Div 49......1955
108 Nov'11 -- ____ ____
..... 111 Jan '13 ___ ---- —
Mt Vernon 1st gold 69_1923 A-0 -------- 95 J'ne'12 __
All Knox & Nor 1st g 59_1946 J -D .101
- 106 Jan '14 .._. luti 196
-------M-S
1931
Bull Co Branch 1st g 59_1930 A-0 -------69_
g
f
9
1st
Render ildge
____ 88 04
89 9014
88 811 Dec
_
1987 J -J 86 87 84 Dec'14 ____ 100
.TIorida E Coast lst 410_1959 J-D ___
gold 49
Cent
Kentucky
_
.
____
101
'10
____
Aug
101
----92
May'14
------—
• ort St U D Co 1st g 4;0_1941 J-J ____
L& N& M & M Ist g 4;0 1945 31-S
8014 83
60 62 Apr '14 ____ Has -a1928 .1 -J
rt W& Rio Or 1st g 4s
1952 J -J ____ 79 8034 Dec'14
L& N-South M Joint 49"
952 Q_J
____ 95 Feb '05 ____ ---1 reat Northern—
d
Registere
345
98
944
954
-947
s
9518 Sale
J'ly '14 _ — 19414 106
106
---Hal;
P-A
1937
JI 0 13.0 Q coil trust0-1921 J -J 934
59
g
1st
gu
8
&
Fla
N
9412 41712
11
9403
9503
100
Sale
97
____
-97
'14
Dec
?-J
------1921
-J
la
d
J
1945
Registere
N & 0!Age gen gu g 410
9912 20 9912 10133
9914
1 F-A 103 109 10933J'ly '14 _ 1U0½110
1s$& refunding 4 Msser A 1961 -J 9914 100
96 J'ne'13 _____. Pens& AU ist gu g 6s____192
—
---- 107 Mch'14 _ - 10514 107
1961
Registered
5.0 N Ala con gu g 5s— _1936 F-A ,t10414
May'14
18
9634
---9714
9912 0978 9912
---9414
J-J
1933
St Paul M& Man 49
Gen cons an 50-yr 58__1963 4-0
1933 J -J 1111_... 12214 J'ly '14.... 11914 12234
28-8 ___ 53 8313 31ch'14 ____ 83 85
49_1945
1st consol gold 63
g
gu
Co
Jeff
ildge
L&
.. -... .....
193$ J -J --_ 1211s 11712 Aug'13 ---936 31-14 -----------Registered
1 100 10312 .. 1 anis itit—tiou in:1049_1
10014
-J 10014 Sale 10014
110-12-'16 -_-__ --.. -Reduced to gold 4%9_1933 J
-1-4 ex luternat 1st con g 4s 1977 4-S --------77
10213 10834 J'ne'09 ...._ ____ _
79 Nov'10._. ---- --------31-S
Registered_ _ _.....1933 J -J __
d____1977
guarantee
Stamped
9212 19 93 -9E4
____ --- ....
1937 J-12 931 ---- 9212
Mont ext 1st gold0
viten & St L 1st gold 7s____1927 J-D ____ 115 1241z Gct '12
'11 ___ ---- —
1937 J -D ---- ----941 Apr '14 -___ 944 9412
Registered
Pacific Ex t 1st gold 6s____1921 A-0 96 103 l101sAug
...._ 923s Oich'll ___
____
-J
J
0
10 89 9412
89
89
£_...Y94
90
45
--_
31-N
guar
ext
1934
Pacific
1st consol go d 59
__ 944 15
4 40 61
4014
E Minn Nor Div 188 g 481:48 A-0 89 ---- 95 May'14
1949 M-S 40 4112 40
1st and refund gold 4,
60 69
--__
J'ne'14
1922 3-.) ---- - - 1104Jan '14 ___ 1.104 11012
60
55
____
J-J
Minn Union 1st it 69
49-1035
.0
lstgu
Ft
88
D
Des
125
12114
'14
____
J'ne
125
---113
-J
J
1937
6s
g
gu
Mont C 1st
ivi-E3
rzegIst.ered
xii;. __-. ---- ....."itf -id- "sti." —9
a
____ ---- --
1st
WI ig rii '"OA -... ----
1
997* iii asia 1o6
Street Railway
J-J
New On lty & Lt gen 4 49_1935
ref 4s 1242 J-J
1st lt E
Itys
N Y
A-ta
1942
a
30-year adi Inc 55
48.'62 31-14
N Y State Rys 1st cons4
M-N
Portland Hy 1st & ref 5s___1930
Pdrtland ity Lt & l'ow 1st1942 F-A
&refconvsf5
J -J
Portland Gen flee 1st 59_1935
P Istg 59 1937 31-N
St Jos Ry LH& cons
J -J
59_1937
g
St Paul City Cab 4s
1960 .3-3
Third Ave 1st ref
A-0
01960
Ad) inc 55
—1937 J -J
Third Awe y 1st a 5s
s f 59-1923 A-0
Tri-City By .0 Lt 1st454s..193
$ jUndergr of London
1948
Income 6s
(5
1-1549
g
531S8
Union Eiev (Chic) Pitts Ise 1920 IVI
United Rys Inv Ss
asked
and
Old
4,220 Dace byway; Latest
Next Pw-e.
MISCELLANEOUS BONDS—Continued on
Street Railway
6734 6934 Dec'14
United Rye St L 1st g 49-1934 J-J
8033 81
7912 85 81 May'14
70 6512 Dec'14
47 70 7913 St Louis Transit au 5s----1924 A-0
72
72 Sale 7112
5414
Sale
9
534
544
A-0
f
s
4s__1927
Fr
5312 305 45 6312 United Kits San
5312 Sale 5118
VaRy & Pow 1st & ref 59-1934 J -J 8914 907s 9212 J'ly '14
87 90
84 8814 884 J'ly '14
Light
Electric
and
(las
99 9914
9834 100 9914 Dec'14
1014 May'14
Atlanta Li L Co. 1st g 39_1947 J-D
103
103
92 10012 Bklyn U Gas 1st cons 59-1945 M-N 10213
92 Mch'14
54 J'ne'13
A-0
Is
1st
g
Buffalo Gas
9R14
-- 91
7 J -J
42
193
Columbus Gas 1st g 5s
9612 ---- 98
4 Sale i0-933 11154 1610
1113Coneol Gas cony 6s, when issued___
1034 Feb '13
98 103 9812 Dec'14
1923
Detroit City Gas g As
8012 65 7914 85
8011 Sale 794
9543 Sep '08
F-A
59-1918
g
con
1st
Co.
Gas
Del
8412
72
157
750j
7714
7734 Sale
102
102
1933 J-J
10612 10912 Det Edison 1st coil tr 5s
10412 107 109 J'ly '14
10612 Oct '12
1932 qtEq 0 L N Y 1st eon g 5s
96 98
94 9612 9612 J'ly '14
100
Feb
'13
.14)
0-1949
g
c
Co
Berg
Elec
Gas&
94 96
9512 J'ly '14
100 Oct '09
F-A 96I
844 9214 Or Rap 0 L Co 1st g
8712.1'1y '14
Dec
'14
100
11-N
3
1949
:,s
g
1st
Co
Gas
Iludson
'08
84 Oct
92 tich'i4
Kan City(Mo)Gas 1st it 881022
71 J'ne'13
sale.
Option
s
Oet.
Due
o
8
Aug.
Due
6
Due July.
Una woes. a Due Jan c Due Feb. 4 Due Aprli.
NoVroi
69
6512
49
924
724
7114
tills
9412
10141014
1.02121061s
...-
....
1E4 fart
•
--
100 104s
91 92
JAN. 9 1915.]
N.
New York Bond Record—Continued--Page 3
BONDS
Price
'
4
Weea's
4:
Range
a
BONDS
Y. STOCK EXCHANGE i3
h
Friday
Range or g ,.,
Year
N. Y. STOCR
Week
1.29
Prue
IVcure
4
Range
EXCHANGE 1
Friday
Range or
d,...n
Year
Week Ending Jan.8
...a.
Jan. 8
Lao Sale 4'
1914.
Minn & St Louis(Con.)—
Inet
Ask Low
High No. Low High N'Y N El &
Iowa Central lit gold 5s_1038 j-D ____ 85 8814 J'ne 14 --Hartford (Con.)—
Dia
deg Low
Itigh No Low High
SS 94
B & N Y Air Line 1st4s--195
Refunding gold 4s -----1951 M-8 37 sale 37
5 F-A ---_ _
9912 J'ne'12
37
1 39 5712 Cent New Eng
---- -..,..,
M SEP&S8M con g 4sintgu 1938 J -J 91 92 90
let gu 4s-_1961 J -J -___ 8012 81 Mch'14 ---92
9514
___ 81 83
7
90
Housato
nic II conga
1st Chic Term Is f 4s
_1037 M-N 101 __ 10638 Apr '14 --. 1084 106
1941 M-h ------9714 J'ne 12 --- __ ____
NY Vrches&D 1st ser5s-6a
M 3 S& A 1st g 4s int gu-1926 J -J 92 96 96 Nov'13
4}is
1
'46
J
-J
68
684 68
---- ____
68
5 5338 83
N II & Derby cons cy 5s__191
Mississipp I Oentra I lit 55-1049 J -J 82 ____ 91 J'ly
8 M-N 100 ____ 107 Aug 09 -----------'14 ---, 91 -9112
__New England cons 3s____1945
Mo Kan & Tex lit gold 0-1990 J-1) 77 80 77
J
-J
---__
77
.__
1 75 9178
...... ---- ---Consot 4s
2d gold 48
1045 J -J ---_ ___-g1990 F-A ....... 55 55
. 9912 meh'12
55
-- ....
3 52 77
-Providence Secur deb1r_1957 M-N
let ext gold 5s
583.... 60 May'14 .... 55 60
1944 -144
100 90 J'ne'14 ---, 90 99
NY O& W ref
lat& refund 4s
1st
g
4s_
_01992
M-13
"004 1.1-S ---78
7914 78 DeC'14 ---- 78 88
4812 ___ 4914
4914
2 4818 71
Register
Gen singing fund 4 }is
ed
35,000
onli-61
992 51-8 _.__ _. 9212 J'ne'12 ---. ---19313 J -J -___ 70 70
'14 --__ 70 85
,
General4s
St Louis Div lit ref g 48_2001 A-0 ___ —... 784 J'ly
1955 J-D ---- ____ 8112Mch'14 ---- 11112
Apr '11 -- --- ---- Norfolk Sou
-a%
Dad& Wa 1st gu gas
Ist& ref A 58_1961 F-A --- 88 94 J'ne'14
1940 II-N 100
9984 Dec '13 --__ ____
.... 92 9712
_ Norf& Sou 1st gold
Kan 0& Pac 1st g 4s
5s
1941 al-I' 1011; 10212 101 May'14 _... 100
1990 F-A --------78 J'ly
_- Norf& West gen gold
10114
Moli.& E lit gu g 5s____1942 A-0 ---- 102 104 Apr '14 ---- 78 -8212
68_193
M-I'
1
•115
____
116
Dec
'14 __ 116 120se
Improvement& ext g 6s 1934 F-A --------123
M K Sc Ok lit guar 5s____1942 MN ---- 9134 98 .rly '14 ---- 10314 10414
'14 --- 9638 9812
Jan 13 -...
New River 1st gold 6s
—_-..
M K Sc T of T 1st gu g 58-1942
1932 A-0 114 120 120 J'ly '14 __-- ----- 81 90 J'ly '14 -- go 9818
118 120
N & W Ry 1st cons g 4s
Slier Sit Sc So lit an g 5s-1942 M-S
1996
A-C
92
-----9214
-D
--96 May'13 --- _ _ __
J
92
9212 32 92 96
Recistered
Texas& Okla 1st gu g 5s_1943 VI-S --_ 90 9912Jan '14 --__
1096 A-0 --------94 May'14 —_ 94 94
ii -9912
DWI lit l& gen g 4s
Missouri Pac 1st cons g 6s-1920 M-N --- 100 100 Dec'14
1944 .1-J 88 90 8712 Dec'14 __ 8812 9184
---- 100 105
10-25-year cony 4s
Trust gold Si stamped—a1917 M-8 90 Sale 90
1932 J-13 98 102 10218 Apr '14 „.. 101 10334
90
5
88
984
10
-year
-20
cony 4s
Registered
1932 M-S 98 102 9612 Dec'14 ____ Ms 10514
a1917 VI-8 --------97 May'12 ____ _ _ ___
Convertible 43i
lit collateral gold 58
1938
M-S 102 Sale 10112 102
1920 F-A —__ 88 85 Dec'14 ---- LO -9512
31 984 10534
Pocab
Sc C Joint 4s
Registered
1941 J-D 90 Sale 90
1920 F-A
----------------------- -00& T0
90
1 864 9012
lit guar gold 5s 1922 3-3 ---.....
10-year gold loan 48
1945 NI- 8 41
.. 10514Jan '13 ---- --- „....
4
41
4212
34
Seto V & N E 1st RU
1959 N4_ s 36 38 3878
lit Sc ref cony 58
1939
g
4s
&I
-N
3912 19 38 7712
-,...r
.
92 9414 J'ly '14 -..,
9065 -944
orthern Pacific pri.a. ig 4s 1997 Q-J
3d 7s extended at 4%,,,,l938 M-N ---- 80 88 Jan '14 --- 86 88
897-a Sale 891s
897a los 8835 96
Registered
Cent Br Hy lit gu g 4s
1097 -J .89 ",- 8834
1919 F-A --__ 91 884 May'14 ---. 884 9232 General
887
20 88 934
lien gold 35
Cent r U P 1st g 45
a2047
-F 6234 Sale 6234
1948 3-D
7712 Dec '13
6278 27 6238 8812
Registered
---Leroy Sc t.) V A L lit g 53_1926 J -J --------110 Mob'05 --__
a'047 -F 6134 ____ 66 J'ly '14 --- 6514 67
____ _
__
St P-ul-Duluth Div g 4s199
Pac R of Mo 1st ext g 4s 1938 F-A 85 ___ 8912J 'ne'14 ---6 -D 97 _—_ 90 Jan '14 ---- 90 90
Dui Short L lit gu ss____1976
iiis -904
2d extended gold 5s
M-S
__ ___ 1091:Sep '13 ---- ___
1938 J -J ---- ____ 9712 J'ly '14 ____ 9712 100
St P & N P gen gold
St L Ir &I&8 gen con g 5s-1031 A-0 ---- 98 100 Dec'14 _.-6s___1923 F-A --- 110 111 Xi ' ---- 11072 11212
974105
_-Registered certificates_192
Gen con stamp gu g 5s 1931 A-0 --------102 J'ly .14 ___ 102
3 Q-F 10634...,. 1154 Aug'11.._ .... ---103
St
Paul
&
D
.luth
Unified & ref gold 4s
1st 5s_1931 F-A --------101 Jan '12 --1929 J -J ---844
844
— --Registered '
1929 J -J -- _ _ 80,
8 Oct '12 ...., ____
10114
May'14
--- 101
let consol gold
Ely & 0 Div 1st g 4s
1968 J-1) --------87 Feb '14 _-__ 87 10114
1933 M-N 6712 Sale 671s
4
3 65 11-34
Wash Cent let 48
87
Verdi V I & IV lit a 58-1926 M-8 --------9214 Dec675
1948 Q-M --,....... 8112 Dec
13 __
_ Nor Pac Term gold 4s
— __
—
Mob & Ohio new old 6s
Co lit g 6s 1933 J-J 110 112 112 Dec'13
1927 J -D 111 11812 11612 J'ly '14 ---. iiii2 1-17 Oregon-Wash
'14 --__ 112 11-34
1st extension gold 6s____61927 Q-J 100_ 11212 Apr '14 ____ 11212 1124
1st & ref 48_1961 J-3 8312 Sale 8312
8312
8834
5
92
pacific
C
oast
General gold 48
Co 1st c 5s. _1948 J-D ---- 98 10012 J'ly '14
1938 5.1-S 7414 -76 76 Dec '14 ____ 75 82 s• ennsylv
-— 9941034
RR lst
Montgom Div 1st g 5s
1923 M-N --------98 Dec'14 ---- 98
1947 F-A ---- 103 10414 J'ly '14 ___. 104 1064
Consol gold Si g 4s
St Louis Div 55
1627 j-D --------95 Dec'13 —_ .
1919 M-S 100 ____ 102 May'14 ___ 102 100
Consol
102
gold
48
St L Sc Cairo guar g 4g
1931 j-j 85 87 9114 May'14 ____
194$
98'z.,....., 1004 J'ly '14 ---- 9914 10014
8814 -9f1;
Convertible gold 3}ia—o1915 M-N
MashvilleCh Sc St List 581928 A-0 1031*____ 10332 Dec 14 ___
J-D 99% Sale 9938
9934 178 971a 99311
10314 10812
Registered
LI Jasper Branch 1st g 6s1923 J-3 --------111 Jan '13 ___
o1915 J-D --. ___ 9914 rne'14 ...-- 984
_
__
COnsol gold 4s
991s
McM M W Sc Al 1st 6s
1948 M-N 9634 9714 97
1917 J -J ---- ---- 10333 Jan'14 ---- Oki 1033-4
98
7 9612 1024
Alleg Val gen guar g 48_194
T Sc P Branch 1st is
2 M-S 93 ____ 94
1912 J-J --------113 J'ly '04 ____ _ _
94
2 9312 97
_
D
R
R
II
Sc
Be
Nat Rye of ilex pr lien 4 101957 3 -J --_. 80 58 J'ne'14 __ aii -cif
1st gu 48 g 36 F-A 9114_ 91 Mch'14 ---Phila
91
91
Balt& IV lst g 4s
1943 M-N 97 ..... 9912 J'ly '13 — ____ ____
Guaranteed general 0-1977 A-0 --------77 Feb '13 ____
____
Sod Bay Sc Sou ist g 5s_292
Nat of Mex prior lien 4;0_1928 J -J ..... ____ 9672 Feb '13 ___ ____
4 J-J --------102 Jan '03 ___ ____ ____
_ _
_
Sunbury Sc Lewis 1st g 4s_1938
let consol 45
J
-J
-,----1951 A-0 --------60 Apr '14 ..... Lo -.
,„
N
u J Eli Sc Can gen 4s_1944 M-8 96 ___ 1011; May 12 ____ ____ __
66
NO Mob & Chic 1st ref 5s-1960 3-.I
35
35 Sale 35
12 8912 58
Pennsylvania Co—
N 0& Nil prior lien g Ils_p1915 A-0
--------101 J'ne'14 _- 101 10112
Onar 1st g 4%s
New Orleam Term 1st 4s
1921 J -J 10034 Sale 10012 101
6 9934 1023a
1933 ,J -J -,- - - 7913
1921 j-,2 994
N Y Central Sc 11 It g
"
__ 99 Dec'14 -rig
Register
80 -10114
3358.1997 J -J 80- Sale 79
11 -iii4 -iiGuar
30ed
coil trust reg_1037 M-S 85 ---- 8412 Apr '14 --- 99
Registered
1997 j-.3 --------78 Dee
6414 88
Guar 3}is coil trust ser 11_1941 F-A 84 ---. 8711 J'ly:
'14 ---. 78 84
Debenture gold 4s
14:12 94
1934 M-N ___ 88 86
81
7
88
9
134
1
15
Trust
86
9214
Co
ctfs
gu g 3%s
Registered
1910 M-N 97 ---- 9814 J'ly 14
1934 MN ___: 87 897s J'ne'14 ---- 8978 894
Guar 3}is trust ctfs0
Lake Shore collg 3Hs
1942 J-D 83 __ 85 May'14 ____ 83 104
1998 F-A --_- 75 7312 Dec'14 -- 73 84
Guar 3}is trust ctfs D
Registered
1944
-D
J
83 85 84 J'ly '14 -- 84 85
1998 F-A
74 7612 J'ne'14
7612 834
Guar 15-25-year g 48
.1 P M Sc Co ctfs of dep.___
1031 A-0 924 ____ 92 Dec'14 -- 92 954
_
. 79 Dec '14 ___
79 79
Cln Leb& Nor gu 4s g
Mich Cent colt gold 3 Sis_nim _ _
1942 M-N ---- ____ 934 Apr '14 --- 93 9334
F---A -67- -71 70
70
i 7314 78
CI Sc Mar 1st gu g 4;0_1935 M-N
Registered
--._ 98 MaY'14 ---- 28 98
1998
01& P gen gu g 41is ser A 1942 J-J --_deech Creek lit gu g 48_1936 F-A ____ 2412 76 J'ne'14 __-_ 72 25
9814 ..... 10138 Nov'13.... ____ ____
.1-J 90 ____ 9514 Apr '14 ____ 9514 9534
Series 1.1
R
Registered
1942 A-0 9814 ..... 10984 J'ly '09 ___ ____ ____
1936 J -J --------99 May'll ____ ____
____
2d guar gold 55
Int
reduced to 3%s_
A-0 -1942
____ 911 Feb '12
1938 J-J
Series C 3}is
Registered
19485&-N 8284 -_ 9018 Oct '12
1936 J -J---------------------------Beech Cr Eat 1st g 3Sig-61951 A-0
-Series 1)3 As
1950 F-A 8214 ___ 8414 Dec •13 —
__ ___
.....
____
--....
__ri
Oart& .u.1 1st gu g 45
e& Pitts gu g 334i B 1940 J-J 84 ._ _ _ 8614 May'14
1981 J -D --------88 - 00012 ___
____ 8514 -8814
Gouv & Oswe 1st gu g 5S 1942
---- -Series C
1940 J -J ---- ---_ _ _. ____ --- ---Moh Sc Mal 1st gU g 4s_199 j-D ___ .___ __
Gr R Sc I ex 1st gu g 4%14_1941 J-J
95 100 9.533 Dec '13 ___ ---- ---1 51-S .
-- J'ne'14 __ -oi- -igli
II J June It guar 1st 4s
Pitts Y & Ash 1st cons 5s_1927 M-84 ------1986 F-A --------86
-109 May'll) ___ __-- —
N Y Sc Harlem g 3I4s
86
i 92 92
Tol W V & 0gu 4}is A
2000 PA-N —
1931 J -J 9712 .___ 9 J'i '14 ___ 984 -99
871
Dec
---'12
------Registered
Series B 43.s
2000
1933
J
-J
M-N
----9812 J'ne'14 _-__ 9812 984
9712
100
------------_ ------Series 0 4s
N Y Sc Northern lst g 5e_1927
1942 M-S ---- --__ 9312.1'1y '14 ---- 934 9312
A-0 10134 -...._ 102 Jan '14 ____
i
N Y Sc Pu 1st cons gu g ,s_1993
Sc St L gu 43is A
-----1940
A-0
A-0
99
____
--92
99
Dee '14 ____ 99 103
Oct
'13
___
Nor& Mont lstgu g 58
Series B guar
-i201_
-_-1916 A-0 ___. ---- - - -. _ __ -___ 1942 A-0 99 _ . 99 Dec '14.... 99 10212
__
Pine Creek reg guar 6s
_
Series0 guar
j932 j-D --------116
1942 M-N 99 994 101 J'ly '14.... 101 101
Feb-'14 _.-- 116- 11-6 it W & 0 con let ext 5s_h1922
Series
D 4s guar
A-0 101.12 10338 10472 J'ne'14 ---,
1945 M-N --------94 J'ne'14 _-__ 93 94
Oswe & R 2d gu g 53
10212 105
Series E 335s guar g
e1915 F-A 1004 Sale 1004
1949 F-A --__ 92 92 3'ne'14 -___ 9014 92
1004 • 1
R W & 0T R lstgu g 58_1918 111-N
1 o1
Series ll• gu 4s g
105$ J -D --------9514 Jan '14 -- ---- ---J'ne'1 ---------Rutland let con g 4}is_ _1941 J -j 99 ___ 104
--- Series G 48 guar
1957 M-N --__
- 90 Apr'13 ____
974 Jan 13 .... __. ..„.,..
Og & L Oham let go 4s-g 1948 J -J -----L & P lst con g 38_1932 A-0 101 ....
76 80 Sep '13 ___ ____ _-___ PeoSt
....._ 10612 May'14 ____ 10412 Mrs
& Pek Un 1st g Os
Rut-Canati 1st gu a 4s 1949 J-J ---------92 J ne'09 __ __ ____
------1921
-1011
Q-F
4May 14 ___ 10114
2d gold 43.55
St Lawr& Adir lstg 5s
1996 J -J --------108 Bel)'12 -- .61921 M-N --------89 Feb '14 ____ 89 1014
89
2d gold 0
1096 A-0
Iim j-J _ _ 20
11912 Mch'12 ..... ---- ---- Peru Marquetto--Ret 4g
25
May'14 ___ 25 25
Utica Sc illk lily gu ;0_1922 J -J
Refunding guar 48
1033 J-J
9312
95 Dec'13 ---_ _ _
-li_
40 Dec'13 -- ,
_
Ch Sc IV M Si
2
Lake Shore gold 3;0-1997 J-D 82 —
1921
883-4 8314 Dec '14 __
J-D
55 ____ 73 May'14...... 75 -75
ii
Flint Sc PM g Os
Registered
85t2 May'14 ____ 8312 8612
1920 A-0 86 -.... 85 Dec'14 ___ 85 104
1992.1-1)_
let consol gcld 5s
Debenture gold 4s
1939
M-N
1928 51-S 91 sale 9034
-----91
--65
J'ly '14 ___ 65 90
15 8914 944
Pt Huron Div lit g 5s_193
25-yr gold 4s
9 A-0 --------75 Apr '14 ___. 75 04
1931 VI-N 90 Sale 90
901± 18 884 9374
Sag Pus II let gu g 4s_1931
Registered
F-A ____ __
1931 PA-N ____ __ . 9172 J'ne'14 __ 9078 9172 PhilippineScRy
__
1st 30-yr 8 f4s'37 J -J ---- -60
1(a A& U R let gu c 5s 1938 J-3 ------ -65 - May'14
-------------. --------- - Pi
Mahon 0'1 RR 1st 5s
'
t 8b& I
1940 A-0 --- ____ 10812May'14 7.7_
' ist g Si
1934 J -j --------10714
14 ___ p, 6714 '
___ 1081210812
1stsconsoi
gold Si
Pitts & L Erie 2d r 5s__ '1928 A-0
1943 J -J
11314 Nov'll .._ _ _. - —
____ 103
103
I)eading Co gong 4s
4 105 105
Pitts Mal( & Y lsegu 6s_1932 J -J 103 ---w
1997
J-J
_-_9278 Sale 9234
la s Jan '09 ------------ -1.1
---9338 58 92 -9584
' Registered
2d guaranteed Gs
1997 .1-.1
___ 9134
1934 J -J __— .-- _ 12314 Mch'12 ____ ____ ____
9/12 11 9434 9412
Jersey Cent coil g 4s
Mcl(oes& 11 V 1st
1051 A-0 ___90 9114 Dec92 '14 ____I 91 98
. —._ _
City gu 4s 4
Nlichigun Centre. 5sg 6s 1918 J -J ----_- „,
1951 J -J ---- ---------..? - CIAtlan
1931 VI-S ---- -- 10514J 'ne'il -- -,-,
t
J.,
&
Or
-1054
Isl
1
1st
114
g
1947 j-J __-- 77 7512
Registered
1931 Q-M ---- ---- 1034 MaY'14 ---- 103410312 Ot Louis& San Fran4sgen
____ 7512 78
Is _
681931 J -J 107 109 107 May'14
1940 J-3 85 87 98 Apr 12
107
7-108
112
General gold 58
Registered
1931
1940 J-3 ___
.. 87 Feb '14 ...... 87 82
99
it L Sc S F RR cons g 4s_1996 J -J 99 100 99
2 100 103
J L & 8 1st gold 3lis
J -J --------75 J'ly '14 ____
1951 14-8 ------"- 90 J'ne'08 ____ ____
_
734 80
Gen 15-20-yr 5s
1st gold I V s
1927
M-N
1u62 4-:,,
alr 3612
. 834 7978 Dec '14 ____ 7972 Ills
37
2 271
Tr Jo certfs of deposit—. ___ 37
54
20-year debenture
32 -__ 3114 Dec'14 ____ 3114 55
43
1929 A-0 77 8112 784 Dec '14 ---- 7812
N Y Cilia& St L 1st
do
34
87
Stamped-,_,
g 0_1937 A -0 9214 954 93
_ —--- 2812 Dec '14 ____ 2812 45
93
Southw Div lit g 5s
5 9234 97
Registered
11947 _,A-0 _------93 Dee '13 __ __ ___. _—
1937 A-0 ___ ____ 9234 J'ly '14
Refunding g 4s
9284 9413
Debenture Is
1951
J
-J
0313
88
63
Dec
1031
'14 ___
-61 751-2 82 82 Dee '14
Registered
West Shore 1st 41 guar----301 61
82 87
1051 J -J --------8014 Mch'11 ____ 59 784
j
.j _
894 894
894
Trust Co ctfs of deposit—. —_
2 89 05
,Degistered
8312 ____ _ 63 Dec '14 ____ ____tin 03
8932
ii32 Sale 8932
-_1 88 9212
do
- I y Cent Lines eu tr 4}is '361 j- J
Stampe
d__
_
_
8134
Sale
1022 J-3
8112
8134
5 66 6112
1001 .Ply '11 ___ ---- .
___
IC0 Ft S Sc 3.1 con g os
N Y New Haven Sc
1928
MIN 107 Sale 107
Hartf—
10714
6 10714 11212
K U Ft8& 51 Ry rag 48_11136 11-0
Non-cony deben 4s
6812 6914 6812 Dec '14 _-_ 6778 7712
1935 J -J 73 76 76 Aiay 14,.,,. 75 804
K C& M R & B 1st gu 5s_1929 A-0 -___
Non-cony 4s
95 95 3Icii•14 ..... 96 95
1956 M-N 73 76 78 Mar 14 .--., 76 81
St I- 8 W 1st 8 4s bd ctfs
Cony debenta.e3 Sis
19119 M-N 74 7814 77 Dec'14 ____ 74
1955 J-3 84 65 64
88
2d g 4s inc bond ctfs____61989 J -J --_..
64
(JJnv debenture Gs
2 81 75
70 60 Dec'14 ____
J -J 105 Sale 1037s 105
75
0..m801 gold 48
II%riem It-F', Chas 141.14 1948
.
53 96 1174
1932 J-1) 60 81 88 J'ly '14 ___ 60
11154 ;,:1-5
on, NTrny'19
68 7784
Gray's l't Per lst gu a 55_1947 J -D ___
_
__ 9812Jan 14 -- 9812 9812
MISCELLANEOUS BONDS—Continued on Ne' P,e,
tin! Bud Electri
c
Gas i-nd Elect. ic Light
Klrigk Co EIL & e g Light
Purchase money Gs0.___1937 A-0 1014
10114 Dec '14
105 Peo Gas& 0 1st con g Ge_1943
11118
110
110
1997 A-0 110 11214 10912 Dec'14 ---- 10114
114 1173s
Convertible dub 54
Refunding gold Si
1144
10912
1947
9934 10012 9912 Dec '14
1425 A-8 11012
9834 1011g
Registered
11334 J'ly '14
1..k1.1..11111.1an 1st con
11334
1947
99 Sep '13
4s-1059 J-,1 86 87 8734 J'ly '14 ..-- 113
Lac Gas Lot St L 1st gg5S-e
Oh G-L & Cke 1st gu g 56_1937
86 89
iddli:::: 101 Dec'14
1219
H1;3811;
10038 Sale 1004 10012
5:
Re]and eat 1st ,.• 5s
10218
Con G Co of Ch 1St.gu g 5s1936
9914
7
10034
---10112 May'14
1934 Vi
r 9712 Sale 97
ow. lout
9712
Milwaukee Gas I. lit 0_192
Ind Nat Gas & Oil 30-yi 58 '36
7 9638 10114
93 Mch'12
7 VI-N 90 91 9014
Newark 'Jon Gas g Is
2 884 9112
9012
Mu Fuel Gas Ist gu a 5s 1947
100
1048
100
J -1) 10038
"tisi.1163:
N Y ti E L il Sc P q 5s
10114
'14 ---- 10114 10134 Philadelphia Co cony 5s-1019
95 97 95 Sep '13
1948 '-13 1013s Mal/ 1014 Jan
Purchase money 1348
Cony deben e 55
13 10012 10512
1922
95 97 9634 J'ne'14
1.449 F-A 8411 Sale 8313 10132
iio El Ill lat cons g 5s
9 't 98
841
8714
Stan
8212
3
Gas
&
El
cony
192.6
6s
s
f
85
93
81118 Apt '14
88 9212
N Y&OEI I.& P 1st con g 58 1995 .1-J 10214-- 109 J'ly '14
Syracuse Lighting 1st g 5s 1951
108 109
9714
1110 Mc'14
1930 F-A
100
101 Feb '14 .--- 101 101
N V Sc Rich Gas 1st .5s
Syracuse L Sc P Is
1954
1921
6512
n-:'
J'ne
,
'12
9212.rly '09
Pacific G •Z El Co Cal CI & E
T
ryt,
Tin
ottiop:IG
e,.& E 1st g 5__1949
9858
1014.1'ne'14
10113 1O11
Corp unifying & ref 5s
L Sc
1937 \-1-N 9114 Sale 91
08 Dec'14
98 10012
921
t 90 9514
Pac P ,w St Lt 1st . ret l0-'-r
1:e, A: ext.
P lit g 5s-1
2
933
10
9415 J'ly '14
944 944
Is Interne t series
Utica
El
L
&
P 1st 5s
1930 - A
1930
98
96
8812 8834 'Ply '14
i'l t 4: 1.n.sPnle 0 .4t .: 55._ 1949 F
101 101
8834 9018 Utica Gas Sc E ref bs
1917
-1-S 981s 100 100
11
lla.08
Dec
Jan '14
100
100
Westche
ster
Ltg
g
be
1950
•No once Friday: viten ogl nazi d-vted.
jig 10214 1044 Ply '14
Duo Jan. 0 Due Feb.
inL=. 106"
Dily May, g nu, June. 1 Due Juiy. 0
Due Oct. y Due Nov.
Option We.
Ending Jan. 8
Jan. 8
-.4.'
Lan Sale
4eZ
1914.
iff,2
-------9513
-airs "iir.
-
•
-
_
• _
[Vol.. 100.
New York Bond Record—Concluded—Page 4
130
BONDS
2
N. Y. STOCK EXCHANGE
H
Week Ending Jan. 8
Week's
Range or
Las, Sale
Price
Friday
Jan, 8
15
Range
Year
1914.
a 2.
BONDS
t
N. Y. STOCK EXCHANGE -.09
Week Ending Jan. 8
Price
Friday
Jan. 8
Week's
Range or
Last dale
a
Range
year
1914.
gg
a,
'High No. Low Mph
Ask Low
Bid
565* 563*
High No. Low High Wabash (Concluded)—
Ask Low
------------565* Jan '14 --..
etcluit Tru it. Co :Us
'14
77 84
Dec
96 27 574
78
30
27
-J
27
25
J
3
49-__194
fi A& A Pass 1st go g
Stamped
Do
____
___
'09
Oct
101
---Nov'13
-106
------13 F & N P 1st sink .g 53_1919 J-J
Det & Ch Ext 1st g 59.-1941 '-J
75 85'z
____ 80 Aug 12 .--- ____ ___
758 7912 75 Dec '14
Seaboard Air Line g 4s____1950 A-0
Des Moth Div 1st g 49_1939 J- J -72
.
8313 86
6014
844 J'ly '14
'14
---78
Dec
7512
A-0
-6014
1950
A-0
------1941
Gold 4s stamped
Om Div 1st g 31s
1950 A-0
1941 M-S 65 ___ 734 May'14 --- 70 80
Registered
Tol It Oh Div 1st g 48
6534 33 62 80
74 12
64
'14 ___Dec
9
Sale
653;
____
9
F-A
-D
J
41949
49-1954
Is
Adjustment
4 1414
1
14 6/
71% 7313 Dec'14
7
7312 7814 Wab Pitts Term 1st g
6 ---- 6
1959 A-0
Refunding 45
Cent and Old Col Tr Co certs- ---a 84 8534
81
614 1814
81 Sale 81
7 J'ly '14 ---- Ati-BIrrn 30-yr 14 g 4s__c1933
Columbia Tr Co ctfs
8212
Mch'14
851s
85
851s
1411
614
712
'14
---Dec
----------J-3
1949
ds
a,
Car Cent 1st con
Col tr ctfs for Cent Tr ctt's
103% Jan '13
7/i
4
4 JIY '14 - - -. 73
1954 J-D --Fla (tent & Pen 1st g 5s 1918 J -J
2d gold 45
104 Nov'l2
32 Dec'14 —__
14 114
____ ___
1930 J-J
1st land g,r ext g Is
Trust Cc certfs
84
100 10178
Dec'14
100
8114
___
14
J'ne
8312
____
-___
J-J
FA
1943
945
Consolgold 55
10038 10513 Wash Term i Is, gu 3%13_11945 F-A. 90
10012 Sale 1004 10012
100 Sep 12 ..
Ga & Ala tiy 1st con 58_01945 J -J 10038 10114 10314 J'ly '14
-year guar 48
lst 40
1034 10334
iii 'Lir., lir
56
5712 54
5612 ___Ga Car & No 1st gu g 5s 1929 J -J 100%
West Maryland 1st g 49_1952 A-0
14
4
1
/
Dec
1005g
100%100
101 Dec '14 __-. 101 105%
___
1014
-J
3
J
1926
7J
Seab & Roa 1st 5s
West N Y & Pa 1st g 58_193
78 80 7734 Dec '14 — 75 82
A-0
1943
Southern Pacific 0o—
4s
Gen gold
9 824 94
8312
-_--D 8312 Sale 8312
d1943 Nov - _ 35 34 Feb '07 ---- __ 102
Gold 4s (Cent Pac 0011)J1949 J
Income 55
90 90
90 Feb '14
1:1949 J -D
A0 95 _ _ 102 J'ly '14 ---Registered
Wheeling It L E 1st g 59_1326
80% "ion 79% 92
8 % sale 8012
Nov 13 --- _
954
951;
90
AI-8
-J
J
91929
6
55_192
4s
ii
cony
in
20-year
Wheel Div 1st gold
•14 ___
96% 490 94 19338
1934 J-D 9634 Stitt 96
5s____1930 F-A 85 ___ 91 Feb65
20-year cony 58
68 80
8712 126 8514 9412
Exten It tifiPt gold
F-A 87 Sale 8614
1949 7,1-S 6412 651-2 65
Cent Pac 1st ref gu 4.18_..1949 F-A
RR 1st consol 48
J'ly 12
'14 ---- 90 90
---Apr
9412
---90
1949
J-J
1922
Registered
20-year equips f 5s
871,
16
8712
88 88
14
874
---4
913
87
Feb
88%
-88
-1)
)
-----3 -J
Mort guar gold 3 Sis_k1929
4 8712 Winston-Salem S B 1st 48_1960
1
85/
80 Dec'14
84
; 85 844 Dec'14 ____ 8314 894
3 -J 841
Through St L 1st gu 4s_1904 A-0 1024_ _ 10211 Dec'14
4 Wis Cent 50-yr 1st gen 49_1949
1033
89%
86
..-10212
'ne'14
43
883
84%
8312
M-N
ra-N
931
'30
GH&SAM&Plsi5s_1
Sup&Duldiv & term 1st de
101 10234
lai 10234 Apr '14
M-N
Gila V 13 & N 1st gu g 59_1924 111-N
- _ 100 10234 J'ly '14 --__ 10232 10238
al
industri
T
1b7
58-1933
1st
&
g
E
Hous
1044 J'ly '14 ---- 101 10412 Manufacturing Se
1933 PA-N 98
1st guar 58 red
2 9734 102
109 109
103 1097; 109 J 'ne'14
1928 A-0 100 Sale 9914 100
LI & TO 1st g Is int gu 1037 J -J
94 May'14
9334 954 Am Ag Chem 1st c 59____p1915 Q-F 9915 9973 9912 Dec'14 --- 96 994
95
A-0
1(121
Gen gold 48 int guar
Cot 011 ext 43s
Am
89 9512
---'14
108
'14
Mch
---108
Dec
108
115
9213
--9313
90
1931 M-N
Waco& N W cilv 1st g Gs 1030 M-N 100 102 103 Mch'14 -- 10112 103
Debenture 55
14 100 10312
1941 J -J
9 M-S 10012 Sale 10013 101
A & N W lst gu g 5s
'14 -- 10613 10734 iim Hide& Lists f g 6s-191
1
7814 89
80
107123'1y
80
85
81
A-0
A-0
79_1918
_1925
Morgan's La & r 1st
10614 J'ly '14 ---- 10614 1071s Amer ice SeCur deb g 6 65_1926 F-A 10312 104 103 Dec '14 --- 101 105
1920 J -J ioi1st gold 6s
Am Smelt Securities t t
112 Feb '07 -'14 --.- 94 99
94343'1y
94
A-0
_-__
1938
VI-S
1915
5s
g
No of Ca I guar
---- 93 9413
ioo- 10112 Am Spirits Mfgr
10034 10034 100 Dec'14
1919 3-3 --------94 J 'ne'14
Ore & Cal 1st guar g 5s1927 J -J
Am Thread 1st col tr 4s
I 11712 123
10112 Nov 13 ---12078
1944 A-0 120 ___ 1207
So Pac of Cal—Ou g 5s 1937 M-N
Am Tobacco 40-yr g Gs
-'12
9112
Sep
---- 12134 12184
May'14
12134
-J
J
-------A-0
g_1937
1944
Su Pac Coast 1st gu 4s
ed
Register
13
Dec
'14
5 97 981,
112
88
8113
---80
9734
-ii
4
1
1951 P-A 973 ale 97/
San Fran Terrill 1st 49_1950 A-0 --- 97 96 Apr '14 -- 96 96
Gold 49
---- 98 98
1951 F-A --------98 J'ne'14
Tex & N 0 con gold 5s 1943 J -J 85 Sale 844
71 83% 93%
Registered
85
6414 78
---'14
Dee
67
-J
65
955
J
So Pac RR 1st ref 4s__.,_1
Am Writg Paper 1st s f 59_1919 J -J 62
9834 72 9779 106
984 Sale 9812
997_,,, 104 J'iy '14_,,__ 102 1044
Southern-1st cons g 59_1994 J -J
Baldw Loco Works 1st 58-1940 M-N
100 Aug'13-9312 10014
76
9812
9914
-J
J
Sale
99
1994
J-J
926
Registered
62/
4
1
6434 99 62 7614 Seth Steel 1st ext s f 5s__,,_1
87 234 8158 ggl,
1042 M-N 867 Sale 851s
Develop & gen 4s Ser A 1956 A-0 73 79 78 J'ly '14 ---- 77 8312
1st It ref 58 guar A
9712 98 96 100
13
987
Sale
9712
A-0
58_1925
g
Mob & Ohio coil tr g 49_1938 M-S
100 Dec'14 ---- 100 10412 Dent Leather 20-year
--. 9812 J'ly '14 __ 974 981,
1996 J-J ---1951 F
Mem Div 1st g 4 %-5s
8613 Donsol Tobacco g 48
1 9312 Ms
9434
----96 9434
-A-93
1951 J -J 102 843, 8612 J'ly '14 ---- 83% 10434
1931 141-N
Ljorn Prod lief is f g 5s
St Louis div 1st g 48
-- 10412
_
9214 Dec '14 ---- 9112 9814
'ne'14
J
4
1043
9514
924
All-IN
J-J
1918
1934
Os
1st 25-years f 59
Ala Con It 1st it
90 93
---'14
100
Dec
4
1
/
99
9134
May'14
993
4
94
9113
A-0
mer Sugar colt tr 6s 1918
Ala tit Soil 1st cons A 5s 1943 J -D
2 5212 68
5534
5514 5534
88123'1y '14---- 8618 8813 Duban-A
1948 J -J
Distil Sec Cor cony 1st g 59..1927 A-0 --All & Danv tat g 9s
4 Dec '14 ---- 823* 8913
1
83/
8514
82'4 Feb '12-833;
J-D
36
J-J
4%9_19
1048
I
Powder
2d 4s
..._ 87t2J'iy '14__._ 874 9014
7534 Dec'14 -- 7634 7614 It du Pont
Baking 191.25-yr 68_1956 J-D ___ 8233 79 J'ly '14_.._., 77 8034
Atl & Yad 1st g guar 4s 1949 A-0
1003s J'ly '14 ---- 10e3s 10138 3eneral
1916 J-J
Ben ElectrIc dob g 3Sis., _194 F-A -Col & Greenv let 69
13 10112 11)612
106
4 PM
1
10435
10614 103/
104
J'ne'14
106
1952M-8
1930 J -J
Debenture 59
E T Va & Ga Div g 5s
33 9812 10134
101
Sale 10034
103% Dec'14 ---- 1034 10813 Gen'i
1956 M-N
Motors 1st lien 65-1915 A-011101
Con 1st gold 55
3 8214 89
8412
A-0 8214 8412 84
0312 J'ly '14 -- 10313 10312 III Steel deb 4)s
1940
(A-S
1938
E Ten reor lien g 55
9912 30 97 1024
6413 May'13
1952 14-N 9914 Sale 99
Steel 1st 5s
1948 A-0
Indiana
109
Ga Midland 1st 3s
ioiOct
100
.
'13
_
_
106
100
106
_41935 J -J
1922 J-3
109 11012 Ingersoll-Rand 1st 58..„
Ga Pac ity 1st it 6s
10012 10033 Dec'14 ---- 1001104 May'14
Int Paper Co 1st con g 6s 1918 FA 100%
1925 J -J
Knox & Ohio 1st g Gs
10512 Nov 12
1935 J-J 82 84 8112 Dec '14 _--. 75 8434
5 f g 5s
cony
Consol
Mob & Bir prior lien g 59_1945 J
Meh'13
79
M-S 38 434 35 Dec '14 ---- 35 6713
1929
-J
J
s
55
f
1st
St
Pump
1945
tat
46
100%10114
Mortgage gold
43'1y '14
1
100/
1923 A-0 8612 91 90 Dec'14 ---- 87 97
1915 J-J
10314 10314 Lackaw Steel 181 gA5s
Rich & Dan con g Gs
103'e Feb '14
1950 M-S --- 65 69 Dec'14 ---- 69 7813
1927 A-0
1st con 55 Series
Deb Os stamped
73 Sep 12
5 9312 99
994
8 sale 99
M-S 991_1915
5s__
ble
M-N
5-year
converti
1048
-ii 102
Rich & Meek 1st g 4s
12212 13 120 12713
100 Dec '14
9..1944 A-0 12312 --- 122
19 114-N
Liggett & Myers Tobac 7'06
Oct
9634 10238
50
10013
So Car & Ga 1st g 5s_19
112
WO
3
Sale
1003
1951 F-A
1916(A-S
5s
Virginia Mid ser C Gs
1 11914 1263*
12214
10334 Nov'12
1944 A-0 12214 ____ 1224
1921 M-S
Lorillard Co (P)7s
Series D 4-59
Dec
'13
102
12
10034
963* 10212
100
Sale
10012
F-A
1951
1026 191-81
55
Series E 5s
104 Sich'13
'19 ---- 90 97
1031 141-18
Ltd cn v 6s A_'21 A-0 92 98 90 fly98
Series F 55
10412 May'14 ---- 10213 1041, Mexican Petrol
1 93 9725
A-0 96 Sale 96
1921
M-N
1936
C
6s
&
series
ref
1st
lien
1 ,10312 105
General 5i3
- 10014 10014
J-J
58-1929 JD 80 9314 9112 Dec %C.-- 91 94
Va Zs So'w'n 1st gu 5s 2003
Dec '14 ---- 8612 9314 Nat Enam & Stpg 1st
1930 J -J 80 —_- 8434 J'ly '14 ---- 815* 85
1958 A-0 85 65 8612
Nat Starch 20-yr deb 5s
1st cons 50-year 5s
J'ne'13
92
8 9612 10014
98
1952 MN 93 Sale 98
F-A
24
1st
55
111111-; National Tube
15618
May'14
W 0 & W 1st cy gu 48......1914 J -J
10014
5 97 991,
94
---MN 94 Sale 94
9612 9834 N Y Air Brake 1st cony Gs-1928
West N C 1st con g 09......19
964 J'ne'14
---- -J
J
1955
Steel
Spring—
5s
Railway
g
1st
Jpokane internat
100 101
'14
J'ly
101
10
9313 984
96_
9514
954
9514
J-J
Sale
A-0
39
59_1921
Latrobe Plant 1st 9 f
10014 107
-per A 31' St L lst g 4%5_19
10012 lai 10014 Dec'14
4
1
1931 A0 90 92 90 Dec '14___ 8914 93/
I, 1st con gold 5s___1894-1944 F-A
8514 9012 inter-ocean P 1st s f 5s
8814 May'14
104
87
82
10278
—_
'14
-Ply
104
.......
9214
A-0
J-J
1953
58_1934
tr
It
8
col
48
1st
&
I
g
Repub
Gen refund 9 f
10134 102
102 102 'ne'14
9113 11 90 943*
1940 A-0 90 93 9013
f
s
5s
-30
-year
10
4
St L M Bge Ter gu r 5s1930 A-0
944104
95
954
4 Sale
/
2 84 8912
89
2000 J-D 981
1930M-N 89 sale 89
Standard Milling 1st 59
Tex & Pac 1st gild 55
51 Nov'12
9914 137 94 106
99000 Mch
The Texas Co cony deb Gs-1931 J-3 99 Sale 99
2d gold Inc 55
"oi 95
95 May'14
Feb '13 --- -90
1931 J -J
-------J
3
1st
59_1930
It
Bag
Paper
Union
La Div 13 L lst g 5s
04
10612 Nov
--- -:Stamp
F-A
1930 J-J ---_-9114 Jan '13 -- .
W Min W & N W 1st tu 5s-1930
10334 iciS1",
104123'1y '14
la fir'US Si
76
1035 J-J
76 Sale 74
Realty& Iconydebg5s_'24 JJ
Col & 00 1st g 59
'13
Aug
101
2 18 20
20
1035 A-0
1931 J -J ____ 20 20
Western Div 1st g 5s
-OF gil-2 U S Red & Nag 1st g 6s
10112 Apr '14
30 100%104
1015
1935 J-D
J -D 10158 sale 10118
General gold Is
854 8714 U S Rubber 10-yr coil tr 68_1918 AI-N
87143'ne'14
9913 10314
_235
7
10118
A-0
10118 Sale 99
1900
Kau & Al 1st go g 4s
4 U 8 Steel Corp—{coup _d1963
1
4 J'ly '14
/
9534 98/
4 9912 1034
9934 10012 11
1927 J -J 9334 95 981
2d 20-year 5s
8 f 10-60-yr 58 reg -„d1963 85-N 10012 sale
75 80
90 98
75
70
Alay'14
65
90
90
-J
J
Sale
17
90
-D
J
4s__19
Vol P & W 1st gold
Va-Car Chem 1st I5-yr 59_1923
8054 82
74/
4 78 80343'1y '14
1
Sale 10034 10118 34 9913 10214
,L& W pr lien g 3%9_1925 J -J 414 _39 40 Dec '14
Col SWest Electric 1st 5s Dec 1922 J -J 101
40 60
36 89 9613
91
904
Sale
91
A-0
1050
J-J
is
59_1931
gold
f
50-year
Westinghouse E & M s
4 995*
1
43 50
43 J'ne'14
974 Dec '14 ___ 96/
1917 F-A
Coil tr 48 g tier A
10-year coll tr notes 5s 1917 A-0 974 9814
85 85%
5 8518 J'ne 14
T fr Ham dr Buff 1st g 4s_h1946 J -D 99
_ 100 Dec '14
100 10134
-D
J
59_1928
g
1st
con
(lister & Del
laiscellaneous
7 70 8034
714
74 76
76 Apr '14
1948 o-S 7012 Sale 704
1952 A-0
1st refund a Is
Adams Ex coil tr g 48
9118 45 8912 934
-D 91 92 9034
krmour & Co 1st real est4 Sis '39 J
Unlan Pacific—_ 8612 88
J'ne'14
983
8612
45
4
95
94
91
_
94%
Sale
9434
A-0
-J
J
1952
1st 48
1st RR & land grant g 45_1947 J -J
1 87 93
87
954 .9814 Bush Terminal
98143'1y '14 1955 J-.1 88 8812 87
1947
Consol Is
Registered
884
6 8514 9338
8914
1960 A-0 83 8512 8512 Dec'14 ____ 85 168
1927 J -J 8912 90 8813
30-year cony 48
Bldgs 55 guar tax ex
150
'14
---.
95
Apr
15
88
166
89
____
____
8834
'3
89
8812
3
1921
92008 M-S
1st cony 6s
Copper
Dhino
1st & ref 4s
10513
95
____
94
'14
Dec
9812
17
861s
00
9034
9014 Sale 9018
Cons M S It Pcom lis A'28 All-N 97 Sale 97
)re Ry & Nay ion g 49._1946 J-D 10712
9834 124 95 103
9834
11012 10712 Dec'14 ---- 107 11034 3ranby
inspir Cons Cop 1st couyss 1922 (A-S
Ore Short Line 1st g 09_1922 F-A 10312 Sale 103
5 2934 61
3012
3 10234 108
10314
1922 A-43 3012 33 304
1946 J -J
Marine 4 3-Os
Mercan
int
1st consol :58
1 713* 774
9414
8
85%
57
89
F-A ____ 57 57
87%
9
Sale
-D
4
J
59_192
1929
883
f
s
1st
on
48
Navigati
refund
Mt
Guar
__ 90 941,
'14
Dec
---904
8913
May'll
89
.
108
J-J
100
-J
J
.._1943
A
1926
58
1st
Viontatia Power
Utah & Nor dold 5s
'14
------884 884
---__-_
8812Jan
-1939 3 -J
1933 J -J
AorrLs & Co 1st s I'410
1st extendeu 48
-63 Apr '13
A-0 --------83 Apr '14 ...- 83 83
Vandal's cons 4 48 Ser A.1955 F-A if
9214 Atge Bond (N Y)49 ser 2 1966
9214
100
100
___
'14
May'14
J'ly
921,
-100
_
------87
J
-J
1932
1957
V Consol 48 Series B
10-20-yr 5s series 3
77 784
if 94 Oct '12
J -J
g 49_1951 F-A --------7934 Dec '14 __-_ 99
Vera Cruz & P 1st au 4%9_1934 181-N
6 "OW, 10033 N Y Dock 50-yr 1st5s
_
1014
95%
'14
Dec
9512
99
10114
95
06
-J
J
igir,
1932
1962
A
1st
l'ow
Slag Falls
Virginian 1st Is Series
9712 23 9612 105
____ 92 May'14 __ _ 02 93
1939 M-N 97 Sale 97
Slag Lock & 0 Pow 1st 5s.,_1954 M-N ___Wabash 1st gold as
1 913* 9514
9434
9434 -sile 9434
88% 894 Dec '14 ---. 87 100
1939 F-A Jotarlo Power N F 1st 59_1943 F-A 91
1V 2d gold 5s
945k 90
1 92 95
90
'12
3'ne
90
di-N
5
-J
J
58-104
1939
Transmission
3ntario
Debenture Series II
98
863
.
14
8612 91
96
-8713
'14
J'ly
90
87 Sale
- 90
21 M-S
Pub Sexy Corp N J gen 59_1959 A-0
1st lien Null)s fd 4 5s__19
22 10013 11714
'14 ____ 27 78
104%
Apr
103
75
105
104
J
-J
65
691921
-J
J
49_1954
cony
1st
term
Copper
RayCons
1st lien 50-yr g
611,
9214 924
___
29
4
1
/
'14
27
34
Feb
9214
31
'334
---A
31
P
Sale
1956 J -J
1st 54_1949
1st ml and ext A 4s
494 551: Sierra It 8 F Power1st 5s-1939 .1 -J 97 ____ 1031,Jan '14 ----1031, 1031,
5014 May'14
Cent Trust Co ctfs
50 564 Wash Water l'ow
•14
Apr
53
Do Stamped
ded
MISCELLANEOUS BONDS—Conclu
Bid
10e
la
---.....
U
Telegraph & Telephone
..0a.. Iron
Am Teter)It Tel coll tr 49_1929 J-J
92 92
88 92 J'ly '14
86
32
11.336(A-S
J-D
03____18
ble 4s
Converti
4.4011.14
80 80
80 J ly '14
01926 M-8
20-yr convertible 4 Sis —1033 1,1-S
Debenture is
86 99
3 F-A 87 99 87 Dec'14
59_1943 J -D
30-yr
1st
Tel
Dist
Cent
Jot F & 1 Co •.ren s f g 5s-194
105
105
ly'14
1919 3A-N ---- ---- 105
ial Cable 1st g 45-3397 Q- 3
egter
col Foe, gen 6s
71 82 Commerc
2397 („),1
F-A ---- 7212 71 .Ply '14
(Jot Indus 1st & cog 5s gu 1934
73 79
73 Isich'14
-J-1)
1935
---5s
1st
T& T 1st & gen 53_1957 J -J
Me
Cumb'd
Coal
Oons Ind
89 9012
'14
.I'ly
89%
9218
_--.1-D
3-3
:950
59_1935
1st
5s
e
Cons Coal of Aid Ist&r11
994 9918 Keystone Telephon s f59-1918 M-N
99's Feb '14
F-A
MetropolTel&Tel 1st
Continental Coal 1st g 59-1952
9812 1023* Apr '06
___.
F-A
A-0
9
1924
5s
Gs_h191
1st
Telep
g
1st
State
93 113.1; Mich
(Jr My Coal& (.3
93 Idch 14
20
3
7 114
1:3
58_1951 .1 -J
e 5s4_ 1
Kan & 11 C It 0 1st s 1 g 55_11157 -J
84 88% NY&NJ Telephon
88
88
11-N
Sis
1939
4
f
5
gen
1
s
1st&
1st
Teiep
Collier
Y
N
77 82
P MAU Con
J'ly '14
78
-J
J
5
is
59_195
6 974 1031, Pac Tel It Tei 1st
t I_ iiocIt All & l' 1st
100
1951 3 -J 100 Sale 100
South Bell Tel& '1' lists! 53 1941 3-3
4 9934 1(13
101
Tenn Cos. gen 59
,1(1014
a,
s0111
14 l
J -J
Gs_1917100
West Union col tr cut 5s_ 11138 -3
7 101 102
So u. Div 1st consol ____9
101
10014
01
A-0
19171
1950
Fd and real est IC 4 %s
10114
101
'14
1'300oun Div 1st it Gs_ Os-1922 3-0
101 Dec
1941
.
gu
Mut Uu Tel go ext 5s
1st
73 73
Cal. C :11 (!,
73 Aor '14
-.1
1:.1934
1953
st Tel •••ii 4
Northwe
9513
90
l.'uel 1st s I 53
Vtetor
.
'14
J'ly
90
1940 NI-S 80 90
55
lstg
ke
Coal&C,,
°Due oel
Aug.
it Due July. k Due
Vs iron
OutiJune.
o
Due
e
‘11.y.
April
Due
asked, a Due Jan. d
.No price Friday:attest 1:1111 and
b111,(111•01: ,I
--
87
8713 14 85 8975
9134 9714
91/
4 Dec '14
1
96
98 709 94 100
9734 99%
9734 Dec '14
81% 8814
8814 J'ne '14
773s 79
79 Apr '14
8 944 9814
95% Sale 95
9534
8914 8914
•5913
8914 Dec '14
1003210934
9934 1C2 111115* J'ly '14
1 0632 100
98
974 ---- 93
101 101
100 105 101 Dec '14
13 944 984
95
95 Sale 9434
4
/
95% 37 94 9934
954 sale 941
19 9534 100
97
97 Sale 9614
93 984
---- 97 98 Dec '14
4 86 13 03
8813
8938
8714
884
104 I ne II
oi Jan 13
8112
ul/Uu Nov. ., Due Dee 4 out on sale
87 Sale
90 954
97% Sale
97% -----
•
_
BOSTON STOCK EXCHANGE-Stock Record
SHARE PRICES-NOT PER CENTUM PRICES.
Saturday
Jan. 2
Ionday
Jan. 4
Tuesday
Jan. 5
1Vednesday
Jan.6
Thursday
Jan. 7.
Friday
Jan. 8.
9338 9338
94
9414 *9312 9418 94
Last Sale 9978 ,724'14
97
9634 396
185 185
18318 184 184
95
954 95
95
05
96
95
Last Sale 150 Dec'14
33 -34- "55" 33" 51 1612 5512 284 2612 2814 2434 27
.215
.220 __ -3215
225 225 +225
Last Sale 750
50
Last Sate 612 Nov'13
;51
;5/ 16" ;51 16i ;51 46- Last Sale 38 Dec'14
Last Sale 160 Mar'14
.159 181
Last Salt 103 Dec'14
•
fol- •
1:62.101
-.__ 175 • _ _ 175 •160 175 .____ 175
Last Sale 170 Dec'14
75
.
75
76 5____ 7612 75
75
75
75
•17
118 118 •I1512 120 *115
15
5I2
.115
86 8612 864 80
*85
87
8612 .8512 87
86
386
86
*964 98
9612 9612 *964 98
97
97
*9612 93
•
_
9
8,4 812
54
54
55
55
;7515
56
55
53
54
54
544 55
5414 5614 5512 5614 *5414 5478 85E2 5413 5212 54
. Last Sale 10312July'14
144 iii" *144 __ _14312 1-4Y1-2
_ _ "55" 16"
2014 2014 .20 _ _ _ _ *20
20 -- 1320
__ .
.116 11614 11612 11712 117 1173s 11734 11734 11712 11712 118 118
Last late 8314 J'ne'14
57913
Last Sale 130 July'14
'
118 125 *158 125 *121
sii5"
mg 8834 67 6812 684 69 6878 ii7e 136878 69 6912 6912
.8212 ____ 85 85 *85 ____ 8612 88 .87 88
319234
*9712
1834
9414
944 *94
9314 *94
99 .96
9812 •98
18318 18318 18318 1834
95
94,4 9412 95
48
-51" 61.91
91
91
2 213
212 212
212
19
1812 19
18
18
10414 104 10414 104 105
11212 113
113 114
114
118 119
1174 11714 118
Last Sale 15 Mar'14
- 1312 16" 7812 7812 78 783s
*59
60
*59
60
_
984 9812
Last Sale 6 June'14
.54 -12
12
12
*1014 _ _ _ _ *11
912 934 • _ _ _
934
250 250 *250 255
254 igi
13934 14012 141 141
141 14112
1014 10138 10138 10138
8512 854 8534 86
8554
90
90
89
89
- 198
198 191
Last Sale
:Tufyl
3
-11" •12 15
Last Sale 13 July'14
"lc •12 15
*40
50
50
Last Sale 55 July'14
40
50 .
40
.
20
•____ 20 •____ 20 •_ _
16" Last Sale 20 July'14
Last Sale 38 Dec'14
133 133
12912 12912 *jai fii" 131" iii" 133" 133
13312 135
15034 15212 15212 153
1501: 15034 15034 151
154 154
152 15314
1738 17% .1734 _
1814 18,4
1738 1738
.
1734
: 105 105
10512 1-0538 105 10534 106"
3110434 10514 10434 1051
29
2812 2812 2814 2814 2814 2814 *2812 29
29
29
29
274 2712 13 _ _ _ _ 2712 274 2712
*2718 28
Last Sale Jii- Dec'14
5.75 .95 •.75 .95 *.75 .95 *.75 .95
121 12412 123 124
12338 124
121 123
124 125
12414 125
5514 554 56
5412 55
54
34
5514 56
57
5538 56
2812 2838 2812 2834 2838 2914 29
29
29
29
2914 2912
5038 501 51
5014 31
4914 4938 49
5018 514 5118 5134
10514
105
*10512
1054 10514
106
10534 106
10578 106
1064 10611
48
48
•_
48
9
. 512 9012 5512 ii61"2 9012 9012
212 212
2,4 2,4 *214 2,2
18
1734 1734 18
•17112
10334 10134
•103 114-7-8 103 104
113 113,2
11212 113
113 113
11614 11612 116 11634 11638 11714
•15
"7712 73 774 7812
7712 78
60
5912 5912 5912 5912 1359
s____ 99
•____
512
61"2 *534 -10
10
10
111_.
10
14
*912 10
*912 934 *912 10
249 250
248 248
249 250
140 1404
13834 13914 139 140
101 101
10012 10012 *10012 101
8512 8534
8412 85
.
8414 85
•8512 9012 8912 90
87
87
198
200 200
▪
200
13s
•118
138 •118
250 250
*248 250
2612 2634 2612 274
...SO .90
.3514 36
*3512 36
5214 5314
5134 52
17
1634 17
17
*312 4
34 34
24 3
*214 21 .
36
364 3534 3634
55
55
55
55
13345 3571 350 350
•1414 15
•1414 15
*3314 3312 3334 3414
*3112 32
3112 32
2
2
132
21
838 9
*812 9
514
*5
*434 51
*____ 60
60
60
2418 2484 2312 25
*12/2 131
1212 1212
1327
30
30
+27
+.25 .4
•.25 .40
*3
4
*34 4
.4434 46
45
46
.8512
*8512 88
•16
18 .17
18
i4(, 438
412 412
*234 31
3234 3
13538 6
534 534
133
31
312
*3
.1
13
138
*1
.312 4
.34 4
.412 432
438 434
1
1634 163
17 4 174
•.50 .7
•.50 1
48
483
4834 4912
•1134 117
1214 1214
634 74
61s 63
*54 6
5% 5%
2234 2318
*224 23
*114
158 •114 158
*14
1
*54
1
338
334
.358 4
41
.
44
41
44 .
.65
.65
68
68
13
13
13
13
.50
53
*52
53
*1512 157
1618 1614
*2734 28
28
28
•1
11 .
1
112
5
5
5
5
+18
19
19
19
•.12 .2
•.12 .20
23
23
*2212 23
138
138
*114 11
251
2.5
254
*25
3
338
34 31
.20 .23
.20 .23
2512 2512 2512 2512
4312 4312 4212 4312
2
2
2
2
*934 10
*934 10
4913 494 5012 5012
112
.14
112 *114
2
2
2
21
33
. *32
3212 321
'
3.50 .60 +.5(1 .75
*ma and asked
.1
133
245 245
263s 2634
'3.50 .90
3512 351
5234 5312
17
1738
312 334
*214 3
36
3738
55
5514
355 355
.141 15
3312 34
304 32
*2
214
84 834
478 5
60
60
25
25
*1112 124
.2734 30
.27 .27
*314 4
46
46
8512 87
*16
18
43
/
4 412
234 278
534 6
312
*3
•1
138
*312 4
44 44
174 1734
.3.50 .75
43
484
*1214 1234
614 74
*512 5%
2212 2278
138
•114
*34 .99
*338 4
*42
44
67
67
13
1314
52
22
1638 1638
28
2812
114
*14
*454 5
1834 1834
+.12 .20
2238 2238
'1.(, 112
.24
25
*34 312
..20 .24
2514 2512
4214 4234
2
2
*034 10
4912 4934
112
*114
218
2
33
33
•.50 .nn
91
*218
1734
10334
113
11714
Sales
of the
week.
Shares
STOCKS
BOSTON STOCK
EXCHANGE
131
Range for Year 1914.
On Oasis of 100-share lots.
Lowest.
Highest.
