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The
alitimraztl$r
sank St Quotation Section
Railway Earninp-,s Section
INCLUDING
Railway St Industrial Section
Bankers' Convention Section
Electric Railway Section
State and City Sectior
NO. 2559
SATURDAY, JULY 111914.
VOL. 99
TI-rck ending July 4.
, The Thronicit.
PUBLISHED WEEKLY.
Clearings at
1914.
1913.
Inc. or
Dec.
1912.
1911.
S
S.
."'
.0
8
S
250,930,990
Chicago
311,444,365 303,065,129 +2.8 303,112,784
Terms of Subscription-Payable In Advance$10 00
23,852,600
26.978,000
+8.5
24,520,250
26,622,350
Cincinnati
20,657,193
for One Year
25,860,361
6 00
29,473,686 +3.0
30,347,916
Cleveland
17,334,862
Ifor Six Months
21,028,618
25,042,297 -3.9
13 00
Detroit
22,810,864
12,334,193
European Subscription (including postage)
14,475,403
+8.8
50
7
15,456,955
',Milwaukee
16,810,505
8,595,468
European Subscription six months (including postage)
8,467.516
22 14 s. Indianapolis __
33,343,012 -3.3
7,606,897
5,406,500
Annnal Subscription in London (including postage)
5,723,700
115.
-14.2
21
7,023,100
6,025,900
Columbus
postage)
4,139,103
Six Months Subscription in London (including
4,487,098
$11 50
4,995,010 +22.0
6,092,923
Toledo
2,777,732
Canadian Subscription (including postage)
3,059,357
2,800,000 -17.9
Peoria
2,750,000
2,405,664
ntsSuppletne
3,037,414
following
+2.4
includes
3,141,810
Grand Rapids__.
3,216,593
Subscription
2,383.015
2,912,116
3,100,418 -24.2
2,349,148
AND INDUSTRIAL(3 times yearly) Dayton
1
1,211.027
1,512,472
BANK AND QUOTATION(monthly)RAILWAY
-9.9
yearly)
1,383,945
tunes
(3
Evansville
1,251,133
RAILWAY
ELECTRIC
668,663
701,246
RAILWAY EARNINGS(monthly)
-35.3
873,135
565,809
Kalamazoo
BANKERS'CoNVENTIOK (yearly)
1,255,298
1,186.329
STATE AND CITY (semi-annually)
1,173,350 -1.1
1,160,148
Springfield, Ill
1,027,141
1,232,872
+1.9
Space
Inch
1,247.138
_
r
_
Fort Wayne__
1,271,350
Terms of Advertising-Pe
1,649.837
1,671,644
1,997,861 -2.8
1,941.163
$4 20 Youngstown
836,292
lines)
828,939
731,895 -23.1
:Transient matter per inch space(14 agate (ti times)
562,093
22 00 Lexington
1,212,000
Two Months
2,238.300
-20.3
1,980,000
1,579,000
29 00 Akron
755,678
Three Months (13 times)
799,858
715,231 -2.1
700,561
50 00 Quincy
655,326
(26 times)
Standing Business Cards
Six Months
652,540
714,820 +36.1
972,485
87 00 Springfield, Ohio.
629,569
736,578
Twelve Months(52 times)
739,296 -5.2
South Bend
700,661
668,025
688,523
,k;Tel.Harrison460- Rockford
852,572 -3.5
822,351
CHICAGO OFFIcz-Geo.M.Shepherd,513 Monadnock Bla
1,258,759
1,265,844
-11.1
C.
E.
1,637,982
1,455,817
Canton
LONDON OFFICE-Edwards & Smith,1 Drapers' Gardens,
580,288
629,926
604,727 +1.1
611,382
13loomington
427,146
489,931
426,979 -10.4
WILLIAM B. DANA COMPANY, Publishers,
Decatur
382,475
435.754
506,431
York,
-3.8
520,000
Danville
500,000
344,014
P.0. Box 958. Front. Fine and Depeyster Ste" New
313,240
504,690 -3.2
488,274
Mansfield
390,000
475,753
-4.0
500,000
,
480,000
Jackson
COMPANY
DANA
B.
443,068
WILLIAM
by
morning
436,150
Saturday
Published every
458,340 -1.8
450,000
Lima
and Arnold G. Dana
337,410
337,530
-18.0
Jacob Seibert Jr., President and Treas.: George S. DanaOffice
278,061
e,
111_
228,133
Jacksonvill
Company
the
of
400,000
436,977
trice-Presidents; Arnold G. Dana, Sec. Addresses of all.
433,877 -2.0
Lansing
425,000
410,020
396,550
375.308 -3.5
362373
Owensboro
206,229
286,997
232,607 -3.3
225,000
Ann Arbor
31,685
30,079
S.
+0.03
33.016
33,103
Adrian
CLEARING-HOUSE RETURN
that the total
9
367,749,92
Indicates
6
Jrc.,
436,997,07
+1.8
telegraph,
4
by
up
Tot. Mid. Wes. 453,245,772 445,381,49
The following table, made
week
the
for
States
United
46,811,535
bank clearings of all the clearing houses of the
54,290,609
42,661,405 +13.0
48.221,446
,624 last week San Francisco._
17.452,519
ending to-day have been 83,402,586,471, against $3,390,398
22,144,963
18,898.897 +2.4
19,345,958
Los Angeles ...._
10,423,492
10,733,486
and 82,977,048,926 the corresponding week last ycar.
9,644,020 -14.3
11,027,943
Seattle
11,066,252
10,724.492
11,069,617 -18.1
9,064,135
Portland
Per
5,682,973
6,398,281
5,834,977 +0.5
5,862,431
City
Lake
Salt
Clearints-Rcuant by Telegraph.
4,022,300
cent.
4,023,754
-8.1
1913.
3,700,000
:3,400,000
1914.
Spokane
Week ending July 11.
2,071,187
2,763,166
-14.0
2,086,753
1,795,951
3,174,388
+25.8 Tacoma
4,653,265
3,198,923 -14.3
2,739,957
$1,612,293,766 $1,281,656,296
Oakland
New York
1,470,000
1,476.637
+13.7
-9.4
116,860,412
2,127,063
1,028,000
132,860,147
Sacramento
Boston
1,575,000
2,653,176
+9.9
-7.0
128,586,303
1,976,879
1,837,298
141,346.826
San Diego
Philadelphia
836,216
986,578
38,268,832 -19.4 Pasadena
855,468 -18.4
698,913
30,840,599
Baltimore
700,000
753,461
+4.0
-5.4
261,170,682
825,000
869,563
271,608,197
Fresno
759,985
Chicago
920,651
+3.0
1,350,887 -32.9
64,288,248
905,793
66,231,208
St. Louis
515,333
701,462
+2.2 Stockton
+4.1
650,000
14,848,966
676,341
15,176,025
San Jose
405,987
New Orleans
417,590
-1.0
338,484
335,000
277,000
227,661
+19.1 North Yakima
228,946 +9.2
250,000
$2,270,356,768 $1,905,630,294
Seven cities, five days
+3.8 Reno Beach
555,978,932
556,951 Not Included in total
576,948,237
Long
Other cities, five days
108,958,727 105,447,3091 +3.3 123,869,322 107,244,167
Total Pacific
$2,817,305,055 $2,461,659,276 +15.7
40,871,403
40,503,105
Total all cities, five days
+7.7 Kansas City
40,257,765 . 43,385,155 -7.2
515,389,650
555,281,416
17,167,961
18,532,738
All cities, one day
22,000,000 -4.5
21,000,000
Minneapolis
12,500,000
15,030.453
-10.7
15,125,644
+14.3
13,495,496
926
$2,977,048.
471
Omaha
$3,402,536.
8,879,543
Total all Cities for week
9,921,432
+14.6
10,009,828
11,475,319
Paul
7,654,965
10,151,107
above will be given next St.
9,184,251 -10.8
7,367,731
Denver
The full details for the week covered by the
5,645,588
made up by the
6,318,179
being
to-day,
-25.8
them
clearings
7,507,466
furnish
5,567,398
cannot
We
Saturday.
St. Joseph
day
last
the
3,565,017
above
the
4,446,165
in
+16.7
hence
and
5,169,226
6,029,713
clearing houses at noon on Saturday,
2,161,840
to press Friday night. Des Moines
3,041,609
3,266,331 -8.8
2,980,255
of the week has to be in all cases estimated, as we go ending with Saturday Sioux City
2,741,276
week
2,830,247
for
the
-4.2
figures
detailed
3,250,000
below
present
3.114,089
We
Wichita
2,345,771
2,567,463
4,799,660 -23.9
3,653,113
noon, July 4, for four years:
Duluth
1,691,993
1,784,618
+12.7
1,740,058
1,961,328
Lincoln
1,521,420
1,086,437
-21.2
1,673,145
1,319,313
Topeka
Week ending July 4.
1,513,315
1,336,983
1,461,970 +14.6
1,875,748
1lanlds_
Cedar
1,430,323
Clearitige at1,656,116
-23.0
1,776,716
1,367.749
Davenport
Inc. or
667,505
611,561
510,620 -21.9
398,597
1912.
Colorado Springs
Dee.
1913.
1914.
793,241
444,893
21.8
50664314-1
1,126,359
Fargo
660,561
632,579
+38.8
502,042'
696,784
Pueblo
297.050
287,221
+6.6
70
338,051
1,733,244,8
67
360,450
1,991,736,3
+5.5
75
Fremont
1,996,693,650 1,891,822.7
1,017,758
New York
1,219,358
1,725,953 -28.5
1,233,135
+1.5 175,778,377 185,415,495 Waterloo
178,089,053 175,479,741
846,002
Philadelphia
1,091,117
44,823,050 Helena
947,925 +20.7
54,301,760
3,143,189
60,592,392 -18.4
49,413,575
400,000
282,736
Pittsburgh
34,157,284 Aberdeen
344,304 +6.1
41,404,640
365.000
32,648,400 +38.2
45,110,212
187,527
166,786
Baltimore
-21.9
180,000
11,485,224 IIastings
11,510,153
140,593
15,410,826 -4.5
14,719,811
116,055
333,386
Buffalo
+37.8
6,010,994
353,317
6,166,292
486,982
+2.9
Billings
4,765,976
4,902,911
Albany
114,676,174
6,975,231
7,784,560
-8.0
-6.3 124,326,339
7,891,343
135,759,355
7,261,125
127,216,106
oth.West
Total
Washington
5,925,089
6,634,644
6,431,259 +9.4
7,035,404
Rochester
69,954,378
2,903,144
70,820,185
2,500,000
72,401,598 +5.3
3,801,459 -0.4
76,210,403
3,789,521
Scranton
15,483,104
3,106,015 St. Louis
18,364,572
3,744,833
-1.3
17,496,033 -11.4
4,096,591
15,501,269
3,923,071
New Orleans___..
Syracuse
11,670,403
12,706,016
2,120,484
+9.8
2,358,181
13,402,269
1,987,037
+1-s
14,719,250
2,002,763
Reading
1,895,142 Louisville
-14.1
1,669,393
6,351,826
-52.2
1,919,326
5,886,895
907,413
Houston
Wilmington
5,428,500
6,338,000
1,434,279
+7.3
1,767,401
9.3
7,425,500
1,935,690
7,966,000
1,774,403
8,213,191
8,632,541
1,825.802 Galveston
2,254,056
7,967,349
2,501,629 -7.0
7,474,172
2,326,258
Wheeling
11,799,710
9,341,042
958,260 Richmond
+3.3
966,660
-14.5
9,809,80
923.221
10,134,433
788,672
York
Atlanta
5,450,865
6,660,463
1,586,207
-20.4
1,703,713
6,017,65
1,935,861 -16.2
4,790,255
1,621,461
Trenton
3,730,080
4,351,623
1,081,592 :Memphis
1,259,847
3,840,38
1,033,815 -5.4
3,570,146
1,024,003
Erie
5,092,816
642.000 Savannah
4,720,407
-11.6
701,300
5,506,69
+6.3
703,600
4,868,349
747,300
Binghamton
Nashville
4,500,701
676,325
5,594,912
-6.4
679,999
6,252,59
931,241 -37.5
5,552,397
613,263
Greensburg
3,234,167
742,322 Fort Worth
2,942,435
780,743
4,048,39
810,518 +0.5
Chester
3,753,360
814,964
Norfolk
2.415,644
370,023
2,660,092
-7.8
475,571
2,963,03
-4.5
Altoona
519,995
525,000
2,750,000
Birmingham
2,958,868
956,250
3,000,000
1,431,306
3,168,84 -11.6
Lancaster
1,435,787 +8.4
1,556,503
2,800,000
Jacksonville
1,725,766
1,901,379
-7.7
2,681,01
Montclair
405,274
434,242 -6.7
2,474,034
Chattanooga__
1,770,83.6
2,050,281
+2.0
1,518,62
1,548,622
Knoxville
1,908,553
33
1,740,082
1,865.65. +11.1
Total 31lddle__ 2,326,015,615 2,220,145,730 +4.8 2,320,659,836 2,053.335,5
2,072,977
Little Rock
1,552,985
1,525,396
-3.7
1,675,63
1,613,520
Charleston
1,464,148
159,180,079
1,492,070
157,147,269 157,938,357 -0.5 179,258,450
1,326,56 -10.0
1,194,506
Boston
1,409,999
7,405,200 Augusta
1,439,170
-7.1
10,326,500
9,312,500 +2.1
9,538,900
1,400,00
1,300,000
Providence
Mobile
4,693,701
1,848,950
1,048,106
6,101,848
+34.7
+17.7
5,428,021
6,386,783
1,442.225
1,943.835
Ilartford
2,275,000
3,989,453 Oklahoma
2,255,246
3,529,330
4.176,719
2,200,000 +29.3
3,375,259 +23.7
2,844,940
Macon
New Haven
2,544,899
1,079,727
788.363
2,907,451
-22.3
+8.2
3,165,275
2,925,013
1,738,754
1,350,000
Springfield
222.610
2,037,845 Austin
259,157
2,438,215
+0.8
2,346,339
2,328,757
241,961 -16.0
203,228
Portiani
344.179
2,476,851 Vicksburg
315,278
2,570,692
+2.5
2,494,469
2,581,868
361,059 -30.6
250,444
Worcester
Jackson
596,926
1,011,220
575,980
+39.4
1,213,707
1,100,000
+3.9
1,059,072
1,096.497
1,528,419
Tulsa
Fall River
500,000
390,128
534,346
863,859
811.790 +10.3
928,943
608,110 +26.3
768,835
New Belford_
311,026
602,723 Muskogee
312,472
.
769,971
749,829
777,741 -3.6
315,000
Holyoke
535,166 Meridian
545.056
106,948,442
645,095
450,363
+43.3
1 +0.03 173,086,614
Lowell
135,635.628
568,993
3791
.
5
Southern,
68
.
.
185
Total
573,905
633,317 -21.7
507,000
-X81 3,001,890T545
Bangor
I a,":F1-07398.021 372711.-97-1,77E4 +374 3,390,090
Total all
+0.9 211.148.994 185.036,263
+0:4 1,395,3-53,814 1,257,645,669
Y..1.343,704,974 1.388,144.949
Tot. New Enz. 189.217.035 147.602.185
N.
Ootald.
Miscellaneous News."
Note.-For Canadian clearings see "Commercial and
76
THE CHRONICLE
[VOL. XC IY.
inter-State trade as the Inter-State Commerce Cornmission does the inter-State railroads." This is
the
Roosevelt doctrine and the doctrine of the
Progressive Party. It is what the progressives have
been
advocating over and over and is indeed the cardina
l
feature in their platform.
The Progressives have from the first been urging
the creation of a Trade Commission endowed with
powers like those vested in the Inter-State Commerce
THE GENERAL SITUATION.
It is to be hoped there is no truth in the reports Commission. Through such a Commission the Govthat have appeared in the news dispatches of many ernment would be placed in supreme control over the
of the daily papers saying that the representatives business of the country and hold industrial interof the Chicago Association of Commerce, who con- ests in a vise just as the Commerce Commission
ferred with President Wilson on Wednesday, en- now in similar fashion holds the carrying industry
couraged him to think that the business men of this in a vise. The new body would dispense favors and
country would be entirely satisfied if the President, mete out punishment in accordance with its own
ideas of the requirements, holding the entire business
instead of his anti-trust program of legisla
tion,
should consent to the creation of a Trade or Indus- world in fear and awe.
Only last week, Mr. Roosevelt declared himself on
trial Commission with very broad powers
analagous the subjec
t of a proposed Trade Commission. He
to those now possessed by the Inter-State Comme
rce did not
on this occasion suggest a Commission analCommission over the railroads. Seeing to
what a agous
to the Inter-State Commerce Commission,
pass the railroads of the country have been
brought but he critici
sed the proposed legislation of the
as the result of the regulation of the rail
-carrying Admini
stration (against which the business world
industry, it seems incredible that any body of
busi- is so strenuously
protesting) upon the ground that
ness men should deliberately invite the same
kind it did not confer
power enough on the Government.
of regulation over the vast industrial interes
ts of He declared that
"the Democrats dare not use
the United States.
power themselves, nor let any one else have it. The
Every one knows that the railroads of the
United Democrats dare not give to
the Government the firm
States have been regulated well-nigh unto
death—some grasp and reach to
control these corporations."
of them are actually facing financial death
at this
Now we are asked to believe that our business men
moment and others, it is certain, will be in
the same have fallen in with this idea
and are actually suggespredicament ere long if the Commission
does not ting the conferring of larger
powers and more intiafford relief—and if the country's business
leaders are mate control by the Gover
nment of industrial affairs
really advocating the creation of a Trade
Commission than the Administration had
contemplated asserting
as escape from the scheme of anti-trust
legislation —getting in return a few
paltry and insignificant
now under consideration by Congress,the
situation concessions which are hardly
worth considering in
must be regarded as desperate in the extrem
e. view of what is accepted in their
place.
Should the President, contrary to his inborn
habit,
The idea of a Trade Commission similar to the
yield and accept this alternative proposition, it
may
verily be declared that the last state would be worse Inter-State Commerce Commission, no matter by
whom advanced,should be ostracised once and for all.
than the first and that the business community,
in It is the most dangerous proposition that
has ever
endeavoring to free itself from a Government mesh,
been broached. The railroads to-day, as everybody
had succeeded in getting itself more deeply
en- knows, are fighting for their very life,
and the
tangled in the mesh. As illustrating the
nature of Commerce Commission has been taking its
own sweet
the reports that have been current, we quote
from the
Washington dispatches printed in the Evenin "Sun" time in determining whether decree of death is to
g
be issued against them or a new lease of life granted.
of this city on Thursday night, as follows:
And if a Trade Commission should come into exist"Through these visits and others to be
endowed with the same powers, and should avail
arrang
ence,
ed,
the President is not only getting the facts
regard
ing
with equal freedom and recklessness, it
them
of
actual business conditions throughout the
country, would only be a matter of time before
but also is getting the inside views of
business conbusiness on cerns would in similar manne
his anti-trust program. Business has accept
r
be
fightin
g for their
trust program. It is admittedly no longer ed the existence and be dependent for their welfare and
obstacles in its way. As a result, the placing prosperity upon the action of that body.
dent is considering certain changes in the PresiWe wonder if those who have declared themselves
bills. While these changes will not alter thempending
fundaare declaring themselves in favor of a Trade Comor
mentally they will work less hardship on
corpora- mission, modeled on the Commerce Commis
tions in their enforcement.
sion,
"It is already certain that the proposed Trade really comprehend what this would mean. The proCommission will be clothed with powers far
Commission Would regulate the private
beyond posed Trade
those originally contemplated. In many respects
busine
ss concerns in the same way that the
of
affairs
it
will parallel the Inter-State Commerce Commission,
Inter-State Commerce Commission regulates the
and will regulate inter-State trade as the latter does affairs of the rail and
water carriers. Indeed, it is
the inter-State railroads."
asserted that the Chicago Association of Commerce
It will be observed that the notion is here en- is suggesting that the
proposed Trade Commission
couraged that "business has accepted the trust pro- should have jurisdiction
over individuals as well as
gram," that "as a result the President is considering corporations and should
have power to award damcertain changes in the pending bills," and that "it is ages as reparation to injured
parties! The railroads,
already certain that the proposed Trade Commis- being endowed with certain
exclusive functions and
sion will be clothed with powers far beyond those possessing the right of eminent domain, a large measoriginally contemplated." . . . "and willyegulate ure of control over their affairs inevitable.
is
But
CHRONICLE INDEX.
The index to Volume 98 of the "Chronicle"—which
volume ended with the issue of June 27--is mailed
with this issue. As has been the practice for some
years, the index is issued as a separate pamphlet
for convenience in binding.
JuLy 11 1914.1
THE CHRONICLE
will any serious-minded person, with a full knowledge and understanding of the proposal, earnestly
contend that the private affairs of the business concerns of the country should in like manner pass
under the absolute domination of Government
officials?
As matter now stand, the railroads cannot make
a move without the consent of the Inter-State
Commerce Commission except that it is left to them
to provide means to meet expenses and raise money
for new capital outlays. Do our business men relish the idea of finding themselves fettered in
the same manner? The Commerce Commission
prescribes rates and thereby says whether profits
shall be large or small. Are we ready to see the
same rule adopted in the case of industrial pursuits?
In other words, is the country prepared to plunge
right into what is in effect State socialism by the
regulation of prices and profits in production and
manufacture? The answer of course will be an
unqualified negative and those who are advocating
the Trade Commission idea will say it is preposterous
to think that a Trade Commission would go as far
as this, even if it had absolute power to that end.
We will grant that it is unlikely that any such
steps would be taken at the start. On the other
hand, the thing would not have been considered
probable as far as the railroads are concerned when
the Inter-State Commerce Commission was created,
and yet that is only twenty-seven years ago. The
creation now of a Trade Commission will be only the
entering wedge. How far the members of such a
Commission will be driven in the course of the next
twenty years under the influence of demagogic politicians angling for votes is not wholly a matter of
conjecture.
But even if it be granted that the likelihood of a
Trade Commission attempting to fix prices and
profits is rather remote, the Commerce Commission
possesses numerous other powers. There are the
inquisitorial powers, the powers of investigation, the
power to prescribe the kind of books and the forms
of accounts to be kept, the service to be performed,
the manner in which it shall be performed, the power
to award damages (already referred to above), and
various functions relating to ordinary routine.
Suppose these powers conferred upon a Trade Commission! Our business men would be simply dummies registering the decrees and expressing the
wishes of Government officials. Are we to believe
that business men would yield ready acquiescence
to such a state of things? On the contrary, is not
the suggestion intolerable and monstrous?
If any one is in doubt as to how the Commission
plan has worked in the case of the Inter-State Commerce Commission, consisting of appointees who of
necessity are under the influence of political considerations, and which Commission idea it is now proposed to apply to all the country's great industries,
we would invite his attention to certain remarks
made the present week by Edward C. Simmons,
President of the Simmons Hardware Co. of St.
Louis. We would premise by saying that Mr. Simmons is one of the mei:.1 whom President Wilson tried
to persuade to accept appointment as a member of
the new Federal Reserve Board, which is to have
control of the new Federal Reserve banking system.
This makes it plain that his utterances are free and
unbiased, and are not made in a spirit of hostility
to the Administration. Mr. Simmons is quoted as
77
having expressed himself as follows with reference
to the current business and political situation:
"I am standing with President Wilson in a good
many things. Business,however, ought to have time
in which to recover from the serious injuries it has
suffered at the hands of meddling, ignorant or unscrupulous politicians.
"Public opinion rules this country. We should be
careful, therefore, concerning those who undertake
the job of creating public opinion—whether it is
created by intelligent, sound and partiotic men or by
muck-rakers and demagogues. The latter have been
on the job for some time past.
"The greatest danger now confronting the country
is the dishonest and shameful treatment given the
railroads. Public opinion, unfairly made, has caused
the robbery of the railroads for eight years.
"If I were President of the United States with
power over Congress—and there have been such
Presidents—I would legislate the present Inter-State
Commerce Commission out of existence, and two
weeks afterward I would enact another law creating
a new Commission, and I would see that fair men,
unafraid of muck-rakers, demagogues and Socialists,
thereafter regulated the freight rates of our railroads.
I say this, although I am a shipper and pay out large
sums to our transportation companies.
"I believe in the strict regulation of our railroad
corporations but I am opposed to a policy which
stops enterprise, keeps capital locked up in bankvaults, deprives thousands of men of gainful employment and lets wild grass grow where there should be
wheat, corn, cotton and hay."
The reader should notice that Mr. Simmons speaks
of the "dishonest and shameful treatment given the
railroads," and says that if he were President of the
United States he "would legislate the present InterState Commerce Commission out of existence and
two weeks afterward would enact another law creating a new Commission and would see that fair men,
unafraid of muckrakers, demagogues and Socialists
thereafter regulated the freight rates of our railroads." Such an opinion from a wholly disinterested
source ought to move tp silence those thoughtlessly
inclined to do homage to the Trade Commission
proposition. It hardly needed Mr. Simmons' testimony to prove that the Inter-State Commerce Commission in its practical workings has been a flat
failure—so much so that all over the land careful
students are telling us that the existing policy cannot be continued much longer without the country
being brought face to face with the problem of Government ownership of the railroads.
Suppose the Trade Commission idea adopted and
administered in the same heedless and reckless way,
and twenty-five years hence the same students
might be obliged to announce that as no inducement
any longer existed for private capital to engage in
manufacturing and in production, Government
ownership of the means of production had now
become inevitable. Thus we would reach State Socialism in the endeavor to avoid it, demolishing the
theories on which Mr. Roosevelt has founded the
Progressive Party in the desire to elevate himself
again into power, namely that we must have a Trade
Commission and strong power lodged in the hands
of Government officials in order to avoid the menace
of Socialism.
We observe that Robert R. Reed, of Caldwell,
Masslich Sr Reed, also speaks in criticism of the
proposal attributed to the Chicago Association of
Commerce. To one of our representatives he expressed himself as follows:
78
THE CHRONICLE
It is unfortunate, if true, that the Chicago business
delegation urged the President to accept or extend
the principle of executive control over business practices. They seem to have played into the hands of
the men who are working to this end, though perhaps it is not surprising that business men should
deem this proposal a less painful alternative to a
statutory code of business ethics. But such a code,
if adopted, could never be enforced, and it is better
to suffer for awhile from foolish laws than to permit
the Executive to extort from Congress a delegation
of its law-making powers to his nominees, for that
is the substance of this proposal. We should recall
the words of Washington:"Let there be no change by
usurpation, for though this in one instance may be
the instrument of good, it is the customary weapon
by which free governments are destroyed." A few
Senators have been fighting this proposal valiantly
while the country at large is hardly aware of its
existence.
[VoL. XC IY
Association, with reference to the opposition manifested last year to the Banking and Currency legislation of the Administration on its passage through
Congress. Here is the reference to the matter as
contained in the Independence Day speech:
"I have had some experiences in the last fourteen
months which have not been entirely refreshing. It
was universally admitted, my fellow-citizens, that
the banking system of this country needed reorganization. We set the best minds we could find to the
task of discovering the best method of reorganization.
We met with hardly anything but criticism from the
bankers of this country, or at least of the majority
of those who said anything. And yet, just so soon
as that Act was passed, on the very next day there
was a universal chorus of applause from the bankers
of the United States. Now, if it was wrong the day
before it was passed, why was it right the day after it
was passed? Where had been the candor of criticism, by the concert of counsel, which makes a great
It is not patriotic, ladies and
In the carrying-out of his ambitious scheme for nation successful?
gentlemen, to concert measures against one another;
revolutionizing trade and business conditions, and it is patriotic to concert measures for one another."
reconstituting society, the President has at length
The accusation here made is a most serious one
reached a point where he shows a willingness to consult and confer with leading representatives of trade. and cannot pass unnoticed, although we showed two
But Mr. Wilson continues extremely suspicious and weeks ago that it is utterly unfounded. The Presiseems utterly unable to get rid of the idea that those dent ought to know better than to make such an
who oppose his measures are not sincere in their accusation when it is absolutely without basis. He
attitude, and have ulterior purposes to serve. In completely ignores the fact that as a result of the
his speech at Independence Hall last Saturday he opposition to which he refers,the Banking and Curgave unreserved expression to the suspicion he enter- rency bill was utterly changed before it finally
tains in that respect. After saying that "the task emerged from Congress as a completed measure.
to which we have to address ourselves is to prove that We therefore repeat what we said in our issue of
we are worthy of the men who drew this great Decla- June 27, namely that the reason why bankers at
ration by showing we know what they would have first opposed, and finally accepted, the Federal Redone in our circumstances," he went on in the fol- serve Law is that the bill as originally presented was
full of most serious defects, but that these defects,
lowing strain:
as the result of criticism and opposition, were all
It is patriotic also to know what the facts are and subsequently eliminated. If the trust bills shall
to face them with candor. I have heard a great
many facts stated about the present business con- in similar manner be improved, all objection to them
ditions in this country, for example; a great many will likewise disappear, though as a matter of fact
allegations of facts, at any rate; and it is strange the only way in which all the objectionable features
that these facts, as stated, do not tally with each can be eliminated from the President's trust program
other.
is by abandoning it altogether.
Now the truth always matches the truth, and when
I find gentlemen insisting that everything is going
The National City Bank's announcement last
wrong, when it is demonstrable that most things are
going right, I wonder what they are trying to do. week of its intention to aid in promoting commerce
Are they trying to serve the country, or are they between the United States and South America by
trying to serve something smaller than the country? establishing branches in a number of the leading
Are they trying to put hope into the hearts of men
of that continent has been followed by the orwho work and toil every day? Or, rather, are they cities
downtown club, to be known as
putting discouragement and despair into these hearts? ganization of a new
of which, it is stated,
the
membership
House,
If they love America, and something is wrong, it is India
exclusively
made
up of those actively
almost
their
put
be
to
hands
to
duty
the
their
task of setting will
it right.
connected with American foreign trade. One of the
We have only recently summarized the evidence organizers of the club is quoted as saying "that the
going to show how genuine and profound is the de- name (India House) is taken from the traditions of
pression in trade and how wide is its extent, it af- American over-sea commerce in the days when 'The
fecting practically every industry and extending to Indies' was the generic term for the objective of all
all sections of the country. We shall not attempt to venturesome marine enterprises." Inferentially,
go over the ground again here, but for an explana- therefore, in recalling the past glories of the American
tion of the causes responsible for the depression we merchant marine, endeavor to extend our foreign
would refer him to the remarks of Edward C. Sim- trade is expected to receive a powerful stimulus.
mons, of the Simmons Hardware Co.,already quoted The India House will occupy the building at 1 Hanabove. Mr. Simmons speaks of "the serious in- over Square, formerly the home of the New York
juries it (business) has suffered at the hands of med- Cotton Exchange but occupied for quite some time
dling, ignorant or unscrupulous politicians," and also by Messrs. W. R. Grace & Co. The officers of the
takes pains to declare that the treatment given the club are: President, James A. Farrell, President of
the United States Steel Corporation; Treasurer,
railroads has been "dishonest and shameful."
The President, in his Independence Day speech, J. P. Grace, President of W. R. Grace & Co.; SecreWillard D. Straight, of J. P. Morgan & Co.
also again repeated the fallacy which he uttered two tary,
are: Alba B. Johnson, President
Vice-Presidents
weeks before, when:addressinKthelVirginid Editorial The
JULY 111914.]
THE CHRONICLE
79
of the Baldwin Locomotive Works,Philadelphia, Pa.;
A decline of 5 points in the conditions of oats
Edward N. Hurley, President of the Machine Com- during June is to be ascribed to the prevalence of
pany, Chicago, Ill., and James R. Morse, of the dry, hot weather over an important part of the
American Trading Company.
area. Condition, however, on July 1 was much
better than a year ago, or the ten-year average,
The grain crop report of the Department of Agri- being stated as 84.5,against76.3 and 83.7,respectivecultur for July 1, issued on Wednesday, was in ly. Almost every State shows some deterioration
some respects ev n more favorabl3 than had been on account of the adverse weather, but quite moderlooked for. The conditiol of winter wheat showed ate, as a rule, except in Indiana, Illinois and Misa further improvement, making the status of the souri. Officially, the outlook is deemed to be for
crop on July 1 the best recorded at that date in any a yield of 31.3 bushels per acre, equivalent to 1,201
year since 1891. Spring wheat and oats, while million bushels for the area planted, this being 79
showing moderate deterioration during the month, million bushels more than last year and 217 million
as a result of the hot, dry weather that had favored bushels less than the record crop of 1912.
winter wheat, stood higher in condition than the
Barley and rye both maintain a high condition and
average of recent years.
promise excellent yields. The former on the July 1
A slight decrease (7-10 of 1%) in the area planted condition of 92.6, against 76.6 a year ago and the
in corn this year is indicated b 7 the Department, ten-year mean of 84.4, points to a product of 211
making the territory devoted to that crop 105,067,000 million bushels, or quite close to the high-water mark
acres, against 105,820,000 acres in 1913. The con- of 1912 and the rye indications are for the largest
dition of the cereal on July 1 is stated as a little crop in the history of the country.
above the average of recent years, being given as
Prospects across the border in Canada are also
85.8, against 86.9 on the corresponding date last very good. Area under wheat, oats and barley
year, 81.5 two years ago, 80.1 in 1911 and a ten-year has been further increased and the product per acre
average of 84.7. Iowa, Illinois, Nebraska, Ohio, of each is expected to be much more than last year,
Indiana, Michigan, Wisconsin, Kansas, South Da- according to this week's advices.
kota and Texas exhibit more or less marked improvement as contrasted with the mean for the ten preAlthough in number the mercantile disasters in
ceding years and the only States of large production the United States in June 1914 were
less than in any
showing deterioration, and that slight, as a rule, preceding month in the present year,
they were
are Missouri and Oklahoma. Although it is appar- greater than those for the correspondi period of
ng
ently much too early to theorize on the probable almost all previous years, and the indebtedness
insize of the crop, the Department interprets the out- volved, due to the Claflin suspensions, which covered
look July 1 to be for a yield of 27.3 bushels per liabilities of upwards of 40 million dollars, was very
acre, against last year's final figure of 23.1 bushels. much in excess of the average for the final month
of
This would give an aggregate product, on the area the half-year. Large failures have been a feature
of
as above stated, of 2,868,000,000 bushels, or 421 the monthly statements for quite some time past,
million bushels more than for 1913, and 257 million but none, of course, of such colossal magnitude as
bushels below the record yield of 1912. A gain of that which has swelled the June total. At the same
no less than 52 million bushels is looked for in Iowa time, a few others, including a stave-exporting conalone, the crop of that State for 1914 being placed cern in New Orleans whose liabilities approximated
at 404% million bushels.
4 million dollars, contribute close to 10 millions of
Spring-wheat condition shows a drop of 3.4 points debts, leaving the amount to represent over 900 induring June, but at 92.1 compares with only 73.8 solvents barely 8 million dollars.
last year and a ten-year average of 84.4. ProducMessrs. R. G. Dun & Co. report the commercial
tion on a large scale is confined to four States, and insolvencies in all lines in June 1914 as 961, covering
of these North Dakota maintained its status during liabilities of $57,881,264, against 1,145 and $20,767,the month, while South Dakota exhibited a decline 625 last year, 1,006 and $12,847,711 in 1912 and
from 98 to 92, Minnesota from 96 to 88 and Washing- 864 and $13,625,025 in 1911. The increase in inton from 94 to 92. The indicated yield per acre debtedness is, of course, wholly in the trading diviof this cereal is given as 15.3 bushels, thus fore- sion; manufacturers and brokers, &c., in fact, each
shadowing a crop of 275,000,000 bushels, against reported aggregate debts a little under those of a
240,000,000 bushels in 1913, and the record product year ago, notwithstanding the rather adverse condiof 330 million bushels in 1912.
tions that have been in evidence in many sections of
Winter wheat, as indicated above, showed a the country. But the exhibit for the half-year
moderate rise in condition during the month, and furnishes a more conclusive idea of the current genthe average of 94.1 for July 1 1914 contrasts with eral situation. For this period in 1904
the defaults
81.6 a year ago, 73.3 in 1912 and a ten-year average numbered 8,344, a total only moderately
greater
of 80.2. The improvement noted has caused the than in 1913, but nevertheles
s the heaviest total,
Department to raise its estimate of average product with one exception (that of
1908), ever recorded.
per acre from 18.1 bushels on June 1 to 18.5 bushels On the
other hand, the liabilities, at $185,099,730,
July 1—this latter,apparently the greatest on record, compare with only
$132,909,061 last year and
—giving a total yield of 655,000,000 bushels, or far $108,012,223 in
1912, reaching the highest point
in excess of any earlier crop and exceeding 1913 by since 1894. It
appears, also, that there has been
132,000,000 bushels. Combining spring and winter some increase as
contrasted with last year in both
wheat, the promise, as outlined officially, is now number and amount in
each of the three classes into
930,000,000 bushels, against 763 millions in 1913. which the failures are segregated. Manufactur
ing
We note that the Kansas yield is placed at 151 disasters number 2,113, against 2,049, with th
million bushels, or almost one-quarter of the winter- liabilities $59,577,135 and $55,493,269, respective
wheat yield.
5,868 in the trading division were forced to the wa
S
THE CHRONICLE
[VoL. xc
For the five months of the calendar year 1914
arrivals total only 487,243, against 587,702 for the
like period of 1913; departures aggregate 240,734,
against 225,896, and the net inflow,therefore,stands
at but 246,509, against 361,806. As regards the
nationality of the arriving aliens thus far in 1913-14,
there is not much to be said. Rumanians, Ruthenians, Turks and Africans have come in more freely
than ever before, and the inward movement of
Hebrews, Greeks, Italians and Bulgarians, &c.,
has been well ahead of last year. On the other hand,
following the abnormally heavy inflow of 1912-13,
there has been a let up in the influx of Poles.
Immigration into Canada in recent months. has
dwindled to '3 much greater extent than that to the
United States,and Dominion authorities have taken
steps to keep the influx of aliens down for the present.
This they have done by advising the steamship and
railway agencies in England that artisans and laborers "should postpone coming to Canada until normal
conditions again prevail." At the same time the
circular letter issued states that there are still many
excellent openings for farmers with capital and that
the demand for farm laborers and female domestic
servants was never stronger than at the present
time. As indicating to what an extent immigration
has fallen off thus far in the current calendar year,
we note that the arrivals for the five months January
to May, inclusive, have been only 102,460, against
Alien arrivals in the United States in May, as 214,770 for the same period in 1913.
officially compiled, were smaller than for the similar
The committee stage of the bill to amend the
period of any year since 1911 and much below a
year ago, when the rush of foreigners to these Irish Home Rule Bill began on Wednesday in the
shores taxed severely the facilities of the immigra- British House of Lords. The second reading of the
tion officials for handling them. Furthermore, the measure occurred on Monday. There was virtually
influx in June, as we compile the figures, was also no opposition, only 10 votes being cast against it
much below recent earlier years. It is a notable and 283 in favor. This lack of opposition was, of
fact that the trend of aliens in this direction in the course, merely a part of the general program to
first half of the lately closed fiscal year (July 1 to quickly get the measure into the committee stage,
December 31 1913) was so decided that there were where it could be amended. The first Unionist
clause of the
expectations that a new high record in the inflow amendment, seeking to eliminate the
each
in
county of
taken
be
a.
vote
that
providing
of the foreign-born would be made for the full twelve bill
be exshould
it
whether
of
the
question
on
months. An outcome not to be desired under Ulster
bill,
was
carried
the
the
of
from
operations
cluded
existing conditions of lack of employment for labor
on the seaboard, where, unfortunately, too large a by a vote of 158 to 35. Then an amendment ,by
proportion of the arrivals chooses to remain. But, Lord Lansdowne, the Unionist leader, providing for
after the turn of the year the volume of arrivals fell the total exemption of Ulster from Home Rule
off quite decidedly each month, and now it is evident without time limit was adopted by a vote of 138
that the result for the complete fiscal year 1913-14, to 39. The Parliamentary expert of the London
when officially compiled, instead of considerably "Daily Telegraph" was quoted by press dispatches
exceeding 1912-13, is likely to fall below it. More- as saying he had reason to believe the Government
over, due to the heavy departures, the net gain in will, after some demur, accept these two amendforeign-born population will be found to have been ments. The main body of the Liberals and Unionists in the House of Commons will, he says, support
very much less than in 1906-07.
bill thus amended and outvote the Nationalists,
arthe
the
for
gives
1914
May
bulletin
official
The
will not agree to the exclusion of Ulster. Inwho
up
as
of
126,842
107,796
(made
month
that
rivals in
immigrants and 19,052 non-immigrants), which cidentally, it is of interest to note that on Tuesday
compares with no less than 164,692 in May 1913 and night in the House of Commons the Government's
132,657 in 1912. The record total for May was majority fell to 23, the lowest that Premier Asquith
206,033 in 1907. For the eleven months of the fiscal has yet received, except on one or two occasions,
year 1913:14 (July 1 to May 31) the aggregate in- when a snap division was called. This division
ward movement, at 1,317,987, registers an increase arose on the Premier's motion to allocate only seven
of 89,217 over 1912-13 and 409,067 over 1911-12. days to further discussion of the Finance Bill. This
Against this large inflow there has been a free out- certainly seems to indicate that a general election
ward movement of aliens during the elapsed portion is not far distant. On Thursday an additional
amending Bill
of the fiscal year; it has reached 555,598 and, con- amendment was inserted in the
a new clause
of
sequently, the net gain in foreign-born population by the House of Lords in the form
Ireland
control
of
for the latest eleven months totals 762,389, which, giving the Lord Lieutenant
instead
of, as
ry
Constabula
while comparing with only 675,032 in 1912-13 and of the Royal Irish
the
transferring
of
Bill,
Rule
Home
the
in
348,550 in 1911-12, is over 100,000 below 1906-07. provided
and S102,228,518 was involved, against 5,783 and
$60,582,724. The elimination of the 40 millions
contributed to this year's total would leave a balance
a little greater than the 1913 aggregate. Finally,
among brokers, &c., the result is much less favorable,
363 insolvencies for $23,294,077, comparing with 331
for $16,833,068. Banking suspensions, too, have
been much greater in number than last year, reaching 93, against 55, with the liabilities involved $28,621,312, against only $6,417,372.
Canadian failures returns for the six months of
1914 compare quite unfavorably with those for the
like period of 1913. In number of insolvencies, a
large increase is indicated (1,218 contrasting with
only 817) and liabilities rose from $9,593,498 to
$11,688,225. Numerically, the exhibit is the poorest of which we have record, and in the volume of
debts there is a gain of nearly 2 million dollars over
the high-water aggregate of 1910. Manufacturing
liabilities at $3,929,323 declined slightly from the
1913 total, but trading indebtedness registers an
augmentation of almost 23' millions($7,215,158, contrasting with $4,811,233). There were more disasters among brokers, &c., than a year ago, but indebtedness was somewhat less. The Eastern Provinces
quite generally show smaller liabilities than a year
ago, but in British Columbia, Saskatchewan and
Manitoba large increases are recorded.
JULY 11 1914.!
THE CHRONICLE
control of the Constabulary to the Irish Government
after six years. The amended Bill will come up
for its third reading on Wednesday next. Meanwhile the indications are that there may be some
clash between the volunteers representing the
Ulstermen and Nationalists, respectively. It is
feared that the celebration in Ulster on July 12 in
commemoration of the Battle of the Boyne will furnish the incentive for such a clash.
George Fred. Williams, United States Minister
to Greece and Montenegro, who recently made
public his investigations in Albania, in which he
denounced the International Commission of Control,
and declared that the present regime in Albania
was impracticable, has issued additional statements
on much the same lines this week in Athens. In
his latest publication he descries Prince William of
Wied as a weak character and adds that "the Powers
who nominated him must be held responsible for
his .actions. He is responsible for his Ministers,
who have acted merely to safeguard their own estates
instead of in the interests of the population." President Wilson has sent a disavowal to the Powers
of any responsibility on the part of this Government
for the utterances of Mr. Williams. Mr. Williams,
early in the week tendered his resignation to President Wilson as Minister of Greece and Montenegro
and gave as the reason for his action the fact that
he cannot comment upon the situation in Albania
as he would like under the restraint imposed by his
diplomatic position. On the other hand, he does
not feel that he can consistently keep silent with
the knowledge he possesses of what has been done.
The Albanian Mussulman insurgents have captured
the important town of KOrista in Southern Albania.
Last Sunday a force of Government troops was
defeated by the insurgent Mussulinan tribesmen at
Malkuch a little to the North of Durrazzo.
The French Chamber of Deputies on Wednesday
voted an appropriation to defray the cost of official
participation in the Panama-Pacific Exposition.
The vote was 461 to 35. The opponents of the
measure succeeded in making this action the excuse
for a vigorous and noisy protest against the alleged
inquisitorial methods of United States Treasury
agents in Paris. These agents, it was charged, made
themselves obnoxious in Paris in their efforts to
obtain information regarding the value of merchandise to be exported to this country.
Another nominal election was on Sunday last
held in those parts of Mexico still under the domination of the Huerta forces. Only 2% of the population voted in the States controlled by the Federal
Government. Affairs in the Southern Republic
seem to be reaching their final crisis. Huerta men
are said to be in open revolt near Vera Cruz and
General Maas, their commander, sent a message to
General Funston, the American commander at
Vera Cruz, that the mutinous troops might attack
the American outposts if the revolt grew to such
proportions that it could not be controlled. Late
reports say the mutiny has been quelled. Advices
from Torreon state that the differences between
Generals Carranza and Villa have been settled.
Villa wired his representatives in Juarez to surrender
the funds of the Carranza Government and it was
announced at the headquarters of Carranza at
S
Saltillo that Villa would go there and renew his
pledge of loyalty to the Supreme Chief. Guadalajara, capital of the State of Jalisco, and second city
in size and importance in the Mexican Republic,
fell on Thursday before the Constitutionalist troops
of General Alvaro Obregon. The latter's victory
places him in a position to march upon Mexico City
although his army is not considered of sufficient
strength to take the Mexican capital. Guaymas,
one of the most important seaports on the Mexican
West Coast, was evacuated by the Federal troops on
Thursday. The garrison, as a result of an armistice
arranged at the request of foreign Consuls was
permitted to leave by sea. Press accounts from
various Mexican cities intimate that Villa is still
disgruntled and will endeavor to establish an independent republic in northern Mexico. General
Huerta's family is reported to have gone aboard
a foreign warship, and Washington advices say the
impression prevails there that Huerta himself is
soon to follow.
The French national loan of 800,000,000 francs,
which was publicly offered on Tuesday, was quite as
successful as advance reports of subscriptions had led
financial interests to expect. It nevertheless was a
disappointment on the London Stock Exchange and
the Paris Bourse, for the reason that it failed to encourage either s.peculative or investment enthusiasm
in the security markets. London had been expecting
great things as a result of the overwhelming subscriptions, but was entirely disappointed, and the
market at the British centre became extremely dull
as the week progressed. Brazil's finances were another source of London's discouragement. The
officials of that republic were not willing to accept
the conditions for the large national loan proposed
by the European bankers, who, obviously, were
relying upon the known necessities of the Southern
republic to force acquiescence. Latest reports state
that it will probably be several months before negotiations are resumed in a practical manner. Paris
has recently been taking funds from • London in
preparation for the digtribution of its loan. This
has had the effect of causing a temporary degree
of firmness in Lombard Street. Another influence in
the same direction has been the quite active sale of
sterling finance bills in the New York market for the
purpose of loaning funds in this centre. London discounts have been strengthened to discourage this
process. The firmness, however, is conceded to be
quite temporary and English bankers appear to be
in full agreement that a period of very comfortable
conditions in the English money market is at hand.
There appears to be an underlying belief that the
Ulster situation will definitely work itself out without
any necessity of either side resorting to the "civil
war" of which there appears so much loose talk at
the moment. London cable correspondents declare
that there has been considerable dissatisfaction,
owing to the failure to definitely meet Chicago &
Eastern Illinois Ry. receivers' certificates, which
were due on July 1. Holders of these notes were
offered renewals, which in most instances were
accepted, but some London firms, the correspondents
say, are making protests. It seems evident that the
importance of this incident has been greatly exaggerated and misunderstood on the London market.
We are informed that not more than 81,000,000 of
the receivers' certificates were sold abroad, andLof
82
THE CHRONICLE
this amount $700,000 has been definitely renewed,
and there has been slight reason to believe that the
remaining $300,000, which, according to the latest
mail advices, had not been presented for payment,
would not be willing to extend the certificates for
one year at the attractive terms authorized by the
Court. Presumably the failure of the H. B. Claflin
Co. has had the effect of complicating the immediate
attitude towards American short-term notes at the
British centre.
The capital applications of the English market this
week have not been important. The White Star
Line on Tuesday offered a loan of £1,500,000 5 per
cents at 95. The result has not yet been reported by
cable. The South Indian 4% railway loan of 0,000,000, to which we referred last week, was oversubscribed at 9732. The Province of Quebec loan
of £1,000,000 in 43/2 per cents, which was offered last
week at par, was a failure, only 17% being taken
by the public. A £400,000 432% Winnipeg issue was
offered at 973/i on Thursday. A £220,000 South
Vancouver offering was subscribed to the extent of
only 38% by investors. The Paraguay Government
is offering £1,250,000 in 5 per cents at 85. The Imperial Tobacco Co. of Canada is offering $500,000 in
$5 shares. The Antofagasta (Chili) loan, which
was offered last week at 97, went to the extent of 80%
to the underwriters. Press advices state that the failure of public support for the new issues is not causing
real concern among underwriters, since these underwritings are considered a cheap method of direct
investment.
British Consols closed at 75%, against 75 5-16 on
Friday of last week. Other gilt-edged investments,
however, finished fractionally higher, London &
2, against
Northwestern Railway closing at 1283/
1273/i a week ago, Great Western Railway at 114ki
against 1143/ and Great Eastern at 48, against
47%. Foreign State funds on the London market
have also been well maintained. German Imperial
3s closed M lower at 7532, and Russian 4s are without change at 863/
2. Bulgarian 6s remain at 103 and
Servian unified 4s at 78
Mexican Government
5s closed at last week's final figure of 85, while
Mexican Railway ordinary shares advanced 1 point
to 33/2. Day-to-day funds closed at 13/2@1%%,
2% a week ago.
against 1©13/
Paris, as we have already intimated, received the
news of the overwhelming subscriptions to the new
National loan in an exceptionally stolid manner.
The official report of the Bank of France on the
volume of the subscriptions has not yet been cabled
to this side, but unofficial advices declare that the
issue was applied for more than forty-fold. The
new rentes on their admission to the Paris Bourse
immediately advanced from 91, the official price,
to 91.92 francs. Subsequently, however, the premium nearly disappeared, which was attributed to the
fact that there had been large speculative subscriptions on which there was a prompt disposition
to take immediate profits. As a matter of record,
it may be repeated that the loan was for 800,000,000
francs, carries 332% and was offered at 91. It
will be extinguished by drawings covering a period
of twenty-five years and in this respect differs from
the older "rentes", which are perpetual, except
aslaffected by refunding operations at specific dates.
This week's issue is part of a total proposed issue
[VOL. xclx.
of 1,800,000,000 francs and its immediate purpose
is to meet the French Government's deficit resulting
from army expenditures, both at home and in
Morocco.
The complete absence of response on the Paris
Bourse to the success of the loan suggests that a
condition exists in France that is not altogether dissimilar to that prevailing at home. The Paris correspondent of the "Journal of Commerce" explains
the apathy on the ground that French "capitalists are
not asleep. They may, indeed, be considered to be
'on strike' against the Government's fiscal policy,
notably the income tax and the imposition connected
with that tax." The enormous subscriptions, the
same correspondent declares, reveal an unprecedented abundance of cash. The distributions of the
new loan will not greatly exceed 2% of the subscriptions. Thus there will be a prompt distribution of
the cash deposits which accompanied the subscriptions. This in turn means a long period of comfortable money at the French centre. French bank
shares have been under pressure. The cable correspondent of the New York "Tribune" reports that a
certain nervousness has undoubtedly seized hold of
investors who have withdrawn funds, and in this
way have caused a steady run on the banks. Weaker
banks, he declares, are asking assistance from the
larger banks. Continuing, he says: "For months
persistent efforts have been made in the great banking
world to consolidate and reorganize the (Paris) financial market with as much secrecy as possible. During
the work of cleansing, the banking 'salvage corps'
has discovered among those indebted to them
for their intervention the existence of old speculative positions and of debit accounts, the imMecliate
settlement of which the interveners have insisted
same
cleansing
has
process
upon. The
been taking place in St. Petersburg and in all other
markets over-burdened with engagements in Russian
industrials. This settling of accounts all around
is practically confined to professionals, and represents
only limited losses. The volume of transactions
would be infinitely larger if the French speculative
public were deeply involved. Many of the securities
that have suffered from these forced sales are almost
all of sound quality and bear high dividends; therefore a slight turn in events in the right direction
would produce a rally. . . . The reasons for
the recent aggravation of the already unsatisfactory
market conditions can be easily traced. The big
French banks have been imprudent for some time past
in issuing securities too readily. The banks hoped
that the French public would absorb all this paper
and thus bring them considerable profit." French
Rentes closed at 82.823/2, which compares with
82.95 francs a week ago and 83.75 francs a fortnight
ago. Money in Paris closed at 1%, against 4%
a week ago.
Cable accounts from Berlin this week have been
without significant feature. Financial interests at
the German centre have apparently been deeply
interested in the Albanian situation. The Niagara
agreement, which began stimulating the Berlin Bourse
on Friday of last week, had, according to press
dispatches, a distinctly bracing effect on Saturday,
although Mexican issues were only slightly affected.
There was considerable apprehension as to the effect
of the Cincinnati Hamilton & Dayton receivership
upon the Baltimore & Ohio dividends, but this was
JULY 11 1914.]
THE CHRONICLE
relieved later in the week when the regular dividends,
both preferred and common, were declared. Iron
stocks in Berlin were depressed by the fall in iron
prices in foreign markets. Money in Berlin closed
at 2@2%, against 30,33/2% (for the settlement)
last week. Cable advices from Amsterdam declare
that the failure of the H. B. Claflin Co. has produced
an unfavorable impression at that centre. Dutch operators are declared to be showing an increasing indisposition to buy American securities.
Official bank rates in Europe still remain without
change. The Bank of Bengal on Thursday reduced its rate to 3% from 4%. Private discount
rates in Lombard Street closed at 2% for short bills
and 23/8% for three months' bills. This is an advance from 1 13-16@1%% for short and 1 15-16@
2% for long bills. The rates quoted this week are
spot quotations; those "to arrive" are fully M%
0 still remains the private rate,
higher. In Paris 2%7
although with the abundance of money resulting from
the release of funds that had been tied up with the national Loan,it is notimprobable that the combination
3 3%. In
rate just named could be shaded at least /
Berlin private discounts have been reduced to 2%
from 29/8@23/2% a week ago. Vienna still quotes 3%,
Brussels 3%%, while Amsterdam has been advanced
to 31
/
8%, against 2 15-16% a week ago. The official bank rates at the leading foreign centres are:
London 3%; Paris 332%; Berlin 4%; Vienna 4%;
Brussels 4% and Amsterdam 3
The Bank of England reported this week a loss of
£482,827 in its gold coin and bullion holdings and of
£230,000 in the total reserve. Nevertheless, as a
result of decreased deposits and other liabilities,
the proportion of reserve to liabilities increased during the week to 50.58%, against 40.13% a week ago
and 50.59% a year ago. Public deposits were reduced £4,491,000 and "other deposits" show a contraction of £10,762,000. Bills were paid off net to
the amount of £14,860,000. Circulation indicated
the small contraction of £253,000. The Bank's bullion item now stands at £39,599,970, which compares
with £37,391,226 one year ago and £40,388,477 in
1912. The reserve figures out £28,518,000, which
compares with £26,219,751 in 1913 and £29,566,270
in 1912. The loans (other securities) are given at
£34,832,000, against £30,853,114 one year ago
and £33,003,853 in 1912. Of the £900,000 South
African gold bars that became available in London on
Tuesday, £100,000 was secured by India. The remainder went to the Bank at the Mint price as there
was no foreign demand for the metal. Another
£900,000 will be offered next Tuesday. Our special
correspondent furnishes the following details by cable of the gold movement into and out of the Bank for
the Bank week:Imports, £294,000(of which £110,000
from Egypt and £184,000 bought in the open market); exports, £8,000 to the Continent and shipments of £769,000 net to the interior of Great Britain.
The return of the Bank of France this week possesses particular interest as showing the active
preparations that were made for financing the 800,000,000 francs issue of new rentes. The Bank's
general deposits indicated the phenomenal increase
of 1,706,602,000 francs, and there was an increase of 1,288,521,000 francs in discounts. Treasury deposits increased 77,303,000 francs and the
83
Bank's advances were 207,471,000 francs higher.
Gold holdings, representing largely receipts of the
metal from New York, increased 34,922,000 francs,
while silver holdings were reduced 1,429,000 francs.
The Bank again reports its holdings of the precious
metal at a new high record, namely 4,092,610,000
francs, which compares with 3,313,675,000 francs one
year ago and 3,271,925,000 francs in 1912. The
silver stock is 637,457,000 francs. One year ago the
total was 622,175,000 francs and in 1912 808,325,000
francs. The increase in circulation brings the total
of that item up to 6,039,945,000 francs, as against
5,593,784,890 francs in 1913 and 5,230,798,965 francs
in 1912. General deposits aggregate 2,689,279,000
francs. On year ago the total was only 612,158,402
francs and in 1912 711,071,935 francs. Bills discounted aggregate 3,079,319,000 francs, against
1,567,572,657 francs in 1913 and 1,139,690,461 francs
in 1912.
The Imperial Bank of Germany, as was to be expected, reports this week large decreases both in
not ecirculation and discounts, namely of 214,278,000 marks and 239,163,000 marks, respectively. The
gold on hand increased 4,940,000 marks, and total
cash, including gold, increased 9,939,000 marks;
There was a decrease of 21,126,000 marks in deposits
and of 9,127,000 marks in loans. The Reichsbank
now holds 1,596,429,000 marks in cash. One year
ago the total was 1,371,520,000 marks and two years
ago 1,236,040,000 marks. Combining loans and
discounts, we have a total of 1,026,081,000 marks,
against 1,385,820,000 marks in 1913 and 1,321,980,000 marks in 1912. The outstanding circulation aggregates 2,192,893,000 marks, against 2,132,020,000 marks in 1913 and 1,912,340,000 marks in
the year preceding.
In local money circles the week has been an uneventful one. Lenders in instances have been inclined to show increased independence. On the
other hand, there has been no suggestion of urgency
in the demand either for direct loans or in the offering of commercial paper. Interior advices report
that banks, throughout the Middle West especially,
have adopted a distinctly firmer attitude, which is,
of course, attributable to the preparations for harvest. A peculiar feature, in view of this situation,
however, is the news that Chicago money has been
offering in New York this week at 314% for four
months. On Thursday the National City Bank paid
into the Sub-Treasury the $12,000,000 proceeds of
the sale of American warships to Greece. Another
feature of the week's market was the loaning of a fair
amount of foreign funds at this centre for ninety
days by means of foreign exchange loans. These
loans were arranged at 2%% on regular collateral,
consisting of 65% railway securities and 35% industrials, and at 3@33,% in the case of all-industrial
collateral. They influenced an easier feeling in
time transactions late in the week, though the callmoney market continued firm, reflecting, obviously,
tardiness of the July dividend and coupon disbursements in returning to circulation. As the New York
Clearing-House Association issued its weekly statement on Friday of last week, owing to the holiday on
Saturday, we referred to the figures in detail in last
week's "Chronicle." We may state, however, that
the reduction of $20,768,400 shown in surplus reserve was responsible in large measure for the advance
84
THE CHRONICLE
in call money rates this week. Commercial paper is
selling moderately on the basis chiefly of 43.1% for
six months.
Call money rates this week covered a range of
2®3%, against 13/2®23/2% last week. On Monday
3% was the highest, while the ruling and lowest
2%, with
rate was 2%; Tuesday's range was 2%®23/
basis;
rerenewal
the
Wednesday's
figure
lower
the
newals were at the highest figure of the day, namely
3%, while 2% was the lowest; on Thursday 3% was
the maximum, 23/2% the minimum and 2Wi% the
renewal rate; Friday's highest and lowest, respectively, were 2Yi and 23/2%, with renewals at 29%.
For time money closing quotations were 23/2®29.170
for sixty days(against 23(®23/2% a week ago), 2%@
3% for ninety days (against 2 @3%),3@33% for
four months(against 3%),33/2@3%%for five months
(against 33@33/2%) and 3%®4% for six months
(against 3%%). Commercial paper closed at 3%@
414% for sixty and ninety days' endorsed bills receivable and for four to six months single names of
choice character. Most business is passing at the
higher figure, however. Names less favorably
known require 4@4%%.
IVOL. XCIX
cently been moderate offerings of foreign funds in
New York at 2 % for ninety days on Stock Exchange railroad and industrial collateral. These
funds, of course, represented the proceeds of finance
bills drawn on London and sold in this market.
The Continental exchanges are moving in favor of
London. Sterling checks in Paris, as reported by
cable last evening, closed at 25.183/2 francs, against
25.143/2 francs on Friday of last week. In Berlin
demand sterling finished at 20.50 marks, against
20.483/2 marks a week ago. Sterling in Amsterdam
finished at 12.139/ guilders, against 12.113/2 guilders
on Friday of last week. Berlin exchange on Paris
at the close was quoted at 122.85 francs, against
122.70 francs a week ago. Mexican exchange on
N_w York declined to 300 from 330 a week ago and
Mexican exchange on London closed is. 43/2d.,
against is. 4d. ,while New York exchange on Mexico
finished at 33/2, against 30 last week.
Compared with Friday of last week, sterling exchange on Monday (Saturday was a holiday) ruled
steady after a rather uncertain opening. With
lower English discounts, demand bills ran off to
4 8760 and cable transfers to 4 8790, but there was
subsequently an advance to 4 8775 and 4 8805, respectively. Sixty-day bills were not changed from
4 8575®4 86. Demand bills and cable transfers
advanced to 4 8780 and 4 8815 early on Tuesday,
owing to the firmer money markets at this centre,
though at the close somewhat of a reactionary tendency was shown. On Wednesday the easier tone
that had developed toward the close of business
on Tuesday continued during the forneoon, though
a full recovery occurred later. Quotations for demand ranged from 4 8765 to 4 8775 and for cable
transfers from 4 8805 to 4 8815. Sixty-day bills
were not altered from 4 8575®4 86. Thursday's
quotations indicated declines of about 25 points in
sixty-day bills and of 15 points in demand bills
and cable transfers. These reductions were the resulf of increased offering of bills as well as speculative
selling. The range for sixty-day bills was 4 8550®
4 8575, for demand bills 4 8755®4 8760 and for
cable transfers 4 8795@4 88. On Friday the market evinced a weaker tone owing to the freer offerings
of finance as well as grain bills. Closing quotations
were 4 8540®4 8575 for sixty-day bills, 4 8750®
4 8760 for demand bills and 4 8790®4 8795 for cable
transfers. Commercial on banks closed at 4 84@,
4 85, documents for payment finished at 4 84%@,
4 853/2 and seven-day grain bills at 4 86%®4 86%.
Cotton for payment closed at 4 843/2®4 849; grain
for payment at 4 853/2©4 85%.
The week in sterling exchange circles has been
quiet and to a large extent featureless. The demand
for gold for France having culminated with the
offering of the new loan, there have been no additional shipments arranged this week, if we except
a routine amount of 2,000,000 francs in French
gold which was sent by the New York agency of
the National Bank of Cuba to Paris. This gold
came from Cuba for the purpose of such shipment.
In addition there was an engagement at the SubTreasury of $100,000 in gold for South America.
It seems to be conceded that, for the present at
least, the outward gold movement has ended. Press
cables from London state that London bankers are
anticipating a particularly comfortable money situation to exist for several months. The monthly
returns of the British Board of Trade continue to
register a reactionary trend in trade from which
no immediate recovery appears to be in prospect.
The imports of merchandise into the United Kingdom
for June were 07,519 lower than June of a year
ago and the exports decreased £3,964,568. The
excesss of imports last month was £19,400,000,
against £15,472,951 in the corresponding month of
1913. •
We are now at the natural season when exports
of our farm products usually become active. Thus
there has this vir. ek been quite a substantial offering of bills in anticipation of such shipments. Ocean
accommodation on a particularly large scale has
The New York Clearing-House banks, in their opbeen arranged for wheat exportation and with the erations with interior banking institutions, have
low prices that are quoted for grain,there seems every gained $8,391,000 net in cash as a result of the curencouragement to believe that American wheat is rency movements for the week ending July 10. Their
this year to occupy an exceptionally favorable receipts from the interior have aggregated $13,314,position in competing with the products of other 000, while the shipments have reached $4,923,000.
export countries. The dulness i European trade Adding the Sub-Treasury operations, which ocand industry, it is feared, may show itself in a back- casioned a loss of $26,003,000, the combined result
war,' demand for cotton and our smaller outward of the flow of money into and out of the New York
movement of the products of manufacture has to banks for the week appears to have been a loss of
some extent restricted the supply of bills of late. $17,612,000, as follows:
There has this week been the demand for remitNa Chonge in
Out of
1Veck ending July 10.
Into
tances usual to the initial week in July on account
Bank Iiciatngs.
Banks.
Eqnks.
$4,923,000 Cain $8,391,000
interior movement
$13,314,000
of dividends and coupons. but this movement. Banks'
43,906,000 Loss 26,003,000
-Treasury operations
17,903,000
seems to have culminated. As we show in our re- Sub
331.217.000 548,829,000 Loss 517,612,000
Total
ports on the local money situation, there have re-'
JULY 11 1914.]
THE CHRONICLE
85
The following table indicates the amount of bullion Mr. Warburg were held back with suspicious cruin the principal European banks.
tiny. Mr. Jones, on the witness stand before the
Committee, was cross-questioned on his relations
July 9 1914.
July 10 1913.
Banks of
with the International Harvester Co., as if some
Siker.
Gold.
Total.
Gold.
Stites.
Total.
charge of misconduct were involved. He appears to
England_ _ 39,599,970
39,599,970 37,391,226
37,391,226
France_ _ 163,704.200 25,497,830 189,202,080 132,547,360 24,886,680 157,434,040 have answered these questions frankly;
yet the
Germany _ 1165,554,700 16,300,000 81,854,700 54,975,600 13,600,250 68,575,750
Russia a._ 176,498,000 7,322.000 183,820,000 160,357,000 7,717.000 168,074,000 Committee voted against him, after all.
Mr.
WarAux.-Hunb 62,295,000 12,249,000 64,544,000 50.505,000 10,540,000 61,045,000
Spain _ _ _ 21,334,000 29,055,000 50,389,000 18,315,000 29,903,000 48,218,000 burn took another ground, and in
the judgment of
45,737,000 3,050,000 48,787,000 46,473,000 3,740,000 50,213,000
Neth'Iands 13,334,000
674,400 14,058,400 12,105,000
654,100 12,759,100 all clear-headed people he was bound to do
so. He is
Nat.-Belgd 9,012,000 4,506,000 13,518,000 8,164,667 4,082,333 12,247,000
Sweden _ _ 5,823,000
5,823,000 5,703,000
5,703,000 a perfectly well-known financier; his
writings on the
Switz'land 7,033,700
7,033,700 6,541,000
6,541,000
Norway - 2,707,000
2,707,000 2,319,00
2,319.000 question of centralized banking
have long been faTot. week 602,682,570 98,654,280 701,336,850 535,396,753 95,123,363630,520,116
Prey meek602,685,150 98.872,547 701,557,697 534,605,119 96.535.177631,140,296 miliar to all students of the subject and to all Congressmen. He gave up a partnership in an important
a The total of gold in the Bank of Russia ncludes the balance held abroad—
that is, the amount held for Russian account in other Continental banks.
b The Austro-Hungarian bank statement Is now issued in Kronen and Heller banking house and a large private income, and
instead of Gulden and Kreutzer. The reduction of the former currency to sterling
Pounds was by considering the Gulden to have the value of 80 cents. As the consented to accept the relatively trifling salary of
a
Kronen has really no greater value than 20 cents, our cable correspondent in London, in order to reduce Kronen to Pounds, has altered the basis of conversion by Federal Reserve Board member, solely because
of
his
dividing the amount of Kronen by 24 instead of 20.
d The division (between gold and silver) given in our table of coin and bullion In wish to devote his expert knowledge to the
introducthe Banks of Italy and Belgium is made from the best estimates we are able to
obtain; it is not claimed to be accurate, as the banks make no distinction in the tion of the system.
weekly returns, merely reporting the total gold and silver; but we believe the
division we make is a close approximation.
To his nomination universal approval was given,
by the business community and by all unbiassed
THE SENATE COMMITTEE AND
people in other walks of life. It was recognized that
MR. WARBURG.
his personal knowledge of other banking systems,
The episode of the nominations of Mr. Warburg and of the relations of our own to
other money
and Mr. Jones, in connection with the President's markets, would be of paramount
importance to the
selection of the Federal Reserve Board, is one of Federal Reserve Board,
which will at once be conthose incidents which sooner or later was bound to fronted with problems
pivoting largely on those
come in the present mood and attitude of Congress. matters. It was
perfectly proper and perfectly easy
Mr. Wilson has been unwise or careless in many for the Senate
Banking Committee to inquire for itof his appointments to office. In most cases of the self into Mr.
Warburg's business reputation or (if it
sort, he failed of a proper selection because of defer- chose) into his
personal character. It was the
ence to political pressure or favoritism, in the Senate Committee's right,
if it found reason so to do, to
or in other quarters where political influences reside. refuse a favorable
report, just as other committees
But in the case of the Federal Reserve Board he had of the Senate
might have done in the case of a
prudently determined to make the best possible nomination for
Ambassador or for Justice of the
selections, regardless of political prejudice or politi- Supreme
Court.
cal influence.
But the Senate Banking Committee went far beHe had, in fact, served notice, even on Congress- yond this.
It introduced what was an innovation in
men, that he did not wish suggestions such as the confirmatio
n of Presidential appointees, even for
usually come to hand in appointments to Federal a minor office, and demanded that Mr.
Warburg
office. This was the plainest possible recognition appear personally before the Committee,
there to be
on his part of the supreme importance of a properly cross-examined, presumably by hostile
Senators, on
qualified National Board to conduct the new banking his private affairs in general. That
Mr. Warburg,
system. With that important body rightly selected, under such circumstances, should
have withdrawn
the great experiment would begin under at least the his name, and should have
signified his unwillingness
best of auspices for avoiding those numerous pitfalls to remain a candidate
if this humiliating process was
which necessarily surround any such undertaking. insisted on,
merely exhibited a proper sense of dignity
With a weak, untrained or incompetent membership
and a sound recognition of the proprieties of the
for this National Board, the chances of the wrecking
of the system at the start would be vastly multiplied. occas on. This was certainly no less true, when this
Since this was the one really great achievement of the requirement that he put himself in the position of an
Administration whose value to the public interest has accused or suspected party was applied in the face of
been universally recognized, the political fortunes of the prompt and immediate confirmation of three of
his proposed colleagues.
the President and his party were bound up in an
These are the considerations which, during the
unusual degree with its successful inauguration.
present week, have made the incident one of the
All this Mr. Wilson recognized. Of his difficulty
foremost topics of discussion. The result of that
in making competent selections, every one is aware. discussion
has been gratifying and particularly
Men like Ex-Secretary Olney and Mr. E. C. Simmons
creditable both to the President and to the general
were unwilling to undertake the exacting task.
public. Mr. Wilson has stood firm in insisting that
Undoubtedly many more shrank from the responsi- the
nominations stand, and that the Senate Combility. The process of selection, in the face of these
mittee remove its objectionable requirement. In
handicaps, was, nevertheless, patiently pursued. a
statement given out Wednesday at the White
The resultant nominations were applauded by all obHouse, Mr. Wilson put the matter in this forcible
servers aware of the requirements of the office and way
of the qualifications of the nominees.
There remained the question of Senatorial confir"Mr. Jones and Mr. Warburg, in manifesting
mation. In the case of three of the five outside their willingness to make personal sacrifices and put
nominees to the Board, Messrs. Harding, Miller and their great experience and ability at the service of
Hamlin, the names were reported favorably by the the Government, without thought of personal adin the organization of a great reform which
Senate Banking Committee and with no sign of vantage,
promises to be so serviceable to the nation, are
disapproval or contest. The names of Mr. Jones and setting an example of patriotism
and of public spirit
8
THE CHRONICLE
which the whole country admires. It is the obvious
business of statesmanship at this turning point in
our development to recognize ability and character,
wherever it has been displayed, and unite every
force for the upbuilding of legitimate business along
the new lines which are now clearly indicated for the
future."
[VOL. xcrx
at the White House last week with Mr. J. P. Morgan,
and his announcement that other men of large
affairs will be invited for similar conference, was an
earnest of a really fundamental change of policy
and purpose in such matters, remains to be seen.
But the one sure fact of the matter is, that the army
of political agitators has been taught something of
a lesson by the present episode—both as to the
necessary limitations of the policy which they have
elected to pursue and as to the intelligent public's
feeling in regard to it.
As for the press and the general public, its comment has been virtually unanimous in applauding
Mr. Wilson's stand, in approving Mr. Warburg's
attitude, and in insisting that the Senate Committee
withdraw from its position. The Committee,through
one of its members, has lamely answered that "it
ANARCHIST ATTEMPTS AND THE
had secured a written statement from Mr. Harding,
RESPONSIBILITY.
which was deemed ample and satisfactory," and that
There need be little regret over the deserved fate
"it had equally .complete information concerning
Mr. Miller and Mr. Hamlin." Therefore, (such of the I. W. W. engineers who were hoist by their
was the conclusion) "Mr. Warburg has not been dis- own petard on Saturday last, if they had chosen a
criminated against in any way." Nothing could field of preparation where only themselves could be
be less frank than this reply. The Committee's put in peril. The antecedents of these persons
statement itself shows wherein the discrimination and the relation, in point of time, of this to other inlay. It was in the fact that its information on these cidents of threat and violence, leave no doubt that
other nominees was privately and decently collated. they were plotting to settle the mining troubles and
The answer also shows the absolute needlessness advance their ideas of human brotherhood by killing
of the process which it was proposed to inflict on or in some lesser manner influencing Mr. Rockefeller.
Mr. Warburg. As we write, the outcome of the These anarchists are mental and moral perverts,
dispute between the President and the Senate Com- exotics from. Europe, for whom may be charitably
mittee is in doubt; the Committee having some- urged the plea that their heredity has made them
what defiantly pigeonholed Mr. Warburg's nomina- unable to disassociate the idea of government from
tion and the President not having in any degree that of cruelty. If their language and conduct can
relaxed his determination. It is a case, we should be reduced to any coherent plan, they hold that all
say, where public opinion, which is already keenly men are rightfully equal, and therefore all property
aroused at this effort to repudiate the services of is rightfully common, and must be equally divided;
a most valuable member of the new Reserve Board, meanwhile, and as an incidental means of producing
and to do so because of a fussy and meddlesome such a division, all industry except a destructive inwish to indulge in personalities, ought to force the dustry should cease.
All property is merely the excess of production
Committee into a reasonable attitude, so that
over immediate consumption; if the rights of property
the services of Mr. Warburg will be retained.
of production would cease;
But all this has a larger meaning than the out- were destroyed, excess
expected ownership. labor
of
stimulus
the
without
come of the single incident. The attitude of the
the bodily needs of
satisfying
beyond
go
not
would
Senate Banking Committee merely reflected the
of economic
rudiments
barest
the
are
these
hour;
the
prevalent mood of Congress, whereby prejudice is
the
of
plan
anarchists
apparent
the
and
statement,
all
entertained and discrimination exercised against
the
clock
of the
back
turn
would
communists
and
to
in
large affairs. It is impossible
participants
of
stage
the
to
grubbing
mankind
return
regard this state of mind as anything but the out- centuries and
and devouring them
come of such insane illusions and assertions as up roots with the bare hand
the
of
social state remain
enemies
these
While
those of Senator La Follette. What it would prac- raw.
and
disturbers
incidental murtroublesome
tically mean, if consistently pursued, is that no man merely
to
wrest support
somehow
manage
can
they
derers,
who had ever engaged in largd financial underthem at their
others
took
if
others;
of
labor
the
from
takings would be wanted in the service Of the Governshould
all
we
be
that,
involved in a
followed
and
word
of
the
in
face
such ideas, a project
ment. When,
calamity.
common
by
of
Congress
such
launched
peculiar
was
importance
That they cannot see that the law and the order
and complexity as peremptorily to require men of
large practical experience to introduce it, and which and the thrift they bellow at keep themselves alive
manifestly could not be successfully conducted with- is regrettable, although only incidental; the lesson for
out such participation, the hopeless absurdity of the the City and the country is larger and very serious.
Congressional position—not to dignify it by any The Haymarket tragedy in Chicago and its conseother adjective—is unmistakable. We are con- quent executions are so long past that they seem to
vinced that the whole episode of Mr. Warburg, have been forgotten, but the "Chronicle" has more
whatever its immediate outcome, will be wholesome than once reminded New York that the material for
in its larger influence. It was time that men of possibly worse outbreaks than in 1863 is always here,
high experience and achievement should take a tinder only awaiting the spark of occasion. Liberty
definite stand in regard to this Congressional policy, is not license; free speech is not a permitted denouncof treating them as if they were suspicious persons ing of industry, society and all accumulation. The
right of use is entirely distinct from abuse; the tongue
merely because of their eucceSs in life.
The Administration itself was, perhaps, no less is no more free to attack persons and property than
disturbance
in need of the lesson that, in the interest of its own the arm is free. To permit incitation to
disturbance.
for
and
assume
invite
responsibility
turn
afford
to
its back is to
political fortunes, it cannot
has been too
on men in positions of high financial ,responsibility. The Warning has been given often and
neglected.
long
personal
Wilson's
conference
TO What extent Mr.
JULY 111914.]
THE CHRONICLE
87
tries; and you seem to be reaching the heart of the
situation and inaugurating a state of universal wellbeing.
But the mills of the gods grind slowly. Genuine
remedies seldom lie ready to the hand. "Direct
action" is simply destructive, no matter who adopt
it. Far better is it to inquire what are the forces
that have been really constructive in the past.
Let us separate them from incidental evils, and give
them full opportunity in the new conditions.
Wherein lay the real constructive value of our
public lands? Was it in the acreage alone, or in
certain influences which the free land, situated as
it was, exerted upon men? There is a story of a
traveler, early in the ,last century, stopping his
horse to talk with a poorly clad man working in a
poorly tilled field in Western New England, and
asking him how large was his farm. His answer was
"a hundred acres. Thank God I don't own two
hundred!"
A writer on this theme of the passing of the public
lands, in the June "Atlantic Monthly," who is much
THE NEW ECONOMIC CONDITIONS.
concerned with the consequent change in the econoSome years ago the late Professor W. G. Sumner mic conditions, nevertheless thus sums up the
of Yale University called attention to the fact that characteristics that were developed in the men who
the bringing of dense populations into possible settled the new regions of the country. "Men beaccess to vast areas of uninhabitated land, as has came self-reliant, hardy, aggressive. They learned
been done by modern means of transportation, is the to depend upon their own judgment, courage and
most important event in human history. To-day resourcefulness, and to scorn dependence and weakthere are in the United States, apart from Alaska, ness. They were undaunted by obstacles and
no longer large areas of unpossessed land, and econo- acquired the habit of overcoming difficulties. Power
mists and publicists alike are greatly concerned with of achievement grew within them, and the call of
the fact that the era Of public lands open to settlers great country and of a large future impelled initiative
has passed.
and enterprise ever to attempt more bold and more
That that era has had a tremendous influence upon vast. Under the spell which the West cast upon
the development of the United States, economically, its children,they wrought with hope and enthusiasm
politically and socially is indisputable. The change and optimism; many a man was lifted by the new
in the situation certainly challenges attention. The country from discouragement and weakness and
conditions can not be renewed and the special in- littleness, to valor of heart and health of body and
fluence can neither be continued or restored. Nor breadth of personality. Hardships were cheerfully,
are "might-have-beens" in the policy of the Govern- and at times heroically, undergone; calamities and
ment toward either the land Or the settlers and misfortunes were courageously endured and rapidly
owners partioularly instrnaiire.
repaired. Little trameled by the past,the pioneers
The real question that conCerns us all is, What of became versatile and progressive, skilled in adjusting
the future? To answer this something more is both their lives and their institutions to new environnecessary than to fix attention upon certain reat ments."
evilg that have arisen and tO emphasize the necessity
Is there any reason why these qualities should
of habitating forces and conditions which are the cease to be produced? Some conditions are doubtopposite of those that have produced the evils. less more favorable than others, but has it ever been
We face great corporations and trusts, vast wealth true that any land or any state of society has a
in individual hands, social distinctions beeothing monopoly of manly men? On the contrary does
permanent, a democratic conception of government, not this tale itself Prove that the challenge of adverse
a developing vocational idea of public education; and unfriendly circumstances most often moves men
now let Us break up the corporations, sharply restrict to do and to attain their best as men in mastering
individual holdings, minimize Social inequalities, them?
make the Government frankly paternal and have a
And as to the call of the land, a visit to any of our
care lest vocational education Shall result in fixing great agricultural colleges,now happily to be found
social and industrial classes.
from the Atlantic to the Pacific, will suffice to show
With this policy in mind,nothing is easier than to the new courage and keenness, as well as intelligence,
l'esort to all manner of off-hand legislation aimed with
which our young people are to-day fitting themdirectly at these results. Discriminate in taxation,
selves to take possession of the land, not as it once
"hit it if it is a deer, and this it if it is a calf", by was,
free to all, but even as it is to-day, whether it
progressive inheritance taxes, taking "unearned be
exhausted or high-priced. They are learning the
increments" and unimproved holdings; adjust anti.- first great
principle of true living: to face facts and
trust and anti-combination laws to except certain take things as they are. This is the meaning of the
groups; multiply "compensations", and guarantee new education, and there is a growing stream of
employment with satisfactory Wages; cease to oppose young men, in New York and in Wisconsin, in
the "spoils" conception of public office; adopt the Massachusetts as in Kansas, going out to restore
labor unions' attitude toward technical training and deserted farms, to give to neglected orchards a fruitprofit-sharing and betterment plans in great indus- fulness never dreamed of, and to make the desert
There is another lesson which should not be left
to pass unnoticed and unspoken. The difference
between these openly avowed assailants of accumulation, industry and society and the politicians (some
of them in high places) who denounce wealth and
thrift is merely one of method and possibly of degree.
Recall the inflammatory phrases of Mr. Roosevelt
when President about predatory wealth, millionaire
conspiracies, and the like—what were those but an
appeal to class jealousies and hatreds, an inculcation
of the notion that wealth is robbery and the mass of
the people should rise against their oppressors? The
language used then and even to this day is more
rhetorical, less brutally violent, and not so directly
calling for riot and revolution; but the misleading
and embittering tendency is the same. The "leader"
then prominent on the first page of the newspaper
sowed dragons' teeth, whatever may have been his
intentions. He was seeking popularity and power,
and he is seeking that again now. The crop will follow the seed.
88
THE CHRONICLE
[VOL. xcix.
blossom as the rose, while at the same time they
RAILROAD GROSS EARNINGS FOR JUNE.
securing for themselves and their children a
are
•
Current returns of railroad gross earnings conmaterial comfort which their strong and intelligent
manhood will know how to use. To be sure,these tinue discouraging. We print to-day our preliminare not "broken-down men for whom the free lands ary compilation for the month of June covering the
of the West furnished opportunity to begin life over;" roads which make it a practice to furnish estimates
but they are the kind of men who will not break of their gross revenues soon after the close of the
down, and who are to restore the yeomanry who month, and the showing is far from satisfactory.
have, on both sides of the Atlantic, been the strength Losses are the rule—there being, indeed, only ten
roads with gains out of the 45 contributing returns,
of our Anglo-Saxon civilization.
Then, as to wealth. The possibility of gaining it and the losses in not a few instances are of large
has always been one of the chief human incentives. amount. In the aggregate for the whole 45 roads
Human society constructed and maintained without reporting there is a decrease of $4,739,136, or
it may exist as a conception, but it never has existed 7.15%.
The decrease would have been of yet larger proas a reality in any form worthy of the name. Supexcept for the circumstance that the roads
portions
pose attention were turned from the evils connected with it, and the effort to remedy them by the present year had the advantage of an extra
eliminating individual ownership, and instead there working day, June 1914 having contained only four
should be held open to young people all the ways Sundays whereas June 1913 had five Sundays. The
to the acquisition of property by industry, thrift same circumstance also lessens the significance of
and trained intelligence; can any one doubt the rela- the fact that the decrease for June was not so heavy
tive value of the result to human society and to the as that registered by our early statement for the
previous month, namely May. For that month
State?
Differentiation is the essential fact in the evolu- the falling off reached no less than $8,839,247, or
tion of nature. Equality, meaning identy of facul- 11.42%. Not only were roads in that month withties, opportunity and circumstances, nowhere exists, out the advantage of an extra work day, as in June,
but on the contrary they labored under the disand progress occurs only under these conditions.
Whatever may be thought of social distinctions, it advantage of having one less work day, the situation
must be recognized that in their most pronounced having been exactly the reverse of that encountered
form in the older European society, they have al- in June. In other words, there were five Sundays
ways carried with them a certain responsibility for in May 1914, as against only four in May 1913.
others. The knight was bound to fight for the
Our early statement always includes the three large
weak; the lord of the manor shielded his tenantry; Canadian systems, the Canadian Pacific, the Grand
the nobleman was the supporter of the State. At Trunk of Canada and the Canadian Northern.
least this conception underlay the distinctions. These lost heavily in June as in May (though not
Down to our own day, the great reforms in England to precisely the same extent, on account of the differhave had the support of noblemen or commoners ence in the juxtaposition of the Sundays); but even
raised to that estate, Pitt and Canning and Peel and with the Canadian roads eliminated, there is a large
Shaftesbury, no less than Cobden and Bright and falling off for the American roads. That, of course,
is not surprising. Business depression was a feature
Forster and Gladstone.
We cannot hope to do away with social distinctions throughout the whole United States and the Western
while mankind is sustained by hope of individual grain movement fell far below that of the corresadvancement. We can exalt and develop the sense ponding month the previous year, besides. which
of the responsibility of each for all. We need not there were many special drawbacks and adverse
return to the Spartan conception of the individual as influences affecting different sections of the country.
belonging to the State, or even of the State owning For instance, in Ohio coal-mining operations coneverything. A true altruism, a real acceptance of tinued suspended throughout the month and in
human brotherhood, may consist with the widest Colorado the mining troubles which have existed for
social differences; and the possession of special gifts so long in that State lost none of their blighting
or of special opportunities and possessions may be effects.
only the responsibilities of a special trust.
There is this to be said as modifying to a certain
The passing of the public lands is an important extent extremely unfavorable conclusions. Comeconomic fact, but the prosperity of the new era parison is, on the whole, with pretty good returns
does not by any means lie in "conscription" as of earnings in June of last year. For June 1913 our
applied to wealth,or in limiting either production or early statement registered a gain in the aggregate
reproduction; or in State ownership, either of the of $5,074,935, or 7.44%. In June 1912, too, there
land or the instruments of production; or in "pater- was a fair amount of improvement, our early statenalism" for the State; but in the free development ment at that time having shown an increase of
of all that makes the individual man, by awakening $4,152,922, or 6.38%. In June 1911, on the other
and stimulating the powers within himself to the hand, the increase amounted to only $357,396, and
realization of all that God has made it possible for more than the whole of this was contributed by the
him to become. As M. Faguet, the brilliant French- Canadian lines. In 1910, again, we had a strikingly
man has said in his "The Cult of Incompetency", large increase, namely $8,356,824, or 15.14%, and
"The hope of the democracy lies in the virility of the this followed $4,737,537 gain in 1909, or 10.45%.
aristocracy it carries within its bosom." That Of course in 1908 (the year after the 1907 panic)
democratic "aristocracy", the flower of the new there was a very heavy loss—$12,284,972, or 20.89%.
American people, built of the blood of many peoples, In the following we show the June comparisons as
never was more abundant, never more vital, and disclosed by our early compilations for each year
never had better opportunities, or responded to a back to 1897, the Canadian roads being included
in all the years:
louder call than it does to-day.
THE CHRONICLE
JULY 111914.1
Gross Earnings.
Mileage.
June.
Year Trane- InGiven. ceding. cr'se.
Year.
1897 _ 1898
1899
1900
_
1901
1902
1903
_
1904__..
1908_
1907-1908.-1909
1910
1911.......
1912......
1913
1914
Roads
115
125
117
107
97
81
71
89
58
67
68
51
50
53
49
49
44
45
Miles.
90,703
97,221
98,375
95,337
97,010
85,554
95,013
86,085
81,192
92,655
93,854
78,614
77,478
87,924
88,198
89,764
90,012
84,518
Miles.
90,139
96,213
92,266
93,004
94,048
83,998
93,013
83,568
79,345
90,469
92,803
77,214
78,232
85,487
88,262
88,193
87,715
83,210
0.82
1.05
6.60
2.51
3.15
1.85
2.15
3.01
2.32
2.41
1.13
1.81
1.83
2.85
2.25
1.79
2.82
1.57
Year
Given.
$
38,558,554
42,217,558
46,170,085
50,104,955
51,573,897
50,238,273
61,930,417
54,682,684
54,139,005
72,708,902
82,467,708
46,515,462
50,036,163
63,572,503
64,144,486
68,820,679
73,194,701
82,286,987
Year
Preceding.
Increase (-I-)
Or
Decrease (-)•
36,251,840
+306,714 0.84
39,635,817 +2,581,741 7.51
40,480,015 +5,690,070 14.05
46,051,607 +4,053,348 8.80
47,975,122 +3,598,775 7.50
48,882,292 +3,355,981 7.18
54,315,982 +7.614,435 14.02
55,193,667
-510,983 0.92
50,961,484 +3,177,541 6.23
64,205,232 +8,503,870 13.24
72,923,683 +9.544,023 13.08
58,800,434 -12,284,972 20.89
45,298,626 +4,737,537 10.45
55,215,679 +8,356,824 15.14
+357,396 0.56
63,787,090
64,667,757 +4,152,922 6.38
68,119,766 +5,074,935 7.44
67,026,123 -4,739,136 7.15
Note -Neither the earnings of the Mexican roads nor the mining operations of
the anthracite coal roads are included n this table.
As far as the separate roads are concerned, the
Canadian Pacific, of course, leads for amount of
increase, but the figures for the Great Northern
Railway are missing this time, and considerable
losses were also sustained by many American
roads. It happens, too, that in a few cases the
present year's decrease follows a decrease in the
previous year. This is particularly true in the case
of the Denver & Rio Grande and International &
Great Northern. There are only three roads in our
statement distinguished for an increase exceeding
$30,000 in amount, namely the Chesapeake & Ohio,
where coal-mining operations must have been conducted on a full scale, the Cincinnati New Orleans
& Texas Pacific and the Yazoo & Mississippi
Valley. In the following we show all changes for
the separate roads for amounts exceeding $30,000,
whether increases or decreases.
PRINCIPAL CHANGES IN GROSS EARNINGS IN JUNE.
Increases.
Decreases.
Chesapeake & Ohio
$60,328 Missouri Pacific
$165,000
CM New Orl& Tex Pac- 39,001 Minn St Paul & 55 M.._
150,239
Yazoo & Mississippi Valley__ 31,556 Illinois Central
116.872
St Louis Southwestern
109,000
Representing 3 roads in
Chicago Great Western
106,780
our compilation
$130,885 Missouri Kansas & Texas_
79,058
Decreases. Denver & Rio Grande_ _ _ _
69,500
Canadian Pacific
$1,626,000 Grand Trunk Pacific
958.923
Canadian Northern
522,900 International & Gt Nor....
53,000
Grand Trunk
504,855 Duluth So Sh & Atlantic..
50,308
Wabash
317,089 Toledo Peoria & Western..
30,426
Louisville & Nashville__ _
256,698
Buffalo Roch & Pitts__. 219,228
Representing 19 roads
Colorado & Southern..
190.389
in our compilation_ __34,806,404
Chicago & Alton
180.139
Total 014111914
1913
Flour.
(bbls.)
Wheat.
(bush.)
Corn.
(bush.)
Oats.
(bush.)
Barley.
(bush.)
67,000
131,000
387,000
323,000
188,000
301,000
36,000
37,000
49,000
76,000
262,000
302,000
368,000
341,000
45,000
56,000
68,000
98,000
155,000
477,000
44,000 1,099,000
77,000 1,448,000
131,000
158,000
Rye.
(bush.)
8,000
4,000
1,000
279,000
482,000
3,000
9,000
10,000
2,000
889,000
950,000
131,000
243.000
22,000
22.000
314,000
425,000
152,000 1,534,000
563,000
682,000
144,000
289,000
3,187,000 1,113,000
577,000
5,989,000
815,000
988,000
983,000 1,989,000
227,000
183,000
869,000 2,722,000
1,517,000 1,572,000
878,000
473,000
1,705,000
2,176,000
270,000 2,490,000 1,110,000
1,386,000 1,912,000
635,000
1,197,000 9,455,000 21,037,000 17,133,000 4,265,000
1,412,000 15,093,000 25,697,000 24,770,000 6,266,000
894,000
713,000
In the South the cotton movement ran somewhat
heavier than last year and some of the Southern
systems make really satisfactory comparisons of
earnings with 1913, the losses on the Southern Ry.
and the Seaboard Air Line being relatively moderate
in amount. At the Southern outports the receipts
for the even month in 1914 were 217,454 bales,
against 131,676 bales in 1913 and 103,214 bales in
May 1912. The shipments overland were 49,534
bales, against 39,517 in 1913 and 45,988 in 1912.
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE AND FROM
JANUARY 1 TO JUNE 30 1914, 1913, AND 1912.
Since Jan. 1
Ports1914.
1912.
1913.
1913.
1914.
1912.
Galveston
bales.. 72,863 32,356 27,030 1,228,673 918,855 1,237,441
Texas City, &c
3,873 5,166 217,969 262,871 328,812
New Orleans
50,103 36,290 27,190 828,560 463,602 779,215
Mobile
12,367 4,599
7,191 129,516
68,853 148,448
Pensacola, &c
5,050
941
54,885
2,709
41,072 178,838
Savannah
31,958 24,194 18,932 422,287 287,724 802,881
Brunswick
1,560
43,929 161,695
67,900
Charleston
1,457
1,494
1,298
49,132 113,813
41,137
Georgetown
589
110
Wilmington
390 2,437 5,328
69,971
47,540 189,861
Norfolk
32,494 17,737 8,372 206,726 159,776 279,791
Newport News,&e
10,935 8,232
97,540
26,521
59,195
Total
217,454 131,678 103,214 3,365,164 2,402,659 4,247,705
To complete our analysis we furnish the following
six-year comparison of the earnings of leading roads
arranged in groups:
EARNINGS OF SOUTHERN GROUP.
1914.
June.
S
426.836
Ala Great Sou_
Ala N 0 & T PN 0 & N E_ a340,393
Ala & Vicks. 0144,869
VIcks Stir&P al24,386
Choi' & Ohlo_e 3,120,825
874,369
Chi NO & T P
Louis & Nash.h 4,411,325
Mobile & Ohio 1,081,867
Seaboard A L. 1,910,976
Southern Ry__ 5,123,130
Yazoo & MIssV
849,906
I/ These figures are for three weeks only.
We have spoken of there having been a contraction
in the Western grain movement. This loss was really
of very considerable magnitude, the reason being
that last season's crops, the remnant of which is
now being marketed, were of meagre extent and that
comparison for June was with unusually large gram
deliveries in the corresponding months of 1913. Of
wheat, the receipts at the Western primary markets
for the four weeks ending June 27 in 1914 were only
9,455,000 bushels, against 15,093,000 bushels in
the corresponding four weeks of 1913; of corn 21,037,000 bushels, against 25,697,000 bushels; of oats
17,133,000 bushels, against 24,770,000 bushels; and
of barley 4,265,000 bushels, against 6,266,000
bushels. Adding rye, the receipts for the five
cereals aggregated only 52,584,000 bushels in the
four weeks this year, against 72,539,000 bushels in
the same period of the preced:ng year. In the following we give the details of the.Western grain movement in our usual form :
Total
1913.
1912.
1911.
1910.
1909.
$
426,794
$
377,985
$
346,246
$
370,951
$
293,382
340,393
144,869
124,388
3,060,497
835,368
4,668,023
1,070,683
1,940,658
5,147,098
818,350
311,240
124,866
106,992
2,911,278
819,897
4,328,984
942,140
1,723,428
4,888,598
748,362
263,211
123,348
102,274
2,694,548
762,541
4,114,497
916,327
1,714,664
4,520,126
730,541
283.159
140,462
119,801
2,515,560
798,921
4,233,808
922,624
1,594,873
4,525,554
726,336
235,856
107,488
103,082
2,417,593
673,669
3,527,707
769,941
1,374,922
4,052,586
663,410
18,385,882 18,577,119 17,281,750 18,288,621 16,231,649 14,219,818
a Month this year not yet reported; taken same as last year.
Includes the Louisville & Atlantic and the Frankfort & Cincinnati.
C Includes Chesapeake & Ohio of Indiana beginning
July 1 1910.
EARNINGS OF SOUTHWESTERN GROUP.
June.
1914.
1913,
1912.
1911.
1910.
1909.
Colo & South_
Deny & Rio Or
Int & Grt Nor.
Mo K & Tex_a
Missouri Pay_
St Louis So W _
Texas & Pacific
$
914,566
1,781,100
651,000
2,272,530
4,559,000
851,000
1,218,558
$
1,104,955
1,850,600
704,000
2,351,588
4,724,000
980,000
1,203,613
$
938,959
1,928,103
732,950
2,097,923
4,320,129
949,187
1,097,906
$
1,080,359
1,897,633
651,976
2,186,168
4,124,780
847,062
1,072,711
$
1,353,238
2,002,786
643,427
1,966,151
4,224,012
868,915
1,160,282
$
1,139,266
1,880,767
568,882
1,890,871
3,756,532
785,510
996,655
Total
12,247,754 12,898,756 12,085,157 11,840,679 12,216,811 11,016,283
a Includes Texas Centre in 1914,
1013, 1912, 1911 and 1910 and Wichita Falls
line from Nov. 1 1912.
EARNINGS OF MIDDLE AND MIDDLE WESTERN GROUP.
June.
I
I
RECEIPTS AT WESTERN PRIMARY MARKETS.
Flour.
Wheat.
Corn.
Four weeks
Oats.
Barley.
Rye.
(bush.)
(bush.)
end. June 27. (Ibis.)
(bush.)
(bush.)
(bush.)
Chicago507,000 2,001,000 9,253,000 8,436,000 1,486,000 175,000
1914
705,000 2,093,000 15,872,000 15,927,000 2,250,000 118,000
1913
Milwaukee324,000 1,691,000 2,108,000
263,000
1914
99,000
995,000
408,000
131,000
828,000 1,451,000 1,051,000
88,000
1913
Si. Louis215,000
871.003 1,551,000 1,857,000
91,000
1911
13,000 I
42,000
12,000
235,000 1.142.000 2,234,000 1,693,000
1913
Four weeks
end. June 27.
Toledo1914
1913
Detroit1913
1913
Cleveland1914
1913
Peoria1914
1913
Duluth1914
1913
Minneapolis1914
1913
Kansas City1914
1913
Omaha1914
1913
89
I
Buff Roch & P.
Chic & Alton_ _,
Chic Ind & Lou
Grand Trunk.
Grd Trk W
DetGH&M
Canada All)
Illinois Cente
Tol Peo & Wes
Toi StL & Wes
Wabash
Total
1914.
1913.
1912.
1911.
1910.
S
S
S
S
S
872,075 1,091,303
904,938
762.152
833.817
1.083,498 1,263,637 1,144,804 1.287,023 1,098,816
567,327
562,638
527,493
535,987
522,151
1909.
$
722,423
932,864
472,239
4,543,686 5,048,541 4,653,475 4,437,438 3,965,062 3,508.056
5,233,343 5,350,215 5,263,768 4,901,492 64,646,852 4,518,688
100,783
85,189
131,209
111,224
96,149
107,055
363,185
294,195
369,978
306,306
317,765
293,967
2,281,40 2,598,497 2,401,377 2,502,647 2,457,343 2,301,436
15,045,305 16,418,016 15,305,371 14,847,234 13,931,496 12,833,090
6 No longer includes receipts for hire of equipment, rentals and other items.
c Includes earnings of Indianapolis Southern beginning with July 1910.
THE CHRONICLE
90
[VOL. xcix.
told the President that they favored the Trade Commission
Bill, but suggested certain modifications, which, they con1913.
1014.
June.
tended, would make it a strengthening agency, helpful to all
5
$
$
$
$
$
business." They advocated a Trade Commission with
6.550,153
8,807,817
Canadian Pao_ 9,561,000 11,187,000 11,311,397 9,479,650
881,893 broad powers of investigation and with authority to order
ChicGr West.. 1,118,063 1,224,843 1,082,139 1,037,937 1,003,040
269,483
302,980
295,698
297,199
345,412
295,104
Dul So Sh & At
Great North'n. 16,797,700 6,797,700 5,830,534 5,537,324 6 039,486 4,753,751 the discontinuance of practices contrary to law. They
352,093
659,034 5430,525
701,842
770,024
788,087
Minn & St L.
243,816 also supported a provision to make illegal certain unfair
1266,435
Iowa Centf
M St P & SSM 2,192,416 2,342,655 2,119,725 1,813,013 1,926,870 1,636,201 business practices. Speaking on the labor-exemption
20.732.370 22.667.634 21.342.836 18.822.656 18.777.163 14.687.390 clause of the Clayton bill, the President told the busiTntal
ness men it was intended to legalize the existence and
•Includes Mason City & Fort Dodge and the Wisconsin Minnesota de Pacific.
b Month not yet reported; taken same as last year.
operation of labor unions and similar organizations as such.
We now add our detailed statement for till month The Chicago men are said to have indicated that they would
of such a provision if nothing else were provided.
of June comprising all the roads from which it has approve
favored a railroad securities bill, but opposed
delegation
The
been possible to procure returns for that period up a feature of the Newlands Trade Commission Bill which
to the present time.
would make all corporations render annual reports to the
GROSS EARNINGS AND MILEAGE IN JUNE.
Commission. They thought such reports should be made
only when particularly desired by the Commission. The
Mileage.
Gross Earnings.
President appears to have been particularly impressed by
Name of Road.
Inc. (-I-) or
Dec. (-). 1914. 1913. the delegation's contention that the provisions in the Clayton
1913.
1914.
Bill, attempting to specify what is "fair" and what is "un3
$
$
+42
426,794
309
309 fair" competition should be stricken out, and that power be
426.836
Alabama Great South
y124.802
-8,030
291
291
y116,772
Ann Arbor
-219.228
581
573 given to the proposed Inter-State Trade Commission with
872,075 1,091.303
Buffalo Roch & Pitts_
-522,900 4,670 4,297
1.655.300 2,178,200
Canadian Northern
in individual cases what is
9,561.000 11.187,000 -1,626,000 12,039 11,665 limitations, to determine
Canadian Pacific_ _
+60,328 2,346 2.324
3,120.825 3,060.497
to this end are said to be
Chesapeake & Ohio._
changes
and
"unfair,"
and
"fair"
-180.139 1,032 1,026
1,083.498 1,263,637
Chicago & Alton
-106,780 1.496 1,496 imminent. On Thursday consideration of the Trade Com1,118.063 1,224.843
Chicago Great West
562,638
616
+4.689
567,327
616
Chicago Ind & Louisv
anti835,368
336
874,369
+39,001
336 mission Bill, the initial measure of the Administration
Cinc New Or!& T P
914,566 1,104,955
-190,389 1,867 1,809
Colorado & Southern_
until
adjourned
Senate
the
and
halted
was
program,
-69,500 2.585 2.560 trust
Denver & Rio Grande 1,781,100 1,850,600
937
937
-12,001
513.000
501.000
trust legislation in
Western Pacific_ _ _ _
the
of
perfection
the
allow
to
Monday
+ 21,089
109.967
131,056
214
214
Denver & Salt Lake
97.902
94.360
-2,542
411
411 committee. Majority Leader Kern announced that the
Detroit & Mackinac
345.412
295,104
-50,308
627
625
Duluth So Sh & Atl
before
194,426
190,623
-3,803
Georgia Sou & Fla_ _ _
395
395 entire program of the Administration would be laid
Grand Trunk of Can
ComJudiciary
the
Meanwhile
on
Monday.
Senate
the
4,543,686 5.018,541
-504,855 4.549 4.518
Grand Trunk West
Det Gr Hay & Mil
endeavor to complete its work on the Clayton
will
mittee
Canada Atlantic_ _
p357,230
y298,307
-58,923 1.104 1.104 Bill amending the Anti-Trust law, and the Inter-State
Grand Trunk Pacific_
5,233,313 5,350.215
-116.872 4.763 4.763
Illinois Central
will prepare its report on the bill
704.000
651,000
North_
Gt
-53,000 1,160 1,160 Commerce Committee
&
Internat
4,411,325 4,668,023
Louisville & Nashv
-256,698 4,941 4,919 authorizing the Inter-State Commerce Commission to regu9,803
8,482
+1,321
105
105
Macon & Birmingham
124,368
117,491
Midland Valley
373
373 late issues of railroad securities.
-6.877
67,252
77,251
+9,999
124
127
Mineral Range
Following the conference of the Chicago delegation with
770,024
-1,937 1.585 1,585
768,087
Minneap & St Louis_l
Iowa Central
on Wednesday, the following brief statement
2,192,416 2.342,655
Minn St Paul St S S M
-160,239 3,967 3,772 the President
-79.058 3,865 3,817 was issued from the White House.
Missouri Kan & Tex a 2,272,530 2,351,588
EARNINGS OF NORTHWESTERN AND NORTH PACIFIC GROUP.
1912.
Missouri Pacific
Mobile & Ohio
Nevada-Cal-Oregon _ _
Rio Grande Southern_
St Louis Southwest'n_
Seaboard Air Line_
Southern Railway_ _ _ _
Tenn Ala & Georgia-Texas & Pacific
Toledo Peoria & West
Toledo St L & West
Wabash
Yazoo & Miss Valley.
4,559.000
1,061.867
36,185
45,472
851,000
1,910,976
5,123,130
6,404
1,218,558
100,783
363,185
2,281,408
849,906
1911.
4,724,000
1,070,683
34,357
53,699
960,000
1.940.658
5,147.098
10,261
1,203,613
131,209
369,976
2,598,497
818,350
1910.
-165.000
-8,816
+1,828
-8,227
-109,000
-29.682
-23.968
-3.857
+14,945
-30,426
-6,791
-317.089
+31.556
1909.
7.283
1,122
237
180
1,753
3.081
7,010
94
1,885
248
451
2,514
1,372
7.236
1,114
237
180
1,715
3,070
7,037
94
1,885
248
451
2,514
1,372
Total (45 reads)
62,286,987 67,026,123 -4,739,13684,518 83,210
Net decrease (7.157o)
Mexican roads (not in cl. in total)Interocenaic of Mem
-580.717 1,031 1,031
853,017
272,300
395
361
Mexican Railway_ _ _ -296,700
2377,400
y574,100
Nat Rys of Mexico z
1.5:13.055 2 no; 218 -1 883 182 8 138 6.12P
The President expressed his pleasure at having been consulted by the
group of gentlemen who represented the Chicago Association of Commerce
and said that he felt that the conference had been mutually instructive
and helpful.
On behalf of the Association, one of the delegates, Joseph
H. Defrees, issued the following statement:
"The President, as we knew would be the case, gave us a considerate and
open-minded hearing. We. in turn, were desirous of giving him and the
Administration, including Congress, such suggestions with regard to pending legislation as we thought might be helpful, not only to the lawmakers,
but to business generally. In general we favored a trade commission, but
suggested certain points which, if agreed to, would make it a constructive
policy, helpful to all honest business. We also discussed business conditions."
In our issue of June 20 we indicated the attitude of the
Association toward the pending legislation. At the hearing
accorded its representatives this week, the views of the
Association were set out as follows in a brief submitted to the
BUSINESS CONDITIONS AND TRADE AND TRUST President:
LEGISLATION.
be retained and not changed. It should be
The Sherman law should
strong, business-like commission which should act on
Following his conference with J. P. Morgan on Thursday, administered by a upon
request of the President, the Department of
the
own initiative,
July 2,President Wilson gave a second hearing to business in- Its
individuals.
Justice or upon complaint of aggrieved
terests on Wednesday of this week, when he received a An extensive system of definitions is not practicable. Each case should
own circumstances. Tho criterion is not as to whether
delegation representing the Chicago Association of Com- depend upon its some
extent reduced, but as to whether the practice is fair
is to
merce. On the succeeding day, in addition to conferring competition
not against the public interest.
and
or reasonable
with Henry Ford, of the Ford Automobile Co., Detroit, the
The commission should have broad powers of investigation and power
and order the discontinuance of those practices forbidden by
President also met a committee of bankers from Illinois and to determinesuch
investigations should precede action in the courts by the
law and
a delegation representing the National Association of Super- the
Attorney-General.
should have jurisdiction over individuals as well as
commission
visors of State Banks, which closed its convention in Atlantic
The
The commission should have power to award damages as
City on Wednesday, and to whose proceedings we refer on corporations.
reparation to injured parties. Inasmuch as the commission would have
pages 94 to 95. These conferences, coupled with the power to Investigate and forbid when unlawful any business practice of
system of annual reports would be a
Wednesday
that
"it
of
be
would
parremarks
President's
any one, an extensive and expensive
ticularly unfair to the Democratic Party and to the Senate burden and unnecessary.
The form of bill suggested by our Association as an expression of its
itself to regard it as the enemy of business, big and little" principles
and creating such a commission follows as far as practicable the
to
the
nominees
his
Federal Reserve Inter-State Commerce Act and furnishes merely machinery for the adminis(made with respect to
Act.
Board), have been accepted as indicating an apparent dis- tration of the Sherman Clayton
to the
anti-trust bill, the Association
regard
With
finally
to
the
give
President
of
part
some
the
position on
2,
section
that
forbidding
discrimination in price
maintained
little heed to the counselings of those vitally interested in
purchasers, necessarily would make fixed
the pending trust legislation. Further evidence of this was between different
destroy, rather than aid, competition. It held
had in the action of the President in arranging a conference prices and
mines and other
of
on Thursday between J. Harry Covington, author of the that section 3,forbidding refusal owners of
by the Sheris
firm,
covered
responsible
well
any
to
sell
Bill,
and
to
the
Commission
Trade
Chicago
ate
House Inter-St
public beneto
such
contrary
were
where
practices
law,
man
delegation so that it might lay before Mr. Covington sugdisposition of merchandise
gestions outlined to the President with regard to amending fit; that section 4, forbidding the
condition that the purchasers shall not use or deal in merthe pending legislation. The delegation representing the Chi- on
of a competitor, can be readily reached by the Sherchandise
cago Association of Commerce,in its interview with the Presiand that, if applied literally,it would "reduce the
law,
man
.
anti-trust
pi
in
Administration
ogram
the
dent, supported
capitalize good-will in American trade names:"
to
incentive
The
delegation
some particulars and opposed it in others.
a Includes Texas Central in both years.
x Now includes Mexican International in both years.
y These figures are for three weeks only.
JULY 11 1914.1
THE CHRONICLE
that section 6, providing that the decree in any suit shall
be conclusive as against all defendants in any other action
brought, ought to be amended so as to make such decree
prima facie evidence only; and that section 7, exempting
certain associations, seems to be class discrimination,
and should not be favored. Besides Mr. Defrees, the
delegation consisted of John V. Farwell of J. V. Farwell
& Co.; J. M. Barnes of Marshall. Field & Co.; J. T. Pine
of Carson, Pine, Scott & Co.; L. A. Goddard, President
of the State Bank of Chicago; Thomas Creigh of the Cudahy
Packing Co.; Cornelius Lynde Jr. of Cassidy, Butler, Lamb
& Foster; A. W. Shaw of "The System Magazine"; Ezra
Warner of Sprague, Warner & Co., and W. E. Clow of
James B. Clow & Sons.
That business has suffered as a result of the pressure
brought to bear by Congress is the conclusion arrived at
by the Union National Bank of Louisville, Ky., as a result
of its inquiries into business conditions. We take from the
July "Trade Letter" of the bank the following report, in
part, of its investigation:
It is our custom each year to compile local trade information, but, in
view of the present widespread discussion as to whether or not there are
real or merely fancied grounds for apprehension as to continued trade recession, we have felt it timely to take a semi-annual pulse-feeling, and we
are presenting herewith a compilation of 109 replies to letters sent out to
Louisville jobbers and manufacturers selected from 60 branches of trade
and in some lines,like whiskey, corduroy clothing,agricultural implements
and tobacco, covering a wide territory.
The answers received compared with the compilation madelast December for the year 1913, indicate a material falling off in business, which was
our forecast at that time. At the same time,the situation is not altogether
bad, and some superficially unfavorable reports, on closer examination,
exhibit elements of great strength—for intsance, the present heart-rending
policy of hand-to-mouth buying, causing mills to curtail production and
creating idle workmen, has reduced stocks in many lines to a minimum,
and in none of the replies received have we had an expression of an overproduced condition—a most healthy underlying situation.
It must be borne in mind that these answers come from independent jobbers and manufacturers, and, while a few are of large capitalization, the
most of them are of only moderate size. Hence, these replies cannot be
said to represent a biased opinion, such as is charged against that emanatng from largo corporations or combinations of capital. They are also from
a section whose natural inclination would be to support the party now in
power, and must be taken as representing actual conditions in this territory. Certainly, they do not come from men who, with granaries wellstocked, can invite a famine to "point a moral or adorn a tale"—or rebuke
an Administration.
The questions and boiled-down answers follow:
Question 1—How will your volume of sales for the six months ending
June 30 compare with the same six months of 1913?
38 answered that their sales showed an increase: 29 said that they were
breaking even, while 40 reported a decrease. Many of the increases reported were inconsequential with a decided addition to expenses, indicating
reduced profits.
Question 2—How will your volume of sales for this six months compare
with your ten-year average?
46 reported an increase; 21 an even break, and 23 a decrease.
Question 3-110w are collections?
40 stated that they were good and satisfactory: 37 only fair, and 27 poor.
Question 4—Are future orders satisfactory?
33 answered "Yes": 10, "Only fairly so." while 43 answered "No."
Question 5—Are you running full time?
41 manufacturers answered "Yes": 35 "No." In December 61 manufacturers answered "Yes" and 11 "No."
Question 6—Are you apprehensive about any continued serious recession
1, business?
46 answered "Yes": 47 "No"—thus every other man is in some state
o uncertainty.
Question 9—What do you think is the most serious menace to our general prosperity?
We would appear to be filing a brief against our law-makers if we were
to publish in detail the answers to this question. In 91 replies the recession
in business and the apprehension as to the future, now existing, are laid
solely to the Congress of the United States and the quantity of legislation
already enacted and that which is now being advocated.
Outside of a
few references to automobiles, national extravagance and labor
unions.
all unite in making Congress the goat.
91
One of our subscribers sends us copy of a letter which
we print herewith, addressed last month by a manufacturing
concern in Massachusetts to the President at Washington.
In this letter the writer insists that the depression in trade,
about which so much complaint is heard, is real, not "psychological," and he testifies to the truth of the statement by
citing the results of his own experience. He also gives his
ideas of the causes of the depression and urges that the
President allow Congress to adjourn. The letter is as follows:
Athol, Mass., June 19 1914.
Woodrow Wilson, President,
White House, Washington, D. C.
Mr. President:—
The newspapers report you as saying that the present business condition is a psychological depression.
We do not know whether the intended meaning of this expression is
that the depressian is merely a state of mind and has no actual existence,
or that there is an actual depression which is due to a state of mind.
If the expression is intended to mean that there is no actual depression,
but that certain people are trying to create the impression that such a
stateof affairs exists for political or other ulterior purposes, we beg to assure
you that your information is entirely wrong. The business depression is
very real.
The business of this company has been poor for a year and has been
steadily growing worse. Our business in the past month, May, was 25%
less than it was in May 1913, and this notwithstanding the fact that we
have made extra effort to get business in various ways, one of which is by
increasing our advertising 43% over that done in the corresponding month
of last year,
Our business is in every way a very good barometer or gauge of actual
business conditions throughout the country. We make tools which are
bought and used by machinists, carpenters and other workmen. When
business is good in the manufacturing and building trades, our sales are
good; when business is poor in these industries, and workmen are laid off
or put on short time, or in fear of being laid off or put on short time, our
sales decrease. We sell to the retail trade all over the country and have
salesmen covering the whole country. These salesmen are unanimous in
reporting lack of business in their territories and their orders substantiate
these reports. We receive about the same number of orders as usual but
the orders are very small. Dealers are buying only from hand to mouth;
they will not order goods in quantities.
If the expression referred to is intended to mean that the business depression now prevailing is due to a state of mind, we agree with you in
part. We believe that a large part of the business depression is due to
the recently-enacted tariff law, which we have no doubt is responsible for
a large part of the closed shops, short-time schedules and poor business
generally which the country has suffered for months, and that this tariff
law promotes the welfare of workmen in foreign countries at the expense
of the workmen of the United States.
Aside from this, we believe that the present business depression is due
in a large measure to a state of mind, but something occasions that state
of mind. Business in general is not playing politics, or crying calamity for
political purposes. We do not know anything about so-called "Big Business": we are not in any trust or combination and have no connection with
any. We have a little plant of our own, employing 750 people, and we
attend strictly to the business of making and selling tools. There are
thousands of other factories throughout the country which have no connection whatever with so-called "Big Business," who feel, as we do. the disastrous result of the new tariff law and the psychological condition, if that
is what you prefer to call it.
We believe that this state of mind which causes business to be over-cautious at present is wholly due to the fear of what may be done at Washington. We formerly and for many years had a good business in the Philippine Islands. A gentleman in the hardware trade in Manila was in our
office recently and stated to us that the policy of the present Administration in turning out Americans from positions of responsibility there and replacing them with Filipinos had almost entirely killed business in those
islands. He said that in the preceding eight months more had been done
to kill business there than could possibly be remedied in three years, if
conditions could at once be brought back to their former status.
We believe that it is the duty of the present Congress to adjourn at the
earliest possible moment, and allow business to have a little rest from the
fear of disturbing legislation.
We believe that it is your patriotic duty to interpose no obstacle to the
Immediate adjournment of Congress, but rather favor such adjournment.
We read in the papers that members of Congress have been flooded with
letters and telegrams urging them to adjourn, and that this movement has
been ascribed to the improper motives of "Big Business" interests.
We have written to each member of Congress and each Senator from
Massachusetts asking for an early adjournment of Congress. We assure
you, however, that our action in this matter was not due to any advice
from any publication, association or anybody else. We are members of
the National Association of Manufacturers, but have received no communication from that association whatever asking us to write to members of
Congress on the subject. Those letters and this one to you are written
solely on our own responsibility and on our own initiative. We believe
that it is a duty we owe to our workmen, their families, as well as to our
stockholders and their families, to protest against further disturbing legislation on the part of Congress and to urge Congress to immediately adjourn
the session which has kept the country on the rack for the past year and a
half, and give business a chance to get busy.
The writer is not a politician—never was one—never ran for office, and
does not want any. What he wants is to see the wheels go 'round.
In an address delivered on Independence Day at Charlottesville, Va., before the Summer School of the University
of Virginia, Secretary of the Navy Josephus Daniels declared
that the enactment of the new tariff law, the currency bill
and the new anti-trust laws which will soon be on the books
were the three declarations of independence absolutely
necessary in this decade to unfetter American business life
and to make possible an era of unprecedented prosperity.
"When Congress," he said, "began writing is declaratic n of
independence against unjust tariff taxation of the many for THE CONTROVERSIES REGARDING THE FEDERAL
the benefit of the- favored few, and its declaration against
RESERVE APPOINTMENTS AND DISTRICTS.
the 'money trusts' there was a lion in the path. That lion
On Thursday the Senate Committee on Banking and Curwas a pernicious and invisible lobby. Before any reforms rency, by a vote of 7 to 4, decided to report unfavorably the
could be accomplished,before any pledges could be kept, the nomination of Thomas D. Jones of Chicago as a member of
lobby had to be uncovered and destroyed. Woodrow Wil- the Federal Reserve Board. At the same time it unanison has done nothing that will free legislative bodies from the mously voted to postpone action on the nomination of Paul
miasma that affects them equal to his victory over the lobby M. Warburg of New York until the latter consents to appear
won in the first days of his Administration. That fight not before the Committee and submits to examination. The
only destroyed the evil of the lobby, but ended the ability nominations of the three other members of the Board, whose
of selfish interests to prevent the enactment of other declara- names were submitted to the Senate by President Wilson on
tions of independence."
I June 15, were confirmed by the Senate on the 6th. They are:
92
THE CHRONICLE
Charles S. Hamlin of Boston. appointed for a term of two years.
W. P. G. Harding of Birmingham, Ala., appointed for a term of eight
years.
A. C. Miller of San Francisco, appointed for a term of ten years.
XCIY.
to its questionings. The announcement of Mr. Warburg's
withdrawal on Tuesday occasioned genuine regret among
those familiar with his capabilities. Many of his friends, in
deploring his declination to serve on the Board, have endorsed his action in refusing to submit to the Committee's
questionings. One banker, in expressing the feeling prevailing in the matter, is quoted as saying:
Mr. Jones was named for a term of six years and Mr.
