The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
financial
The
INCLUDING
Bank St Quotation Section
Railway Earnings Section
•
Railway S.: Industrial Section
Bankers' Convention Section
Clearings al
1914.
PUBLISHED WEEKLY.
Terms of Subscription-Payable in Advance
$1000
for One Year
For Six Months
6 00
European Subscription (including postage)
13 00
7 50
European Subscription six months(including postage)
22 14s.
Annual Subscription in London (including postage)
£1 11 s.
SIX Months Subscription in London (including postage)
$11 50
Canadian Subscription (including postage)
Subscription includes following Supplements
BANK AND QUOTATION(monthly)1 RAILWAY AND INDUSTRIAL(3 times yearly)
ELECTRIC RAILWAY(3 times yearly)
RAILWAY EARNLacis(monthly)
STATE AND CITY (semi-annually) BANKERS'CONVENTION (yearly)
Terms of Advertisind-Per Inch Space
Transient matter per inch space(14 agate lines)
Two Months
(8 times)
t2 00
Three Months (13 times)
29 00
Standing Business Cards
Six Months
(26 times)
50 00
Twelve Months(52 times)
87 00
CHICAGO Omen-Geo.M.Shepherd,513 Monadnock Bla ,k;TeLHarrison4012.
LONDON OFFICE
-Edwards &Smith,1 Drapers' Gardens,E.C.
WILLIAM B. DANA COMPANY,Publishers,
P.O.Box 958.
Front. Pine and Depeyster Ste.,
New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY
Jacob Seibert Jr., President and Treas.: George B. Dana and Arnold G. Dana
Vice-Presidents: Arnold G. Dana, Sec. Addresses of all, Office of the Company
CLEARING-HOUSE RETURNS.
. The following table, made up oy telegraph, Stc., indicates that the total
bank clearings of all the clearing houses of the United States for the week
ending to-day have been $3,179,232,553, against $3,309,519,301 last week
and $3,053,640,228 the corresponding week last year.
Ctearings-,Relurns by Telegraph.
Week ending July 18.
Per
Clryd.
1914.
1913.
New York
Boston
Philadelphia
Baltimore
Chicago
Bt. Louis
New Orleans
$1,435,394,264
130,969,317
136,193,932
33,436,875
264,939,847
66,441,502
15,878,131
$1,330,133,610
154,082,104
136,154,446
31,170,109
259,149,979
68,573,160
13,463,813
4,7.9
15.0
+0.03
4-7.3
4-2.2
---3.1
4-17.9
Seven cities, five days
Other cities, five days
$2,083,251,868
571,018,268
81,992,727,221
555,505,509
4,4.5
4-2.8
Total all cities, five days
All cities, one day
$2,654,270,139
524,962,417
$2,518,232,730
505,407,498
4-4.2
+3.9
meant an nitinsi far 'smolt
Itg 1%n ow, cm%
o% nro cAn nno
1 •I
The full details for the week covered by the above will be given next
Saturday. We cannot furnish them to-day,clearings being made up by the
cleackng houses at noon on Saturday, and hence in the above the last day
of thdweek has to be in all cases estimated, as we go ending Friday night.
to press
We present below detailed figures for the week
with Saturday
noon, July 11, for four years:
Week ending July 11.
Clearings (5
1914.
Inc.or
Dec.
1913.
$
$
1,842,250,909 1,547,782,068
167,248,085 156,380,479
53,249.309
54,158,909
37,467,799
44,825,126
12,098,548
11,106,024
8,575,873
8,461,069
6,936,803
8,974,542
5,639,220
4,881,440
3,92f,875
2,890,427
3,991,206
3,310,122
2,224,212
1,917,232
2,050,000
1,923,128
1,524,570
1,400,900
2,286,479
2,343,003
1,015,057
1,917,907
1,036,032
913,174
1,093,343
1,068,948
1,633,685
1,382,855
751,838
727,509
698,000
865,500
600,000
598,884
296,273
627,302
522,896
476,136
1912.
1911.
$
$
%
4,19.1 1,901,827,887 1,653,343,847
4-6.9 162,063,674 152,587.974
51,127,211
54,757,939
--1.7
35,099,402
38,141,921
---16.4
10,757,779
12,069,266
+8.9
7,034,609
8,255,985
4-1.3
5,853,272
---0.5
6,336,199
4,324,220
4,535,352
4,15.5
2,978,906
3,947,216
4,35.8
2,781,572
3,040,797
4,20.6
1,459,139
1,716,714
4-16.0
1,616,445
1,761,867
+6,6
1,420,388
1,605,163
+8.8
1,834,361
2,016,541
---2.4
1,712,128
---0.1
1,900,659
858,639
945,065
+13.5
931,028
964,914
4-2.3
888,260
1,307,171
+18A
595.670
640,647
+3.3
587,900
707,400
--19.3
513,671
511,852
+0.2
596,203
--52.8
612,069
+9.7
Total Middle_ 2,158,016,010 1,856,932,484 4,16.2 2,199,956,298 1,939,902,632
c.
159,778.963 142,433,051 4,12.2
8.133,600
7,869,300' 4-3.4
7,384,516
5,389,788 +37.0
4.751,681
3,563,845 4,33.3
3,300,000
3,048,485
4-8.3
2,201,262
2,067,653 4-6.5
2,858,951
2,699,876
4,5.9
1,600,000
1,318,302 +21.4
1,308,668
1,044,791 4,25.3
923,490,
532,614 4,73.4
857,877
716,290 4-19.8
541,000
527,018 4,2.7
180,222,375
8,260,200
5,045,106
3,413,260
2,623,423
2,496,266
2,592,623
1,143,610
1,078,129
657,173
759,203
518.031
179,983,283
8,486,700
5,265,898
3,633,117
2,287,393
1,926,524
2,622,241
1,007,393
1,037,742
667,418
663,526
543.105
011 ...1_ 1 q 1
onQ :(111 ,on
9nR 124.340
101 010 003
171 911
-For Canadian clearings see ”Commercial and Miscellaneous Neve.".
Not..
NO. 2560
Week ending July 11.
Whe (chronicle.
Boston
Providence
Hartford
New Haven
Springfield
Portland
Worcester
Fall River
New BedfordLowell
Holyoke
Bangor
Electric Railway Section
State and City Section
SATURDAY, JULY 18 1914.
VOL. 99
New York
Ptilladelphht
Pittsburgh
Baltimore
Buffalo
Washington ._
Albany
Rochester
Scranton
Syracuse
Wilmington
Reading
Wilkes-Barre
Wheeling
Trenton
York
Erie
Lancaster
Chester
Binghamton
Adtoona
Greensburg
Montclair
tfratude
1913.
Inc. or
Dec.
1912.
1911.
Chicago
321,822,054 312,748,889 +2.9 285,722,968 272,957.926
26,688.450
Cincinnati
28,373,850
27,679,200
27,340,350 +1.2
24,213,048
Cleveland
25,806,351
23,875,212
30,791,194 -22.5
20,428,593
Detroit
22,255,064
28,644,417 -13.3
24,830,930
13,854,450
Milwaukee
13,884,191
16,640,622 +29.3
21,517,056
11,254,625
Indianapolis _ _
10,233,335
10,128,099
9,632,258 +5.1
5,993,400
Cc•lumbus
6,035,800
7,363,700
7,329,600 +0.5
6,197.982
Toledo
5,412,987
5,062,901 +20.3
6,092,836
2,640,158
Peoria
3,167,820
3,607.632 +1.5
3,660,649
2,689,064
Grand Rapids__ _
3,251,863
3,595,745
3,295,382 +9.1
3,007,363
Dayton
2,715,560
2,482,613 -5.6
2,344,186
1,351.656
1,409,212
Evansville
1,652,060 +5.9
1,750,105
625,077
810,247
Kalamazoo
624,952
719,972 -11.8
1,039,402
1,102,770
Springfield, III_
875,109 +20.7
1,058,040
1,401,265
Fort Wayne
1,132,830
1,258,465 +19.2
1,499,314
1,376,000
2,385,200
Akron
1,723,000 -2.4
1,681,000
928,557
1,064,331
Rockford
916,848 -14.7
781,741
835,775
894,536
Lexington
615,132 +44.9
891,765
1,303,385
1,727,031
Youngstown _ _
1,545,435 +31.6
2,033,493
1,238,428
1,223,188
Canton
1,501,803 +6.6
1,600,141
655,433
669,014
South Bend
752,969 -22.2
585,511
, 640,434
648,561
Springfield, 0__ 1,059,626
870.980 +21.7
461,283
467,449
Mansfield
476,706 +3.6
493,632
580,328
735,788
Quincy
856,734 -6.3
802,991
641.124
660,669
721,985 +2.8
Bloomington
741,92
477,719'
445,166
Decatur
544,990 +0.3
546,837
474,066
540,371
Jackson
550,000 --1.8
540,00
496,705
451,673
Danville
475,000 +3.6
492,00
444,912
445,503
509,201 +13.3
Lima
576,78
415,729
436,622
433,514 -11.3
Owensboro
384,30
393,142
486,148
Lansing
477,908 +17.4
560,73
340,038
266,278
293,538 -5.1
Jacksonville, ill_
278,66
162,117
205,312
243.808 +3.4
Ann Arbor
251,97
24,620
35,512
45,241 +33.3
Adrian
60,21
Tot. MId.West 472,203,440 465.936,265 +1.3 425,103,200 406,232,254
48,032,280
52,736,473
59,780,030
San Francisco
56,975.450
20,512,190
24,129,791
27,594,216 -11.9
Los Angeles
24,321,871
12,663,899
12,959,263
15,567,740 -12.8
13,602,685
Seattle
11,143,285
11,690,665
12,893,357 -8.2
11,835,061
Portland
6,967,083
6,893,649
6,680,267 -4.0
6,411,672
Salt Lake City
4,624,886
4,664,848
5,445,543 -19.6
4,377,470
Spokane
2,578,972
3,096,264
3,163,974 -29.5
2,231,090
Tacoma
3,553,650
4,177,218
4,382,561 -12.6
3,831,500
Oakland
1.654,315
1.859,739
1.869.539 +6.6
1,993,941
Sacramento
1,650,000
2,692,264
3,939,273 -45.3
2,153,782
Ban Diego
968,843
981,827
1,179,918 -17.9
968,109
Pasadena
799,206
936,802
688,467 +31.2
903,118
Stockton
705,000
923,7M
814,413 +8.1
880,017
Fresno
553,677
814,032
843,438 --2.0
826.591
San Jose
414,683
400,000
393,580 +1.6
400,000
North Yakima
270,000
281,149
323,249 -11.1
297,720
Reno
685,177 Not incl. In total.
Long Beach
i32,010,807 145,559,575 -9.3 129,240,761 117,091,969
Total Pacific_ 51,949,655
46,489,205
50,249,992 +1.9
51,212,641
Kansas City17,350,945
19,962,477
22,718,208 +3.9
23,599,577
Minneapolis __ _
14,316,590
18,003,289
15,931,164 -0.2
15,931,164
Omaha
10,038.275
10,284,042
9,594,763 +26.2
12.104,852
St. Paul
8,863,678
10,721,030
8,314,305 +2.3
8,505,324
Denver
7,598,292
6.976,472
5,642,568
5,597,471
St. Joseph
4,150,000
4,856,974
5,211,522 +21.8
6,345,794
Des Moines
2,220,155
3,004,263
4,153.081 -24.9
3,117,237
Duluth
2,406,314
3,110,119
3,447,203 +4.5
3,802.305
Sioux City
3,649,249
3,516.228
3,234.121 -14.8
2,756,298
Wichita
1,631,201
2,015,157
1,938,556 +20.2
2,329,224
Lincoln
1,457,088
1,787,004
1,657,554 -7.9
Topeka
1,527,632
1,198,554
1,600,000
1,695,479 +5.9
1,795,254
Davenport
1,574,286
1,408,376
1,509,146 +35.6
Cedar Rapids _ _
2,047,337
749,365
653,175
721,547 +15.7
Colorado Springs
835,814
860,563
730,158
467,877 +123.1
Fargo
1,043,942
782,575
639,042
723,593 -6.3
Pueblo
677,063
428,027
312,260
294,85 +20.7
Fremont
' 355,621
1,153,445
1,488,346
1,675,456 -14.2
1,438:720
Waterloo
1,019,681
1,261,284
+16.7
Helena
1,207,676
1,410,000
377,431
329,438
391,763 -1.7
Aberdeen
385,000
194,586
182,089
185,319 -3.0
Hastings
179,836
119.841
382,104
307,804 +10.3
Billings
339,549
Tot. 0th. West 147,137.655 141,309,819 +4.1 139.412.602 131.789796
St. Louis
76,098,026
77,795,072
New Orleans_ _
17,610.411
17,028,387
Louisville
16,947,926
13,716,724
Houston
7,231,748
7,855,965
Galveston
9,521,000
9,933,500
Richmond
7,486,784
9,750,675
Fort Worth
7,035,806
7,235,839
Memphis
7,157,137
6,698,447
12,054,980
Atlanta
13,425,949
Nashville
6,979,576
6,666,855
3,708,890
Savannah
3,735,238
3,685.131
Norfolk
4,008,493
3,040,254
Birmingham
2,950,127
Mobile
1,352,166
.1,447,897
3,605,901
Jacksonville
3,466.292
1,681,810
Knoxville
2,110,772
2,578,655
2,444,751
Chattanooga_ 2,122,423
Little Rock
2,484,520
1,609,874
Charleston
1,789,420
1,442,886
Oklahoma
1,898,937
1,370,947
Augusta
1,377,468
2,657,191
Macon
2,767,058
2,695,425
Austin
1,653,130
255,253
Vicksburg
309,466
328,440
Jackson
338,112
1,338,078
Tulsa
1,779.783
646,478
037,699
Muskogee
377,306
342,781
Meridian
Total Southern 206,511,381 201,938,481
6
Total all
3:30fT- 519.301 r982 58f- 37
Outisde N Y 1.467,288,392.1.434.805.549
77,094,918
79,806,664
4-2.2
17,287,238
17,763,828
4-3.4
15,027,939
13,090,989
---19.1
4-8.6
7,181.500
7,200.000
1-4.3
7,645,627
9,094,944
4-30.2
4.987,790
8,021,029
4-2.8
5,507,090
7,255,829
---6.4
10,360,898
11,751,213
+11.4
4,972,258
4,620,818
--4.5
3,918,741
3,582,293
+0.7
3,249,324
3,265,812
4-8.8
2,367.959
2,742,275
--3.0
1,208.261
1,363,871
+7.8
2,911,092
3,748,104
---3.9
1,850,675
2,122,099
4-25.5
2,075,941
2,615,649
---1.4
2,451,172
1,983,301
4-17.1
1,686.709
1,925,179
4-11.2
1,963,770
1,469,527
4-31.6
1,356,358
1,872,675
4-0.5
2,676,349
3,291,146
4-4.9
1,260,796
1,177,391
-89.3
231,121
244,915
4-21.2
383,602
340,000
4-3.0
903,900
709,284
4-32.9
694,813
500,000
+45.0
309,212
--9.1
251,657
+2.3 190,301,076 181,071,447
+11.0 3,292:4447336 2,987,215.438
+2.3 1,390,635,449 1,338,871591
7
146
THE CHRONICLE
OUR RAILWAY EARNINGS ISSUE.
We send to our subscribers to-day the July number
of our "Railway Earnings" Section. In this publication we give the figures of earnings and expenses for
the latest month of every operating steam railroad
in the United States required to file monthly returns with the Inter-State Commerce Commission
at Washington.
This Earnings Supplement also contains the companies' own statement where these differ from the
Commerce returns or give fixed charges in addition
to earnings, or where they have a fiscal year different
from the June 30 year, as is the case with the New
York Central Lines, the Pennsylvania RR. and
others.
THE GENERAL SITUATION.
one recommendation in the sensational reWith
port made by the Inter-State Commerce Commission
to the U. S. Senate on Monday of this week, regarding the results of its investigation of the affairs of the New York New Haven & Hartford RR.
Co., everyone will be in entire accord. We refer
to the suggestion or proposition that the testimony
in the case be turned over to the prosecuting officials in the different jurisditlions where the offenses
charged by the Commission were committed, and
that civil and criminal suits be instituted against
the guilty parties. By all means let the courts
probe the matter to the bottom. Only by the application of judicial methods will it be possible to
arrive at the truth. The country has had enough
of Congressional and Commerce Commission reports, which are ever fruitful in charges of one
kind or another, nearly always based on partial
testimony and often on entirely erroneous testimony,
but which are fruitful in nothing else. Such investigations arouse doubt and suspicion, leave a bad
impression and have a very damaging effect generally, besides doing a vast deal of harm. The worst
of it is, they are really conclusive of nothing. It is
time we had a judicial inquiry in place of the numerous political inquiries with which the country has
been deluged.
The report of the Inter-State Commerce Commission adds nothing of a really authentic character to
our source of knowledge regarding the New Haven
Company's affairs. It is written in the customary
style of the Commission, full of striking invective,
and in the main merely rehearses the sensational
things brought out at the public hearings of the
Commission. The Commission accepts as Gospel
truth what the witnesses said who appeared before it
to incriminate others, oblivious or neglectful of the
fact that many of these witnesses had a motive in
misrepresenting things. The Commerce Commission
is a semi-judicial body and ought to act accordingly.
As a matter of fact,it has throughout nearly its entire
history pursuy a course marking it as a distinctively
political board.
In the early days ofithe Commission its membership
comprised some men of great eminence, like Judge
Cooley, who, in their acts as Commissioners, did not
reputation. The influence of these men
belie their
many, many years the Commissoon waned and for
unconsciously, has been framing presion, however
couched in language calcusentments ad findings
appeal to the.popular imagination
lated chiefly to
Commission in the public eye.
and gainifavor for the
[VOL. xcrx.
Obviously, this is a most unfortunate attitude for a
public body to occupy, vested with the tremendous
powers possessed by this Commission, and it is also
regrettable because it impairs the Commission's usefulness as an agency for enlightening the public mind
on questions regarding which the ordinary layman
feels himself incompetent to form reliable opinions
unaided. For the purpose of throwing light on controverted matters, the reports of the Commission
have long been valueless, because of the strong bias
of the Board.
In the present instance Mr. Mellen's testimony
before the Commission made it plain that certain
grave offenses had been committed under his direction which apparently could be properly requited
only by penalizing their author with a term in prison,
albeit he appears in no danger of losing his freedom,
since the Commission, by inviting him to testify
and not insisting upon his giving a waiver of immunity, has left him in a measure immune from prosecution. But the worth and value of Mr. Mellen's
whole testimony, with its cynical indifference to the
obligations of conscience, still remains to be determined. There was, therefore, a peculiar need for
enlightenment in this case at the hands of a public
body, which, if it acted impartially, could be a
powerful aid in promoting sound judgments and
correcting fallacies founded on ignorance.
But the Commission fails absolutely to fulfill its
function in that respect. Allegations of guilt are
blazoned over every page of the report, but they do
not carry conviction, since it is so plainly evident
that there was a determination to find guilt and that
every statement and scrap of information that could
be adduced in support of a charge has been brought
together, while there is a manifest absence of any
attempt to test the truth of the allegations or to
controvert charges inherently improbable. As a
result, candid -minded persons find themselves in
greater bewilderment than before, and they will welcome the relegation of the various phases of the
matter to courts of law. There, at least, we will
have a forum where all parties will stand on an equal
plane of justice, and where the truth or falsity of
damaging statements and charges can be tested in
accordance with ordinary judicial standards.
In essence the report of the Commission is wholly
declamatory, though containing much material apparently substantiating the sweeping condemnation
which the Commission visits on the company's
affairs. As to the true value of this material, however,nothing can be known until the facts are actually
tested in a court of law. The reliance that is to be
placed upon loose statements that find their way into
the public discussions is well illustrated in the case
of the profits realized by the firm of J. P. Morgan
& Co. through their connection with the company's
financiering. If one were to credit the glib charges
that have been made against that firm one would have
to believe that the New Haven property had been
exploited for its benefit and that enormous profits
had accrued to it as a result of its connection with the
road. But facts speak for themselves and under date
of March 4 last the firm gave out a statement showing that in the twenty years from 1894 to 1914,
during which the firm took part in the handling
of/securities of the companyand itssubordinate properties of a par value of $333,082,803, the firm realized
profits of no more than $350,265, or only a trifle
more than 1-10 of 1%. No attempt has been made
JULY 18 1914.1
THE CHRONICLE
147
to controvert this statement and of course it is not with mismanagement because they authorized the
open to question.
purchase of this property seems to show a lack of
We notice in the present report that one of the faith in the growth and development of the country.
accountants appointed by the Commissioner in- The directors acted with reference to the longer
dulges in some criticism of the firm because apparent- future and they felt it a duty to provide for this
ly the firm did not give him the free run of its office future growth.
and allow him to delve into all the private accounts
If the New Haven and the Boston & Maine are
of its customers. He accordingly declares that both allowed to attain their full development in the
"all that I could consistently state is that I have way originally contemplated, who will say that the
seen certain accounts and correspondence pertaining Boston & Maine purchase and some of the other
to such transactions substantially confirming the acquisitions will not eventually justify themselves?
profits and losses published in their statement of It is not well in this bounding country of ours to
March 4 1914." What more than this is necessary? take a short view of things. We recall the time when
And thus the charge that the late J. P. Morgan the purchase of the united Railroads of New Jersey
profited at the expense of the property falls utterly by the Pennsylvania RR., giving that great system
to the ground.
an entrance to New York, was criticised and the
In like manner many of the indictments now cost declared too high because, forsooth, the
framed against the company and its affairs by the acquisition was for the time being netting a loss,
Commission are apparently without adequate, and and we also recall that at a later date the Pennsylin some cases without any, warrant. The state- vania RR. was declared venturesome for having
ment that the New Haven's financial operations acquired its lines to Chicago and when an Investipresent "one of the most glaring instances of mal- gating Committee was appointed by the shareholders
administration in all the history of American rail- for the purpose of passing upon the policy of exroading" is pure buncombe. We think, too, the pansion (as it was then termed) of J. Edgar Thomson
report is decidedly unfair in asserting that the and Thomas A. Scott.
directors neglected their duties and that "every
The Commerce Commission lays emphasis on the
other interest seemed better represented on the unfavorable features in New Haven affairs and igNew Haven board than the average stockholders' nores or conceals the favorable elements. We are
interest," and in declaring that "it is inconceivable told that the capitalization of the New Haven was
that these wrongs could have gone on without increased from $93,000,000 in 1903 to $417,000,000
interference if the members of the board of direc- ten years later and that $204,000,000 of the additors had been tru to the faith they owed the stock- tional capitalization was applied to operations outholders."
side of its railroad sphere. The impression is given
We believe the facts to b)—and we think the that this $204,000,000 has been thrown away and
records will bear out -Le Ttateiw„it—that the New can never be made productive and that all of the
Haven Board was unusua y faith ,i1 in the perform- New Haven's troubles must be ascribed to that cirance of its duties. We are r ositi vo Li.it they never cumstance. But in the first place it is erroneous tc.
acted on any large proposition w
full know}, assume that these outside ventures may not prove
edge of all the essential facts, though
doubtless eventually profitable (provided the company is not
true that not every director was acqu- tcd with all required to divest itself of these acquisitions at a
the details. The personnel of the N-2, .7..aven board sacrifice) and in the second place candor compels
has been the strongest of any railroad directory in the the statement that there are other and controlling
country. Most of the directors are Lien having a influences responsible for the company's financial
large grasp of affairs and whose 'udgment on most embarrassment and for its failure to continue divimatters is held in the highes'6 esteem. They may dends, entirely independent of the fact that large
have erred in trusting Mr. Mellen too much—and amounts were spent upon outside ventures and have
they certainly appear not to have known that he was thus far proved unprofit+le.
a person of very low ethical standards; but directors, it
Absolutely no mention is made in the report of
should be remembered, only determine matters of the Commission of the part played by these other
policy. The management or administration of a circumstances in bringing about the downfall of the
property is always left to the executive officials, who property. Fortunately, the new executive of the
are chosen because of their special fitness for the task company, Howard Elliott, in recent speeches and
and who are paid high salaries for doing the work statements, has brought out the facts in that rewhich the directors cannot do for themselves. In gard. What we have reference to is tlhe losses in
the present instance they put one of the best- net occasioned by increases in wages, decreases in
equipped railroad men in the country in charge, for freight rates and by new laws, the effect of which
no one has ever called into question Mr. Mellen's has been greatly to swell the expense accounts. As
knowledge of railroad affairs.
regards the increase in wages, Mr. Elliott last April
During the course of the Mellen administration gave out a statement showing that if the same rates
we often spoke in disapproval of the New Haven's of pay had been in effect in 1913 as in 1903, the total
policy of acquiring trolley properties and of adding pay-roll for the year would have been approximately
to its steamship acquisitions. These ventures thus $7,200,000 less. This means, of course, that net
far have proved most unfortunate. If the company earnings in that event would have been $7,200,000
shall now be obliged tio dispose of these at a heavy larger. Contemporaneously there has been a desacrifice, a large permanent loss will doubtless cline in freight rates. Mr. Elliott's calculations
result. Still the fact that they have not proved demonstrated that the increase in wages an d the
immediately profitable, is no indication of their decline in freight rates alone have made a difference
permanent value. The Boston & Maine acquisition of over $9,000,000 per annum in income, equal to
was certainly in line with the legitimate extension 6% on $150,000,000 of capital, which is about the
of the New Haven system. To charge the directors ameinnt of the stock in the hands of the public at
•
148
THE CHRONICLE
[VOL. xeIX.
present. Obviously, if the company had the $9,- there is a substantial decrease. Specifically, the
000,000 per annum which it has lost in this way, it 1914 June production of gold was 717,926 fine
would not now be off the dividend list, and there- ounces, or a daily average of 23,931 fine ounces,
fore it is unfair to ascribe its embarrassment en- against 747,077 and 24,903 fine ounces in 1913 and
753,936 and 25,131 fine ounces in 1912. For the
tirely to its outside investments.
Expenses have been increased, too, in other ways. six months the yield of the Transvaal is but 4,086,847
The Federal nine-hour law, the ash-pan law, the fine ounces, against 4,640,421 fine ounces last year
safety-appliances law, the boiler-inspection law and and 4,542,907 two years ago—the decreasefrom 1913
the full-crew law have, according to Mr. Elliott, representing a value of about 113/2 million dollars.
increased the expenses of the company nearly $200,- It is possible, of course, that this deficiency will
000 per year. The cost of accounting ten years ago not be further increased during the remaining six
was $190,000 per year. At the present time it is months of 1914 as comparison will be with decreased
about $500,000 per annum, and the increase in figures in 1913 as a result of labor disorganizabusiness is responsible for only a part of the addition, tion.
the rest being due to the accounting requirements of
the Inter-State Commerce and State commissions.
The much-feared 225th celebration of the anniMoreover, the Act of Congress requiring a physical versary of the Battle of the Boyne on Monday last
valuation of railways will increase the expenses of failed to be accompanied by a clash between the
the company about $60,000 per year for several rival volunteer "armies" in Ireland. In fact, the
years, besides which the company is heavily under- suggestion seems to strongly obtrude that the pospaid for carrying the mails.
sibility of "civil war" exists more keenly in the minds
Notwithstanding all its strictures, the Commerce of writers for the London Tory press than anywhere
Commission is obliged to say that, though the New else. Sir Edward Carson on that day made a speech
Haven RR. itself will be called upon for many a year at Drumbeg which was in line with his recent utterto make up the drain upon its resources "resulting ances. "We will go to the bitter end," he declared,
from the unpardonable folly of the transactions and continued: "You asked me to take a forward
outside its proper field," yet honesty and efficiency step. I tell the Government that unless they are
of management of the railroad alone will undoubtedly prepared to leave us alone we will recognize the proin time restore the company to its former standing. visional government and no other one. An assemThis is a repetition of what the Commission said in blage representative of the whole of Ulster has given
its report a year ago when it declared that while the me authority, acting with our other leaders and in
financial operations of the company had resulted in any way I like, to assert your authortiy so as to preheavy losses, there was nothing to indicate that its vent home rule from being put on the statute books.
solvency had been impaired. It was furthermore They have given me that power and I mean to exadded at that time that the books of the New Haven ercise it." Speaking of the Government,Sir Edward
Company indicated that the company had expended said: "They seem to be in great difficulties. I will
in nine years upon its road and equipment over help them out. I will give them the alternatives of
$50,000 per mile—"a sum almost equal to the aver- giving us a clear cut for Ulster or come and fight it
age capitalization of the railroads of the United out, as there are no other alternatives possible."
States at the beginning of that period."
The report stage of the bill amending the Home Rule
It is clear, therefore, that the company has a measure was finished on Monday night. A few
future. It should, hence, now be allowed to work amendments were added to the bill, but these did
out its salvation unhampered by further Government not include those which Lord Lansdowne, the Oppointerference, or the needless stirring up of past sition leader in the House of Lords, had declared
events. If crimes have been committed, the offend- were vital to the measure. The bill passed its
ers should be properly punished by the courts. If third reading on Tuesday. When it will be formally
no case strong enough to stand judicial test can be taken up by the House of Commons is uncertain.
made out, it will follow that the allegations rest on The Government seems to playing for delay. Premier
unsound foundations and they should no longer be Asquith on Monday announced that the present
used to the detriment of the management or the session of Parliament would be closed in the course
property.
of the month of August and would re-assemble for
Finally, we would recall—as much for the benefit an early winter session. In the closing stage ofthe
of the Commission as for that of the legislator and discussion in the Upper House,the Marquis of Crewe,
politician—the Commission's own injunction of a Liberal leader, took part in the debate on the bill
year ago when it said,"What is needed first of all to and indirectly promised that the attainment of an
improve the railroad situation in New England is agreement in regard to the elimination of the time
rest and an opportunity for constructive work. limit by which the counties of Ulster are to be alThere is much truth in the claim of these carriers that lowed to vote on the question of their exclusion for
they have been so occupied with investigations and a period of six years from the operation of the Home
so criticised by the public that no fair opportunity Rule Bill would not be difficult. He said, however,
has been given for the operation of their railroad that the area of the portion of Ireland to be excluded
properties."
had been so greatly enlarged by the Unionists that
it would be a vexed and critical question. The UnTransvaal gold production returns, notwithstand- ionists, he argued, had failed to explain how they
ing a gradual increase in the labor force of recent proposed to meet the inevitable objections to the
months, show no important augmentation in the exclusion of the Roman Catholic counties of Ulster
volume of gold mined. It is true that the latest and their friends elsewhere in Ireland. The Earl
report, that for June 1914, records a somewhat of Dunraven before the third reading of the bill,
greater per-diem output than for May,but contrasted moved the insertion of a new clause providing that
with the corresponding month of either 1913 or 1912 the King might, by an order in Council, suspend the
JULY 18 1914.]
THE CHRONICLE
operation of the Home Rule Act until a commission
should have reported on the Constitutional relations
of Ireland to the other parts of the United Kingdom. The motion was adopted without a division.
John Redmond has formally notified the Government that if concessions that are now being discussed
by the Cabinet are introduced as a bill, the Irish
Party will vote against the Government and defeat
it.
There seems reason to believe that the sanguinary
stage of the latest Mexican revolution has nearly
passed. General Victoriano Huerta resigned the
Provisional Presidency on Wednesday evening.
His resignation was accepted by the Mexican Senate and Chamber of Deputies by a vote of 121 to17.
Francisco Carbajal, the Minister of Foreign Relations, was then appointed President, and took the
oath of office at the joint session of Senators and
Deputies. Huerta's resignation was submitted to
the Department of Foreign Relations. After being
read in the House, it was referred to the joint Committees of Gobernacion, which accepted it on the
following terms:
"Article 1. We accept the resignation presented
by General Victoriano Huerta as President of the
Mexican United States.
"Article 2. We call Licentiate Francisco Carbajal,
Minister of Foreign Relations, to assume the Presidency."
In his letter of resignation Gen. Huerta in effect
repeated former published utterances, blaming the
United States for the Mexican troubles, and for the
success of the Constitutionalists. "You all know,"
he said, "the immense difficulties which my Government has encountered, owing to the scarcity of
funds, as well as to the manifest and decided protection which a great Power of this Continent has
afforded to the rebels—so much so that when the
revolution had been broken up, seeing that its chief
leaders were and continue to be divided, the Power
in question sought a pretext to intervene directly
in the conflict and the result of this was the outrage
committed at Vera Cruz by the American fleet."
Huerta then prides himself on having succeeded "in
doing away with the party which in the United States
calls itself Democratic." He continues: "To be
more explicit, I will say that the action of the Government of the Republic (Mexican) during its short
We has dealt death blows to an unjust Power.
Later on, stronger workers will come, using implements that will undoubtedly end that Power which
has done so much harm and committed so many outrages on this Continent."
The problem now is to provide for the passing of
control of the Mexican capital to Gen. Carranza,
as the head of the successful Constitutionalists, in a
civilized manner. After his resignation, Gen. Huerta
immediately left Mexico City and will, it is expected,
leave Puerto Mexico on either the German cruiser
Dresden or the British cruiser Bristol. Each of
these cruisers has been placed at the disposal of
General Huerta and his family by its respective
Government. President Carbajal has ordered the
release of all political offenders. The only Cabinet
appointment he has yet made is that of General
Jose Refugio Velasco as Minister of War. This appointment was necessary for the purpose of reorganizing the disrupted Federal army about the capital and bringing it under control. It is not expected
149
that other appointments will be made until President
Carbajal has had opportunity of negotiating with
the Constitutionalists. General Carranza or other
representatives of the Constitutionalists will arrive
in Mexico City in the course of a few days to attend
the peace conference which will be called by President Carbajal. The latter hopes that the different
factions will be able to agree upon a man to head the
Government pending a general election, and the
plan will then be to appoint this individual Minister
of Foreign Relations in the Carbajal Cabinet. The
President will thereupon resign and the appointee
will succeed to the Presidency.
The opinion is entertained in official circles at
Washington that Carranza will take over the Mexican Government early next week. The only terms
that Carbajal asks is amnesty for political offenders
and protection for the men and their property who
fought at Huerta's command. Advices from Juarez
state that after President Carbajal surrenders the
Mexican national Government to the Constitutionalists, Mexico City will be occupied by 5,000
troops each from the three divisions of the Constitutionalist army, led by Generals Villa, Obregon
and Gonzales. Heading the entire force, as Commander-in-Chief, will be General Carranza. This,
it is said, is the tentative plan of occupation submitted to Gen. Villa by Gen. Carranza and approved
by the former. President Wilson is understood to
have made very strong representations to Gen.
Carranza as to the attitude of this Government
in the event of the occupation of the Mexican capital
being accompanied with unnecessary disorder. Carranza, it is stated, has been definitely informedlthat
his Government cannot hope for the recognition of
the United States unless it shows ability to conduct
an orderly Government.
Slight, if any, improvement has been evident this
week in the London market for securities. The
Ulster situation seems to be the stock-in-trade excuse
for the absence of investment buying. But accounts
by cable from the English centre suggest no very
serious apprehensions, outside of the Opposition
newspapers, regarding the greatly advertised prospect of "civil war." The papers referred to apparently are filled to the brim with sensational news and
predictions of disaster that find remarkably slight
confirmation in Ireland, where the two volunteer
armies are depicted as being in eager readiness for
armed conflict. We have already, in a preceding
column, outlined the Ulster situation. One correspondent declares that a popular comment on the
London Stock Exchange is that the market is suffering from "Ulsteritis," and adds that the Tory newspapers are suffering from so-called "Ulsteria." Early
in the week Brazilian securities reflected by depression
the news that there had been a hitch in the proposed
national loan, the officials of the Southern republic
having refused to accept the conditions presented by
the syndicate of bankers. Brazil's special financial
delegate to London, Dr. Rodriguez, at once engaged
his return passage for Rio Janeiro. This action,
apparently, had much of the significance of the
repeated preparations for returning to Russia7that
were so spectacularly displayed by Count Witte
during the peace negotiations with the Japanese
plenipotentiaries at Portsmouth a few years ago. At
any rate Dr. Rodriguez found no difficulty in canceling his sailing date, and negotiations for the loan
150
THE CHRONICLE
have been resumed with the Rothschilds for a
£15,000,000 issue. The successful conclusion of the
negotiations and the early offering of the loan itself
are now believed to be a matter of the near future.
This Brazilian news seemed to have a stimulating
influence on the London market toward the close of
the week. The British centre, too, displayed a
keener interest in the resignation of the Mexican
Dictator than was evinced on our local stock market.
The report of the Inter-State Commerce Commissioners giving the result of their investigations into
the former management of the New Haven Railway
System has been extensively cabled abroad, and the
news has been played for its full value by English
newspapers with anti-American tendencies. The report, as a result of its bitter and personal character
and lack of judicial calmness, naturally lends itself to
this form of exploitation. It thus became an added
influence of business restraint on the British market.
It is rather gratifying, therefore, in view of this, to
learn from the London correspondent of the "Journal
of Commerce" that the "opinion in London banking
circles, however, is that the report is biased by
malice and exaggeration."
London correspondents agree that there is no lack
of capital available for investment. Nevertheless,
recent offerings of new securities have been very
poorly subscribed and a period of rest is necessary to
permit the digestion of the new issues that have
failed of final distribution. A number of new capital
issues are known to have been postponed until investment conditions become more attractive. The
Grenfell smash has exerted a restricting influence
that has not fully culminated. At a meeting of the
creditors of the firm of bankers (Chaplin, Milne,
Grenfell & Co., Ltd., who suspended on June 6) on
Thursday a statement was received from the directors showing the liabilities to be £917,442, and the
assets £887,525. The profits were shown by the
report to have increased from £9,516 in 1907 to
£33,818in 1911 and £22,329 in 1913. The directors
attributed the firm's insolvency to the depreciation
of securities and inability to realize or borrow on
them, more especially on those taken over from the
Canadian Agency, Ltd. The receiver announced
that the assets had been largely over-estimated.
They include, he said, £568,000 of shares in the
Chilian Construction Co. which cannot now be
realized upon. It is considered probable that the
shareholders will get nothing. Hence the influence
of the failure in restraining new investments. The
Province of Ontario on Thursday offered £1,000,000
in 43/2% bonds in London at par. The result of the
offering has not yet been cabled to this side. The
Fife County 4% loan of £400,000,which was offered
about a week ago, was fully subscribed. The
£400,000 432% Winnipeg loan which was offered at
973/ on Thursday of last week received subscriptions
of 5% only from the public. The Buenos Aires
Pacific Railway's £1,000,000 offering of 5 per cents
at 973/;was subscribed to the extent of 39%. The
White Star Line's £1,500,000 5% offerings at 95,
referred to in this column last week, received public
subscriptions to the extent of only 13%. The City
of Montreal will shortly float a £250,000 temporary
loan in London. A block of New York City bills is
being offered at the British centre at 3%, and there
are rumors of an impending issue of £600,000 532%
Turkish Naval Loan bonds to be offered at 94. A
dispatch from Peking states that China has informed
[VOL. xoix.
the Five Power Group of bankers that it will now
require a loan of only £8,000,000, as the plan for the
reform of the currency question has been postponed.
China originally requested a loan of £20,000,000.
British consols closed at 75 11-16, against 755 on
Friday of last week. London Sz Northwestern Ry.
finished at 1281 , against 1283/ a week ago; Great
4
Western Ry. at 1153, against 114%, and Great
Eastern at 483', against 48. Foreign State funds on
the London market have remained steady, with the
single exception of Bulgarian 6s, which have declined
to 100, against 103 last week. German Imperial 3s
remain without change from 753/2, Russian 4s are
I
M point lower at 86, Japanese 4s V point lower at
749, Servian unified 4s without alteration from
783/2, while Mexican Government 5s have reflected
the improved situation in the Southern republic by
an advance of 2 points to 87 and Mexican Railway
ordinary shares are 13/ points higher at 3532. Dayto-day funds in London closed at 1(4)13/%, against
2
13/2@1%% a week ago.
A recent feature of the London market has been
the numerous consolidations in the banking world
in response to the trend of the times toward larger
banking requirements. The consolidation was announced on Thursday of two private banking institutions, namely the Coutts Bank and Robarts, Lubbock & Co. London correspondents cable that this
consolidation is considered extremely interesting,
since it means that these two important private concerns will still remain under family control after a
long romantic history in each instance. In this
they are an exception to the current tendency of
banking institutions to sacrifice personal identity.
The business will be carried on under the name of
Coutts& Co., and the management will be continued
in the same hands and in the same manner as hitherto.
Coutts & Co. has a capital of £600,000, a reserve
fund of £400,000, and holds deposit and current
accounts amounting to about £8,500,000. Among
its partners, who number nearly twenty, are Lord
Latymer, George John Marjoribanks, the Earl of
Harrowby, Hugh Burdett Money-Coutts, Viscount
Hambledon, the Marquis of Bute and three members
of the Dudley Ryder family. The capital and reserve of Robarts, Lubbock ik Co. amount to £500,000.
The concern holds deposits and current accounts
amounting to about £3,750,000. Among its partners are several members of the Robarts family,
Lord Avebury and Frank Chaplin. The Barclay
Bank recently absorbed the provincial banking business of Neville, Reid tk Co. Other important English banking amalgamations are understood to be
impending. Among the larger London institutions
an intense rivalry seems to have developed for the
honor of heading the list in the matter of deposits.
In 1912 Lloyds Bank occupied the premier position,
but was challenged the next year by the London
City Sz Midland Bank, which, after absorbing two
provincial institutions, could boast of deposits of
£95,000,000, thus placing it in advance of the
Lloyds'total. Then the Lloyds Bank absorbed the
Wilts & Dorset Banking Co., whose deposits amounted to £12,000,000, and once more assumed the leadership. Later the London City Sr Midland Bank
took over the Metropolitan Bank of England and
Wales, and will by the next bank return probably
show deposits of close to £105,000,000. Furthermore, the London City 8z Midland has announced
JULY 18 1914.]
THE CHRONICLE
151
its intention of opening branches in many of the examination be made of the proposed Brazilian loan
districts served by the banks it has absorbed. Thus before the latter is authorized to be issued in France.
it is evident that bank rivalry is as active in Britain
The Berlin market has experienced selling pressure
as in America.
as a result primarily of the political strain between
In Paris the week, after having been broken by Austria and Servia. Sales from Berlin have been
the national fete holidays on Monday and Tuesday, features in Paris and London. The reported abalso
remained dull and unsettled during the succeeding sence of orders in the Belgian iron industry was
an influence. Canadian Pacific Ry., which is quite
days. Prices in general were lower and the volume
featof business outstanding was so light that contangoes largely held in Berlin, was one of the weakest
nominal. ures of that market. Advices from Berlin declare
at the fortnightly settlement were almost
conPolitical nervousness, that showed itself more espe- that some apprehension seems to have arisen
resulting from the cerning the recent effort of the Reichsbank to incially at Vienna and Berlin
renewal of strain in the ever-present Balkan situa- crease the cash reserves of the joint-stock banks.
tion, was undoubtedly responsible for some measure The recommendation of the President of the Reichsof the discouragement existing at the French centre. bank was that the banks should be approached group
The Austro-Servian situation is not liked; and while by group. He addressed himself first to the leading
the relations between Turkey and Greece are less Berlin banks with a view of coming to a thorough
threatening than a fortnight ago, there are evidences understanding with them, so that he could then
of a deep-seated fear that the change represents address the provincial banks. A different treatmerely the calm before the storm. The Paris markets ment, he explained, would have to be observed with
still show disappointment at the absence of a much regard to the latter. It would be left to the judgmore cordial response to the spectacular subscriptions ment of each bank whether it should increase its cash
to the new national loan. Cabled reports state that holdings or raise the amount of its credit account
the large subscribers received on allotment only with the note-issuing and clearing banks. A space
2 3-32% of their applications. French bank shares of two years would be considered sufficient for comhave been under some pressure and declines in market pleting the cash reserves so that the desired average
quotations in this respect have been credited to the ratio would only be attained for the third year. The
withdrawal or threatened withdrawal of accounts cash reserve to be accumulated, namely 10% of
due to the new law,which became effective on July 1, liabilities for the leading Berlin banks and smaller
•
providing for the taxation of dividends and interest amounts for the provincial institutions, were not to be
payments. Press dispatches state that French banks regarded as an amount fixed by an iron regulation,
have become apprehensive because of the constantly but should be at the free disposal of the banks, which
increasing exodus of French capital to Switzerland, could expand them as far as possible in times of easy
Belgium and the United States for the purpose of money in order to make use of them in times of tenavoiding taxation under the new law. One usually sion. They should maintain the ratio quoted as a
highly conservative correspondent intimates that yearly average. As the cash reserves of the leading
there is excellent opportunity for American bankers Berlin banks average, according to the five twoand trust companies to benefit by this movement. monthly balances and the annual balance for 1913,
The new law is designed to tax all incomes from 5.1% of the deposits and credit accounts, and
foreign securities 4%,and even requires payments on according to the mid-balance of April 30 1914
dividends collected abroad and not remitted to 5.4%, the demand made upon them by the ReichsFrance. It is quite independent of the income tax bank would be for a little less than double their former
proposals before the French Parliament. Paris cash cover. For other banks than the leading Berlin
correspondents point out that it is obviously impossi- institutions it would mean raising their ratio about
ble for the Government to enforce collection of the 4%—that is, accumulating about 350 to 400 million
tax against the foreign banker who receives dividends marks. Money in Berlin closed at 2%, against
@23/2% a week ago.
on behalf of a customer resident in France; nor is it 2
easy to see how the amount can be traced in the books
Official bank rates have not yet been changed at
of the French banker, notwithstanding the register
that must now be opened for the purpose. The tax the European centres, despite the increasing abunwill be a hardship upon foreigners living in Paris who dance of liquid funds. Private discount rates in
have securities in their own countries. These will be Lombard Street closed at 2% for short bills, which
required to pay the income taxes in those countries is without net change for the week, and 23/8®
and also to pay under the French dividend tax. 2 3-16% for three months' bills, which compares with
Moreover foreign government bonds circulated in 23/% a week ago. In Paris the asking rate is 29'%,
Paris must pay an additional tax of 1% in lieu of but it is understood that this figure is being shaded
stamp duty, making 5% in all. The price of the new fractionally. In Berlin private discounts have been
French rentes is showing some improvement as a advanced h%,to 23
4%. Vienna reports an increase
result of the buying by savings banks and insurance of %% to 3%%, which is significant of the nercompanies in exchange for the older perpetual issues. vousness existing in the Austrian centre. Brussels
The latter closed last evening at 82.673/2 francs, remains at 33(% and Amsterdam at 33'%. Official
against 82.82 francs a week ago. Money in Paris, bank rates at the leading foreign centres are: Lonfor some reason not yet understood here, developed don, 3%; Paris, 332%; Berlin, 4%; Vienna, 4%;
distinct strength yesterday. The closing rate yes- Brussels, 4%, and Amsterdam, 332%.
terday was 3%, against 1% a week ago. There
The Bank of England's statement reflected the
was also a sudden reduction in the sterling check rate
of the return of the July payments. There was an inin Paris yesterday to within calling distance
A motion has passed crease of £454,684 in the gold holdings, of £671,000
gold-import point.
in the French Parliament asking ,that a careful in the total reserve, while the proportion of.reserve
152
THE'CHRONICLE
to liabilities increased to 52.28%, against 50.58%
last week, and compares with 53.37% a year ago.
Lombard Street paid off bills (other securities) to
the extent of £1,209,000 net. Public deposits increased £739,000 and other deposits decreased
£1,303,000. The Bank's bullion item now stands
at £40,054,654. One year ago it was £38,229,205
and two years ago £40,962,471. The total reserve
is £29,189,000, which compares with £27,287,850
at this date in 1913 and £30,068,111 in 1912. Deposits
(ordinary) are £42,485,000, against £40,708,936 one
year ago and £41,376,111 in 1912. The loans aggregate £33,623,000, against £29,122,032 in 1913
and £32,936,426 in 1912. There was no demand for
gold for the Continent at Tuesday's offering of
£750,000 Cape gold. Therefore, aside from the
£150,000 which was taken for India, the Bank received the remainder. Next Tuesday's offering of
Cape gold will be £900,000. If the Paris check rate
on London further declines in the meantime, France
will undoubtedly be an insistent bidder. Our special
correspondent furnishes the following details by cable
of the gold movement into and out of the Bank for the
Bank week: Imports, £606,000 (of which £65,000
from Argentina, £20,000 from Germany, £50,000
from Egypt and £471,000 bought in the open market); exports, £7,000 to the Continent and shipments
of £144,000 net to the interior of Great Britain.
In the absence of arrivals of the additional amounts
of American metal, the Bank of France reported an
increase of only 78,000 francs in its gold stock.
Silver decreased 2,289,000 francs. There was an
increase in circulation of 4,728,000 francs; but the
other large items all suggested a reaction from the
extensive preparations that were necessary for the
recent loan distribution. General deposits, for
instance, showed a contraction of 1,760,242,000
francs, bills were paid off to the extent of 1,463,484,000 francs net, treasury deposits decreased 37,102,000 francs and the Bank's advances were reduced
202,377,000 francs. The Bank still maintains its
gold at a record-marking total, namely 4,092,675,000
francs. One year ago the figures were 3,328,675,000
francs and two years ago 3,284,000,000 francs.
The silver stock aggregates 639,735,000 francs,
against 623,850,000 francs in 1913 and 806,225,000
francs in 1912. The circulation outstanding is
6,067,085,000 francs, against 5,567,462,945 francs
in 1913 and 5,201,261,470 francs in 1912. General
deposits aggregate 929,037,000 francs, against 622,474,664 francs in 1913 and 714,979,751 francs in
1912. Discounts total 1,606,805,000 francs and
compare with 1,574,622,534 francs in 1913 and
1,178,450,111 francs in 1912.
[VOL. xcix.
Lenders have shown much less disposition this
week to press funds on the local money market.
The banks may be said to be conserving their supplies to meet the crop demands of their interior
correspondents. Sterling loans have been quite
freely made at this centre on the basis of 2%@3%
and toward the close of the week as high as 34%
was obtained. There seems to be a general agreement now the new Federal Banking Law will not be
available for really practical operations; in time for
the active stage of the crop requirements. On the
other hand, Secretary McAdoo will deposit Treasury funds in the banks of the agricultural sections
and in this way prevent unduly high rates accompanying the movement of the crops. Rates for money
are by no means high. Ninety-day funds, which
are now quoted at about 3%, were a year ago 5@
1
1%
531%, and four months' funds were 5Y@5Y
of the current figure of 332%. Six months'
instead
maturity loans,which are now available at 4%, were
last year quoted at 6@631%. New York City is
selling revenue notes in London on a 3% basis and
will, it is figured, be able to cover the exchange when
the notes become due at lower figures then are now
current. The bank statement last Saturday showed
the large decrease of $41,587,000 in deposits and of
$27,189,000 in loans. The cash items decreased
$13,261,000, but as a result of the lower reserve
requirements, due to the reduction in deposits, the
cash surplus above requirements indicated a contraction of only $3,012,150. This, however, brought
the surplus above requirements down to the low
figure of $7,577,300, which compares with $19,414,800 at this date a year ago and $10,706,550 in 1912.
The banks reported a decrease of $15,374,000 in their
cash in vaults and the trust companies showed a
gain of $2,113,000 in their cash in vaults but a decrease of $7,119,000 in their cash in banks. Commercial paper is not offering freely. Neither is it in
active demand. The Claflin failure has necessarily
locked up a large supply of funds available for this
purpose, and the banks feel disposed to await an
adjustment of their losses in this direction before
tieing up their funds to a much further extent.
There will also not unnaturally be a close scrutiny
of the offerings of new paper.
Call money rates have this week covered a range
1
of 2@3%. On Monday 2Y was the highest and
ruling figure, with 2% the lowest; Tuesday's extremes
3
were 2%@2%, with 29 continuing the renewal
basis; Wednesday's renewals was 3%, which was the
highest figure of the day, while a few trades were reported at 2%; on Thursday 29 was the highest and
renewal rate, with 2% the lowest. Friday's range
was 23i@2%%, with renewals at 2M%. For time
money closing quotations were 23/2@2Y1% for sixty
days (unchanged for the week),2Yi@3% for ninety
days(also unchanged),332%for four months(against
3@334%), 3% for five months (against 3@
39%) and 4% for six months (against 39@4%).
l%
Commercial paper closed Y higher at 4@4M%
for sixty and ninety days' endorsed bills receivable
and for four to six months single names of choice
character. Names less favorably known require
as high as 5%.
The weekly statement of the Imperial Bank of
Germany showed an increase of no less than 32,978,000 marks in gold and of 60,942,000 marks in
cash, including gold. Note circulation, on the other
hand, showed a decrease of 197,738,000 marks, loans
a reduction of 2,809,000 marks and discounts a
decline of 165,932,000 marks. Deposits increased
57,871,000 marks. The Imperial Bank's cash holdings now amount to 1,681,603,000 marks, against
1,422,880,000 marks one year ago and 1,280,960,000
Sterling exchange has ruled lower this week
marks in 1912. Combining loans and discounts, we
have a total of 867,349,000 marks, against 1,059,- and the market at the close was weak. Lon420,00,Qmarksin 1913and 1,161,080,000marksin 1912. don and the Continent have been quite free
sellers of American securities as a result of the un-
JULY 18 1914.]
THE CHRONICLE
153
settling influence of the Inter-State Commerce Com- wheat and other bills. On Wednesday additional
mission's report on the former New Haven manage- weakness developed, although at the extreme close
ment. This influence was counteracted, however, there were some recoveries from the low figures as a
as London bankers have been lending quite freely result of the covering of short commitments. Sixtyin the local market. It is estimated that the recent day bills covered a range of 4 8510@4 8535. DeEnglish loans here aggregate fully $20,000,000, mand bills were 20 points lower at 4 8710@4 8715
A /
and have been placed at 27 @31 1% (chiefly at and cable transfers were quoted at 4 8745@4 8750.
3%) for ninety days. Money in London is down On Thursday the market was very quiet and quotato about 13/2%, and there seems agreement among tions were not changed for sixty-day bills and cable
London bankers that a period of protracted ease is transfers, although demand bills were 5 points lower
in sight there,as trade recession is a distinct feature. at 4 8705@4 8710. On Friday the market ruled
Sir Charles Macara, President of the International decidedly weak owing to the active pressure of
Cotton Spinners' Association, is quoted by cable as finance and grain bills. Closing quotations were
stating that a wholesale shut-down of mills will come 4 8490@4 8515 for sixty-day bills, 4 8690@4 8695
if organized short-time is not adopted soon in the for demand bills and 4 8720@4 8735 for cable transManchester district. Under existing conditions, he fers. Commercial on banks closed at 4 834@4 843/2,
says, it is cheaper to stand still than to work. He documents for payment finished at 4 84N@4 84%
believes, too, that the success of a short time move- and seven-day grain bills at 4 86@4 863/8. Cotton
ment in England should be a powerful lever to induce for payment closed at 4 84@4 843'; grain for payother countries to extend a systematized short-time ment at 4 8485@4 85.
working, which many have already adopted. The
The New York Clearing-House banks, in their
Bank of England on Thursday reported a comfortable
reserve. Meanwhile our foreign trade balance, as operations with interior banking institutions, have
a result of the excessive importations, is operating gained $13,083,000 net in cash as a result of the curto check the natural trend of exchange at this season. rency movements for the week ending July 17.
The outbound grain movement is beginning in earn- Their receipts from the interior have aggregated
est and is expected to reach a large total this season. $16,240,000, while the shipments have reached
The cotton crop, too, will in the not distant future $3,157,000. Adding the Sub-Treasury operations,
figure in foreign exchange operations, although the which occasioned a loss of $4,847,000, the combined
extreme stagnation in the cotton industry abroad result of the flow of money into and out of the New
will probably influence some delay in the active York banks for the week appears to have been a
cotton movement. Shipments aggregating 0,000,- gain of $8,236,000, as follows:
000 in gold are reported to be on their way from South
Week ending Judy 18.
Into
Net Change in
Out of
Banks.
Banks.
Bank Holdings.
America to Europe. There have been no further
Banks' interior movement
316,240,000
$3,157,000 Gain $13,083,0CC
exportation of the precious metal from New York. Sub-Treasury operations
20,052,000
24,899,000 Loss 4,847,000
The French demand apparently has been finally Total
336.292.000 528.056.000 Gain 38.236.000
satisfied and rates here are well below the export
The following table indicates the amount of bullion
level.
in the principal European banks.
The Continental exchanges have again ruled
July 17 1913.
July 17 1914.
against the British centre. Sterling checks in Banks of
Silver.
Total.
Gold.
Gold.
Total.
Paris, as reported by cable, closed last evening at
40,054,654 38,229,205
40,054,654
38,229,205
25.163/ francs, against 25.18 francs one week ago England_ __ 163,707,360 25,406,360 189,113,720 133,147,120 24,954,360 158,101.480
France.. _
67,203,600
83,628,600 56,947,150
2
and 25.143/ francs a fortnight ago. In Berlin de- Germany _ 173.999,000 16,425,000 181,235,000 160,397,000 14,194,850 71,142,000
Russia
7,236,000
7,610,000168,007,000
Aus.-Hun_ 52,119,000 12,047,00 64,166,000 50,505,600 10,540,000 61,045,000
mand sterling finished at 20.49 marks, against Spain
21,394.000 29,034,000 50,428,000 18,327,000 29,837,000 48,164,000
45,601,000 3,000,000 48,601,000 46,418,000 3,700,000 50,118,000
20.50 marks a week ago. The final quotation for Italy
Nethland 13,344,000
654,300 13,998,300 12,106,000
640,900 12,746,900
Nat.-Belg
guilders, Sweden _ __ 8,852,660 4,426,333 13,279,000 7,891,333 3,945,667 11,837,000
/
sterling checks in Amsterdam was 12.117i
5,877,000
5,871,000 5,700,000
5,700,000
6,541,000
7,054,000 6,541,000
against 12.139/ guilders on Friday of last week. SwItz'land 7,054,500
8
Norway - - 2,905,000
2,437,000
2,905,000 2,437,000
Berlin exchange on Paris was quoted at the close at Tot. week 602,111,281 98,228,993700,340,274 538.645,808 95,422,777634,068,585
122.773/ francs, against 122.85 francs a week ago. Prey.week602,682,570 98,654,280 701,336,659535,396,753 95,123,363630,520,116
2
Mexican exchange was rather nominal yesterday.
The closing quotation on New York was 285, against HUERTA'S RESIGNATION, AND AFTERWARD.
Last Wednesday General Huerta presented to the
300 a week ago; on London it closed at is.
against is. 43/2d. last week, while New York exchange Mexican Chamber of Deputies his resignation as
on Mexico finished at 35, representing an advance President of the Republic. It was accepted by a
of 11 for the week.
vote of 121 to 17, after a somewhat vehement disA
Compared with Friday of last week, sterling ex- cussion. Francisco Carbajal, lately appointed Minchange on Saturday showed a rather easier tone, ister of Foreign Affairs under Huerta, was created
though the range for sixty-day bills continued at Provisional President by the Deputies, and at once
4 8540@4 8575. Demand bills were 5 points lower took the oath. Carbajal is a man of forty-eight, an
at 4 8745@4 8755 and cable transfers also 5 points active lawyer of pure white extraction; a personal
lower at 4 8785@4 8795. On Monday an accumula- friend of the old Diaz regime, and treated with
tion of grain bills over the week-end was a source Madero in behalf of Diaz at the time of the latter's
of further weakness. Sixty-day bills were main- downfall. With Huerta he continued good relations;
tained at Saturday's quotation, but demand bills and was sent to London as Mexican Ambassador, and
cable transfers were 5 to 10 points lower. The fea- afterwards made Chief Justice.
ture of Tuesday's market was a decline of about 20
General Huerta's resignation refers as follows to the
points in sixty-day bills, to 4 8525@4 8550, while circumstances of the case:
demand bills were 10 points lower at 4 8730@4 8735
"You all know the immense difficulties which my
and cable transfers 15 points lower at 4 8760@4 8765.
Government has encountered, owing to a scarcity
This weakness was a result of further pressure of I of funds, as well as to the manifest and decided pro-
154
THE CHRONICLE
tection which a great Power of this continent has
afforded to the rebels—so much so that when the
revolution had been broken up, seeing that its chief
leaders were and continued to be divided, the Power
in question sought a pretext to intervene directly in
the conflict, and the result of this was the outrage
committed at Vera Cruz by the American fleet."
[VoL. ac
our Administration's Mexican policy, considered as a
whole; second, the question how far the new situation will solve the Mexican problem. As to the first,
the withdrawal of Huerta may, in many respects,
be described as a personal victory for President
Wilson,because from the first he has made the elimination of Huerta the sine qua non of our GovernHuerta has been President since February 1913, ment's acquiescence. But that policy will still have
a few days before the assassination of Madero. His to be judged in the light of results yet to come. It
family is reported to have already been sent away must also be judged with a view to what might have
from Mexico, and the expectation is that Huerta happened as an immediate result of it. The unhimself will follow, under the protection of a foreign questionable opinion of the world at large is that the
cruiser.
President has pursued a perilous path, under motives
This remarkable turn of events in Mexico makes it which may have been honorable to himself, but
advisable to review the course of events since the which might also have turned out to be dangerously
critical moment when our fleet on April 18 was sent unsuited to the occasion. So doing, he has been conto Vera Cruz. It is needless to recall the incidents fronted by repeated pitfalls of the most serious sort,
which led up to that armed intervention; as a matter which were avoided by what must fairly be deof fact, few people understand to-day what the final scribed as happy accident.
pretext actually was. The crisis which then deIf the South American mediators had not interveloped was unexpectedly averted, on April 26, by vened in April, our troops must apparently have
the intervention of the three South American States, moved sooner or later on Mexico City, with results
whose mediation was accepted by our Administration impossible to foretell. If Carranza had maintained
(with reservations as to Huerta's continuance in his original public demand that we instantly withdraw
'office) and eventually by Huerta himself.
our ships from Verz Cruz, war with the ConstituOn May 18 the mediation conference met at Nia- tionalists themselves might have been difficult to
gara, with formally accredited delegates from the avoid. Perhaps it was avoided only by the sagacity
United States and from the Huerta Government. of Villa and by his outright breach with Carranza.
The position of the Constitutionalists was doubtful In other words, the President, in the policy pursued
from the first; at no time did Carranza agree to by him, burned all his bridges behind him—which is
accept the conclusions of the conference. The dis- the most dangerous form of diplomacy. He did this,
cussions at Niagara had mostly to do with plans for moreover, on the quite untenable theory that our
solving the land tenure question in Mexico. Mean- active hostilities of April were directed,not against
time the situation in Mexico itself had been altered Mexico but against Huerta as an individual. The
- by the victory of Villa at Torreon and his advance President thus ignored the undoubted truth that
on the capital. Early in June rumors circulated that Huerta was at least the de facto ruler. In short,
the Niagara conference would be successful in Mr. Wilson came within an ace of committing the
achieving a settlement and it was temporarily be- United States to a long and costly war with Mexico.
lieved that Carranza would participate. These reOn the other hand, it is only fair to allow due
ports were sufficiently contradicted by Carranza's credit for the happy effect produced in the Latinannouncement in the first week of June, declaring American communities by our appeal to and subhimself the Provisional President of Mexico—into mission to the mediation of the neutral South
which nominal office he was installed on the 8th of American States. But even so, the President's
June.
policy can be justified only by its complete success—
On June 12 the peace conference reduced to writing not merely its success in eliminating Huerta but iise
its plans for a provisional government under the success in replacing Huerta's Government by a
auspices of all conflicting parties in Mexico, and dis- peaceable political administration in which all
cussed the names of possible candidates for the Pro- Mexico will acquiesce, and which will be confessedly
visional Presidency. The Administration insisted an improvement on what the Huerta regime was, or
that the names submitted should be satisfactory to what, without our interference, it might have been.
.the Constitutionalists, but it proposed a conference
The next developments rest largely with the two
between the Huerta and Carranza parties. At the Constitutionalist leaders. It has for several weeks
same time, however, Carranza himself refused the been rumored that Villa was about to advance on
proposal for an armistice in Mexico, with the result Mexico City—to which, indeed, he actually holds the
that a quarrel at once broke .out between Carranza key. He has not done so; partly, no doubt, because
himself and his successful general, Villa. At the of insufficient ammunition. Will he and Carranza
end of June the protocol for the international arrange- submit to the Provisional Presidency of Carbajal?
ments to be proposed was signed by the mediators It is hardly to be supposed that such acquiescence
and by they Huertist; delegates; but the continued will result. Will they agree to submit the claims and
attitude of suspicion-by Carranza resulted in what ap- pretensions of the rival Mexican parties to a free
peared on its face to be the breakdown of the con- election, and to abide by the result? If so, how is
ference. Finally, on July 5, another Mexican elec- such an election to be secured? If they are not
tion was held under the auspices of the Huerta willing thus to acquiesce, what is to be the next
Government. General Huerta was re-elected Presi- chapter in. Mexican affairs? If a Huerta candidate
dent by an overwhelming vote, but the dispatches were elected to the Presidency and the Constitureported that less than three per cent of the voters tionalists refused to bow to that electoral decision, is
had gone to the polls. This is followed by the the United States to compel such acquiescence? If
present week's notable turn in events.
a Constitutionalist is chosen and the Huertists refuse
new situation must rest on two acceptance, what, then, is to be our position? How
Discussion of the
considerations—first, the wisdom or unwisdom of I about the very complicated question of indemnities
JULY 181914.]
THE CHRONICLE
155
within it, they are expected to rise above everything
except law and duty. Inasmuch as their party
preferences are not discoverable from their judicial
action, how can the former have any important
bearing upon the composition of the Court?
The citation above attempts to explain why, but
is based upon conditions as they have been rather
than as they now are. Federalism is apparently
high in the ascendant, and States' rights lie in temporary abeyance, if they have not perished out of
sight for our own day. Differences in "schoolsIR
thought" and in "mental attitudes" and in angles of
THE SUPREME COURT VACANCY.
advanced approach are barely discoverable as respects the
The late Justice Lurton, exceptionally
forces now uppermost; kinds of training and of inin years when appointed to the Supreme Court,.had
aside from an entirely tellectual trends among those who are in office seem
served such a brief term that,
much alike. We have to admit, however reluctjust tribute to his ability and integrity, the comments
antly and sadly, that the difference between the
most prominently suggested by his death relate to
parties in Washington is over a contest
the circumstances of his appointment and the ques- nominal two
that for power in another four-year's term rather than
tion of his successor. It seems to be assumed
over questions of principle or real public policy—
Mr. Wilson will select "a Democrat," and the
he should do so, "not precisely the questions which every one7must con"Times" editorially urges that
he might deny it secretly)
from any considerations of partisanship or of the fess, openly (however
offices but for the real interests of the should be'strictly kept1out_of the Supreme Court.
division of
I
So much as this needs no amplification,' but there
country." The reasoning is at least peculiar, and
is another thought. No careful observer can have
seems destructive of its own contention. Formerly,
has come over
it was "of vast importance to consider whether a failed to perceive the change which
be a be- that Court in the inevitable processes of passing
new member of the Supreme Court should
liever in Federalism or in State rights," but now con- years. It is less inclined to adhere to what used to
ditions have changed, for "the Court never divides be deemed none too strict Constitutional construcon party lines," and as the "Times" says, with tions; it seems leaning more towards assent and away
strict correctness) "no one reading one of the great from dissent; to radicals, it apparently must be
decisions of the recent past, even on such questions growing more "responsive to" the people. _ This
as the trust problem, could tell whether the Justices change need not cause surprise in connection with
writing the majority and minority opinions were other changes, for, as the "Chronicle" has often
Republicans or Democrats." Therefore, Mr. Taft pointed out, the justices are human, and it is only
'could afford to disregard party lines altogether and natural that they refrain from futile attempts to
appoint two Democrats to the bench"; but the pres- hold back the people from pursuing their own visions,
ent is not a suitable time for following his broad- though the visions be distorted and dangerous.
Yet the country needs now, perhaps more than
mindedness. A proper time may arrive later in this
Administration, but it is not here now. This is the ever before, the loftiest ability and the most rigid
adherence to duty in this final tribunal, and also
reason offered in explanation:
needs a spirit of conservatism there. If the young
"There should be minority representation in the in any generation represent energy and quickness of
Supreme Court, not because there is any likelihood forward movement and the old men represent delibof division on party lines but because it is advisable
to have different schools of thought represented there. eration and caution, as a proverb asserts, a loss of
There is a difference in the mental attitudes in which this balance of forces is surely a misfortune. The
intelligent Democrats and Republicans approach na- elders of to-day think the country isTrushing into
tional questions. They belong to different parties too many changes and too ready to catch up anything
because their training has been on different lines of new; the younger element declare the country to be
hought and because their mental bent is dissimilar.
They may agree on the question before them, but suffering because not progressive enough and too
they approach it from different angles. It is impor- much adherent to "worn-out" dogmas; one element
tant that both kinds of training and both intellec- wishes to take only a step at a time and prove each
tual trends should be represented on the bench be- before venturing the next, while the other cries for
cause the bench itself will be better for it. Justice "action" of any kind. At present, the impulsive
Lurton's death leaves only two Democrats in the rushers seem to have the reins; therefore the greater
Supreme Court. The Democratic representation need of
conservatism somewhere. It seems to have
there should amount to at least a third of the Court."
disappeared in the Senate; and if not in the Supreme
There are obvious reasons why election inspectors Court, it is unlikely to be found anywhere.
must be divided between contending parties. The
Particularly, the country needs return to the lowest
persistent rule that the winning party may and will stone in our Governmental structure, the indepentake all the offices within reach, including appoint- dence of the three departments, which is the one thing
ments to the bench which come up during its own in the Constitution that is too distinct to be denied,
tenure of power, is a piece of wrongful practice to yet has now become practically displaced by the
which we have gradually become wonted; but it gradual domination of the Executive. This can
seems almost shocking, when candidly considered, hardly come before the Supreme Court in any conto apply this to the highest tribunal, as to which crete form, but whatever moral influence that body
ability and integrity ought to be the sole qualifi- can exert for its correction is needed. The line of
cations, overriding party names and the geographi- thought and mental bent and the angle of approach
cal claims of sections or States. Outside the court- now needed in the last resort for testing public poliroom, the justices are voters, with their own views; cies should be conservative.
to Americans and foreigners for the injury and
sequestrated property of the war—relief for which
our own Government has virtually assured the other
Powers will be made? Such are the numerous
questions which confront us at the present moment.
With the hope which everyone entertains for a
happy outcome of the vexed situation, there is no
possibility of denying that only a part, and possibly
the smaller part, of the Mexican problem has yet
been solved.
156
THE CHRONICLE
THE LATEST DEMAND FOR INCREASED
WAGES BY RAILROAD EMPLOYEES.
The rumors of impending labor troubles on Western railroads have reached the familiar shape of a
lining-up by the engineers and firemen of nearly a
hundred roads, making the usual demand for increase of wage and decrease of service, with the
usual threat of a strike. The principal demands are
for more wage in all classes of service, a shortening
of regular time, with a corresponding increase in
overtime, and an increase in the rate of pay for the
latter, more allowances for preparation-time and
terminal delays; another demand which exhibits the
arbitrary character of the process is for the employment of two firemen on large coal-burning engines,
"regardless of the character or length of the run,
the tonnage hauled, or the work required of the firemen"—that is, regardless of anything except the
conviction once expressed by an officer of the
Brotherhood of Engineers that wages are a first
lien always, and .receivers' cash as good as any.
The railway managers remonstrate, saying that
these demands would raise the annual pay-rolls onehalf, and that the financial effect would be a dividend
cut in all cases and bankruptcy in many; this is as
heretofore, but the men make the old answer, that
they ask merely what is "fair." They have had
their usual formal vote, almost unanimously authorizing a strike; conferences have been unfruitful thus
far, and the men say they will not consider arbitration under the Erdman Law, because the roads have
not played fairly heretofore.
This is merely the latest movement in the familiar
cycle of wage-extortion—the men know what they
"want" and they have discovered how to get it; so
they return to it periodically, indifferent to the result upon others. They believe they have a permanent implement for breaking open railway treasuries
in the fact that public sympathy is always with the
employee as against the employer, and that operation must never halt whatever the alternative. It
must be admitted that they have judged pretty well
thus far; the public insistence is that the service shall
be rendered and that it is the part of the managers
to take care of conditions and keep the men satisfiedi
No matter how you do it (is the public attitude),
all that is your affair; but give us the regular trains.
Public opinion and the law declare that an obligation of public service lies immovably upon railways,
through their directors and officers, but thus far the
complementary proposition that an obligation of
service lies upon the employees has not been seriously
taken up. Suppose a train engineer brings a train
to a halt midway between two pretty distant way
stations, and then, with his fireman, steps from the
cab and leisurely saunters away; an outcry from all
persons immediately incommoded would arise, and
it would be said that abandoning a trip once begun
ought to be made a penal offense. To say this of
a service once begun would be going rather far, since
it would resemble saying that whoso has once entered a railway employment cannot leave it until
discharged or superannuated; yet this argument
cannot apply broadly, for individual employees
might walk out at the end of a run without disorganizing the service; but how is it when the principle of
personal liberty is stretched to organizing indispensable employees into a solid body and resolving
to use the right of not working simultaneously?
acxx.
How the obligation of duty from a railway employee
to the public is to be expressed and enforced, whether
by some sort of semi-military basis or otherwise,
need not be settled to-day; but the time is certainly
here to take up seriously and to dispose of by denial
(for any serious consideration must come to denial)
the easy proposition that railway workmen can
abandon their duty as a body at will, regardless of
consequences, and that they may periodically put
any road into the destructive dilemma of being denounced far and near for permitting the intolerable
miseries of a strike, or of submitting to one more
turn of a machine which will destroy it financially.
Is a strike really the worst conceivable calamity,
so that anything which defers it for this occasion
is to be chosen? That is like asking whether peace
at any price is preferable to war—a question which
has been answered in the negative. What is to be
the end of this recurring cycle of wage demands and
of a little more delay won for the ultimate clinch?
Is it not wiser and less destructive to have the clinch
and get it over? If we think we positively cannot
endure it now, when shall we be better prepared and
have more gri '
It has been the belief of the "Chronicle" that the
roads erred in trying to match organization against
organization in this matter, and that they should
have maintained a stand—separately not collectively—at the time when what has become equivalent
to a blackmailing process first exhibited its real intent. The latest report was that the managers are
now firm against the demands in this instance and
that those are to be revised. This may be, but
what the roads cannot do they should not again undertake to do..
GOVERNMENT FINANCES FOR THE FISCAL
YEAR.
However poorly the Administration at Washington
may have fared in other respects during its first
fiscal year in office—and the condition of general
trade and of the railroads has certainly grown very
discouraging—it has been fortunate in the outcome of
the year's financial operations. This is most
assuredly an achievement deserving of mention, for
a new tariff law went into operation in October, and
in view of the unfavorable state of business since
then, it could have occasioned no surprise if at the
end of the fiscal year on June 30 1914 the financial
results had proved disappointing. As a matter of
fact, nothing of the kind has happened, and the
Treasury authorities have reason to congratulate
themselves upon the satisfactory nature of the
showing.
Additional significance attaches to the favorable
outcome by reason of the fact that the disbursements
for the twelve months underwent a further substantial augmentation, though they were extremely large
before. The situation, therefore, was that the
Treasury had additional outlays to meet at a time
when customs duties had been heavily reduced. The
truth is, however, that while rates of duties were
very materially lowered, their aggregate yield, or
productiveness, was on the whole tolerably well maintained, as we shall presently see. The pay warrants
drawn during the twelve months ran well above 700
million dollars, reaching $701,325,829,at which figure
comparison is with $682,770,705 for the twelve
months preceding. The increase occurred mainly in
JULY 18 1914.1
THE CHRONICLE
the military and naval expenditures and in the disbursements for rivers and harbors, the "pork barrel."
In these aggregates we are dealing entirely with the
so-called ordinary expenditures. In addition, $34,826,942 was spent for construction work on the
Panama Canal, this being considerably less than the
expenditures on that account in the preceding year,
which were $41,741,248. Total disbursements,
therefore, were $735,495,316, as against $725,793,796
in the previous year. The magnitude of these outlays will be realized when we say that in 1898-99, at
the time of the Spanish-American War, aggregate
expenditures were no more than $605,072,180, and,
two years before, at the time when normal conditions
still prevailed, were only $365,774,159.
Yet the revenues fell but little short of meeting
these very large expenditures, even with the inclusion
of the $34,826,942 spent upon the construction of the
Panama Canal. The shortage was only $1,151,616
and it has been pointed out that,except for the ten
days' grace allowed in the payment of the income
tax,"even this small shortage would not exist; that instead there would have been a surplus of over
$3,000,000, the deferred payments of income and
corporation taxes paid after June 30 up to and including July 10 having been over $5,000,000. On
the basis of the ordinary expenditures of the Government—that is, omitting the $34,826,942 spent on
account of the Panama Canal, and which could be
met by the issue of Panama Canal bonds—there
would be a surplus of revenues of over $30,000,000.
For the purpose, however, of judging the Treasury
condition, it is better to include Panama Canal disbursements, and on that basis, as already stated,
there was a small deficiency, namely $1,151,616,
counting the revenues received strictly within the
year. On the same basis the corresponding deficiency in the previous year was $2,010,875, while in the
fiscal year 1911-12 there was a small surplus
$1,897,131. Thus, for three successive years, receipts and expenditures have very closely balanced—
a happy state of things.
We have stated that customs receipts had continued large, notwithstanding the lowering of duties.
The revenue derived in that way in the late year was
$292,128,527, against $318,142,344 in the year
preceding and $311,321,672 two years before. The
loss was made up, of course, by a great increase in
the internal revenue taxes, and particularly the corporation and income tax. This latter yielded
$71,386,156 within the twelve months, as against
$34,948,870 in the previous year, when there was no
income tax on individuals. Not counting the
amount received subsequent to the close of the
fiscal year, the individual income tax yielded $28,306,336 and the corporation tax yielded $43,079,819.
While aggregate disbursements for the twelve
months, including those on account of the Panama
Canal, ran somewhat in excess of the revenue, the
net debt during the fiscal year appears to have been
slightly reduced. The net debt is arrived at by
taking the gross debt and deducting from it the cash
balance in the Treasury. This cash balance is
affected by a variety of other items aside from those
appertaining to the general receipts and disbursements. One factor in it is the postal savings deposits.
The net addition from that source for the year
appears to have been $3,118,940. On the other
hand, the 2%% postal savings bonds outstanding
and counted in the total of the gross debt were in
157
creased only $2,246,700, having risen from $2,389,120
to $4,635,820. There was thus an advantage to
cash in that way of $872,240, and various other small
items have, no doubt, also played a larger or smaller
part in influencing the final result.
In the interest-bearing debt there was no change
during the year except that in the postal savings
bonds. No Panama Canal bonds were put out
during the twelve months, and it is worth noting
that, while altogether no less than $353,052,924 was
expended up to June 30 1914 in the purchase and
construction of the Canal, only $138,600,869 of the
amount was derived from the proceeds of the sales
of bonds, including premiums. The remaining
$214,452,055 was paid out of current revenue and
Treasury cash. A total of $375,200,980 of Panama
Canal bonds has been authorized, while only $134,631,980 (par value) have been issued, leaving
$240,569,000 which can be issued in the future
should the occasion arise for so doing.
The debt bearing no interest was reduced nearly
$7,000,000, due mainly to the fact that the redemption fund for the retirement of national bank
notes on June 30 1914 was only $15,142,888, against
$22,092,806 on June 30 1913. It appears that the
lawful money deposited to retire national bank notes
during the twelve months aggregated but $19,902,282, while the lawful money paid out for national
bank notes retired aggregated $26,852,200. These
figures have to do simply with the changes in the
funds on deposit with the Treasurer for taking care
of bank notes in process of retirement. They do not
indicate the change in the volume in what might be
called the "live" circulation of bank notes. As a
matter of fact, this also was reduced during the
year, though only slightly. In other words, the
aggregate of national bank notes outstanding secured
by bonds was on June 30 1914 $735,528,960, against
$737,065,050 on June 30 1913.
Notwithstanding the net debt (after deducting the
cash balance in the Treasury) was slightly reduced
during the twelve months, as stated above, and stood
at $1,027,257,009 June 30 1914, against $1,028,558,103 June 30 1913, the Treasury was not in as
strong condition as regards actual cash holdings at
the later date than at the earlier date. Cash in
Sub-Treasuries, in fact, on June 30 the present year
was only $324,852,056, as against $351,176,444 on
June 30 last year. The explanation is found in the
main in the circumstance that a greater amount of
the Government's available cash is held on deposit
with the banks. The aggregate of these deposits now
is $93,388,666, whereas on June 30 last year it was
only $79,749,299. It may be a surprise to the reader
to hear this, but more than the whole increase in
Government deposits occurred during June in connection with the large income tax payments, the
Treasury Department evidently wanting to avoid
disturbance to the money market in connection with
these large payments into the public coffers.
Whereas the Government deposits June 30 1914
were, as already stated, $93,388,666,on May 31 they
were only $54,906,266 and on April 30 but $51,196,145. This last was the figure to which the deposits
had been reduced from $92,617,560 on Nov. 30,
after the return to the Treasury of the special deposits
made during the autumn of last year to aid in
moving the crops.
It is worth noting that the aggregate volume of
money in circulation in this country on July 1 1914
158
THE CHRONICLE
was considerably greater than twelve months before,
notwithstanding the large gold exports during June
and the outflow in previous months. The Treasury
Department reports money in circulation July 1 1914
$3,419,168,368, as against $3,480,074,312 on June 1
1914, but comparing with $3,371,326,007 July 11913.
BUILDING OPERATIONS IN JUNE AND THE
HALF-YEAR.
more activity in building operations in the
A little
United States, as compared with the previous year,
was witnessed in June than in preceding months
of the current calendar year, but even at that it was
not so pronounced as to indicate any general revival
in construction work. Furthermore, the showing
for the half-year is less favorable than for 1913, or,
in fact, any year since 1908. The returns, moreover, are of a rather conflicting character, evidently
reflecting the business or industrial situation on the
one hand and the previous activity or lack of it in
building on the other. For instance, in the territory
between the Mississippi River and the Pacific slope,
but not including the latter, construction work has
proceeded with noticeably greater activity than a
year ago, and in New England and the Middle West
operations have been a little ahead. But on the
Pacific slope a considerable decline is shown, much
less has been done at the South and the same is true
in lesser degree of the Middle States.
For June, 73 out of the 138 leading cities covered
report plans calling for heavier expenditures this
year than last, and in some cases quite noticeably
so. At Chicago, for example, the 1914 permits
entail the disbursement of 93/ millions, against
7 1-3 millions in 1913; at Cleveland, 33/i millions
%
compare with 13 millions; at Kansas City,
millions with less than a million, and at St. Paul
-nearly 2 millions with 1 million. On the other hand,
many leading municipalities report considerably
decreased construction work. In all the approximate cost of the operations for which permits were
granted in June 1914 at the 138 cities aggregated
$81,182,637, against $81,472,334 in 1913 and close
to 100 millions in 1912. Of the various boroughs
of Greater New York, Manhattan alone records a
loss, and this is more than offset by gains in the other
divisions of the city—in Brooklyn and Queens in
particular—making the total for the whole city
153/i millions, against 133/ millions last year, but
comparing with 21 millions in 1912. Exclusive of
Greater New York, the June projects will require
an outlay of $65,681,826, against $67,993,419 in
1913 and approximately 763/2 millions in 1912.
The half-year's exhibit covers the identical 138
cities and gains and losses are quite equally divided,
although the aggregate proposed disbursements are
but $419,531,445, against $464,344,331 in 1913
and about 500 millions in 1912. At Greater New
York the intended expenditure is 73/ millions less
than a year ago and 46 millions below 1912($80,395,954 contrasting with $87,837,514 and $126,490,580).
Outside of New York the total, at $356,936,017,
oompares with the high-water mark of $376,507,817
established last year.
For New England, 10 of the 17 cities reporting
show larger totals than for 1913, with the aggregate
for the group half a million dollars in excess. The
aggregate for 34 cities in the Middle States (exclusive
of Greater New York) on the other hand is 5X
[Vox.. xc
millions under last year. In the Middle West the
24 cities give a total fractionally greater than a year
ago, Cleveland, Detroit, Springfield, 0., Superior
and Toledo being most conspicuous for gains and
Akron, Chicago, Dayton and Milwaukee for losses.
A distinctly poorer result than for 1913 is presented
by the aggregate for 30 Southern cities (a decline of
73.1 million dollars), large losses at Birmingham,
Dallas, Houston, New Orleans and Jacksonville
being mainly responsible for it. On the Pacific slope
comparative dulness in operations prevailed in some
quarters; a majority of the cities report less doing
than a year ago with the aggregate decrease a little
over 15 millions. The "Other Western" group of
21 cities did much better this year than last, increasing the prospective outlay by 73 million dollars, with
Kansas City, Minneapolis and St. Paul conspicuous
contributers thereto.
Canada is still experiencing comparative quiet in
building operations as a whole, although the latest
returns furnish evidence of more activity here and
there For June reports from 32 cities in the Eastern
Provinces indicate only a nominal diminution in the
approximate expenditure arranged for this year,
but 18 municipalities in the West show a decline of
over 2 million dollars. The aggregate for the whole
of the Dominion (50 cities) consequently is moderately less than a year ago ($13,321,381 comparing with
$15,697,055). The half-year exhibit for the East
is much more favorable than for th West, despite
a decline of some 3 million dollars, $38,715,903 contrasting with $41,660,421 in 1913. In the West a
phenomenally high record was made for the 18 cities
in the six months of 1912 (433/ million dollars), from
which there was a decline to $36,567,580 last year,
with a further drop to $24,407,652 this year. For the
50 Canadian cities we have an aggregate of $63,123,555 for the half-year in 1914, against $78,228,001
in 1913 and a somewhat higher total in 1912.
RAILROAD GROSS AND NET EARNINGS FOR
MAY.
unfortunate condition of United States railThe
roads is well illustrated in the compilation of gross
and net earnings for the month of May which we
present to-day. There is, of course, no question as to
the authenticity of the results, since they are based
entirely upon the sworn returns filed each month with
the Inter-State Commerce Commission at Washington by the different roads. The totals, too, are
unusually comprehensive, our tabulation comprising in the aggregate no less than 246,070 miles of
road, or practically the entire railroad mileage of the
country.
The striking, the glaring, fact which these compilations bring out is that United States railroads in May
of this year earned over $26,000,000 less—in exact
figures $26,007,920 less—than in the corresponding
month of last year, the falling off having been 9.73%.
Through a rigid policy of retrenchment and economy,
it was found possible to offset this loss to the extent
of $10,251,050 by a reduction in expenses. This,
however, still left a loss in net in the large sum of
$15,756,870, or considerably over 20%, the exact
ratio of decline in the net being 21.47%. Stated in
another way, the earnings of United States railroads
based on this exhibit for the month of May are showing a shrinkage at the rate of over $310,000,000 a
year in gross and at the rate of nearly $200,000,000
JULY 18 1914.]
a year in net. Conditions during the month were
nearly all unfavorable. Trade in nearly all lines of industries continued depressed, the Western grain
movement fell well below that of the preceding year,
in Ohio coal mining was suspended throughout the
whole month because of differences regarding wages,
and there was also some suspension in a few other
bituminous districts, while in Colorado there was no
relief from the mining troubles which have been in
progress so long. In all these respects the situation
still remains the same, but there was one other adverse circumstance which will not be repeated for the
present, namely that May the present year had five
Sundays as against only four Sundays in the month
in 1913, thus reducing the number of working days
by one.
(+)or Dec.(—).
May (488 roads)—
Miles of road
,
Groat earnings
Operating expenses
Net earnings
Inc.
%
Amount.
1913.
1914.
+2,116 0.89
243.954
246.070
8239,427,102 $285,435,022 —$26,007,920 9.73
—10,251,050 5.34
192,049,387
337
181.798,
873.385,835 —$15,756,870 21.47
857,628,765
As a result of the setback now encountered, the
railroads have lost nearly all they gained in gross in
May of last year and double what they then gained
in net at that time. In other words, they added to
their gross last year (as compared with 1912)$30,616,063, of which $26,007,920 has now faded away, and
they then added to their net earnings $7,172,397,
while they now have suffered a decrease of $15,756,870. Nor was last year's improvement anything
to boast of, for it followed very poor results in both
1912 and 1911. In May 1912 many unfavorable
conditions had existed, including among others an
overflow of the Mississippi River of serious proportions, and suspension of mining for most of the month
in the anthracite coal regions and also larger or
smaller suspension in many sPctions of the bituminous
coal region. As a result, our compilations for May
1912 recorded an increase of no more than $6,044,698
in gross, or 2.67%, and this, unfortunately, was attended by an augmentation in expenses of $8,497,364,
thus leaving an actual loss in net of $2,452,666. In
May 1911 there was a loss in both gross and net—
$4,624,078 in gross and $1,695,071 in net.
In May 1910 the improvement in gross was satisfactory enough,it reaching $31,983,394, or 16.25%, but
$26,756,567 of the whole amount was consumed
by augmented expenses, cutting the gain in net to
only $5,226,827, or 8.06%. In May 1909 there
was an increase of $26,226,645 in gross and of $14,901,120 in net, but this was without special significance, since it followed a tremendous shrinkage in
revenues in the year preceding, the gain thus simply
representing a recovery of the previous year's loss.
This loss in May 1908 (due to the panic of 1907) was
of prodigious dimensions. Our compilation then
showed a contraction in gross earnings in the enormous sum of $38,537,942 and a shrinkage in net of
$12,845,751. Yet this did not indicate the full extent of the shrinkage at that time. Owing to the fact
that the roads were doing so poorly and comparisons
were so extremely bad, some important companies
withheld their returns, and consequently our aggregate covered only 153,310 miles of line. A supplementary table which dealt with the gross alone gave
a loss in gross of not less than $45,034,243 on 185,897
miles of road. Careful compilation made by us later
in the year induced the opinion that the loss in gross
in May 1908, including all the roads in the country,
must have been, roughly, $55,000,000, and the loss
in net $18,000,000. In the following we show the
159
THE CHRONICLE
May comparisons for each7yearIback to 1896. We
give the results just7as registeredlby our own tables
each year, but in 1908:and prior:years a portion of the
railroad mileage of the country was always unrepresented in the totals, owing to the refusal of some of
the roads to furnish:monthly figures:for publication.
Na Earnings.
Gross Earnings.
Year.
Year
Given.
Year
Preceding.
Increase or
Decrease.
Year
Given.
Year
Increase or
Preceding. Decrease.
$
$
May.
+8,789 13,861,785 14,878,949 —1.017,184
1896_ _ _ 50,138,645 50,129,858
1897_ __ 57,420,309 55,568,916 +1,851,393 16,795,849 14,615.804 +2,180,645
1898___ 67,659,828 59,034,144 +8,625,684 20,820,846 17,335,134 +3,485,712
1899_ __ 72,431,677 67,675,074 +4.756,603 23,287,947 20,883,314 +2.404,833
1900._ 81,058,532 72,885,306 +8,173,226 24,808,411 23,310,286 +1.498,125
190j.._ 97,147.152 85,880,170 +11,286,982 31,083,786 26,283,210 +4,800,576
9
1902_ 95,860,907 90,091,128 +5,789.77 29,779,428 28,640,038 +1,139,390
1903_ 103,882,990 90.800.791 +13,082,199 33,980,575 28,937,381 +5.043,194
1904_ _ 108,565,266 111,028,554 —2,463,288 31,807,806 34,801,674 —2,993,868
1905__ 121,005,979 109,872,115 +11,133,864 36,265,119 32,691,936 +3,573,183
1906_ __ 115.304,508 105,787,062 +9;517,444 34.414,213 0,946,848 +3,467,365
5984 +23,192,778 43.765,836 7.319,290 +8.446,546
1907_ __ 144,267,760 121,074
1908_ _- 133,680455 172,218,497 —38,537,942 38,076,927 50,922,678 —12,845,751
1909_ __ 196,826,886 170,600,041 +26.226,845 64,690,920 9.789,800 +14,901.120
1910_ _ _ 230,033,384 198,049,990 +31,983,394 70,084,170 64,857,343 +5,226.827
1911 _ _ _ 226,442,818 231,086,896 —4,624,078 69,173,574 0,868,84.5 —1,695,071
44 8
1912..... 232,229.364 226,184,666 +6.0 .69 86,035.597 8,488,263 —2.452,666
1913_ _ 263,496,003 232.879,970 +30.616,063 73,672.313 6,499,916 +7.172.397
1914_ _ _ 239,427,102 265,435,022 —26,007,920 57,628,785 3,385,635 —15,756,870
Note.—Inoludes for May 118 roads In 1896. 1281n 1897. 127 in 1898. 123 in 1899,
128 In 1900. 116 in 1901, 109 in 1902, 101 in 1903, 103 in 1904. 100 LI 1905,96 In
1906,92 in 1907: In 1908 the returns were based on 153,310 miles of road: in 1909,
220,514; in 1910, 229,345: in 1911, 236,230; in 1912, 235,410: In 1913, 239,445:
In 1914. 246,070. Neither the Mexican roads nor the coal-mining operations of
the anthracite coal roads are included in any of these totals.
As far as the separate roads are concerned, it is almost needless to say (in view of the unfavorable
general result) that the losses are general and also
that in many cases they are very heavy. Exceptions
where increases are recorded are very rare. The decreases in net have occurred in many cases in face
of tremendous efforts to curtail expenses. Thus the
Pennsylvania Railroad on the lines directly operated
east and west of Pittsburgh fell behind no less than
$4,151,863 in gross, yet the loss in net is only $777,219, owing to the great reduction in the expense accounts. In May of last year, however, the Pennsylvania had $3,265,795 gain in gross with $159,563 decrease in net. The New York Central this time has
$1,108,258 decrease in gross and $410,910 decrease in
net. This is merely for the Central proper. Including the various auxiliary and controlled roads, the
whole going to form the New York Central System,
there is a decrease of $4,159,853 in the gross and of
$2,186,329 in the net. In May last year the New
York Central System had added $4,162,181 to gross
and $1,412,947 to net. The Baltimore & Ohio this
time falls $1,381,243 behind in gross and $758,300 in
net and the Erie $497,150 in gross and $284,464 in
net.
A few roads distinguished themselves by reporting
increases in net in face of decreases in gross. The
Boston & Maine and the New York New Haven &
Hartford belong to this class, the latter having added
$270,104 to net, notwithstanding a loss of $159,441 in
gross. The Milwaukee & St. Paul belongs in the
same category, reporting $16,261 increase in net
with $367,160 decrease in gross. The Northern Pacific is most conspicuous of all in thi<respect, having increased its net $220,072 coincidently with a
decrease of $690,270 in gross. On the other hand,
some roads suffered increases in expenses at the same
time that their gross earnings fell off. Thus the
Missouri Pacific reports $481,505 decrease in gross
and $586,074 decrease in net and the Rock Island
$431,364 loss in gross and $619,968 decrease in net.
The Atchison had $485,854 decrease in gross and only
$229,592 in net. The Southern Pacific falls $669,556
behind in gross and $623,047 in net; the Union Pacific $408,874 in gross and $152,659 in net; the Great
Northern $1,140,383 in gross and $996,768 in net; the
Chicago Burlington & Quincy $775,291 in gross
and $204,419 in net, and the Chicago & North
Western $224,596 in gross and $444,123 in net.
Southern railways share in the generally unfavorable results, except that the Atlantic Coast Line is
able to report a small increase-$131,810 in gross and
$18,602 in net. In the following we show all changes
for the separate roads for amounts in excess of $100,000, whether increases or decreases, in both gross and
net.
PRINCIPAL CHANGES IN GROSS EARNINGS IN MAY.
Increases.
Decreases.
$147.829 Chicago Mllw & St Paul.. $367,160
Long Island
131,810 Colorado & Southern__
328,783
Atlantic Coast Line_ _ _ _
123,495 Hocking Valley
313,434
San Pedro Los Ang & S L
103,763 Philadelphia & Reading_
310,257
Florida East Coast
Wabash
308.447
Toledo & Ohio Central
Representing 4 roads
291.350
$506,897 Lehigh Valley
278.797
In our compilation
Decreases. Wheeling & Lake Erie
276,883
Pennsylvania
a$4.151.863 Bessemer & Lake Erie .._
247,122
1,381.243 Buffalo Roch & Pittsb
Baltimore & Ohio
246.264
1,140,383 Chicago & East Illinois._
232.083
Great Northern
West....
224,596
N Y Cent & Hudson Riv b1,108.258 Chicago Sc North
Lake Shore & Mich South 1,028.917 Missouri Kansas & Texas
214,778
775,291 Union RR (Pa)
198.072
Chicago Burl & Quincy
690.270 Chicago & Alton
Northern Pacific
188,312
674.664 Pere Marquette
Duluth Missabe & North
174,402
Denver & Rio Grande_
669.556
Southern Pacific
161,357
561.189 N Y N 11 & Hartford
Pittsburgh & Lake Erie_
159,441
557,305 St Louis Southwestern....
Louisville de Nashville
158,363
499,092 Delaware Lack & West
Cleve Gin Chic & St L
155.149
497,150 Boston & Maine
Erie
152.777
485,854 Vandalia
Atch Topeka & Santa Fe
144.399
481,505 Norfolk & Western
Missouri Pacific
140,586
437,953 Nosily Chatt & St Louis_
Illinois Central
123,245
432,987 Internat & Great North_
St Louis & San Francisco
122,406
431,364 Northern Central
Rock Island
111,089
425.093 N Y Chicago & St Louis..
Duluth & Iron Range
108,093
411.529 Southern
Minneap St Paul & S S M
100,433
409,887
Elgin Joliet & Eastern....
408,874
Representing 51 roads
Union Pacific
in our compilation.. $23,876.788
378.483
Michigan Central
-All the figures in the above are on the basis of the returns filed
Note.
with the Inter-State Commerce Commission. Where, however, these
returns do not show the total for any system, we have combined the
separate roads so as to make the results conform as nearly as possible to
those given in the statements furnished by the companies themselves.
a This is the result for the Pennsylvania RR.,together with the Pennsylvania Company, and the Pittsburgh Cincinnati Chicago St St. Louis, the
Pennsylvania RR. reporting $1,703,636 decrease. the Pennsylvania Company $1,605,621 loss and the P. C. C.& St. L. $842,606 loss. Including
all lines owned and controlled which make montlhy returns to the InterState Commerce Commission, the result is a loss of $4,517,320.
b These figures cover merely the operations of the New York Central
itself. Including the various auxiliary and controlled roads, like the
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate,"
&c., the whole going to form the New York Central System, the result is
a loss or $4.159,853.
PRINCIPAL CHANGES IN NET EARNINGS IN MAY.
Increases.
Decreases,
Chicago & East Illinois__ c$538,658 Erie
$284.464
270,104 Elgin Joliet & Eastern._
NY N H & Hartford_ _ _ _
283,756
220.072 Michigan Central
Northern Pacific
282,140
Florida East Coast
145.485 Western Maryland
245,690
121,568 Bessemer & Lake Erie
Philo Baltimore & Wash..
243,435
San Pedro Los Ang & SL
104,966 Illinois Central
236,046
Texas & Pacific
101,535 Chic St Paul Minn & Om
234,909
Union RR (Pa)
234,443
Representing 7 roads
Atch Topeka & Santa Fe
229,592
in our compilation__ $1,502,388 Wabash
224,725
Decreases. Buffalo Roch & Pittsb
220,384
Pere Marquette
d$2,835,608 Chicago Burl & Quincy..
204,419
Great Northern
996,768 Toledo & Ohio Central_..
191,401
Pennsylvania
M
a777,219 Minneap St Paul&
179,881
Baltimore & Ohio
758,300 St Louis Southwestern
160,722
Southern Pacific
623,047 Union Pacific
152,659
Rock Island
619,968 Hocking Valley
140,290
Duluth MLssabe & North
596,590 Colorado & Southern
136,262
Missouri Pacific
586,074 Detroit Toledo & Ironton
123,695
Lake Shore dr Mich Sou
567,571 Delaware Lack & West.._
114,899
Pittsburgh & Lake Erie_
566,177 Chesapeake & Ohio
113,914
St Louis & San Francisco
535,677 Southern
105,875
Chicago & North West_ _
444,123 Mobile & Ohio
100.595
N Y Cent dc Hudson Riv
b410,910
Duluth & Iron Range_ _ _
343,312
Representing 38 roads
Philadelphia & Reading.
in our compilation..415.420,615
315.075
a This is the result for the Pennsylvania RR.,together with the Pennsylvania Company and the Pittsburgh Cincinnati Chicago & St. Louis the
Pennsylvania RR. reporting $403,776 decrease, the Pennsylvania Campo/tit
$395,369 loss and the P. C. C. & St. L. $21,926 gain. Including all lines
owned and controlled which make monthly returns to the Inter-State
Commerce Commission, the result is a loss of $648,311.
b These figures merely cover the operations of the New York Central
itself. including the various auxiliary and controlled roads, like
the
Michigan Central, the Lake Shore, the "Big Four," the "Nickel Plate"
&o., the whole going to form the New York Central System,
the result 'is
a loss of $2,186,329.
c Improvement due to extra heavy maintenance charges the previous year.
d Due in considerable part to an extra charge for depreciation.
The best illustration of the generally unfavorable character of the results is furnished when the
roads are arranged in groups or geographical divisions. It is then found that every group without
exception shows a contraction in gross and every
group a contraction in net with the single exception
of the New England group. Our summary by groups
is as follows:
SUMMARY BY GROUPS.
Gross Earning.
1914.
1913. Inc.(+)or Deg.
3
11,676,039 12,055,507
-3
79,468 3.15
60,547,116 66,733,428 -6,186,312 9.27
31,570,437 39,017,531 7,447,094 19.08
32,832,114 33,960,508 1,128,394 3.32
52,113,582 58,632,557 -6,518,975 11.12
35,888,618 39,338,356 3,449,738 8.77
14,799,196 15,697,135
-897,939 5.66
-239,427,102 265,435,02226,007,920 9.73
Section or GroupMayGroup 1(18 roads), New England__
Group 2 (84 roads), East & MiddleGroup 3 (66 roads), Middle West....
Groups 4 & 5 (93 roads), Southern__
Groups 6 & 7 (77 roads), Northwest__
Groups 8 & 9 (98 roads), Southwest...
Group 10 (50 roads), Pacific Coast__
Total (486 roads)
[VoL. xclx.
TILE CHRONICLE
160
-Mileage-
1914.
Group No. 1
Group No. 2
Group No. 3
Groups Nos.4 & 5_
Groups Nos.6 & 7
Groups Nos.8 & 9
Group No. 10
1913.
1914.
7,770
26,821
25.951
41,653
67,663
57,755
18,452
7,846
26,646
25,833
41,432
67,209
56,863
13,125
2,928,817
17,201,010
3,302,472
7,985,988
13,053,338
7,549,713
5,607,422
Net Earnings
1913. Inc.(1-)or Dee.(-)
$
2,532,501
+396,316 15.65
20,162,858 -2,961,848 14.69
9,456,540 -6,154,068 65.08
8,653,583
-667,595 7.71
16,356,505 -3,303,167 20.19
10,141,097 -2,591,379 25.55
6,082,551
-475,129 7.81
246,070 243,954 57,628,765 73,385,635 -15,756.870 21.47
Total
NOTE.
-Group I. Includes all of the New England States.
Group II. includes all of New York and Pennsylvania except that portion west
of Pittsburgh and Buffalo; also all of New Jersey, Delaware and Maryland, and
the extreme northern portion of West Virginia.
Group III. includes all of Ohio and Indiana: all of Michigan except the northern
peninsula, and that portion of New York and Pennsylvania west of Buffalo and
Pittsburgh.
Groups IV. and V. combined include the Southern States south of the Ohio and
east of the Mississippi River.
Groups VI. and VII. combined include the northern peninsula of Michigan, all of
Minnesota, Wisconsin, Iowa and Illinois: all of South Dakota and North Dakota
and Missouri north of St. Louis and Kansas City; also all of Montana. Wyoming
and Nebraska, together with Colorado north of a line parallel to the State line
passing through Denver.
Groups VIII. and IX. combined include all of Kansas, Oklahoma, Arkansas and
Indian Territory, Missouri south of St. Louis and Kansas City; Colorado south
of DellVel the whole of Texas and the bulk of Louisiana; and that portion of
New Mexico north of a line running from the northwest corner of the State
through Santa Fe and east of a line running from Santa Fe to El Paso,
Group X. Includes all of Washington, Oregon, Idaho. California, Nevada. Utah
and Arizona and the western part of New Mexico.
BUSINESS CONDITIONS AND TRADE AND TRUST
LEGISLATION.
Contrary to expectations of the Senate Committees on
the Judiciary and Inter-State Commerce, neither of their
respective trust bills-the Clayton omnibus bill and the
bill providing for the Federal regulation of railroad security
issues-was in shape for presentation to the Senate as planned
early in the week, and it was not until Thursday that the
Judiciary Committee was able to announce that its work on
the Clayton bill had practically been completed. The
bill has undergone considerable alteration since it passed the
House on June 5. One change tentatively agreed on by
the Committee, embodied in a newly-drafted matter which
it is proposed to substitute for the first paragraph of Section 9, affects the purchases and other commercial transactions by common carriers in inter-State traffic. This new
portion reads as follows, according to the New York "Times":
After two years from the approval of this Act, no common carrier engaged in commerce shall have upon its board of directors, or as its President,
manager or purchasing officer, or agent, any person who is at the same
time an officer, director, manager or general agent of, or has any direct
or indirect interest in, another corporation, firm, partnership or association with such latter corporation, firm, partnership or association, or with
such persons such common carrier makes purchases of supplies or articles
of commerce, or has dealings in securities, railroad supplies or other articles of commerce, or contracts for construction or maintenance of any kind
to the amount of $50,000 or more in any one year, unless and except such
purchases or dealings shall be with the most favorable bidder for such common carrier, to be ascertained by competitive bidding after public notice
published in a newspaper or newspapers of general circulation, to be named
the publication to be prescribed by,
by,and the time,character and scope of
Commission.
the Inter-State Commerce
shall be received unless the names and addresses of the officers,
No bids
directors and general managers thereof, if it be a corporation, or of the
members, if it be a partnership or firm, be given with the bid.
directly or indirectly, make any commission
If any of said bidders shall,
any bid or shall
or agreement concerning the said bidding or the amount of
prevent any one from bidding or shall do
do or attempt to do anything to
any act to prevent such common carrier from having free and fair competidesiring to bid, then every person, includtion among the bidders or those
and employees of any corporation, firm
ing the officers, directors, agents
voted for or aided and abetted in the act constituting
or partnership who
punished as prescribed in this section.
the said offense,shall be
Every such common carrier having any such transactions or making any
shall within ten days after making the same file with the
such purchases
Commission a full and detailed statement of the
Inter-State Commerce
transaction, showing the manner and time of the advertisement for competition, who were the bidders,and the names and addresses of the direccorporations and the members of the firm or parttors and officers of the
said Commission shall have reason to
nership bidding, and whenever the
violated in and about the said purchases or
believe that the law has been
all papers and documents and its own views
transactions, it shall transmit
or findings regarding the transaction to the Attorney-General.
shall violate this section, every director or officer
If any common carrier
constituting such violation or who
thereof who shall have voted for the Act
abetted in such violation shall be deemed guilty of a
shall have aided or
Otand
confined in
allears,ined ndis excion of th25,00
y be fin the ot creteeding 3e C0ur
eaneeding two
excor and sh
jail not
misd
Another amendment to the bill eliminates the restriction
of certain phases in the interlocking directorate inhibition to
two or more concerns, one of which, has capital and
surplus of at least $2,500,000. This elimination seems to reduce the size necessary to make the interlocking directorates to $100,000. At the same time the heavy penalty
of $100 a day for violation of this provision is dropped out,
with apparently nothing put in its place. Under an amendment made by the Committee to Section 2, it is proposed
to eliminate the individual penalty for the violation of the
prohibition against price discrimination. The Committee
has also agreed to a stipulation in the bill that none of its
provisions shall apply to the Philippines. Section 7, exempting labor unions and agricultural organizations from
the provisions of the Anti-Trust Law, which in the bill as
•t'left-thelHouse hadIread:
•
JULY 18 1914.]
THE CHRONICLE
Sec. 7. TI1st nothing contained in the anti-trust laws shall be construod
to forbid the existence and operation of fraternal, labor, consumers, agricultural or horticultural organizations, orders or associations instituted
for the purposes of mutual help, and not having capital stock or conducted
for profit, or to forbid or restrain individual members Of such organizations,
orders or associations from carrying out the legitimate objects thereof,
nor shall such organizations, orders or associations, or the members thereof,
be held or construed to be illegal combinations or conspiracies in restraint
of trade, under the anti-trust laws
has been changed in Committee so that it now appears in
the following form:
That nothing contained in the anti-trust laws shall be construed to forbid
the existence and operation of labor, agricultural or horticultural organizations instituted for the purpose of mutual help and not having capital stock
or conducted for profit, or to forbid or restrain individual members of such
organizations from lawfullY carrying our the legitimate objects thereof;
nor shall such organizations or members thereof be held or construed to
be illegal combinations or conspiracies in restraint of trade under the anti
trust laws.
161
16. No restraining order, or interlocutory injunction, shall
issue except upon the giving of sesurity by the applicant.
17. Injunctions and restraining orders shall be binding upon
the parties
and all associated with them.
18. No injunctions shall issue in labor disputes unless to
prevent irreparable injury to property or a property right "for
which injury there is
no adequate remedy at law." No such order shall
prohibit strikes, lockouts, peaceful picketing or boycotting, strike benefits or
peaceful assemblage, and those acts shall not be considered violations
of the anti-trust
laws.
19. Any person disobeying a court order so as to violate
a Federal or
State criminal statute shall be prosecuted for contempt.
20. Any person charged with contempt may be tried by
jury upon demand.
21. Contempt cases may be appealed and the defendant admitted
to bail.
22. These provisions shall not apply to contempts committed
in the presence of the Court or so near thereto as to obstruct the
administration of
Justice.
23. Contempt proceedings are outlawed after one year.
The full text of the bill as it passed the House was given
A summary of the bill by sections in its present form, with in our issue of June 13, page 1816.
the Senate Committee changes, is furnished as follows by the
"Tribune" of yesterday morning: [It is proper to state here
The results of a referendum vote on the Clayton omnithat Section 8, which had been agreed to on Thursday, bus bill taken by the Chamber of Commerce of the United
was reopened for further consideration yesterday-Friday. States was made.known on the 11th inst. The attitude of
Sec. 1. The anti-trust laws are regarded as including the Sherman Act the members of the Chamber toward the Inter-State Trade
and provisions of the Wilson Tariff Act of 1894. as amended by the Act of Commission Bill, as ascertained through a referendum
vote,
February 12 1903. "Commerce" means inter-State and foreign trade, was
outlined in our issue of June 6, page 1733. In its anbut "nothing in this Act shall apply to the Philippine Islands."
2. "It shall be unlawful for any person engaged in commerce, either di- nouncements concerning the views on the Clayton Anti
rectly or indirectly, to discriminate in price between different purchasers of Trust Bill, the Chamber says:
commodities,
" sold for use,consumption or re-sale, "with the purpose of in_
The views of
tent to destroy or wrongfully injure the business of a competitor of either organizations the business organizations of the country are indicated by
casting a total vote of 559 in thirty-six States. Some orpurchaser or seller.
such
ganizations cast no formal vote, but notified the Chamber of
"Provided that nothing herein contained shall prevent discrimination in , of the
Commerce
United States that they declined to vote because they regard
legisprice between purchasers of commodities on account of differences in the lation as
uncalled for at this time.
grade, quality or quantity of the commodity sold, or that makes only due
The questions relative to the Clayton Bill submitted
allowances for differences in the cost of selling or transportation, or discrimination in price In the same or different communities made in good faith to referendum
and the votes were as follows:
to Meet competition and not intended to create a monopoly, and
1. The committee recomniimds that
there should be no attempt by
"Provided. further, that nothing herein contained shall prevent persons statute to
forbid discriminations in prices of oommodities. In favor,
531;
engaged in selling goods, wares, or merchandise in commerce from select- opposed. 22.
ing their own customers in bona fide transactions and not in restraint of
2. The committee recommends that a
proposal to compel persons contrade."
trolling the product of mines to sell to
all applicants "who may be re3. House provision prohibiting producer of coal, gas op electricity from sponsible" is
wrong in principle and unworkable in practice. In favor.
refusing to sell to responsible purchasers entirely stricken
527;
opposed, 32.
out.
4. No person shall lease or sell patented or unpatented commodities "for
3. The committee recommends that there
should not be statutory prouse, consumption or re-sale," or give favors as to price "on the condition. hibitions of
conditions accompanying sales and leases to the effect that
agreement or understanding that the lessee or purchaser thereof shall not buyers or
lessees cannet handle or use the products of competitors.
In
use or deal in the commodities of a competitor or competitors of the lessor favor, 514; opposed,
35.
or seller."
4. The committee recommends that the final
decree in an equity suit
5. Any person whose business is injured by offenders against the anti- brought by the
Government which establishes the existence or the nontrust laws may recover three-fold damages, costs and reasonable attor- existence of a restraint
of trade or of a monopoly should be conclusive
mey's fees "in the district in which the defendant resides or is found and has evidence as to the
same general fact in private actions brought against the
an agent."
same defendants under the anti-trust laws. In
favor.
6. A final judgment or decree in a Government trust suit shall be prima
5. The committee recommends that the interlocking484; opposed, 62.
of directors among
facie evidence against the defendant in any suit brought by any other competitive business corporations,
including railroad corporations, should
party "as to all matters respecting said judgment or decree would be an be prohibited, regardless of the
size of the corporations, if elimination
estoppel as between the parties thereto." The statute of limitations shall of competition among the corporations in question
would constitute a
be six instead of three years.
violation of the Sherman Act. In favor, 491; opposed, 41.
7. The anti-trust laws shall not forbid "the existence and operation of
6. The committee recommends that interlocking of officers
and direclabor, agricultural or horticultural organizations or their members from tors between railroads and industrial businesses with which
they transact
lawfully enrying out the legitimate objects thereof; nor shall such or- a substantial volume of business (for example, in the relation
of buyer and
ganizations or the members thereof be held or construed to be illegal seller) should be prohibited except in such instances as the Inter-S
tate Comcombinations or conspiracies in restraint of trade, under the anti-trust merce Commission may determibe are nor detrimental to the
public interest. In favor, 494; opposed, 33.
laws."
7. (a) Should interlocking of officers and directors
8. No commercial corporation shall acquire an interest in another combetween railroads and
mercial corporation if the effect is to "substantially lessen" competition. ,,bankers with whom they have financial transactions be entirely
prohibited?
Holding companies which operate to lessen competition are prohibited. In favor, 77; opposed, 129.
(b) Should there be legisjative prohibition
But the purchase of stock for investment and the formation of subsidiary
of such interlocking with a
provision that a finding of the Inter-State
corporations are permissible when competition is not lessened.
Commerce Commission to the
The law shall not be construed to prohibit a railroad from acquiring or effect that inn particular instance there was no detriment
to the public inaiding in the construction of a branch or short line with which it does not terest would prevent illegality in that instance? In
favor, 54: opposde.91.
(c) Should there be legislallton in a form
compete substantially, but "nothing contained in this Section shall be held
which would not pronounce illegal
to affect or impair any right heretofore legally acquired; Provided, that existing situations but would authorize the Inter-State
Commerce Commisnothing herein shall be held or construed to authorize or make lawful sion upon finding it a detriment to the public interest
in any interlocking
to order that it be terminated? In favor,
anything prohibited and made illegal by the anti-trust laws."
320; opposed, 42.
8. (a) Should the propositions involved
9. No railroad officer or purchasing agent shall have any interest in
in preventing centralization of
any concern dealing In rail securities or supplies to the amount of $50,000 credit be referred for investigation
and
or more a year, unless purchases are made by competitive bidding under the Reserve Board or tome other competent recommendation to the Federal
body? In favor, 440; opposed, 43.
(b) Should these problems be the
supervision of the Inter-State Commerce Commission. Violations shall
subject of immediate legislation, for
be reported by the Commission to the Attorney-General and corporation example, in the form of a prohibition
of interlocking of officers or directors
officers responsible for the offenses shall be fined not exceeding $25,900 among banks if any bank in question
is of a certain size? In favor, 38;
or imprisoned not exceeding two years.
opposed. 101.
No person shall be a director of two or more commercial corporations
9. The committee recommends that corporate
ownership of stock dihaving capital, surplus and undivided profits aggregating more than $1,000.- rectly or indirectly of competitive
corporations should be prohibited if
000, if they are or have been competitors, or if an tiltmlnation of com- elimination of competition
among the corporations in question would conpetition by agreement would violate the anti-trust laws.
A person eligible stitute a violation of the Sherman Act,except in such instances as the Interas an interlocking director under these
terms may serve one year, even State Trade Commission (or the Inter-State Commerce Commission in
if changing conditions make him
the case of railroads) decide are not
ineligible for re-election.
detrimental to the public interest.
Compliance with the provisions of Sections
2, 4, 8 and 9 shall be en- In favor, 432; opposed. 75.
forced by the Inter-State Commerce
10. The committee recommends that there should
Commission and the Federal Trade
not be an attempt to
Commission, The Commission
regulate the shares of stock issued by corporations engaged in
inter-State
ing upon thirty days' notice, shall investigate offences, and,after a hearif it shall decide the law is being violated, it commerce. In favor, 445; opposed,
74.
shall issue an order that
the concern desist within a stated time. This
order is enforceable by
injunction
10. Any proceeding under the process in the district courts.
anti-trust laws may be brought against
Some keen observations as to the effect of the trust legis•
corporation in the judicial
a
district in
"transacts any business", and process which it has its situs or where it lation now before Congress on business were contained in an
may be served wherever the corporation is found,
address made by Lincoln Cromwell of William Iselin & Co.
11. Subpoenas for witnesses in an
anti-trust suit in one district maY run at the semi-annual meeting of the Jobbers' Association of
into any other district.
Knit Goods Buyers, held at the Waldorf on Wednesday.
12. Violations of the anti-trust laws
by a corporation shall be "deemed
to be also that of the individual
directors, officers or agents- responsible His remarks were in part as follows:
for the offences.
We shall continue to trade from hand to mouth until the railroads are
13. District courts may issue
temporary restraining orders.
prosperous again and able to set men to work building them cars and loco14. Any person may obtain injunctive
relief from threatened damage by motives, making than rails and roadbeds, and then to set their own disviolation of the anti-trust laws.
charged thousands at work carrying a normal tonnage. Business will con15. No preliminary injunction shall
be issued without notice to the op- tinue slow until the
public lias recovered a faith in the railroads, dreadfully
posite Party, and no temporary restnaining
order shall be issued without shaken by the New Haven scandal, and until legislatures stop introducing
notice unless irreparable damage from
delay be shown by affidavit.
2.000 bills a year to harass the roads, hurting their credit and their buying
162
THE CHRONICLE
of their stockholders. Business will
power, to say nothing of the pockets
loading it with new conditions of uncontinue slow while politicians keep
certainty.
for the courts to tell business men the
It has taken twenty-four years
-Trust Law,drawn by one of the ablest lawyers
meaning of the Sherman Anti
yet here is President Wilson, who is
ever in the United States Senate, and
with his new trust legislation, so vague
neither a lawyer nor a business man,
knows what it means in its exempas yet that nobody in or out of Congress
its suppression of unfair trading. Mr.
tions of labor and farmers and
is going to set all doubt at rest and
Wilson tells us that this new program
to prosperity. So it will, if labor unions
give us a plain chart for a course
and do not test them by strikes and
make no use of their new exemptions
if farmers do not combine successfully
boycotts to put up wages. So it will
it will if manufacturers can afford to sit
to put up cotton and corn. So
advanced by these combinations and
still while wages and materials are
to put up prices. This new
merchants can make no common cause lawfully
our books, to get at every deTrade Commission is empowered to examine
from any ways which it decides are
tail of our business, and to restrain us
country to confer on men as yet
unfair. That is a very new power in this
es and prejudices. It may free
unknown, of unknown standards, sympathi
law is already sufficient to dissolve
us from some injustice, but when the
kinds of unfair trading, and to
the Thread Trust and to enjoin its fifteen the Tobacco Trust, it puzzles
unearth the New Haven scandal and dissolve
me to know what more law is needed.
s and high moral purThis Trade Commission starts in good intention
has most Government Meddling
pose. So did the Spanish inquisition. So
ns and theorists control It with their
with business customs. But let politicia
which built up our wonderful
fads and demagogy and the independence
to a business man to get
commerce will end in a blight. It is slow poison
to get into a man's business,
Into politics, but it is hitri kari for politics
d by public opinion—the one
This Commission will in the end be controlle
, ex-Presidents and Presidents.
force which controls legislatures. Congress
to see that this Trade ComWe business men cannot ignore our duty
to honest merchants rather
mission is kept along lines which are helpful
have our hands on the pulse of trade
than to theorists and politicians. We
customers, and wield an influence through them
through our salesmen and
bread and butter that prosperity
for the public good. It is more to us than
will be sanctioned by a trade comshould prevail through methods which
as merchants working for
mission and a higher tribunal. It is our duty
as citizens keen for the country's wela steady prosperity and it is our duty
Dry Goods Association is active
fare to see that this National Wholesale
feeling and local prejudice
with other organizations in keeping fads and class
ion with its inquisitorial powers.
forever out of this Federal Trade Commiss
" may be better than the old which made thirteen
Then the "New Freedom
ittle colonies into our groat Republic.
Discussing the possibility of Government ownership of
the railroads, he said:
States, and Govern-
There are 1.800,500 railway employees in the United
can dement ownership would solidify this body and make it a unit that
was a single unit of any
mand and get everything it wants. There never
of a million ever went
kind in any country that equaled it. No army
its demands. If the
Into the field. There would be no force to oppose
it the situation would be entirely in its power.
militia were ordered against
would remark that the
The railway engineers that now get $200 a month
so they would demand
lawyer they hauled into town got $5,000 a year,
Life depends nowadays
that salary, or more If the fancy struck them.
is brought by transportation.
on railroads. Every crumb city dwellers eat
Declaring that railroad freight rates have had absolutely
inno appreciable effect in increasing the cost of living of
dividuals, Mr. Underwood pointed out that the freight
is 4.7
on a pound of meat from Kansas City to New York
mills—less than half a cent, and yet, he added,"the butcher
charge
who puts a fancy price on the meat says the freight
made it necessary."
Supplementing the conferences had by him during the
past few weeks with business men, President Wilson re
ceived another delegation on Wednesday. Those whom
he met this week represented the commercial interests of
Kansas City, Mo., and were R. A. Long, Charles S. Keith
and J. B. White. In their discussion of the pending trust
bills they are said to have urged upon the President the elimination of the Clayton definitions of "unfair" trade practices
from the Administration anti-trust program. S. R. Bertron, of Bertron, Griscom & Co., of New York, was also
to have had an interview with the President this week, but
because of Mr. Wilson's indisposition on Thursday their
meeting has been deferred until next week.
The following letter, announced as emanating from one
of those who made up the delegation representing the Chicago Association of Commerce which conferred with President Wilson last week, was given out at the White House
on the 13th inst.:
July 10 1914.
My Dear Mr. President:
a manufacturer I have watched with increasing anxiety reductions in
As
our working force and dreaded the results I feared would follow the Passage
of the anti-trust bills as they came from the House.
I cannnot express to you my relief after and gratification over our meeting with you Wednesday. I am sincerely thankful to have been chosen
as one of the members of the committee, and personally thank you for your
kindly, considerate hearing. I have returned much more hopeful of an
early return to better business conditions, and my first duty has been to
give instructions to immediately increase operation at one of our plants from
6 to fully 100% capacity, and to prepare the other works for maximum
eration just as quickly as improved conditions permit.
onday next the men commence to benefit from these instructions, and
may be assured of heartiest co-operation in every way that will hasten
return of prosperity to all our people.
With renewed expressions of appreciation of your kind reception and
y regard. believe me,
Faithfully yours.
The Honorable, the President of the United States, Washington, D. C.
To automobiles, moving picture shows and "fool" legislation is laid the present disturbing business condition by
President F.D.Underwood of the Erie RR. In an interview
at his summer home at Milwaukee on the 16th inst. Mr. Underwood is quoted as saying:
are only
one evidence
The automobile craze and the moving picture habit
the fool law-making is another
of the existence of a human unrest, of which
rs do what the people want and do it whether
symptom. The lawmake
it is right or wrong.
the hostile attitude of the people
The railroad men first laughed at
the claim that freight rates are respontoward the railroads and ridiculed
They ridiculed, but did not try to answer,
sible for the high cost of living.
an effect, the railroads are trying to tell the
Now,when it is too late to have
their explanations of the true conditions, but
people their mistakes, make
amuck, will not hear. Business depression
the public, like a dog running
because legislative interference with
Is due to the attacks upon the railroads
all extensions. This is the cause
the railroads has caused them to stop
of slowing up business.
[VOL. X€ IX.
THE FEDERAL RESERVE APPOINTMENTS AND
DISTRICTS.
majority report of the Senate Committee on
The adverse
s D.
Banking and Currency on the nomination of Thoma
o as a member of the Federal Reserve Board
Jones of Chicag
ock on the 15th
was filed by Acting Chairman Hitchc
on the
As indicated last week, the Committee
Inst.
report the nomination unfavorably.
9th inst. decided to
by Senator
On the 14th inst. a motion was offered
make public the record of Mr. Jones'
Hitchcock to
ng day
testimony before the Committee, and on the followi n. A
was adopted by the Senate without a divisio
this
14th
motion was also made by Chairman Hitchcock on the
ted in open
to have the debate on the appointment conduc
The
sessions of the Senate; action on this went over.
the
situation as to Paul M. Warburg's nomination to
we anBoard has not changed since last Saturday, when to post9th)
nounced that the Committee had voted (on the to appear
consent
g
pone action until Mr. Warbur should
tion.
befo e it and submit to examina
nce had been
Reports on Thursday afternoon that a confere
y
with Senator Hitchcock by Representative Oglesb on
had
Warburg were dispelled by both Messrs.
behalf of Mr.
Warburg and Oglesby; with the publication of the rumors
g sent to Congressriaan Oglesby the
on the 16th Mr. Warbur
following telegram:
which will doubtfrom
Washington
shown a dispatch
I have just been
-morrow's papers stating in substance that you have
less appear in to
with Chairman Hitchcock looking toward
opened negotiations in my behalf
before the Committee and that you stated that my unmy appearance
the Committee was due to my fear as to the
willingness to appear before
that this report is incorrect and I very
scope of its questions. I am sure
time to prevent its publication in tohope you will correct it in
much
it clear that I neither authorized nor encouraged
morrow's papers. making
very important that this should be done
negotiations on my behalf. It is
, inasmuch as the report which has already been sent
clearly and promptly
on of
incorrect statement of my position, the publicati
out is an entirely
regret.
I should sincerely
which
was as follows:
er
Representative Oglesby's rejoindreport.
I have not opened neon whatever for the
There is no foundati
Purpose whatever with any one. I could
gotiations in your behalf for any
you to take
reason that I have never been authorized by
not do so for the
on this or any other matations of any character to any one
any represent
your position and could not, inasmuch
attempted to state
ter. I have not
than what has appeared
knowledge what your position is other
as I have no
Hitchcock has been correctly
prints. I cannot believe Senator
In the public
reported.
the following correspondence between
On the 10th inst.
Senator Pomerene of the Committee on
Mr. Warburg and
on Mr. Warburg's nominaBanking and Currency bearing
public:
tion was made U
UNITED STATES SENATE.
ment.
Committee on Civil Service and Retrench
June 24 1914.
Kuhn.Loeb & Co., New York City, N. Y.
Paul M. Warburg,
Mr.
member of the sub-committee of the Committee on Banking
Dear Sir.-'A
tion your nomination,
of the Senate, having under considera
and Currency
follows:
under date of.June 22 as
writes me
to know when Mr. Warburg's connections began with
"I would like
and what his views are upon the methods of financing
Kuhn. Loeb & Co.,
l enterprises; and what of these enterprises have been
railroads and industria
Loeb & Co. since his connection with the firm. What
financed by Kuhn,
as to the legitimacy of the financing of the Alton system by
are his views
and Stillman; his views of the reorganization of
Harriman. Gould, Schiff
Rock Island. the New Haven.and the consolidation and fithe 'Frisco, the
Trust and similar concerns?"
nancing of the Steel
of June 23 as follows:
And under date
the information I asked you yesterday in regard to Mr.
"In addition to
like to know how much ntoney the firm of Kuhn, Loeb
Warburg. I would
think that is
loaned the New York & New Jersey Tube Co.—I
& Co. has
Mr. McAdoo
of the institution; how much, if any, it has loaned citizen of the
the name
a
business associates; when Mr. Warburg became
and his
much he or the firm of Kuhn. Loeb & Co. contributed
United States; how
political
ifany.,—Also what are his
emocra nianticcamy
ns ana
i
a3
tf
P.S.
times and where hehas voted for Congressmen
how
affiliations,
and President.''
JULY 18 1914.]
THE CHRONICLE
The Committee will appreciate any information that you may see fit to
give It in answer to the above quoted letters.
Very sincerely yours,
(Signed) ATLEE POMERENE.
163
Mr. Warburg. His pre-eminent equipment,
the large sacrifice he Is making
in order to be of service to the country at
this
necessity of making the Currency Law successfuljuncture, and the urgent
from the start, all make
his prompt confirmation a matter of supreme
public importance.
(Signed)
SETH LOW.
June 26 1914.
Hon. Atlee Pomerene. United States Senate, Washington, D. C.
With regard to the majority report of the
Hear Sir—Referring to your letter of the 24th instant, submitting to
Senate Comme some questions put by a member of the sub-committee of the Com- mittee dealing adversely with Mr. Jones'
nomination, Senamittee on Banking and Currency of the Senate, I beg to advise you as tor Weeks, one
of the members of the committee, issued
follows:
on
In order to deal intelligently with the questions it is necessary' that they Thursday the following statement:
The majority report in the case of the confirmati
subdivided.
should be
on of Thomas D. Jones
First question—"I would like to know when Mr. Warburg's connection was filed yesterday before I had an opportunity to examine it with
care.
I find It contains matter which seems to me to
began with Kuhn, Loeb & Co." **•
be
Answer—In October 1902, when I became a member of the firm, shortly this case, therefore I am giving out the following foreign to the issue in
as a brief statement of
after coming to this country from Hamburg. Germany, where I had there- my reasons for opposing this confirmation:
tofore resided.
April 14 1909 Mr. Jones, at the request of Mr. McCormic
k. President of
Second question—**"and whathis views are upon the methodsoffinancing the International Harvester Company,purchased one share
of stock and was
industrial enterprises; and what of these enterprises have elected a director of that company. He
railroads and
has continued to serve as such since
been financed by Kuhn, Loeb & Co. since his connection with the firm. that date. During its life this company, which in its
operations is subWhat are his views as to the legitimacy of the financing of the Alton System stnatially a monopoly, has been and seems to continue
to be a flagrant
by Harriman. Gould, Schiff and Stillman; his views on the reorganiza
violator of the law. It has been fined or forbidden, as
tion
a result of
of the 'Frisco, the Rock Island, the New Haven, and the consolidation tion, to do business in Kansas, Kentucky, Texas and Missouri. court acIt is now
and financing of the Steel Trust and similar concerns?"
being prosecuted by the National Government in the District
Court of MinAnswer—In order to give my views upon the methods of financing nesota for violations of the Sherman
Anti-Trust Act in its formation and
railroads and industrial enterprises it would be necessary for me to write is charged with having continued
in its operations to violate it down to
a lengthy essay. While, broadly speaking, one might say that in financing and including the year
1912.
railroads and industrial enterprises care must be taken that fixed charges
The suit which the Government is now prosecuting
makes not only the
do not exceed a safe proportion of the net earnings; that the obligations company itself but all of its directors parties
to it. Therefore, if one
be well secured by actual value, and that due provision be made for the director Is guilty of wrong-doing, all who
have served during this period
future growth of the properties, any such statement, in order to be of are equally guilty.
value, would have to be reviewed from a different angle in each individual
Mr.Jones, in his testimony before the Committee on
Banking and Curclass of cases. Railroads in thickly settled sections of the country are rency, stated that he was
familiar with the activities of the company
different Propositions from railroads in undeveloped territories; industries since he became a director
and that they had his entire approval. It
In staple or well-known products require a different point of view from therefore seems that he has
not only been one of the active directors of
industries manufacturing untried products or articles of luxury.. A coal the company
which has violated the law, and has been forbidden to
do
mine and an automobile factory cannot be covered by one rule. More- business in various States,
but is being charged, and the case Is still pendover, different methods apply in a nation's life during a period of rapid ng, with the violation
of the national law. It does not seem to me that
development than at a later stage of settled conditions.
under such circumstances, whatever
may be Mr. Jones' merits or qualiThe Federal Reserve Bank system cannot deal in nor grant advances fications in other
ways, that he is eligible for appointment to any important
upon bonds and stocks of corporations; bond and issuing houses cannot Governmental position
and that he will not be, at least until the case
become members of the system, and I fail to see the pertinency
of the before the District Court of Minnesota has been tried and the issue
deterquestion and do not see my way to answer it in more than
this general mined.
fashion. I might add, however, that my general views
are fairly well
The following telegram urging Mr. Jones' confirma
known to leading business men and economists, and that
tion
I have publicly was
sent to the President under date of the 14th inst. by
stated them with regard to some phases of this question as early
as 1908
In an article entitled "American and European Banking Methods Com- business interests of
Chicago:
pared," (pages 143 to 147), of which I inclose three copies.