8814 NovIl
9738 Jan 15
175 Nov12
77 May 8
150 Dec 16
3012 J'ly 20
225 May 1
7 Mch 2
50 July10
100 July 8
10138 Feb 10
195 Jan 5
10114 Juiy15
179 Feb 9
55 Jan 12
255 Jan 27
712 Feb 13
60 Jan 19
35 July17
160 Mch23
103 Dec 29
162 Nov18
75 July 3
11512 Dec 16
83 Jan 3
9078 Jan 5
9 Apr 22
54 Dec 16
4978 JulyI6
100 May 6
140 July17
19 May 8
11034 N o v11
82 Apr 17
115 Jan 9
65 Nov10
82 Dec 23
40 Jan 26
163 Jan 15
107 Junel1
200 Jan 24
93 Jan 28
124 May 1
8878 Apr 6
99 Mch28
14 Jan 23
66I2Jan 24
777 Jan2
112 Feb 6
165 Jan 30
30 Jan 8
16384 Jan 31
85 Jan 5
130 Feb 5
75 Jan 23
95 Mch12
Miscellaneous
12 Amer Agricul Chemical_ _ 100 474 Jan 2
144 Do pref
100 89 Dec 21
560 Amer Pneumatic Service
50
2 Dec 14
231 Do pref
50 17 Jan 2
428 Amer Sugar Refining
100 9714 Mcliii
280 Do pref
100 103 Mcli3O
4,559 Amer Telep & Teleg
100 112 Nov14
American Woolen
100 14 Mch 4
335 Do pref
100 7234 Mob 4
25 Amoskeag Manufacturing.... 574 Dec 12
20 Do pref
9734 June25
A tl Gulf & WI SS Lines_ 100
5 Feb 19
50 Do pref
100 1312 May27
200 East Boston Land
10
912 Dec 31
197 Edison Electric Ilium
100 234 Nov10
553 General Electric
100 137 Dec 24
157 McElwain (W ID 1st pref _100 9812 Nov10
645 Massachusetts Gas Cos__ _ 100 7614 Nov 4
g
Dro
100 85 Nov18
1 mo
12
14
entPhraelter LInotype_100 200 Dec 23
Mexican Telephone
10
214 May13
Mlesissippl River Power-100 18 July27
Do pref
100 35 June28
New Eng Cotton Yarn--100 20 Apr 9
100 38 Dec 15
Do pref
32 New England Telephone_ 100 128 Nov 2
100 148 Dec 10
498 Pullman Company
10 16 Jan 7
26 Reece Button-Hole
100 10112 Nov 4
196 Swift & Co
25 27 Feb 24
210 Torrington
25 27 Mch24
130 Do pref
Union Copper L & M
2 .95 Dec 28
100 2113 Dec 24
2,842 United Fruit
1,609 United Shoe Mach Corp... 25 5214 Dee 11
25 28 Jan 9
661 Do pref
100 48 Dec 23
1,757 US Steel Corporation
100 10314 Dec 24
155 DO pref
5914 Mch19
98 June15
4 Jan 31
22 Jan 31
11014 Jan 2
115 Dec 16
124 Jan 24
15 Mch 4
83 Jan 26
67 Feb 13
10012 Junel8
9 Jan 23
1684 Jan 16
1411 Feb 11
265 Mch 4
150'2 Feb 20
102 Jan 23
94388'eb 17
96 Mch16
21634 Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
2018July 2
10734 Mch 9
31 May21
2912Jan 20
2 Feb 4
173 Feb 13
8134 June 4
3018 July23
6714 Jan 31
11238Jan 26
Railroads
51 Atch Topeka & Santa Fe._100
100
Do pref
100
55 Boston & Albany
106
372 Boston Elevated
100
Boston & Lowell
100
2,330 Boston dr Maine
100
6 Boston & Providence
Boston Suburban Elec Cos.__
its Do pref
Boston dz Wore Electric Cos
Do pref
Chia June Ry de U S Y___100
Do pref
Connecticut River
100
100
60 Fitchburg pref
3 Georgia Ry & Elec stmpd-100
45 Do pref
100
13 Maine Central
100
20 Mass Electric Cos
100
138 Do pref stamped
100
1,891 NY Nil & Hartford
100
Northern New Hampshire_100
4 Old Colony
100
33 Rutland, pref
100
118 Union Pacific
100
Do pref
100
Vermont & Massachusetts_100
709 West End Street
50
100 Do pref
30
Mining
15 Adventure
31 1.
114 *1'
132
25
138
138
245 245
250 250
okoold
245 245
25
15,19303
2614 2638 2614 27
Alaska
10
2612 2738
Last Sale .90 Dec'14
•.50 .90
Aigomah Mining
25
3512 3514 36
36
3512 3512
25
85 Allouez
5238 531
5212 544 5438 55
2,007 Amalgamated Copper-...100
17
1718 174 1712 1814
,540 Amer Zinc, Lead & Smelt- 25
34 1718
34
334 41
4',(4 44 2,080 Arizona Commercial
238 24
*212 3
*212 3
10
45 Butte-Balaklava Copper
3714 3814 3734 3914 39
3912 20,324 Butte & Sup Cop (Ltd)... 10
5412 1,212 Calumet & Arizona
544 541: 54
54
55
10
355 356
355 355
355 360
SI Calumet & Reda
25
Last Salt 15 Dec'14
*1414 15
Centennial
25
3278 3338 334 3318 3338 34
1.023 Chino Copper
3078 31
3012 311
3012 31
864 Copper Range Cons Co.._ 100
32
214 *2
+2
21
15 Daly-West
2,4
20
812 8'l
9
9
834 9
1,095 East Butte Conner Min- 10
75 Franklin
.434 5
*434 514 *434 5
25
270
58
58
Granby
58
60
5812
Consolidated
100
415 Greene-Cananea
2418 2438 .2414 2434
24
247
100
124 124 1278
170 Hancock Consolidated_ 35
12
+1178 12
Hedley Gold
Last Sale 29 Dec'14
30
*27
10
100 Helvetia Copper
31.30 .40 '3.25 .40
+.25 .4
25
25 Indiana Mining
314 31
*314 4
*312 4
25
327 Island Creek Coal
*4534 461 .____ 46,2 -- -- - -__
1
o
f
--------------------88
--1
88 .86
.86
le Royale
13e
5
Last Sale
+16
18
310 Kerr Lake
3
438 438 .414 44
414 414
450 Keweenaw Copper
25
234 278
278 24 +238 278
215 Lake Copper Co
.534 6
*534 6
+54 6
25
25 La Salle Copper
25
*3
312
318 315 *34 34
Mason Valley Mines
5
Last Sale 114 Dec'14
•1
132
50 Massachusetts Consul__ 25
378 378 *312 4
•312 4
e p
415155 Miamihf
5ta
tcyhf gowno
414 414 *4
25
412
412 +4
__
174 1712 174 1712
5
Dec'14
25
Last Sale 1
13.50 .75
208 Mohawk
48
4812 4812 .47
48
25
4734
375 Nevada Consolidated
1214 1214
12
1214
1212 1212
5
612 7
64 64
64 654 7,922 New Arcadian Copper__ 25
275 Nipissing Mines
512 5%
5% 5%
5% 5%
5
2,662 North Butte
2234 2312 23
2312 23
16
14 112 *14 134 112 2312
335 North Lake
25
112
01Ibway Mining
Last Sale 34
Dec'14
1
.34
25
245 Old Colony
354 334
334 334
334 334
25
4312 4312 44
44
40 Old Dominion Co
*4434 45
25
.64
67
3165
68
67
5
14
15
0
67
25
1234 13
12
1234
°8ce°
Pond la
Creek Coal
1214 1234
10
.50
53 '3_ _ __ 50 31 _ _ _ 50
Quincy
25
1578 164
1534 1618
u
aiync
161 4 1614
e
y
,onsondated
Copper_ 10
*28
2834 2812 284 281; 29
2300101
Mary's Mineral Land__ 25
50 Santa Fe Gold & Copper__ 10
.14 14
14
112 •112
134
*434 5
434 478 *412 434
100 Shannon
10
19
19
19
19
19 ' 19
246 Shattuck-Arizona
10
•.12 .20
Last Sale .12 July'14
South Utah M & 8
5
221: 224 2212 2314 23
410 Superior
234
25
•1,
4 ilz
132 135
112
112
270 Superior & Boston Copper.. 18
5
25
25
2512 274 2714 2,1
465 Tamarack
2
*3
314
*3
314
3
193 Trinity
3
25
.20 .22
.22 .23 ..20 .22 3,025 Tuolumne Copper
2512 254 254 2512 2514 3514
446 U S Smelt, Refln & Mln_ 5
4238 4234 42
4312 42
633 Do pref
4214
2
2
2
2
2
2
2,715 Utah-Apex mining
*912 94 10
10
90 Utah Consolidated
934 ON
4834 494 4918 5018 5018 5018
351 Utah
Co
1
•128
112
Last sale 1%2113
8 ec'2
114
8
Victoria
2
14
218
2
2
640 Winona
2
32
32
33
34
3412 35
80 Wolverine
2
*.50 .65
IASI sale 2
Dec'14
wYandott
251
Lotoest.
Highest.
9112 Oct 10614Jan
9534 July. 10138 Feb
183 Dec 215 Jan
82 Nov 11414 Jan
150 Dec 205 Jan
35 Dec
97 Jan
23812 Dec 290 Jan
7 Sep
1612 Oct
5712 June 65 Mch
714 Mch
5 Feb
45 Jan
3612 Dec
162 Sep 166 Feb
10112June 107 Mch
200 July 260 Jan
68 Dec 122 Feb
x115 Aug 126 Feb
821:July 88 Sep
91 Dec 110 Mob
1938 Feb
1012 Dec
79 Feb
63 Dec
6534 Dec 130 Jan
100 Dec 130 Feb
150 Dec 17612 Feb
35 Mch
25 Aug
1394 June 1021* Jan
8018 June 9012Jan
105 Dee 150 Feb
811* Feb
6714 Dec
85 July 100 Jan
41 Sep
8912 Dec
212 June
16 Nov
994 Dec
10818 Dec
11014 Dec
1514 Dec
74 May
59 May
9234July
. 5 Jan
10 Jan
9 June
234 Dec
130 June
95 May
87 Apr
86 June
209 June
3 Jan
30 Nov
70 Dec
17 Apr
634 Apr
127 Dec
149 Dec
1412 Apr
101 June
26 Sep
26 Sep
84 June
147 June
4112June
264 June
50 June
102I2June
57 Jan
9914 Jan
412 Jan
2384 Jan
11818 Jan
1174 Feb
14012Jan
21 Apr
8375 Ser,
73 Jan
100 Jan
124 Aug
1911 Aug
15 Feb
28812Jan
18634 Jan
104 Jan
9312Jan
9538 Mali
220 Sep
34 Feb
414 Ben
7012 Dec
50 Apr
9112Jan
160 Jan
16512 Jan
18 Sep
108 Mel)
2812Jan
2814 Jan
2 Jan
182 Jan
5534 Feb
2812Feb
69 Jan
111 Jan
8 Jan
1 Apr 14
1 May
2 Jan 22
23934 Apr 22 300 Mch24 230 Nov 330 Jan
2484081
19 July30 2834 May18 w834 June
184 Jan 20 .15 May,
12 Dec 22
24 Jan
3411 Jan 8 4334 Feb 18
2912 June 4214 Jan
49 Dec 10 7814 Feb 4
62 June 803s SO
3278 Feb
1214 Nov23 2138Jan 30
1514 Dec
212 Nov17 64 Mch 4
214 June
512 Sep
6 Oct
1 Nov17
44 Feb 2
114 July
24 Nov 7 4034 May18
1814 June 45 Jan
53 Dec 24 7018 M ch25
5612J,1De 72123an
350 Dec 1 460 Feb 13 388 Dec 355 Jan
14 Jan 9 19 Feb 4
10 June 18 • Jan
3014 Dee 23 4312 Feb 4
3014 June 4712 Jan
53 Jan
29 Dec 1
40Feb
34
4
32 Dec
112 Nov16
4 Jan
3 Feb 6
2 Sep
8 Dec 10 13 Jan 26
914 June 1518 Jan
2 Nov30
Apr 6
9 Jan
212 Dec
60 Dec 19 91 Feb 4
51 June 7814 Sep
2114 Apr 25 4238Feb 4
3512 Aug
2738 Oct
11 Dec 10 22 Feb 4
12 Nov 25 Jan
28 July25 30 Mch24
35 Apr
277s Jan
.25June12
12Jan 8
3 Apr 24
611 Feb 20
Ian
34 Otty 1784"
444 Dec 2
504 June10
4414 June 69 Jan
81 June
8912 June20
79 July 87Iz Jan
16 Dec 26 24 Feb 4
16 June 3378 Jan
378 Mch2
4% Nov
618 J uly18
238Jan
218 May
4% Feb 18
338 Feb
1 Aug
434 No v 1
1012Jan 16
6 Nov 2612 Jaa
3% Dec 2
514 Jan
512Feb 14
314 June
14 Dec 3
4 Jan 16
1012 Jan
31s Nov
2 kfch
e512 May23
134 Nov
5,2Jan
334 June16
9 Jan 28
1514 Jan
5 Nov
1634 Dec 2
2418 Feb 16
2014 June 2811 Jan
.50July 2
114 Feb 18
39 Apr 2
491:Dec 17
ocv 6g .72r
3812.1,3
7e
10 Dec 1
1638 Feb 4
13 June 198,Jan
178 Jan 1
ob
712 Dec 16
9
212Jan
June
Nov
6 July3
818Jan 22
713
:
1934 Dec I
3412Jan
3034 Feb 4
June
2134
.95 Apr 25
28* Jan
238 Feb 4
.99 May
34 Apr 22
2 Jan 23
4June
314 Jan
238 Nov13 54Jan 28
3 Apr
838Jan
44 Dec 28 54 Feb 4
4134 June 58 Jan
64 Dec 24 84 Feb 4
674 Dec 107 Jan
1234 Dee 24 2078 Jan 22
15 June 2814 Jan
514 Dec 14 68 Feb 5
80 Jan
5214 Dec
15 Dee 23 2212 Apr 6
1514 June 22 Jan
28 Dec 23 40 Feb 25
30 Nov 40 Jan
1 Jan 7
24 Jan 27
1 June 834e Anil
4 Nov23
71:Feb 16
131* Jan
5 Dee
18 Dec 26 293* Feb 4
31 Sep
21 Feb
.35 Jan
.10 June 1
.23 Feb 9
.15 Aug
22 Nov25 32 Feb 14
21 Nov 4088 Jan
114 Nov19 2% Jan 23
e438 Feb
13
,4 Jan
244 Dee 12 43 Feb 28
21 June 38 Jan
234 Nov19
512 Jan 23
3 May
6 Jan
.23 Dec 28
.50 Dec
.85 M chin
34Jan
2414 Dec 23 434 Feb 4
34 June 434 Jan
404 Apr 23 4878 Feb 6
4512J illY 50 Jan
27,859
114 Nov18
118 May
238Feb 5
74 May 1114 Jan
834Jan 6 14 Feb 13
60 Jan
4518 Nov19 59 June22
40 Jun
1 Mch 2 52% May 4
.90 Jun
34 Sep
4
212.7
Ja
an
478 Feb 25
178 Dec 11
30 Dec 23 4734 Feb 20
3914 Nov 76 Jan
112 Jan
30 June 2
.40 Jun
14 Jan 24
prices. •Aasessment paid. 0 Ex-etoeic dividend. hEx-tights, a Ex-dividend and rights. a Unstamped.
•24 paid
Rangefor Previous
Year 1913.
w Half paid.
THE CHRONICLE
eb
Wek'es
.2.
BONDS
Range I
I
Range or 0
Year I BOSTON STOCK EXCHANGE a
132
[VoL. 100.
Weeer
Price
Range
Range or 0
Year
Friday
Lan Sale
1914.
alai
Jan. 8.
Week Ending Jan. 8.
..a.
I
Dia
Ask Low
High No ,Low High
Ask Low
Ina
HUM No Low 111051
9912
3 9918 101 General Motors 1st 5-yr 88_1015 A-0 10012 101 10038111chl ___ 10038 100
Am .ygnoul O:dr, lot 4,,___1128 A-0 9912 Sale 9912
37 9438 975s
95
8714 23 8478 8972 Gt Nor 0 B & Q cob Cr 4s_1921 J -J 9512 Sale 95
Am Telep & Tei •0 I cr 45_1921( J -J 87 Sale 8678
_ 10338 Alch'13 ------------Registered 4s
951
16 9458 971
9478
1021 Q-J 95
'1136 NI-S
Oonvertlble 44
-__- __ __ - ---1933 __ - 9734 Sale 957s
9834 14 95 9978 Houston Elm 1st s(gen 5s1125 F-A
20-yea, cony 1 As
117 Apr 'OS ____
Am Wit Paper lots I r,s'4_1119 J :J -.-- ---- 6938 Mcn 14 ____ 6938 72 la Falls & Sioux 0 1s1 7s.,...1 91 7 A-0
,M-N --------100 Mch'14 ____ 100 104 Kan () Olin & Spr 1st Is_ 1 925 A-0 ___ 80 65 J'ne'14 -__ 65 65
, 21A in Mlle L & 6 deb Gs
Ma ...... 0012 957a Kan 0 Ft Scott & Mem tis_l 928 1/1-N 106 109 110 J'ly '1 ____ 10838 112
&tell Top & , e gen • ,,.1U05 A-0 9112 02129114
74sa Men'1 ____ 7.IN 7514
1991.
4s____July
-..
,d)th:crperit
Nov 8012 84 83 Mch'14--__ 8538 87 K 0 Ft S & M Ily ref 40 gu _193G A-G
,
8312.Ply '14 ___ 8312 86
1934 M-I3 ---.. _ 8414 Aug'13 _
Ran 0 M Si B gen 45
Stamped
Jedy 1995 81-N
1934 51-S __-- 75 75 Apr '14 ___ 75 80
.
9478Jan '14__.9478 9478
1915 J-D
1:-year cony 4s
Assented Income 5*
Dee '13 __ __
___ Kan 0 & M ity & Br 1st 5s1929 A-0 -__ 93 93 J 'ire 14 ____ 93 9614
1017 34) --------10014
.
l 0-year cony Is
115 .I'ne'08 ____
60 ---- 59- -68 Marq Hough & Ont 1st Gs_1925 A-0 10111 _
AU Gil 1 ,- W I SC Lines ss_1 159 J-J 60 88 80
95
lig iii14
1929 J -J 96 Sale 95
__ Mass Gus 4 As
Boo & Curb 1st cony a(es 1923 11-24 --------50 Marel3 --- ._
9212 1 91 9534
9212
Dee 1931 .1-3 92
2 -831
8312Jan '14 _
831Deban 4 345
1935 1I-N
.1.30-ton Eicy 3 -yr g 4s
987AMelf14 ____ 9878 9878
1917 J -J 97
_10014 Mcb'09 1116 J -J
hostoo & how. I 4s
Mich Telephone 1st 5s
81 J'iy '14 ____ 81 8534
74
1951 J-J
Bost n ar Maine 4 1Ss____..1 944 3-3 ____ ____ 1041- Oet '02, ___ ___ ____ MISs River Power 1st 5s
72 Dec'14 _...., 72 83
1942 F-A --------95 Feb '12 .._ _ ___ New Eng Cotton Yarn 59_1929 F-A 74
e' alt, ,
100 Feb '14 ___ 9978 100
1915 A-0 100
1913 J -J 10012_...._ 10034 hich'14.
bur & Mo R i V cons Gs
1N3-4 1011, New Eng Telepb 5s
1 9912 10114
1932 A-0 100 Sale 9912 100
1951 J-D ----------58
Butte El Jr Pow 1st 5s
75 Nich'14 ... 75 80
Cedar Rat/ •., Mn 1;iv Is! 7s 1916 M-N --------10414 Feb '14 ...._ 10414 10414 New River (The) cony 5s 1934 J -J 60
701 Meh'14 _ 687e 75
80 8512 N Y N H .it H cob deb 3 34s...1956 J-J
Cent Vermt let g 42-8lay 1920 Q-F --------80 J'ne'14 ___
Dec 1 .
102100 117
1948J -J
Cony deb 6s
0 13 & Q Iowa Div lot 55,.....1919 A-0 10112--1103 Oct '07 ____ ... ____
107 Dec'14 ____ 107 1093s
1922 F-A
977; 981 Oreg Sh Line 1st g es
' A-0 9634___9812J'ne'14 _
Iowa Div 1st 4s
'1 ____ 96 10718
Dec
96
-D
J
Sale
40
9838
_192:
9888
9832
Extcn
4
_
6s
1st
99 99 Pond Creek Coal
Denver
1922 F-A
Jan '1
88 88
1932 F-A --,- ---88
1927 4-N 9412 96 9638 Feb '14 ____ 9514 9638 Puget Sd Elee Ra,let 5s
Nebraska Exton 45
103 Jan '1 ___ ____ ____
1921 *4-s 9812 ____ 98H Dec '12 ____ _
1919 J -J 92
B & S %V s f 45
____ Repub Valley 1st s f 62,
7014 Dec 'lc ___ . Illinois Div 5 14.
1949 J -J --------8314 Mch'14 __-,. i3-3-4 8334 Savannah Elec 1st cons 5s 1052 J -J
10214 J'ly '1 ____ 6612 i.62-14
1930 F-A
'100
Chic Jet Ry & Stir Yds 53_1915 J-J 100 Sal,
100
2 9834 10118 Seattle Elec 1st g 5s
1919 M-N ---_ 95 95 Marla ____ 92 95
Colt ',rust refunding g Ss_1940 A-0 82 Sale 82
82
5 80 84 Shannon-Arlz 1st 68 g
___ 97 Apr '07 ___ ___ ......
1929.1 -3 _
()h Milw Zt St P Dub S) es_1920 J -J --------107 J'ne'13 ___ __ ___ Terre Haute Elec g Ss
;100 NIchl ..__ 100 100
1918 M-S 6E134 1001
Oh M 8c St P %V is V div es1920 J -J ___ --.11338Feb '11 --__ ____ ___ Torrington 1st g 5s
95 Dec'14 ____ 95 9712
16-Ni
-J
Apr
.1
1931
48_1947
'14
gu
lot
ich
NI
65
____
5s
--------65
-65 Union Pac RR & id gr g
Oh & No
70 J ne'14
1927 .1-J ___ -. 9012 Meh 14 ____ 9012 9012
11121 .1-D
..
Chic & W Mich gen ils
20-year cony Ss
70 92
9118 9718
9112 Dec'14 ___
192c J -D ____ ____ 9312 Nieb'14 ___ 9312 9312 United Fruit gen o f 4 '411....-1923 J -J 9134
Concord & Mont cons 4s
05 5103'13
1925 J -J 8878 90 90 Dec '14.,.,__ 90 9514
1949 A-0
Copper Range 1st 59
Debenture 4345
9978 Dec'14..___ • 9978 103
Oudahy Pack (The) lstg 5 1924 M-N --------10014 Aug'12 ____ ___ ..._ U S Steel Olo 10-60-yr 5s Apr1963 M-N ____
1926 A-0 ____ 90 92 rly '13 ___ ___ ___. West End Street Hy 4s_1915 F-A 9918___. 99'2J 'ne'14 ____ 04 9912
Current River 1st 5s
.9 8
s
1946 A-0 --------5812,, ne'14 ---- 5812 78
Det Or Rap Sc %V 1st 4s
9978 Feb '14 ._ _
1014 54-8
Gold 434s
Dominion Coal lots f 523_1940 11-N 93 97 9914 May'14 ---- 9738 99
0878 Apr '14.. 0538 98s
1916 M-N 987/1
Gold debenture 4s
1 027 54-13
Fitchburg 45
95 Oct '12 -----------191 7 F-A 983s --_ 9812 J'ly '14 ___ .' 9512 9812
Gold 4s
21 93:: 993s
951
Fearer Elk & Mo V 1st es_1933 A-0 11512 -___ 121 Mch'11-- 12012 ll Western Teleph & Tel 5s....-1932 J-J 9512 Sale- 05
Unstamped 1st 6s
9318 Feb '12.._ ___. _ _' ____ ____ ____ Wisconsin Cent 1st gen 4s 1940 J -J
is
1:10.'I'ON STOCK EXc El A NGL u '
A a.
Week it 11.:e Jan. S.
Pries
Friday
Jan. 8.
Lan Sale
a0l
1914.
NOTR.-Buyer pays accrued Interest in addition to the purchase perm for all Boston bonds. * No price Friday; latest bid and assert
Outside Exchanges-Record Transactions
Chicago Stock Exchange.-Complete record of transactions at Chicago Stock Exchange from Jan. 2 to Jan.8, both
inclusive,compiled from the official sales lists, is as follows:
Salesfor
Week's
Week.
Friday
Range*
Par. Sales. Low. High. Shares.
2614 28
89
89
375 375
7354
72
52
51
93
92
2711 3134
205 205
136 137
9214 023.4
2411 25
105 10614
65
zel
15934 15934
211951 12214
121 121
11634 11834
78
75
9554
95
184 18651
121 12151
10434 10611
230 230
10334 10354
14434 145
x99 14 9934
5034 5051
105 105
112 112
00008.668080005C
91
91
9734 98
9534 9614
4254 44
66
66
91114 9951
100 10054
102 102
10011 10011
92
92
9934 100
76
75
73
73
88
88
m....on ggggogRo8o8g8g
omcmitomcl....,......poomoom.N.
m
MN. Mc4
m
M
.0
Stocks.
100
American Can emu_
100
Do pre
Amer Radiator com__ -100
Booth Fisheries pref___100 72
Chlo Pneumatic Tool__100
Chic Rys part ctf "1"
Chic Rys part ctf "2"
Chicago Title & Trust_100
Commonwlth Edison_100 13634
100
Diamond Match
Goodrich (B F) com__ _100
Hart Scharr & Marx pf 100 10634
100
Illinois Brick
15934
Inland Steel
100
National Carbon
100 121
Do preferred
People's Gas L & Coke_100 11814
Pub Serv of No III com_100 78
100 9534
Do preferred
100 18534
Sears-Roebuck com
100
Do pref
100 10634
Swift & Co
Quaker Oats Co., com_100 230
TheQuakerOatsCo pref 100 10334
100 14434
Union Carbide Co
Union Switch & Signal- - -- -----100
U S Steel common
U S Steel pref
Ward, Montg'y di Co yid_
Bonds.
Armour & Co 414s___1939
chime City fly 5s__ _ 1927 98
1927 9634
Chicago Ry 5340
Chic Sty Ad) Inc 4s....1927
ChicRyprmS164148_1927
Chicago Telephone E8_1923
Commonw-Edlson 5s..1943 10034
Dlam Match con deb 0'20 102
1919 10051
Laclede Gas 53
1945 92
Ogden Gas 58
Peo0L& C ref g 58 1947 100
Met W Side El 1st 48.1938 76
1938 73
Extension g 43
South Side Elev 4 As_1924
Range for Year 1914.
Low.
High.
21 Nov
89 Dec
390 July
61 July
4654 July
88 Dec
2551 Dec
204 Dec
127 July
90 Dec
22 Nov
10014 Jan
5754 July
20214 May
al05 Apr
11534 Jan
110 July
7351 July
89 July
16834 Nov
12034 Dec
102 Nov
230 Jan
102 Jan
130 July
105 July
49 Dec
10451 Dec
109 Jan
3434 Jan
9554 Jan
440 Feb
8414 Jan
60 Feb
9951 June
3554 July
218 Mar
140 Mar
102 Jan
27 Dec
106 Mar
70 Jan
22451 June
161 Feb
122 July
125 Jan
81 Mar
100 Feb
19734 July
125 June
10714 Feb
250 Mar
107 Feb
15814 Mar
107 July
6714 Feb
10434 Dec
114 Mar
8911 Jan
9754 Dec
9534 Dec
40 Dec
67 Jan
9951 Dec
9854 Nov
10134 Dec
93 Mar
101 Feb
9934 Jan
5434 Feb
7011 mar
10134 Mar
10211 July
10514 Feb
National Fireproofing, corn.(par 350)-Jan.2,30 at 3511: Jan.4,60 at Sc; Jan. 5
195 at 561183611; Jan. 6, 70 at $8(4)26
Preferred (par 850)-Jan. 4, 175 at 5225(22234; Jan. 5, 85 at $2234; Jan. 6, 180
at $221022254; Jan. 7, 130 at 822(552214.
Ohio Fuel 011 (par 81)-Jan. 4, 50 at $15; Jan. 5, 120 at 811; Jan. 6. 107 at 515;
Jan. 8, 125 at 31411 0315.
Ohio Fuel Supply (par 3253-Jan.4,35 at $4034; Jan.5, 150 at $403415 34034;
Jan. 0,4(1 at, 840'4@S,1034.
Pennsylvania RR.(par 350)-Jan. 8, 60 at $5254.
Pittsburgh Brewing. coin.(par 550)-Jan.4,10 at 5651; Jan. 0,210 at 5634; Jan, 7.
45 at 8634; Jan. 8, 70 at 5614 03611.
Preferred (par $50)-Jan. 2, 25 at $24; Jan. 4,60 at $24; Jan. 8, 20 at 824.
Pittsburgh Coal, pref. (par 3100)-Jan. 7, 40 at 82545(8334.
Pittsburgh Oil & Gas (par 2100)-Jan.6, 10 at 514.
Pittsburgh Plate Glass (par 5100)-Jan. 5, 10 at 107; Jan. 6, 20 at 106340107.
Pittsburgh Silver Peak (par 51)-Jan.2,600 at 14 eta.; Jan.7.300 at 14018.; Jan. 8.
500 at 13 cts.
Pure 011(par $5)-Jan.4,435 at $1554 631514; Jan.5,415 at $1534 @MA;Jan.6,
10 at $1534; Jan 7,80 at 51534 5,81511; Jan. 8,210 at $1551•
San Toy Mining (par 81)-Jan. 8. 4,000 at 14 ate.
Union Natural Gas (par 3100)-Jan. 6, 10 at 13234; Jan. 7, 22 at 132.
Union Switch & Signal, corn. (par 250)-Jan. 5, 45 at $9934; Jan. 6, 35 at $9934;
Jan. 7, 30 at 8983410859; Jan. 8, 25 at $9834.
United States Steel Corp., corn. (par 8100)-Jan. 5, 10 at 5051.
Westinghouse Air Brake (par 350)-Jan. 2, 15 at $12014; Jan.4.20 at $120; Jan.5.
27 at 8120: Jan. 6, 54 at 3120; Jan. 7, 23 at 3120; Jan. 8, 15 at $120.
Westinghouse Electric & Mfg., cum. Oar 550)-Jan. 4, 70 at 5341043434; Jan. 6,
10 at $35; Jan. 7, 130 at 2355(53514; Jan. 8, 20 at 83534.
Westinghouse Machine (par 250)-Sold Dec. 31, 30 at 811, omitted from last week's
record; Jan. 6, 40 at 81134.
Baltimore Stock Exchange.-The complete record of
transactions at the Baltimore Stock Exchange from Jan. 2
to Jan. 8, both inclusive, compiled from the official sales
lists, is given below. Prices for stocks are all dollars per
share, not per cent. For bonds the quotations are per cent
of par value.
Salesfor
Week's
iVeek.
Range.
Friday
Par. Sales. Low. High. Shares.
StocksBaltimore Electric, pref___ 44
Consol Gas, El L & P__ 100
100
Preferred
Consolidation Coal__ _100 92
Houston 011 trust etfs_100 11
Houston 011 pref tr ctts.100 54
New Amsterdam Gas
96 Jan
92 Dec
50 8354
Northern Central
9911 Jan
10I34 June
50 25
United Sty & Elea
84 Apr
7651 Jan
4
Wayland 011 & Gas
8014 Apr
73 Dec
BondsMar
95
90 Jan
Arundel Sand & Gravel 63_
WI 1., •I•0
01 12 1.0,-,.
0112 0111
0162
•-•.. Ias a f iv 5. 1044
.
4-..d.
Atlanta Cons St Ry 5s____ -----82
Atlan Coast L cons 4s
a Ex 50% stock dividend. z Ex dividend.
Bait Electric stamped 58._ -----9531
Chicago Ry 1st 1927 55
1st 58_ _. ______
Pittsburgh Stock Exchange.-Following sales were re- City & Suburban
Sub (Wash) 1st 5s_
ported Jan. 2 to Jan. 8, both inclusive. Like records will City&
Cleveland Elea III 1st 5s..... 100
Consol Gas 193958
be found in previous issues.
General 1954 434s
Bonds.
Cons Gas,El L & Pow 4%8 8714
Allegheny Valley RR. gen. 4s, 1942-Jan. 5, $5,000 at 9351.
Consolidation Coal ref 4 As
at
100.
100;
at
$1,000
32,000
5.
Jan.
4,
-Jan.
1930
58,
Traction
Duquesne
8651
Refunding 55
Independent Brewing 6s, 1955-Jan. 5, 51,000 at 6034; Jan. 8, 55.000 at 61.
Convertible els
Pittsburgh & Birmingham Traction 58, 1929-Jan. 7, 21,000 at 100.
Power 5s_
Jc
Thu)
Danville
65.
at
210,000
5,
Pittsburgh Brewing 68, 1949-Jan.
Davison Chemical 6s
Pittsburgh Coal deb. 5s. 1931-Jan. 8, 81.000 at 90.
Detroit United 434s
Elkhorn Fuel 55
Stocks.
______
Fairm & Clarks Trae 5s
; Jan.4,60 at 1834
American Sewer Pipe (par 5100)-Jan.2, 100 at 1810 18)4
at 1751. Florida Southern 1st 4e.,.,
Jan.7. 10 at 17%; Jan.8, 100 (?$1834•'
Jan.5.!Oat 18: Jan.6,100 at 1754017A;
58
cons
Alabama
Georgia&
American Window Glass, pref. (par 8100)-Jan. 8, 34 at 118; Jan. 8, 20 at 120.
Ga Caro & North let 5s_ 10111
Columbia Gas & Electric (par $100)-Jan. 7.50 at 8 A •
Georgia Pacific let Os
Crucible Steel, corn.(par 5100)-Jan-4,200 at 12%414112H; Jan,7, 175 at 1234(4113; Maryland Electric 1st So ______
: Jan. 8, 481 at 1334.-Jan.2,60 at 75; Jan.4,65 at 75; Jan.5, 155 at 75; Jan.6, Minn St Sr St PC joint 53_
I' Preferred (par $100)
Mt Vernon Cot Duck ctfs_
Jan. 8,70 at 7707754.
40 at 75; Jan. 7, 210 at 75(4)7614;
Norfolk Sty & Light 55_
5100)-Jan. 7, 50 at 48.
Harbison-Walker Refractories, corn. (par
pennoyl Water & Power 53 8814
99.
at
110
7,
Jan.
9851699;
at
0,70
-Jan.
Preferred (par 8100)
Sty let & ref 5s_
Portland
10
7,
$4; Jan.
at $334; Jan,8,
Independent Brewing, corn. (par 850)-Jan.6, 10 at
Seaboard & Roanoke 5e.
50 at 53345(54. -Jan. 6, bat $21 A •
Ry & Electric 4.s___ 82
United
Preferred (par 510)
6134
Income 45
corn. (par $100)-Jan. 4, 240 at 27; Jan. 5.60 at 27.
Funding Ss
La Belle Iron Works,
at 108; Jan. 7, 25 at 10854.
Preferred (par 5100)-Jan. 5, 50
5s
Notes
-Jan. 7, 18 at 93.
Lone Star Gas (par 8100)
at 549554934; Jan. 5, SO at Wash Ry & Electric 4s_
Manufacturers' Light & Heat (par 550)-Jan. 4, 05
IVeoltArn Maryland 4a
54; Jan. 7.65 at 549; Jan. 8,77 at 349.
$4914; Jan. 6, 330 at $49 ©549
1: Flat prices
44
10211
10814
92
1051
54
50
83
25
4
44
10234
1063.5
92
11
54
50
8314
25
4
10034 10034
103 103
82
82
9611 9651
9531 96
10151 101 A
100 100
100 100
10354 10334
93
9314
8734
87
90
90
8651 8634
9914 100
92
92
98
93
6551 67
93
9311
98H 99
8434 8411
10051 10051
101 10151
10674 1083.4
9654 9651
10051 101
3511 3534
9534 9514
88
8814
99
99
102 102
813-4 82
6051 6154
8514 86
9934 9954
8134 8154
56
56
Rangefor Year 1914.
Low.
High.
5
434 Jan
267 10251 Dec
8 106 Dec
41 9134 Jan
245 10 Dec
75 53 Apr
10 50 Dec
160 8211 Dec
2,227 2434 Jan
835
354 Dec
45/4 May
10311 May
11534 July
9714 July
1914 Feb
60 Jan
50 Dec
12934 June
2851 May
614 Apr
9834 Jan
102 Jan
9251Feb.
96 A Dec.
9531 Dec
101 Dee
9934 Jan
101 Apr
104%Juno
94A May
99 AFeb.
9914 Jan
10351 July
10151 Apr
102 Dec
92 Dee
8554 Jan
8751 Jan
8651 Dec
99 Dec
94 Feb
99 Jan
6411 Dec
93 Jan
99 Dec
88 Feb
101 Dec
10011 Dec
10814 Feb
9634 Jan
100 Dec
2931 June
96 Dec
8734 Dec
9911 Dec
10311 Jan
8111 Dec
59 Dec
8534 Dec
99 Dec
8034 Dec
7212 si.y.
106 Apr
9511 July
90 Feb
9351 Apr
9014 may
102 Mar
9434 July
100 Jan
783-4 Feb
9554 June
10114 Apr
9014 July
105 Mar
104 Feb
10834 Apr
9954 Mar
10254 June
4114 Jan
98 Jan
93 Feb
101 Feb
10534 July
8411 Mar
6534 May
8854 June
10014 June
8054 Dec
ve !4..
52,000
1,009
700
2.000
7.000
12,000
1,000
1,000
9,000
8.000
21,000
9,000
5,000
12,000
3,000
2,000
2,000
16.000
2,000
3,000
3,000
12,000
1,000
1,000
5,000
1,000
1,000
3,000
1,000
2,000
14,000
14,000
9,300
600
19,000
5.000
THE CHRONICLE
JA.N. 9 1915.]
Philadelphia Stock Exchange.-The complete record
of transactions at the Philadelphia Stock Exchange from
Jan. 2 to Jan. 8, both inclusive, compiled from the official
sales lists, is given below. Prices for stocks are all dollars
per share, not per cent. For bonds the quotations are per
cent of par value.
Salesfor
Week's
Week.
Range.
Friday
Par. Sales. Low. High. Shares.
Stocks.
Alliance Insurance_ _ 10
Amer Gas Co of X J -100
American Rys pref__ _100
Baldwin LocoM. pref__100 10234
Cambria Iron
50
Cambria Steel
30 45
Catawissa 1st pref
50 54
Electric Storage Batt__100 4814
General Asphalt
100
General Asphalt, pref__100
Insurance Co of N A ___ 10 22
International Powder___50 29
Keystone Telephone_ _ _ 50 14
Do vot tr Ws
50
Do preferred
50 6134
Leh Nay trus ctfs_
50
Lehigh Valley
50 67
Northern Central
50 8354
Pennsylvania
50 5234
Pennsylvania Salt Mfg_ 50
Pennsylvania Steel, Pf-100
Philo Co 6% pref
50 39
Phila Co.(Pitts)
50
Philadelphia Electric-2234
Phila Rapid Tran5lt__ 50
Piffle Rap Tran v t e_ -- 50 11
Philadelphia Traction_ 50 7814
50 7334
Reading
4 3.4,
Tonopah-Belmont Dev 1
714
Tonopah Mining
I
Union Traction
50 3814
United Gas Improvt
50 81
Warwick Iron & Steel
10
West Jersey & Sea Sh__ 50
Westmoreland Coal__ 50
York Railways pref__ _50
Scrip.
1,734
Cambria Steel scrip
Philadelphia Co scrip
91
Bonds.
Amer Gas & Electric 5s__. 8534
Amer Rys colt 1917 55_
---Baldwin Locomotive let Is 102
Bethlehem Steel 65
Consol Traction of NJ 5s.
Eiee & Peoples Tr tr cts 4s.
General Asphalt deben 55_
Interstate Rys, 1943,9s_ _ _
Keystone Telephone 1st 55
Lehigh Nay consol 4155..- 9714
ti Impt 194848
Leh V Trans 1st 55
Refunding 55
Lehigh Vail cons 2003 4149
Cons regls 4%s
Gen cons 200348
Lehigh Valley Coal 1st fiff_
Pensyl cony 1915 314s.
Consol 19434.
P W & B tr ctfs'21 45_ _ _
Pennsylvania Co 1921 4145
Penn & Md Steel 6
Phila Bait & Wash 1st 49_ _
Philadelphia Co 1st 50
Phlladel Elec tr ate 5s
Truitt certificates 48__ _ _
Reading 1997 48
93
Reading-J C coil 4s
9014
Spanish-Amer Iron 1st es
100%
West NY Sc Pa lot 5s..
Vntlr Ilallarnva 10.11127 aa
16
16
100 10014
10014 10034
1023.4 103
42
42
45
43
54
54
4734 4834
32
32
68
138
22
22
29
29
1334 14
14
14
61
6131
77
77
67
65
8354
83
52% 5314
90
90
63
63
39
39
33
33
2331 24
11
11
12
11
7854 79%
71% 7334
434 4%
7% 714
3854 3934
8014 8154
10
10
50
50
58
5834
31
31
9714
91
97
91
8591
94li
10194
115%
1013-4
77%
9734
5714
90
97%
97
102
88
97
10014
88
103
99%
98
97
100
98
97%
97
100%
7734
93
90+
10054
102
01
Range for Year 1914.
Low.
100 1514 Dec
64 100 Dec
24 983.4 Dec
66 10114 Jan
Dec
25 40
826 40 Dec
2 53 Jan
452 4214 July
410 32 Dec
300 66 Dec
110 2034 Dec
115 20 Jan
914 Apr
238
100
70 4934 Jan
120 72 Dec
242 60 July
209 8114 Dec
2,282 5154 Dec
116 95 Dec
Apr
45 51
96 35 June
Dec
32 33
1,001 21 July
Dec
105 11
4,622 11 Dec
78 7834 Dec
18 6934 Dec
2.309
4% Dec
5% July
987
1,554 3814 Dec
702 80 Dec
300
914 Dec
9 50 May
25 58 Dec
20 30 Dec
2,410
1,530
8534 812.900
9434 3,000
9,000
102
116% 4,000
10134 3,00
13.000
78
500
97%
1,000
5714
91% 9,00
9734 34,00
2,000
97
3,000
102
2,000
88
97
3,000
10054 10,000
88
2,000
103
1,000
9914 11,500
98
2,000
97
1,000
100
1,000
98
2,000
9714 2,000
97
3,000
101
6,000
78
10,000
9314 10,000
90% 9,000
101
14.000
10234 3,000
01
90118
High.
17 April
June
104
10234 Jan
110 Mar
443.4 Feb
51% Jan
5414 Mar
5554 Jon
4234 Feb
82 Feb
23 June
2714 Dec
1414 Dec
6114 Dec
8434 Jan
7854 Jan
130 July
5714 Jan
108 Feb
6634 Mal
43 Feb
4634 Feb
2714 Feb
20 Jan
2034 Jan
8334 Jan
8654 Jan
834 Feb
Dec
47 Jan
86 Jan
1114 May
5414 Mar
6314 Mar
35 Jan
9634 Dec
90 Dec
9714 Dec
91 Dec
82 Dec
953-4 Jan
101% Dec
114 Dec
100% Jan
78 Dec
96% Jan
56 Dec
89% Dec
00% July
9754 June
102 Dec
88
Dec
913% Dec
June
101
87% Jan
102 Dec
98 Jan
9954 Jan
Dec
97
101
Feb
98 Dec
97 Nov
97 Dec
100 Dec
7714 Dec
92% Dec
9031 Dec
100% Jan
104
Jan
ol
n..
8654 Mar
9534 Apr
10434 Feb
117 Mar
104 Apr
85% Feb
08% Apr
CO% Jan
92% Mai
9914 Jun,
0714 July
104 July
88
Dec
9954 Apr
102
Ma
92% Feb
106 Feb
9914 Dec
100% Jan
9834 Jun
101% Jul;
101 Jan
98% Feb
101% Mal
103% Jan
83 Ma
9534 Apr
9514 Apl
102% Jan
10514 Fet
Ex-dividend
-With total divid's of873%,representing $650,000, paid
to the depositors of the defunct Commercial Bank & Trust
Co. of Louisville, Ky., since its failure in January 1912, a report filed by B. L. Bruner, special Deputy Banking Commissioner, shows that of the $75,000 still due the depositors,
there is $20,000 in cash on hand. J. V. Norman, attorney
for the Deputy Commissioner,on Dec. 15:is reported to have
said that full payment would be made within a few months
and that the entire amount would have been paid by now
had it not been for adverse conditions generally.
-Sollers, Phillips& Co., Inc.,dealers in investment securities, at 111 Devonshire St., Boston,announce that on Jan.2
1915 the board of directors was enlarged from three to seven
members. The board is now composed of: William A.
Hamilton, New York; Herbert H. Howe, Boston; Harry
Phelps, New York; Harry F. Phillips, Swampscott; A.
Nicholas Reggio, Boston; Thomas P. Robinson, Boston, and
Maurice G. Sollers of Boston.
Inactive and Unlisted Securities
All bond prices are • and Interest" except where marked "t."
Standard Oil Stocks-P 'Share'
Pa Bid. Ask
•10
Anglo-Amer Oil new
1512
Atlantic Refining
10 580 500
Borne-Scrymser Co
10 260 280
Buckeye Pipe Line Co... 5 .112 115
Chesebrough Mfg Cons__1
660 680
Colonial 011
1
100 110
Continental 011
1
220 225
Crescent Pipe Line Co.._ 5 •40 42
Cumberland Pipe Line
1
50 55
Eureka Pipe Line Co....1
230 240
Galena-Signal Oil corn..1
165 169
1
Preferred
140 145
Illinois Pipe Line(when Ias)_ 138 141
Indiana Pipe Line Co.... 5 *100 102
National Transit Co
2. *37 38
225 230
New York Transit Co....1
Northern Pipe Line Co__100 92 94
nut.n11 tin
9. •140 142
Stand OU Stk. (Cotten-Per share
Par Btei. Ask.
Pierce 011 (new)
25 *1554 11314
Prairie 011 & Gas
1
455 460
Solar Relining
250 260
1
Southern Pipe Line Co_ _100 204 207
South Penn OIL _ _ .
I
277 281
Southwest Pa Pipe Line5.1
120 125
Standard Oil (California) 100 308 310
Standard 011 (Indiana)-.100 467 472
Standard 011 (Kansas) ._l00 350 360
Standard Oil of Kentucky100 247 253
Standard 011 of Nebra5kal
325 340
Standard 011 of New Jet_ 1
399 401
Standard 0110! New Y'rk100 199 201
Standard Oil of Ohio_ ___100 425 435
Swan & Finch
100 160 170
Union Tank Line Co
100 82 84
Vacuum 011
100 199 20t
Wa.ahlnatnn on
it. *27 An
133
Tobacco Stocks-Per ShaIre
Pad Bid. Ask.
American Cigar common _100 110 120
Preferred
100' 93 98
Amer Machine & Fdry 100 65 75
British-Amer Tobac ord- El *1734 1814
Ordinary, bearer
El *1754 1814
Conley Foil
100 275 300
Johnson Tin Foil & Met_100 125 160
MacAndrews & Forbes..100 160 180
Porto Rican-Amer Tob 100 245 200
145 150
% scrIp
Reynolds(R J) Tobacco-100 280 290
Preferred
113 116
Tobacco Products com100 100 150
Preferred
100 3714 89
United Cigar Stores com.100 95 94
1001 no 118
Preferred
95
United Cigar Stores(new) 10 .91
Young (J 5) Co
100 125 150
Short Term Notes-Per Cent.
Amal Cop 58, Mar15 '15 M S
Amer Lccomotive 58,'15.J-J
55, July 1916
J-J
55, July 1917
.1-1
Am Tob 6% scrip, Sep 1.15.
Am T & T Sub Cos 5s, 1916_
Balt & Ohio 4145, 1915_ _J-D
BethStee155,J'nel1'15 J-Dll
Ches & Ohio 55 1919
J-D
Chic Eley fly Sc, 1916
J-J
Chic & W Ind 58, 1915__M-S
C,oneol Gas Gs, June 25,15..
Erie RR 58, April 1 1915_ A-0
55, Oct 1 1915
A-0
514s, April 1 1917
A-0
General Rubber 434s,'15.J-J
liar R iv & Pt Ch 59,'15 M-N
Hocking Valley 135,
Int Han, 55, Feb15 '15.F-A
lark Steel 55, 1915
M-S
Lake Sh & Mich So,J'ne'15_
Mich Cent 454s, 1915- M-13
New Eng Nay (ts, 1917_31-N
NYC&R Rh,5s.'15.._A-0
414s, May 1 1915
58, Sept 15 1915
55, Oct 1 1915-------A-0
NYNHIt II 55. 1915.151-N
Pac G&E5s, Mar25'15M-825
Penne 3149, Oct 1 1915_J-D
Pub Sot Corp N J59,'16 M-S
Schwarz & Sulzb 6s,'16-1-D
Seaboard A T. 5s, 1916__M-.9
Southern Ry So. 1916_ F-A
55, Mar 2 1917
M-E2
Sulz&SonsCo 6s.rnel'10M-S
UnTypew 5s,Jan15 '10 J-J15
United Fruft68,Mayl'17M-N!
Gold notes 58 1918 M-N
Utah Co 05, 1017
A-0
UtabSecurCorp 135,`22M-515
Westhse El&Mfg 58,'17 A-0
1001810014
10014100%
99 100
99 100
100%1011s
1000110014
100 10014
10014110012
90 9011
941 9512
99% 99%
1011810112
9918 9912
97% 981z
9512, 9014
99%10018
9512 9612
100141001z
100 10014
99 9914
b4.50 4.00
100 10014
9012 9112
99% 100
9912 9954
9914 99%
99 9912
96 9712
100 10014
99% 99%
9814 98%
99 9912
9011 9712
98% 99
9712 98
99 9912
96 98
Hog 10014
97 97%
9711 9884
77 78
98 9884
Elec. Gas a.Power Co
P.
Am Gas & Elee com
5
Preferred
5
Am Lt & Trac common_ _1
Preferred
1
Amer Power Sc Lt corn... 10'
Preferred
1
Amer Public Utilities com10
ill
Preferred
Bay State Gas
5
Buffalo City Gas stock_ _1
Cities Service Co corn- 1
ill
Preferred
Columbia Gas & Elec._ 1II
1st 55, 1927
Flee Bond & Share pref 1
Indiana Lighting Co
10
4s, 1958 optional
FPacific Gas&
awn__ 10
Preferred
is
South Calif Edison com.iSI
Preferred
Standard Gas Sc El (Del)_ 5
Preferred
5
United Gas & Flee Corp_l
let preferred
III
2d preierred
III
Utah Secuelties C,orp__ _ _1 II
6% notes-See Sbort-T
Western Power common_10(
Preferred
10(
Bid.
•ga
*47
324
109
60
82
30
64
•12e.
Ask.
90
49
28
10
63
86
40
68
13a.
"ia
44
49 52
8
65 ei
9712 100
35 40
69 72
4112 4212
80
73 76
88 92
95
7
•16
18
22 27
60 65
22 27
14
1614
Notes
12
13
53 57
Industrial
and Miscellaneous
Adams Exp col to n45'47J-D
Alliance Realty
101
Amer Rank Note tom_
Preferred
5
ill
American Book
American Brass
1
American Chicle com
1
Preferred
10
Am Gtaphopbone corn..101
Preferred
ill
American IIardware
1 II
Amer Melting 68 1914..2American Surety
5
Amer TYPefounden com-1
Preferred
ill
Amer Writing Paper___ _1
Bliss(E W)Co cons
5
Preferred
Bond & Mtge Guar
ill
Borden's Cond Milk corn.iII
Preferred
II
Braden Copper Mines
Casualty Co of America_ 1
Celluloid Co
1
City -evesting Co
1
10
Preferreu
10
Consol Car Heating
Davis-Daly Copper Co_ _ _I
New York City Note
du Pont (E I) de Nemours
ii
Powder
10112 10158
1
Preferred'
65, Sept 1 1915
1031810314 Emerson-Brantingbam I
Os, Sent 1 1916
104Is 10438
1
Preferred
65, gent 1 1917
Goldfield Consol Mines-1
10
Havana Tobacco Co
Per CS.Basis
1
RR. EquipmentsPreferred
Bid AA.
1st g 55 June 1 1922 J4.95 4.80 Intercontin Rub cora
Baltimore & Ohio 4145
1
Buff Roch & Pittsburgh 414
4.95 4.70 Internet Banking Co-_._ I
4.95 4.70 International Nickel_._.1
Equipment 48
5.20 4.90
Central of Georgia 5.5
1
Preferred
Equipment 414s
5.20 4.90 International Salt
1
Chicago Sc Alton 45
6
A
let g 58 1951
Chicago & Eastern Illinois 5$
6
International Silver pref_l
Equipment 414s
6
1st 65 1948
Chic Ind & Loulsv 4145
514 5
1
Kelly Springfield Tire
Chic St L & N 0 Sc
5
4.95
1
let preferred
Chicago Sc NW 4145
4.80 4.65
2d preferred
Chicago R I Sc Pac
7
4.65 Kerr Lake kilning
Colorado & Southern 5s
514 5
Lanston Monotype
Erie 55
5.25
La Rose Consol Mines
Equipment 4145
5.25
1
Lawyers' Mtge Co
Equipment 4s
5.25
Lehigh Val Coal Sales._ _E.
Evansville Sc Terre Haute 5
Manhattan Transit
2
Hocking Valley 45
E:Zo
5 Marconi Wireless of Am...
Illinois Central 55
y
4.95 4.75 Mortgage Bond Co
4 tis
4.95 4.75 Nat Croak Sc Suit
Kanawha Sc Michigan 434s_. 5.35
Preferred
1
K C Ft S Sc Memphis 414s_.
NY Mtge Sc Security_10
LouPwille Sc Nashville 59
4.95 4.75 NY Title Ins Co
1
Minn SIP&SS M
5.30 5
TilpissIng Mines
Missouri Kansas Sc Texas 58. 6.5 5.75 Ohio Copper Co
1
Missouri Pacific 58
6.75 6.25 Otis Elevator coin
Mobile Sc Ohio Is
5.40 5.20
Preferred
1
Equipment 4148
5.40 5.20 Pittsburgh Brewing
5
New York Central Lines 58
514 5.10
Preferred
5
Equipment 414s
514 5.10 Producers Oil
N Y Ontario Sc West 9145_, 5.10 4.75 Realty Assoc (Pklyn). 1
_I
Norfolk dr Western 454s
4.75 4.55 Remington TypewriterEquipment 49
4.75 4.55
Common
1
Pennsylvania RR 4545
4.75 4.50
let preferred
1
Equipment 45
4.75 4.50
20 preferred
1
Pere Marquette 55
Riker Ilegemen (new)
Equipment 4148
6
R037L1 Bak Powd com_..1
St Louis Iron Mt & Sou os I 58
514
Preferred
1
St Louis Sc San Francisco 55
6
Safety Car Heat Sc
Seaboard Air Line 55
6.10
Singer Mfg Co
Equipment 4145
5.801 5.10 Standard Coupler corn_ _ 1
Southern Facility Co 414s_
4.90 4.80
Preferred
1
Southern Railway 414s
5.10 4.00 Sterling Gum
Toledo Sc Ohio Central 45__
612 812 Stewart-Warner Speodo'r 1
Preterred
1
RailroadsWest Pac 1st 58, 1933_..M-S 33 36 Sulzberger Sc Sons KO _1
Texas Sc Pact& Cord.._.1
Tonopah Extension Min__
Street RailwaysTonopah Min of Nev
Pail Bid. Ask. United Profit Sharing
Com'w*Ith Pow fly dr L_100 54 56
New
Preferred
io
70 80 U 13 Casualty
Federal Light Sc Traction 100
8 14 U S Envelope coin
Preferred
100 45 55
Republic fly & Light._.moo 18 20 U Preferred
S Finishing
Preferred
100 66 69
Preferred
Tennessee Ry L& P com_100
712
5
let g 58 1919
Preferred
100 32 36
Con g 58 1929
United Lt Sc Rys com
1 00 45 48 US Tit Gu Sc Indem____1
151 preferred
100 69 71
Westchester Sc Bronx Tit
26 preferred
100 65 68
/k Mtge Guar
1
Walh R y a, El Co
100
WIllys Overland corn
I
Preferred
1
Preferred
, 1951
9112 Worthington (H R) Co
.i-n 8
WestPenn Tr& WatPow 100 ...
1
PanY Pref
Pre:erred
100
Yukon Gold
.per share. a And accrued dividend.
0 Basle.
Bale price, s Ex-dividena.
r Ex-Halita.
/65 89
70 85
*26 29
•43 50
150 180
128 134
191 193
96 97
1614
50 60
0514 10011
160 170
37 40
88 92
12 1
100 110
115
274 280
10311155
*Pe 611s
85 100
130 134
17 23
70 80
65 70
Ig
sli
163 158
83 85
5 15
30 60
•134, 112
-a --a
/57 63
5
95 105
1051
10hz 10218
14 17
/57 60
95 100
103 106
76 77
771 78
97 100
.
4/
1
4 438
•l
84
185 192
160 175
*11
84
*2% 284
95 100
44 48
94 95
130 140
50 60
*Mt 544
•10c. 20c.
69 71
91 03
*614 6%
.23
28
97 102
8
70
45
5,7
150
1011
103
255
10
80
55
7/
1
4
160
103
105
265
*4484
95 -65
95 100
*2841
971
*71
8
1684 167s
418 414
190 210
132 138
100 104
12
28 33
90 05
70 75
30
170 180
861 89
90 25
25 T 40
*21a 212
Fiat entre. • Norma*
[Vol,. 100.
THE CHRONICLE
134
ftwestment and jaattraad intelltgence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
oan be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
ooltmans 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.
Current
Year.
Previous
Year.
3
3
Ala N 0& Tex Pac$
N 0 & Nor East_ November_ 27t,069 341,143 1.500.186 1.740,516
812.235
670.920
Ala & Vicksburg_ November.. 120.021 179.393
774,310
643.278
Vicks Shr & Pac. November- 115,574 167.004
34,375
3d wk Dec
47.214 1,163,777 1,190,239
Ann Arbor
Atch Top & San Fe_ November 10102017 9,784,520 51.399,418 48,768.783
202,890 335.620 1.131.517 1.492,172
Atlanta Birm & Atl November
Atlantic Coast Line November 2,541,495 3,306,210 11.933,646 13.823.359
154,182 190,175
744.385
Chariest & W Car November
871,578
106,903 116,969
624,532
600,352
Lou Hend & St L November
g Baltimore & Ohio. November 6,879,270 8,073,888 40,464,360 45,603,873
119,731 157,517
710.257
13 At 0 Ch Ter RR November
801,519
316,791 327,881 1,429,423 1,485,634
Bangor & Aroostook November
545.552 693,816 4.917.109 4,831,251
Bessemer & L Erie.. November
59,753
97,267
383.167
Birmingham South_ November
539.500
November.. 3,745,539 4,036,678 21.014,459 21,892,920
Boston & Maine
Buff Roch & Pittsb 4th wk Dec 278.726 297,346 5.118,568 6,193,558
122,181 144.354
638.454
Buffalo & Susq RR_ November
776,255
Canadian Northern. 3d wk Dec 306,200 515.400 9.657,100 12,711,000
Canadian Pacific 4th wk Dec 2,244,000 3,306,000 55,815,163 5,166.836
Central of Georgia- November 1.002.012 1,347.191 5.230,919 6.239.553
Cent of New Jersey October.-- 2,863,580 2,958,984 11,401.819 11,786,591
310,055 330,171 1,590,303 1,625,068
Cent New England.. November
303.094 326,325 1.696,321 1.861,749
Central Vermont._ November
Ches & Ohio Lines_ 4th wk Dec 1,011.771 984,936 19.501.082 8,996,337
Chicago dr Alton_ 3d wk Dec 252,367 251,242 7,156,730 7,608.707
Chic Burl & Quincy November 7,903.284 8.361,834 42,065,065 3.938;524
r Chic & East Ill November 1,143,498 1,387,864 6,365,015 7.187,806
p Chic Great West_ 4th wk Dec 287,855 304.435 7.369,813 7,582.289
Chic Ind & LouLsv_ 4th wk Dec 156,513 174,897 3.414.079 3,684,338
Chic Milw & St P_ 1 November 7.379,908 8,290,968 41,507,825 42,574,709
ChicMil & Pug Sf
oChic & North West November 6,336,140 7,191,080 38,059,447 40,022.243
;Chic St P M & Om November 1.493,0611.701,846 8,255,130 8,384,849
Chic Terre AI & S E November
975,040
968,225
174,257 219,019
CM Ham & Dayotn November
773,672 816,968 4.516,978 4,599,476
870,300
Colorado Midland_ November
918,028
166,623 167,420
hColorado & South_ 4th wk Dec 469,191 345.905 7.634.171 7,312,763
82.753
57,123
Cornwall
15,160
10,845
November
142.208
135,542
25,440
19.850
Cornwall& Lebanon November
Cuba Railroad
285.226 342.357 1,603.081 1.715.231
November
Delaware & Hudson November 1.887.395 2.011,575 10.112.775 10.648,549
3,877,580 19,101,978 19.687.121
Del Lack & West November . ,
Deny & Rio Grande 4th wk Dec 489.300 567.000 12.156.575 13,410,975
Western Pacific._ 4th wk Dec 126,600 123,000 3.082,808 3.634,418
657,869
949,432
23,655
36,000
Denver & Salt Lake 4th wk Dec
552.370
734,775
Detroit Tol & front October- 201.711 144,091
621,556
557,142
25,204
20,426
Detroit & Mackinac 4th wk Dec
654,795
600,166
127,440 140,242
Det & Tol Shore L_ November
85,782 371.266 2,663,010 4,677,687
Dul & Iron Range_ November
94.507 1.497.692 1,845,927
62,940
Duluth So Sh & Ati 4th wk'Dec
510,152 987,049 3,743,813 5,516,970
Elgin Joliet & East.. November
571,743 734,583 3.167.605 3.583,616
El Paso & Sou West November
November 4,715,216 5,068,114 26,668,455 27,452,021
Erie
370,416 402,993 1,663,323 1,595,213
Florida East Coast.. November
443,959
396,430
77.257
65.592
Fonda Johns& Glov November
248,953 308.039 1,268.100 1,480,342
3eorg1a Railroad.... November
4,053,272
2,910,968
144,199
76.248
)rand Trunk Pac 2d wk Dec
3rand Trunk Syst_ 4th wk Dec 1.511.606 1,722,055 26.512.108 29,419,583
Grand Trunk By 3d wk Dec 652.225 804,322 20,062,483 22.818,819
Grand Trk West_ 3d wk Dec 139,707 141,547 3.536,122 3,515,300
48,982 1,315.969 1,282,636
48.150
Det Or H & MM.,3d wk Dec
3reat North System December 4.611.743 5,660.277 40.296,140 45,893,001
895,164
704,923
124,509 161,644
3ulf & Ship Island.. November
527,154 651,916 3,124,859 3,708,188
Rocking Valley..
November
28,816,756
27,368,362
rilinois Central
November 5.077,1155,798.041
879,379 1,047.839 4,015,491 4,841.119
Mternat & Oct Nor November
207,109 275,842 1,380,566 1.504,655
Kanawha & Mich.... November
879,047 980,110 4.449.165 4.503.223
Kansas City South.. November
792.324
288,825 169,148 1,183,989
Lehigh & New Eng.. November
Lehigh Valley
November 3.527.394 3,788.935 18.906.152 19,348,065
582,692
598.371
130.005 148.323
Louisiana & Arkan_ October _
r Louisville & Nash 4th wk Dec 1,224,955 1,467,315 26,844,106 31,734.325
66,584
66.080
14.094
Wacon & Birm'ham November.
12,490
934,006 974,301 5,113,389 5,253,215
Waine Central
November
243,382
44.246
248.038
Waryland & Penna.. November
44,543
1 Mexican Railways 3d wk Nov 103,600 206.500 3,852.700 3,959,600
WIdland Valley_ .. _ November
773.322
642.093
126,532 166.292
Wineral Range
4th wk Dec
171,965
395,036
8.505
16,611
Winn & St Louls....1 4th wk Dec 204,387 202,332 5,297,181 5,024,969
Iowa Central__I
Winn St P & S SM.. 4th wk Dec 553,054 587,912 15.419,057 16.396,236
Wississippi Central_ November
449,365
386,920
84,984
71.182
t Mo Kan & Texas.. 4th wk Dec 997.152 922,645 17.190,519 17,480.673
c Missouri Pacific- 4th wk Dec 1,415.000 1.663,000 31,089.030 32,115,699
STashv Chatt & St L November
895.099 1.107,316 4,820.495 5,396.347
219.804
222,743
8Ovada-Cal-Oregon 4th wk Dec
5,951
5,906
813.906
117,660 159,106
689,711
hrew Orl Great Nor.. November
i N Y 0& And Alv November 7.832,080 8,485.870 42,025.208 46,842,562
Boston & Albany November 1.287.016 1.462.182 7.148,014 7.879,606
Lake Shore & M S November 3,892,158 4.404,029 22.496.635 25.161.607
422,557 464,841 2.521.462 2,596,832
nLake Erie & W- November
341,283 402.525 1,798,731 1,830,784
Chic Ind & South November
Michigan Central November 2,526.096 2,914,716 14,546,089 15,609,613
Clem 0 C & St Ll
Peoria & Eastern! November 2,759,200 2,980,274 15.880,673 16,705,178
719.136
130,198 130,949
683.949
Cincinnati North. November
Pitts & Lake Erie November 1,004,112 1,503.568 6,667.026 8,493,413
932,518 1,028,880 4.771.954 5,181,096
NY Chic & St L. November
454,678 479,989 2.512,292 2,790,280
Tol & Ohio Cent.. November
mnt.ii fist.shows November 21581896 24257823 121087220 132974817
July 1 to Latest Date,
Latest Gross Earnings.
July 1 to Latest Date.
Previous
Year.
ROADS.
Week or
Month.
Current
Year.
Previous
Year.
Current
Year.
Previous
Year.