Warburg for a term of four years. In advices to Acting
Chairman Hitchcock of the Senate Banking and Currency
Committee, under date of the 7th, Mr. Warburg made
Mr. Warburg did not seek the office. He was solicited to accept It and
known his decision to withdraw as a candidate.
in accepting, he was obliged to make a great personal sacrifice. He would
Both Messrs. Warburg and Jones were called upon for make that sacrifice as a patriotic duty and devote himself solely to the
personal conferences by the Committee, and this action has success of a banking experiment. But he would not submit to impertinent
into his private affairs by a lot of politicians. He would sacribeen as annoying to the President as to Mr. Warburg. Mr. Inquisition
fice his private business interests; he would not sacrifice his self-respect.
Warburg's knowledge of internationallbanking subjects makes
H. P. Davison of J. P. Morgan & Co., in commenting on
him especially fitted for a place on the Board, and the PresiWednesday
on the action of Mr. Warburg, said:
qualifications
unusual
for
the
mind
his
task
when
dent had in
"I can't believe that the Senate Committee appreciated the seriousness
he asked him to serve as a member. The President has de-.. of its action. If it had I think it would have acted differently. I am not
dined to accept Mr. Warburg's withdrawal, and on Wednes- criticising the Committee, for I feel that it acted in good faith In the
day took occasion to issue a statement apparently meant at matter."
Mr. Davison was asked if he could suggest any New
once to be reassuring to "big business" and to indicate the
untenable position heldlby those who have sought to block the Yorker who would be acceptable to the Banking Committee
and replied:
appointments. In this statement he said:
so well equipped as
Mr. Warburg, especially as he
"I can think of no one
It would be particularly unfair to the Democratic Party and to the Senate
thorough knowledge of the international banking situation. Moreitself to regard it as the enemy of business, big or little. I am sure that it has a
comply
acquaintance
could
with the requirements of the
one
of
my
no
does not regard a man as an object of suspicion merely because he has been over,
banker of the requisite ability and experience must,
connected with great business enterprises. It knows that the business of Committee. Any
perforce, be tainted, if Mr. Warburg and Mr. Jones are tainted.
the country has been chiefly promoted in recent years by enterprises or"Mr. Warburg did exactly what I or any other man would do who
ganized on a great scale, and that the vast majority of the men connected
maintain his self-respect. I regret the incident exceedingly.
with what we have come to call big business are honest, incorruptible and desires to
We
all relied on Mr. Warburg as the one man of the Board able to impart
patriotic. The country may be certain that it is clear to members of the
in the workings of the new system. I sincerely
Senate, as it is clear to all thoughtful men, that those who have tried to some banking principles
found for the Committee to reconsider its
make big business what it ought to be are the men to be encouraged and hope that some way may be
country. It is a matter of interhonored whenever they respond without reserve to the call of public service. action and repair a grave injury to the
national
as
well
as
national
moment."
I predict with the greatest confidence that nothing done by the DemoThe Merchants' Association of New York appealed to
cratic majority of the Senate of the United States will be of a sort to throw
suspicion upon such men. Mr. Jones and Mr. Warburg, in manifesting Mr. Warburg on Wednesday to reconsider his determination
their willingness to make personal sacrifices and put their great experience
withdraw as a nominee to the Federal Reserve Board;
and ability at the service of the Government, without thought of personal to
advantage, in the organization of a great reform which promises to be so the Sixth Federal Reserve District (headquarters Atlanta)
serviceable to the nation, are setting an example of patriotism and of at a meeting in Monthomery on the 8th adopted resolutions
public spirit which the whole country admires. It is the obvious business
directing that a telegraphic message be sent to Mr. Warburg
of statesmanship at this turning point in our development to recognize
ability and character wherever it has been displayed and unite every force urging him to accept a place on the Board.
for the upbuilding of legitimate business along the new lines which are now
clearly indicated for the future.
The Committee's report on Mr. Jones will be submitted by
Mr. Warburg's decision to withdraw as a nominee was
Acting Chairman Hitchcock early next week, and the debate
conveyed to Senator Hitchcock in the following telegram:
over his confirmation will be resumed on the floor of the SenNew York, July 7 1914.
The lion. G. M. Hitchcock, Acting Chairman Committee on Banking and ate in executive session. Opposition to Mr. Jones is based
Currency, United States Senate, Washington, D. C.
upon the fact that he is a director of the International HarI acknowledge receipt of your telegram of yesterday inviting me to
Co., now being sued by the Government as a combinaappear before your committee. I cannot comply with this request because, vester
feeling that the action of the committee last Thursday in withholding tion in restraint of trade and illegal under the Sherman Antiaction regarding my name while favorably reporting the names of three, Trust Act. Senators Lee of Maryland, Hollis, Pomerene
of the nominees, created a situation which might impair my usefulness
Shafroth, all Democrats, voted to make a favorable reas a member of the Federal Reserve Board,I wrote:the President on Fri- and
port on this nomination, while Senators Hitchcock and Read,
day respectfully requesting the withdrawal of my nomination.
Furthermore, while I should have been glad to appear before your com- Democtats, and Bristow, Nelson, Crawford, Weeks and Mcmittee if it had deemed conference with all of the nominees necessary to
Republicans, voted for an unfavorable report. On
guide its action, I feel that I should not do so after one other nominee and Lean,
myself had been singled out for examination, inasmuch as my willingness Monday last Mr. Jones was called upon to appear before the
to serve upon the Federal Reserve Board was based upon the hope that Senate Banking and Currency Committee to explain his conthe Senate would appreciate my motives in accepting the office and would
At the conunreservedly extend to me that full support and confidence which should nection with the International Harvester Co.
be enjoyed by all members of the board it it is to effectively fulfil its mission. clusion of the hearing, Senator Hitchcock, Acting ChairPAUL M.WARBURG.
man of the Committee,gave out the following statement:
"Mr. Jones was interrogated especially with reference to his connection
On behalf of his Committee Senator Hitchcock gave out
with two business enterprises, the International Harvester Co. and a zinc
a statement on Wednesday in which he sought to show that company
which he and his brother operate. The Harvester Co. is now
there had been no discrimination against any of the candi- being prosecuted by the Federal Government on the charge that it is a
in violation of the law.
dates, but that all had been approached in the matter and trust operatingsaid
he was a director of the International Harvester Co.,
"Mr. Jones
had supplied the Committee with all the information desired. was
elected in April 1909. but only owned one share of stock, which was
purchased to qualify him as a director. He only became a director to
We print Senator Hitchcock's statement below :
I regret Mr. Warburg's refusal to appear before the Committee on Bank- oblige Cyrus McCormick. who is a life-long friend of his. He fully approved
ing and Currency in response to its invitation. The Committee was unani- all acts of the company since he became a director in 1909, believing them
mously of the opinion that it was desirable to meet with Mr. Warburg proper and within the law. He said he was in full accord with the policy
for the purpose of getting further information about him. Under the Con- of the company. There has been no difference of opinion among the
stitution and law the Senate shares with the President the responsibility directors. He has received no compensation except a nominal amount for
of this appointment, and after the President has satisfied himself, the Sen- attending directors' meetings. When he was elected he received the votes
ate is entitled to be fully informed and the Committee is the proper means of the voting trust, composed of Mr. Perkins of the Morgan firm, Mr.
McCormick and Mr. Deering. Since that time the voting trust has expired
os securing the information.
Some criticism has been made because the Committee did not invite and been dissolved. He said he had nothing to lose or gain by any decree
others nominated for membership in the Board by the President to come of the Court against the Harvester Co.
before it. This, however, is not true. Before reporting to confirm John
On the second matter he testified that prior to 1897 he was President
Skelton Williams as Comptroller of the Currency and ex-officio member of of a zinc company at Mineral Point, Wis., which he and his brother had
the Board, it invited him to meet with the Committee. He did so and taken in liquidation of a debt. It was capitalized at $400,000. In that
answered all questions fully and frankly.
year his company sold its property to the New Jersey Zinc Co.. a holding
It invited Mr. Jones of Chicago. He responded promptly and answered company, which had been capitalized at $4,000,000, but the capital of
all questions fully and frankly. It secured a written statement from Mr which was now increased to 810,000,000. The price received by Mr.
Harding of Alabama, which was deemed ample and satisfactory. It had Jones's company was $900,000, which was put in the stock of the New Jersey
equally complete information concerning Mr. Miller, Assistant to the Sec- company. The holding company also took in other companies and now
retary of the Interior. and Mr. Hamlin,Assistant Secretary of the Treasury. produces, with its subsidiaries, 3% of the sulphuric acid of the country'.
Both of these men have been in public life and were known to members 20% of the spelter and 85% of the oxide of zinc.
"Before the consolidation the properties were not very profitable for
of the Committee, yet they were invited to and did supply the Committee
with all information desired, some of it being called for over the telephone various reasons. Since the consolidation they have been highly profitable,
one reason being that they are able to combine holdings of the various
while the Committee was in session.
Mr. Warburg, therefore, has not been discriminated against in any way properties. and another being Improved methods. On the $10,000,000
In being asked to meet with the Committee and give it information. The capitalization the dividends last year were $5,000,00,000 and the year
Committee desired to act intelligently and felt that its duties were not before that $4,000,000. Mr. Jones explained, however, that the company
is using up.its capital, as its property consists largely of its mines."
merely perfunctory.
In view of the President's urging that his name stand,
A public national celebration of the inauguration of the
Mr. Warburg agreed to let his nomination go before the
Senate on condition that he would not be required to undergo Federal Reserve System is scheduled to take place in Chicago
cross-examination. As the matter now stands, the Commit- on September 1 to 4. Representatives of the Illinois
tee refuses to act on the nomination until he agrees to submit Bankers' Association this week invited as their guests at
JULY 11,1914.1
THE CHRONICLE
93
.•
We- -gathering President Wilson, Secretary of the Treasury
McAdoo and the members of the Federal Reserve Board.
A statement issued on behalf of the committee on Thursday
says:
and tile power of the National Government, and if it is a State institution.
It will give the added protection that State laws afford both as to restrictions in investments, supervision and examinations in addition to those
prescribed by the National Government. Therefore, they will prefer to
deposit in member banks which they consider so well protected to remaining
as depositors in banks which do not appear to be as well safeguarded •
The Illinois Bankers' Association, through a committee consisting of William George of Aurora; Andrew Russelof Jacksonville. and R.L.Crampton, The new system must demonstrate its success, however, before its power
Secretary of the Association, extended an invitation to-day to the Presi- of attracting trust companies will be felt from any fear of losing deposits.
The second advantage to trust companies will be the right to re-discount
dent, the Secretary of the Treasury, the Comptroller of the Currency and
the Federal Reserve Board to be present and make the keynote addresses commercial paper and turn it into cash for their own customers.
The third advantage will be that the member banks will have at their
at a public national celebration of the inauguration of the new banking
disposal the facilities of the Federal Reserve Bank for the collection of
system to be held in Chicago September 1 to 4.
The committee emphasized the fact that, in extending the invitation, it checks at par. Possibly the expenses of collecting items will be Pro
among
the member banks. Possibly the regional bank will absorb rata
desired to act merely in the capacity of host, the details of the meetings,
the
the subjects for discussion therein, the speakers, and all other matters to charge. There is also another advantage in that trust companies would
be governed by the wishes of the distinguished guests. President Wilson not need to maintain as large a call loan, as it could rely upon the Federal
received the delegation cordially, evidencing great interest in the sugges- Reserve Bank to keep the equilibrium of fluctuating deposits byre-distion that this would furnish an opportunity for the 108 directors of the counting its paper. A further advantage is the right to receive deposits
twelve reserve banks to meet the members of the Federal Reserve Board. of Postal Savings funds. This is denied to trust companies not joining
the system. The financial benefit of these deposits is small, however, as
who are to be.invited to attend.
Letters from the sixty banks chosen by the organization committee to the United States Government requires the payment of 2%% interest
execute the charters of the reserve banks were submitted which, without and the deposits can only be invested in certain State or municipal bonds
exception, endorsed the suggestion, of a public celebration and an informal yielding about 4% at present.
We next come to the disadvantages to trust companies of entering the
conference of the Reserve Board and the directors of the new reserve banks.
These letters state that the bankers and business men who have been new system. Take the district bank for the New England States, for
nominated as directors are unfamiliar with many of the problems which instance, if, the trust companies do not join:
will be met in the organization and operation of the new system, that they Capital
$10,000,000
desire to co-operate with the Board to the fullest possible extent, and that Deposits
36.000,000
such a gathering of an informal and unofficial character, in advance of the
Total
$46,000,000
organization and operation of the reserve banks,will make possible an
18.000,000
exchange of ideas and an understanding of the functions and purposes of Reserve 50 per cent
these banks which will be of great value to the new directors and the
Loanable funds
628,000.000
country at large. The committee emphasized that the invitation was
These must be loaned in this country or used abroad. If used in this
extended with the fixed intention of promoting the fullest measure of co- country,
they can only be used for loans in anticipation of taxes or municipal
operation and harmony between the Reserve Board, the directors and obligations
without coming in direct competition with the member banks.
officers of the reserve banks and the public.
The next question that naturally presents itself is the disadvantage which
arises from serving two masters. Trust companies would naturally be
to State laws and at the same time must conform to the requireA movement to secure a review by the Reserve Board of subservient
ments of national legislation and the rules and regulations of the Federal
the claims of Pittsburgh for a Federal Reserve bank has been Reserve Board. Responsibility to two authorities sooner or later tends
undertaken during the past week by the Pittsburgh Clearing to result in complications, although up to the present time the tendency of
the State has been to yield its authority and allow the trust companies
House Association and the Pittsburgh Chamber of Commerce. to conform
to the national requirements, as shown by the pass ge in a
It is sought to secure the substitution of Pittsburgh in place number of States of legislation changing the
reserve requirements to conform
with
the
new Act and waiving those of the State provisions.
of Cleveland for the location of the bank in District No. 4,
The third disadvantage is the uncertainty as to exactly how the new
and as soon as the organization of the Federal Reserve Board legislation will work out. This question of uncertainty is to my mind the
is perfected,a petition to this end will be filed with it by the strongest argument against trust companies taking advantage of the new
at the present time before knowing its practical workings.
Pittsburgh interests. This action, it is said, is taken be- Act
There is one other question for trust companies to take into consideration
cause a large number of member banks in Pennsylvania, and that is, that
while it is a small matter for trust companies to Join the
West Virginia and Ohio have made representations to their Association by conforming to certain requirements and purchasing stock,
In case the trust company desires to withdraw
correspondents or reserve banks in Pittsburgh that they and
it may be a simple matter
may not.
prefer to do their business through Pittsburgh and have
I have not discussed one paragraph of the new Act which has caused
stated that they will support an appeal to the Reserve more controversy than probably any other portion of this new legislation,
and that is the second paragraph of Section
Board to revise the action of the Organization Committee.
22. which provides that other
than the usual salary or directors' fees paid to
any officer, director or employee of a member bank,and other
than a reasonable fee paid by such bank,
&c., for services rendered, no officer, director,
Jacob H. Schiff of the banking firm of Kuhn, Loeb & Co., member bank
employee or attorney of a
shall be a
of. or receive directly or indirectly, any
retired this week from the board of the National City fee, commission or other beneficiary
consideration for or in connection with any transBank, as a result of the provision in the Federal Reserve Act action of business of the bank subject to a fine not exceeding 85,000, or
imprisonment not exceeding one year, or both,for violation thereof. While
which prohibits directors of national banks from accepting, there is considerable question at
the present time of the exact interpretadirectly or indirectly, any fee or commission in connection tion of this provision, which has already caused
some of the larger banks
to
lose
the
valuable
services
of
some
of their directors because of the fear
with any transaction or business of the bank.
that they may in some way, perhaps
unconsciously, violate the law and
incur the publicity and criticism of
prosecution therefor. I believe the
theory
of
the
law
is
correct, that a person should not be on both sides of a
This provision, it is understood, is also responsible for the
bargain, and should not improperly sell to the
bank anything which may
withdrawal this week of Arthur E. Newbold, of the firm of be to his advantage
and their disadvantage.
Drexel & Co. of Philadelphia, from the directorate of the
0. Howard Wolfe, Secretary of the Clearing House
Fourth Street National Bank and the Farmers'& Mechanics' Association of
the American Bankers' Association, also had
National Bank of Philadelphia.
something to say at the same meeting on the Federal Reserve
Act. We quote his remarks in part below:
Our bankers have been traders, local credit men, money changers—In
"The Relation of Trust Companies to the Federal Reserve
they have been bankers by trade rather than by profession. The
Act" was discussed by Arthur B. Chapin, Vice-President of short,
result has been that many unsound methods have crept into banking and
the American Trust Company of Boston at a joint meeting have taken so firm a root that the untrained banker looks upon them as a
of the bankers' associations of Maine, New Hampshire and matter of course. Under the new Act, our bankers must, of necessity.
trained in the science of banking, as well as experienced in local
Massachusetts on June 27 at Newcastle, N. H. Referring become
matters of finance. The American banker, whether he be a country or
to the hesitancy on the part of the trust companies to join city banker, to be successful,
must prepare to take his proper place among
the financiers of the nation and of the world.
the new system, Mr. Chapin said:
The very fact that we designate any particular group of bankers as
The policy of trust companies all over the country toward the Federal
Reserve Act is similar to that of the National Government in certain of its "country" bankers indicates the truth of what I am trying to impress upon
you.
The term has come to mean more than a mere classification to dispolicies aptly described as "Watchful Waiting", the purpose being carefully to watch the practical workings of the new Act and find out whether tinguish the bank that is required to keep 15% reserve from t'm bank that
the advantages to them will outweigh the disadvantages. For some time keeps 25%. There is the suggestion of provincialism in the tei.n. Indeed,
the financial institutions of the country have been endeavoring to obtain the very fact that a limit of reserves is required or fixed by law is a refleclegislation which would allow the reserves to be centralized and the banks tion on the banker. Reserves are not so fixed in several of the great banks
to be made liquid.
abroad; in Canada, nor indeed in some of our own banks under State laws;
The majority of the public do not know and bankers do not always con- it is left to the judgment of the scientifically trained banker, on the theory
sider that if all the depositors in the banking institutions should
desire to that the judgment ofsuch a banker can be trusted.
withdraw their deposits at the same time there would be only about
But what do you imagine would have been the effect on the average
onesixth of the necessary amount of actual cash in circulation to pay them
all, country banker's mind if the Federal Reserve Act had specifically abolished
and that it is therefore necessary that this cash must keep circulating in fixed reserves? And yet, I predict we are coming to that. The provision
that gives the Federal Reserve Board the power to suspend the reserve
order to be of use in performing its proper functions. •
Mr. Chapin dwelt in his address upon the advantages and requirements is the first step in that direction. The greatest change that
will be brought about by the bill, I repeat, is that it will set the banker
disadvantages of the Federal Reserve system so far as the into
thinking along other and better lines than he has been thinking.
Banking from now on is not going to be a test of the new bill, nor of the
trust companies are concerned, his remarks on this point
financial wisdom of the Democratic Party, nor of the skill of the Federal
are given in the Boston "Transcript" as follows:
himself. You
Having considered what a trust company must do to become a member Reserve Board. It is going to be a test of the banker
bankers cannot afford not to give the new system your hearty support.
bank, which appears to be reasonable, and to conform to the spirit of the The
Federal
workable bill,and the banker
Act, let us consider what the advantages will be to a trust company Joining must wake Reserve Act is a good scientific,
up to the fact that he must measure up to it. He must change
the association. The first will be sentimental in a way, for if the new his habits
where they need changing; and then, if experience discloses that
system is successful from the start and inspires public confidence, many the Federal
Reserve Act needs alteration, or amendment, as it undoubtedly
depositors in trust companies will reason that member banks have the will in time,
the banker will get a much better deal than if he merely act s
power of thelFederal Reserve bank back of them with all its vast resources as an obstructionist.
94
THE CHRONICLE
LEGISLATION DISCUSSED BYfASSOCIATION OF
SUPERVISORS.
In an address before the National Association of Supervisors of State Banks, in convention at Atlantic City on the
6th inst., Eugene Lamb Richards, New York State Superintendent of Banks, discussed ithe tendency to enact illalvised legislation, and took occasion to commend the results of the labors of those who are responsible for the recent
enactment of the new banking law which has just been put
into effect in New York State. Mr. Richards declared in
his address that:"Never before in our history, in the turmoil
between Socialism and frenziedifinance, has there ever been
a louder call for real men in public life—men who will not
act from expediency but from conviction—unmoved by
passing clamor or personal ambition."
In part his remarks were as follows:
There is a strong feeling in New York that now there are so many pages of
statutes in this country that,if pasted together end to end,they would reach
from Maine to California, and that to enforce them would require a hundred
Attorneys-General, a thousand District attorneys, and a million policemen, at a cost to the taxpayers of about a billion dollars. The small business man has had BO much regulation that nothing can shock him. He has
been tied in so many ways that he is surprised when he can move his little
finger. Some men are even beginning to fear that at the present rate of
legislative progress, owners of buildings must be prepared to paint them
blue, green or yellow, according to what the statutory fiat establishes as
the healthiest color for tenants. Many an employer is so thoroughly resigned that, if an employee in his factory should get blood poisoning from
sharp fingernails, he would expect to pay for compulsory manicuring of all
his employees. In fact, in my State, men feel fairly safe on two points
only—that no immediate attempt will be made to regulate the size of golf
balls or establish a maximum legal height for aeroplane flights.
Feeling as I do, I hope you will let me construe liberally my own subject,
"The New Banking Law of New York."
Our law is sanely progressive, and in each of its articles we find some
careful forward step. Our law now provides that only strong banks with
large capital and surplus shall be depositories of reserves, and that there
shall be a sliding tax on deficiencies in reserves—in both of which provisions we see the handiwork of the conservative. And yet in another section, the progressives have placed an absolute prohibition against New
York City bank officers borrowing from their own banks. So, in the savings bank section. the conservatives have insisted that each savings bank
shall create a guaranty fund from surplus profits, while the progressives
have forced a provision for the pensioning of savings bank employees. So
we find the same admixture in the opportunity for poor people to form credit
unions to relieve them from the exactions of pawnbrokers, balanced by
drastic legislation against the so-called "loan sharks," limiting charges and
insuring both safety and fair treatment. Last of all, and the most important provision in the line of progress, is the section for the organization of
a State land bank, originating with the radicals and progressives, but
modified by the conservative proviso that no Government funds should be
loaned for that purpose. Briefly stated, the State Land Bank is to stand
toward the building and loan associations as the Federal Reserve Bank
stands to the banks of the country. Formed by not less than ten building
and loan associations, having an aggregate capital of not less than five million dollars, it is allowed to issue debenture bonds on mortgages owned and
pledged by the member associations, thus making it a bank of re-discount,
where mortgage loans may be mobilized. By this means, the associations
In the large cities may make their capital available over districts where
there is not much capital; and from the sale of debenture bonds issued on
mortgages hypothecated to the land bank, the general investing publlc
may be brought into the system.
During the last two years there has been much agitation for an agricultural credit system In this country. While New York has not talked much.
It has acted. To-day it is the first State to establish a medium for obtaining long-time agricultural credit—and without using public moneys.
•
•
•
New York can point with pride not only to this progressive step, but also
it
has
century,
a
over
taken
up
after
a work left by the
that,
fact
to the
founders of the Republic. Most men think that our State land bank gets
Its impulse from the Land Bank of Prussia or from the Credit Fonder of
France: but both Prussia and France, as well as the State of New York,
have drawn their inspiration (in fact, the whole theory and scope of their
plan) from two American patriots, whose work In organizing land banks
through New England was checked by the shot which, in 1775,rang around
the world. The institutions of Prussia and France, as well as the Land
Bank of New York, owe their existence to two signers of the Declaration of
Independence—Samuel Adams and John Hancock. The credit union
article is taken from the books of Germany and Italy: and so I could enumerate beyond your patience the widely varying plans brought together by
our Banking Commission to protect the rich and poor, the bond and free,
the wise and ignorant, both from one another and from the results of disaster and dishonesty.
•
•
[VoL. xcix.
Supervisors, asserted that "a relatively few constructive and
democratic reforms intelligently applied would do the work
intended by the mass of unintelligent, largely unconstitutional, statutes from which the whole country is suffering."
We quote from his address the following:
We are, I hope, about to emerge from a psychological depression. Our
successful emergence is dependent on many things, not the least of which is
a decrease in psychological legislation, that is, legislation for popular effect,
as opposed to legislation directed to a real public good. The enterprises
of the country, of your several States, are waiting, and the investment
banker is waiting. The securities which he wishes to distribute to the
investors of the States are the securities sold by the public utilities and
industries of the States. Both the enterprisers and the investors look to
him to purchase competitively at wholesale and sell competititively at
retail, to reach the best market with each security, to get the needed capital
for industry on the best possible terms. That he can do and will do it the
freedom of Inter-State business is maintained. He cannot hope to do it
adequately if that freedom is seriously impaired.
Mr. Reed quoted the famous decision of the United States
Supreme Court in the Yick Wo case, in which Mr. Justice
Matthews said that executive control over private business
is "intolerable in any country where freedom prevails, as being the essence of slavery itself." Mr. Reed continued:
"The question to-day is not what these words mean, but do they mean
anything? Are the ordinary transactions and lawful businesses of the
*
individual to remain free from executive control?" * *
call 'execu"It is a question of paternalism, of what! would distinctively
tive paternalism'." • * *
intelligently
reforms
democratic
and
"A relatively few constructive
unintelligent, largely
applied would do the work intended by the mass of
suffering.
unconstitutional, statutes from which the whole country is
I wish to emphasize the vice of extending control by the executive or by
of the
callings
and
transactions
commissions over the essentially private
individual. There are limits beyond which the Legislature may not go,
either constitutionally or safely, in interfering with the freedom of the
individual. The limits within which it may delegate the power of such
Interference to the discretionary control of the executive are much narrower. The Legislature may not by general law prescribe a rule ofethics
in matters not affecting the essential welfare of the community; the private
character of the adult individual is not, speaking generally, a subject for
legislation. Much less can the Legislature vest in an executive board the
power to administer a general mandate of ethical conduct, to make men
you
'fair, just and equitable' in their personal and business relations; to tell
An American citizen
and tell me what is fair and ethicalin our own business.
me.
not
Do
misunderstand
law.
has but one answer to make to such a
I may safely express a personal belief
For the purpose of this discussion,
by commission. I believe the
in what is sometimes called government
can be better carried on by
proper administrative activities of government
political influence and holdfrom
trained bodies divorced so far as possible
I
believe in municipal govyears.
of
term
considerable
ing office for a
valuernment by commission, in our State railroad commission and in the
by members of this body in the superable work done in the several States
vision of banks. I am not opposed to a Federal commission with power to
direct the enforcement of Federal laws,including the Sherman Act,when the
political short-term Attorney-General fails in his duty. We should have
to compel the enforcement of the laws,
in every State people's supervisors
and / would be glad to see the enforcement of an effective "blue-sky"
officials.
State
responsible
law directed by
"The real issue to-day is not government by commission. It is the preseron the one hand by confining
vation of the efficiency of such government
administrative action, and the preservation of
It to the great objects of
encroachment of
unwarranted
the
against
democracy on the other hand
the essential
executive control over the individual. Democracy consists in
a railroad or a bank
liberty of the indivudal. The privilege of running
of this liberty. It is accepted and
or of being a corporation is not a part
buy and sell
exercised subject to administrative control. But the light to
a part of individual liberty. This
borrow,
is
and
lend
lawful propety. to
abuses. It may not,
liberty may be subjected to general laws to prevent
subjected to the will or discrehowever, be prohibited. and it may not be
ends, where
democracy
ends,
and
It
tion or control of the executive.
attacking democracy when youfavor
personal government begins. You are
a law imposing this personal government on the private transactions of the
when you favor government
individual. You are not attacking democracy
which is not part of the liberty of the
control of a quasi-public business
ndividual. * * *
denies to the investment dealer the right to
The Kansas "blue-sky" law
Commissioner decides that his plan of business is
sell securities if the State
equitable. The simplicity and apparent efficiency of
not fair, just and
contagious. We are apt. I believe inadvertently,
this idea of government is
every new and apparently difficult subject of legislation.
to extend it with
recently added to the Trade Commission bill now
An amendment was
Senate which prohibits unfair competition,
pending in the United States
define it, and empowers the Commission to issue an
without attempting to
it finds to be a violation of the law. This
which
act
any
order prohibiting
courts. The new crime is not unfair compeorder is to be enforced by the
The crime, the only crime, is
tition—that is too vague and uncertain.
disobedience of the executive mandate. The law, the only law, is the
the
law,
statute. Is simply a club to be
so-called
The
executive mandate.
those who come within the broad domain covered by
Never before in our history, in the turmoil between Socialism and fren- wielded at will among
competition." The Federal Court, speaking of the
zied finance, has there been a louder call for real men in public office— the term "unfair
Michigan "blue-sky" law. said:
men who will not act from expediency, but from conviction—unmoved by word "fair" in the
"Broader and vaguer language could not be chosen. It subjects to the
passing clamor or personal ambition.
discretion of the Commission every issue or general
uncontrolled
This has been the era of publicity. Let us make it the era of sincerity. practically
securities hereafter to be made in Michigan."
Let us talk less about uplift and show more efficiency in office. Let us sale of stocks, bonds or
I repeat that I am speaking, not of the administrative control of quasicampaign against public men who preach civic righteousness on Sunday
of executive control over individual transactions and
night and let political advantage corrupt their actions on Monday morning. public businesses,but
"Men, not measures," is the need of the hour. In administering a law, private business. The so-called Stevens amendment of the Trade Comto railroads nor to banks, nor to monopolies as
not
applies
It is the spirit, breadth and fairness of the administrator that makes the mission bill
States.
law a success or failure. So, too, we need not only brave men in office, but such, but to all business corporations buying and selling between the
law, it applies not to quasi-public business, but
we need to breed men for public office in the future. We should encourage Like the Kansas "blue-sky"
is
which
corporation,
to
the organization of the
office holding, not as a business, but as a profession. I am no Anglo- to private business, not
freedom of the private business which the corporation Is
maniac, but in this England has the right tradition. There the thinking proper. but to the
It has been our policy to extend the freedom
men, the educated men, the men of means and affairs, all take an active authorized to conduct.
to private business as a matter of business convenience,
interest in clean politics and public business, and, above all, the fathers of incorporation
view of executive regulation of private business. It does
encourage their sons to enter a public career, and see to it that they are and not with any
corporation engaged in
not help matters to say that we may regulate the
trained for public life.
business, and
private business. To permit the incorporation of private
it is incorporated,
then to assert the power to regulate the business because
of private
On the subject of "Executive Control of Private Business," is
regulation
but taking two steps instead of one toward the
Robert R. Reed, General Counsel of the Investment Bank- business by government. The State should,of course,see that the corporabusiness.
ers' Association, at the Atlantic City Convention of State tion Is safely organized as an instrument of private
JULY 11 1914.]
THE CHRONICLE
This proposed legislation is not only executive paternalism; it is centralized.
national, executive paternalism, and that, it seems to me, is where we
reach the really great danger point. No one will question the possible
efficiency of personal government. No one, I think, will question the
even greater possible efficiency of an absolute monarchy. There is much
to be said in favor of such efficiency, but it must be also said in favor
of monarchy,for that is the governing principle of which it is a part. We
see it at its best to-day in the German Empire. We also see it in Russia.
If the hasty "blue-sky" legislation of the past few years. if the more than
hasty eleventh-hour insertion of the Stevens amendment in the Trade
Commission bill, represented the determined will of the American people,
on the road to
the political philosopher might well conclude that we were
•
an oligarchy or to Socialism.
Constitutional
and
in
their
democracy
in
The American people believe
safeguards. They do not, and never will, believe in paternalism as a
political principle. Such a change, if it comes, will come gradually, and in
a sense unconsciously, as we progress or retrogress in the effort of our
legislatures to solve each difficulty by the classic dictum "Let George do
It." Just now the fashion is,"Let Woodrow" or "Let Teddy" do it. This
demand for executive paternalism has, I believe, been largely due to the
Influence of able,impulsive leaders of public opinion, anxious to accomplish
a given result without delay and without much regard for precedent. Our
popular leaders and the legislatures to which they practically dictate the
supposed popular will seem unable to define what they wish to prohibit, or
unwilling to trust district attorneys and courts and juries with the enforcement of a general law. There is also. I think, back of them,in some instances, the sinister influence of those who feel that they would be better able
to carry out their plans by cultivating the friendship of the executive than
by taking chances with the enforcement of a general law. The so-called
"good trusts" of the country prefer to take chances with the regulation
of competition by a commission than with the effective enforcement of the
present law, or with the competition itself which that enforcement would
re-create. These influences must be resisted by all thoughtful men who are
in a position to resist them,conscious of the strength of our institutions and
with abiding faith in the sober judgment of the people. We can best resist
dangerous experiments by effecting the desired result in a constructive
form in accord with the precedents of democracy.
Now if you will let me I want to say something of our remedies under
democratic institutions.
We cannot legislate human perfection under a democracy, nor can we
define it by law, nor can any monarch on earth create it by word of mouth.
We can and we should, however, correct the great evils that have for many
years enjoyed immunity from successful attack.
As a first step toward this correction, I believe we should seek uniformity
in our corporation laws. We should have liberal but honest laws of association, that is, laws giving the greatest liberty of association consistent
with security and with the public interest. We should, to be brief, have,
first, Federal incorporation and regulation of railroads and Inter-State carriers generally; second, uniformity in the State laws for the incorporation
and regulation of intra-State public utilities,and, third, either Federal incorporation of inter-State industrial corporations, which is, I believe, of
very doubtful Constitutionality, or a Federal restrictive law requiring
standardized conditions in the State charters of all industrial corporations
engaged in inter-State trade, a measure I personally believe to be practicable and necessary. In all these laws we should have a fixed but liberal
limitation of bonded debt in relation to the total tangible capital andsurplus. We should do away with the direct authorization of so-called watered
stock, but we should, I believe, permit what is known as stock without the
dollar mark, that is, stock without a fixed par value. This is now permitted by our New York laws, and was included in the recommendations
of the so-called Hadley Commission, and, I believe, has also been urged
by the Wisconsin Railroad Commission. We should require publicity as
to the affairs of every such corporation, with a possible exception in favor
of incorporated partnerships, or so-called close corporations, having a
limited capital and a limited number of stockholders. A reasonable degree
of uniformity and safety in our corporation laws will solve a very large part
of our troubles in the regulation of the promotion and sale of securities,
whether by the corporation or by promoters or dealers.
stocks reach a total of 177 shares. Stock of the Nassau
Trust Co. of Brooklyh, which has been merged into the
Mechanics' Bank, made a further advance in price of 39
points, a sale of 40 shares being made at 195. Ten shares
of New York Life Insurance Trust Co. stock were sold at
950-1005, as compared with 940 at the last previous sale, in
June.
a
Low. High. Close. Last previous sale.
Shares. BANKS—New York.
*22 Commerce, Nat. Bank of_ _ 167
1673( 1673( July 1914— 167
500
500
Mar. 1914— 505
5 Imp.& Traders' Nat. Bank_- 500
BANK—Brooklyn.
17 Mechanics' Bank
1801-i 1803 1803 July 1914— 200
TRUST COMPANIES—New York.
401
401
401
Feb. 1913— 490
50 Bankers Trust Co
148
June 1914— 150
148
20Lawyers Title Ins. & Tr. Co- 148
10 N. Y. Life Insur. & Tr. Co
950 1005 1005
June 1914— 240
57 Title Guar. & Trust Co
402
4071 4073 June 1913— 435
TRUST COMPANY—Brooklyn.
40 Nassau Trust Co
195% 1953-h 195H July 1914— 156
* Sold at the Stock Exchange.
In order to enable the Comptroller's office to form an approximate estimate as to the number of checks on member
banks which the Federal Reserbe Bank of each district may
have to clear, the national banks have been called upon
by the Comptroller to furnish for the current week (beginning
July 6) a report of their daily check transactions.
In an editorial dealing with the union-exemption clause in
the Sundry Civil Appropriation Bill, the St. Louis "Republic" of the 7th inst. says:
It is wicked, no matter who does it, or under what auspices it is done.
to except any class of men whatever, rich or poor, high or low, from the
operation of laws looking only to the extirpation of conspiracy,combination and monopoly, from the realm of trade. It is an insult to and an indictment of the set of men so excepted. If union labor secures and takes
this thing at the hands of Congress, it will prove a demon's legacy. The
movement is disapproved by the best men in union labor's ranks. The
"Republic" appeals to them to make their disapproval felt in organized
ways.
In Chicago as well as St. Louis evidences of disapproval
of the exemption provision is seen. In Illinois, according
to Representative Madden, business men, each acting as a
"committee of one," are working for the defeat of Representatives in Congress who have supported the President's program. It was first proposed to form an organization of
business men of Illinois to carry the opposition to the Congressional followers of the Wilson policies, but the committeeof-one idea was adopted as the best way of dealing with the
business situation. It is pointed out by F. E. Niesen of St.
Louis that what is being done in St. Louis and Illinois can be
done in New York and California; that for the business community longer to remain silent will be construed as acquiescing in the President's policies.
A bill passed by the Massachusetts Legislature making
lawful certain agreements between employers and laborers
and limiting the issue of injunctions in labor disputes .was
gned by Gov. Walsh on the 7th inst. The new law, it is
stated, prevents the issue of an injunction by the court
against employees who may strike unless it can be shown that
irreparable damage is to be done to property. According
to the Boston "Advertiser," it is one of the biggest victories
secured by organized labor in years. Its opponents claim
that it legalizes boycotts and paralyzes the equity courts in
the issue of injunctions against strikes. In an opinion of
State Attorney-General Boynton, read in the Senate while
the bill was under consideration there on June 23, it was
stated that if enacted into law the measure would not be
obnoxious to any of the provisions of the Constitution. The
With a view to establishing closer relations and co-oper- bill passed the Senate on June 29;it had previously passed the
ation between the office of the Comptroller of the Currency House.
and the various State banking departments, a delegation
A bill imposing a license fee or excise tax of $100,000 on
representing the National Association of Supervisors of
State Banks held a conference on Thursday with Comp- persons, firms and corporations giving stamps and coupons
troller of the Currency Williams and Assistant Secretary of with sales of merchandise was vetoed by Gov. Walsh of
the Treasury Charles S. Hamlin, a member-elect of the Massachusetts on July 3. In holding the bill to be unconFederal Reserve Board. At the conclusion of the conference stitutional he said:
The only classification under which the subject of this bill could by any
Comptroller Williams gave out the following statement.
possibility fall would be the word "commodities," and by a decision of the
Resolutions were adopted at the concluding session on
Wednesday advocating the elimination of private banks and
the discouragement of the practice of issuing overdrafts. The
method proposed by Commissioner Doyle of Michigan of having private banks incorporated as State or national banks was
the plan suggested for the elimination of these institutions. A
resolution limiting the interest on savings banks deposits to
4% was voted down. There seemed to be a general desire at
the Convention to take up the matter of "blue-sky" legislation on new lines, and it was proposed by some of the members to appoint a committee to act with a committee of the
Investment Bankers' Association in drafting a new law for
adoption by the States and possibly also by the Federal
Congress.
Many subjects of importance were brought up and discussed, and the
way was paved for a closer relation between national and State banking
departments in the future, including simultaneous calls for reports of condition of national and State banks, uniform reports, exchange of information relative to credits, &c. Preliminary steps were also taken looking
to annual meetings of the superintendents of the banks with the members
of the Federal Reserve Board and the Comptroller of the Currency in
Washington.
BANKING, LEGISLATIVE AND FINANCIAL NEWS.
The public soles of bank stocks this week aggregate 44
shares, of which 22 shares were sold at the Stock Exchange
and 22 shares at auction. The transactions in trust company
Supreme Court in the case of O'Keeffe vs. Somerville, 190 Mass. 110.
declaring unconstitutional a similar Act, the Court there declared with
finality that the business or method of doing business at which this bill is
aimed is not a commodity, and therefore cannot be the subject of an excise tax.
The bill providing for the taxation of transfers of stock in
Massachusetts was signed by Gov. Walsh on the 7th inst.
It was passed by the Senate on July 2 by a vote of 22 to 12,
after having been killed the previous day by a tie vote, 18
to 18; a motion to re-consider that vote was adopted in the
Senate on the 2d, by a vote of 18 to 7, following which the
96
THE CHRONICLE
passage of the bill was effected as above. The bill, which
calls for a tax on transfers of stock at the rate of two cents
on each $100 of face value or fraction thereof, was passed by
the House on June 19.
Under the auspices of the Inland Navigation Bureau,
commercial navigation of the Mississippi River between
New Orleans and St. Paul was revived with the departure
from New Orleans on July 6 1914 of Barge No. 5. We
learn from Walter Parker of New Orleans that, this barge
is one of several producer gas-propelled flat-bottom steel
craft designed by John H.Bernhard and built at New Orleans
for the purpose of navigating the inland waterways of the
United States under economic conditions. The freightcarrying capacity of these barges is very much greater than
ordinary river craft and the cost of operating them is very
much less. In fact, the cost of moving freight by them,
even under existing unfavorable conditions, is not more than
half a mill per ton mile, while the cost under the ideal conditions the Inland Navigation Bureau expects ultimately
or Yi of a mill per ton mile.
to establish should not exceed
There is no patent on the design or construction of these
modern craft and any boat builder may construct them if
he possesses the proper equipment. These barges are built
with capacities ranging from 10 to 1,000 tons. Unlike the
old river craft, no frills or fancy work enters into their construction. They are plain iron and steel from stem to stern,
and are so shaped as to hold every possible ton of freight,
and to slide over sand bars and to push stumps and snags
out of the way. The crew needed to navigate a loaded
1,000-ton barge consists of seven men all told. The cost
of fuel is less than $5 a day. On the trip to St. Paul, 1,000
tons of Louisiana lumber was taken up and 1,000 tons of
export flour and other commodities is brought back to
New Orleans for shipside delivery. Several newspaper men,
engineers and others made the trip up from New Orleans,
and others, including Mr. Bernhard, the designer and
builder, and several army engineers joined the party at
St. Louis.
[Vol, XCIX.
below par, and as the sale of 3600,000 par value of the bonds in bulk would
In all probability further reduce their market value, the directors feel that
each shareholder should decide for himself the question as to whether he
shall sell or retain his proportionate share of the bonds.
A dinner was tendered Samuel H. Miller, senior VicePresident of the Chase National Bank, New York, on Monday evening, June 29, at the Hotel Martinique by the Chase
Bank Club, to celebrate the twenty-fifth anniversary of his
association with the institution. All the officers of the bank
were present as guests of the club, which is an organization
composed of the bank's clerical force. A feature of the affair, and one which came as a complete surprise to Mr. Miller, was the presentation to him of a beautiful gold watch
as a gift from the club. Addresses delivered by Mr. Miller
and by Albert H. Wiggin, President of the Chase, afforded
the best possible evidence of the good feeling and the hearty
co-operation which have helped to make the Chase National
Bank the largest single banking growth in the United States
—it has not been aided by absorption of other institutions.
Mr. Miller entered the bank in 1889, and became, successively, Assistant Cashier, Cashier and in January 1910 VicePresident. At the beginning of his career, as a messenger,
the bank's capital was $500,000 and its surplus and undivided
profits amounted to $669,000. To-day it has a capital of
$5,000,000, surplus and undivided profits of nearly $11,000,000, and its deposits have increased more than tenfold.
In the past twenty-five years it has had as President Henry
W. Cannon, formerly Comptroller of the Currency; A. Barton Hepburn, formerly Comptroller of the Currency, now
Chairman of the board of directors of the Chase, and Albert H. Wiggin, its present President. Mr. Miller is regarded by bankers and business men generally as one of the
most capable and efficient bank officers in the country.
The new statement of the American Exchange National
Bank of this city shows aggregate resources on June 30 of
$90,179,997. This is an increase of eleven million dollars
since the return of March 4 last, when the resources were
$79,088,413. The deposits have increased during the same
period from $63,576,073 to $74,733,189. Four years ago,
A new form of trading, in the shape of Cuban raw sugar
on June 30 1910, the bank had aggregate resources of only
or
futures, is expected to begin shortly on the New York Coffee $61,206,024.
Exchange. A committee of that Exchange has for some
time past been at work formulating rules under which trading
Arthur King Wood, President of the Franklin Trust Co.,
in Cuban raw sugar futures will be carried on. This com- announces that at a meeting of the trustees on
the 8th inst.
mittee has completed its labors, and all that now remains
the following men, representing the new interests who rebefore business in this new form of contracts will actually cently acquired stock in the company, were elected to the
be started on the New York Coffee Exchange is for the Board board of trustees: William G. Low Jr., a partner in the
of Managers to adopt the rules and post them for the benefit banking house of William Morris lmbrie & Co.; Guy E.
of the entire membership for the customary ten days. In Tripp, Chairman of the Westinghouse Electric & Mfg. Co.;
consideration of the fact that the Board of Managers of the Henry R. Hayes, New York Manager of Stone & Webster
Coffee Exchange has already voted unanimously to admit CuBoston; William M. Ramsay, New York agent of the
ban raw sugar futures to dealings on that Exchange,it may be of
Merchants'Bank of Canada; Lawrence L. Gillespie, formerly
said that trading in these contracts, which is even now being
Vice-President of the Equitable Trust Co.; John Sloane of
carried on over-the-counter, is practically assured. While
W.& J. Sloane; John H. Iselin of the law firm of Anderson,
new to this country, trading in raw sugar for future delivery
Iselin & Anderson; A. Ludlow Kramer, President of the Elechas long been conducted aboard, both London and Hamburg
tric Properties Co.; R. Bayard Cutting, Edward C. Delahaving for years maintained quite a flourishing business
field and R. Stuyvesant Pierrepont. These, together with
of this character. It was this fact, together with the addifollowing, now constitute the board of the Franklin
tional one that sugar is practically the only commodity in the the Co.: Edwin S. Marston, President of the Farmers'
Trust
United States in which it is impossible to contract for delivery
& Trust Co.; Charles A. Peabody, President of the
ahead for anything beyond, say, thirty days, which chiefly Loan
Mutual Life Insurance Co.; Crowell Hadden, President of
prompted Franklin W. Hopkins, of the New York Stock
Brooklyn Savings Bank; Union N. Bethell, President of
Exchange firm of Hopkins Brothers, to inaugurate the the
New York Telephone Co.; Henry R. Mallory, Presithe
present movement.
dent of the Atlantic Gulf & West Indies Steamship Lines;
President of the New Jersey Zinc Co.; Charles
A dividend of $600,000 in the form of United States Edgar Palmer,
Treasurer American Locomotive Co.; James H.
Denny,
B.
Government 2% bonds is to be paid to the stockholders of
firm of B. H.Howell, Son & Co.,sugar merchants;
the National Reserve Bank of this city on July 15. The Post of the
Bassett of Bassett & Sutphin; Charles J. Peabody
F.
Charles
bank, which had a capital of $1,200,000, was taken over by
Spencer Trask & Co.; Frank Day Tuttle of S. Tuttle's
the Mutual Alliance Trust Co. in January, the merger being of
Co.; William Allen Butler, William G. Low, George
in the form of an assumption by the trust company of the Son &
William H. Wallace and Arthur King Wood,
Prentiss,
H.
deposit liabilities of the bank. The National Reserve is
President.
by
liquidated
its
own
being
directors. There has already
been paid to its stockholders a 50% cash dividend, or
J. Cunliffe Bullock was elected an Assistant Secretary
$600,000. Based on the par value of the Government 2s,
the Industrial Trust Co. of Providence on June 30.
of
the distribution of the bonds is also equivalent to a 50%
dividend. At the present time the bonds command a price
Raymond B. Cox, Assistant Cashier of the Fourth Naslightly below par. A circular to the stockholders of the tional Bank of New York, recently
taken over by the
bank issued by President William 0. Allison says:
Mechanics & Metals National, has been elected a ViceAs we understand the new currency law, these 2% consols retain the
circulation privilege. We also understand that the Government plans President of the Webster & Atlas National Bank of Boston.
to retire these 2% consols annually up to a maximum of $25,000,000 par Mr. Cox, who will assume his new duties on the 15th inst.,
value. Your board of directors have made full inquiries from those in a
will succeed Joseph S. Bigelow, resigned. Mr. Bigelow conposition to foretell the future value of these bonds, and we find it to be the
consensus of opinion that the bonds should sell at par when the new cur- tinues as a director of the bank.
rency system shall have become fully operative. As the bonds were sellin g
JULY 111914.]
THE CHRONICLE
Five directors, formerly members of the board of the
National Bank of Commerce of Boston, were added to the
directorate of the Merchants' National Bank of Boston on
June 18. They are: Samuel Carr, William R. Driver,
W.Cameron Forbes, W.J. Ladd and Philip Stockton. The
Commerce was merged with the Merchants' on May 2.
Provision for enlarging the board of the Merchants' from
twenty-one to twenty-nine members was made by its
stockholders on June 18.
The stockholders of the Fidelity Trust Co. of Boston on
the 8th inst. approved the proposition to increase the
capital from $500,000 to $1,000,000. The new stock will be
sold at $120 per $100 share, thereby increasing the surplus
from $100,000 to $200,000. S. A. Porlone has been made
Assistant Treasurer of the institution.
Samuel T.Bodine,President of the United Gas Improvement Co., has been elected a director of the Fidelity Trust
Co. of Philadelphia, succeeding the late Thomas Dolan.
A dividend of 700% was declared by the First National
Bank of Uniontown, Pa., on the 6th inst. on its capital of
$100,000. The action of the bank was taken, it is stated, in
order to lower the amount of its subscription to stock in the
regional reserve bank, the law requiring the national banks
to subscribe therein to the extent of 6% of their capital and
surplus. The surplus of the bank before the declaration
of the dividend amounted to $1,650,000.
The merger of the Maryland National Bank of Baltimore
with the National Bank of Commerce, which took place in
May, was formally ratified by the stockholders of the
Maryland National on June 30, when that institution was
placed in voluntary liquidation. The stockholders of the
National Bank of Commerce adopted a resolution increas
ing
their board from twelve to eighteen members,
and elected
the following new directors:
97
A. K. Bodholdt has been elected an Assistant Secretary
of
the Central Trust Co. of Illinois at Chicago.
Milton E. Robinson has been elected a directo
r
Drexel State Bank of Chicago, succeeding the late of the
John A.
Gauger. Mr. Robinson is Vice-President of the
Consumers'
Co.
The Merchants' National Bank of Detroit, now in
of organization, is expected to begin business about process
Aug. 1.
The institution will have a capital of $1,000,000,
and the sale
of its stock at $125 a share will give it a surplus of
$250,0
John Ballantyne is taking an active part in the organi 00.
zation
of the Merchants' National and is expected to
become its
President. Benjamin G. Venor, Assistant to the Presid
ent
of the Old Detroit National (now forming part of
the First
and Old Detroit National)is to be Cashier of the
Merchants'.
Mr. Venor had been Assistant to the President of
the consolidated bank since the merger, but recently resigned
the
post.
An elaborate business and social program has
been prepared for the annual convention next week—on
Wednesday
and Thursday--of the Wisconsin Bankers' Associ
ation.
meeting will be held in Milwaukee. Representative The
Carter
Glass is to speak on the Federal Reserve Act;
Prof. F. R.
Fairchild, of Yale University, will address the
convention
on "Uniform Methods of Taxation of Bank
Stock"; "The
Thrift Movement" will be discussed by J.
H. Puelicher,
Cashier of the Marshall & Ilsley Bank of Milwau
kee;"Bank
Advertising—Its Profit and Loss," is the subjec
t of an
address to be delivered by M.I. Stevens, editor
of the "Wisconsin Banker"; and H. P. Pearsons of
Chicago will talk
on "Real Estate Mortgages as Invest
ments." An "agricultural session" will be held on Wednesday
afternoon, when
there will also be a special meeting
of the Bankers' Limited
Mutual Casualty Co,
The Columbus Loan & Banking Co. of
began business on June 1 under the Columbus, Ga.,
management of
V. A. Cox,President; A. H.Bickerstaff,
Vice-President, and
T. A. Williams, Cashier. The institution
conducts a commercial and savings business.
All the new members except Mr. Miller were directors
James P. Armstrong,former Cashier of the
of the Maryland National.
Irish-American
Bank of Augusta, Ga., for which a receiver
was appointed in
January, pleaded guilty in May to five indict
ments charging
George Blackiston, President of the Union Trust Com- forgery, and was senten
ced to eight years in the penitentiary.
pany of Baltimore, died on the 7th inst. after an illness of
a few days. Mr. Blakiston became President of the Realty
TRADE AND TRAFFIC MOVE
Trust Company in 1889, that institution soon after combinMENTS.
UNFI
LLED
ORDERS OF STEEL
ing with the Citizens' Trust & Deposit Company and the The United
ORATION.—
States Steel Corporation CORP
on Friday, July 10,
Atlantic Trust Company to form the Union Trust, of which issued its regular monthl
y statement showing the
unfille
he had been President since its formation. Mr. Blakiston orders on the books of the
subsidiary corporations at thed
was in his fifty-ninth year. At a meeting of the directors close of June. From this statem
ent
it
appear
s
that
the
of the Union Trust Company on Wednesday, Charles T. aggregate of unfilled orders on June 30 was 4,032,
857
Crane, Vice-President of the institution, was made President recording a very small increase over last month, whentons,
the
amount of orders outstanding was
pro tern. Mr. Crane is President of the Farmers' & Mer- follow
3,998,160 tons. In the
ing we give the comparisons with
previous months:
chants' National Bank of Baltimore, and becaus of the dee
Tons.
Tons.
mands on his time in connection with theaffairs the bank June 30 1914...4.032,857 Feb. 28 1913...7,656.714
Tons.
Oct. 31
of
May 31 1914_3,998,160 Jan. 31
694.328
1913_7,827.368 Sept. 30 1911-3,
and his other duties, he has indicated to his co-directors in Apr. 30 1914_4,277,068 Dec 31 1912_7.
1911_3.611.317
932.164 Aug. 31 1911_3,695.985
Mar. 31 1914_4.653,825 Nov.
the trust company that it would not be possible for him
1912_7,852,883 July 31 1911-3.
Feb. 281914___5,026,440 Oct. 30
584.085
to Jan.
31
31 1914_4,613,680 Sept. 30 1912_7,594,381 June 30 1911_3.361.058
accept the presidency of the company.
1912_6.
551,507 May 31 1911...3,113,187
Dec. 31 1913_4,282,108 Aug.
31 1912_6,163,375
Frederick C. Seeman and William
J. Chapman, former Vice-Presidents
of the Maryland National.
Daniel C. Ammidon, director of the
Hopkins Place Savings Bank.
John M. Dennis, President of the
Louis Muller Co., grain exporters.
Can R. Gray, President of the Western
Maryland Railway.
Walton Miller, Vice-President of the
National Bank of Fairmont, W. Va.
April 30 1911_3.
Nov. 30 1913_4,396,347 July 31
1912_5,957,079 Mar. 31 1911_3,218,704
Oct. 31
447.301
1913_4.513.767 June 30 1912_5.807,346
Feb. 28 1911_3,400.543
At the annual meeting of the Society
30 1913_5.003,785 May 31 1912_5,
750,983 Jan. 31 1911-3.110.919
Savings of Sept.
for
Aug.
31
1913_5,
223,468
April 30 1912_5.664,885 Dec. 31
Cleveland on June 30, George P. Welch and
July 31 1913_5,399,356 Mar. 31
674.750
Worcester R. June
1912_5,304,841 Nov. 30 1910-2,
1910-2.760,413
30 1913...5,807,317 Feb. 29 1912_5.
Warner were elected Vice-Presidents. They
454.200 Oct. 31 1910...2,871.949
31 1913...6,324,322 Jan. 31
replace Louis May
1912_5,
379,721
Sept.
30
191
April 30 1913_6.978,762 Dec. 31 1911_5.
0_3,158.106
H. Severance, who died a year ago, and Judge W.B. San- Mar.
Aug. 31 1910_3,537.128
31 1913_7.468,956 Nov. 30 1911_4,084.761
141,955 July 31
ders, whose three-year term expired. Judge Sanders rePrior to July 31 1910, reports of unfilled orders1910-3.970.931
were issued
sumes his place on the board of trustees. Homer H.Johnson only quarterly.
In the following we show the totals at
the
and Otis S. Southworth are newly elected members of the end of each quarter or period for
which the figures were made
board. J. D. Williamson will continue as President pro public, back to the organization of the Steel
Company.
tem until the return of Myron T. Herrick, who has just June 30 1910_4, Tons.
Tons.
7'ons.
257,794 June 30 1907_1'7,603,878 June
30 1904...3,192,277
Mar. 31 1910_5,402,514 Mar. 31 1907...8
retired as Ambassador to France.
,043.858 Mar. 31 1904_4,
Dec. 31 1909_5,
136,961
927,031 Dec. 31 1906...8,489,718 Dec.
31
Sept. 30 1909_4,796,833 Sept. 30
1906...7,936,884 Sept. 30 11903...3,215,123
June
30 1909-4,057.939 June 30 1906...6,809.589
903...3.728,742
Plans, it is said, have been agreed on for the consolidation Mar. 31
1909_3,542.595 Mar. 31 1906...7.018,712 June 30 1903_4,666,578
Mar. 31 1903...5,410,719
Dec. 31 1908_3,603,527 Dec. 31
of the Citizens' National Bank and Bankers' National Bank Sept. 30 1908...3,421,977 Sept. 30 1905...7,605,086 Dee. 31 1902..05,347,253
30 1908_3.313,876 June 30 1905...5,865,377 Sept. 30 1902...4,843,007
of Evansville, Ind. The Bankers' National has a capital of June
Mar. 31 1908-3.765,343 Mar. 31 1905...4,829,655 June 30 1902...4,791,993
1905...5,597,560 Dec. 31 1001_
$250,000 and deposits of $1,312,000; the Citizens' National Dec. 31 1907_4,624.553 Dec. 31
1.4,497.74
Sept. 30 1907—.6,425,008 Sept. 30 1904_4,696,203 Nov. 1 1901_ 02,831.6992
1904—.3,027.436
has $300,000 capital and deposits in the neighborhood of •
The figures prior to Dec.
$3,000,000. Allen Gray, President of the Citizens' Na- method only orders received 31 1907 are on the old basis. Under the
from sources outside of the
present
are shown. The amount as of Sept.
company's own Interests
tional, will be President of the consolidated organization; former
basis. would. It Is stated. be 30 1904, shown above as 3,027,436 ton.. the
2,434,730 tons on that now
Presid
Heston
ent
of
employe
the
,
d.
Banker
T.
S.
s' National, will enter
UNFILLED ORDERS OF
the enlarged institution as a Vice-President.
AWANNA STEEL CO.
—The statement of the LackaLACK
Steel Co. for
ter and the 6 months ending wanna
quarJune 30 is given in the
our "In..
THE CHRONICLE
98
ent page. The
vestment News Department" on a subsequ
unfilled orders of that company are shown below:
June 30 1914
Mar. 31 1913
Dec. 31 1913
Sept. 30 1913
June 30 1913
Mar. 31 1913
Dec. 31 1912
Sept.30 1912
Tons.
128,880
191,828
185,427
255,945
436.675
623.816
626,996
569,977
June 30 1912
Mar. 30 1912
Dec. 31 1911
Sept. 30 1911
June 30 1911
Mar. 31 1911
Dec. 31 1910
Sept.30 1910
Tom.
564,990 June 30
401,475 Mar. 31
289,9711Dec. 31
189,898 Sept. 30
218,291 June 30
244,561 Mar. 31
226.103 Dec. 31
261,931
1910
1910
1909
1909
1909
1909
1908
ernrcmercial andMiscellantonsgt.eurs
Tons.
379,836
43,232
467,533
406,862
384,984
291.560
205,236
-The
LAKE SUPERIOR IRON ORE SHIPMENTS. agshipments of Lake Superior iron ore during June 1914
of 2,472,077 tons
gregated only 5,502,367 tons, a decreaseshow
the shipments
as compared with June 1913. Below we
and
from the various ports for June 1914, 1913 and 1912,
for the season to July 1.
to
1
July
Season
June
1912.
1913.
1914.
1912.
1913.
1914.
Port1,076,020 1,800,601 1,641,948
Escanaba_ _tons _ 580,103 845,414 849,059
918,890
383,948 1,059,776
561,976
532,736
262,075
Marquette
883,081 1,509,702 1,332,801
541,315 774,761 811,029
Ashland
1,997,895 2,377,078 2,348,608 3,733,502 4,677,349 4,344,331
Superior
3,995,948 2,845,478
1,779,876
1,551,214
1,895,728
1,045.786
Duluth
1,445,669 1,767,689 3,081,666 2,607,223
Two HarbOrs-1,075,193 1,548,727
Total
5,502,367 7,974.444 7,567,555 9,624,116 16,125,042 13,690,671
Breadstuffs Figures brought from page 134.-The
statements below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
since August 1 for each of the last three years have been:
Receipts at-
Flour.
Wheat.
Barley.
Oats.
Corn.
I
Rye,
lbs.
bbls.1961bs. bush.60 lbs. bush. 56 lbs. bush. 32 lbs. bush.481bs. bu.56
55.000
195,000
465.000 1,186,000 1,889,000
110,00?
Chicago__
35,000
203,000
412,000
264,000
34,000
56,000
Milwaukee__
66,000
151,000
93,000
34,000
467,000.
_____
Duluth
24,000
200,000
154,000
137,000
455,000.
Minneapolis
1,000
1,000
86,000
52,000
17,000,
Toledo
76,000
24,000
5,000,
8,000
Detroit
1,000
1,000
69,000.
24,000
7,000
10,000
..Cleveland
3,000
16,000
236,000
182,000
814,000
48,001
St. Louis...
4,000
24,000
186,000
93,000
17,000,
32,001
Peoria
123,000
237,000
453,000
Kansas City.
142,000
318,000
84,0001
Omaha
791,000 189,000
264,000 2,818,000 2,551,000 3,446,000
Tot. wk. '14
233,000 2,630,000 3,175,000 4,184,000 1,241,000 101,000
Same wk.'13
37,913
118,875
2,116,936
2,798,948
197,631 1,583,895
Same wk.'12
1
Aug. 1
00 214,844,000 25,502,000 22470000
- Since
1913-14- 19,073,000279,847,000 216.269,0
COPPER PRODUCTION AND CONSUMPTION.
17,162,520254,611,966 222,309,228 240,082,668 99,623,330 16866641
tion
1912-13
rs'
for
June,
Associa
Produce
Copper
the
of
nt
70 144,253,417 61,427,039 8.181.842
stateme
190,474,4
502
The
11.976.681134,546,
1911-12
issued on Wednesday, allowed a still further increase in then
for
Stocks of marketable copper on hand, the further additio
Total receipts of flour and grain at the seaboard ports
being 21,768,022 lbs. Domestic deliveries decreased nearly the week ended July 4 1914 follow:
Rye,
Oats, Barley,
Corn,
1Vheat,
Flour,
10,000,000 lbs. as compared with May, and were about 22,bush.
bush.
bush,
bush,
bush,
we
ng
e
the
bbls.
In
followi
compar
1913.
June
atunder
Receipts
lbs.
44,000
11,000
000,000
423,000
60,000
511,000
138,000
New York
1,000
56,000
167,000
the various items for June 1914 and 1913 and for the periods Boston
16,000
136,000
32,000
to
show
the
figures
Euroadd
408,000
also
We
24,000
30.
ia
June
Philadelph
to
1
38,000
Jan.
78,000
52,000
219,000
22,000
Baltimore
30,000
22,000
pean visible supply.
28,000
59,000
30- New Orleans s
110
June-1913.
1914.
5
Rtocks beginning period____Ibs. 84,342,6411 67,564,22 3
121860,85
141,345,67
n
Pgoductio
225,688,212 189,425,078
Total supply
Deliveries for46,227,353 68.452,571
Domestic consumption
73,350,196 68,067,901
Exports
June
Jan.
1914.
1913.
91,438,867 105,312,582
835,137,652 809,194,026
926,576,519 914,506,608
330,643,117 429,191,722
489,822,739 432,500,280
119,577;549 136,520.472 820,465,856 861,692,002
Stocks end of period
European visible supplyBeginning of period
End of period
106,110,663 52,904,606 106,110,663 52,904,606
54,548,430 66,380,160 47,116,160 90,451,200
57,563,420 63405,280 57,563,420 63,105,280
ANTHRACITE COAL PRODUCTION.-The shipments
of anthracite coal to market in June 1914 aggregated 6,130,186 tons, an increase of 160,139, tons over the corresponding
month last year. In the following we give the shipments by
the various carriers for June 1914 and 1913 and for the
periods Jan. 1 to June 30.
June----- -Jan. 1 to June 30,1913.
1914.3
Read6,858,384
6,031,648
1,155,107
944,816
tons_
Reading
.5:
ia
Philadelph
6,592,131
6,155,075
1,183,821
325,982
1
Lehigh Valley
839,514851,445 4,389,087 4,575,664
Central RR. of New Jersey
4,789,360
4,598,506
827,714
941,868
Delaware Lackawanna & Western
3,504,539
3,415,875
568,352
661,248
Delaware & Hudson
3,167,106
3,217,088
510,341
470,652
nia
Pennsylva
4,079,792
3,990,027
661,892
738.175
Erie
1,284,878
1,148,483
211.375
207,931
Ontario & Western
4
34,8.51,85
9
32,945,78
6,130,186 5,970,047
Total
DX.onetarBiTommercialiinglisItgexus
English Financial Markets-Per Cable.
The daily slosing quotations for securities, &c., at London,
as reported by cable, have been as follows the past week:
Newport News
Norfolk
Galveston
Mobile
Montreal
2,000
1,000
316,000
6,000
58,000 3,514,000
326,000
Total week 1914_
Since Jan. 11914_10,832,000
313,643
1913
Week
SinceJan. 11913_ 8,779,778
4,000
30,000
21,000 1,082,000 262,000
217,000 1,809,000 273,000 83,000
5,163,000
73,240,000 13,505,000 15,770,000 7340,000 2063,000
20,775
920,869
234,949
2,298,490
56,779,303 24,116,612 24.600,551 3647,565 282,062
include grain passing through New Orleans for foreign ports
* Receipts do notlading.
on through bills of
d ports for the week
The exports from the several seaboar
in the annexed statement:
ending July 4 are shown
Rye, Barley,
Oats,
Tear,
Corn, Flour,
Wheat,
busy,
Exports from478,446
New York
490,103
Boston
397,000
Philadelphia
37,892
Baltimore
Orleans_
New
_
Newport News
428,000
Galveston
Mobile
2 863,000
Montreal
Norfolk
Total week_ _ _4,694,441
2 629,246
Week 1913
bush,
20,400
1,270
bush. • bbls.
3,225 121,211
7,812
221
32,000
15,969 32,113
7,000
4,000
2,000
30,000
6,270
41,000
1,000
53,416 250,406
177,365 168,416
bush,
bush.
bush.
2,661
13,988 85,714
1,000
227,000
326,000
362,658 85,714 227,000
488,628 18,095 238,357
2,661
1,894
for the week and since
The destination of these exports
July 1 1914 is as below:
--.-00771----•
Wheat
Flou
1Veek
Exportslot week and July 4.
bids.
110-'
July
since
88,345
United Kingdom__ 91,889
Continent
44,853
Sou.& Cent. Amer_ 23,595
West Indies
Cols.
Am.
Nor.
Brit.
1,724
Other Countries____
Since
Since
July 1
Week
July 1
1914.
July 4.
1914.
bush,
bush,
bbls.
88,345 2,033,731 2,033,731
2,659,690
2,659,690
91,889
44,853
552
552
23,595
1,724
468
Week
July 4.
bush.
Since
July 1
1914.
bush.
1,060
52,134
221
1,060
52,134
221
468
53,415
53,415
London,
177,365
177,365
Total
Fri.
Tues.
Wed. Thurs,
Mon.
Sat.
1913
Week ending July 10.
Total
25 13-16 2511-16
4
25 15-16 257
254
el 26
of wheat and corn for the week
Silver, per on
7534
76
753(
754
7534
The world's shipments
d Consols. 24 per cents__-_ 754
since July 1 1914 and 1913 are shown
and
1914
4
d For
July
ending
ll3
I
24 -6
1024 8.5
%fa
fr.
70N
tal
Rentes (In Pais)
oun
d Frenchacc
72
7234
714
73
7234
in the following:
Amalgamated Copper Co-. 72
67
674
654
654
654
Am.Smelt. & Refining Co__ __-Corn.
64
634
634
654
cli%
Wheal.
__
_
_____
Co
S Anaconda Mining
102
1024
10134
102
102
Atch. Topeka & Santa Fe_ _ _ 1014
1913. 1914.
102
102
1913.
102
102
102
1914.
Preferred
934
Exports.
944
934
924
9134
Baltimore & Ohio
Since
Since
Week
83
83
Since
83
83
824
Since
Week
Preferred
July 1.
July 1.
July 4.
1964'
July 1.
1984
19834
19834
1994
July 1.
1984
July 4.
Canadian Pacific
50
534
48
5334
54
524
Chesapeake & Ohio
Bushels,
Bushels.
147;
144
Bushels. Bushels.
144
144
Bushels.
14
1434
Bushels.
Chicago Great Western
58,000
1024
102
1024
1024
1.0234
,352,000 5,352,000 4,568,000
Chicago M Ilw.& St. Paul_ _ _ 1014
Amer
204,000
434,000
North
84
204,000
7
94
114
114
114
472,000 2,472,000 1,520,000
Denver & Rio Grande
13
442,000
Russia
144
270,000 2,270,000
19
528,0002,
18
19
984,000
984,000
Preferred
Danube
294
294
2934
294
720,0004,998,000 4,998,000 6,886,000
294
360,000
294
Erie
Argentina__ 360,000
45
454
444
45
4434
944,000 1,080,000
44
944,000
First preferred
Australia
38
38
38
38
2,664,000
38
1,728,000
1,723,000
Second preferred
India
128
128
126
72,000
1274
12736
48,000
48,000
Great Northern, preferred__ __
Oth.countr's
,
,
1isy,
1154
115
115
115
115
Illinois Central
14
14234
14274
27-4
142
14234
14034
11888000 11,888,000 11,152,0007,472,000 7,472,000 7,818,000
Louisville & Nashville
.
Total...
174
164
16
174
18
Missouri Kansas & Texas- 174
37
39
364
394
39
for Europe on dates
Preferred
17
124
18
18
133.4
The quantity of wheat and corn afloat
Missouri Pacific
12
1134 124
1134
115i
ed was as follows:
mention
Nat. RR. of Mex.,2d pref._
93
924
9234
92
92
91
N.Y. Cent. & Bud. River_
24
24
24
224
24
234
N.Y. Ont.& Western
tarn.
Wheat.
108
1074
1074
107.4
1074
1074
Norfolk & Western
90
90
90
90
89
Preferred
United
United
1154
1144
113
11414
1134
Total.
Northern Pacific
Kingdom. Continent.
Total.
573.,:,
574
Kingdom. Continent.
574
574
5734
564
a Pennsylvania
8434
8451
844
84
844
84
Bushels.
a Reading Company
Bushels.
I
Bushels.
Bushels. Bushels,
Bushels.
a First preferred
0 17,112,000 38,408,00s 7,216,000,15,054,000 22,280,000
July 4 1914_ 21,296,000 16,912,000 39,464,00 7,429,000112,844,000 20,273,000
a Second preferred
"ii;-,
-Ili
"iii
22,552,00
-iii
14
1914._
27
0
June
Island
Rock
9954
1004
22,984,000 17,696,000 40,680,00012,580,000,23,443,000 36,023,000
9934
9934
994
99
July 5 1913Southern Pacific
9,707,000.22,618,000 32,325,00
25
2534
243.1
254
254
2534
6 1912__ 25,392,000
July
Southern Railway
82
814
82
8134
82
Preferred
1604
1594
1594
15934
1604
regarding
1964
Union Pacific
85
844
854
National Banks.-The following informationller
854
854
of the
63
Comptro
631i
,6
Preferred
639
the
6396
96
of
63
office
62%
the
is
from
banks
national
U.S teel Corporation
1124
1124
1124
1124
112
erred
4
Currency, Treasury Department:
bi
ii
it
4
30.
TO
JUNE
JUNE 25
Wabash
336
24
354
34
336
CHARTERS ISSUED TO NATIONAL BANKS
Preferred
52
51.4
52
Va. Capital, 825,000.
52
Market,
52
New
of
Bank
National
First
Extended 48
I0,568-The
Stewart, Cashier.
CEz-cilvidend. 6 Quotations here given are
W.P. Crickenberger, President; H. R.
a Price per share. 6 sterling.
t prime.
.
250,406
168,416
250,406 4,694,441 4,694,441
168,416 2,620,246 2,629,246
THE CHRONICLE
JULY 111914.1
10,569-The Edwards National Bank, Edwards. N. Y. Capital, $25,000.
D. M. Taylor, President; Egbert C. Gregory, Cashier.
10.570-The First National Bank of Atwater, Minn. Capital; $25,000.
Henry Stene, President; Wm. E. Peterson, Cashier. (Con•
version of the Security Bank of Atwater, Minn.)
10,571-The Farmers' & Merchants' National Bank of Santa Cruz, Cal.
Capital, $100,000. W.P. Netherton, President; C. C. Campbell,
Cashier. (Conversion of the People's Bank of Santa Cruz, Cal.)
VOLUNTARY LIQUIDATIONS.
290-The Fourth National Bank of the City of New York, N. Y., at
midnight between June 18 and June 19 1914. Liquidating committeeT. Frank Manville and F. deC. Sullivan,New York,N. Y.
Consolidated with the Mechanics & Metals National Bank of
the City' of New York, No. 1,250.
4,902-The First National Bank of Blanchard, Iowa. June 30 1914.
Liquidating agent, Frank Hooker, Blanchard, Iowa. (To be
absorbed by a State bank.)
5,870-The Wadsworth National Bank, Wadsworth, Ohio, June 30 1914.
Succeeded by the Wadsworth Savings & Trust Company. Liquidating committee, board of directors of national bank.
5,358-The Guilford National Bank. Guilford, Conn., May 13 1914.
Succeeded by the Guilford Trust Company. Liquidating agent,.
Charles Griswold, Guilford, Conn.
8,975-The First National Bank of Campbell, Neb., July I 1914. To be
succeeded by a State bank. Liquidating committee, board of
directors of national bank.
INSOLVENT NATIONAL BANK.
2,936-The First National Bank of Corning, Iowa. Was placed in the hands
of a receiver on June 22 1914.
•
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 Corn pans.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Aug. 27 Holders of rec. July 186
3
Alabama Great Southern, preferred__
Atch. Top.& S. Fe., corn.(qu.)(No.37). 134 Sept. 1 Holders of rec. July 31a
Atchison Topeka & Santa Fe, preferred... 234 Aug. 1 Holders of rec. June 30,3
Sept. 1 Holders of rec. Aug. la
3
Baltimore & Ohio, common
Sept. 1 Holders of rec. Aug. la
2
Preferred
Aug. 1 Holders of rec. June 26a
134
Southern
Canada
2
Aug. 1 Holders of rec. July 170
Central RR.of New Jersey (quar.)
3
Aug. 1 Holders of rec. June 306
Cuba RR.. preferred
July
20 Holders of rec. July 3a
Western
234
Lackawanna
&
(au.).
Delaware
3
JUIY 15 Holders of rec. July 8a
Detroit River Tunnel
3
July 15 July 2 to July 14
Georgia RR.& Banking (guar.)
134 Aug. I Holders of rec. July 10
Great Northern (guar.)
214 Sept. I Holders of rec. Aug. 10a
Illinois Central (No. 119)
I
July 15 Holders of rec. June 30a
Kansas City Southern, pref. (quar.)_
July 20
to
6
July 29 July 4
Lake Shore & Michigan Southern
Aug. I Holders of rec. July 3a
Guar. Stock (Mich. Sou.& Nor. Ind.). 6
(guar.)
rec.
June 27a
$1.25
July
11
of
Holders
and
pref.
Lehigh Valley, corn,
$1.50 July 15 June 11 to July 14
Little Schuylkill Nay.,RR.& Coal
314 Aug. 10 July 18 to Aug. 10
Louisville & Nashville
$5
Aug. 1 Holders of rec. July 150
Mahoning Coal RR., common
July 29 Holders of rec. June 26a
3
Michigan Central
$1.50
July
15 June 20 to July 14
Haven
Schuylkill
Mine Hill &
314 Aug. I July 19 to Aug. 2
NashoUle Chattanooga ch St. Louis
134 July 15 June 20 to July 19
N. Y. Central & Hudson River (guar.)._
114 Sept. 19 Holders of rec. Aug. 3Ia
Norfolk rtr Western, corn. (guar.)
Aug. 19 Holders of rec. July 310
1
Adiustrnent preferred (guar.)
$2
July 15 Holders of rec. June 30a
Northern Central
134 Aug. 1 Holders of rec. July 9a
Northern Pacific (guar.)
114 Aug. 31 Holders of rec. Aug. la
Pennsylvania RR. (quar.)
14 July 25 Holders of rec. July 15a
Pitts. CM.Chic.& St. L., pref.(aI.).-Aug. 13 Holders of rec. July 280
Reading Company, common (quar.).... 2
1
Sept. 10 Holders of rec. Aug. 250
First preferred (quar.)
s3
July 20s Mar. 3 to Mar.22
Union Pacific, common (special)
Street and Electric Railways.
3
Aug. 1 Holders of rec. July 18
Bay State Street Ry., let preferred.
$1 July 15 Holders of rec. June 30a
Boston Suburban Elec. Cos., pref
July 15 July 9 to July 15
2
BrOoklyn City RR. (guar.)
Aug. 1 Holders of rec. July 20
8
Chicago Railways, panic. UP. See. 1
to July 15
Cine. New. St Coy. L.&Tr.,com.(guar.). 134 July 15 July 1
July
15 July 1 to July 15
114
Preferred (guar.)
Aug. 1 Holders of rec. July 170
Com'wealth Pow., Ry.& Lt., coin. (qu.) 1
11.4 Aug. 1 Holders of rec. July 170
Preferred (quar.)
July 15 July I to July 15
2
Consolidated Traction of New Jersey
July 13 Holders of rec. July la
3
El Paso Electric Co., pref.(No. 24)
2
July 15 July 8 to July 15
Internat. Tree., Buffalo, pref. (No. 4)._
I% Aug. 1 Holders Of rec. July I50
Jacksonville Trac., corn.(qu.)(No. 14)_ _
114 Aug. 1 Holders of rec. July 150
Preferred (guar.) (No. 14)
Kentucky Securities Corp., pref. (guar.) 134 July 15 Holders of rec. June 30a
134 Aug. 1 Holders of rec. July 18
Lewiston Augusta & Watery., pref. (qu.)
July 15 Holders of rec. July la
Manchester Trac., Light & Pow.(guar.) 2
Milwaukee El. Ry. & L., pref.(gu.)(Vo.59) 134 July 31 Holders of rec. July 20
(guar.)
Montreal Tramways
2(4 Aug. 1 Holders of rec. July 14
134 July 15 Holders of rec. June 30
Ottumwa Ry. & Light, pref. (guar.)._ _ _
la
Philadelphia Co., corn,(guar.)(No. 131) 151 Aug. I Holders of tee. July 10a
24
Sept. I Holders of rec. Aug.
Five per cent non-cumulative preferred
Aug. 1 Holders of rec. July 151
Public Service Invest., corn. (No. 10)... $2
$1.50 Aug. 1 Holders of rec. July 15a
Preferred (quar.) (No. 21)
July 15 Holders of rec. July la
Puget Sound Tr..L.& P.,com.(qu.)(1
,
108) 1
114 July 15 Holders of rec. July la
Preferred (guar.)(No. 8)
Aug. 1 Holders of rec. July 15a
3
Railway & Light Securities, corn. & pref_.
114 July 15 Holders of rec. June 30
Republic Hy.& Light, pf.(qu.)(No. 12)_
July 15
Rt9 de Janeiro Tam.,5. 5?.(guar.)_
114 Aug. 1 Holders of rec.
15
Sao Paulo Tram.,L. & P.(guar.)
23-4 Aug. 1 Holders of rec. July
Tampa Electric Co.(quar.)(No. 39)214 Aug. 15 Holders of rec. Aug. 3a
United Rys.& El.of Baltimore,corn.(qu) 60c. July 15 Holders of rec. July 3a
United Traction, Pitts., pref
214 July 20 Holders of rec. July 10
15
West Penn Rys., pref.(guar.)
134 tug. 1 Holders of rec. July
West Penn Traction, pref. (guar.)
114 filly 15 Holders of rec. July 7
York Bits., preferred
31.25 July 31 Holders of rec. July 21
Trust Companies.
Broadway (guar.)
114 Aug. 1 July 22 to July 31
Miscellaneous.
Amer. Amleul. Chem..corn.(qu.)(No. 11) I
July 15 Holders of rec. June 220
Preferred (quar.) (No. 36)
114 July 15 Holders of rec. June 22a
American Chicle, common (guar.)
July 20,Holders of rec. July 140
1
Common (extra)
July 20 Holders of rec. July 146
1
American Cigar, common (guar.)
114 Aug. 1 Holders of rec. July 152
American Coal Products, pref. (gUar.).13( July 15 July 11 to July 14
Amer. 634 & Elec., pref. (quar.)(No.30) 114 Aug. 1 Holders of roe. July 18
Amlr. Light & True., can. (guar.)
214 Aug. 1 July 16 to Jule/ 31
Comnon (paya5le in common
214/ Aug. 1 July 16 to July 31
stock).Preferred (guar.)
114 Aug. 1 July. 16 to July 31
American Locomotive, preferred (quar.).
134 July 21 July 4 to July 21
Amer. Pipe & Constr. Securities, pref.
Aug. I Holders of rec. July 18
4
Amer. Seeding Machine, corn. (guar.)._
July 15 Holders of rec. June 30a
1
preperred (quar.)
114 July 15 Holders of rec. June 30a
Arnrrican Sewer Pipe
34 Oct. 1 Sept. 20 to Oct. 1
Amer. Telephone & Telegraph (quar.)
2
July 15 Holders of rec. June 306
American Type Founders,corn.(quar.)..
I.
July 15 Holders of ree. July 10a
Preferred (gum.)
July 15 Holders of roe. July 10a
g
American Woolen, pref (guar.)(No.61) 114 July 15 June 24 to July 6a
Ansconia Copper Mining (go.) (No. 55)
75e. July 15 Holders of rec. July 3
Asreciatel Gas & Elec., pref.(quer.)- -114 July 15 Holders of rec. June 30
Bell Telephone of Canada (guar.)
2
July 15 Holders of roe. June 24
Bell Telephone of Pennsylvania (quar.)_ _
114 July 15 July
7 to July 15
Brooklyn Borough Gas
3
July 20 Holders of rec. June 306
Brown Shoe, Irse., corn. (guar.)
1
Aug. 1 Holders of rec. July 25
Preferred (guar.)
194 Aug. 1 Holders of rec. July 25
Bush Terminal, common
2
July 15
Preferred
3
July 15
Name of Company.
99
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded)
Canadian Card. Foundry, Ltd., pf. (qu.) 134 July 25 Holders of rec. June 250
Central Coal &COke.corn. (guar.)._ __ _
114 July 15 July I to July 15
IM July 15 July I to July 15
Preferred- (guar.)
Chicago Pneumatic Tool (guar.)
1
July 25 July 16 to July 26
(monthly).
Cities Service, corn, and pref.
14 Aug. 1 Holders of rec. July I5a
Mat,Peabody & Co.,Inc., cons. (guar.)_ _
1
Aug. 1 Holders of rec. July 20
Commonwealth Edison (guar.)
2
Aug. 1 Holders of rec. July 15
Commonwealth Gas & Elec. Cos., cam
50e. July 15 Holders of rec. July la
Preferred (suer.)
$1.25 July 15 Holders of rec. July la
Consolidated Car Heating
2(4 July 15 July 1 la) July 14
Consolidation Coal (quar.)
134 July 31 Holders of rec. July 23a
Corn Products Refining, pref. (guar.).- 114 July 15 Hoidens of rec. July 50
Cuba Company, preferred
314 Aug. 1 Holders of rec. June 30
Cuyahoga Telephone, fire!.(guar.)
114 July 31 Holders of rec. July 150
Dayton Power & Light, pref.(guar.).
114 July 15 Holders of rec. June 30a
214 July 15 Holders of rec. July la
Delaware Lack. & West. Coal (quar.)..._
Detroit Edison (quar.)
134 July 15 Holders of rec. June 30a
Diamond Match (guar.)
114 Sept. 15 Holders of rec. Aug. 31a
Distilling Co. of Amer., pref.(quar.)....
15 July 31 Holders of roe. July ha
Dominion Coal, Ltd., preferred
314 Aug. 1 Holders of rec. July 17
Dominion Power & Transmission, pref. _
312 July 15 June 22 to June 30
Dominion Textile, pref. (quar.)
151 July 15 Holders of rec. June 30a
daPont (E.I.)deNem.Pow..pref. (quer.). 114 July 25 July 16 to July 26
Eastman Kodak, cam. (quar.)
23 Oct. 1 Holders of rec. Aug. 31
5
Sept. 1 Holders of rec. July 31
Common (extra)...
214 Oct. 1 Holders of rce. Aug. 31
Common (extra)
Preferred (guar.)
114 Oct. 1 Holders of rec. Aug. 31
Aug. I Holders of rec. July 15
Edison El. III. of Boston (qu.)(No. 101) 3
114 Aug. 1 Holders of rec. July 250
Electrical Securities Corp., pref. (guar.).
Electric Bond & Share,cons. (qu.)(No.21)_
2
July 15 Holders of rec. July 13a
Preferred (guar.) (No. 37)
114 Aug. 1 July 23 to Aug. 2
Elec, Utilities Corp., pt.(qu.)(No. 17).. 134 July 16 Holders of roe. July 36
Aug. 1 Holders of rec. July 15
EurekaPipe Line
8
Ft. Worth Pow. & L.,Pf.(qu.)(No. 12)_ _ _
114 Aug. 1 Holders of rec. July 22a
General Electric (guar.)
2
July 15 Holders of rec. June la
Harbison- Walker Refract., pref. (guar.)__ _
114 July 20 Holders of rec. July 10
Harrison Bros. & Co., Inc., pref. (guar.) 1
Aug. 1 Holders of rec. July 29a
Hercules Powder, pref. (guar.)
134 Aug. 15 Holders of rec. Aug. .5
Homestake Mining (monthly)(No.476)_
65e. July 25 Holders of rec. July 20
Illinois Brick
3
July 15 July 4 to July 15
Illinois Northern Utilities (guar.)
114 Aug. 1 July 21 to July 31
Indiana Pipe Line (guar.)
$3 Aug. 14 Holders of rec. July 25
Int. But.-Hole Sew. Mach.(qu.)(No.67)
July 15 Holders of rec. July 3
Int. Harvest.of N.J.,com.(qu.)(N0.18) 114 July 15 Holders of rec. June 250
Int. Harvester Corp.,com.(qu.)(No.7)_
134 July 15 Holders of rec. June 250
International Nickel,common (quar.).._
214 Sept. 1 Aug. 15 to Sept. 1
Preferred (quar.)
114 Aug. 1 July 15 to Aug. 2
International Paper, pref. (guar.)
.14 July 15 Holders of rec. July 60
Island Creek Coal, common (guar.)
50o. Aug. 1 Holders of rec. July 15
Common (extra)
Aug. I Holders of rec. July 15
83
Kayser (Julius)&Ist& 2d pr.(qu.)_
134 Aug. I Holders of rec. July 20a
La Rose Consolidate Mines (guar.).
214 July 20 July 1 to July 17
Lehigh Coal & Nay. (guar.)(No. 143)._ $1
Aug. 31 Holders of rec. July 314
Lehigh Valley Coal Sales (guar.)
214 July 18 Holders of rec. July 9
Loose-Wiles Biscuit, 2d pref.(qu.)(No.0) 134 Aug. 1 July 16 to Aug. 2
MacAndrews At Forbes. COM.
234 July 15 Holders of rec. June 30a
Preferred (quar.)
114 July 15 Holders of rec. June 300
Manufacturers' Light & Heat (quar.)..._
to
2
July 15 July 1
July 15
Massachusetts Gas Cos.,corn.(quar.)
1
Aug. 1 Holders of rec. July 15
Massachusetts Ltg. Cos., old com.(cm).$1.75 July 15 Holders of rec. June 250
New common (quar.)
25o. July 15 Holders of rec. June 250
New preferred (quar.)
$1.50 July 15 Holders of ree. June 256
McCall Corporation, common
Aug. 1 Holders of rec. July 24
Mexican Telegraph (guar.)
234 July 16 Holders of rec. June 30a
Miami Copper (gear.)(No. 10)
50e. Aug. 15 Holders of roe. Aug. la
Montreal Telegraph (quar.)
2
July 15 Holders of rec. June 30
Mountain States Telep. & Teleg. (guar.). 11( July 15 Holders of rec. June 300
National Biscuit.com.(guar.)(No.64)._
IM July 15 Holders of rec. June 27a
National Carbon, common (quar.)
134 July 15 July 5. to July 15
National Fire Proofing, pref.(guar.)._
1
July 15 Holders of rec. July 3
National Properties, preferred
3
BOy 15 5 (alders of rec. June 30
New York Transit (guar.)
8
July 15 Holders of rec. June 24
Niagara Falls Power (quar.)
2
July 15 Holders of rec. June 300
Nipissing Mines Co. (quar.)
July 20 July 1 to July 20
5
Northern Ontario Lt. & Pow. Ltd.. pref. 3
July 15 Holders of rec. June 3(a
Northern States Power, pref.
134 July 15 Holders of rec. June 30
Nova Scotia Steel & Coal. Ltd.,com.(qu.) 114 July 15 Holders of rec. June 310
Preferred (guar.)
2
July 15 Holders of rec. June 310
Omaha Elec. Light & Power, preferred _
214 Aug. 1 Holders of rec. July 20a
Osceola Consolidated Mining (guar.)
$I July 30 Holders of rec. July 11
Otis Elevator, common (guar.)
134 July 15 Holders of rec. June 30
Preferred (guar.)
114 July 15 Holders of rec. June 30
Pacific Telep. & Teleg., pref. (quer.)_ _ _
114 July 15 July 1 to July 15
Penmans Limited, common (quar.)
1
Aug. 15 Holders of rec. Aug. 5
Preferred (quar.)
13-4 Aug. 1 Holders of rec. July 21
Lighting,
Pennsylvania
preferred (guar.) 134 July 15 Holders of roe. June 30a
Pennsylvania Salt Mfg. (guar.)
3
July 15 Holders of rec. June 30a
Pittsburgh Coal, pref. (guar.)
131 July 25 Holders of rec. July 15a
Pittsb. Term. Wareh.& Trans?. (mthly.) 183.1c. July 15 Holders of rec. July 8
Procter & Gamble, common (guar.)
4
Aug. 15 July 26 to Aug. 16
Common (extra, payable In corn. stock) 41 Aug. 15 July 26 to Aug. 16
Preferred (guar.)
2
July 15 Holders of rec. June 30a
Pub. Serv. Co.of Nor. III., corn.(guar.)_
194 Aug. 1 Holders of rec. July 15
Preferred (guar.)
114 Aug. 1 Holders of rec. July 15
Quaker Oats, common (guar.)
214 July 15 Holders of rec. July la
Preferred (guar.)
114 Aug. 31 Holders of rec. Aug. la
Realty Associates (No. 23)
July 15 Holders of rec. July 6
3
Reece Button-Hole Mach.(qu.)(No:113)_
July 15 Holders of rec. July 3
3
Reece Folding Mach. (guar.) (No. 21)
1
July 15 Holders of rec. July 3
Securities Company
214 July 15 Holders of rec. June 30
Securities Corporation General (quar.). _
114 July 15 Holders of rec. June 30a
Shawinigan Water & Power (guar.)
114 July 20 Holders of roe. July 'to
Sierra Pac. El. Co., pref. (qu.)(No. 20). 114 Aug. 1 Holders of roe. July 15a
Silversmiths Co. (guar.)
1
Aug. 15 Holders of rec. Aug. 7
Southern Calif. Edison, pf. (qu.) (No.20) 114 July 15 Holders of rec. June 30
Stewart-Warner Speedometer,corn. (qu.) 114 Aug. 1 July 25 to July 31
Preferred (gear.)
114' Aug. 1 July 25 to July 31
Torrington Company. common
Aug. 1 Holders of rec. July 170
4
Underwood Typewriter, common (mar.) I
Oct. I Holders of rec. Sept. 210
Preferred (guar.)
194 Oct. 1 Holders of rec. Sept. 210
Union Natural Gas Corp.(qu.)(No. 44).
214 July 15 July 1 to July 15
United Cigar Mfrs., common (gust.)... 1
,a
Aug. I Holders of rec. July 2
Preferred (guar.)
13-4 Sept. 1 Holders of tee. Aug. 2'a
United Cigar Stores of Am.corn.(gu.)(No.7) 114 Aug. 15 Aug. 1 to Aug. 16
United Fruit (guar.)(No.60)
July 15 Holders of rec. June 260
2
United Gas & Electric Co., preferred...214 July 15 Holders of rec. June 30
United Gas Improvement (quar.)
St July 15 Holders of rec. June 300
U.S. Industrial Aleobal. pf.(qu.)(No.31) 114 July 15 Holders of rec. July 80
U. S. Rubber, common (war.)
114 July 31 Holders of roe. July lra
First preferred (guar.)
July 31 Holders of roe. July Ira
2
Second preferred (guar.)
114 July 31 Holders of rec. July Ira
U.S.Smelt., Rfg. & Min., corn,(quar.)_
75e July 15 Holders of rec. June 30
Preferred (quar.)
87140 July 15 Holders of rec. June 30
Utah Consolidated Mining
50e. July 27 H olders of rec. July II
Va.-Carolina Chem.,Prof. (go.)(No. 75) 240. July 15 Holders of rec. June Na
Warner(Chas.)Co. of Del.,1stch20 pf.(gu.)_
134 July 23 Holders of rec. June 30
Wells, Fargo & Co
July 15
July 15 July 1 to
3
Western Stater Gas & Elec., pref. (quar.) IM July 15 Holders of rec. June 30
Western Union Teleg.(qu.)(No. 181)
July 15 Holders of rec. June 200
1
Westinghouse Air Brake (guar.)
$2 July 15 Holders of rec. June 300
Westinghouse El.& Mfg., corn.(quar.)..
1
July 30 Holders of rec. June 310
Preferred (quar.)
194 July 15 Holders of rec. June 316
1Thite(J.0.)&09..Dic..W. (gu.) (No. 45)
114 Aug. 1 Holders of rec. July 22
Woolworth (F. W.)Co.,com(q.u.)(No.9) 134 Sept. 1 Holders of rec. Aug. lea
a 'Transfer books not closed for this dividend. b Less British income tax. d Correction. e Payable In stock. /Payable in common stock. e Payable in eerie.
A On account of accumulated dividends. a A distribution of Salto. & Ohio stock to
be made, vie.. $12 par value of B. & 0. pref. and $2250 par value B.& 0. tromnu n
for each share of Union Pacific cc mmon ock held, payment of staid extra dividends,
both cash and mock. being post! oned from Apr.1 to July 20 on account of litigation.
xctx
THE CHRONICLE
100
Auction Sales.-Among other securities, the following,
not usually dealt in at the Stock Exchange, were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Percent.
Per cent. Shares.
Shares.
19244
50 Lawyers Mortgage Co
401
50 Bankers Trust Co
Co
Trust
Nassau
19534
40
A48
Co_
Tr.
&
I.
Title
20 Lawyers
60 J. Edward Ogden Co_ _ __SS per at'.
10 N. Y. Life I. & Tr. Co_950-1005
600 Greeley Sq. Hotel, com.$6 per sh.
57 Title Guar. & Trust Co_402-40734
17 Mechanics Bank, Bklyn__ _ _180Si
50 New Dominion Copper,Ltd.$10lot
100 Argentum Jun. Mg.,$2 ea..1
5 Importers& Traders Nat Bk_500
Gold KnotMg.&T.S.,S1 ea. $5 lot
2,000
185%
Bank,
Nat.
Mercantile
20
100 Union Leasing & Mg.,$1 ea.
paid in liquidation__.22/4 per eh.
164 Franklins Inc.,$10 ea-2634 per at'.
3 National Cordage, coin- _ _53 lot
The capital of the trust companies is as follows: Brooklyn, $1,
$10,000,000: United States Mortgage & Trust. $2,000,000: Astor, 81,250,000: Title
Guarantee & Trust, $5,000,000; Guaranty, $10,000,000: Fidelity, $1,000,000:
Lawyers'Title Insurance & Trust,$4,000,000: Columbia-Knickerbocker.$2,000,000:
People's, $1,000,000 New York, $3,000,000: Franklin, $1,000,000: Lincoln, 51,000,000: Metropolitan, $2,000,000: Broadway, $1,500,000; total, $46.250.000.
For definitions and rules under which the various items are
made up, see "Chronicle," V. 85, p. 836, in the case of the
banks, and V.92, p. 1607, in the case of the trust companies.
DETAILED RETURNS OF BANKS.
We omit two ciphers (00) to all roam
By Messrs. R. L. Day & Co., Boston:
$ per $h. Shares.
$ per oh.
& Grinder,Pre-- _ 91
n La
10 Rivethe
305
1 National Union Bank
170
208
By Messrs. Barnes & Lofland, Philadelphia:
Shares.
$ per sh.
2 Franklin Fire Ins
50
8 J. G. Brill, pref
100
40 Buckley, Woodhull & Burns,
$50 each
gl lot
1 2d & 3d Sts. Pass. Ry
241
870 Pleasantville Water
$125 lot
Bonds.
Percent.
$1,000 W. J. & Seashore RR., let
cons. 334s, 1936
89
$1,000 P. Bait.dr Wash. 1st 4s, 1943 9834
24,000 Concord, N.C., Gas 1st 6s,
1942
9734
$1,000 Roanoke Ry. & Elec. 1st
cons. 55, 1953
95
$2,000 Kan.C.,Mo.,Gas 1st 5s,'22 8854
52.000 Consol. Trac., N. J., 1st ta.
1933
102%
By Messrs. Samuel T. Freeman & Co., Philadelphia:
$ per sh.iShares.
Shares.
$ per eh.
2 Frank( & So'wark Peas. Ry__ _360
2 Farmers & Mech. Nat. Bank_ _ _135
270
12 East Mahanoy RR., $50 each__ 52
20 Corn Exchange Nat. Bank
Canadian Bank Clearings.-The clearings for the week
ending July 4 at Canadian cities, in comparison with the
same week of 1913, shows a decrease in the aggregate of
10.9%.
c4e4.-Zam....4
$ per sh.
Shares.
1,000 Inter-Continent Film, Inc.,
$250 lot
$20 each
480
5 Franklin Nat. Bank
325 Blaisdell Paper Pencil,$10 ea. 9
16 Amer. Type Founders, pref__ 9034
34 Alliance Insurance, $10 ea_ 16-1634
10 Farmers& Mech.Nat.Bank _18334
3 Nat. State Bank, Camden __20744
10 Franklin Trust Co., $50 each 54
8 Peoples Trust Co., $50 each. 46
12 Real Est. Trust Co., com___ 35
7 Real Est. Trust Co., pref_ _ _ 85
2 Fire Association of Phila.,
33041-33034
$50 each
10 Indepen. F. I. Secur.,525 ea_ 25
8 Phila. Life Ins., 510 each _ _ 1044
30 Frank. & So'wark Pass. Ry_360
115
3 Quaker City Nat. Bank
New York____
Manhattan Co
Merchants'___
Mech. & Met_
America
City
Chemical ___.
Merchants'Ex.
Butch ..StDrov.
Greenwich
American Ex_
Commerce
Pacific
Chat. & Phen_
People's
Hanover
Citizens' Cent.
Market & Fult
Metropolitan _
Corn Exchange
Imp.derradent
Park
East River__.
Second
First
Irving
Bowery
N.Y.County_
German-Amer.
Chase
Fifth Avenue_
German Exch.
Germania....
Lincoln
Garfield
Fifth
Metropolis
West Side
Seaboard
Liberty
N.Y.Prod.Ex.
State
Security
Coal & Iron
Union Exch..
Nassau. Bklyn
Capital. Surplus.
R.ggengSRPA
.R.C.
"1°e°eRCIRCIRASSRg°
"'R.SSSCIRC RR°RgC.
SC.
By Messrs. Francis Henshaw & Co., Boston:
Shares.
20 Old Colony Trust Co
5 Great Falls Mfg
Banks.
005 omitted.
88§§§§§§§
.C10.
0
,
.
01 §§4
0
.
4§2
0
9
.
0
0Is§888
,
g82
01
7§82.81
88§
44§§
.
gg8§§§
V
C101
aN0100..1
.4.N. 01
$ per sh.
$ per sh. Shares.
Shares.
$10 lot
500 Pure Food Pkge. corn
130
40 Old Boston Nat. Bank
1,000 Gen.Ry.Equip., Me.,com_$10 lot
97
2 Dartmouth Mfg., pref
3734 Nat. Auto. Machine, Vt__$5 lot
9 Fremont & Suffolk Mills___ _ 100
84
50 Taunton Gas Light rights__ 2034
4 Merrimack Mfg., pref
1 Boston Athenaeum,$300 par 300
190
4 East Middlesex St. RS,
Mass.,
11 Essex Co
of
Pkge.,
18734
Food
1,000 Pure
100. per sh.
pref
$
4.325,4
4,914.6
2,190,0
8,854,2
8.323,2
33.141,8
7,715,5
751,5
114,5
1,133,8
4,759,8
16,939,5
1,007.2
1,404.0
464,3
15,003,1
2,444,5
1,962,4
1,868,9
6.868,2
7,8,51,7
14,490,9
57.8
2,848,0
23,374,8
3,528,0
790,3
1,922.2
689,7
10.153,3
2,241,9
822,5
1,040,9
1,766,8
1,296,0
500,8
2,229,0
915.4
2,616,1
2,828,0
955,0
425,6
348,5
578,5
1,001,0
1,171,5
Loans.
Average.
Specie. Legal:. Na Depos- Re.
Average. Average. its, Aver. serve.
$
23,524,0
37,370,0
21,791,0
86,684,0
24,955,0
211,705,0
28,808,0
8,530,0
1,893,0
10,055,0
51,090.0
144,042,0
5,187,0
22,605,0
1,796.0
85,818,0
23,119,0
9,315,0
11,001,0
66,701,0
26,895,0
93/403,0
1,589,0
13,484,0
119,597,0
46,291,0
3,158,0
8,677,0
4,257,0
106,293,0
12,540,0
3,223,0
4,908,0
14,289,0
9,413,0
3,883,0
13,003,0
3,874,0
26,360,0
25,743,0
9,644,0
19,078,0
11,511,0
6,967,0
10,213,0
8,377,0
$
4,477,0
13,562,0
4,284,0
18,459,0
4,970,0
61,299,0
3,840,0
2,099,0
420,0
2,638,0
11.708,0
24.275,0
733,0
4,077,0
496,0
22,040,0
5,415,0
1,620,0
2,744,0
16,095,0
4,109,0
22,326,0
345,0
2,953,0
23,132,0
10,027,0
767,0
1,467,0
823,0
23,761,0
2,681,0
549,0
1,104,0
5,083,0
2,259,0
735,0
2,219,0
751,0
6,268.0
6,083,0
2,406,0
5,859,0
2,231,0
1,163,0
2,113,0
1,581,0
$
1,431,0
1,411,0
1,342,0
5,632,0
1,747,0
4,424,0
2,418,0
252,0
60,0
220,0
2,053,0
5,166,0
818,0
1,555,0
151,0
3,124,0
612,0
933,0
337,0
3,884,0
2,068,0
2,524,0
114,0
131,0
1,154,0
2,893,0
60,0
733,0
214,0
5,330,0
1,054,0
399,0
251,0
1,282,0
210,0
231,0
1,134,0
420,0
1,828.0
1,146,0
431,0
287,0
1,259,0
680,0
350,0
194,0
$
22,169,0
47,000,0
22,175,0
94,219,0
24,702,0
220,542,0
24,660,0
8,244,0
1,992,0
11,359,0
53,077,0
123,483,0
5,009,0
23,527,0
2,315,0
98,210,0
22,422,0
9,414,0
11,053,0
79,066,0
24,361,0
97,374,0
1,856,0
12,258,0
107,628,0
50,025,0
3,438,0
8,973,0
4,039,0
119,923,0
13,840,0
3,850,0
5,561,0
16,959,0
9,711,0
4,101,0
13,128,0
4,654,0
30,912,0
28,657,0
10,978.0
24,647,0
13,769,0
7,210,0
10,252,0
7,344,0
%
26.6
31.8
25.3
25.5
27.1
29.8
25.3
28.5
24.0
25.1
25.9
23.8
30.0
23.9
27.9
25.6
26.8
27.1
27.8
25.2
25.3
25.5
24.7
25.1
22.5
25.8
24.0
24.5
25.6
24.2
26.9
24.6
24.3
37.5
25.4
23.5
25.5
25.1
26.1
25.2
25.8
25.0
25.3
25.5
24.0
24.1
Totals,average 128,550,0 208,628,4 1482,639,0 338,046,0 63,947,0 1540,086,0 26.1
Week enling July 4.
Actual figures July 3...
Clearings at1914.
Canada-Montreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
St. John
London
Calgary
Victoria
Edmonton
Regina
Brandon
Saskatoon
Moose Jaw
Lethbridge
Brantford
Fort William__
New Westminster
Medicine Hat_ _
43,824,533
43,126,685
20,553,667
7,424,647
3,025,216
2,456,516
1,533,275
2,865,572
1,544,756
1,264,209
5,441,428
2,293,456
2,956,227
1,553,531
321,808
888,713
780.132
335,158
521,102
720,042
296,471
318,338
Total Canada.
144,045,482
1913.
Inc.or
Dec.
1912.
1911.
-10.4
+8.3
-23.3
-35.3
-13.9
-25.0
-24.8
-22.7
+10.5
-17.1
+37.9
-36.1
-21.8
-25.7
-38.7
-38.4
-12.1
-23.3
-1.3
-24.4
-34.8
-34.8
56,344,502
47,366,132
23,984,168
12,306,334
4,473,367
4,064,446
1,931,624
4,083,724
1;458,926
1,528,985
4,587,362
3,100,192
2,272,375
1,522,240
639,437
1,910,363
1,107,861
462,031
527,369
659,351
48,642,646
46,337,672
21,489,938
10,559,886
4,653,955
3,251,123
2,056,125
2,995,841
1,561,461
1,654,168
4,028,893
2,669,366
1,995,219
1,337,610
607,379
1,078,942
796,641
583,849
635,568
161,807,243 -10.9
174,331,289
156,940,282
48,911,798
39,824,255
26,807,036
11,472,928
3,514,643
3,277,297
2,039,913
3,706,331
1,397,474
1,524,034
3,944,808
3,586,041
3,782,824
2,091,072
524,216
1,442,033
899.208
437,561
527.953
952,456
454,891
438,471
Statement of New York City Clearing-House Banks
and Trust Companies.-The detailed statement below
shows the condition of the New York City Clearing-House
members for the week ending July 3. The figures for the
separate banks are the averages of the daily results. In
the case of the totals, actual figures at the end of the week
are also given:
DETAILED RETURNS OF TRUST COMPANIES.
Trust Cos.
00$ °allied.
On Dep.
Net
Surplus. Loans. Specie. Sepsis. withC.11. Deposits. Reserve.
Average. Average. Average. Banks. Average.
$
$
$
$
s
2,
%
898,0 ,e3,943,0 19.966,0 15.0+164
3,741,5 25.387,0 2,095,0
Brooklyn
14,801,0 134,739,0 15,691,0 1,140,0 15,036,0 111,889,0 15.0+11..8
Bankers
796,0 8,554,0 31,617,0 15.0+20.5
U.S. M.az Tr. 4,412.0 38,655,0 3,951,0
128,0 2,773,0 14,723,0 14.0+15.6
1.349,9 20,789,0 1,928,0
Astor
367,0 2,158,0 22,518,0 15.2+ 8.6
Title Guar.&T. 11,736,1 34,307,0 3,059,0
19,839,0
1,174,0
24,149,0 131,009,0 16.0+15 5
189,661,0
24,256,5
Guaranty
939,0
50,0
924,0 6,380,0 15.5+12..0
1,352,4 7,900,0
Fidelity
462,0 1,658,0 11,643,0 14.8+12.4
Lawyers'T.I&T 5,544,3 15,670,0 1,268,0
865,0 5,114,0 38,598,0 15.0+11.6
7,351,6 47,750,0 4,912,0
Col.-Knicker
383,0 2,352,0 14,892,0 14.8+13.3
1,572.6 15,856,0 1,825,0
People.'
415,0 6,295,0 29,682,0 15.1+17.4
New York.._._ 12,020,0 46,107,0 4,085,0
951,0
158,0 1,434,0 7,231,0 15.3+15.7
1,228,4 10,252,0
Franklin
243,0 1.021,0 8,976,015.2+10.2
547,5 10,290,0 1,124,0
Lincoln
170,0 3,321,0 19,803,0 15.0+14.2
6,794,3 23,252,0 2,800,0
Metropolitan
686,0 2,166,0 13,794,0 15.0+13.5
838,9 13,960,0 1,372,0
Broadway
Tams,average 97,557,0 639,575,0 65,839,0 7,935,0 80,898,0 482,721,0 13.2+171
-Actual figures July 3_ 641,574,0 65,554,0 7,517,0 74,306,0 483,037,0 15.1+13.3
1474,926,0 325,888,0 64,505,0 1521,676,0 25.6
Circulation.-On the basis of averages,circulation of national banks In the Clearing
House amounted to $41,285,000 and according to actual figures was $41,549,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
lulu 3.
Capital. Surplus.
Loans.
Specie.
On Dep.
Legal
Mitt C.H.
Net
Tenders. Ranks. Deposits.
$
$
S
$
$
$
$
Averages.
1 540,086,0
Banks.... 128,550,0208,628.4 1,482,639,0338,046,0 63,947,0
Trust cos_ 46,250,0 97,557,0 639,575,0 65,839,0 7,935,0 80,898,0 482,721,0
Total- 174,800,0306,18512.122,214,0403,885,0 71,882,0 80,898,0 2,022,807,0
Actn•l.
1,474,926,0 325,888,0 64,505,0
1,521,676,0
Banks.....
641,574,0 65,554,0 7,517,0 74,305,0 483,037,0
Trust cos2.116.500.0391.442.0 72.022.0 74 am 09 nns 711 n
'Tntei
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under its
charge. These returns cover all the institutions of this class
in the whole State, but the figures are compiled so as to
distinguish between the results for New York City (Greater
New York) and those for the rest of the State, as per the
following:
For definitions and rules under which the various items
are made up, see "Chronicle," V. 98, p. 1661.
STATE BANKS AND TRUST COMPANIES.
Week ended July 3.
Trust Cos.
State Ranks
Slate Banks
Trust Cos.
in
in
outside of
outside of
Greater N. P. Greater N. Y. Greater N. P. Greater N. P.
Capital as of March 2. _ _
23,137,400
67,900,000
10,588,000
10,750,000
Surplus as of March 2_ _ _
29,457,000
164,517,300
14,063,889
13,006,407
Loans and investments__
Change from last week.
328,298,200 1,125,682,400
+3,852,700 -1,244,100
131,486,600
-176,200
187,982,900
+337,60D
Gold
Change from last week_
50,492,800
-1.679,600
97,871,900
+2,582,900
Currency and bank notes_
Change from last week_
29,298,600
+1,001,700
16,712,600
--3,603,200
138,924,900
+1,086,300
199,063,700
+1,922,700
IPMel
28.388,200
+339.800-
Deposit.
Change from last week
445,432,600 1,298,491,100
+19,762,200 +6,960,300
Reserve on deposits
Change from last week_
105,139,400
+340,400
269,153,400
--8,255,200
25,411,600
+215,700
P. C. reserve to deposits
Percentage last week
29.1%
29.2%
27.4%
28.1%
20.1%
19.9%
+ Increase over last week. -Decrease from last week.
15.4%
15.2%
THE CHRONICLE
JULY 11 1914.1
101
The Banking Department also undertakes to present
Reports of Clearing Non-Member Banks.-Thefollow
separate figures indicating the totals for the State banks and ing is the statement of condition of the clearing non-member
trust companies in Greater New York, not in the Clearing banks for the week ending July 3, based on average daily
House. These figures are shown in the table below, as are results:
We omit two ciphers in all these figures.
also the results (both actual and average) for the Clearing
and
trust
banks
companies. In addition we have
House
On
Legal
Loans,
Tender Deposit
Easels
combined each corresponding item in the two statements,
Banks.
cam- Sur. and Specie, and with
Na
Bank C.-H. Detroit:I.
plus. InvestMI.
thus affording an aggregate for the whole of the banks and
Notes. Bank:.
MeMl.
trust companies in Greater New York.
New York City.
$
5
$
5
$
NEW YORK CITY BANKS AND TRUST COMPANIES.
Clear.-House Clear.-House State Banks & Total of all
Members
Members
Trust Cos. not Banks dc Tr.
Actual Figs.
Average.
in C.-H.. Av. Cos., Aver.
Week ended July 3.
{National
March
Capital
State
March
Surplus
banks
4 and
banks
2_ _ _ _
174,800.000
174,800,000
306,184,400
306,185,40
28,837,400 203,637,400
73,378,300 379,563,700
Loans and investments__ 2,116.500,000 2,122,214,000
Change from last week --1,871,000 +3,951,000
572,977,200 2,695,191,200
--1,418,600 -I-2,532,400
2,004,713,000 2,022,807,000 5575,674,300 2,598,481.300
Deposits
Change from last week -21,684,000 -10,584,000
+10,800 --10,573,200
391,442,000 403,885,000
Specie
Change from last week --26,134,000 -15,963,000
543,153,300 447,038,300
-147,600 -16.110,600
Legal-tenders
Change from last week
72,022,000
--956,000
71,882,000
-5,129,000
c9,887,400
81,769,400
-42,800 -5,171,800
Banks: Cash in vault_ _ _ _
Ratio to deposits
390,393,000
25.65%
401,993,000
26.10%
12,207,000 414,200,000
11.95%
Trust Cos.: Cash in vault
73,071,000
73,774,000
40,833,700
Aggr'te money holdings. 463,464,000 475,767,000
Change from last week _-27.090,000 -21,092,000
Money on deposit with
74,306,000
other bits. and tr. cos_ _
Change from last week --11,086,000
114,607,700
53,040,700 528,807,400
-190,400 -21,282.400
80,898,000
-4,263,000
100,860,200 181,758,200
---4,963,8001 -9,226,800
Total reserve
537,870,000 556,665,000
Change from last week --38,176,000 -25,355,000
153,900,900 710,565,900
--5,154,200 --30,509,200
$
$
Manhattan and Bronx.
Washington Heights_ 100,0
369,8 1,657,0 100,0
Battery Park Nat..... 200,0
118,5 1.648,0 408,0
Century
500,0
501,9 6,712,0 631,0
Colonial
400,0
712,9 7.302,0 825,0
Columbia
300,0
697,0 6,225,0 646,0
Fidelity
200,0
189,8
973.0 103,0
Mutual
200,0
491,4 5,792,0 577,0
New Netherland
329,8 3,384,0 335,0
200,0
Yorkville
100,0
525,5 4,692,0 621,0
Brooklyn,
First National
300,0
686,4 3,895,0 378,0
Manufacturers' Nat_. 252.0
966,3 5,732,0 667,8
Mechanics'
1,600,0
848,8 14,047,0 1,554,0
National City
300.0
590,2 4,610,0 547,0
North Side
200,0
190,3 2,666,0 233,0
Jersey City.
First National
400,0 1,404,8 4,147,0 314,0
Hudson County Nat_ 250,0
832,4 3,353,0 217,0
Third National
200,0
445,2 2,445,0
99,0
Hoboken.
First National
220,0
684,7 4,739,0 303,0
Second National
125,0
292.1 3,943,0 192,0
Total
Since Jan. 1.
Dry goods
General merchandise
28.45%
15.28%
17.44%
9.36%
19.01%
32.72%
28.37%
The averages of the New York City Clearing-House banks
and trust companies, combined with those for the State banks
and trust companies in Greater New York City outside of the
Clearing House,compare as follows for a series of weeks past:
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
698,0
509,0
1,646,0
1,526,0
$2,089,753
11,415,368
33,183,656
13,215,085
Total 27 weeks
+ Increase over last week. -Decrease from last week.
a These are the deposits after eliminating the item "Due from reserve depositaries
and from other banks and trust companies in New York City and exchanges", with
this Item included, deposits amounted to $672,375,600. a decrease of $2,396,500
from last week. In the case of the Clearing-House members, the deposits are "legal
net deposits" both for the average and the actual figures. b Gold. c Currency and
bank notes.
2.953.0
1,942.0
1,315,0
42,0
54,0
I
1912.
1913.
1914.
Total
10,589,450
18,337,350
Change from last week -20,768,400 -- 17,439,900
Total
333,0 5,719,0
583,0
67,0
830,0
145,0
FOREIGN IMPORTS AT NEW YORK.
Dry goods
General merchandise
% of cash reserves of trus t cos.Cash In vault
15.12%
Cash on dep. with bks.
13.33%
895,0 3,253.0
47,0
789,0 5,147,8
90,0
776,0 3,598,0 15,746,0
108,0 1,001,0 4,523,0
358,0 2,838,0
126,0
Imports and Exports for the Week.-The following are
the imports at New York for the week ending July 4; also
totals since the beginning of the first week in January:
16,971,500
1,365,850
9,974,000
615,450
1,281,0
1,845,0
6,828,0
7,425,0
7,130,0
941,0
5,687,0
3,559,0
5,099.0
292,0
164,0
715,0
795,0
836.0
70,0
647.0
349,0
645.0
Totals July 7....... 6,247,0 10,877,5 37,962,0 8,750,0 3,774,0 19,491,0 80,684,0
Totals June 20
5,647,0 10,556,f 33,528,0 8,598,0 3,786,0 18.374,0 76,621.0
Totals Juno zn
6 6,47
n in Skit r 55 I'M 08 405 n 3 785 0 18.678.0 76.276.0
••••
For Week.
Surplus CASH reserveBanks (above 25%)__
Trust Cos.(above 15%)
79,0
62,0
421,0
463,0
415,0
33.0
212,0
112,0
189,0
1911.
152,490,130' 82,021,471
13,255,2791 12,216,802
$16.398,741 313,505,6211 515,745,409 $14,238,273
1
$96,980,941 $77,306,075. $74,135,862 $72,211,417
443,470,353 433,901,7151 447,710,810 377,304,385
5540,451,294 5511.207,790 5521,846.672 $449,515,802
The following is a statement of the exports (exclusive of
specie) from the port of New York to foreign ports for the
week ending July 4 and from Jan. 1 to date:
EXPORTS FROM NEW YORK.
1913.
1914.
1911.
1912.
$12,301,269 $11,776,681 $9,939,416 $10,392,966
471,184,914 477,582,311 425,349,153 394,773,097
For the week
Previously reported
$443,486,1833489,358,992 3435,288,569 5405,166,063
Total 27 weeks
The followng table shows the exports and imports of
specie at the port of New York for the week ending July 4
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Loans and
- Investments
Week Ended,
way
way
May
May
May
June
June
June
tune
July
2....
9.....
16....
23....
29-6.._
13__
20....
27____
3-__
5
2,694,809,4
2,685,671,8
2,708,109,8
2.696,008,6
2,688.390,6
2.686,486,8
2,693,062,4
2,704,916,9
2,692,658,8
2,695,191,2
Deposits.
Specie.
LegsIs.
TotMoney Entire Res
Holdings onDeposil
$
2,625,328,0
2,619,688.2
2,649,525,0
2,644,890,3
2.632,782.6
2,628,539,3
2.631,571.3
2,632,876,6
2,609,054,5
2,598.481,3
5
485,471,7
486,377,9
488.457,8
492,498,3
492.298,7
486.598,3
482,504,2
471,020.8
463,148,9
447,038,3
$
81.530,0
82,242,7
36.387,3
87.143,1
85.034,6
83,528,5
84,582,7
87,872,3
86,941,2
81.769.4
$
567,051,7
568,620,6
574,825,1
579,641,4
577,333,3
570,126,8
567,086,9
558,803,1
550,000,1
528.807.7
$
683,732,8
694,193,3
778,420.2
783,061.1
789,469.8
775,756.4
762,028.6
753.271.7
741,075,1
710 565 5
Boston and Philadelphia Banks.-Below is a summary
of the weekly totals of the Clearing-House banks of Boston
and Philadelphia:
We omit two ciphers (00) in all hese figures.
Banks.
Capital
and
Surplus,
Loans.
Specie.
Boston.
May 16.
May 23_
May 29.
June 8June 13June 20.
June 27_
3_
July
Phila.
May 16.
May 23.
May 29.
June 6_
June 13_
Tune 20.
June 27_
3_
July
$
60,735,0
60,735,0
80,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
Legals. Deposits,
a
5
5
235,264,0
236,999,0
238,392,0
238,419,0
238,659.0
239,768,0
239,288.0
242,616,0
s
32,818,0
34,576,0
33,767,0
30,602,0
31,041,0
30,423,0
30,111,0
27,943,0
4,044,0
3,751,0
4,102,0
4.240,0
4,647,0
5,263,0
5,264,0
4,579,0
$
Motknots.
Clearing:.