"We, the undersigned, doing business in the
city of Chicago, take this
Most of the transactions specifically mentioned by your associates (such opportunity and this
means of recording our hope that the Senate may
as the Chicago & Alton, the United States Steel, and the Rock Island) confirm, without further
delay, your appointment of Mr. Thomas D.Jones
were carried through before I came to this country and
for none of the as a member of the Federal Reserve Board. We believe that the one
transactions named (other than the Chicago &
thing
Alton) was my firm the which induced Mr. Jones to accept the appointment was a
patriotic desire
bankers; but quite apart from these considerations I would,
for reasons to co-operate with your Administration to the end that the currency law
which I am sure will occur to you, be unwilling to enter
upon such a dis- may be administered in a way to be the greatest good to the people. We
cussion of the business transactions of others as would
be involved in believe him to be in every way qualified to serve the country in the place
answering your associate's questions. Of course, with the
aid of hindsight, to which you have appointed him. He is recognized in this city as a man
which is so much easier than foresight, it would not be difficult
for me to of high character, comprehensive ability and sound business judgment,
give as my judgment what meanwhile may have
become established In and if such an appointment fails of confirmation it will certainly be difficult
the case of some of the enterprises by such events as receiversh
ips or to find for the more responsible appointive positions persons both qualified
reorganizations, but I should be unwilling to have
such an expression of and willing to act."
judgment on my part used in connection with the considerat
ion of my
The message was signed by Defrees, Buckingham &
name for a public office—an office which I have not sought, which I am
Eaton, Marshall Field & Co., Carson, Pixie, Scott & Co.,
not seeking now, and the dignity of which I am desirous to preserve,
being
particularly mindful of the important precedent that we are creating with the Cudahy Packing Co., Hibbard Spencer,
W. F. Mcregard to future members of the Federal Reserve Board.
Laughlin & Co., Butler Brothers, Sears, Roebuck & Co.,
Third Question—"I would like to know how much money the firm
of Kuhn, Loeb & Co. has loaned the New York & New Jersey Tube Co.— Frederick A. Delano, American Radiator Co., Steele Wedel&
I think that is the name of the institution—how much, if any, it has loaned Co., John V. Farwell Co., Sprague Warner &
Co., James B.
Mr. McAdoo and his business associates ?
"
Clow & Sons, Hart, Schaffner & Marx, Bartlett & Co.,
Answer—Ordinarily I would not be free to answer a question as to loans
which my firm has made to its customers. It happens, however, that I Franklin MacVeagh & Co., Selz Schwab & Co., Rosenwald
am free to answer this question, Inasmuch as my firm has never made
any & Weil, Rand, McNally & Co., Montgomery Ward & Co.
loans to the corporations to which your associate refers, nor to Mr. McAdoo.
nor, as far as I know, to any of his business associates. Our only con- and Burley & Co.
nection with the Hudson & Manhattan Tube enterprise was as readjustThe Federal Organization Committee gave out the names
ment managers with two other banking firms, under the
plan and agreement dated January 14 1913, and as syndicate managers
with the same of those whose election as directors of the various Federal
associates under an agreement of the same date, of both of
which agree- reserve banks is already assured;
the list is as follows:
ments I enclose printed copies. I feel free to furnish these
copies inasmuch
District No. 1 (Boston).—Class A, Thomas P. Beal, Boston,
as they are practically public property. This
reorganization was underDistrict No. 2(New York).—Class A,William Woodward
taken by us at the request of important holders of
, New York.
securities of the old
District No.3(Philadelphia).—Class A, Charles J. Rhoads,
Hudson & Manhattan Railroad Co., the financial position
Philadelof which had phia; Class B, Alba B. Johnson, Philadelph
become involved. Since the consummation of the
ia.
plan for the readjustDistrict No. 5 (Richmond).—Class A, Waldo Newcomer,
ment of the debt of the Hudson & Manhattan
Baltimore;
Railroad Co., one of my John F. Bruton, Wilson,
N. C., and Edward Mann, Bluettelds, W. Va.
partners has been a director of that company.
Class D. George J. Seay, Richmond; D. R. Coker, Hartsville, S. C., and
Fourth Question—"When Mr. Warburg became
a citizen of the United J. F. Oyster, Washingto
n.
States ?"
District No. 7 (Chicago).—Class A, George M. Reynolds,
Answer—I became a citizen of the United States
Chicago.
March 21 1911, the
District No. 8 (8t. Louis).—Class A, Walker Hill, St. Louis. Class
declaration of my intention to become a citizen
B,
having been filed in Novem- Murray Carlton,
St. Louis.
ber 1908.
District No. 9 (Minneapolis).—Class A, E. W. Decker. Minneapolis.
Fifth Question—How much he or the
firm of Kuhn, Loeb & Co. conClass B. F. R. Bigelow, St. Paul.
tributed to tho last Democratic campaign,
if any?
District No. 10 (Kansas City).—Class A, Gordon Jones. Denver; Class
Answer—My firm, as such, makes It
a rule not to contribute to campaign funds, and did not contribute,
nor did I, although upon my return B, M. L. McClure, Kansas City.
from Europe shortly before the
District No. 11 (Dallas).—Class A, Oscar Wells, Houston, Texas.
election I offered to contribute
but was told that no further
62.500, Class B, Marion Sansom, Fort Worth, Texas.
contributions were needed.
Sixth Question—P. S. Also what
are his political affiliations, and
In submitting the above list the committee said:
many times and where he has
how
voted for
"Under the provisions of Section 4 of the Federal Reserve Act a candidate
Answer—Prior to the last Presidenti Congressmen and Presidents ?
al election my affiliations
receiving a majority of the first choice votes for Class A or Class B direcwere with
the Republican Party. Since I became an
tors in the several Federal reserve banks, is declared elected. If no candibut one election for Congressmen and American citizen there has been
President
-choice votes, the first and second choices
---the election of 1912 date receives a majority of first
I was not qualified to vote
at that election because
are added together and the candidate receiving the majority of the aggregate
had not been able to
.
register by reason of absence in Europe.
iirst and second choice votes is declared elected. If no candidate receives
I beg to remain, with assurances of high esteem,
a majority of the first and second choice votes, the first, second and third
Faithfully yours,
choices are added together and the candidate receiving the highest number
of the aggregate first, second and third choice votes is declared elected.
PAUL M. WARBUR
Seth Low, President of the New York Chamber of G.
"Under the preferential ballot system, therefore, where the electors vote
their first, second and third choices, as required by the statute. there is
merce, in a telegram to President Wilson endorsing his Com- certain
to be an election on
stand
with respect to Mr. Warburg's confirmation by the Senate, "The ballots as received the one ballot. in a register kept for
are being listed
that
Purpose. In a number of Instances candidates have already received first
says:
choice votes of more than a majority of all member banks in the
Both officially as President of the New York Chamber of Commerce
respective
and group.
personally, I am glad you propose to contend for
the confirmation of but suchAccordingly, the votes still to be received cannot alter the result,
candidates will, necessarily, be declared elected."
164
THE CHRONICLE
INCOME TAX RULES AND DECISIONS.
the
The following decision relative to the collection of
failure to pay the income tax within the allotted
penalty for
Osborn
time was issued by Internal Revenue Commissioner
June 26:
on
REMIT WITHIN
PENALTIES WHERE DELINQUENTS FAIL TO
REQUIRED TIME.
(T. D. 2,003.)
Assessments.
July 1, unless payment
Demand and notice. Form 17, to be served on
made on or before June 30, or on the day following
of assessments is not
-day period in the case of corponations which
the termination of the 120
case of delinquents where
have designated fiscal years, held to apply in
on which taxes are to be paid in the
their returns are filed prior to the date
ordinary course.
TREASURY DEPARTMENT.
Office of Commissioner of Internal Revenue.
Washington, D. C., June 26 1914.
collector, Second District, New York, N. Y.
10th inst. relative
Sir-r-This office Is in receipt of your letter of the
Co.
to the collection of the five per cent penalty against the
cent penalty within ten days
for failure to pay the income tax and fifty per
and notice on Form 1,7.
after the service of demand
You were advised under date of lune 12th that the five per cent penalty
does not attach until ten days after the service of the demand and notice
and in no event until ten days after June 30 and you call attention to
Mire. 991, under date of January 22 1914, in which collectors are directed
to issue promptly Form 17 in cases of assessments for special excise and
Income taxes where the tax assessed is for overdue or additional taxes or
where the required return is not filed within the time specified in the
statute, as in such cases the right to 30 days notice (Form 627) has been
forfeited.
You are advised that this Office is of the opinion that the cases referred
to in the law where the assessments should be made by the Commissioner
of Internal Revenue and paid immediately upon notification of the amount
of such assessment relate to delinquent corporations who have failed in
file returns until after the final day on which taxes should be paid in the
regular course. viz., June 30. Under this construction, therefore, it will
be seen that in cases of individuals and corporations whose delinquency
-day
was disclosed prior to July 1 or prior to the termination of the 120
period following the day when the return was duo to be filed, the demand
and notice on Form 17 should not be served until July 1 or on the day
-day period after the return was due and
following the termination of the 120
the five per cent penalty should not be demanded until the expiration of
-day period following the service of such demand and notice. Where,
the 10
however, such demand and notice has been served and paymcbt of the
five per cent penalty made before the termination of the ten-day period
following Jane 39, the corporations by whom such payments have been
made should be advised of their privilege to file claim for refund.
All rulings or decisions in conflict with the above are hereby overruled.
Respectfully,
W. II. OSBORN,
Commissioner of Internal Revenue.
Approved:
W.01. McADOO, Secretary of the Treasury.
THE PROPOSED TREATY WITH COLOMBIA.
A statement defending the pending treaty for the settlement of the differences between the United States and the
Republic of Colombia, arising out of the separation of Panama from Colombia, was issued by Secretary of State Bryan
on the 12th inst. The text of the treaty, which contains an
expression of regret "that anything should have occurred to
interrupt or to mar the relations of cordial friendship that
had so long subsisted between the two nations," and provides
for the payment of $25,000,000 to Colombia by the United
States, was published in the Chronicle" of June 27, page
1965. In the same issue there also appeared a statement by
ex-President Roosevelt in criticism of the pending proceedings. Secretary Bryan declares that it is necessary to discuss only the fact that an estrangement exists, and not the
events which gave rise to the differences; and that regardless
of whether Colombia has a just grievance against us, no one
would deny that it sustained great financial loss, considerably
more than the $25,000,000 payment proposed, through the
separation of Panama. As to the expression of regret on
the part of the American Government, to which opponents
of the treaty have objected, the Secretary asserts that this
is almost identical with a similar expression in the DuBois
memorandum on the basis of which the Taft Administration
unsuccessfully sought to placate Colombia.
Mr. Bryan's statement in full is as follows:
As the terms of the Colombian treaty have been published and are now
before the Senate for ratification, the following statement may assist the
public to form an opinion upon the merits of the question:
The present Administration found an estrangement existing between the
United States and Colombia—an estrangement that has continued for
nearly thirteen years. As the normal relation between nations is one of
friendship, it is desirable that differences shall be adjusted and cordial
relations resumed. It is not necessary to discuss the events which gave
it does not matter which party was an
rise to this estrangement, because
and this is the fact that must be dealt with
fault. The estrangement exists,
Colombia has all along insisted upon arbitration. If this nation were
not be necessary to discuss terms of settlement,
willing to arbitrate, it would
the parties accept the finding of the arbitrators
because in case of arbitration
differences according to the terms prescribed. It is not
and settle their
however, to settle by arbitration questions like those
the policy of nations,
United States and Colombia, and, as arbitration is not
arlaing between the
settlement must be made by dkect negotiations. Our
resorted to, the
larger nation, and having refused to arbitrate.
nation, being much the
of doing justice to Colombia. Not only
takes upon itself the responsibility
[VoL. xduc.
Is it our duty to do justice to Colombia, but, in case of doubt as to what
is just, we must resolve that doubt against ourselves and in favor of Colombia.
Colombia feels that she has been aggrieved, and whatever may be said
as to whether or not this feeling is justified, no one will deny that she has
sustained great financial loss in the separation of Panama from her. Before the separation took place this Government offered Colombia $10,000400 for the canal route and $250.000 a year for 100 years. This annuity
might be capitalized at about $2.500,000, so that this Government's estimate of the loss suffered by Colombia could not be less than about $17.500,000. But that estimate was made upon the supposition that Colombia
would retain the State or Department of Panama. The retention of Panama would have given to Colombia not only the value of Panama, but the
incidental benefits to be derived from proximity to the canal. We cannot
deny, therefore, that the actual loss to Colombia was considerably more
than 825,000,000.
But we have a later estimate to consider, namely that placed upon the
loss by the preceding Administration. While there is a dispute as to
whether Mr.DuBois eareeded his authority in the proposition that he made,
there is no doubt that ho was authorized to make known to Colombia that
the United States would offer as a basis of a treaty, if assured of acceptance
by Colombia. $10,000,000 for the Atrata River canal route and arbitration
of the reversionary interest of Colombia in the railroad. This reversionary
Interest was valued at about 816,000,000. which would have been the sum
awarded to Colombia if the arbitration was decided in her favor. The
810.000,000 for the Atrata route—and the 810.000,000 was evidently intended more as liquidated damages than as the price of the canal route—
together with the value of the reversionary interest In the railroad would
amount to $36.000,000.
But Mr. DuBois went further than this and suggested arbitration of
canal lease, which might have added some $17,000,000 more, and then.
upon his own responsibility, in order to sound Colombia as to her demand,
asked if she would consider $25,000,000, with the arbitration of the reversionary interest in the railroad and without granting any privileges whatever. This question, while unauthorized, could not but create in the minds
to go
of the people of Colombia the idea that this Government was willing
further than its formal offer.
Reference is made to what has been done because former estimates cremore
ated expectations which macje it impossible to secure a treaty on
favorable terms than those embodied in the present treaty. The canal
and canal zone concessions contained in the treaty are substantially those
-Cortez treaty, which was not ratified by Colombia,
embodied in the Root
and the expression of regret is identical in meaning and almost identical
in words with the expression of regret to be found in the DuBois memorandum.
If cordial relations are to be restored with Colombia, they must be restored on a basis that is satisfactory to Colombia. Friendships cannot rest
of might.
upon force; neither can they rest upon acquiescence in the power
Even if Colombia, under protest and against the judgment of her people,
accepted a less sum than that which we offer, it would not restore the relations that ought to exist. We must satisfy their sense of Justice, although
In every settlement there
a less sum might satisfy our sense of justice.
More than the
must be concessions, and our Government has not conceded
requirements of the situation demand.
will restore the friendly relations
The ratification of the Colombian treaty
which for a century preceding 1903 existed between Colombia and the
United States. It will also enable Colombia and Panama to settle tbeir
differences and deal with each other upon a neighborly basis. More than
that,it will give prestige to the United States throughout Spanish-America.
This nation can afford to be just; even more, it can afford to be generous
in the settling of disputes, especially when by its generosity it can increase
the friendliness of the many millions in Central and South America with
whom our relations become daily more intimate.
RAILWAY MAIL PAY.
Considerable has been said recently pro and con on the
matter of Representative Moon's bill now pending in the
House,embodying a plan for the payment of the railways for
the carrying of the mails. In a statement concerning the bill
issued on June 13, Ralph Peters, President of the Long Island
RR., Chairman of the Committee on Railway Mail Pay,
said:
House has, as I am informed, adopted a
The Rules Committee of the
recommendation that the so-called "Moon Bill" follow the Sundry Civil
Appropriation Bill now being considered by the House. The underlying
the pay of the railroads for Carrying
principle of the"Moon Bill" is to reduce
0
aboe tim0 ag ,00O.
themails b ysom ut $10,000 app
ointed a joint committee, of which former
Congress
of Oregon, is the Chairman, to investigate
Senator Johnathan Bourne Jr.,
pay and recommend to Congress the proper
the whole subject of railway
The committee has conducted a most
method which should be adopted.
yet reported, although it intends
exhaustive investigation, but has not
shortly to do so.
believe, proved conclusively to the committee that
The railroads have. I
not overpaid for carrying the mails but were, as we see
they certainly were
least $15,000,000 annually. In making his closing
it, underpaid by at
Mr. Brandeis,as its special counsel.
argument on the 5% advance rate case
Commission that to him it seemed clear
advised the Inter-State Commerce
service was unremunerative to the railways.
that the railway mall
Post Office Department, which we feel has been
At the instigation of the
all questions relating to compensating the railroads for
grossly unfair in
carrying the increased burden of the parcel post, and before the joint
Congressional Committee has rendered its report, Congressman Moon
bill, which revises the methods of paying the railroads
has introduced the
to reduce by about 20% the compensation now paid to
in such manner as
the railroads.
This proceeding not only seems highly inappropriate in advance of the
recommendation of the Congressional Committee, but in itself proposes
an imposition upon the railroads which is without warrant and is in the
highest degree unjust. It cannot be that such a plan will have the support
actually
of the American people when the people realize what the plan
means.
A subsequent statement of Mr. Peters has placed the
annual loss to the railroads at $11,000,000.
Former Senator Bourne, who is Chairman of the Joint
Congressional Committee on Railway Mail Pay, has given
out several statements during the past few weeks on the
JULY 18 1914.1
THE CHRONICLE
question of railway mairpay, one of these, indicating the
status of his committee's proposals, being as follows:
The plan adopts space as the measure of the service rendered. At
present the compensation is based partially on space and partially on
weight, about 90% of the payments made to the railroads being determined
by weight. Under our committee's plan there is no weighing, hence no
cost to the Government, in ascertainment. Four units are adopted.
namely a 60
-foot car, a 30
-foot car, a 15
-foot car and pouch mail. Under
the weighing system padding of mails is possible during a weighing period.
Some concrete instances have been developed where it was attempted.
Under the suggested plan there is no possibility of any dishonesty.
The following terminal rates for a round trip are now under consideration
by the committee: For a 60
-foot R. P. 0. and storage car, $8 50; for a
30
-foot apartment car, $5 50; for a 15
-foot apartment car. $4 20; for every
carrying closed pouch mail,$1 20.
The line rates to be paid the railroads for each mile that the car travels
under its authorization are:For 60
-foot R.P.0.and storage cars, 21 cents;
for 30
-foot apartment cars, 11 cents: for 15
-foot apartment cars, 6 cents
for car carrying closed pouch mail, 3 cents.
Under our plan the railroads are rightly relieved of or compensated for
what is known as "side" and "transfer" service. It is no more reasonable
or Just to compel the railroads to deliver mail to a post office after it reaches
their terminals than for the Inter-State Commerce Commission to require
the railroads to furnish taxicabs free of cost to take passengers to their
homes on arrival at their destination depots, or motor trucks to receive
freight at the freight terminals for delivery to the consignees at the expense
of the railroads.
On June 15 Mr. Bourne had the following to say concerning the compensation for the roads:
I am thoroughly convinced that for carrying the mails the railroads
should be paid a rate that will give them the same returns, per car-mile,
that they get on an average from passenger traffic. I am speaking entirely
for myself and in no manner for the joint committee on railway mail pay.
MY conclusions have been reached after many months' study of the subThe desiderata in mail transportation by railroads are frequency, regularity, speed and safety. Mail is carried almost entirely on passenger
trains. The volume of passenger traffic determines and primarily controls the frequency,speed and regularity, and to a great extent, the safety,
of railroad passenger transportation. Hence, everything that is necessary
for increased volume of passenger traffic is a relatively corresponding benefit
to the mail in its transportation over the railroads.
The Post Office Department has advanced the theory that the mail
shall not bear its relative proportion of expensive terminals, ticket agents,
and many other things appertaining to the passenger service, but I assert
this contention is not sound. The volume of passenger business depends
on all of those things and they are necessary to the increase of passenger
business and, hence, necessary for mail transportation, and the Government should pay its relative proportion of same.
With these premises and deductions I again assert that my own conviction is that the Government should at least pay a car-mile rate equivalent
to the average passenger car-mile rate for the last five years, assuming
the passenger car-mile rate to be a just rate, namely a little over 25c. per
car-mile. If my premises are sound, my deductions are certainly syllogistical.
The duty of our committee is to determine,asfar as it is possible to determine, what is a Just compensation to be paid to the railroads for the carraige of mail. The apparent aim of the Post Office Department has been
to evolve a method by which the railroad mail pay could be reduced.
Government is formed for the protection of its citizens and the preservation of their personal and property rights. It ought to set an example
for all the people and should, therefore, itself do justice to each individual
In society.
In a further statement made public on June 20, Mr.
Bourne gave a synopsis of the proposals advanced by the
Post Office Department during the past few years for a
settlement of the matter, which we quote as follows:
On Aug. 12 1911 then Postmaster-General Hitchcock recommended to
Congress a bill fixing railroad mail pay on the basis of space, the compensation being determined by an apportionment by the Department of the
railroad cost of operation and taxes plus 6% thereof as a profit. For 18
months the Department urged the adoption of this plan, asserting it to be
"scientific and businesslike."
It finally awakened to the realization that rights-of
-way, roadbeds,
tracks, equipment and terminals were necessary prerequisites
for theoperation of mail cars, and then it suggested a supplemental bill conceding that
in addition to the 6% profit on the mails apportioned cost of operation and
taxes, a reasonable return should be allowed on the capital employed and
that the Inter-State Commerce Commission, rather than the Post Office
Department, should determine said apportionments of cost; and further
conceded that the law should specify that mail service should be charged
with the maximum space authorized in either direction.
The Department insisted that this second suggested plan was scientifically
sound, yet this plan would require a different rate for each of the 795 railroads carrying mail. The apportionment of the items of cost would necessitate the adoption of many arbitraries and the present lack of a uniform
scientific method of cost apportionment in railroading would make the plan
not only undesirable, but practically unadministrable.
Recognition of the vital defects of its second plan caused the
Treasury
Department on Feb. 12 1914 to abandon its scheme for ascertainment and
apportionment of operating and capital costs and to propose a third plan
embodying some of the features of a plan suggested by M. 0. Lorenz.
Associate Statistician of the Inter-State Commerce Commission. This third
suggested bill remained in favor with the Department for only four months.
when it again shifted its position by securing the introduction in Congress
of what is known as the Moon bill, adopting some of the fundamental
features of the Lorenz suggestion, but arbitrarily reducing rates and insisting on unnecessary discretionary and autocratic Departmental power.
Judging the future by the past, it may be reasonably expected that before
Congress shall have time to act upon the Department's fourth suggested
bill, the Department itself will again shift its position, repudiate its work
and propose some new plan for consideration and adoption.
165
prepared by officials of the Post Office Department and introduced by Mr
Moon at the request of the Postmaster General. Under that bill, the average revenue to the railroads would be less than 21.8 cents for hauling a
-foot mall car one mile. I assert that this rate is confiscatory. I realize
60
the responsibility of making such an assertion, but its justification Iles In
the Post Office Department's own figures.
The Department spent several years in an attempted elaborate investigation of railroad expenses and car space. It propounded over 140 interrogatories to the 796 railroads carrying mail. The railroads spent over
$250.000 in securing the information asked for, and it cost the Government
$19,500 to compile, tabulate and present such information in what is known
as House Document No. 105, 62d Congress, 1st Session. According to
Table 7 of that document,the operating expenses and taxes alone amounted
to 3.08 mills per mail car-foot mile, or 18.48 cents for hauling a 60
-foot mail
car one mile. This excludes the advertising and other traffic expenses
with which the Department claimed the mail should not be burdened.
The margin between this 18.48 cents and the less than 21.48 cents allowed
in the Departmental bill is so small that if similarly unprofitable rates were
made on all railroad traffic, the roads must necessarily go into bankruptcy,
because there must be a sufficient allowance for capital charges. According to the Statistics of Railways in the United States for 1911, published by
the Inter-State Commerce Commission, operating expenses and taxes were
72.53% of the operating revenues. At the same ratio, 7 cents; instead of
the 3.32cents allowed under the Department rates,would have to be added to
the 18.48 cents to allow for capital charges, as the 18.48 cents covers only
operating expenses and taxes. In other words, 25.48 cents would have to
be paid the railroads for hauling a 60
-foot car one mile to yield the railroads
from the mail business the average rate of profit now realized on all railroad
traffic, both freight and passenger taken together.
This incident shows the danger of accepting and acting upon the recommendations of the departments. It also illustrates the necessity for
checking the present trend toward the initiation and control of legislation
by
officers of the administrative branch of government.
RepresentatiVe Moon has also had something to say on
the subject, particularly as to the statement that it would
mean a loss of $11,000,000 a year to the roads. His statement was published as follows in the Philadelphia "Ledger"
on June 25:
The conclusion that the bill introduced by me would produce a
loss of
$11,000,000 a year is altogether untrue, and founded upon no statement
of
facts that would justify such a conclusion. The fact is
that the bill introduced by me would give the railroads from $1,000,000
to $2,000,000 less
pay for carrying the mail than they are receiving under the
present system,
and their side charges, amounting to about
$2,000,000, will be omitted.
So, as a matter of fact, the compensation is not much
less, if any, than
the present pay.
The old method of weighing the mail once in
four years is altogether unfair, unscientific and unbusinesslike. No human
being can come to within
$10,000,000 of the legitimate amount that should be paid the
railroads
under the present system of quadrennial weighing. Of
course we know
what should be paid in one year. But the mails are
diverted by the railroads from the weighing section into the non-weighing
sections, and there
is no way to protect the Government against loss.
Features of the present bill are altogether unlike those of the old laws,
as the railroads are paid so much per mile for a full car or partly
filled car
of mail, with initial and terminal charges added. The fact is that
quite a
war is going on by the railroads against any change of present
system. It
possibly may cost the Government a little more later on under my
plan
approved by the Post Office Department, but the plan would be definitely
settled, and nothing would be left to doubt, conjecture or fraud. I do not
think that any honest man who knows all the facts would feel
inclined to
continue the present system.
The Postal Commissio .which is considering the subject, has
not yet
reported. The introduction of my bill was delayed as long
as possible
awaiting that report. Ti. have delayed any longer would
have prevented
the passage of any law in this session. The policy of
delaying has been
practiced by the railroad companies for 16 years,
thereby preventing
action on this important subject.
It is time that the public is protected by a new law.
There is no real
difference between the Commission and the
Committee, judged by what
the former already has reported. The only material
difference is that the
Commission proposes a higher rate than the Committee.
UNITED STATES RAILWAY STATISTICS FOR YEAR
ENDING JUNE 30 1913.
The Inter-State Commerce Commission on July 8 gave out
the following abstract of statistics of steam railways in the
United States for the year ended June 30 1913. This abstract is based upon compilations for the Twenty-sixth Annual Statistical Report of the Inter-State Commerce Commission, covering the fiscal year ended June 30 1913, made
from the annual reports of carriers having operating revenues
above 8100,000 for the year, and also of railway companies
owning property operated under lease or other agreement
by those carriers. Returns of switching and terminal companies are not included. Advance figures given in this abstract, it is stated, may be slightly modified by revision before final publication.
MILEAGE.
On June 30 1913 the roads covered by this abstract represented 214.418.49
miles of llne operated,including 11,162.97 miles used under
trackage rights.
The aggregate mileage of railway tracks of all kinds covered by operating
returns for these roads was 369,579.80 miles. This mileage was thus
classified: Single track, 244,418.49 miles; second track, 26,270.55; third
track. 2,588.68; fourth, 11 th and sixth tracks, 1 964.06; yard tracks and
sidings. 94.338.02. These figures Indicate, for the roads under consideration, an increase of 8,628.36 miles over corresponding returns for 1912 in
the aggregate length of all tracks, of which increase 3,157.59 miles, or 36.59
On June 26 Mr. Bourne issued still another communica- per cent, represent yard tracks and sidings.
EQUIPMENT.
tion on the subject. In this he said:
It appears from the annual reports submitted to the Commission by
In its insistent efforts to reduce railway mail pay, the Post Office Department has attempted to dictate to Congress rates which, if adopted, would the roads covered by this abstract, that there were 63,378 locomotives
House Bill 17,042. Introduced by Mr. Moon, Chairman in their service on June 30 1913. an increase of 2,102 over corresponding
be confiscatory.
informed, returns for such roads for the previous year. Of the total number of locoof the:House Committee onIPost Office and Post Roads,was
166
THE CHRONICLE
motives, 14.396 were classified as passenger. 37,924 as freight, 9,834 as
switching and 1,224 were unclassified.
The total number of cars of all classes in the service of such roads was
2.445,508 (or 76.566 more than on June 30 1912). which equipment was
thus assigned: Passenger service. 51,700 cars; freight service, 2,273.564;
.
company's service. 120,244. The figures given do not include so-called;
private cars of commercial firm or corporations.
Of cars in freight service, there were classified 2,273.289, as follows:
Aggregate
Number. Capacity, tons.
Description—
35,607,134
1.032,585
Box
147,541
5,151,054
Flat
78,308
2,421,827
Stock
871,339
38,314,920
Coal
8.216
327,727
Tank
43.389
Refrigerator..
1,357,403
service
91,911
Other cars in freight
3.798.080
Total
2,273,289
86.978,145
It appears that the average number of locomotives per 1,000 miles of
line was 259, and the average number of cars per 1,000 miles of line, 10,005
The number of pas enger-miles per passenger locomotive was 2,341,269.
and the number of ton-miles per freight locomotive was 7,813,663.
The returns indicate that the number of locomotives and cars in the service of the carriers under consideration aggregated 2,508.886. of which
2,492,891, or 99.36 percent, as against 99.20 per cent in 1912, were fitted
with train brakes, and 2,505,283, or 99.86 per cent, against 99.81 per cent
in 1912. were fitted with automatic couplers. Of the 2,273,564 cars in
freight service on June 30 1913, the number fitted with train brakes was
2,266.162. and the number fitted with automatic couplers was 2,270,302.
EMPLOYEES.
The total number of persons reported as on the pay-rolls of the steam
roads of the United States on June 30 1913 (not including those in the employ of roads the gross operating revenues of which were reported as less
than $100,000 or those in the service of switching and terminal companies)
was 1,815,239, or an average of 743 per 100 miles of line. As compared
with returns for June 30 1912. there was an increase of 115,298 in the total
number of such railway employees. There were 67,026 enginemen, 70,477
firemen, 52,086 conductors. 146,855 other trainmen and 38,253 switchtenders, crossing-tenders and watchmen.
The complete report will include summaries showing the average daily
compensation of 18 classes of employees for a series of years, and also the
aggregate amount of compensation reported for each of the several classes.
The total amount of wages and salaries reported as paid to railway employees during the year ended Juno 30 1913 for the roads under consideration was 81,373,830,589.
CAPITALIZATION OF RAILWAY PROPERTY.
On June 30 1913, according to the annual reports submitted to the
Commission by roads having gross operating revenues of $100,000 or
more, together with returns made in reports filed in behalf of their nonoperating subsidiary lines, the par value of the amount of railway capital
outstanding was $19,796.125.712. This amount includes capital held
by the railway companies concerned, as well as by the public. Of the
total amount of such capital outstanding there existed as stock 58.610.611.327, of which 87.231,515,045 was common and 81,379,096,282 was
preferred; the remaining part, 811,185.514,385, representing funded debt,
consisted of mortgage bonds, $8,186,366,426; collateral trust bonds.
$1,189,636,796; plain bonds, debentures and notes, $1.107,076.783:
income bonds.$250,290,655; miscellaneousfunded obligations,$82,858,275;
and equipment trust obligations, $369.285.450.
Of the total capital stock outstanding for the roads under consideration,
82.836,023,744. or 32.94 per cent, paid no dividends. The amount of
dividends declared during the year (by both operating and non-operating
companies represented in this statement) was $368,606,327, being equivalent to 6.38% on dividend-paying stock. The average rate of dividends
paid on all stocks outstanding pertaining to the roads under consideration
was 4.28%. No interest was paid on $1,128,776,748, or 10.44% of the
total amount of funded debt outstanding (other than equipment trust
obligations).
INVESTMENT IN ROAD AND EQUIPMENT.
The figures presented under this caption include returns for investment
in road and equipment, shown by the operating roads covered by this
abstract, as well as by their subsidiary non-operating roads (leased, operated under contract. &c.) The expenditures for additions and betterments, as well as the expenditures for new lines and extensions, during the
fiscal year 1913 are analyzed in the following tabular statement:
Investment to June 30 1013
$16,351,639,266
Investment to June 30 1912
15,874,579,626
Increase 1913 over 1912
$477.059,640
Expenditures Expenditures
for additions for new Ones
and
and
betterments.
extensions.
,From cash or other working
assets
3"9,511,772 $54,819,241
From special ppropriations___- 48.079,165
473.281
Through issue of securities
162.597.278 63,692,746
Not assigne to any of the
above cla es
5,801,127 10,263.251
Total
8545,989,342 8129,248,519
675,237,861
Miscellaneo : charges not classified
4,847,012
Total exp nditures during year
8680,084,873
Credits.
Property ret*red or converted__ 879,495,571
Adjustment
5,058,790
Difference between record value
of grantor and purchase price
of grantee in cases of roads
sold,merged,consolidated,&e. 118,470,872
Total
203,025,233
Net increase during year
3477,059,640
PUBLIC SERVICE OF RAILWAYS.
The number of passengers carried during the year ended June 30 1913
by roads represented in this abstract was 1,033,679,680. The correspondrig number for the year ended June 30 1912 was 991,372,253. The increase in the number of passengers carried during the year over correspondng returns for 1912 was 39,307,397.
The passenger mileage, or the number of passengers carried one mile.
°ported by roads represented in this statement, was 34,575.872,980.
The corresponding return for 1912 was 1,536,762,172 less. The number
xcix.
of passengers carried one mile per mile of road was 143,067, as against
140,393 for the preceding year.
The number of tons of freight reported as carried (including freight
received from connections) by roads represented in this statement, for the
year ended June 30 1913 was 2.058,035,487, while the col,esponding figure
for the previous year was 1,818,795,630. the increase being 239,239,857.
The ton mileage, or the number of tons carried one mile, as reported by
the carriers under consideration for the year ended June 30 1913, was
301,398,752.108. The corresponding ton mileage as reported for the year
ended June 30 1912 was 263,779.908,254. from which it will be seen that
the increase in the ton mileage for the year ended June 30 1913 over the
returns for 1912, as applying to the roads represented in this abstract, was
37,618,843,854. The number of tons carried one mile per mile of road
for the year ended June 30 1913 was 1.245,158, as against 1.110,811 for
the preceding year. The average number of tons of freight per train-mile
was 445.45. The corresponding figure for the preceding year was 410.26.
The average receipts per passenger per mile, as computed for the year
ended Juno 30 1913, for the roads covered by this statement, were 2.008
cents; the average receipts per ton per mile, 0.729 cent. The passenger
service train revenue per train-mile was $1.35.555; the freight revenue per
train mile was 83.24.347. The average operating revenues per train-mile
were 52.45.387. The average operating expenses per train-mile were
31.70.374. The ratio of operating expenses to operating revenues was
69.44%.
REVENUES AND EXPENSES.
It should be noted that, as in the case of other figures in this abstract,
the revenues and expenses shown below exclude returns for roads the gross
operating revenues of which were loss than $100,000 for the year. The
operating revenues of the railways in the United States for the year ended
June 30 1913 herein represented (average mileage operated 242.657.12
miles) were 83,125,135,798; their operating expenses were $2,169,968,924.
The corresponding returns for 1912 (average mileage operated 238,220.11
miles) were: Operating revenues. $2,826,958,366; operating expenses,
$1,959,094,658. The following figures present a statement of the operating
revenues for 1913 in detail:
$2,198,930,565
Freight revenue
695,987,817
Passenger revenue
7.607,802
Excess baggage revenue
715,566
Parlor and chair car revenue
50,789,212
Mail revenue
79,717,266
Express revenue
9,057,591
Milk revenue (on passenger trains)
6.110,252
Other passenger revenue
33,248,734
Switching revenue
1,980,362
-train revenue
Special service
6,861,901
Miscellaneous transportation revenue
31,628,843
Total revenue from operations other than transportation.-1,054,003
Joint facilities—Dr
3.553,890
Joint facilities--Cr
33,125,135.798
Total operating revenues
Operating expenses, as assigned to the five general classes, were:
and structures
$421,232.305
Maintenance of way
511,561,363
Maintenance of equipment
62.850,113
Traffic expenses
Transportation expenses
1,096.252,745
78,072,308
General expenses
32,169,968,924
ith operaeing exP
otal minor tliminati
ons from the figures given above, operating revenues
enses
per mile of line operated (including line operated under trackage rights)
averaged 812,873 and operating expenses $8,939 for the year.
CONDENSED INCOME ACCOUNT AND PROFIT AND LOSS
ACCOUNT.
There is given below a condensed income account and profit and loss
account of operating roads, the gross operating revenues of which were
8100,000 or more for the year ended June 30 1913. A similar statement
follows for non-operating roads (leased, operated under contract, &c.)
controlled by the operating roads described. The statements omit returns
sufficiently complete for infor a few roads the reports of which were not
clusion therein. The accounts of the operating roads include both operating
of the non-operating roads
and financial transactions, while the accounts
receipts and payments under leases, conare confined for the most part to
agreements. For a number of items, such as dividends, taxes,
tracts and
taken into consideration in order to learn the
&c., both statements must be
aggregates of such items for the railways of the United States therein represented. Thus the aggregate of dividends declared during the year,
$368,552,632, includes those declared out of current income and those
declared from surplus,both by the operating roads and by the non-operating
roads. This amount includes dividends declared on railway capital
companies.
stock owned by other railway
OPERATING ROADS.
Income Account—
Rail operations:
53.125,135,798
Operating revenues
2,169,968,924
Operating expenses
8955,166,874
operating revenue
Net
Outside operations:
367,982,036
Revenues
65,953,702
Expenses
2,028,334
Net revenue from outside operations
. Total net revenue
Taxes accrued
Operating income
Other income
8957,195,208
122,005.424
. 8835,189,784
283,063,093
81.118,252,877
Gross income
Rents, interest and similar deductions from gross income_ _ _ 629,706,398
,
r .A4. a. r 4...r,a
2$488,546,479
Net corporate income
Disposition of net corporate income:
declared from current income_ $241,750,512
Dividends
Appropriations for add'ns and betterm'ts_
48,022,688
Appropriations for new lines and extensions
70,159
Miscellaneous appropriations
14,991,076
.
6,497 ...
Stock discount extinguished through income
.
1 4 l
1304,840,932
Total
Balance to credit of profit and loss
$183,705,517
THE CHRONICLE
JULY 18 1914.1
Profit and Loss Account—
Credit balance on June 30 1912
Credit balance for year 1913 from income account
$1,078,765,200
183,705,547
Total
Dividends declared out of surplus
$1,262,470,747
85,706,629
Difference
Appropriations for additions and betterments
Appropriations for new lines and extensions-Miscellaneous appropriations
Other profit and loss items—debit balance
$1,176,764.118
$15,158,827
449,652
68,723,482
20,691,684
105.023,645
Total
Balance credit June 30 1913 carried to balance sheet---$1,071.740.473
167
extent reflected in the capital market; a certain stiffening of rates, if only
of a temporary nature, may be expected during the next period of increased
activity in trade and industry, which, as indicated above, should, on this
occasion, take less time to come about than formerly.
Daniel P. Kingsford has tenderedrhis resignation as
Superintendent of the Assay Office at Newnrork to take effect
as soon as his successor is named. Mr. Kingsford was appointed to the post by President Taft in 1910. He had previously been the Stock Exchange member of the firm of
Cuyler, Morgan & Co. It is stated that he retires from the
Assay Office to go into private business.
NON-OPERATING ROADS.
Income Account—
Gross income from lease of road
$124,332,275
Taxes accrued
5,326,536
An investigation ordered early this-monthlby Secretary of
the Treasury McAdoo as to the responsibility for the dis$119,005,739 closure of advance information several weeks:ago concerning
Net Income from lease of road
7,777.635 the shipment of gold from interior points to New York has
Other income
126,783,374 resulted in the issuance of instructions by him that no inGross income
68,568,734 formation whatever is to be given by Treasury officials or
Interest and similar deductions from gross income
$58,214,640 employees regarding interior gold movements. The decision
Net corporate income
Disposition of net corporate income:
grew out of last month's tremendous gold!exports to Europe.
Dividends declared from current income.- $38,845,422
This exhausted the supply of gold bare!in;the New York
Appropriations for additions and betterm'ts
2,140,855
59,491
Sub-Treasury, making it necessary to take7coin in filling
Appropriations for new lines and extensions
1,274.520
Miscellaneous appropriations
further engagements of gold for export. The Treasury
42,320,288 officials then decided to transfer to this pointisome of its
Total
$15,894,352 large stock of bars held in the interior, and advance knowlBalance to credit of profit and loss
edge of its plans in that respect was apparently availed of
Profit and Loss Account—
857,158,330 by some shippers with profit to themselves. The investigaCredit balance on June 30 1 912
15,894,352
Credikbalance for year 1913from income account
tion made by the Secretary brought a frank admission from
Total
$73,052,682 the Sub-Treasury officials in New York that they:themselves
Dividends declared out of surplus
2,250,069
had told bankers who had inquired whether the shipments
Difference
$70,802,613 had been ordered. The officials thought there:was no harm
Appropriations for additions and betterm'ts
$500,665
in furnishing this information, were unaware of any regulaAppropriations for new lines and extensions
208
Miscellaneous appropriations
29,945,358
tion on the subject, and had no idea of affording any disOther profit and loss items—credit balance
2,932,044
crimination by which certain bankers could profit inlbuying
Total
27,514,187 exchange. No blame is believed to attach to any one conBalance credit June 30 1913 carried to balance sheet___ £43,288,426 nected with the Sub-Treasury and no reprimand is given,
The complete report will include a summary showing the total taxes and
but Secretary McAdoo has issued orders that hereafter no
assessment of the railways of the United States by States and Territories;
Treasury official will be permitted, under penalty of disalso an analysis showing the bases of assessment.
missal, to disclose the facts that shipments were to be made
BANKING, LEGISLATIVE AND FINANCIAL NEWS. or were being made.
The public sales of bank stocks this week aggregate 102
The findings of the Commission delegated to inquire into
shares, of which 94 shares were sold at auction and 8 shares
the sinking of the steamer Empress of Ireland in the St. Lawat the Stock Exchange. The transactions in trust company
rence River on May 29,when'in a dense fog it collided with
stocks reach a total of 61 shares. A sale of 31 shares of
the collier Storstad, were Made public on the 11th inst.
stock of the Manufacturers' National Bank (Brooklyn)at 453
The inquiry was undertaken in Quebec on June 16, the Comshows an advance of 37 points over the price paid at the last mission conducting it consisting of Lord Mersey, Sir Adohphe
previous sale in June.
Routhier and the Hon. Ezekiel McLeod, Chief Justice of
Shares. BANKS—New York.
Low. High. Close. Last previous sale.
New Brunswick. Its report says:
*8 Commerce, Nat. Bank of
169 169
169 July 1914— 1673
We regret to have to impute blame to any one in connection with Mils
lamentable disaster, and we should not do so if we felt that any reasonable
alternative was left to us. We can. however, come to no other conclusion
than that Mr. Tuftenes(First Officer of the Storstad) was wrong and negligent in altering his course in the fog as he undoubtedly did, and that he was
wrong and negligent in keeping the navigation of the vessel in his own
hands and in failing to call the captain when he saw the fog coming on.
It is not to be supposed that this disaster was in any way attributable
June 1914— 416
to any special characteristics of the St. Lawrence waterway. It was a
disaster which might have occurred in the Thames, in the Clyde, In the
July 1914— 401
Mersey or elsewhere in similar circumstances.
Mar. 1912-1047
It was said on behalf ofthe Storstad that the order to put the liner full
July 1914-1005
speed astern was probably given because the Empress of Ireland had become unmanageable by reason of her defective steering gear. We cannot
•Sold at the Stock Exchange. I In liquidation.
accept this suggestion, but we do think the storping evidences uneasiness
on the part of Captain Kendall (of the Empress of Ireland) and a conIn a recent circular on "The Demand for New Capital sciousness that his ship was possibly in too close proximity to the Storstad.
We think that
if he had given the
been better
and the Future of the Money Market," the Swiss Bank- Storstad a widerhe would havenavigated his advisedas to pass the Storstad
berth,and had
ship so
at a greater distance on his beam than he originally intended. We do not
verein of London sums up the situation as follows:
1. The demand for capital should not, during the next few years, show think, however, that his stopping, which was really done for greater caution, can be said to have been an unseamanlike act, nor do we consider his
a goat increase, the prospective larger requirements from the East being
compensated by smaller demands from the West. The demand for capital failure to give the wider berth as a contributory cause of the disaster.
for technical improvements and other purposes will probably not very
The Commission suggested that in order to prevent such
largely exceed its present dimensions.
2. The capital which, during the last two decades, has been applied to disasters in foggy weather that it would be desirable to close
increasing the productiveness of the world at large (by railway construction all water-tight doors and port holes below the top of the
and technical improvements) is beginning to give better returns, which are water
-tight bulkheads, and to keep them closed until the fog
being felt in lower prices for merchandise and produce.
3. These lower prices diminish the attractions for fresh capital expendi- had completely cleared. It also thought that wherever
ture; at the same time they reduce cost of living, and thus facilitate the practicable, all water-tight doors and port holes below the
accumulation of surplus capital.
If these conclusions be accepted, a further conclusion regarding the future above level should be closed at sunset and kept closed until
development of the capital market would appear to follow automatically. sunrise,-and suggested that it might be desirable to consider
Capital interest rates should decline, provided, of course, that economic whether
rafts could not be placed in such a position on the
progress is not severely affected by extra-economic influences like wars
and physical catastrophes. The decline will in no event be a rapid one, upper deck that they would float automatically on the water
for experience teaches that the movements of capital interest rates are very as the ship sank. In submitting its views the Commission
slow and gradual. As regards the probable duration of the decline, several added:
analogies may be drawn between the present situation and the conditions
It has not been suggested during our inquiry that the catastrophe was
which ushered in the last prolonged period of declining interest rates, during In any way
attributable to the arrangements made by the Canadian Govthe last quarter of tho nineteenth century. Much, it is true, has In the ernment for the navigation of the St. Lawrence, nor have we any reason
meantime been changed (Population,standard of living, technical methods. to suppose that
those arrangements are in any way unsatisfactory; but we
&c.), so that such comparisons should be applied with caution. But, suggest that it might be worth while for the Government to consider
assuming that the factors discussed above, which are working towards a whether it may not be desirable and practicable to arrange for the picking
reduction of interest rates, hould be operative over a certain period, even
outgincrs p
and dropping of pilots to be done at different points,so that incoming
then an uninterrupted de , e from the present level cannot be counted
f
nd
possible, be relievedof the necessity
economic:Met
s w ,L'in:the future as:in:theaaast4beltolsome of
on, for
ships m:
oneanother sr' far as is
ay
24 Hanover Nat. Bank
625 625 625
3 Import. & Traders' Nat. Bank 505 505 505
8 Manhattan Co., Bank of the._ 311
311 311
8 Market & Fulton Nat. Bank_ - 239 239 239
12 Meehan.& Metals Nat. Bank.. 240% 240% 240%
8 Nassau Bank, National_ 1-- -.. 55
55
55
BANK—Brooklyn.
31 Manufacturers' Nat.
_ 453 453 453
TRUST COMPANIES—New York.
Bank_—
50 Bankers Trust Co
400 400 400
10 Central Trust Co
1003 1005 1005
1 N. Y. Life Ins. & Trust Co 950 950 950
Jan. 1913— 705
July 1914— 500
July 1914-313
June 1914— 240%
May 1914— 245
June 1914— 125
168
[VOL. xcix.
THE CHRONICLE
Previous reference to the disaster, which cost the lives of
1,024 persons, was made in these columns June 6.
The sale of the United States battleships Idaho and
Mississippi to the Government of Greece was consummated
on the 8th inst., when a certified check for $12,535,275 96
was received in payment by Secretary of the Navy Daniels.
The cheek was drawn by the Newport News Shipbuilding &
Dry Dock Co., which represented the Greek Government in
the transaction. The sale of the battleships was authorized
under the Naval Appropriation Bill, signed by President Wilson on June 30. One of the stipulations of the sale was that
the vessels should be turned over just as they were built.
This, it is stated, does not prevent the removal of certain
pieces of apparatus which comprise the vital portions of the
American Navy's secret system for control of gunfiring,since
neither vessel was equipped with the present fire-control
system when it was commissioned.
The Sundry Civil Appropriation bill, passed by the House
on June 25, was passed by the Senate on the 8th inst. All
efforts in the Senate to amend or eliminate the provision prohibiting the use of any part of an appropriation of $300,000
for the prosecution of labor unions and farmers' organizations were unavailing. On the day the bill was passed by
the Senate an amendment to strike out the exemption pro=
vision was offered by Senator Sterling, but the motion was
tabled by a vote of 41 to 17. Senator Sutherland proposed
that the qualifying clause "by lawful means" be added to
the provision applying to the sanctioned activities of labor
unions, but that amendment was defeated by a vote of 38
to 22. The bill carries a total appropriation of $111,413,000.
According to the detailed figures of returns from the
income tax, made public on the 3d inst., the States of New
York, Pennsylvania and Illinois paid more than one-half of
the total of $71,386,156 turned into the Treasury in income
and corporation taxesfor the fiscal year ending June 30. These
three States contributed $37,931,717. New York State alone
paid $12,523,247 03 in individual income tax, while the entire
amount paid by individuals throughout the country was
$28,306,336 69. The Empire State paid $9,766,248 57 of
the total $43,079,819 44 of corporation tax returns. Pennsylvania ranked second in both individual and corporation
taxes. Its corporations paid 86,096,305 28 and its individual income tax collections amounted to $3,176,095 38.
Illinois was third in the list with corporation taxes amounting to $4,293,649 68 and individual income assessments
aggregating $2,076,171 11. The Second New York Internal
Revenue District, which includes the Wall Street section of
New York City, paid $13,839,098 43 in individual and corporation tax combined, or nearly one-fifth of the amount
paid by all the rest of the United States. The individual
income tax paid by the district amounted to $7,950,070 02
more than one-fourth of the total. The receipts by districts are indicated below:
DistrictsNew Jersey-First District
Fifth
New Mexico,including Arizona
New York-First District
Second
Third
Fourteenth
Twenty-first
_,
Twenty-eighth
North Carolina-Fourth District
Fifth
North and South Dakota
Ohio-First District
Tenth
Eleventh
Eighteenth
Oklahoma
Oregon
Pennsylvania-First District
Ninth
Twenty-third
South Carolina
Tennessee
-Third District
Texas
Virginia-Second District
Sixth
Washington, including Alaska
West Virginia
Wisconsin-First District
Second
Corporation Excise Individual
& Income Taxes. Income Taxes.
$278,402 42
$201,106 08
1,247.38785
515,509 13
136.618 76
39,061 77
450,803 86
635.985 48
5,889,028 41
7,950,070 02
1,637,026 03
2.761.936 28
485,55788
445,184 64
338,982 46
201,294 48
964.849 93
528.726 03
147,339 68
27,363 86
159,846 31
19,202 69
32,997 00
07
122.905
263,035 18
533.680 15
530,901 70
166.070 72
243,044 99
69,802 42
1,093,403 53
395,599 81
225,065 74
93,082 15
235,120 41
90,054 36
2,852,229 32
2,012,513 61
452,108 59
261,813 97
2,791,967 37
901,767 80
*5102,126 48
25,816 08
279,341 01
98,277 59
711,874 32
361.965 21
304,816 17
70,112 30
206,615 85
32,525 74
426,455 59
124,902 39
332.327 75
94,627 97
507,590 21
180.672 91
137,598 22
29,969 67
$43,079,819 44 $28,306,336 69
Totals
* Fourth Iowa District consolidated with Third District Aug. 11913.
** South Carolina District re-established Sept.11913, previously having
been a part of the Fourth North Carolina District.
As those subject to the tax had ten days of grace after
the close of the fiscal year in which to make their payments,
the receipts within the year do not show the full yield or
productiveness of the tax. Figures have this week been
given out indicating the total amount of the income tax
payments, including the receipts of the first ten days of
July, as $76,626,264 96. Thus, instead of a deficit of
$1,010,058 shown in the Government's receipts on June 30,
when the total amount received through the corporation
assessments and the individual income tax was $71,386,156,
the Treasury Department would have been able to report a
surplus of $4,230,050 had it not been for the time allowance granted to taxpayers.
-0--
A compilation from the reports of the railways to the
Inter-State Commerce Commission under the system of
accounts made effective July 1 1907 of the new capital investments of United States railroads has been made by the
Bureau of Railway Economics. These reports contain an
exact statement of the actual investment of the properties
of the roads from year to year; no compilation of them has
ever before been made. The essential results, which it is
believed have an important bearing upon many questions
concerning the railways, are furnished by the Bureau in the
following:
During the six fiscal years 1908 to 1913, inclusive, the steam railways of
I invested in their road and equipment cash to
the United States of Class
Railways of Class I, so designated by the
the amount of $4,010,385,303.
Commission, are those with annual operating reveInter-State Commerce
They include about 90% of the mileage, receive
nues of over $1,000,000.
and handle more than 98% of the traffic.
more than 96% of the revenuesoperating railways of Class I of the
Eastern
This cash investment of the
amount of capital securiDistrict during the six years was greater than the
this period, and was 19.9% of the aggregate of
ties issued by them during
outstanding June $0 1913; of the railways of the same
their capital securities
District, it was 21.1%,and of the railways of the same
class of the Southern
District It was 23.2% of the aggregate of their capital
class of the Western
That is, the cash actually expended
securities outstanding June 30 1913.
during the last six years upon their properties used in
by these railways
amounts to more than ono-fifth of their total capitalization
transportation
fiscal year. This is at the rate of $668,397,551 per
at the close of the last
year.
Corporation Excise Individual
& Income Taxes. Income Taxes.
DistrictsAlabama, including Mississippi
$300,796 74
$102,586 10
Arkansas
110,784 10
41,239 25
California--First Dist., incl. Nevada
1,517,643 64
605,594 63
Sixth
584.771 00
282.455 74
Colorado, including Wyoming
399.899 59
119,410 79
Connecticut, including Rhode Island
1,030,935 19
733,450 71
Florida
127,085 22
108,800 43
Georgia
359,845 26
115,874 11
Hawaii
116,912 63
34,822 62
-First District
Illinois
3,835,403 50
1.915,14992
Fifth
187,289 51
48,855 73
Eighth
154,023 85
78,310 31
Thirteenth
116,932 82
Under regulations governing the valuation of the physical
33,855 15
Indiana-Sixth District
570,586 48
134.489 10 properties of railroads, issued by the Inter-State Commerce
Seventh
121,838 74
46,281 66 Commission on the 1st inst., every common carrier is directed
388,388 43
Iowa-Third District
141,136 62
beginning with 1914, to take, by actual count,
*4.721 49
Fourth (July 1913)
329,087 07
Kansas
49,960 11 measurement, weight or other means of determining quantity
year
urement,
District
-Second
34,889 77
Kentucky
10,466 17
an inventory of all extensions and improvements
250.765 27
Fifth
60,070 01 and value,
22,814 67
Sixth
6.524 20 or other changes in physical property, for record and report
44,540 10
Seventh
17,550 10
the Commission. The regulations prescribing a uniform
33.046 49
Eighth
3,634 14 to
method of recording and reporting are as follows:
397,092 96
Louisiana
159,056 91
-In order that the Inter-State Commerce Commission
-intent.
First.
Maryland (Including District of Columbia,
ascertain, report and record the value of property of every
748,874 45
Delaware and Eastern Shore of Virginia)
832,276 14 may investigate,
subject to the provisions of the Actto Regulate Commerce,
1,933,559 69
-Third District
Massachusetts
1,570,506 61 common carrier
1,310,332 61
940,764 69 as such property may be extended,improved or changed after June 30 1914,
Michigan-First District
271,892 18
71,454 12 it is essential that certain records shall be prepared and kept by the carriers
Tenth
1.609,59288
372,527 41 In their offices, and that certain reports shall be filed with the Inter-State
Minnesota
990,769 20
487,176 63 Commerce Commission. It is the intent of these regulations to prescribe
-First District
Missouri
373,823 31
169,882 18 a uniform method of recording and reporting the investment in extensions,
Sixth
419,148 55
80,357 26 improvements or other changes, including retirements of physical property.
Montana. including Utah and Idaho
-Each exten-Records to be kept by common carriers, Authorities.
237,195 22
Second.
76,857 75
Nebraska
sion and improvement or other change in the property of a common carrier
New Hampshire,including Maine and Veran authority setting forth clearly and explicitly the
419,520 68
213.861 95 shall be covered by
mont
JULY 181914.]
THE CHRONICLE
general character and location, quantities and amounts involved in the
extension and improvement or other changes. These authorities shall be
issued by executive or other responsible offleers of carriers in numerical
order and separately for owners, and States, Territories and the District
of Columbia.
Third.—Detailed records of cost.—The records of common carriers,
covering investment in extensions improvements or other changes. including retirements, in the physical property, shall be kept by jobs, and
separately by owners and States. Territories and the District of Columbia in
such important detail as to units and quantities of the material and labor
entering therein, so as to show a unit analysis of their cost.
Fourth.—Reports of completed work.—Reports of authorized jobs which
have been completed shall be made within six months after the completion
thereof upon special forms, which will be later prescribed by the Commission. Such reports shall be summarized, showing distribution by primary
accounts in accordance with the Commission's classification. Reports and
summaries shall be made by jobs and separately by owners and States.
Territories and the District of Columbia. The completion reports for such
jobs as extend over two or more fiscal years shall be made in full detail for
the entire period covered by the work and the amounts expended in each
fiscal year shall be stated in summary form.
Fifth.—Reports of uncompleted work.—Reports of authorized Jobs which
have not been completed by June 30 each year shall be made in summary
form only, showing the cost thereof to said June 30 and distributed by accounts in accordance with the Commission's classifications. Separate summaries shall be made by owners and States, Territories and the District
of Columbia and filed with the Commission not later than six months
after said June 30.
Sixth.—Reports of extensions.—Reports of extensions shall be accompanied by such maps, profiles, plans or diagrams as are required by the
Commission's specifications applicable to such extensions.
Seventh.—Reports of improvements or other changes.—Reports of improvements or other changes, including retirements, shall be accompanied by
such maps, profiles, plans or diagrams as may be necessary to show their
general character.
The railroads are also required to report all materials and
supplies each year with an inventory in detail. This inventory is to be taken in April, May and June, beginning with
1914. This year it is provided that the inventory may be
taken any time up to Sept. 1, but is to be of date of June 30.
169
That the consent of the United States is hereby given that the State of
Louisiana may institute, in the Supreme Court of the United States, a
suit to determine whether the tariff Act of Oct. 3 1913, entitled "An Act
to reduce tariff duties and to provide revenue for the Government, and for
other purposes",is being properly construed and executed by the Secretary
of the Treasury of the United States; all as set forth in the petition filed
by the Attorney-General of the State of Louisiana with the Clerk of said
Court on the third day of March 1914.
Press dispatches say it is not expected that either branch
of Congress will give the resolution favorable consideration.
The personnel of the Foreign Trade Council, created by
resolution of the National Foreign Trade Convention held
at Washington on May 27 and 28 for the purpose of co-ordinating the foreign trade activities of the nation in an aggressive and systematic extension of American oversee commerce, was announced on the 12th inst. by Alba B. Johnson,
President of the Convention. James A. Farrell, President
of the United States Steel Corporation,is named as the Chairman, and all sections of the country and practically all
branches of industiy, commerce, transportation and finance
are represented among the members, the full list of which
is as follows:
Sam D. Capen, President Business Men's League, St. Louis; J. A. G.
Carson, Vice-President Savannah Board of Trade, Savannah; E. A. S.
Clarke, President Lackawanna Steel Co., New York; Walter L. Clark,
Vice-President Niles
-Pond Co.. New York; Samuel Colt, Presi-Bement
dent United States Rubber Co.,Providence; Maurice Coster, Foreign Mgr.
Westinghouse Electric & Mfg. Co., New York; Robert Dollar, President
Robert Dollar Steamship Co., San Francisco; James A. Farrell, President
United States Steel Corporation, New York; John F. Fitzgerald, Chairman
Foreign Trade Committee, Boston Chamber of Commerce; P. A. S. Franklin, Vice-President International Mercantile Marine, New York; Lloyd C.
Griscom, New York; Fairfax Harrison, President Southern Railway Co.,
Washington, D. C.; H. G. Herget, President Illinois Manufacturers' Association, Chicago; James J. Hill. Chairman of the Board Great Northern
Ry., St. Paul; E. N. Hurley, President Hurley Machine Co., Chicago;
Chas. E. Jennings, President American Manufacturers' Export Association, New York; Alba B. Johnson, President Baldwin Locomotive Works,
Philadelphia; D. W. Kempner, Galveston Cotton Exchange, Galveston;
Cyrus H. McCormick, President International Harvester Corporation.
Chicago; Barton Meyers, President Chamber of Commerce, Norfolk; Chas.
H. Muchnic, Foreign Manager American Locomotive Co., New York;
A. H. Mulliken Jr., President Pettibone-Mulliken Co., Chicago; M. A.
Oudin, Foreign Mgr. General Electric Co., Schenectady; William Pigott,
Vice-President Seattle Car & Foundry Co.. Seattle; Geo. M. Reynolds;
President First National Bank, Chicago; Welding Ring, former President
New York Produce Exchange; John D. Ryan. President Amalgamated
Copper Co., New York; W. L. Saunders, President Ingersoll-Rand Co.,
New York; Chas, A. Schieren Jr.. President Chas. A. Schieren Co., New
York; W. D. Simmons, President Simmons Hardware Co., St. Louis;
Ellison A. Smyth,President Pelzer Cotton Mills, Greenville, S. C.; Willard
Straight, President American Asiatic Association, New York; Stewart K.
Taylor, Mobile Chamber of Commerce, Mobile; E. P. Thomas, President
U. S. Steel Products Co., New York; F. A. Vanderlip, President National
City Bank, New York.
Horace Harmon Lurton, Associate Justice of the United
States Supreme Court, died suddenly in Atlantic City on the
12th inst. of heart failure, superinduced by cardiac asthma.
Justice Lurton had been in ill-health for more than a year,
but had continued to perform his duties until last December,
when he was compelled to go South. He returned to Washington in April and had taken an active part in the work of the
Court until it adjourned, on June 22. He had gone to Atlantic City about ten days before his death. Justice Lurton
was seventy years old. He was born in Newport, Campbell
County, Ky. He had served in the Civil War, enlisting
in the Confederate Army when he was seventeen years of
age. After the war he entered the law department of the
Cumberland University, and following his graduation in 1867
Robert H. Patchin, formerly Washington correspondent
he took up the practice of law at Clarksville, Tenn. In 1875 of the New York "Herald," has been appointed Secretaa y
he was appointed Chancellor of the Sixth Chancery Division of the Council. The temporary offices are at 71 Broadway.
of Tennessee, resigning in 1878 and resuming his law practice Outlining the purpose of the Council, Mr. Farrell said:
The next great era in the economic development of the United States
in Clarksville until 1886, when he was elected a Justice of the
will be the extension of our foreign trade, and the
Supreme Court of Tennessee, of which he was made Chief Trade Council is a necessary preparation for this formation of the Foreign
evolution in our business
Justice in 1893. The same year President Cleveland ap- We. By gathering active and representative business men into such a body
United and co-operating with all elements in our over-sea commerce,it is hoped to
pointed him Judge of the Sixth Judicial Circuit of the
encourage every
States. He was appointed as an Associate Justice of the share of the tradepractical and sound policy designed to secure for us our
of the world's markets. The foreign trade of the United
United States Supreme Court by President Taft in 1909, and States is now valued at four and one-half billion dollars a year. of which
two and one-half billion dollars represents exports. This trade has develtook the oath of office on Jan. 3 1910.
oped largely
The issuance of an injunction to restrain the Secretary
of the Treasury from granting Cuba a 20% preferential below
the new tariff rates was denied by the United States Supreme
Court on June 22. The action was brought by the State of
Louisiana, which in March was accorded permission by the
same Court to apply for an injunction. The State, which
owns sugar plantations, sought to prevent the enforcement
of the sugar provision of the new tariff law, contending that
there was a conflict between the provision in the law reaffirming the treaty entered into in 1902 between the United
States and Cuba, calling for a 20% preferential for Cuban
sugar, and that portion of the new law providing for a
general reduction of 25% in the duty on sugar beginning
March 1. The State contended that under the Cuban treaty
the United States Government obligated itself to make on
change in the sugar duties in the twenty years the treaty was
to remain operative. The Government has continued the
20% preferential, claiming that the treaty does not nullify
the sugar schedule of the Underwood law. In its decision,
handed down on Monday by Justice Lurton, the Supreme
Court holds that the suit cannot be maintained without the
consent of the Federal Government, and the opposing views
entertained by the Attorney-General serve to withhold such
consent. A resolution giving the consent of the United
States for the State of Louisiana to institute the proceedings
was introduced in the House by Representative Broussard
of Louisiana on June 24. It provides:
by reason of our national resources and the individual enterprise of American industry, but without an American merchant marine,
comprehensive national policy or commercial and industrial co-operation.
The foreign trade is important as affecting American industrial enterprise
and labor at home. On the other hand, it is not large enough to absorb
all our manufacturing potentialities.
The first meeting of the Council will be held in New York
in the early fall and one of the first official actions will be the
appointment of a committee to co-operate with a committee
of the Chamber of Commerce of the United States of America.
The Council will seek information and advice from manufacturers' associations and commercial organizations throughout
the country. One of its most important duties will be the
calling of and preparation for another national foreign trade
convention in Washington during the early part of 1915, in
which the systematic and practical discussion of foreign trade
problems will be continued. It is sought to arouse effective
interest not only on the part of those directly engaged in
export trade, such as manufacturers and trading houses, but
likewise the agricultural, railroad and financial interests,
which benefit from stable maintenance of the nation's
credit in international commerce.
The prison sentences of four of twenty-four of the men
convicted in the Los Angeles dynamite conspiracy ease were
commuted,to expire at once, by President Wilson on June 24.
The four are MiGhael J. Hannon of Scranton, Pa., who was
sentenced to three years; Frank K. Painter of Omaha, Neb.,
sentenced to two years; and Frederick J. Mooney of Duluth,
Minn., and William Shupe of Chicago, each sentenced to
•
170
THE CHRONICLE
one year and one day. An appeal to the President for a
pardon for the twenty-four convicted men was made following
the refusal of the United States Supreme Court to issue a
writ for a review of the cases. The commutation granted in
the case of the four mentioned above does not pardon the
men, and if they desire their citizenship restored, they will
have to further petition the President. In the case of John
H. Barry of St. Louis, sentenced to four years, and Paul J.
MotTin of St. Louis, sentenced to three years, the President
decided to withhold action, having granted them permission
to petition separately from the whole list. This was done,
it is stated,for the reason that Attorney-General McReynolds
found that these men,in their minor positions in the Structural
Iron Workers' Association, were entitled to consideration.
No memorandum was given out• accompanying the President's action, as sometimes is done in such cases, but it was
understood the President followed closely the recommendations of Attorney-General McReynolds. The four men
whose sentences were commuted had a minor part in the
conspiracy, the Government charged.
On motion of U. S. District Attorney F. 0. Dailey, Judge
Anderson of the U. S. Court at Indianapolis on the 3rd inst.
quashed the cases against Olaf A. Tveitmoe, William J. McCain, James E. Ray, Richard H. Houlihan, Fred Shireman
and Harry S. Jones. Tveitmoe, McCain, Ray, Houlihan
and Shireman were among the 38 defendants:convicted on
Dee. 28 1913. In January last the U. S. Court Circuit of
Appeals at Chicago granted them new trials. The charges
against them are dropped because the evidence against them
Is such that it appeared doubtful whether a second:conviction
could be obtained, according to District Attorney Davis,
The case against Jones is dismissed because his connection,
if any, would not be of sufficient importance to warrant the
expense of a long trial as to him alone. Michael J. Cunnano of Philadelphia and Murray L. Pennell of Springfield,
Ill., two of the iron workers convicted at Indianapolis of conspiracy to transport explosives illegally, were released on
parole from the U.S. penitentiary at Leavenworth on the 6th
nst., having served half of their three-year sentences.
The indictment returned in 1913 against John P. White,
President of the United Mine Workers of America, and seventeen other national and district officials of the organization,
was quashed in the United States District Court at Charleston, W. Va., on June 24 at the request of W. G. Barnhart,
District Attorney. The indictment, handed down in the
Federal Court in Charleston on June 7 1913, charged that
the defendants violated the Sherman Anti-Trust Law in
conspiring with coal operators of Western Pennsylvania,
Ohio, Indiana and Illinois to so increase the cost of mining
coal in West Virginia that it could not compete successfully
with the coal produced in the other States named. At the
time the indictment was returned, it was stated that the
action was taken without the knowledge of U. S. AttorneyGeneral McReynolds, and that he had called upon H. A.
Retz, U. S. Attorney at Charleston, for a report of the proceedings leading up to the indictment. It is reported that
while it could have been proved that the United Mine
Workers were trying to unionize the mines of West Virginia,it would have been impossible to prove the conspiracy
charge under the anti-trust law.
The settlement of the fire insurance troubles in Kentucky
was effected with the ratification on June 16 by insurance representatives in New York of the agreement entered
into at a meeting in Louisville on June 10 between
State officials, officers of fire insurance companies and other
business men. A suspension of operations in Kentucky
by insurance companies occurred in March, following the
passage by the State Legislature of the Glenn-Greene Bill
and its approval by Gov. McCreary on March 7. The
Glenn-Greene Bill, it was stated, authorized the State Insurance Board to make a flat percentage decrease in rates on
any class of business, at any time, and in such amounts
as it might decide, and furthermore authorized the board to
increase its staff of employees at the expense of the insurance
companies, to require the companies to turn over to it their
tariffs, inspection reports and any other information regarding rates, and give it other enlarged powers which, it was
claimed, would increase the cost of doing business and diminish the returns. It was charged that the measure was imposed upon the insurance companies in spite of the fact
that they had been losing money on their Kentucky business,
and notwithstanding their statement that if it was passed
they would be compelled to suspend. It carried severe pen-
[VOL. xorx.
aides, and rather than run the risk of these, furnish insurance
at a loss and surrender the principle of business freedom, the
companies decided to stop business until it was made possible
for them to resume with safety.
At the conference held in Louisville on June 10 to consider plans for an adjustment of the controversy, the
State authorities agreed to the suspension of the GlennGreene amendments,to a test of the constitutionality of the
amendments,and to the appointment of a commission to make
an investigation of the insurance laws of Kentucky and report
to the next Legislature a new fire insurance code. This agreement was subject to the endorsement of Gov. McCreary and
the ratification of the insurance companies which had done
business in Kentucky before the differences arose; the Governor affixed his signature to the agreement on June 11, while,
as above stated, representatives of the insurance companies
ratified it in New York on the 16th ult.
In line with the understanding reached on the 10th ult.,
when the above agreement was perfected, an injunction was
granted on June 12 by Judge Robert Stout in the Circuit
Court at Paris, Ky., enjoining the State authorities from
carving into effect any of the provisions of the Glenn-Greene
Act. Judge Stout also declared the law unconstitutional,
because of the failure of certain of its features to
comply with the requirements necessary for the passage of bills by the Legislature. It is stated that no
appeal will be taken. The commission named to investigate the insurance laws and submit recommendations to the
Legislature consists of Representative Frank Greene of
Carrollton (who was joint sponsor for the Glenn-Greene Insurance Act), appointed by the State Insurance Board;
Henry Barrett of Henderson, named by the Business Men's
Committee, representing the Kentucky Manufacturers'
and Shippers' Association, and George L. Payne of Frankfort, named by the insurance companies. The meeting in
New York on June 16 was followed by a notification to the
Kentucky Actuarial Bureau, a rate-making body composed
of and maintained by the insurance companies in the State,
to resume operations, and the various companies which had
discontinued the writing of policies in Kentucky, as a result
of the disputed legislation, have since telegraphed their
agents throughout the State to resume the writing of business.
Ruby Laffoon, Chairman of the State Insurance Board;
Henry Bosworth, State Auditor; Matt C. Clay, Insurance
Commissioner, and N. 0. Gray, member of the Insurance
Board, were among the State interests in attendance at the
Louisville meeting at which the agreement for the adjustment of the differences was reached. An earlier item on the
Kentucky controversy will be found in our issue of March
21; the - matter was also discussed editorially in last Saturday's issue, page 1884.
On the 15th inst. the motormen and conductors of the
Philadelphia Rapid Transit Co. decided to continue for
another year the co-operative plan adopted by the company
individuals rather
in 1912, whereby it deals with the men as
through a labor organization. The Amalgamated
than
Association of Street & Electric Railway Employees is opposed to the plan, taking the ground that the men can deal
more advantageously with the company through an organization. The vote was 3,406 for the plan and 2,801 against it.
The plan was explained in detail at the recent hearings in
Philadelphia before the Federal Industrial Relations Committee by T. E. Mitten, Chairman of the Executive Committee of the Philadelphia Rapid Transit Co. An account
of his report on it appeared in the "Survey" of last Saturday.
From this we learn that he reminded the Commission that
there had been serious and disorderly strikes of the Philadelphia street car system in 1909 and again in 1910. Not
only was there conflict between the employers and the
employees, but there was conflict between rival labor organizations—two of them at first and before the trouble came
to an end, there. The "Survey" further says:
After helping to solve the financial troubles of the company, Mr. Mitten
said that he began to examine the labor situation and found that the wages
that the men had been receiving amounted to 21.8 per cent of the gross
passenger revenue of the company. This included besides wages certain
benefits that were paid by the company.
Mr.Mitten said that he felt that,with the co-operation of the men,an improvement in service could be secured that would increase revenues. Therefore, he worked out a plan for putting 22% of the gross receipts into a
fund from which wages would be paid, and for a co-operative committee,
consisting of the men and superintendents to adjust whatever difficulties
might arise. No attempt was made to enforce the plan from above. Instead the men were asked to decide by.vote whether they would deal with
the company collectively through a union or whether they would accept
the co-operative plan, which would do away with unions but would give
the men representation on the co-operative committee. The company
stated further that a two-thirds majority would be required to carry either
JULY 18 1914.]
THE CHRONICLE
proposition. The co-operative plan was adopted by the men by a vote
Of ahnost exactly two-thirds.
Accordingly, the plan went into effect early in 1912. Several changes
have been made since then in the method of selecting the so-operative
committee. At first they were appointed by the superintendents. In April
1912 it was decided that the men should vote for representatives, two to
be selected from each of fourteen depots. At first 80% of the men voted.
but in the last ballot 98% of them did so. At first the ballot was not
secret. but by the use of a machine it is claimed that a secret ballot is now
had.
The success of the plan, Mr. Mitten declares, is demonstrated by its
results. The men have a keen interest in making the 22% fund as large as
possible. Therefore, motormen are not inclined to run by a group of people
waiting on a corner and conductors are on the alert to secure each fare. The
men try in every way, he said, to improve the service. Smoking and spitting on the cars has been practically eliminated. There are 80% fewer
complaints from passengers than used to be the case. There has been a
25% decrease in all accidents and a 35% decrease in fatal accidents and at
the same time there has been 025% increase in the number of passengers.
Wages have increased from the maximum in 1911 of 23 cents an hour
to a maximum in 1914 of 30 cents an hour. The average of 1911 was 22
cents and a fraction; it is now 28 cents,and 47% of the employed are receiving the maximum wage, since there is a sliding scale dependent upon
length of service. This tends to show that the men are remaining in the
service of the company. The number of men dismissed has dropped from
1,635 in 1911 to 536 in 1913 and 334 so far in 1914.
voluntarily resigning has been cut from 1,390 in 1911The number of men
to 956 in 1913 and
337 to date in 1914.
In addition to improving the service, the company contributes
benefit
funds for the men and has made an arrangement whereby aboutto hunone
dred stores in Philadelphia allow a reduction of 8% in prices to employees
of the company.
Two employees of the company, one of them a member of the Cooperative Committee, went on the stand and endorsed the plan highly.
As was to be expected, representatives of the union and leaders of the
1910 strike denounced the scheme and claimed that under unionism wages
would have advanced just as much, while certain grievances which now
exist would have been adjusted.
Under a decision bearing on the stock transfer tax law,
handed down by the New York State Board of Claims on
the 13th inst., it is held that the mere physical passing of
certificates to a trustee does not constitute a taxable transfer requiring the payment of two cents on each $100 face
value of stock where the real ownership of stock is not affected. The opinion was decided in favor of William P. Bonbright & Co., which is allowed thereunder a refund of taxes
of $1,426 from the State.
171
The days assigned for the business sessions of the annual
convention of the American Bankers' Association to be held
in Richmond the week of Oct. 12 have been agreed on as follows by the Administrative Committee of the Association:
Monday. Oct. 12—Morning,Committee meetings; afternoon, Executive
Council meetings.
Tuesday, Oct. 13—Section meetings.
Wednesday and Thursday, Oct. 14-15.—General Convention.
Friday, Oct. 18.—Entertainment.
Following the adjournment of the convention on Thursday,
there will be a meeting of the Executive Council for the purpose of organization. If necessary this meeting will be
continued on Friday. The Hotel Jefferson, as we have
heretofore announced, will be the Richmond headquarters
of the Association.
The quarterly meeting of the Board of Governors of the
Investment Bankers' Association will be held in Boston on
Aug. 7 and 8. This will be the last regular session prior to
the Third Annual Convention, and one of unusual importance. The regular ticket of officers to be voted on at the
coming convention is to be selected. Inasmuch as the future of the association in a great measure depends on the
personnel of the Governing Board and executive officers,
deep interest is attached to the meeting. The progress of
the various committees will be reviewed, and it is not unlikely some very interesting reports will be presented.
The officers and committee chairmen of the Farm Mortgage Bankers' Association of America met in Chicago recently at the office of the k ecretary, 518 Merchants' Loan &
Trust Building. Matters of importance in connection with
the work of the Association were discussed and a comprehensive plan of publicity was formulated, as was also a
vigorous campaign for increasing its membership among the
reliable farm mortgage bankers of the United States. Those
who were present at this meeting were F. W. Thompson,
Manager of the farm loan department of The Merchants'
Loan & Trust Co., Chicago, Ill., President of the Association;
H. 1v1. Hanson, Secretary; F. H. McCulloch, General Counsel for the Association; K. N. Robins of the Associated Mortgage Investors, Rochester, N. Y.; 0. M. Corwin of Wells
& Dickey Co., Minneapolis, Minn.; Levering Moore, Mortgage Securities Co., New Orleans, La.; Geo. L. Ramsey
of the Banking Corporation of Montana, Helena, Mont.,
and P. W. Bonfoey of the Bonfoey Investment Co., Oklahoma City, Okla.
According to advices from Attorney-General Carmody
of New York to State Superintendent of Banks Eugene
Lamb Richards, the State Comptroller is not authorized to
transfer to the Superintendent of Banks cash deposited
under the general business law regulating private bankers,
since the Superintendent is authorized to receive only securities. The Attorney-General points out that the new
law makes it quite plain that only securities are to be transferred and not money or cash. Mr. Carmody says: "No
hardship is imposed, since ample authority rests in the courts
Material changes in the banking laws and practices in
and the Comptroller to return the money to the banker
when creditors have been protected by the transfer or de- Ohio were strongly urged upon the Ohio Bankers' Association at its recent convention at Cedar Point by F. H, Goff,
posit of proper securities."
President of the Cleveland Trust Co., and A. E. Adams,
The constitutionality of the provision in the labor law President of the First National Bank of Youngstown. For
of New York State prohibiting the employment of women trust companies and banks that do both commercial and savbetween the hours of 10 p. m. and 6 a. m. is upheld in a ings business, President Goff urged the segregation of assets
decision handed down by the Appellate Division of the State to equitably secure both classes of deposits; he also advocated
Supreme Court on the 10th inst. The
matter came up on a State law prohibiting loans to directors or to institutions
an appeal from a Special Sessions order suspending sentence controlled by directors, and other safeguards for the better
on the Charles Schweinler Press, Inc.,
which had been found protection of both depositor and banker. He urged thatlaws
guilty of violating the law in
employing women during the be passed giving trust companies the right to act as assignee,
prohibited hours. Presiding Justice
Ingraham, who wrote receiver and administrator. President Adams pointed out
the opinion of the Appellate Court,
holds that the Legislature that the persistent demand for short-time loans, call loan
was well within the police power of the
State in passing the assets, was harming the sound demand for loans for longer
law; that the Act has a direct effect
upon the welfare of periods and injuring honest business. He suggested that the
women and of the race; that it violates
no provision of either savings bank laws be changed so deposits be made not on call
the Federal or State constitutions,
and that the decision is but for a period, as in building and loan companies, thus
not controlled by the case of People vs.
Williams, which getting the great mass of savings reserves into active business
declared a similar statute unconstitutio
nal. Justices Hotch- to meet legitimate demands. He also urged that a legal rekiss and Laughlin concurred in the
opinion of Justice In- lation be fixed between savings bank capital and deposits,
graham. Justices Clarke and Dowling
so a bank could not acquire deposits more than 10 times
dissented.
as great as its capital. When this point was reached, he
A ruling to the effect that the banks
and trust companies added, it could stop taking deposits or increase its capital.
of New Jersey must comply with
the provisions of the re- He also suggested the segregation of assets to the end that
cently enacted law imposing a tax
on capital, surplus and all assets from savings deposits be held for securing their deundivided profits, notwithstanding
the pending litigation, posits, together with 10% of assets from capital stock inwas rendered by State Attorney
-General Wescott on June 24. vestment.
Proceedings to test the law were
instituted on May 23 in
the Supreme Court at Trenton. It is
Judge Blanchard of the New York Supreme Court, who
ground that the Assembly Committee's attacked on the granted the
motion on June 1 for a change of venue for the
substitute for the
original Pierce bill was introduced
without the unanimous trial of Henry Siegel and Frank E. Vogel, partners in the
consent required by a joint resolution,
and that the Act, banking firm of Henry Siegel & Co., decided on June 25 to
as a revenue-making measure, should
have originated in send the cases to Livingston County for trial; it is to take
the Assembly instead of in the Senate.
The Attorney- place in October. On June 18 $15,000 was awarded by
General holds that it is the duty of
the banks and trust Judge Hough in the Federal Court to Henry Melville for
companies to fulfil the obligations of the law
until such time his services as receiver of the bank. The firm of Elkus,
as it may be declared unconstitutional.
Gleason & Proskauer was at the same time awarded $13,500
for their services as attorneys to the receiver, and $1,500
172
THE CHRONICLE
was allowed to former Judge George C. Holt for his work
as referee in the bankruptcy proceedings. In accordance
with an order signed by Judge Hough on Juno 11 adjudging
the partners bankrupts—individually and as co-partners—
Mr. Melville was discharged as receiver on June 18 and directed to turn over the funds in his possession to the trustee
in bankruptcy. Mr. Melville filed his final report on
June 15. Stanley W. Dexter was designated as referee to
take charge of the further proceedings in the case. The
depositors have received 15.3%.
The practice of remaining open on Saturday night has
been abandoned by the State and savings banks of Detroit,
and instead Monday night from six to eight o'clock has been
substituted as the time for remaining open. The new plan,
approved at a meeting of the Detroit Clearing-House Association in May, was inaugurated on July 6. The change is
made in the interest of those in the banks' service who have
been required to return to the institution on Saturday evenings and have thus been prevented from sharing in the
full holiday from Saturday noon over Sunday. But little
business, it is stated, was transacted on the first night the
change went into effect, and unless there is shown a greater
need for the conduct of business at night, it is intimated that
the evening hours may be discontinued altogether.
William Rockefeller, who had been a member of the
Stock Exchange since 1882, has transferred his membership
to his son, Percy A. Rockefeller.
Neilson Olcott, formerly Vice-President of the National
Bank of Commerce of this city, died on the 11th inst. in his
sixty-fifth year. Mr. Olcott was born in this city, and
entered the employ of the bank following his graduation from
the College of the City of New York in 1869. He retired on
Jan. 1 1913 after serving it for forty-five years. Mr. Olcott
had been advanced from the cashiership to the vice-presidency in 1912.
Eugene Lamb Richards, New York State Superintendent
of Banks, has appointed Edward S. Brogan as Private Secretary, at an annual salary of $3,500. Mr. Brogan attended
the public schools in New York City and received the degree
of A. B.from St. John's College, Fordham, and later L.L.B.
from Fordham University Law School. Shortly after his
admission to the bar,he was engaged as Executive Secretary
in the New York County Lawyers Association. As counsel
to the North American Civic League, he conducted investigations into the methods of private bankers and aided in the
passage of the law which placed private bankers under the
supervision of the State Banking Department.
[VOL. xcix.
1905 the company has been in process of liquidation. In
1906 its capital was reduced from $500,000 to $250,000.
A resolution providing for a preliminary payment of $250,000
to the stockholders of record July 25 was adopted at the recent meeting. It is expected that a further payment will be
made later. The original company—the Trust Company of
the Republic—got into financial difficulty when it became
involved through the failure of the Shipbuilding Trust.
There have been forty lawsuits, amounting to ,000,000,
against the succeeding Commonwealth Trust Co., which
have been successfully contested in 39 cases; the last suit
is now pending. P. R. Bomeisler has been President of
the Commonwealth Trust since 1905 and handled its interests through all the litigation. William Huck Jr. is Secretary of the company.
The Columbia-Knickerbocker Trust Company, 60 Broadway now holds place among the city's larger companies. The
institution is officeied by a staff of young bankers who are
demonstrating their ability in the results produced. The deposits of the institution are $57,881,128 surplus and profits
$7,348,257 (in addition to $2,000,000 capital), and total
resources $68,377,541. Willard V. King is President;
Charles H. Keep, Chairman of the Board; Benjamin L.
Allen, Augustus G. Paine, James R. Miller and Howard
LangBayne, Vice-Presidents; Harris A. Dunn, Treasurer;
Chellis A.
ley W. Wiggin, Secretary; J. Sperry Kane and
A. Austin, Assistant Secretaries; Fred C. Marston, Assistant Treasurer; Geo. Earle Warren, Trust Officer; Arthur N.
Hazeltine and Orrin R. Judd, Assistant Trust Officers, and
Park Terrell, Manager Municipal Department.
The creditors of H. B. Hollins & Co. this week received
from the Equities Realization Corporation, which is liquidating the firm's debts, notes for 90% of their claims, in
accordance with the plan of settlement approved by the
of the claims
U. S. District Court on June 22. Ten per cent
payable five days after the confirmation of the plan.
was
The funds to meet the notes will be derived from the sale
of the assets of the firm. In event that the amount of money
derived from the assets is not sufficient to permit the payment of the full 90%, the holders of the notes are to receive
in payment their pro rata shares and to accept such pro rata
shares as payment in full.
The Coal & Iron National Bank of the City of New York,
in its official statement for June 30, reports aggregate resources of $10,435,324, as against $9,658,479 on March 4
1914. Deposits have advanced from $7,675,141 to $8,412,545. This institution has just paid its 32d consecutive diviits surplus and profits of
the dend on its capital of $1,000,000;
The Metropolitan Trust Co. of this city announces
$604,830 have been entirely earned.
election of Willard E. McHarg as an Assistant Secretary.
Mr. McHarg for three years past has been the Private SecreThe Greenwich Bank, main office 402 Hudson St., contary and Confidential Clerk to the State Superintendent of
executive direction
Banks Van Tuyl. He was elected an official of the Metro- tinues to increase its business under the
politan Trust Co. on April 15 last, at the time the directors of William C. Duncan. A comparison of deposits for the
chose George C. Van Tuyl Jr. as President of the institution. past four years of date June30 shows a line of $10,146,973 in
for 1914. The
He has continued to serve in the Banking Department, how- 1910, $11,324,8(2 in 1912 and $13,165,113
the present time by an arrangement with Superin- capital is $500,000 and surplus $1,139,406. The bank recently
ever, until
tendent of Banks Eugene Lamb Richards, who desired to increased its quarterly dividend from 23/2% to 3%.
avail himself of his services until such time as the two additional bureaus of the Banking Department, which, under the
The Lincoln Trust Company, which has recently opened
provisions of the new Banking Law, will have supervision its new bank building at 204 Fifth Avenue, this city, keeps
over private bankers and personal loan brokers, could be adding to the volume of its business and earnings. The six
organized. For many years prior to his connection with the months' statement of condition at the close of business June
Banking Department in 1911, Mr. McHarg was the legisla- 30 shows deposits of $11,904,572, capital, surplus and protive and financial reporter of the Albany "Argus," and fits $1,555,750 and total assets $13,592,297. The executive
was for a score of years an assistant in the Albany bureau staff includes Alexander Webb President; Abram M. Hyatt
of the New York "Sun." He was also the staff correspondent and Owen Ward, Vice-Presidents; Frederic P. Davis, Secat Albany of the New York "Commercial," the Rochester retary; Horace F. Poor, Vice-President and Treasurer, and
"Evening Times," "The American Banker," and other Breckenridge Carroll, Assistant Treasurer.
publications. For twenty years Mr. McHarg was Secretary
of the Albany Board of Trade, an organization ma'ntained
The Fidelity Trust Co., Samuel Conover, President, of
since its charter by the Legislature in 1847 for trade purposes this city, has issued to its depositors a war map of Mexico,
showing the U. S. battleship fleet, frontier army posts along
by the wholesale grain dealers of Albany.
border, the territory occupied by warring factions in
formerly with Kountze Brothers, has the
Frank E. Andruss,
Mexico,and an index to the principal cities. The company's
been appointed an Assistant Cashier of the Merchants' Ex- deposits June 30 were $8,856,110; capital, surplus and prochange National Bank of this city.
fits, $2,347,595, and resources, $11,264,539. Andrew H.
the Commonwealth Trust Company of Mars is Secretary.
The dissolution of
this city was authorized by the stockholders at a special meetThe semi-annual statement of the Union Trust Co. of this
ing on June 23. In 1903 the Commonwealth Trust Co. suc- city, Edwin G. Merrill, President, indicates the company's
Company of the Republic, which was orceeded the Trust
progress and prosperous condition. Its deposits
ganized with $1,000,000 capital and $500,000 surplus; since substantial
JrLY 18 1914.]
THE CHRONICLE
June 30 were over $61,900,000; capital and surplus, $8,311,909, and aggregate resources, $70,584,766.
173
"These assets, it seems to us, belong to the stockholders, and they foot
up a total of $12,988,953 26, which is but slightly over 50% of the capital
and surplus of the company on Dec. 31 1913, viz.: $25,646,458 62.
The conclusions of the commissioners are summarized as
Colonel Andrew D.Baird has been elected a director of the
Mechanics' Bank of Brooklyn Borough. Colonel Baird was follows: of the opinion
"We are
that there should be allowed to the stockholders
a trustee of the Nassau Trust Co., recently merged into the the sum of $5.000,000 in addition to the sum of $185,155 63 actual increase in market value of securities of the company
Mechanics' Bank.
since Deo. 31 1913
.
William C. Armstrong, a contractor and real estate operator, and a depositor of the Roseville Trust Company of
Newark, who was convicted in May on an indictment alleging conspiracy to defraud in the overdrawing of his account,
was sentenced on June 27 to one year in the county pentientiary. A writ of error was immediately filed by his counsel,
and the defendant was released under $5,000 pending the disposition of the writ.
The New Jersey Title Guarantee & Trust Co. of Jersey
City has announced an increase in its capital stock from
$500,000 to $1,000,000, the company concurrently paying a
100% cash dividend on the old issue. The statement of the
company as of June 30 1914, just previous to this increase
of capitalization, showed
Capital of
Surplus of
Undivided profits
$500.000 00
1.000.000 00
586,285 69
It was out of the last item that the dividend was paid.
While the stockholders had the option of taking the cash or
the new stock, all of them decided to take their pro rata
share of the new issue. The Title Company started business
in 1888 with $100,000 capital; later $400,000 additional was
subscribed for by the stockholders. No surplus was paid in,
but the company, due to a most conservative policy, allowed
the earnings to accumulate, and it was not until eighteen
years later, when the surplus had reached a million dollars,
that any dividends were declared. Since then a further
half-million dollars of earnings has accumulated and the
management of the company has now the satisfaction of
knowing that its stockholders are unanimously willing to
see this distributable item changed into a fixed amount of
additional capitalization.
•
In their appraisal of the value of the stock of the Prudential Insurance Co. of America, the commissioners appointed
to undertake the appraisal have fixed the value of the stock
at $455 per share, par value $50. The commission, which
was named in July 1913, consists of ex-United States Senator
James Smith Jr., John Franklin Fort, former Governor of
New Jersey, and William M. Johnson, former Assistant
Postmaster-General. The work of appraising the stock was a
necessary preliminary to the proposed movement to change
the organization from a stock company into a mutual company. The report of the commissioners was filed at Trenton
on June 27 with Chancellor Walker, who has fixed July 28
as the date when a hearing on it will be given to all parties
interested. The commissioners place the value of the assets
belonging to the stockholders at $12,988,953 26; to this they
add $5,000,000 for good-will and in- addition allow $185,155 63 for the increase since Dec. 31 1913 in the value of the
securities held by the company, making the total appraised
value $18,174,108 89; the value of each share of stock is
arrived at by dividing this total by the number of shares outr
standing, viz.: 40,000; the result being $454 35, or approximately $455 per share, the amount determined by the appraisers as the value of each share. In computing the value
of the assets belonging to the stockholders, the report of the
commissioners says:
"It was demonstrated that certain
of its assets which are included In the
surplus belong to the stockholders
and should be so considered in estimating
the value of the stock.
There is practically no serious dispute about the
following items, viz.:
"1. The amount of capital
stock
32,000,000 00
"2. The amount of surplus
heretofore apportioned to the
stockholders by the board of
directors, which was fixed
on a basis of 10% of the
earnings each year on the participating policies _______
4,812,339 24
"3. At the present time
there
-- mrifenod -ti;PlUs --aP — - — s
-trom
deferred dividend policies
in addition to that which has
heretofore been apportioned
of $15.180,384 15, which.
being apportioned on the
basis heretofore observed by
the directors. viz.: 10%
to stockholders and
907 to
policy-holders, would give to
the stockholders an additional sum of
1,618.038 41
"4. There is also the sum of
$1,000,000 of special reserve
which was set apart in 1897 and
1899 from the surplus
earned prior to that period,
and we think it should be
set down to the credit of the
stockholders
1,000.000 00
"5. The item of $3,658,575 61 included
in the surplus was
admittedly derived from nonparticipating policies, and
this, we think, should be allowed to
the stockholders.
Hence we add
3,658.575 61
Total
$12,988.953 26
which sum we believe to be ample and fair.
"On this method, therefore, the basis upon which we appraise the value
of 40,000 shares of the stock of the company and the elements which enter
Into our appraisal are as follows:
"Assets belonging to stockholders, as above stated
312,988.953- 26
L
"Good-will, earning power and going value, In ascertaining
the worth,of which we have taken into account the cost of
organizing and developing the business of the
company
its present state, including an allowance for unrepaid to
investment in new business since 1907 (designated as development cost), the possible increase in value of securities
held by the company and the earning capacity of the company, including the sum of $185,155 63, amount of
recovery in market value of securities since Dec.
31 1913,
allot which we have valued at
5,185,155 63
"Total, being the value of the stock
$18.174,108 89
"We do, therefore, appraise the value of the capital
stock of the corporation on the basis above set forth at
the sum of $18,174,108 89, and, by
dividing said sum by 40.000, the total
number of shares, the result is
$454 35, or approximately $455, which last-named
sum we find to be the
value of each share of said stock."
Carlo 'Fresco, who was re-tried on charges of inciting to
riot made during the Paterson silk-weavers' strike of 1913
was acquitted in the Court of Quarter Sessions at Paterson
on June 30. The action of the New Jersey Supreme Court in
setting aside the conviction of William D. Haywood last
November was made applicable to Tresca and Adolph
Lessing. The three had been sentenced to six months' imprisonment on charges growing out of the strike. Tresea
was again tried last Deceniber but the jury then disagreed.
The Morristown Trust Co. of Morristown, N. J., Samuel
Freeman, President, has paid dividends to its stockholders
since organization of $1,488,000; payments of interest to
depositors in the same period have been $2,586,805. The
institution has a board of very prominent residents, who are
New York bankers and business men. Its deposits for
June 30 reached $7,047,572; surplus and undivided profits,
$1,113,271, in addition to a capital of $600,000; aggregate
resources were over
,765,765. The Morristown Trust
Co. will accept deposit accounts of New York business men
and individuals, paying 3% interest.
Joseph Moore Jr.completed on July5 his twenty-fifth year
as President of the National Bank of the Northern Liberties
of Philadelphia. The event will be celebrated in the fall
by the board of directors, their plans to commemorate the
occasion at this time having been deferred because of the
absence on vacations of some of the members. Mr.
Moore's record is said to be exceeded only by Effingham B.
Morris, President of the Girard Trust Co., and Samuel S.
Sharp, President of the Penn National Bank, Mr. Moore is
also President of the Philadelphia Clearing-House Association. As Chairman of the stockholders'committee, he represented the minority owners of the Northern Central Ry. in
their successful negotiations with the Pennsylvania RR.; and
as Chairman of a security holders' committee, he furthered
the interests of the minority owners of the Central New
England Railway Co. in securing equitable terms for the sale
of their holdings to the New York New Haven & Hartford
Railroad Co.
A 10% dividend was paid on the 13th inst. to the depositors of the failed Atlantic National Bank of Providence,
R. I. With the latest distribution the depositors have
received thus far 60%. The bank suspended in April 1913,
The Mellon National Bank of Pittsburgh has concluded the
first half of 1914 with one of the largest year's business in its
history. At the close of the day on June 30 deposits aggregated $47,469,655, surplus and profits $2,400,429, capital
$6,000,000 and total resources $59,315,482. A. W. Mellon
is President and W. S. Mitchell Cashier.
Action on the question of reducing the capital of the Metropolitan National Bank of Pittsburgh from $400,000 to
$200,000 will be taken by the stockholders on the 30th inst.
The capital was raised to $400,000 in 1903, and the $200,000
of new stock issued at that time was sold at $200 a share.
By returning to the lower figure the bank reduces the
amount of its subscription to the Federal Reserve Bank.
174
THE CHRONICLE
xe
W. H. Orr has been elected President of the National failed in 1907. The latest payment, it is stated, brings the
Union Bank of Reading,Pa.,succeeding C.H.Schaffer, who aggregate amount thus far returned to the depositors up
to 33M%.
retires because of ill health.
Melville E. Ingalls, who achieved a reputation both as a
railroad man and banker, died at his summer home at Hot
Springs, Va., on the 11th inst. Although his health had
gradually been declining for some months, his death is said
to have resulted directly from the shock which he suffered
from the treatment of an ulcerated tooth. Mr. Ingalls'
name is inseparably linked with that of the"Big Four"—the
Cleveland Cincinnati Chicago & St. Louis Ry., of which
for so many years he held the presidency and later the chairmanship of the board. It was as receiver of the old Cincinnati Indianapolis & Lafayette Ry. Co. that Mr. Ingalls first
entered the railroad field; following the reorganization of
that road, he was elected its President in 1873; in 1876 it
again experienced difficulties, and Mr. Ingalls was once more
called upon to straighten out its affairs as receiver. In
1880 he perfected its rehabilitation under the name of the
Cincinnati Indianapolis St. Louis & Chicago Ry. Co., and
was chosen to conduct its management as President. In
1889 a consolidation of this road and the Cleveland Columbus
Cincinnati & Indianapolis Ry. Co. and the Indianapolis &St.
Louis Ry.brought about the formation of the Cleveland Cincinnati Chicago& St.Louis Ry.,and Mr.Ingalls was installed
as President of the new organization. He continued in the
presidency until 1905, and from that date until two years
ago had been Chairman of the board. He was also President of the Chesapeake & Ohio Ry. from 1888 to 1900, and
had besides been President of the Kentucky Central RR. He
held the presidency of the Merchants' National Bank of
Cincinnati for seven years until its consolidation in December 1909 with the First National Bank. Mr. Ingalls was
born in Maine in September 1842, and in his early business
career took up the practice of law. In 1867 he was elected
a member of the Massachusetts State Senate, which was
the only elective political post he had ever held. In 1903 he
was the Democratic candidate for Mayor of Cincinnati, but
was defeated by Mayor Julius Fleischmann. He Was one
of the founders of the Cincinnati Art Museum and President
of the Cincinnati Industrial Exposition in 1880.
E. C. Koemschild has resigned as Cashier of the Merchants & Manufacturers' Bank of Milwaukee to become
Treasurer of the Standard Aluminum Co. of Two Rivers.
John M.Holley, President of the State Bank of La Crosse,
at La Crosse, Wis., died on June 20. He had served in the
Civil War and was one of the leading Grand Army men of
Wisconsin.
The capital of the Pasadena Savings & Trust Co. of Pasadena, Cal., is to be increased from $100,000 to $200,000
through the declaration of a stock dividend of 80% and the
payment by the shareholders of $20 in cash.
The merger of the business of the Traders' National Bank
of Spokane with that of the Spokane & Eastern Trust Co.
went into effect on June 27, the consolidated institution
operating under the title of the latter. The union has added
some $4,000,000 to the deposits of the trust company, the
amount on June 30 standing at $8,934,494, against $4,943,509 on March 4. A also holds trust accounts of $3,611,630.
The capital stock of the company was increased from
$300,000 to $500,000 following the merger into it early
in the year of the Northwest Loan & Trust Co. The latest
consolidation has not occasioned any further addition to
the capital. Besides its $500,000 capital, the company
(June 30) reports a special stockholders' fund of $600,000
and a surplus fund of $100,000. J. P. M.Richards, who had
been President of the Spokane & Eastern Trust before the
present amalgamation, is now Chairman of the board; the
President of the enlarged organization is Aaron Kuhn, Chairman of the board of the Traders' National. The other
officials are R.L. Rutter, Vice-President, Secretary and General Manager; Herbert Witherspoon, C. W. Winter and Samuel Galland, Vice-Presidents; W. L. Clark, Assistant Secretary and Auditor; Fred. Alspaugh, Assistant Secretary and
Manager of the credit department; Seth Richards, Clarence
J. Smith, E. V. Klein, A. R. Truax and W. T. Triplett,
Assistant Secretaries; Connor Malott, manager mortgage
department; H. F. Williams, manager securities department; J. C. Tyler, manager sales department, and G. A.
Sipes, Trust Officer.
Charles A. McLean, Cashier of the Traders' National
Bank of Spokane, which has just been merged into the Spokane & Eastern Trust Co., has been appointed Examiner
of the Spokane Clearing-House banks. The position is a
new one created at a recent meeting of the Clearing-House
Association. Mr. McLean had been associated with the
Traders' National since 1897. He was offered the post of
Assistant to the President of the Spokane & Eastern Trust,
but decided instead to accept the Clearing-House position.
He was President of the Washington Bankers' Association
several years ago.
ptortztarBiTonviitcycialiEnglIsItP,CAD'S
J. E. Franklin, who resigned in June as President of the
English Financial Markets—Per Cable.
Bankers' Trust Co. of St. Louis, has turned over to a comThe daily closing quotations for securities, &c., at London,
mittee representing his creditors, all his assets for liquida- as reported by cable, have been as follows the past week:
London,
tion. The St. Louis "Globe-Democrat", in reporting that
Wed. Thurs.
Tues.
Frt.
Sat. • Mon.
Week ending Jtdy 17.
he had obtained loans from ninety-five banks, totaling
2534
25116
25 11-1625 7-16 25M
d 25%
,2
isr o
E lvn rs pe % per cents__ 7554
dncen,n
5 11-16
5 11.16 75u
5
7 7-16 7 %
$675,000 and about $500,000 through indirect obligations,
7
7 1-16 7 g%1-16 7 i
5
5
"
7 13-18
1
Renunt
acco tes on
2
82.57%
Pads)Zr. 83.07% -------8 .9234 82.95
says:
Forb
enc
d French
7134
71M
72
Many of Franklin's loans were secured by stock in the trust company.
When the passing of the May dividend by the company was followed by a
sensational slump in the market price of the stock and the collateral had
shrunk to less than half its former value, the banks began pressing Franklin
for more collateral. Ile was unable to produce other liquid assets or to
effect large loans,and as many of his obligations with the banks are
coming
due this summer, he arranged for the liquidation by the committee of certain assets as the way out.
The committee named consists of R. S. Hawes, VicePresident of the Third National Bank; L. S. Mitchell,
National Bank of Commerce; August E. Broeker, Cashier
of the Manchester Bank; August Schafly and Samuel Mc
Cluney. Mr. Franklin's holdings in the trust company,
consisting of 5,500 shares, have decreased in market value
from $1,000,000 to about $215,000 since January 1. The
value of his assets placed with the committee is said to be
about $2,640,000.
An amendment to its charter, increasing its capital from
$400,000 to $800,000, has been filed by the Bankers' Trust
Co. of Dallas, Texas.
The American National Bank of Roanoke, Va., has been
organized as a conversion of the Bank of Commerce, Inc.
The capital of the new institution is $100,000. M. w.
Turner continues as President.
A dividend of 5 1-3% was distributed on July 1 to the depositors of the People's Bank of Portsmouth, Va., which
7054
05‘
7
Amalgamated Copper Co___ 71%
97
67M
6634
6654
66%
Am. Smelt. & Refining Co__ 6.%
6%
0%
614
6%
b Anaconda Mining Co
100%
101
10134
100%
101%
Ate!). Topeka & Santa Fe
102
102
102
102
10154
preferred
esg
93
8934
01M
93%
Baltimore & Ohlo
80
83
83
80
83
Preferred
191M
190%
192
19034
195%
Canadian Pacific
48
4754
47M
4654
47M
Chesapeake & Ohio
14
14
14
14
14
Chicago Great Western
101
100
100%
1015(
_101M
Guicago Milw.& St.Paul—
6I4
7
7
13U
81i
Denver & Rio Grande
1354
12%
125(
12
12
Preferred
28M
27M
28%
29%
29
Erie
43M
435i
42M
445i
44M
First preferred
37
3755
Second preferred
3" 125
3" 1F5
125M
125M
1253-4
Great Northern, preferred 115
115
115
11456
115
Illinois Central
141
141
141%
141
141%
Louisville & Nashville
1434
1334
15M
14M
Missouri Kansas & Texas— 1534
34
35
34
34%
Preferred
?(IM
10%
10M
1234
12
MISSOUti Pacific
12
12
12
11%
IIM
Nat. RR. of Mex., 2d pref 91%
91%
89%
90
865i
N.Y.Cent. & Rod. River 2154
Oat.& Western
N Y
10731
10?1
10ri
i
10r
10P
Norfolk & Western
88
87
89
88
Preferred
113
113
Pacific
Northern
575i
5751
1055i
a Pennsylvania
84
84
83M
83M
83
a Reading Company
---a First preferred
a Second preferred-------iii
3.1
Rock Island
00
9831
9854
99%
99%
Southern Pacific
24%
24%
22M
23M
23%
Southern RailwaY
81
81
80M
80%
80%
Preferred
158%
15954
159%
159%
15854
Union Pacific
85
85
85
85
843i
Preferred
62M
eag 61g
63
61%
U.S.Steel Corporation
112%
112%
1125‘ 112M
1125‘
Preferred
55
3.4
K
Wabash
2%
2%
2%
211
2%
Preferred
50
51
50
51
51
E Price per Share. I I sterling. e Ex-dividend. a Quotations here
a x ded"
prices.
112)4 1141
11134
88%
6%
100%
102
86%
78
19154
47
14
100%
5ti
10%
27%
42%
1F5
114
141
1374
33%
11%
12
86%
i
10r
88
1144
'
83
0834
2234
8034
1003i
85
6154
112M
2%
50
given are
JULY 18 1914.1
THE CHRONICLE
175
The following shows the amount of national bank notes
afloat and the amount of legal-tender deposits June 1 and
July 1 and their increase or decrease during the month of
National Banks.—The following information regarding June:
National Bank Notes—Total Afloat—
national banks is from the office of the Comptroller of the
Amount afloat June 1 1914
5751,554,696
Currency, Treasury Department:
Net amount retired during June
882,797
gominercial antiMiscelIanerrus4,euis
APPLICATION TO CONVERT APPROVED.
The State Bank of Kloster, Minn.. into "The First National Bank of
Hinter." Capital. $30.000.
CHARTERS ISSUED TO NATIONAL BANKS JUNE 22 TO JULY 7.
10,566—The First Nat. Bank of Hooker. Okla. Capital. $25,000. L. G.
Blackmer, President; C. E. Wilson, Cashier.
10,567—The Caledonia Nat. Bank. Caledonia, Ill. Capital, $25,000.
John A. Brown, Pres.; W.B. Strong. II, Cashier.
10,572—The First Nat. Bank of Beason, Ill. Capital, $25,000. Geo. L.
Seal, Pres.• Geo. H. Lelmbach, Cashier.
10,573—The First Nat. Bank of Vian, Okla. Capital, $25,000. I. H.
'
Nakdimen, Pres.; D. S. Coleman, Cashier. (Succeeds the
Citizens Bank of Vian. Okla.)
10,574—The First Nat. Bank of New Wilson. Okla. Capital, $25,000.
P. W.McKay, Pres.; J. B. GlIstrap, Cashier. (Surds the Oklahoma State Bank of New Wilson. Okla.)
10.575—The First Nat. Bank of Medicine Lodge, Kans. Capital, $25,000.
C. Q. Chandler, Pres.; L. W. Fullerton, Cashier. (Conversion
of the Citizens State Bank of Medicine Lodge, Kans.)
10.576—The First Nat. Bank of Biloxi. Miss. Capital, $100,000. W.K.
M. Dukate, Pres.; E. C. Tonsmeire, Cashier. ((onversion of
the Bank of Biloxi, Miss.)
10.577—The Dickson Nat. Bank, Dickson, Tenn. Capital. $30,000.
J. T. Halbrook, Pres.; Oury Harris, Cashier. (Conversion of the
Dickson State Bank, Dickson, Tenn.)
10,578—The Munroe and Chambliss Nat. Bank of Ocala, Fla. Capital.
$50,000. T. T. Munroe, Pres.; A. E. Gerig, Cashier. (Conversion of the Munroe and Chambliss Bank, Ocala, Fla.)
VOLUNTARY LIQUIDATIONS.
3,668—The Pasadena Nat. Bank. Pasadena, Cal.. June 20 1914. Liquidating committee: Henry Newby, Charles N. Post and E. J.
Pyle. Pasadena, Cal. Consolidated with the National Bank of
Pasadena, Cal.
9,366—The Crown City Nat. Bank of Pasadena. Cal., June 20 1914.
Liquidating committee: J. B.Coniston, D.C. Casterline and R. C.
Davis, Pasadena, Cal. Consolidated with the Nat. Bank of
Pasadena, Cal.
5,577—The Farmers Nat. Bank of Delta. Ohio, July 6 1914. Succeeded
by the Farmers State Savings Bank of Delta. Liquidating agezt,
W.0. Heck, Delta, Ohio.
CHANGE OF CORPORATE TITLE.
6,064—The Nat. Bank of Gaffney. S. C.. to "The First Nat. Bank of
Gaffney."
STOCK OF MONEY IN THE COUNTRY.—The following table shows the general stock of money in the country as
well as the holdings by the Treasury, and the amount in
circulation, on the dates given.
-Stack of Money July 1 '14- —Money in Circulation—
In U. S. HeldinTreas.a July 1 1914. July 1 1913.
$
$
Gold coin and bullion
1,890,678,304 195,381,761 614,321,674 608,979,598
Gold certificates_b
45,520,740 1,035,454,129 1,008,532,749
Standard silver dollars__ 565,834,263
72,076,361
70,314,176
4,670,087
Silver certificates_b
11,387,624 479,462,376 470,189,192
Subsidiary silver
182,315,863 22,052,188 160,263,675 154,705,699
Treasury notes of 1890
2,439,000
2,656,781
11,942
2,427,058
United States notes
346,681,016
7,841,373 338,839,643 337,923,706
National bank notes
750,671,899 32,588,262 718,085,637 716,261,921
Total
3,738,620,345 319,451,977 3,419,168,368 3,371,326,007
Population of continental United States July 1 1914 estimated at 99,027,000'
circulation per capita, $34 53.
a This statement of money held in the Treasury as assets of the Government
does not include deposits of public money In national bank depositaries to the
credit of the Treasurer of the United States, amounting to £93,388,665 72. For
a full statement of assets see Public Debt Statement.
b For redemption of outstanding certificates an exact equivalent in amount of
the appropriate kinds of money is held in the Treasury, and is not included in the
account of money held as assets of the Government.
BANK NOTES—CHANGES IN TOTALS OF, AND IN
DEPOSITED BONDS, &o.—We give below tables which
show all the monthly changes in bank notes and in bonds
and legal tenders on deposit.
Bonds and Legal Tenders
on Deposit for
Circulation Afloat Under—
1913-14.
Bonds.
June
May
April
Mar.
Feb.
Jan.
Dec.
Nov.
Oct.
Sept.
Aug.
July
30 1914
30 1914
30 1914
31 1914
28 1914
311914
31 1913
29 1913
31 1913
30 1913
30 1913
31 1913
740,798,910
740,818,360
741,213,210
740,603,400
741,445,500
741,645.500
743,068.500
743.590.500
743,513,990
741,846,850
742,081,800
741,1331.750
Legal
Tenders.
Legal
Tenders.
Bond*.
$
15,142,939 735,528,960
16,131,271 735,423,425
15,585,726 736,180,040
16,605,018 735,445,281
16,658,993 736,509,838
17,828,533 736,194,233
17,209,316 740,633.645
17,481,906 739.677.565
18,835.933 740,063,776
20,563,626 738,467,068
21,690,081 740,029.948
20,790,783 738,502,408
Total.
15,142,939 750,671,899
16.131,271 751,554,696
15,585,726 751.765,766
16.605.018 752,050,299
16.658,993 753,168,831
17,828,533 754,022,766
17.209,316 757.842,961
17,481.906 757,159,471
18,835,933 758.899,709
20,563.626 759,030,694
21,690,081 761,720,029
20,790.783 759,293,191
The following shows the amount of each class of bongs
held against national bank circulation and to secure public
moneys in national bank depositaries on June 30.
Bonds on Deposit
June 30 1914.
2%;Th S. Consols of 1930
3O:U.S. Loan of 1908-1918
4%,U.S. Loan 01 1925
2%, U.S. Panama of 1936
2%,U.S. Panama of 1938
3%,U.S. Panama of 1961
3.65%. District of Columbia_
4%,Philippine Loans
4%,Philippine Railway
4%, Manila Railroad
4%,Porto Rico Loans
Various, Territory of Hawaii_
Various, State, City, Railroad,___
Total
-U. S. Bonds Held June 30 to Secure
Bank
PublkDenssifs
Circulation.
In Banks.
Total
Held.
604,666,250
21,495,540
32,853,300
52,885,680
28,896,140
12,737,850
4,575,400
3,908,700
1,280,000
546,000
14,653,900
958,000
5,824,000
918,000
10,000
2,035,000
2,093,000
14,171,500
817,404,100
26,070,940
36,762,000
54,165,680
29,442,140
14,653,900
958,000
5,824,000
918,000
10,000
2,035,000
2,093,000
14,171,500
740,796,910
63,711,350
804,508,260
Amount of bank notes afloat July 1 1914
Legal-Tender Notes—
Amount on deposit to redeem national bank notes June 1 1914
Net amount of bank notes retired in June
$750,671,899
$16,131,271
988,332
Amount on deposit to redeem national bank notes July 1 1914__ $18,142,939
GOVERNMENT REVENUE AND EXPENDITURES.
—Through the courtesy of the Secretary of the Treasury, we
are enabled to place before our readers to-day the details of
Government receipts and disbursements for 1913-14 and
previous fiscal years.
GOVERNMENT RECEIPTS AND DISBURSEMENTS.
Fiscal Years
ending
June 30.
1879
1880
1881
1882
1883
1884
1885
1886
1887
1888
1889
1890
1891
1892
1893
1894
1895
1896
1897
1898
1899
1900
1901
1902
1903
1904
1905
1906
1907
1908
1909
1910
1911
1912
1913
1014*
Receipts from—
Customs.
5
137,250,048
186,522,065
198,159,676
220,410,730
214,706,497
195,067,490
181,471,939
192,905,023
217,286,893
219,091,174
223,832,742
229,668,584
219,522,205
177,452,964
203,355,017
131,818,530
152,158,617
160,021,752
176,554,127
149,575,062
206,128,482
233,164,871
238,585,456
254,444,708
284,479,582
261,274,565
261,798,857
300,251,878
332,233,363
286,113,130
300,711,934
333,683,445
314,497,071
311,321.672
318,142,344
292,128.527
Internal Revenue. Miscellaneous.
$
113,561,610
124,009,374
135,264,386
146,497,595
144,720,369
121,586,072
112,498,726
116,805,937
118,823,391
124,296,872
130,881,414
142,606,706
145,686,249
153,971,073
161,027,624
147,111,233
143,421,672
146,762,865
146,688,574
170,900,641
273,437,162
295,327,937
307,180,664
271,880.122
230,810,124
232,904,119
234,095,741
249.150,213
269,666,773
251,711,127
246,212,644
1289,933,519
k322,529,201
1321,612,200
m344,426,784
n380,000,000
$
23,015,526
22,995,172
27,358,231
36,616,925
38,860,716
31,866,308
29,720,041
26,728,767
35,292,993
35,878.029
32,335,803
30,305,692
27,403,993
23,513,747
21,436,988
18,792.256
17,809,786
20,191,583
24,479,004
a20,094,408
624,596,662
d34,588,140
535,086,186
36,153,403
45,106,969
45,621,493
48,380,087
45,315,851
61,225,524
63,236,467
56,664,912
51,894,751
64,346,103
58,844,593
61.213,793
62,215,173
Total.
s
273,827,184
333,526,611
360,782,293
403,525,250
398,287,582
348,519,870
323,690,706
336,439,727
372,403,277
379,266,075
387,050,059
403,080,982
392,512,447
354.937,784
385,819,629
297,722,019
313,390,075
326,978,200
347,721,705
340,570,111
504,162,306
563,080,938
580,852,308
562,578,233
560,396,675
539,800,177
1544.274,685
594,717,942
663,125,660
601,060,724
603,589,490
675,511,715
701,372.375
691,778,465
o723,782.921
o734,343,700
• Subject to revision.
a Does not include $6,303,000 from sale of Kansas Pacific RR. and
358.448.224
from sale of Union Pacific RR.
b Does not include $11,798,314 from sale of Central Pacific RR.
d Does not Include $821,898 from payment of dividend by receivers of Union
Pacific and 53,338,016 from sale of Central Pacific RR.
S Does not include $2,122,841 received in June 1901 from sale of claim
Sioux City & Pacific, $133,943 from payment of dividend by receivers ofagainst
Union
Pacific and $4,576,247 received on account of Central Pacific indebtedness.
x Includes re-payment of $5,600,000 loaned to Louisiana Purchase Exposition
the previous fiscal year.
J Includes $20,951,781 received from Corporation Tax.
it Includes $33,516,976 received from Corporation Tax.
I Includes $28,583,304 received from Corporation Tax.
m Includes $34,948,871 received from Corporation Tax.
a Includes $60,828,935 received from Corporation and Income Tax.
o Not including Postal Savings Receipts.
Expenditures.
Fiscal
Years Ordinary, Premium,
ending incl. War on Bonds Pensions.
Interest.
Inc 30. and Navy. Purchased.
Total.
Excess
of
Receipts.
$
$
1879 — 126,498,453
35,121,482 105,327,949 266,947,884
6,879,300
1880 ___ 112,312,889 2,795,320 56,777,174 95,757,575 267,642,958
85,883,653
1881
127,083,618 1,061,249 50,059,280 82,508,741 260,712,888 100,069,405
1882
25,559,039
61,345,194 71,077,207257,981,440 145,543,810
1883 W 140,235,433
66,012,574 59,160,131265,408,138 132,879,444
1884_... 134,118,638
55,429,228 54,578.378244,126,244 104.393,626
1885 --- 152,738.412
56,102,267 51,388,256260,226,935
63,463,771
1880
128,498,128
63,404,864 50,580,146242,483,138
93,956.589
1887 -- 145,161,501
75,029,102 47,741,577267,032,180 103,471,097
1888
134,650,443 8,270;842 80,288,509 44,715,007267,924,801 13111,341,274
1889 ___ 153,370,352 17,292,363 87,624,779 41,001,484259,288,978 687,761.081
1890
154,700,347 20,304,224 106,936,855 38,099,294318,040,710 b85,040,272
-_-193.409,598 10,401,221 124,415,951 37,547,135365,773,905 b26,838,542
1892.__ 187,062,161
9,914,454
134,583,053 23.378,116345.023,330
1893 ___ 196,856,004
159.357,558 27,264,392 383,477,954
2,341,675
1894
198,508,589
141,177,285 27,841,406357,525,280 —69,803,261
1895 __ 183,822,039
141,395,299 30,978,030 356,195,298 —42,805.232
1896
177,360,416
139,434,001 35,385,029 352,179,446 —25,203,246
1897 ___ 186,929,884
.791,110365,774,159-18,052,454
141,053,165
1898 - 258,331,158
147,452,369 37,585,056 443,368,583-102,798,472
1899 .__425,780,326
139,394,929 39,896,925 605,072,180 —100,909.874
1900 ___ 306,676,143
140,877,316 40,160,333 487,713,792
75,367,146
1901 ___ 338,300,752
139,323,622 32.342.979509,967.353
71,142,734
1902 ___ 303,594,253
91,287,375
138,488,560 29,108,045 471.190,858
1903 ___339,117,012
54,297,668
138,425,646 28.556,349 506,099,007
1904..8415,196,565
142,559,266 24,646,490 a582402321-142,602,144
1905_ _d 401,014,004
141,773,965 24,590.944 567,278,913 —23,004,229
1906_003,441,661
25,933,143
141,034,562 24,308,576568,788,799
1907_ _015,113,076
84,221,912
139,309,514 24,481,153578,903,748
190
8083,877,715
153,892,467 21,428,133 659,196,320 —58,135.596
1909_ _d 510,229,683
161,710,367 21,803,836 693,743,886 —90,154.396
1910_ _011,577.670
160,696,415 21,342,079693,617,064 —18,105.349
1911 __d511,909,603
10,170,863
157,980,575 21,311,334691,201,512
1912_ _d 513,674,578
153,590,456 22,616,300 689,881,334
1.897,131
1913.1027,558,967
175,085,450 23,149,379725,793,796 —2,010,875
1914*xd1539,259,510
173,092,065 23,143,741735,495,316 —1,151.616
— Deficit.
•Subject to revision.
a Includes $50,174,485 paid on account of Panama Canal and $5,600,000 loaned
to Louisiana Purchase Exposition Company.
b Allowing for the premiums paid, the actual excess in 1888 Is $119,612,116; In
1889 $105,053,444: in 1890, 3105,344,496; and in 1891, 537,329,763.
.
d Includes in each year the disbursements on account of the Panama Canal, which
were in the fiscal year 1905. 53,918,820; in 1906, $19,379,374; in 1907. 527.198,619;
in 1908, 638,093,929; in 1909, 531,419,442; in 1910, 333.911,673: in 1911, $37,063,515: in 1912, $35,327,371; in 1913, 541,741,258: in 1914, 534,826,942.
x 5102,575 added in 1913 and $109,127 in 1914 disbursed for bonds, notes and
certificates retired and deductions of 31,672,535 in 1913 and 51,045,176 in 1914 for
unexpended balances re-paid.
GOVERNMENT REVENUE AND EXPENDITURES.
of the Treasury, we
-Through the courtesy of the Secretaryto-day the details of
enabled to place before our readers for June and the
are
Government receipts and disbursements
twelve months of the years 1914 and 1913.
June 1914.
s
Receipts
23,5.53,447 58
Customs
Revenue
Iernal
27,993,019 73
Ordinary
82
Corp'n dr income tax.60,828.934 45
12,005,364
Miscellaneous
June 1913. 12 Mos.'13-'14. 12 Mos.'12-'13
$
$
$
23,668,598 63 292.128.52763 318,142,344 37
28,279,593 84 308,613,843 73 309.477,913 14
28,742,846 03 71,386,156 13 34,948,870 58
7,418,766 82 62,215,172 71 61,213,793 07
124,380,766 58 88,109,805 32 734,343.700 20 723,782,921 16
Total
Pay Warrants Drawn
973,883 45 1,109.618 92 13,456,543 38 13,291,813 52
Legislative EstablLsh't_
592,014 73
664,964 79
29,540 55
51,607 26
Office
Executive
4.978,38009
240,581 42 5,222,924 61
378,240 68
___
State Department_
Treasury Department
4,604,076 10 2,595,059 94 44,692,784 31. 43,387,965 40
Excl. Public Bldgs
1.355,622 79 2.510,725 11 15,545,484 49 18,725,984 20
patalte Buildings_ _
Department
War
8,762,909 86 8,432,590 38 123,897,220 56 118,112,612 82
Military
2,220,460 24
2,236,786 48
183.020 75
175,345 21
Civilian
25 49,996,922 08 42.274,84003
Rivers and Harbors. 3,223,522 20 4,519,989 21 10,463,717 91 10,423,632 19
586,472
558,708 05
Justice_
Department of
Post Office Departl1,942,123 70 2,169,340 97
146,265 62
142,444 41
Excl. Postal Service_
686 34
1,027,368 79
Postal Deficiencies
Navy Department
11,265,212 12 11,078,195 44 139,893,614 48 133,262,861 97
Naval
860,914 10
829,554 96
79,932 17
71,120 62
Civilian
Interior Departmentand
Excl. Pensions
1,777,566 15 1,531,890 33 23,290,231 99 22,383,756 70
Indians
14,341,608 06 15,326,271 72 173,092,064 58 175,085,450 29
Pensions
1,810,291 20 1,622,601 97 20,248,739 63 20,306,158 90
Indians
903,297 86 22,111,084 80 20,469,027 70
1,062,592 97
Dept. of Agriculture
1,192,970 66! 11,100,308 79 11,263,457 08
Dept. of Commerce... 759,302 281
1 3,495,355 87
3,347,380 11
191
151,663
Dept,. of Labor
Independent Offices &
3,259,258 22
170,706 55
2,878,325 95
328,912 40
Commissions
716,465 69 12,990,141 78 12,841,210 79
705,003 99
District of Columbia._
545,337 43 22,863,956 70 22,899,108 08
Interest on Public Debt 444,241 18
Total pay warrants
82,770,705 51
52,943,874 1753,521,533 97 701,325,829 59 6
drawn (net)
Public Debt
Bonds. notes and cer109,127 00
1,35000
102,57500
58,160 00
tificates retired
Panama Canal
1,115,290 10 3,530,101 17 34,826,941 76 41,741.25803
Pay warrants issued
Total Public Debt &
3,531,451 17 34,936,068 76 41.843,83303
Pan. Canal disb'ts. 1,173,450 10
disb's'ts.53,568.517 14 57,837.761 16 735.495,316 89 725,793,796 47
Grand total of
1,967,323 31
,489 44 30,272,044 16
Net Excess, All Ree'ts.71,684
81,035 31
Net Excess, All Disb'ts
-We append a
NICARAGUA CUSTOMS RECEIPTS.
statement showing the Nicaragua customs receipts for the
first six months of 1914, compared with 1913: Inc. (-1-) or
1913.
1914.
5158,251 36 $149.945 98
126,957 25
156,910 64
139,518 74
118.220 40
January
February
March
First quarter
April
May
June
Dec. (--).
+38.305 38
+29,953 39
-21,29834
3433,382 40 5416,421 97
$115,087 24 $154,767 38
a102,000 00
150,725 06
150.000 00
a120,000 00
+516,96043
-539,680 14
48,72506
-30,000 00
Second quarter
$337,087 24
$455,492 44
5118,40520
-
-year
Half
a Preliminary-
5770.469 64
3871,914 41
$101.444 77
DIVIDENDS.
The following shows all the dividends announced for the
future by large or important corporations.
Dividends announced this week are printed in italics.
Name of Company.
When
Per
Cent. Payable.
Railroads (Steam).
3
preferred.
Alabama Great Southern,
114
(No.37)_
(0)
Atch.Top.& S. Fe., corn.
214
preferred._
Atchison Topeka dr Santa Fe.
3
& Ohio, common
Baltimore
2
Preferred
154
Canada Southern
2
of New Jersey (guar.)
Central RR.
3
Cuba RR., preferred
216
(qua_ _
Delaware Lackawanna & Western
154
Great Northern (guar.)
214
Illinois Central (No. 119)
6
dr Michigan Southern
Lake Shore
Nor. Ind.). 6
Guar. stock (Mich. Sou.&
314
Louisville dr Nashville common
$6
RR.,
Mahoning Coal
3
Michigan Central
334
Louis
Nashville Chattanooga & St.
154
(guar.)
Norfolk & Western, corn.
1
Adtustment preferred (quar.)
im
(guar.)
Northern Pacific
114
Pennsylvania RR. (guar.)
14
pref. (qtr.)._
Pitts. Cin. Chic. & St. L.,
2
(quar.)
Reading Company, common
1
preferred (guar.)
First
s3
(special)
Union Pacific, common
Street and Electric Railways.
134
Railways, preferred (guar.)
American
m
2)....
Bangor Es. & Eke., cont. (go.) (No.
3
Street Sty., 1st preferred.
BayState
& Pow., corn. (guar.). 134
Brazilian Tract., L.
8
Panic. et's. Ser 1.__
Chicago Hallways.
COM.(eu.)(No.2) 1.14
Columbus Ry.,Pow. & Lt., (No. 2)
154
Preferred, Series B (luor.)
corn. (qu.) 1
Com'wealth Pow., Sty. & Lt.,
134
Preferred (quar.)
Pref.(03 154
Cumberland County Pow. & LI., pref. (go.) 134
Co.,
EMI St. L7U1S & Suburban
(No. 14).. 154
Jacksonville True.. corn.(qu.)
1134
Preferred (guar.) (No. 14) prof. (qtr.) 114
Lewiston Augusta & Watery.,
59). 134
El. Ry.& L., pref. (q11.)(NO.
Milw.
214
Montreal Tramways (guar.)
131) 154
Philadelphia Co., corn. (guar.)(No.
256
non-cumulative preferred
Five per cent
[VOL. XC IY.
THE CHRONICLE
176
Books Closed,
Days Inclusive,
Aug. 27 Holders of rec. July 18a
Sept. 1 Holders of rec. July 31a
Aug. 1 Holders of rec. June 30a
Sept. 1 Holders of rec. Aug. la
Sept. 1 Holders of rec. Aug. is
Aug. 1 Holders of rec. Junepaa
Aug 1 Holders of rec. July 17.
Aug. 1 Holders of rec. June 30a
July 20 Holders of rec. July 3a
Aug. 1 Holders of ree. July 10
Sept. 1 Holders of rec. Aug.
July 29 July 4
to
July 20
Aug. 1 Holders of rec. July 3a
Aug. 10 July 18 to Aug. 10
Aug. 1 Holders of rec. July lba
July 29 Holders of rec. June 26a
Aug. 1 July 19 to Aug. 2
Sept. 19 Holders of roe. Aug. 31a
Aug. 19 Holders of rec. July 3ja
Aug. 1 Holders of rec. July 9a
Aug. 31 Holders of rec. Aug. la
July 25 Holders of rec. July lba
Aug. 13 itolders of rec. July 28a
Sept. 10 Ifoidecs of rec. Aug. 25g
July 20s Mar. 3 to
Mar.22
Aug. 15 Holders of rec. July 3Ia
Aug. 1 Holders of rec. July 18
Aug. 1 Holders of rec. July 18
Aug. 20 Holders of rec. July 31
Aug. 1 Holders of roe. July 20
Aug. 1 Holders of rec. July 15
Aug 1 Holders of rec. July 15
Aug. 1 Holders of rec. July 17a
Aug. 1 Holders of rec. July 17a
Aug. 1 Holders of rec. July 18a
Aug. 1 Holders of rec. July 22
Aug. 1 Holders of rec. July 15a
Aug. I Holders of rec. July 15a
Aug. 1 Holders of rec. July 18
July 31 Holders of rec. July 206
Aug. 1 Holders of rec. July 14
Aug. 1 Holders of rec. July la
Sept. 1 Holders of roe. Aug. 10a
Name of CoollxusY.
Street and Electric Rys.(Concluded).
Public Service Invest., coin. (No. 10)--Preferred (guar.)(No. 21)
Railways Co. General (guar.)
Railway & Light Securities, corn. dr pref.
Rio de Janeiro Tram., L. & P.(guar.)._
Sao Paulo Tram., L. & P.(guar.)