$
s
$
s
136,191 203,418
770.538
949.745
NO Mobile& Chic_ November
NY N H & Hartf__ November 5,125.780 5.734,886 28.080,222 30.060,871
694,958 688,431 4,266,533 4,399,790
NY Ont & West...._ November
287,606 326,197 1.547,697 1,646,522
NY Susq & West__ November
300,209 358,247 1.631.625 1.735,748
Norfolk Southern._ November
Norfolk & Western.. November 3,074,133 3.689,061 18,424,958 19.727,378
Northern Pacific... November 5,648,727 6,844.173 30.900,085 34,290,458
274,820 295,872 1.819,440 1,844,645
Northwestern Pac_ November
Pacific Coast Co__ October... 585,520 745,096 2,496,379 2,845,276
sPennsylvania RR__ November 14825283 16978788 81,145.946 88,507.925
99,617
659,144
86,204
666,062
Balt Ches& Atl_ November
240.346 301.274 1.308,042 1,526.970
Cumberland Valli. November
November
965,233 941.752 6,365,197 6.146,573
Long Island
489,749
481,751
72,629
71,076
Maryl'd Del & Va November
281,269 319,059 1.682,189 1.715,989
NY Phila & Norf November
PhliaBalt & Wash November 1,641,491 1.739,273 8,954,680 9.107,707
393,697 407,49.5 3.372,363 3.453,859
W Jersey & Seat% November
Pennsylvania Co...... November 4.057,245 5,410,286 24,885,401 30,467.708
417,636 443,050 2,453,400 2,559,226
Grand Rap Az Ind November
Pitts 00 & St L_ November 2.874,234 3,650,200 17,116,266 19,689,299
November
893,736 977,005 4,890,421 5.169,925
Vandalia
Total linesEast Pitts & Erie November 18971347 21443306 106729883 115889718
West Pitts & Erie November 8,354.792 10611637 49.986,579 58,581.412
All East & West_ November 27326139 32055033 156716463 174471131
Pere Marquette... November 1,484.421 1.478.980 7,929,008 7.584,980
Reading (.%0Phila & Reading.. November ,984,042 4,454.5U 20,479.648 22.255,296
Coal & Iron Co.... November 2.954.4683,447.877 13.004,028 13,255.431
November ,938,510 7,902,461 33.483.676 5,810,727
Total both cos
218.7471 237.366 1,121.028 1,131.400
Rich Fred & Potom November
421,203
438,314
Rio Grande June... October.. __ 126,4221 126,358
349.110
285.986
13.746
9,820
Rio Grande South 3d wk Dec
Rock Island Lines_ November 6,084,375 5,897.561 32,348.980 30,834.203
289,724 330,137 1,692,242 1,755,046
November
Rutland
735,454
734,435
119,799 134,346
St Jos & Grand Isl. November
170,211 209,569
990,4271,080,306
St L Brownsv & M.. November
St L Iron Mt & Sou November 2,555,914 3.038.215 13,311,419 14,382,966
269.060 232.610 1.197.582 1,010,251
St L Rocky Mt & P November
St Louis 3c San Fran October __ 3,955,281 4,333,665 15.291,590 16.459.436
St Louis Southwest.. 4th wk Dec 280,000 360.000 5,653,228 6.947.180
704,706 922.736 3,954.901 4.505,494
San Pod LA & S L.. November
Seaboard Air Line_ November 1.713.797 2.220,134 8,525,040 9,990,646
Southern Pacific... November 10246764 11890350 57,497.887 82.166.658
Southern Railway 4th wk Dec 1,648,693 2,131.477 32.715,560 6,982,040
Mobile & Ohio...... 4th wk Dec 265,295 342.574 5.642,546 6,686,760
Cin N 0 & T P.... 4th wk Dec 252.076 339.705 4,766,104 5,503,787
Ala Great South.. 4th wk Dec 131,978 187.131 2.449,281 2,851.382
Georgia So & Fla_ 3d wk Dec
61.876 1,124,349 1,263,907
45,193
Spok Port & Seattle November
355.904 431,187 2,188,653 2,394,855
1,731
2,235
49,542
37,841
Tenn Ala & Georgia 4th wk Dec
Tennessee Central_ November
655,884
737,320
109,595 134,664
Texas & Pacific........ 4th wk Dec 494,876 593,889 9,508,206 0,190,830
Tidewater & West.. November
7.053
5,154
33.957
36,147
714.481
632,056
Toledo Peor & West 4th wk Dec35,301
37.654
87,683
98,114 2,291,330 2,434,871
Toledo St L & West 4th wk Dec
99,826 257,572
Trinity & Brazos V_ November
496,874 1.114,150
Union Pacific Syst_ November 7,592,182 8,548,109 41.984,379 44,518,212
839,732
137,530 160,402
823,360
Virginia & Sou West November
November
454,629 629,917 2,618,755 3,014,226
Virginian
November 2,318,595 2,588,049 12.986,950 13,912.993
Wabash
Western Maryland.. November
634.111 652.820 3.559,359 3,634.294
Wheel & Lake Erie_ November
396.317 673,709 2,545,945 3,919.481
Wrightsv & Tennille November
25,762
36,889
158,617
116,175
Yazoo & Miss Vali. November 1,124,273 1,348,316 4,887,872 5,264,168
Various Fiscal Years.
Current
Year.
Period.
Jan 1
Delaware & Hudson
NY Central & Hudson River_e_ Jan 1
Jan 1
Boston & Albany
Lake Shore & Michigan South Jan 1
Jan 1
Lake Erie & Western _n
Chicago Indiana & Southern_ Jan 1
Jan 1
Michigan Central
Cleve Cincin Chic & St Louis Jan 1
Jan 1
Cincinnati Northern
Jan 1
Pittsburgh & Lake Erie
New York Chicago & St Louie Jan 1
Jan 1
Toledo & Ohio Central
Jan 1
Total all lines
Jan 1
sPennsylvania Railroad
Baltimore Chesap & Atlantic_ Jan 1
Jan 1
Cumberland Valley
Jan 1
Long Island
Maryland Del & Virginia-. Jan 1
N Y Philadelphia & Norfolk_ Jan 1
Phila Baltimore & Wa.shing'n Jan 1
Jan 1
West Jersey & Seashore
Jan 1
Pennsylvania Company
Jan 1
Grand Rapids & Indiana
Pitts Cin Chic & 8t Louis_ Jan 1
Jan 1
Vandalla
Total lines-East Pitts & Erie Jan 1
-WestPitts & Brie Jan 1
-All lines E & W.. Jan 1
Dec 1
Rio Grande Junction
Jan 1
Rutland
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
to
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Nov
Oct
Nov
Previous
Year.
S
S
30 20,869,281 22,397,671
3087.947.251 95,892.645
30 15,206,46.3 10,326,209
30 47,477,366 54.802.890
30 5.206.724 5,473,088
30 3,872.929 4.037,899
30 30.808,377 33,617,712
3032,464.51834.496,944
30 1,356,737 1,298,980
30 14,662,603 18,463,741
30 10.334,857 11,328,505
30 4,568,241 5.525,725
30 253906066 281264339
30 172932495 188474670
30 1,167.405 1.154.414
30 3.016,504 3.297.653
30 12.320,449 12,160,288
30
874,127
868.650
30 3.475.251 3,627,443
30 18,773,606 19.433,984
30 6,088,694 6,182,159
30 51.347,362 62,008.08
30 4,992.069 6,143,090
30 36.150,509 40,865.994
30 10,021,128 10,445.321
30 223345067 21075011q
30 103901799 11991121n
30 327246866 36066133.,
31
946.69.
923.294
30 3.272.292. 3.466.792.
2
AGGREGATES OF GROSS EARNINGS-Weekly and Monthly
Current
Year.
Previous
Year.
Increase or
Decrease.
%
*Monthly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
%
-. Prey. Yr.
$
Mileage. Cur. Yr.
$
3
$
February-,244.925 242,928 209,233,005 233,056,143 -23,823,138 10.22
-2.931,143 19.65
8d week Oct r4 roads).March ____245.200 243.184 250.174.257 249.514.091
-4.615,686 20.40
+660.166 0.27
4th week Oct 37 roads).
243,513 241,547 236,531,600 245 048.870 -8,517.270 3.48
April
19.82
-3.020,626
roads)....__
37
Nov
week
let
May
246.070 243.954 239.427.102 265.435.022 -26,007,920 9.73
19.43
-2.887.535
2d week Nov {37 roads).--222,001 219.691 230,751.850 241.107,727 -10,355,877 4.30
June
-3.432,985 22.87
3d week Nov 36 roads).235.407 231,639 252.231,248 261.803.011 -9.571.763 3.67
July..
-3,398,082 18.99
4th week Nov 35 roads)---240,831 237,159. . .
August
-2.453.320 17.98
280,919.858 -11.326.412 408
1st week Dec (37 roads)._
September- _242.386 238,698 272.992.901 285.850.745-12857.844 4.50
-2,293.104 17.22
2d week Dec (37 roads)____
241,093 269,325,262 298,066.115-2S,740.556 9.64
_244,917
October_
21.46
-2,826,761
roads)........
(34
Dec
week
3d
89.275 87.724 65.353.899 SIAM _5A1 -IR107 1152 1977
November
14 3041.626 Iti 919.379 -2.609.753 15.42
..., -.., r•,,... 1•29 rnsulal
frings & cripple Creek District Ry.from Nov. 11911. e Includes the New York &
Colorado
of
earnings
include
not
Does
b
currency.
a Mexican
Ottawa & New York BY. the latter of which, being a Canadian road, does not make returns to the
Ottawa. the St. Lawrence & Adirondack and the
Evansville & Terre Haute and Evansville & Indiana RR. g Includes the Cleveland Lorain & Wheeling
Inter-State Commerce Conunission. .1 Includes
-p Includes earnings of Mason City & Fort Dodge and Wisconsin Minnesota & Pacific. s Includes
RR.
Ohio
Northern
By.in both years. n Includes the
u Includes the Texas Central and the Wichita Falls Lines. V Includes not only operating revenues,
Louisville & Atlantic and the Frankfort & Cincinnati.
& Southern. z Includes the Northern Central beginning July 1 1914. * We no longer
Mountain
Iron
Louis
St.
Includes
but also all other receipts. z
include the Mexican roads in any of our totals.
*Weekly Summaries.
$
12,515.701
18.017.947
12,222.722
11.975.539
11.577.904
14.517.713
11.191.969
11.008,619
10,347.462
$
15,446.844
22.633.633
15.243.348
14.863.074
15,010.869
17,915.795
13.645.289
13,301,723
13,174.223
THE CHRONICLE
JAN. 9 1915.1
Latest Gross Earnings by Weeks.-In the table which
follows we sum up separatelythe earnings for the fourth week
)f December. The table covers 32 roads and shows 15.42%
lecrease in the aggregate under the mine week last year.
Fourth week of December.
1914.
1913.
Increase. Decrease.
$
$
$
$
55,153
187,131
Alabama Great Western
131,978
18,620
297,346
Buffalo Rochester & Pittsburgh
278,726
1,062.000
Canadian Pacific
2,244,000 3,306.000
26,835
984,936
Chesapeake & Ohio
1,011,771
16,580
Chicago Great Western
304,435
287,855
18.384
Chicago Ind & Louisville
174,897
156,513
87,629
339,705
Cincinnati New On & Tex Pac252.076
Colorado & Southern
345,905 123,286
469,191
Denver & Rio Grande
77.700
567,000
489.300
3.600
Western Pacific
123,000
126,600
12,345
Denver & Salt Lake
23.655
36,000
4.778
25.204
Detroit & Mackinac
20,426
31,567
Duluth So Sh & Atl
94,507
62,940
Grand Trunk of Canada
1
210.449
Grand Trunk Western
1 1,511,606 1,722,055
Detroit Gr Hay & Milw__ -Canada Atlantic
242,360
Louisville & Nashville
1.224,955 1.467.315
8.106
8,505
16,611
Mineral Range
Minneapolis & St Louis
1 204,387 202.332 2.055
Iowa Central
1
34.858
587,912
Minneapolis St Paul & S S M__
553,054
74,507
922.645
997,152
Missouri Kansas & Texas
248.000
Missouri Pacific
1,415.000 1,663,000
77,279
342,574
Mobile & Ohio
265.295
45
5,951
Nevada-Callfornia-Oregon
5.906
80.000
280,000
360,000
St Louis Southwestern
482.784
1.648.693 2.131,477
Southern Railway
'504
2.235
1,731
Tennessee Alabama & Georgia99,013
593,882
494,876
Texas & Paciifc
2,353
37,659
35,301
Toledo Peoria & Western
10,431
98.114
87,683
Toledo St Louis& Western _
Total (32 roads)
Net decrease (15.42%)
14.309,626 16,919,379
250,734 2,860,487
2,609.753
For the month of December the returns of 33 roads show
as follows:
Month of December.
Gross earnings (33 roads)
1914.
1913.
Decrease.
I
$
$
49.848,957 60,492,322 10643365
17.59
It will be seen that there is a loss on the roads reporting
intheamountof4610,643,365,or17.59%.
Net Earnings Monthly to Latest Dates.-The table
following Shows the gross said net earnings of STEAM
railroads and industrial companies reported this week:
-Gross Earnings- -Net Earnings
Previous
Previous
Current
Current
Year.
Year.
Year.
Year.
$
$
$
$
Bangor & Aroostook_b-Nov 316,791
119.436
327,881
113,086
July 1 to Nov 30
516.544
1,429,423 1.485.634
426.826
Chesapeake & Ohlo_b_Nov 2,881.000 3,075,059
937,664
706.127
July 1 to Nov 30
16,583.244 15,782,204 4,900,963 5,133.857
Chicago & Alton_a
Nov 1,179,305 1.201,607 3164,864
381,726
July 1 to Nov 30
6,379.974 6,815,660 31.509,297 31,205,158
Chic Burl & Quincy_b_Nov 7,903,284 8,361,834 3.013,815 2,944,259
July 1 to Nov 30
42,065,065 43,938.524 16,326.704 16.380,717
Chic & East Illinois_ b__Nov 1.143,498 1.387,864
220.822
201,909
July 1 to Nov 30
6,365.015 7,187.806 1,652,248 1,202,143
Chic Ind & Loulsv_b_ __Nov 496.029
596,322
98.971
166,714
July 1 to Nov 30
2,933.383 3,125.795
926,692
786.393
Chic Mllw & St Paul_b_Nov 7,379,909 8,290,968 2,047.501 2,762,174
July 1 to Nov 30
41,507,825 42,574,709 14,115,537 14,188.850
Cin Ham & Dayton_b__Nov 773,672
816,968
105.783
30,844
July 1 to Nov 30
4,516,978 4,599,476
973,212
757,438
Delaware & Hudson_b_Nov 1,887,395 2,011,575
643,220
779.006
Jan 1 to Nov 30
20,869,281 22,397.671 7,025.243 8.568,992
Del Lack & Western_b_Nov 3,753,900 3,887,580 1.538.707 1.535.295
July 1 to Nov 30
19,101,978 19.687,121 7,337,308 7,285,398
Deny & Rio Grande_a__Nov 1.875,121 2,231.822
657.555
663,609
10.565,875 11,556,075 3.140.452 3.220,019
July 1 to Nov 30
571,165
86,393
Western Pacific_b--Nov 432,979
112,750
2,699,187 3,192,183
596.026
July 1 to Nov 30
877,871
262,285
24.829
45,128
Dul Sou Sh & Atl_b_ __Nov 197,043
1,302,212 1,582,606
259.686
336.049
July 1 to Nov 30
734,583
230,519
226,694
El Paso & Southwest_b_Nov 571,743
3,167,605 3.583,616 1,260.337 1,178,814
July 1 to Nov 30
Nov 6,056,762 7,644,204 3,203,092 3,709.180
Great Northern-b
July 1 to Nov 30
35,684,397 40,232,724 19,364,520 19.027.559
74,622
169,148
92.469
Lehigh & New Eng_ b__Nov 208,825
343.102
559,308
1.183,989
792,324
July 1 to Nov 30
Louisville & Nashv_b__Nov 4,050,145 5,337,128
844,365 1,436,908
July 1 to Nov 30
22,707.356 26,573,055 5,519,611 7,303.343
243.268
Maine Central_b
974,301
253,284
Nov 934,006
July 1 to Nov 30
5,113,389 5,253,215 1,569.402 1.370,852
Mineral Range- b
Nov
57,143
21,112
14,046 def6.389
July 1 to Nov 30
338,162
145.446
98.079 def19,167
Minn St P & 9 9 M_a_Nov 1,684,149 1.925,334
724.552
683,047
July 1 to Nov 30
9.001,144 9,477,844 3.315,173 3.288.084.
Chicago Division_a__Nov 756,925
899,504
279.583
171.166
July 1 to Nov 30
4,435.657 4.722.564 1,302,199 1,427,491
Nevada-Cal-Oregon_b__Nov
28,511
35,417
8,112
15
200,447
197,257
July 1 to Nov 30
63,948
46,279
NY N II & Hartford_h_Nov 5,125,780 5,734,886 1,366.859 1.491.763
28,080,222 30.060,871 8.853,813 9,363.243
July 1 to Nov 28
Norfolk & Western_bNov 3,074,133 3,689,061 1.020,005 1.222.369
18,424.958 19,727.378 6.310.136 6.479,604
July 1 to Nov 30
Northern Pacific_b____Nov 5,648,727 6,844,173 2,800.577 3,017.584
30,900.085
1
to
Nov
30
34.290,458 12,925,829 13,837,912
July
Pennsylvania RR _ a____Nov14,825,283 16,978,788 2,505,042 2,940.007
Jan 1 to Nov 30
172,932,495 188474.670 33,614,123 36,463.220
Bait Ches & Atl_a___Nov
86.204
99,617 def13,834
4,307
Jan 1 to Nov 30
1,167,405 1,154,414
132.161
134,712
Cumberland Valley.a.Nov 240,346
301,274
61,626
28,471
Jan 1 to Nov 30
3,016,504 3.297,653
920,994
945,975
Long Island-a
Nov 965,233
941,752
194,674
82,280
Jan 1 to Nov 30
12,320,449 12,160,288 3,219,792 2,675.263
Maryi'd Del & Va_a_Nov
71.076
72.629
def1,698
def567
Jan 1 to Nov 30
874,127
878,650
91.102
93,215
NY Phila & Norf_a-Nov 281,269
43,356
319,059
28,661
Jan 1 to Nov 30
3,475.251 3,627,443
715.332
590,323
Pala Bali & Wash_a_Nov 1,641,491 1,739,273
261.601
254,864 I
Jan 1 to Nov 30
18,773.606 19,433,984 2,928.911 2,632,830 I
407,495 def41.152 def29,096
West Jersey & Seash.a.Nov 393,697
6,088.694 6,182,159 1.052,697
Jan 1 to Nov 30
858,212
Roads.
135
-Gross Earnings--Net Earnings
Previous
Current
Current
Previous
Year.
Year.
Year.
Roads.
Year.
Pennsylvania RR (Con.)$
$
$
$
385,074
705,444
Pennsylvania Co_a___Nov 4,057,245 5,410,286
Jan 1 to Nov 30
51,347,362 62,008,080 9,674,533 11,669.039
Grand Rap & Ind_a__Nov 417,636
50,882
50,903
443,050
Jan 1 to Nov 30
679,725
830,780
4.992,069 5,143,094
Pitts C C & St L_a__Nov 2.874,234 3.650,200
366,782
294,993
Jan 1 to Nov 30
36,150,509 40,865,992 6.843,465 5,700.533
Vandalia_a
198,990
Nov 893,736
977,005
129,407
Jan 1 to Nov 30
10,021,128 10.445.329 1.574,122 1,761,315
Total East P & E_a__Nov18,971,347 21,443,396 3.071,628 3,551,095
Jan 1 to Nov 30
223345,067 240750,119 44,141,132 46,696,451
Total West P & Ea -Nov 8,354,792 10,611,637
872,955 1,339,428
Jan 1 to Nov 30
103901,799 119911,217 19,134,374 20,107.236
Total all llnes_a
Nov27,326,139 32,055.033 3,944,583 4,890,523
Jan 1 to Nov 30
327246,866 360661,336 63.275,507 66,803.688
Pere Marquette_a
56,365
Nov 1,484,421 1.478,980
338.414
July 1 to Nov 30
783,344
7,929,008 7.584,980 2,147,731
Rich Fred& Potomac_b_Nov 218,747
83,772
237,366
64.700
July 1 to Nov 30
376,614
1,121,028 1.131.400
367,036
Rio Grande Junction_-Oct 126,422
n37,926
n37,907
126,358
Dec 1 to Oct 31
923,294
946.699 n276,988 n284,010
Rock Island Lines_b__Nov 6,084,375 5,897.561 1.425.677 1.491,757
July 1 to Nov 30
32,348,980 30,834.203 8,401,916 8.349,183
Rutland_ b
111,906
Nov 289,724
83,105
330.137
Jan 1 to Nov 30
817.454
3.272,292 3.466,792
748.608
St L Iron Mt & Sou_a__Nov 2,555.914 3.038,215
681,519 1,088,076
July 1 to Nov 30
13.311,419 14,382.966 3,758.977 4,527.390
St Louis Southwest_a__Nov 970,252 1,268,453
364.025
150,720
July 1 to Nov 30
4,750,228 5.764.180
825,158 1.382,823
Texas & Pacific_b
647,497
Nov 1,784,923 1,965,808
564,384
July 1 to Nov 30
7.879,824 8,277,400 2.201.356 2.302.241
Toledo St L & West_a__Nov -352,419
116,694
402.599
45.283
July 1 to Nov 30
1.947,508 2.026,521
402,510
627.214
Virginian-a
Nov 454,629
629,917
156.983
289.996
July 1 to Nov 30
2,618,755 3,014,226 1.047,553 1.397,142
Wabash_b
Nov 2,318.595 2,588,049
435,630
511,161
July 1 to Nov 30
12,986,950 13,912,993 3.479.072 3,589.722
INDUSTRIAL COMPANIES.
-Gross Earnings- -NetEarnings
Current
Previous
Current
Previous
Companies.
Year.
Year.
Year.
Year.
$
$
S
Abington & Rockland Electric
Light & Power_a____Nov
13.468
12.161
3,948
2.114
Jan 1 to Nov 30
131,054
126.205
29,169
24.548
Adirondack RIP Corp.a.Nov 107,337
111.969
24,154
57,126
• Jan 1 to Nov 30
1,115,299 1,092,625
344.762
265,196
Blackstone Val G & E.a.Nov 120,830
114,204
54.841
40,973
1,208,811 1,188,207
Jan 1 to Nov 30
463.667
457,009
43,201
39,847
16,356
Edison El (Brockton).a.Nov
14,878
395,715
430.453
143.887
Jan 1 to Nov 30
140,811
44,295
20,378
48.241
11.238
Fall River Gas Wks_allov
127.415
453,820
474,814
143.799
Jan 1 to Nov 30
28.396
13.566
13.870
28,608
Houghton Co El Lt-a_Nov
268,367
123.201
279.278
123,625
Jan 1 to Nov 30
15.606
40,193
15,969
40,920
Lowell Elec Lt Corp_a_Nov
143.314
144.511
411,160
403,213
Jan 1 to Nov 30
727,549
638,086
881.662
gMexican Lt & Power__Nov 959,809
9,081,212 8,808.922 6.537,518 6.438,541
Jan 1 to Nov 30
101,184
Mississippi River Pow.a.Nov 130.706
1,164,940
1,449,227
Jan 1 to Nov 30
17.036
32,064
54,960
39,754
Sierra Pacific Elec_a___Nov
346,406
390.199
647.212
Dec 1 to Nov 30
608.349
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
g These results are in Mexic nacurrency.
n These figures represent 30% of gross earnings.
s After allowing for miscellaneous charges to income for the month of
Nov. 1914, total net earnings were $87,009, against $15,689 last year.
and for period from July 1 to Nov. 30 were $1,222,532 this year, against
$890,574 Jost year.
Interest Charges and Surplus.
-Int., Rentals, &c.- -Bat, of Net Earns.
Current
Previous
Current
Pt evious
Year.
Year.
Year.
Year.
$
$
$
$
Bangor & Aroostook_ _Nov 112.963
x20,614
113.047
x20,167
July 1 to Nov 30
x50.378
557.543
563.720 zdef37,633
Chesapeake & Ohio_---Nov 786.093
740.114
x21,876 z320,750
July 1 to Nov 30
3,936,989 _3,695.773 21.227,008 x1,895,495
Denver & Rio Grande __Nov 602.368
587,254 x136,962 x167,799
July 1 to Nov 30
2,999,947 2,905,876 x602,067 x830,619
Duluth Sou Sh & AtI___Nov
96.910
98.907 zdef65,314 zdef52,672
July 1 to Nov 30
481,015
519,307zdef199,801zdef168,268
Mineral Range
Nov
12.691
11,961
x3,151 def16,155
July 1 to Nov 30
65.618
59,550
235,688 zdef76,462
Nevada-Cal-Oregon_ __-Nov
6,326
5,755 zdef6,064
x2,668
July 1 to Nov 30
32,662
28,771
x36,634
x15,200
Norfolk & Western
Nov 553,656
519,141 x663,972 z878,153
July 1 to Nov 30
2,707,952 2,532.427 x4,364,732 x4,413.282
Rio Grande Junction__Oct
8,333
8,333
29,593
29.574
Dec 1 to Oct 31
91,667
192,343
91.667
185,321
St L Iron Mt & Sou__ -Nov 690,327
727.793
x53.818 x419,280
July 1 to Nov 30
3,564,823 3,551,162 z536,101 z1.309.418
St Louis Southwestern__Nov 269,386
255,981 zdef8,699 z189,101
July 1 to Nov 30
1,331,237 1,267.727 zdef33.176 x547.549
INDUSTRIAL COMPANIES.
-Int.. Rentals, &c.- -Bat, of Net Earns,
Current
Previous
Curtout
Previous
Companies.
Year.
Year.
Year•
Year.
$
Abington & Rockland Electric
Light & Power
848
463
3,100
1.651
Nov
an 1 to Nov 30
3,933
5,892
23.276
20,615
Adirondack El P Corp__Nov
21,215
3,098
35.911
21,056
233.989
Jan 1 to Nov 30
112,118
31.207
232,644
34,181
17,326
Blackstone Val G & El__Nov
20,660
23.647
184.049
262.903
Jan 1 to Nov 30
200.764
272.960
2,791
12,335
4,021
Edison Elec (Brockton)_Nov
12,087
26,026
109.708
34.179
Jan 1 to Nov 30
114.785
1,030
3.582
16.796
Fall River Gas WorksNov
10.208
12,150
17,381
110,034
Jan 1 to Nov 30
131,649
3.482
3,442
10,124
Houghton Co Elec LtNov
10.388
40,273
40,843
82,928
Jan 1 to Nov 30
82,782
229
200
15.377
Lowell Elec Light Corp_Nov
15.769
2.628
2,764
141.883
Jan 1 to Nov 30
140,550
89,300
Mississippi River Power.Nov
11,884
953,458
Nov
30
Jan 1 to
211,481
7,013
7,024
Sierra Pacific Electric__Nov
10.023
25,040
85,979
Dec 1 to Nov 30
74,663
260,427
315,536
z After allowing for other income received.
•
Roads.
136
THE CHRONICLE
loo.
—Gross Earnings— —NetEarnings—
EXPRESS COMPANIES.
Current
Previous
Current
Previous
—Month of September— —July 1 to Sept. 30Year.
Year.
Year.
Year.
Roads.
1914.
1913.
1914.
1913.
$
a
$
$
Co.—
Adwrs Express
Total from transportation__ 3.022,451 3,089.673 8.676.229 8.721,325 Brazilian Tr, Lt & Pow_Nov05,929,730 06.009.487 03,374,490 g3,383,482
Jan 1 to Nov 30
1,620,252 1,639,918 4.480.512 4.488,199
067.340,988065,932.152038,610,228035,741,967
Express privileges—Dr
British Columbia Elec By
Revenue from transport'n- 1,402,199 1,449.755 4.195,717 4,233.128
Nov 648,485
746,153
147.262
(incl. allied cos.)
201.645
30.014
42,804
133,481
90,497
Operations other than trans..
3.324,836 3,760.508
762.932
976.722
July 1 to Nov 30
7,671
def829
8.056
def665
& Plymouth_a_ __Nov
Total operating revenues_ 1,445,003 1,479,769 4.329.198 4.323,623 Brock
116,715
113.686
20.027
30
25,823
Nov
to
1
Jan
1.571,648
4.607.975
1,410.145
4.242,160
expenses
Operating
30,045
34,849
12,198
16,769
Cape Breton Electric_a-Nov
69,624 def278,776
344,781
81,463
320.098
127,758
Jan 1 to Nov 30
152,463
Net operating revenue_ _ _ _def126,644
1,361
648
Uncollectible rev,from trans.
63,274
58,858
34,424
(Oa) Elec_a_Nov
34.925
53,103
16,538
18,101
48,233 Columbus
Express taxes
621,668
551,732
350,938
Jan 1 to Nov 30
276,527
180,303
198,258
Co_a___Nov
84,108
Electric
Dallas
82.225
53,085 loss333.242
loss145.394
33,229
Operating income
2,022,464 1.989,581
831,004
Jan 1 to Nov 30
828,357
—Month of September— —July 1 to Sept. 3045,088
56,868
25.455
Eastern Texas Elec_a__Nov
15.146
1914.
1914.
1913.
1913.
672,441
415,872
269,051
Dec 1 to Nov 30
160.983
$
$
$
The Globe Express Co.—
7%.767
78,277
231.487
Total from transportation_ _ _
223,325 El Paso Electric_a
80,761
91,712
49.528
Nov
40,212
39,176
38.715
115,736
111.501
Express privileges—Dr
799,158
953,404
420.890
368,250
Jan 1 to Nov 30
211,612
89,483
92.269
Elec_a__Nov 195.389
39.100
115,750
39,052
111,824 Galv-Houston
Revenue from transportation
932,471
2,169,503
1,023,349
2,231,982
Jan 1 to Nov 30
951
874
2,476
Operations other than transp.
2,700
19,590
5,689
21,701
6,440
Houghton Co Trac_a_ —Nov
90,114
272.020
107.209
255,148
40,003
39,975
Jan 1 to Nov 30
118,227
114,524
Total operating revenues_
32,937
31,428
92,586
Operating expenses
96,147 *Hudson&Manhattan.a.Nov 458,574
276,326
278,428
470,204
5,067,032 5,010,291 2.945,560 2,852,953
Jan I to Nov 30
7,066
8,547
25,640
18,377
Net operating revenue_ _ _ _
15,652
58,235
22,088
52,881
1.200
1.100
3,300
Express taxes
3,600 Jacksonville Traction_a_Nov 659.112
229,530
615,138
224,252
Jan 1 to Nov 30
7,636
20,997
8,523
21.277
Nov
5,866
7.447
22.340
Operating income
14,777 Keokuk Electric_a
97,000
252.817 _ 90.503
Dec 1 to Nov 30._ _- 250,339
6,654
3,658
ELECTRIC RAILWAY AND TRACTION COMPANIES. Key West Electric_a Nov 10,616
13,265
51,124
42,893
129.713
122,226
Jan 1 to Nov 30
323,925
215,256
605.467
Latest Gross Earnings.
Jan. 1 to latest date. fMexico Tramways_ —Nov 643,961
6,716,716 6,337,805 3,193,106 3,390,333
Name of
Jan 1 to Nov 30
Week or 1Current Previous Current
Road.
Previous
153,261
147,114
521,558
Milw Elec Ry & Lt_a__Nov 501,273
Year.
Year.
Year.
Month.
Year.
Jan 1 to Nov 30
5,470.399 5.480,379 1,510,860 1,558,733
44,927
40.238
120.429
Milw Lt. Ht & Trac_a_Nov 114,833
496.703
490,395
1,379.153 1,326,706
Jan 1 to Nov 30
American Rys Co— November 424,813 435.395 4,939.456 4,785,182
24,267 25.797
Atlantic Shore Ry___ November
88.682
73,720
336.416
197,719
349,307 Northern Texas Elec_a-Nov 157,568
869.953
844.840
cAur Elgin & Chic Ry November 160,928 171,074 1,871,718 1.861,395
1,908.536 1,947,322
Jan 1 to Nov 30
Bangor Ry & Electric November
64,570 65,372
712,243
698,441 Paducah Trac & Lt_a__Nov
10,378
9.794
26.659
24,839
Baton Rouge Elec Co November
15.705 15,481
161,697
146,743
89.581
96,497
267.062
274.054
Jan 1 to Nov 30.Belt LRyCorp(NYO) September
61,775 63,111
551.385
564.735
6.609
8,136
22.696
18,860
Berkshire Street Ry_ October... 89,999 82,606
851,253 Pensacola Electric_a___Nov
828.448
91,750
87.549
259,466
1
244.734
Jan
30
Nov
to
Brazilian Trac, L & P November 5929730 /6009487 f67340.988 65932,152
329.503
284,937
Brock & Plym St By. November
752,983
7,671
116,715 Puget Sd Tr. L & P_a__Nov 686,820
8,056
113,686
Bklyn Rap Trim Syst September 305,490 2249,340 20.617.324 20,072.369
8,523,731 8,548,934 3,497.371 3.558.980
Dec 1 to Nov 30
Cape Breton Elec Co November
344,781 Savannah Electric_a_ _ _Nov
320,098
30,045 34,849
22,765
26.669
71,497
69,870
996,08b 1,104.553
Chattanooga Ry & Lt November
84,896 97.032
245,216
263.558
753,274
770,960
Jan 1 to Nov 30
362,210
Cleve Painesv & East October_ _ _ 34,974 35,498
364,904
75,743
32,713
38.995
80,922
Nov
Cleve Southw & Col_ November 100,184 98.490 1,158.384 1,149,872 Tampa Electric-a
344,720
417,749
761.833
Jan 1 to Nov 30 ___- 895.499
551,732
621,668
Columbus(Ga) El Co November
63.274 58,858
235.454
254.727
Comwth Pow,Ry& L October__- 250.255 249,887 2,382,866 al.768.163 United Rys of St L_a Nov 978.994 1,062,951
11.457,945 11,605,532 2,810,903 3,212.405
654,584 658.783 6,763.009 6,897.003
Jan 1 to Nov 30
October_
Connecticut Co
Consum Pow (Mich)_ November 303,692 291.035 3.079.902 2.830.186
taxes.
deducting
after
are
given
here
earnings
Net
a
Ctunb Co(Me)P & L November 196.249 195.100 2.310.109 2,149,252
b Net earnings here given are before dudectlug taxes.
Dallas Electric Co_ November 180,303 198.258 2.022.464 1,989,581
f These results are in Mexican currency.
Detroit United Lines 2d wk Dec 203.823 202.693 11.664,739 12,142.444
These results are in mike's.
g
451.750
384.544
DDEB& Bat(Rec) September I 40.576 49.314
•Revenue from all sources.
Duluth-Superior Trac November 104,457 109.263 1,200.595 1,165.829
2,428.243
2.409,829
East St Louis & Sub_ November 207.713 236.850
Interest Charges and Surplus.
799.158
953 404
91.712 80.761
El Paso Electric Co.._ November
1,382.582 1.410,776
42d St M& St N Ave September 162.575 161,522 2,231,982
—Int.. Rentals. &e.— —Bal. of Net Earns.—
2,169,503
Galv-Hous Elec Co.._ November 195,389 211.612
Previous
Current
Current
Previous
98,208 101,387 1,160,653 1,178,942
Grand Rapids By Co November
Yea,.
Year.
Year.
Year.
Roads.
903,106
908,834
79.953
77,197
November_
Harrisburg Railways.
$
$
$
$
Havana El R ,L& P
2,098
Electric__Nov
2,054
Rouge
4.206
Baton
4.004
Wk Jan 3 48,172 55.914
(Railway opt)
22,668
31,232
22,970
33.971
Jan 1 to Nov 30
508,280
503,437
52.618
52.949
Honolulu R T & Land
dell
1,028
Plymouth.
&
1,140
.805
Brockton
-Nov
def1,857
272,020
255,148
19.590 21,701
Houghton Co Tr Co November
Jan 1 to Nov 30
11,964
11.997
8,031
13.858
Hudson & Manhat_ November 458,574 470,204 5,067.032 5.010,291
November 706.342 729.946 7.479,121 7,188,041 Cape Breton Electric—Nov
6,602
5.999
5,596
10,770
Illinois Traction_ _
70,885
Jan 1 to Nov 30
Interboro Rap Tran_ November 2833.911 2821.495 30.786,279 29,724,423
66,547
56,873
85,916
615.138
659.112
52.881 58,235
Jacksonville Trac Co November
(0a)
Columbus
28,791
24,958
5.633
9,967
129.713
122.226
10,616 13,265
Key West Electric.... November
Jan 1 to Nov 30
295,847
211.733
55.091
64,794
Lehigh Valley Transit November 149.939 191.198 1,700.506 1.634,292
Dallas
Co
625.134
Electric
626,850
Nov
33,389
26,703
51.794
49,437
50,715
November
55,522
Lewis Aug & Watery_
193,889
Jan 1 to Nov 30
193,875
23,805 21.372
337,568
276,299
493,436
552,058
Long Island Electric_ September
Louisville Railway November 244,690 260,943 2,906,655 2.862,356 Eastern Texas Eloctric_Nov
8,606
4,910
10,236
16,849
Milw El Ry & Lt Co_ November 502.273 521.558 5,470,399 5,480,379
Dec
to
1
30
Nov
25,122
135,861
96.240
172,811
Milw Lt, Ht & Tr Co November 114,833 120,429 1,379,153 1,326,706 El Paso Electric
Nov
35,916
4,179
45,349
4,296
454.672
493,026
September
53,553
57.414
Interboro
N Y City
Jan 1 to Nov 30
333.680
373,724
34,570
47,166
314,040
316,871
43,933 38,801
N Y & Long Island September
124,837 Galv-Houston Elec____Nov
128,755
17.203 16,675
52,917
55.516
36.566
36,753
N Y & North Shore September
117.682
1.031.541
1.056,620
119.186
September
547.806
618.433
Jan 1 to Nov 30
384,665
404,916
N Y & Queens Co
New York Railways_ October __ 1204.394 1264.951 11,304.051 11,866,551 Houghton County Trac_Nov
800
86
5,640
5,603
327.704
325,204
N Y & Stamford By.. October__ 27,142 26.847
45.226
28.655
61,983
61.459
Jan 1 to Nov 30
306,974
N Y Westches & Bos_ October_ _ 39,074 34.841 .344.893
213,886
245,482
a32,440
155,906
158,358 Hudson & Manhattan_ _Nov a32.946
Northampton Tree October_ _ _ 15.494 15.830
a365,022 a372.368 2,580,535 2,480.583
Jan 1 to Nov 30
Nor Ohio Trac & Lt. November 286.732 265.096 3.319,704 2.989,155
8,783
2.600
13,226
13,052
North Texas Electric November 157.568 197,719 1,908,536 1,947,322 Jacksonville Traction___Nov
93,406
90,076
303,418
130,846
311,855
Northw Pennsylv Ry October__ 28.371 29,571
139,454
Jan 1 to Nov 30
142,890
136.171 Keokuk Electric
17.227 14,106
Ocean Electric (L I). September
5,758
5,347
3,176
1.878
Nov
267,062
274,054
24.839 26,659
Paducah Tr & Lt Co_ November
65,949
65.619
31,051
24,884
Dec 1 to Nov 30
244,734
259.466
18,860 22,696
Pensacola Electric Co November
1.086
2,589
4,065
2,572
Nov
November 1959,824 018,496 21,886.868 22.099.066 Key West Electric
Phlla Rap Transit
14,865
28,391
22.733
28,028
Jan 1 to Nov 30
Port(Ore)Ry,L&PCo November 494,626 576,244 5,758.679 6,116.265
956.448 Mllw Elec Ry & Light—Nov
x84,232
963.782
65,361
67,248
Portland (Me) RR November
x92,480
697.150 z800.892 x904,167
765,066
Puget Sound Tr,L &P November 686,820 752.983 7.733,423 7,823.294
Jan 1 to Nov 30
Republic Ry & Light November 244.251 251.827 2.756,557 2.702,533 Milw Lt, Ht & Trac_ __ -Nov
52,272
55.404
z29,908
x37.812
Rhode Island Co...._ _ October...... 440,696 433.315 4.524,968 4.551.627
571.979 z383.011 z421,403
603,062
Jan 1 to Nov 30
304,850
305.211
37,192 33,256
Richmond Lt & RR_ September
24,052
26,807
46,913
Electric.Nov
Texas
64.630
Northern
Josepb(Mo)Ry,Lt,
St
261,294
285,972
558,868
608,659
Jan 1 to Nov 30
Heat & Power Co_ November_ 108,481 110,092 1,174,232 1.135.075
386.476
378.988 Paducah Trac & Light__Nov
7,542
7,625
2,252
Santiago El Lt & Tr_ October__ 38.539 38.451
2,753
753,274
69,870 71,497
770.960
82.257
83,742
Savannah Electric Co November
12,755
7,324
Jan 1 to Nov 30
792,643
82,287 92.238
697.966
Second Ave (Rea)._ September
7,353
Nov
7,256
def744
880
156,135 Pensacola Electric
20,076 18,934
168,972
Southern Boulevard_ September
79,476
74.042
17,708
8,073
Jan 1 to Nov 30
256.961
249,903
32,063 28.625
Staten Isi Midland.. September
174.420
155,083
761,833 Puget Sd Tr, L & P__Nov 177.758
107.179
895,499
80.922 75,743
Tampa Electric Co November
2,115.522 2,061.589 1,381,849 1,497,391
Dec 1 to Nov 30
September 327,631 339.394 2,968.458 3.040.125
Third Avenue
November 465.035 501.254 5.537.085 5,502,573 Savannah Electric
Toronto Street Ry
23,089
Nov
22,703
3,580
62
251.914
239,296
11,639
Twin City Rap Tran 3d wk Dec 182.289 175,697 9,019,272 8,599,741
5,920
to
30
Nov
Jan 1
Union Ry Co ofNYC September 241.811 231.043 2,191.032 2,074,877 Tampa Electric
4.422
4,779
34,573
Nov
27,934
November 978,994 1062,951 11.457.945 11,605.532
United Rys of St L
50,065
50.690
367,684
294.030
jan 1 to Nov 30
Virginia By & Power.. November 427.351 429.331 4.725.983 4.587,023
690.336
220,331
695,397 United Rys of St LouLs_Nov 215,391
x28,063
z40.827
Wash Bait & Annap_ October.... 77,937 67.026
465,142
457,242
54,722 50.539
2.402,873 2.440.296 z488.502 x849.022
Jan 1 to Nov 30
Westchester Electric_ September
218.809
212,235
Westchester St RR October...... 22,995 21.529
after
bonds,
on
interest
deducting
include
which
not
the
Does
a
2,333,576 available for interest on adjustment income bonds was $68,765 in amount
Western Rys & Light November 218,777 217,994 2,448,427
November
539.105
522.618
62,951 60.834
Yonkers Railroad.... September
against $67,168.
659.488
69,770
635.357 1914,
70.171
October..__
York Railways
z After allowing for other income received.
248.018
232,969
23,603 21.548
Youngstown & Ohio_ November
148.632
144,480
Youngstown & South October... 14.763 15.063
1913 the earnings on the additional stocks acANNUAL REPORTS
a Includes since May 1 Represents
from all sources. c These
quired on that date. b company. income
f Earnings now given in milrels.
figures are for consolidated
Annual Reports.—An index to annual reports of steam
Electric Railway Net Earnings.—The following table
railways and miscellaneous companies which
gives the returns of ELECTRIC railway gross and net railroads, street
week.
have been published during the preceding month will be
earnings reported this —Gross
Earnings— —NetEarnings— given on the last Saturday of each month. This index will
Current
Previous
Previous
Current
not include reports in the issue of the "Chronicle" in which
Year.
Yea,.
Year.
Year.
Roads.
$
$
$
$
is published. The latest index will be found in the issue
it
6,102
6,260
15,481
15.705
Baton Rouge Elec_a__-Nov 161.697
Dec. 26. The next will appear in that of Jan. 30.
of
53,900
56,941
146.743
to Nov 30
Jan 1
JAN. 9 1915.]
THE CHRONICLE
Lawyer's Mortgage Co., New York.
(Report for Year ending Dec. 31 1914.)
The report of President Richard M. Hurd for the late
fiscal year is published in the advertising pages of to-day's
"Chronicle." The report says:
The gross earnings and net profits for 1914 have been the largest of any
year in the history of the company. The stability and strength of the
company's business are better shown during a period of depression than in
prosperous times. The prompt payment of interest on mortgage loans
during the year and the installment payments on account of the principal
of mortgages held, amounting during 1914 to $1,250,000, show a fundamentally sound condition. On account of depressed general conditions,
the number of foreclosures is larger than usual, but only averages 1% of
the
total amount of mortgages held. Beginning a year ago, the company
established its own mortgage loan department, instead of, as hitherto, lending money through a title company. As anticipated, this added service
to borrowers as well as to lenders has both facilitated the conduct of the
company's business and greatly increased its profits.
OPERATIONS FOR CALENDAR YEARS.
1914.
1913.
1912.
1911.
$
Guar. mtges. sold
39,460,083 31,955,577 39,742,271 38,411,204
Guar. mtges. paid off
36.321.075 25,397.277 26,605,161 28.600,125
Guar. mtges. outst'g
Dec. 31
140,865.921 137.726.913 131,168,613 118,031.503
Income fromPremiums for guaranties
690,817
667,137
564,042
614.564
Interest on mortgages
358,169
338,186
355,480
267,888
Rents, commissions, &c.
161,591
16.125
21,343
12,470
Gross earnings
1,210,577
1.021,448
991,387
844,400
ExpensesRent
25,000
17,333
18,000
18.000
Salaries
188,796
134.879
125.120
110,810
Advertising & stationery
24,155
21,572
19,485
16,681
Taxes & gen. expenses
49,339
37,189
38,171
31,174
Gross expenses
287,290
210.973
200,776
176,665
Net earnings
923.287
810,475
790,611
667.735
Dividends paid (12%)
720.000
720.000
660.000
480.000
Balance, surplus
203,287
90.475
130,611
187,735
Note.-In addition to the cash earnings are the unearned premiums,which
consist of the company's contract profit of A of 1% per annum on outstanding mortgages from the date of the annual statement to the maturity of the
mortgages. These unearned premiums, which, as future profits, are not
carried as assets, have increased as follows: Jan. 11903. $103,555; Jan.
1
1904, $149,257; Jan. 1 1912, $1,205,692; Jan. 1 1913 $1,400,176; Jan. 1
1914, $1,247,652; Jan. 1 1915, $1,251,087; total net increase since Jan.1
1903, $1,147,532.
BALANCE SHEET DEC.31.
1914.
1913.
1914.
1913.
AssetsLiabilities$
$
N. Y.City mtgs.6,514,726 7,202,968 Capital
6,000,000 6,000.000
Accr'd interest__ 392,366 313.181 Surplus
9,750,000 2,750,000
Co.'s Brooklyn
Undivided profs. 252.284
48,985
bldg., cost__ 175,000 175,000 Mtgs. sold, not
Real estate
699,322 147,343
delivered
116,157 339.204
Cash
1,433,252 1.353.480 Res. for prepaid
prem's, &c
96,225
53.783
Total
9,214,666 9,191,972
Total
9,214,666 9,191,972
There are 10,934 guaranteed loans outstanding
"operations" above).
the average loan in Manhattan amounting to (see
$33,000, in Brooklyn to
$5,600 and in the Bronx to $21,000.-V. 99, p.
123.
Mortgage-Bond Company, N. Y. City.
(Report for Fiscal Year ending Dec. 31 1914.)
The company's financial statement will be found in our
advertising department. Below we give a brief comparative
statement for three years past:
RESULTS FOR CALENDAR YEARS.
1913-14.
1912-13.
1911-12.
1910-11.
$479,789
$469,246
$434,160
$3369,376
64,121
61,943
66,250
48.871
Net earnings
$415,668
$407,303
$367,910
$3320,505
Interest on bonds
$213.228
$210.496
3177,837
$149,687
Dividends (6%)
120,000
120,000
120.000
120,000
Balance, surplus
$82,440
$76,807
$70.072
$50,817
The amount of guaranteed mortgages outstanding
Dec. 31 1914 in 17
cities was $6,481.415, the value of the properties
covered by them being
$16,623,718. The average size of the loans was $3,000.
outstanding, $2,553,200 series 1 and 2 45 and $1.996.000 series 3Bonds
5s. The earnings and the bonds outstanding were larger than in
any previous year.
V. 98, p. 456.
Gross income
Operating expenses
National Casket Co., Rochester, New York.
(Statement a June 30 1914, Filed in Massachusetts.)
BALANCE SHEET OF JUNE 30.
1914.
1913.
1914.
1913.
Assets$
Liabilities$
$
Real estate
1,663,338 1,581,820 Capital stock
4,384,300 4,384,300
Machinery, &e
475.639 500,578 Accounts payable
47.745
41,990
Merchandise
1,631.579 1,633,572 Bills payable
66,200
50,000
Cash & debts receiv.1,614,413 1,303,595 Balance, profit & loss 583,177
382,228
Good will, &a
1,545,106 1,545,106 Funded debt
945,000
802,500
Treas. stock invest_ 350,000 350,000 Surplus
1 2'3 653 1,253,653
Total
7,280,075 6.914,671
Total
7 280,075 6,914,671
[The company is said to have 24 branches
and factories located in various parts of the country. Dividend
was unofficially reported in
1914 as 5% p. a. The bonds are all rate
or nearly all serial debentures.
Interest J. dz D. 31.I-V.96. p.198.
American Ice Company.
(Report for Fiscal Year ending Oct. 31 1914.)
EARNINGS FOR YE.4RS ENDING OCT. 31, INCL.
SUBSIDIARY COB.
1913-14.
1912-13.
1911-12.
1910-11.
Gross receipts
$8,826,881 $10,490,616 $8,638,406 $9,009,476
Less cost of merchandise $3,099,870 33.258,775
32,942,735 32,921.524
Less operating expenses- 3.934.773
4,203,558 4,007,984
4,241.202
Total
$7.034,643 $7,462,333 36,950,719 $7,162,726
Net
$1.792,238 $3,028,283 $1,687,687 51,846,750
Income from investm'ts_
10.245
24,592
18,013
22,793
Gross earnings
$1,802,483 $3,052,875 $1,705,700 S1.869.543
Bond interest, &c
3337.246
$356.335
$332.414
$324,271
Rents
167,849
172,066
186,440
184,648
Taxes
140.210
140,168
115,251
126,910
Insurance
z132,858
z134,724
z134,123
z133,891
Maintenance & improv_
615,454
590.261
556,567
515.051
Total
51.393,617 $1,393,555 81.336.455 $1,273,112
Net gain
$408,866 $1,659,320
$369,245
$596.431
Pref. dividends(1(%)
186,502
186,502
186,502
Balance, surplus
3222,364 31.472.818
3369.245
$409,929
z5The unexpended balance of insurance fund In
the hands of the trustee
on Nov. 1 1913 was $206,359, against $242,531
in 1912 and $155.028 in
1911. In 1914 amount was not stated.
137
BALANCE SHEET OCT. 31 (INCLUDING SUBSIDIARY COS.).
1914,
1913.
1914.
1913.
Assets$
$
Liabilities$
$
Gen. prop. acct_ _13,289,342 12,140,120 Preferred stock__ _14,920,200
14,920,200
Good-will, water &
Common stock__ 7,161,330 7,161,330
patent rights_ _17,018,227 17,105,061 Bill,15,00
0
11,000
Invest. securities_ 0950,795 1,000,287 Underlying bonds_ 1,064,920
1,088,440
Cash
266,124
936,103 Collat. trust bonds
Notes receivable
161,959
203,387
Amer.Ice Co_ _ _ 1,620,000 1,709,000
Bond and mtges
24,440
19,925 1st & gen. NI. bile. 3,418,000 3,055,000
Insur. premiums..
13,760
10,044 Real estate mtges_ 414,050
378,430
Inventory of mdse. 592,430
453,316 Current accounts_ 562,825
535,932
Accts. receivable_ 979,773 1,009,006 Accr. bond Int.,&e.
65,272
60,761
Fire insur. fund
6266,639
206,352 Fire ins. res
260,639
206,358
Workman, ComWorkman s comsation fund_ _
c33,750
Batton reserve_
19,155
Profit & loss (sur.)d4,069,854 3,947,155
Total
33,597,245 33,083,606
Total
33,597,245 33,083,606
a Investments include in 1914 stocks and bonds other than of subsidiary
companies, $270,395; underlying bonds of sub. cos.. $591,400; real estate
and first and gen. mtge. bonds, $42,000; and coll, trust
bonds of Amer.
Ice Co., $47.000.
b Consists of $265.000 (par) Amer. Ice Co. real estate 1st and Gen. M.
bonds; accrued int. on 26 real estate 1st and Gen. M. bonds,
(par) Amer. Ice Securities Co. debenture bonds, and loan, $554$390; $695
c Consists of New York City bonds. 331,134, par value $35.000 and
cash deposit with commission of $2,616.
d The profit and loss surplus Oct. 311914, 34,069,854. as above, is derived as follows: Total surplus of American Ice
Co. Oct. 31 1913. 32.943.
449; exces of net assets subsidiary cos. over book
value, $1,003.706; total
surplus Oct. 31 1913, incl. subsidiaries, $3.947,155;
add profit for year
ending Oct. 311914. as above, $4408,866: deduct good-will
& Coal Co.charged to surplus, 386,834,and miscellaneous of Sumwalt Ice
items aggregating
$12,830, leaving balance, surplus. Oct. 31 1914, $44.069,854.
A ote.-Accrued dividends unpaid on the cumulative pref. stock
amount
to 38.691,016, of which 96.2% applies to stock owned by Am.
Ice Sec. Co.
-V. 99, p. 1912, 1453.
Union Stock Yds. Co. of Omaha,ILtd.(So.Omaha,Neb.)
(Report for Fiscal Year ending Nov. 30 1914.)
EARNINGS, &C., FOR
1913-14.
938,817
2,258,620
3,113,889
30,688
394,461
330,666
1,198.311
26.623
$1,801,920
1.248,968
Rec'ts of stock-CattleHogs
Sheep
Horses and mules......
Shipments-Cattle
Hogs
Sheep
Horses and mules
Gross earnings
Gross expenses
Net earnings
Depreciation
Dividends, 6%
3552.952
$100,000
449.778
YEAR ENDING NOV. 30.
1912-13.
1911-12.
1910-11.
962,103
1,017.195
1.174,312
2,542.709
2,886.244
2.366,684
3,222,133
2,950,507 2,977.570
31,580
32,520
31,771
432,462
418,474
446.116
380,938
406.874
216,968
1,585,608
1,343.326
1,564,968
28,132
29,660
28.741
$1.782,323 31.793,366 $1.666,341
1,129.391
1,158,932
1,049,979
3652.932
$150,000
449.778
$634.434
$125.000
449.778
$616,362
8100.000
449,868
Total deductions-_-Surplus
$549,778
$599,778
$574.778
$549.868
$3.174
853,154
359.656
$66.494
BALANCE SHEET NOV. 30.
1914.
1913.
1914.
1913.
Assets-Liabilities3
s
Real estate, railroad
Capital stock
7,496,300 7,496,300
property, &c
8,407,341 8,403,439 Bonds
700,000 700,000
Accts. receivable_ _ _ 78,381 101.960 Surplus
531,043 527.869
Feed and supplies. _ 67,431
73,556
Prepaid insur. & int. 23,094
29,148
Cash
150,196 116,066
Total
8,727,343 8,724,169
Total
8,727,343 8,724,169
Capacity for live stock. 30,000 cattle. 40.000 hogs. 80.000 sheep. 1.500
horses and mules.-V. 100. P. 59.
Harrison Bros. & Co., Inc. (Chemicals, &c.), Phila.
(17th Annual Report, Year ended Oct. 31 1914.)
Pres. Robert S. Perry, Phila., Dec.29, wrote in substance;
We may feel some gratification at the results for the year as general
business has been very unsettled and depressed. The wisdom of developing
our domestic sources of necessary raw materials has been made
by the present war conditions. We were thereby partly fortified evident
the situation which has arisen, but it had not been expected that weagainst
would
so soon be forced to rely on American sources of supply, consequently
we
had to hasten development of our mines more vigorously than intended.
This, together with the unsettled financial conditions recently prevailing,
made it necessary to reserve the cash resources,and your directors
accordingly took no action in respect
to
quarterly dividend of 1% on the pref.
stock which customarily would the
have been paid Nov. 1 and which was
more than earned. (V. 99, p. 1217.)
The increased figure under the
of "other investments" represents
money applied to the development head
and equipment of the Boyd-Smith Mine
in Virginia. This pyrites mine is now
in a very promising condition, indicating large bodies of high-grade ore. The
the ore has been completed and shipments ofmill for crushing and treating
concentrates are being made
to us at Philadelphia.
The sum of $120,000 has been set aside out of
earnings for depreciation
of plant. Out of this, liberal expenditures
have been made for replacements and renewals of existing
toward the cost of additions. apparatus, and the balance has been applied
STATEMENT OF PROFIT AND LOSS FORREARS
ENDING OCT. 31.
1913-14.
1912-13.
1911-12.
1910-11.
Profit for the year
$354.457
$338,321
$385,004
$341,356
Depreciation
120,000
110.000
110,000
106,839
$234,457
8228.321
8275.004
$234,517
Interest on 1st M.bonds
865.000
$65.000
$65.000
$65,000
Preferred dividends___ _ (3)45,000
(6)75,000 (4)60,000
(4)60.000
Patent rights, good-will,
dtc., charged off
180.000
100.146
Surplus or deflcit____sur.$124.457 sur 488,321
der.$29.996 sur.$9.371
BALANCE SHEET OCTOBER 31.
1914.
1913.
1914.
1918.
Assets$
Liabilities$
$
$
Real est.. plant, &c_2,668,020 2,537.942 Preferred stock
1 500,000 1,500,000
Patent rights, tradeCommon stock
1 000,000 1,000,000
marks, &c
250,000 250,000 First mtge. bonds__ _1,300,090 1,300,000
Stk.in oth. cos.,&c_ 522,116 419,735 Accounts payable_ _ _ 150,705
109,395
Inventory
023,567 499,850 Accrued wages
18,285
14,594
Bills & acc'ta reedy. 393,664 412,645 Bills payable
220,000
90,600
Cash
90,585 115,960 Accrued bond int_ _ _ 32,500
32,500
Value of unexpired
Miscel. res. accts.__
3,378
insur., taxes, dre
5,046
4,629 Surplus
328,130 203,673
Total
4,552,998 4,250,761
Total
4,552,998 4,250,761
-v. 100. 1). 57.
International Agricultural Corporation.
(Official Statement Dated Oct. 23 1914.)
The application, duly granted, to list on the New York
Stock Exchange on and after Oct. 29 1914, $13,055,500 7%
cumulative pref. stock and $7,303,500 common
official notice of issuance and payment in full, or instock, on
exchange
138
accompanied
for outstanding voting trust certificates, wased
nt which we have condens as below:
by an official stateme
capital stock,
of
$1.000
with
State
Y.
N.
1909 in
Incorporated June 14
follows, one-half of each amount named
which was successively increased asto
$15,000,000 (V. 89, p. 997); Feb. 11
being pref. stock: On July 6 1909
91, p. 1450, 1515); April 20 1911 to
1910 to $24.000,000 (V. 90, p. 630; V.
manufacture,
$38,000,000(V.92. p. 1113: V.93, p. 15361. Engaged in the
oil, &c. Charter perpetual.
cotton
fertilizer,
of
purchase. sale, &c.,
CAPITALIZATION.
Issued. InTreasury. Outstanding.
Authorized.
$18,000,000 $13,127.700 $72,200 x$13,055,500
Preferred stock
2.027,400
x7,303,500
9,330,900
0
18.000.00
Common stock
1st M.& collat. trust 2000
y12.418,8
0
13,000.00
0
30,000,00
of
1912bonds
5?
year
Debt o Subsidiary Cos.Kallwer e Sollstedt Gewerkeschaft mortgage
M.6,000,000
dated June 18 1912- _M.6,000,000 M.6,000,000
$389,000
$500.000
Independ.Phosphate Co_ $500.000
stock $8,090,100 pref. and $5,036.000 comx Of the outstanding capitalvoting
trust that expired Sept. 14 1914.
mon was formerly held under
by sink,fund were cremated May 21 '14.
purchased
y Remaining $581,200
e dividends, payable semi-annually
to
cumulativ
entitled
is
stock
The pref.
Sc J. 15, and in case of liquidation, dissoluat the rate of 7% per annum J.
ry) is preferred as to the par
or
involunta
y
(voluntar
up
winding
or
tion
dividends, if any,in the distribution of
amount thereof and unpaid accruedand
common stock have equal voting
assets. The holders of the pref.
er. Dividends paid upon the pref.
power. No director need be a stockhold
1912, 7%; Jan. 1913, 33i%; none since.
stock: Year 1910. 7%; 1911. 7%;
on the common stock.
No dividends have beentopaid
the Bankers Trust Co. and Frank N. B. Close,
The mortgage made
a total authorized issue of $30,000,000
as trustees, as of May 11912.secures
$13,000.000 was issued June 24 1912: there
which
of
bonds,
-year
20
5%
May 18 1914, and cremated on
fund
sinking
the
were purchased through
ng $12.418,800. As a part of the
May 211914. $581,200. leaving outstandi
subsidiary companies has been
of
debt
funded
the
on,
transacti
mortgage
e Co.. Prairie Pebble Phosphate Co.
adjusted as follows: Atlas Phosphat
issues retired and canceled. Independent
and Florida Mining Co., entire
purchased and deposited
Phosphate Co., all outstanding bonds have been
Co. as corporate trustee of the International
with the Bankers Trust mortgage.
The mortgage, dated as of June 18
Agricultural Corporation
aft, will remain
1912. on the property of Kaliwerke Sollstedt Gewerksch
all of the property of the Prairie Pebble PhosIn addition to the foregoingMining
to the Interbeen
has
conveyed
Co.
Florida
of
and
phate Co.
national Agricultural Corporation.
al Corp.
nal
Agricultur
the
Internatio
by
Operated
(1) Properties Owned and
Sq Ft Bldgs 1914 outp't
Acres Owned
Class
Plantstons
6
44,926
In
31,000
fee
123.
ulating
Ga-Acid
Americus.
In fee
44,926 6 31,500
8
Acidulating
Augusta, Ga
130.850 8 50,000 "
9% In fee
Buffalo, N Y_ _ _ _Fertilizer
In fee
43,000 6 21,500 "
12
Cincinnati, O...._ _Fertilizer
83,000 6 46,000 "
223 In fee
Fertilizer
East Point, Ga
51,100 3 18,000 "
fee
In
r
9
-Fertilize
-Ala_
Florence,
j 1-3 In fee 1 74,200 5 12.900 "
Houlton, Me_ _ _ _Fertilizer
1 2% Leased I
31,000 3 22,200 "
Leased
20
Nashville. Tenn Fertilizer
102,090 7 69.000 "
In fee
10
Montgomery,Ala_Fertilizer
43,406 6 20,000 "
fee
In
1-3
39
ting
C_Acidula
rg,S
Spartanbu
16,000 "
In fee Est deposit
Caledonia, N Y_Marl deposit 170
Leased
In fee Est deposit
25
Peat deposit
Espy,Pa
38,150 3 11.000 tons
fee
In
15
ng
Acidulati
Tifton, Ga
below
See
below
See
Tenn phosphate properties_ -- 2.976
part o
propertie comprise 2.976 acres of land,ton
The Tennessee phosphate
so
4,027.713
least
at
contain
by engineers to
which has been 'estimated
excess of 72% bone phosphate
rock of an average grade in are
are
587
and
brown phosphate above
fee
in
owned
acres
2.389
acreage
on the foregoing
of lime. Of the
operation five mining stations located
leased. There are in which
are producing at the present time about 150,000
described properties,
annum.
per
tons of phosphate rock
International Agricultural Corp. Owns a Stock Interest
(2) Companies in which
Output
Properties
Capital
Per Cent
1914.
Owned.
Owned. Stock.
"3"
table
See
co.
holding
A
$1,000,000
100%
Agricultural Investment Corp5.600 tons
20,000 Fertilizer plant
Anderson (S. C.) Fertilizer Co__ 100%
(See below)
None
50,000
100%
Co
Atlas Phosphate
5,000 Potash sales co.
100%
Buffalo Fertilizer Co.(0.)
10,000 Sales co.(Fent(saies12,560 tons)
ChattahoocheeFertilizerCo.(05.)100%
9,100 tons)
Fertilizer plant
25,000
100%
Ltd....
Co.,
Dominion Fertilizer
1,000 Sales co. at Florence, Ala.
Florence (Ala.) Cotton 011 Co_ --100%
361,400 3,300 acres in Fla. 130,000 tons
100%
mild. mining Co.(Me.)
5,600 tons
20,000 Fertilizer plant
Greenwood (S. C.) Fertilizer Co_100%
15,000 tons
Sulphuric acid
40,000 tons
Acid phosphate
100,000
(1100%
Co.
Guano
Home-Mixture
See below
otton-oil mill
Ga.), Columbus, Ga)c
10,000 Sates co. (tertil. sales 1,900 tons)
C.(Ind.)100%
L. W.Hubbell Fertilizer (Tenn.).
See below
in
Tenn.
acres
3,500
100,000
96.4%
Independent P1108. Co.
See below
ft 50% *100 kuxe In Germany
Kallwerke Sollstedt Gewerkscha
1,380,000 Leased phos. rock 556,000 tons
100%
Co
Phosphate
Pebble
x Prairie
6,000 Potash sales co.
Pa. Fertilizer de Chem. Co.(0.)_100%
10,000 (Leased) Fertilizers 5,700 tons
Seacoast Fertilizer Co.(Ga.)._ _ _100%
Not stated
Not stated
30,000
30%
(Ga.).
Co.
Cumberland Fertilizer
all conveyed to Internat. Agrie. Corp.
Properties
x
10.
81,479,749
value
•Book
corporation whose entire stock is
The Atlas Phosphate Co. is a Maine
stock of the Prairie Pebble Phosphate
owned. Formerly held all the capitalPrairie
Pebble Phosphate Co. received
Co. The vendors of the stock of the
0 purchase money collateral trust bonds
In part payment therefor $6,000,00
of the entire stock of the
pledge
by
secured
Co.,
of the Alias Phosphate
were retired June 24 1913, toPrairie Pebble Phosphate Co. These bonds
of Prairie Pebble Phosstock
The
bonds.
treasury
0
gether with $1.000,00
nal Agricultural Corporation by the
phate Co. was transferred to Internatio
company now owns no real
This
date.
same
this
at
Co.
e
Phosphat
Atlas
or personal property.
Is a Georgia corporation whose $1,380,000
The Prairie Pebble Phosphate Co.
were retired June 24 1912. It leases from
stock is all owned; its bonds
on all of its iproperty, plant and equipCorporati
al
International Agricultur
acres ofland in Polk, Hillsboro and De Soto
ment,consisting of about 39,00019,000
acres as prospected shows over 34,about
which
of
Fla.,
counties,
has six mining stations and washing plants
000,000 tons. The company
operated by the company, 33 miles
railroad
a
on
points
various
at
situated
over 800 ft. long
with a central concrete drying plant,
in length, together
bin capacity of 50.000 tons of dry phosphate rock.
and 100 ft. wide, with a556.000
Railroad equipment, 5 electric locotons.
was
1914
Its output for
e and about 100 20-ton cars. Embraces
motives and one steam locomotiv
and administration buildings. Main power
also dwellings for employees
with Bullock generators, capable
coupled
engines)
(oil
plant 9 Diesel units
being installed
each,or a total of 4,050 h.p. There are
of producing 450 h.p.
coupled with Westinghouse generators,
engines
oil
Co.
Engine
4 Snow
which will
h.p..
of
total
2,000
a
or
each,
h.p.
capable of producing 500 the power plant.
give a total of 6,000 h.p. for
Brunswick corporation, is situNew
a
Ltd.,
Co.,
Fertilizer
The Dominion
on 15 acres of land, owns a fertilizer factory
ated at St. Stephen, Canada.
9,100 tons of mixed fertilizer in 1914'It leases
and cooper shop and sold
were retired June 24 1912.
bonds
Co.'s
The Florida Mining
and
al Corporation all of its property, plantFla.,
from International Agricultur
of land,situated in PolkCo.,
acres
3.300
over
of
consisting
equipment,
analyzing
rock,
phosphate
pebble
land,
of
containing a high-grade deposit
Prospecting report shows debone phosphate of lime.mining
from 72% to 80%7,500,000
station and one washing
tons. Has one
posits in excess of
with modern equipment.
plant),
drying
and
plant (and one central washing
tons.
130.000
was
1914
situated at ColumIts output for
Co., a Georgia corporation,
acid
The Home Mixture Guanoacres
of land, upon which are a sulphuric
about 10
bus. Ga. Owns capacity
of acid per year and a fertilizer
tons
15,000
of
acid phosphate.
of
chamber with a
tons
40,000
of
capacity
department with an annualoperates a cotton-oil mill with an annual crushand
This company also owns
tons of cotton seed. corporation, owns about 3,500
ing capacity of 10.000
Co., a Tenn.
Phosphate
nt
Independe
blue rock. estiThe
, containing a deposit of Tennesseetwo deposits of
acres of land in Tennessee
11.500,000 tons. It further owns
over
contain
to
mated
to 78% bone phosphate of lime.
72%
from
running
rock
Tennessee brown
[VOL. 100.