$
s
306,158,0 10,067,0 181,391 9
294,916,0 10,037,0 153,801,0
294,363,0 9,561,0 114,566,5
293,939.0 9,668,0 179,579,8
292,838,0 9,647,0 139,379,3
296,787,0 9.771,0 140,871,6
286,500,0 9.759,0 163,237.4
294,124,0 9,782,0 157,147,3
103,684,3 402,468,0
110.315,0
*464,364,0 11,592,0 147,764,4
103,634,3 400,891,8
109,846,0
*462.228,0 11.583,0 154,628,2
103,684,3 401,816,0
106,883,0
*462,703,0 11,560,0 132,507,8
103,684,3 401,752,0
104.997,0
*459,150,0 11,580,0 181,713,8
103.684,3 399,743,0
106,417.0
*457,040,0 11,598,0 143,056.0
103,684,3 398,422,0
106,696,0
*459,742,0 11,591,0 162,230,5
103,684,3 398,285,0
102,682,0
*453,102,0 11,611,0 154,199,4
103,684,3 398,020,0
97,198,0
*459,268,0 11.607.0 178.089.1
- - -a Includes Government depos ts and the item "due to other banks." At Boston
Government deposits amounted to $1,855,000 on July 3, against $1,628,000 on
June 27.
* "Deposits" now include the item "Exchanges for Clearing House," which were
redortecl on July 3 as 523,094,000.
Imports.
Exports.
Gold.
Week.
$3,800,074
5966,507 75,364,705
1,018,913
829,933
1,105,120
453,112
25,000
135,400
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Sliver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Total 1914
Total 1913
Total 1912
Week.
Since Jan. 1
$5,641
101,235
104,648
24,831
Since Jan. 1
$17,366
90,633
3,602
924,237
862,061
1,962,287
969,628
$991,507 $82,707,257
100 60,184,882
2,191,869 29,653,222
$236,355 $4,829,814
288,931 9,586,512
365,968 12,219,814
$671,816 $17,236,348
171,052 2,874,716
$9,305
7,774
18,267
28,773
2,452,154
1,608,830
870,993
587
$1,030
9,815
80,487
59,507
200,252
91,146
1,124,900
121,725
$843,455 $21,649,087
702,782 26,567,617
1,315,434 27,669,720
$151,739 $4,996,096
194,934 4,781,753
77,559 5,390,210
Of the above imports for the week in 1914, $7,753 were
American gold coin and 1,056 American silver coin.
;,xenking and financial.
Municipal Bonds
Ask us to send you Circular No. 615 describing Canadian
and American Municipal Bonds,
Spencer Trask & Co.
Albany
43 EXCHANGE PLACE-NEW YORK
Chicago
Boston
[VOL. xcuc.
THE CHRONICLE
102
Vaulters/
azette.
Wall Street, Friday Night, July 10.
The Money Market and Financial Situation.-Reports
of slightly increasing activity in railway-repair shops and in
some industrial lines are becoming sufficiently frequent to
have created a somewhat more hopeful feeling in financial
circles. What this activity foreshadows, however, rather
than the present status of the matter itself, is the real cause
for hopefulness, and the latter is not sufficiently developed to
have had any appreciable effect in the security markets.
The railways are getting in readiness to handle the enormous
crops soon to mature, and in these crops the country's hopes
are centred. Each passing week now diminishes, in almost
geometrical progression, the chances of damage to spring
wheat, and if present indications are realized, there will
be about 150,000,000 bushels more wheat this year than
ever before in this country, and every available car of roads
traversing the wheat belt will undoubtedly be needed to market this crop. Moreover, the corn crop is estimated to be
400,000,000 bushels larger than the short crop of last year.
The Railway Association's report of idle cars shows that between 12,000 and 13,000 of them were put in motion during
the last half of June.
On the other hand, railway securities have been depressed
this week, some of them drastically so, on rumors of prospects of suspended dividends and receiverships. So, on the
eve of an unprecedented addition to the wealth of the country and the stimulus which that would logically give to other
branches of industry, great business interests are handicapped
or crippled by conditions artificially created in a sensational
and persistent effort to officially contrOl affairs.
Banking circles have been especially interested in the Senate's attitude towards the Federal Reserve Board as proposed
by President Wilson, wherein it seems that prejudice is
allowed to play a part.
The weekly foreign bank statements also attracted attention. The Bank of France, in its preparation for the new
Government loan of $160,000,000, showed an addition
of $62,000,000 to its gold holdings since June 1 and of $115,000,000 since Jan. 1. The loan is reported to have been
forty times over-subscribed.
The open market ratesfor call loans on the Stook Exchange
during the week on stock and bond collaterals have ranged
from 2 to 3%. Friday's rates on call were 23/
2@23
%%.
Commercial paper on Friday quoted 33
4@434% for sixty
endorsements
and
prime
four to six months'
to ninety-day
single names and 4%@4%% for good single names.
The Bank of England weekly statement on Thursday
showed a decrease of £482,827 and the percentage of reserve
to liabilities was 50.58, against 40.13 the week before. The
rate of discount remains unchanged at 3%, as fixed Jan. 29.
The Bank of France shows an increase of 34,922,000 francs
gold and a decrease of 1,429,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(NotIncluding Trust Companies.)
1914.
Averages for
week ending
July 3.
Differences
from
previous week.
1913.
Averages for
week ending
July 5.
1912.
Averages for
week ending
July 6.
$
$
8
8
Capital
128,550,000
133,850,000 131,650,000
Surplus
208,628,400
207,223,200 195,518,500
Loans and discounts__ 1,482,639,003 Dec.
762,000 1,360,226 000 1,427,921,030
Circulation
41,285,000 Inc.
46,261,003
187,000
46,321,000
Net deposits
1,510,086,000 Dec.20,645,000 1,378,468,000 1.459,06;,010
Specie
333,046,000 Dec. 15,327,000 296,130 000 237,811,000
63,947,000 Dec. 5,189,000
Legal-tenders
76,713,300
74,491,000
Reserve held
25% of deposits
401,993,000 Des.20,516,000
385,021,500 Dec. 5,161,250
370,624,000
344,616,500
364,5.54,900
364,767,0A0
16,971,500 Dec. 15,354,750
26.007.500
Der 21s_enn
Surplus reserve
Note.-The Clearing House now issues a statement weekly, show ng the actual
condition of the banks on Saturday morning, as well as the above averages. The
figures, together with the returns of the separate banks and trust companies, also
the summary issued by the State Banking Department giving the condition of State
banks and trust companies not reporting to the Clearing-House,appear on the second
page preceding.
State and Railroad Bonds.-Sales of State bonds at the
Board include $93,000 New York 43/2s at 110 to 11034,
$53,000 N. Y. Canal 43%s at 1103% to 11034, $6,000 N. Y.
Canal 43/
25 registered at 11034, $10,000 N.Y.Canal 4s,1961,
at 1023% to 1023%, $1,000 N.Y. Canal 4s,1962,at 102%,and
$20,000 Virginia 6s deferred trust receipts at 533% to 533/8.
The market for railway and industrial bonds has bee more
active than of late, owing to the very heavy movement of a
few issues. Prominent among the latter are Missouri
Pacific, Rock Island and Southern Pacifies. The former declined from 11 to 12 points, although no news of a definite
character accompanied the movement. Rock Island 4s lost
2 points, while So. Pacific cony.5s are fractionally higher.
Foreign Exchange.-Sterling exchange has ruled easy,
owing to the pressure of grain and finance bill*. London
funds have been available in the local market at 234% for
ninety days.
To-day's(Friday's) actual rates for sterling exchange were 4 8540©4 8575
for sixty days, 4 8750(44 8760 for cheques and 4 8790®4 8795 for cables.
Commercial on banks 4 81%@4 85 and documents for payment 4 8434 ®
4 8534 • Cotton for payment 4 84%ig4 84% and grain for payment 4 8534
@4 85/•
Posted rates for sterling exchange, as quoted by a representative house,
. 4 88% for checks.
have not been changed from 4 8634 for 60-day bills and
To-day's (Friday s) actual rates for Paris bankers francs were 5 1831 less
long
and
5
less
for
1634
3-32(4)5
1-16
less
163-4 less 1-16 for
1-32(415 1834
short. Germany bankers' marks were 9431©9431 for long and 95 3-16
less 1-32©95 3-16 for short. Amsterdam bankers' guilders were 40340
4031 plus 1-16 for port.
Exchange at Pans on London, 25f. 1834c.; week's range, 25f. 19c.high
and 25f. 13c. low.
Exchange at Berlin on London, 20m. 50pf.; week's range, 20m. 503(pf.
high and 20m. 49pf.low.
The range for foreign exchange for the week follows:
Sterling, ActualSixty Days.
Cheques.
Cables.
High for the week_ __4 86
4 8780
4 8815
Low for the week___4 8540
4 8750
4 8790
Paris Bankers' FrancsHigh for the week___5 183-4
5 1534 less 1-16 5 1434
Low for the week _ _ _5 1834 less 1-32 51634 less 3-32 51634
Germany Bankers' MarksHigh for the week-__94 15-16
95 5-16 less 1-32 9534
Low for the week _ _ _94 13-16
9534
9534 less 1-32
Amsterdam Bankers' Guilders40 5-16
High for the week___40 plus 1-16
4034 plus 1-16
40 5-16 less 1-16
Low for the week._ _40 less 1-32
4031
Domestic Exchange.-Chicago, par. Boston, par. St. Louis ,10c.
asked.
San
discount
Francisco,
40c.
$1,000 premium.
per
$1,000
per
St. Paul, 45c. per $1,000 premium. Montreal. 153-ic. per $1,000 discount. Minneapolis, 45c. per $1,000 premium. Cincinnati, 10c. per
$1,000 premium.
United States Bonds.-Sales of Government bonds at
the Board include $50,000 4s reg. at 110, $500 3s reg. at
1013%, $1,000 3s coupon at 1013% and $2,000 Panama 3s
coupon at (s-4--f) 1013%. For to-day's prices of all the
different issues and for yearly range see third page following.
Railroad and Miscellaneous Stocks.-After an exceptionally dull opening on Monday, when the prevailing ten-,
dency of prices was downward, the stock market has been a
little more active than of late and in a majority of cases leading issues recorded a slight advance. The latter movement
was, however, far from vigorous, and has been reversed today. As there is some slight evidence of reviving trade
activity, it is possible, of course, that the tide will also soon
turn here. To-day's market was by far the most active of the
week, and almost every issue traded in declined. The general weakness was in sympathy with Missouri Pacific, which
sold to-day more than 8 points below last week's closing price.
Canadian Pacific lost 3 points to-day, New Haven 23%,
Great Northern over 2 and New York Central 2. .
The industrial list has been decidedly irregular. U. S.
Express has moved up 33% points within the week, Goodrich
nearly 3 and Mexican Petroleum 234. U. S. Steel and Am.
Copper, on the other hand, are % point lower.
For daily volume of business see page 112.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow: _
STOCKS.
Week ending July 10.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. 1.
Lowest.
351 95 July10 9734 July10 91
Adams EXPIIM
July t 107
110 107
July 6 102
Am Coal Products, pref.
1.50103
July11 106
July 6 100
American Express
100 9
July 9 9
July 9 9
Chicago & Alton
200 23 July 10 23 July 10 20
Colorado & Southern
100 4134 July 8 4134 July : 383-i
First preferred
600
8c. July 9 8c. July 9 Sc.
Tunnel
Comstock
100 10 July 10 10 July 10 734
Federal Min & Smelt__ _
110 111
July 6 111
July 8 10734
General Chemical. pref..
8 11
July 6 11
July 7 1034
Green Bay & W. deb B.
100 113 July 10 113 July 10 110
Heime(G NV), pref
July 6 115
21 115
July 6 11234
Homestake Mining
800 8 July 8 10
July10 4
Int Agric Corp v t c
July10 13
1.000 1934 July 8 25
Preferred
100 13 July 10 13 July 10 13
preferred_
Central,
Iowa
July 8 9234
240 9231 July 9 93
Laclede Gas(St Louis)._
July 8 32
July 8 32
150 32
Lackawanna Steel
5,14034 July 614034 July 6 140
Nash Chatt & St Louis_
10 6534 July 5 6534 July 9 59
Nor Ohio Traction & Lt_
July 6 82
July 6 87
100 87
Pittsburgh Steel, pref.__
34
July 7
July 7 1
300 1
Quicksilver Mining
July 6 12234
July 6 125
360 125
Sears, Roebuck & Co. pi
July 7 94
July 7 102
54 102
So Pac subs. let paid_ _ _
10 4734 July 6 4734 July 6 45
United Cigar Mfrs
111100
July 7 99
Juiy 7 100
Preferred _
July10 53
700 6034 July 7 73
United Dry Goods. pref.
300 8234 July 7 8234 July 7 81
US Indus Alcohol, pref.
99
July
9 99
99
July
5
21
pref
Pow,
&
Ry
Virginia
10 25 July 10 25 July 10 21
Vulcan Detinning, pref_
July10 8034
July10 96
136 93
Wells. Fargo & Co
Highest.
Feb 110
Mar
July
Jan 107
Jan 11034 Jan
May 113.4 Jan
Mar 2834 Jan
Jan
May 62
Apr 10e. Feb
May 15
Jan
July
Feb III
Apr 1434 Jan
Jan 115
Mar
July 12234 Mar
Jan 10
Jan
May 36
Jan
July 1334 Apr
July 101
Feb
Apr 40
Jan
Jan 144
Jan
Jan 6531 July
Apr 93
Feb
June 234 Jan
July
Jan 125
Apr 10334 Feb
Jan 5034 Feb
June 10334 Feb
June 1003-4 Feb
Jan 8534 Jan
July 99
July
May 40
Jan
Feb 10534 JUne
Outside Market.-Activity in the outside market this
week was confined to a few of the industrials; elsewhere, trading was very dull. Prices moved irregularly, but as a rule
were higher. The Tobacco shares were the leaders, United
Cigar Stores corn. on good business selling up from 8934 to
9434, but reacting finally to 923%. Trading in the new stock
4,with
j." ($10 par value) was begun between 93% and 93
3
the final figure to-day 9%. Riker & Hegeman was conspicuous for heavy trading, advancing at first from 10 to 1034
and moving down later to 934. The close to-day was at
3
Tobacco Products pref. opened at 85,rose to 87%,sold
9%.
at 853%. United Profit-Sharback to 85 and ends the week
ing was traded in between 73% and 83%, resting finally at 83%.
Sterling Gum from 63% improved to 73%, dropped to 634 and
closed to-day at 63%. Intercontinental Rubber moved up
4 to 73%. Willys Overland corn. was active and lost
from 63
about 23% points to 873% but recovered to 9034. The pref.
improved from 95 to 96. Standard Oil shares were very dull.
Ohio Oil was the most active, and moved up from $179 to
$181%, fell back to $179 and closed to-day at $179%.
Prairie Oil & Gas gained 14 points to 449 and reacted finally
to 440. Standard Oil (Cal.) advanced from 322 to 325 and
dropped to 321. Standard Oil (Ind.) was traded in up from
470 to 479, down to 468 and at 469 finally. Standard Oil of
N.Y.advanced over 5 points to 218 and closed to-day at 215.
Rock Island new shares, "Ny. i.," were weak, the corn. losing 23% points to 343% and the pref. 23% points to 833%. The
"rights" were off from 23% to 234, with 23% the final figure.
A feature in bonds was a drop in Western Pacific 5s of 33%
points to 45,followed by a break to-day to 40. The Northern
Pacific new
appeared in to-day's trading at 963%.
Changes in mining stocks were small.
Outside quotations will be &kind on page 112.
103
iiew York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
usually inactive, see preceding nage
For record of sales during the week of stocks
,
.
Range for Previous
Range since Jan. 1.
STOCKS
&des of
STOCXS--HIGHEST AND LoWESr SA7.5' PRICES.
Year 1013.
lots.
-share
On
100
Of
basis
NEW YORK STOCK
Me
EXCHANGE
week
Friday
Thursday
WednadaY
Tuesday
Lowest.
Highest.
Highest.
Bop'dayI Monday
Unocal.
Shares.
July 10
Joy 9
July 8
7
'
Jul,
Jut/ 6
J24:I 4
Railroads
v9014 No
10628 Jan
9134 Arr 25 10038Jan 23
6,719 Atchison Topeka Sc S17_
694 9978 9914 994 9844 99
uti J'ly 10214 Jan
994 095: 994 997
8713Jan 12 10134 J'ne 29
Do pref
100
9958 9078 *99 100
.8.32 100
*994 1004 *3914 100
3 126 Jan 23 112 J'ne 13338 Jan
Jan
118
RR_
Line
Atlantic
Costat
800
1'2013
12013
12012
9058 J'ne 10633 Jan
i833 Jan 211
*120 12114 1204 1284 '12113 12114 12313
871 4 A pr 24
ee'l ilk 10,701 Baltimore & Ohio
9112 1078 9212 9144 9214 61 - 9212 *104
88 Jan
91
7714 J'ne
77 Jan 6 83',Jan 29
Do pref
100
:
811
.2012 81
9234 May
J'ne
38334
3
Mch
*8012 814 *8012 811: *S012 81
941,
3
8712Jan
TransitRapid
Brooklyn
5,500
611 4 92
1 174
1112 .
012 0112 9158 92
9134 92
Jan
Dec
28654
204,
4
22012Feb
,
2Apr
11812
•
1.'3 123'. 1.3.13 1911, 1,385 Canadian Pacific
194 1914 15312 1941: 19338 1174A
335 J'ne I' 310 Jan 12 275 J'ne 382 Jan
Central of New Jersey
269 2171 '800 :^0
.300 320 *301 229 .300 320
Jan
80
Ply
514
22
Jan
68
15
4578.r1y
Ohio
dc
Chesapeake
4578 4713 393.80
LI4 614 6013 5134 ...2 13 10
53
1778 Jan
13113 J'ne
52
1514 J'ne 23
11 Apr 21
P50 Chicago(it West tr ctfs
*1312 1412
14
14
14
35 Jan
1414 1414 134 1414 114
23 J'ne
4112 J'ne 23
7
3712Jan
ctfs......
trust
pref
Do
374
1;00
37
,
:71
3714
*3714 3134 374 3724 3753 3734
9834 Nov 11814 Jan
9412 Apr 21 10718 Feb 9
3;390 Chicago Milw & St Paul_
994 10034 994 1)034 Pc 1 I 0, 0,'2 994
100 10U
131 J'ne 25 143 Feb 6 13112 Nov 146 Jan
Do pref
400
13 133
134 1771" 'ill 115
134 131
•132 134
14 4123 Der 138 Jan
Feb
8
1387
3
Jan
123
Western
North
132
Chicago&
510
*130
13312
17.1
13118 1314 13113 1314 ;13112 1311:
170 Jan 5 180 Jan 29 17118 Nov 1189 Jan
Do pref
•170 182 .170 182 *170 182 *170 112 *170 2.72
54 Jan
3478 Aug
25 Apr 13 40 Jan 5
lie Cleve Cin Chic & St L
2978 294
35 .217,1 35 .2973 35
*29
40
*23
944 Jan
60 Oct
LO J'ne 10 70 Feb 9
Do
pref
38
*35
43 .35 - 48
48 .35
5114 *35
*35
Jan
187
J'nc
14712
4
Feb
15913
,
14512 Apr 2:
900 Delaware & Hudson
1/013 147
1411 143 *147 1,1814 119 119
14734 148
Jan
Delaware Lack & West_ 388• Jan 6 40634J'ne 8 380 Dec 445 Jan
.100 457 *400 407 *133 (07 .13) 457 *461 407
234
5914
J'ne
8
3
.3
31
Jan
10
8.Ply
64
03 6; 5,450 Denver & Rio Grande
731 Pt
94
0
913 11
•I034 12
41 Jan
23 J'ne
11 J'ly 10 314Feb 4
Do pref
1234 5,5417
11
1312 164 1712 1433 1834 124 14
18
324 Jan
2014 J'ne
2534 Apr 25 3217 Jan 23
284 2933 2841 194 2838 2918 2811 2834 9,250 Erie
2853 29
3312 Jim' 494 Jan
404 Apr 26 49l Jan 27
Do 1st preferred
4334 434 4334 444 4334 444 4333 434 4333 4312 1,900
41 Jan
2814 J'ne
35 Jan 2 4014 Jan 23
Do 2d preferred
*3512 3712 *35
37:
38
*3524 3724 *35
*354 33
13253 Jan
1244 125 21254 1223
. 4,325 Great Northern pref.- 119 Apr 25 13414 Feb 4 1154 J'ne
12412 1241, 12412 12473 12153 125
4114 Jan
2512 J'ne
3914 Jan19
294 Apr 2'.
•3012 3118
400
Iron Ore properties
3114 3Ih 324 311,, 314 311: *3012 32
Jan 7 115 Jan 28 10234 Dec 12818 Feb
107
1133:
970
112
1
Illinois
1141:
Central
•11212
34
.
11
11312
11412
•112 11412 *112
1958Jan
J'ne
1238
24
Jan
8
153
25
Apr
1314
HA
4
•
1,400
•
ctf_
741:
114
Interboro-Metrop v t
144 1414 1448 1412 .1473 11h
8548 Jan
45 J'ne
3814 A pr 25 6533 J'ne 10
Do pref
8338 4,601
3.4
C3 .17212 63
6212 6234 6234 8338 C3
2838 J'ly
2148 Jim
2812.1'1y 3
25
Apr
23
2814
2712
28
4,300
28
Southern
Kansas
2814
City
21
2.414 2758 2814
28
58 J'ne
6112 Jan
57 Apr 25 62 Jan 24
81
CV, 8034
.59
100
Do prof
61
*59
61
611 •59
*59
1112 Feb
7 May
9 Jan 23
812Feb 28
*14 9
Lake Erie & Western
*54 9
9
*5
_
.513
*613 9
35 Jan
Nov
18
28
2112Jan
3
Apr
17.
*11
16
pref
•1113
16Do
11
*1118
*1113 19
•1113 19
J'ne
14114
3Jan
1683
23
15614
Jan
13234
21
Apr
13812 13672 1354 13814 13712 13814 13714 13914 1364 13734 22,460 Lehigh Valley
13114 Apr 25 14173Jan 19 1264 J'ne 14214 Jan
200 Louisville & Nashville
774 139 *13712 13912
•133 140 *13712 13912 *134 1/9
8 Feb
1325
J'ne
1:7
7
Feb
133
5
Jan
123
1301
1117 Manhattan Elevated
13014
*130 132 *133 1311: •130 132 *130 132
2314 Jan
12 J'ne
12 Apr 18 1614Jan 31
*1214 13 •____ r1. •1214 138.
Minneapolis& St Louis
*1214 13
*1114 13
47 Jan
30 Dee
2713 J'ne 30 3512Jan 22
29
Do pref
r7 27 ____ _._
24
.381
23
*26
•26
J'ne 14214 Jan
44 12434 12434 111 1214 423 1231: 123 1228 1,225 Minn St P & 58 Marie- 11734 Apr 27 137 Feb 6 11514 Nov 1150 Jan
12434 11f133 J'ne 25 145 Feb 2 131
600
132 132
Do prof
1324 1328* 412331 131
.13014 1314 131 132
2918 Jan
riac
184
26
Jan
24
22
Apr
144
4,600
11
Texas_
1514
3c
Missouri
Kan
1712 1318 1738 1712 1574 nil 1571 1111,
6412 Apr
52 J'ne
32 J'IY 10 60 Jan 30
Do preferred
334 1,fr0
354 553 32
38
35
38
•118
38
39
43's Jan
2114 Dec
938.1117 10 30 Jan 27
953 114 121,700 Missouri Pacific
1984
1753 1778 154 1712 114 1633 11
59 Mai
31 Dec
30 Jan 19 34 Feb 6
Nat Rys of Mex 1st pref
•27 :3
35
*27
*27
33
23
*27
*27
35
Dec
834
274 Jan
9 Apr 25 14 Jan 26
Do 2d preferred
11
12 .11
*104 1112 *1115 1214 *11
*1014 12
9038 Dec 10944 Jan
8053 Apr It 964 Jan 31
194 8,700 N Y Central & H it
8113 8973 8934 9934 90
9034 8912 11112 89
Dec
* Jan
1297
854
2
10
Jan
NY
78
5878 J'IY
N H & Hartford__
651
8178 C312 5378 814 36,000
64
85
17514 834 64
3378 Jan
2518 J'ne
2153 1,050 N Y Ontario & Western. 21 J'ly 10 3158Jan 23
24
23
29
23I *2313 24
2278 2312 21
11312 3311
J'ne
98
6
3.1'1y
9
Jan
8
1067
Norfolk
105
&
e911
10472
853
Western
____
10578 1157 1053* 1057
_--,4105 1057,
87 Feb
8014 Aug
90 Apr 29
Do adjustment pref
85 Jan
.87
891 --- 89 .87
891 *87
-- *87
89
1061.Apr 25 11812Feb 4 10134 J'ne 12258Jan
9,985 Northern Pacific
11014 111
-11134 1114 1114 1121 4110 11111,
1114 112
Jan
12334
Dec
108
Apr
31
iteili
25
11512Jan
12,485
112
4
1113
113
8.
1124
Pennsylvania
11113 112
111118 11313 11214 113
7718 Dec 104 Jan
-1
500 PIttab Cin Chic Ss St L.-- 0514J ne14 91 Feb 4
7114 7114 *704 714
72
7212 72'
72
72
72
A
P5 J'ne23 101 Mch25 100 J'ne 1109 Sep
..735 WO
Do preferred
*05 - 100
*85 100
.85 100
•85 100
Dec
15314 16414 69.500 Reading
16378 183
161 13432 16312 1654 164 185
:1584 Apr 27 17214 Jan 22 16133 J'ne 17154
PI
9212 Apr
8212 Oct
90
874Jan 8 8938 J'ne 24
*5:4
1st preferred
*85- 90
90
*88
90
93
*ss
*88
0
Apr
95
J'ne
84
28
28
Jan
Anr
tg
93
*85
2d
59
.85
89
(7
*86
preferred
89
69
X
*85
*85
2478 Feb
1158 Oct
14 123 1114 13 3,016 Rock Island Company
771
114 J'1Y 7 1658Jan 23
114 117
112 11
1)4 14
4434 Jan
Do preferred
174 Oct
212J'Iy 7 25 Jan 16
24 248 .212 258 5,555
A
238 24
24 258
273 27
1934 Jan
244 J'ne
538Jan 15
'A
I' Apr 7
700 St LOUIS & San Francisco
273 278 .24 3
255 223 *212 3
'212 3
59 Feb
12
13 J'ne
771
*7
12
Do '1st preferred
8 MaY 6 1712Jan 13
*7
12
121
*3
12
*7
*7
29 Jan
532 J'ne
94Jan 26
Do 2d preferred
318 Apr 30
250
414 414
*414 5
44 412 *414 5
*414 5
20
Dee
26
54 Jan
3
15
4Jan
St
J'ne
2278
263
32018
li
2
Louis South wbstern
*204 2218 32012 2274 *204 227 *2012 227
A
75 Jan
5614 Dec
' 18 6513Jan 26
91
Al
40
200
40 Joe
40
Do preferred
50
*40
50
*40
*2-- LO
204 Apr
144 J'ne
1034Jan 2 2233Feb 6
...
*1811 1914 18
1812 1,300 Seaboard Air Line
19
19
19
19
1013 11
4938 Sep
38 J'ne
544 5338 5414 3,1700
4534Jan 2 58 Feb 4
Do preferred
5412 5412 5484 54
L I ..I.. Ds 51
83 Ncv 110 Jan
864 Apr 25 9912Jan 23
0853 9772 57,1706 Southern Pacific Co
93
97
8/13 97:7 14114 0734 9714 981
Nov
994
Set)
8814
_
rne22
10612
_
2
_
_
9458Jan
1517
".__
___
____
Certificates (wh. iss.).
---- ---- 103 100
2858 Jan
1918 311e
2414 11:11 ii -2114 2,e00 Southern v tr ctfs stmpd- 2272 Apr 25 2814Feb 4
214 2 th 254 2474 2444 -25
3'no
8112 Men
72
4
Feb
,'751
3
Jan
Do
7106:
75
794
do
preferred
7914
*
9
793
793
784
15
4
3
3
7
8
7
75
*78
711
;78
2258 Jan
1014 J'ne
1312Jan 5 1724 Apr 1
1418 1458 1,7350 Texas & Pacific
13
1518 1518 1413 1112 1433 15
*15
4333 Sep
2718 J'ne
5834 Apr 25 4534.1an 13
8C: Third Avenue (NT Y)_.
4034 4114 414 4134
41
41
41
4138 4118 *45
13 Jan
J'iy
718
24
1214
Jan
Apr
9
23
&
Toledo
98,1,
Western__
10
.7
10
*7
10
1013 *7
104 *7
'7
2934 Jan
1514 J'ne
24
Do preferred
124 May 9 23 Jan 26
31214 1518 4.121( 1513 *1214 1214
*1214 153* *1214 1318 '
518 Twin City Rapid Transit 102 J'ne25 10812Jan 19 10118 J'ne 105 Sep
*101 1031: 10258 10258 *10113 10312 10233 1021: 1024 10212
59,780 Union Pacific
14873 Apr 2: 18433Jan 31 13734 J'ne 18234 Jan
15573 15578 15512 15844 1314 1:6
1554 15513 15573 157
9313 Jan
Do preferred
4017
7934 J'ne
82 Apr 24 88 Feb 4
8253 8238 8212 1111,
1:824 83
13
.314 3314 83
18 J'ne
85± Jan
United
Rys
1012J'ne 11 2344Feb 6
_
Investment
1)
•114
14
*1113
*1113 14
•1112 11
•1113 11
6312 Jan
J'ne
3112J'ne
DO
30
17
preferred
4814 Aleh24
100
35
*31
85
*31
33
33
35
1431
2...3
*31
6 Aug
',Apr 3I
2 .rno
Wabash
200
23
45
3Jan
4
3
*12
3
3
*12
3£
3
3
4
3*
"X
3
"
174 Aug
J'ly
Do
618
preferred
212r19
10
2,300
23
13
Jan
24 212
25a EU
34 311
"A, "54 3h
.311 '
Jan
48
Dec
8
287
22
Western
35
Maryland
1778 rly 10
2,400
Jan
1834 1773 18
134 5315 4.1834 104 184 1834 18
8 Jan
334 Oct
613jaa 7
Wheeling & Lake Erie
353 Feb 24
*313 4
*34 4
*313 4
*313 4
.313 4
Jan
2813
J'ne
1st
Do
13
Apr
We
13
24
preferrecl
23
1418
21 Jan
1443
18
*14
*14
16
16
16
*14
•14
14 Jan
Do 2d preferred
558 Dec
5 May 1.
11 Jan 24
100
*653 74
7
7
712
.4
*4
7
7
•1
5812 Apr
4208 J'ne
100 Wisconsin Central
33 J'ne... 48 Feb 4
*3813 4212
40 40
*33127 4212 •384 41
*303 44
-Industrial and Miscall,
372424 Oct
1,100 dAIaska(
ioldMinparSIp $2034Jan 8 $2878 May11 $18 Nov
2773 274 2758 27714 2758 2734 .2714 2734
2734 28
9 Dec
758 Dec
Allis Chal Mfg v t e _._
858Jan 6
*1014 11
1414 Feb 7:0
41.014 11
•10
: *1014 11
101
101: *10
434 Deo
Nov
40
Do preferred v t c...
41 May 14 49 Jan 26
*4112 43
*414 43
43 •41
4414 43
*41
43 '
8012 Sep
J'ne
8
613
4
53,600
8.1'ne26
667
7
Feb
03
Copper_
7
Amalgamated
78's
6913
'
714
4
7034 7148 7012 7112 7034 7112 701
67 Jan
4114 Sep
225 American Agricul Chem_
47343an 2 0912 Mch19
5473 547£
54
54
55
155
*53
55
65
:153
99 Jan
90 Nov
200
Do preferred
9434 9434
*914 96
91 Jan 8 1.74Jan 23
94
*9113 05
*91
.91
90
5013 Jan
J'ne
4
100
193
28
9
25
•25
Apr
1058
J'ne
American
Beet
2512
203
Sugar..
3
254
23
20
25!‘ 2578 02513 2614
88 Mch
65 Oct
75
13
Do preferred
66 May 4 7578J'no 8
175
80
1875
80 •75` 80 .734 80
75
'
4678 Jan
21 J'ne
2278 Apr 20 3113Jan 27
27
2812 2734 2858 274 2818 13,63; American Can
274 2813 2854 28
374 Apr 24 96 Jan '24 18012 J'ne 1294 Jan
366
Do preferred
9118 914 611g, 914
•1011 9134 914 9134 9144 92
5632 Jan
3632 J'ne
441j Jan 5 5313 Feb 4
5248 514 6218 5,1781 American Car & Foundry
52
517,4 5072 5034 5114 6113 52
7'6
Do preferred
114 Jan 21 118 Mch 9 108 J'fic 117 Nich
3115 11912 *11712 11913 *118 11012 *117 11912 1118 118
7812 Jan
J'ne
0014
8212
28
jab
68
256
6
8213
Jan
American Cities preferred 60
02 .604 05
82
*6013 6458 *3013 85
5738 Jan
334 J'ne
39
301' American Cotton 011
4112 39
377 Jan 8 40'3 Feb 9
*39
•10
89
414 .311
4112 39
98 May
Sep
9212
95
30
5
*9213
Do
Mch
J'ne
preferred
9738
9353
95
*9213
*9243 95
*93
.9213 95
95
518 Jan
34 J'iy
44
American Hide & Leather
514 Feb 6
4 Apr 16
412 *4
434 *4
44 .4
*414 454 .1
2814 Feb
1518 J'ne
23
100
*20
Do preferred
1373 Apr 25 2534 Feb 6
23
22
2312 *21
23
*21
•21
23
Apr
2734
J'ne
235
17
American
Jan
Ice
24
20
3
3284Feb
Securities...
32914., 3012 *204 30
32
80
30
3014 LW
130
1218 Nov
64 J'ne
800 American Linseed
614 *15315 558
9
9 Xi/ 9 1158Jan 28
*813 044 *04 034
•3450
Nov
3338
Oct
20
18
Do
preferred
2618
4
Jan
May25
284
1427
4
29
313
*27
•27
4
283
30 .27
30 •27
4412 Jan
27 J'ne
80
620 American Locomotive
80
23 Apr 24 371g Jan 31
811
32
32
81
32
32
82
32
94 Oct 10644Jan
Do preferred
100
Pe Jan 3 1024 Alch25
9931 9954
*98 101
.974 1001 *97 100
*984 101
13 Jan
100 American Malt Corp-54 Oct
7
*5
5 J'1Y E
*44 7
534Jan 26
6
5
*113 7
*113 7
6113 Jan
4173 Oct
120
404 4053
Do preferred
4058 Xly le 504 Jan 24
*40
41
14012 401
*40
44
44
*40
86 Jan
84
7312 Vac
Amer Smelters Sec pref B
*82
7038 Apr 2,
85 Jan 19
.81
84
84
1 82
.
*81
84
84
*82
743 Jan
6812 J'ne
11 Apr 23 71I Feb 4
8513 6614 20,1611 Amer Smelting & R efin'g
81
6512 66,
663
6433 61
85
647
97[2 Apr 25 105 Jan :.7
Do preferred
97 J'ne 107 Feb
10272 1027 ;103 103
103 1031 10314 10314 1.045
103 103
210 American Snuff
157 Apr 25 141 Jan 31 150 'Ply 193 Jan
*160 107 •160 187 .160 167
183 36314 1163 103
Do preferred (new)._ - 5974 Jan 9 1084.1'1y 2 100 J'ne 105 Jan
.104 110 *101 108 *104 109 .101 109 *104 110
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS.
.. ..
-44
,
Ia
•
-4.•44,
Bid
Hawn
Bank,
Bbit
Ask
Quit & Phan 172
175 FIdel,t371---- 110
670 Chelsea E85- 137
145 Pith Ayer_ 4500
300
210 Chemical - 905
920 Filth
135
870
Citizens' Con 172
177 First
109
--- City
857
345 Fourth
280 Coal & Iron- 145
153 Garfield- 195
190 Colonial 'I...- 450
---. Oerm-Amer 1 130
...... Columbia 1- 323
.--- German Ex 1 390
125 Commerce
7187 t167l4 Ocrmanla1.- 465
312 817 Gotham
Cora Exch 5
_ .- 100
Goth
580 Cosmopol'n T 65 105 Greenwich-1- 275
East Myer- 60
---- Hanover ---- 656
Ask
40:1.-..14C144.4.4.4
Banks
New Yon
america 1-Amer Exch
Battery Par
Boweryll--- Bronx Borol
Bronx Nat__
Bryant Park!
Butch & Dr.
Dent ury 1.21,38,
Ask
160
.....
325
893
201
210
140
410
600
____
885
Bid
I3anks
Ask
Harriman... 275
285
____
Imp & Trad_ 1500
175
Irving
180
603 616
Liberty
325
335
Lincoln
320
Manhattan '1 312
254
Mark & Fult_ 240
213
Mei% & Met_ 243
March Exch. 165...,
170
175
Merchants'
310
Metropolis:1_ 300
180
Nletroporn 1 183
Ranks
Mutual 7 Nassau -__
New Nethl_
New York Co
New York__
Pacific 1____
Park
People's 1._
Prod Exch 1_
Pubi Mil
Reserve
Bid
325
---210
750
370
255
360
229
153
50
Ask
___' _
100
215
425
313
285
317
235
163
215
60
Bid
Banks
3eaboard_ 410
390
Second
Security i--- ---Sherman --.
1-i0
Statel
2311 Ward 1 _ 130
Union Exch. 140
Unit Stated- 500
Wash trta 1_ 275
Westch All_ 160
West Side1. 450
Yorkville 1-- ----
Ask
435
425
100
135
165
140
148
---.
1/5
475
550
I
Leas than 100 Mares
*Ski and asked pr ceen no mies on this day. I Ex.rlglit,.
/ Ex 24% accum. c111,
J State banIts. a Ex-dIv. & rights. 6 New stock
tSale at Stook Exchange or at aualon Ms week. d Quoted dollars per share. 4 First Installment paid. 11 Sold at private sale at this price. z Ezdlv.
Full paid.
New York Stock Record-Concluded-Page 2
104
[VOL. xc
Per record of sales during the week of stocics usually inactive, see second page preceding
STOCKS-HIGHEST AND LOWEST SALE PRICES.
Sa!today
July 4
P.,
.1
f:1
el
C.)
Z
el
n.
Z
el
1.
el
f:1
4
SInutay
July 6
Tuesday
Jae/ 7
Wednesday
July 8
Thursday
July 9
Friday
Jury 10
Sales of
the
Week
Shares.
STOCKS
NEW YORK STOCK
EXCHANGE
Range since Jan. 1.
On basis of 100-share lots.
Lowest,
Highest.
Range for Previous
Year 1913.
Lowest.
Highest.
Industrial St Misc (Con)
31
311: *31
3112 31
3112 •31
*31
32
31
400 Amer Steel Found (new). 28 Jan 6 3712 Feb 16
25 J'ne 4012 Feb
*10512 103 *10512 10812 .10612 10812 107 107
10612 lows
210 American Sugar Refining 97 Itch 12 109/3Jan 24
9972 Dec Ds Jan
•111 114 1113 113 *111 11312 *113 11312 *11213 11312
25
0 _pre erred
10772 Moil 31 1131* Jan7 11012 J'ne 11652 Jan
1205
2
121
12052
1203
4
129 12034 4,100 Amer Telephone & Teleg 117's Jan 2 12414 Jan 30 110
12012 12062 12012 12072
Dec 140 Jan
232 232 *223 232 *228 232
22812 232
*230 233
500 American Tobacco
215 Apr 25 296 Mch 23 200 J'ne 29434 Jan
10734 10734 *107 109
10734 10734 *10612 109
10713 10712
300 Preferred, new
10134Jan 7 109 J'ne 9
10612 Jan
96
J'ly
17 *13
*13
17 •13
*13
16
*13
18
17
American Woolen
13 J'ne25 2074 Jan 28
2312 Sep
1413 Dec
7412 744 *7314 761:
744 744 76
•74
76
76
31f Do preferred
7212 Mch 4 83 Jan 26
74 May 82 Sep
*....- 1014 •__ 1014 1014 1014 *10
12
1014 *10
106 Amer Writing Paper pret 10 Apr 22 173g Jan 23
Jan
3214
117
2
Nov
3114 3114 314 3112 3112 3152 3113 3114 1914 314 2,905 aAnaconda Cop at $25 1013 May 8 3814 Feb 3
3072 J'ne
4112 Jan
*45
4672 4372 4672 *4613 4812 *4512 4812 4112 4813
600 Baldwin Locomotive
3812 Jan 7 5212 Mch 5
3612 Dec
5312 Jan
1074 10712 13613 10712 107 107 110613 10712 *10612 107
300 Do preferred
102'2 Jan 16 110 J'ne 8 1004 J'ne 1054 Joe
42
4234 4213 4212 4214 4212 *41
43
*42
4212 1,100 Bethlehem Steel
2922 Jan 5 4134 Mch 11
25 J'ne
4112 Jan
854 *834 8512 8532 8532 *8234 8512
•83 8534 *83
100 Do preferred
68 Jan 10 86 Mch 11
74 Aug
6214 J'ne
123 124
125 125
12334 12334 *122 12412 123 123
620 Brooklyn Union Gas
121
Jan 5 130 Jan 24 120 Oct 1374 Jan
*1834 1934 19
*19
19
19
1972 19
1812 1812
401
California
Petrol v t ctfs. 18 Jan 2 3032Feb 6
16 Aug
5612 Feb
.2554 5634 *5513 5614 55
56
*5513 5612
*5512 57
106 Do preferred
5038Jan 2 68 Mch20
86 Jan
45 J'ly
•82 ,86 *83
*83
92 •83
86
92 .83
01
Case(J1)Thresh
Apr 23 11512 Jan 16
9014 Dec 10352 Feb
36
3612 3572 3652 3633 3658 0613 3613 3572 3614 9,691 Central LeatherM pftrcfs 8012Jan
14 3714 J'ne 12
304 Feb
2578
17 J'ne
102 102
1024 103
10212 10213 *102 103
1024 10212 1,170 Do
9714 filch
9473Jan 6 193 J'iy 7 288 J'ne
41
4114 4034 4132 4034 4072 4032 463, 6,855 dChino preferred
4113 41
Copper___Par $5 37 Apr 25 44 Feb 4
4753 Jan
3032 J'ne
•65
8712 *65
6713 *65
6712 *65
6712
6712 1365
Cluett.Peabody& Co.Inc 684 Feb 25 70 Feb 13
102 102
103 103 *102 104 *102 104 *102 lel
430 Do preferred
100 J'ne25 10412 Fe) 14
*254 2612 *2512 2612 *2512 2612 *2512 2612 2513 2512
100 Colorado Fuel &
24 Apr 27 3413 Feb 5
2412 J'ne
4113 Feb
12913 130
1294 12914 129 129
1284 129
12932 12912 1,275 COnsolldated GasIron
(N
Y)_
12714 May21 13912Jan 24 12512 J'ne 14232 Jan
45 45
4434 4434 45
4514 .45
4514 *45
4513 1,280 Continental Can
3712 J'ne 26 4514.1'1y 8
PO
9013 91
91
914 9134 91
91
*91
92
1,310 Do prefe:red
85 J'ne 25 9134.Ply 6
872 84
9
912 *834 9
9
94
872 872
850 Corn Prixice..s Refining_
734 hich2l, 1313Jan 31
174 Jan
732 J'ne
*62 63
*al
*61
*61
65
c4
*611s 64
55
Do preferred
6113 Joe
J
60 Mch25 72 Jan 29
7914 Jan
94
91
9412 94
*9313 9412 *94
914
*1312 9417
400 Deere & Co pref
9134Jan 2 9934 Feb 3
9112 Dee 10018 Jan
*14
1531 *15
1434 1434 1434 143, *1412 153,
16
225 Distillers' Securities Corp
1334 Apr 20 2012 Mch 4
934 J'ne
2134 Jan
149 14914 14913 14913 14853 14033 149 149k 149 149
1,400 General Electric
140 Jan 3 15052 Feb 20 12934 J'ne 187 Jan
9172 9212 *91
9212 9234 9234 9214 9211 92
92
1,300 Gen Motors vol tr Ws
25 May 40 Aug
May27
3733Jan
3
99
9272 9314 93
*9231 91
*923
4
93
9234 9234
93
ma Do pref v t ctfs
70 May 8134 Sep
77 Jan 5 95 Feb 19
244 2512 2514 2572 2512 251: 2528_ 2572 26
27
7,65
,Goodrich CO (B F)
1952Jan 17 2878 Apt;17
154 Nov 68 Jan
8812 8812 *8812 90
*8812 8914 8413 8812 *0812 90
402 D
797
Jan
2
7334
Nov 10514 Jan
91
Feb
3
55
5511 5512 5414 5432 5,900 dOuggenh Explor Par $25 :4433Jan 8 $5712 Apr 2
5514 65ls 5524 553s 56
534 Jan
4034 J'IY
.17
1753 1712 1712 1734 1734 PI
19
1773 18
4,475,d1nsp'n Con Cop Par $201 81512Jan 10 $184 Mch24
2032 Jan
1372 Dee
107 1074 "Wiz 10752 10714
107 107
107 107
10714 1,000 Internal Harvester of N JI 10034 Apr 25 11312.1an 22
96
J'ne
Sep
11112
*111
___ *116 ____ -11(1. 119 *113 119
___ *113
Do preferred
11312Jan 3 11812 hich 4 111 May 116 Oct
104 101 *10273 103
111 100 *102 105
101 101
300 Internal Harvester Corp_ 10072Jan 3 11114 Jan22
9512 J'ne 11014 Sep
*117 .___ *117 _-__ 1119 113 -____ _ _
*11312 11414 May15 11716 Feb 13 111 his Y 11434 Sep*21
10 Do preferred__
-3
•212 3
3
3
*23.4 114
3
200 Int Mer Marine stk-0- etts
334 Jan 27
2 May14
212 J'ne
452 Jan
1014 1014 *10
1034 1013 1013
972 1,)
*9
10
734 May13 154 Jan 30
40C Do pref stk tr ctfs
1212 J'ne
1912 Jan
*734 814 *734 814 *734 814 *734 814
8
8
732 Apr 21 1072 Feb 2
International Paper
100
612 Oct
1233 Jan
35
•33
35 *33
3312 3312 3312 34
34
34
3224J
'rle22
preferred
Do
41
571
Jan 31
324 Oct
484:an
*3
6*3
613 *3
7
*3
614 *3
97 Jan 20
7
3 J'ne 29
Internat Steam Pump
412 Dec
1812 Jan
• 2 12 • _ 12 • _ . 13 • _ 16
*10
15
11 J'ne 24 29 Jan 19
Do preferred
1572 Dec
70 Jan
;71; 90 '8l-1
90 ;18
90 ;53
oa
*3812 no
Jan
80
19
(Jullus)
94
J'ne
8
Kayser & Co
94 Feb
77 Dec
*109 115 *109 115 *109 115 *109 11313 *109 1131:
Do 1st preferred-__ _ 106 Mch 12 10834 May 1F 10613 Oct 110 Jan
*9213 97
*9213 97
*9212 97
*9212 97 '3.212 97
81 Jan 6 105 Feb 25
58 J'ne 83 Sep
Kresge Co (S 8)
*10214 10313 *10112 10312 *10113 10312 *10112 10312 .'
1 0112 10312
99 Jan 13 105 Mch 3
97 J'ne 102 Jan
Do preferred
*212 21613 *212 21612 *212 21612 *212 21612 *212 21612
Tobacco 214 May 6 231 M eh 1 195 J'ne 235 Mob
Liggett
&
Myers
*116 119
117 117
11812 11812 9117 117 *116 116
11132Jan 6 10.12J'ly 8 10612 J'IY 11612 Jan
400 Do preferred
.31
*31
32
32
*31
32
*31
32
31
31
21 J'ne
3972 J.
10C Loose-Wiles las Cr co ctfs 297k Apr 24 38 Jan 26
*10212 10514 *10313 10514 *10312 10514 *10312 105 *10212
101 Apr 22 105 Mchll
89 Aug 105 Jan
1st preferred
Do
10514
*90
89 Jan 2 954 J'ne 12
9.1 .90
95 *93
95
*90
95 *PO
84 J'IY
95
95 Jan
Do 2d preferred
*168 180 *153 175 •170 175 1973 176 *170 175
Jan
20
166
190
Apr 7 .150 J'ne 200 Jai.
Lorillard Co (I')
4,115
___ *1154
_ 11652
110 Jan 6 11772 Ply 8 103 J'ne 117 Feb
11632 11632 *113 118
300 Do preferred
8012 "8012 *78 15 *8014 11773
85
*804 85 *8014 83
76 Apr 25 8732 Feb 20
7552 J'IY
87 Jan
109 Mackay Companies 22
*6812 70 •68
70
13812Jan
*68
2
70
70 Jan 27
*68
70 *68
62 Dec
70
Do preferred
89 Apr
60 6014 *57
6012 6012 8012 *57
51124:ne25 6914 Jan 17
61
*57 61
65 Oct
May Department Stores_
425
7672 Jan
•97 101
9,123
•97 101
ne25
*97 101
1013
4
•97 101
Feb
9
9712 Joe
'
*97 101
10513 Jan
Do preferred
*59
4612Jan 2 7312 Feb 9
6012 6014 6252 62
6213 61
6134 6113 6112 6,600 Mexican Petroleum
4134 Nov
7814 Feb
22
22
224 2214 2214 224 2214 2213 224 2212 1,000 dMiami Copper__ _Par $5 $21 May 7 12432Feb 16
2032 J'ne
264 Jan
Apr
25
25
627
2
5
4912 *4914 4934 4912 4954 *4914 4934
Inc
400 hlontana Power
10112 10212 *10112 10212 •10113 103
lot Apr 27 10373 J'ne 4
10184 10134 *10112 102
200 Do Preferred
128 13713 *130 132 *130 132
122 Jan 6 139 Feb 3 104 J'ne 130
132 132 •130 13713
200iNatIonal Biscuit
128 128 *126 130 *12512 12934 *12513 12934 •123 12934
1194 Jan 13 128 J'ne 29 116 J'ne 12472 Sep
100! Do preferred
Jan
163 Jan
,
8 14 Feb 3
*1013 1114 . *1012 1114 *1012 1114 11
9 ..Fne
11
194 Jan
*104 1113
100rat Enamerg & StamP'13
80 J no 6 8673 &Cell 10
•76
03 *76
88
*76 88 •76
88
7414 Oct
*76
9214 Jan
Do preferred
81
44
Jan
3
*45
52 Jan 26
4812 *45
43 Oct
484 *45
481: *45
4834 *45
National Lead
5614 Jan
4834
105 Jan 13 109 Feb 18 100 J'ne 108 Oct
*10713 11012 *10713 11012 *10712 11012 *10712 11013 110812 10813
iol Do preferred
14
13 J ne
14
1372 1372 1373 1378 1373 1378 134 1378 1,375 dNevada Cons Cop Par $5 $1372 May 2 $1612Jan 26
20 Jan
J_Jan
2 7914 Meh 14
00 J'ne
*74
7513 7513 754
7612 4,74
7612 *74
7512 *74
14112Jan
loo North American Co(new) 65 Jan_.
22 .1 ne20 29 an 21
*22
234 2314 2314 2314 2314 *2212 234 *2213 233,:
16 J'ne 314 Jan
100 Pacific Mail
23 J'ne30 31 Jan 24
22 Nov
•22
23 *22
46 Jan
23 *22
*29
25
*22
25
Pacific Telep & Teleg
25
12112 12112 12114 12114 121 12114 121 121
12012 1204 1,300 People's CL & C (Chic). 11831 Apr 25 125 Jan 6 104 J'ne 12934 Sep
29'4 2112 2034 2074 *20 21
174Jan 3 2313Feb 4
1413 J'ne
2432 Jan
*19
21
1,100 Pittsburgh Coal
*19
21
84 Apr 25 9313 Feb 4
73 J'ne
91'1 9113 904 9014 *99
95 Jan
Do _preferred
91
99
00.
1,601
00
4212 4212 4272 4332 43 4334 4333 4334 90
2884Jan 5 46 Feb 14
1812 J'ne
36 Jan
Pressed Steel Car
1,871
4314
4314
*102 103 *102 103 *10232 103
8734 Jan 15 10514 Mch 5
8812 J_'no 1014 Jan
415 Do preferred
103 103
10234 10234
*11113
_ •11112 _ _ 4,11112 ...- 107 Jan 13 114 Apr 7 105 Dee 118 Jan
N J.
CorpC orp
PullmanervCompanyof
_
_•1114112Jan
*15112 1-5-3- *155 1-1i 155 lig. *11113
6
Sep 165 Jan
149
159
Jan
28
156
111IT
15412 11i1.
3 --274 271: 2713 2712 2734 2734 .27 29
9
20214 JJ:013.:
3
5.(10
t; Railway Steel Spring.-- 5295314 MAPeril 205
*2612 29
•_
05 4,.
1)5 4..
95 4._
2
10
31
438 Fe
FebFeb 14
95 • ___ 95
30
5 Jan
Do preferred0
ii; 214 2-1-14 214 His 21% 2172 2112 -21/2
21734Jan 9 $2212 Apr 3
15 J'ne 22 Jan
2114 6,100 dRayConsCopperPar$10 1934 _
*2213 33
*2233 23
Jan5 27 Jan 27
17 J'ne
2234 23
2212 ,2212 2232 2252
2832 Jan
Republic Iron & Steel-800
11165
O112 8512 854 86
80 Jan 2 9114 Mch 11
72 J'ne
86
•83
9214 Sep
8512 383
86
200 Do preferred
614 Apr 24 18 Jan 14
•1013 1112 *1012 1112 1012 104 •10
14 Nov
9214 Jan
1114 *10
200 Rumely Co (M)
1114
2812 2312 •27
202,-Apr 24 41 Jan 13
30
33 Dec
284 2813 •26
30 *27
9934 Jan
Do _preferred
29
200
195 195
192 195 *191 1951s 19384 19334 9192 192
Sears, Roebuck & Co.... 180 Apr 24 19712 ny 3 15434 J'ne 2134 Jan
1,260
*24
*24
30
30
23 J'ly
*2414 30
*25
30
454 J..,n
*24
Sloss-Sheffield Steel & Jr. 25 Apr 24 35 Jan 26
30
*36
*35
37
37
*35 87
31 Dec
32 Jan 7 4014 May25
3678 3672 *35
37
4012Jan
100 Standard Milling
61 Apr 29 66 /deb 6
.33 66
*63
65
*64
63
•65
5213 May
66
*64
06
6612 Feb
preferred
Do
29
304 32
30
3153 32
20 Jan 3 364 Mch31
1534 Dec
3214 3214 3218 3232 4,070 Studebaker Corp (The)
36 Feb
5
92 May15
05
1814 814 8412 8413 85
70 Jan
*83
6412 Nov
86
•83
06
9314 Jan
250 Do preferred
1
23
28
134;
J
AI 23
334 3332 3314 3314 33
5 $3614 Fen 11 22634 J'ne
3314 na
aa
14112
3432 8,9
3234 142
394 Jan
3
(
230
0 TaTexelonnessecomep4Conpy_2(PTahret2.5
*143 14312 143 14312 143 143
14212 14212
14972 Mch 5
89 J'ne 13212 Dec
*7412 81
7512 754 *7412 01
7314 J ne 26 88 Jan 31
*75
81 '
375
78 J'ne
994 Jan
81
100 Underwood Typewriter
1054 113 "11514 111 *10534 113 *10534 113 1108 108
108 Jan 16 113 Apr 15 104 J'IY 113 Jan
25 Do preferred
16
15
332
J'ne
5
514
5
5/3 514 •44 54
812 Jan 31
74 Jan
4 Nov
473 472 1,250 Union Bag & P:per
*21
2214 4,21
2211 *21
21
21
2214 4,21
2012 MaY11 3212 Feb 8
1812 NOV
41,
4 Jan
100 Do preferred
2214
*7
1014 *8
9
9
10
1312 Jan 23
*7
734 J'ne25
10
914 J'ne
,
*7
9
1634 Jan
100 U S Cast Iron Pipe & FdY
*31
35
*314 35
*3112 35
32 J ne 24 49 Feb 6
*31
35
40 Dec
031
25
5634 Jan
preferred
Do
814 824 82 024 8214 .1-212 *80
81
80
81
46 Jan 7 87 Mch 10
38 Dec
66 Jan
1;410 U S Express
*51
61
*53
61
*69
61
ca
Cl) *594 6012
54 Jan 7 6334 Mch 10
4934 Nov
77 Jan
101 U El Realty & Improv't
59,
8 5924 5932 8013 60
801$ .973 CO
5314 Apr 25 63 Mch 14
51 Nov
5924 5924 3,642 United States Rubber
6912 Apr
103 103
10214 10234 10334 10333 910: 101
9952 Apr 24 10452Jan 14
98 J'ne 10934 Apr
10372 10378
405 Do 1st preferred
6172 6212 8112 6217 6134 6232 6112. 62::
: 603, 6172 112,710
56 Apr 25 6714 Jan 31
494 J'ne
United States Steel
6912 Jan
13114 10914 10114 10912 10932 1091 13912 10072 10924 10952 1,625 Do preferred
10614 Jan 2 11234 Jan 31 10212 J'ne 11034 Jan
5813 5s11 574 502 5784 5332 1732 58
5714 5712 20,10l dUtah Copper___Par 510 34872Jan 10 65932 rne22
3952 J'ne
6053
Jan
*3212 29
*2,l2 29
*2813 29
29
29
2534 Apr 30 3472 Mch20
2824 20
22 Ply
534 Virginia-Carolina Chem_
4313 Jan
*0912 102
*9912 102
*9912 102
go May 7 10712 Mch 20
*131 1'1.1
10124 10134
93 rut 114 Jan
100 Do preferred
51-14 5512 .504 598, 5914 5933 59Q 6012 5912 5912 21,911 Western Union Tel 2,
rne24
564
6672 Feb 16
5413 Dec
754 Jen
764 7612 7772 7634 7814 77
754 7633 71
7852 27.875 Westinghouse El & fg_ 64 Jan 3 7873 Mch 16
5353 J'ne
7914 Jan
*121 125 *123 125 •122- 126 *122 123 *122 126
Do IA preferred
11573Jan 19 12412J'ne 8 10773 J'ne 11954 Jan
9312 *94
9$12 *97
'Ill
981 *9712 1'71
9812 9812
92 .J'ne25 10314 Feb 5
400 Woolworth (b` W)
8113 J'ne
Jan
____ *11612 1171 *11612 1171 11712 11712
1151r 116
1123IJan 5 11872 Moh 6 100 J'n'e 112
400 Do preferred
11512 Jan
•491, 553 493*
BANKS AND TRUST COMPANIES-BANKERS' QUOTATIONS.
Bid
Banks
Brooklyn
Coney lard 11 .7.,...,
1112..t -- --- 1,00
Yla0bu213 ___ 11U
Greenpoint_ 150
, ,-11 8-0
H.mestead
HilLidell---¶
410
Manu.eFrs.
f2
Meth...WW1- 81804
Montauk 11.... 110
203
Namitu
Ash
Bid
Banks
Brooklyn
NatlonaL City 273
North Sidelf_ 175
peopis ____ 145
1.50
260
130
160
Trust Co's
125
100
N Y City
425
_ -- Astor
1-25 Bankers' Tr- 1'401
223 B'way Trust. 149
.444
Ask
285
200
155
1035
430
85
310
410
1180
215
300
55,1
Trust Co's Bid
N Y City
central Tros- 1013
Columbia.. 1:1,1
cemmereLti
_ __
Empire
301
Equltubie Tr 4111
Farm L & Ti 1010
Fldellt7
3,5
355 Fulton
275
--- lluaranty Tr 540
153
Trust Co's
N Y City
Hudson _ __
Law T 1 At-Tt
Lincoln Trust
Metropolitan
Mutual A111anee
hlut'l (West,beater)
Bid
130
1'143
118
370
Ask
133
---____
...._
133
137
130
135
Irust Co', Bid
Ask
(rust Co's Ina
.V Y City
drooklyn
N Y Life h Tr 951 81105 1raoklya 'Jr. 475
N Y Tru.st___ 595 0.1i Llitizens' ____ 135
Title Cu & Tr 8402 ,
1 10/12 Franklin __ 210
Transatlantic 23J 220 tlamilton ___ 235
Union Trust_ 365 383 Some
104
US Mtg dr Tr 400 410 Kinks Counts 570
276
United States 1030 1069 People's
Westchester,
. 125 134 :linens Co - 85
Ast
485
140
255
275
114
- ..
2i5
05
Lx-rIghts. a Ex-div. & rights. b New stock. 4 Quoted dollars per share. Sale at Steel
*BM and asked p ices' no sale9 011 tills day. 9 Less nan iuoShares.
Exchange or at aucbion this week. 5 Ex-stock dividend. 11 Banks marked with a paragraph (¶) are S ate banks. z Ex-dividend.
105
New York Stock Exchange-Bond .Record, Friday, Weekly and Yearly
. Jan. 1 1909 the Exchanoe method co zunlina bonis was changed. and nnces are now all---and intereal--escer4 to, income and defaulted bends.
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 10
v
Prza
Friday
July 10
Week's
Range or
Last Sale
Lang:
since
Jan. 1,
-0.
BONDS
N. V. STOCK It X Cil ANGE 0
Week Ending July 1)
-,26,
Price
Mesas
July 10
Week's
Ranee or
Last gale
11
- 46
Rang°
since
Jan. 1.
81a
As1 Loa
Hies No. 1:cno Biol. Chesapeake & Ohio (Con.)Bid
All Low
U. S. Government.
High No, Low High
96% 9712 967k Int,'19
General gold 4349
9412 Sale 94
1992 M-B
S 2s consol registered_d1936 Q-J
9634 OA
9452 36 9212 954
97 98 9714 J'ne'14
d1930 QJ
Registered
1992 91-S 91 -- 9312 Feb '14 ..... 93% 9312
9654 99
6 2s consul coupon
101 102 10114 en.-'14
Convertible 434s
1/1918
10114 10214
7754 Sale 7712
1930 F-A
6 Is registered
81
63 7712 8612
101
Big
10111
102
10112
1
41918
101
Sandy
1027
1944
2
1st
coupou
J-D
45
8314 8514 8314 J'ne'14 ---- 8314 8314
S 35
10912 1101: 110
Coal River fly 1st gu 48-1945 J-D 83 8354 8314 J'ne'14 ---- 8334
1921
5/. 10018 11212
110
S 48 registered
85
110 11112 111 J'ly '14
Craig Valley 151 g 5s
1925
11.1 11314
1940 .1-3 99 101 9612 Dec '13 .... ---- ......
6 45 coupon
Potts Creek Br 1st 4s
9512 J'ly '13
1946 J-J
...... 8444 Jan '13 --- __ _ _
F 9654
8 l'au Canal 10-30-yr 2s k193C
100 1(12 10112 10112
It & A Div 1st con g 48,..,,.,.1981i J-J _.
10034 1024
8834 89
S Panama Canal 38 g___11161
8834
8834 12 88 2d consol gold 48
1981/ J-J
82 -_ 82 Apr '14 -.- 82 884
8512
Greenbrier Ey 1st gu g 441_1940 51-N
851:_._ 90 Apr '14 - 90 90
Foreign Government.
9712 98 97
97
Chic & Alton RR ref g 38_1948 A-0 604 61158 004
Os
95
Argentine-Internal 5s of 1909_ M6014
6 60 67
: 88 8378 88% J'ne14
J
8911:
tiS
Railway 1st lien 334s...._1950 J -J
Chinese (Hukuang) fly 88
40 Sale 40
401
8 40 5512
Chic 13 & C) Denver Div 48_1922 F-A
Imperial Japanese Government
9934 100 993 May'14 .-- 9914 9934
90
12 86
1024
1925 F-A 1 90 Sale 8934
Illinois Div 334s
Sterling loan 4348
854 8514 8514
194C J -J
8514
3 82 857
89 Sale 89
89
1925
8518 8912
823s ____ 8614 Aug'12 .... -___ ___
Registered
19413 J -J
2d Series 4
1931 J -J 1 7812-- 7834 J'ne'14
7534 80
Illinois Div 48
Sterling loan 48
1949 J -J
9513 Sale 9534
9512
1 93 -96
10054 J'ne'14 22 99 10034
Republic of Cuba Is eaten debt_ M-S 414414
Registered
1949 J -J ---------93 J'ne'13 --- ____ ___
Iowa Div sink fund 58-1919 A-0 1031 ----03 May'14 ..- 10278.
93 9312
.....1949 F-A 1 934 94% 93 J'ne'14
Externalloan 4
103
85
85
SS
15
M-8
85%
844 90
Sinking fund 43
Tokyo City loan of 1912 58---1919 A-0 9814 9918 9834 3'ne'14 --- 904 834
181 83 794 Apr '14
77 85
Nebraska Extension 413....._1927 M-N 97 98 98 J'ne'14 --- 94:4 9
U S of Mexico f g 5s of-1899
98
13712 7012 65 j'iy '14
1954
65 68
.
-_
Gold 48 of 1904
__
Registered
1927 118-N 9518 -- 9652 Sep .12
Min are z Ices on the I 33,3 N 15 W k
Southwestern Div 4s
1921 '1,1-S 9954.- 9934 J'ne'14 --- iliT4 -.
9812
State and City Securities.
Joint bonds. See Great North
10214 102% 102%
1021
26 100 10212
1960
N Y City-4346
General 4s
1958 M-S 93 Sale 93
9312 76 9114 9412
10752 45 10334 107% Chic & E 111 ref& imp 4s 9_1955 J-J
1963 M-S 11474 Sale 10714
4348 Corporate stock
3312 35 35
35
4 3012 68
99% Sale 997,8
10111
26 9512 10012
1st consol gold 6s
1959 VI-N
4% Corporate stock
105
1934 A-0 --- 105 105
4 105 11233
100
99%
Sale
4001
24
VI-N
1958
9513 10018
4% Corporate stock
General consul 1st Is
70
5,1-N
1937
Sale
70
70
1 70 1004
100
2 9554 10018
1957 M-N 9974 100% 100
4% Corporate stock
Registered
1937 51-N ---------118 Feb '14 --- 98 98
10714 sale 10714
1071
43 103%1074
1957
Pur money 1st coal 59
New 4345
9734 Feb '13 .-.- __-___
1942 F-A -- 97
8
1017
1015
8
1017
8
J'ly
'1
Registered
10112 102
1917 N1-N
New 434
---- -------- •-•---- ---- ---- -4 103%1071z
95177 M-N 1074 Sale 10712 1071
Chic& Ind C My 1st 5s,,103& J -J
19
% Corporate stock
30 Sau. 39
39
5 39 99
10112 10212 Chic Great West 1st 4s
414% assessment bond81917 M-N 10112 10154 10112 J'ly '14
11458 Ai-S 74 Sale 7314
32 70 7518
74
8818
---88
88
2 85 88
Chic Ind & Lotlisv-Ref 6s.1947 J-J 12012 ---. 120
1954 VI-N
334% Corporate stock
121
4
11784 121
100 10112
1961 M-S 10214 -- 10112 Apr '14
N Y State-4s
Refunding gold Is
1847 J -J 104%14154 10314 Mch'14 --- 1034z103¼
7 97% 102%
Canal Improvement48_1961 J-J 10212 Sale 102% 102%
Refunding 4s Series C
81
3
95%
1917
J
11
--__
Apr
__.
____ ____
10314
1021
1 99 10214
Ind X.t Louisv 1st gu 48
Canal Improvement 4s_1062 J-J 1024-11156 J -J -___ ____ 8 i J'ly 13 ..-- ____
102 3'nel
10012 10112 Chic Ind & Sou 50-year 4s_11/51., J -J ---- 884 11014 Aug 12 .... ____ ___
1960 J -J 10318
Canal Improvement 4s
____
11015
11U
11014
1101
53
30.1964
J-J
11014
1073
Improvement
Chic
4
Canal
L 8 & East 1st 4%s
4
1969 J -Li _.____ 104 Lee 11 ...- ___ _
11018 Sal,
: 10978
1101
92 10712 11014 Chic Mil& St P termig
Highway Improv't 434s1063
J 'ne'14 ....... 100 1.01115s 13)14 J -J
4
-- 10312 J'ly '10
Gen'l gold 4s Series A _elan J -J
South Carolina 4 3020-40_1953 J -J
951 96 95
9554 17 92 9634
844
8434 Jan '1
Virginia funded debt 2-3s 1991 J-J
8434 8834
Registered
el9811 Q-J ---------94 J'ne'14 ...... 9212 94
531s 54 5312
537
Gen'l gold 334s Ser B......e1981/ J -J
5 50 67
6s deferred Brown Bros ars80
80 81
8012
3 611
8314
Registered
elinit 3-3
.... _ 86 J'ne'li ..
_
Railroad.
Gen 434s Ser C
10278 1i; 156;1135;
e 19411 J -J itiiii Sale021z
63 67 6212 'ne'l
A nn Arbor 1st g 49
h1995 Q-J
25-year deben 45
6212 74
1934 J -J
92
___ 9114
92
56 88 93
ritch Top & S Fe gen g 48_1995 A-0 9558 Sale 955s
155 93 9612 Convertible 4%/1
116
1931/ .1 -I.) 19178 ?sale 10114
10153 163 100 10314
Registered
95 94 J'ly '14
1995 A-0
Chic & L Sup Div g 5s
9212 9514
1921 J -J 10418 ___. 10238 Sep '13 ..... ----Adjustment gold 45
;8734 8fi2.1.'13914
1/1995 Nov 865
Chic & Mo Ely Div 5s
S4 1284
1924 J -J 107 ____ 107 J 'ne'14 ----10534107
-Registered
86 Aittle13
Chic & P W 1st g 5s
1,111115 Nov
1911 J-J
10412 10434
10434 10 10212 10412
Stamped
CM & Puget Sd 1st gu 4s_14148 J-J 10414
87% 29 S43 )iS1
1/1995 M-N 8614 8712 87
9318
935
2 93%
3 89 937s
9334
Cony gold 45
Dak & Grt Sou gold 5s
5 93 1(10
9913
1955 J-D 9812 9912 9912
11116 J -J 100/4 ___ 10014 Nov *13 ---- .-- --.
Cony 48 Issue of 1909
9912 May'13
1955 J-D
Dubuque Div 1st s f 68_1920 J -J 10918
10834 May'14 --- 1014 1-1/854
Cony 4s (issue of 1910)_1960 J-1) 9812 9912 98%
Far & Sou assum g 68_11124 J -J 113 10958
99% 93 93 9952
____ 110 J'ne'13 ---- --- --10-year gold Is
La Crosse & D 1st 5s
10114 is 99% 10214
1917 J-D 10118 10114 H/14
1919 J -J 10318 ....1.0212 Jan '14 ___ 10214 10218
East Okla Div 1st g 48_1928 M-S 9514 -- 9434 Sly '14
Wis & Minn Div g 5s
9154 951z
1921 J •.1 11/414 10434 KA% J 'ne'14 -- 10258 10458
Short Line 1st 9s
Wis Vail Div 1st 63
9014 913-4 9158
2 MN 92
91%
J -J
1920 J -J 10:1 11234 11/914 Mch'14 -__ 10014 1094
Cal-Ariz 1st & ref 4%s_1902 M-S
Mil & No 1st ext 434s _1934 J-D 10252
99 93% Apr '14
9714 9812
10312 10212
102'i
4 9914 10212
S Fe Pros & Ph 1st g 5s 1942 M-S jail;---- 109 Mch'14
Cons extended 434s _,.__1934 J-D 10214 ____ 10212
104 109
1021
1 101 10242
Chic & St Louis 1st 6s
10112 J'ne'14
1915 M-8 1111%
10118 10112 Chic & Nor West cons 78_1915 Q F 19112 102 192 5'ne'14 --- 102 102%
ail Coast L 1st gold 48___h11452 111-8 93% Sale
12 91
Extension 4s
9358
95
94
9514 904 961 J'iy '14 .-__ 9412 9612
1886-1926 1'-A
Registered
95 Jan '13
/41952 51-8
Registered
1886-1926 F-A 9434 --- 9434
9 9434 95
9434
50-year unified 45
General gold 334s
10 92 93
92
9212 92
1959 J-D
1987 3/1-N 83 Sale 83
8314
2 80 84
Ala Mid 1st gu gold 58_1928 3/1-N 10558 10512 J'ne'14
Registered
1034 1054
91987 Q-F ____ __ 7812Jan '14 ---- 7812
78%
Bruns & IV 1st go gold 48_1938 J-J
General 48
9454 9512
- 9374 Apr '14
1137s 93%
1987 ItI-N 98 Sale 96
06
25 93 9754
Charles & Say let gold 78_1936 J-J 133
Sinking fund 6s___1679.1929 A-0 109 ____ 108%
_
May'14 .-__ 108 10812
L & N coil gold 4s
lte,gistered
2112 92 -01-9 92's 6 87 95
o1952
1879-1929 A-0 10712 ---_ 1051 Dec '13
Bay P& IV 1st gold 6s
Sinking fund 58
121 May'14
121 121
1879-1929 A-0 10412 __ 1011s May'14 -- 1044 1-0414
1934 A-0 1211,
1st gold 5s
Registered
1934 A-0 10714
11014 May'11
18711-1929 A-0 10312 _102 Oct '13 ____ ___ ___
Bil Sp Oca & (.1 gu g 49_1918 J-J
Debenture 5s
-9812 09 98 May'14
1921 A-0 102 MP;1014 J'ne'14 --- 10012 1027-4
Registerad
Balt & Ohio prior 3315_1925 J -J
921
91% 9218 9134
7
1021 A-0 ---------101 Dec '12 -___ ____ __.
Sinking fund deb Is
Registered
9078 May'14
91925 Q-J
1933 M-N 104 ---103% J'ly '14 --- 10214 1-0324
941
Registered
Gold 48
51 90% 90
1,19411 A-0 94 Sale 93%
1 935 M-14 102 ----10154 Apr '14
10114 1014
Frem Elk & Alo V 1st 6s_1933 A-C 12212 ---122 May'14 ....
Registered
0114 9112 92 May'14
9078 94
1,1948 Q-J
....122
Man G B &N W 1st 34.28 1941 J-J ___. ---_ 9012 Sep '09 ____ 120
92 133 90 9434
20-yr cony 4 tis
9114 Sale 914
___ ___
Milw & S L ist gu 3%8_1941 J-J
Pitts June 1st gold 68____1922
10634-- 112 Jan '12
80 -----.
_
Mil
L
8
J'ne'14
& West 1st g 68_1921 vi-S 11014 Sale11014
-10, lir
PJunc& M Div 1st a 3)01925 NI-N 8712
89%
11014
1 1E0811014
Est & bon s f gold 58_1921/ F-A 11.17 ____10618 Mcn'14
86 ge 4
PLE& W Va Sys ref 4s__1941 VI-N
841z 891z
-3 sz J'ly '14
.--- 10618
Ashland Div 1st g Cs
91 Sale 9034
1925 NI-8 11414 --1134 Feb '14 -..„ 11318 1064
9114 17 874 911z
Bouthw Div 1st gold 330_1925 J -J
1131i
Mich Div 1st gold 63_1924 J -J 114 ___11314
100 Apr 13
Cent Ohio It 1stcg 4 358_1930 VI-S
5101'14 __ 11314 1131/
Mil Spar & N W 1st gu 48_14147 M-S ___- 9214
ioirs
Cl Lor & W con 1st g 5s....1933 A-C) 103 -- 10512 J'ne'14
9154
9134
2 91
94
Northw Union 1st 7s g
1917 51-8 107% --- 10758 May'14 ___
Monon River ist gu g 58..1919 F-A 1004 -- 1024 J'nu'12
10718 1081/
L Pao& NW 1st gu 5s_19 b J -J 106 1065
105
Ohio River RR 1st g 55_1936 J
fE3-4 St
10534 J'ne'14
10614
10(114
2 1054 107
Winona & St P 1st ext 7s_11116 J -D 106 ____ 10
1937 A-0 10212 11414 104% May'14
General gold 88
1043410434
61
Chicago Rock 181 & Pac 6s_1917 J -J 10314___104143'1y '14 ....... 106(4 1065
Pitts Cley & Tol 1st g 69_1922 A-0 107 __ 11312 Feb *12
4 may'14 __-- 104 105
Registered
J -.1
Pitts & West 1st g
96% Mch'14
1917 3-4 111312 1041 10458 Mch'14 ____
9634 -161
4
10452 1045
stab
Ry 1st gu g 4%8_1943 J-I)
General gold 48
91 J'ne'12
19811 J-J
8654 Sale 8654
874 25 et 90
Registered
Bolivia sty 1st Gs__ .....1927 J-J
1988 J-3 - 8612 87 J 'ne'14 ____ 8412 8-7
Refunding gold 4s
Buffalo It & P gen g 5s.......1937
HU" J'ziTzi 717_ 155 110
1934 A-1.) 7714 Sale 7714
7754 61 72
bl
Consol 43
20-year debenture 5s
1957 M-N
0
104 J'ne'14
102'z 104
1932 4-3
73 731 7318
7478 133 6612 801
Coll trust Series P 4s
1998 A-0
All & West lst g 45 gu
94 Jan '14
94 94
1915 M-N ____ 92 9454 J'ne'11 -----------.
Clear & Mab 1st gu g 59_1943 J-J
Chic It I & Pac RR 4s
111 112
112 Apr '14
2002
-N
267
8
sale
NI
Ms
283 391 2618 53
Emu & Pitts 1st gold 6s..1921 F-A
Registered
110 J'ne'14
1091/110
2002 51-N
2612 Sale 2612
201s
1 2612 515
Consol 1st g 6s
1922 J-D 112
RI Ark & Louis 1st 4348_1934
110% 112
112 J'ne'14
N1-8 ____ 83 85 J'ly '13 -----------.
Czureg
daisSouelons gu A /58_114:
Burt)it & N.-1st g 5s
101.138 Sale 106
7 103%10678
11/658
11134 A-0 10014 __ 10234 Apr '14 ___. 10254 1021
62 A-O
4
0161 F & N W 1st gu5s_1921 A-0 10114
106% 10678
10678 Apr '14
____ 100% May'14 ____ 10078 103
CarClinch&Ohiolst 30-yr5s1933 J-1) 99 997 100 J'ly '14
111 & St L lst gu g 7s
97 100
1927 J-D
Central of Ga Ist gold 5s--Plng
-1074 Choc Okla& G gen g 5s...01.11141 .3-3 ----------------108 Feb '14
108 108
97 99 997-8 Ma-Y'13 --- --- Consol gold 55
104 lair 10414 10414 3 102 105
Consol gold 5s
11352 .21-N
99 9914 J'ne'14 -_ 99 -99-1
Registered
1945 51-N
10614 Mch•13
Heok & Des Moines 1st 5s.1923 A-0 ---____ 90 92% Mch'14 ..... 9112 92,
Chan Div put mon g 48_1951 J-D 1083738128813 87 Mch'14
St Paul& IS0 Sh List 434s'41
85 IfF-A
71
764 75
Mac & Nor Div 1st g 59-1946 J-J
75
2 75 80
_
10714460 '12
Chic St P M & (J con 6s ..1930 J -D
120 122 12014 J'ne'14 ..... 118 1205
Ga & Atl Div 6a_1947 J-J 103%
jar/farz Cons 6s reduced
- 1041: Apr '14
to 334s 1910 J-1) 8912._ 8914 Dec '12 ----------- a
Mobile Div 1st g 5s
1946 J-J 10434
10934 May 11
Debenture 5s
1930 N1-8
Cen RR & B of Oa col g 58-1937 M-N 100 1661- 10014 May'14
992 10034
Oh St P & Minn 1st g 65_1918 M-N 10111 1023;111112J'ne'14 ____ 101 103
1195a -.11612Jan '14 -- 11612 1191
Cent of N J gen'l gold 5s
1987 J-J 117 1171 11673
117/
1
4 10 114 118
North Wisconsin 1st 6s
1930 J-J 11952 ___.12952 May.09 ____ ...._
RegRtered
hl987 Q-3
__
11634 J'ne'14
SIP
11354 117
& S City 1st g 6s
1019
A-0
1161/
J'ne'14 ____ 107 1-085
10714
4113i1
104
Am Dock & Imp gu 5s
1921 J-J
10454 J'ne'14
104 10454
Superior Short List 5s g91930 51-S . 1071 1978
-.-Leh & Hud R gen gu g 55_1920 J-J 102 103 100 J'ne'13
---- ---- ---- -Chic T 1.I & So'east 1st 5s.1960
J -D-:-- -95 85 Jan '14 ____ 85 -85
10011 Jan '13
N Y & Long Br gen g 4/1_1941 51-S
Chic& West Ind gen g 6s 911132 944
10614... 10614
10614
1 10512 109t
Cent Vermont ist gu g 41-e1920 Q-F --- 82 80 May'14
-55.
Consol 50-year 48
1952 J-J
84 841- 8414
8414
1 8318 87
Chesapeake & OhioOMR & I)2d goir14%8
1937
J
-J
*88
_
96
Mch'14
93 98
-_ 99 100
100
Gen funding & impt 58-1929 J-J
1 9854 10014 1st & refunding 48
1959 J-J --_- iti --------------106%
193 M-N 1064 1071 106%
lit consol gold 55
8 105 107%
lit guaranteed
1959 J-J ...- ---- sol J'ne'12 ----------193 M-N 10512 107 10510*n/el
Registered
103 10512 Cin 13 & I 181 au 4s
a 5s____1941 M-N ____ 99 10012 Me111.4 ____ 10041001
2
MISCELLANEOUS BONDSContinued on Next Page.
U
U
U
U
U
U
U
U
?"-L
---------100
9e98
9,
89% 92%
ow.
Street Railway
Street Railway
Brooklyn Rapid Tran g 59_1945 A-0 10359-.- 10334 J'17
eo12 10314 Hud &
Manhat 88 Ser A.1957 F-A 8114 8112 8112
15t refund cony gold 48.-2002 J-J 8312.-- 92 J'ly '14 81 8712 9314
8134 96 gni 9114
Adjust income 5s
1957
6-year secured notes 58_1918 J-J 100 Sale 99%
31 Sale 3012
31.
38 30 89
91 Ws 100
100
N Y & Jersey
1932 V-1 100 -......
Bk City 1st con 5s__1916-1941 J-J 101%10218 1024 J'ly '14
1001z 10218 Interboro-Metrop1st 5s
coil 4 I4s..1956 A-0 7712 Sale 7714
Bk Q Co& S con gu g 59.-1941 M-N
115 76 79,
77
5
98 98
93 Apr '14
Interboro Rapid TransitBklyn Q Co & S lst 5s---1941 J-J
101 May'13
1st & refunding 5s
1966 J-J
99 Sale 98%
99
143 9811s 9919
Bklyn Lin El 1st g 4-58_1950 F-A 155 §izie 102%
10314
-9912
103
Manhat Ry(NY)cons g 45_1990 A-0 92% Sale 92
92% 38 89/2 93
Stamped guar 4-5s
1950 F-A -10314 10178 May'14
100 102
Stamped tax-exempt
1990 A-0 93 934 9278 'ne'14
88% 93
sings County El lit g 48.1949 F-A
84 J'ly '1
83 84
Metropolitan Street RyStamped guar 43
1949 F-A 8358 84-1-2 8312 J'ne'1
8254 8412
liway & 7th Ay 1st c g 58_1943 J-D 10212 ____ 10314 J'ne'14
10314
101
• Nassau Elec guar gzld 45_1951 J-J
7818 Sale 7818
7818 • 5 74 80
Col & 9th Av 1st gu g 58_1993 NI-S 101 _- 101 J'ne'14
100 101
1927 F-A 98% 98% 98%
hlcago liwys 1st 5s
C 9614 9914
08341
Lox Ay & P F 1st gu g 5s_1993 5.1-S 10078 102 101 Apr '14
98%101
Coon lty & L istScref 5g 434s'51 J-J
93 -_
1014 J'ne'12
W SRI(Chic) 1st g 4s_193 F-A
80 80
80 Mch'14
_Stamped guar 4348
1951 J-3 95 9/ 9614 J'ne'14
-9614 9014 Met
Milw Elec Ry & Lt cons g 59192 F-A
102 1024
10212 May'14
Met United 1st cons g 4%5-1932 J-J
69 7612
70 711k J'ne'14
Refunding & exten 4%8_1931 J-J
91 Apr '13
9212
93
Ft Smith Lt & Tr 1st g 53 1936 M-S
84
84
84
Jan *14
Minneap St lit cons g 5s
1919
9914 101% 102 Nog'12
Grand Rapids Sty ist g 59-1916 J-D 6-978 99 100
100 J'ne'14
Montreal Tramways 1st & ref
Havana Elec consol g 58-1952 F-A 91 ii39112 95
4 92 Apr '14
30-year 58 Sex A
9824 9914, 9878 J'ne'14
9714 99
1941 J-J
11No price Fridar lat4dt this week. d Due A1011. •Due May, 0 Due June. h Due July k Due
Aug. o Due Oe . p Due Nov.
Due Dee. a Option sale.
106
BONDS
N. Y. STOCK EXCIIIANGE
Week Ending July 1)
xca.
New York Bond Record—Continued—Page 2
Price
Frielaw
July 10
Week's
Range or
Last Sale
E
40.
Range
dilleC
Jan. 1.
BONDS
N. V. STOCK EXCH A NGE Ea
Week Ending July 19
Prue
Pews',
July 10
1Week• a
Hangs or
Last Sam
• arge
aL•nee
Jan. 1,
Boa
dal Low
MO No Lc
High
St P M & M (Continued)125 Joe'14
12114 125
11993377 j-j 125
Mont C 1st gu g 6s
J -J 115 _. 136,4 May%.16
---- -Registered
10634 107 '
10654 Feb '14
1937 J -J 11014
1st guar gold 5s
J -J
Registered
11)411 J'ne'13
2
7 J-1) l(59.1838
19
Will & S 1' 1st gold 5s-1
89 92
89
89 Sale 08
Gulf& S I 1st ref& tg3s_e1952 J -J
J -J
Registered
2 J -J 9912 101 100
iddi; io 07 1111
911
898
giasItl
t
ie'
ersetdconsg 4 13s_1
Hocik
8458 9734
J -J ---- 9812 9734Jan '14
92
'15
Apr
A-0
8
8
4
8
19
4s___1
Col & 11 V 1st ext g
6572 80."4
11155 -A 90 92 9012 Joe'14
Col & To! 1st ext 45
Hous Belt Is Term 1st 5s_ _ 1937 J - J *---- 9814 10014 Dec '12
941 1(7
9715 100 9674 l'ne '14
4s:1951 J-J
Illinois Central 1st gold
9514 97 100 Sep '11
1951 J-J
Registered
84 85
84 87 85 May'14
1951 J -J
1st gold 3,IIs
8812 Feb '13
1951 J-J
Registered
93,2 Alay'09
1951 A-0
Extended 1st g 3)4s
1951
A-0
Registered
1951 '1-S
1st gold 3s sterling
1951 YI-S
Registered
4
8334 "di"
91 -g1731952 A-0 894 "iiColl trust gold 48
1054 Sep '12
1952 A-0
Registered
-Ti574 W9214
1955 V1-N
1st ref 4s
79 02
1952 J -J 8053___ _ 82 Feb '14
Purchased lines 3j-4s
88 91
1953 51-IN 03 90 8912 J'ne'14
L N 0 Ss Tex gold 48
84
84
84
May'14
1953
51-1‘.
9512
•---Registered
90 Apr '14
99 la)
1950 J -D
Cairo Bridge gold 9s
6712
74 Feb '14
74 74
Litchfield Div 1st g 3s___1951 J -J
76 84 81 May'13
Louisv Div& Term g 3 3.2s 1953 J -J
Si Aug'12
1953 J -J
Registered
123 May'99
F-A
.Middle Div reg 5s
724 Feb '14
71 72's
4
F-A
715
Omaha Div 1st g 3s
73 77 7512 kleh'12
82111 J -J
115
St Louis Div & term g 3s_1119
1951
-J
J
-Registered
J -J 811s - — -i7.1-2Se;ID
Gold 313s
toys Oct '99
J -J
Registered
78% 78%
7834 Meh '14
795s
J-J
ng
Rreig
Sp
istp
vd1"g 3'
erie
11111
6- "01"
01 Feb'14
8
1
-91
93
Western lines 1st g 4s
5 11b:
j
1199511
1951 F-A
Registered
HI; ma-crqiI
1923 J-1)
Bellev & Car 1st Gs
9412 J'iy '12
1932 .1-SS 8712
Carb & Shaw 1st g 4s
109%
1951 J -D 10875 ____ 10918
Chic St L & N 0g 5s
11
:00
1951 J-1) 104-6 111 10104
Registered
Oct
803g
-D
J
1951
Gold 31-4s
1951 J-D
Registered
12 11
-01; Au-;
Memph Div 1st g 4s
1951 J -13 -841;
1951 J-13
--- Registered
1931 34-S 90 9512
St L Sou 1st gag 4s
1 86't 8/12
1950 J -J 88 Sate
Ind III & Ia 1st g 4s
824 J'ne8
82
814
10
'
10234 104
1919 11-N 100,8
Int& Great Nor 1st g 6s
91,2 Mch'14
9112 92Ig
James Frank a. Clear 1st 4s 1959 J -D
6934
70
8
A-0
665
6512 70
694
3s_1950
gold
1st
Sou
V an City
63 Oct '00
1950 A-0
-I-x. Registered,
"Nis
Apr 1950 J -J 90 96%
Ref Is impt 55
93 9414
4
/
9214 9512
93%
881
Kansas City Term 1st 4s_1960 J-J 101.
101
101
5 100 10354
Erie& W 1st g 5s_1937 J-J
Lake
9434 95
- 9854 9434 May'14
1941 J -J
2d gold be
98 98
9918 98 Mcn '14
1945 A-0
North Ohio 1st gu g 55
10112
2 10014 1014
0 J-3 la 10118 101
Leh Vali N Y 1st gu g 4Iis_194
100 Dec '13
1940 J-J
Registered
8713 164
90 J'ne'14
Lehigh Vail (Pa) cons g 48_2003 M-N
0912
9934
4 99 16/35
2003 111-N
General COOS 414s
111 J'ne'14
1
4
9
0
:
0
A
110%11114
1
55g
gu
1st
Ry
Leh V Ter
11118 Dec '11
Registered
10414 10114
104,4 Mch'14
J
J -.1
933 .1193
LehVal Coale° 1st gu g 58_1
102
105
Oct'
.1.3
Registered
1933 J-J
1st lot reduced to 4s
45 54
3, -5
88's Feb '14
-airs ill;
Leh & NY lat guar g 48_ 19 51
Registered
1914 A-0 -------El 0& N 1st pref 6s
19
,7a Nov
0958
1914 A-0
Gold guar Is
4 10634
Q-J i5611613141-ddi
10653
Long laid 1st cons gold 5s_h1931
9614 lich'12
1st consol gold 4s
90
9i18
91'. WI;
1
8
3
9
1
j
1..)
1'1
JQ
4s
gold
General
1 4 --__ 95 97
a Yy:
4 iMla
118
1922 M-8 95 9612 95
Ferry gold 44.
9914 Oct '06
1932 J-D 83 _
Gold 45
88 87l
1949 M-S 8834 83 8612 Mar 14
Unified gold 4s
19014 101.
101 51cn '14
1934 J-1) 100
Debenture gold.IS
92_
.
9118 May'14 -._99 .
1949 M-8 89
Guar ref gold 4s
95 Jan '11
1949 M-8
10014
10014
Jan
'14
10014
8
1.01110014
1M A--(3
edD 1st con g 53-1,
iske rM
NRY D
10212 101-3
10211 Jan '14
101
NY&E.13 1st g be
102 102
102 May'14
Nor Sh B 1st con g gu 58_01932 Q-J 1031s
9112 Ullg
9112 Feb '14
1927 V1-5
Louisiana & Ark 1st g 5s
113
2 1111:115
j 112 1161-2 113
J1-y
0 .:
911;
Louisv Is Nash Gen 65.-.114
10544 110
10958 May'14
11014
---Gold 5s
9658 36
9578 96 9578
Unified gold 44
95 J'ne '14
1940 J-J
Registered
2;
9
3
05
0
19
'14
1
96
Apr
28 10
10514
505g
;
8
1931
II.11:11
Collateral trust 801d 5s_
108% ---E II & Nash 1st g 6s
8
0
1
0
2
l
a
4
10k58
8
4
3
%
4
2
8
15s
2
100,
.
10212
1
J
1
I
J
N
)
1
1
0
3
:3
:
19
L Cin & Lex gold 4 hs
11634 1181
;12014 Mch'13
N 0& M 1st gold 6s
111 ifi"
111 Feb '14
10914
68
N 0& NI 2d gold div
te9 89
89 Feb '14
s
Fifi
fifi
0
6
4
8
9
10
-1
4s_
Paducah& Mem
10834 108%
6s 1921 M-8 16/34 HO' 10858 Feb '14
gold
1st
Div
Louis
St
--- 6412 69324 Sep '12
2d gold 3s
4
9034
2 -Ts6- -Cc72; 9034 9034
M-N 903
All Knox Is Cin Div 4s_13155
111 Jan '13
5s_1946 J -D 108
AU Knox Is Nor 1st g 6s 1931 WS 10434 ____ HA Jan '14
105
1.56
g
f
s
Bender Bdge lst
_ 8954 'no'14
8812 0014
1987 J-J 90
Kentucky Cent gold 4s
101 May'14
100 101
L&N&M&M lstg 4(451945 M-S 10158
'14
J'ly
s
,
83 85
84
8414
8
843
J
A
i
J
2
7,
3
5
9
1
L& N-South M joint 4s95 Felt '95
h1952(4-J
Registered
10414 fdi"
May'14
105
5s
g
N lila & S 1st gu
9912100
13s 1945 J-J 9934-N& 0 Bilge gen gu g 4
J:185,8:114
834 j
10
10053110
1921 F-A 10912 lid 18
Pens& At 1st gu g 6s
105,4
7
Mch'14
107
_
10534
F-A
59-13136
g
gu
S& N Ala con 50-yr 55_1963 A-0 103,4 16124
104,4 105
- 1044 J'ly '14
Gen cons 00
83 85
44-s 80 03 8312 Mch'14
451945
g
gu
Co
Bdge
L & Jeff
fines4s_1936 M-13.
(5 anita itli,--bOU con g 481977 al-5
77 mdii."16
,V.I.ex Internat 1s0
0
otv 412
)c
N
(
l977 N1-5
guaranteed
Stamped
4%12
0
112:
119
-_
J-D
1927
Minn& St L lst gold 7s
101.134 106
Aug'11
M
PactficExt 1st gold 65
89,2 "16 89 If;
83 8938 8915
1st consolgo.d 5s
50 01
1949 M-8 5014 51
lstand refund gold 4s4s-1935
2 J'ne'14
80
6
6 14
2 60 69
J-J
gu
1st
I)
Ft
Des 51 &
MISCELLANEOUS BONDS-Continued on Next Page.
flip? No Low High
Low
Sta
Cin Ham & Day (Con.)88 Mch '11 _F.t.W 1st gu 4s g_1923
ii
4 a id65
65
J-J
4s____I953
g
gu
1st
W
&
I
Cin
Day& Mich 1st cons4 135_1931 J-J
--2 -Fa" idd 650 75
Ind Dec & W 1st g 5s----1935 J•J
1935 J -J •--- 95 10712 Dec
1st guar gold Is
3 -778T4 157614
7614
Cleve Cin & St L gen 4s...1993 J-1) 7512 77 82
J'ne'14
82 8712
1931 J-J _--- 82
20-yr deb 4 13s
14
Joe
8434
434 8131
/3
8
____
4
043
-J
J
1931
Cairo Div 1st gold 4s
83 Feb '14
Cin W& M. Div 1st g 4s_1991 J -J
82 8514
83 J'ne'14
199C 31-N
St L Div1st coil tr g 4s
8214 2214
8214 Mch'14
19110 31-N
Registered
85 55
85 Men'14
Spr & Cot Div lstg 45-1940 31-S
io8iii,,
91 Apr '12
W Val Div 1st g 4s__I94l J -J
10534 Apr '14
192( il-N
C 1 St L & C consol 6s
91 92
/1930 Q-li 9012 ____ 92 May'14
1st gold 45
/4011.13
92
90
Q-F
51936
Registered
103 May'14
103 103,,
J -J 101
Cin & C. con 1st
118 11925
118 May'14
C C & 1 gen con g Gs _1934 J -J 106 ____
1934 J -J
- - - 1181,. _
Registered
94 J'ly 'Ob
1940 A-U
lnd 13 & W 1st pref 4s
0 Ind & IV 1st pref 5s_d1938 )-J
72I J'ne'14
"ii" ii1940 A-0
Peo & East 1st cot 4s
22 25 20 J'ly '14 _- 20 30
1990 I pr
ncome45
2 9514 96,4
95%
Litre Short L 1st go 412s_1961 A-0 95% 9534 9.553
3 1412 1934
19
19
14 19
1945 J -J
0. Mid and 1st g 4s
17 17
'1 cust t.o. certfs, of deposit_______ ---- 1812 17 Feb '14
90:5 13 89 93
11129 FA 9014 Sale 90,8
Colorado & Sou 1st.;4s
8712 9312
5712J'ne'14
1935 'A-N
Refund & ext 4 13s
105_ 1_51
.
7
.
..
1921 J -D 10212 104 10534 J 'ne'14
f t W & Den C 1st g Gs
Conn & l'as ltivs 1st g 4s 194. A-0
10112 idd" a-y-'16
Cues RR 1st 50-yr 5s g _1952 J -J
1 el Lack 3: Western10014 Mch'14
10014 10075
lj Morris & Essex Ist7s
1914 A-N
10234 idi" 10234 J'ne'14
10234 10314
1915 J
Ist conso guar 75
103 Nov'13
1915 J -D
ftegistereu
8714
2000 JD 8714 Sale 8714
8512 8735
1st ref gu 5 34s
10814 11035
1921 J-J 11014 --- 11034 3'ne'14
N Y Lack & W 1st 6s
10434
'14
10112
103
Feb
A
10412
10412
1923
5s
Construction
9534 J'ne'14
1923 A-13.
9434 9534
Term & Improve 4s
1024 Feb '03
arren 1st ref go g 3 13s_2001.1 F-A 82
1917 M-S 1o74 10812 108% Mch'14
lairs10834
Des & Dud lst, Pa Div 7s
149 Auz1/1
1917 .v1-5
Registered
9914 41 9788 WIZ
1910 J-1, 99 9914 99,4
10-yr cony deb 4s
5 9912 101
1921 J -J 10012 Sale 100,5 10012
lot lien equip g 413s
012 54 9312 9112
1943 .1-N 9735 Sale 97
1st & ref 4s
6 8412 87
SO
1940 A-0 867s Sale 8634
Mb & Sus cony 3 135
1151t Feb '14
115 1151:
liens & Saratoga 1st 7s1921 M-N 11512
7914
7914 Sale 794
7914 85
1/ env & It Or 1st con g 45_1936 J -J
J-3
87 9034
1936
gold
Consol
434s
88
8
8015
2
04
Sale
8
2
88
1920 J -L)
804 9212
Improvement gold 5s
55
65 60 74
1955 F-A 50 Sale 50
1st & refunding 5s
-- 109 Dec '12
1939 J -D
Rio Or June 1st gu g 5s
:Apr '11
611
Itlo Or So 1st gold 4s......_1940 J -J
74 85 Lich'68
1940 J -J
Guaranteed
797k
a -i6- WIZ
1939 J -J ---- 8014 797
Rio Or West Dit g 4s
08J'ne'14
1949 A-0
66 7214
Mtge& col trust 48 A
90 Apr '14
90 90
Utah Cent 1st gu g 48_221917 A-0
110 Sep '04
Des Mol tin fly 1st g 521_1917 VI-N
1995 J -D 84 88 84 May'14
84 85
net,& Mack Ist den g 45
84
84
1995 J-D
82 84
Gold 4s
9314 97
Oct Riv Tun-Ter Tun 410_1961 YI-N 9335 9334 9314 J'ne'14
10314 105
Dui Missabe & Nor gen 5s_1941 J -J 103 10478 10415 1044
10012 104
Du,& Iron Range Is;5s-1937 A-0 10.04 10354 10388 J'ne'14
10612 Men'08
1937 A-0
Registered
104 Feb '11
1916 J-J
2d 6s
101
101
2 101" 101
1937 J-J 101
Du So Shore& At g 5s
I041 10412
10412 Apr '14
Vigin Jol & East 1st g 55_1941 5I-N
111%112
1920 NI-5 111 11212 11154 Joe'
L-:irie 1st consol gold 7s..
9712J'ne'14
9712 98
N Y& Erie 1st extg 43_1947 311-N
102 J'ne'14
102 10212
1919 51-S
2d ext gold 5s
9912 100
1923.1-S 150- 10058 9912J'ne'14
3d ext gold 43.s
102 102%
1920 A-0 10214 10258 10214 May'14
4th ext gold 55
May'14
8
3
93%
93
93%
J-D
1928
5th ext gold 4s
11012 110%
NYLE&W 1st g fd 712_1920 M-S 11012 ____ 11012 J'ne'14
841
84 8.5 8434
8234 8714
1996 J-J
Erie 1st con g 45 prior
8274 83 Jan '14
83 83
1996 J-J
Registered
735k 45 7114 7614
734 Sale 7334
1996 J-J
1st copsol gen lien g 45
77
'12
_
Apr
J-J
1996
Registered
89
-89 92
Penn coil tr g 48
1951 F-A 89 8934 89
73
71 7734
60-year cony 45 A
1953 A-0 72 7212 7112
7D2
7014 78
do
Series B
1953 A-0 7114 Sale 7114
J'ne'14
1044
104 104%
Buff N Y & Erie 1st 7s
1916 J-D 10414 10412
Chic & Erie 1st gold 55_1982 .YI-N 107 108 108 J'ne'14
105%108
103 103
Clev & Mahon Val g 521_1938 J-3 10334 10912 103 Feb '14
12112 123
Long Dock consol g 6s
1935 A-0 12212._ 12212 May'14
Coal & RR 1st cur gu 6s_1922 51-N 1014 108 106 Dec '12
Dock & Imp 1st ext 55_1943 J -J 103 ____ 103 J'ly '14
1946 .91-N 10012 --- 10312 Aug'12
N Y & Green L gu g 5s
93
N Y Sus & W 150 ref 55_11/37 J-J 93 ____ 93
1937 F-A
10014 Dec '06
2d gold 4 13s
74 75 JanApr 14
1940 F-A
General gold 5s
1943 ,VI-N 10444 _10712 102
Terminal 1st gold 5s
102 102
11112 May'12
1940 A-0
Mid of N J 1st ext 5s
9234
Wilk & Ea 1st gu g 5E1_1942 J-1) 9254 Sale 9234
66=4 111-2
103 106 May'12
1926 J-J
Ev & Ind 1st con gu g Gs
---104 Dec'13
1921 J -J
Evans & TB 1st cons 6s
-...
95 995s Dec '13
1942 A-0
1st, general gold 58
108
A-0
Noe'll
1923
6s
gold
1st
Mt Vernon
95 J'ne'12
1930 A-0
Sun Co Branch 1st g 5s
-66" W Viorida E Coast 1st 4 135_1959 J-D --- 915 9114 J'ly '14
92 Aug'10
ort St U D Co 1st g 4335_1941 J-J
61 62 Apr '14
1928 J-J
W2 -aIrt W & Rio Grist g 4s
Northern9735 193 94:4 98
G
11 C B Is Q coil trust 4s_192I J-J 9714 Sale 9714
•1921 Q-J
97,2 97 J'ne'14
9514 97%
Registered h
101
6 100 10158
1st & refunding 4Its ser A 1961 J -J 10078 101 101
96 J'ne'13
1961 _
Registered - ,
1933 J-J 98 9912 9714 May'14
9834 "9-1"
St Paul NI & Man 4s
1933 J-J 12278 12314 1214 Mob'14
11934 12114
1st consol gold 65
1933 J-J 11754 _ 11712 Aug'13
Registered
11
Reduced to gold 4)s_1933 J -J 1u314 10312 10314 1031
1933 J-J ..--- -- 10814.1'12e'09 -Registered__
1937 J-1) 90 9612 9534 Apr '14 __-Mont eat 1st gold 4s
94,2 Apr '14
1837 J-D
Registered
Pacific eat guar 45 L.-1940 J -J '8712 ____ 92% Meh'll -E Minn Nor Div 1st g 4.1948 A-0 Ws 97 95 May'14
11012Jan '14
1922 J-J 11034
11012 11012
Minn Union 1st g 6s
9%31
AT,
Street RailwaY
Street Railway
4s--_1934 J-J 6958 7012 6911
6958
81 May'14
United Rye so List g5s--_-1924 A-0 ---- 6934
80% 81
New On Ey & Lt gen 4(4._I935 J-J
70
7612 63 75 7914
7612 Sale 7512
St Louis Transit aus f 4s_1927 A-0 5334 Sale 69,4
N Y ltys 1st R IO& ref 4s 194'1 J-J
5334
535s
ftRs San Fr
63t2
144
52
A-0
6414
Sale
united
a1942
5312
5414
5s
inc
ad)
-year
30
5s_1934 J -J -- 9212 9212 Joe'14
ref
&
1st
Pow
Is
1
8834
87
88
Ity
162
135_
51-N
8812
90
4
Va
0812
N Y State Lys lst cons
Portland _By 1st Is ref 5s-1930 II-N 10012 10112 101 Jan '13
Gas and Electric Light
Portland Ity Lt & Pow 1st
92 10012 Atlanta U L CO.1st g 59_1947 J-1) 10214-- 10112 May'14
1942 F-A 91 94,8 92 Mch'14
& ref cony s f 5s
106
Bklyn U Gas 1st con g 5s-1945 31-N Ns 16i 106
Portland Gen Elec 1st 5s-1935 J -J 99
1947 A-0
54 J'ne '13
_
9934 -ii" No-ai
Buffalo Gas 151 g 5s
5s 1937 NI-N
-J
J
fit Jos Ry L,II& P 1st g5s-1937
2
3
2
3
9
1
5s
g
1st
Gas
10112
10312Feb '13
Columbus
J -3
997, 1661-2 i150123'tieji
J-J
St Paul City Cab cons g
62
84
1960 J-J 8334 Sale 8313
Detroit City Gas g Is
iJabeSep 'OS
1918 F-A 99
Third Ave 1st ref 4s
794g 93 75:4 8412 Del, Gas Co.con 1st g 5s
a1960 A-0 7914 Sale 79
103
J-J
55-1933
Sale 1024 103
Adj Inc 55
tr
coll
10 10612 10912 Oct Edison 1st
109
J -J 10834 109 It/9
106120ot '12
Third Ave t. y 1st g 5s.,__1933
55-1932 01-S
g
con
1st
98
96
1
93
GLNY
Sale
96
98
A-0
55_1923
Et1
Ely Is Lt 1st if
100 Feb'13
J-D
94 96
J-1 9515 96 95143'ne'14
Gas & Elec Berg Co c g 55-1949
100 Oct '09
1915 F-A
Undergr of London 4(4s__1033
8815 90 8715 J'ly '14
SA 92,4 Gr Rap CIL Co 1st g 5s
1948
Income 63
Gas 1st g 5s......1949 M-N 1622-4 165" 104 May'14
84 Oct '08
CO
Hudson
---A-0
1922
5.
92 Mch'14
Union Elm,(Chic) 1st IC 531-1945
g
1st
Gas
71 J'ne'13
Kan City(Mo)
---United Rys Inv trei Pitts iss 192 111-N
July. 5 Due Aug. 0 Due Oct. 8 Option sale.
Due
Due
4
Jan.
6
Due
a
4
Aprll.
Feb.
week.
11118
Due
Lilted
No price Friday; latest bid and
12 69
27 69
18 52
9212
72t2
7114
6118
9412
10112 10111
8 10238 106
-iars 1-604
4
100 10334
.....10134 104t
91 92
JULY 11 1914.1
New York Bond Record-Continued-Page 3
107
..4
BONDS
N. Y. STOOK EXCHANGE
Week Ending July 10
Poo
FrMas
JitIo 10
Range
since
Jan. 1.
Week's
Rang ot
Last Sale
BONDS
N, Y. STOCK EXCHANGE
Week Ending July 11/
cr.
Prue
Frtelar
July 10
Week's
Range or
Loa Sole
Rano
since
Jan. 1,
t
Rio
hits! No Low NCO
Ask Low
N TN 11 & Hartford (Con.)B & NY Air Line 1st 4s_1955 F-A 85 ..ii _ 9913 J'ne'L.
81 Mch'14
SI 53
J -- J
Cent New Eng 1st gu 48..1961 AN
Apr '14
iCi34
10655 10358
Housatonic It rouse 5s__1037
7 6778 83
NY W •ches221.3 1st ser 1 4Ti5'46 J -.1 :
6
7
:
8
:
12 -Sale 1648P
107 Aug '09
N ilk Derby cons cy 5s_1918 01-N
---New England cons 5s____1945
-iiit si(iiii ___
1945 J -J - Consol 4s
__ 60 May'14
16Providence Secur deb -8c_1957 ,01-N 55
N Y O& W ref 1st g4s. _91992 M-S 8218 823-4 8112.1'1y '14 -- 8112 38
11212 duel:
Registered 55,000 only
- __01992 VI- S
8112 834
-8212 sii:mch.14
General4s
82 824
1 j
F-A
D --19
Norfolk Sou 1st& ref A 5s_1
86
8P
211-.
-31--2
19
04
1 j
61
.ne
a y:14
4
RIO 101 14
1941 51.
N il Ti55
14 2,4_4__ 18
Norf& Sou 1st gold 5s
____ 119% May'14
1171*119%
Nori & West gen gold 65_1931 01 N
____ 123 Jan 13
Improvement& ext g 65_1934 F-A
River
18
d r...6,
1_71932 A-0 12014 - 118 Feb '14 ..„ iiTs" fir
9574 12 94 WS
s_ _1996 A -C, 9534 9612 9574
_ 94 May•14 _--- 934 94
Illt
e8lev,:,-IV
ist‘
erYeidlss1tPton
1996 A-0
9078
9078 11 8812 9124
907;
1044 J -J ;
g48
4s
14
01-v2.
51-year
1932 J-1) 05 it-si 10218 Apr '14 ---- 101 10358
ir&cogneuv
101 10514
10-20-year cJny 45
1932 vl-S 105 106 10514 J'ne'14
1938 11-5 10512 ',ale 10512 10554 40 10058 10534
Convertible 4;2s
1 8714 9012
8834
Pocah 0& C jctint 4s_1941 3-12 8834 Sale 8834
10534Jan '13
C c& T Ist guar gold 5s_1922 J-J 1090hi
4
Vi 95
4,8 J'ne
9•51,8
-56E5 -64"
Scio V & N E 1st gu g 4:3_1939 vl-N
Sale.
50 921, 981
Nor
rteu
heirsntei's
red
cif13priJr I g 4s 1997 -J
3 9312 954
9413 9313
9313
1997 -J
67,8 34 6414 WI
6
-5
i- Sale 67
General lien gold 3s
02047 -F -6
8,472:: 66 J'ne'14 -- 6514 67
Registered
90 Jan '14 ---- 90 9()
St P-ul-Duluth Div g 4s_a_Va7
6
Dul Short L 1st gu 5s____1(116 el-S 100 - 10012 Sep '13
St2Rd
Hof, fill;
4 11218 May'14
:
P
euisstN
erP
edgc
923 F
v-.A
eer
ng
6i:19
iF‘ 11214 1123tiorli.1e818
11538 Auell
St Paul Se 13 -lush 1st 5s_1931 1053; ___ 107 Jan '12
87 Aay:
May'14
414 ---- 101 10114
.. 10114
108
8118.
.
102
1st consol gold 4s
Feb
---. 87 87
Wash Cent 1st gold 48..---"17
:
,19 8214 ___ 8112 Dec '13
:
J3 1
68..1::
A-C1
Nor Pac Term Co 1st g
'
8
.
1
4
394
M
a
y
8
ia" 11374
1121_4114
18
13
9 3
1 8834 92
Oregon-Wash 1st & ref 48_1961 J-3
8911
..Pa
en
clus
fiVvo
aria
t Co 1stg 55_1946 J-D ICH ____ 102 J'ly '14 ---. 9914 10312
Sla
Ask Low
Minn & St Louis (Con.)Riot No. Low High
Iowa Central 1st gold 58_1938 J-D -- 8912 8814 rue'14
88 64
47 5712
1951 .51-S 48 4812 4818
Refunding gold 4s
4818
4 90 9514
M StP3388154 con g4sintgu 1938 J -J 9478 ____ 9478
95
--- 9714 J'ne•12
1st Chic Term Is f 4s
1941
96 Nov'13
M 3 S& A 1st g 4s intgu_1926 J -J
"Eir, 9114
AlississippiCentra I 1st 55...1949 J-J 91 .___ 9114 May'14
5 66Is 8178
8712
Me Kan& Tex 1st gold 45-1990 JI -1) 8614 87 8612
664 77
70 69%
6934
0199t F-A
3d gold 4s
99 99
1044 .1-h ---- 92 90 J'ne'14
rt ext gold 5s
6414 71
6434
it& refund 4s
"004 el-S 60 65 6434
4
76
7212 85
1936 J-3 70 7234 74
'en sinking fund 43is
75 784 Apr '13
Et Louis Div 1st ref g 48_2001 A-0
1940 1.1-Ill
Dal& Wa 1st gu g 5s
"ii" WI;
14
3
72834 J
D'lee
y4
1990 F-A 75 78 9
Ran C & Pac 1st g 4s
Mo & E 1st gu g 5s
1942 A-0 100 102 104 Apr '14 _ 5 1034 10414
96% 9312
9812
M K& Ok 1st guar 5s
1642 N-N __- 100 98
6 90 9618
00
92 90
M K& Tot T lstgu g 55-1042
S
96 May'13 ---.
Sher Sh & So 1st gu g 55_1942 J -D
-- 9734 9912Jan '14 _..._
Texas& Okla 1st gu g 5s_1943
Ai 10018 105
04
2
218 19
90
118S
set
al,
le 10
Alissouri Pac 1st cons g 65_1920 11-N 19
n 92 9815
Trust gold 58 stamped-a1917 .81-8
97 May'12 --__
01917 VI-S
Registered
2 so- 0512
89
1st collateral gold 55
1929 F-A 85 89 89
1920 F-A
Registered
42 "Ficz
40-year gold loan 4s
1945
%Hi‘S-aij 42-e
91784- "L
1 i 45 77%
1st & ref cony 5s
1951 11-S 47 4 Sale 45
86 86
3d 7s extended at 4%__1938 11-N 75 ____ 86 Jan '14
88% 92%
85 88% May'14
Cent Br Ry 1st gu g 45_1919 F-A
-76 7712 Dec '13
Cent Br LI P 1st g 4s
1946 J -13
110
Leroy &CV AL 1st g 53_1926 J -J
Pac It of Alo 1st ext g 48_1931' F-A -0;-862; 8912J 'ne'14 .--- -55is 161-4
99% J 'ne'14 ___ 9978 100
241 extended gold 58
1935 J -J 98 100
12 10058 105
Et L lr &Ms gen con g 55_1931 A-0 10134 Sale 101% 1021
• Gen con stamp gu g 5s 1931 A-0
7334
.
.
733
4
4
.
.
7
73% 82
7_3
!
Unified 65 ref gold 4s_.._..19211 J -J
1929 J -J
opstereu
2003
174 OF:tb7'2'1124 ------4- -1;1.
3- 1-0
i3
1-3-4
1933 il-N -71 Sale 17
Itiv & u Div 1st g 4s
6213 Dec '13 ---- _
erui V 1 & W 1St g 68-1826 .6-13 ifEr3
117
7 Iii12 1-fi
:_ 117
Slob & Ohio new gold ts
1937 J -D 11234 ___
11212 Apr '14
11213 11212
1st extension gold 6s____81927 0-J 80 -33 80 J'ne'14 ------ 80 82
1938
General gold 45
lsotns
98 100
read u
3 104 10614 o
es
otldg 4
5s
8
1923 VI-N 9812 ____ 100 Filo'14
1947 sF-A 10478 Sale 10478 10478
lIontgoni Div lst g 58
102 102
114 D
ma
nnyli,i -_-_-: -i1919 11-S 10214 _ 102 May'14
1927 J-D 94 .- 95
St Louis Div Is
31j
4 WI; Consol gold 4s
2 9914 10014
ma 311-N 99 165 10014 10014
St L & Cairo guar g 4s_ _ _ _1931 J-3 100613 712 10778
10734
10
82
Convertible gold 33i:5_01915 J A) 994 Sale 994
i 10512 10818
994 63 97% 9914
asavilleCh & St L 1st 551921' A-0
Jan '13 ---9812 801s
_ 9918 rne•14
01
191
48
5 ..1
01-D
N
• Jasper Branch 1st I. 6s1923 J-3 103%: to
CR
10334 Jan '14 ---- jai( 10/3-4
Onesol gold 4s
8 99 102
10151
;Sale 10012 101
.0cAl Al W & Ai 1st 6s-1017 J-3
113 J'ly '04 ____
Alleg Val gen guar g 4s_ _ _1942 M-S 9634 97 97
2 9613 97
97
1917 J -J 10318
T & P Branch 1st Is
D It It it & B•ge 1st gu 4511'36 F-A 9212
'14 _-__ -ii- -a91 91
91 Mch'14
Nat kiysottlex pr lien 4)'s 1957 J -J .... .. 53 J'ne
-cb 413
3 7.2 ___ ____
Phila Balt& W 1st g 45
9934
7
,
778 Feb
994 Fly '13
1943
Guaranteed general 4s..1977 A-0 ----:-.- 9
Sod Bay & Sou 1st g 5s
102 Jan '03
---. --2924 .1
NI-I'l
-J _
Nat of Mex prior lien 40_1926 J-J .........50 Apr '14 .... SO 50
Sunbury & Lewis 1st g 48_1936 J-J 014 ___
1951 A-0
1st consol 4s
42 45 43
43
1 3913 58
U NJ RR & Can gen 4s 1944 .41-9 99 taiii
SE 0 Mot)& Chic 1st ref 52_1960 J-J 101114
las 101 J'ne'14 ---- 101 11)112
1%1 0& NE prior lien g Gs_p1915 A-0
Guar I
100
____ 79% 111813,'13 ---.
9712 10
Pennsylvaniag4
,9
1:
.5(:"4).-s
1921 J-J 1013 10214 10158 Fly '14
New Oriel= Term 1st 4s_.1953 J-J ---8212 sale 8212
827 25 -iii3 -gi
Registered
100 10114
1921 J-J
102 101's Mch'14
N Y Central & .11 It g 3;15_1997 J-J 8212
321
8 gm, 84
8212
Guar
3
Sale
J-J
8413
86
518
'14
85
Apr
%s
1997
844
Coil
1937
trust
reg
34-S
8512
---.
Registered
8914
8914
893
895
4
u
us
ar
8
3
(3
1
,
gr
16 86 9213
his coil
F-A 8694 -.-- 854J 'ne'14
1934
Debenture gold 48
8978 J'ne'14 _
89% 8n
T
9838 May'14
191t M-N OS%
1934 VI-N
Registered
Guar 3;•18 trust ctfs0
78
83 8513
78
i 7784 14
1942 J-D 8313 --__ 85 May'14
Lake Shore coll g 39a......1998 F-A -frni;
78
J'ne
'14
-----764
7612
8315
Guar
3
;i8 trust ctfsD
84348494
845 Apr '14
1998 F-A
1944
J-D
Registered
74 76 76 J'ly '14__ 7314 78
Guar 15-25-year g 4s
951
1 93 9512
1931 A-0 9434 ___ 9512
Mica Cent coil gold 30-1998 F-A 73
77 75 J'ne'14 ____ 72 75
Cin Leb & Nor gu 4s g_
.
11.
334
.
,
93 .
1998 F-A
1942 .11-N 924 9313 9312 Apr '14
Registered
Apr
'14
_
__
9214
944
___
954
95/
4
CI & Mar 1st gu g 4%8_1935 01-N 9853 __ill°. Jan '0
Beech Creek 1st gu g 48_1936 J -J 92
CI& P gen gu g 43isser A 1942 J101%
h
ov
13
1936 J -J
Registered
.
7
-88A-Y...1
.1. -- -- -- -- --.-7. :.---8
Series li
1936 J -J 100 --- -2
1942 A-0 1034 ___ 10934 Fly '09
2d guar gold 55
ser
inies
t radium to 3;98_1942 A-0
9114 Feb '12
_..-.1936 J -J
Registered
9018 Oct '12
854
Deech Cr Ext 1st g 3%8.81951 A-0 ---- ---Series D 3;is
84% Dec '13
---. --it! AEI:A 8634
Cart& Ad 1st gu g 4s
1981 J-D 8518 ____
Erie& Pitts gu g 3;is B 1940 -I -J
8614 May'14
8674 -20;
Gouv & Oswe 1st gu g 5s-1942 J-D 104 _
iiiii -0712J.de-'11:2: "ii" -9F2
9018 J'ly '12
Series 0
1940 J -J
Moh& Mal 1st gu g 4s
1991 V1-S
____
May'14
Gr
R & I ex 1st gu g 4.45_1941 J-J 994-- 9594 Dec '13
02
92 92
NJ Junc R guar 1st 45.-1986 F-A
Pitts Y & Ash 1st cons 58_1927 3/1-N 10434 _- 109 May'10
____ -___
1986 F-A
Registered
-11F3De.