Tampa Electric Co.(quar.)(No. 39)_
United Power & Transportation
United Traction, Pittsburgh, pref
West Penn RYs., prof.(guar.)
York Rye., preferred
Banks.
Corn Exchange (guar.)
German-American
Pacific (guar.)
Trust Companies.
Broadway (guar.)
Fire Insurance.
Home Insurance Co.(No. 118)
Miscellaneous.
Amalgamated Copper Co.(guar.)
American Chicle, common (guar.)
Common (extra)
American Cigar, common (guar.)
Amer. Gas & Elec., pref. (quar.)(No.30)
Amer. Light & Tree., corn.(guar.)
Common (payable in common stock).Preferred (guar.)
American Locomotive, preferred (quar.)Amer. Pipe dr Constr. Securities, prof...
American Sewer Pipe
Binghamton Light,H. de Power,corn.
Preferred (guar.)
Brooklyn Borough Gas
Brown Shoe, Inc., corn. (guar.)
Preferred (guar.)
Burns Bros., common (guar.)
Preferred (guar.) (No. 6)
Canadian Car dr Foundry. Ltd., pf.(qu.)
Canadian Converters, Ltd.(guar.)
Chicago Pneumatic Tool (guar.)
Cities Service, cora, and pref.(monthly).
(Jules Service, cont. & pref.(monthly)
Cluett, Peabody & Co., Inc., corn.(qu.)
Commonwealth Edison (guar.)
Consolidated Ice, Pittsburgh, pref. (guar.).
Consolidation Coal (guar.)
Cuba Company, preferred
Cuyahoga Telephone, prof.(guar.)
Diamond Match (guar.)
Distilling Co. of Amer.. pref.(quar.)...
Dominion Bridge (guar.)
Dominion Coal, Ltd., pref.(No. 43).....
.(gu.)(No10)
Dominion Steel Corp.,Idd.,pf
duPont (E.1.)deNem.Pow.,pref. (guar.).
Eastman Kodak,corn.(guar.)
Common (extra)
Common (extra)
Preferred (guar.)
Edison El. Ill. of Boston (qu.)(No. 101)
Electrical Securities Corp., pref. (guar.).
(No.37)
Electric Bond dr Share, prof.(qu.)
Eureka Pipe Line
Fall River Gas Works (guar.)(No.78)._
Federal Sugar Refining, pref. (guar.)
Ft. Worth Pow.& L., pi.(qu.)(No. 12).
Harbison-Walker Refrac., pref. (quar.)Harrison Bros. dr Co., Inc., Prof. (quar.)
Herculee Powder, pref. (guar.)
Ilomestake Mining (monthly)(No.476).
Houston Oil, preferred
Illinois Northern Utilities (guar.)
Indiana Pipe Lino (guar.)
International Nickel, common
Preferred (guar.)
Island Creek Coal, common (guar.)
Common (extra)
Kayser (Julius)& Co., 1st dr 2d pf.(qu.).
La HOS° Consolidated mines (guar.)...
Lehigh Coal & Nev.(guar.)(No. 143)
Lehigh Valley Coal Sales (guar.)
Loose-Wiles Biscuit, 2d pref.(qu.)(No.9)
Lowell Eke. Light Corp.(guar.)(No. 73)._
Massachusetts Gas Co... corn. (quar.)._
McCall Corporation, common
Miami Copper (guar.) (No. 10)
Montreal Light, Heat & Power (quar.)....
Nipissing Mines Co. (guar.)
North American Co.(guar.)(No.42)
Omaha Elec. Light & Power, preferred..
Osceola Consolidated Mining (quar.)-Pacific Coast Co., common (guar.)
First
r
Second pffeered (gteas.)
Sec n pre e rrr d (e uar.)
Penmans Limited, common (guar.)
Preferred (guar.)
Pittsburgh Coal, pref. (guar.)
Portland(Ore.)Gar&Coke, Pd'. (gu.)(No. 18)
Procter de Gamble, common (guar.)._
Common (extra, payable in corn, stock)
Pub. Serv. Co.of Nor. III., corn.(guar.).
Preferred (guar.)
Quaker Oats, preferred (guar.)
Shawinigan Water dc Power (guar.)
Sierra Pat. El. Co., pref. (qu.)(No. 20).
Silversmiths Co. (guar.)
-Warner Speedometer, corn. (qu.)
Stewart
Preferred (guar.)
Taylor-llrharton Iron & Steel, pref. (guar.)
Texas Pow. & Lt., pref. (guar.) (No. 9)...
Torrington Company, Common
-c. Al. (go.) (No. 58)
Trenton Potteries, n.
Underwood Typewriter, common (guar)
Preferred (guar.)
Union Oil of California
United Cigar Mfrs., common (guar.)._
Preferred (guar.)
Un. Cigar Stores of Am.,Com.(011.)(No.7)
U.S.Envelope, common
Preferred
U.S. Realty & Imp:.(guar.)
U. S. Rubber, common (guar.)
First preferred (guar.)
Second preferred (guar.)
Utah Consolidated Mining
lstdr2dpf (qu.)_
Warner(Chas.)Co.ofDel ,
Westinghouse El. & Mfg.,COM.(quar.)
White(J.G.)&Co.,Inc.,pf.(qu.)(No. 45)_
Willys-Overland, common (guar.)
(N0.9)
Woolworth (F. W.)Co.. Corn.(qU.)
When
Per
Cent. Payable.
Books Closea.
Days Inclusive.
Aug. 1 Holders of tee. July 15a
$2
$1.50 Aug. 1 Holders of rec. July 15a
1
Aug. 1 July 22 to July 31
3
Aug. 1 Holders of rec. July 15a
134 Aug. 1 Holders of rec. July 15
234 Aug. 1 Holders of rec. July 15
234 Aug. 15 Holders of rec. Aug. 3a
$1.40 July 30 Holders of rec. July 16a
2% July 20 Holders of rec. July 10a
Ili Aug. 1 dJuly 25 to Aug. 2
31.25 July 31 Holders of rec. July 21a
4
3
2
114
10
Aug. 1 Holders of rec. July 31a
Aug. 1 Holders of rec. July 27a
Aug. 1 July 15 to July 31
Aug. 1 July 22
to
July 31
On dem Holders of rec. July 14
134 Aug. 31 Holders of rec. July 254
1
July 20 Holders of rec. July 14a
1
July 20 Holders of rec. July 14a
134 Aug. 1 Holders of rec. July 15a
134 Aug. 1 Holders of rec. July 18
214 Aug. 1 July 16 to July 31
214i Aug. 1 July 16 to July 31
114 Aug. 1 July 16 to July 31
154 July 21 July 4 to July 21
4
Aug. 1 Holders of rec. July 18
14 Oct. 1 Sept.20 to Oct. 1
ti July 15 Holders of rec. July 1
114 July 15 Holders of roe. July 1
July 20 Holders of rec. June 80a
3
1
Aug. 1 Holders of rec. July 25a
154 Aug. 1 Holders of rec. July 254
1)( Aug. 15 Holders of rec. Aug. 1
114 Aug. 1 Holders of rec. July 17
154 July 25 Holders of rec. June 20ce
Aug. 15 Holders of rec. July 31
1
July 25 July 16 to July 26
1
34 Aug. 1 Holders of rec. July 15a
14 Sept. 1 Holders of rec. Aug. 154
Aug. 1 Holders of rec. July 206
1
Aug. 1 Holders of rec. July 15
2
114 July 20 July 15 to July 20
134 July 31 Holders of rec. July 254
354 Aug. 1 Holders of rec. June 30
156 July 31 Holders of rec. July 15a
134 Sept. 15 Holders of rec. Aug. 310
14 July 31 Holders of rec. July ha
Aug. 13 Holders of rec. July 310
2
314 Aug. 1 Holders of rec. July 17
114 Aug. 1 July 16 to Aug. 1
134 July 25 July 16 to July 26
216 Oct. 1 Holders of rec. Aug. 310
5
Sept. 1 Holders of rec. July 31a
234 Oct. 1 Holders of rce. Aug. 31a
154 Oct. 1 Holders of rec. Aug. 31a
Aug. 1 Holders of roe. July 15
3
134 Aug. 1 Holders of rec. July 254
114 Aug. 1 July 23 to Aug. 2
Aug. 1 Holders of rec. July 150
8
Aug. 1 Holders of rec. July 206
3
114 July 81 Holders of rec. July 290
134 Aug. 1 Holders of rec. July 22a
114 July 20 Holders of rec. July 10
1
Aug. 1 Holders of rec. July 296
154 Aug. 15 Holders of rec. Aug. 5
65c. July 25 Holders of rec. July 20a
3
Aug. 1
134 Aug. 1 July 21 to July 31
Aug. 14 Holders of rec. July 25
$3
214 Sept. 1 tug. 15 to Sept. I
134 Aug. 1 July 15 to Aug. 2
50c. Aug. 1 Holders of rec. July 15
Aug. I Holders of rec. July 15
$3
134 tug. 1 Holders of rec. July 20a
to July 17
2)1 July 21 July 1
tug. 31 Holders of rec. July 31a
$1
254 July 15 Holders of rec. July 9a
2
134 Aug. 1 July 16 to Aug. 204
tug. 1 Holders of rec. July
2
d1M tug. 1 Holders of rec. July 15a
tug. 1 Holders of rec. July 24
1
50c. tug. 15 Holders of rec. Aug. la
2.54 lug. 15 Holders of rec. July 31
July 20 July 1 to July 20
5
1% Oct. I Holders of rec. Sept. lba
214 tug. 1 Holders of rec. July 20a
July3ld Holders of rec. July 1la
$1
1
tug. 1 July 25 to Aug. 2
'illy 25 to Aug. 2
134 tug.
1
tug. 1 July 23 to Aug. 2
I
tug. 15 Holders of rec. Aug. b
1% tug. 1 Holders of rec. July 21
134 July 25 Holders of rec. July lba
151 tug. 1 Holders of rec. July 2sa
Aug. 16
tug. 15 July 26 to
4
41 tug, If July 26 to Aug. 16
134 tug. 1 Holders of rec. July 15
1% Aug. 1 Holders of rec. July 15
134 tug. 31 Holders of rec. Aug. la
156 July 20 Holders of rec. July 5a
Aug. 1 Holders of rec. July 15a
1
tug. 15 Holders of rec. Aug. 7
134 Aug. 1 July 25 to July 31
134 Aug. I July 25 to July 31
131 tug. 1 July 25 to July 31
134 Aug. 1 Holders of rec. July 240
Aug. 1 Holders of rec. July 17a
July 25 Holders of rec. July 16a
1
1
Oct. 1 Holders of rec. Sept.21a
Oct. 1.Holders of rec. Sept. 21a
134
2
Aug. 251Uolders of rec. July 31
1
Aug. 1111olders of rec. July 24a.
154 Sept. 1 Holders of roe. Aug. 2
5a
114 Aug. 15 Aug. 1 to Aug.16
356 Sept. 1 Holders of rec. Aug. 15
314 Sept. 1 Holders of roe. Aug. 15
1.11 Aug. 1 Holders of rec. July 21
134 July 31 Holders of rec. July 15a
2
July 31 Holders of rec. July 15a
116 July 31 Holders of rec. July lba
$0c. July 27 Holders of rec. July 11
151 July 23 lholders of roe. June 30
1
July 30 Holders of rec. June 3na•
114 Aug. 1 Holders of rec. July 22
114 Aug. 1 Holders of rec. July 21
1% Sept. l Holders of Teo. Aug. 10a•
a Transfer books not closed for this dividend. S Less British income tax. et Correction, e payable in stock. /Payable in common stock. a Payable in scrip.
h On account of accumulated dividends. IA distribution of Balto. dc Ohio Mock to
be made. via., $12 par value 01 13. & 0. pref. and $22 50 par value B.dr 0.otmmon
for each share of Union Pacinc common stock held, payment of said extra dilly ends,,,
,
both cash and stock, being postponed from Apr.1 to JUIN 50 on acescunt of titles Sloe.
Cash dividend of $3 is augmented by the Interest realized, being at rate of 254%,
from April ito July land 2% from July 1 to Jsly 20.
THE CHRONICLE
JULY 181914.1
Auction Sales.—Among other securities, the following,
not usually dealt in at the Stock E.cchanges,were recently sold
at auction in New York, Boston and Philadelphia:
By Messrs. Adrian H. Muller & Sons, New York:
Per cent.
Per cent. Shares.
Shares.
1003-1005
10 Central Trust Co
203%
40 Oswego de Syracuse RR
3 Imp. & Trad. Nat. Bank__ _505
23 42d St.& Grand St. F.RR250%
56 Royal Baking Powd., pref __ 103%
625
24 Hanover Nat. Bank
25 Westchester & Bronx T.& M.
12 Mech. & Metals Nat. Bank_240%
Guaranty Co
170)4
31 Manufacturers' Nat. Bank_ _453
311
863. S. & W. S. Kuhn, Inc__315 lot
8 Bank of Manhattan Co
220 Colonial Tr. Co., Pittsb__ _ _150
55
8 National Nassau Bank
300 Am. AV. Wks. & Gu. old
8 Market& Fulton Nat. Bank_239
stock, ctf. of deP
$10 lot
1 N. Y. Life Ina. & Tr. Co_ _950
76 West Penn Tr.& Wat., corn_ 10%
400
50 Bankers' Trust Co
2 lst-2d Nat. Bank, Pittsb___ 50
734 Buff. Lock.& Roch. Ry., pt. 84
34 1st-3d Nat. Bk.. Pitts., old
1234 Buff.Lock.&Roch.Ry., coml lot
$9 lot
stock partic. ctfs
1,300 Molly Gibson M. & M.,1
$5 each
Per cent
$19 Bonds.
5 000 Bandora M.& M.,$I each..
2,000 United Colorado Mines, $3 lot $1,000 Brooklyn, Public Park loan.
103
7s, 1915
each
By Messrs. Francis Henshaw & Co., Boston:
Shares.
5 Esmond Mills pref
10 Pacific Mills
1 Boston Library Society
6 Saco Lowell Shops
$ per sh.
90
110
10
116
$ per sh.
Shares.
50
8 Textile Sec. Cernpanirs
2 Heywood Bros.& Wakefield, pf_ 98
1 Manchester Tractitn, Light &
234
Power rights
By Messrs. R. L. Day & Co., Boston:
$ per oh.
Shares.
$ per oh. Shares.
3 Old Colony Trust Co
30134
6 Merrimack hifg., common._ 24%
1 Middlesex Co., common_ __ _ 56
1 E. & T. Fairbanks & Co.,
150
3 Middlesex Co., preferred_ _ 77
$500 par
.
6 Mass. Cotton Mills
10 U.S. Finishing, common.... 1034
116
20 Taunton Gas Light. rights__ 19
75
6 Hamilton Mfg
By Messrs. Barnes & Lofland, Philadelphia:
$ per sh.
$ per sh. Shares.
Shares.
100 United Firemen's Ins., $10
120
5 Continental Pass. Ry
11
each
j $2
20 Phila. & Gulf SS
45%
2 Amer. Pipe & Constr
lot
10 United Wireless Teleg
10 German Theatre Realty_ _ _ _ 5%
.
.
1 Penn. Acad.of Fine Arta_ _ 25
4 Electric Hose & Rubber
101%
50 Consumers' Brewing, v t c_411 lot
8 Phila. Bourse, corn., $50
124 Md. Del. Sr Virginia Ry__ _11 lot
each
334-334
5 Belmont Trust Co., $50 each 36%
500 Arizona United Min., $I each I6c.
5 Franklin Trust Co., $50 each 54
3 Guarantee Tr.& S.D.Co__ _160
Per cent.
5 Logan Tru.t Co
12742734 Bonds.
43,000 Kan. C. Mo., Gas 1st 55,
18 People's Tr. Co., $50 each.. 46
165
1922
10 West End Trust Co
8934
1 Fire Assoc. of Phila., $50
41,000 J. C.Hob.& Pat.St. Ry..
33234
each
1st 4s, 1949
7534
State of Pa
1 Ins. Co. of
100
$4,000 Lynchburg Tr. & Lt. 1st
125 People's Nat. Fire Ins., $25
9034
58, 1931
each
1734 $100,000 Roth. de Lake Ont. Wat.
40 Phil, Life Ina., $10 each.1034-10%
40
1st 5s 1933
1
By Messrs. Samuel T.'Freeman & Co., Philadelphia:
Shares.
$ per sh. Shares.
5 Corn Exch. Nat. Bank
2920 de 3d Streets Pass. Ry
270
7 Frank. dr S'wark Pass. Ry
360
8 13th & 15th Sts. Pass. Ry
18 Nor. Liberties Gas, par 425._
4134 3 Real Estate Tr. Co.. pref
$ per sh.
24254
24134
85
Canadian Bank Clearings.—The clearings for the week
ending July 11 at Canadian cities, in comparison with the
same week of 1913, shows an increase in the aggregate of
3.8%.
Week ending July 11.
Clearing: at
1914.
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
Peterborough
Total Canada
$
67,294,030
47,062,779
29,599,576
9,047,106
4,875,106
4,519,229
2,888,106
3,444.443
2,141,699
2,308,484
5,711,345
3,170,184
4,150,761
2,105,145
563,365
i,326,096
954,660
511,504
746,922
976,391
520,374
501.139
470,828
1913.
Inc.or
Dec.
$%
60,567,425 +11.1
42,189,788 +11.3
29,581,626
+0.1
12,636,170 —28.4
4,714,976
+3.4
4,899,282 —7.8
2,552,093 +13.1
3,248,497 +6.0
2,048,077 +4.5
1,987,683 +16.1
4,887,948 +16.8
3,533,654 —10.4
4,644,774 —10.6
2,401,597 —12.3
606,638 —7.1
1.809,092 —26.7
1,065,752 —10.4
498,170 +26.1
710,265 +5.2
1,425,132 —31.5
694.018 —25.1
624,833 —19.7
Not incl. In total.
194 417 044 187.332.495
1912.
1911,
S
64,226,425
46,771,011
23,048,952
12,991,989
6,047,617
4.727,781
2,383,447
3,365,418
2,078,709
1,910,843
5,543,570
4,056,027
4,193,848
2,284,521
652,785
2,110,598
1,233,404
564,445
755,851
784,215
$
51,006,316
35,999,189
22.132,554
10,032,136
4,955,823
3,402,847
2,048,233
2,402,552
1,851,597
1,471,315
4,051,87
0
2,737,698
2,343.244
1,509,07
9
603,952
1,453,855
751,106
520,913
508.754
+3.8 194.731,556 149,782,433
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 11. The figures for the
separate banks are the averages of the daily results. In
the case or the totals, actual figures at the end of the week
are also given:
DETAILED RETURNS OF TRUST COMPANIES.
Trust. CO..
00s omitted.
Net
On Dep.
Surplus, Loons. Specie. Legal:. rithC.11. DePorits•
Average. Arerage, Arerage. Banks. Average.
The capital of the trust.companies is as follows: Brooklyn, 41,500,000;
Bankers,
$10,000,000; United States Mortgage & Trust, 42.000,000: Astor, 41,250,000;
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, 41,000.000:
Lincoln. $1.000,000; Metropolitan, $2,000,000; Broadway, 41,500,000: total.
366,250,000.
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) in all cases.
Banks.
00s omitted.
Capital.
Reserve*
Surplus.
Loans.
Arerage.
Specie. Legais. Na Depos- ReAverage. Average'. its, Aver. serve,
$
8
$
3
$
New York...-2,000,0 4,346,8 23,261,0 4,226,0 1,405.0
ManhattanCo. 2,050,0 4,719,9 39,000,0 10,510,0 1,538,0
Merchants'... 2,000,0 2,097,7 21,801.0 4,580,0
910,0
Mech. & Met_
6,000,0 8,874,6 82,751,0 17,762,0 5,749,0
America
1,500,0 6,186,6 26,660,0 4,997,0 1,380.0
City
25,000,0 32,916,9 203,263,0 42,008,0 6,637,0
Chemical
3,000,0 7,755,0 28,496,0 3,204,0 2,865,0
Merchants' Ex
1,000,0
761,8
8,581,0 1,875,0
218,0
Butch.& Drov
300,0
111,1
1,891,0
393,0
56,0
Greenwich
500,0 1,070,1
9,642,0 2,547,0
230,0
American Ex_
5,000,0 4,693,3 48,475,0 9,793,0 2,564,0
Commerce
25,000,0 16,690,6 141,960,0 24,357.0 5,053,0
Pacific
500,0 1,009,8
5,185,0
577,0
842,0
Chat. de Phen. 2,250.0 1,357,9 21,207,0 4,008,0 1,599,0
People's
200,0
435,8
1,830,0
450,0
159.0
Hanover
3,000,0 15,054,8 83,105,0 21,875,0 1.813,0
Citizens' Cent. 2,550,0 2,371,2 23,575,0 5,248,0
613,0
Market & Fult 1,000,0 1,948,1
9,319,0 1,841,0
973,0
Metropolitan. 2,000,0 1,779,4
10,892,0 2,579,0
282,0
CornExchange 3,500,0 6,916,0 65,795,0 15,987,0 4,088,0
Imp. & Trad_
1,500,0 7,676,0 27,508,0 4,554,0 2,042,0
Park
5,000,0 14,344,7 91,535,0 21,204,0 2,615,0
East River
250,0
65,2
1,161,0
343,0
115,0
Second
1,000,0 2,870,5 14,055,0 3,133,0
128,0
First
10,000,0 23,17,,7 119,128,0 25,681,0 2,007,0
Irving
4,000,0 3,468,6 46,945,0 10,201,0 3,027,0
Bowery
250,0
789,0
3,159,0
779,0
61,0
N.Y.County_
500,0 1,916,8
8,594,0 1,622,0
811,0
German-Amer.
750,0
706,2
4,349,0
779,0
217,0
Chase
5,000,0 9,645,7 101,144,0 23,628,0 5,444,0
Fifth Avenue_
100,0 2,1)91.6 13,311,0 3,005,0 1,052,0
German Exch.
200,0
803,8
3,234,0
510,0
442,0
Germania....
200,0 1,000,3
4,7900 1,230.0
254,0
Lincoln
1,000,0 1,7itO,g 16,093.0 3,157,0 1,167,0
Garfield
1,000,0
1,290,
9,0117,
2,411,0
218,0
Fifth
250,0
505,0
3,913,0
791,0
229,0
Metropolis
1,000,0 2.089,9 13,161,0 2,128,0 1,173,0
West Side._ _..
200,0
759,7
3,774,0
721,0
475,0
Seaboard
1,000,0 2,598,5 26,277,0 6,962,0 2,164,0
Liberty
1,000,0 2,844,8 24,929,0 6,246,0
684,0
N.Y.Prod.Ex
1,000,0
928,3
9,740,0 2,499,0
378.0
State
1,000,0
500,7 19,361,0 5,670,0
299,0
Security
1,000,0
345,5 11.414,0
1,884,0 1,398,0
Coal & Iron
1,000,0
604,8
7,011,0 1,184,0
625,0
Union Exch. 1,000,0 1,008,0
9,487,0 2,177,0
350,0
Nassau, Bklyn 1,000,0 1.121,7
8,244,0 1,750,0
204,0
$
21,797,0
45.700,0
22.152,0
89,762,0
26,178,0
194,435,0
24.171,0
8,255,0
1,944,0
10,877,0
49,105,0
121,128,0
4,887,0
22,133,0
2,315,0
94,053,0
23,054.0
9,492,0
10,744,0
78,550,0
25,485,0
94,568,0
1,837,0
12,825,0
110,712,0
51,129,0
3,438,0
9,190,0
4,091,0
115,038,0
15,153,0
3,78.5,0
5,550,0
16,651,0
9,523,0
4,160,0
13,252,0
4,646,0
31,873,0
27,512,0
11,121,0
24,155.0
13,314,0
7,117,0
10,031,0
7,460.0
%
25.8
26.3
24.7
26.1
24.3
25.0
25.1
25.3
23.5
25.5
25.1
24.2
29.0
25.3
26.3
25.1
25.4
27.5
26.6
25.5
25.8
25.1
25.0
25.4
25.0
26.0
24.0
26.4
24.3
25.2
26.7
25.1
26.7
25.9
27.6
24.5
25.0
25.7
28,5
25.1
25.8
24.7
23.1
25.4
25.1
26.1
Totale,average 128,550,0 206,040,3 1459,273,0 312,956,0 66,353,0 1494,348,0
25.3
Actual figures July II__
1450,236,0 305,447,0 69,572,0 1481,568,0 25.3
Circulation.—On the basis of averages,circulation of national banks in the Clearing
House amounted to $41,568,000 and according to actual figures was 841,815,000.
SUMMARY COVERING BOTH BANKS AND TRUST COMPANIES.
Week
ending
Capital. Surplus.
Loans.
Jai Ii
Specie.
On Dep.
Legal with ex,
No
Tenders. Banks. Deposits.
Averages.
4
$
$
$
$
$
$
Banks__ _ _ 128,550,0206,040,3 1,459,273,0312,956,0 66,353,0
Trust cos_ 46,250,0 90,640,5 640,989,0 67,589,0 6,868,0 67,733,0 1,494,348,0
486,641,0
Total.. _ 174,800,0296.680,82,100,262,0380,545,0 73,221,0
67,733,11.980,989,0
Actual.
Banks__ _ _
1,450,236,0305,447,0 69,572,0
1,481,568,0
Trust cos_
639,075,0 68,748,0 6,436,0 67.187,1 481458,0.
TotaL..
2089.311.0374.195.0 78.0090 67.1S7 1 Wig 126 0
The State Banking Department also furnishes weekly
returns of the State banks and trust companies under it.
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 11.
0
$
2
$
%
8
8
Brooklyn
3,706,7 26,210,0 2,173,0
931.0 3,711,0 20,390,0 15.2+15.3
Bankers
13,065,5 131,042,0 15,201,0
689,0 11.401,0 105,733,0 15.0+ 0 7
.
U.S.Mtge.&Tr. 4,211,4 36,996,0 3,444,0
799,0 8,343,0 28,280,0 15.0+21 9
.
Astor
1,201,3 20,932,0 2,043,0
98,0 2,585,0 14,929,0 14.3+14.2
Title Gu.& Tr. 11,614,0 33,631.0 2.977,0
21,919,0 15.3+10.3
392,0
Guaranty
21.222,1 193,092,0 21,324,0 1,078,0 2,551,0 141,623,0 15.8+11.5
18,420,0
Fidelity
1,307,9 7,755,0
943,0
71,0
904,0 4,272,0 16.1+11.2
1,awyersTI&T 5,344,9 15,625,0 1,377.0
498,0 1,306.0 11,825.0 15.8+10.0
Col.-Knicker
7,348,3 48,546,0 5.599,0
282,0 5,146,0 39,226,0 15.1+ 11.
6
1,539,8 15,946,0 1,900,0
Peoples
392,0 2,237,0 15,002,0 15.2+12.7
New York_ _.. 11,545,3 41,039.0 4,190,0
415,0 4,245,0 30,824,0 15.0+12.1
1,195,5 10,225,0
Franklin
937,0
116,0 1,419,0 6,913,0 15.2+16.3
555,7 10,148,0 1,149,0
Lincoln
226,0 1,037,0 8,984,0 15.3+10.3
5,492,6 29,664,0 2,919,0
Metropolitan
174,0 2,733,0 20,742,0 15.0+11.
5
843.5 14,098,0 1,413,0
Broadway ._
707,0 1,691,0 13,979,0 15.1+10
.7
Totals,average 90.640,5 640,989,0 67.589,0 6,868,0 —
67,733,0 484,641.0 15.3+12.2
—
—
Actual figures July 11. 639,075,0 68,748.0 6,436,0 67.187,0 481,558,0 15.6+12.2
177
Capital as of March 2___
Surplus as of March 2....
State Banks
Trust Cos.
State Banks
Trust Cos.
in
outside of
in
outside of
Greater N. F. Greater N. Y Greater N. Y. Greater N. Y.
.
$
23,137,400
$
67,900,000
29,457,000
$
10,588,000
$
10,750,000
164,517,300
14,063.889
13,006,407
Loans and investments__
Change from last week_
330,322,800 1,133.244,500
+2,024,600 +7.542,100
131,348,000
—138,600
186,978,100
—1,004,800
Gold
Change from last week_
50,322,400
79,802,100
—170,400 —18,069,800
Currency and bank notes_
Change from last week_
29,061.500
—237,100
16,386,900
—325,700
Deposits
Change from last week_
438,283,400 1,267,709,000
—7,149,200 —30,782,100
139,714,300
+789,400
200,198,300
+1,134,600
Reserve on deposits
Change from last week_
106,492,600 230,677,800
+1,353,200 —33,475,600
26.983,000
+1,571,400
23,758,100
+2,369,900
23.8%
27.4%
21.3%
20.1%
16.6%
15.4%
P. C. reserve to deposits_
Percentage last week...
20.1%
29.1%
+ Increase over last week. — Decrease from last week.
[You. xcrx
THE CHRONICLE
178
-ThefollowReports of Clearing Non-Member Banks.
The Banking Department also undertakes to present
indicating the totals for the State banks and ing is the statement of condition of the clearing non-member
separate figures
ending July 11, based on average daily
trust companies in Greater New York, not in the Clearing banks for the week
figures are shown in the table below, as are results:
House. These
We omit two ciphers in all these figures.
also the results (both actual and average) for the ClearingOn
Legal
Loans,
House banks and trust companies. In addition we have
Tender Deposit
Disets
Net
with
Specie. and
and
SuralaiBanks.
combined each corresponding item in the two statements,
Bank C.-!!. Deposits.
plus. Incestfat.
meats.
Notes. Banks.
affording an aggregate for the whole of the banks and
thus
5
$
$
$
$
$
s
New York City.
trust companies in Greater New York.
NEW YORK CITY BANKS AND TRUST COMPANIES.
-House State Banks &I Total of all
-House Clear.
Clear.
Trust Cos. not Banks ck Tr.
Members
Members
-II Av. Cos.. Aver.
in C.
Average.
Actual Figs.
Week ended July 11.
28,950,000 203,750,000
Capital as of June
174,800,000
174,800,000
Surplus as of June 30_ __ _
296,680,800
296,680,800
70,887,900 367,568,700
Loans and investments_ _ 2,089,311,000 2,100,262,000
Change from last week -27,189,000 --21,952,000
578,021,6002,678,283,600
+5,044,400 -16,907,600
1,963,126,000 1,980,989,000 a579,251,7002,560,240,700
Deposits
+3,577,400 -38,240,600
Change from last week -41,587,000 -41,818,000
374,195,000 380,545,000
Specie
Change from last week -17,247,000 --23,340,000
643,721,600 424,266,600
+568,300 -22.771,700
Legal-tenders
Change from last week
76,008.000
+3,986,000
73,221,000
4-1,339,000
c9,841.800 83,062,800
-45,600 +1,293,400
Banks: Cash In vault__
Ratio to deposits
375,019,000
25.31%
379,309,000
25.38%
12,756,800 392,065,800
12.46%
75,184,000
74,457,000
40,806,600 115,263,603
Aggete money holdings_ 450,203,000 453,766,000
Change from last week -13,261,000 -22,001,000
53,563,400 507,329,400
+522,70021,478,300
Trust Cos.: Cash in vault
Money on deposit with
other bks. kr trust cos. _
Change from last week
67,187,000
67,733,000
90,615,100 158,348,100
---7,119,000 -13.165,000 -10,245,100 -23,410,100
517,390.000 521,499,000
Total reserve
Change from last week -20,330,000 -35,166,000
Surplus CASH reserve
Banks (above 25%)..
(abovel5%)
Trust COB.
144,178.500 665,677,500
-9.722,400 -44,888,400
5,722,000
1,460,850
Total
Change from last week
7,577.300
-3,012,150
7,182,850
+1,460,850
% of cash reserves of trus
Cash In vault
Cash on dep. with bks_
15.61%
12.24%
15.30%
12.21%
9.51%
16.80%
27.85%
27.51%
20.31%
COMBINED RESULTS OF BANKS AND TRUST COMPANIES IN
GREATER NEW YORK.
We omit two ciphers in all these figures.
Loans and
Week Ended- Investments
May
May
May
May
Tune
June
June
Tune
luly
July
9____
16____
23____
29-6--__
13____
20._
27._
3____
11____
$
2,685,671,8
2,708.109.8
2,696,008,6
2,688,390,6
2,686,486,8
2,693.082,4
2,704,916,9
2,692,658,8
2,695,191,2
2,678,283,6
DOOMS,
5
2,619,688,2
2,649,525,0
2,644,890,3
2.832,782,6
2,628,539,3
2,631,571,3
2,632,876,6
2,609,054,5
2,598,481,3
2,560,240,7
Specie,
8
486,377,9
488.457,8
492,498,3
492,298,7
488,598,3
482.504,2
471.020,8
483,148,9
447,038,3
424,266,6
Legal.
$
82.242,7
88,367,3
87.143.1
85,034,6
83,528,5
84,582,7
87.872,3
86,941,2
81,769,4
83,062,8
$
694,193,3
778,420,2
783,061,1
789,469,8
775.756,4
762,028.6
753,271.7
741,075,1
710,565,9
Mx 577 A
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 these figures.
Banks.
Boston.
May 23_
May 29June 6June 13_
June 20_
June 27_
July 3_
July 11_
Phila.
May 23_
May 29June 6June 13_
Tune 20_
June 27_
Ju y 3_
My 11_
Capital
and
Surplus.
$
60,735.0
60,735,0
60,735,0
60,735,0
60,735,0
60,735,0
60,735.0
60,735,0
103,684,3
103,684,3
103,684,3
103,684,3
103,684,3
108,68.4,3
103,684,3
103,684,3
Loans.
Specie.
$
$
238,999,0 34,576,0
238,392,0 33,767,0
238,419,0 30,602,0
233,659,0 31,041,0
239,768,0 30,423,0
239,288,0 30,111,0
242,616.0 27,943,0
242,561,0 25.738,0
400.891,0
401,816,0
401,752,0
399,743,0
398,422.0
398,285,0
398,020,0
397,124,0
Legal,, Deposits,
a
$
3,751.0
4,102,0
4,240,0
4,647,0
5,263,0
5,264,0
4,579,0
4,743,0
109,846,0
106,883,0
104.997,0
106,417,0
106.696,0
102,682,0
97,198,0
100,317,0
Circu- Ckartngs.
Palen.
$
$
a
294,916,0 10,037,0 153,801.0
294,863,0 9,561,0 114 5685
293,939,0 9,688,0 179 579'8
'
292,818,0 9,647,0 139 379'3
'
296,787,0 9,771,0 140 871'6
'
286,500.0 9,755.0 133 237'4
'
294,124,0 9.782,0 157'147'3
287,183,0 9,762,0 159,779:0
*462,228,0 11,583,0 154 628 2
*462,703,0 11,560,0 132 507 8
' ,
.459.150,0 11,580,0 181,713 8
'
*457.040,0 11,598,0 143,056,0'
*459,782,0 11,591,0 1622305
*453,102,0 11,611,0 158,199'4
*459,268,0 11,607,0 178,089.'1
l
*452,896,0 11,587.0 167.2451
a Includes Government deposits and the Item "due to other banks." At Boeton
Government deposits amounted to $1,340,000 on July 11, against $1.858,000 on
July 3.
'"Deposits" now include the item "Exchanges for Clearing House." which were
reported on July 11 as $14,269,000.
1913.
1914.
I
$3.972,2821
17,152,551
For Week.
55,0
68,0
1,690,0
1,683,0
659,0
485,0
1912.
1
62,606,1811
15,022,518,
1
1911.
52,666,063 52.552,404
13,589,716, 14,717.842
$21,124.8331 $17,628.1991 $18,255,7791 417,270,246
$100,953,223 $79,912,256 $78,801,925 $74,763,821
460,622,904; 448,923,733 461,300,526 392,022,227
5561,576,127 5528,835,989 5538,102,451 8466,786.048
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 11 and from Jan. 1 to date:
EXPORTS FROM NEW YORK,
1914.
1913.
1912.
1911.
For the week
Previously reported
$11,529,066 $13,537,979 $13,731,614 515,292,591
483,486,183 489,358,992 435,288,569 405,166,063
rntai 28 weeks
,
$495,015,249 $502,896,971 $449,020,183 5420,458,654
The followng table shows the exports and imports of
specie at the port of New York for the week ending July 11
and since Jan. 1 1914, and for the corresponding periods in
1913 and 1912:
EXPORTS AND IMPORTS OF SPECIE AT NEW YORK.
Imports.
Exports.
TotMoney Entire Rea
Holdings onDeposit
$
568,620,6
574,825,1
579,641,4
577,333,3
570,126,8
567.086,9
558,893.1
550,090,1
528,807,7
507.329.4
3,217,0
1,768,0
1,509,0
332,0 4,749,0
557,0
93,0
154,0
535,0
FOREIGN IMPORTS AT NEW YORK.
Total 28 weeks
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:
878,0 3,324,0
59,0
807,0 5,098,0
109,0
839,0 3,370,0 15,344,0
853,0 4,806,0
128,0
398,0 2,668,0
143,0
-The following are
Imports and Exports for the Week.
the imports at New York for the week ending July 11; also
totals since the beginning of the first week in January:
Total
Since January 1.
Dry goods
General merchandise
.
+ 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 $666,004,600, a decrease of $6,371,000
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.
1,298,0
1,859,0
6,670,0
7,359,0
7,224,0
1,027,0
5,836,0
3,547,0
5,051,0
217,0
160,0
459,0
996,0
847,0
132,0
617,0
309,0
856,0
95,0
59,0
318,0
507,0
334,0
33,0
215,0
121,0
222,0
6,047,0 10,351,8 87,339,0 9,220,0 '3,934.0 17,884,0 80,976,0
6,247,0,10,877,8 87,962,0 8,750,0 3,774,0 19,491,0 80,684,0
A 547 niin AIR A RR 52R n 8598.0 3 788 0 18.374.0 76.621.0
Totals July 11
Totals July 3
,..r.
w.. r.,..,., 07
Dry oTerchandue
4,627.000
2,950,300
Total
Manhattan and BMW:.
98,0
366,8 1,677,0
Washington Heights_ 100,0
116,8 1,696,0 400,0
Battery Park Nat... 200,0
444,3 6,574,0 708,0
500,0
Century
676,2 7,167,0 856,0
400,0
Colonial
657,3 6,287,0 715,0
300,0
Columbia
177,2 1.000,0 103,0
200,0
Fidelity
461,0 5,764,0 589,0
200,0
Mutual
302,4 3,344,0 364,0
200,0
Netherland
New
504,4 4,623,0 621,0
100,0
Yorkville
Brooklyn.
674,7 3.896,0 461,0
300,0
First National
943,5 5,689,0 6113,0
252,0
Manufacturers' Nat
780,2 13,532,0 1,617,0
1,600,0
Mechanics'
587,6 4,762,0 626,0
300,0
National City
180,8 2,577,0 237,0
200,0
North Side
Jersey City,
400,0 1,266,5 4,168,0 317,0
First National
801,0 3,367,0 216,0
Hudson County Nat_ 250.0
99,(
450,7 2,500,0
200,0
Third National
Hoboken.
669,3 4,764,0 308,1
220,0
First. National
291,2 3,962,0 207,0
125,0
Second National
Gold.
Great Britain
France
GennanY
'We't Indies
Mexico
South America
All other countries
Week.
53,800,074
75,364,705
1,018,913
829,933
1,105,120
572,882
$119,770
135,400
$119,770 $82,827,027
5,057,572 65,242,454
430,925 32,134,147
Total 1914
Total 1913
Total 1912
Silver.
Great Britain
France
Germany
West Indies
Mexico
South America
All other countries
Week. 'Since Jan.1
Since Jan.1
517,079
5,126
75,283
39.841
$137,329 $4,967,143
831,118 10,417,830
624,070 12,843,884
$986,375 $18,222,723
112,606 2,937,322
82,821
200,437
91,146
1,124,900
124,234
43,843
9,031
185
2,509
$1,101,675 522,750,762
980,601 27,548,218
927,163 28,596,883
Total 1914
Total 1913
Total 1912
$17,366
107,712
3,002
929,303
862,061
2,037,570
1,009,469
5,398
$9,305
10,595
18,267
34,171
2,452,154
1.652,673
880,024
$61,093 35,057,189
163,147 4,944,900
101,541 5,491,751
Of the above imports for the week in 1914, $31,000 were
American gold coin and $5,398 American silver coin.
gall:Tang 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
THE CHRONICLE
JULY 18 1914.]
Vaulters'
azette.
Wall Street, Friday Night, July 17 1914.
-We
The Money Market and Financial Situation.
referred last week to the fact that a more hopeful feeling
in financial circles had resulted from reports of increasing
activity in some industrial lines. Neither the hopefulness
nor the cause has, so far as we know,diminished this week,
but that the general business of the country is in the exceedingly prosperous condition which some writers for the daily
press would have us believe we see no real evidence and
with their statements we cannot agree. We submit that the
recent report of the U. S. Steel Corporation showing only
2-3 of its capacity in operation and revealing the fact that
1-3 of its enormous list of workmen is still "laid off" would
be regarded as a deplorable state of that industry if the
situation had not of late been worse. These writers state
as unmistakable evidence of a great revival of business that
"there are more dry goods buyers in New York this week
than ever before", but they do not mention the fact that
scores, if not hundreds, of these buyers are here out of
season to attend the Claflin sales. One of the best authorities on conditions in New England says under date of July
16th:
"The main industries of this section show little change
over last month" and the "frequent predictions of an upswing to prosperity have thus far, unfortunately, failed to
materialize." The same authority further states that
"recent analysis indicate that in the last eighteen months
dividends have been discontinued or reduced on over a
billion dollars of securities. The Government crop estimates of July 1st were extremely favorable and under normal
conditions should have injected life into every branch of
trade. That these wonderful crop prospects have failed
to do so indicates that the underlying causes of our troubles
are deep-seated and difficult to overcome". Such facts
speak for themselves.
The open market rates for call loans on the Stock Exchange
during the week on stock and bond collaterals have ranged
from 2 to 3%. Friday's rates on call were 23'@,2%%.
Commercial paper on Friday quoted 4@4M% for sixty
to ninety-day endorsements and prime four to six months
single names and 5% for good single names.
The Bank of England weekly statement on Thursday
showed an increase of £454,684 and the percentage of reserve
to liabilities was 52.28, against 50.58 the week before. The
rate of discount remains unchanged at 3%,as fixed Jan. 29.
The Bank of France shows an increase of 78,000 francs
gold and a decrease of 2,289,000 francs silver.
NEW YORK CLEARING-HOUSE BANKS.
(NotIncluding Trust Companies.)
1914.
Averages for
week ending
July 11.
Differew,es
from
previous week.
1913.
Averages for
week ending
July 12.
1912.
Averages for
week ending
July 13.
S
$
$
$
Capital
133,650,000 131,650,000
123,650,000
00
Surplus
207,223,200 195,518,5
206,040,300
000
Loans and discounts_ 1,459,273,000 Dec.23,366,000 1,365,466,000 1,401,004.
46,074,000
Circulation
46,604,000
41,568,000 Inc.
283,000
Net deposits
000
1,494,348,000 Dec.45,738,000 1,374,135,000 1,425.267,
0
Specie
312,956,000 Dec.25,090,000 285,047,000 278,149,00
79,390,00
0
Legal-tenders
77,352,000
66,353,000 Inc. 2,406,000
Reserve held
25% of deposits
379,309.000 Dee,22,684,000
373,587,000 Dec. 11,434,500
,
362 399.000
343,533,750
357,539,000
356,316,750
1,222,250
Surplus reserve
5.722,000 Dec. 11.249.500
18.865.250
Note.
--The Clearing House now issues a statement weekly, show ng the actual
averages. The
condition of the banks on Saturday morning, as well as the above
figures, together with the returns of the separate banks and trust companies. also
the summary issued by the State Banking Department giving the condition of State
banks and trust companies not reporting to the Clearing-House,appear on the second
page preceding.
• Foreign Exchange.
-The market for sterling exchange
showed a declining tendency all week,owing to the pressure of
bills,especially finance and wheat bills. The close was weak.
To
-day's (Friday's) actual rates for sterling exchange were 4 84900
4 8515 for sixty days, 4 8690@4 8695 for cheques and 4 8720®4 8735
for cables. Commercial on banks 4
8334 @4 8434 and documents for payment 4 84%©4 84%. Cotton for payment 484@4 8434 and grain for
Posted rates for sterling exchange, as reported by a representative house.
were reduced on Tuesday % cent to 4 86 for sixty day bills and 4 88 for
sight and continued at these figures during the remainder of the week.
• To-day's (Friday's) actual rates for Paris bankers' francs were 5 1934
@5 1834 less 1-16 for long and 5 1634@5
less 3-32 for short. Germany bankers' marks were 94 11-16@94 1634 for long and 95 1-160
13-16
9534 less 1-32 for short. Amsterdam bankers' guilders were 40 3-16
plus 1-326)4034 less 1-16 for short.
Exchange at Paris on London, 25f. 1634c.; week's range, 25f. 18c. high
and 25f. 16c. low.
Exchange at Berlin on
20m. 4934nr•
high and 20:n. 49pf. low. London, 20m. 49pf.; week's range,
The range for foreign exchange
for the 'week follows:
Sterling ActualSixty Days
Cables.
Cheques.
High for the week-__ 4
*
4 8795
4 8755
Low for the week--- 4 8575
8490
4 8720
4 8690
Paris Bankers' FrancsHigh for the week._ 5
1834
5 1634 less 3-32 5 16%
Low for the week__ 5 1934
5 1634 less 1-32 5 1634 less 1-16
Germany Bankers' Marks-High for the week___
9434
95 1-16 plus 1-32 9534 plus 1-32
Low for the week__
94 11-16
95 1-16 less 1-32 95%
Amsterdam Bankers' GuildersHigh for the week._
3018-16 plus 1-16 40 3-16 plus 1-16 4034 plus 1-32
Low for the week___
39 15-16
40 3-16
Domestic Exchange.
-Chicago par.
,
St.
Boston,
p $1,000 premium. San Francisco
per
. Pau12
.
Li isess 4
m
per
. a . i 0 ult , 21- .
0 1:1
45c. per 81,000 premium. Montrose 30c. p $1. 8 prdiscount.S Minne46%c.per $1,000
apolis, 45c. per $1,000 premium.
Cincinnati. Par.
State and Railroad Bonds.
-Sales of State bonds at the
Board include $98,000 New York
at 110 to 110%,
$1,000 New York 4s,1961,at 1025 ,43.4s NewYork Canal
% $10,000
4%s at 110%, $10,000 Virginia fund. debt,1991,at 85,and
$37,000 Virginia 6s deferred trust receipts at 53 to 54%.
179
A little more activity than of late in the market for railway
and industrial bonds is again due to heavy dealings in a few
low-priced issues. Prices have generally declined and in a
few cases the movement has been unusual. Among the
latter are Denver & Rio Grande 1st 5s and New Haven deb.
6s,which have lost 4% and 43 points, respectively;West.
%
Maryland 4s,which are down 4 points; N. Y. Westchester &
Boston down 332, and Rock Islands, Baltimore & Ohio,
Norfolk & Western and Inter.
-Met. 4%s,which are down a
point more or less.
United States Bonds.
-Sales of Government bonds at the
Board include $3,000 4s coup. at 111%, $2,000 4s reg. at
1103/i and $1,600 3s coup. at 100% to 101. For to-day's
prices of all the different issues and for yearly range, see third
page following.
Railroad and Miscellaneous Stocks.
-The stock market has been more active this week than for some time past.
Some real liquidation has undoubtedly taken place,especially
in New Haven, Denver & Rio Grande,and perhaps other
issues, but the selling has been largely of a professional
character. It has, however, caused a substantial decline
in many issues not mentioned above.
To-day's market was highly irregular, declining heavily
around mid-day or later and recovering substantially during
the last hour of trading. New Haven stock has attracted
unusual attention throughout the week. When at its low3
est on Wednesday,it was 9% points below last week's closing price. At the same time New York Central was 53
4
lower, Canadian Pacific 6, and every active stock was down
a point or more. Mexican Petroleum was relatively strong
on the retirement of General Huerta and the hope of better
conditions in Mexico. Under the same influence, American
Smelting & Refining has been strong.
For daily volume of business see page 187.
The following sales have occurred this week of shares not
represented in our detailed list on the pages which follow:
STOCKS.
1Veek ending July 17.
Sales
for
Week.
Range for Week.
Lowest.
Highest.
Range since Jan. I.
Lowest.
Adams Express
100 92 July 16 92 July 16 91
Am Brake Shoe & Fdy pf
100 138 July 15 138 July 15 12934
Am Coal Products
36 83 July 11 83 July 11 82
Preferred
105 io53( July 1510534 July 15 102
American Express
330 101 July 11 103 July 14 100
Batopilas Mining
2,100 E% July 14 $134 July 17 334
Butt Rochester & Pitts
100 100 July 15 100 July 15 100
Preferred
10011634 July 15 11634 July 15 11634
Cent& So Am Teleg
15 105 July 15 105 July 15 103
Colorado & Southern
375 2134 July 17 2234 July 16 20
1st preferred
150 41 July 15 41 July 15 3834
Comstock Tunnel
100 95. July 17 go. July 17 5.).
Detroit Edison
1011334 July 1611334 July 16 11234
Helme(Ow),pref
100 113 July 14 113 July 14 110
Int Agricul Corp v t e_ _
250 9 July 13 934 July 14 4
Preferred
495 25 July 13 2534 July 13 13
Lackawanna Steel
100 3034 July 17 3034 July 17 3034
Laclede Gas (St Louis)
100 93 July 13 93 July 13 9234
Long Island
200 33 July 17 33 July 17 28
Mexican Petrol, pref
70 7034 July 11 7034 July 11 67
New York Air Brake__. 100 64 July 16 64 July 16 6034
NY Chic & St Louis_,._ _
100 36 July 11 36 July 11 36
Norfolk Southern
100 2634 July 16 2634 July 16 26
Pacific Tel & Tel, pref_
2 8934 July 13 8934 July 13 8634
200 5 July 14 5 July 14 5
Peoria & Eastern
300 1 July 16 1 July 16
Quicksilver Mining_ _ _
%
200 134 July 17 134 July 17 134
Preferred
Sears, Roebuck & Co, pf
190 123 July 14 123 July14 12234
281 10134 July 1310234 July 13 94
Sou Pacific subs 1st paid
Union Pacific warrants. 13,615 3034 July 17 3034 July 171 3034
300 45 July 14 46 July 14: 45
United Cigar Mfrs
United Dry Goods, pref 1,113 6634 July 16 7634 July 14 53
200 4834 July 17 49 July 14 49
Virginia fly dc Power__ _
Wells, Fargo & Co
100 91 July 13 91 July 13 8034
200 221c :nth, 14 253,s 1,1,, 10 2)3?
West Maryland. nref
Highest.
Feb 110
Jan 14634
Jan 8634
Jan,107
Jan 11034
Apr $134
July 103%
July 11634
Jan 10934
M
2834
May 62
Ap 10c.
May 113H
Jan 115
Jan 10
Ma 36
July 40
July 101
Jan 36
Ma 87
Apr 69
Ma 45
Mar 43
Jan 903(
July 8
June 234
June 4
Jan 125
Apr 10334
July 3034
Jan 50%
June 10334
May 52
Feb 10534
TIlly, 00
Mar
Feb
Mar
July
Jan
Feb
May
July
Feb
Jan
Jan
Feb
July
Mar
Jan
Jan
Jan
Feb
Feb
Feb
Jan
Jan
Jan
May
Jan
Jan
Jan
July
Feb
July
Feb
Feb
Apr
June
5...
Outside Market.
.
-Trading in outside securities this week
proceeded m a desultory fashion and at the close was almost
at 9, standstill. Prices moved irregularly with the majority
of issues showing small fractional losses. Riker & Hegeman
and United Profit Sharing were conspicuously active, the
3
former advancing from 9% to 10 and dropping to 9, with the
3
close to-day at 9%. United Profit Sharing fluctuated between 8% and 7% and rested finally at 8. United Cigar
Stores corn, lost over a point to 91% and recovered to 9231
finally. The new stock "w. i." weakened from 93% to 9%
but recovered to 9%. Willys-Overland corn. was traded
in. from 90%to 91% and down finally to 90. Un)on Pacific
up
"rights" became very active following the decision to pay
the extra dividend on July 20, selling down from 293/s to
27% and at 275 at the close to-day; B. & 0. pref. stock
%
"when released" sold off from 75% to 74% and up to 75.
Transactions in new Rock Island stocks, "w. i," were reported, the corn. down from 34% to 33 and at 33% finally.
The pref. moved down from 83%to 81% and up to 823/2. The
"rights" were off from 2 to 1%and up to 23/8. Western Pa%
cific p% bonds continued their downward movement in the beginning of the week, sinking from 40 to 37%, but later re3
covered to 403/3, the close to-day being at 39%. Standard
Oil shares were very quiet and price changes were comparatively small. Atlantic Refining dropped from 589 to 580
and ends the week at 584. Buckeye Pipe Line sold down
from $136 to $125. Indiana Pipe Line was off from $121%
.
to $118. Ohio Oil after fluctuating between $180 mid $177
sold to-day down to $176. Standard Oil (California)
gained about 4 points to 324 and reacted to 322 finally.
Standard Oil of N.J. went down from 406 to 402, Standard
Oil of N. Y. rose from 215 to 217, then fell to 214, moving
back finally to 215. Vacuum Oil lost three points to 218,
but sold to-day at 219. Mining stocks were quiet.
Outside quotations will be found on page 187.
180
New York Stock Exchange-Stock Record, Daily, Weekly and Yearly
OCCUPYING TWO PAGES
For record of sales during the week of stocics usually inactive, see preceding nage
STOCKS
-HIGHEST AND LOWEST SALE PRICES.
Saturday
July 11
Monday
July 13
Tuesday
July 14
1Vednesday
July 15
Thursday
July 16
Friday
JO/ 17
Sales of
the
'Vest
Shares.
STOCKS
NEW YORE STOCK
EXCHANGE
Range since Jan. 1.
-share lots.
On basis of 100
Lowest.
Railroads
13 F.. 9134 Apr 27
5
4
3
98 4 99
9812 99
984 98
9718 084 972 0814 974 9814 6,800 Atchison Topeka &
0712Jan 13
Do pref
14
520
.994 100
4
997 100
99 4 99 .993 100
*9934 100
4
9934 993
3
4
.
Atlantic Coast Line 1tIt. 116 Jan 5
766
120 120 .119 121
.117 11814 1119 110
3
3
1193 119 4 11814 119 4
8
833 J'ly 17
8
3
8818 847 874 833 854 73,200 Baltintore & Ohio
90 4 9112 8912 9114 8814 898 87
751811y 17
Do pref
7513 7512 11,421
7514 77
08012 8112 *8012 8112 801a 8012 777 80
4
8712Jat, 3
Rapid Transit_
7
8,630 Brooklyn
6
9018 9012 90
90
9114 9112 90 8 92
90 * 904 9012 91
5
7
1838.11y 15
4
8
8
19013 1907 1853* 190
18614 18712 1837 1863 18514 1863 186 187% 93,811 Canadian Pacific
300 J'iy 14
145 Central of Nvew Jersey
380 300 .290 320 .290 315 .285 315
1300 320 .300 320
4518 J'12/ 10
4 4514 4612 31,740 Chesapeake & Ohio
3
463 4712 454 463
46
47
4614 471
4512 47
11 Apr 21
4 1313 135* .13
8
135
134 13%
1312 1312 1313 133
1,010 Chleago Gt West tr ctfs
•1312 137
2712Jan 1
Do pre( trust ctfs
3512 354 1,900
3714 3714 3613 37
3
3612 3612 353 3614 35 4 36
9418 Apr 28
9712 983
99
4 6,550 Chicago Milw & St Paul_
4 9813 99
98
9712 985* 9734 983
9812 99
131 J'ne25
4
Do pref
200
132 132 *132 133
.131 13312 .13211 13312 133 133 .132 134
1304 131
131 13118
131 131 •1304 13112 •130 131
950 Chicago & North Western 123 Jar' 1
.130 132
I70 de:, !
Do pref
.170 180 *170 182 .170 182 .170 182 •170 182 .170 182
22 J'iy I,
22
22
25
•22
•25
40
40
35 .25
25
40
•25
300 Cleve Cin Chic & St L.._
4•1f.: 1(1
50 .
•35
43
48
48 .35
Do pref
035
*35
48
48
48 .35
*35
14512 Apt 22
8
525 Delaware & Hudson
14614 1464 .1463 149 .14612 14812 14612 147 .14614 148 *1464 148
388 Jan 6
200 Delaware Lack St West
399 400
.39712 400 .3974 400
'39712 407 .39712 407 .39712 400 4
3
4 4 J'ly 16
47
8
612 612
4 64
8 6%
43
614 7
67
58 67
5
2,750 Denver & Rio Grande
4
83 J'ly 17
3
9 4 127
8
1112 1314
4
83 104 12,025
123 1314
Do pref
4
1112 1112 113 1134
2612J'ly 17
2818 2712 285* 2712 2814 275* 2818 27% 2712 2512 2712 35,775 Erie
2818
3912J'iy 17
425* 4112 42
425* 42
394 425* 3,650
14314 4314 4314 4314 42
Do 1st preferred
3134fly 17
Do 2d preferred
4
200
4
313 313
35
35
37
37
374 *35 12214 *35
374 *35
*35
119 Apr 25
122 1221, 122 12214 1213 12214 4,400 Great Northern pref
122
4
12214 1225* 1225* 123
2914 Apr 27
3078 3158 .3012 3114 .3014 3114 2
31
Iron Ore properties
•3014 3112 31
912 3012 2,800
107 Jan 7
.111 11412 .111 11412
300 Illinois Central
112 11412 112 112 *11112 1144 11112 11112 4
1314 Apr 25
137 14
13% 14
14
14
,
135 1332
135* 1418
1414 1414
3,200 Interboro-Metrop V t ctf_
4814 Apr 25
634 6318 627 63
6212 63
: 625* 63
Do pref
6314 631
4 6212 6212 3,500
2
23 Apr 26
•267 274 3 8 28
.267
4
.2618 2734 263 27
28
2534 27
28
Kansas City Southern
1,825
67 Apr 26
*594 51
593 59 8 .594 61
3
3
.5914 61
61
5913 6018
Do pref
•59
300
54 J'iy 11
*4
9
9
.5
9
*5
.5
9
300 Lake Erie & Western.Ms 64 •513 9
•1112 16
17 Apr 3
16
.11
4
16
010
19
*10 16Do pref
.10
.11
16
13214 Apr 21
4
7
4
8
137 1373 135 13712 13511 137 3 1353 13712 13512 1363 135 13634 16,400 Lehigh Valley
•13734 13834 13734 138 13734 1373 138 138
_ _ 1134 134
900 Louisville & Nashville.- 13114 Apr 28
•130 132 •129 13112 .130 132 *130 132 130 1314 .1201 1311
___- - Manhattan Elevated__ 128 Jan 6
12 Apr 18
_
--------------------- ---13
13
1212 1212 •
.12
130 Alinneapolis & St Louis__
2712.Pne:11
Do prof
_,..-- ---- ---- ---- 121% 120 122 •I20 124
4
12114
-.
i22 122
125.F4 12214 122 122
1,180 Minn 81 1'& S S Marie_ 1173 Apr 27
130 J'ne25
100
Do pref
13012 134 .13012 134 *13012 13412 4.13114 13212 *1304 13412 1325* 13234
1312 1378
0 J'ly 17
8
137 1412 137 1418
9
141, 15
Ean & Texas
1.514
15
135* 12,720 Missouri
27131'iy 17
3212 3212 32
•32
32
33
4 3232 34
343
274 33
34
Do preferred
4,620
97 105* 1014 12
914.Ply 11
914 105*
4
103 1114 1032 1114 62,420 Missouri Pacific
5
10 8 12
30 Jan 19
4
33
*27
Alex 1st pref_
34
33
.27
.27
35
33
*27
027
•27
33
Nat Rys of
9 Apr 2
3
4
*10 3 133
1212 *103 12
1118 1118 *1114 123
4
.10% 1112 .11
4
4
300
Do 2d preferred
8358.1'1y 15
3
4
835* 8814 833 851- 84
4 863 89 8 863 88
8818 893
5* 89,185 N Y Central & II It
-5 53% 5112 85 8 145,250 NY N 11 & Ilartford
4953J'IY 16
3 49 4 56
49
3
531
5512 5912 5512 5714 544 573
1918 J'ly 13
1934 2014
2013 2014 2018 2018 20
1918 2014
1912 2034
20
6,350 N 1' Ontario & Western_
8
905 Jan 9
10314 10414 10414 10414 1034 104
10114 1043 1033 104
4
105 105
2,020 Norfolk & Western
85 Jan 7
pref
89
89 .87
*87
89 .87
59 .87
*87
89 .87
159
Do adjustment
10612 Apr 25
3
i
8
8
1081 1097 10812 109
110 1104 1097 110 3 10912 110
1085* 109
8,620 Northern Pacific
10814 Ayr 25
4
110 111
11114 1113 1094 112
8
1113 112
112 112
2
1095* 1107 28,579 Pennsylvania
66 J'ly 17
69
7014 .58
*68
*7014 7112 70
70
66
704 69
68
1,250 Pittsb Cin Chic Ss St L
tfs J'ne23
•85 100
*85 100 .85 100
.85 100 .85 100
.85 100
Do preftxred
s1584 Apr 27
164
1432 163
161 16314 1613 1623 16011 1625* 143,250 Reading
a
16312 164
1615*
3
81412.1an I
90
8914 8914 *88
*88
90
*88
.88
90
90
*88
1st preferred
90
100
86 J'15` 17
08,5
89
89
.85
•85
89 .86
89 .85
88
86
2d preferred
86
100
8.Ply 10
7
14
112
118
.114
118
15*
1
3
13
3
7
8
7
1
1
2,717 Itock Island Company
8
17 J'ly 16
212 25*
17
212 2 3
3
218
24 24
178 214 5,782
24 2%
Do preferred
2 Ain 7
•212 3
0212 3
214 212 .2
*214 23
214 214
3
Louis & San Francisco
400 St
0 May 5
12
*6
12
*6
12
*7
12
4.6
*6
12
•7
11
Do 1st preferred____
318 Apr III
43
4
5
4
414 44
0
4
.4
4
.4
334 33
Do 2d preferred
320
177 J'ly 17
8
2014 .193 227c
2014 2014 197 21
.1934 226 20
177 195* 1,500 St Louis South western _ _ _
26 J'1Y 17
383 39
50
40
40 *____ 45 •____ 41
Do preferred
36
810
38
1612„fly 17
•18
IR
118
1812 1812 1812 1812 1812 18
4 1,400 Seaboard Air Line
1.
1812 1011 173
4
453 J1111 2
Do preferred
4 523 54
4
2,470
533 533
4 5312 5312 5314 6314 5314 533
% 533
53
8614 Ap: 25
4
8 953 9514 9514 965 72,195 Southern Pacific Co
963. 974 953 gm 953* 967, 954 065
8
9458J1111 2
Certificates cw h. Ns.)..
4
4
11043 1043 ____
125
.--- ---- ---- ---- ____ ____ 105(3 1054
2033J'iy 17
22
4
227
223 2414 223. 23
8 2038 - 8 20,700 Southern v tr ctfs stmpd_
8
.233 24
221223* 23
75 Jan 3
Do preferred do
7814 783
1832 794 7812 7912 78% 783 *78
77
7914
7814 4,700
4
1312 Jan 6
15
& Pacific
.141a
15
1413 147
*14
.14
14
15
*14
15
14
600 Texas
3814 Apr 25
Y)._....
4034 418
4013 4012 40
4011 403* 41
4012 40 8 40
3
41
2,420 Third Avenue(N
512;Ply 14
6Is
7
6
0
10 Tople0dor...terLerStre(11Yestern
7
*5
*5
0
8
6
513 512
7
10
6
*7
11 J'IY 13
1214 1314
11
12
12
11
•10
11
12
11
*10
11
10112.1'1y 16
Transit
.02 102
102 102 .10112 10314 102 102
627 Twin City Rapid
10112 10112 1102 102
1184 Apr 2$
8
,5478 1553 1531 156
4
3
1533 11514 1543 15612 155 8 1565 156 1567 123,800 Union Pacific
3
8
2
82 Apr 24
82
8
*8213 8312 1827 827
8
3 828 827
, Do preferred
97
8212 821- 8213 821
1013 J'ne 18
.1112 13 .1112 14
1112 1112 *11
.11
4
13
11
' '
200 United R ys investment _
11
3112 J'Ile 17
preferred
•3134 35
4
'313 35
Do
3134 313 *3112 35
4
•32
35
300
32
32
'
1
12- 114 13
2
3
4
3
12
12
12
4
3
•12
•12
3
4
.32
4
3
5*
000 Wabash
214J'IY 14
23
8 3
023
8 212
214
214
25, 25* .214 25*
Do preferred
700
212 212
4.1'1y 13
133
Maryland
4
133 1614
,
144 1534
1612 174
15
15
15
15
16
15
9,500 Western
312.rly 16
0312 4
.312 4
.34 4
.34 4
34 34
312 3i2
200 Wheeling & Lake Erie
13 Apr 24
16
.14
.14
16
16
13
.14
14 •
16
*14
Do 1st preferred
1213 15
450
5 Alec IS
.84 712 04
preferred
712 464 61- *612 712
6
612 4414 612
Do 2d
250
38 J'ne25
.384 41 - .3812 41
•3812 41
41
3812 3812 3812 3812
39
300 Wisconsin Central
Industrial and Miscell.
4Jan 1.
310 3203
271
8
204 27% 265* 2
274 2758 265 27
713 2 7
6,
8
265 2712 5,110 dA1aSka C.Old Mill rar
81* Jan6
1012
9
8
9
97 10
594 10,
1014 *9
1014 1012 10
900 Aills ChaloAlfg v t .r
s
41 May14
41
41
*40
.4112 43
43
preferred v t c
*4112 43
43
4112
*40
Do
43
180
667,J'n026
. a
3
687 6911
3
7018 68 4 70
3
6934 70 8 68% 7012 69
46 4Jan 2
5512 551 *54
*55
56
:
4
.543 56
56 - 5) 5471 51' 00 AArtilearigicalnanaledgricCuolpePhere-m-: 67378
56
53
4
-1 % 70
2
685
01 Jan 8
9433 19434 9434 .9432 9434
94
*93
4 94
943
preferred
4
943 *91
Do
94
235
8
195 Apr 25
233 237 .2313 233* 2,400 American Beet Sugar......
4
2414 2412 2234 243
25
25
24% 25
66 MAY 4
80
478
80
80
*75
80 .75
*75
80
80 .75
75
Do preferred
8
227 Apr 20
274 27% 263* 2718 264 27
2718 264 2712
27
1
257 26
9,300 American Can
8714 Apr 24
.89
91
90
807 90
00
*8913 91
3 91
90
02
91
Do preferred
1160
441 Jan 5
51
514 51
5114 5013 514 3:300 American 4.-Icr & Foundry
5114 515* 5118 5184 5012 51
114 Jan 25
8
3
118
•11812 11912 11813 11812 1183 1183 •118 120 11181: 11812 .0012 11813
Do preferred
310
6312
6318 *60
60 Jan 6
6318 *60
*60
3
631*
623 65 .6018 6.5
American Cities preferred
3712Jan 8
335* 38 9 38
384 39
% 3918 39
39
39
39
1 700 American Cotton 011
355*
8
1135 J'ne 5
*93
95
94
95
*93
95
04
ps
'
.93
95 .92
Do preferred
92
100
412 44
44 .4
412 *4
4 Apr 19
412 *4
412
412 *4
.4
4
American Hide & Leather
*2012 2112 *20
18% Apr 25
•21
23
23
205* 21
eferred
23
2113 2118 021
Do
300
284 2814 •2
8
28
29
2912 28
28
28
2914 30
2813 3,100 American Ice Securities_, 24 Jan 3
9
9
4 88
83
812 J'ly 16
*812 94 *84 912
813 831 .813 91,
500 American Linseed
28
*26
28
2712 2712 •26
27
27
2618 Alay25
*26
28%
28 27
Do preferred
310
2912 2912 293 2
30
3 95* 293 2934
30
30
28 Ain' 24
: 30
2912 291
620 American Locomotive
99
98
9718 974 *07
1994 9912 98
*9812 100
96 Jan 0
88 100
210
Do preferred •
5 J'ly 8
5
5
*44 51s *44 36
*5
7
*5
512
7
5
4,
7
250 American Malt Corp
34
34
3412 35
.32
___. 38
39
39
34 J'ly 16
42
450
Do preferred
39
8212 8212 *82
84
.82
*82
84
*82
84
8
84
135 Amer StneltersSecpref 13 793 Apr 26
32
s 6414 6514 6514 6614 65(2 6638 8,900 Amer Smelting & Refin'g
57 Apr 25
7
5512 65 8 647 6612 6412 653
110312
974 Apr 25
Do preferred
725
)34 10318 103 10314 1023* 10312 10312 10312 .163 10312 1034 103%
167 .163 167
3
16312 1635* 1633
18312
157 Apr 25
200 American Snuff
33 167 *163 167
110 *106 101 •106 108
997 Jan 1
Do preferred (new)
)4 110 .104 110 •I01 110 .106
Highest.
Range toe Previous
Year 1913.
Lowest.
Highest.
004 Nov 1064 Jan
10033Jan 23
99 J'ly 1024 Jan
1013 J'ne 29
4
126 Jan 23 112 J'ne 1333, Jan
8
003 Jut' 10632 Jan
8Jan 26
083
88 Jan
7114 J'ne
83% Jan 29
0231 May
9414 Meh 6 15334 J'ne
4
2204 Feb 4 204 Dec 2663 Jan
310 Jan 12 275 J'ne 362 Jan
80 Jan
5118 J'ly
68 Jan 22
174 Jan
1018 J'ne
1514 Jan 23
23 Jilt' 35 Jan
4112 J'ne 23
1074 Feb 4
0634 Nov 11614 Jan
143 Feb 6 13112 Nov 145 Jan
1367 Feb 14 5123 Dee 138 Jan
180 Jan 24 11118 Nov 1189 Jan
347 Aug
54 Jan
40 Jan 5
9434 Jan
60 Oct
70 Feb 9
15912 Feb 4 14712 J'ne 167 Jan
4063 J'ne 6 380 Dec 445 Jan
4
-34 Jut' 2318 Jan
1914 Jan 31
41 Jan
23 J'ne
3113Feb 4
3212 Jgn
2014 J no
32'2 Jan 23
494 Jan'
3312111e
4Jan 27
493
41 Jan
4014 Jan 23
2814 J'ne
3
134 4 Feb 4 11512 J'ne 1325* Jan
3914 Jan 19
4114 Jan
264 J'ne
4
3
115 Jan 26 1023 Dee 1287 Feb
8
123 J'ne
*
11(5 Jan
,
163 Jan 24
8
663 Jan
45 J'ne
1
658 J'ne 10
8
283 .Ply
21% J'at
2812J'iy 3
6112 Jan
56 J'Ilt•
62 Jan 24
1113 Feb
7 May
9 Jan 23
35 Jan
16 Nov
2112Jan 28
1564Jan 23 14114 J'ne 1683, Jan
8Jan 19 12614 J'ne 14214 Jan
1417
133 Feb 7 1:7 J'ne 13258 Feb
2314 Jan
12 J'ne
1614Jan 31
47 Jan
30 Dec
3512Jan 22
137 Feb 8 11514 J'ne 14214 Jan
145 Feb 2 131 Nov 1150 Jan
2913 Jan
184 Inc
24 Jan 26
8412 Apr
52 J'ne
60 Jan 39
8
435 Jan
2114 Dec
30 Jan 27
69 Melt
31 Dec
34 Feb 6
27'Z Jan
834 Dec
14 Jan 26
4
8
003 Dec 1003 Jan
963
8Jan 31
8
6.55 Dec 12978 Jan
78 Jan 2
337 Jan
2518 J'ne
8Jan 23
315
08 J'ne 11313 Jan
8
1057 J'ly 6
87 Feb
8014 Ana
90 Apr 29
11812Feb 4 10134 J 'tic 1225* Jan
11512Jau 31 1 .6 Dee 12334 Jan
7718 Dec 104 Jan
91 Feb 4
101 111ch25 100 J'ne 1100 Sep
8
17214 Jan 22 1513 J'ne 1714 1)eo
9212 Apr
8212 Oct
3
:293 J'ne 24
05 Apr
84 J'ne
93 Jan 28
247 Feb
8
8
113 Oct
8Jan 23
165
4434 Jan
1712 Oct
25 Jan 1u
19% Jan
4
23 J me
3
5 8Jan 15
69 Feb
13 Jilt
1712Jau 13
4
93 Jan 26
29 Jan
512 J'ne
20 Dee
3512 Jan
4Jan 26
263
75 Jan
5614 1/ec
658 Jan 26
204 Apr
1412 J 'tie
223* Feb 5
49% Sep
ne
35 J'
58 Fen 4
83 Nc%. 110 Jan
1)912Jan 23
9912 Sep
8814 NOV
19012 J'ne22
2838 Jan
1918 J'ite
2814 Feb 4
8112 Mch
72 J'ne
8514 Feb 4
22% Jan
1014 J'ne
173 Apr 1
433 Sep
4,534 Jan 13
8
277 Inc
13 Jan
71s J'ly
4
12! Jan24
4
293 Jan
1514 J'ne
23 Jan 26
10812Jan 19 10114 1'18e 109 Sep
4
8Jan 31 13734 J'ne 1623 Jan
1643
0313 Jan
793 J'llo
86 Feb 4
10 Joe
3512 J.1511
23'4 Feb 6
6313 Jan
30 J'ne
4914 NI ch24
6 Aug
2 Inc
4'2a Jan23
1718 Aug
618 J'ly
23
13 Jan
46 Jan
2878 Dec
35 Jan 22
8 Jan
334 Get
8Jan 7
63
2818 Jan
13 J'ne
21 Jan 23
14 Jan
55, Dee
11 Jan 24
6812 Apr
4018 Inc
48 Fen 4
8
7
5288 May15 118 No'. $243 Oct
9 Dec
7% Dec
,
1414 I,20
4312 Deo
40 Nov
40 Jan 2i.
8012 Sep
0138 Inc
7818 Feb 4
2
57 Jan
414 Sep
s9' mchlt
119 Jan
90 Nov
9712Jan 23
5012 Jan
4
193 J'ne
3
29 8 J'ne 9
86 Alai
65 Oct
7
738J'zie 8
8
467 Jan
21 Joe
3518 Jan 27
96 Jan 24 /8012 J'ae 1291* Jan
3612 J'ne
2
503 Jan
s3' Feb 4
11812.1'1y 13 108 J'ne 117 Melt
784 Jan
uul4 J'ne
68 Jan 26
3
573 Jan
3312 Inc
461* Feb 9
98 May
921. Sep
975* 310131
el, Jan
31;.Ply
514 Feb 1.
284 Feb
1518 Joe
254 Feb 6
2734 Apr
17 J'ne
324 Feb 2;
67 J'ne
1218 Nov
3Jan 25
113
338 Nov
20 Oct
3134 Jail 16
4412 Jan
27 Joe
374Jan 31
4
94 Oct 1061 Jan
10213 51ch25
13 Jan
514 Oct
94Jan 20
6112 Jan
3
417 Oct
505* Jan 24
86 Jan
7912 J'ue
65 Jan 19
74% Jan
5812 Joe
7113 Feb 4
97 J'ne 107 Feb
105 Jan 27
172 Jan 31 150 J'ly 193 Jan
10614.Ply 2 100 J'ne 108 Jan
BANKS AND TRUST COMPANIES-BROKERS' QUOTATIONS
Banks
New York
America 1Amer Exch.,
Battery Park
Bowery.11___
gl
Bronx Boroil
Bronx Nat_
Bryant Park1
Butch & Dr.
Century 1Chase
Bid
Bank.
Chat de Plies. 172
570 Chelsea Ex./. 130
560
210 Chemical _ 405
Citizens' Cer 172
135
121
337
City
425
Coal & Iron. 145
225 'AO
185 Colhalal 1_ 450
170
. Columbia 1 __ 325
150
. iii Commerce -. 1169
__
Corn Exch 1. 314
185
iii Cosmoporn 1 85
so
Elie River-. 60
Bid
Ask
Ask
-140 420
177
345
153
____
____
__
-319
105
--
Backs
FM. ebryl___
Filth AvolFilth
First
Fourth
Garfield ____
Germ-Amer 1
German Ex 1
Germania 1,
Gotham ...-Greenwich 1Ilanover ____
IAA
150
500
9
30
870
199
195
130
390
450
190
275
t025
Ask
160
_- .
id
885
201
210
140
410
475
___.
--____
eta
Banks
Harriman _ _ 275
Imp & Traa. 1505
175
Irving
GOO
Liberty
325
Lincoln
Manhattan 1 1311
Mark & Fun. 1239
Mech & Met_ 124012
Merch Exch. 165
merchants'._ 170
MetronolLs1.. 300
Metroporn 1 175
Ask
28.5
..
2
„
180
615
335
But
Banks
Mutual I .,325
Nassau __
t55
New Nethf _
310
New York CC 750
New York___ 370
Pacific I__ 255
Park ..
360
---- People's 1_ 220
__. Prod Exch 1 153
175 Publle'll
-.....
310
180
.......
Ask
_..
:__.
225
825
380
205
365
:15
9
163
215
Banks
Seaboard-.
Second
Security 1,-Sherman --State */ - _ - 1:
234 Ward- Union Exch.
Unit St..tes¶
Wash Wts 1.
%Veatch A v11.
10de 1
west 81e,
Bid
410
390
---•
Igt;
130
140
500
275
1611
45_0
...
Ask
435
425
100
135
105
140
146
---.
---•
175
475
880
, Ex 24% accum. dlr.
-rights. 9 IASI than 100 shares. 11State banks. a Ex-cliv & rights. 6 New stock
*Bid and asked pr cam no sate3 on this.clay. :Ex
Full Paid.
briVate sa eat this price. x Ex-dly.
3Bale at Stock Exchange or at auction Ma wcek. d Quoted dollar, Per share. e First Instailmen paid. 58012 at
181
New York Stock Record-Concluded--Page 2
JULY 18 1914.]
For record of sales during the week of stoz`ts usually ilactiye, see secon 1 pace oreseling
-HIGHEST AND LOW ESa' SALE PRICES.
STOCKS
Saturday
July 11
Monday
July 13
Tuesday
July 14
Wednesday
July 15
Thursday
July 16
Friday
July 17
Sales of
the
Feet
Shares.
STOCKS
NEW YORK STOCK
EXCHANG4.2
I
Range since Jan. 1.
On basis of 100-share lots.
Lowest.
Range for Previous
Year 1913.
Lowest.
Highest.
Highest.
Industrial dc Misc (Con)
4012 Feb
25 J'ne
28 Jan 6 3712 Feb It
32
200 Amer Steel Found (tiew)_
*30
32
31
3114 • 31
.3114 33
*31
33 .31
33
997 Dec Ile Jan
2
97 Melt 12 1097 Jan24
*
200 American Sugar Refining
10612 10912 *10512 10712 *10512 107 .105 109 .10512 103 .10512 108
100 Do preferred
10718 Melt 31 1137 Jan 7 11018 •1ne 11658 Jan
1124 11258 .111 114 *112 11312
.11212 1134 *11212 11312 .112 114
119 11918 12,280 Amer Telephone & 1 eleg 1171* Jan 2 12414 Jan 30 110 Dec 140 Jan
11818 1203 11414 11014 1181 1191 118 11914 11812 119
8
8
215 Apr 25 250 /itch 23 200 J'ne 29434 Jan
228 2294 1,160 American Tobacco
22814 22814 22814 229
*228 232
229 230 .228 231
96 J.
1Y 10612 Jan
625 Preferred, new
10134 Jan 7 100 J'ne 9
10612 10612
10612 10612 *106 109
1063 107
4
108 108
*10612 109
2312 Seri
1412 Dec
200 American Woolen
*
13 J 'ne25 207 Jan 28
18
17 .13
*13
*13
17
1334 14
.13
16
.13
16
74 May 82 Sep
Do preferred
7212 Itch 4
83 Jan 26
333
7414
74
*7314 75
*7314 75
747 744 *7314 75
8
*7314 76
3214 Jan
Amer NVriting Paper pref
117 Nov
8
1732Jan 23
12
10 Apr 22
*10
12
.10
.10
12
.10
12
12
•-___ 12 .10
307 J'ne
4
4112 Jan
8 2,910 aAnaconda Cop Par $25 3012 May 8 8814 Feb 3
03
4
8 303 3018 3 4 307
8
4
305 3054 303 3118 305 31
8
3012 307
5312 Jan
3612 Dee
Baldwin Locomotive
3812Jan 7 5218 Mch 5
4712
8
483 .45
4812 .4312 4812 *44
.4312 4812 .44
04312 49
140 Do preferred
10212Jan 16 110 J'ne 8 10014 J'ne 10512 J'1e
8
8
8
8
1 10612 107 .10612 107 §10678 1067 *10612 1067 §1064 1067 1061 1064
.
4112 Jan
25 J'ne
29122an 5 443 NI& 11
404 2,792 Bethlehem Steel
4
.4012 4114 40
4018 4014 4058 41
40
41
41
41
74 Aug
624 J'ne
Do preferred
228
68 Jan 10 86 filch 11
85 .8414 85N
4
4
.827 8512 .8278 8514 843 843 .8434 8514 85
8
.300 Brooklyn Union Gas
121 Jan 5 130 Jan 24 110 Oct 1374 Jan
*102 12214 121 121
*122 124 .12212 125 *123 125
123 123
5612 Feb
16 Aug
225
8 5,450 California Petrol v t ctfs_
13 Jan 2 3058Feb 6
22
8
8 213 22
•1312 1914 1914 20
2012 225
2114 22
86 Jan
Do preferred
1,400
45 J'ly
8Jan 2 68 Alch20
61
505
59 .58
5914 59
12 58
5512 5512 5612 0
105512 57
4
0014 Dec 1035 Feb
8012 Apr 23 0518Jan 16
200 Case(JI)ThreshMpftrefs
853 .8214 854
8
8514
.8538 90
91
.83
89 .83
•83
91
3014 Feb
14,700 Central Leather
17 J'ne
8J'ne 12
254Jan 14
372
8 3512 36
363
8 36
36
365
353 3614 3512 37
4
35 4 36
3
947 Jan 6 104 J'ly 15 r83 J'ne
Do preferred
720
974 Mch
103 103
10318 1037 104 194 .103 104
4
103 103
103 103
4758 Jan
5,840 dChino Copper_ _Par 55 37 Apr 25 44 Feb 4
30 8 J'ne
3
4
7
4012 4012 4012 404 403 40 4 4012 40 8 4014 404 393 40
8
3
Cluett,Peabody& Co,Inc 6812Feb 25 70 Feb 13
6712
674 *65
574 •65
•65
574 .65
674 *65
6712 .65
75
Do preferred
12
100 3'ne25 104 Fed 14
*102 10314 .102 104 *102 104 .102 104 §102 10214 .102 104
100 Colorado Fuel dc Iron_ _
25
4112 Feb
2412 J'ne
24 Apr 27
2514 25
2512 2512 25
2512 254 *2514 2612 25
25
34'1 Feb5
600 Consolidated Gas(N y- _ 1274 May21 139'2 Jan 24 12518 J'ne 1423 Jan
2
)
.
.12812 130
129 129
12712 12712 12712 12312
128 128
123 123
*43
45
Continental Can
3712 J'ne 26 4514 J'ly 8
45
4512 *43
45
*4412 4512 .44
*44
4512 .44
150
Do preferred
9212
*90
85 J'ne 25 9184 J'ly 6
92
9212 9112 914 *90
90 .89
.91
§90
92
1,300 Corn Products Refining_
818 814
738 J'ne
734 Aich25 111* Jan 31
174 Jan
84 834 *812 9
814 814
812 83
4
.812 9
794 Jan
700 Do preferred
*6112 63
614 J'ne
60 Alch25 72 Jan 29
63
624 624 6184 613
4 6112 6212 •62
4 614 613
625 Deere & Co pref
0134Jan 2 99 4 Feb 3
4
3
9412 924 927
9112 Dee 10018 Jan
•92
93
93
93 4 9334 9312 9312 .93
3
94
214 Jan
92 J'ne
4
2012 bich 4
134 Apr 20
1.92 Distillers' Securities Corp
0
14
1412 14
14
144 .14
1412 1434 144 1412 1418 1414
2
8
140 Jan 3 1505 Feb 20 12934 J'ne 187 Jan
14612 14714 14812 1487 114712 14712 1,150 General Electric
14758 1483 148 148
149 149
4
750 Gen Motors vot tr ctfs_
91
40 Aug
91
91
25 Alas
3718Jan 3 99 May27
9212 91
93 .90
.90
93 .90
92
92
200 Do pref v t ctfs
8
8
70 May 814 Sep
8
77 Jan 5 95 Feb 19
92 .915 93 .915 93 .915 93
92
93 .9214 93
.92
257
8 3,100 Goodrich Co (0 17
68 Jan
2512 2512 25
194Jan 17
1518 Nov
287 Apr 17
)
2512 26
8
2612 2512 26
264 2612 26
Do preferred
90
8912 .88
797 Jan 2 91 Feb 3
8
8
733 Nov 10514 Jan
4
*883 90 .882 90 .88
8
90
.88
89 .88
54
3,150 dGuggenh Explor Par $25 $443g Jan 8 15712 Apr 2
8 5318 54 .534 544 53
534 Jan
4024 J'1Y
5412 5412 5314 5412 534 535
8 184 194 10,500 dInsp'n Con Cop Par $20 11518Jan 10 8194 J'ly 17
1818 1812 184 19.
8
2032 Jan
134 Dec
1734 1838 175 18
1818 1814
550 Internat Harvester of N J 10034 Apr 25 11312Jan 22
8
1067 1061 .10412 108
8
105 105
96 J'ne 11112 SeP
10614 10614 10518 109 .105 108
100 Do Preferred
1177 117 8
8
7
____ .116
8
___ 1187 1184 .116
11312Jan 3 11878.1'1y 14 111 MaY 116 Oct
___ •118
•116
200 Internat Harvester Corp_ 1004Jan 3 11113 Jan22
8
10212 104 .10238 105 .1023 105
9512 J'ne 11014 Sep
.104 105 .104 105 .104 105
100 Do preferred
*11818 _ __ *119 120 .118 _ _ .118 _ _ 118 118
11414 Ma1.15 118 J'ly 17 111 313 5 114, Sep
•118
900 lot Mer Marine stk tr ctfs
5
2
25 /8
8
24
24 J'ne
33 Jan 27
4
214
23
4 23
4 .214 23 4 3
.212 3
4* Jan
2 May14
8 1,075 Do pref slit tr Ws
84 .74 75
75
8
812 812
834 914
7
194 Jan
1212 J'ne
1514 Jan30
758J'ly 16
*94 9 8
.9
10
100 International Paper
3
612 Oct
74 7 4 .712 814 .712 8
1258 Jan
75 Apr 21
8
4 814 •74 8
*734 814 *73
8
101 Feb 2
400 Do preferred
3218 Oct
4812 .'an
*33
3412 *3312 3414 3312 334 3312 3312 3312 33'z
.33
34
323 'ne22 41 Jan 31
4J
.3
7
7
612 *3
Internet Steam Pump
*3
6
.3
*3
7
412 Dec
3 J'ne 29
*3
7
1812 Jan
9* Jan 20
100
18
*11
18 .10
12
Do preferred
12
70 Jan
157 Dec
8
•____ 15 •___ 18 •____ 15
11 J'ne 24 29 Jan 19
894 *83
8912 .86
Kayser & Co (Jullus)
892
94 Feb
80 Jan 19 94 J'ne 8
77 Dec
.8712 8912 .8712 8912 *8712 8912 *87
Do 1st preferxed
•109 11312 *109 11312 .109 11312 .109 11312 .109 11312 .109 115
106 Lich 12 10824 May18 10612 Oct 110 Jan
100 Kresge Co (8 81)
97 .92 100 .92 100
97
97
*92
83 Sep
.9212 97 .9212 07
58 J'ne
81 Jan 6 105 Feb 25
150 Do preferred
110112 10112 10312 10312 10312 10312 .102 104 .102 104 .102 104
99 Jau 13 105 Alch 3
97 J'ne 102 Jan
100 Liggett & Myers Tobacco 210 J'ly 17 231 Ilich 1 195 J'ne 235 Mch
210 210
.212 2164 *212 21612 *212 21612 *212 21612 .200 214
o preferred
11128Jan 6 11812J'ly 8 10612 J'1Y 11612Jan
.115 119 *116 119 .116 119 .116 11812 *116 11812 .116 ll8't
Loose-Wiles .iiis tr co ctfs
.30
32
32
*30
•30
32
32
32 .30
2918 Apr 24 33 Jan 26
394 .1..n
21 J'ne
*30
32 .30
100 Do 1st preferred
89 A1111 105 Jan
101 Apr 22 105 Alch16
8
8
*10312 1054 1037 1031 .10312 104 *10312 10514 .1034 10514 *10312 1051
95
Do 2d preferred
.01
95 .90
95 Jan
95 *---_ 95
84 J'ly
89 Jan 2 954 J'ne 12
*90
95 .90
95
.90
800 Lorillard Co (P)
1,6714 168
170 170 *168 175 *168 170
166 Jan 20 190 Apr 7 r150 J'ne 200 Jai..
•170 175 .170 175
Do preferred
_ ...
_ .114
.114
___ .114
___ .114
110 Jan 6 1178.Fly 8 103 J'ne 117 Feb
.114
'113__ '114
7
8 ii
100 Mackay Companies
4 7918 if s795 ,
81
794 .78 76 Apr 25 873 Feb 20
7912 87 Jan
755 Ply
8
85
4
*794 - - .78 81
130 .Do preferred
69
654Jan 2 70 Jan 27
169
__ 70 •____ 70
69 Apr
62 Dec
69 *__ 70 •____ 70
69
100 May Department Stores.. 5112J'ne25 6914Jan 17
.59
61
.59
61
....57
01
61 ...'
761 Jan
8
65 Oct
603 603 •53
4
4
.57
61
Do preferred
.97 101
.97 101
.97 101
9712J'ne25 10134Feb 9
.97 101
9712 J'ne 10512 Jan
•97 101
•97 100
5,800 Mexican Petroleum
6434 6318 64
4612Jan. 2 73'? Feb 9
414 Nov
4
7814 Feb
6114 6112 6012 6112 6078 6112 613 614 62
NO dMlaini Copper-Par 55 821 May 7 52438 Feb 16
8
8 2214 224 224 224 2214 2214 2218 2214
2212 2212 222 293
204 J'ne
2612 Jan
800 Montana Power
4812 4812
46 Apr 25 5278 J'ne 5
4812 49
4
49 .483 49
.49
4934 484 4014 49
100 Do preferred
4
101 Apr 27 10378 J'ne 4
.10112 102 *10112 102 .101 102 *10114 10212 *10114 10212 10134 1013
200 National Biscuit
Jan 6 139 Feb 3 104 Joe 130 Sep
131
131
122
•130 13712 .130 1374 .130 13312 130 130 *128 133
Do preferred
11914 Jan 13 128 J'ne29 116 J'ne 1247 Jan
4
•123 130 *125 130 .123 130 *123 130 .123 129 •123 130
97 Jan 8 14 Feb 3
200 Nat Enamerg & Stamp'g
9 Joe
4
1914 Jan
52
8
.1012 1112 1012 1012 1014 1014 .1014 10 4 .1014 107 .10. 103
3
Do preferred
88
744 Oct
4
SO Joe 6 867 Mch 10
921.4 Jan
88 .78
*76
.76
88
88
.76
88
.76
88 .76
200 National Lead
43 Oct
44 Jan 3 52 Jan 26
46
564 Jan
483 *45
4
483 *45
4
.45
4834 .45
483
4 454 454 46
100 DO preferred
105 Jan 13 109 Feb 18 100 J'ne 108 Oct
*10712 10812 *10712 10812 1074 10712 .10612 108 *10612 108 .10612 10712
20 Jan
13 Joe
2 400 dNevacia COns Cop Par $5 $1312 MaY 2 $1612 Jan 26
.
4 1334 1378 1358 1358 1312 131
8
135 135
8
8 135 1334 1334 133
500 North American Co(new) 65 Jan 2 7914 Meb 14
60 J'ne
75
81'? Jan
75 .71
75 .72
•7014 75 .71
75
7512 75
•74
16 J'ne
22 J 'ne25 29 Jan 21
510 Pacific Mail
3112 Jan
2218
224 224 22
_
____________
.2212 234 23 23_
400 Pacific Telep 65 Wog_
22 Nov
22 J'11. 16 31 Jan 24
22
46 Jan
2212 22
22
24
*22
24
24 .22
25 .22
.22
4
900 People's G L & 0(Chic). 1182 API' 25 125 Jan 5 104 J'ne 1294 Sep
4
11912 1193 *1193 12014 *11912 12014 120 120
4
12012 1204 120 120
1778 Jan 3 234 Feb 4
1412 J'Ile
244 Jan
19
2012 .1912 2012 .1914 2012 2,100 Pittsburgh Coal
20
19
21
195
8 20
•19
84 Apr 25 93's Feb 4
Do
73 J'ne
95 Jan
8
884 881 28318 8818 885 88% 8812 8912 2,030 Pressedpreferred
8
90
80
90
90
2634Jan , 46 Feb 14
Steel Car
1812 Joe
'
6218 424 1,300
42
38 Jan
8
4314 434 427 434 4212 4234 4214 4238 42
15 1054 Aich 5
Do preferred
4Jan
50
973
8812 J'ne 10118 Jan
4
4
•10212 104 .102 104 .10212 105 11023 1023 .10212 105 •10212 105
Pub filers. Corp of N J....... 107 Jan 13 114 Apr 7 105 Dec 118 Jan
*11112 ____ •11112 ___ .11112 •11112___ .11112 ___ *11112
15113 Jan 6 159 Jan 28 140 Set) 165 Jan
250 Pullman Company
15712
15512 15512 *155 157 §158 158 *155 158 .155
•15414 156
Railway Steel Spring
25 Apr 25 343 Feb 2
8
2214 J'11
, 35 Jan
*2612 284 *2612 2812
29
275 .26
8
*2612 29 .26
*2612 29
x934 Mch 6 101 Feb 14
Do preferred
9014 J'ne 100 Jan
_ •____ 95
____
____
_ _ •____ 95 .____ 95
22 Jan
15 Joe
4Jan 9 $2212 Apr 3
.
dRaYC° aCtOPPerPar$10 1173
0
8
2058 -- 7
2 8 205 2104 1 200 2034
21
2138 21 - 0
214 2114 21
8 1,900 Republic Iron & Steel
193
215
4Jan 5 27 Jan 27
17 J'ne
282
8 21
2Jan
215 215
8
8
4
4 213 224 215 22
.2112 2238 214 213
50 Do preferred
80 Jan 2 914 Aida 11
8512
72 J'ne
•84
9214 Sep
8512
.84
86
§8512 8512 .83
86
.8412 8512 .33
64 Apr 24 18 Jan 14
200 Rtimely Co (51)
8)214 *an
14 Nov
10
.9
104 *9
10
.912 1112 10
10
.10
1112 10
800 seDo pr
200 ars preferred
.
994 J -.4n
1
Apr 2 , l, Jan 13
4 4
2812
33 Dec
.25
29
n,
2718 .25
27
29
30 .27
•27
29 .27
Roebuck 62 Co
terrea
18034
20
.2J
4,, '4Y 3 1544 J'ne 2131? Jan
19112 1924 .190 193 .190 19412
4
1913 192
•192 19412 19118 192
Sloss-Sheffield Steel & Ir_
25 Apr 24
30
23 J'ly
4512 J...n
30 .24
35 Jan 26
*24
30
.24
30 .24
30
•25
30 .24
Standard Milling
37
32 Jan 7 4014 May25
*35
4012Jan
31 Dec
37
3612 •3412 3612 .35
*35
*35
37 .35
37
330 Do preferred
64
61 Apr 29 66 Mch 6
64
5212 May
661 Feb
4
64
5
•633 65 8 64
4
66
*643 66
4
§6512 6512 •63
1,200 Studebaker Corp (The)._
31
36 Feb
20 Jan 3 364 Alch31
154 Dec
304 304 30
4
.303 32
31
313 313
4
4 314 314 3012
Do preferred
6412 Nov
9314 Jan
70 Jan 5 92 May15
*8211 36
*8212 86
•82
*8212 36
85
86 .82
.82
86
1,100 drennessee Cop_ _Par $2.5 $313 Apr 25 5363 Feb 11 x213 J'ne
391k Jan
4
323
4
4
4
4
323 .32
•8 33
321
324 33
3212 323
4 324 3212 *32
89 J'ne 1324 Dec
1394 14012 139 L3912 3,750 Texas Company (The)„ 128 Jan 3 14978 Mch 5
142 142
141 142
141 14112 1394 141
300 Underwood Typewriter
80
g9, Jan
.70
7314 J'ne 26 83 Jan 31
78 J'ne
SO
74 .70
75
75
.70
80 .70
74
74
*10°14Do preferred
108 Jan 16 113 Apr 15 164 J'11' 113 Jan
*1053 ____ .1053 _ ..1053 __ ..1053 4
.1053 - ,4
4
4
4
611 Union Bag & P;per
411 434
72 Jae
4
35 J'ne 16
8
4 Nov
812 Jan 31
42
O
47 - ; . 4 - la
8 i
7
5
i
4 5
.43
4 54 *43 - -18
100 Do preferred
21
2018 May 11 3212 Feb 3
413 Jan
4
1812 Nov
2214 21
.21
224 •21
*21
224 .21
224 *21
24
U S Cast Iron Pipe& Fdy
1634 Jan
94 J'ne
734 J'ne25 1312Jan 23
*7
9
*7
9
9
*7
*7
10
•7
9
*7
9
100 DO preferred
3118 3118
56* Jan
40 Dec
35
3113 XIV 17 49 Feb 6
.31.
*31
.31
35
35
35
*31
35
.31
300 (7 E3 Express
80
•78
66 Jan
38 Dee
46 Jan 7 87 lich 10
80
•77
80 .79
SI
7814 7914 •78
80
80
U 8 Realty & Improv't61
•58
77 Jan
4
493 Nov
54 Jan 7 6334 Mch 10
61
*59
*55
604
6012 *5912 6012 .53
.59
01
534 Apr 25 63 Aida 14
5638 3,733 United States Rubber
6912 Apr
51 Nov
5612 56
584 59
.59
60
56
£58
57
5814 59
1st preateeid
4
88 2'0e 1093 Apr
9928 Apr 24 10458Jan 14
ferre
8
*103 104 .103 104
10112 1015 *10012
103 1037 .101 102
8
6058 217,010 Do
6918 Jan
497 J'im
8
56 Apr 25 6714 Jan 31
59 13 6012 5912 102744 United States
3
5958 61
8
4 60
614 6112 597 617
61
Do preferred
4
1064Jan 2 1121 Jan 31 1024 J'ne 1103 Jan
10912 10012 10958 1093 1093 1093 1094 109 8 110918 10912 110912 109'z 3,050
4
4
5
8
4
9058Jan
3958 J'ne
5718 5728 5612 574 5612 57
.
s
3
8 363 563 17 200 at/Itah ti0PPer---Par $10 5487 Jan 10 $5938 J'ne22
584 574 564 567
*
2,640 'Vlrginia-Carolina Chem.. 253 Any 30 344 Alch20
28
§28
43'g Jill
284 281
22 .Ply
8 2758 29
4
28
2812 285
4
8 273 2812 28
410
Do preferred
100 100
.9912 10184 .100 102
93 J'nc 114 Jan
96 may 7 10712 bdcb 20
100 100
0994100,1100 100
5884 884 587
,
6,784 Western Union Teleg
, ,
754 Jan
4
5858 594 583 504 858 5 78 5 38 588
6418 Dec
6614J'ne24 6678 Feb 16
58
7914 Jan
7778 733
8
7712 784 24,015 Westinghouse El & Mfg_
4 774 783
535 J'ne
64 Jan 3 79 J'ly 15
2 77
774 79
7814 78
79
Do 1s6 preferred
•122 12278 .122 128 .122 127 .122 128 *122 128 •121 127
4
8
8Jan 19 12412 J'ne 8 1077 J'ne 11113 Jan
1157
9C10 Woolworth (F W)
8
8112 Pats 112 Jan
953 954
974 9712 9512 96
92 r11e25 10314 Feb b
.9512 9712 953 0612 .9512 07
4
•1174 11812 .11712 11812 •11712 11812
50 Do preferred
4
1128* Jan 5 1137 Meta 6 109 J'ne 1154 Jan
8
.11712 118 51167 1164 •1164 118
uanks
Bid
Ask
Broolayn
Coney lard 11 ____ 150
Flr.t. ---_ 250
260
FlatI2u.17 -__ 110
130
GreeneoInt__ 150
160
Hill A deli _ _
_ 125
Monesteaci
ili 100
Manuircers.(453
____
__ 173
Meck..nlcsli.-125
Montauk 11_. 110
205
220
Narnan
-BANKERS' QUOTATIONS.
BANKS. AND TRUST COMPANIES
Ask
Truer Co's Bisi Ask
Trost Co's Did
Ash
Trust Co's Bid
Banks
Btd
's
Brooklyn
Nanette! City 273
North Steel 175
People, __ '- 145
Trust Co's
NY Coy
Astor
isankere Tr_ i400
Sway Trust- Ho
N Y City
Central Trust T1003
285
_ 420
200 Columbia
al
__
Gommercl--.... -155
300
Empire
Equitable Tr. 402
Farm L & Tr 1050
275
Fidelity
275
Fuon
355
lt
Guaranty Tr. 535
____
153
d1005
430
85
310
412
1110
215
300
545
N Y CIty
Hodson _
Law T I & Tr
Lincoln Trust
Metropolitan
Mutual A111an"
Mut% (WestLhester)
130
140
115
370
130
130
Ask
N Y City
____
135 NI'Lite & Tr 1050
605
595
148 N Y Trust
--125 Title Chi 64 Tr 402 407
220
____ Transatlantic 200
Union Trust_ 365 375
410
137 U 8 Attg & Tr 400
1()60
United States 1030
135
Westchester - 125
135
Trust Co',
Brooklyn
Brooklyn Tr.
Citizens' -Franklin ____
Hamilton ___
noes,
Kings County
People's __-.
Queens Co .-
.11)9 and asked 15 ces: no sales on this day. §Less han 100 shares. /1
2x-rights. a Ex-dly. & rights. b New stook. a Quoted dollars
Exchange or at sue Ion this week. s Ex stock dividend. 11 Banks marked with a paragraph'(¶) are State banks. z Ex-cliv dead.
Bid
Ash
475
135
240
265
102
570
275
85
455
140
255
276
112
285
96
par Shift. SJe at stook
182
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
Jan. 1 1909 the Exchange method of quoting bonds was changed. and Prices are now all-"and interesk"-excent for tn,ame and detarsitea bonds.
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 17
a.
Price
Friday
Ade 17
Tireet's
Ranee or
Lass Sate
Range
since
Jan. 1.
AA
BONDS
N. Y. STOCK EXCHANGE
Week Ending July 17
Pm:
Friday
July 17
E
Week's
Range or
Lass Sate
Range
since
Jan. 1.
Ask Low
Sid
nigh No Low Him Chesapeake & Ohio (Con.)BM
AsA Lew
11108 No. Low Nigh
U. S. Government.
9634 9712 9672 J'ne'14
II S 2s consol registered_1•1930 -J
933 Sale 93%
4
94
10 92'2 nnis
General gold 43.s
1092 ,411-S
963 983
4
4
-J
97 98 9714 J'ne'14
d193
U S 2s consol coupon
9634 99
Registered
1992 M-S 9012 __ 9312 Feb '14 -- 3:112 to,
-F 101. 102 10114 J'ne'14
131918
.
U S 3s registered
10114 10214
3.03
Convertible 43s
1930 F-A
7812 78 78
76
141913 Q-F 101 102 101
101
1 101 1027
Big Sandy 1st 4s
7
8
U S Is coupon
1944 J-1) 83 8314 8314 J'ne'14 -!.8 8114 8314
2
11012
1925 Q-F 10912 11012 11018
2 1091 11212
83
1 83 85
53
U 8 4s registered
Coal River fly 1st gu 4s I945 j-D
110 11112 11112
1925 Q-F
11112
1940 J -J --- 101
3 111 11314
Craig Valley 1st g 5s
9612 Dec '13 -17 S 4s coupon
4
335 Pan Canal 10-30-yr 28 k1936 (J-F' 983 ____ 9512 J'ly '13
Potts Creek Br lit 4s__.1946 J
-J844Jan '13 --3
1961 Q-M 100 102 1011 J'ly '14
'i
R & A Div 1st con g 45_1989 J -J -g8 4 'g3,1.7 1)834
10034 feilli
.
-13- 24
.
1
8834 2
U S Panama Canal Is g
52 Apr '14 ---- 82 8512
2d consol gold 4s
4
8512 ____ 90 Apr '14 -- ul) 8(1
Foreign Government.
Greenbrier Ry 1st gu g 48_181 1
12
971
Argentine-Internal Is of 1900.. M-S : 9712 Sale 97
aols 6 '60 87
Chic & Alton RR ref !_s__ ...1949 A-0 80% 803* 6012
.,
95 98
4013
8 35 5512
88
J -J
35 Sale 35
Chinese ( - ukuang) fly 58 £.._.. .1-D I 88 88's 88
88 8912
Rashray 1st lien 3
l
1 9914 997
2
ImperialJapanese Government
Chic 13 & Q Denver lv 45_1922 g-A 100 ---- 997g
997
8
8934 Sale 8912
F-A
893
4 18 86 903
8514
2 82 85%
1925
4
854 85 2 8512
Sterling loan 41)s
5
1949 J -J
Illinois Div Ills
4
89
4
8 8513 8912
1925 J -j 873 8912 873
2,2 Series 4 3-ts
1949 J -j 823s...--- 8614 Aug •12 -Registered
7834 J'ne'14
i. - 99
Sterling loan 4s
1931 J -J . 78
55
753 80
,
1949 J -J
953
4
Illinois Div 4s
95 4 sale 9513
3
4 -14
10112 16 99 10112
Republic of Cuba 55 erten debt_ 731-9 1003 1131 10114
-_-_ 93 J'ne'13 ---1949 J -j
Registered
947 93 J'ne'44
4
External loan 414s10314
1949 F-A '93 9312
0
2883jnes)8
i5F2103
Iowa Div sink fund 5s
1919 A-0 ---- -.193 4 ltlay:1 4
Sale 8512 8572 3 8412 90
Tokyo City loan of 1912 0._ M-S
3
063 983
1919 A-0 985 9912
4
Sinking fund 4s
4
81 --__ 7914 Apr '14
U S of Mexico it g 58 of
1899
1 943 9s
77 85
Nebraska Extension 433- 1927 4,0-K 07 98
egred
iste
4
65 J'ly '14
Gold 4s of 1004
1954 -D 6712
65 68
52
1927 M-N 9512 ---_ 98 Sep '12 ---Registered
These are y *ices on the Casts of 15 to
4
2
1021 M-S 993 ____ 993 Tne'14 -- 9814 - 81;
Southwestern Div 45
.
9
State and City Securities.
Joint bonds. See Great North
10214 1023 10214
1028
2
N Y CIty-4 ys
37 100 10213
1958 ,VI-S 9314 Sale
120 9114 94%
2
General 48
2
4
.
8 1073 Sale 1073
S
3413
3
95
10734 29 1033 1073 Chic & E Ill ref& imp 45 g_1955 J-j 327 34 93348
35s Corporate stock ____1063
8
1989
3012 68
4
4
100
33 9512 10013
4
Corporate stock
1959 .4-N 100 Sale 99%
105 112%
lit consol gold 63
1 034 A-0 9712 105 105 J'ly '14
109 Sale 997
2
100
16 9513 10014
4 o Corporate stock
1958
75 70 J'ly '14 ..__ 70 10013
General consol 1st 55
1937 14-N 68
2
997 10012 997
997
2 11 953 10012
2
\1-N4%
Corporate stock
1957 M-N
4
1937 51-N ------- 98 Feb '14 -- 98 98
Registered
1071
22 10352 10712 Pur money lit coal 5s____1942 F-A
New 4 As
1957 51-N 10712 Sale 1073
973 Feb '13 _--4
3
10112
1 10112 102
New 434s
1917 51-N 10112 1017 10112
---Registered
10713 Sale 1073
4
1075
8 25 103% 10752
434 % Corporate stock_1957
-55- 99
Chic & Ind 0 lty lst 55_1936 J-J .---:: -56" -iti - .T.1;,-.14
4
10112 29 10112 10212 Chic Great West 1st 45____1959 51-5 73 Sale 721k
434% assessment bonds 191 7 NI-N 10112 1017 10112
38 70 75%
737
3}2% Corporate stock-1954 M-N 88% 8812 881,
121
1 11734 121
%
I 85 88% ChicIn di Louu v-Ref 68_1947 J -j 12012 ___ J11
iteru ud tg golis5
8
10134
2 100 1025
1023*
N Y State
-4s
1961 ,131-8 101$4
2
4
2
1047 J -j 1043 10512 103% Mch'14 -- 10312 103%
Canal Improverhent 43_1961 J-J 10213 - - 10112 J'ly '14 ---_ 97% 10252
1917 J -j •81 -___ 9554 Apr '11 --Refunding 48 Series(J
Canal Improvement 4s
1062 J-J 10213 ---- 10214 J'iy '14
99 10214
Ind & Loulav 1st gu 45-1956 J-J ---- --_ 13i J'ly •11 -Canal Improvement 4a
1960 J -J ---.-- 102 J 'ne'14
10012 10113 Chic Ind & Sou 50
9014 Aug'13 --year 45_1956 J-J
11014 10 1073 11014 Chic L S & East 1st 4 As
Canal Improvement 4 3.4s1004 J-J 11012 Sale 11014
4
1969 J-D --------104 Dec '11 -11012 97 10713 11014 Chic/dB& St P terml g 5s 1914 J -J --------10 J 'ne'14
Highway improv't 40_1063 M-S 110% Sale 110
MO" jai?,
0
i8
Bouth Carolina 4445 20-40_1033 J-J
-- -- 10312 J'ly '10
3 92 904
9512
Cieu'l gold 4s Series A
9514
el089 J -J
84 -- 85
85
10 - 454 81
Virginia funded debt 2-35_1091 J-J
9212 94
Itegistered
13
6412 3'3 50 64
;
54 341 53
68 deferred .13roWn Bros ctfs--,
4
Gen'l gold 334s Ser 13-...e1981.19 Q-j ii14 8432 8412j n8;14 :72 80 833
9 14 9 J'ly 14
0
0
41 98 J- J
86 .1'ne'll -Registered
e1989 J -3 _..... 81
Railroad
Gen 4j433 Ser C
102 4 34 150E2 10339
3
e 1989 J-J 102 Sale 101
6312 68 63
A nn Arbor lit g 43____J11993 G-J
6312
4 6212 74
25
-year deben 4s
1934 J -j 9112 913 913
4
93
4
913
4 38 8888
953 104 93 9812
(Itch Top & S Fe gen g 45_1995 A-0 9514 Sale 9514
1932 J-0 101 10112 10114
Convertible 414s
1017 190 100 1033
2
s
1995 A-0 93 94 94 J'ly '14
Registered
9213 9514
Chic & L Sup Div g 55_1921 3-j 104 _ . 1023 Sep '13
2
Adjustment gold 4s
/0995 Nov 8613 8712 8712 J'ne'14
84 8812
Chic & 5Io Itiv Div 5s_1926 j-J 10612 ___ 107 J 'ne'14
10534 1- 70
88 51.01
Registered
_111095 Nov
.13
1921 J-J 10414 Sale 10414
10414
Chic & P W 1st g 88
3 10212 10414
Stamped
/11995 M-N 8812 Sale 8812
87
24 84; 8813
-J
9212 9312 9312
CM & Puget Sd hat gu 48_1940 j
931,3.
2 89 93%
4
Cony gold 4s -----------1915 J -D 963 Sale 964
98
79 93 100
4
Dak & Grt Sou gold 58_1916 J-J 1003g____ 1003 Nov '13
9912 MaY'13
Cony 45 issue of 1009____1055 J-D
4
ioi" firgi
Dubuque Div 1st if 0_1920 .1 -J 10814 109%1083 May'14
4
98 5 239 93 lis;
Cony 4s (issue of 1910)_1960 J-D 963 Sale 9638
1924 j
-j 113
110 J'ne•13 _Far & Sou asstun g 6s
10
-year gold 55
1917 J-14 101 Sale 101
10112 40 99% 10214
-J 10312 -10112 Jan '14
la;iii27
2
La Crosse & D 1st 55-......1919 j
4
East Okla Div 1st g 43_1028 51-S 9424 9512 943 J'ly '14
-1021 j-j 10414 161 4 1043 J'0e'14
102% 1043
1
2
3
WI.& Minn Div g 533_
913 9512
4
903 91
2
91112fly '14
Short Line 1st 45 gold
1958 J-J
1920 J -j 109 1123 109145101
14
10914 111914
4
Wiz WI Div 1st Os
86% 92
99 9812 Apr '14
Cal-Aria 1st & ref 434s
1062 511
8
2
5111 62 No 1st ezt 43-433 -1934 J-D 1025 1033 10212 J'ly '14 --- 9934 10213
9714 9812
.172
S Fs Pres & Ph lit g 55_1942 51-S i65
-D 102341033* 10212215' '14
09 Mch'14 _ 104 109
1934 j
101 10213
Cons extended 43'i
Chic & St Louis 1st 6&_..51111 ‘41-8 10114
0112 J'ne'l
102 1023
3
101%10112 Chic & Nor West cons 75_13315 Q F IOUs__ 102 J '4.01.4
AU Coast L 1st gold 4s_h1952 51-S 9314 Sale
1188886-4o19226 F.A 9514 --__ 96% J'ly '14
6 -A
9412 9613
8
Extension 48
91
95
9314 Jan9313
5
Registered
it
94%
943 Tly '14 ...._ 943 95
2
'4
/0952 51-S
1
3
Registered
Sale 92%
50
-year unified 4s
1987 M-N 8214 ---- 83
8314
1959 J-D
8314 11 80 84
9214 10 92 93
General gold 3348
3
_ 0512 J'ne'14
Ala Mid 1st gu gold 5s
p1987 (.1-F -ii:- a8113Itt;4
5
4 ....i 78% 7812
1928 M-N 1053
Registered
1034 10612
1987 M-N
9534
Bruns & W 1st gu gold 48_1035 J-J
945
3
94%
93 973*.
General 45
2 9372 9452
Charles& Sav 1st gold 78_1936 J-J 133
108 10812
Sinking fund 0.-1871)4929 A-0 109 ___ 10812 May'14
!
1922 AAA-:000 1073 :::: 1011
11 922
91
- -131 2
2
L & N coil gold 45
1 9
4
-14
9134
0195214-74
teredd
04
.
5
g fun 58.___1879:
6 87 95
Bay F& W 1st gold 6s____1934 A-0 11114 ---- 121 May'l
10418 10413
Sinking
121 121
187U-1929 A-0 1033
2_ 102 O ac : 3 _:"....--.:
155 gold 5s
lDle Y 14.
'
Registered
1939 A-0 10712 ---.11034 MaY•11
1921 A-0 i i4 i :
1613 1 : 102
0 . 67
0 1
98 May'14
Ell Sp Oca &
102
1 10012 1027
Debenture 55
gu g 43_1918 J-J 9812 119
*
95" 98
912
4
9112 92 9112
101 Dec '12
Registered
alt & Ohio prior 3345_1925 J - J
9 90 9272
1933 MN
10314
104
9114 4074 May'14
2 1024 104
Sinking fund deb 55
_10.925 Q-J
Registered
2
2
897 907
1933 M-N 102 ---- 1013 Apr '14
4
92 93 0314
1013 1013
4
Gold 4s
Registered
937
2 23 90 4 98
4
7
120 122
93 92 May'14
/
h
Frem Elk & Mo V 1st 65_1933 A-0 11214-_ 112 May'14
Registered
all-7
ti
9073 94
-J ;io-- - 9013 Sep '011 --..
90 sale 90
20-yr con•4;01
913 237 90 943
2
Man 0 1.3 & NW Ist 3As 1941 j
1933
4
- Pitts June lit gold 8s
Milw & 8 L lst gu 33433-1941 J-J
1922 J-J 107 --_ 112 Jan '11
11014
111514
'17
1095
P June& M Div lst g 301925 M-N 8712 ---- 89242'ne'14
t1xs 1
-9
6 M 11 L4 3 p.e4114 1slld 8st:1929 hi-S 107 ____ 10612 Tli- 1 .2.. 1064 fid4
1 2 g-A
1
____
Nlen'14 .
1064
142nW 2 f go C 5
PLE& W Va Sys ref 4s_1941 51-N 80
8634 86
88
13 8412 8912
Ashland lily 122 g 88_1925 M-8 114 ___ 11312 Feb '14
1134 11314
Bouthw Div lit gold 3;611_1925 J -J 9012 Sale 901
911
7 8714 9112
11314 11314
4
Cent Ohlo R 1st g 430-1030 M-R
Mich Div 1st gold 65_1924 J-J 1133 _ __ 11314 -deb'14
100 Apr 13
mil Spar &N 44' 1st gu 4s,1947 M-8 9114 9234 913 J'ly '14 _:-... 91
4
94
Ci Lor & W con lst g 0_1933 A-0 103
10522 105'z
isioruis union 1st 7s g
,
1317 I1
10718 10814
-S 107 s ____ 1.073 May'14
e
,
Motion River 1st gu g 55_11319 F-A 10014
10811 j 1 :
9: 37124 -2 J•1
-j 105 106 1053
Ohio River RR 1st g 53_1936 J-D 105_ 05 4J'ne'14
4
10614 15 10512 107
St L reo& N W 1st gu 0_19 8 j
3
1053* 1053
4
Winona & 1(1 1' 1st mtt 73_1916 -D
____ 10614 J'ly '14
10614 108%
General gold 5s
1937 A-0 102 idi14 10434 May'14
1043.10434 Chicago Rock 15182 isse 63_1917 J -j 106 4
J
1033 ,- _ 1044 Alay'14
104 105
Pitts Clev & Tol lat g 6s 1922 A-0 107
1313 Feb '12 ---1917 J -J 10.312 1041 10453 Men'14 -- 104%1 3
Pitts & West 1st g 4s
043
Registered
1917 J-J
963 Mch'14
4
18634 90*4
4
8712 51 84 90
Stat 181 fly lst gu g 4 As 1943 J-1.4
56 8712 863
1988 J-J
General gold 4s
01 J'ne'12
Bolivia By 1st 5s.._,
8412 87
1988 J-J ---- 89 87 J 'ne'14
1927 2-3
Registered
1934 A-0 74 sale 733
4
77
95 72 81
Buffalo R & P gen g 5s...,.1937 M-S 10934
Refunding gold 9s
110
110
108 110
1932 J-J
2
73 454 6812 80%
71.1 Sale 677
Consol 4;ts
1957 M-N 104 1(1412 104 J'ne'14
-year debenture 5s
20
102I 101
9434 J'ne'11
1918 g-N ___ 00
All & West 1st g 4s gu
19941 A-0 92_ 94 Jan '14
Coll trust Series P 4s
94 94
263 627 -i13.
4
_ 14
-1 112 Apr '14 ---- 111
=11 9 . ._Sale 243*
‘4
, 22-2 .
.
1Clear & Nab 1st gu g 55_1043 J-J
3
Chic RI & Pac RR 4s..
112
2613 51%
- 2914.1'1y '14
Hoch & Pitts 1st gold 6s_1921 F-A 1594
110 .10014 -- 10912 110
Rogistered
____ 83 85
4
1922 J-D 1115 ___ 112
Colisol lit g 6s
1034
112
.14 I Ark .56 Louis 155 4 1i_ 1934 M-S 10014 10132 10234 J'ly '13 --- 10234 1015
1105 112
2
Apr '14
A-0
4
anada Sou cons gu A 58_1962 A-0 1083 Sale 1063
8 1033 1067
4
2 1062
Bur0 It & 74-1st g 5s
4
2
2
1962 11.-0
Registered
10672 Apr '14
C R I PA NW 1st gu55_11121 A-0 10114 __-_ 1007 May'14 _- 10072 103
106% 1067
2
1927 j-D ____ _ ___
CarClincluc. hlolst 30-yr551938 J-1) 99 9972 10
0 J'ly '14 -- t/7 100
AI & St L lst gu g 7s
02
97 9812 - 7- Malia -_-_-_-_
Central of Ga 1st gold 55_91945 if-A 10714
108 Feb '14
Choc Okla & CI gen g 58-919113J -J
108 108
1952 al-Is. *____ 99 99% J'ne '14
4 041
Consol gold 5s
1945 51-N 104 1041- 100 me .1
00
: i:1182
1
OitIg
102 105
6
1945 M-N
Registered
9112 92%
°
e 321 gold 8s
Ker Des id oines Ist 58.1023 A-0 ___. 90 925 51.211'14
Chatt Div par mon g 48_1951 J-D 8715 8812 87 Mch'14
Paul & li0 Ms L 1st 434s'41 F-A - 71 7614 75 J'ly '14 ------ 75 80
St
85 87
1$ - - 10714 Jan '11
Mac & Nor Div lit g 58_1946 J-J 103
118 1203,
Chic St I'M & 0 con 65-1930 J-1) 11912 122 12014 J'ne'14
11.1 30
Mid Ga & Ati Div 58
1947 J-J 10334
10412 Apr 'I
- NAT/1041
Cons Os reduced to 3348-1930
M-D 10912 102- 3- 109 4 De10 132
j-- S 82 - 4 8 ;
2
9. 4
2
Mobile Div 1st g 55
1946 .1-2 10434 _
2 101 1513
May 11
oh beupreA45
De st st 5ian l8t
100 100 2
65-1918 M-N 11952 --- 11612Jan '14
7
Cen RR 32 43 of Oa col g 58_1937 td-N
11612 11612
S
953 16764
4
3
Cent of NJ gen'l gold 5s
1987 J-J 117 11714 "1197;44
19 41
1714
North Wisconsin 133t 6_,..l930 J-J 119 4 -- 11934 May'09
114 118
1119 A-0 10714 10712 1073 J'ne'14
4
Registered
.311957 Q-J 1103.,..,.. 1183 J'ne '1
107 fcrs:1;
4
1133 117
4
8t P & S City 156 g 6s
Ana Dock & Imp gu 55_1921 J-J 1043* 15i1 1043 J'ne'1
1
14-S
4
_..... --- 104 104
34
1980
Leh & Bud R gen gu g 0-192 3-.) - - 103 100 J'ne'13
1 15G
CSIducp'ePHor&ShSoor'teatiL t 54 83611_1939 J-D ---- 9 -13.i- Jan _'14 -_-_-_- 85 85
3
19 2
.1
06 06 0
; : 4
,
6
N Y& Long Br gen g 4s__1941 181186%
04
‘41; 1.057 10014
10012 Jan '13 _2
Chic & WestInd gen g 6s-51952 ?_-51 183 4 1841 18 14
Cent Vermont 1st mi g 4.....6192 Q-F
80 May'l
8314 87
-WC 11/f12
Chesapeake & Ohio
..
6
1937 J .
-L)unil "- gon1448 ha-7:11159 J :1 85 - - 3._ Mch'14. 93 08
c ns ill 211ear
58_1929 J-J
Gen funding &
1z
98 100 Fly '1
-9834 10014
1st & refunding 46
1931.1M-N 1064 10734 10612 1061
1959 J-J --------86'4 J'ne'12
lit consol gold Si
1st guaranteed 42
105 1077
2
Registered
193 M-N
107 10512 J'ne'l
100',Mch'14
103 10512 C4n D & 1 DO 5,5g 59-1941 M-N
4:4
NI
-
53
C
155;lout;
MISCELLANEOUS BONDS
-Continued on Next Pats.
Street RallwaY
BrOOttlyn Rapid Tran g 55_1945 A-0
let refund cony gold 4s-__2002 J-J
8-year secured notes 58-1918 J-J
Bk City let eon 5i1916-1941 J-J
131‘ Q Co & 8 con gu g 5s__1941 M-N
Bklyn Q Co & B lit 55_1941 J -j
Bk1yn On El 1st, g 4-53_1950 F-A
1950 F-A
Stamped guar 4-58
Kings County El lit g 43_1949 F-A
1949 F-A
Stamped guar 48
Nassau Elec guar gsld 45-1951 J-J
1927 F-A
Chicago Rwys lit 5s
Conn Ity & L leakref fig 434s'51 J-J
1951 J-J
Stamped guar 4 As
Det United 1st C0113 g 4;42_1932 .1-2
Ft Smith Lt & Tr Ist g 5s 1936 M-8
Grand Rapids fly lst g 531-1918 J -D
1952 F-A
Havana Else consolg 5s
10334
•
83 88
9 4 Sale
93
10212 Sale
98
1033
4 104
92 J'ly '14
993
4
100
91
102
1021
98 Apr '14
101 May'18
jut;
10252 1027
4
10114 1031 10174 May'l
833*.. 833
4
8834
8
_
8414 8312 J'ne'14
78 7
7814 J'ly '1
9814 981 9814 J'ly '1
93 -_- 10153 Tne'12 __
95 97 96% J'ne •1
63 Sale 60
12
ow
6
84 Jan '1
9▪ 97
s
100 Pne'14
923 92 Apr '14
4
'No price Ind= latest this week. 4 DUO ADM. •Dui-May
Street Railway
•
Had Zs Manhat 58 Ser A-1957 F-A
9 104
913
1957
Adjust income 55
8712 9314
1932 i' ()
i
.
t1
961 100
,
N Y & Jersey lit as
1001,10212 Interboro-Metrop coil 4 14s_1956
98 98
Inter boro Rapid Transit
1966 3-3
1st & refundh2g 158_
67 fa; Manhat By(NY)cons g 4s-1090 A-0
2
1990 A-0
100 102
Stamped tax-exempt
Metropolitan Street Ry8
3 54
J-D
9934 8413 Rway & 7th As' 1st c g 531-1943 54-S
Col & 9th Ay 1st(tug 36-1993
74 so
0_1993
9634 9913 Lax Ay & P F lit gu g 4.9_1938 M-S
F -A
Met W 8 El(Chic) let g
90I 9814 Milts Else Ity & 1.a.cons g 561926 F-A
Refunding & eaten 43'(i.1031 J-J
611 78%
Minneap St lst cons g 55.--1919 3-J
84 84
99 leo
Montreal Tramways lit .1c ref
1241 J-J
91% 03
-year 533 Ser A
30
Due Jam_
8113 Sale 8114
4
3012 302 3012
10 34 78ti;
7
0
-763
;
99 Sale 987
2
9212 Sale 9212
9212 93 9212
8112
3012
"ifil -iLo
g Dm,July 3 Dee Aug. •Due Oat. 2 Due Nov.
3
9884
-5E- - 97;
7-
99
150 983 9
s 014
9212
5 22912 93
93
18 887 9
2 3
102 __ 10314 J'ne'14
10114 _ 101 J'ne'14
101 Apr '14
80 Mch'14
I13i- :-.:. 102% May'14
. 9212_
-__ 91 Apr '13
10153 102 N ov'12
98 4 Sale
3
27 811k 01
14
19 30 39
9834
101 10314
100 101
8852 180
9
0 01
102 10212
---1 971 OF
4
Due Dec. 8 OpUou NUL
JULY 18 1914.]
BONDS
N. Y. STOCK EXCHANGE ts
Week Ending July 17
New York Bond Record-Continued-Page 2
Price
grtJar
Juiy 17
Weers
Range or
Last Salt
g
2e 4
Range
since
Jan. 1,
BONDS4
N. Y. STOCK EXCHANGE g0
Week Ending July 17
.1412
183
Price
preaav
July.17
Weer s
Range or
Lan Sale
. 1 .!ange
g ti,
since
Az,
Z
Jan. 1.
CM Ham & Day (Con.)Ria
St P M & 141 (Continued)Ask Low
frta
Ask Low
MO No. bow Hick
High No.
(.3 Find& Ft W 1st gu 4sg_1923 M-f4
1937 J -J 125 ____ 125 riac'14 ---_ 12114 125
Meat0 1st gu g 6s
88 Mch'll
CM I & W 1st gu g 4s____1953 J -J
1937 J -J 115 _ _ 13614 Maria; -----------Registered
65 65 J'ly '14
Day& Mich 1st cons 4 40_1931 J -J
1937 J -J 11014 ____ 1063 Feb '14 ---_ 10634 107
1st guar gold Os
4
. _
Ind Dec & W 1st g 53__1935 J-J
1537 J -J
Registered
65 75 "iE" 3'11'11
-Will & 8' gold 5s__ _1938 J-D 101122 __. _ ioili .1.7ie ii "__. _ - -1st guar gold Is
1 1st
,
10712 Dec '02
1935 J-3 65
Cleve Cin C & St L gen 4s 1993 J-1) --... 75
Gulf& SI 1st ref& tg5s_b1952 J -J
87 8912 89 J'ly 'LI _--- 55" "92 7614 J'Iy '14
20-yr deb 4 42s
81952 J-3
Registered
82 8712
1931 J -J --- 82 82 J'ne'14__
Cairo Div 1st gold 45
uoc.k Val 1st cons g 43.s,,,1999 J -J 9912 10018 100
10018
4
1939 J -J
643 -___ 843 Joe 14
1
843 86
4
3 97 101.
- Gin W& M Div lat g 4s 1991 J -J ---- 80 83 Feb '14
1999 J - J ---- 9812 97e Jan '14 ---- 963 973
83 83 ' Registered
-a
8
4
Col & H V 1st ext g 4s
St L Divist coil tr g 4s
1948 A-0 89 ___ 92 Apr '13 ____ _
4
_
11190 NI-N --__ 8214 83 J'ne'14
82 853
Col & Tol 1st ext 4s
1955 FA 90 92 9012,T•ne'14 ____ Ei(7472 9112
8214 8214
Registered
1990
833 8214 Nich•14
4
Spr & Col Div ling 4s
1937 J -4 __-. __ 10014 Dec '12
lions Belt& Term 1st 58
1940
85 Men •14
85 85
___ _I Moots Centralist gold 4s_1951 J -.I
W W Val Div 1st g 45
tals 100 997 Joe'14 _--- 9412 97
8
91 Apr '12
1040 -J
C St L & C consot 6s1929
9514 97 100 Sep 11 ----------1951 .1-1
io'L; 1054 3- Registered
1053 Apr '14
4
1051 J -j 84 87 85 May'14 __-- 84 85
1st gold 3Hs_
1st gold 43
91 02
k1536 Q-F /.1,52_
02 May'14
1951 J-3 82 ____ 8812 Feb '11 ---- ___ ____
k1936
au Mdb'l3-_ad
92
Registered
Registered
Oln S & Ci con lit 453_1923 - 3 171
1951 A-0 82 ____ 9312 Itiar09 ---- - ____
103 10314
Extended 1st g 3s
103 May'14
11151 A-O
Registered
118 May'14
118 1193a
0 & I gen con g its _1934 J-J 2051st gold 33 sterling
/3'5 J'17 '09- ___ ____
1951 .-.-s
Registered
IN12
JInd 11 & W 1st pref 45_1134 A-0
1951 81-8
94 J'ly '08
40
Registered
0 Ind & W 1st pref 55_011136 Q-J
4
Coll trust gold 45
1452 A-C id 638 893- rniii ____ i;i4 -93
Pee)& East 1st col 4s
1033 ,1,--0 --------9534,.
72 84
Registered
I 940 A-0 -_-- 71/8
Sep9212 ---5 i',57, -154-'12
Id, ref 4s
22
Income 4a
2 20 30
22
21
24
• 300 pr
1
1211 4•-4'.. 9212 Sale 9212
Clove Short L 1st gu 4122_ -155I
5U 12 -___ 82 Feb '14 ____ 79 62
953
8 29 95 9914
63 &tie 05
1952 .1-..i
Purchased lines 34413
Col Mid and 1st g 4s
88
148 Sate 88
6 88 91
LNOSE Tex gold 4s
19 J'ly '14
14
11,
1413 1954
1647 1953 3/-'
5653 A-14 --------84 May 14 --- 84
Trust Co. certfs. of depoolc---- 1812 17 Feb '14
84
17
17
Registered
Colorado& Sou 1st s 4s_1929
Cairo Bridge gold 4s
512 Sale 9018
/
1
4
9014
1950 3-D 02 ____ 00 Apr '14 _-__ 90 90
8 89 93
Refund & ext 4 42s
673*____ 74 Feb '14 ---- 74
10 85 031J.