THE CHRONICLE
on with property
Kaliwerke Sollstedt Gewerkschaft Is a German corporati
mines estimated to
situated at Sollstedt. Germany, consisting of potashlarge
factory for the
a
very
and
of
potash,
tons
0
contain about 50,000,00
l forms, such as kainit. hard salts,
concentration of the salts into commerciaWe
own 50% of the 100 kuze or
manure salts and muriate of potash.
at $1,479.749) of the Gewerkshares (valued on the Corporation's books
schen, on which an option of sale has been given (V. 94, p. 282, 70;
V. 93, p. 287.)
corporation, owns
The Agricultural Investment Corporation, a Delaware
company,owning stocks in various
no real property and is entirely a holding
or
allied
business. Its
the
fertilizer
in
engaged
ons
and sundry corporati
s in
entire income is received from the dividends paid to it by companie
viz.:
interest,
stock
a
owns
it
which
Output.
n,
1914
with
t
Corporatio
Investmen
al
(3) Subsidiaries of Agricultur
All 50% owned,except: b 50 2-3% owned; C 52% owned; d 55% owned:
80 2-3% owned.
Tons
Cap.
Tons
(a) Oil and Fertilizer Cos. Cap. 1914.
Stock. 1914.
Stock.
(13,009 tons)Lawrenceville (Ga.) FerAbbott Mfg. Co., Louis810.000 5,480
tilizer Co
890,000 6.225
ville, Ga
Millen (Ga.) Pert. Co._, 12,000 6,200
Southern Refining Co.,
6150,000 6,874 Orangeburg (S. C.) FerAthens, Ga
60,000 22,473
tilizer Co
(b)Acidulating (87,785 tons)Oconee Fertilizer Co.,
Catawba Fertilizer Co..
10,000 4,174
Ga
Dublin.
14,079
80,000
C
S.
Lancaster,
Osceola Fertilizer Co.,
Hartsville (S. C.) Fertid50,000 12,750
Jacksonville, Fla_
60,000 19,151
lizer Co
People's Fertilizer Co.,
Montezuma (Ga.) Ferti10,000 2,483
Bay Minette, Ala_ _
80,000 16,944
lizer Co
South Alabama Fertilizer
Congaree Fertilizer Co.,
3,245
10,000
Ala.__
Samson,
Co..
17,611
80,000
Columbia, S. C
Soperton(Ga.)GuanoCo. 13,000 2,709
(c) Fenilizers(137,179 ion?)(Ga.) FertiSwainsboro
Co.,
Fertilizer
Altamaha
15,000 5,614
25,000 5,940 lizer Co
Vidalia, Ga
Chatsworth(Ga.) Guano
Cherokee Fertilizer Co.,
10,000 1,441
Co
12,750
c50,000
Macon,Ga
Cumberland Fertilizer
Dodge Fertilizer Co.,
Co., Cartersville, Ga. 30,000 7,927
10,000 2,652
Eastman, Ga
o (Ga.) FertiDayldsbor
4,217
Decatur (Ala) Fort. Co_ 10,000
20,000 3.024
lizer Co
Elmore Fertilizer Co.,
Co.,
Fertilizer
Planters'
3,933
15,000
Tallsome, Ala
3,900
25,000
Ga
Tennille,
Farmers' Fertilizer Co.,
10,000 3,601 Union Fertilizer Co.,
Milan, Ga
2,684
20,000
Ala
Cullman,
Georgia Fertilizer Co.,
25,000 3,386 Union Springs (Ala.)
Sandersville, Ga
25,000 7,870
Co
Guano
Co.,
Improved Guano
10,000 2,611 Vance Guano Co., HenEastman, Ga
e30,000 6,115
derson. N. C
See annual report for year 1913-14 in V. 99, p. 1212.
GENERAL INVESTMENT NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
year ending June 30: ."
Ann Arbor RR.-Earnings.-For
Total
Balance,
Other
Fiscal
Year1913-14
1912-13
Gross
Earnings.
$2,096,169
2,072,697
1391'
Net (after
Taxes).
$473,038
461,511
Income.
$26,723
53,644
Deductions.
$418.766
388.195
Surplus.
$80,994
126,960
-v. 98. p.
Ardmore Electric Ry.-Receiver Appointed.-Upon the
petition of F. H. Wickelt and others of Chicago, John F.
Eastley was recently appointed receiver for the company.
-V. 98, p. 1691.
(The) Arkansas Louisiana & Gulf RR.-New Company.
-Leases.-The company was incorporated in Louisiana in
Nov. 1914 with $600,000 capital stock, all to be outstanding
at once. It is announced that, effective Dee. 1 1914, the
new company acquired by lease, and now operates, the following lines of road: Arkansas Louisiana & Gulf Railway
(61 miles), Monroe, La., to Hamburg and Crossett, Ark.,
and Ashley Drew & Northern Ry.(41 miles) Crossett, Ark.,
to Monticello, Ark. Compare V.99, p. 1671. Extensions of
70 miles are projected. The officers are:
Pres., J. M. Parker; Sec., A. D. Nichols; Treas., Edward F. Caverly.
Office, Crossett, Ark.
Arkansas & Memphis Ry., Bridge & Terminal Co.Notes.-It is unofficially reported that the company has
arranged to sell $5,000,000 6% 3-year bond-secured notes
vania
to Blair & Co., Chase National Bank and the Pennsyl
ppi River
Bridge Co., to complete the bridge over the Mississi
1213.
at Memphis and pay off obligations.-V. 99,. p.
ase.Ashley Drew & Northern Ry.-Le
above.-V.99. p. 1671.
See Arkansas Louisiana & Gulf RR.
Reduced.-The
Bangor & Aroostook RR.-Dividend
the January diviexecutive committee has voted to reduce
ng as follows:
dend on the $3,448,600 stock to 1%,compari
to
190610 Jan. 1913. Jan. 1904 Jan.'05.
July '14. Jan.'14. July'13. July 2% semi-ann.
131% semi-ann.
1%
1J.i%
2%
In explanation of the reduction we have the following
authoritative statement:
at best has never been profitable," has suffered
Passenger service,',"which
the burdens imposed by the parcels-post and
from curtailment of travel,
the mails, together with the great reducInsufficient payment for carrying
nt feels "that the railroad company's
manageme
tions in express rates. The people along its lines are identical," and the
interests and those of theaccordingl
decided to cut the dividend temy
has
e
executive committe
accommodations given to the public.
porarily rather than reduce the
has been little better than
movement
lumber
the
freight,
to
regard
With
up to Dec.31 are about 3.000 car-loads less.
last year. Potatoes, however,
somewhat smaller than the 26 million
The crop is large, althoughitprobably
has been held back for higher prices. It is
bushel yield of 1913, but
will begin within the next six weeks.
expected that a freer movement
are always in the winter and early
The company's largest earnings
earned on the stock, Northern Maine
was
7%
when
spring. Last year,
recorded, and the net earnings for
experienced the hardest winter ever
impaired. The outlook for traffic and
January and February were heavily
as hopeful.-V.99. P. 1450.
regarded
is
earnings for the next six months
Boston & Lowell RR.-Bond8.-The stockholders on
Jan. 6 authorized the issue,for refunding, &e., of not over
$700,000 bonds due in not less than 20 years and bearing not
over 6% interest. See V. 99, p. 1831.
Boston & Maine RR.-New Express Contract.See American Express Co. under "Industrials" below.-V. 100, p. 53.
Boston Suburban Electric Cos.-Dividend Restored.A quarterly dividend of $1 a share has been declared on the
Jan. 15 to holders of rec. Jan.4.
32,287 pref. shares, payable
preceding quarter, paid Nov. 12, was reduced to
The dividend for the
award of increased wages to the Middlesex & Boston
50 cents, owing to thethe
arbitration board. The increase in fares on Nov. 1
St. Ry.employees by
earnings during the past quarter. The accumuincreased
has, however,
lated divs. per share_to January 1915 were $10 50. Compare V.99.p. 1365.
JAN. 91915.]
THE CHRONICLE
139
Canadian Northern Ry.—Equipment Certificates Offere
d which was pledged as security for $71,135,300 collate
—Earnings.—Wm. A. Read & Co. are placing equip
ral trust
ment 4% bonds. See V. 99, p. 1908.
trust 5% gold certificates, Series Kl, 1914, issued under
Chicago Railways.—No Dividends.—Chairman Henry A.
Philadelphia plan, dated Oct. 1 1914, total author
Blair of the Chicago Railways Co. says:
$2,000,000, due semi-annually $105,000 Oct. 1 1915ized
to
Considering the number of inquiries relative
April 1 1924 and $110,000 Oct. 1 1924. Denom. $1,000
dividends on Series 1 and
2, the directors and finance committee held atomeeting
and decided that,
Principal and dividends (A. & 0.) payable at office of c*.
owing to the present financial situation as well
Fias the antagonistic attitude
of the city towards the company at the present time,
delity Trust Co., Phila., trustee.
it is advisable to defer
declaring any dividends. Compar
Data from President Sir William Mackenzie, Toront
Issued by Fidelity Trust Co., Phila.; trustee under o. Jan. 5 1915.
a trust agreement
entered into Oct. 1 1914 with the
Railway Co. and the Imperial Rolling
Stock Co., Ltd. Secured by new standar
d equipment required by the establishment of a trans-continenta
service early in 1915 over the company's
own railways, viz.: 20 first-classlsleeping
cars, 7 dining cars, 56 colonists'
sleeping cars,7 tourist sleeping cars,
12 first-class day coaches,6second-class
tourist cars, 6 electric interurban cars,
3 snow-plows and 28 baggage and
mail cars. Title to all equipment remains
vested in the trustee; cash contract price $2,669,040, of which
initial cash payment is 25%. Further
secured by assignment to trusteethe
lease
a
of
of
the equipment to the railway,
requiring rental payments sufficient to enable
trustee to retire as duo the
total issue, with dividends and charges
. Guaranty of the railway to this
effect is endorsed on each certificate. and
railway
is also required at its own
cost fully to maintain, replace and insure said rolling
stock.
Summary of Capitalization of Railway Company June
30 1914.
3% and 3S4% debenture stock (guar. by Dominion of Canada
),
lst M.4% bonds and debenture stock (guar. by Provinc of
e
Manitoba) and 4% debenture stock (guar. by
Provinc
es of
Alberta and Saskatchewan)
854,915,117
4% Perpetual Consolidated Debenture stock
46,464.715
Land grant bonds
12.387.413
Equip. obligations (since 1903 517,193,458 have been retired)
22,023,500
5% income charge convertible debenture stock
25,000,000
Capital stock
77.000,000
Resultsfor Years ended June 30, Showing Development of Company
's Earnings.
1913-14.
1912-13.
1911-12
.
1910-11.
Avge. operated mileage_
4.563
4.297
3,888
3,383
Gross earnings
523,781,329 524,277,478 320,860,094 516,360
,712
Operating expenses -16.450.763 17,503.610 14,979,049 11,370.
365
Net earnings
57,330,566 56,773,868 55.881,045 54,990.347
Int. & other fixed chgs
5.776,060
5.190.924
4.630,844 3.982,651
Balance, surplus
$1,554,506 $1,582,944 $1,250,201 $1,007,
696
From above surplus for 1914 $1,250,000 was
paid as interest on the 5%
Income Convertible Deb. stock. Of the
total profit and loss surplus of
323,791,164 June 30 1914.36.962,894 was from
railway operations and $16,828,270 from land sales. This surplus is irrespec
tive of the unsold lands,
857,356 acres, specially selected in Manitoba
and
Saskatchewan. and valued
at $12.860,340.
Mileage.—The company has now in operation
from Port Arthur, Ont.,to Winnipeg and the fertile4,966 miles of railway
lands of the Provinces
of Manitoba. Saskatchewan and Alberta. Prior
to 1914 its chief lines were
all located west of Port Arthur. Numerous
lines,
however
, have been acquired and constructed through allied companies
in the East and were also
under construction on the Western coast. In 1914
the Parliament of Canada passed an Act designating the whole
of the properties, including certain
constituent and subsidiary companies owning
lines of railway, terminals
and other facilities in Canada
, as the Canadian Northern Railway
System,
and authorizing the guarant
y of the securities to the extent of $45,000
in aid of the construction, complet
,000
system. As a result of this Act ion, equipment and betterment of said
also. $40,000,000 of the company's 100,000,000 of outstanding capital stock
is
now
the
property of the Dominion.
On the opening for traffic early
in the year 1915 of the Canadian Norther
Pacific (British Columbia Section
n
the Canadian Northern Ontario ) and the Port Arthur-Ottawa division of
.
the
system
will control a transcontinental
railway with an aggregate mileage
of over 9,500 miles, extending from
Quebec on the Eastern coast to
Vancouver and Victoria in the West.
The lines have been self-supporting
and the Dominion and Provincial
governments have never
been called on for advances under
ties of the company's securit
ies.—V. 99. p. 1450, 1129. their guaran-
e V. 99, p. 118.—V. 99, p. 1831.
Cincinnati Lebanon & Northern Ry.—Operation Taken
Over
company on Jan. 1 took over the operation of the
Dayton Lebanon & Cincinnati RR. & Terminal
Co.—
V. 100, p. 53.
Cincinnati Newport & Covington Light & Tract
Co.—Favorable Decision.—The U. S. Supreme Court ion
on
Jan. 5 declared void, as an unlawful interference with
interState commerce, the section of the Covington, Ky., street
railway ordinance relating to overcrowding.
The ordinance was passed with the intention of regulati
ng the equipment
of the South Covington & Cincinn
ati Street Ry. as to the number of cars
and the number of passeng
ers it might carry, the number being one-thir
d
more than the seating capacit
y of the car. The company sought an injunction to prevent the city from
enforcing the ordinance. Judge Harbeson
held the ordinance valid and refused
of Appeals affirmed the ruling of thethe injunction and the Kentucky Court
lower Court. The company contended
that the ordinance restrained inter-State
commerce,as its business was con-,
ducted from one State to another
.
Justice Day, who wrote the opinion.
says: "Our conclusion is that the
of Appeals of Kentucky erred in
refusing the injunction, as against Court
ing the number of passengers to bethe provisions of the ordinance regulatcarried
in a car and the number of cars
to be provided, and the requirement
mony as heretofore stated. In theseas to heating, in view of the testiversed. We think the other prohibit respects its decision should be reions of the ordinance separable and
concerning them the plaintiff erred (street
railway company) and
not
entitled to injunction in
State Court. Judgment Is reversed was
in
and the case remanded tothe
State Court for further proceedings notpart
inconsistent with this opinionthe
.
City SolicitorFred.
says that he will prepare
ordinance which
will avoid the defectsSchmitz
discovered by the Court in the an
old ordinance,
prevent the evil of over-crowding the
street cars.—V. 99. p. 1214,608. and
Connecticut Company.—Status—Outlook—H
oward Elliott, Chairman of the N. Y. New Haven
& Hartford RR., in
response to an inquiry, says:
I have a very high opinion of the present
and future value of the
cut Co. It has an exceedingly good
ilot of trolley lines and they Connect
are all
very good condition. Under normal conditi
ons in the United States, andin
the rates of interest come down within the next
if
few
years
to
what
we have
been accustomed in the past, the propert
more than the present capitalization. y, in my judgment, will be worth
Before the New Haven Co. was obliged, under the
decree of the Federal
Court, to turn the stock over to the trustees, Mr. Storrs.
the President, and
I had perfected an extremely good organization
for
the
properties, and I believe they are being looked after management of these
efficiently and in pursuance of a liberal policy for building up their busines
s.—V. 99. p. 1672.
Corvallis & Eastern RR. Co.—Merger.—
See Southern Pacific Co. below.—V. 99, p. 1528.
Dayton Lebanon & Cincinnati RR. & Terminal Co.—
New Officers.—The following changes are announced:
Edward B. Taylor has been elected President; T. H.
B. McKnight,
Treasurer; Robert R. Reed Assistant Treasurer;
S. B. Liggett, Assistant
Secretary; effective December 15 1914. See Cincinn
ati Lebanon .21 Northern Ry.above.—V.99, p. 1832.
Canadian Pacific Ry.—S
of Equipment Certificates.—
The Guaranty Trust Co. of ale
Detroit (Mich.) United Ry.—Physical Proper
N. Y., Brown Brothers & Co.,
White, Weld & Co. and Colgat
tion.—The Board of Street Railway CommissionerstyonValuae,
Parker
&
Dec.
Co.
have
sold
the entire issue of $12,690,000
Equipment Trust 4325 gold 28 submitted the appraisal by Prof. Edward W.Bemis viz:
certificates, Series T 1915, but an
The
investig
ation
reproduction cost, less depreciation, as of July 1
ted on another page as a matter ofadv. of the offering is prin- 1914, of the propertyofofthe
the railway including the 222 miles of track
within
record.
the one-fare zone, has been complet,ed,
The series is dated
with the exception
franchis
of the
e
values. The latter will be
ned within the next two weeks. By direction of the law departmdetermi
ent, paving has not been included, although
that part put in at the expense
the company has been separately valued
and amounts approximately toof$950,00
0. Land has been appraised on
the basis of the values of the land
adjoining each of the 62 Properties
owned by the company. The
franchises, in round numbers is physical value thus determined, aside from
,000.
The board says: "The board$16,500
To Retire Maturing Bonds.—The company
to explain to the public that this is
as received from the appraisbegs
notified the Just
er,
and
it Is submitted without any comholders of the remainder ($12,842,000) of thehas
ments
or opinion, subject to analysis
, investigation and consideration by
of 1st M. the Board
of
bonds of 1885, which mature July 1 1915, thatissue
ioners itself, the results of which
will be given to th2
it is prepared public later. Commiss
The detailed appraisal has not
yet been received by us.
to retire these bonds at any time at par and int. This
se values, it is thought
, may be fixed at between
issue Franchi
52.000.000 and
3.000.000,and this, with paving,
is a first mortgage on over 6,000 miles of road.
may bring the total to about $20.000
—V.99,p.1672 Corporation Counsel Lawson holds
,000.
that pavement once laid in the street
by the company becomes the
Chicago & Alton RR.—Appeal.—The Missouri Supre
propert
y of the city. The company contends
that as it pays for the paveme
me
Court on Dec. 31, on motion of Attorney-General
The appraisal now being nt, the city has no equity in it.—Ed.]
Barker, Commis
made by Professor Cooley for the State
sion will, it said, likely
RR.
advanced for hearing at the April term the appeal
not be announced until the latter
the next month,andis
from
the
Part of
nothing will, it is expecte
decision of Judge Davis of the Saline County Circui
way
d, be done by the Street RailCommissioners until that time at
Court
t
,
least.
The
dismissing the suit against the company to recove $2,000
y in an inventory submitt
ed to the board last spring
r
,000 that itscompan
property within the
for the State and individual shippers,
figured
fare zone was worth approxi
000.000, based on the reproduoneallege
$32.d
to
be
due
for
ction
cost less depreciation. Themately
excess passenger fare and freight charge
of Fifty appraisal, made in
tee
1909 by Frederick T. Barcroft, fixedCommit
collec
s
ted
in
the
of
the
physica
the value
l property within the city
7 years the rate laws were pending in
limits
at $11,293,479, or more than
the
55,000,000 less than the present
Federa
Courts
l
.
Judge Davis held that
but the one-fare zone embrace
$10,000 bond given by the company when the territory outside of the city limits,figure,
injunction was granted isthe
and there has also been a natural growths
real estate, cars, track and
the full measure of the liability
in connection with the over
a the company In
equipment. The Bemis appraisal, for instance. includes 29 miles
-charge
s.
of track not vauled by Mr.
The Missouri P. S. Commis
The franchise value fixed
Barcroft.
has authorized the company to issue
by Professor Henry C. Adams
3560,000 first mortgage bondssion
246,207. Owing to the
in 1909 was E4.reimburse treasury and other funds
expiration of many of the grants
purchase of property and construto
for life of others,
ction improvements.—V.99,
and the shortened
this
amount will likely be reduced
p. 1665. 1527. P• 1451. 1366.
as above stated.—V. 99.
Chicago Milwaukee &
Jan. 1 1915 (not July 1 1913,
terest J. & J. Principal and
as first reported). Ininterest payable in Phila.
pal due in 27 semi-ann. install
and M. Y. Princiments of $470,000 each. from
July 1 1928 incl. Denom.$1,000
July 1 1915 to
(c*).
vania Co. for Ins. on Lives & Grantin Certificates issued by the Pennsyl
g Annuities, trustee. Legalit
this issue approved by Spooner & Cotton
y of
of
N.
Y. and Henry, Pepper
Bodine & Pepper of Phila. See also V.99,
,
p. 1672.
St. Paul
Bonds.—The directors on Wednesday Ry.—New Convertible
ized an issue of
$29,141,300 of 5% convertible bonds,author
to stockholders for subscription at par towhich will be offered
of their holdings. These bonds are to the extent of 123/2%
be issued under the
new General and Refunding Mortgage
950, 1662; V. 98, p. 1766; V. 99, p. of 1914 (V. 97, Phave been underwritten by Kuhn, 1450), and the bonds
National City Bank. Details as to Loeb & Co. and the
&c., have not yet been worked out,the rights to subscribe,
but will be soon.
The General & Ref. Mtge. at present
Erie RR.—Favora
Decision.—The U. S. Supreme Court
on Jan.5held invalible
d an indictment returned by the Federal
Grand Jury in this city chargi
ng the company with carrying
in its "train mail" betwe
en Jersey City and Montgomery,
N.Y.,matter relating to busine
ss of Western Union Tel. Co.
The "train mail"
consists of communications from railroad officials at
one station to those at
another which are carried by the baggagemen employed by the
and the question in the case was
tions between roads,'
communicaWestern
Union officials carried in thiswhether
the business of the
fashion "related to
carrier..
No Confirmation of Contem
plated Financing.—The report
that the management
has almost completed a plan for
financing maturing notes and
other requirements by an
issue of bonds or other obligations
go Rock Island & Pacific
could not be confirmed
ircular.—N. L. yesterday.
Amster, Boston, is sending a circulaRR.—C
The special meeting of stockholders has
r dated Jan. 1 to the
holders of 4% collat. trust bonds. Compa
again been postponed to Jan.
12.—V. 99, p. 1832, 1748.
re V.99, p. 1908.
Sale Confirmed.—Judge Julius M. Mayer
Fairmount Park Transportation Co., Phila.—Earns.—
of
the
Federa
l
October 31
District Court on Wednesday confirmed the sale
Gross
Net
Fixed
Balance,
for $7,135,Year—
Earnings.
350 of the $71,133,500 stock of the Ch. R.I. & Pae.
Earnings.
Deficit.
1913-14__
Char
).c.
$125,662
Ry. Co., 1912-13
$52,467
$56,001
33,534
secures the 530.000,000
non-convertible 434s which were placed
outstanding
last June by the bankers
named (V.98. p. 1766), and also equally
above
th $132.002.000 debentu
and convertible bonds of 1909 to 1912. therewi
res
See V. 99, I). 1450.
1596.
Chica
132.710
57,326
57,372
46
THE CHRONICLE
140
ers of $1,153,650 of the
Debentures.-To Jan. 5 the hold
a share) had deposited their
$50
(par
k
stoc
tal
capi
00
00,0
$2,0
t Co., 325 Chestnut St.,
holdings with the FidelitytoTrus
their pro rata share of the new
Phila., and had subscribedthe
plan to reorganize the company.
debentures as proposed in
extended to Jan. 9 1915.
been
has
nt
asse
to
time
The
says in substance: including
Plan.-The circular of Dec. 10,
of $26.403,
shows a present floating1 debt 50 interest will be due
The annual report stock
holders. On April $18.7
from
cost will require $10,310.000 in loans
Changes to reduce operating
.
bonds
M.
1st
The estimated
on the
00 to be provided by April 1.
$55,0
of
to a little less than
000, making a total
this
e
reduc
will
1
and April
we propose:
ors,
earnings between now
credit
the
sale of the property by debentures, denom. $100.
$50.000. To avoid
00 by an Lssue of 6% 5-year
6% cum.
into
years
two
(a) To raise $50,0conve
after
time
rtible at any
0.
stock. (b) Reduce
$500 and $1,00
par, with a bonus of 50% in pref.
aid stock in the
full-p
pref. stock, par for
000
$250.
the
ding
inclu
,
stock
The treasury stock, thus
the par value of all cap.
share to $10 per share. (c)pref.
stork (pref. p. & d.)
treasury,from $50 per
to be converted into 6% cum.
of to be set aside for
reduced to $50,000,
there
00
$75,0
000,
nt to $100,
g (d) All
e
futur
and increased in amou
for
at 150% and $25,000
conversion of debenturesed
cin. debenfinantible
the $50,000 conver
allow to subscribe for
of the
of
s
stockholders to be of
stock
share
70
every
for
ture
one $100 deben
tures to the extent. If
subscribed for, the
85% of the debentures are. not
n will be a
Marti
C.
reduced par value
W.
Treas
and
Platt
Pres.
tive.
plan will not be opera the plan.
committee to carryonout
M. 5s duo 1937]
fin addition to the $750,000 1st
The capitalizati 6%
00; cum. pref. stock
convertible debentures, $50,0on
, $350,000.
would thus include:
comm
or for conversion), $100,000; lly in N.stock
J franchise tax.
(held in treasurythe
will save 31.550 annua
e that this
The reduction ofearnistock
believ
we
ally,
off
materi
fell
ngs last year
Although the
l conditions the
ess depression, and that under norma
The average
was due to the busin
cted.
d
be
prote
shoul
and
l
antia
is
subst
y
stockholders' equit
expended
1908 to 1912 incl. were $22,404 (all tion
they
annual surplus earnings from
aniza
and Woodside Park). After the reorg
upon the property from
1748.
13.
99.
V.
000.to
00
1115,
$10,0
should increase by
[VoL. 100.
York, as trustee, to secure an
Bankers Trust Co. of New 00
10-year 6% Collateral Trust
00,0
$3,0
of
issue
ed
authoriz
h are to be used towards
whic
of
eeds
proc
the
s,
gold note
s $4,000,000 6% notes
any'
comp
the
ng
payi
and
retiring
$4,000,000 issue were
the
of
00
00,0
$1,0
;
1915
1
due July
remaining $3,000,000
the
of
all
and
,
1915
1
Jan.
up
taken
s.
note
new
the
or
f
d
ange
exch
have been
and duo Jan. 1 1925 but are subject
1915
The new notes are dated Jan. 1ase for the sinking fund, at par, on any
Shaking fund.
to call for redemption or purch
notice. Denom. $1,000is(0). ed
by pledge of
interest day, on 30 day's
Nov. 11915. The issueY.secur
ays Co. (See
Railw
$300,000 yearly, beginning
N.
the
of
stock
cap.
0
95,06
1909.
$15,270,100 of the $17,483
p.
99,
-V.
Sec."
of "El. By.
V. 99, p. 1211, and p.
w Director.-Guy P.
Federal Light & Traction Co.-Ne
Trust Co., has been
sta
Augu
the
t
of
iden
Pres
Viceett,
Gann
.
1673
p.
99,
-V.
tor.
direc
a
ed
elect
na.-The
Florida East Coast Ry.-Ferry Service tonaHava
started
was
Hava
to
West
Key
from
car ferry service
on Jan. 1.-V. 99, p. 13 60.
Satisfactory.-The
Fitchburg RR.-Bids for Notes Not
opened,found no
were
bids
when
31,
on
Dec.
e
Main
&
on
Bost
months' notes of
six
,000
$750
ount
disc
to
offer
ry
facto
satis
issued to reimburse
the Fitchburg RR., dated Dec. 1 and
and additions.ents
ovem
impr
t
anen
perm
for
e
lesse
the
969.
,
1748
p.
99,
-V.
ago Ry.-New Officer.Grand Rapids Holland & Chicelect
ed Treasurer to sucbeen
has
William C. Vanden Berg
ng been appointed
havi
,
gned
resi
who
,
ceed Paul H. King
RR.
e
uett
Marq
receiver for the Pere
da.-Wage Reduction.-The
Grand Trunk Ry. of Cana
the Grand Trunk Pacific By.
and
any
comp
this
of
s
oyee
ng:
empl
nding reduction of wages,sayi
have had notice of an impe
quent alarming
action in business and the conse
inal Co., Cincinnati.Interurban Railway & Term
aled to the Ohio Supreme
appe
have
vers
recei
e
Appeal.-Th
it Court ofHamiltonCo.,
Circu
the
of
ion
decis
the
Court from
to carry passengers for
ed
oblig
is
any
comp
the
holding that
a suburb of Cincinnati,
e,
Ridg
sant
Plea
een
betw
a 5-cent fare
Compare V. 99, p.
city.
the
of
on
secti
ess
busin
and the
1052, 969.
& St. Joseph (Electric) Ry.
Kansas City Clay County-Th
e Missouri P. S. Comed.
Order
-Commutation Rates
persons living along the
of
t
lain
mission on Dec. 7,on comp order requiring the company to
an
line of the road, made
of commutation tickets
begin on Jan. 1 1915 the issuance
14.4 miles, on the Exrty,
Libe
and
between Kansas City
nce of about 10 miles
dista
a
to
and
celsior Springs Division,
s which figure out
dule
sche
on
,
on the St. Joseph Division
about 1.1 cts. a mile.
St. Joseph or
a situation which must
In view of the serious contr
company is confronted with
of
general downward tendency in
decrease in earnings, this
ly as possible. The
nsating reduction
compe
any
ut
be relieved as quick
witho
t,
freigh
and
to
ses
nger
expen
passe
over
ts
receip
both
of
n
rates,
margi
tion, has narrowed the
conditions
the cost of opera
er continuation of the present
that with any furth
t.
such an extentwill
confronted with a deficiour
be
you that
notify
,
to
any
regret
comp
this
necessary, much to
with
It, therefore, becomes
the rates of pay, beginning
t of
ask for a reduction inRy.
exten
The
.
1915)
1
Jan.
the company will Gran
Pacific
k
Trun
d
the
for
tion
(for
opera
of
s
by the result
April 1 1915
red will be determined
nicated to you after
commu
be
the reduction requi
will
and
g Dec. 31 1914.
as
ing
ted
favor
repor
are
s
union
half-year endin
atives of the labor
Jan. 1 1915. [Represent
]-V. 100. p. 54.
resistance to any such move.
Y.-Reply of President.-ReplyHudson Companies, N.
rred shareholders' committee,
prefe
the
ing to the circular of. W.G.Oakman,Dec.29, wrote in subst.:
Prest
,
week
last
cited
is of interest only because
the *5,000.000 common stock
be disfranchised without the
(1) Appartoently
vote. Whether or not it can
in due
between
to commutation ratesprovi
sion for lower rates
The order does not applypoint
s, nor is there any
order, all the reducExcelsior Springs and other
the
in
d
name
limits
the
in
s
company showed
between intermediate point
The
City.
s
out of Kansa
interest charges,
tions applying to traffic into and
ngers, not including taxes or
charges, 1.6 eta.
st
that the cost of handling passe
intere
and
taxes
the
ding
inclu
a valuation
made
was one cent a mile, and,
ssion
request of the Commi
a mile. The company at the
ding cash, $3,800,000; disg $5.320,000, inclu
, $350.going
value
000;
of the property aggregatindisco
$310,
,
stock
on
unt
count on bonds, $450,000; 00; promotion fee (figured at 10% of the cash),
000; working capital, $30.0
*3.900.000, allowing only
tion
valua
its
made
ssion
$380.000. The Commi
ny's books and evidence
000 shown by the compa
$16,000 against $380.
promoter. The Commission
actual cash paid to the befor
e its existence, although
to be the amount ofunt
issued
ties
securi
on
system it authorized
allowed for no disco
$135,000 bonds for a signal
when the company issued
their sale at a discount of 15%•
Dist. Court
in the U. S.
Suit.-Judge Van Valkenburgh
y restraining order preventing
on Dec. 29 granted a temporar
the new schedule of rates in
the Commission from putting
.
1910
p.
99,
V.
1.effect on Jan.
hern Ry.-Receivership.Kansas City Ozark & Sout
and Mansfield, Mo. was on
This 16-mile road between sAva
k C. Braden of dt. Louis
Dec. 28 placed in the hand of Fran
k, Mo.
as receiver by Judge John T. Moore of Ozar
was made by Pres. August Heman and
Application for the receivership
mortgage
of St. Louis, as holders of fourCo.
the
Sec. Claude E. Vrooman, both
of the Ozark Construction thefor
suit
A
000.
line is
ng
notes aggregating $150,
buildi
for
ce
balan
as
due
to be
716.
collection of $121,000 alleged at
p.
V.
96,
are
Springfield. Comp
pending in the Circuit Court
e
le Decision.-Th
Lehigh Valley Transit Co.-Favorab
Pa., on Dec. 28
on,
East
at
t
Cour
ty
Northampton Coun
on Illuminating
Edis
the
of
r
favo
in
ion
handed down a decis
that company
by
ght
brou
suit
the
in
Co. (a subsidiary)
to maintain the
against the Eastern Pennsylvania Power Co.
power plant leased to that co.
rn Pennsylvania Power Co. will be
Under the Court's decree the Easte
s nearly $100,000 on the plant of the
compelled to spend within 6 month
liable to forfeit the lease under
itself
red
rende
also
Edison Co., and has
lines for distributing electricity
which it controls the Edison Co.'s plant and
1528.
p.
99,
-V.
n.
Easto
of
In the city
S. Sule & Nashville RR.-Decision.-The U.
Louisvil
can be dealt with
of the Federal
of its right
rs is a legal question which
t on Jan. 5 affirmed a decision deny
consent of its holders
ing an inthe preferred stock so desire. 1908, following the preme Cour
of
holde
the
if
District of Kentucky
e,
cours
ern
bankers in Jan.
East
the
from
for
t
ased
Cour
purch
any
comp
ucky RR.
Kent
435%
M.
the
1st
Co.
nst
RR.
(2) This
ttan
agai
Manha
St
any
on
Huds
comp
0,000 of
, junction sought by the
rs made
panic of 1907. *1.00
orde
in
certa
common stock, at par and int. for the bonds
of
its
ent
of
rcem
000
enfo
$250.
the
and
in
bonds
of the company's $3,000.000 Commission to enjo
consideration for the purchase
in
was
taken
.
n
1910
actio
this
as part of theneed
10
and
t
Aug.
urgen
on
of funds was then
ately by the Commission
notes. The
RR. Commission,
ties purchased were worth and would ultim
a complaint with the
Louisville. Covington
the belief that the securi
Distilling companies had filed
for them.
rates in Kentucky from
ny's
any
compa
comp
ad
the
railro
realize the price paid
the
that
unreasonable and
t,
ng
which
unjus
by
allegi
State wcre
the agreement
(3) The cancellation of
by way of interest, and Newport to other points in the
company certain sums, if earned,As
nt extortionate.-V.99. p. 1910.
ustme
the
readj
agreed to pay yourpart
1913.
of
nt
ustme
of the readj
l would have
t Deferred.-Secretary U. de
was necessary as a
cancellation, a refusal to cancethat
Mexico Tramways.-Interes
readjustmanagers insisted upon theustme
nt. It Is clear that if
t dated Dec. 31,says:
emen
rtis
nies'
adve
endangered the whole readj
Compa
on
an
Huds
of
in
all
cally
,
practi
Daly
gh,
tion
carried throu
to our B.
ment had not beengone
owing to the continued unsatisfactory condi
to its creditors. The readjustment saved
The board regret that, they have no alternative but to defer payment of
assets would have
railroad company's stock,
rs through the ownership of the
affairs in Mexico, thatdue Jan. 1 on the 6% 50-year mortgage bonds.
se
becau
ed
of
accru
yet
not
pref. stockholde
has
value
ns
ly great value. This
payment of the halfhas the half-yearly coupo
an asset of possibrealize expectations in respect to the traffic, which
been taken with regard to thean
ic Light Co.,
The same action has5%
of the enterprise.
1st M. bonds of the Mexic A; Electr
of the failure to
ates carefully made at the inception
coupons on the
y
ey
Power Co.-V.99.
Light
yearl
an
Greel
the
of
Mexic
bonds
allied
5%
fallen far below estim
the
M.
2nd
lled by
contro
is
of $427.000 of the
ase
which
purch
Ltd.,
the
The
about
in order to bring
(4)
was in connection with, and
Greeley Square property p. 1674.
Square Realty Co.1st
ignation.--D.P. Bennett,
M. of $6,500,000 upon the
any
extension of. the
National Rys. of Mexico.-Res
or or officer of your company had.1
direct
No
5%.
at
tive Jan. 1.-V.99, p.1749.
Greeley Co below
effec
ned,
[See
ase.
resig
for five years
purch
has
said
the
nt,
side
or
$1.000,00o H. & M. Vice-Pre
interest in these bonds
arising out of the purchasestofagreement have been
w Receiver.-The District
ions
-Ne
quest
RR.
ral
legal
Cent
The
New Mexico
cancellation of the deferred intere
er
appointed Ralph C. Ely
co,
Mexi
bonds and theindependent counsel, with a view to ascertaining wheth
New
Fe,
a
pro- Court at Sant
submitted to
grievance due to same. Action on the ny's
Charles Murray of Pittsng
legal
eedi
any
succ
has
ver,
recei
any
the
compa
this comp priation of $5.000 for further examination into
of Deming, as
will be continued.road
the
of
n
posed appro postponed until receipt of opinion on these two transactions.
atio
oper
burg. The
affairs was
completed.
be
will
n
natio
exami
at
.
Co.. pref. stock
Thereafter the
V. 99, p. 1300
Hudson & Manhattan RR.
apital Stock Listed.-The
Your company owns:
$25,171.209; and Greeley Square
and common stock at par,
New York Central Railroad-C
stock at par, $2,000.000. We
par,$2,307,614
and
,d
7.000
$2.87
par,
at
, but no other N. Y. Stock Exchange has authorized to be liste $249,590
0,000
$1,50
for
1918
1
Realty Co. bonds
Aug.
ing
g notes matur
ey Square
of issuance in exchange for stock of The
e
have outstandin
and dividends upon the stGreel
notic
st
on
k
intere
stoc
the
500
and
notes
on
such
ss,
to pay intere
indebtedne
on River RR.,Lake Shore & Michigan
and stock provide funds d, the first mortgage on the
N. Y.Central & Huds
Realty Co. bonds
annual payments, as agree
pays no salaries to
per plan of consolidation, V. 98, p. 1393;
&c.,
and to reduce ebyproperty. The Hudson Companies a
Ry.,
hern
Sout
payl
Greeley Squar has no expenses other than taxes and small annua
permanent engraved certificates
and
with authority to substitute of
sary clerical force.
its officers,
aid
temporary certificates.
office rent and neces
in lieu
ance
issu
six were the nominees of the aforesand
of
en,
e
ment for prese
thirte
notic
of
on
board
nt
s not held by the old parent
, the majority of the board
Of the
wing shows (a) the number of share
ttee, and at all times
The
follo
commi
preof
s
l
owner
actua
of
rs'
sed
t companies, and (b) the number
holde
compo
ituen
stock
been
each of the minor const
tive Committee have
been holders of record, while companies inthe
or issuable upon consolidation
issued
have
any
comp
not
the Execu,
idated
may
consol
of
they
ferred stock although or both board and Executive Committee have of shares of for each of said shares: Geneva Corning & Sou. RR.Co.(5,042
members
lidated
in exchange
. Charles F. Adams, 2d, John W.
-eighths of one share of new stock of conso-eigh
the remaining
holders of pref. stock
ths
large personal shares of common), seven
s),three
have in the aggregate [The
represented large
rk Allegheny Valley & Pittsb. RR.(7165i share
Dunki
;
red
oneJohn I. Waterbury
corp.
prefer
rs.
on),
holde
comm
and
s
of
large
share
(18
&
RR.
; Ch. Ind. Sou.
represent other
stock
Simpson
new
of
and
share
er
ar
red
a
furth
;
2
one
circul
prefer
new
share
Jan.
of
date of
holdings of
share; Detroit & Chicago RR.(98 shares), one
ttee has issued under
foregoing reply unsatisfactory.] half of one now
two new shares; Kalamazoo & White
shareholders' commi
oe & Tol. RR.(11 shares),
and pronouncing the
Monr
RR.
es
Mich.
Det.
proxi
al
Centr
one new share; Nor.
requesdint
54.
n RR.(14 shares), one-half of
Co. of Toledo(10 shares),
Compare V. 100. p•
N. Y.-Refunding Pigeo
shares), one-half new share; Swan Cree% Ry.
Interborough-Metropolitan Co., deed of trust to the (33
one-half new share.
any has made a new
Notes.-The comp
JAN. 91915.1
THE CHRONICLE
Notes All Sold.-J.P. Morgan & Co. announce that all of
the $40,000,000 5% notes recently purchased by them have
been sold; $20,000,000 run for six months and the remainder
for a year (V.99, p. 1674).
Argument.-Justice Keogh in the Supreme Court at White
Plains on Monday adjourned for one week the hearing on the
application to enjoin the issuance of the new Consolidation
M. 4% bonds in exchange for the Lake Shore & Michigan
Southern Ry. collateral trust 33's.-V. 100, p. 55.
New York New Haven & Hartford RR.-Proposed
Blanket Mortgage.-The directors are arranging to ask the
Legislatures for the passage of a law permitting the company
to make an issue of bonds covering the entire property and
having a first lien on the main line. The funding of the
present $53,000,000 6% floating debt into 1st M.4% longterm bonds at par would save over $1,000,000 annually.
Digest of Statement by Chairman Howard Eliott.
It would be very helpful to the New England railroad situation if laws
could be passed this winter that would permit the company to fund its
present floating debt of about $53.000,000 with long-time mortgage bonds.
A mortgage, if issued, will probably not name any total sum, but bonds
will be issued from time to time for purposes approved by the proper public
authorities and under provisions protecting the right of existing securities.
The Legislature of Afasstir•husetts for 1914 directed the P. S. Commission
to make an investigation of the relation of railroad companies to the statute
laws of this and other States. To aid the Commission in their work the
company, within the past six months, has done much work in giving information about the conflicting laws of the New England States and about
the New Haven finances. There have been several conferences. Among
the plans discussed was that of a mortgage. Nothing definite has been
done about it, and nothing can be done until the Legislatures of the various
States take action.
Causes of Reduced Income.-Pres. Arthur T. Hadley, of
Yale University, a director of the road, in an address before
the Twentieth Century Club of Springfield, Mass., said:
The present condition of the road was brought about by a combination
of some unwise finance with a west deal of unwise operation
and unwise
politics. In 1913 the road paid $9,000,000 more for wages and fuel
than
would have been the case at the prices which prevailed ten years earlier.
and received no more for its services. . . . Methods of handling
freight had become more economical as the volume of traffic increased.
Methods of handling passengers became more expensive under the same
conditions. The authorities of New York State compel the New Haven
road to do its commutation passenger business at rates which mean a
direct logs of nearly 31,000,000 a year. The United States Government
penalizes the road an equal amount for the carriage of the mails. These
three things, taken together, would have involved a serious reduction of
the dividend even if there had been no outside purchases of any kind.
Outlook for Connecticut Co. (Trolley Co.)New York Railways.-Stock Pledged.-
See that company above.-V.99, p. 1911, 1674.
See Interborough-Metropolitan Co. above.-V.
99. p. 1749.
Northeastern Cuba RR.-Judgment on Stock Subscribtions.-Six persons against whom suits had been brought
by
the Columbia-Knickerbocker Trust Co. of N. Y., to recover
the unpaid part of their stock subscriptions were on
Dec. 30
awarded judgments in their counter suits, aggregat
ing
$61,865 (being the amounts paid in on their stock subscrip
tions, with interest), by a jury which had been hearing theevidence, it is stated, for about a month. Other suits, it
is
reported, are pending.
The subscribers denied liability on the ground
that they were induced to
make the stock subscriptions by false
statements in the circulars sent out
regarding the amount of bonds issued
and the mortgage securing the
bonds.
Northern Electric Ry., Calif
Amended
Abstracts of the four agreements ornia.which embody the bankers' plan, as originally prepared, were given
the "Chronicle" of Dec. 5, page 1674. As addenda in
to the abovementioned abstracts, we note some of the changes
in the
agreements (all now dated Dec. 10 1914) in
e
(see circular in "Chronicle" of Jan. 1, pages 55 andsubstanc
52):
Modifications-(1) Bankers' Syndicate Agreement
Right to Foreclose. &c.(Art. 6).-The said trustees may sue .defend
any
action for the purpose of protecting or enforcing any of theor
rights of the
undersigned as creditors, or as holders of said bonds of the Northern
Electric Ry. Co., or to attain any objects of this agreement, may bring about
a foreclosure or sale under the mortgage securing said Northern
Electric
Ry. Co. bonds, and may make such bids upon any such sale as expedient.
Provision for Deficit (Art. 13).-The trustees shall "ascertain the amount
of any deficit which shall arise during the term herein mentioned
[at least
2 years but not more than 5 years from Dec. 10 1914] in the operation
and
maintenance of the Northern [Electric Ry. Co. or of any of its subsidiarie
s,
or for the payment of the interest and sinking fund upon the bonds
of
the
Northern Electric Co., Sacramento Terminal Co., Chico Electric
Ry. Co..
Sacramento & Woodland RR. Co. and the Northern
Ry. Co.
Marysville & Colusa Branch; and the said trustees mayElectric
supply to the said
company or companies the whole or any part of such
from funds
which they may own, hold or control. (The originaldeficit
amount to not exceeding $500,000 for the 5 years and plan limited the
$250.000 for any
one year, such advances to be secured by pledge of bonds.]
Plan. When Effective (Art. 15).-This agreement shall
become effective
upon its execution within 30 days by the holders of notes
ern Electric Ry. Co. or other persons first hereinbefore of the said Northmentioned of the
face value of $1,500,000; provided, however, that the three
trustees may
in their discretion declare the same effective upon its
within 30
daysnbyholders as aforesaid of such notes, etc.,of face execution
value of $1,250,000.
dholders May Participate (Art. 15).-Persons owning
bonds of the
Northern Electric Ry. Co. may become members of the
Bankers' Syndicate upon the basis of 60% of the par value of bonds owned,
subject, however, to the provisions of the preceding paragraph hereof
[that any person
or corporation other than a national bank or a commercial,
trust company incorporated under the laws of one of thesavings bank or
several States,
may be permitted to sign the agreement).
.Sloss Bros. May Be Freed from Guaranty on Putting
$500.000 (Art. 17).-The trustees may accept fromup of Securities Worth
$500,000. pre-sent value, of securities to be approved by the Sloss Securities
of any encumbrance, and may thereupon release all thethem,free and clear
title, interest, &c.,
of the undersigned in and to all other properties or
funds held by the trustees of the Sloss Securities; and any proceeds of such
shall be used
for the benefit of the Northern Electric Ry. Co. and securities
its subsidiary or other
.corporations mentioned in paragraph No. 1 (V.
receipt of such securities, the trustees may release99, p. 1674). 'Upon the
upon such terms as they
may deem best, Leon Sloss, Louis Sloss, Joseph Sloss,
Sloss Bros., and Louis
Sloss & Co. from all liability to the
d, as maker, guarantor or
endorser or otherwise of obligations ofundersigne
the said Northern Electric
Ry. Co.,
of
any
companies
the
or persons in the first
or of
of this agreement. One of the conditions ofsuch release shall beparagraph
the cancellation ofsuch
obligations of the corporations in the first paragraph
herein mentioned as
may be required by the trustees.
Right to Release Other Guarantors (Art. 18).-The
may likewise
release, upon similar terms, E. R. Lilienthal, E. J.trustees
de Bahia, Jr., W. P.
Hammon,or either of them, within one year hereafter,
upon payment by
each of said persons so to be released to the said trustees
of $500,000 in
gold coin or upon delivery of securities of equal value, to be approved
by
said trustees,such money or securities to housed for the benefit of
the North-
141
ern Electric Ry. Co. or its subsidiaries. After one year and during
the remainder of the term for which said syndicate is formed, the releases
may
be upon such terms as the trustees may deem equitable.
(2.) Assignment by Sloss Securities Co. to Bankers' Syndicate.
In this agreement, the Securities Co., as owner and holder
of 69,899,000
pref. and $14,949,500 common capital stock
of the
Electric Ry.
Co.. which stock, it is stated, is "of no present value Northern
and
its
ownership
now
involves a liability and its prospective value is problematical,"
assigns the
same for five years to the trustees of the
Bankers' Syndicate. Said shares
are to be used to give the syndicate the control of
company and are
also to be held as security for the re-payment to suchthe
of the general creditors of the company, or persons before named,
whose obligations are not
secured by bonds or other collateral, who
execute an agreement to refrain from action upon their obligations. shall
Any of said stock may in the discretion of the trustees, be sold and the proceeds
applied
pro rata,to the payment of the demands of said general creditors, hereinbefo
re mentioned.
Provided. however, that the trustees, before selling the same,
shall give to
said endorsers the option for a period of 30 days
to
purchase
the said stock
at the same figure. At the end of 5 years any portion
maining unsold as aforesaid shall vest in the said endorsersof such stock re(V.99. p. 1674).
(3.) Agreement of Bondholders Postponing Collectio
n of Interest, &c.
This agreement will become effective upon
filing
the
with the trustees
of (a) an agreement by the makers and
endorsers of any such notes or obligations waiving for six years the right
to claim any statute of limitation as
a defence to any action brought to enforce
the payment of said notes, and
also approving of the execution of this agreement
; and (b)an agreement by
W.P. Hammon,E. J. de Sabla Jr., E. R.
Lilienthal, Leon Sloss and Louis
Sloss as stockholders of the Northern
Electric Ry. Co., likewise waiving
for six years the right to set up any such
defence to any action brought to
enforce the stockholders' liability upon any
of said notes.
(4.) Agreement Postponing Right of
Any unsecured creditors who shall join and becomeAction. &c.
members of the Bankers' Syndicate shall be entitled to share pro rata
upon the basis of his or
its participation in said syndicate,
proceeds, fund or property
which may be obtained upon the saleinofany
the railroads of the cos. hereinbefore mentioned or the stock thereof, within
the term of this agreement.
(6.) Agreement to Purchase Underlying Bonus.
Whereas, the Bankers' Syndicate is about to
purchase, or cause to be
purchased, $1,400.000 or thereabouts of the 1st M.
bonds of the Northern
Electric Co., Sacramento & Woodland
RR.
Co.
and Northern Electric
Ry. Co.-Marysville & Colusa Branch, and
enter into certain other obligations in respect to the Northern
Electric Ry. Co. and its subsidiary corporations, now,therefore, "the number
and proportion of said bonds to be
finally purchased by each of the
undersigned shall be determined by
the
parties of the second part when the
syndicate shall have been closed
and completed. Said bonds shall be said
purchased at and for the sum of $900
and accrued interest for each of said bonds."
This agreement shall become effective
execution of agreements for
the purchase of at least $1,250.000 parupon
value of said bonds. Compare
V. 99. p. 1674.
Oregon Short Line RE.-Rate Reduced.
Idaho
P. U. Commission on Dec. 29, on application-The
of the Atty.General, ordered the company to reduce within
20 days
from 4 to 3 cents a mile its rate for passenger service on
all of
the branch lines within the State.
The Commission states in its order that the present 3
rate charged
on the Minidoka-Buhl and Idaho Falls-Ashton branches-cent
to be effective
permanently; but as to all other branch lines, permission isisgiven
to ask for
an opportunity to show that as to such branch lines it is not
le
or discriminatory to charge a higher passenger rate for each unreasonab
now charged by that road on its man lines. The company mile than is
maintaine
d
at the hearing that few of the branch linos were paying, even on a 4-cent
mileage rate.-V.96, p. 1424.
Ozark Valley EL-Successor Co.-The company has
been incorporated in Missouri with $350,000 stock,presumably as successor of the Williamsville Greenville & St. Louis
RR., which operated a line from Williamsville, Mo., to Cascade, 35 miles, and which, it is reported, was recently sold
at foreclosure sale. The articles of incorporation provide for
operation as an electric road; now operated by steam.
The largest stockholders are Orah D. Ridgely and J. T. Long, both of
Kansas City, each of whom holds $116,600 stock; James
K. Cochran of
Pans, Ill., and James H. Downes of Assumption, Ill.,
each holding $58,300
stock, and G. A. Long of Kenner. Mo.
Pacific Railway & Navigation Co.-Merger.Pennsylvania Monongahela & Southern RR.-Merger.
See Southern Pacific Co. below.-V. 94, p. 124.
See Pennsylvania RR. below.-V.98, p. 611.
Pennsylvania RR.-No Passenge
rs Killed in 1914.Not a single passenger out of the 188,411,87
6 carried in 1914 on all of
the 26,198 miles of track of the
entire
Pennsylva
nia Railroad System, was
killed in a train accident.
New Bonds-Merger.-The sharehol
will vote at the
annual meeting Mar. 9 on authorizing ders
debtedness of this company and other an increase of the inappropriate subjects,
such increase of indebtedness to be made
from time to time,
when and as, upon resolution of the
directors, the needs of the
company require. An official statemen
t issued Jan.6 says:
"The stockholders will be asked to authoriz
e an increase of
the indebtedness to the extent of
,000 in addition
to the already existing authority to $100,000
the indebtedness
to the extent of $20,000,000. Thisincrease
will enable the company
to refund its convertible bonds of 1905,
amounting to about
$87,000,000, maturing the 1st of October
and other
maturing obligations to the amount of aboutnext,
$7,000,000 and
provide necessary authority for such additional
sums as may
be required for Improvements during the year."
The stockholders on Mar. 10 1914 authorized
a new general mortgage
to secure bonds to be issued from
time to time to an amount not in excess
at any time of the then outstandin
g stock. V. 98. P. 388. 696. MIL
The shareholders will also vote at
the coming meeting on the proposed
acquisition of the franchises, corporate
property, rights and credits of the
Lancaster & Quarryville RR. Co., the Pennsylva
nia Monongahela &
Southern RR. Co. (V. 98. p. 611). and
the Lewisburg & Tyrone Ry. Co.
-V.99, p. 1911. 1833.
Philadelphia Co. of Pittsburgh.-Common Stock Dividend Payable in Scrip.-The directors on Jan. 5
declared
the usual quarterly dividend of 14% on the
$39,043,000
common stock, payable, however, in scrip, instead
of cash,
on Feb. 1 to holders of record Jan. 18.
The scrip is redeemable at the option of the company on or before
Feb. 1
1918 and bears interest at the rate of 7% yearly, payable
semi-annually.
Certificates will be mailed. The semi-annual dividend
on the 6% pref.
stock will be paid as usual in cash on the same date.
The
on the stock was also paid on Nov. 2 last in scrip, this quarterly dividend
scrip being redeemsable on or before May 1 1916. The different
In order to more easily provide therefor fromdates of redemption are fixed
earnings.-V. 99. p. 1452.
Phiadelphia Rapid Transit Ry.-City
see "state & City Department" and compare V.
98. p. 1695. 1920
-V.99. p. 1598.
Portland Eugene & Eastern Ry.
Co.-Merger.
See Southern Pacific Co. below.-V.95.
p. 1404.
142
wo.
THE CHRONICLE
Portsmouth (0.) St., RR.& Light Co.-Bonds Offered.Having sold over $400,000 of the issue of $500,000 1st
(closed) mortgage 6% bonds dated July 1 1914, John Nickerson Jr., New York and St. Louis, is offering the remainder
by advt. on another page, at 101 and interest, to yield
almost 6%. The Railroad & Light company Eierves Portsmouth, Ohio, a city of 30,000 population and also two
suburban towns, New Boston and Sciotoville, with electric
railway transportation and electric light and power and out
of the proceeds of this issue will extend its electric railway,
22 miles, to Ironton, 0., a city of 15,000 population. The
net earnings for 1913 were $98,383; present interest charge
$30,000. A block of the bonds was offered in Boston by
Baker, Ayling & Co. See full data in V. 99, p. 1749, 1833.
Railroad Construction, &c.-New Mileage, &c., in
1914-The "Railway Age Gazette" of New York reports:
in the United States
In 1913 3,071 miles of new construction was reported
line built was 1,532 miles-the lowest
while in 1914 the amount of newthat
year. [Includthe
record
for
1902.
of
25%
only
and
figure since 1895,
total new mileage was 2,127 miles,
ing also 2d, 3d and 4th track, the
total
by any
mileage
completed
greatest
The
in
1913.1
miles
4,667
against
St. Paul, with 122 mires.
road was built by the Chic. Milw. & of
first track completed in 1914, as
In Canada there were 1,978 miles
Pacific built 620 miles
compared with 3.013 miles in 1913. The Canadian
its subsidiaries built 516 miles,
of new line, and the Canadian Northern and
Nearly all of this mileage
while the Grand Trunk Pacific built 249 miles.
of new first track is
Is in Western Canada. At the present time 465 miles
under construction in Canada, with 2,127 miles additional surveyed.
by
States
Calendar
Years (Miles).
in
United
New Construction of First Track
_4,3881902 -6,026
1914 -1.532 1911 _3,0661908 _3,2141905
901 -5,368
04
___3.832l1
_5.2121i9
07
.._4.122119
1913 ___3.07111910
1912 ---2.997 1909 ---3.74811906 __ _5,623 1903 ---5.65211900 --4,894
Cos.
es.
-Miles.
-1912
Cos.-1913-Mil
First Track. Cos.-1914-Miles.
232
238
2,997.08
3,071.12
1,531.80
United States-166
20
2,232.10
23
3,012.96
1,978.07
21
Canada
4
2
312.18
38.20
Mexico
Built
-Ordered
1912.
1913.
1914.
1912.
1913.
1914.
Equipment80,264 146,732 234,758 104,541 207,684 152,429
Freight cars
3,060
3.296
3,691
3,642
3.179
2.002
Passenger cars
5,332 4,915
2,235
3,467
4,515
1.265
Locomotives
Equipment built in RR. shops and Canada included.
.("Elec. Ry. Journal")
Electric Railway (A11) Track-Miles Built or Put in Oper.
1907
1908.
1909.
1910.
1911.
1912.
1913.
1914.
1.880
1,258
887
1.397
1,191
950
1.019
946
946
This last table includes steam railroad lines electrified. Thus, of the
in operamiles for 1914. 205 miles was track of N, Y. N. H.& H. RR. put
156.
p.
98,
-V.
Haven.
and
New
Stamford
between
tion with electric power
United Rye. of Havana & Regla Warehouses,Ltd.-&/c.
£689,275 ordiThe London Stock Exchange has listed a further issue ofOn
June 19 1914
nary stock and £505,875 5% cumulative preference stock.
ordinary stock and £2.there had been listed £5,835,720 of the £6,859,970p.
1529.
1912.
99,
pref.-V.
cum.
5%
£3,500,000
the
282,712 of
United Railways of St. Louis.-Bonds.-The Mississippi
Valley Trust Co. and the Altheirner & Rawlings Investment
Co. St. Louis, are offering at 99 and int., to yield 5.15%
$600,000 St. Louis & Suburban Ry. Co. Consol. 1st M.(now
a straight 1st Mtge.) 5% gold bonds of 1891, due Feb. 1
1921, which were held to retire the $600,000 St. Louis Cable
Nov. 1.
& Western Ry. 1st M. Os that were paid now
outstanding, a first
The entire issue of $2,000,000 of these bonds is
from the heart of the
closed lien on (a) the main line of the Suburban System,
St. Louis. to Florissant, in
down-town district at 6th and Locust streets,
of 38.88 miles.
single
as
track,
measured
mileage,
a
County,
Louis
St.
by the St. Louis & Suburban Ry.,
(b) The very valuable right-of-way owned
which traverses the city's residential section and Is about 15 miles in length.
-V. 99, p. 1912. 1453.
Virginia Ry. & Power Co., Richmond, Va.-Bonds.-The Phila. Stock Exchange has listed a further $240,000
1st & Ref. M.5% bonds, making total listed $12,253,000.
-V.99, p. 1599.
White Pass & Yukon Ry., Ltd.-Earnings.-
Total.
Balance,
Amt. to
Net
Fixed
Total
June 30
Sic. Fd. Sur. or Def. Surp.
Chges. Profits.
Income
Year£15,615
df.C10,187
£10,186
df.
£64,434
1913-14_ -- £54,248
25,801
18,591 Sr. 22.427
41.018
59.960
1912-13_ ---100,978
the report for 1913-14.
No sinking fund deduction is mentioned in
-v. loo. P• 57.
Rapid Transit in New York City.-Aliens May Be Eme Division
ployed as Laborers on Subway Work.-The Appellatdecision
of
the
of the Supreme Court on Dec. 31, reversingsly
held in two
Justice Newburger on Dec. 9 last, unanimou
the subway
test cases that the contractors who are building
men who are not
are not compelled to employ as laborers
will be taken.
aliens. Labor leaders say that an appeal says:
Justice Scott, who wrote the main opinion,
citizens
has always been to welcome not only the on
The policy of New York
in all
emigrants from abroad to equal participati
of our sister States butadvantages
life. If the policy indibusiness
its
of
and
es
the opportuniti
LawLabor
the
of
14
on-Sec.
considerati
under
cated in the statute now carried into operation half a century earlier it
had been formulated and
subprogress of the State would not now be the
may be that the growth and
is now. We are
so gratifying to all the people as it
ject of so much pride or
safety or morals can be affected by the
health,
public
the
how
see
to
unable
upon the subways or upon other works
citizenship or alienage of laborersto
be conceded by all the respondentsof a similar character. It seems
it would ho incompetent for the
-that
ers
Commission
Service
Public
persons or corporations not engaged
private
upon
Legislature to impose
such restrictions as are attempted to be imposed
in performing public works
as an arm of the State."
upon the city of New York
the subway is a business enterprise of the city
that
The opinion asserts
the city as a sovereign. Presiding Justice
by
undertaken
not
was
and
Opinion, says on this point: "The city is not
Ingraham, who also wrote an
benefit of the people of the State, but for
the
building these subways for corporation, and it owns such subways, and
the benefit of the municipal
works, but as private property,of the city.
public
as
not
they are operated
that even assuming that the Legislature had
It seems clear, therefore,
upon the city by limiting the prohibiobligation
an
such
impose
power to
such limitation did not apply to work of the charaction to 'public works,'
complaint in this action. Therefore, the provision of
ter described in the
to the city when building a subway
this section of the labor law did not apply
of the city."-V.99. p. 1911, 1747.
or railroad as a business enterprise
Williamsville Greenville & St. Louis Ry.-Successor Co.
Winnipeg Electric Railway.-Offering 6% Gold Notes.Wm. A. Read & Co. and the Dominion Securities Corporation have sold practically all of the issue of 6% gold notes
which they recently offered at 1003i for the one-year maturities and par for the two-year installment. Total authorized, $1,500,000, dated Jan. 15 1915 and due $750,000
Jan. 15 1916 and $750,000 Jan. 15 1917.
See Ozark Valley RR. above.-V. 97. p. 804.
of Montreal in N. Y. or
Principal and interest payable at the Bank
at par of exchange. Coupon
Toronto and in London. England, in sterling
Redeemable at 102%
J.15.
&
J.
payable
notes of $1,000 each. Interest
Trust Co. of N. Y.
and int. on any int. date on notice. Trustee. Central
& Co.. Bankers.
Read
A.
Wm.
to
Data from Official Letter Addressed which does the entire street railway
A direct obligation of the company, and the largest part of the electric
Winnipeg
of
City
the
of
business
and gas
the city, serving a population
power and commercial lighting business of Specifically
secured by deposit
of about 250,000 in and near Winnipeg.
tely
$1,950,000) Winnipeg Electric
(approxima
£400,000
of
trustee,
with the
of
outstandpart
stock,
£1,300,000
debenture
By. 4)4% perpetual consol.
a mortgage on all property of the coming, secured by trust deed creatingunderlying
bonds.
$5,000.000
to
only
pany subject
14 Times Interest on these Notes.
Earnings Cal. Years; Surplus for 19131912.
1911.
1910,
1913.
$4,078,695 $3,765,384 $3,829,750 53,284.342
Gross earnings
1.283,215
1,554,290
1,470,369
1,615,349
income
Net
348.445
359,795
359,827
359,844
Interest charges
$934,770
$1,255,505 $1.194,463 $1,110,574
Balance, surplus
outThese notes are followed by 89,000.000 fully paid capital stock now
in 1913
as
210.
as
high
year
past
in
the
sold
standing. The shares have
than 10% per annum for
at 218 and in 1912 at 268. Dividend rate not less
last six years and 12% in each of the last three years.
Company owns over 100 miles of electric railway in Winnipeg. and controls 165 miles in all,including mileage of subsidiary companies in municipalities adjoining the city. The gas works have an output of over 400,capacity of 50.000
000,000 cu. ft. per annum and the electric plants have aand
20,000 h. p. in
h. p., of which 30,000 h. p. is in a hydro-electric plant
is exclusive,
in
franchise
Winnipeg
railway
steam reserve plants. Street
and all franchises under which the company operates are either perpetual
the
municipal
n
from
being
the
only
competitio
terms,
long
for
or extend
electric plant.-V. 99, p. 344.
INDUSTRIAL, GAS AND MISCELLANEOUS.
Akron (0.) People's Telephone Co.-Bonds.-The new
issue of $400,000 20-yeas6% bonds has,it is understood, been
sold to C. A. Otis & Co. of Cleveland.-V.99, p. 1834.
Alaska Gold Mines, N. Y.-Debentures.-The stockhold00
ers will vote Jan. 21 on authorizing an issue of $1,500,0
March 1 1915 and conSan Francisco-Oakland Terminal Rys.-Note Issue.- 10-year 6% debentures,to be dated
share at any time prior to maturity.
The Calif. RR. Commission has authorized the company to vertible into stock at$30 a
Jan. 25 will have the right up to
If authorized, stockholders of record
issue $246,666 of promissory notes,to be secured by an issue Feb.
extent of $100 of bonds for each
10 to subscribe for these bonds tonsthe
bonds.
lien
will be payable 50% Feb. 10 and
general
of
Subscriptio
$370,000
held.
stock
of
50 shares of
one year and will bear interest at
$500 and $1,000. Callable on and after
The notes will run for not more than
Mar. 101915. Denom.$100.
The proceeds will be applied as follows: 50%
This issue has been underwritten by Hayden,
not to exceed 7%, per annum.moneys
Mar. 1 1918 at 110 and int. will
provide
and
income,
from
to extend the milling capacity. The
expended
for
used
be
treasury
of
proceeds
ment
Reimburse
Stone & Co. The
an additional 250,01)0 shares o
and news. $148,922: purchase of new shareholder
s will also vote on authorizing
for interest on outstanding bonds
in Oakland, $22,744. stock (par $10
be reserved for conversion of deto
tower
g
of
n
thereof
interlockin
constructio
and
50.000
each),
$75,000,
cars,
1599.
bentures.-V. 97, p. 730.
-V. 99, p. 1833,
Seattle Renton & Southern Ry.-Electors Vote Mar. 2
on Purchase of City Lines.-See Seattle in "State and City
Dept."-V.99, p. 1301.
South Carolina Pacific Ry.-Stock Increase.-The stock6% cum.
holders on Dec. 29 voted (a) to issue 1,046 shares6%
bonds
$104,600
pref. stock, par value $100, to refund
a new lease of the
which matured Oct. 1 1914; (b) to makeFor
further particuproperty to the Atlantic Coast Line Co.
lars, see V. 99, p. 1675.
shareholders will
Southern Pacific Co.-Merger.-The of
the properties
vote April 7 on authorizing the purchase
of which is now owned:
of the following cos., the capital stock
RR. & Navigation Co.
Coos Bay Roseburg & Eastern
99. P. 1528)•
Corvallis & Eastern RR. Co.(V.
(V. 94. p. 124.)
Co.
Navigation
&
Railway
Pacific
(V. 95, rf• 1404)•
Co.
By.
Eastern
Portland Eugene &
Railway Co.
Salem Falls City & Western
Co.
RR.
Pacific
Willamette
Co.-Earnings.American Brake Shoe & Fdry.
Cora, Div. Balance,
Preferred
1914
1913
Bond
Total Net
Surplus.
Dividend.
(7%).
Interest.
Income.
$301,572
$1,059,745 $36.173 (8%)$400,000 $322,000
605,087
304,500
(7)1
)370,000
36,992
.579
1,316
American Express Co.-New Vice-President.-R. E. M.