Tol W V & 0gu 4lig A
-/3-ii -------- --- ...1931 J-J 9812 103 9812 May'14
N Y & Harlem g 33..._..2000 M-N
Series B 4;is
9812 9812
1933 J-J 9812 10012 9812 J'ne'14
Registered
2000 M-N
Series
0
93% 93%
4s
10i1942
7557
4
Jair'ii
::::
31-S 934-- 9318 .1 'ne'14
HE'
102
102
N Y & Northern 1st g 5s-1927 A-0
P5
C
eryes
&R
103 103 J'ne'14
194C A-0
100% 103
StuL
uagru 4%5 A
N Y& Pu 1st cons gu g.13-1993 A-0 8514 9134 92 Oct '13 --__ ---- ---1021:Feb '14
10014
10212
Nor& MOnt 1st gt1 g 5s
1916 A-0
106 J'ne'11
Series C guar
,13
)
4
Pine Creek reg guar 65_1932 J-D ii":::: iir Fetiii :::: Ili" fir
Series 1) 48 guar
1945 vl-N 93%-- 94 311014
93 94
16 W & 0 con 1st eat 5s_h1922 A-0 104'z.,.,__ 10478 J'ne'14 __ 10211 105
Series E 3;is guar g
9114-- 92 J'ne'14
9014 92
____
10014
'10991
...11gg
21915 F-A 9814 ____ 1004 Mch'14
Oswe& it 2d gu g 5s
Series F gu 4s g
------- ---9378
9514 Jan '14
104 J'ne
...
R W 330 T lstgug 58_1918 V1-N --9712 Jan 13
Series G 4s guar
93%
-_-- 90 Apr '13
_1941 J -J
Rutland 1st con g 4
199
5
993
5
222
7
151 81
AQ
A
J76 80 Sep '13 ---- ---------0 St L & P 1st con g 55.-1
--O
N
FJ
N 107 .__ _ 10612 May'14
Og & L Cham lat gu 4s-g 1948 J-3
---- -eo& Pelt Un 1st g 6s
10114 May'14
92 .1 ne'09 ::-.... -__
10114 10114
____
Rut-Canad 1st gu g 48_1949 J-J
2d
gold
4;1s
iGi--_-_
'12
89 Feb '14
Sep
103
_
58.-1996
89 831
lstg
J
-J
Adir
Lawr
&
St
25 May'14
--CD
J
1
1199
92
5
201
5A
J1996 A-0 105 __-__ 11912 Mcn'12 ...... 2-25 25
- -------. Pere Marquette--Ref 48
2d gold 6s
Refunding guar 48
40 Dec'13
Utica & Blk Riv gu g 4s....1922 J-J 974 _ . 95 Dec'13 ____
Ch& W M 58
.113 8612 J'ne'14
-84- -51,5-1
73 May'14
73 73
Lake Shore gold 33.,._ 1997 J-D 844 3
PM
Flint
&
g
6s
1997 J-D
83 Fly '14
83 104
14
Registered
l
vs8tR
co
unso
ronl u
igo
iid1
v 5
8st u 58..1939 NI-N
37
71
9114: 9
88
4
1928 N-S -94- Sale 8
7312 Apr •14
94
81481"
9.414
4 11 88
7312 90
1)ebenture gold 45
934 Sale 9314
1931
9313 37
75 904
75 Apr '14
A-0
25-yr gold 4s
Sa
lg
i
pT
pi
us
ne
&
RH
ru
7
1
1
8
55t3
tygr4
1931 .111-N
8547_
Registered
9178 File'14 ..... 9078 9178
41
189
9.43
307
1F
A
J -A
J
C
6514
"Er
Ra A & R 1st gu c 58_1938 J -J
10812May'14
Mahon 0'1 RR 1st 55_1934 J-J 10734 -1
10812 10812
.
-.. 107',i Apr7-2' iiiiTs WI; PP(to 8h & L E 1st g 5s
et consol gold 5s
1
1199
Pitts & L Erie 2d g 5s_21928 A-0 10514_ 105 Apr '14 __ 105 105
94
953
71 J
jj--- J 10614 --- 11314 Nov'll
______ D eading Co gen g 45
Pitts Mat& Y 1st gu 6s-1932 J -J 11674 ____ 13015 Jan '09
9514 36 NZ 9
92
,9514 Sale 954
15
4
1i
7 ...... 1234 Mch'12 ---.1034 J-J 100
. •Lt• Registered
2d guaranteed 65
9412-- 944 J'ne'14
McKees& DV lst g 68_1918 J -J
Jersey
Cent
File
'14
coil
g
9313
98
9413
,
48
944
1
9
8
95
2
5
7
1
j
A
6
1
-_-_-. ioir4rtii.ii :::: /5.374 igi4 cAttia4C
Michigan Centre. Is
o
ltryu
1931 51-S
gluis
4t
su
9113 _
g
Registered
10334 _ _ 1034 May•14
1931
103le 10312
48
7512 78
60 7512 7513 May'14
__ (-7t Louis& San Francisco-1847 j-4
4s
1940 1411
3 ........ 98 Apr '12 ...- -Registered
1940 J-J
G enera
enerall gold
111 112
87 Feb '14 ---- -87- -87 d5
68
s
1931 J-J 109 114 112 Mch'14
J L & 8 1st gold 331s.--1951 N-S ---- _ _ 90 J'ne'08
17
00
313 103
10212
1931 J -J 102 103 102
1st gold 33is
1952 N-N 84 - - 83% Mch'14 -------- -8
80
76 7712 7712 J'nel4
-3
-1-8 -8-3-4
St L & 8 F RR cons g 4s..-1996 3-J
20-year debenture 43_1929 A-0 84 si 8312J'ne'14 ____ 8313 87
Gen 15-20-yr 5s
I 35 54 •
35
88 40 35
NY Chick St L 15t g 48_1937 A-0 9318 9434 9413
Tr Co certf8 of deposit:23 3912 55%
3912
94%
2 9412 97
27 841-N 35 39 3913
Registered
1937 A-0 94
Southw Div 1st g 5s
9410%0'14
93 Dec '13
9354 9412
1047
Debenture 45
1931 M-N a
... 9
83512 9
83
5 MaY
Refunding g48
9
'
314 ----; 9
1951 J -J -7151
7012 118 68 784
84
11
1 8
95
7
;Yale. 70
West shore 1st 48 guar
2361
381 J-J
8034 Mch'11
J-J
Registered
K0
11
't
4;18Ster
J-J 904 91 90% rly '14 32 895 92
1094 11212
&ed
M
con g 6s-1928 M-N 11014 Sale 1104 1104
Cent
Lines
el
tr 434 1922
11 Y
KC Ft S& M Sty ref g 4i..193 A-0 734 Sale 7318
984 _ __ 10012.1'1y '11 ____ ___. ---32 72 7712
751
NY New Haven & Plant
Registered
7712./1y '12
193 A-0
1955 J -J ---- 77 76 May'14
Non-cony deben 48
K0& M R&D 1st gu 58-192 A-0
_ 75 8012
"oF 95
95 Mch'14
1956 M-N ---- 77 78 May'14 ____ 76 81
Non-cony 48
81L SW 1st g 4s bd ctfs
iii 83 83
34
198
83 Sale 83
Pony debenture3
195 J-J 6913 Sale sole
Zd g is inc bond ctfs____p198 J -3
6934
8 68 75
76 J'ne'14
Cony debenture65
1948 .1-.) 10714 Sale 10714 10914 73 105 11712
Oonsol old 4s
69
6812 70 68%
193
Harlem It-Pt Chas 1st 4s_1954 M-N ---.-- 9914 Nov.12 ____ ___ ____
Gray s t Ter 1st gu g 58-194
98
75884 9
776
81714
5
9812 Jan '14
-6
i
2zesr.B 1941
-a- oa-ii -_-_-_-_
vgi;
Bet
5:it
wi,_.
'oar,
54t
---------
..!!
1:13
-_-_-_-_
MISCELLANEOUS BONDS-Continued on Next Pace.
On'and Electric Light
Kings Co EIL & 1' g 5s____1937 A-0 1044,__ 1041s Apr '1
102 10412
Purchase money Gs
1997 A-0 3114 ____ 11412.1'ne'l
111 11412
Convertible deb 65
1925 111-8 114 ___ 11313 Apr'1
118 11313
4s-1939
Bkn
1st
con
g
J-3 875g ____86.
89
Jid LIU'
88 Marl
6 100 102
Lac Gas L of St L 1st g 5s-e1010 Q-F 10174 ____ 1014 10134
1934 A-0 10058 __ 10038 10058
Ref and ext 1st g 5s
6 9715 10114
1927 M-N 9058 if 91
Milwaukee Gas L 1st 45
91
1 8812 9112
1948 .3-D 103
l01%Jan '14
10134 10134
Newark con (lass 68
1048
10518 Sale 105
18 10134 10518
1051
N Y Lk g L 11 & P g lls
1949 F-A 8794 Sale 87%
3 83 875
873
Purchase money g 48
1995 J-J 10834 ____ 109 .J'ne'14
106 109
Ed El Ill lit cons g 5s
101 101
NY&QE I L & P 1st Con g 5s 1930 F-A 101 ---- 101 Feb '1
---- ---N Y& RiCh Gas 1st g 58-1921 M-N --- ---_ 9213 Fly '09
E
&
Cal
G
Bic°
PaCific G &
93
1937
1 9234 9514
93 Sale 93
Corp unifying & ref 5s
PSe POW & Lt 1st& ref 20-yr
May'i
4
8934
8994 9015
1030
9018
F-A
89
Sa Internat Seriali
100 100
S 100 ___ 100 Jan '14
Pat a, Passaic CI & B 5s____1949
Gas and Electric Light
Poo Gas& C 1st con g 6s____1043 A-0
Refunding gold 5s
1947 11-S
Registered
1947 M-S
Ch G-L & Cke 1st gu g 5s_1037 J-J
Con G Co of Cl, lst gu g 581936 J-D
Ind Nat Gas & 011 30-yr 58'36 Si-N
Mu Fuel Gas 1st gu g 5s 1947 M-N
Philadelphia Co cony 5s 1910 F-A
Cony deben g 5s
1922
Stan Gas & El cony s f 6s 1926 J-D
Syracuse Lighting 1st g 5s,,_1951 J-D
Syracuse L & P Is
1954 -J
Trenton G & E 1st g 5J
1949
Union Elec L & P 1st g 55_1932 'VI-S
Ref & ext Is
1933 M-N
Utica El L & P 1st g 5s
1950 J-J
Utica Gas & E ref Is
1957 J-J
Westchester Ltg g 55
1950 J-D
117 -- 11534 J'ne'14
101%
1014 Sale 101
99 Sep '13
10324 J'ne•14
1014 May'14
93 Mch'12
10012 May'14
95 Sep '13
963 J'no'14
8958 Apr '14
100 Mch'14
8513.1'193'12
1011 J'no'14
100 May'14
100
9412
9413
101 Mch'14
1004 32s0'11
10458 104% 104% 104%
far-.94"
Duo Jan, 8 Due Fob. s Due May. S Due June. 6 Due July, 0 Due Oct. V Due Nov. 5 Option sale.
srlo price Friday; latest bid and asked. a
114 11534
13 9834 10113
155741-0337
994 10112
ax
961i 99
88 921s
100 10012
i5i72airs
100 10012
2 9412 944
101 101
0234106
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 10
4
S A& A Pass 1st gu g 4s-1043 J-J
8 F& NP 1st sink 1 g 5s___1919 J -2
Seaboard Air Line g 4s__1950 A-0
Gold 45 stamped
1950 A-0
1950 A-0
Registered
Adjustment Is
o1949 F-A
1059 A-0
Refunding 4s
S
Atl-Birm 30-yr 1st g 44„e1033
Car Cent 1st con g 48
1949 J -2
Fla Cent & Pen 1st g 5s 1918 J -J
1st land gr ext g 55
1930 J-J
Consol gold 58
1943 J-J
Ga & Ala IV 1st con 5s_o1945 J -J
Ga Car& No 1st gu g 5s 1929 J -2
1926 J-J
Seab & Roa 1st 5s
Southern Pacific Co—
Gold 48 (Cent Pat coll)_41949 J-D
I:1949 J -D
Registered
91029 \I20-year cony 45
193. J-D
20-year cony 5s
Cent Pat 1st ref gu g 48_1040 F-A
1949 F-A
Registered
Mort guar gold 3 Ms_k1929
Through St L 1st gu 4s..1954 A-0
G 11 & S A M & I' 1st 58_1031 VI-N
Gila V G Ss N 1st gu g 5s_1924 M-N
Ilous E & W T 1st g 55_1033 81-N
1033 VI-N
1st guar 5s red
H& T 0 1st g 58 Int gu_1037 J -J
1921 A-0
Gen gold 4s int guar_
V1-N
Waco& N W div 1st it651930
1941 J -J
A & N W 1st gu g 5s
Morgan's La & T 1st 7s_1918 A-0
1020 J -J
1st gold Gs
1938 A-0
No of Cal guar g 5s
Ore & Cal 1st guar g 5s1927 J -J
So l'ac of Cal—Gu g 55_1937
S, lac Coast 1st gu 45 g_1937 J -J
San Fran Terml 1st 4s_1050 A-0
Tex & N 0 con gold 5s1943 J -J
1955 J-J
So Pac RR 1st ref 4s
Southern-1st cons g 5s_1094 J -J
J -J
1904
Registered
Develop & gen 45 Ser A....1956 A-0
Mob & Ohio coil tr g 48_11138 51-S
1996 J -J
Mem Div 1st g 4 )i-5s
1951 J -J
St Louis div 1st g 4s
1918 J -J
Ala Cen R 1st it Gs
Ala (It Sou 1st cons A 524_1943 J -D
1948 J -J
Atl & Danv 1st g 48
1948 J -J
2d 4s
Atl & Yad 1st g guar 45_1949 A-0
1916 J Col & Greenv 1st 6s
1930 J-J
E T Va & Ga Div g 5s
1056 NI-N
Con 1st gold 58
1938 M-S
E Ten reor lien g 55
1946 A-0
Oa Midland 1st 3s
1922 J -2
Ga Pac fly 1st it Os
1925 J-J
Knox & Ohio 1st it 63
Mob & Bir prior lien g 5s_1945 J-J
1945 J-J
Mortgage gold 4s
1915 J-2
Rich & Dan con it Gs
1927 A-0
Deb Is stamped
Rich & Meek 1st g 4s
1948 31-N
So Car & Ga 1st g 5s__1019 M-N
1916 M-S
Virginia Mid ser 01 6s
1921 M-S
Series D 4-55
1926 M-S
Series E 5s
1031 81-S
Series F Is
1936
General 5s
Va & So'w'n 1st gu 58_2003 J-J
1st cons 50-year 5s........1958 A-0
W 0 & W lst cy gu 48_1924 F-A
1914 J-J
West N 0 1st con g 69
Spokane Internet 1st g 5s....1955 J-J
viler A of St List g 43-s_..1939 A-0
-I- 1st con gold 59___1894-1944 F-A
1953 J-J
Gen refunds f g 48
St L 51 Bge Ter gu 4 5s 1930 A-0
Tex & Pac 1st gold 5s
2000 J-D
3d gold inc 5s
g2000 Mch
La Div B L 1st g 5s
1931 J W Min W & NW 1st gu 58_1930 F-A
Tol & 0 C 1st g 5s
1935 J -J
Western Div 1st g 54
1035 A-0
3935 41-D
General gold 5s
Kan & 51 1st gu g 4s
1990 A-0
2d 20-year 5s
1927 J - J
1917 J - J
Tol P & W 1st gold 43
Tol St L St W pr lien g 33,
624-1025 J - J
1950 A-0
50-year gold 48
1917 F-A
Coll tr 4s g Ser A
Tr Ham & Buff 1st it 45__h1946 J -D
Del 1st con g 5s_1928 J-D
1952 A-0
11. 1st refund g 4x
,
Union Pacific1st RR & land grant g 4s..1947 J -J
1947 J-J
Registered
J
1027
20-year cony 4s
g2008
1st & ref 4s
Ore RY & Nay ,on g 4s,._1946 J-D
Ore Short Line 1st g 69_1922 F-A
1946 J-J
1st consol 4 5s
1929 J -D
Guar refund 48
1926 J -J
Utah & Nor gold 55
1933 J-J
1st extended 4s
Vandalia cons g 45 Ser A_1955 F-A
1957 51-N
V Consol 45 Series B
Vera Cruz & P 1st gu 4 3,3s_1934 J-2
Virginian 1st 58 Series A _1962 M-N
1939 M-N
Wabash 1st gold 55
1939 F-A
VT 2d gold 55
1939 J-J
Debenture Series B
1921 M-S
lit lien equips fd g 5s
18t lien 50-yr it term 4s I954 J -J
1956 J-J
18t ref and ext g 45
Cent Trust Co aft
Do Stamped
U
[VOL. xcoc.
New York Bond Record—Concluded—Page 4
108
&
Price
Friday
-July 10
Range
since
Jan. 1,
Week's
Range or
ULU Sale
Bia
Ark Low
Mot No. Low IIla t.
17 77 84
81
808 8134 8034
10112 __ 104 Oct '09
8514 Feb '14
"1;5E38512
3 8514 8434 J'ne'14
94;
8312 86
7634
-7734 112 7434 80
744 42 734 7814
74
8512 J'ne'14
84
8534
854 Mch'14
85 854
10314 Jau '13
104 Nov'12
10174Feb '14
10134 1014
10412
1 10212 10512
10413
111414
10178 10334
___- 10334 J'ne'14
1034 10334
105 10114 Oct '13
7714 Sale
734 744
8414 85
81134 ____
1004 ____
1003____
894 9014 00
9012 12
87 ___ 90 Feb '19
86 Sale 80
8633 36
10234 1913
10232 Sale 102
13
94
9334 Sale 9334
89
9412 J'ly '12
1
9112
911a 52- 914
8614 8732 864 J'ly '14
1023's ____ 103 Apr '19
101
10234 Apr '14
1023s ___. 10232
1
10238
1024 ____ 101 Apr '14
109 ____ 109 J'ne'14
94 9512 94 May'14
105 10814 908 Mch'14
10412 103 Mch'14
10712 ---_ 1074 May'14
10614 __ 1074 Mch'14
11012
112 Feb '07
10134 ---- 10112 Mch'14
10934 ___. 10112 Nov 13
93 ___
9112 Sep '12
8312 841-4 8134 rne'14
99 96 Apr '14
921; Sale 9214
923
ia
10434 10512 11144
10532 34
100 Aug'13
73 Sale 73
7312 89
81 83 81
1
81
105 106 10412 Mob'14
87 90
86 J'ne'14
10114_ 111434J 'ne'14
9914 1004 9934 May'14
83 Apr '14
8812
_ 8214 Feb '12
76
10138 102l WIN Feb '14
90 94
90 90
8434 92
9913 1034
9114 9434
91
9154
8514 8712
103 10334
101 10234
10232 10238
101 103
109 109
9334 9512
108 108
10113 103
10612 10734
1074 1074
10113 f6f3-4
8434 88
96 96
8932 9334
10214 106
E2 7614
8014 8312
104 10412
8332 86
10412 10434
9934 100
8618 88
1514;
iOi53110114 ____ 106 J'ne'14
10434 106
10818 -___ 10812 20014
10514 10812
16
04
2 -13
lyy:1
Jia
1s
5;4
10814
109 J'ne '14
ia" kW"
1104 May'14
109 11012
10013 ---- 10512 A ov 12
79 Lich '13 _
7212
1014
1014 -Sale 101 12
6
10114
100 104 10314 Feb '14
10314 10314
70_ 73 Sep '12 1004 idil4 1111 J'ne '14
1007 102
10138 _ _ 112 Oct '06
1014.
10334 N ov'12
1024 _ _ 102 Dec'13
1034 _._104 Meli'13
10414 ____ 10412 May'14
1611;
105 10512 104 Apr '14 _- 10312 105
9134 04 9134 J'13( '14 ____ 9034 923
90
92 J'ne'13
10014 May'14
f6612
95 97 9614 2'ne'14
9612 9834
101
101
9931 _
100 101
1054 10714 107 J'ne'14
10334 107
8712 8814 May'14
8514 9013
102 103 102 J'ne'14
10134 102
8 9914 104
10014
1004 Sale 10018
20 40 51 Nov'12
90 -___ 95 May'14
"a 05
10612 Nov'04
105 4 ---0514 Apr '14
10334 iciii4
10313 1047
4 PH Aug'13
10112 Apr '14 ---- "a"
874 J 'ne'14
8512 8714
9814 983-4 9814
9814
1 9534 9834
____ 70 75 May'14
75 80
8034 Sale 8034
8034
2 8034 82
52 5312 54 J'ne'14
52 60
48 43 J'ne '14 4.-- 43 50
85 ---- 854 J'ne'14
85 853s
10112-- 1.0112Apr '14 -- 10012 10134
744.— 70 Apr '14
74 70
0814
9814 Sale 9753
90 May'14
91 9113 91
0114
9434 95 94
95
9233 9314 9234
9314
1104 11012 1013
11014
1074 10812 l0754 J'ne'14
92 9114
92
155". _ 108 May'll
_
9112 6.i
78 9512 9814
9512 9612
is 90 9332
12 91
05
7 9134 94
13 1094 11034
10534 108
12 8914 9414
65 Apr '13
9214 May'14
94 Oct '12
9834 Sale 984
9834 19
10234 Sale 0234
10384 15
95 97 9654
1
9634
90 2'4414'12
92 90
90
75 Apr '14
60 Sale 50
51
37
50 5014 May'14 ...50 53 Apr '14 ....
9214 11
9214
14
-Fria 166;
10153 105
94 100
00 "oli"
75 78
80 6111
4912 5512
50 5812
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 10
h
Pr.ce
Priaus
July
W rek's Bonet or
Las, :late
HD).
Bid
As) bow
Wabash (Concluded)—
;56342an '14
Eqult Tru.:t Co 2tfs
47 Sale 47
481 r
Do Stamped
Del & Ch Ext 1st g 5s_-_1941 -J 10112 102 106 Nov'13
80 Anti*.
Des Mob( Div 1st g 4S-1939 J -J
1041 A-C 65 1,9
65 AP:'14
Om Div 1st it 3;.s
7318 May'19
1941 M-S
734 7.4
Tol & Ch Div 1st g 4s
712 may'l,
Wab Pitts Term 1st g 4s_1954
74 74
8
7
Cent and Old Col Tr Co certs61.
734 J 'Ile '14
Columbia Tr Co ctfs
634 74 734 0'ne 19
Col tr ctfs for Cent Tr ctfs 7,
J'ly '19
38
1054
2d gold 4s
J'ly '14
55
12
Trust Co certfs
8312 ____ 8312 2'110'19
Wash Term]1st gu 3)-0-1945 F-A
100 Sep '1:
1945 F-A
1st 40
-year guar 4s
6212
West Maryland 1st it 29
1052 A-0 6212 Sale 6214
101
1937 J-J ---- 105 IU4
West N Y & Pa 1st g 5s
, 7834 11614
1043 A-0 7834 793
Gen gold 48
;
34 Feb '11d1943 Nov
Income Is
102
Wheeling & L E 1st g 55_1926 A-0 loll-4 Hi" 102
9012 Nov '13
Wheel Div 1st gold 5s___1928 J - J
94 97
91 Feb '14
Exten & Impt gold 5s____1930 F-A
1949 NI-S 74 7434 74 J'nu 14
RR 1st consol 48
90 110 Apr '14
1922 2-3
20-year equip a f 5s
88 Feb 14
Winston-Salem S B 1st 45_1060 J -J
844
8814 Sale 83
Wis Cent 50-yr 1st gen 4s 1949 J -J
883, 88342'ne'19
Sup&Dul div & term 1st 48 '36
Range
since
.1311.1.
No !Ow 1110
56% 588s
81 411
5714
"a" "i
11
70
712
7
614
014
12
12
8114
80
12
1414
1314
1412
114
84
45 61 Z2 10213 10518
82
75
4
81
jot"). Lir
-01 91
74
90
88
13 8534
80
80
90
88
8914
8933
Manufacturing Cc Industrial
Am Ag Chem 1st c Is
1928 A-0
Ain Cot 011 ext 4H44 _441915 Q-F
1931 NI-1\
Debenture Is
Am Bide& L Ists f g 65_14/11/ 34Amer Ice Secur deb g 6 _1925 A-0
Am Smelt Securities s 1 63_1926 F-A
Am Spirits Mfg g Gs
1915 51-S
Am Thread 1st col tr 4s__1919 J-J
Am Tobacco 40-yr g
A-0
1944 A-0
Registered
Gold 43
1951 F-A
1051 F-A
Registered
Am Writg Paper 1st at
1919 J -J
13aldw Loco Works 1st 5s
53- 1940
Beth Steel 1st ext a f 58 - 1026 J-J
1042 M-N
1st & ref Is guar A
Cent Leather 20-year g 55_1925 A-0
1051 F-A
Consol Tobacco g 4s
Corn Prod Rats f g 5s
1931
1934 111-N
1st 25-year s f 5s
Cuban-AmerSugar coil tr 6s 1918 A-0
Distil Sec Cor cony 1st,
,„.5s_1927 A-0
E I du Pont Powder 43.1is_11136 J-1)
General Baking 1st25-yr 621_1936 J-1)
Gen Electric deb g 3 s. _1942 F -A
1952 Si-S
Debenture Is
Gen'l Motors 1st den 64_1915 A-0
1940 A-0
III Steel deb 4 345
1052 VI-N
Indiana Steel 1st Is
Ingersoll-Rand 151 58_ __ __q1.035 J -J
Int Paper Co 1st con it 64 1918 F-A
1935 J -J
Consol cony s f g Is
1921) 51-S
Int St Pump 1st s f 521
1923 A-0
5s
g
1st
Lackaw Steel
11)50 .91-S
1st con 58 Series A
5-year convertible 5.3_11/15 NI-S
Liggett & Myers Tobac 7s_11/44 A-0
1051 F-A
5s
1944 A-0
Lorillard Co (11 75
1951 F-A
55
Mexican Petrol Ltd env 6s A_'21 A-0
1st lien & ref 6s series0 1921 A-0
Nat Enam & Stpg 1st 5s_19211 J-D
1930 J -J
Nat Starch 20-yr deb 5s
1052 511-N
National Tithe 1st 55
N Y Air Brake 1st cony 68_1928
Railway Steel Spring—
Latrobe Plant 1st s f 55_ _1921 -2
Inter-ocean P 1st s f 58 1931 A-0
Repub 1 & 5 1st & col tr 53_1934 A-0
1940 A-0
-year 5s f
10-30
1930 41.-N
Standard Milling 1st 5s
The Texas Co cony deb 65_1931 J-2
Union Bag & Paper lit 5s_1930 J -J
1930 J - J
Stamped
US Realty & I cony deb g 5s_'24 J-J
1931 J-J
U Red & Refg 1st g 6s
II 8 Rubber 1 0-yr coil tr 69_1918 J-D
M-N
—04163
coup
Corp—J
U S Steel
S f 10-60-yr 5slreg -__d1963 54-N
Va-Car Chem 1st 15-yr 58_1923 J -D
West Electric lit 55 Dec 1922 J -J
Westinghouse E & H at 5s.1931 J-J
10-year coil tr notes 5s-1017 A-0
Miscellaneous
1948 301-S
Adams Ex coil tr g 45
Armour & Co 1st real est4 s '30 J-1)
1952 A-0
Bush Terminal 1st 45
1955 J -J
Consol 55
1960 A-0
Bldgs 53 guar tax ex
J -J
Chino Copper 1st cony 68_1921
Granby Cons MS& Pcom 63 A'28 NI-N
M-S
lnspir Cons Cop 1st conv6s 1922 A-0
1822
lot 5Iercan Marine 434s
lot Navigation 1st s f 5s-1929 F-A
Montana Power 151 53 A _1913 2-J
1939 J-J
Morris & Co 1st s f4335
Mtge Bond(N Y)45 set 2 _1966 A-0
J -2
1932
3
series
5s
10-20-yr
F-A
N Y Dock 50-yr 1st it 4s-1951
1932 J-J
Niag Falls Pow 1st 58
Niag Lock & 0 Pow 1st 5s 1954 51-N
1st 53 1943 F-A
Ontario Power N
Ontario Transmission 53.-1945 M-N
58-1050 A-0
gen
NJ
Corp
Pub Serv
RayConaCoPper 1st cony 691921 J-2
58-.1949 11-A
1st
Power
F
S
&
Sierra
Wash Water Pow 1st 58_1039 2-2
5 9734 102
10032
1003s 100% 10014
1)9
9918 99 J'ne '19
9(i 994
95
10 89 9513
9434 9514 95
1 101 10312
103
102 103 103
2 784 89
89
88 8834 80
10412 24 103 105
10412 10434 101
9434 3'0e'14
91 99
9434 97
03 0412
_ 94 J 'ne'14
041s
1 1174 123
12212
122 123 12212
12134 12134
- 12124 May'14
1 97 9812
9812
9812
98 90
98 98
98 J'ne 14
5 6414 78
1391s
6918 Sale 6514
102 10418
____ 104 104 J'ly '14
9912 14 9312 100
9914 Sale 99
8612 14 8132 884
8612 sale 80
9934 77 9712 100
11914 Sale 9914
981321)' '14
9718 984
9.5 Alay'14
9312 0612
9412
9412 Sale 9412
9112 9514
9014 95 9014
'2 9014 03
9014
5914 Sale 5812
5212 55 53 68
8614 87 8614
8612
7 85% 894
--- 874 8714 215,'14
8712 11014
7834 79
2 77 8034
79
79
10512 106 10512
102
6 103 1061s
10012 101/34 10013
10034 1i) 9812 10134
8634 Sale 8634
8712 46 8312 89
10134.8,1,15 10134
11/134 37 9832 113219
102 ___. 100 Oct '13 -100 101 10012
10014
6 10014 103
_ 75 8412
---- 7014 75 J'ne 19
49
4734 Sale 4412
43 6712
9114 Sale 9114
91% 11 11()14 117
71 J'ne'14
70 7814
97 9712 97
971 i
3 9312 9812
12572 Sale 12514
1254
5 120 12712
10212 Sale 102
1112,L 12 0634 10232
120 12712 12534 3'11e'14
110% 126%
111238 sale 102
1021. 15 93% 10212
91 99 95 Apr '14
91
97
05
95
1 93 973s
94 93 May'14
91
9112 94
8412
844 Sale 8412
6 81% 85
100 Sale 100
100
54 0634 10014
9712 9834 9813
9812
1 97 4)94
9712 9834 98 J'ly '14
97 984
9112 9212 0134 2'1y '14
9314
91
_ 103 Apr '14
104%2
10272 103
9414 sale 94
01)4 42 91 9433
84)320019
88 8912
84 8913
102
102 Sale 102
18 1004106
8512 90 Feb '13
914 Jan '13
8134 "eV'
83,2 83 J'ne'li
20
18 May'14
18
18 20
1023, 24 10134 104
102% Sale 10234
1024 183 994 10314
10234 Sale 10234
1)1238219' '11
109 10314
0712
9712 Sale 97
9138 98
10134 102 10134
102
6 10012 10214
0614 29 8912 1)614
9534 Sale 9534
9934 ---- 9934 2'ne 14
9034 994
7012
79
9278
1)234
8612 J'ne'14
92142'1y '14
87)2.Ply '14
106 Apr '14
201 TRIS" 10214 2'00'14
100 101 100
101
52 5214 52
5212
74 Sale 74
74
9212 9212
93
88)3 Jan '14
83 Apr '14
100 J'ne'14
-fir4 784 May'14
10112 —__ 101 2'120'14
92 May'14
-Ns;-5E11 95 J 'ne'14
92
93
93
9013 Sale 0013
9012
11384
112 114 113
0312 9214 Feb '14
— 10314Jan '14
7812
9272
9234 ---8612 90
93 90
8634 8712
7312 8034
35 8912 9312
8612 88
89 9212
85 884
150 166
9932 10512
26 9634 1034
27 4712 01
1 7132 7712
8 9212 9412
8812 8812
83 83
100 100
77 7813
101 1014
92 93
0134 9514
5 92 93
6 8812 01
21 10713 11714
9214 9214
10312 10312
MISCELLANEOUS BONDS--Concluded.
Telegraph 6: "Icleplione
.. 9 8 8._. 979._:11.. 3414
..
is1s 0_1.13e
;
e".4 18
92 _
92 J'ly '14
92 92
Am Telep & Tel toll tr 4s_10240 J-2
089:9
38764;14844
1036
51-S
45
Convertible
80 85 80
80
a 80 80
_1033
Ms
M-S
4
convertible
9814 99 0812 J'Iln8P1584
7'4
00
4% 19
1)3
80 90 87 J'ly '14
-i, 9
980a —2
20-yr
80 09
311
10412_
85,4 994
105
105
105 105
Cent Dist Tel 1st 30-yr 5s-1943 J -D *-- 100 99123'nel.) __ 99
8975
78014
% 8
Commercial Cable 1st g 4s_2307 Q-J
70
1,8
77
70 84 8
814 J
75
An
7234
14 ________ 8
74
pre:1
'
10 7234 82
2307 Q-J
Registered
71 73 Mch'14
73 79
;92 8912 J'ne'14
9714
: 034
8 001
801
89 9012 Cumb'd T & 'Fist& gen 53.1937 J-J
Alden ........ 8914 894
994 Feb '14
89 _
994 9914 Keystone Telephone Ist 524_1035 J - J
MetropolTel&Tel 1st s f59_1918 M-N 10034 1014 1110% May'14 ____ 1003310032
2 10233 Apr '06
1587
_
1924 F-A
_0: 9632 100
41 :5
71184
ayy0:
'l
m
113 9312 93 Mch'14
"a"
Mich State Telep Ist 55
9734 sale 9713 J
85 8712 8612 J'ly '14
84 8814 N Y &NJ Telephone Is g-1920 M-N
"a" "Oil;
80 J'nel4
81
76
N Y Telep 1st& gen sf434a1939 M-N
77 82
1937 J-J
10 90 9984
07
97 Sale 964
1023,3
1024
10234 _
5 974 10312 Pat Tel & Tel 1st 5s
20 9714 100
98
98 Sale 9734
102 10314 102 J'ne'14
10112 103
South Bell Tel& T 1Sts(Is 1941 J-J
102 10314 10174 J'ne'14
101 10212 \Vest Union col tr cur 58-1938 J-J
1050
s
712 9112 j'ilf)1
0?.
2 03
113
96
9
---2- 803
3
.
98
9
!
.
11 ...._.
!
101 _ 10114 Mch'14
1014 10114
Fd and real eat g
1941 NI-N ----.... 104 2'310'11
_
73 Apr '14
74
73 73
Mut Un Tel gu ext 5s
Northwest Tel gui 454s g_1934 J-J
874 ___ 93 Jan '13 ---------90 05
JOis 902, 9012 J'ly '14
II
Due July. k Due Aug. oDue Oct p Due Nov g Due Dec. 2 Option sale
*No price FrIdaYi latest bid and asked. a Due Jan. Due April. e Due May, s Due June. 8
Coal & iron
Bull & Suso Iron 5 1 5s__1032 J-D
a1926 54-S
Debenture Is
Col le & I Co gen s f g 5s___1943 F-A
1810 M-N
Col Fuel gen 6s
Col Indus 1st & coil 5s gu...1934 F-A
Cons 1011 Coal Me 1st 53_1935 J-D
Cons Coal of Ald lst&rof 5919511 J -D
Continental Coal 1st g 53_1952 F-A
Or Itiv Coal& C 1st g 65_//1919 A-0
Kan & 11 C & C 1st s f g 5s_1951 J -J
Pocah Con Collier let 51'58_1957 J -J
1955 J-J
St L Rock Mt& P 1st 5s
1951 J - J
Tenn Coal gen Is
-2
1917
63
consol
1st
Div
Birm
(21917 A-0
Tenn Div 1st g Gs
J-D
Cab C H Co 1st gu g 8s--1922 j-J
1053
Victor Fuel 1st at 59
Va Iron Coal&Coke 1st g 5s1949 M-S
CHICAGO STOCK EXCHANGE-Stock Record.
trrocirs-Hratnesr AND LOWEST PALE PRICES.
.Ionday
July 6
_
1NDEPENDENDE DAY
Saturday
July 4
Tuesday
July 7
Wednesday
July 8
Thursday
July 9
Friday
July 10
STOCKS
CHICAG3 b COCK
EXCHANGE
Sales of
the
West.
Range for Precious
Year (1913).
Range since Jan.l.
Lowest.
Shares._
109
H ighest.
Lowest.
rall roads
Chic City&C By ptsh eom
Last Sale 12 May'14
12 May22 2034 Jan 31
•___ 12 *____ 12 •____ 12
Do pref
Last Sale 40 June'14
*36
40
3612 J'ne 12
.36
40
*36
40
5512 Feb 2
Chicaeo Kiev Rys corn100
Last Sale 21 June'14
21 J'ne 1
•___ 25 *____ 25 .____ 25
25 Jan 19
2412 J'ne
Do pref
101
Leist Sale 61 June'14
61 J'ne 1
.____ 75 *____ 75 •____ 75
70 Jan 21
70 Fly
ye part ctf "I"
--------864 Chic Rye
- 90 Jan 10
93
99
99
99
9712 93
9934 J'ne 24
9714 93
88 Jar,
1,7112 Chic Rys part ctf "2"___
3414 3412 3412 35
27 Jan 8
3514 357, 3512 3512 3412 35
357 J'ly 6
18 J'ne
re
612 *6
Pa 612 ----------------135 Chic Rye part ctf "3"-__
612
6 May 7
to,Jan 29
512 Inc
Chic liya pr.rt elf "4"___
Last Sale 238 June'14
sei8 212 *212 21, *212 212
2 Jan 1.
4 Jan 2
2 J'ne
958
Kansas
City
Ry
&
34
34
37
32
33
Lt_100
32
243
4
27
17
26
Jan 10
37 Sly 8
22
1614 J'iv
320
Do pref
53
58
100 35 Apr 8
59
60
60
60
50
50
45
45
60 J'ly 8
3512 Nov
Streets W Stable 0L_100
Last Sale 412 Feb'14
4
.2
4
.2
412Jan 1
.2
4
412Jan 7
438 Dec
Do pref
Last Sale 25 Feb'14
*16
22
22
100 25 Jan 26
*16
22
25 Jan 26
25 Sep
*16
Miscellaneous
Last Sale 2712 June'14
American Can
101
2812
2712 .28
25 Apr 18 34* Jan23
*27
271
. *27
2112 J'ne
92
Last Sale 9234 Mar'14
Do pref
100 8912Jan 2 9534 Jan 27 0 81 J'ne
*9084 9112 *9034 9112 *91
31 American Radlator 100 39712,1'1y 10 440 Feb 16 400 Oct
39712 39712
400 400 *39712_-- *39712 ____ 400 400
--------50 Do pref
132 132
132 132
100 128 Mch14 13412Feb 6 125 Dec
*130 132 *130 132
3318
35
*33
3318 .33
3314 *33
3318 3318 .33
15 Amer Shipbuilding_1130 30 Jan 0 44 Jan 31
28 Nov
Do prof
Last Sale 76 May'14
*76
81
100 76 Jan 8 92 Feb 4
81
*76
81
78 Nov
*76
Amer Telep & Teleg 100 118 Jan 2 124 Jan 28 11034 Dec
Last Sale 12112Feb'14
.12012 121 *12012 121 *12012 121
•32__
Booth Fisheries corn. 100 32 J'ne 29 5014 Jan21
___
Last Sale 32 June'14
_ . .32
*32
4912 Dec
----------------10 Do lot pref
72 -72
100 72 J'ne26
*71 -72
72
*71
84125an 27
7312 J'ne
Cal Ir. Chic Cenal & D 100 -------------- -----Loot Sale 50 Dee'13
5018
501a *49
5012 *49
40 J'ly
*49
-------77 Chic Pneumatic Tool_l 0(
5412 54
541
5412 *54
*54
5412 54
4712 J'ne
49 Apr 25 60 Feb 13
Chicago Title & Trust 100 20912 J'ne 5 218 Mch17 200 Apr
Last Sale 21012June'14
*212 216 .212 216 .212 216
199 Comniontv'th- Edison.100 133 Jan 26 140 Mch16 u12412 Dec
136 13612 136 13612 13612 13612 13612 13612 1361s 13618
Corn Prod Ref Co com10(
914 Jan 9
Last Sale 12 Feb'14
*834 914 *834 9,4 *834 914
8 Inc
13 Jan 31
Do pref
Lent Sale 77 Feb'13
*6312 6512 *6312 6512 .6312 6512
100
77 Feb
42 Diamond Match
____ ---95
943, 95
94
*94
95
*94
95
100 91'! Jan 2 102 Jan 26
90 Oct
Goodrich (B.F.) corn_100 231434(1530 26 Feb 4
Last Sale 234 Mar'14
.25
26
*24)4 2514 *2512 26
1512 No
Hart Shaft'& Marx p1100 10012Jan 2 106 Mch 17
Last Sale 10212July'14
*102 10312 *102 10312 *102 10312
94 ' el
10 lino(' Brick
--------------.64
64
100
*64
65
58 Nov
*64
65
590 Jan0 70 Jan 30
Internet Harvester Co100 10412 Mayll 111 Jan 22 100 J'ne
Last Sale 10412May 14
_ _
Last Sale 7624 Aug'12
Wnickerbocker Ice pf_l OE
*-_-__-: -7f
- - •:_-_-_ "'if- *::::: -7i
Last Sate 130 July'14
National Biscuit
100 12334Jan 14 138 Feb 3 105 J'ne
*130 132 *130 132 *130 133
127
50
Do pref
100 12114 Feb16 127 J'ly 10 116 Dec
*127 129 *127 129 *127 129 *125 130 127
45 National Carbon
11712 11712 .11612 118 .11712 118 .11712 118
10( 1105 Apr 29 161 Feb 19
11612 117
113 J'ne
----------------40
Do prof
120 120
121 121
100 11514 Jan 27 121 J'ne 30 11112 117
*121 122
110 Pacific Gas & El Co 100 35 Jan 0 4714 Feb 13
39
40 39
*39
40
*38
40
*33
40
*38
33 Not
12012
1203
4
255
121
12012
12112
People's
121
Gas L&Coke.100 119 Apr 25 125 Jan 5 104 J'ne
12112 12134 12158 12134
----------------18 Pub Sere of No III corn 100 76 May29 81 Mch 4
76
76
*7612 77
*7612 77
65 Ply
----------------22
Do pref
..
9612 97
9612 9612 .96
97
100 94 May20 100 Feb 7
8934 Dec
Last wile 12 Mar'14
*1012 11
.1012 11
Rumely commoti
•1012 11
100
12 Mch 23 1724 Jan 14
19 Aug
*28
29
Last Sale 30 Mar'14
29
ns
Do pref
28
*27
100 30 Mch 23 4024 Jan 14
4012 Aug
937 Scare-Roebuck com_100 178 Apr 25 19712.1'1y 3 155 J'ne
19134 19412 19312 193N 194 19434 19312 194
19412 197
12314June'14
123
*121
123
Last
Sale
*121
Do pref
•121 123
100 122 Jan 14 125 J'ne 8 117 May
Last Sale 2612 Feb'14
*31
32
*32
33
*2812 29
Studebaker Corp com.100 2712 Feb 3 3034 Feb 5
1614 Nov
.84
.80
81
.80
81
Last Sale 86 Feb'14
85
Do pref
100 83 Feb 3 86 Feb 4
66 Nov
400 Swift & Co
106 10614 106 10614 10612 10614 10612 10612 1061s 1061$
100 10434Jan 3 10712Feb 27 101 J'ne
*235 240 .235 240 *235 240
13 The Quaker Oats Co_100 230 Jan 6 250 Alch21 195 J'ne
240 240
____ --_•106 10612 *106 10612 *106 10612 10614 10614 --------100
Do pref
100 102 Jan 6 107 Feb 28
9934 J'ne
*152 155
687 Union Carbide Co
154 154
155 157
156 157
15518 15518
100 140 Feb 9 15812 h1ch24 8142 Dec
Unit Box Bd & P Co_1001
Last Sale 11* July'13
__
Jan
U
July'14
S
Last Sale 6134
Steel corn
---- ---- ---- ---- ---- -- -100 57 Apr 20 -6-712 Feb 13
50 J'ne
45 Ward. Montg'y & r`o pref 109 Jan 3 114
113 113N *11212 113
11212 11212
11234 113 .1121 113
Mch17 10512 Feb
.212 4
*212 4
Western Stone
Last Sale 358 May'14
*212 4
100
314 May 1
612 Jan 14
9 J'iy
57oolworth. corn
Last Sale 913, May'13 ___„
100 ____ _ __
671. At rh
Chicago Banks and Trust Companies
NAME,
NAME.
Dividend Record
Capital Surp. dc
Stock.1 Profits t /n
Per- Last Paid,
/a
(00s om Med.)
1912. 1913. foci.
Bid. Ask.
Dividend Record
Capital Surp.
Stock. 1 Profits t
Per. Last Paid.
In
In
(00s om Wed.)
1912, 1913. 404
Southwest Tr & 51 3200,0 y832,7
Standard Tr &Say 1.000,0 e432,3
Stockmen's Tr &S
v53,1
200,0
6
Union Trust Co.. 1,200,0 1,767,7
8
WestSide Tr& Say
400,0
152,8 8dae
Woodlawn Tr & 8
10
200,0
125,3
Q-.I
6 Q-M
6
J-J
8&32
M
12 0-51
10
0-4
July '14, 13-4
July '14, 154
Ian. '14, 3
Mch.31'14,2
5.ich.31'14.3
Apr, 14, 214
Highest.
30 Jan
91 Jan
102 J'ne
33N Sep
9 Sep
452 Apr
37 Sep
33 Oct
912 Jan
45 /deb
4612 Jan
12914 Jan
500 Feb
135 May
55 Jan
10312 Jan
139s Jan
71 Jan
8972 Jan
55 Jan
5512 Sep
221 Sep
155 Sep
MI Ian
77 Feb
11014 Feb
53 Feb
1(1011 Dec
7612 Jan
115 Jan
60 Sep
123 Jan
137 Dec
113 Jan
63 Jan
130 Sep
85 Aug
10152 Jan
69 Feb
9758 Feb
21414 Jan
124N Feb
34 Feb
70 Nov
1077s Meh
280 Feb
10812 Feb
218 Nov
112 Feb
684 Jan
111 Sep
1412 Jan
112 Jan
Bid. Ask.
120 125
161 165
145 150
___
350 375
225 230
American State__ $400,0 03127,0
234 5502
June 30'14112 184 188
Calumet National
100,0
r73,4 None
An Jan '14, 8 225 250
6
Capital State____
200,0
20,0 Org. J an. 37 '13. V.96, p.1585 105 108
Central Mfg Dist_
250,0
031,5 Beg. b 114LO, 7'12 V. 95,p,944 150 154
Coat & Corn Nat_ 21,500,0 10,911,2 10
1114 04 July '14, 3 280 281
Corn Exch Nat.. 3,000,0 6,458,0 16
16848y 0-3 July '14, 4 403 406
350,0
155,1
Drexel State
0.4 July '14, 154 5220 225
750,0
383,7 10
Drovers' National
10
Q-1 July '14, 254 250 260
259,1
8
200,0
Englewood State_
8
Q-J July '14, 2 170 175
10,000,0 12,062,8 17
First National
BONDS
17 Q-111 Meh31.14,414 418 421
243,7 1234 10&3e 0-111 Isich.31'14 212 350 355
150,0
Price
CHICAGO STOCK
InterIfirstNatEnglew'd
Week's
Eds
Range
500,0
Priv ate Ba nk
1,000,0
Friday
est
Foreman Bros
EXCHANGE
Range or
Sold
Since
8
Week Ending July 10
Period
8
July 10
Ft Dearborn Nat_ 2.000,0 1,041,7
Last Sale
Q-2 July '14, 2 250 255
January I.
38,7 Org. N ov 25 1912
200,0
Halsted St State_
120 125
1,345,4
Not
2,000,0
pu
Bid
blished -se a note OD
Hibernian Bk Assn
Ask Low
(11)
High No. Low
High
Am Tel & Tel coll 42____1929 J - J
200,0
50,7
Hyde Park State_
91 Feb '13
0-3 July '14 2129 134 137
18,2 -ore
Armour & Co 4142
100,0
1939 I -D 1 0258 927
--a n. Feb '12 V.94, p 465 124 129
Irving Park Nat
92 June'13
-8954
03
400,0
0224,7
Auto Flee let M 65
10 10,45e J-J July '14, 5 25.5 300
1928
Kasper State
t71
8214 April'12
Cal Gas & El unit & ref Sc 1937 M-N L.- 97
200,0
6,8
Lake View State_
9618 May '12
11-3 July '14, 134 106 110
Chicago
Lawndale State
200,0
72,1
City
Ry
52
1927
F
A
270
275
310012 Sale 100
Q-M Mcb.31'14. 2
10018
-9914 101
Live Stk Etch Nat 1,250,0
City & Con Rys 5s_d1927 A -0 78
629,1 151:72i
12 Q-M June 3014,3 244 248 Chic
80
79 June'14
79
857s
Mesh &Trr.d State
Chicago Elev Ry 58
200,0
60,8 Beg. b twang 26'1 2 V Ob. p 593 134 136
1914 J - .1
100 June'14
9572 100
Nat Bk of Repub. 2,000,0 1,381,3
Pneu
Chic
Tool
lit
5s-a1921 J - J 3--__ 92
8
8
9512 Apr '14
Q-J June 30'14,2 197 200
9212
9514
National City
Chicago Rys 55
2,000,0
847,2
1927 F - A
8
6
9812 Sale
10 9612 991s
9812
9852
Q-J June30'14,154 158 161
National Produce
Chic Rys 5s_____serles 'A" A -0:9272 93
300,0
68,3
6
6
Q-3 July '14. 13.4 5171 175
929 June'14
91
94
North Ave State_
Chic Aye 4s
200,0 0112,0
series "B" J -D I 7858 Sale
7
7 04 July '14, 144 152 158
6 7314 8158
7358
7834
Chic Rys 41
North 8Ide St Say
200,0
20,5
Series "C" - A
6
6 04 July '14, 154 135 138
95
95 June'14
9534
94 8 98
North West State
Chic
Rys
174
colt
170
300,0
68
75,3
6
1913 F - A
7
Q-J July '14, IN
100 Jan '12
Chic Ay Pr m M g 42_21927 J - J
104
Ogden Ave State_
200,0
13,0 Org. N ov. 27 '12. V.95, p. 1944
1014
Apr'14
65
70
67
69
People'sStk YcloSt
ChM
300
Ry
275
Ad1
600.0
151,7 10
'14,
212
Inc
Apr.
45_21927
10
Mayl
10
4512
4512 Sale
45
4512
5414
Chi
Chicago Telephone 5s
Seoond Security
200,0
027,0 Beg. b tioNov
V.93, p.1235
1923 J -D :10118 Sale 10118
10118 27 9934 10112
Cicero Gas Co ref G m...1932
Security
400.0 0181,7
6
7M 0:14 July '14, 2 245 250
9714 98
97 June'14
1---- 9714
South Chicago Say
300,0
159,8
8
Commonw-Edloon 5s
1943 1i- S 10214 Sale 102
8,142c 0.3 July '14, 2 220 225
39 10058 10214
10214
South Side State_
Commonw Else 51_2.1943
200,0
30,0
6
6
S 110118 1013 10138 June'14
Q-J Apr. '14, 141 135 138
100% 10132
State Bank of Chic 1,500,0 2,945,4 12
Cudahy Peek let M 52....1924
12
N :10014 101
994 10052
10058 June'14
0-I July '14, 3 337 390
Dia Match Con deb 6s
State Bank o!Italy
050,3 Beg. b tts.Aug 19'1 2 V.95, p.623 125 130
200,0
1920
10214 Sale 10214
10214 10512
10214
Gen Mot6% lot L notes_1915 A -0
Stock Yards Bay_
250,0
255,8 10
15 Q-M June 3014.4 350
9934 Aprie12
Int Her 3-yr 5% g notes_1915 F - A
Union Ilk of Chia_
500,0 0184,4
6 M-N May'14, 3 173 176
6
10058 May'14
f663;
Inland Steel lot M g 62_1928
Washingt'nPkNa
25,3
100,0
634 10&3e 0.3 Apr, 14. 214 235
10512 April'I2
Kan City Ay & Light Co
CentralTr Co ofII 4,600,0 1,599,5
8
9 (44 July '14, 214 225 228
300
5.
290
6
4,
Chicago City B&T
Jan.
'1
,
0422,9
500,0
10&2 12&111 14
1913 54-N
90 Oct '12
Lake St El-let Se
Chicago Say B &T 1,000,0
275,8
1928 J - J
6
6
0.4 July '14, 134 142 144
68
6S 68
63 June'14
Metr V( Side El 1814e,.,..1938 F - A 3 81
Chicago Title &T 5,600,0 2, ,886,9
84 Q-J July '14, 254 212 216
8
8112 10 773s 84
811
81
2
Colonial Tr & Say 1,000,0 0503,1 8&2e
7814 794 May'14
Extension g 4.
1938 .1 - J
(o) 0.3 July '14,
8012
74
Mil
Ry & Lt lat g 52_1926 F - A
Cont&ComTr&S 3,000,0 1,939,8 Not pu bliabed --se e note
10432 Atint'12
do
ref & ext 450_1931 J -J
Drovers Tr & Say
208,1 10
250,0
10
Q-1 July '14, 254
95 April'12
Morris & Co 4545
First Trust & Say 5,000,0 4,456,5 None None Q-111 Dec30.11,4
1939 J - J : 8612
-554 89
8752 June'14
Nat Tube let if 62
FtDearbornTr&S
132,' Beg, b us.Ap 3'11 V.92, p.929
500,0
1952 54-N
10014 May'12
Nor Shore
Franklin Tr & Say
300,0
135,7
bit g Se
1922 4-0 t 9914 'cif(4 99
99
04 Mrh 31'14,114
Jan'le
"55"
do
Gmenebaum Sons 1,500,0
let & ref g Se
368,5 10
10
1940 A -0:96
(.1-1 July '14, 254
97N 9812
93
97N June'13
Olia,antes Tr &
Nor Sb Gas of DI 1st 15s...1937 F - A:91
200,0
r62,5
3.3 Jan. '14 354
6
6
93
9512 Sept '12
Harris Tr .1. Say_
2,775,0
1,500,0
NWOL& Coke Co 55._1928 Q -M O 991$ 993
12 12&102 0.3 July'14, 6y
9914 June'14
-55r8 icToTi
Home Bank & Tr
91,5 Beg. b us.Apr 10'1 1.V.92,0.1004 150 153
300,0
Ogden Gm fie
96
1945 11-18 96 Sale
5 93
96
96
Illinois Tr & Say. 5,000,0 10,915,7 16&4 16&4e
Peep Gas L C Ist es_1943 A -0
11512 Sept'12
Apr. '14, 4 470 430
Kenwood Tr &Ss
200,0 0109,1 7&22
195
Refunding gold Si
7
1947 IdQ-J Apr '14, 134 190
1011s 35 -55; 10114
loiTs Sale 101
Lake ViewTr&Sa
300.0 0111,4
Chic Gas L & C let 5s-1937 J - J
Apr '14, IM 180 182
1041 10332 June'14
6
101 1033s
3nfAiSalle StTr&B 1,000,0 0343,6 Beg. b us. Ma 0-iy'10
Consum Gas let 5e
1936 J -D
99 10112
10114 10034 Mch 14
Liberty Tr & Say.
275,0
9,7 Org. cc. 6 12.
160 165
10012
Mutual Fuel Gas let Se 1947 M-N 1001s 10058 10012 June'14
100
Market Tr & Say.
200,0
031,0 Org. cpt. 5 '12. V. 95, p. 393 112 114
Pub fiery Co lot tel g 58-1956
901
904
9314
Junp'14
:
90
9012
Mere'ntlieTr&Sa
250,0
59,2 Beg.
South Side Elev 4104_1924 I- J O 9252 Sale
is.J'le 1'12 V. 94,
95
4 90
434 161 165
927s
9272
Merchants Lk T 3,000.0 7,439,6 16
la
10112
Swift &Co 1st g 5s
Apr. '14, 4 420 424
100
Q-2
Mar'14
1914
J
10012
-I
Michigan Ave Tr.
200,0
76,0
do
Lt s f g 5e
9714
Q-J July '14, 134 130 135
1944
9614
9612 22 08
500,0
Mid-City Tr & Sa
146,5 COI?.b us,5
205
205
)N.9243.1004
Fri-City
Ap 101
Ry & Lt eon
Northern Tr Co__ 1,500,0 3,005,4
trust lien elSe
0-151 July '14, 2 318 323
Atorle12
1923
A
0814
-0
300,0
Nor-West Tr & S.
136,3
8
Union Eiec (Loop) 58
8
J-J .11,11. '14, 5 269 273
7614 88
8452 8434 July'14
1945 A -0
200,0
54,2 Beg. b us.J'ne l 11 V.92,9.1537
Old Colony Tr &S
107
U S Gypsum 1st g 52
1922
S
100 May '12
500,0
People's Tr & Say
240,7
8 912.42e 0-4 July '14, 314 275 300
Western Dec Co 5s
'13
Dec
1922
.1
J
9952
800,0 0284,2
Pullman Tr & Say
8
8
0-3 Mch .3114, 2 200
200,0
43,8
Sheridan Tr & Say
3
6
Note-Accrued interest mug t be added to all Chicago Price
0-.1 Mch 31'14.212 152 155
no
Wee were made on this day. :June 30 (close of business) for national banks and
*Bid and ask Pr ces:
July 1 (opening of business) for State Institutions. :No
price Friday; lateet Price this week. 'Sect I. 1911. ¶ Dividends not published: stock all acquired by the Continental & Commercial National Bank. a Due Dec. 31.
S Due June. c Due Jan. I. e Extra div. k New stock. 14% of this is extra.
Sales reported beginning April 18. g Divs. are patd Q.-J-. with extra payments
Q.-F. Wee. 31 1913. v Ex-24% aCcutnulated dividend. w Increase in capital to $400,C13 authorized 3ept. 24, Et cash div. of 75% being paid In connection there.
.
820ek di,. 54 g mdemment paid. o Paid 6%
With. V. 97, P. 1000, 874. 8 Et-clIv. and 62
reg. and 114 extra on old capital stock of $600,000 and 114% on new
capital $1,000,000. I Ex-50% stock die. y Includea extra Sly, a Suspended business June 12. V.98, p. 1824. p Declared 5%,payable 214% July 1 and 134 Quarterly
thereafter. r March 4 1914. o Apr114 1914.
Chicago Bond Record
looi;
Sale
BOSTON STOCK EXCHANGE-Stock Record.
110
PRICES.
STOCKS-HIGHEST AND LOWEST SALE
Friday
27zursday
Wednesday
I
fonday I Tuesday
Dwurcial
July 10
Jun/ 9
J.lv 8
1142 7
July 6
- July 4
*9914 P93, *9834 99
100 100
4,9912 9934 *9934 109
.3012 101
*9958 10014 .9912 99% 9913 Cl': *9912 10)
180 433
130 KO
180 181
180 180
180 140
9512 99(4 99 10014
95
95
9712 9512 97
95
,
July'14
Sal
156
Last
*____ 155
351: 3413 3512
347 W- 352 W- 35
344 35
228 226 .226 24.)
.226 240 .226 240
7
7
12
.7
12
*7
12
*7
12
*7
50
50
50
.
Last Salt 64 Nov'13
Last Salt 35 54ay'14
38
*37
;17" -81'- ;577- -ii" *____
Last Sale 160 Mar'14
150
160
160 *
los 106 106 *105 140 .106
103 106 •
_
180
•180
*180
•180
77
80
76
75
77 .
77
77 -77
77
.76
Last Sal,122 July'14
•12112 12212 O12113 123
•121
*8634 8714 *454 864
87
87
87
. 8834 3534 87
95
95
95
95
95
*94
95
48312 95
95
104 1013
10
1112 1013 1012 104 1013 *1013
60
*58
60
60
60
60
60
60
5812 59
614
631: 59
64% 65% 6312 6414 69
6458 65
10312 10311
•1034
10312
_.
104 104 •1034
Last Salt 150 June'14
•150 152 •150 152 *150 152
3,21
2211
21
2114 21
2214 *21
2214 *21
21
.
15614 15614 *1563$ 15634 •156 15614 *15534 156 *1554 15512
Last Salt 3334 JUIVe14
*8312 8414 *8314 84
*3312 84
.125
*125
130 130 •125
6838
60
684 69
-134- 69 6813 6812 6834 69
Last Sale
July'14
87
*85
87
*8.5
87
'85
543. 5413 55
544 5412 54
*93% 9414 9414 94% 9413 9458
3234 3
234 234 .213 3
21
2012 201
: *20
1934 20
10634 1074 10634 10714 107 10712
1,11234 11334 11312 11312 1134 11312
121
1203
12014 12078
12012 121
Last Sale 15 Mar'14
7432 713.: 7413 74%
75
-ii" -51-2 743 741. 7412 -Cl
*59
59
5913 5913 *59
.59
59
98
93 lir
93
3'98 100
99
93
8
Last Sale 5
*6
June'14
8
*8
15
01414
.
15
*1414
15
*1414
14
14
15
*1414
12
Last Sale 11 July'14
4.11
3,1114 12
*1114 12
24813 24313 248 24812 248 219 *248 24912 248 249
14413 1491: 14913 14934 149 14912 149 14912 14812 11914
10012 100% *100 101 *100 101
10014 10014 100 100
8638
8632 86
8814 8614 8614 86
8638 8612 86
90
90
8912 8912 */3912 90
90
90
91
*90
215 215 *214
*21334 21412 214 214 •214 215
Last Sale 234 June'14
*234 3
*234 --__
3,234 3
*20
*20
20
20
_ *20
*20
*5112 55
Last Sale 5,5 Ju"y'14
55
. *53
*59 -ES
*20 -20
20
*20
*20
*20
Last Sate 67 Mar'14
45 S____ 45 •____ 45
.130 132 *13018 132
130 130 130 130 •130
156 156 .15514 156
158 156
15424 15532 *155 156
20
20 •19
Last Sale 2018 July'14
*19
29
•19
106% 1064 10638 10638 105% 1064 10633 low, 106 10812
3034 3,3034 3034 3013 30% 3034 3034 3034 3034
•30
O2814
*2814
--- 25% 2812 284
Last Sale 1
118 •.99 118 •---July'14
114
iiir2 142 14014 14112 134 1403 139 140 1334 13912
58
5834 5932 5.534 5834 5834 5834 54
57% 584
2934 29% 2934 2934 2958 2934
2934 30
*2934 30
6218 6112 6212 6134 624 8112 621r 804 61%
62
10912 10958 1094 los% 10914 10912 10913 109% 10013 1094
5414 5434
5473 55
94
94
95
*93
*234 3
*234 3
•1912 19% 1934 1934
107 10713 10712 10718
11212 113
11234 113
1204 120% 12012 12078
Sales (ti
114
Went
Shares
STOCKS
BOSTON STOOK
EXCHANGE
Range since Jan. I.
On basis o/ 100-slace lots.
Lowest.
Ilallrozds
954 May14
10 Atch Top ,53 Santa Fe_10(
100 97q Jan 15
50 Do pref
100 21774 May29
91 Boston Sc Alba ny
100 77 May 8
3,291 Boston 'Elevated
lot 155 Jan 2
Boston & Lowell
100 304 May29
835 Boston & Maine
Boston & Providence_100 225 May 1
Mch 2
5 Boston Suburban El Cos. 7 J'17
10
50
Do pre
Boston & Wore! Elea Cys35 May 6
Do pref
Chic June By & US Y-10C 160 Mch 23
10312 May19
Do pref
65
11 Connecticut River_l Or 176 May 4
75 J'ly 3
_100
Fitchburg
pref_- 5
Gry Hy &Elea stmaPd_100 12018 May14
Do pref
100 83 Jan 3
55
100 9078Jan 5
40 Maine Central
9 Apr 22
100
270 Mass Electric Cos
Do pref stamped _100 55 Apr 30
167
1,567 N Y N 51 4: Hartford_100 53 J'ly 10
1 On 100 May
91 Northern N H
Old Colony
100 148 J'ne 1
19 May 8
100
25 Rutland, pre
100 1491,Apr 25
10 Union t'aelfic
Apr 17
82
Do pref
100
17 Vermont & Mass
lot 115 Jan 9
882 West End St
50 6512J'ne 4
Do pref
5C 85 Apr 3.1
lAiscellznoous
Amer Agricul Chern_100
Do pref
__IOU
Amer Pneu Service- 50
Do pref
50
Amer Sugar Refin_100
Do pref
100
Amer Telep S3 Teleg_10C
100
American Woolen
400 Do pref
l
13 Amoskeag Manufacturing
10 Do prof
AU Gulf& W I S L.100
100
2 Do pref
10
East Boston Land
72 Edison Elea Illurn_100
100
339 General Electric
20 McElwain(W11)1st pf 100
429 MassachusettsGasCosl00
Do pref
242
11
110
10
17 51crgenthaler LIno
Mexican Telephone... 10
Mississippi Riv Pow-100
100
prat
Do
50
100
20 N E Cotton Yarn
be
Do prof
100
10 N E Telephone
100
104 Pullman Co
fleece Button-Hole..,. 10
100
184 Swift & Co
25
106 Torrington
pref
Do
5 Union Copper L & M 25
25
100
4,060 United Fruit
25
2,061 On Shoe Mach Corp.. 25
150 Rog teepi Corpref
100
U
6,246
100
80 Do pref
385
256
100
116
376
223
1,811
4714 Jan 2
oi Jan 3
2I2Jan 27
17 Jan 2
9714 Mobil
104 Mch30
1174Jan 3
14 Mch 4
72% Mcli 4
6412-Ply 3
373 J'ne25
5 Feb 19
1312 May27
10 Jan 20
214 Apr 29
13913Jan 3
98% Apr 30
8214 May20
5912J II9
21114Jan 3
24 May13
19 J'ly 3
55 J'ne 26
20 Apr s
66 Mch10
130 J'ne26
151 Jan 7
16 Jan 7
10412Jan 3
27 Feb 24
27 Mch24
1 Apr 15
138 J'ly 8
5334 Feb 2
28 Jan 9
56(8 Apr 25
1054Jan 6
Range /or I r,'lout
Year 1913.
Highest.
Lewett.
100 J'ly 8
10133 Feb 10
195 Jan 5
10014.Ply 10
179 Feb
55 Jan 12
255 Jan 27
713 Feb 13
60 Jan 19
91t2 Oct
3534 J'ly
143 Dec
82 Nov
150 Dec
35 Dec
23812 Dee
7 Sep
57% J'ne
5 Feb
3612 Dec
162 Sep
10112 J'ne
200 J'117
58 Dec
2115 Aug
8212 J'ly
91 Dec
1012 Dec
63 Dec
653 Dec
100 Dec
150 Dec
25 Aug
13912 J'ne
81,98 J'ne
105 Dec
67I Dee
45 J1Y
40 Jan 26
163 Jan 15
107 J'ne 11
200 Jan 24
93 Jan 28
124 May 1
88% Apr 6
99 Mch 28
14 Jan 23
6611 Jan 24
774 Jan 2
112 Feb 6
165 Jan 30
30 Jan 8
16334Jan 31
85 Jan 6
130 Feb 6
75 Jan 23
95 Mch12
5914 Mch19
98 J'ne 15
4 Jan 31
22 Jan 31
1101* Jan 2
114 Jan 29
124 Jan 24
15 Dinh 4
83 Jan 26
67 Feb 13
10013 J'ne 18
9 Jan 23
101* Jan 16
1412 Feb 11
265 MO 4
15012 Feb 20
102 Jan 23
94% Feb 17
96 Mch 16
21634Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
169 Jan 27
2013 Ply 2
107% Mcn 9
31 May21
2913 Jan 20
2 Feb 4
173 Feb 13
6134 J'ne 4
33 J'ne 30
0114 Jan 31
11232.1an 26
41 Sep
8912 Dec
212 J'ne
16 Nov
9912 Dec
10418 'Dec
1104 Dec
154 Dec
74 Me)
59 May
924 J'ly
5 Jan
10 Jan
• J'ne
234 Dec
130 J'ne
05 MAY
87 Apr
88 J'ne
209 J'ne
3 Jan
3,) Nov
70 Dec
17 Apr
6372 Apr
127 Dec
149 Dec
144 Apr
101 J'ne
26 Sep
28 Sep
A4 J'ne
147 J'ne
41%8 J'ne
26% J'ne
50 J'ne
10212 J'ne
2 Jan 22
1 Apr 14
1 May
25
•118 IN
10 Adventure Con
•lis 138
1% 118
*118 138 •113 15
2: 2393 Apr 22 300 Mcb24 230 Nov
7 Ahmeek
275 275
270 270 *275 280 *275 280 *275 280
to834 J'no
10 2012Jan 3 2434 M ay18
old
G
Alaska
134Jan 20 .15 May
2734 2778 2758 27% 2712 2734 2712 273$ 27% 2713 2,745 Algomah Mining
25 .91) Sly 7
120
Jan
4334Feb 18
2912 J'ne
.90 .90 *.92 14 0.95 1% •.95
.99 .99
40
- J'ne25 7814 Feb 4
176 Allouez
0713
*39
40
*3912 404 40
40
62 J'ne
40
39
40
100
Copper
Amalgamated
1534 Apr 28 2133 Jan 30
15% Dec
69% 7018 3,105
714 7038 7058 7053 7114 7O1 71
71
25
8m_
&
Lead
170 Am Zinc Commercial_
24 J'ne
4 Jan 10 65,Mcb 4
*1534 1614 1634 1531 *1534 1614 1634 15%
16
16
6
413 Feb 2
43, 5
4% 4% 2,021 Arizona
434 47
2 Apr 22
'
458 458
14 J.13
413 4%
Cop 10
a
Bute-Balaklav
3 40114 May18
3413Jan
234 234 .2% 3
350
J • ne
1814
*234 27
*234 218
•234 3
10
(Ltd)
Cop
564 J'us
35% 3634 3,623 Butte& Sup Arizona
3713 3778 3712 3712 3634 3734 3634 367
10 61 Apr 25 7012 Mctr25
&
Calumet
Dec
13
388
Feb
0112 65
839
6413 6431
65
65
6434 6512 6434 651
Hecht._ 25 400 J ne26 460
39 Calumet &
401 401
10 J'ne
412 412
415 415
14 Jan 9 19 Feb 4
415 415 *400 410
25
105 Centennial
3014 J ne
1712 •1612 1712
14
18 .174 18
174 171 .17
5 3714 Apr 25 43'2 Feb 4
Copper
Chino
431
25 4034 Feb 4
32 Dec
Apr
34
405,3 4034
4034 4133 41
41
40% 41
4138 41
0
0
12
Co
Con
3 Feb 6
266 CopperRange
2 Sep
184 Maylli
3112 301.1 36
36
354 3512
36
36
3534 36
•IN 2
94 J'ne
50 Daly-West
934J'ly 2 13 Jan 23
•178 2
2
2
*178 2
5
20
*178 2
Min. 1
778 Apr 6
24 Dec
97
658 East Butte Cop
212Jan b
97
10
10
10
10
10
10
934 9%
Franklin
51 Jun
*418 411 •4
41
43
Last Sale 44 July'14
*4
1 00 7312Jan 9 91 Feb 4
1
520 Granby Consolidated_
27% Oct
2114 Apr 28 4233Feb 4
8112 8034 81
81
80
81
81
79
BO
80
a
Greene-Canane
3313 Apr 22 22 Feb 4
12 Nov
2934 3013 24
2934 281s 2914 2814 29
2811 2878 3,296 Hancock Consolida;e0 21
.
30
*14
27% *an
15
2815 Feb 16 30 51c..2,
*14
15
151 •1414 15
15
•1414 151
10
12Jan b
*2514 29
.25 J'ne 12
10 Hadley Gold
no% 29
29
*2558 20
•2514 29
29
34 M03
25
Copper
Helvetia
613 Feb 20
• Oct
.33 .40 •.38 .40
3 Apr 24
Last Sale .25 June'14
•.33 .40 .
2:
4.414 J'ne
452 *4
,04
35 Lndiana Mining
41
453 *4
41:
4
46 Mch 6 5014 J'ne 10
*4
4
1
Coal
Creek
Island
.2,
81 J'ne 2 8102 J'ne
50
50
50
79 J'ly
*49
50
105
50
501: 60
*50
Do pref
Feb •
16 J'ne
87 •87
87
88
874 871 *8612 571
20
83
*87
6 1633Apr 25 2
Copper.-- 25
Royale
Isle
2014
15
J'ne
5%
Mch2b
20
8
37
21
21
4
20%
3
258 Jan
20
2114
20
1,200
2114
20
*5 5%
51 518
5
5
212 May 5 4% Feb ly
a
1 Ade
5%
195 Kerr Lake Copper- 25
*5
Keweenaw
•32, 334
5% Apr 24 1012Jan 16
5 Nov
313 313
*34 4
eo
334 akl *313 4
Lake Copper Co
64 813
314 J'ne
7
3 J ne30
512 Feb 14
7
7
*614 7
7
64 6,
so
*6
25
Copper
Salle
3
.37
3% Noy
*334 4
*372 4
2 May 25
4 Jan 16
20 La
3% 3% *373 4
f,
Mines_ 5
114 Nos
*212 23., *213 3
2 Mcb 7 3512 May23
214 212 *234 3
85 Mason Valley
*214 3
484 41
44 414 •44 44
334 rne 1
9 Jan 26
5 Nov
413 412
44 434 .
125 Mass Consol
25
4113 81.
412 412
518
May b 24% Feb 18
438 438
453 458
204 J'ne
725 Mayflower
2153
5
2212 221 2213 *224 223; *22
114 Feb 18
221
12 Dec
,50 rly 2
2218 2218 *22
35 Miami Copper
25
38 Nov
50 Michigan
.60 .60 *.55 .75 •.60 .75 *.50 .75 •.50 .75
25 39 Apr 22 46 Jan 23
45
4513 *44
4512 *1312 45
*144 45
'8444 45
30 MohawkConsolidated- 5
13 rile
1312 MaY 8 1853Feb 4
14
14
14
14
14
6% Mch12
14
4.78Jan 14
12 J'ne
*1334 14
14
82 Nevada
14
25
6
5
•434 5
434 478
*444 5
x5.58 MCh30
81s Jan 22
74 Nov
415 New Arcadian Copper
484 5
618 612
303
4
6
573 6
Apr
Feb
24
6
4
5% 6
1,050 briPilloWE 54ines
618 614
233
J'1135
21%
15
25
550 North Butte
25
2444 2478 24% 25
2514 2514 25 • 25
258Feb 4 .99 May
.95 APr 25
25
keining
ym
4.1
haLa
btw
oir
Nj
14
114 *114 1%
00 o
14 14 *1
2 Jan 23
165
6
3, Apr 22
•1
114
12 J'ne
25
.90 .90 •,90
.75 114
,4Jan 28
O.99
112 •.95 114 •
3 Apr
23,Mch30 53
25
44
*4
4
625 Old Colony
4
4
4
4
4
4
4
41% J ne
25 46'2 May 9 54 Feb 4
51
4914 50
4312 4812 49
50
50
647 OM Dominion Co
494 49%
4
Feb
84
674
Dec
5
2
AP3
704
25
63 Oseeola
78
76 • 7613
7513 77
*7613 77
7614 *76
75
15 J'ne
10 ill Apr 24 2078Jan 22
10 Pond Creek Coal
•1634 17
*1834 1718 •1813 1718
•1612 17
55 J'ne26 68 Feb 6
17
17
Dec
524
25
•56 . 64
571 x56
57
*57
67
56
67
40 Qu11107
57
1734Jan 10 2212 Apr 6
154 J'no
115 Ray Consol Copper_.. 10 31 Apr 24 40 Feb 25
•2148 2158 2138 214 2112 2112 214 slit 214 2118
30 Nov
25
35
35
35
85
*33
35
*34
*33
35
10 St Mary's Min Land..
*34
Jan
7
27
214
14Jan
I J'ne
0
1
112 113 *112 I%
*138 I%
225 Santa lee Gold & Cop_
5 J'ne 22
112 112 •188 134
71j Feb 16
5 Dec
51, *5
.5
513
513 *5
5%
5
5
*5
100 Shannon
Apr 22 2934 Feb 4
22
21
10
Feb
-Arizona
4
232
*2212 2312
315 Shattuck
2312 2312 2312 234 2312 231 *234
.10 J'ne 1
.238'eb 9 .15 Aug
5
25
.10 .10 O.10 .14
200 South Utah M Se S
O.10 .14 •.10 .14 *AO .14
2512 Apr 24 32 Feb 11
21
Nov
Superior
271$
2712
2712
23
28
427
2734
200
274 2712 2714
1% Apr 25 2%Jan 23
0
15
2
1% Jan
178 17
14 173 4,178 2
.178 2
140 Superior & Boston Cop
*172 2
25l Jan 9 43 Feb 28
J'ne
21
3.5(4 *34
35
35
*34
3514 35
35
35
85
35
3 May26
511 Jan 23
2525
3 May
314
3
ni
3% 314
250 Trinity
314 314 .34 334
3% 3%
.35 J'ne 29
.85 MC1119 .50 Dec
I
.40 .40 •.35 .40
.40 .40 *.35 .
200 Tuolumne Copper
•.35 .40
Alm' 23 43'a Feb 4
34 J'ne
34
84
34
34
34% 2,282 US Smelt Ref & Min. 50 2913 Apr
34
34
34
34
54
23 487 Feb 6
50 4012
454 Sly
47
47
4812 47
464 4718
Do pref
4612 47
396
4634 47
258Feb 5
112Apr 22
5
his May
133 158 •153 573
100 Utah-Apex Mining
*1% 134 •138 1% *158 18
J
3
2
1
2
4
0
19
6
1)
n
e
.
F
5
..
914 Ma)
Consolidated-.
114
111
11%
1112
*11
Utah
21014
630
1014
1114 1112 1112
6
10 4912 Jan10
40 J'ne
5734 5818 5758 577
235 Utah Copper Co
5713 5712
5878 5878 5814 5814
2 e:41% May 4 .90 J'ne
Ctl 8
itin
25
1 j
2
24
218 218 .218 213
214 214 *2
100 Victoria
238
*21
J'ne
^5
4/8 Feb 25
%Ben
234 214 *234 3
234 2%
745 Winona
234 3
332
*3
25 34 Aor 24 4734 Feb 20
3914 Nov
40
*3813 40
•39
40
40
41
70 Wolverine
41
41
41
2f.
.10J'ne 2
24 .40 J'ne
14Jan
.75
.73
.75
.60
•
.80
Wyandott
940
%75
3
.65
.65
.135
•.50
and rig
s Unstam/red. .2d paid. to 5180 Paid.
44240 ana 3,2ted pries, s Amesunent paid. 0 1.1-arnet dlyodead. S F.2-right3. a Ex-dividend
'
10814 Jan
101% Feb
215 Jan
11424 Jan
205 Jan
97 Jan
290 Jan
1612 Oct
85 Men
74 Itch
46 Jan
166 Feb
107 Men
260 Jan
122 Feb
126 Feb
88 Sep
110 inch
1938 Feb
79 Feb
130 Jan
130 Feb
17612 Feb
33 Mar
16214 Jan
904 Jan
150 Feb
8112 Feb
100 Jan
57 Jan
994 Jan
412 Jan
2334 Jan
11813 Jan
11714 Feb
14012 Jan
21 Apr
83% Sep
75 Jan
100 Jan
1218 Aug
1912 Aug
15 Feb
28812 Jan
1863* Jan
104 Jan
9313 Jan
9558 Malt
220 Sep
312 Feb
414 Sep
7012 Deo
511 Apr
914 Jan
160 Jan
165% Jan
18 Seto
108 Mcb
28(2 Jan
284 Jan
2 Jan
182 Jan
65% Feb
2812 Feb
69 Jan
111 Jan
6 Jan
330 Jan
24% Oct
214 Jan
4214 Jan
8033 Sep
32% Feb
64 Sep
8 Oct
45 Jan
7212 Jan
556 Jan
18 Jan
471:' Jan
63 Jan
4 Jan
151, Jan
9 Jan
7814 Sep
13512 Aug
25 Jan
35 Apr
% Jan
17 Jan
59 Jan
8712 Jan
33% Jan
4% Nov
338 Feb
2613 Jan
54 Jan
1012Jan
51 Jan
1614 Jan
2612 JO
2 Apr
65 Jan
1934 Jan
24 Jan
912 Malt
344Jan
23* Jan
34 Jan
833Jan
56 Jan
107 Jan
2814 Jan
40 Jan
22 Jan
45 Jan
3% Aug
1313 Jan
31 sap
.35 Jan
4012 Jan
4 Feb
1
e4/
38 Jan
6 Jan
312 Jan
4312 Jan
60 Jan
272 Sep
114 .1112
60 Jan
2 Jan
412Jan
78 Jan
I% Jan
111
Boston Bond Record
JULY 111914.1
GON DS
BOSTON STOCK EXCITANGIL
Week nding July 10
Sn
h9
Price
Friday
July 10
Range
Since
Jan.1
Week's
Range CO
Last Sale
Price
leriaav
July 10
BONDS
BOSTON STOCK EXCHANGE
Week Ending July 10
Week's
Range or
Last Sate
Range
Since
Jan, 1
111*' No Low High
,4s1 Low
Rid
11101 No. Low Higl
All Low
Rid
10(1,8100
General Motors 1st 5-yr 6s_1915 A-C 10014 101 1005s Alch14
2 .9934 101
ill
100410118 10058
2 9414 9758
9714
974 973s 9714
Am Agricul Chem 1st 5s___1528 A-C
34 8478 894 Gt Nor C 13 & Q coll tr 4s__I921 J -J
8
8914
895
Sale
-J
8914
J
4s_1929
tr
1 9458 97i4
97
_--- 97
1921 Q-J
8
967
Am TeLep & Tel -oil
4s
Registered
Mch'13
8
3
103
_ 1936 M-S
Convertible 4s
981
, Houston Elec 1st s r gen 5s_102.5 F-A
3 95 997
98125ale 9812
1933
117 Apr 'es
1917 A -C
20-year cony 4 ;is
6938 72 La Falls & Sioux C 1st 7s
6938 Mch '14
65 -65
Am Writ Paper 1st s f Is g_1910 14-N
Kan C Cilia & Spr 1st 5s1925 A-C 64 71 65 J'ne '14
104
100
Mch'14
100
101:
10858112
1094 Ply '14
111
109
-N
VI
6s_1928
Am 'Zinc L & S deb 6s
9318 954 Kan C Ft Scott & Mem
9512 Joe'14
A-0
741.8 7514
745s NIch'14
_1936 A-C
Atch Top & 8 I e gen g a_1095 Nov
C
&
gu
11
9
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4s
let
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ref
87
8
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Mch'14
87
8318 80
83 85 8313 J'iy '14
AdMatment -848____July 1995
1934 NIKan C M & B gen 4s
8414 Aug'13
July 1995 1.1-N
'14
Ayr
75 80
75
Stamped
VI1934
Assented income 55
9478 944
9478Jan '14
1955 J-D
93 9634
9418 93 J'ne 14
50-year cony 4s
Ran C & M Ry & Br 1st 5s_1929 A-C
10014 Dee '13
1917 J-D
J'ne'08
115
_
-A-0
10-year cony 5s
1925
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Mare
&
1st
Ont
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6312
"Ji"
64
3
6414
J-3
9514 9714
96 9634 9618 J'ly '14
AU Gut & W 1 SO Lines 5s_1959 51-N
1929 J-3
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50 Stav'13
93 9534
9334 9412 9434J'ne'14
1931 J -J
Bos & Corb 1st cony s f 6s_1923 M-N
4
Dec
14s
Debm
'14
8312Jan
1935
984 9878
98(8 Mch'14
Boston Elev 3 -yr g 4s
1917 J -J
Mich Telephone 1st 5s
10014 NI(11'09
1916
311
81 854
8112 Sale 8112
Boston & Lowe I 4s
Miss River Power 1st 5s_1951 J-3
1041,Oct qh.
1944 J-J
74 83
74 J'ly '14
Bostm St Maine 4 14s
F-A
59_1029
New
Eng
Yarn
'12
Cotton
Feb
95
1942 F-A
PM
094
'14
Feb
100
Plain 1s
A-0
1915
New Eng Teleph 5s
ic7637,
1911 J -J 1014- - 10034 Nleh'14
10118 26 10.:18 10114
lOO7s Salt 100%
Bur & Mo Ely cons Gs
A-0
1932
5s
1951 J-D
80
11101'14
75
75
_
Butte El & Pow 1st 5s
1934
-J
J
New
5s
cony
River
10414
(The)
10414
1044 Feb '14 -6378 75
71/4 Mch'14
Cedar Rap & Mo My 1st 751916 M-N
80 854 N Y N H & II con deb 3 14s_1951 J-3
80 J ne 14
11138 117
1113*65th'14
Cent Vermt 1st g 4s___May 1920 Q-F
1948
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----1919 A-C
1095810958
10953Jan '14
0 B & Q Iowa Div 1st 5s
977 981: Oreg Sh Line 1st a 6s
1922 F-A ____
98i2J'ne'14
1919 A-C
100 10712
103 J'ly '1
Iowa Div 1st 45
1923 J-0
Pond Creek Coal 1st Gs
99 99
99 Mch'l
1922 F-A 100
88 88
88 Jan '14
Denver Eaten 43
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5s___
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'14
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'11
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Jan
103
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_1921 Vi9934 ---- 9812 Dec '12
B&SWisf 4s
7014 Dec '1(
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95 May'14
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97 Apr '07
1929
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'13
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100 Mch'14
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11358 Feb '11
9712 9712
9741\101'14
Ch M & St P 1Vis V dlv 6s 1920 J -J
Union Pax RR & Id gr g 4s_1947 J -J -_-65 65
40 50 65 Apr '14
1931
9012 9012
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1927
92
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9312 931, United Fruit gen a f 4;4s_1923
93123101'14
92 9514
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93 J'ne'14
9234 93
1925 J -J
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414s
11101'13
95
95
A-0
1949
10078 103
10258 May'14
Copper Range 1st 5s
U 9 Steel Co 10-50-yr 5s Apr1963 11-N
10014 Aug'12
1.18 9912
9912J 'ne'14
Cudahy Pack (The) lstg 5- 1924 M-N
1915 F-A
West End Street Ry 4s
92 J'ly '13
1926 A-0
9978 9978
Current River 1st 55
997a Feb '14
991, 78
1914
Gold
4;4s
584
J'ne
'14
A-0
1948
'14
9858 9844
Apr
8
7
98
Det Or Rap & W Sat 4s
1916
1/I-N
4s
995s
Gold
974
994 May'14
debenture
9812 9812
Dominion Coal 1st s r 55_1940 .111-N
9812J 'ne'li
1917 F-A
Gold 45
95 Oct '12
1927 1/1-9
9712 13 9334 993s
Fitchburg 4s
Sale
97
5
-gfr
120l
-3
121
5s1932
J
&
Tel
Teleph
Western
Mch'il
121
A-0
Frenit Elk & Mo V 1st 6s 1933
9358 Feb '12
------- Wisconsin Cent 1st gen 49_1945 J -J
122 Mch'12
1933 A-0
Unstamped 1st 65
bid and asked. ,1 Flat prices.
latest
Friday;
price
No
•
bonds.
Boston
all
for
Price
purchase
the
to
addition
In
interest
accrued
NOTE.--Buyer pays
Philadelphia and Baltimore Stock Exchanges--Stock Record, Daily, Weekly, Yearly
T PER CENTUM PRICES
,
SHARE PRICES--N.
Saturday
July 4
.tIonday
July 6
Tuesday
July 7
Vednesday
July 8
Thursday
July 9
Friday
July 10
Sales
ACTIVE STOC.(S
of the
.Feet (For Bends and Inactive
Shares
Stocks see below)
325
10612 107
107
10658 10658 10612 10678 .10612 107 *10634 1154
20
11512 11512
___ *1154 11512 *11514
11434 11434 *115
100
31
.2912
____
*2912
•29'2.,_,,,,
30 30
.30 ____
4512 454
35
1312
1..
;II
130
55
--54
--------------------54 -.5
9
___ -_-1284 *2111
---- ----•21l
_ ____
*____ 20 •___ 20 *__ 20 •____ 20
r.
,,..
-----__.3-1
55
*____
55
o____
•____ 55 •____ 55
650
2738 2738
27
27
27
274 27
274 27
27
;ii- Ti- wii- ii- .12
9.
-4
21
IS
0
R
Pi
(11
Z
14
al
4
38
*37
48
48
*5114 52
38
*37
79
79
1134
*11
1638 1638
*8012 8114
*6314 68%
1712
*17
3134
*31
5534 56
40
.39
2514 2514
•1514 1512
8218 8218
64 6%
*4134 42
8312 834
PHILADELPHIA
374 3712
37
37
4778 4814 474 4734
5178 514
*5112 52
3712 3712
38
*37
7812 784
*7812 79
11
10
1114 1114
1578 1638 1512 1614
81
81
81
81
68%681%
68% 69
174
1712 *17
*17
314
3112 *31
*31
5534 5612 561s 56%
40
394 394 *39
254 2514 2514 254
154 154 154 151s
82
8214 8212
82
658 6%
634 634
42
42
42
42
8358 8334 834 8334
Me
Ask
38
*37
4734 4734
*5178 52
38
*37
7812 7812
*1012 11
16
16
8012 8012
6878 6912
174
*17
32
*31
56% 564
*3914 40
254 254
1514 1514
81%81%
*658 634
4134 42
8312 8312
3712 374
4734 4814
514 5178
*3612 3714 .
*73
7812
1038 1058
1512 16
3012 8012
6812 69
1712
*17
31
31
564 56%
*3834 3914
2518
25
1538 1558
8134 82
634 6'4
*414 42
8338 83i
32
345
125
200
81
178
1,585
56
726
Bid
Ast
PHILADELPHIA
35
1,608
38
2,106
1,005
299
952
777
346
Baltimore
Con Gas El L & Pow_100
Do
pref
100
50
Fairmont Gas
50
Do preferred
Houston Oil tr ctfs100
Do
pref tr ctfs_100
50
Northern Central
Seaboard Air Line_ ....100
100
prof
Do
United Ry & Electric_ 50
Lowest
PHILADELPHIA
Highest
Range ror Previous
Year (19131
1...,west
103 Feb 14 10834 May21 101 J'ne
109 Jan 3 11512 J'ly 10 101 J'ne
23 Feb 10 34 Mch 30
45 Feb 19 4712 May14 _
12 Apr 25 1912 Feb 2 1212 Dec
53 Apr 28 60 Jan 19 5612 J'IV
115 Jan 22 12912 J'ne 19 10612 Dec
1734 Jan 6 22 Feb 5 1412 J'ne
46 Jan 2 554 Feb 9 414 J'ly
244 Jan 7 2858 May25 23 Jan
Philadelphia
37 Apr 11
American Railways_ 50
50 z4578 Apr 30
Cambria Steel
4615 Jan 5
Elec Storage Battery_100
36 J'ne24
Gen Asphalt
100
7434 Jan 5
Do
100
pref
978 Apr 28
Keystone Telephone_ 50
1512 J'ly' 8
Lake Superior Corp_100
50 27712 Apr 30
Leh C & Nay tr ctfs
50 z6614 .I'ne26
Lehigh Valley
1612 J'ne24
Lehigh Valley Transit 50
30 J'ne 9
50
Do
pref
Apr 25
5414
50
Pennsylvania RE
383s Apr 27
50
Philadel Co (Pittsb)
2434 J'ne 8
Philadelphia Electli_ 25
13 Apr 27
Phila It T vot tr ctfs— 50
50 z79% Apr 27
Reading
6 Mch 6
1
Mining
Tonopah
50
4134 J'ly 1
Union Traction
82 Apr 25
50
United Gas Impt
Ph & Read 2c1 58 1933 A-0
Bonds
Inactive Stocks
Ex Imp M 4s 1.947_A-0
Prices are all "and
Amer Gas of NJ
Terminal 58 g 1941 Q-F
interest"
10
American Miiiing
100 10134 10234 Alt & L V Elec 4;48'33F-A ___ __ I' W & /I col tr 4s '21__J-J
Amer Itys pref
8
857
864
Read
Trac 1st 6s '33.....I-J
'07_F-A
5s
Elec
&
Gas
Am
4312
424
54
Cambria Iron
___ 96 1 Roch lty & Leon 5s '54J-J
Central Coal & Coke_l00 —_ ____ Am R's 5s 1917—___A-0 .
Spanish-Am Jr 65'27J-J
100
- Atl0 Gas 1st s f 5s '60 J-J
Preferred
100 -- ____ Berg&EBreW lst6s'21 J-J --- _-__ Stan'd Gas & El Gs'26 J-D
Consol Trac of N J
104 ____ ___ Bethleh S't1 Gs 1998_Q-F neas ____ Stand SU Wks lst5s'28 J-J
Harwood Electric
50 ___ ___: Ch Ok &0 gen 5s1919 J-J 9712 --- U Trac Ind gen Is '19_J-J
Huntington & 11 T
Con Trac of N J 1st Is '33 ---- ---- Un Eys tr ctfs 4s '40 _J-J
50
Preferred
10 2278 2318 Del Co Rys tr ctfs 4s'49J-J ____ -- United Rys Inv 1st coil tr
Insurance Co of N A
NI-N
s f Is 1926
Inter Sm Pow & Chem 50 ___ ____ Edison Elec Is 1946__A-0 --- 106
3 81 Welsbach s f 59 1930__J-D
89;
Kentucky Securities-100 __- ____ Elec & Peoples Tr tr ctfs_ ____
---- Wit-B CI&E con 5s '55_J-J
Keystone Telep, pref_ 56 i$15 5912 Fr Tao & E. 1st 58 '40_J-J 98 ---- York Rys 1st 55 1937_J-D
Keystone Watch Case 100 ___ ____ Gen Asphalt 5s 1916_M-8 10234 ____
Harw Bloc 1st Gs 1942 111-S
10
Llt Brothers
BALTIMORE
50 ___ ___ Interstate 4s 1943_F-A 58 5812
Little Schuylkill
Inactive Stocks
KentuckyTra&T 58'51F-A --- --_
___
____
50
Minehill & Schuyl 11_
Allan Coast L
-100
Nat Gas Eloc Lt & P 100 55 60 Keystone Tel 5s 1935__J-J 913-4 —__ Canton Co (Conn) 100
100 80 85 Lake Sup Corp Inc 5s'24 0 694 70
Preferred
___
100
Coal
Consolidation
-__
'24_Q-F
434s
Nay
____
50
Lehigh
____
North Pennsylvania
100
Cons 4348 A 1954_ -J 9938 ---- Elkhorn Fuel
Pennsy receipts $30 paid_ ___ _._.
100
50 1041-2 105 Leh V 0 1st 5s g 1933_J-J 10412 -- Georgia Sou & Fla
Pennsylvania Salt
--1st
100
_--preferred
1948_J-D
1st
4s
eat
V
Pennsylvania Steel-_100 -- . .... Leh
2d preferred
100
Consol 6s 1023_ _J-1) 11134 Preferred
100 62" 64
100
Phila. Co (Pitts)5% prf 50 35 36
Consol 4)45 1923___J-D —_ ____ G-11-9 Brewing
140
&Gas
138
011
Wayland
J-D
Gs
6% cumulative pref. 50 41
42
Annuity
8912 90
Bonds
Phila German & Norris 50 140 _ —
Gen cons 48 2003__M-N
Prices are all "and
50 80 8012 Leh V Tran con 4s '35 J-D ---- ---_
l'hila Traction
.
interest'
10
834 ___
1st series A 4s 1935_M-S --- --Railways General
4 _ __ Bait City 3)4s 1930___3-J
1st series 13 5s 1935 M-S 1031Tonopah Belmont Dev 1
4
.
64
48 1954-1955___Vadous
100 227
MarketStEl 1st 4s '55111-N --_ 95
United COs of N J
111-N
1916
United Trac Pitts pref 50 ---- ---. NatLH&P ser13 55 '19 J-J --------55
& Potom 5s A-0
Virginia Ry & Power_100 - — -- New Con Gas 5s 10-18_J-1) 104 ____ Anacostia
N Y Ph & No 1st 4s'39 J-J ---- ---_ Atl C'st cony deb 4s_M-N
100
Preferred
Income 4s 1939___M-N ____ --__ Atl Coast L(Ct)ctfs 5s J-D
912 10
Warwick Iron & Steel- 14
J-J
5-20-yr 4s 1925
____ ___
Wasifton.Va Ry(new)100 __ ____ Penn Steel 1st 5s'17_M-N 83 __ B Si' 55 C 1st 4 14s'53 F-A
Tr tr ctfs 4s_1943
People's
100
Preferred
'29_M-N
53
1st
Ball
Trac
.
4
8111084
5s'49M-E
tr
Co
Ist&coll
100 --------1'
Welsbach Co
No Balt Div 5s 1942J-D
8314 8312
_
Con & coil tr 5s '51 111-N
West Jersey & Sea Sh. 50 61
l Phil Elec gold tr ctfs-A-0 10212 10234 Cent Ey cons 5s '32_M-N
611 ai
Westmoreland Ceal.... 51
& Imp 55 1932 M-S
Eat
8012
80
1949__J-J
48
ctfs
Trust
_. ___
Wilkes Gas & Einc__10• _ -$
.P & E gen M 5s g '20_A-0 1034 ____ Chas City Ry 181 58'23 J-J
9
5
0 & El 5s'99MS
York Railway
Ry
Chas
93
____
g
48
1920_A-0
M
Gen
__
51 331
Preferred
ES-dividend. II $15 paid. I $1714 paid. 1122X pald.
a
day.
this
09
sales
90
asked:
and
*Bid
Range Since Jan. 1
Bid Ask
-____
___ _ ___
___ ____
971-4 ____
____ ____
-__ -___
1013; ___
____ 9012
____ ___
___ ___
74 -75
3912 Feb 14
5134 Jan 21
5512 Feb 2
4212 Feb 10
82 Feb 10
234 Jan 15
2314 Jan 31
8434 Jan 22
7818 Jan 24
2058 Feb 4
34 Jan 29
573j Jan 31
4634 Feb 6
274 Feb 19
2018 Jan 15
8618 Jan 23
74 Jan 14
47 Jan 15
86 Jan 28
37 J'ne
41 .1 ne
42)2 J'ue
33 J'ne
7038 J'ne
934 J'ne
21 Dec
81 J'ne
704 J'ne
1534 Jan
2912 J'ne
531,4 Dec
37 J'ne
12012 J'ne
18 Nov
7558 J'ne
4 XIV
4134 Nov
8034 J'ne
BALTIMORE
Higher
120 Jan
12014 Jan
.
2512 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
274 Apr
5494 Feb
534 Jan
5414 Jan
4278 Feb
78 May
1312 May
3112 Jan
934. Jan
84;f; Jan
2378 Melt
3712 11(.18
61% Jau
50 Jan
11264 Dec
2812 Jan
85%Deo
7% Dee
514 Jan
914 Feb
inc1
Ask
City & Sub 1st 5s 1922 J-D 103 105
City&Sub (Was) 1st 5s 'Alt 10112
Coal & G .:y 1st 5s '19A-0 91
Coal & I Ity 1st 5s'21 F-A 95
Col & Grnv 1st 65 1916 J-J 1010.__
Consol Gas Is 1939__J-D 10534 _—
A-0 9434 ---Gen 434s 1954
Cons c: E Z.': P 4)4s '35 .1-J 8912 9013
Como' Coal 5s 1950 J-D 9015 ..,.,
Fair & 4.11 Tr 1st 5s'38 A-0 10014 lows
Ga & Ala 1st con 5s '45 J-J 10412-Ga Car&N 1st i's g '29 ?-.1 103
7014 71 Georgia P 1st 6s 1922__J-J 10734 --....
8814 ---- Ga So & Fla 1st Is '45_J-3 105 ---102 ___ G-B-S Brew 3-is '51_M-S 2534 28
72
__ 93 Houston 011 dIv ctfs F-A
Knox',Trac 1st 5s'28 A-0 103 104
Macorany&Lt 1st 5s'53J-J ..___ 97
Mel Elm Ry 1st 5s '31 A-0 9838.--126 12712 Memphis St 1st 5s '45_J-J 95 --V Trac Is '42 J-D..,-..
Monon
155
____
3414 35
94 ___ Mt Ver Cot Duck 1st 5s__
4 NptN &0 P 1st 5s'38M-N -------..
241 25194
92
M-S
'29
55
Terml
20 ____ N & A
90 93 Nor&Port'Fr 1st 5s'36 J-D 864 87
79 ---- Norf Ey & L 5s'49 M-N 974---3*---- North Cent 4;is 1925 A-0 101 -8 ____ • Series A 58 1926____J-J 106 .......
Series B 58 1926___ -J-J 106 ......
J-J ----..-...
Polo Vol 1st 5s 1941
Say Fla & West 58 '34 A-0 1064 ---Scab Air L 48 1950
A-0 3434--....
931
98 ____ Seab & Roan 5s 1926__J-J 10412.--..
101 ____ South Bound 1st 5s_A-0 106 -93 _
1000 __ U El L&P 1st 4 34s'29N1-N
.
93 ____ (in Ey & El 1st 45 '.:9 M-S --- 84
100 ____
J-D 63 _
Income 48 1949
92 ___
Funding 55 1936J-D 8712
4 Va Mid 3d see 65 16_111-S 102
9734 981104 .-4th ser 3-4-15 1921 M-S 103
..
5th series 5. 1926 M-S 10312___..
105 ____
104 ___ Va (State) 3s new '32-J4 85 _
104 ____
Fund debt 2-3s 1091 J-J 83 _77
10214 ____ West 3r (icon Gs 1914_J-J
Weld 58 1035___J-J 1061--....
____ 9312 Will
-
THE CHRONICLE
112
Volume of Business at Stock Exchanges
Telegraph and Telephone
C Amer 'Pelee & Cable___100
e Central & South Amer_100
Comme Un Tel (N
Empire & Bay State Te1.100
Franklin
100
e Gold & Stock Teleg
100
Marconi Wireless Tel of Am 5
e Northwestern Teleg___50
Pacific & Atlantic
25
e Pac Telep & Telex pref-110
Southern & Atlantic
25
[VOL. xcix.
B.d
50
104
100
60
40
110
234
108
60
84
85
Ask
60
105
110
70
50
121
3
115
70
5912
95
Indust and Mlecell-(Con) Fla Act.
Am Steel Fdy 6s 1035_A-0 100 102
Deb es 1923
71
F-A
75
American Surety
5t 170 175
American Thread pref..... .4
5
Amer
Ty
pefounders
36
corn.10C
39
Stocks.
Railroad,
Preferred
92
101
94
Week ending
ec.,
State
S.
U.
Deb R 65 1939
92
95
Shares.
Par Value.
Bonds.
July 10 1914.
Bonds.
Bonds.
Amer Writing Paper____100
12
1
eAreets Realization
141s
101
HOLIDAY
Saturday
Barney & Smith Car corn 100
1212
93,538 88,324,050 31,852,500
369,500 $51,000
Monday
Preferred
lot
45
204,e97 17,910,706
1,942,500
Tuesday
128,000
Bliss(10W) Co corn
50 87
90
208,240 18,682,500
1,847,500
Wednesday
06,500
Short-Term Notes
2,000
Preferred)
50 115 125
197,364 17,578,075
1,762,000
Thursday
64,500
500 Amal Copper 58 1915__M-1. 10014 10012 Bond & Mtge Guar
IOC 293
256,663 23,608,850
1,385,000
47.000
Friday
Amer Locomotive 5s 1915 J-J
997s 10038 Borden's Cond Milk corn 100 11412 116"
be 1916
3.3 9978 10038
Preferred
10t 111414 105
960,802 386,104,175 78,789,500
Total
5405,5001 553,500
5s 1917
99% 10038 Braden Copper Mines _
"73s 77g
Am Tel & T Sub Co.5s '16. 100 10014 e Brown Shoe corn
100 35
42
Bait° & Ohio 4ees 1915_2-3 100 10018
Week ending July 10
e Preferred
Sales at
Jan. 1 to July 10.
100 8612 90
Bklyn Rap Tr-See N Y Stk Ex list. e Butterick Co
New York Stock
100 2312 29
Ches & Ohio 55 1919._ J-D 9134 95 Casualty Cool America_10C 95 105
1914.
Exchange.
1913.
1914.
1913.
Erie Coll bsOct 1 1914_A-0 100 10012 Celluloid Co
100 130 132
Coll 58 April 1 1915 A-0 9934 100 City Investing Co
960,802
750,500
Stocks-No.shares_
39,421,427
15
100
47,488,694
20
5125 Apr 1917
A-0 9834 99
536,104,175 368,641,500 $3,439,098,004 $4,276,945,625
Par value
Preferred
100 75
85
9638 9718 e Claflin (50 13) Co com_100
$2,200
Bank shares, par
$1,600
$265,300
30
$91,900 Her Riv & Pt Ch 5s '15 M-N
10012
Hocking
Valley
'14_56-N
be
10014
Bonds.
e let preferred
100
50
87
92
553,500
Government bonds
e 2d preferred
$26,000
8513,000
$559,500 Int et Gt Nor be 1914 F-A
100
50
405,500
1,492,000
State bonds
31,089,000
17,617,200 Inter Harvester 58 '15 F-A 1001s 10038 Cluett. Peabody de Co-See StIcKS Ilet
90
95 Consol Car Heating
8,789,500
5,733,000
RR. and misc. bonds_
356,460,500
276,728,500 Mum & et L g 65 1916 F-A
101) 67
75
Mo Kan & Tex 5.1 1915_M-N
90
93 e Continental Can-See Stk Exch list
89,248,500 e7,25e,000
91
Total bonds
e Crucible Steel cone._ 104
8388,062,500
1538 157s
6294,905,200 Missouri Pacific 6,s 1915 J-D 85
New Eng Nay 68 1917 _M-N
e Preferred
9512 9618
100
921s
DAILY TRANSACTIONS AT THE BOSTON AND PHILADELPHIA
e N V C Lines Eq is 1914-22 S 4.70 4.60 Davis-Daly Copper Co _1t
.%
EXCHANGES.
4e5e Jan 1915-1925
J-3 4.70 4.60 duPont(EI) de Nan Pow 100 120 12444
Jel e 4.70 4.60
e Preferred
4J48 Jan 1915-1927
100 83
85
N Y Cent 412e 1915
10018 10012 Emerson-I3rantingham 100 10
Boston.
Philadelphia,
20
is Sept 15 1914
1003s 10038
Preferred
Week ending
100 65
75
59 Nov 5 1914
10014 10012 Empire Steel & Iron corn 100 July 10 1914.
Bond
Listed
Unlisted
13
Bond
9814
NYNH&H
5s
'15
M-N
Shares.
Preferred
Sales.
97%
Shares. Shares.
100 15
25
Sales.
Seaboard Air L Hy be'le M-S 9938 10018 e Federal Min dr Smelt _100 10
1412
Southern Ry be 1916_ F-A
HOLI DAY
e Preferred
Saturday
9938 9978
100 33
37
be Mch 2 1917
11,310
M-S2 9958 9978 e General Chemical cJm_100 165 180
1118,100
Monday
1,117
2,304
551,800 %Vest
Maryland is 1915.3-.1 89
12,461
21,100
e Preferred
Tuesday
96
4,981
1130 110
5,854
33,600
11,130
16,100
Wednesday
Goldfield Congo' M
2,246
10 .1%
3,514
112
56,600 WestIngh'se El & 56 fie 1915
12,113
19,400
Thursday
k Hackensack Water Co2,408
3,021
52,900
Railroads
15,502
84
22,200
let
Friday
3,265
g
8512
la
.3-4
1952
1912.
op
3,917
3A.700 e Chic
dr Alton corn
912 Hale & Kilburn tem___100 25
31.1
C Preferred
63,016
101 13
Total
896,900
25
Preferred
14,0171
80
100 75
18,610 8232,600
e Chic St P M & Om
100 128 132
2
Havana Tobacco Co
Note.-Boston "Unlisted Department'discontinued May 1.
100
-e Preferred
100 135 145
9
Preferred
12
1111
e Colo Sc South coin
100 4
20
344 2312
let g 58 June 1 1922_e-11 / 62
66
e let preferred
42 Hoboken Land & Improvel
e 2d preferred
100 33
40
1st 5s Nov 1930
SI-N 100
10C
e Dul S Atl com
4
5 Hocking Val Proslucte_100
312 4
All bond once.; are (sew "and interest- except where mareed C"
8
100
e Preferred
11
let g 55 1961
37
3-2
41
Y
St
Chic
e
36
L
N
com 100
A,
40 C Ingersoll-Rend com
Street Rallways-(Con.)
100 105
Bid Ask
100 92 100
e 1st preferred
e Preferred
Street Railways
Bid Ask United Rys of St L132
10c
100 65
e 2d preferred
80 Intercontln Rub com_100
Common
738
100 10
Securities
Stubs__
102 106 Internet Banking Co
Northern
New York City
e Preferred
100 95 105
100 3212 33
Pitts Bees de Lake Ede_ _50 •30
33 International NickeL
Bleeck St & Ful Fy stk__100 18
24 Wash Ry & El Co
101) 110 117
100 8512 90
*60
Preferred
50
66
Preferred
10612
let mtge 45 1950
J-J
100
68
10613
73
Preferred
100 83 85
e Railroad Securities CoInternational Salt
7
B'y & 7th Ave stk
100
100 170 186
10
48 1951
J-D 8278 8312
1St g 55 11.151
Ill C stk In ette Ser A
A-0 / 17
Broadway Surface RR60
West Penn Tr&WatPow 100 12
- 75
135
s
1933_51-5
39
41
1st
Pee
58
West
International
Silver pref.100 105
let bs 1924
J-J 10134 10234
Preferred
100 36 040
Standard 011 Stocks
Per share
1st 6s 1048
.1-0 10534 11.79.1;
Cent Crosstown stock__100
10
Anglo-American 011 new,
15
6
58
1..
00 .
1612 Kelly Springfield Tire
let mtge Os 1922____M-N
Ilk, 56
60
99 103 Electric, Gas & Power Co.
590
let preferred
Atlantic Refining
100 75
Christopher & 10th St etk100 120 135
80
New York City
100 290 300
2d preferred
Borne-Serie:laser Co
Dry Dock E 13 & Batt100 93 100
Cent Un Gas 58 1927____J-J 102 1031
2 Buckeye Pipe Line Co .50 '137 140 e Lackawatine Sleet
let gold be 1932
_100 3012 34
J-L 98 100 e Kings Co El L & P Co.100 122 12312
45
6
100
1
00
Cons-1
655
Mfg
Cheeebrough
Lanston
Monotype
Scrip 55 1014
100 Si) 82
F-A /21
27 New Ameterdam Ga.s105
Colonial 011
Lawyers' hltete Co
Eighth Avenue stock...100 280 310
100 190 195
lsti consul 55 1948
1-3 102 103
IOU 220 222 Lehigh Val Coal Sallie...50
Continental 011
Strip 6s 1914
175 ISO
F-A
99 10012 N V dr ER Gas let Is'44 .I-J 10212 10412 Crescent Pipe Line Co- .50 543
50
Manhattan Shirt
41) 60
d2d & Or St Fy stock_100 240 280
10
Como! be 1945
.11-3 9912 102
55
Cumberland Pipe Line_11/0 53
Preferred
42d St M & St N Ave
100 98 103
N Y & Q El L & Pow Co_100
100 264 269
Line
(M
Eureka
Pipe
•
5,
Manhattan
72
Transit
20
let 68 ext at 5% to'40_111-e 100 105
Preferred
100
1
14
7
4
4
0
com-1
0
1
177
Galena-Signal 011
Mortgage Bond Co
100 98 101
Ninth Avenue stock.....100 155 170 N Y & Richmond Gas....100 37
45
149
Preferred
Nat
Cloak
&
Suit
corn_
51
IOU
Second Avenue stock
56
3 Nortlen Un let 58 1927_51-N 1(1034 103
100 ____
27
0 125
55
0 13
Pipe Line Co--2
Indiana
Preferred
104 0812 119
Consol is 1948 etre_ F-A (20
25 Standard 0 L 1st 5a '3011I-N 100 104
40 e National Surety
National Transit Co
10() 178 182
eSixth Avenue stock
_100 115 120
79 270 e New York Air Brake 100 60
165
5 2
New York Transit Co...100.
66
Sou Boulev bs 1945
J-J
Other Cities.
8912 100
Co__100 105 109 e New York Dock corn..100
Line
Northern
Pipe
5
20
So Fer let 55 1919
A-0 90
98 Am Gas & Elec cam,, 50 86
181
e Preferred
87
Ohlo 011 Co
100
26
Tarry WP & lel is '28 Mee
Preferred
75 80
50 '48
49
(new)
N
20
Oil
Y
Pierce
Mtge
&
142
Seourity_100
143
28 & 29th Sts be '96 ale A-0 1 8
20 Am Lt & Trac corn
100 339 343
1100
(10
Gas
419
20
1
7
N
446
Y
011
Prairie
&
Title Ins Co
100 45
50
Union Sty 1st be 1942 F-A 10212 104
Preferred
100 110 112
N Y Transportation
305
Solar Refining
20 .518
ble
Westchester let 53 '43_J-J 89
92 Amer Power & Lt com_100 61
20 225
00 28
Southern Pipe Line Co 100
63
Niles-Bem-Pond corn...100 55
GO
Yonkers St RR 58 1946_A-0 89
93
Preferred
100 82
Ull
821z South Penn
285 Ohio Copper Co
35
10
"
14
*se
Bay State Gas
12 Sou West Pa Pipe Lines_100 140 144 e Ontario Silver
50
214
100
Brooklyn
Buffalo
Standard OH (California)100 322 325 Otis Elevator corn
2
77
100 75
Atlan Ave RR con is'31A-0 101 103 Cities City Gas stock..,100
Service
_100
(Indiana)
___
472 478
Co cow_..100 78
Stand 011
SO
Preferred
100 05
97
B B & IV E be 1933
A-0 97 100
Preferred
10(1 71
Standard (ill(Kansas) RA 412 416
O Pettibone-NI ullIken Co 100 12
27
Brooklyn City RR
10 171 174 Columbia Gas & Elec...100 1018 73
e let preferred
1012 Stand 011 of Hentucky_100 270 275
100
99
Bklyn Hata 1st is 1941_A-0 100 102
1st 65 1927
J-3 6912 7012 Stand Oil of Nebraska 100 345 355 Pittsburgh Brewing
Si)
59
912
Coney Ill & elklyn
100 90 100 Con Gee of N J is 1936...1-3
Stand 01101 NJ (old)_100
Preferred
95
50
2514
let cons g 48 1948
3-./ 82
84 Consumers' L H & Pow100 406 410 e Pittsburgh Steel pref__100 85
Stand Oil of N J
58
Con g 45 1955
3-2
80
84
be 1938
Pope Mfg Co corn
J-D 98
Standard Oil subsidiaries.......
100
1
Brk C & N 5s 1939
9912 10012 Consumers Power (Minn)
J-J
StandardOil of N 2.--100 212 216Preferred
12 2
101
Nassau Elec 1st 55 1944 A-0 102 104
let & ref be '29 opt'1456-N
89
Standard 011 of Ohio-100 410 413 Pratt & Whitney pref_101 OS 1014
91
N Wmsburgh & FlatbushDenver G & ElSe 1949_M-N 90
190 Producers Oil
Swan & Finch
101 1311
92
let 410 July 1941
F-A
95 Electric Bond Share pref 100 a9812 92
1
11
100
0:
83 Realty Assoc (Liklyn)
28
4
1;5
100
Union Tank Line Co
100 106 lid'
Steinway le- 68 1922
99 102 Elizabeth Gas Lt Co
J-J
100 325
221
RemIngtonTypewer cora100
Vuum
1)11
ac
20
21
Essex & Itudson Gas
100 132 135
let preferred
47
1Vashington 011
106 06
98
Other Cities.
Gas & El Bergen Co.....100
100
2d preferred
92
Waters-Pierce 011
100 87
89
RUH St Ry 1st con 55'31F-A 102 104 Gr't West Pow Is 1946 J-J 89
78
Royal Bak Powd cote_ _100 177 180
7914
Com'w'Ith Pow Ry & L.100 6112 6212 Hudson County Gas
10 131 134
Tobacco Stocks
Preferred
100 103 104
Preferred
100 84
86 Indiana Lighting Co
100 38
Safety Car Heat & Lt__ _100 103 110
42
(See also Stock Exchange List)
•Conn Ry & Ltg com
100 60
48 1958 opt
63
F-A 70
100 123 135 Seare,Roebuck&Co-SeeN 1 iIk L. x
72
cOna
Cigar
Amer
list
•Preferred
100 62
65 Indianapolis Cies
50 110
100 98 100
e Preferred-See Chia IStk Ex II- t.
Preferred
/Detroit United Ry
100 6738 68
let g be 1952
A-0 89
90 Singer Mfg Co
Amer Machine & Fdy 100 85
100 x327 332
Federal Light & Trac
100 23
25 Jackson Gas 513 g 1937 A-0 9712 -617100
British-American Tobac-il •2134 2214 Standard Coupler corn..100) 25
33
Preferred
100 74
76 e Laclede GasL (St Lotes)100 90
2218
•22
93
Preferred
New stock
101 105
e Preferred
0 Havana Elec Ity L & P 101
75
100 275 300 Stewart-Warner Speedo'r 101/ 52 111
100
94
Conley Foil
521g
100
e Preferred
95 Madison Gas 611 1926 A-0 102 107
Preferred
O Helme (lieu W) com-10 150 175
100 99
Louise St 55 1930
J-J 103 1031 Narragan (Pros') El Co_ 5 *83
100 108 117 Sulzberger & Sons pref 101) 92
86
e Preferred
95
New On Rys& Lt com_10()
Newark Gas 6e Apr '44_()-.1 120 129
Foll&Metal
100
125 175
Texas & Paelfle Coal...1011 93 100
Johnson Tin
e Preferred
101
Newark Consol Gas__
94
10
MacAndrews & Forbes._100 190 200 e Texas Pacific Land Tr_ 100 93 105
97
ele Y State Rye com
106 53
63 No Bud L H dr P be 1938A-0 95
Porto-Rican-Amer Tob-100 240 250
TonopahMln(Nev)-SeeP bile Stk E a list
eNor Ohio Tr & Lt com_100 65
651 Pacific Gas & E com
100 381
: 3913 Reynolds(R J)Tobacco-100 265 273 Trenton Potteries corn..10(1
4
Pub Sere Corp of N J-See Stk E x list
0
Preferred
100 80
Tobacco Products coni 1011 100 150
Preferred new
81
100 45
Tr etfe 6% perpetual____ 105
Pat & Pas Gas & Elm _100 90
55
10
85
Preferred
87 United Copper
93
100
Is
14
No Jer St let 48 1948 M-N
80 St Joseph Gas be 1037
78
J-j 80
48
88
Preferred
e United Cigar Mfrs coin 100 46
100
2
Cons Tract ef N J
100 72
74 Standard Gas & El (Del) 5
.7
100 96 102 e United 1)ry Goods
712
e Preferred
100
let be 1933
Preferred
J-D 102 1031
80
100
so *21
corn
92
e Preferred
22
9212
United Cigar Stores
IOU
Nevelt Pass 117 68 '30_J-J 104 10514 United Electric of NJ71
75
10 110 115
U S Casualty
Preferred
Rapid Tran St Ry
1st g 4s 1949
200 190 210
100 230
J-D
81
U 8 Envelope corn
82
e Weyman-Bruton Co...100 225 300
100
A-0 10112 i6i- United Gas & Elea Corp-100 27
188 be 1921
140
150
100 110 120
Preferred
31,
e
Preferred
1st
IC Hob dr Pat 48'49 hf-N
100 111614 10814
76
preferred
77
10
100 125 140 U S Finishing
68
71
Young (J S) Co
2d r referred
So J Gas Elk Trao_100 128 133
100
412 8
10
30
33
Preferred
On g 55 1953
M-S 98
9912 Utah Securities Corp
100 2712 _
100 1714 1814 Industrlal&Miscellaneous
1st
g
be
1919
6% notes Sep 16'2251&S1
No find Co Ry 551928 J- 10112 104
91
J-J
95
100 96 100
8434 8514 e Adams Express
Con g Be 1929
M-14 98
Ext Es 1924
Western Power coca_ _10
71
76
J-D / 7412 7512 e U S Indus
16
17
Col In e 411 1947
Pat Ry cen 65 1931...1-D 110 _
Preferred
Alcobol____100
30
16
10
100 83 92
60 62
RealtY
Alliance
e
Preferred
A-0 100
Western States Gee & El2d 65 1014 opt
100
8012
78
com----50
.35
Note
36
Amer Bank
U S Steel CorporationRepublic Ry & Light_100 1912 21
1st & ref g 58 1941 op-J-C 82 85
5 4'50
51
Preferred
Cole
15e
Apr
1951 op 1911 112 114
100 72
Preferred
74
Ferry Companies
10 160 170
American I300k
Col 13 f be Apr 1951 not opt 112 114
Tennessee Ry LAP com-100 1134 1234 NY&ER Ferry ertock-100 10
100 132 135 (78 Tit Gu
18
American Braes
& Indem__1011
50
100 60
63
let 58 1922
Preferred
40
Chicle cool...100 208 211 e Virginia Iron C & C___100 40
46
American
50
40
14
17 N TA Bob les May'46__J4) 9S12
Toledo Tract L .14
100 96
Preferred
97
100
93
Co
00
&
Fargo
Wells
100 43
48
Bob Fy 1st is 1946 M-N 102 log"
Preferred
10 102 105
e American Express
Westchester & Bronx Title
NYle13J6e 1946
Trent P & 71 58 1943.--J-D 94
.1-.) 96
Graphophone com--10
Am
&
Mtge Guar
100 165 175
100 64 67 10th & 23d Ste Ferry____100 13
United Lt & Rye com
100
20
Preferred
e WeetIngh'se Air Brake.50 •128 130
100 731 751
let mtge be 1919
let preferred
3-13 40
46
100 120
American Hardware
90
Willys-Overland com_100 89
70 Union Ferry stock
100 66
2d preferred
100 33
35
Amer Malting 6e 1914 J-0 9934 jail;
Preferred
951s
100 05
1st be 1920
'f-N 97 100
10
25
Amer Press Amen
30
Worthington(HR)Co pf_ 100 20
35
'Per share. a And accrued dividend. I Basis. k Listed on Stock Exchange but usually Inactive. filet pro., n Nominal. s
a
price.