85
1935
74
85 85
J -J
Litchfield Div 1st g 35
19
Ft W & Den 0 lsts g 63_1921 J -D 10213 104 1053 'ne'14
70 84 81 May'13 _-__ ____ ____
Louisv Div& Term g 3443 1953 J -J
43
105 107
Conn & Pas Elva 1st g 43
Registered1953 4-4
1943 A-0
Cuba RR 1st 50-yr Is g
123 May'09 -___ _
7
Middle Div reg Is
-011:
1952 1921 F-A 5161 s
'net Lack & Western
fil
4
Omaha Div 1st g 3s
1951 F-A 713 __72's Feb '14 ____ i_l
x•Morris & Essex lst7s
St Louis Div & term g 33_1951 J -J
7512 lich'12 -_ ____ ____
10014 Mcb'14
73 77
10014 1007
1914 M-N
8
lit cons°,guar 7s
4
1023 10314
3
1951 J-J
1915 J-D 10212 103 1023 J'ne'14
Registered
Gold 38s
103 Nov'13
Registered
ills ---- if12 Se:, .iii ____ ____ ____
1915 J -D
1951 J -J
ist ref gu g 342s
8714 J'ly '14
2000 J -D
85'2 114
1051 J-J ---- ___. 10113 Oct '99 ____ _ _
Registered
N Y Lack & W lst 8s
8
10814 1103* Spring Div 182 g 3),_, l951 J-J 7938-- 78:2 Alch'14 ---- 7833 -78 3
1921 J-J 110 __.- 1103 J'ne'14
1
102 1043 10418 Feb '14
8
Construction Os
Itagisl:ered1511 .1-i
10412 10412
V:e•stern dries 1st g 4s
Term & improve 4s....._1 9 33
U&4___- 953 J'ne'14
4
2
943 953
4
,! 9119 ii 51 Feb ii ___ 55 If
192
4
19:51 F-4
/
4
___ 1021 Feb '03
isesistarect
Warren 1st ref gu g 3442_2000 Ir -A 82
11151
Del & Bud 1st Pa Div 7s
a
1917 M-S 14.712 10812 1083 141ch•14
ioirs 1053* r.!ei;sy ter Car 1st 68
1923 3-11 46i ____ iffIs ma7yi. ____ ____ -149 Aug '01
1917 M-S
Cad)& Shaw 1st g 4s193 31-S 8712
Registered
__ 9412 J'ly '12 -----------2
99
1916 J-1) 99 Sale 90
10-yr cony deb 4s
0151c St L& N 0g Os
8
-5i38
1951 4-1) 1087 ____ 10918 .J'19'.J'19''14 _--- 108 110
11014
7 9912 101
1st lien equip g 4)s
1922 J -J 10014 101 10014
Registered
1951 J-D --- Ill 114 Feu '11 ____ ____ ____
9714 31 931 9712
97 9714 9714
1943 ..1-N
1st & ref 4s
Gold 342s
.
1 951 .1-1) 808s____ 90 Oct '09 ._ __ ____ ____
1 8412 87
$612
8
1046 A-0 8612 867 8612
Alb & Sus cony 3 42s
Registered
1051 J.D
liens & Saratoga 1st 7s
1921 141-N 11515 ---- 11512 Feb '14
115 11512
12 - 1
/demob Div 1st g 4s
1951 J -D iii, ____ 0 Aug•- 1
Deny & R Or 1st con g 4s15133 J-J
79
77
3 77 85
77
Registered
1951 3-1) -----------------------------.
,
Consol gold 4 42s
39 88 J'ly '14
1936 J-J
at L Sou 1st gu g 4s
87 903
4
00 9512 98
.
1931 (41-1
9 0 --- '5
Improvement gold 5s,152t -D 72 21 8018 J'ly '14 ____ 8018 9212 1h1.7. 2114* la 1st g 45
88
1050 J-4 82 8918 88
5 ;Ws VI!
1st & refunding Is
43i Sale 433
8
50
1935
102 433 74
int & Great Nor 1st g 6s
8
3
1919 lVI-h I0312 __ MA J'ne'14 __-- 102 4 104
Rio Gr June istgu. g 5s
---- 109 Dec '12 ___ _
1939 J -1)
:lames Frank ze Clear 151 43 11131 3-i•.• ---- 92 91.12Mc12•14 -- 9112 9315
Rio Or So 1st gold 4s
77 6112 Apr '11
'Van City Sou 1st gold 3s_1950 A-...; 73 7018 693
1940 J -J
69 4
3
4
3 6812 70
Guaranteed
1940 J -J
____
74 85 lach
ka- Registered
1950 4-0 ..--- ____ 63 Oct 'Ou -----------Rio Or West 1st g 4s
J -J
1 79
793
Ref & Rapt Us
4
793
4
8412
9534 15 943
3 81
9518 9618 0514
Apr 1950 J -J
Mtge& col trust 4s A19 9 A-0
69 66
'ne'14
4
_ 66
_ 193
7214 Kansas City Term 1st 43___1960 J-J
934
8
8
1 9214 9511
1335* sale 935
Utah Cent 1st gu g 4s_a1917 A-0 - - --- 90 Apr '14
90 00
101
1 100 1034
9918 __ 101
ake Erie & W lst g 55___1937 J-J
Des Mot Un By 1st g 5s
--- 110 Sep
2d gold Os
1917 81-N
943 May'14.- 943 95
4
4
1941 J -J ---- 90
Dot& Mack ist lieu g 46_1995 J-D 84 88 84 May'14
-5, 1 1E- North Ohio 1st gu g 5s_ _ _1945 A-0 --- 9912 98 Mcn'14 ___. 98 98
Leh Vali N Y 1st gu g 4428_1940 J -J 101;10112 101 J'ly '14 __-- 10014 10111
Gold 4s
84 J'1 '14
1995 J-D
82 84
Del Illy Tun-Ter Tun 4443_1961 171-N
b2- 9314 J'ne'14
93 4
3
_2
Registered
931.8 07
-____ 100 Dec '13 ----------1940 J-J Dal Missabe & Nor con 53_1941 J -J 11.12 1047 104
104
8
1 10314 103
Lehigh Vail (Pa) cons g 45_2003 m-N 8814
90 3'ne'14 ---- 8712 9
0t
D al & Iron Range 1s5 bs
03'm:5'14
3
General cons 4 42s
1937 A-0 10212 103 4 1033
9912
2 09 99
10012 104
2003 bt-N 99': Sale 9912
3i
Leh V Ter By 1st su g 5s_1941 A-0 11114 ___ 111 rne'14 ___ 110 111A
Registered
10612 Men%)
1937 A-0
58
2d 13s
104 Feb '11
Registered
1916 J-J
1941 A-0 ---- ____ 11118 Dec '11 -----------Du So Shore& At g 53
Leh Val Coal Co 1st gu g 65_1933 3-J 114 -__ 104.4141ch'14 ____ 10414 104A
101 J'ly '14
1937 J-J lul
101 101
Jol & East lit g 53_1941
Registered
10112 Apr '14
1933 j
-J 192 __ 105 Oct '13 ____ ____ ___
10412 10412
a-4
[15 lit consol gold 7s
11112
1st lot reduced to 48
11112
1920 M-S 511.
1933 J4
11118 112
N Y& Erie lst ext g 45_1947
07
Leh & N V 1st guar g 4s
9712 J'ne'14
0712 98
1945 31-S -------- ails Feb '11 ____ 5818 181
• 2d ext gold Is
1919
102 J'ne'14
Registered
11)45 54-5
102 10212
ad ext gold 43s
100- 1003 9911 J'ne'14
El(1 & N 1st prof 6s
1923
8
9912 100
1914 A-0 ---- ____ 15112Fera '10 __ ____ __,
• 4th ext gold Os
1920 A-0 10214 102 8 10'314 May'14
3
Gold guar Is
1914 A-0 -------- 9113 Nov'13 _ ___ __,
102 11258
5011 ext gold 43
1928 .1-1)
935* May'14
3
Long Isl.' 1st cons gold 53_721931 Q-J 106 1063 1063 rly '14 __-- t00! 10631
8
2
933 93%
8
N Y LE& W 1st g fd 78_1920
1st consol gold 4s
- 11012J'ne'14
11012
_A1931 4.3-j 62 --._ 9614 lich'12 -----------1101:1108*
ice.lit con g418 prlo1916 J-J
54i
83 3 85 84'z
3
Genera/ gold4s
1938 3-D 83)13 011s 9118 May'14 ...-- 9118 921;
823 8714
4
Registered
11506 4-3
9514 May'14 __ 95 97
Ferry 30[d 4 4-23
'
85 83 len '14 1922 no-s 99 8034
83 83
_
, lit consol gen Ilen g 45_12913
Gold 4s
4
4
72 733 723
1932 4-L1 83 _ _ 9014 Oct '06 __ ___
4
73
27 7114 7614
gfi
Registered
1996 J-3
Unified gold 4s
77 Apr '12 _
1949 M-12 87 83 8612 May'14 ____ 86 Penn cod tr g 43
101 Mon'14 __ 1.002, 101
89 895 891s
8
1951 F-A
1934 4-1) 110 Debenture gold Is
8.91s
5 -85- 92
• 60
-year coav 43 A
1953 A-0 083 Sale 68 3
3
1949 58-S 89 ____ 9119 ,.ay 14 __ 69 03
Guar ref gold 4s
711
3
28 683 773a
3
do
Series 1.1
1953 A-0 70 Sale 70
194915-S -„- ___ 95 Jan '11 ____ ____ __,
Registered
7012 62 70 76
Buff N Y& Eris 1st 7s
1916 J-D 10413 10412 104143'00'14 --_ 104 10414
N Y IJ & 62)3 1st Con g 5s_1935 A-0 1031a 10614 101114 Jan '14 __ 10014 10014
Chic & Erie lit gold 63
1927 M-S 101 -10212Jan '14 ____ 10259102'
1982 (al-N 107 108 108
N Y & It B 1st g 5s
108
3 105 3 108
3
Cloy & Mali= Val g 93_1938 J-J 10334 1091 103 Feb '14 --Nor 812 13 1st con g gu 53_01932 (3-1 10212 10312 102 May'14 ____ 102 102
103
Long Dock consol g 8.9___1935 A-0 122i.,,.,_ 12213 May'14 _- 103 123
1927 M-B --- 90 9112 Feb '14 __ 9113 911
Louisiana & Ark 151 g 5s
12112
Coal & RR 1st cur gu 65_1922 .43-N 101 108 104 Deo
1930 J-1.4 112 11315 1133
s
LOUIS, & Nash Gen 63
1133
5
1 11112119
Dock & Imp lit ext 518_1943 J-J 103
1937 hi
3
(told bs
-N 109 4 ___ 1093 May'14 __ 10534 110
3
103
103
1
N Y & Green L gu g 64_1946(81-N 10012
Unified gold 48
1040 J -j 95 8 Sale 957
7
3
10313 Aug '12
9614 40 9214 963
N
Mu& W ist ref 55_1937 J-J
Registered
934
1
_ 93 J'ly '14 .--1040 J-J
MI__ 95 Jun'14 .__ 0354 95
2d gold 4;281
1937 F-A Collateral trust gold 5s
0
193.1 M.-'_ 303 4 ____ 10514 Apr '14 ..... 105 1051
3
10014 Dec '06 __-General gold 53
1940 F-A 6.--- 70 75 Apr '14
E 11 & Nash 1st g Os
le:15 J -L,' 1983e ____ 1083 May'14 __ 1083 1083
8
3
Terminal 1st gold 53____1943 M-N 10s 1071 102 Jan '14
I.CM & Lex gold 4 g_193h
83'1y '14
rd-ri 1023*____ 1023
1
10018 102
102 102
RIdofN J 1st ext 53
1940 A-0 10334_
N 0& 111 1st gold 6a
1111a klay'12
11130 J-J 1173 118 12014 hich'13 __ __ _ - _ ___
4
Wilk & Es lit gu g 5s
1942 J -D 92 El 923 J'ly '14 _--- -9E13
N 0& NI 2d gold 6s
4
49823
4
1930 J-J 1091 ____ Ill Feb '14 ____ 111 111
Ey& Ind 1st con gu g 63_1926 J-J
Paducah& Mem div 4s
106 May'12
1946 F-A '
69 69
390 ___. 89 Feb '14
Evans& T H lit cons 86_1921 J -J ---- 103 104 Dec'I _
St Louis Div 1st gold 6s-1921 M-S 1073
1081 1084Is
s
4110 10815 Feb '14
1st general gold 55
1942 A-0
2d gold as
- 7934 993 Dec '13 _2
198. 711-S -___ 6412 693* Sep '12 -- .-- -,
Mt Vernon lit gold 62
1923 A-0
Atl Knox & CM Div 4__1955 M-N 9012 90114 90 3
108 Nov'll
3 88 903
8
901
3
Sun Co Branch 1st g
A-0
AU Knox & Nor lit g 58_15149 J-D 1981
95 rne'12-111 Jan '13
8
E Coast lit 4 443_1959 J-D - - in% 9114 J'ly '14
Bender Bdge 1st if g 65_1931 M-S 1043 _ 106 Jan '14 ____ MO 106
4
90 94
A ort St Li D Co 1st g 440_1941 J-J
Kentucky Cent gold 43_1987 J-J 90
92 Aug'10 -43'i10'14 ____ 8812 901
8g__ 893
Ft W& Rio Or 1st g 4s......1928 J-J
62 Apr '14
-5571 a- L& N& Al & Al 1st g 444s 1943 88-3 1013s 1.03i 101 May'14 ____ 100 101
reat Northern
L & N-South NI joint 43_1052 J -4 64 88
8434rly '14
83 85
B & Q coil trust 421_1921 -J
9714 Sale 97
Registers.]
9712 212 94 4 93
12
3
hit132 Q-.) . _ ____ 95 Fci..'05 ____ ___
Registered h
1921
14 Igio & S 1st gu g 5.s
971 9713
3
1 9514 973
0718
1937 F-R. 1,0's __.._ 105 1334'14 __ 111414 101
1st & refunding 4 Xs ger A 1961
15 - 101 10(43
.8
67
N & C Bdge gen gu g 4422 1945 J -3 954 4...._ 993 rne'14 __ 9912 100
4
3
101
24 100 1013
4
3
Registered
1961
Pens& AU 1st gu g 63
96
8
1921 F-A L..93 110 110 J'ly '1 ____ 1083 110
s
1933
St Paul M & Man 4s
ii""fg, 9714 rne'13
S & N Ala con gu g 5s
May'14
964 98
1935 F-A 1063*____107 kich'14 ____ 1051 109
4
1033 J-J 12254 123 1223
lit consol gold 68
,
('en eons gu 50-yr 548_1963 A-0 1037 1045 10414
4 1223
/
1
4
4
4
2 1103 122
2 10114 105
10414
8
s
Registered
1933 J-J 11724 ---. 11712 Aug 13 -(.4* Jeff Bdge Co gug 4s
194 M-S 80 831 8 lich'14 ____ 83 as
3/2
Reduced to gold 440_1933 J-J
Sale 103 a
6
1031s
--Sou lines43_1936 111-14 -------------------------1 10514 1- 14 t s smut 14.14
Registered1933 J -J
a-Lex Internat lit con g 451977 al . __-_ 75 77
1083 J'ne'09
4
ch'10 ___ ........ ....
-S
Mont ext let gold 48-1937 J-D
Stamped guaranteed
958* Apr '14
93 053*
1977 31-S --------79 N ov'11 ____ --- Registered
1937 J-D 93
_ 9412 Apr '14
949412 9412 4Iinn & 8t L 1st gold 7s
1927 4-1) 106 119 1241 Oct 12 ---- ---- --.
: '
Pacific ext guar 48
1940 J -J
PacificExt lst gold
923 alch'll
2
11013 Aug'11 __
10003
X Mimi Nor Div lit
1948 A-0 96 97 95 May'l
943 -o- i 1st consolgmd 65 62.____1921 A-0 ..-- 106 8912rly '14 ___ -- --•
89 95
193488-N
90
Minn Unlon 1st g tis
1922 3-J 110
110!3 Jan 'I
11012 11012 'stand refund gold Ils_ -1949 14-11 47 Sale 45
33 45 61
50
Des /41 A; It I) hat rrit 4.; i ass J-I
Al 60 IMO'14 ____ 60 69
MISCELLANEOUS BONDS
-Continued on Next Pare.
__
L
--
----
-...
G
Street Railway
Nair ON Ey & Lt gen 4445_1935 J-J
J
NY Rye 1st it E& ref 45 1942
10_7 , ad) Inc bs
662
811942 A.-0
N Y State Rye 1st cons 442s_'62 M-N
Portland Ry lit & ref 53-193 m-N
Partiand Ry Lt & Pow 1st
1942 F-A
& ref Cony if 5s
Portland Gen Elec lit 58_1935 J -J
313 Jos By,L,H & P 1st g Si 1937 M-N
SS Paul City Oab cons g 18_1937 J-J
1980 3-3
Third Ave lit ref 4s_61980 A-0
AM inc 65
--1937 J -J
by 15t g
Third are
Tel
-City Ry & Lt 1st of 62_1923 A-0
tindergr Of London 440_1933 J-7
l948 ___
)
Income 65
Polon EMT (Chic) lit g 53_1945 A-0
Itys Inv Is Pitts les 1920 M-N
United
Street Railway
81
United Rys St L 1st g 43___1934 J-J
7918
St Louis Transit gu 5s____1924 A-C
6318 United ERs San
Fr s f 4s_15127 A-0
90
Va Ry & Pew 1st & ref bs__1934
J-J
Gas and Electric Light
92 100
12 Atlanta(I L Co.let g 53_1947 J-D
Bklyn U Gas lit con g 53_1945
Buffalo One lit g 55
1947 A-C,
_
Columbus Gas 1st g bs
1932 3-4
13 -55T1 1E- Detroit City Gas
g
1923 J-1
7614 8412 Dot Gas Co. con 1stOs55...._1918 F-A
g
10612 10918 Det Edison 1st
coil tr 58_1933 J-J
98
98
Eci GI L N V 1st con
g 58
94 96
1932 M-S
Gas& Elec Berg Cog g 65_1949 -I)
843 9314 Gr Rap
4
L Co 1st g 5s
1915 F-A
Hudson Co Gas 1st g 86_1949 M-N
Kan City(Mo)Gas 1st g 53 19'2 A-0
81 May'14
---.. 7614 7812
781
2
64 Sale 54
541 117
88 s 8812 J'ty '14 __-3
154 10112 101 Jan '13 _--91
944 92 Aic.h1
99 iis;
N
. 10312 Feb '18
10112
8234 lir, 83
3
83 4
791 Sale 79
8
7912
10852 109 109 3'ly '14
98 Sale 98
98 14
95t2 96
9512 3'he'll
8712 J'ly '14
87 89
---84 Oct 'OS
71
'no'13
80113
75
62
87
•
6958 70 695a 3'19 14
12
'
6912
6914 Sale 6914
6312
633
s
9212
_--.. 9212 0212
7212
711
4
611s
9412
iuitt afar 14
10214 __
10815
10618 Sale 106
64 3'ne'13
101i2 10112
810613
2 1023
100 100!: idene
2
953 Sep '0
103 10314 103 J'ly '14
IcG'
2021i 11.
10U Feb '12
loci"
190 Oct '09
1654105 104 Iday•It
oo 92 lace'it
9523 f1:551-2
*Ala nriae Friday latest DM and asked this week. a Due Jan. •Due Feb. 4 Dual ADNI. 11 Due July, 2 Due Aug. r Dua oct• 1
09004 441a.
69
3 69
19 52
1 9212
[VOL. Xcix.
New York Bond Record-Continued--Page 3
184
1Ie
BONDS3 1
*
,....
..I7 Y. STOCK EXCHANGE :Cr
,
.11;
Week Ending July 17
Price
Frt.lais
July 17
Week's
Renee or
Lest salt
;.
gi
44.2
Range
since
Jan, 1.
I;
BONDS
N. Y. STOCK EXCHANGE(
Week Ending July 17
Price
Friday
July 17
IWeek's
Rungs or
Last Sole
Nis: N
.7161
Ask Low
Min N.. fano Nip NYNH& Hartford (Con.)'Ask Lew
SU
Minn & St Louis(Con.)9912 J'ne '12
Ii
N Y Air Line lst4s__1955 F-A 88 _
Iowa Central 1st gold 58_1 938 J-D -....., 90 8814 J'ne '14 _- 88 04
_ 8112 81 Mch'14
Cent New Eng lot gu 4s_1961 J -J
48
81
6 47
45 47
83
5712
1951 Al-S Refunding gold 4s
1071,
Housatonic It cons g 5s___19a7
95
1064 106'4
1 90 9514
i43 9518 95
_4
- 10638 Apr '14
131 StP&SSM con g 4sint gu 1938 3-J
8
6712 167 53 8 83
55
7. 1( 535
.
N Y Trches&B lstser 1 4125'46 J - J
,
1941 31-N --- --- 0714 J'ne'12
Chic Term Is f 4is
Sat
107 Aug '0!
_ •.
N 11 is Derby cons cy 5s__1918 M-1.
3
M 3 S & A 1st g 4s int gu_1926 J -J --------96 Nov'13 -... ____
- _.•
New England cons 5s___1945 J -J
_ 9114 May'14 .-- 9114 - -12
91
91
Mississippi Central let 58_1949 3 -J
.
561;Mcb'12
Censei 4s
1945 J -J
8614 48 83 914
,4s-1990 J -D 83 Sale 83
Mo Ran& Tea 1st gold
60 May'14
65 60
4
Providence Secur deb 47_1957 .91-N *55
91996 F-A ____ 68 693 J'ly '14 ---- 6918 77
341 gold 45
12 797 88
79%
81
8
N Y & W ret 1st g 45____01992 M-S 803 81
s
1944 .1-N ---- 92 90 J'ne'14 ---, 90 90
lit ext gold 53
9212 J'ne'll
Registered 55,000 only_el 602 NI- S
63
2 60 71
2004 31-S 80 Sale 60
1st& refund 45
8112Mch'14
8111 831s
1955 J-D
General 4s
7112 14 70 85
70 Sale 70
1936 J-J
Gen sluicing fund 43is
9112 03 94 J'ne '14
92 9712
.(orfolk Sou 1st& ref A 5s 19 GI F-A
784
---- 75
Et Lo'ais Div 1st ref g 4s-2001 A-0 --------993 Apr '13 --__
4 Dec '13 101 May'14
100 10114
1941 11-N 10114 _
Norf& Sou 1st gold 5s
1940 31-N
Dai& Wa lst gu g 53
1 1171t 12018
8
1205
8
78 J'ly '14 ---- 78 8212 Norf& West con gold 6s_1931 M-N 12058 121 1205
78
1990 F-A 76
Kant)& Pac 1st g 45
123 Jan 13
improvement& ext g Gs_1934 F-A 12112
1942 A-0 100 102 104 Apr '14 ---- 10314 10414
Mo K & E 1st gu g 5s
His" ifi"
118 Feb '14
New River 1st gold Gs
1932 A-0 120
1042 VI-N ---- 100 98 J'ly '14 __ 984 98,,
M K& Ok 1st guar 55
9.57
8 15 94 96
1996 A-0 95 Sale 95
N& W Ry 1st cons g 4s
M K.& T of 'S' 1st gu 0614_1942 31-S ---- 92 90 J'ly '14 .--- 90 9618
9312 94
1906 A-C ---- -- 94 May'14
Registered
Sh & So lat gx g 8s-1942 3-D --------96 Hay'13
Sher
s
9012 9114 907 J'ly '14 14 8812 913
1944 3 -J
Divl 1s1 l& gen g 4s
4
4
Texas & Okla 1st gu g 6s 1943 M-S -- 973 9913 Jan '14 -----11912
103 104 10218 Apr '14
101 103%
101
29 100 105
10
-25-year cony 4s
Missouri Pac 1st cons g 68_1920 51-N 10018 Sale 100
103 104 10514 J'ne'14
101 10514
1‘1)
;
10
-20-year cony 4s
93
17 92 084
Trust gold 84 stamped_e1917 31-81 924 Sale 92
19514 67 1001s 1053
10312 Sale 10312
__
MaY'12_
4
1938 Ni-S
-.
Convertible 453s
•1917 V1-S ------ 97
Registered
8714 9014
3
88
Pocah (.1&
34 8612 oE1
1920 F-A 8712 Sale 8612
joint 48_1941 J -D 88 4 9014 894 J'ly '14
- 2
lit coll.teral gold 53
CC & '1' 1st guar gold 58_1922 J-3 10312- 10114 Jan .13
1920 F-A ..„- ,--- --_
---- Registered
55is 04
;
45
Sclo V& NE 1st gu g 49_1039 31-N 94 iiC 94 J'ne'14
1945 34-S 44 Sale 411
40
-year gold loan 45
95 Sale 95
95% 77 9214 96
49
197 45 7714 Northern Pacific prlar lg 45 1997 Q-J
1959 31-S 4712 Sale 4612
ref cony 5s
9312 9518
1997 Q-j 5---- 9414 9312 J'ly '14
Registered
1141 73 extended at 4%,
1938 31-N *75 ..--_ 86 Jan '14 ____ 86 86
67 6718 661
4
4
4
,
671s 12 644 68 4
General lien gold 35
Cent Br fly 1s1 rug 4s....._1919 F-A --.. 85 887 May'14 ____ 887 923.
7 6514 67
7712 Dec '13
66
-F *65 6614 66
Registered
1948 J-1) --- 76
Cent Br UP lst g 4s
90 Jan '14
90 90
St P.
-ill-Duluth Div g 4s-a
Leroy & OVAL 1st g 65_1926 J-J ------- 110 llch'05 ___ _
a21290°944677 -D
_ 10012 Sep '13
.14
Dui Short List gu 5s____1916 M-S *100
Pao R of Mo 1st ext r 4s_1938 F-A 88 90 8912J'00
4
974 100 9712
9712
1938 3-J
St P & N P gen gold 6s___1923 F-A 11214 1123- 1121s May'14
1 9712 100
20 extended gold 5s
11534 Aug'11
111
4
10212 22 1008 105
4
Registered certificate:4_1923
St L 1r MRS gen con g 9s_1931 A-0 1013 Sale 1013
8
1053 - - 107 Jan '12
102
4
St Paul & D..luth 1st 5s__1931
2 102 103
Gen con stamp gu g 68_1931 A-0 --------102
733
4
68 Sale 68
9 63 82
1929 3-J
2d Sc
1917 A-0 10118 102 10114 May'14
Unified & ref gold 4.5
87 87
8812 -- 87 Feb '14
1929 J -J ---- -,,- 804 Oct '12 _
lst consol gold 4s
Registered
.
•
71 J'ly '14 ____ 71
8214 -_-- 8112 Dec '13
Wash Cent 1st gold 4s
as
1948 Q
/Dv &(I Div lst g 45..-1933 M-N ---.. 71
113 11314
' Nor Pac Term CO 1st g 68_1 ° .1 - J 1124114 113 May'14
1926 III- 9 -,- ___ 9212 Dec'13 ---_
V erdi V OR W 1st g Sa
8
1933 J -D
4
883 92
4
89 883 J'ly '14
Oregon-Wash 1st & ref 4_1961 J-J
Mob & Ohio new gold 6s..-1927 J-D
11234
10018
9914 1034
l9 4
7 Ap
112 2 1 21lit extension gold 6s____h1927 Q-3 11912 -_-_--: 11212 j' r '14 :::: 1 512 1 1i 2 pacific Coast Co 1st g 544. _1946 J-D 1001, Sale 10018
193853-S 80 83 80 J'ne'14__-, 80 82
General cold 4s
ennsylvania RE98 100
1- 104 4
3
1043
8
1947 F-A 1031
lst real est g 4s
19231 N 9812-- 100 7'110'14
19 1 s
3 104 10614
Montgom Div lst g 5s
102 102
- 95 Dec'13 --.- _
10214 _ 102 May'14
1927 J -D 94
Consol gold. 5s
Bt Louis Div 58
1 9914 10014
92
100
90 --- 914 May'14 --.
1931 J-J
4
Consol gold 95
1948 M-N 99 1901- 100
' BEL & Cairo guar g 4•
4
8
994 81 974 1/94
Convertible gold 353:3_01915 J -D 99 Sale 99
ashvilleCh & St L let 651928 A-0 1063 1073 1074 J'ly :14 ____ 10512 10814
9812 9915
9918 J'ne'14
Registered
01915 J -D
6'4 Jasper Branch lets 661933 J-J 10712.._ 111 Jan 13 -_
1 99 102
4..... l034 Jan '14 __ 165i fdis;
10012
4
Consol gold 48
Mc/31 M W di Al 1st 6s-1917 J-J 1023
1948 M-N 1004 1003 10012
4
1917 j
-j 1023 ____ 113 J'ly '04
4
9612 97
97
Alleg Val en guar g 48
4
1942 M-S 993 9712 97
.r & P Branch let 6s
91. 91
91 Mch'14
DR It It & Inge 1st gods 8, F-A 924
Nat Rye of Mex pr lien 4,S3s 1957 J -J --------531 J'ne 14
36
994 Ply '13
Guaranteed general 49_1977 A-0 --------77 Feb '13
Phlia Balt& W 1st g 4s
19431M-N 9314
8
102 Jan '03
-J
Nat of Min prior lien 4)....1926 J-J ------ 967 Feb '13 --g
Sunbury & Lewis 1st g 41-1936 J -J 0214
1951 A-0 --------50 Apr '14 _."5 16let consol 45
2
42 Sale 42
42
UN J RR & Can can 4s_1944 M-9 99 ------ 1011- ita:37•12
E 0 Mob & Chic let ref 84_1960 J-J
2 3012 58
0& N E prior lien g Gs_p1915 A-0 10118 104 101 J'ne'14 __
101 10112 Pennsylvania Co
100 1014
1921 J-J 102 10212 101387'1y '14
Guar 1st g 453s
my Orleans Term let 4s 1953 J-J ------79l May'13
100 1014
•--- 102 10114 Melf14
8214 8212 8212
8234 191
Registered
N Y Central & 1.1 R g l381_1997 3-J
-I-8412 86
1997 j_j 82 8312 82
1 9 1 .1-S
2
82
1 804 84
Guar ags coil trust reg_1937 31-j 8512 ---- 844 Apr '14
4
Registered
8J
85 8513
4
43'1y '14 ____ 86 9212
894 8914 893
Guar 3 s coll trust ser 13_1941 F-A 853 -- 853 'ne'14
Debenture gold 4s
1934 M-N
8
9712 08%
983 May'14
983
8
1916 51-N
s
Trust Cm ctfs gu g 3
Registered
1934 MI-N ---.---_ 897 J'ne'14 ....: 894 897
s
83 8512
194:. J-D 8312 ___ 85 May'14
Guar 30trust ctfs C
Lake shore coll g 3lis
1998 F-A
78
7878 78
78 4
I 773 84
'
4
8434 813
843 Apr '14
4
4
1944 J -D
Guar 3j trust ctfsD
-Ss
Registered
1998 F-A ---- 78 7612 rue'14 ___ ma 83is
95123'1y '14
93 9512
1931 A-0
Guar 15-25-year g 4s
2 7314 78
741
7512 74
Mich Cent coll gold 3;35_1998 F-A ---Apr
98 933
4
1942 M-N
CinLeb& Nor gu 4s g
Registered
1999 F-A ---- 77 75 J'ne'14 ____ 72 75
088 _3 s 1931'
92
10
0
15
gu g 4535_1935
Mar
Beech Creek 1st gu g 4s....1936 J-J 9414 --- 9514 Apr '14 ...... 9514 9534 Cl At P genlet g 40ser A 1942 141-N 1034 _9L 10134 Jan'4
Nov'13
2 A-3
J 0
gu
Cl&
121.11'11
.,,,, ---- 99 8
93
Registered
1936 J-J •
1033
56
4J'ly 03
03
185314
2d guar gold 5s
,
1936 J-J ''..'s
---9114 Feb '12
1915 A - O
Berits linced to 3)0_1942 M-N
Ine red
Registered
904(let '12
Beech Cr Ext lst g 3 As-b1951 A-0 ---- ---- -- .,....„ ---. ____ -1950 F-A
8414 Dec '13
Serie:4D 3355
Cart& Ad 1st gu g 45
1911 J-D „,_ 's ---- ea 004 12 .--.. ....... ---'
83
8914
8614 May'14
34
12 if 33 s
'
*
Gouv & Oswe 1st gu g 58_1942 J-D 2, 2 --- -r
---,
-- --- _
9018 J'ly '12
Ijii
2 11-0- 14
Moh & Mai let gu g 4s-1991 M-S ---- 951- 991 J' ' --3
953 Dec '13
8
65 ....- 92 May'14
0reries 1 ex 1st gu g 453s1941 J-J 0914
14 R & 0
92 92
NJ Jung It guar 1st 49_1986 F-A
_ 109 May'l0
1923 J- J
Pitts Y & Ash 1st cons 5s_1937 31PI 10412
Registered
9812 984
9812 _
_ 9812 May'14
1, 1
3
Tol W V & 0 gu 1Xs A-1042
8488_.__ 874 Deo
N Y & Harlem g 3 is..
2000 51-N
984 9812
9822 ___ 9812 .3'no'14
Registered
2000 M-11- -__-__9312
934 9312
9312
9318
N Y & Northern lst g 5s-1927 A-0 10214 106 102 Jan '14 ____ 102 102
103 J'ne'14
100 8 103
,
103
Series8erles S 44L
igs
IL/11 i, -1
N
POOR CB t 1 u 4Jis A- -- 2 14.--8
8
N V & Pu 1st cons gu g 4.•_1903 A-0 8514 913 92 Oct '13....
10213 Feb '14
10014 10218
Series LI guar
. -.-- ---- ,,,..- .... e--- --- ____ _ Nor& Mont 1stgu g 5s_1916 A-0 2 2
106 J'ae'11
guar
Series
0 ......- /10 .0 00'14 ---- 116 116
Pine Creek reg guar 6s
1932 3-D 1/
"55 94
1945 M-N 934 ___ 04 J'no'14
Series D 4s guar
9.3
412
ji. W & 0 con 1st ext 5s__h1922 A-0 10 --_ 1047 'ne'14 __ 10212 105
9014 92
3 :
1
- 19,1,0 3,1 AN 913s ____ 02 .1 '0e'14
0t7 5Series E 3535 guar g.
98881001* 1004 Mch'14 ___ 9912 10014
Oswe& It 2(1 gu g 5s____•1915 F-A
9514 Jan '14
93'8
3
Series 1 gu dig
R W & 0'1' It 1st gu g 5s_1918 M-N 101 -_. 104 J'ne'10
937 _- 974Jan 13
s
Series04s guar
-------90 Apr '13 _
Rutland 1st con g 4
_1941 .1-J
10633 feiti
9 2 A-O
1921 Q-F 10714
3
- 10612 May'14
Og & L Cham lat gu 4s1g 1948 J-3 ---- 76 80 Sep '13 ____ ---:: (..) St L & P 1st con g 58_1
)6s_10114 10114
10114 May'14
d
P2er e Pek Unlst g As
peo &
Rut-Canad 1st gu g 45_1949 J-3----_ 92 J ne'09
89 89
89 Feb '14
51921 M-N
:
mld 41 0_14ef
ciarq0
St Lawr& AdIr late 58_1996 J -J iiii -___ 108 Sep '12
23 25
119225 J J
1 :
48_ 19950 AJ -CD ---- 1018 25 May'14
me A-0 105 ___ 11912 lich'12
2d gold Gs
40 Dec'13
1955 J-J
ds
MeftneUng guards
It
U tica & Ink Ely gu g 441_1922 3-j 974 -_ 95 Dec'13
73 "fr
73 May'14
ChW
g li" II884
I
Lake Snore gold 34e__,,_1997 j-1) 8418 8512 85
883
4 12 88 104
57 934 88
Flint &
M g 86
Registered
8515 May'14....--_
199 j
87
-D 834 854
7312 90
_ 734 Apr '14
1939 M-N 65
let consol gold 5s
Debenture gold 45
192 5/1-s 9312 Sale 9312
9418 58 894 9474
75 Apr '14
75 904
75
Pt
turon Div 1st g 5s_1939 A-0
25-yr gold As
7
1931 P41-N 93 9312 9338
9312 30 4384 93
J
9
J .
Bag us & 11 1st gu g 45_1931 F-2
Registered
1931 A8.
8
-N •_-_,-- .-__ 917 J'ne 14 ____ 907 914
4
-6418 6514
-e15- -138
1 7
philippine Ry lot 30-yr•f 48'39
Ka A & 011 1st gu c 541_1938 3-j 10614
10812 1984
10812 May'14
10511
Ap
:
is ms MI& L E lst g 55
03 . 6
7
Mahon CI RE, let 55_1934 3-j 105,4 L 1014 A per
11314 Noy'll
:19. .? 10614 _
1r-$1
1 t consol gold 58
'14 -- .- 16 11 1;
1 _-.
Pitts & L Erie 2d .- 55-41928 A-0
1 .
05
7
1
3P
9512 94 924 954
953 Sig; 9413
2
1997 J-J
Gs_1932 .1 -j 116% _-_ 1301k Jan'09 ___
1.16nadegista gen g 4s
.0 u ing Cned
Pitts AlcE & Y
SD412 _
9412 J'ne'14
943 9418
8
1934 j-.I 1144 _ .- 12314 Mch'12 ____ - -2(1 guaranteed Gs
6 934 96
947
8
1951 j j 9412 Ws 944
97 A
:0
di
Cent
__ --- -McKees& B V lat g 6s 1918 J-j 1014 ____ ___
...1951 j j 9112 _
J J
n 4s g
5,1City gco11 g
er
t19
4
1931 31-5 1043 --.- 10514 3'ne'li L.: ibT4 111i1Michigan Centre. 5s
4
60 firs 75'2 May'14 ....
& Or Isl lst g 48
4
1931 Q-M 1033 - - 10312 Alay'14 ..... 10312 10312
t
Registered
4
-97 :
871_,._ 98 Apr '12
t Louis& San Francisco 1931 j
1040 j-J
.
As
---- _
111. 112
1931
108 114 112 Mch'14
eneral gold Os
1940 J-J --------87 Feb '14,,._
Registered
_'a 17
5 WO 103
102 103 10212 103
General gold 5s
J L & S 1st gold 353s
1051 q-s -------90 J'ne'08
7312 80
7712 J'ne'14
75 77
1982 ,81..N
94 __.... 8314 Mch'14
St L & .9' RIt cons g 48_1996 J -J
3535
lit gold
35 54
38
85 40 38
M-N
Gan 15-20-yr
1929 A-0 ---- 85 8312J.110.14 ..... 8312 87
20
-year debenture 4s
j 35 39
7 35 65 4
35
3
384
Tr Co certfs of den/AST:51
3
4
NY Chic& StL lstg 43_1937 A-0 93 4 943 9412 J'ly '14---, 9412 97
931
1947 K-15 ---- -- 93 Dec '12
Southw Div lit g 55
Registered
1937 A-0 ---- 94
94
94
4 934 9412
7012 115 -55s" VI4
6914 Sale 6914
Refunding g 4s
1931 .111-N
Debenture 45
8
5 85 May'14 ____ 844 87
'11
807 Ed)
4
Registered
West Shore 1st 4s guar-2361 J-J --- 9334 93
9314
2 9112 95
1104
A
155;
li15 4 11012
6;
2361 J -3 901 91 904
Registered
IC 0 1.1 biz M con g 65-1929 NI-28
904 26 5934 92
14 72 774
74
;
Ry ref g 44_1936 A.43 731 Sale 7314
S&
-j 9818 ___ 10012 7'ly '11 _ --- -___ ___
K
21 Y Cent Lines eq ta• 4Jis 1922 j
7712.1'1y '12
Haven & DantN Y New
95 Mch'14
95 95
1929
ered&
Re
1055 J -J ---- 77 78 May'14.,.,,. 78 80i2
K CrikiIt It lat gas_1956 A-0 ;Jr
Non-conv deben 45
19511 31.-N 8118 ii14 824
8314
824 88
1966 111-N ..--.. 77
76 M1y'14 _. 76 81
it L S TY 1st g 4s bci ctfs
Non-conv 46
jj..
75
75
J -L
5:
49 Inc bond 0LN- T941317..D .-- 75 75 .111014
1956 J-J
60 65 66
ild g
6834 .-29 66 75
Cony debentnre3 Xs
6812 70 68 4
3
68 773
683
4
4
1948 J-J 10212 Sale 99
ConiOl gold As
1071& 69 99 1174
Cony debenture 95
984 984
001. KrAu.i
,
RR
/a _......... 3s_IR/1 1"...2 lc/ Re 190A /11-N
,
,
9815 Jan 'I
Pt Ter lit gu g
6ray's
Next Page.
--Continued on
MISCELLANEOUS BONDS
iii
lit &
xi
ies ge
z 3A
pOnfa
-8614
B mg
1st
GS
Gas and Electric Light
8
Peo Gas k 0 1st con g 65-1943 A-0 117 1173 11534 Pile 14
1947 M-S 1004 1014 101
Refunding gold 5s
101
1947 M-S
Registered
99 Sep 13
114
1i0 -, 10334 J ui"1 4
2
Ch G-L & Cke 1st gu g 59.1937 J-J
102
10112 May'14
Con 0 Co of Ch lit gu g 551036 J -D 100
100 1001
Ind Nat Gas & 011 30-yr Si '36 91-13
93 Lich '12
90 4 91
3
Mu Fuel Gasnst gu g 5• 1947 M-N 100 100L 1004 May'14
Philadelphia Co cent' 5s .1919 F-A
103 •___
98 95 Sep '18
1022 81-N 95 98 9634 J'ne'14
1047 10514
4
Cony deben g 5s
f
87 8714
1,
69;37
.
Stan Gas & El cony• 68_1926 J -D -- :
100 1\lci4114
8938 A lor:
4
109 Sale
Syracuse Lighting 1st g 56-1951 J-D
1954
Syracuse L & P 5s
1004
512 J'ne'12
8
M:g
frenton 0 & E 15t g 5J__1949 j
10112J'ne'14
Union Elec Lie P 1st g 55_-1932 31-S 100
100 May'14
1033 M-N
93 Sale 923
4
93
Ref & ext 55
- - at; 9412 J'ly '14
9238 964
J-J 101 ____ 100 Do3 1
Utica El L Jr P lets
01 Mcli:14
,4
97
195 J-2
- 9012 884
88 4
3
884 9018 'Utica Gas it E ref 5s
1950 J-D loos jog 1004
Westchester Leg g 5s
100 Jan '14
loa
Ica
100 100
Is Due July. •Due Oct. I/ Due Nov. s Option sale.
*No Dries Friday: latest bid and allied. a Due Jan. 5 Due Feb. •Due May. a Due June.
Gal and Electric Light
Kings Co F.IL & g 5s____1937 A-0
1997 A-0
Purchase money 65,
1025 81-13
Convertible deb 63
Ed E III1Bkn lit con g 48_1939 J-J
Lae Gas L of St L Ist g 58_81919
1934 k F
:0
Eel and ext 1st g 5s
Milwaukee Gas L 1st 4s-1927
1948
Newark Con Gang 5S
1948 '-D
NYUELIIRPOSs
11141/ F-A
Purchase money g 4s
.1-J
Ed El III 1st cons g
lit Con g Bs 1930 F-A
NY& QEIL & P
1921 14-N
N YR Rich Gas lit g 59
Pacific G & ElCo Cal G &1
137 31-N
Corp unifying& ref bff__....11
Pac P.m& L$1,t& ref 242-yr
1930 F-A
Series
5s Internet
1949 M-8
Pat & P291011004K 5s
10418
10412 Apr '14
11412 'ne'14
11312 Apr '14
88 May'14
1013
43'1y '14
10012
10012
1
91 .7, '14
17
10134 Jan '14
10418
1044
4
87
873
4
2
109
109
1
101 Feb '14 _-_92123'1y '09 .__.
114 115 4
4
98 4 1014
3
102 10414
111 11412
113 11312
86
89
100 102
974 10114
8812 9112
10134 1013
4
1014 10514
83 873
4
106 109
101 101
_. --
1007,10314
9914 1014
-551; 10034
-siert "Ur
88 9215
100 1004
10113 1011;
100 1004
0412
101 101
41
155;3 kir
New York Bond Record—Concluded—Page 4
JULY 18 1914.]
BONDS
N. Y. STOUR EXCHANGE
Week Ending July 17
tg
Price
Friday
July 17
Week's
Rance or
DIV Sale
g
Pantie
since
Jan. 1.
IdONDS
N. Y. STOCK EXCHANGE
Week Ending July 17
185
Price
Friday
July 17
W,ek's
Ranee or
East Sale
S
Ranee
since
Jan. 1.
Hill, No. Low lityl; Wabash (Concluded)—
BM
Ark Low
lild
MO No. r.o1%1I toA
Ask Low
51
1
filis,,
81 8134 81 J'ly '14
77 84
Egon Tru4t Co ctfs
14
'
412Ja n47
0758
S A& A Pass lst gu g 4s-__1943 J-J
104 Oct '09
Do Stamped
44 Sa;e
131 4112 6714
S F' St Ni'1st sink 125s-1919 J-J 10112
8i' Feb'14
Del St Oh Ext 1st g 5s___1041 '-J ---- 102 106 Nov•13 ____ ____ _.
-835 851,
8
4s____1950 A-0
Seaboard Air Line g
1 8312 86 8.5
Des Mein Div 1st g 42_1939 J -J
1050 A-0 85 85* 85
Cold 4s stamped
80 Aug '12
Om Div 1st g 3 148
1950 A-0
1941 A-0 65 69
Registered
72
05 AT,:'14 __-- 65
7514
7714 122 7439 "g6Tol it
4
01040 If-A
Div 1st g 4s
1941 4-S -- - 78
Adjustment 6s
734 May'14 ___- 70 80
7384 Sale 7334
7378 22 7312 7814 Slab Pitts Term 1st g 42_1954 J-D
4
__
1950 A-0 733
7122lay'i __- _
,
Refunding 4s
712 12
8918 8512 8512 J'ne'14
712 77, 73
Cent and Old Col Tr()o certs_ ---84 853
4
1st g 4s_51933 il-S
7
1414
73
4 10
A ti-Blrm 30-yr
8
8518 Mch'14
Cohan Ma Tr Co ctfs
85 8518
1949 J -3 865
612 ___
734 rne'14 ---- 61 1314
Car Cent 1st con g 4s
/
4
34
Col tr ctfs for Cent Tr cut's
714 734 4'ne 14 _--Fla Cent & Pen 1st g 5s 1918 J - J 10018 ---- 103 Jan '13
614 1412
j-4j - -12
2d gold 45
7
8
1954 -'1412
7
4
1930 J-J 1004--- 104 Nov'12
extg 58
39211
• 1st land gr
1017 Feb '14
9
14 1
mi78
12
12
Trust Co certfs
12 11,
1943 J -J
.
i
Conso'gold 5s
10412 J'ly '14
10212 10512 Wash Term I 1st gu 34s___1945 F-A 8334 ____ 3312 J'ne'14 ____ 8114 84
Ga & Ala Ry 1st con 5s__o1946 J -J 137f;
1st 40
3
4
1031s 1033
-year guar 4s
1945 F-A
96 ..„..- 100 Sep '1•..
Ga Car& No lst gU a 55-1919 1-6 10178 10312 103 4 J'ne'14
1
West Maryland let g 443_1952 A-0 584 Sale 5618
/
1
1026 J -J 101 105 10114 Oct '13
62% .... ; 818 ;8801-2
.14 247 02 20
5,
Seab & 13oa 1st 5s
-j 3
.___ 105 104 J'ly
West N Y it Pa 1st g 5s
1937 j
Southern Pacific(Jo—
90
Gen gold 4s
1943 A-0 783 79% 78%
.11041] J -D 89 90 90
90 94
4
7834 16 75
51
'Gold 4s (Cent Pac coil)
11041 J -1) 1587 _- 90 Feb '14
Income 5s
d1943 Nov --------34 Feb :07 ______....
v 13
90 90
._ 5,4
Registered
-j95,2
8
Wheeling it LB 1st g
5
14
86% 204 84% 92
ging 11- S 857 Sale 85 8
102 J'ly '14 ____ iiii
30-year cony 4s
5s---1926 A-0
102 Sale 102
102% 1050 9912 103%
193 J -D
Wheel Div 1st gold 5s___1928 J
20
-year conv Os
933
4 41 9111 943
Exten it Impt gold 5s____1930 F-A 94 gi 91 Feb '14 ____ -51- If'
4
Cent Pac 1st ref gu g 42_1946 F-A 93 Sale 93
9412.1'1y 112
RR 1s1 consol 45
1949 F-A 89 1949 11-S 74
7418 74 J ne'14 ___ 74 80
Registered
Z0
-year equip •f 5s
1
91 "9158
1922 J-J --------90 Apr 'id ____ 90 0914
8528 8
0
Mort guar gold 3),.k1929 . -D 911292 9112 J'ly '14
/
1
1 853 8712 Winston-Salem S B 1st 4s 1960 J -j 863 ____ 88 Feb 14 —_ 88
804
8613
4
4
Through St L 186 gu 4s_1054 A-0 864
88
8 88k 88
103 1033 Wis Cent 50-yr lot gen 4s..„1040 3.41-N1 8 Sale, 8834
4
88
,
8
13 R & 8 A M t: P 1st 55_11131 M-N 102% ____ 103 Apr '14
10234 Apr '14
101 10234
J'ne'14 --- 86
•Ctila V G & N 1st tug 53_1924 MN 101
Sup&Dul div it term 1st 45 '36
8939
1023 1023
s
8
Hong E & W 'I' 1st g 5E3_1933 41-N 1023a 105 1022 J'ly '14
1 101 10412 Manufacturing Sr Industrial
10412
10412
1933 M-N 10212
1st guar 5s red
109 J'ne'14
109 109
II & T C lat g 5s Int gu_1937 J -J 109
101
1021 A-0 94 0512 94 May'14
933 9512 Am Ag(Them lit c 5s
4
13 9734 102
1928 A-0 100 101 ION
Gen gold 48 intguar
Ant Cot 011 ext 43'4e ____p1915 Q-F 99 9918 9918
108 108
9918 10 96 994
-Waco& N W dir Isle 65;1930 MN 105 10814 108 Melt'14
- 10412 403 Mcb'14
9434 95 9434
10112 103
Debenture Os
95
1931 M-N
4 89 95
/
1
4
A & N W lst gu g 5s
4 10612 1073 Am Hide & L lets f g 65_1919 \I10712
19712
102 103 10213
102%
1 18 sj - O
4
2 101 10312
Morgan's La & T 1st 79_1941 A-.°
_ 10614
1 10614 10718 Amer Ice Secur deb g 6
10614
88
1920 J -J 10614
4 7814 89
1925 A-0 84 87% 88
1st gold 6$
112 Feb '07
Am Smelt Securities•f 68_1926 F-A 10412 Sale 104
1938 A-0 11012
10412 13 103 105
No of Cal guar g 5s
10134
10112 Mch'14
942
iairz 16134 AmSpirits Mfg g Gs
9454
4
I 94 99
1915 M-S 943 97
Ore 36 Cal let guar g 5s 1927 J -J
Am Thread lst col It 45_1919 j
4
-J
944 ___- 94 J'ne'14 _
/
1
93 9412
So Pac of Cal—Cu g 5E3_1937 01-N 1093 - - 10112 Nov'13
Am Tobacco 40-yr g 0s
9112 Sep '12
1944 A-0 121 122 12212.1'1y '14 __-_ 11712 123
gu 419 8_1037 J -J 93
S6 l'ac Coast let
84% Sale 8412
84 4 24 841k 88
3
4244 May'14 ____ 1213 121%
/
1
Registered
4
1944 A-0
San Fran Term! let 4E1_1950 4-0
3./9
90 Apr '14
(Iola 4s
98 96
/
1
4
1951 F-A 97 99 98 J'ly '14 __ 97 9812
Tex & N 0 con gold 5s....1943 J -J
9214 68 89% 9334
913- Sale 913
4
4
1955 J -J
Registered
1951 F-A ---- -___ 98 J'ne'14___ 98 93
So Paz RR 1st ref 43
10438 Sale 1043
8
Am Writg Paper isle f 5s_1919 J -J
1048
4 31 10214 106
.
6712
1 6414 78
6712
Souther,n--ist cons g 5s....1904 J -j
100 Aug'13
Baldw Loco Works 1st 5s 1940
1904 J -J
s_.... 104 104 J'ly '14 ____ 102 1044
Regfstered
73
14 105 7219 100
id% BetbSteeflstexts(551926 J-J
997 --- 9912
a
64 9312 100
Develop & gen 4$ Set A 1956 A-0 7212 Sale 7212
5 80 8312
lst & ref 5s guar A
81
8639 58
1042 M-N 86 sale 811
Mob & Ohio coil It g 421_1938 M-S 80 81 80
/
1
/ Cent Leather 20
1
4
9912 63
104 104
-year g 5s_1925 A-0 99 Sale 99
Mom Div 1st g 4 1e-55_1996 J-J 10412 108 1044 Mch'14
8612 88 86 J'ne'14
Consol Tobacco g 9s
83% 86
9812 rly '14 ___. 87i 19808 3
1951 J -J
9713
1951 F-A
St Louis div 1st 2 42
80 1
:
4
/
4
4
10412 1043 Corn Prod Ref a f g 5s
/
1
1918 J -J 1041-- 1048 J'ne'14
AM Can 11 let g Gs_
95 May'14 ____ 9312 964
1931 M-N
1st 25-year 5 f Is
4
993 100
4
941 94 4 9412
/
4
3
941
/
4
8 9112 9514
1934
Ala (it Sou 1st cons A 5s-1943 J -D 9914 10018 993 May'14
3 8618 8812 Cuban-Amer Sugar coll It 6.1918 A-0 90 Sale 00
13812 Sale 8812
8812
1348 J -J
90
2 90 93
Atl dc Danv let g 4s
Distil Sec Cot
8214 Feb '12
1948 J -J
573
4
30 5754 68
2d 4s
59
NI I du Pont cony lst g 52_1927 A-0 8612 Sale 5734
Sale 8612
Powder 40_1936 J-0
86%
Atl & Yad let g guar 4s....1949 A-0
1 85 a 8912
3
Fe6 '11:1
General Baldng 1st 25-yr 68/
1
4
10139 101
1916 J-J 10114 ---.
Col & Greenv let 85
/
4
1936 J-D _._. 8712 87 J'ly '14 _-__ 8712 901
IOU J'ne'14
104% 106 (ten Electric deb g 334s
1942 F -A
79
1 77 803
79
4
E-T Va & Ga Div g 55_1930 J -J 10514 - 8
10818
1073 10818 1081/
Debenture 5s
10514 108
32
1956 M-N
1952 V1-8 1083* Sale 108
1063
8 15 103 1063
Con let gold 50
s
Gen'l Motors let lien 63
/
4
1007
8 23 981-210134
1938 M-8 10312 — 1051 41'1y '12
E Top reor lien g 5s
1915 A-0 10012 Sale 10012
Ill Steel deb 43,as
6412 May'13
4
1940 A-0 863 Sale 8612
1946 A-0
863
4 36 8312 89
Ga Midland let 32
109 J'me'14
108- 166- Indiana Steel lst 5s
1952
4
53 9(322 10212
1922 J-J l0814
10139 1013 10152
102
Ga Pae Ity 1st g es
11018 May'14
-109 110/2 Ingersoll-Rand 1st ta___ _41935 J-J 102 ...- 100 Oct '13 — ___- ---.
1925 J -J
Enox & Ohio 1st g 6s
in t Paper Co 1st con g
65_1918 F-A 100 Sale 100
100
I 100 103
Mob & Bir prior lien g 55-1945 J -J 16618 .--- 10512 Nov '12
Mat'13
COnaol cony s g 5a
7212 ____ 79
-J
48 sale 48 J'ne '14 ____ 75 8412
75
1045 J -J
1935 j
Mortgage gold 4s
8
10118
8
ici114 Int St Pump lot sf5s
1915 J-J 1007 Sale 100%
1929 M-S
4814 26 43 671
/
4
Rich dc Dan con g 6s
104 10314 Feb '14
10314 10314 Lackaw Steel 1st g 55
1927 A-0
1923 Pt-0 ---- 90 91
34
9118
8 9014 97
Dab 55 stamped
1st COD Os Series A
- 73 Sep '12
7112 71 .1%144'14 __
1948 3/I-N
1,950 4-S
"RIO tz Mack Ist g 43
70 784
101 J'ne'14
ioOfs 1E- 5-year convertible 5s, 1915 m-S 95 97 97
1919 M-N
97
3 9312 984
BO Car k Oa let g 5s
Liggett it Myers Tobac 7s_1944 A-0 125 1263 12578.1'1y '14 ____ 121) 12713
112 Oct '06
4
Virginia Mid set 0 6s.—_1916 M-8
523
4
---- 1033 Nov'12
1921 M-S
1901 F-A 102 ---- 10214
1028
2 9634 10239
Series D 4-5s
102 Dec'13
Lorillard Co (P)7s
/
4
1926 M-8 1041
Series E Os
126
1 1 193*12839
1944 A-0 125% 12712 126
55
1031 M-8 103% -- 104 Mch'13
/ 10239
4
Series F 5s
9 9639 10212
1951 F-A 102 ---- 1021
10212 10412 Mexican Petrol Ltd cnv Si A-'21 A-0 95 99 95 Apr '14 — 91
1936 M-N 104% __-- 10412 May'14
General 5s
97
1st lien it ref es series C 1921 A-0
10312 105
95 95 J'ly '14 ____ 93 975
Vs & So'w'n let au 5s_2003 J-J 104 --- 11:14, Apr '14
s
9314
;
1958 A-0 92 931 9314
90% 9314 Nat Enam it Stpg 1st 52_1929 J-D 9112 94 91
-year 5s
91
10 91
1st cons 50
94
92 rne'18 -Nat Starch 20-yr deb 5s
1924 F-A
843
843
• W 0 & W 1st cy gu 4s
6 8139 85
1930 J-J
10014 May'14
1OOl 10012 National Tube let 5s
100
4 963 10014
g 85-1914 J -J
M-N 100 1001 100
/
4
• West N C let con
1962
4
12
95 97 96 J 'no'14
9612 983 N Y Air Brake 1st cony 65_1928 6 -N 971s 983 9812 J'ly '14 ---. 97
4
4
11
Spokane Internal 1st g 5s 1955 J -J
9939
9912 _.101 J'ly '1
Railway Steel Spring—
100 101
Viler A of St L lst g 4 yis_1939 A-0 104 16f14 107 J'ne'14
Latrobe Plant 1st s f 55-1921 J-J
1033 107
4
5s___1894-1944 F-A
9711 9814 931s
4
9814
1 97
.- let con gold
0
981/4
___
8712 88 May'14
/
1
4
Inter-ocean P 1st sf 5s,.1031 A-0 gill 915 913 J'ly '14 ___ 91
1953 J-J
854 9012
/
1
8
4
9334
Gen rotund 5 f g 45
1014 10214 102 J'ne'14
Repub lit S lst & col It 55_1934 A-0 1044 _--_ 103 Apr '14 ___ 1027 103
8
•_St L M Bge Ter gu -2 as-1930 A-0 1004 10012 1004 J'ly '14 88 10134 102
10-30
2000 J-D
-year 58 s f
Pols 104
1940 A-0 99 Sale 94
9414 10 91 9439
ex & Pac 1st gold Os
20 40 51 Nov'12 -Standard Milling let 5s
q2000 Mch
3
1930 01-N 88 88 4 8812 J'ne'14 ____ 84 891s
2d gold inc 55
95 May'14 -- 95 95
The Texas Co cony deb 62_1931 -J 101 Sale 1007g
1931 J-J
102
78 1003* 100
be. Div B L 1st g 5s
10612 Nov'04 _Union Bag it Paper 1st 5s_1920 J -J
851 90 Feb '13 ___ ---- ---W MiniVat NW 1st gu 53_1930 F-A
10514 Apr '14 -- 10517 I06; Stamped.
1935 J-J
4
90 9114 Jan '13 __
1930 J-J
ol & 00 1st g 5s
101 Aug'13 _S Realty it I Cony deb g 56-'24 -1
1935 A-0
Div 1st g es
-_-- 8314 83 J'ne'14 ___ "
Western
iiii4 ie
.
10112 Apr '14 -- 98 10112 U 8 Red it Refg 1st g 68_1931 J -J
1935 J-D
General gold 5s
18
20
18 May'14 ____ 18 20
87142'ne'14 -- 8512 8714 US Rubber 1 0-yr coil tr 83_1918 J -E) 1025 Sale 10
1990 A-0
'Can & M let gu g 4s
1021
30 101%104
23
s
984
9814 26 953 98% U S Steel Corp--q coup ..41963 II
1927 J-J
-year 55
2d 20
-N 1025 Sale 1025
8
4
8
103 317 997 1034
s
75 May'14
1917 J-J
8 f 10-60-yr ISsireg ___d1963 0 -N 103 Sale 1027
rol P & W 1st gold 4s
75 80
1
1
a
103
1 100 103
/
1
4
81 80 4.J'ly '14 ---- 804 82
3
Va-Car Chem let 15-yr 52_1923 J-D 964 9712 97
Tol St L& W pr lien g 30_1925 J -J
3
/
1
4
9712
2 Nes 98
1900 A-0 50 Sale 00
53
6 50 60
gold 4s
West Electric 1st 63 Dec 1922 J-J 1014 102 102
50- ear
102
9 10018 10214
43 J'ne'14 ---- 43 50
1917 F-A _ — 48
Coil tr 4s g Ser A
Westinghouse E&Met 51_1931 J -3 98 Sale 954
/
1
9618 30 8912 964
8514 J'ne'14 -- 85 85 1
10
-year coll It notes bs 1917 A-0 99 99 4 9939 Vac'14 ____ 9634 99
rar Tarn dc Buff 1st g 4s_h1946 J -D 85 Se
5
5
3
10112 1011
1 10012 101%
ister & Del lit con g Os_1928 J -I) 101
8
76 lor '14
1952 A-0 747
let refund g 44
74 78
Miscellaneous
Union Pacific—
Adams Ex coll tr g ts
11148 M-8 79 811a 79
/
1
4
79
3 7312 80
984 Sale 98
9 54 94 9.512 98 4 Armour it Co hit real egt4
8
let RR it land grant g 45_1947 J -J
3
'39 J-1) 92% Sale 92%
93
58 9i012 0311
1947 J-J
1 9512 9814 Bush Terminal 1st 45
9,
84
Registered
9814
8612 J'ne'14 ____ 8612 88
1952 A-i) 861s 90
90 4 Sale 9034
3
1927 J -J
91
31 90 93%
$0
-year cony 45
Consol 52
1955 J-J
93 98 92 J'ly '14 __ 89 924
/
1
4
02008 IA-8 94% 95 95
95
1 91
2.8k ref 4s
Bldg. 55 guar tax ex
95
1960
863
9234
a 9134 94 Chino Copper 1st cony 60-1321 A-0 88 8712 168 4 Apr '14 ____ 150 166
Ore By it Nay on g 4s_1948 J-0 92% 0314 92%
J-j
/
1
88N
65_1922 F-A 11018 11014 1104 1104
/
1
2 1094 110 4 Granby ConsIM 8&Pcom 6sA'28 31-N iiir iiii" 10214 J'ne'14 ___4.. 9885%10855Z
Ore Short Line lot g
3
4
/
1
4
1946 J -J 1073 10812 107 J'520'14
let count:4 4 5s
Inspir Cons Cop lot conves 1922 MS
105%108
10112 87 96% 10
34
/
1
9112 16 8914 9414 Jut Mercan Marine 4).0_1922 A-0 10112 Sale 101
1029 J -D 904 90 1 9012
5
refund 45
Guar
524 57 474 61
471a Sale 471s
1926 J -J 103 .-_ _ 108 May'll
Utah & Nor gold 5s
--_—__- Int Navigation let•f 64-1929 F-A
72 7212
73
/ 19 7139 774
1
4
914 99
/
1
193$ J -J
Montana Power 154 be A
---let extended 45
1943 J-j 9212 Sale 9212
93
5 9212 9412
93 Apr '13
Morrie it Co 1sta 435s _ _1933 .1-3 ____ ____ 8812 Jan '14 ____ 8812 8812
Vandal's cons g 4e Ser A_1955 F-A
at ,
9214 May'14
214 9214 Mtge Bond(NY)gsser 2 1966 A-0
1957 M-N
Consol 4s Series B
83 Apr '19 ____ 83 83
97 94 Oct '12 —__
W4-1934 J -J
10 20-yr 68 series 3
Vera Cruz & 1' 1st g'u 4
8
. 7
3 0 0 ,2
1932 J -j --------100
100 ... 107 170
983
4 42 971 100's N Y Dock 50-yr 1st
5
Virginias let Is Series A —1962 M-li 983 Sale 9812
g 4a-1951 FA 7 12793 7818 May'14
4
10214
2 101%105
102 1024
Niag Falls Pow 1st 52
1939 M-N _
Wabash 1s8 gold 55
1932 J-J 10112 10214 101 J'ne'14 ____ 101 101,
s
4
N lag Lock &0 Pow 1st 5a_1054 M-N --------92 Ma5 14 __
gi 9512 963 J'ly '14 --__ 04 100
Tr 2d gold 55
1939 F-A
92 93
,
90 J'ars'12
Ontario Power N F 1st 5s__1943 F-A
1939 J-J
Debenture Series 11
9414 9514 9514
9514
1 9139 9514
90 98
90 J' '14
Ontario Transmission 55_1945 M-N
lit lien equips fd g 5s
1921 M-8
11
3 92 95
95
Pub Serv Corp N J gen 05-.1959 A-0 9013 Sale 95
75 Apr '14 -- 75 78
let lien 50-yr g term 44-1954 J-J
9014
9012 37
37 48 8114 RayConsConner 1st cony 851921 -J 114 Sale 113
50
lit ref and ext g 4s
1956 J-J "jilt 'Sidi' 45
5 1074 11714
88 2 91
114
J
494 6512 Sierra it S
Cent Trust Co ctts
6014 May'14
ower 1st 55_1949 F-A ---- 931 9214 Feb '14 ---- 9214 9214
--Do Stamped
53 Apr '14 ___ 50 5612 Wash Water Pow let 521_1939 J-J -___ 102 1034 Jan '14 ____ 10312 1034
-MISCELLANEOUS BONDS—Cencluded.
---; Sale
firir
'00 faii;
100.
U
Coal it Iron
Telegraph k Telephone
fluff& Susq Iron s f 5s____1932 J-D 92
Attl 'relep it Tel coil it 4s_1929 J-J
..—_ 92 J'ly''14 ____ 92 92
Debenture 5s
a1926 M-13 80 85 80
Convertible 4s
80
2 80 80
1938 MI-8
CiolF & 1 Co gen s f g 5s-1943 F-A 87 90 87 J'ly '14 ____ 80 99
eybr
l be 30_ ;8_ : 832 M--D
ia le 41 -8 194 J S
Col Fuel gen es
1919 M-N .4 2_ii_ 17035
Cent Dist Tel
.
1.
.0 .
3
05 02
ly 414 :::: 17244 185
y 4
01 Indus 1st & coil 5s gu_1934 F-A
Commercial Cable lit g 42_2397 3-J
J'ly
ons Ind Coal Me let 5s_.,..1935 J-1) — _ 71
Registered
73 Mch'14
2397 -J
eons Coal of Md Ist&ref 52 1950 J -D 84118 sale 80
9 73
8912 —20 83 9012 Cumb'd T & T 1st& gen 55_1937 -J
- 7
ontinental Coal hat g Os....1952 F-A 89 ___ 9939 Feb '14 ___ 991s 0912 1, etstonegel&Te
K yropo
.re
elepl2 let st 8s 1815 ai./...-NJ
r e lg f5e 938
.
:1
Coal& 0 1st g 68_61919 A-0
r Riv
9812 102% Apr '06 ____
an it 110 & 0 lots f g 55_1051 J-j 89 931 93 Mch'14 -- -ii- "iii Mich State Telep let 5s
1914 F-A
ocah Con Collier 1st el'5s-1057 J -j 85 8712 8812.1'1y '14 ____ 84 8814 N Y & N J Telephone 52 2_1920 M-N
76
1051
81
liL Rock M tdc P 1st55-1985 J - J
7812
I . Te LP
— 1 ri21
Ni .
.
7812
,
e f4;451939 NI
-N
7 77 82
eon Coal gen 5s
1023 --- 102 s
4
2 9714 10312
Tel 1,8
3
1093
8
-J 102 1031: 102 J'ne'14 -- 10112 108
0irm Div lot consol 6a..-1917 j
South Bell Tel& T lets f 5s 1Str 'T
A
01917 A-0 102 10314 10174 J'ne'14 ____ 101 102
Tenn Div let g 65
/ West Union col tr cur 5s.--1938 J-J
1
4
8-.1922 j.
Cab 0 M Co let gU g 8
Fd and real est g 4;is-.......195 M-N
10114 Mch'14 ---- 10114 10114
1953 J-j -- 74
Fuel 1st s I 5s
Norihw eet rei gu 4 s
M ut U n TeI gn ext t--g 1031 Si-N
73 Apr '14 ___
73 73
944
J
Iron Coal&COk•1st g Its 1949 M-8 ain2 90 90
•
9012 1 90 95
'No rake Friday;latest bid and asked. a Due Jan. 4 Doe April. 4 Due May. y DUO JUDO. 5 Due July. 3 Due Aug. opus Oct
101
flaw
...,..
99118912
92 95
97 Salo
---- ----
894 T
96 .'ne 1 :4 1
81g2 !
'
7
111!
9639
98
99i2J'ne'14
:9
8 8844
:
:::
4
s5
100. : 003 -.1_ .. 1900.,8943775 100008497814
F14 J'1302'14 _.i 81
Apr
---- „%
9'11
10 42--.._ 8914 Mch'14 —
8 ...
0
0 .
8914 891
4
i
987 993 98% rIF 1
s
'
---- -___ 10314 Mat'll -30 95 93
/
1
4
3
97 4 Sale 97%
97
8
11 98 993
4
g
S8 I 18 971s 100
S;34 L e Si :
als
974 97'4 or
p:
t
92 Sale
104 J'AS'11 .-.- ..= 93 Jan '13
`Trit:
21
9
92
71
"
93
74
V Due Nov. f Due Dec,e Opt on sale
9
3
9
811
CHICAGO STOCK EXCHANGE—Stock Record.
186
Sala Of
the
Week,
Mares.
STOCKS--IIIGHEST AND LOW E.ST SALE PRICES.
Manday
July 13
Saturday
July 11
•____
'16
___
•
12
40
25
9912
3412
0612
218
.
33
5712
.3
•16
55_
.
•_
•____
o_
599 2 8 8
,
34
4
343
4642
7
•213
3
32
34
57
6712
*2
4
•16
22
Tuesday
July 14
12 •____
"36
40
25
75
99
99
341 4
3412
*612
654
"218
3
3218 .
32
57
57
.2
4
.16
22
Wednesday
July 15
Friday
July 17
Thursday
July 16
Last Sale 12 May'14
Last Sale 40 June'14
Last Sale 21 June'14
Last Sale 61 June'14
99
9914 08
.99
09
09
09
,
3114 341
4
343 3478
3412 35
35
4
62
Last Sale 812 JUly'li
•612 63
4
8
Last Sale 23 June'14
3
0218
3
2212 30
31
.30
30
59
5712
5712
57
67 .
Last Sale 412 Feb'14
4
.2
4
Last Sale 25 Feb'14
22
22
•16
12
40
"36
40
Last Sale 2712 June'14
2712 *2712 23
2712 .27
27
2712 •
Last Sale 91 July'14
9012
.9012 91
90
•
09012 91
92
Last Sale 397121uly'14
*39712
-132 132 •130 132 •130 132 •130 132
132 .130 132
33
33
"33
35
33
33
35
*33
35
Last Sale 76 May'14
79
.76
79
79
•76
76
•
81
Last Sale 12112 Feb'14
121 •11812 11912 *11812 11912 •119 11912
'31
31
32
3112 32
34
31
•32
34
.32
7038 70 8 6812 69
3
71
71
71
71
71
71
72
O71
4912 4912 '4912 5018
5018
501s .49
5018 *49
049
53
63
5412 •5312 54
6412 5312 6412 54
.51
21212 213 *207 21212 .207 21212 .207 21212 '207 212l
0212 216
13512 136
013618 13614 136 13614 13612 13612 •133 13614 .134 135
Last Sate 12 Feb'14
914 • 4 912
4
83
4 914 .83
"82
32
. 4 014
Last Sale 77 Feb'13
.6112 6212 .6112 6212
63
.62
63
O62
9412 9412 0412 9412
n412 95 *9412 95 nit% 95
09412 95
Last Sale 2314 Mar'14
"26
27
27
*26
27
026
27
.26
O103 10312 10312 10312 .10314 10312 .103 10312 10312 10312
6212 6312 6314 6314
*6212 64 .
8
633 6338 "6213 64
Last Sale 1154F2Ma -14
- -y Last Sate 7634 Aug'12
Last Sale 130 July'l
132 '130 132 •130 132
•130 132
Last Sale 127 July'14
•127 129 •127 129 *127 129 •127 129
11712 11712 11712 11712 118 118 •11712 118 .116 118 •116 118
Last Sale 120 July'14
4
4
121 •120 121 .1203 121 •1203 121
O120
39
39
.38
38
39
39 .
38
39 .
39
•38
39
39
120 120
120 120
8
8
1207 1207 12012 12012 120 1201,1 120 120
Last Sale 78 July'14
77
.74
•7512 77
77
*7512
*7512 77
*93
97
93
9512 .93
97 .
97
9512
07
•96
97
97
11
•10
Last Sale 12 Mar'14
11
•10
11
•10
11
O10
O23
29
29
Last Sate 30 Mar'14
28
•
29
028
29
28
0
192 192
2
,
193$2 1933 191 19312 19112 1923 192 19212 192 192
•123
123 123
*123
0121 123 •123
.3012 31
Last Sak 2312 Feb'14
3212 .43012 31
3112 33 •
*32
85
*84
Last Sale 86 Feb'14
85
•84
85
•84
85
084
10618 10618
6/8 10618 106 10614 106 10818 105 10618 106 106
10
Last Sale 240 July'14
O235 245 .235 245 .235 245 •23712 240
105 106 •106 10612 *105 10612 108 10618 106 108
154 1544 1543 15412 154
8
15518 15518 154 156 •15312 155
Last Sale
July'13
4
593 5934 60% 60%
4
113 1131, 113 113
11212 1123 *11212 313 '11213 113
'3131 113
0212 4
.212 4
Last Sale 33 May'14
O212 4
8
'Zs 4
Last Sate 913 May'13
4
O27
*91
•39712
132
*33
76
0
•12012
•i55
11
104
/n
Per1913. fed.
NAIL.
Lost Paid.
% Md. Att.
234 5341s —__ June 301411, 184 188
Anerlean Stabs__
8400,0 v8127,0
70,1 None
Az Jan '14. 8 225 25(5
8
Calemat National
100.0
20,0 Org, Jan.17 '13. V.95. D. 1535 104 106
200,0
__ _
r31,5 Bag. b 124.041 7'12 V. 96,p. 944 15() 154
250,0
--entr..1 Mfg nisi_
10
1144 Q-J July '14, 3 279 280
Cost & Corn Nat_ 21,500,0 10,911,2
16
16&81, Q-J July '14, 4 404 408
Cen2 Exch Nat__ 3,000,0 6,458,0
6
Q-J July '14, 14 8220 225
6
155,1
350,0
Drexel State
Q-J July '14, 342 250 260
10
10
383,7
Drovers' National
750,0
8 Q-J July '14, 2 170 175
8
60,5
200,0
Hairiewood atate_
-M June30'14,414 119 421
10,000,0 12,062,8
17
First Natioaal
17 Q
243,7 124 10,632 0-114 June3014,212 350 355
150,0
PlresnatEnglaw'd
500,0
Foreman Bros
1,000,0
Priv ate Ba nk
Ft Dearbora Nat_ 2,000,0 1,041,7
R
250
8
0-1 July '14, 2
Waisted St State_
120 125
38,7 Org. II or 26 11112
200,0
IllbernlanBk Assn 2,000,0 1,345,4 Not Du be5 —ee a note (11)
ID
Kyrie Pars titate_
200,0
___
_ Q-J July '14 212p 134 137
Irving Park Nat__
100,0
18,2 Orga II,Feb 12 : V.94, 9 405. 124 129
50,7_-Kaapar State_ _
400,0 o224,7
10
0&5e J-J July '14, 6
255 300
lake View Stale_
200,0
6,8 ____
14 Q-J July '14, 14 106 110
Lawndale State__
200,0
72,1 ___
6 (.1-34 June30 '14,2 270 275
1.1n atk F.x412 Nat 1,250,0
629,1 10,42;
-M June 3014,3 240 244
12 Q
Mesph&TradState
200,0
60,8 beg, b us.Ang 26'1 3 V 95, n 593 134 138
Nat 13,6 05 Rapub_ 2,000,0 1,381,3
8
8
Q-J June 30'14,2 196 199
yantonsi City____ 2,900,0
6
0
847,2
Q-J June30'14.1 4 138 180
300,0
3
68,3
Xanonal Produce
Q-J July '14, 14 8171 175
6
7
v112,0
200,
Skean Ave State_
7
44-J July '14, 144 152 157
200,0
6
20,5
Moral elde St day
6
Q-J July '11, 144 138 133
800,0
75,3
6
Worth Wen State
7
Q-4 July '14, IN 170 174
13,0 Org. N oy. 27 '12 V.95, p.1944 ___ 104
200,0
Ogden Ave State_
500,0
151,7
10
)eoplesStkYds8
Q-J July '14, 212 275 300
10
427,0 Beg. b tut Noy I'll V.93,12.1235
200,
Ilevond security__
too,
4181.7
0
__
74 Q-..1 July' 2 iii
Msearity
14.
159,8
300,0
8
8&2e Q-4 July '14, 2 220 225
-o Say
SoatliChWac a
30,0
200,0
6
Q-J July '14, 144 135 138
South litble State_
12
12
-J July '14, 3 385 383
Q
Slate Bank et Chic 1,500,0 2,945,4
su,s
ua.
/224412
200,
v50,3 Beg. b an.Ang 19'1 2 V.93, 0.623 125 130
255,8 10
250,0
15
Øosk Yards Ray_
Q-11 June 3014.4
6
s184,4
500,
6 1M-N May'14, 3
Nk of Cale_
173 liii
.
26,3
64 11)&3e Q
100,0
i.172liegt'DPIrNa
-J July 14, 24 235
'
g
8
Q-J July '14, 24 223
OsnwalTr Oe of 111 4,600,0 1,699,5
226
v422,9 10&22 12drle J-J July '14, 0
500,
City SAT
290 300
6
275,8
8
Say S &T 1,000,0
Q-J July '14. 14 142 144
8
8/4 Q-J July '14, 2.4 207 21212
Chicago Tide &Tr 5,600,0 12,886,9
4503.1 8.10.4
Q-J July '14. 2
(o)
Colonial Tr aL gay 1,000,
_
Coot Is Cern Tr 4t 3 3,000,0 1,939,8 Not pu Wished —se a note (111
--- ri)
203,1
250,0
10
10
Drovers Tr & Sa
Q-.1 July '14, 24 285
-M 0603011, A
DIM Trent & Say 5,000,0 4,466.5 None NO126 Q
'
--. -132,2 Beg. b ne.Apr 1'11 V.92. D.929
500,0
FiDtparbornTr&B
135,7 ___
____ Q
300,0
-J June30'14.114
Priloklhe Tr dr Say
388,5 10
Q-J July '14, 24
10
Oreensbaum 8ons 1,500,0
6
c62.5
.1-1 Jan. '14 334
6
200,
Guarantee Tr & =
iiii
12
12*102 Q-J July'14, 6w
Karns TT A Say_ 1,500,0 2,775,0
91;5 Beg. b us.Apr 10'1 1.9.92,p1004
300,0
Some Bank ,4, TrIntact' Tr & t1ay_ 5,000,0 10,015.7 16.444 16.k4e e July 14, 4 170 &SO
1.109,1 7&244
7
Q-J July '14, 13 190
200,
316enereoriTr&44ay
4
6
a Q-J July '11, 144 180 195
300,0 v111.4
Labe VieeTr&May
182
v343,6 Beg. 13 ue. Ma 7'10
iaLaltalleStTratia 1,000,0
9,7 Org.D cc. 6 '12
275,0
Warty Tr & Say.
131,0 Org. S ept. 5 '12. V. 95, D. 593 112 114
200.0
Market Tr & Say_
59,2 Seg, b us.J'ly 1'12 V.94, D. 484 161 161
250,0
Idereretherr&Say
Q-J July '14, 4 420 424
16
10
biambaata'L & Tr 3,000.0 7,439,6
Q-J July '14, 14 130 13.5
5
76,0___
200,0
Inteingan Aye Tr_
148,5 COm.b us. Ap 10'1 1.V.924.1004 205 209
600,0
bIIi-LltyTr&Say
8
8 Q
-M J111Y '14. 2 318 323
Northers Tr Co__ 1,500.0 3,005,4
8
Q-J July '14, 212 269 273
8
136,3
300,0
Ror-West Tr & 8_
106
54,2 Beg. b us.J'ne 1 11 V.92, 0.1537
200,0
Did Colony Tr *9
012.422 0-1 July '14. 242 ii8 283
8
240,7
PeoDirs'a Tr A 'a,'600,0
8
8
0-1 Sep.30'14,212 200
v284,2
800,0
?annum Tr & Say
3
6
43,8
(.2-J July 'H. 1,, 162 lei
200.0
iturttlan Tr & Say
558
Z3ii
=
iiii
Lowest.
Iftohest.
12 May22
3612 The 12
21 J'ne 1
61 J'ne 1
90 Jan 10
27 Jan ri
6 May 7
2 Jan 14
17 Jan 15
35 Apr 8
41 Jan 7
25 Jan 26
2034Jan 31
553 Feb 2
25 Jan 19
70 Jan 21
4
993 J'ne 24
357
8.1'1Y 6
812 Jan 29
4 Jan 2
37 J'ly 8
GO J'ly 8
412Jan 7
25 Jan 26
11011341
.
------
2412 J'no
70 fly
88 Jan
18 J'ne
512 l'ne
2 J'no
1814 fly
3512 Nov
458 Dec
25 Sep
"
30 Jan
91 Jan
102 J'ne
3314 Sep
9 Sep
45s Apr
37 Sep
38 Oct
9'2 Jan
deli
,
45'
461 Jan
2112 J'ne
8
347 Jan 23
053 Jan 27 2 81 Inc 12912 Jan
500 Feb
440 Feb 10 400 Oct
125 Deo 135 May
134l Feb 0
55 Jan
28 Nov
44 Jan 31
78 Nov 1031k Jan
02 Feb 4
124 Jan 28 110114 Dec 130I Jan
4912 Dec
71 Jan
5014Jan 21
8972 Jan
7312 J'ne
%4l Jan 27
65 Jan
40 J'ly
4912.1'1y 15
5512 Sep
4712 J'ne
60 Feb 13
218 Mch17 200 Apr 221 Sep
140 Mch16 n12412 Dec 155 Sep
1512Jan
8 J'ne
13 Jan 31
77 Feb
77 Feb
11012 Feb
90 Oct
9112Jan 2 102 Jan 26
26 Feb 4
53 Fob
1512 Nov
23141101230
04 .Ich 10012 Dec
10012Jan 2 106 Mch17
76', Jan
58 Nov
70 Jan 30
8Jan
597
10412 May 11 111 Jan 22 100 I'D, 115 Jan
2,5 Apr 18
8912Jan 2
39712 J'ly 10
128 5101214
30 Jan 9
76 Jan 8
118 Jan 2
31 J'ly 17
6.812 J'iy 17
4912 I'll 15
49 Apr 25
20912 Jne
133 Jan 26
912 J an 9
133 Feb 3 105 I'D*
127 J'ly 10 118 Dec
113 J'ne
161 Feb 19
121 J'ne 30 11112 J'ly
471 Feb 13
33 Nov
104 Inc
125 Jan
65 J'ly
81 M ch 4
4
S92 Dec
100 Feb 7
19 Aug
1742Jan 14
4Q24 Jan 14
4012 Aug
19712J'ly 3 155 J'ne
125 J'ne 8 117 May
1614 Nov
4Feb 5
303
66 No9
86 Feb 4
101 J'ne
10712 Feb 27
195 J'ne
250 Mch21
,
09 4 J'ne
107 Feb 28
15812 Alch 24 :142 Deo
1 Jan
80 J'ne
67 Apr 20 6712 Feb 13
109 Jan 3 114 Mch17 10512 Feb
III Jan 14
9 .I'ly
314 May 1
8712 Mc),
12334 Jan 14
1214 Feb 16
/105 Apr 29
11514 Jan 21
35 Jan 9
119 Apr 25
76 May29
04 Iday20
12 Mch23
30 Mch 23
178 Apr 25
122 Jan 14
27l Feb 3
83 Feb 3
4Jan 3
1044
290 Jan 6
102 Jan 8
140 Feb 0
130 Sep
123 Jan
137 Dec
118 Jan
63 Jan
130 Sep
85 Aug
101% Jan
69 Fob
,
97 s Feb
,
2144 Jan
,
1244 Feb
34 Feb
70 N ov
1077, Melt
280 Feb
10812 Feb
218 Nov
112 Fob
,
68 2 Jan
111 Sep
,
141 Jan
112 Jan
Dividend Record
Jy.usurna rtescoru
IlfAMB.
Range for Previous
Year (1913).
Restage since Jan. I.
Lowest.
IZaHroads
Chic City&O Hy /Ash corn
Do prof
Clicar-o Hies.' Rya eorsa100
Do pref
100
262 Ckle Rys part et! "___
1,433 Chic Hyls pert etf
Chic Rya part elf
Chic Sty, ps.rt etf
235 Kansas City Ry & Lt_100
Do firer
100
230
Streets W Rtable U L_100
100
Do mil
Miscellan•ous
100
American (3an
100
Do prof
American Radlator-_100
105
Do pref
77
100
30 Amer ShIpballding
100
Do pre
Artier Talon& Teleig__100
84 Sooth Fisheries corn. 100
100
Do 1st over
226
50 Ca/ & Chic Canal is 1) 100
205 Chic Pneumathe Tool_100
100 Chicago Vide & Trust 100
335 Gomm onw"tb-1diso n.100
Corn Prod Ref Co com100
100
1)o pref
100
30 Diamond Match
Goodrich (B.F.) com _10C
120 Hart Shaff ds Marx pf100
100
30 Ilinnic Brick
Internal 114z-ves4er Co100
Knickerbocker Ice pt_i00
100
National Iliicult
100
D9 reef
100
77 National Cr_rbon,
100
Do prof
110 Pacific Gas & HI Co 100
296 People's Gas L&Coke.100
Pub Sere of No III com 100
100
Do peel
19
Rumely eornmon____100
100
Do reef
-Roebuck cone 100
776 gears
100
Do pref
20
corn.100
3tadebaker Corp
100
Do peel
100
183 Swif3 & Co
The Quaker Oats Co_100
100
1)o pref
110
100
286 Union Carbide Co
Unit Box Bd & P Co_100
100
150 U 8 Steel corn
134 Ward,Itontg'y & 00 rref
100
Western Stone
100
Woolworth.eons
Chicago Banks and Trust Companies
Capital Sarp. &
assek.t Profits f /a
1912.
(003 om itie4.)
STOCKS
CHICAGO STOCK
EXCHANGE
165
iii
iti5 iii
Capital Surp.
Stock. Profits t
(002 om Wed.)
/n
1912.
v332,7
5200,0
Southwest Tr &
Standard Tr & Bay 1.000,0 •432,3
253,1
200,0
Stockmen's Tr AS
8
Union Trust Co_ _ 1,200,0 1,767,7
152,8 8,224
400,0
West Old/ Tr& gay
10
125,3
200.0
Tr & 8
WoodLawn
in
1913.
6
8.432
12
10
Lan Paid.
BM. Att.
July '14, 134
July '14, Ili
July '14, 3
June 3014,2
Itch.31'14,3
July '14, '234
125
165
150
120
161
145
555 375
225
230
Chicago Bond Record
BONDS
01110400 STOCK
EXCHANGE
West Endin0 .12111 17
Interas
period
Pries
pada:,
July 17
Week's
Range or
Last Sale
11"ds
Sold
Rona,
Mess
January I.
Ask Low
SO
11156
Illan No. Loto
91 Feb '13
Am Tel & Tel con 4.8___1929 J - J
9
-739% .' 3
92 July'14
,
1939 J -D : 92 8 9278
41.41
Annottr a. Co
8214 Aprii'12
1928
t-- 71
Auto Mao lst M 64
9618 May '12
(hus A HI noir .6 ref 54 1937 M-N 1__ 07
Cal
5
100
8
907
1927 - A / 52 100
Chicago City By 53
2
857
79
79 June'14
80
Chia City *Con Ills 6s_41927 A - 178
957 100
8
100 June'14
1914 J - J
chiesgo Mee By 6e
9212 9514
9518 Apr '14
93
Chic Palm Tool lst 5n_41921 1_I 1_
22
9612 991s
9814
Nis Sale
8
937
1927 - A
Cbleago MT' 54
9 91
9212
9212
94
Chle Rya be____series 'A" A -0 I 9212 Sale
7812
, 10 781 4 813
78 8
2
aeries "B" J -I) 7812 Sale
Chl• Rye 44
15 947 95 4
8
2
9514
V-A
2
9412 9514 947
0121.2 /Ays
1913 F - A ---- -- 100 Jan '12
coil 63
Cale Bye
Apr '14
69
70
Chia Ity Pr in 54 g 4s_c1227 J - 1 65
4512 July'14
4512
5414
45
Chic ay A(11 Ins 43_21927 Mayl t 44 10118
10118
101
4
993 10112 .
Telephone 64_1923 J -D 1101
Chicago
97 June'14
971.4
9714 98
Cicero Gas Oo ref (I rn_1932 1-4
/102; Sale 10218
10213
3
1002 10212
15on 5s___ _1943
Commonw-1/4
1 100U 1013
10118
8
Commonw F.lee 5s___61943 M- S 110112 Sale 10118
4
N 11003 101
1921
0914 100
08
44
10 3 June'14
Cudahy PALA Irn 56 5s
10214 July'14
10214 10512
Ooa dab 61-1920
DM Match
0924 AprIl'12
A
Gen Mot 9% 1st L notes_1915 F 10038 May'14
-A
lot Bar 1-yr 5% g notes_1915
s
105, Aprll'12
M g fis 1928
Inland Steel In
gen City Hy & ikon C4
95
90 Oct '12
1913 NI -N
6e
6 60
60
60
1928 J - J I____ 68
68
Lake Mt El—lst Sc
1
81 Sale
81
81
1938 F - A
8
773 84
Mew Yr elide El 1s1 4s
7914 May'll
7713
1933 J - J
74
8012
cc 43
Estimates
1047, Apell'12
-A
Mil In Ity *Lt let g 52_1926 J - J
95 Apr11'12
ref dr ext 4348-1931
do
12 873 June'14
8
8
1939 J - J 1-863 1/
4
863 89
M0.2211 Ic CO 444
10024 May'12
Nat Tube let
1922 A -0 9914 10114
99
Jan'14
Shore In lit g Is
Net
93
9712 June'13
let & ref g 56_1940 A -0 96
1
971/ 981s
do
93
• 91
9512 Sept '12
Nor SI Oar of Ill 1st 5I-1937 F
9914 June'14
0
-- 1;
10 & Coke Co 53_1928 Q-24 : 994 IPA
N NV 0 L
1945 81-N I 9512 96
3
95 4
9524
93
96
Ogden Gas 51
11512 Sept'12
Perm Gas L & 0 lit /),..-1943 A S 101 Sale 101
1947
10118
-11578
Refunding gold 5s
Chico (Ho I. A C 180 5s-1937 J - 1103 10334 10338 June'14
4
1
/
101 103
1938 J -D /____ 101
1003 Itch 14
4
Consurn Gas let 54
99 10112
8
:10018 1003 10012
let 51 1947
10012
Mutual Taal Ohs
100 10012
1 110 Sale
14(1
90
4
03 2
00
Pub Scry Co list rot g 6s-1956
2 90
95
12
92
South Side Itley 4145-1924 J -J t 9212 9318 9212
1914 J - J
10018 Mar'14
100 1014
SwUt dr Co let e04
1944
8
083 Sale
Izt sr g 59
12 98
,
9618
97 4
do
,
96 8
TM-City Ity & Lt soli
1923 4-0
0814 April'12
trust lien s f Ss
1945 A -0 033
30 784 88
83
83
Union Flee (tool)) 53
1922 II- 9
100 May'12
U Si Gypsum lst 2 32
9952 Dec •13
Western Elea Co 64—.1022 J - J
-Nots--Accrued interest mtai t be added to all Chicago price
4
-557 RTC
"Ei- 5014
165g;
557s
----
gife
----
*BM and ask pile= no sales ears made on this day. /June 30 (Sbose of business) for national banks and July 1 (openin.g Of bu5lnee8) tor State Instill Lions. /No
.,1.2„ , pr
wk. mid
im mg, week. 'Sept. 1 1911. ¶ Dividends not putgished: lock all acquired by the Continental & Commercial Nations., Bank, ODUC Deo. 81.
.
2
-J., with extra paymenta
b Duo June. IDa. Jan. 1. *Extra div. k Now stock. 14% of this Is extra. eSaics reported bog-Molest April 18, e Divs. are paid Q.
les-24% accumulated dividend. se Increase In capital to $400,000 authorised Sept. 24, a cash dlr. of 75% being paid in connection there-F, !Deo. 31 1913.
Q,
WHO. V. 97. p. 1000, 574. 8 Ex-div. and ex-etock dly. a 34 aasesernent paid. •Paid 6% reg. and 144 extra on old capital stock of 5600,000 and 134% on new
% July I and 134 quar11A1242,1 81000000 5 1.-61)% stock dlr. p Includes extra dlr. a Busponded business June 12. V.148, p.,1824, 181/8. pDcciared 6%,payable
terly tharenton. 7 March 4 1914. I AIWII 41914.
THE CHRONICLE
J1= 18 1914.)
Volume of Business at Stock Exchanges
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Stocks.
Week mita/
July 17 1914.
Railroad,
Shares. • Per Value.
Bonds.
U. S.
Bonds.
State
Bonds.
105,0161 310,137,600
275,8461 25,235,850
241,066, 22,109,30
350,043 32,575,600
297,4371 26,911,200
27,994,150
311,274
Total
Sales at
New York Stock
Exchange.
$637,500
1,927,000
1,791,000
1,981,000
1,719,000
1,640,500
$47,000
127,000
131,500
61,000
26,000
56,0(10
$1,500
100
1,594,712 3144,873,700
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
$9,696,0001
S443,500
$1,600
Week main, Jilv 17.
1913.
1914.
Jan. 1 to July 17.
1913.
1914.
48,529,544
41,016,1391
1,040,450
1,594,712
-No.shares___
Stocks
$144,872,700 $96,150,950 $3,581,871,704. $4,373,096,575
Par value
$92,900
$266,100
$1,000
$900
Bank sharet, par
Bon is.
$629,600
$514,600
170,100
11,600
Government bonds
18,035,200
31,537,500
418,000
449,500
State bonds
283,354,600
366,156,500
9,699,000
6,620,100
RR.and misc. bonds
$398,2e8,600' 8502,019,400
s7,114,200
110,146,100
DAILY TRANSACTIONS AT TLIE BOSTON AND PHILADELPHIA
EXCHANGES.
Total bende
Boston.
Week endina
July 17 1914.
Shares.
7,284
11,543
12,128
15,523
14,616
18,003
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Bond
Sates.
$9,000
10,000
13,100
12,500
21,000
19,500
Philadelphia.
Listed 'Unlisted
Shares.
Shares.
866
1,372
2,348
7,205
5,350
4,801
$85,100
21,918
79,162
Tatal
dfsenntInued May 1.
DepiTeinent'-Boston "UnlIstedNote.
l3ond
Sates.
828
7,159
2,060
4,310
6,05S
4,988
$24,300
51,900
53,700
41,900
60,500
52,300
25,403
288,600
Inactive and Unlisted Securities
All bond nieces are as, "and ince:est" cucept where mereed
Bta Ask
(Con.)
Street It Ilwe ysAsk United Rye of St LBid
Street Railways
10
100
Common
4
100 323 33
e Preferred
New York City
83
100 87
Wash By ea El Co
24
18
Blemk St A Pul Sy etk_100
85
100 83
Preferred
73
118
J-J
let mtge 4a 1050
84
2-0 83
48 1961
100 170 155
11 7 A 716 Ave etk
.
Tr&Watl'ow 10e) 12
West Penn
Broadway Surface BR100 35
Preferred
10114 10214
IM M1924
10
Cent Croststown stock_100
99 103 Electric. Gee & Power Co.
1st mtge Co 1522____M-N
New York City
Christopher & 10111 St stk100 120 135
J-J 102 10312
Cent Un Gas Si 1927
Dry Deck E B A Batt
2-2 98 100 e Kings Co /2 L & P Co_100 123 12312
lot gold 55 1982
28 New Amsterdam GulScrip Is 1914
F-A / 20
.1-J 10112 10214
let cormol eas 1948
Eighth Avenue aitock_10() 280 310
10412
Strip (10 1914
F-A r99 1004 N Y & E It Gas let 56'44 .1-.1 10212
J-J 9912 102
Consul be 1945
11.2d & Ur St i'y stock-100 240 170
Co_100
424 St M & SIN Ave
N Y & 41E1 L & Pow
100
lot ea eat at 5% to'40_fiae 100 105
Preferred
45
100 87
Ninth Avenue stock
100 165 170 N V & Itlelerneed Gas
3
3 North'n tin let 551927_M-N 100 4 103
Second Avenue stock
100
25 Standard CL let 5030 WI-N 100 104
20
Comae Is 1948 ctfsF-A
ileixth Avenue stock
100
Sou Ltoulev Ss 1045
J-J
P0-).)
Se Fer let 54 1019
Tarry WP & Ai Is'28M-e;
23.5 29th Sts be '86 et Is A-0
Union By let 53 1942 1-A
Westchester let 53
Yonkers St RR be 1946..A-0
Brooklyn
Allan Ave RR con 5s'31A-0
11B&WE 5s 1933____A-0
Brooklyn City RR
10
lektyn Bits 1st bs 1041_A4)
Coney let k 13klyn
100
lot C0118 g Ii 1948
Coo g Is 1955
Brk C & N be 1939
J-J
Nassau Eleo let be 1944 A-f.
N Wnisburgh de FlatbushF
-A
1st 435s July 1241
Steinway la• Cs
Other Clem
Bull It By let cools'31F-A
CotrewIth Pow By & L_100
Preferred
100
/Conn Ity & Ltg corn
100
e Preferred
100
e Detrolt United Ity
100
Federal Light & Trac
101.1
Preferred
100
Eleven& Else Sty L & P 10l)
e Preferred
100
Louise St 55 1930
J-J
New Orl Rye & Lt com_100
e }'referred
100
ON Y State ltys coot.,.,..100
eNor Ohio Tr & Lt cora _100
Pub Sexy Corp of N J-See
To (els 6% perpetuld„-No Jer St let As 1948 M-N
Gores Tract
NJ
100
let M 1932
J-D
Naw'k Pesti Sty 5e '30_J-J
Rapid Tram St Ity
100
let be 1921
A-0
JO Bob & Pat 46'49 1.144
Bo J Gaa III & Trac...100
au g 5.1 1953
1/1-e
No Bud Co Sty 581928.1-1
Yet be 1924
111-N
Pat Sty con Cm 1931 J-1)
td 6s 1914 opt
A-G
Republic Sty & Light
100
Preferred
100
Teatimes° Ry LAP com-100
Pre!erred
100
Toledo Triter. L & P
100
Preferred
100
Trent P & It is 1943
J-D
Untied Lt & Bye o0en_100
1st preferred
1
2d preferred
100
1S7
Telegraph and Telephone
e Amer 'Pelee & Cable___100
e Central & South Amer_100
Comml Un Tel (N Y)___25
Empire & Bay State Tel_100
100
Franklin
100
e Gold & Stock Telee
Marconi Wirelese Tel of Am 5
e Northwe-stern Teleg____50
25
Pacific & Atlantic
e Pm Telep & Trice pref_100
23
Southern ..4 Atlantis
54
55
10412
100
60
40
11(1
.23
4
108
60
81
85
Ask
53
10512
110
70
50
121
3
115
70
8912
6°uytm R1 5 : 15 r A
W.3,3iler I 1. 5 ; i 2
5t a 191.71 15 - r l
2
.
1 il
9 4 99 2
994 9 3
91
,
'
--- ____
95
Short.Term Notes
8
Amal Copper M B116_17I-L 100 1003
1
8
Amer Locomotive 5,1915 2-2 997 100 8
.14
993 1001,
4
be 1916
9912 10012
J-.1
be 1917
99 4 10018
1
Am Tel & T Sub Coe Is '16_
Bait,)& Ohio 4545 1915-J-J
9034 100
Bklyn Rap Tr-See N Y Stk Ex list.
Cites de Ohio In 19l9_ .11) 9318 9312
Erie Coll 5.50et 1 1914_A-0 100 10012
8
8
C,oll be April 1 1.915__A-0 803 997
A-0 98 983
5
5120 Apr 1917
9612
95
liar RI,& Pt Ch Sell M-N
Hocking Valley be '14../.1-N 10014 10012
90
85
Int & Clt Nor be 1914__F-A
3
Inter Harvester be '15__F-A 10018 100 8
95
90
Minn & St L g be 19113__F-A
91
87
Mo Kan & Tex M 1915_111-N
86
82
Missouri Pacific Os 1915.1-D
93
88
New Eng Na,fis 1917 _M-N
e le '2 C Linen leo M 1914-22 5 4.75 4.50
-1925___J-J 5 6.75 4.50
44s Jan 1915
434e Jan 1015
-1927„-I-J 5 4.75 4.50
N Y Cent 412e 1915 _M-N 100 10014
1
10018 100 8
Is Sept 15 1914
10014 10012
be .Nev 5 1914
N Y N H & H ss '15 ....M-N
9712
96
Seaboard Air L Sty 5e'16 WS 9912 100
Railroads
e C preferrlton com---_100
elde et Aed
100
e C ye ie trieei & Om
ehl refe p d
100
WO
e Colo A (South corn
IOU
e let preferred
100
Old preferred
10
e l utril S & AU com
e p eferrc6
)
luf
10
el 21 16t pliic..fer,,,r6ta corn._l00
y Cprere & 13 e L
f
Ill
10
Northern SeourlUee Stubs__
Pim Beee & Lake Erie.... S0
Preferred _ _ __ - _-_5
e Railroad Securitlee Co-111C Mk tr etis Ser A
West Pec lot be 1933__M-5
---13
127
133
22
40
32
4
8
35
____
65
102
•30
•60
9
12
25
132
145
23
42
50
5
11
40
100
80
106
33
60
75
.
391 40
Indust and ellscell-(Con) Biti Ask.
Am Steel Fdy 60 1935_A-0 100 102
Deb 4s 1923
71
75
F-A
American Surety
178
4
American Tbread pref____e 173
5
sl' .
Amer Typefoundere com.101
37
411
Preferred
93
10(.. 90
Deb g Os 11139
tel-N
92
95
Amer Writing Paper___100
17
1
eAheete Realization
100
1
12
Barney 1.: Smith Car corn 100 --__ 1212
45
100
BilsIefh rre)Co corn
i (e '
S ti d
Preferred)
95
100 205 325
59 115 109
50 57
n & Mtge Guar
Bod
Borden's Cond Milk com. 0 1014 11 213
414 1(
)
2
Preferred
Braden Copper Mines ____5 • e
73
7e
7
e Brown Shoe corn
36
42
100
90
103 87
0 Preferred
e Butterick Co
2812 29
10:1
Casualty Coot America_100 95 105
Celluloid Co
100 130 132
20
City Investing Co
15
100
75
85
Preferred
100
e Clanin (11 13) Co com_100 ---- 39
e let preferred
100
.50
e 26 preferred
100
50
Cluett, Peabody & ce-eee etklex list
Consul Car Heating100 67
75
e Continental Can-See Stk Exch :1st
a Crucible Steel coni
1)
11.1t zg 2
1
s Preferred
92
Davis-Daly Copper CO---10
0
4
512
duPont(E1) de Hem Pow 100 120 124
e Preferred
100 ---- 85
Emerson-lirentingham_100 ---- 20
Preferred
-_ 75
100 -Empire Steel & Iron corn 100 ---- 13
25
Preferred
100
15
e Federal Silo dr Smelt -100
10
1112
100
e 4enrefer red
Pre a cChemlcal com..M)
p erfe
11
;11 lie'
ill
Goldfield Coneol hi
10 •
1313
It Hackensack Water Co
84
8512
let g le 1952 op 1912__J-J
3u
Flaie .4 Kilburn e: m___100 25
Preferred
5
.7
75
1
Havana Tobacco Co____IT0
100
9
12
Preferred
1st it 5s June 1 1922_..-D / 62_ _66___
Hoboken Land A Improvet
let 5s Noe 1930
1
Hocking Vol Producte_n- 7 192'2 _4_4_
0
3i
lit i; 5ii 1061
J-J
e Ingersoll-Rand cons___100 105
e Preferred
100 92 --_ InterconUn Rub com
8_
.
100
100
712 _7
th tern,,.4
Inpt4,,iaso3ankkrig 03
refat ied j ick6______100 05 105
0
1000
107 10
15
11
International Salt
let g Is 1951
053 80)0
International Silver pre-1: 11075 161,7
00: 115/5
0
Per share
Standard Oil Stocks
A u.i teerieeri 011 new
Angeret mewing
t
•1578 RN
100 575 580
Borne-tiorymeer Co
100 290 300
Buckeye Pipe Line Co--50 •124 127
coerbroug la M
Clil nim ull
Coe_100 640 655
nfg
loo 100 105
Continental on
100 215 220
Crescent Pipe Line Co- _50 047
50
54
Cumberiaad Pipe Line__100 52
Eureka Pipe Line Ca___100 250 255
Galena-51enal Oil com_100 172 174
er
,c
100 143 147
Lediene Pipe Line Co---511 0115 118
39
National Transit Co
25 037
New York Tranelt Co ..100 260 265
ew0Oil Pipe Elise Co--100 103 106
xort.c.-.P1
Co
"e5 •176 178
Pierce 011 (new)
•1912 2012
Prairie Oil& ties
100 438 443
Solar Relining
100 295 350
Southern Pipe Line C.o.-100 215 220
South Penn till
100 275 283
Sou West Pa Pipe Lines_100 140 142
Standard Oil (California)100 320 322
Stand 011 (Indiana) ....„100 41i5 470
&anthem (MI(llamas) _10 400 105
Stand 011 01 ltcatucky_l00 265 270
Stand Oil of Nebrasika_10 440 450
Stead 011 of N .1 (old)..100 1350 ___
Stand 0 of N J
0
1011 401 403
Standard 011 subsidiaries-- 900
Steuxclard 011 01 N Y___-11.) 215 217
Stander:l 011of 0hio_100 405 410
swan 4, yth.ch
co____10 18
10
74 18
0
8
0
6
Union Tank Line
Vacuum 011
100 , 18 220
10 i
Weithington 011
41
44
Waters-Pierce CAI
10() 3000
Kelst. 65 19 field Tire __IOU
lly Spr1 ng
45
51
50
1st preferred
2d preferred
e Lackawanna Steel _ -1
9
34
99 9 1 199
00 30
Lannon lifonotype
81
100 80
lawyers' Mtge Co
100
Lehigh Val Coal Balas_50 672 180
4
9
0
100 1 0 197
Manhattan Shirt
Preferred
100 98 103
Manbattan Transit
7
8
2
"
Mortgage Bond Go
Nat Cloak & Suit oona___16
) 1 7 5(21
8
41
1(/0 i49 2 10
100
9
(19
Preferred
170 180
65
e National
66
e New York Ale Brake _1100
Surety99
115 120
e New York Dock com_ 100
5
20
8912 100
Oiler Mies.
87
*85
26
e Preferred
100
98 Are Gas A Eleo Coot-...90
49
NY Mtge & Becurity
5
1Z( 147 141
) 12
,
c
Preferredao
80
75
NY Title ins Co
32S 332
100
20 Am Lt & Tree corn
8
N Y Transportation
'2(s
•.518 6tla
1011 10914 11012
Preferred
10212 104
62
Nlles-Bern-Pond com ___100 ,
i
112 Amer Power & Lt com 100 61
89
10
•14
s
o
8212
Ohio Copper Co
100 81
Preferred
93
89
e Ontario Silver
50
100 72
511 77
0
/4
Bay State GM..
112
Otis Elevator corn
12
10
0
Buffalo City Gas steck
79
Preferred
97
10
0 77
101 103 ClUee Service Co com
73
e Pettlbone-Mulliken Co 19 95
12
100
9
27
100 71
Preferred
97 100
1014
e let preferred
99
0 10
100
172 175 Columble Gas & Elec_10
4.9
72
69
919
J-J
Pittsburgh Brewing
50
let 5.3 1927
100 102
95
.8264
25
Preferred
90 100 Con (Jae of NJ 5a 1936 J-J
e Pittsburgh Steel pref_10506
88
84 Consumers' L H & Pow
82
98
1
Pope Mfg Co corn
J-D
100
be 1938
84
80
---1
2
Preferred
991 10012 Conaumers Power (Miss)
- 91
Pratt a Whitney pref
19' 98 101
1 ut:
let & ref 5e 20 opt '1451-N
102 104
91
89
Producers 011
Denver GA LI fse 1049..14-N
100
106 lid Realty A8000 (Bklyn )___
92
95 Electric Bond Share pref 100 C582
21
3u
100 325
1 U
0
RemIngtonTypewer corn:990' 120
99 102 Elizabeth Gas Lt Co
03
100 132
100 06
dt preferred
erred
amok A Hudson Gas
92
24
100 157
ell
100 89
Gas & El Bergen Co
7812
4 77
RoyaliorTh6
pre liak Powd com___100 175 180
102 104 Gr't West Pow be 1946_2
Tobacco 6tocks
100 103 104
100 130 133
x601 6112 Iludasen County Gas
42
(Me also hock Exchange 7,00
Safety Car Neat e Le__ _100 108 110
100 38
x831 8411 Indiana 1.4getlag Co
72
Amer Cigar corn
70
F-A
100 123 135
SearteRoebuck&Co-SeeN 1 i"2 F. s 051
Is 1958 opt
63
60
Preferred
50 110
if
.
98 10
85
0
0 sin gereferred-me Chic Ott Ez Ils 1
e Pr 5 i o5
65 Indianapolis Gas
62
Amer Machine & I'dy91
A-0 e9
...AO% X327 332
lot g Is 1052
6612 68
Britlshit merlean Tobac_ 99°(1 .2112 217 Standard cod upler
Ne
as
toek
23
11L1
1937 A-0 9712 100
8
24 J11018011 GM be g
22
91_ 93
•22
2218
76 C Laclede GasL (Stl,oule)100
73
94
Conley Foil
513
100
100 275 300 Stewart
(
1 10 51
-Warner Speedo'.1 99 195 111 s
e Preferred
79
e Lichee (Cleo W) man_ HSU 160 ISO
107
10t1 953 --4
Preferred
1926 A-0
95 Madison Gas
e Preferred
817.
9313
.83
108 117 Sunberger & Sons pre. _ _100 92
103 10312 Narragan (Prey) El Co_ 50 120 125
98 100
Johnsou Tin Follikietal 100 125
Texas A Pacific Coal___IOL
99
4Newark Gas Se Apr '44-1 2
97
MacAndrewe & Forbes_ 150 100 210750
6
4
100 1/4
:
Land T_r bi10014
);oseeria e l01.
Newark Otetutol Gas
67
4th
951. C91st
15
95
PortO-Kleaui-Amor Tob.100 240 250 0 l eou P 1n(
Ton x psii).716
58
63 No Bud L H Al'es 1938A-0
neferr(
,11
3812 3912 Iteynoeds4 .1) Tobaceo-10(/ 260 270 Trenton Potterl
eNeesv
100
70 Pacific Gae & N com
61
55
80
Tobacco Produete co= _100 100 150
100 45
100 79
Preferred new
Preferred
Stk It x list
93
215 614
100
Un, derred
i te i Copper
l r,
0 90
105 100 Pat & Pas Gas & Elec..-10
0 United Ctgar Mtn corn 10
spr rfeefrrerre
i
8e
: ed4
SO
10e
9
0 541_ 58
9 4
1937_-11
46
80 St Joeeph Gas be
78
714
e
10 --- 80
r
e ,itf ti T Goode
1111 teerr i
72
74 etaadard Gas & El (Dot) 50 .714 22
United Cigar Stores coal 101 9114 1992212
DU *21
Preferred
102 1031.
0
1( 16
10:t; 11 4161
(i)
2,
cow
C c
U s I: miualpe
u S .6oty
0
215 215
120 18
10412 10511 United Electric of N J150
e R eAlnaan-Bruton Co 2101
' cte
e
82
81
151 g 45 1049
230
107
31
Preferred
&ElecCorp_100 27
100 110 120
United Gas
10112
---71
101.
Young (i s) CO
10,3.44,4416‘444.cai.e.00 125 140
.
1.
100 68
U S Fin/Ming
let preferred
76
77
Ii1-2
32
Preferred _____ _____100
29
100
2d referred
126 130
17
1st g .5e le19
16
98
5912 Utah Securities Corn-- 100
100 92
Con R Se 1529
1011 104
98
6% notes Sep 16'22.ef&815 8414 8514 O Adams Express
20
76
11
1'
Au i4.ce gii
Col tr 4114947
19
J-D / 7412 7512 e U S Indus •Icobol____1101j
17
98
100
Power oom
Western
83
65
100 64
110
Preferred
12
2
Amer 13ank Note com
3
Bank
0 82
2
U e Pre Cereoratloa- 190 17
S steere-l
4„d
96
3
-59 :0
190 54
100
Western States Gee & El
114
Colsteestm1951 0111011
821 87
51
19
21
1st & ref g .54 1941 00-JeD
American Book
100 160 170
Col is 1 be Apr 1951 not opt 112 114
7212 7512
Ferry Companies
50
18
American Breen
U S Tit Ciu * Indem---100 4400
100 202 135
00 13 7
1112 121 N Y A E it Ferry stoek 10
0 10
50
100
46
e Virginia Iron C Jr C_10u 00
American Ckdele cem___1
7.1-14 40
59
209
62
let Is 1922
98
Preferred
14
17 N &Hobbs May 46 1-1) 981
'
iti
z 165
ra r
e6a eaterl
d,
4Antericae Ex prees
e r. orwi4pt.4... 10U _109_ 107
Westehtir cIo e°
_106 9_2
99
40
95 2 Y. u:k Broax Tlt
2
45
llob lry let .5e 1946_01-e. 102 105
175
.I-J
94
NY&N.1581946
e Weetingh'ite Air Brake_50 .127 129
20
13
190
100
Preferred
64
60 10th .4 23d lets Ferry
8911 90
preurred
45
American Ilardwere---11) 12
J-D 40
(1- -_--- W Illys-Overiand com--100
74
76
let mtge Os 1919
100 95
94
3212 Amer prtting Os 1014 J-D 991 1,660q
lde 4340e..
100 ao
68
70 Union berry stock
20
as
W orthIngton(li Ale* pf _100
95 100
100 2.5
let ea 1220
HE"
161
77)
103
stock. ii Et.
•Per sheet. a And accrued dividend. e Basle
I: Listed on Stock Exchange but ueualy Inactive. / Fiat prise. n Nom net. a Sa e price. k New
Ex-div. y Ex-rights. z Includes all new stock dividends and subscriptions. e Listed on Stock Exchange but InfrequenUy dealt In; record of raft
nbeidlaries.
es
'
If any, will be found on a preceding page. 6 Ex-300% stock dividend.
BOSTON STOCK EXCHANGE-Stock Record.
188
STOCKS--HIGI
/SST AND LOW EST I3ALZ PRICES.
Saturday
July 11
Monday
July 13
Tuesday
Jury 14
iirednesday
July 15
Thursday
July 16
Friday
July 17
Sadee 01
tre
Week
.C•hares.
STOCKS
BOSTON STOCK
EXCHANGE
Range since Jan. 1.
On basis o/ 100-srare lots.
Lowest.
litotes:.
8
15 MTh Top St Santa Fe_100 9513 May 11
07/4 98 .973 9718
98 2 984 .9813 96% 984 9818 .97% 98% .
3
100 9713Jan 15
101
Do pref
*0912 10018 .99% 100
8
8
*904 100
*993 10014 997 9972 •993 100
4
106 217713 May29
180 180
*100
5 Boston & Alban3
.180
_ 18012 18013 .180
•180
77 May 8
1014
4 2,218 Boston Elevated
14 10031 10114 9914 1003
8
99 1007 100% 111
9913 100 4 99 100
3
100 155 Jan
Y55 .148 155
7 Boston & Lowell
155 155 •____ 155
156
411ay29
3414 3212 34
& -11
100 303
33
32
3334 33
34
.412 33
39
4I4
226 226 .227 240
226 240
991 Boston & ProvIdeuce_100 225 May 1
2 LI
0
.
226 240 .226 240 *226 240 •
-7 Mch 2
July'14
Last Sale 7
.7
12
Boston Suburban .E1 Cos_
.
7
12
12
+7
+7
12
50 J'ly 10
Last Rai. 50 July'14
Do pref
.50
*50
*50
.50
Nov'13
Last Sal,
Boston & Wore Elec C
_
35 J'ly 17
35
35
38
37
38 .37
2
Do pref
38 .
*37
38 .37 18
.37
Last Sale 160 Mar'14
_ 160
Chic June Ry & US Y.100 160 140123
160 •____ 160 •
•____ 160
1034 May19
10513 10512
i55 106 .106
12
Do pref
106 106
*103
Last Sale 180 July'14
.171
Connecticut River_100 178 May 4
•171
•171
•
171
78
'5" . 77 .75 - - 7512 7512 7513 7512
75
n Fitchburg prof__ ..._100 75 J'IY 3
80
75
.
Last Sal, 122 July'14
•121 12213
Ga Ry & Elea stmpd_100 12018 May14
.1214 123 +Fir 1224 *121
Last Sal, 87 July'14
8512 8612 *8512 8612
Do pref
100 83 Jan 3
853
*3.512 8612 . 4 8612 *
907
8Jan 5
95
95
*9313 9414 .94
95
95
.30312 95
101
95
15 Maine Central
•
9312 95
9 Apr 22
•10
•104
*1018 _
10
10
20 Mass Electric Cos_100
*1014 1012 •1014
58
59
59 .
3
.59
621- 59
*58
60
60
15 Do pref stamped _100 56 Apr 30
*58
19
59
8.1'1y 16
5514 407 5214 513 83
4
3
50
16,569 N Y N
& Hartford_100 497
4 5412 67
3
s 56 4 573
66% 593
1.ast Salt 10312 July14
12
100 100 May 6
.103 10312 .103 103 .103 10312
Northern N 3.5
.
103
140 irlY 17
140 140
150 16014 •___- 152
.150 152
100
35 Old Colony
.150 152
21
221t .
*21
19 May 8
2212
2213 '21
2214 22 22
.
21
2214 *21
15 Rutland, pref
100
8 1561i 11612 15612 15012
20 Union Pacific
*155 15514 15414 15414 +155 15514 .1554 1557 .
100 14912 Apr 25
Last Sale 8334 June'14
.
$258 8314
8212 8314
8212 .
Do lair mos22__1 00 82 Apr 17
1
,00
' 782% 83 .82
Last Salt 130 July'14
115 Jan 9
•125
.125
+125
.125
Vermont
694 69
6938 60
6914 6918 6914 6918 69%
69
69
69
320 West End St
50 6513 J'ne 4
0
Last Sale 87 July'14
87
.86
87
87 .86
%Ai
87 .85
Do pre
50 85 AM 3
5512
5514 55 4 55
3
9412 9412 9412 9412
823
4 3
4 3
*23
2013 2013
*2012 21
30312 106% 106% 10714
4
11312 11312 1123 11312
4
119 119% 118 1193
1412 .13
14
.13
7413 743
742, 7412
4
747 75
8
is
"
60 .60
60
*5913 60
*593 62
4
*08 100
•98 100
.9812
*99 109
48
8
*
6
g
*6
8
•6
8
14
15
*1412 16 •
14
•14
1414 14
•1012 12
*1013 12
.1012 12
O11
12
247 247 •240 244
24712 248
248 243
14838 149
1483 1483 548 14814 147 14812
4
4
10114 10114 •101 10112 .101 10112
101 101
86
8612 8612 8613 28514 8514
.86
8612 .
89
90
8912 .
8912 8912 89
68912 90
21418 21418 *21414 -- .21414
214 214
.
212 3
O24
*212 3
.212 3
•19
1912 •19
19
20
*19
.
*5112 5713 *5113 5712 *5112 5413 *5113 5712
20 .20
20
•____ 45 •____ 45
•____ 45
13113 132
*110 132 *13012 132 .13012 132
4
155 15618 156 1563
153 1511 *155 156
19
2014
+19
20 •
20
20
20
.19
106 106% 106 106% *10614 10653
106 166
30
303 .
3
4 304 304 *3013 303
4 3013 30 4
*284 ____ *2814 -___ +284
•284
•.09
118 ..99
hg
118 •.99
118 ..99
1383 140
4
12
13912 14012 13912 140
137 140
*5712 581, 571 57%
,6712 5712 5713 58
4
13913 2073 2918 297
8 293 293
4
4 29% 29%
6114 6113 60
603
4
6112 604 61
60
1094 1097 10914 10912 10914 10914 10914 1097
8
8
5514 65 8
3
9434
.
94
23
4 23
4
.
020 , 21
1004 107
.11213 11314
11814 12952
54 4 55 8
,
,
4
0114 943
*23
4 3
.20
21
10614 106%
11312 11313
11812 11914
Miscellaneous
5512 55
55
55
422 Amer Agricul Chem_100
9412 9413
9412 0417
00
Do prof
88
.234 3
*24 3
40 Amer Pneu Service
50
.20
•20
2112
10
Do prof
50
106 10612 10618 10614
24 Amer Sugar Raft...J.00
1121 113
4
11312 11312
5.5
Do pref
100
1184 11912 119 1193
4 0,327 Amer Telep
Teleg_100
1 9
Last Sale 15 Mar'14
American Woolen____100
743, 7414 743.1
7113
198
Do pref
62
6012 6012
•60
5 Aro oskeag Manufacturing
Last Sale 9
8 July'14
Do pref
Last Sale 6
June'14
Atl Gulf Sc W I S 8 L_150
*14
15
•1412 15
30 Do prof
100
Last Sale 11 July'14
East Boston Land
10
244 244
224313 244
141. Edison Elec Illum_100
147 4 14812 148 148
3
100
161 General Electric
9912 69913 100
39913
15 McElwain(WH)Ist pt.100
8513 857
8 85
8512
109 Massachusetts4asCos100
90 90 •
100
8913 90
80 Do pref
2144 21414 .2144
100
13 Morgenthaler LIno
Last Bak 234 June'14
Mexican Telephone- 10
•19
_
19
19
25 Mississippi Riv Pow_100
Last Salt 55 July'14
pref
100
Do
.20 ____ .20
100
15 NE Cotton Yarn
100
Last Sale 67 Mar'14
Do prat
132 1324 132 13212
100
129 N E Telephone
100
157 15713 156% 157
171 Pullman Co
.19
20
+19
194
4 Reece Button-Hole.... 10
160
105 10612 10638 10612
130 Swift & Co
25
30% 303 2293 291
4
4
58 Torrington
4
25
Last Sale 2818 July'14
Do pref
Lan Sale 1
Union Copper L & Al 25
July'14
101
13914 1393
13812 140
4 1,796 United Fruit
5814 5913 58% 5918 1,553 Un Shoe Mach Corp.. 25
25
294 298, *2912 20%
100
94
S Stee roforp
13013 604 59
% 6012 0,447 1J Do pl C
100
10013 10913 10912 109%
60 Do pref
474 Jan 2
91 Jan 3
212 Jan 27
17 Jan 2
971,111chll
108 Mch30
11718Jan 3
14 Mch 4
4
723 Mch 4
5012irlY 3
973 J'ne25
4
5 Feb 19
1313 May27
10 Jan 20
24312J'IY 17
13912Jan 3
98% Apr 30
824 May20
89 J' 3 14
13
2114Jan 3
24 May13
19 J'iy 3
• 55 Jim 28
20 Apr 9
66 Mch10
130 J'ne28
151 Jan 7
16 Jan 7
10412Jan 3
27 Feb 24
4
27 Mch2
1 Apr L5
13712.Ply 15
533,Feb 2
28 Jan 9
5618APr 25
1057
2Jan 5
Mining
1 Apr 14
25
•114
8
114
114
153 •114 13
235 Adventure Con
1% 14
13
2 1%
14 DA
25 23934 Apr 22
.275 280 •275 280 3275 280 .275 280
Ahmeek
Last Sale 275 July'14
2012Jan 3
10
2712 2713 263 2714 265 27
27
2634 2714 27
8
2,098 Alaska Gold
27
27
4
Algomalx Mining__ 25 .00 irlY 7
Last Sale .90 July'14
..90 1%
.95 1% •.95
* 05 1
.
25 8412Jan 8
.
3813 4013 *39
18 Allouez
39
3813 39
39
3912 3812 394 •
39
39
6712 J'ne25
6978 7014 69
7033 604 70
687 6978 6914 6953 6014 8933 8,735 Amalgamated Copper 100 164J'ly 11
2
1513 1512 1512 1512' 16
335 Am Zinc Lead & Sm.. 25
16
154 15% .
154 15 4 •
1
1514 1511
4 Jan 10
b
Commercial_
4% 47
8
4% 4%
578 Arizona
4% 4% .43
4
4 45
8
3 43
4
43
4 41
4
2 Apr 22
10
.4 3
23
234 2
2% 2%
23
4 23
23
4
3
21
4 *23
1,400 Bu-te-Balaklava Cop 10 3112Jaid 3
4 3
Butte& Sup Cop(Ltd)
167 374 3612 3634 3612 363
3
8
363
8 36
363
4 3,389
4 363 36% 36
10 61 Apr 25
8413 6412 6412 6434 6414 64% 6413 65
4
*6413 6434 643 6512 1,239 Calumet & Arizona
25 400 J ne26
25
401 402 .401 410 MOO 410
400 401
402 402 .401 404
32 Calumet & liecla
14 Jan 9
•1512 17
•1612 1712 .1613 17
1613 1812 *1613 174 *164 1713
70 Centennial
5 374 Apr 25
4034 4013 4033 4078 4012 403
8 40 4 40 4 4038 40 4 40
3
3
315 Chino Copper
1
40
00
2512 234 3514 353 .3512 36
CopperRange Con Co 120 34 Apr 23
4
35% 35% 354 86
213
35 8 36
5
14 May 12,
mil]. 10
.2
218 24
218 218 5 8 218 •173 218
Bo tt
.17
218 218
215550 Daly-Wro cop
93
2.Ply 13
10
10
958 9
5
97
3 9 8 10
7
10
*93 10
4
•93 10
4
211 Jan b
Franklin525
.44 434
414 44
4
4
413
44 .
418 418
4% 438
824
00
Consolidated_10
1 0 7312Jan 9
79
79
79
7912 787 79
8
79
7912 78
Granby
79
7812 7914
214 Apr 2.
283 233
4
4 2814 2914 2833 2
912 2913 30
2914 31% 3114 3113 1,495 Greene-Cananea
1312 Apr 22
1418 1414
1313 1312 .1312 14
1312 13'12 •1312 14
*1313 14
135 Hancock ConsOlidated 25 2812J.eie 12
,25 F r b 6
10
.
2538 29 .28
29
28
+28
29 .
29
Last Sale 29 July'14
Medley Gold
25
•.33 .40 ..30 .40 +.33 .40 •.30 .40
Last Sale .25 June'14
flelvetia Copper
8 Apr 24
25
*4
434 *4
412
4
4
412 .4
.
4
412 *4
412
60 Indiana Mining
46 Mch 6
1
4934 50
•
49
50
50
50
*45 4 464 .453 4612 4613 47
3
4
167 Island Creek Coal
81 J'ne 2
87 •87
873
4 87
87
87
803 87
4
+87 ____
8712 8713
Do pref
50
162 Apr 25
2
Copper._ 25
20
20
*1913 2012 1912 20
1913 194 1812 194 1912 104
360 Isle Royale
37 Mch28
4
514 55
513 513
54 54
53
8 512
5
1,635 Kerr Lake
5,f4 5%
67
s 6
JA pl y 214
Ma 5
. ?' 7
313 33
4 *312 33
2255
*3% 4
3% 3% .312 31. .
Copper
313 35
250 Keweenaw
63
4 64
3
612 612 •614 7
*614 63
4
64 614 .6
61,
80 Lake Copper Co
25
3 8 37
7
*33
4 4
*3
% 4
•
334 4
3
% 3%
3 4 34
3
260 La Salle Copper
2 May25
214 3
.
.214 3
*214 3
*214 3
Last Sale 213 July'14
Mason Valley Mines- 12
2 MCh 7
414 414 *414 4%
25
*414 412 *44 412
43* 4 s
413 412
1
155 Maas Consol
33, J'ne 1:
y
512
513 512
514
+51, 512
25
5
4 5% •
513 53
4
5% 5%
300 Mayflower
5 21% m
22
2212 .22
2212
•217* 2234 *3218 2212 0224 221, •
--------.7521., 221
.2
it) Miami Copper
.5JJ'Iy 2
25
•.50 .75 ..50 .75 +.70 .75 ..50 .80
Michigan
45
45
25 39 Apr 22
*44
45
*44
45
45
45
.44
4
*44
43
60 Mohawk
112 May 8
4
1338 133 *1312 1378 135 13%
4
2
8 134 134 *131 14
•1312 137
8
125 NevadaConsolidated- :
434 434
414 434
4% 4
5
14 *43
4 5
5
*43
4 512 2,00 sew Arcadla oes
200 Nipissiog m in Copper 5
0
558 5
52
, 534
5% 5%
55
6
4 514
54
53
5%
4 2434 2434 2432 243 .90;413u1..y41:
4 2434 2434 2413 243
1% 15
2
2434 243
2 1J4 21
,
1,119 North Butte
23
114
138
11: •118 114
.1
North Lake
22
1
fast Sak
25
•.90
114 *1
14 *1
14 •.90
Olibway Mining
%3A11;PC1hrer
‘ 34°4
l
A
Al
64
414 414
413
25
413 *4
412 412
413 413
412 *4
170 Old Colony
2, 4622 May 9
494 4012 4913 4912 •49
80
50
50
4912 4912 .49
50
65 Old Dominion Co
25 7014 Apr 25
76
7612 76
•76
7512 78
78
076
77
75 .76
76
99 Osceola
16
4 17
1633 168 1634 163
10 55 Apr 24
17
17
17
17
17
•1613 17
25
155 Pond Creek Coal
J'ne26
•5538 57
456
574 58
.55
50
*5512 57
57
Quincy
*56
5712
17%Jan 10
8
.203 2078
8
2133 2114 2114 *207 2113 32038 21
2153 2134 21
315 Ray Consol Copper.... 10 31 Apr 24
•33
35
3312 331, *3312
35
*33
35
*34
35
•33
Mary's Min Land_ 25
40 St
112Jan 7
2 1%
Last Salt 112 Jul7
-11i
4 *I% 1% •13
4 •13
8 11
.112 13
Santa Fe Gold & Cop- 10
5 J'ne 22
5
5
5
*5
518
10
5
54
5
5
5
518
(
5
430 Shannon
2213 23
10 22 Apr 22
23
2312 *23
2318 234 2312 23
23 .23
Shattuck-Arizona
23
261
.10 J'fle 1
.10 .10
.10 .10
5
•.10 .14 *JO .14 .10 .14 •.10 .14
300 South Utah Al & 8
2512 Apr 24
25
*27
28 .27
28
•27
8
27%
2712 274 2712 2712 *271 28
86 Superior
1% Apr 25
.178 2
2
17
s 1%
2
1%
178
.1.7
8 2
&Boston Cop 10 281.Jan
•178 2
850 Superior
3412 85
34
34
334
35
25
35
*3
4
*3413 35
•2413 35
1 Tamarack
3
311
314 314
3% 31,
% 334
3% 3% *3
149 Trinity
4
*3% 31
.35 -Vile 2
9
1
.40 .40 •.35 .40 ..35 .40 *.35 .40
1st Tuolumne Copper
•.35 .40 *.35 .40
4
4
34
35
"
3413 3412 341 341% 313 35
5,712 U Smelt Ref & Min4
3412 343, 343 35
20 412; A a1cY2
;15.
31 MAPr ;:l
4613 464 4612 4614
47
47
47
4718 47
Do pref
67i,
8 47
4633 467
11. Apr 22
3 18.7
5
1%
205 Utah-Apex Mining
13,
153 •15
+15
8
5
1012 *1014 104 *1014 1012 .104 1012 104 1013
56 Utah Consolidated
1012 10
*10
a
2 -ja o 8
3 J.
67
: 57
564 5612
10 484j;n 18
25
56% 567
Co
096 Utah Copper
8 5634 57
8
05714 5713 573 573
1 Mch 2
212 .2
218 .2
23.,
,
25
218 218 +2
135 Victoria
*218 214
*24 22
23
4 3
3
3
3
3
27
8 27
8
025 Winona
.23
3
.234 313
3012 3812
39
*39
3912 39
25 38 Apr 24
65 Wolverine
*3913 40
*3912 40
3013 40
•
..50
75
.30J'ne 2
21
100 Wyandott
.75 .75 ..65 .75
•
.50 .75 ..50 .75
-dividend and rIftbro. s Unstamped.