Cowli has been elected Vice-Pres. to succeed H. S. Julier,
who has resigned after 56 years' service.
New Agreement with Boston & Maine.-The company has
virtually arranged with the Boston & Maine RR.a new contract which will be effective as of June 17 1914 and expire
Jan. 1 1916.
allot to the railroad company
Under the contract the express company willbusiness
done on its lines, infrom express
42% of the revenues collectedThe
revision is regarded as a very advantastead of 35% as heretofore.
far
as
the
so
parties
railroad company is
the
between
adjustment
geous
revenue of about $365,concerned, and will probably mean for it additional
The settlement is expected to remonths.
18
about
a
period
the
for
000
sult in the railroad company's early withdrawal of the New Hampshire
suit over an express contract which was brought on June 17 1914.v. 99, P. 1751.
s.-The stockToledo St. Louis & Western ER.-Deposit
e, Jules S. Bache, Chairman,
holders' protective committedeposit
American Iron & Steel Mfg. Co., Lebanon, Pa.-Note
their holdings with the
request the shareholders to before Feb. 1.-V. 100, p. 56. Issue.-An issue of $500,000 notes was placed some weeks
y,
Empire Trust Co., depositar
by Phila. bankers, it is said, on a 7% basis. See V. 98,
Ry.-No Dividend.-No ago1690.
Toronto Hamilton & Buffalo
p.
as usual on the $3,500,000
distribution has been declared
American Rice & Cereal Co., Keokuk,Ia.-Bonds Called.
1. No payment was made in October
Four first mtge.6% gold bonds issued under mortgage dated Feb. 1 1910
stock, payable Jan. distribut
were
made
each
1
of
ions
each, Nos.43,51,65 and 91,and two of $500 each, Nos.9and 12.
$1,000
of
Mo.
last, but quarterly
both inclusive.-V.99, p. 1750. or payment at par and int. on Feb. 1 at Miss. Val. Tr. Co., St. Louis,
from Oct. 1913 to July 1914,
JAN. 91915.]
THE CHRONICLE
American Round Bale Press Co.-Receivership.-The
company having filed a voluntary petition in bankruptcy,
Judge Augustus N. Hand in N. Y. on Jan.5 appointed Gen.
Man.Paul Jones of 49 Wall St. as receiver for the company.
The company, whose embarrassment is attributed to the paralyzing of
the cotton export trade by the war, has liabilities aggregatin
g $934,607, of
which $874,740 represents principal and accrued interest on $740,000
bonds (Met. Tr. Co., trustee) and $45.256 is due on a demand note.1st M.
The
assets include: Notes and accounts, $23,380,
cash, $3,296:
&c..
$1,174: 80 patents, 59 cotton gins and presses, viz.: 3 in furniture,
Alabama. 2 in
Arkansas.7 in Mississippi, 17 in Oklahoma. 2 in Tennessee and
28 in Texas.
The bondholders' protective committee consists of H. K. Twitchell,
Chairman, William S. Opdyke and James F. Mcnamara
with Sullivan & Cromwell as counsel. As the situation is considered ,critical,
urges the bondholders to deposit their holding's at once with the committee
the Metropolitan Trust Co..49 Wall St.. depositary: $580.000, or over 75%,
of the bonds
have already been deposited.-V.
90. ro• 304•
American Sewer Pipe Co., Akron, 0.-Dividend.-A
dividend of M of 1% has been declared on the $7,000,000
stock, payable Feb. 15 to holders of record Feb. 1.
On Oct. 1 1914 % of 1% was also disbursed, no distribution having been
previously made since Jan. 1 1908, when 34% was paid, contrastin
g with
% of 1% quarterly from July 1904 to July 1907,
inclusive, and % of 1% on
Oct. 1 1907.-V. 99. p.51.
American Surety Co., New York.-New Directors
.
J. S. Alexander has been elected a director
succeed W. Nelson Cromwell. who retired. F. M. Kirby is also now to
a director.-V.95. p.• 1685.
143
80% is sold at least partly on credit, the purchaser binding himself
to pay
the balance due in monthly installments anywhere up
to 30 months under
a note, lease or mortgage which remains
a first mortgage on the piano until
the last dollar has been paid. The general
excellence of paper of this kind
Is everywhere admitted, but the dealer who takes
it from his customers does
not always find it easy to discount it, since banks
do not like to discount
commercial paper having more than six months to run.
Just here is where
this company comes in to buy the paper and issue
its own bonds thereon.
Terms under which the paper pledged is purchased
(1)
:
It must bear the
guaranty of the dealer (or
rer) from whom it is purchased.
(2) The latter must furnish manufactu
his financial statement and his commercial
rating must entitle him to credit
to amount of guaranty. (3) Some one in
his employ must make collections
on the paper purchased and a fidelity
bond must be given that prompt remittance
these collections will be made.
(4) At least 20% of the price of the piano of
the remaining 80% these bonds are issued tomust be paid in cash. Against
the extent of80%. The bonds
thus represent about 60% of the
of the merchandise, and this 60%
is reduced 3% or more per month.value
The security for the bonds is therefore
as follows: (a) Merchandise with value
40% in excess of amount of bondss
(b) The endorsement. (c) The
credit insurance carried against loss on all
paper purchased. (d) The assets of the
Commercial Security Co.
Balance Sheet June 30 1914 (Total Each Side $6,028,059
)•
Cash
serial gold bonds
$3.126.500
Notes, leases and mort- $418,417 6%
Accounts
payable,
&c_
_
_
_
87.046
gages
elk,
.July 1 & accr. int.
29.235
Accounts receivable, in- 5.436,153 2%
Contingen
t
deferred
paycluding accrued int_ _
120,521
ment to customers
1,793,254
Investments
50,000
Capital stock
700,000
Credit indemnity prem_ _ _
2,968 Surplus
292,024
Consolidated Gas Co. of New York.-Sub.-Co. Rates.See Westchester Lighting Co. below.-V.
Bituminous Coal Companies.-Eastern Ohio Situation99, p. 1751. 1676.
.
The Eastern Ohio coal operators (District No.8, comprising
Denver Gas & Electric Light Co.-Note-Earnings.Belmont, Jefferson and Harrison counties) on Jan. 6 decided Boettcher, Porter & Co., Denver, are recommending at the
market (to reld about 64%) collateral trust 6% coupon
to open the mines under the "open shop" plan.
Striking miners who have been idle 'Vance April 1 last will have the first gold notes o 1914, due April 11917,
but callable at 101 and
opportunity for employment under the scale offered by the
operators. If int. Auth. & out., $3,500,000
the miners, who are affiliated with the United Mine Workers
(V. 98, p. 1075).
of America
refuse the
offer of 44.61 cents a ton, which was rejected by the union, their
places will be fiUed by non-union men and they
will be evicted for nonpayment of rent. The operators do not expect to
resume operations for
ten days at least. A committee of 7 has been appointed
arrange plans.
A number of operators have It is stated, abandoned to
or will abandon
their Ohio mines and operate in other fields where conditions
are more
favorable.
Secretary of Labor Wilson, on Jan. 5, at the request of the
Chamber
of Commerce of Wheeling, West Virginia, where business has
been affected by the strike, named Daniel J. Keefe, ex-Commis
sioner of Inunigration, and Hywell E. Davies, one of the mediators appointed
in the Colorado coal strike, as Federal conciliators to intervene in the strike.
will have no authority to arbitrate unless the contending factions They
agree
to arbitration.-V. 99, p. 1834.
EarningsNet.
Bond Int.
Bal., Sur.
Year ending Oct. 31 1914__$3,Gross.
150.998 $1,412,754 $358,495 $1,054,259
Year ending Dec. 31 1913-- 3,161,763
1.382,670
358,645 1,024,025
Interest on above notes calls for $210,000.
-V. 99. p. 1676.
Denver (Colo.) Union Water Co.-Interest Payment
.The bondholders' protective committee,
Otto T. Bannard,
Chairman(V.98, p. 841),in circular of Dec.22 says
in subst.:
This committee on Dec. 21 1914 secured from
the company the deposit
with our depositaries(N. Y. Trust Co..
N. Y. City and International
Trust
Co., Denver) of sufficient funds
to pay six months' Interest to Jan.
1 1915
upon the 1st M. bonds deposited with
your
committee. The depositaries
will on Jan. 1 1915 distribute these funds upon
presentation of the deposit
receipts for endorsement regarding this payment.
Boston Belting Co.-New Director.company has also
deposited with our depositaries sufficient funds toThe
Everett Morse, President of the Simplex Wire & Cable Co.. also
pay interest on nondeposited
bonds
a
direcupon like presentation of same to either
tor in the Chemical Products Co. and the Simplex Electric
of
depositaries.
Every legal action considered necessary to protect the the
Heating Co,
has been added to the board.-V.99, p. 1908.
deposited bonds
has been taken and we are assured that the property
is
being
properly
Realizing that the company as the sole source
Calumet & Hecla Mining Co.-Decision.-The
water supply
S. conserved.
to the city must meet the increased demands for water, yourof
committee has
.Circuit Court of Appeals at Cincinnati 0., on Jan. U.
consented
to
constructi
the
on of a new conduit from Marston Lake to the
6 re- city distributin
versed the ruling of the lower Court in the suits brought
g plant, thus adding to the security for the bonds.
by
Recently the city authorities took action by ordinance to force a 21%
George M. Hyams against the Calumet & Hecla Mining Co.
reduction in water rates. This reduction, If maintained, would decrease
and the Isle Royal Copper and Tamarack mining
the value of the property of which the city may eventually become a purto enjoin the companies from effecting a merger.companies chaser, and it is being diligently contested by the company in the Federal
court at Denver,on the ground that the new rates are confiscatory. VolumThe complaint alleged that the proposed
merger was In violation of both inous testimony is being taken by the special master and the trial will be
the State and Federal anti-trust
laws. The U. S. District Court dismissep carried to completion as rapidly as the nature of the issue will permit. After
the complaint. The Court of Appeals
orders
that further proceedings be judicial determination of the value of the property, or earlier if circumtaken in the District Court along a line
which is designated in the opinion. stances require, the committee will consider such action as may then be
Mr. Hyams alleges that the Calumet & Reds
necessary to protect your interests -V. 99, p. 1600, 1454.
Co.
of the other companies when it was discovered sought to obtain control
that its supply of copper
was becoming depleted.-V. 99, p.
Diamond Ice & Coal Co., Wilmington, Del.-Pref.
1751
• Stock.-Frazier & Co., Phila., are offering at par and int.
Central Coal & Coke Co.
-Final Order.-The Missoula
Supreme Court on Dec. 31 made final
30% common stock bonus), 7% cum. pref. stock.
order terminating (with
the proceedings against the companiaes
Dividends Q.-F. Par $100 a share. Subject to redemption,
which
the
Court
held in whole or part, at 110.
on Dec. 24 1913 constituted the "Yellow
Pine Trust."
The Court suspends the ouster against
Digest of I.etter from Pres. Charles Warner. Nov.21 1914.
16 companies which have paid
fines aggregating $228,000
Capitalization-$150.000 1st M. bonds 310,000 purchased
and $8,481 costs so long as
and held
they obey the alive in sinking fund],
mandate of the Court and the
anti-trust
$280,000 7% cum. pref. stock. $280,000 eom• stook.
have not paid the fines assessed against laws. Nine companies which
Organization.-Organized May 10 1913 as a consolidat
them are ousted from the State ware
of
ion
Delathe
and divested of all their corporate
Ice Co.(3 years old) and the ice and coal departments of the Charles
and privileges. The
these companies, some domestic andrights
of Warner Co. (in operation 18 and
some foreign corporations.fines
40 years, respectively). Does the largest
gate $130,000. The Attorney-General
aggreice
and
coal
business in
is directed to take all necessary
n, Del., and vicinity, with a population
steps to at once carry out the judgment of
of over 125,000. Owns Wilmingto
and operates two modern ice plants, storage buildouster.-V. 99, p. 819, 750.
delivery equipment, &c., and a fully equipped
retail coal yard. The
Cleveland (0.) Electric Illuminating Co.-Bonds.--. ings,
proceeds of the entire issue of bonds
and the pref. and common stocks went
in payment for their plants, equipment
Spencer Trask & Co. are offering at par and int. 1st M.
and good-will, and to supply working
5%
capital. Sinking fund at the
will retire the entire outstanding
gold bonds of 1909. Total amount outstanding, $7,500,000, debt in 18 years. There is no minimum
floating debt.
Earnings.-Before the merger
including the recent issue of $1,000,000 bonds.
the combined earnings averaged $41,506
net per year. For the
first full year of the new company ending April 30
For the 12 months ended June 30 1914 the income
to bond 1914 the net earnings (after taxes, &c.) were 376.930;
Interest was $2,006,000, or over five times the interestapplicable
replacement and
maintenance, $17,124: interest on bonded
M. 5s. Cap. stock outstanding, 99,763.500 common on 57.500 000 1st received, $9,013:
and floating debt, less interest
$800,000
and
balance for depreciation, dividends
pref.
The common has received 8% yearly since 1904.-V. 99. p• 272.
and reserve, $50,793.
(Deduct pref. div., $18,294.
for
depreciati
and other reserves.
Coal Land Securities Co.-Par Value, &c.-Brooks & $23,456: balance after div. and depreciation. etc.;on$9.043.1
Balance Sheet [Figures for April 30
Co., Scranton, on Jan. 1, reported:
1914
supplied
by Ed.]
AssetsSept.30 14 Aps30 14
Financial conditions necessitated the deferring of dividends
Liabilitiesept.30 14 Apr
on Tippe- Real est.,b1dg.,&c.$383,0
canoe pref. International Educational Publishing pref.
003382.475 Preferred stock_ _$280,000 $280,000
and
Coal
Land
Constructi
on
____
Securities Co. The last-named company gives notice that
826J
Common stock _ _ _ 280,000 280,000
Its shams will be reduced from 850 to $10. the present the par value of Good-will
280.000 280,000 Bonds
stockholders to Cash
150,000 145.000
receive five shares of new stock for
18,659
9,866 Accounts payable. 18,427
old share. It is thought that this Bills & accts.
10,889
will have a steadying effect on theeach
roc_ 46,469
35,167 Bills payable_
market price of the stock. Recent Inventory
15,000
sales of the $50 shares have been made
(cost)_ 18.169
in considerable quantities at $12. Unexp.
28,278 Accrued bond int_
3,725
2.900
See Paint Creek Collieries Co. below and V. 99,
ins.,
&c
2,876
p. 1302. 345.
3,267
4,900
Bond discount_ _ _ 10,0531 12,771 Accr. pref. stk.div
Miscellaneous_ _ _ _
Colorado Fuel & Iron Co.-Resignation---L. M.
4,454 -- -Miscellane
ous
11,628
Surplus
32,632
9.043
has resigned as Chairman of Board and Treasurer. Bowers
Total
$771,680 $748,557
Total
He will be the personal representative of John D. Rockefelle
$771,680
$748,557
[The
earnings
for
the
months ended Sept. 30 1914, after deducting
of his business affiliations, with headquarters in Binghamto r Jr. in other depreciation, reserve andfive
interest on the funded debt
n, N. Y.. but bankers
are reported by the
will retain a place in the directory.-V.99, p. 1751.
as at the rate of over twice the
dividend requirements on the pref.
stock.
An
initial
dividend of % of 1% on common
Columbia (Mo.) Telephone Co.-Bonds
stock was paid Jan. 1
1915. Cassatt & Co., Phila., offered
the
bonds
Four ($2,000) 1st M.6% bonds, Nos. 5, 70, 113 andCalled.during
1914 at par and int..
with bonus 15% in common stock.
Date June 1 1913. due June 11933.
par and int. on Jan. 1 at Mississippi Valley Trust Co., St. 117, were paid at but subject of
to call at 105 and int. Interest
L.-v.98,p•1462.
J. & D. Trustee, Wilmington
Co. Minimum sinking fund 35,000
Commercial Security Co., Chicago and New York.- Tr.
yearly'.
Directors.-Charles Warner (Pres.), A.
D. Warner, A. D. Warner Jr..
Bonds Secured by Piano Paper.-This company,
W. W.Laird, S. K. Smith,
L. Scott Townsend, Wilmingto
which re- ning.
n: Geo. A. DunPhila.: Ernets duPont. T. Allen
cently opened an office at 437 5th Ave., N. Y.
Mlles and C. H. Ten Weege.s.
City, has
during the past six years sold to 300 banks,
g, it is
stated, some of the most prominent in N. Y.includin
and Chicago,
its short-term 6% gold bonds in series of $100,00
0 ($10,000
maturing every three months)to a total of $10,600,
these, $7,400,000 have been paid off at maturity 000. Of
and $3,200,000 are outstanding, all secured by pledge of 125%
of
piano commercial paper purchased under careful restrictions.
Diamond Match Co.-Earnings.--
President Stettinnius is quoted 89
"Our business for 1914 will
probably show profits of $1,450,00saying:
0 to $1,500,000. as compared
with
51.775.815 in 1913. This Is considered
satisfacto
tions that have obtained during the past year, thery in view of the condicost of many of the ingredients used having advanced sharply, while
trade conditions generally
were adverse."-V. 98, p 1762.
Eastern Pennsylvania Power Co.-Decisi
on.See Lehigh Valley Transit Co. under "Railroads" above.
-V.99. p. 1217.
Digest of Official Circular Issued in
General
Gas
&
Electric
November
Co.
1914.
(Maine)
.-Pref.
The bonds are coupon in form, denom. $500. Interest quarterly,
Div.and
are A quarterly dividend of 1
based on commercial paper-the notes, mortgages and
was paid Jan.2 on the $1,350,leases given by
purchasers of pianos to dealers and manufacturers. Against
000
6-7%
cum.
pref.
stock.
this
commercia
l
paper, purchased and trusteed with the Astor Trust Co. in N. Y.
or the
On Oct. 1 1914 1% was disbursed . Quarterly dividends of
Central Trust Co. in Chicago, the company issues its own bonds
% were
in series of paid from Oct.11912, the initial
$100,000 on each $125,000 paper trusteed. or the pianos sold
on, to July 1 1914. 11.4
The
in the IL S. is entitled to 7% from Jan. 1 1915.distributi
Compare V.96. D.364.-V.99, p.stock
973
ivoL. loo.
THE CHRONICLE
144
Co.-Estimated Earns. December.
Goldfield Cons. Mines
Dry Tons. Gross Value. Total Costs. Net Profit.
Month3173,239
3186,000
$359.239
29,050
December
for reasons of convenience and economy
The company announces that
transfers
future
Any
nued.
disconti
been
has
agency
the New York transfer
the general office in Goldfield, Nev.of these shares will be made only at
V. 99. P. 1676.
Goodyear Tire & Rubber Co.-Decision..
Greeley Square Realty Co., New York.-Bonds Offered
by advertise-Shivers & Fay, 66 Broadway, N. Y., offering
.M.5s due
ment on another page a block of 1st Refund
tax.
Oct. 1 1930, at a pnce to yield 6.56%, free of income
See Hood Rubber Co. below.-V. 99, p. 1747.
expired" Again he says "the compatents on composing machines have
concerned) so slightly succeeded that
plainant has (so far as this Court isdefendan
t company will continue the
no costs will be awarded." The heretofor
e. Whatever may be the deas
manufacture of their machinesalready
and substituted new deperfected
cision of that Court, we have
which new devices are not wholly
vices covered by these two patents,
upon the old devices
ments
improve
decided
are
but
without the patents.
ments. The present decision of the
which the Court found to be infringe
the machines by our
of
d
use
continue
the
with
s
interfere
way
Court in no
nce with our customers is atcustomers. In case of any such interfere
the new devices. Compare
tempted we will substitute in their machines
V. 100. p. 58.
Power Co.-Earnings.-
Kaministiquia
Bal.,
Dividends Conlin. Res.
Fixed
Net
Gross
Oct. 31.
& Deprec. Sum.
Paid.
Year- Earnings. Earnings. Charges. (6)3120.000 335,000 326,332
1913-14....3319,518 3269.613 388,280
82,598 (5)100,000 35.000 45,039
262,639
ed issue of 310,000.000, of which 33.573- 1912-13._.. 302,741
The bonds are part of an authoriz
98. p. 521.
-V.
by
are
00
owned
32,877.0
ed
the last-nam amount,
000 have been issued.es.Of The
n.-The
bonds are secured by a mortgage on the land
the Hudson Compani
Keyatone Watch Case Co.-Favorable Decisio
by Gimbel Brothers' department store, subject to
on Jan. 2 denied the
and buildings occupied provision
for the retirement of which Is made under U. S. District Court at Philadelphia
36.427.000 prior issues,
proceeds of the rental paid by: Gimbel Bros. last prayer in the suit brought by the Government on Dec. 30
the mortgage. From the Realty
Co. paid dividends of 5% on 31.000.000
the ground
year, the Greeley Square
1911 (V. 93, p. 1728) to dissolve the company,on
preferred and 8% on 31,000,000 common stock.-V.98.p.75.
but granted an
of violation of the Sherman Anti-Trust Law,
boycotting methods
injunction to prevent the carrying on ofand
retailers to deal
through the attempt to compel jobbers Judge
McPherson
exclusively in the company's products. is stated, will appeal.
it
ment,
Govern
The
.
Hart, Schaffner & Marx, Inc., Chic.-Decrease of Stock. wrote the opinion
Government that the company be dison Bros. & Co., Inc., Phila.-See Reportiabove
Harris
n Jr. of Lee, Higginson & Co..
New Directors.-Francis L. Higginso
have been elected directors, to succeed
Boston, and Thomas S. Harrison George
McCall, resigned, respectively.
and
the late Gardiner M. Lane
-v. ioo. P. 57.
the
on decreasing the pref.
In regard to the request of
le to say that
The stockholders will vote on Jan. 25 at New York
said:"We think it no more than reasonab
stock from $4,600,000 to 34.300,000, under sinking fund provision (V. 92, solved,the Court
itself to be beneficial and not harmful
proved
has
business
large
a
385.
when
large.'
is
it
p. 1376).-V. 98. p.
because
ed
condemn
be
not
should
to the community it
it that the watch case business
HodgesFiber Carpet Co.-Dividend Omitted-The direcThe Court says that the recordofsatisfies
competition, and that
healthy
and
live
absence
the
d
from
the
to
omit
dividen
is not suffering
tors, as stated last week, have decided
of watches and the policy of boyexcept in the retail sales of certain makes
to interfere. "But." the Court adds,
which has for several years been paid Jan. 1 on stock.
cott, the Court is not called upon
it desirable for the Government
make
should
from
future
6%
the
dividend
in
a regular
"In case conditions
the defendant
The Hodges Fiber Carpet Co. of N. Y. paid
an extra dividend of to ask for additional relief, even to the point of breaking upto
,
inclusive
1913,
to
for
,
and
1909
inclusive
1914.
1909 to
with leave the Governsetts corporation and manufactures corporation, we shall retain jurisdiction of the bill, appropri
ate."
2%. The company is now a Massachu
seem
may
as
mattings, &c. The plant is at Indian ment to take such action hereafter
fiber carpets, rugs, art squares andHenry
company showed a "definite
J. Beebe; Vice-Pres., E. A. CarThe Court declared, however, that the
prices by
Orchard. Mass. The President is
.
p.58, purpose to restrain trade by attempting to fix and maibtain
ter; Treas.. Charles W.Walker. Stock.$1,000,000; par.$100.-V 100,
lessen the trade of its rivals.to
ing
using a species of boycott or blacklist
to its customers fixing
drcular
a
issued
company
the
stated,
Hood Rubber Co.-Favorable Decision.-Judge Dodge
is
it
In 1910
it manufactured and also of
prices of the several varieties of cases
in the U. S. District Court at Boston early this month dis- certain
it controlled. The company,
Howard watch, the making of which
to sell goods to jobbers
refuse
to
right
the
reserved
missed the suit brought against the company several years the
circular
the
to
according
The Court says that this cirits rules regarding prices were violated.
ago by the Goodyear Tire & Rubber Co. of Akron, 0., on if
threat but a real
empty
an
and not
"was not a request but a threatand
a "direct and unlawful restraint
account of an alleged infringement of a collapsible core used cular
menace from a strong manufacturer"
"The defendant
says:
Court
the
manner,
of trade." Continuing in this
up before the bill of
in making pneumatic tires.
policy of the boycott had been given
effect, but the
company manu- declares that the
this
to
y
testimon
some
is
there
and
The Hood Co.. It is stated, purchased the cores from the
filed,
the company's resor Co. claimed that complaint was
been withdrawn or negatived, and feel
facturing them without the knowledge that the Goodyea
never
has
circular
Court
hesitation in
no
The
. We
they were an infringement of the patent owned by the latter. patentable. lution of Jan. 1910 has never been rescinded
the policy was at least formally in force
held that the device had been in use for years and was not
acting on the assumption that
no doubt
have
we
and
us,
before
now
suit
-V. 100, p. 58.
when the Government began the
be granted. But we see no sufficient evidence
that an injunction shouldrequires
ties.corporate
the
existing
up
break
to
us
Illinois Pipe Line Co.-Proper
interest
that the public
See Ohio 011 Co. below.-V.99. p. 1913. 1677.
entity."-V. 95, p. 1125.
Canada, Ltd.-Earnings.--
of
Co., Cin.-Eztra Dividend.Imperial Tobacco Co.
Balance,
Kroger Grocery & Baking5%
Ordinary
General Pref. Divs.
Net
extra have been declared on the
Sept. 30.
Surplus.
Dividends.
A quarterly dividend of 1% andMarch
(6%).
Reserve.
Profits.
1, along with the usual quarterly
Yearpayable
35.059
stock,
90.175
common
$1,000,000
$481,800 (7%)$1,8
$203,000
34
32.580.0
pref. and 5600,000 7% 2d pref.
1st
1913-14
24.304 payments on Jan. 1 on the $400,000 6%
373,239 (6 %)1,755.162 paid
200.000
2,352.705
,in 1913 4%,in 1912. 11%, and
on
on
common
1912-13
paid
6%
was
include
1912-13.
In
19148%
in
stocks.
above,
Preference dividends. $373,239 as a dividend on the new issue of 417,123 in 1911 6i%,including special payments of 34 of 1% on June 1 and 2%
old preference shares. $360,000 and
on Sept. 1.-V. 95, p. 52.
shares 313,239.-V. 99, p. 273.
.-Appeal.
Lozier Motor Co., Detroit.-Sale.-The Detroit Trust
International Harvester Co. of New Jersey
the U. S. Supreme Court Co., the receiver, was on Dec. 29 chosen trustee in bank-The company on Jan. 4 filed in
Federal Court on ruptcy and was authorized to sell the property.
its appeal from the decision of the lower
The company confessed
The sale is to take place on Feb. 4 1915.
Aug. 12 last ordering its dissolution.
inventory and appraisal completed last Ocrequest the Court to advance the case
The Government will, it is stated,
obtaining a decision, if possible, before
for early argument with a view to
the summer recess.
insolvency on Dec. 9. The
which the receiver intober, it is stated, showed: Assets of $4,899,972.
18, while the liquidation
ventoried at 34,912,717 and appraised at $2,069,7
y and
g real estate. buildings and power houses. machiner
excludin
value,
(N.Y.) equipment in Detroit and Plattsburg, was placed at $1,366,584. LiabiliResumption.-The officials in charge of the Auburn
od.
is
it
g,
understo
have been ties 36,709,141, including capital stock amountin
plant on Jan. 4 began to engage employees, who
to _45.000.000.
Jahn,
Gunther
Sharpe,
D.
e-Henry
committe
e
.
,reditors' protectiv
Idle for some months
e,
eas. of Bosch Magneto Co., N. Y.; Elmer Foye, Edwd. J. Hathorn
employed under normal conditions. It is ex.
About 2.500 persons arerunning
- N. Y., F. 0. Dorn.-V.99, p. 898.
full capacity within a few weeks.
at
plant
the
have
to
pected
V. 99, p. 1601.
Mather Humane Stock Transportation Co.-Eguip-
International Mercantile Marine Co.-Important Noholders of 4
tice to Bondholders.-The committee of
importMortgage and Collateral Trust bonds is urging thethe
New
ance of the immediate deposit of these bonds with
York Trust Co.,. depositary. See advertisement on another
page. Default is expected Feb. 1 on the (underlying) 1st
M. bonds of the International Navigation Co. See also V.
99, p. 897, 973, 1133, 1532.-V. 99, p. 1913.
International Power Co.-New York Receiver.-Justice
Hendrick in the N. Y. Supreme Court on Jan. 4, on application of the American & British Mfg. Co., to which more
for
than $100,000, it is stated, is due, in its own behalf and
r.
other creditors, appointed Charles H. Ridder receive
by
d
F. Sadler Jr., who was appointe receiver
It is alleged that WilberChancery
, has been directed to take possession
the New Jersey Court of
and that the stock certificates, bonds and
once,
at
assets
's
company
the
of
that Mr. Sadler has already demanded
and
city,
this
in
all
are
notes owned
possession.
Court on Dec. 24 denied the appliDistrict
S.
U.
the
in
Gough
Judge
a receiver here unless they will
cation of the Hawley interestscytoofappoint
the company.-V. 99. p. 1914.
agree to confess the bankrupt
privately
ment Notes.-Brown Brothers & Co. have sold ent
notes,
practically all of the $400,000 new 5% gold equipm
par; later
series "V." Price for 1915 and 1916 maturities,
installment, prices to yield 53'7o. in semi-ann. installments of
g
Dated Jan. 11915; int. J. & J. Maturin
of $1,000
1 1925 incl. Coulson notesY.
Phila.
$20,000 each from July 1 1915 to Jan.
N.
offices of Brown Brothers & Co.,
a first
each. P. & I. payable at
the company and secured by
of
n
obligatio
direct
A.
Boston.
and
lbs. capacity,
80,000
of
cars
stock
steel
standard
Title
lien on 500 new Mather
lease to the Baltimore & Ohio RR.
costing $500,000, under six-year
Phila.) until the
Co.for Ins. on Lives. &c.. of
remains in the trustee (Penn.
Co. The
Mather
the
to
passes
then
and
1925,
in
to
last installment is paid
for the life of the cars, has been assigned
lease, which may be extended
d in 1881 and owns
l security. Company organize
for
the trustee as additiona
n
l
operatio
in
successfu
been
have
which
cars,
the Mather patent stock
railroad systems. Compare V. 93.p.535.
over 30 years on many of the large
-Interest Deferred.Mexican Electric Light Co., Ltd.
ds" above.-V.84, p. 697.
Mexican Light & Power Co.-Interest Deferred.-
See Mexican Tramways under "Railroa
ds" above.-V.99, p. 1677.
See Mexico Tramways under "Railroa
direcMiami Copper Co.-Dividend Again Omitted.-The
t
on Jan.4 took no action on the usual quarterly paymen
tors
d
.
dividen
The
15.
Feb.
on
made
stock
795
$3,733,
International Steam Pump Co.-New Jersey Receiver
the
ay ap- on
Jersey
yesterd
New
last.
of
er
nson
Novemb
Stephe
in
llor
omitted
-Chance
also
was
Vice
of Jersey City as rethat the company had the resources
A director stated after the meeting
pointed former Judge Gilbert Collins
ment, although it had not been earned
in
suit
the
y
y's
propert
compan
the
with which to make the disburse
of
Jersey
New
, however, were of the opinion that the
ceiver in
directors
The
quarter.
this
during
s for the resumption of dividend payments, especially
brought by Mrs. Ethel Elms of Leahworth, England. Com- time was not propitiou
g on a reduced basis. Compare V. 99.
as the company is still operatin
pare V. 99, p. 1835, 1751.
1054.
1134.
p.
Deect
of
e
Co-Eff
International Typesetting Machin
Montpelier & Barre Light & Power Coe-Convertible
the following in regard to
cision.-The company furnishes in
Ref. M. Bonds.-The shareholders recently authorized:
lst
t
suits
brough
two
the
28
Refunding Mortgage 5% bonds, convertthe decision rendered Dec.
An issue of 32.500.000 Firstincrease
(1)
Co.:
pe
in the capital stock from $2,310,Linoty
thaler
y by the Mergen
lisle into pref. stock at par.(2)ngAn
against the compan
00 6% pref. and $1,000,000 comFederal
District
of
Southern
31.310,0
the
of
(consisti
Hough
ing
Judge
outstand
all
which
000,
In the decision
week, the International Typesetting Machine mon) to 34.810,000, the 32,500.000 new stock to be pref stock and issued
is to
, win a big victory.
Court handed downofthis
the Intertype Composing Machine
only in exchange for the bonds. Of the new bonds, only $250,000
Co.. manufacturers
going on for over a year, has been of great be issued at present to take care of outstanding indebtedness.
been
has
which
,
litigation
over
is
e
were
The
to
five
Intertyp
30
1914
months
money.
Nov.
the
first
of
This
involved a large amount
The gross earnings for
importance and has machine
which has successfully attacked the Linotype 14% in excess of those for the same period of 1913, and the horse posse,
g
Nov
y
on
prethe
monopol
the
load
d
total
making
destroys
626,
suits
connecte
the first composin
was
period
patent
added during this
ty, and this victory ininthe
s, addi"
court, the Intertype Co. was awarded a
cases
1914 10.403. The increasing business made necessary extension
ufe held. In the24 out of 28 patents. and the four cases on which a de- 30
IvIln
tions,i&c. Seepage 12 ofl"El. Ry.Section."-V.95,p. 1331; V. 97, El• 668'
on
ments
the
improve
favorable decision onagainst
detail
them are for mere
Nevada-California Electric Corp.-Official Statement.replaced by other devices. Judge
cid n was rendered
, which can be. asily
argument
main machineopinion
says as') llows: "It was so often said in
nt Delos A. Chappell is quoted as saying:
Preside
his
ion
in
Organizat
Hough
may be here asserted that the basic and
and briefs that t
JAN. 9 1915.]
THE CHRONICLE
The Nevada-California Electric Corporation, whose charter was filed
recently in Delaware, is an organization primarily for the purpose of
refinancing the following companies: The Nevada-California -Power Co. of
Denver; the Southern Sierras Power Co. of Denver; the Corona (Cal.) Gas
& Electric Light Co., Bishop (Cal.) Light & Power Co., Hillside Water Co.
and Inter-State Telegraph Co. Eventually all of the bonds and all of the
stocks of all of these companies will be sold to the Nevada-California Electric Corporation, which in turn will issue its first lien obligations, with all
of the underlying bonds and stocks of these companies as security. Only
a small portion of the holding company's bonds will be offered for sale
during the coming year.-V. 99, p. 1914.
New Jersey Gas Co.-Further Hearing.-The N. J.
Board of P. U. Commissioners on Jan. 5 set for further hearing on Feb. 23 the application of the company in the proceedings involving the rates charged by the company, in which a
decision of the Commission is pending.
The application was based upon the recent decision of the Court of Errors
and Appeals in the Public Service Gas Co.ease, which holds that franchises
should be given their true value in the fixing of rates. The company
accepted as conclusive an intimation of the Commission that allowance
would only be made for the actual cost of obtaining the franchises.-V.99.
p. 1752.
New York Taxicab Co.-Merger.-Further Postponement
of Interest-Ordinance.-The debenture holders were to
145
foreclosure, considerable additional improvements may be effected in order
to increase the output of bituminous coal to a point where the cost will be
reduced to a minimum, say 50 cts. a ton. Experts report the property as
in fair physical condition and the quality of the coal is thought to be very
good, but if two years' interest is to be funded or turned into stock, it is
thought there should be some guaranty or assurance that at the end of
this time the property will be able to show a reasonable amount of net
earnings.-V.09, p. 1303.
St. Louis National Stock Yards Co.-Duster Suit.Attorney-General Lucey of Illinois on Dec. 31 brought q.uo
warranto proceedings in the Circuit Court at Belleville
to oust the St. Louis Live Stock Exchange from the State.
The exchange is alleged to "exercise entire and absolute control over all
live-stock commission business" done in the
yards. The information
stated that nearly all of the commission men who do business
at the yards
are members of the Exchange and that the commission business
is controlled absolutely by them. One. Henry. a
commission man, is
named as having been forced out of businesslive-stock
at the yards by "hostile and
arbitrary action'of the Exchange, whose members are alleged to have
boycotted him and "prevented persons from purchasing" live stock shipped
to him for sale. The Stock Yards is termed
public market for food
and the Exchange is alleged to be a commercial acorporation
has no
"right, power, privilege or franchise to exercise control overwhich
all the livestock commission business at the yards."
Secretary Perry of the Exchange:denies that there is any combination
in restraint of trade at the yards and says
that the exchange does not constitute a syndicate.All members of the exchange,
he states, are competitors,
and that the fact that only 130
of the 700 persons who do business
at the stock yards are membersorof150
the
Exchange
shows that membership
is not necessary to conduct business. Other officers
Stock Yards
assert that no combination exists and that _persons are of the
trading when they are not members of the Exchange. not prevented &elm
vote in Paris Dec. 30 on authorizing(1) An amalgamation of the Mason-Seaman Transportation Co. and the
Yellow Taxicab Co. (2) A further postponement of the payment of interest on the debentures (due Jan. 1 1911 to July 1 1914 to Jan. 1 1916.
(3) The postponement of the payment of the interest payable on Jan. 1 1915
and July 1 1915 to Jan. 1 1916. (4) The release of the company from the
obligation to redeem any debentures in 1914 and 1915.
Notice to Stockholders.-Bowman, Cost & Co., St. Louis,
[On Jan. 4 Mayor Mitchel signed the amendment to the public hack
ordinances bringing the aforesaid companies as users of taximeters under have requested holders of the 1st M. 4s of 1930 for tenders
the jurisdiction of the Department of Licenses, although they operate of their bonds.-V. 82, p. 937.
from garages, &c., and do not do a hacking business on the street.]San Joaquin Light & Power Corp.-The Calif. RR.
V. 98, D. 241.
North Shore Ice Delivery Co., Lynn.-Decision.-The Commission has authorized absorption of following sub. cos.:
Selma Water-works, Madera Water-works, Madera Lt. & Power Co.,
full bench of the Mass. Supreme Judicial Court on Dec. 31
Lemoore Lt. & Power Corporation and Bakersfield
Gas & Electric Lt. Co.
affirmed the decision of the Superior Court on Sept. 12 last, The corporation
will cancel all the capital stocks except that
of the Bakersholding that the company is not an illegal combination or field Gas & Electric Light Co., which has 1st M.
bonds outstanding (at
last accounts $16,000), and will therefore have
monopoly in restraint of trade.
sufficient shares to qualify
directors.-V. 99. p. 411.
The Court holds that ice is a commodity not easily cornered, and that
Sears, Roebuck & Co., Chicago.-Year's Sales by Mos.the company wasformed to do away with the useless and expensive competition that had existed among properties merged for delivery of ice. A use1914.
1913.
January
__ $7,744.
.572 $7.144:880 August _-- $6.152.404 $5,863,379
less multiplication of delivery wagons has,it is stated, ceased to be needed
8,953.931
8,416.475 September
since the iormation and a waste of time, energy and money has been saved February 8.757,287
7.526,477
8,946,029 8,127,031 October __ 10.768.704 11.349.113
by the respondents. Nothing has, it is said, been done by the defendants March...._8,612,070
8,210,589 November. 10,424,047
to hinder competition. The opinion states that "waters for obtaining ice April
9.941004
7,552.310
7.460.358 December_ 10.792,083
around Lynn are readily obtainable to others and the same Is true of ice May
9,145,743
June
6.092,100
5,550.638
delivery." Compare V. 99. p. 1371.
July
P• 56
9,•326,117 6,349.111
Total_ _ _S101,121,654 $95,584.798
Ohio Cities Gas Co.-Decision.-Master Commissioner -V. 100.
McCoy on Dec.30 in the suit brought by the city of Columbus
(The) Silversmiths Co., N.Y.-Stock Classification,&c.
held that under the franchise of 1899 the city is entitled to The shareholders voted on Dec. 22 (1)
to classify the ($14,recover 10% on receipts of Federal Gas & Fuel Co. for a 000,000) authorized capital stock so that
$3,300,000 thereof
number of years aggregating $1,836,709, or $183,671, and shall be 6% cum. participating pref.stock
in $100 shares;
also to 6% interest on $855, 389.
(2) to give present holders of the 11,000,000 common stock
Under the franchise the city is to receive 10% when the price of gas sold outstanding the option
on or before March 1 1915, of conis in excess of 15 cents per 1.000. The stock of the Federal Gas & Fuel
verting $6,600,000 of such stock into the new $3,300,000 6%
Co. is now owned by the Ohio Cities Co., which bought it from
Fuel Supply Co. and under the terms of sale the latter will pay the Ohio pref., and common stock, as follows: For each
two shares
ment or the amount for which it may be compromised. Unlessthe judga settle- of capital stock surrendered, stockholders converting receive
ment is reached the case will, it is stated, be carried
sary, to the U. S. Supreme Court.-V.99, p. 1455.up on appeal, if neces- "one share of pref. stock and two-thirds of a share of common
Ohio Fuel Supply Co.-Decision.stock, allotments to be pro rated among the stockholders
See Ohio Cities Gas Co. above.-V. 98, p. 1842.
exchanging according to the amount of stock held by them,
Ohio Oil Co.-Status.-In connection with the transfer respectively". Such conversion if fully completed would
of the pipe line properties to the Illinois Pipe
Line Co.(V.99, make the outstanding stock $3,300,000 pref. and $3,600,000
p.1913,1677),Ackermann&Coles, specialists in
Standard Oil common and would restore to the treasury $1,100,000 comstocks, call attention to the followmg from
the December oil mon stock available for future use, if at any time required.
pamphlet of the General Service Corporatio
Stockholders wishing to convert as above are accordingly requested to
n:
Oil Propertles.-Owns extensive tracts of oil
Indicate whether they wish to convert all of their shares and if not what
lands in Ohio, Indiana and portion of
Illinois, ranking with the largest individual
them. Stockholders
wishing to convert are asked to send
producers
of
crude
oil among in their present certificates to benot
the former subsidiary companies of Standard
exchanged,
for share, for new cerOil, and because of its
line tificates of common stock. Both conversion share
system practically controlling the
production in the Illinois and pipe
and exchange may be made
Indiana either atthe office ofSecretary
fields. Has been prospecting extensively in Wyoming,
J.
F.
P.
Providence,
Lawton
or Asst. Secrein
but
without favorable result until the last two months, when it brought
A. G. Folsom, 386 Fifth Ave., N.Y. City, or or before March 1 1915.
in a 2,000-bbl. well tary
and a 25.000,000-ft. gas well in the Big Horn Basin
The shareholders further voted that "as to the stock received by the
north
of
Thermopolis.
company
Wyo. [Ackermann & Coles report that in Dec. 1914 there
exchange ,there be canceled, at par, an amount equal to the
were brought in amount atinpar
an additional 150-bbl. oil well and another 25,000,000
of pref. stock issued, the remainder to be held as treasury
ft. gas well.]
stock, to be disposed of at not less than
The company is now shipping three 35,000,-bbl. steelcu.
par for cash or as a pro rata distanks
from
its
Illitribution among stockholders.
nois fields to its Wyoming properties. Since Jan. 1 1914 has acquired
the oil
The pref. stock will be entitled to participate
rights in 7,000 acres of semi-tested territory in Wayne County,
with the common stock
0.
Has
without
distinction between them in (a) all dividends
been fortunate in Its recent development work in new pools in the Illinois
declared in any year
after payment
field, and although gross production in that territory has shown
such year of 6% on each class of stock and (b) in case
a steady of liquidation, for
in any excess of assets after payment
decline, has achieved an average of 2,000 bbls. of new production monthly.
of the face value of
both
common
and pref.stocks and any accumulated pref.
Pipe Lines.-The profitable pipe lino system extends from Casey, in the
dividends. See
also V. 99, p. 1837.
Illinois fields, to Centerbridge, on the border-line between Pennsylvania
and New Jersey. a distance of about 900 miles. At that point the pipe line
Southern
California
Edison Co.-Bonds.-Harris,
adjoins that of the Standard Oil Co. of N. J.. leading to the Ba.yonne refinForbes & Co., N. Y. N. W. Harris
ery. The line also extends west to Alton, Ill., where Standard
& Co., Boston, Harris
Oil Co. of
Indiana has a large refinery and where the pipe line is now joined
Trust & Say. Bank, Chicago, and E.
by
the
H. Rollins & Sons, Bos
new line which the Prairie Oil & Gas Co. has built across
The ton, offer at 92 and int.
junction will result in a double trunk line system from theMissouri.
$518,000 additional M.5% 30-year
field to the Atlantic seaboard. Another branch line reachesmid-continent
the plant of bonds of 1909, part of an authorized $30000,000, of which
the Solar Refining Co. at Lima, O., while still another
important line $13,360,000 are outstanding
extends from Martinsville. Ill. via Catlin, Jamestown and
(including this $518,000) along
Elmwood, to
Preble, Ind.. 182 miles. Prairie Oil & Gas Co. recently has
announced with $3,620,000 underlying bonds.-V.99, p. 1533.
that it will double its pipe line from Oklahoma
to
Ill. When constructed this line will give Ohio Oil Co. a largely Alton,
Swift & Co.-Earnings for Years ending Sept. 26:
increased long haul to
Oklahoma crude to the Atlantic seaboard.
Sept. 26
Sales
Net
Dividends Balance.
Total
YearRuns from Wells and ("Regular") Deliveries of Illinois Oil,
"Over"
Profits.
(707).
Surplus.
Surplus.
Barrels.
1913-14
$425,000,000
-10 Mos.to Oct.31- -12 Mos.end.
$9,450,000 $5,250.000 $4,200,000 $37.200,000
Dec.
311912-13
400.000,000
1914.
1913.
1913.
5,250,000 4,000.000 33,000.000
1912.
The balance sheet shows an9,250,000
Runs from wells
14.314,831 15,054,791 17,933.528
increase in accounts receivable of $42,208,734
(to $47,329,777) and first mtge. 5% bonds
Deliveries
11,553.111 21,238,496 13,081.049 23,243.028
55,000.000 (to 510,000.000).
16,127.944
after
deducting $1.250.000 amount held of
The above table indicates only the regular shipments. Owing to
in treasury; bills payable were
special $39.538,850,against
shipments, the company's stock of oil in tankage was reduced
539,160,400.-V. 100. P. 59.
from 11,134.33 bbls. on Jan. 1 1913 to 5,613,373 bbls. on Jan. 1 1914. indicating
Texas Public Service Co. (of Texas).-Bonds Offered.that it
has been realizing profits by disposing of its surplus oil on a
During the current year [to Oct. 31 19141 it has taken all the rising market. Spitzer, Rorick & Co. N.
oil produced in
Y. Toledo and Chicago, are ofits territory and has increased Its tankage on a falling market
from 5,613.373 fering at 101 and hat. $375,00(j 1st M.sinking fund 691 gold
to 11,880,143 on Nov. 1. It will hold this oil and sell it
during the coming bonds dated
Year as the market advances.-V. 99, p. 1915.
1913 and due July 1 1933. A circular shows:
Denom. 31.000 (c*). Interest J. & J. in New York. Subject to rePaint Creek Collieries Co.-Default.-Brooks &
Co., demption as a whole on any Interest date on and after July 1 1915. upon
Scranton, Pa., in their Jan. 1 circular say:
60 days' notice, at 103 and Mt. Trustee, Spitzer-Rorick Trust & Savings
Bank, Toledo. Annual sinking fund
For the same reasons that necessitated a default
of 2%, beginning in 1917, will, with
& Lumber Co. 6s, the Paint Creek coupons duein the Lackawanna Coal interest accruals, suffice to purchase over one-half of these bonds by ma1st were unpaid. turity. (Total auth. Issue $500,000.) No additional bonds can be issued
A bondholders' committee has been organized with Jan.
a view of ascertaining without compliance with stringent provisions
the condition of the company from an outside point
of trust deed U. e.. for 75%
of view. The Pro- of cost of future additions, impsovements and
position to take pref. stock for coupons over
extensions],and with constrenuously objected to by holders of over aa period of two years is being sent of Spitzer. Rotick & Co. Bonds free from the normal income tax.
million
of
bonds.
It
is
belleved that if the company officials will meet these
Data from Albert Emanuel,
Company's Operating Manager, and the
bondholders half way
in a compromise, some action can be taken to prevent
McCandlIsh Engineering Co.
a foreclosure.
An absolute firstRobert
mortgage
on
all properties, real and personal, now owned
Bondholders' Committee.-This committee consists
or hereafter acquired by said
company, being now a first lion on four comof
Wm. Edgar, Ashley. Pa.; J. E. Loveland,
plete electric power and light
Moscow,
plants
and four ice plants in conjunction
Pa.;
John
J.
Genter
therewith, together with machinery, transmission
and J. E. Welssenfluh, Scranton, Pa. This committee, representing
lines, &c.located in
by four prosperous
verbal and other agreement about $925.000 of the bonds, desires,
and growing county seat towns-Vernon.Mount Pleasant,
it
is
unreach
Gilmer
some agreement with the management whereby,
derstood, to
and Bay
all In Texas. From the proceeds of these bonds the
w thout plants have beenCity,
rebuilt and largely extended and are now equipped with
146
THE CHRONICLE
t. The value of said properties is
first-class machinery and equipmen
or twice the bonds issued. (Capital stock
estimated at about $750.000,
and $125,000 7% pref.)
common
auth. and issued, $375.000 properties
for the six mos.ending Nov.1 1914
The net earnings of these
$73,549; net, after oper. exp.,
[Gross,
interest.
bond
the
twice
to
amount
work of reconstructing plants,
anding
notwithst
taxes & insur., $22,446,
that net earnings for the
not completed till Sept. 1914.1 It is estimated
bond interest. The company has
coming year will be over 2)4 times the
and ice plants. All franlight
electric
other
no competition whatever from
expiring in 1938, and are exceptionally
chises run 50 years, excepting one
contracts for city
valuable
and
long
very
has
company
favorable. The
contracts running 50 years at Gih
lighting and pumping city water, these
Foster; Sec., James S. MarR.
Albert
[Pres.,
Pleasant.
Mount
and
mer
tin; Treas., J. W. Harbaugh.1-V. 97. p. 600.
[VOL. 100.
the property in 1904 in carrying
benture bonds, were, it is stated, placed on
the property to the Consolidated
out a plan for transfer of the control ofon
Is
unable to find that such bonds
Commissi
the
and
York,
New
Gas Co. of
the property. Such conrepresent any actual expenditure of money upon
ce to the Consolidated Co.,
trol, it is said, was deemed of great consequen
capable of being
of
franchises
possession
in
was
Co.
since the Westchester
Westchester County territory."
used in the City of N. Y. and adjoining
e claimed upon the labor and
The Commission shows that the percentag
amount to 65.36% in addimaterial items used in reproduction cost tablesthere
can be no justification
tion to the base or unit prices, and saysinthat
ion cost of the propa
reproduct
expenses
overhead
us
for such tremendo
which the respondent
15%
of
e
percentag
a
out
erty. The Commission cuts
thatit is in this case a misleading term,
terms "contractors' profit."statingconcernin
g what such profit would be:
and that no proof was furnished
s; and substitutes 10%. No proof of
also the estimate of 20% for intangible
been given. These are, it is
said,
is
it
has,
costs
intangible
detailed
any
come within the domain of the acstated, primarily company records, and A
mere estimate by the engineer for
countant and not that of the engineer.nt. The
matter is treated at length in
the intangibles is held to be insufficie
of depreciation, and in the same connecthe opinion, as is also the subject
by the company.-V.99. p.1456
tion the depreciation reserve established
Tippecanoe Securities Co.-Dividend Deferred.Troy (N. Y.) Gas Co.-Stock.-The directors on Dec. 16
declared a cash dividend of 70% out of the accumulated
York.-Total Sales.profits of the past 30 years. The capital stock was recently
(F. W.) Woolworth & Co., New
1914-12 Monihs-1913. Increase.
increased $2,250,000. Compare V. 99, p. 1683.
1914-December-1913. Decrease. I 69,616,77
5 $66,225,906 33.390,868
$66,9611$
37
$10,569.2
310.502,276
United Illuminating Co., New Haven.-New Stock.- -V.
99, p. 1758. 1372.
Stockholders of record Dec. 14 have the right until and incl.
Treas.,
Jan. 15 to subscribe at par ($100 a share) at office of
-Harvey Fisk & Sons, New York, have issued a further
F. D. Adams, New Haven, for $600,000 additional capital
's opcircular, dated Jan. 4, calling attention to the investor
stock, bringing the total stock up to $2,700,000.
e bonds and Adts of $20 per share portunity with respect to the first mortgag
Subscriptions are payable either (a), In five installmen
and April 15 and Oct. 151916. in which justment Income bonds of the Hudson & Manhattan RR.
Feb. 15, June 15 and Oct. 151915,
first four installments and the new
ble increase in the street railcase interest at 6% p. a. will be paid onentitled
to dividend of Jan. 11917; The bankers note the remarka
1916
15
Oct.
be
issued
will
s
certificate
increase in
15 1915 in exchange for temporary way traffic of N. Y. City from year to year, the
or (b) in full. $100 a share on Feb.
ally and exchangeable
receipt entitled to interest at 6% p. a., semi-annu
passengers for the year 1913-14 being 43,328,184
of
number
1134.
p.
99.
1916.-V.
15
s
Oct.
being
for stock certificate
and the average for the three preceding years
United States Rubber Co.-Earnings.-Pres. Colt, after 80,236,000 yearly. In addition to its system of tubes, the
the
which
regular
y,
at
buildings
the meeting of the directors on Thursda
company owns the great Hudson Terminal office over 30,quarterly dividends on the stocks were declared, stated:
the lower part of which
through
high),
stories
(22
net
showed
meeting
the
See also last
The Treasurer's statement as submitted to
sufficient 000,000 passengers are handled each year.
earnings of the company for 11 mos. from Jan. 1 to Nov. 30 1914
including those declared week's "Chronicle," p. 54.
to cover the dividends declared for the year 1914,ent
for
in the business
to-day. While there has been some improvem
PhilaintroBarclay, Moore & Co.,123 and 125 South Broad St.,
December, which is continuing into January, the existing war has
is every
of their booklet
edition
fifth
the
ting
duced an unprecedented uncertainty into the situation. There
distribu
are
delphia,
the imporreason to believe that the embargo placed by Great Britain upon
the bonds that are free of tax in Pennsylvania.
tation of crude rubber will be so modified as not to embarrass the company giving a list of
the following classiin obtaining its requirements of the crude material.-V. 99, p. 1218.
The entire list is printed six times underrate
of interest; date
lien;
Virginia-Carolina Chemical Co.-Official Data.-The fications: Nature of corporation;
and yield at current prices.
following particulars are of interest as bearing on the defer- of maturity; interest periods
especially useful in seleleting
ring of the quarterly dividend, normally payable Jan. 15, on This classification makes itar requirement.
particul
any
meet
to
bonds
1916):
p.
99,
(V.
stock
pref.
,000
the $20,000
its fertilizers south of
-Announcement was made this week of the expiration by
While the company sells approximately 90% ofproduct
is sold for the
its
"Mason & Dixon's Line," less than 70% of business
on on Jan. 2 of the co-partnership of Fisk & Robincultilimitati
with
is done
production of cotton. A comparatively large
reason to be- son, dealers in investment securities, and the retirement of
no
is
there
that
so
grain,
and
tobacco
vators of garden truck,
South will be anything like 40 to
Fisk. The business is continued at the offices
lieve that the co's fertilizer sales in theits
factories in the South the com- Harvey E.
to
N..1.. of the old firm, No. 26 Exchange Place, New York City,
50% less than last year. In addition
Cartaret,
and
i
Cincinnat
.
Baltimore
in
pany controls large plants
Richmond, Va., all independent of under the firm name of Robinson & Co., the members being
Norfolk, Petersburg, Alexandria and
partany use on the cotton crop.
s have been only about 20 to George H. Robinson and Thomas G. Cook, the former
collection
cash
As a result of the war, proper, but approximately the same amount
been associated with
has
who
-Brown,
Stanley
J.
and
ners,
make
30% in the cotton territory
of cotton under conditions which
in bills payable is secured by pledge
company them for many years.
sell it and keep faith. So far the
it impossible at the moment to
we are now
of cotton out of the many thousands
has not converted 25 bales
-Sidney Spitzer & Company, investment bankers, with
money will be lost
more
little
very
,
that
believed
is
It
be home office in Spitzer Building, Toledo, 0., have opened
carrying, into cash.
previously, but collections will probably
the
in
s
on last year's business than
themselve
right
of Mr. L.
be marketed and conditions
Co., offices in New York at 115 Broadway, in charge
delayed until cotton cancompany'
s subsidiary, the Southern Cotton 011 than
cotton territory. Theending
Tucker, the resident partner. The firm also has offices
B.
Jan. 1 done a larger tonnage of business
and
ry
has for the six months
satisfacto
to Europe having been quite
in Chicago and Cincinnati, and deals exclusively in muniever in the past. shipmentscake.
See V. 99. p. 1916, 906.
very large, 13oth in oil and
cipal bonds. Mr. Spitzer was for many years a member of
-An
.
Dividend
Stock
on
Warner (Charles) Co.-Comm
the banking house of Spitzer & Company, established in
comthe
on
declared
been
of 1% has
initial dividend of
1871.
1:
Jan.
record
of
holders
payable Jan. 8 to
mon stock, quarterly
declared on
-The entire issue having been sold, the $12,690,000
dividend (No. 48) of 1%% has been
The regular
1.
Jan.
record
of
holders
28
to
Jan.
payable
stock.
n Pacific Railway Equipment Trust
the first and second pref.
0 common stock, $844,500 offering of Canadia
$1.557,40
ng
outstandi
were
there
1914
1
On Jan.
all the pref. shares being convertible into certificates, series T., 1915,is advertised elsewhere in to-day's
1st pref. and 5455.600 2d pref.,
"Chronicle" as a matter of record. The syndicate was
common at holder's option.-V.94. p. 1388.
Western Union Telegraph Co.-New Officers.-The composed of the Guaranty Trust Co., White, Weld & Co.,
Brown Brothers & Co. and Colgate ,Parker & Co.
following changes are announced:
, has been elected Vice-President:
A. R. Brewer, formerly Treasurer
-Jansen Noyes, formerly connected with Hallgarten &
;
Treasurer
made
been
has
,
Treasurer
Assistant
Lewis Dresdner, formerly
Cashier, Assistant Treasurer.-V. Co. of this city, became manager of the bond department of
and Joseph W. Connolly, formerly
William Morris Imbrie & Co., 61 Broadway, this city, on
99, p. 1304.
for several years identified with
Westchester Lighting Co.-Reduction Ordered.-The Jan. 1. John J. Roach, is
now associated. with the bond
Co.
&
tt
Kinnicu
Kissel,
on
the
its
decision
down
handed
week
last
ion
Commiss
P. S.
Morris Imbrie & Co.
William
of
ent
etc.
departm
Plains,
of
White
s
of
nts
resident
g
complai
-pendin
long
Commission
The opinion is by Commissioner Martin S. Decker. The
-Drexel & Co. of Philadelphia announced on January 1
cents per kilowatt hour in
holds that the maximum electricity rate of 15 and
and
should not the retirement of G. Clymer Brooke as a member of that
unjust,
ble
is
unreasona
excessive,
affected
the districts
monthly
hour. and also that the minimum
firm. Mr. Brooke joined the Drexel firm on December 5
exceed 12 cents per kilowatt
and should be reduced to 75 cents.
rate of 131 is excessive in
those districts, the Commission holds that, on the 1909. Prior to that he was a partner of the firm of George
As to the gas rates
a
rate
afford the company
Fox & Son of Philadelphia.
valuation record as made, the income does not in
these proceedings. But S.
by lawful order
of return which can be reduced
Sanford & Kelley have issued their usual annual review
ds a reduction of the price of gas to $1 25 per
the Commission recommen
rate and to even lower rates in the thickly of the various industrial and financial corporations of New
1.000 cubic feet as a general
districts.
n
and
Tarrytow
Plains
White
Chester,
Port
the
of
settled portions
in the last four years. reducing the Bedford. The compilation is replete with interesting staThe bulk of income charge increase
on states, to the $10,000,000
.
company's net revenue, are due, the Commissi
bonds placed in 1904 on the trans- tistics of these various concerns
debenture
0
mortgage and the 32.500,00
ted Gas Co. before the establishment of the
of
Consolida
,000 Government of
ed
offering
the
The
$15,000
to
advertis
control
of
fer
and is not given weight in the decision.
d in the "Chronis
6%
Public Service Commission,
notes
ne
publishe
Nation
Argenti
the
and
properties
its
electric
gas
for
valuation
The company's figures of n and White Plains districts and in Eastthe notes
nt
a
of
as
record,
to-day,
matter
Tarrytow
permane
icle"
Chester,
Port
in the
0. The Commission reduced to about 34,300,- having all been sold.
chest& were over $6.R00,00
The
reducreturn.
to
a
entitled
is
company
000 the amount on which the
0 on gas and $1,167,000 on electric properties.
-Lee, Higginson & Co., 44 State St., Boston, announce
tion amounts to $1,300,00
that a material reduction be made in the Eastchester
their
It is recommended
separately. The present rates in the several that Frederic Winthrop Allen became a member of
treated
is
which
rate,
gas
40 per 1,000 cubic feet and $1 25 for fuel: firm on Jan. 1. Mr. Allen will make his heildquaretrs in
districts are: Port Chester. $1
for
and
light
50
n,
$1
Tarrytow
fuel;
and
both light
White Plains, Si 40 for
$1 50 for both. New York.
prompt payment is made;Eastchester,
$1 25 for fuel when
from its gas business were,it is stated, less in 1913
-Richard P. Austin was admitted to partnership in the
The company's returns
gas was furmore
much
substantial amount, although
than in 1909 by a account
being increased in greater firm of Parkinson & Burr of Boston on the 1st inst.; William
expenses
operating
of
on
nished in 1913.
and thew returns as applied to the valuation P. Warner ceased to be a partner in the firm on that date.
ratio than gross earnings,
which,
on in these cases gives a rate of return
worked out by the Commissi
in 1909 little more than 4%. Neverthq
yielded
-Harvey E. Fisk, formerly senior member of Fisk &
on
it
says
for all of the gas districts,
the
Commissi
ordered,
Fisk &
reduction was formally
less, although no
use of the company's gas, Robinson, is now located at the offices of Harvey
freer
to
tend
and
policy,
business
would be rood
Sons, 62 Cedar St., this city.
made effective.
if lower rates wereincome, covering the entire territory, both for electric
The operating
deductions
-William Henry Newbold retired from partnership in
in 1913 than in 1909 by $71,954.but
such deand gas service, was greater
the four years over $314.000. With
firm of W. H. Newbold's Son & Co., 511 Chestnut St.,
the
of
1913
about
in
therefrom increased during
the company had a book deficit
bulk of Philadelphia, on Jan. 1.
great
the
ductions from income,
that
however,
out,
points
on
$18,8,000. The Commissi during the four years results from the increase
-Kenneth D. Steere has become manager of the bond
& Westchester Lighting
the interest charge increase
on the $10.000.000 New York
In the interest rate
under the terms of the mortgage from 155%
ent of John Burnham & Co. of Chicago.
departm
increased
has
which
de0
bonds
the
$2,500,00
Co.
with
See Coal Land Securities Co. above.
This mortgage, together
in 1908 to 4% in 1914.
JAN. 9 1915.]
THE CHRONICLE
The Touxintrual 'giants.
147
advices state that discoveries in the West Virginia fields
are more encouraging than at any time in
many months.
Pennsylvania dark $1 50
Second sand
1 50
Tiona
1 50
Cabell
1 10
Mercer black
1 07
New Castle
1 07
COMMERCIAL EPITOME
Corning
Wooster
North Lima
South Lima
Indiana
Princeton
95c.
$1i5
93c.
88c
88c.
89c.
Somerset. 32 deg__
Ragland
Illinois, above 30
degrees
Kansas and Oklahoma
90c.
70e.
Friday Night, Jan. 8 1915.
89c.
Though general trade is quiet, there are some mitiga
ting
55e.
features. Wheat is selling at the highest prices seen
TOBACCO has been quiet but steady. Before long a betfor sixteen years, under the spur of an extraordinaryexport deman
d. ter business is expected, but for the time being manufacturers
The exports for the week of 10,365,119 bushels are the
largest are not doing very much. Very steady prices are obtained,
on record for a single week. The total thus
this season however, for Sumatra on what little business is being done.
of 207,000,000 bushels is some 40,000,000 far
s larger A moderate trade is taking place in Cuban leaf at steady
than in the same time last year. Cotton has bushel
also advanced quotations.
and the week's exports are the largest on
COPPER has been stronger, with higher foreign marke
record for a week
ts
in January. Germany, Austria, Russia, Belgi
and Eng- and a better demand; Lake has latterly been quoted at 13%
land have all been buying cotton. Wool hasum
to 1334c.; electrolytic 13%c. to 13%c.
been
active
London prices have
and higher, partly owing to big.military orders from
e risen sharply. Tin was firmer at 33%c. on the spot, recedfor cloth. War orders for various other supplies areEurop
ing later to 323
4e. London quotations have dropped sharplarge.
European buying of horses in this country is very large. A ly. Lead on the spot here
3.77
spelter 5.85c. Pig iron
slight improvement is noted in some branches of the iron and
has been in moderate demand atc.;some
recent advance in
steel trade, particularly in rails; also in the lumber trade. prices; No.2 Eastern,
$13
75
to
$14; No.2 Southern,$9 SO®
Collections in the grain belt are better. Retail trade has $9 75 Birmingham. Thoug
h
no
marked increase is reported
improved somewhat. Stocks and bonds have been stronger in the trade in iron and
with a rather better demand. Foreign exchange declined some branches. The steel, some improvement is noted in
Lacka
wanna
RR.has been buying some
sharply,coincident with big grain and cotton export as well 25,000 tons of rails for
1915 delivery, and the Baltimore &
as liberal exports of other commodities on wars orders
Ohio has ordered freight cars.
,
urgh has sold some
plainly overshadowing any foreign selling of American
30,000 kegs of spikes to railroads,Pittsb
mostly to Pennsylvania.
curities. Money is easier. The rise in cotton will inseStructinsl work is increasing somewhat
a
and orders have been
measure relieve the situation at the South. Some
rial received on bridge contracts in various parts of the country.
plants have resumed work. Trade at the South,indust
howev
er,
continues generally quiet with cotton still selling below the
cost of production. Ocean freights continue scarce and
high. Iron and steel sales are far from being
COTTON
satisfactory.
Manufactures are generally quiet so far as the
Friday
domes
tic
Jan.8 1915.
trade is concerned. The number of failures this week
THE MOVEMENT OF THE CROPNight,
,as indicated by our
make telegrams
a high record total for a week. But on the whole the
from
the
South
to-nig
ht, is given below. For the
outlook week ending
is believed to be slowly improving.
this evening the total receipts have
reached
380,322 bales, against 323,466 bales last
STOCKS OF MERCHANDISE IN NEW YORK.
week and 428,794
bales
the
previo
us
week,
makin
g
the total receipts since
Jan. 1 '15. Dec. 1 '14. Jan. 1 14.
Coffee. Brazil
bags 1.025,807 1,138,262 1,300,346 Aug. 1 1914 4,952,768 bales, against 7,406,
285 bales for the
Coffee, Java
mats_
64.399
50,678
32,350 same period of 1913-14, showing a decrease since
Coffee. other
bags 285,245
Aug. 1 1914
292,282
152,423 of 2,453,507 bales.
Sugar
hogshea
Hides
Cotton
Manila hemp
Sisal hemp
Flour
ds_
No..
bales
bales_
bales
barrels & sacks..