See
k New ock. u Es.
labildlarlee. S Ex-die. y Ea-rights. x Includes all new stock dIvidende and subscriptions. e Listed on Stook Exchange but
Infrequently dealt In; record 0 WIN
It any, will be found on a preceding page. h Ex-300% 'took dividend.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Inactive and Unlisted Securities
771;
JULY 11 1914.1
THE CHRONICLE
113
Investment and Sailroad /ntelligence.
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly
or monthly returns
can be obtained. The first two columns of figures give the
. gross earnings for the latest week
month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. orWe
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, add a supplementary
but covers some other
T,nrin(L
The returns of the electric railways are brought together separately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Mann.
Current
Year.
Prevous
Year.
July 1 to Latest Dalt.
Current
Year.
Previous
Year.
pia N 0 S: Tex Pac-
Latest Cross Earntngs.
ROADS.
Week or
Month.
July 1 to Latat Date
current
Previous
Year.
Year.
•
s
s
i7,
174,770 211,679 2.037,471 2,323,978
5,589 205 5,713.771 60.927,389 63.872,461
760,988 Th3,235 8.2115.182 8,616,567
367,329 321,333 3,653.280 3.490,447
320.482 297,691 3,650,797 3.570,987
3,710,983 3.901,568 40,756,465 39,997,031
5.376,117 5,766.417 62.887.165 66.651,916
329,185 328,231 3,382,264 3,356,916
522.455 645.357 6.534.987 7.236.166
13900292 15603928 164702261 166270968
32,919
28,962
328.811
291,634
259,993 293,261 3,160,247 3.221,688
1,153.304 1,005,975 11,268.106 10,350,864
12,388
11.221
143,641
140.061
337,520 356.455 3,450.675 3.387,817
1,064,304 1.175,394 12,087,235 12.228.020
1.772,601 1,851.228 13.846,476 19,320,400
63'.,318 505,191 5,812,7J8 5,780,390
1,623,308 6,228.829 55,726,471 60,418.573
431,294 446,390 5.102.219 5.087,191
3,142,403 3,985,010 38.783,244 40.861.835
784,748 929,146 10,361,376 10,330,169
20274410 22277281 231928673 235367081
4,181,061 11813967 113207211 118837724
29455471 34091249 344135877 354304812
1,241,350 1,415,752 15,189,072 16,096,987
Current
Year.
Previous
Year.
•
N 0 & Nor East.. 2d wk June
67,000
67,000 3,865,307 3,744,218 N 0 Mobile & Chic. May
Ala & Vicksburg. 2d wk June
31,000
29,000 1,774.257 1.803,558 NY N H & Hartf__ May
Vicks Shrev & Pac 26 wk Junc
24,000
24,001 1,742,285 1,655,822 N Y Ont & West__ May
Ann Arbor
3d wk Junc
39,385
42,591 3.330,703 3.234,814 NY Susq & West May
Atch Top & S Fe..._ May
8,879,790 9,368,397 101838 406 108275822 Norfolk Southern_
May
Atlanta 131rm & Atl Aay
330,949 247,113 3,159.445 3,010.462 Norfolk &'Western. May
Atlantic Coast Line *Aay
3,055,882 2,924,072 33,981,826 33,513.818 Northern Paelile_
_
May
Chariest & W Car Aay
146,573 137,506 1,956,817 1,763,324 Northwestern Pac_
Lou Head az St L May
108,907 103,799 1,247,840 1,127,977 Pacific Coast Co...... May
g Baltimore & Ohio_ May
7,586,213 8,967,456 89,610,138 93.540,705 Pennsylvania RR_ _ May
May
B& 0 Ch Ter R.I. May
113,494 163,366 1,461,358 1.644,330
Balt Chas & Ati_ May
Bangor& Aroostool, May
305,068 300.224 3,487,446 2,979,707
Cumberland Vail May
Bessemer & L Erie.. May
750,265 997,387 7,427,464 7,953,894
Long Island
May
Birmingham South_ May
87,079 120.205 1,077,161 1.163,470
Maryl d Del & Va May
Boston & Maine.
Way
3,820,867 3,973.644 43,290,901 44,464,852
N Y Philp,& Norf May
Buff Roch & Fittsb_ 1st wk Jub 171,763 257,541
257,514
171,763
Northern
Central
May
Buffalo & Mum
May
94,899 210,225 1,971,022 2,282,133
hila Balt &Wa.sh May
Canadian Northern. 4th wkJune 512,300 700,60022.700.600 22,94/9,50(1
W Jersey & Sessh May
Canadirm Pacific.... 1tb wkJune 3,017,000 3,467.000 129321403
138908266 Pennsylvania
Co
May
Central of Georgia_ lay
953,620 1,003,172.13,258,771 12,958,453
Grand Rap & Ind May
Cent of New Jersey N.pril
1,492,698 2,495,449 26,101,736 26,809,478
Pitts C C & St L_ May
Cent New England_ 'hay
310,088 306,895 3,457.362 3.406,996
Vandalia
May
Central Vermont.._ Say
336,216 358.935 3.679,247 2,824,956 Total linesChes & Ohio Linc.;.. Ith wkJune 1.026,934 1.018,941 36,649.687 35.085,278
East Pitts & E._ May
Chicago & Alton
4th wkJune 331,503 334,973 14,286,44? 15,337,195
West
Pitts & E May
Chic Burl &Quincy". %Say
6,520.369 7.295.560 85,239,091 86.878,698
All East & West_ May
'lay
f Chic & East Ill
1.066.401 1,298.484 14,417,66? 14.869,489 Pere Marquette
...._ May
p Chic Great Went_ ith wkJune 258,007 310,091 14.220,461 14.000,618 Reading
coChic Ind St LouLsv_ 4th wkJune 176,015 158,165 6,939,718 6,985.944
Phila
&
Reading_
May
Chic Milw & St P-1 May
1,054,812 4,369,543 44,785,792 47,524,484
3,970,871 7,338,031 84,111,285 86,452.139
Coal & Iron Co_ May
Chic Mil St Pug8f
2,931.775 3,394.073 30,718,287 38,489,448
Total both cos...._ May
rChic & North West May
1.588,267 6,797.722 -'4,847.673 78,884.215 Rich
5.936,587 7,663,616 75.504,079 86,013.930
rred
&
Potos
May
oChic St PM & On ./lay
301,571 281.418 2,692.907 2,709,393
1,318,195 1,304,492 13.743.658 15,808,254 Rio Grande
April
Chic Terre H & 81. `lay
42,234
149,668 153,001 1,988,444 1,789,732 Rio Grande June_
69.833
868,115
948.433
CM Barn Sc Dayton Say
4th wkJune
14,393
16,588
882.852 839,074 9,219,574 9,140,029 Rock Island South
642,299
661.785
Lines_
Colorado Midland. lay
May
4,933,529 5,370,19: 62,051,000 64,989,001
135,402 120,386 1,625.307 1.700,610 Rutland
b Colorado & South. ith wkJune 290.140 352,86
May
310.013 337,299 3.398,636 3,383,525
1 13,151,195 15,077.677 St Jos & Grand Isl.. May
Cornwall
May
122,393 123,064 1.483,634 1.432,040
13,080
19,810
222.255 St L Iron Mt & Sou May
167,056
Cornwall& Lebanon 'lay
9.624.971
2,784,859 30.048,232 31,656.657
26,716
386,004
32,701
St
L
287,393
Rocky Mt & P May
Cuba Railroad._ lay
219.299 199.178 2,385,927 2.083.566
463,001 447.121 4,732,487 4,232,940 St Louis
&
San
Fran
Delaware & Hudson 'Say
May
3.264,641 3,697,631 41,504,439 42,334,0.11
1.897,438 1,908.03; 21,124,897 22.046.039 St Louis Southwes
t_ 4th wkJune 261,00J 287,03. 12,738,49 13.296,90
Del Lack & West- 'day
3,414,174
5
0
36,355.709 37,125,861 San Pod LA & 8 L_ May
Denver Pc Rio Gale 1st wk July 402,400 3,569,323
402.49,
Seaboard Air Line._ 4th wkJune 938,819 560,314 9,727,118 9,296,922
Western Pacific 4th wkJune 165,500 443,709
497,683 514.702 25,255,446 24.527,864
6.173.767
Southern
159.300
6,089.133
Pacific-. May
Denver & Salt Lake 4th wkJune
655 11784130 126975983 131130169
46.558
35.374 1,208,951 1.154,334 Southern Railway 4th wkJuno 10983
Detroit Tol & Iron 'lay
1,592.169 1.547.802
112,777 151,098 1,385.104 1,535,879
5 68,529,490
Mobile & Ohio
4th wkJune 346,558 339.140 69,490.23
Detroit & Mackinac c.th wicJunc
29,299
1,339,277
Cin
N
28.141
1,208,634
0
& Tex IC 4th wkJune 287,731 256,408 12,957,269 12,377,650
Dui & Iron Range.... 'lay
539,495
10,879.797 10,445,169
Ala Great South_ 4th wkJune
Duluth So Sh & Ati 4th wkJune 105.660 954.589 5,760.896 6,068.950
Georgia Sou & Fla 4th wkJune 148,453 157,868 5,384,456 5.231,985
101,539 3,437,729 3,415,502
Elgin Joliet & East_ May
62,012
59.147 2,584,682 2,566,686
798.367 1,208,259 10,490.472 12,201,331 Spok Portl & Seattle
El-Paso & Sou Wes:, May
May
378,574 448.813 4,485,813 4,882,556
756.997 745.777 8,221,491 7,968,036 Tenn Ala & Georgia 4th
gee
wkJune
2.099
"lay
3,071
92.578
1.863,226
137,110
Tennesse
57,290,46
5,410,711
e
8
55,671,46
Central_
4
May
Florida East Coast- .lay
141,071 150,090 1,567,679 1,549,600
543,179 439,415 5,000,160 4,732,906 Texas & Pacific.... 4th
FondaJohns& Gloy May
wkJune 373,408 396,937 18,599,819 18,078,88
229,419
3
901,881 Tidewater & West_ May
85,682
898.180
Georg:a Railroad_ May
9,094
10,545
80,760
229,577 262,801 2.089.287 2,895,901 Toledo Poor & West 4th wkJune
97.653
Grand Trunk Pan_ 36 wk June 103.851
37,251
51,03? 1,294.860 1,392.958
124,154 6,647,127 ........Toledo St L & West 4th wkJune
Grand Trunk Syst. 4th wkJunc 1,504,361
85,585
105.941
4,555.086 4.335,167
Union Pacific Syst. May
,.. Grand Trk West_ 26 wk June 141,994 1,623,829 54.383,666 55.873.1
6,718,160 7,270,482 84,824,933 86.074.697
153,995 6,986.597 7,190,131 Virginia & So West_ May
'Del Gr H & MIL 3d wk June
152.240 165.344 1,780,086 1.660.817
51,939
53,789 2.458,764 2,403,832 Viz' inian
May
569.130
Canada Atlantic.. 3d wk June
522,318 6,161,566 5,690,207
58,928
50,539 2,300,039 2.351,072 Wa ash
June
2,281,408 2,598,497 29.966,247 31,769,287
Great North System May
5,867,557 7,007,940 69,329.99371,856,891 Western Maryland_ May
669,382 636.923 7.556,588 6.914,635
Gull'& Ship Island. May
146.48? 189,679 1,848,635 1,929.817 Wheel & Lake Erie.. May
464,265
741.148 7,100,937 7,066.251
Hocking Valley
May
442.016 755,451 6,544,209 7,094,143 Wrightsv & Tennille May
18,298
18,201
Illinois Central_ June
334,349
291.473
5,233,342
5 Yazoo & Miss Vail.. June
849,906 818,350 12,552,079 11,018.55
Internal & Get Nor 4th wkJune 233,001 5,350,215 66,325,352 64,786,41
3
11.360,01
247,000
9,937,670
1
a Interoceanic Mex_ lth wkJunc
95.21, 299,188 9,069.171 9,121,389
Kanawha & Mich_ May
Gtcrrezu
Prsvious
243.292 332,759 2,941.623 3,006,457
Various
Fiscal
Years.
Period.
Kansas City South_ May
Year.
Year.
886.18;i 901,363 10,012,986 9,852.329
Lehigh & New Eng May
2130,851 187,340 1,981,389 1,656,787
Lehigh Valley
1
8
May
3,516,422 3,795,218 36,161,936 39,299,894 Delaware & Hudson
Jan
1
to
Louisiana & Arkin 'lay
31 8,720,155 9,737,969
152,581 153,589 1,615,505 1,590,197 N Y Central es Hudson River_e_ Jan 1 to May
May 31 35,834,903 39,194,206
S Louisville &Nash 4th wkJunk 1,365,797
Boston & Albany
59.465,69
59,578,34
9
1,333,083
6
Jan
1
to
May
Macon & 131rin'aan- June
Lake Shore & Michigan South Jan 1 to May 31 6,362.301 6,705.474
9.803
155,890
156,278
8,482
Maine Central
31
6 24,206,463
May
Lake Erie & Western_n
927,873 938,983 10,654.080 10,388.413
Jan 1 to May 31 20,053.13
Maryland & Penna. May
2,303.087 3,361,211
Chicago Indiana & Southern_ Jan 1
465,628
47,483
492,332
43,374
to May 31 1,730.875 1,858,892
a Mexican Railways 3d wk June 124,300
Michigan Central
6.858,600
9,022,200
196,200
Jan 1 to May 3 13,122,34014.669.416
Mineral Range
fin
845,188
4th wkJune
Cleve(Mn Chic & St Louis_ Jan 1
26,258
19,388
to May 3 13,486.000 14,428,287
& St Lou
Louis...} 4th wkJune 178,172 180,936
Cincinnati Northern
9.59017 9.707.004
Jan 1 to May 3
Iowa Central..
519,330
492.096
Pittsburg
h
&
Lake Erie
Jan
Minn stp & s s M_ 4th wkJune
1
to May 31 6.599,522 8,213,582
New York Chicago & St Lout- Jan
665.589 627,329 29,256,79932,183.313
Mississippi Central.. May
1 to May 31 4.641.678 5,030.899
Toledo
967,893
&
83.521
Ohio
946,647
97.139
Central
Jan 1 to May 31 1.823,919 2,126,909
u Mo Kan &Texas.
wkJune 740,019 730,129 31,481,691 32.346.258
Total all line,
z Missouri Pacific 4th
Jan 1 to May 31 106364891 119305432
1th
1,414,006 1,398.000 59,666,383 62,155,817 Pennsylvania Railroad
Jan 1 to May 31 68,554,859 73,693,481
Nashv Chatt & St L MaywkJune 1.014.190
12,248,98
0
11,805.68
Baltimor
1,137,435
0
e
Chesap
& Atlantic_ Jan 1 to May 31
a Nat Rys of Mega_ ith wkJune
111,631
101,79t
57,370.28
2
Cumberland Valley
Nevada-Cal-Oregon 4th wkJune 489.554 1,068,714 34,032,587
Jan 1 to May 31 1,350,304 1,464.631'
406,301
13,509
369,240
Long
12,140
Island
New On Great Nor.. Slay
Jan 1 to May 31 4,436,663 4,082,274
1,639.528
148,541
1,733,285
Maryland
176.217
Delaw & Virginia Jan 1 to May 31
•N Y 0 & Bud 1111- Way
46,305
47,421
7,539,944 8,554,449 87,885,073 89,641.474
N Y Philadelphia & Norfolk.. Jan
Boston & Albany May
1 to May 31 1,430,912 1,517,772
1,377,519 1,471,277 15,354,098 15.483,919
Northern Central
Lake Shore & M S May
Jan
1
to
May
5.024.344
5,393,901
31
53,444,15
1,011,523 5,040,440 48.960.701
8
Phila Bait dr Washington
n Lake Erie & W_ may
Jan 1 to May 31 8,008.414 8,542,951
446,214 506,953 5.260:W4 5,547,279
West Jersey & Seashore
Chic Ind Ss South May
Jan 1 to May 31 2,053.729 2.075,971
333,589 390,241 3,995,897 4.066,919 Pennsylvania Company
Michigan Central May
Jan 1 to May 31 21,013,743 24.967,87(
2.606,439 3,984,922 31,429,087 32,363,774
Grand Rapids & Indiana
Cloy CO & St LI May
Jan 1 to May 31 2,101,509 2,127,631
34,371.12
2.713,308
8
33.104,77
Pitts
3,212,400
2
Cin
Chicle
St
Peoria & Eastern'
Louis-. Jan 1 to May 31 15,711,057 17.516,131
Vandalia
Cincinnati North May
Jan 1 to May 31 4,236.847 4,391.161
100,108 127.591 1,340,904 1.393.985
Total lines-East Pitts & Erie Jan
Pitts & Lake Erie May
1
May 3 95.496.094 10345898:
1.324.046 1.885,234 16.238,612 18,305.264
-West Pitts & Erie Jan 1 to
N Y Chic & St L May
May 81 44.020,207 49.977,78
878,715
11,529,86
4
986.807 10,859,500
-Au lines E & W._ lan 1 to
Tol & Ohio Cent_ gay
to May 31 139516301' 152436771
266.841 558,190 5.100,387 '5,070,864 Rio Grande Junction
Tot all lines above M
Dec 1 to April 3
340,446
376,391
21598240 25718499 259529504 271118628 Rutland
Jan 1 to May 31 1,357,607 1,388.39:
AGGREGATES OF G1O5U manniritka-Weekly and Monthl
y
•Weekly Summaries.
Current
Year.
Previous
Year.
Increase or
Decrease.
Curren.
Previous
Increase or
%
*Alonthly Summaries.
Year.
Year.
Decrease.
%
$
-s
3d week Apr i37 roads_
S
Mileage. Cur. Yr. Prey. Yr.
S
8
4
4th week Apr 39 roads_:.. 11.181,329 12.217.188 -1,035.660 8.48
September
...243.097
285,050,042 275,244.811 +9.805.231 3.57
16,392.804 18,500,271 -2.107467 11.34
lot Week may 38 roads ....-- 12.003,70
October _243.690 239,050
240,886
3 13.237,580 -1,233,877 9.32
06 300,476,017 -1,281.011 0.41
2d week May (35 roada)...
November_243.745 241,452 299,195.0
369,220,882 278.364,475 -9.143.593 3. 4
11.090,239 12,391.052 -1.300,813 10.47
3d week May L3,5 roads).....
Decembe
r
..
_243,323 241.180 254.218,891 266.224.678-12.0
i
-05,787 4.51
11
.
12495.25
288
-1,209,1
week
.
9.69
1
09
May
53
9
4th
.
January____243,733 241,469 233.073,834 249.958.6 -16.884.
ia,,r, roaus --- 16.865,235 10,681,512 -2,823,2
807 6.71
41
77 14.33
roads__..
1st week'June
February-211,925 242,928 209,233,0
12.090,999 13.389.559 -1,298,560 9.70
26 week June ("
138 10.22
March'---245.200 243.184 250.174.385 233,056,143 -23.823.
(38 roadst.._._ 12.203.40
+660,166 0.27
7 13,313.869 -1,110,463 8.34
57 249.514,091
3d week June (39 roads_._..
April
213.513
12.447,27
241,547
-8,517.2
336.531,600 245.048,870
0 13,534.675 -1,087,405 8.03
70 3.42
4th week June (38 roads -Ivlay
95.337 94,060 68.545.322 77,384,569 -8,839.247 11.43
16.716.590 17.481.23
-764,64
June
84.518 83 210 62.286.987 67,026,123 -4,739,136 7.11
a MexIcan currency, 0 Does not ineinde earnings0of onsorado 0 4.37
springs & Cripple
Ottawa, the St. Lawrence &
Creek District Ry.from Nov. 1 1911. e Includes the New York &
Adirondack and the Ottawa & New York Ry. the
Inter-State Commerce Commissi
latter of which, being a Canadian
road, does not make returns to the
By. in both years. n Includes on. (Includes Evansville & Terre Haute and Evansville &
Indiana RR'.
Northern Ohio RR. p Includes earnings of
Includes the CleVeland Lorain & Wheeling
cludes Louisville & Atlantic andthe
Mason City & Fort Dodgegand
the Frankfort & Cincinnati. tInclu3lesthe
Wisconsin Minnesota & Pacific. s Inthe Wichita Palls Lines in 1.912,,heg
Mexican
inning Nov. 1. '
Internati
,
onal. u Includes the Texas Central in both years and
dodo
,not only operating
taln & Southern. s We no longer
revenues, but also all other receipts. a Includes St. Louis Iron &loaninclude the Mexican roads in any of our totnia.
THE CHRONICLE
114
the table which
Latest Gross Earnings by Weeks.-In
s for the fourth week
follows we sum up separately the earning
and shows 4.37% deof June. The table covers 38 roads
last year.
crease in the aggregate under the same week
Fourth week of June.
Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western
Chicago Ind & Louisville Pac_
Cincinn New On & Texas
Colorado & Southern
Denver & Rio Grande
Western Pacific
Denver & Salt Lake
Detroit & Mackinac
Duluth South Shore & Atlantic
Georgia Southern & Florida...,
Grand Trunk of Canada
Grand Trunk Western
Detroit Gr Hay & Milw____
Canada Atlantic
Internat & Great Northern____
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
Iowa Central
Minneapolis St Paul & S S M.._
Missouri Kansas & Texas
Missouri Pacific
Mobile & Ohio
Nevada-California-Oregon
Rio Grande Southern
St Louis Southwestern
Seaboard Air Line
Southern Railway
Tennessee Alabama & Georgia_
Texas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western
1914.
1913.
157,868
148,453
327,390
303.332
700.600
512,300
3.047,000 3,467.000
1,026.934 1,018.941
334,973
331,503
310,091
258,007
158,165
176,015
256.408
287.731
352.861
290,140
576,300
575,300
159,300
165,500
35.374
46,558
28.141
29,299
104.538
105.660
59,147
62,012
Increase. Decrease.
9.415
24,058
188,300
420,000
7.993
3,470
52,084
17,850
31,323
62,721
1,000
6,200
11,184
1,158
1,122
2.865
119,467
1,504,361 1.623,828
247,000
233,000
1,365,795 1.333,083
19,388
26,258
180,930
178,172
627,329
665.589
730,129
740.018
1.414.000 1,398,000
339,140
346.558
12,140
13.508
16,588
14,393
287,000
261.000
514,793
497.682
1.592.169 1.547,802
3,071
2,099
396,937
373.408
51,034
37,251
105,941
85.585
14.000
32,712
6,870
2.758
38.260
9,889
16,000
7,418
1,368
-Int., Rentals, & .- -Bat,of Net Earns.
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
Roads.
$
$
$
a
27,037
18,343
28,986
28,308
Louisiana & Arkansas_ May
274,231
210,764
301,862
309.769
July 1 to May 31
x2.518
x7,492
14.160
12,932
May
Mineral Range
z8.607
147,288 zdef79,523
136,895
July 1 to May 31
4
x882,482
z938,81
47,172
4
Norfolk & Western____May 539,354
5,558,979 5,019,381 29,248,441210,265,347
July 1 to May 31
z6,667
19,463 zdef3.831
19.186
Rio Grande Southern-May
x6.027
211,227 zdef14,706
217,769
July 1 to May 31
1
z293,84
z93,460
651,327
657,237
May
So
&
St L Iron Mt
39
87
22,947.8
8
z2,724,5
7,461.298 7,044,83
July 1 to May 31
INDUSTRIAL COMPANIES.
76.470
50,521
95.511
99.649
Great Western Power-_ -May
474,368
746,658
1,177.973 1,099,757
31
May
to
1
June
.
x After allowing for other income received
0,..... ,...,..,
Oo 0,i, Oct ....., CO
CO. NO 000 00
30t- PM
mco 00 Cr- NM
1
nr0 N. ON 00.4. CO N0.0 CO
No i.e 000 C3t. CO.
.i
-'
000 ,.0 n. CIO 'In ,.
oe; erio6 ce.el •-• 0, .-...;
e rs' 7t
"R
00 72
,,215 i:f2
.
T "'N0 2 i 1 0
..9,
:?
1,...
..,
'-'
.4.01 NN ON ON
.0 COC .Dt
▪ .ct
VC.0
CI cl .,C1 e1.1 00 ,-.n
WO t-40 ...". .... .40 coo
00 030 .-.
0,
PO P.M CO MO C130 ,-... 0.0
ON. 0!..... 00 00 is 0N. N..0 n 0
0
M.
.
0 ..,03 N N
4
.
MM
.0. 01. to to -a co
12
n 1....
CO0
N t.
.
..-. 00
ci, ,7, 1 pi 2
.4 Ve 0or1 0 t.... 3. ,....,a.
.
,-•
co,00
I...
4,
.
00
r..
....
I
I
i
r' 77 I '' ''' I 7
'
"
N 3,4
ON NO 30 CI 00 n CC. t-0 eel D•03 .03 01,.... c.,
4 om
.
00 N 0.
,-,.
c.,,.
1...0
.,,,),
I
No0 .t. 0.0 0....e. 000 .0.00 ...,...0 ...e4...N ,...,... ,...,..,
4
,..„, 00
00 n
.
,..0 ,...0...00
3i
N 00.
....:.: C7 3,°i? 49:F.. ...:..
aa
eici
.ce7gi a.5.7-7
1
.
,....
.14 01
to to n '
DI .
000 0
N
CO
,..
.
C3
.0 .
t
CO
,11:hi.2.i.,7".11100 "- -......
J.,.
6,
'T
..g '-' .".
2,195
26,000
17,111
•
11)
00 ao
.
coo
on 00.0
100 .0
0,0 Vt-. 00
CON 00
0, co,.
Oil .0 CO
.
CO. 00
t-D1.4 CO
CO .-.C1
000 4
0M 0
0 On ON ...44 ON N o coo m
.
01
00
.0
CC
ne...
.
.
0
V
. n
a-6
a• 001
co'
nee;
el
ac>
co
co;
at:
aa -a -a a
a
NO toa aa
to
r
In..
A I
•,*. .o VN 03N
...a
000
C.On .0
000 Nn .03
Na 0co 00 300
0,0.o
4 co
0i.0
.
no or.t...0C0
co
c
lo
S
tz,2
3.
.
,
0
01 D. 0 00.
g a,..1,. g Z.
V.°.
O
.ern
e
.
Csi
.
01
C,
03
00
40
;-,-:
,
CV .
.Co e.
01
C;.-.
; 0;07 el
C.
C..) -.....0 .4..3 003 DO
tot
I
tooI
•
-, N
16.716.590 17.481.230 236,579 1,001,219
N
Total (38 roads)
764,640 ..
03 -,aaa,.......,,,,
c93
c'g Vo 30 ;13
Net decrease (4.91%)
ll P..
,... on No
aa 00
03
00
0
total)
in
n
included
cvo
(not
roads
Mexican
00
Din) 00
203,974 .. .0
299,188
95,214
4 Co
4.0
▪ Di
Interoceanic of Mexico
N
co 0
0
579,160
-..- to,.
to2
489,554 1,068,714
St :
.
,9 2•-•
NN
National Railways of Mexico
... 01
m ...
CO.9 2.,
....
.-..o .. a
00 .50 N.
N
V2
n
MN
CO
n0
Net Earnings Monthly to Latest Dates.-The table .11
ci CO 00 30
40 ci
.
DI
030
0.0
,.
ili:
M
s
of
net
STEA
earning
and
t..
gross
the
shows
ng
a
too;
followi
c 4.
0,
Di
00 ,..
.1. cl n
0 44 a.-. 0i4
03 V 0
CO
.
30
to
a
this
week:
ies
1
reporte
es
compan
ial
industr
and
ds
railroa
.
-Gross Earnings--Net Earnings
0
0
N
0
0
Co
Current
Previous
N
Previous
00 030 N. ea eeJ ,o
di a
Current
300 n.
Dic0 00 O.
c1343
•
Year.
NN
Year.
Year.
Year.
C30 040 c00 el 40
00.
1`:
Roads.
t.
N-C7
$
$
$
$
' t4 7141 ci- 4C4
S.
.-Tce;
CO
;
.
4
DI M
?."7„;
40
03
.S....
2
N
.
119,852
120.288
N
300,224
305,068
b-May
k.
....
Bangor & Aroostoo
891,070
3,487,446 2,979.707 1,256.977
July 1 to May 31
..;
1:4 '''
0
898.327
784.412
f..1 1 Oct
1.
C.* iO 43,
May 2,994,832 2,944,557
Ches & Ohio_ b
0.0 t-0 N CO 01.. 00
CV
t
e•D
IS
'oc
e i*i'toto
s
CO
33,528,862 32,024,781 10,071,316 9,569,365 •
July 1 to May 31
,s'v'S ;2 :11';' tos .i.0 N.0 /0.4 "TN
2
.
toto
ctoo,,,
.
8
Chic Burl & Quincy_ b May 6,520,269 7,295,560 1,204,309 1,408,72
0
1
'
C
°6
a
C7
,-.1..
Ct
i:C0
a;._'/. T CI .109 D10.3'
0 CN; 00
9
ci 1"
9- ,
4 0.
N D1'3. 0.1
69 cO
85,239,094 86,878,698 28,440,529 29,821,048
July 1 to May 31
17
04 .
Denver & Rio Grande135,729
58,939
523,933
Western Pacific_ b__ _May 447,397
i'2 !. _,'1
nn
el8 ',1%2 I.'.7,' 8'c'zi 8X In!
e 28 's
col
9 .1,1"
971,415 1,531,916
.
5,588,133 5,660.767
July 1 to May 31
30 ▪ 00 ^2- .0
cl •roO
44,566 .z; - •
00.0 •ice Ma; ci V; 1:40 4.4*; r:4..
17,155
3 ::.,•;:iti -.
308,951
May 274,857
Dul So Sh & Atl_b
4,3,i n. 030....1 603,255
.636,719
3,142.625 3.070.190
July 1 to May 31
,
gt
of
Canada
Trunk
Grand
6
3
7
1,199,10
1,061,38
3,867,40
6
p.
.0 .
c ,,
, . ,_,,,,,
:5_7 :
13
.
Grand Trunk Ry_ _ _ _May 3,321,38
,.....3voi:
15,709.792 17,210,377 4,000,262 4,003,912
Jan 1 to May 31
sioe,
37,959
635,565 def36,499
ee;oe7 ••;•:7 6•1; oo... e...70er ,
erco
Grand Trunk West_ _May 574,733
i
.1.
eSt,
am
el
OW
194,903
2,845.188 3,003.591 def60,832
Jan 1 to May 31
197,580 def41,365 def49,638
47 Co;
P
net Gr Hay & Milw_ _May 201,960
M.
921,716 def191,982 def145 993
952,617
Jan 1 to May 31
-, ci0 ci.e,
,
sq
ut ..0
9D4
F.
0 ,1<1 C r.
c•I ci, ,f)
CNI0
......
DI m0 00
.
•......
N4
00 c0
def9,246
N N N.
May 211.206
03 c,,,
N N0 n DI .
212,666 def54,505
co
0m D.00 .
Canada Atlantic
Na to ....
a
.05..00 N t-.03 CO3 .6
00
n.
N..
.
952,649 def131,882 def54,261
911,771
e.cii
Oce
aa
Jan 1 to May 31
aa
a
.
ea
1.
0.
DI
.
0.1
0.
.
.
co
, O. 0;D:
.
41.:. N-Cr
•605 0
May 5,867,557 - 7,007,940 1,507,270 2,504,045
N 0 DO c0 n
01
.
Great Northern_ b
m <I 01 n N Cl .0 0.
.
N el .0 c0 CON, 00 .
69,329,993 71,856,891 27,047,674 30,435.491
July 1 to May 31
4 to . _
,
D.; 0 D
N
56.022
m0 4
46,651
0
152,581
00
a
e
Louisiana lit Arkansas a May 152,586
.1.
m
ct
0
00
CO .373
00 00
0 c0 DI .
576,094
520,533
1,615.505 1.590.197
N 00 0co
0
July 1 to May 31
n .40 0
n el0 00
M
003 ct
M
D.
15,253
COO N n..0
71.125
69,373
May
18,894
Mineral Range-b
4!-1
-7.11
t43
°'.
2t;gg11
151,339
3c9
to a
437,410
to
53.089
777.936
31
.c18?. '4E2
July 1 to May
88.00 00coNN 0
•.4. s
n
702.277 c105,353 c146.963
*
Minneap & St Louis_a_May 701,455
N ;
v.
CO
CI
77
8.833,985 8,936,979 c2,112,746 c2,408,3
July 1 to May 31
t.
.00
N.
003 0.0
n..0 .n
0,4 c,,N N.41oco
N
0.4.
CO o
00
Norfolk & Western_ b_ _May 3.760.982 3.901,568 1,305.677 1,279,703
On
00 00 04 00 N N.,
co0 00
.
oD1 .
n.0 Co
Ctn 0
00
00 .
.
.
nO 0
N.0
40,756,465 39,997,031 13,256.847 13,974,902
0 030 CO n
.4.. 0 .
July 1 to May 31
. 00
0 n0
.
0to 0..
"
88,276
•26.559
645.357
May 525,255
w; ...as'
2:o
*
%:
Pacific Coast
,....
e6
i
h
e:
,..
07
.
6,534,987 7,236,166
"IF, &4461 q
787.882 1.094.594
-.
.
c 1,
l, 5.1
July 1 to May 31
i
'i'
'
MO CI •ti. NO co 0.. ''
""C
N.
*
,682
0
2df2,747
1,241,35
208,533
•14
May
1,415.75
a
co
te_
e4
,
Marquet
'
d
mi
Pere
0
15.189,072 16,096,987d11,745,714 2.990,750
July 1 to May 31
281,418
. 4.3 .
123,765
301.571
123.056
. 0 . DI . 0 . 01 , 01 .
Rich Fred & Potom_ b_ -May 2,692.90
7 2,709,393
3
77
970,559 1,064
5:17
29
g c7i 'A' el;
July 1 to May 31
g
15,298
60,412
44.651
Rio Grande South_ b___May 596,827
200,217
608,086
210,091
ge
n‘A.
July 1 to May 31
e,
.„e2;lig
712,597
8 2,784.859
2,624.97
910,396
-__May
So-a
02
&
Mt
Iron
St L
yS i*S 4112
w
43
32
_,13
3
32
5
57
9,798,12
30,648.2
9,630,68
31,65_6,6
31
July 1 to May
181.379
4'q..
May 1,373,944 1,365,931
79,843
Texas & Pacific_b
f24
17,381.260 16.875,270 4.209,883 3,275,883
July 1 to May 3L _
a" a" a
Zr,
2
5
277,860
2,612,67
2.304.22
502,585
May
z
Wabash_ b
r27,684,839 29,170.790 5,422,316 6.626,108
July 1 to May 31
036,922 def93.772
151,918
EXPRESS COMPANIES.
*Western Maryland_b_May 669,382
446,656 1.638,410
7,556.588 6.914,635
--July 1 to March 31-Month ofMarch
July 1 to .May 31
1912-13.
1913-14.
1913.
1914.
INDUSTRiAL COMPANIES.
$
•
Co.n Express
Canadia
9
2,487,671
2,468.33
232.990
247.261
150,170
171,981
operation
213.010. ,228.981
Great Western Power ..May 2,702.912 2,494,202 1.924.631 1.574.120 Gross receipts from
104,483 1,140,209 1,147,146
112,426
Express privileges--Dr
June 1 to May 31
128.507 1,328,130 1.340,525
- 134,835
given are after deducting taxes.
Total operating revenues
a Net earnings bare
121.413 1,270,005 1,184,491
127,648
given are before deducting taxes.
operating expenses__ -Total
b Net earnings here
of
May
total
month
the
1914,
al income for
addition
for
allowing
156,033
After
58,125
c
7,094
__ _
7,186
, against 3161,254 last year, and for the period
25,500
Net operating revenue_
25.700
net earnings were $94,600
3,000
3,000
of annual taxes_
were $1,900,758 this year, against $2,406,741.
31
-twelfth
May
to
One
1
July
from
d expenses, see item in "Investment News"
.130.533
32,425
* For explanation of increase
4,094
4.186
income
g
Operatin
department.
31-Month of March- -July 1 to March
1912-13.
1913-14.
1913.
1914.
Interest Charges and Surplus.
$
•
$
S$
641,556
Globe Express Co.518,288
-Int., Renta's, &c.- -Bat. of Net Earns,
51,369
n
44,103
318,220
Current
Previous
Previous
Gross receipts from operatio
257,326
Current
25,345
22,472
Year.
Year.
Year.
Express privileges--Dr
Year.
Roads.
3e3,336
$
$
260,961
$
S.
26,023
21,630
_
revenues
g,
287,362
Total operatin
271,952
x15,517
x15.952
32,071
109,865
28,450
111.067
g expenses_ _ _ _
_May
operatin
k__
Aroostoo
Total
Bangor &
1,240.351 1.229,783 x171,229xdef144,090
35,973
def10,991
def6,047
July 1 to May 31
def6,820
-__
x7,574 2400,991
741,843
7,750
Net-operating revenue
10.000
May 895,102
950
800
taxes_
--.
Chas & Ohio
8,527,02 7,952,468 x2,608,207 22,660,044 One-twelfth of annual
31
May
July 1 to
28,223
91
33 zdef51.356
loss20,9
detz81,2
108.308
7
loss6,99
98,387
0
loss7,62
...May
income
Atlantic
g
Operatin
&
519,696
Dul So Sh
1,121,975 1,158,883xdef463,484zdef
July 1 to May 31
44,367
972
23,529
13.783
20,356
010
7,
.
ti.E.Ii1
T
.
iil -Pi
laciri >41 ..";
so
a?: t.,'?
;14
-Month of March- -July 1 to March 311912-13.
1914.
1912.
1913-14.
Great Northern Express Co.- $
$
$
II
Gross receiptsfrom operation 228,666
228,608 2,489,999 2,536,385
Express privileges-Dr
136.4c6
137,178 1,501,732 1.527,638
Total operating revenues..
Total operating expenses__
92,170
84,115
91,429
79,343
988.266
809,034
1,008,747
776.865
Net operating revenue__
One-twelfth of annual taxes_
8.055
-2,826
12,086
2,853
179,232
34,961
231,882
37,203
194.678
144.270
5.228
9.233
--Month of April- -July 1 to April 301912-13.
1913-14.
1913-14.
1912-13.
$
S
Northern Express Co.$
S
234,796 2.508,308 2,632,162
Gross receiptsfrom operation 216,326
116,959
127,003 1,346,625 1.420,593
Express privileges-Dr
Operating income
Total operating revenues..
Total operating expenses__ _
99,367
84,593
107,792
87,825
Net operating revenue_
One-twelfth of annual taxes..
14,773
4,500
19,967
4,500
1.161,682 1,211,569
922,762
906,702
254,979
45,000
288,807
45,000
243,807
209.979
15.467
10,273
Ju'y 1 to March 31March
1913.
1914.
1913.
1914.
$
$
Southern Express Co.16
$
Gross receiptsfrom operation 1,316,631 1,399,267 12,044,037 12,245,222
6,082.863
6,053,970
710,832
Express privileges-Dr
669,278
688,434 5,990,066 6,162,359
Total operating revenues_
647,352
.581,828 5,214,027 5,119,055
Total operating expenses__
572,258
776.039 1,043,303
106.606
75,094
Net operating revenue_ __ _
120,586
135,635
12,440
15,423
One-twelfth of annual taxes_
922,717
640,404
94,166
59.670
Operating income
March------ --Jail, 1 to March 311913.
1914.
9113.
1914.
S
Co.United States Express
Gross receipts from operation 1.508,613 1,653,378 15,147,145 16.418,463
805,599 7.329,720 7,914.331
72.016
Express privileges-Dr
Operating income
Total operating revenues....
Total operating expenses_ ___
779,597
816,665
Net operating revenue__ _ - -37,068
One-twdfth of annual taxes..
12,166
Operating income
847,778 7,817,424 8,504,131
891,263 7,873.037 8,459,744
-43,484
15,808
-55,612
98,004
44.386
104,665
-49,235 -59,292 -153,617 -60,278
March
July 1 to March 311913.
1914.
1914.
1913.
Wells, Fargo c*, Co.
Gross receipts from operation 2,572,645 2,678,538 23.971,976 26,463,747
Express privileges-Dr
1,240,256 1,310,045 11,808,009 12,759,285
Total operating revenues.._ 1,332,389 1,368,493 12.163,966 13.704,462
Total operating expenses..
1,198,168 1,284,280 11,051,344 12.133,373
Net operating revenue__ _ _
One-twelfth of annual taxes..
Operating income
Western Express Co.
Gross receipts from operation
Express privileges-Dr
Total operating revenues_ _
Total operatingexpenses_ _
Net operating revenue..__ _
One-twelfth of annual taxes_
Operating income
134,221
35,000
84,213 1,112,622
298,000
30.000
99,221
54,213
March
1914.
1913.
1,571,088
270,000
814,622 1,301,088
July 1 to March 311913.
1914.
88,803
44,078
95,652
52,734
924,150
501,947
1.002.578
534,376
44,724
48,197
-3,472
1,102
42,918
45,344
--2,426
926
422,203
448,453
-26.250
7,474
468,212
422,860
45.351
8.242
-4,574
-3,352
33,724
37.008
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Name of
Road.
Latest Gross Earnings.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
S
$
S
$
American Rys Co___ May
475,534 435.402 2,135.881 1.983,463
Atlantic Shore Ry_.._ May
120,618
116,380
27.199 28,927
cAur Elgin & Chic Ry May
720.450
751,940
181,058 168.721
Bangor Ity & Electric May
289,040
297,091
56.965 60,284
Baton Rouge Elec Co May
62.045
71.548
14,964 12,231
Belt LRyCorp(NYO) January
70.582
64.786
64.786 70,682
370,382
Berkshire Street By.. May
367,153
86,038 85,462
Brazilian Trac,L & P May
1987,712 1990,910 9.777,523 9.636,194
41,364
Brock & Plym St By.. May
39.336
10,999 10,279
Bklyn Rap Tran Syst January
2093,612 1910,627 2.093,612 1.910,627
143.981
Cape Breton Elea Co May
137,624
29,486 29,989
493.373
Chattanooga By & Lt May
460.637
94.761 123.316
147,551
Cleve Painesv & East May
153,697
37,864 37,245
463.557
Cleve Southw & Col_ May
486.820
112,895 108.624
239.440
272.281
Columbus(Ga) El Co May
54,087 48.717
703.862
ComwthPow,Ry&Lt May
243.412 193,561 a1,266,822
Connecticut Co
May
720,693 760.408 3,064,841 3,174,390
1.311,491
1.425.569
Consum Pow (Mich)_ May
260.773 233,125
844,641
919,718
Cumb Co(Me)P & L May
197,885 175,866
859.610
936,355
Dallas Electric Co_.... May
184.844 184,736
Detroit United Lines 4th wkJune 295.925 333,132 5,843,398 6,205,228
48.477
46,839
D D 11 13 & Bat(rec)_ January
46.839 48,477
485.578
524,923
Duluth-Superior Trac May
110.967 105.873
East St Louis & Sub.. May
227.430 222,156 1.105.712 1.057,971
370,842
El Paso Electric Co May
435.551
83.286 69.037
153,831
42d St M & St N Avb January - 166.457 153.831
166.457
905.332
Galv-Hous Elec Co May
974.540
210.528 202,470
513.369
511.606
Grand Rapids By Co May
107,265 108,168
382,171
Harrisburg Railways. May
396,302
87,050 87.087
Havana El By,L& P
Railway Dept
Wk July 5 56,068 56.480 1.448.446 1,450,215
Honolulu Rapid Tran
& Land Co
52,394
51.658
'Cannery
51.653 52,399
Houghton Co Tr Co_ May
122,472
115.644
24,177 24,644
bHudson & Manhat_ May
473,462 464.440 2.384.930 2.329,274
Illinois Traction........ May
660.785 629,002 3,392,454 3,161,38(
Interboro Ran Tran_ May
2948.937 2857,075 14.801,274 14,169.43(
Jacksonville Trac Co May
274.79E
76,647 59.834
323.148
May
57.82E
Key West Electric
54,848
11,062 10.847
504,34C
530,903
120,742 118.179
Lake Shore Elec Ry_ May
646,241
684.614
170,750 147,652
Lehigh Valley Transit May
238.29E
241,918
58,572 54,123
Lewis Aug & Watery_ May
15.09(
15.603
15.603 15,090
Long Island Electric_ January
266.078 258.919 1,023.023 1.022.231
Louisville Railway April _
501.578 492.981 2.039.969 1,995.24(
Milvt El Ry & Lt Co.. April
397.571
453,120
111.844 102,863
11111w IA Ht& Tr Co_ April
403.859
91,430 79.473
363.322
Monoagahela Val Tr_ May
360.975
357.331
Nashville By & Light February _ 173.144 171.332
53.178 46.915
53.178
46.911
N Y City Interboro January
27.892 28.163
27.892
28.161
N Y & Long Island_ January
16.706 14,873
NY & North Shore May
101.501
101,501 103,585
103,581
NY & Queens Co_... January
1199.849 1232,152 5,509.710 5.873.534
New York Railways_ May
132.55r
159.534
30365 33.709
'V V Tyr
-.
nm.. Maw
115
THE CHRONICLE
JULY 11 1914.1
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to atest date.
Current
Year.
Previous
Year.
$
33,451 32.104
124.376
126.525
N Y & Stamford Ry_ May
15,043 13.908
53.386
54.475
Northampton Trac__ April
323,036 279,992 1,403,920 1,205.719
Nor Ohio Trac & Lt. May
678.436
171.411 164.683
651.409
North Texas Elec Lt_ April
100.936
26.255 24,915
98.470
Northw Pennsylv Ry April
4.531
5.675
4,531
5,675
Ocean Electric (L 1),_ January
125,644
24,552 25.665
115,066
Paducah Tr & Lt Co_ May
114,108
22.746 22,770
114.516
Pensacola Electric Co May
2178.842 2173,824 9.956.212 9.958.736
Phila Rap Transit Co May
538.473 549.852 2,740.685 2.724.648
Port(Ore)Ry.I.&PCo May
364.414
374,813
86,427 79,691
Portland (Me) RR__ May
702.770 689.941 2,861.919 2.749.256
April
Tr,L&P
Puget Sound
257,020 245.342 1.253.879 1.172,989
Republic By & Light May
487.006 468,043 2,057,752 2.052,768
Rhode Island Co_ _ _ _ May
25.192
25,602
25.602 25,192
Richmond Lt & RR_ January
&Joseph(Mo)Ry.Lt.
528.380
102.116 98.836
503.419
Heat & Power Co_ May
190.609
187.271
40,335 38,167
Santiago El Lt & Tr.. May
333,603
350.379
71.500 70,026
Savannah Electric Co May
75.271
81.368
75.271 81,368
Second Avenue (Rec) January
17.228
14.081
Southern Boulevard. January -.. 17.228 14.081
18,760
17.915
18.760 17,915
Staten Isld Midland_ January
402.635
83.719 69,556
325.927
Tampa Electric Co__ May
344.706
326.444
January _- 344.706 326.444
Third Avenue
501,435 476.640 1.865.195 1,750.184
Toronto Street Ry.. April
Twin City Rap Tran_ 3d wk June 185,576 181,948 4.267.596 3,993.542
Underground Elec By of London
London Elec By.... WkJune 20 £13,040 £12,955 £355,880 £353,105
Metropolitan Dist_ Wk June 20 £13,008 £13,120 £328.924 £327.850
London Gen Bus__ Wk June 20 £74,548 £74,515 £1,534,104 £1,503,300
209.083
201.749
Union By Co of NYC January - 209.083 201.749
1068,244 1055,130 4,090.982 4,024.181
United Rys of St L__ April
433.497 416.030 2.098.470 1,999.582
Virginia Ry & Power_ May
250,271
236.563
67,956 59.34
Wash Balt & Annap_ April
42.573 40,805
40.805
42.573
Westchester Electric_ January
23,516 22.114
90,856
91,570
Westchester St RR._ May
212,908 207,44 1.053.303 1.001.803
Western Rys & Light May
55.887 59,033
331,776
301.709
Wisconsin Oas & Elec May
55.566
55.566 28.48
28.486
Yonkers Railroad__ January
York Railways
April
257.990
62.481 58.39
236.481
100.504
21.037 21.02
94,540
Youngstown & Ohio.. May
13,597 13.136
Youngstown & South April
49.106
51.829
a Includes earnings on the additional stock acquired May 1 1913. b Rep
resents income from all sources. c These figures are for consolidated co
Electric Railway Net Earnings.-The following table
gives the returns of ELECTRIC railway gross and net
earnings reported this week:
-Gross Earnings--Net Earnings
Previous
Current
Previous
Current
Year.
Year.
Year.
Year.
$
$
16
$
32,198
29,003
Bangor By & Elect a___May
60,284
56,965
149,967
151,833
Jan 1 to May 31
289,040
297.091
16.686
18,093
Cleve Painesv & East a_May
37.245
37,864
62,687
67.428
Jan 1 to May 31
153,697
147.551
Commonwealth Power, By
494.415
520,466
& Lt Co System _ a_ __ _May 1,161.259 1,140,746
14,524,362 13,547,078 6,196.130 5,762,819
June 1 to May 31
149.717
111.282
233.125
Consum's Pow (Mich)a May 260,774
845.110
679.570
1,425.570 1.311.491
Jan 1 to May 31
75,365
175.866
83.750
Cumb Co (Me)P & La May 197,885
346.433
336,034
844,641
919,718
Jan 1 to May 31
382,872
319.371
Detroit United Lines_b_May 1,082,984 1.152.954
4.848,064 5,110,997 1,423.836 1.669,141
Jan 1 to May 31
108.168
37.050
44,543
Grand Rapids By a____May 107,265
513.369
171.110
210,171
511,606
Jan 1 to May 31
629,002
240,451
660,785
247,782
May
Illinois Traction a
3.392.454 3,161,380 1.306.425 1,268.784
Jan 1 to May 31
118.179
44,143
May 120.742
44.214
Lake Shore Elect a
530.903
504,346
175,959
170.117
Jan 1 to May 31
58.572
54,123
21,182
20.715
Lewis Aug & Watery a_ _May
241,918
238.293
51.113
75,709
Jan 1 to May 31
86,427
79,691
18,392
Portland(Me)RR _a_ _..May
33.481
374,813
364.414
118.057
Jan 1 to May 31
68.280
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
-Int., Rentres, itc.- -Bat, of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year,
Year.
S.
$
S
it
15,062
Bangor Ry & Elec
11,636
May
17,136
17,367
Jan 1 to May 31
63,647
64,675
86.320
87,158
6,265
Cleve Painesv & East__May
7,024
11,068
10.421
10.538
Jan 1 to May 31
12.570
52,149
54,858
Commonwealth Power, Ry
172.753
& Lt Co System
176,864
May a343,602 a321,662
June 1 to May 31
a3,988,669 a3,719,172 2,207,461 2,043,647
48.862
Consum's Pow (Mich)_..May
78.191
62,420
71,526
374,039
Jan 1 to May 31
485.941
305,531
359,168
18,072
Comb Co (Me)P & L_ _May
20,246
63,504
57,293
Jan 1 to May 31
62,013
18,201
284,420
. 317,833
Detroit United Lines__..May 179,321
222.988
169,341
179,568
Jan 1 to May 31
869,797
651,700
896,862
900,376
Grand Rapids Ry
29.580
23.706
May
13,344
14,963
Jan 1 to May 31
135,578
103,323
74,593
67,787
9.135
Lake Shore Elect
8.820
May
35,079
35,322
def4,854
Jan 1 to May 31
def 291
174,971
176,251
6,056
Lewis Aug & Watery_ _ _May
5,522
14,659
15,660
2.835
Jan 1 to May 31
72.875 dot26,302
77.415
Portland (Me)RR
7.663
May
10,729
13.304
20,177
Jan 1 to May 31
16.427
8.542
51,853
109,605
Roads.
a Includes interest and dividends on all the bonds and stocks of the
companies in the system.
x After allowing for othre income received.
ANNUAL REPORTS.
Annual Reports.-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
Illtve been published during the preceding month will be
given on the last Saturday of each month. This index does
not include reports in the issue of the "Chronicle" in which
it is published. The latest index will be found in the issue
of June 27. The next will appear in that of July 25.
[VOL. xc
THE CHRONICLE
116
Baltimore & Ohio Railroad.
(Preliminary Statement for Fiscal Year ending June 30 1914.)
The company has issued the following preliminary statement for the fiscal year ending June 30 (June partly est.).
The usual semi-annual dividends of 3 and 2% on the common and pref. stock, respectively, were declared this week.
1910-11.
1911-12.
1912-13.
1913-14.
Total operating rev_ _ _ _$97,410,1381101,556,132 $92,594,322 $88,145,004
Operating expenses_ ___ 72,053.286 73;779.638 64,709,538 62,766.067
CONSOLIDATED BALANCE SHEET DEC. 31.
1913.
1912.
1913.
1912.
Assets-Lia)tititesS
8
5
5
M. P. Co. (Del.)
Cost of properties,
oh l lands, wells,
common stock. _ 37,639,000 32,000,000
&c
do pref. stock.12,000,000 12,000,000
57,855,406 51,464,439
Cash with M.trus. 243,898
85,329 M.P.Co.(Cal.)stk.
87,659
87,689
23,200
2,500
HuastecaP.Co.stg.
Investments
2,500
Current assets_ _ _ 4,044,021 3,899,942 Bonded debt
a5,694,855 5,299,200
Current liabilities_ 977,132 2,935,626
Mex. Govt. dues
Prlunderprotest 705,482
155,179 Res. for dep'n, dm. 995,613
495,613
12,926 Profit and loss...65,654,686 2,797,187
173,433
Deferred charges_
Total
63,051,445 55,617,815
Total
63,051,445 55,617,815
Net oper. revenue_ _ _$25,356.852 $27,776.494 $27,884,785 $25,378,937
666,640
148,312
874.311
909,088
Outside oper.(net def.)_
Total net revenue__ _ _$24.447.764 $26,902,183
2.960,905
3,225,823
Taxes accrued
Operating income_ _ _ _$21,221,941 $23.941.278
5,212.206
5,923,135
Other income
a Bonded debt, $5,694,855 as above in 1913. includes Mexican Pet. Co.,
Ltd.(Del.). 1st lien and refund,sinking fund gold bonds of 1911,$4i532,255;
Pet. Co. (Cal.) sinking fund 6% gold bonds of 1910, $82,600:
Mexican
$27,218.145 825,230,625
Huasteca Petroleum Co. and Mexican Pet. Co., Ltd. (Del.), joint 6% gold
2,783,195
2,596,250 bonds,
3306.500, and Huasteca Pet. Co. Coast Pipe Line 1st M. gold 6s.
8773,500. b After deducting in 1913 approp'n for gen. reserve, $152,166.
$24,434.950 $22,634,375 -V. 08, p. 240.
4,342,892
4,896,598
Gross corporate inc $27,145,076 $29,153,484 $28,777,842 $27,530,973
Interest, rentals, &c_ _ _ 18,075,281 15,819,233 14,836,448 14,710.981
Net corporate income $9,069,795 $13,334,251 $13,941,394 $12,819,992
Pref. diva. (4%)---abt- $2,360,000 $2.354,891 $2,355,059 $2.355,545
9.120,073
9,120,976
9,120,600
Corn. diva.(6%)abt- 9,178,888
Balance,about _ _ _ _def.$2,469,093sr.$1,858,384su.$2,466.262sr.$1,343,846
To meet this deficit, the company had to draw on its accumulated surplus. There was also charged against surplus the sum of $909,272, representing the interest accrued but not collected during the year on advances
made to the Cincinnati Hamilton & Dayton By. Co. (See above and
V.99,p.47. See B. & 0. news item on a subsequent page.)-V.99,p.47.
Havana Electric Railway, Light & Power Co., Cuba.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. Frank Steinhart, Havana, Mar. 1, wrote in subst.:
Operations.-Prior to June 18 1913 the railway property was operated by
the Havana Electric Ry. Co.. practically all whose capital stock we owned,
but since the merger of June 18 1913 said property has been operated by
your railway department (V.96. p. 1840; V. 94, p. 767).
The following data represent our activities: (a) Total generating installation in k. w.. 13,970; total k, w. hour output, 37.141,124; electric consumers, 11.661,against 8.476 in1912; overhead distributing lines, 157 miles
underground cable lines, 77 miles; street lamps (arcs), 1,012; street lamps
(incandescent), 241. (b) Gas consumers, 11.199, against 12.732 in 1912;
gas sold,324.936.009 cu. ft.; capacity of gas holders. 2.850.000 cu. ft.; daily
capacity of generators, 7,000,000 Cu. ft.; gas mains, 171 miles; gas street
lamps (No.), 5,876. (c) Miles of street railway track, 71.78; cars owned,
436; cash fare passengers carried during year. 56.782,362 [an increase of
4,913,509. or 9.47%, over 19121; car mileage, 10,543,739 [increase 14.7%1.
Additions, &c.-In order to improve the service and the quality of gas
delivered to comsumers, two units each of 3.500,000 cu. ft. of water gas
apparatus were Installed under contract with the United Gas Improvement
Co. The installation was placed in operation on Dec. 5.
The work on your consolidated power plant [including three 12.500k. w.
turbine generators] will be completed about Aug. 1914, enabling the abandonment of the three steam generating stations. The re-modeling of the
office building at the corner of Monte and Egido streets, formerly occupied
by the Havana Gas & Electric Co..so as to permit the installation therein of
all our offices, is nearing completion, and the structure will be the best
equipped office building in Havana. [The total amount expended in 1913
on new construction was $1,649,285.1
EARNINGS FOR THE YEAR ENDING DEC. 31 1913.
Gas
Electricity
•Railway
Grand
Division.
Division.
Division.
Total.
$653,400 $5,417,054
$3.266,127 $1,497,527
Gross earnings
426,253
351.922
2,489,832
1,711,657
Expenses
3301.478 $2,927,222
Net earnings
$1,954,470 $1,071,274
$633,342
Interest
$462.744
$1,096,086
Taxes, bad debts, &c--- 61,520--61,601
123,121
Balance
a$1,030,125
Interest on deposits, rents, &c
3677,890- 31,708,015
140,088
Total before deducting dividends
Dividends: Common (53i %).$786.208; pref.(6%)$899,997
Balance, surplus for year ending Dec. 31 1913
$1,848,103
1.686,205
$161,898
CONDENSED BAL. SHEET DEC. 31 1913 (Total Each Side, $52,803,097)•
Assets-Properties. $48,892,064; Insular By., $575,967; stage
lines, $176,408; total
949,644,439
Cash on hand and balance at banks, $1.449.080; securities
owned, $5,028; total
1,454,108
Material and supplies
615,113
Prepaid insurance, taxes, &c
81,153
Sundry debtors(supplies,&c),$285,651; construction,$144,286; total
429,937
Deposits with Govt. authorities, $54,067; due from consumers, $407,202; total
461.269
Cap. stock reserved for conversion of ttnexchanged shares of
constituent companies
117,078
Liabilities-Capital stock outstanding, common. $14,948.546:
pref., $14.999,937; total
$29.948,483
Funded debt
x 19,940,879
Int. due and accrued. $318,088; unpaid divs.,$14.489; total_
332,577
Insular By., undiv. profits. $7,058; accr. taxes. $71,855; total
78,913
Consumers'deposits.$261,527; special reserve, $661,821,• total
923,348
Sundry creditors, including reserves for contingent liabilities_
14
18
7:0
8
72
36
Shares unexchanged, constituent companies
Sinking fund,$92,412; profit & loss account,81,221,045; total 1,313,457
x Funded debt. $19.940,879, as above, includes: Havana Elec. Ry.
Consol.5% bonds,$9.278,681 (not including $191,430 held in treasury);6%
consolidated income obligations, $6.000.000. 6% gold bonds. $3,998,000;
6% English bonds, $661,198; bonds called for, $3,000.-V. 98. p. 1459.
Mexican Petroleum Co., Ltd. (Delaware).
(Report for Fiscal Year ending Dec. 31 1913.)
The remarks of President Doheny, together with the
balance sheet, are given on subsequent pages. The usual
comparative tables follow:
Pacific Mail Steamship Co., New York.
(Report for Fiscal Year ended April 30 1914.)
Pres. J. Kruttschnitt, N. Y., July 2, wrote in substance:
Results for Year.-Operating revenues increased $28,795, operating expenses decreased $226.060, depreciation decreased $8,804 and taxes increased 82.365. making an increase in net of $261.294, or 47.38%.
The increase of $28.795 in operating revenues is the result of an increase
of $248,278 on the Trans-Pacific Line, due to increased traffic. and a decrease of $219,483 on the Panama Line,dueto the general depression in business at Mexican ports caused by revolutionary disturbances in Mexico.
The decrease of $226,060 in operating expenses is the result of a decrease
of $273,995 on the Panama Line, which made 13 less voyages this year than
last, and an increase of $47,935 on the Trans-Pacific Line, which had an
increase of 15.632 miles run, owing to calls at Manila. The decrease of
$8,804 in the charge for depreciation is due to the withdrawal from service
of the SS. City of Panama,sold in Dec. 1912. and the SS. Acapulco,sold in
March 1914. The operating expenses include $510.568 for depreciation
accrued on steamers and other floating equipment in service during the year,
and $246,974 for amount of insurance premiums on the steamers chargeable
to the year's operations.
After charging against the year's income the sum of $410.178, the amount
of notes issued for the purchase of steamers Mongolia and Manchuria which
matured during the year, the year's operations resulted in a surplus of
$300,663, against a surplus of $20,492 last year.
Property Owned.-The changes during the year were as follows: Cost of
S. S."Acapulco." &c., withdrawn from service, 9364,535; adjustment, &c..
(net), 320,930; balance (net), decrease. 9385,465.
Panama Canal.-The opening of the canal in the near future will practically put an end to the through traffic between San Francisco and Atlantic
Coast and Gulf ports of the U. S. and European ports, which traffic is now
carried by our steamers between San Francisco and Balboa in connection
with theiPanamaRR. between Balboa and Colon and Atlantic Ocean steamship lines. By reason of the expense of trans-shipment,as well as the breakage ofcargo through re-handling and the incidental loss, it will be impossible
for this company to retain any of such competitive business.
Entirely apart from the prohibitions of the Act of Congress, known as the
Panama Canal Act, it would be unprofitable for this company to try to
compete for this business by sending through the canal the small combination freight and passenger steamers it now operates in the Panama service,
since they would be in competition with the high capacity vessels of the
American-Hawaiian SS. Co., of the Grace Line, and of the Luckenbach
Line, all of the most modern design, with efficient cargo-handling facilities,
economical crews, possible where freight
and all operated with small and are
excluded. Moreover. we possess the
alone is carried and passengers
requisite number only of steamers with limited capacity, to accommodate
the coastwise business between San Francisco and West Coast ports. It
has not a sufficient number of these small steamers to maintain service
between Balboa and Atlantic Coast ports, and possible relief by transfer
of its large modern ships is out of the question because it owns a number
Trans-Pacific
.
or
ogto
ot
en
icio
alfm
ruf
yes
reolo
baG
that we cease engaging in
pe
Schwerin
hiw
cu
q
S
e
and Atlantic ports via the Isthmus
the business between the San Francisco
to, and confine the operation of our steamships
of Panama. above referred
(heretofore in l'anama service) to handling freight and passenger traffic
between San Francisco and ports in Mexico and Central America, and, by
trans-shipment at Balboa. to South American ports, and, vice versa, between said Mexican and Central American ports and Europe and Atlantic
andAtlantic and Gulf ports
Coast and Gulf ports, said traffic with Europe
and trans-shipped to vessels operating
to be handled to or from Balboa
through the canal; and from San Francisco, Mexican and Central American
ports to ports of the West Indies and the northeast coast of South America
and vice versa. The directors having approved these recommendations,the
stockholders at their annual meeting may 27 1914,71% of the total capital
of 95.5% of the sits.
stock being represented, adopted the plan by the voteson
17 1912, and
Suit.-The SS. Newport, which was sunk at Balboa placed
Aug'in service on
was
and
repaired
been
has
raised.
subsequently
was
Oct. 28 1913. The suit brought against the Panama RR. Co.for damages
pending.
to this vessel is stillaggregating
$1,025,444. issued in connection with the
Debt.-Ten notes,
and Manchuria, were retired during the
purchase of the steamers Mongolia outstanding
40 notes of $102,544 each,
leaving
$757.966,
of
cost
Year at a
11911. Except for these notes, the
Nov.
on
issued
originally
out of64 notes
than those for current expenses.
company is free from debts other
Depreciation.-The sum of $510.568 was credited to the reserve for depreand other floating equipment and charged to the year's
ciation of steamers
reserve with $279.434 for accrued depreciaexpenses. After charging this01,153
for other equipment withdrawn from
and
Acapulco
tion on the SS.
there remains to the credit of reserve, $3,324,551.
service during the year.
hand at New York, San Francisco
on
cash
the
1914
30
April
-On
Cash.
3317.994 and the current cash assets largely
and London amounted to
expenses.
exceeded the liabilities for current
RESULTS FOR YEARS ENDING APRIL 30.
1913-14. 1912-13.
1913-14. 1912-13.
$5,537,336 Deduct Depreclation.$510,568 $519,372
_55,566,131
Gross earnings
Rentals, taxes,&C.- 148,514 164,577
4,459,219
Operating expenses 4,233,159
Net income
$1,078,117
$710,841 $430,670
Net earnings-31,332,972
36,502 Pure's. M. notes paid_x410,178 x410,178
36.951
Other income __.Bal. to profit& l005_$300,663 $20,492
Gross Income_ _ _S1,369,923 $1,114,619
3282,500 (see note below bal. sheet), and int., $147,678.
s Includes principal,
BALANCE SHEET APRIL 30.
1913.
1914.
1914,
1913.
AssetiInv.13,532,505 13,912,970 Capital stock
20,000,000
20,000,000
dre..
est.,
Ren
268,492 Long-term notes. _*2,625,000 3,28.,250
317,994
Cash
203,489 Traf ,Sre.,bal.,DaV35,697
_ 302,910
82,407
Traf.,
174,477 Accts. dr wages pay 156,795
150,266
sums152,588
sk
Materials
Miscellaneous_
33,757
26,939
Insur. claims agst.
234,068 Deprec'n reserve 3,324.551 3,094,571
underwriters, drc 255,733
339,418 Open voyage rev
549,146
424,814
Prepaid rents, drc_ 375,373• 448,757
433,331
Other unadjusted
Open voyage exp
296,389
286,432
credits
340,299
_ 356,256
Isrellaneous
152,274
180,398
Profit and loss_ _ _211,390,125 11,739,365 Other def'd items_
COMBINED INCOMEACCT[incl. Mez.Pet.Co.(Cal.)and Huasteca
1913.
Total
1912.
27,114.493 27,632,425
1911.
Total _________ 27,114,493 27,632,425
$4.275,370 $2,849.771 $2,445,705
Profits of combined companies
kfter aiding principal of purchase money notes SS. Mongolia and Manchuria
,7Profit on sale of Petroleum Trans907,396
port Co. stock
maturing d sting year,and Paying off $262.500, and adjustments,$22,and deducting
for
dIffe!etra batween cost on books (less depreciation) an the amount received
35.182,766
accounts written off,$122,806, and miscellane$2,849.771
92,415,705
Total
SS. Acapulco,$67,959: uncollectlisle
me0.
o
8
l
o
,
$2,173,100
3r
tifngof$D2o
eraes
5959,983
igiffeg
$959,983 ous. deductions
Preferred ditgdands (8%)
money notes was $4,101,776, less deferred
963,562
ag
302,401
principal and
Common dividends
interest included In notes, 31,476,777, leaving, as above, in 1914, $2,625,000.33.009.666
$926,226 $1,183,321 V. 98. p. 241.
Balance, surplus
JULY 11 19141
THE CHRONICLE
Standard Gas & Electric Co., Chicago.
(Report for Fiscal Year ending Dec. 31 1913.)
Pres. H. M. Byllesby, Mar. 23, wrote in subst.:
Results.-Wo submit the following information:
Estimated Population Served-No. of ConsumersStandard-Controlled companies
Northern Idaho & Montana Power Co
Northern States Power Co
Pop'n. Consum's
876,027 213,104
59,760 17,130
720,215 57,298
Total
1,656,002 287,532
A large but nota controlling interest is held in the last two companies.
Earnings of All Standard Subsidiaries Cal. Year 1913 (Including Louisville
Gas it Electric Co. for Last Six Months Only).
[Incl. constituent cos. of Louisville Gas & El. Co. for first 6 mos. the gross
would be $14,060,442 and net $6,316,448•1
Gross income. $12.926.287; net (after taxes)
$5,816.660
Deduct-Interest on (a) bonds. 83.190.630; (b) debentures,
$25,387;(c) floating debt, $194,326: total
$3,410,343
Dividends on pref. stocks, 81.300.112; on common stocks.
$650,364; total
1.950.476
Leaving for depreciation reserve and total surplus
$455,841
In obtaining the above balance there has been deducted the sum of
$122,600, representing the deficit after interest charges shown by Tacoma
Gas Co., Everett Gas Co. and Northern Idaho & Montana Power Co.
The Standard company's proportion of the interest and dividend disbursements of subsidiary companies given above during the year 1913,
being the revenue actually received or accrued, amounted to 81,539.311.
In addition thereto the interest of the company in the above balance of
$455,841 of its subsidiaries for the year 1913 amountedto $394,313,making
for 1913 the applicable income of the company $1,933,624. on which basis
there was a balance of 8233,399 after pref. dividend requirements, or the
equivalent of 23S % on the common stock.
Anwtheation.-The directors of Standard company have adopted a plan.
commencing Jan. 1 1914. of amortizing the discount on securities and
organization expenses which, it is believed, will satisfactorily sink this item.
Collateral Notes.-The company issued as of June 2 1913 $3,000.000 collateral trust notes. The. proceeds were used (a) to liquidate floating debt
owed to banks. (b) to avoid for its subsidiary companies the necessity of
sacrificing their securities in the depressed financial situation,(c) to furnish
further means for the completing of the control of Louisville Gas&Elec Co.
Since Dec. 31 the company has liquidated all of its $257,840 indebtedness
to its subsidiary companies, and has, at the date of this report, no floating
debt of any description. It has also sold the 8188.600 collateral trust notes
maturing Juno 1 1916 which it had in its treasury on Dec. 311913.
Following the plan of depositing $75,000 per month for use in retiring
the collateral trust notes maturing June 1 1914. $225,000 face value of
these notes have been retired and canceled at the date of this report.
Contingent Liabilities.-Standard Gas & Electric Co. has no contingent
liabilities of any kind other than its guaranty of the principal and interest
upon 85.000,000 collateral trust 5% bonds of the Mississippi Valley Gas
& Electric Co. maturing May 1 1922 (V. 94, p. 1510). It is not using its
credit nor its endorsement to aid its subsidiaries or for any other purpose.
The loans of its subsidiaries are made either directly from the treasury of
Standard company or from other sources without any guaranty.
Convertible Bonds.-On March 23 1914 $9.969,500 were outstanding,
being a reduction of 3166,500 from Jan. 1 to Mar. 23 1914 and a total reduction from Jan. 1 1913 to Mar. 23 1914 of $330,500; 356.500 were canceled
by the sinking fund and 8274,000 through payment of two of the pledged
notes(Enid Gas & El. Co.,$18,000,and Everett Gas Co..828.000),and the
sale of $230,000 of other collateral.
Capital Stock.-The pref. stock was increased $30,000 early in 1913 in
exchange for $33,000 pref. stock of Western States Gas & El. Co. As of
June 5 1913 8750.000 pref. was issued in final acquirement of control of the
Louisville Gas & Electric Co. and in the financing necessary to complete
Lie consolldr tion of the properties included in that company. The holders
of this $750,000 have the right to convert thesame into $716,406 6% 5-year
promissory notes of Standard Gas & Electric Co.
Subsidiaries.-The subsidiary companies controlled by Standard Gas &
Elec. had on Dec. 31 1913 combined excess of
current liabilities over current
assets (excl. Louisville Gas & Electric Co. and the amount owed directly
to Standard Gas & Elec. Co.) of only 8435,241, including all accrued (not
due) amounts of interest, pref. and common dividends and taxes. The
Louisville Gas & Electric Co. is excluded because its large and increasing
earnings and available treasury securities permit independent financing.
The aggregate undistributed surplus of the subsidiary companies on Dec. 31
1913 was $978.434, which has been re-invested in the properties of the
various subsidiary companies. This is in addition to 52.249.856 carried
as depreciation reserve.
Expenditures for Improvements During 1913 Aggregating 337,723.508.
Companies controlled by Standard Gas & Electric Co
32,210.926
Properties of Northern States Power Co
976.090
Properties of NorthernIdaho & Montana Power Co
105,493
Full cost of natural gas pipe line (about completed March 23
1914) for Louisville Gas & El. Co. from Inez. on the Kentucky-West Virginia border, to Louisville
3,000,000
Expenditures by Northern Mississippi River Power Co. (controlled by Northern States Power Co.) on the Coon Rapids
hydro-electric development near Minneapolis, the funds for
which were entirely provided from sources other than Standard Gas & Electric Co
1 A31,000
Depreciation Reserves of Subsidiary Companies During 1913.-Set aside
out of current earnings of certain cos., $285.442; transferred from previous
surplus. $518,942; transferred by Tacoma Gas Co. and Everett Gas Co.
to depreciation reserve from surrendered indebtedness, 5700.000. Including Northern States Power Co.. the combined depreciation reserve
account on Dec. 31 1913 aggregated
82,249.856.
All of the properties have been fully
maintained and the charges for
maintenance. es hich for 1913
$735.794, have been included
in the operating expenses. Inaggregated
addition
a total depreciation reserve account aggregating $2,249,856 has
Taxation of Sittsidiaries.-In 1913
112
6
2.212
"1overed
a th
ae
lrt
eges
teas
ed.ed
berlOaec
ys
it
ncar
and in 1912 8174.670 over 1911.
In most cases the increase was wholly
out of proportion to the increase
in the value of the property taxed.
Louisville Gas et Electric Co.-During
the year under review we completed
the acquisition of a control of
bath the pref. and common stock of
this company, which is a consolidation
of all of the franchise as and electric
Interests at Louisville, Ky.
owns a natural gas pipe line, 180 miles
In length to the West Virginiaand
field. At present this company has earnings
substantially in excess of its pref. dividend
and a substantial dividend on
the common stock should
after the company is thoroughly established.
This company has ampleresult
means at its disposal through its bond issue (see
V. 97, p. 54), and treasury stocks,
for providing capital for further development. The franchise contracts with
city of Louisville were unanimously approved by the Kentucky Courtthe
of last resort in June 1913(V. 96,
p. 1632). A profitable water-power situation
will, if effected, markedly
increase the earnings.
Western States Gas & Electric Co.-This subsidiary
won during 1913 a
costly litigation resisting
company
the attempted competition of a rival
In its Stockton territory. To
maintain itself, however,free from competition it has been compelled
large
malice
materially
to
and
to
rates
reduce
its
extensions: further extensions will be
required. We believe that with this
litigation terminated
and the necessary extensiois provided the company
will show a marked improvement
in earnings.
Fort Smith Light & Traction Co.,
Fort Smith and Van Buren, Ark.-For
the last 15 months the company
suffered severe losses in earnings due
to the period of depression whichhas
that
portion of the country has experienced, additionally aggravated by
in labor and fuel costa. The
gas situation was further aggravatedincreases
by
the
action of the City Commissioners in Fort Smith in reducing the price of natural
gas to domestic consumers.
This action it is believed will soon be
either by the City Commissioners themselves or by the courts. nullified
Rigid
in all departments
economies
have been inaugurated and the result is becoming apparent
as February
1914 shows a distinct gain in net earnings
1913. It is conover
February
fidently believed that the worst of the period of depression in this section
is passed and that with a readjustment of the gas rate the gross
earnings
will return to normal and by reams of the economies
introduced the net
earnings will show a continuing and growing increase (V. 97. p. 1733)•
Arkansas Valley fly.. Light it Power Co.-Notwithstanding the depressed
business conditions in Colorado due to the coal strike and other causes,
the gross earnings increased over 338.000 during 1913 over 1912 and the
estimate for 1914 indicates a substantial increase in gross and an increase
1 11
in net. The loss in net earnings in 1913 can be directly attributed to two
unfortunate circumstances: (1) The great coal miners' strike which has
now been going on for nearly eight months, increasing the price of fuel
(823.000 in 1913) for a poorer quality. (2) The large increase in taxes.
Under a recent law the assessed value for taxing purposes was arbitrarily
doubled, while the taxes levied against the property for the year 1913
amounted to $148,270. as against $56,275 for 1912 and 844,432 for 1911.
It is hoped that a material reduction will finally be effected, but the taxes
for 1913 will be largely in excess of those paid in 1912.
Tacoma Gas Co.-During 1913 this subsidiary showed a most satisfactory
Improvement in its net earnings, which are now running at a rate substantially in excess of all interest charges, the net earnings having increased
21.6% over 1912, with a very small expenditure for extensions. The net
for the year 1914 should show a substantial increase over 1913.
Everett Gas Co.-It is believed that a marked improvement may be
looked for in 1914. There seem to be indications of a business revival in
the territory served, particularly in the great lumber industry,on which
this territory is so largely dependent.
Franchise Situation.-The entire franchise situation is in a satisfactory
condition and the relations existing between the companies and the communities served are uniformly cordial.
Competition.-In our large and diversified holdings there is no case
where it is stifling competition. There is no case where the Standard holds
an interest in two or more competing companies, and in only two cases are
any of the subsidiary companies operating where there is competition,
namely in St. Paul (North. States Pow. Co. with the elec. dept.of St. Paul
Gas Lt. Co.). and Eugene. Ores where the Northern Idaho & Montana
Power Co. is in severe competition with a municipality,in both cases as to
electric lighting.
Future.-A pronounced suspension of activity has existed largely throughout the United States during the past 12 months. The properties at Tacoma and Everett, Wash.. and the properties in Idaho, Oregon, Montana
Oklahoma, Arkansas and Colorado have felt this depression earlier and more
acutely than in other sections. It is believed this depression, as reflected
in gross earnings, has reached its limit
and that a recovery is now in process.
There are good grounds for the belief that Standard Gas & Electric Cos
actual income for 1914 will be not less than for the year 1913 and for the hope
that it will be substantially increased.
Dividend Policy.-Your directors deem the suspension of cash dividend;
and the issuance in lieu thereof of scrip dividends at the rate of 8% per ann
to have been fully justified, and that the policy of retaining for re-Investment in the properties of its subsidiaries the money which would otherwise
have been disbursed in form of cash dividends to have been prudent and that
the wisdom of the policy is now
being reflected in the general improved condition of Standard Gas & Electric Co. itself and of its subsidiaries. The
board furthe: deems it wholly imprudent to resume cash dividends until
its collateral trust notes are entirely retired.
This is now being done from
the surplus income of the company and it is believed that by the advantageous financing of the securities of its subsidiaries pledged as collateral
for these notes the retirement
of the entire balance of the issue will be effected within a reasonable period. Under this policy a period should
shortly tio reached where.either by permanent financing of its own or of
its subsidiary companies.the funds necessary for construction requirements
can be provided
at a more advantageous interest rate.
The operating expenses generally have been materially increased by the
requirements of municipal and other authorities, but nevertheless it is
believes' that the net income will substantially improve from this time forward,probably slowly for the balance of the year 1914, but
, it is believed
more rapidly thereafter.
Holding Companies.-Standard Gas & Electric Co. in no way comes
Within the purview of any
against holding companies. With a
few minor exceptions, nonelegislation
of its subsidiaries is doing an inter-State business. Where they are, should it become necessary
some re-arrangement
can easily be effected without in any way affecting Standard
Gas & Electric Co. In not one single instance does Standard Gas & Electric
control subsidiaries which are natural competitors. Its subsidiariesCo.
in
every case are located in different municipalities and so situated that competition, one with the other, is an impossibility. In other words, there is
no element of a trust or monopoly as defined by the anti-trust laws in the
situation of Standard Gas & Electric Co. Idolding companies in the
utility field have so thoroughly demonstrated their great advantages in
the way of economical management and facilities
for financing over those
possessed by isolated local utility companies that it is hardly within
the
realm of possibilities that any serious attack will ever be made upon them.
INCOME AND PROFIT AND LOSS CALENDAR YEAR 1913.
Interest on bonds owned, $565,408; dividends on pref. stock
owned, $245,698; dividends on common stock owned, 8606.702; special dividends on common stock owned,$34,568;interest
on notes and accounts receivable, $86,935; total earnings
81,539,311
General expenses and taxes
36,507
Net earnings
$1,502,801
Deduct-Interest on bonds. $615.670; interest on collateral trust
notes. $79,419; interest on pref. stock scrip. $5,892; miscellaneous interest, $50.043; loss on sale of securities, net, $274..- 751,293
Net income
Profit and loss-surplus at beginning of period
$751,506
1,008.659
Profit and loss-gross surplus
Profit and loss charges: Dividends on pref. capital stock-Paid$1,760,165
in cash. $362,456; paid in scrip, $471,398; accrued, payable in
scrip. 878,566
Premium on coupon notes redeemed. 518,500, and on bonds re- 912.420
deemed,$150.000
168.500
Profit and loss-surplus at end of period
$679.245
BALANCE SHEET DEC. 31.
1913.
1912.
1913.
Ssrefs8
$
Scars. owned_ _ _ _33.755,596 31,915,083 Common stock-. 9,343,150
Treas. securities__ 238,600
Preferred stock-.A1,784,950
SInkIns fund
51,500
Preferred stock
Ca.311
6,361
33,774
dividend scrip__ 471,389
13111i, notes, &C,
Funded debt
10,136,000
receivable
1,116,535
Collateral notes 3,000,000
Organ's.expentes_
42,094
42,094 Notes & accts. payH. M. Ryllesby &
able to sub. cos_ 257,S41
Co., Inc
108
217 Accrued int.&cliv. 145,868
Prem. on bonds,
679,245
Surplus
&c., redeemable
168,500
Int. & My.reedy_ 275,217
558,678
Disc't on secure__ 325,018
184,386
Miscellaneous__ .13,001
22,868
1912.
9,343,150
11,004,950
10,300,000
1,014,695
120,236
1,109,156
Total
.
35,821,443 32,898,187
35,821,443 32,898,187
Total
Note.--Of the preferred stock, $750.000 par value has the right of exchange at any time for $716,406 promissory notes due in 5 years with
interest at 6% per annum. See text above. The $2.08,600 treasury
securities are co's collat. trust notes-$20.000.due June 1 1914.and $188.600 due June 1 1916.
EARNINGS OF SUBSIDIARIES FOR CALENDAR YEARS.
-GrossEarnings- -Net EarningsI912.
1913.
1911.
An
E
rkiad nsas Valley
1,140,759
1,052,598 468,862 520,064
1,103,589
57,127
50,997
145,827
128,964
136.084
Everett
32,114
34,302
114,036
126,143
133,536
Fort South
550,614 200,819 231,987
616,994
572,959
LoulavIlle•
2,230,704 2,106,430 2,048,835 1,031,748 937.622
Moblie
346,172 181,532 175,662
379,842
378,264
Muskogee-Sapulpa
575,045
563,212
514,209 234,084 223,052
Northern Irish°
676,461
632,162
Northern States
3,887.408 3,557,770 3,84:11
Oklahoma-El Reno
0:141
1,171,156 1,234,005 1,161,674 399,678 409
Ottumwa
284,731 145.513 130.777
320,684 1,0
73
1
29
19:4
9 94
Sin Diego
753,620 624,175 511,767
1,325,675
74,952
Southwestern
145.136
85,036
118.339
293,975 132,665 10:3,694
Tacoma-Olympla
310,126
343.661
Western States
866,399 436,486 515,766
978,862
1,033,369
i,,32:21 1J17113
Total
14,060,443 13,194,805 11,940,000 6.316,448 6,029,583
*For purposes of comparison the earnings of all the constituent companies of the
Louisville Gas & Electric Co. are given here tor the full year.
THE CHRONICLE
118
of which is Owned by Standard
Bonds of Subsidiary Companies Outstanding, None31
1913.
Gas & Electric Co., Dec.
See 'Citron."
Amount.
Description.
CompanyV. 94, p. 1625
Ark. Valley Ry.,Lt.& P.Co.$1,030,000 V. 75, p. 1204
181 S. F. 5s, 1921
Pueblo Tree.& Ltg. Co
1,997,000 V. 75, p. 1355
Pueblo & Sub.Trac.& Ltg lst & Ref.S. F., 1922
Consumers' Power Co.
200,000)See "El. Sty."
1925
58,
F.
S.
_1st
Ry_
St.
Moorhead
&
Fargo
100,0001Sec., page 50.
_2nd S. F. 65, 1925
do
do
do
311,000 V. 81, p. 1553
Grand Forks Gas & El. Co_ _Ref. S.F.5s, 1925
V. 91, p. 1632
614,000
Serial
6s,
Co_lst
Pow.
&
Interstate Light
50,000 V. 82, p. 1500
Mankato Gas & El. Lt. Co_ _Ref. 5s, 1935
200,000 V. 90, p. 1242
Mankato Gas & Electric Co_Ist 55, 1920
40,000
Minot Lt. & Teleph. Co_ __ _Gen. 6s, Serial
48,000
___Ist S.F. 6s, 1925
do
do
V. 01, p. 592
800,000
1920
55,
lst
Co.
El.
&
doHeating
Northern
V. 91, p. 468
300,000
Serial
65,
1st
Red River Power Co
480,000 V. 84, p. 1372
Union Light, Heat & Power_lst S. F. 5s, 1932
V.
86, p
7,853,000
52
1934
5s,
let
F.
S.
Co
El.
Gen.
Minneapolis
94, p. 1701
Northern States Power Co_ _Coll.Lien 6% Notes,'17 5,000,000 V.
.ta: L... Lug
,..
,200:000 Z
Consumers'Pow.Co.(Minn.)Coll. Tr. Notes, 1917
Nor. Miss. River Pow. Co lst S. F. Os. 1938
8,128,000 V. 97, p. 54
1st & Ref. lis, 1918
Louisville Gas& El. Co
3,119,000 V.79. p.2799
let 5s, 1953
Louisville Lighting Co
310,000 V.. 97, p. 1902
1924
5a,
let Deb.
Muskogee Gas & El. Co
40,000
1st 6s, Serial
Muskogee Gas Co
Co.
Power
Mont.
&
Idaho
Nor.
738,000
let S. F.5s, 1930
Willamette Valley Co
2,563.000 V. 89, p. 1284
lot 5s, 1929
Oklahoma Gas& Elec.Co
228,500
Deb. Os, 1922
do
do
do
Ottumwa Sty. & Lt. Co.
294,000 V. 97, p. 1899
Ottumwa Trac. & Light Co_lst S. F. 55, 1921
4,037,000 V. 95, p. 1546
San Diego Cons. Gas& El. Co_ lat 58, 1939
142,000 V. 91, p. 657
lot S. F.6s. 1934
Sapulpa Electric Co
Co.
Gas
Gen.
Southwestern
20,000 V.90, p. 239
Ark.& Territorial Oil & Gas_Ist S. F.65, 1919
75,000
Tacoma Gas Co. Real Est. NI.(due $2,500 s.-an.)
V. 82, p. 1501
416,000
1915
5s,
lst
__
Co_
Tacoma Gas & El. Lt.
Western States Gas & El.Co.
V. 82, p. 1498
419.000
1933
5s,
F.
S.
_lst
_
Co_
Elec.
River
American
$41,448,500
Total
Standard Gas & Electric Co. Subsidiaries-Number of Consumers, Etc.
1912.
1911.
1910.
1913.
130,046
110,166
88,582
Electric consumers119,223
129,158
120,897
132,474
106,534
Gas consumers
3,145
2,702
2,290
1,626
Water consumers
826
835
755
883
Steam consumers
2,473
2,138
2,660
2,385
Telephone subscribers_ _ _
266,548
236.738
287,532
199,882
Totals
Kilowatt hour output.- 339,977,796 291,366,636 251,728.523 210,841,24.3
15,890
13,069
18,784
9,758
Motors
133,328
108,793
160,856
84,254
Horse-power in motors
2,441,758
2,082,932
2,727,970
1,658,576
equiv.__
ower
16 candle-p
10,146
9,529
10,854
8,816
City arcs
9,390
6,996
12,761
5,478
City incandescents
9,824.253,465
9,12.2.718,102
9,316.453,927
feet)._
8,108,788,459
Gas output (cubic
8828,168
8801.963
3757,204
$704,639
Street railway receipts...
Bonds and Promissory Notes Owned Dec. 31 1913 by Standard Gas 4 Electric Co.
-Bond issues wholly or partly owned- -promissory NotesOwned. Tot _Issued. Owncd.
IMP-Issued.
CompanyNone. 175,010
Ark. Val. Sty.,L.&P.1st & Ref. 53,'31 53,665,000 $3,665,000
Consumers'Pow.Co.lst & Ref. 53,'29 1,920,000 6,845.000
620,000 $65,000
20,000
77,000
Enid El. & Gas Co__ 1st 6s, 1920
762.000
426,000
35,919
53,419
lot 5s, 1940
Everett Gas Co
2,700,000
150,000
1936
5s,
T.Co.lst
&
L.
Ft.Smith
300,000
300,000
Deb. 6s, 1918
do
do
do
None 110,000
221,000 1,696,000
Mobile Elec. Co.......1st Ss, 1945
30,000
47,000
196,000 1,035,000
Muskogee G..SzEI.00.1st & Ref. 5s,'26
Nor. Idaho & Mont.
None 243,760
1st & Ref. 63,'49 1,465,000 4,613,500
Power Co
120,000'
70,000
Olympia Gas Co__ _ _1st 5s, 1915
20,000
None
212,000 1,030,000
Ottumwa Ry.&L.Co.lst Ref. 53,'24
Ban Diego Consol.
106,000 326,000 398,229
106,000
Gas & Elec. Co_ _ _Deb. 63, 1922
60,000
524,000
60,000
524,000
S. W.Gen. Gas Co_ _ 151 & Ref. 60,'31
20,000
70,000
683,000 1,559,000
Tacoma Gas L. Co_ _Ref.53, 1926
West.States G.&EI.676,000 4,257,000 150,000 x596,855
let & Ref. 53 '41
of California
348,432 348,432
of Delaware
10,000
None
Sapulpa Electric Co
395,290
do
Nor.St.Pow.sub.cos
50,000
do
Okla. Gas & El. Co
246,542
do
Louisville Gas & El
$10,631,000$29,833,50031,035,351$2,801,527
Total
z Includes $341,000 due to Western States Gas & El. Co. and In turn carried by
Standard Gas & Electric Co.
Amounts of Stock Owned ky Standrad Gas 16 Electric Co. Dec. 31 1913.
-Preferred Stock- --Common Stock
Tot. Issued. Owned.
Owned.
Tot. Issued.%Own •
3645,000 $3,499,400 $3,500,000 99.982
Ark. Val.ES.,L.& P.Co. $125,000
439,300
439,300
499,500
800,000 909
Enid Electric & Gas Co__
310,000
722,500
253,900
1,000„000 72:25
Everett Gas Co
798,700
1,410,000
949,900
950,000 99.989
Ft. Smith Lt. St Tr. Co
1,030,000 a6,390,200 a16.118
Co. 1,780,000 810,801,300
aLoulsville Gas& El.
1,300,000
1,248,500
1,250,000 99.88
Miss. Valley Gas& EI.Co. 1,300,000
852,500
277,500
864,200
950,000 90.968
Mobile Electric Co
1,433,300
765,000
765,500 99.934
b Muskogee Gas& El.Co. 541,500
2,500.000
80,100
1,384,300
34.607
Mont.,Pow.
4,000,000
&
Nor.Idaho
,500 5,975,000 12.711
Nor. States Power Co-. 607,200 8.388,700759
2,599,300 2,600,000 99.973
cOklahoma Gas & El. Co
449,900
234,500
630,200
650,000 96.953
Ottumwa Sty.& IA. Co__
2,715,000 2,715,000 100
San Diego Cons.G.&E.Co.
25,000
1.000.000
25,000
99.9
1,001,000
Co_
Gas
Gen.
Southwest.
1,097,100
750,000
407,800
1,550,000 70.78
d Tacoma Gas Co
Western States Gas & El.
212,300
2,125,000
3,145,700
3,503,000 89.8
Co.,Del
Total
$7,062,800 $31,428,000 322,910,100 537,299,700 61.421
a Mississippi Valley Gas & El. Co.owns $4,500,000 of the pref. stock and $2,500,000 common stock of Louisville Gas & El. Co., making a total of 55.24% of the
common owned. b Owns all the stock of Sapulpa (Okla.) Elec. Co. except qualifying shares of directors. c Owns physical property at El Reno (oida.) operated
under lease by El Reno (Okla.) Gas .St Elec. Co. d Owns all the stock of Olympia
Wash.) Gas Co. except qualifying shares of directors.-V,98. p. 1160.
Oro Electric Corporation, San Francisco.
(Statement for Year ending Dec. 31 1913.)
been furnished with the following:
have
We
INCOME ACCOUNT FOR YEAR 1913 AND THE 14 MOS.ENDED DEC.31 1912.
[VoL. xcix.
GENERAL INVESTMENT, NEWS.
RAILROADS, INCLUDING ELECTRIC ROADS.
Atlanta & Carolina (Electric) Ry.-Receivership.Judge Pendleton in the Fulton Superior Court on June 17,
on application of W.B. Hollingsworth, a creditor, appointed
Roland Ransom receiver.
Of the projected line 30 miles have, it is stated, been graded and 3 mile
of track laid.-V.98, p. 761.
Baltimore & Ohio RR.--Usual Dividends-Extraordinary
Charges.-The board of directors on July 9 declared the
regular semi-annual dividends of 2% on the pref. stock and
3% on the common stock. With this declaration, the customary dividends of 4% on the pref. and 6% on the common
are maintained, accumulated surplus contributing $2,469,095
of the $11,538,888 required for this purpose. The preliminary statement of earnings, &c.,for the fiscal year ending
June 30 will be found under "Annual Reports" on a preceding
page. The official announcement further says:
against surplus the sum of $909,272,representing
There was also charged collected
during the year on advances made to
interest accrued but not
Hamilton & Dayton Sty. Co.(V. 99,13.47.)
and on account of the Cincinnati
been
augmented by extraordinary charges
have
year
the
The expenses for
amounting to 52.112.085 for permanent reconstruction of property dam1913. The restoration of the
March
of
flood
the
by
destroyed
or
aged
and practically all charges on this
property so damaged has beenofcompleted
in the year just closed, it being thought
account have been disposed
preferable to charge these expenses out at present rather than to extend
over a series of years.
correct:
Acquisition.-The following is pronounced
through the Moorefield & Virginia
The B. & 0. RR , having acquired,
Va.,
from Romney to Petersburg, W.Green
RR., the Hampshire Southern RR.,trains
over its south branch from
on July 1 began to operate through
acquisition ofthe Hampshire Southern,
Spring to Petersburg. Through the
through the eastern pan-handle of West
extending 39 miles from Romney
into a section rich in natural reVirginia, the B. & 0. gains an entranceThe
Hampshire Southern connects
sources and prosperous in agriculture.
running south through
Romney running
at
0.
&
B.
line
the
of
with the Green Spring
Hampshire, Hardy and Grant counties, W.Va.,to Petersburg.-V.99,p.41
Boston & Maine RR.-New Head.-James H. Hustis has
resigned as President of the N.Y. N.H.& Hartford RR.,and
has been elected President of the B.& M. to succeed Morris
McDonald, who resigned to become President of the Maine
Central RR. Mr.Hustis's election becomes effective Aug.15.
Suit.-The company has entered a suit in the Superior Court
at Concord to annul the 20-year contract made beand the American Express Co.in 1907.
tween the company V.
Wentworth, a stockholder of Concord, N H.,
Last fall Clementine
company answering
to cancel the contract, the express
brought an actionwas
fair to both parties, and denying that there
and
just
contract
that the
it,
that
the fact that the
or
in
securing
exerted
influence
was any improper
of the railroad comuany's stock anti
express company held a large amount
the
in
directors
& Maine.had
also
Boston
were
directors
its
of
that several do with the terms of the agreement. In the Wentworth
suit,
anything to
(35%
for
provided
by
compensation
the
company
the
that
alleged
was
it
&
The
11.
M.
its
inadequate.
in
this
in
suit
answer
is
earnings)
of the gross
22, admitted the allegations of the plaintiff and asked the
filed on June
47.
p.
-V.
99.
contract.
the
abrogate
Court to
Brazilian Trac., Lt. & Power Co.-New Directors.Pros, of the Yorkshire Power Co., and F. H.
H.P. Pharsall of London,elected
directors to succeed C. D. Magee and
Phippen, K.C., have been
Alfredo Maia.-V. 99, P. 43•
Buffalo Rochester & Pittsburgh RR.-Bonds Offered.
-Colgate, Parker & Co. and Robert Winthrop & Co. are
offering at 1043, to yield 4.28%, $1,000,000 consol. M.
432% gold bonds, due May 1 1957. The proceeds of the
issue will be used for general improvements.
outstanding (incl. this issue, but excl. treasury
Authorized, 535,000,000;
and
reserved for refunding purposes and for additionsmiles
bonds). 59,712,000;
Direct lien on 360.3 miles of road 0.11.13 $9,betterments, 525,288,000.
to
subject
lien
a
and
miles
on
80.07
M.
1st
a
being
-tracked),
double
bonded
bonds on the balance. Total outstanding
997,000 underlying
Followed by 86.000,000 pref. stock and
$55,000 per mile.
debt less thancommon
paid
in
were
of
1913.
6%
which
dividends
on
stock,
$10,500,000
are free of Penna. 4-mill State tax and are a legal investment
These bondsbanks
J.
N.
-V.
98,
1459,
1315.
and
p.
Conn.
N.Y.,
in
for savings
Camaguey (Cuba) Co., Ltd., Halifax, N. S.-Earnings.
Calendar
191V3ear-
Sinking
Bond
Net
Gross
Earnings. Earnings. Interest. Fund.
Dividends
Paid.
Balance.
Surplus.
528,744 87.066 i2%)$20,000 523,500
S195,626 $79,310
4.584
29.277 6,691 4%) 40.000
182,857 80.552
1912
Jan. 11914. 1,000,000; bonds. 1st
issued
and
authorized
stock
and
$29.827;
canceled,
outstanding,
3570.redeemed
less
8600,000;
M. 5s, 95, p.418; V.97, p. 520.
173.-V.
Canadian Pacific Railway.-Proposed Lease, &c.See Lake Erie & Northern Ry. below.-V.98, p. 1535.
ary's Mortgage.Chesapeake & Ohio Ry.-Subsidi
below.
See Elk Horn & Beaver Valley RR.
Dividend Outlook.-The price of the stock has declined this
rumors that a reduction in the dividend
week 6% points onnecessary.
-V. 99, p. 47.
rate will be found
Chicago Peoria & St. Louis RR.-Default.--The intergen. ref. M. 30-year gold
est due June 1 on the $2,000,000
bonds remains unpaid. These bonds are not very generally
held, but are in the hands of a few who own large amounts.
are waiting until the
It is understood that the bondholders
elapsed before any action is taken
60 or 90 days period has
regarding the default, as it is not expected that the interest
was paid
will be paid. The interest on the prior lien 4
oefnthedGueeno.n& March
wh
Ref. bonds.51300.000 bear only 3% interest for the frst 6
Bond
Sub. Co. Total
DidNet
Balance
Gross
'
Earns. Earns. Earns. Income. Interest. derails. Surplus.
$398,684 337,500 8227.500 8133,684
$300,625
$98,059
34
1911-12_3197,0
mos.
Chicago y4s52.-. Dividend of $8 Declared on Series 1.-The
14
398,472
42,767
284,139
87,500
114,333
268,205
221,894
on Series 1
Year 1913
R.
: July 7 declared a dividend of
ydlrsectovrs.9so
ea .Interest charged to construction, $58,768.
, DEC. 31.
participating certificates (30,800 parts), payable Aug. 1 to
GENERAL BALANCE SHEET. INCLUDING SUBSIDIARIES
1913.
1912.
1912.
1913.
holders of record July 20. No action was taken as to a '
Liabilities$
Assetesecond dividend on Series 2 participating certificates (124,300
15,106,729 Capital stock
Prop'y InvestMts_16,753,279
be conBonded debt
parts), although it is expected that the matter willthis
Unamort. bd. disc. 149,194
174,487
51,518 Notes payable_
class
16,728
the initial distribution of $2 on
Cash
114,235
46,526 sidered on Aug. 4;
78,890 Accounts payable_
118,470
recely'le_
Accounts
35,544
61,651 Interest accrued.in February last.
made
was
Materials & sum. 114,737
3,9=
3,971,675
4,331 Reserves
P2
articipation Certificates.
Miscellaneous.... • 4,247
Dividend Record of Series1191
947,714 679,509
Accrued surplus
34:22 Nibg
17,156.655 15,303,119
Total
-V.98, p. 1849.
Total
17,156,655 15,303,119
1913.
1910-11.
1n9.
1908.
$4,Feb. $8. Ana
X22
None
$(1
84
1693.
In 1913 paid in Feb.86. May $6, July $6 and Aug.$4.-V.98. p
THE CHRONICLE
JULY 11 1914
119
Chicago & Eastern Illinois RR.-Coininiltee for E. & I.
Denver & Salt Lake RR.-Colorado Supreme Court Holds
Bonds.-Default having occurred July 1 on the Evansville & City Tunnel Bonds Illegal.See
Denver in "State and City" Department.-F.98. p. 1071, 911.
Indianapolis RR. Co., $647,000 1st M.6% bonds due July 1
1924 and $1,853,000 First Consol. M.6% bonds due Jan. 1
Detroit & Port Huron Shore Line Ry.-Refunding.The Mich. RR. Commission has authorized the company to issue
1926, the holders of these bonds are requested by the com1st M.5% bonds of 1900 for the retirement of $600,060 bonds of
mittee named below to unite for mutual protection by depos- $603,000
the Rapid Ry. Co., due May 1 1915 and 1916 and $3,000 bonds of Port
iting their bonds with the Farmers' Loan & Trust Co., 22 Huron St. Clair & Marine City By. due in 1920.-V. 98, IL 1693.
William St., N. Y., as depositary, under terms of a deposit
Dominion Power & Transmission Co., Ltd.
Ltd., Hamilton,
agreement now in preparation.
Ont.-Bonds.-Harris Forbes& Co.and Perry,
& Burr
Committee: Frederick H. Shipman (Chairman), William B. Cardozo, are
offering
at
prices
yield
from 5% to 53/2%, according to
to
Ellis W. Gladwin, Edward H. Ladd Jr. and Raymond M. Smith. with
Geller. Rolston & Horan, counsel, 22 Exchange Place, N. Y. and Edwin maturity, 8500,000 5% gold bonds dated 1907 and due serGibbs, Secretary, 22 William St., N. Y.
ially from Apr. 1 1915 to Apr. 1 1932, but callable at 1073
Earnings of Evansville&Indianap.for Years ending June 30 1905 SO 1908 and
int. on or after Apr. 1 1917. Denom. $1,000 (c*). A
(Compiled by "Chronicle"-Latest Published).
1908.
1907.
_1906.
1905.
circular reports from official sources:
5244,322
5256,701
earnings
$229,163
Freight
Passenger
Mail, express. &c
122,751
29.684
127.990
54,665
121,700
35,878
3226,904
113,507
35.627
Total revenues
Net (after taxes)
Other income
$396,757
$50.097
10,264
5439,356
$107,976
15
5386,741
$82,744
$376,038
$89,660
Total net income
Bond interest
Miscellaneous
$360,361
5152.510
3.000
$107,991
$152,510
582,744
8152.510
3.034
389,660
$152,510
2.719
Balance, deficit
$95,149
$44.519
$72,800
$65.569
Foreclosure Suit Under Refunding and Improvement Mtge.The following statement was given out on July 6:
The Bankers Trust Co. of New York, as trustee under the Refunding
and Improvement Mortgage of the Chicago & Eastern Illinois RR. Co.,
has fled in the Federal Court at Chicago a bill of complaint for the enforcemein of the mortgage and eventual sale thereunder.
The trust company is not at this time making application for the appointmen t of receivers.
The filing of the bill is intended not as a hostile move, but as one of the
usual and necessary formal steps in connection wit% the ultimate reorganization of the property which will result, it is hoped, from the action of the
committees representing the bondholders and stockholders. See V. 99.
p.47.
Cincinnati Hamilton & Dayton RR.-Committee.-
See Cincinnati Indianapolis & Western Ry. below.-V. 99, p. 47.
Cincinnati Indianapolis & Western Ry.-Committee-Deposits.-Default having been made in the payment of the
interest due July 1 on the $4,672,000 First & Refunding
Mtge. 4% 50-Year gold bonds of Cincinnati Indianapolis &
Western Ry. Co. and of the $3,162,000 1st M.5% gold bonds
of the Indiana Decatur & Western Ry. Co., the committee
named below requests the deposit of said
with the
Equitable Trust Co. of N. Y., 37 Wall St., as depositary,
under an agreement now in preparation. See advertisement
on another page.
In the Judgment of the committee, the interests of the said bondholders
demand immediate concerted action for their protection, and it therefore
requests that said bonds be deposited immediately.
Committee: Wm. A. Read (Chairman) J. Augustus Barnard, Henry E.
• Cooper, Frederick H. Ecker, George K. Johnson. H. F. Whitcomb. Albert
H.1Viggn and L. Edmund Zacher, with E. Mowle, Secretary, 28 Nassau
St., N. x'. City, and Cadwalader, Wickersham & Taft as Counsel. (Compare CM.Ham.& Dayton Ry.in V.99, p.47.)-V.89,9.469.
Through the ownership of securities, does an electric light and power
business and controls the entire street and interurban railway business in
Hamilton, Ont.,and vicinity, serving a population of about 175,000, which
Is rapidly increasing. With Lake Erie as a storage basin and a constant
flow under a static head of 269 ft. (or 120 ft. greater than at Niagara), the
present generating capacity of the water-power plant is 56.600 h. p., and
Capable of increase at small expense. Street and interurban railway system
over 108 miles (single-track equivalent). Franchises satisfactory, with
right-of-way for nearly entire interurban mileage owned in fee.
Earnings of Properties Controlled for Year ended May 31 1914.
Gross earnings
$2,667,848 I Int.on bonds incl. pros. issue $422,600
Net (after taxes)
31,087.040 Surplus earnings
$664,440
Outstanding capitalization as of July 3 1914: Pref. stock (7%). $3.681.100: limited pref. stock, $5,100,000; common stock. 52.614,500; 57 bonds
(incl. present issue), $4.757.000; bonds of subsidiary cos.. $3,743,000.
To provide for future development and for retirement
the mtge. debt
of sub, companies, the company authorized this issue ofof$25.000,000
gold bonds. Of the escrow bonds. 81,215,000 may be issued for not 5%
exceeding 80% and the remainder for not exceeding 75% of the cash cost of
extensions, additions, &c.; but not more than $1,215,000 may be issued.
except for refunding purposes, unless the annual net earnings are 1% times
the interest charge, incl. bonds proposed to be issued. Secured. through
Pledge of securities,(a) as a first lien upon the new interurban railroad
from
Hamilton to Brantford, and the new interurban railway terminal station
and office building in the centre of the business district of Hamilton;
(b) by alien on all the other properties controlled, subject to the 33.743,000
bonds of sub, companies, which will be refunded from time to time or retired through the operation of sinking funds.
The cash cost of the properties upon which
bonds are a lien is officially stated to be over $4,500,000 in excess ofthese
outstanding bonds, without taking into account the equity represented all
by earning capacity, rights,
franchises, &c. Compare V.98, p. 687. 613.
Elk Horn & Beaver Valley RR.-Mortgage.-This subsidiary of the Chesapeake & Ohio has arranged to make a
first mtge. to Central Trust Co. of N. Y., trustee, securing
not to exceed $3,000,000 1st M.5% gold bonds dated May 1
1914 and due May 1 1944.
Denom. $1,000. Interest M. & N. Principal redeemable at option of
comnany at 105 and hit. Prin. and int, payable without deduction
for any
taxes other than Federal income tax. Some of the new
have been
issued to the Chesapeake 3: Ohio By. to reimburse them forbonds
outlays
made
on
behalf of the Elk Horn & Beaver Valley. If the
& 0. By. issues these
bonds they will bear its guaranty as to principalC.
and interest.
Empire United Rys., Inc., Syracuse.-Bonds Authorized.
-The P. S. Commission has authorized the sale of $295,000
5% First & Ref. bonds of 1913 at not less than 85.
The proceeds, it is said will be used to purchase car barns and paint and
Columbus (Ga.) Electric Co.-Notes Offered for Refund- repair shops at Lakeland, N. Y.-V.97. p. 1732.
Evansville & Indianapolis RR.-Bondholders' Committee.
ing, &c.-Curtis & Sanger and Estabrook & Co. recently
See Chicago & Eastern Illinois RR. above.-V. 89, p. 410, 103.
offered (and sold) at 99 and int., yielding 63
/% income, a
Interborough Rapid Transit Co., N. Y.-Bonds AU
new issue of $1,750,000 3-year 6% gold notes dated July 1
1914 and due July 11917, but callable as a whole on any mt. Sold.-The syndicate composed of Kissel, Kinnicutt & Co.,
day on 30 days' notice at 101 & int. Int. payable J. & J. at Harris, Forbes & Co. and Lee, Higginson & Co. announces
the sale of the entire $20,000,000 of Interborough Rapid
Commonwealth Trust Co., Boston, trustee.
Transit Co. bonds recently purchased from J. P. Morgan &
Condensed Statement by Henry G. Bradlee, President Stone &
Co. This makes a total of $50,000,000 bonds of this issue
Webster Management Association. June 8 1914.
Owns securities of companies which do the entire electric railway, electric that have been sold by the syndicate
since Oct. 1913.
lighting, gas and power business in the city of Columbus. Ga., and vicinity,
and in the adjoining towns of Phoenix and Girard. The hydro-electric developments controlled have a present capacity,of 19,500 h.p.and an ultimate
capacity of 85,000 h. p. Population served, about 68,000.
Capitalization upon Payment of the Coupon Notes Due July 1 1914.
Authorized. Outstand'g.
Stock ($1,200.000 is 6% preferred)
$2,700,000 52.700,000
First Mtge. Coll. Trust 5% gold, due 1933
758.000
1,500.000
Columbus Power Co. 1st M. 5% gold. due
1938
guaranteed by Columbus Electric Co
4,000,000 2,429,000
Columbus RR.First Cons. M.5s, due 1937 (to retire
these $53,000 1st M. coll. trust 5s of Columbus
Electric Co. are reserved), closed
53.000
Three-year 67
0 gold coupon notes dated July 1 1914.
due July 1 1917 (par $100, $500 and $1,000-0)__
2.000,000 1.750.000
The proceeds of these notes will retire the 51.000.000 5% coupon note
due July 1 1914, and the floating debt, incurred
for new construction, in
eluding additions and im,rovemente to hydro-electric and steam stations
additional transmission lines and extensions to the light and power dis
tributing system. Should any further lien be placed on the property, this
issue is to be secured thereby equally
with the other obligations. The outstanding 1st M.coll, trust bonds cannot
be increased unless the proceeds are
used to retire notes of this series.
Earnings of Company and Its Subsidiaries-Cal. Years-Net After Taxes.
1901.
1905.
1913.
1912.
1910.
1911.
Gross
399,055 5199,227 3464,066 $492,325 5540,465 3608,636
Net
$30,298 $72,105 5249.604 $248.741 5272,336 5313.983
Both the gross and net earnings
have shown marked increases during the
past 12 mos.. due
to the operation of the new hydro-electric plant of
8,000 electrical h.largely
p., which began operations
at Goat Rock on the Chattahoochee River. These
increases are shown by the following figures,
Earnings for Years ending
April 30 and Estimate for Cal. Year 1914.
Gross earnings
1913-14. 1912-13. Increase. Est. 1914.
$636,108 $560,390 $75,718 $701,750
Net earnings (after taxes)
$355,094 $272,524 $82,570 $404.100
Bond interest charges,
$162,37 _
_ and itn_ provement
funds, $40,160___
!;_
202,535
Balance available for int.
($105,000) on these coupon notes_- $201,565
The above estimate for 1914 is
normal increase in earnings
from the electric railway, electric based o
lightin an ogees properties and
n the
d upon
earnings from power for manufacturing
g gpurn
t contracts. A unit of 6,700 11. ro• capacity is
nowpbs
elysigni=alled.y PV.96.p.486.
3
The Demerara Elec. Co., Ltd., Halifax,-Earnings.
Calendar
Gross
Net
Bond
Sinking
Bal.,
Dividends
YearEarns. Earns.
Fund.
Paid.
Barn.
1913
$143.616 357,156 Interest.
$30,740
$7,975
(430318.062
$379
1912
143,985
61,091
31.158
7,570 (570 21.250 1,113
Capitalization Jan. 1 1914: Capital
1st M. bonds,$500,000: 2d M. bonds, stock auth. and issued $425,000;
($100,000,
redeemedsinking
fb
fund, 596,500). $3,500; 7% debentures
(5 years), 575,000. Company
owns the electric-lighting plant and the electric
Demerara, British Guiana. Pros. ,Robert E. tramway in Georgetown,
Harris.
The new issue has been widely distributed among investors, banks
and
trust companies in the United States and Europe. The
last $20,000,000
was placed at 99 and int., an advance of )i of 1% over the
offering price
of the first $30,000,000, and completes the disposition of 578.000.000.
or
one-half, of the $156,000,000 of First & Ref. bonds which the company will
have to sell to pay for its share of the cost of construction
and
equipment
of
new lines and for refunding its other fixed
It is understood that
no more of the bonds will be sold this yearobligations.
(v.98. p. 1157).-V. 98. p. 1844.
International & Great Northern RR.-Maturing Notes
-An announcement is expected shortly of a plan providing
for the $11,000,000 3-year 5% notes maturing Aug.1. Representatives of the three banking houses which brought out
this issue have the matter under consideration. The earnings have been poor, and it is expected that deposit of the
notes with a protective committee, yet to be formed, will be
requested.-V. 98, p. 1459.
Joliet & Southern RR.-Bonds.-The Continental &
Commercial Trust & Savings Bank, Chicago, as trustee, has
asked the Illinois P. U. Commission to sanction an issue of
$1,500,000 bonds. See V. 98, p. 1694.
Kansas City Mexico & Orient Ry.-Sold-New Company.-At the foreclosure sale on July 6 the property was
bid in by Arthur M. Wickwire of N. Y., for the reorgan.
committee at the upset price ($6,001,000), which will provide
for retirement of the outstanding receivers' certificates
&c. The sale has been confirmed.
The successor company, the Kansas City Mexico & Orient
Railroad Co., was incorporated under the laws of Kansas on
July 7 with $45,000,000 of authorized capital stock.
On July 7 Benj. S. Harmon of N.Y.,representing the stockholders' committee of the three companies, and also the bondholders of the railway,
purchased the assets of the Union Construction Co. for $50,000, the assets
of International Construction Co.of Delaware for $85,000 and the assets of
International Construction Co. of Texas for $10,000. The property or
these companies, it is understood, will revert to the reorganized railroad
under the reorganization plan. Compare V. 98, p. 1920, 1845, 1244.
Kansas City Ry. & Light Co.-New Company
See Kansas City Railways below.-V• 98, 13• 1 845. 1537.
Kansas City Railways.-New Franchises Voted.-At the
election in Kansas City, Mo., on July 7 the ordinance
providing for the proposed 30-year franchise for the combined
railways was carried by a vote of 22,398 to 15,610.
120
THE CHRONICLE
the City Council, signed by the
The franchise had already been voted by
It provides for the merger of the
Mayor and accepted by the company.
Met. St. Ry., Central
including
liens,
existing
all
of
free
railways,
allied
City & Westport Belt Ry., and fixes
El. Ry., Han. City Elev. Ry.and Han.
in Missouri at 825,648,806. plus capital
the capital value of the propertyadjustment
is to be made between the deadditions after May 1 1913 (an
On this basis the
predated vault) of property in Missouri and Kansas).
on this amount it is to be
reorganized company will be capitalized, and
after the appdcaearnings,
of
balance
any
cumulative,
6%
allowed to earn
to additions and extensions, to be
tion of $6,300,000 of surplus earnings
to the company. Fares
one-third
and
city
the
to
two-thirds
credited
of surplus income) are fixed at
(unless reduced at expense of city's share
aged between 8 and 12. The city
Sc. for adults and 214c. for children
in Missouri at or before the end
property
the
purchase
to
right
the
will have
valuation and subsequent
of the 30-year period on the basis of aforesaid on board. About $1,500,additions. City is to have five representatives
years; also a further
three
within
rehabilitation
on
expended
be
000 is to
$250.000 for extensions.—V. 98, p. 1845.
[VOL. xcrx.
Several of the company's lines are now charging 6 cents ordinary fare with
free transfers. An extra charge of 1 cent for transfers is made on the
5-cent-fare lines. It is now proposed to make the ordinary charge 6 cents
with the additional charge of 1 cent for transfers.
The Board of Arbitration in June last decided for an increase of 15%
lathe employees' wages, with stipulation that such increase must date from
June 30 1913. Gen. Mgr. Cox states that it is this increase which makes
necessary the increase in rates to pay the accumulated wages to date,
already amounting to about $29,000, and to meet the higher wages from
now on.—V. 97. p. 237.
Minneapolis & Northern Ry.—Receivership.—Judge
John H. Steele in St. Paul on June 26 placed this 15-mile road,
extending from Minneapolis to Anoka, Minn.,in the hands of
the Minnesota Loan & Trust Co. of Minneapolis, as receiver.
on petitions by Pres. George Heaton and the Pittsburgh
Coal Co. The "St. Paul Pioneer Press" says:
director is quoted:
On Jan 26 five railroad contractors took over the line on liens amountKansas City Southern Ry.—A
the company's history. Gross ing to $74.000, but the company was given a year in which to redeem the
We concluded on June 30 the best year incomparing
in
with
$10,700.000
$10,993,500.
The contractors, L. H. Bolduo & Co., Leach & Mahoney, Belch &
approximately
claims.
were
earnings
$50,090 larger than in 1913. Co.. Coolidge & Co. and the Central Warehouse Lumber Co. organized a
1913. The net earnings were approximatelyour
betterment program now separat company to extend the line to Mille Lacs and this company, the
to
The property has responded splendidly,
will not be affected by the renearing completion. Since we took over the property, seven years ago, Minneapolis Mille Lacs & Northern By.,
approximately 821,000,000 has been spent in Improvements.—V. 98 .p. ceivership.
1157.
1459.
Missouri Pacific Ry.—Extended Notes Ready.—The com-
Keokuk & Hamilton Bondholders' Co.—Incorporation. pany announces to holders of receipts for 3-year 5% gold
notes that the extended notes, with coupons annexed, are
ready for delivery. Holders of receipts should surrender
them to the Union Trust Co. of N. Y.—V. 98, p. 1767.
Keokuk & Hamilton Bridge Co.—Financial Plan to
Price of Stock.—Heavy selling of the stock at declining
Provide for Rebuilding Bridge.—A bondholders' committee, prices has attracted much attention this week, but nothing
consisting of R. A. Franks, Matthias Nicoll and Theodore new has transpired to explain this movement aside from the
Gilman [Secretary, 55 William St., N. Y.j, in circular of intimation that the allied International & Great Northern
May 29 says in substance:
Ry. (see above) would not be prepared to pay its note issue
with the rebuild
It is deemed necessary to proceed as rapidly as possible
maturity Aug. 1, and the charge made in Congress that
at
of
the
•st,
therefore,
rya
t;tir
of
holders
trig of the brill.: at Ho ik.
Andrew Carnegie, Theodore F. the "Mo. Pac. Co. owed the Federal Government $4,000,000
a large number of the bonds, including
Hicks, Col. Henry E. Smith, Joseph J. Asch, James F. Secor and Winthrop for violation of mail contracts.—Compare V.98, p. 1767.
and in
S. Gilman, we have cons mtecl to act as a bondholders' committee,
and delay incident
order to raise the necessary funds,without the expense
National Rys. of Mexico.—Plan Effective.—The plan
in Delaware,[on May 13
to a foreclosure, have caused the incorporation
the Keokuk & Hamilton Bondholders' outlined in the circular dated May 28 1914 for the payment of
1914] of a new company, known assign
and mall to the new company as interest obligations due June 1 with the 6% notes due Jan. 1
Co. All bondholders are urged to
soon as possible the forms submitted herewith.
secured by 6% 10-year treasury bonds of 1913 of the
Dated at Now York. May 29. 1917,
Committee
Bondholders'
Revised Plan of
Federal Government of Mexico at 85% of their face value,
The Keokuk & Hamilton Bondholders Co. has power under its charter
to acquire the bonds of the Keokuk & Hamilton Bridge Co., to borrow has become effective, there having been deposited to June 30
money, and to assist the Keokuk & Hamilton Bridge Co.,either by loan- about 90% of the interest obligations due June 1.—V.99,p.49
ing money to it or by rebuilding or improving, or paying for rebuilding or
Improving the bridge at Keokuk. The authorized capital stock is $100,000,
New Orleans Texas & Mexico RR.—Equip. Notes.—The
but it is proposed to issue at present only a nominal amount to qualify bankers for the protective committee will offer in the course
directors and comply with legal requirements.