•
itid and asked prices s AsSninnent pa..1d. 0 Ex-stock diVidend. a Bx-rIghts. 0 El
231, 4:
12 :
' ..3381
i311
34
•1.. 1..: I% 1.4 .11. 184
100 J'ly
10138 Fen
10.4 Jan
10114 J'ly
179 Feb
55 Jan
255 Jan
722 Feb
60 Jan
Range tot Previous
Year 1913.
Lowest.
8
10
15
0
12
27
13
19
Highest,
0113 Oct
1055334 J Y
Dec
82 Nov
150 Dec
35 Dec
23813 Dec
o
5712 j p
7 Sc e
10(114 Jan
2151% F
10
Jan
11414 Jan
205 Jan
97 Jan
290 Jan
65 0ot
1612 5ita
5 Feb
714 Nich
3812 Deo
40 Jan 26
45 Jan
163 Jan 15 162 Sep 166 Feb
107 J'ne 11 20 J r
ye
0
200 Jao
167 I1lcb
10112
200 Jan 24
93 Jan 28
68 Dec 122 Feb
121 May 1 2115 Aug 126 Feb
887 Apr 6
8
88
0212 j' c 1 8Sep
99 Mch 28
8 1 Dec
lY
0 ii•e h
l
14 Jan 23
8Feb
193
1012 Dec
6512 Jan 24
79 Feb
63 Dec
777 Jan 2
653 Dec 130 Jan
4
112 Feb 6 100 Dec 130 Feb
165 Jan 30 150 Dec 17612 Feb
30 Jan 8
2.5 Aug
36 Mel
1633 Jan 31 1394 J'ne 10214 Jan
4
85 Jan 5
90',Jan
804 Inc
130 Feb. 5 105 Dec 150 Feb
75 Jan 23
674 Dec
8112 Feb
95 Mch 12
85 J'IY 100 Jan
594110119
98 J'ne 15
4 Jan 31
22 Jan 31
11014Jan 2
114 Jan 29
124 Jan 24
15 Mch 4
83 Jan 26
67 Feb 13
10012 J'ne 18
9 Jan 23
16* Jan 16
1412Feb 11
265 Mch 4
15012Feb 20
102 Jan 23
943 Feb 17
k
06 Mch 16
2161 Feb 27
3 Jan 28
38 Feb 3
70 Jan 30
30 Jan 19
69 Jan 24
141 Feb 2
159 Jan 27
2013 Ply 2
107%1103 9
31 May21
2912Jan 20
2 Feb 4
173 Feb 13
613
4J'ne 4
30 J'ne 30
6714Jan 31
112%Jan 26
41 Sep
8912 Dec
213 J'ne
16 Nov
9913 Dec
10818 Dec
1104 Dec
154 Dec
74 May
59 May
9234 J'IY
5 Jan
10 Jan
9 J'ne
234 Dec
130 J'ne
95 May
87 Apr
86 J'ne
209 I'lle
3 Jan
38 Nov
70 Dee
17 Apr
6173 Apr
127 Dec
149 Dec
1413 Apr
101 Jay
26 Sep
26 Sep
2 J'ne
4
147 J'ne
4113 J'ne
26% J'no
50 J'ne
10212 J'ne
2 Jan 22
300 McIr24
2834 Maylb
13
4Jan 20
4334Feb 18
7814 Feb 4
2138Jan 30
6% Mcli 4
44 Feb 2
4034 May lb
7018 Alch25
460 Feb 13
19 Feb 4
4313 Feb 4
4034 Feb 4
3 Feb 6
13 Jan 26
778 Apr 6
91 Feb 4
4238Feb 4
22 Feb 4
l
3012j o 8
hocn24
1 May
230 Nov
2,83 J'ne
4
.15 May
21 3 jIls
J e
154 Dec
214 J'ne
114 J'IY
184 J'ne
5813 J'ne
388 Dec
10 J'ne
3014 Inc
32 Dec
2 Sep
94 Inc
222.Doc
Si J'no
2713 Oct
12 Nay
277g Jan
4 May
611Feb 20
3 Oct
5014 J'ne 10
4414 Inc
8912 J'ne 2ti
79 J'1Y
24 Feb 4
16 Joe
6 J'ly 17
258Jan
4150%,1 13e i/ 18
46
1 Aug
Jan
5 Nov
Feb
34 J'ne
4 Jan 16
34 No
612 May23
13 Nev
4
2412 Jan 28
9
hi
5 Nov
204 J'Ile
114Feb 18
4 Dec
46 Jan 23
$8 Nov
1633 Feb 4
13 J'ne
12 J'ne
74 Nov
213 J'ne
.99 Ma)
12 51.11e
8:,::faCf21422
5 5816 aaeei 2
(8 '8
8
3 Apr
54 Feb 4
413 Joe
4
84 Feb 4
674 Dec
2078Jan 22
15 'Inc
68 Feb 5
524 Dec
22i2 Apr 6
154 J'ne
40 Feb 25
30 Nov
214 Jan 27
1 Inc
7'l Feb 16
5 Doc
2934 Feb 4
21
.23Feb 9 .15 Feb
Aug
82 Feb 14
21 Nov
2% Jan 23
1%1Jan
43 Feb 28
21 J'ne
512Jan 23
3 May
.85 Mch 19 .50 Dec
34 J'ne
lT72reg
8 3e
17
4512 J.
25 Feb 6
8
113 May
7I4 May
40 J'ne
52% May , .90 J'ne
.4385 be2
1' ;el!
2
1
84 Sep
473 Feb ki.
4
394 Nov
114Jan 74 .40 J'ne
F 213 Paid. to Han Luria.
t
57 Jan
9914 Jan
422 Jan
4
233 Jan
1181, Jan
11714 Feb
14012 Jan
21 Arm
8373 Sep
75 Jan
100 Jan
124 Aug
1912 Aug
15 Feb
28812 Jan
18654 Jan
104 Jan'
0113 Jan
9553 Met
220 Sep
312 Feb
4114 Sep
7013 D3K3
50 Ant
9112 Jan
160 Jan
16513 Jan
18 Sep
108 Merl
2813 Jan
2514 Jan
2 Jan
182 Jan
5553 Feb
281y Feb
69 Jan
111 Jan
0 Jan
330 Jan
2433 Oci
214 Jan
424 Jan
80% Sep
,
327 Feb
512 Sep
6 Oct
45 Jan
7213 Jan
555 Jan
18 Jan
4712 Jan
63 Jan
4 Jan
1518 Jan
9 Jab
7814 Sep
354 Aug
25 Jan
35 Apr
% Jan
17 Jan
69 Jan
8712Jan
8378Jan
4
% Nov
318 Feb
25l Jan
54 Jan
104 Jan
512Jan
1514Jan
2622 Jan
2 Apr
85 Jan
193
4Jan
212 Jan
94 matt
344Jan
23
4Jan
314Jan
gsaan
58 Jan
107 Jan
2814 Jan
80 Jan
22 J'an
46 Jan
312,
- ta Aug
1313 Jan
31 Sep
.35 Jan
4013 Jan
o438 Feb
38 Jan
8 Jan
312 Jan
43I Jan
61.1 Jab
27 Sop
3
1114 Jan.
au Jan
2 Jan
ah Jan
76 Jan
14 Jan
'Rua' 18 1914.1
Boston Bond Record
1;
'
;`..'''',..
BONDS
BOSTON STOCK EXCHANGE -*'
6 ts
Week Ending July 17
-.a,
Price
Friday
July 17
Week's
Range or
Easi Sale
Range
Since
Jan.1
nz‘Q
189
BONDS
::6
..
.
BOSTON STOCK EXCHANGE r'
Week Ending July 174.13
°
.:
....
Price
Priam,
July 17
Week's
Range or
Last Sale
4
0
High No
Bid
Ask Low
HG')1 No Low 11108
Bid
dsk Low
General Motors let 5-yr 6s_11115 A-0 10014 101 1001851ch14 __._
4101
1 993
8 10
Am Agricul Chem 1st 5s___1928 A-C 10014 101 1003
973
8 10
9718 1173 9714
s
5
8
11 847 891 Gt Not C B 64 Q coil tr 4s__1921 J -J
89
1
S012 Sale 8914
Am Telep & Tel ^oil tr 4s_1929 J - J
97 ____ 97 J'ly '14 ____
1821 Q-0
Registered 4s
_
1038 Mch'13 ___i . _ _Et77,
1936 91-S
Convertible 4s
o'i
778
,
,
., 9 p8
aouston El& 1st s f gen 58_1925 F-A
year cony 41.5s
19.33
' 20
117 Apr 'i.. _-_
1917 A-0___
n
69% Men '14 ---- 693 72 la Falls & Sioux 0 Is 7s
Am Writ paper 1st s tos g 1919 J -3 _
65 J'ne '14 ___:
1925 A-9 61 71
Kan 0 Olin 4 Spr 1st 5s
100 104
100 Mch'14
Am Zinc L & S deb Gs
101: VI-N
110
3
9318 957 Kan C Ft Scott & Mem Gs 1928 VI-N 108 111 110
9514 95 95% l'ne'14 __
-C
Atch Top & 8 Is gen g g_.,1005 A
8
A-0 __ __ ___ 743 Mch•14 ---3
8812 88 83 Mch'14 -___ 853 87 K 0 Ft 8 &, M Ry ref 4s gu _1936
Adjustment g Ss____July 1995 Nov
83 85 8312J'Iy 14 _--1934 111-S
____ lian C M & 13 gen 45
8612 88 8414 Aug'13 ____
Stamped
Jtsly 1995 ,s1-N
75 Apr '14 .-1934 14-S .__. 73
Assented income 5s
4
9474,
1935 J -D ---------9478Jan '14 ____ ___- 947
'50
-year cony 4s
Kan C & AI 0't8 & Br 1st 5s_1929 A-0 ____ 95 93 J 'ne 14 --0014 Dec '13 ____ __
-year cony 5s
1917 J-D ---10
Marc; Hough & Ont 1st Gs_1925 A-0 ____ __ _ ill J'ned18 ___:.
2 66
4 631- 6418
84% Sale 64
AtI_Gu.F5: W 1 Sit Lines 5s_1859 J-J
96 .._: 981
961,
3
1929 J -J
---- --------Mass Gas 41.5s
136.s& Corb lot cony s f 63 192350'May'13
Dec 1931 J -J -___ 9512 944 J'ne•14 ---_
Deb411 4 I
-Os
:
8313Jau '14 ____ 830 831
Boston Elev 3 -yr g 4s___,_..1035 VI-N --Mich Telephone lot 5s_s_1917 3-3 _______ 981 Alch'14 ____
10014 Sich'00 -___ ......- --_
Boston & Lowe I 4s
1913 J -J
8114
2
Miss River l'ower 1st fis___1951 3-3 --------81
,
1941 J -J ---.- 1041-Oct 'Os ____ ____ ____ New Eng, Cotton Yarn 5s_1929 F-A --------74 fly '14 _-__
Bost n& Maine 4 45s
_.
'I___
95 -Feb.
Plain ,
s
1942 F-A
_1915 A-0 --------.100 Feb '19 __
4_1011- New Rug Teleph 5s
1'5E134
_ 1003 Mch'14 _
-..1 10114_
But & Mo Illy cons Us
1013 .1
8
10114 21
1932 A-0 10114 Salt 1005
5s
Butte El Sr. l'ow 1st 5s
1951 J -D---52._1934 J -J --------75 Mcli'14 ___Cedar Rap 6: Mn Inv 1st 781916 111-N ---- _ _ foil4Feb '1 --__ 1041410414 New River (The) cony
707
s
i95 80 J'Ile'l ___ 80 857 N Y N II & 11 con deb 310_1956 J -J ---- --__ L117 Mch'14 ____
Cent Vermt 1st g 4s—May 1920 0,-1(
85101'14 --.
_1948 J -J ----__-_
Cony deb 6s
11816 Out '07 ____ ---- ---1919 A-C
CD & Q Iowa Div 1st 5s
95
1922 F-A ____ ___ 40 8Jan '14 ---1
,4
98I2J'Ase'1 - -___ 977 98: Oreg Sh'Llne 181 g Os
1919 A-0
Iowa Div 1st 4s
--------103 J'ly '14 --99 Mch'l ____ 94 90 Pond Creek Coal 18t 6s _1923 J-D
1922 F-A 100
Denver Eaten 45
950 963 Puget Sd ElecRy 1st 5s-_1932 F-A ---,-___ 88 Jan -',14 ____
965 Feb '14 __
8
, Nebraska Eaten 4s
1927 .1-N -__
Repub Valley 1st s f 6s_ 1919 J -J --------103 Jan '11 ........
9812 Dec '12 ____ ___ ___
4
13&SWsf 4s
1921 VI- S 9037014 Dec '10
4
4
833 Melfl ___ 833- 833- Savannhh Elec 1st eons 5s_1952 J-J _
4
Illinois Div 31, s
5
1949 J -J -- 1930 F-4 102 ____ 1020,1'1y '14 ___00114 Seattle Elec 1st g 5s
9 983
.
1903
Chic Jet lily & Stk Yds 5s 1915 J-J 19914 16154 10014
1919 51-N -___ '05 95, Nlay'14 _-__
A-0 ( 82 83 82f.fly '14 ____ 80 84 Shannen-Ariz 1st Os g
_, Coll trust refunding g 45_1940
,
--------07
____,
107 - J'ne'l --__ ------ Terre Ilaute.,Elec g 5s_-,.-/929 J-J --------1048 Apr '07
Ch Milw & SIP Dub 1)68_1920 J -J
Mch•14 ---1918 VI-S
11362Feb '11 ___ ____ __-_ Torrington 1st g 5s._
.
Ch ?‘f& St P Wis V div 68_1920 J -J _,___
Union l'ac RR & Id gr g 45_1947 Ji-J ..._ ____ 9713 Nrch'14 ____
41 52 65 Apr 'I ____ 65 f.5
Ch & No Mich 1st gu 5s
1931 .'1-N
__ _ 9012 Meh'14 ---_
_.
4_1927 J -J
20
-year cony 4s '
1921 J -D 70 15 70 J'ne'l ____ 70 92
Chic & W Mich gen Is
____
4
933
4
t/312 MO'I4,_ 9312 4131- Uipited Fruit gen s f4_1823 3-3 ___- 9-f 933 J'ly '14
Concord & Mont cons 4s
1921 J-D _-_
I
937
8
923 94 63%
4
1925 J -J
,
Debenture 415s
95 95 Men'13__ _-_,-1949 A-0 85
Copper Range 1st 5s
8
___- --- U S Steel Co 10-60-yr Os Apr1963 5-1-N 1025 10318 102331,4ay'14 __-_
10084 Aug'12 ____
Cifdany Pack (The) lstg 5 - 1924 61-N
8915 F-A ____ ____ 99%.1'ne•14 ____
92 .ITY '.1 .._ ___-___ West End Street By 4s
1926 A-0
River 1st Is
Current
1914 .A-S ____ ___._ 995 Feb '14 ____
Gold 4:5s
5.§42..ilne'1 ____ 5812 78
1946 A-0 57 61
Let Gr Rap &W 1st 4s
11-N ____ ____ 987s Apr '14 ---1916 5
Gold debenturn 4s
.
8
1049 1/1-N 98 100 9914 May'l ___ 973 993
Dominion Coal 1st s l 5s
12J'ne'1.f ____
1
1917 F-A ____ -__. 98.
___ ___
Gold 4s___ _
9.5 Ott '1 __
1927 St-S
Fitchburg 4s
973
8 15
9789 Sale 9714
Western Teleph&Ter5s_102 J-J
_- 121 Alch'I ____ 12012121
9
Eremt Elk & Mo V 1st 6s_1933 A-0
'1 ____ _ _______ Wisconsin Cent 1st gen 4s19433 J-J --------945 Feb '12 ___122 Mch
1933 A-0
Unsftmped 1st 6
for all Boston bonds. • No 93100 Filday; latest bid and asked. I Flat prices.
-Buyer pays accrued Interest In addition Eo the purchase price
NOTE.
lianas
Since
Jan.1
Low High
10058 100
943 9753
944 9714
--- - --11)85
8112
745 73
8
14
8312 86
75 60
93 11334
-- -- ---950 9714
93 9534
11878 987
8
81 853
4
74 83
9978100
ukni 10114
75 80 687 75
8
111%117
109581095
8
100 10713
88 88 •
___.
_
16(i it5i14
92 05
100 - 100 9712 9713
90' 9013
2
934 pm,
/
1
92 9514
1007 103
8
98 9982
9934 997
8
983 987
8
8
9815 9812
17374 998
-___ ____
Philadelphia and Baltimore Stock Exchanges—Stock Reeord, Daily, Weekly, Yearly
Bales
ACTIVE STOCKS
of eke
(reel (For B07143 aid Inactive
Shares
Stocks see below)
,
SHAWL PlaCES--A1 7' PER CRNTUM PRIERS
Se- hiraay
July 11
Monday
July 13
l'uesdai
Jfily 14
Wednesday
July 15
Titer:fay
July 16
Friday
July 17
107 197
107 10714, 108 ,0814 108 108
7101 107
•1143 11512 11514 11514 *1102 11512 *11412 14110 11.5 11512 .11412 11512
4
3012
*29
16;
*45
-45
1213 1212 13
13
13
*1183 1312
;i2r2 14
13
55
5712 5412 g-112
55
66
•54
85 32812 12812
55
10,71 2 .12812 121,1e 1-11.2 •.,12712 1181
.
*-- 130
*____ I'311
1814 1814 •____ 20
20
1614 181
•
,
544y
55
55 *8 2734 2712 271 2713 27
1 12 2713 2714 270j
8
2212 273 273
38
484
5178
3714
7812
*1012 11
• 5 16
15 8
..13p14 81
4
• : 683
681
1712
3112
•31
5618
sa
*3812 3912
25
25
•1518 1538
8
817 817
8
*0
4 67
8
42
42
4
83 4 833
3
..•37
'148
5113
*364,
737
48
51
838
78'
•1013
1513
80
875
4
17
3012
553
8
*3812
2518
153
:4
813
4
67
8
413
4
8312
38
48
51
37
78
11
16
8012
6838
17
307
8
5618
39r2
2518
153
8
813
4
67
8
4134
83 4
3
i'HILADELPDIA
37
4814
5138
*30
*7713
*1013
•1512
80
*0813
17
*3014
555
8
•383
4
2518
1518
813
3
4
63
413
4
8312
37
4814
5112
37
7814
11
16
80
69
17
3034
557
8
39'251*
1518
813
8
63
4
42
8312
Bid
•37
38
48
48
5142 5112
3634 37
7814 7814
•1012 11
•1O12 16
80
80
8
087 687
8
17%
*17
•3014 303
4
55 55%
39
39
2518 2514
•15
153
8
81:6 8114
4
6:fe 83
413 413
4
4
83
8313
Ask
•37
38
4711 4.014
6112
51
37
37
•7712 7304
•1012 11
1574 1573
7013 se
s
647 6834
1714
•17
4
•3314 3011
1
,455.
4
1
551
39
39
2518 2518
*15
15 8
3
80 4 8118
3
633 658
•4112 42
835 8313,
8
•37
2713
48
46
51
51
*3612 37
*77148 7314
*101 31
;
•15ss 14
7lJ8 7912
6814
0
17
77
4
303
*80
5434 .55,f,
.3212 3914
8
247 2518
*15
1618
5
80 8 81
64 6;6
.4112 42
4
8314 833
PITILAIDELPHIA
Inactive Stocks
Condos
Prices are all "ate{
Amer Gas of N J
10
American Sliding
interest"
100 10154 1023 Alt & L V Klee 4-14s'331'.A
4
Nmer llys pref
51 4212 4312 Ara Gas Sc Elec Os '07_F-A
Cambria Iron
Central Coal & Coke100
Am Rye 5s 15117
A-0
100
Preferred
Ati 1.; Gas let at 5s'60 J-J
100
,5erg&Ellrew lstOs'21 ..1-3
Consol 'frac of N J
101
Harwood Electric
Hetnlea 8'11 Os 1998_Q-1
1
50
Huntington & 13 T
Ch Ok & G gen 5s 1919 J-J
50
l'referred
'on Trac of N J 1st 53 '33
10 2238 2258 Del Co Itys tr cOrs 4s'411.1-J
Insurance Co of N A
c:dison Eke 58 1946A-0
Inter Sin l'ow & Chem 50
.1.11ec & Peoples Tr It ctfs_
Kentucky Securities_ _100
Tar & 11 list Os '40_J-J
Keystone Telep, pref_ 51 5812 5912
Gen Asphalt 5s 1916_M-S
Keystone Watch Case 100
10
Elam Elec 1st is 1942 M-S
Lit Brothers
50
F-A
Interstate 4s 1941
Little Schuylkill
50
-A
Kentucky Tra&T 5s'511"
Minclaill & Schuyl II
Nat Gas Eiec Lt &P100 55 60 Keystone Tiel 5s.5.935__J-J
100 80 85 Lake Sup Corp Inc 5s'24 0
l'referred
Lehigh Nay 4 Ks '24-Q-F
North Pennsylvania_ 50
Cons 415s A 1954 ___J-J
Pennsy receipts $30 paid_
50 10414 10434Lou V C 1st 5s g 1533_J-J
Pennsylvania Salt
Leh V est 4s lot 1948_J-D
Pennsylvania Steel_l
100 63 0
-D
Conseil Gs 19:3_ __J
Preferred
38
Consol
Phil Co(Pitts)5% prf 50 35
42
Annuity Gs„,___J-13
-.6% cumulative pref 50 41
Gen cons 43 2046__M-N
Philo, German & Norris 50 140 ____
50 803 8034 Leh V Trail con 41 '35 -1-1)
8
Phila. Traction__
10
1st series A 4s 1935_M-S
834 --__
Railways Geneal
1st series 13 54 14135 151-8
Tonokah Belitiont Dev 1 6% 614
100 22634 22812 MarketstEI 1st Ss'3551-N
United Cos of N J
ser13 58 '19 J-3
United 'frac Pitts pref 50
New Con Gas 5s 1943_J-D
VIrginia Ry & Power_'_100
1171)
NY Pn & No lst 4s'39 J-J
Preferred
Income
smet_ 11
Warwick Iron & (new)100 912 934 Penn Steel4s 1939___M-N
'1st 56
Wasleton-Va fly
-__ People's'Fr tr ctfs 4s_1943
100
Preferred
Co let&coll It 5s'49151-8
_
100
Weisbach Co
Con & cil It fis'31 M-N
52
West Jersey & Sea Sh_ 51) 5113 ____ l'hil RiceAdd tr afs_A-0
50 62
W6stmereland Coal
').'rus; etfs Is 1.1149__J-J
100
Wilkes Gas & Elec__
9 P & E gen 51 5s g
51,
York Railway
lien 134-s g 1140_ _1.-0
50 331 3412
Preferred _
915 paid.
Ex-dividend.
thls day.
and asked: no sples on
*Bid
BUt
554
22
606
12
110
620
1
1,038
244
414)
10
420
511
137
XI
20
5,112
65
2,710
320
1,793
17012
175
267
Ask
Baltimore:,
Con O as LI L & Pow.,100
D
04 frref _____100
50
FaIrmeint Gas
Po Preferred— 50
Ws_ 1.00
Do
pre( tr ctf8....100
60
Northern Central
Stain:sacra Air Line_ _ _100
10
prof
UnfreA Ry & Eledtric-
Reims Since Jon. 1
Gowen
Barnes.
1733 Feb 14 10514.51nr2L 101, J'ne
109 Jan 8 1151* J'ly 10 101 J'ne
23 Fen 10 34 Mt'h18)
.•
45 Feb 10 4712 May14
12 Apr25 1912.Feb 2 1212 Des
5/ Apr 22 60 Jan 111 7,418 -Ply
115 Jan 22 12912 J'ne 19 10314 Dec
V1 Jan 6 22 Feb 5 1112 Joe
/
4
40 Jan 2 55% Feb 9 4112 J'iy
241k Jan
22 Slay 25 23 Jan
53
Pk Bade!fitila
50
87 Apr 16
American Railways
8
50 2457 Apr 3
Cambria Steel
Elm Storage Battery_10
4613Jan 5
36 J'ne24
100
Gan _Asphalt
Oc
74 4 Jan 5
7
100
pre!
97 Apr 38
8
Keiyarone Telephone_ SO
Lake Superibr
15/2 J'iy 8
Leh C & Naw tr oda
579 r7712.A.pr $O
Lehigh Valley
SO t6614, J nen
Lehigh, Valley Transit SO
164 J'no24
Do
50
3,0 J'ne 9
5414 Apr 25
Pepinsylvania RR
50
Philadel Co (Pittsb)
50
38344 Apr 27
2434 J'ne 8
Philadelphia
25
13 Apr 27
Phila B T vot Media
50
Reading
50 z79 -f. Apr 27
Tonopah Minlug
6 Lich 6
1
Union Traction
50
417 J'ly 1
4
United Gas Impt
82 Apr 25
50
PPIILADELPHIA
Range for Previous
Year (1913)
Ma
Ask
8912 Feb 13 37 J'as'
51% Jan 21 41 Joe
5512 Feb 2 4214 J'ne
4223 Fab 10 33 .1'ne
82 Feb 11) 7018 J'ne
9 4 J'ne
1
13's Jan 15
2314 Jan 31 21 Dec
8414 Jan 29 81 ..1'ne
1818..Jan 24, 70s8 -Poe
205 Feb 4 154 Jan
8
4
34 Jan 20 '4912 J'ke
Dee
573 Jan 31 53
*
463 Feb
4
37 J'ne
2714 Feb 19 I4012 J'ne
201g Jan L5 18 Nov
86's Jan 23 75% J'ne
782 Jan 14
4 J'ly
47 Jan 15 411 Nov
4
80 Jan 28 803 J'ne
4
BALTIMORE
Pk & Bead 2d Ss 1933 A-0
& Sub 1st 5131922.1-1)
Ex Imp NI 4s 1:347...A-0
City&Sub (Was)'./st 54s '41,
Terinlual Os g 19.41 (a
-F
Co41 & C Icy 1st 56'12A-0
P W & II ool tr 4s '21__J-J
9712 ____ Coal & I By Ise 5s'20 F-A
8512 86 Read Trac 1st ea 7
33__J-J
Col & Grnv 1st Gs 1916 J-3
96 Hoch By & L con 53'54J-J
Consol Gas 58 1939__J-D
Spanish-Am Or (Se
102 1018
Gen 41.5s 1954
Stan'd Gas & Ini 644'26 3-1)
:
A J
____ Cons G E & P 41is '35 42
Stand SU W RS lst5s'28
117
Consol Coal 5s 1950_ _J-D
U 'Frac Ind gen Os
9711
eair & CI Tr 1st.Os'38 A-4)
lo214
RR RFS tr CIts *0 '49
,la & Ala Sat con Is'4$ .1-J
United Rys lay
tiaCar&N lat ..s g '29 .`-J
jai" s f 58 1920 1s1 ooll tr 70
Heorgia P 1st Gs 1122__J-J
8012 807s Welsbach f 5s 1930__ i-D 8838
sia So & Fla 1st 5s '45_J-J
SJ N
Wil-B G&E eon Os '55_3-3
10212 13-B-S Brew 3-43 '51_14-S
98
York &ye 1st Ss 1937-/-D
Houston Oil div ctfs F-A
SG
10212
Knoxy Trac 1st 5s '28 A-0
58 5812
MaconIty&Lt 1st 56'533-J
BALTIMORE
Inactive Stocks
Elec Sty 1st 58 '31 A-0
91% 92 Allan Coast L (C-orin)_100 --__ 12712 Memphis St 1st 5s '45_3-J
70 Canton Co
155 Nlonen V Trac 55 '42 J-D
Consolidation Cos:L....1
97
Ver Cot Duck 1st 5s__
101
664
Elkhorn Fue d ilk
e
k
100 24 ____ NptN & O 1'1st 5s'3851-N
1000
0
Georgia Sorr
let prere u
10434
20 ____ N & A Te(ml 5s'2951-S
Nbr&Port Tr 1st 53'36 J-D
89
1d preferred
11314
100 78 —_ Nerf By & L 5s'49 151-N
0-B-8 Brewing
North Cent 4145 1925 A-0
100
140 Wayland 011 & Gas
series A 5s 14926-___J-J
434 __
8912 90
Series B 5s 1926__--J-J
Bonds
Prices are all "cad
Peto Val 1st is 1941___J-J
9014
Say Fla & West 53 '8.4 A-0
interesr"
10314
Balk City 335s 1930___J-J 93 ____ Scab Mr L 4a1950
A-0
95
4s 11
Vaxiolls 98 ____ Seab & Roan 5s 19.26__J-J
Ss 1915
98
9
101 ____ South Bound let 5s A-0
104
Anacqatia & Potem 58 0 10012
U El L&P 1st 4156'2931-N
54-1955-- 1 '1
7
51-S
C'st cony deb 4s_M-N
Un By Sc Di 1st 4s
92
J-1)
At,Coast L(Ct)cas 5s J-D 100 _
Income 4s 1949
-J-D
Funding 5s 1936
91
83
B 0-2 i4 C4t1425e '53 ________
S' Yr 11 9 14
10
9712 98 Va Mid 3d ser Gs ,GM-S
983 987 Halt Trac 1st 5s '29,31-N 104
8
4
4th ser 3-4-38 1921 /I-S
4
8
314 837
No Balt Div So 194t1J-1.) 105
Va5th series 55 192e 51
(State) 38 new '32_J-,J
10214 102% Cent RY cons Is '32_51-N 104
J-J
80 80%
Fund debt 1-3s
Ext & Imp Is 1932 51-8 104
10312 10912 Chas City Itiy 1st 5e2.; J-8 102 103- West:f C con Gs 1914_J-J
98
931 Wil Sc Weld 56,1'335..:_,J-J
%VMS
Chas.RY G& 43,
I $1795 paid. $ 23% paid.
Higher
120 Jan
12014 Jan
2512 Nov
68 Jan
123 Apr
21 Jan
4912 Sep
27 8 Apr
,
.44912 Feb
534 Jan
/
1
,
5.414 Jan
491 Feb
8
78 May
1313 May
-3112 Jan
93'! Jan
84'4 Jan
2374 Mch
37% Mel
61% Jan
50 Jac
$2614 Den
'2822 Jan
85% Dec
7:6 Dec
61l Jan
9112 Feb
Bid
Ask
103
10112
9313
91
94 98
10112
4
1053
95 9512
90
9014
88 90
1005 100
8
14
104 105
103 1033
8
1073
4
105
26
2713
76
103
9212
9814 9812
94
3312 35
98
935
4
91
8612 87
97 98
101
10812
10612
105
843
4
10412
10512
93
83 4 84
3
6338
8712
102
103
104
86
83
107
THE CHRONICLE
190
lnuestment and ttailroad
RAILROAD GROSS EARNINGS.
The following table shows the gross earnings of every STEAM railroad from which regular weekly or monthly returns
can be obtained. The first two columns of figures give the gross earnings for the latest week or month, and the last two
columns the earnings for the period from July 1 to and including the latest week or month. We add a supplemennaty
statement to show the fiscal year totals of those roads whose fiscal year does not begin with July, but covers someother
period. The returns of the electric railways arts brought together se arately on a subsequent page.
Latest Gross Earnings.
ROADS.
Week or
Month.
Current
Year.
Previous
' Year.
July i to Latest Date.
Current
Year.
$
8
$
$
MaN Cht Tex Fez62.000
72,000 3.927,307 3,816.218
N 0& Nor East_ 3d wk June
31,000 1,807.257 1,834.558
33,000
Ala & Vicksburg_ 3d wk June
28,000 1.766.285 1.683822
24.000
Vicks Shrev &Pac 3d wk June
58,439
4th wkJune
Ann Arbor
68.176 2,289.142 2.282,991
May
8,878,960 9,368,397 101838406 108275822
Atch Top & 8 lee
230,949 247.113 3.159.446 3,010.462
Atlanta Birm & Atl May
3.055,882 2,924.072 33,981.826 33,513,818
Atlantic Coast Line May
146,573, 137,506 1.956,817 1,763,324
Chariest& W Car May
108.907 103.799 1,247,840 1,127,977
Lou Rend & St L May
g Baltimore le Ohio_ May
7.586.213 8.967,456 89.610,138 92.540,705
B& 0 Ch Ter RI May
113,494 163,366 1.461,358 1.644.330
Bangor& Aroostook May
305,068 300.224 8,487,446 2.979,707
Bessemer & L Erie_ May
750.265 997,387 7,427.464 7.953.894
Birmingham South.. May
87.079 120,205 1477,161 1,163.470
Boston & Maine_ _ \fay
3,820,867 3,973.644 43,290,901 44.484.852
Buff Roch & FUME._ 2d wk July 210.520 257.543
382,283
515,087
Buffalo & Susq
May
94.899 210,225 1,971,022 2.282,133
Canadian Northern. 1st wk July 362.000 432,700
382,000
432.700
Canadian Pacific.... 1st wk July 2,343.000 2,700,000 2.343.000 2.700,000
Central of Georgia.. May
953,620 1,003,172 13,258.771 12,958,452
Cent of New Jersey May
2,542,865 2,535.218 28,644.601 29444,696
Cent New EnglancL May
310,088 306,895 3,457,362 3.406,996
Central Vermont_ _ May
338,216 358,935 3.679.247 2,824,956
Ohm & Ohio Lines_ 1st wk July 554,997 468,323
468,323
554,997
Chicago & Alton... 1st wk July 249.165 278,052
249.165
278.052
Chia Burl & Quincy. _._' lay
5,520,269 7,295,560 85.239.094 86.878.698
(
Chic & East 111_ _ May
1,066.400 1.298,484 14,417.664 14,863,489
t Chic Great Wesi_ 1st wk July 216.512 241.339
,
216,512
241,339
Chic Ind & Louis-v.. 1st wk July 132.669 120.179
120,179
132.669
Chic Milw & St P- I May
6.970.871 7.338.031 84.111,285 86,452,139
Chic Mil& Pug S f
:Chic & North West May
6,588,297 5,797,722 78,847,873 78,884,215
rChlc SIP M & Om May
1,318.196 1,304,492 16,743,658 15,806,254
Chic Terre H & S I. May
149,668 153.001 1.988.4-14 1.786,722
Din liam & Daytoe May
882,852 839.074 9,219,574 9,140,029
135.402 120,385 1.625.307 1,700,640
Colorado Midland_ May
t Colorado & sontn 1st wk July 218,442 246.642
246,642
218,422
Cornwall
13.080
may
167,056
19.816
222,255
Cornwall& Lebanon May
24,716
287,393
32,706
396,004
May
Cuba Railroad
462.001 447.127 4.732,487 4,232,940
Delaware & Hudson May
1,897,438 1,908,032 21,124,897 22.046,029
Del Lack & West May
3,414,174 3,569,323- 8,355.709 37,125.801
Denver & Rio Grde let wk July 402,400 443,700
402,400
443,700
Western Pacific.. 1st wk July 108,600 119,700
119.700
106,600
Denver & Salt Lake 1st wk July
28,924
34.689
31,689
28,924
Detroit Tel Jr Iron May
112,777 151,098 1.385,104 1,535.879
Detroli & Mackinac lst wk July
23,066
24,038
23,066
24,038
Dui & Iron Range__ May
529,495 964.589 5,760,898 6.068,950
Duluth So Sh & Atl lat wk July
63.829
63,629
71.657
71,657
Elkin Joliet Jr Ease.. May
798,367 1,208,284 10,490,472 12,201. 1
El Paso & Sou West May
756,997 745,777 8,221,491 7.966,
Erie
May , _ 2,863,226 ,410.711 55,671,464 57,290,468
Florida East toast_ May
543,178 439,416 5,000,160 4.732,900
P'onda Johns& Glov May
89.418
89,682
898.180
901,881
3eorgia Railroad
229,577 282,801 2.089,287 2.895,981
may
3rand Trunk Pac_ 4th wkJune 128,460 148.472 6:775,617
hand Trunk_syst_ 1st wk July 1.048.005 1,087,463 1.048,006 1.087,463
Grand Trk West.. 4th wkJune 183.491 196,528 7.170.088 7,388,659
' Del Gr H Jr Mil_ 4th wkJune
63.820
65,946 2,522,584 2.489,778
Canada Atlantic- 4th wklune
87.037
63.775 2.387.076 2.414,847
Incas North System June
6460,301 6.797,700 75.390,204 178.654.591
lull' Jr Shin Island_ May
146,484 189,878 1,848,635 1,929,817
locking Valley
442.016 755,4,51 6,544.21E) 7.094.143
May
hinds Central.
June
5.233,343 5,350,215 66.325,352 64,788,415
nternat Jr Grt gar 1st wic July 142,000 155,000
155,000
142.000
t Interoceanie Alex_ 1st wk July
31,746 129,132
31,746
129,132
Eanawha Jr Mich
May
243,293 332.759 2,944,623 3,006,457
Kansas City South_ May
,886.186 901.383 10,012,936 9,852.320
'..ehigir & New Kng_ May
260,850 187,340 1,981,389 1,666,787
..ehigh Valley
May
3.516,422 31795,218 36,161,936 39,209,1394
emislana Jr Arkan_ May
152,586 152,584 1.615.505 1.590 197
,
'Louisville & Nardi_ let wk hill 1,006,205 1.035.895 1.006,205 1.035.895
dacon Jr Lirm'ham June
155,890
9,803
8,48'
158,278
data.Central
May
927.873 938.983 10454.080 10,388,413
viaryland Jr Penna. May
465,628
492,322
47,483
43,374
i Mexican Railways 4th wkJune 188,000
.600 9.210,200 9,093.200
,fineai Range
ist wk ulY
14423
14.985
14.985
14.923
dinn & St Louis__1 1st wk July 177,912 172.511
177,912
172,510
Iowa Central__ I
dinn StP & 8 S M_ 1st wkJtilY 564.224 598.312
598,312
664.224
83.321
97,13
dississlopl Central_ May
967.893
946,847
t Mo Kan & Texas.. 1st wk July 533..
533.214
516,085
516,085
1.041.1 4 991.000 1.041400
.
Missouri Pacific 1st wk July
991,000
Jachr Chats Jr $t L May
1414.199 1,137.435 11,805,680 12.2413,980
622,394
: Nall RT.of M Wit Ist wk July 352.021 622,394
352,021
Tovada-Cal-Oregon 1st wk July
9,988
10.000
9,988
10.000
gers Or! Great Nor May
148,541 176.217 1.723,285 1.639,528
18 Y 0 Jr Hod Rig May
7,539,944 8:554,444 87.885.073 89,641,474
Boston Jr Albany May _.1,377,519 1,471.277 15,354.098 15,483,919
Lake shore& M S MaY . 4.011,523 5.010.440 48,960,701 53,444,158
v n Lake Erie & W
ay ,214 506,953 5,260.474 5,547.279
Chic Ind Jr South MAI
333,589 390,241 3.995,897 4466,919
Michigan Central may
2.606,439 2.984,922 31,429,087 32,363.774
Clow 00 Jr St Ll
2.713X8 3.212;400 33.104.772 34.371.128
Peoria & Eastern'
Cincinnati North.
---....- 100,108 127,501 1.840404 1.293485
Pitts & Lake Erie May — 1,324446 1.885.234 16,238,612 18.305.284
N Y Chic & St L. May ..--- 878.715 986.807 10.869,W 11,529.864
To!Jr Ohio Cent_ May -- 266,841 658,190 5.100.382 '5.070,864
Tot all lines above May
21598246 25718499 259529504 271118628
I
AGGREGATES Or GROSS
Current
•Weatio Swunories.
Year.
Rrestous
Year.
Increase or
Decrease.
%
Latest Gross Earirtn?s.
'$
Previous
Year.
ROADS.
'Week or
Month.
Current
Year.
Previous
Year.
July 1 to Latest Date
Current
Year.
Previous
Year.
34
1
91
a
174,770 211,679 2,037,471 2,323,978
MO Mobile dr Chic. May
NY N H & Ffartf__ May
5,589 205 5.711,771 60,927..389 63,872,461
760,989 793,239 8,205,182 8,816,567
N Y Ont & West_ __ lay
367,329 321,333 3.653,280 3.490,447
NY Susci & West_ -lay
346.146 322,530 3,895.886 3,816,028
Norfolk Southern_ May
1,730,982 3,901,588 40.756,465 39.997.031
Norfollt Jr Western_ 'Kay
5.076,147 5,766.417 62,887,185 66.651,918
May
Northern Pacific..
Northwestern Pac_ May
329,185 328,231 3,382,284 3,356.918
'lay
525,255 645,357 6,534,987 7.236,168
Pacific Coast Co_
13900292 15803928 184702261 166270966
Pennsylvania RR___ May
28.982
32.919
Bait Chas &Att._ May
328,811
291.634
259,993 293,261 3.160,247 3.221,688
Cumberland Vail May
1,153,804 1.005,975 11.288.106 10,250,864
May
Long Island
12,388
11.221
Maryl'd Del& Va May
10.061
142,841
337,52. 358.455 3.450,675 3.387.817
N Y Phila Jr Norf May
1.064.304 1.175.394 12,087.235 12,228.020
Northern Central \lay
1.772,601 1.851,228 18,846,476 19.320.400
Phil& Balt&Wasb May
538.3113 505.191 5,812,798 5,780-390
W Jersey & &ash May
4,623,208 6.228.829 55.726,471 60,41K.572
Pennsylvania Co., May
431.294 446,390 5.102.219 5.067.191
Grand Rap Jr Ind May
3,142,403 3,985.010 38,783,244 40.861.835
Pitts C 0& St L_ May
May
Vandal/a
784.748 929,146 10.361.376 10,320,169
Total lime—
20274410 22277281 231928673 235387081
East Pitts& E.. May
West Pitts & E_ May
9.181,061 11813967 112207201 118837722
All East & West May
29455471 34091249 344135877 354201812
Pere Marquette.. May
1.241,350 1.415.752 15.189,072 16,096.987
Reading Co
-Phil& Si Reading May
4,054.8/2 4,369443 44.785,792 47,524.484
May
Coal & Iron Co
2.931.775 3,294.073 30.718,287 38,489.448
May
Total both cos
6,986.587 7463,616 75,504,079 86,013,930
301,571 281,418 2,692.907 2,709.393
Rich Prot & Potom 'lay
Rio Grande Jima_ _ April
69.938
72.234
948.433
888,115
Rio Grand South let wk July
12,132
9.347
12.132
9.347
Rock Island Lines_ May
4,938.829 5,370,193 62.051.000 04,989.001
May
310,013 327,299 3.398436 3,383.525
Rutland
St Jos Jr Grand Isl. May
122.303 123,064 1,483,631 1,432,040
St L Iron Mt & Sou May
2,624.978 2.784.859 30,648,232 31,656.657
St L RockY Mt & P May
219.299 199.178 2.285,927 2,083.508
3,264,644 3.697.831 41.504.439 42,334,041
St LOtlls Ss San Fran May
229.000
212.000
St Louis Southwest_ 1st wk July 212.000 229,000
San Pod LA & S L_ May
938.815 860,324 9,727,118 9,296.922
460,593
477.621
1st wk July 477.621 460,593
Seaboard Air Line
10983655 11784 139 126975983 131130169
Southern Pacific— May
Southern Railway let wk July 1,254.384 1.236.824 1.254.384 1.236,624
214,56/
215.997
Mobile& Okla.__ 1st wit July 215.997 214,561
On N 0& Tex P_ 1st wk July 188.182 176.270
186.182
176.270
86.382
87.069
Ala Great South.. 1st wk July
88,382
87.069
Georgia Sou & Fla lst wk July
45.456
50.318
45,458
50,318
Spok Pont Jr Seattle May
378.574 448.813 4.485,813 4.882,556
Tenn Ala St Georgia 1st wkJulY
1.905
1.905
1.763
1. 63
7
Tennessee Central_ May
14:M71 150.1'1 1,567,679 1,549,600
Texas & Pacific
1st wic July 361.212 285.394
285.394
301,212
Tidewater & West_ May
10,545
97,653
80,760
8-314
,
Toledo Poor & West 1st wk July
30.243
V 475
20.243
21,375
Toledo St L & West lat wk July
84.912
±.9.83.11
1
84.912
89.951
Union Pacific Syst.. May
5.27.2 160 7.270,482 84,824,933 88,074,697
Virginia Jr So West.. May
Ifi.240 185.344 1.780.066 1.600.817
Virginian
568,130 622,21S 0.161.566 5.690,207
1\487
Wabash
June
2.281 408 2498,49 29,966,247 31,769.287
Western Maryland.. May
889,382 686.922 7.556.588 6.914.635
Wheel Jr Lake Erie.. May
444.265 741.148 7.100,937 7.066,251
291,473
334.249
Wrightev & Termitic, May —
18.201
18,248
Yazoo Jr Mini Vail.. June
849.906 818,350 12,552.079 11.018453
Various Piste, Years.
.Period:
Delaware Jr HudsonJan 1
N Y Central& Hudson RIver_e- Jan 1
Jan 1
Boston Jr Albany
Laza Wiens Jr Michigan South Jan 1
Lake kale Jr Westeria_n
Jan 1
Clileaeo Indiana Jr &wham_ Jan 1
Michigan Centre)
Jan 1
8Cleve Mu Chia & St Loniv
Jan /
Cincinnati Northern_
Jan I
3. Lake Rai—
Jan 1
,
rs rYgObicseto& St Look Jan 1
Ne aba
l
Jan 1
'11e6°& Ohio Central
Jan 1
Total all linos_
Pennsylvania Railroad
deo 1
llaidmore Chesap Jr Atlantic_ Jae 1
'an /
Cattakeariaad Valley
Jon A
Island
Maryland DeLmw Jr Virginia.... Jan t
N Y Philadelphia Jr Norfolk_ Jan 1
Jan 1
Norther.: Contra!
Phila Bait Jr Washington.... Jan 1
Jan 1
Weet Jersey Re.Seashore..
Jan 1
PonsaIlvanla ComPang
Grand Rapids Jr Indiana.-- Jan 1
Pitts Chi Chic Jr St Louis._ Jan 1
Jan 1
Vandalla
Totallines--East Pitts Jr Erie Jan 1
.
—west Pitts Jr Erie Jan 1
—Ali Lines E & W
Jan 1
Dec 1
Rio GrandeJunction, ...
Jan 1
Rutland
AO
to
to
to
to
to
to
to
to
to
to
to
to
to
lo
to
AO
1.7
to
to
to
to
to
to
to
to
to
to
to
to
to
Current
Year.
Previous
Year. .
1
t
May 31 8,720.155 9.737,969
May 31 35,834,903 39,191.206
May 31 6,362,2916,705,474
May 31 20,053.136 24,206.462
May 31 2.202.387 2.361,211
May SI 1,730,875 1,856,892
May 31 13,122,340 14489.418
MSy 3113,486,00014,428,287
492.096
May 31
519,230
/May 31 8.589,522 8.213.583
May 31 4.641,678 5.030,899
'
May 31' .- .
May 31 106361891 119305433
,
May 3168.554,85973.693,485
May 31 ' 111,631
101,799
May 31 1.350,304 1,464,832
May 31 4,436,663 4,082,276
May 31
46.305
47427
May 31 1,430,512 1,517,773
May 31 5,024,344 5,393,907
May 31 8,008,414 8.542,957
May 31 2,053,729 2,075.971
May 31 21.0/3,743 24.907,870
May 31 2,101,509 2,127,639
May 31 15,711,057 17.518.135
,
May 31 .
.
May 31 05,496.0 4 10245g982
9
May 31 44,020.207 49.977,787
May 31 139516301 1524367742
April 30
340.448
376,395
M
31 1.357,607 1.388.291
S—Weeklyand Nonthl .
ea:Waldo Sitersaarlas.
a'wren,
Year,
Prertous
Increase or
Year.__I Decrease.
%
--.....
S
t
V
Miiecoe. Otis'. Yr. Pre*. Yr.
I
5
;
4th wink Apr (39 roads)--- 18.392,802 18,500.271 —3,107,457111.34 8eptember--242.097 239,0 186,880,
273,2A4,811 +9.805,231
lit weak May (36 roads)__, 12003,703 13,237.W —1.233
9.32, October ---243,690 940.880 1.99.11q5 840,176.017 —1.221.011 ITS
2(1 week May (35 roads._ 11,090.23 12.39145e —1.300.813 MA
orvirratr--243.745 241A651 208.2
62 278.381.475 —9,143.593 3.32
roads)__..... 11,28649 12,495.251 —1.209.153 9
Sd week May (35
her -.243.322 241.1so 254,218 01 286.224.678 —12.1305.787 4-5/
4th week May (39 roads)—_ 16,883236 19,631,51 —5.825.27711
annary___243,732 241,469 233,373,834 249.858.641 —16.884.807 6.75
lab week'June (32 roads)____ 12,090494 13.389. 9 —1,298,560 9.70
February---244 92S 242,928 209,213,005 233,055,143 23 823 138 10.22
.
.. .
12,203,40 13,3/3
—1,110,
Id week Jima (35 roads)--....
3.34
March —.......245.200 243.184 250.114,267 249.514.091
+680456
June 09 rnarke____ 12,447,27 ia.sa4.675 —1.0117,405 8.93
April ____243,613 2_41,647 2 .5_1.
245.048.8_9 —8,517,
148
18,716,590 17,481,230
—764,940 4._37
ith week June 83$
Mar
246.0M 243.934 2.39.427.102 266,435.022
0-711
6,007
—543.749 4.39
June
ist woek July (88Y2.323.697 12.867.446
84_5114
54:4_210 412 2.51A 01R7 417 0.29 1
—.A 730159 7.16
a Mexican currency. b Does not include earnings of 04:40.4ado Springs-Jr Cripple Creek District Ry.from Nov. 1 1911. e Includes the New York fp;
Ottawa. the St. Lawrence 8c Adirondack and the Ottawa Jr New York Ry ,tb hAtet of whicht being a Canadian road, does not make returns to Cut
Inter-State Commerce Commiesion. f Includes Evansyllit4 &-Terre Haute ar,d Evansville Jr Indiana ua. q Intines the Cleveland Lorain Jr Wheeling
Re. in both years. n Includes the Northern Ohio 811. p Includes earning.. of Mastro City Jr Fcrt Dodge and Wesconsin Minnesota Jr Pacific. s In-eludes Louisville Jr Atianvie and the peens:eon Jr Cinektnati. t Includes the Meale8a Ioteraetr.rued. u toclades4he Texas Central in both years an
the Wichita Falls Lhies in 1912. beginning Nov. 1.'c Includeszøt otaY cowatin rovenues. bag also ail other rece..11.3,8 x Includes St. Louie Iron Mows.
ULU Jr Southern. 4 We no looser include the Mexican roads In app or our totubv,
ad week
0.32
THE CHRONICLE
JuLY 18 1914.]
Latest Gross Earnings by Weeks.—In the table which
follows we sum up separately the earnings for the first week
of July. The table covers 38 roads and shows 4.39%
decrease in the aggregate under the same week last year.
First Week of July.
Alabama Great Southern
Buffalo Rochester & Pittsburgh
Canadian Northern
Canadian Pacific
Chesapeake & Ohio
Chicago & Alton
Chicago Great Western_
Chicago Indianapolis & Louisv..
Cinc New On & Texas Pacific_
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 Grand Haven&Milw
Canada Atlantic
Internat & Great Northern..___
Louisville & Nashville
Mineral Range
Minneapolis & St Louis
1
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 & GeorgiaTexas & Pacific
Toledo Peoria & Western
Toledo St Louis & Western__ _
Total(38 roads)
Net decrease (4.39%)
1914.
$
87,069
171,763
,
2,343 000
554,997
249,165
216,512
132,669
186,182
218,442
402,400
106,600
34,689
23,066
63,629
50,318
1913.
Increase. Decrease.
$
$
86.382
257,544
432,700
2,700,000
468.323
278,052
241,339
120,179
176,270
246,642
443,700
119,700
28,924
24,03
71.657
45,45
687
85,781
70,700
357,000
86,674
28,887
24.827
12,490
9,912
28,200
41,300
13,100
5,765
972
8,028
4,862
39,457
1,048,006 1,087,46
155,00
142,000
1,006,205 1,035,895
14,92
14,985
172,51
177,912
598,312
564,224
516.085
533,214
991,000
1,041,000
214.561
215,997
9.988
10,000
12,132
9,347
229,000
212,000
460,593
477,621
1,254.384 1,236,624
1,763
1,905
285.394
301.212
20,243
21,375
84.912
89.951
12,323,697 12,867,446
Mexican Roads (not included in total)—
Interoceanic of Mexico
31.746
National Railways of Mexico
352,021
13,000
29,690
62
5,402
34.088
17,129
50,000
1,436
12
2,785
17,000
17,028
17.760
142
15,818
1,132
5,039
251,208
129,132
622,3941
794.957
543.749
97,386
270,373
Net Earnittgs Monthly to Latest Dates.—In our
"Railway Earnings" Section or Supplement, which accomapnies
to-day's issue of the "Chronicle," we give the May figures
of earnings of all steam railroads which make it a practice to
issue monthly returns or are required to do so by the Inter-State
Commerce Commission. The reader is referred to that Supplement for full details regarding the May results for all the
separate companies.
In the following we give all statements that have come in
the present week covering a later or a different period from
that to which the issue of the "Railway Earnings" Section
Is devoted. We also add the returns of the industrial companies received this week.
—Gross Earnings— —Net Earnings—
Previous
Current
Current
Previous
Year.
Year.
Year.
Year.
$
$
$
$
Bellefonte Central_ b_ _ _June
2,112
7,621
1,272
7,916
Jan 1 to June 30
9,498
44,121
7,011
41,633
Norfolk Southern_ b_ __May 346,146
97,589
322,530
65,410
July 1 to May 31
3,895,886 3,816,028
986,856 1,308,372
Toledo Poor & West_b_June 100,783
34,891
131,209
6.008
July 1 to June 30
257,713
1.290.332 1,392,961
52,486
INDUSTRIAL COMPANIES.
—Gross Earnings— —NetEarnings—
Previous
Current
Previous
Current
Year.
Companies.
Year.
Year.
Year.
$
$
$
$
American Teleg & Teleph—
4
Jan 1 to June 30
23,328,768 22.731.942 20.569,308 20.255,85
Amer Teleg & Telep & associated holding & oper cos—
Jan 1 to May 31
92.516,679 87,871,945 24,944,759 25,079.893
103,658
Cities Service Co
June 269,586
260,639
115,445
770,532
Jan 1 to June 30
2,042,378
815,602 1,991,771
154,953
Detroit Edison_a
June 454,480
179.012
408,621
Jan 1 to June 30
3,155,816 2,701,474 1,355.602 1,166,514
27,453
Kansas Gas & Elec-a_ _June
28.034
78,604
71.540
329,300
July 1 to June 30
401.425
1,104,343
953,216
54,056
Keystone Tel & Tel_a _ -June 111,426
56,666
105.599
309,473
Jan 1 to June 30
332.934
656,248
626,172
54,748
Pacific Pow & Lt_a_ __Anne 113,594
59,921
106,698
590.725
July 1 to June 30
691,531
1,325,972 1,259,799
51,229
Portland Gas & Coke a June 101,576
53.985
98,942
614.785
July 1 to June 30
659,338
1,285.072 1.242,217
97,285
Utah P & L & Sub Cos_June 176,056
100,328
152,582
921,983
July 1 to June 30
1,959,141 1,645.055 1,112,893
Roads.
a Net earnings here given are after deducting taxes.
b Net earnings here given are before deducting taxes.
Interest Charges and Surplus.
—Int., Rentals, &c.— —Bat.of Net Earns.—
Previous
Current
Current
Previous
Year.
Year.
Yea,.
Year.
$
$
Bellefonte Central
¶872
June
240
¶032
240
Jan 1 to June 30
8.058
1,425
5,586
1,440
Toledo Poor & West_ _June
25,323
z15 999
24,518 xdef14,315
.
July 1 to June 30
x37,672
304.025
292,241xde1190.761
Roads.
Companies.
191
—Bat,of Net Earns.—
—list., Rentals,
Current
Previous
Current
Previous
Car.
ear.
Year.
Year.
Kansas Gas & ElecJune
July 1 to June 30
Keystone Tel & TeL _ _ _June
Jan 1 to June 30
Pacific Power & Lt_ __June
July 1 to June 30
..June
Portland Gas & Coke..
July 1 to June 30
15.136
177,607
25,921
155,584
30,343
364.645
22,562
267.311
14,281
167,584
25.508
151.497
29.985
310.612
21.959
228,826
12,898
223,818
30.745
177,350
29.578
326.886
31,423
392.027
13,172
161,716
28,548
157,976
24,763
280,113
29,270
385.959
After allowing for other income received.
ELECTRIC RAILWAY AND TRACTION COMPANIES.
Latest Gross Earnings.
Name of
Road.
Week or
Month.
Current Previous
Year.
Year.
Jan. 1 to latest date.
Current
Year.
Previous
Year.
$
$
$
$
466,970 451.130 2,602.851 2.434,593
American Rys Co___ June
120.618
116.380
27,199 28,927
Atlantic Shore Ry___ May
720.450
751.940
181,058 168.721
cAur Elgin & Chic Ry May
289,040
297,091
Bangor Ry & Electric May
56,965 60,284
62.045
71.548
14,964 12.231
Baton Rouge Elec Co May
121,265
Belt LRyCorp(NYC) February - 46,835 50.683
111.621
370,382
367,153
86.038 85,462
Berkshire Street Ry_ May
1987,712 1990.910 9.777.523 9.636,194
Brazilian Trac,L & P May
41,364
39.336
Brock & Plym St Ry_ May
10,999 10,279
Bklyn Rap Tran Syst February - 1863.192 1807.186 3,956.804 3,717,813
143,981
137,624
Cape Breton Elec Co May
29,486 29,989
493,372
460.637
94,761 123.316
Chattanooga Ry & Lt May
147,551
153.697
Cleve Painesv & East May
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
243.412 193,561 al.266,822
ComwthPow,Ry&Lt May
720,693 760,408 3,064.841 3,174,390
Connecticut Co
May
Consum Pow (Mich)- May
260,773 233,125 1,425.569 1,311.491
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 1st wk July 257.197 267.864 6,100.595 6,473,092
91.891
82.820
D DR B & Batt(rec). February _
35.981 43,418
485.57E
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
435.551
El Paso Electric Co_ May
83.286 69,037
289,374
275,078
42d St M & St N Ave February _ 108,621 135,543
905.332
974.540
210,528 202,470
Galv-Hous Elec Co May
513,369
511,606
Grand Rapids Ry Co May
107,265 108,168
382,171
396,302
87,050 87.087
Harrisburg Railways. May
Havana El Ry,L& P
Wk July 12 54,606 54.931 1,503,052 1,505,141
Railway Dept
Honolulu Rapid Tran
52.391
51.658
& Land Co_ __
51,658 52.399
January
122,471
115,644
24,177 24,644
Houghton Co Tr Co.. May
473,462 464,440 2,384.930 2,329,271
bHudson & Manhat_ May
660.785 629,002 3,392.454 3.161,381
Illinois Traction_ __ _ May
2948.937 2857,075 14,801,274 14,169.431
Interboro Rap Tran_ May
274.701
323.148
76,647 59,834
Jacksonville Trac Co May
57,821
54,848
11.062 10.847
Key West Electric_ _ _ May
504,341
530.903
120,742r 118,179
Lake Shore Elec Ry_ May
646.24'
684,614
170,750 147,652
Lehigh Valley Transit May
238,29:
241.918
58,572 54,123
Lewis Aug & Watery_ May
28,691
29.206
13,603 13,607
Long Island Electric. February _
268.078 258.919 1.023.023 1.022.23:
Louisville Railway April
501.578 492.981 2.039,969 1.995,241
Milw El Ry & Lt Co_ April
397.57;
453,120
111,844 102,863
Milw Lt Ht & Tr Co_ April
363.321
403.859
91,430 79,473
Monongahela Val Tr_ May
357,33]
360,975
173.144 171.332
Nashville Ry & Light February _
88,411
97,515
N Y City Interboro February. 44.337 41,501
53,341
51,183
23,291 25,184
N Y & Long Island February _
16,706 14.873
N Y & North Shore May
194.121
188,923
February _ 87,422 90.540
N Y & Queens Co
1199,849 1232,152 5.509.710 5,878.539
New York Railways_ May
132,551
159.534
39.305 33.709
NY Westch & Boston May
124,376
126,521
33.451 32.104
N Y & Stamford Ry_ May
53.381
54.475
15,043 13,908
Northampton Trac April
323.036 279.992 1.403.920 1.205.711
Nor Ohio Trac & Lt_ May
651,401
678.436
171.411 164,683
Lt_ April
North Texas Elec
98.471
100.936
26.255 24.915
Northw Pennsylv Ry April
10,427
8,681
4,158
4.752
Ocean Electric (L I)_ February _
115,061
125,644
24,552 25.665
Co.. May
Paducah Ti- & Lt
114,108
114.511
22.746 22.770
I Pensacola Electric Co May
2178.842 2173,824 9,956.212 9.958,731
Phila Rap Transit Co May
538,473 549.852 2,740,685 2.724,641
I Port(Ore)Ry,L &PCo May
364,41,
374.813
86,427 79,691
1 Portland (Me) RR May
702.770 689,941 2.861.919 2.749,25'
Puget Sound Tr,L&P April
257.020 245.342 1.253.879 1,172.98
Republic Ry & Light May
487,006 468,043 2,057,75 2,052,761
Rhode Island Co_ _ May
47,751
47,632
22,030 22,564
Richmond Lt & RIli_ February _
StJoseph
(Mo)Ry.Lt,
603,93:
634.642
106,262 100,513
Heat & Power Co_ June
187,27
190.609
40.335 38.167
Santiago El Lt & Tr_ May
333.603
350.379
71.500 70.026
Savannah Electric Co May
152,53
129,923
54.652 71,164
Second Avenue (Rec) February _
26,57
31.793
Southern Boulevard_ February _
14,565 12,491
33,65
3
34,321
15.651 15,738
Staten Isid Midland.. February _
325.92'
7
402.635
83.719 69.556
Tampa Electric Co May
625,372
624.965
Third Avenue
February _ 280.259 298,928
Toronto Street Ry June
525,553 512,086 3,035,301 2.893,843
Twin City Rap Tran_ 4th wkJune 232.838 222,054 4,468.940 4,188,88
Underground Elec Ry of London —
.:
£382,360 £380,37
mien Elec Ry
k July 4 £13,070 £13,58
Metropolitan Dist_ Wk July 4 £13307 £14,4£18 £355,443 £355.24
London Gen Bus_ Wk July 4 178,066 £71,548 11,688,094 £1,647.314
379,805
387,759
Union Ry Co of NYC February _ 178,676 178,056
United Rya of St L
1068,244 1055,130 4.090.982 4,024.181
April
Virginia By & Power May
433,497 416,030 2,098,470 1,999.582
250.271
236.563
Wash Bait & Annap_ April
67,956 59.34
77,34
78.952
Westchester Electric_ February _
36,379 36,541
6
90.85
91,570
Westchter St RR
es
23,516 22.114
May
Western Rys & Light May
212.908 207,440 1,053,303 1.001,80
301.79
331.776
59,03.
Wisconsin Gas & Elec May
55.887
77,83
102.862
Yonkers Railroad
February _ 47.296 49,350
367.152
390.592
York Railways
65.211 64,98
June
94,54
100.504
Youngstown & Ohio_ May
21,037 21.02
49.10
51.829
13 547 13.13
Youngstown & South Anr11
a Includes earnings on the addit onal stock acquired May 11913. b Represents 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:
INDUSTRIAL COMPANIES.
NetEarnings—
—Int., Rentals, &c.— —Bat,of Net Earns.—
—GrossEarnings
Previous
Current
Previous
Previous
Current
Current
Previous
Current
Companies.
Year.
Year.
Year.
Year.
Year.
Roads.
Year.
Year.
Year.
$
$
$
$
$
$
$
$
American Teleg & Teleph—
473,292
644,711
Pacific Gas & Elect a__June 1,379,438 1,251,190
Jan 1 to June 30
4,203,605 3,790,037 16,365,703 16,465,817
8,047.279 4.188.037 3,456.801
8,587.991
July 1 to June 30
Amer Teleg & Teleph & asso41,750
44.369
100,513
St Jos Ry L H & P a_June 106,262
ciated holding & op cos—
273.272
259.504
603,932
Jan 1 to June 30
634.642
1 to May 31
Jan
7.726.528 6,915,311 17.218,231 18,164.582
372,133
367,448
1,001,261
971,288
Syst
June
Cities Service Co
103,658 Third Ave RyJune a__June10,858,455 10.117.848 3,131.977 3,042.015
29,166
231.473
July 1 to
30
Jan 1 to June 30
760,538
174,999
9,994 1,816.671
June
Detroit Edison
68.654
102,460
a Net earnings here given are after deducting taxes.
110,358
52.49'3
Jan 1 to June 30
409.627
824,782
b Net earnings here given are before deducting taxes.
945.975
341.732
THE CHRONICLE
192
Interest Charges and Surplus.
-Int., Rentals, Joe.- -Bat. of Net Earns.
Current
Previous
Current
Previous
Year.
Year.
Year.
Year.
Roads.
308,120
329,031
June 334,591
Pacific Gas & Elec
2,020,166 1,960.884 2,167.871
July 1 to June 30
23,535
20,133
20,833
St Joseph Ry LH & P-_June
120,463
149,969
123,302
Jan 1 to June 30
213,120 2161.968
Third Ave Ry System__June 218,204
2,569,842 2,195.228 z641,239
July 1 to June 30
144,261
1,495,917
21,617
139,041
z164,966
x916,958
x After allowing for other income received.
Roads.
New York Street Railways.
-Gross Earnings--Net Earnings
Current
Previous
Current
Previous
Year.
Year.
Year.
ear.
Hudson 3c Manhattan a Feb
Jan 1 to Feb 28
Interboro It T (Sub) a__Feb
Jan 1 to Feb 28
Interboro It T (Elec) a-_Feb
Jan 1 to Feb 28
Total Interboro R 'I' a Feb
Jan 1 to Feb 28
Brooklyn Rap Trans a_Feb
Jan 1 to Feb 28
Feb
N Y Railways a
Jan 1 to Feb 28
Feb
Belt Line a
Jan 1 to Feb 28
Feb
Secend Avenue a
Jan 1 to Feb 28
Feb
Third Avenue a
Jan 1 to Feb 28
Dry Dock E Bway & B a Feb
Jan 1 to Feb 28
426 St Man & St N Av a Feb
Jan 1 to Feb 28
N Y City Interboro a_-Feb
Jan 1 to Feb 28
Southern Boulevard a--Feb
Jan 1 to Feb 28
Union By of NY C a_ __Feb
Jan 1 to Feb 28
Westchester Elect a_ _Feb
Jan 1 to Feb 28
Feb
Yonkers a
Jan 1 to Feb 28
Long Island Elect a_ _ _ _Feb
Jan 1 to Feb 28
N Y & Long Isl Trac a_Feb
Jan 1 to Feb 28
N Y & North Shore a--Feb
Jan 1 to Feb 28
N Y & Queens Co a____Feb
Jan 1 to Feb 28
Ocean Elect (L I) a_ __Feb
Jan 1 to Feb 28
Richmond Lt & RR a__Feb
Jan 1 to Feb 28
Staten Island Midland a Feb
Jan I to Feb 28
301,931
636,590
1,509,753
3.120.829
1,258,745
2,581,539
2,768.498
5,702.368
1,863,192
3,956,804
951,832
2,117,690
46,835
111,621
54,652
129,923
295,250
625.630
1,417.331
2,982,646
1,182,930
2,520,959
2,600,261
5,503,603
1,807,186
3,717,83,3
1,046,502
2,207,315
50,683
121,265
71.164
152,532
298,928
625,372
43,418
91,895
135,543
289.374
41,501
88,416
12,491
26,572
178,056
379,805
36,541
77.346
49,350
77,836
13,607
28,697
25,184
53.347
9,808
20,599
90,540
194,125
4,158
8,689
22,564
47,756
15.738
33,653
c161,802
344,410
982.152
2,009,984
572,469
1,165,823
1,554,621
3,175,807
515,685
1.156,866
193,033
595,883
def1,311
15,899
def6,887
3,598
91,545
220,592
def8,395
dot9,634
c153,419
342,271
852,261
1.797,558
531,114
1,160,107
1.383,375
2,957.665
517.760
1,032,870
353,736
748,896
3,751
8,031
5.586
[VoL. xcxx,
RESULTS FOR JUNE AND YEAR ENDING JUNE 30.
June
12Months
1914.
1913.
1913-14.
1912-13.
Operating revenue
2971.287 $1,001,260 $10,858,454 $10,117,847
Operating expenses__ _ 560,166
566,211
6,993,138 '6,350,139
Net operating revenue $411,121
$435,049 $3,865,316 $3,767.708
Taxes
38,988
67.601
733,339
725:693
Operating income---- $372,133
$367,448 $3,131,977 $3,042,015
Interest revenue
8,039
10,638
79,103
70,170
Gross income
$380,172
$378,086 $3,211,080 $3,112,185
Interest, &c
218,204
213,120
2,569.841
2.195,227
Net income
$161,968
$164,965
$641.239
$916.958
The operations of Mid-Crosstown Ry. Co., Inc., are included in system
from April 17 1914. Accruals of special franchise taxes for fiscal year
have been adjusted in June 1914. The statement is subject to adjustments for the fiscal year ended June 30 1914, on completion qf inventories
and analysis of open accounts.
-V. 99, p. 122.
American Thread Company.
(Statement for Fiscal Year ending March 31 1914.)
Gross profits
Deduct
Depreciation
Bond interest
General reserve
Pref. dividend (5%)
Common dividend
Balance,surplus
1913-14.
1912-13.
1911-12.
1910-11.
$2,086.115 $1,683.463 $1,366,775 $1,933,619
$495.960
240.000
$506,483
240,000
$494,588
240.000
5133.631
844,456
563.663
$529,100
240,000
300,000
244.524
244.524
244.524
244.524
(18)972,000 (12)648.000 (6)324.000 (10)540,000
579,995
BALANCE SHEET MARCH 31.
1914.
1913.
1914.
1913.
AssetsLiabilities$
$
3
Land
Lazr, water
se
d
Common stock__ 5,400,000 5,400,000
am power,
5% pref., fully ptl_ 4,890,475 4,890,475
119,320
624,965
mills, macbin'y,
4% 1st M. bonds_ 6,000,000 6,000,000
235,650
9 47
. 9
plant & effects,.15,550,682 15,433,875 Accounts payable_ 403,676
35,981
604,634
Bills payable
82,820
599,873
697,722
19.838 Stock in trade, net
cost
6,389,913 5,975,232 Bond int. accr.,&c.
66,733
64,011
108.621
56,087
Depreciation fund
275,078
71 ,
9 58t. 105,712 Amounts reedy- 1,193,508 1,406,671 Div.on com,stock 4,753,304 4,341,749
able, net
44,337
4.894
533,066 1,024.814
payable In July_ 702,000
8,126 Cash
513,000
97,515
10,771
8,045 Sundry Investmla 901,144
294,136 Reserves
820,448
745,276
59,064 Balance forward._ 1,070,556
Advance payments 139,757
14,565
936,925
def1,484
def2,079
31,793
3,335 def12,982
Total
24,707,070 24,193,792 Total
24,707,070 24,193,792
178,676
13.254
24,575 _v. 98, p. 1769.
387,759
23,136
41,485
36,379
def1,343 def3,316
Victor Talking Machine Co., Camden, N. J.
78.952
def2
2,512
47,296
92
(Results for Fiscal Year ending Dec. 31 1913.)
10.216
102.862
3.589
7,090
Pres. Eldridge R.Johnson say in substance:
13,603
def5,950
def3,742
29,206
def10.696
The general results during the year were better than ever before. In
def5,251
decisions of the Federal courts, the directors adopted a new
23,291
def4,692
def3,388 view of recent
51,183
def6,219 def5,977 method of distributing the company's patented products whereby the
company retains title to the same during the terms of the patents.
9.163
def1,357
241'
-story grinding plant
Many improvements are contemplated, including a 6
20,657
351
204 and an auxiliary power plant, a new bulkhead increasing the wharfage
87,422
property, a new shipping department and a new office building. During
def3,741
def49
dividends
188,923
def3,218
5,150 the year regular quarterly7% on the were paid at the annual rate of 10%
pref. In addition, an extra dividend
the common stock and
4,752
def1,037
def1,447 on10% was paid in October on the common stock. An extra 10% dividend
10,427
def1,617 def13,758 of
was also paid in 1912 and another was paid in April 1914.
22,030
def12,712 def13,744
BALANCE SHEET DECEMBER 31.
47,632
def19.953 def17,471
1912,
1913.
15.651
1913.
def3,926 def3,446
1912.
Liabilities$
$
34,321
Assetss
def5,209
s
def2,700
409,200
Plant, mach., &c. 3,747,479 3,242,544 Preferred stock _ _ _ 409,200
Common stock___ 4,999,000 4,999,000
a Net earnings here given are after deducting taxes.
Pat'ts, good will,
2
2 Mortgage payable.
15,000
15,000
Jsc
c Other income amounted to $88,079 in Feb. 1914. against $77,246 in '13.
218,509 Accounts payable_ 1,066,560
896,140
Inve.st's In oth.cos. 213,509
197,110
Res've for def. Lab
177,136
Trust funds
28,174
40,629 Div. nay. Jan. 15
oper
132,136
Def. rhos,to
Inventory (cost)._ 1,683.619 1,259,484 Undivided profits_ 7,318,307 3,655,260
Notes &accts.rec. 3,285,672 2,045,732
Securities owned.- 1,680,486 1,733,362
3,104,151 1,615,474
Cash
ANNUAL REPORTS.
Annual Reports.
-An index to annual reports of steam
railroads, street railways and miscellaneous companies which
have 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.
Third Avenue Ry., New York.
(Preliminary Report for the Fiscal Year ending June 30 1914.)
President Frederick W. Whitridge says in substance:
The statement of the net earnings for the 6 and 12 months ending June 30
1914 shows a total surplus for the year of $641,239, although for
months, after the interest upon the 5% Adjustment bonds has been the 6
paid,
-much less than that of last year. This is
it is 362,000
unprecedentedly unpropitious weather during practically explained by the
the whole of the
6 months, beginning with the two severe snow-storms of February and
March, and by the very large expenditures for paving, in part caused
by those storms.
The obligations of the street railways in respect to paving have become,
with the entire change of the character and volume of the city traffic
trespassing upon the rails, very onerous, and the burden is increased by
the manner of the city's administration of the streets. It seems to have no
conception that the public convenience is served by keeping heavy trucks
off the railway tracks. After a snow-storm. I have myself counted no less
than 18 vehicles on the tracks in one block, although the snow had been
entirely removed in that place from curb to curb. Every pound of coal
burned on upper Amsterdam Ave. goes up on the Third Ave. tracks in
often overloaded carts, a very large number of which in the winter time
would nos get up the hill at all unless the Third Ave. cars pushed them up.
It continues to be the policy of the company to charge everything which
can be charged against operating expenses, although I understand that the
system of accounts prescribed by the P. S. Commission, on the model
set by the I. S. C. Commission, requires charges against capital which tend,
and in the case of the I. S. C. Commission. may be for the purpose of
making the net earnings appear as large as possible. If this be true, it
means, of course, for the steam railways ultimate disaster, although in this
company whatever charges be made made against capital, we shall, I hope,
only issue new capital for new things which mean additional earnings.
We have recently purchased the City Island tine for $40,000, which can
be completed so as to serve that section of the country to the great satisfaction of the citizens at an additional outlay of about $25,000. This can
be done in about 30 days after the requisite permits for the commencement
of the work have been issued by the city authorities. Application will
also be made for additional franchises to connect this line with the other
lines of the system.
The board has also recently authorized the construction of a printing
plant for the printing of our own transfers, which will result in the saving
to the company of not less than $25,000 a year.
The annual report will be prepared after the completion of the audit
of the accounts and be ready for presentation at the annual meeting of
the_stockholders.
13,940,203 10,151,736
Total
-V. 84, p. 54.
Total
13,940,203 10,151,735
Four States Coal & Coke Co., Pittsburgh.
(Official Statement Dated July 1 1914.)
In connection with the plan for lifting the receivership
an official statement as of July 1 shows m brief:
Incorporated in 1910 in W. Va. to operate bituminous coal mines, viz.:
RR.. west of Fairmont.
(1) Annabelle mine, on B. & 0.in strong demand; 6.110 W. Va., coal bed
acres Pittsburgh
averaging 7 to 9 ft. Gas coal
Normal
250 acres of Sewickley coal. seams. capacity of mine 750,000 tons
seam;
Complete modern equipment,
annually, or 86 years from both
steel tipple. 7,000,000 gallon reservoir, 151 dwellings. 12 compressed air
locomotives. 38 air-mining machines, 11 miles of mine tracks,450 mine cars,
Smite mines. on C. & 0. Ry., south of Charleston.
&c (2) Dorothy andsteam and domestic coal, widely used. Bed now
W Va. High-grade ft.; 15 proven beds; 9 now of
averaging 10
commercial character
worked
seam, 10
contain about 206.660.500 tons. Coalburg750.000 ft. thick,alone worked
tons annually for these
35388.560 tons. Developed for
contains
two mines alone about 44 years, but this could be more than doubled and
years for this property.
still leave a life of over 100 mining machines and 743 Includes 14 electric
electric
mine cars.
mine locomotives, 11 capacity all mines. 2,500.000 tons
Combined annual
annually; actual
production should be 1.500,000 tons per annum, with operating profit
per year. Properties were appraised for bankers
of $450,000 to 5500.000$10,185,669) and under
receivers at $6,074.435.
at $9,125,761 (also at
financed as a going
eamu ngs
Val ie, when properlyfor banking interestsconcern, over $10,000,000. Net
were to befor year ending Sept.30
as estimated
1915 $554,500; year 1915-16, 5639,000. Estimated earnings for 1916.
cash expenditure should be: Annabelle Mines 1 and 2. $560,000;
after
Dorothy,$280,000; three stores. $105,000; total. $945,000. Deduct.' Sinking fund (Sc. per ton on 2.100,000 tons), 3105,000; bond interest(5K% on
$3.300,000), $173,250; interest on notes (6% on 52.000,000). $120,000;
balance estimated net surplus applicable to capital stock for 1916. $546750:
,
w
Coal Produced Since the Receiver! ere Appointed (Dec. 8 1913) (Tons)
Dec.'13. Jan.'14. Feb. 14. Mar. 14.Apr. 14.May '14. June'14. *Total.
75,416 50.994 49,374 71.458 85,732 97,953 101,640 532,567
Owing to business depression and interruptions and delays incident to
receivership,the mines have not operated to their best advantage, but these
obstacles have now been largely overcome as the above tonnage shows.
During the 6 mos. ending Nov. 30 1913 produced and sold 500,069 tons
of coal, with net profit (after taxes, &c.), of 32.c. per ton, or $162,578;
sinking fund. $24,993; earnings. $137,585.
Estimated Results Years ending Aug. 1 1915, 191 6 and 1917.
1914-15.
1915-16.
1916-17.
Production(60% performance),tons_ 1.500,000
2,000.000
2,500,000
Profits at 35c. per ton (40c. in '16-17) $525,000
$700,000 $1,000,000
--Sinking fund
Deduct
$100.000
5100,000
$125,000
Bond interest (in 1916-17, $1,500,000
at 5%. $1,500,000 at 53%,$2.000,000 at 6%)
292,500
287,500
277,500
Balance, estimated surplus
$132,500
$312,500
5597.500
JULY 18 1914.]
THE CHRONICLE
GENERAL BALANCE SHEET MAY 31 1914 AND AFTER ADJUSTMENT FOR $2,000.000 NEW BOND ISSUE.
May 31'14. Adjusted.
May 31 14. Adjusted.
Assets
Liabilities--10,268,261 10,268,261 Common stock__ 5.000,000 5,000,000
Properties
31,000 Preferred stock _ _ 1,500,000 1,500,009
Stocks owned
31,000
425,019 First H.bonds... 3,300,000 3,300,000
Cash
26,654
162,200 New 6% gold bds_
Due for coal deny_ 162,200
2,000,000
Inventory coal_ _ _
3,345
3,345 Gold cony. notes. 421,000
Supplies at works_
26,378
26,378 Mtge.Jarrel prop_
12,000
Bills reedy., &c_ _
63,940
63,940 Bills & accts. pay_ 202,225
Due from P.-B.Co.
Vouchers audited_
40,576
40,576
receiver.secured 557,300
557,300 Contingent Habit's 430,800
60,189
60,189 Receivers' certfs_
Open accounts_ _ _
187,424
66,626
66,626 For ins. & taxes_ _
Adv. to B.&O.RR.
327
327
Prepaid insurance_
2,665
2,665 Bond Int.to J'ne'14 97,708
Disct. 10% on new
Other interest._
49,577
200,000 Profit and loss_ _
bond.
26,921
26,921
Total assets_ _ _11,268,558 11,867,824
Total liabilities_11,268,558 11,867,824
The $557,300 due by the Pittsburgh-Buffalo Co. is fully protected by the
following collateral, which we intend to take over at a price to be approved
by the Court, placing the ownership of the same in the hands of the Four
States Coal & Coke Co. as follows: Pref. stock, 5340,000 and common
stock $950,000 of Four States Coal & Coke Co.; Rayland Coal Co. stock,
550.000; Annabelle Coal & Coke Co. stock. $100,000; total (par value)
51A40,000.
-V. 99, p. 123.
United States Metal Products Co., New York.
(Statement of April 1 1914.)
Treasurer G.H.Bowers,April 29,wrote (see V.99, p. 124):
On April 4 1914 I submitted comparative financial statements as of
Dec. 31 in 1912 and 1913. I now submit a report as of April 1 1914 compared with Dec. 31 1913 (1912 inserted by Ed.). In these three months
the assets have increased $119,820. while the liabilities have decreased
$97,996, showing a net gain of $217,816.
While this increase is due entirely to net earnings, it should be borne in
mind that through the past system of accounting the gain or loss through
the closing of a contract is only reflected in the statement when that contract has been completed and billed. During the past three months several
of our largest contracts were completed and are included in the billed contracts amounting to about 5960,000, which would account for the large
increase in assets during the period
COMPARATIVE BALANCE SHEET AS OF MARCH 31 1914 AND
DEC. 31 1913 AND 1912.
AssetsMar.31'14. Dec. 31 '13. Dec. 31 '12.
Plant, &c., real estate (College Point,
$709,045; Norwood Park, $3,199)- $712,244
$689,371
$711,168
Machinery and equipment
993,494
939,482
986,015
Good-will, $3,813,365; leasehold.
9103,012: organization expenses.
5170,593, and patents, $445,675
4,532.645
4,532,645 4,543,274
Investments (see list below)
202,222
2,222
202,222
Merchandise and raw materials
257,265
269,329
361,265
Work in process ($158,602, less advance payments, $190)0)
251.043
139,602
182.108
Cash on hand and in bank
170,571
35.295
26,638
Accounts and notes receivable
372,233
504,199
366,523
Miscellaneous assets
19,571
44,906
16,181
Deficit
901,899
855,165
637.350
Total
$8,059,222 $8,147,994 $8,250,932
Liabilities
Capital stock: Preferred, $2,000,000;
common, $5,000,000
$7,000,000 $7,000,000 $7,000,000
Notes payable
925,500
806.000
879,999
Accounts payable
138,075
119,294
80,241
Accrued pay-roll, taxes, insurance__ _
17,437
18,516
20,378
Commissions
7,750
4,331
8.580
Reserve for completion billed, contracts and unrecorded liabilities_ _ _
66,989
36,366
57,533
Reserve for depreciation of plant_ _ _ _
45,181
83,377
92.601
Unpaid dividends
50,000
Total
$8,059,222 58.147,994 $8.250,932
"Investments" include $100,000 United States Metal Products Co.
Pacific Coast corn. stock at par, $100,000 Metal Shingle & Siding Co.
corn, stock at par; other, $2,222.
[For the cal. year 1913 the "regular sales" were $1,750,930 and the net
profit for the year before considering dividend payments(5g
% or $105•13°
on pref. and 1% or $50,000 on common) or operations in Van Kann,2
ventilating systems or Walker-Bennet propositions, was $33,659. Free.
A. B. Turner said; "The cal. year 1913 shows a very unsatisfactory business, both in volume and net results. However. I am informed by the
General Manager that, owing to changes made in the plant and economies
instituted therein, the cost of manufacture has been reduced about 10%.
while the administration, selling expenses and interest charges have been
further reduced by a sum aggregating approximately $134,000. Ilad these
economies and businesslike methods been in effect for the year 1913,the
net profits from operation should, in my opinion have
aggregated Pm'
?
s
$300.000, notwithstanding the fact that on certain contracts quits large
losses were incurred. During the year your company received $100.009
common stoc,k of the Metal Shingle & Siding Co. of Canada and $100,000
common stock of the United States Metal Products Co. of the Pacific Coast.
These securities were received through
companies of certain rights. Both of these companiesthe sale to those
a veil
,
are reported
satisfactory business and earning largely upon their to be doing
common shares, so
that these securities should be of value. Suits have been commenced in the
courts against the old officers and directors for moneys which we believe
were disbursed without
sums and will be pushedlegal authority. These suits aggregate very large
he can on application to with all diligence. Should any stockholder desire,
the Secretary receive a copy of the bills filed beginning such suits. (V. 98. p. 1465.)-V.
99, p. 124.
Nevada-California Power Co., Denver.
(Seventh Annual Report-Year ending Dec. 311913.)
Pres. Delos A. Chappell says in substance:
193
callable at 105 on 60 days' notice (V. 94, p. 283.
ing fund of 20% of all net earnings (after Oct. 1 1320). With the sink1909), bonds to the par
value of $304,000 have thus far been redeemed.
Additions.
-The most important changes were:
3, $362,589; transmission line connecting plants Completion of plant No.
Nos. 3
other lines, $15,716; miscell., $38,771; total. 5448.987; and 6. $31,911;
net, $378,670. Of the amount spent on plant No. 3, offsets, 570,317,
Dec. 31 1912 held in cash on deposit; the remainder of the$262.242 was on
cost of additions
was met from the profits of the year.
Advances to Associated Cos.
-Of the gross expenditures of the associated
cos. for additions $435.476 was met by advances from
this
None of the associated cos. increased their bonds outstanding company.
year, although all of them added materially to their properties. during the
Workinc Capital.
-The company was organized with a working capital
of 591.114, and this has been increased to $935.102 on Dec. 31
Increase during 1913 was $336,255, brought about by the sales1913. The
of trusteed
stock to the amount of $257,731 and from the profits of the year, &c.
Surplus and Reserves.
-These items have reached the substantial sum of
52.097.161, a large part of which has been expended for additions to the
property and equipment and $312,310 has been appropriated for the redemption of bonds, while the remainder is not specifically appropriated,
but is held in the form of a working capital and advances to associated cos.
Properties.
-In the seven years to Dec. 31 1913 the growth of the company has been rapid, and its properties have been greatly increased. Large
and costly dams and reservoirs have been built for the storage of the necessary water supply, and there are now five hydro-electric power
plants on
Bishop Creek (three of which belong to this company and two to the Southern Sierras Pow.Co.;(V.98, p. 1998; V.95. p.55, 180),.while the
sion and distributing systems have been improved and greatly transmisThe capacity of the 5 hydro-electric plants is 22,250 k. w.. or,in extended.
round figures. 30 000 h. p., and in addition, the Southern Sierras Power Co. has an
oil-burning steam plant at San Bernardino of 12.000
of the plants and new and all are of the latest type. h. p. capacity. Most
The increase in power-producing capacity has been accompanied
by a
large increase in earnings. It is imperative that the producing
capacity
of the plants be kept well in advance of the consumers
demands. A safe
margin has always been maintained.
Associated Companies.
-In 1907.
the Hillside Water Co., which owns1908 and 1909 the company acquired
nearly 5.000 acres of land, including
large orchards, alfalfa fields, &c., all of which are operated.
The Hillside
Company owns very valuable waters,
to the
fornia Power Co. for power purposes, which are leasedby the Nevada-Caliand again used
Hillside Company for irrigation purposes after being
The Hillside Company has no bonded debt.used for production of power.
In 1909 the Bishop Light & Power
Co.
its operations are now
confined to the town of Bishop, Cal., was acquired;outlet for considerable
provide an
current. It has no bonded debt. and
In 1911 construction was commenced upon
Sierras Power Co., which is the largest of the properties of the Southern
this company the Nevada-California Power the associated companies. To
Co.
Creek in March 1912 and the Southern Sierras sold Plant No. 5 on Bishop
Power Co.constructed plant
No.6. which began to operate in
Power Co. acquired: (a) In 1911 the spring of 1913. The Southern Sierras
the entire capital stock of the unbonded
Corona Gas & Electric Light Co.. which serves exclusively
the City of Corona, Cal., having 5,000 population.
(b) In Oct. 1911 the property of
Lytle Creek Power Co. (including
oil-burning steam plant held in reserve), distributing light and poweran City of
in
San Bernardino and the adjoining territory. (c) In 1913 the power plant
and distributing system of
the Barstow Utilities Co., in Barstow,
which eventually will be connected
with the main transmission system of the
Southern Sierras Power Co.
Early in 1912 the Interstate Telegraph Co.,
took over the telephone and telegraph lines another associated company.
of the Inyo Telephone Co.. the
Nevada-California Power
Construction Co. The Telegraph Co. owns a systemCo. and the Sierrastelegraph
of telephone and
lines
California, extending from Manhattan, Nev., through in Nevada and
Goldfield and
Tonopah. to Bishop, Cal., and thence south to San Bernardino,
with telephone exchanges in many small towns and a long-distance
working arrangement with Pacific Telephone & Telegraph
Co. The Telegraph Co. has
$250,000 of 6% bonds outstanding, which are owned
by the associated cos.
At the present date the Southern
being extended to Banning, Cal., to Sierras Power Co. transmission line Is
supply the lines of the companies furnishing all light and power in the Imperial
Valley and
which territories require a large and rapidly-Increasing Coachella Valley.
amount of power.
Financing.
-The construction and extension of the Southern Sierras
Power Co. properties and acquisition by it of other companies
and properties has been accomplished by the issue of bonds and
stock and advances
from the Nevada-California Power Co.
The outstanding bonds of all companies aggregate 5.5,516.000, as
follows:
Nevada-Cal. Pow.Co.6s.$2 696.0001 Lytle Creek Pow. Co.
South. Sierras Pow.Co.6s 2,500.000 I Interstate Tel. Co.6s 5s._$70.000
250.000
GROSS AND NET EARNINGS FOR SIX CALENDAR YEARS.
1913.
1912.
1911.
1910.
1909.
1908.
Gross
$998,457 $872.844 $772.846
Net (after taxes) 513,696 580,5.72 560,025 5744.644 $708,315 5651.056
512,451 461,175 436.317
RESULTS FOR CALENDAR YEARS.
1913.
1912.
$995,064
$870,544
591,786
572.493
36,097
31,047
150,
000
69,750
72,314
57,917
15,000
19.500
Gross earnings
Operating expenses
Maintenance
Depreciation
General expenses, &c
Taxes
Total
Operating profits
Add-Earnings from securities
Total net earnings
Net interest charges
Rental paid S. S. 1'. Co
Reserve for emergencies
Amortization of discount on bonds
Bond sinking fund
Profit and loss adjustments, &c
Dividends
Balance, surplus
1911.
$766,846
$71,961
30,000
42.000
47.859
21.000
$365.197
$629,867
3,393
$250,707
$619,837
2,300
$212,820
$554.025
6,000
$633,260
5120,228
119,564
$622,137
$157,438
41,565
12,000
2,350
81,757
3560,025
$167.323
75,056
18,186
(4%)190,910 (4)182,860
18.000
2,650
74,302
540
(2)91.330
$109,316
5144,367
5205,879
BALANCE SHE
ET DECEMBER 31.
1913.
1912.
1913.
1912.
Assets$
Liabilities$
$
$
The gross earnings continue
Property & equIp't 8,539,259
8,160.589 Capital stock ____ 5,000,000 5,000,000
result was slightly less than in to show a substantial increase, but the net Special deposit
262,242 First M.6% bonds 2,696,000 2,775,000
ciation reserve account and the 1912, owing to a large increase in our depre- Bond sinking tuna
16
purchase of power from the Southern Sierras Inter-St
813 Acced int. & taxes
53,519
57,074
Power Co.
ate Tel.Co
Notes payable_
130,000
During the year we have had
In sinking fund_ 326,1141
inquiries for power to be used for irrigation Other
58,930 Div.scrip certlfs__ 464,900
purposes In Nevada, and,
273,990
stks., bonds
Other curr.liabirs.
in that State will exceed theeventually, I believe, the irrigation pumping
74,849
68,735
and land scrip__
present consumption for mining purPosea•
I 207,212 Approp'd for bond
A 56,000-volt transmission
line has been constructed, connecting the Cash
34,516
46,508
lines of the Pacific Power
redemption_ _ 312,310
237,253
Co. with the control station of the Southern ACCtS. reedy.,&e_ 110,052
Sierras Power Co.
119,376 Sur. from trusteed
located at Plant 5 on Bishop Creek, and a contract Suspense
64
entered into between
3,650 stock sales
257,731
Co.for exchange and the Pacific Power Co. and the Southern Sierras Power Due from assoc.cos 1,331,128
895,651 Depree'n reserve_ _ 299,849
152,745
Prep'd Ins.& suminterchange of power when occasion requires.
52,610
Through the Southern
63,463 Misc.reserves,&c.
47,074
45,426
Sierras Power Co. a 43
made which will enable your
-year contract has been
Profit and loss_
1,187,527 1,078,211
company to furnish a large part of the hydroelecttic energy to be consiuned
in the Imperial Valley, the Coachella Valley
Total
and intermediate points.
10,393,759 9,818,434
Total
10,393,759 9,818,434
Development in the agricultural district of the
Imperial Valley is progressing very
CONSOL. BAL. SHEET DEC.31 1913 (Total Each Side.
rapidly.
$20,338,159.)
Condensed Data from statement by
Eliminating liabilities between Nevada-California Power Co. and the
William E. Humphreys, Certi- seven associated companies.
fied Public Accountant,
Denver, March 17 1914.
Liabilities.
-Capital stock
Profits.
-The final net available
Bonds outstanding: Nevada-Cal. P. Co., 52.696.000: Son. $5.000,000
suricdus for the year, after deducting all
fixed charges and appropriating 20%
of the net profits for the bond redempSierras P. Co.. $2.500.000; Lytle Creek P. Co., $70.000_ _ 5.266,000
tion fund, was $300,226. In
considering this result, attention is called to the
Current Liabilities, 51,058,826; dividend scrip outstanding,
fact that $119,564 was paid for
power received from the Southern Sierras
$464,900; total
Power Co.,an increase of $77,999
1.523.726
over 1912. Depreciation was 980,250 in
Surplus
excess of 1912.
8,548,433
Assets.
Capital Stock.
-Of the $5,000,000
-Permanent property and equipment
capital stock, $433,500 , which in
Stocks and bonds owned in outside companies. $70,946; land$19,593,782
Dec. 31 1912 was held by a trustee for
***
during the year for 5257,731, and the the benefit of the company, was sold
scrip. $8,891; total
79.837
proceeds are carried in a special acCash,accounts receivable and other current assets
count for use as working capital.
664.540
Bonds.
-The bonds outstanding are
* The Telegraph Co. bonds ($250,000) are eliminated, as they
they cannot be increased under the $2,696,000 6s, due April 1 1927, and
are ownpresent mortgage; all or any part are ed by associated
companies.
-V.98, p. 1667.
194
[VoL. xcix.
THE CHRONICLE
(W. H.) McElwain Co., Boston.
(Report for Fiscal Year ending May 31 1914.)
Pres. J. F. McElwain, Boston, June 25, wrote in subst.:
-The total volume of sales for the year, excluding all duplicaResults.
returns, was $21,817,542, exceeding the largest
tions, trade discounts and
previous year's volume by 31,186.472. The sale of shoes by manufacturing
departments is larger than in any previous fiscal year, except the last,
which was 3% greater.
Sales for the Years ending May 31.
.
1914.
1913.
1912.
1911.
1905.
1895.
$7_5_,957 $5,203,043 $13,623,235 $17,089,017 $20,631,070 $21.817.542
The net earnings have been slightly less than those of the preceding year,
due to general conditions of business obtaining throughout the country.
with
We have also expended large sums in connection of itsthe inauguration of
supply factories in
our upper-leather tannery and the centralization
N.H. These expenses have been charged to operating. The
Manchester,
company's tannery is now producing a substantial portion of its upperleather requirements on a profitable basis. The centralization of our supply factories has been completed and the change will afford a materially
lower fixed charge and added efficiency of operation.
-Four hundred shares of first pref. stock were bought in
.
First Pref. Stock.
during the year, making the total par value purchased and canceled to date
$150.000.
The net quick assets, not including the securities owned, although such
securities are represented largely by quick assets) amount, after deducting $34,250 to cover dividends at6% per annum accrued for May 1914
on 1st and 2d pref.stock,to the sum of $5,495,753, being equal to *11331
per share of 1st pref. stock. The net tangible assets amount to $189 77
per share of 1st pref.
-We have expended during the past fiscal year and
Plant Account, &c.
charged to plant account $484,586. This item does not include lasts, dies
patterns to the value of$160,364 purchased during the year and charged
and
to operating expenses. Repairs and renewals amounting to $173,527 were
charged to operating expenses, contrasting with $193,436 in 1912-13 and
$146.279 in 1911-12. In addition, the company has made special appropriations from net earnings for plant account for the past year of $51,226,
making a total of $240,911 so appropriated during the past four years.
During the year the company has completed the large factory in Manchester, N. 11., which was under construction last year and has also partially
rebuilt and completely equipped the upper-leather tanning plant in Manchester acquired during the preceding fiscal year. No material additions
to 'plant are contemplated during the coming year.
The company has acquired during the past year an interest in a wholesale
shoe-distributing house m Kansas City, Mo.,and has concluded negotiations
for the acquisition during the coming year of an important interest in a similar large business in San Francisco. Both houses will prove of increasing
value to the company.
-The record owners of 1st and 2d pref. stock now number
Stockholders.
1,904; average holdings 36 shares.
-The company is adding to its board of directors Kimber L.
Directors.
Barton, Seward M. Paterson and Winfield L. Shaw. Mr. Barton has
long been a leading wholesale shoe merchant of Kansas City. Both Messrs.
Paterson and Shaw have for many years been intimately associated with
the management of the company's manufacturing departments.
INCOME ACCOUNT YEAR ENDING MAY 31.
1914.
1913.
1912.
1 $705,550
$769,116 3487,262
Manufacturing earnings
Miscellaneous
,
1
$705,550
$769,116
Total net
Deductions
$51,226
$40,557
Appropriations to plant account
39,570
83,992
Bonuses to managers (no officers incl.)
291,900
189,950
First preferred dividend (6%)
180,000
148,187
Second preferred dividend (9%)
OM %)90,000 (15)232,500
Common dividends
$639,780
$74,235
53,827
150,000
112.500
(6)90,000
operation of the Central Foundry Co. and its subsidiaries resulted for
the year in a net profit of $40,925.
-In June the plant of the Central Radiator
Liquidation of Radiator Co.
Co. was destroyed by fire. The property was well insured and the loss
was adjusted on a satisfactory basis. As previously reported, the radiator
business had no connection with our other business and was not in any way
a benefit to it. After the fire it was determined not to rebuild but to liquidate the Central Radiator Co. The result has been highly satisfactory.
All the obligations of the Central Radiator Co. have been paid, and we
have already realized $30,000 on the stock, and ultimately, after the remaining assets have been disposed of, this amount should be increased
to nearly $100,000.
-The company has already felt some revival in soil-pipe business.
Outlook.
The tonnage which has been ordered since the close of the year 1913 has
been large and has resulted already in some improvement in prices of soil
pipe. The prospects for the coming year are dependent entirely upon
general business conditions, although under anything like normal conditions
the year should show a considerable demand in view of the heavy liquidation of jobbers' stocks which took place last year.
-During the dull period the company has made vigorous
New Lines.
efforts to develop a business in miscellaneous castings, such as lamp posts,
frames and covers, valves and service boxes, and the general and
manhole
miscellaneous castings used by building and construction contractors.
These efforts have already met with considerable success, and since Jan. 1
there have been received no less than 2,000 tons of this miscellaneous work.
The handling of this business involves no additional overhead expense,
and it should therefore contribute materially to our profits. This miscellaneous business will afford the old plants work as the soil-pipe output of
the Holt plant is substituted for the production of some of the older plants.
-Our financial condition on Jan. 1 was good. Except for
Status.
time loans secured by bonds, which were made in connection with the building of the Holt plant, the company owed not a dollar to banks or on notes,
EARNINGS FOR PERIODS ENDING DEC. 31.
Year ending Year ending Apr.221911
Dec. 31 '13. Dec. 31 '12. 10Dec.31 '11.
1
Not
j$3,010,459 $1,867.920
Gross earnings
1,743,031
1 2,822.035
All expenses, charges & depreciation- j stated
Net profits
-to affiliated companies
Loss
$65,813
24.888
$188,424
14,098
$124,889
61,545
$63,344
$174,326
$40,925
Balance
COMBINED BALANCE SHEET, INCLUDING CENTRAL IRON & COAL CO.
AND CENTRAL RADIATOR CO., DECEMBER 27.
Dec.27'13 Dec.28'12
Dec.27'13 Dec.28'12
$
$
$
$
AssesPreferred stock___ 4,600,000 4,600,000
Real estate,bldgc.
3,712,846 Common stock__ 3,600,000 3,600,000
equipment, &c. 3,841,025
PaVts & good-will_ 5,623,094 5,623,094 First mtge. bonds_ 62,708,000 2,602,000
255,067
861,000 Accts.& pay-rolls,. 228,188
Treasury securities .975,000
4,111
4,948
13,195 Accrued taxes_ _ _
13,195
Investments
44.233
43,687
Accrued bond int_
Discount & comm.
'1,872
7,458
120,246 Sinking fund
111,215
on bonds
629,450
629,368
57,231 Notes payable__
73,047
Prepaid insur.,&C.
799,031 Reserves
852,9311
Inventories
185.188
Exhaust. of min. 194,867
11,649
9,521
Notes receivable
2,239
26,952
Re-lining fund_
488,193
Accounts receivle. 311,464
41,646
76,811
183,193 Depreciation,. _ _
104,503
Cash
4,015
Maintenance__ _
132
3,2184
Sinking fund
14,725
14,603
Reorg.expenses.
8216,644 8114,735
Deficit
Total
12,134,862 11,984,546
Total
12,134,862 11,984,546
a The deficit In 1913 as above was, after adding sundry adjustments, $142,835,
and deducting profits for fiscal year ending Dec.27 1913, 840,925. Coal.,$1.257,000.
b Incl. let M.68 of Cent. Foundry Co.,$1,451,000: Cent.Iron &
par and $609,000.
x Includes 9366,000 Central Foundry Co. 6% gold bonds at
-V.96, D. 1837.
Central Iron & Coal Co.6% gold bonds at par.
$73,930
$52,854
$159,218
Balance, surplus
New York & Kentucky Co. and Subsidiaries.
Volume of Sales for Years ending May 31,
1905.
1911.
1912.
1900.
1895.
1913.
1914.
(Report for Fiscal Year ending Dec. 31 1913.)
$
$
$
$
$
$
$
21,817,542 20,631,071 17,089,017 13,623,235 5,203,043 1,201,713 75,957
Chartered accountants say:
BALANCE SHEET MAY 31.
The net profits for the year were found to be $414,763, and, after paying
dim of 7%
7% dividends on the pref. shares, amounting to $70.000, anda balance of
1914.
1913.
1913.
1914.
amounting to $280,000, there was
$
Liabilitieson the common shares,
$
$
Assets$
its account.
4,512,662 3,836,506 $64,763,carried to undivided prof
369,629 Debts
386,413
Cash
4,512,691 3,844,523 First pref. stock_ 4,850,000 4,890,000
Receivables
CONDENSED CONSOLIDATED BALANCE SHEET.
5,143,561 5,525,862 Second pref.stock. 2,000,000 2,000,000
Merchandise
Dec.3113. Mar.31'13
Dec.31'13. Mar.31'13
Securities
499,890 Common stock___ 2,000,000 2,000,000
452,891
$
$
Liabilities$
$
Assets353,944
301,090
Plant account
3,221,050 2,787,691 Surplus
1,000,000 1,000,000
Preferred stock
Real estate. bldgs.,
4 000,000 4,000,000
Common stock
good-will,
equip.,
Total_ _ _ _
_13,716,606 13.027.595
Total
13,716.606 13,027,595
1,295,000 1,687,500
a3,124,341 3,081,359 Notes payable
The balance sheet and other information contained in the report includes
ALC
120,861 139,627 Accounts payable__ _ 165,587 103,263
the assets and liabilities of the manufacturing and supply departments; also Cash
rec.b1,654,168 1,748,039 Real estate, personal
a( the distributing houses of Clark-Hutchinson Co., Boston and N. Y. Notes & accts.
61,970
17,745
tax,&c
1,693,460 2,287.168
Winch Bros. Co., Boston. all of which were absorbed Feb. 1 1912; and of Merchandise
17,500
285,799 422.185 Divs. payable Jan. 2 17,500
Morse & Rogers, N.Y., which was absorbed March 1 1913.-V.98.D. 1996. Securities_c
464,936
2,490 Surplus reserved
3,503
Miscellaneous
77,017 Undivided profits- _ _ 507,006 466,581
77,625
assets
Other
43,866
The Central Foundry Company, New York.
unexp.ins.,int.,&e. 43,082
7,002,839 7,801,751
Total
(Report for Fiscal Year ending Dec. 31 1913.)
7,002,839 7.801.751
Total
b Less $244,553 reserved
Pres. Waddill Catchings, N.Y., April 8, wrote in subst.:
Less allowance for depreciation, $212.771. ($419,685). lcss $133,886
a
Results.
-During the first half of 1913 the company manufactured and for doubtful accounts. c Sectuities at cost
shipped a greater volume of product and the profits received were materially reserved for contingencies. its subsidiaries were on Dec. 31 1913 contin-The company and
larger than during any similar period. About mid-year there was a great
Note.
notes receivable
falling off in demand, and prices were repeatedly reduced until toward gently liable as endorser or guarantor of customers'amount $158.949disare
$405,199. Of this
Dec. 27 they reached the record low level. The selling price of 4
-inch counted at banks in the sums of other collateral.
-V.97, p. 174.
standard pipe, one of our principal products, was reduced from $31 per secured,hY whiskey certificates and
ton to $23 50 per ton, due to efforts by manufacturers to secure the small
amount of business offering.
Montreal Water & Power Co.
Depression in general conditions has a peculiarly acute effect upon our
business, the small demand being then met by jobbers largely out of their
(Report for Fiscal Year ending April 30 1914.)
stocks,which are not replenished until business conditions change. Shipments of pipe and fittings late in the year were at the lowest point
Pres. Edwin Hanson,Montreal,June 10, wrote in subst.:
known, and great inroads were made upon the profits of the earlier part of
the increase
Resuas.-The gross revenue continues to steadily improve,paying interyear. The operations of all our plants were reduced and some of the
the
previous year being $112,005, or nearly 17%. After
plants were closed. The result was to place the company in strong over the on all outstanding bond obligations, there remains a net operating
est in full
financial condition.
year of $208,813, which, added to the balance a profits
In August preliminary Operation of our large new plant at Holt indicated profit for the
forward, makes a total of $305,691. From this total the directors
the necessity for some additions to the equipment; at that time said plant larought aside the year's proportion of the discount on bonds sold and the
was producing a tonnage of pipe much in excess of what the company was have set
proportion of the premium due at maturity on outstanding bonds,
able to ship. As widespread reductions had to be made in our output, year's is aitogererbto 3 9 d52.
2 ,
has a so een ma5e fo
prov
r possible losses and depreciation on certhe Holt plant was closed down until the changes should be completed. amountl
Provision
The changes and improvements, which do not involve the expenditure of tain assets (such as tools, motor cars, &C.), amounting to $34,793, while
large sums of money, are now being made.was
been added to reserve account for general depreciation, leaving
has
not
The year for the Central Iron & Coal Co. early altogether satisfactory. $60,000 surplus to be carried forward of $189,013.
the
part of the year it was a balance
-At
Fig iron prices were very low. During
Charter Amended--City's Option-Dividends. a the last session of the
impossible to secure low costs because of the delay in the opening up of the
bill amending the comLegislature,your company introduced
Friedsran ore property,due to the failure of the railroad to complete the Quebeccharter, and by mutual agreement with the city of Montreal it was,
latter part of the year pig iron prices pany's
connection as planned. During the
things, provided that for six months after the bill became law
The additional retort coke ovens were among other
were at an abnormally low level.a capacity sufficient
the city should have the right to purchase the capital stock of the comcompleted and the company hasdevelopment work at to make its full re- pany, and at any time after the six months to expropriate the co's system.
Friedman was com
quirementa of retort coke. The
Although the profits of the company for the past year fully Justify the
and the company
Dieted during the latter part of the year low mining coat. is now securing declaration of a dividend on both classes of stock, your directors do not
We
this high-grade ore at an exceptionally has heretofore been have been deem it proper to declare any such dividend during the six months in quesfortunate in securing W. L. Mutts, who & Steel Co., as in charge of tion, but should the city not exercise its right in this respect within the term
Iron
Vice-President
favorthe Thomas furnaces of the RepublicIron & Coal Co.
named,the directors will then feel justified in giving this matter theircapital
Central
consideration. The bill also authorized an increase in the
and General Manager of the
profits, before deducting selling, general expenses, bond Inter- able from $1,160,000 to $4,000,000, and ratified and confirmed certain
Our gross
$380,271; net profits, after making all de- stock
the company and several municipalities.
est and other deductions, were
reserve for depreciation and mainte- franchise agreements between
ductions and charges, including
i
9
(V. 97 P. 111,)• new reservoir is still
unfinished, but the first half should
Additions.- he
nance, were $65,813. Coal Co. showed a gross operating profit for the year,
few months Vhere1 next and the remaining
The Central Iron &
sinking fund payments, &c., of $106,543; be available by Sept.the mains during the year half in a
aggregated only about 3)(
without deducting bond interest,
and all other charges, except the interest after. Additions to
that
after deducting bond interest
but the number of new services reached 3.216, thus in
Co. and the original bend
the miles,
payments to the Central Foundry payments to the Central discount,Co. the gweater demand for water arose from districts already piped. All the
Foundry
Polk was $10.71 The interest of 334.887. There _was a slight profit work set forth in the last annual report as then contemplated has been
resulting in a loss
system.
aanotint to 338,3
to the fire, and the entire carried out, and adds greatly to the efficiency of the
.eoperation tale Central Radiator Co. prier
THE CHRONICLE
JULY 18 1914.!
It is intended to duplicate the electrically-driven pumps at the Clarke
Ave.station as soon as possible. We also intend to install a new and large
force main from the lower pumping station to the northern territory to
connect eventually with the new reservoir in Outremont. giving a duplicate
supply to that important part of the territory and system. This is a large
undertaking and will require some time to complete. It is also intended
to increase the capacity of the filtration plant as soon as possible.
The $1,074.596 income securities. on which 2%% interest had been paid,
ceased to be such on June 30 1912, and became regular interest-bearing
bonds from that date onward, and the full 5% interest has been paid
regularly since that date, and in the statement below the interest on these
bonds is included in "Interest on fended debt."
INCOME ACCOUNT FOR YEAR ENDING APRIL 30.
1912-13.
1913-14.
1911-12.
1910-11.
$783,690
$671,684
$506,504
Gross profits
$432,151
Oper., maint., legal, gen.
324.340
299.446
228,900
and other expenses
149,685
$372,238
$277,604
$282.466
$267,705
$159,440
$169,497
28,828
32,912
8.000
2,000
65.000
20,000
1,897
23,549
25,284
42.000
17,500
Total deductions_ _ _ - $367.189
$306,533
Bal.,surplus or deficit_ _sur.$92,161 sur.$65,705
$279,249
def.$1,645
$459.350
Net profits
Deduct*$250,537
Int. on bonds,&c
Added to res've acc't for
29,552
prem. disct.. &c_ _ _ Int. during construction
72.100
Depreciation. &c
15.000
Prov.for bad,&c., debts
Miscellaneous
$277,830
sur.$4,636
*After deducting interest received and amounts charged on unfinished
construction works, $32,875.
BALANCE SHEET APRIL 30.
1914.
1913.
1914.
1913.
Assets
Franchises, real esOrdinary shares ____ 280,000 280,000
tate, sco. (cost)._ _6,818,372 6,619,434 Preferred shares ___ 500,000 500,000
Prior lien 4)0 in
Ste. Cunegonde 5%
treasury
50,288
53,695 debentures
250,000 250,000
Discount & exp. of
Prior lien 415% bds_4,865,207 4,781,500
,
prior lien bonds
5% bonds and scrip
(written off yearly) 397,092 412,107
certificates
1 074,596 1,074,596
Accounts receivable_ 195,434 170,906 Accounts, bllis payStable, stock, furniable, loans, &c
45,433 201,773
ture, tools, coal,
Accrued int. & wages 94,583
92,314
33,087
gcc
31,517 Res've for depr.,&c. 402,945 320,252
pipes,fittings,
__
11,295 Amount due munici25,343
Unexpired insur.,&c.
2,515
3,062
palities, excl. int_ 137,515
316,644 295,848 Profit and loss
Cash
96,882
189,043
195
Atlanta & Charlotte Air Line Ry.-Plan Operative
Time for Deposits Extended.
-The stockholders committee,
W. Emlen Roosevelt, Chairman, 30 Pine St., N. Y., in
circular of June 29 say:
More than 80% of the stockholders have consented to the plan outlined
in our letten of April 20 1914, and the said plan has been declared operative.
The time for depositing stock with the U. S. Mortgage & Trust Co..
55 Cedar St., N. Y., the depositary under said plan, is hereby extended to
and including Aug. 15 1914 on which date the company will be ready to
deliver to the stockholders who have deposited their stock under agreement
"A," new certificates ofstock bearing the guaranty of the Southern Railway
Co.,and providing for the payment of a dividend of 434% on Sept. 1 next.
Of the $20,000,000 of new mortgage bonds, $5.500,000 have already
been sold and the proceeds will be applied to the payment of all the outstanding bonds of the company on July 1 1914. The remaining $14,500,000
bonds will be issued from time to time to provide for double-tracking the
road and making the other contemplated improvements. See V. 98.
p. 1458, 1991.
Berkshire (Mass.) Street Ry.-Decision.--The Mass.
P. S. Commission, in reply to the residents of Lanesborough
for reduction of fares on lines in that district from 10 to 5
cents, states that the financial condition of the company does
not warrant the reduction. The Commission, however,
recommends that the company sell tickets to be used between 5 a. m.and 7 a. m.and 5 p. m. and 7 p. m. at the rate
of 7 for 50 cents.
-V.98, p. 999.
Baltimore & Ohio RR.
-Distribution of Stock.
Bee Union Pacific RR. below.
-V. 99. p. 118.
Canadian Pacific Ry.-Statement by President.
-In order
to set at rest rumors about any issue of new stock and other
disquieting stories regarding the company, President Sir
Thomas Shaughnessy on July 15 issued the following:
After the payment of all fixed charges and dividends the company entered
upon the new fiscal year July 1 with $36,000,000 in cash and 514,000,000
In equipment securities, after having spent upwards of 530.000.000 on railway and steamship construction, for which 4% Consolidated Debenture
stocks have been authorized but not offered on the market. The end has
nearly been reached with all the important work on construction and improvement that was in progress, and only a comparatively small portion
of the money in hand will be required for its completion.
No new works of any magnitude are contemplated at present and therefore no necessity exists for the further issue of capital stock. It is not unlikely, however, that the directors will, at the meeting in October. recommend
7,839,322 7,597,317
Total
Total
7,839,322 7,597,317 made to the shareholders that the authorized ordinary share capital be
In addition to the liabilities set forth in the above statement,there exists a liability so as to conform to the amount for which the company has legal warrant
to provide for the future capital requirements as and when they arise.
to the City of Montreal (formerly the Town of St. Louis Cu Mlle End), offset by
additional assets of exactly the same amount, representing a further pipe system -V.99, p. 118.
that is to be taken over by the company.
-V.97, p. 1508.
Chicago & Alton RR.
-Agreement.
Bee Union Station Co. of Chicago below.
-V.99. p. 47.
Robert Simpson Co.,Ltd.(Department Stores),Toronto.
Chicago & Eastern Illinois RR.
-Operations on Chicago
(Report for Fiscal Year ending Jan. 31 1914.)
&Indiana Coal Ry.-Bigelow & Co., N. Y. and Phila.., have
received some additional data from the receivers bearing
Pres. Harris H. Fudger, Feb. 16, wrote in substance:
The net earnings show an increase of $73.218 over the previous year, and directly upon the operation of the Chicago & Indiana Coal
were more than three times the amount required for interest on bonds and Ry., concerning which the firm says in substance:
preference shares. In disposing of the earnings,the entire commission to
subscdbers and underwriters set out in the prospectus in respect of the pref
shares Issued in May 1912 has been written off. This commission might
fairly have been amortized over a term of years, but the good earnings of the
year just closed made it possible to obliterate the amount at once from the
balance sheet. As in the year previous, 550,000 has again been written off
plant and equipment account. Bonuses amounting to $24,800 have been
distributed to members of the staff, and,after paying directors' fees, and
dividends amounting to 7 1-3% to the holders of common stock, the sum
of $281,621 is carried forward in profit and loss.
A subsidiary company,known as the Keens Mfg. Co.,Ltd., was organized
In May 1913 for the manufacture of lingerie sold by this company, and by
our Montreal store, The John Murphy Co., Ltd. This new company and
the other associated companies show satisfactory returns on the investment.
PROFIT AND LOSS STATEMENT FOR YEARSENDING JAN.31 1914.
1912-14'
1912-13.
0
Net profit on merchandise
15777,472 15752,75
97,940
Dividends from sub-companies
Total net Income
Balance brought forward from last year
$777,472
5850,690
219,224
Total
$1,069,914
Deduct-Bond int., $111,413; pref. div. (6%), 5165,000; corn. dlr.,
5486,856
5210,443; total
Deprec'n of plant & equip., $50,000; subscribers' and underwriters'
275,137
commission on pref. shared,5225,137; total
26,300
Bonuses to employees,$24,800,and directors'fees.$1,500; total_ _
5281,621
Balance, surplus, for fiscal year ending Jan. 31 1914
BALANCE SHEET JANUARY 31.
1913.
1914.
19e.
1913.
Assets
S
5
$
LiabilitiesBldgs.,equip.,land,&c3,992,213 3,929,152 Preferred stock
2,750,000 2,750,000
Investments
a677,200 452,200 Common stock
Mdes. on hand (apFirst mtge. bonds_ _Ut1:372
.
proximate cost) _2,685,000 334 909 Accounts payable... 330,187 183,051
Accts.& notes reedy.6220,463 2',
'
Customers' and emomp.Mfg.Co.,Ltd
27,046
115,000
ployees' deposits__ 30,206
Jno.MurphyCo.,Ltd. 206,178 315,476 Accrued bond interKeens Mfg. Co., Ltd 40,932
est
Cash
225,727 299,504 Surplus_
28?:63? 21C:E2
Advance paym'ts,Ja 62,159
88,380
Deferred charges ___ 6243,956 438,065
Total
8,353,828 8,184,432
Total
8 353,828 8,184,432
,
Litt.Z33
a Investments yearly include Thompson Mfg.
Co.. Ltd. (entire stock issue of
3,000 shares at par), $150,000; The Jno. Murphy
shares at par,
Co.,
$302,200: and also In 1914 Keens Mfg. Co. Ltd., 2,250 Ltd., 3,022 5225,000.
shares at par,
b Deferred charges in 1914 include
proportion of catalogue expenditures, unexpired
insurance premium and other prepaid
expenses, &c., 5131,414, against $100,386 in
1913,and subscribers'and
against 5337,679.-v. 98,underwriters' commissions on bonds,$112,542 for 1912-14,
p. 1541.
The prospects for the Chicago & Indiana Coal By. seem to be very poor,
as set forth by the fact that products of mines constitute over 72% of its
total tonnage and nearly 52% of its total revenue, while the receivers have
previously said that the company's coal fields are substantially worked out,
and all other coal-mining along the line has practically ceased (V.98, p. 1992)
(1) Freight Business of Ch. & Ind. Coal Div. Determined on Mileage Pro Rata.
July &
Est.
Nov.1913- One Year
Originating on line
531.449 $188.694
Received by line
14,128
84,768
Via the line
8,473
50.837
Total freight revenue
554.050
Less est. amt.for switching absorbed & other claims,10% 5.405 $324,299
32,430
Net freight revenue
$48,645 $291,869
(2) Freight Statement Chic. & Ind. Coal Ry. and Chit. c% East. Illinois, Covering Freight Billed from and Received at Chic. & Ind. Coal Ry. Stations.
July & Nov. 1913- -Estimatefor Year(a)ForwardedTons. (P.C.) Revenue. P.C.))
Products of agriculture 10,625 (9.56) $12,478 (18.27) Tons, Revenue.
Live stock (99%) etc. 1,682 (1.51)
3.047 (4.46)
Bitumin.coal,52.47%
stone. &c., 47.53% 80,112 (72.07) 35,437
(51.88) 666,949 $409,793
Products of forest...-.
970 (0.87)
566 (0.81
Manufactes
ur
16,372 (14.71) 14,393 (21.07
Other commodities_ _ _ 1.397 (1.26)
2,377 (3.48
Total
111,158(100.00) 568.299(100.00) 666.949 $409,793
Connecting lines
13,969
8,799
Total
113,486
$69.765
680,918 $418,592
bReceived from connecting lines., Hid.
C. & E. I. RR
99,738
$68,108
598.429 5408,648
Grand total
213,224
$137.873
Revenue for the year obtained by multiplying the l n.347 S82 24
7,
Nov. 1913 by six (See also V. 98, p. 1992).-V. 99, p.re.lults of Ju1y an3
119.
Chicago Great Western RR.
-Lease of Part of Road.
The company has leased for 50 years to the Minneapolis
St. Paul Rochester & Dubuque Electric Traction Co., commonly called the "Dan Patch," the portion of its line extending from Randolph to Mankato, Minn., 57 miles.
V. 97, p. 1203.
Chicago & Indiana Coal Ry.-Freight Business.
See Chicago &
Eastern Illinois RR. above, and compare V. 98. P. 1992.
ChicagoRock Island & Pacific Ry.-Underwriting
Syndicate.
-It was stated this week that an underwriting
syndicate has been formed to guarantee the taking of stock
GENERAL INVESTMENT NEWS.
to be offered to the stockholders of the Rock Island Co. and
bondholders of the Chic. R. I. & Pac. RR. See proposed
RAILROADS, INCLUDING ELECTRIC ROADS.
plan in V. 98, p. 1919.-V. 98, p. 1993.
Atchison Topeka & Santa
Fe
Chicago Elevated Rys.-Debentures.-The following parDr. Henry S. Pritchett, President of Ry.-New Director
Founda- ticulars are given out regarding the re-issue of 87,000,000
tion, N. Y., and formerly President the Carnegie
Massachusetts 10
of
-year 6% debentures, made m connection with the payInstitute of Technology, has been elected the
-V.99, ment on July 1 1914 of $30,000,000 3
a director.
-year 5% notes.
p. 47.
Atlanta Birmingham & Atlantic RR.
-Tenders Asked.
-The Equitable Trust Co. as successor trustee, is asking
tenders for the sale "without interest and at less than par,"
not later than July 29, at 12 m., of Atlantic & Birmingham
Construction Co.
-Atlanta Birmingham & Atlantic RR. Co.
joint 5% 2
-year gold notes of 1912.-V. 99, p. 47.
Notes dated July 1 1914 and due July 1 1924, but redeemable, all or any
part, when drawn by lot, at par and int., on any interest date up to and
including July 1 1919, and thereafter at a premium of 234% ,upon published notice in New York for at least four weeks prior to redemption.
Interest and principal payable in gold at National City Bank of N. Y.,
the registrar. Denom. $100 and $1,000 e.
Principal and interest payable "without deduction" for any tax or taxes
other than such as may be imposed upon the holder hereof under the
authority of any Federal income tax law which the promissors may be required or suffered to pay hereon, or to retain herefrom, under any present
THE CHRONICLE
196
[VOL. xc
municipality cium, carbide of calcium, canned fruits, fish, corn, all meals, mince meats,
or future law of the United States, or any State, county or
' tomatoes, &c.; green coffee, cotton piece goods, hardware and tools pig
therein.
posts, iron pipe, wire fencing, paints,
iron
-year 5% secured gold notes ofChicago Elevated iron, structural iron, rice, fence, ironsectional boilers, &c.; pig and slab tin
See sale of $14.000.000 2
radiators,
paper and articles of
of June 27. p. 1992.
By-s. In"Chronicle"
and insulated copper wire.—V. 98, p. 1993.
& Hamilton Traction Co.—Decision.—
Cincinnati
Judge Sater in the U. S. District Court at Columbus on July 9 held invalid the ordinance recently passed by the City Council and signed by
-cent fare from
-cent instead of a 10
Mayor Spiegel, which provided for a 5
Cincinnati to Carthage and Hartwell. An injunction is granted against
the enforcement of the ordinance.
The Court holds that all of the franchises under which the Millcreek
Valley line is being operated between Fifth and Walnut streets and the
present north corporation line of Cincinnati are valid and have not expired,
and that the enforcement of the ordinance would wrongfully impair,and to
a considerable extent destroy,the property rights of the company and of
the Ohio Traction Co., and also operate to the detriment of their stockholders and creditors. Compare V. 98, p. 1392.
Columbus Bluffton & Eastern RR.—Transferred.—The
Union Trust & Savings Bank of Bluffton, the receiver, on
July 7 placed on record a deed conveying the road to the
bondholders' committee which purchased the same at receivers' sale in Feb. 1914. A mortgage has been made to the
Fletcher Trust & Savings Bank of Indianapolis for $504,000.
Practically all claims ansing from the wreck in Marion,0.,on
July 7 1912 have, it is stated, been paid.—V. 98, p. 1920.
Columbus Marion & Bucyrus (Electric) Ry.—Transferred.—James H. Caldwell of Troy, N. Y. Chairman of
the bondholders' committee which bought the road at foreclosure sale in May 1913, has turned over the property to a
new company, with George Whysall as President and General Manager. See reorganization plan, V.96, p. 1488, 1839.
Des Moines & Ft. Dodge RR.—Meeting Adjourned.—
Kansas City Clay County & St. Joseph (Electric) Ry.
Results for Years ending May 31 1914.
$151,106
$581,0331Accrued bond Interest
Gross earnings
118,947
270,053 Balance, surplus
Net, after taxes
A block of 1st M.5s of 1941 is offered at 94% and hit.—V. 98, p. 1157.
Kansas City Mexico & Orient Ry.—Circular to Creditors.
—A circular letter sent out July 13 by counsel for general
creditors says in substance:
On July 6 1914, in a suit to foreclose a mortgage, the property was sold
for a sum insufficient to pay in full the bonded debt and leaving nothing
for general creditors. After the sale, a new company, styled The Kansas
is
City Mexico & Orient Railroad Co. took over the entire property and
now operating the system. Representing a number of the creditors, we
new
contend that the new company is virtually the old company under aleast
name, and that the new company is liable for the debts of the old, at
company
to the extent of the interest which the stockhplders of the old suit inthe
instituted
will have in the new company. Accordingly, we have for the enforcement
Sedgwick County, Kan.. at Wichita,
District Court of
&
of the rights of creditors we represent. For co-operation address New
Krauthoff, Gioyd Building. Kansas City, Mo. [Signed by said firm; also
Houston & Brooks, Wichita.]
by McClintock & Quant, Topeka, and up
in Wichita to-day. The new
[The suit, It is understood, will come
company applied to the Kansas P. U. Comm. for permission to issue
$45,000.000 stock (the auth.Issue,it wassaid,would be raised to $50.000,000)
-year 6% gold notes, secured by pledge of $31,000.000
and $6,000,000 of 2
new bonds, these bonds for first five years to be entitled to interest only if
stock
earned, non-cumulative. The Commission, it is said, has limited thenotes.
issue to $20,000,000, but sanctioned the proposition as to bonds and
(See V.98,D. 1244, 1845.).—V.99,p. 119.
Kansas City Railways.—Franchise Ordinance.—The
ordinance adopted by the City Council of Kansas City, Mo.,
by the company,and on July 7
Detroit United Ry.—Appraisal.—Prof. Edward W. signed by the Mayor,accepted pamphlet of about 60 pages.
Street Ry. Commission on voted by the people,forms a
Bemis signed a contract with the
provisions we have condensed as follows:
July 6 to make an inventory and appraisal of the company's Some of the leading
acquire all
to be completed by Oct.
Merger.—The company (duly organized for the purpose) willthe Metroproperty within the one-fare zone,
franchises and privileges in Missouri owned by
10, a month before the fall election. An extra month will the property, Co.,Central Electric TRy. Co. and the Kansas City Elevated
politan St. Ry.
Co.,
Ry. Co.,and all the propertyof said Kansas City & Westport Belt By.time
be allowed for a detailed report.
the same
See Minneapolis & St. Louis RR. below.—V. 98. IL 1844.
If the appraisal is acceptable to the company's officials, and the city
and company can agree on a purchase price, the Street By. Commissioners
hope to have the question of purchase and the bond issue submitted to the
people at the fall election. .As the company considers its property worth
$35,000,000 as an investment, it is likely that a purchase price agreeable
to its stockholders would not be far from this figure.
President Hutchins in a letter offers the fullest co-operation in the work,
provided the company is treated fairly. If for any reason the company
should conclude to withdraw its co-operation, Prof. Bemis is to be given
an extension of time for his work.—Y. 98. p. 1693.
Hudson & Manhattan RR.—Authorized.—The N. J.
Public Utility Commission on Thursday approved the application of the company to issue $154,000 1st Ref. M. 5s of
1913, making $36,716,633 out.
The bonds have been already authorized by theNew York Public Service
Commission (V. 98, p. 1156).—V. 98, p. 1993.
Illinois Central RR.—Settlement.--The company and
the Yazoo & Mississippi Valley have reached a settlement
with the State in the litigation growing out of the ad valorem
and privilege taxes levied on the roads, which have been
pending for some time. Compare V. 98, p. 1459.
Under the settlement both companies are to pay privilege taxes. The
Yazoo & Mississippi Valley is to play in full on the basis fixed by the Commission in 1913 and the Illinois Central Is to pay half of the increase made
over its 1912 assessment. The agreement also carries with it the acceptance
of the same basis as to 1914.—V. 99, p. 48.
Intermountain Rate Case.—Order of Commerce Commission.—The Inter-State Commerce Commission, by agreement with the carriers, on July 11 fixed Oct. 1 next as the
date on which its order in the intermountain rate cases is to
become effective, except as to certain articles embraced in
Schedule "C", regarding which a re-hearing will be granted.
The original order, which was dated June 22 1911 never
became operative, owing to the litigation brought' the
by
railroads to test its validity. The U. S. Supreme Court on
June 22 rendered a decision favorable to the Commission (see
editorial, V. 98, p. 1953-55). The statement made by the
Commission follows:
The Supreme Court decision recently handed down fully sustained the
position which the Commission had taken in its order. The trans-continental carriers have acquiesced in that situation. As the order itself dates
order
from June 22 1911, a new effective date had to be set on which
the
should become operative. To permit the compiling and publishing of the
tariffs to be put in effect, the Commission has fixed the date of Oct. 1 1914.
at which time the order is to become operative upon all articles except
certain articles named hereafter as embraced in Schedule C. By Oct. 1.
-continental carriers will have in effect new schedules
therefore, the trans
conforming either literally to the fourth section of the Inter-State Commerce
Act, or taking only such percentages over the through rates as were designated for the respective zones in the original order.
The Commission also determined slightly to alter zone bounds fixed in
the original order in order to make the zones on diagonal traffic from the
Lake Superior region to the South Pacific Coast and from Galveston to the
North Pacific Coast conform to the zones already fixed in the tariffs
applicable to class rates. The zones as originally defined will still apply to
direct westbound movement, along substantially the same parallels. It
will thus come about that by Oct. 1 on 372 commodities car-loads and on
41 commodities less than ear-loads the fourth section order will be fully
operative.
On representation of the trans-continental carriers it was determined,
without at this time in any wise modifying the original order except as indicated above in the matter of zone boundaries, to grant a hearing early in
October to afford the carriers opportunity to show tnat on certain articles
a greater degree of relief is justified than that afforded under the original
order. This hearing in October will be confined to articles where the
present through rate from the Missouri River to the Pacific Coast for carloads is $1 or less, and for less than car-loads $2 or less. It embraces 107
items, 67 car-loads and 40 less than car-loads. The traffic in question
contributes heavy bulk traffic where there is now heavy shipment by sea
from the Atlantic to the Pacific.