35,896
31,500
53.940
1,475
2,415
14,500
47,265
12.135
37,000 . 6.003
41,409
94.721
2,825
5.325
15.917
3,140
77,300
65.000
LARD has been firmer; prime Western 11.150
.; refined
for the Continent 11.60c.;
South
ca 11.85c., Brazil
12.85c. Lard futures have advanAmeri
ced, though at times
showing a certain irregularity, owing
to a decline in hogs,
of which the receipts have been
large. But sympathy
with the rising grain markets has also
been very apparent.
Shorts have covered rather freely. Today prices were
higher.
DAILY CLOSING PRICES OF
LARD FUTURES IN CHICAGO.
Mon. Tues.
Wed. Thurs.
January delivery_ _ cts-10Sat.
Fri.
.52
10.60
10.75
10.67
May delivery
10.62
10.67
10.80
10.92
11.05
10.97
10.95
10.97
Sat.
Mon. Tues. Wed. Thurs. Fri.
Total.
Galveston
20,225 20.559 37.928 32,069 29,025 23.688 163,494
Texas City
3,706
---- 5,505
-- -- 19.181
---- 28,399
Port
Aransas Pass,&c.
-----------..
---- -----.
--597
Uri
New Orleans.
207 8.361 14705 14.800
, 55
506 57,734
Mobile
792
726 1,203
257
668
350 3.996
Pensacola
_ __
400
---400
Jacksonville,&c_
1,635 1.635
Savannah
10-,Ni 16..6S9.2
14-ii 9:879 13.261 74,086
Brun
swick_
_ 9,000 9,000
Charleston
753 2,552 1,748 1,722 1,634 2,271 10.680
Wilmington
250
996
376 1,155 1,106 1,654 5,537
Norfolk
2,631 2,674 3,089 3,854 2,645 3.808 18,701
N'port News,&c.
--------------------2,48
7 2,487
New York
408--- -_
Boston
423
68
88
245
470 1.702
Baltimore
- ___- 1,874 1,874
IN
PORK steady; mess $19 50@$2
0, clear $21 50@$24, Totals this week_
family $24 50@$26. Beef,
39.268 53.243 74.046 68.219 76,945 68,601 380,322
$24, family $24@$26, extramess $21 @$23; packet $23@
India
mess
The
follow
ing
$36@838. Cut
shows the week's total receipts, the total
meats rather firmer; pickled
pickled bellies 6 to 12 lbs.,hams 10 to 20lbs. 12)4 ®13Mc.; since Aug. 1 1914 and the stocks to-night, compared with
14@1
4c.
last
Bater
year:
,
creamery
extras 34c. Cheese, State, whole milk,
held specials 154
®16c. Eggs, fresh gathered extras
3
i
40@41
1914-15.
c.
1913-14.
COFFEE has been latterly firmer with
Stock.
Receipts to
No.
7
Rio
7)4e.
January 8,
No. 4 Santos 9% to 10%e. and fair to good
This Since Aug This Since Aug
Cucuta 10%6
Week. 1 1914. Week. 1 1913.
11 Yin. Coffee futures have advanced on bullis
1915.
1914.
h statistics Galveston
and the firmness of Brazilian markets. The
163,494 2.124,910 98.729 2,421,212
481.70
Texas City
292,650
2
world'
s
visible
28,399
229,361 20,400 311.569
supply decreased 169,000 bags in December, as contra
71,729
18,984
Arthur
4,435
693
sted Port
25,124
Aransas Pass, &c_
with an actual increase in the same month in 1913 of
597
15.469
-- - - 129.736
New Orleans_ _ 57,734
7,650
2,279
498,4
59
752,361 63,746 1,103.042 331,338 277,685
bags. The aggregate world's stock is now 9,986,
Mobile
3.996
92,575 10.925 319.481
567 bags, Pensaco
la
54.380
61,353
against 13,687,583 bags a year ago. To-da
400
9,337
_- -_ 111,553
ville, &c_
1,635
25,246
503
vanced. Closing quotations were as follows: y prices ad- Jackson
26,174
Savannah
1,166
2,501
74.086 904,415 39.610 1.452,1
Brunswick
92 306.119 149,726
January _
_ _6.41 ®6.43c. May
February _ _6.49©8.51c. I June
March _ _ _ _6.58 ®6.59c. July
April
6.6606.68c. August _
6.75@6.76c. September _7.74 ili7.75c.
6.6506.67c. October _ -7.81 7.82c.
7.59(87.60c.November _7.87 7.88c.
_ _ _7.67 ® 7.69c. December -7.95@
7.96c•
9.000
81,308 6,500
Charleston
32.000
8,726
10,680 231,191 2,268 247,642
385,907 138,147
Wilmington
45,777
5.537 108,685 7,574 337.952
Norfolk
40,387
30,512
18,701 243,775 15.008
393,056
N'port News,&c_ 2,487
56.409
63,095
75,325 6.584
54,203
New York
2,441
634
3,917
Boston
84,096 105,775
1.702
13.475
659
10.893
Baltimore
8.569
4,390
1,874
36,829
71,893
Philadelphia ---8,024
6,887
----1,630 1,237
2--739
2.424
4,960
Totals
380.322 4.952.768 278.0711 7 arm ost.c 11194 IAA
1 078.300
SUGAR advanced on unfavorable
weather in Cuba;
centrifugal, 96-degrees test, 4.11e.
test, 3.46c. Atlantic port receipt for; molasses, 89-degrees
the week were 14,237
tons, against 14,836 tons last
and 30,727 last year.
The stocks were 136,889 tons,week
t 159,652 tons. last
week and 82,360 tons last year.agains
In order that comparison may be
Refined has been quiet
and unchanged at 4.95c. for granulated.
made with other years,
futures has been more active at firmer Trading in sugar we give below the totals at leading ports for six seasons:
prices
. Closing
quotations for sugar futures were as follow
Receipts ats:
1915.
1914.
1913.
February _ _3.04
1912.
3.05c.
March _ _ _ _3.10 3.11c.
3.15@3.16c.
may
3.20183.22c.
April
June
3.2603.28c. October -_
3.46@3.48c.
July
3.3213.33c. November _3.50
®3.52c.
August_ _ _ _3.38 3.39c. Decemb
er .3.54@3.56c.
September.3.42 3.43c.
OILS.-Linseed higher. Flax seed at
Duluth continues to
advance. City, raw, American seed,
Calcutta, 70c. Cocoanut steady; Cochi 52c.• boiled, 53c.;
' l5c.• Ceylon 10%@Ilc. Olive 98c.®31 05. n 1414@
Castor 8%68Mc.
Palm 8®834c. for Lagos. Cod, domest
ic,
steady at 33 ®
35e. Cottonseed oil higher at 6.2
for winter and summer white. Corn unchanged at5@7c.
5.70@
5.75c
. Spirits of
turpentine 46e. Common to good strain
PETROLEUM quiet and steady; refineed rosin $3.60.
d
in
90.; bulk, 4.50@5.50c.; cases, 10.50 ®11.5 barrels, 8@
0c. Naphtha,
73 to 76-degrees, in 100-gallon drums, 23)4c.;
drums, $8 50
extra. Gasoline, 89-degrees, 26c.; 74 to
76-deg
to 70 degrees, 22c. Crude prices advanced.rees2 25e.; 67
Pittsburgh
1911.
1910.
Galveston
163,494
98,729
78,101 108,664
TexasCity,&c,
82,821
60,019
28,996
21,093
23.202
New Orleans_
40,031
32,506
8,416
57,734
63,746
31.010
Mobile
58,281
42,532
55,953
3.996
10,925
3,680
13,518
Savannah
5,689
4.884
74,086
39,610
19,056
61,158
Brunswick_ _ _
18.057
30,181
9,000
6,500
4,500
7,340
Charleston &c
900
5,08S
10,680
2,268
1,342
4,523
1,734
Wilmington_ _
1.610
5.537
7.574
1,812
18,193
Norfolk
13.255
3,428
18,701
15,008
6,846
N'port N.,&c.
14,400
5,826
10,351
2,487
6.584
2,892
All- others_ _ _ _
587
149
398
5,611
3,033
6,559
7.722
24,410
10,542
Total this wk. 380,322
275,070 179,000 334,417 239,335 159.414
Since Aug. 1_ 4.952.768 7.406.2
85 7.468.704 7.007.022 6.679.535 5.498,654
The exports for the week
g this evening reach a.tol,a1
of 343,613 bales, of which endin
89 were to Great
35,429 to France and 166,6141,4
to the rest of the Continent.
Exports for the week and 95
since Aug. 1 1914 are as follows:
THE CHRONICLE
148
loo.
will be the more sceptical
sceptical on that point. And they
some parts of the South
In
ces.
advan
et
mark
the
the more
area will be out down
the
that
made
y
freel
is
ction
the predi
ContiExports
seem to be content in
they
Great
ia
Georg
In
Conti50%.
Great
even
Total.
30, 40, or
fromnenr.
. France.
ction that the reducpredi
the
Britain. France. ntnt. Total. Britain
with
rate,
any
at
,
many cases
even if the South
that
is
le
troub
604,031 126,300 573,6831,304,014
only
The
133,600
55,051
24,832
20%.
be
_
53,717
Galveston..
16,756 155,514 tion will
138,758
acres, it could
0,000
22,00
say
to
ge
2,854
acrea
400
the
Texas City_
down
2,454
d cut
447 shoul
bales-as in 1897447
0,000
Pt. Arthur_
11,00
e
abov
well
of
crop
a
Ar.Pass.&c
19,407 158,076 436,572 still raise
who believe that at
77,340 259,089
10,732 98 and 1898-99-while there are those
837
NewOrlean 50,564 5,313 21,463
9,895
536
536
into next season,
over
9,516
ed
400
Mobile _ _ _
carri
be
will
9,116
bales
400
40
,000
Pensacola_ _
14,13.5 247,105 376,222 least 6,000
next season of 17,000,000
for
y
43,707 64,699 115,072
suppl
a
make
d
41,634
Savannah_ _ 20,992
woul
which
41,634
6,750
and holds during the
6,750
59,404
Brunswick
39,314
20,090
if the advance continues those
9,5
9,5
43,450 bales. But
Charleston _
36,650
who doubt very
are
6,800
there
g,
sprin
9,529 9,529
this
n
seaso
Wilmington
ing
17,480 28,631 plant
11,151
8,178
8,17
ly reduce its acreage,
great
will
h
170,936
Norfolk_ _ _ _
Sout
125,196
6,421
the
39,319
er
wheth
14,773
1 13,320
219 1:55,
New York.
25,523 much
1,614
23,909
39,475,567 acres. Latterly large
63 4.545
14,564 which for 1914-15 was
Boston ___ _ 4,48
700
4,050
9,814
7,815
selling May and October. Profitbeen
Baltimore__ 3,765 4;686
28,064
have
3,127
here
s
house
25,537
1,316 2,316
1,000
Philadel'a_ _
49,158 spot
49,158
hing of a set-back. To-day
somet
s
price
given
has
72,436 taking
San Fran.
72,436
.3,632 3,632
partly in response to arise in
ly,
sharp
again
Pt.Towns'
nced
adva
prices
acts were scarce after
contr
es,
170,313 1,343,289 2,830,271
69
Besid
1,316,6
.
13
5343,6
wheat
166,69
35,429
and
s
141,489
stock
Total_ _
ed selling October and
stopp
had
s
house
spot
ng
,062
leadi
32,715,1605,611
some
7 2,104,169 791.73
iums. Liverpool, moreprem
Total '13-1 94,867 23,299 109,801 227,96
al
unusu
nt
curre
at
mber
Dece
include 2,988 bales Peruvian and 25 bales
ted,and forwardings to spinners
Note.-New York exports since Aug. I an to Mexico. IP s.fc,
utortp...
,,ogoe
over, was stronger than expecreach
ed the unexpectedly large
West Indian to Liverpool, 50 bales
week
_ Egypti
the
for
pool
Liver
rams to-night also from of 128,000 bales,against63,000Iast wee.k and 130,0001ast
teleg
our
ts,
expor
e
abov
to
ion
addit
In
n on shipboard, not total and 108,000 the year before. Also, the exports surgive us the following amounts of cotto
es for year everybody. They were nearly 90,000 bales for the
cbared, at the ports named. We add similar figur
prised
week, said to be a high records
New York.
day and 343,613 bales for the
pool and German house
Liver
ry.
Janua
in
week
for a
uplands closed at 8c..
ing
On Shipboard, Not Cleared forMiddl
.
West
the
also
bought,
points.
20
of
g
week
Leavin
the
Coastfor
Other
nce
Geradva
an
Great
showing
Stock.
d cotton in the
uplan
n wise. Total.
ing
middl
for
tions
quota
Jan. 8 at- Britain. France. many. Foreig
al
The offici
week has been:
past
the
for
5
day
250.07
each
81,263
507
et
43,746
mark
York
New Orleans_- 15.516 18.564 2,930
Tues. Wed. Thurs. Fri.
167.928 313,774 New
Week ending Jan. 8 1915.
Exported to-
Fran Aug. 1 1914 to Jan. 8 1915.
Exported to-
6,500
Sat. Mon.
8.00 8.00
Jan. 2 to Jan. 8.
80.5
8.05
1.200 27,200 278,919
7.90 8.05
10,000 128,147 Middling uplands
41,533
-785 12,847
-556
S FOR 32 YEARS.
NEW YORK QUOTATIONuplan
2-.666 20.000 22,000 34.409
d at New York on
77,396
6.700
middling
for
6,000
tions
quota
The
9
47,000 124,94
been as follows:
have
20.000
years
32
past
Jan. 8 for each of the
9.31
5.94 1891-c
1899_c
202
1,249,
10.85
8
10.31
9 28,257374.93
8.00 1907_c
5.94 1890
Total 1915.- 124.721 32.473 3,268 186,21
11.75 1898
847,008 1915-c
2
228,29
1906
9.81
25,768
12.30
33,634
1889
1914
79,357
7.19
Total 1914_ 63,572 25,961
7.30 1897
243,596 834.876 1913
10.50
13.10 1905
8.31 1888
71.807 21.045 66,011 44.066 40.667
Total 1913
13.40 1896
9.56
9.60 1904
1887
5.69
1912
1895
8.90
9.19
15.00 1903
has been fairly 1911
8.06 1886
8.19 1894
11.12
Speculation in cotton for future delivery
15.85 1902
1910
9.94 1885
most
out
1893
10.25
stood
has
which
9.40 1901
10.62
1909
7.44 1884
active at higher prices. The factrefus
7.56 1892
11.30 1900
al of the South to sell 1908
g the week was the
Galveston ____ 51,046 13.909
8,000
Charleston..-__ 10,000
12,459
Mobile
Norfolk
700
New York
27.000
Other ports
Savannah -___
96.473
18.000
clearly durin
K.
e selling has increased, but on
MARKET AND SALES AT NEW YOR
freely at these prices. Hedg
to this there has been
d
Adde
.
small
been
has
whole
the
SALES.
Futures
es, namely Europe and the
steady buying from two sourc
Market
g May and October quite
Spot Market
buyin
been
Contr'ct Total.
has
Spot.
.
any
Closed
Germ
.
West
Closed.
a steady buyer.. Austrian
freely and Austria has also been
here
able
avail
s
Steady
adv.._
bank
a
pts.
10
Vienn
_
_
Quiet,
with
400
Saturday_
400
mills deposit margins expre
ulet, 15 pts. adv_ Firm
400
Monday
400
ss companies. It is understood Tuesday
Steady
...... Steady
through one of the big
New
in
.._
also
steady
and
n
Barely
Berli
in
ts
credi
766
Wednesday_ Quiet
-.
-16,5
_
_
steady
that German mills providethese mills will not sell futures for Thurs
Barely
5 pts. dee_ _ _
W
day __ Quiet,
200
200
Steady
Wet
York. It is believed that
Friday
more
it
find
they
until
not
inly
certa
or
400 1,300 1,70
a good while to come,suppl
Total
ies at the South, as well as ocean
easy to secure actual
in
g
buyin
been
have
ia
Austr
and
ng prices at
freights. But Germany
FUTURES.-The highest, lowest and closi
ocean freight room, and also the
spite of the high rates for as
off- New York for the past week have been as follows:
been
have
s
back
draw
such
,
iums
high insurance prem
y, Friday.
cotton ruling in Germany and AusSaturday, Monday, Tuesday, Wed day, Thursd7. Jan.8.
Week.
set by the high prices oflow
Jan.2. Jan.4. Jan.5. Jan.6. Jan.
prices for cotton current on this
tria and the relatively
in
the
early
sales
s
spot
pool'
Liver
Also,
ntract
side of the water.
and as a rule have latterly NswCo
January7.80-.94 7.85-90 7.75-.08
week increased to 10,000abales
ent
7.75 - 7.90-.95 7.86-.08 7.95-.01 7.77-.7
ovem
is
some
impr
Range
which
day,
9 7.89-.91--bales
7.80-.82 7.95-.97 8.02-.03 7.87-89
been 7,000 to 8,000
Closing
week
in
the
early
mills
ow
Mosc
ns.
March1 7.99-.11 7.85-.27
7.98-.1
3
on recent transactio
8.05-.2
7
8.03-.2
7.85-.95 8.00-.13
-0 bales of the actual cotton for
Range
1 8.05-.06 7.97-.98 8.08-.098.20-.2
3
8.12-.1
5
bDught,it is stated, some 50,00
7.93-.9
Closing
Some stress has been laid May
8.18-.34 8.00-43
2
8.18-.3
delivery in January and February.
3
8.28-4
3
8.00-.15 8.18-32 8.19-4 8.25-.26 8.17-.19 8.31-.32--in wool and flax, with which
Range
on the recent sharp advance thize
8.12-.13 8.31-32 8.36-.37
Closing
more or less. Also, the Ally
8.20-.62
prices for jute and silk sympa
8.43-.61 8.35-.50 8.35-.52
,
and
ribed
subsc
8.20-.33 8.37-.50 8.37,62
fully
been
6 8.48-.50--has
Range
fund
loan
0 8.55-.57 8.43-.44 8.35-3
$100,000,000 cotton
8.49-.5
2
8.31-3
Closing
ern banks contribute
8.53-57--- 8.49-.61
is now ready for business. The South
8.99 - 8.61 -----Exports have at times August
Range
8.52-.54 8.44-.46 8.57-.5925% and Northern banks the rest.52,00
8.38-.90 8.58-.60 8.64-.66
on
Closing
bales
0
88,50
0
to
is,
that
it,
5 8.44-.83
8.58-7
3
October
8.60-.7
made a very good exhib
3
8.67-8
2
8.44-.58 8.58-.74 8.62-.8 8.67-.68 8.60-.61 8.73-.74--cotton to Germany
Range
given days.. The increasing exports of tatio
8.50-.66 8.73-.74 8.76-.77
Closing
of dyestuffs
afford a basis for financing larger impordo notns
er
Decemb
6 8.84-02 8.78-.88 8.77-90 8.60-02
ds
towar
a
little
will
8.60 - 8.69-87 8.81-8 7 8.84 - 8.78-.79 8.88-.90--ved,
is
it
belie
,
Range
and chemicals,which
8.65-.67 8.87-.89 8.95-.9
d
adde
be
may
Closing
It
tion.
ult
situa
diffic
less
relieving a more or
Contract
lished large lines of credit Old
4
January7.47-.52 7.54 ---- 7.52 - 7.47-.5
here that German banks have estab
ent
paym
the
for
Range
nies,
7.40 - 7.52 ---compa
trust
s
and
- 7.55 - 7.46 - 7.43 7.40
with New. York bank
Closing
t by spinners, which would pro- Marchfor American cotton boughGerm
-------------------Range
an buying here even if some
7.55 - 7.52 - 7.83 --- -vide for not a little of the for on
7.70 - 7.87 - 7.85 Closing
the
on
ts
credi
of
basis
the
ged
arran
May7.90-.95
of the trading is
7.95
vital point is that Germany
7.88 ---flange
-••-• 8.12 - 8.10 - 7.80 - 7.77 other side of the water. The
C1081111E____ -.
e
but
l
stapl
actua
the
only
not
g
buyin
is
wants the cotton and
been made not only by persons
COTTON AT OTHER
futures. Some complaint has
QUOTATIONS FOR MIDDLING
in New York, that there is interferclosing quotations of middling
the
are
ow
-Bel
S.
in Savannah, but also cable
KET
MAR
n markets for
grams sent by cotton firms to
ence in London with ns, and a protest is being made by the cotton at Southern and other principal cotto
.
week
the
neutral European natio
of
day
the State Department at each
Savannah Cotton Exchange to
is that or the recent upturn of
Cloying Qoutations for Middling Cotton onWashington. A notable thingmore
rapidly than spot markets
Week ending
Monday. Tuesday. Wed'day. Thurstry. Friday.
prices futures have advanced
ay,
Saturd
January 8.
futures rose, roughly, 95 to 100 points,s
at the South, 1. e.,
price
7
as
71
'spot
where
15,
Dec.
of
s
Galveston
7
7*
compared with the price only M to /
7"
3tc. Some think this New Orleans_ _ _
7
7"
advanced in the same time
e
Mobil
at
act
7
contr
new
the
of
7
s
7
78
merit
the
to
mony
testi
nah
t
Savan
fican
signi
7
7
7
7
is
7
7"
fact that spot prices have lagged in Charleston
the
7
ugh
7
altho
7
7
,
7
York
6
,
73
ngton
New
Wilmi
and
dearity
75
scarc
the
to
,
.
711
due
7
y
partl
7
be
also
7.35
Norfolk
7
7
7h
this manner may
h
has
the
Sout
,
7
hand
other
ore
the
Baltim
On
8. 5
8. 6
8.30
8.30
8
8.15
a
ness of ocean freights.
nt
as
Philadelphia
!exte
less
or
more
7 13-16
a
to
7
7'Q
here
@h
7
7
sold
73,1
Augusta
7
is
7
from time to time
due
after
7
ion
7
react
7
a
that
7
think
is
Memph
too,
few,
7
a
7
Not
7
7
7
.
hedge
11.
of
Louis
Dec.
level
low
St.
the
745-16
from
s
point
7
7
7
nce of 112
Houston
7 3-16
that
16
tion
7
big
reduc
7
a recent adva
the
3-18
7
t
18
abou
7
talk
.
of
deal
L ttle Rock...
good
a
is
there
r
While
are
rathe
some
ge,
acrea
its
in
to make
the South is going
JAN. 9 1915.]
THE CHRONICLE
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks,
as well as the afloat, are this week's returns,and consequently
all foreign figures are brought down to Thursday evening.
But to make the total the complete figures for to-night
(Friday), we add the item of exports from the United States,
including in it the exports of Friday only.
January 8 Stock at Liverpool
Stock at London
Stock at Manchester
1915.
1914.
1913.
bales. 901,000 1,005.000 1,430.000
25.000
5,000
5,000
89,000
96,000
99,000
Total Great Britain stock
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
Total Continental stocks
1912.
887,000
2.000
66,000
1.015,000 1,106.000 1,534,000
*8,000
19,000
10.000
184,000 506.000 523,000
*72,000 446.000 452,000
2,000
2,000
2.000
18,000
24.000
24,000
118,000
45,000
43,000
*4.000
14,000
955,000
8,000
327,000
237,000
2,000
15.000
36,000
3,000
406,000 1,056,000 1.059,000
628.000
Total European stocks
1,421.000 2,162,000 2,588.000 1.583.000
India cotton afloat for Europe
129,000 155,000
47.000
33,000
Amer. cotton afloat for Europe
812,079 715,849 780.022 1.105.875
Egypt,Brazil,dirc..ant.for Europe. 55,000
99,000
87,000
66,000
Stock in Alexandria, Egypt
*240,000 380,000 326.000 254.000
Stock in Bombay. India
394,000 619.000 527,000 307.000
Stock in U.S. ports
1,624,140 1.075,300 1.078.472 1,451.864
Stock in U. S. interior towns_ __ _1,315,591 992.965 858,849 908,927
U.S.exports to-day
75,334
46,778
18.328
42,593
Total visible supply
6.066,144 6.245.892 6,310.671 5.752,259
Of the above, totals of American and other descriptions are as follows:
AmericanLiverpool stock
bales- 623.000 765,000 1.293.000 782.000
Manchester stock
64,000
57.000
63,000
50.000
Continental stock
*340.000 1,009.000 1,025.000 599.000
American afloat for Europe
812,079 715.849 780.022 1,105.875
U.S. port stocks
1,624,140 1,075.300 1.078,472 1,451.864
U.S.interior stocks
1,315,591 992,965 858.849 908,927
U.S.exports to-day
75,334
46,778
18.328
42,593
Total American
4,854,144 4,661,892 5.066,671 4,940,259
East Indian. Brazil,
Liverpool stock
278.000 240.000 187,000 105.000
London stock
25.000
5,000
5,000
2,000
Manchester stock
25,000
39,000
36.000
16.000
Continental stock
*66.000
47.000
29.000
29.000
India afloat for Europe
129,000 155,000
47,000
33.000
Egypt, Brazil, drc., afloat
55,000
99.000
87,000
66.000
Stock in Alexandria, Egypt
*240,000 380.000 326.000 254,000
Stock in Bombay, India
394,000 619.000 527,000 307,000
-1914-15January8-since
Shipped-Week. Aug.
1.
Via St. Louis
19,162 270.982
Via Cairo
10.904 151.832
Via Rock Island
109
2.149
Via Louisville
4,559
71,365
Via Cincinnati
3,425
46,070
Via Virginia points
3.348
71,345
Via other routes, dee
13,208 182.678
Total gross overland
54.715 796,421
Deduct ShipmentsOverland to N. Y., Boston, drc
3,576
54.375
Between interior towns
2,622
79,382
Inland, Sm., from South
1.556
65.308
Total to be deducted
7,754 199,065
2,530
6.629
2.501
87.442
57,449
57.307
11.660
202.193
Leaving net overland*
43.062
799.380
-----1914-15----In Sight and Spinners'
Since
Takings,
Week.
Aug. 1.
Receipts at ports to Jan. 8
380,322
4.952,768
Net overland to Jan.8
46,961
597,356
Southern consumption to Jan.8 60,000
1.350.000
Total marketed
487.283 6.900,124
Interior stocks in excess
*12,165 1,195,452
Caine into sight during week 475.118
Total in sight Jan. 8
8.095,576
North'n spinners'takings to Jan.8 73.448
1.348.924
•Decrease during week.
Movement to January 8 1915. Movement to
January 9 1914.
Recetms.
Ship- Stocks
Receipts.
Ship- Stocks
mugs. Jan.
mews. Jan.
Week. Season. Week,
8.
Week. Season. Week.
9.
Ala.,Eufaula533 20,437
418 11,996
73 20,859
21: 5,082
Montgomery. 3,450 152,831 3,739
89,459
976 141,888 1,060 37,651
Selma
1,656 102,910 2,965 52.43e
367 115,872 1,124 19,505
Ark. Helena
1,328 48,061 3,006 21,628 2,731
52,116 2,684 19,886
Little
' Rock
9,071 125,920 7,397 56,205 4,556
139,572 6,681 54,764
Ga.,Albany_
395 29,341
792 18,905
45 27,975
113 4,442
Athens
4,309 84,722 3,100 33,027 2,700
95,224 6,192 26,278
Atlanta
4,133 124,013 6,332 19,9103,011 186,028
6,462 16,994
Augusta
8.023 320,644 16,079152,102 4,724
7,766 91,113
Columbus__ 1,880 81,005 2,410 54,945 3,551 305,011
58,597 1,325 25.288
Macon
429 32,584 1,180 21,851
196 42,603
277 4,463
Rome
912 47,073 1,509 10,396
182 51,737
375 7,420
La.,Shreveport 5,992 115,519 4,433. 80,837
150,985 3,770 42,570
Miss.,Columbus
891 23,632 1,845 11,304 6,306
289
33,188 1,399 5,090
Greenville
1,043 63,737 2,811 32,45
3,60
69,085 4,969 27,676
Greenwood
2,699 107,939 7,499 39,850 2,000
100,373 4,060 33,000
Meridian __
1,401 24,955
86E
20,199
951 24,081 1,693 8,372
Natchez
250 17.035
381 12,400
301 16,478
300 5,500
Vicksburg_ ..
930 29,935 1,081 18,842 1,464
27,422
13,1E7
Yazoo City..
906 35,180
23 22,761 1,000 32,056 1,209
5i 1 16,373
Mo.,St. Louis_ 21,371 288,952 19,162 35,095 18,29
308,437 16,893 30,730
446
N.C., Raleigh_
9,647
350
282
135
225
315
O. Cincinnati- 8,376 124,744 7,857 7,325 8,679 11,144
5,005 24,467
Okla.,Hugo... 1,030 15,250 3,090 1,025 1,443 118,841
33,474 1,454 2,989
300 13,990
8.C., Greenw d
300 11,800
411 11,627
46
517
Tenn..Memphis 33,390 656,825 36,896 263,138 25,48
780,891 33,063 254,107
Nashville
461.
3,100 1,029 1,174
7,913
21:
472
185 11,978
Tex., Brenham
460 2,028
5
21,916
12 1,742
Clarksville_._ 1,194 29,973 1.359 5,308
76
44,187 2,049 6,137
0,591 83,499 5,727 7,169 3,751
Dallas
70,397 4,715 8,695
Honey Grove_
738 3,527
397 21.028
36 32,325
638 3.439
1 Houston
144,198 1,932,740 133,773 188,127 80,805 2,108,679
Parts
7,925 80,351 8,656 8,078 2,023 86,980 73,705 188,480
3,312 6,111
Tota11:33'towns 275 0954.854.598287,260 1315591 180.921 5.327.940
195 Rall 000 no-
The above totals show that the interior stocks
have decreased during the week 12,165 bales but are to
-night 322,626
bales more than at the same time last year. The
receipts at
all towns have been 94,174 bales more than the same
week
last_ year.I
to OVERLAND WOVE
NT OR THE WEEK AND
SINCE AUG. 1.-We give below a statement showing
overland movement for the week and since Aug. 1, as the
made
uplfrom telegraphic reperts Friday night. The results for the
week and since Aug. 1 in the last two years are as follows:
-----1913-14----Since
Week.
Aug.-1.
275,070 7,406,285
43.062
799,380
60,000 1,386.000
378,132 9,591,665
*12,945
849,497
365.187
10.441.162
65.458 1.653,073
NEW ORLEANS CONTRACT MARKET.-The
est, lowest and New Orleans cotton market for the highpast
week have been as follows:
Saturday, Monday, Tuesday, Wed'day. Thursd'y,
Jan. 2. Jan. 4. Jan. 5. Jan. 6. Jan. 7. Friday.
Jan. 8.
Now Contract.
JanuaryRange
March-
Towns.
597.356
54.722 1.001,578
The foregoing shows the week's net overland movement
has been 46,961 bales, against 43,062 bales for the week last
yea ,and that for the season to date the aggregat net overland exhibits a decrease from a year ago of 202,024e bales.
1,212,000 1,584,000 1,244.000 812,000
4,854,144 4.661,892 5.066,671'4,940,259
AT THE INTERIOR TOWNS the movement-that
is,
the receipts for the week and since Aug.
the shipments for
the week and the stocks to-night, and the1,same
corresponding period of the previous year-isitems for the
set out in
detail below.
46.961
-1913-14Since
Week. Aug. 1.
16,893 289,952
13,959 224,242
3,469
19
1.818
64,983
5,928
71,074
3,123 106.339
12,982 241,519
•Including movement by rail to Canada.
MarchRange
Closing
May
Total visible supply
6.066,144 6.245.892 6,310.671 5,752,259
Range
Middling Upland, Liverpool
4.71d.
6.91d.
7.02d.
5.37d.
Closing
Middling Upland, New York_ _
8.00c. 12.60c. 13.10c.
9.65c, JulyEgypt, Good Brown, Liverpool
7.00d. 10.25d. 10.65d.
9U,d.
Range
Peruvian, Rough Good,Liverpool 8.75d.
9.00d.
1045d.
9.058.
Closing
Broach, Fine, Liverpool
4.40d. 6 5-6d. 6 11-16d.
5hd. OctoberTinnevelly, Good, Liverpool_ _
4.308. 6 11-16d. 6 11-16d. 5 7-.16d
HOLI* Estimated.
laonsffnge
DAY.
Continental imports for past week have been 120,000 bales. DecemberRange
The above figures for 1915 show an increase over last week
Closing
of 162,359 bales, a loss of 179,748 balesfrom 1914, decrease Old Contract.
January-.
of 244,527 bales from 1913 and a gain of 313,885 a
Range
bales over
1912.
Closing
Total East India, arc
Total American
149
Range
Closing
MayRange
Closing
ToneSpot
7.51 ---- 7.57-.65-7.58 - 7.63 - 7.46-.48 7.41-.4
7.71-.85 7.74-.89 7.74-.87 7.67-.7
7.83-.84 7.88-.89 7.74-.76 7.68-.6
7.91-.06 7.94-.08 7.95-.12 7.88-.0
8.02-.03 8.07-.08 7.95-.96 7.89,
8.14-.30 8.16-.32 8.14-.31 8.09-.
8.25-.26 8.29-.31 8.14-.15 8.09-.1
8.39-.50 8.41-.57 8.44-.57 8.40-.47 HOLI8.50-.5 8.55-.5 8.43-.45 8.38-.39 DAY.
8.54-.61-8.54-.557.45-.58 7.52-.58 7.59-.60 7.51-.5
7.58 - 7.63 - 7.52-.54 7.48-.5
7.79-.80
7.81 - 7.83-.87 7.69 - 7.68
7.94 - 7.96-.00 7.84 - 7.81
Steady. Steady.
0.........
•
04.........
•
Firm.
C14,.....4...
•
Steady.
Qh..Aw
Quiet.
-- -- --
WEATHER REPORTS BY TELEGRAPH.-Our telegraphic advices from the South this evening indicate that
rain has fallen in most sections during the week, with the
precipitation light or moderate in the main. The marketing
of cotton continues on a free scale.
Galveston, Tex.-It has been dry all the week. The thermometer has ranged from 43 to 60, averagin
g 52.
Abilene, Tex.-Rain on two days of the week,
with rainfall
of thirteen hundredths of an inch. Lowest thermom
eter 30.
Dallas, Tex.-We have had rain on three days during
the
week, the. precipitation reaching thirteen
hundred
ths of an
inch. Minimum thermometer averaged 30.
Palestine, Tex.-Rain has fallen on
days during the
week, the precipitation reaching forty-eitwo
ght hundredths of an
inch. Lowest thermometer 36.
San Antonio, Tex.-It has rained on two days of the week,
the precipitation being sixteen hundredths of an inch.
Minimum thermometer 40.
Taylor, Tex.-We have had rain on one day during the
week, the rainfall being two hundredths of an inch. Lowest
thermometer 34.
New Orleans, La.-It has rained on one day of the week,the
precipitation reaching fifty hundredths of an inch. The
thermometer has averaged 53.
Shreveport, La.-Rain has fallen on two days during the
week, the precipitation reaching thirty-two hundredths of an
inch. The thermometer has ranged from 32 to 64. .
Vicksburg, Miss.-Rain has fallen on one day during the
week, the precipitation reaching twenty-seven hundredths of
an inch. The thermometer has ranged from 32 to 63, averaging 49.
Mobile, Ala.-Rain has fallen on two .days of the week,
the precipitation reaching one inch and sixteen hundredths.
Average thermometer 50, highest 73, lowest 33.
Selma, Ala.-We have had rain on two days during the
week, the rainfall reaching ninety-five hundredths of an inch.
inch. The thermometer has averaged 42, the highest being
62 and the lowest 26.
Madison, Fla.-Rain has fallen.the past two weeks
seven days, the precipitation reaching four inches and on
fifty
[VOL. 100.
THE CHRONICLE
150
Total bales.
33 to 70, WILMINGTON-To Rotterdam-Jan. 5-9.529
9,529
hundredths. The thermometer has ranged from
8.178
NORFOLK-To Bremen-Jan. 8-8,178
Jan. 2-743; Jan. 4-2,951; Jan. 5-788 4,482
LiverpoolTo
averaging 53.
BOSTONrain63
with
week,
the
of
days
two
2-63
To Yarmouth-Jan.
Savannah, Ga.-Rain on
3.765
-Dec. 31-3,765
inch. Average thermom- BALTIMORE-To Liverpool
4,050
fall of sixty-three hundredths of an
To Havre-Dec. 28-4,050
1.000
LPHIA-To Liverpool-Jan. 2-1,000
eter 50, highest 70 and lowest 35. rain on three days of the PHILADE
1 316
To Rotterdam-Dec. 31-1.316
3,632
Charleston, S. C.-There has been
5-3,632
n.
Japan-Ja
ND-To
TOWNSE
ORT
hs.
hundredt
six
and
inch
one
ing
week, the rainfall aggregat
343,613
being 66 and
Total
The thermometer has averaged 51, the highest
the lowest 35.
the
have
we
l
Liverpoo
from
week, to
LIVERPOOL.-By cable
Charlotte, N. C.-We have had rain during the hs.
week's sales, stocks, &c., at that
the
of
t
statemen
The
g
followin
hundredt
ve
thirty-fi
and
inches
the extent of two
port:
thermometer has ranged from 29 to 61, averaging 45.
Dec. 18. Dec. 24. Dec. 31. Jan. 8.
the week, Sales of the week
16,000
27.000
41,000
Memphis, Tenn.-Rain has fallen on one day ofof
200
100
600
inch.
an
ths
took
s
hundred
ine
speculator
eighty-n
which
Of
reaching
1,000
the precipitation
4,200
8.000
took
exporters
Of which
13,000
20.000
31,000
Average thermometer 43, highest 60, lowest 32.
Sales, American
6,700
9,791
3,012
5,000
Actual export
63,000 128,000
64,000
82,000
Forwarded
WORLD'S SUPPLY AND TAKINGS OF COTTON.
738,000 830,000 901,000
1913-14.
1914-15.
Cotton Takings.
Week and Season.
Week.
Week.
Season.
Season.
6,135,924
5,936,785
Visible supply Jan. 1
2,581,551
3,176,816
Visible supply Aug. 1
475.118 8.095,576 365.187 10.441.162
American in sight to Jan. 8
1,028.000
112,000
290,000
b55,000
Jan.
to
Bombay receipts
151,000
5,000
122,000
b4,000
Other India shipments to Jan. 7
813.600
22.000
377,000
b65,000
Alexandria receipts to Jan. 6
147,000
4.000
.000
54
2,000
6
Other supply to Jan.
6.537,903 12.115,392 6.644,111 15,162,313
Total supply
Deduct6.065,144 6,066.144 6,245,892 6,245,892
Visible supply Jan. 8
471,759 6,049.248
362.759 4.921,248
109,000 1,128.000
Total takings to Jan. 8_a
Of which American
Of which other
398,219 8,916,421
336,219 7,112,821
62,000 1,803,600
Spot.
Mld.Upids
BOMBAY COTTON MOVEMENT.-The receipts of
India cotton at Bombay and the shipments for the week
ending Nov.26and for the season from Aug. 1 for three years
have been as follows:
Market, 1
4
P. M. i
Bombay1914....
1913_
1912....
1912.
Since
Week. Aug. 1.
Since
Week. Aug. I.
32.000
Bombay
Exports
1913.
Since
Week. Aug. 1.
153.000 88.000
For the Week.
Great
Great Contt- Japan
Britain. neat. &China Total. Britain.
1.600 10,C00 16,00 27,000
____ 22,000
22,000
____ 3,000
1,0001 2,000
452.000 39.000
177,000
Since August I.
Continem.
Japan
&China
Total.
15,000 72,000 173,000 260,000
5,000 255,000 172,0011 432,000
12,000 96,000 29,000 137,000
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria. Egypt,
December 2.
Receipts (cantars)This week
Since Aug. 1
Exports (bales)
1914.
1913.
1912.
311,546
1,740.404
350,000
4,585,018
430,000
4,317,140
This Since
This Since
This Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
3.288
To Liverpool
7,043
To Manchester
To Continent and India_ 13,868
2,957
America
To
Total exports
34.101 6,250 94,695 17,250 96,550
38,715 8,500 86,968 9,250 92,801
55.882 13,750 151,856 17,750 115,161
28,522 2,000 11,464 6,250 34,468
27.156 157,220 30,500 344.983 50,500 338.980
Note.-A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
MANCHESTER MARKET.-Our report received by
cable to-night from Manchester states that confidence in the
general situation tends to stimulate business.
SHIPPING NEWS.-As shown on previous page, the
exports of cotton from the United Stet s the past week have
reached 343,613 bales. The sbipmen s n detail, as made
up from mail and telegraphic returns, are a follows:
Total bales.
219
NEW YORK-To Manchester-Jan. 2-219
1,234
To Havre-Dec. 31-1.234
7.090
To Bremen-Jan. 7-7.090
6,230
To Rotterdam, &c.-Jan. 3-6.230
GALVESTON-To Liverpool-Jan. 1-13.917; Jan. 7-8,049:
34,696
8-12,730
Jan.
19.021
To Manchester-Jan. 2-10.376; Jan. 6-8,645
24,832
To Havre-Jan. 2-13,623: Jan. 7-11,209
10,317
5-10.317
To Bremen-Jan.
13,122
To Gothenburg-Jan. 6-13,122
4.350
To Rotterdam-Jan. 2-4,350
20.376
To Barcelona-Jan.6-11,229; Jan. 7-9,147
6.680
To Genoa-Jan. 6-6,680
206
To Mexico-Jan. 5-206
-Dec. 31-11,791: Jan. 2-12,NEW ORLEANS-To Liverpool
50,434
375; Jan. 7-7.968;Jan. 8-18.300
130
To other Great Britain-Jan. 6-130
5,313
To Havre-Jan 6-5,313
3.650
2-3,650
-Jan.
Rotterdam
To
4.950
To Barcelona-Jan. 5-4950,
12,863
5--6,594
To Genoa-Dec.31-6.269; Jan.7-536
536
Cabello-Jan.
MOBILE-To Puerto
400
2-400
Pensacola-To Continent-Jan.
Jan.
5-2.071;
Jan.
1-7,160:
LiverpoolTo
AH
SAVANN
20,992
Jan. 7-11.761
1,402
Jan. 5-960
To Oporto-Jan. 1-442;
5.753
8-5.753
-Jan.
To Barcelona
12,454
To Bremen-Jan. 7-12,454
12.650
To Rotterdam-Jan. 4-12.650
4,848
To Gothenburg-Jan. 1-4,848
6,600
6-6.600
ock-Jan.
Vladivost
To
6.750
5-6,750
Jan.
LiverpoolBRUNSWICK-To
9,500
&c.-Jan. 4-9,500
CHARLESTON-To Rotterdam.
Saturday.
Market, 1
12:15
P. NI.
Sales
Spec.&exp
1914.
465,000
96.000
79.000
473,000
422.000
559,000
166,000
147.000
358,000
304,000
623.000
204.000
172,000
The tone of the Liverpool market for spots and futures
of
each day of the past week and the daily closing prices
spot cotton have been as follows:
*Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces the tots estimated consumption by Southern mills,
gs not being
1.350,000 bales in 1914-15 and 1.386,000 balesin 1913-14-takin
available-and aggregate amounts taken by Northern and foreign spinners,
4.699,248 bales in 1914-15 and 7.530,421 bales in 1913-14, of which 3,571,248 bales and 5.726,821 bales American.
Noventter 26.
Receipts at-
708.000
445.000
101,000
85,000
490,000
430.000
Total stock
Of which American
Total imports of the week
Of which American
Amount afloat
Of which American
Futures.
Market 1
opened
HOLTDAY
Monday.
Tuesday. Wednesday. Thursday.
Good
demand,
Good
demand,
Moderate Fair busldemand. ness doing.
Friday.
drulet.
4.71
4.74
4.74
4.74
4.71
10,000
1,000
10,000
1,000
7,000
1,000
8,000
800
6,000
1,000
at Quiet at
Steady at Steady at Steady at Quietpts.
34(411 pt.
1ig2 pts. 8(4)9
9151014
234155
decline .
decline.
pts. adv. pts. adv. advance,
st'y
Barely
Steady,
at
Firm
Steady at Quiet, 1 pt
unch. to
634a8
7@714
15 pts. dec. to 55
advance. Pt. adv. nts. adv. Ms. dec. 15 pt. adv.
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths.
Thus, 4 45 means 4 45-100d.
Friday.
Jan. 2 Saturday. Monday. Tuesday. Wed'elay. Thurtday.
to
4 123.4 4 1234 4 1234 4 1234 4
Jan. 8. 1214 1234 1234
p.m.P.m. P.m. P.m.P.m. p.m. p.m. P.m. p.m. p.m. p.m. P.m•
d. d. d. d. d. d. d. d. d.
d.
d. d.
4 45 4934 52 50 52 58 52 5034 49 51
May-June
58 5634 55 5634
July-Aug_ HOLI- 4 5134 56 5834 56 58 64
66%
6734 663465,
Oct.-Nov. DAY. 4 63 6734 6934 67 6814 74
7214 71 &,4170 71 1.4
7814
74
72
7414
73
6814
4
Jan.-Feb_
BREADSTUFFS
Friday Night, January 8th, 1915.
Flour has been strong, in sympathy with a big advance
in wheat, so that quotations for flour have, in some cases,
materially advanced. But when it comes to actual trading
it is another matter. Buyers, as a rule, are taking only
what they require for immediate needs. Recently in some
cases Northwestern mills, it is true, have had a better trade;
others have not done so well. Recent business there has
been from 60 to 100% of the output, but 100% was a distinct exception to the rule. The advance in prices has
apparently, in many cases, carried them above exporters' .
limits, so that we hear less of foreign sales to Europe. In
other words, the situation though generally strong, is quite
as certainly for the most part quiet.
Wheat has advanced by leaps and bounds under the stimulus of a big European demand. There are fears that America
will yet over-export itself under the spur of an insistent
European demand. Last Monday the Rockefeller Foundation and the Belgian Relief Committee bought 1,250,000
bushels at the West. Large quantities of domestic and
Canadian wheat were also sold at the same time at the seathe
board. One thing which has played into the hands ofrates
American trade has been. the very high ocean freight am.
for Argentina to Europe, i. e., 45c. per bushel to Rotterd
and high
But ocean tonnage,for that matter, has been scarce
there
everywhere. But still with high prices ruling abroad
obstacles, and in
is a strong incentive to buy whatever theranged
from 500,the United States daily export sales have
prices in
000 to 2,000,000 bushels. Last Tuesday isspot
true that the
Liverpool advanced 43' to 532 pence. It
recent advance of 10 cents a bushel has caused a good deal
of realizing, but the market has absorbed all offerings with
a readiness which has made a profound impression. The
weekly statistics, moreover, were bullish. They showed a
decrease in the world's stock of 7,822,000 bushels, against
1,306,000 in the same week last year. The total American
supply fell off 1,422,000 bushels,.which contrasted rather
strangely with an actual mcrease in the same week last
out
year of nearly half a million bushels. It is pointed
North
by Liverpool statisticians that the exports frombushels,
America from Aug. 1 to Dec. 19 were 163,104,000
period
or nearly 30,000,000 bushels more than in a certain
the same
of 1913. Russia, on the other hand, inbushels,
as
period it seems, exported only 672,000
JAN. 9 1915.1
THE CHRONICLE
151
against 76,362,000 bushels in the same period of 1913. creased and
that prices of late have been more or less irreguIndia's exports in the same time lost 4,000,000 bushels, as lar. For instance
, on Wednesday oats broke fully 1 cent
compared with the same time of 1913 and Australia's dropped from the top
at Chicago on selling by traders. It shows
nearly 10,000,000 bushels. The total world's exports for the shifty
nature of the market; it shows that almost anythe period mentioned are put at 185,928,000 bushels, or some thing may be
expected at any time in the way of fluctuations.
80,000,000 bushels less than in the same time of 1913. From At the same
Aug. 1 up to date the total shipments to Europe, &c., in undertone fortime, however, there can be no doubt that the
another statement are put at 176,000,000 bushels, while the In Argentina the time being at any rate, has been strong.
the weather has been wet in parts of the harrequirements are estimated at 316,000,000 bushels. Last vesting
Harvesting has been impeded and harvesting
year for the same period the exports to Europe, &c., were returns area.
are
disappointing. Estimates of the Argentina
264,000,000 bushels, and the requirements 240,000,000 surplus,
moreover, are being reduced. To-day prices adbushels. In other words, Europe is nervous about supplies, vanced, with
a good domestic demand. Besides exporters
as the war interferes with agriculture, world's crops are took
500,000 bushels.
smaller as a rule than those of last year, despite the increase
DAILY CLOSING PRICES OF OATS IN NEW YORK.
in this country and the outlook for the next crop in Europe
Mon.
Tues.
Wed. Thurs. Frt.
is more or less dubious. The weather in the United Kingdom Standards_ _ _ -cts55®Sat.
55% 56056% 563457 5634 ® 57
57
57%
has been bad and field work and threshing have been greatly No. 2 white
5534(06 5634 ®57 5705734 57@5754
5734 58
DAILY CLOSING PRICES OF OATS
interrupted. Dry weather is complained of in India. SeedFUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
ing is backward in Hungary. In Austria breadstuffs are May delivery in elevator
cts_ 5434 55
5534 5434 56
5634
very scarce and dear. In Italy the weather has been very July delivery in elevator
5134 5334 5334 5234 5334 5431
wet. In Argentina the tone of the markets is strong, a fact
The following are closing quotations:
which has reacted on Liverpool prices. In Germany ofGRAIN.
ficials and others are making further efforts to economize in Wheat,per bushel
-f.o. b.
Corn,per bushelcte.
the use of grain. At the West country offerings are still
N.Spring. No.1_
$1 5034
No. 2 mixed,_F. O.B.
79q
N.Spring, No.2
light. Mills are in some cases more anxious buyers. SouthNo. 2 yellow____0. I. F.
80)(
Red winter, No. 2
1 48 y,
No. 3 yellow
western mills have been buying cash wheat at Minneapolis,
7934
Hard winter,No.2
Argentina
14834
in bags
77
taking round lots out of store at 4 cents over May. The fact Oats, per bushel. newcts. Rye, per bushelStandard
New York
5734
that Western flour prices, according to Chicago reports, have
1.20
No. 2. white
as
Western
No. 3. white
within a week advanced 60 cents has had no little influence
Barley-Malting
57
77 ®83
on wheat. Also there are persistent rumors that the exportFLOUR.
able surplus of Argentina will not be anything like as large Winter. low grades----35 20 $5 40 Spring clears
$6 00136 25
Winter patents
6 75 Kansas straights. sacks_ 6 50
as was at one time expected. On the other hand, the recent Winter
675
straights
6 25
6 50 Kansas clears,sacks
5 85
6 10
advance in wheat prices of some 10 cents a bushel has Winter clears
550
6 00 City patents
7 75
Spring patents
6 75
lifted them to the highest level seen for sixteen years Spring
7 00 Rye flour
6 000 650
straights
6 40
6 60 Buckwheat flour
2 858k 3 00
past and there are those who think that at least a momentary
The statements of the movement of breadstuffs to market
reaction is due. Cash prices at the West are said to have
reached the highest point seen for 45 years, or since the indicated below are prepared by us from figures collected by
days of the Franco-Prussian War. British grain markets the New York Produce Exchange. The receipts at Western
have been excited and it is suggested in some quarters that lake and river ports for the week ending last Saturday and
prices are going to extremes, which sooner or later, will since August 1 for each of the last three years have been:
produce a sharp recoil. To-day, however, prices advanced Receipts
at- Flour.
Wheat.
Corn.
Oats.
Barley.
Rye.
nearly 3 cents on big buying and a wild speculation. Exbbls.1961bs. bush. 60 lbs. bush. 56 Its. bush. 32 lbs. bush.431bs. bu.513
port sales were 1,500,000 bales. May wheat touched
lbs.
141%,
___
83,000 1,919,000 4,143,000 2,145.000
426,000 121,000
the highest thus far reached this season and the highest Chicago_
Milwaukee__
15,000
81,000
309,000
327,000
218,000
77,000
since the Leiter deal in 1898, when May touched $1.85. Duluth
367,000
274,000
118,000 . 35,000
40,000
Minneapolis.
1,908,000
531,000
329,000
Margins of 10 to 15 cents are exacted on new business by Toledo
347,000 111,000
94,000
84,000
54,000
4,000
some commission houses. Prices are up 22% cents from the
Detroit
8,000
30,000
178,000
109,000
Cleveland
10,000
low point in December. Exports for the week reached
27,000
84,000
111,000
a
St. Louis
72,000
492,000
475,000
342,000
25,000
20,000
high record in the history of the trade, being 10,365,119 Peoria
65,000
20,000
368,000
208,000
53,000
8,000
Kansas CitY.
bushels. The total thus far since Jtily 1st from the United
1,039,000
333,000
60,000
569,000
945,000
138,000
States is 207,132,327 bushels, against 158,999,197 bushels Omaha
in the same time last year. Mills were buying
Tot. wk.'15
263,000 6,546,000 7,724,000 3,941,000 1,104,000 381,000
freely at Same
wk.'14
243,000 4,268,000 8,033,000 4,270,000 1,365,000 233,000
Kansas City at 1M cents over May. Country offerings
Same wk.'13
in
326,000 7,374,000 8,233,000 5,300,000 2,437,000 262,000
the winter-wheat belt were small. They are larger
Northwest. Two cargoes of Durum wheat were in the Since Aug. 1
sold to
1914-15_ _ 9,413,000 270,817,000 109,633,000 153,893,000 54,046.000 14219000
Italy at the seaboard at $2 07 c. i. f.,
1913-14_ 9,607,000 184,213,000 101,899,000 115,666,000 55,049,000 8,667.000
the highest price
1012-13
ever paid.
8 166 304 214.630.777 84.669.3113
128.594.462 56.358.508 10771000
DAILY CLOSING PRICES OF WHEAT
FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs.
No. 2 red
Fri.
cts_138
141
145
143$ 145% 148%
May delivery in elevator
139
142
145% 143
145% 148%
July delivery in elevator
128
130
128
131% 13334
DAILY CLOSING PRICES OF WHEAT FUTURE
S IN
.
Sat. Mon. Tues. Wed. CHICAGO
Thurs. Fri.
May delivery in elevator
cts_131
13434 13734 136
13834 14034
July delivery in elevator
1195£ 122
12334 12234 12434 12634
Total receipts of flour and grain at the seaboard ports for
the week ended Jan. 2 1915 follow:
Receipts atNew York
Boston
Portland, Me__ - _
Philadelphia
_
Baltimore
New Orleans•
Newport News
Galveston
Mobile
Montreal
St. John
Flour,
Wheat,
bush.
268,000 1,269,000
44,000
191,000
14,000
642,000
64,000
713,000
88,000
331,000
108,000 1,292,000
6,000
251,000
1,735,000
11,000
3,000
68,000
41,000
204,000
Corn,
bush,
457,000
7,000
Oats, Barley,
bush.
bush,
289,000 171,000
69,000
2,000
220,000
122,000
36,000
Rye,
bush.
58,000
51,000
1,000
969,000
212,000 112,000 249,000
Indian corn has been rising in sympathy with wheat. At
39,000
24,000
points in Ohio as high as 60 cents has been paid. Liverpool
has reported smaller offerings from River Plate. Stocks at
34,000
Liverpool, moreover, have been decreasing. Prices at Buen3,000
56,000
21,000
os Ayres have been strong. Yet profit-taking and hedge
Total week 1915_
6,696,000 1,729,000
selling have now and then caused a reaction in this country. Total week 1914_ 647,000
772,000
342,000 359,000
418,000 3,523,000
996,000
728,000 334,000 60,000
The Eastern demand at Chicago has also been rather slow.
Receipts do not include grain passing
Exporters have not done much, despite a sharp advance in on•through
through
New Orleans for foreign ports
bills of lading.
Liverpool. But, on the other hand, the South the other day
The exports from the several seaboard
bought half a million bushels at St. Louis, Kansas City and
ending Jan. 2 are shown in the annexed ports for the week
Cairo. In Illinois prices have been up to 64
statement:
65 cents.
Wheat,
At Liverpool the corn market has been strongand
Corn, Flour,
Oats,
Rye, Barley,
Peas,
Exportsfrombush,
bush.
bbls.
with heavy buying on the Argentina news andand excited, New
bush.
bush.
bush.
bush.
York
710,233 180,911
decreasing Portland,Me_ . 1,677,645
60,518
107 150,448 56.858
stock. The scarcity and dearness of ocean freights
642,000
14,000
at
ArI3oston
234,802
20,690
gentina ports has been a noteworthy feature, making
Philadelphia ____ 845,000
34,000 24,000
63,000
Baltimore
land anxious about future supplies from that quarter. Eng786,613
350,360 333,466 130,454
ToNew Orleans____ 729,000 550,603
day prices advanced on larger trading. Most houses are Newport News__ 251,000 14,000 1,000
1,000
6,000
demanding such large margins on wheat that some of the Galveston
729,000
Mobile
trading is being diverted to corn and oats. Exporters took St.
34,000 11,000
John
204,000
41,000
750,000 bushels.
DAILY CLOSING PRICES OF NO.2 MIXED CORN
IN NEW YORK.
Sat. Mon. Tues. Wed.
Thurs. Fri.
No. 2 mixed
cts_ 76
7634 7934 7834 79
7934
DAILY CLOSING PRICES OF CORN FUTURE
S IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs.
Fri.
May delivery in elevator
cts- 7334 7534 7534 7534
7534 7634
July delivery in elevator
7534 7634 7634 7634
7634 7734
Total week... __6,099,060 1,342,836
298,601
Week 1914
3 587,917 108,440 177,239
411,878 333,573 343,902 56,858
74,875
623,928
2,006
The destination of these exports for
the week and since
July 1 1914 is as below:
Flour
Wheat
_____Corn---Since
Since
Since
Week.
July 1
Week.
July 1
Week.
July 1
Exportsfor week and Jan. 2.
1914.
Jan. 2.
1914.
1914.
Jan. 2.
since July 1 to-bbls.
Ws.
bush,
bush,
bush.
bush.
United Kingdom___112,131 2,885,575
2,210,525 77,862,919
130,061
34,000
Continent
114,891 2,280,636 3,879,410 89,380,472 1,242,269
5,833,905
Sou.& Cent. Amer_ 49,126
789,904
9,125 2,685,427
805,101
525
West Indies
22,453 755,702
32,883
964,320
65,517
Brit, Nor. Am.Cols.
46.899
4,818
Other Countries_.- _
139,700
525
56,012
15,375
Total
298,601 6,898,416 6,099,060 170017,713 1,342,836 7.773,580
Total 1913-14
177,239 6,235,734 3,587,917 114989,998 108,440 1,938,449
Oats have also advanced at home and abroad. Argentin
a
reports oats 4 cents higher latterly on damage
crop. Also, it is noted that the tonnage at Argentinto the
a markets for oats, wheat and linseed is very scarce. Exporter
have been buying at Chicago to some extent, and the others
day 100,000 bushels were sold to Europe. Of course,
the big advance in wheat has also exerted more or less influence. The domestic demand at Chicago has also inThe
shipments of wheat and corn for the week
creased greatly. Shorts have covered freely. At the same ending world's
2 1915 and since July 1 1914 and 1913 are shown
time, however, it is a fact that country offerings have in I n the Jan.
following:
THE CHRONICLE
152
[VOL.
loo.
More orders have been received from Red Sea ports for standbales.
ard sheetings, amounting to between 500 and 600 goods
1913-14.
able
1914-15.
Consider
poor.
is
191344.
demand
1914-15.
quarters
other
From
Espana.
Since
Since
are still held here forChina account,and until shipping direcWeek
Since
Since
Week.
is
Jo411.
July 1.
Jan. 2.
July 1.
July 1.
tions have been received covering these, no new business
Jan. 2.
small
recent
market,
the
of
out
also
is
India
for.
Bushels.
looked
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
ents
706,000
1,144.000 7,244,000
takings of drills having been sufficient to meet requirem
North Amer. 8,400,000 227,048,000 163,908,000
4,813,000 8,209,000
12,074,000 88,822,000
of miscellaneous goods is
volume
large
A
being.
Russia
time
the
for
12,901,000
9,431,000
•
2,347,000 27,812,000
•
Danube_ _ _ _
contracts.
32,000 4,563,000 12,890,000 3,162,000 89,873.000 118,263,000 being shipped against war
Argentina__
8,996,000 16,608,000
GOODS.-The exports of cotton
COTTON
Australia_
IC
DOMEST
104,000 16,152,000 24,720,000
India
Dec. 31 were 2,326
goods from this port for the week ending
56,000 4,52.5,000 4,930,000
0th. countr's
for the period fromJan.1
and
,
$163,502
at
valued
,
packages
4,308,000 111,361,000 140,079,000
, valued at $22,Total..... 8.592,000 275,705,000 339,488,000
to Dec. 31 they reached 296,291 packages
1913 the totals
•Not available since August 1.
140,681. For the corresponding period ofThe
usual details
822.
The quantity of wheat and corn afloat for Europe on dates were 337,205 packages and $25,797,withheld
for the present
that we have heretofore given are
mentioned was as follows:
theTreasury.
under instructions of the Secretary of.
Corn.
Wheat.
Demand for staple cotton goods is improving, and many
ents
United
buyers are placing contracts covering their requirem
United
have taken
Kingdom. Continent. Total.
Kingdom. Continent. Total.
through the greater part of the year. Retailers
quite a large volume of goods for their January "white" sales
Bushels. Bushels. Bushels. Bushels. Bushels. Bushels.
28,741,000 and are also beginning to order their spring and.summer
37,448,000
Jan. 2 1915_
29,292,000
43,312,000
delayed. covering their spring
Dm,26 1914_
8,317,000 13,664,000 goods. Many buyers who
Jan. 3 1914_ 13,312,000 13,800,000,27,112,000 5,347,000 17,944,000 26,616,000
of obtaining
needs until after the first of the year in the hope
Jan. 4 1913_ 12,400,000 14,296,000126,696,000 8,672,000
ted and are now placing their
disappoin
been
have
prices
lower
The visible supply of grain, comprising the stocks in business without further delay. This is particularly true as
granary at principal points of accumulation at lake and regards ginghams, colored cottons and other lines, of cotton
seaboard ports Jan. 2 1915 was as follows:
with prices firmly
dress goods. Print cloths are fairly activeslightly
under the
UNITED STATES GRAIN STOCKS.
prices
at
buyers
of
offers
Recent
held.
Amer.
Amer.
Bonded
Amer. Bonded Amer. Amer. Bonded
Rye. Barley. Barley. market have not resulted in sales, and mills are very firm on
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush, bush, bush, bush. bush.
In Thousandsa good demand for heavy and
103 distant contracts. There is
474
248
176
4,163 1,141 1,449 1,139
New York
ly for bagging purposes.
principal
,
15
3
264
sheetings
28
46
714
382
weight
medium
Boston
51
4
289
310
271
1,677
considerable attention.
Philadelphia
receiving
also
are
blankets
Cotton
138
57.5
29 1,556 1,140
1,272
Baltimore
urers, owing to the
manufact
by
pushed
being
____
-145
now
---are
74
____
These
3,371
---New Orleans
8
scarcity of woolen blankets.
1,725 -- -and
Galveston
prices
higher
of
prospect
-- --16 fAiii 453 2-,174 --25
61
2,612
---Buffalo
3%c.
637
Gray goods, 38-inch standard, are quoted
____ 1,098 ____
10,012 1,429
afloat
worsteds
9
1
1,390 ---Toledo
WOOLEN GOODS.-Business in woolens and
::
7
.!!
.
55
goods. Me100
spring
for
afloat
-orders
re
good
with
active,
s
continue
53 ____
27
448 ____ "iio
Detroit
placed on the
60 -626
3,622 ____ 9,809 12,898 _--dium and low-grade covert cloths recently
Chicago
that demand for the
792
result
473 ___ 1,593
the
with
afloat
well,
selling
are
market
::::
80 -264
599 ---.
647
73 ____
hs
Milwaukee
32 better grades has fallen off. Light shades of broadclot
537
93
27
708 1,938
74
9,312
Duluth
612 ---8_
.74
4
_2_3
popularfor spring suiting's and
592 4,554 ---more
18,309 .. _ _
becoming
are
Minneapolis
serges
and
-_-_-_-_
---,627 ::::
286
____
3,221
St. Louis
cloaks. Gabardines, whipcords, pophns and wool silk mix476 1
____
9,719
Kansas City
. tures are also doing well. Manufacturers complain about
-_-_-..205 1,353 --3 ____
Peoria
390
467
---- -462
326---Indianapolis
44
the high cost of wool and state that profits are kept within
819 1,998 ---845 ____
Omaha
small margin, notwithstanding recent advances which have
a
150
228 1,448 5,118
32,957
Total Jan. 2 1915_72,861 3,719 19,703 32,849
made on finished goods. They are greatly encouraged
149
been
5,336
1,644
223
15,864
Total Dec. 26 1914_73.748 3,881
28,910 8,932 2,228 5,712 1.585 by the action of the British Government in lifting the emTotal Jan. 3 1914_83,742 10,523 12,126
bargo against wool exports, but state that the restrictions
CANADIAN GRAIN STOCKS.
Bonded
Canadian
Canadian Bonded
Canadian Bonded
ing the shipment of the same will act as a severe
surround
Barley.
Rye.
Barley.
Oats.
Oats.
Corn.
Wheat. Wheat.
of fall lines
bush, bush. bush. bums, bush. bush. handicap. The trade is awaiting the opening
bush.
bush.
ThousandsIn
333 _
5
114 1,343
expectations of higher prices for that
1,499 -and
the
month,
in
later
Montreal
2,080
_
Ft. William & Pt.Arth'r 4,533 __ _
season are general.
283
afloat
1,666
9,189
FOREIGN DRY GOODS.-Business in imported lines,
Other Canadian
rly in woolens, worsteds and novelty lines, is quiet.
__
333
particula
5
8,978
114
4
1915..15,50
2
Jan.
Total
329 _ _ Agents representing foreign manufacturers are urgently
116 6.978
Total Dec. 26 1914..15,353
_489
24
13 13,008
Total Jan. 3 1914._22,118
soliciting orders, assuring buyers that they will be in a posiSUMMARY.
Bonded tion to make the deliveries promised. Buyers, however, are
Bonded
Bonded
Rye. Barley. Barley. generally showing a preference for domestic goods. Linens
Wheat. Wheat. Corn, Oats. Oats.
bush, bush, bush, bush. bush. bush, bush. bush.
past week, owing
In Thousands150 have been slightly more active during the
5,116
1,448
228
32,957
19,703
3,719
72,861
American
333
5
114 8.978
____
to the demand from retailers for supplies to fill in their offer15,504
Canadian
Advances in prices are
150 ings at, the special January sales.
228 1,453 5,449
Total Jan. 2 1915.-88,385 3,719 19.817 39,935
149
223 1,644 5,865
on lines in which the shortage is most
Total Dec. 26 1914..89,099 3,881 15,980 39,827 6,932 2,250 6,201 1,565 still being recorded
offerTotal Jan. 3 1914_85,860 10,523 12,139 39,918
pronounced. Attention is beginning to centre in the
season, and the
ings of dress linens for the coming spring
on. It is
trade is awaiting developments in this connecti
THE DRY GOODS TRADE.
rule so high that sales will compare
will
prices
that
feared
New York, Friday Night, Jan. 8 1915. very poorly with previous seasons. Burlaps continue steady
The dry goods trade has entered the new year under con- in tone, with fairly active trading in lightweights and a
ditions which, considering the war,are very favorable. The moderate trade in heavyweights. Lightweights are quoted
new year finds stocks light in all quarters of the trade, with at 3.50c. and heavyweights at 4.500.
manufacturers in a very strong position. During the greater Importations & Warehouse Withdrawals of Dry Goods.
part of the past year, manufacturers, even before the war Imports Entered for Consumption for the Week and Since Jan. 1.
Week Ending
broke out, had kept production well within actual require-,
Since Jan. 1 1914.
Dec. 311914.
Pkgs.
ments, and there were practically no surplus stocks to be
Value.
Value.