The company proposes to authorize: (a) $1,000,000 30-year Convertible of another week or so $800,000 equipment trust certfs., seIncome Debentures, bearing interest at not exceeding 214% per annum, cured by equipment recently purchased by the receivers for
payable as hereinafter provided, and to exchange the same at par for 1st M.
bonds of the Keokuk & Hamilton Bridge Co. outstanding $1,000,000, about $1,000,000.
N. Y., announced on May 13The Corporation Trust Co., 37 Wall St..laws
of Delaware the Delaware
the
the incorporation of this company under
See Keokuk & HamilAmerica.
of
Co.
Trust
Corporation
the
being
agent
ton Bridge Co. below.
(b) $400,000 or less of 30-year 6% Secured Notes, pledging as collateral
therefor the bonds of the Bridge Co. acquired as above stated, and to use
the proceeds of such note issue to rebuild the bridge.
Application of Annual Net Receipts of New Co. after Necessary Corporate Exp.
First: To payment of interest on the 6% Secured Notes. This item will
never exceed $24.000 per annum and will be reduced as the notes are retired.
Second: To a special interest fund for the payment of 2,14% non-cumulative interest on the Convertible Income Debentures. out of the net receipts
In each year, in so far as sufficient for that purpose after payment of the
Secured Note interest. In order to conform with the coupons of the Bridge
Co., the debenture coupons will be for $15 each, and one of such coupons
will be paid whenever the special interest fund is sufficient for the purpose.
If, as is anticipated, the income is sufficient to cover the full amount of the
special interest fund, the income received by the debenture holders will
average 214% per annum during the period required to pay off the notes.
Third: The entire remaining net receipts wifl be applied towards retiring
the Secured Notes, by lot at par and int., or by purchase at less than par.
It is confidently hoped that the income from the bridge will be largely increased by the new construction and by certain expected developments in
the traffic situation, and that such notes can be retfred in a reasonable time
The debentures are described as convertible because, when the Secured
Notes are all retired, the company agrees to return to its debenture holders
the bonds of the Bridge Co., which will no longer be required as security
for the notes.
It is hoped that no contingency will arise necessitating the foreclosure
of the mortgage, but, as a precaution, the note indenture will provide that
the trustee thereunder will, during the term of the trust, make any disposition of the pledged bonds which may be requested in writing by this camPatty, and by a majority in amount of the debenture holders and the note
holders; and that any new securities or other property received in exchange
for such pledged bonds, upon a reorganization or otherwise, shall be held
as substituted collateral for the notes.
[The forms which the assenting bondholders are asked to sign provide
No. 1, for (a) the exchange of the existing bonds, $ for $, for the new Income Debentures, provided a sufficient number of assents are received, and
(b) the deposit of said debentures upon notice at any trust company designated by the committee No. 2. the agreement to subscribe at par for an
amount of the $400,000 6% Secured Notes equal to 40% of the respective
holdings of Bridge Co. bonds, in case said notes are authorized,bearing
date within one year from May 29 1914, such subscription to be payable
in installments after 30 days' notice. No. 3, the agreement (to ensure the
success of the plan) to subscribe proportionately with the other subscribing bondholdesr for any portion of the S400.000 Secured Notes not subscribed for by the other bondholders.]—V. 95, p. 818.
800 box cars. &c., and is exThe equipment includes 20 locomotives.
annually in hire of equipment.
pected to save the company $135,000
is
company
postponed, owing to
indefinitely
the
of
The reorganization
financial conditions. Interests connected with the property believe that
the
should
for
and
coming
year show conbottom
reached
have
earnings
the
siderable increase.—V. 98. a. 1316.
New York New Haven & Hartford RR.—Directors
Reject Proviso.—Anti-Trust Suit Thought Probable.—The
Massachusetts Legislature on Tuesday passed an Act requiring that when the company's controlling interest in the
Boston & Maine(being the 219,189 shares of corn. and 6,543
shares of pref. held by the Boston Railroad Holding Co.) is
sold, as required by the agreement with the U.S. authorities,
the certificates should be endorsed:
or purchased by the Commonwealth
This stock may at any time be taken
thereof, in accordance with the law.
of Massachusetts at the fair value
Because of this proviso the directors on July 8 passed the
proceed with the plan:
following resolution decliningofto
directors express its regrets to the
the board
It is Resolved. That U.
S. that the conditions on which the MassachuAttorney-General of the
the company to carry out its agreement
setts Legislature is willing to permit
from anything which was
with the Department of Justice are so different
agreement,that the board has not
contemplated at the time of the original
severe and unnecessary
such
involve
they
that
and
them;
the right to accept
the
loss that we ought not to race; emend or expect their acceptance by
themselves.
stockholders
shortly
The Department of Justice, it is intimated, will
agreement
bring the threatened dissolution suit unless some
&
can be reached with respect to the sale of the Boston Maine
control.—V. 99, p. 49.
Northern Pacific Ry.—New Bonds Offered.—J. P. MorCity
gan & Co., the First National Bank and the National
at 97 and int., to
Bank, all of New York, offered on July 8
Imyield about 4.64%, $20,000,000 of the Refunding and
Mtge. 432% bonds, "Series A," dated July 1
provement
Lake Erie & Northern Ry.—Lease.--New Bonds, &c.— 1914 and due July 1 2047. See adv. on another page.
The bonds of Series A" are
The shareholders will vote Aug.4 on—
Interest payable J. & J. in N. Y. City.
int. on July 1 1919 and on any int.
redeemable as an entirety at 110 andnotice. Denominations. c• $1,000.
date thereafter on three months'
Guaranty Trust Co. of N. Y.,corporate
I** 21.000. 85,000 and $10,000.
are a legal investment for savings
trustee. Counsel advise that these bonds
Mass., Conn. and elsewhere. ApplicaState.
banks and trustees in N. Y.
these bonds on the N.Y.Stock Exchange. Future
list
to
made
be
will
tion
Marietta Columbus & Cleveland RR.—Receivership..___ series may be issued bearing such interest as the directors may determine.
D. B. Torpey, a director of the company, was on July 10 appointed Digest of Letter from Chairman W.P. Clough, New York,July 7 1914.
receiver on the application of the Columbia-Knickerbocker Trust Co.,
Financing of Past Ten Years.—For a series of years the company has proon which no interest has been
uctio
n of new mileage, additions to the property
trustee under 8250.000 1st M.40-year gold 5s,
vided funds for the constr
to
and
Palos,
0.,
Junction
a
has
Moores
from
runs
fl
a
capital
road
The
fromand
pommentth,epoarritgl yro
d ther
t9h3e,
n encigu r
paid.
esmeaoif
e lpa rdchra
of
anldesth
sa
original imandsurpgrlanustea,rzitnlygs a
stock of 8250,000.—V. 89, p. 1512.
an
stock subscribed at par by stockholders during the years 1907 to
Menominee & Marinette Lt. & Trac. Co.—New Stock.— 000,000
extent from the sale of bonds. During the
an increase in the capital 1909, and to only a limited
30 1914 the expenditures upon the railways
'The Mich. RR. Commission has authorized
ten-year period ended on June
in round numbers to $135,000.000. while the net
stock from $1,000,000 to 111.250.000.—V.90,D.627.
and equipment amounted
debt in the hands of the public amounted to around
mortgage
tion.—
the
Ry.—Incorpora
in
(Electric)
increase
Mesaba
incorporated in Ma..but another month 324,000,000. Under the 4% Prior Lien Mortgage only $2,500,000 addiThis company was,on June 30,
organization is completed and full statistical tional bonds may hereafter be issued.
will probably elapse before the
auth. capital stock is 53.750.000 in $100
The
New Mortgage.—In order to provide for the refunding of the entire:debt
information is obtainable.
cum. pref. and $2,500,000 com. Of these under one mortgage, and to provide means for raising part of the capital
shares, viz.: $1.250,000 7%
press
reports
$1,574,700
say,
corn.
issued,
and
be
now
will
which will be needed for additions to and betterments, the stockholders
amounts there
pref.) in exchange for $99.168 cash and authorized. hi June of this year,the Refunding and ImprovementMortgage.
$685.000 pref. (not $1.574,700
Co. of Minnesota, which was under which $20.000.000 414% bonds, Series "A," are now being sold. in
By.
Mesaba
the
of
stock
capital
of
31.100.000
Electric By. of Maine. a company that had part to retire 310,000,000 6% notes sold last year and In part to reimburse
recently owned by the Mesaba
pref. stock.—V. 99. p. 49.
the company for capital expenditures already made. The Wisconsin RR.
81,575,000 outstanding corn. and 8550,000
Commission has approved the issuance of these 320,000,000 bonds.
7
for
Fare.—
-Cent
Ry.—Petition
St.
Boston
St. Paul
Middlesex &
Property Covered.—The main lines of the company extend from
the Mass. P. S. Commis- and
Minneapolis and from Ashland and Duluth, on the east, to Spokane,
The company on July 3 petitioned
Tacoma and Seattle on the west (see maps on pages 100 and 10/
fare
ordinary
Portland,
the
of
charge
increase
to
sion for permission
"Railway & Industrial Section"). About one-quarter of the main line
to 6 cents with of
mileage is doable-tracked The company owns 3,438.76 miles of branch
5 cents and 1 cent additional for transfers
Aug. 3.
lines, chiefly in Minnesota. North Dakota, Montana and Washington.
(a) Leasing the company's railway to the Canadian Pacific By. Co., the
agreement for lease and the terms, conditions and form of the lease. (b)
Canceling the mortgage securing $500.000 2d M. bonds. (c) Authorizing
a new mortgage, to aid in the construcan issue of bonds, to be secured by
tion of the companys railways. H. C. Oswald is Sec.—V. 96, D. 1157.
1 cent for transfers, effective
JULY 11 1914.]
THE CHRONICLE
In all, the mileage owned in fee and pledged under the new mortgage
totals 6,271.36 miles, of which these bonds cover 847.01 miles by a first
mortgage, while on the balance of the mileage they are subject to prior liens.
The rate of outstanding issues is about $34,000 per mile, including all prior
liens. The rate of this issue alone on the entire mileage covered is slightly
over 33,000 per mile (included in the foregoing figures), while the rate of
the bonds on the mileage which they cover as an absolutely first mortgage
is less than 324.000 per mile.
The mortgage covers also very valuable terminal properties in Minneapolis. St. Paul, Duluth, Superior, Portland, Tacoma, Seattle and elsewhere. and also all of the equipment, none of which is subject to special
equipment obligations. The bonds further cover certain railway and terminal stocks,including one-half the stock of the Spokane Portland & Seattle,
which alone represents an investment of $20,000,000.
Earnings for Ten Years ending June 30 1913 Averaging Over Four Times
Interest Charges (00,000 omitted).
1913. 1912. 1911. 1910. 1909. 1908. 1907. 1906. 1905. 1904. Aver.
Gross
$72,6 $63.4 364,9 $74,5 368.4 368,2 368.5 361,2 550,7 346,5 $63,9
Net,aft.rent.28.4 26,3 27.1 28.9 31.6 30,0 30,6 29.4 24,0 22.1 27,8
Int. on bds. 6,8 6,6 6,6 6.6 6.7 7.0 7,0 6,9 6,9 6,9 6.8
The net income for 1914 cannot as yet be stated with accuracy, but will
probably show some decrease.
Detailed Income Account for Years ending June 30 1912 and 1913.
1911-12.
1912-13.
1911-12.
1912-13.
Total operat'g
3
$
526,319
revenue__ __72,984,958 63.736 696 Rentals paid.. 537 303
Net,aft. taxes 24,312,632 21,839.100 Int. on bonds_ 6.837,685 6,680,810
Total charges_ 7,374,988 7,207,129
-„
Total net
28,938,504 26871,242 Surp.for d vs_21.563.516 19.66 .
The income account does not include the earnings from the holdings of
Chic. Burl. & Q. stock nor the payments on the joint 4% bonds secured
by this stock, these two items offsetting each other. So far as this ownership of Chic. Burl. & Q.stock is concerned, it may be stated that since the
Burlington has been under the joint control, its net earnings have considerably exceeded the present annual dividend (81's) on its stock.
Regular dividends at the rate of 7% annually have been paid by the
Northern Pacific Ry. Co. on its capital stock since 1905, the rate prior
to that time having been at least 4% annually since 1900. The amount of
stock now outstanding is 5248,000,000.
Limit on Additional Issues.-Future capital requirements may be met
by the issuance of bonds under this mortgage to a face amount equaling
the lien of the
actual cost of the additions and improvements going underreached
a sum
mortgage; but, after the bonds outstanding shall have
be issued
named in the mortgage, additional bonds for such purposes mayamount
of
authorized
only to the extent of 80% of the cost thereof. The
a figure which. together
the Refunding and Improvement bonds is limited totherefrom
the bonds rewith all outstanding prior debt, after deducting
served to retire prior debt at maturity, shall never at any time exceed three
times the amount of capital stock then outstanding.
Underlying Bonds.-No additional underlying mortgage bonds may hereafter be issued except that 32,500.000 additional prior lien 4s may be sold
under the provisions of that mortgage. None of the issues for which reser-.
vation is made may be extended except the C. B.& Q.joint 48, which may
be extended to 1961. Of the underlying mortgage bonds. 5500,000 will
mature in 1916 and 32,000.000 in 1917, then none until 1923.
In connection with the retirement of existing obligations,it may bestatod,
that $7.497,000 of the Northern Pacific Prior Lien 48 have been retired
from proceeds of sales of land granted by the U. S. Government. In 1913
the sales of lands totaled 526,374 acres, for an aggregate of $3,040.126.
The sinking fund in the Prior Lien 4% mortgage is entitled to the proceeds
of land sales only to an amount not exceeding $500,000 annually and the
balance of funds derived from this source has been,and will continue to be.
reinvested in the property.-V. 99. p. 49.
The bankers, it is announced, disposed of the entire 820,000,000 bonds in less than a day and a half.
Northern Texas Electric Co.-New Line, &c.-
The subsidiary, Fort Worth (Tex.) Southern Traction Co.. has changed
Its name to the Tarrant County Traction Co.. and simultaneously increased
its authorized capital stock from $1,500,000 to $2,500.000. There is outstanding $1.000.000 capital stock, which is all owned by the Northern
Texas Electric Co. The company operates a line between Ft. Worth and
Cleburne. Tex., 28 miles, and it is now proposed to extend the line from
Cleburne to Denton.about 20 miles,the rights,&c.,of the Fort Worth-Denton Interurban Co. having been acquired. Work on the extension will
begin shortly, and it is expected that notes will be issued to finance it.
-V.92, p. 1242.
121
That our forecast for the year 1914 of at least $3,800,000 net earnings
after bond interest and discount will probably be realized is indicated by
the following showing final net income after bond interest and discount:
-5 Months ending May 31Month of May
Increase.
1913.
1914.
1913. Increase.
1914.
57,208.552 $6,796,089 $412,463
$58,127
Gross_ _--$1,368,892 $1,310,765
Net
551.502 94,654 3,543,326 2,983,509 559.817
646.156
222,686 91,815 1,883.835 1,351,656 532.179
Final net_
314.501
At May 31 1914 the company was serving 356,569 consumers, an increase
in 12 mos. of 30.196. The net additions in the first 5 mos. of 1914 exceeded
those of the same months of 1913 by 1,743. As the average gross revenue
per consumer in 1913 was 345, it can be readily seen to what extent our
earning car achy has been increased by this new business.
Stockholders' Subscriptions.-Subscriptions to the first pref. stock are
being received at a satisfactory rate, and while your board believes it will
receive the co-operation of a sufficient amount of stock to make the new
plan a success, we would urge that no single stockholder withhold his support. Of the total number of stockholders who have to date forwarded
subscriptions, about 40% have subscribed for more than their allotment.
Two Options of Payment.-(1) The entire purchase price of the first pref.
stock subscribed for may be paid at one time, in which case subscribers wall
begin to earn on their investment at the rate of 7.27% per annum from
Aug. 1 1914 (6% being paid during the interim) and will receive permanent
certificates for the new stock as soon as they can be prepared after the plan
becomes operative. (2) Subscriptions may become effective on the payment of $5 per share accompanying the subscription, the balance of the
subscription under this option being payable in easy installments. See
V. 98. p. 1846. 1920; V. 99, p. 49.
Order of Commission.- Cal. RR. Comm. July 1 ordered:
(1) The company may issue, when it desires, and sell at a price to be
fixed on application to the Commission, the 55.000,000 General and Refunding bonds now pledged under the company's issue of 1-year notes
maturing March 25 1915. [The company's officials state that there is no
present intention to dispose of these bonds, since the proceeds of the sale
of the $12,500,000 First Pref, stock will enable the company to pay all its
outstanding notes and meet all its construction requirements during this
and next year.)
(2) The $5.000,000 General Lien 6% bonds also pledged under this issue
of notes shall, upon payment of these notes, be canceled.
(3) The company may issue and sell 312.500,000 of its newly-created
First Pref. 6% stock at not less than $82 50 per share.
(4) The company may exchange its old issue of 310,000.000 pref. stock
for the new laref. stock after July 11916. at the rate of 10 shares of the old
stock for 1031 shares of new stock.
(5) With respect to bonds retired through sinking funds in 1914, the
company may reimburse its treasury through the issuance of an equivalent
amount of common stock.-V. 99, p. 49.
Pere Marquette Wt.-Receivers' Certificates.-Judge
Tuttle on July 8 authorized the issue of $4,000,000 receivers'
certificates, $2,000,000 of these to take precedence of all
existing bonds and $2,000,000 to rank after the divisional
bonds and ahead of the consols. Attorney Hal L. Smith on
behalf of 1st M. bondholders announced that an appeal
would be taken from the order. Detroit "Free Press" says:
The first sum of $2,000,000 is to liquidate certificates for 3605.000 issue
to pay 1912 taxes: $550.000 taxes for 1913. 3546.000 taxes for 1914, and
penalties amounting to $16.500. These items total 31.817.000.
The second group, for which $2,000,000 in certificates will be issued,Is
composed of auditors' unpaid vouchers amounting to 32,622,000. and
receivers' notes for $175,000. These total 52,797.000. but approximately
$800,000 will not be paid until the final sale or reorganization of the road.
In placing half of the certificates authorized ahead of Mr. Smith's clients.
Judge Tuttle called attention to the fact that the items of $605,000 in
defaulted receivers' certificates, $550.000 in receivers' notes. 3545.000 in
1913 unpaid taxes, together with penalties amounting to $16,500, had really
been first liens from the fact that they were tax items and as such are
made first liens by law.
In issuing his order for the certificates. Judge Tuttle stipulated it should
be without prejudice as affecting a later issuance of certifictes to take care
of matured equipment obligations amounting now to $1,000,000.
Attorney A. 1°. Osborn of New York, representing the holders of equipment obligations, read to the Court a list of equipment that would be taken
away from the road if payments were not made on contract. The list
showed 42 locomotives, 24 cabooses. 13 baggage cars, 84 passenger cars,
145 coal Cars, 729 gondola cars and 6.063 box cars.-V.99, p. 50.
Oklahoma Central Ry.-Meeting of Dutch Bondholders.
Pittsburgh Fort Wayne & Chicago Ry.-Chicago Termi-The "Nieuwe Rotterdamsche Courant" contains a report
of a meeting held on June 25 1914 in Amsterdam of the Dutch nal Facilities.-The shareholders will vote July 15 upon a retaken: quest made to the company by the Pennsylvania RR.Co.,
holders of the 1st M. 5% bonds, from which this is opposed
The President of the Dutch committee stated that his committee
as lessee, for an exchange of lands at Chicago as follows:
securities
because it was not really a reorganization creating new
the plan
To authorize exchange of lands now used by the lessee for station purin the place of the old ones. but was virtually a new speculation. One of poses
for other lands, in order to secure the erection by a Union Station Co.
the speakers. who represented a large number of holders in the Province of
Friesland, pointed out that the I.-S. C. Commission might at any time hand of a new union passenger station for the joint use of the company's lessee
connecting railroads companies, and in order to secure the erection
down a decision on the matter of increased freight rates, which would, as and of company's
lessee of a new freight station upon lands so to be taken
he believed, out the Oklahoma Central on its feet again, and he therefore by the
in exchange. (Compare V. 98, p. 1158. 1001, 914.)-V.97. p. 365.
urged that the Dutch holders await said decision.
It was stated at the meeting that about $1,000,000 bonds had been deRates.-Reduction on Southern Pig Iron.-The I. S. C.
posited with the protective committee, and that, so far. over 33.000,000
had been deposited both in Holland and the United States. Mr. F. J. Commission on July 7 handed down its decision in the case
Lisman• who was present, stated that he had received a cablegram, accord- of the Sloss-Sheffield Steel & Iron Co. et al vs. the Louising to which 45% of the bondholders had already declared their willingness
to accept the plan of reorganization. [No definite decision seems to have ville & Nashville RR. Co. et al, in which it is held that the
been taken in the meeting as to the Dutch bondholders' further attitude rates now charged on pig iron from the Birmingham district
In the nnatter.j-V. 98. P. 1920, 1994; V. 99, p. 49.
&e.,
Pacific Gas & Electric Co., San Francisco.-Subscriptions for 812,500,000 6% Cum. First Pref. Stock.-N.W. Halsey & Co., 49 Wall St., are the duly authorized agents of this
company to receive subscriptions for the First Pref. Stock
offered or subscription at 82M% on or before July 15 to all
stockholders of record June 3, in accordance with letter dated
June 3 1914 (V. 98, p. 1846). As such agents the firm will
receive payments on subscriptions and issue receipts therefor.
Supplemental Letter.-Pres. F. G. Drum, in circular of
July 1, says in substance:
to Cincinnati, Louisville, St. Louis, Chicago, Boston,
are unreasonable and should be reduced for not less than two
years to certain rates specified in the decision, equivalent to
a out of about 35c. per ton on rail and about 45c. on railwater hauls. The case has been pending since Feb. 1913.
Brief extracts from the decision follow:
The averment of unjust discrimination may be said to be predicated
primarily upon a comparison of the Southern pig-iron rates with the rate:
on other commodities and on pig iron in other sections.
Since April 1907 the rate [from Birmingham to Louisville, based upon
No. 1 mill iron) has been fixed at $3 per ton regardless of the price at which
pig iron might be selling, despite the fact that it was made effective at a
Supplementing letter of June 3 (V. 98, p. 1846), we are pleased to an- time when pig iron had reached a record price. though before the close of
nounce that upon the affirmative vote of substantially more than the that year Birmingham pig iron had declined to 514 per ton and up to
required two-thirds of the outstanding capital stock, the plan set forth January of this year had not gone beyond about $14 50.
A careful review of the entire situation convinces us that the rates now
therein was formally adopted on June 29.
By a unanimous opinion and order dated July 1. the California Railroad exacted are unreasonable and that reasonable rates from the Birmingham
Commission authorized in every particular the financial plan presented district should not exceed the following per gross ton: To LOUIS{ ille. 52 65,
(including the exchange of the present pref. for the new pref.), and com- to St. Louis, 33 40; to Chicago, $4; to Boston. rail-and-water, 54 25.
The present differentials between the Southern furnaces Ehould be mainmended the same "as thoroughly sound and commendable.'anti calculated
tained, as should also the relation of rates now obtaining to the Ohio Riaer,
"materially to improve applicant's financial condition. •
The Commission's order grants authority to reimburse the treasury for to points to the central freight association territory, and to the Fast. No
311,586.661 expended for plant additions and not heretofore capitalized. change will be ordered in the proportional rates to the Ohio River at this
This will make it possible to utilize the proceeds of subscriptions to the time for the reason that this would throw the entire reduction upon the
first pref. stock to free the company from all floating debt and to give it a Southern lines. The proportional rates to and from the Ohio River should
net working capital which, with accretions from surplus earnings, should be revised so as to make the through rate to Chicago, for example, not in
exceed $5,000,000, prior to the resumption of the dividends on the common excess of $4 per gross ton.
Our opinion is that the existing rates from Birmingham to the interior
stock to which the board pledged itself in letter of June 3 in the event that
New England points mentioned are unreasonable and that reasonable rates
the necessary support was accorded to the plan by stockholders.
not exceed 85 25 to Springfield and Portland and $5 to Lowell. with
Annual Earnings, Showing on New Basis Bteance for Common Stock and should
like reductions in the rates to other interior New England points.-V.
Depreciation Reserve.
p. 1994.
Gross
Net
*Net, after -Annual Dies.- Bal. for
April 30
Revenue.
Rerenue. Bd.Int..&c. New Pf. Old Pf. Corn. ac.
YearsSt. Louis Iron Mountain & Southern Ry.-Decision.-1909-10-313,816,901 36.011,442 $3,028,644 3750,000 3600 000 $1,678,644
14,266.232
6.225.993
3.173.726 750,000 600.000 1,823.726 The Circuit Court at Hot Springs, Ark., on Apr. 8 held con1910-11-1,552.729
stitutional the State full-crew law and fined the company 850
1911-12-- 14,546.775 6,323,500 2.902,729 750,000 600,000
1,260,536
1912-13-. 15.179,189 6.409,551 2,610,536 750.000 600,000 2.011,782
and costs for violating it.
1913-14.. 16,556,673 7,336,294 3,361,782 750.000 600,000
The law (passed in 1809) provides that all roads 100 miles or more in
May 31 Year600,000
2.113,536
7.430,948
750,000
16,614,801
3.463,536
shall maintain switching crews consisting of engineer, firemen,
length
1913-14-_
•Excluding charges account floating debt as this debt will be paid from f wemen and three helper:. instead of 2 helpers as formerly. The case has
in the courts since December last, and the Brotherhood of
pending
been
issue.
stock
new
proceeds of
122
THE CHRONICLE
[VoL. xmx.
Railway Trainmen appeared as intervenors in the suit. The trainmen I politan District, which accounts for nearly one-fifth of the tobacco trade
contended that in switching yards where crossings hid tl be protected I of the country.-V. 98, p. 1247.
against accident, it was necessary to maintain 3 helpers in addition to the
Ashland Emery & Corundum Co., Boston.-Plan.train crews.-V.98, p. 840, 761.
A plan of reorganization has been issued, dated June 25 1914,under which
St. Louis & San Francisco RR.-Foreclosure Suit.-Suit the bondholders are asked to deposit their bonds with the Empire Trust
65 Cedar St., N. Y., as depositary;
has been brought to foreclose the Ref. Al. See V. 99, p. 50. Co.,
There are outstanding $220,000 bonds issued under mortgage of Nov. 16
1901 to the Industzial Trust Co., trustee, and about $193,000 bonds issued
St. Louis Southwestern Ry.-Gen. Manager.-Effective under
mortgage of June 10 1904 to Internat. Trust Co.. trustee. Interest
July 1, J. W.Everman was appointed General Manager, with on all bonds
is in default and the property held by a trustee in bankruptcy
appointed by the U.S. Court will be sold in Boston July 3') free from liens
headquarters at Tyler, Texas.-V.98, p. 1921, 1394.
It will probably be necessary to raise $100,000 to furnish the new cor• San Diego Electric Ry.-Bond Issue.-The company has poration with working capital and for other purposes. Each depositor
must agree to pay an amount equal to 25% of the face value of his
applied to the Cal. RR. Commission for authority to create therefore
bonds in five installments after notice at not less than 3 mos. intervals,
an issue of $10,000,000 General First Lien 5% 40-year sinking and will receive in return an amount equal to 25% of his deposited
bonds in
50% in 2d M.incomes and 50% in stock ; in other words,
fund gold bonds and to issue forthwith $4,484,000 thereof at new 1st M.bonds.
and
$250
assessment
bond
for
a
$1,000
new
thereon,
$250
1st
6s,
9500 innot less than 90, netting $4,035,000, applicable as follows:
comes and 9500 stock.
To retire outstanding bonds of 1908 (of an auth. f5,000,000)_.,.$1,625,000
Capitalization of the New Company.
promissory
note
of
indebtedness
on
a
574.407 1st M. 6% bonds (interest semi-ann.), callable at any time at
To pay
To return to income amounts spent for betterments properly
$100,000
105 and interest
chargeable to capital
302,438 Income bonds, 2d M. (interest, if earned, up to 6% per annum,
To provide for contemplated construction
1,532,957
any time at par
callable
at
non-cum.),
200,000
The company operates a railway system in San Diego and Coronado, Common stock
200,000
aggregating 63 miles of track, including 24.62 miles of second track and
C. Barber, Akron, 0., Chairman; Robert W. Lesley,
Committee:
Ohio
sidings, and contemplates consolidating with the Point Loma RR. Co. and Phila., Pa., and John M. Maly,Spring Lake, N. J., with Wellman & Wollthe San Diego & Coronado Ferry Co.-V.85, p. 1144.
man as counsel, and Robert G. Starr, 20 Broad St., N. Y., as Secretary.
[A New Jersey corporation, with plants as follows: Ashland Mills,
Southern Pacific Co.-Bonds Ready.-On and after July Perth
N. J.; Hampden Emery Mills, Chester, Mass.; Jackson Mills
subscription
receipts
for
5% 20-yr. Con- EmeryAmboy,
13 1914, fully-paid
Co., Easton, Pa.]-V. 73, p. 959.
vertible Gold Bonds may be exchanged for such bonds in acBest Manufacturing Co., Pittsburgh.-Stock Increase.
cordance with the terms of said receipts.-V.98, p. 1994.
The stockholders Will vote Sept.10 on (a) increasing the capital stock from
to $1,600,000. new stock to be pref.; (b) creating a bonded
$1,000.000
Tarrant County (Tex). Trac. Co.-New Name-Stock debt of $750,000.-V.
74, p. 1141.
Increase.-See Northern Texas Electric Co. above.
Bituminous Coal Companies-Strike Settlement.-"Coal
Third Avenue Ry.-City Island Road Purchase.Trade Journal" July 8 said in part:
The company on July 9 purchased the Pelham Park & City Island
Ry.
successor to the Pelham Park Ry. and the City Island Ry.) from the
Interborough Rapid Transit Co. The company has an authorized capital
stock of 9125,000, of which $117,000 is outstanding.-V.98,P.840. 691.
Trinidad Electric Co., Ltd., Port of Spain.-Earnings.
Net
Bond Dividend.Directors' Bal.,
Gross
Calendar
Earns.
Earns. Interest. (5%). Fees,&c. Surp.
Year$225.216 $98,347 936,000 $58,200 91,150 $2,997
1913
36.000
224,548 108,592
58,200 4,000 10.392
1912
Capital Jan. 1 1914: capital stock auth., $1.200,000; Issued,
57 debenture bonds issued, 9720.000; 7% debentures, due 910,000
S1,164,000'.
yearly,
$58.000. office. Halifax.-V. 95, p. 481.
Union Station Co. of Chicago.-Exchange of Land.-
see pittsburgn Fort Wayne & Chicago Ry. above.-V.98. p. 1158. 1001.
United Rys. & Elec. Co., Balt.-Maturing Notes Paid.-
The outstanding $394,400 3-year convertible and collateral gold notes
due July 15 will be paid on maturity on presentation at the office of
Alexander Brown & Sons, Baltimore.-V.99, p. 50.
Utah Railway.-Control-Extension-Trackage.-See U. S. Smelting Refining & Mining Co. In V. 98, p. 1311.
Western Maryland Ry.-Heavy Maintenance and Other
Charges-Transportation Expenses Move in Right Direction.An official statement issued on July 7 sa3rs:
May returns reflect the heavy maintenance charges promised by the
new management. House-cleaning continues, the month, in addition to
other deferred items, containing a heavy charge on account of shortage
in inventory. The bright spot is in transportation, which. in face of a
lower scale of gross earnings, continues to progress in the right direction,
being for May 40.9% of the gross earnings, as against 42.9% for April,
51.2 for March, 58.1 for Feb. and 46.7 for fiscal year.
No better, if any, showing is provided for June. which closes the fiscal
year, but all deferred charges and maintenance were cleaned up in June
and the new year starts with a clean sheet. Maintenance in May consumed
67% of gross or more than twice normal figures. Part of the heavy maintenance for May is in extraordinary repairs to roadway and locomotives,
but a considerable portion is due to the aforesaid inventory shortage which
was disclosed by a check instituted when the management changed.
Results for Month of May.
1914.
1913.
4.
1913.
Miles operated..__ 661.26
543
Op.Rep.(conc.)
Gross earnings__ _9669,382 9673,835 Transpot'n exp_ _9273,845 9261,244
Exp.-Maint.of way 181.170 96,239 General expenses_ 20.218
13.708
Maint. of equip_ 266,323 106,742
Traffic expenses_ 21,598
16,624 Total oper. exp_ _$763,154 $494,558
II, Compare V. 99, D. 50.
Net
def.93,772cr.179,277
Ohio.-Mter weeks of negotiations between operators and miners, an
adjustment of the wage scale in the Hocking Valley,Pomeroy Bend,Jackson
and Crooksville districts was arrived at at the Columbus conference late
Friday afternoon. All that remains for the agreement to be carried out is
a referendum vote of the miners, and it is believed there is no question but
that it will be approved by that vote.
According to the agreement the miners are to receive 47 cents for coal
mined with machines on the mine-run basis. For pick-mined coal the rate
Is to be 67.6 cents. The price of inside labor remains the same as the
previous scale, and eight hours is to constitute a day's labor. Just before
the settlement was arrived at, operators in the Bergholz district and J. S.
Jones and B. F. Chapman in the Crooksville district withdrew from the
conference. So four mines in the Crooksville district will not sign up on
that scale. The new scale is to run until March 31 1916. The scale is
looked upon as a victory for the miners. Their original demands on the
mine-run basis was 49.64c, while the original proposition of the operators
was 41.12c.
The settlement of labor difficulties in the four districts already signed up
will permit about 15,000 miners to resume work and will undoubtedly
hasten a general settlement throughout the balance of the State.
The Eastern Ohio operators were in conference at the Ifollenden Hotel in
Cleveland last week and declared their intention of holding out firmly for
their original offer of 41.12 cents per ton.
West Virginia.-To all appearances the Kanawha strike, which has lasted
the miners are expected to be at work
since May 1, has been settled and
The settlement was made by the second referenby the close of the week.
and approved the second proposition of
dum, which reversed the first one
Board, namely that the miners go back to work,
the Federal Conciliation
pending full settlement at the old wages and under old conditions; that
$1
10 per month be put in operation; that a comto
limited
-off"
"check
a
mission of three arbitrate differences in wage matters. The count of votes
showed a plurality of 350 out of a vote of about 4,500.-V. 99, p• 49.
(H. B.) Claflin Co., New York.-Circular.-The noteholders' committee, James S. Alexander, Chairman, in circular of July 2 1914, says in substance:
at present to be as follows: The
The situation appears to the committee
no direct or primary obligations upon
H. B. Claflin Co. had outstanding
excluding its merchandise indebtedness, obliganotes executed by it, and,
credit, its sole indebtedness is its contingent
tions upon leases, and letters of$30_,000,000
of notes which are commonly
liability uRon approximately
Endorsements." The committee believes
known as Claflin Receivables orand
discounted
by The H. B. Claflin Co.
endorsed
so
notes
that the only
27 corporations, practically all of the stock of
were notes executed by somewas
formerly
owned
by Mr. John Claflin indicorporations
which
each of
there
vidually. Notes executed by corporations or partnerships in which
ownership were not discounted by the Claflin Co. and
was not this Claflin
all
notes
committee
invites
the
deposit
of
outstanding.
The
are not now
bearing The H. B. Claflin Co. endorsement, because it is apparent that
companies which executed notes endorsed by The
the affairs of all of the
are now involved with that corporation.
H. B. Claflin Co. wishes
INDUSTRIAL, GAS AND MISCELLANEOUS.
to assure depositors that proof of the respective
The committee
and efforts will be made to collect as
notes will be filed against the makers,
the makers as is possible, thus reducing
American Chicle Co.-Stock Increased.large a portion of the notes from
The stockholders on July 9 authorized an increase in common stock from the contingent liability of the endorser. The committee will proceed
$6,000,000 to $8,000,000, to provide, it is generally believed, for control against each of the makers, on behalf of all noteholders holding obligations
or purchase of Sen-Sen Chiciet Co.(V.90. p. 241). Compare V.99, p. 51. of that maker, and will obtain information about each of the corporation
such information to the parties interested. The
makers, and will transmitwill
American Gas & Electric Co., New York.-New Bonds. policy
be that the assets of each maker should be
of the committee
the benefit of that maker's creditors, and not confused
-Miller & George, Providence, Moyer & Co., Phila., and separately held for other
corporations.
of
assets
the
other firms,are participating in the offering of the 6% deben- with
to emphasize that the members of the committee
The committee wishes
holding notes purchased through note-brokers or
ture bonds of 1914 described last week. See page 51.
represent institutions
with its depositary banks, and that all of the
company
the
discounted by
chaorbac
vitaete
r.
el to
mad
era
American Locomotive Co.-Another Attack.-eggen
ein
bm
tasa
orptthe
te
tent
ar
notes a
the appointment of receivers for
Isaac M. Cate of Baltimore. a stockholder of the company, has issued a
corporations.
27
the
letter
circular
attacking
of
the
fourth
management.-V.98. p. 1247, 994.
some two or three
Elliott, Pres. Cent. Nat. Bank, Phila., has been added to the
T.
William
American Tobacco Co., N. Y.-Investigation.-The committee.
aforesaid retail corporations are stated to be in
'New York Evening Post" on July 7 said:
All except four of the
exceptions being reported unofficially as: Hig_bee
One of the most complete investigations of the tobacco industry ever receivers' hands, the
Brothers' Dry Goods Co., Wilkes-Barre, Pa.;
Lazarus
Cleveland;
made in the United States is now under way at the hands of the Department Store,
Dry Goods Co,St. Louis. Mo.. and Thomas
of Justice. Every phase of the manufacture of tobacco products is being scruggs-Vandervoort-Barney
carefully studied by a staff working under the direetion of Claude A. C. Watkins. Ltd., Hamilton, Ont.-Ed.1-V. 98, p. 1996.
Thompson, Special Assistant United States Attorney. Mr. Thompson
Conn.-Extra Div.-Directors.
Collins Co., Hartford,
has five or six men in the field, and the various companies named in the
along with the regular semi-annual dividend
recent suit against the so-called Tobacco Trust have been called upon for
An extra disbursement of 1%
details about their present operations. It is expected that six months of 4%, has been declared on the $1,000,000 capital stock, payable July 15,
making 10% distributed during the year. Dr. E. K. Root and F. Spencer
will be required to finish the investigation.
Reports that Mr. Thompson was preparing a new suit against the Goodwin have been elected directors to succeed Howard S. Collins and
tobacco companies was denied by him to-day. Such a statement was Alfred H. Pease, deceased.-V. 84. P• 273.
unjust to the companies and to the Government, he said, in view of the fact
Connecticut River Transmission Co.-Stock Increased.
that the investigation was so far from completion that its outcome could
approved the issue of $495,000 additional capital
The stockholders havepaid
not be foreseen. It is being conducted under the authority of the last
in on June 25. The authorized and issued
clause of the dissolution decree providing that in the event of other orders stock, all of which was
being needed to accomplish the Court's will, the Circuit Court should capitalization of the company is now $1,195,000. Compa r3 V. 98 p. 1996.
jurisdiction
for
that
purpose.
retain
Dunkirk Gas Coal Co.-Guaranteed Bonds.-H.P. TayThe purpose of the investigation is three-fold, according to Mr. Thompson, viz.: (1) to discover whether the companies have been guilty of vio- lor & Co., Pittsburgh, offered on July 1 at 973 and int.
lating the decree: (2) assuming that there has been no actual violation, an 1st M.5% sinking fund bonds, dated 1907 and due Nov. 1
effort is being made to determine whether the decree has been sufficient to
carry out the purpose of the Court by re-establishing competitive conditions 1932. Guar., both as to prin, and int., by endorsement, by
in the tobacco business; (3) the Government is desirous of knowing whether the Pittsburgh-Westmoreland Coal Co. (V. 93, p. 51),
there are any companies existing to-day in violation of the law. The wide
entire capital stock. $';;
range given to the investigation by the scope of the facts which are to be which owns
elicited includes everything,from the planting of the tobacco to the manuOriginal issue,'9811.000; retired by sinking fund, $296,000; outstanumg,
and
boxes.
tin-foil
facture of licorice,
9515.000. Interest M. & N. at Braddock (Pa.) Trust Co., trustee. Par
Rush Williamson,special agent of the Department of Justice, is in charge 91.000. Tax-exempt in Pa.; exempt from normal Federal income tax.
Thompson:
and
two
Mr.
under
accountants,
J.
P.
work
of the field
Fernsler Call. at 100 & int. on any int. date. 9k.fd.$50,000 per ann. as a minimum.
and G. C. Trumbull, are associated with him. When all the data is tabu- Secured by a direct first mortgage upon the entire property, including
lated, it is expected that a report will be made to the Attorney-General, two coal mines and over 500 acres of Pittsburgh vein coal owned in Washabout 30 miles from Pittsburgh on Penn. RR., immediately
with recommendations from H.Snowden Marshall, U.S. District Attorney, ington
Co.,
to a largelblocklof unmined coal owned byLthe Pittsburgh-WestBefore he left for the tobacco region some two months ago, Mr Thompson adjacent
General
of
conditions
Attorney
in
Co.
the
the
Coal
Metro
- moreland
made a special study for
Ji-LY 11
THE CHRONICLE
1914.1
Elk Horn Fuel Co.-Listed on New York "Curb."-
The New York "curb" market has listed the $7.000,000 5% Cum. Pref.
Stock and 519.000,000 Corn. Stock, par value $100. There are also outThe company
standing $41,000,000 First Lien Convertible bonds.
Is controlled by intorests Identified with the Consolidation Coal Co. See
full particulars in V. 98, D. 1770.
Four States Coal & Coke Co.-Interest Payment.-
"Coal Trade Journal" says: "Receivers John W. Ailles, F. R. Babcock
and John 11. Jones have deposited money with the Union Trust Co.of Pittsburgh, trustee,for the payment of the interest accrued on the first mortgage
bonds due May 7, with interest on the coupons to June 30. It is whispered
that an application will be filed shortly to have the receivers for this company discharged. The company's mines are among the most active in the
district just now, its lake shipments being heavy.-V. 98, p. 1611.
Garford Co., Elyria, O.-Pref. Dividend Not Declared.The company has not declared the usual quarterly dividend of
11
/
1% on the $500,000 pref. stock.-V.95, p. 1475.
Great Lakes Towing Co.-Final Decree in Anti-Trust
Suit.-An official statement sent to the stockholders says:
The action brought by the U. S. Government against the Great Lakes
Towing Co. and its subsidiary companies, under the Sherman Anti-Trust
Act, has now reached a final decree in the District Court of the U. S.for the
Northern District of Ohio.
This decree enjoins the company from certain administrative practices
which the Court holds to have been in violation of law, but requires no
change in tne organization of the defendant companies. Perhaps the most
important provision is that which requires service to be furnished in accordance with the company's published tariffs and prohibits the making of
season contracts with customers for towing and wrecking service.
As the company has been operated without season contracts and in substantial accordance with the requirements of this decree for the past two
years-ever since the Court first intimated its views concerning these
matters-no considerable change of policy or business methods will be
required at this time.
The executive committee has directed our counsel to file the company's
formal acceptance of the terms of the decree and its agreement to comply
In all respects with the requirements of the same. It will be the purpose and
earnest effort of your officers to continue the operation of the company in
accordance with both the letter and spirit of the Court's orders and to render
our customers service which will be above Just criticism.-V.98, p. 1922.
Hercules Powder Co.-First Distribution.-
% has been declared on the new 7_% cum. pref.
An initial dividend of
stock. payable Aug. 15 to holders of record Aug. 5. Compare V.98,P. 390.
-V. 98, p. 1395.
International Steam Pump Co.-Committee.see (Henry R.) Worthington Co. below.-V. 98, p. 1319.
Isabella-Connellsville Coke Co.-Committee Asks Depos.
A creditors' committee, consisting of John A. Bell, Chairman, George W.
Theiss, Pittsburgh, and I. W.Seamans, G. S. Harah and A. A. Thompson,
Uniontown, Pa., requests holders of bonds, bond-secured notes and other
obligations to deposit the same, not later than Aug. 1. with the Colonial
Trust Co. of Pittsburgh, as depositary. George D. Howell of Pittsburgh is
counsel.-V.97. p. 12Ci.
Lackawanna Steel Co.-Combined Results.-For 3&6 mos.
Earnings for 3 and 6 Months ending June 30.
Three
Total
Int.on Bds. S.F. &Ex* Deprecia- Bal., stop. or
MonthsIncome.
& Notes. haustion. lion, ctc.
Deficit.
1914
8380,135 $437,425 $45,327 $235,856 def$338,473
1913
1,909,925
437,433
124,037
335,779 sur1012,675
Six Months1914
$616,183 $874,850 $82,188 $442,825 def$783,680
1913
874,912
3,513,469
231.705
651,657 sur1,755.195
There was also a special profit on sales of assets of sub. companies for the
six months ended June 30 1913 of $267,201, making the surplus for that
period $2,022,396.
The unfilled orders on June 30 1914 were 128,880 gross tons, against
$436,675 in 1913.-V. 98, p. 1159. 842.
Lawyers' Mortgage Co., New York.-Earnings.6 Months Ending
Gross
June 30Earnings.
1914
$652,453
1913
502,065
Compare V. 98, p. 153.
Net (after
Taxes).
$508,729
307,156
Dividends
(6%).
$360,000
360.000
Balance,
Surplus.
$148,729
37.156
Maryland Coal Co.-New Officer.-
G. W. Allen, formerly Asst. Treas., has been elected Sec. & Treas., to
succeed W. L. Chalmers. who resigned.-V.98. 13• 1540, 390.
Montana Water Co., Billings, Mont.-City to Purchase.
See "Billings" in "State and City" department.-V.96, p. 1844.
Northern Colorado Power Co.-Plan Operaitve.-The
readjustment committee in adv. of June 15, addressed to
holders of certificates of deposit of the Equitable Trust Co. of
N. Y., representing 1st M.5s and stock, say in substance:
The holders of all of said bonds and of over 983.5% of said stock and of all
the Two-Year 6% Secured Notes and of all the Secured Demand Notes of
said company, having assented to the plan of readjustment dated July 22
1913 (V. 97. p. 370). and a contract having been executed for the sale
of
bonds contemplated by said plan to raise the cash necessary for its consummation, notice is hereby given that the committee has declared said plan
effective and operative. Notice representing the presentation of
cates of deposit to receive the cash and the new stock contemplated certifiby the
plan will be given later, when the plan shall be ready for consummation.
Signed: Albert M. Chambers and Albert Rothbarth, Readjustment
Committee.-V. 97. p. 370.
Northern Redwood Lumber Co. (Korbel, Humboldt
County, Cal.).-Bonds.--Clark L. Poole & Co., Chicago,
are offering at par and int. 1st M. 6% serial gold bonds.
A circular says:
Dated Mar. 21914. Due serially 1917 to 1924. Callable on any interest
date on 30 days' notice at a premium of 1%. Denom. 51.000 and $500
c*.
Prin, and int. payable at Detroit Trust Co., Detroit, trustee, and Clark L.
Poole & Co., Chicago. A closed 1st M.on about 16,700 acres of redwood
timber lands, owned in fee simple, lying in a solid body in the watershed
of North Fork of Mad River, Humboldt Co., Cal., about one mile from the
company's lumber-manufacturing plant at Korbel, with which it is connected by the company's railroad. We appraise the property under this
mortgage at over twice the amount of the bond issue, the proceeds of which
issue will pay all the indebtedness of the company, principally incurred
through the purchase of timber lands and increase the cash working capital
and current assets to 74% of the entire authorized bond issue. A California corporation with a capital and surplus of $6,344.127, and is entirely
owned by the Charles Nelson Co. of San Francisco, Cal.
123
People's Water Co., Oakland, Cal.-Default-Financial
Plan.-Touching the default July 1 on the $5,600,000 underlying bonds, as well as on the $7,149,000 bonds of the People's Water Co. the refunding committee, consisting of
' S. Drum and W. W. Garthwaite, says:
P. E. Bowles, John
Defau,t,-Anticipating objections, especially from holders of underlying
issues, the committee desires to explain fully a condition whereunder it
is necessary for this corporation, whose solvency is unquestioned and whose
operations return a satisfactory and increasing profit, to take such a course.
If the committee countenanced the former practice of meetiog the interest
charges by pledging the revenue of the succeeding six months' period, default would not be necessary. The company's credit is as it was six months
ago, when the interest coupons were paid in that manner.
Status.-Briefly, the situation is as follows: The underlying bonds In
the total amount of $5.600,000 will mature on Jan. 1 1915 and no adequate
provision has been made or can be made within that time for their redemption. There is a floating debt of about $3,295,000, the greater part of
which is represented by short-term notes, for which treasury bonds of the
People's Water Co. General Mtge. issue are pledged on a basis of 2% to 1.
There are outstanding General Mtge. bonds of approximately $7,149,000,
the value of which would be seriously impaired If the noteholders should
sell at forced sale the securities pledged with them.
Confronted by these facts, the company, after five months of exhaustive
investigation, has prepared a plan of reorganization, based on the reports of
experts, which contemplates no impairment of service and no shrinkage of
values, provided there is active co-operation of the parties in interest.
Gperations.-On the operating side, the company is fundamentally sound,
as shown by the following the estimate being for year beginning July 1 1914:
1913. Est. 1914-15.
Gross income
$1.650,046 51,700.000
FNetixedcharges
81,022,800 51,100.000
800,000
821,327
Net income (except for depreciation)
$300,000
5201.473
As it is proposed to re-invest this $300,000 in pipe-lines and other construetion work, no other provision need be made for depreciation account.
Development.-The future prospects, if the plant is continued as one
system,serving what has become in the last 10 years virtually one community, are beyond question. The cities of Oakland, Alameda. Berkeley and
Richmond, and the other cities and towns originally supplied by independent plants, are now practically one. They are growing rapidly.
An idea of the magnitude of th.e plans for development can be gained from
the following computations prepared by the engineers: The company's
yield of water at present is: Alvarado, 8,000,000 gals.•, San Leandro. 8,000.000 gals,' other sources. 2,000,000 gals.; total, 18,000,000 gals. daily.
When fully developed, the daily supply will be: San Leandro, 14,000,000
gals.; San Pablo, 8,000,000 to 10,000.000 gals.•, Pinole, 2,000,000: Wildcat,
1,000,000; Alvarado. 8.000,000; diversions into San Leandro Creek, drainage, 6,500,000; other supplies, 2,000,000: total, 41.500,000 to 43,500.000
gallons daily. It+estimated that this supply will take care of the East
Bay cities until t
population exceeds 700,000.
The developme of the additional supplies will spread over a number of
years, beginning at once with the construction of the San Pablo dam, estimated to cost $600,000 and to yield 8,000.000 to 10,000,000 gallons daily.
The addition of this source of supply will eliminate the expensive pumping
Into Berkeley and Richmond from the San Leandro and Alvarado sources.
It is estimated that it will take care of the needs of the East Bay cities for
at least ten years, by which time the other supplies will have been developed
at an estimated cost of $5,000,000 to $6,000,000. Of this sum, possibly
$1,000,000 to $1,500.000 would come from land sales in 1915 to 1918 and
the remainder would be derived from earnings, $300,000 to $400.000 annually in years 1915 to 1922 and $450,000 to $600,000 in years 1923 to 1929.
Reorganization.-Friendly reorganization is imperative, and it must be
undertaken at once to prevent a hostile foreclosure at the expiration of the
90-days' grace. The committee, therefore, would urge each of the classes
of note and bond-holders to form protective committees to meet the refunding committee and endeavor to agree upon an equitable plan, the final
basis for which must be the valuation placed upon the property by the
State RR. Commission.
Meanwhile the affairs of the company are being economically administered, with no impairment of the service. To insure a continuance of this
condition, while we are working out the problem of re-financing
re-financing, a voting
control of the stock of the company will be deposited with the
Trust Co.of San Francisco,to be voted under the direction of the committee.
[It has been pointed out that some of the underlying issues are no longer
as fully secured as they once were.
Charles Remington in San Fr. "Chronicle" June 30 said: "Of the
47,000 acres owned by the parent company, its own bonds are a prior lien
on 25.000 acres. Of the 20,000.000 gallons supply 12.000,000 gallons
have been developed by the parent company, while the underlying bonds
are a lien on less than 8,0001,000 gallons. The junior bonds are a prior
lien on all the extensions made since 1906 and on virtually all the meters."
-V. 99, p. 53.
Pittsburgh Westmoreland Coal Co.-Guaranteed Bonds.
See Dunkirk Gas Coal Co. above.-V.93, p. 51.
Pope Mfg. Co., Hartford.-Sale Delayed.Judge W. L. Bennett of the Superior Court at Hartford on July 7 dismissed the application of the creditors' committee for a public sale of the
property and advised the filing of another motion asking for an order for
separate sales of the Westfield and Hartford properties.
Judge Bennett stated that,from the evidence given at the recent hearing.
the Westfield business is highly profitable, while that of the Hartford plant
has not been showing a profit. The business carried On at each is entirely
distinct and separate. The Court added: "The evidence shows that the
Massachusetts olant is worth and ought to bring $1,250.000 and having
beard the evidence, I am of the opinion taat the Connecticut property is
worth and may fairly be expected to sell for more than $550,000. If this
petition should be granted, it would seem that the Connecticut property
would be sacrificed in order to obtain the Massarhusetts property."
The Judge is of the opinion that under separate sales there may besome
thing for the pref. stockholders.-V.98, p. 1997.
Progressive Wall Paper Corporation. Plattsburgh,
N. Y.-Pref. Stock Offered.-Ashley & Co., New York, Boston and Atlanta, are offering at par and int., by adv. on
another page, this company's 7% cumulative and sinking
fund preferred stock, preferred both as to assets and dividends. Dividends payable J. & J. 15, accruing from July 15
1914. Par $100 a share. Exempt from taxation in New
York and from the Federal income tax. Issue $200,000.
Properly. &e.-This corporation is the only mill in this country, so far
as we know, which grinds its pulp, makes its paper and prints it. It is
one of four mills that make the popular oatmeal ingrain paper and the only
one which both makes and prints it. The property includes 120 acres of
land in city of Plattsburg on both sides of the Saranac River, the bed of
which falls 23 ft. at this point, a masonry dam 23 ft. high and 500 ft. long.
a pond nearly a mile in length. 500 ft. wide and in places 20 ft. deep, and
brick buildings with concrete floors and supplied with sprinkler systems.
The pulp mill makes all the wood pulp and, being only 23 miles from
Canada,has a lower freight rate on wood than any other mill in the country.
A log of spruce wood is here converted into finished wall paper of the highest
Old Colony Gas Co.-Annual Output.For the 12 mos. ending June 30 the output was 61,319,000 Cu. ft., as type within an hour after it is put in the grinder. Value of water power,
compared with 44.864,000 Cu.ft. for 1913, again of 37%.-V.98, P• 1464. buildings and machinery, based on appraisal. $419,951.
Capitalization as of July 15 1914: 1st 6% bonds, $95,000; 7% pref.
Peerless Motor Car Co., Cleveland.-Pref. Dividend De- stock, $200,000; common
stock, $128,300. The proceeds of this pref.
stock
pay the entire floating debt, provide about $75,000 working
ferred.-The company, it is announced, will not pay at pres. capitalwill
and save annually on interest charges and bills discounted more
sufficient to pay the full pref. dividend.
ent the dividend usually paid in July on the 7% cum. pref- than
stock cannot be increased nor any lien or mortgage created without
stock, for the reason that it is thought best to husband the thePref.
assent of 75% of the pref, stock at a special meeting. A sinking fund
company's resources, in view of the fact that it will bring out of 2:1f % per annum of the outstanding stock will retire the pref. in 20 years
by lot 'at $110 and div., if not purchasable for less. From July 15 1919
a popular-Priced car in connection with its present higher- redeemable
at option of corporation as a whole (but not in part except for
sinking fund) at $110 per share and div. No dividends on common unless
priced line of automobiles.-V. 96, p. 1093.
there shall
thereafter a surplus of 30% on the pref. after deducting
Pennsylvania Water & Power Co.-Listed in London.- all current remain
liabilities.
Earnings.-For 10 years to June 13 1914 manufactured chiefly pulp and
The LondentStock Exchange has listed the $8.495,000 capital stock.
white paper and accumulated surplus of $72,624, all of which was put back
V". 98. P. 1464.
THE CHRONICLE
124
ago began the manufacture of oatinto the property. About three years
its present name
meal paper, the result of which is so successful that under
hereafter its entire capacity
devote
will
it
capital
increased
its
and with
there
to that class of goods. All wall paper factories print this paper, butproved
make it, and they have
are only three others in this country which
it.
prints
and
makes
which
one
only
the
is
This
successful.
phenomenally
Est. Earnings for Year end. June 30 1915,from Orders Practically Assured.
wall
paper dept., $25.750„$77.150
Net profits: Paper mill dept., $51,400;
Deduct—Principal of bonds, $5,000, and int. on bonds, $5.700- --- 10,700
Pref. dividends, $14.000: sinking fund on pref. stock, $5,500__ 19,500
$46,950
Balance. surplus (estimated)
Directors.—G. M. ingalsbe, Pres. Sandy Hill Nat. Bank: John H.
Derby. John J. Cunningham (President), all of Hudson Falls, N. Y.;
A. S. Derby (Treasurer), S. S. Kempner, W. J. McCaffrey and Joseph
J. Carthcart (Manager), all of Plattsburgh, N. Y. A N. Y.corporation.
San Antonio Land & Irrigation Co. Ltd.—Plan.—
The holders of the 6% 12-year 1st M.bonds of 1911 (of which £1,200,000
are in hands of public: a further £400,000 pledged for loans) will vote in
Toronto July 21 on (1) Sanctioning the alteration of the rights of the
holders in order to enable the company to defer payment of the interest on
May 1 1914, or
the said bonds for a period of two years from and including
until the proceeds ofthe sales of lands shall enable the company to resume
shall be the shorter
the payment of the interest on the bonds, whicheverinterest
during such
period, and waiving any default in the payment of
period, subject to the continuance for the same period of the loans referred
to in the circular accompanying the notice convening the meeting. The
company, it is stated, required $1,857,872 additional capital, which, with
the $1.008.959 applied to payment of interest charges, made a total of
$2.466.831. Of this sum $1,276,342 was obtained by means of a loan
secured by pledge of the £400,000 bonds not sold and $1.348,178 had been
borrowed, partly secured by the company's 7% notes. Owing to drought.
only 1.000 acres have been sold. realizing $140,000.
In view of this proposal, the following committee is announced: Thomas
Aitken, Charles B. Stocken, A. I. E. Smith and M. S. Myers, all of London. and Leroy W. Baldwin, Pres. Empire Trust Co., 42 B'way, N. Y.
Slaughter & May, London. ask bondholders to confer with them. The
bonds, it is asserted, covered lands not already owned but which were to
be bought.—V. 98. P• 1396.
[VOL.
xclx.
The cash payment will be in lieu of the accrued pref. div. to Aug. 10 1914.
"The report of April 29 1914 shows a gain in • ssets, partially due to net
earnings from contracts recently completed.,of some 5217.000, and also
shows that the current assets and liabilities practically offset. In other
words, by such report it seemed to be demonstrated that your company
under normal conditions is a profitable undertaking and amply able to earn
its dividends and a satisfactory surplus in addition. It remains a fact.
however, that the company is doing its business upon temporarily borrowed
capital, and to enjoy a permanent success,this temporary capital should be
converted into a permanent security and the present debt eliminated.Approximate Assets of New Company (Est.) $4,250,000.
[Offsetting 31,000,000 1st M. 6s, $2,000,000 pref. and $1,250,000 corn.]
Plant and machinery----31,505,738 Patents
$445,675
Cash,accts. rec. & inven._ 792,146 Good-will
1,226,720
172,221 Bonds in treasury
Investments
107,500
A. B. Turner is Pres. and George H. Bowers, Treas.—V. 98, p. 1465.
Walpole (Mass.) Tire & Rubber Co.—Sale Postponed.—
Receiver's sale has been postponed until Aug. 12.—V. 98,
p. 1779.
Western Power Co.—Plan.—The proposed plan is not
yet ready, but Berdell Brothers, 34 Pine St., N. Y., say:
We have not as yet seen the details of the plan proposed by the Western
Power Co. directors for paying the accumulated dividends on the preferred
stock, which will amount to 18% on Jan. 1 1915, but we understand that
118 shares of the new 6% pref. stock will be exchanged for every 100 shares
of the present outstanding stock. The company will be re-incorporated in
N. Y. State. and the assets of the New Jersey corporation will be transferred. The par value of the common stock may also be abolished. It is
hoped that the company will then be able to pay dividends on all the outstanding pref. stock, as the earnings are running at about 11% on the
proposed amount of pref. stock.—V. 98, p. 1543.
Wheeling (W. Va.) Steel & Iron Co.—Consolidation—
Stock Increase.—The stockholders on July 1 approved the
plan to consolidate the Wheeling Sheet & Tin Plate Co. by
purchase. The stock of the company will be increased from
Power
&
Light
Corp.—Notes
Joaquin
Extended.—
San
$5,000,000 to $7,500,000 for the acquisition.
Conmdssion has authorized the renewing of
three promisThe Cal. RR.
sory notes.aggregating $200,000,for one year at 6% interest. Two of the
notes are held by the Wells, Fargo National Bank and one by the Union
Trust Co. of San Francisco.—V. 98. p. 1854.
The plan will be passed on by the Tin Plate stockholders later this month.
The directors have already tentatively approved the plan.
C. R. Hubbard. who has been President and General Manager, will
retire from the active management of the company and will be succeeded
by I. M.Scott, Pres. of the Tin Plate Co., and former Pres. of the La Belle
Iron Works.—V. 97. p. 449.
Schulze Baking Co., Chicago.—Bonds.—The Fort
Dearborn Trust & Savings Bank of Chicago, the mortgage
(F. W.) Woolworth Co.—Earnings.trustee, is placing at par and int. $600,000 1st M.6% gold
Increase.
Decreased
1914-6 mos.-1913.
1914—June-1913.
bonds. Dated Aug. 1 1914, payable serially on Aug. 1, $5.473,812
35,147.446 3326.3661330,613,752 $28,350,570 $2,263,182
$30,000 yearly 1916 to 1928 and $210,000 in 1929, but red. —1r.98, p. 1854, 1465.
on any int. date at 102 and hit. on 60 days'notice. Denom.
(Henry R.) Worthington.—Protective Measures.—A
$100, $500 and $1,000. Int. F. & A. at office of trustee. stockholders' protective committee, in circular dated June 12,
Digest of Statement by President Paul Schulze, Chicago. June 25 '14.
Incorporated in Illinois in 1893 and is engaged in the manufacture and addressed to the holders of the pref. stock, say in substance:
bread in Chicago. Kansas Cityand Cincinnati,withplants in eachof
Under date of April 20 1914 you were informed that the directors had
sale of
said
cities. In Chicago we have four large plants in full
operation, and are concluded that the semi-annual dividend upon your pref. stock, ordinarily
completing another, 100 ft. in height, covering a ground area of 48,000 sq. payable May 1. would not then be declarod, and that the International
ft., on 55th St.. Boulevard and Wabash Ave. which will be one of the Steam Pump Co., which holds almost all of the common stock. is considering
finest bread factories in the world. These bonds are secured by a first plans for the unification of its operating departments, and that this may
mortgage on all the company's property and plants in Chicago and other lead to an attractive offer of exchange of securities. In view of this and
cities, the present value of said property being over $1,365,000.
other important considerations, holders representing over 3,000 shares of
This bond issue isioart of a total of $2,000.000 duly authorized. The un- Worthington pref. held an informal meeting and chose this committee
issued balance, $1.400,000. may be issued only to the extent of 50% of the
The Worthington preferred is held in comparatively small blocks by
cost of additional real 'Property on which this mortgage shall be a first lien. about 500 holders, to whom the cost of individual investigation would be
and then only when the annual net earnings are three times the annual prohibitive. The officers and directors are also the officers and directors
interest charges, including bonds sought to be issued.
of the International Steam Pump Co., but their financial interests are much
Upon receipt of the additional working capital supplied by the proceeds greater in that company than in your company, which has been loaded with
of these bonds, the capitalization will stand as follows: Capital stock, a very large indebtedness affecting your interest. The propriety of this
debt may be seriously questioned, and its relative priority over your holdings
$5,000,000; 1st M. 6% gold bonds (this issue). $600,000.
For the year ended Jan. 1 1914 the net earnings were more than four should be carefully investigate. The splendid standing and excellent
times the amount of the interest requirements of this bond issue. Our trade name of your company is manifestly not being sustained.
This committee proposes to make a thorough investigation as to the
entire organization is, and has been for more than 20 years, concentrated
value both of its pref. stock and also, if
upon th
,
5e
2e
0f
.
aut
year.he steadily
yt
118 company and to determine the
)
cupymretn 38
s.7(
staple-bread.
e oincreasingdemand,
possible, of the securities to be offered in exchange therefor, and for these
flour per
accountants,lawyers,&c.,iffound necessary.
sq. ft. of floor space, and with the completion of our latest bread factory. purposes to employ experts,
requests those for whom it shall act to
will have a capacity of over 100,000,000 loaves of Schulze's bread per year
To meet expenses, this committee
share. In caso a furthor assessment is
in Chicago alone.
Pay an assessment of 59 cents per with the Franklin Trust Co., Brooklyn.
Officers.—paui Schultz, Pres.; Wm, Schulze, Treas.; L. B. Patterson, necessary, we shall file an agreement
the terms upon which this committee
N. Y., as depository, setting forth
Vice-Pres.: 0. C. Miessler. Sec.
of the certificates of stock
shall act, and calling for the deposit, if necessary,
After the assessments aggregate $j
therefor.
Sealshipt Oyster Co.—Sale Confirmed.—
receipts
negotiable
giving
the consent of three
without
made
be
Judge Morton in the U. S. District Court at Boston has confirmed the and
shall
assessments
per share,no further
This
sale of the property to the reorganization committee for $725,000 above fourths
of the shares for the holders of which this committee is acting.
suggestions.
mortgages and liens. Compare V. 98, p. 1541.
committee desires to add to its membership and will welcome
Treasurer
Co..
Trust
Franklin
of
order
The assessment should be paid to
Sears, Roebuck & Co.—Total Sales.committee, at office of committee, Room 1501, 80 Maiden Lane.
1914—June)-1913.
Increase.)
1914-3 mos.-1913.
Increase. of Signed: Robert B. Woodward, Temporary Chairman, 45 Wall St., V.S6.092.100
$5,550.197
Bulkley.•
9.75%1547,901.012
6.66
344.909.530
Pres. Nassau Nat. Bank, trustee Franklin Trust Co.; Jonathan
—V.98. p. 1772, 1465.
43 Cedar St., N.Y
of Entitle'? Denton & Co.,75 Duane St.; Percy Jackson,1321.
p.
Southern California Edison 'Co.—Bonds Called.—
98.
City. and Stirling Birmingham. Secretary.—V.
First and ref. bonds Nos. 772 to 880 (both inclusive) of the Edison
Electric Co.of Los Angeles, dated Sept. 1 1902, for payment at par and int.
on Sept. 1 at U. S. Mortgage & Trust Co., N. Y.—V. 98, p. 1618.
—The July 1914 number of the Hand-Book of Securities, to
,0 su
be issued July 14 by the publishers of the "Commercial and
Financial Chronicle," contains a monthly range of prices to
July 1 of stocks and bonds sold at the Stock Exchanges in
New York, Boston, Philadelphia, Baltimore, Chicago and
Pittsburgh. There is also a yearly range of prices for bonds
Coupon notes of $1,000 and $500 denom. Int. J. A: J. In N.Y. Callable and stocks sold on the New York Stock Exchange for the
at 10034 and int. at any time on 30 days' notice. Guaranty Trust Co. of
years and a yearly range for 3M years of Boston
N. Y., trustee. Auth. and outstanding. 3250,000. Secured in ratio of past 6
3 to 2 by $375,000 of company's first mortgage 6% bonds.
and Philadelphia prices. In addition the book contains
ending
March
31)—
Earnings (Years
191:3-14. Est.1914-15
tables with details of securities, together with the
Gross earnings
3938.719 31,077,000 elaborate
respective companies, and
Net earnings (after operating expenses, taxes, &c.) -$230,835
$348.000 earnings and fixed charges of the
Annual int. charges on all funded debt outstanding
showing as nearly as practicable the surplus available to meet
after July 1 1914, including this issue
373.860
table of dividend payTotal bonds and notes outstanding. 31,231.000, followed by 31,-8-0-6,665 charges and dividends. There is a
Price
pref. stock, which has been sold by the company at par.—V. 98, p. 917.
ments for 9M years. The book contains 192 pages. includone dollar or to "Chronicle" subscribers 75 cents,
Temple Coal Co.—Pref. Stock All Sold.—
Brown Bros. & Co.. Philadelphia, on July 6 announced that the entire ing postage. Copies may also be had at the "Chronicle"
issue of $2,000,000 8% cumulative pref. stock which they purchased from office, 513 Monadnock Building, Chicago, or from Edwards
the company has been sold. Part of the issue was sold to other houses.
See V.99. la• 51.
&- Smith, 1 Drapers Ga^dens, London.
United Cigar Stores Co. of America.—Par Value of
—Ashley & Co. of 61 Broadway, this city, Atlanta, Ga.,
Shares to Be Changed from $100 to $10.—
Boston, Mass., are offering .and advertising in this
and
The stockholders will vote Aug. 14 1914 on reducing the par value of the
capital stock, both common and preferred, from $100 per share to $10 per issue the 7% cumulative and sinking fund preferred stock
share. each 5100 share to be exchanged for ten shares of the same class of of the Progressive Wall Paper Corporation of Plattsburgh,
new stock, par value $10 each.—V. 98, p. 1465.
N. Y., exempt from taxation in New York and from FedUnited States Metal Products Co.—Plan.—
income tax. Price, par $100 per share and accrued
eral
the
at
20
July
offices
of
meet
will
Turner,
stockholders
Tucker & Co.,
The
and
Inc.. in Boston, to vote on selling all the assets to a new Massachusetts dividend. Subscriptions allotted in order of receipt
corporation. to be called "The Metal Products Co.," with the following payment required July 27. See to-day's advertisement for
capitalization:
81,000,000 details.
First mortgage 6% 20-year bonds
2,000,000
Seven per cent cumulative preferred stock
—F. S. Smithers & Co., 44 Exchange Place, N. Y.„ have
1,250,000
Common stock
their "Standard Oil Companies, 1914" booklet, conissued
Terms of Exchange for Present Shareholders.
complete financial statements of all these companies
taining
Will
And
Receire
Pays
Total
If Making
Pref.
New Corn.
so far have been issued, together with other data.
which
Cash Pay- out. Cash Cash 1st M. 65. New
s
3
meat—
—The investment banking house of Nesbitt, Thomson &
Each $100 pf.2.000,000 15 7.00 15-300,000 100-2,000,000
5-230.000
25-1.250.000 Co., Ltd., Montreal, Canada, have recently opened a branch
do com__5,000.000 5 ---Or If Not Paying Cash—
office in the Bell Telephone Building, Hamilton, Ontario.
None
80-1,600,000
Southern Utilities Co., Jacksonville, Fla. and N. Y.
—Notes Offered.—The Chicago Savings Bank &'
Trust Co. is
offering, at par and int. part of the $250,000 1-year 6% First
Lien Collateral Gold Notes, dated July 11914, due July 1
1915. A circular shows:
Each 5100 DI.
None 5.60
JULY 111914.1
THE CHRONICLE
125
Sevorts anti Documents.
PUSLIS.S AS ADVERIIS.I.TS.
MEXICAN PETROLEUM COMPANY,
Ltd.
OF DELAWARE.
AND ITS SUBSIDIARIES, THE
HUASTECA PETROLEUM COM
PAN
AND
Y
MEXICAN PETROLEUM COMPANY.
(CALIFORN IA.)
1913.
ANNUAL REPORT (Omitting Map).
Los Angeles, Cal., June 10 1914.
Mexican industries, whichThave'sinc
To the Stockholderslof the Mexican Petroleum Comp
e come to depend for
any, Limi- fuel upon the production
ted, of Delaware:
of the Oil fields. The competitio
n
of
a
wealt
hy and well established paving
Gentlemen.—We submit herewith
corporation, in the
a consolidated balance City of Mexico, had to
sheet of the Mexican Petroleum Comp
be
met
befor
e
a market could be
Limited, of Dela- found for any of the
ware, and its subsidiaries, the Mexi any,
asphalt product of the Company'
Petroleum Company finery. The very
s re(California) and the Huasteca Petrcan
limit
ed
and
slowl
y
incre
asing market did
oleum Company.
not seem to justify carrying on
We take this opportunity of giving those
deve
lopm
ent at a very extenof you who have sive rate. Nevertheless, the
become stockholders since the issua
stockholders of the Mexican
of the last annual re- Petroleum Company show
port, a brief history of the petroleumnce
ed
their
faith
by autho
companies in which you immediate installmen
t of an ice and cold-storagerizing the
are interested.
plant, a
saw
-mill
,
a
machine shop, a
We likewise submit, in brief, to all of the stockholders, an
r and blacksmith shop,
electric plant, an asphaltum boile
such information as we think will be interesting regarding the
refin
ery,
a
cooperage plant, a
large warehouse, the building of
Companies' affairs and the extent to which they have
gauge railway, the purchase of 2 15 kilometers of standardinfluenced, so far as is determinable, by the unsettled been
locom
otive
s, of 25 tank cars,
gov- the building of one-half a
ernmental conditions in Mexico.
milli barrels of steel oil storage,
the building of proper housing on
for
empl
oyees, the employHISTORIC
ment of a competent doctor, the provi
MEXICAN PETROLEUM COMPAL.
ANY (CALIFORNIA).
modern hospital and the constructi sion of a fully-equipped
on
of a six-inch water line
The lands which comprise the holdings
of the Mexican from the Tamesi River, fourteen miles distant, with
Petroleum Company of California
necessary pumping station.
were
acqui
red
by
its
organizers in the year 1900, when the
Before any other company commenced
write
r
and
the
late
C.
A.
Canfield, together purchased in
to produce oil in
simple 400,000 acres of Mexico, the Mexican Petroleum Company had
land located near the meeting of fee
been in operation for four years, had produced
the
bound
aries
of
State
the
s
and sold several million
of San Luis Potosi, Vera Cruz and Tama
barrels of oil, had contracted to suppl
ulip
as,
part
of
the
y for a period of fifteen
land lying in each State.
years the Mexican Central
way Company with 6,000
The Tamesi River and its main branch,
barrels of fuel-oil daily, whicRail
the
Nara
Rio
njo,
h contract it still continues to
form the northern boundary of the tract
for more than sixty fill, and to which it has added contracts with the
miles, and the southern limits of the
National
Railways of Mexico, the Interocean
area
appr
oach
close
to
ic Railway, the Vera
the Rio Panuco, which latter river, meeti
Cruz & Pacific Railway and the
ng
with
Tame
the
si
Mexican Sout
about four miles above Tampico, form
Railway.
s the harbor of that thus supplying with fuel-oil nearly 85% of thehern
city. The nearest point of the Comp
oil-using railway mileage of Mexico, until May
any'
Tamp
lands
s
to
ico
10 1920
is about fifteen miles westerly.
The National Railways of duction of the Mexican Petroleum Co. up.toThe total proMexico extend through the prope
March 5 1914
was 15,020,927 barrels of oil. The
rty
for
a
dista
of
nce
35
Company now owns 450,miles. The town of Ebano was
000 acres of land in fee; its (pioneer)
built
by
Comp
the
near
any
conce
the railway line, near the centr
having exe of the property and near the pired four years ago, it has no concession ofssion
first location for oil development.
any kind. The
titles to this land, which were purch
ased from individual
Development work was actua
, are traceable back through said owne
begun on the land so ac- owners.
quired in February 1901. Thelly
by docufirst well was completed on ments in the possession of the Company, to thers,
year 1583.
May 14th of the same year. It yielded abou
Owing to the unsettled condition of the
barre
t
ls
fifty
country
daily. Other wells were immediately begu
g the
n and drilled year 1913, a limited amount of drilling was done ondurin
to depths sufficient to develop oil.
the
of this Company, one well having
been completed in
Prior to the development of these wells, no petroleum was Company's "Chijol Distr
n the
ict"
being produced in the Republic of Mexico.
barrels daily. The producing having a capacity of 1,500
Your
Mexi
can
capacity of the older wells
Petroleum Company procured a concession
from the Govern- has remained unchanged during the year.
ment as the pioneer in this industry. Said
However, they
have not been permitted to flow
conce
ssion
perto their full capacity, bemitted the importation, free from duty, of suppl
cause of the interrupted and
ies
and
mauncertain deliveries of oil to the
chinery for the development of
and also stipulated that Company's customers. As no chan
the company should be exemptoil,
ge can be discovered in
the character and quantity of
from
all
taxes
excep
,
the
t
stamp tax,for a period of ten years.
the production, we feel warranted in holding the belief
that the present rate of production
There being no oil-fuel produ
nor consumed in the Re- can be continued for many years
public of Mexico, and the oil ced
to come and can be greatly
increased by drilling when
devel
oped
in
wells
the
first
drilled being very heavy, to-wit: abou
ever the conditions justify.
t
12
gravi
(simi
ty
lar
HUASTECA PETROLEU
to that being produced in the Panuco
M COMPANY.
district) it was unfit
The lands of the
for refining and usable only as fuel
Huasteca Petroleum Company were
and
as
road-makin
g
large
ly acquired in 1905
material. Consequently, it became
and 1906, although they had alnecessary to build up ready been
in Mexico a market for fuel-oil and asphaltu
known to the
izers of the Mexican Petroleum
m.
Company for some yearsorgan
At about this time the Beaumont field of Texa
.
s was disThe recovery of the oil
covered, the great production of whose wells
business generally from the stagthere being no nation into
developed market for fuel-oil in Texas, beca,me
drug upon opment in which it had been thrown by the great over-develthe market, and, consequently, prices for crudeaoil
South
ern
Texa
s and the encouragement which
dropped successful
the
as low as three cents per barrel.
introduction of the Mexi
Petroleum Company's
Some of the difficulties then with which the early stock oil as a railway fuel in Mexico gavecan
,
stimu
lated
our
acquire and develop other
desire to
holders had to contend, and which at times had
promising localities.
Although half a dozen years
couraging effect as the resulting low selling price a most dishad
of
the
passe
stock
d
since
our
cessful development near
first sucdemonstrated, may be stated as follows:
o, and the annual sales of the
Mexican Petroleum CompEban
The Company began its work in a country foreign
any
had
incre
to
its
ased
to
over
two and
one-half
stockholders. The place of beginning was
more than 2,500 made by million barrels, there was very little effort being
miles from the nearest oil well supply establishm
other oil prospectors to acqui
ent,
re
that
at
oil
lands
gion of Mexico, and such
in this retime. There was not sufficient. population in
efforts to develop oil as had
been
vicinity of its property to supply the requi the immediate made were not crowned with succe
ss.
remen
ts
of
the
The organizers of the Huas
Company, and all classes of labor, skill
teca
Petr
ed
other
oelu
and
wise,
m
Comp
any had,
both foreign and native , had to be brought from distant therefore, a practically open field in which
to endeavor to
acquire the properties which
places. The first development was begun in the mids
appea
led
to
them
t
of
as
a tropical jungle, the effect of the climate of which had to the best returns for development. Two of the mostpromisng
properties now owned by the
valuable
be met by the immediate installation of proper sanitary toHuasteca Petroleum Comp
wit: Los Higueros and Mont
facilities for the workers. The native laborers, while
e Alto, had already beenany,
work- chased by Messrs. Dohe
ny and Canfield in February puring for a very low wage (36 centavos per diem) were not accustomed to the continuous application which was necessary To these properties, as a nucleus, were added, by , 1901.
outright
purchase or by lease, for cash renta
in the opening lin of an oil field. The American imported years
l, for a period of thirty
or more, over 100,000 acres of
workingmen found it difficult to perform their customary
land,
selec
ted
there
because
duties in the much warmer climate of that region. The sive were included within their boundaries the most exten
and active oil exudes in the Huas
Railroad Companies had to be persuaded and educated to in
teca
regio
n.
these
Included
use the oil as fuel. The same was true of all the other Casiano lands are such now widely known properties
as the
district, Cerro Azul, La Pitahaya
, Juan/Felipe,
126
THE CHRONICLE
[VOL. xcix.
geable
built on the unit system, so as to be enlarof
any
, Nunez Chapapote, a refinery,
Ships
Viejo
d.
ructe
Cerro
const
Solis,
is
being
al,
ity,
capac
Zapot
ed
desir
illo,
any
Moral
arge their
Geronimo, Ojo de Brea, La to
disch
and
es
San
wharv
Alto,
the
at
e
r
Mont
ancho
safely
ros,
can
Higue
ht
Los
nes. A side
potillp, Monte Grande, Monte draug
the Company's tanks through its pipeli
Merced, Palo Blanco, Chapona,
a Labrada, Sam Miguel oil into
e the ComPeidr
enabl
will
al
echa
Centr
is
Camp
Illino
the
with
Laja,
cting
La
conne
o,
Gord
-named properties, when track to deliver its product by rail to such customers as cannot
above
The
&c.
,
Aguas
Tres
de
i
Petroleum Company, seemed to pany
economically served by means of the Mississipp
acquired for the Huastecathe
in oil territory in the re- be more
certa
of
all
y
nearl
aries.
tribut
very
its
de
and
inclu
River
Tampico.
such a part of the
gion between Tuxpam and
We are attaching herewith a mapi of
rs of the Huasteca Petroleum
Tamaulipas as to
and
Potos
Luis
San
Cruz,
Vera
of
So convinced were the office
s
State
interested. The
to develop oil in paying quantities inclu
are
you
which
in
lands
the
of
all
Company that their effortsrealiz
de
.as they did that no oil
is the property of
ico,
Tamp
of
west
the
to
lying
,
tract
would be successful, and t econoing
st
mically without 9, pipeline, large
des 450,000 acres
could be moved to markethe commencement of oil develop- the Mexican Petroleum Company; it inclunce
of 35 miles by
a
dista
for
rsed
trave
is
e;
simpl
contemporaneously with
fee
they immediately initiated pro- owned in an Central branch of the National Railways. Its
ment in the Casiano districtfrom
Tampico, 70 miles distant, the Mexicboundary is the Rio Tamesi, one Of the most beauceedings to build a pipeline
opment was to begin, and to northern
300 feet; the depth of
into the valley where the devel
rivers. It has a width of aboutfeet;
the banks of the
pumping atations. It required tiful ofin
25
to
18
from
is
ns
seaso
equip the same with amplebuild
dry
the pipeline, its completion water
puts in to it. It
tary
tribu
some
where
t
excep
high,
more than a year's time to
sition of rights of way. stream are either side for many miles with fields of bananas,
being delayed somewhat for the acqui
and the completion of the is lined on
The development of the wells er,
with beautiful forest trees of tropical nature,
that the first big gusher and elsewhere
, Palo Moral, Rosewood, Orejon, Sabine,
Ceiba
oil line were so well timed, howev
July 10 1910; the second such as the o, Chac
a, Mango, and a multitude of other
(Casiano No. 6) was brought inmber
Eban
111910, and the pipe- Cedro,
as palms and bamboo galore.
well
gusher (Casiano No. 7) on Septe
as
tropical trees,
1910.
land is undulating, perhaps one-third
the
line was completed September 17
of
ce
The surfa
ated daily capacity of
rolling prairie, covered with a luxurihigh,
With two wells having an estim
being
ano No. 7) could not be of the area
grasses. The remainder is tropical
tious
70,000 barrels, one of which (Casi
nutri
of
of nearly 25,000 barrels be- ant growth
trees grow so thickly that it is
and
s
completely shut in, a production
shrub
the
of the oil by escape to the sur- jungle, where
use of a machete to cut one's
the
with
ing permitted,to prevent waste
t
excep
me necessary immediately impenetrable
face through earth cracks, it beca
of oil-storage, and also to seek a way.
grazing possibilities, alto provide a large amountof
It all has great agricultural andduring historic times, exthe oil as rapidly as possible.
d
farme
market for the disposition s
been
s in these directions was, though it has neveralong the river above mentioned, and a
The result of the Company' effort
of over 8,000,000 barrels of cept in small tracts
your Company for Company
on the one hand, the building
s of reinforced concrete few limited areas cultivated by
steel storage and 2,000,000 barrel
com- purposes.
on its property.about 8,000
reservoirs, in record time, one 55,000-barrel tank being
The Company has maintained2,000
hand, contracts were
horses and about 987
,
about
cattle
pleted every six days. On .the other
ed
brand
an and for- head of
to be several thouated
er,
estim
numb
large
made for the sale of oil at fair prices to both0Mexic
a
es
mules, besid
over 30,00 barrels daily.
2,000 head of wild
about
,
and
cattle
nded
unbra
eign users, to the requirement offor
of
the acquisition of ocean sand head, live in the jungle by day and come into the clearArrangements were also made
able tank horses, that during the night.
transportation. The Company. now has avail
ings to feed
300,000 barrels.
been difficult to attend to
steamers whose loading capacity is over
The handling of this stock has
tions existing
The Huasteca Petroleum Company has received up to date properly during the past year, owing to condithat
the Comht
The well
thoug
not
is
it
ss,
thele
Never
from its No.7 well over 31,000,000 barrels of oil. 00
ry.
barrels in the count
of the taking of the catn
reaso
by
ly
great
red
is still flowing at its customary rate of about 650,0
suffe
require- pany has
monthly. Well Casiano No. 6 is still shut in, theg the
tak- tle.
map will give you an idea of the approx-,
ments of the Company's contracts not necessitatin
A glance over the
Huasteca Petroleum Company's lands
the
of
ing of oil from this well to date
ion
-inch imate locat
ico continuously south to the TuxTamp
from
The Huasteca Petroleum Company now has three 8miles
d
exten
which
70
nuous connection of your lands from
conti
The
.
pipelines, extending from its Terminal at Tamp8ico,
River
pipeline pam
is accomplished by
southward, to its Casiano District, and one -inch
co River to the Tuxpam Riveroad
right of way be. A second the Panu
railr
and
ne
pipeli
the
of
ship
completed to Cerro Azul, 22 miles further south
and across
el with the last- the owner
owns
any
the
Comp
which
tracts
large
8-inch pipeline is being constructed parall
the
Its pumping tweentracts
it holds under lease.
which
lands
of
named line, between Casiano and Cerro Azul.
barrels of the oil those most notable point on this line of territory is, perhaps,
stations are ample to deliver about 70,000 distri
The
70 miles south of Tamcts to Tamtwo
these
from
nes
pipeli
its
gh
any's district at Casiano,
throu
daily
by three 8-inch pipeSan the Comp
en
River
co
ay
betwe
Panu
railw
a
the
eted
with
compl
has
any
cted
Comp
The
conne
pico.
, pico,
stations placed 14 miles
ahua
ing
Lake
Tami
pump
the
on
port
dable
erly
formi
south
most
its
imo,
Geron
gh the lines, with
the way, owns the only comthrough to Cerro Azul, 35 miles distant, going throu
apart. Your Company, by
is deliverable from oil
Company's Casiano District and many of its other properties pleted pipeline through which oil
Pearson Syndicate has
The
co.
Tampi
of
r
harbo
en route.
wells to the
This informaThe Company owns all of its pipelines and railroad right a line under construction, not yet completed.
false rumors. Casiano is
ct
corre
to
ed
polat
inter
of way, not only where the lines are now built, but extending
tion is
.
de Tamiahua at San Geronimo
farther south through its properties to the Tuxpam River
cted with the Lagunaof
done connenarro
easy grade, supplied with amoad
railr
ge
w-gau
During the year 1913 considerable drilling has beenlands
, by a
the supplies and machinery
of
s
all
move
to
stock
at Cerro Azul and at other points on the Company'
ple rolling
opment. The Casiano
with very satisfactory results, which will be taken advantage used in the Company's oil devel
y completely enclosed withof whenever the market and other conditions justify. "single District is situated in a little valle
form within a beautiful
At San Geronimo, a gas-compressing plant and
r of abrupt hills which
about 3 miles in length.
ca- in a cluste
by
width
in
miles
1M
unit" topping plant have been installed, the latter with for
basin about
the entire valley or
cover
has
fee
in
ngs
holdi
s
any'
pacity of 3,000 barrels daily. The compressor plantor
production of the pool
the
eight The Comp
of
all
it
to
ing
secur
its object the extraction of gasoline from the seven
basin, thus
6 and Casiano No.7.
million cubic feet of as daily produced at "Casiano No. 7." tapped by its great gushers, Casiano No.
e oil exudes ever disactiv
of
and will again be
area
est
great
the
This plant has been in succes,sful operation
Probably
property known as Cerro Azul and the
operated when conditions are more settled.
covered exists on yourowne
d by your Company, whichr torties
prope
At Terminal on the Tampico harbor, there has beengbuilt,
ry havin a ea- adjoining
0 acres. Certainly the write has
52,00
about
ise
although not quite completed,a topping refine
with gether compranything to compare with it, either in extent or
pacity of 30,000 barrels daily. This plant is equipped
never seen
said by everyone without
water-covered tanks for conserving high-grade gasolined,and
se, and the same has been
settle to promition
rty with him.
prope
the
d
visite
has
the Management intends, when conditions are
who
excep
el-engine-dis
extended its railway
ine
of
"Dies
has
gasol
any
ction
Comp
produ
the
the
rty
ence
prope
comm
To this
several other fine
may
mers
ns
way
custo
icatio
ver
the
on
specif
whate
of
ng
-oil
passi
fuel
ct,
a
Distri
e,"
tillat
from Casiano
ay track one 8in
cts
rcial
railw
these
produ
the
all
comme
Along
ltum—
aspha
any.
and
Comp
re,
your
requi
prope Sties of
reof
second is now
ity
the
a
by
the
and
capac
ated
Azul
indic
as
ity
Cerro
to
quant
built
le
been
derab
consi
inch pipeline has
at
s
wells
erected and
Cerro
any'
been
your
of
Comp
have
ction
ons
produ
stati
ing
The
Pump
y.
finer
being installed.
ver proam
the
in
ced
whate
Tuxp
of
icocare
produ
being
Tamp
take
to
st
ded
lighte
provi
the
is
tanks
Azul
ample storage
present
At
t.
opmen
devel
the
from
n.
result
regio
duction may
can be
in
of
fee
the
owner
being
oped
any,
devel
Comp
the
oil
of
ty
year,
quali
the
last
of
g
day
Durin
the
With
La Pitahaya,and holding the 30,000 barrelstoper
of
nda
ico.
Hacie
Tamp
the
to
of
e
hird
thenc
and
one-t
no
Casia
only
dy six
the remain-. put through
of
Alrea
all
ght
outri
ased
purch
,
ed.
lease
handl
be
under
can
nt
nder
remai
e this amou
s varying
now the sole owner of this Hacienda new line doubl
all are drilled to depth
ing interest, so that it ismost
ned satisng and grazing wells have been begun and The
obtai
farmi
iful
beaut
far
the
so
of
s
acres
result
0
of 17,00
n its boun- from 1,250 to 2,000 feet. the plan of building pipelines and
has
withi
which
n,
regio
eca
Huast
the
all
lands*in
fy your Management that eting a possibly uncontrollable
e oil springs.
daries very many activprese
storage tanks before compl
any
the
ased
Comp
year
purch
nt
the
of
In January
map
29 nines up well is a wise one.
ted
,
situa
acres
1,000
of
ation
the markings on the
Plant
the Destrehan
Farther south than Cerro Azul and Nunez Chapapote, the
is
The
ns.
CenIllino
Orlea
New
from
River
Viejo
the Mississippi
your eye to Cerro
oil springs are only
along the easterly boundary of the plan- will carry
cter of whosevalua
tral Railway extends
ble and famous.
able banks for extent and active chara
favor
with
,
River
Azul
i
ssipp
Missi
Cerro
tation. The
second to those that make ximately 40,000 acres is included
6,000
over
feet.
for
ary
bound
.
its
forms
wharfage purposes,
n their area of appro
ion of ships have already been Withiis
have visited the property,
Wharves for the accommodat
what believed to be, by all who
eted,
about
are
compl
tanks
steel
l
barre
built. Four 55,000
JULY 11 1914.1
THE CHRONICLE
one of the greatest oil districts in the
Republic of Mexico.
These properties are held by a subsidia
ry of the Huasteca
Petroleum Company known as the Tux
pany. Development work will begi pam Petroleum Comn upon this property as
soon as conditions in that region seem
to justify.
127
people. All of the centres of
employment were established
at places that had theretofore
not been occupied. in other
words,at the scene of your oil deve
lopments, new towns have
sprung up,five of which are
lation, where are to be foun now established centres of popud every convenience of the most
OIL SALES
modern farming or mining tow
During the past year the total oil sales of
in the United States. These
your two Com- five places are Terminal, Ebanno,
panies have been 12,325,228 barrels, for
Tres Hermanos, Casiano
which was received and Cerro Azul. Telephon
$7,115,092.29. During the year 1913 deli
es and electric lines, automobile
to customers have been made up to the veries of petroleum roads, good brick, stone and lumber houses for offices and
contracts, except in the case of the Nati full requirement of dwellings, stores to accommodate the needs of the population,
onal Railways of Mex- good bathing facilities,
ico and a few Mexican industrial
absolute absence of any liquor-vendanies, which were ing establishment, a scho
not in a position to take their full requcomp
ents because of the maintain peace and orde ol-house for children, an officer to
interruption to railway traffic. Theirem
same is true with re- guish the oil camps esta r—these are the things which distingard to deliveries for the first five mont
blished by your Companies in these
year, except that during the last ten days hs of the present hitherto primitive regions.
The "peons" have coll
half of the month of May all deliveri of April and the first
ected in these camps
every
reason of the blockade of the port es were suspended by direction, largely from the table-lands of Mexico,from
although a
of Tampico. Immedi- great many of the labo
ately the blockade was raised, your
rers belong to the native Indian popuCompany's steamers en- lation of the
tered the port and the mov
teca. It is quite noteworthy that,alth
nt of oil has since continued the town of Huas
ough
as theretofore, full deliveryeme
Eba
no,
having been made during the population varying now more than 13 years old, has had a
last half of the month of May
of all oil required to be de- the adult males of from five to ten thousand people, all of
livered to foreign ports.
wages, it has never which were constantly employed at good
distinguished by that first and most
EFFECT OF DISTURBED
familiar addition tobeen
GOVERNMENTAL CONDITIO
NS.
in the United Stat the western prairie or mountain town
It is not possible to analyze
es, a graveyard, occupied by men who
general business in Mexico—th busithe indirect effect upon "died with their boot
s on." No Mexican, nor, for that
ness of foreigners in that matter,
country—the business of Amereican
Amer
ican
,
ess in general—and the business ofs—the Mexican oil busi- your employees. has ever been killed in a quart-el among
your particular companies, without dissertating upon the vexe
The "peon" first cam
e to your Company to take employd questions of that ment at
republic in a manner entirely at vari
50 cents Mexican curr
ance
with
the
ency per day, at a time when
poli
cy
of
the
the management of your companies.
Mexi
can
peso
was worth 40 cents in American mon
ey.
cials have always endeavored to hold theYour Company offi- The 50 cents paid by
solutely neutral position with referenc Company in an ab- per day which was us was a large increase over the 36 cents
the
e
to
goin
polit
g
wage
ical
affai
s
in
that
rs
coun
in
try.before
our
Mexico, discouraging all expression
of.opinion on the part of mentadvent. The labor supply not being plentiful, induceits employees, and at all times meet
s were offered to men
ing
all
of
to
its
com
lega
from
e
l
more
obli
dist
tions to the de facto Governmen
ga- of the country, and
ant parts
t in control of the vicinity cent
the rate of wages was increased to 60
in which its business is bein
s, then to 75, and
g
done
.
with
in
two
year
s
Much has been prin
to $1 00 per day.
The more apt labo
rers were, as necessity suggested, give
periodicals in the Unitedted by many newspapers and other employment that
n
Stat
es
requ
on
ired
the
mor
one
hand
e
skill
abou
and
t
their wages were
the correspondingly
unfair exploitation of the peop
le
incr
of
ease
Mexi
d.
At
co
weal
by
the
pres
thy
writ
and payi
ent
ing we are
so-called grasping corporat
ions, owned and controlled by Mexing from $1 50 to $9 00.per day, Mexican currency
foreign capitalists, and,on
, to
can workingmen of
the
othe
r
vari
hand
ous
abou
,
degr
t
the
ees
unjust gence. At your
of skill and intelliand flagrant violation of
thei
Comp
righ
r
anie
ts
and
s'
viol
inte
ent
stor
rfer
es
empl
all
ence have ever been
oyee
of the
with their liberties on the
enabled to purchase such goods as are solds
part of the different Mxeican au- at
thorities toward foreign corp
prices which did not
orat
ions
cont
and
empl
thei
empl
ate
r
oyee
any
It is not our desire to
profit to the Coms. pany. They are
furnished with pure drinking water, plenty
fairness of such publicatanimadvert upon the correctness or of ice, the care
of
ions
a
.
It
doct
is
or
dee
advi
whe
med
requ
sabl
n
ired
e,
how- are, at the Com
ever, owing to the imm
and their houses
pany's expense, inspected ,and kept
e amount of information and mis- sani
information that has ens
in good
tary condition.
been
give
n
publ
icit
y
with
rega
Mexicans and their attitude
rd to
To the merchant
towa
s
rd
of
Tam
fore
pic
igne
o
rs,
espe
and
and
cial
Americans, to enlighten
the surrounding
try the esta
you as to the real situation anenlyt coun
your companies.
boon. The Com blishment of our industry has been a great
pan
y
stor
es
mere
were
supp
ly
lied with such
From our first advent into
good
the jungle regions of the Huas- yours as it was absolutely necessary for the inhabitants of
teca, 30 miles west of
camps to have at
Tamp
ico,
then
han
comm
a
cons
d
for
erci
dail
umption.
ally un- syst
y
known, though favorably
situated, port on the Gulf of Mexi- needsem elsewhere in vogue of supplying practically all The
co, your management was
the
of employees fro
unde
r
the
nece
Com
m
ssit
pan
y
deal
of
y stores has not been
ing with adopted by your
Mexican people of every degr
ee
Comp
ot
anie
pove
rty,
s.
Cons
weal
equently the hi-monthly
th, educa- payments of
tion, social and political standing
large sum
. Your lands were pur- ingmen
chased from land owners and
in your employs in wages to the thousands of workpric
es
paid
have
ther
efor
nece
higher than ness of all
ssarily increased the busihad ever before obtained that
producer
region. In fact, your agents food
found the Hacendado ainkeen
, of whatever s, merchants and vendors of goods and
,
shre
wd
char
trad
acte
er,
r,
not easily to the general
hurried into concluding a
thus adding verymaterially
bargain, who formed his conc
prosperity of that section, the industri
sions as to the price he shou
lu- population of whic
ous
ld put upon his property as muc
h
had
been
from the eagerness disp
and is being, as hereinbefore
h stated, greatly
layed by the would-be purc
incr
ease
d
by
from its value to himself
the importation of Mexican and
haser as foreign
Every land-owner who soldor the ordinary prevailing prices. ment. employees to carry on the business of oil developus
land
duri
ng
the
earl
our operations was the envy
y years of
At the time
vinced that he had made of his neighbors, and was con- the Mexican that your Company made its first contract with
a
Central Railway Compan
good
barg
ain.
Our
Mexi
attorneys, who were among
can Railway Compan
y,in August 1900,that
most prominent in the repu
y was paying $4 00 per
lic, were convinced that wethe
bfor
ton, U. S. currency,
coal
fuel
,
were
payi
deli
ng
vere
d
'alt
to
oget
it
her
too high liveries of fuel
at Tampico. Later, when deprices for these lands and often advi
oil
sed
us
were
agai
nst
our
actu
seem
ally begun to the Railway Coming pany at 55 cent
waste of money, because our desi
possible in a short space of timere to accomplish as much as the coal which s American currency per barrel, the cost of
the
freq
uent
ly
Rail
resu
way
lted
in the at Tampico, had
Company was buying, delivered
price of desired lands being incr
d greatly by the owner, ton,
who,like our attorneys, had littleease
3 barrels ofbeen reduced to $3 45 U. S. currency per
fait
h
in
the
oil
ulti
mate
bein
succ
g fully
ess of
of our efforts to develop petroleu
equivalent of one ton
and regarded the oppor- howcoal; all economies considered,the
tunity that offered of selling their m,
it is easily understood
it was possible,
land
as
bein
as
g
an
espe
stat
cially Mexican Cent
ed by the Vice-President of the
fortunate epoch in their lives.
ral
of its former fuel Railway, for said Company to save 50%
The commencement of development
cost
gave
on
us
such
our
first in- to use oil fuel
motives as were converted
troduction to the Mexican labo
. The labor of loco
generally known as the moti
handling the fuel on the loco"peon," and let me say here, in rer,
ves was also
cont
radi
chan
ctio
ged
n
of
from the man-killing process of
all that has shov
heretofore been said or may be
g coal in the
said hereafter, that the Mexi- propelin
can "peon" is, and
er attention to hot, tropical weather, to merely giving
has
been
from
the
the
begi
nnin
automatic oil-burning appliances
most satisfactory
g, for us, a substituted
ther
.
in the cold, drizzlyemployee. He performs his task whether
You can thusefor
weat
her
of
reali
the
ze
"Nor
that
ther
" seas
the full glare of the trop
the pioneering begun by your
or under Company and
ical noon-day sun, with ason,
tude and much more good
much forti- developers resu afterwards supplemented by many other oil
hum
lted
or
in
than
the
the
incr
average laborer of per day to
any class known to the
of wages from 36 centavos
an average of morease
American employer. He prefers
e than 200 centavos per day,
"piece-work," called "tarea"
and the establis
work
hmen
,
t
to
of
day'
bett
s work, because creased
er living conditions and inwith the former arrangement
opportunities for employmen
he can work at will, beginnin
his task before sunrise, rest
t to all the laboring
g people in that part
ing
duri
ng
of
the
Mexi
mid-day heat, and
co.
completing as much as he
It increased the
desi
res
mark
to
et
do
value of his land to every land
during the cool
hours of the evening. He will
owner of the Huas
work, however, at day's worker, pici
region to whose property even a susand work well, according to
on of oil valueteca
his
atta
know
ched
ledg
, from
e and experience in peso per
nominal price of one
the work he has to do.
hectare for unimproved the
and 10 to 15 pesos per
Your Companies have constant
hect
are
for improved farming land
ly
empl
oyed
, to the extravagant
, for more than prices which are
13 years from 2,000 to 5,000
peons; have provided the
now being obtained by many land owners
food and housings for themselv
m with for lands that it is
es
dee
and
med
advi
sabl
thei
e to exploit for oil pror families thus duction or
bringing your officials into
oil-stock selling.
ct contact with and ,main
taimndupon your propertiesdire
It
redu
ced the cost fuel to the railways and
from ten to fifteen thousand
all industries
that were so situatedof that
they could take advantage of
CHRONICLE
128THE
[Vol, xcix.
ial it uses are paid
than goingThrices; the labor andtsmater
an amount greater than for
fuel,
its
of
development have
coal
resul
for
the
y;
oil
mone
of
t
on
hones
with
ituti
the subst
oil producers for the oil been beneficial to all affected; the profits which it made
the
by
ved
recei
nt
amou
the total
railways
co.
largely shared by the Government-owned
thus consumed in Mexi
the basis for, and were more
rs; the millions
vered
holde
disco
stock
the
,
any
leves
Comp
vours
by
than
your
co
,
Mexi
re- of
In brief
by no means all
ent of, a hitherto unsuspectesd and
of dollars expended for all purposes have
pioneered the developm
which increased wage
The principal
ends.
co,
divid
of
Mexi
of
form
the
blic
in
Repu
ered
the
recov
source in
of living for all the poor been of your great investment is represented by the lands
tions
condi
r
bette
t
abou
part
brought
, and by the
landvalues for all the land- hones
tly acquired, which have great value
people, which increased the
ess to all the farmers,
uced gratifybusin
prod
h
have
ased
whic
made
incre
y
iousl
gave
judic
h
ents
whic
lopm
owners,
h reduced the cost of deve
whic
ans,
artis
and
ers
bank
s,
ts.
resul
merchant
and other industries, all without ingThe last year has not been one of propitious events for
operation to the railways
was limited
municipality or political
,
idual
indiv
any
from
Petroleum Companies. The market age
away
taking
of ocean
existence of which had Mexicanthe
short
the
the
n
of
reaso
hing
by
anyt
half
co
er
Mexi
earli
of
division
by reason
r
half
cted. We, therefore, during
latte
suspe
the
g
even
or
durin
n
and
know
ties,
been
facili
e
tion
tofor
there
transporta
railways of
even in their minds, include the Peup of such a large portion of the titio
claim that those who,
us cirrations that have ex- of the tying
adven
corpo
year,
nt
the
.
g
prese
the
g
amon
s
durin
anie
,
Comp
later
and
troleum
their country disadvan- Mexico; es seemed to justify delay in developments. Neveror
co
Mexi
of
e
peopl
the
ed
ploit
shows an
not given proper consid- cumstanc
the balance sheet submitted herewith
tageously are misinformed, orofhave
leum development in theless, as
petro
ago.
year
ry
a
ted
histo
expec
was
true
as
the
to
large
on
erati
earning
ently cloudy and uncertain,
Mexico.
The present, though appar
officers know, all peyour
as
far
so
of a future brightening by
ess
and
nearn
any,
the
of
Comp
nce
Your
a blessing to the com- shows evide
been
have
co
the establishment of peace
end
Mexi
in
s
port
ch
anie
s,whi
comp
event
eum
trol
ted. They deserve the auspicious in the Republic of Mexico.
opera
have
they
h
whic
in
ies
munit
Government of Mexico and of and order
Respectfully,
respect and protection of thedeser
ve. the good feeling and
E. L. DOHENY, President.
They
s.
State
ed
Unit
the
of
ly
cular
and
parti
co,
Mexi
of
e
tors.
peopl
Direc
the
of
all
d
of
Boar
dship
the
of
frien
By order
Temple°, who have been more
those residing at and near
ve
the
deser
They
ed.
before relat
LTD..(DELAWARE), MEXI
directly benefited, aspeopl
OLEUM COMPANY,
TECA
re, because of their MEXICAN PETR
ywhe
(CALIFORNIA), HUASNCE
ever
e
ANY
all
COMP
of
M
tion
OLEU
enda
BALA
PETR
comm
CAN
ANY—CONSOLIDATED
which gave them the courage
PETROLEUM COMP DECEMBER 31 1913.
confidence in nature's resources,
SHEET
regionn of hitherto unin a new reo
ents
lopm
deve
e
rtak
unde
to
ASSETS.
step in the carrying out of which
suspected wealth, the first
Properties:
$57,856,405 56
rn villages and the Cost ofLands
of
mode
ent
lishm
Other Properties
and
estab
Wells
.
the
Leases
ed
and
243,898 40
sitat
Oil
neces
oyment at good Cash
t
empl
hones
of Trustees under Mortgages
for
y
hands
in
tunit
oppor
of
bringing
h
ments:
whic
ent
Inrest
00
htenm
and
00
tion
enlig
$25,0
Co. Bonds__
wages, and the necessary educa
$25,000 00 American Oilfields
3,200 00— 28,200 00
Stock_
nt, to a multitude of human
$3,200 00 Petroleum Transport Co.
accompanies such employmenate.
:
Assets
t
Curren
$969,278 67
/.921 barrels at 27c
beings not formerly so fortu has been reported which might
Oil Stocks-3.58Suppli
573,326 41
es
Materials and
Notwithstanding much that
320,788 89
ngs of the Mexithe
feeli
that
ve
Live Stock
29,586 16
belie
we
ary,
contr
&c
late,
the
st
Distil
sugge
lt,
Aspha
ly
s
large
have
anie
our
Comp
rd
S1,892,980 13
can people of our vicinity towa
As
ions.
ed
derat
tion consi
1 983,974 33
been influenced by the above.-men
Accounts Receivable
Hand,less Overdrafts '167,066 36 4,044,020 82
to record : That during more
Cash in Banks and on
to their attitude, we have this
try
a
coun
in
on
ed
705,481 93
,
carri
under Protest
than three years of internecine strife
Government Dues and Taxes Paid
ated, with Mexican
ely
popul
spars
cter,
chara
its
s:
in
Charge
wild
173,438 48
and
ed
h
Deferr
roug
Miscellaneous
n roads, where none was
Suspense Accounts and
few railroads and fewer wago
51,445 19
363,0
nding
r
conte
to
eithe
giance
anxious openly to declare alle
s of armed men
ed
bodie
ganiz
disor
less
or
S.
more
LITIE
e
LIABI
wher
,
party
dations upon those
roamed at will, privileged to commit depre
l Stock:
Company, Limited (Del.):
y to whom they Capita
part
the
sing
Mexican Petroleum
oppo
$37,639,000 00
of
cted
of $100 00 each
suspe
were
who
90 Shares Common Stockative
your
376,3
upon
made
ever
was
Preferred Stock of
k
attac
Non-cumul
no
,
8%
s
iance
Share
alleg
120,000
professed
12.000,000 00
ly,
uent
Freq
s.
s' oil camp
$100 00 each
employees or your Companieyour
food
g
39,000 00
ndin
549.6
s, dema
87,659 00
armed bodies of men invaded arms camp
of $1 each__
find., and
could
they
as
Petroleum Co. (Cal.);87,659 shares
2,500 00
an
such
___
Mexic
g
each_
takin
of
$100
and
shares
any 25
and money,
Huasteca Petroleum Comp
r demeanor toward the
live-stock as they required. Theiiably
$49.729,159 00
no
and
eous,
camp Superintendents was invar was court
ever indulged in.
d Debt:
Company,Limited (Del.):
malicious destruction of property of April and during the Bonde
Mexican PetroleumRefun
ding:Nuking Fund
part
r
Lien and
latte
the
in
First
$4,532,255 00
time
.
Even at the
1911
the
Bonds
when
year,
nt
Gold
prese
the
of
May
of
any (Cal.):
h
Comp
the
mont
of
leum
first half
Petro
an
Mexic
82,600 00
co,
Mexi
of
Bonds 1910
Sinking Fund 6% Gold
feeling against Americans ran very high in all parts
any and Mexican
Cruz,
Vera
of
eca Petroleum Comp
State
Huast
the
in
:
and
(Del.)
ico
ed
near
Tamp
ially
Limit
and espec
Petroleum Company,
306.500 00
s should
Joint 6% Gold Bonds ny, Coast Pipe
when it was deemed necessary that all Americandid,
and
Petroleum Compa
they
h
eca
whic
Huast
co,
of
Mexi
part
that
from
draw
with
scattered
Line:
773.500 00
Bonds
5,694,855 00
left the property of oil companies of great value
First Mortgage 6% Gold
people
a
of
y
merc
the
at
ely
n
entir
regio
wide
e
ut
ugho
thro
ies:
at
Liabin
33
be
061
$157,
t
soon
Cifren
t
Payable
with whom it seemed probable our people mighoyee
598,41924
and his Tills
empl
72,58881
Accounts Payable(Net)
war, the natural fidelity of the Mexican
d
frien
a
Interest Accruedrs of Coast Pipe Line Bonds
been
h
had
any
whic
Comp
your
rd
towa
ss
Holde
dline
frien
ed to
21,49431
Accru
he
h
whic
by the care with
Participation Certificates
127,56803
to him, was amply demonstrated
for the
977,121 72
pt
e.
Exce
his
Reserve for Taxes
charg
in
left
rty
prope
the
rved
conse
trucks,
auto
s,
s,
obile
s,
mule
autom
horse
of
ion
39
447
priat
8843.
es:
appro
Reserv
Depreciation Reserve_.,
ures by both armies, no
152.16561
cattle, &c., as nesessary war meas
995,61300
General Reserve
of your
any
to
be
done
to
tted
or
permi
done
was
ge
dama
store
y
sort,
ever
of
sions
provi
The
72
u.s:
.
,186
7
rties
$2,797
prope
Surp
s'
anie
Comp
ry 1 1913
Balance at JanuaOperat
other valuable
ions for year ending
supplies, small hardware supplies and many
4,275,369 76
Add: Profit on
ely unmolested. No
entir
were
ber 31 1013
les
e
Decem
artic
vabl
remo
y
easil
and
of Petroleum Transport
voirs,
Profit on sale
reser
907,395 78
oil
the
st
d
again
trate
perpe
was
m
Stock
alis
vand
Company
act of
product
The
.
y
eries
or
iner
refin
mach
ing
pump
9,952 26
57.97
s,
pipe-line
ng wells was so faithfully con$2,173,100 18
Dividends Paid
of your continuously flowioyee
t:
Deduc
ral
Gene
al
Gener
in charge that your
Appropriated to
served by the Mexican empl thatsnot
152,165 61
Reserve
more than 5,000 barrels
2.325,265 79
Manager was able to report
5,654,686 47
ican
Amer
your
of
ce
'
absen
days
39
the
ng
duri
lost
were
of oil
.
rties
51,445 19
prope
$63,0
the
from
s
oyee
empl
they were welcomed by
Upon their return to the property,
ATE.
IFIC
CERT
om
whil
as
not
ds,
returning frien
leum Company.
the Mexicans in charge as
examined the books of the Mexican Petro
Company was resumed as
and the
We have Delaw
are, the Mexican Petroleum Company (Cal.)31
enemies. Thebusiness of theican
of
s
ed,
any'
Limit
1913.
Comp
s, and your
Amer
Company for the year ending December charg
ed
before the hegira of the Comp
Iluasteert Petroleumshares
been
has
cash
for
sold
on
Stock
owe
of
Comm
rs
holde
its
and
stock
13,517
any
on
the
preunt
that
was
Disco
nize
sold
recog
bonds
on
nt
officers
ties, and inasmuch as discou
oyees, to Cost of Proper
empl
idual
redeemed during
cular
indiv
parti
bonds
on
nt
these
discou
ties,
to
of
tude
Proper
Cost
to
grati
ed
a debt of
viously charg gh Sinking Funds has been credited to Cost of Properties.
working people are entitled to more the
year throu
of the live stock.
and that the Mexican than
ions in Mexico, no inventory was takenprotes
e been positively Owing to condit
t are considtofor
there
had
under
dence
confi
and
an Government Dues and Taxes paidare
respect
d at 50c. United
The Mexictible
carrie
by the Company's officials, and
collec
been aphave
ses
ered
known.
ncy for the Mexican Peso. General Expen
mpaniment to the Annual Report States Curre
the basis of the direct
en Construction and Operating onOpera
betwe
This rather unusual acco
ses the
ned
Expen
portio
ting
conof
ose
from
submitted to you for the purp
itures on these accounts, excludingadditi
on to a reserve of $347.
t. In
of a corporation isthe basis of your Company's business in expend
sum
the
and Taxes paid under protes
year.
the
Dues
g
durin
that
s for Depreciation
Profit
of
out
ed
vincing you
al
provid
the
Gener
y
from
ator
39
834
class it among the so-called pred
riated by the Company
$152,165 61 has been approp
flicrease of $500,000
Mexico is not such as toit a people and a country and derive of
contingencies, making a total
in
Surplus as a reserve for
ar s, we certify that,ial
ct to these remk
Subje
nts.
corporations that exploby
Accou
•
Reser
true financ
coun
of
the
in the
sapping the life-blood
Balance Sheet shows the
t
opinion,Z1"1:e above Consolidatedber
sustenance and profi
.
3.
labor
to
31191
at Decem
withholding the profits due
SE & CO.,
osition of he Companies
PRICE, WATERHOU
try and unjustlyregarded by the great mass of the people opur
Chartered Accountants.
Neither is it so
al
speci
no
Mexico. It thrives on
Les Angeles, Cal., May 4 1914.
of its acquaintance sin
purchased outright, at higher
concessions; its land were all
JULY 111914.]
LTHE CHRONICLE
plc Tonnurrtiat WinteS.
COMMERCIAL EPITOME.
COTTON.
Friday Night, July 10 1914.
THE MOVEMENT OF THE CRO
P, as indicated by our
telegrams from the South to-n
ight, is given below. For the
week ending this evening the
total receipts have reached
24,319 bales, against 32,6
09 bales last week and 30,500
bales the previous week, maki
ng the total receipts since
Sept. 1 1913 10,194,058 bale
s, against 9,451,585 bales for
the same period of 1912-13,
showing an increase since Sept. 1
1913 of 742,473 bales.
Friday Night, July 10 1914.
Though general trade is not with
out its unfavorable features, there are some indicati
ons here and there of improvement. The bank exchanges sho
w a large increase over those
for the same time last year.
iron and steel trade looks
better; the long lane of depressiThe
ing. Crop reports are in thd on may have reached its turnof wheat and flour have been main favorable. Large sales
made to Europe. The number
of idle cars has slightly decrease
active. Commercial paper is d. The wool industry is still
Sal.
Mon. Tues. I Wed. Thurs
ble. On the other hand notsaid to be rather more salea. Fri. I Total.
a few industries are quiet. Galveston
They include the cotton-m,anuf
1,690
1,181
1,188. 2.838 1,394 1.639 9.930
Texas City
actu
ring
trad
e.
The
shad
ow
of the recent big failure still
Port Arthur_
branch of business. Trade in apparently hangs over that Aransas Pass,_&c
the South and East is not, as New Orleans_ _ _ _
a rule, in a very satisfac
423
-oil 1.1681 1.882
Mobile
1:gA
- 58 --i-', 4-.718
tory condition. On the whole, Pensa
2
however, mainly by reason of
-----------cola
4
the promise of big grain crops, Jacksonvil
le, &c_
the feeling in this coun
is somewhat more cheerful. There Savannah
1.65(1
are some indications attry
-89I,
Brunswick
1-,I22
-408 -226 4:398
ington of a less inimical attitude Charl
eston
_
towards large business Wash
1,
Wilmington _ _ _ _
interests.
59
_ ___
37
98
LARD has been in mode
Norfolk
4
rate
700
N'port News, &c
604, 1,511
prime Western 10.45c.; refined demand and about steady; New
4-2
27
. 6 3.044
1.764 1.764
South America 11.25c., and Brazfor the Continent 10.80c.; BostoYork
n
il in kegs, 12.25c. Lard Baltimore
48
::::1 -foi
futures have been lower despite som
-5(55
e advance in hogs, due Philadelphia_ __ 50
50
to small receipts. There has been a cert
ain amount of liqui- Totals this
- dation through commission houses. To-d
week_ 2.163 4.143
ay prices were
3.9431 7,512' 2,535 4.0231
slightly higher.
24.319
The following shows
DAILY CLOSING PRICES OF LARD
the
week
's
FUTURES IN CHICAG
total
recei
pts, the
since Sept. 1 1913 and
O.
Sat.
Mon.
Tues.
Wed. Thurs.
the stocks to-night, compared total
July delivery
Fri.
cts_ Rolllast year:
with
10.05
10.07
September delivery_ _ _ _ day. 10.10
10.10
10.12
10.22
10.20 10.20
10.25
10.25
PORK remains practically unch
clear $19,50@$21; family $23(02 anged; mess $22 50)3823;
1913-14.
I
1912-13.
Receipts to
5. Beef quiet and steady;
Stock.
mess $18(019; .packet $19
July 10.
This Since Sep: This
India mess $28 ©330. Cut©$20; family $20©$22; extra
Week. 11913. Week. Since Sep
1 1912.
1914.
1913.
pickled hams, 10 to 20 lbs., meats quiet and unchanged; Galveston
.1 9,930 3,315,858 8.000
14©14%c.; pickled bellies, 6 to Texas City
3,788.134
12 lbs., 14 M ©15Mc. Butter,
87.211
47.465
466,8
61!
Port
creamery extras, 26%(4)27 Mc.
Arthur
666.851
2,557
2.590
Cheese, State whole milk, fres
46,23£1,
Aransas Pass,&c
138,642
h
colo
109,5
red
Now
speci
12
als,
_Orleans_ _ _ _ 4.718
123.523
143/ic. Eggs, fresh gathered
143
@
1,862
,246
Mobile
extras, 23@25c.
4-,744
,611
70,009
36.194
4 433,879 1,264 1,421
COFFEE has continued gene
Pensacola
225,304
6,970
rally quiet, with No. 7 Rio Jacks
4.484
163,850
83
onville, &c_
4et8Me. and fair to good
124,899
29.09
nnah
15,358
% ©13Mc. Coffee Sava
1415
,OftA 1.810,8082 3-,I65- 1,271
futures have receded at timeCucuta 125
485
Bruns
wick
.851
14,365
23.560
291,500
lack of speculative interest.s under long liquidation and a Charleston
15 234,334
722
98 422,558
Georg
The
405
gene
etown
ral
305,7
dispo
18
sitio
1,872
has
n
been to await further
4.208
Wilmington
110
lopments before taking a very Norfo
4 398,652
decisive stand one way deve
110 342,470
lk
10,719
10,130
3.044 577,164 1.999
or
the
N
othe
'port
r.
534.5
The
News
visib
05
supp
,
le
ly
large. To-day prices were
is New York Sm.. 1,764 141.008 1,398 115,404 19.697 18.880
lower. Closing prices follow:
July
6,603
73
Boston
14,947 112.318
8.338.34 November
43,551)
309
21
August
8.41
2 December -8.7018.71 March
September _ _8.51 @8.4
8.52 January ---8.80 8.81 April
----8.83 8.84 MaY
October
8.61(88.63 February
___8.88 8,89
8.93
8.94
1
8.95 8.96
8.978.99
Baltimore
Philadelphia ___ _
50
20,560
94,100
3.529
Totals
99
176
45,534
74,795
7,595
7.361
3,458
2,007
6.818
5,071
556
24.319 10.194,058 21,443 9.451.585
SUGAR quiet and lower;
338,689 204,713
c'efitrifugal, 96-degrees test,
3.26c.; molasses, 89-degrees
In
orde
r
that
test,
comparison may be made with
2.61c. The world's visible
supply is 3,301,030 tons,
other year
we give below the totals at lead
ing ports for six seasons: s,
The stock in Europe is against 3,145,509 tons last year
2,36
9,00
0 tons, against 2,226,000
tons last year. The decl
Receipts at-1 1914.