By express stipulation of the carriers they agree that after said hearing
and after the Commission has given consideration to the data therein
delay
adduced, the carriers on Jan. 1 thereafter will without that comply with
They maintain
they can subthe order of the Commission in toto.
heavy sea-borne traffic they
stantiate the contention that on some of thiswas afforded
under the terms
a greater degree of relief than
are entitled to
of the original order.
on
The upshot of the matter is that the Commission's order on Oct. 1 will be
in effect for all articles except those last mentioned, andthe Jan. 1 theimoriginal order
after for all articles whatsoever, and under the terms of
unless as the result of the October hearing the Commission determines that
Schedule C
additional relief upon the indicated articles inof ammonia, Is appropriate.
chloride of calSchedule C embraces such articles as sulphate
free and clear of all liens except judgments for injuries. Atand all claims
all contracts between the city and said other companies
thereunder, except as herein otherwise expressly stated, are annulled.
-30 years from vote on ordinance by the people.
Term of Franchise.
Organization.—The aggregate amount of outstanding mortgage indebtexceed the value
edness and capital stock of the company shall at no time value under this
its property, wherever situated, exclusive of franchise to the city one
company shall upon demand deliver
ordinance. The
designated by the city as its
share of stock to qualify each person of
pending
representative on the board. The stock be such company shall,S Judge
deposi :td. with U.
title as aforesaid,
the acquisition of the held for the benefit of the parties entitled thereto
William C. Hook, to be
hereafter prepared or in case reorganiunder a plan of reorganization to be
who pay for the stock.
of
zation cannot be effected,then for the benefit those
and
plan of reorganization must be in harmony with this ordinance 11
Such
by Judge Hook or his successor in office. Of the
must be approved
shall select five,who at the outset will be
directors. Kansas City, Mo.,Wiles, Davis M. Pinkerton, Frank C. Niles
William T. Kemper. John H.for 5,4.3,2 and 1 years, respectively. The
and John W.Wagner to serve
Kansas City, Kan.,give to the latter the right
city may by agreement with of said five city directors.
two
to name not more than
Rooks.—The City Comptroller, or accountants authorized by him, under
Mayor or of the city directors, shall have the right at
the direction of the to examine all the books, vouchers, &c.,and there shall
all reasonable times
for the year ending May 31 and a formal written
also be an annual audit
by company and City Comptroller.
report by raiblic accountant selectedoutset of P. J. Kealy for the company
Control.—Will consist at
,Board of
Robert P. Woods for the city, with salaries not less than $6,000 nor
and
difference between to be determined by an arbiter to
over $10,000; any judges of the Kansas City Court of Appeals. Said board
be selected by thewith the aid of engineers, clerks. &c., (1) supervise the
control shall,
of
operation of suffirouting, stopping and schedules of cars; (2) require the equipment, &c.;
construction, reconstruction,
cient cars; (3) supervisecharge all expenditures; (5) supervise the bookclassify and
(4) properly file semi-annually complete statement of all receipts and diskeeping; (6)
and other accounts, &c.
bursements, and of the condition of the capital in this ordinance provided.
Fares.—The fares, until and unless reduced as age and 23i cts. for each
12 years of
shall he 5 cis. for each passenger over system within the city. Universal
over
passenger of 8 to 12 years.of theentireand also over all parts of the system
city,
parts
transfers free over all limits of Rosedale and Kansas City, Kan., and interKansas within the
in
points, so long as the company shall operate therein.
mediate
Rehabilitation—Immediate Extensions and Additions.—As soon as the
completed,the company shall electrify all parts of the
12th St. viaduct is
The company shall proceed immediately to
system not then electrified.
railway and equipment in first-class condition and comput its entire street three years. expending $1,500,000 or so much thereof'
work within
plete the
adding also for each of the three years 25 new cars
as may be necessary, extensions (shown in the ordinance).
of track
and 5 milesshall ownas
and be charged with the cost of the following named
The city
Broadway from Southwest Boulevard to 24th St.
Portions of said lines viz.; Station Plaza or along 24th St. to Main St. and
'
Union
and thence across the
aAlolsongaMfuartinherSt.32to501.900tho sShat.
1l be used at once to build such other extensions
asFthuetuboreaErdxteioft.,ricoonnstr_olTmhaeycdietyteramt inaney.
time after three years may require
construct extensions as follows: (a) any 4 miles of track a
the company to
manifestly unneeded; (b) such additiona. extensions, reasonably
year not
not less than 6% per annum over and above the
necessary, that will pay dies. intain
—
ompa maintaining.
othertc g ann ma The
Rigse
expenias of opera in
shall have the right to authorize
railway companies to use the tracks of the company
or more street blocks or less, also over the Main and Delaware, 10th
one
consecutive
for six
Cherry St. loops and the Allen Ave. viaduct.
St.. 3d St. and shall pay to each existing interurban line for the use of
'the companywhile on the company's tracks, a sum equaling 15% ofthe
interurban cars
each through passenger at its regular city rate.
mint received by it from
may carry U. S. mail and also light packExpress Matter.—The company
must pave for 18 inches beyond each outer rail—
m
r .—Cos
ingparaeL .pany chr.
ci
Pv
agea a
30 in— h
g, ac es
company shall sweep,keep clean and free from
one
aarkwaYa fn
Sireet Clesniar sprinkle or oil that portion of the streets which it is reice and
snow and
and keep in repair, the city to furnish the water free.
pave
quired to Value.—The capital value of all of the property in Missouri is
Capital
cost of all additions, extensions and
hereby fixed at $25,648.806. plus the
1913 piroperly chargeable to capital account.
betterments made after May 31consideration the value of all existing Propamount named takes Into
The
together with the value of the earnings
erty in Missouri on May 311913.
existing contracts with the city, as well as the total
for the fixed period of
expended in building up said properties, said sum being a compromoneys
and city of their respective calculations.
mise between company to procure such new money as, together with such
agrees
The companysurplus as by this ordinance may be used to pay for exportions of the
property in Missouri, will provide the following sums
tions and additions to to pay for additions and extensions to be made in
which
of money with this ordinance, to wit. yearly:
accordance with
1934-1938. 1939-1943.
1914-1918. 1919-1923. 1924-1928. 1920-1933. $875,000
$925,000
$775,000
$825,000
$725,000
$650,000
to and become a part of the capital value,
Such new money shall be added
or are less than 35% of
the net earnings, in the aggregate, exceed to be annually expended
and if
year. then the amount so
the gross receipts in any increased or diminished.
shall be correspondingly in the City Clerk's office a reconcilement dated
been filed
There has
of Bion J. Arnold and L. R. Ash (V. 66.
Sept. 6 1913 of the appraisals
JULY 18 1914.]
THE CHRONICLE
p. 553), wherein it is agreed that the depreciated physical value of all
property in Missouri and Kansas May 31 1912 was $22.500,000, 84%
thereof being in Missouri and 16% in Kansas. There has also been filed
a statement showing that between May 31 1912 and May 31 1913 the receivers added to property value in Missouri $600,000, making the total
depreciated value, exclusive of other elements of value, of the physical
property in Missouri $19,500,000 as of May 31 1913. The board of control shall within 90 days adjust said appraisal inventories in detail without
increasing or decreasing the totals as stated in ehis paragraph.
Disposition of Earnings.—Out of each year's gross earnings in Missouri
there shall be paid in this order: (1) All expenses of management, operation and maintenance,and all taxes, license fees and special assessments.
(2) To the company 0% per annum, cumulative, upon the capital value
from time to time determined. (3) All liabilities for personal injuries and
damages to property. (4) The remaining surplus income shall be credited
to the city from time to time and shall be used by the company to pay for
extensions and additions to the toroperty until the sum of $6,300,000 is so
used. No part of said sum and no part of the value of any additions or
extensions acquired by the use thereof shall be added to or become a part
of capital value or be considered as a payment In reduction thereof.
When said $6,300,000 shall have been so used, then and thereafter the
surplus income shall be paid two-thirds to the city and one-third to the company. The two-thirds belonging to the city shall be credited to it until
the city otherwise ordains and be used either (a) to reduce capital value,
or (b) for additions and extensions approved by the city's directors.
The city expressly reserves the right at any time after said sum of $6.300,000 shall have been paid,first, by Ordinance,to reduce fares and thereby
diminish the amount of its share of surplus income, but not so as materially
to reduce the company's share below what it would be if the fare had not
been reduced, and, second, by ordinance approved by vote of the people
to direct that its surplus income be used for any other public purpose.
When and as said surplus is used either to reduce capital value or to pay
for additions or extensions, it shall be deemed and taken to be an investment by the city of so much money in the property towards the acquisition
of title to the property as hereinafter provided, and to that extent the city
shall become and be an owner of an equitable interest in the property,subject to the company's right to capital value, the return thereon and participation as defined in this ordinance.
When and as capital value is reduced ,the 6% return thereon shall abate
and cease pro tanto. The rights and interests of the company, shareholders, bondholders, mortgages and all persons claiming any interest
in the property under or through the company shall be restricted and
confined to and be no greater than the right to be paid the capital value
of the property from time to time.
All the covenants in this contract shall run with the property in whatsoever manner the same may be mortgaged, sold, transferred or conveyed.
Maintenance, &c.—Each year the board of control shall determine what
percentages of the gross earnings shall be used during that year for (a)maintenance, repairs, renewals and depreciation, and (b) for damage claims,
such percentages to be not less than 16% and 4%. respectively.
Right of City to Acquire.—The company agrees that the city shall have the
right (when legally empowered so to do) to become the owner of the property In Jackson County, Mo., as follows:
(a) Whenever, by application of the city's share of the surplus,the capital
value shall be reduced to an amount not in excess of 50% of the combined
capital value and cost of extensions and additions, then the city shall at
once become the owner of all of the property in Jackon County, subject
only to a lien securing the payment of the balance unpaid of the capital
value in Missouri and any mortgage securing same.
(b) Whenever, by the application of the city's interest In the surplus
income to the reduction of such capital value and to the payment for extensions and additions to property and by payment, by the city to the
company, of cash, the capital value shall be so reduced, or the actual value
so increased, that the unpaid portion of the capital value shall not exceed
50% of the sum mentioned, then if the city shall also pay to the company
in cash the value of the remainder of its right to participation and the cost.
if any, of redeeming before maturity such mortgage bonds of the company
as It may be necessary to redeem In order to accomplish the purpose aforesaid at not exceeding a premium of 3% on the bonds so redeemed, the
city shall thereupon become the owner of all said property in Missouri,
subject to a lien to secure the payment of the unpaid portion of the capital
value and any mortgage securing same or any part thereof.
Whenever such capital value shall be reduced by any of the methods
aforesaid to 50% of the sum fforesaid then the company's right to participation in tire surplus shall cease and entire surplus shall belong to the city.
(c) The city may at any time pay for the
capital value but
prior to the time such capital value shall have entire
one-half
of the sum aforesaid, it shall pay also for the been reduced to remainvalue of the
der of the company's right to participation in the surplus income, and also
the cost of redeeming, before maturity, mortgage bonds in order to accomplish said purpose, not exceeding a premium of 3%'on bonds so redeemed.
If, however, before the company's right to participation in the surplus
income begins, the city should pay in cash the entire capital value and also
all sums due as a return thereon, as well as the said sums necessary tore
deem bonds, then there shall be no payment on account of the value of the
said right of participation, but in such event the city shall take the property
only for municipal operation and ownership, and shall continue to own and
operate the property for a period of 5 years thereafter, or it may sell said
property, or to grant the right to operate the same,to another than the company within said period on gving 6 mos. notice and paying to the company
the full value of the company's right of participation in the surplus income.
Mortgages.—Any and every mortgage shall conform to the provisions
of this ordinance, and may cover the whole or any part of the propertY
at any time owned, but not any line or extension built by the city. It may
include all property in Missouri and Kansas, but that portion which in
Missouri shall not stand as security for so much, if any, of the obligations
at any time outstanding as are in excess of the then capital value of the
Dart of the property in Missouri, and it shall be released as to such property when such capital value and the return thereon has been paid. If,
however., it includes only the property in Missouri, then the aggregate
amount of bonds at any time issued and outstanding under all mortgagee
which arc liens upon such property shall never exceed the then capital value
as herein defined. Whenever the city acquires the property all such mortgages, so far as they are liens upon the property acquired, shall be closed
and the principal in debtodness thereby secured shall not be increased.
,
In the event mortgage
issued by the company shell
be in excess of the amountbonds theretoforethe property Is to be conveyed
subject to which
to the city under this ordinance, then the city shall nave the right to designate which of said bonds up to the amount subject to which the property
Is to be conveyed to the city shall
continue to be secured by the lien of such
mortgage on :property then acquired.
In aid of the present contemplated
and the refunding of the present existing bonded plan of reorganizationthe company is
and mortgage debt,
authorized to execute a mortgage, as above provided, and issue thereunder
bonds of an amount not in excess of the then capital value,as herein defined.
Thereafter, the company shall, before making any increase of its stock or
bonded indebtedness, notify the city's
directors of such proposed increase.
No such increase shall be
and bonds In excess of the made so as to make the total outstanding stock
limitations provided for above.
Every receiver, trustee,
and rights of the company purchaser and successor of or to the interest
shall be bound by this contract.
Employees.—Company shall not discriminate either in favor of or against
any person because of Ills or
r
ntrsement on Stock.—All her affiliation with any labor organization.
stock certificates Lssued by the company shall
bear his endorsement:
"The
condition that It shall always holder hereof has taken this certificate upon
as provided in any franchise be voted for the election of city directors,
contract with Kansas City, Mo. Without
power of revocation. the Mayor
of said
y is constituted attorney in fact.
to that extent, so to Vote
the stock
stock,
0 stockholder shall receive any
dividend upon or vote any share of
unless he holds a certificate so
endorsed.
Forfeiture.—lf the company shall
willfullyd any aceto t or thing by this
do
ordinance prohibited, or willfully
soch
required
neglect to
by its terms, it shall forfeit all rights
any i er t
forfeiture shall not affect the right of conferred by thasordin
the company to capital value and mortgagees and those claiming under
return
Expiration of Grant.—At the expiration thereon, as herein Provided*
of this franchise the city shall
have the right either to take over the
property on payment of the unpaid
portion of the capital value, or to transfer
person or corthis
ht to
poration, such now company to pay
rig
any
of the capital value and, if the city so therefor in cash the unpaid portion
require, an additional price.
The expiration of this franchise shall
not have the effect of terminating
the mortgage indebtedness existing
against
the approval
of the city. but the same shall continue as the property withproperty,
and
every person, including the city. who shall a lien against the
come into posession of the same.
At the expiration of this franchise, the
cltY May.If it desires so to do, re-
197
quire the company to continue to operate under this contract, pending
such
purchase or other arrangement, and if no such purchase or
ment shall be made the company's rights shall hereunder ceaseother arrangeand terminate
and then the city through its trustees shall take over the property
to the unpaid portion of capital value and operate it under tir- termssubject
but shall apply all surplus income to the payment of capital value andhereof.
return
thereon until Its entire payment shall have been made.—V.99, p. 119.
Louisville & Nashville RR.—Bonds Called.—Twentyfive bonds of the Pensacola division have been called for payment at 105 and int. on Sept. 1 at the company's office, 71
Broadway, N. Y. City.—V.98, p. 1845.
Maine Central RR.—Increase Denied.—The Inter-State
Commerce Commission on July 16 denied the company's
application for an increase in rates.
The company stated in its application that, "while gross earnings
have increased, increased expenses have so reduced the net
it is probable that the usual 6% dividend cannot be earned; earnings that
that earnings
should be sufficient to meet expenditures for enlargement to passenger stations, enlargements to freight stations and other structures, enlargement to bridges, increased weight of rails, re-ballasting and all similar
that respondent has In contemplation corresponding increases onitems,
eastbound class rates and also on grain rates; that the proposed rates are low."
The Commission states in its finding: "The proposed rates are for long
distances and to territory where the competition is keen. The rates now
existing and which it is proposed to increase were voluntarily established
and have been maintained for more than 6 years' they are not lower for
the distance hauled than rates generally to the territory involved. The
law cast upon the company the obligation to justify proposed increase
rates and in this case that obligation is not satisfactorily discharged by the
presentation of claims of earnings per ton mile and proof of increased general operating expense. If the rates heretofore maintained yield less than
a fair return for the services rendered, that fact is not established of record. That the average length of haul is slightly in excess of the haul from
points from which it is proposed to continue the Boston rates does not
that the rates under suspension are just and reasonable rates, there prove
being
evidence as to the reasonableness of the Boston rates." See V.98. p. 1459
Minneapolis & St. Louis RR.—Adjourned.—The special
meetings of the stockholders of the company and of the Des
Moines & Fort Dodge RR. to ratify the proposed consolidation of the physical properties of the two companies, and
which were adjourned until July 15, have been further postponed to Aug. 18 and 17, respectively.—V. 98, p. 1845.
Minneap. St. P. Roch. & Dubuaue El. Trac.—Lease.—
Bee
Chicago Great Western RR. above.—V.93, p. 731.
Minnesota Central (Electric) Ry.—Mortgage Authorized.
—The directors recently authorized an issue of $300,000
20
-year 1st M. gold bonds to bear not over 7% interest, to
construct and equip the Brainerd Street railway and acquire
real estate in Brainerd and Crow Wing County.
Under the franchise in Brainerd, the company must begin active
struction work by Sept. 15. At least 5 miles must be built in the cityconand
the line will form part of an interurban line covering the Cuyuna iron range
and having a length of 45 miles, connecting Deerwood, Crosby, fronton,
Riverton, Cuyuna and Manganese. An extension from Brainerd to Barrows will be built later.
Missouri Pacific Ry.—Bondholders Unite.—The presens
situation in the affairs of the company has led the holderf
of certain of its bonds to take steps for the protection o•
their interests in any development which may take place
Two committees have been organized, and while immediate
deposit of bonds is not solicited, holders are invited to send
their names, addresses and list of holdings to the secretaries
of the respective committees. The committees are (see
advertisement on another page):
For 40
-Year 4% Gold Loan Bonds of 1905 ($37,255,000 outstanding).—
Benjamin Strong Jr., Chairman: Robert de Bauer, Brussels; Otto H.
Kahn,John W.Platten. and W.H. Williams. B. W.Jones, 16 Wall St..is
Secretary, and White & Case, counsel.
For the First and Refunding Mortgage 5% Bonds of 1909 (about
000 outstanding).—Alexander J. 'Hemphill, Chairman; Robert $29.806,Fleming
(of London), Donald G. Geddes, Jerome J. Hanauer, Alvin W. Kroch
and
C. E. Ter Meulen (of Amsterdam). Lewis B. Franklin, 140 Broadway,
Is Sec. and Cravath & Henderson are counsel.
Explanation by Member of One of the Bondholders'
Committees,
Kuhn, Loeb & Co. have a vital interest in the bonds,
because they
brought them out and they have been in receipt of
numerous inquiries
since the decline. It was thought best to let the holders
of these securities
know that responsible bankers were looking after
them.
It Is a new departure to form protective
no immediate crisis, but it was decided that committees for a property In
by getting into the field now
much valuable time might be saved.
have admitted that a readjustment of theThe Gould directors themselves
Missouri Pacific financial structure is imperative.
It was supposed that the board of
directors. In accordance with the
statements made at the time of the extension of the $25,000,000 of notes,
would at once start work on the
been done along these lines, andreadjustment. It seems that nothing has
with the President and several directors
abroad, it is plain that nothing will be done by them until fall. A readjustment should be undertaken more quclkly, to
turity of the notes. The committees were be completed before the manot formed after any conferences with Mr. Gould or his associates.
Stockholders' Committee.—In view of the formation of
committees representing bonds, the following-named committee has been formed for the protection of the stock:
Committee for Stock.—I. N.
J. Horace Harding.
Frederick Strauss, Albert H. Wallace. Chairman; Winsor, with Joline,
and Robert
Larkin & Rathbone,as counsel,Wiggin E. Sigler, 54 Wall St., as Secretary.
and C.
While it is not deemed necessary to call for deposits at
the
committee, pending further developments, requests names, this time,and
addresses
amount of holdings of all shareholders.
[A director is quoted as
possibility of a receivership prior to the maturity saying that there is noextended notes, since, he
on June next of the
stated, the company has practically1no floating debt and has funds for interest charges. The directors of the Denver & Rio Grande,it Is understood.
will determine at a meeting to be
or not that company
Aug.
shall pay the half-year's interest held Sept.6 whether$49,925,000 Western
1 on the
due
Pacific bonds guaranteed by the D.& R. G. but not by Mo. Pao.]
Committee for 3
-Year 5% Secured Gold Notes (Extended at
6% to June 1 1915).—Because of the formation of the aforesaid committees, the following have organized to protect the
holders of these notes, but does not now deem deposit
necessary.
Edwin G. Merrill, Chairman, Pres. Union Trust Co. of N. Y.; Stephen
Baker, Pres. Bank of Manhattan Co.; Howard Bayne, V.-Pres. Co .Knick. Trust Co.: Louis V. Bright, Pres. Lawyers Title Ins. & Tr. Co.:
A. B. Hepburn, dhairman Chase Nat. Bank; Henry Ruhlender, Speyer ,k
Co.. and E. K. Boisot V.-Pres, First Nat. Bank,Chicago, with Spooner &
Cotton,counsel, and Henry M.Popham, Secy., 80 Bway., N. Y
.—V.99.
p. 120.
Mobile & Ohio RR.—Postyoned.—The meeting of stockholders to approve an authorized issue of $50,000,000 bonds
and $3,000.000 notes, to retire which $3,000,000 bonds will
be reserved,'has been adjourned from July 14 to July 27.
198
THE CHRONICLE
[VOL. xem.
$15,580; Connecticut Co., 312.535,386. and the Rhode Island Co.. $18,352.336; total, $65,871,300; also losses through the recent sale of the
Merchants' & Miners' SS. Co., $3,594,500.
From all of the foregoing and from a careful consideration of the method
in which expenditures not specified herein have been made, it is submitted
that a reasonable estimate of the loss to the company by reason of waste
and mismanagement will amount to between $60,000,000 and $90,000,000.
(The Commission will, it is stated, turn over to the proper State
authorities evidence in its possession tending to show violations of the laws
of New York, Massachusetts and Rhode Island. The Department of
the receivership until that date.
has been furnished with a complete record of the testimony secured
In order to guarantee the expenses of has given a certificate of deposit Justice Commission, but there is said to be no Federal statute under which
Pittsburgh
by the
the Pennsylvania Trust Co. of
company. Plans, it is reported, are on foot the Government can aid the stockholders in recovering any of their losses.)
the
of $200,000 in bonds ofreorganize the company and to finance the conImmunity of Witnesses.—The Commission has proceeded upon the idea
by the bondholders to
to Roswell and west to Salt that it is better to expose wrongdoing even if in doing so it would be necesstruction of an extension of the road southeast
bankers has, it is rumored, agreed to sary to use a few witnesses ilike Mr. Mellen], whose testimony might bring
Lake City. A syndicate of Paris
p. 1993.
them immunity, than, through fear of bestowing immunity on some,leave
furnish $7,500.000 for these extensions.—V. 98.
and uncovered and therefore give immunity to all not only
Central & Hudson River RR.—Rumore.— facts unknown but to the stigma of exposure as well.
New York
as to prosecution
Outtook.—The splendid property of the New Haven railroad itself will
for the company's stock have declined this
The quotations
unable to continue be called upon for many a year to make up the drain upon its resources
week on rumors that the company may be quarterly dividend resulting from the unpardonable folly of the transactions outside the proper
But
field in which its stockholders supposed their money was invested. only
5% rate. Action on the next
the present
honesty and efficiency of management of this property of the railroad
the
is not expected untilthe 5usual time, about Sept. 10.
May 31 were $7,276,116, will undoubtedly in time restore its former standMg.
months ending
The net earnings for
last year and the earnings of the
against $9,300,221 in the same periodCompare V. 99, p. 41. Unless the
Mellen Statement.—Mr. Mellen as quoted says:
controlled roads have also decreased.
the pending application
The report is a finely written editorial, full of wholesale assertions not
Inter-State Commerce Commission should grant
that the directors may be supported by actual testimony, but merely founded upon suspicions, defor an increase in rates, it is generally supposed
ductions and conclusions.
compelled to reduce the dividend.—V. 98, p. 1845.
What has caused this loss? ($60,000,000 through alleged mismanageNew York New Haven & Hartford RR.—Report of ment.) Not the policy of expansion or the alleged mismanagement,for we
allowed for
1.-S. C. Commission as to Investigation Ordered by Congress.— havewill tell you that. it has gone. First, in the reduction of revenue
where
I
Inter-State
The 1.-S. C. Commission on July 13 made public its report through the fixed rates of the unprofitable Commerce Commission, which
thing to-day. Second, through
make the
over 60,000 words regarding the results of its investiga- the great carriage of freight an
of
increase in wages throughout all industry, but especially among
workmen's
such
tion, ordered by the U. S. Senate Feb. 7 1914, into the rathroads. Third. through the drastic legislation, whichas thebeen passed
have
financial transactions of the N. Y. N. H. & H. RR. Co. compensation bill, the full-crew law, and so forth,
the past few years.
this difficulty
Some extracts follow (compare editorial on a preceding page): duringI think the New Haven could have pulled throughleast have seen
Do
at
Attempt at Monopoly.—This investigation has demonstrated that the had Mr. Morgan lived? Yes,I do. I believe he would he steadily and
those controlling the New Haven was unsound and the necessity for a mortgage on the road, a thing which
monopoly theory of
road would have
mischievous in its effects. To achieve such monopoly meant the reckless almost unreasonably opposed, and the floating debt of thecarry that debt.
to
of money; it meant the attempt
and scandalous acceptance of Government; the attempt to to control been funded. It is now costing the company 11%
pervert the The bankers are bleeding the road to death.
public opinion: corruption
will be
The policy of expansion which is so bitterly attacked to-day pushing
political and economic instincts of the people in insolent defiance of law.
The difficulties under which this railroad system has labored in the past Justified later on. There were many things that contributed to
its own mismanagement. Its greatest the road to the wall, as I have pointed out, and under those circumstances
are internal and wholly due to
evenlosses and most costly blunders were made in attempting to circumvent the policy of expansion never got a fair show. But it will be proven
benefit of
governmental regulations and to extend its domination beyond the limits tually to have lmen a wise, if far-seeing, plan for the ultimateacquisition
the road—all except the Westchester. I do not believe that
fixed by law.
The subject-matter of this inquiry relates to the financial operation of will pay, or not for many years.
June 30
capitalization of
This talk about suing the directors to recover,I don't know what millions,
a railroad system which, on of which 1903 had a total stock
379.000.000 was
and $14.- is mere nonsense. It can never be shown that they were negligent.
approximately $93,000,000,
bonds. In the ten years from June 30 1903 this capitalization was
The directors instructed me to acquire possession of the stock of the
000,000
Increased from $93.000,000 to $417,000,000, exclusive of stock premiums, New York & Westchester. The New Haven road lost $11.155,000 in the
increase
or an increase of $324,000,000. Of this and was approximately 3120,000,- transaction. I have not even the slightest scintilla of evidence or conviction
expended for betterments founded on substantial proof that Byrnes did anything that was not en000 was devoted to its railroad property
improper direction.
and equipment. This leaves the Nam of $204,000,000, which was expended tirely proper or that a penny of that money went in anywas a corrupt transoperations outside of its railroad sphere.
Certainly for the Commission to assert baldly that this
for
of this sum,this railroad system has practically action is the veriest nonsense so far as I was concerned.
Through the expenditure
monopolized the freight and passenger business in five of the States of the
Statement by Cornpany.—A statement issued by the comUnion. It has acquired a monopoly of competing steamship lines and
trolley systems in the section which it serves. The financial operations pany after the regular monthly meeting of the board says
necessary for these acquisitions, and the losses which they have entailed,
have been skillfully concealed by the juggling of money and securities from in substance:
one subsidiary corporation to another. are
In justice to the present management it is but fair to say that its chief
marked features in the loose. executive officer, Howard Elliott, and his special counsel, Walter D. Hines.
General Arraignment—The following
the finances of the New Haven:
co-operated with the Commission and rendered it substantial assistextravagant administration of
press account of the findings have
The Boston & Maine despoilment. [The of
this.—Ed.]
fail to explain the nature
committee of three was authorized to be appointed to take into conof the Commission
anceA
-S. C. Commission and report its conclusions
The iniquity of the New York Westchester & Boston acquisition. The sideration the report of the I.
ransaction cost the New Haven something like $14,000,000 before con- at a future meeting of the board.
total cost being $36,434,000 for a road only a little
Howard Elliott is not seriously ill, is now on vacation and is expected
struction was begun,the
annual
over 18 miles long, and which is being operated at anmiles loss of approxi- to return to duty Aug. 15.
of passenger and
In regard to the legislation by which the Commonwealth of Massachumately $1,250,000. [The road embraces about 50
certificate a
freight high-speed electric railway track,extending,on private right of way. setts requires that there shall be stamped on eachowned by theclause giving
New Haven,
within the limits
without grade crossings, largely Mt. Vernon, andof N. Y. City, as a four- it the right to purchase the Boston & Maine stock
thence with two tracks the directors have neither receded from their position nor closed the door
174th St. to
tracked line from
to White Plains and also to New Rochelle. Built with steel and concrete to further negotiations.
Regarding the letter of Whipple, Sears & Ogden of Boston, concerning
-lb. rail, block signals and heavy rock ballast. A perpetual
bridges, 90
proposed litigation against the directors, the letter was referred to counsel
lease gives access to Harlem River.—Ed.1
The double price paid for the Rhode Island trolleys.
(see also below).
Concerning the reports of a Federal receivership, it was announced that
The recklessness in the purchase of Connecticut and Massachusetts trolconsent to a receivership.
leys at prices exorbitantly in excess of their market value.
the directors will not apply for nor will theycharges and is able to meet
The expenditure of large amounts in "educating public opinion."
The company is solvent, it is earning its fixed
without knowledge of the directors, of hundreds of thou- its current obligations promptly.
The disposition.
sands of dollars for influencing public sentiment.
Regarding that part of the Commission's report concerning the so-called
June 25.
The habitual payment of unitemized vouchers without any clear specifi- Dillard transaction, the special committee appointedFrancis T.consisting
Maxwell,
cation of details.
or J. L. Richards. Chairman, Edward Milligan and
The confusing inter-relation of the principal company and its subsidiaries on the relations of the Dillard Co. or individuals connected therewith with
Haven Co., reports that under advice of counsel they were taking
consequent complication of accounts.
and
the New
The practice offinancial legerdemain in issuing large blocks of NewHaven steps for the recovery of such sums, if any, as may be due the New Haven.
stock for notes of the New England Navigation Co., and manipulating The members of this committee werelnot directors at the time of the soback and forth.
these securities
called Hillard transactions.
Fictitious sales of New Haven stock to friendly parties with the design
Restitution Suit.—Whipple, Sears & Ogden of Boston, as
the stock and unloading on the public at the higher price.
of boosting
The unlawful diversion of corporate funds to political organizations; the counsel, through Sherman L. Whipple, yesterday brought an
scattering of retainers to attorneys of five States, who rendered no itemized
the Massachusetts Supreme Court for the trustees
bills for services and who conducted no litigation to which the railroad action in
was a party.
under the will of Ole Bull Vaughan,late of West Lebanon,
as to which the directors claim
Extensive use of a paid lobby in matters
Me., who are owners of 50 shares of stock, in behalf of all
to have no information. utterances of the press by
subsidizing reporters. the stockholders who may desire to become parties, "to enThe attempt to control
Payment of money and the profligate issue of free passes to legislators. force present liabilities which they are informed and believe
The investment of $400,000 in securities of a New England newspaper.
island and other have accrued in favor of the corporation against certain of its
The regular employment of political bosses in Rhode service but to preStates, not for the purpose of having them perform any,
present and former directors, which claims said directors of
the
active
vent them from "becoming Hillard on moreother side,
of
than $2,700,000 in a transac- the corporation have hitherto failed and neglected, and now
The retention by John L.
the New Haven and into which he invested decline, to protect.
'
tion in which he represented
not a dollar. A suit should be maintained by the New Haven against
an order of notice,returnable July 24.
Judge
'Milord and all who have participated in this fraud upon the stockholders.
for $1,032,000 of the funds
newspaper accounts, the appointment of a receiver is asked
g
Blaie
According io n Y
The inability of Oakleigh Thorne to accountout the
Westchester deal.
claims for about $200,000,000 alleged to be due to its treasury
New Haven intrusted to him in carrying
of the
to prosecute
The story of Mr. Meilen as to the distribution of S1,200,000 for [alleged] The authority asked for such appointee is, however, to be so limited
corrupt purposes in bringing about amendments of the Westchester and as not to interfere with the administration of the current affairs of the
franchises.
Port Chester
cunpgane
to the New Haven directors, dat
dated July 10.
tter
The domination of all the affairs of this railroad by Mr. Morgan and Mr.
mh letter of the counsel
Yl
Mellen and the absolute subordination of other members of the board of asking thm to join in the bringing of a restitution suit, states that it apofficial investigations that former directors have expended
these two.
directors to the will of
pears from recent
the
The unwarranted increase of the New Haven liabilities from $93,000,000 more than $192,000,000 inin thepurchase of trolley and S. S. lines,
shares,and
in 1903 to $417,000.000 in 1913. from nothing in 1903 to approximately Boston & Mainedoes not exceed "Westchester deal,"so-called,the present
$98,000,000; that the loss, therefore,
The increase in floating notes
value of which
has been imposed on the company by the expenditures amounts to
$40,000,000 in 1913.
business ethics and the absence of financial which
The indefensible standard of financiers in directing the destinies of this nearly $100,000,000, and that on this ground the corporation is entitled to
from its directors the difference between what was actually paid
acumen displayed by eminent
of the transportation of recoverthese investments and their actual value—not less than 394,000,000.
railroad in its attempt to establish a monopoly
out for
law, trustees who expend funds of the
They also stated that, under the by
New England.
law themselves become personally
Steamships.—The Hartford & New York Transportation Co. cost the trust for investments prohibited
the Eastern Steamship
New Haven $2,538,917.Miners' Transportation Corporation cost $4,200.- responsible for such investments, and are bound to make restitution to the
Co. cost $5,774,500, the
taken for prohibited investments; the company
trust for the money thusto
000, the Merchants' &
Pawtucket Steamboat Co. cost $141,- is entitled on this theory
recover from its directors $155,000,00(1, the
New Bedford Martha's Vineyard &
700, the New England Steamship Co. cost $12,100,000, the Maine Steam- amount paid for the B.& M.shares and steamship and trolley lines.)
317,300, or a total of $24,772,416.
ship Co. cost
physical valuation of the properties acGovernment's Suit Reported Imminent.—Attorney-General
The testimony shows that theapproximates something like $1D,000.000.
quired ass result of these outlays has recently disposed of its holdings in McReynolds, according to newspaper reports, yesterday
advises that it
The New Haven
Transportation Co. at a loss of $3,594,500.
afternoon announced that he would file the proposed suit
the Merchants' & Miners'
Waste--Impairment—Losses.—The absolute losses suffered by the New
dissolution of the company as soon as he could diswhich controlled its directorate are esti for the
Haven as a result of the policies of the Commission as follows: Boston &
cuss the matter with President Wilson.
mated by the expert accountants
& Boston. $11,457,156; Hart--Boston "News Bureau"says in subst.:
Resultsfor 1913-14.
Maine, $23.233.725; New York Westchester
Cos.,3203,221; Worcesford & Worcester St. RT.,$73.394; Springfield By, South Bridge St. By.,
While the road proper showed a deficit of $1,297,903 after payment of
ed st, Ry,, $10,500; Worcester &
te consolidat
be reserved to
Of the bonds $5,000,000, it is stated, will
construct a new bridge across the Ohio River at Cairo, Ill.
Cairo.
The company now uses the Illinois Central bridge at
—V. 98, p. 1694.
New Mexico Central RR.—Sale Adjourned.—The sale of
10.
the road, set for July 3, has been postponed to Sept.
JULY 18 1914.1
THE CHRONICLE
fixed charges for the 11 months ended May 31, this was more than offset
by the dividends received from subsidiaries, notably Central New England
RR., $150,000, and New England Navigation Co.. $1,358.000, the latter
being made up of dividends from the Connecticut Co., the Hartford &
N. Y. Transportation Co. and the New Bedford Martha's Vineyard &
Nantucket SS. Co.
The omission of the N. Y. Ontario & Western dividend meant a loss from
that source of $581,162 compared with 1913. The Rhode Island Co.,
which paid $581,130 in 1913, failed to declare a dividend and the New
England Navigation Co. reduced its payment by about $400,000. Nothing
was of course received from the Boston & Maine investment, which ia
the 1913 year returned $695,825 to the New Haven.
June gross, increased about $165,000 over June 1913. and it is possible
(like May) added to surplus above charges.
-V.99. p. 120, 49.
Oklahoma Central Ry.-Plan Operative-Assessment
Called.
-Over one-half of the 1st M.5% bonds having been
deposited under the protective agreement of May 29 1908
with the Columbia Trust Co.(now Columbia-Knickerbocker
Trust Co.) and filed assents to the plan of reorganization
adopted by the committee, of which F.J. Lisman is Chairman
(V. 98, p. 1845), the plan has been declared operative and
in effect. The depositary is authorized to receive the first
installment of the assessment due under the plan ($100) on
or before July 20 and the final payment on or before July 25.
-See advertisement. V. 99, p. 121, 49; V. 98, p. 1994.
Pacific Gas & Electric Co.
-Subscriptions by Employees.
-It is announced that a preliminary tabulation indicates
that up to yesterday subscriptions had been received from
1,330 employees for a total of $453,400 of the new first pref.
stock, and it was expected that $500,000 would be subscribed
by them.
The subscribing employees constitute, it is stated, nearly 40% of the
permanent staff of the company, being, the company believes, a larger
Percentage of employees owning stock than in any other public service
corporation. Compare V. 99, p. 121, 49.
Pennsylvania RR.
-Favorable Decision.
Bee Pennsylvania Canal Co. under "Industrials" below.
-V.98, p. 1994
Piedmont & Northern (Electric) Ry.-Merger-Mortgage.-The Greenville Spartanburg & Anderson Ry. Co. and
the Piedmont Traction Co. have been merged under this
.title, and the consolidated corporation has filed a mortgage
to secure an authorized issue of $50,000,000 40
-year 1st M.
5% with the Farmers' Loan & Trust Co. of New York, as
trustee. See description of property in "Manufacturers
Record" of May 28; also see V. 98, p. 1461.
Pittsburgh Cincinnati Chicago & St. Louis Ry.Authorized.-The Ohio P. U. Commission has authorized the
company to issue $3,494,000 additional consolidated M.
43'% bonds, to be sold at par and the proceeds used on account of improvements and additions to be made in 1914;
also to issue $2,437,000 pref. stock, which is to be sold at par
to reimburse the company for expenditures made from income in the 5 years ending Mar. 31 1914, to retire equipment trust certificates.
The improvements include the replacement of the bridge at Coshocton.
Ohio, $160,056; bridges to be replaced at Greenville, 0.. $18,739. and at
New Paris, 0.. $52.807; additional side-track facilities in Columbus,
$24,076, and for shop machinery and tools at the local shops,
$64,997;
extensive additions for Indianapolis, including an
engine-parking area,
with appurtenances. $547,591, and Chicago improvement
s,
An officer of the Pennsylvania RR.is quoted as saying that $274,288.
the company
will not attempt to sell any bonds until the market
stock is now selling below par in the market and is onimproves. The pref.
a 2% dividend basis.
-V. 98, P. 1994.
St. Louis & San Francisco RR.
-St. Louis Stockholders'
Committee.
-The St. Louis protective committee of stockholders, consisting of Samuel W. Fordyce and Albert T.
Perkins, in a circular letter mailed July 7, say in substance:
Your committee has, during the year, formulated
certain tentative
plans for reorganization, and has discussed these and
other
various committees and representatives of security holders plans with the
and creditors.
While the earnings have compared favorably with
of other Southwestern railroads and the physical condition of roadthose equipment has
and
improved, general conditions still are unfavorable
Some steps have been taken by bondholders for a reorganization.
General Lien mortgage and the Refunding toward foreclosure under the
payment of interest coupons. NeverthelessMortgage, as a result of non, it is believed by many that
this interest has been earned, except for
maintenance in order to bring the property unusual expenditures charged to
up to an efficient condition.
We believe that there will probably be no final action
closure proceedings, and no final plan of reorganizationtaken under foregenerally agreed
on, during the next two months. Meantime your committee will for the
present continue its efforts for the adoption of a reorganizati
on plan which
properly conserve your interests.
may
-The New York Stock Exchange has listed ,659,Listed.
000 Central Trust Co. certificates of deposit for 4% Refunding M. bonds, stamped" as having the July 1914 coupon
purchased by the bondholders' committee and $1,204,000
"unstamped" certificates, with authority to add $58,694,000
"stamped or unstamped" on notice of issuance
in exchange for outstanding bonds, making the total amount
authorized to be listed $68,557,000,
Notice to Holders of 4% Refunding Mtge. Gold Bonds Due
-The committee for this issue, Frederick Strauss,
1951.
Chairman (compare V. 98, p. 1994), announces that a majority of the bonds has been deposited, that the certificates
of deposit have been listed on the N. Y. Stock Exchange,
and that the mortgage trustee has filed a bill to foreclose the
mortgage. The committee is acting solely for the deposited
bonds and will for the present receive further deposits.
(See adv.)-V. 99, p. 122.
San Antonio Uvalde & Gulf RR.
-Authorized.
-The
Texas RR. Comm. on July 8 authorized the registration of
$750,000 additional bonds on 43i miles of road on the extension just completed to Corpus Christi and additions to
lines between Pleasanton and Mikeska.
199
by the Hibernia Bank & Trust Co. of New Orleans,
the
mortgage trustee, is part of an issue limited to
dated July 1 1914 and due serially 1918 to 1944. $3,000,000,
The $800,000 bonds now sold mature in annual
installments as follows,
the par value being $1,000, except for $50,000 of $500
bonds and $20,000
of $100 bonds due in 1944: $10,W0 1918 and 1919;
$15,000 1920 and 1921'.
$20,000 1922 to 1927; $25,000 1928 to 1932; $30,000
1933 to 1937; $25.000
1938 to 1942; $20,000 1943; $210,000 1944.
Offering prices range from
99.46 for 1918 maturity to 97.72 for 1944 maturity.
The remaining $2,200,000 will fall due in the following
annual installments, denominations all $1,000 except $100,000 of $500
bonds and $80,000
of $100 bonds due in 1944: $5,000 1925 to 1937;
$15,000 1938 to 1642
$20,000 1943 and $2,040,000 in 1944.
These remaining $2,200,000 bonds may be certified and
issued from time
to time to provide for (a) permanent improvements,
betterments or extensions and additions after July 1 1914; (b) the acquisition
of additional
property as a fixed investment, including the stocks or
bonds
street or interurban railway operating in whole or in part of any other
in Shreveport,
but not the stocks or bonds of any other corporation.
The
however, of the bonds to be certified and delivered, must not par value.
exceed 80%
of the cost and fair value of such betterments,
and the annual net earnings, after taxes and improvements or extensions,
1234% of gross earnings for
maintenance must then be three times the interest charge,
additional bonds to be issued. In case of the acquisition of including the
the company must already own and have pledged under stocks or bonds.
least 90P of the bonds and capital stock then outstanding this mortgage at
of the companies
whose stocks or bonds have been acquired.
Further Data from Pres. W. F. Dillon, Shreveport, June
15 1914.
Capitalization as of July 1st 1914Authorized. Outstand'g.
Capital stock
$2,000,000 $1,000,000
5% First Mortgage Serial Gold Bonds
3,000,000
800,000
These bonds are a clear first mortgage on all property, rights,
&c.. now owned or hereafter acquired, and the $800,000 now franchises,
sold will be
the only debt on July 1 1914.
Earnings Years Ending May 31, with Present Interest Charge. 1914.
1914.
1913.
Gross earnings_ _-$304,970 $236,374 Int. on $800,000
1st M. bds_$40,000
Net (after taxes)_$137,639 $94,590 Surplus
$97,639
Operated by present stockholders for many years past, being
independent company without affiliations with any holding an entirely
company or
any other corporation. [W. J. Bayersdorffe
r is Secretary.)
Business Field.
-Shreveport is the second largest city in Louisiana and
one of the most progressive in the Southwest,
one of the most fertile and populous sections being located in the heart of
of the South. Has 47 miles of
paved streer,excellent water-works, electric lights
popu ation
and natural gas.
Post Office Receipts- -Banking Resourced-lo
1900.
1914.
1900.
1914.
1900.
16,013
abt.40,000
$41,284
Since Jan. 1 1911 the city has issued $150,473 $4,812,505 $17,395,409
5,236
$5,784,784, and yet there are practically no building permits, aggregating
houses for rent at this time.
The commerce of the city has increased
in similar proportions, owing to the
fact that Shreveport is now served
by 11 lines of 8 railroad systems, and
the recent Supreme Court decision
in the so-called "Shreveport Rate Case"
is certain to further increase
the city's wholesale trade throughout the
eastern portion of Texas. A steady
Increase in the earnings of this co. increase in population with a further
seems assured. See also V. 99, p. 50.
Southern Pacific Co.
-Listed.
-The New York Stock
Exchange has authorized to be listed $54,534,000 5%
20
year convertible bonds, due 1934, on notice of
exchange for outstanding subscription receipts. issuance in
(V. 98, p.
524, 1394, 1539, 1921.)-V. 99, p. 122.
Tacoma Olympia & Chehalis
-Control.
See Eastern Railway & Lumber Co. underValley RR.
"Industrials" below.
Third Avenue Ry., N. Y.
-Report.
---See "Ann. Reports."
Income Interest.
-The company has declared the regular
semi-annual interest payment of 2
on its $22,536,000
adjustment income bonds for the first 6 months of 1914,
making with the 2 % paid April 1 1914 5% paid from
the
earnings of the fiscal year ending June 30 1914. On Oct.
1
1913 VA% was paid for the 6 months ending June 30
1913
and on April 1 1913 13.% for the 6 months ending
Dec.
1912 (the initial distribution), making a total of 33 % 31
4 for
the year 1912-13.-V. 99, p. 122.
Toledo St. Louis & Western RR.
-Default.
-The
company it is stated will default on the Aug. 1
its series "A" and "B" bonds, which were issued interest on
in payment
for the Chicago & Alton stock owned by the
company.
Interests connected with the company do
After Aug. 1 90 days must elapse before not anticipate a receivership.
Before that time, it is stated, it is felt thatbondholders could bring suit.
an arrangement may be made
with the bondholders whereby they
will
pledged under the bonds in exchange for agree to take the Alton stock
the same.
Union Consolidated Elevated Ry., Chicago.
-Decision
Judge Windes in the Circuit
Court on July
Boyne should be prevented from proceeding 7 held that State Attorney
against the company on the
ground of over-capitalization. The
Court says that if there is any ground
for the suit it should have been
tion thepeople have acquiesced brought many years ago and that by inacChicago Elevated Rys. item. V.in the actions of the company. Compare
63, p. 1065.
Union Pacific RR.
-Favorable
-The Court
Appeals on Tuesday unanimously Decision. the decision of
affirmed
the Appellate Division of the Supreme Court which was o(
ren
dered on May 1 and in turn affirmed that of the lower Cour
denying the motion of the Equitable Life Assurance Society
to enjoin the company from distributing the extra dividend
that was declared on Jan.8 last and is payable in Baltimore
& Ohio stock and cash ($3 per share)).
Justice Page in the Supreme Court on Thursday also rendered a decision in favor of the company in the McCaddon
suit, which was brought to have the dividend declared illegal,
but in which no injunction to prevent its payment had been
applied for.
Chief Judge Bartlett wrote
opinion handed down several the opinion. The Court quoted from an
years ago in connection with a suit against the
Western Union Telegraph Co.:
"When a corporation has a surplus, whether
a dividend shall be made,
and -cihere itcontll l ebla and, if made, how much it shall be, and when
directors i n sharoba pe
yable, rest in . e fair and honest discretion of the
b y the eoui t
r
The $80.000.000 consists of cash and Baltimore & Ohio stock.
Extra Dividend Payable July 20.
-Following the aforesaid
decision, an adv, on another page announces that the extra
dividend on the common stock declared Jan. 8 1914 (V. 98,
p. 156,914) will be payable on July 20 1914 at 165 Broadway,
N. Y., upon surrender of the warrants therefor heretofore
company has thus far issued $4,113,000 bonds and $315,000 stock. issued,
The
thus distributing among the holders of the common
covering 316 miles of completed line, on which a valuation of $5,051,071
been allowed, thus leaving the courtly a margin of $633,000 for add!- stock of the Union Pacific RR. Co. the major portion of
bending purposes -V. 98,. p• 1 94•
the Baltimore & Ohio stock owned by the U.P.,together with
hastion
-Bonds.
Shreveport (La.) Railways.
-The 00,000 1st $3 per share in cash. The following shows (a) the amounts
• . uussuuuu awus,,
M.5% Serial Gold Bonds recently offered on a 5.15% basis to De distributed per single share o
200
THE CHRONICLE
amounts
(b) the total amounts to be distributed,(c) the totalby B.&0:
of B.& 0.stock owned and the total amounts issued
VOL. xc .1
-Settlement.
American Shipbuilding Co., Cleveland.
The company on July 8 paid to the Commonwealth Steamship Co.
$834,348 and received a bill of sale for the steamers J. Q. Riddle, Abraham
Steam and Sheldon Parks, the separate checks being for $244,666, 8302,887
Issued.
.Owned.
Tot
Per Share. Tot.Distrib.
$58,868,800 and $286,795, representing the balance due under the Court decree for each
B.& 0.,pref.. par value_$12 00 $26,674.008 $28,480,000 152,017,343 of the ships. The company also assumes the bonds on the ships, which
53,607,800
corn., par value_ 22 50 50,013.765
amounted to about $377.000, but were reduced to $200,000 during the
6,668,502
3 00
Cash
course of the litigation. Compare V. 99, p. 51; V. 98, p. 1769.
do interest realized and
The steamers will be purchased by the Scott Steamship Co., which will
See below
B.& 0. dividends
a capital stock of $600.000. The officers of
increased by the pro rata share of the be an Ohio corporation with Fianna, President; R. L. Ireland, Vice-PresiThe $3 cash payment will be
the company will be D. R.
o
%T
1 to
Interest realized from April 1 to July 20 1914 (at rates of 25 the Aprildivi- dent; Matthew Andrews, Vice-President, and J. S. Ashley, Sec. and Treas.
of
cash
July 1 and 2% July 1 to July 20) upon a special deposit
The steamers will be operated by M. A. Hanna & Co. after Aug. 1. when
dend fund maintained during the litigation.
-17. 99, p. 51.
its regular semi-annual the contract with the present managers expires.
The Baltimore & Ohio RR. Co. has declared common stock),payable
-Status.
stock and 3% on its
dividends (2% on its pref.
Avery Co. of Peoria (Agric. Implements).
1. Full shares of
a
Sept. 1 1914 to stockholders of record Aug. or prior to Aug. 1 B.&o.stock
will therefore
Frank 0. Wetmore, Chairman of the extension committee, has sentto
Union Pacific extra dividend on
issued for
to the creditors stating that orders taken by the company up
payable Sept .11914. Upon
be entitled to the B. & 0. dividend thereon certificates issued after Aug. 1 letter 30 amounted to 31.688,000, which, while not equaling the same
June
the delivery prior to Sept. 1 of B.& 0.stock
that date in 1913 (when the great volume of business was booked
in exchange for U. P. extra dividend, the Union Pacific RR. will deliver item toexceeds the sales to the same date in 1912. About 7754% of the
0. dividends pay- early),
therewith its due bills payable to "bearer" for the B.& Upon the
sales, it is stated, call for payment before.Lan. 1 1915. It will probaable Sept. I. when and if collected by the company. after Aug. 1delivery year's impossible to maintain this showing on fall sales of tractors and plows.
1914 in
on or after Sept. 1 of B.& 0.stock certificates issuedwill pay to the regis- bly be disbursements for labor from Jan. 1 to June 30 1914 were $242,000,
The
exchange for U. P. extra dividend, the Union Pacific
of the item during the first half of 1913. The outlay for purtered owner of such stock the amount of the B. & 0. dividends payable about halfmaterial were $322,000, against 81.566.000. The conunittee,
chases of
Sept. 1 collected by it.
is having loyal support from the officers of the company,
The U. P. System holds $53.607,800 B. & 0. common and 828,480,000 the letter states, being made to liquidate the excessive inventory shown
B.& 0. pref. The aforesaid dividends on the $222,283,400 U.P.common and every effort is Dec.31 1913; also, further, that in view of the fact that
statement of
outstanding Mar. 21 (V. 98, p. 914) calls for $50.013,765 B.& 0.common by the
any new indebtedness over
the extension agreement provides priority forbe
and $26,674,008 B. & 0. pref.-V. 93. p. 1995.
claims of the extending creditors,"you will interested in knowing that
of
ation Co., Phila.-Divi- the company had on June 30 no new indebtedness on accountthebills payathe
United Power & Transport
extension
ble, and that the only claim having priority, by reason of
dend.-A semi-annual dividend of $1 40 per $25 share has agreement, was 8118,000 ot' accounts payable for material delivered since
stock, payable July 30 to the extension agreement became operative." The company is taking adbeen declared on the $3,593,750
-V.98. p. 1159.
vantage of all profitable discounts.
1 last $1 52 was
holders of record July 16; on Jan.
paid.
-Plan to End
Barney & Smith Car Co., Dayton, 0.
Receivership.-Pres. H. M. Estabrook, Dayton, with a view
circular
to ending the receivership,offers the shaxeholders,in Aug. 15
before
-Alton Co. to Use Ter- of July 7, the right to subscribe pro rata on or
Union Station Co. of Chicago.
debentures, subscriptions payable
-It was announced on July 8 that the Chicago & for $1,500,000 6% 15-year
minals.
to Jan. 11915. Circular says in brief:
Alton RR. had arranged the details of an agreement for an monthly Oct. 1, 1914 1913 damaged the plant to the extent of about
The flood of
interchange of property and other rights with the Pennsyl- 3765.000. TheMarch 25 acres of land and buildings were flooded to a
entire 53
the interests of all concerned, the Court
vania, Chic. Milw. & St. Paul and Chic. Burl. & Quincy, the depth of over 14 ft. To conserveEstabrook of Dayton and C. L. Harrison
June 23 1913 appointed
owning the terminal, subject to the approval of the on Cincinnati co-receivers. H. M.
roads
of
Accts.
several boards.
Receivers'Report ofFinancial Condition of Co. Jan.311914,incl. Reedy.
-
Dividend Record (Dollars Per Share).
1900. '01. '02. '03. '04. '05. '06. '07. '08.'09-'10. '11. '12. '13. '14.
1 2.66 2.39 3.10 3.20 3.31 None 1.10 2.81 3.05 2.92
2 2
1
-V. 98. D. 454.
Liabilities ($3,730,798
Assets ($5.290,127Pay-roll,accts. & bills pay.
Cash, accounts and bills
accr. taxes & bond int __31,730,798
merchanreceivable and
$2,278,609 First mortgage bonds__ __ 2,000,000
disc,less reserve
Excess of assets_$1,559,329
3,011.518
and equipment_
Plant
and flood loss.
This shows the assets aftercharging off good-will, depr'n
Results of Operation from June 23 1913 to June 1 1914. $93,889
[Less bond interest
$6.308.951
Sales
$41,388
$135,277 Net after bond interest
Profit thereon
the receivership, in compariThe above profit for the 11 months under
appears small, but the working organizason with the volume of business, and it was necessary to re-assemble and
Wabash - Pittsburgh Terminal Ry.-Investigation.- tion was demoralized by the flood
at great expense. The benefits of the
Chairman Adamson of the House Committee on Inter-State reorganize samederived during the last few months,sorecent improvements
that under ordinary
have only
and Foreign Commerce on Thursday announced that conditions beenprofits, probably would have amounted to from 3300,000 to
the
he had received assurances from the Inter-State Commerce $350.000 instead of $135,277. plant has been improved by additional
receivership the
During
Commission that it would make an investigation into the machinery the manufacturing steel cars and by re-arrangement of buildings
for
equipped with modern
affairs of the company as soon as it had completed its in- at a total cost not exceeding 3150.000. It is now types of passenger and
machinery and can manufacture competitively all
quiry into the Pere Marquette. RR.
present capacity is about $10,000,000 per annum and
freight cars. The
In view of this fact further hearings which had been going on under the on annual sales of$7,500,000 should show a profit on talus of from 5 to
another 25%
65'g_.
of 25% was paid the
Townsend resolution requesting the Commission to make the inquiry
On Oct. 10 1913 a dividend before Aug. 15 1914, creditors;the necessary
reducing
or
-V.98. p. 1461.
will, it is stated, be dropped.
has been ordered paid on
the 1st M. bonds has
working capital by about 8475,000. The interest on
-At Chicago on July 16 been paid to date.
-Refusal to Arbitrate.
Wages.
raise the receivership, and to do so will require $1,500,It is
working
W. S. Stone, for the Brotherhood of Locomotive Engineers, 000 to necessary to
pay the balance due to creditors and to provide necessary issue of
raise said money by an
the Brotherhood of Locomotive Fire- capital. The directors have concluded to not to exceed $2,000,000, with
and W. S. Carter, for
the Western Lines, gave formal 6% 15-year debenture bonds, total issue retirement; Interest semi-annumen and Engineers, of
sinking fund after 3 years for their gradual
notice that their organizations would not accept arbitration ally. -)enominations $500 and 81.000.
a great demand for railroad equipment, and
Act, "because in our
The directors expect shortlythe receivers' hands,should get Its full share.
of their demands under the Newlands
if taken out of
your
sale.
to place the This company,
past arbitrations the railroads have refused
plan also avoids the loss that would result from a judicial
& Gen.
Directors; H. M. Estabrook Pres.; A. J. Stevens, Vice-Pres. Platt,
awards in effect." The board of managers of the railroads,
Kiefaber, Vice-Pros. & Treas.; E. J. Barney and E. F. J. M.
J. F.
however, on July 17 petitioned the Government Mediation all of Dayton; Joseph Rawson. J. L. Lincoln, W. St. J. Jones and
Mgr.•.
-V. 97. p. 1205.
Board to intervene.
Wright. all of Cincinnati.
-Strike Settlement.
Extracts from Statement Issued by A. W. Trenholm, Gen. Mgr.
Bituminous Coal Companies.
Ch. St. P. M. & 0. Ry.. Chairman of Conference Committee.
-The delegates attending the convention of the Ohio United Mine
Ohio.
at Columbus on July 10 ratified the main provisions of
The number of railways involved In the negotiations is 98 and include Workers of America
practically all lines in the United States west of Lake Michigan and the the new wage agreement recommended by the scale committee. On
Illinois Central RR., including this road. The total mileage is about Saturday last an agreement was reached by the operators and miners of the
140,000 and the number of firemen and engineers concerned about 55,000. Cambridge district which will allow the re-opening of the 22 coal mines in
for 6,000 more of the idle miners. About
The wages now paid annually to them is about 867,750,000.
that district and employment
The request submitted by the employees' committee proposes increasing 20.000 of the 45.000 striking miners in Ohio will, it is reported, return to
the number of arbitrary allowances, reducing the number of hours of work, work at once, others to follow later.
-The miners of the Kanawha district, who on June 1 went
which would increase the rate of pay for overtime by 100% for passenger
West Virginia.
service and 50% in freight and other service, and the creation of many new on strike, on July 15 affirmed the agreement made by their representatives
of a two
positions. These and other concessions requested would increase the pay- and the operators. The vote of nearly 2 to 1 was taken at the end mines in
agreement is for three years. Most of the
rolls of the railroads represented more than 833,000.000, or about 50%.
days'convention. The now in operation.
-V.99.P. 122, 49.
Original requests of the engineers and firemen, made in Oct. 1913 would,
field, it is stated, are
if granted, have increased their wages approximately $27,000.000.. When the
-Indictment.
these were presented the railroads gave notice of their desire to terminate
Booth Fisheries Co. Seattle, Wash., on July 15 returned indictJury at
the wage schedule in effect and to enter into negotiations for the purpose
The Federal Grand
of making new agreements. These were begun In Feb. 1914. From the ments under the Sherman Anti-Trust Law against the company and others,
start the railroads have declared there could be no increase in wages, but forming the so-called "halibut trust," which is stated to control most of
and Northern Atlantic oceans
Northern
that there would be no reductions, which the employees feared.
halibut caught in thesold in the Pacific States. Conspiracy is alleged
United
The demands of the employees originally conceded that the then existing the
Bering Sea and
in the
basis of ten hours' work a day was equitable. They now demand six and and the and limit the catch and output of fish. Those mentioned Booth
control
eight-hour days in freight service and a five-hour day in Passenger service. to
include the Booth Fisheries Co. of Maryland, and the
overtime be put on the basis of double time in passenger Indictments -V. 98, p. 612.
It is also asked that
Fisheries Co.
service and time and one-half in all other service. The granting of the
-Suit.Detroit, Mich.
overtime request alone would cost the railroads $2.160.000 a year.
Cadillac Motor Co. Austin Automobile Co., has brought suit In
'
the
These and other requests Increasing the expenditures of the railroads
W. S. Austin. head of
the Cadillac Co., claimmake It impossible for the employers to even consider such changes. To the U. S. District Court at Grand Rapids against an injunction to restrain
grant them would mean that many of the railroads would have difficulty in ing patent Infringements and asking damages and equipped with 2
-speed
making and marketing cars
meeting their obligations-V.97, p. 1428, 597.
the Cadillac Co. fromcars so equipped have, it is reported, been sold.
axles. About 15,000
Warren Brookfield & Spencer St. Ry.-Sale-p. 1438.
The foreclosure sale, which was originally advertised for June 4 and V. 81.
--Plan.
Canada Iron Corporation, Ltd., Montreal.
postponed until July 16, has been further adjourned until Aug.6. Compare
at meetings held In Montreal, have
V• 98. p. 1847.
The first and second bondholders, the bondholders' committee relative
formally approved the resolution of resolution, as presented to the first
reconstruction, said
to a scheme of
INDUSTRIAL, GAS AND MISCELLANEOUS.
providing in substance: "That this meeting approve
mtge. bondholders,
1914
scheme for reorganization embodied in the report dated May 19
the
Adirondack Electric Power Corp.
-Earnings, &c.
appointed by the general meeting of the said bondholders
of the committee
Co., as trustee,
Results for Year ending May 311914.
on Mar. 6 1914, and authorizes the Montreal Trust1908, and all seheld
$1,252,399 I Bond interest
$250,000 to release and cancel the existing trust deed of Nov. 24
Gross earnings
390,216 I Balance, surplus
140,216 curities thereunder, on exchange, and Issue to the 1st M. bondholders of
Net, after taxes
Coffin & Burr offer, at 95 and int., $150.000 1st M.58, 1962. See "B" debenture stock and fully-paid ordinary shares of the new company,
Perry.
provided by ;he said scheme, and to concur with the liquidsV. 98, p. 1765.
to the amount
the said scheme into effect, so
steps to
- tars in taking all necessary satisfied carrysubscriptions for the "A" debenAmerican Milling Co., Phila.-Capital Stock Reduced.
that
are reasonably
as they
June 9 authorized, by a vote of 244.837 shares (more soon stock of the proposed new company to the nominal amount of not less
The stockholders on
the reduction of the capital stock ture
at 95% of Its face value will be forthcoming on
than two-thirds of the total auth. issue)
than $600,000 (E120,000)
11914.
from $3,500,000 to 8700,000, effective July endorsed,Holders are therefore the incorporation of the said new undertaking."
to the transfer office,
properly
following;
requested to send their certificates,
The "London Financial News" of May 27 gave the
there may be issued in exchange
$1,000,000) of 6% "A" de461 Drexel Bldg., Phila., in order that
"The new company will create £200,000 (or
£140,000
therefor new certificates on the basis of one share of new stock for five shares benture stock. of which not less than £120,000 and not more than necessary
for the five months ended
95%, to provide the
a
of old of the same par value. The net earnings
face value will be subscribed at price of
amounted to 845.633.-V. 98.P. 1847.
May 31 1914
While the Alton is not in a position to take an equal share In the ownership
of the new station with the larger lines, the agreement, it is thought,gives it
a voice in the management as well as the right to use the terminal on terms
-V. 99. p. 122.
not yet announced.
-Earnings Vicksburg Light & Traction Co.
Year ending May 31 1914,Reported by E. T. Konsberg & Co.. Chicago.
on let M. bonds
$185,3611Int.
834,875
Gross earnings
$76,263 I Surplus
$41.388
Net, after taxes
-V. 96, p. 488, 287.
JULY 18 19141
THE CHRONICLE
cash working capital. The remainder will be held in reserve. There will
also be created E800,000 of 6% "B' debenture stock and the existing first
bondholders will be allotted an amount of this issue equivalent to par value
of their existing bonds. This will absorb approximately 3600,000 of the
stock, the remainder being held in reserve to be issued only when the "A"
debenture stock has been redeemed or for purpose of redeeming same.
[The interest on the "B" deb. stock will, so long as the "A" deb. stock
remains outstanding, be payable only in so far as earned.] Non-cumulative
6% pref. shares and common shares will also be created, the amounts to be
determined after negotiation with the 2nd bondholders and other creditors.
"It appears that the second bondholders have already agreed to accept
fully-paid preference or common shares in exchange for their bonds on a
basis to be determined as soon as the consent of the other creditors to the
scheme has been obtained. Holders of gold notes secured by second bonds
and the other creditors (other than those secured by liens on raw materials,
&c.) will also be asked to accept fully-paid preference and common shares
in satisfaction of their claims. In consideration of loss of interest from
June 30 1913 until the new company is incorporated, the first bondholders
will be allotted. in addition to face value of the holdings in the new "B"
deb. stock, 10% of fully-paid new common shares. Shareholders of the
present corporation will be given the right to subscribe for "A" deb. sthch,
with a bonus in common shares, but will receive no other consideration.'
At a meeting of 1st M. bondholders in London on June 9 1914, Chairman T. G. Scott said that he understood the foundries were then earning
a net profit of $150,000 per annum.
-V.98, p. 1769.
201
The property mortgaged as security for the bonds is valued, it is
stated,
at considerably over $1,000,000 and includes some
lands, the saw-mill plant of the lumber company in seven sections of timber
Centralia and
of-way, roadbed and rolling stock of the Tacoma Olympia & the rightChehalis
Valley RR., which is operated by the lumber company.
Eastman Kodak Co.
-Suit.
-
The Hall Camera Co. on July 14 filed suit
the company in the
U. S. District Court in this city to recover against damages
treble
($750.000)
under the Sherman Anti-Trust Law,whichwere alleged to have
tained by the operations of the defendant. The complainant been susstates that
it was engaged in the manufacture of cameras in this city, which
were sold
throughout the country, from Jan. 1905 to Feb. last, and
the making of restrictive agreements and the granting of alleges that by
rebates by the
defendant,it was then compelled to give up business.
-V.99, p. 52.
Empire Cotton Oil Co. (of Dela.), Atlanta, Ga.-Pref.
Stock Offered.
-The Robinson-Humphrey-Wardlaw Co.,
Atlanta, on May 29 recommended the 7% cum. pref. stock
(V. 95, p. 621),then selling at 90 to 92
including dividend
of 332% payable July 1. Dividends J. & J.
Properties.
-Owns and operates under its own name the following properties: Valdosta (Ga.) Oil Co. Quitman (Ga.) Oil Co.
Bainbridge (Ga.)
Oil Co., Vienna (Ga.) Oil Co.. Atlanta (Ga.) Oil &
Co., MontiCentral & South American Telegraph Co.
-Partly Esti- cello (Ga.) Oil Co., Madison (Ga.) Oil Co., Laurens FertilizerDublin,
Oil Co..
Ga.;
Central Oil & Fertilizer Co., Cordele, Ga.; North Georgia
mated Earnings.
-For 3 and 6 months ending June 30:
Fertilizer Co.,
Rome, Ga.; Telfair Fertilizer Co., McRae, Ga.
3 Moe.Tot. Inc. Net Inc.
Dividends.
Bat. Sur. Total Surp
Capitalization (Par $100)1914
5387,500 8231,000 (1;4)$143,565
$87,435 53,472,831 7%
Authorized.
Issued.
cum. pref. stk., callable any int, date at 105-$1,255,000
1913
375,500
233,956 (13. ) 143,565
3,191,397
90,391
$1,215,000
Common stock
6 Mos.1,255,000
1,185.000
Replacement value of physical properties considerably in excess
1914
$777,500 $465,450 (3%)$287,130 $178,320 $3,472,831
of the
1913
741,500
3,191.397 pref. stock issue; cash working capital largely increased by the earnings
459,412 (3%) 287,130
172,282
credited to surplus. Common stock market, over
-V.98, p. 1763, 702.
$50 a share, representing an equity of about 5600.000.
Childs Dining Hall Co.
-Decision.
Annual Earnings Properties, Oper. Separately
(Present Pref. Div., 585.050).
Vice-Chancellor Howell on May 15 dismissed the suit brought by Edwin Average for four years ending
$225,059
E. Haven of Montclair, N. J., to set aside all but $90,000 of the $750.000 For year ending April 1 1912 April 1 1912
322,427
issue of common stock, on the ground that it was made without considera- Estimate for current year
tion. Compare Childs Real Estate Co., V. 94, p. 701.
325,000
While the profits from the manufacture of
cottonseed oil and by-proThe Vice-Chancellor says that whenever a share of preferred stock was ducts, together with the sale of fertilizers,
is subject to considerable flucpaid for in cash at par and issued, 3 shares of the common stock was to tuation, we believe that these
be issued to the Childs brothers, who were to transfer one share of the com- fixed charges. See also V. 95,properties will earn an ample margin above
D. 621.
mon stock to the subscriber for the preferred stock. Each of the brothers
Express Rates.
would retain one share of the common stock. The Court says: "Whether
-Missouri Reduction-Washington Tax.
The Missouri P. S. Commission on July 11 made an
was in accordance with the agreement or not, it is the course that was
this
actually pursued, and when the preferred stock had all been issued and paid press rates in the State 21% on 3 days notice, but not order reducing exfor, the common stock was all likewise issued as a bonus, and the company The reductions include: St. Louis to Kansas City, 1-1b. later than Aug. 1.
packages, from 25
as such received nothing therefor. The complainants are not without to 22 eta.; 5 lbs.. from 45 to 27 eta; 10 lbs., from
fault, for the reason that they hold $10,000 par value of stock for which 75 to 54 eta.; 50 lbs., from $1 to 87 eta., but on 5.5 to 33 cts.: 25 lbs.. from
100
the company received nothing, and they are in the Sallie psoition as other from 31 50 to 31 55. The now schedule is based on lbs. the rate is raised
that adopted by the
shareholders and cannot be heard to complain when they are legally at L-S. C. Commission in inter-State rates.
fault."
The Washington Supreme Court on June 30, sitting en
banc,
reversed the ruling of Department No. 1, handed down on on rehearing.
Dec.
H. B. Claflin Co, New York.
-New Circular.
and sustained the constitutionality of the Washington law levying 13 1913,
an cads!e
tax of 5'7 on express companies for "business done within
0
Digest of Circular of Noteholders' Committee July 13 1914.
the State.
There has already been deposited with our depositaries a large amount The decision was rendered in the cases of the Northern Express Co.
of the outstanding notes executed by the 23 corporations and endorsed by Great Northern Express Co. This means, according to figures given and
out
The II. B. Claflin Co. It is of the greatest importance in the case of each by the State Tax Commission, that the State is entitled to collect $101,833
store, without exception, that liquidaiton be prevented, and that the from various express companies for 1910, 1912 and 1913, as well as 553,401
organization, good will and other assets, valuable only to a going business, for 1914 which falls due on Sept. 1. The Court holds that express combe preserved, which can be accomplished only by practically united action panies are common carriers and can be regulated and reasonably
by the noteholders. If these stores can be continued as going concerns, by the State on traffic within its borders, but that the tax cannot be taxed
made
the assets will be preserved for the benefit of the holders of the notes and to affect inter-State business -V. 99, p. 52.
other creditors of each store. The committee is obtaining information
Federal Telephone & Telegraph Co., Buffalo.
with respect to each of the several stores as well as The H. B. Claflin Co..
This company, which has outstanding $7,282,000 of its-Stock.
which will be available as soon as procured for depositors of notes. There
are now 24 separate receiverships with the large expense unavoidably inci- auth. common stock. also $220,000 of 7% pref. stock of a $10,000,000
total auth.
dent to such proceedings. 'Dame legal- proceedings can be more expedi- issue of 3290,000, has voted to increase the pref. stock to 5790,000. and is
tiously and economically terminated if the noteholders act with unanimity. offering the $500,000 new pref. (auth. by the P. S. Commission of
[The amount of esdorsements, originally estimated at $30,000,000, State) to the general public at par. $100 a share. Dividends N. Y.
payable
-F. The pref. shares received 114% in Feb. last and a
has, it is stated, been ascertained to be somewhat more than $31,600,000. Q.
further 1j4,%
As to the nature of these notes. Mr. Claflin
issued this statement; The May 15. Total funded debt outstanding. $6.352.600.-V. 97. P• 368•
notes of the retail stores indorsed by the H. B. Claflin Co. were issued by
Four States Coal & Coke Co., Pittsburgh.
companies of which I am the sole owner. These notes were in every in-Plan, &c.
stance executed by a duly authorized officer of
company which made -The company has presented a plan of reorganization
such notes and are valid outstanding obligationsthesuch company. Each
dated
of
of these companies was financed in New York,and the local officials of each July 1, and to consummate same asks subscriptions for $2,company were charged only with the obligation of carrying on the retail 000,000 new General Mortgage
6% gold sinking fund bonds
operations of the company_ and keeping the records of such operations.
(due Aug. 1 1930) on a basis of $1,000 bonds,$100 corn. stock
which were sent to me at New York.
Some considerable portion of the
notes, it appears, does not represent the purchase of merchandise, and it is and $100 pref. stock for $900. Payment
callable when subtherefore assumed that to that extent they were used to finance Mr. Claflin's
purchase of the stores. On July 16 the combined liabilities of all sorts scription is completed. A circular says in substance (see
endorsed and uneadorsed were estimated by some at over $40.003,000.
also "Annual Reports").
iTo reduce materially the stock of goods on hand the receivers of the
The majority stock is controlled by John H. Jones,
Wholesale house in New York have this week been carrying on a peremptorY ship, and financial
through a trusteesale at reduced prices except in flannels and blankets.-Ed.1---V. 99,p. 122. developed and the assistance is desired to the end that the property be
large earnings originally contemplated
realized, the plans
providing sufficient
Commonwealth Steamship Co.
-Probable Liquidation.
- The following planfunds to complete another mine.
is
The company, as stated above, has received in settlement of litigation of stock until 50% of suggested: Place in escrow 33,000 shares (majority)
the general mortgage bonds has been paid and the
from the American Steamship Co. the sum of $834,348; deducting attor- earnings are
ney's fees of approximately $70,000, would leave 5764,348, or about $42 50' 7 directors, 4three times the amount available for interest thereon. Elect
per share on the $1,800,000 stock. The company, it is reported. will Pro- bond to carry to be nominated by the General M. bondholders (each $1,000
the right
bably be liquidated and the liquidating expenses would reduce this amount tionately cumulative), to cast one vote for each of four directors or proporand 3 by majority
to about $40 a share.
-V.98, P. 1769.
It is proposed to issue $2,000,000 6% of stockholders.
general mortgage gold bonds, due
Aug. 11930,
F. & A.; sinking fund from
Dulac Cypress Co., New Orleans.
1 1919, 5 cents per
-The Inter" ton on all coalinterest but not less than $100,000 p.Aug. cancel these bonds.
-Bonds.
mined,
a. to
State Trust & Banking Co., New Orleans, and McCoy & Co., the company reserving the right to redeem all or any at par. These bonds
will be sold at 90 to provide 51.800,000 for
Chicago, recently offered at par and int. $321,000 1st M.6% equipment, canceling
additional working capital and
present gold note issue,secured
serial guaranteed gold bonds of 1914.
and all other indebtedness except the $3,300,000 by general mortgage.
1st M. This would
provide about $400,000 additional cash for
Dated July 1 1914 and due 550,000 July 11915. $60,000 yearly 1916 to
working capital and equipment.
-V.99, p. 123.
1919 and $31,000 July 1
at 102 and int. Denom.1920, but subject to call on or after July 1 1915
payable at
51,000
Grand Rapids (Mich.)
int. (J• &
Interstate Trust & Banking Co.,c*. Prin, and or Cont. & 'omm. Nat.
-Sale Postponed.
The foreclosure sale, which was Hydraulic Co.
New
Bank, Chicago. Trustees are Inter-StaOrleans, Banking Co., New Or- Coni l8
set for July 15, has
adjourned until
A ug.pare ythe
at 9
te Trust&
870. 1848f H. Warren Hubbard, trusteebeen
uest o
.
leans, and Mich. Trust Co., Grand Rapids.
for the bondholders.
Data from Pres. D. P. J. Burguieres, New Orleans, June 2 1914.
Hampton (N. H.) Water Works Co.
Security.
-A first lien on 11.625 acres of cypress timber, well located in
-Burgess,
-Bonds.
Terrebonne and Lafourche Parishes, La.• and estimated by experts to Lang &
Boston and N. Y., are placing at par and int.
contain cypress, 91,397,259 ft., and hardwoods. 255,000 ft. The swampy
$100,000 1st M.5% sink. fd. gold bonds of 1914. They say:
Co.,
soil in which cypress timber grows, the height
of undergrowth make fire damage practically of the trees and the absence
Bonds dated July
impossible.
Total auth. bond issue, $350,000, of which $29,000 can only be issued for after July 1 1919 at 1 1914. due July 1 1944. but red, on any interest date
105 and int.for a sinking or improvementfund beginning
additional timber lands or
ft. Cypress timber, due timber in said parishes at not over $3 50 per 1,000 in 1919 equal to 1% of bonds out. Par $1.000c5 Interest J. & J. at
.
to the relatively small supply, and its peculiar American Trust Co., Boston, Trustee.
fitness for certain uses, has an
Company incorporated in N. it, in 1889 and operates an efficient plant
estimated value of from 35 to $10 per 1,000
ft. The timber is under contract
of
Houma, La., requiring them to cut sale to the Houma Cypress Co.. Ltd, serving a portion of the town of Hampton, N. H. Will apply the proceeds
and by this contract the company not less than 1.000.000 ft. per month, of the new securities to the construction of 12 miles of pipe. new standis now receiving $9 net per 1,000 ft., at pipe, concrete pumping station, collecting basin. &c., in order to serve all
which price the timber would
produce more than 21 times the amount of of Hampton, North Hampton and Rye, N. It. The additions will cost
the bonded debt. The n0111114
W. Dodge and E Sundbery of Cypress Co., Ltd,• a managed by George $136.000, giving the property a total value of over $213,000. The old
Co., Napoleonville. 520,000 1st M. 5s will be retired and the $37.000 stock made part of a
La., successful cypress timber the Napoleon Cypress'
operators.
$50,000 authorized common stock, the new capitalization being 1st M.5%
Sinking Fund.
-Before any timber is cut
-acre gold bonds, 5100,000; 6% cum. pref. stock, 550,000, and common stock.
or removed from any 40
tract or Governmental lot there
must
id to the trustee the sum of 550.000. Estimated earnings of system after aforesaid extensions: Gross.
in cash for each 1.000 ft. of timber
$5
$20,000; net, after taxes, $14,000; bond int., 55.000; 6% pref. div., $3.000:
bop
principal only. Any excess shall be to be cutor removedfor payment
.
b ol for com mn.. 56I .0
ment of additional bonds at not to applied by the trustee to the retire- Cal e. Ham ptoon N , 10 . Pres., William H. Jacques; Treas., Ernest.G.
exceed 102 and accrued int.
Guaranty.
-Unconditionally
by the individual endorsement guaranteed as to principal and interest
of D.
Hotchkiss Timber Co.
-Bonds Called.M • Burguieres (V.-Pres.), E. A. Burguieres P..1. Burguieres (Pres ).
All of the
t .tll
(Treas.),
%
C. P. Burguieres, the principal stockholders, .n. I. Burguieres (Sec.) and inclusive, outstanding 1st M.6 gold bonds, viz., Nos. 191 to 500, byo
payment a
maturing from Aug.
their
excess of $1,000,000 over and above their interest collective worth being in and int. on.Aug. 3 at Detroit 2 1915 to Aug. 2 1919. for
Trust Co., Detroit, trustee.
in this timber.
Eastern Railway & Lumber Co., Centralia, Wash.
Timber Bonds.
-The company has filed a mortgage to the
Grand Rapids Trust Co. of Grand Rapids,
trustee,
to secure an issue of $251 .000 of timber bonds purchased by
Mich"
the Lumbermen's Trust Co. of Portland.
•
Inland Steel Co., Chicago.
-Possible Stock Dividend.
Chicago papers say that the directors will at the arnralcammtln:
July 28 probably recommend an increase in the author ed
e di hock
k
d
di 'id
51
to the declingtlon $ 993 .7
stock, eai ara for 1:1. 2
on 0 10
m 5 E7204 wouittshtaanvidinewg
0
5st°elbsrsianigidnNtg:tnill:
amount out to S9,965,875. The further proposed inere
to take Care of future growth of the property. The company has an ac-
202
THE CHRONICLE
cumulated surplus of over ee,000,000, a large part of which represents
earnings re-invested in the biMiness.-V. 98, p. 455.
-Earnings, &c.
International Cotton Mills Corp.
-V.98,p.1922,1848.
See Mt. Vernon-Woodberry Cotton Duck Co. below.
-Sub. Co. Bonds.
International Mercantile Marine Co.
-V.98. p. 1922.
See Oceanic Steam Navigation Co. below.
-Suit.
International Steam Pump Co.
[VoL. xcix.
City. Hempatead,rBaldwin; Floral Park, Sea Cliff, Locust Valley, Oyster
Bay, Bayvilie, Central Park, East Norwich and Hicksville.
The decision settles two cases before the Commission, one the application
of the Glen Cove Light & Power Co. for the approval or a franchise granted
to it by the village of Sea Cliff, the other the complaint of residents of Sea
Cliff as to the rates of the Nassau Light & Power Co.
The Glen Cove Co. proposed to supply Sea Cliff with current at 9c., the
same rate it charges in Glen Cove, while the Nassau company was already
furnishing current in Sea Cliff at 15c. It appears, however, to the satisfaction of Commissioner Decker that there was no certainty that the Glen
Cove company could continue to deliver current at 9c. in Sea Cliff, and
through other possible extensions of its territory with profit to itself.
The Commission reiterates the principle that corporations should be protected from undue competition as well as be subjected to due regulation.
-V. 96. P• 365.
Justice Weeks in the Supreme Court on July 3 heard an application to
have the complaint made more definite and certain in the suit brought by
John A. Drew, as holder of 5() shares of preferred stock in behalf of himself and other stockholders,for an accounting against William Guggenheim
and others, in which it is claimed that 58,000,000 has disappeared from the
treasury without corresponding addition of assets.
-Suit.
NationalFruit Co.
The complaint among other allegations states that in May 1906 the deJames J. O'Brien, in behalf of himself and other stockholders, on June 25
fendants. including William Guggenheim and Samuel Matermyer, "fraudulently and wrongfully" entered into an agreement with the late Benjamin filed in the Supreme Court in this city a suit against the company,(Joseph
Guggenheim, by which the International Co. purchased from Benjamin T. Fanning. President; Louis Van Horne, 1st V.-Pres.. and Chandler A.
Guggenheim the stock of the Power Ming & Machine Co., for an amount Oakes, V.-Pres.; J. Otto Stack, Treas., and Louis Rotor, Sec.). charging
largely in excess of its true value, viz., $2,500,000 preferred and $5,500,000 that the company's stock is being sold in violation of the postal laws. The
common stock of the International Pump Co., and that the directors knew company was organized in Delaware in April last with $5,000,000 authorthat the stock purchased was not worth more than 55,000,000.-V. 99, p. ized stock in $100 shares, to purchase lands in Guatemala and Nicaragua
123.
for the cultivation of bananas, pineapples and other tropical fruits, and o
transport the fruits. It is alleged that the company was promoted by
-Earnings.
Little Rock Gas & Fuel Co.
Fanning. Oakes and Van Horne to exploit lands on which they claimed an
Earningsfor Year end. May 31 1914. Reported by E. T. Konsberg & Co.,Chic. option, but to which they had no title, and that Mr. Van Horne merely had
$518,629 1 Interest on bonds out
$70,717 a contract to buy 3,000 acres of Government land in Nicaragua for $12,500
Gross earnings
$105,5511Balance, surplus
334,833 and claimed an interest in vessels worth $5.000; but that Messrs. Fanning,
Net earnings
-1r. 96. p. 1025.
Oakes and Van Horne, through their control of the company, compelled it
to give them $500,000 in stock for their pretended rights to the land and
-First Common Dividend.
Mexican Eagle Oil Co.
vessels.
An initial dividend of 4% has been declared on the common stock
This alleged fictitious value, it is stated, was placed on the property
-V• 97, P. 369.
($41,500,000 Mexican currency).
to induce the public to buy stock at an enormous profit to the promoters.
prospectus being circulated containing the false statement that "the coma
-Interest Payment.
Mexican National Packing Co.
pany has paid for 6.000 acres of these lands in Nicaragua and Guatemala.
The financial agent of the Mexican Government announces that interest The real property 'purchased and its personal property is conservatively estion the 6% First and Special Mortgage bonds due July 1 will be paid on mated at $1.000,000. The property referred to is free from all encum.
,
presentation of the coupons at the London agency, 110 Cannon St., E. C. brances.
It is requested that the defendant officers be compelled to
Holders of bonds of the Mexico 6% External Gold Loan, 1931. Issued in account, that the contract to pay the defendants $500,000 in stock for their
connection with the contract under which the Mexican Government ac- contracts be rescinded and that the Court restrain the sale of stock.
quired the control of the Mexican National Packing Co., Ltd., may apply
-Stock.
New England Power Co., Boston.
to the financial agency, where warrants will be issued to cover the interest
issuing
due July 1, such warrants being payable at the finance agency of the MexiThe stockholders recently voted to increase the capital stock by give a
would
-V. 98. D. 1771.
can Government.
17.500 shares of common stock, par value of $100 each, which The addicapitalization of $2,500,000 pref. and $2,500.000 com. of Maine,
total
Power Co.
Miller Rubber Co., Akron, O.-Pref. Stock.-Borton & tional com, stock is all owned by the New Englandof water rights on the
stock in
Borton, Cleveland, recently offered at par ($100) and int. which company has accepted the England payment 98, p. 1997; also see
Co. In V.
New
Deerfield River. Compare
$400,000 7% cumulative pref. (p. & d.) stock. Dividends V. 98. p. 908, 917.
-M. 20. A circular shows:
Q.
Redeemable after June 20 1917 (and also in case of liquidation) at 120
and div. No mortgage or other lien nor any additional pref. or prior stock
without consent of 80% of the pref. outstanding. Net quick assets must
be not less than 150% of the pref. stock outstanding. Sinking fund, beginning Sept. 20 1917, will retire out of earnings $25,000 pref. stock per year.
by call at 120 and div, if not purchasable for less, thus redeeming the entire auth. issue in 20 years. The pref. shares normally have no voting
power, but, during default on dividends or maintenance of the net quick
assets, will have equal voting power with common shares,and ifsuch default
continue for one year. the total number of votes which the pref. shareholders
are entitled to cast will be equal to the number allowed the common shareholders. The remaining $100,000 pref. stock cannot be issued unless net
earnings for the two years immediately preceding shall be four times the
pref. dividend requirements. Total tangible assets, after deducting all
obligations, are 81,654,183, or $413 for every share of pref. stock; total net
quick assets,$970.337, or $242 per share of pref. Central Savings & Trust
Co.. Akron, transfer agents.
Capitalization (No Bonds Authorized)Authorized. Outstand'g.
Preferred stock, 7% cumulative
$500,000
$400,000
Common stock, 10% per annum
1,000,000
1,$00,000
Company in successful operation for over 21 years. Manufactures a
diversified line of rubber goods, druggists' and surgeons' specialties; handmade molded and dipped rubber goods; automobile tires, accessories and
repair materials. Of these products rubber tires comprise about 50% of the
company's gross business.
Plant at Akron covers 15 acres and provides 189,672 sq.ft. of floor space.
Over 700 employees. Branches in London, Toronto, Chicago, Boston
Indianapolis, Binghamton, Minneapolis,and agencies in 35 principal cities.
Owns Miller Rubber Co. of N. Y.and Miller Rubber Co.of Cal., San Fran,
Balance Sheet Sept. 30 1913, Adjusted to Reflect Sale of $400,000 Pref. Stock.
Inventories
$661,599 Accounts & notes payable.. $205.712
3,268
Accts. & notes receivable
474,453 Accrued taxes
Cash
947
35,437 Co-operative stock fund_ _ _
400,000
Prepaid accounts
5,776 Preferred stock
Real est.&bldgs.(appraised) 296,375 Common stock
1,000,000
Machinery,&c.(deprec'n)_ 387,470 Surplus
281,683
Patents and trade
-marks
27,500 (Totals, $1,891,610)
Barnings.-The earnings for the 4( years ending Sept. 30 1913 have
averaged $70,028 per annum, after ample allowance for depreciation; and
for the year ending Sept. 30 1913 were $142,472,or over five times the pref.
stock dividend requirements.
Net Salesfor Years end. June 30 1911) to 1913 and 11 Mos. end. May 31 1914
1910-11.
1909-10.
1911-12.
1912-13.
(113/6.)13-'14
$558,159
$289,840
$866.322
$1,436,834
$1,858,618
97. p. 54; V. 95. p. 53.
Mount Vernon-Woodberry Cotton Duck Co.
-Status.
-Nelson, Cook & Co., Baltimore, in circular say:
The report of Haskins & Sells. covering May 3 to 30 1914. shows:
-Summary of Incomefor Period May 3 to 30
Mount Vernon-Woodberry Mills
$342,518 Income charges
Net sales
-Taxes_ ___ $4,627
Insurance
309,065
Cost of goods sold
1,523
12,810
Ground rent, Wood'y mill
Selling expenses
267
Int, on trustee's certfs___
6,274
General expenses
2,648
Int. on Con.Tr.Co. adv's_
203
Cash discounts on sales__
$14,387
Net profit from sales
4,714
1,450
Miscellaneous
Income credits
80
Net income
$15,817
Gross income
$1,754
As will be remembered, the Mt. Vernon-Woodberry company is being
operated by the trustee under the direction of the bondholders' committee,
making money but simply to keep the organization
not with the idea of
together and the chief mills in operation, pending an investigation of its
affairs by the committee, and an effort to bring about a settlement with the
International Cotton Mills Corporation, the J. Spencer Turner Co. and the
mortgage trustee, and, if possible, to prepare a plan of reorganization.
The committee has obtained a pretty thorough knowledge, not only of
the condition of the properties of the company but of its relations with those
who have been managing the Mt. Vernon-Woodberry property over a
period of years, indeed since its organization, and it has received reports
experts who made a physical
of its expert accountants and the reports of theto
the bondholders.
of which will be submitted
examination,
That the bondholders' committee has succeeded in keeping together the
and in keeping the mills in operation, not only without loss
organization
but with a small profit, is most satisfactory to the members of the committee, and should be to the bondholders. Although the cotton-spinning
the
industry is at a very low ebb and and orders are small, much greater activity
much larger results obtained had the
might have been accomplished independent funds
and had it not been
furnished with
committee been
its work. However, what the committee
hampered in certain particulars in
to do has been accomplished, and we are informed that in a
undertook
make a full statement to the bondholders
short time it will be in position to
reorganization which, it is said, should be parand to recommend a plan of
the holders of the 1st M. bonds of the Mt. Vernonticularly gratifying to
the real owners of the property.
WoodberrY Cotton Duck Co., who are
-Nr. 98, p. 1248. 1159.
-Reduction of Rates.
Nassau Lt. & Pow. Co., Roslyn, &c.
June 16 ordered a reduction from 15c. to 12c.
-Valuation.
New York Telephone Co.
Notwithstanding the decision of the P. S. Commission to limit its valuation of the company's property to that in the city (for which purpose
$100,000 has been placed at its disposal), the committee of experts appointed
by the company, with F. B. H.Paine as Chairman, Is going on with its own
program of appraising the property throughout the State. This investigaits
tion is entirely separate from that undertaken by the Commission, but
results will be at the service of the Commission, and the company, it is
is willing to co-operate with William McClellan. the Commission'i
stated,
-V. 98. p. 1997.
engineer.
-New Director.
North American Co.
succeed the late
F. J. Wade of St. Louis has been elected a director to
James Campbell. James B. Mortimer has been elected President of the
Kentucky Coal Co. to succeed Mr. Campbell, but no successor as
West
-V.98, p. 1075.
director of that company has been chosen.
Oceanic Steam Navigation Co. Ltd. (White Star
-Glyn, Mills, Currie & Co.,
-Debentures Offered.
Line).
London, as bankers of the company, are authorized to receive subscriptions till July 10 for £1,500,000 432% 1st M.
debentures. Issue price, £95 per cent.
Authorized issue of £3,375,000 4%% 1st M. debentures divided into
debentures of the first and second series, all to be secured by a specific
first mortgage upon 24 steamships and upon a new steamship, the Britannic, now building, which vessel Is to be in commission early in 1915, and
25 vessels
by a floating charge on all other assets. Gross tonnage of these
exceeds 419.000 tons; present value at cost less 5% annual depreciation
Dec. 31 1913 said to exceed £6,500,000. Providing for Depreciation.
to
Net Earnings Before Charging Interest and
/885,332
1904 L502,7311906 f.805,30911908 £298,94111909 £1057,51911912 1080.918
1073,75211913
1905 712,679 1907 848,48611909 613,05411911
-V. 89. p• 1 8.
Colony Light & Power Associates.-Earninos.-
Old
-J.,
shares (divs. Q.
O. D. Parker & Co., Boston, who offer the 6% pref.substance:
report in
par $100) at market prices, to net about 53 %,
whose Shares Are Owned
Associates and
Old Colony Light & PowerMonths EndingCompanies
Jan. 1 1914.
by It-Six
$848
$40,817 Other income
Gross earnings
Surplus for diva. & deprec_ - 14,0851Total netAssoc. pref. shares-$14,933
55.791
-on Old Col. L.& P.
Dividends paid and accrued
$9,141
Balance
April- -10 Mos.-for April and 10 Months to
Net Sales
1913. 1913-14 1912-13
1914.
April 30Plymouth Elec. Lt. Co.(V.80, p. 1179). $5,118 $4,676 $59,855 $55,066
*6.652
928
Provincetown Lt. & Power Association__
-by month previous to
* For only eight months. as -the net sales month
September 1913 are not available.
Territory Served: Plymouth, Duxbury, Kingston, Marshfield and Provincetown. population served, 22,500. Provincetown Light & l'ower Associates, whose shares are owned by Old Colony Light & Power Associatee,
organization.
has now a well-established new-business
-Dividends Reduced.
-The directors
Pacific Coast Co.
on Tuesday declared quarterly dividends of 1% each on the
$4,000,000 second preference and $7,000,000 common stock,
also the regular quarterly distribution of 13% on the $1,525,000 first pref. stock, all payable Aug. 1 to holders of record July 24.
with 1%% paid quarterly on
2nd pref.
This comparesyears to May 1914. In May,the common and1910 extra
Aug. and Nov.
some
stocks for
payments of 1% each were made on the common and 2nd pref. stocks, in
order to bring the distribution on both stocks pp to an average of 6% since
1906, the lesser amounts paid for a time in 1908 and 1909 having aggre90. p.
%
gated 3 • Compare V.fiscal 171. The total payments on the two stocks
1/4
from the earnings of thesays: year will be 5%%
"Directors reduced.
the dividends on the 2nd
An official statement from 1%
% because of reduced earnings for the
pref. and common stocks
head year ended June 30. Business depression on the Pacific Coast has
been even more pronounced than in any other section of the country.
While the large crops now assured in Oregon, Washington and California
the
the opening of the Panama Canal and the expositions at San Francisco and
San Diego give promise of better earnings during the coming year, the directors deemed it more conservative and in the best interest of stockholders
to declare the lower rates of dividend at this time.
Recent Dividend Record (Per Cent).
'05. '06. '07. '08. '09. '10. '11. '12. '13.
Dividends
1914.
531 6 6 431 431 9 6 6 61 '11'1 ,Common
meet preferred5
5
5 5
5 1 .1 .131
5 5 5
5
6 6 1 ,1 .1, Second preferred- ,0 5% 6 6 4% 4 Yt 9 6
After 4% on 2d pref. and corn., these share equally. V. 92.p. 122.--•
97. p. 1045. 1049.
V.
Pennsylvania Canal Co.
-Decision.
The Supreme Court of Pennsylvania on July 9 (Judge Metrezat dissenting) on July 8 reversed the decision of the lower Court,which was in favor
The P. S. Commission on
Mineola, Port Washington, Great Neck, of the bondholders, and held that the Pennsylvania RR. is entitled to reper kilowatt hour in Roslyn,
Manhasset, East1Williston, Garden cover;on the unpaid coupon.sapaid by it as a preferred creditor aheacKof the
Thobaston, Hyde Park, Westbury,
JULY 18 1914.]
THE CHRONICLE
bondholders. This would leave nothing for the bondholders as the result
of a foreclosure sale.
The bondholders' committee (Jay Cooke 3d. Chairman) has asked for
a re-argument on the point that under the mortgage the proceeds of the
sales of parts of the mortgaged premises to the Pennsylvania RR. by the
of bonds of the
mortgage trustee constitute a special fund for the p
Canal Company. Judge Potter in the opinion refers to the funds derived
from such sales under the power reserved in the mortgage, and the bondholders contend that it would appear from the language that the Court is
of the opinion that not all of such proceeds were so used, but that one of
the funds now before the Court constitutes the balance thereof. Compare
V. 97,p. 302; V. 92.0. 1377.
203
Texas Company.
-Authorized Capital Stock as Affected
by Act of April 1913.
-General Counsel A.L.Beatty is quoted:
The company, prior to July 1 1914, had an authorized capital of $50.000,000 and a paid-up capital of $30.000,000. By an Act approved April 9
1913 the Texas Legislature provided that on July 1 1914 the authorized
capital of such corporations should be reduced to the amount actually paid
up. As applied to the Texas Company, this would mean that on July 1
1914 the authorized capital ceased to be 250,000,000 and became only
$30,000,000,the company not having out any further stock in the meantime.
The company has outstanding $15,000.000 of convertible bonds, most of
which were issued prior to:the passage of this Act,and there might be a question as to whether the Act could take effect as against the holders of these
-Convertible Debentures- bonds. However, this would be academic, for the bondholders are fully
Pierce Oil Corporation, N. Y.
protected
Status.-Ladenburg, Thalmann & Co. and Hayden, Stone & can again by another statute of Texas. Under this statute, the company
increase its capital stock, payment by surrender of bonds being
Co., both of N.Y., have issued circulars describing the issue made contemporaneously, and such increase can be made to the full amount
necessary to
of $10,000,000 10-year 6% convertible gold debentures, dated given within protect all of these bondholders, and if notice of conversion is
the time mentioned in the trust agreement, the capital stock
will be increased so that every bondholder will be supplied with the amount
July 1 1914 and re-payable at 105 on July 1 1924.
Authorized and outstanding, 210,000,000. Denoms. $1,000, $500 and of stock to which he is entitled. There is no litigation threatened by the
State or
$100 (c*). Int. J. & J. Trustees. Albert H. Wiggin, Charles H. Sabin, standing any bondholder. It is all very plain, and there Is no misunderor controversy any-where.
-V.98. p. 1076.
Moritz Rosenthal. Registrar and Conversion Agent. Guar. Tr. Co. N.Y.
Southern California Edison Co.
-Bonds Called.
Digest of Statement by Chairman H. Clay Pierce, June 26 1914.
First and ref. bonds Nos. 772 to 880 (both inclusive) of the Edison Elec.
Company's Share Capital as of July 1 1914, Total Authorized, $30,.Co. of Los Angeles, dated Sept. 1 1902, for payment at 110 (not par) and
000,000. AU Common (No Bonds).
int. on Sept. 1 at U. S. Mortgage & Trust Co., N. Y.
-V.98, p. 1618.
Outstanding,$11,600,000; reserved in treasury, $2.000,000-- -$13,600,000
Southern California Gas Co.
-Suit.
Reserved for (a) conversion of debentures, $10,000,000; (b) to
The company on July 1 brought an action in the U. S. District Court
properties or certificates of Pierce-Fordyce Oil Assoacquire
16.400.000 to enjoin the enforcement of an ordinance of the City of Los Angeles,
ciation,$6,400,000
-Organized in June 1913 and has acquired the properties, fixing the rate for manufactured gas at 68 cents. natural gas at 40 cents,
Organization.
distributed and and mixed gas at a sliding scale proportioned between the above rates,
&c., of the Waters Pierce Oil Co., which have continuously
sold petroleum products since 1855, principally in Mo., Ill.. Ark., Okla., per 1,000 cu. ft. for all gas furnished consumers in the city, except those
La. and Tex., and since 1877 have refined, distributed and sold petroleum served by the Southern California Edison Co., nd 90 cents per 1.000,
and its products in Mexico. Will also (as soon as authority from the State either manufactured, natural or mixed, by the gouthern California Edison
Co.
of Texas can be obtained) acquire the properties and undertaking of the it is The complainant alleges that the remuneration is not sufficient, that
confiscatory, and has not been determined after a fair investigation.
Pierce Fordyce Oil Association. Pending such authority, 8734% of the
It
certificates of said Association will be deposited with the trustees of the the is claimed that $899,749 has been spent on wells, compressor station.
gathering and distributing lines, and that to construct a low-pressure
debenture agreement. Petroleum has become a necessity of life, and its pipe
line to the main line a bill of 272,658 has been incurred.
distribution is a stable commercial business. The distributing department
should assure a steady earning power as distinct from the fluctuations of toIn Feb. 1914 the City Council passed an ordinance making it unlawful
make gas. composed of a mixture of natural and manufactured gas, that
production of oil. Total number of customers April 1 1914,
earnings in the
was approximately 80.000. We are now engaged in all branches of the contains less than 50% or more than 60% of natural gas. It is alleged that
it would cost 22,587,000 to replace the property of the company, that it
petroleum industry-producing, refining and distributing.
has
The products are distributed regularly in 17,273 cities and towns, of a bonded debt of 63,250.000 at 6%.and that the revenue from the sale
unmixed gas would amount to $467,176, while the cost to get it would be
through their 1,122 main distributing stations, each centrally located on
free hold property or convenient leasehold, and comprising brick, stone and $384.582. It is further claimed that the heating power of mixed gas is
iron-built warehouses and offices, and ample steel storage tanks on brick one-third more than that of manufactured gas.
The cal. RR. Commission on July 7 ordered the company to resume
and concrete foundations, using the companies' own tank cars, tank
wagons, motor trucks, iron barrels, shipping cans, pipe lines, &c. These delivery of natural gas to the Los Angeles Gas & Electric Corp. and Ecostations not only sell refined oils, gasolene, naphtha, lubricating oils and nomic Gas Co. at the West Glendale terminus of the Midway Pipe Line
at the rates fixed by the Commission, which the company claims are congreases, but also wax, cottonseed oil, linseed oil, turpentine and soap, and
fiscatory. This, the Commission states, will largely increase the comalso oil lamps, oil stoves and other oil-consuming devices, &c.
Properties o the Pierce Oil Corporation and Pierce Fordyce Oil Association pany's earnings. Since Feb. 20 there has, it is said, been practically no
natural as sold or delivered in Los Angeles except by the Los Angeles
Mined Directly or Through Ownership of Entire Capital Stock of Sub-Cos.
(a) Five modern refineries at Fort Worth anti Texas City, Tex.; Tulsa, Gas & Elec. Corp. and the Southern Cal. Gas Co. in their own gas Plants.
The complaint was originally brought by the city of Los Angeles against
Okla.; Tampico and Vera Cruz, Mexico, with total average daily capacity
of 26,550 bbls, of crude oil, or more than sufficient to supply the refined all of the companies, to compel them to resume the supply of natural gas
to the citizens. The Commission decided that it had no jurisdiction to
products sold by both companies.
(b) Approximately 129,000 acres of oil lands, principally held under lease, compel any of the companies to deliver natural gas. but that it had the
but partly owned in fee, which have been acquired in Okla.. Texas, Ark. power to order the Southern Cal. Gas Co. to resume the delivery of natural
and Mexico, under the advice of competent oil experts. These include gas to the Gas & Electric and the Economic Gas companies.
-V.96. p.1160.
holdings in the Cushing and Morris fields in Oklahoma, which are capable
Standard Oil Co. of California.
-Authorized.
of producing at present time sufficient oil to supply the Tulsa refinery; also
The stockholders on July 14 authorized an increase in the stock from
about 10.000 acres in the Tampico field, already thoroughly proved and
expected to produce from No. 5 well in the Topila district alone not less $50,000,000 to $100,000,000 (V. 98, p. 1541).-V. 98, p. 1772.
than 8,000 bbls. daily. The crude oil is mainly transported from thewells
Standard Oil Co. of New Jersey.
-Settlement.
to the refineries in our own tank cars, tank steamers and pipe lines.
A press
(c) Two tank steamers, total carrying capacity, 60,000 bbls.; floating on July 14dispatch announces that Attorney-General Ross of Mississippi
compromised for 260,000 a suit brought by the State against
equipment, and 798 tank cars.
the company.
Capital expenditures of $3,645,035 were made during the calendar year Kentucky and the Standard Oil Co. of Louisiana. the Standard Oil Co. of
the Galena-Signal Oil
for alleged
1913 for the acquisition of oil lands,leaseholds and their developments, and Trust Laws, the validity of which Co.,been twice violation of the Anti
has
upheld by the State
the building of gathering lines, pipe lines and pumping stations; the building Supreme Court.
-V. 98. v. 391.
of a large refinery at Tulsa, Okla.,the completion of a large refinery at Fort
Worth,Texas. and additions to the refinery at Texas City,Tex.; additional
Temple Coal Co.
-Sale of Bonds and Pref. Stock.
-Brown
tank cars, tank steamers and barges. No substantial additional capital Brothers &
Co. recently offered and have sold (see adv.
expenditures are necessary.
for record on another page) the entire present issue
Convertible Debeniures.-Re-payable at maturity on July 1 1924 at 105,
and redeemable as a whole or in part at 105 and int. on or after July 1 1917. of (a) $2,320,000 First and Collateral Trust
Mtge. 10
-year
upon 60 days' notice. Convertible at any time until maturity into common
stock, par for par. If called for redemption the right of conversion con- 5% sinking fund gold bonds of 1914, free of Pa. tax, and (b)
tinues to the date of redemption. Annual sinking fund of 2200,000, com- $2,000,000 8% cumulative preferred (p. & d.) stock
(divimencing July 1 1916.
dends (Q.
-J*.). The bankers report:
Special Covenants of Corporation in Debenture Trust Deed.
Bonds authorized, $2,500,000; issued. $2.320,000; in treasury, $180,000.
(1) That it will not create any mortgage on its present real property.
Dated July 11914, due July 11924, but redeemable at 101 and int. (a) as
(2) That it will not (without consent of the bankers above named).(a) a whole on either
-J.
-J.,or(b) by lot on any April 1 or Oct. 1
Create any additional debentures ranking prior to or pani passu with this for sinking fund of interest days
20 cents per
issue; (b) Create any stock having preference over the common stock into Penn. Co. for Ins. on Lives ton of coal mined. Par $1,000 c*. Trustee.
which the debentures are convertible; (c) sell or lease any part of its fixed the properties merged into & Granting Annuities. A first mortgage on
the Temple Coal Co. and a collateral trust
property or assets necessary for its business to an aggregate value exceeding mortgage on the
$250,000; and proceeds of any sale will be invested in other property useful have no floating stocks owned. The companies whose stocks are pledged
or funded debt.
In the business.
The preferred stock
(3) That it will not declare any dividends upon its stock,except out-of its accrued dividends. is redeemable as a whole or by sinking fund at 105 and
surplus or net profits arising from its business, without impairment ofcapital ers & Co., Phila.; Transfer agent and sinking fund trustees, Brown Brothregistrar. Commercial Trust Co., Phila. Par $100.
(4) That it will permit nothing to impair the right of conversion into the
Digest of Letter from Pres. S. B. Thorne, Scranton, Pa., July 10.
common stock.
Organization.-Ineorp.in Pa.[about July 1
-Ed .1 to take over the anthraWalter T. Rosen, of Ladenburg, Thalmann & Co., and Charles Hayden, cite coal business
of Hayden, Stone & Co.. will be members of the board and the finance pany shares have of the Temple Iron Co., whose underlying coal combeen sold pursuant to decree of U. S. Circuit Court
committee.
In the "Anthracite Coal case," affirmed by the Supreme Court of the U. S.
The proceeds of these $10.000,000 debentures are to be used to pay at These shares consisted of
the entire capital stocks of the Northwest Coal Co.
maturity the $8,000,000 1-year notes. due July 1 1914, and for other cor- Edgerton Coal
applica- out Coal Co., Co., Sterrick Creek Coal Co., Babylon Coal Co., Mt. Lookporate requirements and working cccpital. It Is intended to make
Forty
tion to list the debentures on the N.Y.Boston and London Stock Exchanges wanna Coal Co. Fort Coal Co. and four-fifths of the stock of the LackaLtd. These companies own and operate anthracite
and the common stock in N. Y., Boston. London and Paris.
collieries in the Wyoming coal field near Wilkes-Barre, Scranton and CarCombined Assets of Pierce Oil Corp. and Pierce Fordyce Oil Assn. Dec. 31 1913. bondale, which are unusually well located both for economical mining and
Not current assets (in excess of current liabilities)
$4,758,165 for the production of a large percentage of the prepared sizes of coal, which
Real estate occupied by refineries and distributing stations--2. 582795 command the higher prices.
753 16
5 .
R.V. Norris,consulting mining engineer, estimates that there is an asBuildings plant, &c., 25,841,891; tank steamers, barges, tank
sured tonnage of coal remaining in the ground of 14.475.000 tons, and that
cars, $455,998
ar
the tonnage of possible coal recovery is 24,163,000 tons. Of the aboveOil lands,leaseholds and developments, pdpe lines, &c.(including 6
.797.888
capital stock of Compania Mexicana de Combustible. S. A.)_ _19,588,237 named corporations, the Northwest Coal Co., the Sterrick Creek Coal Co.
Earnings.
-Chartered accountants certify that the trading profits of the and the Babylon Coal Co. have, by proper corporate action, been merged
the deprecia- into the Temple Coal Co. which company also owns the stocks of the
companies or their predecessors, after adequate allowance for
tion of tank cars or movable equpiment for the 12 years from 1901 to 1912. Edgerton Coal Co.. Mt. Lookout Coal Co., Forty Fort Coal Co. and four
fifths of the stock of the Lackawanna Coal Co. Ltd.
inclusive, average over $2,000,000.
Pursuant to the decree of the Court, the Temple Iron Co., hose prinResults of Operations for Year ending Dec. 31 1913.
cipal owners are the Central RR. of New Jersey, Delaware aickawanna &
Profits, before deducting adjustments on account of extraordinWestern RR.
ary Mexican exchange, in excess of 50c. U.S. to the peso
$2,952,012 Co.,Reading Co., Erie RR. Co., New York Susquehanna & Western Ry.
Co., Philadelphia & Reading Ry. Co., Philadelphia & Reading
Exchange losses in converting Mexican silver into gold at curCoal Rz Iron Co. and Lehigh Valley RR. Co., offered stocks of the aboverent rates and remitting the gold to the United States
315.714 mentioned
coal companies for sale to the highest bidder on April 30 1914.
Reserve for difference between official rate of 50c. and current
Capital Stock
cumulative'wet,$2,000,000; common,61.000.000.
rate at Dec. 31 1913. of approximately 37c., on net assets subThe preferred has full voting power, except as below noted. A
Met to fluctuations in Mexican exchange
336.005 sinking fund is
provided out of the surplus or net profits for the acquisitioa
Balance available for interest, dividends, &c
22.300,293 of the pref. stock at not exceeding 105% and div., by purchase, or on call
by lot. Redeemable also as a whole at any time at 105% and diva. on 30
This balance is exclusive of depreciation
and also of appreciation of days' notice. Entitled in case of liquidation, or upon any distribution of
properties, the physical assets having been re-stated on the books as at capital, to
105% plus diva. The pref. stock shall not be Increased, nor shall
Doc. 31 1913 at appraised values more than substantiating book values.
its rights
The earnings in the U. S. divisions alone were $2,239,216. amounting to created, be altered, nor shall any bonded debt of any subsidiary be
nor shall the bonded debt of the company be increased beyond
over 334 times the necessary interest charge on these debentures. The
pref. and
normal growth in the demand for petroleum products, the acquisition of $2,500,000. without the concurrence of at least two-thirds of the
of a
additional refineries and oil lands, and the restoration of normal con- rightmajority of the common stock, but the holders of pref. stock have no
to vote on any increase of common stock, and on any increase of comditions in Mexico should add materially to the earnings.
seribing thereforsiders of the common stock have the first privilege of submon stock the h
-V. 99. P. 53
.
Plymouth (Mass.) Electric Light Co.
-Earns.
-Control
The company in my opinion is conservatively financed, starts business
with an adequate amount of working capital, and will. I expect, have the
services of the operating organization that has in recent years largely conCo. Earnings.-Foryear ending Mar. 31: tributed to the success of the Temple Iron Co.
-V.99. p. 124. U.
Surp. Begin. Yearly
Ezp.,Dep., Tot. Sur. Temple Iron Co.
-Cal. Yrs.191110 1913&6 Mos.end. June 30'14(June est.).
of Year.
1913. 6 mos.'14 (est.)
1912.
Mar. 31.
etc.
Gain.
1911.
2536,530
2902,996
173,280
$733,168
deb.$999 Net profits
$16,237
$1.048.410
$90,516
1,730,247
1.841.966
119,158
70,188 sur.73.280 Coal produced. tons__ _ 2,146.290
24,310
-See also V.99, P. 54. 124.
See Old Colony Light & Power Associates above.
-V.80. P. 1179
.
Shelby Iron
1913-14
1912-13
-V. 98. P. 18541
204
THE CHRONICLE
Temple Iron Co.—Reduction of Stock—Meeting.—
stock
The shareholders will vote on Sept. 9 on decreasing the authorizedof the
from $2,500,000 to $250.000. While the company has, under order
itself of its coal properties. which are
U. S. Supreme Court, d
that co. above); it still has its furnow held by the Temple Coal
nace near Reading,Pa.—V. 98, p. 1541.
Tooke Brothers, Ltd.—Dividend Deferred—Earninv.—
The directors have, in view of the prevailing depression, decided to defer
,for the present the usual dividend on the 5985,000 7% cumulative pref.,
profits for the year
payments of which have been made quarterly. The,
ending May 31 1914, after writing off all bad debts and providing a reserve
to cover probable loss on open accounts of $21,128, were $45.615. After
adding $5,000 to the depreciation account and deducting dividends on
pref. stock ($55,972), &c.,the amount carried forward to the credit of profit
and loss account was $55,212.—V.93,p. 801.
Union Oil Co. of California.—Dividends Resumed.—
A dividend of 2% has been declared on the stock, payable
Aug. 25 to holders of record July 31. This is the first payment since July 1913, up to which time a yearly rate of
7.2% (60 cents monthly) had been maintained since Nov.'10.
This is in accordance with the policy announced some time ago of making
semi-annual distributions of 2% or at the rate of 4% yearly. The payment calls for about $600.000—V. 96, p• 1160.
United Cigar Stores of Canada.—First Dividend.—
An initial dividend at the rate of 7% per annum has been declared for
244 months on the $265,000 7% cum. pref. stock, payable July 15 to
holders of record July 3. Compare V. 98, p. 1698.
U. S. Envelope Co.—On 7% Basis.—
A dividend of 344% has been declared on the $750,000 common stock,
together with the regular semi-annual payment of 344% on the $4,000,000
pref. stock, both payable Sept. 1 to holders of record Aug. 15. This is the
same rate as in Feb. last and makes a total of 7% paid during 1914. The
made on Sept. 2 last. In March
initial payment on the stock, 2) %.
1913 a distribution of 44j% was made on the pref. stock in full payment of
accumulated dividends.—V. 98, n. 843.
United States Lead Corporation.—Notice.—
Holders of bonds are notified by advertisement that a decree of foreclosure of the mortgage was entered on July 10 by the Court of Common
Pleas of Delaware Co.• Pa., the sale under which will take 'place Sept. 26
next. and they are reiested to communicate with the Real Estate Trust
Co. of Philadelphia, the mortgage trustee, for their common protection.
United States Light & Heating Co., Buffalo.—Dispute.
The appearance of an official circular asking the stockholders to subscribe for an issue of $1.500,000 6% bonds was followed on July 13 by
the filing of a suit in Buffalo by Frederick R. Humpage, a member of the
pref. stockholders' investigating committee, for the appointment of receivers. A second petition was filed later in the day by mercantile creditors
having claims of about $10.000.
Federal Judge John R. hazel appointed as receivers J. Henry Ackerman,
manager of the plant; Guy M. Walker, of N.Y..a member of the minority
stockholders' committee, and James 0. Moore, a Buffalo lawyer, but subsequently on July 17 re-opened the case and made Moore sole receiver,
pending a hearing on July 21 as to whether to continue or quash the receivership and whether Ackerman and Walker shall serve or not.
Some members of the investigating committee and the members of the
proxy committee, it is stated, while fully approving the plan to issue bonds,
disapproved of the aforesaid circular for the reason that the changes in
financial and executive management, which were necessary to develop confidence among the large body of stockholders, were not forthcoming," and
also because certain negotiations for the sale of the bonds and the funding
of the $450.000 notes, due July 16, failed to come to a head. The company
was, at last accounts, doing a large business but was short of working capital. The outstanding obligations are said to aggregate 8900,000. The
Central Trust Co. and other New York banks, creditors of the company.
appeared in favor of the motion to dismiss the receivers. Compare V.
93, p. 1068, 1160.
United States Steel Corporation.—Bonds Called.—
Fifty-five purchase-money bonds dated Feb. 1 1892 of the HostetterConnellsville Coke Co., for payment at par and int. on Aug. 1 at Union
Trust Co.. Pittsburgh, trustee.—V. 98. p. 1854.
Virginia-Carolina Chemical
Co., Richmond, Va.—
Debentures Offered.—Blair & Co. and Hallgarten & Co. are
offering at par and int. the unsold portion of the initial issue
of $5,000,000 6% 10-year sinking fund cony, gold debentures dated May 15 1914, fully described in V. 98, p. 1541;
1321; V. 99, p. 543.
Digest of Letter from President S. T. Morgan. Richmond, Va., June 18
Business.—(1) The manufacture of fertilizers; (2) cottonseed products;
(3) the mining of phosphate rock. Also has large stock ownership in potash
mines in Germany.
The company itself Is one of the largest of the manufacturers of fertilizers, acids, &c. Of late years the fertilizer trade has rapidly increased: in
the Southern States, more largely than in any other section of the Union.
The Southern Cotton Oil Co. (stock owned) is a leader in the manufacture
of cottonseed meal, cottonseed oil, lard and other by-products. The
Charleston (South Carolina) Mining Sc Mfg. Co. operates extensive phosphate mines in Florida, South Carolina and Tennessee, its equipment including railways, cars, barges, &c.
Raw Materials.—For the manufacture of fertilizers, we not only control
deposits of phosphate rock that will last for many years. but own in addition a large interest in potash mines in Germany while the Southern Cotton
Oil Co.supplies a large part of our ammonia from cottonseed meal.
Purpose of Issue.—The turn-over of the company and its subsidiaries
for the year ending May 31 1914 is estimated to have exceeded $59,000.000,
as against 531,623.000 for 1904-05, an increase of about 86%. This increase has necessitated substantial additions to working capital which the
sale of these debentures will provide.
Capitalization Outstanding.
First mortgage 5% bonds,due Dec. 1 1923 (closed mtge.)
513,500,000
10-yr.6% debentures, due May 15 1924 (the amt. now issued). 5,000,000
Capital stock,8% cum. pref., $20.000,000; corn., $27,984,400_ _ 47.984,400
--While not a mortgage, these debentures rank next
Debentures of 1914.
to the present 1st M.bonds, both as to Interest and redemption. The trust
agreement forbids any mortgage (other than mortgages upon separate
parcels of real estate) or any mtge. or pledge of securities which are or may
become subject to the lien of the present first mtge., unless the company
shall secure the debentures equally and ratably with the other obligations
secured thereby; but this provision does not prevent the extention or renewal of' the present closed first mtge. bonds.
This issue of debentures is limited to $10.000,000: the remaining 55,000,000 is not to be issued before July 1 1916, and then only to provide
working capital or funds for capital expenditures made or to be made
subsequent to May 15 1914.
Financial Condition.—Based upon the balance sheet as of Apr. 30 1914,
and after giving effect to the sale of these$5,000,000 debentures, the net
current assets and tangible assets of the company and its subsidiaries
aggregate $57,000,000 (being over three times the entire funded debt,
including the present issue of debentures), viz.:
Current assets,$30,000.000;less current liabilities (after giving
effect to sale of debentures), $6,000,000; net
$24,000,000
Tangible (excl. of current) assets as of that date, valued at over 33.000,000
Earnings.—The company and its subsidiaries earned, applicable to
interest and discount:
For year ending May 31 1913 (the earnings for 1913-14 are expected to be materially larger)
$2,991,102
Average for the 6 yrs. ending May 31 1913
3,714,842
itenrest and discount charge.;for year ending May 31 1913 were 1,244.006
debentures will be used to retire floating debt,
As the proceeds of these
the present financing should cause practically no increase in interest charges.
Sinking Fund.—Annually, beginning 1915, an amount equal to 2)-% of
the outstanding debentures, will retire and cancel the debentures. The
company has also covenanted to retire $300,000 1st M. bonds annually.
[VOL. xmx.
Conversion,—The debentures now issued are convertible on any interest
date on or before Oct. 15 1922, after notice and surrender as provided in
the trust agreement, into pref. stock. $110 of debentures for each $100 of
stock, with a cash adjustment of current interest and dividends. If called
for redemption, holders may convert their debentures on the next interest
date upon notice to the company within 10 days after the last publication
of the call for redemption.
Capital Stock.—Followed by $20,000,000 of pref. and $27,984,400common
stock, combined market value over 528,000.000. The pref. stock has received regular quarterly dividends at rate of8% per annum since ors., 1895.
Outlook.—The use of fertilizers in intensive farming is being fostered by
the Government and many agricultural organizations, and promises a
rapidly increased growth. The consumption of the products of cotton seed
has grown at an extremely rapid rate in the last few years. and the oil and
lard extracted from cotton seed are more and more in demand each day,
and well recognized as among the very best of edible fats. Trade conditions, we think, have materially improved in the last year in the section
of the country in which the company does its largest business, and with
good crop conditions we can see nothing but continued growth for the industry as a whole.
Application will be made to list these debentures on the N. Y. Stock
Exchange.—V. 99, P. 54.
Wahnapitae Power Co., Ltd. (of Ontario).—Bonds, &c.
—Aemilius Jarvis & Co., Toronto, in April 1914 offered at
101 and int. 6% First and Ref. M. gold bonds of 1912.
Total auth., $250,000.
Dated Dec. 23 1912, duo Dec. 24 1932, but redeemable at 105 as a whole
on any int. date after 1917, or for 2% ($5,000) sinking fund beginning
Juno 1914. Par $1,000 c*. Interest J. & D. 24 at Royal Bank of Canada.
Toronto or Montreal. Trustee, Montreal Trust Co. Ltd. Issued to
fund bank loans and defray the cost of extensions of plant and transmission
lines. Of the 5250.000 auth., 560,000 are in escrow to retire 560,000 old
bonds due July 1915. Capital stock auth., $250,000; issued. $227.401.
Organized in 1905 and owns two hydro-electric power plants near Sudbury—No. 1, capacity 2,050 k.w., 10 miles, and No. 2, capacity 2,500 k.w.,
16 miles from said town. has now arranged to install a third unit of 2,000
k.w. at No. 1 plant. Has long term lease from Ontario Government of
Its two water-power rights, renewable upon same terms, about $1,000
yearly for each.
Sells power wholesale at power house to Mond Nickel Co., Ltd.Moose
Mountain, Ltd.. Dominion Nickel Co., Ltd.. and Canadian Exploration
Co., Ltd.. and transmits power at 22,5111 volts over its own transmission
line 10 miles to Its sub-station in Sudbury, Ont., population about 6,500.
At Subdury sells to the municipality for lighting, and also power direct to
disthe consumer on its own account, and for this owns about 4 miles of protribution lines. Existing power contracts 4,468 h•p., and with the
extensions could sell 2,000 to 2,500 h.p. more with ample margin.
posed
Present power output about 3,800 h.p. Mond Nickel Co. will take an
additional 1,000 h.p. as soon as deliverable; demand in Sudbury steadily
increasing. Prices based upon $14 to $16 per h. p. at the swithcboard in
the power house (equiv. to about 41c. per k.w. hour with a 100% load
factor), or much less than power produced by steam.
Assets $520,288 (offsetting $250,000 bonds, $227,400 stock and accumulated profits of $42,885), viz.: Real estate. $24,482; fore bay, power house.
dams. sub-station, machinery, transmission lines, &c., $320,685; tools and
supplies, $4,910; water-power leases, franchises and contracts, $105.000:
stock of sub. co., $6.543; cash. $50.076, and accounts receivable, $8,591.
Earnings—Present Bond Interest Charge, $15,000.
Net.
Gross.
Net.
Gross.
Net. j
Gross.
1911-__$35,210 527,501119127_ 538.991 $27.6731913-.. 566,320 552,457
should increase the net earnings to at least $70,000 per ann.
The new unit
Western Power Co., New York.—Plan.—The directors,
New York, July 15
in circular dated atpref. shares from Jan. 1 1914, say in substance:
1912 will, at the end of this
upon the
Dividends
of 18%.
a
fiscal year. have accumulated to the extentthought itIn connection withto
have
wise, if
plan to fund such accumulation, we of the property through possible, of
the sale
the future development
provide for
junior securities, this being especially desirable since the Great Western
(V.
Pow. Co. 1st M.is now practically closed an 92, p. 1438: v.98, p. 1540,
outstanding capital stock of
The Western Power Co. (of N. J.) has
$20.670,000, 56,000.000 being pref. and $14,670,000 comnion, and it owns
capital stock, except directors' qualifying shares, of Great Western
all the
Power Co.(of Cal.). On Dec. 31 1914 dividends for three years at the rate
on the
of6% per annum,in all $1,080,000, will have accrued Power Western Power
surplus of Great Western
Co. as
Co. pref. Although theexceed this amouht, substantially all of the of that
surplus
date should considerably the business, and will, therefore, not be available
have been invested in
will
in our judgment, should by the
While
for such distribution. warrant the earnings, on the pref. stock of Western
cash dividends
end of the year 1914
deemed unwise to conPower Co.for the period beginning Jan. 11915. it is for said accumulation.
providing
sider the payment of dividends withoutfirst 1.n New York State, Probably as
for New company to Be Incorporated
Plan
'Western Power Corporation." Capitalization.
$100 shares. Pref. as to dividends and
(a) $7,080,000 pref. stock in at rate of 6% per annum, cumulative from
and entitled to dividends
assets,
Issue equal to the amount of outstanding pref. stock of
Jan. 1 1915. Co.($6.000,000) and dividends to Dec.31 1914 (51.080,000).
Western Power
nominal or par value, the
(b) 146,700 shares of common stock without
number of said shares to be thus equal to the number of outstanding shares
common stock of Western Power Co.
of
company shall acquire at least 90% of the
It is proposed that the new
Western Power Co., and shall issue in exchange
pref. and common stock of following basis:
its own stock on the
therefor
.
5 8 e
f a llro n)noommon
(510,000) of pref. stock_ _118 shares( ha. OO w ew pref
(1) For 100 sharescommon stock of the
p
h$lOO
For each
ref.
prof. diva, accumulated to Dec. 31
cfonir
provides
This
(2)
new company; makes practicable cash dividends
1914 in pref. stock of the company from Jan. 11915, in case the earnings
new
on the pref. stock of the
payments, while the value of the shares of the new company
justify such cash
than those of the present comnany.
should be materially greater Burchard, F. Lothrop AMEs A. C. Bedford ,
•
Irving W.13onbright, A. W.
H. P. Wilson will act as a committee to carry out the
M. Fleishhacker and
to deposit their certificates v
and all stockholders are urged 15 with Bankers Trust Co., 16 yul
plan
Aug.
all
endorsed in blank) not later than
Trust Co., Boston: Anglo-California Trust Co.,
St., N. Y.: Old Colony Bonbright & Co., London, or any of them. deFrancisco: and W. P.
San
July 15 1914. All deposited certifipositaries under an agreement dated after Jan. 1 1915, without charge, in
stockholders
cates will be returned to justify continuance of the plan. [Signed by tho
deposits shall not
case the
124.
nine directors.1—V. 99. p.
—For 6 mos.
Western Union Telegraph Co.—Earni1n973..
ending June 30 (partly estimated in 1914):
1914.
322,111,180 $22,222,900
Total revenues repairs and reserved for depreen 54.589,179 $4,015,900
Ded net_ maint ,
incl, rent of leased lines
14
5
Other oper. expenses,_ r 7
32 :62
6 85
$15, 68 0 $15, 68 005
5 :6
618 20
_
10
and taxes__ _ __
mot
Interest on bonded
$1,525,366 52,020,375
Net income
depreciation
The decrease in the amount charged for maintenance andin
part to the
1914 period, as against the 1913 period, is attributable
In the
classification of accounts by the Inter-State Commerce Commission. It
the
should also be noted that, asmore plant is improved, reconstruction will
uniform rate of expenditure_than herepresumably be carried on at a
tofore.—V. 99, D. 54.
Westinghouse Electric & Mfg. Co.—Strike Ended. -1
The strike at East Pittsburgh was officially ended on Monday. July-13,
upwards of 10,000 employees returned to work and were taken bade
when
namely the Westinghouse Elec. & Mfg, Co,
by the companies involved,and Pittsburgh
,
Meter Co.—V• 99. 1)• 54
Westinghouse Machine Co.
Whitaker Paper Co. (Cincinnati).—Pref. Stock.—The
Chatfield-Morgan Co., Cincinnati, is offering at 105 and
div. (from July 1) a limited amount of the $250,000 7%
in
crgan ed $100..
C11111. pref. s_took, lar $ 1
general line of paper
3 and deals in a
practicallyrevery deposition to
tnline
pulp,a w gatirna cordage, being in a publishers, supply
for paper boxesAwrapping
mand for Paper for printers and
JULY 18 1914.]
THE CHRONICLE
205
Thie (5.auxuterciai Times.
papers, paper bags and sacks, waxed and oiled papers, roofing papers.
Imilding papers, wall board, &c. A large distributer of newspaper stock,
having contracts with many leading daily and weekly publications. Maintains plant for ruling, punching and crimping. Also furnishes pulp to
paper mills to large amount.
Stock.
-In Sept. 1903, $200.000 (all common);Increased in 1908 to $360,000 and in 1911 to $500,000, all subscribed by those conducting business.
Friday Night, July 17 1914.
On Feb. 1 1914 purchased outright for cash the business of the SmithDixon Co. of Baltimore, Md., the sales of which will unquestionably exWarmer weather is helping retail trade, and apart from
ceed $1,250,000 this year. To increase the working capital to $750,000,
with possibilities of further Increase *which shall bring the total capitaliza- this the feeling is becoming more hopeful, owing to the hightion to $1,000,000, we have secured authority to issue $250,000 in common record wheat crop and the present prospects of big crops
of
stock and $250,000 in 7% cum. pref. stock, the latter redeemable at par
at option of company on Jan. 1 1924. but not thereafter. The $250,000 corn and oats and also of a larger cotton crop than was at
new common stock will not be issued at this time.
one time promised. The industrial outlook is somewhat
-Main plant consists of two largo modern and perfectly
Property.
equipped warehouses (with automatic sprinklers and private railroad better, though there is admittedly much room for improvesidings), No. 1 six stories high, with 126,900 sq. ft. of floor space,gravity' ment. Exports of wheat continue on a large scale, coinciconveyors and elevators. No. 2, fire-proof,8 stories, 44,800 sq. ft. of floor
space connected with No. 1 by inclosed bridge. Also owns and operates dent with some unfavorable reports in regard to European
four fully equipped branch houses, one in Boston (Bay State Paper Co.), wheat crops. Large clearance sales of dry goods are turning
one in Baltimore (Smith-Dixon Co. Div.) and one each in Atlanta and out
rather better than had been expected. Raw wool has
Birmingham, with sales offices in most principal cities east of Mississippi.
advanced. Bank exchanges continue to increase and a
Assets per Balance Sheet Jan. 2 1914 (Total $1,191,356)•
and 2_ __ _$260,316 Machinery, &c.. after deBuildings Nos. 1
hopeful sign is the expanding demand for money. The situAccts. receivable (good)- 552,361j predation
$33,707
21,760 IIventory merchandise__ 315,354 ation in Mexico, it is also hoped, will now steadily improve.