Pkgs.
disposed of when hostilities began. Manufacturers also Manufactures of
85,299
179,433
23,597,321
624
Wool
were not very heavily covered ahead on cotton when the war
470,615 150,471 40.392,809
2,062
Cotton
66,217 31,406,879
325,665
671
broke out, and therefore the slump in cotton values did not
Silk
69,499 17.746,292
327,210
1,119
Flax
cause them any great loss. On the contrary, it gave mills
218,769 128,957 13,793.127
1.166
ous
Miscellane
an opportunity to cover their requirements of the staple for
5,642 1,521,692 500,443 126,936,428
Total 1914
the whole year at prices which will insure them a good profit,
11,300 3.025,881 473,863 119,554.716
Total 1915
providing there is a normal market for finished goods. In
Warehouse Withdrawals Thrown upon the Market.
g from
the distributing end of the trade business is increasin
Manufacturers of
38,990 10,690,782
84,171
315
of
low
e
taking
present
advantag
buyers
leading
day,
Wool
to
day
37.379 10.775,266
114,371
342
Cotton
14,786
6,218,845
92,969
204
prices to place their requirements well through the year.
Silk
25,961
6.827,698
130,531
489
Flax
Jobbers report a steady call for general lines both through the
89,630
82,289
5.859,200
527
Miscellaneous
mails and over the counter, and also state that the shipment
is
back
ons
pending
504,331 206,746 40,371,791
held
instructi
1,877
been
had
s
which
withdrawal
goods
Total
of
5,642 1,521,692 500.443 126,936,428
the most favorable develop- Entered for consumption
now being called for. One ofthe
n
of
the
decision
Australia
been
has
2,026,023 707,189 167,308,219
7,519
week
1914
the
of
marketed
Total
ments
21,311 5,448,209 697.360 159,159,762
Total marketed 1913
Government to lift the embargo against shipments of wool.
e
Warehous
for
DurineSamo Period.
Imports Entered
the shipments are made in
to the United States, providing
Manufactures ofs
given
are
guarantie
that
shippers
the
302
and
67,467
33,096 10,144.277
bottoms
English
Wool
355
107,322
35,169 10,523,636
to an enemy country.
Cotton
7,229,209
the wool will not be again exported
801
238,744
17,492
Silk
nt fear on the part of American
7,281,289
339
148,981
27,722
This embargo,and a consequeof
Flax
5,819,607
raw wool supplies, has been
623
100.848
68,092
Miscellaneous
manufacturers of a shortage
s to the woolen trade. It is now
2,420
663,362 181,571 40.998,018
Total
one of the chief drawback
be enabled to increase their Entered for consumption
5,642 1,521,692 500,443 126.936,428
probable that manufacturers willand
possibly modify prices
8,062 2,185,054 682,014 167,934,446
bookings of advance business,
Total imports 1914
demand. Export
13,635 3,658,481 774,939 163,846,191
Total imports 1913
slightly, which would, no doubt, stiumlate
Note.-Totals since January 1 cover 53 weeks for each year.
business, aside from that arising from the war, is quiet.
Wheat.
Corn.
JAN.9 1915.]
THE CHRONICLE
153
Bank and the Illinois Trust & Savings Bank, Chicago; the
BUTE AND CITY DET'AIITNIENT. delphia'
Fourth Street National Bank Fidelity Trust Co. of PhilaMellon National Bank
Union
and the
Trust Co.
MUNICIPAL BOND SALES IN DECEMBER AND THE of Pittsburgh,and the First National Bank of Boston. The
notes were all sold within a few hours, the advertisement
YEAR 1914.
During the month of December there was a still further on a preceding page appeaing as a matter of record only.
The
is dated Dec.)51914 and Is due as follows:Series''A,"$5.000,000
improvement in the municipal bond market. The total of Dec.15loan
1915: Series "13,'$5,000,000, Dec. 151916: Series "C."$5,000,000,
Dec. 15 1917. The Series "A" notes were offered at par,
Series
sales advanced to $27,436,412, which is an increase of 9934
at
and Series "0" 993. Coupon notes in denomination of "13"
$1.000.
payable June 15 and Dec. 15. Principal and interest payable
7 millions over November and 17M millions over August, Interest
in
U. S. gold dollars at the National City Bank of New York. Exempt from
when the market first felt the effects of the European war. all Argentine
taxes. Redeemable at 101 and interest on any interest date
on ninety days' published notice. These
are issued under authority
This total of $27,436,412 includes only new bond issues of Law No. 9,468 of Jan. 16 1914, and arenotes
the direct general obligation of
Argentine Government, whose faith and credit are pledged for the
of a permanent character. In addition, there were ne- the
prompt payment of the principal and semi-annu
interest as they severally
gotiated in December $10,739,603 temporary loans, in- fall due. There will be embodied in the test al
of each note tho following
agreement:
cluding $4,908,500 special revenue bonds and $1,000,000 cor- "The Governme
nt of the Argentine Nation covenants that during the
life of this loan no more favorable conditions
as to security will be given
porate stock notes of New York City. Porto Rican bonds any
other loan of the Government of the Argentine
Nation without equally
this loan, both as to principal and interest."
amounting to $1,655,000, $9,332,402 Canadian municipal securing
Only one issue of Argentine Governme
nt bonds has a specific lien upon
import
duties. The total interest and sinking fund charges on this issue
debentures and $20,500,000 New York City "general fund"
amounted to only $2,453,230 in 1913, or less than
3% of the total ($84.bonds were also sold last month. Below we furnish a com- 540316) import
duties.
The total external and internal funded debt of the Argentine on
parison of all the various forms of obligations sold in Decem- 1913
Dec. 31
was $525,493,137. The amortization payments for
1913 amounted
to $9.793.171. and the interest to $24,640.515, a total of $34,433.6
ber during the last five years:
for the
86
service of the debt.
As the national revenues in that year aggregated 3148,266,329, the interest charges consumed
service only 23.3% of the total revenues. but 16 2-3% and the total debt
The population of the Argentine on December
27,657,909 36,028,842 36,621.581
31 1913, according to
17,960,379 47,116,748 26,974,806 official estimate, amounted to 7,704.396. The preliminar
y indication
4,099,065 2.596,883
456,093 from the census taken in June 1914 are that this estimate was too low ands
7,500,000 3,500,000 8,000,000 that the present population of Argentine is over 9,000.000. Buenos
Aires,
the capital of the Republic, with a population, as
census, of 1,560,163,lathe fourth largest city in Northshown by the 1914
and South America.
Total
69,663,417 178597.898 57,217,353 89,242,473 72,052,540 The area of the Argentine comprises
738,000,000 acres. Superimposed
upon the United States it would
•Includes $5,908.500 temporary securities issued by New York City in Dec. ssippi River, plus the State of cover the entire region east of the MisTexas.
1914,390,932,919 In Dec. 1913 and $16,049,830 in Dee. 1912.
1914.
1913.
$
Permanent loans (U. S.)_27,436,412 44,635,028
*Temporary loans(U.S.)_10,739.603 92,984,736
Canadian loans (perrn't)- 9.332,402 28,978,134
Gen.fund bds.(N.Y C.)_20,500,000 12,000,000
Bonds of U.S. Posirssalons 1,655,000
1912.
1911.
1910.
Notwithstanding the fact that during the last five months
of the year the sales of municipal bonds amounted to only
84 millions, the output for 19141is far in excess of any previous year. The total is $466,375,261, and compares with
$403,246,518 for 1913, which is the next highest yearly total.
The following table shows the aggregate of permanent issues
for December, as well as the twelve months, for a series of
years:
1914
1913
1912
1911
1910
1909
1909
1907
1906
1905
1904
1903
Month of
December.
$27,436,412
44,635,028
27,657,909
36,028,842
36,621,581
31,750,718
28,050,299
13,718,505
21,260,174
8,254,593
9,935,785
13,491,797
For the
Twelve Mos.
$466,375,261
403,246,518
386,551,828
396,859,646
320,036,181
339,424,560
313,797,549
227,643,208
201,743,346
183,080,023
250,754,946
152,231,030
Month of
December.
1902
1901
1900
1899
1898
1897
1890
1895
1894
1893
1392
For the
Twelve Mos.
$11,567,812 $149,498,689
15,456,958
22,160,751
4,981,225
7,306,343
17,855,473
10,664,287
8,545,804
13,486,374
17,306,564
3,297,249
131,549,300
145,733.062
118,113,005
103,084,793
137,984,004
106,496,060
114,021,633
117,176,225
77,421,273
83,823,515
The monthly output in each of the years 1914 and
1913 is
shown in the following table:
1914.
1913.
January
$84.279,094 $30,414,439
February _
37,488,367
27,658,087
March43,096.491
14,541,020
April
102,817,074
23,644,915
May
34,263,114
83,234,579
June
54,054,237
39,386,230
Total
Average per month
1914.
1913.
July
$26,088,573 323,477,284
August
9,728,371
19,822,191
September__ _ 12,280,885
26,025,969
October
14,673,217
39,698,091
November_ _ _ 20,189,426
30,708,685
December __ _ 27,438,412
44,635,028
3466.375,261 3403,246,518
$338,864,605 833.603.87
8
The total of all loans put out during the
calendar year
1914, we find, is $1,043,608,999, including
$466,375,261
new issues of long-term bonds by the States, counties
and
minor civil divisions of the United States, $375,955,542
temporary loans negotiated, $177,506,435 obligati
ons of
Canada, its provinces and municipalities, $23,500,
000
"generalfund" bonds of New York City and $2,955,000 bonds
of Porto Rico. In the following table we furnish a comparison of all these forms of securities put out in each of the last
five years:
1914.
1913.
1912.
1911.
1910.
8
$
$
$
Perm.loans(U.BJ.466,375,261 403.246,51
3
386,551,828
8
zTem.loans(U.8.) 375,955,542 550,428,549 290,850,209 396,859,C46 320,036,181
254,901,797 259,105,968
*Canada loans(per.)177,506,435 161,543,983
84,096,241 45,657,122 86,628,550
lids. U.S.posses'ne_ 2,955.000
1,000,000
1,600,000
1,625,000
Panama Canal bds_
425,000
None
None
None 50,000,000
General fund bonds
None
(New York City) 23,500,000 22,000,000 17,500,000
17.500,000 17,000,000
General fund bonds
(Baltimore. Md.)
300,000
300,000
None
None
Total
1,046,292,238 1138519,050 780,898,278 7
66.543,565 683,195,699
z Includes $300,922,414 temporary securities Issued by New
York City in 1914,
$467.386,432 in 1913. 3248,062,183 In 1912.8200,690,272
In 1911 and $213,947,2
In 1910.
78
•Including loans made by Dominion
Government—£10,000,000 in 1914, £7,000,0001111913, £5,000,000 In 1912 and .C9,000,000
In 1910. There were
no loans by the
Dominion in 1911.
Owing to the crowded condition of our
obliged to omit this week the/customary columns, we are
table showing the
month's bond sales in detail. It will be
given later.
News Items.
Argentine (Republic of).—Loan.---On
Monday (Jan. 4)
$15,000,000 6% gold notes of the Argentin
e Nation were
offered to the public. In this city
tions were received by the National City Bank, subscrip
Harris,
& Co.
and the Guaranty Trust Co. Subscriptions Forbes
were also received by the Continental &ICommercial
Trust & Savings
Gooding County, Idaho.—Bonds Declared Valid.—
The
State Supreme Court,in an opinion by ChiefJustice
Sullivan,
denies the application of H. 0. Frazier for an injuncti
on
to
restrain the issuance of refunding bonds to pay Gooding
County's share of the debt created by Lincoln County
from
which it was created. The Court says that the original
debt was legally contracted in the first place and that
the
Act creating the county of Gooding made provision for taking care of the proportion of the debt in the manner in
which
it was intended to take care of it. Judges Truitt and Budge
concur.
Massachusetts.—Street Railway Bonds which are Legalfor
Savings Bank Investment.—The Public Service Commission
has transmitted to the Bank Commissioner a list of street
railway companies in whose bonds savings banks may invest.
The order reads as follows:
To the Honorable the Bank Commissioner of the Commonwealth,
Stale House, Boston, Mass.:
Dear Sir—Pursuant to the provisions of the Acts of 1908, Chapter
590.
Part v., Sec. 68, fifth, we transmit the following list of street railway companies incorporated in this Commonwealth which appear from the returns
made by them to have annually earned and properly paid, without impairment of assets or capital stock, an amount in dividends equal to at least 5%
upon their outstanding capital stock in each of the five preceding years,
with the exception of the nine months between Sept. 30 1909
June 30
1910, which period is deemed to be one of the said years, but and
which the
requirements that dividends equal to at least 5% upon all theirto
g
capital stock shall have been earned and paid does not apply, outstandin
as provided
in Sec. 2 of Chapter 502 of the Acts of the year 1909:
Bay State,
Nahant & Lynn.
Boston & Revere Electric,
Springfield,
East Middlesex,
Union,
Fitchburg & Leominster,
West End,
Holyoke,
Worcester Consolidated.
Milford & Uxbridge,
For the Commission,
FREDERICK J. MACLEOD, Chairman.
The Milford & Uxbridge Street Ry. has been added to the
list since last year.
It appears that the Act passed by the Legislat
ure in 1913
(Chapter291),for the special purpose of giving
the bonds of
the Boston Elevated Ry. Co. legal standing
as savings bank
investments, did not have that effect.
ferred to suffered an impairment of its The company reincome as a result
of a strike, adversely affecting the standing
of its securities
as savings bank investments. Accordin
the Legislature
undertook to place the company withingly
the pale of "legal
investment" by means of special legislati
on, and for that
purpose enacted Chapter 291, which contains
the following
Language:
Bonds which at any time hereafter have
been for ten successive years
legal investments under the provisions
of subdivisio
ns a, h, c or d of clause
third, clause fifth or clause sixth of this
section shall not be rendered illegal
although the corporation bailing,
or guaranteeing such bonds
shall fail for a period not exceedingassuming
two successive years to comply as to
dividends on its capital stock with the
requirements of the clauses specified above.
By this chapter, says the Boston "Transcript,"
Legislature intended to save the Boston Elevated bondsthe
from the
consequences of a failure on the part of the company to pay
its usual dividends on its stock after the strike; but when
it
said "have been for ten successive years legal investme
nts"
it failed to take cognizance of the fact that it takes five years
to acquire a standing as "legal investments" and that under
the phraseology used in the quoted chapter, 291, those
five
years must be added to the ten years of which the chapter
speaks. Consequently the chapter has no value because
the Elevated can acquire a legal standing in five years
without it.
Netherlanda.—Loan.—Boissevain & Co. of New York
invite subscriptions until Jan. 11 for a Netherlands Government 5% loan of 275,000,000 guilders ($110,00
Dated Feb. 1 1915. Payable in three-fifteen years.0,000).
Coupons Feb. 1 and Aug. 1.
Porto Rico.—Bond Sales.—Of the $1,000,000 refundin
g,
$1,000,000 public improvement and $400,000 irrigati
on14%
THE CHRONICLE
154
[Vol,. 100.
ZE WATER-WORKS
ARTESIA, Eddy County, N. Mex.-TO LEGALI
y stated in these columns this town
REFUNDING BONDS.-As previousl
of
$8,500 water-works&
Co.
Denver.
Wright
N.
Jas.
on June 8 awarded to
rks warrants refunding
construction and extension bonds. $6,000 water-wo
We are now advised
bonds.
g
refundin
warrants
general
$1,500
bonds and
of the water-works bonds was
n bonds. dated Jan. 1 1914,
that it is supposed that the refunding part
$400,000 Porto Rico 4% irrigatioto
the Legislature to legalize the issue
ask
to
at
Sold
6
proposed
Oct.
.
1914
is
it
and
inclusive
issued
1954,
illegaly
1951
four equal series,
Bank, Washington, of warrants which most of the bonds were intended to cover.
95% and interest: $25,000 to Riggs Nat.
-Proposals
Bank, Indianapolis,
D. C.; $150.000 to Fletcher-American Nat.
ASHLAND, Jackson County, Ore.-BOND OFFERING.
Recorder, it is
York City.
New
Bank,
City
National
to
Ind.; $225,000
will be received until 6 p. m. Jan. 26 by G. H. Gillette, City
improvement bonds, dated Jan. 1 1914, stated,for the $175,000 5% 25-45-year (opt. aver.) coupon Mineral Springs
1,000,000 Porto Rico 4% public
of Govern99, p. 1691). Cert, check for 2% required.
payable 1939, but redeemable after 1924, at option to
Fletcher- auxiliary water bonds (V.
L DISTRICT (P. 0.
ment. Sold Dec.4 1914 at 96 and interest: $220.000to
AUSTINTOWN TOWNSHIP RURAL SCHOO
Gavin L.
American Nat. Bank, Indianapolis, Ind.; $200,000
County, Ohio.-BOND SALE-On
to National City West Austintown), Mahoning (average
) building bonds dated Jan. 4
Payne & Co. Indianapolis, Ind.: $200,000
ear
11-y
%
534
$40,000
the
&
Co.,
4
Miller
Jan.
Hayden,
to
Bank, New York City: $170,000
99, p. 1765) were awarded to Seasongood & Mayer of Cincinnati at
Cleveland, Ohio: $120.000 to Fifth-Third Nat. Bank,Cincinnati, 1915 V.
were.
i. Ohio.
103.30 and Interest. Other bids Toledo
Ohio; 890.000 to Breed. Elliott & Harrison. Cincinnat
$41,312 00
Cummings & Prudden,
in
1
Hoehler,
payable
dated Jan. 1914.
41,240 00
655,000 Porto Rico 4% refunding bonds,life
d
Clevelan
Co.,
of issue 21.4 years. Sold Hayden, Miller &
41,087 30
series 1923 to 1953. Average
ti
Cincinna
Co.,
&
Roth
of
lis,
Well,
Wade
W.
Indianapo
II.
to
interest
and
40.917 00
Dec. 18 1914 at 97%
Chicago
Bond
Co..
t
Hanchet
40,820 00
Ind.. and associates.
ti
J. C. Mayer & Co., Cincinna
40.42500
000
Toledo
refundof
$1,000,
Slayton,
issue
the
&
of
00
Briggs
$345,0
Terry,
ing
The remain
40,404 00
d
Clevelan
Co.,
& Wolcott
40 403 00
ing bonds have been withdrawn from the market and will not Tillotson
Otis & Co.. Cleveland
County,
y
),
Sandusk
Fremont
0.
(P.
HIP
be issued.
BALLVILLE TOWNS
will be received until 12 m. Feb. 1,
Ohio.-BOND OFFERING.-Proposals
the $50,000 5%
of
for
$10,000
Clerk,
Twp.
Snyder,
F.
Seattle, Wash.-To Vote March 2 on Purchase of Seattle It
T.
by
is stated,
voted Nov. 3 (V.99, p. 1924).
Renton & Southern Ry.-At the municipal election Mar. 2 a 3%-year (aver.) road bondsCounty,
Ohio.-BONDS AUTHORIZED.
BELLAIRE, Belmont
vote will be taken on the question of purchasing that part The
e providing for the issuance
City Council on Dec. 22 passed an ordinanc
of $3,000.
which
rn
Ry.
amount
&
the
in
Southe
Renton
bond
ment
Seattle
the
y
of
improve
propert
dingthe
city-buil
r
of
of a 6% 1-yea
F. & A.
lies within the city limits. Under the proposal the city will, Date Feb. 15 1915. Int.0.
Belton), Tex.-BOND SALE.-The County
railal
00
of
municip
t
$200,0
BELL COUNTY (P.
paymen
initial
an
make
said,
is
it
d the $6,000 5% 20-35-year (opt.) Road Dist.
purchase
has
Fund
Sinking
2% interest. The receivers will ob- No. 14 road bonds voted Dec. 26(V.99, p. 1692).
/
way bonds, bearing 43
Pa.-BOND SALE.-On
tain, in addition, 20% of the gross earnings of the road for
BETHLEHEM, Northampton County, (opt.)
refunding bonds was
-year
Dec. 29 an issue of $37,000 43 % 10-30
28 years. For the first ten years the receivers will refund awarded
Clothier & Tyler of Phila. at 101.519-a basis of
ery,
Montgom
to
eight
years
next
the
for
and
20%,
of
this
y
annuall
were:
0
$15,00
about 4.312%. Other bidders
Nat. Bk., Bethlehem_337,222
$20,000 annually. If the total payment to the receivers at A. B. Leach & Co.. Phila_337,469 901First
s), Franklin County, Chia-BOND ELECColumbu
ts
all
0.
then
paymen
(P.
Y
000,
to
BEXLE
$1,500,
amount
should
time
any
on the question of issuing
TION.-An election will be held Jan.s 28 to votebonds.
by the city will cease, and the railway will become the prop- $35,000
street-improvement (village' portion)
, Holt County, Mo.
Bigelow)
0.
(P.
CT
city.
the
DISTRI
of
L
erty
BIGELOW SCHOO
at a recent election
S VOTED.-According to reports this district
Lake Washington Bridge Bonds Void.-The State Supreme -BOND
bonds.
ilding
school-bu
of
issuance
the
of
favor
in
voted
WashLake
the
d
void
05%
31
declare
-On Dec.29
on
Dec.
:29,50
SALE.
Court
Mont.-BOND
BILLINGS, Yellowstone county,
gold water-plant bonds (V. 99, p. 1692)
ington Bridge bonds awarded to Carstens & Earles of Seattle the $450,000 5% 15-20-year (opt.)
(101.011)
for
3454,550
ti
Cincinna
of
were awarded to Well, Roth & Co.
on Nov. 16 (V. 99, p. 1765). Council proceedings in the and
to the optional date.
lot.-a basis of about 4.91%
2.425
Bk.,
Chic_345
the
Nat.
of
ion
rchants'
submiss
the
4,5251Me
zing
ce
Chic.$45
authori
the
Bk.,
ordinan
of
passage
Harris Tr.& Say.
& Sons. Chic_ 451.425
Wells & Dickey Co..Indpls_ 452,9751E. H. Rollins
bonds to a vote were irregular, the Court rules.
Rowan
y),
0.
Salisbur
(P.
by T. M. TenBLACK CREEK DRAINAGE DISTRICT
The decision referred to above was in a test suit brought
6% drainage
l bond attorneys County, No. Caro.-BOND SALE.-On Jan. 1 the $23,000
'
nant, a taxpayer. Caldwell, Ma.sslich & Reed, municipa
Wachovia
awarded to the
s to validating the bonds. bonds offered on Dec. 31 (V. 99. p. 1847) were $500.
of New York, had set up twelve specific objection
Date Jan. 1 1915.
an Bank & Tr. Co. of Salisbury at par. Denom.
whether
One
points.
two
to
down
d
incl.
These objections were simmere
to
1927
1918
from
1
was
Jan.
on
which
yearly
electors,
$2,300
the
Due
to
J.
d
Int. J. &
ordinance authorizing the issue to be submitte
The second point was whether
Ohio.-BOND SALE.-On Jan. 4
merely introduced by title, was legal.
to
BLANCHESTER, Clinton County,
the ownership of the land adjacent
t. bonds (V. 99. p. 1847) were awarded
there was a reasonable doubt astto
this
whether
the $5,000 5)4% electric-light-imp
clear
not
was
stated that it
Other bids were:
102.60.
at
ti
Cincinna
of
Co.
the bridge piers. The complain the
&
Court
Aub
The
to A. E.
city or the Port of Seattle.
iller Sr Co.,Cleve.$5,073 00
land was under the jurisdiction ofto the
& Mayer, Cin_$5,126 10 Hayden,M
second point, but sustained the ob- Seasongood
5,05300
50 Otis & Co., Cleveland
5,103
-overruled the objection relativeprocedur
&
Har.,Cin
iott
Breed,Ell
e, saying:
jection relative to the Council's a title to an ordinance is not the introduc- First Nat. Bk., Cleveland_ 5,092 40 The Hanchett Bond Co.. 5.047 00
"Clearly, the introduction of
charter pro- Well. Roth Sz Co.. Cin____ 6.078001Chicago
the
that
on
contenti
the
opinion,
our
tion of an ordinance. Inviolated
L DISTRICT No. 2, Montcalm
in the enactment of the ordinance is well
BLOOMER TOWNSHIP SCHOO-Propos
visions of the city were
als will be received until
NG.
18 County, Mich.-BOND OFFERI
founded.
May
of
meeting
d
adjourne
the
Board of Education (P. 0. Carson
of
y
at
nt
instrume
nt Jan. 16 by W. E. Adams, Secretar
"The introduction of theintroduc
improvement bonds. Denom. $500.
tion of an ordinance. The instrume
building'coup.
the
5%
sense
$10,000
for
no
in
City),
was
or
1914
of an ordinance; it was without body
& S. at Farmers' & Merchants' State Bank.
in the Date March 1 1915. Int. M.
contained none of the elements
delivsubterfuge. If it had been enacted
yearly on March 1 from 1919 to 1928 incl. Bonds to be7,250.
parts, and WaS a mere sham and
contend it sufficient to au- Due $1,000
would
one
no
debt,$7,00Q. Assess. val. 1914.370
ed,
Bonded
1.
Mar.
introduc
before
was
it
or
on
ered
which
its introform in
so,
being
this
And
purpose.
any
for
bonds
thorize an issuance of
be said to be the introduction of an
BONNER SPRINGS, Wyandotte County, Kans.-BOND SALE.
duction into the City Council cannot
This city has disposed of an issue of $13,290 28 internal-improvement bonds
ordinance therein."
recently authorized.
BREWSTER, Stark County, 01110.-BOND SALE.-On Jan. 2 the
1-16-year (serial)
$21,000 1-21-year (serial) water-works and $16,000
awarded
sanitary sewer-system 5%% coupon bonds (V. 99, p. 1847))were
and interest.
50
(100.882
for
Ark.
$37,326
0. Marion),
to Spitzer, Rorick & Co., Toledo,
St. Francis Levee District (P.
bid
$37,293.
of
Toledo
Slayton
Sz
Briggs
Terry,
rs
Certificates.-Holde
Notice to Holders of Bond Coupons and
L, Washington County, Va.-BOND SALE.-On Jan. 2
of the St. Francis Levee theBRISTO
following 5% coupon bonds(V. 99, p. 1847) were awarded, it is stated.
of bond coupons and certifictates
will
ates and bonds
to Baker, Watts & Co. of Baltimore at par:
Board are notified that interes on certific
1 $20,000 20-year city-jail-construction bonds, dated Jan. 1 1914. Denom.
Jan.
on
is
in
Memph
Bank
City
l
Nationa
the
at
$1.000.
be paid
$20,000
those maturing 50,000 highschool-construction bonds dated April 11914. Due
opt. after
1915. Holders of matured certificates and new
In 20 years, opt. after 10 years. and $30,000 in 30 years,
ates
certific
and
t
interes
the
paid
be
will
date
8500.
on that
15 years. Denom.
n
Treasurer's office, or at the Dominio
the same rate
Int. semi-annually at the City
sold in May
will be issued in lieu of those maturing, bearing
These bonds were previously reported
manner. Nat. Bank of Bristol.
same
the
latest
in
The
payable
t
1847).
interes
D.
and
99.
old,
(V.
the
as
t
Chicago
of
n
interes
of
to Bolger, Messer & Willama
the account of Bolger;
for bids stated that this sale is made for
.
San Francisco, Calif.-Tendere of Bonds Requested.- request
& Willaman.
Mosser
Mass.-TEMPORARY LOAN.Notice is given that on and after Jan. 30 1915 John E. McBROCKTON, Plymouth County,
with White,
Oct. 25 1915 has been megotiated$2
er A loan
of $250,000 maturing is
premium.
discount, plus
3.65%
Dougald, City Treasurer, will receive offers to surrend
at
stated,
Weld & Co. of New York, it
FranSan
of
County
and
City
the
of
bonds
any
redeem
of
December
and
-During the month
SALES.
-BOND
Y.
N.
O,
BUFFAL
ing $260,103 22, were dis..
cisco that may mature on or before July 1 1915. mNoofoffer
following six issues of 4% bonds, aggregat
2% the
premiu
a
than
price
greater
a
par:
at
red
at
conside
of
posed
be
will
bonds. Date Dec. 11914. Due July 11915.
m on 4% $135,000 00 street-pavingbonds.
Date Dec. 15 1914. Due July 11915.
on 5% bonds as of Jan. 1 1915, M of 1% premiu
98,000 00 school-bldg. ng bonds.
and
Date Dec. 1 1914. Due Dec. 11939.
value
par
the
than
or
greater
-refundi
1915,
1
Jan.
water
of
00
as
5,000
bonds
Date Dec. 11914. Due Dec. 15 1939.
bonds.
g
refundin
water
2,500 00
bonds. Date Dec. 15 1914. Due
&c.,
bldgs.,
accrued interest on 33'2% bonds
2,700 00 rents, bureau
July 11915.
15 1914. Due Dec. 15 1915.
Dec.
Date
bonds.
pt.
street-im
16,903 22
purchased by the Farmers' Loan & Trust Co. of
The first two issues wereissues
d by the City Comptroller
purchase
were
g
remainin
the
N. Y. and
for the various sinking funds.
Asheville), No. Caro.-DESCRIPTION
BUNCOMBE COUNTY (P.O.
Akron),Summit County,
bonds awarded
CITY SCHOOL DISTRICT(P.O.be
are advised that the $75,000 5% funding
received until 4 p. m. OF BONDS.-We Chas.
als will
Co. of Asheville at par for a New York
-Propos
Malone
NG.
N.
OFFERI
-BOND
the
Ohio.
Dec. 15 to
5%
for
n,
$33,000
on
bear date of
of
Educatio
and
of
Board
$1,000
tion
Clerk
,
the
denomina
Barnhart
in
68)are
Feb. 1 by J. F.
Gen. Code. Denom. $1,000. Date concern (V. 100,p.
& D. Due in 1946.
refunding bonds. Auth. Secs. 5656,
Feb. 1 1931. $10,000 Feb. 1 1932 Dec. 1 1914. Int. J.
$7.000
Due
A.
&
F.
NG.
Int.
-Proposals
J.
OFFERI
-BOND
N.
Feb. 11915.
bonds bidfor,
CAMDEN, Camden County,
1 1934. Certified check for 5%.of Bonds
to be will be received until 8 p. m. Jan. 25 by Arthur R. Gemberling, Chairman
and 1933 and $6,000 Feb.
of Education, required
or
park
reg.
coupon
bonds.
434%
$100,000
payable to Treasurer of Board
for
days from time of award. Purchaser of Finance Committee,
F. & A. Due Feb. 1 1940. Cert. check on a
delivered and paid for within ten
Data Feb. 1 1915.2%Int.
interest.
to
City
payable
accrued
bid
for,
Treas.,
required.
bonds
pay
of
to
'
- national bank for
there is no controversy or litigation pending or
County, Calif.-BONDS PROPOSED.
Official circular states that
ALHAMBRA, Los Angelesthat
of these bonds, the corporate existence
this city is contemplating the issuance threaten
state
ed concerning the validity
Local newspaper reportshting
lity or the title of the present officers to
municipa
bonds.
the
-Plant
of
of the boundaries
of $75,000 municipal-lig
that the city has never defaulted in the payand
officers
e
respectiv
),
Stark
0.
Alliance
(P.
CT
their
L DISTRI
its obligations or payment of interests when due. Total
ALLIANCE, CITY SCHOO
OFFERING.-Proposals will be received until ment of any of
debt $273.000. Assess. val..361.County, Ohio.-BOND
Ed.,for 850,000 5% school- bonded debt $5,819,200. Floating
Edwin W. Diehl, Clerk Bd. of
by
18
Jan.
11
1914.
Aug.
held
in.
926,312.
12
Gen. Code and election
7629.
Sec.
Auth.
bonds.
Due $2,500 yearly on
ro) Tenn.-BONDS AUTHOROct. 1 1914. Int. A. & 0. Alliance
CAMPBELL COUNTY(P.O. Jacksboon
bank for $500,
Denom. $500. Date1934
Jan.5 authorized the issuance
state that this county
incl. Cert. check on an
IZED.-Dispatches
Oct. 1 from 1915 to r to pay accrued interest.
bonds.
road
$150.000
of
required. Purchase
) Cherokee CounCATTARAUGUS, Cattaraugus County, N. Y.-BOND SALE.
L DISTRICT (P. 0. Andrews
ANDREWS SCHOO
r dispatches state that This village on Nov. 23 sold at par 311,000 5% coup, refunding bonds,
-BOND OFFERING.-Local newpsape
Cattaty, No. Car.considered until Jan. 30 by G. W. Cover, Secy. of School as follows: $5,000 to H. W.True of Cattaraugus; $3,000 to Bank of
bonds.
gus County Bank of Little Valley. Denom.
bids will be
$10,000 5%% or 6% 30-year school
raugus and 33,000 to Cattarau
Int. J. & J. at Bank of Cattaraugus. Due
Trustees, for an issue of
- s500. Date Jan. 1 1915.
CT (P. 0. Angleton), Tex.
1 1915 to July 1 1918 incl.. $1,500 Jan 1
DISTRI
July
from
AGE
months
DRAIN
six
each
ANGLETON
drainage bonds carried, $1,000
-The question of issuing $80,000
and 1920 and $1,000 July 11919.
1919
BONDS VOTED.
held Dec. 19.
it is said, at an election
were
bonds which were to have been offered Sept. 14, but
withdrawn (V. 99, p. 842), the following have since been disposed of:
payable In
Bond Calls and Redemptions.
Bond Proposals and Negotiations this week
have been 'is follows:
AKRON
JAN. 9 1915.]
THE CHRONICLE
155
CARBON COUNTY (P. 0. Red Lodge), Mont.-BOND SALE.-On
DOUGLAS COUNTY
DISTRICT NO. 53 (P. 0. Omaha),
Dec. 30 the $25,000 5% 10-20-year (opt.) coupon poor-farm-purchase bonds Neb.-BOND SALE.-OnSCHOOL
Dec. 24 the $67,000 20-year building bonds
dated Jan. 1 1915 (V. 99, p. 1766) were awarded to the Harris Trust & offered without success on Sept. 9(V.
99, p. 1159) were awarded to H. C.
Savings Bank of Chicago at 101.60 and interest and blank bonds-a basis Speer & Sons Co. of Chicago for 369,000-emial
to 102.985. Newspaper
of about 4.79% to the optional date and about 4.88% to full maturity date. reports state that these bonds bear 5.4% interest.
Other bidders were:
DULUTH,
Minn.
-BOND
SALE.
-On
Jan.
4
the
*50.0004)4% 30-yr.
Hoehler, Cummings & Prudden, Toledo-$25,142 50 and accrued interest. gold coupon
park bonds dated Jan. 1 1915 (V. 99, p. 1925) were awarded
Wells & Dickey Co., Minneapolis-$25,130 and accrued interest.
the Minnesota Loan & Trust Co. and Gold-Stabeck Loan & Credit Co..
Minnesota Loan & Trust Co., Minneapolis-$25.112 50, accrued interest to
both of Minneapolis at 100.432 and int.-a basis of about 4.474%. Other
and blank bonds.
bids were:
H. T. Holtz & Co., Chicago-325,107. accrued interest and blank bonds.
H. T. Holtz & Co., Chic--$50.1411N. J. Upham & Co.,Duluth.
par.
Keeler
Denver-$25,051 50. accrued interest and blank bonds.
DUNDEE (P. 0. Omaha), Neb.-BOND SALE.
Bros.,& Co., Chicago-$25,040 and accrued interest.
Counselman
$20,000 6%
10-20-year (opt.) storm-water-sewer bonds voted Oct.-The
Spitzer, Rorick & Co., Toledo-$25,031 and accrued interest.
3 (V. 99, p. 1081)
Kissel, Kinnicutt & Co., Chicago-$25,025, accrued int. and blank bonds. were awarded at par and int. on Nov. 1 to Burns, Brinker & Co. of Omaha.
C. H. Coffin. Chicago-$25.025 and blank bonds, less $500 to cover cost Denom. $500. Date Oct. 1 1914. Int. A. & 0.
of bonds and attorneys' fees.
DUPONT SCHOOL DISTRICT (P. 0. Dupont), Putnam County,
CELINA, Mercer County, Ohio.-BOND SALE.-On Dec. 29 the Ohio.-BOND SALE.-On Jan. 2 the $3,500 6% building bonds were
$10,000 5% 5-14-year (ser.) refunding bonds (V. 99.P• 1766) were awarded awarded to Hanchett Bond Co. of Chicago at 102.20. Other bids were:
Sidney Spitzer & Co., Toledo_ $3,555 I First Nat.Bank,Barnesville_ _$3.511
to Breed, Elliott & Harrison of Cincinnati at 100.78. Other bidders were:
Denom. $350. Date Dec. 1 1914. Int. J. & D. Due $350 yearly
Seasongood & Mayer, Cinc_$10.040 I Tillotson& WolcottCo.,Clev_$10,014
CHARLOTTE, Monroe County, N. Y.-BOND SALE.-On Jan. 4 Dec. 1 from 1916 to 1925, inclusive.
DUVAL COUNTY (P. 0. Jacksonville), Fla.-BOND SALE.-On
the two issues of registered bonds, aggregating $27,500 (V. 99, p. 1924)
were awarded to Isaac W.Sherrill Co.of Poughkeepsie for $27,600(100.363) Jan. 7 the $150,000 5% gold coupon (with privilege of registration as to
principal) armory bonds, due Jan. 1 1944
and int. as 4.85s. Other bids were:
99, 13. 1848), were awarded
Douglas Fenwick & Co., N.Y--4.90s I Union Trust Co
55 to the Atlantic Nat. Bank of Jacksonville at
(V.
101.678.
Farson, Son & Co., New York_4.90s I
EAST BATON ROUGE PARISH (P. 0. Baton Rouge), La.-BOND
CIENEGA SCHOOL DISTRICT, Los Angeles County, Calif.- OFFERING.-Proposals will be received until 12
m. Jan. 30 by Joseph
BOND SALE.-On Dec. 28 the *85.000 547, 214-year (aver.) gold bldg.
impt. bonds (V. 99, p. 1848) were awarded. It is stated, to Blythe, Witter Gebelin, President of the Police Jury, for the $180,000 5% Road Dist.
No.
2
road-construct
ion bonds voted April 11 1914. Denom. $1,000. Int.
& Co. of San Francisco.
CINCINNATI, Ohio.-BOND OFFERINO.-Proposals will be received semi-ann. at the office of the Dist. Trees. or at the Nat. City Bank, N. Y.
until 12 m. Feb. 11 by Wm.Leimann, City And.,for $280,000 4 % 12-yr. Due serially from 1916 to 1941, incl. Cert. check for $5,000 required.
street resurfacing bonds. Auth. Sec. 3939 Gen. Code. Denom. $500.
The official notice of this bond offering will be found among the advertiseDate June 2 1913. Int. J. & D. Cert. check for 5% of bonds bid for,
payable to City Aud., required. Purchaser to pay accrued interest. Bids ments elsewhere in this Department.
ELIDA SCHOOL DISTRICT (P. 0. Blida), Allen County Ohio.must be made on forms furnished by the City Aud.
BONDS NOT SOLD.-Reports state that no bids were received 'on Jan. 4
CLARK COUNTY (P. 0. Jeffersonville), Ind.-BOND SALE.-The for
the $10,000 5% coupon school-completion bonds offered on that day
First Nat. Bank of Jeffersonville purchased in December $725 George (V.
99, p. 1848)•
Potter Road and $750 George Allen Road 44% bonds at par and int.
ESSEX
COUNTY (P. 0. Salem), Mass.-TEMPORARY LOAN.
CLARKSVILLE SCHOOL DISTRICT (P. 0. Clarksville), Clinton
County, Ohlo.-BOND ELECTION.-Reports state that an election will Reports state that the rate of discount for the loan of $70,000 which was
negotiated
with
the Cape Ann Nat. Bank of Gloucester
be held Jan. 15 to vote on the question of issuing $40,000 building bonds.
p. 68). was 3.545% and not 3.45% as first reported. on Dec. 31 (V. 100.
CLEVELAND, Ohio.-BONDS TO BE RE-ADVERTISED.-Loca
FINDLAY CITY SCHOOL DISTRICT (P. 0. Findlay), Hancock
newspaper reports state that the $100.000
% 21-year coupon or reg. County,
Ohio.-BOND SALE.-On Jan. 4 the $300,000 5% 7 1-6-yr.
grade-crossing bonds awarded Jointly to Hayden, Miller & Co., Cleveland, (aver.)
site-purchase,construction and equipment bonds
Merrill,
Oldham & Co. of Boston on June 1
dated Jan. 4 1915
Rhoades & Co., N. Y., and
99,n. 1849) were awarded jointly to Tillotson & Wolcott
(V. 98, p. 1788) will be re-advertised. The bonds were refused on the (V.
Co. of Cleveland
C. Myers and Davies-Bertram Co. of
grounds that the necessary preliminary legislation had not been passed.
at 101.05
and int.-a basis of about 4.834%. Other bids wereCincinnati
•
COFFEYVILLE, Montgomery County, Kans.-BOND SALE.
- Otis & Co., Cleveland
Spitzer,
$303,008
Rorick
&
Co.,
T013302,045
The $4,000 incinerator-plant bonds voted Aug. 4 1914 (V. 99, p. 1159) Field, Richards & Co., and
Breed, Elliott & Harrison,
have been purchased by the Sinking Fund.
Seasongood & Mayer,Ctn. 302,700
Cincinnati
300,480
302,340
COLTON SCHOOL DISTRICT, San Bernardino County, Cal.- Well Roth & Co Cin
All bids provided for payment of accrued interest.
BOND SALE.-On Dec. 28 the $80,000 6% 84-year (average) gold school
awarded,
reports state, to N. W. Halsey & Co.
bonds (V. 99, p. 1848) were
FLINT, Genesee County, Mich.-BOND SALE.-On Jan. 4 the
of San Francisco at an average price of 103.77.
664,974 31 84-yr.(aver.) pavement (city's share) bonds offered on Dec.30
COLUMBIA, Richland County, So. Car.-BOND SALE.-According (V. 99, 1849) were awarded to the Detroit Trust Co. of Detroit for $65.as 44s-a basis of about 4.381%. Other bids were:
p.
to local newspaper dispatches this city has sold to Sidney, Spitzer & Co. 524 31 (100.846)
For
For
of Toledo an issue of $60,000 street-paving bonds.
For
434%
43‘%
COLUSA COUNTY (P. 0. Colusa), Calif.-BOND SALE.-On
Bidder.
Bonds.
Bonds.
Bonds.
Dec. 31 $116,000 4% State highway bonds were awarded, it is stated, to First
& Old National Bank,Detroit_ _ _$65,442 31
the Anglo and London-Paris Nit. Bank of San Francisco for $106,872 20
Estabrook & Co.. Chicago
*65,156 24 •
(92.131) and interest.
W.E. Moss & Co., Detroit
*65,155 31
COMMERCE SCHOOL DISTRICT (P. 0. Commerce),Scott County, A. B. Leach & Co.. Chicago
65.079 31
Mo.-BONDS OFFERED BY BANKERS.-Little & Hays Investment Co. Spitzer, Bolick & Co., Toledo
65,000 06
of St. Louis is offering to investors *9,800 6% building bonds. Denom. H. T. Holtz & Co., Chicago
J 64.980 50
*86.94344
$500 and $100. Date Nov. 1 1914. Int. M. & N. at the MechanicsI*64,568 53
American Nat. Bank of St. Louis. Due on Nov. 1 as follows: $300
Finn & Stackpool, Detroit
*64,474 31
*66.845 97
$500 1919, 1920, 1921, 1922, 1924, 1925, 1926, 1927. 1928, 1929 and 1917,
1931; John F. McLean & Co., Detroit
*64,33431
----- ----$1,000 1930, 1932, 1933 and 1934. Total bonded debt, this issue
Bolger, Mosser & Willaman, Chicago_
365,889 31
67,151 31
Assessed value of taxable property, 1912, $197,991; actual value($9,800)•
of prop- R.L.Day & Co., Boston
66.500 56
arty (estimated). $,.
600000
Terry. Briggs & Slayton of Toledo
66,150 31
N.W.Halsey & Co., Chicago
65,429 31
CONCORDIA,Cloud County, Kans.-BONDS AWARDED
*d
Ted
h7 bids were made with provision that money is left on deposit until
-Of the *75.662 5% paving bonds (unsold portion of an issue ofIN PART. nee
$120,662)
(V.99, p. 1393),$63,670 26 was awarded to Watts& Amerman.contractors,
on Dec. 28 at par.
FROMBERG, Carbon County, Mont.-BONDS INVALID.-The
Town Clerk advises us that the $13,000 6% 15-20-year (opt.) water-works
COOKE COUNTY(P.O. Gainesville), Tex.-WARRANTS
bonds voted July 7 1913 (V. 99, p. 1160) have been declared invalid and
BY BANKERS.-The Commonwealth Trust Co. of Houston has OFFERED
that the issue will again be submitted to a vote.
and is now offering to investors $50.000 54% 5-10-year (serial)purchased
GARRARD COUNTY (P. 0. Lancaster), Ky.-BONDS VOTED.
bridge warrants. Interest semi-annually, payable at the First road and
The
proposition to issue the $15,000 court-house-improvement bonds
Bank of Chicago. Principal subject to registration by the holdersNational
thereof.
Total debt, including this issue, $175,000. Assessed value, $16,458,830; (V. 99, p. 688) carried at the election held Nov. 3.
real value, $30,000,000.
GARRETTSVILLE, Portage County, Ohio.-BOND SALE.-On
CROOKSTON, Polk County, Minn.-DESCRIPTION OF BONDS.
- Dec. 12 the $7.654 40 5% 634-year (aver.) South St. inapt. (assess.) bonds
We are advised that the $1,196 paving bonds awarded on Dec.8 to Cather- (V. 99, p. 1547) were awarded to the First Nat. Bank of Garrettsville at
ine Gallager of Grand Forks, N. D., at par for 6s(V. 99, p. 1924) are in the par and int. There were no other bidders.
denomination of $119 60 and bear date of Dec. 15 1914. Interest annually
GARY, Lake County, Ind.-BONDS OFFERED BY BANKERS.
C. F. Childs & Co. of Chicago are offering to investors an issue of $227,000
on Dec. 15. Due $119 60 yearly.
6% 1-10-year (ser.) Sewer Dist. bonds. Denom. $500.
CROOKSVILLE VILLAGE SCHOOL DISTRICT (P. 0. Crooks.
GLOUSTER VILLAGE SCHOOL DISTRICT (P. 0. Glouster),
ville), Perry County, Ohio.-BOND SALE.-On Dec. 29 the two issues
of5% bonds, aggregating $35,000(V.99, p. 1848), were awarded to Season- Athens County, Ohio.-BOND OFFERING.-Forther details are at
good & Mayer of Cincinnati for $35,120 (100.342) and hit. Otis & Co. hand relative to the offering on Jan. 20 of the $25,000 5% coup. taxable
building bonds (V. 99. p. 1925). Bids for these bonds will be received
of Cleveland bid $35,088.
until 6 p. m.on that day by W. W. Wallace. Clerk of
Board of Education.
CRYSTAL FALLS, Iron County, Mich.-BONDS VOTED.-At a Auth. Sec. 7625, Gen. Code. Denom.$1,000. Int.
at Glouster
bonds
municipal
carried, it is State Bank, Giouster. Due $1,000 yearly from 1926semi-ann.
recent election the question of issuing $40.000
to
1950 incl. Certireported, by a vote of 199 to 67.
fied check for $500, payable to above Clerk, ruired.
Bonded debt
$6,500;
no floating debt. Assessed valuation 1914. $1,578,000.
CUMBERLAND, ?dd.-BOND SALE.-The *150,000 44% 54-year
(aver.) coupon paving bonds, bids for which were opened Jan. 6 (V. 99.
GOLIAD COUNTY (P. 0. Goliad), Tex.-WARRANTS OFFERED
p. 1848), were awarded, according to newspaper accounts, to Alex. Brown BY BANKERS.-The Commonwealth Trust Co.
of Houston has Purchased
& Sons of Baltimore at 99.41 and int. Other offers submitted for the bonds and is now offering to investors $126,000
54% 1-30-yr. (ser.) road and
are reported as follows:
bridge warrants. Int. semi-ann. payable at
the First Nat. Bank of ChiBaker, Watts & Co., Townsend Scott & Son and Nelson, Cook &
cago. Principal subject to registration by the holders thereof.
Co., Baltimore
•,
debt, incl. this issue, $166.000. Assessed val.. S8.702.000; real Total
val..
Hambleton & Co., Baltimore
99.256 525.000,000.
J. S. Wilson Jr. & Co. and Strother, Brogden & Co., Baltimore
99.15
GRAND RAPIDS SCHOOL DISTRICT (P. 0. Grand Rapids), Kent
Harris, Forbes & Co.. New York
98.823 County,
Mich.-BOND SALE.-On Jan. 4 the two issues of
S itzer, Rorick & Co., Toledo
98.57
coupon
tax-free school bonds, aggregating $390,500 (V. 99, p. 1849). 434%
T liotson & Wolcott Co., Cleveland
98.53
were awarded
to
the
Detroit
Trust Co.of Detroit for $394,700 (101.075) and cost of printAlex. Brown & Sons bid 98 and supplemented their bid by an offer to
ing
bonds.
Other
bids were:
pay $1 per bond above the highest bid. The acceptance of this proposal
Harris Trust & Savings Bank of Chicago
by the Cumberland authorities has been protested against by the bankers First
$392,296 30
Trust & Savings Bank of Chicago
who offered 99.31 for the bonds.
390,525 00
The bonds are dated Sept. 1 1913.
As already stated in these columns, the bonds were sold at private sale
GRAND VIEW IRRIGATION DISTRICT (P. 0. Boise), Idaho.
November 20 at 98, to Alex. Brown & Sons, who subsequently re-sold the
bonds. A technical defect was discovered, however, and to correct this BOND OFFERING.-Geo. R. Procter, Sec. Bd. of Directors, will receive
it was necessary to re-advertise
the issue (V. 99, P. 1766)1 In order to bids until Jan. 12, it is stated, for an issue of $67,000 6)4% impt. bonds.
carry out their purpose to deliver the bonds to their
clients in perfect legal Denom.(45) E500,(55) 31.000.
condition the Baltimore firm devised the special form of bid referred to.
GREENSBURGH (P. 0. Tarrytown), Westchester County, N. Y.
They also stated,according to the press, that this form of bid was not appro- BOND
OFFERING.-It is reiported that
Dashwood, Town Clerk.
priate or applicable
them will receive bids until 4 p. m.Jan. 19 for anRobert
confronted
to
which
any
that
other
than
situation
issue $25.000 434% 1-25-year
with relation to the
for • (ser.) elimination bonds. Cert. check for $1,000ofrequired.
except
used
not
be
would
Ciumberland
and
bonds
the special circumstances
surrounding the case.
GREEN SPRINGS SCHOOL DISTRICT, Pinellas County, Fla.DANVILLE, Knox County, Ohio.-BOND OFFERING.-Proposals BONDS VOTED.-According to reports, this district has voted
in favor of
will be received until
12 in. Jan. 30 by J. Clifford Holl, Village Clerk. for the issuance of 81.500 school bonds.
$4,380 54% Market St. and Public Square
paving (assess.) bonds. Auth.
GUTHRIE, Logan County, Okla.-BOND ELECTION.-Local newsSec. 3914, Gen, Code. Denom,
$219. Date Sept. 1 1914. Int. M.& S. paper dispatches state that an election will be held Jan. 14 to vote on the
Due each six months for 10 years.
Purchaser to pay accrued interest.
question of issuing $50,000 water-works-extension bonds.
DES MOINES, Iowa.-BONDS
BONDS DEFEATED.-We have just learned that the questions of issuing
AWARDED IN PART.-Reports state
that of the 325.000 (not $20,000, as
-equipment
$25,000 water-system-impt. and $250,000 electric-light and powerfire
first
the
reported)
44%
bonds which this city has been offering
to local investors (V. 99. P. 1766). plant-purchase bonds (V. 99, p. 361) were defeated by the voters at the
$3,500 had been sold up to
Jan. 2.
election held Aug. 11.
DE SOTO PARISH (P. 0. Mansfield), La.-BONDS OFFERED BY
HANCOCK COUNTY (P. 0. New Cumberland), W. Va.-BOND
BANKERS.-The Central Trust
Co.
Illinois, Chicago,is offering to in- SALE.-The First Nat. Bank of New Cumberland was awarded at par and
vestors *7.000 5% highway bonds. of
$500. Date Sept. 1 1914. hit. on July 1 the 340.000 5% 10-34-year (opt.) road bonds offered Out not
Int. annually in Chicago. Due Mar. 1Denom.
1924. Net debt, 397,500. Assess. sold on June 13 (V. 98, p. 1866). Denom. $1,000. Date July 1 1914.
val. for taxation, 35,618,618; val. of taxable
I Interest J. & J.
property. 315,000.000.
156
THE CHRONICLE
[VOL.
100.
(P. 0. Lanyon), Webster County,
LANYON SCHOOL DISTRICT
tax-free
5% 10-year
, Neb.-BONDS NOT YET SOLD.
D SALE.-On Dec. 31 the $16,000
-BON
HARTINGTON, Cedar County
Iowa.
of
made
been
yet
reg'St Co. of
had
sale
no
4
us that up to Jan.
99, p. 1767) were awarded to. Geo. M. Bechtel
The City Clerk advises
water refunding bonds offered school bonds (V.
bidders
taxable
other
coup,
three
(opt.)
.
were
5-20-yr
There
5%
Davenport.
the $7,500
0. Bedford), Ind.-BOND $ALE.-Rewithout success in June 1914 (V.(19. P. 1160)• ELECTION PROPOSED.
LAWRENCE COUNTY (P.
has been awarded an
, So. Dak.-BOND
that the Bedford Nat. Bank of Bedford
state
HAYTI, Hamlin Countystate
ports
.
be
to
held
shortly
will
election
an
that
4-yr.(ser.) bridge bonds for 58.080 10 equal to 101.001
-Local newspaper reports
water-works-plant-install. bonds issue of $8,000 4A %
issuing
of
n
.-We are advised
questio
the
-VOTE
Okla.
),
voters
the
to
Poteau
submit
(P. 0.
TY
COUN
RE
21
LEFLO
NO.
of
ICT
defeat
d
in
DISTR
resulte
L
3 which
cast at the election held Nov.
HEMPSTEAD (Town) UNION FREE SCHOO
, N. Y.-BOND OFFERING. that the vote
20-year bridge bonds(V.99, p. 1474)
(P. 0. Rockville Center), Nassau County
n of issuing the 560.0005%
26, reports state, by P. Hawkins, the questio"for"
"against."
1,994
to
-Bids will be received until 8 p. m. Jan.
1,130
was
voted
$50.000 6 1-3-yr. (aver.) school bonds
0. Limestone), Alger County, Mich.
Clerk Bd. of Ed., for the Cert.
LIMESTONE TOWNSHIP (P.
check for 10% required.
d at
Dec. 22 (V. 99, p. 1925).
Peoples' State Bank of Munising was awarde
0. High Springs), -BOND SALE.-The
(P.
ICT
DISTR
5% high-way and bridge-impt. bonds.
L
SCHOO
$15.000
of
GS
31 an issue
HIGH SPRIN
Oct.
on
par
quesy.
the
that
ts
state
annuall
.
-Repor
Int.
VOTED
1914.
Alachua County, Fla.-BONDS
Denom. $1,000. Date Oct. 31
at a recent election.
Lincolnton), Ga.-BONDS OFFERED
tion of issuing $6,000 school bonds carried
LINCOLN COUNTY (P. 0.
-BOND OFFERING.-Proposals
Co. of Atlanta are offering to investors
&
n
Hilsma
H.
-J.
RS.
HOLLAND, Ottawa County, Mich.
BANKE
. $1,000. Date Jan. 1 1915.
19 by Richard Overweg,City Clerk,for BY
court-house bonds. Denomyearly
will be received until 4 p. m. Jan.
5%
$30,000
1.
on
ann.
Int.
Feb.
Jan. 1 from 1916 to 1925.
"I."
series
. Due $1,000
$7,938 5% street-improvement bonds,
Int. ann. Jan. 1 in Atlanta
1935 incl. Total debt $30,000.
Neb.to
Page),
1926
from
0.
1
2
(P.
Jan.
NO.
ICT
yearly
DISTR
L
incl. and $2,000
HOLT COUNTY SCHOO
$3,500,000.
values.
Actual
2
of
the
156.
810.000
Jan.
to
made up
Assessed values 1914 $1,195,
BONDS NOT SOLD.-No sale had been district
, Neb.-BOND SALE.-On
has been offering for sale
LN COUNTY (P. 0. No. Platte)
5% 10-yr. reg bldg. bonds whichisthis
LINCO
r.
p. 1767) were awarded
99.
Directo
(V.
bonds
School
(V. 99, p. 55'7j. John T. Walker
Dec. 28 the following registered bridge
int.:
-BOND SALE.-..-On Dec. 29 the to the Hanchett Bond Co. of Chicago at 101.9761and
1925 to 1930 incl.
from
HORTON, Brown County, Kan.
July
on
yearly
(V.
bonds
ement
99, 512,000 5% bonds. Due 51.000
(aver.) coupon improv
1934.
$26,891 89 5)5% Pi-yearHoehler
and
, Cummings & Prudden of Toledo for
and $2,000 on July 1 1931. 1933
from 1925 to 1931 heel.
1
1767) were awarded to
July
on
yearly
51.000
Due
were:
bids
13,000 6% bonds.
1934.
7,103 (100.785) and int. Other
g bonds.
and $2,000 on July 1 1932. 1933 and
anchett Bond Co., Chicago, $27.068 89 and printin
89, interest and printing
Other bidders were:
525.266
Commerce Trust Co., Kansas City, Mo..$27.041
Toledo
,
25,026
Terry, Briggs & Slayton
bonds.
interest and printing bonds.
000
25:000
C. H. Coffin, ChicagoChicago
.John Prescott & Co., $27,008 39,
.
interest
Co.,
and
89
&
$26,998
,
Powell, Gerard
Sidney Spitzer & Co., Toledo
g
bonds.
and printin
Keeler Brothers, Denver
Spitzer, Rorick & Co., Toledo, $26,943 89, interest
AUTHOR/.ZED.-An ordinance
t County, Ohio.
LODI,Bergen County, N.J.-BONDS
issuance of
HUDSON TOWNSHIP (P. 0. Hudson), Summi
r (aver.) road-impt- was passed by the Boro. Council on Dec. 16 providing for.the
634-yea
534%
$8,200
the
30
Dec.
SALE.
-On
Denom $1,000. Date
BOND
Seasongood & Mayer of Cincinnati $70,000 5% gold coupon or reg. funding bonds.
$1,000
Due
Lodi.
of
bonds(V. 99, p. 1925) were awarded tobids
Bank
Nat.
First
at
were:
Sept. 1 1914. Int. M. & S.
to 1939 incl.
for $8,356 (101.902) and int. Other
nggs&Slayton.Tol.$8,286 00 Sept. 1 1916 and $3,000 yearly on Sept. 1 from 1917
Hanchett Bond Co., Chic-$8.327 00 Terry,B
two
the
28
Dec.
46
8,284
-On
o.Cleve
&
on
SALE.
Wole.,C
D
8,324 00 Tillots
Otis & Co., Cleveland
LOB!, Medina County, Ohio.-BON
-disposal bonds aggregating $30,000
8.32140 Hoehler,Cm/linings& PrudFirst Nat. Bank, Cleve
of 434% coup. sewage and sewage
at
Issues
Lodi
00
of
8,242
Bank
Nat.
Toledo
ge
den
00
Exchan
r
8.320
to the
Citizens' Nat.Bk., Wooste
on 8,235 00 (V. 99, p. 1695) were awarded
Hayden, Miller & Co.,Clev. 8,306 00 R.L.Dollings Co., Hamilt
par and int.
BE
TO
DS
-BON
Kan.
,
, Ga.-BONDS OFFERED BY
INDEPENDENCE, Montgomery County
of $45,000
LOUISVILLE, Jefferson County
SOLD LOCALLY-Thiscity will offer to local investors an issue
water-extension and sewerage bonds
BANKERS.-The $12,000 5% 30-year
rs by J. H. lifilsman & Co. of
investo
43,4% city-hall bonds.
to
offered
being
are
689)
Jan. 5 the $80,000 4% (V. 99,.p.Denom. $100. Date Dec. 11914. Int. ann. on Dec. 1 in New
INDIANAPOLIS, Ind.-BOND SALE.-On
Atlanta
were
69)
p.
100,
(V.
5750.000. Actual values
1914
7 1-3-yr. (aver.) coupon safety board bonds ofof
Total debt $32,000. Assess. values
Indianapolis for $80,082 York. 000.
awarded to the Fletcher American Nat. Bank
$1,000.
5
.
), Ohio.-BOND SALE.-On Jan.
(100.1025)-a basis of about 3.984%
the only
LUCAS COUNTY (P. 0. Toledo
pt. bonds (V. 99. p. 1767) were
The Indiana Tr. Co. and J. F. Wdil & Co. of Indianapolis were
09 534% 2-yr. (aver.) road-im
2
to
$192,60
-equal
the
34
4
$193,62
for
.
Toledo
$80,017
bid
of
other bidders, each
d to Spitzer, Rorick & Co. bids
were also received:
laus County, Cal.-BOND awarde
onal
JACKSON SCHOOL DISTRICT, Stanis
100.53. The following conditi
Premium.
Premium.
10 a. m. Jan. 12 by H. Benson,
OFFERING.-Blds will be received until
bonds
& Braun, Toledo----$1,040 00
school
Stacy
the $8,000 6%
Cin_$1,850 00
Mayer,
&
good
Season
307 91
_
Clerk Bd. of Co. Supers.(P. 0. Modesto),forheld
Nov. 21 (V.99.0.1394). Tillotson&WolcottCo.,Cle. 1,097 83 Estabrook & Co., Boston_
288 90
authorized by a vote of44 to 20 at the election
o., Cin____
1932
on Jan. 12 from 1917 to
& Co., Cie- 1.04091 Prov.S.B.&Tr.C
,
Miller
Hayden
Denom. $500.' Int. J. & J. Due $500 yrly.
Chairto
for 10% of bid, payable
PROPOSED.
incl. Cert. check on a California bank
at his
County, Ga.-BOND ELECTION ed
prepare
Bibb
must
,
bidder
MACON
ful
voters
Success
the
to
of the bonds to be submitt
man of Bd. of Supers., required.
of said bond election, if he Reports state that the amountp.
00 for
$100,0
sewers,
for
350,000
Is
1850)
own expense an abstract of the proceedings
99.
(V.
at the Mar. 4 election hospital.
desires it.
0 for
(P. 0. James- paving and $150,00
SCHOOL DISTRICTING.
l), No. Caro.-BOND OFFERsals
-Propo
JAMESTOWN UNION FREE
OFFER
D
MADISON COUNTY (P. 0. Marshal
-BON
, N. Y.
Jan. 18
of
Clerk
r,
that proposals will be considered until 12 m.
town), Chautauqua County
state
Falcone
Mildred R.
-Reports
MG.
by
12
Jan.
m.
P.
7:30
bonds
pt.
offered but not sold on Oct.8
.
until
road-im
bonds. Denom
will be received
for the $150,000 5% 30-year
reg. bldg.-impt. tax-free
for 5% required.
check
Cert.
n.
$5,000
Due
semi-an
e.
Int.
Bd. of Ed., for 670,000 4A%
exchang
1768).
Y.
p.
N.
in
99,
(V.
Int. M.& N.
of bonds was
91,000. Date July 1 1914.
n), Harris County, Tex.-BOND
1929 incl. A similar issue
MAGNOLIA PARK (P. 0. Housto
yearly on Nov. 1 from 1916 to
d until 11 a. m. Feb. 3
of N. Y. on July 7. See V. 99, p. 140. OFFER
ING.-It is stated that bids will be receive
awarded to Douglas Fenwick & Co.
- by W.II.
.
for the $94.000 water-worksand $40,000
RIZED
Secy.,
Town
AUTHO
ton,
DS
Farring
-BON
Pa.
,
8. (V. 99, p. 1850.)
Dec.
voted
bonds
authorce
JOHNSTOWN, Cambria County
(opt.)
r.
ordinan
an
10-40-y
street-impt. 5%
this city has passed
Local newspaper reports state that Haynes St. 13riclge bonds.
D OFFERING DATE NOT SET
MANGUM, Greer County, Okla.-BON
izing the issuance of $50,000 434%
White Coun- -The City Clerk advises us that no date has ,vet been set for the offering
DISTRICT (P.O. Judsonia),
water-pumping and
JUDSONIA DRAINAGEED
RS.-The Mississippi Valley of the $100.000 coup. tax-free municipal electric-light,
BANKE
BY
OFFER
DS
-BON
offering ice-plant bonds voted Aug. 4 (V. 99. P. 1161). Denom. 51,0(10. Bonded
ty, Ark.
n Securities Co. of St. Louis are Denom
. debt, $85.000; assess. val., $1,250,000.
Trust Co. and Lewis W. Thomso
bonds.
ion
nstruct
m-co
e-syste
Due on
to investors $90,000 6% drainag
-On Jan. 4 an
Mar. 1 and Sept. 1 in St. Louis.
MANTUA, Portage County, Ohio.-BOND SALE.
and 1924;
$500. Date Oct. 1 1914. Int.
and 1921: $3,000 1922, 1923
4-year (aver.) street-improvement (assess.) bonds
$5,000 issue of $14,000 6% 4,
Sept. 1 as follows: $2,500 1920
1930;
and
1929
$4,500
nd at par.
1927 and 1928;
Clevela
of
Co.
$4,000
&
Otis
1926;
to
and
stated,
is
it
1925
d,
1937
awarde
was
$7,000
63.500
1934 and 1935;$6,500 1936:
D SALE.
1931 and 1932:$5,500 1933:$6,000
MARION COUNTY (P. 0. Indianapolis), Ind.-BON
Total debt $90,000. Amount of taxesyasting $19,000 were
and 1938 and $4,000 1939.
s $325.755; present value of propert in On Jan. 4 two issues of 434% gravel-road bonds, aggrega
benefit
d
assesse
4:
int.
and
$200,57
5)
(100.81
sessed
awarded to Miller & Co. a Indianapolis for $19,155
district (est.) $630.000.
bidders. Denom.($4,000 issue) $200($15,000 issue)
SALE.-On Dec. 22 an issue of $125,000 There were three other1914.
Int. M. & N.
KANSAS CITY, Kan.-BONdDto
15
at
Dec.
of
Toledo
Co.
Date
&
$750.
Rorick
,
Spitzer
street-impt. bonds was awarde
ICT (P. 0. Marion),
MARION INDEPENDENT SCHOOL DISTR.
100.333, it Is stated.
PAID FOR BONDS -We are advised that
rtown),Md.-BOND SALE.-On Jan.5 Linn County, Iowa.-PRICE5%
Cheste
(P.O.
school refunding bonds
TY
(ser.)
COUN
1-10-year
KENT
ting $54,000 the price paid for the $21,000
p. 1926)
5% coup. tax-free school bonds aggrega
Co.of Davenport on Dec.3(V.09,
the two issues of
Watts & Co., Nelson Cook & Co. awarded to Geo. M.Bechtel &Date
Baker,
to
d
awarde
Int. J. & D. Using
were
1914.
1694)
1
Dec.
p.
(V. 99,
04- was par. Denom. 51,000.
of
bid
$56,051
d
their
on
awarde
stated,
were
is
it
bonds
Balt.,
of
these
Co.
&
that
and Townsend Scott
newspaper reports, we stated two weeks ago Geo. M. Bechtel & Co.
equal to 103.798.
to the First Nat. Bank of Chicago through
4
Jan.
D
-On
-BON
SALE.
Wash.
94,
D
NO.