-1913.
1912. I 1911.
part, to big arrivals and ine is• Attributed, for the most
1910. 1 1909.
lowe
r
European beet markets. Galveston _
9.930
Refined has been quiet and
8.000
3,290
Texo.sCity.&c.
420
_steady. Granulated 4.30c. New
5,701
8,793
Cold weather has interfered
1
Orleans_
4.718
4.744
1,387
with consumption.
3.449.
Mobile
2,533
7,328
4
OILS.-Linseed rather more
1,264
5,709
426
Sava
nnah
7
active and firm; City, raw, Bruns
4,398
3,539
2.759
3.165
1,790
American seed, 54@55c.;
wick _ _
840
,
3.328
boiled 55@56c.; Calcutta 700. Charleston
1,348
15
t
.&c
Cocoanut unchanged at
98
405
17
10% ©11e.; Ceylon 93(4)100. Olive Wilmington__
2
5.459
4
in fair demand at 85e.
110
41
41
Norfolk
195
3,044
Cast
or quiet at 85.i©83'c. Palm N'port N.,&c.
73
1,999
1,882
quiet at 7%@73
126
6.487
1,764
659
1,398
/
for
1.155
8c.
Lago
s. Cod domestic, 37(338e. All others__ _ _
359
Corn steady at 6.45©6.5
182
348
730
75
4,738
0e.
9.574
Total this wk.
PETROLEUM easier refined
24.31
9
21,44
8
in bbls. 8.40(0.40c.; bulk
13,080
4.198
36.580
30.525
4.90@5.90c.; cases 10.
90®11.90c. Naphtha 73 to 76- Since Sept. 1_ 10194058 9,451,58 11439333 8,382
degrees, in 100-gallon '
,488
7.164
,842 9,752.229
drum
gasoline, 86-degrees, 260.; s, 23 Mc.; drums $8 50 extra;
The exports for the week endi
ng this evening reach a total
degrees, 22c. Crude petr 74 to 76-degrees, 25c.; 67 to 70- of 21,020 bales, of
oleum prices as follows:
which 12,222 were to Grea
Penn.dark
00,0
00
to
Fran
ce
$175
and 8,79 to the rest of the t Britain,
Cabell
Second sand
8135 South Lima
Continent.
1 75 Newcastle
Below are the exports for the8week
Tiona
1 30 Princeton
1 75 Corning
S1
1
and since Sept. 1 1913.
L
I
Woost
1 00
er
Somerset. 32 degs_ 112
1 43 North Lima
Mercer black
1 16 Kansas & Okla_ _ _ 75c
Si
Spirits of turpentine30
1
49c. Common to good
•
strained rosin $4 10@$4 20.
Week edning July 10 1914.
Erpone., to--
From Sept. 1 1913 to July 10
1914.
Exported toExports
TOBACCO has been quiet and
fromGreat
steady. No new developContiments have taken place. Ther
Great
Britai
n.
Franze
.
dent
& Toni. Britain. France. Conti- I
e continues to be
better feeling in the
ncnt &c.1 Total.
what
e, however, owing toa some
anticipation of an incrtrad
a
gene
ral
1,044,59 315,963 1,419,14F,12.779,703
tc
h
,;
"
:
:
t
8
;
i1
_
ease
in
349,0
manufacturers, according to business before long,as cigar Pt. Arthur_
26,388 80,856 459,542
s
recent reports, are maki
2,006
•
larger sales. Sumatra
ng
30,194
and
i';:
r4Ve
8,171
t
Cub
1,993
an
35,355
leaf still sell slowly. As Mobile _
7,993 899,946 135.599 601,5
regards the crop outlook
1,677,123
in
2
,1529
this
2,929
143,992 73,997 151,978
country, some expect a
small yield, owing to
11 369,504
53,00
e
Z
48,94
"
prot
.1%
7
)
ract
61,04
;c:
ed drought in Kentucky BrUnA
7 183,990
1,7);Tennessee and Virginia.
2,235 4724; 22cotr 240,'u"
,
VICK_ 2,029
770,94i: 1,910,
2,029 69,60
COPPER has recently been
22,1/5! 155,47c 268,0141
C9arievon
41
118,9
;
43
y
rath
r
,1
1
.
er
1
1
11
c
gt
more active and firmer,
o
181,43 305,407
with Lake 133c.; and
73,024 10,19! 177,854 352,3
rolytic 13.70c. The
13
ply increased 21,768,022elect
48,051
N
visib
olrt
'
8:
le
ow.
sup45,75
, 131,809
lbs.
01
expected. But within a fewin June. That was larger than
560
569
2,58g 2,671 129,151
18,652 212,683 360,4
days London has been
52
56
10"
157 85.001
dull and weaker weaker. Tin here
Tiehtmare._
rath
er
8,951 93.959
940
on
940
57,70
the
6
spot 32c., showing
113198,22
greater firmness, in response to a
4
170,7
78
1 olt 1
strong and higher market Sall
---- ---_ 41,29
11,389 55,650
in London, though the tone there of
313
Fran 313
late has been somewhat . Pt.Town
i'd
178,514 178,544
Jess aggressive. Lead on the spot
76,048 76,048
3.90c. and spelter 5e.
Incited there has been larger buyihere
Total
____ 12,222
8,798 21,0209385,083 1,056,302 1,315,
road interests, and the United ng by agricultural and rail-'1 Tot.
328 3,756,713
'12-'13 15.086 1.395 15,510
es Steel Corporation
39.041 3,541.774 973.874.3380.42a
shows a slight increase in the amoStat
1
8398,074
unt
of
unfil
led orders for
the month of June. According to
TITZ11181.11n,N2e7w131'irN=I
eru ta
75 baleauthority, the corner !, 492
neL8134,1
,I(!
-, rgbla0
ler;asat!erne
hits been turned in the trade and one
bales West Inllan to Vai
l
;lan
y
to
n
llavr
e and
Bremen and Hamburg.
the
nsd s notable increase in business. outlook is for better • In addition to above
exports, our telegrams to-night
Structural material give
isselling well.Pig iron has been in moderate
us
the followin
nts of cotton on Shipboard,also
Eastern $13.70 ® $14 and No.2 Southern demand,with No. • cleared, at the portsg amou
not
named. We add similar
Birmingham 810.
New York.
figures for
[VOL. xcnc.
THE CHRONICLE
130
closing prices at
FUTURES.-The highest, lowest and
ows:
as foll
forOn Shipboard, Not Cleared
New York for the past week have been
Leaving
ay, Wed'day, Thurscry, Friday, Week.
Other !CoastTuesd
y,
GetMonda
ay,
.
Saturd
Stock
Great
Total.
9. July 10.
e. many. I Foreign wise.
July 4. July 6. July 7. July 8. July
July 10 at- Britain. Franc
56,194
754 13.815
7.375
4,802
884
53,438 July.40 12.25-.28 12.25-.54
New Orleans__ 12r,ffo8
12.43-.54 12.35-.44 12.30-.40 12.2910,302' 8.587 2,089 33,773
14,365
Range ..12.31-33---Galveston __ _ _
12.52-.54 12.40-.42 12.39-.40 12.29-31
1,872
Closing____
Savannah _ _
4,981
t
12.15-.28 12.15-.52
Augus
1,989
.35
12.20.32
12.21.48
Charleston__2001
12.39-.52 12.262,774
Range __
1.798
12.27-.28--16,923 16,923
Mobile
12.48-.49 12.36-.37 12.32-33 12.20-.21
Closing____
1,300 111,018
1.000
Norfolk
2001
7
.14-.16 12.14-.22
100
25.69
-12
550
Sept.
12.18
6
.15-.1
York
New
300, ------ 12.22 -12
.21--250
Range ____
Other ports_
12.29-31 12.21-.23 12.16-.18 12.13-.15 12.18g____
39
Closin
270,3
0
68,35
6
19,76
2
16,96
4
15.80
884
4
.21 12.06-.34
09
14.93
12.06r
166,2
.23
4
Octobe
_
12.1238,50
3
.17
Total 1914
12.14-34 12.12-.28 12.08481 9,152 12,106 13,40
.21--3,362
8 261,222
Range ____
Total 1913
12.29-.30 12.20-.21 12.16-.17 12.12-.14 12.20142 5,842 5.521 17,853 31.03
1,680
Closing__ -Total1912
.04 12.03-.10
12.03Nos.
12.10
12.20-.22---Range __-re delivery has been on a
12.25-.28 12.16-.18 12.12-.15 12.11-.12
Speculation in cotton for futu further receded, reaching
Closing__
for a time
.35 12.20-.39 12.18-.43
Dec.12.23-.43 12.23-.39 12.18-.28 12.24fair scale and prices this
12.38-.39--Range ____
movement. This placed prices
12.40-.41 12.32-32 12.27-.28 12.26-.27
Closing____
new low levels on w the high level of Juno. Among the
HOLI-31 12.16-.31 12.10-.34
.1221
.21
12.10.30
about 100 points belo more favorable weather east of the Jan.
12.14.34
12.15Range -___ DAY. 12.31-.32 12.21-.22 12.20-.21 12.23-.24 12.30-.31--reasons for this was
Closing____
dant rains have fallen. The
Feb.
Mississippi River, where abun
med
day sum
Tues
last
rt
repo
her
weat
Range _ _ .._
ly
Government week
ward
the
to
east
on
Closing___ _
regi
the
in
that
ing
stat
12.26-.35 12.20-.36 12.17-.38
up the situation by
1230-.38 12.19-.35 12.17-.26
had greatly improved the outlook March
.36--Range ____
12.36-.37 12.26-.27 12.24-.26 12.28-.30 12.39of the Mississippi showers
re reported
-ywhe
ly
ever
g-near
Closin
was
crop
nted
4 12.39-.54
.52-.5
-12
and the early-pla
Ap
12.39
12.36-52 12.40-52
equent reports this week have
-46 12.54-.55--Range
in good condition. Subs
12.52-.54 12.43-.45 12.41-.43 12.44
of
Misthe
west
icts
g____
distr
the
Closin
In
r.
teno
.60
been of a similar
12.47-.55 12.40-.60 12.37-on is said to have been making Afar
12.38-57 12.40-.57 12.37-45
.48 12.58-.59-Range _-_
sissippi the early-planted cott
the
ed
12.55-56 12.45-.46 12.44-45 12.47that
deni
not
is
fact
the
___
gh
g_
thou
Closin
th,
ssatisfactory grow
Texas has been suffering for mois- June
Range _--late-planted cotton in
to
ed
has
lean
ver,
howe
ion,
opin
of
s
ng-ensu
Closi
ture. The cons
e
crop as a whole has recently been
COTTON to-night, as mad
the conviction that the
THE VISIBLE SUPPLY OF
. At the same time trade
Foreign stocks,
ows.
foll
as
is
h,
making good progressat
grap
tele
home and abroad. Exports of up by cable and
ntly
has been reported badGreat Britain showed a notable fall- as well as the afloat, are this week's returns, and conseque
evening.
yarns and cloths fromof June, and there have been reports, all foreign figures are brought down to Thursday to-night
ing off for the month is true, to the effect that there might But to make the total the complete figures for States,
more or less vague, ittion of short-time in Lancashire before (Friday), we ?Ad the item of exports from the United
rts of Friday only.
be a very general adop
s from Great Britain in June including in it the expo
1911.
1912.
1913.
1914.
long. The exports of yarn
00
10in
18,,
00
July
May
00,0
nst
20,0
agai
. 915.000 896.000 951,000 622.0
bales.
lbs.,
00
Liverpool
12,000
5.000
at
5,000
were only 17,000,0
Stock
5,000
e
.
Thes
year
last
June
0
in
on
00
67,00
Lond
86,7
00
16,9
100,0
at
0
and
51,00
Stock
69,000
992,000 in April
ession, although it is true that the Stock at Manchester
00
701,0
,000
1,056
00
figures produced a bad improf
952,0
00
989.0
11.000
such exports amounts to 112,7,000
Total Great Britain stock
15,000
39,000
total thus far this season
92,000
at Hamburg
409,000 in the same time last Stock at
356,000 274.000 366,000
00
en
145,0
00
Brem
202,0
00
946,900 lbs., against only 106,
172.0
00
Stock
271.0
hs have made an even less fa- Stock at Havre
2,000
3,000
3,000
4,000
year. But the exports of clotfor
000 Stock at Marseilles
18,000
000,
16,000
499,
0
only
was
21.00
0
June
30,00
total
The
19,000
vorable showing.
19,000
at Barcelona
15,000
32,000
000 in May,531,908600 yards Stock
9,000
13.000
Stock at Genoa
25,000
56,000
yards in April against 573,000,
a
s
te
make
Tries
.
This
year
at
last
June
in
s
Stock
yard
00
in April and 615,557,600
296,0
00
626,0
788,000 525,000
s
0,300 yards,against 3,582,Total Continental stock
totalfor the season of only 3,465,84
said
a
is
Chin
00
in
e
997,0
Trad
.
,000
year
1,682
last
,000
s
1,777.000 1,477
788,800 in the same time
Total Europeant stock
85,000 108.000
00 108.000
d political conditions. There India
n afloa for Europe.... 248,0
5
cotto
71,91
24
100.3
77
124,6
16
to be bad, owing to unsettle
141,7
23,000
stocks of goods in China as
. cotton afloat for Europe e_ 34,000
27,000
27,000
are said, too, to be enormousEast. Large Wall Street in- Amer
Egypt,Brazil,Stc.,aflt.for Europ
83,000
75,000
00
101.0
00
124.0
t
Egyp
.
529,000
in Alexandria
well as throughout the Farlong cotton on a big scale. The Stock in
866,000 845.000 477,000
Bombay, India
181,598
338.689 204,713 292.260
terests have been selling out ission houses generally have Stock
in U.S. ports or towns_ _
37 136,649 112,673
192,3
Stock
07
158,5
4,071
4.946
in U. S. interi
2.828
1,140
South has also sold. Comm a good many stop orders were Stockexpor
ts to-day
been sellers and at one time , Liverpool of late has been U.S.
,170 2.110,257
2,980
,555
3,082
.052
3,689
Total visible supply
are as follows:
reached. On the other hand s at widening differences beAmerican and other descriptions
Of the above. totals of
a free buyer to undo straddle
been
have
00 466,000
es
819.0
hous
ca
spot
00
e
Ameri
706,0
bales 689,000
53,000
tween the two markets. Also,larg
stock
79,000
36,000
49,000
the short side have Liverpool
00 247,000
596,0
ester stock
00
481,0
good buyers. Local traders who tookhas been a noticeable Manchnenta
00
638,0
stock
24
71.915
l
100.3
77
e
Conti
141,716 124.6
covered quite freely. At times ther
20 181,598
afloat for Europe
338,689 204,713 292,6
e believe that American
s
73
40
stock
112.6
136,6
port
37
scarcity of contracts in the trading ring. Som
192.3
S.
0/
U.
158,5
s
4.071
4,946
the optimistic tone
2,828
S. interior stock
1,140
the big grain crops in this country and
of U.
ts to-day
ion
expor
umpt
cons
S.
U.
big
a
of
ers
at the West are the forerunn
2,016,052 1.747,555 2,028,170 1,136,257
ng capacity of the people.
Total American
cotton based on an increased buyi
s
Brazil, &c.
Texa
n.
in
India
00 132,000 156,000
her
weat
East
hot
dry,
of
ts
bales 226,000 190,0
12.000
5,000
Also there have been complain
5,000
pool stock
5,000
to need rain. Then, after Liver
,
14,000
stock
,
on
k
Lond
c
o
where late-planted cotton is said
t
s
least
0
0
49,00
at
30,00
0
that
ester
felt
44.00
Manch
y
have
,
00
man
ntly
150:0
85,000 108,000
a break of $5 a bale rece
nental stock
248,000 108,000
To-day prices, after an early Conti
23,000
27,000
t for Europe t
0
afloa
27,00
0
India
34,00
a temporary rally was due. ed
l, &c.. afloa
75,000
83,000
reports that Texas needs Egypt, Brazi
124.000 101,000
ia,pt
decline on rains in Texas, ralli a on
in Alexandr
866,000 845,000 577,000 529,000
good buyer to undo strad- Stock
ay. In
Bomb
in
further rains. Liverpool was
Stock
ts covered and some prominent
1,673,000 1,335,000 952,000 974.000
dles in January. Local shoralso
Total East India, &c
2,016.052 1,747,555 2,028,170 1,136.257
understood to be buying.
AllleriC311
Total
Wall Street interests were
est just now. Spot
al
.170 2,110,257
3,689,052 3.082.555 2.980
yep
The weather in Texas is of speci inter
7.764.
7.074.
6.76d.
Total visible suppl
nds, showing no
7.33d.
0
00
y
nck Liverpool
oo
plia
14.25e.
c.
up
12.50
c.
cotton ended at 13.25c. for middling upla
ling
og U
12.30
thh
13.25c.
York _
10%d.
d. 11 1-16d.
ing
10.05
Middl
.
9.704
pool
change for the week.
Liver
n,
Brow
9.50d. 11.25d.
9.104.
ling upland cotton in the Egypt, Good
h Good,Liverpool 8.85d..
7%d.
The official quotation for midd
6%d. 6 7-16d.
Peruvian, RougLiver
6ild
vor
for the past week has been:
7
6%d.
. eG,00d. pool
.
gin
h
v
c
5-16d
6
roae
h
.ino
1-16t
141
6
New York market each day
pool
s. Fri.
Thur
Wed.
.
y.
Tues
Mon.
Sat.
July 4 to July 10week have been 62,000 bales.
past
for
11. 13.25 13.25 13.25 13.25 13.25
rts
impo
tal
ds
inen
uplan
Cont
ing
Middl
1914 show a decrease from last week
S FOR 32 YEARS.
The above figures-for of
NEW YORK QUOTATION
12.00
6.19 1890-c
606,497 bales over 1913, an excess
1898_c
gain
a
s,
10.80
c
bale
1906.
488
13.25
11.25 of 158,
1914_c
7.94 1889
11.30 1897
and a gain of 1,578,795 bales over
1912
12.35 1905
over
10.44
s
bale
1888
1913
7.44
882
1896
10.95
of 708,
12.40 1904
0.
19
1912
7.12 1887
1895
12.50
1903
14.10
1911
7.19 1886
9.25 1894
15.45 1902
10.50
NG COTTON AT OTHER
1910
8.12 1885
8.62 1893
QUO
12.80 1901
1 TATIONS FOR MIDDLI
1911
1909
1884
7.38
1892
10.25
closing quotations of middling
the
are
low
11.20 1900
-Be
S.
KET
1908
1883
MAR
8.38
1891
6.19
13.20 1899
1907
Southern and other principal cotton markets for
YORK. 1101:1090 cotton atof
MARKET AND SALES AT NEW
the week.
•
day
on on the spot each day during the each
The total sales of cott
t.
emen
n ong
stat
owin
the
d
in
foll
cate
indi
Closing Quotations for Middling Cotto
week at New York arethe reader we also add columns which
Week ending Saturday, Monday. Tuesday. Jed'day. Thursd'y. Friday.
For the convenience ofthe
July 10.
market for spot and futures closed
13
show at a glance how
13%
13%
13%
13 5-16
ston
Galve
i165.
days
same
13 5-16 135-16 13 5-16 13%
on
13%
New Orleans.._ _
13%
13%
13g
13%
e
13%
Mobil
S.
13%
Spot Market
Cased.
HOLIDAY.
Saturday.._
Quiet
Monday
Tuesday _- Quiet
Wednesday_ Quiet
Thursday __ Quiet
Quiet
Friday
Total _
Futures
Market
C osed.
Steady
Steady
Steady
Steady
Very steady_
SALE
Savannah
Charleston
Wilmington
HOLINorfolk
DAY.
more
1,200 1,200 Baltidelph
_
ia
Phila
Augusta
Memphis
St. Louis
Houston
--1.2001 1.200 Little Rock_
Spot. Contr.ct Tota
13%
13%
15-13
131
13
13.50
14
13
13
13
13
13. 0
14Y
13
135
135
13
Jr13
1350
14
135
13
13
13
13
13%
13.50
13.60
14%
14
13%
13
13%
13
13 16 13 5-16
13%
13%
19
JULY 11 1914.]
THE CHRONICLE
131
AT THE INTERIOR TO
WNS the movement-that is,
the receipts for the week and
WE
AT
HE
R REPORTS BY TELEGRAPH
since Sept. 1, the shipmentsfor
the week and the stocks
.-Telegraphic
to-n
, and the same items for the advices to us this evening from the South indi
corresponding period of theight
cate that there
hav
prev
e
ious
bee
n
yearbene
is
set
ficial rains the past week in a
out in
detail below.
number of
sections where moisture was
needed. Advices from Texas
are to the effect that, whil
Movement to July 10 1914.
e
Movement to July 11 1913.
in some districts,the Stat there have been beneficial rains
Towns.
Receipts.
e,as a whole, needs a good soaking
Ship- Stocks
Receipts.
I
ShipStock
ram
s
,
the
ments
dry weather and high temper
inents. July
Week. Season. Week.. July
ature being a detriment
10.
IV,a. Season. Week.
to late-planted cotton.
11.
Ala.,Eufaula--- __ --22,631
____
692
____
Galv
Montgomery 21,11
esto
0
n, Tex.-Light rains in som
73 1,600
19 156,174
4 2,927
Selma
222 156,981
e sect
of the State
997 5,975 have been bene
26 126,214
74
ficial, but the greater part ofions
665
Ark., Helena_
468 119,151
51
999 of a
5 65,633
Texas is in need
511 1,793
Little Rock_
_
goo
_
41,64
_
d,
3
soak
39
ing
136
378 189,598 3,514 12,67
rain
.
Dry
wea
ther and high tempera2
Ga.,Albany_._
- 13 181,230 2,027 13,734 tures hav
___ _
e been a serious detr
27,418
__ __
900
Athens
____
23,960
____
700 Texas's
t to late-planted cotton.
10 117,276
600 4,397
Atlanta
first bale received Julyimen
15 107,132
SOO 2,377
290 232,322 1,023
4th
. We have had rain on
3,173
Augusta
197 162,277
6711 1,666 one day during the
405 373,883
982 14,050
Columbus_
447 336,020 4,234, 18,755
week, the rainfall being six hun21
81,161
dredths of an inch. past
850 3,218
Macon
25
75,131
650,
8,746
Ave
7
rag
44,46
e
3
the
_ _ __
rmometer 85, highest 94,
65
Rome
6
36,795
4341 5,144 lowest 76.
91
58,114
281 3,710
La.,Shreveport
83 51,626
300 4,381
2 194,831
Abilene, Tex.-We have
469 4,447
Miss.,Columb's
__ 140,033
10'
3,300
--_ _
had
38,22
rain
4
on one day of the week,
___ _
Greenville
247
____
27,647
494
127
220 the rainfall reaching eighteen
85,917
487 1,253
Greenwood...
hundredths of an ineh. Mini____
49,308
___ _
____ 142,295
146 mum thermomet
900 5,800
Meridian
er
__
108,9
__
70.
3
300
112
2,300
34,919
115 2,287
Natchez
Brenham, Tex.-There has
144
58,246
261 3,700
- --_
19,706
50 1,850
been rain on one
Vicksburg _ _ _
____
18,131
____
during the
525 past week, the
1
34,323
198
Yazoo City_ _
694
precipitation being sixty-four day
_ _
29,337
__ _
130 40,786
778 an inch
hundredths of
161 1,569
ItIo., St. Louis_ 3,10:
-_:...
.
22,47
The
6
_ _-_ 2,700
the
rmo
569,3
met
86
er
has
3,854
16,74
averaged 85, ranging from
6 3,72: 563,581 4:905 19,018 72 to 98.
N.C., Raleigh_
5
14,
50
63
0. Cincinnati_ 1,571
17
11,082
50
80
Cuero, Tex.-We have had
1,6261 227,113 1,302 22,599
Okla., Hugo_ _. ____ 248,390 1,524 14,011
--37,13
rain
--------30,200
on one day duri the week,
S.C.,Greenved _
the rainfall being
___
13,49:
_ __
217
forty-eight hundredths of an ng
.117
Tenn.,Momph
19,989
883 2,284
4:485 1,122,328 5:836 20,34S 2,27:
inch. The
, 811,835 5,274 26,340 thermometer has ranged
Nashville ----- -_------10,984
fro
m
72
__
126
__
to 100, averaging 86.
Tex., Brenham
7,807
Henrietta, Tex.-There
19
517,735
422
30
477
-,
Clarksville...
has
17,79
been no rain during the week.
2
138
____
372 The thermo
49,702
------------43,835
meter has averaged 88,
Dallas
25
2 00,561
____
the highest being 104 and
703
100 132,660
Honey Grove_
___. 2,700 the lowest 72.
.._
33,202
------------45,
Houston
137
231757,988 10512 39,40
100
200
Huntsville, Tex.-There
5 2,5353,285,79
Paris
5,232
has
114,944
40,34
bee
0 The
200
151,13
thermometer has averaged 86,n no rain during the week.
150
300
Total, 33 towns 6,080 7,176
ranging from 72 100.
,6051 32,225158,507 ,
Lampasas, Tex.-We
12,26'87,116,037 29,179 192,5
have had rain on one day ofto
37 week, the
the past
rainfall reaching twenty-tw
OVERLAND MOVEME
o hundredths of an inch.
NT FOR THE WEEK AND Average thermo
SINCE SEPT. 1.-We
met
er
84,
high
est
100, lowest 68.
Longview, Tex.-Th
overland movement for give below a statement showing the
has been rain on one day during the
the week and since Sept. 1, as
week, to the extent ere
up from telegraphic repo
mad
e
of
twen
ty-f
our hundredths of an inch.
rts Friday night. The results for
The thermometer has
week and since Sept. 1 in
the the
averaged 87, the highest bein
the last two years are as follows:
g 102 and
lowest 72.
-1913-14July 10Luling, Tex.-There has
-1912-13-bee
n no rain during the week.
ShippedSince
Since The thermometer has
Week.
Via St. Louis
Sept. 1.
ave
ed 87, ranging from 72 to 102.
Week.
Sept. 1.
3,854 558,808
Via Cairo
Nacogdoches, Tex.-Werag
4,965 548,530
hav
e
had
no ram duri the week.
1,292 403,390
Via Rock Isla
b427 b296,975 The thermometer has ran
Via Louisville nd
ged from 72 to 100, averng
7.025
27
21,765
aging 86.
Palestine, Tex.-We hav
Via Cincinnati
414 121,227
e
had
no rain the past week.
Via Virginia point
657 121,175
Ng' 10:1141 Average thermometer 86, high
s
Via other route
83
est
142,
100, lowest 72.
281
s. atc
248 142,006
Paris, Tex.-There has bee
106 351,688
410 384,496 to
Total gross overland
the extent of seventy hun n rain on one day of the week,
Deduct shipmentsdre
dth
6.406 1,705,594
s of an inch. The ther7,681 1,613,667 mometer has averag
Overland to N. Y.,
ed 88, the highest being 104
Boston, &c.._.
Between interior
and the lowest
359
72.
124,
792
348 142,871
s
Inland, &c., fromtown
1,842 174,188
South
San Antonio, Tex.-There has
127 124,567
3,759 154.235
bee
n
no
1,011 102.642 The
Total to be deducted
thermometer has averag 87, rangrain during the week
ing from 74 to 102.
5,960 453,215
Taylor, Tex.-It has been ed
1,486 370.0170
Leaving total net over
dry all the week. Minimu
land *
thermometer 72.
m
446 1,252.379
1.24
6,19
3,58
5
7
* Including move
ment by rail to
AHm
ore
,
Okla
-Th
.
Cana
e
da.
week
b Revised.
rainfall has been six hun
The foregoing sho
dredths of an inch on one day's
. The thermometer has
has been 446 bales,ws the week's net overland movement aged 88, the
averhigh
est
agai
bein
nst
g
104
6,1
and
95 bales for the week last
lowe
st,
year, and that for the seas
22.
Holdenville,
.-There hasb een no rain
land exhibits an increase on to date the aggregate net over- The thermometOkla
during the week.
er has averaged 86, rang
from a year ago of 8,792 bale
ing from 72 to 101.
s.
Mar
low
,
Okla
.
-W
e
hav
---e
In Sight and Spinner'
-1913-14----- -----1912-13
thermometer has ranged had no rain during the week. The
Since
Taki
from 70 to 101, aver
Since
Receipts at port ngs.
Week.
Sept. 1.
Eldorado, Ark.-We hav
aging 85.
Week
to July 10
.
Sept
.
1.
Net overland tosJuly
24,319 10,194,058 21,448 9,451,58
e had rain on one day
10
past
5
week, the rainfall bein
during the
Southern consumption
446 1,252,379
6,195 1,243,587
g
to July 10- 59.0
five
hun
dre
dth
Ave
00 2,695,000 59,000 2,559,000
s of an inch.
rage thermometer 83,
Total marketed
high
est
97,
lowe
st
70.
Fort Smith, Ark.-There
Interior stocks in exces
83,765 14,141,437 86,643 13,254.172
has been rain on four days of the
s
*16.145
43,993 *16,891
95,501 week, the rainfall being ninety-t
Came into sight (luti
hree hundredths of an
The thermometer has
67,620
in sight July 10ng week
averaged 82, the highest being 92inch.
69,752
the lowest 72.
and
14,1
1
3
.
4
9
6
7
T
o
t
a
l
85,4
30
Nor,spinners' taki
ngs to July 10..
Little Rock, Ark.-There
11.650 2,635,651
2,45
12,6
3,47
45
2
has
• Decrease during
been rain on four days the
past week, the rainfall
week.
being two inches and eighty-s
Movement into sight
hundredths. The the
ix
in
rmo
met
prev
er
ious years:
has averaged 80, ranging
Weekfrom 71 to 90.
1912-July 13
Bates. Since Sept. 1Bales.
Alexandria, La.-There
1911-July 14
63,100 1911-12-July
15,283,263
has been rain on three days of the
13
1910-July 15
43.524 1910-11July 14
11,614,386 week, the precipitation being seve
1909-July 16
45,345 1909-10-Ju
nty-five hundredths of an
ly
10,2
inch
15
25,9
.
49
The
75,253
thermometer has ranged fro
13,357,325 84.
m 69 to 99, averaging
NEW ORLEANS CO 1908-09-July 16
NTRACT MARKET.
New Orleans, La.-We
hav
e had rain on five day during
Saturday, Monday,
the past week, the
rainfall being one inch and thirsty-t
July 4. July 6. Tuesday,I Wed'day, Thursd'y Friday.
hundredths. Averag
July 7. I July 8. July 9. July
hree
Juk10.
e
an
.e
the
rmometer 84, highest 96, lowest
72.
Closfng
fall4 - 12.84_.91h12.70_.75
Shreveport, La.-It has rain
12.72-.79 12.69-.70
August-12.91-.94 12.84 --;12.77
ed on two days duri the week,
-.78 12.72-.75 12.77-.- the rainfall having
Kant*
reached nineteen hundredthsng
Closing
12.77-.96 12.74-.90I
of an inch.
12.65-.71 12.58-.74 12.54-.60 The thermometer has averaged 87,
Septer
n ber12.91-.94 12.78-.79
the highest being 101 and
12.67-.68 12.59-.60 1248-.70 the lowest 74.
R ge
Closing
12.43-.60 12.4 _h12
Columbus, Miss.-There has
October- © -12.38-54
12.55-.57 12.489-.50 .46
been heavy rain
one day
12.47-.49 12.0-.45 12.53-.54 during the week, to
Range
the extent of one inch and on
12.33-.42 12
Closhtg
forty-eight
hundredths. The the
rmo
12.38-.39 12.22-.381 12.19-.28 12.22-.36 12.16-.34
Novembermeter has averaged 85, ranging
.30...31,12.27-.28 12.24-.25 12.33-.34 from 65 to 104.
Range
Closing
Gree
nwoo
d,
HOL
Mis
Ts.
-W
e
hav
e had no rain during the week.
December--- @ - The the
DAY. 12.2-.39 12.30-.31112.39 12.1
rmometer has ranged fro
.26 12.33-.35
Range
m 67 to 98, averaging 82.
12.29-.42 12.2
Vick
Closing
sbur
g,
Mis
s.
3-.37
-Ra
,12.2
in
0has
29 12.23-.37 2.18-.37 the
12.38-.39 12.30
fallen on five days of the week,
-.31;12.28 *-- 12.26
rainfall reaching twenty-f
12.35
-.27
Janua
Ran
-.36
ry-ge
ive hundredths of an inch.
I
12.29-.45 12.26
Average thermometer 81,
Closing
est 95, lowest 69.
12.41-42 12 -.36 12.24-.32 12.28-.41 12.24-.41
MarchMobile, Ala.-Some locahigh
.33-.34.12.31-.32 12.31-.32 12.39
-.40
Range
lities need rain, but the general
condition of cotton is goo
12.48-.54 12
Closing
d. Boll-weevil damage small.
12.51-.52 12.36-.441 12.33-.41 12.40-.49 12.34-.51 There
Mayhas
.43-.44,12.40-.42 12.40-.41 12.50
bee
n
rain
on
one
Range
-.51 bein
the past week, the rainfall
- @ -12.40-.
g twenty-six hundredthsday
Closing
551
of an inch. The thermometer
12.55-.57 12.46-.48 12.39-.43 i2.44-.54- ek - has ave
Tonerag
ed
12.43
84,
rang
-.45
ing
12.44
fro
-.46
m
73 to 95.
12.54-.56
Spot
Quiet.
Montgomery, Ala.-We have had
Quiet. 1 Stea
Options •
rain on two days during
dy. Quiet. Quiet.
Steady. Steady.
the week, the rainfall
Steady. Steady. Stea
reac
hing
one
ineh and ten
dy.
The thermometer has ranged
dredths.
from 69 to 96, averhun
aging 83.
xc
THE CHRONICLE
132
ge.
the Houston Cotton Exchanwas
on July 3, consigned to nds
year
last
past
bale
t
the
firs
of
s
The
day
.
e
thre
pou
bale weighed 405
e had rain on
Selma, 4/a.-We hav
dredths of an inch. Thepped frond Lyford on July 10.
reaching eighty-five hun
shi
NTS.
68.
st
lowe
week, the rainfall
82, highest 96,
ALEXANDRIA RECEIPTS AND SHIPME
Average thermometer
days during the week,
four
on
ed
rain
has
-It
1 1911-12.
ty-nine hun1912-13.
Madison, Fla.
1913-14.
reached one inch andedtwen
Alexandria, Egypt,
est
high
the
85,
rag
the rainfall having
8.
1
July
rmometer has ave
dredths. The thelowe
3,000
st 72.
1,500
pts (cantars)I
9,500
being 99 and the -There has been rain on four days during Recei
7.255,697
This week
7,453,851
7.605.796
hun
ght
y-ei
1
Tallahassee, Fla.
.
fort
Sept
e
and
Sinc
es
extent of two inch
ranging from
This I Since
1
the week, to the
This Since
meter has averaged 80,
This • Since
. 1. Week..Sept. 1.
dredths. The thermo
Week.'Sept. 1. Week. Sept
es)(bal
k,the Exports
66 to 95.
_„_1198,605
750
rained on three days of the wee
2.730 203,890 3.000,1202,
2 5.000.227,936
Albany, Ga.-It hase inches and ninety-one hundredths.
To Liverpool
217,415 2,7501203,181
0374,412
7.25
er
thre
2,92
hest
0139
hing
6.75
To Manc
rainfall reac
98, averaging 82.
India_ 12.750 929,169
_ __ _1111,291
To Continent and
has ranged from 65 to thre
2,500 89.503 1.0001122.365
past
the
s
day
e
ica
The thermometer-We
Amer
on
To
have had rain
21.218 12,250,912,244
dths.
Augusta, Ga.
18.000 934.972 13,50019
hing one inch and sixty hundre
lbs.
Total exports
bales weigh about 750
tian
65.
Egyp
week, the rainfall reac
st
lowe
lbs.
90,
99
78, highest
Note.-A cantar is
ived by
rece
rt
Average thermometer have had rain on two days of the week,
repo
ur
.-O
ET
RK
HESTER MA
NC
MA
ket is
mar
Savannah, Ga.-We y hundredths of an inch. The therthe
that
es
stat
r
sixt
m Mancheste
ing
buy
are
nts
the rainfall reaching ed 80, the highest being 92 and the low- cable to-night froquie
cha
Mer
s.
ting
t for shir
easy for yarns andWe give the prices for to-day below and
mometer has averag
y.
ingl
comest 70.
has been rain on four days during very spar
weeks of this and last year for
Charleston, S. C.-Thereof three inches and fifty-one hun- leave those for previous
nt
the week, to the exte
er has averaged 79, ranging from parison.
1913.
dredths. The thermomet
1914.
C'ot'n
ng
the
s
83.; 10.
duri
day
70 to 87.
four
on
rain
.
e had
inys, common
8.1 ihs. Shirt- Cot'n
32s Cop
Greenville, S. C.-We hav
fl's
one inch and eighty-one hunto finest.
inog, common . Mid.
hing
reac
.
Cop
Twist
fall
32$
rain
'3
aver
'C1;1
rt.
to
91,
week, the
62
m
0/ine
fro
ged
ran
Twist.
er has
S. d. d.
d. 9.1!.
dredths. The thermomet
s. 0., d. d.
d. S. d.
d.
s
e
the
day
44 6.72
thre
aging 76.
on
011
1
rain
2
had
10!', 6
e have
I
4 , 7 59 10
2 0111 44; it 61
Spartanburg, S. C.-Wreac
11346 3 @ 11 93.5i 7.70 10
0
thirty-eight hundredths of 2226 1(15
01 1034
hing
11
fall
3354
rain
6
1131
the
62.
past week,
-. 11.07
4 2 (411 4,
thermometer 78, highest 94, lowest
01
S 63%
74 10
6 77
11.{6 4 01115 1 7
an inch. Average-It has rained on thiee days during the June
lB ION 6 2 611 4% 6.79
7.47 10
534!
111
4..40
C.
N.
,6
5
234
11
@
11112
10% 6
Charlotte,
ine
10i4
01
ty-n
and
7.68
es
twen
6.75
434;
inch
two
11 5
11.4 6 4 (411
ing reached
10;4 0 10% 6 2%0)
week, the rainfall hav
1134,(1 4 011 4141 7.58
raged 74, the highest 2:6
aVe
has
er
" 1%
41
74
met
0
2 10
9
rmo
the
6.70
The
6
s.
(411
2
hundredth
3 I 7,461034 0 11 6
July
13.70
st 62.
i1340 3 011 Pi: 7.33 1034 (
19 ii 6 2 @11
5 1034
ng
111
s
being 88 and the loweere
2340
duri
e
day
6
thre
on
11
n
rain
bee
10 10
Goldsboro, N. C.-Th ipithas
ation being three inches and sixtywn on a previous page, the
WS.-As sho
NG NEfro
rang
PPI
the past week, the prec
ed
76,
SHI
rag
ave
has
er
met
States the past week have
rmo
the
ted
Uni
The
the
s.
m
dth
five hundre
exports of cottonbales. The shipments in detail, as made
88.
to
ing from 64
rns, are as follows:
had rain on one day during the reached 21,020
Total bales.
Weldon, N. C.-We have seven hundredths of an inch. up from mail and telegraphic retu
94
hing
Vian
reac
fall
rain
ly 8-Adriatic, 94 Peru
-Ju
week, the
l
50
78.
g
rpoo
agin
Live
92,
aver
to
-To
ged from 63
NEW YORKerp-July 3-Kroonland. 50
200
the
The thermometer has ran
of
day
200
Antw
z,
one
on
Lope
rain
To
had
-Antonio
e
3
hav
ly
e
305
a,
-Ju
-W
ron
n.
a
7
-Ve
Ten
elon
July
g,
Dyersbur
rt, 1,028___
To Barc
1,433
ly 3-Konig Albe
hing one inch and thirty hunTo Genoa-Ju
200
rp hi . 100
past week, the rainfall reac
est 99, lowest 71.
high
85,
Albert, 200
er
onig
met
700
3--K
rmo
the
ly
e
-Ju
rag
Naples
fI
Jose
z
To
dredths. Ave
ther
Fran
The
ser
k.
3
-Kai
wee
7.89
ly 3
dry all the
7,893
To Venice-Ju
Liverpool-July 9-Statesman,
100
Memphis, Tenn.-It has beenhighest being 95 and the lowORLEANS-To -Scythian, 100
NEW
the
9
82,
10
2,92
ed
ly
rag
-Ju
mometer has ave
To LondonBremen-July 7-Black Prince, 2,929
2,056
for rain.
6
MOBILE-To
rpool-July 9-Almerian 2,05
9
Live
2,23
est 72. Crops are suffering
-To
SAVANNAH -July 7-Montauk Point, 2,239
2.029
an, 2.029
TAINSF
To Bremen
50
Liverpool-July 6-Almeri
PA 0645)0 00
i
Cotton Takings.
WeeR. and Season.
1912-13.
1913-14.
I
Week. I
Week.
Season.
Season.
BRIINSIVICK-Torpool-July 3-4ana4ian,50
Live
BOSTON-To g-July 6-Cincinnati, 107
940
To Hambur
Bremen-July 8-Main,
-To
ORE
BALTIM
week
Sales of thespec
ulators took
Of which
rters took
expo
h
Of whic
Sales, American
rt
expo
al
Actu
Forwarded
Total stock American
Of which
of the week
Total imports
American
Of which
t
afloa
Amount
American
Of which
July 9.
Receipts at-
Week.
Week.
Since
Sept. 1.
1911-12.
Week.
Since
Sept. 1.
20.000 3.242,000
32,0003,669,000 27,000 2,636,000
Bombay
For the Week.
Reports
from-
Since
Sept. 1.
1912-13.
Spot.
Market, 1
12:14
P. l'.4.
MId.1.101.0-5
Sales
Spec.&exp.
Since Sefte,nber 1.
Great 1. Conti- I Japan
Great (Jan11- Japan Total. Britain.
nazi. ;..9 China.' Total.
Britain. neat. !cchina
,193,0002,423,000
Bombaysi 55,000 04,0001 69,000 1,116,0001
0
LOGO
1913-14_ _
38,000 424,000 830.0001,142,00 0
MOD, 16,000 35.000
803,0001,155,00
00,
1912-13_ _
01
338,0
19,001 11,00
00
1
15,0
4.000
1911-12_
2,000 13,000 114.000 139,000
Calcutta2,0001 10.00t 12,0001
1013-14_
3.000, 2.O0') 33,054 61,000
1,000
1,000
15.000 40,000
1912-13..
2,0001 32.003
1911-12_
7,000 33.000
9,000
5,000
Madras'20 22,200
3,000 19,001
1913-14_
8,060
1,000.
0
4,00
13..
0
3,00
1912:
1911-12. _
00
467,0
0
23,00
00
001
394.0
s
50,0
other
All
33,000
272,000
28,000
23,000 234,000. 115,000
1913-14_ 5,0
9,000
8.000 1,0
00 150,000 66,000 241,000
17,0
1912-13_
5,0001 1,0001__6,000
1911-12_
Total all1913-14..
1012-13_
1911-13._
01,333.0003,072,200
0001,260,0001,613,000)1.0
2S.2001.797.200
6,000 63,000 65,000139,
31 67,600, 702.0
23,000 17,000, 45,0000
000 880.0001.444,000
422.
0,
33.00
25,0
0
20.000 6.00
furES.-California has the honor of
FIRST NEW BALof
p of 1914-15, a bale
cro
the
of
on
cott
nishing the first bale Calexico (on the Mexican border) on
having been ginned at d 535 pounds. The first bale grown
June 17th. It weighe pped from Lyford, Cameron County,
in Texas in 1914 was shi
30.0009.
28.000
34,000
1.000
1,000
2,000
2,000
1,000
1,000
1,000
1,000
23,000
00
25,0
00
21,0
23,000
2.000
0
7,00
0
6,00
4.000
55,000
74,000
67,000
71,000
000 915,000
959,000 964,000 935, 000 689,004)
723.
754,000 742,000
36.0(0
51,000
78.000
62,000
14,000
41,000
38.000
45.000
82.000
00
88,0
149,000 114,000
45.000
00
46,0
00
66.0
90.000
s and futures
Liverpool market for spot
closing prices of
y
The tone of the
dail
the
and
k
wee
past
each day of thee been as follows:
snot cotton hav
Friday
TS.
INDIA COTTON MOVEMENT FROM ALL POR
1913-14.
21,020
past week:July 10.
ks, &c., for 26.
July 3.
LIVERPOOL.-Sales, stocJune
19. June
000
Total
3,256.196
.3.847,5401
2,135.485
Visible supply July 3
1 2.055,351
69,752 13.349.673
Visible supply Sept. 1
67.620,14,185,430
2,636,000
00
27,0
American in sight to July 10___I,
0
9,00
32,000, 3,66
455,200
10,000
Bombay receipts to July 9
644,000
45.0001
993,900
300
Other India shipm'ts to July 9--1
0
4,00
1,01
311,000
0
Alexandria receipts to July 8_ 1
3.00
339,000
01
5,00
!
*
8
July
to
ly
Other supp
19,881,258
8
6.24
781
3.36
906,
3,997.16021,
Total supply
Deduct5 3,082,555
3,689,0521 3,689,052 3.082,55
Visible supply July 10
16.798,703
1 308,108,18,217,729 283,693 12,967,603
Total takings to July 10-a
190,108113.211.729 214,393 3 831,100
Of which American
00
0
69.3
' 118,000. 5.006,00
Of whir+ other
Indies, &c.
in burope from Brazil, Smyrna, west
- aalimaces receipts the total estimated consumption by Sou hern mills,
aces
embr
-takings not
-13
in
1912
a This total
bales
0
9.00
2,55
and
gn
1913-14
2.695.000 bales in d the aggregate amounts taken by Northern and forei of
being available-an bales in 1913-14 and 14.239,703 bales in 1912-13,•
.
spinners. 15.522.729
ican
bales
Amer
03
s and 10,408,6
which 10.516.729 bale
107
940
Saturday.
3fonday.
Dull.
7.48
4,000
300
Quiet.
.
7.11
5,000
500
Tuesday.
Dull
and
Irregular.
Wednesday. Thursday.
Easier.
Pressed
for
sale.
1L .
2ur
Irre
7.47
7.35
7.36
7.33
5,000
GOO
3,000
ZOO
4,000
(500
6,400
501)
Barely st',,
.4.14 pz.:
.
Steady at 3p
(Alet
Steady
Quiet
decline.
pts.
11
3340
pt.
1
3 pts gen.
geo.
Pts.
92
1)4(1
advance.
Qtitet..
(Iceline.
Odefled f
advance.
decline.
Steady,
Steady
Feoy
very needy Barely sty
e4 t,',
evict
1%. C.7 Ws. 11)190 pts. 334 dee.
pts
Market. (
4
dec.
6434
pt.
uts.
Pts. 1%
nce,
,
adva
ne,
34.
2c.c
decli
i
ne.
4
dv decli
y of !Hovance. 214 nts.a
P'utureJ.
Market 1
r
res at Liverpool for each day are give
The prices of futuon the basis of upland, good ordinary
below. Prices are
ed.
e
clause, unless otherwis stac
Frido.
ay.1Wea'day.IThursday.
Monday,I Tuesday.
4
12391
4
1
11231
4
1 4 112311
P.m. p.7:.
1241 1235 123.11 4 11234
an. p.m. p.m. p.m. p.m.
p.m. p.m. p.M.!p.m.:p.m.!p
d
d. I .
d. I d.
d. I d. I d. I d. I d. I d. 08 '0945 05
d.
d.
04
107
10945
117
,
____ 7 1334 103,5114
08 ,0915 05
July
114 117 10945.07 ,04
'
July-Aug_ ____ 7 1334 1035,96 199 1914518845 8434 88 18915 S4
9335
9645
17235 67
Aug.-Sep_ ____ 6 7245 6945174307 170 168 167 71 .664
5 614516245
6
,5.
55
1 3,6 61
Sep.-Oct _ ---64
3 16
2 66
70
74516
645 60
62
545 6
6 68
.5834 60
,
Oct.-Nov_ _-__
-.,
1
3
'
5
,5
54
.573559 54
Nov.-Dec. ____ 6
55 15345 53
16145 55m
59
445.
5
____
_
Dec.-Jan
•,.
,62
5
551.
55
5945
!60.4
5734
6
Jan.-Feb_ ____ 6 5834 .56 1003-C63 5834 ,55 15445 59 ,62 57
L6%,
Feb.-Mar. ____ 6 5934 37 16134,64 1 5735,5635'56 6035 ,6235 5745 59'
Mar.-Apr. __-_
5158 157 5635 61
60 5735 62 1643 ;5845,5734 1 57 16145'63 .55 5945
Apr.-May ---- 6
58 6234165
60 15.5 5615
May-June ____ 6 6045 55 5935162 15534 ,15435 54 58 '58
,53 5435
57
5'5245'52 56
June-July ___ __ 6
6 55 53 5735'60 :534
___
_
-Ana
July
July 4
to
July 10
•
Saturday,
JULY 11 1914.]
133
THE CHRONICLE
BREADSTUFF'S.
Friday Night, July 10 1914.
Flour has been in only moderate demand for home consumption. Home buyers are still very evidently disposed to
adhere to the policy of buying only as their immediate needs
require. They are impressed with the idea that the wheat
crop is to be not only the largest on record but that it is to
bring about a further decline in prices. Mills seem inclined
to sell as freely as possible,even on the present relatively low
basis of values. There is said to be a very fair demand for
clears and low grades, but, on the whole, trade is comparatively slow so far as domestic consumption is concerned.
But it is worthy of note that Southwestern mills have made
large sales of new-crop flour to the Continent of Europe,
which is certainly a welcome innovation to the trade. The
total production last week at Minneapolis, Duluth and Milwaukee was 294,910 barrels, against 319,995 in the previous
week and 226,408 in the same week last year.
Wheat has, on the whole, shown surprisingly little change
most of the time, despite some reports at one time of damage
to the crop. Northwestern markets have themselves paid
little heed to reports of black rust in that section of the belt.
It is not surprising, therefore,that other markets should have
practically ignored them. Arrivals of new wheat have
been large. All the indications continue to point to a very
big crop. The Government report on July 8 stated the condition of winter wheat on July 1 as 94.1%, against 92.7 on
June 1 this year and 81.6 on July 1 last year, with a yield
per acre of 18.5 bushels, against 16.5 a year ago. This put
the winter-wheat crop at 655,000,000 bushels, against 523,000,000 bushels last year. The condition of spring wheat on
July 1 was 92.1%, against 95.5% on June 1 and 73.8 on
July 1 1913. The yield per acre is 15.3 bushels, against
13 last year, and the indicated crop is 275,000,000 bushels, against 240,000,000 last year. This makes a total
crop of wheat of 930,000,000 bushels, against
900,000,000 bushels as indicated on June 1 and last year's
crop of 763000,000 on July 1 last year. The amount of
wheat remaining on the farm is estimated at 32,236,000
bushels, against 35,515,000 a year ago. Also, the weather
in the United Kingdom has been favorable and wheat has
been progressing well. The same is true of France. It
rather looks now as though the crop in France may be
larger than that of last year. Also, the outlook is good in
Germany and Italy. The world's supply last week decreased
only 4,006,000 bushels, against a decrease in the same period
last 3rear of 8,242,000 bushels. It is insisted that while there
has 'been some black rust in Minnesota and South Dakota,
no great damage has occurred. On the other hand,exporters
have been steady buyers and large sales have taken place.
It is said in Chicago that over 70,000,000 bushels of the new
crop have already been sold at different times to foreign markets for various deliveries in different parts of the country.
The world's shipments, moreover, have shown some falling
off. They reached last week only 11,888,000 bushels,
against 13,424,000 bushels in the previous week, though it
may be added that in the same week last year they were
only 11,152,000 bushels. The world's stocks are now only
94,738,000 bushels, against 126,800,000 a year ago and 125,200,000 in 1912. From present appearances the crop in
Russia will be of only moderate size. Some fears are expressed at the West that exporters may not be able very
easily to fill their orders for early shipment to foreign markets. This has tended to keep the July delivery quite steady.
The strength of corn has also had an influence on wheat.
At times wet weather in the Southwest has curtailed offerings from that section. Not a little of the wheat which has
arrived at Chicago and other. points had already been sold
for export. To-day prices,though firm at first, became easier
later, owing to favorable crop news.
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_
66% 67% 68% 68% 69%
July delivery in elevator
64% 65% 66% 67%
September delivery in elevator_ ___ Holi- 64
57% 57
day. 54
54% 55
December delivery in elevator
Oats have sympathized, as usual, more or less with corn.
Also some reports of damage have been received from
Illinois and Iowa. The Government report, too, was unfavorable in some respects. Certainly it gave the condition
as 84.5 on July 1, against 89.5 on June 1, though, to be sure,
the condition on July 1 1913 was much lower, or only 76.35
The crop this year, according to present indications, is
1,201,000,000 bushels, or the largest on record except that
of 1912. Last year it was 1,121,768,000 bushels and in 1912
it reached the high record of 1,418,337,000 bushels. Of late
the country offerings have been smaller. Sample prices have
risen on very fair demand. At times, indeed, the cash business has reached quite liberal proportions. At the same time
the available supply of Americn oats increased last week
951,000 bushels, against 365,000 in the same time last year
For all that, however,the available supply is only 16,350,000.
bushels, or about 11,000,000 bushels less than at this time
last year, even if it is about 7,000,000 larger than at this time
two years ago. To-day prices advanced, owing partly to
some adverse crop news and partly to the firmness of corn.
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Fri.
Thurs.
Wed.
Sat.
Mon.
Tues.
Standards _cts Roll- 43%@44 43%044 43%©44 44@44j 44@44
No. 2 white__ day. 44©44% 44©44% 4415i44% 44%©45 44%@4o
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
July delivery in elevator
37% 37% 38%
cts_
36% 36
September delivery in elevator_ _ .
35% 35% 36
_ Roil- 35% 35
December delivery in elevator
37
37% 37,1
day. 36% 37
The following are closing quotations:
GRAIN.
cts.
Wheat,per bushel-f.o.b.
Corn, per bushelN.Spring,No. 1
77%
,g
No.2 mixed
$1 00%
N.Spring, No.2
77
No. 2 yellow
99%
Red winter, No. 2
77
yellow
No.
3
88
Hard winter,No.2,arrive
70©
Argentina in bags
89
Oats, per bushel, newcts.
Rye, per bushelStandards
65%©68
New York
44@44%
No. 2 white
Western
44%@45
No.3 white
59@65
43%@44 Barley-Malting
FLOUR.
Winter, low grades___-$3 40@$3 60 Spring clears
$4 00®$4 15
Winter patents
500 Kansas straights,sacks. 3 85® 440
Winter straights
3 90® 430 Kansas clears, sacks.-- 3 601® 4 10
Winter clears
5 85® 6 25
4 10 4 25 City patents
Spring patents
3 30® 3 90
4 35@ 460 Rye flour
Spring straights
3 80® 4 50
4 20
430 Graham flour
WEATHER BULLETIN FOR WEEK ENDING
JULY 6.-The general summary of the weather bulletin
issued by the Department of Agriculture for the week ending July 6 is as follows:
Moderate temperatures and generally sufficient rain for present needs
over the greater portion of the grain, grass and cotton regions were the
marked features of the week. In the winter-wheat region, harvesting continued under favorable conditions and has now extended into the northern
portions. Thrashing is in progress over the southern and central portions,
except in Kansas, where it is being delayed by wet weather, and satisfactory yields are reported. In the spring-wheat States the weather was everywhere favorable for continued rapid growth. The soil is well supplied with
moisture and wheat and other crops made excellent progress, except in a
few localities, where the soil continues too wet. Some scattered reports
of rust in wheat are received from Minnesota. In the corn-growing States,
favorable weather prevailed in nearly all western and northern 'Portions
and the crop is reported in excellent condition in Iowa, Kansas, Nebraska
and portions of adjoining States, and generally in good condition in the
northern portions ofthe Ohio Valley and to the eastward. In the immediate
Ohio Valley and to the southward the crop is nearly everywhere suffering
for rain, and much of the early crop in portions of the Gulf States, Arkansas, Oklahoma and Texas has been severely damaged. In the cotton region local showers over large areas to eastward of the Mississippi greatly
improved the outlook, and the early-planted crop is nearly everywhere
reported as in good condition. In the district to westward of the Mississiplai
no rain occurred over the greater part of the cotton-growing portions of
Texas, and the late-planted in that State is suffering for moisture. The
early-planted, however, is making satisfactory growth in that State. as
well as in most portions of Oklahoma, Arkansas and Louisiana. Boll
weevil are reported as increasing in several sections. In the principal
trucking regions of the South, local rains improved the late crops in Florida
and some adjoining districts, but in other portions the early crops have suffered severely and are generally reported as short. Over the Atlantic
Coast States, from Virginia northward, good rains occurred, greatly relieving the severe drought in Virginia and furnishing sufficient moisture for
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK. present needs in other sections, and all crops as well as farming operations
advanced satisfactorily. In the Mountain and Plateau districts, including
Sat. Mon. Tues. Wed. Thurs. Fri.
the western portion of the Plains region, rains in many localities favor,W
cts
No. 2 red in elevator
880 89% 88% 88% 88
July delivery in elevator
89% 89H the satisfactory growth of all crops, and ranges continue in excellent con90
90
Roll- 89
September delivery in elevator- _
day. 87
87% 87% 87% 86, dition. Some delay in harvesting and local damage to alfalfa on account
December delivery in elevator
90
90% 90% 90 35 89% of rain occurred in portions of Kansas and New Mexico. On the Pacific
Slope, favorable
was the rule, and crops made the usual progress.
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. Winter wheat is weather
ripening in Washington, harvesting is under way in OreSat. Mon. Tues. Wed. Thurs. Fri.
gon and California, and fruit is moving to market and the canneries in the
78%
July delivery in elevator
cts
79% 79%
79% 80
September delivery in elevator__ Holt- 79% 79% 78% 78% 78% last-named State.
December delivery in elevator
day. 823i 82
81% 81% 81
AGRICULTURAL DEPARTMENT'S REPORT ON
Indian corn has shown greater firmness than might have CEREAL CROPS, &c., JULY 1.-The Agricultural Debeen expected. Some adverse crop reports have been re- partment issued on the 8th inst. its report on the cereal and
ceived from Texas and Oklahoma as well as from various other crops for the month of June as follows:
Crop Reporting Board of the Bureau of Crop Estimates (formerly Bureau
States south of the Ohio River. Also the cash demand at ofThe
makes the following estimates from reports of its correspondents
the West has increased very noticeably especially from the andStatistics)
agents:
East. Some receipts at the seaboard'
have been reported
FOR THE UNITED STATES.
in rather poor condition. Rain has been needed in Texas
Condition.
Acreage, 1914.
and Oklahoma as well as in Southern Illinois. The Government report on July 8 stated the condition at 85.8, against
CROP.
Per cent
July 1 July 1 July1,10- June 1
Acres.
1913. yr. . 1914.
01 1913.
1914.
86.9 last year and 81.5 two years ago. This points to a crop
of 2,868,000,000 bushels, against 2,446,988,000 last year and Winter wheat
92.7
80.2
81.6
94.1
111.6
35,387,000
3,124,746,000 two years ago. Country offerings have been Spring wheat
95.5
84.4
92.1
73.8
17,990,000
97.3
All
93.7
wheat
81.7
93.4
78.6
106.4
53,377,000
small and the available supply in this country decreased Corn
84.7
86.9
85.8
105,067,000
99.3
8-9:13
Oats
83.7
76.3
38,383,000
84.5
100.0
last week 630,000 bushels, which was in sharp contrast Barley
95.5
84.4
76.6
92.6
100.4
7,528,000
with the increase in the same week last year of 303,000 bush- Rye
93.6
89.5
88.6
92.9
stock
of
down
to
available
American
corn
is
now
88.7
86.2
The
White
--83.6
3,708,000
potatoes
101.1
els.
87.3
86.5
Sweet potatoes
--77.1
593,000
94.9
8,800,000 bushels, or 5,000,000 less than at this time last Tobacco
84.6
82.8
66.0
1,151,000
94.6
86.8
82.0
90.5
84.1
1,927,000
year. To-day prices advanced on hot, dry weather inithe Flax
88.0
88.4
86.5
Rice
704,800
85.2
Southwest as well as strong foreign markets.
.M
M
IX
onE
.DTC
ogRNRJ
sa
.i2
DAILY CLOSING PRICES OF N?
Hol.
as75
76
76%
No. 2 mixed
y7,5K
77
'
% 77it
Hay
Apples
*Six-year average.
80.8
64.2
80.5
59.4
*81.9
59.4
88.7
73.7
THE CHRONICLE
134
xcix.
The amount of wheat remaining on farms July 1 is estimated at 4.2% of last
year's crop, or about 32,238,000 bushels, as compared with 35,515,000 on July 1
1913 and 23,876,000 on July 1 1912.
The estimated yields indicated by the condition of crops on July 1 1914, and
follow:
final yields in preced ng years. for comparisn,'
salesmen are sending in better orders and also reporting stocks
of summer and fall merchandise to be very light in all guarters. In agricultural districts the outlook is particularly
bright, as the promise of good crops has greatly improved
Total Production in Millions of Bushels. sentiment and distributers are becoming more willing to
Yield per Acre.
book business a little ahead of actual requirements. In
*1914.
1909staple cotton goods there has been a slightly upward tendency
1913. 1913.
1909CROP.
June
1913. 1913. loos
*1914; Final. Avge. July
in prices, which is expected to continue during the last half
fore- Final. Am. Census
foreof the year. The fact that some of the most desirable
cast.
Bush. Bush. Bush. cast.
staples are in short supply with no accumulated mill stocks
18.5 16.5 15.6
655
638
523
441
418 to speak of has encouraged
Winter wheat
manufacturers to ask higher
262
275
240
15.3 13.0 13.3
245
265
Spring wheat
930
ow
683 prices for deliveries during the remainder of the year. In
17.4 15.2 14.7
763
686
All wheat
27.3 23.1 25.9 2,8882,447 2,708 2,552 this they have been strengthened by the high cost
Corn
of raw
1,122 1,131 1,007
31.3 29.2 30.6 1,201 1-,21
Oats
211
23.0 23.8 24.3
206
178
182
173 material as well as by the knowledge that distributers will
Barley
17.2 18.2 16.1
41
Rye
35
30 eventually be compelled to renew contracts which expired
-____
--96.1 90.4 97.1
3.6
332
357
389
White potatoes
84.0 94.5 92.7
50
59
58
---59 during July. Considerable interest centred in the announceSweet potatoes
733
636.9 784.3 815.1
954
Tobacco, lbs
996 1,056 meat of a peremptory sale by the H. B. Claflin Co., to be-9.1
18
7.8
18
20
20
Flax
13. It is set forth that the sale will
---33.3
.
___
33.3
23
26
24
22 gin on Monday, July
Rice
1.37 1.31
1.34
____
64
66
89 be held merely to reduce stocks and is in no way to be conHay.tons
sidered an auction or clearance sale. The object is to re* Interpreted from condition reports.
Details for Corn in principal States follow:
adjust conditions and give the receivers a better hold on the
affairs of the company. Export business shows no improveForecast 1914 Final Average Price per
Condition from July 1
five years
Acreage,
ment. Old contracts are expiring without new ones to rebushel
July 1.
condition.
1914.
1909-1913.
Jul./ 1.
place them, and reports give no encouragement of any immeCORN.
Ten- Per
Per
P. C.
5-yr. diate improvement, except what might result from a reducof *Acres. 1914. year acre. *Total. acre. *Total. 1914. urge. tion in prices which manufacturers do not seem
willing to
avye. Bus.
Bus.
1913.
09-13
- make.
1,463 87
87
40.0 58,500 39.8 58,524 79
Pennsylvan1a__ 100
76
DOMESTIC COTTON GOODS.-The exports of cotton
90
23.2 44,600 24.5 46,959 91
1,921 83
97
86
Virginia
88
17.6 49,900 18.3 47,884 98
2,835 85
North Carolina 100
98
goods from this port for the week ending July 4 were 3,520
88
13.6 55,300 14.7 53,482 97
4,088 80
100
Georgia
98
packages, valued at $241,295, their destination being to the
84
38.3 146,300 39.0 154,651 72
3,822 87
98
Ohio
67
86
38.3 189,400 38.3 156,90089
4,949 88
101
points specified in the table below:
Indiana
64
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
South Dakota_
Nebraska
Kansas
Kentucky
Tennessee
Alabama
Mississippi
Louisiana
Texas
Oklahoma
Arkansas
99
101
103
106
103
98
110
98
88
100
100
102
104
106
98
90
99
10,346 88
1,692 92
1,700 90
2,544 81
10,248 100
7,228 82
2,904 92
7,458 97
8,442 88
3,650 81
3,350 80
3,264 76
3,278 74
2,014 85
6,664 80
4,275 75
2,450 68
86
82
85
83
87
83
86
85
82
88
87
86
84
82
78
83
84
36.3 376,000
37.7 63,800
36.9 62,700
32.4 82,400
39.5 404,800
28.7 207,400
29.4 85,500
29.1 217,000
21.6 138,900
26.3 96,100
23.2 77,700
14.8 48,400
16.3 53,300
21.2 42.800
20.8 138,600
17.2 73,700
16.7 40,800
35.0 366,883 68
33.7 54,829 69
35.6 58,346 64
35.1 78,584 58
35.2 352,238 63
27.0 200,859 79
27.0 60,509 59
22.1 164,878 65
15.9 129,700 77
27.0 92,543 88
24.31 80.76791
16.81 49,107 97
18.5 51,103 86
21.0 35,131 91
18.0 120,286 89
13.8 75,412 77
20.4 48,439 90
62
68
63
55
57
69
56
57
64
78
81
94
90
82
82
69
85
United States 99.3 105,067 85.8 84.7 27.3 868.000 25.9 708.324 70 C CS 0
For other tables usual y given here, see page 102.
The visible supply of gram, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports July 4 1914 was as follows:
UNITED STATES GRAIN STOCKS.
Amer. Bonded Amer. Amer. Bonded Amer. Amer. Bonded
Wheat. Wheat. Corn.
Rye. Barley. Barley.
bush, bush, bush, bush,
In ThousandsOats..
bush. bush. bash. bush.
161
12
New York
46
549
73
7
48 ____
2
8
33
16
Boston
9
3
20
150 --ito --- 51
117
Philadelphia
83
155 --__
Baltimore
87
28
66
157
89
New Orleans
53
Galveston
385"
ioi 883 1,2,-32
61
Buffalo
553
26 "MO
75
135
Toledo
169
87
Detroit
37
69
9
2,514 2,644
46 --ii
532
Chicago
343
14
Milwaukee
47
119
232
Duluth
1,291
61
60
173
71
26
125
15
Minneapolis
8,291
61
197
33
327
St. Louis
249
347
10
136
11
Kansas City
57
743
87
49
Peoria
2
32
345
Indianapolis
25
287
75
Omaha
60
--ii
777
454
iii
984
On Lakes
584
240
73
183
198
On Canal and River
-_80
Total July 4 191413,258
308 6,912 7,210
215
405 7,589 7,327
Total June 27 191414,999
277
Total July 5 1913_29,470 2,937 11,655 15,754
736
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush. hush. burh, bush. bush.
In Thousdands3,469
116 2,160
Montreal
Ft.Willlam&Pt.Arthur 3,800
2,090
Other Canadian
4,803
Total July 4 1914
Total June 27 1914
Total July 5 1913
In ThousandsAmerican
Canadian
9,159
10,513
9,740
118 7.583
90 7,473
7 8,911
SUMMARY.
Bonded
Bonded
Wheat. Wheat. Corn. Oats. Oats.
bush, bush, bush, bush. bush.
13,258
308 6,912 7,210
215
9,159
____
116 7,583 --
308 7,028 14,793
Total July 4 1914_22,417
405 7,679 14,800
Total June 27 1914 25,512
Total July 5 1913 39,210 2,937 11.862 24,665
215
277
738
360
430
350
1,197
*,410
1.295
15
5
176
Canadian Bonded
Rye, Barley. Barley.
bush, bush. bush.
1
343 ----___
_
1
31
110
343
635
686
---_....
--.-
Bonded
Rye. Barley,!. Barley.
bash, bush. bush.
369 1,197
15
1
343 ____
370 1,540
461 2,045
460 1,981
15
5
176
THE DRY GOODS TRADE.
New York, Friday Night, July 10 1914. Dry goods markets have displayed a healthy tone during
the past week, with increasing activity and less conservatism
on the part of buyers. The week opened with a good volume
of out of out-of-town business which had accumulated over
the holiday and jobbing and commission houses have been
kept pretty busy meeting orders for goods which are needed
on short notice. There are a large number of jobbers and
retailers in town from many sections, and they are expected
to place consideralle bupness for account of next spring
as well as round out their requirements for the remainder
of the summer and the coming fall. Retail sales are reported
as steadily improving as a result of better weather conditions,
and many buyers are now willing to take goods which they
had previously said they would have no use for. Road
-----1914---------1913
Since
Since
Week. Jan. I.
IVeek. Jan. I.
New York to Jtey 42,318
839
Great Britain12
53
504
Other European
89
1,757
7
China
34,329
1,417
40,566
_-India
8,760
-475
Arabia
18,737
374
Africa
55
15,587
7,6
0.8
270
56
7
3
West Indies
679
26,669
20
1;4
33
02
8
25
11
9
ol America
extirca
C
Men
South America
Other countries
Total
246
6
575
400
12,30
317
8
30,387
37,417
200
812
319
8,585
29,597
33,414
3.520
176,384
2,739
172,092
The value of these New York exports since Jan. 1 has been
$12,798,979 in 1914, against $13,834,802 in 1913.
Domestic cotton goods are more active and firm with every
indication of increasing sales. Many well-known brands of
bleached goods have been marked up during the past week,
while others are due to be advanced in the near future. The
strong tone of the market is resulting in the placing of more
advance orders on the part of buyers who have heretofore
been over-conservative. Large distributers of staple cottons are now seemingly convinced that prices will not be
any lower during the remainder of the year, and are conservatively placing orders for deliveries running through the
last half of the year and the early months of 1915. Several
commission houses report fair sales of dress ginghams and
converted cotton fabrics for next spring, and shirt manufacturers are also turning their attention to their rc'quiremeats for the last quarter of the year and early spring. A
good late demand is reported for cotton wash goods and much
business is being place which had been considered lost
through unseasonable weather. Gray goods, 38-inch standard, are quoted 5 3-16c. to 534c.
WOOLEN GOODS.-Fall business is quiet and irregular
in woolen and worsted dress goods. Fair orders for additional supplies are being received from some quarters, while
in other places shipping instructions are being delayed.
During the period of quietness, manufacturers and selling
agents are giving considerable attention to the new spring
season. It is as yet doubtful just what fabrics will lead in
demand during that season, but it is generally though that
serges and broadcloths will again be popular. In men's
wear the trade is awaiting the opening of the Amerioan
Woolen Co.'s new spring lines which is expected within a few
days. There is much speculation as to what prices will be,
and buyers are not inclined to take any chances. Some lines
of serges have already appeared in the market at last year's
figures and are causing no end of surprise, as advances had
been generally expeCted at the opening of all lines. It is
also expected that the high cost of raw material as well as
the tendency to higher prices will result in much cotton
mixtures and manipulated goods appearing in the market
to catch the low-grade trade.
FOREIGN DRY GOODS.-Dress linens are selling well
as a result of the favorable weather conditions, and many
large buyers are beginning to show an interest in their requirements for next spring. In fact, some large contracts
have already been closed. It is the opinion of many lq,rge
handlers of dress linens that the loose flounce and ruffles
styles are passing and that next season will witness a return
to the plain linen goods which look neat when made up and
are more serviceable and do not require as much attention.
It is also argued that silks and silk mixtures will not be as
popular next season as they have been this, and that in the
choice between cottons and linens, linens will predominate.
Stock goods are quiet, with no accumulation of supplies,
arrivals being steadily taken up. Burlaps continue without
special feature. Business is quiet and the undertone about
steady. Light-weights are quoted at 4.20c. and heavyweights nominally at 5.20c.
JULY 111914.]
PATE- AND
THE CHRONICLE
CITY
DEfATITMENT.
MUNICIPAL BOND SALES IN JUNE.
We present herewith our detailed list of the municipal bond
issues put out during the month of June, which the crowded
condition of our columns prevented our publishing at the
usual time.
The review of the month's sales was given on page 62 of
the "Chronicle" of July 4. Since then several belated June
returns have been received, changing the total for the month
to $54,101,692. The number of municipalities issuing bonds
was 488 and the number of separate issues 716.
Rate. Maturity. Amount. Price.
Name.
Page.
26,359
1916-1922
2008„Cuyahoga County, Ohio
5
7,531
1916-1923
2008...Cuyahoga County, Ohio
5
5,000 102
2008__Danville. Ohio
514 1915-1924
2009__Davenport hid. S. D., Iowa
21,000 100
(2 issues)
434 41919-1924
2009__Daviess Co., Dad. (3 issues)_ 4%
0122
18°
1932_ _Decatur County, Ind
a1920
4
4%
8,000 100.756
1932__Decatur County, Ind
920
a
n102
1932__Decatur County, Ind
4
64_ _Delaware Co., Ind
18:0
0811 188:982
434
2008_ _Delaware Sch. Dist., Ohio_ _ _ _
1915-1919
1R:r1 1801:717
1864__Delphos, Ohio
5
139_ _Delphos, Ohio
1924
5
65__Derby, Conn
03 183:19
1614
7 °
a1930
4%
65_ _Detroit, Mich
1944
_Douglas Co. S. D.4. Wash_ _ _%
5 41915-1919
67:283 1865_
65__Douglas Co. S. D. 102, Wash_ 534 41915-1919
3,800
1933_ _Dover Two. S. 13., Ohio
a19,16
5
65_ _Downey, Idaho
181:131
15,000
6 419a214
0-2
10
934
:
1789_ _Dresden, Ohio
101.312
5
65_13upree Sch. Dist., So. Dak
_
1934
65_ _East Baton Rouge Parish. La_ 5186,000 100.113
a1927
139.. _East Fork Irr. Dist., Ore
, 90
121R,
:
02.2
6
1865__Easton, Pa.(13 issues)
4 41919-1944
1933__East Palestine, Ohio
. 100.50
5
1921-1926
050
1933__East Waynesburg S. D., Pa
8,800 102.284
a1926
5
2009__Eaton, Ohio (2 issues)
1.00:301
egg
534
1865„Ecorse Twp. S. D. 12, Mich_ 5
2009_ _ Eden Two.Sch. Corp., Ind._ _ 5
101.271
a1918
2009_ _Edgewood, Iowa
d1918-1933
11,000
65_ _Elkhart Co., Ind. (4 issues)._ 4611
, is
al920
5
1?V088
1933__Escalon Sch. Dist., Calif
13,500 102.955
6
1789_ _Etna Sch. Twp., Ind
13,100 100
4
1865__Eucalyptus S. 13., Calif
6
1933_ Eugene, Ore
3
1 0 101g.08
2i,P)0
1924
5
65- Everett, Mass
10,004) 100.6
4
1940
65- _Exeter, Calif
45,000
5,4 1915-1954
2009__Exira Sch. Dist., Iowa
1924
65__Fairgrove Twp., Mich
888 188.404
Ig,
:
al920
5
2009_ _Fall River, Mass.(2 Issues)_.. 4
240,000 101.51
a1924
1865__Flora Miss
10,000 100
al924
6
65__Florence, Neb
1934
6
1865__Fountain County, hid
0.783
al920
4
4%
58:988 18°
1865__Framingham, Mass
36,000 103.39
a1923
1933__Franklin, Tenn
15,000 100
8 5_ _Franklin County, Ind
al920
1865__Franklin Sch, Dist., Calif
4
8
°
)
10
1,211:R1
a2110119
024
6
4
85
11
:.,,,,,
65_ _Franklinville, N.Y
178.9 _Fremont, Ohio
al921
1789_ .Fremont, Ohio
al920
5
1865_ _Fuglt Sch. Dist., Calif
..7
91
67
A
9110
6 181.
119240
342
a 199
65__Fulton, N. Y
28,100 103.487
al943
1933-Gardiner Water Dist., Me
75,000 98.50
41
%
%
65-_Genesee County. Mich
2009-Gladwin County, Mich
1789__Gloversville N Y
29,800 101.279
al920
4%
1865__Clogebic County, Mich
65,000 99
al921
4%
1865- _Grant County, Ind.(7 issues)_ 414
a1920
1865_ _Grant County, Ind
2
1Z5:,180 188:21.1
al920
414
139__Grant Co. S. D. 115, Wash
000 100
5 41924-1934
2009_ Grant Ind. S. D. Iowa
1865-_Great Fans. Mont
5 41924-1934
109:00
°0g y101.703
3
2009 _Greene County, Ohio
110001.163
5
al917
1789_ _Green Two.Sch. Dist., Ohio
34°,1°00°
5
1915-1919
65_ Groton, N.Y
4.40 al919
10,000 100.17
2009_ _ Guernsey, Wyo
a2
14
0-117
944
6 419
5.000 100
1866-Guernsey
-Guernsey County, Ohio
8,000 100.86
1933_ _Hamilton Co., Ind. (4 issues). 4%
al920
15,240 100.609
1933_ Hamilton County, Ohio
01
19
944
18
414
100,000 100.815
1933_ _Ham m Tile Dr. Dist., Iowa.... 534 41920-1924
16,519 100.914
2009- _Hardin County, Ohio
5
13,000 101.53
2009._ Harrietstown S. D. 3, N. Y_ 6
1,000 100.50
1789_11arrison Twp. S. D., Ohio_ _ 5
al919
10,000 100.262
2009 _Hartford, Conn
4
1930-1939 500,000 100
66_ _Hartford Sch. City, had
5
43,900 105.615
1789_ _Haverford Twp.S. D.,Pa_ _ _ 434
1944
14,000 102.677
*139_ _Helper, Utah
6 41924-1934
22.000
1866_ Hendricks County, Ind
a1920
4%
3,600 100.604
66__Highland Ph. S. D., Texas_
30,000
66_ _Holley, N. Y
4.45
64,400 100.186
1866_ Holtville Sch. Dist.. Calif_
6
50,000 100.212
1934_ _Holyoke, Mass. (3 issues)..... 4
171,000 102.25
2010_ _Horseheads (T.) 17n. Free Sch.
4.40 1917-1931
Dist. No. 4, N. Y
30,000 100.12
0139__Houston, Texas
7
1915-1918
17,568
2010_ Howard Co., Ind.(5 issues). 434
4106:312102
66 Hubbard. Ohio (2 issues)
6
140-Hudson Sch. Dist., Ohio
5
al928
50,000 102.056
66_ _Huntington Co.. Ind. (3 iss.). 414
a
n10
925
0
26,000 100.753
1866__Huron County. Ohio
5
59,500 102.228
2010__Hyde Park Sch. Dist., Calif 534 1915-1939 100,000
2010__Idaho (2 issues)
4 41923-1933 219,000 100
2010__Iowa City, Iowa
1,038
1934__Ironton Sch. Dist., Ohio
5
1934
35,000 105.32
2010__Jackson Sch. Twp., Ind
4
21,000 100.071
2010-_Jasper County, So. Caro
5 41934-1944
40,000 95
66„Jefferson County, Ill
40,000 100.80
66-Jefferson Co. IT. 8. 13., 111..
40,000 101.405
1790_ Jefferson Sch. City, hid
414 1915-1927
10,000 100.79
1934„Jennings County, Ind
434
15,100 100.736
al920
1934__Johnson County, Ind
4%
8,400 100.75
a010200
92
1934__Johnson County, Ind
100.967
,
1934__Johnstown, Pa
111
41921
100,000 102.323
66-Joliet, Ill. (3 issues)
414
a1924
195,5001 102.121
64L..Joliet. III
434
11,000J
a1925
1790 Juanita, Pa
41929-1944
50,000 104.33
2010_ _Kalamazoo, Mich.(3 issues)_ 45%
96,000 100.64
140__Kamas Sch. Dist.,'Utah
66_ _Kane Co. S.D.N.98, Ill..
5
36
0:
°000
°0 100.516
1934_ _Kansas City Sch. Dist., Mo.... 4
1934__Kansas City Sch. Dist., Mo.... 434
1933
2
3
200
00,.00
06°
0
66_ _Kearney, Neb
12,500 100
7
5
1915-1924
66_ Kearney. Neb
45,000 100
1934_ Kennewick. Wash
34
2010__Keystone Ind. S. 13., Iowa
23
5:010
° 100
9
.
5
6 41
19
92
14
5-19
934
66.,.Keytesville Sch. Dist., Mo..... 5
15,500
1934__King County Un. H. S. 13.
66__HiN
ng
o.D
"
on
J.'
'
nty
Wash
un. H.
11,500 100
D. 5 41915-1934
5,
No."0," Wash
66__King Co. S. 13. No. 13. Wash.. 5%
0 10°
00
°5°
0°
92
349
26:
19111-19
19
6 419
1866- _Kirkland. Wash
18.250 100.575
534
1934
66_ _Kirkwood, Mo
15,000
2010_ _ Kitsap Co.S.D.No.35,Wash_ 514
1866_1Cnox County, Ind
2010 Knox County, Ind
67__La Porte County,Ind.(5 his.). 4
44$ 1915-1934
2010_ Lawrence, Mass
100.59
250,000 47.45
al919
4
1790__Lawrence County, had
22,100 100.776
01920
414
140__Leavenworth, Hans
316,621
1934 Lee County, Miss
1925-1939 2f1A1:
80
8 0 1,1
0
1
5
e Roy. Hans
_
5 41921-1934
67_ Lewisburg, Tenn
2010_ _Lewis Co. S. D.No.27. Wash_ 6
211:000 iga.372
5,4 41192
15
9
.
-19
94
14
9
1 gliti _ _ Liberty Sch. Twp., Ind
)13..2g5
2(5):30
014 110
4
1934_ _Liberty Sch. Two.. Ind
5-110
934
22
1
10
9115_
140__Lincoln Co. Rd. 13. No. 2, Ark. 65
10
13
44
0____Un
neo
nnIn
nC
ii...TA
snoh
..SD
.D
igt
..NH
41924-1934 Ii
5
o.an
3,Ore
11:?88
12
3R:2s3
JUNE BOND SALES.
Page.
Name.
Rate. Maturity. Amount. Price.
63- _Adams Co.S. D.No.11,Idaho 6 41933-1934
64.000 100
1863-Adams Sch. Twp., Ind
6,000
63Adams Sch. Twp., Ind
1
7,988 104.006
63--Akron, Ohio
4%
446,000 102.25
a1924
1787__Albany, N. Y.(9 issues)
4N;
836,000 101.271
1787__Albany, N.Y
414
3,500 x100
a1919
1931__Alhambra Sch. Dist.. Calif
5
100,0001 100.35
1944
1931_ -Alhambra H. S. D., Calif..- 5
100,000J
1944
,
14,000
5
2007_ _ Allegany County,Md
60,000 103.975
1916-1927
5
2007. Allendale, N. .3
45.000 103.255
a1934
5
138...Allentown Sch. Dist., Pa
100,000 100.304
4
2007__Almont Twp. Mich
12,000 100
1915-1917
5
63_ _Amity Sch.11ist., Ore
20.000
5%
25.000 100
2007Anchorage, Ky
a1929
5
1863_ _Andover Sch. Dist., Ohio
5,000 100.436
a1919
5
20,000 107.296
al929
1863_ _Anne Arundel Co., Md
5
5
26.786 100.284
al919
1931__Arcanum. Ohio
15,286
7 41915-1924
2007__Arlington, Wash
35,000
2007__Arnold's Park EL D. Iowa_
63__Artesia, N. Mex• (3 issues)
16,000
6 41934-1944
5
1931__Astoria Sch. Dist., Ore
20,000 100.505
193I__Auburn Twp., Ohio
5
a1930
20,000 101.832
2007_ _Aurvasse Con.S.D.No.1,Mo. 6
16,000
63Bancroft, Neb
5 d1919-1924
17,500
1863_ _Bennington Un.H.S. D.,Cal_ 6
a1928
25,000 103.16
63__Barberton, Ohio
5
a1917
2,950 100.101
1931__Bartholomew Co., Ind.(2 iss.) 414
a1920
21,040
li331__Bay City, Mich
4
20,000 x100
138--Beaver Dam, Wis
4%
133,000 y100.606
63„Bellake. Ohio
6
5,000 101
1915
63- _Belle Valley Sch. Dist., Ohio 5%
2,000 102.05
138-Beloit Sch. Dist., Kens
5 41924-1934
25.000 101.50
to 102.10
2007__Belzoni, Miss
1915-1934
6
15,000
1931_11enton County, Ind
9,360 100.714
a1920
43
138.._Bessemer, Mich
50,000 y100
5
138_ _13irmingham. Ala. (2 issues).- 5%.
169,000
1787_ _Blackford County, Ind
4
5,200 100.961
a1919
63-Bloomington Sch. City, Ind
4
12,000 102.395
1787_ Bloom Township, Ohio
5
8,000 101.258
a1937
31._ oise City, Id o (2 issues).- 6
58,078 100.60
1915-1924
63Iloone County,Ind.(2 issues)- 4%
11,200 100.642
2007_13oonville, Ind
11,000 100
6 41916-1929
63_ _Boston, Mass.(14 issues)
6,558,000 101.389
138Dradentown, Fla
100,000
6
2008_ _Brazos County, Tex
50,000
514 1924-1933
1864_ _Bremen,Ohio
5
8,000 101.985
al925
1864__Bremen,Ohio
5
500 100.40
a1917
1787__Brewster,Ohio
102.55
5.000
5%
a1919
2008--Brighton, N. Y
50,000 100
4.40
1934
1931__Br1tton,So. Dale
5
30,000
1934
1864__Brockport, N. Y
4% 1914-1919
12,000 100
1932_Bronxville, N. Y
9,000 100.033
4.40 1918-1927
63__Brookville, hid
5,000 103.20
5
1915-1924
64'__Bruning, Neb
12,700} 100
5 41919-1934
-il,
3,100
5 41917-1932
2008__Brunswick, Maine
15,000 100.911
a1922
4
1864„Buck Creek Sch. Twp., Ind
4
34.470 102.568
a1922
1864__Buffalo, N.Y
300.000 106.80
1944
_ uffalo, N. Y
4%
400,000 108.54
1964
1864.-Buffalo, N. Y
1919
434
250.000 101.85
1864__Buffalo, N. Y
434
84.500 106.13
1939
1864-13uffalo, N. Y
4% 1915-1924
75,000 101.60
64-Buhl, Minn
125,000 100
al923
64_ _Burlington, Vt
Of.619
:1
1934
138__BurtCo.Sch.DIst.No.27,Neb. 5
25:000 100
1934
2008__Caldwell, Ohio
3,571 101.82
5
al920
2oos__Calexlco 17n. 11.5.1)., Calif 6
65,000 100.65
1914-1937
1932__California
4
008 Cambridge Sch. Dist., Iowa_ 5
0
2,000 18°
1924
3:01
)
1864_Camden County, N. J
52,500 102.833
4%
1939
1864__Camden Count N. J
102.533
4:sgg
4%
1
1
3
1934
2008__Cantrel Sch. 1)1st.. Iowa__ -- ---- ----2008_ _Carroll County, Ind.(4 issues) -4,4
26,800 100.705
a1920
1864_ _ Carthage II. S.D.No. 1, N.Y. 4.40 a1930
8,500 100
2008__Caseville Twp., Mich
5.000 100
al920
5
138_ _Casper, Wyo
75,0001 100
41929-1949
5
138__Casper, Wyo
5
41924-1934
64__Cass County,Ind. (2 issues)_ 434
County, Ind
240 100.667
1600
1:5
4%
1932__Cedar
_Cedar Sch. Dist., Kens
2008__Center Sch. Twp., Ind
4.500 y100
4
138_ _Centralia Sch. Dist., Ill
25,000 101.52
5
2008__Champaign County,
13.000 100.253
5
al917
2008__Charleston, W. Va Ohio
1932__Cheltenham Twp. S. D., Pa 6
1% 19
B
3
12g24
43
5:0
41 11(9)1:282
64-_Cheraw Sch. Dist., So. Caro_ 534 41934-1954
15,000
1864_ _Chestertown, Md
2.5,000 102.169
i d1924-1931
1932__Chicago, Ill
2008_ _Chicago Junction, Ohio
Vlt2
11
653:82 12:2
1864...Chillicothe, Ohio
.0
B
85
lil
08 vi
1
318011
64_ _Cincinnati. Ohio (2 issues)___ 4
2008_ _Clarksburg, Ohio
5
1932_ _Clatsoe Co. S. D.No. 1, Ore__ 5
419E134
1932__Clay ount Ind
13,400 100.81
a1920
434
200Slearspring
15,500 101.167
a1910
1788_ _Cleveland, Ohio .S.Corp.,Ind 434
104.21
200,000
1934
414
1788_ -Cleveland, Ohio
4
1788__Cleveland, Ohio
101116
4
194g
1864__Cobiwg, Ore
6
13,500
1934
64--Cohoes, N. Y
4%
20.000 102.01
al924
64_ _Coldwater, Mich
4
_College
2008_
Hill Sch. Dist., Pa_ ....- 5
1(11.333
41924-1939
1 °
400
13
2008.._ Collin County, Tex
41934-1954 125,000
1864__Columbia, Tenn.(2 issues)____ 5
6
99.066
75,000
1932__Columbus, Ga
5
1915-1944 450,000 104.98
64_ _Columbus, Ohio
4
1789__Columbus City S. D. Ohio-- 4
20371,000x1
10
02
°.29
41934-1954 33
75
1:
64__ColivYn, Pa
4
5,000
1932__Concord, N. H
4
102.189
al
9
9
70.000
44
26
1865_ _Cowlitz Co. Diking Dist. No. 1,
Wash
7
30,000 100
1924
1932__Cranberry Creek Dr. D., Wis. 6
76.263 100
64_ _Crystal Falls, Mich
5
40,000
67_ _Lisbon. Ohio
-51932.. _Cut Bank, Mont
6
100
29.000
41924-1934
140__Little River Dr. Dist., Mo.... 5% 10
1788__Cuyahoga County, Ohio
_612
159
913
5
9
al930
650,000 106.82
1867_ _Lock Haven. Pa
1932,. Cuyahoga County, Ohio
414 114
5
1915-1924
50,762 102.28
:
lora
gain
nM
41924-1949
.o
20
1911:
ah
eio
lsterialnist.,W.Va. 5
1932__Cuyahoga County, Ohio
5
1915-1923
11.870 102.45
al920
5
135
17;888
1-
iiiisg 1„n.681
1.12;82
183:?al
12:111
12:888 181:fig
57:488 18(1:igg
2(1:113
133.906
4.7 2(5):,,00
0..11 1-60- ---7
15
47863
100°1:8°3163
Page.
Rate. Maturity. Amount. Price.
Name.
1868__Richwood VII. S. D..O.(2 iss.) 5
01920
5,6
7
1792_ _Ripley County,Ind
900
99 100.819
_ Ripley County,Ind
1792_
01920
14,240 100.646
2013_ _Rittman Vil. Sch. Dist., Ohio_ 445q4
35,000 104.516
1937_ _Riverbank Sch. Dist., Calif...... 6
10,000 100.90
1929
5
1937__Ross County, Ohio
18,000 101.066
5
1868_ _Ruggles Twp , Ohio
01922
40,000 100.52
18,000
1937_ _Sacramento, Calif
9314924 65
191152000
00 100.323
4
:00
2013- _Saginaw, Mich
53.4
1937....St. Johns County, Fla
6,000
69__St. Louis Co.S. D.No.18,Mo.5
00:6062
10000
5..
422
31 11
0
800
000
5 41919-1924
.0
142_ _St. Paul, Nob
1935
4.35
69__Salamanca, N. Y
al917
6
69_ _Salem, Ohio
3,856f
69_ _Salem. Ohio
69„Salisbury, Md
V
a:93:
1937_ _Salt Lake City, Utah (21ssues) 4
20,000 101.13
01923
5
1937- _ Sanborn Ind. S. D.,Iowa
69_ _Sandusky, Ohio
f,9
12
0 101.50
99
00
5
01926
2013-_Sandusky Twp .Ohio
1,500.0001 101.53
2013_ _San Francisco, Calif.(2 issues) 5
00 00f
0:5
52
21
434
2013__San Francisco, Calif
01927
534
102.536
2013_ _San Gabriel, Calif
2013_ _Sangamon Co.S.D. 164, Ill-- 5
5,888 102.2
14
2
70_ _Santa Maria Sch. Dist., Calif_
300,000
434
2013„Schenectady, N. Y
100,000 100.512
434
2013„Schenectady, N. Y
,
2013- _Schenectady,
0.07
02
0 x110
00
50
2:0
50
3
2013_ _Schenectady, N.Y.(7 issues)..44M
01922
1866- _Schenectady County. N. Y_.... 434
Y
0
0
0
060
434
0
0
:
000
1
111
30
70
N
63
,
2..3
10
01923
County,
1792—Schoharie
40
4.6
4
70--Scotia, N.Y
19193,000
1913924
70—Scotia, N.Y
4
01929
60,000
2013_ _Scranton, Pa
50,000 100.02
1868 ..Scurry County, Tex
Y
34
N.
4
5
01924
102,000 102.819
County,
1937_ _Seneca
01920
18,000 100.812
5
1869__Seven Mile S. D.,Ohio
5,000 100
01917
5
70--Seville, Ohio
25,200 100
6'19-'24-'29&34
142_ _Shattuck,Okla
3,500 101.18
5
142_ _ Shelby, Ohio
15,000 101.066
2013.._Shenandoah Sch. Dist.. Iowa. 5 41919-1924
1924
5
2013__SIbley Sch. Dist., Iowa
01917
1:888 101.35
2013_ _South Bloomfield S. D., Ohio- 6
28,000 105
1944
434
1937_ _South Orange, N. J
01.82
000 104
5,.0
10
2
434 1915-1924
1937__South Orange, N.J
1944
5
2013__South River. N. J
101.631
8,000
435
1869__Sparta Sch. Twp.,Ind
4.30 01923
1937—Spencerport,N.Y
070 181396
18:
9
2013—Spirit Lake Sch. Dist., Iowa-- 5
4,800 100
1869__Springfield Sch. Dist., Ohio.... __
47.928 106.259
01932
434
2014„Springfield. Ohio
20.000 101.15
01921
5
2014__Staunton Sch. Dist., Ill
12,000 100.425
01917
5
1938_ _Steubenville. Ohio
,
50,000
D
102.465
y
.
t
ch
un
s
434
eo
C
op
lk
h
an
fro
t
01924
su
4____S
92
71
10
2
YIowa
.,
.
ist
N
5
20,000
1918-1924
a115-1934
19
75,000
220
2014_ _Stege Sanitary Dist., Callf____ 5
7,748 100.71
1792__Sullivan County, Ind
01920
434
4,175 100.724
1792—Sullivan County, Ind
4
01924
32,000 101.687
70—Sullivan Sch. City,Ind
5
01917
4,902 100.856
1938—Summit County. Ohio
37,410 102.012
5
01920
1938...Summit County. Ohio
49.063 102.317
70—Summit County, Ohio(2 iss.)_ 5
03.4
01924
50,000 100
88
16
4
1869—Swampscott, Mass
15,000
1915-1919
70--Swampscott, Mass
07.41
:88
1199..
5.
31:1
11
27
19
0 100
008
4g
01919
70—Syracuse, N. Y
01917
43(
70—Syracuse, N. Y
5
01932
Md
:m
1792—Talbot County.
01920
5
12,000 103.43
1792-5
75 000
1915-1944
2014—Tangipahoa Parish, La
,
4311110
100.91
2014—Taunt0n. Mass.(2 Issues)-- 4
5
School Districts
74.165 100
70--Texas Township,
Ohio
8,000
100.931
-Texas
1425
0 102.67
:111212
150,00
1669_ _Tiffin. Ohio issues)
4
g
2,400
71- _Tiffin. Ohio
71-_Tiffin, Ohio 5 issues)
5
01916
1869__Tippecanoe County, Ind
01920
71_Tippecanoe County, Ind
7;000
8
799 100
Ind
0
99,75
0192
67
County.
1—Tippecanoe
i _Tonawanda, N.Y
19,000
71_
250,000 1S8.031
434
1939
. Conn
71_ -Torrington
100,000
1941
5
1869—Turlock Irrig. District, Cal
100,000
1944
197
110,000 100.14
:5 ____________
2
.4
._
8.
.Y
31
l,N_..
issoe
D.Nu
:
.2
o(
.S
Tu
liFs
:
h
.
A
n
o
:
I
U
.
a
urg
u
i
)
nLonir
s
.
T
Tusca
er.)Un.F.S.D.No.5,N.Y. 4.40 1915-1940 100,000 1004
00
0. 8
2190
.20
100,000
2014„Uniontown School Dist., Pa-- 434
11
0
0
20
000
0
,
:
13
1919-1930
5
PaD..
S.
Twp.
Tyrone
71—Upper
0
15
934
0-110
a115
54 19
4
Urbana,
dwoertb
2. . . ___vvnn
41
177
County. Ind
10.600 102.452
1,600 100.096
71 Vermilion County,Ind
40,000 100.53
01921
5
1793__Vernon Township. Ohio
101.112
5
Ohio
71__Versailles.
434
71—Vigo County, Ind
5i: RR
01920
434
Ind
County,
71__Vigo
435
71 Vigo County, Ind
58 123
4
15,
01919
5
00-.9
1869__Wadsworth, Ohlo
150,000 11100011..:.98n8326325.1
5
71__Walker County,Tex
35:(161.,:p)51}
1944
45
2014—Warren Co. First Dr.D.,Iowa. 5m
0-..08
U:2(18 1-01793_ _Warren, Ohio
"Wig
Ohio 5
142__Warren Tp. First S.S.D.,
01931
1,Ohio 6
No.
S.D.
Tmo.
_Warren
71 _
"I
2014—Warwick,1
01920
..Ind_ 44
pd
In
ngto:
ashingto
washi
W
2014—_Washington
,i14 1920-1933 120,000
CountY,Pa
1869_
1
25,000 102
1915-1924
School Twp..
18691
150,000
43
93
a10
4Y4
1.8661309.-....wWaaterterbburyurY:
40100
96
:8
43(
2
16
Conn
314;000000
1938—Waukesha, Wis.(2 issues)01920
5
.778 101.191
2014__Wauseon,Ohio
71...Wayne County. MichInd
492:82 100.0
01922
ttl
,
2014_ _Wayne School Tvrp
4x
d..iInisdsues)_.4
D
in
:
4
10
1
226
23,280 100.868
0
5
2
0
9
1
a
5
..
nty
ouw9
CT
arls e
We
:W
487,000 107 3
County,N.Y---- 434
1869_ _Westchester
16
000
Tex
SchoolDist.,
Dallas
71 _West
1.g00 102.09
:
7
(
12
N. J.(4 issues).--- 434 ------2015-__Westfield,
59 100.186
---- 5
01914
issues)
(5
Ohio
Park,
_West
2015_
MO 101.27
34
2015__West Warwick, R. I D., Ill 5
4
1944
3318,000 101.765
01923
S.
Twp.
—Wethersfield
142
60.000 101.82
01929
2015_Whitehall Un.F.S.D.11,N.Y-- 434
6,000 100.27
4
Plains, N.Y
2015.. White Sulphur
5
MontSprings,
16,000 100.031
41924-1934
71„White
6,000 100.45
1939...Whitman Co. S.D.60. Wash.. 5 41924-1934
50,000 102.57
71...Williamson Ind. S. D.,W. Va. 534 41924-1948
434
01932
200,000 104.193
on, Del
1869.Wilmingt
..
5
1915-1926
12.000 102.277
71._Wilmington, Ohio
5
1924
6,000
_Winnetka, Ill
8,040 102.509 2015_
434
20,000 101.07
1939
1869...WoodburY. N. J
5
170,000 101.01
County,0.(4 issues)
72—Wood
31011 101.813
25,000 105.25
5
1940-1964
72—Worcester CountY. Md
t.2:
L
26,000 102.417
5
01920
Wyandot County, Ohio
ne Co. S. D.5,Mont. 8 41919-192400
1869—Yellow8t0
20.000 101.45
4 :500 101.822
96
,N.Y.(6 issues)
72—Yonkers
100
200.000 103.0521
lg
143—York,Pa
Various t.IT 122,485 Various
.yqungstown. Ohio (8 issues).— 5
.
72
2,000 100.025
Ohio
01918
_Zanesville,
11
3
4
5
1870_
7,800 100.705
7,500 100.746
June
wm
1914
for
(488
municipalities
Total bond sales
1.63
000 102
20:000
6
055
covering 716 separate issues)
26.100
ff theearlier
after
a1
430
6nd
k8a
date of maturity. d Subject to call in
a Average
of ternmature in the later year. k Not including $33.755,259
9
,(188
g,
zTaken by
180..123
list.
the
in
belong
not
which
do
and
wildoans reported,
rary
peoar
y
considerations.
other
And
u
investment.
an
as
hmd
sinking
611:9
080 119902..9992627
Rate. Maturity. Amount. Price.
Name.
Page.
14,799 103.04
01922
5
1934__Lorain, Ohio
12,121 101.61
5
67__Lucas County, Ohio
56,500 100
1915-1919
5
1934—Ludington, Mich
18,400 100
1915-1919
5
1934_ _Ludington, Mich
422,000 101.79
4
2011__Lynn, Mass. (3 issues)
25,000 100.54
6 d1924-1944
1935_ _Lynn Haven,Fla
12,700 100.606
01918
5
1790_ _McLean Co. S. D.No.128, Ill. 4X
55,000 101.09
41924-1944
1867_ _Madison. N. J
101.35
100,000
1915-1934
45
Wis
_Aladison,
2011_
237,500 100.463
01925
434
1790__Madison County, Ill
75,000 100
1919-1934
6
67—Madison Co. Dr. D. 1,Tenn
124,000 102.523
4
1790_ _Malden, Mass
39,000 100
5
2011__Manitou. Colo
4,500 100.444
1867__Maple Lake, Minn.(2 issues).. 6 41919-1929
10,000 102.035
01921
5
67—Marion. Ohio
3,209 100.498
01917
5
67_ -Marion. Ohio
01917
9,500 100.34
5
67—Marion. Ohio
01932
2011__Marlon City Sch. Dist., Ohio- 5
5.'89
30
8
900 102.07
01919
5
1867 __Marion County. Ohio
1915
20,000 100.87
1790__Marion Twp.Sch. Dist., Ohio- 6
73,486 101.081
01925
2011- _Marshall Co.,Ind.(3 issues) 434
00
5:0000
75
5
140.. Marshall County, W Va
01921
434
102.595
67-_Martin County. Ind
17,500 103.81
01924
1790—Massillon City S. D., Ohio__ 5
100,000
534
Tex
County,
-..Matagorda
140
11,000 100
1929
6
140__Mead, Colo
10,000 100
5 41915-1934
67- _Mead. Neb
l
alti
30,000
4
0
5
Ohio
1,
No.
D.
103.523
Rd.
_MedinaCo.
1935_
250,000 103.886
140_ _Memphis, Tenn
1,000,000}
1954
5
140_ _Memphis. Tenn
50.000
67—Merchantvllle Sch. Dist., N. J. 434 ---- _____
01921
21,000 102.004
5
2011- _Merrill, Wis
01925
15,830 101.151
434
2011__Miami County, Ind
01920
7,760 100.731
434
2011__Miami County, Ind
01920
5,520 100.702
434
2011__Miami County, Ind
01920
3.960 100.55
(2
issues)
434
Ind.
County,
2011__Miami
5
01917
8,000 100.35
1935__Mlami County, Ohio
35,000 107.588
1935—Michigan City Sch. City, Ind- 5
01920
11.676 100.28
1935_ _Middletown, Ohio (2 issues) 5
50:0
10
1,4
434
00
01924
0 102.43
00
67_ _Milwaukee, Wis.(6 issues)
Wig
4
County,
-Milwaukee
1935_
1867_ _Minneapolis, Minn
ig
0141
72R123 18O:R42
67—Minneapolls, Minn
1944
68—Minneapolis, Minn.(2issues). 4
1(114060.179
2151?2,ya
141__Minnesota (20 Issues)
1915-1934
1935__Mohawk, N Y
434
1920-1939
10,000
Pa
Dist.,
2011_ _Monaca Sch.
6
1925-1928
50,000
66- _Monroe County, Fla
434
1944
460,000 104.3501
2011_ _Montclair. N. J
434
01919
6,800 100.713
1791_ _Montgomery County. Ind
6
01916
1.500 100.476
1935_ _Monticello, Ind
01920
434
3.300 101.03
1936--Morgan County, Ind
15,000
68—Mountain Grove S. D., Mo....
01928
17,850 101.745
1791—Mount Kisco, N. Y.(2 issues) 434
5
54,600 100.87
1936_ _Mount Vernon, Ohio
4;4
ium, 101.10
1936—Mount Vernon, Ohio
5
1919-1934
1936_ _Muscatine, Iowa
01928
90,000 100.76
18,67—Muskegon Seh. Dist., Mich 434
534
01920
4.910 101.181
1936_ -Napoleon, Ohio
5
01917
1936—Napoleon. Ohio
1..0
57
50
60
2
141--Nebraska (4 issues)
68—Nevins Twp.. Ind
3,000 100
6.500 100.57
1936--New Albany Sch. Twp.,Ind-- 434
5
01918
20,582 101.679
1936-..Newark, Ohio
434
01924
66,000 100.871
1936—New Britain, Conn
5
01919
6,788 100.615
1791-..Newburgh Heights, Ohio
01957
100,000 100.182
434
2011—New Castle County, Del
01935
434
200,000 100.192
2011. New Castle County, Del
01920
26,070 100.676
1867_ _New London,Ohio(6 issues) 5
434
10,000 100.51
1867_ _New Paltz, N.Y
5
01928
25,300 103.918
1936_..New Philadelphia, Ohio
5
40,000 102.372
1924
2012_ _Newport News, Va
4;4
2012__New Rochelle, N. Y
3
98
4
8,110
)
1915-1944
2012_ _Newton, Mass
1923&1939
3
issues).—
(2
City
68__New York
1963
4
68--New York City
1934
112,800 104.40
5
2012„Niagara Falls, N. Y
1934
4X
2012„Niagara Falls, N. Y
5
1915-1924
2012__Niagara Falls, N. Y
01924
2,500 100.48
141--Niagara (T.) S. D. 4, N. Y 5
26,000 101.096
5 41924-1944
2012_Nickerson, Kans
1933-1934
16,500 106.27
5
1936_ _Niles, Ohio
11.000 105.045
1944-1946
5
1936__Niles. Ohio
10,000 105.63
01938
5
2012_ _Niles. Ohio
100,000 103.277
01943
434
1791__Norristown S. D.,Pa
188,000 102.539
01929
4
2012--North Adams. Mass
10,000 100
6 41915-1924
2012__North Bend. Ore
13,000 106.178
1934
5
Twp..
Bergen
N.
th
J__-..
68--Nor
20,000 100
1934
68__North Powder, Ore
6
1936_ _North Tonawanda Un. Fr.
57.000 106
S. D. No. 1,N. Y
43.4
01941
6,000 104.1665
1934
5
1868_ _Norwood, Ohio
3,209 100
5
1915-1924
1868- _Norwood, Ohio
5
5,000 106.98
1934
1936- _Norwood, Ohio
5
15,645 106.95
1936—Norwood, Ohio
01.305
0 100
00
00
011993340
5:0
98
434
1868—Norwood City S. D.. Ohio41924-1934
urs , a
1 6-1936.. Oakland. Cal
lg
5,888 103.97
40
"
1791_ _011 City, Pa
01933
5
35,000
2012_01d Forge. Pa
100.4012
68Oregon Twp. S. D.. Ohio.-- 534 1915-1919
6 41924-1939
4R:c18
2012__Orton Levee Dist., Ark
434 1916-1925
50,000
1936—Oshkosh, Wis
01917
5
60,000 100.93
1868—Ottawa, Ill
434
60.000
68„Painesville, Ohio
13,000
68—Painesville, Ohio (2 issues)--- 5
20,000
2012—Panguitch Sch. Dist., Utah
434
01921
6,000 100
141—Patchogue, N. Y
79,000 101.617
69—Pauld1ng County, Ohio (8 iss.) 5
01921
14,000 102.245
Ind-wp. --- 4
1868_ -Paw Paw Sch. T
434 1915-1939 175,000 101.90
1936__Pavrtucket, R. I.(2 issues)
434 1915-1944 150,000
1936_ _Pawtucket, R. I.(2 issues)
4X
01938
10
2012—Peekskill. N. Y
5 41934-1944
18:000 11(Ti...(P1
1868—Pendleton.Ore
D.,
5
Ohio—
01923
Rd
18,000
Twp.
1791—Penfield
434
01918
1 000
1866—Penn Yan. N.Y
6
01916
1:000 101.033
1868__Perry Twp. S. D., Ohio
100
69—Pierce Co. S. D.No.88,Wash. 5 41915-1924
101.22
1791__Pike County. Ind
t3i
'
1111.4101
1916-1928
Ohio
2012—Pioneer,
434
01923
1 0,9.371
50,000 8
1937__Piqua Sch. Dist., Ohio
5,000 101.20
01922
69—Plain Twp. Sch. Dist., Ohio 5
4.40 1919-1930
2012„Pleasantyllle, N. Y
32,000 100
142-_Plentywood, Mont.(3 Issues)_ 6 41924-1934
32,000 110000.621
434 41919-1939
1791__Plymouth F. S. D., Pa
5
1915-19181 /2:00800 100.257
2013—Pontiac, Mich
t.90
12:?31
'lg.:1881x'
7.8:82 fal.01
534
01919
2013- _Port Clinton, Ohio
2013—Portland,Ore
2 418121Sgt
Wash
Seattle.
of
--Port
69
5
1923-1927
1791_ _Portsmouth, Ohio
5
01923
1937—Portsmouth. Ohio
34
4
01919
Ind
County,
1792—Posey
5
Sch. Dist.,Iowa
2013...Prescott
1792—Prince Georges Co., Md
142- _Protection, HansInd
2013- _Pulaski County,
n1
,
Ind
1937-_Pulaski County,
1934
5
1937__Puliman, Wash
12
934
Pa
4X
a10
Dist..
Sch.
Twp.
1792—Radnor
434
iss.)
(2
Ind.
69—Randolph County, 9.Mont. 6 41924-1934
69--Ravalli Co. S. D.No.
01919
5
Ohio
142--Recovery,
0424
19115
7
89..-Reno. Nevada
4
Island
2013--Rhode
[VOL. xerc.
THE CHRONICLE
136
g agittt34 iiEcl.
l
Aggg 18121
Vi
34:g98 100
161100
188113
JULY 11 1914.]
THE CHRONICLE
137
REVISED TOTALS FOR P REVIOUS MONTHS.
News Items.
The following items, included in our totals for previous
months, should be eliminated from the same. We give the
Birmingham, Ala.-Auditorium Bonds Declared Void.page number of the issue of our paper in which the reasons The Alabama Supreme Court on June 30 reversed the
for these eliminations may be found.
the $200,000
Name.
Amount. Jefferson Chancery Court and declared void
Page.
$47,393 municipal-auditorium-construction bonds voted Oct. 27
66__La Grande, Ore.(March list)
District,
Ohio
(May
list)
School
15.000
Union
1937__Ridgeway
1913.(V.98, p. 1786). The Supreme Court ruled, it is said,
16.000
1937__Spencerport, N. Y.(May t)
that under a law passed in 1909 specific purposes for which
We have also learned of the following additional sales for bonds could be issued were listed and held that the audivevious months:
Rate.
laturity. Amount. Price. torium did not come under this list. Section 1421 of the
Name.
Code under which the bonds were issued was repealed by the
...Abbeville County Sch. Dist.
Art
.
1934
$6,000
No. 39, So. Caro. (Jan.)-- 6
Act of 1909, according to the ruling of the Supreme Court.
1915-1924 170,000
138Acadia Parish, La. (Feb.) ___ 5
2007__Arlington, Wash
7 d1915-1924
15,999
Columbus, Ga.-Court Upholds City's Right to Condemn
Ohio
5
a1919
1,891
_Barnesville,
100.012
1787_
Property For Municipal Water Plant Site.-On July 3 Judge
5
25,000 v100
138_ _Bayfield,Wis.(April)
1932...Cameron Sch. D6-.t., Mo
55,000
application
64__Cassville Sch. Dist. Mo_
6
1917-1934
13,250 104.633 Newman in the United States Court denied the
of the Columbus Water Supply Co. for an injunction to
Sch.
1932-Cheektowaga Union'Free -Dist. No. 9, N.Y
22,000
5
restrain the city of Columbus from condemning certain land
40.000 101.875
139_ _Cherryvale S. D.,Ran.(April) 5
on the Chattahoochee River for a power plant and pumping
60,000
5
1934
2008_ _Clarksdale, Miss
139__Clatskanie, Ore
6
1.000
100
1924
station for a municipal plant. As stated in V. 98, p. 1932,
1932„Clearwater Co. Rural High
S. D.No. 1, Idaho (Mar.)._ 6 d1924-1934
3,000 100.533 an issue of $450,000 water-works bonds was sold by the city
197,000 100
5
on June 10.
64--Cleveland, Ohio (April)
1932._ Cochise Co.S. D.No.14, Ariz. 6
a1926
5,500 100.454
64_ _Columbus,Ohio
75.000x100
4%
Denver, Colo.-Moffat Tunnel Bonds Declared Void.64-_Columbus, Ohio (1st 4 mos.)-4%&5
1,427.5001
The State Supreme Court on July 8 declared void the $3,1932__Crockett, Tex.(March)
d1923-1953
18,000 100
5
1933__Denmark Twp., Mich
5
1915-1924
20,000 100
000,000 Moffat Tunnel bonds voted Feb. 17 (V. 98, p. 778).
1916-1924
7,000
2009__Elizabethton,-Tenn. (March)_ 6
The bonds were declared unconstitutional, it is said, on the
13.000 v103
1944
1933-Elkin Sch. Dist., No. Caro.- 6
ground that it would lend public credit to a private enterprise.
2009.-Freestone Co. Corn. Sch. Dist.
9,000
No. 1,Tex.(February)
5 d1934-1954
Isaac N. Stevens, City Attorney, announced after the con1915-1933
10.000 103.05
5
2009.. Glencoe, Ill. (April)
1933
10,000 100.55
ference with the Moffat Tunnel Commission that the de1933._000din8 County, Idaho
5
12.000 101.03
a1930
5
1933- _Grandville, Mich. (April)
cision would be referred to the people of the city of Denver
17.000
5
66__Herman, Mo
under the provisions of the recall of judicial decisions amend1920-1933 170,000
2010_ _Highland Park S. D. Ill (Apr.) 43
1,300 100
1934..11111 Co. S. D.No.32, Mont__ 6
ment to the State Constitution. This will be the first time
5 d1924-1934
8,000 100
66_ _Hooper, Neb.(March)
the recall of decisions has ever been invoked in Colorado.
2010__Irion County, Tex. (March). 53 d1924-1934
20,000
Co.
S.
D.
107,
Ill.
(April)
5
-_Lake
25,000
104.50
67
Greensburg School District, Pa.-Bond Case Appealed.
2010__Laurens Con. Ind. Sch. Dist.,
Iowa (April)
5
d1917-1924
50,000
-Newspaper
reports state that the school board has decided
County,
Idaho
101.52
10,000
1934-Lincoln
5
to appeal from the decision of Judge L. W. Doty in the in67_ _Lone Tree S. D.,Iowa (Jan.). 5
1916-1923
30,000 100
140_ _Long Pine, Neb.(April)
d1919-1934
5,000 100
junction restraining it from issuing $70,000 in bonds and rais2011-Mahnomen County Sch. Dist.
mg the millage to procure funds for the erection of a school
10,000 100
No. 1, Minn.(Feb.)
6
building.
12.037 101
140._Manhattan, Ran.(April)
5
1924
20,000 105.492
1935_ _Manilla, Iowa
6
al924
35,000 v101.45
1917-1934
Iowa.-Blue-Sky Law Invalid.-Iowa's so-called blue-sky
1935-Manistique, Mich
5
15,000 100.56
1934
1935_ _Maricopa Co. S. D. 17, Ariz
53
law, providing for the regulation and supervision of invest30,000
2011_ _Murphy Tp., No. Caro.(Apr.) 5%
1944
ment companies, was held unconstitutional in a percuriam
17.000
2011_ _Nashville S. D., Ark.(Apr.)_ 6
50,525
140...Nebraska (6 Issues)
opinion handed down July 6 by Walter I. Smith, United
x100
50,000
1944
1936.-Newark, N J
43
States Circuit Judge and Smith McPherson and John C.
6,000 100
68_ _New Hampton S.D.,Mo.(Apr.) 5 d1924-1944
94.150 100
1936_ _North Dakota (10 issues)
4& 5
Pollock, United States District judges.
2012_ _North Loup,Neb.(2 iss., Apr.) 6 d1919-1934
20,000
Robert R. Reed, of Caldwell, Masslich & Reed, counsel
68_ _Olney Twp. High S. D., Ill.__ 5
60,000
1919-1930
1936__Parker, So. Dak.(2 issues)... 5
27,000 100
for Investment Bankers' Association, who argued the case
2012_ _Peru, Ill
10,000
1922-1931
5
before the Federal Court, said:
1937....Port Angeles, Wash.(2 issues) 7 d1915-1924 184,469 100
2013_ _Randalla Sch. Dist., Iowa_ _ _ - 5
1919
2013_Riceville S. D., Iowa (April). 5 d1919-1924
1937__St. Clair County. Mich
5
(11918
1937_.St. Mathews S. D.3,So.Caro- 5
1934
1937_ _St.TammanyParish,La.(A pr.) 5
1943
2013_ _Sangamon Co. S. D. 161, Ill
5
1923-1934
2014_ _Standish Sch. Dist., Mich_ ___ 5
a1924
1938__Stillwater Co. S. D.6,Mont.._ 6
d1924-1934
1938-Tutwiler, Miss
6
1934
2014-Van Buren Sch. Twp.,Ind.-- 4%
2014-Washington Co., Ill. (April)__ 5
1917-1926
15.000
15,000
40,000
6,000
180.000
12,000
20,000
6,000
12,000
34,000
35,000
100
v102
100
100
101.16
100
100.083
101.266
-----All the above sales (except as indicated) are for May.
These additional May issues will make the total sales (not
including temporary loans) for that month $33,625,996.
DEBENTURES SOLD BY CANADIAN MUNICIPALITIES IN JUNE.
Page.
Name.
Rate. Maturity.
Amount. Price.
2016-Alberta School Dist.(3 Issues).. 7
99.21
$15,800
73.-Anthony Hill, Alta
7
1915-1922
1,000
143_ _Barrie, Out
5
30,000
1915-1944
143_ _Barrie, Out
5
22,190
1915-1929
73..-Brant Cons S. D. 1703, Man- 6
98.222
143_ _Calgary, Alta
5 1933 & 1943 &lido() 95%
1939.. Canada (Dominion of)
4
d1940-1960 25000.000 98
2016-Carleton County, Out
99.55
5
60,000
1915-1934
1939_ _Chapman Sch. Dist., Man
13,000
6
1915-1934
73__Chatham, Ont
5%
4.
143_ _Coteau St. Pierre, Que
6
70,000
1954
143_ _Creemore, Ont
6,500
6
1915-1934
143-Dominion of Canada (various) _
37,100
144__Dover, Ont
350,000
2016-Dover Twp., Out
11,500
6
1915-1929
144_ _Dufferin,Ont
13,000
89.63
144__Fredericton, N. B
22.000
,i)
4
1940__Gravenhurst, Out
4
2016__Gull Lake, Bask
2,000
6
1915-1919
1870_ _Hamilton, Out
843,000} 97.69
1929
1870- _Hamilton, Out
000
1934
2016_ _Hull, Quebec
gg,700 94
5
1870__Humboldt Bask
27,428 95.08
6
1870-Lachine, gue
34230 93.687
5
1954
1940-Lindsay, Ont
5
1934
1940__Lindsay, Ont
23.203
144_ _Little Current, Sask
12.000
6
1940„Livingstone Sch. Dist., Man- 6
2,000
1915-1934
2016_ _Maissonneuve, Que
250.000
5
2016- _Maisonneuve R.C.S.D„Que. 534
75.000
3
1 g4
144-Marmora, Ont
8,000
73__Maycroft Sch. Dist.. Alta__ 7
1.500
l'44-Moncton, N. B
5
1870--Montreal Que
1"4
2016-Nepean Township, Out
5
1915-1934
144-Oxford County, Ont
5
1915-1944
2016-Peterborough County, Ont
6
10,000
1915-1934
1871__Picton, Out
5
1915-1924
1940-..Port Arthur, Out
1871__Prince Rupert, B.C.(2 issues) _
'65
1918
5E6 17
144-Quebec,(Province of)
4%
1954
5,000,000 100
2016-Richmond, B.0
4%
1964
42,000
Henri
R.
C.
S.
144.-St.
M,Que.- 5
1954
65,000
2016-8t. John County,N.B
4%
98.75
1954
144__St. Marys. Ont
(R.