Cash
receivable
3,506 Miscellaneous
Notes
LARD has been firmer, with a somewhat better cash de4.351
[Offsets: Cap.stk. $500,000, bills & accts. payable $521,753,surp. $169,6031
mand; prime Western 10.50c., refined for the Continent
On Jan. 2 1914 had In cash assets $892,981 (with accounts payable of only
$521.753) and over $300.000 in real estate and other less quickly convertible 10.80c. South America 11.30c. and Brazil in kegs 12.30c.
property. No bonded debt or encumbrance of any kind can be placed on Lard futures have been firmer at times on covering of shorts.
the property without the consent of 75% of the pref. stock.
Earnings. Sc.-The net earnings for the year 1913 were more than suf- Still, a certain irregularity has been noticeable, prices flucficient to pay the dividends on this pref. stock four times over. The losses tuating with the ups and downs of hogs and grain quotations.
during the ten years' business have averaged less than y, of 1% of the salea.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Profits uniformly satisfactory and dividends never less than 6% per annum.
Sat.
Tues.
Mon.
Wed. Thurs. Fri.
Merchandise Sales.
July delivery
cts_10.15
10.25
10.27
10.27
10.274 10.25
1904.
1905.
1910.
1912.
1913.
September delivery_ _ _ _10.30
10.40
10.40
10.37
$1,078,129
$1,130,306
$2,450,189
$3,395,128
$4,120,645 October delivery
10.35
10.45
10.42
10.42.34 10.42 10.42
Management.
-The founder. A. L. Whitaker, is still the President; H.P.
Warrener is Sec. and Gen. Mgr.; D. E. Barry, vice-Pros., and Henry
PORK quiet and steady; mess $22 50©$23;clear $19 50(4)
Junginger Jr., Treas. D.B. Gamble has been a director since organization. $21;
family
COMMERCIAL EPITOME.
10.40
10.40
$23@$25. Beef continues quiet and steady;
Willys-Overland Co.
-Earnings.-Friends of the com- mess $18(019; packet $19@$20; family $20@$22; extra
pronounce the following as substantially correct:
pany
India mess $28@$30. Cut meats firmer; pickled hams, 10 to
The company on June 30 concluded the most successful year in its history, 20 lbs., 143
%@ 53sc.; pickled bellies, 6 to 12 lbs., 143/24)
,1 /
with an increase in output of slightly over 40% and nearly as large a gain in
gross earnings. Net profits are expected to be between $6,500,000 and 1634c. Butter, creamery extras, 273'@28c. Cheese, State
17,000,000, or over 30% on the $20,000.000 common stock, now receiving whole milk, colored specials, 143(@15c. Eggs,
fresh gath6% dividends. In Aug. 1913 the common was given an extra 5% dividend.
calling for $1.000,000. This could easily be repeated this year. President ered extras, 24@26c.
Wlllys, however, plans another large increase in output this year, and the
COFFEE has been in light demand with No. 7 Rio 83/s@)
profits above the regular dividends, which call for about $1,500,000, may 90. and
fair to good Cucuta 125 @,133/sc. Coffee futures
%
be left in the business.
The Garford Co., a subsidiary, recently passed the 7% dividend on its have been dull with some tendency at times
3500,000 pref. stock. The Willys Co. owns all of the Garford Co. common in sympathy with momentary depression in to react, partly
Brazil, though
but the pref. is held by the public. The Garford Co., which is exclusively
a truck-producing subsidiary, has, it is stated, not been making money, prices there have held up better than some had expected,
but its operations have been about as profitable as most truck makers. It in view of the heavy crop movement.
At times foreign marIs understood that the Wlllys-Overland Co. is now engaged in working out kets
have shown noteworthy steadiness. But the financial
plans for the Garford Co. that are expected to prevent current losses and
to produce a profit ultimately.
situation in Brazil has been regarded by many as more or
-V.98. p. 528.
less unfavorable pending the actual placing of the Brazilian
-Advices from Chicago announce the establishment of loan. Foreign markets end stronger, however, with some
the investment banking house of Counselman & Co., with reports of dry weather in Brazil. To-day prices were lower.
offices at 112 West Adams St., Chicago. This company
Closing quotations were as follows:
will engage in the underwriting, purchase and sale of invest- July
8.45 8.471November _ _ 8.7708.78 February __ _ 8.96(5.97
August
S.48(8.49 December_ _8.8708.M March
ment securities Suited to the requirements of conservative September ....8.58
9
.0169.02
8.59 January _ _ 8.9208.93 April
9.O4(9.05
banks, trustees and individual Investors. The capital of October
8.67 8.671
the new comrtany is $600,000. Chas. Counselman is PresiSUGAR quiet and unchanged; centrifugal, 96-degrees
dent; Arthur L. Goodwillie, Vice-President, and Robert E. test, 3.260.; molasses, 89-degrees test, 2.61c. The world's
Moody, Secretary. The board of directors includes these visible supply is 2,905,424 tons, against 2,748,086 tons last
officers and the follov ing in addition: Edward G. Cowdery, year. The stock in Europe is 1,984,000 tons, against
Vice-President of the People's Gas Light & Coke Co.; Samuel 1,876,000 tons last year. Refined advanced. Granulated
M.Felton, President of the Chicago Great Western Ry. Co.; 4.40c. The hot weather during the week caused an increase
C. Oliver Holmes, President of the South Side Trust & Sav- in the consumption, and this led to an advance in price.
ings Bank of Gary,Inc.; Geo. W.Law,Manager of the Royal
OILS.
-Linseed firmer; City, raw American seed, 55(4
Insurance Co., Ltd.; Harold F. McCormick, Vice-President 56c.; boiled 55(0),5643.; Calcutta 70c. Cocoanut remains
of the International Harvester Co.; Seymour Morris, Vice- unchanged at 10%@lie.; Ceylon 9M@l0c. Olive fairly
President of the Chicago Railways Co., and T. Edward active at 85c. Castor 83,4@,83/2c. Palm steady at 73
%
Wilder, President of Wilder & Co.
/
@778C. for Lagos. Cod, domestic 37@38c. Corn easier
at 6.35@6
.40c. Spirits of turpentine 48M @)490 Common
-The July 1914 number of the Hand-Book of Securitie,s,
.
issued this week by the publishers of the "Commercial and to good strained rosin $3 90@$4.
PETROLEUM easier; refined in barrels 8.25(4)9.25c.;
Financial Chronicle, contains a monthly range of prices to
'
July 1 of stocks and bonds sold at the Stock Exchanges in bulk 4.75@5.75c.• cases 10.75©11.75c. Naphtha, 73 to
76 degrees, in 100-gallon drums, 2314c.; drums
New York, Boston, Philadelphia, Chicago and Pitts50 extra;
burgh. There is also a yearly range of prices for bonds gasoline, 86 degrees, 26c.; 74 to 76 degrees, 25c.; 67 to 70
degrees, 220. Crude petroleum prices were as follows:
and stocks sold on the New York Stock Exchange for the
past 63 years and a yearly range for
$1 70 Newcastle
$1 27 Indiana
years of Boston Penn. dark
$I 11
Second
1 70 Corning
1 00 Princeton
and Philadelphia prices. In addition 33/2 book contains Ilona sand
12the
1 70 Wooster
1 43 Somerset, 32 dogs.. 1 05
Cabell
elaborate tables with details of securities, together with the
1 32 North Lima
1 16 Kansas & Okla- 1
75c.
Mercer black
1 27 South Lima
earnings and fixed charges of the respective companies, and
1 11
TOBACCO has been quiet but steady. In fact there have
showing as nearly as practicable the surplus available to meet
been really no new features. Manufacturers continue to
charges and dividends. There is a table of dividend payments for 9% years. The book contains
pages. Price buy on a very conservative scale, to put it mildly, regardone dollar or to "Chronicle" subscribers 192 cents, includ- less of the fact that their own trade is said to have improved
75
ing postage. Copies may also be had at the "Chronicle" of late. Stocks, however, of both binder and filler, are far
office, 513 Monadnock Building,
Edwards from burdensome, and this fact, together with some recent
& Smith, 1 Drapers Gardens, Chicago, or from
rather unfavorable crop reports from Southern States, tends
London.
-"The McGraw Electric Railway Manual" for 1914' to impart a certain steadiness of the market in spite of its
slowness. It is said that tobacco will be a short crop in
published by the McGraw
Publishing Co., Inc., of this city, Virginia but
has just come to hand.
The new issue, which is the twenty- Pennsylvania that the Lancaster County tobacco crop in
first annual number, has
is likely to be one of the best in years. Wisbeen enlarged to include reports consin, it
of the smaller companies
appears, also promises a good yield.
which have been previously
omitted, and present a
COPPER has been weaker and dull; exports, however,
and interurban railway statement of nearly every street have been rather large; speculation is slack; Lake 13.70(41
company in the United States, 13.75c.;
Cuba and the West Indies.
electrolytic 13.60c. Tin broke sharply in London
•
and for a time was correspondingly weak here. Spot here
-C. D. Parker & Co., Inc.
Boston, have issued their 313 0. Prices have broken in Singapore as well as in Lon/
July edition of "Facts and
Figures," giving particulars don. Lead here 3.90c. and.spelter Sc. Pig iron has leen
concerning some 19 public service
organizations or holding quiet. No. 2 Eastern $13 70 and No. 2
BirsT
companies and one real estate trust.
Among these are:
ham $10. Railroads are buying rails to some extent and car
Amesbury Electric Light Co.,
Central Mass Light & Power Co.. Com- builders
monwealth Gas & Electric Cos.,
have placed further steel contracts. One Southern
.
Massachusetts Lighting Companies. Gardner Gas Fuel & Light
MarlboroughN
'
E
Co Old
Co.., Co.. Colony road has ordered 15,000 tons of rails. In finished steel there
Licht &f_Power Associates, Weymouth
Light & Powereritc
is only a slow recovery in business. Basic iron is more active.
j,1777A. Alexander, for the
Railroads are rather more inclined to purchase supplies, but
associated with John T. Steele past two and a half years not on
of Buffalo, now represents
a large enough scale to account for very much as yet.
Kean, Taylor & Co. in that locality.
Some mills are asking higher prices for distant deliveries.
,
-
[VOL. xcrs.
THE CHRONICLE
206
On Shipboard, Not Cleared for
COTTON.
Friday Night, July 17 1914.
by our
as
THE MOVEMENT OF THE CROP, indicated
from the South to-night, is given below. For the
telegrams
have reached
week ending this evening the total receipts
bales, against 24,319 bales last week and 32,609
20,222
since
bales the previous week, making the total receipts
the
Sept. 1 1913 10,214,280 bales, against 9,471,64 bales for
period of 1912-43, showing an increase since Sept. 1
same
1913 of 742,634 bales.
Great }
July 17 at- 13ritain.1France.
Ger-
Other
Coast
Leaving
many. Foreign wise. Total. Stock.
517 10,727
3,114
New Orleans_ _ 1 1,593 1,386 9,682 4.117 1,500 24,831 46,304
7.222
38,058
Galveston _ _ _ 6,427
12.330
Savannah _ _ _ _1 _ ___
1,486
Charleston_ __ _
27(gF7
4,959
-566
1 1,g2
Mobile
2,046
16:666 15,800
Norfolk
1,600 109.017
400 1.000
New York_ __ _1 200
325 25.283
150
_
Other ports_' 175
1914_ 10,222; 1,386 13,546 12,339 17,817 55,310 239,483
Total
146,039
1,8121 471 6,807 11,791 14,737 35,618 236.724
Total 1913
92 3,406 5,814 18,437 29.626
Total 1912 . 1,8771
Cotton speculation for future delivery has been on a fair
Total.
Wed. Thurs. Fri.
Mon. Tues.
Sod.
at irregular prices. Dry, hot weather in Texas and
638 7,028 scale
327
quotatendency to
1,328 1.927 1,641 1,167
Galveston
2
2 Oklahoma has had a noticeable reports fromadvance
-------------------other parts of
Texas City
tions at times, while favorable
.
_
_
Port
_
the early-planted cotton, have
Aransas Passoir-c. -188 2;8'66 1.8i8
8'7 6.165 the belt, especially as regards
'iii8
688
New Orleans_ _
100 ____
238 had a no less noticeable tendency to bring about some de------------138
Mobile
.
_
Pensacola185 cline. The drought in Mississippi has been broken. The
_
_
_
__
of
Jacksonville,Stc_ __
ilo outlook in Alabama has improved. Over many parts as
Savannah
Georgia and other sections of the Eastern belt as well
Brunswick
--- 16 ----------------106 parts of the Central section conditions, on the whole, are
96
Charleston
_
1219
Wilmington
- i 1,675 said to have improved recently. Satisfactory growth is rei
iT3;
184
696
i§6
Norfolk
N'pori; NewsAc. --------------------3,622 3622 ported in Alabama and Arkansas as well as North Carolina,
29
Yorki -__,...
New
149 South Carolina and Georgia. Even in Oklahoma, where
50
Z
30
Boston
--------------------228
228 there has been complaint of a lack of rain, early planted
..__
-_
_--Ilallirillia
cotton, it appears, is making good growth. Liverpool's
5.105 26 999 spot sales have generally been small, and the tradn•Aem,.thIA WeAk_ 1.826 5.321 3.630 2.658 1.592
ing in futures has also been light. Spinners have
either
buy
to
The following shows the week s total receipts, the total not
disposition
much
shown
and the stocks to-night, compared with at home or abroad. Manchester still complains of poor
since Sept. 1 1913
last year:
trade. Business in cottongoods in this country has been
by no means entirely satisfactory. The textile industries
Stock.
1912-13.
1913-14.
suffer more or less from the hesitancy so noticeable in many
Receipts to
This Since Sep. This Since Sep.
other branches of American business. And as regards the
July 17.
1914.
Week. 1 1913. Week. 1 1912.
1913. hot, dry weather in Texas, some experienced members of
7,028 3,322,886 8,894 3,797,032 62,889 39,484 the trade take the ground that it cannot last very much
Galveston
2,357
24 666,875
2 466,863
2.108 longer. In the nature of things it is bound to give way,
Texas City
46,238
138,642
Port Arthur &c_
109,512
they think, at no distant day to rains and lower tempera123.523
Aransas Paso,
57,031 34,353 tures and a distinct improvement in the late-planted cotton.
6.282 1,868.528 2.663 1,424,274
New Orleans_ 233 225,537
6,986
238 434,117
2.963 There seems to be no question about that. The earlyMobile
124,899
165 164,055
Pensacola
145
15,358
29,092
485 planted cotton is doing pretty well over pretty much the
Jacksonville, &c
12,330 24,751 whole belt. For three weeks in succession the weekly
679 1,811,487 3.718 1,275,569
234.334
291,500
722
SavannahBrunswick
354 306.072
1.486
106 421,664
3.796 Government reports have been on the whole quite favorable.
Charleston
110
to the effect that the crop in
Georgetown
16 398,6711 -iii 342.584 10,388 10.244 There has been talk even
Wilmington
1,675 578,839 2,503 537.008 17,846 16,363 Georgia might conceivably reach 3,000,000 bales. This
Norfolk
N'port News,&c 3,622 144,630. 672 116,076 110,617
may sound over-enthusiastic, but it comes from Savannah,
6,632: 295 15,242
29
33,225 and such a crop would overtop the highest previous record,
New York
41 45.575
5,849
149 20,709,
6.624
Boston
4,605
228 94,3281 546 75.341
5,887 which was 2,867,000 bales for that State in the season of
Baltimore
2,264
7,595
3.529:
652 1911-12. It would exceed the crop of 1912-13 by some
Philadelphia
32,222 10214280 20.061 9.471.646 294,793 181,167 1,100,000 bales. Very possibly no such figures may be atTotals
tained. They are here mentioned merely to show that glowIn order that comparison may be made with other years, ing reports are coming from Georgia. On the other hand,
ports for six seasons:
we give below the totals at leading
the consumption is undoubtedly large. Liverpool and the
South as well as Wall Street interests have bought to some
1911. 1910.
1912.
1913.
1909. extent. Of late, however, favorable conditions in many
Receipts at- 1914.
offset the hot, dry weather in Texas,
647
2.949
1.653
8,898
6.967 parts of the belt havehas therefore at times been downward,
7.028
Galveston --24
246 and the drift of prices
2
TexasCity,&c
3.276
9.525
3,490
2,663
5.549 under very general selling, partly by large interests. To6,282
New Orleans_
10
977
3,237
233
238
1,416
Mobile
dry weather in
319 11,779
1,039
3,718
679
2,018 day prices advanced, mainly owing to hot,
___
Savannah
380
Brunswick
Texas and Oklahoma. One crop report, too, put the con1
10
2,834
354
106
5
Charleston,&
61
1
15
114
19
19 dition of the belt as 78.8%, as compared with the GovernWilmington.._
132 19.443
2,710
2,503
1.675
338 ment report on July 1 of 79.6%. Spot cotton closed at
Norfolk
672
3,622
284
N'port N..&c
unchanged for the week.
771
114
7,916
882
571
655 13.25c. for middling uplands, beingestablished Nov.19 1913*
All others_ ___
The rates on and off middling,as
5.217 56,422 18,097
Tot,this week 20.222 20,0611 11.670
by the Revision Committee, at which grades other than
Since Sept. 1- 10.2142809.471.846 11451003 8,387.705 7,216.305 9,770.326 middling may be delivered on contract, are as follows: Even
Basis
c 1.75 on Middlingdiing c 0 50 t Good mid. tin*d_o 240off
Fele
di
miang
trict id
The exports for the week ending this evening reach a tota Strict raid. fair--1.50 on hay mlow middling.1:25 off Strlct imidt.intgined.ged.:00:0 on
1.30 on
Middling fair
oft
of 46,362 bales, of which 13,080 wbre to Great Britain, Strict good mid 0.90 on Ma good ord____2,00 off strict.low mid.Ling 1.28 oft
_3.00
tinged_8.00
Good
0.65
150 to France and 33,132 to the rest of the Continent. Good middling _ _0.32 on Strict ordinary_tIng.0.45 oft Low Mid.stabled-1.25 oft
on Middling
g'd mid.
on
Strict middling__
ts fo the week and since Sept. 1 113.
Below a e the expo
*Reaffirmed Feb.4 1914.
From Sept. 1 1913 to July 17 1914.
The official quotation for middling upland cotton in the
ending July 17 1914.
Week
the
-Exported to
Exported to
New York market each day forMon. past week has been:Fri.
Tues. Wed. Thurs.
Sat.
Exports
Julu 11 to July 17Great
Co nitContiGreat
13.25 13.25 13.25 13.25 13.25 13.25
from
Middling uplands
Britain. France. nent&C. Total. Britain. France. nent&c. Total.
NEW YORK QUOTATION FOR 32 YEARS.
17,270 27,512 1,054,836 315,963 1,436,3342:807 133
New
Galveston- _ 10,242
The quotation for middling upland at en89 York on
_ 349,058 26,888 80,896 456,8 2
4
Texas City_
9
:
i21
f
2,006
30,802 32,808 July 17 for each of the past 32 years haveelle 1 akcollows ..2152
Pt. Arthur_
11.00 1898_c
30,184
8,171
13 25 1906-c
38,355
Ar.Pass,&c_
8.00 1899
10.75 9
i60 892,066 185,599 612,937 1,690,602 1914-c
11:586 1212.35 1905
NewOrleans 1:66i
11.00 1896
7.12 1888
50 143,992 73,997 151,865 369,854 1913
50
12.45 1904
Mobile _
12.50 1895
7.00 1887
10..30
165 53,996 48,947 61,212 164,155 1912
58.
165
14.25 1903
Pensacola_ _
9.31 1894
7.12 1886
1,201 228,211 240,990 772,3731,241,574 1911
01
19 2
1,201
16.40
Savannah _
1919
1900
8.50 1893
89,608 22,954
____
8.19 1885
2 19
10..50
479
12.85
_
Brunswick
9.81 1892
5,030 181,
_ 118,943
11.00
11.00 1900
434 3 8 417
6
0:
25 1
Charleston _
6.19 1891
73,024 102,434 177,855 353,313 1908
8.31 ligt
io.00
1907
Wilmington
48,051
---88,758 134,809
Norfolk.. _
12 5 1899
MAR11ET AND SALES AT NEW YORK.
N'portNevrs
565
9
666 150 2,432 3,462 130,031 18,802 215,116 363,918
The total sales of cotton on the spot each day during the
New York_
593 85,465
9,087 94,552
136
457
are indicated in the following statement.
Boston _ _ _
100 57,706 14.848 98,324 170,878 week at New York
100
Baltimore...
69 41,291
69
14,458 55,749 For the convenience of the reader we also add columns which
313
a glance how the market for spot and futures closed
Detroit _
178,894 178,813 show at
-566 -586
%
3
San Fran__
76,048 76,048 on same days.
Pt.Towns's!
1,
Futures
SALES.
TotaL-__ 13,080 150 33,132 46,362 3,398,fge 056,4524,348,611 8,803,844
Spo Market
Market
I
.
.
400 12,920 28,3613,559.032 974 3463 803.7068.427,084
Sept. 1 include 11,447 bales Peruvian. 75 bales
.-New York exports since Liverpool, 26 bales West Indian to Havre and
Note
Brazilian, 27 bales West Indian toand Hamblin!.
492 bales West Indian to Bremen
Closed.
Tot. '12-'13 15,041
Saturday-- Quiet
Monday --- quiet
uuiet
Tuesday --- quiet
our telegrams
WednesdayIn addition to above exports, of cotton on to-night also Thursday
Ilia
shipboard,not Friday
Quiet
give us the following amounts
-urea for
clea ed, at the ports named. Ws add similar fig
Total...-.
New York.
Il
Closed.
Steady
Barely steady
Steady
Spot. Confect Total.
____
____
1.500 1,500
Steady
Steady__-loo
-iciti
----
400
200
600
200
400
1.800
2.200
Steady
JULY 18 1914.]
THE CHRONICLE
207
FUTURES.
-The highest, lowest and closing prices at
AT THE INTERIOR TOWNS the movement
-that is, the
New York for the past week have been as follows:
receipts for the week and since Sept. 1, the shipments for
the week and the stocks to-night, and the same items
Saturday, Monday, Tuesday, 1Vect'day, Thursd'y, Friday,
corresponding period of the previous year--is set for th
out in
July 14. July 16. July 17. July 18. July 19. July 20. Week.
detail below.
July
Range
12.43 -12.40-.58 12.34-.44 12.25-46 12.18-.27 12.25-.36 12.18-.58
Movement to July 17 1914.
Movement to July 18 1913.
Closing_ _ 12.42-.43 12.40-.42 12.36-.37 12.26-.27 12.19-.21 12.35-.36-- August
Towns,
Receipts.
Ship- Stocks
Receipts.
Range
Ship- Stocks
12.27-.36 12.37-.53 12.32-.42 12.18-43 12.10-.24 12.16-.27 12.115-.53
ments. July
Closing_ _ 12.35-.36 12.38-.39 12.34-.35 12.19-.20 12.12-.13 12.27-.28--ments. July
Week. Season. Week. 17.
Week. I Season. Week. 18.
September
Range
- ig -- 61 - 12.14 -12.14-41
- @ - 12.35-.41 12.31 1 22,632 ____
693
631 21,173
Closing_ _ _ - 12.26-.28 12.31-33 12.23-.25 12.12-.14 12.06-.07 12.21-.22--- Ala.,Eufaula._
776
887
Montgomery _
172 156,346
183 2.9U
437 157,418 1,336 5,076
October
Selma
20 128,234
3
650
210 119,361
12.20-.30 12.32-.43 12.23-37 12.11-.35 12.04-.18 12.12-.23 12.04-.43 Ark., Helena
Range
467
742
1 65,634
318 1,476
____ 41,643
12.32-.33 12.25-.26 12.13-.14 12.07-98 12.22-.23--- Little
Closing_ _ 12.28-.29
34
102
Rock
118 189.716 . 1,163 11,627
163 181,393 1,025 12,872
November
____
900
- © - --12.26-35 Ga.,Albany__ _
____
23,960 ____
Range
700
-- @ - @ -12.35 -12.26 1,250 118,526 1,88 3,762
27,418-_12.24-.27 12.11-.14 12.03-.05 12.18-90--- Athens
_-__ 107.132
12.24-.29 12.30-93
500 1,877
Closing
Atlanta
100 232,422
786 2,48
776 163,053
December
198 2,244
Augusta
350 374,233
600 13,300
490 336,510 4.364 14.891
12.37-47 12.50-.60 12.411-.55 12.31-.53 12.20-.36 12.27-.40 13.20-90
Range
13 81,174
12.44-.45 12.31-.32 12.24-.25 12.39-40--- Columbus_ _ _ _
720 2,511
40 75,171
Closing_ _ _ _ 12.44-45 12.50-.51
375 8.411
Macon
3 44,466
7
61
, -__
January
36,795
798 4,346
Rome
108 58,222
200 3,618
12.29-.40 12.42-91 12.31-.47 12.22-43 12.14-.28 12.20-33 12.14-.51
146 51,772
Range
683 3,844
14 194,845
320 4.141
____ 140,933
Closing- - 12.37 - 12.42-43 12.36-37 12.22-.23 12.17-.18 12.32-.33- - La.,Shreveport
44 3,256
Miss..Columb's
7 38,231
13
241
March
. 27,652
112
113
Greenville .__
12.34-.44 12.47-.56 12.37-93 12.26-.47 12.20-.32 12.26-.38 12.20-.56
49 85,966
529
Range
773
19 49,327
19
146
Greenwood.......142,295
800 5,000
Closing- _ - 12.41-.42 12.47-48 12.41-.42 12.27-98 12.22-93 12.37-.38- ____ 108,937
-300 2,000
Meridian __
63 34,982
21 2,329
192 58,438
Apra
413 3,479
Natchez
12.60 - 12.70 - @ - @ - @
Range
19,706 ____ 1,850 -_
- - -12.60-.71
18,131 ___
525
Vicksburg _ 12.61-.62 12.68-.69 12.61-93 12.47-.49 12.40-42 12.55-.57--3 34,326 ____
697
1. 29,353
50
744
Yazoo City
May
____ 40,786
20 1,549
__
22,476
324 2,376
12.60-.66 12.72-.79 12.63-97 12.52-92 12.43-.55 12.47-.58 12.43-.71 Mo.,St. Louis_ 2,259 571,625 2,877 16,128 2,42 566,004 4,587 16,854
Range
19 AA- RR 19 79.79 19 05. 00 19 59- 59 19 45- SR 19 5A- 50
NC.,Raleigh.
Closing_
51 14,935
75
39
90 11,172
100
70
0., Cincinnati. 1,168 249,558 1,529 13,650 2,07 229,188 1,352
23,322
Okla.,Hugo _
___
37,135 ____
_ __
____ 30,200
S.C.,Greenw'd_
___
13,498 ____
217
492 20,481
THE VISIBLE SUPPLY OF COTTON to-night, as made Tenix.,Mempkis 1,774 1,124,102 3,607 18,515 1,093 812,928 984 1,792
3,474 23,959
Nashville
____
up by cable and telegraph, is as follows. Foreign stocks, Tex.,
____
126
.
15
7,822
68
369
Brenham
10 17,745
15
472
44 17,836
as well as the afloat, are this week's returns, and consequently Clarksville_ ... ____ 49,702 ------------43,835 125 291
all foreign figures are brought down to Thursday evening. Dallas
100,561
_ _ _.
705
100 132,760
300 2,501
Honey Grove_
____
33. 0
............45,137
But to make the total the complebe figures for to-night Houston
200
3,0452,761,033 8,884 33,566 3,4083,289,205 8,07 35.671
(Friday), we ?Ad the item of exports from the United States, Paris
. 114,944 ____
____
____ 151,138
150
151
including in it the exports df Friday only.
Total,33 towns 10.5797.187.184 24.567144.4119 12.2277.128.33
4 31.225173.601
July 171914. 1913.
1912.
1911.
Stock at Liverpool
bales. 882.000 835.000 889,000 588,000
OVERLAND MOVEMENT FOR THE WEEK AND
Stock at London
5,000
5,000
10.000
13,000 SINCE SEPT. 1.
Stock at Manchester
-We give below a statement showing the
69,000
51,000
96,000
62,000
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Marseilles
Stock at Barcelona
Stock at Genoa
Stock at Trieste
956,000
39,000
336,000
262,000
4,000
32,000
32,000
56,000
891.000
15,000
267,000
157,000
3,000
18,000
15,000
25,000
995,000
7,000
339.000
185,000
3,000
15,000
19.000
13,000
663,000
11,000
81,000
131,000
2,000
19,000
19,000
9,000
Total Continental stocks
758,000 500,000 581,000 272,000
Total European stocks
1,714,000 1,391,000 1,576,000 935.000
India cotton afloat for Europe... 231,000 126,000
95,000 117,000
Amer. cotton afloat for Europe
54,085
Egypt,Brazil,&c.,afltfor Europe- 149.884 101,455 118.099
32.000
28.000
19,000
23.000
Stock in Alexandria, Egypt
118,000 101,000
79,000
70.000
Stock In Bombay, India
838,000 819,000 556,000 510,000
Stock In U.S. ports
294.793 181,657
Stock in U. S. interior towns.-- 144,499 173,609 266,350 166,878
120,206 104,287
U. S. exports to-day
100
2,679
892
Total visible supply
3,522,276 2,924,400 2,824,655 1.986,142
Of the above, totals of American and other descriptions:are as follows:
American
Liverpool stock
bales 655,000 645,000 758.000 433,000
Manchester stock
49,000
35,000
49.000
74,000
Continental stock
608,000 458,000 553,000 224,000
American afloat for Europe
149,884 101,455 118,099
54,085
U.S. port stocks
294.793 181,657 266,350 166,878
U. S. interior stocks
144.499 173.609 120.206 104,287
U.S.exports to-day
100
2,679
892
Total American
1,901,276 1,597.400 1.889.655 1,032,142
Bast Indian,Brasil,
Liverpool stock
227,000 190,000 131,000 155,000
London stock
5,000
5.000
13,000
10.000
Manchester stock
20,000
13,000
16,000
2,2,000
Continental stock
150.000
42,000
28,000
48.000
India afloat for Europe
231,000 126,000
95.000 117,000
Egypt Brazil, &c. afloat
32,000
19,000
28,000
23.000
Stock in Alexandria, Egypt
118,000 101,000
79,000
70,000
Stock in Bombay, India
838,000 819,000 556,000 510,000
Total East India, &c
1.261,000 1,327,000 935,000 954,000
Total American
1.901,276 1,597,400 1.899,655 1,032.142
Total visible supply
3,522,276 2,924,400 2,824.655 1,986,142
Middling Upland,
7.35d.
7.39d.
7.24d.
6.69d.
Middling pland,Liverpool
New York_
I3.25c.
13.45c.
12.80c.
12.35c.
Egypt, Good Brown,Liverpool
9.70d. 10.056.
10%cl.
11. hd.
Peruvian, Rough Good,Liverpool
8.85d.
9.50d. 11.Wd.
9.10d.
Broach, Pine, Liverpool
614d.
63d.
634d.
Tinneveily. Good, Liverpool
6 1-6d. 6 5-16d. 6 746d. 7 1-113d
3
overland movement for the week and since Sept. 1, as made
up from telegraphic reports Friday night. The results for
the
week and since Sept. 1 in the last two years are as follows:
July 17.
Shipped
Via St. Louis
Via Cairo
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes, &c
Total Foss overland
Deduct Shipments
Overland to N. Y.,Boston,&c
Between interior towns
Inland,dm.,from South
Total to be deducted
-1913-14Since
Week. Sept. 1.
2,877 561,685
728 404.118
50
7,075
245 121,472
444 121,619
3,398 145,679
72 351,760
-1912-13-Since
Week. Sept. 1.
4,587 553,117
5507 5297,482
21,765
-818
90.007
572 130,978
550 142.556
28 384.524
7,814 1,713,408
6,762 1,620,429
406
3,782
3.037
882
68
1.974
143,753
124,635
104,616
2,924
373.004
Leaving total net overland •
125,198
177,970
157.272
---.7,225 460.440
589 1,252,968
3,838 1,247.425
* Including movement by rail to Canada. b Revised.
The foregoing shows the week's net overland movement
has been 589 bales, against 3,838 bales for the week last
year, and that for the season to date the aggregate net overland exhibits an increase one a year ago of 5,543 bales.
-1912-13---In Sight and Spinners'
Since
Since
Takings.
Week.
Sept. 1.
Week.
Sept. 1.
Receipts at ports to July 17
20,222 10,214,280 20,061 9,471.646
Net overland to July 17
589
3,838 1,247,425
Southern consumption to July 17- 54,000 1.252.968
2,749,000
59,000 2,618.000
Total marketed
74,811 14,216,248 82,899 13,337.071
Interior stocks In excess
*14,008
29,985 *18,928
76.573
Came into sight during week. _60,803
63.971
Total In sight July 17
'U.246.233
13.413,644
North. spin's takings to July 17- 4,084
2,639,735
17.329 2,470.801
* Decrease during week.
Movement into sight in previous years:
Week-July 20
1912
21
22
1910
-July
1909
-July 23
Bales,
55,045
44,077
73,181
58.286
Since Sept. 11911-12
-July 20
1910
-11-July 21
190940
-July 22
1908 -July 23
-09
Bales.
15,338.308
11.658,463
10,294,171
13,415.611
NEW ORLEANS CONTRACT MARKET.
-The highest,
lowest and closing quotationsfor leading
Continental imports for past
The above figures for 1914 week have been 74,000 bales. Orleans cotton market for the past week contracts in the New
have been as follows:
of 156,766 bales, a gain of show a decrease from last week
of 697,621 bales over 1912597,876 bales over 1913, an excess
I
el
Saturday, Modriay,ITuesday, Wed'day. Thursd'y, Friday.
and again of 1,536,134 bales over
July 11. July 13. July 14. July
1911.
15. July 16. July 17.
QUOTATIONS FOR MIDDLIN
G COTTON AT OTHER
MARKETS.
-Below are
cotton at Southern and the closing quotations of middling
each day of the week. other principal cotton markets for
Closing Quotations for
Middling Colton on-Saturday. Monday.
Tuesday. Wed'day. Thursd'y. FridayGalveston
1364
New Orleans_... In-16 13%
13 5-16 13 5-16 1384
13%
Mobile
13 5-16
13%
13%
13 5-16
13%
Savannah
13%
13%
13%
13%
Charleston
13h
13h
Wilmington...jav
Norfolk
ift iat iat
Baltimore
13
13
ial
13
Philadelphia -.- 13. 0
13
13.
13
13.
Augusta
13.
14
14
13. 0
14
Memphis
14%
13
13
14
1431
13
St. Louis
13%
13
13
13
13
13
Houston
13 16 13 16 13 16 13h
13
13
Little Rock.- _ - 13h
13 5-16 13 16 13q46
13h
13%
13%
13%
1331
Week ending
July 17.
13g
July
Range
Closing
A
t
Ctonsf4
September
Range
Closing
Octoberoing
closing
gl sf
December
Range
Closing
January
Range
Closing
March
Range
Closing
May
Range
Closing
Tone
Spot
ODUOIA
12.80
13.00
113.05
12.89-.01 12.92
12.90 -1238-.05 13.03-.06 12.89-.91 12.84-.87 12.94,12.70-.71 12.85-.99112.83-.85 12.71-.87 12.67-.75 12.71-.75
12.78-.80 12.84-.86 12.83-.85 12.70-.72 12.66 -12.77-.80
I
12.58
12.37-.47
12.58-30 12.64-.66 12.60-.62 12.46-.48 12.38-.40 12.1X-.53
I
12.31-.41 1244.53 123. 12.27-.46 12.20,33
6-50
12.40 -12.44-.45,12.42-.43 12.28-.29 12.23-.24 12.27-39
12.37-.38
I
12.34-.43 12.46-.0 12.38,53 12.30-.48 12.22-35 .2.39
12.4-.43 12.46-.47,12.44-.45 12.30-.31 21.25-.26 12912.38-.39
12.38-.48 12.50-.57/12.45-.56 1233-.51 12.27,39 12.33-.44
12.46-.47 12.49-.50 12.46-.49 12.33-.34 1238 29 12.43-.44
,
12.48-.56 12.58-.67112.54-.66 12.42-.58 12.38-.47
12.48-.50 12.58-.59,12.56-.57 12.42-.43 12.37-.38 12.43-.53
12:5233
12.61-.62 12.70-.731
- - 12.64-.65 12.49-.50
12.56-.57 1232-.64 12.60-.61 12.46-.48 12.42-.44 12.49-.54
12.57-.59
Quiet,
Quiet. I Quiet. Quiet.
Quiet.' Quiet.
Steady. Steady. V'y st'y. Steady. Stmcly. Altoe.A..
208
THE CHRONICLE
[VOL. xclx.
Selma, Ala.—We have had rain on one day of the past
WEATHER REPORTS BY TELEGRAPH.—Reports to
week, the rainfall reaching six hundredths of an inch.
us by telegraph from the South this evening denote that over Average thermometer 83, highest 96, lowest 69.
much the greater part of the territory east of the Mississippi
Madison, Fla.—It has rained on two days during the week,
River there have been beneficial rains during the week. the rainfall having reached seventy-five hundredths of an
Er -Texas there has been practically no rain and Arkansas inch. The thermometer has averaged 81, the highest being
and Oklahoma, too, have had dry weather. Texas advices 93 and the lowest 72.
Tallahassee, Fla.—Rain has fallen on six days during the
indicate that while early-planted cotton is standing the
drought well, late plantmgs are badly in need of moisture. week, the rainfall reaching ninety-nine hundredths of an inch.
Galveston, Tex.—Weather conditions are unfavorable for The thermometer has averaged 82, ranging from 70 to 94.
Albany, Ga.—It has rained on four days of the week, the
the cotton crop. Early planted cotton is withstanding
drought well. Late planted cotton badly in need of mois- precipitation being one inch and fifty-six hundredths. The
ture. Very little damage is expected from the boll-weevil. thermometer has ranged from 70 to 95, averaging 83.
Augusta, Ga.—We have had rain on six days of the past
We have had rain on two days the past week, the rainfall
being one inch and six hundredths. Average thermometer week, the rainfall reaching two inches and eighty-three hundredths. Average thermometer 83, highest 97, lowest 70.
83, highest 89, lowest 76.
Savannah, Ga.—There has been rain on two days of the
Abilene, Tex.—We have had no rain during the week.
week, to the extent of seventeen hundredths of an inch. The
Minimum thermometer 70.
Brenham, Tex.—We have had rain on one day during the thermometer has averaged 82, the highest being 95 and the
week, the precipitation being two hundredths of an inch. lowest 69.
Charleston, S. C.—We have had rain on one day during
The thermometer has averaged 85,ranging from 74 to 96.
Cuero, Tet.—It has been dry all the week. The ther- the week, the precipitation reaching forty-one hundredths of
an inch. The thermometer has averaged 83, ranging from
mometer has ranged from 74 to 96, averaging 85.
Dallas, Tex.—Dry all the week. Average thermometer 72 to 95.
Greenville, S. C.—It has rained on two days of the week, the
89, highest 102, lowest 76.
Henrietta, Tex.—We have had no rain during the week. precipitation reaching forty hundredths of an inch. The
The thermometer has averaged 89, the highest being 104 thermometer has ranged from 55 to 96, averaging 76.
Spartanburg, S. C.—We have had rain on one day the past
and the lowest 74.
Huntsville, Tex.—We have had no rain during the week. week, the rainfall being forty hundredths of an inch. Average thermometer 84, highest 102, lowest 66.
The thermometer has averaged 85, ranging from 72 to 98.
Charlotte, N. C.—We have had rain on three days of the
Kerrville, Tex.—Rain has fallen on one day of the week, to
the extent of six hundredths of an inch. The thermometer week, the rainfall reaching eighty-three hundredths of an
inch. The thermometer has averaged 82, the highest being
has ranged from 62 to 96, averaging 78.
Lam passas, Tex.—It has been dry all during the week. 97 and the lowest 66.
Goldsboro, N. C.—We have had rain on one day during the
Average thermometer 83, highest 96, lowest 70.
Longview, Tex.—We have had no rain during the week. week, the precipitation being sixty-seven hundredths of an
The thermometer has averaged 88, the highest being 102 inch. The thermometer has averaged 84, ranging from
70 to 98.
and the lowest 74.
Weldon, N. C.—It has rained on four days of the week,
Luling, Tex.—Dry all the week. The thermometer has
from 72 to 96.
the precipitation being fifty-eight hundredths of an inch.
averaged 85, ranging
Nacogdoches, Tex.—It has been dry all the week. The The thermometer has ranged from 65 to 98, averaging 81.
Dyersburg, Tenn.—We have had no rain the past week.
thermometer has ranged from 70 to 98, averaging 84.
Palestine, Tex.—We have had no rain during the past week. Average thermometer 85, highest 100, lowest 71.
Memphis, Tenn.—We have had ram on two days of the
Average thermometer 85, highest 96, lowest 74.
Paris, Tex.—We have had no rain during the week. The week, the rainfall reaching eighteen hundredths of an inch.
thermometer has averaged 90, the highest being 106 and the The thermometer has averaged 86, the highest being 98
and the lowest 73. Crops generally are suffering for moislowest 74.
San Antonio, Tex.—There has been rain on one day the ture. First open boll received to-day from Whitehall
past week, to the extent of one hundredth of an inch. The Landing, Lee County, Ark. six days earlier than last year
and thirteen days earlier tlian the average.
thermometer has averaged 84, ranging from 72 to 96.
Milan, Tenn.—There has been rain on one day the past
Taylor, Tex.—Rain has fallen on one day of the week to the
inch.
hundredths
extent of twenty-two hundredths of an inch. Minimum week, the rainfall being fifty-five ranging fromof an 99.
66 to
The thermometer has averaged 82,
thermometer 72.
Weatherford, Tex.—It has rained on one day of the week.
WORLD'S SUPPLY AND TAKINGS OF COTTON.—
the rainfall being ten hundredths of an inch. Average ther- The following brief but comprehensive statement indicates
mometer 86, highest 100 and lowest 72.
at a glance the world's supply of cotton for the week and
Ardmore, Okla.—Dry all the week. The thermometer has since Sept. 1 for the last two seasons, from all sources from
averaged 89, the highest being 106 and lowest 72.
which statistics are obtaina,ble; also the takings, or amounts
Holdenville, Okla.—There has been no rain during the week. gone out of sight, for the like period.
The thermometer has averaged 88, ranging from 72 to 105.
Marlow, Okla.—We have had no rain the past week. The
1912-13.
1913-14.
Cotton Takings.
thermometer has ranged from 70 to 104, averaging 87.
Week and Season.
Season.
Week.
Season.
Week.
Eldorado, Ark.—We have had no rain during the past week.
3,082,555
3,689,052
Average thermometer 87, highest 103, lowest 71.
Visible supply July 10
2,135.485
2.055,351
Fort Smith, Ark.—It has been dry all the week. The ther- Visible supply Sept. 1July 1763,971 13,413,644
60.803 14.246,233
American in sight to
22,000 2,658,000
mometer has averaged 89, the highest being 104 and the Bombay receipts to July 16..
23,000 3,692,000
11,000
466,200
693,000
49,000
lowest 74.
Other India thip'ts to July 16
100
994000
500 1.014,500
July 15
7.000
318,000
345,000
Little Rock, Ark.—There has been no rain the past week. Alexandria receipts to15
6,000
to July
Other supply
The thermometer has averaged 88, ranging from 75 to 101.
3,828,355 22.046.084 3.186,626 19.985.329
Total supply
Alexandria, La.—Rain has fallen on one day of the week,
Deduct—
3.522,276 3.522.2762,924,400 2,924,400
the precipitation being five hundredths of an inch. The Visible supply July 17
thermometer has ranged from 70 to 97, averaging 88.
306.079 18,523,8081 262,226 17.060,929
a
takings to July 17
175,579 13,387,308 214,126 13.181,729
New Orleans, La.—We have had rain on six days during Totalwhich American
Of
48.100 3,879.200
130,500 5,136.500
other
Of which
the past week, to the extent of two inches and fifty-seven
hundredths. Average thermometer 83, highest 92, low- •Embraces receipts in Europe from 13razil, Smyrna, West Indies, &c.
tota'estimated consumption by Southern mills.
a This total embraces the and 2,618,000 bales in 1912-13—takings not
est 74.
1913-14
Shreveport, La.—It has been dry all the week. The ther- 2.749,000 bales in the aggregate amounts taken by Northern and foreign
available--and
being
in 1913-14 and
mometer has averaged 89, the highest being 103 and the spinners, 15.774.808 bales 10,563.729 bales14.442.929 bales in 1912-13, of
American.
which 10,638.308 bales and
lowest 74.
Columbus, Miss.—There has been rain on two days the
COTTON CONSUMPTION AND OVERLAND MOVEpast week, the rainfall being sixty-four hundredths of an inch. MENT TO JULY 1.—Below we present a synopsis of the
The thermometer has averaged 83, ranging from 67 to 100. crop movement for the month of June and the ten months
Greenwood, Miss.—It has rained on two days of the week, ended June 30 forIthree years:
the precipitation reaching one inch and thirty-one hundredths.
1913-14. 1912-13. 1911-12.
The thermometer has ranged from 68 to 98, averaging 83.
Vicksburg, Miss.—We have had rain on three days dur- Gross overland for June
bales_
49.534
.39,517
45,988
1.695,345 1,601,292 1,825,593
ing the past week, to the extent of three inches and thirty- Gross overland for 10 months
35,244
19,825
24.987
overland for June
five hundredths. Average thermometer 81, highest 93, Net overland for 10 months
1,251,299 1.233,796 1,455,215
Net
105,864
136.056
212.236
lowest 69.
Port receipts in June
10,156.601 9.415,110 11,412,644
in 10 months
Port receipts
Livingston, Ala.—There has been rain on one day of the Exports in June
154.305
226,955
296.882
8.726,264 8,345,717 10.247.384
week, to the extent of twenty-two hundredths of an inch. Exports in 10 months
348.716
30
239,090
351.344
has averaged 84, the highest being 96 Port stockc on Junetakings to July 1
The
2.608,148 2.425,710 2.5i8.Ii
Northern spinners'
2.607,000 2,458,000 2,244.
and the lowest 71.
Southern consumption to July 1
to Canada for 10
Mobile, Ala.—One soakiiag rain and numerous showers Overland in net overland) months (In- 135,388 130,088 144,414
cluded
is now growing and
7.777
143
11.467
have helped stunted plants. Cotton
Burnt North and South in 10 months
22,342
18,964
14,800
at North interior markets July 1_..
fruiting well. There has been rain on three days the past Stock in sight during June
307,053
323.174
388.519
14.088.358 13,231,906 15.164,859
week,to the extent of two inches and fifty-three hundredths. Came of crop in sight July 1
Amount
878,457
896.996
ranging
88.
in sight balance of season
The thermometer has averaged 79, on two from 69 to week, Camecrop
14.128.902 16,043.316
days of the
Total
513.73
516.35
r'Montgomery, Ala.—It has rained
.514.02
Average gross weight of bales
488.73
491.35
489.02
the;precipitation being eight hundredths of an inch. The Average net weight of bales
thermometer has ranged from 70 to 94, averaging 82.
JULY 18 1914.]
THE CHRONICLE
INDIA COTTON MOVEMENT FROM ALL PORTS.
July 16.
Receipts at
-
1913-14.
1912-13.
1911-12.
209
LIVERPOOL.
-By cable from Liverpool we have the
following statement of the week's sales, stocks, &c., at that
port:
June 26. July 3. July 10. July 17.
Sales of the week-28,000 30,000 29.000 28,000
Of which speculators took
2,000
1,000
1,000
1,000
Of which exporters took
Bombay
1,000
23,000 3,692,000 22,000 2,658,000 11,000 2,253,000 Sales, American
1,000
1,000
21,000 25,000 23,000 22
.6(1)
Actual export
6,000
7,000
2,000
3,000
Forwarded
For the Week.
Since September 1.
67,000 74.000 55.000 57,000
Exports
Total stock
964,000 935,000 915.000 882,000
fromGreat Conti- Japan
Of which American
Great
742,000 723,000 689,000 655,000
Japan
ContiTotal imports of the week
Britain. nest. &China Total. Britain. nent. .2 China. Total.
78,000 51,000 36,000
26.000
Of which American
38,000 41,000
14,000
9,000
Bombay
Amount afloat
114,000 88,000
82,000
84,000
1913
-14_Of which American
10,000 24,00 34,000 69,000 1,176,000 1,217,0002.462,000
66.000 46,000
45,000 49,000
1912-13_ -1;666 4,000 13,000 18,000 39,000 428,000 893,0001,360,000
1911-12......... 7,00 6,000 13,00
The tone of the Liverpool market for spots and futures
11,000 345,000 812,0001,168,000
Calcutta
each day of the past week and the daily closing prices of
1913
-14_- 1,00
1,000 11,00 13,00
3,000 24,000 125,000 152,000 spot
1912-13
cotton have been as follows:
1,000
1,00
3,000 26,000 33,000 62,000
1912-13
2,000 8,000 10,000
2,000 24,000 24,00
50,000
Madras
Spot.
Saturday, Monday. Tuesday. Wednesday. Thursday. Friday.
1913
-14
5,000 30,000
3,000 38,000
1912-13
1,000
1,000
3,000 20,000
200 23,200 Market,
1911-12 ...... 3,000 1,00 4,000
3,000
2,000 '12,000
7,000
12:15
Neglected
Dull.
AU others
Neglected. Easier.
Freely
Dull.
P.M.
1913
-14._ 6,000 25,000 5,000 36,000 56,00 419,000 28,00 503,000
offered.
1912-13
9,000
9,000
381,000
7.40
1911-12_ ...... 12,000 12,00 24,000 23,000 243,000 115,000 265,000 M1d.Upl'ds
7.47
7.50
7.44
7.39
7.35
17,000 170.000 78,000
Sales
3,000
Total all
4,000
4,000
6,000
7,000
5,000
Spec.itexp.
1913
300
-14_ 7,000 36,000 40,1100 83,00 133,000 1,649,0001,373,000j3,155,00
300
400
500
300
300
1912-13_
1.000 15,000 13,000 29,000
717,0001,041,2001,8;6,200
Futures.
Quiet,
1911-12__ ...... 24,000 27,000 51,000 68,000 546,000 916,09 1,495,000
Quiet,
Quiet,
Steady.
Quiet.
Steady
33,000
Market 1 30334 pts 6©65i pts 34@1 pt. 34
(42 pts.
opened J advance, advance, decline, advance, 506 phi. yi0I pt.
decline.
decline.
Since
Week. Sept. 1.
Since
Week Sept. 1.
.
Since
Week. Sept. 1.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
Alexandria. Egypt,
July 15.
Receipts (cantars)This week
Since Sept. 1
1913-14.
1912-13.
1911-12.
Market, { Steady,
Quiet, Barely sty. Quiet,
Quiet,
Steady
4
507 pts. 6(4934pts 406 pts. 102 pts. 50634 pts I pt.dee.to
P. M.
advance, advance, decline, advance. decline.
1 pt.adv.
2,500
7.608,296
800
7,455,386
900
7,256,828
The prices of futures at Liverpool for each day are given
below. Prices are on the basis of upland, good ordinary
clause, unless otherwise stated.
The prices are given in pence and 100ths. Thus: 7 12 means 7 12-100d.
This Since
This I Since
This Since
Week. Sept. 1. Week. Sept. 1. Week. Sept. 1.
July 11 I Saturday. Monday, Tuesday. Wecrday. Thursday. Friday.
to
To Liverpool
-1203,890
202,788 1,250 199,750 July 17.
To ManchestOr
1231 1 1234 1234 4 j1234 4 1231 4 1234 4 1231 4
.
4,500221.916 ---:1 203,112
227.800
To Continent St India.._ 5,0001434,164 4,6450. 396,914 2
p.m.I pm.
p.m p.m. p.m P.m • p.m.
- M6 377,084
.
To America
84,503
122,470 4,000 115,175
d. I d.
d. d. I d. d. d.
Id. d. d. d.
July
7 12% 19 22 22 18 20 Id. 114% 15 13 16
Total exports
• 9.500.944,472 1 4,000! 925,284 7.750 919.809 July-Aug.___
20
7 12% 19 22 22 18 20 20
14% 12% 1534
Aug.
-Sep
Note.
---6 92 98 013401 96% 9834 98 1143.4 9134 88% 9034
-A cantar is 99 lbs. Egyptian bales weigh about 750 lbs.
92
Sept.
-Oct. ____ 6 73 78% 80 79 74% 76
/6 /0 70 67% 6934
Oct.
-Nov.
6 68 73 74% 73 68% 70 70 64% 64 62% 6434
MANCHESTER MARKET.
-Our report received by Nov.
-Dec. _
6 6134 66 67% 66 62
-Jan_ ____ 6 61 6534 67 65% 61% 6334 63 '5754 5734 56 58
cable to-night from Manchester states that the market is Dec.
63 623.457 57 55% 5734
-Feb- __-_ 6
quiet for both yarns and shirtings. Manufacturers can- Jan.-Mar. _-_ 6 6134 86 67% 66 62 633.4 63 5734 57% 56 58
Feb.
6234 87 68% 67 63 6434 64 5834 5834 57 59
not sell. We give the prices for to-day below and leave Mar.
-Apr.
6834 70 68 64 6534 65 60 60 5834
those for previous weeks of this and last year for comparison. Apr-May ----66434 69 70% 68 64% 66 653460 60 59 60%
61
May
-June ---- 6 65 6934 71 69 65 6634 66 61 61
5914 61%
June-July ---.8 62 6634
66 62
July-Aug_ ---.6 60 6434 68 64 60 6351 63 58 58 56%
1914.
66
6134 61 5534 5534 54 56g
1913.
55
Exports (bales)
-
32s Cop
Twist.
d.
May
29 tog
June
5 10%
12 10;4
19 10%
26 1034
July
3 10%
10 10
17 10
811 lbs. Shirt- Corn
834 lbs. Shirt- Cot'n
tags, common Mid]
32s Cop
ings,,common Mid.
to finest.
Upl's
Twist.
to finest.
UP1's
s. d.
s. d. d. id.
d. s. d.
s. d. d.
6 334011 434 7.7010
0 1014 8 2 011 4% 6.61
774110
6 4 011 5
0 10% 6 2 011434 6.67
6 434011 5% 7.87 10
csw
6 4 011 454 7.68 1014 0 1034 8 2 011 43.4 6.77
234011
6.79
6 4 011. 434 7.58 10;‘ 0 10% 6 2%011 5
10%
5
6.75
1
6 3 @II 3
7.46 1034 is 11 6 2 @II 6
6.70
6 234011 114 7.331034 is
6.76
6 234011 lh 7,351034 is 11 6 2 Oil 6
11 6 1%011 5 6.69
BREADSTUFFS.
See Cogs 0
Friday Night, July 17 1914.
Flour has been quiet, in fact unusually so, even for this
time of the year, when business is apt to be a little slow.
The truth is that buyers for the most part still adhere to the
policy of supplying only their immediate needs and trusting
to a big crop of what to bring about lower prices later on.
Under such circumstances the market certainly lacks snap
and interest, nor, as far as can now be seen, is there any likelihood of an immediate change for the better. The market
SHIPPING NEWS.
is under the influence of a policy of drifting, pending further
-Shipments in detail:
developments. Under such circumstances not even a re-To Liverpool
NEW YORK
-July 15
-Cedric,880 Peruvian Total bales. duction in prices
To Havre-July 11-Niagara, 150
880
seems to be able to stimulate trade, and
Hamburg-July 14
To
150 quotations must be regarded
-Batavia, 30
as more or less nominal. The
To Genoa
-July 15-Moltke, 2.202
30
To Naples
-July 15-Moltke, 199
2,202 total output last week at Minneapolis, Duluth and MilwauTo Martinique-July 15-Parima, 1
199 kee was 322,265 barrels,
agains 294,910 in the previous
GALVESTON-To Liverpool
1
-July 10-Novian, 10,242
To Bremen-July 11-Chemnitz,5,952__ _July
10.242 week and 370,525 barrels in the same week last year.
14
-St. Helena.
....
5.607
Wheat weakened for a time on favorable crop reports and
To Barcelona
-July -------------------- - 7 60;
11 559
3,(3
-------5;361 then rallied sharply on reports of black rust in South Dakota
To Trieste-Jul 15
-Emilia, 350
NEW ORLEANS
-To Liverpool
-July 15-A1exandrian,
and Minnesota. Minneapolis people have heretofore snout859
To Beltest--July 10--Glenarm Head. 642
859
To Bremen-July 14
642 ed these reports. They have been heard every season, and
-Frankfurt, 5,070
To Hamburg-July 10-Belgia, 837
5,070 usually turned out to have little or no foundati
on. Probably
To Rotterdam-July 11-Gorredyk, 100
837 this year
they are also ekaggerated. But in a market eIiTo Antwerp-July 1()
100
-Rossetti, 2,137
To Genoa-July 14-Sicania, 3,215
2,137 dereii sensitive by the presence of a large short interest,
it is
3.215 not
MOBILE
-To Antwerp-July 10
-Swedish Prince, 50
unnatural that prices should be more or less affected.
PENSACOLA-To Genoa--July 15
50
-Annie, 100
100 There has, moreover, been a good deal of export
To Huelva-July 15-Lodovica. 65
trade.
65 Liverpool
SAVANNAH
-To Hamburg.-July 14-Schwarzenfelde,
authorities look for a big foreign demand for new
BOSTON
-To Liverpool-July' 9-Caronia, 106___July1,201..___ 1,201 wheat.
11
-BoEvery European country is buying freely, even
hemian, 300__ _July 14-.Arabic. 51
457 Hungary
To St. John, N. B.
-July 11-Gen. Cobb, 136
and Greece. In Liverpool they think that the
136
BALTIMORE
-To Bremen-July 15-Koenigen Luise, 100
100 American demand for animal feeding, owing
PHILADELPHIA
-To Antwerp-July 2-Manitou, 69
to the scarcity
69 and high price
SAN FRANCISCO
-To Japan-July 11
of corn, is also a strengthening factor. Also,
-Manchuria. 350
350 the
outlook for the Russian crop is said to be anything but
Total
46,362 assuring.Most
advices indicated that there will be a
The particulars of the foregoin
arranged in our usual form, are asg shipments for the week, sharp falling off in the Russian yield, with the total under
follows:
that of last year. The crop got a poor start in Argentin
Great French Gcr- -Oth.Eur
e,
too, and the outlook for European
Britain. Ports. many. North. opeSouth. etc. Japan. Total.
New York
880
150
to be unfavorable rather than crops is, on the whole,said
1
Galveston
1
-10,242 _
otherwise. In Southern
11,559
5,711
New Orleans
27,512 France the harvesting results are unsatisfactory.
1,501
5,907 2,237 3,215
The
Mobile
12,860 French crop
is thought likely to be much smaller than that of
Pensacola
50
Savannah
165 last year. The drought and excessive heat in Russia have
1.20i
_165
Boston
1,201 told plainly
-457 -on the crop there and arrivals at the ports are
ha .7:Baltimore
593
100
Philadelphia
In Rumania the yield and quality, according to
100 smaller.
San Francisco
69 the first reports, are unsatisf
actory. The outlook in Hun350
350 gary,
too, is disappointing, as may be inferred
Total
13,080
150,18.797 2.356 11.492 137 350 46,362
that Hungary is buying foreign wheat already. from the fact
Its stocks
The exports to Japan snce Sept. 1 have been 250,894.
bales light and its prices are firm. In Scandinavia there has are
from Pacific ports, 32,670 bales from Galvesto
n, 34,350 a protracted drought,which has affected both wheat andbeen
bales from Savannah, 10,550 bales
rye,
Mobile, 3,000 and the outlook is unfavorable. The Australian
.
bales from Wilmington and 5,872 bales from New
acreage
from
seems hkely to show a decrease. Also, the
York.
continued
2la
[VoL. xe
THE CHRONICLE
having an adverse
wet weather, to return to Argentina, is acreage is expected.
effect on the crop and a reduction in the of foreign wheat.
Europe may require 720,000,000 bushels yield in this counOn the other hand, it is believed that the
to be far
try is comparatively safe, or at any rate is likelylast week
the largest on record. The world's shipments 0 in the
increased to 12,656,000 bushels, against 11,888,00
previous week and 10,432,000 in the same week last year.
The movement of the American crop has considerably increased. What is more, the wheat is grading, as a rule, so
high as to attract favorable comment at home and abroad.
The outlook for the crop in Germany is favorable and the
same is true of the United Kingdom. Prices have reached
the lowest level thus far. Gulf ports are receiving large
quantities, mostly en route for foreign markets. The visible
supply in this country increased more than 2,000,000 bushels,
in sharp contrast with a decrease for the same time last
year of 513,000 bushels. Foreign. markets felt the effects
of increased offerings. To-day prices were higher.
DAILY CLOSING PRICES OF WHEAT FUTURES IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs,Fri.
8631 873j 8734 8831
87
cts_ 88
No. 2 red in elevator
893.i
8831 89
893( 8534 88
July delivery in elevator
8534 8831 8734 8774
_ _ _ 86% 86
September delivery in elevator_
December delivery in elevator_ _ 8934 8834 8834 8934 8931 9034
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts- 7831 77% 7634 78% 79% 79%
July delivery in elevator
7754 7634 7731 7834 79%
September delivery in elevator__ _ _ 78
8034 79% 8051 81% 8234
December delivery in elevator---- 81
spring-wheat region the week was generally warm and dry, greatly ravoring
growth and checking the development of rust in districts where previous
weather conditions had favored its appearance. In the corn belt the
weather continued generally favorable over the States to westward of the
Mississippi from Kansas and Western Missouri northward, as well as in
the northern districts to the eastward, where the crop is generally reported
as in excellent condition, well cultivated and largely laid by. Over the
Ohio Valley, however, and to the southward,and in Eastern Missouri aid
portions of Arkansas,Oklahoma and Texas, the crop is suffering severely
from drought, especially in Kentucky and portions of adjoining States, and
more rain is now needed in portions of Iowa and Nebraska. The harvesting
is short in the
of oats and hay progressed satisfactorily, but the yield Kentucky and Ohio
surValley and to southward. Tobacco is suffering in In other districts,
land remains unplanted.
rounding States, and much
however, it is making 6air progress as a rule, and in Wisconsin is reported
generous showers
as much in advance of the season. In the cotton region plant is generally
over the Eastern States greatly favored growth and the
reported as being in good condition. In the central portions of the belt
in
local rains greatly benefited the crop in Arkansas and Louisiana and as
parts of Mississippi, but rain is badly needed in the last-named State
Tennessee. In Texas and Oklahoma but little rain occurred and
well as in
is reported as
planted
the soil is now becoming very dry; the early much in cottonof rain. Over
need
doing well, however, but the late planted is
from Virginia northward, rainfall was generally
the Atlantic Coast States
doing
sufficient, and all crops are now reported as westernwell. In the Rocky
portion of the Plains
Mountain and Plateau States, as well as in the
crops made favorable
region, the ranges continue in excellent condition andgenerally reported as
progress in practically all portions, and fruit is States winter-wheat is
promising excellent yields. In the Pacific Coast
crop
ripening and harvest is progressing in Washington and Oregon. andneeds
prospects are generally reported as good, except that spring-wheat fruit
weather was favorable for all crops and
more rain. In California the
shipments are increasing.
The statements of the movement of breadstuffs to market
indicated below are prepared by us from figures collected by
the New York Produce Exchange. The receipts at Western
lake and river ports for the week ending last Saturday and
August 1 for each of the last three years have been:
Indian corn has sympathized more or less with the depres- since
Rye,
Also, there has been very heavy selling, part- Receipts at- Flour.
Barley.
Oats.
sion in wheat.
Corn.
Wheat.
ly owing to heavy and beneficial rains in the Central West.
bush.48Ibs. bu.56 lbs.
bush.56 lbs. bush. 32lbs.
In a detailed and revised report the Government puts the Chicago__ bbls.1961bs. bush.60lbs. 1,209,000 2,334,000 136,000 28.000
126,000 2,532,000
18,000
174,000
315,000
343,000
31,000
crop this year at 2,922,000,000 bushels, as against 2,868,- Milwaukee_
80,000
39,000
225,000
149,000
15,000
952,000
29,000
000,000 given in the report of July 8. The yield last year Duluth
233,000
214,000
138,000
678,000
Minneapolis
50,000
32,000
was 2,446,988,000 and the year before 3,124,746,000 bushels. Toledo
106,000
67,000
47,000
5,000
9,000
Detroit
On the other hand, parts of the belt still need rain. Texas, Cleveland
58,000
135,000
9,000
13,000
and dry, with temperatures of late St. Louis.6,000
30.000
325,000
for example,is very hot
208.000
58,000 1,181,000
10,000
38,000
140,000
140,000
117,000
110. Oklahoma is also dry. Country Peoria
43,000
as high as 107 to
55,000
185,000
1,072.000
Still, there is no very great de- Kansas City
offerings have been small.
152.000
273,000
81,000
Omaha
mand. Argentine corn has been pressed for sale at seaboard
836,000 130,000
31859,000
'14
, however, dropped to 4,778,- Tot. wk.'13 327,000 6,764,000 2,725,000 5,949,000 2,233,000 140,000
markets. World's shipments
381,000 6,176,000 3,908,000
in the previous week and Same wk.'12 218,254 2,102,415 2,766,239 2,451,210 141,060 26,909
000 bushels, against 7,472,000
Same wk.
6,852,000 in the same week last year. Moreover, complaint Since Aug. 1 19,400,000 286,611,000 218,994,000 218,703,000 26,338,000 22600000
1913-14
101856330 17006642
e grading of River Plate
17,543,520 260,787,966 226,217.228 246,031,668 61,568,099 8,208,750
is made in Liverpool of unfavorabl
1912-13
12.194.935 136.648.917 193.240.709 146,704,627
1011-12
arrivals and also of decrease in stocks in Liverpool. Wet
weather has affected the quality of River Plate arrivals.
Total receipts of flour and grain at the seaboard ports for
The weather in Russia has also been bad for corn, and offerthe week ended July 11 1914 follow:
ings of Danubian corn at Liverpool have fallen off. To-day
Rye,
Oats, Barley,
Wheat, . Corn,
Flour,
bush.
bush.
bush,
bush,
bush,
bbls.
prices were irregular.
Receipts at1,000
5,000
DAILY CLOSING PRICES OF NO.2 MIXED CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts_ 7834 7834 7734 7834 79
79
No. 2 mixed
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
cts- 7034 6934 68% 695 7034 70%
July delivery in elevator
6651 67
September delivery in elevator_ --- 6834 6734 66% 68
5634 56
December delivery in elevator__ 5834 5734 5634 57
New York
Boston
Philadelphia
Baltimore
New Orleans*____
Galveston
Montreal
St. John
Quebec
185,000 1,106,000
426,000
18,000
512,000
34,000
365,000
35,000
63,000 1,027,000
2,040,000
46,000 3,276,000
42,000
2,000
252,000
1,000
92,000
72,000
36,000
472,000
74,000
214,000
93,000
41,000
4,000
385,000 195,000
42,000
17.000
15,000
Oats have declined in price in sympathy with other cereals,
453,000 1,283,000 242,000 33,000
week 1914_ 383,000 7,794,000
though some of the crop reports have not been very favora- TotalJan. 11914_11,215,000 81,034,000 13,958,000 17,053,000 7582,0002,096,000
Since
476,000 1.525,000 221,000 101,000
372,000 2,948,000
ble. July liquidation, however, has been a feature, and it Week 1913
85,887,000 41,671,000 30,418,000 13754000 1964,000
is also a fact that while some of the crop reports are bad, Since Jan. 11913_11,607,000
New Orleans for foreign ports on
others are not unfavorable. The new crop has already be'Receipts do not include grain passing through
gun to move and is arriving now at Chicago. The effect through bills of lading.
for the week
was to cause a noticeable decline in sample quotations there.
The exports from the several seaboard ports
From present appearances, whatever may be said to the con- ending July 11 are shown in the annexed statement: Peas,
Rye, Barley,
Oats,
Corn, Flour,
Wheat,
trary, the crop this year is likely to be one of the largest
bush, bush, bush. bush.
bbls,
bush.
bush,
&ports from
2,652
61,140 34,071
ever known; in fact, it seems reasonably certain to be the
7,992 75,056
742,853
New York
26,900 17,931
4,529
353,703
largest on record next to that of 1912, or, in other words, Boston
10,000
16,000
____ 385,000
40 37,653
1,200,000,000 bushels, against 1,121,768,000 bushels last Philadelphia
2,400 7,000
289,532
13,000
12,000 13,000
year and 1,418,337,000 in 1912, which was the high-water Baltimore
New Orleans__ 2,397,000
41,000 678.000 30,000 501,000
mark in the history of oats culture in this country. To-day Montreal
42,000
42,000
St. John
1,500
prices were lower.
Quebec
DAILY CLOSING PRICES OF OATS IN NEW YORK.
Tues.
Wed. Thurs.
Mon.
Sat.
Fri.
Standards __cts _ 4434-45 45-4534 4334-44 44-44% 44-443j 4334-44
4451-4534 4534-46 43%-44% 44%4o44%45 4354-4434
No.2 white
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sal. Mon. Tues. Wed. Thurs. Fri.
cts_39% 38% 36% 36% 37
36%
July delivery in elevator
3534 3534
September delivery in elevator..,,. 36% 3534 3434 35
36% 36% 305
December delivery in elevator---- 3734 36% 36
The following are closing quotations:
GRAIN.
Corn. per bushel
-f.0. b.
cts.
Wheat,per bushel
No.2 mixed
$1 00
79
N.Spring. No.1
No. 2 yellow
9834
No.2
7854
N.Spring.
No. 3 yellow
8851
7734
Red winter. No. 2
90
Argentina in bags
75@76
Hard winter,No.2,arrive
Rye, per bushel-.
cts.
Oats, per bushel, newNew York
431-4 @ 44
66(68
Standards
Western
43% @4434
66St
No. 2 white
43(84334 Barley-Malting
55(856
No.3 white
FLOUR.
$400(8$4 15
Winter, low grades---33 40 33 60 Spring clears
500 Kansas straights sacks 3 85
4 80
440
Winter patents
390(8 430 Kansas clears. sacks-- 3 60 4 10
straights
Winter
4 10Q 4 25 City patents
585(86 25
Winter clears
3 30@ 3 90
435(8 4 60 Rye flour
Spring patents
3 80(8 450
420(8 430 Graham flour
Spring straights
WEATHER BULLETIN FOR WEEK ENDING
-The general summary of the weather bulletin
JULY 13.
e
issued by the Department of Agricultur for the week
ending July 13 is as follows:
rainfall were the more marked features
deficient
High temperatures and over the great agricultural districts. Despite
the week
of the weather ofhowever, crops over the larger part of the country made
these conditions,
soli conditions, farm work was
progress, due to the excellent
satisfactory
asdrya wwheeolteherwasfefvaevroedrabtlhee.
ge
end the
!I
t out t beltwen and
carried on r w heeinterruption,
nerwrliky
Tire ninwtei
of wheat over the northern districts where harvest
ripening and harvesting
and permitted of continued thrashing in
is now approaching completion,
satisfactory conditions. In the
the south and central portions under most
23,392 158,085
216,628 179,080
Total week_ _4,211,087
4,166,626
Week 1913
780,080 119,655 543,000
879,458 90,350 419,147
2,652
45
The destination of these exports for the week and since
as below:
July 1 1914 is -Flour
-Wheat--.--- -Corn-Since
Since
July 1
Week
July 1
Week
1914.
July 11.
for tveek and July 11. 1914.
Exports
bush,
bush.
bbls.
bits.
since !lay 1 to
147,301 2,007,167 4,040,898
United Kingdom-- 58,956 120,018 2,192.585 4,852,275
28,129
Continent
11,335
11,335
82,632
37,779
So. dc Cent. Amer 30,777
552
54,372
West Indies
250
250
Cols_
Brit. No. Am.
468
3,918
2,194
Other countries.
158,085 408,491 4,211,087 8,005,528
Total
179,080 347,496 4,166,626 8,795,872
Total 1912-13
Week
July 11.
bush.
5,625
15,052
Since
July 1
1914.
bush.
1,815
6,585
67.186
221
1,815
22,392
216,628
75,807
393,493
The world's shipments of wheat and corn for the week
ending July 11 1914 and since July 1 1914 and 1913 are shown
in the following:
Wheat.
Exports.
1914.
1Week
July 11.
Since
July 1.
Corn.
1913.
Since
July 1,
1914.
Week
July 11.
Since
July 1.
1913.
Since
July I.
Bushels.
Bushels, Bushels. Bushels.
Bushels. Bushels.
116,000
North Amer. 6,288,000 11,640,000 9,890,000
715,000
357,000
6,208,000 2,344,000 153,000
Russia -- -- - 3,736,000 1,232,000
850,000
656,000 1,360,000 3,630,000
Danube_ _ _ _ 248,000
680,000 1,080,000 3,265,000 8,263,000 12,989,000
Argentina___ 320,000
Australia _ 728.000 1,672,000 2,152,0001
1,264,000 2,092,000 5.336,000'
India-----120,000
72,000
126,0001
Otis.countr's
12658000 24,544,000 21,584,0004.77d.000 12,250,000 14.670,000
Total ___ -
JULY 18 1914.]
THE CHRONICLE
The quantity of wheat and corn afloat for Europe on dates
mentioned was as follows:
Wheat.
United
Kingdom. Continent.
July
July
July
July
11 1914._
4 1914._
12 1913._
13 1912_
Corn.
Total.
Crated
Kingdom. Continent.
Total.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels. Bushels.
20,504,000 18,304,000 38,808,000 6,350,000 15,768,000 22,118,000
21,296,000 17,112,000 38,408,000 7,216,000 15,054,000 22,270,000
21,960,000 16,472,000 38,432,000 12,341,000 22,738,000 35,079,000
24.312,000 18.440,000 42,752,000 8,806,000 22,372,000 31,178,000
211
-----1914----Since
Week. Jan. 1.
128
2,446
60
1,817
2,040 42,606
11.931
7.678
513
5,549
422 27,091
308
589 12.906
2,696 33,083
2,750 40,167
New York to July 11Great Britain
Other European
China
India
Arabia
Africa
West Indies
Mexico
Central America
South America
Other countries
-----1913
Since
Week. Jan. 1.
3
842
61
565
4,994 39,323
9,285
525
1,350 20,096
1,333
16,920
672 20,980
1,497
65
347
8,932
765 30,362
3,228 36.642
Total
9.198 185,582 13,352 185,444
The visible supply of grain, comprising the stocks in
The value of
granary at principal points of accumulation at lake and 813,342,872 in these New York exports since Jan. 1 has been
1914, against $14,729,809 in 1913.
seaboard ports July 11 1914 was as follows:
Staple lines of cottons were active and firm during the
UNITED STATES GRAIN STOCKS.
week,commission houses and selling agents reporting a much
Amer. Bonded Amer. Amer. Bonded AMC*. Amer. Bonded better
demand for future delivery. After having underbid
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
In Tnousandsbush. bush, bush, bush, bush, bush, bush. bush. the market for several weeks, buyers are operating
more
New York
86
124
49
544
82
8
51
freely in print cloths; finding that prices are on a firm basis,
Boston
68
27
2
45
3
1
they are more willing to place business for delivery during
Philadelphia
79
111
93
160
Baltimore
163
80
179 the late months of the year. Jobbers report an improvement
New Orleans
1,000
145
87
in demand from retailers and are looking forward to a steady
Galveston
1,240
36
Buffalo
876
640 1;iii
242
business from now on. Orders received through the mails
61
Toledo
145
57
2
130
are very satisfactory and store sales have also been good as
Detroit
36
79
9
90
Chicago
a result of the large attendance of buyers in the market.
677
54
2,377 2,586
92
"
afloat
760
147
Sales of summer wash goods for spot delivery are beginning
Milwaukee
44
80
239
Duluth
1,481
91
47
39
22 to slacken, as many buyers during the past two or three
24
186
72
weeks
Minneapolis
7,135
203
63
31
280
have quite fully covered their requirements. Several lines
St. Louis
86
211
486
8
11
of.
ginghams for next spring have been shown, but as yet no
Kansas City
28
23
542
156
Peoria
272
30
8
prices have been named. Other lines of
Indianapolis
245
82
33
new spring season are on the market andwash goods for the
Omaha
68
250
683
10
15
some of the larger
124
125
On Lakes
645
59
21
retail houses have placed a fair initial business subject to
On Canal and River.
83
253
change should future business developments alter conditions.
Total July 11 1914..15,269
309 5,723 6,633
215
296 1,104
22 Gray goods, 38-inch standard, are quoted
unchanged at
Total July 4 1914..13,258
308 6,912 7,210
215
369 1,197
15 5 3-16e. to
Total July 12 1913_29,843 2,031 11,277 17,711
398
421 1,605
29
Total July 13 1912..20,084 2,293 6,372 2,498
WOOLEN GOODS.
221
403
430
145
-Manufacturers report that re-orders
for fall dress goods are very slow in coming to band. The
CANADIAN GRAIN STOCKS.
Canadian Bonded
Canadian Bonded
inability of cutters-up and garment manufacturers to
Canadian Bonded
Wheal. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley.
In Thousandsbush, bush, bush, bush. bush. bush. bush. bush. mutually decide upon the style of coats for the coming fall
Montreal
is causing them to delay in filling out their requirements.
3,743
88 1,535
252
1
Ft.William&PLArthur_ 2,827
Also the uncertainty as to whether capes or coats will be
Other Canadian
1,970
3,586
the
most in demand during the fall and winter is causing garment
Total July 11 1914._ 8,540
88 9,055
252 -- makers.to hesitate in their purchase of piece
1
goods until they
Total July 4 1914._ 9,159
119 7,683
343
1
know definitely which style of garment they will be required
Total July 12 1913_ 9,581
8 8.572
110
Total July 13 1912..10,140
to make up. In men's wear, some low-priced lines of serges
9 5,135
have been placed upon the market, and initial buying has
SUMMARY.
Bonded
Bonded been quite satisfactory. Inquiry for
Bonded
the better grades is
Wheat. Wheat. Corn. Oats. Oats.
Rye. Barley. Barley. quiet, however
In Thousands, and manufacturers are inclined to wait
bush, bush, bush, bush. bush. bush, bush. bush.
American
15,269
awhile before naming opening prices. A fair re-order busi309 5,723 6,633
22
215
296 1,104
Canadian
8,540
____
88 6,055
1
252 ---- ness is coming to hand
for additional fall goods, but as retail
Total July 11 1914_23,809
309 5,811 12,688
22 clothiers are not inclined to place large orders, clothing
215
297 1,356
Total July 4 1914..22,417
308 7,028 14,793
15 manufactueres and cutters215
370 1,540
Total July 12 1913_39,424 2,031 11,285
up have about all the goods they
29
368
531 2,252
Total July 13 1912..30,224 2,293 6,381 26,283
145 require under order.
435
221
7.631
403
FOREIGN DRY GOODS.
-Business in linens has
good during the week, the large attendance of buyers been
having enabled local houses to dispose of considerable goods for
THE DRY GOODS TRADE.
immediate and nearby requirements, besides interesting
New York, Friday Night, July 17 1914.
buyers in their needs for next spring. Most out-of-t
own
The annual meetings of Dry Goods Associations brought buyers state that linens are again
becoming
a large number of out-of-town buyers and jobbers into New summer dress goods, and that another seasonpopular as a
will
York during the past week, and as a result the local market a pronounced increase in the demand. The H. B. witness
Claflin
presented a more active appearance than for some time past. Company's linen department has done a heavy business during. special sale, which enabled many buyers to
the
This influx of buyers had been looked forward to by local their stocks
replenish
at lower prices
merchants for several weeks, and all houses had large assort- the case. Sales of dress than would otherwise have been
linens for the current summer have
ments of goods on display. These have been thoroughly been very
looked over and sales are reported to be above expectations. and cottonsatisfactory, considering ihe popularity of silks
The interest which buyers took in'offerings was reassuring so through mixtures, which are not expected to continue
to the trade and revealed the fact that stocks throughout the quietly but another season. Housekeeping lines are moving
steadily, with no accumulation of stocks. Burthe country have been allowed to fall to very low levels. laps are rather
There was much conservatism shown when it came to placing Light-weights easy in tone, with business continuing quiet.
are
business any distance ahead, but most of the out-of-town inally at 5.10c. quoted at 4.10c. and heavy-weights nomrepresentatives were very optimistic concerning the future,
basing their hopes on the excellent
sec- Importations & Warehouse Withdrawals of Dry Goods.
in
tions of the country. The special crops promised B. all
Claflin Imports Entered for Consumption for the Week and Since Jan. 1.
sale of the H.
Co. was the feature of the week. The attendance
Week Ending
the
sale was very heavy, and every department was taxedat its
July 11 1914.
Since Jan. 11914.
to
Pkgs.
Value.
Pkgs.
Value.
utmost in taking care of customers. Buyers found much at Manufactures of
Wool
the sale which they could not obtain elsewhere at the prices
3,038
798,660 52.874 14,883,015
Cotton
3,396
911.040 99.868 26,305,335
named, and purcha,Led freely. This, of course, was hurtful
Silk
1,730
811.773 42,237 20.400,482
Flax
to business in other houses, but revealed how badly the goods
1.263
349.151 42,437 10.108.741
Miscellaneous
2.130
218.193 88.219 7,805.741
were needed, and that only a slight restorati
on
Total 1914
was necessary to bring out a strong demand. of confidence
11.557 3.080,817 325,635 79,503,314
Many of the
Total 1913
buyers, after going over the H. B. Claflin
6.934 1,737,301 259.465 60,807.341
Co. sale, visited
Warehouse Withdrawals Thrown Upon the Market.
other quarters and made fair purchase
s where the offerings Manufactures of
Wool
and prices were attractive.
180.889 25.748 6.843,617
682
Regardless of the reductions in
Cotton
values made by the Claflin Co.,
575
20.990 5,608,774
166,2.74
Silk
there were no signs of any
100,320
220
7.479 3,340,380
price cutting in other quarters,
Flax
457
109.001
and sellers were firmer than
13,454 3.215,475
Miscellaneous
ever in their ideas. It is fully realized
387
32,869 62.975 3.529,365
that stocks are in such
poor condition that any increase
Total withdrawals
2.321
588.853 130,646 22.537.611
a decided shortage of staples, andin consumption will create Entered for consumption
11,557 3.080.817 325.635 79,503.314
as the raw material situation is very firm, there is little prospect
Total marketed 1914
13,878 3.669,670 456,281 102.040,925
of any lower prices,
Total marketed 1913
at least during the remainder of the
10,434 2,404,226 369.130 76.078.345
current
Export
Imports
trade in cottons continues dull, with little year. business Manufactures Entered for Warehouse During Same Period.
of
new
reported. Some fair inquiries are
Wool
304,505
1.201
19.107 5.564.252
received from various
Cotton
ports, but at prices too low to meet the consideration of
760
229.185 20.930 5,820,152
81Ik
121.076
7.679 3.346.047
283
manufacturers.
Flax
154,639
15,704 3.795.855
603
Miscellaneous
82.060 41,806 2.923,603
2,352
DOMESTIC COTTON GOODS.
-The exports of cotton
Total
goods from this port for the week ending July 11 were 9,198 Entered for
891,465 105.226 21.449.909
consumption
11,557 3,08(1,817 325.1335 79,503,314
packages, valued at $543,893, their destination being to the
Total imports 1914
points specified in the table below:
16,576 3,972.282 430,861 100,953,223
Total
•5,199
imports 1913
10,215 2,606,181 395.783 79,912.25
6
THE CHRONICLE
212
Gun AND CITY MPll/1E1M
News Items.
-An elecCincinnati, Ohio.-Voters Reject New Charter.
tion held July 14 resulted in the defeat of a proposed new
city charter. The vote is reported as 21,286 "for" to 27,843
"against." The recall clause of the charter, upon which a
separate vote was taken, also failed-21,849 "for" to 25,287
"against."
-Mortgage Bonds May Be Made Exempt
Massachusetts.
from Taxation.---As stated last week, page 138, the Governor
on July 7 signed a bill providing that a bond secured by
mortgage on tangible property located within or without
the Commonwealth which is subject to taxation wherever
located, and which is there actually taxed, shall be exempt
from taxation within the Commonwealth of Massachusetts
upon registration of the same with the Tax Commissioner,
and upon the payment to him of a fee of $3 per $1,000 annually. The law is known as Chapter 761 and is given in
full below:
[Chap. 761.1
An Act to provide for payment of a fee upon presentation of certain
bonds for registration.
Be it enacted. 04., as follows:
Section 1. A bond secured by mortgage on tangible property situate
within or without the Commonwealth which is subject to taxation wherever situated and which is there actually taxed shall be exempt from taxation within the Commonwealth, if the fact of the taxation of such property is determined by the Tax Commissioner and the bond is registered as
hereinafter provided.
Section 2. The holder of any such bond may present the same to the
Tax Commissioner with a statement in such form as the Tax Commissioner
shall require, describing the mortgage securing the same and the property
covered by the mortgage, together with a fee at the rate of thirty cents
for each hundred dollars of the par value of the bond. If the Tax Commissioner finds that the said bond is secured by mortgage upon property
which is subject to taxation and which has actually been taxed during the
year prior to such statement, he shall register the bond as exempt from taxation for one year from the date of such registration and shall affix to the
bond a certificate to that effect, and such bond shall not bd taxed during
the said year. Any such bond shall be exempt from taxation in any succeeding year upon registration on the same terms and conditions as above
specified.
Section 3. One-half of the fees for the registration of bonds, as herein
provided, shall be distributed, credited and paid to the several cities and
towns in which, from the said statements or other evidence, it appears
that such holders of bonds resided on the dates of said statements. If
such bonds are held by co-partners, guardians, executors, administrators
or trustees, the proportion of fees corresponding to the amount of bonds
113 held shall be credited and paid to the cities and towns where the bonds
would have been taxed under the provisions of clauses fourth, fifth, sixth
and seventh of section twenty-three, and of section twenty-seven, of Part
I of chapter four hundred and ninety of the Acts of the year nineteen hundred and nine and Acts in amendment thereof. Nothing in this Act shall
be construed as affecting the provisions of sections sixteen, seventeen and
eighteen of Part I of said chapter four hundred and ninety, and Acts In
amendment thereof, relative to the taxation of mortgages on property
within the Commonwealth. [Approved July 7 1914.1
-Court of Errors and Appeals Affirms DeNew Jersey.
-On July 10 the Court of
cision Against Hennessy Act.
Errors and Appeals affirmed the decision of Justice Trenchard of the New Jersey Supreme Court holding unconstitutional the so-called "Hennessy Home Rule" amendment to
the Walsh Commission Government Act. The decision of
the Supreme court was discussed at length in the editorial
columns of our May 30 issue page 1654.
-Commission GovStreetman, Freestone County, Tex.
-The commission form of government has
ernment Adopted.
been adopted by this municipality, it is stated.
Tuscumbia, Ala.
-Election on Commission Form of
-On July 20 the voters will decide whether or
Government.
not a commission form of government shall be established
in this city.
Bond Proposals and Negotiations this week
have been as follows:
-BONDS OR NOTES AUTHORAKRON, Summit County, Ohio.
-An ordinance was passed by the City Council on June 15 providIZED.
-year coup. water-works-imnt bonds
ng for the issuance of $500,000 5% 7
or notes. Denom.$1,000. Date July 11914. Int. J.& J.at the National
Park Bank of New York.
ALBION, Boone County, Neb.-BONDS DEFEATED.
-A $12.000
water-bond proposition was defeated, it is stated, at an election held
June 30.
-BOND OFFERING.
ALCORN COUNTY (P. 0. Corinth), Miss.
Reports state that bids will be received by T. H. Johnston. Co. Atty., until
2 p. m. Aug. 3 for $14,800 6% 1-20-yr, (ser.) drainage bonds. Int. semiannual.
ALLEGHENY COUNTY (P. 0. Pittsburgh), Pa.-130ND SALE.% 30-yr. road bonds(V.99.4 138) were award.
.
On July 16 the $500,000
ardrop & Co. of
ed to Harris, Forbes & Co.of New York. and Holmes.
Pittsburgh at 103.592 and int.-a basis of about 4.05%.
Other bids were:
Colonial Trust Co.. Pittsb__103.545 Mellon Nat. Bank, Pittsb_103.285
,
Com'wealth Tr. Co.. Pittsb_103.217
Lyon, Singer & Co., Pitts.
Newberger. Henderson &{103.307 A. B. Leach & Co.. N.Y_ _103.071
Loeb, Philadelphia
-BOND OFFERING.
ALLEN COUNTY (P. 0 Fort Wayne), Ind.
Proposals will be received until 10 a. m.July 23 by J. H.Bueter,Co.Treas.,
for $16,000 43% Springfield Twp. road No. 3 bonds. Denom. $400.
Date Aug. 1 1914. Dne $400 each six monthsfor 20 years.
Proposals will also be received until 10 a. m. July 23 by J. Herman
Bueter, County Treas., for the following 4% Reed Road impt. bonds:
$10,480 Adams Twp. road bonds. Denom. $524.
$260.
5,200 St. Joseph Two. road bonds. Denom. for
10 years.
Date July 27 1914. Due Dart each six months
-BOND SALE.
-On July 15 an
ALLIANCE, Stark County, Ohio.
impt. (city's portion) bonds was awarded to Stacy &
issue of $6,500 5%
-equal to
Brawl of Cincinnati and Toledo, it is reported. for $6,816 38
104.867.
-BONDS
-The question of
ALVORD, Lyon County, Iowa. is stated,VOTED.
by a vote of 45 to 18 at an
it
Issuing electric-light bonds carried,
election held July 6.
SCHOOL DISTRICT (P. 0. Amsterdam),
AMSTERDAM SPECIAL
-Y. E. Wilson. clerk
-BOND OFFERING.
Jefferson County, Ohio.
m. July 23 $9,000 53. %
Bd. of Ed., will offer for sale at 1 p.Stat. of Ohio. Denom.school bonds.
$500. Date
Auth. Sec. 7625 and 7626, Rev. People's Bank Co.,
Amsterdam. Due
June 1 1914. int. J. & D. at the yearly June 1 from 1920 to
$500 June 1 1916 and 1918 and $500 good and sufficient bond to 1935 incl.
the satisEach bid must be accompanied by a
faction of Bd.of Ed.or a certified check for $200.
[VOL. xc
-BOND SALE.
ASCENSION PARISH (P. 0. Donaldsonville), La.
On July 8 $35,000 First Road Dist, bonds were awarded, it is stated, to the
Calcasieu Trust & Say. Bank of Lake Charles at par and int.
-The Finance Committee on July 8
CERTIFICATES AUTHORIZED.
was authorized to issue $16,000 5% certificates of indebtedness.
Denom.
$4,000. Due $4,000 yearly on or before Feb. 10 1915, 1916, 1917 and 1918.
-BONDS AUTHORIZED.
ASHTABULA, Ashtabula County, Ohio.
by the City Council on June 15 providing for
-An ordinance was passed
the issuance of $11,000 5% coup. Kingsville Ave. In.(assess.) bonds.
ue 31,100 yearly
Date Apr. 1 1914. Int. A. St 0.
Denom. $550. Da
Oct. 1 from 1914 to 1923 incl.
-BOND SALE.-N.W.Halsey & Co. of
County, Ms.
AURORA,Kane
Chicago recently purchased an issue of $30,000 water-works refunding
bonds at 101.4 and blank bonds.
BOND ELECTION PROPOSED.- Reports state that the City Council
Is considering holding an election to vote on the question of issuing
$75,000 well and reservoir bonds.
-BOND OFFERING.
-Proposals will
BANDON, Coos County, Ore.
be received until 8 p. m. Aug. 19 by C. Y. Lowe, City Treas., for $48,500
-year coupon water bonds. Denom. $100. Date July 1 1914.
6% 20
Int. ann. on Jan. 1 at City Treas.'s office or at fiscal agency of State of
Oregon in N. Y. C. Cert. check for 5% of bonds, required.
-On July 13
-BOND SALE.
BARBERTON, Summit County,Ohio.
the $15,000 5% bonds (V. 98. p. 1931) were awarded to the Fifth-Third
Nat. Bank of Columbus at 103.095 and int. Other bids were:
Field,Richards & Co.,Cin.$15,432 00 Stacy & Braun. Toledo__ _$15,326 90
Prov.Sav.Bk.& Tr.Co.,Cin. 15.397 50 Weil,Roth & Co., Cin___ 15,306 00
Tillotson St Wolc.Co.,Clev. 15,241 50
Hoehler, Cummings &
15,378 50 First Nat. Bk., Cleveland. 15,229 80
Prudden, Toledo
Seasongood & Mayer, Cin. 15,352 00 Spitzer, Rorick & Co..ToL 15,17800
-Reports state
-BOND OFFERING.
BATH, Steuben County, N. Y.
that the Village Trustees will offer for sale on Sept. I $10,000 of the $50,000
-plant bonds voted March 3(V. 98. p. 1787).
municipal light
BEACH GROVE SPECIAL SCHOOL DISTRICT NO. 3, Guernsey
-Proposals will be received until'
-BOND OFFERING.
County, Ohio.
F.D.
12m. Aug.3 by C. W.Burt,Clerk of Bd.of Ed.(P. O.Cambridge R.office
No.6)for $5,000 5% school bonds. Denom.$500. Int. M.& S. at
Sept.
of Treas. of said Board. Due $500 each six months fromBonds 5 1916 to
to be deMar. 6 1921 incl. Cert. check for 2% of bid required.
livered in Cambridge and bid must be for all or none.
Beech Grove), Marion
BEECH GROVE SCHOOL DISTRICT (P. 0.
-Notice is given that this district
-BONDS PROPOSED.
County, Ind.
proposes to issue building bonds at not exceeding $25,000. Int. not to
exceed 5%. Due within 20 years.
-BONDS AUTHORIZED.
BELLEFONTAINE, Logan County, Ohio.
-The City Council recently passed an ordinance.It is stated, authorizing
the issuance of $8,500 bonds to purchase a motor fire truck.
BENECIA SCHOOL DISTRICT, Solano County, Calif.-BONDS
-No bids were received for the $18,000 5% impt. bonds ofNOT SOLD.
fered on July 6(V.98,p. 1931).
-BOND OFFERBIGLICK TOWNSHIP, Hancock County, Ohio.
-Proposals will be received until 12 m.Aug.8 by the Twp. Trustees,
ING.
5%
M. C. Sheraden, Clerk (P. 0. it. F. D. No. 1, Aivada), for $18,500Int.
Date Aug. 11914.
coup. Centre road impt. bonds. Denom. $500. 1 Vollows:$4,000 1915.
4
F.& A. at office of Twp. Trustees. Due on Augin
Cert.
19 and 1920.
$3,500 1916. $3,000 1917 and 1918 and $2,500
equired. Bonds and
check or cash for $100. payable to Twp. Treas.,
coupons will be furnished by Twp. Trustees.
-The ques-BONDS VOTED.
BIG SPRING, Howard County, Tex.
is stated, by a vote of
tion of issuing water-works-impt. bonds carried, it
July 6.
178 to 15 at the election held
-This
-BOND OFFERING.
BILLINGS, Yellowstone County, Mont. Aug. 15 the $450.000 5%
m.
city will offer for sale at public auction at 12 plant-purchase and improveMontana Water Co.'s
-20
15 -year (opt.) gold
Secs. 3454 to 3464 incl.,
ment bonds voted June 27 (V. 99, p. 138). Auth. 11914. Int. J. & J. at
Revised Codes 1907. Denom. $1,000. Date Jan.to be designated by the
N. Y.
bank in
office of City Treasurer, or at some certified check for $10,000, payable to
City Treasurer. An unconditiOnal
that there is no controCity Treasurer, required. Official circular states the corporate existence
bonds,
versy as to the right of the city to issue thesetitle of the present officers to
bou.ndaries thereof, or the
of the city, the
been a default or comprotheir respective offices, and that there has never Attorney.
mise of a city obligation. James L. Davis is City
-Reports state
-BONDS VOTED.
BILLINGS, Noble County, Okla.
of the question of issuing
that the election held July 7 resulted in favor
electric-light-plant bonds.
$23.000 water-works and $7,000
-On July 13
-BOND SALE.
BINGHAMTON, Broome County, N. Y. p. 2007) were awarded to
bonds (V. 98.
the two issues of 4%% tax-free York as follows:
Kissel, Kinnicutt & Co. of New department bonds at 102.677-a basis of
fire
$50,000
%
yea. (av .
a
9btut 4r148 erage)
bonds at 104.377-a basis of
70,000 17-year (average) First Ward dike
about 4.139%•
Other bids were:
For
For
For
Both
350.000
$70,000
Issues.
Issue.
Issue.
102.26
104.00
Geo. B. Gibbons & Co., New York
102.25
103.915
Isaac W.Sherrill, Poughkeepsie
102.34
103.79
Estabrook & Co., New York
102.24
103.77
People's Trust Co., Binghamton
102.961
102.32
103.628
New York
Barbour & CO.,
101.79
102.84
Rhoades & Co., New York York
103.51
Rollins & Sons. New
E. H.
103.417
Harvey Fisk & Sons, New York
103.179
Adams & Co.. New YorkNew York
103.014
Hodges
Remick,
102.856
Harris, Forbes & Co., 1;Tew York of issuing $20,000 4%% city hospital
-The question
BONDS VOTED.
bonds carried by a vote of 265 to 52 at the election held
improvement
July 10.
Ind.
BLACKFORD COUNTY (P. 0. Hartford City),3 by -BOND OFGeo. II. New-Proposals will be received until 12 m. Aug.
FERING.
-3-year (aver.) Buckles gravel
Treas., for $5,400 4%% 5 2
bauer, County
Int. M. & N. Cert. check for 3% of bid
road bonds. Denom. $270.
required.
-NOTE ELECTION.
Conn.
BLOOMFIELD, Hartford County, vote on the questions of issuing
will be held July 20 to
A town meeting at not exceeding 5% int. maturing in six months for $5.500
promissory notes
and $8,000.
-BONDS VOTED.
-According to
Iowa.
BOONE, Boone County, question of issuing $25,000 water-workslocal newspaper reports, the the election held July 7 by a vote of 1,278
bonds carried at
system-impt.
to 85.
(P. 0. Boston), Wayne County,
BOSTON SCHOOL TOWNSHIP details are at
hand relative to the
-Further
-BOND OFFERING.
Ind.
the $17,000 4I% (not 4%% as first reported)
offering on July 25 of 138). Proposals for these bonds will be received
bonds (V. 99, P.
school
by Wm.S. Porterfield, Twp. Trustee. Denom.
until 10 a. m.on that day
incl., and
from 1 to 11
$500. Int. semi-ann. Due $1,000 yearly Aug. 1 1914. years,
from 12 to 15 years incl. from
$1,500 yearly
-ProOFFERING.
Monroe County, N.
BRIGHTON,
Clerk,
posals will be received until 8 p. m.July 27by W.P. Surgenor, Town Date
/n
bonds at not exceeding 57 ift. Denom. $1,666 66.
for $25,000 reg.
mt. F. & A. at some bank house in Rochester in N. Y.
Aug. 11914. I 31.666 66 yearly on Aug. 1 rom
1919 to 1933 incl. Cert.
exchange. Due
to Town Clerk, required. The cost of printing
check for $500, payable fees for passing on same shall be at expense/of
bonds and all attorney's
bidder.
-On
-BOND SALE.
BRISTOL COUNTY (P. o. Taunton), Mass.
-year (aver.) agricultural-schOol bonds (V. 99,
8
July 14 the $45,000 4% Blake Bros & Co. of Boston at 101.86-a bast
awarded to
p. 138) were
Other bids were:
of about
101.171R. L. Day Sc Co., Baston_-.100.819
3.7297,Boston
Adams & Co.,
,
N.W.Harris & Co..Inc
W.P. Bonbright & Co.. Bost-101.08 Merrill, Oldham & Co.,Bost-100-78
Bost.100.419
101.04
Blodget & Co., Boston
Date July 15 1914. Int. J. & J.
Denom. $1.000.
y.
-BOND
JULY 18 1914.]
THE CHRONICLE
213
BROOKLINE, Norfolk County, Mass.
-BOND SALE.
-On July 14
$5,913 Taylor road-impt. (assess.) bonds. Denom. (11) $500, (1) $413.
the following two issues of 4% bonds, aggregating $167,100(V. 99, p. 138).
Date "day of sale." Due $413 Oct. 1 1915,$500 yearly on Oct. 1
were awarded, reports state, to the Old Colony Trust Co. of Boston at
from 1916 to 1921 incl. and on Oct. 1 1923 and $1,000 Oct. 1 1922
102.617:
and 1924.
$131,000 school bonds. Date Jan. 1 1913. Due $6,900 yearly from 1915
11,445 Taylor road-impt. (assess.) bonds. Denom. (1) 445. (22) $500.
to 1933 inclusive.
Date "day of sale." Due $1,445 Oct. 1 1915. $1,000 yearly on
36,000 soldiers' monument bonds. Date Jan. 1 1913. Due 54.000
Oct. 1 from 1916 to 1921 incl. and on Oct. 1 1923 and $1,500 on
yearly from 1915 to 1,923 incl.
Oct. 1 1922 and 1924.
Other bids (all of Boston) were:
32,803 Taylor road-impt. (a.s.w.s.) bonds. Denom. (1) $303, (I) $500.
Adams & Co
102.35 Estabrook & Co
101.46
(32) 81,000. Date "day of sale." Due $803 Oct. 1 1915. $3,000
Millen, Roe & Hagen
102.2J R. L. Day & Co
101.269
yearly on Oct. 1 from 1916 to 1921 incl., $4,000 Oct. 1 1922 and
Curtis & Sanger
101.192
102.17 Blodgett & Co
$5,000 on Oct. 1 1923 and 1924.
Blake Bros. & Co
Int. A. & 0. at office of Vii. Treas. Cert. check on a bank other than
102.062 N W Harris & Co
101.09
Parkinson & Burr
101.86 Merrill, Oldham & Co
100.319
the one making the bid for 10% of bonds bid for, payable to Vii.
CAMBRIDGE SCHOOL DISTRICT (P. 0. Cambridge), Guernsey Treas., required. Bonds to be delivered and paid for within 10 days from
time of award. Purchaser to pay accrued interest.
County, Ohio.
-BOND OFFERING -Additional information is at hand
re/ative to the offering on July 23 of the 525,000 5% school bonds (V. 99.
COE TOWNSHIP SCHOOL DISTRICT NO.2, Mich.
-BOND OFFERgi. 138). Proposals for these bonds will be received until 12 m.on that day ING.
-Proposals will be
by 0. F. Lowry, Clerk of Bd. of Ed. Denom. $1,000. Int. M.& S. Due of Ed.(P. O. Shepherd),received until Aug. 1 by H. M. Wetzel, Secy. Bd.
for $6.000 5% refunding bonds. Denom.51.000.
$1,000 each six months from Sept. 5 1916 to Sept.5 1928 incl. Cert. check Date June 1 1914. Int. J. & D. Due $1,000 yearly on June from 1915
1
for 2% of bid required.
to 1920 incl. Cert. check for 2% of bonds, payable to Dist. Treas., reCANTON, Stark County, Ohio.
-The four issues of quired. Printed bonds to be furnished by successful bidder.
-BOND SALE.
535% bonds offered on June 29 (V. 98, p. 1788) were awarded on July 8.
COLLINS SCHOOL DISTRICT, Santa Clara County, Calif.
it is stated, as follows:
BOND SALE.
-On July 6 the 55,500 6%
school
To C. E. Denison & Co., Cleveland.
bonds (V. 98, p. 2008) were awarded to the331-year (aver.) coup. SaraSaratoga State Bank of
$11.700 10
-year coupon storm-water-sewer-construction bonds for $12,- toga for 55,600 (101.818) and int.-a basis of about
5.38%•
783 60
-equal to 109.261.
COLUMBUS CITY SCHOOL DISTRICT (P. 0. Columbus), Ohio.
44.600 6
-year coupon street
-improvement (city's portion) bonds for BOND OFFERING.
-Proposals will be received until 10 a. m.
$47,055 80
-equal to 105.506.
Ed. B. MacFadden, Clerk Bd. of Ed.,for $210,000 435% 40 Ai. 1 by
-year schoolTo R. L. Day & Co. of Boston.
property-purchase and impt. bonds.
54.200 3U-yr. (aver.) Hoover Place-impt. bonds at 102.78.
Int. F.& A. at office of Treas. of said Denom. $1,000. Date Aug. 1 1914.
Board. Cert. check on a local bank
3.700 331-year (aver.) Columbus Ave.
-improvement bonds at 102.58.
other than the one making the
CANTRIL SCHOOL DISTRICT (P.O. Cantril), Van Buren County, "Board of Education," required.bid,for 2% of bonds bid for, payable to
Bids must be made on blank forms furIowa.
-BONDS VOTED.
-At a recent election this district voted, reports nished by above Clerk, and must be unconditional. Bonds to be delivered
state, in favor of the issuance of $16,000 building bonds.
at office of above Clerk by noon
on Aug. I. These bonds are part of an
CARBONDALE SCHOOL DISTRICT (P. 0. Carbondale), Jackson issue of $215,000. $5,000 of which was purchased by the Sinking Fund
County, Ills.
-BOND SALE.-Thls district has disposed of an issue of Commissioners. Transcript of proceedings ,will be furnished successful
bidder on day of sale.
$40,000 bldg. bonds to the Harris Trust & Says. Bank, Chicago.
CONTINENTAL, Putnam County, Ohio.
CARLISLE SCHOOL DISTRICT (P. 0. Carlisle), Cumberland
-BOND OFFERING.
-Proweals will be received until 12
County, Pa.
-BONDS NOT SOLD.
-TO BE SOLD LOCALLY.
-No bids
m. Aug. 4 by S. N. Aller. Vil. Clerk, for
were received for the $92,000 4% 10 -year (opt.) coup, tax-free bldg. $6,000 6% water-works-plant-impt. bonds. Auth. Sec. 3939, Gen. Code.
-30
bonds offered on July 1 (V. 98, p. 1932). These bonds will now be sold to Denom. $500. Date July 1 1914. Int. J. & J. at Farmers' State & Says.
Bank. Continental. Due $500 yrly. on July 1 from 1916 to 1927 incl.
local parties.
Cert. check for $500, payable to Vii. Treas., required.
Bonds to be delivCARROLL COUNTY (P. 0. Delphi), Ind.
-BOND OFFERING.- ered and paid for
within 10 days from time of award. Purch. to pay
Proposals will be received until 2 p. m. July 25 by W.H.Lesh, Co. Treas., accrued
interest.
for $9,800 435% Oliver N. Gls••coek road bonds in Monroe and Democrat
Twps. Denom.$490. Date July 7 1914. Int. M.& N. Due $490 each
COOPERSTOWN,
dftrAgs County, No. Dak.-NO BONDS 70 BE
ISSUED.
-We are a
six monthsfrom May 15 1915 to Nov. 15 1924 incl.
that the $30.000 water-works-system-constr.
bonds mentioned in V. 98, p. 628 will not
be issued.
CASS COUNTY (P. 0. Logansport), Ind.
-BOND OFFERING.
Proposals will be received until 12 m. July 27 (and from day to day thereCOSHOCTON COUNTY (P. 0. Coshocton), Ohlo.-BOND OFFERafter until sold) by M. M. Minnick, Cu. Treas., for $2,600 435% H. L. ING.
-Proposals will be received until 12 m.Aug.6 by Frank M'Cullough,
Foust et al highway-improvement bonds in Eel Twp. Denom.$130. Date County Auditor. for
5%
Aug. 11914. Int. M.& N. Due $130 each six months from May 15 1915 Denom.(28) $500.(1)$14,700Date inter-county high-way-impt. bonds.
$700.
bonds each six months from Mar. Aug. 12 1914. Int. M. & S. Due 5
to Nov. 15 1924 incl.
1
Sept. 1 1917. Cert. check for 5% 1915 to Mar. 1 1917 incl. and 4 bonds
CEDAR CREEK TOWNSHIP (P. 0. Lowell), Lake County, Ind.
of bonds bids for payable to County
- Aud., required.
BOND SALE.
Bonds to
-On July 10 the $11,500 435% 15
-year school-house bends time of award. Purchaser be delivered and paid for within 5 days from
to pay accrued interest. Bonds
(V. 98, p. 1932) were awarded, it is stated, to the People's State Bank of nished
by Board of County Commissioners and bidders must will be furCrown Point.
be satisfied
as to the legality of the issue before
submitting their bids.
CEDAR LAKE, Barron County, Wis.-BOND SALE.
-On July 11
COTULLA, Tex.
the $1,000 5% 1-5-year (ser.) town-hall-building bonds (V. 99. p. 64) were
-BOND ELECTION.
-Reports state that an election
will be held Aug.8 to vote on
awarded to John Wachel, Rice Lake.
purpose of drilling an artesian the question of issuing $14,000 bonds for the
well and putting in a water-works system.
CHARLOTTESVILLE, Albemarle County, Vs.
-BOND OFFERING.
-Proposals will be considered until July 30, it is stated, by A. B. Conway.
COVENTRY TOWNSHIP (P. 0. Barberton R. F. D. No. 34), SumMayor,for $80,000 435% 20-yr. sewer bonds.
mit County, Ohio.
-BOND ,SALE.
-On
the three issues of 5%
coup. road bonds, aggregating $9,000 (V. July 7 1932). were awarded
98, p.
CHEROKEE SCHOOL DISTRICT (P. 0. Cherokee), Cherokee Seasong.00d
to
& Mayer of Cincinnati for $9.009 25 (100.102) and int. TillotCounty,Iowa.
-BOND SALE.
-On July 8 the $85,000 5% 10
-year school son & Wolcott Co. of Cleveland bid par.
bldg. bonds (V. 98, p. 2008) were awarded to the Cherokee State Bank of
Cherokee at 102.82-a basis of about 4.645%. Denom. $1,000. Date
CRITTENDON COUNTY (P. 0. Marion), Ark.
-BOND SALE.
July 1 1914. Int. J. & .7.
This county sold on July 7 an issue of $550,000 6% 1-30
-year (ser.)
impt. bonds to Gunter & Sawyers of Little Rock. Denom. $500. roadCHICKASAW COUNTY (P. 0. Houston), Miss.
Date
-BOND OFFERING. July 1 1914. Int. J. &J. The price is reported at par and Int.
-Proposals will be received until 12 m. Aug.3 by H.E. Brannon, Chancery
Clerk, for $100,000 20-yr. coup, bridge bonds.
CROCKETT COUNTY (P. 0. Ozona), Tex.
-BONDS VOTED.Bids are requested at 5%.
535% and 6% int. and bids will be received on said
bonds in lots of $25,000 ecording to reports, this county recently voted in favor of the issuance of
and then on entire issue. Auth.Sec. 11,
1912. Denom. $40.000 road bonds.
Chap. 233, Laws of
$500. Date Aug. 11914. Int. F. & A. Cert. check for $500 required.
CRYSTAL FALLS,Iron County, Mich.
Successful bidder to furnish blank lithographed bonds without extra charge
-DESCRIPTION OF BONDS-We are advised that the 540.000 5% city-hall bonds awarded to the Chi.
to county.
cago Say. Bank & Trust Co. of Chicago on Feb. 27 (V. 99, p. 64) are in the
CHICOPEE, Mass.
-BIDS.
denomination of $1,000 and bear date of Sept. 1 1913. Int. M.& S. Due
received
-The
for the two issues of 4% coup,tax-free following are the other bids awarded part yearly on Sept. 1
bonds, aggregating $68.500,
from 191,5 to 1934 incl.
on July 10 to E. M.Farnsworth & Co. to Boston at 100.79 and int.(V.99.
CUMBERLAND, Allegheny County, Md.-BONDS VOTED.
p. 139):
-The
proposition to issue the $150.000 street
-paving bonds (V.
Estabrook & Co..Boston_ _ _100.69 IR.L.Day & Co.,Boston---100.519
carried by a vote of 1,060 to 988 at the election held July 14. 98. p. 2008)
Adams & Co., Boston
Due $15,000
100.658 I Merrill. Oldham & Co..
yearly.
Blake Bros. & Co., Boston_ -100.64
100.079
Boston
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
CINCINNATI, Ohio.
-BOND OFFERING.-Wrn. Leimann, City
-BOND OFFERAwl., will receive bids until 12 m. Aug.
-Proposals
of $100,000 435% ING. of Board will be received until 10 a. m. July 22 by E. G. Krause,
20-year fire-protection bonds. Denom.12 for an issueJune
of County Commissioners, for the following 5% coupon
Int Clerk
$500. Date
2 1914.
.7. & J. Cert. check for 5% of bonds bid for, payable
Cedar Glenn road improvement bonds:
to City Aud., required. Purchaser to pay accrued int. Bids must be made on forms fur- 56.037 county's share bonds. Denom. (5) $1,000,
(1) $1,037.
nished by the City Aud.
$1,037 Oct. 1 1915, 51,000 Apr. 1 1916, $2,000 Oct. 1 1916 Due
and
52,000 Apr. 1 1917.
BONDS DEFEATED.
-Not one of the seven bond propositions sub3,019 assess, portion bonds. Denom. (5) $500, (1) 5519. Due $519
mitted to a vote on July 14 received the necessary two-thirds vote to carry
Oct. 11915,51,000 Apr. land Oct. 1 1916
and only three obtained a bare majority.
The vote, according to local
Date Aug. 1 1914. Int. A. & 0. at office of and $1,000 Apr. 11917.
papers, was as follows:
Co. Treas. An
tional cert. check on a bank other than the one making the bid, uncondiAmount.
Purpose,
For. Against.
bonds bid for, payable to Co. Treas., required. Bonds to befor 1% of
$796,500 street-improvements
delivered
24.113 and paid.for within
21,749
250.000 street-resurfacing and repair
22.673 interest. Separate 10 days from time of award. Purchaser to Pay accrued
22.202
bids must be made for each issue.
300,000 Eastern Ave.
23,978
-improvement
20,822
Proposals will be received until
67,800 House of Refuge
20.658 Board of County Commissioners,10 a. m. July 25 by E. G. Krause, Clerk
23.835
50,000 Police-Department
for the following 5% coup. Bliss Road
23,427 improvement bonds:
21.289
241,250 Fire-Department equipment
20,462 $21,885 17 assessment
-equipment
23.958
50,000 Bridge-building and
portion bonds. Denom. (1) $385 17, (43)8500.
20.883
repair
22,615
Due each six months as follows: $385 17 April 1 1916. $1,000
CIECMILLE, Pickaway County, Ohio.
-The foil
from Oct. 1 1916 to Oct. 1 1921 incl., $2,000 from April 1 1922
-BOND SALE.
lowing bids were received
to Oct. 1 1923 incl., $1,500 April 1 1924 and 51.000 Oct. 11924.
ewer and $27,860 Main St. impt.
5% bonds (V. 99. p. 64) for the
offered on July 14:
49.039 15 county's portion bonds. Denom. (1) $1.039 15. (48) 51.000.
$8,400s
-Premium on-Due $1.039 15 April 1 1916 and $3,000 each six months from
400
Oct. 1 1916 to April 1 1924 incl.
$27,860
First National Bank, Circleville
Date Aug. 1 1914. Int. A. & 0. at office of County Treasurer. An
*5n)92
4503 42
Spitzer. Rorick & Co., Toledo
93 50 unconditional certified check on a bank,other than the one making the bid,
76 00
First National Bank,
Cleveland
45 76 for 1% of bonds bid for, payable to County Treasurer, required. Bonds
58 40
Tillotson & Wolcott Co.,
103 32 to be delivered and paid for within 10 days from time of award. Purchaser
91 93
Hayden, Miller & Co., Cleveland
Cleveland
179 00 to pay accrued interest. Separate bids must be made for each issue.
312 00
Provident Sayings Bank &
Trust Co., Cincinnati
160 44
Davies-Bertram Co.,
197 80
DADE
-Bids will be
-BOND OFFERING.
219 00 received CITY, Pasco County, Fla.
Well, Roth & Co.. Cincinnati
293 00
until 7:30 p. m. July 21 for the $20,000 water-works and 56,500
Cincinnati
251 50 sewer
Seasongood & Mayer. Cincinnati
257 80
Breed, Elliott & Harrison,
170 00 Due 5% bonds authorized at the election held June 23 (V. 99, p. 64)•
197 00
30 years from Aug. 1 1914. No deposit required.
Cincinnati
• Successful
237 72
320 39
The Ohio National
DAMASCUS TOWNSHIP (P. 0. Napoleon), Henry County, Ohio.
Bank of Columbus offered a premium of $510 for
both issues.
BONDS DEFEATED.
-Reports state that the question of issuing $75.000
building bonds was defeated at the election held July 7.
CLAY COUNTY (P. 0.
Green
-BOND OFFERINC.-Proposals will be received Cove Springs), Fla.
DARBY TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Unionuntil Aug. 3 by M. W. Griffis, Clerk of
Circuit Court, for $150,000
53.5% 40
-Proposals
-BOND OFFERING.
-year special road and bridge District ville Center), Union County, Ohio.
No. 1 bonds. A similar issue
will be received until 1 p. m. July 23 by N. T. Hinders, Clerk of Board of
of bonds was offered on March 9 (V.
p. 779.)
98, Education. for
$4,500 6% coup. building bonds. Denom. $500. Date
July 23 1914. Int. J. & J. at First State Bank, Plain City. Due $2,000
CLEARWATER, Pinellas
POSED.
-Reports state that County, Fla.
-BOND ELECTION PRO- March 23 1915 and $2,500 Sept. 23 1915. Certified check or cash for
July 7 proposing to hold an an ordinance was passed on first reading on $100. payable to above Clerk, required. A certified transcript of Imoissuing the following bonds: election Oct. 6 to vote on the questions of ceedings of said board with reference to the issuance of these bonds will be
ing. $18,000 sanitary sewer- $8.000 Cleveland St. pier, 518.000 St. pav- furnished purchaser by said Board.
system-ext.,
drainage, $11,000 funding and $5,000 $5,000 water-system-ext., $5,000
-Reports state that a recent elecDAWSON, Y. T.
-BONDS VOTED.
park-impt.
CLEVELAND HEIGHTS,
tion resulted in
issuing 5200.000 10% bonds for
Cuyahoga County, Ohio.
-BOND OF- the installation,favor of the question of
FERING.
-Proposals will be received
-owned telemaintenance and operation of a Government
until 12 m. Aug. 17 by H. H.
field, VII. Clerk (P. 0. No. 309,
Can- phone, water,light and steamven power plant. Due part in Sand 8 yrs.
Beckman Bldg., Cleveland), for the following 5% coup. bonds:
-BOND SALE.
DEARBORN COUNTY (P. 0. Lawrenceburg), Ind.
510.500 highway-impt. bonds. Denom.
$500. Date July 1 1914. Due -The First National Bank of Batesville was the successful bidder recently
$500 Oct. 11915,$1,000 yearly on
Oct. 1 from 1916 to 1922 incl. for an issue of $9,000 435% Laughery Township gravel-road bonds, it is
and $1,500 on Oct. 1 1923 and
1924.
stated. for 100.60. Due 1934.
I
21_4
THE CHRONICLE
-BOND OFFERING.
. DECATUR COUNTY (P. 0. Greensburg), Ind.
-Proposals will be received until 2 p. m. July 20 by Albert Baling, County
Treasurer, for the following 43. % highway-improvement bonds:
$4,960 Manford Slifer et al. road bonds in Adams Twp. Denom. $248.
2,800 J. G. Miller et al. road bonds on Twp. line between Washington
and Adams Twps. Denom.$140.
4.960 Chas. B. Patterson et al. road bonds in Adams Twp. Denom.$248.
11,800 John R. Glass et al. road bonds in Clay Twp. Denom. $590.
Date June 15 1914. Int. M.& N. Due one bond of each issue each six
months from May 15 1915 to Nov. 15 1924 incl.
-BOND OFFERING.DEFIANCE COUNTY (P. 0. Defiance), Ohio.
Reports state that proposals will be received until Aug. 3 by R. Daoust,
County Aud., for $11,000 5% semi-annual ditch bonds. Cert. check for
5% required.
DEFIANCE SCHOOL DISTRICT (P. 0. Defiance), Defiance
-Reports state that the Board of
-BONDS PROPOSED.
'County, Ohio.
•Education has decided to issue 316,500 bonds to take care of an existing
Indebtedness.
-BOND OFFERING.
-ProDELAWARE, Delaware County, Ohio.
pals will be received until 12 m. Aug. 3 by F. D. King, City Aud.,for the
following 5% coupon bonds:
$8,650 Metropolitan Construction Co. judgment bonds. Denom. (1)
$650.(16)$500. Due $650 Sept. 1 1916 and $1,000 yearly on Sept.1
from 1917 to 1924 incl.
1,400 street-improvement (city's portion) bonds. Denom. $200. Due
$200 yearly on Sept. 1 from 1915 to 192,1 incl.
Date July 1 1914. Int. J. & J. at Sinking Fund depositary.
-BOND OFFERING.DELAWARE COUNTY (P. 0. Muncie), Ind.
Proposals will be received until 10 a. in. July 24 by G. G. Williamson,
% Chas. C. Dorton et al highway-impt. bonds
Co. Treas., for $12,400
in Union Twp. Denom. $620. Date July 15 1914. Int. M.&N. Due
$620 each six months from May 15 1915 to Nov. 15 1924 incl.
-On July 15 the $8,400 4%% 52-3-yr. (aver.) Wm. B.
BOND SALE.
Weaver road bonds (V. 99. p. 139) were awarded to D. P. Root of Muncie
for $8,480 20 (100.954) and int.-a basis of about 4.308%. Other bids
were:
Miller & Co., Indianapolis_ __$8,4461Merch. Nat. Bk., Muncie_ _38,469
J. F.Wild & Co., Indianap._ 8.4411Breed,Elliott&Harrison, Ind'p. 8,434
-BOND OFFERING.
DELAWARE COUNTY (P. 0. Delaware), Ohio.
-W. V. Aldrich, Co. Aud., will receive bids until July 27 for the following
57,, bonds:
$22.000 gravel-road funding bonds. Denom. $550. Due $1,100 each
six months from Mar. 1 1915 to Sept. 1 1924 incl.
12,000 ditch bonds. Denom. $600. Due $1,200 each six months from
Mar. 1 1915 to Sept. 1 1919 incl.
Date July 11914. Int. M. & S. at the Co. Treas. office. Bonds to be
delivered within five days from day of sale. Cert. check or cash on a bank
in Delaware Co. for $500, payable to the Co. And.. required.
DELAWARE TOWNSHIP SCHOOL DISTRICT (P. 0. Merchant-BOND OFFERING -Bids will be received Until 8 p.
villa), N. J.
July 20 by Wm. H. Deideman, Clerk of Dist., for $10,000 5% 1-10-yr.
(ser.) school bonds. Int. semi-ann. Cert. check for 57, required.
-BOND OFFERING.
DELTA, Fulton County, Ohio.
-Proposals will
be received until 12 m. Aug. 10 by A. B. Thompson, Vil. Clerk,for $15.000
5% coupon water-works bonds. Auth. Secs. 3939 and 3942 to 3947 incl.
Gen. Code. Denom. $500. Date Sept. 1 1913. Int. M. & S. Due
$500 each six months from Sept. 1 1917 to March 1 1932 incl. Cert, check
for $1,000, payable to Vii. Treas.. required. Bonds to be delivered and
paid for within 10 days from time of award. Purchaser to pay accrued
Interest. Bidders may make separate bids for immediate or future delivery
of bonds as the work progresses.
-BONDS NOT ISSUED.
DERBY, Sedgwick County, Kan.
-The
$12,500 water-works bonds voted on April6(V.98.p. 1406) were notissued,
the election having been declared void.
-BONDS PROPOSED.
-The City Council on
DES MOINES, Iowa.
July 11 was to have passed upon an issue of $139,000 415% Seventh St.
vladuct-construction bonds, it is stated. Denom. $1,000. Due 20 years
from Aug. 1 1914.
DINUBA SCHOOL DISTRICT (P. 0. Dinuba), Tulare County,
-According to reports,at an election held
-BONDS DEFEATED.
Calif.
July 6 the question of issuing 310,000 school-building bonds failed to carry
by a vote of 148 "for" to 236 "against."
DONA ANA COUNTY (P. 0. Las Cruces), N. Mex.-BOND OFFER-Proposals will be received until 2 p. in. Aug. 6, it is stated, by John
ING.
C. McNary. Chairman, Board of County Commissioners, for the $50,000
-year (opt.) road and bridge bonds voted June 13(V.98, p. 2009).
5% 20-30
Certified check for $2,500 required.
DORCHESTER COUNTY (P. 0. Cambridge), Md.-BONDS
-An issue of $21,000 5% coup. semi-annual highway-impt.
AWARDED.
bonds has been awarded to a syndicate composed of Nelson, Cook &
Townsend Scott & Son and Baker, Watts & Co. of Baltimore at 104.068
and int. Other bids were:
Alex Brown & Sons, Baltimore
321,840 00
Hambleton & Co., Baltimore
21.648 90
Robt. Garrett & Sons
0,000
3
21 6
7 for a2 6 37
In an official advertisement, bids were asked for until July
Jul
highway bonds (V. 99. P. 65)•
DRAIN, Douglas County, Ore.
-BONDS AUTHORIZED.
-On July 7
the City Council authorized the sale, it is reported, of $6,000electriclight-system-installation bonds.
DULUTH SCHOOL DISTRICT (P. 0. Duluth). Minn.
-BOND
-An election will be held to-day (July 18) to vote on the
ELECTION.
-30
question of issuing $200.000 415% 20 -year (opt.) construction and
improvement bonds.
DUNBAR TOWNSHIP SCHOOL DISTRICT (P. 0. Leisenring),
-Bids will be received until 6 p. in. Aug. 8 bY
-BOND OFFERING.
Pa.
J. T. Donavan, Sec. of School Board, for $35.000 5% 6-15-yr. (ser.) school
bonds. Int. semi-ann. Cert. check for $500 required.
-It is
EASTON, Talbot County, Md.-PRICE PAID FOR BONDS.
-year electric-light-plantreported that the price paid for the 330,000 30
-year street-improvement and 329,000 20
construction, $15,000 15
-year
water 5% gold coupon tax-free bonds, awarded on July 8 to a syndicate
composed of Nelson, Cooke & Co., Baker, Watts & Co., and Townsend
-equal to 108.682.
Scott & Son of Baltimore (V.99, p. 139). was 880,425
EAU CLAIRE, Eau Claire County, Wis.-BONDS DEFEATED.
The questions of issuing the $45.000 city-building, $75,000 auditorium and
330,000 auditorium -site bonds (V. 99. 13. 65) failed to carry at the election
held July 11.
-BONDS DEFEATED.
EDDYVILLE, Wapello County, Iowa.
The question of issuing $25,000 water bonds failed to carry at the election held July 7.
-BOND OFFERING.
• EDON, Williams County, Ohio.
-Proposals will
be received until 12 in. July a by H. L. Eyster, Village Clerk, for $5,200
coup. Michigan and Indiana street-impt. (village's portion) bonds.
5%
Denom.$100. Date July 11914. Int. J.& J. Due 3500 yearly on Jan. 1
Cert. check for 2%% a bonds bid
1916 to 1924 incl. and $700 Jan. 11925.Bonds to
for. Payable to VII. Treas., required. Purchaserbe delivered and paid for
to pay accrued mt. and
within 10 days from time of award.
furnish bonds free.
-SEGUNDO SCHOOL DISTRICT, Los Angeles County, Calif.
EL
-Reports state that the Wm. R. Stoats Co. of Los Angeles
BOND SALE.
bonds offered without success on June 1
has purchased the $15,000 school
(v. 98. P. 1933).
EMERALD TOWNSHIP SCHOOL DISTRICT, Paulding County,
-Proposals will be received until 10 a. m.
-BOND OFFERING.
Ohio.
Clerk of Board of Edueation (P. 0. Paulding),
July 27 by W. A. Green,
bonds. Auth. Secs. 5656 to 5659, Gen. Code.
for $1,000 5% school
Int. semi-ann. at Township Clerk's
issue.
Denom. $500. Date "day of and 1919. A certificate of deposit upon a
office. Due $500 June 23 1917 Clerk, required. Bidder to furnish blank
solvent bank,payable to above
bonds.
SPECIAL TAX SCHOOL DISTRICT,
FENTRESS TOWNSHIP -BOND OFFERING
will be
Guilford County, No. Caro. by W. C. Boren. -Proposals
Chairman Board of
received until 10 a. in. Aug. 11
for the 38.000 5%
taxCommissioners (P. 0. Greenville),1552). Denom.
County
coup.
P.
free school bonds voted June 9 (V. 98,Cert. check for 10% $100, $500 or
required.
$1.000, to suit purchaser. Int. ann.
xcix.
FERGUS COUNTY SOHOOL DISTRICT NO. 120 (P. 0. Kolin)
-BOND OFFERING.-Proposals will be received until 2 p. m. toMont.
day (July 18) by R. L. Dickey, Clerk of School Trustees, for $1,900 6%
-year coup. building bonds. Date July 18 1914. Principal and interest
20
payable in gold or in currency. Certified check for 20% required.
FERGUS COUNTY SCHOOL DISTRICT NO.1 (P. 0. Lewistown)
-NEW ELECTION.-Thd $6.500 5'7;
-BONDS WITHDRAWN
Mont.
15-20-yr. (opt.) coup. bldg. and impt. bonds, advertised to be sold June 30
(V. 98. p. 1933), were withdrawn from market. A new election will be
held Aug. 20.
FINDLAY SCHOOL DISTRICT (P. 0. Findlay), Hancock County,
-Sealed bids will be received until 12 in.
-BOND OFFERING.
Ohio.
July 29 by C. B. Dwiggins, Clerk of Board of Education, for $4.000 5%
bonds. Denom. $1,000. Date Aug. 1 1914. Int. F. & A.
improvement
Due $1,000 yearly on July 31 from 1921 to 1924 incl. Certified check for
i
isBot
$lOO
s ta
.
: ed
a LECTION.-An election will be held in this district Aug. 11,it
to vote on the question of issuing $300,000 school-bldg. bds.
FINNEYTOWN SPECIAL SCHOOL DISTRICT NO. 10. Springfield Township (P. 0. Mt. Healthy R. F. D. No. 16), Hamilton
-Bids will be received by H. B.
-BOND OFFERING.
County, Ohio.
-year
Berning, Clerk Bd. of Ed., until 12 in. July 29 for $12,000 4j% 40
bldg. and equip. bonds. Auth. Secs. 7625, 7626 and 7627, Gen. Code:
election held Apr. 28. Denom. $500. Date "day of sale." Int.
also
M. & S. at the First Nat. Bank of Mt. Healthy. Cert. check for $600,
payable to the Clerk. Bd. of Ed., required.
FORT LUPTON SCHOOL DISTRICT NO. 8 (P. 0. Fort Lupton),
-BOND SALE.
-The $5,500 (not 815.000 as first
Weld County, Colo.
-30
reported) 6% 15 -year (opt.) school bonds voted May 23(V. 98, p. 1631)
have been purchased by Causey, Foster & Co. of Denver. Denom. $500.
Date June 1 1914. Interest J. & D.
FOSTORIA SCHOOL DISTRICT (P. 0. Fostoria), Seneca County,
-The 320.000 school-construction and heating-BOND SALE.
Ohio.
system-improvement bonds (V. 98. p. 2009) have been awarded, it Is
stated, to Spitzer, Rorick & Co. of Toledo at 101.025.
-LOAN NOT NEGOTIATED.
FRANKLIN, Norfolk County, Mass.
Reports state that no bids were received for a temporary loan of $75,000,
1914, offered on July 10.
due Dec. 1
-BOND OFFERFRANKLIN COUNTY (P. 0. Columbus), Ohio.
Clerk.
ING-Proposals will be received until 12 m.Aug. 12 by John Scott,
highway-impt.
Bd. of Co. Commrs., for the following 5% inter-county
bonds:
1915
$30,500 highway No. 1 bonds. Due $3,000 yearly on Aug. 1 from
to 1923 incl. and 33,500 Aug. 11924.
32.000 yearly on Aug. 1 from 1915
17,500 highway No. 50 bonds. Due
to 1922 incl. and 31.500 Aug. 11023.
Auth. Sec. 1223 Gen. Code as amended April 18 1913. Denom. $500.
Date Aug. 1 1914. Int. F.& A.at Co. Treasury. Cert. check on a solvent
bank or trust company for 1% of bonds bid upon, payable to F.M.Sayre,
Co. Aud., required. Bonds will be ready for delivery on day of sale. A
complete transcript of all proceedings had in each of said road-improvements will be furnished successful bidder at time of award and a reasonable
length of time will be allowed purchaser for examination of same.
-BOND OFFERFRANKLIN TOWNSHIP. Summit County, Ohio.