DISTRICT
Shoals), Ind.-BON
KLICKITAT COUNTY SCHOOLwill
MARTIN COUNTY (P. 0.
faint. bonds (V. 100, p. 69) were
be received until to-day (Jan. 9)
OFFERING.-It is stated that bids
$7,500 4)4% Mitcheltree Twp. road
Denom. $380. Int. M.& N. Due
(P. 0. Goldendale), for $3,500 1-5-year the
awarded to Walter Hayes at 101.55.
by H. J. Marshall, County Treas.
serially for 10 years.
(opt.) school bonds.
-The
, Ohio.-BONDS REFUSED.
62 (P. 0. Knob Lick), St.
MARYSVILLE, Union County
KNOB LICK SCHOOL DISTRICT NO.
to accept the $10,0006% 11-year
&
e
-Littl
RS.
BANKE
BY
ED
Bank of Cincinnati has refused
reports
int.,
and
101.62
at
19
Francois County, Mo.-BONDS OFFER to investors 54,800 6% build- Atlas Nat.
Dec.
on
it
d
offering
(aver.) refunding bonds awarde
Hays Investment Co. of St. Louis IsAug.
1 1914. Int. F. & A. at the state (V. 99, p. 1926.)
Date
ing bonds. Denom. $100.
Cambridge), Mass.-LOAN OFFERDue on Aug 1 as follows:
MIDDLESEX COUNTY (P. 0.
Mississippi Valley Trust Co. of St. Louis.
it is stated, until
$300 yearly from 1916 to 1924 incl., ING.-The County Treasurer will receive sealed bids,
6200 yearly from 1915 to 1918 incl.:
debt,
bonded
of $200,000. in anticipation of taxes,
Total
loan
1929.
ary
and
$500 1928
for a tempor
12
Jan.
m.
a.
10
$400. 1925. 1926 and 1927 andval.
0.
$104,45
of taxable property, 1912,
maturing Nov.5 1915.
this issue ($4,800). Assess.
SED -According to reports this
Actual val. of property (est.) $313,350.
MILWAUKEE, Wis.-BONDSePROPO
of $300,000 park-Improvement bonds.
La
),
0.
Grange
(P.
ICT
L
DISTR
d city is contemplating the issuanc
receive
LA GRANGE UNION SCHOO
be
will
sals
D SALE.-On Jan. 7 the $47,500 4%
D OFFERING.-Propo
MINNEAPOLIS, Minn.-BON
Lorain County, Ohio.-BON
%.
69) were awarded to the Minnesota
Jackson, Clerk of Dist., for 55.000 53425
coup. hospital bonds(V. 100. p.
-year
39
until 1 p. m. Jan. 25 by J. P.
Jan.
Date
.
$500.
.
Denom
3.
held Nov.
Co. of Minnesapolls at 95.66-a basis of about 4.258%
school bonds. Auth. election of
Clerk. Due $500 yearly on Mar. 1 Loan & Trust
Dist.
at
office
S.
D ELECTION PROPOSED.
&
M.
-BON
Tex.
,
Int.
to
1915.
o County
Hidalg
payable
for,
ON,
bid
MISSI
bonds
of
5%
for
on
vote
check
to
Cert.
an election
from 1920 to 1929 incl.
that this city is contemplating calling
Bonds to be delivered and paid for within 10 days Reports stateof
ht
bonds.
electric-lig
and
orks
water-w
above Clerk, required.Purchas
issuing
.
n
interest
questio
the
accrued
pay
er
to
award.
from time of
Tippecanoe City), Miami County,
MONROE TOWNSHIP (P. 0.will
-On
be received until 12 m. Jan. 23 by
0. Crown Point), Ind.-NOTE SALE.
OFFERING,-Bids
D
-BON
LAKE COUNTY (P.current
2
Ohio.
Jan.
dated
notes,
ory
revenue promiss
of Tvrp. Trustees for 520,0005% 1234-year (aver.)
Jan. 2 the $200,000 6% (V. 99. p. 1614) were awarded to John Brown at 8.0.Mitchell, Clerk Bd.
check for 5% required.
Cert,
n.
semi-an
1915
Int.
2
town-hall bonds.
1915 and due July about 4.60%. Other bids were:
L DISTRICT (P. 0. Wil100.675-a basis of
MONROE TOWNSHIP RURALaySCHOO
'First Nat. Bk.,Dyer,Ind_ _5200,805
75
.$201,1
ianplis
, Ohio.-BONDS RECo.,Ind
County
&
ld
J.F.Wi
Wm. A. Read & Co., N.Y. 200,742 liamsport, R. F. D.), Pickaw
the Bd. of Ed. has recalled its reso,
reports
to
Commercial Bk.. Crown Pt. 200,826
ding
-Accor
ED.
Elder
AWARD
Geo. M.
4
$22,000
the
to
5% 11-yr. (aver.) coup.
n
520,000
the
additio
of
28
Dec.
-In
on
ng
ING.
awardi
BOND OFFER
on Jan. 11 (V. 100, p. 69), an issue lution of theto the First Nat. Bank of Circleville at 100.50 (V. 100,p. 69).
highway-impt. bonds to be offered
also be offered forget°on that day. bids. bonds
g
will
the
bonds to the Jai
re-awardin
bonds
.
ion,
y-impt
resolut
highwa
another
%
passed
and has
of 37.500 43
Vernon), Ala.-BOND OFFERING.-Pro- Betram Co. of Cincinnati at 100.605.
LAMAR COUNTY (P. 0.12 m. Jan. 19 by R. L. Bradley, Judge of
s County, Cal.Angele
Los
ICT,
L
DISTR
MORNINGSIDE SCHOO
pose's will be received untilrefunding and road-impt. bonds. Auth. vote
-On Dec.. 28 the 555.000 5)4% 17 -yr. (aver.) gold siteProbate, for $50,000 couponheld
(rate to be BOND SALE.
Int.
$500.
.
were
(V.
p.
1851
99,
bonds
awarded to the
Denom
21.
equip.
Dec.
and
constr.
in 15 purchase,Staats
of 781 to 343 at an election
y at Bank of Vernon. Due $25,000
Co. of Los Angeles, it is stated, for 56,213.
named in bid), payable annuall
to $25,000, and $25,- Wm. R.
$5,000
55.000,
to
$500
from
VOTED.-The
,
W.
bids
ONDS
County
Va.-B
MOOREFIELD, Hardy
and 25 years. With
ed by the Co. Commrs..
d check or bond to be approv
sewerage and improvement bonds carried, it is
000 to 550.000 a certifie
respectively. The purchaser shall question of issuing $8,000
$2,000
and
19.
51.000
Dec.
held
$100,
of said bonds and bear stated, at the election
Is required for
all costs of examining the legality
SALE.-On
states that there is not now
be required to payting
MORGAN COUNTY (P. 0. Martinsville), Ind.-BOND
same. Official circular r,
affecting in any manner Dec. 30 the two issues of 434% 6-yr. (aver.) highway-impt. bonds, aggreall cost of negotia
whateve
on
litigati
any
ned
pending or threate that there has never been any default in the payment gating $6,000 (V. 99, P. 1926), were awarded to the Citizens' Nat. Bank
and
floating debt $40.000. of Martinsville for $6,031 30 (100.521) and int.-a basis of about 4.40% •
this issue of bonds
ion. Bonded debt this issue;$6,850.000. ir•scP,
of any obligat
Other bids were:
Actual val. (est.)
Premium.
Assessed val. $3,306,819.
r
.
-Va-Mr
.
12
$74
m _u
D ELECI
tTne _i
P
0. Paris), Tex.-BONIt
(P.
Nat. Bank, Martinsville.$19 001F irst Nat. Bank, Morgan
TY
First
COUN
to
submit
stated,
is
R
future,
RP LAMA
near
the
15 50 Fletcher Amer. Nat. Bk., Ind_par
in
polis
Indiana
held
Co.,
be
&
will
Wild
F.
J.
bonds.
road
t
POSED.-An election
Precinc
Cooper
00
to Issue $100,0
to a vote the proposition
D
JAN. 9
THE CHRONICLE
1915.]
NANTICOKE, Luzerne County, Pa.-PRICE PAID FOR BONDS.
The price paid for the $60,000 5% 11M-year (aver.) street-paving and
sewer bonds awarded on Dec. 1 to A.B.Leach & Co. of Philadelphia(V.99.
O• 1851) was I01.09-a basis of about 4.875%•
NAPOLEON, Henry County, Ohio.-BONDS NOT SOLD-NEW
OFFERING.-No bids were received on Dec. 21, reports state, for the $6,8355% Ward One sewer-constr. bonds offered on that day (V.99, p. 1851).
New bids will be received at 6% int. until Feb. 1.
NEW BEDFORD, Bristol County, Mass.-TEMPORARY LOAN.-A
loan of $500,000 maturing Nov. 5 1915 has been negotiated, it Is stated.
with Blake Bros. & Co. of Boston at 3.73% discount, plus 50 cents. Other
bidders were:
Discount. Premium.
Morgan & Bartlett, New York
None
3.84%
Farmers' Loan & Trust Co.. New York
3.957 plus $12 50
F. S. Moseley & Co., Boston
412% plus $1
Wood, Struthers & Co., New York
4.36% for $100,000
NEW LONDON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
New London), Huron County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. Jan. 18 by B. V. Winebar, Clerk. Bd.a Ed.,
for 51,000 6% school property-improvement bonds. Auth. Secs. 7629 and
7630 Can. Code. Denom. $500. Int. semi-ann. Due $500 Oct. 1 1917
and 1918.
NEW YORK CITY.-BOND SALE.-During the month of December
1914 the Sinking Fund of this city purchased at par 5400,000 3% bonds for
various municipal purposes, maturing Nov. 1 1924, and $20,500,000 3%
general fund bonds, due in 1930.
The following short-term securities, aggregating $5,908,500, and consisting of special revenue bonds and corporate stock notes, were also issued
during Decmber:
Interest. Maturity.
Amount.
Revenue Bonds. 1914fOn or afterl $475.000
Special
4% 1Jan. 2 1915j
do
4;i Dec. 16 1915
33.500
do
31,1 Jan. 11 1915 1,700,000
do
31-4 Jan. 6 1915 1,000,000
do
3
fOn or after11,700,000
1Jan. 2 1915)
Total revenue bonds (special)
Corporate Stock NotesWater
$4,908,500
3
JOn or before'
1Dec. 1 1915f$1,000,000
Total corporate stock notes
$1,000,000
NODAWAY COUNTY (P. 0. Marysville), Mo.-BOND OFFERING.
Bids will be received until 10 a. m. Feb. 1 by Fred J. Yeomans, Co. Clerk,
for $25,000 Lincoln Twp. road bonds. Denom. $500. Due from 1 to
years.
14
NOBLE COUNTY (P. 0. Albion), Ind.-BOND SALE.-We are advised that the $17,040
% 51-4-yr. (aver.) gravel road bonds offered
without success on Aug. 17 (V. 99. p. 559) have been sold to local investors
at par and interest.
NORTH DAKOTA.-BONDS PURCHASED BY STATE.-During the
month of December the following 11 issues of 4% bonds, aggregating
$42,650, were purchased by the State of North Dakota at par:
Amount.
Place Issuing Bonds. Purpose. Date of Bonds.
Due.
$10,000 Courtenay S. D. No. 24__Building July 1 1914 July 1 1934
760 Elkhorn S. D. No.8
Funding Oct. 24 1914 Oct. 24 1934
1,200 Gooseneck S. D. No.6
Building Nov. 12 1914 Nov. 12 1934
2,500 Harriet S. D. No. 21
Nov. 12 1914 Nov. 12 1934
.4
8,000 Hoopla S. D. No.42
Dec. 7 1914 Dec. 7 1934
3,000 Moscow School District
"
Nov. 12 1914 Nov. 12 1934
3,000 Pleasant View S. D. No.6 "
Oct. 24 1914 Oct. 24 1934
7,200 Sauk Valley S. D. No. 13_
"
Dec. 7 1914 Dec. 7 1934
5.000 Twin Valley S. D. No.5_ _Funding Oct. 15
1914 Oct. 15 1929
1,000 Union S. D. No.20
Building Nov. 12 1914 Nov. 12 1934
1,000 Viking S. D. No. 92
Funding July 1 1914 July 1 1934
NORWALK, Huron County, Ohio.
OFFERING.-Further
details are at hand relative to the offering-BOND
on Jan. 27 of the $100,000 5%
coupon electric-light bonds (V. 100,
la.
70).
Bids
for
these bonds will be
received until 12 m. on that day
L. Snook, City Aud., Denom. $500.
Date Sept. 11914. Int. M.& S.byDue
$5,000
yearly
on
Sept. 1 from 1923
1942
to
incl. Cert, check for 1% of
bid for, payable to City Treas.,
required. Bonds to be delivered andbonds
paid for within 10 days from time of
award. Purchaser to pay accrued interest.
NUECES COUNTY (P. 0. Corpus
Tex.-BOND SALE.Local newspaper reports state that theChristi),
$165,000 causeway-construction
bonds voted March 14 1914 (V. 98, p. 1262)
have been sold.
OAK PARK SPECIAL SUB-SCHOOL TAX
DISTRICT, Hillsbor
ough County, Fla.-BONDS VOTED.-The
proposition to issue $5,000
bldg. bonds carried, reports state, at the election
held Dec. 15 by a vote
of 29 to none.
OAKWOOD, Montgomery County, Ohio.-BOND
-Proposals will bo received until 1 p. m. Jan. 23 by Geo. E.OFFERING.
Keller, VII. Clerk.
for $21,000 5% coupon Sewer Dist. No.1 sanitary-sewer (assess.) bonds.
Date Dec. 1 1914. Int. J. & D. at Teutonia Nat. Bank, Dayton. Due
two bonds yearly for 9 years and three bonds 10 years after date. Cert.
check on a national bank of Dayton for 3% of bonds bid for, payable to
above Clerk, required. Bonds to be delivered and paid for within 10 days
after day of award. This item was erroneously reported under the head of
Oakwood, Paulding County, Ohio, In last week's 'Chronicle", page 70.
ONTANAGON, Ontanagon County, Mich.-BOND SALE.-We are
advised that the $3,000 water-works bonds voted Sept. 28 (V. 99, p. 999)
have been sold.
ONTARIO, San Bernardino County, Calif.-BOND OFFERING.R. 0. Brackenridge, City Clerk, will receive bids until Feb. 1, reports
state, for an issue of $55.000 5% 1-40-year (ser.) sewer bonds. Int. semiannual.
OREGON CITY, Clackamas County Ore.-BOND OFFERING.
It is stated that bids will be received until 4 p. m. Jan. 20 by the finance
Committee for $12.000 5% 20-year elevator-construction bonds. Cert.
check for 5% required.
OXFORD, Butler County, Ohio.-BOND SALE.-It Is
that
Breed. Elliott & Harrison of Cincinnati have purchased at parreported
and int. the
$6,500 5% 4-10-year (ser.) water-works-extension and improvement
bonds
offered without success on Aug. 24 (V. 99, p. 624.)
OXFORD SCHOOL DISTRICT NO. 5 (P. 0. Oxford), Oakland
County, Mich.-BONDS VOTED.-The question of issuing $15,000 5%
impt. bonds carried, reports state, at the election held Dec. 21 by a vote
of 97 to 29. Denom. $500. Int. semi-ann. Due $1,500 yrly. on April 1
from 1917 to 1926 incl.
PACOIMA SCHOOL DISTRICT, Los Angeles County, Cal.BOND OFFERING.-Blds will be received until 2 p. m.Jan. 18,it is stated,
by the Clerk of the Bd. of Co. Supers. (P. 0. Los Angeles) for 515,000
53.4% school bonds.
PARIS, Lamar County, Tex.-BONDS VOTED.-The questions of
Issuing the $100,000 school-bldg. and $100,000 street-impt. 5%
10-50-yr.
(opt.) bonds (V. 99, p. 1696) carried at the election held Dec. 29 by
a vote
of 346 to 95 and 342 to 105, respectively.
PARKE COUNTY (P. 0. Rockville), Ind.-BOND OFFERING.
Proposals will be received until 2 p. m. Jan. 16 by J. H. Rush, County
Treas., for the following 43.4% highway-hunt. bonds:
$11,550 E. R. Jeffries at al. road-impt. bonds in Raccoon Twp. Denom.
$577 50.
4.440 Pickard and Brown road impt. bonds In Liberty Twp. Denom.
$222.
Date Doc. 30 1914. Int. M. & N. Due one bond of each issue each
six months from May 15 1916 to Nov. 15 1925 incl.
PELHAM, Westchester County, N. Y.-BOND OFFERING.-Further
details are at hand relative to the offering on Jan. 12 of the $10,000 reg.
taxable park-purchase and Impt. bonds at not exceeding 5% int. (V. 100.
. 70). Bids for these bonds will be considered until 8 p. m. on that day
y L. M. Simonson, VII. Clerk. Denom. $250. Date Oct. 1 1914. Int.
A. & 0. at office of VII. Treas. in N. Y. exchange. Due $250 yearly on
Oct. 1 from 1915 to 1934 incl. and $500 yrly. from 1935 to 1944 incl
g
15
Bonds will be certified as to genuineness by the U. S. Mortgage & Tr.
Co..
New York,and legaiity approved by Caldwell. Masslich & Reed, New York,
whose opinion will be furnished purchaser. Cert. chock on an incorporated
State or national bank in 1,1;ew York State for $250, payable unconditionally to "Village of Pelham, required. Bonded debt (not incl.
this issue),
$103,500. No floating debt. Assess. val. 1914, $2,187,829. Delivery
Jan. 25 unless a subsequent date shall be mutually agreed upon. Purchaser to pay accrued int. Blank forms for bids furnished by village.
Bonds mature $250 yearly on Oct. 1 from 1915 to 1934 incl. and $500
yearly on Oct. 1 from 1935 to 1944 incl. These bonds will be certified as
to genuineness by the U. S. Mtge.& Tr. Co.and their legality approved
by
Caldwell, Masslich & Reed of N. Y. City, whose opinion will be furnished
purchaser. Bonds to be delivered and paid for at office of above
company on Jan. 25, unless a subsequent date shall be mutually trust
upon. Purchaser to pay accrued interest. Bids must be made onar3d
forms
furnished by the Village Clerk.
PHILADELPHIA, Pa.-BONDS AUTHORIZED.-The Select Council
on Jan. 7 passed an ordinance, it is stated, providing for the floating of the
$11,300,000 bonds for municipal impts. voted Nov. 3(V. 99, p. 1549)•
RAPID TRANSIT LOAN PROPOSED.-Two bills were introduced in
Councils Jan. 7 authorizing a special election to vote a $30,000,000 transitdevelopment loan "for the purpose of establishing, purchasing, leasing,
locating, constructing, equipping and improving transit facilities, wholly
or in part, or for any or more of them,and the use and operation of the same
within the corporate limits of the City of Philadelphia,and within the limits
Of adjacent cities, boroughs or townships." The total cost of the lines
recommended for immediate construction is $46,000,000.
PILESGROVE TOWNSHIP SCHOOL DISTRICT (P. 0.
town), Salem County, N. J.-BOND OFFERING.-Proposals Woodswill be
received until Feb. 1 by Chas. F. Puncoast, Dist. Clerk, for $68,000
5%
coupon or reg. tax-free building bonds. Denom. (55) 51.000, (26) $500.
Date Feb. 1 1915. Int. F.& A. at Salem Co. Tr. Co., Woodstown. Due
$2.500 yearly. Official circular states that there has never been any default in the payment of either principal or interest. The proceedings leading up to the issuance of these bonds have been approved by the State
Attorney General. Bonded debt $38,000. No floating debt. Assessed
val. 1914 52,835.953. Real (est.) $3,403,143.
bonds are part of
an issue of $72,000, $4,000 of which has previouslyThese
been sold.
POND CREEK, Grant County, Okla.-BOND OFFERING.-This
city is offering for sale the $7,000 6% 20-yr. water and light-system-imp
t.
bonds voted June 2 1914 (V. 98, p. 1937).
PORT DICKINSON, Broome County, N. Y.-BOND SALE.-On
Jan. 5 the 539,000 5% coupon or registered Chenango St.-paving (village's
portion) bonds (V. 100, p. 70) were awarded to Geo. B. Gibbons & Co.
of
lgew York at 102.01. Other bids ware:
Douglas Fenwick & Co.,N.Y.101.8331Farson, Son & Co., N. Y__
A00.396
Denom. $500. Date Jan. 1 1915. Int. ann. Jan. 1 in New -York exchange at the Peoples' Trust Co., Binghamton. Due
$6,000 Jan. 1 1916;
31,500 yearly Jan. 1 from 1917 to 1926 incl.; and $1.000
yearly
1 from
1927 to 1944 incl. Bonded debt, including this issue, $43,000.Jan.
No floating debt. Assessed val. $435.000.
POSEY COUNTY (P. 0. Mt. Vernon), Ind.-BOND
Bids will be received until 2 p. m. Jan. 12 by Andrew A.OFFERING.
Schenck. Co.
Treas., for $10,000
% Herbert L. Alldredge et al road bonds in
Twp. Denom.$500. Date Jan. 5 1915. Due $500 each six monthsBlack
from
May 15 1916 to Nov. 15 1925 incl.
PUENTE UNION HIGH SCHOOL DISTRICT,Los Angeles County,
Cal.-BOND OFFERING.-Reports state that bids will be received until
2 p. m. Jan. 18 by the Clerk of the Bd. of Co. Supers.(P. 0. Los Angeles)
for 565.000
% school bonds.
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BOND SALE.-On
Jan. 4 the $9,880 414% Milton McGaughey road-impt. bonds (V. 100,
p. 70) were awarded to Miller & Co., Indianapolis, for 59.925-equal to
100.455.
RHEA COUNTY (P. 0. Dayton), Tenn.-BONDS TO BE OFFERED
SHORTLY.-Local newspaper reports state that this county proposes to
shortly offer for sale the $250,000 pike bonds voted March 31 1914 and later
upheld by the Supreme Court see V. 99, p. 488.
RICHLAND COUNTY SCHOOL DISTRICT NO. 17 (P. 0. Brockton), Mont-BONDS NOT SOLD.-No bids were received on Dec. 19
for the $1,500 5-8-yr. (opt.) school bonds at not exceeding 6% int. offered
on that day (V. 99, p. 1696).
RICHMOND, Va.-RATE OF INTEREST REDUCED.-Local papers
state that on Jan. 4 the Common Council passed an ordinance reducing the
rate of interest on the $534,430 34-year permanent-improvement bonds.
(V. 99, P. 1852) from 5% to 434%•
ROCHESTER,N. Y.-NOTE OFFERING.-Sealed bids will be received
at the office of E. S. Osborne, City Comptroller, until 2 p. m. Jan. 12. for
$200,000 sewage-disposal, $100,000 school-construction, 525,000 Genesee
River deepening notes payable 8 months from Jan. 15 1915 and 53.333
land purchase West High School notes payable 8 months
from Jan. 18 1915.
They will be payable at Union Trust Co. of N. Y.,_will be drawn
Interest, and will be deliverable at said Trust Co. of N. Y. on Jan. 15with
and 18
respectively. Bidder to state rate of interest and to state whom
(not
bearer) notes shall be made payable to and denominations desired.
NOTE SALE.-On Jan. 7 the $360,000 general fund notes
to run for five
months from Jan. 12 1915, were awarded
to Salomon Bros. & Hutzler, New
York City, on their bid, interest 3.50, premium
$10.0ther bidders were:
Int.
Premium.
Goldman,Sachs & Co.,New York
All
$2500
3.60
A.G.Moore,Rochester
All
3.69
15 00
3.59
Bernhard, Scholl° & Co., New York__ 15100,000
100,000
3.69
-_
100,000
3.79
60,000
3.84
H.Lee Anstey, New York
All
3 72
-1-56
Bond & Goodwin, New York
All
3.75
8200
Estabrook & Co., New York
All
3.75
25 00
Farmers' Loan & Trust Co., New YorkAll
3.88
7 50
First Trust & Savings Bank, Chicago_ __ All
15 00
4.25
ROCKAWAY TOWNSHIP SCHOOL
DISTRICT (P. 0. Denville)
Morris County, N. J.-BOND SALF,.-On
school bonds was awarded to the National Jan. 4 an issue of 55,00041-4
Bank of Dover at par.
Denom.51.000. Date Jan. 51915. int. J.Union
&J. Due $1,000 yearly from
1922 to 1926 incl. There were no other
bidders.
ROLLA, Phelps County, Mo.-BONDS
OFFERED BY BANKERS.
Francis Bros. & Co. of St. Louis
are offering to investors the $12.000 5%
10-20-yr. (opt.) water-works-impt. bonds
voted Sept. 29 (V. 99, p. 1083)•
Date Dec. 1 1914. Int. J. & D. at
Mississippi Valley Tr. Co., St. Louis.
Total debt (incl. this issue), 556,000.
Assess. val. 1912, $742,477; real
value (est.). $2,227.000.
ROLLA SCHOOL DISTRICT (P.
-DESCRIPTION OF BONDS.-We are0. Rolla), Phelps County, Mo.
site-purchase and bldg. bonds awarded advised that the $27,500 5% gold
to Francis Bros. & Co. of St. Louis
on Oct. 22(V. 100. p. 70) are in
the denom. of $500 and bear date of Dec. 1
1914. Int. J. & D. at Mississippi
Valley
Tr. Co.. St. Louis. Due Dec. 1
1934, subject to call after Dec. 1
1924. Bonded debt (incl. this issue,)
$40,500; assess. val., $878.384; real
value (est.), $2,600,000.
ROSS COUNTY (P. 0. Chillicothe),
Ohio.-BOND OFFERING.
Robert D. Alexander, County
Aud.will receive bids until 12 m. Jan. 15
for the $31,500 5% (Ili-year
.flood-emergency bonds mentioned in
V. 99, p. 1696). Cert. check(aver.)
for 2% required.
ROYALTON TOWNSHIP (P. 0. Brecksville,
R. F. D. No. 2), Cuyahoga County, Ohio.-BOND SALE.
Jan. 4 the $13,580 705% coup.
highway-impt. bonds offered on Dec.-On
26 (V. 99, p. 1616) were awarded to
C. A. Wilkinson of Cleveland
for $13,585 70 (100.036) and int. Other
bids were:
Pearl Street Say. & Trust Co.,
Cleveland
$13,585 70
Otis & Co., Cleveland
par.
ST. CLOUD INDEPENDENT SCHOOL
DISTRICT (P. 0. St. Cloud)
Stearns County, Minn.-BONDS
TO BE OFFERED SHORTLY.-This
district will shortly offer for
sale $15,000 of the $100,000 bldg. bonds voted
during October (V. 99, p. 1395).
The remaining $85,000 will be sold
to the State.
ST. JOSEPH COUNTY (P. 0. South
Bend), Ind.-BOND OFFER/NO.-Proposals will be received
until 11 a. m.Jan. 13 by Fred W.Martina:
County
un
Treasurer, for 515,700 415% coupon
tax-free C. A. Grose et
highway-improvement bonds in Union
Twp. Denom. $785. Date Oct. 1
158
THE CHRONICLE
South Bend. Due $785 each six months from
1914. Int. M. & N. at
May 15 1916 to Nov. 15 1925, inclusive.
DISTRICT NO. 19, Minn.-BOND
ST. LOUIS COUNTY SCHOOL
ELECTION.-An election will be held Jan. 14. it is reported, to vote on the
bonds.
funding
proposition to issue $13,500
SOLD.-No bids
SANDUSKY, Erie County, Ohio.-BONDS NOT
the $1,500 4,1,6% 2-year (aver.) Monroe St.
were received on Jan. 2 for
on that day (V. 99,
offered
bonds
portion)
(city's
-construction
sewer
p. 1769).
Tex.-BONDS VOTED.
SAN PATRICIO COUNTY (P. 0. Sinton),
election the question of issuing
Local newspaper reports state that at a recent
carried in Improvement Dist.
bonds
-construction
approach
bridge
$50,000
No. 1.
OFFERSCHOHARIE COUNTY (P. 0. Schoharie), N. Y.-BOND
until 12 m. Jan. 25 by David Winnie,
ING.-Proposals will be received
share)
impt.
highway
(county's
county
coup.
5%
$10,640
for
Treas.,
County
A. at office of County Treas.
bonds. Date Feb. 15 1915. Int. F. & to
1925 incl. and $640 Feb. 15
from 1916
Due $1,000 yearly on Feb. 15bid
required.
1926. Cert. check for 10% of
SOLD-NEW OFFERSEBREE, Webster County, Ky.-BONDS NOT 4
on Jan. of the $14,000 43. %
wasImade
sale
no
that
ING.-Reports state
New bids
20-year water-works bonds offered on that day (V. 99, p. 1852).
will be received until Feb. 1.
SLAYTON, Murray County, Minn.-BONDS VOTED.-At the electo issue $15,000 bonds carried, it is retion held Dec. 29 the propositionState
will purchase these bonds.
ported. It is expected that the
SOMERSET, Somerset County, Pa.-BOND SALE.-On Dec. 29 an
bonds was awarded to the Coun-purchase
fire-apparatus
5%
issue of $5,000
ty Tr. Co. of Somerset at 102.50, it is reported.
SOUTH LYON SCHOOL DISTRICT (P. 0. South Lyon), Oakland
County, Mich.-BOND SALE.-The $15,000 building bonds voted Sept.11
(V• 99. p. 917) have been sold to John McLean Co. of Detroit.
STAMFORD, Fairfield County, Conn.-BOND OFFERINO.-Proposals will he received until 12 m. Jan. 14 by John T. Hanrahan. Town
Treas., for $250.000 43' 7, coupon or reg. school bonds. Denom. $1,000.
Date Jan. 1 1915. Int. J. & J. at National Park Bank, N. Y. Due on
Jan. 1 as follows:$7,000 yearly from 1916 to 1925 incl., $8.000 yearly from
incl. Cert. check
1926 to 1935 incl. and $10,000 yearly from 1936 to 1945
for 1% of bonds bid for,
on a state or national bank or trust company
payable to Town Treas., required. Bonds to be delivered and paid for
at 10 a. m. Jan. 20 at office of Town Treas., or at option of bidder, at any
incorporated bank or trust company in N. Y. or Boston to be named in bid;
unless another date shall be mutually agreed upon. Bids must be made
on forms furnished by the Town Treas. These bonds will be certified as
to genuineness by the Fidelity Title & Tr. Co. of Stamford and their
legality approved by Storey, Thomdlke,Palmer & Dodge of Boston, whose
opinion or a duplicate thereof will be delivered to the purchaser upon the
delivery of said bonds. Bonded debt (indl. this issue) 31,227,000. Floatng debt $136,826. Assessed val. 1913 $41,180,120.
NEW LOANS.
[voL. 100.
STUART, Patrick County, Va.-BOND SALE.-We are advised that
the $6,000 water and $4,000 sewer 6% bonds voted March 24 1914 (V. 99.
p. 1000) have been sold to local banks.
SULPHUR SPRINGS, Hopkins County, Tex.-BOND OFFERING.
Proposals will be received until 2 p. m. Jan. 19 (not Jan. 10. as first re5%
street-paving
$30,000
for
Secretary,
bonds.
City
Pate,
C.
B.
by
ported)
M. & S. at Hanover
Denote:. $500 and $750. Date March 11914. Int.
to call after 10 years.
Nat. Bank, N. Y. Due $1,250 yearly, subject
circular
Official
states that there is
required.
$1,500
for
check
Certified
issue and that the principal
no litigation pending or threatened against this
paid promptly at maturity for
and interest of all issues of bonds have been
this issue). $122,750.
at least ten years. Total bonded debt (including
Assessed value 1914. $2,155,025; total value (estimated), $6.000,000.
later
were
but
withdrawn from the
20,
Aug.
on
offered
were
bonds
These
market (V. 99, p. 625)•
Wis.-BONDS
County,
-An
Douglas
AUTHORIZED.
SUPERIOR,
ordinance was passed by the City Council on Dec. 28 providing for the
issuance of the $32,000 5% 10-year gold coupon general sewer bonds
(V. 100, p. 71). Denom. $500. Date Jan. 11915. Int. J. & J.
TALIHINA TOWNSHIP (P.0. Talihina), Le Flora County, Okla.BOND SALE.-The $20,000 road bonds voted Aug. 22 (V. 99, p. 1163)
have been sold.
TIPPECANOE, Miami County, Ohio.-BOND SALE.-On Dec. 29
awarded to Field,
the following 5% street-Improvement bonds wereand
interest:
Richards & Co. of Cincinnati for $17,104 (100.611)
$12,000 Main St. improvement bonds. Due $300 March 1 and $300
Sept. 1 from 1915 to 1934, inclusive. Denom. $300.
six months from
5,000 Fifth St. improvement bonds. Due $200 each
March 1 1915 to March 1 1927. Denom. $200.
Other bids were:
Fifth-Third National Bank, Cincinnati-379 25 premium and interest.
Seasongood & Mayer. Cincinnati-334 premium and Interest.
Spitzer, Rorick & Co., Toledo-Par and interest.
Date Nov. 1 1914. Int. March and September.
TOLEDO, Ohio.-BOND SALE.-On Jan. 5 reports state that $98,000
sold at
43•5 % coupon grade-crossing-separation (city's portion) bonds were
private sale to Sidney Spitzer & Co. of Toledo for 398,735-equal to 100.75.
These bonds were previously awarded on Apr. 15 1914 to Estabrook &
Co. of Boston (V. 98, p. 1263). who later refused to accept the issue.
TROY, N. Y.-BOND SALE.-On Jan. 4 the $100,000 5% tax-exempt
certificates of indebtedness or revenue bonds (V. 100, p. 72) were awarded
to Bernhard, Scholl° & Co. of N. Y.for $100,1392 48. Other bidders were:
Farmers' L.& Tr. Co.N.Y.$100,6601Mfrs. Nat. Bank, Troy_ -3100,485
TRUMBULL COUNTY (P. 0. Warren), Ohio.-BOND OFFERING.
Proposals will be received until 12 m. Jan. 18 by W. 11. Harrington, Co.
Aud.,for 325,000 5% experiment-farm bonds. Auth. election held Nov. 3.
Denom. $500. Date Jan. 1 1915. Int. A. & 0. at office of Co. Treas.
Due $1,000 on April 1 1916. 1922 and on Oct. 1 1922 and $2,000 each six
months from Oct. 1 1916 to Oct. 1 1921 incl. Cert. check for $300, payable
to County Treas., required.
NEW LOANS.
$300,000
$550,000
Board of Education of the Independent
of Huntington, Cabell Co., W. Wa.
CITY OF NEW ORLEANS, LA., District1914
BUILDING BONDS
PAVING CERTIFICATES
Notice is hereby given that the Board of
Education ofthe Independent District of Huntington, in the County of Cabal. State of West
OFFICIAL.
Virginia, will, on the
12TH DAY OF JANUARY. 1915,
commencing at two o'clock p. m. Eastern standDEPARTMENT OF PUBLIC FINANCES, ACCOUNTING DIVISION.
ard time, at its offices in the Carnegie Library
NEW ORLEANS, LA.
Building, in the City of Huntington, Cabal
Virginia, make public sale of the
thousan4
Countgi,iWes
City Hall, December 23rd, 1914.
bonds, aggregating three hundred
follow
($300,000) dollars of "The 1914 BuildPUBLIC NOTICE.
ing Bonds" of said district, being an issue of five
proposals at 11 o'clock a. m., TUESDAY. hundred thousand ($500.000) dollars of said
The City of New Orleans will sell by alternate sealed
of
bonds. issued for the purpose of building, comPublic
Finances.
Accounting
Commissioner
Deputy
the
JANUARY 26TH. 1915, in the office of
Thousand Dollars ($550,000) of Paving pleting, enlarging, repairing and furnishing school
Division, in the City of New Orleans, Five Hundred and Fifty
the
of
General
23
No.
houses,
under the authority of the law of the
by
Act
of
and
authority
under
Orleans,
New
of
City
the
Certificates, issued by
and Ordinances Nos. 1800 and 2051. Commis- State of West Virginia, and pursuant to an orAssembly of the State of Louisiana. Session of 1914,proposals
than dinance or resolution of the said board passed and
Ices
price
a
be
for
shall
considered
No
Orleans.
New
of
City
said
of
Series
Council
sion
on the 30th day of January. 1914, and
Ninety-five per cent (0.95 per cent) of its par value (par value as used herein meaning principal and adopted
a vote of the qualified voters of said district at a
interest accrued from date of issue to date of delivery.)
held on the 7th day of March,
Hunelection
One
and
special
One
Five
of
Thousand,
Hundred
denominations
the
of
are
Said Paving Certificates
per cent) per cent per annum, evidenced 1914, ratifying and approving said ordinance and
dred Dollars each, and bearing interest at the rate of five (5 first
provided for by a vote of more
therein
bonds
year.
the
July
each
and
day
the
January
on
of
semi-annually
payable
attached,
coupons
by interest
and are than three-fifths of all the votes cast for and
respectively. Said certificates are by law exempt from taxation, State. parish and municipal,
same.
the
acceptable for deposit with the Treasurer of the State of Louisiana under Act No. 71 of the General against
The bonds now offered for sale will be dated
Assembly of the State of Louisiana session of 1904.
April 1, 1914, and will be of the denomination
Said certificates shall mature and be made payable in annual installments, as follows, to-wit:
of five hundred ($500) dollars each, with interest
355,000 on the first day of January, 1922.
$55.000 on the first day of January, 1917.
at the rate of five per cent (5%) per annum,
$55.000 on the first day of January, 1923.
$55,000 on the first day of January. 1918.
payable semi-annually, both principal and inter1924.
of
January,
day
first
the
on
$55.000
1919.
January,
$55.000 on the first day of
est payable to bearer at the First National Bank
$55,000 on the first day of January, 1925.
$55.000 on the first day of January. 1920.
the City and State of New York and maturing
in
$55,000 on the first day of January, 1926.
$55.000 on the first day of January, 1921.
as follows:
said certificates.
Ninety thousand (1190.000) dollars of bonds,
But the City of New Orleans may, on said dates, redeem a greater amount of
of the city series "A.", on April 1, 1924, and two hundred
provided notice of its intention so to do shall have been published in the official journal
in which event, the ad- and ten thousand ($210,000) dollars of bonds,
twice a week for two (2) weeks during the month of the preceding November,succeeding
maturity or series "11" to series "U", both inclusive,(twentytional certificates shall be redeemed in the order of the date or dates of the
one bonds of each series each year) on April 1.
maturities.
All of which 1925. to and including April 1, 1944.
And said certificates will be issued under and subject to the laws aforementioned.particularity.
Sealed bids for all or any part of said bonds
are hereby referred to and make part of this advertisement for greater certainty and
so to be sold must be filed with James K. Oney,
Said alternate proposals shall be received as follows:
of the Board, on or before noon
(a) For the entire Issue of Five Hundred and Fifty Thousand ($550,000) Dollars, to be delivered the Secretary
of the said day of sale, accompanied with a certito the purchaser on April 1st, 1915.
to
Dollars
an amount equivalent to one per
for
($550.000)
check
fied
Thousand
Fifty
and
(to) For delivery of the said issue of Five Hundred
cent (1%) of the principal of the bonds bid for,
be made as follows:
drawn on some responsible bank or trust company,
One Hundred and Fifty Thousand ($150,000) Dollars on April 1st. 1915.
the amount of the deposit of the successful bidOne Hundred and Fifty Thousand ($150,000) Dollars on May 1st, 1915.
der to be forfeited to and retained by the board
One Hundred and Fifty Thousand ($150,000) Dollars on June 1st. 1915.
for
liquidated damages if the bidder does not take
1st.
on
July
Dollars,
1915.
($100,000)
Thousand
One Hundred
but no adjudication and pay for said bonds, otherwise to be returned
Bids, however, for these several deliveries will be considered separately,unless
adjudication at to said bidder or credited upon the purchase
shall be made for a lot deliverable on any of the hereinbefore prescribed dates
lot or more than one price, all other checks to be feturned to the bidthe same time be made for all of the several bids. If a bidder will bid for one
he wishes to be fixed for ders on the award of the bonds.
lot, but not all the lots, he shall state in his bid the dates of the maturities
and the Commission
do
The legality of the bonds will be approved by
to
a
so
bids;
bidder
he
should
fail
lots
which
or
for
lot
the
of
certificates
the
the dates of the Messrs. Dillon, Thomson & Clay, attorneys of
Council decides to adjudicate the sale of the several lots to various bidders, then
of the date of New York, whose opinion as to the legality, or a
maturities for the certificates of each lot shall be governed by and fixed in the order
duplicate thereof, will be delivered to the purdelivery hereinbefore prescribed.
Council which is chaser of the bonds.
That no bid will be eligible for consideration and acceptance by the Commission
Orleans In an amount
New
The right is reserved to reject any and all bids.
of
in
City
some
bank
the
on
chartered
check
certified
a
by
accompanied
not
Dated Huntington, West Virginia, December
amount of the bid, which check shall be made payable to
equal to three (3 per cent) per cent of theFinances;
the check or checks of unsuccessful bidders shall 7th, 1914.
the order of the Commissioner of Public check of the
the Comby
cashed
be
shall
0. W. KENDLE,
bidder
the
successful
and
them
to
returned
be immediately
President of the Board of Education of the
fiscal agents of the City of New Orleans
missioner of Public Finances and by him deposited with thesaid
shall earn from the time of so
the
deposit
interest
Independent District of Huntington, in the
whatever
and
designated,
so
account
special
In a
so deamount
The
bidder.
to
County of Cabell, West Virginia,
the
accrue
shall
successful
release
of
time
the
being deposited to
that the bidder will in all respects comply with the
JAMES K.,C)NEY.
posited shall be for the purpose of guaranteeing
the Commissioner of
and
herein
described,
Certificates
Paving
Said Board.
Secretary.of
the
of
sale
the
governing
provisions
certitho said deposit and not return the same to the purchaser of theShould
Public Finances shall retain
to and accepted by the purchaser.
been
delivered
have
certificates
said
the
of
all
until
ficates
deposited by
fall to comply with the provisions of this ordinance, the amount
the successful bidder
shall Ipso facto be forfeited to the City of New Orleans not as a penalty
him as described herein,
and without recourse to judicial proceedings.
damages
liquidated
acknowledged
but'as Commission Council shall have the right and reserves the right to reject any and all bids.
The
furnished upon application to A. G. Ricks. CommisFurther particulars and information will be
1, City Hall, New Orleans, La.
SOUTHERN INVESTMENT SECURITIES
sioner of Public Finances, Room No.
A. G. RICKS.
M ON TGO itEBY. ALA
Commissioner of Public Finances.
B. W. Strassburger
JAN. 9 1915.]
THE CHRONICLE
UNADILLA, Dooly County, Ga.-BONDS OFFERED BY BANKERS.
-J. H. Hilsman & Co. of Atlanta are offering to investors $12,000 570
24-year water-works and sewerage bonds. Denom. $1,000. Date Jan. 1
1915. Interest annually Jan. 1 in New York. Total debt, $41,000. Assessed values 1914, $894,000; actual values. $1,250,000.
URBANA, Benton County, Iowa.-BONDS VOTED.-At a recent
election the proposition to issue $3,000 electric-light-system-installation
bonds carried, it is stated.
URBANA SCHOOL DISTRICT (P. 0. Urbana), Champaign County, Ill.-BONDS VOTED.-The question of issuing the 540,500 5% funding bonds (V. 99. p. 1928) carried at the election held Dec. 30 by a vote
of 518 to 265. Denom. $500. Date Feb. 1 1915. Due $4,000 yearly on
May 1 from 1918 to 1927, inclusive.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.-BOND SALE.
-On Jan. 2 the $20,000 454% State road-improvement bonds (V. 99,
ool.769). were awarded, it is stated, to Miller & Co. of Indianapolis at
Y
WALTHAM, Middlesex County, Mass.-BOND SALE.-On Jan. 4
the eight issues of 4% reg, bonds, aggregating $98,300(V. 100, p. 72),
were
awarded as follows:
To R.L. Day 80 Co. of Boston.
$5,000 1-5-year (serial) building bonds at 100.049.
6,300 1-6-yr. serial) school bonds at 100.06.
3,000 1-3-yr. serial) sewer bonds at 100.01.
5,100 1-5-yr. serial) sidewalk bonds at 100.04.
5,400 1-5-yr. serial) street bonds at 100.03.
6,500 1-5-yr. serial) street-paving bonds at 100.019.
7,000 1-7-yr. ser.) surface-drainage bonds at 100.098.
To Estabrook de Co. of Boston.
$60,000 1-20-yr. (serial building bonds at 101.08.
Other bids were:
R. L. Day & Co., Boston ($60,000 building) 100.449.
Adams & Co., Boston (all issues), 100.289.
Merrill, Oldham & Co., Boston (all issues) 100.159.
WARREN CITY SCHOOL DISTRICT (P. 0. Warren), Trumbull
County, Ohio.-BOND SALE.-On Jan. 2 the $50,000 5% coupon schoolimprovement bonds(V.99, p. 1852) were awarded to Spitzer. Rorick & Co.
of Toledo at 103.09 and interest. Other bids were:
Hayden,Miller & Co.,Clev.$51,515 00 Hoehler,Cum s&Prud.Tol.$51,218 00
Weil, Roth & Co., C n-__ 51.39000 Field, Richards & Co.,Cin. 51,180 00
Seasongood & Mayer,Cin. 51,38000 A.B.Leach & Co., Chic__ 51,04200
Stacy & Braun, Toledo__ 51,321 66 First Nat. Bank,Cleve-__ 50.745 60
Provident Say. Bank &
Otis & Co., Cleveland_-_- 50,631 00
Trust
,Cm
51,280 00 Union Sav.& Tr.Co.,and
E.H. Rollins & Sons,Chic. 51,277 50
West.Res.NatBk.War'n. 50,050 00
All the above bids provided for payment of accrued interest.
Denom.$1.000. Date Jan. 21915. Int. J.& J. at the Western Reserve
Nat. Bank, Warren. Due $1,000 yearly Jan. 1 from 1921 to 1925 incl.,
$1.000 each six months from Jan. 1 1926 to July 1 1930, incl., $2.000 Jan. 1
159
and $1,000 July 11931, 1932 and 1933; $2,000 each six months from Jan. 1
1931 to July 111933,incl., and $3,000 Jan.1 and $2,000 July 1 1938 and 1939.
WARRINGTON TOWNSHIP (P. 0. Doylestown), Bucks County,
Pa.-BOND SALE.-The $25,000 road-improvement bonds voted June 16
(V. 98, p. 1938) have been disposed of.
WASHINGTON COUNTY (P. 0. Greenville), Miss.-BOND SALE.
-On Jan. 4 the $100,000 30-year railroad-refunding bonds dated Feb. 10
1915 (V. 99, p. 1852) were awarded, it is stated, to Wm. R. Compton Co.
of St. Louis at 101.45 for 5s. Purchaser to pay for lithographing bonds.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT (P. 0.
Richwood, R. F. D.), Union County, Ohio.-BOND SALE.-On Jan. 2
the $20,000 5J % 6-year (aver.) building bonds dated Jan. 2 1915 (V. 99.
p. 1928) were awarded to Seasongood & Mayer of Cincinnati at 101.825
and int. Other bids were:
First Nat. Bk., Cleveland.$20,334 601Hoehler,Cum's&Prud.,Tol.$20,207 00
Well, Roth & Co., Ohs- 20.212 001Tillotson & Wolc.Co.,Clev. 20,114 00
WATERLOO DRAINAGE DISTRICT.(P. 0. Pine Bluff), Ark.DESCRIPTION OF BONDS.-Wo are advised that the $40,0006% drainage
bonds awarded on Dec. 15 to the Mercantile Trust Co. of St. Louis for
$39,695, equal to 99.237(V.99.o. 1928 are in the denom. of $500 and bear
date of Nov. 1 1914. Int. F. & A. Due $12,000 Aug. 1 1915. 813,000
Aug. 1 1916 and $15,000 Aug. 1 1917. Using newspaper reports, we
stated that the price paid was 99.012.
WAYNE COUNTY (P. 0. Detroit), Mich.-BOND
-On
Dec. 31 the $131,500 (unsold portion of an issue of $500,000) SALE.
4% 12-year
(average) coupon tax-free road bonds (V. 99, p. 1084)
were awarded to the
County Sinking Fund Commission at par.
WAYNE SCHOOL TOWNSHIP (P. 0. Grasscreek), Fulton
County,
Ind.-BIDS.-The other bids receiyed for the
$4,500 43. % 6%-year
(average) coupon school-improvement bonds awarded
Dec.
on
26
to the
First National Bank of Rochester, Ind.,
$4,525 (100.555), interest and
printing of bonds (V. 100, p 73), were for
as follows:
Indian .Bk. & Tr. Co..Roch.$4,506 501Miller
& Co., Indianapolls34,501 50
WELLSVILLE, Allegany County, N. Y.-BOND SALE.-This
place
has disposed of an issue of $15,000 5% street
bonds to local investors.
Denom. $500.
WESTMORELAND COUNTY (P. 0. Greensburg), Pa.
-BOND OFFERING.-Bids will be received until 12 m.
Jan. 11. it is stated, by John
S. Sell. County Compt.,for $250,000 41,5
% road funding bonds. Denom.
$1,000. Date Jan. 1 1915. Due in 1935,
subject to call. Cert. check
for 10% of bid required.
WICHITA, Sedgwick County, Kan.-BONDS
TO BE OFFERED
SHORTLY.-This city intends to issue about Feb. 1
$14,000 of the 815.000
% concrete-bridge-construction bonds voted
Aug. 4 (V. 99, p. 1164)•
Due $1.000 yearly.
WILMINGTON, New Castle Counto., Del.-BONDS
PROPOSED.
According to reports, this city is contemplati
ng the issuance of $350,000
park purchase and improvement bonds.
NEW LOANS.
INSURANCE
MUNICIPAL BOND SALE
ATLANTIC MUTUAL INSURANCE COMPANY.
Sale of Bends
of
SARATOGA COUNTY, N. Y.
Dated February 1, 1915.
$5,000
5,000
5,000
5,000
5,000
1920
1921
1922
1923
1924
Interest 5% semi-annual.
Proposals received January 25, 1915,
at 2 p. m.
Detailed information upon request.
JOHN K. WALBRIDGE,
Treasurer of Saratoga County,
Saratoga Springs, N.Y.
MUNICIPAL AND RAILROAD
BON DS
LIST ON APPLICATION
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
1915 ISSUE
THE FINANCIAL REVIEW
320 PAGES
ISSUED ANNUALLY BY THE
Commercial & Financial Chronicle
This well-known year book of Finan
alai Facts and Information is issued
annually in March.
New York, January 22d, 1914.
The Trustees; in conformity with the Charter of the Company, submit the following
statenums of its affairs on 04
31st of December, 1913.
The Company's business has been confined to marine and inland transportation insurance.
Premiums on such risks from the let January. 1913, to the 31st December. 1913
33,600,334 88
Premiums on Policies not marked oft let January, 1913
767.050 94
Total Premiums
$4,367,385 77
Premiums marked off from January let. 1913, to December 31st. 1913
33,712,602 51
Interest on the Investments of the Company received during the year-_S308,419 48
Interest on Deposits In Banks and Trust Companies, etc
39,877 94
Beat received less Taxes and Expenses
130,212 32 478,509 72
Losses paid during the year
81.790.888 82
Less Salvages
$233,482 08
Re-Insurances
320,813 71
Discount
47 58 554,348 85
$1.236.544 97
Returns of Premiums
$105,033 85
Expenses, including officers' salaries and clerks
compensation, stationery, advertisements,etc
650,942 08
A dividend of Interest of Six
cent on the outstanding certificates of profits will be paid to the holder,
thereof, or their legal representativper
es, on and after Tuesday the third
February next.
The outstanding
of the issue of 1908 will be redeemedofand
legal representatives, certificates
paid to the holders thereof, or their
on and after Tuesday the third of February
next, from which date all Interest Mason
will cease The certificates to
be
produced
at
the
time
of payment and canceled.
A dividend of Forty per cent is declared
on the earned premiums of the Company for the year ending 81s1
December. 1913, which are
to participate In dividend, for which,
Issued on and after Tuesday entitled
upon application. certificates will be
the fifth of May
By order of the Board,next.
0. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
JOHN N. BEACH,
SAMUEL T.HUBBARD.
ERNEST C. BLISS,
CHARLES IL PRATT.1
THOMAS H. HUBBARD,
WALDRON P. BROWN;
DALLAS B. PRATT,
LEWIS CABS LED YARD_,
JOHN CLAFLIN
ANTON A. RAVEN;
WILLIAM
H.
LEFFERIB,
GEORGE C. CLARE,'
JOHN J. RIKER,
CHARLES D. LEVERICHI
CLEVELAND H. DODGE;
DOUGLAS
GEORGE H. MAC ,_Y
CORNELIUS ELDERT,
WILLIAM .1. SCH1EFFOLUI
NICHOLAS F. PALMER;
RICHARD H. EWAR „T
WILLIAM SLOANE,
HENRY PARISH,
LOUIS STERN,
PHILII A. 8 FRANNUNI
ADOLF PAVENSTEDT;
WILLIAM
HERBERT L. GRIGG%
A. STREETL
JAMES H. POST,
GEORGE E._,_URNURM
ARSON W. HARD,
A, A. RAVEN. President, RICHARD H NerLLIAMS,
CORNELIUS ELDERT, Vice-President.
WALTER WOOD PARSONS, 25
Me-President.
CHARLES E. FAY; 3d Vice-Presiden
t,
ASSETS.
LIABILITIES.
United States and State of New York
Estimated
Losses and Losses Unsettled
Bonds
5670.000 00
In process of Adjustment
New York City and New York Trust
$1,806,024 00
Premiums
Companies and Bank Stocks
654,783 26
1.783 700 00 CertificatesonofUnterminated Risks
Profits and Interest UnStocks and Bonds of Railroads
2,737 412 00
264.138 25
paid
Other Securities
282,520 00 Return Premiums Unpaid
Special Deposits in Banks and Trust
108,786 90
Reserve for Taxes
Companies
28,905 88
Real Estate cor. Wall and William Streets 1,000,000 00 Re-Insurance Prem1ums
221,485 08
and Exchange Place containing offices 4,291,426 04 Claims not Settled, Including Compensation, etc
Real Estate on Staten Island (held under
70,799 43
Certificates of Profits Ordered Redeemed;
provisions of Chapter 481,Laws of 1887)
75,000 00
Withheld for Unpaid Premiums
Premium Notes
22,556 09
475.727 45 Certificates -1
B Ils Receivable
Profits
7,240,320
Outstanding
Oa
605.891
79
Cash In hands of European Bankers to
pay losses under policies payable in
foreign countries
177,851 39
Cash in Bank
636,465 49
Temporary Investments (payable lamary and February, 1914)
6o5.000 00
Loan.
mom 00
113,259.024 16
510,417,798 87
Thu, leaving a balance of
Accrued Interest on the 31st day of
33,841.227 29
December,
1913,
amounted to
Rents due and accrued on the 31st day
$51,650 ;A
Price of the Review, bound in cloth-52M Re-Insurance
of December, 1913, amounted
due or accrued. In companies
28,378 28
authorized In New York. onto
1.913, amounted to
the
314 day of December.
Parties desiring ten or more copies can Unexpired re-Insurance premiums on
188.830
00
the
31st
day
of
December, 1913, amounted to
Insurance Department has estimated
65,903 22
have their names stamped on the coven, Sots: TheWilliam
Streets and Exchange Place in the value of the Real Estate corner Wall and
excess of the Book Value given above, at
And tne property at Staten
In gilt, at reduced prices.
450,573 98
Island in excess of the Book Value, at
rhe Market Value of Stocks, Bonds
83,700 00
and. other Securities on the 31st clay
ceeded the Company's valuation by
of December, 1913. ex1,268,075 10
a
the
bads
of these Increased valuations the
138 Front Street, New Yon,
Datum would be
34,926,338 06
TERMS.
Commercial S: Financial Chronicle
[VOL. 100.
THE CHRONICLE
160
Conn.-BOND SALE.-On
WINDSOR LOCKS, Hartford County,
gold coupon tax-free sewer bonds dated
Jan. 5 the $50,000 43 % 20-year
Dodge & Co. of New
Clark,
to
awarded
were
73)
p.
99,
(V.
Jan. 15 1915
of about 3.935%. Other bids were:
York at 107.79 and int.-a basis
H.C.Warren & Co.,NewHav.102.35
Roy T.H.Barnes dc Co.,Hartf.105.555
ham & Co..Bost.102.07
Estabrook & Co., Boston___10 . 3 Merrill,Old
Richter & Co., Hartford-101.9991
Harris, Forbes & Co., N.Y __104.192 R.
L. Day & Co., Boston__101.099
Hornblower & Weeks, N. Y.102.55
Windsor Locks Tr.& S.D.Co.102.54
Yolo County,
WINTERS SCHOOL DISTRICT (P. 0. Winters),
the $50,000 building
Calif.-BONDS VOTED.-The proposition to issue state,
at the election
and equipment bonds(V. 99, p. 1853) carried, reports
held Dec. 19 by a vote of 376 to 43.
-Bids will be
WOOSTER, Wayne County, Ohio.-BOND OFFERING.
Faber, City Auditor,
received until 12 m. Jan. 27, reports state, by Fred E.
% 10%-year (average) refunding bonds. Interest semifor $40,000
annual. Certified check for $800 required.
WORCESTER, Worcester County, Mass.-TEMPORARY LOAN.
of$150.000 maturing Oct. 18
Newspaper reports state that a temporary loan&
1915 has been negotiated with Loring,Tolman Tupper of Boston at 3.65%
discount.
YELLOWSTONE COUNTY (P. 0. Billings), Mont.-BOND SALE.Creek bridge and $32,000 Duck
On Dec. 28 the $45.000 Pompey's Pillar
coupon bonds (V. 99, p.
Creek bridge-construction 5% 10-20-year (opt.)National
Bank of Billings:
Merchants'
the
to
follows
as
awarded
1617) were
$45.000 issue, $45,756 (101.68) and int., and $32,000 issue, $32,537 (101.were:
bids
Other
hat.
and
678)
Both
$32,000
$45,000
Issues.
Issue.
Issue.
$77,985 60
E. H. Rollins & Sons, Denver
Wells & Dickey Co., Minneapolis_ _-$45,531 00 $32,3770ö
77,800 00
Northwestern Trust Co., St. Paul
77,623 75
Hoehler, Cummings & Prudden, Tol
77,617 00
H. T. Holtz & Co., Chicago
77,408 00
Harris Trust dc Say. Bank, Chicago_
32,162 50
Minn. Loan & Trust Co., Minneap_ _ _ 45,232 50
International Trust Co., Denver_ ___ 45,211 50 32,15047
45,257 00
Spitzer, Rorick dc Co., Toledo
Canada. its Provinces and Municipalities.
AMHERSTBURG, Ont.-DEBENTURES NOT SOLD.-It is stated
that this place recently failed to sell an issue of $1,300 6% 5-year library
debentures.
BRAMPTON, Ont.-DEBENTURE SALE.-The Dominion Securities
Corp., Ltd., of Toronto, purchased during December $4,173 5% 10-installment general debentures, dated Jan. 13 1913.
BRANTFORD, Ont.-DEBENTURES VOTED.-At an election held
Jan. 4 the question of issuing $100,000 water-works-system-completion
debentures carried, it is reported.
-NOTE SALE.-Reports
BRITISH COLUMBIA, PROVINCE OF.
7 that the Equitable Trust Co.
state that announcement was made on Jan.
gold treasury notes. The
7
43'
$2,700.000
purchased
had
York
of New
Co., and Colgate, Parker
notes were bought through Bernhard, Scholle `'& in one year.
& Co. They are dated Dec. 21 1914 and mature
the election held
-At
VOTED.
DURHAM, Ont.-DEBENTURES
-light debentures (V. 99.
Jan. 4 the proposition to issue the $13,000 electric
stated.
p. 1930) carried, it is
recently sold, reports
ESSEX, Ont.-DEBENTURE SALE.-This town
to local investors.
state, an issue of $4,500 6% 10-year debentures
20 annual in$5,000
-The
SALE.
ENTURE
HERBERT, Sask.-DEB
without success as 63s on July 6
stallment school debentures offered
Yoemen at 95
American
of
Brotherhood
the
to
awarded
(V. 99, p. 73) were
annually in January.
for 78 on Sept. 1. Date Sept. 1 1914. Interest
the
-During
SALE.
ENTURE
Ont.-DEB
HARWICK TOWNSHIP,
Dominion Securities Corp., Ltd., of Toronto purmonth of December the
debentures.
-installment
10
chased $41,067 6%
VOTED.-At the election
MOUNT FOREST, Ont.-DEBENTUREShydro-electric-power
debenheld Jan. 4, the question of issuing the $12,000
state.
tures (V. 100, p. 74) carried, reports
-Reports
RE
SALE.
NEW BRUNSWICK, Province of.-DEBENTUwas recently disposed
state that an issue of $5010,000 5% 5-year debentures
of to local people at par.
SALE.-During the month of DecemOAK BAY,B. C.-DEBENTURE
mprovement debentures were purchased
ber $19,200 53.% 10-year local-i
of Toronto.
Ltd.,
by the Dominion Securities Corp.,
-At the election held Jan. 4
OTTAWA, Ont.-DEBENTURES VOTED.
debentures carried, $420,000 for
the propositions to issue the following
for trunk-sewers (3,242 to
3287.000
water-mains (vote 4.036 to 1,769).
and $50,000 for incinerator
2.108), $100,000 for abattoirs (3,624 to 2,063)
(3,226 to 2,131).
VOTED.-It is stated
PORT DALHOUSIE Ont.-DEBENTURES
to issue $50,000 water-works
that at the election held Jan. 4 the proposition 36.
system debentures carried by a vote of 133 to
issue of $39.145 6%
THOROLD, Ont.-DEBENTURE SALE.-An
during the month of Decem-installment sewer debentures was purchased
30
Toronto.
of
Ltd.,
Corp.,
Securities
Dominion
the
ber by
-The Dominion Securities
VICTORIA, B. C.-DEBENTURE SALE.
the month of December $660,000
Corp., Ltd.,a Toronto purchased during
debentures.
4%
5% 10-year local-improvement and $26,000
-Tenders will be reWELLAND, Ont.-DEBENTURE OFFERING. r street-paving deben53 % 20-yea
ceived until 12 m. Jan. 21 for $135,000
offered without success
were
tures, according to reports. These debentures
on Dec. 22 (V. 100, p. 74).
.-The proposition
WALKERVILLE, Ont.-DEBENTURES VOTED
em-extension debentures (V. 100.
to issue the $25,000 street-lighting-syst
to 90.
218
of
vote
a
p. 74) carried at the election held Jan. 4 by
NEW LOANS.
TRUST COMPANIES
$180,000
CHARTERED 1253
United States Trust Company of New York Parish of East Baton
45-47 WALL STREET
• .
• $2,000,000.00
Capital, .
Surplus and Undivided Profits
Rouge, Louisiana
ROAD DISTRICT No. 2
5% BONDS
Sealed bids will be received by the undersigned,
President of the Police Jury of the Parish of East
Baton Rouge, and ex-officio President of Road
Trustee, Court District No. 2 of said parish. State of Louisiana,
This Company acts as Executor, Administrator, Guardian,
up to and including the 80TH DAY OF JANU
ARY, 1915, until 12:00 o'clock M. of said day,
Depositary and in other recognized trust capacities.
180 bonds of the denomination of $1,000 00
for
deposits.
on
rates
current
at
interest
each, issued by the governing authority of said
It allows
or
real
District No. 2 of the Parish of East Baton
Road
property,
other
and
securities
money,
It holds, manages and invests
Rouge, State of Louisiana, in accordance with
law, the same having been authorized by an elecpersonal, for estates, corporations and individuals.
tion duly and legally held in said Road District
No. 2 on Saturday, the 11th day of April, 1914,
EDWARD W.SHELDON. President.
the results of which election were duly promulR,
Secretary.
J.
WORCESTE
WILFRED
resident
WILLIAM M. KINGSLEY. Vice-P
according to law on the 14th day of April,
gated
CHARLES A. EDWARDS. 2d Asst. Sec, 1914, said bonds aggregating the sum of $180,WILLIAMSON PELL. Asst. Secretes",
000 00 to run for a period of 26 years, to wit:
TRUSTERS
from the year 1916 to 1941, both inclusive, bearing interest at the rate of five per cent per annum,
JOHN A. STEWART Chairman of the Board
interest payable semi-annually, said bonds having
been issued upon the unanimous vote of the
OGDEN MILLS
PAYNE WHITNEY
WILLIAM ROCKEFELLER
L.
legally qualified taxpayers of said Road District
WINTHROP
W.
SHELDON
EGERTON
EDWARD
WILLIAM D.SLOANE
JR.
S
N.
No. 2 under the provisions of Article 281 of the
BLISS
CORNELIU
CHAUNCEY KEEP
FRANK LYMAN
Constitution of Louisiana and amendments
HENRY W. de FOREST
GEORGE L. EWES
JAMES STILLMAN
imthereto for the sole purpose of constructing,said
CURTISS
I.
GAMMELL
JAMES
ROBERT
ARTHUR
JOHN J. PHELPS
roads in
WILLIAM M. KINGSLEY
WILLIAM VINCENT ASTOR proving and maintaining gravel
LEWIS 0A88 LEDYARD
under the supervision of the
2
No.
District
Road
HOFFMAN
FRED.
TOD
CHARLES
STEWART
WILLIAM
GAGE
LYMAN J.
Louisiana State Highway Department.
of
Principal and interest payable at the office
2, Baton
the Treasurer of said Road District No.
Rouge, La., or at the National City Bank.
New York, N. Y.
Full faith and credit of Parish and District
pledged to payment.
Each bid must be accompanied by a certified
check for Five Thousand Dollars, the award to
made to the highest bidder if compatible with
be
Plans, Methods, Examinations
the best interest of said Road District, taking into
the responsibility of the bidder.
consideration
ls
Public Utilities and Industria
The proceeds of the sale of said bonds when paid
Into the treasury of said Road District to be
deposited in the fiscal agent of the said Road District to be chosen by the governing authority
Bankers Trust Bldg., New York
of said Road District on the day the said bids
are opened, said fiscal agent to furnish security
in an amount equal to the sum realized from the
sale of said bonds and deposited therein in accordCharles D. Robison ance with the terms of paragraphs 1 and 2 of
E. Forstall
Alfred
S
MANAGER
OPERATORS
Act 205 of the General Assembly of Louisiana
for the year 1912, and to be situated within the
State of Louisiana.
ENGINEERS
Any bidder may couple with his bid the conYORK
NEW
PLACE,
GE
EXCHAN
dition that the proceeds of the sale of said bonds
43
Investigations and Appraisals of Gas and
be deposited in some designated bank to
may
Financial
or
SAN FRANCISCO
Electric Properties for Owners
LONDON
CHICAGO
act as fiscal agent of the Road District No. 2,
Institutions.
and the said fiscal agent, if selected, is to pay no
of the proceeds of the sale
NEW YORK CITY interest for the deposit of
64 William St.,
the consideration of the
of said bonds as a part
purchase thereof, the Police Jury of the Parish of
East Baton Rouge. State of Louisiana, being the
governing authority of said District, however.
is to have the right to select such fiscal agent as
Alten 8. Miller
in its discretion it deems best and consistent with
Alex. 0. Humphrey.
the safety of said funds, and to require the:security hereinbefore named.
•
- $14,178,094.32
ENGINEERS.
ENGINEERS •
THE yoWHITE COMPANIES
C. G. YOUNG
Engineering and Construction
REPORTS FOR FINANCING
FORSTALL AND ROBISON
Olining engineer
HUMPHREYS& MILLER,Inc
ENGINEERS
Mining Engineers and Geologists
Power-Light-Gas
165 BROADWAY
H. M. CHANCE & CO.
NEW YORK
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPHIA
JOSEPH GEBELIN.
President of the Police Jury of the ParishTof
East Baton Rouge, and ex-officio Prasident of Road District No. 2 of saidyarish,
State of Louisiana.
Baton Rouge, La., Dec. 29th, 1914.
@FedFRASER