M.). Man
1871_ _St. Paul
6
1915-1944
73__Stamford Twp,Out
5% 1915-1944
21:500
2016__Swan River, Man
7
1915-1934
3.000
96.866
144_ _Tillbury, Out
21,000
144_ _Tillbury W. Twp., Ont___
4.600
144„Wallaceburg, Out
5% 1915-1944
36,000
144_ _Welland, Out.(2 issues)
5
1934 & 1944
82.000
98.17
144-_Weston County, Ont
15,000
_Weyburn
Sch.
Dist., Sask._ -- 5% 1915-1944
194025,000
Total debentures sold in June
$35,184,166
1314:883 SW
R8:28 134:81
f8:888
The decision rests on the exclusively Federal questions involved, holding
that the blue-sky Act violates the commerce clause of the Federal Constitution and deprives the citizens of other States of privileges permitted to
citizens of Iowa. There is hardy a blue-sky law in the country that is
not within its sweeping condemnation, but this does not mean thata proper
law could not be drawn. It must be a law that leaves the normal agencies
of the business substantially free and bears down only upon the more or less
abnormal and generally fraudulent business of the get-rich-quick concerns.
This is the real object of the blue-sky laws, and these decisions, adverse to
the present laws, simply clear the path toward proper legislation. We
hope that they will also, if sustained, serve to mark a boundary line beyond
which executive control of private business may not be extended. Though
a proper Federal blue-sky law is probably desirable, it cannot reach tare
State frauds. It would be quite feasible for the get-rich-quick concerns
to adapt their business methods so as to escape any possible Federal
Sky Bill Referred to Next Legislature.-The State Senate on July 2 voted to refer the so-called
"Blue Sky Bill" to the next Legislature.
Plan For Retirement of Outstanding Sinking Fund Bonds and
Substitution of Serial Issues.-State Treasurer Mansfield has
submitted to the Governor a plan for the retirement of the
outstanding straight term sinking fund bonds, amounting to
about $110,000,000, and the issuance in their stead of bonds
maturing serially. It is estimated that such a step would
result in the saving of millions of dollars in interest. Mr.
Mansfield's letter in part is as follows:
1°
S1ChUSSettS.-Blue
legisla
Mat$
Our total bonded indebtedness is in round numbers about 8125,000,000,
only about $15,000,000 of which Is in serial bond form. This leaves
about 8110,000,000 which must be paid by the sinking fund method,
and it is to the relative merits of the two methods of payment, i. e. the
sinking fund method and the serial bond method, thatI wish particularly
to direct your Excellency's attention.
Under the serial bond method a proportionate part ofthe principal and interest annually diminishes. Under the sinking fund method the debt is not
paid off until the end of the term, and interest on the full amount is paid,
neither the interest not the principal diminishing a particle. The sinking
fund requirements which are invested by the Treasurer with their earnings
are intended and supposed to retire the principal of the debt for the retirement of which they ar created; but they do not pay any part of the interest
on the fund.
It must be obivous, then, that there is a vast difference in the amount
of interest paid upon a loan of $110,000,000 under the sinking fund method
and the interest on the same loans under the serial bond method. An examination of computations by expert; discloses the astounding fact that If
we could pay off our sinking fund indebtedness by the serial bond plan,
the Commonwealth would save in interest alone in 40 years from $25,000.000 to $50,000,000.
It has been computed, for example, that on the debt for metropolitan
parks, sewers and water as it existed in 1902, and which at that time
amounted to about 356.000.000, if issued as a serial bond loan instead of
a sinking fund loan there would have been saved to the Commonwealth
In 40 years over $26,000,000, and this, too, if the serial bond loan were
figured at %% higher rate than the sinking fund loan.
The possibilities of saving money to the taxpayers by changing from the
sinking fund method to the serial bond ma hod are enormous and most
modern students of finance agree that the serial bond method is the only
proper way to pay public debts and that the sinking fund method is obsolete
and archaic, besides being prohibitively expensive.
The Treasurer's letter has• been transmitted to the Legislature with a special message from the Governor recommending the appointment of a special commission to study the
problem and report to the next Legislature.
Legislature Prorogued.-The Legislature of 1914 was
prorogued at 11:45 p. in. Tuesday night (July 7).
138
THE CHRONICLE
VoL. xc
BARTON HEIGHTS (P. 0. Richmond), Hearin° County, Va.Mortgage Bonds May be Made Exempt from Taxation in BOND
SALE.-On July 7 the $25,000 6% 30-yr. coup. general impt. bonds
Massachusetts.-On Tuesday July 7 Governor Walsh signed (V 98. p. 2007) were awarded
to Old Dominion Trust Co. of Richmond
at
113.05
and int-a basis of about 5.143%
Other bids were:
"An
Act
Senate
bill
No.
601,
being
and thereby made a law
Well Roth & Co.,Cincinnati 112.2281Hoehler. Cummings & Prudcertain
fee
upon
presentation
of
payment
of
a
to provide for
Fred k E. Nolting, Richm'd_111.29
den, Toledo
103.65
Richm'd 13k.&Tr. Co., Rich_111.06 R.M.Grant & Co.,Chic_ -*103.62
bonds for registration." This Act provides that a bond Sec.
S.Bk.& Tr.Co., Tol__*106.30 A.J. Hood & Co., Detroit _*103.224
on
tangible
property
located
within
or
mortgage
by
secured
Mayer,Deppe & Walter,Cin.104.10 [Field, Richards & Co.. Cin.*102.104
Rorick & Co., To1-103.6731First Nat. Bank, Cleve-- 101.1784
without the Commonwealth which is subject to taxation Spitzer,
*These bidders agreed to furnish bonds at their own expense.
is
there
which
actually
located,
and
taxed,
shall
wherever
All the above bids provided for payment of accrued Mt.
Powell, Garard & Co., Chicago, submitted a bid for 534% bonds, but
be exemptfrom taxation within the Commonwealth of Massaoffer was not considered.
chusetts upon registration of the same with the Tax Commis- theDuke
M.Farson of Chicago submitted a bid too late to be considered.
payment
to
him
of
a
fee
the
of
$3
per $1,000
sioner, and upon
BASTROP COUNTY (P. 0. Bastrop), Tex.-BONDS VOTED.-The
to issue the $50,000 Justice Precinct No. 1 road and bridge bonds
proposition
annually.
June 30 by a vote of 275 to 18(V.98, p. 1787).
In a circular recently issued, Parkinson & Burr, 53 State carried
BATAVIA SCHOOL DISTRICT (P. 0. Batavia), Clermont County.,
St., Boston, say: "This Act is of vital importance to every Ohio.
-VOTE.-At a recent election,it is stated,a vote of 85 to 3 was polled
trustee and investor in this State, presenting, as it does, a on a proposition to issue $2,000 school-impt. bonds.
BAYFIELD,
County, Wisc.-BOND SALE.-The $25.000
investment
for
those
field
for
heretofore
sub- 5% bonds. datedBayfield
possible new
Apr. 1 1914 (V. 98, p. 627) were awarded on Apr. 17 to
ject to taxation. There are many questions involved, how- the First Nat. Bank of Bayfield at
par plus attorney's fees and interest
ever, and we shall be glad to discuss the matter if you care commissions.
DAM,
Dodge
BEAVER
County
Wis.-PRICE PAID FOR BONDS.us."
to call upon
Local papers state that the price paid by the Harris Trust & Savings Bank
Ohio.-Extra Session of Legislature.-On July 10 Governor of Chicago for the $133,000 4%.% coup. water-works bonds awarded them
June 30 was $133,807 (100.606) and blank bonds.
Cox issued a proclamation convening the Legislature in extra onBELOIT
SCHOOL DISTRICT (P. 0. Beloit), Mitchell County,
session July 20 to consider the question of reducing the State Kans.-BOND
SALE.-On June 10 the $25,000 5% (not
% as first
tax levy.
reported) 10-20-year (opt.) bldg. bonds (V. 98, p. 1405) were awarded to
investors at prices ranging from 101.50 to 102.10. Denom. $500.
Racine, Wis.-City Wins Water Suit.-On June 29 U. S. local
Date July 11914. Int. J. & J.
Judges Francis E. Baker, William H. Seaman and F. A.
BENSON,Douglas County, Neb.-BOND SALE.-On July 2 the $44,5-20-yr (opt.) coup. sewerage-system-constr. bonds(V.98, p. 2007)
5005%
motion
of
the
Farmers
denied
the
Loan
Geiger
& Trust Co. were awarded
to N. W.Halsey & Co., Chicago,at par and int.,less $420for
city
of
enjoin
the
Racine
from acquiring printing bonds,
of New York to
attorney's fees, &c. Other bids were:
&
Sons Co., Chicago, par.
H.
C.
Speer
plant
of
the
the
Racine
Water Co.
by condemnation
C. W. McNear & Co., Chicago, par and int. less commission of 2;4%.
less $950 for blank bonds,
Seattle, Wash.-New Charter Rejected.-At an election Spitzer. Rorick & Co., Toledo, par and int.,'
fees, &c.
held June 30 the voters rejected a proposed new city charter. attorney's
Denom.$500. Date July 1 1914. Int. J.& J. at the fiscal agency of the
Tulsa School District, Okla.-District Court Refuses to State of Nebraska in Lincoln.
BESSEMER, Mich.-BOND SALE.-Reports state that $50,000 5%
Enjoin Bond Issue.-Judge Poe in the District Court on street,
water-works and sewer bonds were awarded to the First Nat. Bank
June 25 denied an application for an injunction to restrain of Bessemer at par and blank bonds.
$500,000
bonds
referred to in V.98, p.1340.
BEVERLY, Mass.-BOND SALE.-On July 8 the $44,000 4% coupon
the issuance of the
tax-free Beverly-Rantoul
Bond Proposals and Negotiations this week
have been as follows:
ABINGTON TOWNSHIP SCHOOL DISTRICT (P. 0. Jenkintown),
Montgomery County, Pa.-BOND SALE.-This district has sold $60,000
dy,% building bonds. Int. J. & J. at Jenkintown National Bank. Due
in B. 10, 15,20, 25 and 30 years.
ACADIA PARISH (P. 0. Cowley), La.-BOND SALE.-An issue of
3170,000 5% 1-10-yr. (ser.) road bonds was purchased in February by the
Continental & Commercial Trust & Say. Bank in Chicago through a local
bank. Denom. $500. Date April 1 1914. Int. A. & 0.
ADA, Hardin County, Ohio.-BONDS WITHDRAWN FROM MARMontford St. impt. bonds advertised to be sold
KET.-The
$2,200.
'
July 7(V. 98.
have been withdrawn from market.
p. 1931)
ADAMS, Gage County, Neb.-BOND ELECTION.-An election will
be held July 14, reports state, to vote on the question of issuing $20,500
water-works and electric-light-system-establishing bonds.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.-BOND OFFERING.-Proposals will be received until 11 a. m. July 16 by R. J. Cunningham. County Comptroller,for $500 000434% 30 year coupon tax- free road
bonds. Denom. $ ,000. Date Jan. 1 1914. Certified check for $5,000.
payable to the County Commissioners, required.
ALLEN COUNTY (P. 0. Fort Wayne), Ind.-BOND OFFERING.
J. Herman Bueter, Treasurer, will sell at 10 a. m. July 15 $14,320 435%
Perry Twp. stone-road bonds. Denom. $716. Date Aug. 1 1914.
ALLENTOWN SCHOOL DISTRICT (P. 0. Allentown), Lehigh
County, Pa.-BOND SALE.-On June 30 the $100,000 4% coup. tax-free
high-school-bldg. bonds (V. 98, p. 1931) were awarded to local banks for
$100,304 55.
ANTELOPE VALLEY UNION HIGH SCHOOL DISTRICT, Los
Angeles County, Cal.-BOND OFFERING.-Proposals will be received
until 2 p. in. July 20. it is stated, by the Clerk Bd. of Co. Supers. (P. 0.
Los Angeles) for $30,000 5% 2-11-yr. (ser.) school bonds. Int. semi-ann.
Cert. check for 3% required.
APOPKA, Orange County, Fla.-BOND ELECTION.-The voters
of this town, according to reports, will have submitted to them on July 18
a proposition to issue $13,000 municipally-owned electric-light-plant bonds.
ARLINGTON HEIGHTS TOWNSHIP HIGH SCHOOL DISTRICT
0. Arlington Heights), Cook County, Ill.-BOND OFFERING.Proposals will be received until 8 p. m. July 15 by Geo. IC. Volz, Sec. Bd.
of Ed. for $45,000 5% school bonds. Denom. $1,000 or $5,000, at the
option'of purchaser. Int. annual. Due $2,000 yrly. July 1 from 1916 to
1930 incl. and $3,000 yrly. July 1 from 1931 to 1935 incl. Cert. check for
$1,000, payable to the Sec. Bd. of Ed., required. Bids shall include the
printing of the bonds and obtaining legal opinion.
ATHENS, Athens County, Ohio.-BOND SALE.-On
6 the
$6,500 5% 6-yr. (aver.) armory-site-purchase bonds (V. 98, p.'Jul'
1931) were
awarded to the Ohio Nat. Bank of Columbus for $6,545 08 (100.693) and
int.-a basis of 4.86%. Other bids were:
Athens Nat. Bank
86,530 001Citizens' Nat. Bank
$6,503 50
Reasongood & Mayer CM.. 6,527 501
ATTALA COUNTY (P. 0. Kosciusko), Miss.-BOND SALE.-On
-year Road District No. 1 road bonds (V. 98,
6%
July 6 the $50,00010-25
p. 2007) were awarded to the Merchants' & Farmers' Bank, Kosciusko. for
$51.701 56-equal to 103.403. Purchaser to furnish blank bonds and Pay
attorneys fees. Other bids were:
Powell. Gerard & Co., Ch1c_351.950 Tillotson & WolcottCo.,Clev.$51.315
Hoehler, Cummings & PrudS.easongood & Mayer, Cin__ 51,055
51.903 First Nat. Bank,Cleveland
den, Toledo
50,062
Recur. S. Bk.& Tr. Co., T0l_*51,712 Wm.R.Compton Co.,St. L.*50.052
*51,577 C. ii. Coffin. Chicago
Stacy & Braun, Toledo
*50.051
Mayer,Deppe & Walter.Cin_ 51,325
* These bidders agreed to furnish blank bonds and pay attorneys' fees.
AUBURN SCHOOL DISTRICT (P. 0. Auburn), Lee County, Ala.BONDS VOTED.-The question of issuing $10,000 county-high-schoolbldg. bonds carried, it is stated, by a vote of 88 to 4 at an election held
June 22. This was inadvertently reported in last week's "Chronicle"
under the head of Auburn School District, Ga.
AUGUSTA, Ga.-BONDS TO BE OFFERED SHORTLY.-The $750,000
434% 30-yr. coup. flood-protection bonds voted June 1 (V. 98, p. 1787)
were validated op June 29 by Judge Henry C. Hammond of the Superior
Court, and It is uhderstood that the first installment will be advertised
for sale within a short time.
AZUSA CITY SCHOOL DISTRICT, Los Angeles County, Cal.BOND OFFERING.-Clerk Bd. of Co. Supers. (P. 0. Los Angeles) will
receive proposals, it is stated, until 2 p. m.July 20 for $10,000
% bonds.
BANGOR TOWNSHIP CONSOLIDATED INDEPENDENT SCHOOL
Hardin
County,
Union),
Iowa.
0.
(P.
-BONDS WITHDISTRICT
6
. . tax-free
DRAIVN FROM MARKET.-The sale of the $18,000 5% coup,
bldg. bonds which was to have taken place on July 7 ot: no
because
of
an
election to be held July lg
been called off by the School Board
to vote on the dissolution of the Consolidated District.
BARTHOLOMEW COUNTY (P. 0. Columbus), Ind.-BOND
OFFERING.-Proposals will be received until 2 p. m. July 18 by John W.
Scheidt. County Treasurer, it is stated, for $38,120 434% highway-impt.
bonds.
St. reconstruction loan 1914 bonds (V• 99. P•
63) were awarded to F. N. Farnsworth & Co. of Boston at 101.36. Following were the bids received, all of which were from Boston:
E. M. Farnsworth & Co_ ___101.36 Ifllodget& Co
101.038
101.113 R. L. Day & Co
Adams & Co
100.919
101.089 Blake Bros. & Co
Merrill, Oldham & Co
100.91
101.08 Curtis & Sanger
Estahrook & Co
100.42
BILLINGS, Yellowstone County, Mont.-BONDS VOTED.---At the
election held in this city June 27 the proposition to issue the $450.000 bonds
for the purchase of the Montana Water Co. and for construction and extension work carried, it is stated, by a majority of 369 (V. 98, p. 2007)•
BIRMINGHAM, Ala.-BOND SALE.-It was 'announced by the City
Commission on June 30 that the two issues of 534% gold coupon or registered bonds, aggregating $169,000, (V. 98, p. 1787) were awarded to the
Equitable Life Assurance Society of New York.
BOSTON, Mass.-TEMPORARY LOAN.-Tho City Treasurer, according to reports, has negotiated a temporary loan of 81.000.000 at 3%
Interest. This, it is stated, makes a total of $5,500.000 temporary loans
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SHIP (P.0.Boston), Wayne County, Ind.-BOND
OFFERING.-Proposals for an issue of $17,000 434% 15-year school-house
bonds will be received, it is stated, until 10 a. in. July 25 by Win. S. For,
To
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ipBT
Nwn
Bo
eld,DT
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ter BA
Manatee County, Fla.-CERTIFICATES OFFERED
-The
Hanchett Bond Co. of Chicago is offering to investBANKERS.
BY
ors $30,000 of an issue of $100,0006% coup.street-impt.(tax lien) guaranty
certificates. Denom. $500. Date July 1 1914. Int. ann at the Merchants' Exchange Nat. Bank, N. Y. Due $10,000 July 1 1915, 1916&1917.
BRISTOL COUNTY (P. 0. Taunton), Mass.-BOND OFFERING..
Proposals for an issue of $45,000 4% school-building bonds will be received,
is
It stated, until 9 a. in. July 14. Date July 15 1914. Due $3,000 1915
i
,B
90
B0
toB192
Norfolk County, Mass.-BOND OFFERING.-The
Town Treasurer will receive proposals until 12 m. July 14 for two issues of
$167,100. Date Jan. 11913.
aggregating
bonds,
4%
BROWN COUNTY (P. 0. Green Bay), Wis.-BOND OFFERING.
by
Elmer S. Hall, Co. Clerk, until 11 a. in. July 15
received
Bids will be
for $25,000 tuberculosis-sanitarium bonds.
BURT COUNTY SCHOOL DISTRICT NO.27(P. 0. Craig), Neb.BOND SALE.-On June 16 $25,000 5% 20-year reg. coup. school-bldg.
bonds were awarded to the U. S. Trust Co. of Omaha at par. Denom.
31,000. Date July 1 1914. Int. J. & J. at State Treasurer's office in Lin-.
coin. District has no other debt. Assess. val. $238,400.
CALDWELL, Noble County, Ohio.-BOND OFFERING.-Harry A.
Smith. VII. Clerk, will receive bids until 7 p. in. to-day (July 11) for $3.Auth. Sec. 3914, Gen. Code.
945 63 5% West St. impt. (assess.) bonds. Int.
annually. Due 839456
Denom. $394 56. Date May 28 1914.
incl.
Bonds
to be delivered and paid for
1924
1915
to
from
28
May
yearly
within 10 days from time of award. Cert. check for $100, payable to the
VII. Treas., required. Purchaser to pay accrued interest.
CAMBRIDGE, Mass.-BOND SALE.-On July 6 the two issues of
aggregating $108,500 (V. 99, p. 64), were
4% street and bridge bonds,
awarded, it is stated, to Millet, Roe & Hagen of Boston at 101.359. Other
os
bidders (all of Boston)
were:101.27 R. L. Day & Co
Adams
100.88 Bloolget & Co
100.29
Blake Bros. & Co
100.819 Merrill, Oldham & Co
100.189
Estabrook & Co
100.67 Curtis & Sanger
100.08
Perry. Coffin & Burr
DISTRICT
(P.
SCHOOL
0.
Cambridge),
Guernsey
CAMBRIDGE
County, Ohio.-BOND OFFERING.-Clerk Board of Education 0. F.
Lowry will receive proposals, it is stated, until 12 in. July 23 for $25,000
8% 8-yr. (aver.) school bonds. Int. semi-ann. Cert. check for 2% required.
CASPER, Natrona County, Wyo.-BOND SALE.-On June 30 the
$75,000 15-30-year (opt.) water-works-ext. and $15,000 10-20-year (opt.)
sewerage 5% coup. tax-free bonds(V.98,p. 1932) were awarded to the Continental & Commercial Trust & Savings Bank of Chicago at par and int.
Bids were also submitted by Sweet. Causey, Fsoter & Co., Denver; E. H.
Rollins & Sons, Denver,and Ferris & Hardgrove, Spokane.
CENTRALIA SCHOOL DISTRICT (P. 0. Centralia), Marlin,
County, Ills.-BOND SALE.-Local papers state that on June 25 th.s
district awarded $25,000 5% school-bldg. bonds to A. B. Leach & Co.
of Chicago at 101.52 and accrued bit. Denom. $1.000. Int. annual.
CHAMPAIGN COUNTY (P. 0. Urbana), Ohio.-BOND SALE.-On
bonds
July 6 the $2,000 534% 134-yr. (aver.) coup. Kizer,Ditch No.398 of
Ur(V. 98. p. 1932) were awarded, it is stated, to the National Bank
bana at Par.
July
6
-On
SALE.
CHARLOTTE, Monroe County, N. Y.-BOND
the 510,300 534-yr. (aver.) reg. sower-constr. bonds (V. 98 p. 2008) were
awarded to Myron W. Greene of Rochester at par for 434s•
The following bids were also received:
W
ee
.ps
Sh
ieerrill Co., PolioII.k
Geo. B. Gibbons & Co.,
810.300 00
New York
$10.317 51
Douglas Fenwick & Co.,
Parson, Son & Co., N • Y- 10,300 00
New York
10,311 501
We were not advised m to the interest rate on above bids.
CHEEKTOWAGA (P.O. Forks), Erie County, N. Y.-BOND OFFERINO.-Frank Wildy, Town Supervisor, will soli at 10 a. in. July 15 826,000
5% reg. sidewalk-construction bonds. Denom. $1.000. Date semi-ann.
JULY 11 1914.1
THE CHRONICLE
In N. Y. exchange. Due $5,000 yearly July 1 from 1915 to 1918 incl. and
36,000 July 1 1919. Certified check for 2% of bid, payable to the Town
Supervisor, required.
CHERRYVALE SCHOOL DISTRICT, Kan.-PRICE PAID FOR
BONDS.-We are advised that the price paid for the $40,000 5% coup.
high-school bonds awarded on April 11 to the H. C. Speer & Sons Co. of
Chicago (V. 98, p. 2008) was 101..875.
CHICOPEE, Mass.-LOAN OFFERING.-Proposals will be received,
It is stated, until 12 m. July 14 by the City Treasurer for the discount of a
$50,000 loan dated July 15 and due Nov. 30 1914.
BOND SALE.-On July 10 the following 4% coupon tax-free bonds were
award-d to E. M. Farnsworth & Co. of Boston at 100.79:
$34,500 macadam pavement loan 1914 bonds. Denom. $1,000 and $500.
Due $7,000 yearly June 1 from 1915 to 918,inclusive. and 36,500
NI
June 1 1919.
34,000 permanent pavement loan 1914 bonds. Denom. $1,000. Date
$4,000 yearly June 1 from 1915 to 1918, inclusive, and $3,000
yearly June 1 from 1919 to 1924, inclusive.
Date June 1 1914. Int. J. & D.at the Old Colony Trust Co. of Boston.
CITRA SPECIAL SCHOOL DISTRICT NO. 10, Marion County,
Fla.-BOND OFFERING.-Proposals will be received until 3 p. m.July 14
by the Board of Public Instruction, J. H. Brinson, Secy.(P. O. Ocala), for
38.000 5% 20-year school bonds. Denom. $1,000. Int. annually. Cert.
check for 5%,payable to the Board of Public Instruction, required.
CLATONIA, Gage County, Neb.-BONDS VOTED.-On June 30 a
proposition to issue $9,200 water-works bonds was authorized by a vote,
It is stated, of 41 to 18.
CLATSKANIE, Columbia County, Ore.-BOND SALE.-On May 25
$1,000 6% 10-year sewer bonds were awarded to the Clatskanie State Bank
at par and int. Denom. $100. Date May 25 1914. Int. ann. in May.
CLEVELAND COUNTY (P. 0. Shelby), No. Caro.-BONDS VOTED.
-On June 27 $80,000 railroad-aid bonds was favorably voted by this
county, it is stated.
CLINTON SCHOOL TOWNSHIP (P. 0. Millersburg), Elkhart
County, Ind.-BOND SALE.-On July 6 the $24,000 414% 534-yr.
(aver.) school-house-constr. bonds (V. 98, p. 2008) were awarded, reports
state,to the Fletcher Amer. Nat.Bank of Indianapolis for $24,421 (101.'754)
-a basis of about 4.155%•
A bid of $24,377 was received from J. F. Wild & Co. of Indianapolis.
COAHOMA COUNTY (P. 0. Clarksciale), Miss.-BOND SALE.
On July 6 the $100,000 5% 30-year road and bridge bonds (V. 98, p. 2008)
were awarded to John Nuveen & Co. of Chicago at 101.20. Other bids:
Well, Roth & Co., Cincinnati
$101,112 50
Provident Savings Bank & Trust Co., Cincinnati
100,370 00
J. R. Sutherlin & Co. Kansas City
100,155 00
Mosser & Winaman, Chicago
100,050 00
Denom. $500. Date July 1 1914. Int. semi-ann. Due July 1 1944.
CONNELLSVILLE, Fayette County, Pa.-BOND SALE.-On July 1
the $100,000 434% gold coup. or reg. tax-free funding and impt. bonds
(V. 98, p. 1865) were awarded to the Mellon Nat. Bank of Pittsburgh at
102.9425. It was inadvertently reported by us last week that these bonds
had been awarded to the First Nat. Bank of Pittsburgh.
CRAWFORD COUNTY (P. 0. Bucyrus), Ohio.-BOND SALE-On
July 3 the $50,000 5% 4-year (aver.) inter-country highway-impt. bonds
(V.98, p. 1865) were awarded to Well, Roth & Co. of Cincinnati at 101.463
-a basis of about 4.60%. Other bids were:
Seasongood & Mayer,Cin.$50,671 001Farmers'& Citizens' Bank
Stacy & Braun, Toledo_ _ _ 50,662 50
& Say. Co., Bucyrus___$50,451 55
E. H. Rollins & Sons, Ckic.50.649 50 First Nat. Bank, Bucyrus 50,450 00
Hayden, Miller & Co.,Clev50,640 00 Mansfield Say. Bk.,Mansf.50,401 00
Prey. S. B.& Tr. Co.. Cin.50,545 00 Otis & Co.,Cleveland__ _ _ 50,32.500
Breed, Elliott & Harrison,
Spitzer, Rorick & Co.,Tol.50,321 75
Cincinnati
50,535 00 Sidney Spitzer & Co.,Tol. 50,265 00
Bucyrus City Bk., Bucyrus 50,506 00
CUMBERLAND, Cass County, Iowa.-BONDS VOTED.-The
question of issuing $5,000 water-works-system bonds at not
6%
int. (V. 99, p. 64) carried at the election held July 6 by a voteexceeding
of 106 to 26.
DALTON, Cheyenne County, Neb.-BONDS NOT SOLD.-No sale
has yet been made of the $8,000 6% 5-20-year (opt.) water works bonds
voted April 7 (V. 98, p. 1259). Denom. $500. Date May 1 1914. Int.
ann. on May 1.
DE GRAFF, Logan County, Ohio.-BOND SALE.-On July 7 the
87,500 534% 434-year (aver.) coup. electric-light-plant-impt. bonds
(V. 98, p. 1932) were awarded to the Ohio Nat. Bank of Columbus for
57,610 (101.466) and int. Other bids were:
First Nat. Bank, Cleve___37.589 401 Tillotson & Wolcott CO,
Security Say. Bank & Tr.
$7.562 25
Cleveland
Co., Toledo
7,584 00 Seasongood & Mayer, Cin_ 7,55400
Well, Roth & Co., Cinc_.... 7,581 501Sidney Spitzer & Co., Tol
7.52850
Bellefontaine Nat. Bank,
ISpltzer, Rorick & Co., Tol. 7,52350
Bellefontaine
7,570 00 Hoehler, Cummings& Prud• den, Toledo
7,51750
DELAWARE COUNTY (P. 0. Muncie), Ind.-BOND OFFERING.
Bids will be received until 10 a. m.July 15 by G.G.Williamson, Co. Treas.,
for $8,400 434% tax-free Wm. B. Weaver et al. road-impt., Center Twp.,
bonds. Denom. $420. Date July 15 1914. Int. M. & N. Due $420
each six months from May 15 1915 to Nov. 15 1924 incl.
DELPHOS, Allen County, Ohio.-BOND SALE.-During the month
of June $27,000 5% 10-year street and sewer bonds were awarded, it is
stated, to Breed. Elliott &Harrison of Cincinnati at 102.82-a basis of
about 4.65%. Denom. $500.
DE SOTO COUNTY (P. 0. Arcadia), Fla.-BONDS VOTED.-At an
election held June 23 $350,000 Avon Park Commissioners Dist. No. 5
road bonds was favorably Voted, it is stated.
DOVER (P. 0. Canal Dover), Tuscarawas County, Ohio.-BOND
SALE.-On July 6 the six issues of 5% bonds. aggregating $115,800 (V.
ng, p. 1933). were awarded to the Provident Savings Bank & Trust Co. of
Cincinnati at 103.18 and accrued Interest. Other bids were:
Otis & Co., Cleveland- __$119,000 001 Seasongood & Mayer, CW.4118,195
Weil, Roth & Co., Cinc_ 118,952 10 First Nat. Bank. oleve___- 116,006
Ohio Nat. Bank. Colum- 118,220 80
EARLVILLE, Delaware County, Iowa.-BOND OFFERING.-Proposals will be received until 6 p. m. July 15 by
Wm. Hunt, Village Clerk,
for $8,500 5% coup. light bonds. Denom. $500. hit. annual. Due
20 years, opt. after 10 years. Cert, check for $1,000, payable to the VilClerk,
lage
required. Bonded debt at present $1,500. No floating debt.
Assessed valuation 1913, $73,750.
EAST FORK IRRIGATION DISTRICT (P. 0. Hood River), Hood
River County Ore.-BONDS AWARDED IN PART.-Of the $17,000
bonds offered on June 30 (V. 98, p. 1865), $11,000 were pur6% irrigation '
chased by the First Nat. Bank of Hood River at 90.
EASTON,Talbot County, Md.-BOND SALE.-On July 8 the $30,000
electric-plant-constr., $15,000 street-impt. and $29,000 water 50/ gold
coup. tax-free bonds were awarded to a syndicate composed of Nelson,
Cook & Co., Baker. Watts & Co. and Townsend Scott & Co. of Baltimore.
ELIZABETH, Union County, N. J.-BOND OFFERING.-Proposals
will be received until 12 m.r.July 20 by John S. Sauer, City Comp.,for $23,700
20-year fire bonds and $14,81X1 30-year fire-house 434% coupon or registered
school bonds. Denom. (23) $1.000. (1) $700, and (14) $1,000, (1) $800,
respectively. Date July 11914. Int. J. & J. at Nat. State Bank, Elizabeth Cert. check on an incoroprated bank or trust company, for 2% of
bonds bid for, payable to City Treas. required. These bonds will be certified as to genuineness by the U. S. Mtge. & Tr. Co., and their validity
approved by Hawkins, Delafield & Longfellow, N. Y. City, a duplicate of
whose opinion will be furnished successful bidder. Purchaser to pay accrued interest.
ERIE, Erie County, Pa.-BOND SALE.-On July 9 the four issues of
4% 20-year coupon tax-free bonds, aggregating $170,000 (V. 99. p. 6.5) were
awarded to Newberger, Henderson & Loeb of Phila. for $170,001 and Int.
ERIE SCHOOL DISTRICT (P. 0. Erie), Erie County, Pa.-DESCRIPTION OF BONDS.-The $225,000 41•4'% 15-29-yr. (ser.) bldg. taxfree bonds awarded on July 6 to Graham & Co. of Phila. at 102.241 and
int.-a basis of about 4.09% (V• 99. p. 65)-are dated Aug. 11914. Denom. $1,000: coupon bonds registerable principal and int. or principal only,
at option of holder. Int. F. & A.
139
EVERGLADES DRAINAGE DISTRICT, Fla.-BOND OFFERING.The Board of Commissioners propose to offer for sale on or before 10 a. m.
Aug. 20. at their office in Tallahassee. $1,000.000 6% drainage bonds.
J. Stuart Lewis is Secretary Board of Commissioners.
FAYETTE COUNTY (P. 0. Connersville), Ind.-BOND OFFERING.
-Further details are at hand relative to the offering on July 21 of the $17,160
% Albert Rees et al road impt., Connersville Twp., bonds. Proposals for these bonds will be received until 2 p. m. on that day by Monroe
A. Starr, Co. Treas., Denom. $858. Date July 1 1914. Int. M.& N.
Due $858 each six months from May 15 1915 to Nov. 15 1924 incl.
FLORA LA, Fla.-BONDS VOTED.-Reports state that ata recent election the qt estion of issuing $20,000 water-works and sewerage-system bonds
received a favorable vote.
FORT DODGE, Webster County, Iowa.-BONDS VOTED.-A proposition to issue $100,000 city-hall-bldg. bonds carried, it is stated, at an
election held June 30. The vote is given as 536 "for" to 480 "against."
FREEHOLD SCHOOL DISTRICT (P. 0. Freehold), Monmouth
County, N. J.-BOND SALE.-On July 3 the $25,000 434% 13-yr. (aver.)
coup. tax-free school bonds (V. 98, p. 1865) were awarded to J. S. Rippel
of Newark at 101.404 and Int.-a basis of about 4.358%. Other bids were:
M.M.Freeman & Co.,Phila.$25,2701R. M. Grant & Co., N. Y_ _325,092
Freehold Tr. Co., Freehold.. 125,199
GOUVERNEUR UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Gouverneur), St. Lawrence County., N. Y.-BONDS NOT SOLDNEW OFFERING.-No sale was made of the $14,000 434% 8-yr. (aver.)
school bonds offered on July 2(V. 98. p. 2009)•
New bids will be received until 4 p. m. July 20. Bonds will be sold at
lowest rate of interest.
GRANT COUNTY SCHOOL DISTRICT NO. 115, Wash.-BOND
SALE.-On June 27 the $15,000 10-20-yr.(opt.) bldg. bonds(V.98, p.1933)
were awarded to the State of Washington at par for 5s. Other bids were:
Price Bid. Int. Rate.
1E14,515
5s
Keeler Bros., Dver
15.020
Den
514s
15,240
68
Spokane & Eastern Trust Co., Spokane
15,077
534s
1 14,700
Ferris & Hardgrove, Spokane
5Bis
15,155
68
C. H.Coffin, Chicago
15.151
6s
John Sandburg & Co., Denver
15:0
155
01
6s
Wm. D. Perkins & Co., Seattle
65
Kissel, Kinnicutt & Co., Chicago
15,000
6s
The bonds are in the denomination of $1,000.
GREENWICH, Conn.-BOND OFFERING.-Proposals will be received until 12 m. July 18 by the Town Bonding Committee at the office
of the Town Selectman for $100.000 1-10-yr. (ser.) school-impt. and $20,000
1-5-yr. (ser.) school-alteration 434% gold coupon (with privilege of registration) bonds. Denom. $1,000. Date July 1 1914. Int. J. & J. at
U. S. Mortgage & Tr. Co.. which company will also certify as to the genuineness of the bonds. Legality approved by Dillon, Thompson & Clay,
N. Y. Cert. check for 1% of bonds bid for, payable to Town Treas., required. Bids to be made on blank forms furnished by town. Delivery
Aug. 18 unless a subsequent date shall be mutually agreed upon. Purchaser to pay any accrued interest.
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.-BOND SALE.
On July 3 the $300,000 5% 634-yr. (aver.) road bonds (V. 98, p. 1866)
were awarded, it is stated, to the Provident Say. Bank & Trust Co. of
Cincinnati at 102.74.
HAMILTON, Butler County, Ohio.-BOND OFFERING.-Proposals
will be received until 12 m. July 20 by Ernst E. Erb, City And., for $27,582 90 Vine St. and $5,971 60 sanitary-sewer-impt. 414% 1-10-yr. (ser.)
assess. bonds. Date April 1 1914. Int. semi-ann. Bonds to be delivered and paid for within 10 days from time of award. Cert. check for 5%
of bid, payable to the City Treasurer, required.
HARDIN COUNTY (P. 0. Kenton), Ohio.-BOND OFFERTNG.Proposals will be received until 12 m. July 13 by Ulrich J. Pfeiffer, County
Auditor, for the following 5% bonds:
$20,000 bridge-construction and repair bonds, series "C." Auth. Secs.
2434 and 2435, Gen. Code. Due $2,000 yearly July 13 from
1915 to 1924 incl.
10,000 Daniels Pike construction bonds. series "X." Auth. Secs. 7218
and 7219, Gen. Code. Due $2,000 yearly on July 13 from 1915
to 1919 inclusive.
12,000 Irons Pike construction bonds, series "Y." Auth. Pecs. 7218
and 7219. Gen. Code. Due $3.000 yearly July 13 from 1915
to 1918 incl.
Denom. $1,000. Date July 13 1914. Int. J. & J. at the County Treasurer's office. Bonds to be delivered within 15 days from date of sale.
Certified check on a Kenton Bank, for $500, payable to the County
Auditor, required.
HARDIN COUNTY(P.O. Savannah), Tenn.-VOTE.-The vote cast
at the election held June 20. which resulted in favor of the proposition to
Issue $240,000 Nashville-Savannah-Corinth BR -aid construction bonds
(V. 99. p. 66) was 2,271 to 149. The bonds will not be issued until the
road is completed across the county.
HARRISON SCHOOL TOWNSHIP (P. 0. West Middletown),
Howard County, Ind.-BOND OFFERING.-F. M. Coe, Twp. Trustee,
will receive bids until 2 p. m. July 24 for $8,000 bldg. bonds at not exceeding 4'70 int. Denom.(4)$500,(6)$1,000. Date Aug. 1 1914. Int. F.&A.
Due $500 yrly. Aug. 1 from 1915 to 1918 incl. and 81,000 yrly. Aug. 1 from
1919 to 1924 incl.
HARRISON TOWNSHIP SCHOOL DISTRICT (P. 0. RR. No. 1,
Dayton), Montgomery County, Ohio.-BOND SALE.-On July 1 the
$8,000 5% 4 2-3-yr. (aver.) coup. school-bldg. and equip. bonds (Y• 93.
p. 1933) were awarded to Seasongood Sr Mayer of Cincin. for 88.009
(100.112) and int.-a basis of about 4.974%. There were no other bidders.
HELPER,Carbon County, Utah.-BONDS OFFERED BY BANKERS.
-Keeler Bros. of Denver offer to investors $22,000 6% 10-20-year (opt.)
water-works bonds. Denom. $1,000. Date May 1 1914. Int. M.& N.
at office of City Treas. or Nat. Bank of Commerce. N. Y. Bonded debt
(incl. this issue), $36,000. Assess. val. 1913, $308,587. Real value
(est.), 51.250.000.
HENRY COUNTY (P. 0. New Castle), Ind.-BOND OFFERING.
J. B. Wallace, County Treas., will receive bids until 10 a. m. July 15
for $54,000 434% F. A. Wisehart et al. highway-impt., Fall Creek Twp.,
bonds. Denom.$1,350. Date June 15 1914. Int. M.& N. Due $1,350
each six months from May 15 1915 to Nov. 15 1934, incl.
HENRY INDEPENDENT SCHOOL DISTRICT (P. 0. Henry),
Codington County, So. Dak.-BOND SALE.-On July 1 the $20.000
5%% 13 3-5-year (aver.) school bonds (V. 98, p. 2010) were awarded to
Wells & Dickey Co. of Minneapolis at 102.11 and int. Purchaser to furnish blank bonds. Other bids were:
Powell, Garard & Co., Chicago-320,407 and blank bonds.
A. J. Hood & Co., Detroit-$20,057 and blank bonds.
H. C. Sega. & Sons Co., Chicago-320,025 and blank bonds.
Dakota mutual Life Insurance Co., Waterloo, par.
HIGHLA D SCHOOL DISTRICT, Imperial County Calif.BONDS VOTED -It is stated that at a recent election this district voted
to issue $1.000 building bonds.
HOUSTON, Tex.-CERTIFICATES OFFERED BY BANKERS.-The
Hanchett Bond Co. of Chicago is offering to investors $17,568 7% coup.
Texas Ave. paving (tax lien) certificates. Denoms. ranging from $100 to
$1,000. Date about July 1 1914. Int. annually through the above company's Chicago office. Due one-fourth yearly from 1915 to 1918, incl.
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND SALE.-On
July 7 the five issues of 434% 5 2-3-year (aver.) road-impt. bonds, aggregating $119.360 (V. 99, p. 66). were awarded as follows:
To
6,70
(h.e Mcper-Kiser Bank. Indianapolis.
3142,400 Theo. S. Kratzer Road bonds for $12,495 (100.766), a basis of
about 4.3
17,600 Wm. Langley Road bonds for $17.735 (100.767). a basis of about
4.346%.
4.38_4%.To the Howard National Bank, Kokomo.
$24,080 Otis Hornell Road bonds for $24,211 (100.581), a basis of about
19,680 a
W
bo
.u
W
t.4D
3ri
98n7
,
lcw
.ater Road bonds for $19,781 (100 513), a basis of
4.395%.Breed, Elliott & Harrison. Indianapolis.
$15,600 T. A. Ruse Road bo
bonds for $45,841 (100.528), a basis of about
140
THE CHRONICLE
OFFERING.
HOWARD COUNTY (P. 0. Kokomo), Ind.-BOND
by Larry Ryan, County
Proposals will be received until 10 a. m. July 14ellyn
Taylor
Twp.,
road,
Thornton-Llew
tax-free
Treas., for $4,320 43 %
bonds. Denom. $216.
HOWE TOWNSHIP, Leylore County Okla.-BONDS VOTED.This township on June 30 voted to issue $1000 road bonds, it is stated.
McLean County,
HUDSON SCHOOL DISTRICT (P. 0. Hudson),June
27 authorized
Ills.-BONDS VOTED.-The voters of this district on
and
equipment bonds
school-building
$5,000
the issuance, it is stated, of
by a vote of 30 to 1.
HUDSON VILLAGE SCHOOL DISTRICT (P. 0. Hudson), Summit
County, Ohio.-BOND SALE.-On June 26 the $50,000 5% 13 2-3-year
awarded to Hoehler,
(aver.) coup. building bonds (V. 98, p. 1866) were
Cummings & Prudden of Toledo at 102.056 and int.-a basis of about
4.79%. Other bids were:
& Co., Cincin_ -101.167
First Nat. Bank,Cleveland_101.35721Weil, Roth Wolcott
Co.,Clev100.35
Tillotson &
101.25
Otis & Co., Cleveland
101.241
Stacy & Braun, Toledo
INDIANAPOLIS, Ind.-BOND SALE.-On July 1 the $45,000 4%
4-yr. (aver.) coup. Sutherland Ave. bonds 1914 (V. 98, p. 2010) were
awarded, it is stated, to the Indiana Trust Co.. Indianpolls, at 100.72a basis of about 3.80%•
IRONTON, Crow Wing County, Minn.-BONDS VOTED.-Recently
the voters of this village authorized the issuance ,it is stated, of $15,000
sewer-system and $15,000 water-system bonds.
JAMESTOWN UNION FREE SCHOOL DISTRICT (P. 0. Jamestown), Chautauqua County, N. Y.-BOND SALE.-On July 7 the $70.000 4.55% 8 5-6-year (aver.) reg. bldg. tax-free bonds (V. 98, p. 2010)
were awarded to Douglas Fenwick & Co. of N. Y. for $71,433 (102.047)
and jut.-a basis of about 4.225%. Other bids were:
100
1..9
03
Harris. Forbes & Co., N. Y_101.901 Estabrook & Co., N.Y
Chisholm & Chapman. N.Y-101.68 John J. Hart, Albany
A.B. Leach & Co., N.Y__ _ _101.57 Equitable Trust Co.. N.Y 100.40
Geo. B. Gibbons & Co., N.Y.101.14
All the above bids provided for payment of accrued interest.
JEFFERSON COUNTY (P. 0. Beaumont), Tex.-BONDS VOTED.
-The electors on July 2 authorized the $175.000 Drainage Dist. No. 5
bonds by a vote of 94 to 32. V. 98, p. 2010.
KALAMAZOO, Kalamazoo County, Mich.-BOND SALE.-On
July 3 Portage Creek bridge bonds amounting to $10,000 were awarded,
It is stated, to the First Nat. Bank and to the Riverside Perpetual-Care
Fund.
KAMAS SCHOOL DISTRICT (P. 0. Kamas), Summit County,
Utah.-BOND SALE.-We are advised that an issue of$30,000 bldg. bonds
has been sold to a Colorado company.
KENT,Portage County, Ohio.-BOND SALE.-On July 6 the $15,500
5% 5%-year (aver.) West Main St. impt. assess. bonds (V. 98, p. 1866)
were awarded, it is stated, to Otis & Co. of Cleveland for $15,630 (100.838)-a basis of about 4.826%.
It was not reported as to the result of the $700 5% West Main St. impt.
(village's portion) bonds also offered on July 6 (V. 98, p. 1866)•
KNOX COUNTY SCHOOL DISTRICT NO. 117 (Winnetoon), Neb.
-BOND OFFERING.-Proposals will be received until 6 p. m. July 23
for $3,980 6% 5-20-yr. (opt.) sch.-bldg. bonds authoriza by a vote of
58 to 27 on June 29.
LAKE COUNTY (P. 0. Crown Point), Ind.-BOND SALE.-On
July 3 the five issues of 4M % 5 2-3-year (aver.) road-iznpt. bonds, aggregating $68,960 (V. 98, p. 2010), were awarded to the First Nat. Bank of
Crown Point for $69,370 (100.594) and int.-a basis of about 4.381%.
LA RUE, Marion County, Ohio.-BOND OFFERING.-The date for
receiving bids for the five issues of 6% coup. bonds. aggregating 330.100,
has been changed from July 28 to July 29. For details and terms of offering see V. 99. p. 67.
LAUDERDALE COUNTY (P. 0. Halls), Tenn.-BOND OFFERING.
-Bids will be received by J. M. Parrish, Chairman Bd. of Co. Commrs.,
until 2 p. m. Aug.8.for 840,000 5% 10-30-year (opt.) coup. Road Diet.
No. 4 road bonds. Int. annual. Cert, check for $500 required.
LAUREL, Prince George's County, Md.-BOND OFFERING.-Bids
will be received until 12 m. July 20 by Geo. W. Waters Jr., Mayor, for
the $52,000 sewer, $23,000 water-system and filtration-plant-ext. and
$5,000 funding 5% tax-free bonds voted Apr. 20 (V. 98, P. 1337). Int.
semi-annual.
LAWRENCE, Douglas County, Kan.-BOND SALE.-It is reported
in local papers that this city has virtually placed an issue of $29,5001zionds
LEAVENWORTH, Leavenworth County, Kans.-BOND SALE.
This city has sold $316,621 50 refunding bonds to N. W. Halsey & Co. of
Chicago.
LE ROY, Coffee County, Kans.-BOND SALE.-The 813.000 57
7-20-year (opt.) light bonds voted Dec. 9 1913 (V. 97, p. 1840) were sold
at 101 to a private party in Kansas. Denom. $500. Date Mar. 1 1914.
Int. M. & S.
LINCOLN COUNTY ROAD DISTRICT NO. 2 (P. 0. Star City),
Ark.-130ND SALE.-On June 30 the $120,000 6% 1-20-year (ser.) roadimpt. bonds were awarded to Judge Jos. Gould of Pine Bluff at par. Denom. $500 and 31.000. Date July 1 1914. Int. J. & J.
LINCOLN COUNTY SCHOOL DISTRICT NO. 3, Ore.-BOND
SALE.-On June 30 the $16,000 5% 10-20-year (opt.) high-school bonds
(V. 98, p. 2011) were awarded to the Lumbermen's Trust Co. of Portland
at par and int., less $175 for blanks, legal advice, &c. Other bids were:
Sweet, Causey, Foster &Ferris& Hardgrove,Spokane $15,680
$15.7111Fred Glen & Co., Portland
Co., Denver
15,700
15,700 Hanchett Bond Co., Chicago 14,810
Keeler Bros., Denver
LITTLE RIVER DRAINAGE DISTRICT, MO.-DESCRIPTION OF'
BONDS.-We learn that the $4,750,000 drainage bonds awarded on June 13
to Bolger, Mosser & Willaman and Chapman, Mills & Co. of
(V.
98, p. 1934) are dated Oct. 1 1913 and bear 5% interest. Denom.
Chicago$500
and $1,000. Int. A.& O. Due serially after 1919 to 1933.
LIVE OAK COUNTY (P. 0. Oakville), Tex.-BONDS VOTED.-The
proposition to issue $40,000 road bonds, submitted to the voters on June 27
(V. 99, p. 67). carried, it is stated.
LOCKHART, Caldwell County, Tex.-BOND OFFERING.-Prop
als will be received at any time for $3,000 5% 10-40-year (opt.) bridge-bldg.
bonds authorized by a vote of 108 to 38 on June 30(V. 98. p.2011).
LONG PINE, Brown County, Neb.-BOND SALE.-The $5,000 6%
5-20-year (opt.) water bonds (V. 98, p. 630) were awarded en Apr. 14 to
Burns, Brinker & Co., Omaha, at par. Denom. $1,000. Date Apr. 1
1914. Int. A.& O.
LORAIN, Lorain County, Ohio.-BOND OFFERING.-Bids will be
received until 12 m.July 30 by Geo. N.Damon,City Aud.,for 535,0005%
street-intersection (city's portion) bonds. Auth. Sec. 3939, Gen. Code.
Denom. 81.000. Date June 15 1914. Int. M.& S. at the Sinking Fund
Trustees' office. Due 82.000 Sept. 15 1915 and $3,000 yearly Sept. 15
from 1916 to 1926 incl. Bonds to be delivered and joaid for within 10 days
from time of award. Cert,check on any Lorain bani or any national bank
outside said city for $1.000, payable to the City Treas., required. Purchaser to pay accrued interest.
LORAIN SCHOOL DISTRICT (P. 0. Lorain), Lorain County, Ohio.
-BOND SALE.-On July 6 the $125,000 5% 18-year (aver.)
high& Co. of
coup*
school-bldg. bonds (V. 98. P. 2011) were awarded to Weil. Roth
Cincinnati for $132,899 50 (106.158) and int.-a basis of about 4.50%.
Other bids were:
Stacy & Braun,Toledo--$132,337 50 C.E. Denison & Co.,Clev_ _$131.765
Seasongood & Mayer,Cin.132,288 00 Spitzer, Rorick & Co., Tol__ 130,839
& Walter,Cin.130.687
E. H. Rollins & Sons, Ch1c132,086 25 Mayer. DePPe
Miller & Co., Clev, 130,125
Prov. S. B.&Tr. Co., Cin.132,012 50 Hayden.
Tillotson&WolcottCo.,Cle131,765 00 First Nat, Bk., Cleveland
128.984
SCHOOL DISTRICT (P. 0. Lost
LOST NATION INDEPENDENT
-BOND
OFFERING.
Iowa.
-Bids
County,
will be
Nation), Clinton
20 by the Board of Directors,
received up to and including 12 m. July
-year
-10
(opt.)
bldg.
3
5%
$7,500
bonds.
Defor
See.,
H. F. Burrichter,
nom. $500. Date May 1 1914. Int. M.& N.
VOTED.
-The
Neb.-BONDS
voters
of
this
LYONS, Burt County,
municipality recently authorized the issuance of light-plant bonds by a vote
of 148 "for" to 35 "against," it is stated.
[VOL. xclx.
LUCAS COUNTY (P. 0. Toledo), Ohio.-BOND SALES.-The fol1-year (aver.) roadlowing bids were received for the eight issues of 5% 55(
impt. bonds,aggregating $197,100,offered on July 6(V.98,p. 1934):
Spitzer, Rorick Hayden, Miller & Stacy & Bream,
Co.. Cleveland.
& Co., Toledo.
Toledo.
Premium.
Premium.
Premium,
8137 50
$9,500 Issue
*$157 55
*37343
363 50
15.500 "
*1,02300
1,00273
8838 00
45,500 "
*417 13
408 00
19.900 "
'93400
776 00
912 91
42,600 "
*108 50
102 42
7,200 "
874 43
*897 00
41,600 "
*374 07
363 50
15,300 "
* Successful bidder.
On July 3 the $79,893 32 5% main-sewer districts bonds (V. 98, p. 1934)
were awarded, according to reports, to the Tillotson & Wolcott Co. of
Cleveland at 102.04-a basis of about 4.58%•
McARTHUR, Vinton County, Ohio.-BOND ELECTION.-This village on July 17 will vote on a proposition to issue $9,000 road bonds, it is
stated.
McGRATH CONSOLIDATED SCHOOL DISTRICT (P. 0. McGrath), Aitken County, Minn.-BONDS VOTED.-It is reported that
an issue of $18,000 school-building bonds was recently voted by this district.
MADISON COUNTY (P. 0. Anderson), Ind.-BOND SALE.-On
July 6 the 860,0404% 55.4-year (aver.) road bonds (V. 98. p. 2011) were
awarded to the Pendleton Banking Co. for $60,434-equal to 100.656.
Int. M.& N. Miller & Co. of Indianapolis offered $290 premium.
MALDEN, Mass.-TEMORARY LOAN.-On July 9 the temporary
loan, amounting to $100,000 (V. 99,p. 67). was awarded, it is stated, to
Salomon Bros. & Hutzler of New York at 3.58% discount.
MANCHESTER, N. H.-BOND SALE.-On July 7 the $100.000 4%
1-20-year (ser.) macadamizing and sewer bonds(V.99. p.67) were awarded
to A. B. Leach & Co. of New York at 101.93-a basis of about 3.79%•
Denom.$1,000. Date July 1 1914. Int. J. & J. Other bids were:
Merrill, Oldham & Co., B08_101.819)N.W.Harris&Co.,Inc.,Bost. 101.078
E. H. Rollins & Sons, Boston 101.719 Norway Plains Savings Bank,
par & int
Rochester, N. H.,
Wm.P.Bonbright&Co.,N.Y.101.478
MANHATTAN, Ripley County, Kan.-BOND SALE.-The $12,037
Apr. 1 to
on
awarded
were
5% 10-year water-works bonds (V. 98, p. 944)
Dr. C. F. Little, Watson Haines, at 101. Denom. $500. Date Apr. 1
1914. Int. A. & 0.
MARICOPA COUNTY SCHOOL DISTRICT NO. 5, Ariz.-BOND
OFFERING.-Proposals will be received until 11 a. m. July 20 by James
Miller Jr., Clerk Board of County Supervisors (P. 0. Phoenix), for $3_,500
10-year gold bldg. bonds at not exceeding 6%, int. Auth. of Title XI.,
Revised Statutes of Arizona, 1913. also vote of 6 to 0 at an election held
June 16. Denom. $500. Date Aug. 1 1914. Int. F. & A. at the Co.
Treas. office. Cert. check on a national bank or on a bank in Arizona for
51,000. payable to the County Treas., required. Bonded debt, including
this issue, $7,000. Assess. val. 1913, $658.265. Official circular states
that previous issues of bonds have never been contested and that principal and interest of all bonds previously issued have always been paid at
maturity: also that there is no controversy or litigation pending or threatening affecting the corporate existence or the boundaries of said district,
title of its present officials to their offices or the validity of these bonds.
MARICOPA COUNTY SCHOOL DISTRICT NO. 33, Ariz.-BOND
OFFERING.-Proposals will be received until 11 a. m. July 20 by James
(P. 0. Phoenix),for $20,000
Miller Jr.. Clerk Board of County Supervisors
and bldg. bonds at not exceeding 6% int.
20-year gold site-purchase
of
Statutes
Arizona.
1913; also vote of 35 to 0
Revised
XI.,
Auth. of 'Title
6. Denom. $500. Date Aug. 1 1914. Int.
at an election held June
check
office.
Cert.
on a national bank or
Treas.
County
the
at
A.
F. &
$1,000. payable to the County Treas., required.
on a bank in Arizona for
Bonded debt, including this issue. 822.400. Assessed val. 1913, 8643.118.
Official circualr states that previous issues of bonds have never been contested, and that principal and interest of all bonds previously issued have
always been paid at maturity: also that there is no controversy or litigation
pending or threatening, affecting the corporate exitence or the boundaries
of said district, title of its present officials to their offices, or the validity
of these bonds.
MARION scgoor,TOWNSHIP (P. 0. Fillmore), Putnam County,
-Otto B. Rector, Twp. Trustee, will receive
Ind.-BOND OFFERING.
for $2,500 45,6% Sch. Dist. No. 3 bldg. bonds.
bids until 2:30 p. m. July 25
11914. Int. J.& J. Due $500 each six months
Aug.
Date
$500.
Denom.
from July 15 1915 to July 15 1917,incl.
MARLBOROUGH, Mass.-TEMPORARY LOAN.-Blake Bros. & Co.
awarded, it is stated, a temporary loan of $25,000 at
of Boston have been
3.69% discount. Loan matures $15,000 April 9 and $10,000 June 10 1915.
MARSHALL COUNTY (P. 0. Moundsville), W. Va.-BOND SALE.
sold, it is stated. the $75,000 5% Union Dist,
-On June 30 this county were
rejected on June 3(V. 98. p. 1935).
road bonds, bids for which
MASON, Warren County, Ohio.-BOND OFFERING.-Village Clerk
it is stated, until 12 m. July 28,
proposals,
receive
will
Guttermuth
W.
R.
for $14,000 555% Ilk-year (aver.) electric-light bonds. Certified check
for 5% required.
MATAGORDA COUNTY (P. 0. Bay City), Texas.-BONDS
to reports, the $100.000
AWARDED IN PART.-On June 27, according
bonds offered without success on April 10 (V.
5%% Road District No. 2
These bonds are part of an authorized issue of
sold.
were
1867)
p,
98.
$300.000, of which 3100,000 have already been disposed of(V.96,I). 813)•
MAYFIELD SCHOOL DISTRICT (P. 0. Mayfield), Santa Clara
-Reports state that this district
County, Calif.-BONDS DEFEATED.
bonds.
has voted down an issue ofschool-bldg.
SALE.-On June 26 511,000 6%,
MEAD, Weld County, Colo.-BOND
were awarded to Gordon & Taylor, contrac15-year water-works bonds
Date
1
June
1914. Int. J. & D.
$500.
tors, at par. Denom.
MEMPHIS, Tenn.-BIDS.-The following are the other bids received
30-year water and $1,000,000 5% 40-year general
for the $250,000 43417.,bonds
awarded June 30 to a syndicate composed of
liability special levee
Say. Bank. Spencer Trask & Co., Chicago; Estabrook
the Harris Trust &the
Bank & Trust Co. of Memphis, at 103.886
Security
and
Y.,
N.
Co.,
&
and int.(V.99. p.67):
$1,279 525 00
Well. Roth & Co., Cincinnati
51.276,166 25
N. W. Halsey & Co.. Chicago
MIAMI, Dade County, Fla.-BOND OFFERING.-Proposals will be
bonds.
5%
for
stated,
$250,000
is
it
6,
Aug.
received until
MIAMI COUNTY (P. 0. Peru), Ind.-BOND SALE.-On July 2 the
road-impt. bonds (V. 98, p. 2011) were awarded
two issues of 4M% coup.
of Peru as follows:
to the First Nat. Bank
W. Wright et al.. Allen Twp., road impt.
Geo.
(aver.)
458,930 10 2-3-yr.
bonds for $9,024 (101.052) and int.-a basis of about 4.377%.
et al., Allen Twp., road-impt. bonds
Horton
E.
A.
(aver.)
2-3-yr.
6.020 5
for $6,056 80 (100.611) and int.-a basis of about 4.378%. Other bids:
$8.930
$6,020
Issue.
Issue.
$8,992 50 $6,047 09
Citizens' National Bank, Peru
6,045 00
8,976 00
Breed, Elliott & Harrison. Indianapolis
MIAMISBURG, Montgomery County, Ohio.-BOND OFFERING.
Proposals will be received until 12 m. Aug. 1 by Charles H. pausing, VII.
Clerk. for 56,500 5% coup. general storm-water-sewer bonds. Auth.
& A.
Sec. 3939, Gen. Code. Denom. $500. Date Aug. 1 1914. Int. F.
1924. 81.000
at the First Nat. Bank of Miamisburg. Due $3,000 Aug. 1 delivered
and
Aug.
be
to
11927.
$1,500
Bonds
and
6
192
and
1925
Aug. 1
national
paid for within 10 days from time of award. Cert. check on arequired.
bank for 5% of bonds bid for. payable to the Village Clerk,
Purchaser to pay accrued interest.
July 3 the
MIAMI COUNTY (P. 0. Troy), Ohio.-BOND SALE.-OnPike
impt.
three issues of 5% 5%-year (aver.) coup. Piqua and Urbana Seasongood
1935), were awarded to
bonds, aggregating $33.000 (V. 98.
about
of
basis
int.-a
and
& Mayer of Cincinnati for $33,670p*002.03)
4.61%. Other bids were:
533,665 00
Piqua National Bank, Piqua
33,619 00
Hayden, Miller & Co., Cleveland
33.463 64
Cincinnati
Provident Savings Bank & Trust
16,788 75
Harrison,
Cincinnati
&
Co..
Elliott
(516.500)
Breed.
JULY 111914.]
THE CHRONICLE
MIDDLESEX COUNTY(P.O. New Brunswick), N.J.-BOND SALE.
-On July 3 the $79,000 20-year coup. or reg. court-house bonds (V• 98,
p. 2011) were awarded to M. M.Freeman & Co. of Philadelphia at 100.11
and int. for 4;is.
MIDDLETOWN, Butler County, Ohio.-BOND SALE.-Of the five
issues of 5% bonds, aggregating $107,800 (V. 98, p. 1935). $78,800 were
awarded to the Merchants National Bank of Middletown for$81,154
(102.98) and the remainder (829.000) to the Tillotson & Wolcott Co. of
Cleveland for 329,804-equal to 102.77.
MILAM COUNTY (P. 0. Cameron), Texas.-BOND OFFERING.
The County Commissioners will open bids on July 16 for $150,000 Road
District No. 2 road-construction bonds, according to reports.
MILWAUKEE COUNTY (P. 0. Milwaukee), Wis.-BOND OFFERING.-Proposals will be received until 3 p. m. July 27 by Theodore Damann, County Treasurer, for $600 000 county house of correction bonds.
Denom. 81.000. Date Aug. 5 1914. Int. (rate to be named in bid)
F. & A. Due 1-20 yearly Aug. 5 from 1915 to 1934. incl.
MINNESOTA.-BOND SALES.-During the month of June the following twenty issues of 4% bonds, aggregating $267,275, were purchased
by the State at par:
Date.
Purpose.
Amount.
Place.
June 12 1914
School
$55,000....Brown County Ind. S. D.No.1
5 1914
June
do
12,000_ _Chippewa County Ind.S. D.No. 1__ _
June 5 1914
do
5,325- _Cottonwood County Ind. S. D.No.
Municipal June 5 1914
15.000.. Crookston Polk County
June 5 1914
School
6,000-Faribault County Ind. S. D.No. 102
Municipal June 5 1914
2,200Hills, Rock County
June 5 1914
do
5,000_ _Le Sauk Township, Stearns County...._
June 5 1914
School
4,000_ -Le Sueur County Ind. S. D.No.46_ _
Municipal June 8 1914
3.000_ _Lyons Township,Wadena County
June 5 1914
1.000__Millwood Township, Aitkin County
do
June 5 1914
Ditch
7,650.. Nobles County Co. Ditch No.2
June 11 1914
24,500__ Nobles Coty
un Ind. S. D. No. 10
Sch
d0
00l
June 8 1914
9,000- _Otter Tail County Ind.$:D.No.21_ _
June 8 1914
23,000--Plne County Ind.S. D. No.3
do
June 5 1914
12,000--Polk County Ind. S. D. No. 1
do
June 5 1914
Ditch
45,000__Renville County Co. Ditch No. 51
June 11 1914
School
22,000-Rice County S.D.No.1 (Faribault)
June 5 1914
do
5,600Rock County Ind. S. D.No.2
Municipal June 5 1914
10,000__Sanborn, Redwood County
School
June 5 1914
1,000--Wright County S. D. No. 2
MONONA SCHOOL DISTRICT (P. 0. Monona), Clay County,
Iowa.-BONDS VOTED.-At an election held July 1 a proposition providing for the issuance of $12,000 school-addition bonds carried, it is stated,
by a vote of 180 to 88.
MONTGOMERY COUNTY (P. 0. Rockville), Md.-BOND OFFERING.-Proposals will be received until 12 m. July 28 by the County Commissioners,-Berry E.Clark, Clerk,for the following 5% coup.tax-free bonds:
$15,000 road-construction bonds. Denom. 31.000. Due $1,000 yearly
from 1 to 15 years, inclusive.
11.000 road-construction bonds. Denom. 8500. Due $1,000 yearly
from 1 to 11 years. inclusive.
Int. F. & A. at the Farmers' Banking & Trust Co. of Montgomery
County, Rockville. Certified check for 8200, payable to the County
Commissioners, required.
Proposals will also be received until 12 m. Sept. 15 by the County Commissioners for $7,500 5% coup, tax-free school-building bonds. Denom.
8500. Int. A. & 0. at the Farmers' Banking & Trust Co. of Montgomery
County at Rockville. Due $500 yearly from 1 to 15 years incl. Certified
check for $200. payable to the County Commissioners, required.
MONTGOMERY COUNTY (P. 0. Dayton), Ohio.-BOND OFFERING.-Walter H. Aszling, Secretary of Board of County Commissioners,
will receive bids until 11 a. m. July 18 for 822,250 5% road-improvement
(assess.) bonds. Auth. Sec. 1223. Gen. Code, as amended April 18 1913,
No. 103, Ohio Laws, page 459. Denom. (22) $1,000. (1) 8250. Date
July 23 1914. Int. M.& S. at the County Treasurer's office. Due $2,000
yearly Sept. 1 from 1915 to 1923 incl. and 84.250 Sept. 1 1924. Certified
check for 5% of bid, payable to the County Auditor, required. Purchaser
to pay accrued interest.
MONTGOMERY TOWNSHIP (P. 0. Ashland), Ashland County,
Ohio.-BOND OFFERING -Proposals will be received until 12 m. July 25
by Charles C. Burris, Two. Clerk. for $6.000 5% roadimpt. bonds. Auth.
Sec. 7004, Gen. Code. Denom. 8500. Date June 1 1914. Int. M.& S.
Due $500 each six months from Sept. 1 1915 to Mar. 1 1921 incl. Bonds
to be delivered and paid for within 10 days from time of award. Cert.
check or draft for $200. payable at sight to Charles C. Burris, Twp. Clerk.
required. Purchaser to pay accrued interest.
MORGAN COUNTY (P. 0. McConnellsville), Ohio.-BOND OFFERING.-Progosals will be received until 1 p .m. July 20 by W. E. Wootton,
County Aud.,for the following 5% coup. bonds:
$35,000 bridge-repairand reconstruction bonds. Due $500 each six months
from July 1 1915 to Jan. 1 1930 incl. and S1,000 each six months
from July 1 1930 to Jan. 1 1940 incl.
40,000 State highway construction (assess.) bonds. Due $4,000 July 1
1915 and $2,000 each six months from Jan.1 1916 to July 1 1924
incl.
Denom. $500. Date July 1 1914. Int. J. & J. at the Co. Treas. office.
Cert. check for 2% of bonds bid for, payable to the County Treas.,required.
MORGANTOWN SCHOOL DISTRICT (P.O. Morgantown), Monongalia County, W. Va.-BOND SALE.-The $150,000 5% 10-24-year
(opt.) school bonds, proposals for which were asked for until July 2 (V. 98.
la• 1867), were awarded on July 7 to Mayer, Deppe & Walter of Cincinnati
at 107.78 and accrued interest.
MORRILL, Scotts Bluff County, Neb.-BOND OFFERING.-This
village is offering for sale the $15,000 6% 5-20-yr. (opt.) water-works
bonds voted Nov. 24 1913 (V. 97, p. 1679). Denom. $500. Date April 1
1914. W. E. Alvis is Village Clerk.
NAPA, Napa County, Calif.-BOND OFFERING -This city will
receive proposals until July 14 (time extended from July 2) for $25,000 5%
bridge bonds, it is stated.
NEBRASKA.-BOND SALES.-During the month of May and June
the following bonds were purchased by the State of Nebraska:
Six Issues, Aggregating $50,525, Purchased during Mail.
88,000 5% water bonds of Benson at par. Date May 2 1908. Due
June 1 1928, opt. Slay 2 1918.
8,000 5% school-house of Benson School District at par. Date May 1
1908. Due May 1 1928.
1,500 6% water bonds of Bradshaw on a 5% basis. Date Aug. 1 1913
Duo Aug. 11933 opt. Aug. 11918.
13,750 4%% school-house bonds
' of Custer County School District No. 89
at par. Date Oct. 1 1913. Due Oct. 1 1933.
10,000 5% school-house bonds of Fillmore County School District
No.20 on a 1919.;4%
4
basis. Date Jan.! 1914. Due Jan. 1 1933,
opt. Jan. 1
9,275 5% school-house bonds of Logan County School District No. 31
on a 4)% basis. Date April 1 1914. Due April 1 1934,
opt. April 11924.
Four Issues, Aggregating $57,000.Purchased during June.
$5,000 4%% school-house bonds of Cass County School District No. 17 at
par. Date Oct. 14 1913. Due June 1 1915-1923.
15,000 5% city-hall bonds of Crawford
at par. Date Sept. 1 1913.
Due Sept. 1 1933.
14,500 6% water bonds of Minature on a 5% basis. Date Sept. 1 1913.
Due Sept. 1 1933, opt. Sept. 1 1918.
22,500 6% light bonds of Sidney on a 5% basis. Date Jan. 2 1914.
Due Jan. 2 1934, opt. Jan. 2 1919.
NEHALEM, Tillamook County, Ore.-BOND ELECTION.-Th)
election to vote on the question of issuing $125,000 6% 10-20-yr. (opt.e
water-plant-Purchase and electric-light-plant-constr. bonds (V. 99. P. 68)
will be held July 15.
NEW BEDFORD, Bristol County, Mass.-TEMPORARY LOAN.
A temporary loan of 8200.000. maturing Nov. 16 1914, has been negotiated
It is stated, with the National Shawmut Bank of Boston.
NEW BERN, Dyer County, Tenn.-BOND OFFERING.-This city
will offer for sale on Sept. 1 $30.000 6% 20-year school bonds.
NEW CASTLE SCHOOL DISTRICT (P. 0. New Castle), Lawrence
County, Pa.-BOND SALE.-On July 3 the $60,000 4;1% 10-30-year
(opt.) coupon tax-free grounds and building-improvement bonds (V. 98.
p. 1791) were awarded to the Mellon Nat. Bank of Pittsburgh for $60,125
(100.208) and int.-a basis of about 4.24%.
141
NEWPORT BEACH, Orange County, Calif.-BONDS PROPOSED.
According to local papers.this city has under consideration the issuance
of $100,000 Channel-development bonds.
NEW RICHMOND, Clermont Cyunty, Ohio.-BOND SALE.-on
July 6 the $2,000 5% 133 -year (aver.) street-impt. and $2,000 5)4% 534year (aver.) sidewalk bonds (V. 98. p. 2012) were awarded to Seasongood
& Mayer of Cincinnati for $4.040 75 (101.018) and int. There were no
other bidders.
NEW YORK CITY.-BONDS OFFERED BY BANKERS.-In an
advertisement on a preceding page, Wm. A. Read & Co. and Kuhn, Loeb
& Co. offer to investors, at 102.10 and accrued interest, New York City
431% interchangeable gold bonds. At this price, it is noted, the interest
yield exceeds that which is given by other city bonds at current (imitations.
The city coupon 4s are now selling upon about04% basis: the registered 45
on about 4.03; and later issues, prior to the bonds now offered, at various
prices that return from 4.06 to 4.14%. compared with 4.15% yielded by
the bonds to which attention is called. These bonds are due March 1 1964
and are acceptable for deposit under the New York State Workmen's Compensation Act,for the security of deposits, and for sureties by the city of
New York, by the State Insurance Department and under the Banking
Laws of New York State. They are also a legal investment for savings
banks and trust funds in this State and are free of the Federal Income Tax,
and all taxation in New York State except for State purcposes.
NIAGARA FALLS, N. Y.-BIDS.-The following are the other bids
3 % sewer-redemption bonds awarded on 1J7
received for the $160,000 4%
0 .15
2
to Isaac W.Sherrill Co.of Poughkeepsie at 108.72 and int.(V. 99,_p. 68):
Equitable Tr, Co., N. Y___1108.63 Chisholm & Chapman. N. Y-106.25
Blodget & Co., Boston
Power City Bk., Niag. Falls'
Geo. B. Gibson & Co., N. Y_108.60 A. B. Leach & Co.. N. Y_ _102.81
Parson, Son 8: Co., N. Y___107.347
Denom.$1,000. Date Sept. 1 1914. Int. J.& J. Due $40.000 Sept. 1
1938, 1939. 1940 and 1941.
NIAGARA (Town) SCHOOL DISTRICT NO. 4 (P. 0. La Salle),
Niagara County, N. Y.-BOND SALE.-On June 29 82,500 5% 10 1-5-yr.
(aver.) bonds were awarded to Geo. B. Gibbons & Co., N. Y., at 100.48a basis of about 4.939%. Denom. (1)1 8500, (2) 81.000. Date July 1
1914. Int. J. & J. Due 8500 1923 and $1,000 1924 and 1925.
NORFOLK, Madison County, Neb.-BOND SALE.-On July 6 the
S10,000 5% 5-20-year (opt.) coupon water-extension bonds (V. 99. p. 68)
were awarded to N.W.Halsey & Co.of Chicago at par and accrued interest.
There were no other bidders.
NUTLEY SCHOOL DISTRICT (P. 0. Nutley), Essex County, N. J.
-BOND ELECTION.-The Bd. of Education has, according to reports,
decided to submit to the voters on July 15 a proposition providing for the
Issuance of $48,000 school-impt. and bldg. bonds.
OLIVE TOWNSHIP (P. 0. Caldwell), Noble County, Ohio.-BOND
OFFERING -Proposals will be received until 1 p. m. to-day (July 11) by
F. W. Dienstbach, Township Clerk, it is stated, for $12,000 5% 1-3-year
(average) road bonds. Cert. check for $100. required.
OLMSTEAD TOWNSHIP (P. 0. Olmstead Falls), Cuyahoga County, Ohio.-BOND OFFERING -Proposals will be received until 3 p. m.
Aug. 3 by F. R. Gallagher, Twp. Clerk,for 88,325 5% coup, highway-impt.
bonds. Denom. (1) $325, (8) 31.000. Date July 1 1914. Int. A. & 0.
at the Bank of Berea Co., Olmstead Falls Branch. Due $325 April 1 1915
and $1.000 yrly. April 1 from 1916 to 1923 incl. Bonds to be delivered
and paid for within 10 days from time of award. Cert, check on a bank
other than the one making the bid, for 10% of bonds bid for, payable to
the Twp. Treas.. required. Punch. to pay accrued int.
ORANGE COUNTY (P. 0. Paoli), Ind.-BOND SALE.-On July 6
the 36.040 4%% 52-3-year (aver.) gravel-road bonds (V. 99, p. 68) were
awarded to the West Baden Nat. Bank of West Baden for 86.085 (100.745)
and int.-a basis of about 4.359'. Other bids (all of Indianapolis) were:
J. F. Wild & Co
86,070 I Fletcher-Amer. Nat, Bank___$6,067
Miller & Co
6.070IBreed, Elliott & liarrison-- _ - 6,064
All the above bids provided for payment of accrued int.
Denom. $302. Date July 7 1914. Int. M.& N.
PATCHOGUE, Suffolk County, N. Y.-BOND SALE.-On June 23
the $6,000 73-yr. (aver.) fire-apparatus bonds (V. 98, p. 1868) were
awarded to the Union Say. Bank of Patchogue at par for 4s.
PERRY COUNTY (P. 0. New Lexington), Ohio.-BOND SALE.On July 6 the $25,000 5% 13 1-3-year (aver.) bridge-improvement bonds
(V. 99, p.69) were awarded to Stacy & Braun of Toledo at I05.056-a basis
of about 4.50%. Other bids were:
Hayden,Miller & Co.,Clev.$26,262 00)Breed,Elliott & Har.,Cin.$26,095 00
Weil, Roth & Co., Cin___ 26.211 50 Hoehler, Cummings &
Tillotson & Wolcott CO..
Prudden, Toledo
26,002 50
Cleveland
26,197 50 Ohio Nat. Bk.,Columbus. 25,945 20
Seasongood & Mayer,Chi. 26,155 00 Citizens State Bank
25,722 50
PHILADELPHIA, Pa.-BOND SALE.-On July 10 $1,500,000 of the
$3,160,000 4% 30-year registered or coupon tax-free permanent improvement loan bonds (V. 99. p. 69) were awarded as follows: $500.000 at
102.201, 8500.000 at 102.131 and $445,000 at 102.091. to the City Sinking
Fund: $50,000 at 102.2025 to the Rapid Transit Sinking Fund; and $5,000
at 102.1 to William E. Haydock. All the bids include accrued interest from
July 1. The total amount of bids received was $20,176,300. but the city
desired to sell only $1,500,000 at this time.
PHOENIX CITY, Lee County, Ala.-BOND OFFERING.-Proposals
will be received until 12 m. August 1 by W. Moss Harrison. Mayor, for
$15.000 5% 25-year coupon water-works-impt. tax-free bonds. Auth.
vote of 180 to 9 at election May 25. Denom. $1,000. Date Aug. 1 1914.
Int. F. & A. at City Treasurer's office. Cert, check for 2% of issue, payable to Thos. H. Coulter, Treas., required. Official circular states that
city has never defaulted in the payment of principal or interest of Its bonded
debt. Present bonded debt, this issue included, $40,000. Floating debt
$5.000. Assess. val. 1913 $520,560. True value (est.) $1,000,000.
PIKEVILLE, Pike County, Ky.-BOND SALE.-On July 6 the five
issues of 6% I-53 -year (opt. aver.) coup, street-impt. bonds, aggregating 855,778 90(V.98, p. 1936) were awarded, reports state, to Kelly Bros..
contractors, of Portsmouth, Ohio. at par and int.
PIPE CREEK SCHOOL TOWNSHIP (P. 0. Bunker Hill), Miami
County, Ind.-BOND OFFERING -Further details are at hand relative
to the offering on July 14 of the $26,000 434% bldg. bonds.(V.98, p. 2012.)
Proposals for these bonds will be received until 9 a. m. on that day by
Warren NV. Graves, Twp. Trustee. Denom. $2,600. Date Aug. 1 1914.
Int. ann. Due $2,600 yrly. Aug. 1 from 1915 to 1924 incl.
PITTSBURGH, Pa.-BOND SALE.-On July 6 the $275,500 4%%
15-year (aver.) Diamond Square Market-house-rebuilding bonds (V. 99.
p. 69) were awarded to the Mellon Nat. Bank of Pittsburgh at 101.92a basis of about 4.075%. Other bids were :
Commonw'th Tr, Co. Pitts 101 685 Robt. A. Woods,Pittsburgh 101.25
Lyon, Singer & Co., Pittsb_ -101.677 A.B. Leach & Co., N.Y_101.11
Union Trust Co., Pittsb__-_101.64 Colonial Tr. Co., Pittsb....--101.09
Pittsb. Tr. Co., Pittsb
101.52 Wm, P. Bonbright & Co..
Gordon & Co., Pittsbtugh 101.50
011.
.0
04
68
Townsend,Whelen&Co.,Phila.101.3331Equitable Trust Co., N. Y_..110
Harris. Forbes & Co.. N.Y 101.301 Blodget & Co., N. Y
100.697
BONDS AUTHORIZED.-An ordinance providing for the issuance of
$120,000 of the $240,000 43 % coup. or reg. (interchangeable) fireapparatus bonds voted $Nov. 5 1912 was passed in Council June 23. Denom. $100 or multiples thereof. Date Mar. 1 1914. Int. Si. & S. at
office of City Treasurer without deduction for any tax the payment of which
Is assumed by the city. Duo 81.000 yearly March 1 1915 to 1944 incl.
PLATTSBURGH, Clinton County, N. Y.-BOND SALE.-On
July 6 the $50,000 12-year (aver.) water and $26,500 123j-year (aver.)
improvement 434% bonds (v.98, p• 2012) were awarded to Ilarris. Forbes
& CO., N. Y., at 102.401 and int.-a basis of about 4.24%. Other bids
Equitable Trust Co.. N. Y_ _102.13 Isaac W. Sherrill Co.,Pough_101.82
101.41
Parson, Son & Co., N. Y____102.077 John J. Hart, Albany
101.29
Wm.N. Coler & Co., N.Y_ _101.90 Estabrook & Co., N. Y
Geo.B. Gibbons & Colimpt.101.85 A. B. Leach & Co., N.Y- _101.21
N. Y
100.273
Jas R Magoffin, N. Y
.
PLATTSMOUTH SCHOOL DISTRICT (P. 0. Plattsmouth), Cass
County, Neb.-BONDS VOTED.
--we Just learn that the question of
issuing the 830.000 bldg. bonds (V. 98, p. 945) was defeated at an election held in April.
142
THE CHRONICLE
[VOL. xe
SALE.-On D. C. Ransburg, Twp. Trustee. Denom. $650. Date July 15 1914.
PLENTYWOOD, Sheridan County, Mont.-BOND
aggregating $32,000 Interest annually. Due $650 yearly from 1 to 6 years, inclusive.
June 29 the three issues of 6% 10-20-yr. (opt.) bonds.
of Denver
Bros.
Keeler
to
auction
public
at
awarded
were
SUGAR CREEK TOWNSHIP SCHOOL DISTRICT (P. 0. Gomer),
(V. 98. P• 1711),
Allen County, Ohio.-BOND SALE.-On July 1 the $20,000 534% 9-Yr.
at par and int. There were no other bids.
-It is (aver.) coup. school bonds (V. 98, p. 1869) were awarded to the Old Nat.
PORTLAND, Multnomah County, Ore.-BOND OFFERING.
A. Bige- Bank of Lima for 102.9375 and int. Other bidders were:
reported that proposals will be received until 2 p. m. July 14 by C.
1-10-yr. (opt.) local-impt. Seasongood & Mayer, Cin___$20,528f Spitzer, Rorick & Co., Tol_ _$2,6,402
low, Commissioner of Finance, for $166.571 6%
20.364
Secur. S. Bk.& Tr. Co.. Tol_ 20,407 First Nat. Bank, Cleve
bonds. Cert. check for 5% required. Int. semi-annual.
TEXARKANA SCHOOL DISTRICT (P. 0. Texarkana), Bowie
-On
June
30
VOTED.
-BONDS
Okla.
County,
Fiore
POTEAU, Le
issuing
820.000
of
-The
question
VOTED
Texas.
-BONDS
County,
road
building
were
810,000 bonds to be used as bonuses to encourage
bonds to pay a deficiency in thepublic schoolfund carried, it is stated, at
favorably voted, It is stated.
an election held July 2.
Okla.
-BONDS
VOTED.County,
Fiore
Le
TOWNSHIP,
POTEAU
TEXAS TOWNSHIP (P. 0. Sycamore), R. F. D. No. 3), Crawford
An issue of 821,000 road bonds was authorized by the voters, it is stated, County,
Ohio.-BOND SALE.-On June 9 the $8,000 5% 18-year (averat an election held June 30.
coupon road-improvement bonds (V. 98, p. 1557) were, it it stated,
age)
PROTECTION, Comanche County, Kan.-BOND SALE.-The awarded to the Farmers' & Citizens' Bank & Savings Co. of Bucyrus at
and water bonds offered on Dec.10 100.931-a basis of about 4.910%.
$30,0005% 11)-2Q-yr.(opt.) electric-light
1913 (V. 97. p• 1608) have been sold to local parties.
TIPTON COUNTY (P. 0. Tipton), Ind.-BOND OFFERING.-H.C.
4 (P. 0. Pulaski), Pulaski
NO.
DISTRICT
PULASKI SCHOOL
Haskett, County Treasurer, will receive proposals, it is stated, until 2 p. m.
County, Va.-BOND OFFERING.-Proposals will be received until 12 m. July
18 for $4,000. $3,320 and $3,120 gravel-road bonds.
and
building
$53,000
for
$5,000
Treasurer,
County
Wysor,
F.
J.
by
3
Aug.
building-improvement 5% coup. bonds auth. by vote of 363 to 127 at the
TROTWOOD, Montgomery County, Ohio.-BOND SALE.-On
Int. semi-ann.
election held June 23 (V. 99, p. 69). Date Sept. 1 1914.
July 2 the $5,000 6% 636-Yr. (aver.) water-works bonds (V. 98, p. 1938)
at the County Treasurer's office. Due on Sept. 1 as follows: 85,000 1919. were awarded to Stacy & Braun of Toledo at 103.187 and int.-a basis of
$8,000 1924,110,000 1929 and 1934,$12,000 1939 and$13.000 1944. Certi- about 5.40%. Other bidders were:
fied check for $1,000, payable to the County Treasurer. required.
Spitzer. Rorick & Co., Toledo_115,153 I First Nat. Bk., Barnesville_ _$5,051
5.025
PUTNAM COUNTY (P. 0. Greencastle), Ind.-BOND SALE.-On Secur. S. Bk. & Tr. Co.. Tel_ 5,121 West Dayton Corn. & S. Bk
road
(average)
-3-year
2
bonds
5
-improvement
%
436
of
issues
six
the
6
All bidders also offered to pay accrued interest.
July
(V. 99, p. 69) were awarded, it is stated, as follows:
OF
BONDS.
URBANA, Champaign County, Ills.-DESCRIPTION
To the Central Trust Co. of Greencastle.
5% Carnegie Library-construction bonds recently awarded to
$9.680 S. A. Hazelett et al road bonds for 89,747 75 (100.699)-a basis of The $10,000&
of
and
are
$500
denomination
at
Chicago
in
104.228
of
Co.
Leach
A. B.
about 4.36% •
1 1914. Int. annual on April 1. Due $500 yearly on April 1
10,260 James Ingram et al road bonds for $10,332 (100.701)-a basis of are dated April1934
inclusive (V. 98. P. 2014)•
from 1915 to
about 4.359%.
To the Fletcher-American National Bank, Indianapolis.
-BOND SALE.-The bids received on July 7 for the five
Y.
N.
UTICA,
for
50
bonds
road
86,158
of
(100.629)-a
basis
al
et
Roach
J.
J.
$6,120
issues of 434% reg. tax-free bonds (V. 98, p. 2014) were as follows:
about 4.374%.
$4,000
35.000
$8,000
$10,000
$41,000
General Parks
12,300 A. H. Haun et al road bonds for $12,386 50 (100.703)-a basis of
Police
Storm
Parkabout 4.359%.
and Fire. Hospital. Plapg'ds.
Sewer.
way.
To F. J. Wild & Co., Indianapolis.
Tr. Co.*342,111 10 $10,140 00 $8,087 20 85,070 00 $4,043 60
4,04040
$2,840 R. C. Sutherlin et al road bonds for $2,854 (100.492)-a basis of Equitable
A. B. Leach & Co..... 41,988 10 10.127 00 808080 5.10550
about 4.402%.
& Co. 42,001 63 10,132 10 8,087 36 5,06605 4,04368
Forbes
Harris,
To R. C. Sutherlin, Greencastle.
Douglas Fenwick &
8800 R. C. Sutherlin et al road bonds at par.
42,059 00 10,04800 8,016 00 5.01200 4,00800
Co.**
RAY SCHOOL TOWNSHIP (P. 0. Paragon), Morgan County, Ind, Clark, Dodge & Co_ 41,982 05 10,114 40 8.06709 5,057 20 4,03354
for
asked
10
are
until
a.
July
by
m.
24
Joseph Estabrook & Co__.... 41,922 50 10,088 00 8.047 02 5,044 00 4,023 60
-BOND OFFERING.-Bids
A. Blankenship, Twp. Trustee, for $14,500 5% building bonds. Denom. Sutro Bros.& Co
42,033 00
$725. Date Aug. 1 1914. Int. annual. Due $725 each six months from
Aug. 1 1915 to Feb. 1 1925 inclusive.
*All or none bid. **Bid 869,275 for all or none.
Reports state that the bonds were awarded to the Equitable Trust Co.
REEVES COUNTY (P. 0. Pecos), Tex.-BOND OFFERING.-Thls
county,according to reports, will receive proposals until July 13 for $100,000
VANCLEVE CONSOLIDATED SCHOOL DISTRICT (P. 0. VanMcK
eller,
N.
H.
County
bonds.
Judge.
1
No.
Dist.
Road
5%
clove), Marshall County, Iowa.-BOND OFFERING.-Proposals will
Fort
0.
Ohio.
Mercer
County,
Recovery),
RECOVERY (P.
-BOND be received until 2 p. m. July 15 for the $20,000 5% school-building bonds
SALE.-On June 30 the $5.000 5% 5).i-yr. (aver.) coup. electric-light and voted July 6 (V. 98. p. 2014).
water-works-Inapt. bonds (V. 98. p. 1868) were awarded to Tillotson &
VANDERBURGH COUNTY (P. 0. Evansville), Ind.-BOND OFWolcott Co. of Cleveland at 100.02 and int.-a basis of about 4.996%.
FERING.-Itids will be received by Carl Lauensteln, Co. Treas., until
RIPLEY COUNTY (P. 0. Versailles), Ind.-BOND SALE.-On 10 a. m. Aug. 1 for the following 43,6% highway-Impt. bonds:
$18,001) C. H. Bredenkamp et al. Water-Works Road inapt., Pigeon Twp..
July 6 the $9.000 Geo. H. Gayert et al and $6,000 Henry Crum et al 4
bonds. Denom. $400.
5 2-3-year (aver.) road-improvement bonds (V. 99, p. 69) were awarded
12.000 A. A. Klamer et al. Columbia St. road, Pigeon Twp., bonds.
to the Versailles Bank and- the First Nat. Bank of Batesville at 100.60Denom. $300.
a basis of about 4.38%. Other bids were:
Due one bond of each issue each six months from May 15 1915 to Nov. 15
Frank M.Thompson 159.000 issue. $9,051 00
1 6,000 issue, 6,033 25
inclusive.
ad
(aver.) road
Batesville Bank. Batesville, $9,000 issue, $9,035.
-On July 6 the $33.000 436% 10
.-On
D SALE.
July 6 (V. 98.1,. 1869) were awarded to Miller & Co. of InON
ROSEBUD COUNTY (P. 0. Forsyth) Mont.-BOND OFFERING.- bonds
b19oB2n4ds
int.
and
(101.060)
833,350
receive proposals until 10 a. m. dianapolis for
The Beard of County Commissioners will'
Ind.-BOND SALE.-On
Sept.21,it is stated, for $75,000 20-year bonds at not exceeding 5% interest.
VIGO COUNTY (P. 0. Terre Haute),
road bonds (V. 99. p. 71) were
Interest semi-annual. Certified check for $3,000 required.
July 6 the $7,800 434% 52-3-yr. (aver.)for
$7,845 (100.576)-a basis of
ST. PAUL, Howard County, Neb.-BOND SALE-The Elkhorn awarded to Miller & Co. of Indianapolis
Construction Co. of Fremont, Neb., has been awarded at par the $5,000 about 4.385%. Other bids were:
$7:8
0
45
83
Indianapolis
5% 5-10-yr. (opt.) coup. taxable sewer outlet bonds offered in Feb.(V. 98. Breed Elliott & Harrison,
a
nh
aT
p. 632).
J,
will
s
iis
receive
bids
Co.
rma
J.
Treas.,
Dailey,
N
.
o
R
C
OFFE
Los
Angeles
Calif.
W
DISTRICT,
BOND
County,
F.
SAN FERNANDO SCHOOL
-BOND OFFERING.-Proposals will be received, it is stated, until 2 p. m. until 10 a. m.July 17 for the following 436% Harrison Twp. highway-impt.
July 20 by Clerk Board of County Supervisors (P. 0. Los Angeles) for bonds:
bonds. Denom.$322 50.
$12,900 C. J. Root et al. roadal,
% bonds. Denom. $1,000.
$40.000
bonds. Denom.
25,800 James A. Harney etM.&road
SANTA FE, Santa Fe County, N. Mex.-BOND SALE.-On July 1
N. Due one bond of each issue each six
1914. Int.
15
July
Date
$7,000 534% sewer bonds were awarded, it is stated, to Sweet, Causes", months from May 15 1915 to Nov. 15 1934 incl.
Foster & Co. of Denver at 103 and blank bonds.
Ind.-BOND SALE.-On
WABASH COUNTY (P. 0. Wabash),
SCOTT COUNTY (P. 0. Scottsburg), Ind.-BOND OFFERING.
434% road bonds, aggregating 523.920 (y, gg,
1 the two issues of
Lafontaine, for $24,055Proposals will be received until 2 p. m.July 15 by Hugh Colvin, Co. Treas., July
Bank.
Lafontaine
the
to
awarded
were
2014),
p.
for the following 434% tax-free highway-improvement bonds:
bids were:
equal to 100.564. Other
$4.400 S. T. Weir et at road Finley Twp. bonds. Denom. $220.
N.Bk. Ind.*$24,0621Miller & Co. Indian'plis- $24,031
-Amer.
Fletcher
16,800 John Hooker et al road Vienna Twp. bonds. Denom. $840.
E.M.Campbell& Sons Co.Ind. 24.041 J. F. Wild & Co. Ind'plis__ _ 24,021
4.000 J. D. Everhart et al road Johnson Twp. bonds. Denom. $200.
Date July 15 1914. Int. M. & N. Due one bond of each issue each
but IS BO
* This bid appears to be higher than that of the purchaser's,
six monthsfrom May 15 1915 to Nov. 15 1924 incl.
given by the County Treasurer.
N.
&
M.
Interest
SCOTT COUNTY (P. 0. Forrest), Miss.-BONDS VOTED -On
The bonds are dated June 16 1914.
June 30 road bonds for Beat No. 2 were favorably voted, it is stated.
WARREN COUNTY (P. 0. Williamsport), Ind.-BOND SALE.-On
SEATTLE, Wash.-RESULT OF BOND ELECTION-The election July 6 two Issues of 4.36% 5 2-3-year (average) highway-improvement bonds
held June 30 resulted in favor of the propositions to Issue the $479,500 were awarded, it is stated, to the Fletcher-American National Bank of
Salmon Bay waterway bridge and $350,000 Fremont Ave. bridge bonds Indianapolis as follows:
and in the defeat of the questions of issuing the $318,500 Sixth Ave. North- $18,000 Rufus S. Haupt road bonds for 518,127 (100.705) and int.-a basis
east. 8180,000 Montlake Boulevard and $435,000 West Spokane St. bridge
of about 4.359%.
for $3,571 (100.308) and lot.-a
bonds (V. 98, p. 1937).
3,560 Jacob Shackelton road bonds
basis of about 4.44%•
SHATTUCK, Okla.-BOND SALE.-R.J. Edwards of Okla. City was
awarded at par about June 1 $25,200 6% funding bonds. Denom. $500
WARREN TOWNSHIP FIRST SPECIAL SCHOOL DISTRICT
and 8200. Date May 11 1914. Int. M. & N. Due $6,300 in 5, 10. 15 (P. 0. Constitution), Washington County, Ohio.-BOND SALE.
and 20 years.
$1.500 5% 4 1-5-year (average) coupon taxable building
On June 30 the 2014).
50
M.
$1,512
Thomasfor
John
Mrs.
to
awarded
were
SHELBY, Richland County, Ohio.-BOND SALE.-On June 30 bonds(V.98. p.
were no other bids.
$3.500 5% Main St.-repair bonds were awarded to the Mansfield Say. Bank (100.833) and tat.-a basis of about 4.769%. There
rebe
will
-Proposals
to
-equal
30
OFFERING.
$3,541
for
101.18.
-BOND
Mansfield
of
WATERBURY, Conn.
City Clerk, for $100,000
SHELBY COUNTY (P. 0. Sidney), Ohio.-BOND SALE.-On July 6 ceived until 8 p. m. Aug. 10 by Wm. F. Molter, Date
July 1 1913. Due
$7,300 534% ditch bonds were awarded, it is stated, to the People's Savings 44% coup. or reg. school bonds. Third Series,
1 from 1934 to 1953 incl. Denom. $1,000. Int
& Loan Association of Sidney.
$5,000 yearly on July
of bonds bid for.
1%
for
check
Cert.
Boston.
Bank,
Nat.
First
SLAUGHTERVILLE SCHOOL DISTRICT (P. 0. Blaughterville), J.& J. at City Treas., required. These bonds will be certified as to genWebster County, Ky.-BONDS VOTED.-At a recent election this dis- payable to
approved by Storey. Thornlegality
their
and
bank
above
the
by
uineness
trict authorized the issuance of $4,500 bldg. bonds.
of Boston. whose legal opinion will befurnished purdyke, Palmer & Dodge
SMOKEY HOLLOW (P. 0. Shovel Lake), Cass County, Minn.-- chaser.
Purchaser to pay accrued int. Bids must be made on forms furBOND OFFERING.-Proposals will be received until 9 a m. Aug. 1 by nished by the City Clerk. These bonds were offered without success as
the Board of Suprs., Corbin Youngs, Town Clerk, for $8,000 6% 15-year
on June 5(V.98.P. 1869).
road and bridge construction bonds. Denom. 81,000. Int. semi-ann. 4s WELLSVILLE,
Columbiana County, Ohio.-BOND OFFERING.
City
Cert. check for $100. payable to "Board of Supervisors." required. Sucwill be received until 12 m. Aug. 1 by J. F. McQueen,
own
Proposals
his
form
of
A
bonds.
similar issue of bonds
cessful bidder to furnish
Date
$500.
Denom.
bonds.
-year
refunding
20
5%
$10,000
Auditor, for
was previously offered on June 3 and 27.(V.98, p. 2013.)
Bonds to be delivered and paid for within
11914. Interest annual. Certified
check for 3% of bonds bid for,
SOUTHEAST SCHOOL TOWNSHIP (P. 0. Valcene), Orange July
of award.
10 days from time
Purchaser to pay accrued int.
required.
Treasurer,
County, Ind.-BOND SALE.-On July the $1,000 School District No. 11 payable
to the City
building bonds advertised as 6s (V. 98, p. 1937), were awarded to Mary S.
Ga.-BOND
ELECTION.-Reports
County,
Troup
POINT,
WEST
Waynick for is.
on
W
question of issuing the auditorium
that the election to vote July
13.
SPARTANBURG, Spartanburg County, So. Caro.-BOND OFFER- state
held
be
will
71)
p.
99,
bonds (V.
KeING.-Proposals will be received until 4 p. m. July 15, it is stated, by
WETHERSFIELD TOWNSHIP SCHOOL DISTRICT (P. 0.
$30,000
J. F. Lloyd, Mayor, for $25,000 city-hall and Jail bonds.
County, Ill.-DESCRIPTION OF BONDS.-The
Henry
wanee),
&
Bechtel
0.
M.
(P.
East
Akron
R. F. D. No. 22),
Geo.
SPRINGFIELD TOWNSHIP
8-4-5-year (average) bonds awarded on June 19 to
basis ofabout4.75%
Summit County, Ohio.-BOND SALE.-On July 6 the $3,824 57 57 5%
Co. of Davenport for 530.529 75 (101.765)-a
Int.
1914.
ext.
bonds
St.
1
(V.
Arlington
July
coupon
98.
p.
(aver.)
dated
were
1937)
44-year
(V. 09. p. 71)-are in the denom. of $1,000 and
and
awarded to the Depositors' Say. Bank of Akron for $3,849 57 (100.677)-a i.& J. Due $1,000 yearly July 1 from 1916 to 1923, inclusive,
basis of about 4.836%. Well. Roth & Co. of Cin, submitted a conditional $22,000 July 1 1924.
-On
SALES.
bid.
WHITE COUNTY (P. 0. Monticello), Ind.-BOND V. Lane et al
STEEN SCHOOL TOWNSHIP (P. 0. Wheatland), Knox County, July 1 the 514,000 436% 5 2-3-year (average) coupon John
Tade, Twp. Trustee, will receive bids road-improvement bonds (V. 98. rp. Ion) were awarded to the Monticello
Ind.-BOND OFFERING.-E. H.
0 school bonds. Denom.$600. Int. Nat. Bank, Monticello, for $14,076 (100.542) and int.-a basis of about
until 10 a. m. July 25 for $3.000 436 7
semi-annual. Due $600 yrly. July 25 from 1915 to 1919 incl.
4.391%•
54-year"(average)
(P. 0. Pleasant Lake), Steuben
TOWNSHIP
On the same day (July 1) the three issues of 4.0.%98. p• 2015). were
STEUBEN SCHOOL
.-Addltional details are at hand relative road-Improvement bonds. aggregating $22,200 (
for $22,280-equal
Bank
County,Ind.-BOND OFFERING
building bonds(V. 98, p• 2014.) awarded. it is stated, to the Monticello Mational
to the offering on July 15 of the 53.9005%
Proposals for these bonds will be received until 3 p. m. on that day by to 100.36.
JULY 111914.]
THE CHRONICLE
WHITE RIVER TOWNSHIP (P.0. Winchester), Randolph County,
Ind.-BOND SALE -The People's Loan & Trust Co. of Winchester were
awarded the 22,000 5% school-house bonds offered on July 1 (V. 98. P.
1938) at 102.105.
WHITTIER SCHOOL DISTRICT (P. 0. Whittier), Los Angeles
County, Calif.-BONDS VOTED.-The $50,000 bond proposition submitted to the voters on July 1 (v.98,p. 1939) carried by a vote of 316 "for"
to 79 "against.'
WILLIAMSON, Mingo County, W. Va.-BOND OFFERING.-Bids
will be received by John S. Hall, City Recorder, until July 30,for the $150.0005% coup. municipal'rapt. bonds voted June 26(V.99. p. 71). Denom.
$1,000. Date July 1 1914. Int. J. & J. Due July 1 1948, subject to call
part yearly after 10 years. Cert. check for 2% of bonds bid for, payable
to the "City of Williamson," required.
WILNA (TOWN)'UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Carthage), Jefferson County, N. Y.-BOND SALE.-On July 6 28,500
school bonds were awarded to the Watertown Say, Bank, Watertown,
N. Y., at par for 4.40s. Denom. (1) $1,500, (7) 21,000. Date Aug. 1
1914. Int. J. &J. Due $1,500 Jan. 1 1927 and $1.000 yearly Jan. 1 from
1928 to 1934. inclusive. Bonded debt, 573,500. Assessed value 1913
$1,703,711.
WINCHESTER, Clark County, Ky.-BOND SALE.-On July 3
229,897 street-paving bonds were awarded, it is stated, to B. C. Milner
& Co. contractors, and W. H. Kappleman & Co., sub-contractors, both
of Louisville, at par and accrued interest.
WOOD COUNTY (P. 0. Bowling Green), Ohio.-BOND OFFERINGS.-Proposals will be received until 1 p. m.July 24 by C. E. Stineaugh,
Co. Aud., for $10,000 5% coup. court-house-repair bonds. Auth. Sec.
2434, Gen. Code, as amended in Vol. 102, Laws of Ohio. page 55. Denom
21,000. Date Aug. 1 1914. Int. M. & S. at the County Treas. office.
Due $2,000 each six months from Mar. 1 1915 to Sept. 1 1919, incl. Cert.
check on a Bowling Green Bank for $200 required. Purchaser to Pay accrued interest.
Proposals will also be received until 1 p. m. Aug. 3 by the Co. Aud. for
$24.833 48 5% coup. highway-impt. bonds. Auth. Sec. 1223, Gen. Code,
as amended in Vol. 103, Ohio Laws, page 459. Denom. (1) V33 45, (49)
$500. Date Aug. 3 1914. Int. M. & S. at the Co. Treas. office. Due
$2,333 48 Mar. 1 1915, 32,500 each six months from Sept. 1 1915 to Sept. 1
1919 incl. Cert. check for $500, payable by a Bowling Green bank, required. Purchaser to pay accrued interest.
WORCESTER COUNTY (P. 0. Worcester), Mass.-TEMPORARY
LOAN.-On July 3 a loan of $70,000, duo Dec. 15 1914, was negotiated
with the First Nat. Bank of Boston at 3.60% discount.
WORTH SCHOOL TOWNSHIP(P.O. Whitestown),Boone County
Ind.-BOND SALE.-On July 1 the $10,000 434% coupon school-house
bonds (V. 98. p. 1939) were awarded, it is stated, to J. F. Wild & Co. of
Indianapolis at 100.68. Due 5.500 each six months from July 15 1915 to
Jan. 15 1925, Inclusive.
WYANDOT COUNTY (P. 0. Upper Sandusky), Ohio.-BOND
SALE.-On June 17 the $26,000 5% 6%-year (average) road-improvement
bonds (V. 98, p. 1869) were awarded, reports state, to Tillotson & Wolcott
Co. of Cleveland for $26,628 42 (102.417)-a basis of about 4.57%.
WYANDOTTE COUNTY (P. 0. Kansas City), Kan.-RONDS NOT
YET RE-OFFERED.-The County Clerk advises us that up to July 2 no
date had been set for the re-offering of the $90,000 bridge bonds offered
but not sold on March 5(V. 98,P. 8513)•
143
YAZOO CITY, Yazoo County, Miss.-BOND OFFERING.-Further
details are at hand relative to the offering on July 13 of the $100,000 5%
railroad right-of-way and terminal bonds (V. 98. p. 2015). Proposals for
these bonds will be received until 8 p. m.on that day by H.W.McCormick,
City Clerk. Denom. $500. Date Aug. 1 1914. Due $500 yearly from
1 to 20 years. the remainder due at the end of 20 years. Certified check for
$500. payable to the City Clerk, required.
YORK, York County, Pa.-DESCRIPTION OF BONDS.-The
$200,000 43 % sanitary and storm water-sewer-construction and streetpaving bonds awarded on June 30 to Geo. S. Fox & Sons and Martin & Co.
of Philadelphia at their joint bid of $206,104 20 (103.0521) (V. 99, p. 72),
are coupon in form and in the denominations of $500 and $1,000. Date
Aug. 1 1914. Int. F. & A. These bonds are tax-free in Pennsylvania.
ZEELAND, Ottawa County, Mich.-BOND SALE.-On July 6 the
$15,000 434% 15-year (average) sewer-system bonds (V. 98. p. 1265) were
awarded to the Michigan Trust Co. of Grand Rapids at 100.50-a basis
of about 4.455%. Denom. $500. Date July 15 1914. Interest annually
in January. Dile $500 yearly Jan. 15 from 1915 to 1944, inclusive.
Canada.. its Provinces and Municipalities.
BARRIE, Ont.-DEBENTURE SALE.-On June 25 the $30,000 30installment collegiate institute and $22,190 15-installment local-imPt• 5%
debentures (V. 98, p. 1870) were awarded to the Dominion Securities
Corporation of Toronto for $51 443 68 and int.
Other bids were:
A. E. Ames & Co
n48,900 00 R. C. Matthews & Co--- *51.042 00
Brent, Noxon & Co
*49,878 00 MacNeill & Young
*49,815 00
C.H.Burgess & Co
*49,87800 G. A.Stimson & Co
z50,890 37
Bankers' Bond Co
*50,867 94 Wood, Gundy & Co
*50,946 00
Canada Bond Co
*50,277 77
And accrued interest. z Less accrued interest.
CALGARY, Alta.-DEBENTURE SALE.-Reports state that this city
has placed in London through the Bank of Montreal $500,000 5% debentures, due in 1933 and 1943. The price paid to the city was 95U ex-int.
CANORA, Sask.-DEBENTURE ELECTION.-The question of issuing
553.742 water-works-constr. debentures will be submitted to a vote, it is
stated, to-day (July 11)•
CHAPLIN, Sask.-DEBENTURE SALE.-C. H. Burgess & Co. of
Toronto have been awarded 52.0008% ten equal annual installment street,
sidewalk, fire-protection and police-barracks debentures at 98. Interest
annually in March.
COTEA17 ST. PIERRE, Que.-DEBENTURE SALE.-The Royal
Securities Corp., Montreal, has been awarded $70,000 6% 40-yr. debentures, according to reports.
CRANBROOK, B. C.-DEBENTURES VOTED.-A proposition to
issue 5110.000 water-works-impt. debentures carried recently, it is stated
by a big majority.
CREEMORE, Ont.-DEBENTURE SALE.
$6.500 6% 20-intallment debentures offered on June 20(V. 98, p. -The
1939) were awarded, reports
state, to the Canada Bond Corporation, Toronto.
DOMINION OF CANADA.-SALE OF SCHOOL DISTRICT DEBENTURES.-The following school bldg. debentures, aggregating $31,100,
issued by various districts in the provinces of Manitoba and Saskatchewan
were purchased during the month of June by II. O'Hara & Co. of Toronto:
NEW LOANS
MISCELLANEOUS.
MISCELLANEOUS.
$100,000
Lackawanna County, Pa.,
4% Road Improvement Bonds
STONE & WEBSTER
Barnes et. Lofland
Sealed proposals will be received by the County
of Lackawanna for the sale of One Hundred
Thousand Dollars worth of Lackawanna County.
Pennsylvania,(4% per cent) Road Improvement
Bonds,for the purpose of improvement and repair
of public roads in said county that are already
constructed, or in course of construction, or that
may be constructed under the provisions of the
Act of Assembly of the 26th day of June, A. D.
1895, P. L. 336, and its supplements and amendments thereto. All bids to be accompanied by a
certified check of Five Thousand Dollars,to be
made payable to Lackawanna County. Bids to
be addressed to and in the hands of the undersigned on or before 12 o'clock noon. JULY 27TH,
A. D., 1914. The right is reserved to reject any
and all bids.
CHARLES P. SAVAGE,
County Controller,
Scranton, Pa.
Attest:
RALPH COLLINS,
Deputy County Controller.
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION.
SECURITIES OF
PUBLIC SERVICE CORPORATIONS
147 So. 4th St., Philadelphia, Ps.
Stocks and Bonds
AT
STONE & WE'BSTER
ENGINEERING CORPORATION
AUCTION
CONSTRUCTING ENGINEERS
EVERY WEDNESDAY
Salesroom 201 Philadelphia Bourse
STONE & WEBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS OP
PUBLIC SERVICE CORPORATIONS,
Bolger, Mosser& WI I!amen
MUNICIPAL BONDS
BOSTON
Legal for Savings Banks,
Postal Savings and Trust Funds.
147 MILK STREET
NEW YORK
SEND FOR LIST.
CHICAGO
29 South La Salle St.'
CHICAGO
5 NASSAU ST. FIRST NAT.BANK BLDG.
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
1914 ISSUE
READY JULY 15
F. WM. KRAFT
LAWYER.
Specializing in Examination of
Municipal and Corporation Bonds
517-520 HARRIS TRUST BUILDING.
111 WEST MONROE STREET
CHICAGO, ILL.
BLODGET & CO.
Hand Book of Securities
The Hand-Book ie issued to Bankers and Brokers with their cards
lettered in gilt on the outside cover (not lees than 25 copiee to one a idiom) at special ratee.
Price of Single Copies
To Subscribers of the Chronicle
R1.00
75
BONDS
80 STATE STREET, BOSTON
30 PINE STREET, NEW YORK'
STATE, CITY & RAILROAD BONDS
Commercial & Financial Chronicle
138 Front Street, New York.
_144
[VoL. xcix.
THE CHRONICLE
Due.
Date.
Rate.
Place.
Amount.
June 15 1914 1915-34
7%
$2,600 Anse11 Sch. Dist. No.288. Sask
1916-25
1914
1
May
7%
Man
1730.
No.
D.
S.
Doroshenko
1,200
June 15 1914 1915-24
2.000 Glenalmond S. D.No.3170. Sask_ _ _7%
June 1 1914 1915-24
1,200 Lake Mary S. D.No. 1739. Bask_ _ _7%
%
6
Mar. 1 1914 1915-34
_
Man_
2,500 McConnell S. D.No. 1711.
1,800 Sandy Plain S. D.No.2987. Bask_ _ _734% June 20 1914 1915-24
734% June 15 1914 1915-24
1,300 Tuxedo S. D.No.3208. Sask
May 1 1914 1915-24
7%
1,500 Wycliffe S. D.No. 1500. Man
June 1 1914 1915-24
7%
2,000 Zealhar S. D. No. 3197, Sask
%
1915-24
Dists_7;5
S.
Sask.
&
Manitoba
15,000 Various
All the above debentures are payable in annual installments.
H. O'Hara & Co. also purchased during June $6,000 6% 15-installment
road debentures dated July 2 1914 of Walpole (Rural M. No. 92), Sask.
DOVER, Ont.-DEBENTURE SALE.-Brent. Noxon & Co. of Toronto
have, it is stated, purchased $350,000 debentures.
MIDTERM', Ont.-DEBENTURE SALE.-A block of $13,000 debentures has been disposed of, reports state, to Brent, Noxon & Co. of Toronto.
DUNCAN, B. C.-DEBENTURES VOTED.-The issuance of $6,000
school debentures was authorized by the voters June 16, it is reported.
DUNNVILLE, Ont.-DEBENTURE SALE.-On July 3 the $9,500
20-annual-installment local-impt.-system debentures were awarded to
R.C. Matthews & Co.of Toronto for $9,238 (97.232) and int. Other bids:
Bankers' Bond Co., Ltd..--$9,124 75!Canada Bond Corp., Tor_ _$8,973 00
G. A. Stimson & Co., Tor.. 8,934 75
Dominion Securities Corp.,
9,079 15 A.E.Ames & Co., Tor---- 8,910 00
Ltd., Toronto
Wood,Gundy & Co., Tor _ _9.062 0010. H.Burgess & Co.,Tor-- 8,903 00
W.A. McKenzie Sz Co.,Tor.9,032 001MacNeil & Young, Tor_ -- 8,835 00
FREDERICTON, N. B.-DEBENTURE SALE.-The Eastern Securities, Ltd.. of St. Johns has bought $22,000 4% debentures at 89.63, it is
stated.
GRENFELL, Sask.-DEBENTURE OFFERING.-John Walker, Town
Clerk, will, it is stated, receive tenders until Aug. 1 for $6.500 6% 15-yr.
electric-light-extension debentures.
INDIAN HEAD, Sask.-DEBENTURE ELECTION.--An election will
be held to-day (July 11). it is stated, to vote on the question of issuing
$18,000 high-school debentures.
KINCARDINE, Ont.-DEBENTURES DEFEATED.-The election
held June 25 resulted, it is stated, in the defeat of the $3,500 street-lighting
debentures (V. 98, p. 1940)•
LITTLE CURRENT, Ont.-DEBENTURE SALE.-On June 6 the
$12,000 6% light debentures (V. 98, p. 1560) were awarded, it is stated,
to local investors.
LUCAN, Out.-DEBENTURES VOTED.-According to reports, a
proposition to issue $7,500 debentures for the installation of hydro-electric
power carried on June 26.
MARMORA, Ont.-DEBENTURE SALE.-Reports state that $8,000
debentures have been sold to Brent, Noxon dz Co. of Toronto.
MEDICINE HAT, Alta.-DEBENTURE ELECTION.-An election
will be held July 24, it is stated, on the question of issuing the following
debentures: 894,670 for sidewalk. $55,481 for curbs and gutters, $45,000
for police-station and site and $15,000 for children's shelters.
MONCTON, N. B.-DEBENTURE SALE.-On June 30 the $120,000
5% 40-yr. debentures (V. 98, p. 1794) were awarded to J. M. Robinson &
Sons of St. John at 99.12 and Mt. Other bids were:
Eastern Securities Co., Ltd., St. John
Dominion Securities Corporation, Ltd., Toronto
J. C. Macintosh & Co., St. John
Brent, Noxon & Co.. Toronto
99.01
98.6
97.50
92.13
OXFORD COUNTY (P. 0. Woodstock), Ont.-DEBENTURE SALE.
-On June 30 the $36,000 5% 30-ann. install. road-impt. debentures
(V. 98. p. 2016) were awarded to the Dominion Securities Corp., Ltd., of
Toronto at 100.04 and hit. Other bids were:
Wood, Gundy & Co., Tor-435,863 C. H. Burgess & Co. Tor_435,64g
Young. or___ 35,845Brent. Noxon
MacNell
'
Co.,
Tor_ __ 35.053
A. E. Ames & Co., Toronto_ 35,842 Geo. A. Stimson & Co.. Tor_
R. O. Matthews & Co., Tor_ 35.676
35,013 60
Canada Bond Corp., Tor__ 35,667 W.L.McKinnon & Co., Tor. 34,816
QUEBEC (Province of).-LOAN.-Of the £1,000,000 434% registered
stock redeemable Jan. 1 1954 recently offered in London at par, 8335%
was left with the underwriters, it is reported. This loan was erroneously
referred to last week under the head of City of Quebec.
RITCHOT (Rural Municipality), Man.-DEBENTURE ELECTION.
-A vote will be taken July 15, it is reported, on the question of issuing
$71,827 debentures.
ST. CATHARINES, Ont.-DEBENTURES AUTHORIZED.-City
Council has, it is stated, authorized the issuance of $50,000 5% public
school debentures.
ST. HENRI R. C. S. M., Que.-DEBENTURE SALE.-It is stated
that $65,000 5% 40-yr. debentures have been sold to Brent, Noxon & Co.
of Toronto.
ST. MARY'S, Ont.-DEBENTURE SALE.-Private investors have
purchased $10,000 school debentures, according to reports.
SIMCOE, Ont.-DEBENTURES VOTED.-The ratepayers on June 26
authorized the issuance of $40,000 hydro-electric debentures, according
to reports.
TILBURY, Ont.-DEBENTURE SALE.-Reports state that $21,000
534 and 6% 10 and 15-yr. debentures have been sold to the Canada Bond
Corporation, Toronto.
TILBURY W. TOWNSHIP, Ont.-DEBENTURE SALE -According
to newspaper reports, $4,600 debentures have been awarded to Brent,
Noxon & Co. of Toronto.
TRANSCONA, Man.-DEBENTURE ELECTION.-On July 13 a
vote will be taken, it is stated, on a proposition to issue $35,000 schoolsite debentures.
WALLACESURG, Ont.-DEBENTURE SALE.-An issue of $36,000
534% 30-installment debentures for hydro-electric equipment has been
awarded, it is stated, to Wood, Gundy & Co. of Toronto.
WATERLOO, Ont.-DEBENTURES VOTED.-The election held
July 3 resulted in favor (369 to 126) of the question of issuing $15,000
53.5% 15-installment debentures as a bonus to a manufacturing industry
(V. 98. p. 2016).
WELLAND, Ont.-DEBENTURE SALE.-On June 30 the $42,000
30-yr. school and $40,000 20-yr. funding 5% debentures (V. 98, p. 1940)
were awarded to the Dominion Securities Corp., Ltd. of Toronto at 98.17
and int.
WESTON COUNTY, Ont.-DEBENTURE SALE.-This county, It
s said, has sold $15,000 debentures to Brent, Noxon & Co. of Toronto.
WINNIPEG, Man.-LOAN.-A cable from London states that a
% loan was underwritten July 9 at 97%•
£400,000
ENGINEERS •
INSURANCE
National Bank
Mellon
PITTSBURGH, PA.
8-26
3% on RESERVE ACCOUNTS
is paid by this bank
THE J. G. WHITE COMPANIES
ENGINEERS - MANAGERS
FINANCI ERS
43 Exchange Place. - NEW YORK
San Francisco
London
Manila, Para, Buenos Aires, Santiago, Chill
Chicago
Correspondence is invited
Resources over - $65,000,000
1 11M
•
ImME•11111M•••••••••••••=1=
Alfred E. Forstall
(Mattes D. Robison
FORSTALL AND ROBISON
The Union Trust Companyrof New York has renewed for a
term of years its lease of the quarters occupied as a Branch ,Office
at the corner of Fifth Avenue and 38th Street. This gives the Company two permanent and well-equipped branches for its up-town
business-the 38th Street Branch in the heart of the busy Fifth
Avenue shopping district, and the Plaza Branch at Fifth Avenue
and 60th Street, just opposite the entrance to Central Park.
The facilities of all the offices-of the Company are offered to
depositors of either Branch or of the Main Office at 80 Broadway.
The Union Trust Safe Deposit Company, entirely owned by
the Union Trust Company, conducts modern safe deposit vaults
at both Branches.
ENGINEERS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Financial
InedtutIons.
NEW YORK CITY
U William St.,
C. G. YOUNG'
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
RFPORTS FOR FINANCING
Bankers Trust Bldg., New York
Alien 8. Miller
Alex. 0. Humphreys
HUMPHREYS& MILLER,Inc
ENGINEERS
Acts as
Executor,
Trustee,
Administrator,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Interest allowed
on deposits.
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Power-Light-Gas
10 BROADWAY
NEW YORK
PHILADELPHIA
eugineto
Chartered 1838
CAPITAL and SURPLUS,$10,000,000
H. M. CHANCE & CO.
B. B. Morris, President.
COAL AND MINERAL PROPERTIE"Examined, Managed, Appraiset.
Mining Engineers and Geologists
Drexel Bldg.
PHILADELPHIA
@FedFRASER