ING-Proposals will be received until 1 p. M. July 28 by Elmer Keller,
Township Clerk (p. 0. Clinton Ti. F. D. No. 37). for 35,945 05 5% coup.
Manchester Road impt. bonds. Auth. Secs. 3295, 3924. 3939, 3940.
05. Date
3941. 3942 and 3947. Gen. Code. Denom.(11) 3500. (1) 3445yrly. Oct.1
July 28 1914. Int. A. & 0. at Clinton Say. Bk. Due $1,000 other than
05 Oct. 11920. Cert. check on a bank
1915 to 1919 incl., $945
Treas.
the one making bid, for 10% of bonds bid for, payable to Twp.
(Marvin S. Grove), required. Bonds to be delivered within 10 days from
time of award. Purchaser to pay accrued interest.
-Proposals
-BOND OFFERING.
FULDA, Murray County, Minn.
A. W.
will be received until 8 p. m.July 29 byJuly 1 Tierney, VII. Clerk,for $6,000
and Dec. 1 of each year, beDenom. $500. Due on
5% bonds.
ginning July 1 1918. Cert. check for $200 with entire issue and for 10%
with part a issue, payable to "Vil. of Fulda," required.
-On
-BOND SALE.
FULTON COUNTY (P. O. Wauseon), Ohio.
July 14 the 3issues of 5% road bonds, aggregating 344.000(V.98. p. 1933).
were awarded to Hayden, Miller & Co.." Cleveland, for 844.596. equal to
101.354. The premiums offered by other bidders were as follows:
Tillotson & Wolcott Co.,Clev.$467 60 Breed. Elliott & Harrison,
25
20
ProvidentS.B.&Tr.Co.,Cin. 459 50
& Co., Toledo
Cincinnati$
Weil. Roth & Co., Cincinnati 455 10 Spitzer, Rorick Mayer. On- 246 00
107
365 24 Seasongood &
Stacy & Braun, Toledo
FULTON SCHOOL DISTRICT (P. 0. Fulton), Hempstead County,
-Gunter & Sawyers of Little Rock have purchased
-BOND SALE.
Ark.
(ser.) building bonds. Denom. $500.
-25
an issue of 312.500 6% 5 -year D.
Date Juno 1 1914. Interest J. &
SPECIAL TAX SCHOOL DISTRICT (P. 0. GainesGAINESVILLE
-The question of issuing
-BONDS VOTED.
ville), Alachua County, Fla.
$30,000 refunding and improvement bonds carried, reports state, at an
held July 9.
County, N. Mex.-BONDS OFFERED BY
cK
elecGtAioLnLhUeP,
-The German-American Trust Co. of Denver is offering to
BANKERS.
$60,000 5% tax-free sewer bonds. Denom. $1,000. Date
investors
at City Treasury or at National Bank of ComApril 1 1914. Int. A. & 0.yearly 1925 to 1944 inclusive.
merce, N. Y. Due $3,000
-BOND OFFERING.GIBSONBURG, Sandusky County, Ohio.
m.
J. Ameling, Village
Proposals will be received by -W. bonds. Denom.(2) Clerk, until 12 (2)
3250. (3) 3300.
July 27, for $2,200 515% garbage F. & A. Due in 1915, 1916. 1917 and
Date Aug. 10 1914. Int.
$400.
for 10% of bid, payable to Village Treasurer, re1918. Certified checkdelivered and paid for within 15 days from time of
quired. Bonds to be pay accrued interest. Assess. val. 1913, $1,402,850.
Purchaser to
macd.
i
-BOND SALE.
-On July 14
GLOUCESTER, Essex County, Mass.
bonds were
it is stated. to
$10,000 4% 10%-year (aver.) sewer 100.679-a awarded, about 3.922%.
basis of
Merrill,Oldham & Co. of Boston at bid 100.375.
Boston,
Denom. $500. Date
N. W. Harris & Co., Inc., of
Due $500 yearly from 1915 to 1934 incl.
July 11914. Int. J. & J.
-BOND OFFERING.
County, N. Y.
-Proposals
GOSHEN, Orange
in. July 28 by Wm. Ti. Lovett, Vil. Clerk, for
will be received until 12
415% coupon sewer bonds. Denom. $1,000. Int. semi-ann. at
$50,000
yearly from Aug. 1 1935 to 1944 incl.
office of Vil. Treas. Due $5,000
payable to "VII. of Goshen", required. Bids must
Cert. check for $5,000.
none. Bonds to be delivered and paid for at 11 a.in. Aug. 1.
be for all or
The official notice of this bond offering will be found among the advertiseThis NDDenzaNtiTmen
elsewhere
INDEPENDENT SCHOOL DISTRICT (P. 0. Grafton),
-On July 9 the 3110.000 5%
PV
. E a.-BOND SALE.
TayloreikeFl3CTeihN
"I Gn
bonds (V. 98, p. 1933) were awarded to Season10:34-year (opt.) building
of Cincinnati for $111,220 (101.109) and interest
-a basis
good & Mayer
mayer,Dope
%e _LA mei
&
pro s 4. 9% 00 . n
of aboutB 85Tr . 0 ir
& Walter Cin_100.605
'
Harris, Forbes & Co., N. Y 100.843 Fifth-Third Nat. Bank. Cin_100.54
,
Tillotson&WolcottCo. Clev _ _100.64
GRANT'S CREEK DRAINAGE DISTRICT (P. 0. Salisbury),
-BONDS NOT SOLD.
-No satisfactory bids were received on
No. Caro.
July 14 for the 335,0006% drainage bonds offered on July 14 (V• 99.P. 65)
GREENCASTLE SCHOOL CITY (P. 0. Greencastle)Putnam
-BOND SALE.
-On July 3 $44.000 415% hIgh-schoolCounty, Ind.
building bonds, dated July 1 1914, were awarded, it is stated. to Breed.
-equal to 104.036.
Elliott & Harrison of Indianapolis for 345.775
GEEENE COUNTY (P. 0. Bloomfield), Ind.
-BOND OFFERING.
Bids will be received by John W.Johnson, County Treasurer, until 2 p.
for $8,700 John D. Combs at al road in Richland Township,$10,100
July 20
Lewis E. Letsinger road in Wright Township and 35,100 John E. Lynn
et al road bonds in Richland Township.
GREENE COUNTY CONSOLIDATED HIGH SCHOOL DISTRICT
-Local papers state that
-BONDS VOTED.
NO. 2 (P. 0. Strafford), MO.
the question of Issuing 32.000 building bonds carried at a recent election.
-BOND SALE-On
GREENVILLE, Washington County, Miss.
July 7 the 565,000 5% 35-year high-schoollbonds (V4,98, p.1866) were
.TT:LY 18 1914.1
1
TH I
CHRONICLE
215
awarded to Well, Roth & Co. of Cincinnati for $65,831 50 (101.279).
IDAHO.
-BOND SALES.
-During the six months ending June
Purchaser to pay all expenses. Denom. $500. Interest semi-annual.
State of Idaho purchased at par the following fourteen issues of 6% 30 the
bonds.
On July 8 an issue o($50.001) 5% 20
-year refunding bonds was awarded aggregating $26.075:
to John E. Sutherlin of Kansas City, Mo., at par.
Amount. School District- Purpose
Date.
Due.
Option
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.
-BOND OFFER- $1,000 Blaine Co. No. 19___BIdg __Mar. 3 1914 Aug. 1 1933
400 Blaine Co. No. 52___ do Feb. 24 1914 Jan. 1 1934
ING.
-Proposals will be received until 11 a. m. Aug. 6 by T. C. White,
875 Elaine Co. No. 13___ do June 13 1914 Oct. 1 1923
County Auditor, for $17.000 5% Cambridge-Caldwell road-iinprovement
time
1,200 Bonneville Co. No.7_ do Jan. 1 1914 Jan. 1 1934 Anyyears
(assessment) bonds. Denom. $1,000. Date Aug. 6 1914. Interest semi800 ClearwaterCo.N0.34- do June 20 1914 July 1 1924 10
annually at office of County Treasurer. Due $1,000 Aug. 6 1916 and
1,400 Fremont Co. No. 4__Refund Feb. 9 1914 Nov. 29 1923
32.000 yearly on Aug. 6 from 1917 to 1924. inclusive. Certified check for
3.500 Idaho Co. No.82----Bldg __Jan. 1 1914 Jan. 1 1924
5% of bonds bid for, payable to County Auditor, required. Purchaser to
6,500 Idaho Co. No. 19..___ do April 1 1914 April 1 1934 5 years
pay accrued interest.
5 years
500 Kootenai Co. No. 97..
GUILFORD TOWNSHIP, Medina County, Ohio.
- 1.200 Lemhi Co. No. 12___ do Jan. 2 1914 Jan. 2 1915
-BOND SALE.
do Jan. 9 1914 Nov. 1 1916
The following bids were received for the $4,500 5% coupon East and West
1,500 Power Co. No. 20___ do Jan. 16 1914 Oct. 1 1928
Road No. 8 bonds, Series D (V. 98, p. 1933). offered on July 14:
1,200 Power Co. No. 21- do May 21 1914 May 8 1924 5 Years
Wadsworth Say.& Trust Co_ _$4,5101Seasongood & Mayer, Cin-$4.505
5,000 Twin Falls Co. No.46 do April 1 1914 April 1 1934 10 years
Both bidders also offered to pay accrued interest.
1.000 WashingtonCo.No.10 do Nov. 1 1913 Nov. 11933 10 years
GUYTON LOCAL TAX SCHOOL DISTRICT (P. 0. Guyton),
JACKSON CENTRE, Shelby County, Ohio.
Effingham CountyGa.-BOND OFFERING.
-Proposals will be received
-BOND SALE.
-On
July 13 the $1,000 6% 1-5
-year (ser.) water-Impt. bonds (V. 98. p. 2010)
until 7 p. m. July 30lay M.B. Ponter. Secretary-Treasurer Board of Education, for $12.000 6% 20
-year gold coupon building and equipment bonds. were awarded to the People's Savings & Loan Association of Sidney at
Denom.$1,000. Date July 1 1914. Interest payable at the Park National 100.7 and int. The First National Bank of Barnesville bid 100.6.
Bank, N. Y. A deposit of $300 required. Bonded debt, including this
JACKSON COUNTY (P. 0. Jackson), Minn.
-BOND SALE.
Issue, $27.000. Assessed valuation, $475,000.
-On
July 14 $122.300 5% 1-20-year ditch bonds
HAMILTON COUNTY (P. 0. Noblesville), Ind.
-BOND OFFERING. Dickey Co. of Minneapolis for premium were awarded to the Wells &
-Newspaper dispatches state that bids will be received until 11 a. m. to $5,000. Date July 1 1914. aInt. J. & of $2,150. Denom. from $500
D.
July 25 by M.L. Cardwell,County Treasurer,for $4,200,$2,200 and $1,920
JACKSONVILLE, Duval County, Fla.
% improvement bonds. Due part each six months for 10 years.
OFFERING.
-Bids will be considered by the Board of -CERTIFICATE Aug.
Bond Trustees on
1, it is
HANCOCK COUNTY (P. 0. Greenfield), Ind.
-BOND OFFERING. stated,
-Proposals will be received until 10 a. m. July 22 by Allen F. Cooper, July 9.for $65.000 6% paving certificates authorized by above board on
Denom. $1,000. Date Aug. 1 1914.
County Treasurer, for the following 4M %; road-improvement bonds:
JEFFERSON COUNTY (P. 0. Madison), Ind.
.$14,000 John L. Hanna et al road nouns in Brown Twp. Denom. $700.
-BOND OFFERING.
Due $700 each six months from May 15 1915 to Nov. 15 1924. Proposals will be received until 1 p. m. July 20 by Edw. Jeffries, County
Treasurer, for $9,748 434% coupon Ira Keel et al road-Improvement
inclusive.
bonds
9,700 Chas. W. Manifold et al county line highway-improvement bonds. in Madison Township. Denom. $487 40. Date June 2 1914. Int. M.&
Denom. $485. Due $485 each six months from May 15 1915 to N. Due $487 40 each six months from May 15 1915 to Nov. 15 1924.
inclusive. Bids must be "all or none."
Nov. 15 1924, inclusive.
Date July 6 1914. Int. M. & N.
JEFFERSON COUNTY (P. 0. Fayette), Miss.
-BOND SALE.
HANOVER TOWNSHIP, Luzern° County Pa.-BONDS OFFERED July 6 the $10,000 road and bridge-improvement bonds (V. 98, p. -On
2010)
BY BANKERS.
-Harper & Turner and Martin & Co. of Philadelphia were awarded, it is stated, to Mrs. Gettie Netter of Fayette at 107.5025.
• recently purchased an issue of $90.000 44% improvement bonds, which
JEFFERSON COUNTY (P. 0. Steubenville), Ohio.
-BOND OFFERthey are now offering to investors at prices to yield 4.15%. Date July 1 ING.
-Proposals will
1914. Int. J. & J. Due $30,000 July 1 1924, 1929 and 1934. These County Auditor, for be received until 12 m. July 28 by John L. Means,
$10,000
bonds are free of Penn. State tax. Bonded debt. $90,000. Assessed home-improvement bonds. 5% McCullough-Jefferson County children'sDenom.
valuation $56.700.000.
urer's office. Due $1.000 each six $500. Date J.& D.at County Treasmonths from June 1 1915 to Dec. 1
HARDIN COUNTY (P. 0. Kenton), Ohio.
-BOND SALE.
-On July 1919 incl. Certified check for 5% of bid, payable to County Auditor, required. Bonds to be delivered and paid for on or before
13 the three issues of 5% bonds (V. 99, p. 139) were awarded, it is stated,
Aug. 5.
as follows
JESUP, Wayne County, Ga.-BONDS DEFEATED.
-The 'question
$20,000 5t -year (aver.) bridge-constr. bonds to Tillotson & Wolcott Co. of issuing $6,000 6% bonds failed
to carry at an election held July 11.
of Cleveland at 102.03-a basis of about 4.576%.
The vote was 127 "for" to 7 "against."
22,000 4-year (aver.) (2 issues) pike bonds to Well, Roth & Co. of Cin- of the registered voters, and there were It requires a two-thirds majority
217 registered.
cinnati for $22,151 70-a basis of about 4.81%.
JOHNSON COUNTY (P. 0. Franklin), Ind.
-BOND OFFERING.HARRISBURG, Dauphin County, Pa.
-BONDS PROPOSED.
-It is Bids are requested until 10 a. m. July 27, it is stated, by Harry Bridges.
reported that $132.000 public-improvement bonds will shortly be issued Co. Treas.. for $10.600,
% highway-impt. bonds.
by this city.
Due part each six months$3,960 and $700
for 10 Years.
HARRISON TOWNSHIP SCHOOL DISTRICT (P. 0. Cadiz),
JOHNSTOWN, Licking County, Ohio.
-BOND OFFERING.
Henry County, Ind.
-BOND OFFERING.
-Proposals will be received posals will be considered until 12 in. Aug. 10 by E. H.French, Village-ProClerk,
until July 23 by A. E. Maddy, Township Trustee, for an issue of $4,680 for $5,000 557 refunding bonds. Denom,
$100. Date July 11914. Interbuilding bonds at not exceeding 6% int. Denom. $585. Int. semi-ann. est annual. Due $500 yearly on July
1 from
tified check for 10% of bonds bid for, payable 1915 to 1924, inclusive. CerDue $585 each six months from Aug. 1 1915 to Feb. 1 1919 incl.
Bonds to be delivered and paid for within to Village Treasurer,required.
HARRISON, Ark.
-BOND OFFERING.
10 days from time of award.
-Further details are at hand
relative to the offering on July 22 of the $40.000 water Dist. No. 1 and Purchaser to pay accrued interest.
$30,000 Sewer Dist. No. 1 6% 20
JONESBORO, Washington Count y, Tenn.
-year bonds (V. 99. p. 66). Proposals
-BOND OFFERING.
for these bonds will be received until 3 p. m. on that day by Geo. W. Reports state that bids for the $15.000
6% -20
O'Neal. Secy. Bd. of Impt. Comnirs. (care Midway Hotel. Harrison). voted June 25 (V.98, p.66) will be received 5 -year (opt.) refunding bonds
until Aug. 15 by S. Kirkpatrick,
Denom. $500. Int. semi-ann. at Bank of Commerce, St. Louis. Cert. City Recorder.
check for $5,000 on notice of acceptance of bid, required. Bonded debt,
KAHOSA,
-Little & Hays Inthese issues. Floating debt about $8,000. Assess. val. 1913; water dist. vestment Co. Clark County, Mo.-BOND SALE.
$375,000; sewer dist. $352,000. Bids are requested at the following street bonds. of St. Louis has been awarded $15,000 electric-light and
options: $10,000 Sept. 1 1919 and 1924; $15,000 Sept. 1 1929 and 1934 and
KAUFMAN COUNTY (p. 0. Kaufman),
$20,000 Sept. 1 1939.
-BONDS DEFEATED.
-The $200,000 Justice Precinct No. 1 roadTex. proposition
bond
submitted
HENRY COUNTY (P. 0. New Castle), Ind.
-On to the voters on June 20 (V. 98, p. 1632) was defeated,
-BOND SALE.
it is stated.
July 15 the $54,000 4 % 10 2
-3-year (aver.) highway-impt. bonds (V. 99
KEARNEY, Neb.-BONDS RE
-AWARDED.-Local papers state
p. 139) were awarded to the Citizens' State Bank of New Castle for $54,that the $45,000 5% coupon refunding bonds sold on June 15
750 39(101.359)-a basis of about 4.345%.
States Trust Co. of Omaha (V. 99. P. 66) were re-awarded to the United
on July 8 to
HENRY COUNTY (P. 0. Napoleon), Ohio.
-The A. U. Dann,
-BOND SALE.
2 issues of
% coup. road bonds offered July 14 (V. 99, P. 66 were
)
KERMAN UNION HIGH SCHOOL DISTRICT (P. 0.
awarded as follows: $21,000 Road No. 147 to the Provident Say. Bank & Fresno
Kerman),
County, Cal.
-BONDS DEFEATED.
-The question of Issuing
Trust Co. of Cincinnati at 100.1 and int.; $9,000 Road No. 148 to the the $40,000
high-school bonds(V.98, p. 1553)failed to carry, reports state;
Napoleon State Bank at par and int. Weil, Roth & Co. bid for both issues. at the election held
June Shy a vote of 216 to 117. A two-thirds majority
HIGHLAND PARK (P. 0. Richmond), Henrico County, Va.- was necessary to authorize.
-improvement
BOND SALE.
-On July 1 the $30.000 5% 30-year street
NEW ELECTION.
-The above question will again be submitted to
bonds (V. 98, p. 1934) were awarded to T. L. Branch & Co. at 96.50-a voters, it is
the
stated, on July 20.
basis of about 5.233%. Denom. $500. Date July 1 1914. Int. J.& D.
KLICKITAT COUNTY SCHOOL DISTRICT NO.
HILLSBORO, Montgomery County, Ills.
74. Wash.-The
-BONDS VOTED.
-On June 27 $1,000 1-10
question of issuing the $16,000 55' 5 -year (opt.) water bonds (V. 98.1:4 BOND SALE.
-year
-20
were awarded to the State of Washington at(opt.) school-building bonds
66) carried, reports state, at the election held July14.
par
Date Aug. 1 1914. Interest annually on Aug. 1. for 6s. Denom. $200.
HILLSBORO COUNTY (P. 0. Tampa), Fla.
-BOND OFFERING.
At 11 a. m. July 22 Marshall Moore, Sec. Bd. Pub. Instruction, will sell
KNOX COUNTY (P. 0. Vincennes), Ind.
-BOND OFFERING.
the following 6% bldg. bonds.
Proposals will be considered until 2 p.
July 23, reports state. by W. E.
$1,500 Cork Special Tax School Dist. No. 7 bonds. Auth. vote of 15 to 7 Ruble, County Treasurer, for $15,000 m.% highway
-improvement bonds.
on June 9. Cert. check for $150 required. Total debt (this issue). Due one bond each six months for 10 years.
$1,500. Assess. val. 1913-14, 845,0010. True val.
$140,000.
KNOX COUNTY (P. 0. Knoxville), Tenn.
3.000 Seffner Special Tax School Dist. No. 52 bonds. (est.). vote of
-BONDS AUTHORIZED.
Auth.
20 to 1 on June 9. Cert. check for $300 required. No other debt. Reports state that on July 6 the quarterly court, by a vote of 35 to 3.
authorized the issuance of $100,000 school-building bonds (V.
Assess. val. 1913-14, $72,000. True val. (est.). $200,000.
99, p. 66).
2,000 Lake Fern Special Tax School Dist. No. 58. Auth. vote of 11 to 0
LA GRANGE, Union County, Ore.
-BOND SALE.
-The $47,392 61
on May 15. Cert. check for $200 required. No other debt. 6% 1-10-year (opt.)
street-improvement bonds (V. 99. p• 66) have been
Assess. val. 1913-14, $60,000. True
Denom. $100. Date July 11914. Int. val. (est.). $200,000. Treas. awarded to the Warren Construction Co., Portland: Morrison-Knudson
Co.
or in New York. Due one bond of each J. & J. at office of Co. 1916. Date Boise8City, Idaho. and J. H. Childs. La Grange. Denom. $500.
Jan. 1914. Interest J. & J.
issue yrly.
Official circular states that there is no controversy or beg. July 1
litigation pending
or threatening the corporate existence or the boundaries
LAKE
-BOND OFFERING.of these districts Proposals COUNTY (P. 0. Crown Point), Ind.
or the title of the present officials to their
will be received until 10 a. in. Aug. 20 by Ed. Simon, Co. And.,
respective offices or the validity for
of these bonds.
$30,000 4
Little Calumet River bridge-constr. bonds. Denom.
$500. Date July 1 1914. Int. J. & J. Due $1,500 each six months from
HOLGATE, Henry County,
-BOND OFFERING -Proposals
will be received until 12 m. July Ohio. E. G. Peper. Village Clerk. for Jan. 1 1915 to July 1 1924 incl. Cert. check on a Lake County bank for
18 by
$1,218 6% 10-year coupon refunding bonds. Denom. $100. Date July 6 3% of bonds, payable to Bd. of Co. Commrs., required. Bids must be for
entire issue and upon blanks furnished by the Co. Aud.
1914. Interest annual Certified check for $100.
Village
Proposals will be received until 10 a. m. July 24 by
Treasurer, required. 'fonds to be delivered and paid payable to 10 days
for within
Treas., for the following 434% highway-impt. bonds: A. J. Swanson, Co.
from time of award. Purchaser to pay
$25,000. Assessed valuation, $687.250. accrued interest. Total debt. $12,500 Fred Homeler road bonds in Center Twp. Denom. $625.
11,000 J. J. Kelly road bonds in North Twp. Denom. $550.
HORNELL, Steuben
5,000 Wm,C. Hamon road bonds in North Two. Denom. $250.
-BOND SALE-On July 9 the
three issues of 5% coupon County, N. Y.
3,000 R. E. Humphreys road bonds in North Twp. Denom. $150.
were awarded to Fisk & bridge bonds, aggregating $21.000(V. 99.P• 66).
Int. M.& N. Due one bond of each issue each six months from
Robinson of N. Y. at 103.077 and int. Other
bl.cis were:
May 15
1915 to Nov. 15 1924 incl.
Dougl
asFenwick&Co..N.Y._102.9141Bank of Steuben Hornell_ _ _101.50
Harris, Forbes & Co.. N. YLAKEWOOD, Cuyahoga County, Ohio.
-BOND OFFERING.
-101.6031G eo. B. Gibbons & Co., N. Y_100.30 posals
-Prowill be received until 12 m. Aug. 4 by B. M. Cook, Director of
HOWARD COUNTY (P. 0.
Kokomo), Ind.
-On Finance, for the following 5% bonds:
-BOND SALE.
July 14 the $4,320
% tax-free road bonds (V. 99.
p. 140) Were awarded $7,330 Mars Ave. water-impt. bonds. Denom. $733. Due $733 YrIY•
to Breed, Elliott & Harrison of
on Oct. 1 from 1915 to 1924 incl.
The Howard National Bank of Cincinnati for $4.335 (100.347) and int.
Kokomo bid $4.325.
1,870 Riverway Ave. paving impt. bonds. Denom. $374. Due $374
HUDSON, Colo.
yrly on Oct.
-BOND ELECTION PROPOSED.
1919 incl.
-AP election will 22.216 Hilliard Ave.1 from 1915 tobonds. Denom. $2,216. Due $2,216
probably be held in August,
paving impt.
$12,000 water-works-system it is stated, to vote on the question of issuing
YrIY. on Oct. 1 from 1915 to 1924 incl.
bonds.
Date day of sale. Int. semi-ann. at Cleveland Tr. Co., Cleveland.
HUNTINGTON COUNTY (P.
0. Huntington), Ind.
-BOND Cert. check for 5% of amount of bonds required. Purchaser to pay acOFFERING.
-Proposals will be received
day to day thereafter until sold) by Geountil 10 a. m. July 22 (and from crued interest. Official circular states that there isno litigation pending
r er.
°
$10,340 4A 7 Jerome Minnear et al . W Gill, County Treasurer, for or threatened: and that the city has never defaulted. Total debt July 10
ock 1914, $1,611,774. Assess. val. 1913, $26,662,710; real value (est.) $35,Creek Twp. Denom.3517. Date Julyroad-improvement
ndsDue1517 000,000.
each six months from May 15 1915 to 15 1914. In M.& N
Nov. 15 1924. inclusive.
.
BOND ELECTION.
-An election will be held in this city Aug. 11. it is
IRONTON, Lawrence County,
stated, to
on the question of issuing the $100,000 park-land-purchase
Ohio.
-BOND OFFERING.
-Percy bonds (V. votep. 1104)•
W. Dean, City Aud.. will receive bids until
98.
12 m. Aug. 4 for $37.500 5'Y
20-year coup. street-impt. (city's Portion) bonds
-Local papers state that this city is contemplating
BONDS PROPOSED.
°
.
Code. Date July 1 1914. Int..). & J. Bonds Auth. Sec 3821, Gen
for within 10 days from time of award. Cert. to be delivered and paid the issuance of $150,000 to $175,000 light and waer bonds.
Check for $500, payable to
LANSING SCHOOL DISTRICT (P. 0. Lansing), Leavenworth
the City Treas., required. Purchaser to pay accrued
interest.
-The issuance of the $5.000
County, Kans.-BONDS NOT ISSUED.
216
THE CHRONICLE
by an
school-addition bonds voted May 12 (V. 98. P. 1632) was stopped
injunction, we are advised.
-BONDS
SCHOOL DISTRICT,Luzerne County,Pa.
LARKSVILLE
-Perry B. Strassburger of Philadelphia reOFFERED BY BANKERS.
to
cently purchased $65,000 5% coup. (with privilege of registration as
which are now being offered to investors. Denom.
principal) school bonds
$1,000. Date July 1 1914. Int. J.& J. at the Wyoming Valley Trust Co.
o Wilkes-Barre. Due $5,000 July 1920, $10,000 July 1925, 1930. 1935,
Penna.
and 215,000 July 1940 and 1944. These bonds are free oftaxable State tax.
property,
Total net debt, incl. this issue, $110,603. Assess. val.
real val. taxable property (dst.). 212,000,000.
$6.477,000;
-Re.
LEWIS COUNTY (P. 0. Vanceburg), Ky.-BONDS VOTED.
ports state that the proposition to issue 2150,000 road bonds carried at the
election held July 11.
LEWIS AND CLARK COUNTY SCHOOL DISTRICT NO. 10 (P. 0.
-No satisfactory bids were
Riebeling), Mont-BONDS NOT SOLD.
-15
received for the 21,500 6% 10 -year (opt.) coup. bldg. bonds offered on
July 1 (V. 98, p. 2010).
LIBERTY TOWNSHIP RURAL SCHOOL DISTRICT (P. 0. Ray-On July 9 the $30,000
-BOND SALE.
mond), Union County, Ohio.
0
5'7 10%-yr. (aver.) coup. school bonds (V. 99, p. 67) were awarded to
Well, Roth &Co. of Cincinnati at 100.52 and int.-a basis ofabout 4.887%.
Other bids were:
Tillotson & Wolcott Co.,Cle_230,0331Union Bankg.Co., Marysville$30,002
.-By a vote of
LOCKHART,Caldwell County,Tex.-BONDS VOTED
108 to 18,the proposition to issue the $3.000 bridge-improvement bonds
p. 2011) carried, it is reported, at the election held June 30.
(V. 98,
LODI SCHOOL DISTRICT (P. 0. Lodi), Columbia County, Wis.-A resolution providing for a loan of $30,000 to
LOAN AUTHORIZED.
build and equip a school-buildjng was authorized recently.
-BOND OFFERING.
LOGAN COUNTY (P. 0. Bellefontaine), Ohio.
-Proposals will be received until 12 m.Aug. 1 by J. S.Van use.Co. Aud.,
for 210,500 5% Bellefontaine-Richwood inter-county highway No. 236,
Bellefontaine-Kenton inter-county highway No. 226 and Urbana-Bellefontaine inter-county highway No. 189 bonds. Denom. 2500. Date
Aug. 1 1914. Int. J. & J. at office of Co. Treas. Due $1,000 each six
months from Jan. 11915 toJan. 1 1919 incl and $1,500 July 11919. Cert.
check for 5% of bonds bid for, payable to Co. Aud., required. Bonds to
be delivered and paid for within 10 days from time of award. Purchaser
to pay accrued interest.
-BONDS AUTHORIZED
LONDON COUNTY(P.0.London), Tenn.
-The County Court on July 6, it is stated, voted to issue 250,000 additional bonds for road purposes.
-BOND SALES.
-On
LORAIN COUNTY (P. 0. Lorain), Ohio.
ting
July 15 the four issues of 434% road-impt. (assess.) bonds.
2136.000 (V. 99, p. 67). were awarded to the Ohio Nat. Bank of olumbus
for 2136,360 (100.264) and int. Otis & Co. of Cleveland bid par and int.
less attorney's fees and printing bonds.
LOS ANGELES SCHOOL DISTRICTS(P. 0. Los Angeles), Calif.
-Reports state that no bids were received on July 13
BONDS NOT SOLD.
-year (ser.) and $800,000 140
-year (ser.) 434%
for the 31.000.000 1-50
school bonds offered on that day (V. 98, p. 2011).
-BOND SALE.
-On July 11
• LOWELL, Washington County, Ohio.
the 27.000 5% 834-yr. (aver.) municipal-bldg. site-purchase and constr.
bonds (V. 98. p. 1934) were awarded to Otis & Co. of Cleveland for $7,010
(100.142) and int.-a basis of about 4.98%. There were no other bidders.
-The question of
LYONS, Burt County, Neb.-BONDS VOTED.
-20
issuing the $15,000 5% 5 -year (opt.) electric-light and power-plant
bonds carried by a vote of 148 to 35 at an election held June 30.
-BOND SALE.
MC COMB CITY, Pike County, Miss.
-On July 7 the
-year (serial) city-hail bonds(V.98,p. 1935) were awarded,
$20,000 5% 1-20
It is stated, to McColgan Bros. of Mc Comb.
-BOND OFFERING.
MADISON COUNTY (P. 0. Anderson), Ind.
Proposals will be received until 10 a. m.July 20(and from day to day thereafter until sold) by Geo. T. Beebe, Co. Treas.,for 29,700 4%% Chas. W.
Manifold et al. road-impt. bonds. Denom. $485. Date July 20 1914.
Int. M. & N. Due $485 each six months from May 15 1915 to Nov. 15
1924 incl.
-BOND SALE.
-On
MADISON COUNTY (P. 0. London), Ohio.
July 13 the two issues of 5% coup. road-improvement bonds, aggregating
255,000 (V. 98, p. 1935), were awarded to Weil, Roth & Co. of CIncinnati,
it is stated, at 102.04.
-BOND SALE.
-On July 14
MADISONVILLE, Hopkins County, K7.
an issue of 23.900 6 street-impt. and sewer bonds was awarded, reports
state, to the Kentucky Bank & Trust Co. of Madisonvllle at par.
Denom. $100. Date Nov. 28 1913. Int. M. & N. Due Nov. 28
1923, subicet to call Nov. 28 1918. Total bonded debt. including this
• issue, 278.900. Assessed val. 1913, 21,757,579. Estimated true value,
25.000,000.
-BOND ELECTION PROMANCHESTER, Coffee County, Tenn.
POSED.
-Reports state that an election will be held in the near future to
submit to a vote the proposition to issue $10,000 school-building bonds.
MANNING, Clarendon County, So. Caro.
-BOND ELECTION.
The question of issuing $10,000 sewerage-system and $30,000 water-works
system 6% 20 -year (opt.) bonds will, it is stated, be submitted to the
-40
voters on July 21.
MARICOPA COUNTY SCHOOL DISTRICT NO. 3, Ariz.
-BOND
-On July I the $30,000 20
SALE.
-year gold school bonds (V. 98 p. 1935)
were awarded, it is stated, to.the Mesa City Bank, Mesa City;for $30,681 25 (102.27) as 534s.
MARICOPA COUNTY SCHOOL DISTRICT NO. 66, Ariz.
-BOND
-year gold school bonds (V. 98. p 1935)
-On July 1 the 210,000 20
SALE.
were awarded to Sweet, Causey, Foster & Co. of Denver, it Is stated, at
-a basis of about 4.904%•
5s
101.12 and int. for
-BOND OFFERING.
MARION, Marion County, Ohio.
-Bids are
asked for until 12 m. July 31 by Harry E. Mason, City Aud., for the following _5% bon Is:
210,000 automobile pumping engine and equip. bonds. Due $500 each
six months from Mar. 1 1917 to Sept. 1 1926. incl.
5,000 bonds for paying the difference in exchange of an automobile
chemical wagon for an automobile fire pump and equip. Due
$500 each six months from Mar. 1 1917 to Sept. 11921, incl.
Denom. $500. Date Mar. 11914. Int. M. & S. Cert. check for 5%
of bonds offered, payable to the City Treasurer, required.
-On July 16 the $3,000,000 road and
-BOND SALE.
MARYLAND.
$950.000 State Omnibus 4% coupon tax-free bonds (V. 98, p. 1935) were
awarded jointly to Kean, Taylor & Co., A. B. Leach & Co and the
Equitable Trust Co., all of New York .at 99.258 and int. Other bids were:
.
W. W. Lanahan & Co., 98.63 and interest for 240,000.
W. W. Lanahan & Co. and Strother, Brogden & Co., 98.89 and interest
for 267,000.
Baltimore Trust Co. and Poe & Davies. 99.22 for 2220,000; 99.06 for
2257,000; 99.51 for $289,000. Same firms submitted additional bids by
series as follows: 99.72 for 257.000 of A: 99.63 for $60,000 of B: 99.55 for
262.000 of C; 99.47 for $64.000 of D; 99.40 for $67,000 of E; 99.75 for
$70,000 of F: 99.25 for $72,000 of (I; 99.51 for $75,000 ofIL 99.12for
$78,000 of I; 99.06 for 281,000 of J; 99 for $85,000 of K; 98.94 for $88,000
of L: 99.45 for $91,000 of M, or a total of 2950,000. These bids were
submitted in event none of the first offers was accepted.
James Shriver of Baltimore. 98.25 for $5,000; 97.79 for 31,000.
Mercantile Trust & Deposit Co. of Baltimore, 98.66 for all or none.
J. S. Wilson Jr., & Co. and White, Weld & Co., 98.387 for all or none.
J. Oliver Chandler of Baltimore, 98.78 for $10.000.
James G. Whiteley of Baltimore, 99.30 for $3,000.
H. A. Orrick, 99.75 for $3,000.
Joseph I. France of Baltimore, basis of 4.2 per cent for $25,000.
F. II. Hack of Baltimore, 99 for $10,000; 9934 for $10,000.
Safe Deposit & Trust Co., 99 and int., for $100,000 of the Omnibus loan.
Kummer & Becker, 98 for $10,000.
James D. Howard & Co.. 9934 for 225.000.
P. L. Sothorn & Co.. 99.016 for $10,000; 98.76 for $10.000.
Estabrook & Co., 98.27 for all or none of the whole issue.
Co..
Townsend Scott & Sons, Nelson. Cook &loan).Owen Daly & Co., 99.01
for $950.000; 99.01 for $50,000 (road
$10,000.
W. N. Stromenger. 98.25 for
Alexander Brown & Sons, 98.787 and interest for all or none.
[VOL. xcrx.
MAUMEE SCHOOL DISTRICT (P. 0. Maumee), Lucas County,
-Until 7:30 p. m. Aug. 3 bids for 23.000 5%
-BOND OFFERING.
Ohio.
improvement and repair bonds will be received by the Board of Education.
R.A.Rusk,Pres.,and Calvin H.Love, Clerk. Denom.$500. Date July 1
1914. Int. J. & J. Due $500 yearly July 1 1916 to 1921 incl. Check for
$300. certified by a Maumee bank, payable to the Treasurer of Board of
Education, required. Bonds to be delivered and paid for within 10 days
from time of award.
-BOND SALE.
-On July 17
MEDFORD, Middlesex County, Mass.
the following 4% coup. tax-free bonds were awarded, it Is stated. to R. L.
Day & Co. of Boston at 101.159:
$25,000 high-school-addition bonds. Denom. $1,000 and $250. Date
Jan. 11914. Due $1,250 yearly Jan. 1 from 1915 to 1934 incl.
22,500 Medford Playground bonds. Denom. 21,000 and $500. Date
May 15 1914. Due $2.500 yearly May 15 from 1915 to 1919
incl. and $2,000 yearly May 15 from 1920 to 1924 incl.
Int. semi-annual at the National Shavrmut Bank, Boston.
MELBOURNE INDEPENDENT CONSOLIDATED SCHOOL DIS-BOND SALE.-Geo. M. Bechtel &
TRICT, Marshall County, Iowa.
7
Co. of Davenport were awarded on June 17 the $35,000 5. 10-yr. bldg.
bonds (V. 98, p. 1935) at par, less $70 for printing bonds. Denom. $500.
1 1914. Int. J. & J.
Date July
-BOND OFFERING.
MERCER COUNTY (P. 0. Celina), Ohio.
Proposals will be received until 10 a. m. Aug. 4 by J. F. Steinbrunner,
Co. Aud.,for the following 5% coup. road-impt. bonds:
$34,000 Dysert road-impt. bonds. Due on Sept. 1 as follows: $3,000,
1915, 1916 and 1917: 24,000, 1918, 1919 and 1920; $3,500, 1921,
1922 and 1923. and $2,500 in 1924.
23,000 Harting and Meier road-impt. bonds. Due on Sept. 1 as follows:
$500, 1915; 21,000. 1916; 21,500. 1917 and 1918; 32,000, 1919;
83.500. 1920. 1921 and 1922, and $3,000 in 1923 and 1924.
32.500 Addy road-impt. bonds. Duo $3,000 yriy. on Sept. 1 from 1915
to 1919 incl. and $3,500 yriy. on Sept. 1 from 1921) to 1924 incl.
3,000 Duelling road-impt. bonds. Due $500 Sept. 1 1916, 1918, 19201
1921. 1922 and 1924.
5,000 Geire road-impt. bonds. Due $500 yearly Sept. 1 from 1915 to
1924 inclusive.
2,000 Boecke road-hnpt. bonds. Due $400 Sept. 1 1916, 1918. 1920
1922 and 1924.
Sept.
Denom. $500 except $2,000 issue is $400 denom. DateTreas. 1 1914.
of $100
the Co.
Int. M. & S. at Co. Treas. office. A deposit with Treas. officeon Sept.1.
required. Bonds to be delivered and paid for at Co.
MESA UNION HIGH SCHOOL DISTRICT, Maricopa County,
-year gold school bonds
-On July 1 the 2150.000 20
-BOND SALE.
Ariz.
(V. 98. p. 1935) were awarded, it is stated, to Jas. N. Wright & Co. of
Denver for 5156,054 85 (104.036) and int. no 5345.
MEXIA SCHOOL DISTRICT(P.O.Mexia), Limestone County, Tex.
-Reports state that a petition was to
-BOND ELECTION PROPOSED.
have been presented to the Commissioners' Court on July 14 asking for an
election to vote on the issuance of $10,000 building bonds.
-Pro-BOND OFFERING.
MIAMI COUNTY (P. 0. Troy), Ohio.
posals will be received until 10 a. m. July 24 by M. T. Staley, County
Auditor, for the following 5% coupon flood-emergency bonds:
$7.000 road bonds of an issue of $19,000. Dated Sept. 1 1913. Due
Sept. 1 1928.
80,000 bridge bonds of an issue of $451,000. Date Sept. 1 1913. Due
on Sept. 1 as follows: $25,000 1920. 235.000 1921. $2,000 1924 and
$18,000 1925.
Denom. $500. Int. semi-annually at office of County Auditor. Cortirequired.
to
bid for,
fled check for 3% of bonds paid for payable 10 County .Auditor,of award;
days from time
within
Bonds to be delivered and
pay accrued interest. Bids must be unconditional.
purchaser to
-Additional infor-BIDS.
MIDDLETOWN, Butler County, Ohio.
mation is at hand relative to the sale on July 9 of 5 issues of 5% bonds
The bonds were awarded as follows:
(V• 99, p. 141).
To the Merchants' National Bank, Middletown.
(101.600$440.128 70534-yr. (aver.) Broad St. bonds for $40,772 70
a basis of about 4.668%.
30,000 00....(aver.) street-impt. bonds for $31,581 50 (105.271)a basis of about 4.524V
8.672 10 53-yr. (aver.) Garfield Ave. bonds for $8,801 10 (101.487)a basis of about 4.691%.
To Tillotson & Wolcott Co., Cleveland.
$15,000 00 8-yr. (aver.) sewer bonds at 102.866-a basis of about 4.569%
.
751-Yr. (aver.) fire-equipment bonds for $14,374 72(102.676)14,000 00
a basis of about 4.575%.
Other bids were:
$40,128 70 $30,000 $15,000 $14,000$8,672 10
Issue.
Issue.
Issue.
Issue.
Issue.
Premium. Premium.Premium.Premium.Premium.
Bidder.
spitzer R
& Co.,Tol.$476 00 *1.06300 $25500 $22100 $9300
°rick
Ohio Nat. Bank, Colum_ 501 00
2 60
135 80
709 40 15440
First Nat. Bank, Cleve__ 198 40
Breed, Elliott & Harri110 14
1,359 00 405 00 371 00
553 78
son,
7 4
9 0
5070
1,20000 300 00 266 00
i
C nc Cleve
Co., innatiland___ 425 00
Otis&
Tillotson & Wolcott Co..
1.56540
369 21
& Brd
vela raun,
-Tm nd
y
i
5Fta e
25 54
363 00 322 00
1,20600
Nat, Bk.,Cin. 609 95
97 57
1,373 60 325 20 280 40
Toledo__ 462 77
86 72
1,320 00 337 50 294 00
& Barnitz, Middl. 561 81
Oglesby
381 50 358 50
Merch. Nat. Bk., Middl_
-An
-BONDS AUTHORIZED.
MILFORD, Clermont County, Ohio.
s-extension bonds
ordinance authorizing the issuance of 22,000 water-work
passed, it is stated.
has been
MOBERLY SCHOOL DISTRICT (P. 0. Moberly), Randolph
-The question of issuing $87,000
County, Mo.-BOND ELECTION.
before the voters on July 21.
school bonds will,it is stated, come
-BOND SALE.
-On June 30
MOLALLA, Clackamas County, Ore. were awarded to
the Lumberwater bonds
-20
210,000 6% 10 -year (opt.) par. Other bids were:
Portland at
of
men's Trust Co. Co. of Portland-$10.100 less 33' % for atty's fees. &c.
Fred. Glenn &
Denver-Par, less 3800 for atty's fees. &c.
Jas. N. Wright & Co. of
-Par, less $800 for atty's fees, &c.
Ferris & Hardgrove, Spokane
Denom. 3500. Date July 1 1914. Interest J. & J.
-BOND OFFERING.
Martinsville), Ind.
MORGAN COUNTY (P. 0. m. July 25 by W. W.Rosenholm, County
-Bids will be received until 12 Geo. Smith et al. road bonds
Treasurer, for the following 434%
bonds. Denom. $350.
$7,000 Madison Township
bonds. Denom. 345.
900 Brown TownshipInt. M. & N. Due one bond of each issue each
15 1914.
Date July
1915 to Nov. 15 1924 incl.
six months from May 15
Tenn.
-BONDS AUTHORMORGAN COUNTY (P. 0. Wartburg), the issuance, it is stated, of
-The County Court on July 6 ratified
IZED.
favorably voted on April 27 1914.
2170,000 pike bonds which were
-An election
-BONDS VOTED.
MORRISON, Whiteside County, Ill.
stated, in favor of the question of issuing $9,509
held July 7 resulted. It is
Immn .
t bods
prov.e
-BOND ELECTION
MT. PLEASANT, Isabella County, Mich.
PROPOSED. It is stated that an election will be held in the near future
vote on the question of issuing $35,000 filtration-plant-constr. bonds.
to
-BOND OFFERMUSKINGUM COUNTY (P. 0. Zanesville), Ohio.
-Proposals will be received until 11 a. m. Aug. 10 by Fred.C.Werner,
ING.
gency
Co. Commrs.,
Clerk of Bd. of $1,000. Date for $200,000 5% coup. flood-emer
Sept. 1 1914. Int. J. & D. at office of
bonds. Denom. $50,000 yriy. on
Dec. I from 1925 to 1928 Incl. Cert.
Due
Co. Treas.
.
.
10% of bldrequ
chNeckELfsoroN CouNiir (p :
* akota), No. Dak.-BONDS DEFEATED.
L
of issuing the $50,000 court-house-constr. bonds (V. 98,
-The question
1,301"agst.'
2011) was defeated on June 30, the vote being 564 "for" to
P.
Vigo County,
NEVINS SCHOOL TOWNSHIP (P. 0. Fontenot), (aver.) building
-year
-On July 9 the $24.000 454% 8
-BOND SALE.
Ind.
is stated, to the
p.
and equipment bonds (V. 98, of 2011) were awarded, it
Indianapolis at 102.50-a basis of about
-American Nat. Bank
Fletcher
4.125%. Denom. $800. Int. semi-ann. Due $1,600 yearly from 1 to 15
years incluslva.
JULY 18 1914.]
THE CHRONICLE
NEWARK, N. J.
-TEMPORARY LOAN.
-On July 15 81.050.000
temporary loan bonds were awarded, it is stated, to Wm. Salomon & Co.
of New York at 3.29% int., with a premium of $3 on the whole.
NEW BOSTON (P. 0. Portsmouth), Scioto County, Ohio.
-BOND
OFFERING.
-Proposals will be received until 12 m. Aug.3 by Thomas D.
O'Neal, VII. Clerk,for the following 5% coup. bonds voted May 14(V. 98,
p. 1633):
350.000 Main Sewer No. 1 constr. bonds. Int. J. & J. at the Portsmouth
Banking Co., Portsmouth. Due $2,000 yrly. July 1 from 1919
to 1943 incl.
42,000 water-works-constr. bonds. Int. J. .5z J. at the Ohio Valley Bank.
Portsmouth. Due $2,000 yrly. July 1 from 1923 to 1943 incl.
Auth. Secs. 3939 to 3947 incl., Gen. Code. Denom.$500. Date July 1
1914. Bonds to be delivered and paid for within 10 days from time of
award. Cert. check for 2% of bonds bid for, payable to the VII. Treas..
required. Bids must be unconditional. Purchaser to pay accrued int.
NEW BOSTON VILLAGE SCHOOL DISTRICT, Scioto County,
Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Aug. 12
by Roy H. Coburn, Clerk Board of Education (P. 0. Portsmouth), for
$25.000 5% coup. school
-improvement bonds. Denom. $500. Date
Aug. 12 1914. Int. F. & A. at Ohio Valley Bank, Portsmouth. Due
$5,000 every five years on Aug. 12 from 1925 to 1945 incl. Certified check
for 5% of bonds bid for, payable to above Clerk, required. Purchaser
to pay accrued interest.
NEWBURGH HEIGHTS, Ogyahoga County, Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. July 28 by J. A. Fitzgerald, VII. Clerk (P. 0. Brooklyn R. F. D. No. 3), for the following 5%
bonds:
$5,343 35 East Seventy-first St. sidewalk assess. bonds. Denom. (10)
$500,(1)343.35. Due $1,000 yearly Sept.1 from 1915 to 1918.
incl., and $1,343 35 Sept. 11919.
1,000 00 street
-improvement bonds, Series 1. Denom. $500. Due
Sept. 1 1924.
2,005 00 McGregor Ave. sidewalk assess. bonds. Denom. (4) $400.
(1) $405. Due $400 yearly Sept. 1 from 1915 to 1918 incl. and
$405 Sept. 1 1919.
Date July 1 1914. Int. M.& S. Cert. check on a Cleveland bank for
5% of amount of bid required. Bids to be made on forms furnished by the
Village Clerk.
-BONDS AUTHORIZED.
NEW LEXINGTON, Perry County, Ohio.
-An ordinance was passed on June 23 providing for the issuance of $1,200
5%% Coup. Orchard St. Impt. (city s portion) bonds. Denom. $120.
Date July 1 1914. Int. J. & J. Due $120 yearly from 2 to 11 years from
date. incl.
-We
-NO BONDS PROPOSED.
NEWTON, Newton County, Miss.
are advised by the city Clerk under date of July 9 that the reports stating
that this city is contemplating the issuance of street-improvement bonds
are erroneous.
NEW VIENNA, Clinton County, Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m. Aug. 11 by C. M. McCoy, Village Clerk.
-year water-works
for $3,500 5% 7
-improvement bonds. Auth. Sec. 3919.
Gen. Code. Denom. $250. Date March 1 1914. Int. M. & S. Certified check for 10% of bonds bid for, payable to Village Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
NILES, TRUMBULL COUNTY, Ohio.
-BOND SALE.
-On July 14
the $6.500 5% 31-year (aver.) street-paving (city's portion) bonds (V. 98,
p. 1936) were awarded to Well, Roth & Co.,Cincinnati,for $6,877(105.815)
and int.-a basis of about 4.655%. Other bids were:
Stacy & Braun, Toledo__ _36,867 07 Seasongood & Mayer, Cin36,847 00
Field. Richards& Co., Cin. 6.864 00IProv.Say.Bk & Tr. Co.cin. 6,815 25
Otis & Co., Cleveland
6.850 00 Tillotson&WolcottCo.,Clev. 6,72295
NORMAL, McLean County, Ills -BOND OFFERING.
-According to
reports, bids are asked until 7:30 p.m. Aug. 3 by the Finance Committee
for an issue of $18,000 improvement bonds recently voted.
NORTH PLAINFIELD SCHOOL DISTRICT (P. 0. Plainfield)'
Union County, N. J.
-BOND OFFERING.
-Reports state that bids will
be received until 8 p. m. July 27. by Frank Rowley, District Clerk, for an
issue of $50,000 4 % 20
-year school bonds. Certified check for 2% required.
NORTH RICHMOND (P. 0. Richmond), Henrico County, Va.BONDtSALE.-Reports state that the Old Dominion Trust Co. of Richmond has purchased the $85.000 6% street
-improvement bonds voted
May 29 (V. 98, p. 1868).
NORTH SACRAMENTO SCHOOL DISTRICT, Sacramento County, Cal.
-BOND SALE.
-Reports state that the $25,000
school bonds
offered without success on June 2 (V. 98. p. 1868) have 5% sold to the
been
State at par.
NORTH TONAWANDA, Niagara County, N. Y.
-BOND SALE.
On July 14 the 3 issues of 43 % 1-10-year (ser.) street-improvement bonds,
i eIvei o
rtfgr etttkg at .60
351 5
01SV 9 into 2glak were
Ind :
8
.
to Fisk & Robinson,
ids were:
Spitzer, Rorick & Co.. N. Y-100.75 Farson, Son & Co. N. Y___ _100.50
100.5791
Isaac W.Sherrill Co.,P'k'psie 100.635 Geo. B. Gibbons &
N. Y-100.42
A. B. Leach & Co., N.Y
H. W.Clark offered $33 60 premium for the $3,000 Tremont St. bonds.
NORWALK, Fairfield County, Conn.
-BOND SALE.
-On July 10
the $109,000 431% 30-year coup. or registered school-improvement bonds
(V. 98, p. 2012) were awarded to Parkinson & Burr of New York at
I01.26535
-a basis of about 4.175%. Other bids were:
E.H. Rollins & Sons, Boston 101.134 Kountze Bros., New York__100.290
A. B. Leach & Co.. Boston101.082 R. L. Day & Co., Boston100.119
Hincks Bros., Bridgeport_ -_101.082 Estabrook & Co., Boston__ -100.070
Harris, Forbes & Co.. N. Y-100.443
NOWATA COUNTY (P. 0. Nowata), Okla.
-BONDS AUTHORIZED.
Reports state that the Co. Commrs. on July 8 authorized the issuance of
$20.000 6% bonds to repay the Indian Homestead Tax. Due in 5 years.
NOXAPATER, Winston County, Miss.
-Proposals will be received until Aug. 4 by R. -BOND OFFERING.
5% coup. agricultural high-school bonds. H. Barritt, Mayor, for $14,000
Denom. $700. Date Aug. 1
1914. Int. F. & A.
in 1934. Cert. check Due $700 yearly from 1918 to 1933 incl. and $2,800
for 4% of bonds bid for, payable to Mayor, required. No bonded or floating
debt. Assess. val. 1913. $147,002.
OAKLAND, Cal.
-BOND SALE.
-According to newspaper reports,
E. H. Rollins & Sons have
purchased at private sale $210,000 5% 1-15-Yr•
(ser.) school impt. bonds and
$500,000 4)4% 1-25-Yr. (ser.) auditorium
bonds. The 4;is were bought at par,
it is stated, and the 55 at 100.61a basis of about 4.90%.
OGLESBY, La Salle County, Ills.
-On June 30
-BONDS VOTED.
the issuance of $8,000 water
-works-system bonds was authorized by the
voters, it is stated.
ORD, Valley County,
The City Clerk advises us Neb.-BONDS TO BE OFFERED SHORTLY.
bonds voted during May that the $18,000 water arid $5,000 electric-light
(V. 98. p. 1555) will be offered for sale about
Sept. 1.
ORLEANS,
-E. H. Rollins &
Sons, Boston, Orleans County, Vt.-BOND SALE.
1
have been awarded
$23,500 4% refunding bonds dated
J y
1914 at 98.776. Due
54,000 July 1 1919: 81,000 1920. 1921,1922
and 1923: $1,500
192.5. 1926 and 1927;
1931, and $1,500 July 1932.
$2,000 1928. 1929,1930 and
1924,1
ORLEANS GRADED SCHOOL
DISTRICT (P. 0. Orleans), Orleans
County, Vt.-BOND
SALE.-OnJ
school bonds were awarded to E. H.uly 10 $10,000 49' 1-10-year serial
i
Denom. $1.000. Date June 1 19H14.Rollins & Sons of 1)toston at 98.776.
nt. J. SG D. Due $1,000 yearly
from 1915 to 1924 incl.
OSBORN, Greene County, Ohio.
-BOND SALE.
-On July 14 the
-3-year (aver.) public-hall
$12.000 5% 8 2
to the Ohio Nat. Bank of Columbus at bonds(V.99, p 68) were awarded
101.125 and int.-a basis of about
.
4.84%. Other bids were:
First National Bank, Cleveland
$12,021 40
Cummings & Prudden. Toledo
Hoehler,
12.017 00
First National Bank, Osborn _
----------------------------- 12,015 00
OTTAWA COUNTY (P. O. Grand
-BONDS PROHaven), Mich.
POSED.
-The issuance of $150,000 road bonds
is being considered by this
county, it is stated.
217
OTTOVILLE, Putnam County, Ohio.
-BOND OFFERING.
-Proposals will be received until 12 m.Aug. 10 by Frank Kromer. Village Clerk.
for $3,000 6% street-lighting bonds. Auth. Sec. 3939, Gen. Code. Date
1914. Int. F. & A. Due serially from 1 to 6 years incl. from
Aug. 1
Sept. 15 1914. Purchaser to pay accrued interest.
OWATONNA, Steele County, Minn.
-BOND SALE.
-On July 8 the
$20,000 5% 20-year storm-sewer bonds (V. 99, p. 68) were awarded to the
Minnesota Loan & Trust Co. of Minneapolis for 821.111 75 (105.558)
and bonds. Other bids were:
Wells & Dickey Co., Minneapolis
-Par less $210 expenses for 4).1s,
$21,020 for 58.
Kissel, Kinnicutt & Co., Chicago
-Par less allowance of $400 for 43s.
$20,800 for 58.
Security State Bank, Owatonna, $20,400.
H. C. Speer & Sons Co., Chicago, $20,400.
Bolger, Mosser & Willaman of Chicago. 320.307.
Farson, Son & Co., Chicago, 820,284 and int.
C. 11. Coffin, Chicago, $20,026 and blank bonds, less $250 for expenses.
No certified check accompanied this bid as required.
Denom. $1,000. Date July 1 1914. Int. J. & J.
OXFORD, Butler County, Ohio.
-Proposals
-BOND OFFERING.
will be received until 12 m. Aug. 24 by D.P. Beaton, WI. Clerk, for $6.500
5% 4-10-yr. (ser.) water-works-ext. and impt. bonds. Denom. (6) $1,000,
(1) $500. Date July 11914. Int. J. & J. Cert. check for 5% of bonds
bid for, payable to VII. Treas., required. Bonds to be delivered and paid
for within 15 days from time of award. Purchaser to pay accrued int.
PACIFIC JUNCTION SCHOOL DISTRICT (P. 0. Pacific Junction), Mills County, Iowa.
-BONDS VOTED.
-The proposition to issue
the 816.000 building bonds (V. 98, p. 2012) carried, it is stated, by a vote
of 190 to 48 at the election held July 10.
PALMYRA, Marion County, Mo.-BONDS VOTED.
-The question of
issuing the $26,000 water and light-plants-improvement bonds (V. 98, p.
2012) carried, reports state, by a vote of 306 to 114. at the election held
July 7.
PALMYRA, Otoe County, Neb.-BONDS VOTED.
-We have just
been advised that an issue of $10,000 69' 5 -year bonds VMS authorized
-20
at an election held May 5. Denom. $500. Int. annually.
PALO ALTO, Santa Clara County, Calif.
-BONDS DEFEATED.
The proposition to issue the $72,000 recreation centre, paving and libraryimprovement bonds (V. 98, p. 1711) was defeated at an election held June
26, it is stated.
PARNASSUS, Westmoreland County, Pa.
-BONDS NOT SOLD.
No bids were received for the $35,000 4.4% 5 -year (opt.) bonds offered
-25
on July 7 (V. 98, p. 2012).
PASSAIC, Passaic County, N. J.
-Proposals
-BOND OFFERING.
will be received until 3 p. m. July 27 by Z.A. Van Houten. City Clerk,for
$373,000
% 30-year gold refunding bonds. Denom. $1,000. Date
May 1 1914. Int. M.& N. at Passaic Nat. Bank. Passaic, or Chase Nat.
Bank, N. Y. City. Certified check on an incorporated bank or trust company for 2% of bonds bid for, payable to City Treasurer, required. Purchaser to pay accrued interest. These bonds will be certified as to genuineness by the Columbia-Knickerbocker Trust Co.,and their validity approved
by Hawkins, Delafield & Longfellow of N. Y. C.. whose opinion, or a duplicate thereof, will be delivered to the purchaser These will be coup.
bonds of 51.000 denom., with privilege of registration as to both principal
and interest. The bonds were to have been offered on Apr. 30, but the
offering was later withdrawn (V.98. p. 1339)•
PAULDING, Paulding County, Ohio.
-BOND OFFERING.
-Harry
L. Hoffman, VII. Clerk, will receive bids until 12 m. July 20 for $3.200 5%
coupon West Harrison St. sewer-improvement bonds. Denom. (8) $300,
(2) $400. Date April 1 1915. Int. semi-ann. Due $300 yearly April 1
from 1915 to 1922, incl. and $400 April 1 1923 and 1924. Bonds to be
delivered and paid for within 20 days from time of award. Cert. check for
5% of bonds bid for, payable to the VII. Treas., required. Purchaser to
pay accrued interest.
PELHAM MANOR, Westchester County, N. Y.
-BOND OFFERING.
-W. P. Brown, Chairman Board of Trustees, will receive bids until
8:30 p.m., July 24, it is stated, for $20,000 street bonds. Certified check
for 5% required.
PENSACLOA, Zscambia County, Fla.
-BOND OFFERING.
-Proposals will be received until 12 m. Aug. 12 by the Bd. of City Commrs.,
C. W. Eggart, City Clerk, for $400,000 4%% gold Dock and Belt RR.
impt. bonds. Denom. $1,000. Date Oct. 1 1913. Int. A. & 0. at U. S.
Mtge. & Tr. Co., N. Y. Due Oct. 1 1943. Cert, check on a Pensacola
bank for 29' of bonds bid for required. Bids must be made on forms furnished by the above Clerk. These bonds will be certified as to genuineness by the above trust company and their legality approved by Dillon,
Thomson & Clay of N. Y. C., whose opinion or a duplicate thereof will be
furnished purchaser. These bonds were offered without success on June 15
(V. 98, p. 1936).
PEORIA SCHOOL DISTRICT (P.0.Peoria), Peoria County, Ills.
BOND ELECTION.
-Reports state that an election will be held July 20
to vote on the question of issuing 5150,000 school bonds.
PERRY COUNTY (P. 0. New Lexington), Ohio.
-BOND SALE.
On July 13 the $50,000 5% 53 -year (aver.) road-hnproyement bonds
(V. 99, p. 69) were awarded, reports state. to Hayden, Miler & Co. of
Cleveland at 101.97-a basis of about 4.60%.
PERRY COUNTY (P. 0. Linden), Tenn.
-BONDS VOTED.
-The
proposition to issue the $100,000 railroad-aid (Nashville Shiloh & Corinth
By.) bonds carried on July 11 by a vote of 1,423 to 49. (V. 98. P. 2012).
These bonds are to be turned over to Alden W. Jones of Augusta, Ga., the
promoter of the road, when same is completed through the county.
PETALUMA HIGH SCHOOL DISTRICT, Sonoma County, Calif.
BOND SALE.
-Reports state that the 8110.000 57 1-40-year ser. building
0
bonds (V. 98, p. 1936) have been awarded to N. W. Halsey & Co. and the
Anglo & London-Paris Nat. Bank of San Francisco at 100.462-a basis of
about 4.964%.
PIKE COUNTY (P. 0. Magnolia), Miss.
-An issue
-BOND SALE.
of $200,000 road-construction bonds has been awarded as follows:
$50,000 to the Magnolia Bank. Magnolia, at par for 58.
150,000 to the Prov. Say. Bk. & Tr. Co. of Cin. at 100.20& bonds for 53.5s•
Denom. $500. Date Oct. 1 1913. Int. A. & 0. Due serially from
10 to 25 years incl.
PIPE CREEK SCHOOL TOWNSHIP (P. 0. Bunker Hill), Miami
County, Ind.
-BOND SALE.
-On July 14 the 526.000 414 %, 5%-year
(aver.) building bonds (V. 99, p 141) were awarded to J. F. Wild & Co.
of Indianapolis for $26.352 (101.353)-a basis of about 4.222%. Other
were:
bids
E. M. Campbell, Sons & Co., Indianapolis
326,287
Fletcher-American National Dank, Indianapolis
26.201
PIQUA SCHOOL DISTRICT (P. 0.Piqua), Miami County, Ohio.
BOND OFFERING.
-Proposals will be received until 12 m. Aug. 1 by
Geo. Dettmer, Clerk ofBd. of Education,for $50,0004 % coup.bonds authorized by the Board of Education on June 25. Denom. $500. Date
Aug. 1 1914. Int. F. & A. at office of City Treasurer. Due $2,500 each
six months from Aug. 1 1918 to Feb. 1 1928 incl. Certified check on a
national bank for $2,500, payable to Board of Education. required.
Bonded debt including this issue $175,000. No floating debt. Sinking
fund $12,188. Assess. val. 1914, $17,500,000.
PLEASANTVILLE, Westchester County, N. Y.
-BOND SALE.On July 6 the $5,500 10-year (aver.) Church St. macadamizing bonds
(V. 99. 13. 69) were awarded to John J. Hart of Albany at 100.21 for 4%s
a basis of about 4.474%. The Mt. Pleasant Bank of Pleasantville bid
par for 4%s.
PLYMOUTH TOWNSHIP (P. 0. Plymouth), Richland County,
-BOND SALE.
Ohio.
-On July 14 the $15,500 5% 19%-year (aver.)
coup. road-improvement bonds (V. 99, p. 69) were awarded to Hoehler,
Cununings & Prudden of Toledo for 515,822 40 (102.08) and int.-a basis
of about 4.834%. Other bids were:
Weil, Roth & Co., Cin_ _315,767 00 Otis & Co., Cleveland_ _315,663 00
Spitzer, Rorick & Co., Tol. 15.744 00 Field, Richards & Co.,
Stacy & Braun, Toledo- 15.712 36
Cincinnati
15.656 00
Hayden,Miller&Co..Clev_ 15.664 00 Seasongood & Mayer,Chi, 15,583 00
PORTAGE TOWNSHIP SCHOOL DISTRICT (P. 0. Akron), Sum-BOND SALE.
-On July 11 the 542.000 5% LWmit County, Ohio.
year (aver.) coup. school bonds (V. 98, p. 1937) were awarded to Weil,
Roth & Co. of Cincinnati at 102.04 and int.-a basis of about 4,8139' •
Other bids were:
218
THE CHRONICLE
I Field,Richards& Co.,Cin.$42,467 00
Redaler, Cummings &
$42,668 00 Tillotson & Wolcott Co..
Prudden, Toledo
42.113 40
42,660 80 Cleveland
First Nat. Bank, Cleve
Breed, Elliott & Harrison,
Seasongood & Mayer, Cin42,109 20
42,630 00 Cincinnati
dnnati
-BOND AND CERPORT CHESTER, Westchester County, N. Y.
-Proposals will be received until 8 p. m. July 27
OFFERING.
TIFICATE
by Roy L. Burns, VU. Clerk,for the following gold bonds and certificates.
$8,500 434% Old Municipal bldg. inapt. bonds. Denom. (8) $1,000, (1)
$500. Due $500 Aug. 1 1915 and $1,000 yearly on Aug. 1
from 1916 to 1923 incl.
6,000 434% Wilkins Ave. paving bonds. Denom. $1,000. Due $1,000
yearly on Aug. 1 from 1915 to 1920 incl.
10,950 4%% William St. paving bonds. Denom. (1) $950, (10) $1,000.
Due $950 Aug. 1 1915 and $1,000 yearly on Aug. 1 from 1916 to
1925 Incl.
2,5255% Wilkins Ave. paving certificates of indebtedness. Denom.
525. Due Aug. 1 1919. subject to call any int.-paying period.
6.000 5% William St. paving certificate ofindebtedness. Denom.$6,000.
Due Aug. 1 1919, subject to call any int.-paying period.
Date Aug. 1 1914. Int. F. & A. at First Nat. Bank, Port Chester.
Cert. check for 5% of bid, payable to Vii. Treas., required.
-BONDS
PORT VTTE (P. 0. Pittsburgh), Allegheny County, Pa.
-The question of issuing street and highway-impt. and sewer
VOTED.
bonds carried by a vote of 69 to 64 at an election held July 11.
-BOND OFFERING.
-Reports state that
POUGHKEEPSIE, N. Y.
bids will be received until 12 m. July 20 by D. W. Wilbur, Mayor, for
-year semi-annual paving bonds. CertifiW check
% 20
$230,000
for 2% required.
POWHATAN POINT SCHOOL DISTRICT (P. 0.Powhatan Point),
-On July 9 the $1,723 64 6%
-BOND SALE.
Belmont County, Ohio.
23 -year (aver.) coup. bonds (V.99, p. 69) were awarded to C. R. Robb of
Powhatan Point for $1,749 60(101.5115) and int.-a basis of about 5.255%•
Other bids were:
$1.723 69 and int.
First National Bank, Barnesville
First National Bank,Powhatan Point
par and int.
Ind.
-BOND OFFERING.
PULASKI COUNTY (P. 0. Winamac),
Proposals will be received until 3 p. m. July 30 (or until sold) by J. J.
Lowry, County Treas., for $5,600 4.%% Hermann Bush et al. highwayimpt. bonds in Beaver Twp. Denom. $280. Date June 2 1914. Int.
M. N. Due $280 each six monthsfrom May 15 1915 to Nov.151924 incl.
&
RAPID CITY SCHOOL DISTRICT (P. 0.Rapid City), Pennington
-Reports state that the quesCounty, So. Dak.-BONDS DEFEATED.
tion of issuing school-bldg. bonds carried at the election held July 7 lay a
vote of 510 to 374.
RIO BONITO SCHOOL DISTRICT, Butte County, Calif.
-BONDS
-Reports state that no sale has been made of the $6,000 6%
NOT SOLD.
building bonds voted some time ago.
RIO VISTA UNION HIGH SCHOOL DISTRICT, Solano County,
-On July 6 the $60,000 5% bonds (V. 98, p. 1937)
Calif.
-BOND SALE.
were awarded to Torrance, Marshall & Co. of San Francisco for $60,001
(100.001) and int.
RIPLEY SCHOOL DISTRICT (P. 0. Ripley), Brown County, Ohio.
-BONDS DEREATED.-A proposition providing for the issuance of $55.
000 school-building bonds was defeated, it is stated, at an election held
June 30 by 61 votes.
ROANE COUNTY (P. 0. Kingston), Tenn.
-BONDS VOTED.
Local newspaper reports state that at a recent election this county voted
In favor of the issuance of $270,000 pike bonds.
ROCK RIVER TOWNSHIP SCHOOL DISTRICT (P. 0. Chatham)
,
-BOND OFFERING.
Alger County, Mich.
-Wm.E. Mead, Sec. of Bd.
of Ed., will receive bids at any time for an issue of $20,000 57a couP• taxable school house bonds. Denom.$5,000. Date July 1 1914. int. J & J.,
at First Nat. Bank, Munising. Due $5,000 yearly, beginning Feb. 1 1915,
Cert. check for 5%,payable to Board of Ed., required. Bonded debt, this
issue. No floating debt.
ROCKY COMFORT SCHOOL DISTRICT, Ark.
-BOND SALE.
An issue of $15,000 6% 5
-30-year (ser.) building bonds was recently
awarded to Gunter & Sawyers of Little Rock. Denom. $250. Date
June 1 1914. Interest J. & D.
ROCKY FORD SCHOOL DISTRICT NO. 4 (P. 0. Rocky Ford)
!
-BONDS DEFEATED.
Otero County, Colo.
-We haveiust been advised
that the question of issuing the $25,000 additional school bonds (V. 98, p.
1339) failed to carry at the election held Apr. 25.
ROCKY RIVER, Cuyahoga County, Ohlo.-BOND OFFERING.Rids will be received until 12 m. Aug. 11 by Frank Mitchell, VII. Clerk,for
$27.392 20 5% Frazier Drive impt. (assess.) bonds. Denom. (9) $2,750,
(1) $2,642 20. Date July 1 1914. Int. J. & J. Due $2,750 yearly on
Oct. 1 from 1915 to 1923 incl. and $2,642 20 Oct. 1 1924. Cert. check for
$100. payable to Vil. Treas., required. Bonds to be delivered and paid
for within 10 days from time of award. Purchaser to pay accrued interest.
ROSEBURG, Douglas County, Ore.
-BOND ELECTION.
-The election to vote on the question of issuing the $300,000 railroad-aid-construction bonds (V. 98, p. 1712) will be held Oct. 5, it is stated.
ROSTON INDEPENDENT SCHOOL DISTRICT (P. 0. Roxton)
2
Lamar County, Tex.
-BONDS VOTED.
-The question of issuing
building bonds carried, reports state, at the election recently held. $12,000
RUSH COUNTY (P. 0. Rushville), Ind.
-BOND OFFERING.Proposals will be received until 2 p. m. July 24 by Wm. M. McBride, Co.
Treas., for $24,520 4.34 % Walter Bitner et al road-impt. bonds in Center
Twp. Denom. $613. Date July 7 1914. Int. M.& N. Due $613 each
six months from May 15 1915 to Nov. 15 1924 incl.
ST. CHARLES, St. Charles County, MO.
-BOND ELECTION.
-This
city It is stated, intends holding an election July 23 to vote on the question
of issuing $90,000 park bonds.
ST. LOUIS COUNTY (P. 0. Duluth), Minn.
-BOND OFFERING.
Rids are asked for by 0. Halden, County Auditor, until 2 p. m. July 20
for $65,000 434% semi-ann. 133 -year (aver.) ditch bonds. Certified
required.
check for 1%
-At a meeting of the County Commissioners
BONDS AUTHORIZED.
on July 7 authority was given the County Auditor, it is stated, to advertise for proposals for $100,000 Judicial Ditch No. 3 bonds.
SALEM, Marion County, Ore.
-WARRANT SALE.
-On July 6
-year (opt.) improvement warrants were awarded to the
$7,136 23 6% 1-10
United States Nat. Bank of Salem at 102.30 and int.-a basis of about
3.65%. Other bids were:
Capital National Bank of Salem
$7,156 and int.
James N. Wright & Co.. Denver
7,142 48 and int.
Ladd & Bush of Salem
102.14 and int.
Security Savings Bank & Trust Co.. Portland
$7,188 23 and int.
Lumbermen's Trust Co., Portland
101.26 and int.
Deiaom.$500. Date June 15 1914. Int. J.& D.
SALEM TOWNSHIP (P. 0. Oak Harbor), Ottawa County, Ohio.
-Proposals will be received until 12 In. July 27 by
BOND OFFERING.
W. A. Campbell, Township Clerk, for $5,100 5% cemetery-land-purchase
Secs. 3441 and 3455. Laws of Ohio. Denom. (1) $1,100.
bonds. Auth.
(4) $1,000. Date July 27 1914. Interest annual. Due $1,100 July 27
1915 and $1,000 yearly on July 27 from 1916 to 1919 incl. Cert. check
or certificate of deposit for $100. payable to Township Treasurer, required.
Bonds to be delivered and paid for within 10 days from time of award.
Purchaser to pay accrued interest.
-BOND OFFERING.-ProSAN DIEGO, San Diego County, Calif.
als will be received until 11 a. m. July 27, it is stated, by Allen H.
Wright, City Clerk, for $1,500,000 434% water bonds. Denom. $1,000
and $500. Date July 1 1914. Int. J. & J. Due $37,500 yearly on July 1
from 1915 to 1954 incl. Certified check on a local bank for 1% of bid
required, but not to exceed $15,000.
BONDS TO BE OFFERED STIORTLY.-According to local newspaper reports, this city will shortly offer for sale $200,000 harbor bonds. These
bonds are part of a larger issue of bonds voted some time ago.
-On
SANDUSKY, Erie County, Ohlo.-BONDS AUTHORIZED.
June 15 an ordinance was passed by the City Council providing for the
Issuance of $25.000 434% coupon central fire-station No. 1 erection bonds.
[VOL. XCTX.
Denom. $500. Date Aug. 1 1914. Int. F. & A. at the City Treasurer's
office. Due $12,500 Aug. 1 1923 and 1924.
SAN GABRIEL, Los Angeles Coun ty, Calif.
-BOND OFFERING.Proposals will be received until 5
in..July 21 by the Board of Trustees,
Ira H. Stouffer, City Clerk, for $21,500 534% bridge-construction bonds
p.
voted April 30. Denom. $500. Date July 1 1914. Int. J. & J. at office
of City of San Gabriel. Due $1,000 yearly on July 1 from 1915 to 1934
incl. and $1,500 July 1 1935. Certified or cashier's check for 5% of bonds,
payable to Board of Trustees, required. Purchaser to pay accrued interest.
The proceedings up to the sale of said bonds have been examined by O'Melveny, Stevens & Milliken, and their opinion as to the validity of the bonds
will be furnished successful bidder. Bonded debt $12,500. Assessed
valuation $1,074,580.
SANGERFIELD (P. 0. Waterville), Oneida County, N. Y.
-BOND
-Proposals will be received until 7 p. m. July 24 by Sherman
OFFERING.
W. Haven, Town Sup., for $10,000 5% highway-impt. bonds. Denom.
$100. Date Aug. 1 1914. Int. F.& A. at Nat. Bank of Waterville. Due
$1,000 yearly on Aug. 1 from 1915 to 1924 incl. Cert. check for 1% of
bonds bid for, payable to above Sup., required. Payment of bonds to
be made not later than July 31.
SANTA FE, Santa Fe County, N. Mex.-BIDS.-The following are
the other bids received for the $7,000 534% 20
-year sewer bonds awarded
on July 1 to Sweet, Causey, Foster & Co., Denver, at 103, int. and blank
bonds (V. 99, p. 142):
H.C.Speer & Sons Co., Chic_$7,21010tis & Co., Cleveland
$7,150
James
, Denver....
Jam N. Wright & Co., Den- 7,151 Oswald F. Benwell Denv.... 7,015
Denomination $1,000. Date July 1 1914. Interest J. & J.
SANTA MARIA SCHOOL DISTRICT,Santa Barbara County, Calif.
-DESCRIPTION OF BONDS.
-The $24,000 6% 1-12-year (ser.) school
bonds awarded on June 15 to Wm. R. Staats Co. of Pasadena for $24,524
(102.195)-a basis of about 5.59% (V.99,11. 70) are in the denom. of $1,000
and dated May 251914. Int. ann. May 25. Due $2,000 yearly from 1915
to 1926 incl.
SAPULPA, Creek County, Okla.
-BONDS VOTED.
-At the election
held July 7 the questions of issuing park, sanitary-sewer and railroad-ext.
bonds carried, it is stated.
SCHUYLERSVILLE, Saratoga County, N. Y.
-BOND SALE.
-On
July 2 an issue of $2,500 5% 1-5-year (set.) funding bonds was awarded to
C. H. McNaughton and S. M. Jaquieth at par. Denom. $500. Date
July 2 1914. Int. ann. in July.
-Proposals will
-BOND OFFERING.
SCOTIA, Clinton Count y, N. Y.
be received until 8 p. m. July 20 by E. C. Hoyt, Village Clerk, for $2,500
coup. or reg. impt. bonds at not exceeding 5% int. Auth. election held
March 17. Denom. $500. Date F. & A. at Schenectady Trust Co.,
Schenectady. Due $2,500 yearly on Aug. 1 from 1929 to 1933 incl. Certified check for 2% of bonds bid for, payable to Village Treasurer, required.
-On
-BOND SALE.
SCOTT COUNTY (P. 0. Scottsburg), Ind.
July 15 the3issues of 434% road bonds aggregating $25,200 (V. 99, p. 142)
were awarded to the Scott County State Bank for a premium of $240 and
accrued int. The premiums offered by other bidders were as follows:
Fletcher Amer.Nat.Bk.,Ind_$144 001J. F. Wild & Co.,Indianap--$112 50
Miller & Co., Indianapolis_ - 112 501Breed,Elliott&Harrison,Ind_ 85 00
SEVIER COUNTY (P. 0. Sevierville), Tenn.
-BOND SALE.
Spitzer. Itorick & Co. of Toledo were awarded on Feb. 11 the $185,000 5%
-year road bonds (V. 98, p. 410) at par. Denom. $1,000. Date
20
April 1 1913. Interest annual on April 1.
SHAKER HEIGHTS(P. 0. Cleveland), Cuyahoga County, Ohio.
-On July 14 the two issues of 5% coup. assessment bonds
BOND SALE.
(V. 98. p. 1937) were awarded, it is stated, to the First Nat. Bank of Cleve-,
7,0
land as follows:
$ n
-equal to 100.634.
28th St. inapt. bonds for $7,121 90
$7,077
-equal to 100.66.
7,510 East 130th St. impt. bonds for $7,559 60
-BOND SALE.
SHELBY COUNTY (P. 0. Shelbyville), Ind.
-The
bidders and premiums offered July 15 for the 3 issues of 434% road bonds
aggregating $19,600 (V. 99, p. 70) were as follows:
E.M.oampbell&SonsCo.,Ind.$111 00 Miller & Co., Indianapolis_ $78 00
Fletcher Amer.Nat.Bk., Ind_ 100 25 Breed, Elliott & Harrison,
61 00J. F. Wild & Co.,Indianap__ 98 501 Indianapolis
SIOUX CITY SCHOOL DISTRICT (P. 0. Sioux City), Woodbury
-BOND ELECTION ILLEGAL.
County, Iowa.
-Newspaper reports
state that the recent election held in this district for the purpose of voting
on $65,000 school bonds has been declared illegal, as the proper time was
not allowed from date of first notice to date of election.
SIOUX RAPIDS CONSOLIDATED INDEPENDENT SCHOOL
DISTRICT (P. 0. Sioux Rapids), Buena Vista County, Iowa
-BONDS
-Nosale was made ofthe $65,0005% building bonds offered on
NOT SOLD.
July 6 (V. 99, p. 70) on account of irregularity in proceedings prior to election.
-BOND OFFERING.
-Chas.
SOUTH BEND, Pacific County, Wash.
H. Mills, City Clerk, will receive bids until 7 p. in. July 20 for $12,534
impt. bonds, it is stated. Cert. check for 5% required.
-TEMPORARY LOAN.
-According to reports,
SOUTH CAROLINA.
this State on July 13 borrowed $350,000 at 334% through the Palmetto
Bank of Columbia. Due $100,000 Jan. 5 1915 and $125,000 Jan. 11
Nat.
and Jan. 151915.
-BONDS AUTHORIZED.
SPRINGFIELD, Hampden County, Mass.
-The City Council on July 13 passed an ordinance providing for the
Issuance of $400,000 Fulton St. improvement bonds, it is reported.
-On July 7
SPRINGFIELD, Greene County, Mo.-BOND SALE.
short-term bonds was awarded, it
an issue of $70,000 Kansas City for $70,150 (100.214)is stated, to the Comas 7s.
merce Trust Co.of
SPRINGFIELD SCHOOL DISTRICT (P. 0. Springfield), Clark
-A resolution was adopted on
-BONDS AUTHORIZED.
County, Ohio.
July 6, it is stated, authorizing the issuance of $15,000 heating and ventilating plant installation bonds.
SPRINGFIELD TOWNSHIP (P. 0. Bergholz), Jefferson County,
-On July 14 the $24,000 5% 13-yr.(aver.) road-impt
-BOND SALE.
Ohio.
bonds (V. 98. p. 1937) were awarded, it is stated, to Field, Richards & Co.
of Ctn. for $24,243 (101.012) and int.-a basis of about 4.89%•
-BOND OFFERING.-Franq
STARKE COUNTY (P. 0. Knox), Ind.
f
.
Joseph, County Tress • will offer for sale on or after July 25 an issue o
$4,000 434% Edward Roberts et al road-impt. bonds. Int. M.& N.
COUNTY (P. 0. St. Cloud), Minn.
-BONDS AUTHORSTEARNS
-Ditch No. 33 bonds, amounting to $9,360, were authorized by
IZED.
the Co. Commissioners on June 29, it is stated.
According to reports, the County Commissioners recently authorized
the issuance of $25,000 Ditch No. 32 construction bonds.
STOCKTON, San Joaquin County, Cal.
-BONDS DEFEATED.
The question of issuing $266,400 street-impt. bonds failed to carry at the
election held July 7 by a vote of 1.093 "for" to 1,030 "against." A twowas necessary to authorize.
thirds majority
STREETSBORO TOWNSHIP SCHOOL DISTRICT (P. 0. Kent),
-BONDS NOT SOLD.
-Reports state that no
portage County, Ohio.
bids were received for the $3,200 5% school bonds offered on July 3(V.98,
)
U
-BOND OFFERING.
P.STRHERS, Mahoning County, Ohio.
1938 T
Proposals will be received until 12 m. July 29 by Jonah Richards, VII.
Clerk, for the following 6% Lowell Ave. storm-water and sanitary-sewerconstr. bons :
2. t9
0 . aksja
cons5r 3o i less
bonds. Denom. $433 72. Due $433 72 yearly
$2,168 60
1 from 1915 to 1919 incl.
ulyportion bonds. Denom. $411 86. Due $411 86 yearly
.
on July 1 from 1915 to 1919 incl.
Date July 1 1914. Int. J. & J. Cert. check for $200, payable to VII.
required. Bonds to be delivered and paid for within 10 days from
Treas.,
time of award. Purchaser to pay accrued int. No abstract of proceedings
will be furnished to bidders by the Village.
• ,is.likb,Sainin.tssi
SULLIVAN COUNTY (P. 0. Sullivan), Ind.
-BOND OFFERING.Proposals will be received until 12 in. July 20 by Robert Gambill, County
Treas., for the following 434% road-impt. bonds:
$20,000 J. E. C. Townsley et al. road bonds in Jefferson Twp. Denom.
Wm.S. Buruff et al. road bonds in Cass Twp. Denom. $289.
Win.
JULY 18 1914.1
THE CHRONICLE
Date July 15 1914. Int. M. & N. Due each six months, beginning
May 15 1915.
SULLIVAN COUNTY (P. 0. Blountville), Tenn.
-BONDS DEFEATED.
-Papers state that the County Court has turned down the proposed issue of 520,000 school-impt. bonds.
SUMMERHILL, Cambria County, Pa.
-The First
-BOND SALE.
National Bank of South Fork, Pa., has been awarded $5,000 5% 5
-11-year
(opt.) light bonds at par. Denom. $100. Date July 1 1914. Int. J. & J.
SUMMIT COUNTY (P. 0. Akron), Ohio.
-Pro-BOND OFFERING.
posals will be received until 11 a. m. Aug.6 by C. L. Bower. Clerk Board of
County Commissioners, for the following 5% coup. road-impt. bonds:
55,442 22 Manchester road (assess.) bonds. Denom. (5) 51.000, (1)
5442 22. Due $1,000 on Oct. 1 1915, 1916, 1917 and 1918 and
$1,442 22 Oct. 1 1919.
41,534 41 Manchester road (county's portion) bonds. Denom. (41)
51,000, (1) 3534 41. Due 34,000 yearly on Oct. 1 from 1915
to 1922 incl., $5,000 Oct. 1 1923 and $4,534 41 Oct. 1 1924.
4.863 15 Norton Centre road (assess.) bonds. Denom. (4) $1,000, (1)
$863 15. Due $1,000 yearly on Oct. 1 from 1915 to 1918 inel.
and $863 15 Oct. 1 1919.
37,954 05 Norton Centre road (county's portion) bonds. Denom. (37)
51.000, (1) 3954 05. Due 34,000 yearly on Oct. 1 from 1915 to
1923 incl. and $1,954 05 Oct. 1 1924.
Auth. Secs. 2294, 2295 and 6912, Gen. Code. Date Aug.6 1914. Int.
A. & 0. at office of County Treas. Cert. check on a bank other than the
one making the bid, for 5% of bonds bid for, payable to County Treas..
required. Bonds to be delivered and paid for within 10 days from time of
award. Purchaser to pay accrued interest.
SUNNYVALE SCHOOL DISTRICT, Santa Clara county, Cal.
BOND SALE.
-On July 6 the $25,000 5j4% 1-26-year (serial) coupon
school bonds (V. 98. p. 2014) were awarded to the San Jose Safe Deposit
Bank of San Jose for $26.000 80
-equal to 104.003.
TERRE HAUTE SCHOOL CITY (P. 0. Terre Haute), Vigo County,
Ind.
-BOND ELECTION.
-The proposition to issue 5200.000 school bonds
will be held July 28, it is stated.
TOBIAS SCHOOL DISTRICT (P. 0. Tobias), Saline County, Neb.
-BOND SALE.
-We are advised that the $20,000 5% building bonds
voted Oct. 21 1913 (V. 98. p. 709) have been disposed of. Due $5,000 on
April 1 1919, 1924, 1929 and 1934.
TOLENAS SCHOOL DISTRICT, Solano County, Cal.
-BOND
SALE.
-On July 6 the 51.800 school bonds (V. 98. p. 1938) were awarded
to R. D. Robbins for $1,810 (100.555) and bat. There were no other bidders.
TRAVERSE CITY, Grand Traverse County, Mich.
-BONDS DEFEATED.
-This city, It is stated, defeated a proposition on June 24toissue
$90.000 sewer, sewage-disposal and filtration-plant bonds.
TRELIPE (P. 0. Snow Ball), Cass County, ?dinn.-BOND OFFER/NO.
-The sale of the $15,000 6% 15
-year road 'bonds which was to have
taken place July 7 (V. 98, p. 1938) has been postponed until Aug. 17.
TRES PINOS UNION SCHOOL DISTRICT, San Benito County,
Cal.
-BOND SALE.
-On July 9 the 36,500 6% 10
-year building bonds
(V• 98, p. 2014) were awarded to San Benito County for $6,600(101.538)a basis of about 5.812% Other bids were:
Sweet. Causey & Foster, Den_56.5361G.G.Blymyer&Co.,San Fr_$6.502 50
Denom. $650. Date July 1 1914. Interest semi-annual.
TROY N. Y.
-BOND OFFERING.
-Proposals will be received until
10 a. m. July 20 by W. H. Dennin, City Comptroller. for 3100.0005% taxexempt certificates of indebtedness or revenue bonds. Denom. 325.000.
Date July 20 1914. Due Oct. 20 1914. Certified checks for not less than
1% of bonds, payable to the "City of Troy. required. Bonds to be
delivered and paid for within five days from time of award. Purchaser
to pay accrued interest. Official circular states that the city has never
defaulted on any of its obligations.
TRUMB17LL COUNTY (P. 0. Warren), Ohio.
-BOND OFFERING.
Proposals will be received until 1 p.in. Aug.3 by W.R.Harrington, County
Auditor, for the following 5% road bonds:
563.000 Youngstown-Sharon road inter-county highway-improvement
No. 331 bonds. Due $3,000 each six months from April 1 1915 to
April 1 1921, inclusive. and $4,000 each six months from Oct. 1
1921 to April 1 1924. inclusive. These are assessment Hubbard &
Liberty Townships and county's portion bonds.
9,000 Youngstown-Conneaut road inter-county highway No. 13 bonds.
Due $1,000 each six months from April 1 1915 to Oct. 1 1918.
Inclusive, and $500 on April 1 and Oct. 1 1919. These are assessment Vernon Township and county's portion bonds.
Authority. Secs. 1178. 1231-4. Gen, Code. Denom. $500. Date July 1
1914. Int. A.& 0. at office of County Treasurer. Certified check for 2%
of bonds bid for, payable to County Treasurer, required. Bonds to be delivered and paid for within 10 days from time of award. Purchaser to pay
accrued interest.
TWINSBURG TOWNSHIP (P. 0. Twinsburg Center), Summit
County, Ohio.
-BOND OFFERING.
-Proposals will be received until
10 a. m. Aug. 5 by E. J. McCreary. Twp. Clerk, for $2.000 5% coup.
highway-improvement bonds. Auth. Secs. 3295. 3294. 3940, 3941 and
3947, Gen. Code. Denom. 3500. Int. A.& 0.at the Twinsburg Banking
Co., Twinsburg Center. Date Aug. 5 1914. Due $500 yearly Oct. 1
from 1915 to 1918 incl. Bonds to be delivered and paid for within 10 days
from time of award. Certified check on a bank other than the one making
the bid, for 10% of bonds bid for, payable to the Twp. Treas., required.
Purchaser to pay accrued interest.
LYDELL SCHOOL DISTRICT (P. 0. Udell), Appanoose county,
Iowa.
-BOND SALE.
-On July 8 the $5,000 5% 3 -year (opt.) school-10
building bonds were awarded to Schanke & Co., Mason City, at par.
Denom. $500. Date July 1 1914. Interest J. & J.
UINTA COUNTY SCHOOL DISTRICT NO. 1 (P. 0. Evanston),
Wyo.-BOND SALE.
-On July 8 the
-25
-year (opt.) school
bonds (V. 98. p. 1938), were awarded to 325,000 10 Wyoming at 101 and
blank bonds for 5s. Other bids were: the State of
Reeler Bros.,
nver____525,101 25 Oswald F. Benwell
John Nuveen & Co., Chic_ 25,080 00 E. M.Bosworth
E.H.Rollins&Sons,Denver 24,781 50 Jas.N.Wright&Co.,Denver 244.621 0
0
;5992 9
624 5 5 9°°
Sweet,Causey&Foster,Den 24.760 00 Sidney Spitzer & Co., Tol_ 24.400 00
Kissel,Kinnicutt&Co. Chic 24.750 00 It. M.Grant & Co., Chic- 24,300 00
We are not advised as to the
interest rate on the above bids.
UNIVERSITY PLACE, Lancaster County, Neb.-NO ACTION
YET TAKEN.
-The City Clerk advises us that up to July 6 no date had
been set for the offering of the $6,000
5% city-ball bonds voted Oct. 3
(V. 98, p. 411).
UPLAND, San Bernardino County, Calif.
-BONDS PROPOSED.
According to newspaper reports, this
issuance of
about $40,000 city-hall-construction, city is contempt/1
fire-equipment
-purchase and streetimprovement bonds.
UPPER SANDUSKY, Wyandot
-BONDS AUTHORCounty, Ohio.
IZED.
-The City Council, according to
reports, has passed an ordinance
to issue $25,000 5% electric-light
of the 525,0005% laonds offered -plant bonds. These bonds take the place
but not sold on May 25(V.98, p. 1713)•
URBANA, Champaign
-On July 10
-BOND SALE.
five issues of6% 534-year County, Ohio.
(average) street-paving (assessment), aggregating
539,900, were awarded to the Filth
-Third Nat Bank of Cincinnati for
$42,354 20 (106.15)-a basis of
about 4 718% * Other bids were:
Breed. Elliott & Harrison,
Cincinnati
*
Well, Roth & Co., Cincinnati--- _ Provident Savings Bank &
0
54.7°6426 57
41,695 589
seasongood & Mayer, Cincinnati
41.635 40
Hoehler. Cummings & Prudden. Toled;
-------------------- 41,607 75
Sidney Spitzer & Co.. Toledo
Field, Richards & Co.. Cincinnati--Hayden. Miller & Co.. Cleveland----3
411 ,.69°5 94°
441 5 95 750
Tillotson & Wolcott Co., Cleveland
------------------- 41,540 49
First National Bank, Cleveland
41.449 70
Security Savings Bank & Trust Co.. Toledo
41,414 00
Spitzer. Rorick & Co.. Toledo
41,37000
Ohio National Bank. Columbus
40,850 00
Otis & Co., Cleveland
40 800 00
Denom.: 58.200 issue. $820: 37,600 issue,
$6,300 issue, $630. and 310,000 issue. $1.000. $760: $7,800 issue, $780:
Date July 1 1914. Int.
J. & J. Due one bond of each issue yearly. July 1,
from 1915 to 1924,Incl.
219
-BOND OFFERING.
1TRICHSVILLE, Tuscarawas County, Ohio.
Proposals will be received until 12 m. Aug. 1 by Henry 0. Snyder, VU.
Clerk, for $20,000 5% coup. street and alley paving bonds. Auth. Secs.
3914. 3918 and 3939, Gen. Code. Denom. 11500. Date July 1 1914.
Int. J. & J. at the Vii. Treas. office. Due $2,000 yearly July 1 from 1915
to 1924 incl. Bonds to be delivered and paid for within 10 days from time
of award. Cert. check for $500, payable to the Vil. Treas., required.
Purchaser to pay accrued interest.
-Oh July 6 the
UTICA, Yankton County, So. Dak.-BOND .SALE.
36,000 6% 5 -year (opt.) water bonds were awarded to the Utica State
-20
Bank, Utica, for 35,935
-equal to 98.916. Denom. $500. Date May 1
1914. Int. M. & N.
-BOND OFFERING.
VANDERGRIFT, Westmoreland County, Pa.
-Proposals will be received until 7 p. m. July 25 by W. W.Poorman,
Sec.. for $22,000 434% coup. tax-free bonds. Cert. check for $500 required.
-BONDS DEFEATED.
VERNON TOWNSHIP (P. 0. Clare), Mich.
The question of issuing 36,500 highway-improvement bonds failed to carry
at the election held July 1 by a vote of 46 "for" to 119 "against."
VIENNA SCHOOL DISTRICT (P. 0. Vienna), Clark County,
So. Dak.-BOND OFFERING.
-Proposals will be received until July 31.
reports state, by H. H. Ainli, Sec. Bd. of Ed., for 520.000 5% 1234-yr.
(aver.) school bonds. Int. ann.
-BOND OFFERING.
VIGO COUNTY (P. 0. Terre Haute), Ind.
Proposals will be received until 10 a. m. July 20 by Thos. J. Dailey, County
Treasurer, for the following 434% road-improvement bonds in Harrison
Township:
$27.200 Louis Silberman et al road bonds. Denom. $680.
31.500 Geo. 0. Dix et al road bonds. Denom. $787 50.
36,200 W. L. Sparks et al road bonds. Denom. $905.
36,500 Carl D. Fisher et al road bonds. Denom. $91250.
20.000 C. A. Powell et al road bonds. Denom. $500.
Date July 15 1914. Int. M. & N. Due one bond of each issue each
six months from May 15 1915 to Nov. 15 1934, inclusive.
Bids will be received by Thos.J. Dailey, County Treasurer, until 10 a. m.
July 21 for $19000 4 % Fred.'Orth et al road-improvement bonds in Otter
Creek Township. Denom. $950. Date July 15 1914. Int. M. & N.
Due $950 each six months from May 15 1915 to Nov. 15 1924, inclusive.
VINCENTOWN SCHOOL DISTRICT (P. 0. Vincentown), Burlington County, N. J.
-The question of issuing
-BONDS DEFEATED.
$12,000 bonds failed to carry at an election held June 30.
WAHPETON, No. Dak.-BOND ELECTION.
-An election will be
helrke_ugpt ,bende.
wed Aim. 4 it is stated, to vote on the question of issuing $21,000 water
.
WARREN, Warren County, Pa.
-On July 10515.000
-BOND SALE.
434130
-year coupon tax-free paving bonds (V. 99, p. 71) were awarded
to Harris, Forbes & Co. of New York at 104.832 and int.-a basis of about
4.70%.
Reilly, Brock & Co.,Phila.$15,516 301Edw. V.Kane & Co.,Phil_$15,325 50
Mellon Nat. Bank,Pittsb. 15,450 00 Harper & Turner. Phila__ 15.268 50
Denom. $1.000. Date July 1 1914- Int. J. & J. at the Warren Say.
Ba uk. Wa37 5, 2o
valnetien. rr 22 Bonded debt, including this issue. 5257.000: assessed
5 . 0
WARREN, Trumbull County, Ohio.
-BOND OFFERING.-Proposals
will be received until 12 m. Aug. 15 by Geo. T. Hecirlinger. City Am'., for
the following 5% street-improvement bonds:
$13,000 Vine St., Stiles Ave. and So. Logan Ave. inapt. (city's portion)
ennAs rilD 1922
bo d p
. lue 5 ,.000 on April 11919, 1920 and 1921 and 54,000
3
17.500 So. Logan Ave. impt. bonds. Due 53,500 yearly on April
from 1916 to 1920 incl.
15,000 Vine St. impt. bonds. Due $3,000 yearly on April 1 from 1916
to 1920 incl.
6,500 Stiles Ave. impt. bonds. Due 51,000 on April 1 1916 and 1917
and $1.500 on April 11918, 1919 and 1920.
Auth. Sec. 3939, Gen, Code. Denom. $500. Date April 11914. Int.
A. & 0. at Union Says. & Tr. Co., Warren. Certified check for $500
payable to City Treasurer, required. Bonds to be delivered and paid for
within 5 days from time of award. Purchaser to pay accrued interest.
Total bonded debt (incl. these issues), $309,668. no floating debt. Assess.
val. 1913, $17,495.730.
BONDS NOT TO BE OFFERED.
-We are advised that the offering of
the $3,200 So. Logan impt. (city's portion) 5% bonds which was to have
taken place on July 28 (V. 98. p. 2014) has been called off.
WARRENTOWN, Clatsop County, Ore.
-BOND OFFERING.
Further details are at hand relative to the offering on Aug.3 of the $150,000
65' 10-20-year (opt.) gold coup, water-system-construction bonds (V. 99.
p.71). Proposals for these bonds will be received until 2 p. m.on that day
by John Evenden, Clerk of Water Commission. Denom. $100 to 51,000,
to suit purchaser. Date Aug. 11914. Int. F. & A. at Nat. Park Bank
or Oregon fiscal agency, N. Y. Certified check for 5% of bid, payable to
Water Commission, required. No bonded or floating debt. Assessed
valuation 1913, $481.305.
WASHINGTON COUNTY (P. 0. Weiser), Idaho.
-NO ACTION
-The County Clerk advises us under date that of July 11
YET TAKEN.
no action has yet been taken towards the calling of an election to vote on the
issuance of road-improvement and court-house bonds (V. 98. P. 326)•
WASHINGTON COUNTRY DISTRICT, Ohio County, W. Va.BOND OFFERING.
-Proposals will be received until 12 m. Aug. 10 by
A. C. Wagener, Sec. Bd. of Ed.(care of Bank of Fulton, Fulton),for $20,0005% 10-25-yr.(opt.) coup. school bonds. Denom.$500. Date June 20
1914. Int. ann. Cert. check for 2% of bonds.bid for, payable to Bd. of
Ed., required.
WASHINGTON TOWNSHIP SCHOOL DISTRICT, Lawrence
County, Ohio.
-BOND OFFERING.-Proposais will be received until
12 m.July25 by Oscar Kerns, Clerk Board of Education,for 31.000 6%
coupon building bonds. Denom. $200. Interest semi-annual. Due $200
yearly Sept. 15 Man 1916 to 1920. inclusive. Bonds to be delivered and
paid for within 10 days from time of award. Certified check for $100.
payable to the District Treasurer. required. Purchaser to pay accrued int.
WATERTOWN,Codington County, So. Dak.-BONDS DEFEATED.
-The question of issuing the $140,000 sewer-system-construction bonds
(V. 98, p. 2014) failed to carry at the election held July 1 by a vote of 257
"for" to 380 "against."
WATSONVILLE, Santa Crux County, 0a1.
-BONDS PROPOSED.
The Board of Aldermen recently passed a resolution, it is stated, for the
issuance of 526,000 auto-fire-engine and bridge bonds.
WAYNE, Wayne County, Neb.-BOND OFFERING.
-Proposals will
be received until 12 m. Aug. 1 by Herman Lundberg, Chairman of Finance
Committee,for $7,00057 coup. water-system-ext. bonds. Denom.$1,000.
o
Int. ann. on July 10. Due July 10 1934, subject to call after 10 years.
Total indebtedness (incl. this issue) $26,000; no floating debt. Assessed
valuation. 5384.556.
WAYNESBORO, Wayne County, Bliss.
-Pro-BOND OFFERING.
posals will be received until 2 p. m. Aug. 4 by W. S.Davis, City Clerk,
for $12.000 6% 10-20-yr. (opt.) Waynesboro Separate School Dist. bonds.
WEST.CHESTER COUNTY (P. 0. White Plains), N. Y.
-BONDS
NOT SOLD.
-The highest bidders for the $52,000 04% 634-year (aver.)
coup. bridge bonds offered on July 9 (V. 98, p. 2015) were Spitzer. Rorick
& Co. of New York. This firm advises us, however, that because of an
error made in their bid, they refused to take the bonds, which we understand will be re-advertised.
WEST CREEK SCHOOL TOWNSHIP (P.O. Lowell), Lake County,
Ind.
-BOND SALE.
-On July 10 the 311,500 434% 7%-year (aver.)
school-building bonds (V. 98. p. 1938) were awarded to the People's State
Bank of Crown Point for $12,175 (105.869)-a basis of about 3.60%•
Other bidders, all of Indianapolis, were:
1Meyer-Kiser Bank
E. M. Campbell & Sons$11,73125
11,701 50
Co
$12,000 001Miller & Co
Int. J. & J. Due serially July 15 from 1916 to 1927 bid.
-BOND SALE.
WEST SALEM (P. 0. Salem), Marion County, Ore.
On July 6 510.000 6% 1-10-year ser. sewer bonds were awarded to Morris
.r
Bros of Pert and ater
iceele nroe.l Denv 100.57, int. and blank bonds. Other bids were:
.
Sw eet. Causey, Foster & Co.
Denver
$
.
$10.000
Lumbermen's Tr. Co.,Portl_ 1109..0105091i
All the above bids provided for Payment of accrued int. and furnishing
of blank bonds. Denom. $500. Date July 1 1914. lot. .1. & J.
[VOL. xctx.
THE CHRONICLE
220
-BOND OFFERING.-Proposals
WEST WOOD Bergen County, N. J.
Clerk,
will be received until 8:30 p. m. July 20 by Jesse C. Rumsey, Bore.
% coup. or
-year street-impt.
-year park and $15,000 15
for $30,000 30
Date July 1 1914. Int. J. & J. in
registered bonds. Denom. $1,000.
N. Y. exchange at the First Nat. Bank, Westwood. Certified check on an
Incorporated bank or trust company for 2% of bonds bid for, payable to
the Boro. Collector, required. These bonds will be certified as to genuineness by the U. S. Mtge. & Trust Co., and their validity approved by
Hawkins, DeltaicId & Longfellow of N. Y. City, a duplicate of whose
opinion will be furnished successful bidder. Purchaser to pay accrued int.
Separate bids must be made for each issue upon blank forms furnished by
the Clerk.
WHITEHALL SCHOOL DISTRICT NO. 1 (P. 0. Whitehall), Mus-Papers state that this district
-BONDS PROPOSED.
kegon County.
s considering the issuance of $6,000 school-addition bonds.
.-The voters on July 7
-BONDS DEFEATED
WHITE LAKE, So. Dak.
defeated a proposition to issue $14,500 water-works bonds, according to
local papers.
-BOND OFFERING.
WHITE PLAINS, Westchester County, N. Y.
Proposals will be received until 8 p. m. Aug. 3 by W. H. Carpenter Jr.,
4 % highway bonds. Denom. (29)
Clerk Bd. of Trustees, for $50,982
$1.000. (29) $500, (29) $258. Date Jan. 1 1913. Due $1,758 YrIY. on
Jan. 1 from 1915 to 1943 Incl. Cert. check on an incorporated bank or
trust company for 2% of bonds bid for, payable to VII. Treas.. required.
Purchaser to pay accrued interest. The validity of these bonds will be
approved by Hawkins, Delafield & Zongfellow of N. Y. City, and a duplicate original of their opinion will be furnished purchaser.
The official notice of this bond offering will be found among the advertisements elsewhere in this Department.
WHITE PLAINS (Town) Union Free School District No. 1 (P. 0.
-BOND SALE.
White Plains), Westchester County, N. Y.
-On July 10
$35,000 436% site-purchase and school-building bonds were awarded to
Kountze Bros., N. Y., at 101.60-a basis of about 4.314%. Other bids
were:
-101.589 Geo. B. Gibbons & Co., N.Y_101.25
R.M.Grant & Co., N.
Harris, Forbes & Co., N. Y_101.4431W. H. Cook, N. Y
101.19
Denom. $1,000. Date July 1 1914. Int. J.& J. at the Central Bank of
Westchester County, White Plains, in N. Y. exchange. Due $2,000
Jan. 1 from 1920 to 1929 incl. and $5,000 Jan. 1 1930.
yearly
WHITE SULPHUR SPRINGS, Greenbrier County, W. Vs.
-On July 14 the $8,000 6% 15-yr. (aver.) gold coup, taxBOND SALE.
free water and sewer bonds (V. 99, p. 71) were awarded to the Hanchett
Bond Co. of Chicago for $8,057 (100.712) and blank bonds.
WICHITA COUNTY (P. 0. Wichita Falls), Tex.
-BONDS VOTED.
According to local newspaper reports, the question of issuing $125,000
road bonds in Commrs. Precinct No.4 carried at the election held July 7.
NEW
LOANS
WILSON COUNTY SPECIAL ROAD DISTRICT NO. 1, Tex.
BONDS DEPEATRD.-The proposition to issue the $60,000 bonds failed to
carry, it is stated, at the election held June 23 (V. 98, D. 1714)•
WINNEMUCCA,Humboldt County, Nev.-BOND SALE.
-On July 7
$5,000 6% sewer-ext. bonds were awarded to A. Klinehaus at 103.50.
Mrs. L. Abel bid 101. Denom. (10) $100. (8) $250 and (4) $500. Int.
ann.In Jan. Due serially from 1918 to 1927 incl.
WOODRUFF, Spartanburg County, So. Caro.
-BONDS VOTED.
The question of issuing $60,000 coupon water and sewer-system installation bonds carried at an election held July 7. The vote is reoprted as 152 to
8.
-BONDS DEFEATED.
WRIGHT TOWNSHIP, Mich.
-Papers state
that at an election held June 16 the proposed issuance of $60,000 road
bonds was defeated.
YOUNGS TOWNSHIP SCHOOL DISTRICT NO. 4 (P. 0. Fountain
-BONDS NOT SOLD.
Inn R. D. No. 2), Greenville County, So. Caro.
-year building bonds, offered on
No bids were received for the 92,000 6% 20
June 30. Denom. $500. Date July 1 1914. Interest J. & J.
-The City Council
-BONDS AUTHORIZED.
ZANESVILLE, Ohio.
passed an ordinance on July 6 providing for the issuance of;5,300 5% 6-yr.
coup. street-impt. (city's portion) bonds. Denom. (10) $500, (1) $300.
Date Aug. 1 1914. Int. semi-ann.
Canada. its Provinces and Municipalities.
-Tenders will be
-DEBENTURE OFFERING.
ARMSTRONG, B. C.
received, it is reported, by A. Sifer, Clerk. for $4,000 6% 20-year bridgedebentures.
construction
BATTLEFORD, Sask.-DEBENTURE ELECTION PROPOSED.
Reports state that this city proposes to vote on the issuance of $30,000
water-works, $6,000 sidewalk and $7,000 town-hall constr. debentures.
BENGOUGH, Sask.-DEBENTURE OFFERINO.-Reports state that
Otis D. Benson, VII. Clerk, will receive bids at any time for $5,500 7, 10
-year debentures at not exceeding 8% int.
and 15
-According to reports, an issue
BERLIN, Ont.-DEBENTURE SALE.
-installment electric-light. hospital ,park and
$90,200 5% and 5)6% 20
of
purchased by Wood, Gundy & Co. of Toschool debentures was recently
ronto.
-Wood, Gundy & Co.
BRANTFORD, Ont.-DEBENTURE SALE.
debentures due 1933 and 1953.
of Toronto have been awarded $134,431 5%
-A. J. Higgs, Secre-DEBENTURE OFFERING.
CARDSTON, Alta.
6%
tary-Treasurer, will receive bids until July 29 for an issue of $11,000
-year debentures.
20
-DEBENTURE ELECTION PROPOSED.
CHARLESWOOD, Man.
The question of issuing $33,000 school debentures will probably be submitted to the ratepayers, it is reported.
NEW LOANS.
NEW LOANS.
$50,000.00
$100,000
$50,982
Lackawanna County, Pa., Village of White Plains, N.Y., Village of Goshen, New York
4% Road Improvement Bonds
HIGHWAY BONDS
Sealed proposals will be received by the County
of Lackawanna for the sale of One Hundred
Thousand Dollars worth of Lackawanna County.
(4% per cent) Road Improvement
Pennsylvania.
Bonds,for the purpose of improvement and repair
of public roads in said county that are already
constructed, or in course of construction, or that
may be constructed under the provisions of the
Act of Assembly of the 26th day of June, A. D.
1895, P. L. 336, and Its supplements and amendments thereto. All bids to be accompanied by a
certified check of Five Thousand Dollars,to be
made payable to Lackawanna County. Bids to
be addressed to and in the hands of the undersigned on or before 12 o'clock noon. JULY 27TH,
A. D. 1914. The right Is reserved to reject any
and all bids.
CHARLES P. SAVAGE,
County Controller,
Scranton, Pa.
Attest:
RALPH COLLINS,
Deputy County Controller.
Sealed Proposals will be received by the Board
of Trustees of the Village of White Plains at the
Corporation Rooms. Grand Street, White Plains.
N.Y.,until AUGUST 3D. 1914 AT 8 O'CLOCK
2
5
og
M.. of t id oiageseagf eg iinu 0oligbway
nds forsahe nurcharanafssge$ f
Bon
will be
Said Bonds will be registered bonds and
87 in number, numbered from 1 to 87, inclusive,
and will be of the following denominations:
.
ndeach third bond thereafter of
Bond No.
the
of u 000
denomination
thereafter of
of ooo
d each third bond
the o edoN ination
B dn n mo 2 an
bond thereafter of
en me.a lo n of h third
ndoN in l and ea 258.
theBod
All of said bonds will be dated January 1.1913,
numbered
and will mature three bonds in order as to 1943,
on January first in each of the years 1915of 435%
interest at the rate
inclusive, and will bear
n
perannum.
payment of
All proposals must provide for the
from the date
accrued interest by the purchaser and must be
of said bonds to the date of delivery,
upon an incoraccompanied by a certified check payable to the
Porated bank or trust company.
Treasurer of the Village of White
order of the
bonds bid for,
Plains, for 2% of the par value of
as part
the amount of said check to be retained to be
if accepted and
payment of the bonds accepted.
returned forthwith if not
all bids.
The interest.right is reserved to reject any and par and
res
Bon
Bonds will not be sold for less than
accrued
by
The validity of the bonds will be approved
Delafield & Longfellow.
te
and a duplicate
attorneys, of New York City, furnished to the
original of their opinion will be
purchaser.
Dated July 6th, 1914.
JR.,
W. H. CARPENTER Clerk.
Village
MUNICIPAL AND RAILROAD
BONDS
LIST ON APPLICATION.
SEASONGOOD & MAYER
Ingalls Building
CINCINNATI
Public Utilities
in drowind communities boudht
and financed.
gTheir securities offered
to investors.
SEWER BONDS
4
Sealed proposals will be received by the Village
of Goshen for the purchase of $50,000 sewer
bonds, 21,000 each, payable $5,000 a year.
beginning August 1st, 1935. Bonds will be
coupon bonds, interest payable semi-annually.
Bonds and coupons payable at the office of the
Treasurer of the Village of Goshen, N. Y. All
proposals must be accompanied by a certified
check for $5.000, payable to the Village of Goshen.
All proposals must be addressed to and be in
the hands of the Clerk of said Village on or before
-1,1914.
TWELVE O'CLOCK NOON, JULY 28T1
Balance of the bid will be required to be paid at
the office of the Village Treasurer August 1st,
1914. at eleven o'clock in the forenocin,when the
bonds will be ready for delivery. Bids must be
for the whole amount offered.
Further particulars on application to the Clerk
of the Village.
Dated July 15th, 1914.
WILLIAM E.LOVETT, GEORGE F. GREGG,
President.
Clerk.
STONE & WEBSTER
SECURITIES OF
PUBLIC SERVICE CORPORATIONS
STONE & WEBSTER
ENGINEERING CORPORATION
CONSTRUCTING ENGINEERS
F. WM. KRAFT
LAWYER.
Specializing in Examination of
Municipal and Corporation Bonds
BUILDING,
517-520 HARRIS TRUST
111 WEST MONROE STREET
STONE & WEBSTER
MANAGEMENT ASSOCIATION
GENERAL MANAGERS Or
PUBLIC SERVICE CORPORATIONS
CHICAGO, ILL.
BOSTON
147 MILK STREET
NEW VORIS
CHICAGO
3 NASSAU ST. FIRST NAT.BANK BLDG.
Middle West
Utilities Co.
112West Adam St.
CHICAGO. ILLINOIS
BLODGET & CO.
BONDS
Go STATE STREET. BOSTON
30 PINE STREET, NEW YORK
Bolger,Mosser&WIllaman
MUNICIPAL BONDS
Legal for Savings Banks.
Postal Savings and Trust Funds.
SEND FOR LIST.
STATE, CITY & RAILROAD BONDS 29
South La Salle St.
CHICAGO
THE CHRONICLE
JULY 18 1914.]
ESQUIMALT, B. C.—DEBENTURE ELECTION PROPOSED.—An
election will probably be held, it is stated, to vote on the question of issuing
municipal hall and fire-apparatus-purchase debentures.
LUMSDEN, Sask.—DEBENTURE ELECTION.—Reports state that
an election will be held to-day. July 18, to vote on the question of issuing
$4,000 debentures to defray the expense incurred in drilling and experimenting for water.
MAISONNEUVE, Que.—BONDS OFFERED BY BANKERS.—Lee,
Higginson & Co., of N. Y., Boston, Chicago and London have purchased
from the city and are offering to investors at 99% and int. $2.000,000 5%
40
-year gold coup. Maisonneuve park-site-purchase bonds. Denom. $500
and $1,000. Date May 1 1914. Int. M.& N. at the Bank of Montreal
at Montreal. London or New York. Bonded debt, including this issue,
$9,325,375. Total value 1913, $43.729,315; exempted property, $13,585.185 taxable property, $30,144,130.
-SCHOOL DISTRICT (P. 0. Montreal,)
MONTREAL PROTESTANT
Que.—DEBENTURES NOT SOLD.—During May N. B. Stark & Co. of
Montreal were awarded $500,000 of an issue of $1,000,000 43 % 30
-year
gold coupon school debentures at 95.278 and were given an option on the
balance of the debentures at the same price. This firm, however, failed to
issue at
exercise its option and the district then re-offered the $500.000
95.278, but failed to receive an offer for the same. It is stated that when
the debentures were first offered,a bid of 95.09 was received for the entire
issue and had this been accepted at that time,it would have meant a loss
of only $900 to the district and the whole issue would have been disposed of.
MONTREAL CATHOLIC SCHOOL DISTRICT, Que.—BIDS RE-year debentures
JECTED.—Ali bids received for the $500.000 43 % 40
offered on July 14 (V. 99, p. 79) were rejected, according to reports. Int.
semi-ann. at Montreal. New York or London.
NEWMARKET, Ont.—RESULT OF DEBENTURE ELECTION.—According to reports, at a recent election the question of issuing $15.000 watersystem-ext. debentures carried, while the proposition to issue $5,000 sidewalk-constr. debentures was defeated.
NEW WESTMINSTER, B. C.—DEBENTURE SALE.—Reports state
that this city recently disposed of the following fourteen issues of 5% debentures, aggregating $916,021 33:
Due.
Amount.
Purpose.
July 1 1962
$74,946 66_ _Water extensions
July 1 1962
99,766 67—Hospital grain
July 1 1962
24,820 00_ _Park improvement
July 1 1963
200,000 00__8treet improvement
July 1 1963
45,000 00_ _Water-works-extension
July 1 1963
40.000 00 _Light extensions
July
_Public schools
57.000 00_
5,000 00_ _Exhibition buildings
3
I 163
1943
1 4
25,000 00_ _Fire halls
15,000 00_ _City stables
July 1 1943
150,000 00. Joint sewerage
June 30 1943
35.077 00__Sapperton sewer local improvement
36,647 00__Sapperton sewer local improvement
June 30 1943
107,764 00_ _Sapperton sewer local improvement
June 30 1943
221
NORTH SIDNEY, B. C.—DEBENTURE SALE.—F. B. McCurdy &
-improveCo. of Sidney have been awarded the $12,000 5% 20
-year street
ment debentures (V. 98, p. 1940) at 96.50, reports state.
OSHAWA, Ont.—DEBENTURE SALE.—R. C. Matthews & Co. of
Toronto have been awarded $55,477 5% debentures.
OTTAWA, Ont.—DEBENTURE OFFERING.—Proposals will be received until 3 p. m. Aug. 14 by Taylor McVerity, Mayor, for $35,379 06
10-year, $550,571 11 20-year and $570.000 30
-year debentures. Of these
$965,950 17 bear 43i% int. and $190.000 bear 5% int. Denom. to suit.
Int. J. & J. Separate bids are required for the
% and the 5% debentures. A check for $1,000 required with bids for the $190,000 and a check
for $5,000 required with bids for the $965,950 17. Purchaser to pay accrued interest. Debentures will be made payable in Ottawa, N. Y. or
London to suit purchaser and delivery can be made within one month, if
required. Bids must be made on the official form.
PORT ALBERNI, B. C.—DEBENTURES VOTED.—At a recent election the issuance of $41.000 debentures was approved by the ratepayers,
it is reported.
ST. JEROME, Que.—DEBENTURES AWARDED IN PART.—Of the
$115,000 5% 50
-year hydro-electric-power-plant debentures offered in
May (V. 98. p. 1715), $50,000 has been purchased, it is stated, by the
Canada Securities Corp., Ltd., Toronto.
SOUTH VANCOUVER, B. C.—LOAN.—An issue of $223,287 5% consolidated stock was recently put out in London through the Bank of Montreal at 91. The issue was subscribed for, it is stated, to the extent of 38%.
The proceeds are required to meet treasury bills for public works.
Redeemable at par April 1 1962. Principal and interest payable at the
Bank of Montreal, 47 'Threadneedle St., London, E. C. Interest will be
payable half
-yearly on April 1 and Oct. 1. A coupon for three months'
interest. payable Oct. 1 1914. will be attached to the scrip.
STRATHROY, Ont.—DEBENTURE OFFERING.—Prosals will be
po
received until 5 p. m. July 25 by F. W.Atkinson, Town Clerk, for an issue
of $25.000 5% hydro-electric
-power debentures. Due in 30 annual
installments.
WATERLOO TOWNSHIP, Ont.—DEBENTURE SALE.—Reports
state Haat $18,360 53 % 10
,
to the Mutual
5
Life of Waterloo at par. -year debentures have been sold
WELLAND COUNTY (P. 0. Welland), Ont.—DEBENTURE OFFERING.—Proposals will be received until July 30 by Robert Cooper, County
Clerk, for $150,000 5% 30-year sinking fund debenturees. Date July1
1914. Int. ann. on July 1.
WINDSOR, Ont.—DEBENTURES VOTED.—The election held July 3
resulted, it is stated, in favor of the question of issuing $40,000 concrete"
sidewalk and $23,400 incinerator-plant debentures.
WINNIPEG, Maia.—LOAN.—According to newspaper reports, 97%10f
the f400,000
% loan recently offered in London was returned to the
underwriters.
MISCELLANEOUS.
INSURANCE
CHICAGO, ILL.
Continental-Commercial Bldg.
ATLANTIC MUTUAL INSURANCE COMPANY.
New York; January 22d, 1914.
77te Trustees, in eonformity trial the Charter of the Oampany, submit the iouotelna
statement of its al
fairs on Ihe
310 ol Busseher, 1443.
The company's business has been connoted to marine
and Wand trans,partation insurance.
on Buell Disks from the lst January, 1018, to the 31st December, 1913
13,600,334 83
P=rfaq
Pr
'a
l
Policies net marked off let January, 1913
787:050 84
Total Premiums
34,307,385 77
.
ROBINSON:MASQUELETIE
(9.
CERTIFIED
PUBLIC ACCOUNTANTS
Premiums marked eff from January let, 1913, to December gut 1913
46
ed
,
Interest on the incastinents of the Conmagy reod,„„ diutig the year__ __1366.416
Interest on Depositz in Banks and TrustCompazdee. etc
30.811 04
Taxes laid Expenses
Real received tees
189.2m 32
478.509 72
Losses paid during the year
Legs tialveces
Re-tesuratmcs
Discount
554.343 35
13.712,802 61
11,790,488 32
%
a,
/it24:6
50s 71
47ôs
51,234.54497
NEW ORLEANS
NOUS-1'QU, TEX
UNION NAL•BK.BLDG.
WHITNEY BANK BLDG.
Adrian H. Muller & Sou
Returns of Premiums
8105.033 85
Expenses, Including (Mime' galaxiss and clerks' compensation, stationery. adveztte_
meats,etc
658.042 08
A dividend of interest of Six per mat en the outstanding cert. rsf media will be paid to the
andaaor Niesakt bbe bawl of "
or tbefr legal . wmr- .-'4( tx
Soldersthf,
1
next.
The ontstonalg cerrifflerlen of tee issue of Mee wRI be sedersansi and paid to the hinders thereof, or theft
legal represettinilves, rin and niter Tizetrial the OM of Rxbrattry nark, been vrideli date all interest thereon
,
will cease The cestiffnulkis to be Drurhierd at the thue of itswatesit and
-xi
A dividend of Forty per gene Is decibel on the earned paertinwts ef
for the year ending 31st
December, 1013, wMch are mintier! to prnatelpate In dividend, le Whisk, upon
•
certilicates will be
Issued on and after Tuesday the fifth of May next.
By order of the Board,
G. STANTON FLOYD-JONES, Secretary.
TRUSTEES.
AUCTIONEERS
Office, No. 55 WILLIAM STREET
Corner Pine Street
Regular Weekly Sales
OF
STOCKS and BONDS
301IN N. BEACH,
ERNEST C. BLISS4
WALDRON P. DasoWN.
JOUR t,I.A.FLIN
GEORGE C. CLARE'
CLEVELAND H. DCIDGE1
couNE,L.rus RI • tCf
A.
297
T L.
HARD.
ANSIN
INI
SAMUEL 'I'.„UBRARD
momAti II. RUMBAED,.
LEWIS GASS LEOTARD
wn.u.tai n.LEFPISR,Th
CHARLES D. LEVHRTCH:
7e. se
IIPU WIER:
. PPY
:.eyp
ADOLF PAAWAEDT;
JAMES H. POST,
H. M. Byllesby & Co.
Incorporated
NEW YORK
CHICAGO
TACOMA
Trinity Bldg. Cont. & Comm. Washington
Bank Bldg.
Purchase, Finance, Construct and
Operate Electric Light, Gas,Street
Railway and Water Power Properties.
Examinations and Reports
Utility Securities Bought aDd Sold
DALLAS B. PRA
ANON A. RAVE ;
JOH161 J. RHINE,
DOUGLAS ROGINSO_, _N
W
1AM J. SCRIEMMEN
AM SLOANE.
LOUIS STERN,
WILLIAM A. STREET
avows E. 11/11.ELa
vnu. ft
RICHARG
.
A. A. RAVEhr a
i nmiReet,
tzer
CORNEITOH
_
Vies-Presidera.
wALTnn Wool” PAGMONS, 2d Vice-Pretidera.
CHARLES E. FAY, 3d Vice-President,
EVERY WEDNESDAY
At the Exchange Sales Rooms
14-16 Vesey Street
eTTAPLEs M. Piro
ASSETS.
United States and State of New York
Rends
New York City and New York Trust
Composites and Bank Stocks
Stocks and Bonds of Railroads
Other securities
Special Deposits In Banks and Trust
Cosupsnies
Real Estate cor. Well and Wildora Streets
and Ittrilluleteeritees
=1under
tla
: e°
Real Estate on litat eln 9
provisions of Chapter 481,Law8 of 18(67)
EremInm Notes
B Ile Receivable
Cain fa hands of European Bankers to
pay losses under policies payable In
foreign countries
Cash in Bank
Temporary Investments (payable January and February. 1914)
Loans
1670.000 00
1.783 700 00
2,737 412 00
232,520 00
1,000.000 00
4,299.428 04
75.000 00
475.727 45
005,891 79
LIABILITIES
EsUrnsted Losses sad Lames Unsettled
in heiress of AdMstment
6108,
00
Premiums on thatierminated Make
654,783 26
Certtiteetes of Probts and luilensst tie284, • 8 2,5
paid
Return Premiums Thmald
108,788 90
Reserve for Tames.
28,005 88
Re4nenzasse Premiums
221,4E5 (hi
Claims not Settled, including Cempensafer., ote
70,700 43
Certificates of Profits Ordeend Redeemed,
22,558 09
WIthkettl for
7,240,320 00
Certificates -'140 e1=
11
11
177,351 39
636,46545
50.53)00 00
10,000 00
113.250.i) -4
2 -17)
510,017,796 e'7
_
.._ ----------------------------52,841.227 29
Thus leaving a balance of- _ -----.. ______
_-- --50
851.8 24
Accrued Interest on the 31st day of -------------, iincritint7icd to
28,378 26
Rents due and accrued on use 31st day of December, 1013, remounted to
Re-insurance inc or waned. In companies authorized la New York. on the 314 day of December.
105.E10 00
19113. amounted to-----------55,403 22
Unexpired ro-treanannipletnlinnu on
Note: The insurers, Orisarleseed has est-heeled the value or the Iteal Ilhate comer Wall aed
450478 98
Wittrant Mate and lisebestae Place In exeeas of the Book Value given above, at
And Use paemml,at liklen Wand in excess of the Rook Value. at..
63,700 00
frm Heated ve
-43( °Mau, Bawds and (Aber Beenzttles on the 3156 day of December, Mg,em
°ceded ebe Ommonars valuation by
1,26s,ois to
iii--- -------------------------------------31A
Ii taw
,
aluathg. the bat ace would be
bask of three Increased.
54.936,882 03
THE CHRONICLE
222
[Vol, xcnc.
Truist Companie.0
inancial
CHARTERED 1853.
United States Trust Company of New York'
JULY
45-47 WALL STREET
•
Capital,
Surplus and Undivided Profits
$2,000,000.00
• $14,151,944.23
This Company acts as Executor, Administrator, Guardian, Trustee, Court
Depositary and in other recognized trust capacities.
It allows interest at current rates on deposits.
It holds, manages and invests money, securities and other property, real or
personal, for estates, corporations and individuals.
EDWARD W. SHELDON, President.
WILLIAM M. KINGSLEY, Vice-President
WILFRED J. WORCESTER, Secretary.
WILLIAMSON PELL, Asst. Secretary
CHARLES A. EDWARDS, 2d Asst. Secy.
TRUSTEES
JOHN
WILLIAM ROCKEFELLER
WILLIAM D.SLOANE
FRANK LYMAN
JAMES STILLMAN
JOHN J. PHELPS
LEWIS CASS LEDYARD
LYMAN J. GAGE
A. STEWART Chairman of the Board
PAYNE WHITNEY
OGDEN MILLS
EDWARD W. SHELDON
EGERTON L. WINTHROP
CHAUNCEY KEEP
CORNEI.IUS N. BLISS JR.
GEORGE L. RIVES
HEMRY W. de FOREST
ARTHUR CURTISS JAMES ROBERT I. GAMMELL
WILLIAM M. KINGSLEY
WILLIAM VINCENT ASTOR
WILLIAM STEWART TOD
CHARLES FRED. HOFFMAN
The Union Trust Company of 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.
Let us send you copy of
selected list of securities
which we can recommend for
the use of such funds you
contemplate investing at this
time.
Railroad First Mortgages
Public Utility First Mortgages
Industrial First Mortgages
Municipal Issues
Government Issues
BOND DEPARTMENT
Illinois Trust&
SavingsBank
Capital, Surplus and Undivided Profits, $15,500,000
La Salle and Jackson Streets
CHICAGO
Cul/intent
THE J. G. WHITE COMPANIES
ENGINEERS - MANAGERS
FINANCIERS
Mellon National Bank
PITTSBURGH, P.
8-26
3% on RESERVE ACCOUNTS
is paid by this bank
Correspondence is invited
43 Exchange Place. - NEW YORK
Chicago
San Francisco
London
Manila, Para, Buenos Aires, Santiago, Chill
Alfred R. Ferstall
Classico D. Robison
FORSTALL AND ROBISON
Resources over - $65,000,000
Acts as
Executor,
Trustee,
Adreinistratot,
Guardian,
Receiver,
Registrar and
Transfer Agent.
Girard Trust Company
PHILADELPHIA
Chartered
84 Willies° St.,
Engineering and Construction
Plans, Methods, Examinations
Public Utilities and Industrials
REPORTS FOR FINANCING
E. B. Morris, President
,
Rankers Trust Bldg., New York
Alex. 0. Humphrey':
Mountain States
Telephone
BELL SYSTEM IN COLORADO.
NEW MEXICO. ARIZONA. UTAH.
WYOMING.IDAHO AND MONTANA
7% STOCK
No Bonds—No Preferred Shares
BOETTCHER,PORTER
St COMPANY
DENVER
NEW YORK CITY
C. G. YOUNG
1815
CAPITAL and SURPLUS,$10,000,000
Interest allowed
on deposits.
EN GIN ELRS
Investigations and Appraisals of Gas and
Electric Properties for Owners or Fictaiscisti
Institations.
We Are Specialists
Alta* S. Miller
HUMPHREYS& MILLER,Inc
5,,
ingtypes of sound securities,
following
6%.
ENG1NR131111
ninettthin
eg
First Mortgage Serial Bonds Issued by Depart
meat nw in the
etloius of the highest credit
d tns
large
NEW YORK
First Mortgage Serial Bonds secured by the 185 BROADWAY
highest class of Improved real estate In Chloalio
and other Western cities.
First Mortgage Loans secured by Improved
Chicago property.
enginterti
No Investor has ever been compelled to
accept loss on any socuritY Purchawl ef
this house.
H. M. CHANCE & CO.
Power—Light—Gas
S.W.STRAUS & CO.
MORTGAGF: g614DBANKERS
0—;
1.,••.1.1•01110 ••••
STRAuS BUILDING
CHICAGO
ONE WALL STACCT
NEW YORK
Mining Engineers anal Geologists
COAL AND MINERAL PROPERTIES
Examined, Managed, Appraised
Drexel Bldg.
PHILADELPRIA
@FedFRASER